"当前，关键原材料、动力电池、新能源汽车等成为国际产业争夺的重点领域，全球贸易和产业链 的竞合博弈更加激烈。推动锂电产业高质量发展，不仅是扩大产能和规模，更重要的是构建一条贯穿原 材料、研发设计、生产制造、应用回收等全生命周期的绿色供应链。" 9月19日，以"锂向新质 智胜未来"为主题的"2025遂宁国际锂电产业大会"正式举办。活动现场，工 信部原党组成员、中国绿色供应链联盟理事长金书波，就当前锂电产业现状，以及未来发展的机遇和挑 战等发表主题演讲。 在金书波看来，当前全球绿色低碳转型浪潮澎湃，构建安全、稳定、高效、绿色的现代能源体系已 成为国际社会的共识和共同行动。"作为新能源领域的核心环节，锂电产业不仅承载着推动能源革命的 重要使命，更是实现高质量发展的关键支撑。" 9月9日，我国印发《第一批产品碳足迹标志认证专用实施规则》，明确碳足迹核查、监督等认证模 式，锂电池等17类产品纳入首批试点，其中消费型、小动力型、大动力型及储能型锂离子电池均被覆 盖，为企业提供了全生命周期、碳排放量的标准。"这也证明了我国高度重视锂电产业发展。"金书波 说。 事实上，由于高能量密度和长寿命的特征，锂离子电池目前已经成为消费 ...

Core Insights - The sixth China Cross-Border E-Commerce Fair will take place from March 18 to 20, 2026, in Fuzhou, focusing on "Digital Empowerment and Cross-Border Win-Win" as its theme, aiming to explore new opportunities in cross-border e-commerce and lead the digital transformation of global trade [1] Group 1: Scale and Platform Development - The exhibition area will exceed 120,000 square meters, a 20% increase from the previous edition, with 10 themed exhibition zones covering the entire industry chain of cross-border e-commerce [3] - Over 2,500 exhibitors are expected, including major platforms like Amazon, eBay, and SHEIN, along with more than 1,000 source factories and service providers [3] - The fair will adhere to UFI international certification standards, enhancing its internationalization and professionalism, providing an efficient platform for exhibitors [3] Group 2: Digital Innovation - Digital technology will be a core focus, showcasing AI applications in cross-border e-commerce, including smart product selection, precise marketing, intelligent customer service, and logistics optimization [6] - The "Brand Going Global" initiative will highlight domestic brands showcasing their products and sharing internationalization experiences, promoting the upgrade from "manufacturing" to "creation" and "branding" [6] Group 3: Geographical Advantages - Fuzhou's advantageous geographical location and comprehensive transportation network make it a key hub connecting the "Belt and Road" initiative with Southeast Asia and Japan/Korea markets [7] - The modern facilities of the Strait International Exhibition Center are conveniently located just 20 minutes from Fuzhou Changle International Airport, facilitating easy access for global exhibitors and buyers [7] Group 4: Future Opportunities - The cross-border e-commerce industry is expected to see two major trends in 2026: the rise of green supply chains and the unlocking of potential in emerging markets [9] - Environmental concepts will be deeply integrated into cross-border logistics and packaging design, becoming a necessary direction for corporate transformation [9] - Emerging markets in Southeast Asia and Latin America will provide significant growth opportunities for Chinese enterprises [9]

Group 1 - Bureau Veritas issued a carbon neutrality verification report for SHEIN's logistics park in Zhaoqing, confirming that it achieved carbon neutrality standards for Scope 1 and Scope 2 greenhouse gas emissions in 2024 [1] - This logistics park is SHEIN's first to achieve "carbon neutrality," marking a significant step towards the company's commitment to green industrial upgrades [1] - The project is part of SHEIN's goal to reach net-zero emissions by 2050, which has been validated by the Science Based Targets initiative (SBTi) [3] Group 2 - SHEIN aims to reduce absolute emissions for Scope 1 and Scope 2 by 42% by 2030, and Scope 3 emissions by 25%, based on 2023 as the baseline year [3] - By 2050, SHEIN targets a 90% reduction in absolute greenhouse gas emissions across Scope 1, Scope 2, and Scope 3 [3] - The company has implemented nearly 60 energy efficiency measures in 2024 across various self-operated sites, including logistics parks and innovation research centers, expected to reduce carbon emissions by over 13,000 tons annually, equivalent to planting approximately 1.07 million trees [3]

