Core Insights - The Chinese mini-game market is experiencing significant growth, with actual sales revenue reaching 23.276 billion yuan in the first half of 2025, a year-on-year increase of 40.2%, far exceeding the mobile game market's growth rate of 16.55% [1] - The company, 37 Interactive Entertainment, is actively seeking transformation by expanding from gaming into artificial intelligence, quality education, and global distribution, aiming to create a future-oriented global entertainment technology ecosystem [1] Group 1: Market Trends - The mini-game market is projected to exceed 60 billion yuan in size by 2025, indicating that it remains unsaturated compared to the slowing mobile game market [1] - The company is reducing its reliance on traditional user acquisition methods and is focusing on technology-driven content efficiency through AI and data platforms [2] Group 2: Product Development - The company is enhancing its long-term operational capabilities for existing games, with titles like "Seeking the Path of the Universe" and "Time Grocery Store" effectively extending game lifecycles through various engagement strategies [3] - New products are achieving impressive results, with "Time Explosion" reaching the top of the iOS free chart upon launch, and "Heroes Have No Flash" quickly entering the top five of the iOS sales chart [4] Group 3: R&D and Global Strategy - The company is expanding its self-developed capabilities and diversifying its product line, forming a rich external development reserve through partnerships with quality developers [5] - 37 Interactive Entertainment has established itself as a leading global game publisher, successfully distributing numerous titles across over 200 countries and regions [7][8] Group 4: Talent Strategy - The company offers a comprehensive employee welfare system, including an enhanced insurance package and housing support for employees who have been with the company for over two years [9][10] - A focus on work-life balance is evident through policies like double weekends and early leave on certain holidays, alongside a robust talent development program [12][18] Group 5: Future Outlook - The company is committed to building a long-term competitive advantage through technological innovation, quality development, global distribution, ESG governance, and talent development strategies [26] - 37 Interactive Entertainment aims to enhance its global cultural expression and maintain a long-term perspective to improve the quality of cultural output [26]

12月22日，南方电网储能股份有限公司（南网储能，600995.SH）成功召开2025年第四次临时股东大 会，选举产生了第九届董事会。此次换届选举，是公司发展历程中的重要时刻，为南网储能的未来发展 注入了新的活力与智慧。 新一届董事会由刘国刚、李定林、范晓东、张昆、杜云辉5名非独立董事，陈启卷、王晓锦、张粒子3名 独立董事，以及职工代表董事肖植甫共同组成。在随后的选举中，由刘国刚先生担任董事长，李定林先 生担任总经理，全面主持经营。高磊先生担任公司副总经理兼会计师，周建为先生、孙立群先生、黄海 先生、李媛媛女士担任公司副总经理，钟林先生担任公司董事会秘书。 2025年，公司荣获 "第二十届中国上市公司董事会'金圆桌奖'" 的 "公司治理特别贡献奖" 和 "董秘好助 手"，充分体现了南网储能在公司治理结构、董事会运作、信息披露、投资者关系管理等方面的优秀表 现。公司始终坚持以规范的治理结构和高效的决策机制为核心，不断提升公司治理水平，保障股东和利 益相关者的合法权益。同时，公司注重信息披露的及时性、准确性和完整性，积极与投资者进行沟通交 流，增强了市场的信心和认可度。 在投资者关系管理方面，南网储能也取得了丰硕 ...

格隆汇12月22日线上举办"科技赋能·资本破局"分享会。备受瞩目的卓越公司评选榜单隆重揭晓。其中，格隆汇"金格奖"年度卓越公司评选中，中国飞鹤 (6186.HK)荣获"年度ESG先锋"奖项。 "年度ESG先锋奖"旨在寻找经济效能与社会责任并重的绿色企业与先进企业。该奖项是对公司在环境（Environmental）、社会（Social）、公司治理 （Governance）三方面工作的高度认可，获奖公司在其推广ESG理念、追求高质量可持续发展上均做出了突出贡献。 在全球乳业绿色转型的浪潮中，飞鹤将ESG理念视为乳业通向未来的行动指南，并积极融入从"种草养牛"到"一杯奶粉"的每一个产业链环节。目前，飞鹤已 建成中国高寒地区规模最大的生态循环项目，并打造了全球首个生态循环产业集群。通过创新的"粪肥还田"模式，每年可实现二氧化碳减排近40万吨，相当 于种植超过2000万棵树。该模式已被联合国作为可复制的解决方案收录，为全球高寒地区的农业发展提供了"中国智慧"。 ...

