Group 1 - Jiangsu Securities Regulatory Bureau has enhanced its regular visiting mechanism for listed companies, achieving a coverage rate of 64.78% by visiting 458 companies as of July 31, 2023, and resolving 446 issues to promote better development [1] - The bureau focuses on key industries, such as automotive and home appliances, to help companies leverage national policies for quality improvement and efficiency, with nearly 90% of related companies achieving profitability [2] - In the pharmaceutical sector, the bureau has guided innovative drug companies to utilize capital markets for upgrades, with one company successfully obtaining FDA approval for a new drug [2] Group 2 - The bureau supports listed companies in financing and mergers, with equity financing reaching 51.233 billion yuan from January to July 2023, and 209 new merger and acquisition disclosures, totaling over 65.084 billion yuan [3] - A total of 83 listed companies in Jiangsu have announced buyback or increase plans, amounting to 15.924 billion yuan, while 160 companies plan to conduct mid-term dividends, a 11.72% increase year-on-year [4] - The bureau has established strategic cooperation agreements with 13 cities to enhance communication and support for listed companies, leading to the stable delisting of 6 ST companies this year [5]

Core Viewpoint - The event "I am a shareholder" organized by Shanghai Stock Exchange and Zhongyuan Securities successfully facilitated investor engagement with Windson Co., highlighting the company's investment value and promoting active shareholder awareness [1] Company Overview - Windson Co. is a publicly listed company under China National Chemical Corporation, specializing in the production of various brands of truck and bus tires, as well as off-road tires, with products sold in over 140 countries and regions globally [2] - The company serves as a strategic supplier for leading domestic engineering machinery firms like XCMG and SANY, and also supplies tires for renowned global construction equipment manufacturers such as Volvo and Caterpillar [2] Event Highlights - Over 50 investors participated in the event, touring Windson Co.'s production line for giant engineering radial tires, observing the entire manufacturing process from molding to vulcanization [3] - The production facility showcased the manufacturing of "giant" products with diameters exceeding three meters, which is a core pillar of Windson Co.'s strategic transformation [3] Management Insights - Following the tour, the chairman of Windson Co., Wang Jianjun, provided a detailed overview of the company's development history, current operational status, and future strategic plans during a Q&A session with investors [4] - Investors raised questions regarding the company's performance, competitive landscape in the tire industry, and plans for capital increase, to which Wang Jianjun provided thorough and professional responses [4] - Wang acknowledged the existing technological gaps with leading international tire companies, emphasizing the company's commitment to enhancing material formulations and process precision, supported by a robust R&D framework [4] Future Engagement - The event established an effective communication bridge between investors and Windson Co., allowing for a deeper understanding of the company's operations and future direction [5] - Zhongyuan Securities plans to continue the "Walk into Listed Companies" series, aiming to foster a rational, value-oriented, and long-term investment environment while protecting investors' rights [5]

Core Insights - The article highlights the extensive experience of Song Zhiping, who has spent 40 years in the business sector, including 18 years as chairman of listed companies [1] - Song Zhiping has transitioned from being an "athlete" in listed companies to a "coach," serving as the president of the China Listed Companies Association for over six years [1] - He has conducted research on over 500 listed companies and more than 100 non-listed companies, leading to the publication of his new book "Hard Truths" [1] Group 1 - Song Zhiping's background includes significant leadership roles in China National Building Material Group and China National Pharmaceutical Group [1] - The new book "Hard Truths" encapsulates his observations, thoughts, and experiences from interactions with entrepreneurs and his own business practices [1]

他进一步指出，我国企业的品牌建设正面临着前所未有的机遇和挑战，企业一把手的角色已从单纯的经济组织 领导者，演变为社会价值的创造者、产业变革的引领者、文化精神的传播者。 关于市值管理。宋志平认为，市值管理应该成为上市公司的重要战略。通过市值管理，上市公司能够向市场有 效传递公司的价值和增长潜力，从而吸引更多的投资者，为股东创造更多回报。战略统筹、拥抱创新、股权激 励、市值考核，是做好市值管理的四个重要维度。 上市公司治理是一个常谈常新的话题。 在高质量发展成为中国经济增长的主旋律与关键词的当下，作为经济舞台上的主角，A股5400余家上市公司如 何提升治理水平，从而在高质量发展的道路上大显身手，成为一道必答题。宋志平先生的新作——《硬道理 ——上市公司高质量发展的十项修炼》为众多正在作答的企业家提供了一个内涵丰富、很有价值的参考读本。 宋志平是业内知名的本土派经营管理大家，长期在一线摸爬滚打，先后带领两家央企实现脱胎换骨，跻身《财 富》世界500强行列。卸下央企经营管理重担后，他又出任中国上市公司协会会长，深入调研了近500家上市 公司，对如何提高上市公司质量有着深刻的见解。工作之余，他勤于思考，笔耕不辍，先后出 ...

