Inke Regeneration, Three Major Business Segments Drive Growth!

On September 1, it was reported that Yingke Recycled recently released its semi-annual report for 2025. The data shows that the company's operational performance in the first half of the year was impressive, achieving a revenue of 1.666 billion yuan, an increase of 16.13% compared to the same period last year. The net profit attributable to the parent company reached 146 million yuan, and the net operating cash flow was 245 million yuan, with a year-on-year growth rate of 17.5%. Meanwhile, the company's total assets further expanded, reaching 6.872 billion yuan by the end of the reporting period, indicating a stable overall development trend.

As a global full-industry-chain recycled plastics manufacturing enterprise, Inke Recycling has successfully established a complete industrial chain system of "recycling — regeneration — utilization." The core business focuses on converting waste plastics into value-added processed products with market bargaining power, among which finished frames and decorative building materials are representative products. In terms of business development strategy, the company adopts a matrix layout: vertically, it continuously expands the range of recycled plastics from the initial PS and PET materials to various types such as PE; horizontally, it continuously broadens the product matrix, gradually entering the multi-material decorative building materials field based on the original frame products (including picture frames, mirror frames, and photo frames), enriching product application scenarios.

According to Color Masterbatch Industry Network, Yingke Recycling’s business system is clearly divided into three main segments. On the recycling end, the company covers the global market by selling environmentally friendly equipment, which not only brings profit from equipment sales but also helps establish long-term and stable partnerships with recycling centers worldwide, thus providing a steady supply of raw materials for the upstream of the industrial chain. On the regeneration end, leveraging advanced pelletizing technology, the company can produce various types of recycled plastic pellets such as rPS, rPET, and rPE, providing key raw material support for downstream product manufacturing. On the utilization end, the business focuses mainly on finished boxes and decorative building materials. With its expertise in mold development technology and micro-foaming co-extrusion processes, the company creates high-quality home decoration consumer products. Currently, revenue from this segment accounts for more than 75% of the company’s total revenue, making it the core business direction and main growth focus of the company.

In response to changes in the external trade environment, Yingke Recycling has actively adjusted its global production and sales layout, especially increasing investment in its production base in Vietnam. In the first half of 2025, revenue from non-U.S. markets in the company's export business increased by 31.15% year-on-year, and the proportion of export revenue rose from 83.27% in 2024 to 88.80%, demonstrating significant progress in expanding international markets. Recently, the company also announced plans to invest 40 million USD to advance the construction of the third phase of the Yingke Thanh Hoa project in Vietnam. As of June 30, 2025, Yingke Vietnam has achieved operating revenue of approximately 210 million RMB, a year-on-year increase of 48.89% (please note that the aforementioned financial data has not yet been audited), with the capacity and efficiency of the Vietnam production base gradually being released.

In addition, Yingke Recycling disclosed adjustments to the progress of certain projects in its report. The "100,000 tons/year multi-category high-quality plastic bottle recycling project," originally scheduled for completion in November 2025, will be delayed until December 2027. As of now, the investment progress of this fundraising project has reached 62%. Overall, Yingke Recycling, relying on the dual-driven model of "recycled plastics + consumer goods export" and operating with a light-asset approach to build a global recycling network, has become one of the few benchmark enterprises in China's recycling industry to achieve full industry chain coverage and successfully expand into international markets.