绿色是亚太增长的鲜明底色。作为亚太大家庭的一员，中国长期以自身绿色发展带动亚太绿色转型，为 塑造地区发展新动能新优势贡献智慧与力量。在亚太经合组织(APEC)第三十二次领导人非正式会议举 行之际，本报对话中国社会科学院亚太与全球战略研究院"一带一路"研究室主任谢来辉、天津外国语大 学国际关系学院/全球气候治理研究院院长李强，解读绿色亚太建设中的中国担当。 中国理念契合亚太发展需求 【观察】 亚太地区是世界经济增长的重要引擎，也是全球能源清洁低碳转型的主阵地。近年来，从"坚持绿色低 碳发展，建设清洁美丽的亚太"，到"厚植亚太增长的绿色底色"，再到"打造绿色亚太、数字亚太的新招 牌"……中方在APEC舞台上提出一系列有关绿色发展的理念主张，受到地区各方赞赏与支持。 2014年，APEC第二十二次领导人非正式会议在北京举行，中方积极推动建立APEC绿色供应链合作网 络。近年来，中方提出"打造绿色亚太新招牌""厚植亚太增长绿色底色"等主张，契合了全球清洁能源发 展与低碳转型的新趋势，顺应了地区绿色转型的迫切需求，是APEC近年重点推动的合作领域。 李强：今年4月，联合国亚太经社会第八十一届年会部长级会议认为，亚太各国 ...

Core Insights - The 2025 World Science and Technology Development Forum was held in Beijing, featuring over 120 international guests from 33 countries and regions, marking the seventh edition of the forum since its inception in 2019 [1] - The theme of this year's forum was "Artificial Intelligence Promoting Science and Development," focusing on four main topics: AI and future industries, green technology transformation of traditional industries, integrated health paradigms, and open science and global cooperation [1] - The forum aimed to provide insights for accelerating the formation of a new intelligent economy and society characterized by human-machine collaboration and cross-sector integration [1] Industry Developments - During the forum, several significant reports and standards were released, including the "Top Ten Emerging Technologies in Global Chemistry 2025," "Global Sustainable Development Science Monitoring Report (2025)," and guidelines for intelligent manufacturing applications [2] - The forum featured 10 parallel sessions, each concentrating on specific technological directions, promoting academic exchange and the transformation of research outcomes [2] - Additional activities included the opening ceremony of the World Top Scientists Forum and the China-Russia Engineering Technology Forum, enhancing the depth and breadth of international scientific cooperation [2]

Core Viewpoint - ZTE Corporation emphasizes its commitment to technological innovation and sustainable development, aiming to provide practical benefits to the public through its advancements in technology and services [2][3][4]. Group 1: Technological Innovation - ZTE focuses on a human-centered approach to technological innovation, transforming breakthroughs into accessible services for the public [3]. - The company collaborates with partners to create a "city air life corridor" using 5G-A and drone technology, reducing the average delivery time for emergency blood transport by 30 minutes [3]. - ZTE has launched the "AI Intelligent Total Inspection Machine" in collaboration with partners, enabling remote access to high-quality medical resources for communities in remote areas [3]. - The company offers a range of smart terminals designed for personal users, focusing on health, entertainment, and travel scenarios [3]. Group 2: Sustainable Development - ZTE places sustainable development at the core of its corporate strategy, aligning its operations with the United Nations Sustainable Development Goals [4]. - The company has published a sustainability report for 17 consecutive years, showcasing its commitment to green innovation across various domains, including green operations and supply chains [4]. - ZTE actively contributes to global digital inclusivity, engaging in educational and humanitarian efforts, such as building solar-powered communication bases in Liberia [4]. Group 3: Global Market Strategy - ZTE builds a localized ecosystem by deeply engaging with local markets, including signing agreements for local smartphone manufacturing in countries like Angola and Zambia [5]. - The company emphasizes local talent development through partnerships with educational institutions and technical training programs [5]. - ZTE participates in over 60 major exhibitions globally each year and hosts more than 40 brand events, creating a comprehensive international communication matrix [5].

Core Insights - The "UAE-Africa Tourism Investment Summit 2025" has commenced in Dubai, focusing on sustainable growth and collaboration between the UAE and Africa [1] - The event has attracted over 350 political and business leaders from 53 countries, emphasizing tourism investment, infrastructure, and sustainable development [1] - The summit aims to deepen economic and trade cooperation between the UAE and Africa, promoting green tourism and innovative projects [1]

