#2025华夏ESG管理体系大会# 【施涵：港股IPO期间ESG信息披露不足或将面临问询函】9月19日， 以"理念与实践并行 发展同质量共生"为主题的2025华夏ESG管理体系大会在北京召开。香港大学当代 中国与世界研究中心资深研究员施涵接受《华夏时报》记者采访时表示，企业赴港IPO应提前12个月甚 至更早地开始ESG管理体系的建设，如果因ESG信息披露比较不足招致港交所问询函，或将延长上市流 程和周期。 来源：@华夏时报微博 ...

中国人民大学国家金融研究院院长吴晓求 本报（chinatimes.net.cn）记者谢碧鹭 北京报道 9月19日，以"理念与实践并行发展同质量共生"为主题的2025华夏ESG管理体系大会在北京召开。此次 大会由华夏时报社主办，由SGS通标标准技术服务有限公司、中质协质量保证中心、首都经济贸易大学 中国ESG研究院、Wind ESG、天眼查、商道融绿、华夏ESG观察联盟等提供支持。 其次是改善市场流动性，推进需求端改革。吴晓求指出，过去市场虽重视资产端（供给端）改革、强调 提升上市公司质量，但长期忽视了资金端（需求端）流动性的重要性。事实上，只有市场具备充分流动 性，资产价格才能合理定位，价值发现机制才能有效运转，而作为财富管理核心市场，更需要引导基于 长期财富管理的大资金有序入市。 他以险资为例说明，随着中国保险业长期发展，险资规模将持续扩大，这类"耐心资本""长期资本"是市 场成长的重要支撑，但此前受考核期限、偿付能力等规则约束，大资金入市受限。过去一年，监管层已 着手调整相关规则，同时央行去年9月24日推出的支持资本市场稳定发展的结构性货币政策工具，也为 市场信心筑牢底线。 第三是推进制度平台改革，这一领 ...

Core Viewpoint - Lisheng Pharmaceutical reported significant growth in revenue and net profit for the first half of 2025, driven by innovation and strategic investments [2][3]. Financial Performance - The company achieved a revenue of 732 million yuan and a net profit attributable to shareholders of 343 million yuan, marking a year-on-year increase of 235.04% [2]. - The basic earnings per share reached 1.33 yuan, up 232.50% from 0.40 yuan in the same period last year [2]. Strategic Initiatives - Lisheng Pharmaceutical plans to establish a 1 billion yuan equity investment fund in collaboration with Jianxin Equity to enhance business structure and operational strength [2]. - The company has identified over 300 quality merger and acquisition projects as part of its "14th Five-Year" strategic planning [3]. Research and Development - The company invested 60.51 million yuan in R&D, with an investment rate exceeding 8%, resulting in multiple breakthroughs [3]. - Lisheng Pharmaceutical applied for 9 patents and received approval for 3 core products during the first half of the year [3]. Marketing and Production - The company implemented a "four-wheel" marketing system, focusing on the core product Indapamide, which improved sales through a refined distribution network [4]. - Lisheng Pharmaceutical achieved a 100% compliance rate in drug market inspections and completed safety hazard rectifications [4]. Subsidiary Performance - Central Pharmaceutical integrated its marketing team, leading to a 14% increase in sales of Urokinase injection and significant growth in Heparin Sodium injection sales [5]. - The subsidiary San Yu Pharmacy ranked among the top retail pharmacies in Tianjin based on daily sales [5]. Governance and Efficiency - The company established a dynamic monitoring mechanism for loss-making enterprises and improved its ESG management system, achieving a six-year high in market value [6]. - Lisheng Pharmaceutical plans to increase R&D investments and expand its distribution network in the second half of the year [6].

Meeting Information - The annual general meeting of Shanghai Sanmao Enterprise (Group) Co., Ltd. is scheduled for June 20, 2025, at 14:00 [1] - The meeting will be held at the Shanghai Zhonggang Huiberman Hotel, with provisions for both on-site and online voting [1][3] - Participants include directors, supervisors, senior management, and registered shareholders [1] Agenda and Procedures - The meeting will start with the announcement of the meeting and the reading of attendance [3] - Various proposals will be reviewed and voted on, including the remuneration distribution plan [2][3] - Shareholders will have the opportunity to ask questions and receive responses during the meeting [3][4] Company Performance Overview - In 2024, the company achieved a revenue of 1.203 billion yuan, a year-on-year increase of 9.97%, and a net profit of 18.45 million yuan, up 4.84% [7][19] - The core business segments, including security services, import-export trade, and property leasing, showed resilience with a combined profit of approximately 22.29 million yuan [7][8] Corporate Governance and Compliance - The board of directors held seven meetings and two shareholder meetings in 2024, approving 11 proposals [9][10] - The company has implemented a 100% signing rate for the term system and contractual management for management members [8][10] Financial Highlights - The company reported a net cash flow from operating activities of -52.74 million yuan for 2024 [19][20] - The total assets increased to 908.65 million yuan, reflecting a 13.62% growth compared to the previous year [20] - The proposed cash dividend is 0.15 yuan per share, totaling approximately 3.01 million yuan, which is 16.34% of the net profit attributable to shareholders [22][24] Future Outlook - The company plans to enhance internal control and risk management systems while exploring business innovations to adapt to changing market conditions [21] - The 2025 financial budget aims to focus on improving operational quality and efficiency [21]

