证券研究报告 英科再生 (688087 CH) 看好公司装饰建材和成品框收入增长 2025 年 8 月 27 日│中国内地 环保及水务 英科再生发布半年报，1H25 实现营收 16.66 亿元（yoy+16.13%），归母净 利 1.46 亿元（yoy-6.01%），扣非净利 9343.54 万元（yoy-37.87%）。其中 2Q25 实现营收 8.73 亿元（yoy+8.98%，qoq+10.18%），归母净利 7350.25 万元（yoy-11.28%，qoq+1.63%），归母净利同比下降主要系人民币相对美 元升值导致产生汇兑损失。公司拟分派 2025 年中期股息 0.1 元/股，分红比 例 13.26%。看好公司越南英科产能提升对成品框和装饰建材板块营收增长 推动作用，维持"增持"评级。 1H25 装饰建材收入同比快速增长，公司整体毛利率 25.27% 分产品看，1H25，公司成品框/装饰建材/再生塑料/环保设备营收同比 +11.0/+38.4/+0.3/-32.9%至 6.80/6.21/3.46/0.11 亿元，成品框和装饰建材收 入合计占总收入的比例高达 78.07%，同比+4.11pp。毛利 ...

8月26日晚，英科再生(688087)发布2025年半年报。报告期内，公司实现营业收入16.66亿元，同比增加 16.13%，其中，前两季度经营业绩逐季连创历史同期新高；净利润1.46亿元；经营性现金流净额2.45亿 元，同比增加17.5%。 目前，英科再生构建起覆盖"回收、再生、利用"三大业务板块的完整产业链，形成"成品框、装饰建 材、再生塑料、环保设备"四大主营产品矩阵。 据公告，报告期内，英科再生成品框营收占比41%，同比增长11%；装饰建材营收占比37%，同比增长 38%。在装饰建材领域，英科再生两大核心产品在渠道资源共享、场景协同赋能上高度契合，在终端渠 道上约有20%—25%的复用空间，充分发挥全产业链与多元产品的优势，多管齐下拓宽市场版图。 从"成品框到装饰建材"的拓展，从"小品类到大赛道"的跨越，英科再生锚定"面向全球消费者提供家居 墙面装饰一站式解决方案"的战略主轴，不断实现新的突破。 海外市场方面，报告期内，英科再生产品整体出口份额接近90%，服务全球超130个国家，其中欧美区 域占比超过70%，经营韧性持续增强。报告期内，英科越南基地营收2.1亿元，同比增长48.89%。英科 再生称，英 ...

Group 1 - Shanghai Leju Technology Co., Ltd., a leader in the shared circular packaging field in China, completed a B++ round of financing on August 12, with Kunlun Capital, a subsidiary of China National Petroleum Corporation, as the sole investor [2] - The company plans to use the funds to expand its smart circular packaging asset scale, enhance research and development of circular materials, and increase investments in AI technology, focusing on perception technology and the development of industrial unmanned vehicles and logistics automation solutions [2] - Ingka Group, the parent company of IKEA, announced a growth investment in Shanghai Ruimo Environmental New Materials Co., Ltd., marking its first investment in a Chinese company in the circular economy sector [2][3] Group 2 - Ruimo Environmental, established in December 2015, specializes in the development of technology for plastic recycling and provides solutions for recycled plastic, including R-PP, R-PE, R-PS, and R-ABS [3] - The company utilizes physical recycling methods and has developed automatic sorting equipment for polyolefin food packaging waste, addressing quality and safety issues associated with traditional recycled materials [3] - Ruimo Environmental's recycled plastics have achieved performance levels close to virgin plastics and have received safety certifications from the FDA and EU RoHS [3] Group 3 - The circular economy, particularly in plastic recycling, has gained global consensus, with various countries setting clear targets for the use of recycled materials in plastic packaging by 2030 [4] - Major consumer goods companies, including IKEA, have set goals to source only renewable or recycled materials by 2030, with brands like Coca-Cola and Nike also announcing targets for recycled material usage [4] - The establishment of China Resources Recycling Group, with a registered capital of 10 billion yuan, highlights the importance and inevitability of this sector in China [4] Group 4 - Dow Chemical announced the cancellation of its chemical recycling plant in Germany due to structural challenges in the European market, which will lead to the permanent closure of its steam cracking unit by 2027 [5][6] - Dow has been involved in the development of chemical recycling technologies since 2010, focusing on pyrolysis, dissolution, and depolymerization, with a core technology developed in collaboration with Mura [7] - The trend of circular economy is gaining traction in the Asia-Pacific region, with expectations for increased green capital entering China [7]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Prices of acrylonitrile and caprolactam have rebounded, while refrigerants and silicon materials remain at high levels [5][29] - The low-altitude economy and robotics industry are expected to drive demand for lightweight and high-performance materials [5][25] - The semiconductor materials market is projected to grow significantly, with China's market expected to outpace global growth [18][21] Summary by Sections 1. Key Sub-industry and Product Tracking - Silicon materials and refrigerants maintain high prices, with acrylonitrile averaging 8200 CNY/ton (up 1.86%) and caprolactam at 8950 CNY/ton (up 3.77%) [9][10] - The average price of polyvinylidene fluoride is 55,000 CNY/ton (down 8.33%) [9][10] 2. Electronic Chemicals - The electronic chemicals sector is characterized by a wide variety of specialized products, with a focus on wet electronic chemicals, photoresists, and electronic gases [12][15] - The market is highly segmented with significant technical barriers, making it challenging for companies to master multiple fields [16] 3. New Quality Productivity - Carbon fiber and ultra-high molecular weight polyethylene (UHMWPE) are gaining attention due to their applications in low-altitude economy and robotics [25][30] - The demand for PEEK materials is increasing, particularly in humanoid robots, with a compound annual growth rate of 42.84% from 2012 to 2021 [31] 4. Lithium Battery/Storage Materials - Conductive agents like carbon black and carbon nanotubes are essential for lithium battery materials, with current prices for multi-wall carbon nanotube powder at 64,000 CNY/ton [34] - Sodium-ion battery materials are gaining traction due to their cost advantages and resource availability [36] 5. Photovoltaic/Wind Power Materials - EVA and POE are critical for photovoltaic applications, with current EVA prices at 10,460 CNY/ton [42][43] - The market for these materials is expected to stabilize after previous declines [42] 6. Bio-based Materials and Energy - Biodiesel prices have rebounded, with current market prices at 8,183 CNY/ton [46] - Sustainable aviation fuel (SAF) is projected to play a significant role in reducing carbon emissions in the aviation sector [44] 7. Renewable and Modified Plastics - The demand for recycled plastics is increasing, with a notable rise in the proportion of recycled materials used in packaging [48] - Special engineering plastics are gaining traction in various industries, including automotive and aerospace [48] 8. Coatings, Inks, and Pigments - The demand for new functional coating materials is growing due to the rise of wearable devices and smart home products [55] - The automotive sector is also driving demand for innovative coating solutions [55]

