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    有机云私域运营蓝皮书1.0 版本获客留存转化复盘企业微信服务商有机云私域运营蓝皮书前言作为最早的一批企业微信服务商,在服务了大量客户之后,我们了解到,很多客户,尤其是刚开始尝试做私域的企业,对于私域,甚至企微的认识都非常有限,以至于在后续的运营当中举步维艰,难以实现私域对企业所能带来的价值。组建了团队,购买了工具,付出了很多,最后的结果却不尽人意,作为服务商,我们对此也深感惋惜。为了让广大客户可以对私域有一个深入的了解,掌握一些私域运营方法论,进而更科学地看待和运营私域,我们有机云内容团队决定编写这份有机云私域运营蓝皮书,希望能对大家的私域运营起到抛砖引玉的作用。有机云内容团队2022年7月12日更多内容更多内容 欢迎关注欢迎关注公众号视频号01有机云私域运营蓝皮书为什么越多越多品牌做私域?推力推力也就是说是什么促使,甚至说“逼迫”品牌去做私域流量?是公域流量的成本攀升。随着我国互联网用户数量增长渐缓,互联网正式进入存量时代,各平台对用户的争夺进入了白热化阶段,导致商家从中心化平台获取流量的成本越来越高。再者买来的流量还有一个很致命的缺点,就是复用率太低了,只做一锤子买卖,流量的“性价比”低,且不利于客户培育。总得来说就是贵,还不好。拉力拉力拉力,指的是私域流量有什么特质吸引品牌?1、整体成本低,私域流量理论上可以无限复用,长期来看,成本较低。2、玩法丰富,与公域流量相比,私域流量基于微信生态运营,品牌可以通过视频号、小程序、图文等多种形式的内容与用户进行沟通,利于用户黏性形成。3、自主性强,品牌可以根据自己的需求来制定运营节奏,不再受限于平台规则。4、数据自有,私域的一切用户信息、运营数据都掌握在品牌手中,可以随时调用分析,对于品牌后续营销策略的制定具有重要参考意义。总的来说就是便宜,好处还多。综合拉力和推力分析,我们就可以理解为什么越来越多的企业开始做私域了。我们可以分推力和拉力来看。1000万真实企业与组织数5亿企业微信服务的微信活跃用户数1.8亿活跃用户数20212021年企业微信运营数据年企业微信运营数据02有机云私域运营蓝皮书目录1.前期准备1.1 注册企微1.2 团队搭建1.3 养号技巧1.4 顶层架构设计2.如何获客2.1 获客渠道梳理2.2 获客策略制定2.3 获客工具选择3.留存/促活3.1 你的私域IP定位3.2 触点管理3.3 触点内容运营3.4 精细化运营3.5 超级用户筛选4.转化/复购4.1 转化的底层逻辑4.2 分销玩法5.项目复盘5.1 私域的关键指标040506070910111214151618192022231.前期准备企业微信服务商有机云私域运营蓝皮书第一步:注册第一步:注册官网注册,官网地址https:/注册企微更多企微基础知识更多企微基础知识欢迎扫码查看欢迎扫码查看05有机云私域运营蓝皮书1.2 团队搭建项目负责人项目负责人主要负责调度公司内部资源,支持私域项目的发展,并不一定直接参与运营。操盘手操盘手设计私域的顶层逻辑及运营规划,并对引流、留存、转化流程的设计及落地负责。私域运营需要什么样的人才?各自负责什么工作?内容人员内容人员日常内容生产及品牌IP打造,需要对该领域有不错的认识,否则很难生产出好内容。运维人员运维人员负责平日客户触达及维护,如客户咨询、客诉、售后等。06有机云私域运营蓝皮书1.3 企微养号技巧提升权重可以让账号更加安全,可以让容量更大,可以更少限制的拿到运营特权,甚至获得官方认可,并优先拿到实验接口。企业微信权重是什么意思企业微信权重是什么意思?企业微信的很多规则并不对外公开,但是经过长时间的摸索,现在普遍认为企业微信的规则是积分制的,通过多个方面进行总分的加减,如果分值比较低,就很容易被关注,我们就把这个积分等同于权重。那么权重有什么用呢?对我们使用企业微信有什么影响呢?第一个,影响企业微信账号受限概率。很多人都会遇到频繁加人导致企业微信被禁用加好友功能的情况,这个其实就与权重有关。新注册的账号加人时很容易就会达到上限被限制,而老账号则会宽容很多,使用老账号进行引流时,被限制的可能性也越小。第二个,影响企业微信受限时间。企业微信被禁止使用后,不同账号的解封时间也不一样,权重高的老账号被禁止使用的时间越短,解封越快。从这里可以看出来,权重对于需要进行企业微信营销的企业来说,还是十分重要的,那么企业微信权重该如何提升呢?企微如何养号?企微如何养号?用高权重的个人微信号注册企微号,保证个人号是无风险的账号。实名认证:企业主体实名认证,企业微信号实名认证。登录企微后台进行企业认证:https:/私域老鸟08有机云私域运营蓝皮书1.4 顶层架构设计私域的顶层架构设计是私域项目能否成功的关键。获客获客阶段,我们要梳理清楚,客户在哪些渠道?怎么从这些渠道把客户引流到企微中?留存留存/促活阶段,如何让客户尽可能留在你的私域中,并保持活跃?VIP筛选私域也符合28定律,即20%的VIP用户贡献了80%的GMV,如何定义你的VIP,通过什么方式培育、筛选VIP?转化/复购通过什么工具、手段转化,如何提高转化?分销怎么做?无从下手?扫码免费咨询 私域老鸟092.如何获客?企业微信服务商有机云私域运营蓝皮书2.1 获客渠道梳理公众号公众号相信不少品牌都有在运营自己的公众号,也已经沉淀了不少粉丝。官网官网官网可以有效承接搜索引擎的自然流量以及搜索推广流量。其他内容平台其他内容平台视频号、抖音、小红书、知乎等都可以作为私域流量的获客渠道。广告投放广告投放百度、搜狐以及各大流量平台都支持广告投放,简单粗暴,见效快。梳理企业已有的以及将来可以挖掘的获客渠道。线上渠道门店门店很多品牌,尤其零售商家,有大量的线下门店,每日的客流可以汇聚到企微。地推地推如果没有线下门店,也可以通过地推的方式,将线下的人流导入私域中。展会等线下活动展会等线下活动参加线下展会活动是很多企业,尤其是B2B企业重要的获客手段。硬广硬广传统的广告手法,投放在显眼处,将途径人流导入私域。线下渠道10有机云私域运营蓝皮书2.2 获客策略制定从选择渠道到最终成功导流有哪几步?选择渠道选择渠道渠道是否适合?做引流,首先要选择渠道,公域平台有很多,但你要的精准用户是否在这个平台?如果平台的用户不太匹配,盲目铺渠道只会事倍功半。熟悉渠道规则熟悉渠道规则这个平台是否允许跨平台引流?允许的话,尺度多大?能留二维码?还是能留链接?还是只能私信引导?这些在引流前都要了解清楚,在不同平台做不同的引流设置。引流钩子设计引流钩子设计引流钩子是引流的核心,客户为什么要添加你的企业微信?有什么福利?是现金红包?还是免费新品,抑或是学习资料?一般来说,价值越高的钩子,引流效果越好,但也不是说越高越好。首先成本太高,预算肯定顶不住,其次,引流钩子价值太高、太泛,会吸引来大量不精准的“泛流量”,俗称羊毛党。