英科再生(688087) - 2022 Q4 - 年度财报

Financial Performance and Dividends - The company plans to distribute a cash dividend of RMB 2.00 per 10 shares and a capital reserve transfer of 4 shares per 10 shares, totaling RMB 26,925,518.60 in cash dividends, accounting for 11.67% of the net profit attributable to the parent company's shareholders[7] - The net profit attributable to the parent company's shareholders for 2022 was RMB 230,770,926.77[7] - The total share capital will increase to 188,478,630 shares after the capital reserve transfer[7] - Revenue for 2022 reached RMB 2,056,055,590.33, a 3.32% increase compared to 2021[26] - Net profit attributable to shareholders of the listed company decreased by 3.76% to 230,770,926.77 yuan in 2022[27] - Net cash flow from operating activities decreased by 45.56% to 153,415,571.92 yuan in 2022, mainly due to increased raw material costs and higher cash payments for goods[28] - Total assets increased by 31.30% to 2,920,681,603.71 yuan at the end of 2022, driven by increased investments and accumulated profits[29] - Basic earnings per share decreased by 18.01% to 1.73 yuan per share in 2022[28] - Weighted average return on equity decreased by 5.95 percentage points to 11.76% in 2022[28] - R&D expenditure as a percentage of operating income decreased by 0.45 percentage points to 4.41% in 2022[28] - Non-recurring gains and losses amounted to 12,996,441.30 yuan in 2022, a decrease from 15,515,726.73 yuan in 2021[33] - Revenue for the second quarter of 2022 was 567,082,688.38 yuan, the highest among the four quarters[32] - Net profit attributable to shareholders of the listed company for the second quarter of 2022 was 94,875,786.60 yuan, the highest among the four quarters[32] - Revenue for the reporting period reached 2,056.06 million yuan, a year-on-year increase of 3.32%[39] - Net profit attributable to shareholders was 230.77 million yuan, a slight year-on-year decrease of 3.76%[39] - Revenue for the reporting period reached RMB 20.56 billion, a year-on-year increase of 3.32%[139] - Net profit attributable to shareholders was RMB 230.77 million, a slight decrease of 3.76% year-on-year[139] - Total assets increased by 31.30% to RMB 29.21 billion compared to the beginning of the reporting period[140] - Operating costs rose by 8.13% to RMB 15.07 billion, driven by increased product sales and rising raw material costs[142] - Gross profit margin for the waste resource recycling industry decreased by 3.22 percentage points to 26.66%[145] - Revenue from the domestic market grew by 5.94% to RMB 5.39 billion, while the gross profit margin decreased by 7.02 percentage points[145] - Revenue from overseas markets increased by 2.52% to RMB 15.15 billion, with a gross profit margin decrease of 1.76 percentage points[145] - The company's R&D expenses decreased by 6.16% to RMB 90.72 million due to optimization of R&D expenditures[141] - Cash flow from operating activities decreased by 45.56% to RMB 153.42 million, mainly due to increased payments for goods and services[141] - The company's equity attributable to shareholders increased by 12.26% to RMB 20.77 billion[140] - Financial expenses decreased by 64.79 million yuan compared to the same period last year, primarily due to exchange rate fluctuations affecting exchange gains and losses[157] - Net cash flow from operating activities was 153.42 million yuan, a decrease from the previous year's 281.79 million yuan, mainly due to increased cash payments for goods and services[158] - Net cash flow from financing activities was 390.94 million yuan, primarily from bank financing, compared to 622.41 million yuan in the previous year from the initial public offering[158] - The impact of exchange rate changes on cash and cash equivalents was 70.97 million yuan, compared to -31.08 million yuan in the previous year, due to significant exchange rate fluctuations[158] - The net increase in cash and cash equivalents was 197.61 million yuan, compared to 480.27 million yuan in the previous year, mainly due to the previous year's fundraising proceeds[158] - The ending balance of cash and cash equivalents was 755.61 million yuan, an increase from 558.00 million yuan in the previous year, due to accumulated operating cash and increased bank loans[158] - Cash and cash equivalents increased by 35.32% to 755,609,133.24 RMB, accounting for 25.87% of total assets[161] - Trading financial assets decreased