What IntCo does

IntCo Recycling (英科再生, Shanghai STAR Market stock code 688087) is a Chinese plastics recycling and reuse company founded in 2002 and listed on the Shanghai Stock Exchange Science and Technology Innovation Board in July 2021. The company operates an integrated 'Reduce-Recycle-Reuse' value chain across three business segments: (1) GreenMax foam volume reduction equipment (cold press, compactor, melter series) sold to waste management operators and used internally at 36 Shanghai municipal waste stations; (2) recycled plastic pellets (r-PS, r-PET, r-PE, r-PP, r-HDPE) and r-PET sheets and packaging sold as industrial raw materials, including a food-grade bottle-to-bottle technology that won the 2023 Bloomberg Green ESG 50 'Project of the Year'; and (3) consumer home décor products including PS decorative trims (baseboards, wall panels, ceiling corner moldings) and picture frame profiles and finished frames sold under the GreenForest (绿林美框) brand via B2B distributors and B2C channels (Tmall, GreenForest app, POD self-printing mini-program).

The company operates 6 manufacturing bases across China (Zibo HQ, Shanghai, Zhenjiang, Lu'an), Malaysia (Port Klang), and Vietnam (Thanh Hóa), plus a Hong Kong international entity, and serves 12,000+ customers in 130+ countries. It sources raw material from 1,300+ recycling collection points globally and has direct shipping contracts covering 10,000+ TEU. Current annual recycling capacity is 15,000 tons, with a stated strategic target of 130,000 tons/year (100,000 tons PET + 30,000 tons PS). The company employs 4,000+ people and is led by Chairman Liu Fangyi, who also chairs IntCo Medical (300677.SZ).

The business model combines one-time equipment sales (GreenMax), transaction-based pellet sales to industrial manufacturers, and B2B/B2C sales of finished consumer décor products. In 2023, IntCo secured a USD 70 million IFC Blue Loan (the first in China's resource recycling sector) to fund Malaysia capacity expansion. The company is publicly listed, has returned over RMB 100 million in cumulative dividends since IPO, and announced a RMB 40-80 million share buyback in 2025 alongside an equity incentive plan covering 618 employees (15.64% of headcount). Reported revenue reached approximately $507M in 2025 with $67M EBITDA, growing 26.6% year-over-year.

Name

IntCo

Legal name

英科再生资源股份有限公司

Website

https://intco.com.cn

Company type

Public

Founded year

2002

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

IntCo Recycling (688087.SH) is a Chinese plastic recycling company operating an integrated Reduce-Recycle-Reuse value chain across 6 manufacturing bases in China, Malaysia, and Vietnam, producing recycled pellets, foam compaction equipment, and eco-friendly decorative products for 12,000+ industrial and consumer customers in 130+ countries.

Ownership category

akta.pro rank

Product category

Plastic Recycling and Manufacturing

NAICS

Plastics Materials and Basic Forms and Shapes Merchant Wholesalers (424610), Plastics Product Manufacturing (3261), All Other Plastics Product Manufacturing (326199)

SIC

Plastic Materials, Synth Resins & Nonvulcan Elastomers (2821), Miscellaneous Plastics Products (3080)

akta.pro primary industry

Plastic Recycling Equipment & Technology Providers (Sorting, Washing, Extrusion) (EUAIAKAM)

akta.pro secondary industries

Food-Grade & rPET/rHDPE Recycling (Decontamination/SSP, Bottle-to-Bottle) (EUAIAKAD), Engineering Plastics Recycling (ABS, PC, PA, POM, PMMA) (EUAIAKAI), Post-Consumer Plastic Collection & Sorting (MRF/PRF, Bale Supply) (EUAIAKAA), Packaging Waste Sorting & Recycling Technologies (Mechanical/Chemical Recycling, Sorting Systems) (IMALAMAL), Rigid Plastics Recycling (HDPE/PP, Injection/Blow Molded) (EUAIAKAF)

Keywords

• Plastic recycling equipment
• Recycled plastic pellets
• Waste management solutions
• Eco building materials
• Circular economy manufacturing

Headquarters

HQ city

Zibo

HQ country

China

HQ region

Asia

Offices9 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Recycling Equipment Sales (GreenMax): Sale of foam compaction and volume reduction equipment (冷压机, 压缩机, 热熔机) to recycling facilities and waste management operators globally.
2. Regenerated Plastic Pellets: Production and sale of recycled plastic granules (r-PS, r-PET, r-PE, r-PP, r-HDPE) as industrial raw materials to downstream manufacturers.
3. Consumer Home Décor Products: Sale of finished consumer products including PS decorative trims (踢脚线, 墙板, 顶角线), PS picture frame profiles (木纹, 金属, 深压花), and finished frames (画框, 相框, 镜框) through B2B and B2C channels.
4. E-commerce Direct-to-Consumer: B2C sales through Tmall store (英科美框), online app (绿林美框), and POD self-printing mini-program for customized picture framing.