文案及视觉设计文案及视觉设计一般很多引流手段的展现形式都是文案 海报,所以文案的撰写及海报的设计也很重要。文案要直接了当,点出主题,减少不必要的文字,减少用户的干扰。至于视觉设计就交给专业的设计师吧。瑞幸咖啡瑞幸咖啡公众号到企微及企微群的引流海报11有机云私域运营蓝皮书2.3 获客工具选择工具选择对引流效果也起到很关键的作用活码活码,应用于被动获客渠道应用于被动获客渠道即客户通过扫码添加品牌的企业微信,主要应用在官网、公众号、线下门店、包裹卡等渠道获取客户。永不过期永不过期无使用时长限制,生成后永不过期。自动打标签自动打标签拓客后自动打上客户标签。自动分流自动分流拓客后随机分配给该码选定的员工之一。个性欢迎语个性欢迎语不同渠道,可设置不同的欢迎语。灵活上下线灵活上下线可设置活码上下线时间。群活码群活码支持群活码,当群1满员后自动引流到群2。活码?群二维码1群二维码N当群1满200人后自动引流到群2,以此类推?联系码1联系码N随机分配给选定的的企微账号公众号渠道网站渠道其他任意渠道?群聊私聊12有机云私域运营蓝皮书手机号自动拓客手机号自动拓客-应用于主动拓客应用于主动拓客品牌在长期的经营中,积累了很多客户的手机号信息,我们可以通过搜索客户的手机号从而向用户发起好友申请,最终完成客户的导入。当有大量的客户需要通过手机号导入时,靠人工操作完成基本不可能落地,所以我们要借助自动化工具,像手机号自动拓客功能,就可以帮助品牌0人力成本,快速将存量客户导入企微。?零人力成本批量加微信?数字化员工自动添加客户微信,零人力成本即可快速批量添加客户微信。?拓客通过?上传客户手机数据,进行自动拓客。接口拓客通过?接口对接?,进 行自动拓客。订单拓客与电商平台对接,根据订单数据,进行自动拓客。自动拓客丨手机号拓客(65)引流宝引流宝-广告获客广告获客相信不少品牌都有同通过投广获客的习惯,引流宝就是专门针对私域投广获客的效果优化过工具,主要功能如下广告落地页直接加微客户在广告页面点击加微按钮即可跳转到微信加微,无需保存二维码图片,有效减少客户流失。广告平台与微信打通多渠道线索沉淀到私域,拓客,运营一站式高效管理。获客越来越精准,成本越来越低支持oCPC智能投放,根据拓客画像及质量自动优化投放策略,拓客成本更低,更精准。133.留存/促活企业微信服务商有机云私域运营蓝皮书3.1 你的私域IP定位你对客户来说是什么你对客户来说是什么?你能提供什么给客户你能提供什么给客户?为什么是你为什么是你?为什么私域为什么私域IPIP要定位要定位?我们为什么要为自己定位?因为通过定位可以为品牌快速在客户记忆中,也就是心智中占据位置。打个比方,你新加了一个微信好友,一开始你只知道对方名字,并不了解对方,但慢慢地通过对方朋友圈或者你们共同的社群看到他发的一些“内容”,你对他的了解会越来越多。比如他经常发健身的朋友圈,当你某一天想要了解健身知识的时候,你就会一下子通过健身的这个标签来想起这个朋友。而健身标签就是你这位朋友的定位的其中一个组成部分。如何确立定位如何确立定位?1、在自我介绍中直接点出在客户添加微信后,往往会触发自动的欢迎语,在欢迎语中,企业的私域IP即可做一个简单明了的自我介绍,可以包含我是谁,我会给你带来什么?以及一些共同愿景之类的话术。2、朋友圈、社群不断“明示”在发送的朋友圈、社群内容里,可以不断穿插有利于确立定位的内容。比如美妆IP,可以发IP本人的日常妆容、美妆教学以及一些产品的测评等等,通过这些看似内容,向客户传递价值的同时,不断加深品牌在客户心中的定位。我是谁?我是你的好朋友我会给你什么?每周的优惠券14有机云私域运营蓝皮书3.2 触点梳理朋友圈朋友圈通过高价值内容及个性价值观的输出,塑造私域人设IP。公众号公众号微信生态官网直播间直播间沟通效率高,品牌塑造IP的加速器社群社群/私聊私聊触达客户、培育客户、提供客户服务,且是重要的转化渠道。视频号视频号处于红利期,流量大,可以丰富内容形式小程序小程序成交转化抓手触点是指在微信生态内触点是指在微信生态内,用于触达客户的工具或手段用于触达客户的工具或手段。15公众号小程序直播视频号群聊1V1触达朋友圈有机云私域运营蓝皮书3.3 触点内容运营朋友圈朋友圈相信大家都看到很多微商或者企业的朋友圈,都是这样的,遇到这种情况,相信大家和我一样,都会马上屏蔽。那么作为企业,我们应该怎么发朋友圈才能既有营销效果,又不引起用户反感呢?首先我们要搞清楚用户希望在朋友圈看到什么。1、有趣的内容有趣的内容,是没有人会拒绝的,哪怕只是让客户笑一笑,客户也会对你的内容有好感。2、有用的内容有用的内容,对客户来说也是有价值的,比如你的客户是健身人群,你就可以发一些健身相关的干货、知识,注意一定要走心,把控好内容质量,不能发一些大家都知道的“假干货”。3、实在的福利实实在在的福利,比如商品优惠券、限时秒杀,只要发送的频率适中,也不会引起用户反感。最后要和大家分享一个理念,朋友圈和私域一样,都是长期的投资,客户需要培育,不能一上来就想要转化。在对的时间在对的时间,给对的人给对的人,发对的内容发对的内容。16有机云私域运营蓝皮书社群社群社群是绝大多数品牌在运营私域时都会重点打造的场景。通过观察,我们发现80-300人的社群人数,尤其是200左右的社群规模是最适宜的。社群建立之后,每天应该发些什么是客户问我们最多的问题,其实只要根据品牌自己的情况,做个周计划,已经可以比90%的社群做得好了。比如做美妆,可以通过社群分享一些美妆、护肤的干货,秒杀活动,幸运抽奖等等,客户觉得留在这有利可图,自然不会轻易离开。打个比方,以奶茶、咖啡群,一周为例:以上只是一个十分粗糙的版本,希望告诉大家,社群一定有有个合理的计划,客户不找不行,找多了也不行,如何掌握中间的度,要看产品类型,客户类型,具体情况具体分析。公众号公众号、视频号视频号、直播等直播等公众号在私域中更多的是变成了一个微信官网,粉丝可以在这个地方查看企业内容,也可以通过菜单栏获得更多企业的服务。而更多的时候,公众号还承载着以图文的形式向社群、私聊等客户触点提供内容支持。视频号和直播同样可以为私域触点提供内容支持,但与公众号不同的是,视频号打通了微信的公域流量。也就是说视频号的短视频及直播可以为品牌私域导流,有能力的企业应该利用好这个微信生态内即可引流的工具。视频号首页及直播间均支持直接添加企业微信17有机云私域运营蓝皮书3.4 精细化运营精细化运营也就是客户分层精细化运营也就是客户分层,对留存率和转化率的提高至关重要对留存率和转化率的提高至关重要。标签分层标签分层即对客户进行标签化处理,常见客户标签有渠道来源、客户等级、职业,有些企业甚至会有客户年收入这一类的标签。社群分层社群分层社群也是一个将精细化运营的手段,常见的教培企业使用得最多,比如不同科目,不同年纪的学员都会单独拉群运营。某美妆品牌标签库通过通过好友验证好友验证,自动拉群自动拉群客户通过好友验证后,立即发送群邀请给客户。关键词进关键词进群群客户输入指定关键词,自动发送对应群聊链接。