Core Viewpoint - China Carbon Neutrality (01372.HK) announced the cancellation of 26 million conditional stock options under the new stock option plan, which was approved by the board and agreed upon by the grantees. The board believes that this cancellation will not have a significant impact on the group's financial condition or daily operations [1] Summary by Relevant Categories - **Company Actions** - The company has decided to cancel 26 million conditional stock options as part of its new stock option plan [1] - The cancellation was approved by the board and agreed upon by the grantees [1] - **Financial Impact** - The board believes that the cancellation of the conditional stock options will not significantly affect the group's financial condition or daily operations [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性概不作任何陳述，並明確表示概不就因本公告的 全部或任何部分內容而產生或因依賴本公告的全部或任何部分內容而產生或 因依賴本公告的全部或任何部分內容而產生的任何損失承擔任何責任。 取消有條件授予股權 經董事會批准並獲承授人同意，本公司與承授人一致同意取消根據新購股權 計畫有條件授予的 26,000,000 份股權。 （於開曼群島註冊成立之有限公司） （股份代號：1372） 取消有條件授予股權 茲提述中國碳中和發展集團有限公司（「本公司」，連同其附屬公司統稱「本 集團」）於 2025 年 7 月 10 日發佈的公告（「該公告」），內容涉及（其中包括） 終止現有購股權計畫、建議採納新購股權計畫及有條件授予股權。除文義另 有所指外，本公告所用詞彙與該公告所界定者具有相同涵義。 根據董事會的命令 中國碳中和發展集團有限公司 鍾國興 主席兼執行董事 董事認為，取消有條件授予股權對本集團的財務狀況或日常運營無重大影響。 澄清說明 本公司另需澄清，截至該公告日期，未行使的購股權為 8,000,000 份（而非 11,000,000 份） ...

Core Viewpoint - The completion of data integration for the Carbon Coin agreement marks a significant step for the company in the digitalization of carbon credits, enabling effective management and trading through blockchain technology [1][2][3] Group 1: Carbon Credit Digitalization - The Carbon Coin agreement has successfully integrated data with carbon credit sources, facilitating the on-chain representation of 200,000 tons of carbon credits [1] - The integration allows for real-time synchronization, information exchange, and verification of carbon credit data, ensuring accuracy and consistency during transactions [1][2] Group 2: Technological Advancements - The dual-chain model of "Green Trust Chain (alliance chain) + public chain" enhances decentralization, security, immutability, and traceability throughout the carbon credit lifecycle [2] - Smart contracts automate the registration, confirmation, and management of carbon credits, reducing transaction cycles from weeks to minutes [2] Group 3: ESG Commitment and Market Impact - The initiative reflects the company's commitment to Environmental, Social, and Governance (ESG) principles and showcases its technological innovation in carbon asset digitalization [3] - The on-chain confirmation of carbon credit data is expected to promote transparent trading, market pricing, and healthy development of green asset financing, benefiting the overall financial ecosystem for green assets [3]

Core Viewpoint - China Carbon Neutral (01372) has successfully completed the technical testing of its Carbon Coin, which is pegged to 1 kilogram of carbon credit, utilizing blockchain and smart contract technology to enhance the efficiency, transparency, and automation of carbon credit trading [1][2] Group 1: Carbon Coin and Technology - Carbon Coin is a carbon credit-backed stablecoin that aims to create a unified tokenized carbon ecosystem, facilitating the seamless transfer of carbon credits between buyers and sellers [1] - The application system includes carbon accounts, carbon reduction projects, and lifecycle management systems for carbon credits, enhancing the compatibility and functionality of carbon asset trading [1] - The technology is expected to improve information and price transparency, ultimately increasing market liquidity [1] Group 2: Global Carbon Market Challenges - The global carbon market faces challenges such as reduced efficiency, lack of standardization, insufficient transparency, and market fragmentation [1] - A tokenized carbon ecosystem can address these issues, supporting the development of global carbon trading [1] Group 3: Stablecoin Impact on Cross-Border Payments - Stablecoins can significantly enhance cross-border payment efficiency, reducing costs to one-tenth of traditional systems and achieving transaction speeds in seconds [2] - It is projected that by 2024, 10% of global cross-border payments will be completed using stablecoins [2] Group 4: Strategic Implications for the Company - The successful testing of Carbon Coin and the carbon credit anchoring protocol is expected to improve the quality tracking and transparency of carbon reduction projects, benefiting carbon market service providers [2] - The company believes that participation in digital technology will lead to sustainable business growth and financial returns, laying a solid foundation for further business expansion and enhancing overall shareholder interests [2]

Group 1 - The core point of the article is that non-executive director Chen Yonglan has increased his stake in the company by purchasing 10 million ordinary shares at a price of HKD 1.63 per share, representing approximately 1.56% of the company's issued shares [1] Group 2 - Following the purchase, Chen Yonglan's total shareholding amounts to 10 million shares, which constitutes about 1.56% of the company's total issued share capital as of the announcement date [1]

