专题：第五届企业创新发展大会 2月1日-2日，以"新周期·新格局·新图景"为主题的第五届企业创新发展大会暨宏观经济杂志社理事会年 会在广东省东莞市举行。 国家发展改革委宏观经济杂志社理事会名誉理事长马培华在致辞中表示，2025年，中国经济总量迈上 140万亿元新台阶，5%的增速在全球主要经济体中继续保持前列。这份亮眼的成绩单背后，创新已经成 为推动中国经济向新向优、高质量发展的主要驱动力。从实验室的硬核突破到工厂的产线升级，从消费 新场景的涌现到全球竞争力的重塑，创新正在串起高质量发展的全链条。 宏观经济杂志社副社长赵泓表示，作为国家发展改革委主管的媒体平台，宏观经济杂志社是委里开展政 策解读和舆论引导的重要阵地。面对传播格局和舆论生态的深刻变化，杂志社始终坚持守正创新，通过 举办"企业创新发展大会"和"宏观经济大讲堂"系列讲座等特色活动，积极探索媒体融合发展新路。 主题演讲阶段，国务院发展研究中心原党组书记马建堂深入阐释如何通过加快发展功能完善的资本市场 助力科创企业发展；福耀科技大学校长王树国和南方科技大学副校长金李分别围绕"教育科技人才'三位 一体'办学的实践与探索"和"'十五五'科技金融展望"主题展开 ...

系列利好彰显发展势能——融入服务全国统一大市场建设取得突破，成功入选国家要素市场化配置 综合改革十个试点城市之一，是入选的唯一北方省会城市；创新动能持续增强，揭牌成立中原科技城科 创联盟、哈工大郑州高等研究院；开放活力充足，郑州机场货邮吞吐量超100万吨、成为全球航空货 运"百万吨俱乐部"成员。 城市核心竞争力同步攀升。数据显示，2025年全市新增经营主体13.78万户，市场经营主体总量达 223.86万户，全省经济首位度达22.9%。截至目前，"郑聚英才计划"吸引来郑留郑大学生超100万人，人 才总量突破320万人；城市净流入人口持续居全国城市前列，常住人口突破1300万人，规模居全国城市 第十位；全市共有国家级研发平台68家、全国重点实验室17家。 数据或能稍见端倪——2025年，全市规上工业增加值同比增长9%。工业投资实现17.9%的高速增 长，彰显强势后劲。2025年1~11月全市规模以上服务业营业收入同比增长10.1%，同比加快4.3个百分 点。消费市场不乏亮点，新能源汽车零售额增长17.1%，升级类商品如照相器材、可穿戴智能设备、智 能手机零售额分别增长1.4倍、1.2倍、1倍。 经济向"新"性气 ...

Financial Performance and Key Metrics - Sales for the quarter were $386 million, down 5% year-over-year, with the Avoca divestiture accounting for approximately $10 million of the decline [18] - Adjusted EBITDA was $58 million, down 5% year-over-year, reflecting lower volumes and modest pricing pressure, with adjusted EBITDA margins holding steady at 15% [19][21] - Adjusted EPS, excluding intangible amortization, was $0.26, down 7% from the prior year [22] - The company ended the quarter with total liquidity of approximately $900 million and net debt of $1.1 billion, maintaining a net leverage of 2.7x [23] Business Segment Performance - Life Sciences sales were $139 million, up 4% year-over-year, driven by resilient pharma demand and strong performance in injectables and tablet coatings [24][25] - Personal Care sales were $123 million, down 8% year-over-year, primarily due to the Avoca divestiture, with organic sales declining 1% [32] - Specialty Additives sales were $102 million, down 11% year-over-year, with coatings and construction driving the decline, particularly in China [38] - Intermediates sales were $31 million, down 6% year-over-year, with captive BDO sales declining due to lower volumes and pricing [30] Market Conditions - Demand in coatings and construction remained soft, particularly in China and select export markets, while personal care showed stable demand overall [8][10] - The company noted that the coatings market is expected to recover gradually, with mixed demand conditions anticipated [49][90] Company Strategy and Industry Competition - The company is focused on executing its strategic priorities, including innovation and global expansion, to drive growth and improve margins [15][46] - Cost actions and operational efficiencies are expected to support margin durability and position the company for stronger leverage as demand recovers [15][44] Management Commentary on Operating Environment and Future Outlook - Management expressed cautious optimism regarding demand recovery in the second quarter, with expectations for improved order volumes [68][70] - The company anticipates that operational challenges, including delays in the Calvert City unit startup, will impact performance but remain manageable [51][52] Other Important Information - The company is on track to achieve total cost savings of approximately $30 million for fiscal 2026, with ongoing productivity improvements expected [42][44] - Innovation remains a key driver of long-term growth, with several new product launches and advancements in technology platforms [54][61] Q&A Session Summary Question: Impact of customer outages on personal care demand - Management confirmed that customer outages were temporary and recoverable, with expectations to regain lost volumes in the second quarter [72][73] Question: Outlook for personal care volumes - Management indicated that with the Avoca divestiture now lapped, positive volume growth is expected as the year progresses [77] Question: China coatings demand outlook - Management noted that while the coatings market in China has faced challenges, there are signs of stabilization, and the company is well-positioned to capitalize on future opportunities [90][92] Question: Risks around global trade issues - Management highlighted Europe as a key area of focus regarding potential trade pressures, with ongoing discussions but no clear decisions yet [97]