by 65.23% to 32,648,406.79 RMB, accounting for 1.12% of total assets[161] - Accounts receivable increased by 12.39% to 230,963,636.30 RMB, accounting for 7.91% of total assets[161] - Inventory increased by 25.54% to 322,623,331.15 RMB, accounting for 11.05% of total assets[161] - Fixed assets increased by 60.19% to 772,675,731.49 RMB, accounting for 26.46% of total assets[161] - Short-term borrowings increased by 1,436.42% to 384,310,907.03 RMB, accounting for 13.16% of total assets[161] - Overseas assets amounted to 777,233,005.24 RMB, accounting for 26.61% of total assets[163] - Restricted assets due to bank loan collateral included fixed assets of 6,653,502.93 RMB and intangible assets of 2,297,551.91 RMB[165][166] - Financial derivative tools decreased by 65.23% to 32,648,406.79 RMB, with a fair value loss of 2,326,184.69 RMB[171] Subsidiaries and Global Operations - The company has multiple subsidiaries and affiliated companies, including Intco Recycling Inc, Greenmax Polymer Sdn Bhd, and Intco Industries Vietnam Co., Ltd[15] - The company's subsidiaries are located in various regions, including China, Singapore, Vietnam, and Malaysia[15] - The company's subsidiaries are involved in various sectors, including recycling, manufacturing, and investment[15] - The company's subsidiaries include Intco Recycling Inc, Greenmax Polymer Sdn Bhd, and Intco Industries Vietnam Co., Ltd[15] - The company's subsidiaries are located in various regions, including China, Singapore, Vietnam, and Malaysia[15] - The company's subsidiaries are involved in various sectors, including recycling, manufacturing, and investment[15] - The Vietnam production base achieved revenue of 27.78 million yuan with a capacity utilization rate of around 60%[43] - The Malaysia PET recycling project generated revenue of 79.61 million yuan, marking the company as a global leader in food-grade r-PET technology[44] - The company has established a global recycling network, collaborating with suppliers in Japan, Europe, and the US, and has promoted PS foam compactors to reduce storage and transportation costs[117] - The company has a global sales network, with domestic sales points in 12 cities and overseas sales channels developed through exhibitions, visits, and online promotion[118] - The company operates six R&D and production bases across China, Malaysia, and Vietnam, increasing management complexity and potential risks[134] - Shanghai Yingke's revenue reached 537.54 million yuan, with a net profit of 38.56 million yuan[172] - Luan Yingke reported a revenue of 132.23 million yuan but incurred a net loss of 340,901.86 yuan[172] - Jiangsu Yingke generated a revenue of 40.34 million yuan, with a net profit of 9.75 million yuan[172] - Zibo Lulin recorded a revenue of 84.94 million yuan but faced a net loss of 1.82 million yuan[172] - Malaysia Yingke's revenue stood at 437.16 million yuan, with a net loss of 13.96 million yuan[172] - Yingke International achieved a revenue of 1.91 billion yuan, with a net profit of 1.33 million yuan[172] - Vietnam Yingke reported a revenue of 27.78 million yuan but incurred a net loss of 8.54 million yuan[172] Recycling and Manufacturing Operations - The company has established a complete plastic recycling and utilization industrial chain, covering plastic recycling, regeneration, and utilization stages, with its self-developed PS foam densifier applied in over 80 countries[58] - The company's PS foam densifier can reduce the volume of PS foam to 1/50th (cold pressing) and 1/90th (thermal melting) of its original size without altering its physical properties, significantly lowering storage and transportation costs[60] - The company has developed a global recycling network with over 1,000 collection points for renewable PS plastics[59] - The company's Malaysia-based 50,000 tons/year PET recycling project has completed debugging of production modules including crushing, cleaning, delabeling, automatic sorting, pelletizing, and viscosity enhancement, enabling the production of food-grade and fiber-grade recycled particles[58] - The company plans to expand into PE, PP, and HDPE plastic recycling and utilization, as well as multi-material resource regeneration, aiming to achieve its "Yingke Recycling, Everything Recyclable" development strategy[58] - The company's PS foam densifier has been adopted in multiple "two-network integration" collection points in