Pricing tiers

Go-to-market motion3 records

Distribution channels8 records

Marketing channels8 records

Core offering

IntCo operates a fully integrated plastic recycling value chain spanning Reduce (foam compaction equipment under the GreenMax brand), Recycle (r-PS, r-PET, r-PE, r-PP, r-HDPE regenerated plastic pellets), and Reuse (PS decorative trims, picture frame moldings, and finished eco-friendly frames). The company sources post-consumer plastic waste from 1,300+ collection points globally, processes it through six manufacturing bases in China, Malaysia, and Vietnam, and sells the resulting pellets, equipment, and finished consumer décor to industrial manufacturers, waste operators, construction professionals, and end consumers in 130+ countries.

Product overview

IntCo (英科再生) operates a closed-loop plastic recycling ecosystem spanning three interconnected business segments: 1) RECYCLE (回收端/Reduce) - Greenmax foam volume reduction equipment (泡沫冷压机、泡沫压缩机、泡沫热熔机) that collects and processes foam plastics from over 1,300 recycling points globally; 2) RECYCLE (再生端) - Produces recycled plastic pellets including r-PS, r-PET, r-PE pellets, r-PET sheets, and r-PET packaging as industrial raw materials; 3) REUSE (利用端) - Transforms recycled materials into high-value consumer products including PS decorative profiles (踢脚线、墙板、顶角线), PS picture frame moldings (木纹、金属、深压花), and finished eco frames (画框、相框、镜框). The company is recognized as a pioneer in seamlessly connecting plastic recycling with fashion consumer goods, with six global manufacturing bases in China (Shandong, Shanghai, Anhui, Jiangsu), Malaysia, and Vietnam.

Differentiator

Problem solved

Functional benefit

Brands

• GreenMax: Foam recycling equipment overseas brand - INTCO's回收事业部 (Collection Business Division) brand for foam volume reduction equipment
• 绿林美框
• 英科美框
• 英科再生 (INTCO Recycling)
• 英科绿芽行动

Products and services

• Greenmax Foam Cold Press Series (Greenmax泡沫冷压机系列) Plastic volume reduction equipment that compresses and processes foam waste (EPS) to reduce storage and shipping costs, enabling efficient foam plastic recycling for waste management and recycling operators globally.
• Greenmax Foam Compactor Series (Greenmax泡沫压缩机系列) Equipment designed to compact foam plastics, reducing their volume for easier transportation and processing in the recycling workflow, sold to waste management operators under the GreenMax brand.
• Greenmax Foam Melter Series (Greenmax泡沫热熔机系列) Thermal processing equipment that melts foam plastics to further reduce volume and prepare materials for再生造粒 (regeneration pellet) processing.
• r-PS Plastic Pellets (再生PS粒子) High-quality recycled polystyrene pellets produced from post-consumer and post-industrial PS waste, serving as industrial raw materials for downstream plastic product manufacturers.
• r-PET Plastic Pellets (再生PET粒子) Recycled PET pellets derived from PET bottle recycling, suitable for food-grade applications in bottle-to-bottle closed-loop recycling, recognized with Bloomberg Green ESG 'Project of the Year' 2023.
• PS Decorative Profiles (PS装饰线条) Recycled PS-based decorative architectural profiles including skirting lines (踢脚线), wall panels (墙板), and corner moldings (顶角线) with water resistance, insect resistance, no formaldehyde, and easy installation for interior designers, contractors, and retailers.
• PS Picture Frame Molding (PS画框线条) Decorative picture frame moldings made from recycled PS in wood-grain (木纹), metallic (金属), and deep-embossed (深压花) styles, serving as sustainable alternatives to traditional wood or metal frames.
• PS Eco Picture Frames (PS环保画框) Finished eco-friendly picture frames manufactured from recycled PS materials, combining environmental sustainability with aesthetic design, sold through Tmall flagship store and B2B channels.
• PS Eco Photo Frames (PS环保相框) Sustainable photo frames made from recycled polystyrene, offering an environmentally friendly option for personal photo display sold via Tmall and other retail channels.
• PS Eco Mirror Frames (PS环保镜框) Eco-friendly mirror frames produced from recycled PS materials, manufactured primarily at the Vietnam base (IntCo Vietnam Co., Ltd. in Thanh Hóa), providing sustainable framing solutions for mirrors.

Quantifiable outcome

• Cumulative environmental impact since founding: 340万 tons CO2 reduced, 510万 tons crude oil saved, 3,300万 trees preserved
• +6 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Six partnerships are on record, tiered core, major, minor and strategic.