批量拉人进批量拉人进群群批量发送进群邀请给客户。由于需要建立大量社群,自动化拉群功能受到品牌热衷。18有机云私域运营蓝皮书3.5 超级用户筛选2020%的超级用户贡献的超级用户贡献8080&的私域的私域GMVGMV。二八定律在私域二八定律在私域私域符合二八定律,也就是说占私域用户数20%的超级用户贡献了80%的私域GMV。如何筛选出超级用户如何筛选出超级用户?超级用户如此重要,我们应该如何筛选出超级用户?或者按照什么标准去将用户分层?这里引用一个常用的标签体系-RFM标签体系。RFM模型是衡量客户价值和客户创造利益能力的重要工具和手段,也是很CRM系统都会常常使用的一个标签体系。R:Recency,即最近一次消费F:Frequency,即消费频率M:Monetary,即消费金额我们再把三个维度分成2个等级就会得出8种客户类型:如图,显然我们的超级用户是A类客户,最近有消费,且频率和客单价都很高,是我们需要重点服务的客户。而且等级的客户,我们也应该拿出对应的运营策略,目的是一步步地将其从F层级培育到A层级。举个例子,F层级的客户,最近几乎没有消费过,且历史消费也不多,原因可能是产品不适合或者是对品牌没有信任,抑或是价格不合适?根据这些推断我们就可以制定专属策略了,比如多推送不同的产品组合,多推送品牌背书内容,多做打折活动等等,如果这些措施都不奏效,可能对方并不是你的目标用户,可以适时选择放弃。类型RFMA近高高B近高低C近低高D近低低E久高高F久高低G久低高F久低低194.转化/复购企业微信服务商有机云私域运营蓝皮书4.1 转化的底层逻辑需求需求、产品产品、价格价格、信任信任有需求才有购买动机有需求才有购买动机需求是客户购买行为发生的起点,所以我们要尽可能地利用私域的几个触点激活客户的需求以及及时地发现客户的需求。激活需求朋友圈、社群发布一系列种草内容,激活需求,让客户拔草。洞察需求有机云SCRM支持内容阅览行为监测,以此洞察用户的隐藏需求,后续即可制定有针对性的转化策略。20有机云私域运营蓝皮书产品是否适合客户产品是否适合客户?在上一节中,我们知道需求是客户购买行为的起点,当我们掌握了客户的需求,再给客户推荐适合产品就会事半功倍。那么如何将合适的产品推给合适的客户?标签功能很重要。通过多个标签将客户的需求明确,在推送产品时有针对性地推送,做精准推销。价格能被接受吗价格能被接受吗?价格也是影响消费者购买决策的重要因素,我们需要通过多种多样的营销玩法去降低客户对价格的敏感度。有机云的小程序商城支持多种的营销活动你被信任吗你被信任吗?有需求、产品合适、价格也能接受,客户就会购买吗?答案是否定的,客户需要对品牌有足够的信任才会下定决心,尤其是客单价较高的产品,更是如此。所以在平常的运营中一定要加入增加品牌信任度的内容,如明星代言、获奖资讯、专业度展示、客户证言等。21有机云私域运营蓝皮书4.2 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    !#$%&()*# ,-.%/0123 !#$%#&($)* !#$%,-./0/1 2/3 前 言 !#$%&会议业作为高端服务业态,是链接世界的重要桥梁和城市经济发展的重要引擎,被誉为“触摸世界的窗口”和“产业发展的加速器”,可以形成跨产业、跨区域的信息流、资金流、物流和人流,对加快构建新发展格局、推进新一轮高水平对外开放、提升区域经贸关系、搭建供需合作平台、促进地区经济增长、优化产业结构、促进就业等具有支撑作用。近年来,随着我积极参与全球治理体系改革和建设,推动构建人类命运共同体,会议活动作为主场外交和多双边外交的平台功能更加彰显,会议活动的政治、外交、经济等综合效益更加显著,有效提升了我国际影响力。当前,国内外会议业发展呈现出新的业态和趋势,我国会议业立足新发展阶段、贯彻新发展理念、构建新发展格局,活动数量显著增加、质量不断提升,有力地配合了国家外交外经贸战略的实施,提高了论坛会议举办地的知名度,促进了区域振兴,在市场经济转型、旅游产品升级和行业经济结构调整中发挥着积极的引导作用。会议是重要的贸易促进手段和工作平台,也是贸促会的主要核心业务之一,多年来贸促会集系统内外力量在境内外打造若干个具有平台作用、溢出效应和国际影响力的品牌会议,为国家的对外开放和外经贸事业发展做出了积极贡献。但在新时期,特别是服务高质量发展方面,会议工作尚存在诸多问题。进一步加强对新形势下会议业发展趋势的研究,对贸促会办好论坛会议、提升贸易投资促进实效具有重要意义。为全力配合国家外经贸战略,进一步提升贸促会论坛会议质量和效益,充分发挥会议活动对构建开放型经济新体制的推动作用和对建设现代化经济体系的促进作用;为有效整合系统办会资源,使会议计划与项目更加充分反映和满足各地区、各部门、各行业需求,进一步提升贸促会办会的质量和效益,构建多元化、宽领域、高层次的办会新格局,积极培育并做大做强具有贸促特色和国际竞争力的品牌会议项目,为国家经济提质增效服务,中国贸促会贸易投资促进部委托研究院开展了新形势下会议业发展趋势及对贸促会借鉴研究工作。(#$)*报告通过采用走访调研、专家研讨、文献分析等方式,研究分析新形势下会议业发展的环境和趋势,提出提升贸促会会议发展的对策建议。(一)走访调研。(一)走访调研。调研访谈贸促会各直属单位,进博会、服贸会、广交会、消博会等峰会论坛的组织机构,国际大会及会议协会(ICCA)、国际展览与项目协会(IAEE)、德国展览业协会(AUMA)和新加坡会议展览协会(SACEOS)等协会组织,总结新形势下会议业发展趋势,提出提升贸促会主办论坛会议的意见建议。(二)专家指导。(二)专家指导。邀请国务院发展研究中心、中国社科院、对外经贸大学、商务部研究院、中国会展经济研究会及贸促会专家委员会等政府、研究机构、相关商协会、企业的专家学者参与课题框架设计,担任课题顾问,参与课题讨论和课题评审等方式,吸收其学术思想与 政策研究精华,提升课题研究水平和政策建议实施效果。(三)文献分析。(三)文献分析。通过国家图书馆、知网和万方两大互联网文献库,以及国际大会及会议协会(ICCA)、国际展览与项目协会(IAEE)、德国展览业协会(AUMA)和新加坡会议展览协会(SACEOS)等权威专业机构,广泛收集国内外论坛会议相关信息资料及研究报告,进行深入分析研究。