Core Viewpoint - Shengquan Group, a leading enterprise in the field of phenolic and furfural resins, is transitioning from traditional manufacturing to a globally leading new materials technology group, driven by technological innovation and capital market empowerment [1][3]. Financing and Project Implementation - Since its listing on the Shanghai Stock Exchange in August 2021, Shengquan Group has raised a total of 2.821 billion yuan, including 1.946 billion yuan from the IPO and 875 million yuan from a private placement, to support strategic projects [3][4]. - The funds have been allocated to key strategic projects such as the expansion of high-end phenolic composite materials, high-end electronic chemicals, and a 1,000 tons/year functionalized polyphenylene oxide (PPO) project, which is crucial for meeting the demands of high-tech sectors like 5G communication and new energy vehicles [3][4]. Core Technology and Competitive Advantage - Shengquan Group's core competitiveness lies in its disruptive innovations in phenolic/furfural resins and the proprietary "Shengquan Method" for biomass refining [6]. - The company has a phenolic resin production capacity of approximately 650,000 tons/year, serving high-end industrial sectors such as aerospace and electronics [6]. - Shengquan has successfully developed high-purity epoxy resins and other specialized resins for chip packaging and 5G applications, breaking the long-standing monopoly of developed countries in this field [6]. Green Innovation and Sustainability - Shengquan Group has pioneered a green low-carbon innovation path in the biomass chemical sector, developing the "Shengquan Method" for efficient separation and high-value utilization of biomass resources [7]. - The company is constructing the world's first million-ton "Shengquan Method" biomass refining project in Daqing, Heilongjiang, which aims to convert agricultural waste into valuable products, significantly reducing carbon emissions [7]. Talent Incentives and Corporate Governance - The capital market has enabled Shengquan Group to establish an effective talent incentive mechanism, including a restricted stock incentive plan covering 635 core employees and a broader employee stock ownership plan involving over 2,718 individuals [9]. - The company has integrated sustainable development into its operations, achieving an AA-level ESG rating, which enhances its governance standards and attracts green investment [9]. Future Development Strategy - Shengquan Group will continue to focus on technology-driven innovation and leverage capital market resources to enhance its investment in phenolic resins, PPO, electronic chemicals, and biomass-based hard carbon materials [10]. - The company aims to consolidate its global leadership in existing products while addressing material bottlenecks in emerging industries such as new information technology and renewable energy [10].

习近平总书记指出："企业既有经济责任、法律责任，也有社会责任、道德责任""只有积极承担社会责 任的企业才是最有竞争力和生命力的企业"。 12月19日，由人民日报社经济社会部主办的2025企业社会责任论坛在陕西西安举行。中央和国家机关有 关部委负责同志、地方政府主管部门代表、企业负责人和专家学者等200余位嘉宾共聚一堂，围绕"践行 社会责任推动高质量发展"这一主题共话新时代企业社会责任，共商高质量发展之道。 与会嘉宾表示，要深入贯彻落实习近平经济思想，贯彻落实党的二十届四中全会精神和中央经济工作会 议精神，不断引导企业将履行社会责任内化为核心价值追求和自觉行动，实现企业价值与社会价值的统 一，为以高质量发展全面推进中国式现代化注入磅礴动力。 弘扬企业家精神，展现更大的担当与作为 企业是社会主义市场经济的主体，企业履行社会责任是中国特色社会主义市场经济的生动体现。与会嘉 宾认为，多年来中国企业积极履行社会责任，实践丰富、贡献突出，新时代新征程上责任重大、要求更 高，要更好弘扬企业家精神，实现企业价值与社会价值的统一。 "企业履行社会责任就是要立足于国家发展的宏大场景与长远布局，在稳定经济增长、促进科技创新、 持续 ...

