Core Insights - The "2025 World Tourism Alliance Xianghu Dialogue" held in Hangzhou, Zhejiang, focused on sustainable development, cross-industry integration, and technological empowerment in the tourism sector [1] - The event gathered representatives from international organizations and tourism authorities from 30 countries and regions to discuss the future of a resilient, inclusive, and sustainable tourism industry [1] Group 1: Research Reports - The "2024-2025 Cross-Border Tourism Consumption Trends Research" report indicates that the global tourism industry continues to grow, with experiential travel being a key driver [2] - Chinese outbound tourism is seeing an increase in both total visitor numbers and spending, with short-haul and niche destinations growing rapidly [2] - Trends in outbound tourism are shifting towards experiences, exploration, niche, and personalized travel [2] - The report highlights that the number of inbound tourists to China is growing rapidly, supported by visa facilitation policies, with longer stays being observed [2] - Major cities remain the most attractive for inbound tourists, while emerging destinations are also seeing significant increases in visitor numbers [2] - There is a notable rise in spending on shopping, dining, and health-related services, indicating a diversification in inbound tourism consumption [2] Group 2: Sustainable Development in Rural Tourism - The report "From Tourism Poverty Alleviation to Rural Revitalization: China's Practice in Promoting Sustainable Development through Tourism" outlines the evolution of rural tourism in China from poverty alleviation to sustainable development [2] - Future policies for sustainable rural development in China are expected to focus on policy coordination and innovation, digital technology empowerment, and the exploration of rural value [2] Group 3: International Dialogue - The event included the "2025 China-Australia Tourism Dialogue Mechanism Meeting" and "China-US Study Tour Dialogue," where both China-Australia and China-US discussed opportunities for cooperation and development in tourism investment and trade [2]

Core Insights - Deloitte China released its 2025 Fiscal Year Social Impact Report, showcasing its commitment to sustainable development and high-quality economic growth in China [1] Group 1: Business Growth and Talent Development - In the 2025 fiscal year, Deloitte China supported over 2,000 Chinese enterprises in expanding into international markets, enhancing their global competitiveness [1] - Deloitte China has been recognized as a "Top Employer in China" for the 19th consecutive year and launched a "10,000 AI/GenAI Talent Certification Training Program" to improve employees' AI skills [2] Group 2: Environmental Protection - Deloitte China integrated sustainable development into daily operations, achieving 20 green/healthy building certifications and purchasing 7,242 international renewable energy certificates (I-RECs) and 754 Chinese green power certificates (GECs) [2] - The company aims for net-zero emissions and actively engages employees in ecological protection initiatives [2] Group 3: Social Contribution - Deloitte China invested in rural education and talent development, benefiting over 1.4 million people through the "Smart Start" program, with a total social impact investment of 30.18 million RMB [3] - Employee volunteer service hours reached 66,782, demonstrating the company's commitment to social responsibility [3] Group 4: Corporate Governance - Deloitte China has enhanced its governance structure through collaboration among partners, councils, and management teams [3] - The company achieved four international certifications in information security management, ensuring data protection for clients and employees [3] Group 5: Future Commitment - The CEO of Deloitte China emphasized the importance of professional service firms as leaders in corporate social responsibility, committing to strengthen capabilities and innovation for long-term positive impacts [3]

中新社北京11月25日电 (记者王恩博)在ESG(环境、社会和公司治理)领域，中国企业正从"被动合规"走 向"主动布局"。德勤中国可持续发展与新兴技术鉴证业务主管合伙人胡建宇25日在北京举行的一场发布 会上表示，越来越多中国企业开始主动管理ESG，以应对"出海"过程中的挑战。 当天发布的《德勤中国2025财年社会影响力报告》显示，该财年，德勤跨越96个海外市场，助力2000多 家中资企业"出海"。 基于这些合作实践，胡建宇观察到，越来越多中国企业开始主动管理ESG，一方面响应国家"双碳"政策 和绿色转型号召，另一方面积极应对"出海"过程中的多方面挑战。他特别提到，许多企业已意识到，在 全球价值链中，上下游伙伴正以更严苛的标准审视其可持续发展表现。 胡建宇表示，这些政策不仅强调信息披露，更从合规角度出发，让企业科学准确地识别可持续发展过程 中的风险与机遇。(完) （文章来源：中国新闻网） 胡建宇强调，ESG已不再仅是企业合规的"底线要求"，更成为决定企业长期可持续运营、资本市场高效 稳健运作乃至整个价值链健康发展的关键因素。 尽管ESG评价体系在中国起步相对较晚，但发展迅速。胡建宇认为，中国在可持续发展方面，无 ...