Shanghai, Hangzhou, Xiamen, Suzhou, and Zhuhai[63] - The company has developed a series of recycling equipment with compression ratios ranging from 50:1 to 90:1, suitable for various materials including EPS, PSP, XPS, EPE, and EPP[61] - The company's recycling equipment includes cold press machines, thermal melting machines, dewatering machines, and granulators, with features such as integrated control systems and customized molds[61] - The company produces high-quality recycled PS particles with a purity of up to 99%, which can be recycled multiple times and have performance indicators close to those of virgin materials[65] - The company's 50,000 tons/year PET recycling project in Malaysia produces food-grade, fiber-grade, and sheet-grade recycled PET particles, with food-grade particles currently priced higher than virgin PET due to EU regulations and brand commitments[66] - The company's recycled PE/PP particles, made from 100% post-consumer recycled (PCR) plastic, are in high demand for applications in industrial packaging, construction, electronics, home appliances, and automotive industries[68] - The company uses advanced multi-layer co-extrusion technology to produce recycled PS lines and products, which are used in picture frames, mirrors, and architectural decorations, offering environmental benefits and design flexibility[69][71] - Recycled PET sheets, made from 100% PCR plastic, are used in food packaging, electronics, and medical packaging, with applications in retail, fresh produce delivery, and industrial sectors[74][75] - The company has developed new recycled PE wood-plastic products, including outdoor flooring, wall panels, and decorative panels, which are waterproof, mold-resistant, and environmentally friendly[76] - The company's R&D system focuses on product, process, and equipment innovation, with projects categorized by complexity and scope, including new product development and upgrades[77] - The company employs a "make-to-order" production model for customized products and a "market forecast + safety stock" model for standardized products, ensuring quality and timely delivery[80] - The company has 24 domestic marketing outlets distributed across major cities in China, effectively covering surrounding areas[82] - The company's high-quality recycled PS particles have a purity of up to 99% and can be recycled multiple times[88] - The company's foam densification equipment can reduce the volume of PS foam by up to 1/50th (cold pressing) or 1/90th (hot melting)[87] - The company's recycled PET particles meet food-grade requirements and are made from 100% post-consumer recycled (PCR) materials[89] - The company's recycled PE/PP particles have high purity and stable performance, suitable for producing high-standard modified plastics[89] - The company's recycled PS lines and eco-friendly frames offer advantages such as waterproofing, anti-mold, and anti-insect properties[89] - The company's recycled PET products are used for food packaging, including fresh produce boxes, suitable for retail and household use[89] - The company's recycled PE wood-plastic products are used for outdoor flooring and wall panels, offering waterproof and eco-friendly benefits[90] - The company operates in the "Waste Resource Comprehensive Utilization Industry" (C42) under the "Non-metallic Waste and Scrap Processing Industry" (C4220)[84] - The company's sales model includes standard and customized recycling equipment, with pricing adjustments requiring approval from the general manager[81] - The company has established a stable raw material recycling procurement channel and high-quality global customer resources, positioning itself as a leader in the plastic recycling and regeneration industry[92] - The global trend towards plastic recycling is driven by international policies such as the "Global Agreement to End Plastic Pollution" and carbon tariff mechanisms like CBAM, which will be fully implemented by 2026[93] - The UK implemented a Plastic Packaging Tax (PPT) starting April 1, 2022, with a rate of £200 per ton for plastic packaging containing less than 30% recycled content[93] - The EU's plastic packaging tax, effective from January 1, 2021, imposes a tax of €0.8 per kilogram on non-recycled plastic packaging waste[93] - Major global brands have committed to increasing the proportion of post-consumer recycled content in their plastic packaging, with targets set