Group 1 - The 2025 Golden Bull Enterprise Sustainable Development Forum and the 3rd National New Cup ESG Golden Bull Award Ceremony were held in Suzhou, focusing on the theme "Governance for Good, Green Movement for the Future" [1] - China Securities Journal and Suzhou Industrial Park Urban Development Research Institute announced a collaboration to create an ESG platform and curriculum system to empower enterprises professionally [1] - The ESG platform will provide services such as ESG enterprise diagnosis, information disclosure, and data management, helping companies establish a scientific and comprehensive ESG management system [1] Group 2 - Suzhou Industrial Park has integrated ESG concepts throughout its development process, establishing a practical system from policy guidance to ecological empowerment [2] - The park released the first ESG evaluation standard for development zones in China, embedding green and low-carbon indicators into industrial planning [2] - Suzhou Industrial Park is focusing on green finance as a key driver, creating a financial ecosystem to support transformation, including sustainable development-linked loans and a risk compensation pool [2]

Core Viewpoint - Platinum Group Metals Ltd. reported its financial results for the fiscal year ended August 31, 2025, highlighting the advancement of the Waterberg Project, which is expected to be one of the largest and lowest-cost underground platinum group metals mines globally [1][20]. Financial Results - The company incurred a net loss of $4.54 million for the fiscal year, slightly improved from a net loss of $4.61 million in the previous year [16]. - General and administrative expenses increased to $3.66 million from $3.42 million year-over-year [16]. - Share-based compensation decreased to $1.19 million from $1.36 million [16]. - The foreign exchange gain was $95 thousand, compared to $4 thousand in the previous year, primarily due to the U.S. Dollar's appreciation against the Canadian Dollar [16]. Project Ownership and Structure - As of August 31, 2025, the Waterberg Project is owned by Waterberg JV Resources (Pty) Ltd., with Platinum Group holding a 37.32% interest [4]. - The ownership structure includes Mnombo (26.0%), HJ Platinum Metals Company Ltd. (21.95%), and Impala Platinum Holdings Ltd. (14.73%) [4]. - HJ Platinum Metals Company Ltd. was established in 2023 to hold and fund future equity interests in the Waterberg Project [5]. Recent Developments - On September 17, 2025, Waterberg JV Co. approved a sixth stage of work budgeted at Rand 92.1 million (approximately $5.11 million) for fiscal year 2026 [7]. - A non-brokered private placement of common shares was closed on May 29, 2025, raising $1.0 million, allowing Hosken Consolidated Investments Limited to maintain a 26% interest in the company [8]. - An interim budget of Rand 42 million (approximately $2.27 million) was approved on February 18, 2025, for the continuation of work programs [9]. Project Expenditures - Total expenditures on the Waterberg Project for the year ended August 31, 2025, were approximately $2.0 million, down from $3.0 million in the previous year [19]. - Accumulated net costs capitalized to the Waterberg Project reached $49.2 million as of August 31, 2025, compared to $47.0 million the previous year [19]. Future Outlook - The primary business objective is to advance the Waterberg Project to a development and construction decision [20]. - The company is assessing commercial alternatives for mine development financing and concentrate offtake [22]. - Discussions are ongoing with South African integrated producers regarding formal concentrate offtake arrangements [22]. Environmental, Social, and Governance (ESG) - The company received a BBB score in its 2025 ESG disclosure report from Digbee Ltd., indicating a commitment to improving ESG performance [26].

Core Insights - Central enterprises (央企) are integrating ESG (Environmental, Social, and Governance) principles into their strategies and operations, evolving from being merely economic pillars to becoming resilient and responsible entities [1] - The 2025 Golden Bull Enterprise Sustainable Development Forum highlighted the importance of transitioning ESG from a compliance requirement to a core value driver for enhancing competitiveness and leading green transformation [1] ESG Implementation - Central enterprises are elevating ESG from a reporting task to a strategic priority, embedding it into business layouts, investment decisions, and daily management [1] - China Power has incorporated ESG due diligence into its investment decision-making process, alongside legal and financial due diligence, and is exploring AI applications in ESG management [2] - The integration of ESG in sectors like aerospace and defense emphasizes national security, technological innovation, and public health, with companies like Aerospace Changfeng focusing on safety and health initiatives [2] Supply Chain and Green Transformation - ESG standards are extending to upstream and downstream operations, showcasing the pivotal role of central enterprises in building a green ecosystem [3] - Southern Power Grid's supply chain management has developed a green supplier evaluation system that influences an annual procurement scale of nearly 300 billion, guiding over 280,000 suppliers towards low-carbon practices [3] Value Creation through ESG - The deepening of ESG practices is becoming a focal point for translating into tangible corporate value [4] - ESG is viewed as a key factor for companies to address physical and transitional risks while gaining market recognition, with initiatives like climate risk stress testing enhancing asset resilience [4] - Aerospace Changfeng sees ESG as a driver of value creation through risk avoidance, operational efficiency, business growth, and optimized financing [4] - In competitive sectors, companies like Chengsheng Technology are realizing ESG value through market-oriented approaches and efficiency improvements, achieving industry-leading productivity and profitability [4] Commitment to Carbon Neutrality - Emphasizing the need to sometimes transcend short-term cost considerations, central enterprises are actively enhancing green supplier evaluation systems and leveraging digital technologies for intelligent procurement processes [5]

