S Shanghai Services Federation 上海现代服务业联合会 荣续智库 零碳物流园区发展白皮书 摘要 零碳物流园区，不仅是现代物流体系升级的必然选择，更是企业践行ESG理念、城市实现可持续发展的重要支点。它以技术 创新为引擎，以政策标准为框架，将低碳基因融入仓储、运输、管理的每一个环节，重新定义着物流基础设施的生态价值。 本白皮书深耕零碳物流园区的发展脉络、技术路径与实践案例，愿为行业破局提供思路。 PREFACE ANALYST 前言 研究员 作为物流网络的核心节点，物流园区承载着货物集散、仓储管理、 孙旭灿 CFAESG证书：102257287 信息交互等关键功能，其碳排放强度直接影响着产业链的绿色水平。 近年来，中国物流园区数量已突破2500家，但传统园区"重规模、 轻低碳"的发展模式与生态环境保护的矛盾日益尖锐，零碳转型成 国际通用ESG高级分析师：SH7514FBA0189 为破解资源环境约束、提升行业竞争力的核心路径。 从全球视角看，零碳物流园区建设已形成多元探索格局。欧盟通过 吴虹静 高级注册ESG分析师：23RZQLKC003184A "绿色新政"推动物流设施能源结构转型 ...

2025年，在全球经济深度调整与国内产业结构加速变革的交叉点上，中国物流业呈现出前所未有的复杂性与成长性。当年度全国社会物流总 额突破360万亿元，同比增长5.8%，快递业务量达到1820亿件，领跑全球十余年。这些数字背后，是行业从规模扩张向价值创造的根本性转 变。从无人机在低空经济中"看得见、管得住"的规范落地，到冷库能耗从"成本黑洞"走向"数字画像"的精细运营，从航空货运国际航线的密 集织网到公路货运价格指数的持续承压，中国物流业正经历一场由表及里的能力重构。展望2026年，物流业将在高质量发展主线下，进一步 聚焦提质增效、技术赋能与生态协同，在不确定中锚定确定性的增长逻辑。 2025年发展回顾：韧性增长下的结构性分化 1.市场规模：总量增长与增速换挡并行 在全球经济调整与国内产业变革叠加下，中国物流业在过去一年呈现韧性与分化并存的态势。数字技术深度渗透、智能装备规模化应用推动 行业效率升级，而成本压力与结构性矛盾倒逼模式创新。展望2026年，物流业将以价值为核心，在技术赋能与政策引导下，构建高质量发展 新生态。 白光利 华商国际工程有限公司 2025年，中国物流业在承压中保持稳健增长，但增速中枢明显下移 ...

Core Viewpoint - The MRO (Maintenance, Repair, and Operations) sector, despite being a seemingly low-profile market, is attracting significant capital interest as traditional consumer e-commerce growth slows down. Companies like Xin Yi Lin He are attempting to capitalize on this trend through IPOs and strategic acquisitions [2][3]. Industry Overview - The MRO procurement service market in China is projected to grow from CNY 3.0 trillion in 2020 to CNY 3.7 trillion by 2024, with a compound annual growth rate (CAGR) of 5.6%, indicating a substantial market opportunity [3]. - MRO products include essential items like hardware, lubricants, and various chemicals, which are aggregated on platforms to reduce supply chain costs and enhance pricing [2]. Company Performance - Xin Yi Lin He, established in 2013, operates the B2B e-commerce platform Rui Gu Mall, ranking fifth in the domestic MRO sector. The company reported a revenue increase from CNY 5.05 billion in 2023 to CNY 8.77 billion in 2024, a growth rate of 73.7%. However, its MRO platform business revenue is declining, with a 17.82% drop expected in 2024 [3][5]. - In the first three quarters of 2025, Xin Yi Lin He's revenue reached CNY 11.24 billion, but the contribution from its digital platform continued to decrease, accounting for only 24.4% of total revenue [5]. Financial Challenges - Xin Yi Lin He's sales and marketing expenses were CNY 2.99 billion in 2023, representing 59.21% of its revenue. The company faced operating losses of CNY 3.51 billion in 2023 and CNY 3.83 billion in 2024, with cumulative losses of CNY 9.51 billion over three years [7][19]. - The company holds only a 0.9% market share in the online MRO procurement service market, indicating limited scale and profitability [8]. Strategic Shifts - To address the challenges of its platform business, Xin Yi Lin He has shifted towards acquisitions, purchasing Shanghai Hezong for CNY 90 million in December 2023 and acquiring a 40% stake in Ming Lei Group for CNY 300 million in November 2024, aiming to enhance its control over the supply chain [9][10][11]. - The revenue from manufacturing operations surpassed that of the digital platform for the first time in 2024, contributing CNY 4.63 billion, or 52.7% of total revenue [12]. Debt and Valuation Concerns - Xin Yi Lin He faces significant financial pressure, with redeemable preferred shares amounting to approximately CNY 4.45 billion by September 2025, while total assets were only CNY 32.35 billion, leading to a debt-to-asset ratio of 185.85% [18][19]. - The company’s goodwill balance was CNY 82.26 million as of September 2025, raising concerns about potential impairments if acquired assets underperform [16]. Conclusion - Xin Yi Lin He's upcoming IPO is seen as a critical juncture for the company, which is navigating the complexities of transitioning from an e-commerce platform to a manufacturing entity while managing substantial debt and operational losses. The success of this transition will be pivotal for its long-term sustainability and investor confidence [20].