目 录 、新形势下会议业发展环境分析.1(一)会议业成为拉动中国经济发展重要引擎.1(二)中国会议业正处于发展转型的关键时期.2(三)中国具备会议发展有力条件和良好环境.2(四)贸促会积极搭建中外经贸往来会议平台.4、2022 年贸促会会议统计情况.5(一)会议主题以贸易投资促进为主.5(二)会议开展方式以线下举办为主.6(三)总会与商会办会数量基本持平.7(四)办会主体以单独参与主办为主.8(五)双边部和促进部牵头会议较多.9 三、新形势下会议业发展趋势分析.10(一)专业化成为会议业发展的新主流.11(二)品牌化成为会议业发展的新焦点.12(三)绿色化成为会议业发展的新方向.14(四)数字化成为会议业发展的新业态.15(五)国际化成为会议业发展的新渠道.17(六)融合化成为会议业发展的新模式.20 四、新形势下会议业发展问题不.22(一)统筹安排方面,缺乏行业协调和服务管理机构.22(二)品牌发展方面,缺乏专业性分工和专业化品牌.24 (三)市场培育方面,缺乏市场化政策和主导性企业.25(四)国际竞争方面,缺乏国际化标准和国际竞争力.28(五)人才队伍方面,缺乏专业性队伍和职业化水准.30 五、新形势下提升贸促会论坛会议的建议.31(一)总揽全局,打造贸促会贸易投资促进会议新品牌.32(二)凝心聚力,培育贸促会商事法律服务会议新态势.36(三)胸怀世界,构建贸促会全球经济治理会议新格局.37(四)开拓创新,构建贸促会应用经贸智库会议新模式.40 -1-! ,-./01234567(一)会议业成为拉动中国经济发展重要引擎(一)会议业成为拉动中国经济发展重要引擎习近平总书记对 2018 年上合组织青岛峰会成功举办作出重要指示:“希望认真总结办好一次会,搞活一座城的有益经验,推广好的做法,弘扬好的作风,放大办会效应。”党的十八大以来,我国经贸大国地位进一步得到巩固和加强,已发展成为世界第二大经济体、第一大工业国和第一大货物贸易国家,对世界经济增长的平均贡献率达 38.6%,超过 G7国家贡献率的总和,成为世界经济增长的第一动力。我国会议业与国家战略布局和经贸事业发展同向同行,锐意改革、守正创新,为推动国家经济建设、构建新发展格局、引领产业转型升级、促进科技创新、加强中外交流、促进制造业高质量发展等作出了突出贡献。十年间,我国会议业已经具备了较大的规模和相当的实力,无论是从活动数量和规模,还是从会议场馆、会议品牌和会议人才来看,中国都正在从会议大国向会议强国大步迈进,这不仅对引导有关产业发展,优化资源配置,建设现代化产业体系发挥了重要作用,而且有力地配合了中国企业“走出去”,推动了中国企业深度融入全球产业链供应链体系,取得了良好的经济效益和社会效益,不仅为全球搭建了交流平台,也为各国共享中国市场机遇、世界经济复苏和增长提供了新机遇。-2-(二)中(二)中国会议业正处于发展转型国会议业正处于发展转型的关键的关键时期时期十八大以来,我国会议业发展很快,成绩显著,会议组织者正走向专业化,会议策划与组织的效果越来越好;会议中心与会议酒店硬件设施快速改善,服务水平也进一步提高;作为第三方的专业会议公司更是有了突飞猛进的发展,行业影响力不断提升。近年来,我国会议业蓬勃发展。自 2010年以来,已连续多年成为在亚洲举办国际会议最多的国家,其全球排名不断上升。2019 年全球排名第七,基础扎实,优势明显,潜力巨大。据研究,中国会议活动市场总量惊人,约 7100 亿人民币,其中机票占 26%,场馆住宿占 20%,餐饮占 15%,会议服务占 32%。“会议服务”总量在整个会议市场各品类中占比最大,会议服务公司处于产业链的火车头和资源整合的枢纽地位。随着近些年中国经贸的发展,已经形成环渤海、长三角、珠三角、大湾区、中西部经济走廊五大经济圈。区域发展方式与产业特点也呈现出新的特点与差异。这五个地区在会议软件与硬件方面相对其他地区具有明显的优质资源。因此也成为各类商务交流与国际会议的集中举办地。因此,从国家层面来看,这五大地区为中国会议业的发展带来广袤沃土。(三)中国(三)中国具备具备会议发展有力会议发展有力条件和良好环境条件和良好环境会议业是现代产业体系的重要组成部分,在构建更高水平开放型经济新体制中发挥着重要的平台作用。目前,中国-3-会议业具备相当有利的条件和良好的环境。首先,中国首先,中国会议业会议业已经具备了较大的规模和相当的实力。已经具备了较大的规模和相当的实力。无论是从基础设施、从业人员队伍,还是从会议活动数量和规模来看,中国都正在步入会议大国的行列。社会各界越来越重视会议业的作用,很多地方特别是大城市把会议业列为重点发展的行业之一。会议活动的供求双方正在逐步成熟,会议市场规则逐步完善,并在国际竞争与合作的实践中经受考验,积累经验。其次,中国全方位、多层次、宽领域的对外开放将进一其次,中国全方位、多层次、宽领域的对外开放将进一步推动中国步推动中国会议业会议业全面参与国际竞争。全面参与国际竞争。近年来,中国加快建设贸易强国,成为 140 多个国家和地区的主要贸易伙伴,形成更大范围、更宽领域、更深层次对外开放格局,根据世界开放报告 2022,尽管世界开放指数出现下滑,但中国开放指数逆势上扬,成为推动经济全球化的重要力量。中国已连续 13 年稳居全球第二大进口国,是 60 个国家和地区的主要出口市场。国内外会议市场越来越融合成为一个整体,资金、技术和专业管理人员流动相当便利。再次,中国国民经济和对外贸易始终保持较高的增长速再次,中国国民经济和对外贸易始终保持较高的增长速度。度。中国企业积极地“请进来”和“走出去”,与国际经贸界开展多方面的合作。受国民经济和对外经贸关系发展的有力拉动,中国会议业继续强劲增长。最后最后,国内经济平稳增长的预期,将为国内经济平稳增长的预期,将为会议会议带来良好的带来良好的-4-发展动能。发展动能。调查显示,影响全球会议业的关键因素中,国内经济排第一,其次是行业竞争、全球经济、业内挑战、数字化影响等。中国经济的平稳增长将继续刺激会议业不断向好发展,为其提供发展动因和良好的生态环境。(四)贸促会(四)贸促会积极积极搭建中外经贸往来搭建中外经贸往来会议平台会议平台举办各类论坛是贸促会服务企业,促进国际经贸交流和合作的重要手段之一。党的十八大以来,中国工商界逐步实现从国际规则制定的跟随者到参与者、贡献者的转变,在推动全球经济治理体系改革和世界经济复苏中发挥了不可替代的作用。作为中国工商界的代表,中国贸促会通过举办各类经贸会议,在拉紧中外企业利益纽带、推动国际经贸往来、促进国家关系发展进程中扮演着越来越重要的角色。多双边工商合作机制是贸促工作的重要抓手和有效资源,是中国贸促会、中国国际商会体现功能、开展服务、深化对外合作的重要载体,是政府间合作机制的有效补充,也是我国外交和对外经贸工作中的重要一环。党的十八大以来,中国贸促会先后筹办中外领导人出席的重大活动近 300 场,搭建政策主张宣示平台,促进中外企业务实合作,实现政治效果、经济效果、外交效果的有机统一。习近平总书记出席亚太经合组织工商领导人峰会、二十国集团工商峰会、金砖国家工商论坛、中非企业家大会等重大活动并发表重要讲话,彰显鲜明中国特色、中国风格、中国气派。从亚太经合组织-5-领导人北京非正式会议到二十国集团领导人杭州峰会,从“一带一路”国际合作高峰论坛到中国国际进口博览会,多边舞台上掀起一阵又一阵“中国风”,越来越多的中国倡议成为国际共识、汇聚成国际行动。同时,中国贸促会积极打造国家领导人与欧美日工商界对话平台,在中日韩、中国东盟、中阿、中拉论坛等机制下举办会议论坛,有力增进与相关国家经贸合作。