[Table_Info1] 英科再生(688087) [Table_Title] 证券研究报告 / 公司点评报告 经营利润保持增长，越南三期提速推进，分红提升 ---2025 年半年报点评 [Table_Summary] 事件： 2025H1 公司营业收入为 16.66 亿元，同比增长 16.13%；归母净利润为 1.46 亿元，同比下降 6.01%；扣非净利润为 0.93 亿元，同比下降 37.87%。其中，2025Q2 公司营业收入为 8.73 亿元，同比增长 8.98%； 归母净利润为 0.74 亿元，同比下降 11.28%；扣非净利润为 0.46 亿元， 同比下降 42.66%。 此外，公司公告 2025 年半年度利润分配方案，拟每股派 0.1 元（含 税），现金分红总额 0.19 亿元，超过 2024 全年分红金额，分红比例达 13.3%。 点评： 公司净利润同比下滑，主要系今年汇兑亏损而去年同期汇兑盈利所致； 扣非净利润降幅大于归母净利润，主要系公司理财产品结构变化导致今 年计入非经常损益项目增多所致。若剔除汇兑影响，公司经营盈利能 力、收入与净利润均保持同向增长。 单季度营收历史新高，装饰建材、 ...

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 ...

公司决定以全资孙公司Intco Industries Vietnam Co., Ltd.（越南英科）作为项目实施主体，在越南清化省 扁山市北山坊扁山工业区投资建设三期项目，总投资约4000万美元，资金来源为自有资金或其他自筹资 金。 项目具体情况 来源：新浪财经-鹰眼工作室 英科再生资源股份有限公司（证券代码：688087）于2025年8月27日发布公告称，拟投资建设越南英科 清化（三期）项目。 投资决策与基本情况 2025年8月26日，公司召开第四届董事会第二十二次会议，审议通过了《关于投资建设越南英科清化 （三期）项目的议案》，该议案无需提交股东会审议。此投资不属于关联交易，亦不构成重大资产重 组。 不过，该项目也存在一定风险。一是属境外投资，需按中国法规及《企业境外投资管理办法》执行，且 要经越南政府审批，可能存在不能获批以及后续调整、中止等风险；二是资金来源为自有资金或自筹资 金，存在融资风险；三是项目建设周期长，市场变化可能影响经济效益；四是项目相关数值均为计划或 预计数，不代表未来业绩预测，建设过程中可能面临多种风险，公司将及时履行信息披露义务，提醒投 资者注意风险。 点击查看公告原文>> 声明： ...

英科再生资源股份有限公司2025 年半年度报告 公司代码：688087 公司简称：英科再生 英科再生资源股份有限公司 英科再生资源股份有限公司2025 年半年度报告 跨山越海,奔赴热爱 策，实质意义上成为考验一家企业是否具备短期应变能力与长期可持续发展能力兼备 的试金石。当此篇半年度报告披露之际，我们愿将分享的主题定为 "跨山越海，奔 赴热爱"。英科进一步快速实现跨山（东）越海（外），提升东南亚产能释放，以更 加从容的姿态、更加创新的思维、更加务实的行动，参与到我们所属行业的全球供应 链、产业链重塑的版图中来。 一、"中国+东南亚制造"进程提速 服务全球超 130 个国家，其中，美国市场占比保持稳定。很重要的一点，得益于我们 早在 2019 年开始布局的越南清化基地投建。越南清化一期占地 6 公顷，自 2024 年后 始终处于满产满销状态；二期占地 8 公顷， 2025 年初完成厂房基建后，管理层便前 瞻性开始筹划车间布局、设备选型等工作。 当 4 月初关税通知下达后，客人的咨询信息如潮水般涌来---有询问价格调整、有 担忧交期、有探讨产地转移的，每天我们销售伙伴们与客户保持着无时差的高频沟通。 为快速响应客 ...

Group 1 - Chengdu Fusenmei Home Furnishing Co., Ltd. announced that its chairman Liu Bing has been detained by the Chengdu Pidu District Supervisory Committee [1][3] - This incident marks the third case of a prominent figure in the home furnishing and building materials sector being detained since 2025, following the recent release of Jiuzhan Zhijia's chairman Wang Linpeng and the ongoing detention of Hongxing Meikailong's founder Che Jianxing [3] - Fusenmei, established in 2000, operates over 1.25 million square meters of self-operated retail space and has more than 3,500 merchants, making it one of the largest home furnishing markets in Southwest China [5] Group 2 - The company's market capitalization is 9.214 billion yuan, with the Liu family holding 80.11% of the shares through three siblings: Liu Bing, Liu Yunhua, and Liu Yi [7] - Due to Liu Bing's detention, Liu Yunhua will temporarily assume the responsibilities of chairman, while the company's control remains unchanged [7]

Core Viewpoint - The recent news regarding Fusenmei (002818.SZ) highlights a significant drop in stock price following the announcement of the chairman's detention, although the company asserts that its operations remain stable and unaffected by this event [3][4]. Group 1: Stock Performance - On July 25, Fusenmei opened with a limit down and saw a price drop of 5.8%, trading at 12.19 CNY per share, with a total market capitalization of 9.1 billion CNY [1][2]. - The stock has a price-to-earnings ratio of 14.0 and a price-to-book ratio of 1.85 [2]. Group 2: Corporate Governance - Fusenmei announced that its chairman, Liu Bing, has been detained, and during this period, the vice chairman, Liu Yunhua, will assume his responsibilities [3]. - The company confirmed that there has been no change in control and that all other board members and executives are functioning normally [3]. Group 3: Financial Performance - Fusenmei has experienced a decline in performance, with revenue decreasing for five consecutive quarters since Q1 2024, reporting a revenue of 1.43 billion CNY in 2024, down 6.18% year-on-year [4]. - The net profit attributable to shareholders for 2024 was 690 million CNY, reflecting a 14.39% decrease [4]. - In Q1 2025, revenue further declined to 330 million CNY, a 13.19% decrease, with net profit dropping by 21.06% to 148 million CNY [4]. Group 4: Dividend Policy - Fusenmei is known for its high dividend payouts, having distributed a total of 4.668 billion CNY in dividends over 14 occasions since its listing, with a dividend payout ratio of 68.03% [4]. - In 2024, the total cash dividend amounted to 808 million CNY, with a payout ratio of 117.11% and a dividend yield of approximately 8% [4]. - The company maintains that the recent operational challenges will not impact its dividend policy, which is expected to remain stable and continuous [4].