Core Points - The "Beautiful China, Zero Carbon Action" 2025 United Nations China Youth Environmental Conference was held in Hong Kong, showcasing China's ecological civilization education achievements and youth stories in promoting a beautiful China [1][2] - The event emphasized Hong Kong's unique role as a bridge in ecological protection and international cooperation within the Guangdong-Hong Kong-Macao Greater Bay Area [1] - The conference gathered around 150 participants, including representatives from mainland and Hong Kong-Macao environmental and educational departments, researchers, and youth [2] Group 1 - The conference featured keynote speeches, practical sharing, and results display to promote ecological education [1] - The Ministry of Ecology and Environment highlighted the increased cooperation with Hong Kong and Macao in climate change, marine ecological protection, and green low-carbon technology [1] - The Hong Kong government is committed to achieving carbon neutrality by 2050, contributing to the national "dual carbon" goals [1] Group 2 - Discussions included themes such as youth green low-carbon actions, interdisciplinary sustainable development education, and climate education innovations [2] - The Ministry of Ecology and Environment released a report on excellent climate change cases from a low-carbon perspective to guide youth practices [2] - Youth representatives initiated a climate action initiative, calling for societal engagement in low-carbon principles [2]

Financial Data and Key Metrics Changes - Total revenue for Q3 increased to $1.55 billion, with adjusted EBITDA rising 6% to $320 million, reflecting the company's ability to drive profitable growth despite macroeconomic challenges [20][21][22] - Consolidated adjusted EBITDA margin expanded to 20.7%, with a 120 basis point improvement in environmental services [20][21] - Net income grew modestly year over year, delivering earnings per share of $2.21 [22] Business Line Data and Key Metrics Changes - Environmental Services (ES) segment revenue grew 3%, with adjusted EBITDA margin increasing for the 14th consecutive quarter [6][7] - Technical services within ES led with 12% growth, while Safety-Kleen Environmental services rose 8% [7][8] - Field services revenue declined 11% due to the absence of medium to large response projects, while industrial services saw a 4% revenue decrease [9][20] Market Data and Key Metrics Changes - Incineration utilization was high at 92%, with landfill volumes up 40% year over year [7] - PFAS-related sales are expected to generate $100 to $120 million in revenue for the year, up 20% to 25% from the previous year [10][11] Company Strategy and Development Direction - The company is focused on margin growth through pricing initiatives, cost reduction, and productivity gains [4][21] - Plans to construct a new processing plant (SDA unit) with an expected total spend of $210 million to $220 million, anticipated to generate annual EBITDA of $30 million to $40 million [15][17] - The company is evaluating both bolt-on transactions and larger acquisitions to enhance market position [16][80] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about future growth despite current macroeconomic challenges, anticipating a recovery in industrial services and field services spending [18][28] - The project pipeline remains substantial, with growing PFAS opportunities expected to contribute meaningfully to future activity [18][28] Other Important Information - The company reported record cash flows in Q3, with cash and short-term marketable securities totaling $850 million [22][23] - Share repurchases totaled $50 million in Q3, with approximately $380 million remaining under authorization [24] Q&A Session Summary Question: Impact of industrial malaise on guidance - Management indicated that the $15 million reduction in guidance was primarily due to shortfalls in industrial and field services, with healthcare costs also contributing [34][35] Question: Expectations for EBITDA growth in 2026 - Management expects to continue growing EBITDA across waste collection and service businesses, targeting 5% growth despite anticipated industrial service challenges [39][40] Question: Capital allocation and M&A outlook - Management is actively evaluating both larger and smaller M&A opportunities while remaining disciplined in capital allocation [40][42] Question: Clarification on SKSS guidance - Management expressed high confidence in achieving the $140 million EBITDA target for SKSS, with a potential range of a few million on either side [72][73] Question: Incinerator pricing and growth rates - Incineration pricing is expected to grow in the mid-single digits, with technical services showing double-digit growth [76][77]

Company Overview - As of September 2025 LTM, Pacasmayo's cement shipments reached 2.9 million MT[4] - The company has a combined cement production capacity of 4.9 million MT/year and a combined clinker production capacity of 3.08 million MT/year[20] - 72% of the company's retail customers are socioeconomic level CDE, 25-55 years old[23] - Approximately 70% of the company's sales are represented by 271 store owners and 320 points of sale under the DINO brand[36] Financial Performance - Sales of goods reached S/ 2,084.0 million, a 6.2% increase compared to LTM September 30, 2024[6] - EBITDA reached S/ 568.0 million, a 0.9% increase compared to LTM September 30, 2024[6] - EBITDA margin was -4.9 percentage points compared to LTM September 30, 2024[6] - Cement sales accounted for S/ 1,687.93 million of the total sales of goods[40] Market Overview - Pacasmayo has a 22.9% share of the Peruvian cement market in the Northern Region, with shipments of 2.964 million MT as of August 2025 LTM[13] - The total cement market in Peru reached 12.948 million MT as of August 2025 LTM[13]

Core Insights - Shennong Group received the "2024 Most Investment Value Award" and its chairman He Zuxun won the "2024 Entrepreneur Innovation Award" at the "2025 High-Quality Development Forum for Listed Companies" held in Nantong [1][3] Group 1 - The dual honors reflect the capital market's recognition of Shennong Group's high-quality development and the industry's acknowledgment of its innovation capabilities and corporate governance [3] - He Zuxun stated that Shennong Group will continue to adopt a steady operational strategy and a sustainable development layout across the entire industry chain to repay the trust of investors and the market [3][5] - The Golden Bull Award, organized by China Securities Journal, aims to create a credible platform for the capital market and promote the healthy development of listed companies [3] Group 2 - Looking ahead, Shennong Group will adhere to sustainable development principles, leveraging standardization, scale, intelligence, and digitalization strategies to enhance operational efficiency and industry chain collaboration [5] - The company aims to continuously strengthen its core competitiveness to achieve higher quality development and outstanding performance [5]

