Summary of Luoyang Molybdenum Co. Conference Call Company Overview - **Company**: Luoyang Molybdenum Co. (洛阳钼业) - **Industry**: Mining and Metals, specifically focusing on copper and cobalt production Key Points Production and Financial Performance - **Copper Production**: - Total copper production reached 543,000 tons in the first three quarters, a year-on-year increase of 14.1% driven by contributions from TFM and KFM [2][3] - Third-quarter copper production was 190,000 tons, a quarter-on-quarter increase of 3.7% [3] - **Cobalt Production**: - Cobalt production for the first three quarters was 88,000 tons, up 3.8% year-on-year, despite a quarter-on-quarter decline due to export bans from the Democratic Republic of Congo [2][5] - Cobalt product gross margin improved by 27 percentage points to 63.5% due to price increases [2][5] - **Net Profit**: - Net profit attributable to shareholders reached 14.3 billion yuan, exceeding the total for the previous year, with a year-on-year growth of 72.6% [3][7] - **Trade Business**: - Total physical trade volume was 3.33 million tons with a gross margin exceeding 2% [2][6] ESG Performance - **ESG Ratings**: - Maintained an MSCI rating of AA for three consecutive years and improved to a 3A rating from Wind [2][4][8] - Announced plans for peak carbon emissions by 2030 and carbon neutrality by 2050, with carbon intensity below the industry average by 93% [2][8] Future Plans and Projects - **KFM Phase II Project**: - Expected to commence production in 2027, adding a processing capacity of 7.26 million tons per year and an additional 100,000 tons of copper [2][9][10] - **Ecuador Odin Gold Mine**: - Acquisition completed in June 2025, with preparations proceeding as planned [3][10] - **Organizational Changes**: - Focus on organizational transformation to enhance management efficiency and capitalize on rising commodity prices [2][9] Financial Management - **Debt and Cash Flow**: - Total liabilities slightly decreased, with a stable asset-liability structure; cash flow from operating activities saw a slight decline due to reduced trade cash flow and increased inventory [3][7][15] - **Cost Management**: - C3 costs decreased year-on-year, with expectations for further reductions before the KFM Phase II project begins [28] Market Challenges - **Congo Export Quotas**: - The company is managing cobalt production under the new quota system, which has led to inventory being classified as stock rather than sales costs [23][24] - **Electricity Supply Issues**: - Addressing electricity shortages through investments in hydroelectric and solar projects to mitigate impacts on future copper production [27] Additional Insights - **Stock Management**: - The company has strategies in place for managing unsold inventory due to government-imposed shortages, viewing cobalt as a long-term valuable asset [24][22] - **Incentive Programs**: - Implemented an H-share incentive plan to support strategic initiatives and align interests among key personnel [3][26] This summary encapsulates the essential information from the conference call, highlighting the company's performance, strategic initiatives, and market challenges.

Core Viewpoint - The article discusses the significant role of ESG (Environmental, Social, and Governance) in the green transformation of Chinese enterprises, emphasizing the need for a systematic approach to enhance ESG disclosure and compliance in line with national policies and international standards [1][3]. Group 1: ESG Policy and Implementation - Large enterprises, including state-owned and private companies, are prioritizing policy research to elevate ESG management to a strategic level, enhancing institutional and management mechanisms for sustainable progress [2]. - ESG is viewed as a collective responsibility of all employees, requiring a new approach to social responsibility that engages every staff member [2]. Group 2: ESG Disclosure Standards - The future of ESG disclosure for large companies is moving towards mandatory compliance, with the establishment of sustainable disclosure standards expected to enhance the quality and consistency of ESG reporting [2]. - The integration of digital technology in ESG information disclosure systems is anticipated to reduce costs and improve efficiency, linking disclosure quality to corporate financing costs [2]. Group 3: Alignment with International Standards - ESG is recognized as an international language aimed at promoting global sustainable development, and China is encouraged to align its ESG practices with international standards while addressing local issues such as rural revitalization and carbon neutrality [3][4]. - The establishment of a Chinese ESG standard system is essential, which should be based on international guidelines but tailored to local conditions, focusing on dual materiality—financial importance and impact significance [4].

Core Viewpoint - The sustainable finance sector should focus on supporting low-carbon transitions, creating a strong collective force across society to address climate challenges [1][2] Group 1: Company Initiatives - Industrial Bank has been exploring sustainable finance for 20 years, developing a path that integrates profit with social responsibility [1] - The bank's green financing balance is nearly 2.5 trillion yuan, with green loan balance exceeding 1 trillion yuan and a non-performing loan rate of only 0.57% [1] - The establishment of a strategic and ESG committee at the board level has strengthened relationships with stakeholders and laid a solid foundation for sustainable development [2] Group 2: Industry Context - Despite some countries withdrawing from the Paris Agreement, global climate actions continue, with China announcing new NDC targets at the UN Climate Change Summit in September [2] - The financial sector is encouraged to innovate and provide diversified financial services, as China leads globally in green loans and bonds but still has room for growth in green investment and asset management [3] - The carbon market should be more open and inclusive to enhance resource allocation efficiency, with financial institutions encouraged to participate in national carbon market trading [3] Group 3: Recommendations for Sustainable Finance - Industries should focus on low-carbon transitions, emphasizing ESG system construction and new technology applications [2] - Financial services should align with the needs of real enterprises, providing both financial and non-financial support for carbon reduction [3] - Regulatory bodies are urged to introduce more incentives for carbon reduction support tools and adjust risk weights for green financing to encourage banks' participation [3]

