为完善北京首都开发股份有限公司（以下简称"首开股份"、"本公司"或 "公司"）风险管理体系，保障公司和投资者的权益，促进公司董事、监事、高级 管理人员在其职责范围内更充分地行使权利和履行职责，根据《中华人民共和国 公司法》《上市公司治理准则》等有关规定，公司于2025年8月25日召开第十届董 事会第四十七次会议、第十届监事会第十四次会议，审议了《关于购买董责险的 议案》。因该事项与公司全体董事、监事及高级管理人员（以下简称"董监高"） 存在利害关系，因此全体董事、监事在审议该事项时回避表决，同意直接提交公 司股东会审议。现将有关事项公告如下： 险公司协商确定的范围为准）； 股票代码：600376 股票简称：首开股份 编号：临 2025-067 北京首都开发股份有限公司 关于购买董责险的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 为提高决策效率，董事会提请股东会授权公司经营层办理董责险购买的相关 事宜(包括但不限于确定被投保人范围、确定保险公司、确定保险金额、保险费 及其他保险条款、选择及聘任保险经纪公司或其他中介机构 ...

Core Insights - The enthusiasm for purchasing Directors and Officers Liability Insurance (D&O insurance) among listed companies remains high, with 287 companies announcing their plans to purchase D&O insurance as of August 5 this year [2][3] - The introduction of the revised Company Law on July 1 last year has provided a legal basis for the popularization of D&O insurance, encouraging companies to insure their directors [2][3] Group 1: D&O Insurance Market Trends - In July alone, 13 companies announced their D&O insurance plans, indicating a strong trend in the market [2] - A report predicts that 475 A-share listed companies will disclose their D&O insurance plans in 2024, representing a 34% year-on-year increase [3] - The D&O insurance coverage rate among A-share companies has increased from less than 8% at the end of 2019 to 28.4% by the end of May this year [3] Group 2: Benefits and Implications - Companies primarily purchase D&O insurance to protect the legal rights of their directors, supervisors, and senior management, thereby enhancing their risk control systems [3] - The introduction of insurance mechanisms can increase the certainty of compensation for investors in securities litigation cases, as the insurance company will cover losses caused by negligence or oversight by directors [4] - The D&O insurance does not cover intentional illegal acts or criminal behavior by directors and officers [4]

Core Viewpoint - The enthusiasm for purchasing Directors and Officers Liability Insurance (D&O Insurance) among listed companies remains high, with 287 companies announcing their plans to buy D&O Insurance as of August 5 this year, indicating a growing trend in risk management practices [1][2]. Group 1: D&O Insurance Market Trends - In July alone, 13 companies announced their D&O Insurance plans, reflecting a continued interest in enhancing risk control systems [1]. - The number of A-share listed companies disclosing D&O Insurance purchases is expected to reach 475 in 2024, representing a 34% year-on-year increase [2]. - The D&O Insurance coverage rate among A-share companies has risen from less than 8% at the end of 2019 to 28.4% by the end of May this year [2]. Group 2: Legal and Regulatory Context - The implementation of the revised Company Law on July 1 last year has provided a legal foundation for the promotion of D&O Insurance, encouraging companies to purchase this insurance and requiring them to report to shareholders after obtaining or renewing coverage [1]. - The revised Company Law explicitly recognizes the D&O Insurance system, which has contributed to its increasing popularity among companies [1]. Group 3: Benefits and Implications for Companies - Companies primarily purchase D&O Insurance to protect the legal rights of their directors, supervisors, and senior management, thereby facilitating their responsibilities and improving risk management [2]. - The insurance mechanism enhances the certainty of compensation for investors in securities litigation cases, which often involve numerous claimants and substantial claims [2]. - D&O Insurance does not cover intentional illegal acts or criminal behavior by directors and officers, focusing instead on negligence or oversight [2].