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core Views - For lead, the market shows a situation of both supply and demand increasing, with no obvious contradictions. Tight raw materials and expectations of peak - season consumption support lead prices, and short - term lead prices are expected to move in a range [1]. - For zinc, the market has an increase in both zinc ore and zinc ingot supply, while demand is in the off - season, and inventory continues to accumulate. With a weak fundamental situation and the fading of the "anti - involution" sentiment, short - term zinc prices are expected to be weakly sorted [1]. 3. Summary by Relevant Catalogs Lead - **Price and Market Performance**: The average price of SMM1 lead ingots increased by 0.15% compared to the previous day, and the closing price of the main contract of Shanghai lead futures decreased by 0.24% compared to the previous day. The trading volume of the active futures contract increased by 55.09%, and the open interest decreased by 3.79%. The LME3 - month lead futures closing price (electronic trading) decreased by 0.15%, and the Shanghai - London lead price ratio decreased by 0.09% [1]. - **Fundamentals**: There is no expected increase in lead concentrate imports, and processing fees are likely to rise and difficult to fall. A primary lead smelter had a small decline in production due to equipment failure last week. For secondary lead, the price of waste lead - acid batteries is likely to rise and difficult to fall, and the supply of recyclers is limited. Some smelters reduced or stopped production due to insufficient raw materials or cost inversion. As the inventory of electrolytic lead factories decreased, the market's fear of high prices increased, and the acceptance of high - priced secondary lead improved, and the start - up of secondary lead production gradually recovered. In terms of demand, as July is coming to an end, the market still expects peak - season consumption, but most enterprises suspended purchases for inventory checks at the end of the month [1]. - **Industry News**: Guizhou Lukong, a wholly - owned subsidiary of Shandong Zihuan, can produce 200,000 tons of lead ingots, 38,000 tons of recycled plastics, and 50,000 tons of sulfuric acid annually, with an expected annual output value of about 4 billion yuan. On July 27, 2025, its core smelting system was successfully put into operation, marking the official implementation of large - scale production of multi - metal recovery and comprehensive utilization of lead - containing resources [1]. Zinc - **Price and Market Performance**: The average price of SMM1 zinc ingots decreased by 0.53% compared to the previous day, and the main contract of Shanghai zinc futures closed down 1.05% compared to the previous day. The trading volume of the active futures contract increased by 26.97%, and the open interest decreased by 3.69%. The LME3 - month zinc futures closing price (electronic trading) decreased by 0.83%, and the Shanghai - London zinc price ratio decreased by 0.22% [1]. - **Fundamentals**: Zinc smelters have sufficient raw material reserves, and zinc ore processing fees continue to rise. The domestic zinc concentrate processing fee remained unchanged at 3,800 yuan/metal ton last week, and the import zinc ore processing fee index increased to 76.25 US dollars/dry ton. With the continuous loosening of raw materials, the zinc concentrate processing fee in August is expected to continue to rise, weakening the cost support. Smelter profits and production enthusiasm have improved, and the output shows an obvious upward trend. In terms of demand, the continuous strengthening of zinc prices during the week significantly reduced downstream off - season purchases [1]. - **Industry News**: In May 2025, Bolivia's zinc concentrate production was 39,900 metric tons, a year - on - year decrease of 14.5%. From January to May, the total zinc concentrate production in Bolivia was 210,300 metric tons, basically the same as the previous year. As of July 28, the total inventory of zinc ingots in seven regions was 103,700 tons, an increase of 11,100 tons compared to July 21 and an increase of 5,400 tons compared to July 24 [1].

