在全球战略资源博弈的舞台上，越来越多的中国企业正在进入"世界级矿业玩家"的行列，洛阳栾川钼业 集团股份有限公司（后称"洛阳钼业"）就是其中之一。凭借持续的战略纵深和敏锐的资源嗅觉，洛阳钼 业正处于拓展全球坐标的发展快车道。这家从河南洛阳起步的企业，最早凭借本土的钼资源立足，后通 过并购快速崛起，如今已经稳居全球铜、钴、钼、钨、铌生产商的前列。 2025年7月，洛阳钼业荣获德勤中国主办的第七届中国卓越管理公司（Best Managed Companies）奖项。 洛阳钼业董事长刘建锋接受《哈佛商业评论》中文版专访，介绍了该企业最新的战略蓝图，以及跨国经 营、价值链重构与生态共赢的最佳实践。 打造矿业的"微笑曲线" 洛阳钼业的成长可被归纳为"三步走"模式：首先是"打基础"，以洛阳的本土钼矿为依托，积累起矿业管 理和资源掌控的能力；其次是"上台阶"，通过在刚果（金）、巴西等地收购世界级资源，实现中国企业 从区域性矿山向全球资源布局的跨越；而今天，洛阳钼业已经进入"大发展"阶段，更加注重多国家、多 矿种、多资产的战略协同。 洛阳钼业的成功不仅依赖于其独特的"矿业+贸易"双轮驱动模式，在对外扩张版图的同时，在技术领域 ...

Core Viewpoint - The article discusses the controversy surrounding Xiaomi Auto's requirement for customers to pay the remaining balance before vehicle delivery, raising concerns about consumer rights and corporate governance [2][8]. Summary by Sections Consumer Rights Issues - A user reported that Xiaomi Auto demanded full payment of the remaining balance before confirming the delivery date, contradicting the terms stated in the purchase agreement [2][5]. - Other consumers have also experienced similar issues, leading to widespread dissatisfaction and claims of unfair practices [10][11]. Legal and Governance Concerns - Legal experts suggest that Xiaomi's payment terms may constitute "unreasonable format clauses," as they disproportionately favor the company and lack clarity regarding the company's obligations [6][7]. - The ambiguity in delivery timelines and payment terms raises questions about Xiaomi's governance practices and adherence to fair treatment of consumers [8][12]. Comparison with Industry Standards - The article notes that other electric vehicle manufacturers, such as Tesla and NIO, typically allow customers to pay the remaining balance only after vehicle inspection, highlighting a standard practice in the industry [7][8]. - Xiaomi's approach of requiring upfront payment before delivery is seen as a deviation from consumer expectations and industry norms [8][10]. Implications for Brand Trust and ESG Ratings - The rigid contract terms and lack of transparency may damage Xiaomi's reputation and affect its ESG (Environmental, Social, and Governance) ratings, as they reflect poor governance and disregard for consumer rights [8][13]. - The article emphasizes that while Xiaomi has built a strong brand image through its founder's personal credibility, any negative consumer experiences could lead to a significant trust deficit [12][21]. Recommendations for Improvement - The article suggests that Xiaomi and other automotive companies should incorporate more flexible and negotiable terms in their contracts, as well as ensure that public commitments align with actual practices [17][18]. - Establishing a consumer rights tracking system within the ESG governance framework is recommended to enhance transparency and accountability [20].