Core Viewpoint - Chengdu Fusenmei Home Furnishing Co., Ltd. announced that its chairman Liu Bing has been detained, temporarily unable to perform his duties, with Vice Chairman Liu Yunhua taking over his responsibilities. The company asserts that its control remains unchanged and operations continue normally [2]. Company Overview - Fusenmei was established in 2000 and specializes in the operation of decorative building materials and home furnishing markets, with a self-operated market area exceeding 1.25 million square meters, making it one of the largest home furnishing markets in Southwest China. The company primarily operates in the Chengdu area, which accounted for 97.76% of its revenue in 2024 [2]. Shareholding Structure - The actual controllers of Fusenmei are the Liu siblings: Chairman Liu Bing (43.7% shareholding), Vice Chairman Liu Yunhua (27.7%), and Director and General Manager Liu Yi (8.71%). Together, they hold 80.11% of the company's shares [3]. Financial Performance - Fusenmei has experienced a decline in revenue for six consecutive quarters since Q4 2023. In 2024, the company reported revenue of 1.43 billion yuan, a decrease of 6.18% year-on-year, and a net profit of 690 million yuan, down 14.39% year-on-year. In Q1 2025, revenue was 330 million yuan, a 13.19% decrease, with a net profit of 148 million yuan, down 21.06% year-on-year [3]. Dividend Policy - Despite the decline in revenue, Fusenmei has maintained its dividend payouts, with cumulative cash dividends of 2.425 billion yuan from 2022 to 2024. In 2024 alone, the total cash dividend reached 808 million yuan, with a payout ratio of 117.11%. Since its listing in November 2016, the company has distributed a total of 4.668 billion yuan in dividends, achieving an average dividend rate of 69.52% [3].

Core Viewpoint - The chairman of Fusenmei, Liu Bing, has been detained, and during his absence, the vice chairman Liu Yunhua will assume his responsibilities. The company's control remains unchanged, and other executives continue to perform their duties normally [2][6][9]. Company Overview - Fusenmei, founded on December 7, 2000, and listed on the Shenzhen Stock Exchange on November 9, 2016, operates as a seller of decorative building materials and home goods, providing a platform for related services [11]. - The company primarily uses its marketplace to offer services such as store operations, traffic management, finance, data, supply chain, planning, and tool applications to merchants, consumers, and partners [12]. Shareholder Information - Liu Bing, Liu Yunhua, and Liu Yi hold 43.70%, 27.70%, and 8.71% of the company's shares, respectively, as of the end of the first quarter of 2025 [9][10]. Financial Performance - Fusenmei's financial performance has been declining, with revenues of 1.524 billion yuan, 1.430 billion yuan, and 330 million yuan for the years 2023, 2024, and the first quarter of 2025, respectively. The net profits attributable to the parent company were 806 million yuan, 690 million yuan, and 148 million yuan for the same periods [12]. Market Conditions - According to the China Building Materials Circulation Association, the saturation index for the urban building materials and home goods market in 2024 indicates a decrease in market area by approximately 9.55% year-on-year, with the decline rate expanding [13]. - The growth of offline stores for leading home goods markets has peaked, leading to a shift in focus from expansion to optimizing existing store operational efficiency and quality due to online competition and market saturation [14].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Views - The company has announced a restricted stock incentive plan for 2025, granting 7.378 million shares at a price of 12.01 CNY per share, which represents 3.94% of the total share capital at the time of the announcement. The performance targets for 2025-2029 include revenue of no less than 33.63 billion CNY in 2025, increasing to 58.81 billion CNY by 2029, and net profit of no less than 3.53 billion CNY in 2025, reaching 6.17 billion CNY by 2029 [1][2]. - The company expects a compound annual growth rate (CAGR) of 15% for both revenue and net profit from 2026 to 2029, indicating strong confidence in future growth [2]. - The company has shown significant growth in Q1, achieving a 25% increase in revenue despite it being a traditional off-season for foreign trade, driven by new products and strong performance in non-US markets [2]. - The company is the only player in the industry that has innovatively integrated the entire plastic recycling and reuse value chain, establishing strong competitive barriers through advanced technology and a unique business model [2]. Financial Summary - The company forecasts revenues of 2,924 million CNY for 2024, 3,374 million CNY for 2025, and 4,532 million CNY for 2027, reflecting growth rates of 19.09%, 15.42%, and 16.06% respectively [3][11]. - The projected net profit for 2025 is 330 million CNY, with a growth rate of 7.5% compared to 2024, and expected to reach 448 million CNY by 2027, with a CAGR of 19.79% [3][11]. - The earnings per share (EPS) are projected to be 1.76 CNY in 2025 and 2.39 CNY in 2027, with corresponding price-to-earnings (P/E) ratios of 12.26x and 10.24x [3][11].