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中材科技股份有限公司 董事会战略、投资与 ESG 委员会实施细则 第一章 总则 第一条 为适应中材科技股份有限公司（以下简称"公司"）发展需 要，增强公司核心竞争力，确定公司发展规划，健全投资决策程序，加强决策 科学性，提高重大投资决策的效益和质量，完善公司治理结构，提升公司环 境、社会责任及公司治理（以下简称"ESG"）绩效，根据《中华人民共和国公 司法》、《上市公司治理准则》、《中材科技股份有限公司章程》（以下简称 "《公司章程》"）及其他有关规定，公司特设立董事会战略、投资与 ESG 委员 会，并制定本实施细则。 第二条 董事会战略、投资与 ESG 委员会是董事会按照公司章程设立的 专门工作机构，主要负责对公司长期发展战略与投资、重大投资决策及 ESG 工 作进行研究并提出建议。 第三条 战略、投资与 ESG 委员会成员由五至七名董事组成，其中应至 少包括一名独立董事。 第四条 战略、投资与 ESG 委员会委员由董事长提名，并由董事会选举 产生。 第五条 战略、投资与 ESG 委员会设主任委员一名，由公司董事长担 任。 第六条 战略、投资与 ESG 委员会任期与董事会任期一致，委员任期届 满，连选可以连 ...

Core Viewpoint - The incident involving the drowning of six students at the Wunugutushan Copper-Molybdenum Mine highlights significant safety management failures within Zhongjin Gold and its subsidiary, Inner Mongolia Mining, leading to operational shutdowns and scrutiny from regulatory bodies [2][3][4]. Group 1: Incident Overview - On July 23, six students from Northeast University drowned during a visit to the Wunugutushan Copper-Molybdenum Mine due to a falling steel grating [2][3]. - The mine is a subsidiary of Zhongjin Gold, which holds a 90% stake in Inner Mongolia Mining [2]. - Following the incident, Inner Mongolia Mining announced a production halt, and an investigation team was formed by the local government [2][3]. Group 2: Safety Management Issues - Preliminary investigations revealed that the steel grating had a pre-existing crack, which led to its failure under load [3]. - Despite previous safety training and inspections, the company failed to identify and mitigate the risks associated with the grating [4][8]. - The company had conducted safety training and inspections but did not effectively address the specific hazards present at the site [4][8]. Group 3: Financial and Operational Impact - Zhongjin Gold's safety production investments were reported at 4.67 billion, 4.17 billion, and 4.18 billion yuan for the years 2022 to 2024, totaling 13.02 billion yuan [10]. - The company reported a revenue of 655.56 billion yuan in 2024, with a net profit of 42.04 billion yuan, reflecting a year-on-year increase of 7.01% and 16.21%, respectively [12]. - Inner Mongolia Mining, a key production base for copper and molybdenum, reported an operating income of 5.915 billion yuan and a net profit of 2.280 billion yuan in 2024 [12]. Group 4: ESG Reporting and Ratings - Zhongjin Gold's ESG report indicated that 82 safety inspections were conducted, identifying 1,485 hazards, with a rectification rate of 97.71% [10]. - The company received a CCC rating from MSCI, the lowest tier, while being rated BBB in the domestic market by Wind ESG [12]. - The company’s ESG disclosures have been criticized for lacking comprehensive data on safety management systems and emergency protocols [11].

