Core Viewpoint - Ninebot Company (stock code: 689009.SH) has achieved an upgrade in its ESG rating from A to AA, ranking among the top in over 12,000 companies evaluated, with performance in environmental (E), social (S), and governance (G) dimensions exceeding industry averages [1][3] Environmental Dimension - Ninebot Company promotes green products and low-carbon operations, contributing to clean transportation alternatives to traditional fuel vehicles through electric scooters and two-wheelers [4] - As of 2024, the company has accumulated over 32 billion kilometers in global user mileage, resulting in a reduction of 15.47 million kilograms of carbon emissions, equivalent to planting 86.41 million trees [4] - The company has established a comprehensive environmental management framework, certified by ISO 14001, focusing on energy conservation, wastewater treatment, emissions reduction, and hazardous waste management [4] - A systematic climate risk management framework has been implemented to identify, assess, and respond to climate change risks in the short, medium, and long term [4] Social Dimension - Ninebot Company actively participates in industry standard development, leading or contributing to over 100 domestic and international technical standards [5] - The company emphasizes employee growth and social value creation, providing ESG training to enhance sustainable development awareness and professional skills among employees [5] - In 2024, the company conducted training for 3,903 employees, averaging 14.36 hours of training per person [5] - A multi-tiered welfare system is in place to support employee health and quality of life, fostering a safe, equitable, and respectful work environment [5] - The company engages in public welfare initiatives, supporting over 2,200 impoverished students through its "Ninebot Scholarship" program [5] Governance Dimension - Ninebot Company has established a three-tier governance structure consisting of the "Board of Directors - Strategic and Sustainable Development Committee - Sustainable Development Working Group" to ensure the scientific execution and supervision of ESG strategies [6] - The company integrates ESG principles into its corporate strategy and operational practices, optimizing compliance management and internal governance mechanisms [6] - Future plans include deepening green product technology, advancing green energy applications, and enhancing climate risk response mechanisms to elevate sustainable development governance [6]

Core Viewpoint - The company Wanwu Xinxing (RERE) has shown significant financial growth, with a notable increase in revenue and net profit, indicating strong performance in the environmental technology sector [1][2]. Financial Performance - As of March 31, 2025, Wanwu Xinxing reported total revenue of 4.653 billion RMB, representing a year-on-year growth of 27.45% [1]. - The company's net profit attributable to shareholders reached 42.8 million RMB, marking a substantial increase of 146.09% year-on-year [1]. Upcoming Events - Wanwu Xinxing is scheduled to disclose its mid-year financial report for the fiscal year 2025 on August 19, with the actual date subject to company announcements [2]. Company Overview - Wanwu Xinxing is a Cayman Islands-registered holding company, primarily operating through its domestic subsidiary, Shanghai Wanwu Xinxing Environmental Technology Group Co., Ltd. [2]. - Established in 2011, the company positions itself as a "Internet + Environmental Protection" circular economy enterprise, focusing on sustainability and social responsibility [2]. - The company operates four main business lines: Aihuishou, Pajitang, Paipai, and overseas business AHS Device, all aimed at maximizing resource utilization [2].

Financial Performance - Recurring EBITDA reached R$1.3 billion, a 4.2% increase[11] - Recurring Net Income was R$452.4 million[11] - Capex totaled R$975.3 million in 2Q25 and R$1.6 billion in 1H25[11] Business Operations - Generation Company (GenCo) EBITDA increased by 12.6% compared to 2Q24[19] - Distribution Company (DisCo) EBITDA increased by 0.6% compared to 2Q24, outperforming regulatory reference by 42.8%[23] - TradeCo sales increased by 21.0% in 2Q25 compared to 2Q24, while recurring EBITDA decreased by 47.5%[27] Indebtedness and Capital Structure - The company's leverage ratio is 2.9x, excluding the acquisition of Baixo Iguaçu HPP[11] - Nominal debt cost for 2Q25 was 13.54% per year, equivalent to 90.88% of the CDI[42] Operational Efficiency - PMSO (Personnel, Materials, Third-party Services, and Others) reduced by 3.7%[30, 31]