一系列多边工商活动已成为我国宣介中国全球经济治理改革主张、推进完善全球经济治理体系的重要平台。此外,中国贸促会在推动共建“一带一路”高质量发展进程中取得积极成效:与相关国家对口机构建立 300 多个多双边工商合作机制,举办各类活动 3000 多场;参与筹办两届“一带一路”国际合作高峰论坛,“一带一路”企业家大会促成中外企业签署 125 项协议,合同总金额达 644.78 亿美元。(2022 89:/0;(一)(一)会议会议主题主题以贸易投资促进为主以贸易投资促进为主2022 年,贸促会和国际商会主办、承办会议 106 场。其中,以贸易投资促进为主题的会议有 64 场,占总数的 60%;其次是以商事法律服务为主题的会议,共计 20 场,占 19%;以参与全球治理为主题的会议共有 13 场,占 12%;打造应-6-12%9%!#$%&()!参与全球经济治理打造应用型经贸智库贸易投资促进商事法律服务用型经贸智库会议 9 场,占 9%。(二)(二)会议会议开展开展方式以线下方式以线下举办举办为主为主尽管受新冠肺炎疫情影响,仍有 69 场会议以线下形式举办,占总数的 65%;线上线下结合会议共举办 20 场,占19%。17 场会议仅线上举办,占 16%。1396420010203040506070参与全球经济治理打造应用型经贸智库贸易投资促进商事法律服务!*#$%& ,!-7-(三)(三)总会总会与商会与商会办会数量办会数量基本基本持平持平从会议主办/支持单位来看,中国贸促会主办/支持会议53 场,占总数的 50%;中国国际商会主办/支持会议 47 场,占 44%;中国贸促会和中国国际商会共同举办/支持 6 场,占6%。17206901020304050607080线上线上线下结合线下!-#$%./01 ,!16e%!2#$%./01()!线上线上线下结合线下475360102030405060中国国际商会中国贸促会贸促会和国际商会!3#$%4/56789:; ,!-8-(四)(四)办会主体办会主体以单独以单独参与参与主办为主主办为主从会议主办/支持单位看,以中国贸促会和中国国际商会单独主办为主。其中,中国国际商会单独主办 39 场,占总数的 37%;中国贸促会单独主办 31 场,占 29%;中国贸促会和地方政府联合主办 18 场,占 17%;中国贸促会和部委联合主办 7 场,占 6%;其他类别 5 场,占约 5%;中国贸促会、国家部委和地方政府联合主办 4 场,占约 4%;中国国际商会和地方政府联合主办 2 场,占 2%。44P%6%!#$%4/567:;&()!中国国际商会单独主办中国国际商会和地方政府联合主办中国贸促会单独主办中国贸促会和部委、地方政府联合主办中国贸促会和部委联合主办中国贸促会和地方政府联合主办其他-10-? ,-./0123-67 中国会议业成长性强,发展前景广阔,在新形势、新阶段大有可为。当前,中国会议业正从高速增长进入高质量发展轨道,高质量发展将成为当前乃至今后一段时期的主旋律,专业化、品牌化、绿色化、数字化和国际化等将引领会议业4024158632221118051015202530354045双边合作部促进部法律部联络部会展部商法中心多边合作部国际商会中国国家委员会秘书局会员发展部办公室国际商会事务部综合业务部其他单位!?#$%A:; ,!35!%7%5%3%2%2%2%1%!*B#$D()!双边合作部促进部法律部联络部会展部商法中心多边合作部国际商会中国国家委员会秘书局会员发展部办公室国际商会事务部综合业务部其他单位-11-发展趋势,主要体现在:(一)(一)专业化成为专业化成为会议业会议业发展的发展的新新主流主流会议专业化发展,就是针对某一行业甚至某一项产品的会议,突出特征之一是常常同时举办讨论会、报告会,用以介绍新产品、新技术,会议主题、会议类型和市场定位更加明确。在国际上,专业性的会议已成为会议业发展的主流,代表着会议经济的发展趋势。与一般的会议相比,专业性会议的针对性更强、观众质量更高、参会效果更好、市场功能更强,更能反映行业整体状况。专业会议既反映了相关行业的发展态势,也给主办方带来了稳定的客源、较高的利润和附加值。未来会议专业化发展主要体现在五个方面:一是会议内容更加注重精耕细作。一是会议内容更加注重精耕细作。大型会议将由会议对象的横向分割向产业链上下游的纵向细分发展,国际大型会议的新增专题会议或同期举办的会议增多,会议种类和用途越来越专业。二是会议主题更加聚焦新兴产业。二是会议主题更加聚焦新兴产业。党的二十大报告提出,推动战略性新兴产业融合集群发展;十四五规划在“打造新兴产业链”“扩大战略性新兴产业投资”等方面作出了安排和部署,这为今后办会主题指明了路径。未来中国会议业将聚焦新一代信息技术、人工智能、生物技术、新能源、新材料、高端装备、绿色环保等新兴产业领域,发展具有全球影响力的专业性会议。-12-三是三是会议方向更加注重会议方向更加注重新消费。新消费。党的二十大报告提出,着力扩大内需,增强消费对经济发展的基础性作用和投资对优化供给结构的关键作用。随着“00 后”人群逐渐成为新的消费主体,以动漫、游戏、电竞、宠物等类型的专业性会议将实现快速增长。四是会议焦点更加侧重新科技。四是会议焦点更加侧重新科技。党的二十大报告提出,必须坚持科技是第一生产力、创新是第一动力,深入实施创新驱动发展战略,开辟发展新领域新赛道。今后一段时期,互联网、AR、VR、区块链等新技术在医疗、工业、娱乐、移动终端等领域的广泛应用,极大地拓展了会议业的主题选择空间。(二)品牌化成为(二)品牌化成为会议业会议业发展的新发展的新焦点焦点会议品牌化发展,就是开展具有一定的规模,且能代表和反映某行业的发展动态及发展趋势,同时对该行业具有很强的指导作用和影响力的会议。为了获得品牌优势,会议组织者要从市场调研、品牌构思、主题选择到场馆的设计、会议规划、会议组织与管理等具体方面,实施品牌化发展战略,用先进的品牌营销策略与品牌管理技术抢占市场制高点。未来会议品牌化发展主要体现在五个方面:一是一是具有具有权威协会和行业代表的坚强支持。权威协会和行业代表的坚强支持。在国际上,政府一般不干预企业办会,会议的成功与否,多取决于整个行业和企业的认可度。会展会议组织单位若能得到权威行业-13-协会和该行业内主要代表的支持和合作,无疑就增加了该会议的商誉和可信度,使之规模不断扩大,并带来巨大的宣传效果和影响力。二是二是代表行业发展方向代表行业发展方向且且具有较高知名度。具有较高知名度。代表行业的发展方向是品牌化会议的共性。能代表行业发展方向的会议就会有明确的目标市场和目标客户,就能够提供几乎涵盖整个行业的所有信息。会议提供的信息越是全面、专业,观众就越积极,参会企业也就越踊跃,品牌会议就会在一定的区域内有较高的知名度和较强的影响力,普遍得到业内的承认和肯定。三是具有较好的规模效应和长期的品牌战略。三是具有较好的规模效应和长期的品牌战略。