Group 1 - The article highlights the increasing trend of CFOs stepping into CEO roles across various industries, indicating a shift in the value perception of CFOs from merely cost-cutters to value creators [1] - Post-2020, companies are transitioning from a phase of high growth to a focus on high-quality development, necessitating a broader role for CFOs in driving value creation [1] Group 2 - CFOs face significant challenges in cost control, particularly in managing expenses related to entertainment, travel, and employee benefits, which are often seen as necessary but non-value-adding [2] - A report by Meituan and New Finance indicates that from 2015 to 2019, the ratio of travel and entertainment expenses to revenue for A-share listed companies remained stable at 0.68%-0.71%, but dropped to 0.54% in 2020, a decline of 20.6% compared to 2019 due to the impact of the public health crisis [2][4] Group 3 - The ratio of travel and entertainment expenses to revenue continued to decline, reaching a ten-year low of 0.48% in 2022, and slightly rebounding to 0.67% in 2023 before adjusting to 0.64% in 2024, a decrease of 4.5% [4] - The 2024 adjustment reflects a forward-looking strategy rather than a mere contraction in cost control, emphasizing the importance of consumption management in enhancing efficiency and data-driven decision-making [5] Group 4 - The SIMPLE model for corporate consumption management includes six core elements: Sustainability, Integration, Minimization, Personalization, Legal & Compliance, and Experience, shifting the focus from cost control to value creation [9][10] - The model aims to transform corporate spending into strategic resource allocation, providing data support for decision-making and enhancing multiple value creation responsibilities [11] Group 5 - Companies like LINLEE have successfully implemented the SIMPLE model, resulting in a 90% reduction in reimbursement time and a 50% decrease in cost control through efficient tools and processes [13] - The integration of digital solutions in corporate travel management has led to significant time savings and improved employee experience, while also enhancing compliance and budget accuracy [16][21] Group 6 - The article discusses the growing importance of ESG (Environmental, Social, and Governance) reporting, with CFOs now required to consider ESG factors in their financial strategies, especially following new regulations mandating ESG disclosures for certain listed companies [17] - Digital tools have enabled companies like Li Ning to reduce paper usage significantly and improve their ESG ratings by implementing electronic invoicing and travel platforms that track carbon emissions [19][22]

Core Viewpoint - The tragic incident involving the deaths of six university students during a field trip highlights significant issues in safety management and governance within the mining industry, particularly at China Gold Group's Inner Mongolia Mining Company, which had previously been touted as a safety model [2][4][14]. Summary by Sections Incident Overview - On July 23, 2025, six students from Northeast University drowned in a flotation tank filled with hazardous slurry due to the failure of a steel grating [1][3]. - The slurry, a mixture of crushed ore, water, and flotation agents, is denser than water, making it difficult for individuals to escape once submerged [1]. Causes of the Incident - The immediate cause was identified as a failure in the steel grating, which had old cracks that led to its sudden collapse under load [3]. - Prior to the incident, the company had conducted a partial replacement of the grating but failed to perform comprehensive non-destructive testing on all welds [3][14]. - There were also issues with safety signage and a lack of clear monitoring and emergency procedures in the safety agreement between the university and the company [3][14]. Company Safety Record - China Gold Group's Inner Mongolia Mining Company had been highlighted in its parent company's ESG report as a safety exemplar, claiming to have robust risk management practices [4]. - However, the company had previously been cited for safety violations, with 27 hazards identified during inspections in 2021 [6][14]. - Just 14 days before the incident, the company held a safety meeting emphasizing the need for hazard identification and prevention [11][14]. Systemic Issues - The article suggests that the company's safety inspection practices are superficial, focusing on appearances rather than substantive safety improvements [14][16]. - Similar incidents in other sectors indicate a broader issue of "formalism" in safety checks, where compliance is prioritized over genuine risk management [18][20]. - The mining industry faces inherent risks due to the nature of its operations, necessitating a strong focus on safety as a foundational aspect of corporate social responsibility [20]. Financial Performance - Following a change in management and ownership, the Inner Mongolia Mining Company has seen significant profit growth, with net profits increasing over 50% annually from 2021 to 2023, reaching 2.286 billion yuan in 2023 [20]. Accountability and Consequences - In the aftermath of the incident, the company has halted operations for rectification, and several individuals, including the safety vice president and on-site supervisors, have faced criminal charges [21].