Group 1 - The core viewpoint of the article highlights the participation of YS Technology (301622.SZ) in an investor communication event aimed at promoting high-quality development of listed companies in Inner Mongolia by 2025 [1] - During the event, the chairman and general manager of YS Technology, Zhou Baoping, announced the completion of the N58 magnetic steel development project, which is now capable of mass production [1]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) aims to enhance the attractiveness and inclusiveness of the capital market through steady reforms and high-level institutional opening [2][3]. Group 1: Capital Market Opening - The CSRC will continue to promote high-level institutional opening of the capital market, focusing on reform and development, and will systematically study the overall layout and implementation paths for foreign capital market opening [3]. - There will be a coordinated development between onshore and offshore markets, with efforts to deepen all-around market, product, and institutional opening, while expanding cross-border cooperation to attract more international capital [3]. Group 2: IPO Regulation - The CSRC will maintain strict control over the IPO entry, ensuring that there will not be a large-scale expansion of listings, addressing concerns about increased inclusiveness leading to excessive IPOs [4]. - The global market is adapting to technological trends and enhancing institutional innovation, which in turn promotes the vitality and strength of the secondary market [4]. Group 3: Long-term Capital Development - The CSRC will focus on cultivating and strengthening long-term and patient capital, advancing comprehensive reforms to enhance the attractiveness and inclusiveness of the domestic capital market [5]. - There will be an emphasis on developing a policy system that supports long-term investments, promoting the entry of medium- and long-term funds into the market, and reforming public funds [5]. - The CSRC aims to deepen reforms in the Science and Technology Innovation Board and the Growth Enterprise Market, focusing on diverse equity financing and improving the service system for various enterprises throughout their lifecycle [5][6].

Core Viewpoint - The book "Hard Truths" by Song Zhiping outlines ten essential practices for high-quality development of listed companies in China, emphasizing the importance of governance, innovation, and social responsibility in enhancing corporate value and market competitiveness [2][3][5]. Summary by Sections 1. Ten Practices for High-Quality Development - There are over 5,400 listed companies in China, contributing 53% of the national GDP and 26% of tax revenue, highlighting their significant role in the economy [3]. - Companies must shift focus from product markets to capital markets post-listing, recognizing the importance of both customer bases [3]. - Song Zhiping's extensive experience in leading state-owned enterprises into the Fortune Global 500 provides a solid foundation for his insights on corporate governance and development [3]. 2. Structure of the Book - "Hard Truths" consists of 260,000 words divided into ten chapters, each representing a practice derived from Song's theoretical and practical experiences [5]. - Each chapter is structured into three sections, with a total of 108 subsections, each presenting a viewpoint on corporate management [5]. 3. Key Practices - Governance: Emphasizes the importance of independence, compliance, and transparency in corporate governance [5]. - Shareholder Returns: Discusses the significance of market value management, dividends, and sustainable operations [6]. - Dual Circulation Market: Offers strategies for domestic market positioning and international expansion, including overseas mergers and acquisitions [6]. 4. Case Studies and Examples - The book includes over 200 small case studies and 10 major case studies from various industries, showcasing successful practices from companies like Midea Group and Ningde Times [12][10]. - Each chapter concludes with exemplary companies that embody the respective practice, providing practical insights for readers [12]. 5. Policy and Regulatory Insights - The book integrates interpretations of relevant national policies and regulations, such as the OECD Corporate Governance Principles and the Company Law, to guide corporate leaders [15]. - Song Zhiping's focus on current policies and industry trends ensures the content remains relevant to contemporary corporate challenges [14]. 6. Practical Application - The book serves as a guide for executives of listed companies and those aspiring to enter the capital market, offering actionable insights and strategies for high-quality corporate governance and development [17].

