展望"十五五"，赤峰黄金相关负责人表示，公司将继续锚定黄金主业核心赛道，持续夯实发展根基、拓 宽成长空间。加码自有矿山资源勘探力度，持续扩容资源量与储量，筑牢可持续发展的资源底盘；提速 境内外矿山扩建增产、技术改造等重点项目投产落地，推动产能规模跨越式提升。 与此同时，公司将深挖A+H双上市平台融资潜力，实现资本运作效能升级，为持续发展注入强劲资金 动能；放眼全球捕捉并购机遇，布局优质资源标的，稳步拓展产业版图；深化成本精细化管控与ESG体 系建设，巩固"高效率、低成本"核心竞争力，对标国际资本市场标准。 2025年，赤峰黄金（600988）成功登陆港交所，成为内蒙古第一家"A+H"上市公司。 回顾发展历程，赤峰黄金相关负责人表示，2012年公司通过重大资产重组，在上海证券交易所主板上 市。此后，公司利用资本市场平台，延续了"收购—整合—发展"的模式，显著提升了公司黄金资源量、 产量，可持续发展能力不断增强。2025年3月10日，公司成功登陆港股，成为"A+H"两地上市公司，这 是公司在"十四五"收官之年取得的最重大的成果和发展阶段里程碑。H股上市有助于公司吸引海外机构 和资金，进一步推动公司的海外矿山并购和 ...

2025 年度"《财经》长青企业案例"征集与优选已于10月底正式启动，吸引了来自金融、科技与互联 网、先进制造、汽车产业链、医药健康、现代农业、大消费等多个领域的企业参选，竞争激烈。 经资格核验、专业评审、综合评估等流程，一批在经济贡献、科技创新、环境友好、社会责任等方面表 现突出的企业脱颖而出，现已进入社会公示阶段。最终优选榜单将在12月16日举办的"2026《财经》可 持续发展论坛暨长青企业案例发布仪式"上正式揭晓。 作为《财经》一年一度的行业盛会，本届论坛以"绿色行动，价值共生"为主题，将汇聚各界智慧，开展 高水平思想碰撞与观点交锋。敬请期待！ 文｜《财经》长青企业案例组委会 "2026《财经》可持续发展论坛暨长青企业案例发布仪式"即将启幕，敬请期待。 2025年，是"十四五" 规划收官与"十五五" 规划谋篇的启程之年，更是中国绿色低碳转型的攻坚之年。 这一年，恰逢中国"3060"双碳目标提出五周年、《巴黎协定》签署十周年、"绿水青山就是金山银山"理 念提出二十周年。在这一具有里程碑意义的关键节点，中国坚定不移推进绿色转型的决心与务实行动， 正赢得全球瞩目。 《财经》始终关注中国可持续发展实践，忠实记录 ...

Core Viewpoint - The trend of Chinese companies expanding overseas is intensifying, driven by both proactive market exploration and reactive competition strategies, leading to a more complex risk environment characterized by multi-faceted risks beyond traditional legal compliance [1][2]. Group 1: Overview of Risks - Chinese companies' overseas expansion has evolved from tentative investments to a more mature phase, with significant increases in scale, business depth, and time span, particularly in countries along the Belt and Road Initiative [1]. - The types of risks faced by Chinese companies have shifted from predictable legal and commercial risks to a more complex landscape involving legal, political, cultural, and religious factors [2][3]. - Criminal risks are becoming more pronounced as differences in legal systems mean that actions permissible in China may lead to severe criminal charges abroad, impacting both individuals and companies [2][3]. Group 2: Specific Criminal Risks - A notable criminal risk arises from unfamiliarity with the legal rules of destination countries, leading to unintentional violations of criminal laws, such as strict penalties for false labeling in the U.S. [3][4]. - Emerging markets may present additional risks due to selective enforcement of laws, complicating the ability of Chinese companies to predict and respond to legal challenges [3][4]. - Changes in global economic conditions and local policies can exacerbate criminal risks, as previously compliant actions may suddenly become illegal due to regulatory shifts [4]. Group 3: Recommendations for Chinese Companies - Companies should integrate compliance management throughout their overseas operations, focusing on understanding local laws and establishing robust internal compliance mechanisms [6][8]. - Engaging in local economic development as collaborators rather than competitors can help mitigate backlash and foster goodwill [6][7]. - Strengthening ESG (Environmental, Social, and Governance) frameworks is essential for enhancing brand reputation and meeting the expectations of mature markets [7][8]. Group 4: Market Opportunities - Non-U.S. markets, particularly the EU and Belt and Road countries, represent significant growth opportunities for Chinese companies, despite existing policy barriers and cultural differences [7][8]. - Companies are encouraged to adopt a diversified market strategy to mitigate risks associated with reliance on a single market, maximizing development opportunities [7][8]. - The increasing recognition of Chinese brands as high-quality and value-driven can facilitate smoother operations in international markets [10].

