Shanghai Bourse Releases First Batch of 2.0 Demonstration Cases; 10+ Firms Disclose Quantified Plans
The Shanghai Stock Exchange has unveiled the first batch of demonstration cases under its 'Quality, Efficiency, Returns' 2.0 initiative, with more than 10 Shanghai-listed companies, including CRRC, disclosing quantified plans. Key targets include Ningbo Port's 2026 cargo throughput of 1.25 billion tonnes and container throughput of 57.65 million TEU, Sepax Technologies' 25% revenue growth, and Ninghu Expressway's clean-energy capacity rising to 1.2GW by 2028. Haier Biomedical aims to lift overseas revenue share to over 50% from 36% in 2025. Companies also set dividend, buyback, and governance targets.
Since the Shanghai Stock Exchange issued its 'Quality, Efficiency, Returns' 2.0 special action initiative at the end of June, companies listed on the Shanghai market have responded actively. Recently, the first batch of demonstration cases under the initiative was unveiled, with more than 10 Shanghai-listed companies, including CRRC, Guiguan Electric Power, Ningbo Port, and Dongpeng Beverage, rolling out quantified and measurable plans covering core dimensions such as operational improvement, shareholder returns, and standardized governance, making their targets and plans further quantifiable.
Before formulating specific plans, the companies in the first demonstration batch conducted in-depth analyses of their business status, industry trends, internal operational shortcomings, and core competitive advantages, based on their own business layouts and industry tracks. Dongpeng Beverage, drawing on its product portfolio planning, outlined its core products, key growth engines, and future potential varieties for achieving operational performance growth, and analyzed changes in its revenue, net profit, and gross margin over the past three years along with the influencing factors. Jinshi Resources, starting from its operational strategy and business model of deep development along the industrial chain, provided a detailed breakdown of the operating conditions and financial data of each business segment. Guiguan Electric Power, through a segment-wise operating analysis, deconstructed the core pillars and growth curves driving its performance, and listed changes in key indicators such as power generation and electricity sales prices.
In terms of operational indicators, several companies set quantified targets for core metrics such as revenue, profitability, R&D, and output. Ningbo Port, anchoring its goal of building a world-class strong port, set its 2026 cargo throughput target at 1.25 billion tonnes and container throughput at 57.65 million TEU, representing steady increases from 2025 operating data. Sepax Technologies, focusing on biopharmaceutical chromatography media and columns, set a 2026 revenue growth target of 25% based on 2025, and plans to launch three new media products, including alkali-resistant rigid gel affinity media and high-loading, high-flow hydrophobic chromatography media, as well as multiple specifications of high-end analytical columns. Ninghu Expressway, while deepening its core road and bridge business, is accelerating its green transformation, aiming to raise its cumulative installed clean-energy capacity from 700MW at the end of 2025 to 1.2GW by the end of 2028. Haier Biomedical, using globalization as a growth engine, aims to increase its overseas revenue share from 36% in 2025 to over 50% within three years, and the contribution of M&A revenue from 30% to over 40%.
After analyzing why its gross margin is slightly lower than the industry average, Laobaixing proposed to focus on optimizing its business and product structure, aiming to increase its private-label sales share by 1 percentage point year-on-year in 2026.
On shareholder returns, raising dividend payout ratios, increasing dividend frequency, and implementing share buybacks and increases have become common choices for many Shanghai-listed companies. In the first demonstration batch, several companies set quantified targets for increasing the frequency and forms of investor communication, effectively enhancing investor relations management and information disclosure quality. In terms of ESG governance, multiple companies formulated specific goals and implementation paths based on their industry and operational characteristics. Jinshi Resources proactively disclosed carbon emission data and reduction measures, and, based on its 'mining-chemical integration' emission reduction practice in Baotou, proposed to advance the formation of a resource comprehensive utilization carbon reduction plan. Ningbo Port set a target to reduce carbon emission intensity of its major production units to 0.435 tonnes per RMB 10,000 of revenue in 2026.
On standardized operations, several Shanghai-listed companies introduced stricter standards and more concrete measures in information disclosure and corporate governance. Jinshi Resources proposed integrating the concept of 'on-site improvement' into corporate governance, promoting the process-oriented institutionalization, compiling internal work guidelines and operation manuals, quantifying training sessions, benchmarking against at least two well-governed companies annually, and building a learning-oriented board office. Ningbo Port specified that independent directors must spend no less than 15 days on-site in 2026, and proposed raising the ratio of assets of units included in internal control evaluation to total assets in the consolidated financial statements from 87.45% to no less than 88%. In response to information disclosure issues that some companies have previously encountered, certain companies are also making targeted efforts to strengthen disclosure quality control.
The first batch of demonstration cases, with quantified targets and pragmatic, feasible action lists, outlines the specific paths for Shanghai-listed companies in operational development, shareholder returns, and standardized governance.