Core Viewpoint - The article highlights a significant food safety incident involving the brand "Ma Liu Ji," which exposes governance shortcomings in China's new consumption sector, particularly in the area of OEM (Original Equipment Manufacturer) production [2][11]. Group 1: Incident Overview - The incident began with reports of moldy and discolored "Ma Liu Ji" spicy noodles, leading to their removal from Costco stores due to quality concerns [2]. - The OEM factory, Sichuan Bai Jia A Kuan Food Industry Co., Ltd., acknowledged production deficiencies in sanitation, resulting in potential bacterial contamination [4]. - The brand's delayed response to the crisis, relying on consumer complaints and external pressures, indicates a failure in proactive governance [4][5]. Group 2: Governance Issues - The shared OEM model among multiple brands creates vulnerabilities, as issues in one brand can lead to widespread distrust across all brands using the same production line [5][10]. - Brand oversight is often limited to contractual agreements and random inspections, lacking real-time data and accountability mechanisms [5][9]. - The lack of transparency in production processes complicates the ability to trace responsibility when issues arise, leading to a "blind box" scenario for consumers [5][10]. Group 3: Broader Implications - The article draws parallels with other brands like "Lai Yi Fen," which have faced similar food safety controversies due to governance failures in their OEM practices [7]. - The reliance on a "light asset" model prioritizes marketing over production oversight, resulting in a lack of governance capabilities within many consumer brands [10][11]. - The article emphasizes that food safety should not solely rely on the integrity of companies but must be integrated into a robust governance framework [11][12]. Group 4: Recommendations for Improvement - Brands should clarify their responsibilities within the ESG (Environmental, Social, and Governance) framework, including supply chain management and compliance protocols [12]. - Establishing "ESG co-governance agreements" with OEM partners can enhance accountability and oversight [12]. - Implementing technology for real-time production data visibility can improve monitoring and governance of OEM practices [12].

Core Viewpoint - The company is committed to enhancing shareholder value through potential stock buybacks and effective market value management in response to recent regulatory support for such actions [1] Group 1: Stock Buyback and Market Value Management - The company will disclose any stock buyback plans after obtaining necessary approvals from the board and shareholders [1] - The company emphasizes sustainable development and long-term shareholder interests as part of its core strategy for market value management [1] - The company has implemented a "Market Value Management Measures" and is committed to annual cash dividends during profitable years to enhance investor returns [1]

Industry Overview - The global energy structure is rapidly transforming under the influence of "dual carbon" goals, with the energy storage industry reshaping the energy system at an astonishing pace [1] - According to IRENA, global renewable energy installed capacity is expected to exceed 4448 GW in 2024, with new energy storage installations reaching 165.4 GW, a year-on-year increase of 81.1%, representing a significant portion of the global energy storage market [1] - BloombergNEF predicts that in 2025, global energy storage additions will reach 86 GW/221 GWh, with China, the US, and Europe contributing over 90% of the growth, while emerging markets like Saudi Arabia and South Africa are growing at an annual rate exceeding 50% [1] Company Initiatives - Haicheng Energy Storage showcased its innovative products at the Abu Dhabi World Future Energy Summit, reflecting its commitment to sustainable development and continuous efforts in the energy storage sector [3] - The company is actively promoting green manufacturing by establishing a green supply chain system and information platform, integrating green concepts throughout the product lifecycle from design to recycling [5] - In factory construction, Haicheng has formed special teams to optimize resource utilization and reduce energy consumption, transitioning to efficient, low-carbon, and environmentally friendly production models [6] ESG Practices - Haicheng Energy Storage has developed a comprehensive ESG governance system, addressing 24 key issues and enhancing communication with various stakeholders [8] - The company launched the HeroEE home power solution to address energy poverty, supporting local infrastructure development and contributing to the UN's Sustainable Development Goal 7 [8] - Haicheng has created a carbon digital management platform to assist in carbon reduction, accurately calculating carbon emissions throughout the product lifecycle and supporting the entire supply chain in reducing carbon footprints [8] Achievements and Recognition - In 2024, Haicheng was recognized as a "Green Supply Chain Management Enterprise" and "Green Factory" by the Ministry of Industry and Information Technology, and received accolades as a "National Supply Chain Innovation and Application Demonstration Enterprise" [8] - The company was also listed in the top 10 for both responsible contribution and environmental contribution in the 2024 Green Light ESG Awards, being the only energy storage company to achieve this dual honor [8] - The carbon digital management platform received certification from TüV Rheinland, gaining industry-wide recognition for its effectiveness [8]

