2025年4月，国内运动品牌安踏发布其 2024 年度 ESG 报告，披露可持续产品占比超过30%，温室气 体直接排放（范围一）同比下降 11.1%，且其MSCI ESG评级在两年内跃升3级至"A"级。 紧接着，另一国内鞋服龙头特步也发布其第9份ESG报告。去年，特步国际控股有限公司在MSCI ESG 评级中升至A级（2022年为BB级，2023年为BBB级），成为中国体育用品行业首个获得MSCI ESG A评级的企业，显示了其在可持续发展的努力成果。 两大鞋服企业评级迅速提升说明一个信号： 鞋服产业——这一长期以来被视为资源密集、环境负荷 大的轻工业分支，正面临被重新定义的时刻。 在消费者环保意识觉醒、资本市场 ESG 评级敏感度提升、全球供应链绿色要求趋严三重力量的推动 下，中国鞋服企业不得不把 ESG 从"可选项"变为"必须项"。 出品｜虎嗅ESG组 作者｜陈玉立 头图｜视觉中国 本文是 #ESG进步观察 #系列第153篇文章 本次观察关键词：鞋服企业ESG 在碳排放披露情况方面，目前安踏、特步与华利集团三家企业做了范围3的披露， 国内大部分上市鞋 服企业仍然以范围一、二披露为主。 以安踏为例，2024 ...

Financial Performance - In the first three quarters of 2025, the company achieved a revenue of RMB 48,146,709,129.40, with a gross margin of 14.39% and a net profit attributable to the parent company of RMB 2,584,374,593.56, resulting in a basic earnings per share of RMB 0.5969 and a weighted average return on equity of 6.67% [2][3] - As of September 30, 2025, the company's debt-to-asset ratio was 73.11%, with interest-bearing liabilities totaling RMB 49.809 billion, accounting for 41% of total liabilities [2][3] Cash Flow and Assets - As of September 30, 2025, cash and cash equivalents represented 5.65% of total assets, while the net cash flow from operating activities for the first nine months of 2025 was a net outflow of RMB 633 million [2][3] Carbon Management - The company has made progress in carbon management, with total greenhouse gas emissions (Scope 1 and Scope 2) verified by a third-party certification company amounting to 198,773.81 tons of CO2 equivalent for 2024, and market-based emissions totaling 18,459.33 tons of CO2 equivalent [4] - The company has developed the "Goldwind Carbon Account Platform" to efficiently and accurately collect carbon emission data, allowing real-time monitoring of emission dynamics and distribution [4] Safety Measures - The company emphasizes inherent safety in its wind turbine products by employing design and engineering techniques to eliminate or minimize potential hazards, alongside conducting safety training for R&D and safety management personnel [4] - Safety assessments are integrated into the product development process, ensuring that safety management personnel participate from the design phase to reduce accident rates [4]

Core Insights - The core viewpoint of the articles is that Fisher & Paykel has introduced a new carbon management metric, "carbon emission intensity per appliance," which aims to provide a clear and quantifiable path for sustainable development in the home appliance industry [1][6]. Group 1: Carbon Emission Structure - Fisher & Paykel conducted a comprehensive assessment of its carbon emission sources, identifying that over 99% of emissions come from upstream activities, with 89.2% occurring during the product usage phase [3]. - The traditional total emission metrics are influenced by business scale fluctuations, making it difficult to accurately reflect carbon management effectiveness, prompting the shift to "unit product carbon intensity" [3]. Group 2: Emission Reduction Goals - The company has set ambitious targets to reduce carbon emission intensity by 50% by 2030 and by 90% by 2050, using 2020 as the baseline, covering all three major carbon emission sources [3][5]. - This approach avoids the pitfall of total emissions decreasing while unit efficiency stagnates [3]. Group 3: Carbon Impact Strategy - Fisher & Paykel has developed a carbon impact strategy centered around five pillars, focusing on high-return emission reduction areas, including operational efficiency optimization, energy-efficient product development, consumer guidance towards low-carbon models, technology advancement, and building a home energy ecosystem [5]. - Since 2020, the company has achieved a balance between economic growth and carbon reduction, with total appliance sales increasing by 11% while absolute carbon emissions decreased by 13%, resulting in a 21% reduction in carbon emission intensity per appliance [5]. Group 4: Industry Leadership - By embedding sustainable development into its corporate DNA and establishing the "carbon emission intensity per appliance" metric, Fisher & Paykel sets a new benchmark for carbon management in the industry, potentially leading the entire supply chain towards a more precise and transparent path to carbon neutrality [6].