在英国首相斯塔默访华的一众随行企业名单中，一家名为章鱼能源（Octopus Energy）的企业颇受业内 关注。 2026年1月30日举行的中英商务论坛上，这家英国最大的电力交易公司与一家中国新兴能源企业达成了 合作——章鱼能源与碧澄能源将在华合资设立一家聚焦电力交易业务的公司，此举被视作近些年来中英 能源领域又一项标志性的进展。 事实上，上述合作的主角双方，都是各国能源领域的后起之秀。 碧澄能源的前身是保碧新能源，成立于2022年，早年因其是房地产龙头企业保利和碧桂园联合孵化跨界 新能源，受到业内关注。2025年，保碧新能源更名"碧澄能源"，其最新股东包括普洛斯、淡马锡、蔚来 等旗下资本。 章鱼能源于2015年成立，这家公司仅用十年时间就迅速成长为英国本土最大电力供应商，并且与中国多 家能源企业互动频繁。 "章鱼"为何盯上中国的电力交易市场？它能否为中国智慧能源领域的发展带来"鲶鱼效应"呢？ 合作仅用半年就谈妥 章鱼能源与碧澄能源计划设立的合资公司，将聚焦共建电力数字交易平台。 碧澄能源董事长兼首席执行官李文轩在接受媒体采访时透露，鉴于两家公司之间在业务层面形成天然互 补——碧澄能源所处的中国市场和应用范围 ...

Group 1 - The core point of the article highlights the opening of Xiaomi's largest national delivery center in Shenzhen, which is supported by Prologis, showcasing their long-term partnership since 2012 [1] - Prologis has been instrumental in supporting Xiaomi's expansion into various sectors, including 3C, home appliances, automotive parts, and vehicle delivery, reflecting Xiaomi's growth from consumer electronics to new energy vehicles [1] - The new delivery center was established in less than five months, demonstrating Prologis's effective collaboration in space adaptation, engineering coordination, and on-site operations [1] Group 2 - Prologis has a strong presence in the Chinese market, with logistics, warehousing, and manufacturing R&D infrastructure covering over 70 cities and regions, and an operational area exceeding 40 million square meters [2] - The company serves more than 2,500 clients, indicating its significant role in the logistics and supply chain sector in China [2]

Core Insights - The logistics industry is experiencing significant growth opportunities due to the deep integration with the digital economy and green development, supported by continuous industrial policies, technological innovations, and capital empowerment [1][2]. Group 1: Industry Development Trends - By 2025, the modern logistics and related sectors are expected to show steady expansion, structural optimization, and accelerated transformation, becoming a crucial part of new productive forces [2]. - The domestic smart supply chain sector has achieved leapfrog development, with AI technology effectively addressing traditional supply chain issues such as forecasting delays and slow responses [2][3]. - The integration of logistics technology and new energy is accelerating, leading to notable advancements in the industry's green and low-carbon transformation [2][3]. Group 2: Capital Investment Dynamics - Capital investment in modern logistics and smart supply chains is increasing, with firms like Hidden Hill Capital exemplifying strategic investments in these sectors [4]. - The scarcity and long-term growth potential of these sectors are key factors driving capital allocation, as highlighted by Hidden Hill Capital's focus on modern logistics services, smart supply chains, and logistics technology [4][5]. - The unique investment model of "capital + scenario + ecosystem" is effectively addressing industry challenges and enhancing investment success rates [5][6]. Group 3: Future Outlook and Innovations - By 2026, the logistics industry is expected to see deep penetration of intelligent technologies and widespread adoption of green practices, driven by technological innovation, policy guidance, and market demand [7]. - The penetration rates of new energy vehicles in urban delivery, express logistics, and cold chain logistics are projected to reach 35.8%, 42.6%, and 28.9% respectively, significantly reducing carbon emissions in logistics operations [7]. - The rapid growth of cross-border logistics and global supply chain services is anticipated, with a focus on building a global service network and enhancing logistics capabilities [8].