Core Insights - Haitian Flavor Industry reported a revenue of 15.23 billion yuan for the first half of 2025, marking a year-on-year growth of 7.59%, and a net profit of 3.91 billion yuan, up 13.35% year-on-year, showcasing strong resilience in a competitive market [1] - The company has maintained its position as China's largest condiment manufacturer for 28 consecutive years, with soy sauce and oyster sauce sales leading both the domestic and global markets [1][6] - Haitian's strategic focus on "full-scene cooking solutions" has led to the development of new products, including cold dressing, spicy fresh sauce, chicken essence, and chicken juice, enhancing its influence in niche markets [1] Product Development - In the vinegar sector, the company has adopted a "true materials and fermentation" philosophy, launching a dual product strategy of "traditional vinegar + specialty vinegar," including varieties like white rice vinegar and apple vinegar [3] - In the cooking wine category, Haitian has introduced a range of products such as Haitian Ancient Road Cooking Wine, establishing a strong presence in the niche market [6] Consumer Engagement - Haitian's consumer reach has grown to 754 million, an increase of 21.6 million from the previous year, and it has been recognized as one of China's top ten preferred brands for 11 consecutive years [6] - The company’s soy sauce, oyster sauce, and vinegar have consistently ranked first in their respective categories according to the C-BPI brand power index [6] Supply Chain and R&D - The company has strengthened its supply chain management, focusing on quality, efficiency, and cost, which has solidified its industry-leading position [7] - In 2024, Haitian's R&D investment exceeded 800 million yuan, a record high, with over 1,000 patents granted, enhancing product quality and cost advantages [7] Sustainability Initiatives - Haitian is committed to green development and has initiated the first full industry chain carbon reduction alliance in the condiment sector, promoting a sustainable supply chain [7] Brand Innovation - The company has successfully transitioned from a traditional brand to a modern one, exemplified by innovative marketing campaigns such as the soy sauce ice cream pop-up event, which resonated with younger consumers [8] - Haitian has launched the "Little Powder Cap" public welfare initiative, developing special series products to support vulnerable groups while promoting nutritional health [8] Marketing and Brand Exposure - In the first half of 2025, Haitian sponsored the first domestic food competition variety show, "One Meal to Fame," significantly enhancing brand exposure with nearly 5 billion impressions [10] - The company aims to expand its global presence following its successful listing on the Hong Kong stock exchange, enhancing its international market influence [10][11]

Core Viewpoint - Tianli Lithium Energy reported a slight increase in revenue but continued to face losses, indicating challenges in the competitive lithium battery materials market [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 966 million yuan, a year-on-year increase of 1.3% [1]. - The net profit was a loss of 60.89 million yuan, with the loss narrowing compared to the previous year [1]. - Basic earnings per share were -0.51 yuan [1]. Group 2: Market Position and Product Offering - Tianli Lithium Energy is a key player in the lithium battery materials sector, focusing on the research, production, and sales of materials such as ternary materials, lithium iron phosphate, and lithium carbonate [1][2]. - The company ranked among the top ten in China for ternary cathode material shipments in the first half of 2025, with a shipment volume of 321,000 tons, reflecting a year-on-year growth of 4.2% [2]. - The core products are primarily used in electric vehicles, electric bicycles, and energy storage devices, showcasing a broad application range [2][3]. Group 3: Research and Development - The company invested 35.93 million yuan in R&D during the reporting period, enhancing its technological competitiveness in lithium battery materials [1]. - It has developed key preparation technologies for ternary cathode materials, achieving stable mass production of high-performance products [2]. - The company has established multiple provincial-level R&D platforms and is involved in significant technological projects, receiving accolades such as the "Henan Province Science and Technology Progress Second Prize" [3]. Group 4: Supply Chain and Sustainability - Tianli Lithium Energy has built an annual production capacity of 10,000 tons for lithium carbonate recycling, which helps mitigate raw material cost volatility and ensures stable supply [4]. - The company emphasizes green supply chain management and has established long-term partnerships with upstream and downstream enterprises to enhance supply chain resilience [4].

