Core Insights - Yunda Express has been recognized for its outstanding performance in corporate governance, value creation, and sustainable development by being included in both the "Excellent Practice Cases of Listed Company Boards" and "Best Practice Cases of Sustainable Development" lists by the China Listed Companies Association [1] Group 1: Corporate Governance - Yunda Express has established a well-structured and efficient board system, emphasizing diversity and professionalism among directors, and has set up specialized committees for strategy, audit, nomination, and compensation [3] - The company strictly adheres to internal control norms and has built a comprehensive risk management system covering the entire business chain to ensure compliance and asset safety [3] Group 2: Environmental Responsibility - Yunda Express promotes green development by implementing a low-carbon transformation strategy, including the use of eco-friendly packaging materials and optimizing transportation routes to reduce carbon emissions [2] - The company has installed photovoltaic power generation projects at multiple hubs, with a total area of 136,554 square meters and a cumulative power generation of 16,157,760 kWh, resulting in a reduction of 13,265.52 tons of CO2 equivalent emissions [2] Group 3: Social Responsibility - Yunda Express focuses on building harmonious relationships with stakeholders, providing employee training and benefits, enhancing service quality for customers, and engaging in social welfare activities [3] - Since the establishment of the Shanghai Yunda Public Welfare Foundation in 2017, the company has supported over 1,800 underprivileged students through its "Yun Miao" scholarship program, with total social welfare donations reaching 9.2416 million yuan in 2024 [3] Group 4: Information Disclosure - Yunda Express prioritizes transparent communication with investors, ensuring timely and accurate information disclosure through various channels, including open days and investor hotlines [4] - In 2024, the company disclosed six regular reports and 143 temporary announcements, receiving a total of 526 investors, thereby safeguarding their rights to information and participation [4] Group 5: Future Outlook - Yunda Express aims to continue its commitment to corporate governance reform and ESG management, focusing on digital transformation, green development, and social responsibility to enhance its value creation and societal impact [4]

这波逆势崛起绝非空谈，一组爆发式增长的业绩数据直接亮出了底牌。2025年上半年，海辰储能营收狂飙至69.71亿元，同比暴涨224.6%，更让人惊喜的 是，公司实现净利润2.13亿元，成功扭亏为盈。更硬核的是市场地位：全球储能电池出货量、电力储能出货量双双冲进Top2，硬生生从储能赛道的"后起之 秀"变成了"顶流玩家"。但这波逆袭绝非偶然，背后藏着两大"制胜法宝"——把ESG做成"硬通货"，让全球化落地成"家常菜"。 很多企业还在把ESG当成"面子工程"时，海辰储能早就把它刻进了企业基因里。2025年，公司拿下了EcoVadis金牌评级，直接跻身全球前5%，还入选了"能 源ESG100"双十佳案例，这些奖项可不是靠花钱就能刷来的。秘诀在于一套实打实的战略：制定"HIMPACT2037"可持续发展战略对接联合国目标，从绿色 工厂到供应链协同，搭建全生命周期环境管理体系。 更关键的是，这些投入真的转化成了商业优势——公司拿到了储能可融资性A评级，对项目开发商来说，这简直是"定心丸"：用海辰的产品，银行贷款不仅 批得快，利息还更低，相当于给合作方直接送钱，谁能不心动？原来ESG从来不是成本，而是能赚钱的"软实力"。 ...

Core Insights - The animal nutrition industry is crucial for global food safety and health, facing challenges due to rising protein demand and limited resources, necessitating technological innovation and sustainable development [1][2] - Andy Su, a leader in the methionine sector, aims to transition towards sustainability, substitution, and efficiency, with technological innovation as a key driver for industry upgrades [1][2] Company Strategy - Andy Su's core product, "Rhodimet®," holds a nearly 30% global market share in 2024, supporting revenue and profit growth [2] - The company plans to enhance production capacity, with a 40,000-ton increase at its European base by year-end and a similar expansion at its Nanjing facility by the end of 2026 [2] - A new 150,000-ton solid methionine project in Quanzhou, Fujian, is set to begin trial operations next year [2] - Andy Su is expanding its high-value specialty products, targeting a 20% revenue contribution from new products over the next five years [2][3] Research and Development - The company invests at least 3% of its revenue annually in R&D, focusing on process optimization and new product development [3] - An innovation fund of €1 million is established every three years to address common industry challenges [3] - The company is exploring alternative protein sources and sustainable development trends, integrating ESG (Environmental, Social, and Governance) into its core strategy [3][4] Global Operations - Andy Su has adopted a strategy of "bringing in" and "going out," enhancing its production capacity in Nanjing and exporting products to Southeast Asia, South America, and India [5] - The company operates two major production bases in Europe and China, creating a complementary global supply system [5] - Future plans include optimizing the global supply network and enhancing service quality in key markets [5][6] Financial Performance and Investor Relations - Over the past decade, Andy Su has distributed a total of 4.6 billion yuan in dividends to investors [5] - The company emphasizes investor relations management and aims to communicate its strategic plans and growth prospects effectively [5][6]

