Core Insights - Company Jiuyang has recently received multiple awards in the ESG field, including the "Zhejiang Charity Award" for its "Jiuyang Food Education Workshop" project and the "ESG New Benchmark Enterprise Award" from Securities Star [1][3] Financial Performance - In the third quarter of 2025, Jiuyang reported a significant increase in performance, with a non-GAAP net profit growth of 106.67% year-on-year, reaching 192.5 million yuan for the first three quarters, a 48.17% increase compared to the previous year, and a gross margin improvement to 26.92% [3] - According to Guosheng Securities, the retail growth of Jiuyang's core product categories is strong, with online sales for the first three quarters of 2025 showing increases of 4.7% for blenders, 26.5% for soybean milk machines, and 5.0% for rice cookers [3] Social Responsibility and Community Impact - Over the past 30 years, Jiuyang has been committed to public welfare, having established 1,654 public kitchens in underdeveloped rural schools by June 2025, benefiting over 600,000 teachers and students daily, significantly improving their dietary environment and nutritional status [4] - Jiuyang's initiatives reflect its commitment to social responsibility and sustainable development, integrating social value into its operational framework, which helps the company maintain competitive advantages across economic cycles [4]

Core Viewpoint - Meituan has established a comprehensive social security system for its delivery riders, marking a significant shift in the gig economy towards enhanced worker protections rather than mere subsidies [1][4][10]. Group 1: Overview of the New Social Security System - The new social security system covers millions of flexible workers, providing a structured safety net for all riders [2][3]. - This initiative signifies the end of the "no protection era" for delivery riders, with Meituan setting a precedent that may compel other companies to follow suit [5][6]. - The system is designed with a "multi-layered tower structure" to address the full lifecycle needs of riders, transitioning from basic survival support to development assistance [6][7]. Group 2: Structure and Benefits of the System - The foundational layer includes nationwide coverage for all Meituan riders, offering pension insurance, occupational injury insurance, and accident insurance, with no restrictions on qualifications or location [6][7]. - The advanced layer innovatively includes coverage for riders' families, providing benefits such as serious illness care, education funds for children, and vocational training, thus expanding the traditional boundaries of corporate welfare [6][7]. - The welfare layer offers additional benefits like meal subsidies, family travel allowances, free annual health check-ups, and services to enhance riders' job satisfaction [7]. Group 3: Implementation and Historical Context - Meituan's social security system is the result of long-term investment and gradual implementation, starting with pilot programs in 2021 and achieving nationwide coverage by October 2023 [8][10]. - The company has engaged in extensive dialogue with riders, holding nearly 500 meetings to gather feedback and optimize the program [8]. Group 4: Broader Implications for the Industry - Meituan's initiative represents a significant innovation in social security for gig workers, potentially serving as a replicable model for other sectors [12][18]. - The system addresses the unique characteristics of China's flexible workforce, which includes approximately 240 million gig workers, many of whom experience high mobility and income volatility [14]. - Other delivery platforms are beginning to adopt similar measures, indicating Meituan's influence on industry standards [18]. Group 5: Strategic and Economic Considerations - The establishment of this social security system aligns with national policies aimed at optimizing and sustaining social security frameworks [15][22]. - By institutionalizing worker protections, Meituan enhances its governance and reduces future policy and reputational risks, which could lead to long-term operational stability [21]. - The initiative is expected to improve business efficiency by reducing rider turnover and enhancing service quality, ultimately solidifying Meituan's competitive advantage in the market [22][23]. Group 6: Conclusion - As competition shifts from subsidies to institutional governance, Meituan is redefining the business logic of the platform economy, emphasizing long-term sustainability over short-term incentives [25][26].