Core Viewpoint - The article emphasizes the importance of regular visits and communication between regulatory bodies and listed companies to facilitate high-quality development in the capital market [3][4][5][6][7][8][15][16]. Group 1: Shanxi Securities Regulatory Bureau Initiatives - Shanxi Securities Regulatory Bureau has implemented a regular visiting mechanism to listen to market voices and address challenges faced by listed companies [3]. - The bureau has collaborated with local government and financial authorities to enhance the effectiveness of the visiting program, focusing on understanding business models and operational difficulties [3][4]. - As of now, 22 listed companies have been visited, covering 57.89% of the region, with 29 issues raised and 13 effectively resolved, representing 44.83% of the total [4][5]. Group 2: Financial Performance and Corporate Actions - In 2024, listed companies in Shanxi have distributed cash dividends 47 times, totaling 48.227 billion yuan, with an average dividend per company of 11.76 million yuan, ranking fifth nationally [5]. - The companies have also engaged in share buybacks totaling 1.602 billion yuan and announced 13 rounds of shareholding increases amounting to 265 million yuan [5]. Group 3: Liaoning Securities Regulatory Bureau Initiatives - Liaoning Securities Regulatory Bureau has conducted in-depth visits to understand the actual difficulties faced by listed companies, promoting high-quality development [7][8]. - The bureau has reported over 62 restructuring plans since the implementation of the "merger and acquisition six guidelines," with 5 major asset restructuring cases [8][10]. - In 2024, the total dividends (including buybacks) reached 3.789 billion yuan, marking a 24.03% increase from the previous year [8]. Group 4: Inner Mongolia Securities Regulatory Bureau Initiatives - Inner Mongolia Securities Regulatory Bureau has been actively visiting companies to address urgent issues and promote high-quality development since 2024 [15][16]. - The bureau has facilitated 3 companies in conducting mergers and acquisitions, with 2 being major asset restructurings, and supported 10 companies in buybacks totaling 2.102 billion yuan [16]. - A total of 22 listed companies have announced cash dividends of 20.562 billion yuan, with 81% of the companies in the region participating in dividend distribution [16].

Group 1 - The core viewpoint emphasizes the collaboration between the Liaoning Securities Regulatory Bureau and local governments to support the high-quality development of listed companies through in-depth research and understanding of their challenges [1] Group 2 - The Liaoning Securities Regulatory Bureau acts as a "promoter" by advocating for the implementation of the capital market "1+N" policy system, encouraging companies to leverage market opportunities and tools such as mergers and acquisitions, dividend repurchases, and other market-oriented methods to enhance investment value [2] - Since the implementation of the "Six Guidelines for Mergers and Acquisitions," there have been over 62 disclosed restructuring plans in the region, including 5 major asset restructurings, with 7 companies utilizing repurchase and loan policies amounting to 0.985 billion yuan [2] - The total dividend amount for 2024, including repurchases, is projected to reach 3.789 billion yuan, representing a 24.03% increase from the previous year [2] Group 3 - The Bureau serves as a "coordinator" to facilitate the orderly resolution of risk issues by conducting thorough visits and research to identify and address the urgent problems faced by companies [3] - In 2025, 17 urgent issues were coordinated and resolved, aiding the listed companies in the region to optimize and strengthen their operations [3] Group 4 - The Bureau functions as a "regulator" to promote compliance and healthy development of enterprises by conducting on-site inspections to understand operational and governance risks, providing regulatory reminders, and communicating common issues to companies and their management [4] - The Bureau will continue regular visits and enhance collaboration with local governments to further support the high-quality development of listed companies in the region [4]

Group 1 - The meeting held on July 11 aimed to enhance the quality of information disclosure and operational standards of listed companies in the Jinhua, Quzhou, and Lishui areas of Zhejiang province [1] - Over 140 local listed company secretaries, financial directors, and financial work-related personnel attended the exchange meeting, which included insights from leaders and experts from various financial institutions [1] - Key topics discussed included annual report information disclosure, market bonds, hedging and accounting, and case studies of violations by listed companies [1] Group 2 - Jinhua's GDP is projected to reach 692.55 billion yuan in 2024, ranking 6th in Zhejiang province, with 47 listed companies, placing it among the top 30 cities nationwide [2] - The local government plans to enhance the role of capital markets in resource allocation and support the high-quality development of local industries through improved business environments and integrated services for companies seeking to go public [2] - In the first quarter of this year, listed companies in the region reported a net profit of 83.6 billion yuan, a year-on-year increase of 10%, with significant cash dividends and share buyback plans announced [2] Group 3 - The Zhejiang Securities Regulatory Bureau will continue to strengthen its responsibilities and enhance the effectiveness of capital market policies to support local economic development [3] - Measures include improving service quality for the real economy, enforcing strict regulations against financial fraud and market manipulation, and encouraging listed companies to increase cash dividends [3] - The exchange meeting is part of the bureau's initiative to provide regulatory support and promote the development of listed companies in the region [3]