Core Viewpoint - Recently, Wanzai County Qinshui Recycling Resources Co., Ltd. was established with a registered capital of 1 million RMB, focusing on various recycling and resource utilization activities [1] Group 1: Company Overview - The legal representative of the newly established company is Wang Xiaomin [1] - The registered capital of the company is 1 million RMB [1] Group 2: Business Scope - The company’s business scope includes general projects such as resource recycling technology research and development, processing of metal waste and scrap, recycling of renewable resources, and sales of renewable resources [1] - Specific activities include the recovery of production waste metals, processing of non-metal waste and scrap, and sales of environmental protection specialized equipment [1]

Core Viewpoint - Recently, Bengbu Shengneng Renewable Resources Co., Ltd. was established with a registered capital of 1 million RMB, focusing on various recycling and resource recovery activities [1] Company Overview - The legal representative of the company is Wang Ke [1] - The registered capital is 1 million RMB [1] Business Scope - The company engages in general business projects including: - Recycling of renewable resources (excluding production waste metals) - Processing and sales of renewable resources - Recovery of production waste metals - Solid waste management - Processing of metal waste and scraps - Recovery and secondary utilization of used power batteries from new energy vehicles (excluding hazardous waste management) [1] - Additional activities include: - Recovery of scrapped agricultural machinery - Sales of wires, cables, plastic products, daily necessities, rubber products, and metal materials - Sales of high-quality special steel materials and machinery equipment - Non-hazardous labor services and leasing services - Management of rural domestic waste and research on resource recycling technology - Sales of construction materials and metal products [1] Licensed Operations - The company is authorized to handle: - Disposal of discarded electrical and electronic products - Demolition of buildings (excluding blasting operations) - Road freight transportation (excluding hazardous goods) - Management of urban domestic waste and construction waste disposal - Ship repair and dismantling (subject to approval from relevant authorities) [1]

天眼查App显示，近日，武强县绿建再生资源有限公司成立，法定代表人为刘杰，注册资本50万人民 币，经营范围为一般项目：再生资源加工;再生资源销售;再生资源回收（除生产性废旧金属）;固体废物 治理;非金属废料和碎屑加工处理;建筑材料销售;建筑砌块制造;建筑砌块销售;建筑用石加工;水泥制品制 造;水泥制品销售;生态环境材料制造;生态环境材料销售;土石方工程施工;土地整治服务;机械设备租赁;装 卸搬运;劳务服务（不含劳务派遣）;电子过磅服务（除依法须经批准的项目外，凭营业执照依法自主开 展经营活动）许可项目：城市建筑垃圾处置（清运）（依法须经批准的项目，经相关部门批准后方可开 展经营活动，具体经营项目以批准文件或许可证件为准）。 ...

Core Viewpoint - Recently, Wanzai County Yundi Recycling Resources Co., Ltd. was established with a registered capital of 1 million RMB, focusing on various recycling and resource recovery activities [1] Company Summary - The legal representative of the newly established company is Xin Kunhong [1] - The registered capital of the company is 1 million RMB [1] - The company's business scope includes processing and recycling of metal waste and scraps, research and development of resource recycling technologies, and sales of recycled resources [1] Industry Summary - The company engages in general projects such as the processing of non-metal waste and scraps, and the sale of environmental protection specialized equipment [1] - The company is involved in the recovery of production waste metals and non-production waste metals, indicating a focus on both industrial and consumer waste [1]

Group 1 - A new company, Jiaxing Jiayuan Circular Technology Co., Ltd., has been established with a registered capital of 200 million yuan [1] - The legal representative of the company is Qiu Lijun, and its business scope includes recycling of renewable resources (excluding production waste metals), recovery of production waste metals, sales of renewable resources, and processing of renewable resources [1] - The company is jointly held by Jiaxing Water Investment Group Co., Ltd. and Jiaxing Hecheng Renewable Resources Co., Ltd. [1]

