1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The supply pressure of PVC decreased this week, and the number of expected maintenance next week is expected to decrease, with a slight increase in production scheduling. The overall inventory is at a neutral level, but the current demand may remain sluggish. PVC2601 is expected to fluctuate in the range of 4911 - 4987. The main logic is that the overall supply pressure is strong, and the domestic demand recovery is not smooth. [9][14] - Bullish factors include supply resumption, cost support from calcium carbide and ethylene, and export benefits. Bearish factors include the rebound of overall supply pressure, high - level and slow - consuming inventory, and weak domestic and foreign demand. [13] 3. Summary According to the Directory 3.1 Daily Views - On August 27, the price of East China SG - 5 was 4800 yuan/ton, and the basis of the 01 contract was - 149 yuan/ton, with the spot at a discount to the futures, which is bearish. [11] - The factory inventory was 30.6029 tons, a decrease of 6.32% month - on - month. The calcium carbide factory warehouse was 23.4929 tons, a decrease of 6.10% month - on - month, and the ethylene factory warehouse was 7.11 tons, a decrease of 7.05% month - on - month. The social inventory was 50.8 tons, an increase of 3.08% month - on - month. The inventory days of production enterprises in the warehouse were 5.1 days, a decrease of 5.55% month - on - month, which is neutral. [11] - MA20 is downward, and the futures price of the 01 contract closed below MA20, which is bearish. [11] - The net position of the main contract is short, and the short position is decreasing, which is bearish. [11] 3.2 Fundamental/Position Data - **Supply Side**: In July 2025, the PVC output was 2.00461 million tons, a month - on - month increase of 0.67%. This week, the capacity utilization rate of sample enterprises was 77.61%, a month - on - month decrease of 0.03 percentage points. The output of calcium carbide enterprises was 328,255 tons, a month - on - month decrease of 3.94%, and the output of ethylene enterprises was 136,560 tons, a month - on - month decrease of 2.04%. The supply pressure decreased this week. The downstream overall operating rate was 42.7%, a month - on - month decrease of 0.04 percentage points, lower than the historical average. The current demand may remain sluggish. The fundamentals are neutral. [5][7] - **Cost Side**: The profit of calcium carbide method was - 222.7577 yuan/ton, with the loss decreasing by 3.00% month - on - month, lower than the historical average. The profit of ethylene method was - 591.501 yuan/ton, with the loss increasing by 9.60% month - on - month, lower than the historical average. The double - ton spread was 2737.05 yuan/ton, with the profit remaining unchanged month - on - month, lower than the historical average, and production scheduling may be under pressure. [8] - **Expectation**: The cost of calcium carbide method is strengthening, the cost of ethylene method is weakening, and the overall cost is strengthening. The supply pressure decreased this week, and the production scheduling is expected to increase next week. The overall inventory is at a neutral level, and the current demand may remain sluggish. Continuously monitor macro - policies and export dynamics. [9] 3.3 PVC Market Overview - Provides detailed data on PVC prices, basis, inventory, production, profit, and other aspects, including price changes of different regions and varieties, month - to - month changes in inventory, and profit changes in different production methods. [15] 3.4 PVC Futures Market - Basis Trend - Displays the historical trend chart of PVC basis, including the relationship between the basis, East China market price, and the closing price of the main contract. [18] 3.5 PVC Futures Market - Spread Analysis - Main Contract Spread - Presents the historical trend chart of the spread of the main PVC futures contract, including the 1 - 9 spread and 5 - 9 spread in 2024 and 2025. [24] 3.6 PVC Fundamental - Calcium Carbide Method - Related Factors - **Lancoke**: Displays the historical data of Lancoke medium - grade material price, cost - profit, operating rate, inventory, and daily output. [27] - **Calcium Carbide**: Displays the historical data of Shaanxi calcium carbide mainstream price, Wuhai weekly calcium carbide cost - profit, operating rate, maintenance loss, and output. [30] - **Liquid Chlorine and Raw