Core Viewpoint - The article discusses the recent regulatory scrutiny faced by Zhongtong Express, highlighting issues related to service quality, employee rights, and compliance, which have led to its removal from the Douyin e-commerce platform's logistics service providers list [2][5][6]. Regulatory Scrutiny - On October 28, the State Post Bureau conducted an administrative interview with Zhongtong Express, citing non-compliance in operational practices and inadequate service quality [2]. - Zhongtong Express has committed to addressing the identified issues through comprehensive inspections and improvements in service quality and compliance [5]. Service Quality Issues - Douyin e-commerce announced the removal of Zhongtong Cold Chain, a subsidiary of Zhongtong Express, from its platform due to violations such as assisting merchants in bypassing electronic waybill systems and uploading false tracking numbers [6]. - Customer complaints about Zhongtong Cold Chain include issues like stagnant logistics information, poor delivery service, and improper temperature control leading to product spoilage [7]. Employee Rights and Safety - As of the end of 2024, Zhongtong Express has approximately 24,500 formal employees, with a significant portion engaged in sorting and operational support roles [8]. - The company reported an average annual salary of about 140,000 yuan for its employees, but the actual workforce includes a larger number of business employees not reflected in this figure [8]. - Safety performance is concerning, with a reported injury rate of 1.44 per million working hours and six employee fatalities in 2024 [9]. ESG and Carbon Emission Challenges - Zhongtong Express was removed from the Science Based Targets initiative (SBTi) for failing to submit valid carbon reduction targets within the required timeframe [10]. - The company reported operational carbon emissions of 1.9081 million tons of CO2 equivalent in 2024, a 6.54% increase year-on-year, ranking third among listed express companies [11][12]. - The carbon emission intensity per million revenue was 42.15 tons, showing a 7.14% decrease compared to the previous year [12]. Financial Performance - In the first half of the year, Zhongtong Express achieved revenue of 22.72 billion yuan, a year-on-year increase of 9.8%, but adjusted net profit fell by 14.3% [13]. - The company handled 9.85 billion parcels in the second quarter, maintaining a market share of 19.5% [13].

【编者按】随着ESG多项国际准则生效实施，ESG的发展进入新纪元。2024年，ESG理念迎来20周年。 在这一重要历史节点，联合国全球契约组织与中国外文局亚太传播中心、第一财经联合推出"ESG+20可 持续发展领导力系列访谈"节目，通过对话20位中国企业家的形式，结合实地走访受访企业的实践成 果，探讨中国企业领导者在可持续发展、ESG及企业社会责任方面的洞见、成果和领导力。 当现代科技与茶业这个历史悠久的产业结合，会产生怎样的灵感碰撞？本期"ESG+20可持续发展领导力 系列访谈"，对话福建省瑞泉茶产业有限公司董事长、瑞泉岩茶博物馆馆长黄圣辉。瑞泉茶产业于2024 年加入联合国全球契约组织。 一座武夷山，半部茶叶史。作为世界文化与自然双遗产地的武夷山，是世界红茶和乌龙茶的发源地。早 在三百多年前（1644年），黄氏先祖彦捷公便来到武夷山做茶；至1819年，黄氏先祖定静公创立商 号"瑞泉"，到黄圣辉这一代已经是第十二代。 "我们的血液里就带着茶基因，从小在这个大山里、在'天人合一'的茶堆里长大。"黄圣辉说，"我们从小 在做茶的时候都没有学过，就是眼睛看都看会了，就是这种感觉。" 现代科技为茶业所带来的优势，不仅 ...

Core Insights - Company Jiuyang Co., Ltd. has recently received multiple awards in the ESG (Environmental, Social, and Governance) field, including the "Zhejiang Charity Award" for its "Jiuyang Food Education Workshop" project, the "Best Progress Enterprise" award in the S&P Global CSA 2024 evaluation, and the "ESG New Benchmark Enterprise Award" from Securities Star [2][3] Financial Performance - In the third quarter of 2025, Jiuyang reported a significant year-on-year increase in non-recurring net profit of 106.67%, with a total of 192.5 million yuan for the first three quarters, reflecting a growth of 48.17%. The gross profit margin improved to 26.92% [2] - According to Guosheng Securities, the retail growth of Jiuyang's core product categories is strong, with online sales of its wall-breaking machines, soybean milk machines, and rice cookers increasing by 4.7%, 26.5%, and 5.0% respectively in the first three quarters of 2025 [2] Social Responsibility and ESG Initiatives - Jiuyang has established 1,654 public kitchens in underdeveloped rural schools, benefiting over 600,000 teachers and students daily, significantly improving their dietary environment and nutritional status [3] - The company emphasizes its commitment to social responsibility, integrating ESG principles into its operational framework, and aims to create sustainable competitive advantages through its initiatives [3]

