Core Viewpoint - Wanchen Group has initiated its A+H dual listing process to enhance its global strategic layout and establish an international capital operation platform, aiming to connect with international investors and markets [2][3]. Group 1: Company Overview - Since the appointment of Wang Zenning as General Manager in July, Wanchen Group has made significant moves, including submitting its IPO application to the Hong Kong Stock Exchange on September 23 [2]. - The company has experienced rapid growth in the bulk snack industry, increasing its store count from 232 at the end of 2022 to 15,365 by mid-2025 [2][4]. - In 2022, Wanchen Group transitioned from a mushroom business to the bulk snack sector through acquisitions, leading to a substantial revenue increase from 549 million to 32.33 billion by 2024 [4]. Group 2: Financial Performance - Wanchen Group's revenue for the first half of 2025 reached 22.583 billion, reflecting a year-on-year growth of 106.89%, while net profit surged to 472 million, a staggering increase of 50,358.8% [4]. - The company plans to use the funds raised from the IPO for expanding its store network, enhancing product offerings, digital transformation, and strengthening brand recognition [3]. Group 3: Market Challenges - Despite strong financial performance, Wanchen Group faces challenges as its store growth has slowed significantly, with only 1,169 new stores added in the first half of 2025 compared to previous years [5][6]. - The number of closed franchise stores has increased, with 290 closures in the first half of 2025, surpassing the total closures of 208 in 2024 [6]. - The competitive landscape is intensifying, with rivals like Mingming Hen Mang rapidly expanding their store counts, which could pressure Wanchen Group's market position [6][7]. Group 4: Strategic Direction - Wanchen Group aims to evolve into a mature hard discount retail model, focusing on enhancing operational efficiency and seizing growth opportunities in the hard discount sector [5]. - The company is also looking to expand into overseas markets, particularly Southeast Asia, to tap into emerging opportunities [3]. - Future strategies include improving store quality over quantity, enhancing private label development, and refining supply chain operations to maintain profitability [8].

Core Viewpoint - In the first half of the year, China Enterprises Co., Ltd. reported significant revenue growth and profitability, but faces challenges with project reserves and short-term debt pressure, particularly concerning the management of a key "land king" project in Shanghai [2][6][11]. Financial Performance - The company achieved a revenue of 6.679 billion yuan, a substantial increase of 526.09% compared to the same period last year, primarily due to an increase in products eligible for revenue recognition [3][4]. - Profit before tax reached 1.336 billion yuan, up from a loss of 333 million yuan in the previous year, while net profit attributable to shareholders was 521 million yuan, compared to a loss of 352 million yuan last year [4]. Business Structure - Real estate remains the main revenue driver, contributing 6.099 billion yuan, while property management and commercial revenues were 412 million yuan and 151 million yuan, respectively [4]. - The agricultural sector showed stable gross margin growth, with new clients including major companies like Tesla, and a 100% renewal rate for catering services [4]. Project and Debt Management - The company has a limited project reserve, with only four main development projects and no new projects initiated or completed recently, raising concerns about future revenue streams [6]. - As of June, the company had 6.496 billion yuan in non-current liabilities due within one year, a 414.08% increase from the previous year, primarily due to the reclassification of bonds [6]. Key Project: "Land King" - The company has taken on the management of a significant project in Shanghai, which is seen as both an opportunity to boost income and a test of its ability to restore market trust due to past quality issues [7][11]. - The project involves the construction of residential buildings on a site acquired for 8.35 billion yuan, with a floor price of approximately 12.6 million yuan per square meter [7]. Strategic Adjustments - The company plans to adjust its development pace and strategies in response to market changes, focusing on maintaining a stable operational rhythm while seizing policy opportunities [10]. - Emphasis will be placed on enhancing product quality and customer satisfaction through improved management systems and standardized processes [10].