Core Viewpoint - The traditional "supervisory board" structure in Chinese companies is being replaced by a more efficient governance model, particularly with the implementation of the new Company Law, which allows for the establishment of audit committees within the board of directors to assume the functions of the supervisory board [1][2][3]. Group 1: Changes in Governance Structure - Several insurance companies, including China Pacific Insurance and others, have announced the abolition of their supervisory boards, aligning with the new Company Law [1][2]. - The new Company Law, effective July 1, 2024, permits state-owned companies to set up audit committees composed of directors to perform the duties of the supervisory board, eliminating the need for a supervisory board [2]. - Major state-owned banks and other financial institutions have also followed suit, announcing the dissolution of their supervisory boards, with their functions being transferred to the audit committees [2]. Group 2: Implications of the New Governance Model - The removal of the supervisory board is driven by policy changes and the need for cost and efficiency optimization, as it reduces management layers and associated costs [3]. - The audit committee, which is typically composed of independent directors, is expected to enhance oversight by being closer to decision-making processes, thus improving information access and independence compared to the supervisory board [3]. - The new governance structure aims to address issues of insufficient independence and limited information access that were prevalent in the supervisory board system [3]. Group 3: Impact on Directors and Officers Liability Insurance - The new Company Law has significantly increased the liability risks for directors and senior executives, making them jointly liable for damages caused by intentional misconduct or gross negligence [4]. - The law allows companies to purchase liability insurance for directors, which is a new legislative development aimed at protecting them from increased risks [4]. - Following the implementation of the new Company Law, there has been a notable increase in the market for directors and officers liability insurance, with over 270 A-share listed companies announcing their intention to purchase such insurance in the first half of the year [4][5].

Group 1 - The core viewpoint is that the demand for Directors and Officers (D&O) insurance among A-share listed companies is increasing, driven by market awareness and new legal regulations [2][4][5] - As of July 18, 2025, over 300 listed companies have disclosed their intention to purchase D&O insurance, maintaining a level similar to the previous year [3][4] - The D&O insurance penetration rate in A-share listed companies has risen from less than 8% at the end of 2019 to 28.4% by the end of May 2025, indicating significant growth but still leaving room for improvement compared to mature markets [2][4][5] Group 2 - The average premium for D&O insurance is typically in the range of hundreds of thousands, with common policy limits of 50 million or 100 million [3] - The new Company Law has formally established the D&O insurance system, encouraging companies to purchase this insurance and mandating reporting to shareholders [4][5] - The insurance market is experiencing a downward trend in D&O insurance rates, currently estimated to be below 5‰, primarily due to irrational competition [2][6][7] Group 3 - The insurance industry is facing challenges in pricing and claims capabilities due to the competitive market environment, necessitating improvements in risk assessment and underwriting principles [2][7][8] - Companies are increasingly recognizing the importance of D&O insurance as a risk management tool, especially in light of heightened regulatory scrutiny and potential litigation risks [5][6] - The D&O insurance market is expected to see further growth, with projections indicating that the overall penetration rate could exceed 30% in the near future [4][5]

Core Viewpoint - The newly revised Company Law in China has led to a significant increase in the number and coverage rate of Directors and Officers Liability Insurance (D&O insurance) among listed companies, with expectations for further growth by the end of the year [1][2]. Group 1: Increase in D&O Insurance Adoption - Nearly 300 listed companies have disclosed plans to purchase D&O insurance this year, with coverage expected to exceed 30% by year-end [1][2]. - The number of companies purchasing D&O insurance has surged due to heightened awareness of legal risks and increased accountability for executives [2][4]. - As of May 2025, the D&O insurance penetration rate among A-share listed companies has risen from less than 8% at the end of 2019 to 28.4% [3][6]. Group 2: Legal and Regulatory Influences - The revised Company Law, effective from July 1, 2024, explicitly encourages companies to purchase D&O insurance and mandates reporting to shareholders, providing a legal foundation for its adoption [3][4]. - Stricter regulatory requirements and a growing focus on corporate governance and ESG (Environmental, Social, and Governance) factors have contributed to the increased purchase of D&O insurance [4][5]. Group 3: Market Potential and Challenges - Despite the growth, the current D&O insurance coverage rate among A-share listed companies remains low, indicating substantial room for market penetration [5][6]. - Factors such as budget constraints, lack of risk awareness, and a tendency to underestimate potential risks hinder further adoption of D&O insurance among some companies [5][6]. - If the coverage rate reaches 85% by 2030, the total D&O insurance premiums could amount to 7.62 billion yuan from 2021 to 2030 [6]. Group 4: Claims and Coverage Limitations - D&O insurance typically covers claims arising from negligence or improper conduct by executives, but does not cover intentional illegal acts such as fraud [7]. - Understanding the policy terms and the specific risks covered is crucial for companies when purchasing and utilizing D&O insurance [7].