Core Insights - The rapid development of the green finance market is leading to an increase in relevant information and data, with a focus on the latest trends and practices in green finance [1] Group 1: Green Loans - As of the end of Q3 2025, the balance of domestic and foreign currency green loans reached 43.51 trillion yuan, marking a 17.5% increase from the beginning of the year, with an increase of 6.47 trillion yuan in the first three quarters [2] - The breakdown of green loans by purpose shows that infrastructure upgrades, energy low-carbon transition, and ecological protection loans amounted to 19.29 trillion yuan, 8.32 trillion yuan, and 5.01 trillion yuan respectively, with significant increases in each category [2] - Key industries receiving green loans include electricity, heat, gas, and water supply, with a balance of 8.74 trillion yuan, and transportation and storage with 7.91 trillion yuan, both showing substantial growth [2] Group 2: Green Bonds - In the first half of 2025, China ranked first globally in green bond issuance, with a total of 48.3 billion USD, contributing to a global total of 6.2 trillion USD in the GSS+ market [3] - The issuance of GSS+ bonds increased by 17% year-on-year, with green bonds making up 61% of the total, indicating a strong market presence [3] - The issuance of sovereign green bonds in China, including a 6 billion yuan bond for projects like electric vehicles and flood control, highlights the growing role of the renminbi in global green finance [3] Group 3: Green External Debt - Xiamen has initiated a pilot program for green external debt, allowing domestic non-financial enterprises to engage in cross-border financing for green projects, with the first day seeing 1.154 million USD registered [4] - This pilot program aims to enhance the convenience of financing for green projects and attract global financial resources to support China's low-carbon development [4] Group 4: Carbon Pricing - The national carbon market saw a peak price of 55.67 yuan per ton last week, with a closing price reflecting a 4.77% increase from the previous week [5] - Cumulative carbon trading volume from January 1 to October 24, 2025, reached 118.76 million tons, with a total transaction value of approximately 7.79 billion yuan [6] Group 5: Innovative Financial Products - The first "carbon label" linked loan for meat products was issued in Hulunbuir, amounting to 150 million yuan, which incorporates carbon performance into the financing pricing system [7] - A 2.6 million yuan transformation financial loan was issued to a cement company in Suzhou, marking a significant step in local financial institutions supporting the green transition in the building materials sector [8] Group 6: ESG Reporting - The first regional ESG development report for listed companies in Foshan was released, providing insights into governance, disclosure levels, and improvement paths for local enterprises [9] - This report aims to enhance ESG management and disclosure among regional companies, promoting collaboration between local governments and market entities [9]

本报记者 梁傲男 "ESG不是西方语言，而是世界语言。作为联合国为推动可持续发展提出的重要理念，ESG的核心价值在于通过标准化、体 系化的评价机制引导商业向善，与我国新时代经济社会发展的新要求高度契合。"近日，中国企业改革与发展研究会会长，国 务院国资委原党委委员、秘书长彭华岗在接受《证券日报》记者在内的媒体采访时如此表示。 在推动ESG本土化实践的过程中，彭华岗表示，由于发展阶段、监管体系不同等原因，国际通行的ESG标准与ESG中国标 准在核心导向、实施重点、议题关注等方面存在一定差异。具体而言，国际标准多由资本市场主导，侧重ESG对财务风险与企 业长期价值的影响；而中国标准更注重政策引导，强调社会责任与国家战略的衔接。 这种导向差异进一步体现在议题设置上。国际标准主要围绕通用ESG议题展开，而中国标准则结合我国社会文化背景、发 展阶段与产业结构特点，融入了一系列本土化议题。例如，环境维度突出"双碳"举措，社会维度设置"共同富裕"等特色内容， 治理维度则纳入"党的建设"相关指标，体现出与中国发展实际的高度契合。 关于ESG中国标准如何与国际接轨，彭华岗提出应坚持"求大同、存小异"的总体思路，即在吸收全球共识 ...

公会建议企业应致力扩大有关气候目标的工作，包括全面涵盖范围三的排放，并对其选择的温室气体减 排基准年提供清晰解释，并考虑获得外部鉴证，包括透过公认的框架(例如 SBTi)及取得独立外部鉴证。 公司亦应设定实现碳中和/净零排放的目标日期，及制订实现相应中期目标的清晰路径图。 同时，香港会计师公会(公会)今日公布"最佳企业管治及 ESG 大奖 2025"得奖名单。奖项今年首次引入 人工智能协助筛选初步名单，奖项评审团欣然宣布今年合共颁发奖项予39家上市公司及公营机构，创历 届新高，其中包括9家首次获奖的上市公司及公营机构，以及2家更获最高殊荣"最佳可持续发展机构 奖"，充分反映上市公司和公营机构不单持续提升其企业管治和 ESG 标准，更致力将良好实践融入其价 值观、策略和营运当中。 （原标题：香港会计师公会：66%恒生综合大型股指数公司就范围三的排放作出汇报） 智通财经APP获悉，香港会计师公会调查显示，恒生综合大型股指数的105家成份股公司作出的气候相 关汇报中，66%的受访公司在一定程度上就范围三的排放作出汇报，相比之下，香港交易所就上市公司 的2023/24年报告分析中，只有50%的公司汇报范围三的排放。 ...