本报（chinatimes.net.cn）记者胡金华 上海报道 从牛股到妖股，只需再加两个20CM涨停！ 9月25日，股价涨幅超过十倍的"牛股"上纬新材（688585.SH）再度被交易所紧急停牌。当日晚间，公司 发布公告称自2025年7月9日至9月25日期间，股价多次触及股票交易异常波动及严重异常波动情形，最 近两个交易日连续涨停。经向上海证券交易所申请，于9月26日起停牌，自披露核查公告后复牌。这也 是公司股票自7月9日披露控制权变更事项以来的第二次停牌。 尽管投资人对上纬新材的控股权变更充满期待，但是股价已经脱离基本面的爆炒也让市场担忧。 上纬新材9月23日晚间发布公告称实控人正式变更为上海智元恒岳科技合伙企业邓泰华之后，公司股价 连续两日20%涨停，截至停牌前收盘报132.1元/股。 "若以股价今年连续涨停起测算，上纬新材只要再来一个涨停，涨幅就达到20倍。从资金面来看，上纬 新材近期再获融资客大幅加仓，截至9月24日，其目前融资余额达8.10亿元，创历史新高，较9月9日阶 段低点6.15亿元增长近1.95亿元。24日，上纬新材获融资客9421万元增持，单日净买额位居历史第五 高。此外，各路游资营业部也 ...

本报（chinatimes.net.cn）记者吴敏 见习记者 林佳茹 北京报道 近期，金价市场呈现冲高回落的震荡格局。 9月23日，现货黄金（伦敦金现）最高触及3790.97美元/盎司，COMEX黄金期货价格最高触及3824.6美 元/盎司，均创下历史新高。此后几日，金价较高点有所回落，但仍处在高位区间。 近日，《华夏时报》记者走访多家银行线下网点调查发现，投资者对黄金的热情依旧不减。 "客户投资实体黄金仍较为积极。"9月25日，一大型国有银行客户经理对《华夏时报》记者透露，近期 有客户从银行网点购买20克金条，还有客户预订了100克金条。 与此同时，多名业内人士也提醒，金价已处于历史高位，短期冲高后不排除存在震荡或回调情况，投资 者需谨慎配置资产。 投资者热情不减 "一直坚持黄金定投，三年收益率28%，起初也没想到黄金收益率这么高。"9月26日，一名北京的投资 人刘女士对《华夏时报》记者介绍，她在工商银行定投了"如意积存金"，目前已存入90克，均价539元/ 克。 记者从工商银行App了解到，9月26日截至发稿，该行如意积存金价格为863.76元/克。 近些年，随着金价上涨，一部分投资者看中了黄金的投资属性 ...

9月24日，国家主席习近平在联合国气候变化峰会上发表视频致辞，宣布中国新一轮国家自主贡献。其 中明确提到，到2035年，新能源汽车成为新销售车辆的主流，全国碳排放权交易市场覆盖主要高排放行 业，气候适应型社会基本建成。 "新能源汽车成为新销售车辆的主流"是我国加快经济社会发展全面绿色转型，形成节约资源和保护环境 的空间格局、产业结构、生产方式、生活方式，全面推进美丽中国建设，加快推进人与自然和谐共生的 现代化的重要内容，也是汽车产业砥砺前行的重要目标。 是愿景，是要求，也是目标 《华夏时报》记者翻阅资料发现，"新能源汽车成为新销售车辆的主流"这一完整说法曾出现在中共中 央、国务院于2024年发布的《关于加快经济社会发展全面绿色转型的意见》中，其中在推进交通运输绿 色转型中明确提到，要大力推广新能源汽车，推动城市公共服务车辆电动化替代。到2035年，新能源汽 车成为新销售车辆的主流。 此外，国务院办公厅于2020年印发的《新能源汽车产业发展规划（2021—2035年）》在发展愿景部分曾 明确表示，到2035年，我国新能源汽车核心技术达到国际先进水平，质量品牌具备较强国际竞争 力，"纯电动汽车成为新销售车辆的主流 ...