Financial Data and Key Metrics Changes - Sales for the quarter were $386 million, down 5% year-over-year, with the Avoca divestiture accounting for approximately $10 million or about 2% of the decline [18] - Adjusted EBITDA was $58 million, down 5% year-over-year, including a $1 million impact from the Avoca divestiture [19] - Adjusted EPS, excluding intangible amortization, was $0.26, down 7% from the prior year [22] - The company ended the quarter with total liquidity of approximately $900 million and net debt of $1.1 billion, with a net leverage of 2.7x [23] Business Line Data and Key Metrics Changes - Life Sciences sales were $139 million, up 4% from the prior year, driven by resilient pharma demand and strong performance in injectables and tablet coatings [24] - Personal Care sales were $123 million, down 8% year-over-year, primarily due to the Evoca divestiture, with organic sales declining 1% [32] - Specialty Additives sales were $102 million, down 11% year-over-year, with coatings and construction driving the decline [38] - Intermediates sales were $31 million, down 6% year-over-year, with captive BDO sales declining due to lower volumes and transfer prices [30] Market Data and Key Metrics Changes - Coatings demand was particularly weak in China and select export markets, while construction softness reflected broader market conditions [10] - The company experienced stable demand in consumer-oriented categories at the start of the second quarter [50] - Foreign exchange contributed a favorable $9 million or 2% to sales versus the prior year [19] Company Strategy and Development Direction - The company is focused on executing its strategic priorities, including innovation and globalized initiatives, to drive growth and margin improvement [15][46] - The total cost savings target of approximately $30 million for fiscal 2026 remains on track, with ongoing network optimization and productivity improvements [42][44] - The company aims to deliver structural cost improvements and enhance systems and processes to strengthen planning and performance [64] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing demand softness in coatings and construction but expressed optimism about improving momentum in Life Sciences and Personal Care [8][50] - The company anticipates a gradual recovery in coatings demand, particularly in China, but expects muted demand to persist for a while [90] - Repairs to the Calvert City unit are taking longer than anticipated, impacting the second quarter outlook [51] Other Important Information - The company is advancing several innovative technology platforms that are expected to drive long-term growth across multiple end markets [54][61] - The company is focused on maintaining uninterrupted customer supply while managing production and inventory with discipline [54] Q&A Session Summary Question: Can you talk about the customer outage impacting demand in Personal Care? - Management confirmed that the outages were on the customer side and not related to supply issues from the company. Most outages have been resolved, and recovery is expected in Q2 [72][73] Question: Should we see volumes start to turn the corner in Personal Care? - Management indicated that with the Evoca divestiture now lapped, they expect to see positive volume growth as the year progresses [77] Question: What is the outlook for coatings demand in China? - Management noted that while the market has been challenging, they expect to see easing in the second half of the year, with efforts focused on commercial discipline and innovation [89][90] Question: Where are the most significant risks around global trade issues? - Management highlighted Europe as a key area of focus due to ongoing discussions about cost competitiveness and plant consolidations [97]