Group 1 - In the third quarter of 2025, Yingke Recycling (688087.SH) reported that 12 institutional investors held a total of 103 million shares, accounting for 53.17% of the total share capital [1] - The top ten institutional investors collectively held 52.71% of the shares, which is a decrease of 2.96 percentage points compared to the previous quarter [1] - One new public fund was disclosed during this period, while 92 public funds were not disclosed compared to the previous quarter [1] Group 2 - Two social security funds reported a decrease in holdings, with a total reduction of 0.27% [2]

Core Viewpoint - Inke Recycle (688087.SH) reported a revenue of 2.583 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 15.76% [1] - The net profit attributable to shareholders reached 226 million yuan, marking a year-on-year increase of 16.29% [1] - The basic earnings per share stood at 1.22 yuan [1] Financial Performance - Total operating revenue for the first three quarters was 2.583 billion yuan, up 15.76% year-on-year [1] - Net profit attributable to the parent company was 226 million yuan, representing a 16.29% increase compared to the previous year [1] - Basic earnings per share recorded at 1.22 yuan [1]

Core Insights - Recently, Tongxin County Shengguiyuan Recycling Resources Co., Ltd. was established with a registered capital of 200,000 RMB [1] Company Overview - The legal representative of the company is Yang Zhenghu [1] - The company operates in various sectors including recycling of renewable resources, processing and sales of renewable resources, and recovery of production waste metals [1] - The company is also involved in the sale of non-metal waste materials, electrical equipment, and various construction materials [1] Business Activities - The company’s business scope includes general projects such as recycling of renewable resources (excluding production waste metals), processing and sales of renewable resources, and recovery of production waste metals [1] - It also engages in the sale of electrical equipment, building materials, and machinery rental [1] - The company has specific licensed activities including building demolition (excluding blasting operations) and construction project execution, which require approval from relevant authorities [1]

Core Viewpoint - The establishment of Guixi Bojun Recycling Co., Ltd. indicates a growing focus on the recycling industry in China, particularly in the recovery and processing of renewable resources [1] Company Summary - Guixi Bojun Recycling Co., Ltd. has been recently established with a registered capital of 100,000 RMB [1] - The legal representative of the company is Hao Yiming [1] - The company's business scope includes general projects such as recycling of renewable resources (excluding production waste metals), recovery of production waste metals, processing and sales of renewable resources, sales of metal materials, sales of non-ferrous metal alloys, non-ferrous metal rolling processing, and research and development of metal products [1]

Core Insights - The financial asset trading venues, known as "金交所," are being phased out due to regulatory policies that have led to the cancellation of their business qualifications [2][14][15] - Many of these venues are seeking to transform their business models, exploring new areas such as waste steel recycling, traditional Chinese medicine trading, supply chain management, and auction services [2][5][14] Transformation Progress - Some venues have successfully transitioned and rebranded, such as the Nanning Financial Asset Trading Center, which has become a recycling center focused on waste steel trading [5][6] - The Qingdao Guofeng Financial Asset Trading Center has shifted to providing solutions for supply chain and trade enterprises, establishing client relationships in Shandong Province [5][7] - The Shenzhen Yintong Qianhai Financial Asset Trading Center has transformed into a platform for auctioning non-performing assets and equity assets [9][10] Ongoing Exploration - Certain venues are still in the exploratory phase of their transformation, having identified potential models but lacking specific business details and timelines [3][8] - The Zhongyuan Financial Asset Trading Center has announced its intention to become an auction platform but has not yet provided further details [11] - The Jilin Northeast Asia Innovation Financial Asset Trading Center is considering an online platform for traditional Chinese medicine trading, but implementation is pending [12] Regulatory Context - The transformation of these venues is largely driven by regulatory clean-up efforts, which have intensified since March 2024, leading to the cancellation of many financial asset trading qualifications [14][15] - Regulatory bodies have emphasized that trading venues must not engage in unauthorized financial activities and have warned against entities that misrepresent themselves as legitimate trading platforms [15]