Company Overview - Tigermed (stock code: 300347.SZ/3347.HK) is an integrated biopharmaceutical research and development service platform providing one-stop innovative R&D services and solutions for the global pharmaceutical and medical device industries [2] - Over the past 20 years, the company has collaborated with more than 3,600 partners, creating an innovative ecosystem that empowers the entire industry chain [2] - Tigermed has established over 180 offices and branches globally, employing more than 10,000 professionals across dozens of countries on five continents [2] - The company holds the highest MSCI ESG rating of AAA, a score of 60 on the S&P CSA ESG questionnaire, a B rating (management level) on the CDP climate change questionnaire, and maintains an AAA rating from the Shenzhen Stock Exchange National Index ESG [2] Compliance and Governance - Tigermed has built a compliance governance system covering the entire value chain, with a compliance and ESG committee under the board of directors, directly led by the director and general manager [3] - The company has established a systematic compliance risk management process, with specialized compliance groups regularly identifying, assessing, and responding to operational risks [3] - A multi-level supervision and risk identification mechanism is in place, covering headquarters, subsidiaries, and business departments, to ensure compliance and operational stability [3] Anti-Corruption and Data Security - The company has implemented a comprehensive anti-corruption and anti-bribery policy, with plans for company-wide anti-corruption training in 2024 [4] - Suppliers are required to sign a "Supplier Code of Conduct" and "Anti-Bribery and Anti-Corruption Commitment" during the onboarding process to ensure awareness of the company's policies [4] - Tigermed is continuously optimizing its data security management system, with measures to enhance network security, data lifecycle management, and information access control [4] - The company holds an ISO 27001:2013 information security management system certification, and three core business systems have passed the national information security level protection tier three certification [4] Intellectual Property Management - Tigermed views intellectual property as a crucial competitive advantage, having established various management policies and training programs related to intellectual property compliance [5] - The company is actively planning its intellectual property strategy and aims to achieve GB/T 29490-2023 intellectual property compliance management system certification in 2024 [5] Expert Commentary - In 2024, Tigermed will embed compliance objectives into executive assessments, with anti-corruption training covering all employees and 80% of global business (excluding listed subsidiaries) completing anti-corruption audits [5] - The requirement for suppliers to sign the "Anti-Bribery Commitment" ensures adherence to legal and ethical standards [5]

Company Overview - GCL-Poly Energy Holdings Limited (002506.SZ) is a global energy system solution provider, integrating the theme of green low-carbon era with its long-term focus on renewable energy [2] - The company’s business covers efficient photovoltaic cells, differentiated modules, EPC (Engineering, Procurement, and Construction) for power plants, and energy storage system integration, among other related products and services [2] - In 2024, the company achieved operating revenue of CNY 1,623,978.68 million and employs over 6,000 people [2] Sustainable Development Strategy - Since the establishment of the "NEXT Vision" sustainable development strategy framework in 2023, GCL-Poly has set 25 key commitments and strategic goals based on four pillars: Nature, Equity, Excellence, and Trust [3] - The company aims to lead sustainable development efforts by assessing and addressing climate risks in line with the Paris Agreement and TCFD disclosure framework [3] - In 2024, GCL-Poly utilized self-built photovoltaic systems to generate 49,376.1 MWh of renewable energy for self-consumption and purchased green power certificates amounting to 33,509.4 MWh [3] Carbon Management Initiatives - On June 12, 2024, GCL-Poly launched the "GCL Carbon Chain" management platform, integrating granular silicon technology, blockchain technology, and intelligent digital technology [4] - The platform includes modules for organizational carbon inventory, product carbon footprint management, carbon reduction optimization, and carbon-inclusive culture [4] - By June 2025, GCL-Poly plans to connect with quality suppliers and partners through the GCL Carbon Footprint Data-Tian Gong Data Platform, utilizing AI tools to reduce carbon emissions dynamically [4] Climate Change Management - GCL-Poly has integrated climate risk into its risk management processes, establishing a climate change management system across governance, strategy, risk management, and metrics [5] - The company aims to reduce absolute emissions by 64.7% by 2035 and decrease carbon emissions from purchased goods and services per unit of production by 66.3% [5] - By 2030, the average product carbon footprint is targeted to decrease by 5% annually [5]