Core Points - The establishment of the China Publishing Association's Publishing Listed Enterprises Working Committee marks a significant step in the integration of the publishing industry with the capital market, aiming to enhance collaboration and resource sharing among listed publishing companies [1][9] - The committee will focus on high-quality development, addressing industry challenges, and promoting digital transformation and intelligent upgrades within the publishing sector [5][7] Group 1: Formation and Structure - The founding conference was held in Nanjing, organized by the China Publishing Association and Jiangsu Phoenix Publishing and Media Group [1] - The committee's regulations were approved, and the first leadership team was elected, with Zhang Chaoyang as the chairman and 19 publishing companies as founding members [3][5] Group 2: Objectives and Responsibilities - The committee aims to serve as a platform for communication, deepen industry research, and enhance policy alignment to support high-quality development in the publishing industry [5][9] - It will focus on key issues such as AI empowerment in publishing, ESG system construction, and digital copyright management, facilitating collaboration among members [7][9] Group 3: Industry Insights - The conference featured a presentation by Huatai Securities' media industry chief analyst, who highlighted the positive exploration of AI applications in the publishing sector, emphasizing the need for domestic companies to accelerate their transformation [9] - The committee's establishment is seen as a crucial move for the publishing industry to achieve synergy in digital transformation, intelligent upgrades, and international communication [9]

Core Points - The company has announced its third-quarter financial report for 2025, which has been approved by the board of directors [29][30]. - The company plans to change its name to "Nanjing Pharmaceutical Group Co., Ltd." and will cancel its supervisory board, transferring its responsibilities to the audit and risk control committee of the board [57][59]. - The company has issued convertible bonds and has begun the conversion process, resulting in an increase in registered capital to 1,308,929,289 shares [60][61]. Financial Data - The company reported a net profit of 0 yuan from merged entities in the current period, consistent with the previous period [26]. - As of the end of the reporting period, the company had a balance of 61.32 billion yuan in accounts receivable factoring without recourse [14]. - The company has issued a total of 15 billion yuan in short-term financing bonds to supplement working capital and repay bank loans [11][12]. Shareholder Information - The company has completed a share buyback program, repurchasing approximately 17.99 million shares, which is 1.38% of the total share capital [9][10]. - The second-largest shareholder, Alliance Healthcare, has transferred its entire stake of 144,557,431 shares, representing 11.04% of the total share capital, to Guangzhou Pharmaceutical Group [18][19]. Corporate Governance - The company has appointed new senior management, including four vice presidents, to align with its strategic goals [24]. - The company will hold its second extraordinary general meeting of 2025 on November 19, 2025, to discuss the proposed changes to the articles of association and other governance matters [41][42]. Investment and Projects - The company has initiated construction on several key projects, including the Fujian Tongchun Biopharmaceutical Industrial Park and the Nanjing Pharmaceutical Central Logistics Center [20][21]. - The company has also engaged in asset disposal, leasing a property for 711.55 million yuan per year for 156 months [22].

Core Insights - The global aviation industry is entering the "SAF era," driven by policy changes and increasing demand for sustainable aviation fuel (SAF) [1][2][5] - The SAF market is expected to grow significantly, with a projected supply-demand gap exceeding 26 million tons from 2030 to 2035, leading to a market size in the thousands of billions of yuan [1][2] - SAF can reduce carbon dioxide emissions by 69% to 90% compared to traditional fuels, making it a viable path for the aviation industry's decarbonization efforts [2][5] Industry Developments - The European Union has mandated that by 2030, 6% of fuel used in flights from its airports must be SAF, with a target of 70% by 2050 [2][3] - China's SAF consumption is projected to exceed 20,000 tons this year, with various initiatives and policies being implemented to support the industry [3][6] - Major Chinese airlines are beginning to incorporate SAF into their operations, with commitments to increase SAF usage significantly by 2030 [3][6] Market Dynamics - The price of SAF has surged, with recent figures exceeding $2,700 per ton, driven by regulatory requirements and rising raw material costs [4][10] - The competition for SAF production capacity is intensifying, with numerous companies launching projects to meet the growing demand [6][7] - The current collection of waste cooking oil in China is limited to about 5 million tons annually, which is insufficient to meet future SAF demand [8][9] Challenges and Opportunities - The high cost of SAF production remains a significant barrier to widespread adoption, with estimates suggesting that SAF could be 4.2 times more expensive than conventional jet fuel [9][10] - Companies are exploring diverse raw materials for SAF production to enhance supply and reduce costs, including non-food biomass and green hydrogen [8][9] - The industry is witnessing a shift in production locations, with potential growth in regions rich in agricultural waste and renewable resources [9]

