资料来源：安踏体育2024年环境、社会及管治报告 编者按：ESG年报解读为搜狐财经及价值公司100联合发起的针对各公司ESG报告披露情况的解读专栏。 参考上交所《上市公司治理准则》、港交所《环境、社会及管治守则》等文件，搜狐财经迭代完善各行业ESG测评体系标准，并以最新标准为依托，以2024 年公司ESG报告为主要数据来源，对公司环境资源、社会责任及公司管治进行了评价。 本文为"安踏集团"篇。 出品 | 搜狐财经 研究员 | 张子豪 9月19日，始祖鸟与艺术家蔡国强在西藏喜马拉雅山脉江孜热龙地区合作举办了一场名为《蔡国强：升龙》的烟花秀。这本是始祖鸟"向上致美"第三季的一 部分，旨在探索高山在地文化，通过火药爆破在山脊点燃三幕烟花，形成"升龙"景观。 但活动视频在始祖鸟官方渠道和蔡国强工作室发布后，引发了全网环保争议。网友认为喜马拉雅山脉生态极端脆弱，即便使用可降解材料，烟花燃放仍可能 对高原土壤、植被、野生动物及大气水体造成污染，如可能灼伤表层土壤与原生植被，惊扰雪豹、藏羚羊等野生动物，且生物可降解材料在高原环境下的降 解速度可能极慢，实际污染难以避免。 9月21日，日喀则市官方通报称已成立调查组介入核查。 ...

Core Viewpoint - The global technology sector is facing a "rare earth crisis" due to a significant drop in rare earth imports from Myanmar, which has led to supply chain vulnerabilities and geopolitical tensions [1][9]. Group 1: Supply Chain Vulnerability - In the first nine months of 2024, China imported 31,000 tons of rare earth oxides from Myanmar, accounting for 74.9% of its total imports, highlighting the dependency on Myanmar for critical rare earth elements [3]. - The domestic production of medium and heavy rare earths in China is severely limited, with a quota of only 19,200 tons in 2024, while imports from Myanmar exceed domestic capacity by 1.6 times, fulfilling 56% of China's heavy rare earth demand [3]. - The sudden control of mining areas by the Kachin Independence Army in October 2024 led to a halt in operations, causing a surge in rare earth prices and raising concerns about supply shortages for companies heavily reliant on these imports [4]. Group 2: Price Fluctuations and Market Reactions - Following the disruption in supply, the stock prices of northern rare earth companies rose by 11.58% in one week, and the price of dysprosium oxide surged by 8% in the same period [4]. - A 7.9 magnitude earthquake in Myanmar in April 2025 further exacerbated the situation, with estimated export volumes dropping by 30% to 50%, and dysprosium prices nearing 2 million yuan per ton [4]. Group 3: Corporate Responses and Adaptations - Chinese companies are implementing strategies to mitigate the impact of the crisis, such as reducing dysprosium usage in magnets by 30% and increasing recycling rates of rare earth materials from waste [6]. - The North Rare Earth Company is ramping up production at its Baiyun Obo mine, benefiting from exclusive mining rights amid rising prices [6]. - Companies are also exploring overseas sourcing options, including projects in the U.S. and Malaysia, although these alternatives cannot fully replace the heavy rare earths sourced from Myanmar [6]. Group 4: Geopolitical and Environmental Considerations - The crisis has highlighted the complex interplay between technology competition, geopolitical dynamics, and environmental responsibilities, with the U.S. attempting to leverage environmental reports to pressure Myanmar into halting exports to China [9]. - China's investment of 38 billion yuan in rare earth pollution control has become a strategic tool, promoting sustainable mining practices in Myanmar and potentially reshaping the operational landscape to align with Chinese standards [8].