Financial Data and Key Metrics Changes - Sales for the quarter were $386 million, down 5% year-over-year, with the Avoca divestiture accounting for approximately $10 million or about 2% of the decline [10] - Adjusted EBITDA was $58 million, down 5% year-over-year, including a $1 million impact from the Avoca divestiture [11] - Adjusted EPS, excluding intangible amortization, was $0.26, down 7% from the prior year [12] Business Line Data and Key Metrics Changes - Life Sciences sales were $139 million, up 4% from the prior year, driven by resilient pharma demand and strength in high-value cellulosic excipients [14] - Personal Care sales were $123 million, down 8% year-over-year, primarily due to the Evoca divestiture, with organic sales declining 1% [18] - Specialty Additives sales were $102 million, down 11% year-over-year, with coatings and construction driving the decline [23] Market Data and Key Metrics Changes - Coatings demand was particularly weak in China and select export markets, while construction softness reflected broader market conditions [5] - Life Sciences continued to grow, supported by steady demand and ongoing innovation momentum [10] - Specialty Additives faced muted demand, particularly in coatings and construction [5] Company Strategy and Development Direction - The company is focused on executing its strategic priorities, including innovation and globalized initiatives, to drive growth and improve margins [4] - The total cost savings target of approximately $30 million for fiscal 2026 remains on track, with ongoing efforts in network optimization and productivity improvements [25] - The company aims to deliver structural cost improvements and enhance systems and processes to strengthen performance [26] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing demand softness in coatings and construction but expressed optimism about improving momentum in Life Sciences and Personal Care [4] - The outlook for fiscal 2026 has been narrowed to an adjusted EBITDA range of $400 million to $420 million, reflecting a prudent view of market conditions [28] - Temporary impacts from operational challenges, including delays in the Calvert City unit startup and weather-related disruptions, are expected to affect the second quarter [30] Other Important Information - The company reported strong cash generation with $125 million from operating activities and $26 million of ongoing free cash flow [12] - Total liquidity at the end of the quarter was approximately $900 million, with net debt at $1.1 billion and net leverage at 2.7x [12] Q&A Session Summary Question: Can you talk about the customer outage impacting demand in Personal Care? - Management confirmed that the outages were on the customer side and not related to supply issues from the company. Most outages have been resolved, and recovery is expected in Q2 [43][44] Question: Should we see volumes start to turn the corner in Personal Care? - Management indicated that with the Evoca divestiture now lapped, they expect to see positive volume growth as the year progresses, with most customers indicating flat to low single-digit growth [48] Question: On the China coatings demand, is there a line of sight to the bottom? - Management noted that while the market has been challenging, they expect to see easing in the second half of the year, with efforts focused on commercial discipline, productivity, and innovation [61][62]

Core Viewpoint - The president of Fuyao Technology University, Wang Shuguo, emphasizes the need for universities to reform and engage actively with society and enterprises, as the most advanced technologies are now found in companies rather than academic laboratories [2]. Group 1: Knowledge and Innovation - Wang Shuguo highlights a "knowledge reversal" where enterprises possess a deeper understanding of technology than universities, indicating that the monopoly on knowledge no longer exists [2][4]. - He argues that true innovation should be defined by the value it creates for society, rather than merely being associated with inventions, patents, or academic publications [5]. - The existing knowledge system is outdated, stemming from the previous industrial revolutions, and universities must adapt to the rapid pace of knowledge updates in the current era [5]. Group 2: University Reform and Development - Wang advocates for universities to break free from traditional disciplinary confines and engage in dialogue with society and enterprises, which is essential for reform in the context of the Fourth Industrial Revolution [5]. - Fuyao Technology University is evolving into a new type of research university, with its colleges focusing on areas such as artificial intelligence, future technologies, and digital economy [5]. - The establishment of joint laboratories, such as the one with Yushutech in robotics, reflects the university's commitment to precise positioning in research and development [6]. Group 3: Youth and Technological Advancement - Wang acknowledges the capabilities of younger generations in technology, stating that many young professionals are excelling in cutting-edge fields, often surpassing the expertise of seasoned professionals [8]. - He notes that the perception of talent in universities needs to change, as many successful entrepreneurs may not fit traditional academic criteria but are nonetheless leading advancements in technology [9]. - The current era is characterized as one for the youth, with a call for society and universities to provide more opportunities and a fresh perspective on evaluating young talent [9].

Core Insights - The core viewpoint presented by Wang Shuguo emphasizes the need for universities to reform and engage actively with society and enterprises, as the most advanced technologies are now found in companies rather than academic institutions [2][3]. Group 1: New Technological Revolution - Wang Shuguo identifies three major aspects of the current "unprecedented changes in a century": the rise of the Chinese nation, the US-China power struggle, and the arrival of a new technological revolution that will significantly alter human development trajectories [3]. - He argues that the new technological revolution is not just a typical technological change but will have disruptive impacts on society, urging a deeper understanding of what innovation truly means [3]. Group 2: Innovation and Value Creation - The traditional understanding of innovation as merely inventions, patents, or academic papers is outdated; true innovation must create value for society [3]. - Wang emphasizes that the existing knowledge system is a product of past industrial revolutions, and universities must adapt to the rapid pace of knowledge updates in the current era [3][4]. Group 3: University Reform - Universities should break free from traditional, discipline-based approaches and engage in dialogue with society and enterprises, which is essential for profound transformation in the context of the Fourth Industrial Revolution [4]. - Fuyao University is evolving into a new type of research university, with a focus on interdisciplinary studies that reflect changes in industry structure and knowledge dissemination [5]. Group 4: Young Talent and Industry Engagement - Wang highlights the importance of recognizing the capabilities of young professionals in the tech industry, noting that their understanding of technology often surpasses that of seasoned experts [7]. - The establishment of joint laboratories, such as the one with Yushutech in robotics, illustrates the active collaboration between academia and industry, showcasing the vibrancy of these fields [6]. Group 5: Changing Evaluation Standards - The current evaluation criteria for talent in universities need to evolve, as many successful entrepreneurs in cutting-edge fields do not fit traditional academic molds [8]. - Wang advocates for a shift in perspective towards young innovators, encouraging universities and society to provide them with more opportunities and to recognize their contributions on a global scale [8].