Core Viewpoint - The company is a national high-tech enterprise specializing in the research, design, production, and sales of LCD display and touch products, aiming to provide customized solutions and enhance its market presence in various sectors such as industrial control, IoT, healthcare, and automotive electronics [4][5][11]. Company Overview - The company focuses on LCD displays and touch products, with major applications in industrial control, IoT, healthcare, and automotive electronics [4][5]. - Key products include monochrome LCDs, color LCD modules, and capacitive touch screens, serving clients like ABB, HP, GE, and BYD [5][11]. Financial Performance - In the reporting period, the company achieved a revenue of 1,084.67 million yuan, a year-on-year increase of 9.02%, while net profit decreased by 25.91% to 90.61 million yuan [11]. - Total assets amounted to 1,651.14 million yuan, a decrease of 1.44%, while net assets grew by 0.67% to 1,369.87 million yuan [11]. Business Model - The company operates a customized sales model targeting both end-product manufacturers and technical service providers, ensuring tailored solutions based on client specifications [9][10]. - The procurement strategy is primarily self-sourced, focusing on minimizing risks associated with material price fluctuations [6][10]. R&D and Innovation - The company emphasizes innovation and R&D, with ongoing projects in electronic paper technology, automotive display systems, and energy storage solutions [13][14][16][18]. - Significant investments in R&D aim to enhance product competitiveness and align with market demands [12][13]. Market Trends and Opportunities - The global electronic paper market is projected to reach approximately $13 billion in 2024, with a compound annual growth rate exceeding 10% [14]. - The automotive sector is experiencing rapid growth in demand for touch display systems, driven by the increasing penetration of electric vehicles [17]. Talent Development - The company implements a talent development strategy focusing on internal training and external recruitment to build a high-level talent pool [21]. Operational Efficiency - Continuous improvements in operational processes and the adoption of lean production practices are prioritized to enhance efficiency and product quality [22]. ESG Management - The company integrates ESG principles into its operations, aiming to contribute to sustainable development and align with national carbon neutrality goals [23]. Shareholder Returns - The company has consistently provided cash dividends since its listing, with a cumulative dividend payout of 183.43 million yuan, reflecting a commitment to shareholder returns [24][25]. International Expansion - The establishment of a production base in Thailand is a strategic move to enhance international operations and mitigate supply chain risks [26].

值得注意的是，区域市场呈现分化情况，Simmons指出，欧洲因车辆使用周期延长，制约轮胎增长， 2024年欧盟汽车产量预计下滑5%，2025年复苏幅度不足1%，显著落后于东盟、东亚超10%的预期增 幅。此外，全球汽车保有量呈现"南快北慢"格局，其中，我国汽车保有量增速最快，接近4.5%。尽管今 年全球汽车保有量增速预计维持在2%，但新兴市场增长动能明显强于发达市场，区域差异持续扩大。 市场和欧盟法规带来利好 也需警惕不利法案变化 近日，在山东青岛举办的第二十届中国橡胶年会上，海内外专家分析研判全球轮胎市场情况，认为当前 全球轮胎市场正迎来调整与复苏契机。在此背景下，去年我国橡胶行业出口再创佳绩，轮胎行业积极推 进海外增资建厂。据中国橡胶工业协会数据统计，全年共有18家我国企业在泰国、越南等国建厂，扩大 海外市场，加速行业国际化进程。同时，《欧盟零毁林法案》的缓冲期为我国轮胎企业海外发展带来利 好消息。不过，胎企出海发展也有挑战，胎企需高度重视其他国家可能逐步推广实施的相关法规，规避 潜在风险。 全球轮胎市场复苏态势明确 英国GlobalData国际橡胶和轮胎研究负责人Robert Simmons表示，当前全球 ...