Company Overview - Cactus designs, manufactures, sells, and rents highly engineered products for improved drilling and completions efficiencies and enhanced safety, with product revenue accounting for 64%, rental 14%, and field service & other 22% of total revenue[9] - The company's adjusted EBITDA margin has shown resilience, with YTD 2022 annualized margin at 31%[12] - Cactus has achieved significant U S onshore market share gains, reaching 41 8% in 2021[19] Financial Performance - The company's revenue increased from $341 2 million in 2017 to $632 2 million YTD 2022 annualized[9, 16] - Adjusted EBITDA increased from $112 1 million in 2017 to $195 7 million YTD 2022 annualized[12] - Adjusted EBITDA less net capital expenditures as a percentage of revenue was 26 9% YTD 2022 annualized[14] Strategy and Outlook - Cactus' SafeDrill wellhead systems offer safety and time savings advantages over conventional wellheads[33, 34] - The company is experiencing favorable macro trends, including an expected ~10% growth in the U S land rig count in 2023[44] - Cactus is expanding geographically, with potential for growth in regions outside the U S and Australia, which currently account for 76% of the global land rig count[49, 50] - The company is committed to ESG goals, offering solutions that enable customers to drill and complete wells faster, safer, and cleaner[51, 54]

Core Insights - The performance of wealth management subsidiaries in the first half of the year shows significant divergence, with some experiencing a decline in net profit exceeding 30% compared to the same period in 2024 [1][2] Group 1: Wealth Management Product Balances - As of the end of June, 13 wealth management subsidiaries had a total balance of managed wealth management products exceeding 1 trillion yuan, with 3 subsidiaries surpassing 2 trillion yuan: China Merchants Bank Wealth Management (24,600 billion yuan), Xinyin Wealth Management (23,155.77 billion yuan), and Bank of China Wealth Management (21,300 billion yuan) [2] - Several subsidiaries reported year-on-year increases in managed wealth product balances, with Ningyin Wealth Management growing by 26.95% and Hengfeng Wealth Management by 25.08% [2] - Conversely, some subsidiaries saw declines in managed product balances, with the largest drop reaching 11.90% [2] Group 2: Net Profit Trends - Among 22 wealth management subsidiaries that disclosed their net profit for the first half of the year, 6 reported net profits exceeding 1 billion yuan, with China Merchants Bank Wealth Management and Bank of China Wealth Management leading at 1.364 billion yuan and 1.358 billion yuan, respectively [2] - Notably, several subsidiaries experienced significant declines in net profit, with Ping An Wealth Management and Qingyin Wealth Management reporting decreases of -41.28% and -35.68%, respectively [2][3] Group 3: Industry Trends and Developments - The wealth management industry is witnessing a trend of increasing concentration, with leading institutions capturing a larger market share, while smaller institutions are attempting to differentiate themselves through niche strategies [4] - The net profit growth rate is polarized, driven by an optimization of product structures, with a notable increase in fixed-income products and a decline in cash management products due to stricter regulations [4] - The transition towards green finance is becoming a key focus for wealth management subsidiaries, with initiatives to develop ESG-themed products and align with national sustainability goals [5][6][7] Group 4: Green Finance Initiatives - Green finance is emerging as a significant development direction for wealth management subsidiaries, with examples including the issuance of ESG-themed products and investments in green bonds [5][6] - Wealth management companies are encouraged to integrate green finance into their strategic frameworks, enhance their ESG product offerings, and leverage digital finance innovations [7][8] - The establishment of an ESG management system and the development of differentiated green financial products are essential for gaining a competitive edge in the market [7][8]