Core Viewpoint - The importance of green procurement is increasingly highlighted as China's "dual carbon" goals accelerate, with a growing demand for green products and an expanding scope of procurement [1][2]. Group 1: Policy and Strategic Framework - The Chinese government is enhancing policy support for green procurement, which is crucial for expanding the application of green products and promoting deeper reforms in the bidding industry [1][2]. - The 2024 guidelines from the Central Committee and State Council emphasize optimizing government green procurement policies and expanding the range and scale of green product procurement, including carbon footprint requirements [2][3]. Group 2: Supply Chain Mechanisms - Green procurement is seen as a mechanism to drive the supply chain towards sustainability, with a focus on creating a "not green, I won't buy" supply chain pressure [3][7]. - The energy consumption of China's manufacturing sector is significantly higher than the global average, necessitating improvements in resource utilization and ecological protection [2]. Group 3: Implementation and Best Practices - State Grid Corporation has published a "Green Procurement Guide," integrating 17 elements into procurement evaluations, potentially driving over 1 trillion yuan in supply chain investments annually [5][6]. - Various enterprises, including Southern Power Grid and China Datang Group, are actively implementing green procurement practices, contributing to a comprehensive green supply chain management system [6][7]. Group 4: Challenges and Standards - The lack of unified green standards across different industries is a significant barrier to the development of green procurement, with many existing standards being vague or overly complex [8]. - The promotion of green procurement is essential for establishing a robust green standard system, which is critical for the high-quality development of the bidding industry [8].

Core Viewpoint - Huicong Group (02280) reported a slight increase in sales revenue but continued to face losses, primarily due to losses from joint ventures, while implementing strategic initiatives to enhance its market position and operational efficiency [1] Financial Performance - The company achieved sales revenue of RMB 6.013 billion, representing a year-on-year increase of 1.83% [1] - The loss attributable to equity holders for the period was RMB 22.728 million, a decrease of 64.04% compared to the previous year [1] - Basic loss per share was RMB 0.0174 [1] Strategic Initiatives - The company is deepening its "Huimai + Huixiaodian" dual-driven strategy for its trading platform business [1] - Efforts include accelerating the regionalization of the supply chain and enhancing digital capabilities for Huixiaodian, leveraging the national "old-for-new" policy to strengthen retail strategies [1] - The company is focusing on tiered membership operations and localized services, while optimizing operational efficiency through intelligent systems [1] Future Growth and Sustainability - The company is actively exploring cross-border pilot projects and enhancing its ESG initiatives [1] - Establishing a carbon credit system for old machine recycling to strengthen its green supply chain [1] - These initiatives are aimed at creating long-term value for shareholders and positioning the company for future growth [1]

Core Viewpoint - Huicong Group (02280) reported a slight increase in sales revenue but continued to face losses, primarily due to losses from associated companies, indicating ongoing challenges in profitability despite strategic initiatives [1] Financial Performance - The company achieved sales revenue of RMB 6.013 billion, representing a year-on-year increase of 1.83% [1] - The loss attributable to equity holders for the period was RMB 22.728 million, a decrease of 64.04% compared to the previous year [1] - Basic loss per share was RMB 0.0174 [1] Strategic Initiatives - The company is implementing a dual-driven strategy of "Huimai + Huixiaodian" to enhance its platform business [1] - Efforts include accelerating regional supply chain localization and enhancing digital capabilities for Huixiaodian, leveraging national policies to boost retail strategies [1] - The company is focusing on tiered membership operations and localized services, supported by intelligent systems to optimize operational efficiency and drive GMV growth [1] Future Outlook - The company is proactively exploring cross-border expansion and ESG initiatives, including establishing a carbon credit system for old machine recycling, aiming to strengthen its green supply chain [1] - These initiatives are expected to support future growth and continue to create value for shareholders [1]