绿色低碳是做强的底色，在"双碳"目标下，企业需加快低VOCs产品研发，推进节能降碳改造，做好固 废资源化利用，把绿色发展转化为成本优势和品牌优势。另外，安全与智能也是做强的保障。近年来， 荆门石化一方面落实本质安全要求，强化"三基"固本培元，狠抓专业"5S"管理提升与KPI指标分解，持 续完善工艺、设备平稳性体系，筑牢安全生产底线；另一方面加快数字化转型，布局智能控制系统、数 字孪生等技术，提升生产效率和精细化管理水平。2025年年底，新的物料管理APP与企业资源计划ERP 并轨运行，融合物联网、大数据技术，实现了基层操作数据自动采集感知、生产动态一屏实时掌控，大 幅提升了物料管控精准度、生产调度协同性和运营决策时效性，让精细化管理要求与本质安全底线在数 字化场景中落地见效，为企业生产经营提质增效筑牢了根基。 作者：荆门石化特油部 王准 近年来，炼化行业同质化竞争加剧，不少企业利润缩水，在亏损边缘徘徊。如何打破"内卷"困局?唯有 以"特"塑优势、以"强"固根基，才能突破同质化竞争，提升核心创效能力，实现高质量发展。 做特，核心是找准差异化赛道，在细分领域锻造不可替代的特色优势。荆门石化面对成品油市场的激烈 竞 ...

Core Viewpoint - The Southern Metropolis Daily held its annual summary and mobilization meeting, highlighting achievements in AIGC empowerment, cross-industry collaboration, and media exploration, while setting ambitious goals for 2026 [4][11]. Group 1: Awards and Recognition - The Annual Product Award was given to the "Southern Metropolis AIGC Empowerment and Integrated Operation Project," which innovatively restructured the content production and operation chain, achieving breakthroughs in content innovation and commercial monetization [12]. - Seven Annual Pioneer Product Awards were presented, showcasing successful cross-industry collaborations and high-quality consumer brand ecosystems, including projects like the Greater Bay Area Cultural Arts Festival [13]. - The Annual Reporting Award was awarded to the investigative report "Human Meat Opening Box," which led to significant media follow-up and legal actions against a criminal gang, demonstrating the impact of investigative journalism [14][15]. Group 2: Future Directions - The Southern Metropolis Daily aims to maintain its commitment to quality content while embracing innovation and systemic transformation to achieve high-quality development in 2026 [11][16]. - Three key focus areas for 2026 were identified: innovation in content and technology, continuous transformation in content construction, and upholding high-quality journalism standards [17]. - The company plans to shift from project-based thinking to building sustainable IP ecosystems, standardizing successful cross-industry innovations, and fostering organizational collaboration for enhanced operational efficiency [18].

2月，千年商都广州迎来亚太经合组织（APEC）"中国年"首场盛会——APEC2026年第一次高官会。 外交部发言人郭嘉昆在例行记者会上介绍，中国作为2026年亚太经合组织东道主，2月1日至10日在广州 举办APEC第一次高官会及相关会议，这也是APEC"中国年"首场正式活动。本次会议将聚焦2026年 APEC会议主题"建设亚太共同体，促进共同繁荣"和三大优先领域"开放、创新、合作"，全面启动各领 域各机制合作，深入讨论具体合作，为11月领导人非正式会议积累成果。 2月1日，APEC高官会日程满满，重点讨论科技创新、监管协调、卫生工作和数据隐私等话题。谈及科 技创新话题，菲律宾科技部助理部长Napoleon Kilates Juanillo Jr在接受21世纪经济报道记者采访时表 示，在今天的会议上，各APEC经济体探讨了开放科学以及跨国科学家交流合作的相关议题，也探讨了 科技创新领域的潜在合作方向，各方在这些发展方向上的看法高度一致，达成了共识，"菲律宾作为正 式参与方，对科技创新政策伙伴关系表达了全力支持的态度"。 在探讨多领域合作机制的同时，出席APEC高官会的嘉宾们也对广州的多元魅力有了更深刻的认识。 ...