来源：企业观察报 10月24日—26日，ESG中国·创新年会（2025）暨首届ESG国际博览会在北京首钢园召开。活动期间， 责任云研究院院长、教授钟宏武接受《企业观察报》采访，对中国企业ESG工作的前景、所面临的挑战 和应对之法陈述了自己的观点。 01 三大核心挑战 钟宏武认为，中国企业当前的ESG工作已由"概念引入"迈进"深化落地"阶段。但面对全球ESG标准不统 一、中国经济转型提速等背景，中企的ESG工作正面临三大核心挑战。 一是标准割裂与"走出去"适配难题。 全球ESG披露框架如ISSB、GRI、欧盟CSRD等与中国本土政策如财政部《企业可持续披露准则——基 本准则（试行）》、沪深北交易所《上市公司可持续发展报告指引（试行）》等仍处于"并行期"。 若想同时满足上述多套标准，企业（尤其是跨国经营企业）需要投入大量资源进行数据拆分、指标转 换，无疑会增加合规成本。更关键的是，部分国际ESG评级机构对中国企业的评价存在"认知偏差"，如 对共同富裕、乡村振兴等中国特色议题的权重分配不足，导致评级结果与实际贡献不匹配，影响国际资 本信任。 二是重要性议题识别与价值传导断层。 在宏观经济增速换挡、部分行业产能过剩的 ...

Core Viewpoint - The article outlines the evolution of international mergers and acquisitions (M&A) by Chinese enterprises, transitioning from resource acquisition to a diversified focus on technology, market access, and value creation, while analyzing industry distribution changes and key driving factors [3]. Definition and Mechanism of M&A - M&A serves as a crucial tool for enterprises to achieve market expansion, resource optimization, technology acquisition, and competitive landscape adjustment through asset acquisition, equity transactions, or business collaboration [5]. - M&A can be categorized into three types based on industry relevance: horizontal mergers for market share expansion, vertical mergers for supply chain control, and conglomerate mergers for risk diversification and new market exploration [5]. Current Status of China's M&A Market - The M&A landscape in China has evolved significantly, with early focus on resource-based acquisitions shifting towards technology-intensive industries as domestic manufacturing pressures increased [10][11]. Development History of International M&A by Chinese Enterprises - The history of international M&A by Chinese enterprises reflects the interaction between economic transformation and global strategic layout, starting from resource-driven acquisitions in the late 1990s to a broader focus on technology and brand integration post-WTO accession in 2001 [8][9]. Industry Distribution of International M&A - The industry distribution of international M&A by Chinese enterprises has changed in alignment with domestic industrial upgrades and global value chain restructuring, with early acquisitions focused on energy and minerals, later shifting to technology-intensive sectors like automotive and machinery [10]. Main Driving Factors and Significance of International M&A - The driving factors for international M&A by Chinese enterprises include national strategic guidance, corporate capability enhancement, and global market dynamics, with policies evolving from the "going out" strategy to the recent "merger six articles" and "new national nine articles" [12][13]. - M&A is essential for industrial structure upgrading and fostering emerging industries, as well as for enhancing the competitiveness of listed companies through asset injection and business synergy [13].

Core Insights - Joyoung Co., Ltd. has recently received multiple awards in the ESG field, including the "Zhejiang Charity Award" for its "Joyoung Food Education Workshop" project, the "Best Progress in Industry" award from S&P Global CSA 2024, and the "ESG New Benchmark Enterprise Award" from Securities Star [1][2] Group 1: ESG Achievements - The "Joyoung Food Education Workshop" project, initiated by the Joyoung Public Welfare Foundation, won the highest award in Zhejiang's charity sector [1] - Joyoung Public Welfare Foundation was established on December 28, 2020, by Joyoung and its founding team as a 5A non-public fundraising foundation [1] - The company has built 1,654 public kitchens in underdeveloped areas, benefiting over 600,000 teachers and students daily, significantly improving their dietary environment and nutritional status [2] Group 2: Financial Performance - In the third quarter of 2025, Joyoung reported a 106.67% year-on-year increase in net profit after deducting non-recurring items, with a total of 192.5 million yuan for the first three quarters, representing a 48.17% increase [1] - The gross profit margin improved to 26.92% [1] - According to data from Aowei Cloud Network, sales of Joyoung's online products, including wall-breaking machines, soybean milk machines, and rice cookers, increased by 4.7%, 26.5%, and 5.0% year-on-year, respectively, in the first three quarters of 2025 [1] Group 3: Market Strategy - The company aims to enhance product and brand value by launching high-quality products that users are willing to recommend, thereby increasing market share [2] - Domestic sales share is expected to grow due to channel reforms and the low sales base in the kitchen appliance sector, which is anticipated to return to positive growth [2]

