在董秘专题活动中，多家上市公司高管在分享中一致认为，当前公司治理的核心挑战在于制度执行不到 位和治理结构不均衡。国企普遍面临执行弱、流程穿透力不足的问题，需将合规管理全面嵌入业务流 程；民企则多受"一股独大"制约，亟待增强独董和董秘的独立性以保护小股东权益。此外，参会代表们 呼吁建立覆盖控股股东及其关联方的常态化交易审核机制，并强化内外部多层次沟通，以推动治理从形 式合规迈向实质有效。 在财务总监专题活动中，"业财融合"和"系统控制"成为热议焦点。多位财务总监表示，有效内部控制必 须建立在一体化、可追溯的信息系统基础上。一套能够整合业务流转、票据管理和资金收付的ERP系 统，不仅可以提升运营效率，更能从根本上杜绝"三流不一致"导致的虚假交易和财务舞弊。此外，他们 一致认为，审计委员会必须实质化运作，真正具备监督财务报告、内部控制及关联交易的权责能力。 本次活动通过河北证监局的专业政策指导、真实风险案例剖析以及上市公司之间的实践经验交流，为参 会企业提供了系统、务实、可操作的治理提升方案。多位与会代表对《证券日报》记者表示，活动内容 直面当前公司治理中的难点与盲点，既有监管红线的警示，也有落地方法的指导，收获远 ...

中经记者 樊红敏 北京报道 2025年，在金融行业锚定高质量发展、强化服务实体经济能力的战略背景下，保险公司正面临低利率冲 击、会计准则变革、严监管要求等多重考验，行业转型"破局"需求迫切。保险行业转型迫在眉睫，"破 局方向"成为行业关系的核心所在。 2020年12月，财政部修订印发新保险合同会计准则，规定自2023年1月1日起在境内外同时上市以及在境 外上市并采用国际财务报告准则或企业会计准则编制财务报表的企业执行，其他执行企业会计准则的企 业自2026年1月1日起执行。 围绕保险新会计准则实施后保险公司的实践处理这一核心议题，天职国际保险业主管合伙人任明洁表 示，行业正经历从实施到分析和管理的探索阶段，保险公司要稳步走好实施前的"最后一公里"，从方 案、系统、内控等方面精细打磨，也要做好实施后新征程的规划，从考核、产品、资产负债管理等领域 逐项突破。天职国际财险精算合伙人蔡多多建议，企业在新准则技术方案设计中平衡成本与管理需求， 借助"1+N应用"一体化财务平台建设，以新准则实施为契机推动业财融合与财务数字化转型。 天职国际保险咨询主管合伙人周瑾分享了《保险公司全面风险管理调查报告》的核心发现，该报告基于 ...

自今年7月"交银蕴通万里行"系列活动于沪启动，交通银行以"交银蕴通"品牌为纽带，持续深入全 国重点区域与核心产业集群，致力于打通金融支持实体经济发展的"最后一公里"。 9月2 3日，该系列活动走进湖北武汉，以"蕴力同行 交银链动荆楚"为主题，正式发布了"蕴通 管 账 " 支 付 结 算 服 务 方 案 ， 并 邀 湖 北 省 金 融 办 、 湖 北 省 经 信 厅 、 湖 北 省 国 资 委 ， 以 及 专 家 学 者、百余位企业代表等，共同探讨数字化时代如何更好地服务湖北经济发展，赋能区域企业 转型升级。 蕴通管账："业财融合"再升级 让管账更轻松、从容 针对企业"结算工具杂、对账效率低、资金监管难"痛点，"蕴通管账"通过乐高式灵活组合账 户、支付、清分等功能，为企业提供三大核心服务能力，即智慧便捷的收付结算、精准高效 的对账清分、安全可视的资金监管。同时聚焦四大场景生态——实体经济、民生服务、平台 经济及园区经济，高效响应新经济、新业态下企业定制化、敏捷化的金融需求，切实打通业 财融合的"最后一公里"。 "蕴通管账"，通过整合场景、客户、账户与资金，构建"四位一体"数据驱动型业财一体化管 理体系，为企业精 ...

根据会议安排，锦江国际集团和上海地产集团作为典型案例企业，分享了其在司库体系建设过程中的实践与创新，内容涵盖账户统一管理、资金集中调度和 业财融合等方面，生动展示了企业在数字化转型中的创新探索与实践成果。在圆桌讨论环节，浦发银行总行交易银行部负责人与上海城投集团、隧道股份、 浪潮集团和中兴新云等企业代表，围绕"司库系统建设路径"、"业财一体化协同"及"智能风控与预警机制"等话题展开对话。针对企业普遍关注的数据整合、 分阶段实施和供应链金融等痛点，提出模块化服务、API嵌入、联合风控建模等一系列解决方案，致力于为企业提供全周期、轻量化、高兼容的司库服务支 持。 浦发银行总行副行长康杰同志表示，浦发银行将持续提升司库金融服务能力，协同政府与企业共建"政-企-银"数字化生态，助力企业不断提高资金运营效率 与管理现代化水平。 在数字经济重塑全球产业格局的背景下，加快司库体系建设已成为企业推动管理变革、提升核心竞争力、强化资金风险防控的重要举措。为加快落实市国资 委关于市国资监管企业深化司库体系建设的要求和总体部署，2025年9月16日下午，"数字化转型下的国企司库创新，赋能企业高质量发展"工作会议在浦发 银行上海分行 ...

