中策橡胶集团股份有限公司 2025 年半年度报告 公司代码：603049 公司简称：中策橡胶 中策橡胶集团股份有限公司 中策橡胶集团股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人沈金荣、主管会计工作负责人徐利达及会计机构负责人（会计主管人员）朱吉平 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中有涉及未来计划、发展战略等前瞻性描述，不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 报告期内，公司整体经营情况稳健 ...

Group 1 - The global green energy transition is a consensus driven by extreme climate events and frameworks like the Paris Agreement and dual carbon goals, with technology innovation being a key force in this transition [3] - The average system cost of photovoltaic (PV) technology has decreased by over 90% in the past decade, making net-zero transition a feasible goal rather than just an ambitious slogan [3] - Companies can find opportunities in "big ESG" while building their own competitive advantages in "small ESG," with sustainable business practices being the greatest form of ESG for solar companies [4] Group 2 - JinkoSolar has become the first Chinese PV company to join RE100 and has successfully established its near-term and long-term net-zero carbon goals and roadmap by the end of 2023 [4] - The proportion of green electricity used by JinkoSolar has increased from less than 20% to over 50% in the past five years, with an absolute increase of over ten times in green electricity usage [4] - Many companies still view ESG as a "cost center," but some have successfully transformed it into a "profit center," experiencing the benefits of this transition [4] Group 3 - Energy companies should enhance their cognitive iteration capabilities, integrating technology innovation and ESG construction into their core competitiveness to avoid missing transformation opportunities [5] - Companies need to solidify their technological and digital foundations to accelerate the R&D to industrialization cycle and enable real-time ESG data collection and compliance disclosure [5] - Building ESG ecosystem capabilities is essential, involving both improving internal ESG management systems and engaging in global green governance through standard-setting and technical services [5]

Group 1 - The core viewpoint emphasizes the interconnection between green transformation, technological innovation, and ESG, with green transformation being the primary investment goal and qualitative measure [1][4] - Zhang Tian, founder of Deep Stone Capital, highlights that the potential for green transformation is the most critical dimension in investment decisions, directly influencing investment returns and effectiveness [4] - Deep Stone Capital focuses on integrating innovative technologies and solutions for urban carbon neutrality, using the "Biosphere No. 3" project in Shenzhen as a testing ground for advanced energy technologies [4] Group 2 - Future opportunities in the consumption-side renewable energy assets, such as photovoltaic, energy storage, and charging facilities driven by carbon-neutral parks, are expected to become a significant component of major asset management platforms [5] - The market for renewable energy assets in China has reached trillions, with increasing marketization and transaction attributes due to policy openness and improved comprehensive energy utilization [5] - RWA and other blockchain financial innovations are anticipated to promote the trend of integrating renewable energy assets with digital technologies, enhancing traceability and reliability in the Web3 domain [5]

8月18日晚间，立讯精密发布《关于向香港联交所递交境外上市股份(H股)发行上市申请并刊发申请资料 的公告》，公告表示公司已于2025年8月18日向香港联交所递交了发行境外上市股份(H股)并在香港联交 所主板挂牌上市的申请，这标志着这家精密智造龙头企业在全球化布局上又迈出了重要的一步。 自立讯精宣布筹划赴港上市的消息公布以来，引发了资本市场高度关注。在业内看来，这不仅是立讯精 密全球化战略的关键落子，更将成为其业务版图升级的重要引擎，借助港股国际化平台的资本与资源优 势，公司有望在全球精密智造赛道开启新的增长周期。 消费电子+汽车电子+通信 全球精密智造行业"六边形战士" 根据联交所披露的上市申请材料，截至2024年年底，立讯精密在精密智造解决方案(PIMS)行业中排名全 球第四、中国大陆第一，同时在消费电子、汽车电子、通信与数据中心等各主要业务线均处于全球领先 地位。经过多年的研发、创新和行业经验累积，立讯精密已经搭建了独特的全栈式开发与智造平台，是 拥有最全面及最多元化的产品组合的全球精密智造解决方案提供商。 作为立讯精密的起家之本，消费电子业务始终是其稳健发展的核心支撑。其消费电子业务覆盖连接器、 线束组 ...