Core Insights - The American Chemistry Council (ACC) emphasizes the need for a national standard for recycled plastics in the U.S. to enhance efficiency in plastic waste recycling and reduce costs, thereby improving competitiveness in a market with an oversupply of virgin resin [1] - The ACC's plan aims to simplify the process of recycling waste plastics into recycled plastics, addressing issues such as inconsistent quality, high costs, and production challenges faced by brands and processing companies [1] Summary by Categories National Standards and Recycling - The ACC highlights the urgent need for a national standard for recycled plastics to ensure participation from all American households in the recycling system, clarify definitions of "recycled plastic" and "recycled content," and expand and upgrade recycling infrastructure [1] - Currently, seven states have passed producer responsibility (EPR) related plastic packaging laws, and five states have independent laws requiring minimum recycled content in plastic products [1] Regulatory Challenges - The lack of a national policy has led to a patchwork regulatory system across states, increasing compliance costs for businesses [1] - There are 25 states that classify chemical recycling as a manufacturing process, but the inconsistent state-level regulations continue to raise compliance costs for companies [1] Global Engagement - The ACC has communicated the importance of U.S. participation in global plastic treaty negotiations to the new Trump administration, with encouraging responses received [2] - The U.S. has sent representatives to most preparatory meetings for the treaty and is expected to attend the fifth round of United Nations negotiations in Geneva from August 5 to 14, 2025 [2]

Core Viewpoint - The recycling industry in China is steadily progressing, with a total recycling value of approximately 1.34 trillion yuan in 2024, reflecting a 2.8% year-on-year growth, driven by policy support and increasing market demand [1][12]. Group 1: Industry Overview - Recycling refers to the collection, processing, and reuse of waste materials that have lost their original value, aiming to reduce reliance on raw resources and minimize environmental impact [6][8]. - The recycling industry consists of an upstream segment that collects waste, a midstream segment that processes it into reusable resources, and a downstream segment that applies these resources across various fields [8][12]. - The industry is evolving towards standardization, intelligence, and high added value, playing an increasingly important role in resource recycling and environmental protection [1][8]. Group 2: Market Data - In 2024, the total volume of recycled resources in China is expected to reach approximately 401 million tons, marking a 6.5% increase from 2023 [12][14]. - The recycling of retired wind and solar equipment, scrapped vehicles, and electronic waste has seen significant growth, with year-on-year increases of 145.2%, 79.2%, and 15.5% respectively [14][15]. - The total recycling value for 2024 is projected to be around 1.34 trillion yuan, indicating a steady growth trajectory for the industry [1][18]. Group 3: Competitive Landscape - The recycling industry is characterized by a fragmented competitive landscape, with market concentration needing improvement. Key players include companies like GreeenMe and China Recycle [19][21]. - The industry is expected to see increased competition focusing on supply chain integration and technological innovation as it develops [19][21]. Group 4: Future Outlook - The report titled "2025-2031 China Recycling Industry Development Status and Investment Potential Forecast" provides insights into market conditions, competitive dynamics, and future trends, serving as a crucial tool for decision-making in investments and strategic planning [2][26]. - The industry is anticipated to enter a golden period driven by policy support, with significant growth expected in the recycling of electronic waste and scrapped vehicles [9][37].

Group 1: Industry Overview - The "DaaS" (Device as a Service) industry exemplifies the circular economy and green low-carbon development, with companies like Lingxiong Technology leading the way [1] - DaaS solutions provide comprehensive services including equipment acquisition, technical support, and recycling, significantly improving IT equipment utilization and reducing initial investment by over 97% [1] - The concept of "limited resources, infinite cycles" is emphasized by Lingxiong Technology's business model, which aims to contribute to sustainable development through equipment recycling and low-carbon innovations [1] Group 2: Company Highlights - Guxi Ruan Material focuses on the harmless and resourceful reuse of by-products from the upstream livestock and slaughtering industry, aiming to strengthen its position in the feather material sector through clean production and technological innovation [2] - Yingke Recycling is committed to becoming a leader in the global plastic circular economy, specializing in the recycling and utilization of regenerated plastics, with plans to expand into various plastic recycling fields [2] - Mingtai Aluminum is building a low-carbon circular green economy with a closed-loop industry chain from raw material recycling to deep processing, enhancing the market competitiveness of its recycled aluminum products [2]