英科再生（688087）动态点评 收入高增，利润增速略有承压 2026 年 03 月 02 日 【事项】 事件：公司发布 2025 年业绩快报。2025 年公司实现收入 35.4 亿元， yoy+21.08%；归母净利润 3.01 亿元，yoy-2.1%，扣非归母净利润 2.08 亿元，yoy-22.84%。 【评论】 挖掘价值 投资成长 增持（维持） 东方财富证券研究所 证券分析师：赵树理 证书编号：S1160524090003 证券分析师：张毅 证书编号：S1160524100002 《布局可再生塑料全产业链，品类拓展& 产能扩张贡献增长动能》 2025.09.23 《掘金再生塑料装饰建材蓝海市场，股权 激励彰显发展信心》 2025.06.30 相对指数表现 -40% -26% -12% 2% 16% 30% 2025/3 2025/9 2026/3 英科再生 沪深300 | 基本数据 | | | --- | --- | | 总市值（百万元） | 7,180.03 | | 流通市值（百万元） | 6,891.08 | | 52 周最高/最低（元） | 37.00/19.99 | | 52 周最高/最低（P ...

证券代码：688087 证券简称：英科再生 公告编号：2026-007 英科再生资源股份有限公司 2025年度业绩快报公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审计，具体数据以英科再生资源 股份有限公司（以下简称"公司"）2025年年度报告中披露的数据为准，提请投资者注意投资风险。 一、2025年度主要财务数据和指标 单位：万元 ■ 注：1、本报告期初数同法定披露的上年年末数。 报告期内，公司营收规模首次突破35亿元，实现营业收入354,005.91万元，较上年同期增长21.08%；第 四季度单季度营收规模再创新高，实现营业收入95,696.14万元，较上年同期增长38.23%。实现归属于 母公司所有者的净利润30,088.08万元，较上年同期减少2.10%；剔除股份支付后归属于母公司所有者的 净利润为31,417.29万元，较上年同期增长3.41%。 报告期末，公司总资产732,235.99万元，较报告期初增长32.99%；归属于母公司的所有者 ...

在稳固传统优势业务的同时，英科再生持续深化产业结构调整。该公司进一步完善了以"成品框、装饰 建材、再生塑料、环保设备"为核心的四大业务矩阵。其中，装饰建材业务被寄予厚望，正加速成长为 公司的"第二增长曲线"。通过产品结构的优化升级，四大主业形成了协同并进、稳步发展的良好态势， 有效拓宽了该公司的市场发展空间。 本报讯(记者王僖)2月27日晚，英科再生资源股份有限公司(以下简称"英科再生")披露2025年度业绩快 报。在全球复杂经济环境下，该公司凭借稳健的经营策略与全球化产能的持续释放，交出了一份颇具韧 性的成绩单：2025年全年营业收入首次突破35亿元大关，达35.4亿元，同比增长21.08%。其中，第四季 度表现尤为亮眼，单季营收达9.57亿元，同比大幅增长38.23%，展现出强劲的增长动能。 公告显示，2025年成为英科再生全球化战略的收获之年。该公司重点推进的越南清化生产基地建设取得 关键进展：二期项目已顺利投产达产，实现了产能的高效释放；三期项目亦按计划有序推进。这一布局 不仅优化了公司的全球供应链体系，更显著增强了其在海外市场的交付保障能力与经营韧性，为应对单 一市场波动、提升全球竞争力构筑了坚实基 ...

该项目将采用成熟的节能技术，通过电气化和碳捕集为未来脱碳奠定基础。同时提升这一法国最重要工 业资产的长期竞争力，保障数千个技术岗位。法国政府通过"法国2030"投资计划下的工业脱碳大型项目 招标计划提供资助。 在欧洲化工厂因高能源成本和全球竞争而纷纷关闭之际，此项投资将为约2000名直接雇员及供应链上超 1万名工人提供稳定工作。升级还将使拉韦拉裂解装置能够加工更多由再生塑料和生物基材料制成的可 持续原料。结合2025年11月宣布的2.5亿欧元投资计划，拉韦拉工厂计划总投资额已超过5.5亿欧元。 中化新网讯 近日，英力士宣布获得法国政府支持的3亿欧元投资，用于推进其拉韦拉工厂的下一阶段改 造计划，每年可减少二氧化碳排放33.1万吨，相当于每年减少超7万辆汽车上路。 拉韦拉工厂是法国制造业核心支柱，其产品直接服务于制药、医疗、航空航天、国防等关键领域。 ...