Core Insights - Financial mechanisms are essential for the effective operation of green transformation, technological innovation, and ESG construction, acting as a "lubricant" and "accelerator" for these interconnected processes [1][2] Group 1: Green Finance and Technological Innovation - The relationship between green transformation, technological innovation, and ESG construction is likened to three interlocking gears that drive each other [1] - Financial guidance is crucial for directing funds towards green industries, facilitating rapid implementation of technology, and supporting green transformation [1] Group 2: Current Challenges in Green Finance - Despite the large scale of green finance products, they primarily focus on traditional energy transitions and established renewable energy projects, with strict control over investment cycles [2] - There is a gap in current green finance products regarding future energy industry technological directions, indicating a need for improvement [2] Group 3: Future Opportunities in Green Transformation - The shift from supply-side to demand-side policies in green transformation is expected to create more market opportunities in the next 3-5 years [2] - The urgency for carbon reduction from the user side is increasing, leading to more opportunities as green transformation goals are elevated [2]

21世纪经济报道记者曹恩惠、实习生朱泓慧上海报道 8月16日，由南方财经全媒体集团指导，21世纪经济报道联合东方证券主办、上海环境能源交易所战略 支持的第三届21世纪"活力·ESG"创新论坛在上海隆重举办。 吴华表示，在这样的理念指导下，超过一半的世界500强企业以各种形式成立了自己的森林、生物多样 性保护等方面的投资基金或者公益基金。目前，中国很多企业也开始在这条路径上迈进，NbS最有可能 成为未来国际公认的企业零碳发展的"最后一里路"。 吴华也指出，虽然现在陆续已有NbS的实践案例出现，但目前国内仍以政府投资实施为主，企业实践案 例较少。"这需要把NbS大框架落实到具体可执行的方法学上，所以我们也和国际学术组织一直在推动 基于NbS的高整合性自然解决方案的国际标准森林碳汇开发方法学在国内落地，目前已设置了三个绿色 新经济试验区，并且已成功帮助部分国际化发展企业形成完整的欧盟碳边境调节机制（CBAM）解决方 案。" （文章来源：21世纪经济报道） 吴华表示，绿色转型一直是企业稳定不变的趋势，而ESG为企业出海保驾护航。在这一背景之下，技术 创新的主要功能导向之一就是服务于企业的减碳。 吴华认为，如今企业主要 ...

ESG正成为新商业文明时代主战场，绿色转型与技术创新密切相关。吕建中指出，ESG为绿色低碳发展提供框架，推动社会与 商业价值融合，转型升级应聚焦更具韧性和可持续的高质量发展。 8月16日，由南方财经全媒体集团指导，21世纪经济报道联合东方证券主办、上海环境（601200）能源交易所战略支持的第三届 21世纪"活力.ESG"创新论坛在上海隆重举办。 作为以"绿色转型与技术创新的平衡术"为主题的圆桌对话环节主持人，管理学专著《可持续商业战略与实践》作者、中国科学 管理学会可持续专委会副主任吕建中谈到，在全球能源变革的背景下，绿色转型已经成为能源行业发展的核心方向，ESG以及 技术创新与绿色转型有着相互作用、相互影响的密切关系。 吕建中在剖析绿色转型、技术创新以及ESG建设三者之间的关系时指出，"ESG正成为新商业文明时代中商业进化阶段的主战 场，由此带来了更加聚焦社会价值和商业价值融合的创新空间。" 吕建中认为，技术和商业模式的创新，是推动绿色低碳高质量可持续发展的关键力量。"ESG为这一转型升级提供了可参照的框 架性对标路径，比如产品多元脱碳、产业协同减碳、全球经营零碳。" 吕建中也强调："我们必须清醒地认识到 ...