Core Insights - Minaurum Gold is targeting an initial resource at the Alamos silver project that may contain 50 million oz. of silver-equivalent, with a grade exceeding 300 grams per ton by the end of the year [2][3] - The project has expanded significantly over eight years, now covering 370 sq. km, with 26 identified vein zones, of which 19 have been drilled, yielding significant mineralization in 12 or more zones [3][4] - The company has reported high-grade intercepts, including 5.85 metres grading 380 grams silver per tonne and 21.45 metres of 54 grams silver and 0.37 gram gold [4][15] Company Overview - Minaurum Gold is based in Vancouver and has a team experienced in precious-metal exploration, including key figures who have previously worked on significant discoveries in Latin America [7][8] - The company has strong community relations and ESG credentials, having signed 29-year agreements with local communities for exploration and exploitation [17] Exploration and Drilling Activities - The ongoing drilling program includes 35 completed holes as part of a $9 million, 10,000-metre infill drilling initiative, confirming strong, wide zones of high-grade silver mineralization [9][5] - The Promontorio zone is a high-priority target, with significant skarn/carbonate replacement mineralization confirmed through drilling [9] Historical Context - The Alamos region has a rich silver mining history, producing approximately 200 million oz. of silver from the 17th century until the early 20th century, with historical mine widths exceeding 20 metres and grades over 2,000 grams silver per tonne [11][12] Future Plans - Minaurum plans to raise additional funds early next year to support resource updates and aims to outline 100 million ounces of silver [19] - The company is committed to sustainable practices, utilizing Indigenous staff for drilling operations and maintaining low environmental impact through traditional transport methods [17][18]

Core Insights - The animal nutrition industry is crucial for global food safety and health, facing challenges due to rising protein demand and limited resources, necessitating technological innovation and sustainable development [1] - Andy Su, a leader in the animal nutrition additives sector, emphasizes the industry's future direction towards sustainability, substitution, and efficiency, with technological innovation as the core driver for resolving supply-demand conflicts [1] Group 1: Business Strategy - Andy Su's core product, "Rhodimet®," holds a nearly 30% global market share in the methionine sector, providing strong support for revenue and profit growth [2] - The company plans to enhance its production capacity, with an additional 40,000 tons expected at its European base by the end of the year and a similar increase at its Nanjing plant by the end of 2026 [2] - Andy Su is expanding its high-value specialty products business, which includes products that enhance digestion, ruminant products, and health and nutrition products, targeting a 20% revenue contribution from new products over the next five years [3] Group 2: R&D and ESG Commitment - The company invests at least 3% of its revenue annually in R&D, focusing on internal process optimization and new product development, while also establishing a €1 million innovation fund every three years to address industry challenges [3] - Andy Su integrates ESG (Environmental, Social, and Governance) principles into its core strategy, elevating ESG management to the decision-making level by upgrading its strategic committee [3] - Innovative products like FeedKind® protein, produced through natural gas fermentation, and wastewater recycling projects demonstrate the company's commitment to sustainability and resource efficiency [4] Group 3: Global Operations - As it approaches its 10th anniversary, Andy Su has successfully integrated European technology and production capabilities, increasing its Nanjing plant's capacity from 170,000 tons to 350,000 tons, making it the largest and most cost-competitive liquid methionine production facility globally [5] - The company combines global integration with localized operations, optimizing its supply network to match regional market characteristics and enhance service quality [5] - Andy Su has distributed a total of 4.6 billion yuan in dividends to investors over the past decade, emphasizing its commitment to investor relations and transparent communication [5]