Salt**: Displays the historical data of liquid chlorine price, output, raw salt price, and monthly output. [32] - **Caustic Soda**: Displays the historical data of 32% caustic soda price in Shandong, cost - profit, operating rate, weekly output, and maintenance volume of sample enterprises, as well as data on caustic soda apparent consumption, double - ton spread, and inventory. [35] 3.7 PVC Fundamental - PVC Supply Trend - Displays the historical data of calcium carbide method and ethylene method capacity utilization rate, profit, daily output, weekly maintenance volume, and weekly output of sample enterprises. [40] 3.8 PVC Fundamental - Demand Trend - Displays the historical data of PVC daily trader sales volume, weekly pre - sales volume, production - sales rate, apparent consumption, downstream average operating rate, and the operating rates of different downstream products (profiles, pipes, films, and paste resin). Also includes data on paste resin cost - profit, output, and consumption, as well as real - estate investment, construction area, new construction area, sales area, completion area, social financing scale increment, M2 increment, local government new special bonds, and infrastructure investment. [45] 3.9 PVC Fundamental - Inventory - Displays the historical data of exchange warehouse receipts, calcium carbide factory warehouse, ethylene factory warehouse, social inventory, and production enterprise inventory days. [58] 3.10 PVC Fundamental - Ethylene Method - Displays the historical data of vinyl chloride import volume, dichloroethane import volume, PVC export volume, ethylene method FOB spread, and vinyl chloride import spread. [60] 3.11 PVC Fundamental - Supply - Demand Balance Sheet - Displays the monthly supply - demand trend of PVC from June 2024 to July 2025, including data on export, demand, social inventory, factory inventory, output, and import. [63]

Investment Rating - The investment rating for Dongcai Technology is "Buy" (maintained) [1][4][15] Core Views - The company reported a Q2 performance improvement, with orderly ramp-up in polypropylene films, optical film materials, and high-speed electronic resins. The Q2 revenue reached 1.297 billion yuan, a year-on-year increase of 7.9% and a quarter-on-quarter increase of 14.3% [4][5] - The company achieved a total revenue of 2.431 billion yuan in the first half of 2025, representing a year-on-year growth of 14.6%. The net profit attributable to shareholders was 190 million yuan, up 19.1% year-on-year, while the non-recurring net profit was 159 million yuan, a significant increase of 45.3% year-on-year [4][5] - The company maintains its profit forecast, expecting net profits attributable to shareholders to be 406 million, 513 million, and 616 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.41, 0.52, and 0.62 yuan per share [4][5] Financial Summary - For the first half of 2025, the revenue from various segments was as follows: electrical insulation materials 222 million yuan (+0.4% YoY), new energy materials 663 million yuan (-7.5% YoY), optical film materials 638 million yuan (+25.1% YoY), electronic materials 688 million yuan (+28.6% YoY), and environmental flame retardant materials 74 million yuan (-5.1% YoY) [5][9] - The company’s gross margin and net margin for the first half of 2025 were 16.49% and 7.46%, respectively, reflecting year-on-year increases of 1.84 and 0.39 percentage points [5][11] - The total market capitalization of Dongcai Technology is 17.543 billion yuan, with a current stock price of 17.64 yuan [2][4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has established a profit turning point, showcasing strong cost control capabilities and resilience in profitability despite industry pressures. The report anticipates continued growth driven by multiple new projects and strategic investments [5][6] - The company's H1 2025 net profit attributable to shareholders increased by 30.33% year-on-year, while revenue decreased by 4.87% year-on-year, indicating a strong recovery in profitability [5][6] - The report projects net profits for 2025, 2026, and 2027 to be 1.23 billion, 4.88 billion, and 7.28 billion respectively, with corresponding EPS of 0.24, 0.95, and 1.41 [5][6] Financial Performance Summary - In H1 2025, the company achieved a main business sales volume of 1.4344 million tons, a year-on-year increase of 5.90%, and a gross margin of 3.16%, up by 1.03 percentage points [6] - The company’s net