Core Viewpoint - Chihong Zn & Ge Co., Ltd. reported a year-on-year increase in both revenue and net profit for the first half of 2025, indicating positive financial performance and operational efficiency improvements [1] Financial Performance Summary - Total revenue reached 10.581 billion yuan, up 7.67% year-on-year [1] - Net profit attributable to shareholders was 932 million yuan, an increase of 3.27% year-on-year [1] - In Q2 2025, total revenue was 5.437 billion yuan, reflecting a 5.47% year-on-year growth [1] - Q2 net profit attributable to shareholders was 438 million yuan, up 5.45% year-on-year [1] Key Financial Ratios - Gross margin improved to 19.77%, an increase of 11.41% year-on-year [1] - Net margin decreased to 8.75%, down 4.24% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 627 million yuan, accounting for 5.92% of revenue, up 11.57% year-on-year [1] Cash Flow and Assets - Operating cash flow per share increased by 34.73% to 0.42 yuan [1] - Cash and cash equivalents decreased by 36.09% to 802 million yuan [1] - Accounts receivable decreased by 32.67% to 224 million yuan [1] Cost and Expense Analysis - Sales expenses rose by 44.1% due to increased compensation for marketing personnel and higher transportation costs [2] - Management expenses increased by 23.91% due to higher compensation accruals [5] - Financial expenses decreased by 21.71% as interest-bearing debt levels declined [5] Investment and Future Outlook - The company expects a slight increase in the complete cost of lead and zinc concentrate in 2025 due to operational changes, but overall costs are projected to remain competitive within the industry [4] - Analysts predict a performance of 1.938 billion yuan for 2025, with an average earnings per share of 0.38 yuan [3]

Core Viewpoint - The company, Inner Mongolia Electric Power Investment Co., Ltd. (referred to as "the company"), is focused on enhancing its operational quality and expanding its energy matrix while maintaining a commitment to investor returns through stable dividend policies [6][9]. Group 1: Company Overview - The company reported total assets of 54.979 billion yuan, an increase of 6.48% year-on-year, and net assets attributable to shareholders of 35.807 billion yuan, up 3.48% year-on-year [6]. - The company achieved operating revenue of 14.463 billion yuan, reflecting a year-on-year growth of 2.38%, and a net profit attributable to shareholders of 2.786 billion yuan, with earnings per share of 1.24 yuan [6][7]. Group 2: Strategic Developments - The company is accelerating its green transition with approximately 5 million kilowatts of new energy installed capacity, including key projects such as 445,000 kilowatts of wind power in Tucheng and 110,000 kilowatts of wind-storage in Chifeng [7]. - The company produced 22.6308 million tons of raw coal and sold 21.7745 million tons during the first half of 2025, alongside generating 241,595.25 million kilowatt-hours of thermal power [7]. Group 3: Governance and Compliance - The company has implemented a governance framework to enhance information disclosure quality, ensuring compliance with legal and regulatory requirements [8]. - In the first half of 2025, the company disclosed 91 pieces of information through designated media, maintaining transparency and accuracy in its reporting [8]. Group 4: Investor Returns - The company has a consistent profit distribution policy, having distributed cash dividends totaling approximately 1.905 billion yuan in 2024 and 2025, with a plan to continue focusing on investor returns [9].

Core Viewpoint - The current three years represent a critical window for Chinese companies to globalize, with the need to step out of comfort zones to seek new growth opportunities in international markets [3][20]. Group 1: Huawei's Early Challenges and Lessons - Huawei's initial overseas venture began in 1996 in Russia, facing significant challenges including a financial crisis and a lack of trust in Chinese products [2][8]. - The first overseas order for Huawei was only $38, highlighting the difficulties faced in establishing a foothold in foreign markets [2][8]. - The average market expansion cycle for Huawei in Africa, Asia, and Latin America was 8-10 years, while in Europe and the US it extended to 10-15 years [2][3]. Group 2: Current Market Dynamics - The time required for companies to establish a presence in overseas markets has significantly decreased, with consumer electronics firms now able to complete initial market layouts in 3-6 months [3][16]. - Despite the reduced time frame, the success rate for companies venturing abroad remains below 20% [3][16]. - The global market is becoming increasingly competitive, with many domestic companies now looking to expand internationally due to saturation in the local market [21][22]. Group 3: Profitability and Market Insights - Average overseas profit margins are 10-15% higher than domestic levels, with specific industries like software achieving margins of over 80% [6][16]. - The US market offers profit margins that are over 30% higher than domestic levels, while Latin America also presents significant opportunities with a 25% margin advantage [6][16]. Group 4: Strategic Recommendations for Overseas Expansion - Companies should prioritize understanding local laws and regulations, and ensure contract quality to secure profits [12][25]. - Establishing a risk assessment and review system is crucial for identifying potential challenges in foreign markets [13][22]. - It is essential to avoid the common pitfall of prematurely building factories abroad without first securing a customer base [23][24]. Group 5: Future Opportunities and Trends - The next three years are seen as a prime opportunity for Chinese companies to expand globally, particularly in sectors like manufacturing and software [43][40]. - Emerging markets and industries, such as AI and electric vehicles, are expected to present significant growth opportunities for Chinese enterprises [40][41]. - The importance of talent in driving overseas success is emphasized, with a focus on localizing management and operations to better adapt to foreign markets [36][34].

