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 ...

证券研究报告 | 宏观专题报告 2026 年 02 月 27 日 碳排放双控制度落地，影响几何？ —中观洞察系列之一 专题报告 相关报告 1、《如何将政策力度化"无 形"于"有形"？———政策 温度计系列之政策力度指数编 制篇》2026-02-23 2、《"一带一路"对我国出口 的拉 动何 时出 现拐 点？ —— "一带一路"观察系列之一》 2026-02-23 3、《两会如何定调？增速目标 与结构亮点——2026 年全国两 会前瞻》2026-02-23 张静静 S1090522050003 zhangjingjing@cmschina.com.cn 陈莹 S1090526020001 chenying14@cmschina.com.cn 敬请阅读末页的重要说明 事件：进入"十五五"时期，碳排放强度正式取代能耗强度作为国民经济和社 会发展约束性指标。目标为何转变？如何考核？对宏观经济和市场有何影响？ 风险提示：历史经验失效；政策节奏与力度不确定；海外经济衰退超预期。 从能耗双控到碳排放双控：内涵边界变了什么？转变动因何在？早在 2019 年，相关政策已开始优化能耗考核，明确超额消纳的可再生能源电量不计入 能耗 ...

Group 1 - Company Guoji General Machinery Technology Co., Ltd. won a procurement project from CNOOC Shenzhen Marine Engineering Technology Service Co., Ltd. with a bid amount of 15.6843 million yuan [1][2] - In 2024, the company's operating revenue is projected to be 766 million yuan, with a growth rate of 1.47%, and a net profit attributable to the parent company of 40 million yuan, reflecting a growth rate of 0.28% [1][2] - For the first half of 2025, the company reported an operating revenue of 412 million yuan, a growth rate of 5.09%, and a net profit attributable to the parent company of 32 million yuan, showing a significant growth rate of 43.85% [1][2] Group 2 - The company operates in the industrial sector, focusing on products such as polymer materials, system integration services, and professional consulting services [1][2] - The main product composition for the 2024 report includes environmental equipment (52.81%), standard fluid machinery products (20.55%), testing devices (19.81%), other products (4.76%), and pipe and fitting manufacturing (2.07%) [1][2]

Group 1: Core Insights - The company has completed its first ship acquisition and plans to create a maritime research and mobile exhibition platform [1] - The company forecasts a decline in net profit for 2025 compared to 2024 [1] Group 2: Project Progress - The company announced that two wholly-owned subsidiaries intend to acquire two vessels (OM SHANGHAI and OM SINGAPORE) for $28.75 million [2] - Unlike traditional shipping companies, the vessels will be used to install and test environmental equipment products and serve as a mobile exhibition platform for clients, while also generating rental income [2] - This move signifies the company's transition to a "non-typical shipowner" [2] Group 3: Financial Performance - The company issued a profit warning, expecting a net profit of between 18 million to 26 million RMB for the fiscal year 2025, a significant decrease from 120.3 million RMB in 2024 [3] - The decline is attributed to geopolitical factors, tariff fluctuations, and the non-recognition of some long-cycle order revenues within the reporting period [3] - The company plans to address these challenges by expanding into new markets and accelerating new product development [3]

智通财经APP讯，韩建河山(603616.SH)发布2025年年度业绩预亏公告，预计2025年度实现归属于母公 司所有者的净利润为-1,200万元到-800万元。 2025年度公司主营业务预应力钢筒混凝土管(PCCP)销售合同按照合同约定正常履约且订单稳定交付， 但公司混凝土外加剂业务受北京及其周边混凝土市场的影响收入较上年度有所下滑，公司混凝土外加剂 业务系由子公司河北合众建材有限公司(以下简称"合众建材")实施，2025年度公司将根据《企业会计准 则第8号-资产减值》《会计监管风险提示第8号—商誉减值》及公司会计政策等相关规定，在2025年度 报告中对商誉及各项资产进行减值测试，拟对与子公司合众建材资产组组合产生的12,160.71万元商誉计 提减值，预计本期计提减值商誉约900万元，以前年度已计提11,252.26万元。最终减值准备计提的金额 将由公司聘请的评估机构及审计机构进行评估和审计后确定。 2025年度公司环保业务经营亏损，公司环保业务系由子公司秦皇岛市清青环保设备有限公司(以下简 称"清青环保")实施，其2025年度在手订单实施不足且固定成本支出持续发生、大额计提信用减值损 失，公司子公司清青 ...

Group 1 - The core viewpoint of the news is that Longking Environmental Protection Co., Ltd. has experienced a decline in stock price and trading activity, with a current market capitalization of 19.838 billion yuan and a year-to-date stock price drop of 4.23% [1] - As of September 30, 2025, Longking Environmental achieved a revenue of 7.858 billion yuan, representing a year-on-year growth of 18.09%, and a net profit attributable to shareholders of 780 million yuan, reflecting a growth of 20.53% [2] - The company has distributed a total of 3.184 billion yuan in dividends since its A-share listing, with 763 million yuan distributed in the last three years [3] Group 2 - The main business segments of Longking Environmental include environmental equipment manufacturing (64.93%), new energy business (24.59%), project operation revenue (7.34%), and others (2.27%) [1] - The company is categorized under the environmental protection industry, specifically in the environmental equipment sector, and is associated with concepts such as ecological forestry, PM2.5, new materials, hydrogen energy, and share buybacks [1] - As of September 30, 2025, the number of shareholders increased to 44,400, with an average of 28,630 circulating shares per person, a slight decrease of 0.04% from the previous period [2]

Group 1 - The company has announced a change in the continuous supervision representative for its public offering of securities, with Gong Ming replacing Lin Yuli due to the latter's work changes [1] - The continuous supervision will be carried out by the new representatives, Zhong Feng and Gong Ming, until the company's raised funds are fully utilized [1] - Gong Ming has a strong background in sponsorship, having participated in several IPO projects, and has a good compliance record [4] Group 2 - The company has completed the registration and change of its legal representative, receiving a new business license following the approval from the Changzhou Market Supervision Administration [5][6] - The updated company information includes a registered capital of 308.75 million RMB and a legal representative named Wu Zhuping [6] - The company operates in the industrial cooling tower and water treatment equipment sectors, with a focus on research, development, manufacturing, and sales [6]

Group 1 - The event "Global Supply and Procurement Matchmaking Conference" held in Guangzhou gathered over 100 international buyers from countries like Vietnam, Indonesia, and Brazil, along with 780 Chinese foreign trade enterprises, marking the start of Guangdong's foreign trade efforts for the year [1] - Vietnamese buyers expressed a strong interest in finding long-term suppliers for various needs, including packaging materials, automation production lines, agricultural machinery, and AI robots [1] - Brazil's industrial market, valued at $75 billion annually, has a high import dependency of 46%, with China being the largest source country at 31.5% market share, indicating significant opportunities for Chinese enterprises in Brazil [1] Group 2 - In the context of changing global trade dynamics, Chinese companies are encouraged to explore new growth pathways, particularly in markets represented by ASEAN and Latin America, with a focus on machinery and electrical products as new growth points [2] - The shift from merely exporting products to establishing supply chains and brands abroad is essential for building sustainable competitiveness [2] - International buyers, such as those from Vietnam and Indonesia, highlighted the importance of learning from China's rapid technological advancements and government-industry collaboration, viewing it as a model for their own markets [2]