Core Viewpoint - Jiangxi Shunhong Recycling Resources Co., Ltd. has been established with a registered capital of 500,000 RMB, focusing on various recycling and resource utilization activities [1] Company Summary - The legal representative of Jiangxi Shunhong Recycling Resources Co., Ltd. is Ouyang Ting [1] - The company has a registered capital of 500,000 RMB [1] - The business scope includes general projects such as recycling resource sales, recycling resource recovery (excluding production waste metals), processing of non-metal waste and scraps, pulp sales, environmental consulting services, rubber product manufacturing, recycling resource processing, plastic product sales, fiberglass reinforced plastic product manufacturing, chemical product sales (excluding licensed chemical products), and research and development of resource recycling technology [1]

Core Viewpoint - The establishment of Kaiping Guisheng Recycling Resources Co., Ltd. indicates a growing focus on recycling and environmental services in the region, with a registered capital of 100,000 RMB [1] Company Summary - Kaiping Guisheng Recycling Resources Co., Ltd. has been registered with a capital of 100,000 RMB [1] - The company’s business scope includes general projects such as recycling of renewable resources (excluding production waste metals), recovery of production waste metals, sales of renewable resources, processing of renewable resources, and environmental consulting services [1] - Additional services offered by the company include research and development of resource recycling technology, solid waste management, manufacturing of municipal waste treatment equipment, and pollution prevention services for water and air environments [1] Industry Summary - The establishment of the company reflects a broader trend in the industry towards sustainable practices and resource recycling [1] - The inclusion of various environmental services suggests a comprehensive approach to waste management and pollution control within the industry [1]

Core Insights - Guangzhou Xingxiang Recycling Resources Co., Ltd. has been established with a registered capital of 50,000 RMB [1] Company Overview - The legal representative of the company is Fu Jiayao [1] - The company's business scope includes sales of plastic products, metal structures, and construction waste recycling technology research and development [1] - Additional activities include second-hand goods sales, sales of fiberglass reinforced plastic products, and sales of electrical wires and cables [1] Services Offered - The company provides technical services, development, consulting, exchange, transfer, and promotion [1] - Ordinary goods warehousing services (excluding hazardous chemicals requiring approval) are also part of the business [1] - Retail and wholesale of hardware products, as well as recycling technology research and development, are included in the company's offerings [1] Environmental Focus - The company emphasizes environmental consulting services and resource recycling technology research [1] - Sales of metal products and chains are also part of the company's operations, indicating a focus on sustainable practices [1]

Core Viewpoint - Xu Zhou Haoyue Recycling Resources Co., Ltd. has been established with a registered capital of 10 million RMB, focusing on various waste management and recycling services [1] Company Overview - The legal representative of Xu Zhou Haoyue Recycling Resources Co., Ltd. is Zhang Fuming [1] - The company has a registered capital of 10 million RMB [1] Business Scope - The company is involved in several licensed projects including construction engineering, urban household waste management, construction waste disposal, kitchen waste treatment, and road freight transportation [1] - General projects include recycling of resources (excluding production waste metals), resource sales, sewage treatment and reuse, municipal facility management, and various consulting services [1] - Additional services offered include solid waste treatment, property management, and environmental sanitation public facility installation [1]

Core Insights - Huangshan Yongzhan Recycling Resources Co., Ltd. has been established with a registered capital of 800,000 RMB [1] Company Overview - The legal representative of the company is Li Wenjin [1] - The company’s business scope includes general business projects such as recycling of renewable resources (excluding production waste metals), sales of renewable resources, and research and development of resource recycling technology [1] - Additional activities include consulting services for resource recycling, processing of renewable resources, and sales of non-ferrous metals and alloys [1] Industry Activities - The company is involved in the manufacturing and sales of metallurgical specialized equipment, as well as the sales of solid waste treatment and detection instruments [1] - It also engages in the recycling of production waste metals and processing of non-metallic waste and debris [1] - The company has a focus on automotive parts research and development, manufacturing, and retail of automotive parts and accessories [1]

