Core Viewpoint - Environmental risks are increasingly becoming a significant operational risk for listed companies, impacting their development and corporate image [12][13][14]. Group 1: Environmental Violations and Penalties - Five listed companies were recently identified for environmental violations, with a total of 26.78 million shareholders potentially facing investment risks [14]. - Tongcheng New Materials was fined 352,000 yuan for exceeding permissible pollutant discharge concentrations [15]. - Huali Co., Ltd. was penalized 195,000 yuan for improper storage of hazardous waste [17]. Group 2: Regulatory Framework and Public Disclosure - The increase in environmental risk awareness is linked to the rise of ESG (Environmental, Social, and Governance) investment principles, emphasizing the importance of sustainable development [17]. - The legal framework for environmental information disclosure has improved, ensuring public access to environmental data and enhancing oversight [18].