Core Viewpoint - Dazzle Fashion reported strong financial performance for Q3 2025, with significant revenue growth and a robust cash flow, indicating effective brand and operational strategies in a competitive retail environment [1] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 1.545 billion yuan and a net profit attributable to shareholders of 236 million yuan [1] - In Q3 alone, the revenue was 479 million yuan, with a net profit of 65.87 million yuan, reflecting a year-on-year growth of 16.63% [1] - The net cash flow from operating activities for the first three quarters reached 316 million yuan, marking a year-on-year increase of 72.70% [1] Sales and Marketing Strategy - During the "Double Eleven" sales event, the company experienced nearly 60% year-on-year growth in sales on the first day, with its DAZZLE brand ranking in the top eight for live-stream sales [1] - The company collaborated with Tmall and participated in the "Red Cat Plan" on Xiaohongshu to enhance brand visibility and consumer engagement [1] - The company launched multiple live-stream stores, particularly focusing on Tmall, to improve flagship store operations [2] Membership and Customer Engagement - The company initiated the "Dazzle Membership Festival" in September, focusing on member operations to enhance customer loyalty and engagement [2] - During the membership festival, the number of new fans increased by 400% year-on-year, showcasing effective member interaction strategies [2] Sustainability Initiatives - Dazzle Fashion is committed to sustainability, collaborating with WWF and the Earth One Foundation to launch the 2025 Snow Leopard Public Welfare Capsule Series, promoting ecological awareness and conservation [3] - The company aims to integrate channel resources and enhance operational efficiency while focusing on differentiated and refined consumer engagement to boost member repurchase rates [3]

Financial Data and Key Metrics Changes - The company reported a 11% organic sales growth year-over-year and a 16% increase in EBITDA to $122 million, with margins expanding by 120 basis points to 26.8% [4][10] - Free cash flow for the quarter was $94 million, and the company repurchased approximately 600,000 shares, totaling $135 million year-to-date, representing about 3.8% of total shares outstanding [4][11] - The company raised its dividend by 22% and refreshed its share buyback program to $500 million [4] Business Line Data and Key Metrics Changes - Sales totaled $455 million in the third quarter, reflecting 11% core growth year-over-year, with the non-residential market remaining positive while the residential market showed softness [9] - The company experienced a full quarter impact from tariff-related price increases implemented in April, contributing to the core growth [9][10] Market Data and Key Metrics Changes - The company anticipates that the market outlook for 2026 will resemble that of 2025, with an acceleration in growth pushed to 2027 due to uncertainties around tariffs and interest rates [5][6] - Key macro indicators such as the Dodge Momentum Index, Architectural Billing Index, and Construction Backlogs are monitored to assess future construction spending [16][19] Company Strategy and Development Direction - The company is focused on leveraging internal growth initiatives and competitive advantages, including product portfolio breadth and unique market positioning [6][30] - There is an intention to sharpen focus on driving organic growth into adjacent categories, supported by a strong cash flow generation and low leverage [29][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining price-cost positivity despite tariff impacts, projecting year-over-year core sales growth in the high single digits for the fourth quarter [32][33] - The company expects adjusted EBITDA margins to remain strong, with a new baseline established for future performance [64] Other Important Information - The company completed its U.S. pension plan termination, eliminating approximately $200 million in liabilities and related assets [11][12] - The company has maintained a strong track record of growth, with 55 out of the last 59 quarters showing year-over-year quarterly growth [26] Q&A Session Summary Question: Has there been any meaningful divergence in growth rates across legacy Zurn product categories over Q3 or into Q4? - Management indicated that most core categories are experiencing solid unit growth, with no significant changes expected as they head into the fourth quarter [38] Question: Can you provide an update on the reception of Elkay Pro Filtration and the market opportunity with the LIV EZ line? - Management reported strong uptake for the Elkay Pro Filtration system and expressed excitement about the LIV EZ product as a market extension, though not a primary growth pillar [40][41] Question: How should volume expectations be considered for the back half of the year? - Management noted good volume growth in Q3, with expectations for similar momentum in Q4, despite some pull forward in orders due to a price increase [46][47] Question: What are the priorities for capital allocation going forward? - Management reiterated a focus on reducing leverage, investing in core business, and maintaining a steady approach to share repurchases and dividends [52] Question: Can you provide insights on the M&A funnel and its evolution over the last 12 months? - Management stated that while the funnel has not changed significantly, there are more opportunities at the top, and they continue to evaluate various M&A prospects [58] Question: How do you view the consistent strong margin results and future expectations? - Management expressed confidence that the current margin levels represent a new baseline, with expectations for continued margin expansion driven by operational efficiencies [64]