Group 1 - The company, Betaini, has received three recognitions in the field of sustainable development, including being selected for the "Top 100 ESG Best Practices of Chinese Listed Companies 2025" and winning the "2025 China Listed Company Yinghua Award - A-share ESG Demonstration Case" [1][2] - Betaini is positioned as a skin health internet + big health industry group and ranks first in the sales of functional skincare products in China, demonstrating strong market leadership and commitment to corporate governance, environmental protection, and social responsibility [1][2] - The company has achieved a AAA ESG rating from Huazheng and has been recognized as an "Excellent ESG Practice Case" and "Best Practice in Investor Relations Management" by the China Association of Listed Companies [1][2] Group 2 - The three recognitions highlight Betaini's value as an industry benchmark in disclosure and practice, showcasing its evolution from a disclosure pioneer to a systematic model [2] - Betaini has published ESG reports for four consecutive years, aligning with international standards and transforming policy guidance into corporate actions, thus becoming a significant force in the sustainable transformation of Chinese enterprises [2] - The company's sustainable practices are integrated into its R&D, production, and branding, with initiatives such as a biodiversity protection project in Yunnan and innovative packaging that reduces plastic use by 39% [2][3] Group 3 - Betaini's ESG actions are driven by both scientific research and cultural values, with successful registration of 17 new cosmetic raw materials derived from Yunnan's biodiversity, contributing over 10 billion yuan to the industry chain in 2024 [3] - The "Weixiao Sunshine Program" has been protecting skin health in high UV regions for ten years, alongside projects focused on intangible cultural heritage and rural education, reflecting the company's deep-rooted value of giving back to society [3]

Core Viewpoint - The Shanghai Stock Exchange (SSE) is actively developing a green financial market to support China's carbon peak and carbon neutrality goals, integrating green development into various sectors of the economy and facilitating connections between industries and capital [1][8]. Group 1: Product Supply and Market Development - SSE is enhancing its green financial market by providing diverse products and services, including lifecycle consulting for green enterprises, which has led to 68 IPOs in the new energy and environmental protection sectors on the Sci-Tech Innovation Board by August 2025 [2]. - SSE has streamlined refinancing processes for listed companies, resulting in 19 companies in the energy-saving and new energy sectors completing refinancing with a total of 648 billion yuan raised [2]. - The bond market has seen significant innovation, with SSE issuing over 9,300 billion yuan in green and low-carbon transition bonds since 2016, supporting projects like hydropower station construction [3]. Group 2: Indexes and Fund Products - SSE has launched 155 ESG-related indexes, with nearly 100 products tracking these indexes, amounting to over 700 billion yuan in scale, facilitating investment in green sectors [4]. - There are 46 green ETFs listed on SSE, covering various themes related to ESG and green development, with a total scale approaching 500 billion yuan [4]. Group 3: Policy and Governance - SSE is promoting ESG information disclosure among listed companies, with over half of the companies expected to publish ESG reports by 2025, enhancing their competitiveness [5][6]. - The SSE has implemented action plans to improve the quality of ESG disclosures, resulting in 22% of listed companies seeing an increase in their ESG ratings by August 2025 [6]. Group 4: International Engagement - SSE actively participates in international discussions on sustainable finance, representing China at the G20 Sustainable Finance Roundtable and contributing to the development of global sustainable finance principles [7]. - SSE has made ESG investment a core topic at its international investor conferences, providing opportunities for local companies to showcase their green development efforts to global investors [7].