Financial Data and Key Metrics Changes - For the fourth quarter ended September 30, 2025, revenue was $802,000 compared to $935,000 in the prior year quarter, reflecting the conclusion of citrus operations [15] - The net loss attributable to Alico common stockholders was $8.5 million, or $1.11 per diluted share, an improvement from a net loss of $18.1 million, or $2.38 per diluted share in the prior year quarter [15] - For the full fiscal year, revenue was $44.1 million compared to $46.6 million in Fiscal 2024, with a net loss of $147.3 million, or $19.29 per diluted share, primarily due to non-cash charges related to the strategic transformation [16] Business Line Data and Key Metrics Changes - Adjusted EBITDA for Fiscal 2025 was $22.5 million, exceeding the $20 million guidance target, indicating operational strength in the transformed business model [16] - Land sales generated $23.8 million from 2,796 acres sold during Fiscal 2025, surpassing the $20 million target [17] Market Data and Key Metrics Changes - The company ended Fiscal Year 2025 with $38.1 million in cash and cash equivalents, a significant increase from $3.2 million at the end of Fiscal 2024 [16] - Net debt decreased to $47.4 million from $89 million, representing a $41.6 million improvement year-over-year [16] Company Strategy and Development Direction - Alico has transitioned from a traditional citrus producer to a diversified land company, focusing on sustainable long-term value creation and conservation [4] - The establishment of the Corkscrew Grove Stewardship District is a significant regulatory milestone that supports the company's development strategy [7] - The company aims to optimize agricultural operations, advance residential and commercial development projects, and maintain financial flexibility for long-term strategy execution [12] Management's Comments on Operating Environment and Future Outlook - Management emphasized the successful completion of the final major citrus harvest and the elimination of volatility associated with citrus agriculture [18] - The company believes it has a compelling path forward with multiple catalysts for value creation, including advancing development projects and optimizing agricultural leasing [18][19] Other Important Information - Alico has a market capitalization of approximately $240 million, while the net present value (NPV) analysis of its land portfolio is estimated between $650 million and $750 million, indicating a significant valuation disconnect [19] - The company has a history of returning capital to shareholders, having returned over $190 million through dividends, share repurchases, and debt reduction since 2015 [10] Q&A Session Summary Question: What is the expected cadence of the land sales in the next 12 months? - Management has not provided guidance on additional land sales for fiscal year 2026 [22][23]

Financial Data and Key Metrics Changes - For the fourth quarter ended September 30, 2025, revenue was $802,000 compared to $935,000 in the prior year quarter, reflecting the conclusion of citrus operations [15] - The net loss attributable to Alico common stockholders was $8.5 million, or $1.11 per diluted share, an improvement from a net loss of $18.1 million, or $2.38 per diluted share in the prior year quarter [15] - For the full fiscal year, revenue was $44.1 million compared to $46.6 million in Fiscal 2024, with a net loss of $147.3 million primarily due to non-cash charges related to the strategic transformation [16] Business Line Data and Key Metrics Changes - Adjusted EBITDA for Fiscal 2025 was $22.5 million, exceeding the $20 million guidance target, indicating operational strength in the transformed business model [16] - Land sales generated $23.8 million from 2,796 acres sold during Fiscal 2025, surpassing the $20 million target [17] Market Data and Key Metrics Changes - The company ended Fiscal Year 2025 with $38.1 million in cash and cash equivalents, a significant increase from $3.2 million at the end of Fiscal 2024 [16] - Net debt decreased to $47.4 million from $89 million, representing a $41.6 million improvement year-over-year [16] Company Strategy and Development Direction - Alico has transitioned from a traditional citrus producer to a diversified land company, focusing on sustainable long-term value creation and conservation [4] - The establishment of the Corkscrew Grove Stewardship District is a significant regulatory milestone that supports the company's development strategy [6] - The company aims to optimize agricultural operations while advancing residential and commercial development projects [12] Management's Comments on Operating Environment and Future Outlook - Management emphasized the elimination of citrus agricultural volatility and the unlocking of value in the approximately 49,000-acre Florida portfolio [18] - The company believes it is well-capitalized and strategically focused, with multiple catalysts for value creation in the coming years [19] Other Important Information - Alico has a history of returning capital to shareholders, having returned more than $190 million through dividends, share repurchases, and debt reduction since 2015 [10] - The company's NPV analysis values its land portfolio between $650 million and $750 million, while its current market capitalization is approximately $240 million [19] Q&A Session Summary Question: What is the expected cadence of the land sales in the next 12 months? - Management has not provided guidance on additional land sales for fiscal year 2026 [22]

