证券代码：688087 证券简称：英科再生 英科再生资源股份有限公司 2024 年年度股东大会会议资料 2025 年 5 月 1 目 录 | 英科再生资源股份有限公司 2024 年年度股东大会会议须知 4 | | --- | | 2024 年年度股东大会会议议程 7 | | 议案一：公司 2024 年度董事会工作报告 10 | | 议案二：公司 2024 年度监事会工作报告 18 | | 议案三：公司 年度财务决算报告 2024 23 | | 议案四：关于公司 2024 年年度报告全文及其摘要的议案 24 | | 议案五：关于公司《2024 年度利润分配方案》的议案 25 | | 议案六：关于提请股东大会授权董事会制定中期分红方案的议案..27 | | 议案七：关于续聘 2025 年度会计师事务所的议案 28 | | 议案八：关于 2025 年度申请综合授信额度及提供担保的议案 29 | | 议案九：关于 年度开展外汇衍生品业务的议案 30 2025 | | 议案十：关于 年度使用闲置自有资金购买理财产品的议案 31 2025 | | 议案十一：关于 2025 年度董事薪酬方案的议案 32 | | 议案十二： ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 26.61 RMB [6][7]. Core Insights - The company reported a revenue of 2.924 billion RMB in 2024, representing a year-on-year increase of 19.09%, and a net profit of 307.32 million RMB, up 57.07% year-on-year, exceeding expectations primarily due to lower financial costs [1][4]. - The company's Vietnam project achieved full production and sales in 2024, contributing significantly to revenue growth, with plans for a second phase expected to enhance future performance [3][4]. - The report highlights rapid revenue growth in decorative building materials and PET products, with a focus on improving the gross margin of PET products, which currently stands at 3.15% [2][4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 2.924 billion RMB, a 19.09% increase from the previous year, and a net profit of 307.32 million RMB, reflecting a 57.07% increase [5]. - The first quarter of 2025 saw revenues of 793 million RMB, a 25.19% year-on-year increase, with a net profit of 72.32 million RMB, showing a marginal increase of 0.02% [1]. Revenue Breakdown - The revenue from decorative building materials grew by 31.55% year-on-year, while PET products saw a 30.62% increase. However, the gross margin for PET products remains low at 3.15% [2][4]. - The company plans to enhance its recycling network and optimize production processes to improve the gross margin of PET products in the future [2]. Project Developments - The Vietnam project generated 298 million RMB in revenue in 2024, marking a 109.78% increase year-on-year, with net profit rising by 71.75% to 31.04 million RMB [3]. - The company announced an investment of approximately 60 million USD for the second phase of the Vietnam project, which is expected to be completed in 24 months and will significantly increase production capacity [3]. Valuation Metrics - The report projects a net profit of 311.40 million RMB for 2025, with an expected EPS of 1.66 RMB. The target price is based on a PE ratio of 16.0x for 2025 [4][5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a revenue growth of 57% in 2024, driven by strong growth in high-value utilization products, with the revenue from finished frames and decorative building materials increasing to 76% of total revenue [7] - The company has a robust global layout and is a pioneer in the recycled plastic industry, focusing on high-value end products and expanding its product categories [7] - The earnings forecast for 2025-2026 has been revised upwards, with net profit estimates increased to 3.86 billion and 4.58 billion respectively, and a projected net profit of 5.41 billion for 2027 [7] Financial Performance Summary - For 2024, total revenue is projected at 29.24 billion yuan, with a year-on-year growth of 19.09%, and a net profit of 3.07 billion yuan, reflecting a 57.07% increase [7] - The sales gross margin for 2024 is expected to be 24.80%, with a net profit margin of 10.51% [7] - The company’s operating cash flow is anticipated to significantly increase, with a net cash flow from operating activities of 956.13 million yuan in Q1 2025, representing a 44.46% increase [7] Product and Market Insights - The revenue from finished frames reached 1.31 billion yuan in 2024, with a 24.37% increase, while decorative building materials revenue grew by 31.55% to 916 million yuan [7] - The company is actively developing new products and expanding marketing channels, which is expected to contribute to steady revenue growth [7] - The company has established a recycling system for bottles and bricks, improving production processes and global marketing channels, which is expected to enhance product gross margins [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a revenue of 2.924 billion yuan in 2024, representing a year-on-year growth of 19.09%, and a net profit attributable to shareholders of 307.32 million yuan, which is a 57.07% increase [7] - The revenue from high-value utilization products, including finished frames and decorative building materials, increased to 76% of total revenue in 2024 [7] - The company is focusing on expanding its product categories and enhancing its marketing channels, which has led to steady revenue growth [7] Financial Performance Summary - **Revenue Forecasts**: - 2023A: 2.455 billion yuan - 2024A: 2.924 billion yuan (19.09% YoY) - 2025E: 3.393 billion yuan (16.03% YoY) - 2026E: 4.166 billion yuan (22.80% YoY) - 2027E: 4.948 billion yuan (18.76% YoY) [1][8] - **Net Profit Forecasts**: - 2023A: 195.65 million yuan - 2024A: 307.32 million yuan (57.07% YoY) - 2025E: 386.09 million yuan (25.63% YoY) - 2026E: 458.22 million yuan (18.68% YoY) - 2027E: 540.77 million yuan (18.02% YoY) [1][8] - **Earnings Per Share (EPS)**: - 2023A: 1.05 yuan - 2024A: 1.64 yuan - 2025E: 2.06 yuan - 2026E: 2.45 yuan - 2027E: 2.89 yuan [1][8] - **Price-to-Earnings (P/E) Ratios**: - 2024A: 14.36 - 2025E: 11.43 - 2026E: 9.63 - 2027E: 8.16 [1][8] Product and Market Insights - The company has strengthened its competitive edge in high-value utilization products, with finished frames generating 1.312 billion yuan in revenue, a 24.37% increase [7] - The decorative building materials segment saw a revenue increase of 31.55%, contributing 9.16 billion yuan [7] - The company is expanding its rPET production capacity, with 50,000 tons/year already operational and an additional 100,000 tons/year under construction [7]

