证券代码：688087 证券简称：英科再生 公告编号：2025-053 英科再生资源股份有限公司 关于2025年半年度权益分派实施后调整回购股份 价格上限的公告 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： 一、回购股份的基本情况 英科再生资源股份有限公司（以下简称"公司"）于 2025 年 4 月 7 日召开第四届董事会第十七次会议，审议通过了《关于以集中竞 价方式回购公司股份方案的议案》，同意公司使用自有资金及股票回 购专项贷款以集中竞价交易方式回购公司已发行的部分人民币普通 股（A 股）股票，本次回购股份的价格不超过人民币 41.44 元/股 （含），回购金额不低于人民币 4,000 万元（含），不超过人民币 8,000 万元（含），回购股份期限自公司董事会审议通过本次回购方 案之日起不超过 12 个月。具体情况详见公司披露于上海证券交易所 网站（www.sse.com.cn）的《英科再生资源股份有限公司关于以集 中竞价方式回购股份的方案公告》（公告编号：2025-003）、《英科再 生资源股份有限 ...

高朋（上海）律师事务所 关于英科再生资源股份有限公司 北京 上海 南京 杭州 天津 深圳 扬州 www.gaopenglaw.com 高朋（上海）律师事务所 关于英科再生资源股份有限公司 差异化权益分派事项的 法律意见书 2025 年 9 月 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 泰州 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 差异化权益分派事项的 法律意见书 致：英科再生资源股份有限公司 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"） 委托，就公司 2025 ...

证券代码：688087 证券简称：英科再生 公告编号：2025-052 英科再生资源股份有限公司 2025年半年度权益分派实施公告 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： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/9/26 | 2025/9/29 | 2025/9/29 | 一、 通过分配方案的股东会届次和日期 本次利润分配方案经英科再生资源股份有限公司（以下简称"公司"）2025 年 5 月 20 日的2024年年度股东会授权董事会在符合利润分配的条件下制定实施，并经 过 2025 年 8 月 26 日召开的第四届董事会第二十二次会议审议通过。 二、 分配方案 1. 发放年度：2025年半年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等有关 是否涉 ...

Group 1 - The company has not yet ventured into the specialty engineering plastics sector [1] - The core business of the company focuses on the recycled plastics field, emphasizing an innovative model of "recycling - regeneration - utilization" [1] - The company aims to achieve efficient recycling and maximization of value from recycled plastic resources through technological and model innovation, promoting green and sustainable development in the industry [1]

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1] Core Views - The improvement of the near-consumption pricing mechanism for renewable energy will facilitate the direct connection of green electricity, benefiting waste-to-energy projects [9][10] - The price of Sustainable Aviation Fuel (SAF) has reached a new high in Europe, positively impacting UCO and SAF producers in China [11][12] - The solid waste sector has seen significant acceleration in national subsidies for recycling, leading to improved cash flow and dividend payouts [15][16] Summary by Sections Industry Trends - The environmental protection industry is experiencing a positive trend with the implementation of new pricing mechanisms for renewable energy, which will enhance the economic viability of waste-to-energy projects [9][10] - The SAF market in Europe is tightening, leading to increased prices and benefiting UCO and SAF producers in China [11][12] Solid Waste Sector - National subsidies for recycling have accelerated significantly, with a reported 2.064 billion yuan received in July-August 2025, surpassing the previous year's figures [15] - The solid waste sector is seeing improvements in return on equity (ROE) and cash flow, with a focus on operational efficiency and reduced financial costs [15][16] Water Sector - The water sector is poised for growth with expected improvements in cash flow and dividend payouts, similar to trends observed in the waste-to-energy sector [19][20] - Recent water price reforms in cities like Guangzhou and Shenzhen are anticipated to drive further growth in the sector [19] Sanitation Equipment - The sales of sanitation vehicles have increased, with a notable rise in the penetration rate of new energy sanitation vehicles, reaching 16.14% [22][23] - The market for electric sanitation vehicles is expanding rapidly, with sales growth of 77.55% in the first seven months of 2025 [22][23] Biofuel Sector - The average price of waste cooking oil has decreased, leading to an increase in profit margins for biofuel producers [32] - The biofuel market is expected to remain stable, with ongoing demand for waste oils and limited supply growth [32] Lithium Battery Recycling - The profitability of lithium battery recycling is improving as the prices of lithium carbonate and other materials decline [33][34]