Core Viewpoint - Link REIT celebrates its 20th anniversary of listing, marking significant growth and commitment to creating value for stakeholders in the real estate investment sector [3][4][10] Group 1: Company Growth and Development - Since its listing in 2005, Link REIT has evolved from a single market and asset type to a leading real estate investor and manager in the Asia-Pacific region, managing 154 properties across five regions, including Hong Kong, mainland China, Australia, Singapore, and the UK [4] - The property portfolio value has reached HKD 222.9 billion, growing nearly sixfold over the past 20 years [4] - Link REIT has launched a fund management business, marking a strategic transformation to manage a more comprehensive real estate investment platform [4] Group 2: Commitment to Sustainability - Link REIT is the largest private operator of public electric vehicle charging networks in Hong Kong, providing over 3,000 charging facilities [7] - The company is also one of the largest private solar power operators in Hong Kong, with 58 solar power facilities generating approximately 4.2 million kilowatt-hours annually [7] - Link REIT has signed over 4,600 green leases with tenants to encourage reductions in energy, water, and waste consumption, achieving a 46.1% reduction in electricity usage since 2010 [7] Group 3: Community Investment and Social Responsibility - Through the "Love. Gather Plan," Link REIT has invested over HKD 174 million since 2013 to support over 200 community projects, benefiting more than 20 million people [8] - The company has awarded over 2,000 scholarships to outstanding local university students from first-generation families, promoting social mobility [8] - Link REIT has launched the "Link REIT 20th Anniversary Outstanding Student Scholarship" to recognize 100 high school students for their academic and social service achievements [8] Group 4: Future Outlook - As Link REIT celebrates its 20th anniversary, it remains committed to creating long-term commercial and social benefits, enhancing community connections and improving quality of life [10]

Core Insights - Deloitte China released its 2025 Fiscal Year Social Impact Report, marking the sixth consecutive year of publication, highlighting progress in business, talent, environment, society, and governance [1] Business - In the 2025 fiscal year, Deloitte China supported over 2,000 Chinese enterprises in expanding overseas, covering 96 international markets [1] - The firm provided multi-dimensional services to foreign enterprises in China, helping them identify risks and adjust strategies amid complex global trade policies [1] Talent - Since the launch of "Deloitte Academy," the organization has conducted over 3,000 internal training and exchange sessions, and facilitated more than 1,500 visits from government and enterprises [2] - Over 9,000 partners and employees have completed the "Ten Thousand AI/GenAI Talent Certification Training Program" [2] Environment - Deloitte China's offices have achieved 20 certifications for green and healthy buildings, and the company purchased 7,242 International Renewable Energy Certificates (I-RECs) and 754 Chinese Green Power Certificates (GECs), achieving 100% renewable energy usage in its offices [2] - The company is committed to a net-zero emissions goal and is actively engaging employees in ecological protection while promoting low-carbon operations across its value chain [2] Social Impact - Deloitte China has invested in rural education and talent development, with the "Smart Start" program benefiting over 1.4 million people and a total of 9.27 million beneficiaries [2] - The total investment in social impact strategies for the year reached 30.18 million RMB [2] Governance - The governance structure has been continuously improved through collaboration among the partner meeting, board of directors, and management team [2] - Deloitte China has incorporated practical experiences from its audit quality independent advisory committee into the "Certified Public Accountant Industry Development Report" and received four international certifications, including ISO/IEC 27001 [2] Future Outlook - Deloitte China's CEO emphasized the importance of strengthening capability building and innovation investment to create long-term positive impacts on clients, talent, and the environment, aligning with China's high-quality development [3]