Group 1 - The event "Brand Leading · Bay Area Action" focused on how central state-owned enterprises (SOEs) can implement the "Opinions" to lead high-quality development through brand building [1] - The "Opinions" issued by the State-owned Assets Supervision and Administration Commission (SASAC) aim for central enterprises to significantly enhance brand awareness and implement brand strategies by 2030, and to form a number of globally renowned brands by 2035 [2] - The "Opinions" emphasize the need for comprehensive brand strategy management, including enhancing brand value, internationalization, and organizational support to strengthen brand development [2] Group 2 - Experts highlighted that brand building must integrate with national strategies and market demands, emphasizing the importance of social responsibility for central SOEs [5] - The transition from product internationalization to brand globalization is crucial for Chinese enterprises, with the "Opinions" providing guidance for building strong brands [5] - The concept of branding is framed as nurturing a story in the hearts of customers and consumers, rather than merely focusing on product design or marketing [5]

Core Insights - Modern Dairy has achieved a significant improvement in its ESG rating, moving from A to AA, with a comprehensive score of 8.78, and has risen from 31st to 2nd place in the rankings, indicating its leadership in ESG practices [1] Group 1: ESG Rating and Performance - Wind ESG's rating system is based on international ESG principles, integrating assessment frameworks with the characteristics of the Chinese capital market, and has evaluated over 12,000 companies in Greater China [5] - Achieving an AA rating signifies high management standards, low ESG risks, and strong sustainable development capabilities for companies [5] Group 2: Sustainable Development Initiatives - Modern Dairy emphasizes environmental protection and green development, actively promoting ISO 14001 environmental management systems and ISO 14064 greenhouse gas verification, while optimizing carbon management and resource recycling mechanisms [5] - The company focuses on employee development and community building, enhancing occupational health and safety systems, and continuously advancing talent development projects to create a sustainable industrial ecosystem [5] Group 3: Future Outlook - Modern Dairy plans to continue implementing its sustainable development strategy "FRESH," responding to national strategies and green development calls, and exploring green practices suitable for industry promotion [6]

Core Viewpoint - Jiangsu Bank, a leading city commercial bank, shows strong growth in hard metrics but lags in soft metrics, particularly in ESG ratings, which are significantly lower than its peers, especially in corporate governance [3][5][13]. Group 1: ESG Performance - Jiangsu Bank's overall ESG score is 21 out of 100, ranking last among seven major listed city commercial banks, with all three components (E, S, G) below average [8][13]. - The bank's environmental score is 11, significantly lower than the average of 12.71, with notable deficiencies in decarbonization and climate strategy [9][12]. - In social aspects, Jiangsu Bank scored 16, below the average of 22.86, particularly poor in labor practices and human capital management [10][12]. - The governance score is 26, below the industry average of 27.86, with low scores in corporate governance and business ethics [10][12]. - Frequent penalties since its listing, including five for inflating loans and deposits, indicate governance issues and contribute to its low ESG ratings [15][17]. Group 2: Financial Performance - Jiangsu Bank's financial investment assets grew from 845.9 billion in 2020 to 1.53 trillion by the end of 2024, with a compound annual growth rate of 12.53% [25][28]. - Despite strong asset growth, the bank's investment income growth rate is not competitive compared to peers, with a 20.86% increase in 2024, lower than other leading banks [29][30]. - The bank's core Tier 1 capital adequacy ratio was 9.12% in 2024, lower than many peers, raising concerns about capital adequacy [31][32]. - Non-performing loan rates are low, but this is attributed to increased write-offs, with the bank's write-off amount rising significantly over the past three years [32][34]. Group 3: Consumer Protection and Governance Issues - Consumer complaints surged by 87% in 2023, indicating potential issues in consumer protection practices [18][19]. - The bank's governance practices are under scrutiny due to a lack of transparency in board effectiveness assessments and high penalty counts for various violations [15][16].

Financial Performance - Group revenue decreased by 1% YoY to $6407 million[20] - HKIP & Hotel revenue decreased by 3% YoY to $5917 million[20] - Operating profit decreased by 5% YoY to $4684 million[20] - Underlying Net Profit (UNP) remained stable at $3119 million, with HKIP & Hotel UNP increasing by 3% to $3084 million[20] - Net IP Fair Value Change resulted in a deficit of $5118 million[20] - Interim Dividend Per Share (DPS) increased by 3% to $0.66[20] De-Leveraging and Financial Management - Borrowing cost decreased by 27% YoY, a reduction of $292 million[8,22] - Gearing ratio reached a new low of 17.6%[8] - Net debt decreased by 21% since IPO[26] Market Overview - Hong Kong retail sales retreated to 2011 levels, while Harbour City retail revenue was at 2014 levels[11] - HK retail sales showed improved momentum in Q2, increasing by 0.3% compared to a 7% decrease in Q1[14] Harbour City Performance - Harbour City retail revenue remained flat[45] - Harbour City retail occupancy was 93% and office occupancy was 90%[45]