Core Viewpoint - The company emphasizes its commitment to sustainable development and social responsibility, aiming to enhance its ESG framework and governance structure to deliver long-term value to investors [1] Group 1 - The company is actively engaging with investors through platforms to address their inquiries [1] - The company plans to integrate its strategic planning with business practices to advance its ESG initiatives [1] - The company is focused on continuously improving its governance structure [1]

Group 1 - The forum held in Shanghai focused on exploring new paths for capital market reform, gathering regulatory bodies, experts, and corporate representatives [1] - Tianlun Gas (1600.HK) won the "Yinghua Hong Kong Stock Growth Case Demonstration Award" for its outstanding growth and market performance, showcasing its innovation in clean energy and robust financial performance [1] - Since the beginning of 2025, Tianlun Gas's stock price has increased by 27.14%, with a doubling trend since April, closing at 4.67 HKD on September 15 [1] Group 2 - The company reported a 10.6% year-on-year revenue growth to 4.242 billion HKD in the first half of the year, with a significant increase in gas sales volume by 15.3% and value-added service revenue by 27.6% [1] - Multiple institutions have a positive outlook on the company's growth potential, with Zhongtai International upgrading its rating to "Buy" and Changjiang Securities noting the company's leading dividend yield in the gas industry [1] - The recognition from the China Fund News highlights Tianlun Gas's contributions to the energy sector and reflects the capital market's support for the real economy [2]

Group 1: Financial Performance - The company achieved a revenue of 10,660.68 million yuan in the first half of 2025, representing a year-on-year increase of 1.44% [4] - The operating profit for the same period was -178.63 million yuan, a decline of 184.72% due to decreased gross margins on certain products [4] - The revenue from nuclear radiation monitoring equipment increased by 19.50% year-on-year, reaching 7,832.70 million yuan [6] Group 2: Strategic Initiatives - The company is focusing on upgrading production processes through smart manufacturing, aiming to shorten delivery cycles for core products [3] - A nationwide after-sales service network has been established to enhance customer engagement and support [4] - The company is actively pursuing international expansion, although it currently has no overseas revenue [10] Group 3: Research and Development - The R&D team comprises over 20% of the total workforce, with more than 30 members holding advanced degrees, supporting continuous innovation [4] - The company is collaborating with various research institutions to enhance technology iteration speed and product development [5] - The company is developing a drone-based nuclear and biochemical monitoring system, addressing new safety demands in the low-altitude economy [8] Group 4: Market Opportunities - The company is leveraging opportunities in emergency management equipment upgrades, particularly in the civil nuclear and biochemical protection market [3] - There is a focus on modular design advantages in nuclear and biochemical safety equipment to strengthen core competitiveness in military applications [6] - The company is exploring the commercialization of multi-sensor data fusion technology patents approved in the first half of 2025 [5]

Core Viewpoint - The company has shown significant improvement in its financial performance in the first half of the year, driven by its strategic focus on traditional strengths in the petrochemical equipment sector and accelerated development in new energy equipment, particularly in hydrogen and solar thermal storage technologies [1][2]. Financial Performance - In the first half of the year, the company achieved a revenue of 412 million yuan, representing a year-on-year growth of 20.78% [1]. - The net profit attributable to shareholders was 20.9463 million yuan, marking a turnaround from losses in the previous year [1]. Strategic Developments - The company has made significant strides in overseas markets, establishing subsidiaries in Saudi Arabia, Dubai, and Morocco, which serve as key points for expanding its international presence [2]. - The company has secured landmark orders in overseas oil and gas fields, energy storage and transportation equipment, and solar thermal storage, with the contribution from overseas markets steadily increasing [2]. Mergers and Acquisitions - The company has acquired 100% of Shanghai Lanya Petrochemical Equipment Testing Co., Ltd. and 51% of China Air Separation Engineering Co., Ltd., which will enhance its capabilities in the energy equipment sector [2][3]. - These acquisitions aim to create a comprehensive solution capability in energy equipment, covering design, manufacturing, construction contracting, operation, and testing services, thereby strengthening the company's core competitive advantages [3]. Future Development Plans - The company plans to deepen its traditional market advantages, accelerate the layout of new energy equipment, expand overseas markets, and increase R&D investment [3]. - The company will also focus on enhancing its ESG framework, promoting green manufacturing, and fulfilling social responsibilities to improve sustainable development capabilities [3].