Core Viewpoint - Hangzhou Steel Group Co., Ltd. plans to transfer 97% equity of its subsidiary Zhejiang New Century Recycling Resources Development Co., Ltd. and 100% equity of its wholly-owned subsidiary Zhejiang Deqing Hanggang Fuchun Recycling Technology Co., Ltd. to Zhejiang Resource Recycling Co., Ltd. for a total consideration of approximately RMB 508.19 million, combining cash and newly issued shares [1][2][21]. Summary by Sections Transaction Overview - The transaction involves the transfer of 97% equity of Zhejiang New Century Recycling and 100% equity of Zhejiang Deqing Hanggang Fuchun Recycling to Zhejiang Resource Recycling, with a total transaction price of RMB 508,188,910.56 [2][21]. - The payment structure includes RMB 500 million through the issuance of new shares and RMB 8,188,910.56 in cash [1][2]. Financial Details - The valuation of the transferred assets was based on assessments conducted by Wanbang Asset Appraisal Co., Ltd., with the equity value of Zhejiang New Century Recycling assessed at RMB 227,809,693.87 and Zhejiang Deqing Hanggang Fuchun Recycling at RMB 287,213,507.51 [21][18]. - The transaction is expected to increase the company's profit by approximately RMB 72 million based on the assessed values [24]. Corporate Governance - The transaction has been approved by the independent directors and the board of directors, with no need for shareholder meeting approval due to its classification as a related party transaction [2][24]. - The board meeting on August 21, 2025, resulted in unanimous approval from non-related directors [5][24]. Impact on Financial Statements - Post-transaction, the subsidiaries will no longer be included in the consolidated financial statements, which is expected to significantly reduce the company's revenue figures [24]. - The original investment cost of the transferred subsidiaries was RMB 508.19 million, and the transaction is aligned with the company's strategy to focus on its core steel business and digital economy [24][26]. Related Party Transaction - The transaction is classified as a related party transaction as Zhejiang Resource Recycling is a wholly-owned subsidiary of Hangzhou Steel Group, the company's controlling shareholder [2][24]. - The company has not engaged in any other related party transactions with Zhejiang Resource Recycling in the past 12 months [26].

上海天衍禾律师事务所 关于 英科再生资源股份有限公司 之 法律意见书 法律意见书 致：英科再生资源股份有限公司 上海天衍禾律师事务所（以下简称"本所"）接受英科再生资源股份有限公司 （以下简称"英科再生"或"公司"）的委托，担任英科再生实施 2022 年限制性股 票激励计划相关事宜（以下简称"本次股权激励计划"或"激励计划"）的专项法律 顾问。本所律师根据《中华人民共和国公司法》（以下简称《公司法》）《上市公 司股权激励管理办法》（以下简称《管理办法》）《上海证券交易所科创板股票上 市规则》等有关法律及其他有关法律、法规、规范性文件，以及《英科再生资源 股份有限公司 2022 年限制性股票激励计划（草案）》（以下简称《激励计划（草 案）》 ）和《英科再生资源股份有限公司公司章程》 （以下简称《公司章程》）的相 关规定，对本次股权激励计划所涉及的回购注销部分限制性股票实施情况相关事 项出具本法律意见书。为出具本法律意见书，本所律师谨作如下承诺和声明： 《证券法》 《管理办法》等法律、法规和规范性文件， 按照律师行业公认的业务标准、道德规范和勤勉尽责的精神，出具本法律意见书。 效的法律、法规及其他规范性文件发表法 ...