Core Insights - By the end of 2025, ESG has become a critical milestone in China's development, transitioning from a mere requirement to a fundamental criterion for survival in the market [1] - The "14th Five-Year Plan" emphasizes ESG policies, aiming for a comprehensive shift towards carbon emission control and the establishment of a green standard system [1] - Local institutions are increasingly adopting "patient capital" narratives, focusing on long-term social value and industrial chain strengthening [1] Group 1: ESG Development in China - ESG has evolved from a political correctness to a strong anchor for local institutions seeking certainty and value reconstruction [1] - The investment landscape is shifting from purely "green energy" to "low-carbon transformation" in high-carbon industries, with a focus on digital decarbonization technologies [2] - Investment institutions are diversifying their understanding and practices of ESG, implementing various initiatives such as energy-saving measures and establishing ESG-focused funds [2] Group 2: ESG Investment Practices - The 2025 "Top 50 Best ESG Investment Institutions" list was compiled based on extensive research among active investment institutions, evaluating their ESG practices across six core dimensions [3] - The list highlights 50 institutions recognized for their innovative ESG practices and contributions to sustainable development [3] Group 3: Notable ESG Investment Cases - The "Best ESG Investment Practice Cases" for 2025 were categorized into three main areas: deep decarbonization and industrial transformation, digital empowerment and governance optimization, and circular economy and supply chain [11] - Examples include: - Highview Solar's achievement of 100% green electricity in production, significantly reducing energy consumption in the photovoltaic industry [11] - Reshaping Technology's focus on hydrogen fuel cells, contributing to zero emissions in transportation [12] - Aneng Logistics' digital transformation leading to reduced fuel consumption and carbon emissions while supporting rural development [18] - The 2025 ESG rankings indicate a fundamental shift in the strategic focus of investment institutions towards green transformation and social equity [20]

Core Viewpoint - Bosideng's "dual focus" strategy on down jackets and fashionable functional apparel has shown significant results during the reporting period, with steady revenue and profit growth despite a challenging global consumer market [1][17]. Financial Performance - The company reported a revenue of 8.93 billion yuan, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 1.19 billion yuan, up 5.3% year-on-year [1]. - The gross margin remained high at 50%, with a slight increase of 0.1 percentage points, and the operating margin improved by 0.3 percentage points to 17% [1]. Business Segments - The down jacket business achieved a revenue of 6.57 billion yuan, growing by 8.3% year-on-year, accounting for 73.6% of total revenue, serving as the core growth driver [2]. - The fashionable functional apparel segment performed well, expanding product offerings such as functional jackets and sun-protective clothing for spring and summer [2]. Product Innovation - Bosideng continues to integrate fashion and technology, enhancing its product matrix with innovative materials and designs, such as UV-resistant and cooling fabrics in sun-protective clothing [4]. - Collaborations with renowned designers, like Errolson Hugh for multifunctional jackets and Kim Jones for the AREAL high-end line, have received positive market responses [6][19]. Channel Development - The company optimized its channel quality, increasing the number of down jacket retail outlets to 3,558, with a net addition of 88 stores [7]. - Self-operated and wholesale channels both saw revenue growth, with self-operated channels up 6.6% and wholesale channels up 7.9% [9]. Supply Chain Management - Bosideng has established a "superior supply chain" system, enhancing efficiency in raw material procurement, production, and logistics [10]. - The company has reduced inventory turnover days to 178, a decrease of 11 days year-on-year, indicating improved inventory management [9]. ESG Practices - Bosideng is the first and only Asian textile and apparel company to receive an MSCI ESG AAA rating, reflecting its commitment to sustainable development [13][15]. - The company emphasizes fair labor practices within its supply chain, ensuring compliance with local wage laws and conducting third-party audits of suppliers [16]. Future Outlook - The dual focus strategy is expected to continue driving growth, with plans to expand the product matrix and enhance brand competitiveness in both down jackets and fashionable functional apparel [20]. - Bosideng aims to leverage its strong brand influence and efficient supply chain management to capitalize on opportunities in the evolving consumer market [20].

Core Insights - The forum held on November 27, 2025, focused on how Chinese business education can adapt to current challenges and reform itself [1] - The discussion highlighted the need for business education to evolve from merely teaching established models to fostering critical thinking and problem-definition skills among students [3] Group 1: Changes in Business Education - Business education is facing a shift where traditional management models are becoming less relevant due to rapid changes in industry logic driven by AI [3] - Students express confusion over the applicability of classic management tools in the current business environment, indicating a need for updated curricula that address modern challenges [3] - The focus of business education should be on cultivating the ability to ask the right questions rather than providing standard answers [3] Group 2: Trends in Talent Choices - Recent trends show that many business graduates are opting for sectors like hard technology, rural revitalization, and the silver economy, rather than chasing internet trends [5] - Entrepreneurship competitions among MBA students are increasingly focusing on projects that integrate technology with real-world applications, such as AI in renewable energy [5] Group 3: Defining Chinese Business Education - Chinese business education is transitioning from being a follower of Western models to defining its own unique approach based on a deep understanding of the Chinese market [7] - There is a growing emphasis on addressing local challenges, such as consumer resilience in lower-tier markets and the digital transformation of traditional industries [7] Group 4: Real-World Applications - Success stories from recent graduates illustrate the practical impact of business education, such as a student who improved the income of tea farmers through systematic thinking and digital solutions [8] - These narratives reinforce the idea that the future of Chinese business education lies in solving real-world problems and addressing local needs [8]

