Business Overview
再生-KY (1337，Asia Plastic Recycling) 註冊開曼，營運總部位於福建晉江，為中國最大[[EVA]]回收再生製造商。核心業務為回收製鞋[[EVA]]邊角料再製為發泡片材，符合 ESG 循環經濟趨勢。廢料來源為晉江鞋都之製鞋廠群 (終端品牌涵蓋[[安踏]]、[[特步]]、[[361度]]、[[匹克]])，新料補充來自[[台塑]]及韓國[[Hanwha]]。下游客戶為福建晉江地區鞋廠，服務中國運動鞋產業聚落。
Supply Chain
上游 (原料):
- 回收 EVA: 晉江製鞋廠[[EVA]]邊角料 (終端品牌含[[安踏]]、[[特步]]、[[361度]]、[[匹克]])
- 新料: [[台塑]]、[[Hanwha]] (韓華) — EVA 新料補充
中游 (製造):
- 再生-KY ([[EVA]]回收再製發泡片材，福建晉江)
下游 (終端):
- 鞋材: 福建晉江地區鞋廠 — 再生 EVA 發泡片材
- 終端品牌: [[安踏]]、[[特步]]、[[361度]]、[[匹克]]
Customers and Suppliers
主要客戶
- 鞋材: 晉江地區鞋廠 — 再生[[EVA]]發泡片
- 終端品牌: [[安踏]]、[[特步]]、[[361度]]、[[匹克]]
主要供應商
- 回收料: 晉江製鞋廠 EVA 邊角料
- 新料: [[台塑]]、[[Hanwha]] (韓華)
Financial Tables
Valuation Metrics (Share price $6.16 as of 2026-03-26 | TTM through 2025-12-31 | Forward forecast through 2026-12-31)
| P/E (TTM) | Forward P/E | P/S (TTM) | P/B | EV/EBITDA |
|---|---|---|---|---|
| N/A | N/A | 2.50 | 0.45 | -8.83 |
Annual Financials (Last 3 Years)
| 2025-12-31 | 2024-12-31 | 2023-12-31 | |
|---|---|---|---|
| Revenue | 663.54 | 817.36 | 772.03 |
| Gross Profit | -123.17 | -98.89 | -153.33 |
| Gross Margin (%) | -18.56 | -12.10 | -19.86 |
| Selling & Marketing Exp | 21.55 | 30.26 | 38.48 |
| R&D Exp | 19.85 | 20.77 | 21.82 |
| General & Admin Exp | 233.36 | 179.93 | 172.90 |
| Operating Income | -397.94 | -329.85 | -386.52 |
| Operating Margin (%) | -59.97 | -40.36 | -50.07 |
| Net Income | -466.89 | -414.49 | -411.49 |
| Net Margin (%) | -70.36 | -50.71 | -53.30 |
| Op Cash Flow | -340.49 | -206.34 | -263.79 |
| Investing Cash Flow | -3.25 | -491.19 | 225.19 |
| Financing Cash Flow | -30.51 | 1398.12 | 0.00 |
| CAPEX | -604.32 | -962.85 | -1085.43 |
Quarterly Financials (Last 4 Quarters)
| 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | |
|---|---|---|---|---|
| Revenue | 161.53 | 152.49 | 166.99 | 182.53 |
| Gross Profit | -31.84 | -45.55 | -17.65 | -28.13 |
| Gross Margin (%) | -19.71 | -29.87 | -10.57 | -15.41 |
| Selling & Marketing Exp | 5.36 | 5.38 | 5.71 | 5.10 |
| R&D Exp | 5.44 | 4.88 | 4.80 | 4.73 |
| General & Admin Exp | 63.18 | 50.69 | 61.64 | 57.85 |
| Operating Income | -105.81 | -106.50 | -89.81 | -95.82 |
| Operating Margin (%) | -65.50 | -69.84 | -53.78 | -52.49 |
| Net Income | -134.61 | -116.74 | -105.31 | -110.22 |
| Net Margin (%) | -83.34 | -76.56 | -63.06 | -60.39 |
| Op Cash Flow | -60.76 | -60.80 | -121.97 | -96.96 |
| Investing Cash Flow | -59.60 | -4.78 | -45.94 | 107.07 |
| Financing Cash Flow | -17.38 | -15.14 | 4.27 | -2.26 |
| CAPEX | -186.49 | -103.81 | -104.71 | -209.31 |