Group 1 - The evaluation scope includes A-share listed companies, Hong Kong-listed Chinese companies, and non-listed companies operating legally in China as of December 31, 2024 [1][2] - The ESG Golden Bull Award is organized by China Securities Journal, utilizing a professional committee and a methodology that incorporates both quantitative and qualitative analyses to assess ESG performance [1][2] - The awards are categorized to avoid duplication and ensure a diverse representation of high-quality companies across A-shares, Hong Kong stocks, and non-listed companies [1] Group 2 - The evaluation criteria for the ESG Golden Bull Award include three categories: Environment, Social, and Governance, with a total of 12 topics and 38 indicators [2][3] - The selection process for the awards considers company registration, ESG-related public sentiment, risk events, and due diligence results, ensuring a comprehensive assessment [2][3] - A maximum of 130 companies will be selected for the ESG Golden Bull Award, with specific limits set for central state-owned enterprises and other categories to prevent industry concentration [2][3] Group 3 - The ESG Carbon Neutrality Award focuses on companies in key greenhouse gas emission sectors, evaluating their performance based on specific indicators related to climate change [3][4] - The ESG Technology Leadership Award targets high-tech sectors, assessing companies based on their innovation and product management performance [4] - The ESG Rural Revitalization Award evaluates companies based on their contributions to rural development, while the ESG Newcomer Award recognizes companies that have made significant progress in ESG reporting [4]

Core Insights - Central state-owned enterprises (SOEs) play a crucial role as a "ballast" and "stabilizer" in the economy, leading in ESG practices and system construction [1] - By May 2025, 379 central SOE-controlled listed companies had achieved a 100% disclosure rate for their 2024 ESG reports, significantly higher than the A-share market's overall disclosure rate of 45.67% [1] - The majority of central SOE-controlled listed companies are rated at the BBB level in ESG ratings, outperforming the overall market [1] Group 1 - Over 170 central SOE-controlled listed companies referenced the research center's findings in their ESG reports, improving the quality of ESG information disclosure [2] - The evaluation scores for 379 central SOE-controlled listed companies are centered between 60 and 70, with 30% scoring above 70, indicating strong performance in core content and adherence to basic principles [2] - Since 2021, the central SOEs' ESG rating scores have shown a yearly improvement, with over 85% receiving BBB or higher ratings, reflecting efforts in climate change response, green supply chain construction, and governance optimization [2] Group 2 - The establishment of the CSI Central SOE ESG Benchmark Index and the CSI State-Owned Enterprise ESG Benchmark Index shows annualized returns of 8.06% and 8.34% respectively since June 30, 2022, outperforming similar indices [3] - The ESG indices highlight the advantages of balancing returns and risk control, promoting the integration of investment and functional value [3] - The research center invites more enterprises, think tanks, investment institutions, and international organizations to participate in sustainable development research for central enterprises [3]

当前，国际可持续准则理事会（ISSB）的可持续发展披露准则已在多国落地，中国正积极推动国内准 则与之衔接，为企业"一次披露，多地适用"提供了便利。"比如光伏、风电等优势产业，企业可以通过 推动中国标准与国际标准互认，既帮助企业达到海外合规要求，也为全球可持续治理贡献了中国智 慧。"宋敬武称。 中欧合作：全球绿色协同样本 宋敬武表示，中欧在可持续发展领域共识广泛、产业优势互补。宋敬武介绍，在绿色能源领域，中国已 经从"跟跑者"升级为"领跑者"，拥有全球最大的可再生能源规模、最完整的产业链，全球70%的风电设 备、80%的光伏组件都印有"中国制造"的标签，绿色产品远销200多个国家和地区。 坚实的供给能力为中欧产业链深度协同奠定基础。宋敬武举例，在电池领域，中欧已进入"联合研发 +本地化生产"的深度协同阶段。如德国车企与宁德时代、亿纬锂能等中国企业开展紧密合作，标志着 中欧汽车产业进入"合资合作2.0时代"，为全球绿色产业链协同提供样本。"中欧企业在可持续农业、生 物技术、气候韧性建设等领域的合作也卓有成效，未来可通过优势互补共同开拓第三方市场，推动绿色 技术与设备走向全球。"宋敬武称。 ● 本报记者 郑萃颖 1 ...

