撰文丨王聪 编辑丨王多鱼 排版丨水成文 乳酸 （ lactic acid，LA ） 是肿瘤微环境 （TME） 中最丰富的代谢产物之一。肿瘤微环境中积累的乳酸，同时通过损害 CD8⁺ T 细胞的细胞毒性作用和促进调 节性 T 细胞 （ T reg ） 的免疫抑制功能， 建立双重免疫抑制屏障， 来促进肿瘤生长，增强肿瘤免疫逃逸，但其潜在机制目前仍不十分清楚。 2025 年 8 月 22 日， 上海交通大学医学院 童雪梅 教授、复旦大学基础医学院青年研究员 卢颖 、上海交通大学医学院 李斌 教授 、上海交通大学医学院附属第九人民医院 贾仁兵 主任医师等，在 Nature 子刊 Nature Metabolism 上发表了题为 ： Targeting MondoA–TXNIP restores antitumour immunity in lactic-acid-induced immunosuppressive microenvironment 的研究论文。 该研究发现， 乳酸 激活了 MondoA-TXNIP 通路，抑制了 CD8⁺ T 细反应，并增强了 T reg 细胞功能，从而促进了肿瘤的生长和免疫逃逸。而抑 ...

Core Viewpoint - The article discusses an innovative method for chemically recycling mixed plastic waste into valuable chemical products, addressing the environmental challenges posed by plastic waste [2][3]. Group 1: Research Overview - The research, published in Nature, presents a strategy to convert eight common types of plastic waste into their original chemical components or other valuable compounds [3][10]. - The method focuses on identifying functional groups in mixed plastic waste to facilitate the separation and conversion of these materials into useful products [5][8]. Group 2: Methodology - The research team developed a solid-state NMR method to accurately identify the types of plastics present in the mixed waste, which is crucial for the subsequent processing steps [5][6]. - By using selective solvents, the team was able to dissolve and separate specific plastics from the mixed waste, followed by catalytic processes to convert these plastics into valuable products [6][7]. Group 3: Results and Innovations - The study successfully demonstrated the feasibility of the proposed strategy using a real-life plastic mixture, yielding various chemical substances such as benzoic acid, plasticizers, and hydrocarbons [7][8]. - The key innovation lies in the universal strategy designed to tackle the challenge of chemical recycling of mixed plastics, allowing for adjustments in chemical steps based on the initial identification of major components [8][10].

Core Viewpoint - The research conducted by Chinese scientists using nuclear magnetic resonance technology provides a new pathway for plastic waste management and resource recycling by identifying key chemical structures in mixed waste plastics and designing customized catalytic conversion plans to transform waste into high-value chemical products [1][3]. Group 1: Research and Methodology - The study focuses on the challenge of plastic waste, which is prevalent in various sectors such as packaging, home goods, automotive, and electronics, and is often difficult to recycle due to its mixed nature [1]. - The research team, led by Professor Martin from Peking University in collaboration with the Dalian Institute of Chemical Physics, utilized nuclear magnetic resonance technology to identify key chemical structures in mixed waste plastics [1]. - The new method allows for the mixed processing of complex waste plastics, such as food containers and packaging bags, without the need for labor-intensive sorting, thus improving efficiency and reducing costs [2]. Group 2: Economic and Environmental Impact - The innovative approach significantly enhances the economic viability and environmental benefits of plastic resource recovery by producing high-value chemical raw materials such as benzoic acid, lactic acid, bisphenol A, and alanine [1]. - The research aims to alleviate environmental pollution while also reducing dependence on fossil fuels, contributing to national carbon reduction efforts [3].

Group 1 - The company, Henan Jindan Lactic Acid Technology Co., Ltd, issued 7,000,000 convertible bonds with a total fundraising amount of approximately RMB 689.61 million [1][13] - The bonds have a face value of RMB 100 each and are set to be listed on the Shenzhen Stock Exchange [1][2] - The initial conversion price for the bonds is set at RMB 20.94 per share, which is based on the average trading price of the company's stock prior to the announcement [1][2] Group 2 - The company specializes in the research, production, and sales of lactic acid and its derivatives, with a production capacity of 183,000 tons per year [9][10] - The main products include lactic acid, sodium lactate, and calcium lactate, which are widely used in food, feed, biodegradable materials, and pharmaceuticals [9][10] - The company has been recognized as a leading enterprise in the lactic acid industry, exporting products to over 90 countries and regions [9][10] Group 3 - For the fiscal year 2024, the company reported a revenue of RMB 150.54 million, a year-on-year increase of 6.15%, primarily due to increased sales of lactic acid and lactate products [11] - The operating profit and net profit attributable to shareholders decreased significantly by 67.93% and 56.01% respectively, mainly due to impairment losses [11][12] - The net cash flow from operating activities increased by 634.96% to RMB 26.05 million, attributed to reduced procurement costs for corn raw materials [12] Group 4 - The company plans to use the proceeds from the convertible bonds for projects including the construction of a 75,000-ton biodegradable material project, with total project investment estimated at RMB 1.03 billion [8][15] - As of December 31, 2024, the company had utilized RMB 504.15 million of the raised funds, with the remaining funds allocated for ongoing project construction [15] - The project to produce biodegradable materials is currently under construction and is expected to reach operational status by August 2025 [15][17]