ESG Policies - The "Measures for Energy Conservation Review and Carbon Emission Evaluation of Fixed Asset Investment Projects" will be implemented starting September 1, 2025, emphasizing energy conservation reviews as a critical basis for project initiation, completion acceptance, and operational management [1] - This regulation strengthens the rigid constraints on energy conservation and carbon reduction in fixed asset investment project supervision, integrating the "dual carbon" goals into the entire investment construction process [1] Green Energy Transactions - In the first half of 2025, the cumulative market transaction volume of green electricity reached 154 billion kilowatt-hours, a year-on-year increase of 49.3%, reflecting a significant trend towards low-carbon electricity consumption [2] - The overall market transaction volume for electricity was 2.95 trillion kilowatt-hours, with a 4.8% year-on-year growth, indicating a growing share of green electricity in the total electricity consumption [2] Supplier ESG Management - The first systematic guideline for supplier ESG evaluation, the "Supplier ESG Evaluation Guidelines," was released, marking a significant step in standardizing ESG management within supply chains in China [3] - This guideline aims to create a quantifiable evaluation system that promotes ESG collaboration among upstream and downstream enterprises, accelerating the low-carbon transition across the entire industry chain [3] Sustainable Bond Market - The "2024 China Sustainable Bond Market Report" indicates that by the end of 2024, the cumulative issuance of green, social responsibility, and sustainable development bonds in China reached 4 trillion RMB (approximately 0.56 trillion USD), ranking among the top four globally [4] - This growth reflects strong domestic demand for green transition and international capital's recognition of China's low-carbon development [4] Global Renewable Energy Transition - The UN Secretary-General stated that the global transition to renewable energy is "irreversible," urging governments to submit comprehensive new climate plans before the upcoming COP30 [5][6] - This statement highlights the acceleration of global energy transition, positioning renewable energy development as a necessity rather than an option [6] International Standards for Lifecycle Assessment - The IEC 63366:2025 standard for lifecycle assessment of electrical and electronic products was officially released, establishing a benchmark for the global electrical and electronic industry [7] - This standard will guide the development of lifecycle and carbon footprint evaluation standards, enhancing China's international influence in sustainable development [7] Sino-Russian Green Certificate Initiative - The "Sino-Russian Green Certificate System and Carbon Market Cooperation" initiative was launched, aiming to promote mutual recognition of green electricity certificates between China and Russia [8] - This cooperation is expected to enhance the attractiveness of cross-border investments and facilitate the integration of carbon markets in the Eurasian region [8]

Core Viewpoint - Dama Entertainment has achieved an AA ESG rating, the highest in the domestic media and entertainment industry, reflecting its commitment to sustainable development and responsible operations [4][5]. Environmental Initiatives - Dama Entertainment follows Alibaba Group's carbon neutrality commitment by setting its own carbon reduction targets, focusing on Scope 1 and Scope 2 emissions [2]. - The company has implemented green operations, with 46% of its office park powered by green electricity and the introduction of an intelligent energy management system [3]. - Initiatives include paperless offices, waste sorting, and a biowaste fermentation program that processes 1,200 tons of kitchen waste annually [3]. Social Responsibility - Dama has established a training platform with a 100% coverage rate, totaling nearly 30,000 hours of training, with an average of 17 hours per employee [3]. - The company has produced over 70 positive films, generating a cumulative box office of over 18 billion yuan and attracting over 400 million viewers [3]. - Dama's customer service improvements include a 70% increase in refund efficiency and a 100% complaint handling rate, with a net promoter score increase of 8.3% year-on-year [3]. Cultural Outreach - The "Taopiaopiao Starlight Project" has conducted over 2,300 public screenings across 24 provinces, benefiting over 230,000 people [4]. - The "Good Plays in a Row" initiative offers quality dramas for under 100 yuan, promoting art accessibility [4]. Governance and Compliance - Dama has established a "three lines of defense" risk management system, with no major management deficiencies reported during the period [4][8]. - The company has a strict anti-corruption mechanism, with 100% of suppliers signing integrity agreements and full coverage of anti-corruption training for employees [4]. Challenges and Discrepancies - Despite the positive ESG report, Dama has faced significant negative press regarding ticketing issues, including a problematic refund policy and system failures during high-demand events [5][6]. - The company has been penalized for unauthorized ticket sales, with fines exceeding 700,000 yuan [5]. - There is a discrepancy between reported customer service metrics and actual performance, with a complaint resolution rate of only 34% on the Black Cat platform, contrasting with the claimed 100% [6][8].

Core Viewpoint - The beauty industry is undergoing a significant transformation from "beauty economy" to "value economy," driven by the dual trends of the "dual carbon" strategy and green consumption, with a focus on ESG (Environmental, Social, and Governance) capabilities as a new competitive advantage for brands and companies [1][12]. ESG Ratings and Recognition - Proya Cosmetics Co., Ltd. has achieved a significant milestone by upgrading its Huazheng ESG rating from AA to the highest AAA level, and maintaining an AA rating from WindESG, marking it as a leader in sustainable practices within the beauty industry [1][4]. - In the latest Huazheng ESG rating, Proya is among only 62 companies (approximately 1.1% of A-shares) to receive the AAA rating, and it ranks first in the personal care products sector for two consecutive years [1][4]. - Proya ranks 14th in the "Top 100 A-share Listed Companies for ESG Excellence" for 2025 and leads the primary consumer industry in the "Top 20 ESG Performance by Industry" [1]. Sustainable Development Goals - Proya has exceeded its sustainable development goals ahead of schedule, achieving a 33.88% increase in the use of sustainable packaging materials by the end of 2024, surpassing its 20% target set for 2025 [8]. - The company has invested 12.68 million yuan in social welfare from 2022 to 2024, exceeding its planned investment of 12 million yuan by 2025 [8]. Environmental Initiatives - Proya's products have significantly reduced plastic and metal usage, leading to a carbon reduction equivalent to 938.23 tons of CO2 emissions [9]. - The company has implemented a green logistics system, saving 5 tons of corrugated paper by using reusable plastic boxes, with over 1.25 million uses of these boxes, a 55.80% increase year-on-year [9]. Governance and Management Practices - Proya has innovatively linked executive compensation to ESG performance, ensuring long-term commitment to sustainable development [10]. - The company has maintained a high level of transparency and compliance, with 100% coverage in ethics training for employees and no incidents of commercial bribery reported [10]. Research and Development - Proya invested 210 million yuan in R&D in 2024, focusing on advanced skin texture research and collaborating with various academic institutions to enhance product innovation [11][12]. - The company has established a strategic partnership with a synthetic biology firm to explore innovations in cosmetics and regenerative materials [12].