Group 1 - The core viewpoint of the news is that Yingke Recycling has experienced a decline in stock price and trading volume, with significant financing and margin trading activities indicating investor sentiment and market positioning [1][2]. - On January 29, Yingke Recycling's stock fell by 5.05%, with a trading volume of 84.19 million yuan. The financing buy-in amount was 9.89 million yuan, while the financing repayment was 9.64 million yuan, resulting in a net financing buy of 0.25 million yuan [1]. - As of January 29, the total balance of margin trading for Yingke Recycling was 1.09 billion yuan, which is 1.84% of its circulating market value, indicating a low financing balance compared to the past year [1]. Group 2 - As of September 30, Yingke Recycling had 7,443 shareholders, a decrease of 3.27% from the previous period, while the average circulating shares per person increased by 3.39% to 25,022 shares [2]. - For the period from January to September 2025, Yingke Recycling achieved an operating income of 2.583 billion yuan, representing a year-on-year growth of 15.76%, and a net profit attributable to shareholders of 226 million yuan, up 16.29% year-on-year [2]. - Yingke Recycling has distributed a total of 120 million yuan in dividends since its A-share listing, with 93.13 million yuan distributed over the past three years [3].

Core Viewpoint - The European Commission has introduced a policy proposal focused on plastics to promote a circular economy and boost the demand for recycled plastics [1] Group 1: Policy Measures - The EU requires member states to amend the Single-Use Plastics Directive to enhance plastic recycling, mandating that by 2030, 30% of materials in specific beverage bottles sold domestically must be made from recycled plastics [1] - Member states are required to report the weight of compliant bottles sold and the weight of recycled plastics used in these bottles, with only mechanically recycled plastics currently recognized as recycled [1] - The amendment allows chemically recycled plastics to be considered as recycled plastics, introducing a quality balance method for calculating the amount of recycled plastics [1] Group 2: Implementation Standards - The European Commission proposed an implementation regulation to treat recycled plastics as secondary raw material standards, based on the Waste Framework Directive, establishing EU-wide standards for mechanically recycled plastics [1] Group 3: Regulatory Enhancements - The European Commission plans to improve regulations due to the issue of unused plastic raw materials imported from abroad being sold as recycled plastics, with a revision scheduled for the second quarter of 2026 [1] - Stricter compliance documentation will be required for imported recycled plastics used in food containers, along with a revision of tariff codes to distinguish between virgin plastics and recycled plastics [1]

Group 1 - The Chinese government has issued the "Recycled Materials Application Promotion Action Plan," aiming to enhance the application of recycled materials and promote a circular economy by 2030 [1][3][5] - The plan outlines a roadmap for increasing the supply of high-quality recycled materials, including recycled steel, non-ferrous metals, plastics, and paper, to support the expansion of recycled materials usage [3][5] - By 2024, the total recovery of ten major types of recycled resources in China is expected to exceed 400 million tons, with scrap steel and paper accounting for approximately 21% and 70% of the raw materials used in production, respectively [3][5] Group 2 - Companies are enhancing their capabilities in the recycled materials sector, with many developing specialized networks for collection and processing [6][7] - For instance, Guangxi Fanfeng Environmental Technology Co., Ltd. has established a comprehensive recycling network and plans to launch a large-scale appliance dismantling base by 2026, aiming for an annual dismantling capacity of over 3 million units [7][8] - Jin Tian Copper Industry has developed a closed-loop industry chain for recycled copper, achieving a 75% reduction in carbon emissions while maintaining product quality comparable to virgin materials [8][9] Group 3 - Recycled materials are increasingly being integrated into everyday products, with companies like Beijing Baopu Recycled Environmental Technology Co., Ltd. producing high-quality recycled items for events like marathons [10] - The China Resource Recycling Group is focusing on advanced technologies for resource recycling, including AI and near-infrared spectroscopy for intelligent sorting of materials [11] - Klaus-Maffei Group is leveraging its advanced recycling technologies to enhance the processing of recycled plastics, aligning with the government's plan to expand the use of recycled materials [12][13]