华明电力装备股份有限公司 ESG 管理制度 （2025 年 8 月） 第一章 总则 第一条 为进一步加强华明电力装备股份有限公司（以下简称"公 司"）社会责任管理，推动经济社会和环境的可持续发展，积极履行 ESG（环境、社会和公司治理）职责，根据《中华人民共和国公司法》 《上市公司治理准则》《企业内部控制基本规范》《企业内部控制应 用指引第 4 号——社会责任》《深圳证券交易所上市公司自律监管指 引第 1 号—主板上市公司规范运作》等有关法律法规、规范性文件及 《华明电力装备股份有限公司章程》（以下简称"《公司章程》"） 的相关规定，结合公司实际情况，制定本制度。 第二条 本制度所称的 ESG 职责，是指公司在经营发展过程中应 当 履 行 的 环 境 （ Environmental ） 、 社 会 （ Social ） 和 公 司 治 理 （Governance）方面的责任和义务，主要包括对自然环境和资源的保 护、社会责任的承担以及公司治理的健全和透明。 第三条 本制度所称利益相关方，是指其利益可能受到公司决策 或经营活动影响的组织或个人，包括股东（投资者）、债权人、职工、 合作伙伴、客户、供应商、社区组织和 ...

Group 1: ETF Market Overview - The ETF market in China has shown significant growth in both scale and number, reaching a total market size of 42,236.60 billion yuan with 1,194 products as of July 15, 2025 [1][9][24] - Stock ETFs dominate the market, accounting for 72.45% of the total market size, with a scale of 30,602.16 billion yuan, while thematic ETFs lead in product quantity with 459 products [1][10][25] - The average management fee for ETFs is 0.28%, and the average custody fee is 0.07%, which are lower than those of open-end stock and bond funds [1][14][15] Group 2: Development Stages of the ETF Market - The development of the ETF market in China can be divided into three stages: initial development (2004-2008), continuous expansion (2009-2017), and rapid growth (2018-present) [2][22] - The market size surged from 18,423.26 billion yuan in 2023 to 35,613.43 billion yuan in 2024, marking a 93.31% increase, primarily driven by the central financial account's increased holdings in large-scale ETFs [2][27][31] Group 3: Comparison with International Markets - Compared to Japan and the United States, China's ETF market still has room for improvement, with Japan's central bank's long-term purchasing strategy serving as a potential model for China's central financial account [2][34][42] - The U.S. ETF market is the largest globally, with a total asset size of approximately 10.98 trillion USD and 3,913 products, showcasing a more mature market structure [42][44] Group 4: Innovation Directions in the ETF Market - The current innovation in China's ETF market includes the introduction of index-enhanced ETFs, margin trading ETFs, Hong Kong Stock Connect ETFs, and technology innovation bond ETFs [3][47][56] - Future innovation directions may focus on incorporating ESG risk considerations in index compilation, expanding underlying assets to multi-asset ETFs, and increasing the coverage of T+0 trading mechanisms [3][58][62]

Core Insights - Bosideng has transformed from a domestic brand to a global leader in down jackets, maintaining market leadership for 30 consecutive years and achieving a revenue increase of 11.6% to approximately RMB 25.902 billion in the 2024/25 fiscal year [6][7]. Group 1: Brand and Market Strategy - The collaboration between Bosideng and Harbin to launch the "Harbin × Bosideng" co-branded down jacket exemplifies a new model of city and brand cooperation, integrating deeply into the ice and snow economy [2][3]. - Bosideng's dual focus strategy emphasizes both down jackets and fashionable functional apparel, optimizing its business layout to meet diverse consumer demands [6][7]. Group 2: Innovation and Technology - Bosideng has developed various innovative product lines, such as the Extreme Cold Series and the Puff Series, expanding its offerings to include functional outerwear and outdoor apparel [3]. - The company reported 466 patent applications and 527 granted patents in the 2024/25 fiscal year, with a total of 1,498 patents by March 31, 2025, reinforcing its image as a "down jacket expert" [3]. Group 3: Sustainability and ESG Initiatives - Bosideng has set a goal to achieve net-zero emissions in its operations by 2038, integrating sustainable development principles throughout its business processes [5]. - The company is focusing on green production, intelligent manufacturing, and waste management to reduce carbon emissions and promote sustainable practices [5]. Group 4: International Expansion - Bosideng has registered its international trademark in 68 countries and regions, and has made significant strides in global markets, including opening a flagship store in London before the 2012 Olympics [7]. - The brand aims to enhance its global influence by integrating various resources and promoting its professional capabilities and fashion creativity internationally [7].