Core Insights - The company reported a revenue of 6.016 billion yuan for the first half of 2025, representing a year-on-year growth of 12.79%, and a net profit of 966 million yuan, up 21.01% year-on-year [1][2] Group 1: Financial Performance - The company achieved a revenue of 60.16 billion yuan in the first half of 2025, marking a 12.79% increase compared to the previous year [1] - The net profit attributable to the parent company was 9.66 billion yuan, reflecting a 21.01% year-on-year growth [1] Group 2: ESG Initiatives - The company established a carbon management task force to enhance environmental governance and carbon emission management, aiming for a 50% reduction in carbon emission intensity by 2035 based on 2023 levels [1] - The company participated in the CDP questionnaire for the first time, achieving a management-level rating of B, indicating strong governance in environmental information management [1] - The uCT780X CT device received ISO 14067 product carbon footprint verification, becoming the first large medical equipment in China to achieve this certification, showcasing the company's commitment to "green manufacturing" [1] Group 3: Supply Chain and Compliance - The company strengthened compliance and supply chain governance, successfully onboarding 12 new suppliers who passed evaluations, ensuring a stable and controllable supply chain [2] - All 68 suppliers audited in the annual plan met the company's standards in technology, delivery, quality management, and social environmental responsibility [2] Group 4: Human Resources and Incentives - The company launched a restricted stock incentive plan in June 2025, granting 4.47 million shares at 94.92 yuan per share to 1,368 employees, aligning the interests of shareholders, the company, and key employees [2] Group 5: ESG Ratings - The company's MSCI ESG rating improved to A, and it ranked among the top 15 in the global medical device industry in the S&P Global Sustainability Assessment [2]

Core Viewpoint - Shanghai universities are actively exploring new talent cultivation models through the introduction of micro-specialties, which allow undergraduate students to supplement their major studies with focused, smaller-scale programs [1] Group 1: Micro-Specialties Development - A variety of new micro-specialties have emerged in Shanghai universities, covering fields such as integrated circuits, artificial intelligence, low-altitude economy, and carbon management [1] - East China Normal University has launched 32 micro-specialties since the program's initiation in 2022, encompassing areas like artificial intelligence, integrated circuits, spatial governance, and digital trade [1] Group 2: Educational Reform Impact - The micro-specialty model employs a "dual-track empowerment" approach, which supports academic interdisciplinary potential while anchoring employment opportunities in industry [1] - This initiative helps students in both academic advancement and employment, effectively addressing the issue of professional mismatch in the job market [1]

Core Viewpoint - Companies are facing dual changes in policy and market environments regarding carbon emission management, leading to increased attention from industry experts on the challenges and standards in carbon management [1] Group 1: Policy and Market Influence - The intensity of policy constraints directly affects the progress of corporate carbon management, with raw material industries like metallurgy and petrochemicals being core to national carbon market management [2] - The "1+N" dual carbon policy framework has established specific carbon peak plans for major industrial sectors, emphasizing monitoring, reporting, and verification (MRV) requirements [2] - Market factors, such as external pressures from green trade barriers, are driving companies, especially in the new energy sector, to enhance their carbon management capabilities [3] Group 2: Challenges in Carbon Management - Companies face fragmented systems and increasing compliance burdens due to varying carbon accounting standards across different regions and industries, complicating unified management [5][6] - The lack of economic and suitable carbon management solutions, along with high costs of third-party verification, poses significant challenges for companies [8] - Small and medium-sized enterprises (SMEs) struggle with carbon management due to limited resources, necessitating specialized tools and shared platforms to enhance their capabilities [9] Group 3: Recommendations for Improvement - Experts suggest establishing unified national carbon management regulations and detailed implementation guidelines for specific industries to address existing challenges [7] - There is a need for improved data management and professional governance systems to ensure accurate carbon footprint tracking and effective management [8] - A shared database for carbon emissions tailored to different industries and products could help SMEs reduce management costs and improve their carbon management practices [9]

Core Viewpoint - Companies are facing dual changes in policy and market environments regarding carbon emission management, leading to significant differences in carbon management practices across industries and scales [1][2]. Group 1: Policy and Market Influences - The intensity of policy constraints directly affects the progress of corporate carbon management, with raw material industries like metallurgy, non-ferrous metals, building materials, and petrochemicals being core to national carbon market management [2][3]. - The "1+N" dual carbon policy framework has established specific carbon peak plans for major industrial sectors, emphasizing monitoring, reporting, and verification (MRV) requirements [2]. - Market factors, such as external pressures from green trade barriers like the EU carbon tariff and ESG evaluations, are driving companies, especially in the new energy equipment manufacturing sector, to enhance their carbon management capabilities [3][4]. Group 2: Challenges in Carbon Management - Companies face multiple challenges in carbon emission management, including fragmented systems and increasing compliance burdens due to differing standards across regions and industries [5][6]. - The lack of unified carbon management standards and the need for multiple certifications for export-oriented companies complicate compliance and increase management costs [6][7]. - Data management issues, such as incomplete data collection and low willingness of suppliers to share data, hinder accurate carbon footprint tracking and identification of reduction potential [8][9]. Group 3: Support and Solutions for Companies - There is a need for a unified national carbon management regulation and detailed implementation guidelines at the industry level to address the challenges faced by companies [7]. - Specialized support systems and training programs are essential for effective carbon management, particularly for small and medium-sized enterprises (SMEs) that struggle with resource limitations [8][9]. - Establishing shared platforms and simplified processes for SMEs can enhance their carbon management capabilities and encourage proactive emission reduction efforts [9].