profit for Q2 2025 was 0.08 billion, reflecting a significant year-on-year increase of 498.42% [5][6] - The report indicates that the company’s revenue for 2025 is expected to be 16.141 billion, with a projected year-on-year decline of 6.3% [8] Growth Drivers - The company is advancing multiple new projects, including a 600,000-ton ethylene glycol project and a 300,000-ton bottle chip base in Nigeria, which are expected to enhance profitability [6] - Strategic investments in humanoid robotics and collaboration on an rPET project with Carbios are anticipated to create synergies with the main business [6] - The report highlights that the domestic bottle chip price difference has improved from 150-170 yuan/ton in late June to around 300 yuan/ton currently, indicating a recovery in industry profitability [6]

Core Insights - The production of primary plastic shapes in Shanghai reached 316,000 tons in April 2025, reflecting a year-on-year growth of 10.3%, which is 1.0 percentage points higher than the same period last year [1] - From January to April 2025, the total production of primary plastic shapes in Shanghai was 1,243,000 tons, showing a year-on-year increase of 13.0%, which is 9.9 percentage points higher than the previous year [1] Group 1 - In April 2025, Shanghai's primary plastic production accounted for 2.7% of the national total of 11,686,000 tons [1] - The growth rate of Shanghai's plastic production in April was 1.0 percentage points higher than the previous year but 1.7 percentage points lower than the national average [1] - The cumulative production from January to April 2025 also represented 2.7% of the national total of 46,012,000 tons [1] Group 2 - The production growth rate in Shanghai from January to April 2025 was 2.9 percentage points higher than the national average [1] - The data indicates a consistent growth trend in Shanghai's plastic production, with both monthly and cumulative figures showing significant increases compared to the previous year [1] - The statistics reflect the ongoing development and demand in the plastic industry within Shanghai [1]

Report Date - The report was produced on August 27, 2025 [3] Futures Market Overview - As of the close on August 27, most domestic futures contracts ended in the red. Apples and Shanghai nickel rose over 1%. Polysilicon dropped over 4%, while coking coal and crude oil fell over 3%. Alumina, BR rubber, fuel oil, soybean No.2, and styrene declined over 2%. Among stock index futures, the CSI 300 (IF) dropped 1.71%, the SSE 50 (IH) fell 1.85%, the CSI 500 (IC) decreased 1.51%, and the CSI 1000 (IM) tumbled 2.08%. In the bond futures market, the 2-year (TS) rose 0.02%, the 5-year (TF) climbed 0.06%, the 10-year (T) advanced 0.08%, and the 30-year (TL) soared 0.24% [6] Capital Flows - As of 15:22 on August 27, funds flowed into the CSI 500 2509, CSI 1000 2509, and CSI 300 2509 contracts, amounting to 3.741 billion, 1.151 billion, and 566 million respectively. Meanwhile, funds flowed out of the Shanghai gold 2510, Shanghai silver 2510, and SSE 50 2509 contracts, reaching 1.746 billion, 968 million, and 458 million respectively [8] Core Views Copper - Shanghai copper opened lower and closed higher, facing pressure. The probability of a 25% Fed rate cut is currently 85%. The supply of copper is expected to be tight both internationally and domestically, and the inventory at the Shanghai Futures Exchange remains low. Although the downstream market is in a slack season, there is an expectation of increased demand during the "Golden September and Silver October" period. Overall, copper prices are expected to fluctuate with an upward bias in the short term [10] Lithium Carbonate - Lithium carbonate opened higher and closed lower. The average price of battery-grade lithium carbonate was 81,600 yuan/ton, down 100 yuan/ton from the previous trading day, while the industrial-grade was 79,300 yuan/ton, also down 100 yuan/ton. The import volume in July decreased by 22% month-on-month and 43% year-on-year. The production in August and September is expected to decline by 15% year-on-year. The demand is expected to increase during the "Golden September and Silver October" period, providing support for prices [12] Crude Oil - Crude oil is at the end of the seasonal travel peak. The EIA data shows a larger-than-expected decline in US crude and gasoline inventories. OPEC+ plans to increase production by 547,000 barrels per day in September. The EIA and IEA