Group 1 - The company signed a strategic cooperation agreement with Jiangsu Weilan Lithium Core Group, focusing on the development of ultra-high energy density cathode materials and battery technology [3] - The strategic cooperation agreement does not require approval from the board of directors or shareholders, nor does it constitute a related party transaction or a major asset restructuring [1] - In 2024, the company's revenue composition is projected to be 77.6% from new energy battery materials and 22.4% from waste resource comprehensive utilization [1] Group 2 - The rapid development of low-altitude flying vehicles and intelligent robots has increased the demand for higher energy density and rate performance in batteries [3] - The company has maintained a good cooperative relationship with Jiangsu Weilan Lithium Core Group over the years, which has led to this strategic partnership [3]

经营范围含再生资源回收（除生产性废旧金属）；资源再生利用技术研发；再生资源销售；固体废弃物 检测仪器仪表销售；固体废物治理；金属废料和碎屑加工处理；非金属废料和碎屑加工处理；轻质建筑 材料制造；建筑砌块销售；建筑材料销售；建筑砌块制造；砖瓦制造；砖瓦销售；非金属矿物制品制 造；非金属矿及制品销售；总质量4.5吨及以下普通货运车辆道路货物运输（除网络货运和危险货 物）；环保咨询服务；机械设备租赁（除许可业务外，可自主依法经营法律法规非禁止或限制的项目） 许可项目：城市建筑垃圾处置（清运）；道路货物运输（不含危险货物）（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） 天眼查显示，近日，西藏荣晶再生资源有限公司成立，法定代表人为牟奕舟，注册资本360万人民币， 西藏晶山砂石设备有限公司、西藏星可晨工贸有限公司持股。 序号股东名称持股比例1西藏晶山砂石设备有限公司88%2西藏星可晨工贸有限公司12% 来源：金融界 企业名称西藏荣晶再生资源有限公司法定代表人牟奕舟注册资本360万人民币国标行业制造业>废弃资 源综合利用业>金属废料和碎屑加工处理地址西藏自治区拉萨市达孜区德庆镇一组次仁达瓦自建房企业 类型其他有 ...

Company Overview - Xinxing Intelligent Recycling (Tianjin) Recycled Materials Co., Ltd. has been established with a registered capital of 2 million RMB [1] - The legal representative of the company is Zhang Jianmeng, and it is wholly owned by Xinxing Intelligent Recycling (Tianjin) Network Technology Co., Ltd. [1] Business Scope - The company's business scope includes recycling of renewable resources (excluding production waste metals), processing and sales of renewable resources, and research and development of resource recycling technology [2] - Additional activities include sales of second-hand goods, solid waste management, technical consulting for resource recycling services, sales of paper products, and sales of packaging materials and products [2] Industry Classification - The company is classified under the manufacturing industry, specifically in the comprehensive utilization of waste resources, focusing on the processing of metal waste and scrap [2] - The business is located in Tianjin Binhai New Area, specifically at Xingbo Plaza, Building 7-5-101, in the China-Singapore Eco-City [2]

Economic Overview - The national economy showed a steady and progressive development in July, with continuous growth in production and demand, stable employment and prices, and significant progress in high-quality development [3][4] - Industrial production and service sectors experienced rapid growth, with industrial added value increasing by 5.7% year-on-year and service production index rising by 5.8% [3][4] Demand and Investment - Market sales continued to grow, with social retail sales increasing by 3.7% year-on-year in July; fixed asset investment also expanded, with a 1.6% year-on-year growth from January to July [3][4] - Despite challenges such as extreme weather and project delays, the investment scale continued to expand [3] Trade Performance - The total value of goods imports and exports increased by 6.7% year-on-year in July, with exports growing by 8%, indicating strong resilience and vitality in trade [3][4] Employment and Prices - The urban unemployment rate remained stable at 5.2%, and the Consumer Price Index (CPI) was flat year-on-year, with core CPI rising by 0.8% [4] New Growth Drivers - New economic drivers are steadily growing, with high-tech manufacturing value added increasing by 9.5% year-on-year from January to July; significant growth was noted in integrated circuit manufacturing and electronic materials [5][6] - The digital product manufacturing sector also saw an 8.4% year-on-year increase, with smart drone and vehicle equipment manufacturing growing by 80.8% and 21% respectively [6] Consumer Trends - New consumption patterns are emerging, with online and instant retail gaining popularity; the silver economy and first-time economy are rapidly developing [7] Economic Outlook - The economic outlook for the second half of the year appears stable, supported by effective macro policies and expanding market demand; consumption of home appliances and communication equipment saw significant growth [8] - The International Monetary Fund has raised its growth forecast for China's economy by 0.8 percentage points, reflecting confidence in the long-term stability and potential of the economy [9]