Core Viewpoint - Envision Energy has signed a significant partnership with FERA Australia for a 1GW wind power and 1.5GWh energy storage project, highlighting its expansion in the renewable energy sector [1][7]. Group 1: Partnerships and Collaborations - Envision Energy announced a collaboration with Starbucks China to enhance carbon management across its supply chain, aiming to cover 100% of direct and key indirect suppliers over the next three years [2][4]. - This partnership builds on a previous collaboration where Envision provided a "zero-carbon integrated energy solution" for Starbucks' coffee innovation park, utilizing solar panels, smart storage, and digital carbon management systems [5][6]. - Envision has established various zero-carbon industrial parks in regions including Brazil, Ordos, Jiangsu, and Spain, with a total of 12 announced energy storage orders and collaborations in the first half of the year, amounting to a capacity of 2.18GWh [7][8]. Group 2: Recent Developments and Orders - Recent orders and collaborations by Envision since 2025 include partnerships with various entities, such as a 1.5GWh project with FERA Australia and a strategic cooperation framework with Wuwei City for a zero-carbon industrial park [8]. - Other notable collaborations include a 240MWh lithium iron phosphate battery storage project with Kallista Energy in Europe and a 60MW/120MWh storage system cooperation with Jingneng [8].

Group 1 - The core viewpoint of the article emphasizes the transition of ESG standards for listed companies in Shanghai from a "disclosure-oriented" approach to a "value-oriented" approach, aiming to enhance the quality of ESG information disclosure [3][5][7] - The Shanghai Stock Exchange has formulated an action plan to improve ESG ratings, which aligns with the three-year action plan for enhancing ESG information disclosure quality from 2024 to 2026 [3][5] - The automotive industry faces significant challenges in calculating Scope 3 carbon emissions due to its complex supply chain, necessitating a unified industry understanding and standards for ESG metrics [3][8][11] Group 2 - Current ESG disclosures in the automotive sector show a structural characteristic where qualitative indicators are disclosed at an average rate of about 90%, while quantitative indicators are only disclosed at an average rate of 34% [6][11] - High ESG ratings are becoming crucial for automotive companies' global development, influencing their ability to secure green bonds and low-interest loans [7][11] - The need for digital technology in carbon emission data collection and calculation is highlighted, as traditional methods are insufficient for tracking complex supply chain data [8][10] Group 3 - Xiaoshu Green Landscape has assisted Chinese automotive companies in establishing a comprehensive greenhouse gas accounting system, emphasizing the importance of real data collection for accurate carbon footprint calculations [9][10] - Xiaopeng Motors has initiated a "Supplier Carbon Empowerment Project" to enhance carbon data collection from suppliers, demonstrating a proactive approach to ESG management [14][15] - The automotive industry is urged to establish authoritative third-party standards for carbon accounting to facilitate standardized and comprehensive ESG disclosures [16]

Group 1: Core Framework of the Proposal - The proposal establishes a national standard system framework for climate change response, focusing on three dimensions: foundational capability support, mitigation of climate change, and adaptation to climate change [1] - Key areas outlined include greenhouse gas accounting, market mechanism design, and adaptation action specifications, providing a clear roadmap for climate governance [1] Group 2: Importance of Greenhouse Gas Accounting - Greenhouse gas accounting, verification, and monitoring are identified as core pillars of foundational capability support, establishing a solid data foundation for the entire standard system [2] - China has developed a relatively complete standard system for greenhouse gas accounting, incorporating international standards to ensure alignment with global practices [2][3] Group 3: Challenges in Standard Implementation - The implementation of the proposal faces challenges such as data quality, institutional collaboration, and execution details, which need to be addressed for effective rollout [1][5] - The current market mechanism for carbon trading is hindered by insufficient liquidity and limited participation from financial institutions, which affects the overall effectiveness of emission reduction efforts [7] Group 4: Role of Carbon Management Platforms - Carbon management platforms are increasingly adopted by large energy-consuming enterprises to monitor energy consumption and assist in internal decision-making regarding carbon emissions [5][6] - These platforms primarily track direct emissions and energy usage, while supply chain emissions monitoring remains complex and less utilized among small and medium enterprises [6] Group 5: Need for Cross-Departmental Collaboration - Effective construction and implementation of the standard system require cross-sector resource integration and policy collaboration, particularly among high-energy-consuming industries [7][8] - Establishing a joint working mechanism across departments is essential for developing a comprehensive carbon trading market and ensuring effective regulatory frameworks [8] Group 6: Financial Support for Climate Adaptation - The proposal emphasizes the importance of financial support for climate adaptation, with a need for a robust standard system to guide pilot projects in climate-resilient urban development [9][10] - A well-defined standard system can help financial institutions identify climate-related risks and design targeted financial products to support adaptation efforts [10] Group 7: Data Quality and Risk Management - High-quality data is crucial for effective climate risk assessment and financial product development, with a focus on establishing a comprehensive data infrastructure and verification mechanisms [11] - The development of standardized climate stress testing and scenario analysis tools is necessary for financial institutions to accurately price risks associated with carbon emissions [11]