Group 1 - The Chinese government has issued the "Recycled Materials Application Promotion Action Plan," aiming to enhance the application of recycled materials and promote a circular economy by 2030 [1][3] - The plan outlines a roadmap for increasing the supply of high-quality recycled materials, improving waste recycling systems, and expanding the application of recycled materials in various industries [3][5] - By 2024, the total recovery of ten major types of recycled resources in China is expected to exceed 400 million tons, with significant contributions from scrap steel and paper [3][5] Group 2 - Companies like Ningbo Nuoding are actively engaging with partners in the recycling and manufacturing sectors to enhance collaboration and improve the efficiency of recycling processes [2][3] - The industry is witnessing a rise in specialized and large-scale operations, with companies developing extensive offline and online recycling networks to facilitate resource recovery [7][8] - Advanced technologies, such as AI and near-infrared spectroscopy, are being utilized to improve the sorting and recycling of materials, enhancing the quality and efficiency of recycled products [10][11] Group 3 - The plan emphasizes the need for a robust management system for recycled materials, including the establishment of standards and certification systems to promote their use [5][6] - Companies are increasingly focusing on the development of low-carbon recycled products, which can significantly reduce carbon emissions while meeting high purity standards required by high-tech industries [8][11] - The promotion of recycled materials is expected to play a crucial role in resource security and energy conservation, with specific targets set for the recovery and utilization of various materials by 2030 [5][6]

Group 1: Core Action Plan - The "Solid Waste Comprehensive Governance Action Plan" aims for significant improvements in solid waste management by 2030, including effective control of historical stockpiles and curbing illegal dumping, with a target of 4.5 billion tons of comprehensive utilization of major solid waste and 510 million tons of recycling of main renewable resources annually [1] - The plan emphasizes the importance of enhancing solid waste governance capabilities and levels significantly [1] Group 2: Agricultural Waste Management - The plan promotes scientific use of agricultural films, encouraging the adoption of thicker, high-strength, and fully biodegradable films, along with improved collection of pesticide packaging waste [2] - It aims to advance the resource utilization of livestock and poultry manure, promote straw return to fields, and develop ecological circular agriculture through policy incentives [2][3] - The focus is on overcoming technical bottlenecks in manure application and straw decomposition, while enhancing the integration of technology, products, and equipment [2] Group 3: Illegal Dumping and Enforcement - There will be a strict crackdown on illegal dumping, with enhanced environmental law enforcement from waste generation to disposal, and severe penalties for serious violations [6] - The plan includes regular monitoring of progress in waste management across regions and emphasizes the importance of local responsibility in managing illegal dumping [6] Group 4: Circular Economy Development - The initiative encourages the direct utilization of industrial, construction, and agricultural solid waste without altering their properties, focusing on efficient extraction and overall utilization of valuable components [6] - It promotes the recycling of various waste products through detailed disassembly and extraction of recyclable materials, while also encouraging the development of remanufacturing industries [7] Group 5: Construction Waste Management - The plan calls for promoting green construction practices, integrating waste reduction and management costs into project budgets, and implementing classification and management of construction waste [10] - It emphasizes the need for regulatory oversight of transportation and disposal of construction waste, including the installation of GPS systems on transport vehicles [10] Group 6: "Waste-Free City" Initiative - The plan sets a target for 60% of cities to achieve "waste-free" status by 2027, with full coverage by 2035, expanding the initiative to around 200 cities during the 14th Five-Year Plan [13] - It aims to integrate the "Waste-Free City" initiative with the Solid Waste Comprehensive Governance Action Plan to enhance urban waste management [13][14]

Group 1 - The core viewpoint of the news is that Yingke Recycling has seen a stock price increase of 5.07%, reaching 32.75 yuan per share, with a total market capitalization of 6.355 billion yuan [1] - Yingke Recycling, established on March 14, 2005, and listed on July 9, 2021, is located in the Qilu Chemical Industrial Park in Zibo, Shandong Province, and specializes in the recycling, regeneration, and utilization of renewable plastics [1] - The company's main business revenue composition includes: finished products 40.80%, decorative building materials 37.27%, recycled plastics 20.77%, environmental protection equipment 0.64%, and others 0.52% [1] Group 2 - From the perspective of major fund holdings, one fund under Southern Fund has a significant position in Yingke Recycling, with Southern Baojia Mixed A holding 120,000 shares, accounting for 1.43% of the fund's net value, ranking as the eighth largest holding [2] - Southern Baojia Mixed A, established on June 28, 2022, has a latest scale of 155 million yuan, with a year-to-date return of 1.14% and a one-year return of 12.68% [2] - The fund manager, Lin Lefeng, has a tenure of 9 years and 294 days, with the total asset scale of 15.472 billion yuan and the best fund return during the tenure being 167.12% [2]