Core Viewpoint - Kunming Pharmaceutical Group has been awarded the "Supply Chain Influence Award" for its outstanding practices in Environmental, Social, and Governance (ESG) areas, highlighting its commitment to integrating economic efficiency with social responsibility [1] Group 1: Environmental Practices - The company has established a systematic approach to environmental management, leveraging Yunnan's biodiversity with a GACP planting base covering 128,000 acres for traditional medicinal materials [4] - Kunming Pharmaceutical has implemented a heat recovery system at its manufacturing center, saving 3,200 tons of standard coal annually, and has reduced energy consumption per unit of output by 28.6% compared to 2020, with a wastewater reuse rate exceeding 65% [4] - The company collaborates with the Kunming Institute of Botany to cultivate endangered medicinal materials, maintaining a gene resource bank with over 1,200 species of medicinal plant seeds, ensuring sustainable resource utilization [4] Group 2: Supply Chain and Global Competitiveness - Kunming Pharmaceutical has developed a competitive international supply chain network, producing artemisinin and three derivatives, with three products included in the WHO's malaria treatment guidelines [4] - The company has built an SAP intelligent supply chain platform for visual management of procurement, production, and logistics, and established a blockchain-based traceability system for medicinal materials [5] Group 3: Social Responsibility - The company actively engages in various charitable activities, including disaster relief and educational support, contributing to social development and community building [5] - The "Sanqi Bank" model has increased the income of 246,000 farmers, with an average annual income increase of 12,000 yuan, positively impacting rural revitalization [5] - Employee welfare is prioritized, with an average training duration of 152 hours per R&D staff member in 2024 and a skill certification coverage rate of 98% for technical workers [5] Group 4: Future Outlook - Kunming Pharmaceutical aims to continue its commitment to sustainable development and optimize supply chain management to contribute to the high-quality development of the traditional Chinese medicine industry [6]

近日，证券之星第三届ESG新标杆企业评选结果揭晓，格力电器凭借在环境、社会和治理(ESG)领域的卓越实践，荣获"ESG新标杆企业奖"并入选"ESG投资 价值榜"。该奖项是由证券之星联合妙盈科技等专业权威机构，在中国首席经济学家论坛等指导下设立的ESG领域权威奖项，旨在挖掘并表彰在环境(如低碳 减排、绿色供应链)、社会(如乡村振兴、公益慈善)及公司治理(如合规管理、风险防控)三大维度实现卓越实践，推动经济效能与社会责任深度融合的企业。 格力电器以科技创新作为发展的核心驱动力，始终坚持核心技术自主研发，秉持按需投入不设上限的原则。多年来，公司不断升级完善研发管理组织架构， 搭建了以国家级科研平台为依托的多层次、高水平研发平台体系，形成了"以企业为主体，以市场为导向，产学研相结合"的技术创新体系。 2024年，公司共有6项研发成果达到"国际领先"水平，其中"120°C+工业大容量高效高温离心式热泵"和"COP7.0+双级永磁变频螺杆冷水机组技术及应用"节 能效果显著，助力能源低碳发展和工业碳中和。 在绿色发展方面，格力电器积极应对气候变化，推动可持续发展。公司全球首创的"零碳源"光储空调系统为全球实现"双碳"目标提 ...

Group 1 - The forum held in Chongqing focused on the theme "Developing New Quality Productivity to Lead the Future of the Automotive Industry" and included various activities such as closed-door meetings, main forums, parallel forums, brand sharing sessions, and government-enterprise matchmaking [2] - The automotive industry in China is undergoing a transformation with rapid development in new energy vehicles and advancements in technologies such as big data, cloud computing, and artificial intelligence [3] - Key discussions at the forum included the paths for leading automotive industry transformation, the role of ESG in sustainable development, and the strategic practices for developing new quality productivity [3][4] Group 2 - The automotive industry is shifting its focus from speed and scale to brand value, technological depth, and sustainable development, with "high-quality development" becoming a central theme [5] - Collaborative agreements were signed to establish an automotive industry economic information research platform and a public opinion governance office, aiming to enhance the industry's information support and brand empowerment [5] - The forum also highlighted the release of 25 exemplary cases of new quality productivity in the automotive sector, showcasing breakthroughs in product, technology, and industry chain [6] Group 3 - The forum featured discussions on the transformation of the automotive supply chain, emphasizing the need for resilience, innovation, and competitiveness in the face of deep changes [7] - The automotive industry is at a turning point, transitioning from simple product exports to comprehensive system outputs, focusing on quality enhancement [7] - The results of the "2025 China Automotive Research Extreme Heat Test" were announced, providing authoritative evaluations to support the trustworthiness of Chinese automotive brands [7]