have both raised the forecast of global oil surplus, increasing the pressure on crude oil prices in the fourth quarter. The price is expected to have limited upside potential, and it is recommended to short on rallies [13][15] Asphalt - The asphalt production rate decreased by 2.2 percentage points to 30.7% last week. The expected production in August is 2.413 million tons, a decrease of 5.1% month-on-month but an increase of 17.1% year-on-year. The downstream demand is weak due to factors such as funds and weather. The cost support from crude oil has weakened. The asphalt futures are expected to fluctuate in the near term [16] PP - The downstream PP operating rate increased by 0.18 percentage points to 49.53%. The PP enterprise operating rate remained at around 87%. The cost pressure from crude oil is increasing as the consumption peak ends and OPEC+ accelerates production. The new capacity has been put into operation, and the downstream demand is weak. However, the upcoming "Golden September and Silver October" season may bring some support. The PP market is expected to fluctuate in the near term [17][18] Plastic - The plastic operating rate remained at around 84%. The PE downstream operating rate increased by 0.53 percentage points to 40.00%. The cost pressure from crude oil is increasing. The new capacity has been put into operation, and the downstream demand is weak. The upcoming "Golden September and Silver October" season may bring some support. The plastic market is expected to fluctuate in the near term [19] PVC - The PVC operating rate decreased by 2.72 percentage points to 77.61%. The downstream demand is weak, and the export expectation has declined. The social inventory is still high. The PVC market is expected to decline with fluctuations in the near term [20][21] Coking Coal - Coking coal opened lower and closed lower. The import volume in July increased significantly. The domestic production is increasing, and the inventory at mines has increased. The downstream demand is affected by environmental protection. The coking coal market is expected to decline with fluctuations in the near term, but the downside space is limited [22] Urea - Urea opened lower and closed lower. The spot market is weak and stable. The supply is expected to remain stable with the commissioning of new capacity. The demand from the industrial sector is resilient, but the demand for autumn fertilizers has not yet arrived. The inventory is at a high level. The urea market is expected to decline with fluctuations in the short term [23][24]

Market Overview - The plastic sector experienced a decline of 2.57% on August 27, with Yuxing Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Stock Performance - Notable gainers in the plastic sector included: - Anli Co., Ltd. with a closing price of 25.64, up 13.05% and a trading volume of 388,600 shares, totaling 994 million yuan [1] - Weike Technology with a closing price of 99.00, up 6.46% and a trading volume of 103,900 shares, totaling 1.033 billion yuan [1] - Major decliners included: - Yuxing Co., Ltd. with a closing price of 6.39, down 7.53% and a trading volume of 150,700 shares, totaling 100 million yuan [2] - Nanjing Jinglong with a closing price of 35.50, down 7.09% and a trading volume of 126,100 shares, totaling 465 million yuan [2] Capital Flow - The plastic sector saw a net outflow of 1.621 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.314 billion yuan [2] - The table of capital flow indicates that: - Qide New Materials had a net inflow of 28.57 million yuan from institutional investors, while retail investors had a net outflow of 27.24 million yuan [3] - Anli Co., Ltd. experienced a net inflow of 17.96 million yuan from institutional investors, with a net outflow of 29.36 million yuan from retail investors [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][19][20] Core Views - The company has shown significant growth in revenue and net profit, with a 35.50% year-on-year increase in revenue and a 54.12% increase in net profit for the first half of 2025 [1][8] - The modified plastics business is experiencing stable growth, with sales volume increasing by 19.74% and revenue growing by 18.62% in the same period [1][9] - The green petrochemical sector is accelerating its integrated construction, optimizing product structure, and reducing production costs [2][9] - The medical health segment is actively expanding its market presence, with a remarkable 