Core Insights - The company reported a revenue of 359 million yuan for the first half of 2025, representing a year-on-year growth of 23.81%, and a net profit attributable to shareholders of 52.61 million yuan, up 41.84% year-on-year [1] R&D and Innovation - The company emphasizes R&D innovation as a core driver of development, building a solid and experienced R&D team despite market challenges [2] - The company has successfully mastered several core technologies, including high-pressure RTP connection technology and steel fiber pre-impregnation technology, enhancing product performance and quality [2] - New product development focuses on flexible reinforced thermoplastic composite pipes and steel-lined modified polyurethane wear-resistant pipes, enriching the product line to meet diverse market demands [2] Technological Advancement - The company has achieved significant results in technology R&D, converting innovations into production capabilities that drive industry upgrades and product iterations [3] - By introducing advanced production equipment and processes, the company has improved production efficiency and product quality, solidifying its leading position in the industry [3] - The company has developed a series of high-performance products with independent intellectual property rights in the polymer fluid transmission hose sector, gaining recognition in both domestic and international markets [3] Global Expansion - The company has made notable progress in its global layout, establishing production bases in locations like Saudi Arabia, leveraging local resource advantages and cost benefits [4] - The company’s overseas revenue reached 287 million yuan, reflecting a year-on-year growth of 45.33%, showcasing the success of its international market expansion strategy [4] - Future strategies include continuing to enhance R&D investment and technological innovation while deepening international cooperation to become a global leader in fluid transmission solutions [4]

Core Viewpoint - The forum highlighted the balance between green transformation, technological innovation, and ESG implementation, emphasizing the need for coordination among these areas in the current production activities of society [1][2]. Group 1: Company Insights - Liu Tao from GCL-Poly shared insights on how the company addresses conflicts between short-term survival and long-term goals in the context of technological innovation and ESG [1][2]. - GCL-Poly's technological innovation is aligned with both ESG and long-term sustainable development, focusing on cost, quality, and carbon reduction [1][2]. Group 2: Research and Development - The establishment of GCL Central Research Institute aims to resolve potential conflicts between short-term and long-term technological innovation and ESG [2]. - The institute has approximately 140 personnel, with 20 expected to handle international operations, while the rest focus on the domestic upstream materials market [2]. Group 3: Industry Trends - Chinese upstream material companies in the renewable energy sector are positioned to enhance catalyst material reaction efficiency through AI and to unify the research and development pace across all materials [2]. - GCL-Poly's initiative "Responding to Climate Change - Granular Silicon Empowering Full Industry Carbon Reduction" was included in the 21st Century "Vitality·ESG" Environmental Friendly Case report [2].

集中度风险与应对举措：矿产储量与产量地理分布不匹配，存在集中度风险，易受区域问题影响。各国通过制定关键矿产战略、加大投资、保障供应安 全，企业投入加工环节、探索替代材料、技术创新、资源回收再利用，终端用户通过协议与投资稳定供应链等应对。以印尼为例，其通过镍矿出口限制政 策推动加工产能增长，在全球镍市场占据重要地位。 《2025 年全球矿业报告：着眼未来》全面分析了全球矿业的现状、趋势及未来发展，核心内容如下。 行业概况：矿业作为全球经济基石，与人类活动关联日益紧密。2024 年，前 40 大非金矿企业营收同比降 3%、EBITDA 降 10%，受成本攀升影响 EBITDA 利润率下滑；金矿企业因金价创新高，营收增 15%、EBITDA 增 32%，一定程度掩盖了非金矿企业的业绩下滑。 多领域支撑与跨界机遇：矿业为能源与动力、交通、食品、医疗、建设、生产六大核心领域提供关键矿产支撑。同时，跨领域发展带来机遇，如矿业企业 投入零排放电力生产、参与跨区域铁路项目等，助力提升运营效率与推动社会福祉。 交易市场动态：2024 年矿业交易数量与规模下滑，能源转型矿物交易占比低于往年。行业呈现整合（尤其黄金、白银领域）、剥 ...