品牌会议有明显的成效,能吸引众多参会企业、专业观众的参与,同时具备相当的参会规模,一定是本行业中名列前茅的。培养一个品牌会议,必须要有长远眼光,要敢于投资、敢于承担风险、精心呵护、耐心培育,必须确立长远的品牌发展战略,从短期的价格竞争转向谋取无形资产的长期竞争,用先进的品牌营销策略与品牌管理技术抢占市场制高点。四是能够提供一流的会务服务。四是能够提供一流的会务服务。一流的会务服务要求会议组织方的整个运作过程迅速高效、服务周到。品牌会议从市场调研、主题方向、寻求合作、广告宣传、招商手段、观众组织、活动安排、现场气氛营造、会务服务,甚至包括会议方对外文件、信函的格式化、标准化,都须具备较高的专-14-业水平和从业员工的严谨处事态度,同时会议期间有针对性地安排相关的配套活动,如配套分论坛、商贸洽谈、信息发布等,以便为参会客商提供服务。五是具有强势的媒体宣传。五是具有强势的媒体宣传。新闻媒体宣传是塑造品牌的一个重要环节。一个好的会议虽在行业本身有一定的知名度,但频繁的新闻报道和适当的“炒作”更能促进会议宣传,以此形成良性互动,使会议更具吸引力。(三)(三)绿色化成为绿色化成为会议业会议业发展的新方向发展的新方向会议绿色化发展,就是积极倡导“绿色、低碳、可持续”的办会理念,坚持绿色规划、绿色设计、绿色搭建,推动办会设施循环使用,打造全产业链融合发展的会议业生态圈。党的二十大报告指出,推动经济社会发展绿色化、低碳化是实现高质量发展的关键环节。未来会议绿色化发展主要体现在三个方面:一是一是落实碳达峰、碳中和目标要求落实碳达峰、碳中和目标要求。推动绿色低碳发展是国际潮流所向、大势所趋,绿色经济已成为全球产业竞争制高点。会议组织方应积极落实碳达峰、碳中和国家重大战略部署,贯彻中共中央、国务院关于完整准确全面贯彻新发展理念做好碳达峰碳中和工作的意见、国务院2030 年前碳达峰行动方案,把服务碳达峰、碳中和的双碳目标作为办展的指导原则,把推进绿色办展作为重中之重。在场馆设施及会议组织、会场设计及会务服务等环节实现绿色化,-15-支持绿色技术创新,促进绿色布会常态化,推动绿色服务在会议领域安全高效利用。二是二是绿色、低碳办会理念将实现升级。绿色、低碳办会理念将实现升级。推动“十四五”时期经济社会发展全面绿色转型,对于建设生态文明和美丽中国、实现碳达峰碳中和目标具有十分重要的意义和作用。新型绿色办会理念就是需要将绿色、生态、可持续的发展理念落实到会议组织实施的每一个环节,让政府、企业、社会、参展方共同合力打造绿色文明的良好氛围,从会议策划、场馆选择、交通规划、物料筹建以及会后可回收循环利用等全方位考量。三是三是生态会议将推动可持续发展。生态会议将推动可持续发展。从实践层来说,会议主办方将紧紧围绕“碳达峰”“碳中和”,在办会主题和内容上围绕“绿色、低碳、可持续”逐渐会向新能源汽车、智能制造、环保等领域延伸,积极培育绿色低碳、循环经济、可持续发展等主题的会议项目。(四)(四)数字化成为数字化成为会议业会议业发展的发展的新新业态业态会议数字化发展,就是以互联网为基础,将云计算、大数据、移动互联网技术、社交社群、会议业链中的各个实体联合构建起一个数字信息集成化的会务空间。当前,数字经济已上升为中国国家战略,成为“十四五”经济增长新引擎,这也为传统会议数字化转型升级带来新机遇。未来会议数字化发展主要体现在三个方面:-16-一是线上线下融合成为一是线上线下融合成为会议会议发展新模式。发展新模式。未来会议业的发展将是线上线下双轮驱动,将传统的“会议”进行平台化融合,在互联网上培育打造出全新的数字会议业新形态,将企业、客户、线上、线下四点联动,打通关系流与信息流,发挥线上线下各自的优势,互补线上线下各自的瓶颈,实现双线驱动,效果叠加。二是万物互联催生数字二是万物互联催生数字会议会议加快提速。加快提速。牛津大学教授维克托迈尔舍恩伯格在其著作大数据时代中说:“大数据是人们获得新的认知、创造新的价值的源泉,还是改变市场、组织机构,以及政府与公民关系的方法。”伴随物联网技术、人工智能技术、大数据技术、云计算技术不断迭代,会议智能化基础设施不断完善。其中,AI 的人脸识别辨识度突破 95%,在会议的门禁应用上获得普及。大数据和云计算技术在会议的应用上,体现在线上、线下的全链路跟踪和大数据分析,可帮助会议活动主办方、承办方实现用户行为分析、优化用户体验、精准用户画像,提供针对性营销和内容。三是数字三是数字会议业会议业化和化和会会议业议业数字化相互促进。数字化相互促进。十四个五年规划提出:“加快推动数字产业化”“推进产业数字化转型”。数字会议业化能够为会议业数字化发展提供数字技术、产品、服务、基础设施、相应解决方案以及完全依赖数字技术、数据要素的各类数字产品和服务,从而引领和推动会议业的快速发展和数字化转型升级。会议业数字化转型的推进,又会-17-产生关于会议业相关的海量数据,为数字会议业化提供源源不断的源头活水和数据资源,推动我国数字会议业不断做大做强。(五五)国际化)国际化成为成为会议业会议业发展的新发展的新渠道渠道会议国际化发展,就是要从全球视角审视会议业,主动融入国际会议市场,积极寻求国际会议合作,增强中国会议业的国际竞争力。党的二十大报告指出,中国坚持经济全球化正确方向,推动贸易和投资自由化便利化,推进双边、区域和多边合作,促进国际宏观经济政策协调,共同营造有利于发展的国际环境,共同培育全球发展新动能。APEC 峰会、G20 峰会、达沃斯夏季峰会等一系列国际大会陆续在近些年登陆中国,参照国际高水准大会的内容组成方式,为中国会议业在会议内容设计与活动策划方面带来前沿的指导。未来会议国际化发展主要体现在四个方面:一是以一是以参与全球经济治理作为主题。参与全球经济治理作为主题。习近平总书记关于推动全球经济治理重要论述立意高远、博大精深,作为习近平外交思想的重要组成部分,是我国积极参与和引领全球经济治理的根本遵循和行动指南。未来的论坛会议要坚持以习近平外交思想为指引,深入学习、全面领会习近平总书记关于完善全球经济治理的重要论述,牢记“国之大者”,发挥优势特色,果敢勇毅前行,在全球经济治理体系改革和建设中担当尽责,为实现中华民族伟大复兴中国梦、推动构建人-18-类命运共同体作出新的更大贡献。二二是参会企业具有全球性、领军性。是参会企业具有全球性、领军性。走全球化之路是中国会议业实现可持续发展、应对激烈的国际性竞争的必然选择。当前会议业的不断发展要求会议组织方必须不断与国外行业协会、企业等进行对接。一流参会企业应符合具有良好的社会声誉与品牌形象、业务具有全球性、行业具有领军性等标准,满足三方面特征:其一,具有行业领军地位。行业领军企业通常包括世界五百强、行业二十强、品牌前十强、新兴企业前十强、行业同行评价前十强、市场份额前十强等企业,大多具有行业代表性、引领性和标杆性,能够反映行业主流前沿发展趋势与创新、创造风向标的企业。