Core Points - The first mandatory national standard for hazardous substance control in electrical and electronic products in China, GB 26572-2025, has been approved and will be implemented on August 1, 2027 [1][2] - The standard aims to regulate ten hazardous chemical substances, including four heavy metals and six persistent organic pollutants, to enhance the green supply chain and protect consumer health and environmental risks [1][2] - The standard encourages the use of digital technologies for labeling hazardous substances, promoting the green and digital transformation of the electrical and electronic industry [2][3] Summary by Sections Standard Implementation - The standard was proposed by the Ministry of Industry and Information Technology and developed in collaboration with over 60 organizations, including manufacturers and research institutions [1] - It establishes mandatory requirements for the content of hazardous substances in electrical and electronic products [1][2] Hazardous Substance Control - The standard specifies the control of ten hazardous substances, including lead, mercury, cadmium, hexavalent chromium, and various organic pollutants [1][2] - It aligns with international regulations, facilitating the international trade of Chinese electrical and electronic products [2][3] Regulatory Framework - The introduction of this mandatory standard marks a significant step in enhancing the regulatory framework for hazardous substance control in China [3] - Future efforts will focus on expanding the types of products and hazardous substances under the China RoHS control mechanism [3]

Core Viewpoint - Li Ning Company Limited reported steady revenue growth in the first half of 2025, with a revenue of 14.817 billion RMB, an increase of 3.3% compared to the same period in 2024 [2] Financial Performance - The company's gross profit reached 7.415 billion RMB, up 2.5% year-on-year, with an overall gross margin of 50.0%, a decrease of 0.4 percentage points from the previous year [2] - Profit attributable to equity holders was 1.737 billion RMB, down from 1.952 billion RMB in the first half of 2024, resulting in a profit margin of 11.7% [2] - Basic earnings per share were 0.6743 RMB, compared to 0.7580 RMB in the same period last year [2] - The interim dividend declared was 0.3359 RMB per share, down from 0.3775 RMB in the previous year, with a payout ratio of 50% [2] Cash Flow Management - The net cash generated from operating activities was 2.411 billion RMB, a decrease from 2.730 billion RMB in the first half of 2024 [3] - As of June 30, 2025, cash and cash equivalents amounted to 11.798 billion RMB, an increase of 4.299 billion RMB from December 31, 2024 [3] - The total cash balance, including fixed deposits, was 19.190 billion RMB, reflecting a net increase of 1.050 billion RMB [3] Operational Overview - The company continued to implement its "single brand, multi-category, multi-channel" strategy, focusing on product upgrades, brand marketing, and channel optimization [4] - Li Ning became the official sportswear partner for the Chinese Olympic Committee and the Chinese sports delegation for the 2025-2028 period, enhancing its brand image [4] - The company focused on six core categories: running, basketball, cross-training, badminton, table tennis, and sports leisure, while also exploring new segments like outdoor sports and tennis [4] Channel Development - Li Ning actively built a multi-dimensional channel network, with a total of 7,534 sales points as of June 30, 2025, a net decrease of 51 from December 31, 2024 [5] - The company emphasized optimizing retail operations and enhancing consumer interaction to improve brand penetration and product efficiency [5] E-commerce and Supply Chain - The company maintained a steady operational strategy in e-commerce, leveraging online and offline synergies to drive growth [6] - Significant improvements were made in supply chain management, focusing on quality control, delivery assurance, and cost optimization [6] Children's Wear Business - Li Ning YOUNG made steady progress in product optimization, channel development, and brand marketing, with a total of 1,435 sales points as of June 30, 2025, a net decrease of 33 from December 31, 2024 [7] Future Outlook - The company plans to continue executing its core strategy while enhancing product competitiveness and focusing on high-growth potential markets [8] - Li Ning aims to deepen its collaboration with the Chinese Olympic Committee and enhance its professional sports image through targeted marketing activities [8] - The company will focus on improving business quality and efficiency across channels, products, and supply chains [9] - Key support areas include talent development, financial governance, and digital empowerment to ensure sustainable growth [9]