Group 1: Electric Vehicle Infrastructure - The total number of electric vehicle charging facilities in China reached 17.348 million as of August 2025, representing a year-on-year growth of 53.5% [1] - This growth reflects the accelerated adoption of new energy vehicles and highlights the improving layout of green transportation infrastructure, supporting energy transition and emission reduction goals [1] Group 2: Carbon Capture Standards - China's first international standard in the carbon capture field was released, focusing on key performance indicators and testing methods for post-combustion CO₂ capture absorption solutions [1] - This achievement signifies a breakthrough in China's international discourse power in key technologies for carbon neutrality and will accelerate the standardization and large-scale application of carbon capture technology [1] Group 3: Renewable Energy Capacity - Jiangsu Yancheng has become the first city in the Yangtze River Delta region to exceed 20 million kilowatts of renewable energy grid capacity, following the integration of the second batch of units from the Guoxin Dafeng offshore wind power project [1][2] - This development underscores the accelerated transformation of regional energy structures and strengthens clean energy supply capabilities in Jiangsu [2] Group 4: ESG Legislation - The Vice Chairman of the Financial and Economic Committee of the National People's Congress emphasized the need for stronger legislation in the ESG (Environmental, Social, and Governance) field to ensure the implementation of ESG principles [2] - This indicates a shift from advocating ESG concepts to establishing regulatory frameworks, which will be crucial for achieving high-quality sustainable development [2] Group 5: AI in ESG Governance - AI is evolving into an intelligent support system that spans the entire ESG governance chain, enhancing capabilities in governance structure, strategic planning, risk management, and performance tracking [2][3] - This evolution highlights the strategic value of technology in empowering both sustainability and digital transformation within enterprises [3] Group 6: Green Financing - The first ESG-linked loan for financing leasing in Fujian Province was successfully implemented by Industrial Bank's Xiamen branch, linking environmental, social, and governance performance to financing costs [3] - This initiative promotes green finance development and supports enterprises in their low-carbon transition, demonstrating significant industry implications and sustainable development value [3] Group 7: Steel Industry Decarbonization in India - The Indian government plans to invest approximately $570 million to incentivize steel production companies to reduce emissions, particularly targeting small steel enterprises that account for nearly half of the national output [4] - This initiative responds to the growing domestic demand for steel driven by infrastructure projects and new housing needs, reflecting a balance between economic growth and low-carbon transition in emerging industrial nations [4]

Group 1 - The core objective of the sixth China-New Zealand climate change ministerial dialogue is to deepen practical cooperation in addressing climate change, following the consensus reached by the leaders of both countries [2][3] - The dialogue emphasizes the importance of multilateralism and international cooperation in climate action, as highlighted by President Xi Jinping's recent speeches [2] - Both countries have agreed to strengthen cooperation in various areas, including carbon markets, climate adaptation, climate finance, and renewable energy development [3] Group 2 - The Sina Finance ESG Rating Center offers 14 ESG services to assist listed companies in promoting ESG concepts and enhancing sustainable development performance [1] - The center aims to establish a suitable ESG evaluation standard system for China and promote the development of ESG investment in the asset management industry [4]

9月18日，"2025中国酒业协会酒与社会责任促进工作委员会年会暨2025全国理性饮酒宣 传周"在北京举行。会上，由中国酒业协会与新浪财经联合打造的"中国酒业ESG发展指 数"及报告编写进展首次公开披露。这是中国酒业首个全面系统的ESG评价体系，不仅填补 了行业统一化、专业化ESG治理工具的空白，更标志着中国酒业从"被动应对监管"向"主动 引领可持续发展"转型，为全球酒类行业ESG实践提供"中国样本"，引发行业广泛关注。 三大"开创性"价值： 不止是评价工具，更是解决方案 区别于通用ESG评级体系，该指数的核心价值在于"贴合酒业特性、解决行业痛点"，具体 体现为三大突破： 其一，定制化评价标尺。指数涵盖"环境、社会、治理"三大分指数，下设11个一级指标、 23个二级指标、68个三级指标，特别融入"水资源循环利用率""乡村振兴投入"等酒业特色 指标，让茅台、五粮液等头部企业，及中小酒企均能找到自身"发展坐标系"。 其二，痛点与优势双向赋能。针对酒企普遍面临的碳排放核算、供应链ESG管控难题，指数 通过"范围三温室气体核算企业数"等量化指标提供改进方向；同时将"研发投入占比""公益 跨领域协同破局： 两大权威平台 ...