Core Viewpoint - The recent announcements regarding share reductions by major shareholders of Jindan Technology raise concerns about the company's stability and future growth prospects, particularly in light of the delays in its key project for biodegradable materials. Shareholder Actions - Guangzhou Chengxin plans to reduce its holdings by up to 5.635 million shares, representing 2.93% of the total share capital, between June 30 and September 29 [1] - Following this, Guangzhou Chengxin's shareholding will decrease from 6.25% to approximately 0.26% if the planned reduction is executed [3] - Another major shareholder, Shenzhou Education, also announced plans to reduce its holdings by up to 600,000 shares, which is 0.31% of the total share capital [4] Project Delays - The "Annual Production of 75,000 Tons of Polylactic Acid Biodegradable Material Project," deemed the company's top priority for 2025, has faced multiple delays, with the expected completion date pushed from August 2024 to June 2026 [8] - The project is critical for expanding the company's product chain and enhancing its competitive edge in the biodegradable materials market [8] Financial Performance - In Q1 2025, Jindan Technology reported revenue of 344 million yuan, a slight decrease of 1.73% year-on-year, while net profit surged by 125.85% to 38.61 million yuan due to stable sales and lower raw material costs [7] - For the year 2024, the company achieved revenue of 1.505 billion yuan, a 6.15% increase, but net profit fell by 56.01% to 37.49 million yuan [8]

Core Viewpoint - The credit rating of Henan Jindan Lactic Acid Technology Co., Ltd. is maintained at AA- with a stable outlook, reflecting its strong industry position and operational capabilities despite facing certain risks related to market fluctuations and debt pressures [3][4][8]. Company Overview - Henan Jindan is the largest lactic acid producer in China, maintaining a significant scale advantage and industry position [4][12]. - The company has a production capacity of 183,000 tons of lactic acid and related products by the end of 2024, with ongoing projects to enhance its production capabilities [12][14]. Financial Performance - Total assets increased from 25.06 billion in 2022 to 34.76 billion by March 2025, while total liabilities rose from 9.64 billion to 16.54 billion in the same period [6][23]. - The company reported a net profit of 1.24 billion in 2022, which decreased to 0.09 billion in 2023, indicating volatility in profitability [6][21]. - The operating revenue showed fluctuations, with 15.35 billion in 2022, dropping to 14.18 billion in 2023, and slightly recovering to 15.05 billion in 2024 [6][19]. Market Position and Risks - The company faces risks from single-product focus, price fluctuations of raw materials, and international trade tensions, which could impact its business development [4][5][10]. - The competitive landscape is intensifying, leading to a decline in sales prices for its main products [12][13]. Research and Development - Henan Jindan is recognized as a national high-tech enterprise with multiple technology centers, focusing on enhancing production processes and developing biodegradable materials [17][18]. - The company has invested in R&D, with expenditures of 0.59 billion in 2022, 0.54 billion in 2023, and 0.57 billion in 2024, representing a consistent commitment to innovation [17][18]. Debt and Cash Flow Management - The company has a total debt of 12.81 billion as of March 2025, with a notable increase in short-term debt, indicating a need for better debt structure management [20][23]. - Cash flow from operating activities improved, with a net cash flow of 2.61 billion in 2024, enhancing its ability to cover debt obligations [20][23]. Future Outlook - The credit rating agency anticipates that the company's credit level will remain stable over the next 12 to 18 months, contingent on its ability to manage operational risks and maintain profitability [4][8]. - Potential factors for rating upgrades include significant improvements in capital strength and sustainable profit growth, while downgrades could arise from substantial losses or increased financial leverage [4][8].

Core Viewpoint - High-quality development is an essential requirement for Chinese-style modernization, as emphasized by President Xi Jinping during his recent visit to Henan, inspiring local officials and citizens to pursue this goal with determination and enthusiasm [3]. Group 1: Economic Development and Trade - Henan, as an inland province, views openness as a vital source of economic growth, with plans to enhance high-level foreign trade and deepen integration into the Belt and Road Initiative [4]. - The China-Europe Railway Express from Henan has significantly expanded from one train per month to ten per day, establishing a logistics network that covers over 40 countries and 140 cities, with a total of 14,400 trains operated [5]. - Zhengzhou Airport has opened 58 cargo routes, serving 31 countries and 63 cities, with international cargo volume reaching 220,000 tons, a 47.8% increase year-on-year [6]. Group 2: Financial Support and Stability - The provincial government is committed to enhancing the financial support for the real economy, particularly for private and small enterprises, ensuring that credit reaches grassroots levels efficiently [9]. - The government aims to stabilize the real estate market by implementing policies that reduce housing costs and promote project construction and delivery [10]. Group 3: Industrial and Technological Innovation - The focus is on strengthening the manufacturing sector and fostering a modern industrial system through technological innovation and collaboration between industry and research [11]. - Companies like Henan Jindan Lactide Technology Co., Ltd. are committed to advancing high-end, intelligent, and green production processes in the bioplastics sector [12][13]. - The province is prioritizing the integration of technology and industry to enhance productivity and competitiveness, with initiatives aimed at overcoming key technological challenges [14][15][16].