Core Viewpoint - Tianqi Co., Ltd. (002009) has shown a mixed performance in its latest financial results, with a decline in revenue but a significant increase in net profit, indicating potential growth opportunities despite challenges in revenue generation [1][2]. Financial Performance - As of the first quarter of 2025, the company reported total operating revenue of 622 million yuan, a year-on-year decrease of 4.20% [1] - The net profit attributable to shareholders reached 42.30 million yuan, reflecting a substantial year-on-year increase of 1701.43% [1] - The non-recurring net profit was reported at 11.46 million yuan, with a remarkable year-on-year growth of 1916.61% [1] - The company's liquidity ratios include a current ratio of 1.039 and a quick ratio of 0.860, while the debt-to-asset ratio stands at 65.36% [1] Market Activity - On August 15, 2025, Tianqi's stock closed at 17.29 yuan, with an increase of 0.76% [1] - The trading volume was 187,000 hands, with a total transaction amount of 324 million yuan [1] - There was a net outflow of main funds amounting to 25.97 million yuan, accounting for 8.02% of the transaction amount [1] - Notably, small orders saw a net inflow of 35.29 million yuan, representing 10.91% of the transaction amount [1] Company Background - Tianqi Co., Ltd. was established in 1997 and is located in Wuxi City, primarily engaged in the comprehensive utilization of waste resources [2] - The company has a registered capital of 4.022 billion yuan and a paid-in capital of 838.55 million yuan [1][2] - The company has made investments in 41 enterprises and participated in 282 bidding projects, showcasing its active engagement in the industry [2]

Core Viewpoint - The Chinese government is focusing on green development as a new growth driver, achieving significant results in enhancing the "green content" of economic development [1] Industry Summary - In July, the production of new energy products such as electric vehicles and lithium-ion batteries increased by 17.1% and 29.4% year-on-year, respectively [1] - The production of green materials, including carbon fiber and bio-based chemical fibers, saw year-on-year growth of 43.8% and 19.8% [1] - The green transition has created favorable opportunities for the development of the green circular economy, with the added value of waste resource utilization industry increasing by 11.7% year-on-year in July [1]

Group 1 - The core point of the article highlights the financing activities of Yingke Recycling, which received a financing buy amount of 0.11 billion on August 14, ranking 1401st in the market [1] - Over the last three trading days from August 12 to August 14, Yingke Recycling had financing buy amounts of 0.08 billion, 0.05 billion, and 0.11 billion respectively [1] - On the same day, there were no shares sold or net sold in the securities lending market for Yingke Recycling [2]

金融界消息 截至2025年8月13日收盘，怡球资源（601388）报收于2.65元，上涨1.53%，换手率1.96%， 成交量43.16万手，成交金额1.14亿元。 资金流向方面，今日主力资金净流入1126.89万元，占比成交额9.88%。其中，超大单净流入639.95万 元、占成交额5.61%，大单净流入486.94万元、占成交额4.27%，中单净流出流出552.73万元、占成交额 4.85%，小单净流出574.16万元、占成交额5.04%。 来源：金融界 天眼查商业履历信息显示，怡球金属资源再生(中国)股份有限公司，成立于2001年，位于苏州市，是一 家以从事废弃资源综合利用业为主的企业。企业注册资本220122.2616万人民币，实缴资本220122.2616 万人民币。公司法定代表人为LEW KAE MING（刘凯珉）。 通过天眼查大数据分析，怡球金属资源再生(中国)股份有限公司共对外投资了4家企业，参与招投标项 目169次，知识产权方面有商标信息140条，专利信息23条，此外企业还拥有行政许可14个。 怡球资源最新一期业绩显示，截至2025一季报，公司营业总收入17.94亿元、同比增长13.71%， ...