Financial Performance - Revenue reached RMB 9,420 million, a decrease of 726% year-over-year[6] - R&D expense was RMB 737 million, down 1110% year-over-year[7] - Net profit attributable to shareholders was RMB 765 million, an increase of 2542% year-over-year[8] - Net operating cash flow increased to RMB 1,056 million, up 1508% year-over-year[7] - 2024 Pharma R&D expenditure was RMB 4,910 million, accounting for 1698% of Pharma revenue[61] Key Products & Pipelines Progress - Serplulimab Injection (PD-1) received EMA approval for ES-SCLC treatment[12] - Tenapanor Hydrochloride Tablets approved by NMPA for serum phosphorus control in adult dialysis patients with chronic kidney disease[13] - Fosun Pharma achieved a revenue of RMB 11,297 million (+893% YoY) from countries and regions outside Chinese mainland in 2024[26] Med Tech Segment - Med Tech segment revenue reached RMB 4,390 million[87] - Sisram Medical's revenue was USD 3590 million in 2024[96] Healthcare Services - Healthcare Services segment revenue was RMB 6,672 million[108] Sinopharm Performance - Pharmaceutical distribution segment revenue recorded RMB 444,365 million (+075% YoY)[116] - Medical device distribution segment revenue recorded RMB 117,915 million (-944% YoY)[116] - Revenue of the retail pharmacy segment recorded RMB 35,981 million (+082% YoY)[116]

Core Points - The Shanghai First Pharmaceutical Co., Ltd. will hold its 2024 Annual General Meeting on June 20, 2025, with both on-site and online voting options available for shareholders [1][2][3] - The meeting will cover 12 proposals, including the annual report, board and supervisory reports, financial statements, and various governance matters [6][7][15] - The company emphasizes maintaining shareholder rights and ensuring orderly conduct during the meeting [4][5] Meeting Agenda - The meeting will start with attendance reporting and the announcement of the meeting's commencement [1] - Proposals will be read and discussed, followed by independent directors' reports and shareholder Q&A sessions [1][3] - Voting will occur after discussions, with results announced by the legal representative [1][6] Voting Procedures - Shareholders must present valid identification and may appoint proxies with proper authorization to vote [2][4] - Voting will be conducted through both on-site and online methods, with specific time frames for each [4][5] - Each proposal will be voted on individually, and any invalid votes will be counted as abstentions [5][6] Board and Supervisory Reports - The board's report will detail the company's operations and governance practices, highlighting compliance with legal and regulatory requirements [7][8][10] - The supervisory report will confirm the company's adherence to laws and regulations, ensuring the protection of shareholder interests [15][17] Financial Overview - The financial report for 2024 will be presented, including audited financial statements and budget proposals for 2025 [22] - The company has received a standard unqualified audit opinion from its accounting firm [22]

Group 1: Company Strategy and Development - The company focuses on health sectors, particularly cardiovascular, digestive, analgesic, and anesthetic medications, aiming to enhance its formulation industry and maintain its unique drug formulations and controlled-release technologies [3][6]. - Plans to accelerate the development and market entry of high-barrier generics and innovative drugs while expanding its international business through a global formulation production platform [3][6]. - The company aims to build a high-end active pharmaceutical ingredient (API) and intermediate manufacturing base with a focus on green and intelligent manufacturing technologies [4][6]. Group 2: Financial Performance and Challenges - The company experienced a significant decline in revenue in 2024, primarily due to national procurement policies leading to a substantial drop in sales prices of key formulation products [5][7]. - The decline in revenue was also influenced by competitive pressures in the domestic and international markets affecting the sales prices of major API products [5][7]. - Cumulative cash dividends since the company's listing in 2018 have reached CNY 496 million, reflecting a commitment to shareholder returns [8]. Group 3: Market Expansion and Partnerships - The company has successfully obtained market access qualifications for certain specialty APIs in major markets, including the WHO, the USA, the EU, and Japan, and is actively exploring emerging markets in the Middle East, South Asia, Southeast Asia, and South America [4][6]. - Established long-term stable partnerships with numerous large formulation manufacturers, positioning itself as a leading supplier of antihypertensive APIs globally [4][6]. Group 4: Research and Development Focus - The company continues to focus on both innovative and generic drug development, with recent submissions for new drug applications and multiple product registrations for generics [9]. - Future R&D efforts will concentrate on health-related fields, leveraging core technological advantages in controlled-release formulations and APIs [9].