Company Overview - Shanghai Longqi Technology Co., Ltd. is an ODM enterprise focused on the research, design, production, and comprehensive services of smart products, with over 20 years in the industry, set to be listed on the Shanghai Stock Exchange in 2024 (stock code: 603341) [2] - The company serves leading consumer electronics brands such as Xiaomi, Samsung, and Huawei, with products spanning smart phones, tablets, automotive electronics, and smart wearable devices [2] ESG Governance and Compliance - In 2024, the company enhanced its ESG governance structure by renaming the original board strategy committee to "Strategy and ESG Committee," and established implementation guidelines to define its responsibilities, including researching sustainable development and reviewing ESG reports [3] - New compliance documents were released in 2024, including the "Longqi Technology Business Ethics Code" and "Anti-Corruption Policy," with a 100% signing rate for the "Business Conduct Code" and "Integrity Commitment" [3] Risk Management and Internal Control - Longqi Technology has established a "three lines of defense" risk management system, with the first line being business departments, the second line being the internal control department conducting 80 special safety inspections in 2024 with a 100% rectification rate, and the third line being independent audits by the audit department, recovering losses of 8.43 million yuan [4] - The company has maintained an A-level tax credit rating for several years, paying a total of 407 million yuan in various taxes [4] Information Security and Supply Chain Compliance - The company has implemented information security compliance measures, including the "Employee Information Security Guidelines" and regular risk assessments, achieving 100% coverage for new employee training and no privacy breaches in the year [4] - Longqi Technology established an ESG audit mechanism for suppliers, completing CSR audits for 117 new suppliers and 92 existing ones in 2024, with over 70% passing rate, and conducted due diligence on nearly 600 direct suppliers regarding conflict minerals [4] Expert Commentary - The company has built a comprehensive anti-corruption and anti-bribery system, utilizing a risk map to manage business risks and covering over 20 compliance areas, reinforcing integrity risk management and internal control for over 10,000 employees [5]

文/华夏ESG观察联盟 企业介绍 软通动力信息技术（集团）股份有限公司（简称"软通动力"，301236.SZ）于2005年在北京成立，提供 软件与数字技术服务、计算产品与智能电子、数字能源与智算服务以及国际化服务，共有员工90000 人。 软通动力拥有软通咨询、软通金科、软通工业互联、机械革命、软通华方、软通国际等业务子品牌，并 在全球60余个城市布局业务，构建北美、日韩、亚太、中东四大国际交付中心，在北京通州、江苏无锡 建设两大智能制造基地。设立30个能力中心，拥有1个国家级工程实验室，6个省市政府认定的工程、技 术实验室及研发中心，1个博士后科研工作站，50+技术合作伙伴的生态合作体系，旗下软通教育拥有 一家全日制本科学院郑州西亚斯学院数字技术产业学院。 实践案例 专家点评：软通动力以系统性合规管理筑牢可持续发展根基，通过ESG架构整合、国际标准认证、全链 条碳管理、员工权益保障及社会责任实践，构建了覆盖环境、治理、社会三重底线的合规体系，为行业 提供了可复制的绿色转型与责任经营范本。（辛斌-SGS通标） 编辑：麻晓超 软通动力建立健全内部控制体系，设置三道防线和多级监管体系，强化合规管理与风险应对，每年 ...

民生银行1996年成立，是国内首家由民营企业发起设立的全国性股份制商业银行。2000年、2009年先后 在上交所和香港联交所上市。 文/华夏ESG观察联盟 企业介绍 截至2024年年底，中国民生银行董事会关联委成员为6名，全部为独立非执行董事，均是金融、会计、 审计、法律等相关领域的资深专业人士。2024年，董事会关联委共召开5次会议，审议7项议题，听取3 项报告。 专家点评：民生银行以稳健治理赢得信赖，以责任金融引领未来，MSCI"AAA"评级见证其在全球ESG 舞台上的卓越表现。（施涵-香港大学） 实践案例 编辑：麻晓超 中国民生银行修订《中国民生银行员工行为禁止规定》《中国民生银行员工违规违纪行为处分办法》等 制度，组织全行员工学习并签署遵守员工行为禁止规定承诺书。2024年，共计开展合规培训6,989次， 累计培训人数26.3万人次。 中国民生银行持续加强洗钱风险管理文化建设。例如，举办"民生杯"劳动与技能竞赛暨反洗钱大比武赛 事，全行5万余人次参与。组织全行开展"打击洗钱犯罪，构建和谐民生"反洗钱短视频宣传，发布涉黑 涉恶、防非防诈等主题共计10期20份宣传视频及1期环境犯罪主题宣传海报。 中国民生 ...