Group Financial Performance - Group net income for H1 2025 reached EUR 3.1 billion, representing a 71% increase compared to H1 2024 [2][5][17] - Revenues for H1 2025 totaled EUR 13.9 billion, up 8.6% excluding asset disposals, exceeding the annual target of over 3% [5][11] - Operating expenses decreased by 2.6% in H1 2025 compared to H1 2024, ahead of the annual target of a decrease greater than 1% [5][12] - Cost-to-income ratio improved to 64.4% in H1 2025, below the initial target of less than 66% for the year [5][13] Shareholder Returns - The company announced a share buy-back program of EUR 1 billion, to commence on August 4, 2025 [5][19][20] - An interim cash dividend of EUR 0.61 per share will be paid on October 9, 2025, marking the introduction of a new distribution policy [5][18] Business Segment Performance - French Retail, Private Banking, and Insurance revenues increased by 6.5% in Q2 2025 compared to Q2 2024, with net interest income growing by 14.8% [8][29] - Global Banking and Investor Solutions reported revenues of EUR 2.6 billion in Q2 2025, up 0.7% year-on-year, driven by strong performance in Fixed Income and Currencies [9][42] - Mobility, International Retail Banking, and Financial Services saw revenues of EUR 2.0 billion in Q2 2025, up 7.2% compared to Q2 2024 [10][61] Cost Management - Operating expenses for Q2 2025 were EUR 4.3 billion, down 5.2% from Q2 2024, reflecting strong cost control measures [12][39] - The cost of risk remained low at 25 basis points in Q2 2025, below the target range of 25 to 30 basis points for the year [14][68] Capital and Liquidity - The Common Equity Tier 1 (CET1) ratio stood at 13.5% at the end of Q2 2025, significantly above the regulatory requirement [23][24] - The Liquidity Coverage Ratio (LCR) was 148% at the end of Q2 2025, indicating strong liquidity position [23][24]

Core Insights - Bosideng reported a revenue increase of 11.6% year-on-year to 25.9 billion yuan and a net profit increase of 14.3% to 3.51 billion yuan for the fiscal year 2024/25, indicating stable growth in core business segments [1] - The company declared a final dividend of 0.22 HKD per share, maintaining a high payout ratio of over 80% [1] - The brand's down jackets and OEM segments saw revenue growth of 11.0% and 26.4%, respectively, while women's wear and diversified apparel experienced declines of 20.6% and growth of 2.8% [1] Revenue and Growth - The main brand Bosideng and Xuezhongfei achieved revenue growth of 10.1% and 9.2% to 18.41 billion yuan and 2.21 billion yuan, respectively, driven by enhanced brand building and optimized channel structures [2] - The number of franchise and self-operated stores increased by 253 to a total of 3,470, contributing to revenue growth [2] - Online sales for brand down jackets grew by 9.4% to 7.47 billion yuan, reflecting a strong digital presence [2] Profitability and Cost Management - The company's gross margin decreased by 2.3 percentage points to 57.3%, primarily due to structural adjustments in business segments [2] - Operating profit margin increased by 0.3 percentage points to 19.2%, supported by improved operational efficiency and reduced distribution and administrative expenses [2] - The company is expected to see profit recovery after completing channel and product structure adjustments [2] ESG Initiatives - Bosideng's ESG rating was upgraded from A to AA by MSCI, positioning it as a leader in the Chinese textile and apparel industry [3] - The company joined the United Nations Global Compact and participated in initiatives aimed at carbon neutrality in the textile industry [3] - The ESG strategy focuses on sustainability across the value chain, with themes centered on environmental improvement, product innovation, and human-centric approaches [3] Forecast and Valuation - Due to uncertainties in retail recovery, the company has adjusted its revenue growth forecast for the main brand Bosideng, with net profit estimates for FY26-28 revised down by 5.6% to 39.1 billion yuan [3] - The target price is set at 5.5 HKD, with a price-to-earnings ratio of 13.9x for FY26, reflecting confidence in operational efficiency and ESG leadership [3]