2025/2026 INTERIM RESULTS INVESTORS PRESENTATION 2025.11.25 1H2026 HIGHLIGHTS Solid trajectory with sustained profitability | Revenue | | | Gross profit margin | | | --- | --- | --- | --- | --- | | HK$38,986 | million | On constant fx | 30.5% | 1H2025 31.4% | | 1.1% | | 0.5% | | | | Operating profit | | | Operating profit margin | | | HK$6,823 | million | 0.7% | 17.5% | 1H2025 17.2% | | Profit attributable to shareholders | | | Dividend per share | | | HK$2,534 | million | 0.1% | HK$0.22 | Payout ratio 85.7 ...

Core Viewpoint - The article emphasizes the transition of sustainable development from a strategic concept to a critical measure of high-quality economic growth in China, particularly highlighting 2025 as a pivotal year for deepening practical implementation of sustainability initiatives [3]. Group 1: Policy and Regulatory Framework - The Chinese government has introduced several policies, including the "Central Enterprise ESG Special Action Guidelines (2025)" and the "Management Measures for Information Disclosure of Listed Companies," mandating the integration of sustainable development into corporate governance and moving from optional to standardized disclosure of non-financial information [3]. - Financial institutions are evolving from advocates of sustainability to key actors, embedding ESG principles into their strategies and operations, and promoting green finance and responsible investment practices [3]. Group 2: Case Collection Initiative - Tsinghua Financial Review has launched a "2025 Sustainable Development Typical Case Collection" to create a high-level platform for sharing best practices in green finance and sustainability governance, aiming to establish industry benchmarks and facilitate experience sharing [4]. - The collection targets banks, insurance companies, securities firms, asset management institutions, and listed companies, encouraging submissions of innovative and impactful sustainability practices [6]. Group 3: Submission Themes and Requirements - The case collection focuses on three main dimensions: climate change response, social responsibility, and corporate governance, with specific topics including pollution control, waste management, biodiversity protection, and supply chain safety [7]. - Submissions must reflect the positive contributions of financial institutions and listed companies to sustainable development, with a requirement for authenticity and a good reputation [8]. Group 4: Selection and Publication - Selected cases will be reviewed by an expert panel from Tsinghua Financial Review, with outstanding examples published across various media platforms and opportunities for case representatives to share their experiences at hosted events [12].

Core Insights - Tongcheng Travel reported a record high of 253 million annual paying users and over 2 billion cumulative service users by the end of Q3 2025, driven by the growing consumption potential of the general tourism market [1][4] - The company achieved a revenue of 5.509 billion yuan in Q3 2025, marking a year-on-year growth of 10.4%, with transportation and accommodation revenues growing by 9% and 14.7% respectively [1][4] - Tongcheng Travel's MSCI ESG rating improved to the highest level of AAA, placing it among the top 5% globally, reflecting its commitment to sustainable development [1][5][6] Revenue Growth - The revenue growth in Q3 2025 was significantly supported by the increasing travel expenditure of non-first-tier city residents, with domestic travel spending reaching 4.85 trillion yuan in the first three quarters of 2025 [2] - The transportation business revenue reached 2.209 billion yuan, while accommodation revenue was 1.58 billion yuan, both showing positive year-on-year growth [4] User Engagement and Services - The number of service users reached 2.019 billion, a year-on-year increase of 7.3%, and the daily active users of the Tongcheng Travel app hit a historical peak before the National Day holiday in 2025 [4] - The "First Flight Care" service saw a more than 300% increase in users in August 2025, indicating a strong demand for services catering to first-time flyers [2][3] Strategic Partnerships and Innovations - Tongcheng Travel has established strategic partnerships with over 20 airports, enhancing its service offerings and integrating airline and airport resources to improve travel convenience [5][6] - The company is leveraging AI technology to provide personalized travel experiences, with its AI tool DeepTrip attracting millions of users since its launch [3][6] Sustainable Development Initiatives - The "New Traveler Public Welfare Program 2.0" aims to empower small and medium-sized hotels through technology and marketing support, benefiting thousands of hotels [6] - Tongcheng Travel has been recognized for its sustainable practices, being included in the S&P Global Sustainable Development Yearbook for three consecutive years and receiving the "Best Progress in Industry" award [6]