Core Viewpoint - The company, Yingke Recycling, has not yet engaged in plastic cracking technology or related projects, focusing instead on the recycling plastic sector with an innovative model of "recycling-reprocessing-utilization" aimed at maximizing the value of recycled plastic resources and promoting sustainable development in the industry [2] Summary by Categories - **Business Focus** - The company's core business is centered on the recycling plastic field, emphasizing a full industry chain innovation model [2] - The company is committed to achieving efficient recycling and maximizing the value of recycled plastic resources through technological and model innovation [2] - **Future Plans** - The company will strictly adhere to relevant regulations and fulfill information disclosure obligations if there are any significant business adjustments in the future [2]

Core Insights - The company is optimizing its global business strategy and enhancing supply chain resilience to improve responsiveness to market dynamics and core competitiveness [2] Group 1 - The company has proactively initiated overseas production base investments since 2018-2019, focusing on establishing key manufacturing bases in Malaysia and Vietnam [2] - The establishment of these overseas bases lays a solid foundation for the company's global operations [2] - The company will continue to focus on refined operational management of overseas bases, steadily advancing capacity release and efficiency improvement [2] Group 2 - The company aims to provide a higher quality supply chain assurance and more efficient market services to support the achievement of its long-term strategic goals [2]

Core Viewpoint - The company, Inke Recycling (688087.SH), has not yet engaged in plastic cracking technologies or projects, focusing instead on the recycling plastic sector with an innovative model of "recycling - regeneration - utilization" aimed at maximizing the value of recycled plastic resources and promoting sustainable development in the industry [1] Group 1 - The company is currently not involved in plastic cracking technology or projects [1] - The core business of the company is centered on the recycling plastic field [1] - The company aims to achieve efficient recycling and maximum value utilization of recycled plastic resources through technological and model innovation [1] Group 2 - The company is committed to promoting green and sustainable development in the industry [1] - The company will adhere to relevant regulations for timely information disclosure in case of significant business adjustments in the future [1]

Core Viewpoint - The company, Inke Recycling (688087.SH), has not yet engaged in plastic cracking technologies or projects, focusing instead on the recycling plastic sector with an innovative model of "recycling - regeneration - utilization" aimed at maximizing the value of recycled plastic resources and promoting sustainable development in the industry [1] Group 1 - The company is currently not involved in plastic cracking technology or projects [1] - The core business of the company is centered on the recycling plastic field [1] - The company aims to achieve efficient recycling and maximum value utilization of recycled plastic resources through technological and model innovation [1] Group 2 - The company is committed to promoting green and sustainable development in the industry [1] - The company will adhere to relevant regulations for timely information disclosure in case of significant business adjustments [1]

Macro Strategy - The report highlights the need to monitor domestic economic policy changes due to the upcoming Fourth Plenary Session and the focus on countering "involution" [1] Fixed Income - The report discusses why domestic commercial banks are unlikely to reduce their balance sheets, citing factors such as the need to support the economy during a slowdown, the current accommodative monetary policy, and the role of state-owned capital in maintaining financial services to the real economy [2][22] - It emphasizes that the probability of a sector-wide balance sheet reduction is low, despite some smaller banks potentially facing this situation [22] Industry Analysis - The environmental industry report indicates that the waste incineration sector saw a revenue increase of 1% year-on-year in H1 2025, with net profit rising by 8% and an improvement in cash flow [4][6] - The report notes that operational efficiency improvements and reduced financial costs are driving performance growth, with a significant increase in return on equity (ROE) for pure waste operation companies [4][6] - It highlights the importance of enhancing operational efficiency and expanding both B-end and C-end markets to boost profitability and cash flow [6] Food and Beverage Industry - The beer industry report suggests that the sector is expected to benefit from a recovery in consumption, particularly in dining and retail scenarios, with a focus on high-growth companies like Yanjing Beer and Qingdao Beer [7] - The health supplement sector is noted for its potential valuation reconstruction, with a focus on quality stocks [8] Company-Specific Insights - The report on Yingke Recycling indicates strong growth in the decorative building materials business, with a focus on expanding its recycling capabilities and global presence [9] - The analysis of Magmi Te highlights a revenue increase of 16.5% year-on-year in H1 2025, despite a significant drop in net profit due to increased strategic investments [10][11] - The report on Weirgao emphasizes its leadership in the power PCB sector, projecting significant revenue growth driven by AI server demand and production capacity expansion [12] - The analysis of Dacilin shows a revenue increase of 1.33% year-on-year in H1 2025, with a notable profit growth of 21.38% [13] - The report on Dazhu CNC highlights its position as a leader in PCB equipment, benefiting from the demand for high-layer PCB devices driven by AI server needs [14]