for 2025[94] - Danone aims to achieve 50% post-consumer recycled content in its plastic packaging by 2025, up from 6.4% in 2020[96] - Henkel plans to increase its post-consumer recycled content in plastic packaging from 7% in 2020 to 12% by 2025[96] - The company has developed advanced technologies such as foam plastic volume reduction and densification equipment, achieving a compression ratio of over 50 times[97] - The company's key technology for high-quality regeneration of waste polystyrene foam improves the mechanical and processing properties of recycled particles[98] - The company has developed a cost-effective PS modified material for recycling, which can partially replace new materials, with related patented technologies including "Double Plunger Backwash Filter for Waste Plastic Recycling" and "Preparation Method of Molecular Chain Modifier for Improving Mechanical Properties of Waste Polystyrene"[99] - The company has established a 3,000-ton modified plastic R&D and production pilot platform, with products successfully sold to medical devices and home building materials sectors[100] - In 2022, the company participated in the formulation of 3 new group standards and applied for 688 intellectual property projects, including patents and software copyrights, with 687 authorized[103] - The company's R&D investment in 2022 was 90.72 million yuan, a decrease of 6.16% compared to the previous year, accounting for 4.41% of operating revenue[105] - The company has 8 ongoing R&D projects with a total investment of 25.3 million yuan, focusing on improving product performance and reducing costs in the home decoration industry[107] - Completed the development of the Retro Deep Emboss Series Decorative Strip, achieving a market share increase with an investment of 3,029,254.57[109] - Developed the Automatic Feeding and Unloading System Optimization, reducing labor costs with an investment of 1,420,421.07[108] - Successfully launched the Shadow Box New Product Development, enhancing product portfolio with an investment of 2,939,423.35[108] - Implemented the Automatic Encapsulation Process for Decorative Strips, reducing labor costs with an investment of 1,511,844.11[108] - Developed the High-End Iron Product, expanding the product line with an investment of 2,011,973.22[108] - Completed the Hand-Painted Canvas Texture Glue Drying Process Development, improving efficiency with an investment of 1,515,341.49[109] - Introduced the V-Cut Process for Wrapped Frames, enhancing production efficiency with an investment of 1,817,046.82[109] - Developed the PS Frame Strip Cutting Dust Collection System, improving environmental conditions with an investment of 482,197.95[109] - Launched the PS Decorative Wall Panel Development, achieving mass production and revenue generation with an investment of 1,781,764.89[109] - Completed the r-PET Regeneration and Solid-State Viscosity Enhancement Project, achieving mass production of food-grade r-PET pellets with an investment of 4,592,007.04[110] - The number of R&D personnel increased to 379 from 376, with the proportion of R&D personnel to total employees decreasing to 12.69% from 14.7%[114] - Total R&D personnel compensation decreased to 48.05 million RMB from 52.38 million RMB, with average R&D personnel compensation decreasing to 126,800 RMB from 139,300 RMB[114] - R&D personnel education structure: 5 with master's degrees, 105 with bachelor's degrees, and 269 with associate degrees or below[114] - R&D personnel age structure: 121 under 30, 208 aged 30-40, 42 aged 40-50, 7 aged 50-60, and 1 aged 60 or above[114] - R&D expenses for 2020-2022 were 766.68 million RMB, 966.75 million RMB, and 907.20 million RMB, with R&D ratios of 4.51%, 4.86%, and 4.41% respectively[119] - The company has an annual production capacity of approximately 100,000 tons of recycled PS and 50,000 tons of recycled PET, with an additional 100,000 tons of PET capacity under construction[120] - The company has developed over 10,000 design solutions for products that account for approximately 80% of business revenue[122] - The company currently employs physical modification recycling technology, which is the most widely used and highest-yield method in plastic recycling[125] - The company faces risks from potential loss of core technical personnel and technology leakage, which could impact its stable development[125] - The company's overseas sales account