Core Insights - The company, Yingke Recycling Resources Co., Ltd., reported record high revenues and net profits for 2024, with operating income reaching 2.924 billion yuan, a year-on-year increase of 19.09%, and net profit attributable to shareholders at 307 million yuan, up 57.07% [1] - In Q1 2025, the company achieved operating income of 793 million yuan, a 25.19% increase year-on-year, while net profit attributable to shareholders was 72.32 million yuan, showing a slight increase of 0.02% [1] - The company attributes its growth to effective market capture, new product development, and extensive participation in 41 trade shows, enhancing brand visibility and marketing channels [1] Company Operations - Yingke Recycling specializes in high-tech manufacturing for resource recycling, recovering various types of waste plastics from 100 countries and producing high-quality r-PS, r-PE, and r-PET plastic particles [2] - The company has diversified its product offerings from picture frames to decorative building materials, providing a one-stop solution for downstream retail stores [2] - Since 2017, the company has established overseas manufacturing bases, including a factory in Selangor, Malaysia, and a second factory in Quang Ninh, Vietnam, which has reached full production capacity in 2024, contributing significantly to revenue growth [2] Market Positioning - The company is well-positioned to benefit from increasing environmental awareness and the promotion of sustainable practices in the plastic industry, which presents opportunities for the recycling sector [1] - In response to rising trade uncertainties, the company is enhancing its supply chain localization and operational flexibility through a forward-looking overseas base strategy, solidifying its market position [2]

国金证券股份有限公司（以下简称"国金证券"、"保荐机构"）作为英科再生 资源股份有限公司（以下简称"英科再生"、"公司"）首次公开发行股票并在科创 板上市及进行持续督导的保荐机构，根据《上市公司监管指引第 2 号——上市公 司募集资金管理和使用的监管要求》《上海证券交易所科创板上市公司自律监管 指引第 1 号——规范运作》《上海证券交易所科创板股票上市规则》等有关法律 法规和规范性文件的要求，对英科再生 2024 年度募集资金存放与实际使用情况 进行了核查，具体情况如下： 一、募集资金基本情况 （一）募集资金金额及到位时间 国金证券股份有限公司 关于英科再生资源股份有限公司 2024 年度募集资金存放与实际使用情况的核查意见 根据中国证券监督管理委员会（以下简称"中国证监会"）2021 年 5 月 25 日 作出的《关于同意英科再生资源股份有限公司首次公开发行股票注册的批复》（证 监许可〔2021〕1802 号），同意公司首次公开发行人民币普通股（A 股）3,325.8134 万股，每股面值 1.00 元，每股发行价格为 21.96 元。本次公开发行募集资金总额 为人民币 73,034.86 万元，扣除各项发 ...