文 | 陈明一 近期，韩国股民的海外投资偏好引发市场关注。 据中国基金报，来自韩国证券存托结算院（KSD）旗下SEIBro的数据显示，以成交额计，今年以来截至 7月17日，中国位列韩国股民最喜爱的海外市场第二名，仅次于美国。 值得关注的是，截至7月18日，过去一个月，韩国股民净买入金额排名前10的港股，中国宏桥集团 （HK:01378）以187.83万美元入围。 2024年，中国宏桥集团实现销售收入1561.7亿元、毛利421.6亿元。尤其中国宏桥去年净利大增95%，连 续两年股息率超过10%，过去5年股价上涨超过6倍，间接打破了外界对铝行业"重资产、低利润"的刻板 印象。 如果以时间为线，自去年以来，中国宏桥集团在世界产业资本的舞台上可谓异常活跃：2024年10月，中 国宏桥集团首次参与"香港ESG报告大奖"，斩获"优秀新力军奖"和"卓越碳中和嘉许奖"；2025年2月， 入选《2024胡润中国500强》；7月，集团董事会主席兼行政总裁张波登上"2025福布斯中国最佳CEO榜 单"，成为铝行业的唯一上榜者。 事实上，ESG相关奖项的获得，也印证了中国宏桥集团近年来坚持绿色转型战略的正确。 以水电铝为例，中国宏 ...

Core Insights - Global ESG investment is increasingly integrated into mainstream investment decisions, with domestic ESG fund issuance remaining robust, totaling 240 new products and 1716.83 billion units in the past year [1] - As of July 20, the total number of existing ESG funds reached 906, with a net asset value of 10297.98 billion yuan, indicating a strong growth trend in ESG considerations for sustainable corporate development [1] - Companies with superior ESG performance are recognized for their advantages in risk management, innovation, and long-term resilience, leading to more stable and sustainable returns [1] Group 1: ESG Ratings and Company Performance - iFlytek Medical was recently rated A in the Wind ESG rating, achieving a comprehensive score of 7.55, which surpasses the industry average of 6.08 [1][4] - The company scored particularly well in governance, with an information security score of 8.04, significantly higher than the industry average of 3.91 [2] - iFlytek Medical's business model, which includes a comprehensive AI healthcare solution, demonstrates a low-carbon attribute with energy consumption of only 0.17 tons of standard coal per million yuan of revenue [3] Group 2: Social Impact and Technological Innovation - The company has addressed social challenges by deploying its AI assistant across 31 provinces, serving over 230,000 grassroots doctors and providing over 10 billion AI-assisted diagnostic suggestions [3] - iFlytek Medical's unique business model, which encompasses various healthcare services, allows it to respond effectively to the demand for equitable healthcare [3] - The company has made significant technological advancements, launching the iFlytek Spark X1 model, which outperforms international AI models in medical tasks, marking a major leap in capabilities [5][6] Group 3: Long-term Growth and Strategic Vision - iFlytek Medical's ESG practices are rooted in its commitment to technology innovation and sustainable development, aiming to redefine the standards of ESG in the medical technology sector [7] - The company is expanding its international presence with the launch of the Spark Medical Model V2.5 International Edition and the upgraded iFlytek Xiaoyi APP, marking a significant step in its global strategy [6] - The recent A rating from Wind ESG not only certifies the company's compliance but also supports its core strategy of using AI to address real medical challenges [4][8]