185.37% increase in sales revenue [3][15] Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 316.36 billion yuan and a net profit attributable to shareholders of 5.85 billion yuan [1][8] - The gross profit margin for the first half of 2025 was 12.29%, with the second quarter showing a revenue of 159.70 billion yuan, a 24.41% increase year-on-year [1][8] Modified Plastics Business - The sales volume of modified plastics reached 1.3088 million tons, with revenue of 164.73 billion yuan, reflecting a year-on-year growth of 19.74% and 18.62% respectively [1][9] - The company is enhancing its global competitiveness by deepening cooperation with leading enterprises in various industries [1][9] Green Petrochemical Sector - The main product revenue from the Ningbo plant was 37.61 billion yuan, up 43.17%, while the ABS product sales from the Liaoning plant increased by 40.65% [2][9] - The company is focusing on the integration of green petrochemicals and modified plastics to improve product value and competitiveness [2][9] New Materials Segment - The new materials segment saw a sales volume of 12.85 million tons, a 31.39% increase year-on-year [2][12] - The company has successfully launched production of bio-based products, expanding applications in various fields [2][12] Medical Health Segment - The medical health segment reported sales revenue of 4.68 billion yuan, a staggering 185.37% increase, with significant growth in nitrile glove sales [3][15]

英科再生资源股份有限公司2025 年半年度报告 公司代码：688087 公司简称：英科再生 英科再生资源股份有限公司 英科再生资源股份有限公司2025 年半年度报告 跨山越海,奔赴热爱 策，实质意义上成为考验一家企业是否具备短期应变能力与长期可持续发展能力兼备 的试金石。当此篇半年度报告披露之际，我们愿将分享的主题定为 "跨山越海，奔 赴热爱"。英科进一步快速实现跨山（东）越海（外），提升东南亚产能释放，以更 加从容的姿态、更加创新的思维、更加务实的行动，参与到我们所属行业的全球供应 链、产业链重塑的版图中来。 一、"中国+东南亚制造"进程提速 服务全球超 130 个国家，其中，美国市场占比保持稳定。很重要的一点，得益于我们 早在 2019 年开始布局的越南清化基地投建。越南清化一期占地 6 公顷，自 2024 年后 始终处于满产满销状态；二期占地 8 公顷， 2025 年初完成厂房基建后，管理层便前 瞻性开始筹划车间布局、设备选型等工作。 当 4 月初关税通知下达后，客人的咨询信息如潮水般涌来---有询问价格调整、有 担忧交期、有探讨产地转移的，每天我们销售伙伴们与客户保持着无时差的高频沟通。 为快速响应客 ...

Core Viewpoint - The A-share market is entering a peak period for the disclosure of mid-year performance reports, with all reports expected to be completed by August 29. The market's focus on performance has significantly increased recently [2][5]. Group 1: Performance Overview - As of August 26, 3,233 listed companies have disclosed their mid-year performance reports, achieving a disclosure rate of 60.85% [2]. - The net profit growth rates for the first half of 2025 for all A-shares, non-financial A-shares, and the main board are 9.85%, 6.74%, and 9.23% respectively, indicating sustained economic vitality in the second quarter [7][11]. - The second quarter performance growth is primarily concentrated in cyclical industries, brokerage firms, agriculture, forestry, animal husbandry, and power equipment [10][12]. Group 2: Industry Insights - The industries with high growth in Q2 include cyclical sectors (steel, non-ferrous metals, building materials), brokerage firms, agriculture, forestry, animal husbandry, and power equipment [10][12]. - Other sectors showing performance potential include TMT (Technology, Media, and Telecommunications), consumer goods, and manufacturing [11][12]. - The current low-priced high-performing sectors are mainly in consumer goods, as well as certain cyclical and manufacturing sectors, including agriculture, new consumption (beverages, personal care products), and medical services [12].

Market Overview - The plastic sector experienced a decline of 1.1% on August 26, with Zhongyan Co. leading the drop [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Stock Performance - Notable gainers in the plastic sector included: - Nengzhiguang (33.00, +8.73%, 154,800 shares, 517 million CNY) - Haizheng Biomaterials (15.10, +7.63%, 111,100 shares, 164 million CNY) - Ping An Electric (59.13, +4.56%, 118,400 shares, 707 million CNY) [1] - Major decliners included: - Zhongyan Co. (49.95, -6.90%, 110,900 shares, 563 million CNY) - Runyang Technology (54.77, -6.22%, 45,900 shares, 257 million CNY) - Henghe Precision (29.78, -5.04%, 170,900 shares, 515 million CNY) [2] Capital Flow - The plastic sector saw a net outflow of 834 million CNY from major funds, while retail investors contributed a net inflow of 853 million CNY [2] - Specific stock capital flows included: - Sidi Ke (1.39 billion CNY net inflow from major funds, -839,760 CNY from retail) - Anli Co. (58.86 million CNY net inflow from major funds, -13.28 million CNY from retail) [3]