目 录 | 一、审计报告……………………………………………………… 第 1—6 | | 页 | | --- | --- | --- | | 二、财务报表……………………………………………………… 第 7—14 | | 页 | | （一）合并资产负债表…………………………………………… | 第 | 7 页 | | （二）母公司资产负债表………………………………………… | 第 | 8 页 | | （三）合并利润表………………………………………………… | 第 | 9 页 | | （四）母公司利润表………………………………………………第 | | 10 页 | | （五）合并现金流量表……………………………………………第 | | 11 页 | | （六）母公司现金流量表…………………………………………第 | | 12 页 | | （七）合并所有者权益变动表……………………………………第 | | 13 页 | | （八）母公司所有者权益变动表…………………………………第 | | 14 页 | | 三、财务报表附注…………………………………………………第 | 15—92 | 页 | | --- | --- | --- ...

法律意见书 上海天衍禾律师事务所 关于 英科再生资源股份有限公司 回购注销部分限制性股票及调整回购价格相关事项 之 法律意见书 致：英科再生资源股份有限公司 上海天衍禾律师事务所（以下简称"本所"）接受英科再生资源股份有限公 司（以下简称"英科再生"或"公司"）的委托，担任英科再生实施 2022 年限制 性股票激励计划相关事宜（以下简称"本次股权激励计划"或"激励计划"）的 专项法律顾问。本所律师根据《中华人民共和国公司法》（以下简称《公司法》） 《上市公司股权激励管理办法》（证监会 148 号令）（以下简称《管理办法》）《上 海证券交易所科创板股票上市规则》等有关法律及其他有关法律、法规、规范性 文件，以及《山东英科环保再生资源股份有限公司 2022 年限制性股票激励计划 （草案）》（以下简称《激励计划（草案）》）和《英科再生资源股份有限公司章程》 （以下简称《公司章程》）的相关规定，对本次股权激励计划所涉及的回购注销 部分限制性股票及调整限制性股票回购价格及相关事项出具本法律意见书。 2、本所律师对本次激励计划涉及的相关事项进行了审查，本法律意见书如 对有关财务数据及其他中介机构出具的报告的引述，并不意味 ...

国金证券股份有限公司 关于英科再生资源股份有限公司 使用自有资金支付募投项目所需资金并以募集资金等额置 换的核查意见 国金证券股份有限公司（以下简称"国金证券"或"保荐机构"）作为英科再 生资源股份有限公司（以下简称"公司"或"英科再生"）首次公开发行股票并在 科创板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司 监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《上海证券交 易所科创板股票上市规则》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等相关规定，对英科再生使用自有资金支付募投项目所需 资金并以募集资金等额置换的事项进行了核查，核查情况及核查意见如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意山东英科环保再生资源股份有限 公司首次公开发行股票注册的批复》（证监许可〔2021〕1802 号），本公司由 主承销商国金证券股份有限公司和国泰君安证券股份有限公司采用向战略投资 者定向配售、网下向符合条件的投资者询价配售和网上向持有上海市场非限售 A 股股份和非限售存托凭证市值的社会公众投资者定价发行相结合的方式，向 社会公众公开发行人民币普通股 ...

国金证券股份有限公司 关于英科再生资源股份有限公司 2024 年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市规 则》和《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有关法律、 法规的规定，国金证券股份有限公司（以下简称"保荐机构"）作为英科再生资源股 份有限公司（以下简称"英科再生""公司"）持续督导工作的保荐机构，负责英科再生 上市后的持续督导工作，并出具本持续督导跟踪报告。 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度， | 保荐机构已建立健全并有效执行了 | | | 并针对具体的持续督导工作制定相应的工 | 持续督导制度，并制定了相应的工 | | | 作计划 | 作计划 | | 2 | 根据中国证监会相关规定，在持续督导工作 | 保荐机构已与英科再生签订《保荐 | | | 开始前，与上市公司或相关当事人签署持续 | 协议》，该协议明确了双方在持续督 | | | 督导协议，明确双方在持续督导期间的权利 | 导期间的权利和义务，并报上海证 | | | 义务，并报 ...