在高质量会议中,领军企业可以起到引领、带动、集聚参会的效果,吸引一批同行业优质非领军企业跟随参会,在会议上形成该行业完整的产业链生态与产业体系。其二,具有良好的社会声誉和品牌形象。高质量企业应具有良好的社会声誉、较高的行业知名度与良好的品牌形象,不存在负面评价和影响。其三,具有高度的国际化水平。高质量企业多为跨国企业,产品销往世界各地,产业链分布多个国家,具有较高国际知名度和国际竞争力。三三是是更加注重更加注重寻求国际合作。寻求国际合作。全球化战略要求将“引进来”与“走出去”相结合。目前,我国会议业在充分引进国际重要会议、著名企业的同时,也要强化“走出去”战略,-19-积极开拓国外市场,将中国会议组织方、会议品牌植入国际市场,在国外开展、创办自有品牌的会议活动,在国际会议市场的竞争中获得一席之地,积极建立中国人自己的全球会议网络,打造中外会议合作平台。次区域合作,包括中国和东盟之间的合作、中国和亚欧国家之间的合作、中国和阿拉伯国家之间的合作、中国和东北亚国家之间的合作、中国和中东欧国家的合作以及中国和非洲国家之间的合作等,都有望成为会议业国际合作的重点区域。同时,随着经济全球化的发展,在一国举办的国际性专业会议已不能满足于吸引本国的企业需求,必须在更大的地域范围内寻找客户,各国为提高本国会议的国际化水平,逐渐增加国外参会商的比例,力争使会议成为一定区域内的龙头会议,甚至全世界的龙头会议。四是开放已经成为当代中国的鲜明标识。四是开放已经成为当代中国的鲜明标识。党的十八大以来,以习近平同志为核心的党中央对新时代对外开放作出顶层设计和战略谋划,中国开放的大门越开越大。习近平总书记指出,中国扩大高水平开放的决心不会变,同世界分享发展机遇的决心不会变,推动经济全球化朝着更加开放、包容、普惠、平衡、共赢方向发展的决心不会变。迄今我国已经同26 个国家和地区签署了 19 个自由贸易协定,与 180 多个国家和国际组织签署了 200 多份“一带一路”合作协议,东盟是重要的参与方。在全球价值链中,东盟已经成为世界上电-20-子、汽车、食品、农产品、化工、医药、纺织和成衣等重要生产和出口基地。同时他们需要大量引进基础设施、先进制造业、高科技产业、先进农业等制造类和消费类产品。在新时代新征程中,我国会议业发展,要树立开放意识,主动“走出去”,到条件成熟的国家办会,促进双边、区域性大型涉外会议实现新的突破。(六)融合化(六)融合化成为会议业发展的新成为会议业发展的新模式模式会议融合化发展,就是会议与展览和产业的融合,体现为会中有展,展中有会,会议与产业、会议与推介、会议与演艺、会议与赛事等相关活动融合发展,最终实现综合效应最大化。未来会议融合化发展主要体现在两个方面:一是会议一是会议与与展览展览更加更加融合融合。一方面展会融合增强了对资源要素的配置能力,实现 1 12 的效应。一般来说,会议的参与者比展览的参与者层次更高,他们更多的是公司决策者,也会倾向于关注和参观竞争者的产品和服务;展览参与者更多是公司中层,他们也会倾向于学习与了解行业发展政策与趋势。会与展的融合,能够在同一个展览活动中调动更多的资源和要素,促进决策者与执行者的对话,学术与应用的结合,企业与市场的对接,能够使不同层次参与者在一个展会活动中得到双倍的效果。另一方面,会与展的互动性越来越强,延伸了展览价值链。会议为展览带来了行业新思想、新技术、新风向,使展览更加富于内涵;展览为会议提供了更-21-接地气、更务实的内容,使会议更有实效。展与会的互动,体现在两者的主题议题相互呼应,参与者互为专业观众,使展览不再只有单纯的展示贸易功能,而是增加了更多高附加值功能;会议也不再只有单纯是思想的交流,而是把议题落实到行动,这就使展与会成为一个有机的整体,延伸了展览价值链。二二是会议是会议与与产业产业更加更加融合融合。未来国际高质量综合会议均较重视构建起较为完整的产业体系,并能够将大型综合会议分割为不同代表性的行业专业性会议,充分反映产业链不同环节的综合生态与发展趋势,增强对高质量企业与专业观众参展的吸引力。会议业有望与以下相关产业实现融合,延长国内产业链。其一,利用会议的营销功能,加速与一般产业融合发展。例如,龙头企业、行业协会可通过举办专业产品会议,实现产业融合;政府可通过举办地方性产业会议,推动产业集聚,提升城市及产业知名度。其二,增强与旅游、休闲等产业的融合发展。促进会议与这些产业的融合,形成会议旅游、会议休闲等,不仅能够拉动这些产业的发展,还可以丰富人们旅游、休闲体验。其三,加快与文化创意产业的融合发展。创意本身需要通过活动交流形成创意碰撞,创意需要一定的聚集空间、特殊的氛围和有组织的活动,推动创意文化与会议融合发展,加快创意园、创意会等会议文化产业的发展,成为未来会议业融合发展的重要方向之一。-22-A ,-./0123BCDE 对标国际会议,新形势下我国会议业发展尚存在如下五方面问题不足:(一)(一)统筹安排统筹安排方面,缺乏方面,缺乏行业协调行业协调和和服务管理服务管理机构机构一是缺乏一是缺乏独立独立服务服务管理机构管理机构。按照国际会议协会(ICCA)对会议管理机构的分类主要有旅行社、观光局或会议局、会议展览中心等。如会议局(CVB)又称会议旅游局,成立的宗旨在于整合协调地区各项旅游资源与功能,长期提供或指导宾馆和会议中心的行销信息及策略,发展会议业和旅游业,为城市带来整体经济效益,提高地区形象。展览和会议是两种不完全相似的业务形态,目前国内对两者的管理办法也不相同。贸促会此前对展览着墨较多,但是对会议重视还不够,建议设立独立的会议论坛协调处室,统筹协调未来会议论坛发展。二是缺乏行业二是缺乏行业自律性自律性协调机构协调机构。当前,国际上绝大部分会议业发达的国家和城市大多成立了官方或半官方性质的具体负责机构,在促进会议业的发展中充分发挥主导与管理作用。比如,美国有会议专业管理协会(PCMA),德国有会议推广局,巴黎有独立的会议与观光局,奥地利有会议推广局,维也纳有会议推广署等。德国会议协会 GCB(Germany Conferens Bureau)负责管理德国境内的国内外会议有关事务,它不仅是世界知名的会议业协会之一,而且在德国会议业的-23-发展中也充分发挥了其行业管理作用。此外,发达国家还各自成立了行业平台性的服务机构,搭建起政府与行业、社会沟通协调的桥梁,对整个行业的发展起到了协调与促进作用。而对我国来说,行业自律体系建设落后于当前会议实际发展需要,尚未在会议领域内建立全国性质的行业协会或组织,行业内部各类服务标准不统一,行业诚信评价体系尚未形成,行业准入门槛较低,监管制度力度不够,行业协调自律程度较低。当前全国举办的会议尚未接受行业性平台协调管理,自身也未成立相关协调服务机构,如会议行业的管理咨询机构、培训机构、行业媒体、行业性的论坛和评比机构、行业研究机构等。没有相应的行业协会,不能确立行规行矩及各种业内规则,因此制约了会议业的正常发展,不利于贸促会会议论坛做大做强。三是缺失系统三是缺失系统正式的规章正式的规章条例条例。