Core Viewpoint - The company held its 2024 annual performance briefing on May 27, 2025, focusing on investor engagement and addressing key concerns regarding its market strategies and financial performance [1]. Group 1: Company Performance and Financials - In 2024, the company reported a revenue of 2.591 billion yuan, a decrease of 785 million yuan year-on-year, but a growth of 4.53% when excluding certain impacts [4]. - The net cash flow from operating activities was 291 million yuan, down 37.40% from the adjusted figure of 464 million yuan, primarily due to changes in payment collection timing and accounts payable [4]. - Despite a decline in revenue, the net profit increased by nearly 30%, driven by non-recurring gains and cost optimization efforts [8]. Group 2: Market Strategies and Initiatives - The company is actively implementing a "quality improvement, efficiency enhancement, and return to shareholders" strategy, focusing on transparent investor relations and ESG governance [2]. - The company has initiated its first ESG report, emphasizing sustainable development and a three-tier governance structure for effective ESG implementation [2]. - The acquisition of Qingyang Xingrui Energy, which represents a strategic move in the northwest LNG market, aims to enhance market share and operational efficiency [5]. Group 3: Future Outlook and Innovations - The company is committed to advancing its digital transformation in the gas sector, focusing on safety operations and efficiency upgrades through technological innovation [5]. - The company is exploring opportunities in the AIDC sector, anticipating increased electricity demand and positioning itself to provide integrated energy services [10]. - Future plans include enhancing green and low-carbon initiatives, focusing on the efficient use of natural gas and renewable energy integration [10].

Group 1: Financial Management and Cash Flow - The company adopts a prudent cash flow management strategy to ensure safety amidst high capital expenditures in the industry, including controlling capital expenditure scale and optimizing profit structure [2] - Future plans for issuing bonds or policy loans will depend on specific circumstances [2] - The company has seen a significant increase in gross margin in Q1, primarily driven by gas sales growth and timely price linkage [3] Group 2: Market Position and Competition - The company maintains a competitive advantage in Shaanxi Province due to its infrastructure and service capabilities, despite pressure from leading companies expanding into the region [3] - The company is exploring opportunities for regional integration and collaboration with new energy and power grid companies to strengthen its competitive position [3] Group 3: Project Management and Future Planning - The delay in the construction of the Shenmu LNG emergency peak-shaving station project was based on a comprehensive assessment of industry trends and regional resource supply [4] - The company is focused on strategic layout for new business areas, such as smart integrated energy services, which are still in the cultivation phase and expected to have limited impact on overall performance in the short term [4] Group 4: Risk Management and Internal Controls - The company has established a robust internal control system focused on compliance and risk prevention, continuously optimizing governance efficiency [4] - The effectiveness of internal controls is influenced by execution strength and external environmental changes, and the company will maintain dynamic supervision mechanisms [4] Group 5: ESG and Sustainable Development - The company has developed a comprehensive ESG governance system and released its 2024 Social Responsibility Report, detailing initiatives in emissions reduction, tax contributions, and employee development [6] - The company emphasizes sustainable high-quality development and resource integration to maintain market competitiveness [6] Group 6: Pricing and Market Dynamics - The company has established a basic price transmission mechanism in response to international gas price fluctuations and domestic pricing policy adjustments [6] - The company’s operating area has implemented a "gate station price + distribution fee" linkage mechanism, although there are delays in price transmission in some regions due to local government considerations [6] Group 7: Shareholder Relations and Value Management - The company is committed to balancing short-term shareholder returns with long-term development funding needs through its dividend policy [6] - Future stock buyback shares will be used for equity incentives or employee stock ownership plans, with specific plans under active research [6]