Core Points - The stock of Yingke Recycling (688087) closed at 26.75 yuan on September 22, 2025, marking a 1.67% increase from the previous trading day, with a total market capitalization of 5.191 billion yuan [1] - The company announced an adjustment to the maximum repurchase price of its shares following the implementation of the 2025 semi-annual dividend distribution, reducing the upper limit from 41.38 yuan to 41.28 yuan per share [1] - The adjustment in the repurchase price will take effect on September 29, 2025, with an estimated repurchase quantity ranging from 968,993 to 1,937,984 shares, representing 0.50% to 1.00% of the company's total share capital [1] Summary by Category Stock Performance - Yingke Recycling's stock opened at 26.35 yuan, reached a high of 26.75 yuan, and a low of 25.75 yuan on the trading day, with a trading volume of 48.5485 million yuan and a turnover rate of 0.99% [1] Dividend and Share Repurchase - The company will distribute a cash dividend of approximately 0.1 yuan per share as part of the 2025 semi-annual dividend distribution, leading to the adjustment of the share repurchase price [1] - Other aspects of the repurchase plan remain unchanged, and the company will implement the repurchase at its discretion during the designated period while fulfilling its information disclosure obligations [1]

Core Insights - Shanghai Shenlv Environmental Recycling Co., Ltd. has been established with a registered capital of 10 million RMB [1] - The company is engaged in various activities related to recycling and processing of resources, including the recovery of renewable resources and waste materials [1] Company Overview - The legal representative of the company is Zhang Jingchi [1] - The business scope includes general projects such as recycling of renewable resources (excluding production waste metals), processing of metal waste and scraps, and sales of metal materials and products [1] - The company also focuses on research and development in resource recycling technology and solid waste management [1] Industry Activities - The company is involved in the recycling of construction waste and non-metallic waste materials [1] - It offers services related to the rental of construction machinery and equipment, as well as landscaping engineering [1] - The operations are conducted in accordance with the business license, allowing for independent business activities without the need for prior approval for certain projects [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 1.666 billion yuan in H1 2025, representing a year-on-year increase of 16.13%. The net profit attributable to shareholders was 146 million yuan, a decrease of 6.01% year-on-year, primarily due to foreign exchange losses from the appreciation of the RMB against the USD. Excluding this factor, the company's operational profitability, revenue, and net profit all showed positive growth [7] - The revenue from the decoration and building materials segment grew by 38% year-on-year, accounting for 37.27% of total revenue in H1 2025. The company’s product mix, including high-value home consumer goods, contributed to over 75% of total revenue [7] - The company plans to distribute a cash dividend of 0.1 yuan per share, totaling 19 million yuan, reflecting its commitment to shareholder returns [7] - The company has a global marketing presence, with overseas revenue accounting for 88.80% of total revenue in H1 2025, showing a year-on-year increase of 27.84% [7] Financial Summary - The company forecasts total revenue of 2.924 billion yuan for 2024, with a year-on-year growth rate of 19.09%. The net profit attributable to shareholders is projected to be 307 million yuan, reflecting a significant increase of 57.07% compared to 2023 [1][8] - The earnings per share (EPS) is expected to be 1.58 yuan in 2024, increasing to 2.42 yuan by 2027, with a corresponding price-to-earnings (P/E) ratio decreasing from 16.86 in 2024 to 11.02 in 2027 [1][8] - The company’s operating cash flow for H1 2025 was 245 million yuan, an increase of 17.50% year-on-year, indicating improved operational efficiency [7]

Group 1 - In the first half of 2025, 18 institutional investors disclosed holdings in Yingke Recycling (688087.SH), totaling 105 million shares, which represents 56.13% of the company's total share capital [1] - The top ten institutional investors hold a combined 55.67% of the shares, with a decrease of 1.31 percentage points compared to the previous quarter [1] Group 2 - One public fund, Qianhai Kaiyuan Event-Driven Mixed A, increased its holdings, while four new public funds were disclosed, including Guotai Juxin Value Advantage Flexible Allocation Mixed A and others [2] - Three social security funds reduced their holdings, with a total decrease of 0.55%, and one social security fund was not disclosed in the current period [2]

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]