Core Viewpoint - The company demonstrates strong financial performance with significant revenue growth and profitability, while also expanding its global market presence and enhancing its product innovation capabilities [1][2][3]. Financial Performance - Total revenue for H1 2025 reached 178.9 billion RMB, a year-on-year increase of 7.27% - Net profit attributable to shareholders was 30.5 billion RMB, up 33% year-on-year - Comprehensive gross margin stood at 25%, an increase of 1.8 percentage points year-on-year - Operating cash flow amounted to 58.7 billion RMB, with cash reserves of approximately 350 billion RMB at the end of the period [1]. Market Share - The global market share for power batteries was 38.1% from January to May 2025, an increase of 0.6 percentage points year-on-year - The company ranked first in global energy storage battery production from January to June 2025, with over 20 million power batteries installed globally and more than 2,000 energy storage projects [2]. R&D and Product Innovation - The company has established six global R&D centers with a team of over 21,000, and has filed a total of 49,347 patents [3]. - The "Qilin" battery features a flexible chemical system and innovative self-generating negative electrode technology, while the sodium-ion battery offers over 500 km of pure electric range and fast charging capabilities [3]. - The company launched a 587Ah, 9MWh TENER Stack energy storage system with improved volume utilization and energy density [3]. Production Capacity - Domestic production bases are progressing smoothly, while overseas factories in Germany, Hungary, Spain, and Indonesia are also being developed, forming a rapid global delivery network [5]. ESG and Dividends - The company has improved its ESG rating to B and is included in the FTSE Russell Social Responsibility Index [6]. - A total of 15% of the net profit for the half-year, amounting to 4.6 billion RMB, will be distributed as cash dividends [7]. Q&A Insights - Q2 2025 saw a shipment volume close to 150 GWh, with energy storage accounting for over 20% of the total [8]. - The company expects to achieve small-scale mass production of solid-state batteries by 2027, with a mature supply chain anticipated by 2030 [9]. - The company is optimistic about the growth of energy storage demand, particularly in overseas markets [8][18]. - The company plans to increase capital expenditure by approximately 30% year-on-year [21].

7月中旬，一则关于医疗体检服务的争议在全网刷屏。 律师张女士公开质疑，其本人连续10年在爱康国宾体检，报告从未显示重大异常，却在2024年被确诊肾癌晚期。事件一经曝光，迅速引发公众对体检机构专 业性和责任边界的质疑。 就在7月30日，事情有了新进展——爱康国宾在媒体说明会上直指张女士造谣令员工深受伤害，已向法院提起诉讼，法院已正式立案受理。 爱康集团董事长张黎刚表示，为了维护爱康员工的尊严，为了给行业正名，爱康不得不做出这一非常艰难的决定。 爱康的强硬姿态无助于核心问题的探究与解决，即——体检报告到底该为用户发现什么？健康管理与医疗服务机构（这是爱康国宾官网上的自我定位）的责 任边界在哪里？爱康的治理机制是否足够让用户信服？ 从ESG角度，这些问题本质上指向了部分健康服务机构在社会责任和企业治理两大层面上的缺陷——信任沟通的缺失及体检服务流程的不完善。 虎嗅ESG向相关律师咨询获悉，若事实真如爱康国宾所说，那么张女士维权失败的可能性很大。"张女士认为爱康国宾存在'漏检'是需要举证的，比如她能证 明爱康国宾的体检仪器有问题、体检样本根本没有送检等，但目前没有看到当事人拿出有力的证据，"律师分析道："如果证据给不 ...