• OOCL (东方海外货柜航运有限公司)coreStrategic or Co-development Partner · 14 March 2025IntCo served as naming sponsor for OOCL's third 16,828 TEU ultra-large container vessel named '东方向日葵' (East Sunflower). The vessel features 30% lower carbon emissions than traditional ships, aligning with IntCo's circular economy philosophy. IntCo has direct shipping contracts covering 10,000+ TEU and cooperates with hundreds of international shipping freight forwarders, achieving industry-leading cross-border logistics resilience.
• 上海英科公益基金会 (Shanghai IntCo Public Welfare Foundation)coreOthers · 8 November 2024Shanghai IntCo Public Welfare Foundation was jointly established by IntCo Recycling and IntCo Medical. It conducts public welfare projects including '英科助行' (mobility assistance), '英科绿芽行动' (environmental education), and one-on-one student assistance programs. The foundation donated wheelchairs and walking aids to 4 hospitals, 7 township clinics, and 80 village clinics in Yunnan Nanjian County, addressing mobility needs of disabled persons in remote areas.
• Shanghai Municipal Waste Management Network (GreenMax Equipment Partners)majorChannel Partner/ Reseller/ DistributorIntCo placed GREENMAX foam volume reduction equipment at 19 stations in Shanghai's waste management/category sorting network, expanding to 36 stations. Equipment is placed at waste collection points with ongoing raw material recovery flowing back to IntCo's manufacturing operations. Locations include Jiading, Fengxian, Minhang, Huangpu, Jing'an, Pudong, Putuo, Hongkou, Baoshan, Xuhui, Chongming, and Jinshan districts.
• Yaofoundation (姚基金)minorGTM or Marketing PartnerIntCo has partnered with Yaofoundation for 7 consecutive years to support rural school basketball court construction, contributing to youth physical health and sports development in underserved communities.
• 蒋念祖美学教育慈善信托 (Jiang Nianzu Aesthetic Education Charitable Trust)minorStrategic or Co-development PartnerPartnership for the Badong No.1 High School Shanghai Public Welfare Study Tour program, where students visited IntCo as part of the '英科绿芽行动' environmental education initiative. The program introduced students to plastic recycling technology and circular economy concepts.
• 清华大学 (Tsinghua University)strategicStrategic or Co-development PartnerTsinghua University is the first university partner for IntCo's 2025 '英才计划' (Talent Program), a global talent recruitment initiative targeting top university graduates. Chairman Liu Fangyi gave a keynote speech at Tsinghua, sharing his entrepreneurial journey and discussing the future of AI and intelligent manufacturing in the recycling industry. The program aims to attract technical talent with innovation mindset and global vision.

Scale indicators15 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• TOMRA Systems: Norwegian technology company providing sensor-based sorting and collection solutions for waste and recycling streams. Comparable to IntCo's GreenMax foam compaction/sorting equipment business in the recycling-technology niche.
• MBA Polymers: Global recycler of engineering plastics (ABS, PC, PA, PP) from end-of-life vehicles and electronics. Comparable to IntCo's r-PP/r-PE/r-HDPE and broader recycled resin business, particularly in higher-value recovered plastics.
• Far Eastern New Century: Taiwan-based integrated textile and PET producer with growing r-PET operations. Comparable to IntCo as an Asian integrated recycled-resin and consumer products manufacturer serving global brands.
• Phoenix Technologies: Operates one of the largest r-PET bottle-to-bottle recycling facilities in North America. Direct comparable to IntCo's food-grade r-PET pellet business.
• CarbonLite: U.S.-based r-PET bottle-to-bottle recycler producing food-grade recycled PET pellets. Closely comparable to IntCo's r-PET pellet and food-grade closed-loop recycling technology, though primarily U.S.-focused.

Broad incumbents

• Suez SA: International environmental services and water/waste management group with plastics recycling operations. Comparable as a global integrated recycling and resource recovery peer, though significantly larger.
• Veolia Environnement: Global waste management and resource recovery major with plastics recycling operations across Europe and Asia. Comparable as an integrated waste-to-resource operator, though much larger and more diversified than IntCo.
• Indorama Ventures: One of the world's largest PET producers with significant investments in r-PET bottle-to-bottle recycling globally. Highly comparable to IntCo's r-PET pellets business, though operating at vastly larger scale and with broader polymer exposure.

Regional players

• Biffa plc: UK-based integrated waste management and recycling company. Comparable as an integrated waste management and plastics recycler, though UK-focused and serving a different primary geography than IntCo's China-centric base.
• 中再资源环境 (China Resource Recycling): China-based listed recycling and waste electrical/electronic equipment dismantling company. Comparable as a Chinese-listed recycling peer, though with a different scrap-stream focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about IntCo