Core Insights - A new company, Zhonghe (Guangxi) Renewable Resources Co., Ltd., has been established with a registered capital of 10 million RMB [1] Company Overview - The legal representative of the company is Li Xitong [1] - The company’s business scope includes the recycling and secondary utilization of used power batteries for new energy vehicles, excluding hazardous waste operations [1] - Additional services offered include resource recycling technology research and development, technical consulting for resource recycling services, and sales of various metal products [1] Industry Focus - The company is involved in the development and sales of new materials technology and non-ferrous metal alloys [1] - It also provides services related to wind power technology and the sale of wind turbine generators and components [1] - The company engages in supply chain management services and agricultural-related activities, including the sale of fertilizers and agricultural machinery [1]

Group 1 - The establishment of Ganzhou Yifeng Recycling Resources Co., Ltd. has been recently reported, with Zhou Xiaopeng as the legal representative [1] - The registered capital of the company is 500,000 RMB [1] - The business scope includes solid waste management, processing of non-metal waste and scraps, research and development of recycling technology, and sales of recycled resources [1]

Core Points - Dongguan Huisheng Recycling Resources Co., Ltd. has been established with a registered capital of 100,000 RMB [1] - The company’s business scope includes solid waste management, recycling of scrapped agricultural machinery, and sales of various products including paper, metal, and plastic [1] Business Scope - The company is involved in general projects such as solid waste governance and recycling services [1] - It also engages in the sale of second-hand goods and provides operational services for rural household waste [1] - Additional activities include the sale and repair of metal products, wood processing, and the development of recycling technology [1]

Core Viewpoint - The company, Guangdong Songyang Resources Co., Ltd., has released its third-quarter report for 2025, ensuring the accuracy and completeness of the information presented in the report [8][14]. Financial Data - The financial statements for the third quarter of 2025 have not been audited [3]. - The report includes major accounting data and financial indicators, although specific figures are not detailed in the provided documents [3][4]. Board and Supervisory Committee Meetings - The fourth board meeting was held on October 30, 2025, where the third-quarter report was approved unanimously by all participating directors [8][9]. - The supervisory committee also convened on the same day and approved the third-quarter report, affirming its accuracy and completeness [12][14]. Legal Responsibility - The board of directors and the supervisory committee have guaranteed that the report does not contain any false records, misleading statements, or significant omissions, and they accept legal responsibility for the report's content [2][12].

Core Viewpoint - The establishment of Yueyang Xuncai Recycling Resources Utilization Co., Ltd. indicates a growing focus on waste management and recycling in the region, with a registered capital of 200 million RMB [1] Company Overview - Yueyang Xuncai Recycling Resources Utilization Co., Ltd. has a registered capital of 200 million RMB [1] - The legal representative of the company is Sui Boxi [1] Business Scope - The company is involved in various activities including: - Urban construction waste disposal (transportation) [1] - General projects such as recycling of resources (excluding production waste metals), resource processing, and sales [1] - Research and development of resource recycling technology [1] - Solid waste management and processing of non-metallic waste [1] - Manufacturing and sales of cement products and bricks [1] - Agricultural services including crop cultivation and seed management [1] - Investment activities using self-owned funds [1]

Core Viewpoint - Dongguan Ruixiang Recycling Resources Co., Ltd. has been established with a registered capital of 1 million RMB, focusing on various recycling and resource utilization activities [1] Group 1: Company Overview - The company is engaged in solid waste management and resource recycling technology research and development [1] - It specializes in the recycling and dismantling of scrapped agricultural machinery [1] - The company also deals in the sales of non-ferrous metal alloys, hardware products, and high-quality special steel materials [1] Group 2: Business Activities - The operational scope includes the recovery and secondary utilization of used power batteries from new energy vehicles, excluding hazardous waste management [1] - The company is involved in various metal processing services, including metal cutting and welding equipment sales, as well as the manufacturing of metal materials [1] - Additional activities include the sale of rubber and plastic products, second-hand daily necessities, and providing logistics services such as transportation and warehousing [1]

Core Viewpoint - A new company, Jingzhou Xinfan Renewable Resources Co., Ltd., has been established with a registered capital of 100,000 RMB, focusing on various agricultural and biomass-related services [1] Company Summary - The legal representative of Jingzhou Xinfan Renewable Resources Co., Ltd. is Zhu Xiaojun [1] - The company’s registered capital is 100,000 RMB [1] - The business scope includes services related to crop straw processing and utilization, crop harvesting, agricultural professional and auxiliary activities, primary agricultural product purchasing, timber purchasing, biomass fuel processing, biomass molded fuel sales, forestry product sales, and forestry professional and auxiliary activities [1]

Core Viewpoint - Recently, Huizhou Shengchang Resource Recycling Technology Development Co., Ltd. was established with a registered capital of 20,000 RMB, focusing on various recycling and waste management services [1] Company Summary - The company has a registered capital of 20,000 RMB [1] - Its business scope includes general projects such as resource recycling technology research and development, solid waste management, and sales of used goods [1] - The company is involved in the manufacturing and sales of plastic products, electrical appliances, metal products, and paper products [1] - It also engages in the retail and wholesale of daily necessities and hardware products [1] Industry Summary - The company is permitted to provide urban household waste management services, excluding recycling [1] - The operations are subject to approval from relevant authorities, indicating a regulated environment for waste management and recycling services [1]

Core Insights - The stock of Yingke Recycling rose by 5.25% to 28.25 CNY per share, with a trading volume of 55.26 million CNY and a turnover rate of 1.07%, resulting in a total market capitalization of 5.48 billion CNY [1] Company Overview - Yingke Recycling Resources Co., Ltd. is located in the Qilu Chemical Industrial Park, Linzi District, Zibo City, Shandong Province, and was established on March 14, 2005, with its listing date on July 9, 2021 [1] - The company's main business involves the recycling, regeneration, and utilization of renewable plastics, with revenue composition as follows: finished products 40.80%, decorative building materials 37.27%, regenerated plastics 20.77%, environmental protection equipment 0.64%, and others 0.52% [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Yuanxin Yongfeng has a significant position in Yingke Recycling. The Yuanxin Yongfeng Youyue Life Fund (004959) held 350,000 shares in the second quarter, accounting for 2.76% of the fund's net value, ranking as the eighth largest holding [2] - The Yuanxin Yongfeng Youyue Life Fund was established on January 29, 2018, with a latest scale of 326 million CNY. Year-to-date returns are 21.84%, ranking 3620 out of 8234 in its category; the one-year return is 24.78%, ranking 3584 out of 8095; and since inception, the return is 156.9% [2] - The fund manager, Party Wei, has been in the position for 4 years and 25 days, with a total asset scale of 395 million CNY. The best fund return during his tenure is 34.94%, while the worst is -6.73% [2]

Core Viewpoint - Yunnan Junlin Resource Utilization Co., Ltd. has been established with a registered capital of 5 million RMB, focusing on various environmental and resource recycling services [1] Company Summary - The legal representative of Yunnan Junlin Resource Utilization Co., Ltd. is Wu Jilin [1] - The company has a registered capital of 5 million RMB [1] - The business scope includes wastewater treatment and recycling, solid waste management, biomass fuel processing, and various manufacturing activities related to construction materials and fertilizers [1] Industry Summary - The company operates in the environmental services sector, specifically in resource recycling and waste management [1] - It is involved in the development of technologies for the harmless utilization of agricultural and forestry waste [1] - The company is also engaged in the sales of recycled resources and biomass fuels, excluding hazardous chemicals [1]