Group 1 - The first ESG International Expo showcased innovative low-carbon products, emphasizing the practical application of the ESG concept in daily life [2] - The Chinese government is committed to transforming ESG from a compliance requirement into a development engine, promoting collaborative efforts across the entire supply chain [2][5] - The ESG development level of Chinese listed companies is on par with international standards, with 32.4% of companies in the leading category [5] Group 2 - As of August 2025, 2,521 A-share listed companies have published ESG reports, achieving a disclosure rate of 46.8%, indicating a robust growth trend in ESG information disclosure [5] - The theme of the ESG China Innovation Conference 2025 is "Full Chain Innovation Leading the Way, Green Transformation Future," focusing on collaborative innovation across the entire industry chain [7] - The demand for ESG talent is increasing, with the CFA Association launching a Chinese version of the Sustainable Investment Fundamentals Certificate exam in July 2025 to meet market needs [13] Group 3 - Companies like China Resources Beer are implementing green packaging innovations, such as lightweight glass bottles, which reduce CO₂ emissions by approximately 29,550 tons annually [10] - The Shougang Group is actively integrating ESG into its operations and has established a carbon emission management platform, achieving carbon footprint certification for 26 products [11] - The "foldable" tent showcased at the expo demonstrates advanced technology with practical applications in outdoor activities and disaster relief [13]

Core Viewpoint - The Shanghai Stock Exchange has awarded Aiyingshi (603214) the highest "A" rating for its information disclosure work for the fourth consecutive year, reflecting the company's commitment to high-quality transparency and governance [1] Group 1: Information Disclosure Evaluation - The evaluation covered 2,263 listed companies in the Shanghai market, with only 430 receiving the "A" rating, resulting in an acceptance rate of less than 20% [1] - Aiyingshi is one of 66 companies in Shanghai to receive the "A" rating, indicating strong recognition from regulatory authorities for its information disclosure quality and investor relations management [1] Group 2: Governance and Compliance - The "A" rating is part of Aiyingshi's long-term commitment to transparent and compliant operations, which has also led to the company being recognized as an "Excellent Case of Best Practices in Internal Control" by the China Association of Public Companies in September [1] - Aiyingshi's ESG rating ranks first in the professional retail industry, showcasing its excellence in environmental, social, and governance practices [1] Group 3: Market Implications - The company's multi-dimensional excellence in information disclosure, internal control, and ESG practices creates a governance "moat," sending a positive signal of transparency and trustworthiness to the market [1] - This strong governance foundation is expected to support the company's long-term healthy development [1]

Core Viewpoint - The company has successfully upgraded its ESG rating from "A" to "AA" by MSCI, marking the third consecutive upgrade from 2023 to 2025, reflecting its strong commitment to promoting ESG practices in the industry [1] Group 1: ESG Rating Improvement - The company's ESG rating was upgraded by MSCI, indicating significant progress in its environmental, social, and governance practices [1] - The company achieved a score of 6.6 in the governance category, surpassing the industry average [1] Group 2: Governance and Ethical Practices - The company has made notable advancements in corporate behavior through the enhancement of its business ethics and anti-corruption policies [1] - A comprehensive business ethics training program has been implemented, contributing to the company's progress in governance [1] Group 3: Environmental Initiatives - The company's score in the environmental category has significantly improved, attributed to the implementation of the "Apartment Environmental Convention" [1] - This convention encourages tenants and apartment managers to adopt green practices and promotes urban community development through apartment projects [1] Group 4: MSCI ESG Rating Significance - MSCI ESG ratings serve as a critical decision-support tool for global investors, assessing companies' resilience to significant ESG risks and providing benchmarks for maximizing investment returns over specific periods [1]

Core Viewpoint - The company has received an upgrade in its ESG rating from "A" to "AA" by MSCI, marking the third consecutive upgrade from 2023 to 2025, reflecting its strong commitment to promoting ESG practices in the industry [1] Group 1: ESG Rating and Performance - The company achieved a notable score of 6.6 in the governance category of ESG, surpassing the industry average [1] - The improvement in the company's ESG environment score is attributed to the implementation of the "Apartment Environmental Pact," which encourages tenants and property managers to adopt green practices [1] Group 2: Company Mission and Strategy - The company is dedicated to reshaping the residential service industry in China through infrastructure transformation and technology-driven innovation, aiming to create long-term sustainable value [1] - The mission of the company is to provide "dignified service for a better living," focusing on empowering the professional growth of service providers and enhancing consumer living experiences [1]