随着全球绿色转型进程加快，中英两国在新能源领域的合作持续走向纵深。1 月 30 日，碧澄能源与全球性能源 科技巨头章鱼能源在中英商务论坛正式签约，宣布战略合资布局电力数字交易平台，这一动作不仅为双方业务拓展注 入新动能，更凸显了新能源产业生态的协同力量。 碧澄能源与章鱼能源在1月30日举行的中英商务论坛中签约 近年来，碧澄能源的业务版图正在不断拓展，依托杭州、广州、上海、北京、苏州、西安六大运营中心，目前已 构建起全国性的资产拓展与管理网络，国内业务覆盖上百个城市，海外业务更辐射中东、东南亚、大洋洲等国际新能 源潜力市场。强大的网络布局背后，离不开股东方的鼎力支持，淡马锡、普洛斯等领先国际和产业资本的加持，让碧 澄能源在资源整合与资本运作上具备了独特优势。 其中，普洛斯作为核心战略投资者，与碧澄能源的合作堪称产业协同的典范。2023 年双方联合发起洛能资本 后，迅速在分布式绿色能源投资领域打开局面，2024 年完成的新能源开发基金一期首轮关账，锁定了 2GW + 的优质 工商业分布式光伏项目。与此同时，普洛斯自身在新能源领域的布局也成果斐然，其已构建起覆盖分布式光伏、集中 式光伏、风电、储能的多元化投资运营体 ...

在英国首相再度访华的重要契机下，中英能源领域合作迎来突破性进展。1月30日，碧澄能源与全球性能源科技公司章鱼能源（Octopus Energy）在中英商务 论坛正式签约，宣布战略合资，计划在华设立聚焦电力交易业务的合资公司，深度融合全球顶尖能源科技与中国本土化运营服务能力，共同探索并引领智慧 能源发展的新路径，为工商业用户创造更高价值，为行业发展注入新动能。 作为全球领先的新型基础设施产业服务商，普洛斯在新能源领域布局深厚，已构建起覆盖分布式光伏、集中式光伏、风电、储能的多元化投资运营体系。截 至目前，其新能源开发规模超2GW，累计开发资产达3GW。2025年，普洛斯新能源平台管理已并网容量1.35GW，年发电量达11.1亿千瓦时，折合减少二氧 化碳排放64.1万吨，全年绿证销售30万张。同时，普洛斯通过搭建多元化投资平台、引入国际合作方等方式，持续强化产业生态协同能力，为客户、投资人 与各方合作伙伴创造更大价值，为生态企业的发展提供全面赋能支持。 碧澄能源与章鱼能源在1月30日举行的中英商务论坛中签约 作为集绿色电力生产与市场化售电于一体的综合能源服务商，碧澄能源不仅拥有广泛而稳定的工商业用户网络与光伏电站 ...

Group 1 - Vanke A responded to investor inquiries on its interactive platform regarding information related to Prologis, stating that relevant business information should be based on official releases from Prologis [1]

Core Insights - Yinshi Capital's RMB fund management scale is steadily growing, with accelerated collaboration with industrial capital, focusing on hard technology, AI, and new energy sectors, showcasing growth and influence in its investment portfolio [1] - The company aims to combine deep post-investment management with industrial synergy to empower portfolio companies and create long-term value for investors [1] Fundraising and Investment Focus - In October 2025, Yinshi Capital completed fundraising for its first private equity fund focused on new materials and new energy, with a scale of 500 million RMB, targeting innovative companies in the new materials and new energy supply chain [1] - In December 2025, Yinshi Capital was entrusted to manage a fund of 300 million HKD under the Hong Kong government's "New Capital Investor Entry Scheme," aimed at early-stage high-growth potential enterprises [2] Strategic Vision and Market Insights - Prologis' CEO emphasized that the empowerment of cutting-edge technology and continuous application practices will enhance efficiency in logistics, smart computing, and new energy sectors, reshaping industry innovation [2] - Prologis China reported that the logistics infrastructure market's net absorption exceeded expectations, indicating a strong market trend, with logistics companies investing in automation and digital operations to improve quality and ESG performance [2] Product-Driven Growth and Global Opportunities - Yinshi Capital's partner highlighted that logistics robotics and autonomous trucks are entering a new phase of efficiency and industry benefits, focusing on product-driven growth in the global market [4] - Various portfolio companies discussed their strategies for product-driven growth, emphasizing the importance of AI technology and data-driven product iterations to enhance logistics efficiency and safety standards [5] Supply Chain Restructuring and Global Expansion - Yinshi Capital's partner noted that the global supply chain restructuring will evolve over the coming decades, with Chinese logistics and supply chain companies increasingly going global [6] - Industry leaders discussed the importance of digital solutions for efficient cross-border supply chain management and the potential for higher profit returns in overseas markets [6] - Companies are focusing on building world-class enterprises through deep collaboration in culture, products, and teams to seize globalization opportunities [6] Cross-Border Supply Chain Services - Companies are leveraging their expertise in integrated supply chain services to address cross-border complexities and penetrate global markets through mergers and acquisitions [7]