Core Viewpoint - Xiamen Airlines has not confirmed any plans for an IPO despite speculation arising from comments made by the chairman during a recent meeting [3][4]. Group 1: Company Overview - Xiamen Airlines was established in August 1984, with a registered capital of 14 billion RMB, and its operations include public air transportation and aircraft maintenance [4]. - The company is jointly owned by China Southern Airlines, Xiamen Jianfa Group, and Fujian Investment Development Group [4]. Group 2: Financial Performance - In the 2024 financial reports, major state-owned airlines such as Air China, China Eastern Airlines, and China Southern Airlines reported losses exceeding 6 billion RMB collectively, while HNA Group also incurred a loss of 921 million RMB [4]. - In contrast, private airlines like Spring Airlines, Juneyao Airlines, and China United Airlines reported profits of 2.273 billion RMB, 914 million RMB, and 268 million RMB respectively [5]. - Among subsidiaries, only Xiamen Airlines under China Southern Airlines achieved profitability with a net profit of 697 million RMB [5].

Core Viewpoint - Xiamen Airlines has denied any plans for an IPO despite speculation arising from comments made by the chairman regarding capital operations and corporate governance [1][2]. Group 1: Company Overview - Xiamen Airlines was established in 1984 and is headquartered in Xiamen, Fujian Province, being the first airline in China to operate under a modern corporate system [2]. - The airline currently operates a fleet of 218 aircraft, serving over 400 domestic and international routes, with an annual passenger transport volume exceeding 43 million [2]. - As of 2023, Xiamen Airlines has reversed a three-year trend of declining performance, achieving net profits of 479 million yuan in 2023 and 697 million yuan in 2024, making it the second-largest contributor to profitability for its major shareholder, China Southern Airlines [2]. Group 2: Financial Performance - In the first half of 2025, Xiamen Airlines reported a total transport turnover of 37.9 billion ton-kilometers, a passenger transport volume of 23.03 million, and cargo/mail transport of 117,000 tons, reflecting year-on-year growth of 13.5%, 13%, and 12% respectively [3]. - The airline's subsidiaries have also shown strong performance, all achieving profitability [3]. Group 3: Market Context - The airline industry is currently facing operational pressures, with increasing cost pressures and declining market revenues, leading to a shift from growth in scale to improvements in efficiency [3]. - The regulatory environment is tightening, with the State Council's 2024 guidelines emphasizing strict controls on IPO approvals and the regulation of spin-off listings, which may impact Xiamen Airlines' potential future plans [2].

21世纪经济报道记者贺泓源、实习生李晴 盈利不错的厦门航空似乎想在资本运作上有所突破。 据厦门航空报披露，7月14日，厦航召开2025年中工作会。会上，厦航董事长、党委书记赵东表示，要 坚持守正创新，在"业财融合"上强传承、激活力。"深化体制改革，推动资本运作和优化公司治理，巩 固 '四自' 经营机制优势，强化提质增效，拓展产业生态，发展新质生产力，走中国特色现代企业改革 发展之路。"他说。 如此表态，或许代表着厦门航空有上市计划。 厦航总经理、党委副书记谢兵作就在会上表示，经营管理上，成本压力进一步凸显，市场收益面临下 滑，收入端和成本端两头承压。从行业发展规律看，短期内"内卷"依然存在，叠加高铁分流，收益下 滑，民航中长期发展方式从规模增长向效率提升转变。 同时，谢兵透露，在2025年上半年，厦航主业子公司业绩突出，均实现盈利。 由此，如若厦门航空有上市规划，需要做的准备还很多。 此外，厦航为南航扭亏做着贡献。 南方航空财报显示，2024年，厦门航空营收达到364.38亿元，净利润6.97亿元。同年，南方航空营收 1742.24 亿元，同比增长 8.9%；净亏损16.96 亿元，同比大幅减亏。 在今年一季 ...