Summary of the Conference Call for 英科再生 Company Overview - 英科再生 focuses on the recycling of plastic waste, preparation of recycled particles, and downstream product processing, forming a complete business structure through a full industry chain layout [4][2]. Industry and Market Position - The global recycled plastic market is projected to reach over $50 billion by 2024, with a low penetration rate of recycled materials at about 10% of the overall plastic market [13]. - The company has established a strong presence in overseas markets, with 89% of its revenue coming from international sales, primarily in Europe and the United States [11][2]. Financial Performance - In the first three quarters of the year, the company reported a 16% year-on-year increase in revenue, reaching approximately 2.3 billion yuan in net profit [6][2]. - The gross margin has experienced fluctuations due to raw material price volatility and depreciation of new bases, but is expected to stabilize and improve with the optimization of the business structure [6][9]. Key Business Segments - The main revenue-generating segments are finished frames (41% of total revenue) and decorative building materials (37% of total revenue), with the latter growing over 38% in the first half of the year [7][9]. - The decorative building materials segment is anticipated to become the largest business area, with a stable gross margin of 28%-32% [9][2]. Strategic Initiatives - The company is shifting its focus in the recycled particle business towards exports to enhance profitability, while the environmental equipment segment serves as a strategic layout to stabilize upstream waste sources [10][2]. - The management team is stable, with the founder holding 40.65% of the shares, and a stock incentive plan has been introduced to bind key employees [12][2]. Future Outlook - The company expects steady growth in the finished frame business and high growth in decorative building materials due to expansion in the European and American markets [3][8]. - Projections indicate revenue growth rates of 14.8%, 15.3%, and 16.2% from 2025 to 2027, with net profits expected to reach 300 million, 360 million, and 430 million yuan respectively [20][2]. Competitive Advantages - The company has a global production capacity advantage, with manufacturing bases in Vietnam and Malaysia, which are expected to enhance overall profitability [17][2]. - Strong R&D capabilities and a diverse product matrix allow the company to meet customized demands, particularly in the DIY market in Europe and the U.S. [14][16]. Governance and Management - The company emphasizes innovation and talent development, with a long-term growth expectation of around 15% CAGR from 2025 to 2029 [19][2]. Conclusion - Overall, the company is well-positioned for future growth with a robust business model, strategic international expansion, and a focus on high-margin products, leading to a positive investment outlook [20][2].

格隆汇12月1日丨英科再生(688087.SH)公布，截至2025年11月30日，公司通过上海证券交易所交易系统 以集中竞价交易方式回购公司股份142.42万股，占公司总股本的0.73%，回购成交的最高价为30.39元/ 股，最低价为25.43元/股，支付的资金总额为人民币4000.02万元（不含交易费用）。 ...

证券代码：688087 证券简称：英科再生 公告编号：2025-067 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进展公告 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： | 回购方案首次披露日 | 2025/4/8 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 2025 4 4 | 8 | 日~2026 | 年 | 月 | 日 7 | | 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 | 1,424,200股 | | | | | | | 累计已回购股数占总股本比例 | 0.73% | | | | | | | 累计已回购金额 | 40,000,176. ...

（一）董事选举情况 2025 年 12 月 1 日，公司召开 2025 年第三次临时股东会，选举 刘方毅先生、金喆女士为公司第五届董事会非独立董事，选举张彦 博先生、刘玉玉女士为公司第五届董事会独立董事。本次股东会选 举的上述 2 名非独立董事和 2 名独立董事与 2025 年 12 月 1 日职工 代表大会选举产生的职工代表董事王丽丽女士，共同组成公司第五 届董事会，任期自 2025 年第三次临时股东会审议通过之日起三年。 第五届董事会成员的简历详见公司分别于 2025 年 11 月 14 日、 2025 年 12 月 2 日在上海证券交易所网站（www.sse.com.cn）披露的 《英科再生资源股份有限公司关于董事会换届选举的公告》（公告 证券代码：688087 证券简称：英科再生 公告编号：2025-066 英科再生资源股份有限公司 关于董事会完成换届选举暨聘任高级管理人员、证券 事务代表的公告 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。 英科再生资源股份有限公司（以下简称"公司"或"英科再 生"）于 2025 ...

证券代码：688087 证券简称：英科再生 公告编号：2025-065 英科再生资源股份有限公司 关于变更签字注册会计师的公告 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。 英科再生资源股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召开第四届董事会第十八次会议、第四届监事会第十四次会议， 于 2025 年 5 月 20 日召开 2024 年年度股东会，审议通过了《关于续 聘 2025 年度会计师事务所的议案》，同意续聘天健会计师事务所 （特殊普通合伙）（以下简称"天健"）担任公司 2025 年度财务报告 审计机构及内部控制审计机构，聘期一年。具体内容详见公司于 2025 年 4 月 28 日在上海证券交易所网站(www.sse.com.cn)披露的 《英科再生资源股份有限公司关于续聘 2025 年度会计师事务所的公 告》（公告编号：2025-007）。 年开始从事上市公司审计，自 2005 年开始在天健执业。近三年签署 或复核了江瀚新材、巨化股份、五洲特纸等多家上市公司审计报告。 签字注册会计师：唐楠 ...