Market Overview - The Hong Kong stock market indices opened higher on July 8, with the Hang Seng Index rising by 0.17%, the Hang Seng Tech Index increasing by 0.28%, and the Hang Seng China Enterprises Index up by 0.22% [1] Future Market Outlook - Guoyuan Hong Kong anticipates that policy measures may be introduced in the second half of the year to counteract tariff impacts, supporting the valuation of Hong Kong stocks, which are expected to maintain resilience in the medium to long term [2] - According to CMB International, as of the end of June, the Hang Seng Index approached its yearly high, primarily driven by a decline in risk premiums, while the contribution from fundamental earnings improvement was relatively limited. Southbound capital has shown a strategic increase in holdings across various sectors, particularly in healthcare and finance, reflecting a focus on high-growth sectors and defensive high-dividend stocks [2] - CITIC Securities predicts that the ongoing reform of the Hong Kong listing system will enhance asset quality and liquidity, with continued inflow of southbound capital. The market is expected to trend upwards in the third quarter, with potential earnings upgrades in the fourth quarter due to domestic growth stabilization policies [3] Sector Focus - Everbright Securities notes that in the short term, the Hong Kong market may experience volatility due to liquidity constraints and uncertainties in U.S.-China relations. However, the long-term outlook remains strong, with relatively high profitability in the market and attractive valuation for sectors like internet, new consumption, and innovative pharmaceuticals [2] - China Merchants Securities highlights the stability and strong dividend capacity of the infrastructure sector, recommending attention to the valuation of Hong Kong infrastructure dividend assets, especially during a rate-cutting cycle [6] Company News - BYD Company Limited has signed a cooperation framework agreement with the Hong Kong University of Science and Technology to establish a joint laboratory focusing on robotics and intelligent manufacturing, with an investment of several tens of millions of Hong Kong dollars over the coming years [7] - Jitu Express reported a total parcel volume of 7.3916 billion for the second quarter, representing a year-on-year increase of 23.5%, and expects a total of 13.991 billion parcels by mid-2025, a growth of 27.0% [7] - China Carbon Neutrality has signed a strategic cooperation agreement with Beijing Zhonghong Lanhai to collaborate in the fields of carbon peak and carbon neutrality, with a total investment of approximately 10 billion RMB [7] - Conant Optical anticipates a net profit increase of no less than 30% year-on-year for the first half of the year [8] - Dongfeng Motor Group reported a cumulative automobile sales figure of 824,000 units for the first six months, reflecting a year-on-year decline of approximately 14.7% [9]

Core Viewpoint - The company has signed a strategic cooperation agreement with Beijing Zhonghong Lanhai Animal Husbandry Technology Development Co., Ltd. to collaborate in the fields of carbon peak, carbon neutrality, and new energy industry, with a total investment expected to be RMB 10 billion [1] Group 1: Strategic Cooperation - The agreement aims to accelerate the promotion of a "dual carbon digital control command platform demonstration" project [1] - Both parties will jointly advance the "new energy vehicle charging pile and integrated solar storage project" [1] - The collaboration includes the construction of public charging infrastructure for new energy vehicles and an intelligent charging network platform [1] Group 2: Project Goals - The projects will focus on achieving integrated monitoring of charging data, payment settlement, and operational management [1] - The goal is to establish a comprehensive charging service network covering urban areas and surrounding regions for new energy vehicles [1]

Group 1 - The core viewpoint is that China needs to invest between 19.5 trillion to 36.2 trillion USD from 2025 to 2060 to achieve carbon neutrality, with investment in the period from 2035 to 2060 expected to double compared to the previous phase [1] - There is significant investment potential across all industries, particularly in the electricity sector [1] - Challenges such as technological bottlenecks and cost barriers must be addressed to effectively promote investment for carbon neutrality [1] Group 2 - The current business models and market mechanisms require breakthroughs to facilitate the necessary investments [1]

Group 1 - The company has signed a settlement and offset agreement with subscribers, agreeing to issue convertible bonds worth HKD 57.66 million to offset debts [1] - The convertible bonds can be converted at an adjusted price of HKD 0.28 per share, potentially resulting in the issuance of up to 206 million shares, which would represent approximately 32.03% of the current issued share capital [1] - The issuance of convertible bonds is intended solely to offset debt, meaning the company will not receive any proceeds from this issuance [1] Group 2 - The company has considered various fundraising options, including debt financing, placing new shares, and rights issues, but found them increasingly difficult due to limited borrowing capacity and tightening credit policies [2] - The board believes that issuing convertible bonds is a more feasible and cost-effective method for debt repayment, given the current market conditions and uncertainties surrounding other financing options [2]

Core Insights - The report outlines key technological pathways for achieving carbon neutrality in China's industrial sector, projecting a reduction in industrial carbon emissions to 450 million tons by 2060, a decrease of approximately 95% from 2025 levels [1] - Four common technologies—raw material substitution and waste recycling, electrification and clean power substitution, hydrogen substitution, and CCUS—are expected to contribute nearly 80% of the industrial technology emission reduction potential [1] Technological Evolution Pathways - From 2025 to 2035, the large-scale application of low-carbon process technologies will occur, with energy efficiency improvement technologies and raw material substitution and waste recycling technologies significantly reducing industrial carbon emissions [1] - The period from 2035 to 2050 will see the explosive application of disruptive process technologies, with accelerated development of electrification and clean power substitution technologies, and the scaling of hydrogen substitution technologies driven by declining costs and increased maturity [1] - From 2050 to 2060, deep application of carbon removal underpinning technologies will take place, with CCUS technology expected to contribute 24% to emission reductions by 2060 [1] Policy Recommendations - The report suggests a series of policy recommendations, including planning and deploying major projects for key industrial carbon neutrality technologies, enhancing the carbon market's incentive effects, and accelerating the R&D breakthroughs and demonstration promotion of common carbon neutrality technologies [2] - It emphasizes the need to establish a supportive fiscal and tax policy system for the development of carbon neutrality technologies and to expedite the deployment of common technologies with clear industrialization paths and significant emission reduction potential [2] - The report was compiled by over 40 experts from 24 organizations, including various industrial planning and research institutes, and involved extensive field research and expert consultations to gather insights on low-carbon transition practices and technological needs [2]