在构建现代化经济体系、推动高质量发展的进程中，央企作为国民经济的中坚力量，正将ESG理念深度 融入企业战略与运营，从过去的"经济顶梁柱"逐步转型为更具韧性与担当的"责任压舱石"。 11月26日，2025年金牛企业可持续发展论坛在苏州举办。会上，以"ESG夯实央企核心竞争力"为主题的 圆桌论坛汇聚多位央企代表，共同探讨ESG如何从理念走向实践，从合规要求演变为价值驱动的核心要 素。与会嘉宾一致认为，ESG不仅是央企履行社会责任的体现，更是重塑企业竞争力、引领产业绿色转 型、实现可持续发展的战略抓手。在政策引导与市场驱动的双轮推动下，央企正以系统化、实质化的行 动，推动ESG从报告书走向生产线、从会议室融入供应链，逐步形成具有中国特色的ESG实践路径。 ● 本报记者 杨梓岩 王婧涵 锻造核心竞争力 随着ESG实践的深化，其如何转化为实实在在的企业价值，成为各方关注的焦点。在高发伟看来，ESG 已成为企业应对物理与转型风险、获取市场认可的关键。"公司通过对海上风电项目进行气候风险压力 测试，优化设计以抵御极端天气；在海外项目中主动采用高于当地标准的环保设计，规避社区风 险。"高发伟表示，这些举措不仅增强了资产的韧性 ...

Core Perspective - The article discusses how companies can transform ESG investments from a compliance cost into a core capital that attracts investment, drives innovation, and builds competitive advantages, ultimately reshaping corporate value [1]. Value Transformation - Companies need to establish a quantifiable ESG assessment system to clearly present the relationship between input and output, avoiding the mindset of only calculating costs without considering value [2]. - ESG investments should be viewed as both costs and benefits, with potential for cost reduction and efficiency gains, such as installing solar panels, and attracting new investors through green financing [2]. - Long-term institutional investors are likely to increase as ESG practices improve, optimizing shareholder structure [2]. - ESG can drive business and product innovation, creating new growth points, especially for products with a lower carbon footprint [2]. Active Practice - The chemical industry is undergoing a green transformation, with companies like Changhua Chemical innovating through catalyst technology to utilize CO2 as a raw material, achieving significant production milestones [3]. - Yabao Chemical has invested over 10 million in sustainable development, responding to industry compliance and enhancing operational efficiency, becoming one of the early adopters of ESG reporting among private enterprises [3][4]. - Ctrip is addressing carbon emission challenges in the travel industry by integrating carbon data from airlines and establishing low-carbon standards for hotels, aligning with the preferences of environmentally conscious consumers [4]. Digital Empowerment - The integration of AI and ESG is becoming a key driver for sustainable development, with companies like Longxin Group leveraging technology to facilitate industry-wide transitions [5][6]. - Longxin Group has developed a distributed photovoltaic management platform covering 50GW of resources and a charging platform with 26 million registered users, significantly enhancing operational efficiency and reducing costs for businesses [6].

Core Insights - Central state-owned enterprises (SOEs) play a crucial role as a stabilizer in the economy and are leading in ESG practices and system construction, with 100% disclosure rate of ESG reports among 379 central SOE listed companies, significantly higher than the A-share market's 45.67% [1] - The ESG ratings of central SOE listed companies are predominantly in the BBB category, outperforming the overall market in major domestic ESG ratings [1] Group 1 - Over 170 central SOE listed companies referenced the research center's findings in their ESG reports, leading to improved quality of ESG information disclosure, with 30% scoring above 70 points in evaluations [2] - A localized ESG evaluation system has been established, reflecting the quality of information disclosure while aligning with international rating standards, with 85% of central SOE listed companies achieving BBB or higher ratings [2] Group 2 - The China Securities Central SOE ESG Benchmark Index and the China Securities State-Owned Enterprise ESG Benchmark Index have been developed, showing annualized returns of 8.06% and 8.34% respectively since June 30, 2022, indicating the advantages of balancing returns and risk [3] - Central enterprises are identified as key players in achieving high-quality development and promoting ecological civilization, with an invitation for collaboration from enterprises, think tanks, investment institutions, and international organizations to enhance sustainable development research [3]

Group 1 - The concept of ESG (Environmental, Social, and Governance) is transitioning from an optional consideration for companies to a critical factor for long-term development and core competitiveness [1] - The 2025 Golden Bull Enterprise Sustainable Development Forum highlighted the importance of nurturing emerging industries and future industries for sustainable development, emphasizing the role of private equity investment funds in this process [1] - The forum gathered over 400 representatives from government, industry, academia, and research to discuss the construction of the ESG ecosystem and explore paths for green transformation [1] Group 2 - Excellent governance capabilities are essential for companies to achieve stable and high-quality development, with a focus on linking global standards as a strategic advantage for Chinese enterprises [2] - As stabilizers of the national economy, state-owned enterprises (SOEs) play a crucial role in leading ESG practices, with 379 SOE-controlled listed companies having achieved a 100% disclosure rate for ESG reports as of May this year [2] - Most SOE-controlled listed companies are rated at the BBB level in ESG assessments, outperforming the overall market in domestic mainstream ESG ratings [2] Group 3 - Suzhou Industrial Park has developed the first national ESG evaluation standard and aims to create an ESG industry innovation center and public service digital platform [3] - The park has established a comprehensive ESG system that integrates policy guidance, ecological empowerment, and value spillover, committing to deepening ESG practices for sustainable development [3] - A strategic cooperation agreement was signed between China Securities Journal and Suzhou Industrial Park Urban Development Research Institute to enhance ESG ecosystem construction and provide services for ESG diagnostics, information disclosure, and data management [3]