--- title: "ST CHENMING Wind ESG rating is D (unable to express rating opinion)" type: "News" locale: "en" url: "https://longbridge.com/en/news/288850219.md" description: "On April 1, 2025, ST CHENMING's Wind ESG rating was downgraded from A to D. A D rating indicates a special risk designation, as it cannot express an opinion due to significant risks or abnormal information disclosure, resulting in unconventional judgments. Although the management system for environmental and social dimensions is relatively sound, the downgrade reflects current risk issues that need to be addressed, which can be restored and updated if properly resolved" datetime: "2026-06-05T10:55:43.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/288850219.md) - [en](https://longbridge.com/en/news/288850219.md) - [zh-HK](https://longbridge.com/zh-HK/news/288850219.md) generator: "portal-rs" --- # ST CHENMING Wind ESG rating is D (unable to express rating opinion) According to Tongbi Finance, on April 1, 2025, Shandong Chenming Paper Holdings Group Co., Ltd. (stock abbreviation: ST Chenming, code: 000488.SZ) received a Wind ESG rating of D (unable to express a rating opinion). The D rating is a special risk identifier in the Wind ESG rating system and does not belong to the conventional rating tiers of AAA to CCC. The previous rating was A. The D rating in the Wind ESG rating indicates a special risk identifier, meaning that due to significant risk issues or abnormal information disclosure, a rating opinion cannot currently be expressed. The D rating does not involve a regular qualitative judgment on the company's ESG performance and does not affect the normal update of the issuer's overall score; if the relevant issues are properly addressed and verified, the company can resume normal rating updates. ## Rating Observation In the environmental dimension, the company has demonstrated a relatively complete management system and performance data, particularly in forming a systematic layout from systems to actions on climate change issues. The company has established the "Carbon Emission Work Specification (Trial)," and through a mechanism of "board coordination—management leadership—department collaboration—grassroots implementation," has incorporated climate change responses into governance and operational management agendas. In the current year, the company used 8.14 million kWh of photovoltaic power, reducing carbon emissions by 4,368 tons, while enhancing low-carbon operational levels through the application of green electricity and biomass energy. Additionally, the company conducted a quantitative analysis of climate change risks and opportunities based on the scenarios from the IPCC's Sixth Assessment Report, assessing their potential impact on operations. In terms of wastewater management, the company's annual wastewater discharge reached 18.84 million tons, with a water reuse rate of 94%, and achieved compliant wastewater discharge through self-built sewage treatment plants and efficient treatment processes. In terms of air and water resource management, the company completed multiple facility upgrades to ensure compliance with discharge standards, but there is still room for improvement in target setting and disclosure of certification information. In the social dimension, the company has demonstrated strong systematic management capabilities in occupational health and safety production, as well as certain practices in supply chain management. The company has obtained ISO 45001 Occupational Health and Safety Management System certification, establishing a safety management system covering daily production operations and resumption of work, and has formulated multiple related systems. During the reporting period, the incidence of occupational diseases and work-related fatalities was 0, with an injury rate of 0.42% and a total of 3,952 workdays lost due to injuries. The company also conducted 485 safety emergency drills, with a total participation of 5,553 person-times, and identified and rectified 6,934 safety hazards, achieving a rectification completion rate of 100%. In supply chain management, the company has established a supplier admission and dynamic assessment mechanism, ensuring suppliers' sustainable development performance through indicators such as FSC certification. However, the disclosure of environmental protection and labor protection information in the supply chain still needs improvement, and practical information such as employee satisfaction surveys and performance feedback mechanisms in employment issues has not been disclosed. In the governance dimension, the company has demonstrated certain governance capabilities in board independence and anti-corruption management, but there is still room for improvement in gender diversity and executive structure The proportion of independent directors on the company's board of directors is 36.36%, with both the proportion of independent directors serving more than 6 years and those serving more than 9 years being 0%, indicating a certain level of independence and a rotation mechanism. The attendance rate of board members reaches 100%, with no members having an attendance rate below 75%. The company has established a risk management committee responsible for identifying, assessing, and mitigating relevant risks, and works closely with other business departments. In terms of anti-corruption management, the company has formulated the "Ten Prohibitions" for management personnel and the "Complaint and Reporting Management Measures," providing multiple reporting channels and rewarding real-name reports. However, the arrangement of the CEO also serving as the chairman may pose certain challenges to the independence of the board, and the proportion of female executives is only 10%, indicating room for improvement in gender diversity. The disclosures related to antitrust and fair competition are relatively limited, and the comprehensiveness of the governance structure still needs to be strengthened. 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