主论坛会场。 主论坛会场，参会人员在做记录。 主论坛会场，参会人员在听会。 习近平总书记指出："企业既有经济责任、法律责任，也有社会责任、道德责任""只有积极承担社会责 任的企业才是最有竞争力和生命力的企业"。 12月19日，由人民日报社经济社会部主办的2025企业社会责任论坛在陕西西安举行。中央和国家机关有 关部委负责同志、地方政府主管部门代表、企业负责人和专家学者等200余位嘉宾共聚一堂，围绕"践行 社会责任 推动高质量发展"这一主题共话新时代企业社会责任，共商高质量发展之道。 与会嘉宾表示，要深入贯彻落实习近平经济思想，贯彻落实党的二十届四中全会精神和中央经济工作会 议精神，不断引导企业将履行社会责任内化为核心价值追求和自觉行动，实现企业价值与社会价值的统 一，为以高质量发展全面推进中国式现代化注入磅礴动力。 弘扬企业家精神，展现更大的担当与作为 企业是社会主义市场经济的主体，企业履行社会责任是中国特色社会主义市场经济的生动体现。与会嘉 宾认为，多年来中国企业积极履行社会责任，实践丰富、贡献突出，新时代新征程上责任重大、要求更 高，要更好弘扬企业家精神，实现企业价值与社会价值的统一。 "AI西安之夜"活 ...

"我们也很纳闷，这就是个普通的议案，不知道他们（H股股东）为什么要反对。"一位"A+H"上市公司 的人士近期对记者表示。 据悉，其所在的上市公司H股类别股东大会在审议一些普通议案时，出现了不少反对票。 证券时报·e公司记者梳理发现，这种情况不是个案。在诸多"A+H"上市公司H股类别股东大会上，频频 出现大量反对票，不时有议案遭否决。 一位在央企下属上市公司负责ESG事项的人士对记者表示："他们（海外投资机构）很看重上市公司的 ESG内容，投反对票是一种对公司治理的表态。" 在中国社会科学院教授、责任云研究院院长钟宏武看来，目前ESG已从"加分项"升级为"入场券"，ESG 报告作为企业与全球资本对话的重要载体，报告质量直接关系着企业能否跨越跨境资本的信任门槛。 但另一方面，国内外对ESG标准的评判差异，让很多中国企业面临双重难题。他们既需满足国际资本的 评级要求，又要契合本土政策导向，这大大增加了企业的适应成本。 对此，上海交通大学上海高级金融学院教授邱慈观认为，社会制度、文化差异导致双方关切的ESG议题 并不一致。在她看来，全世界不应该只有一套ESG标准，也不是只有一种标准是合理的。 H股类别股东大会频现反对 ...

Core Viewpoint - Shanghai Environment Group held an investor communication event on December 23, 2025, aimed at enhancing communication with investors and promoting understanding of the company and industry [1][16]. Group 1: Event Details - The event took place on December 23, 2025, at Shanghai Youlian Zhuyuan First Wastewater Treatment Investment Development Co., Ltd. [1] - Participating institutions included various securities companies and individual investors [1]. Group 2: Company Overview - Shanghai Environment focuses on the "Environmental Governance+" strategic vision, achieving a cumulative operating income of 4.571 billion yuan, a year-on-year increase of 6.15%, and a net profit attributable to shareholders of 521 million yuan, a year-on-year increase of 4.74% for the first three quarters of 2025 [3]. Group 3: Strategic Vision and Business Layout - The company centers its strategy on "Environmental Governance+" with core businesses in municipal solid waste and sewage treatment, while also focusing on hazardous waste, soil remediation, municipal sludge, and solid waste resource utilization [4]. Group 4: Quality Improvement and High-Quality Development - The company aims to enhance core competitiveness, activate internal growth, seize green development opportunities, and foster innovation through deep integration of industry and innovation chains [5]. Group 5: Green and Low-Carbon Transition - The company has integrated green development into its overall strategy, actively participating in green electricity and green certificate trading, and has developed several green benchmark projects [6]. Group 6: Technological Innovation and Industry Upgrading - The company emphasizes technological research and development in solid waste resource utilization and green low-carbon transition, advancing digital transformation initiatives [8]. Group 7: Cost Reduction and Efficiency Improvement - The company has implemented a management mechanism focused on refined operations, centralized procurement, and energy-saving measures to achieve cost reduction and efficiency improvement [8]. Group 8: Waste-Free City Initiatives - The company is actively involved in the construction of waste-free cities, enhancing resource utilization capabilities and providing technical support through its "FAST" technology [9]. Group 9: Market Value Management - The company prioritizes market value management, focusing on quality improvement, investor relations, and ESG initiatives to enhance overall corporate value [10]. Group 10: ESG Efforts and Achievements - The company has integrated ESG principles into its operations, receiving multiple awards for its sustainable development practices [11]. Group 11: Shareholder Returns - The company is committed to providing reasonable returns to investors, continuously focusing on improving operational performance [12]. Group 12: Accounts Receivable Management - The company actively manages accounts receivable to ensure risks are controllable and aims for sustainable high-quality development [13].