Core Viewpoint - The article discusses the resolutions passed during the fifth temporary shareholders' meeting of Sinotruk Group Jinan Truck Co., Ltd., focusing on personnel changes and the establishment of an ESG committee. Group 1: Board Elections - The election of Zhao Hai as a non-independent director received overwhelming support, with 664,213,939 shares (99.9754%) in favor [3][4][5] - The election of Wang Qin as an independent director was approved with 656,678,657 shares (98.8412%) in favor [6][7][8] - The election of Wei Jian as an independent director also received 656,678,455 shares (98.8412%) in favor [9] Group 2: Committee Adjustments - The board's specialized committees were adjusted, with Liu Hongyong, Zhao Hai, Zhang Yan, Qu Zhongyang, and Wang Qin appointed to the Strategy Committee [12] - The Audit Committee now includes Zhang Hong, Wang Qin, Wei Jian, Liu Hongyong, and Zhang Yan [12][13] - The Nomination Committee consists of Wang Qin, Zhang Hong, Wei Jian, and Liu Hongyong, while the Compensation and Assessment Committee includes Wei Jian, Zhang Hong, Wang Qin, and Zhang Yan [13] Group 3: Establishment of ESG Committee - The company established a board-level ESG committee to enhance ESG management and governance structure, in line with relevant laws and regulations [15][16] - Zhao Hai, Bi Yanxun, and Zhang Hong were elected as members of the ESG committee, with Zhao Hai serving as the convener [16]

Group 1 - The total number of shares composing the current share capital as of 28 July 2025 is 785,180,327 [2] - The total number of voting rights is reported as 874,777,040 [2] - This information is disclosed in compliance with the French Commercial Code and AMF General Regulations [1] Group 2 - Societe Generale is a leading European bank with approximately 119,000 employees serving over 26 million clients in 62 countries [3] - The bank has been operational for 160 years, providing a wide range of advisory and financial solutions [3] - Societe Generale emphasizes its commitment to environmental transition and sustainability, embedding ESG offerings across its business [4] Group 3 - The Group operates three complementary business segments: Retail, Private Banking and Insurance; Global Banking and Investor Solutions; and Mobility, International Retail Banking and Financial Services [7] - It is recognized in major socially responsible investment indices, including DJSI, FTSE4Good, and MSCI Low Carbon Leaders Index [4]

新乡市瑞丰新材料股份有限公司 董事会专门委员会工作制度 第一条 为提高新乡市瑞丰新材料股份有限公司(以下简称"公司")决策 科学性，增强公司核心竞争力，完善公司治理结构，根据《中华人民共和国公司 法》、《新乡市瑞丰新材料股份有限公司章程》（以下简称《公司章程》）及其 他有关规定，制定本工作制度。 第二条 公司董事会下设战略与可持续发展委员会、提名委员会、审计委 员会、薪酬与考核委员会。专门委员会成员全部由董事组成，其中审计委员会、 薪酬与考核委员会、提名委员会中独立董事应过半数并担任召集人，审计委员会 的召集人应当为独立董事中的会计专业人士，且成员应当为不在公司担任高级管 理人员的董事。 专门委员会对董事会负责，依照《公司章程》和董事会授权履行职责，专门 委员会的提案应当提交董事会审议决定。 第一章 总 则 第二章 专门委员会人员组成 第三条 专门委员会成员全部由董事组成。专门委员会成员由董事长、二分 之一以上的独立董事或者全体董事的三分之一提名，由董事会选举产生。 第四条 战略与可持续发展委员会由三名董事组成，其中至少一名独立董事； 设主任委员（召集人）一名，由公司董事长担任。 第五条 提名委员会成员由三名 ...