证券代码：688087 证券简称：英科再生 公告编号：2025-063 英科再生资源股份有限公司 关于选举第五届董事会职工代表董事的公告 英科再生资源股份有限公司董事会 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。 根据《中华人民共和国公司法》（以下简称"《公司法》"） 《上市公司章程指引》《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》等法律法规和规范性文件，以及《英科 再生资源股份有限公司章程》（以下简称"《公司章程》"）的规定， 英科再生资源股份有限公司（以下简称"公司"）董事会由 5 名董事 组成，其中 1 名职工代表董事由公司职工代表大会选举产生。 公司于 2025 年 12 月 1 日召开 2025 年第一次职工代表大会，选 举王丽丽女士担任公司第五届董事会职工代表董事，任期自本次职 工代表大会选举通过之日起至第五届董事会届满之日止。公司第五 届董事会中兼任公司高级管理人员以及由职工代表担任的董事人数 总计未超过公司董事总数的二分之一，符合有关法律法规及《公司 章程》的规定。职工代表董事简 ...

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 年第三次临时股东会的 法律意见书 2025 年 12 月 www.gaopenglaw.com 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 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 高朋（上海）律师事务所 关于英科再生资源股份有限公司 2025 年第三次临时股东会的 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"公司"）委托，就公司召 开 202 ...

证券代码：688087 证券简称：英科再生 公告编号：2025-064 英科再生资源股份有限公司 2025年第三次临时股东会决议公告 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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 12 月 1 日 （二） 股东会召开的地点：山东省淄博市临淄区纬三路山东英朗环保科技有限 公司 二、 议案审议情况 （一） 累积投票议案表决情况 1.00 关于董事会换届选举暨选举第五届董事会非独立董事的议案 （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： | 1、出席会议的股东和代理人人数 | 104 | | --- | --- | | 普通股股东人数 | 104 | | 2、出席会议的股东所持有的表决权数量 | 107,134,301 | | 普通股股东所持有表决权数量 | 107,134,301 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 55.6165 | ...

Investment Rating - The investment rating for the recycling plastic industry is "Positive" [2] Core Viewpoints - The recycling plastic industry is expected to enter a golden development period, driven by increasing global plastic recycling policies and market demand [4][24] - China is the world's largest plastic producer, with a projected production of 77.076 million tons in 2024, a year-on-year increase of 2.9%. However, the recycling market remains small, with a recycling rate of approximately 25% [18][24] - Global waste plastic has reached 9.2 billion tons, with only 9% being recycled. The EU aims for a 55% recycling rate for plastic packaging by 2030, while the US and India target 30% and 25% respectively [24] Summary by Sections Market Performance - As of November 28, the environmental sector rose by 0.7%, underperforming the broader market, which increased by 1.1% [4][11] - The water management sector increased by 1.06%, while the waste incineration sector decreased by 1.07% [14] Industry Dynamics - The 2025 Energy Transition Conference held in Beijing focused on green energy transformation, highlighting hydrogen energy as a key area of interest [26] - The Ministry of Ecology and Environment is publicizing the list of proposed ecological civilization demonstration zones for 2025 [26] Special Research - The recycling plastic market in China is projected to grow significantly, with a recycling volume of 19.5 million tons in 2024, indicating a substantial gap compared to developed countries [18][19] - The recycling sources are diverse, with PET bottles accounting for 21.8% of the recycled materials in 2024 [19] Investment Recommendations - The report suggests that the environmental quality and industrial green development will maintain high prosperity, with a focus on energy conservation and resource recycling [46] - Key recommended companies include Hanlan Environment, Xingrong Environment, and Hongcheng Environment, with additional attention to Wangneng Environment and others [46]

Group 1 - The 2025 Golden Bull Enterprise Sustainable Development Forum and the third National New Cup ESG Golden Bull Award ceremony were held in Suzhou, focusing on sustainable development themes [1] - In the ESG Golden Bull Award list, Inke Recycling won the "ESG Carbon Neutrality Golden Bull Award" for its significant contributions to the plastic circular economy [1] - Inke Recycling integrates ESG concepts into its entire industry chain of "recycling-reuse-utilization," achieving notable results in resource reduction and carbon emission reduction [1] Group 2 - Inke Recycling invested 9.97 million yuan in environmental protection facilities, with an ISO 14001 environmental management system certification coverage rate of 85.71% [2] - The company invested 6.25 million yuan in employee training, with a total training duration of 263,871 hours, and initiated 10,560 lean improvement innovation projects [2] - Inke Recycling established an ESG governance system centered on the board of directors, ensuring sustainable development is integrated into business decisions [2] Group 3 - The ESG Golden Bull Award is a brand for evaluating corporate ESG performance, emphasizing principles of openness, fairness, and justice [3] - The third National New Cup ESG Golden Bull Award includes seven categories, such as "ESG Golden Bull Award Top 100" and "ESG Carbon Neutrality Golden Bull Award" [3] - The evaluation committee uses a rigorous and scientific assessment system to identify leaders in ESG practices within the capital market [3]