Core Viewpoint - The article discusses the Chinese government's strategic plan to enhance the national carbon market, aiming for a more effective and internationally influential system to address climate change and promote green transformation in the economy [1][2]. Group 1: Overall Requirements - The plan emphasizes the integration of Xi Jinping's thoughts on ecological civilization and economic development, aiming for a balance between green transformation and economic growth [2]. - Key goals include achieving comprehensive coverage of major industrial sectors in the carbon trading market by 2027 and establishing a robust carbon pricing mechanism by 2030 [2]. Group 2: Carbon Emission Trading Market Development - The national carbon emission trading market will expand its coverage based on industry development, pollution reduction contributions, and carbon emission characteristics [3]. - A transparent carbon quota management system will be established, transitioning from intensity control to total volume control by 2027 for stable emission sectors [3]. Group 3: Voluntary Emission Reduction Market - The development of a voluntary emission reduction trading market will be accelerated, focusing on areas with significant sustainable development benefits [5]. - The government encourages the use of certified voluntary emission reductions in various sectors, including government and corporate social responsibility initiatives [6]. Group 4: Market Vitality Enhancement - Financial institutions will be encouraged to develop green financial products related to carbon emissions, enhancing support for greenhouse gas reduction [7]. - The introduction of new trading participants, including individuals and financial institutions, will be facilitated to broaden market engagement [7]. Group 5: Capacity Building for Carbon Market - A comprehensive management system will be established to support the carbon market's development, including digital and intelligent management systems [8]. - The article highlights the importance of accurate carbon emission accounting and reporting, with a focus on improving data quality and regulatory oversight [9]. Group 6: Organizational Implementation and Legal Support - Local governments are tasked with implementing the carbon market strategy, ensuring compliance and effective management of emission quotas [11]. - The government will strengthen legal frameworks to support carbon market operations and enhance regulatory measures against violations [11]. Group 7: International Cooperation - The article emphasizes the importance of participating in international climate agreements and promoting China's carbon market practices globally [12].

资料来源：安踏体育2024年环境、社会及管 治报告 编者按：ESG年报解读为搜狐财经及价值公司100联合发起的针对各公司ESG报告披露情况的解读专 栏。 参考上交所《上市公司治理准则》、港交所《环境、社会及管治守则》等文件，搜狐财经迭代完善各行 业ESG测评体系标准，并以最新标准为依托，以2024年公司ESG报告为主要数据来源，对公司环境资 源、社会责任及公司管治进行了评价。 本文为"安踏集团"篇。 出品 | 搜狐财经 研究员 | 张子豪 9月16日，安踏集团通过官方微信公众号"廉洁安踏"发布最新反腐败公告，披露了自2025年以来的反腐 专项治理成果及系统性措施。 资料来源：廉洁安踏公 众号 截至2025年8月，安踏集团因严重舞弊行为辞退员工74人，其中包含总裁级1人、总监级14人、经理级4 人，覆盖采购、营销、供应链等高风险岗位。同时，46名内外部人员（内部21人、外部25人）因涉嫌违 法犯罪被移交司法机关处理，包括3名已离职员工（因在职期间职务犯罪被追溯追责）。 查处违反诚信廉洁条款的供应商及合作伙伴45家，涉及违法犯罪金额约3000万元。安踏强调，对行贿、 共同职务侵占等行为"永不合作"，并已公布首批1 ...

中国社会工作联合会会长陈存根出席并致辞。陈存根表示，当前，世界百年变局加速演进，全球气候危 机严峻，资源约束趋紧，社会公平受损，治理体系调整。在这一背景下，绿色、包容、可持续的发展， 已成为全球的共识与时代命题。作为衡量可持续发展质量的标准——ESG，即环境、社会、治理理念应 运而生，并迅速从一种评价工具演变为重塑企业价值逻辑和发展范式的重要模式。它不仅衡量企业的可 持续发展能力，更推动企业从单一追求经济利益，转向统筹环境责任、社会责任与治理效能的多维价值 创造。 就社会维度而言，企业ESG应彰显人文温度，筑牢发展根基。陈存根表示，这是ESG体系中最具温度、 最贴近民生的部分，也是企业与社会建立信任的关键纽带。他强调，企业要坚持以人为本，构建和谐劳 动关系，保障员工合法权益与多元共融；积极参与社区发展，助力乡村振兴、生态文明、健康中国与共 同富裕；坚守客户权益与商业伦理，提升产品质量、保证应用安全与社会服务水平，推动企业社会责任 从"输血式捐赠"迈向"造血式赋能"，实现社会效益的可持续释放。 结合治理维度，陈存根指出，企业应强化制度保障，提升公信透明。健全现代企业制度，强化董事会对 ESG事务的战略引领、落地 ...