证券代码：688087 证券简称：英科再生 公告编号：2025-061 英科再生资源股份有限公司 关于召开2025年第三次临时股东会的通知 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 一、 召开会议的基本情况 （一） 股东会类型和届次 2025年第三次临时股东会 召开日期时间：2025 年 12 月 1 日 14 点 00 分 召开地点：山东省淄博市临淄区纬三路山东英朗环保科技有限公司 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 12 月 1 日 至2025 年 12 月 1 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联 网投票平台的投票时间为股东会召开当日的 9:15-15:00。 股东会召开日期：2025年12月1日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 （二） ...

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1]. Core Views - Indonesia has launched a $5.6 billion waste-to-energy project, indicating a vast market opportunity for solid waste management companies to expand internationally [11][12]. - The solid waste sector is experiencing strong fundamentals, with a notable increase in free cash flow and improved return on equity (ROE) due to operational efficiencies and reduced capital expenditures [14][15]. - The water services sector is poised for growth, with expectations of increased cash flow and dividend payouts as capital expenditures decline [18][19]. Summary by Sections Industry News - Indonesia's sovereign fund has initiated the first waste-to-energy project tender, with plans for 33 plants and a total investment of approximately 56 billion USD [11]. - The solid waste industry is transitioning to a mature phase, focusing on efficiency improvements and cash flow generation [14]. - The environmental sanitation vehicle market saw a 63.18% increase in new energy vehicle sales, with a penetration rate of 17.40% [20]. Key Recommendations - Recommended stocks include: - **Waiming Environmental**: Selected as a supplier for Indonesia's waste-to-energy projects, with significant operational capacity [13]. - **Green Power**: Strong performance driven by increased heating capacity and cost savings [14]. - **Yongxing Co.**: Notable growth in revenue and profit due to improved operational efficiency [14]. - Companies to watch include **Dayu Water Saving**, **Lian Tai Environmental**, and **Wang Neng Environment** [1]. Financial Performance - The solid waste sector reported a 12% increase in net profit and a 2.7 percentage point rise in gross margin for the first three quarters of 2025 [14]. - Free cash flow for the sector reached 13.3 billion CNY, marking a 28% increase year-on-year [14]. - Dividend payouts are expected to rise, with several companies maintaining high payout ratios [15][18]. Market Trends - The water services sector is expected to see a cash flow turnaround, similar to the solid waste sector, with anticipated increases in dividend payouts as capital expenditures decrease [18][19]. - Price reforms in water services are expected to enhance growth and valuation, with cities like Guangzhou and Shenzhen implementing price increases [18]. Equipment and Technology - The report highlights the growth in the environmental sanitation vehicle market, particularly in new energy vehicles, which are becoming increasingly prevalent [20]. - The report also notes improvements in the profitability of lithium battery recycling, with a slight decrease in metal prices leading to better margins [34][35].

Meeting Overview - The second extraordinary general meeting of shareholders was held on November 6, 2025, at Shandong Yinglang Environmental Technology Co., Ltd. [2] - The total number of shares with voting rights at the meeting was 192,858,127 shares, after excluding shares held in the company's repurchase account [2] Voting and Resolutions - All proposed resolutions were approved without any rejected proposals [2] - The meeting was chaired by the chairman Liu Fangyi, and the voting method combined on-site and online voting, complying with the Company Law and the company's articles of association [3] - Six non-cumulative voting resolutions were passed, including amendments to the company's articles of association and various management systems [5][6] Attendance - All five current directors attended the meeting, along with the board secretary and several executives [4] - The meeting's legal compliance was confirmed by the law firm Gao Peng (Shanghai) Law Firm, ensuring that all procedures and voting results were valid [7][8]

北京 上海 南京 杭州 天津 深圳 高朋（上海）律师事务所 关于英科再生资源股份有限公司 2025 年第二次临时股东会的 法律意见书 2025 年 11 月 扬州 中国上海市徐汇区虹桥路 500 号中城国际大厦 23 楼 邮编：200030 电话/Tel：（8621）5039-2800 传真/Fax：（8621）5039-2800 网址：http://www.gaopenglaw.com www.gaopenglaw.com 中国·上海·徐汇区虹桥路 500 号 中城国际大厦 23 楼 23/F CURA International Center , No 500 HongQiao Road , XuHui District , Shanghai , 200030 ,China 电话/Tel：（8621）5039-2800 传真/Fax：（8621）5039-2800 www.gaopenglaw.com 鉴此，本所律师根据上述法律、法规、规章及规范性文件的要求，按照律师 行业公认的业务标准、道德规范和勤勉尽责精神，现出具法律意见如下： 一、 本次股东会召集人资格及召集、召开的程序 经核查，公司本次股东会是由 ...