Core Viewpoint - Modern Dairy Holdings Limited is acquiring approximately 1.28% of China Shengmu Organic Milk Limited for HKD 37.52 million, which will trigger a mandatory conditional cash offer for the remaining shares at HKD 0.35 per share, totaling approximately HKD 2.016 billion [1][2]. Group 1: Acquisition Details - The acquisition will increase Modern Dairy's and its concerted parties' shareholding from 29.99% to over 30%, triggering a mandatory cash offer under Hong Kong's takeover regulations [1]. - Modern Dairy has signed a voting rights agreement with Start Great, granting it control over approximately 20.87 billion shares (24.90%) of China Shengmu [1]. Group 2: Strategic Implications - The acquisition price of HKD 0.35 represents a premium of approximately 14.75% over the last closing price of HKD 0.305 [2]. - Post-acquisition, the combined herd size will exceed 610,000 heads, with an estimated annual raw milk production surpassing 4 million tons, positioning the company among the top global dairy farming enterprises [2]. - The integration is expected to enhance bargaining power in bulk material procurement, effectively reducing unit costs and solidifying a cost leadership position [2]. Group 3: Product and Market Impact - The merger will optimize the product mix, increasing the share of specialty milk (including organic milk) from 8% to over 20%, thereby strengthening Modern Dairy's high-end product line [2]. - The acquisition will also integrate China Shengmu's organic milk business, providing diverse and distinctive raw milk supply, with organic milk typically priced higher than premium milk, enhancing overall product quality and competitiveness in high-value segments [2]. - China Shengmu's unique "Desert Organic Cycle" model combines desert reclamation with organic dairy farming, serving as a global example of sustainable development, which Modern Dairy aims to leverage to establish a differentiated competitive advantage and improve its ESG profile [2]. Group 4: Industry Context - The acquisition reflects a strategic move by dairy giants in response to dual pressures of consumer upgrades and cost challenges, marking a critical choice during the industry's recovery phase [3]. - By integrating the advantages of large-scale farming and organic milk sourcing, Modern Dairy is expected to reshape the organic milk market landscape, while China Shengmu will leverage capital for "second growth" [3]. - This acquisition signifies a shift in the Chinese dairy industry from "price competition" to "value competition," with increasing industry concentration and product structure upgrades becoming the main theme [3].

Core Insights - MSCI upgraded the ESG rating of Shenwan Hongyuan from "BBB" to "A," while S&P's CSA score also saw significant improvement, placing the company among the top in the securities industry, indicating enhanced recognition of its sustainable development capabilities in the international capital market [2] Group 1: ESG Performance and Ratings - Shenwan Hongyuan has achieved a notable upgrade in its MSCI ESG rating, moving from "BBB" to "A," reflecting its strong performance in sustainable development [2] - The company has also received a substantial boost in its S&P CSA score, further solidifying its position in the securities sector [2] Group 2: Commitment to Sustainable Development - The company has been actively implementing social responsibilities as a state-owned financial enterprise, integrating national strategic priorities with sustainable development [3] - Shenwan Hongyuan has optimized its top-level design and conducted surveys to assess the effectiveness of its ESG initiatives, aiming to enhance management and execution capabilities [3] - The firm is committed to incorporating ESG factors into its investment and financing operations, improving risk management mechanisms, and expanding its green finance products and services [3] Group 3: Future Directions - Moving forward, Shenwan Hongyuan aims to deepen its sustainable development and ESG management practices, focusing on three pillars: serving national strategies, providing high-quality financial services, and enabling green low-carbon development [4] - The company is dedicated to becoming a trusted first-class investment bank and institution, aligning with the expectations of various stakeholders, including the state, society, customers, shareholders, and employees [4]