Core Viewpoint - Hainan Rural Commercial Bank is launching an ESG strategy to support the construction of Hainan Free Trade Port, emphasizing sustainable development and high-quality financial services [1][2]. Group 1: ESG Strategy and Framework - The bank's ESG strategy is seen as essential for aligning with national strategies and building future core competitiveness, with a focus on "deepening in Hainan" [1]. - The bank released its ESG White Paper, which outlines a comprehensive view of its ESG practices, including initiatives like photovoltaic loans, GEP loans, and rural revitalization talent introduction plans [1]. Group 2: Strategic Partnerships - Hainan Rural Commercial Bank signed strategic cooperation agreements with Huawei Technologies, Tencent Cloud, Shanghai SenseTime Technology, and Zhengxin Optoelectronics to collaborate on digital transformation, AI applications, green technology, and smart energy [2]. - The partnerships aim to explore innovative paths for integrating technology and finance to empower sustainable development [2].

Core Viewpoint - Yili Group, one of the top five dairy companies globally and the largest in China, is leading in ESG practices and has received multiple awards for its efforts in sustainability and corporate responsibility [2][3][4]. Group 1: ESG Achievements - Yili Group has been recognized as one of the "Top 20 Best Employers in China for 2025" by Zhaopin for its outstanding performance in talent strategy, digital empowerment, employer branding, and employee care [3]. - The company received the United Nations "Chain Leader" certification, being the only company in the industry to achieve this recognition [3]. - Yili's Weifang factory was awarded the title of "Typical Case of Collaborative Innovation in Pollution Reduction and Carbon Reduction" by the local ecological environment bureau for its outstanding practices [3]. - Yili has been ranked first in the "Social Responsibility Development Index" for the dairy industry in the "Corporate Social Responsibility Blue Book (2025)" by the Chinese Academy of Social Sciences for eight consecutive years [3][4]. - Yili has maintained its position as the industry leader in the "Pioneer 100 ESG Listed Companies" index for three consecutive years and ranked first in the newly released "Pioneer 50 ESG Supply Chain" index [4]. Group 2: Quality and Safety Initiatives - Yili is committed to producing 100% safe, healthy, and high-quality products, implementing the "Quality Leading 3310 Strategy" to enhance food safety risk management and consumer quality experience [4]. - The company has continuously published ESG reports, with the 2024 report emphasizing strict quality control standards across its global supply chain to ensure zero food safety incidents [4]. Group 3: Financial Performance and Shareholder Returns - Yili has initiated a mid-term dividend plan, with total dividends exceeding 3 billion yuan, and plans to maintain a cash dividend payout ratio of no less than 75% of net profit from 2025 to 2027 [9]. - The company has repurchased shares totaling over 200 million yuan this year, ranking among the top in the beverage and dairy industry [10]. - Since December 12, Yili's stock price has increased by over 3.4% [11]. Group 4: Strategic Focus - The company is focused on expanding domestic demand and enhancing quality and efficiency as part of its strategic planning for the next five years [8][9]. - Yili aims to explore new business growth points while maintaining its core business competitiveness and driving digital transformation to improve operational efficiency [9].