本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 证券代码：688087 证券简称：英科再生 公告编号：2025-059 英科再生资源股份有限公司 2025年第二次临时股东会决议公告 注：截至股权登记日，公司总股本 194,054,775 股，剔除不享有股东会表决权的公司回购专 户中的股份数量 1,196,648 股，本次股东会享有表决权的股份总数为 192,858,127 股。 （四） 表决方式是否符合《公司法》及公司章程的规定，股东会主持情况等。 本次会议由公司董事会召集,由董事长刘方毅先生主持会议，采用现场投票 与网络投票相结合的方式召开。会议的召集和召开程序、出席会议人员的资格、 会议的表决方式和程序均符合《公司法》及《公司章程》的有关规定，所作决议 合法有效。 （五） 公司董事和董事会秘书的出席情况 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： 重要内容提示： | 1、出席会议的股东和代理人人数 | 42 | | --- | --- | | 普通股股东人数 | 42 ...

Group 1 - The company announced a share repurchase of 1,421,622 shares, which represents 0.73% of its total share capital [1]

Company Summary - Inke Rebirth (SH 688087) announced a share buyback of approximately 1.42 million shares, accounting for 0.73% of the total share capital, with a total expenditure of approximately RMB 39.92 million [1] - The highest and lowest prices for the buyback were RMB 30.39 and RMB 25.43 per share, respectively [1] - As of the report, Inke Rebirth has a market capitalization of RMB 5.7 billion [1] Industry Summary - The industry is experiencing a significant increase in overseas orders, with a reported growth of 246%, covering over 50 countries and regions [1] - Entrepreneurs have raised concerns about some companies selling at a loss, warning of potential vicious competition expanding into overseas markets [1]

Core Viewpoint - The company, Yingke Recycling (688087.SH), announced a share buyback program, indicating confidence in its stock value and future prospects [1] Group 1: Share Buyback Details - The company repurchased a total of 1.4216 million shares, which represents 0.73% of its total share capital [1] - The highest price paid for the shares was 30.39 CNY per share, while the lowest price was 25.43 CNY per share [1] - The total amount spent on the buyback was 39.9229 million CNY, excluding transaction fees [1]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2025/4/8 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 2025 4 8 4 7 | 月 | 日~2026 | 年 | 月 | 日 | | 预计回购金额 | 4,000万元~8,000万元 | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | | □用于转换公司可转债 □为维护公司价值及股东权益 | | | | | | | 累计已回购股数 | 1,421,622股 | | | | | | | 累计已回购股数占总股本比例 | 0.73% | | | | | | | 累计已回购金额 | 39,922,895.52元 | | | | | | | 实际回购价格区间 | 25.43元/股~30.39元/股 | | | | | | 一、回购股份的基本情况 英科再生资源股份有限公司（ ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [2][13]. Core Insights - The company reported a revenue of 2.583 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 15.76%. The net profit attributable to shareholders was 226 million yuan, up 16.29% year-on-year [5]. - In Q3 2025, the company achieved a revenue of 917 million yuan, a 15.08% increase year-on-year, with a net profit of 80 million yuan, marking a significant growth of 104.08% year-on-year [5][6]. - The company is focusing on expanding its production bases in China and Southeast Asia, while exploring new business growth points through a diversified product matrix and global channel advantages [6]. Financial Performance - The company's gross margin for Q3 was 24.57%, slightly down by 0.21 percentage points year-on-year, while the net profit margin improved by 3.82 percentage points to 8.77% [6]. - The financial expenses have increased, with the expense ratio for the first three quarters at 17.74%, up 2.41 percentage points year-on-year. However, cash flow improved significantly, with operating cash flow for Q3 reaching 165 million yuan, an increase of 124 million yuan year-on-year [6]. Earnings Forecast - The company is expected to generate revenues of 3.43 billion yuan and 3.91 billion yuan in 2025 and 2026, respectively, representing year-on-year growth rates of 17.2% and 14.2% [7]. - The forecasted net profit attributable to shareholders for 2025 and 2026 is projected to be 320 million yuan and 380 million yuan, with growth rates of 3.36% and 18.34%, respectively [7].