Group 1 - The core viewpoint is that the A-share market is expected to strengthen in the second half of the year due to improved external conditions, enhanced internal policies, and ample market liquidity, with a focus on AI as a key investment opportunity in the technology sector [1] - The health consumption sector is experiencing a significant policy boost, with over 48,000 pocket parks and 128,000 kilometers of greenways built by the end of 2024, indicating a growing emphasis on health and wellness [2] - The equity financing market in A-shares saw a total fundraising amount of 761.03 billion yuan in the first half of the year, a year-on-year increase of 401.72%, reflecting a transformation in the investment banking sector [3] Group 2 - The issuance of equity funds has rebounded significantly, with nearly 240 billion yuan in new equity fund issuance in the first half of the year, the highest since 2022, indicating increased investor confidence [4] - The Shenzhen Stock Exchange has clarified the standards for "light assets and high R&D investment" for refinancing on the Growth Enterprise Market, encouraging companies to enhance their R&D capabilities [5] - The number of sponsor representatives in the investment banking sector has decreased by over 300 in the first half of the year, indicating a trend of "capacity reduction" in the industry [6] Group 3 - A total of 43 new stocks were listed in the Hong Kong stock market in the first half of 2025, raising a total of 106.7 billion Hong Kong dollars, with a significant increase in both the number and scale of IPOs compared to the previous year [8] - The market for Directors and Officers Liability Insurance (D&O Insurance) has expanded significantly in the past year, evolving from a risk transfer tool to a governance tool for companies [9] - Among 28 A-share companies that released mid-year performance forecasts, 19 expect net profit growth, driven by factors such as international market expansion and improved gross margins [10]

Group 1 - The core viewpoint of the articles highlights the growth and evolving role of Directors and Officers Liability Insurance (D&O insurance) in China, particularly after the implementation of the new Company Law, which has significantly increased the market's scale and importance as a corporate governance tool [1][2][4][9] - The D&O insurance market in China is still in its early stages compared to mature markets, with a penetration rate significantly lower than 80% seen in developed countries, indicating challenges such as insufficient market awareness and incomplete information disclosure [1][2][7] - The number of listed companies purchasing D&O insurance has surged, with 1,397 companies reported to have procured it in 2024, marking a historical high and a 5 percentage point increase from 2023 [2][3] Group 2 - The increase in D&O insurance uptake is driven by three main factors: heightened risk awareness due to significant litigation cases, the need for companies to enhance their risk management mechanisms, and regulatory encouragement for independent directors to be insured [3][4] - A notable disparity exists in the D&O insurance purchase rates among companies with different disclosure ratings, with A-rated companies having a 42.8% insurance rate compared to the market average of 28.4%, and state-owned enterprises reaching 60.6% [5][6] - The D&O insurance serves multiple functions beyond risk transfer, including improving corporate governance, attracting talent, and enhancing investor confidence by signaling a commitment to risk management and compliance [4][5][6] Group 3 - Despite the growth, the D&O insurance market faces challenges such as low overall market size, price competition leading to insufficient rates, and a lack of transparency in information disclosure, which hinders market development [7][8] - Companies' reluctance to purchase D&O insurance is influenced by a sense of complacency regarding their operational stability, cost-cutting measures, and concentrated ownership structures that may not support the need for insurance [7][8] - The future outlook for the D&O insurance market is optimistic, with expectations of increased penetration rates as new securities and company laws are implemented, further integrating D&O insurance into corporate governance frameworks [9]