Core Viewpoint - By the end of 2025, ESG has transitioned from a mere requirement to a critical baseline for survival in China's capital market, becoming a powerful anchor for local institutions seeking certainty and value reconstruction [3][4]. Group 1: ESG Development in China - The "14th Five-Year Plan" has clarified ESG policy guidelines, promoting a comprehensive shift towards carbon emission control and requiring enterprises to enhance governance related to technology ethics and safety resilience [3]. - ESG is now seen as a fundamental infrastructure in China's capital market, with VC/PE investments increasingly focusing on long-term social value and industrial chain enhancement [3][4]. Group 2: Investment Trends and Strategies - Despite a slowing overall market, VC/PE strategies are shifting from purely "green energy" to "low-carbon transformation" in high-carbon industries, with a focus on digital decarbonization technologies in sectors like steel, chemicals, and building materials [4]. - Investment institutions are diversifying their understanding and practices of ESG, implementing measures such as energy-saving initiatives, joining international ESG organizations, and establishing dedicated ESG funds and teams [4]. Group 3: ESG Practices and Case Studies - A new survey for the "Top 50 Best ESG Investment Institutions in China 2025" has been launched, evaluating institutions based on their ESG practices across six core dimensions [5]. - The survey results highlight significant ESG practice cases, categorized into three main types: deep decarbonization and industrial transformation, digital empowerment and governance optimization, and circular economy initiatives [9][11]. Group 4: Notable ESG Cases - Notable cases include IDG Capital's investment in high景太阳能, achieving 100% green electricity in production, and 凯辉基金's support for hydrogen fuel cell technology, which is crucial for zero-emission transportation [12][13]. - Other significant examples include the investment in industrial energy efficiency by 德弘资本 and the promotion of hydrogen equipment technology by 北汽产投, both contributing to substantial carbon reduction [14][15]. Group 5: Conclusion on ESG's Role - The 2025 ESG rankings reveal a fundamental shift in the strategic focus of investment institutions towards becoming deep participants and value creators in green transformation and corporate governance [21]. - The belief is that investments are not just in current green assets but in future low-carbon assets, emphasizing the long-term vision of sustainability [22].

Core Viewpoint - The essence of carbon reduction is cost reduction, contrary to the common belief that green products increase costs. Companies that successfully embrace low-carbon transformation can achieve significant cost savings while contributing to sustainability [2][3]. Group 1: Company Achievements - Unified Petrochemical has achieved substantial results in low-carbon transformation since 2018, with 70% of its electricity sourced from self-owned solar power, significantly reducing energy costs [2]. - The company has established a low-carbon supply chain alliance with upstream suppliers, requiring adherence to the ISO 204000 sustainable procurement management system to collaboratively reduce carbon costs [2]. - Unified Petrochemical has developed zero-carbon lubricants by replacing petroleum with castor oil, which also lowers raw material costs [2]. - The company has reduced plastic usage by 70% by switching from plastic barrels to liquid bags and paper boxes for packaging [2]. - Unified Petrochemical's waste oil recycling technology has reduced product carbon footprints by over 70%, enhancing resource security and cost competitiveness [2]. Group 2: Market Position and Recognition - Unified Petrochemical has managed to price its green low-carbon products at the same level as high-carbon products, eliminating the green premium and ensuring customers do not incur additional costs for carbon reduction [3]. - The company has contributed to the formulation of national low-carbon standards and has collaborated with partners to establish a sustainable materials laboratory, exploring new paths for waste oil recycling in the automotive industry [3]. - After seven years of efforts, Unified Petrochemical's ESG rating improved from BBB to AAA, ranking first among 53 companies in the oil, gas, and consumer fuel sector according to the Wind ESG 2024 report [3]. Group 3: Commitment to Safety and Innovation - Unified Petrochemical emphasizes the importance of safety in its low-carbon transformation, adhering to the principle of "technology for good" in product development [4]. - The company has developed non-toxic alternatives for traditional products, such as ethanol-based windshield washer fluid and propylene glycol-based antifreeze, which are environmentally friendly and biodegradable [4]. - A notable innovation includes a new type of lamp oil that burns without smoke, improving health outcomes for users while enhancing the product's burning time and fragrance [4]. - Unified Petrochemical's ESG practices are rooted in the belief that technology for good can create products that benefit both customers and the planet, representing a sustainable and profitable business model [4].