英科再生2025年中报简析：增收不增利，三费占比上升明显

Core Viewpoint - The recent financial report of Inke Recycling (688087) shows a mixed performance with a revenue increase but a decline in net profit, highlighting rising operational costs and potential concerns regarding financial health [1] Financial Performance - Total revenue for the first half of 2025 reached 1.666 billion yuan, a year-on-year increase of 16.13% [1] - Net profit attributable to shareholders was 146 million yuan, down 6.01% year-on-year [1] - In Q2 2025, total revenue was 873 million yuan, up 8.98% year-on-year, while net profit was 73.5 million yuan, down 11.28% year-on-year [1] - Gross margin decreased to 25.27%, a decline of 3.3% year-on-year, and net margin fell to 8.75%, down 19.07% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 235 million yuan, representing 14.1% of total revenue, an increase of 55.98% year-on-year [1] Key Financial Ratios - Return on Invested Capital (ROIC) for the previous year was 6.43%, indicating average capital returns [3] - Historical median ROIC since listing is 12.01%, with the worst year being 2023 at 6.04% [3] - Cash assets are reported to be healthy, but the company relies heavily on capital expenditures for performance [4] Debt and Cash Flow Analysis - The company has a debt ratio of 49.76% for interest-bearing liabilities, with total interest-bearing debt reaching 3.425 billion yuan, a 62.08% increase year-on-year [1][5] - Cash flow metrics indicate that cash assets cover only 72.55% of current liabilities, and the average operating cash flow over the past three years covers only 7.93% of current liabilities [5] Market Position and Fund Holdings - The largest fund holding Inke Recycling is the Yuanxin Yongfeng Youyue Life Mixed Fund, with 350,000 shares newly entered into the top ten holdings [7] - The fund's current size is 326 million yuan, with a recent net value of 2.2327, reflecting a 40.78% increase over the past year [7]