Core Viewpoint - The number of listed companies purchasing Directors and Officers (D&O) insurance is on the rise, driven by increased regulatory scrutiny, heightened awareness of risk management, and the need to protect the rights of company executives and investors [1][2][3]. Group 1: Growth in D&O Insurance Purchases - Over 280 listed companies have disclosed the purchase of D&O insurance this year, with premiums ranging from tens of thousands to millions of yuan, and compensation limits between 10 million and 200 million yuan [1]. - The number of companies purchasing D&O insurance has shown an overall increasing trend, with projections indicating a rise in market penetration in the future [1][2]. - The number of companies disclosing D&O insurance purchases increased from 184 in 2020 to an expected 475 by 2024, indicating a recovery in 2024 after a slight decline in 2023 [2]. Group 2: Reasons for Purchasing D&O Insurance - Companies cite the need to protect the legal rights of their directors, supervisors, and senior management as a primary reason for purchasing D&O insurance, which also enhances corporate governance [2][3]. - The implementation of new company laws and increased regulatory enforcement have contributed to the growing awareness of risk management among companies [3][4]. Group 3: Coverage and Limitations of D&O Insurance - D&O insurance generally covers legal liabilities arising from non-malicious misconduct by executives, including breaches of trust, negligence, and misleading statements [3]. - However, D&O insurance does not cover all actions of executives; it primarily applies to claims based on negligence and must meet specific criteria to qualify for compensation [3][4]. Group 4: Future Outlook for D&O Insurance Market - The penetration rate of D&O insurance among listed companies is currently low, but it is expected to rise due to stricter market regulations and ongoing judicial practices [3][4]. - Insurance companies are encouraged to enhance their pricing strategies, clarify claims standards, and optimize service models to promote the development of the D&O insurance market [4].

Core Viewpoint - The demand for Directors and Officers (D&O) insurance among listed companies in China's A-share market is rapidly increasing due to enhanced regulatory scrutiny and the implementation of new securities and company laws, which have heightened the responsibilities and liabilities of corporate governance [2][3][8]. Group 1: Regulatory Impact - The implementation of the new Company Law on July 1, 2024, sets specific standards for the duties of directors and encourages companies to purchase D&O insurance, requiring boards to report on insurance matters to shareholders [3][8]. - The new Securities Law introduces a "Chinese-style" collective litigation system, significantly increasing the litigation risks faced by listed companies and their directors [3][8]. - In 2024, the China Securities Regulatory Commission handled 739 cases of securities and futures violations, with 592 penalties issued, indicating a substantial increase in regulatory actions [3]. Group 2: Market Trends - The number of listed companies purchasing D&O insurance has grown from 184 in 2020 to 419 in 2024, with 258 companies announcing purchases since 2025 [2][3]. - The most common D&O insurance policy limits for A-share companies are RMB 50 million and RMB 100 million, with the lowest limit this year being RMB 8 million and the highest RMB 200 million [5]. - The overall rate for D&O insurance has decreased to between 0.3% and 0.4%, driven by economic slowdown and competitive market conditions [7]. Group 3: Case Studies and Examples - The case of Luckin Coffee, which purchased a D&O insurance policy worth $25 million before its U.S. listing, highlights the importance of such insurance, as it successfully claimed $7 million after a fraud scandal [4]. - Companies like Qibin Group have cited the rising legal risks for independent directors as a reason for purchasing D&O insurance to protect their governance roles and enhance risk management [4]. Group 4: Comparison with International Markets - Despite the growing interest in D&O insurance, the penetration rate in the A-share market remains low at 24%, compared to over 80% in Hong Kong and being a standard practice in Western markets [8].