至今还没有正式颁布实施有关会议行业的规章条例,相关部门依据各自职能授权和部门规章对会议活动进行管理,不少部门规章带有较强的部门职能特色,不完全适用于会议行业;一些规章制订、颁布时间较为久远,不太切合当今的发展形势。由于没有系统的会议行业规章指导,行业管理、自律缺乏必要的政策依据,难免出现公共管理的随意性和差异性,经营管理的不规范性和经营秩序混乱。四是缺乏现代化的四是缺乏现代化的经营经营管理模式。管理模式。部分会议组织方政企-24-不分,管理体制僵化,治理结构不合理,经营理念落后,管理效率较低;部分组织方缺乏长期发展规划,存在小富即安的思想,服务创新不足,发展后劲不强。(二二)品牌发展)品牌发展方面,缺乏专业性分工和专业化品牌方面,缺乏专业性分工和专业化品牌一是缺乏专业性品牌。一是缺乏专业性品牌。由于缺乏权威的组织与协调机构,国内举办会议的产业化程度相对较低,不能形成一整套功能完备、核心突出、配套齐全的会议业体系,导致区域会议市场定位不明晰,地区和专业分工不明确,部分会议品牌缺少地方特色,主题雷同,缺少本土、地方性品牌;同类会议活动多头、重复举办,浪费了大量的人力、财力和物力资源,也难以形成规格高、规模大的会议品牌。二二是是缺乏缺乏专业化分工。专业化分工。部分会议尚未形成专业化分工协作的格局,会议政策信息、咨询、标准、评估等专业化分工作协作不足,未形成宏观管理(行政部门)、中观自律(商协会)、微观操作(会议组织部门)三观分工合理独立运作运行机制。会议从业人员缺乏系统的专业知识和相应的操作技能,造成部分论坛会议的组织和管理混乱,同一批人员既是组织者,又是项目管理者和实施者,在很大的程度上降低了会议实施的效率。三是缺乏资源整合。三是缺乏资源整合。在打造会议品牌时,不同部门间缺乏统筹、重复办会现象较为突出,缺乏高质量、强品牌、大协同的办会理念;尚未形成良好的分工协作模式和社会资源-25-协同机制,造成会议的组织和管理混乱,只重形式,不重内容。同时,会议客商邀请和理念营销都需要大投入,办会资源整合不足、不能集中力量办大会的问题非常明显,部分会议内容重复雷同,组织管理不齐,影响整体会议的质量、效益。四是缺乏预期实际效果。四是缺乏预期实际效果。会议本来是一个简单的商业行为,采取与不采取哪种形式主要取决于主办方的市场决策。但是现实中,由于不少会议共同主办方或合作方是政府直接举办或者是政府给与资金支持的,因而必须在企业数量、观众数量、参会嘉宾影响力、国际化程度、成交效果等方面严格按照政府给定的指标进行运作,并由此滋生了大量形式主义问题。例如,有的会议开幕的时候轰轰烈烈,各级领导、各路精英纷纷到会捧场支持,开幕式之后冷冷清清,门可罗雀;有的会议现场签约数量很多,甚至将平时已经可以签约的合同也转移到会上签署,以扩大会议的成交效果,但实际落地项目很少;有的会议,为了追求规模以获取财政资金支持,把不同题材的会议同期举办,简单拼凑。(三三)市场培育)市场培育方面,缺乏市场化政策和主导性企业方面,缺乏市场化政策和主导性企业一是办会主体过度依赖财政经费。一是办会主体过度依赖财政经费。现在会议论坛大多由政府部门、国有单位主办或参办,大多都是政策性的,办会过度依赖行政补贴,完全依靠市场化运作的项目较少,缺乏自身造血能力,难以实现可持续发展。在实践中,会议组织-26-手段以政府部门摊派任务为主,追求场面热热闹闹,对会议内容的专业性、参会企业间的匹配度、预期的经贸实效等方面考虑较少。客商参加会议获得的实效不好,重复参会的意愿低。会议组织工作市场化程度不高,重形式、轻内容,还不能真正围绕参会企业需求设计会议内容和配套活动,促进贸易投资的效果不显著。例如,政府参与主办或支持的会议市场化运作能力不足。从办会的资金投入看,没有市场化的收入来源,主要依靠财政拨款,主办方无经济压力,人员工资也不与会议收益挂钩,不需要靠经贸成效来延续会议的“生命”。从支出看,资金主要花在接待、搞仪式、形象宣传上,针对性的商贸宣传推介、客商服务投入少,经贸实效无法保障。二是二是市场在资源配置中的作用不强市场在资源配置中的作用不强。政府部门把办会看成是行政任务,而忽略了会议本身是经济行为的特性。由于对会议的商业属性没有做出明确界定,同时大众舆论导向又过多地强调会议对主办城市具有多方面的价值,从而导致各级政府在会议举办过程中扮演了重要角色,市场在会议资源配置中的决定性作用发挥不够。从会议举办的实践中不难看出,政府这只“看得见的手”伸得很长,从主办、指导、出资补贴、领导出席等等众多层面,到处都能够看到政府的身影。市场经济条件下,政府与企业的关系是一个矛盾统一体,通常具有“跷跷板效应”,当政府在会议资源配置中的作用-27-太大时,在一定程度上可能抑制市场活力的发挥。三三是缺乏统一的市场化政策指导。是缺乏统一的市场化政策指导。为促进地方会议业发展,吸引、开发更多会议活动,地方政府出台一些扶持政策,取得了一定成效,但由于缺乏统一的国家政策指导,出现了一些负面的影响,出现了一定程度的城际优惠政策竞争,政府看得见的手强势介入和过分介入,某种程度地违背了市场规律,扭曲了市场机制,干扰了市场力量的自发调剂,影响了会议本身的经济、社会效果。和地方政府共同主办的会议题材重复,内容相近,方式雷同,领导、专家应接不暇,明星企业穷于应付,一般企业无可适从,企业负担加重。四四是是办会办会主体企业化程度不高。主体企业化程度不高。一些会议仍然采取组委会运作制度,行业协会和中介组织运作的会议活动没有实行真正的企业化经营。此外,政府对于会议活动的干预较多,市场作用并未真正发挥,在国内举办的会议大多由政府、国有部门主办或参办。政府为出业绩,行政手段干预过多,往往采取强制命令方式办会,造成企业成本过高,整体质量低下,这就造成一些办会机构产权界定不清、治理结构不合理、缺乏明确的经营策略,导致不能完全按照市场化方式独立经营。五是供需双方选择权得不到充分尊重。五是供需双方选择权得不到充分尊重。尊重市场主体的自由选择权是市场经济的基本常识,参会方愿意参会还是不愿意参会,他们具有自己的理性判断。在现行会议开展过程-28-中,由于存在大量政府主办或者政府支持的会议,很多承办机构通常打着政府的旗号招商引客,导致不少企业和相关参会机构因碍于政府情面等非市场原因而不得不参会,参会方和主办方的自由选择权得不到充分尊重,从而使参会目的偏离了市场轨道。(四四)国际竞争)国际竞争方面,方面,缺乏缺乏国际化标准国际化标准和和国际竞争力国际竞争力一是行业国际竞争力不强。一是行业国际竞争力不强。现行整个会议行业大而不强,活动多而不精,行业基础不牢。行业对外竞争力不强,能够参与国际竞争的企业寥寥无几,更缺乏龙头企业,具有较强国际竞争力的品牌会议不多;会议规模相对较小,主题相近,内容相似的会议项目较多,模仿、移植的会议活动较多,创新发展,上规模、差异化、特色化会议项目不多;政府性会议缺乏必要的市场和产业支撑基础,可持续发展受到挑战。二是参与国际化程度较低。二是参与国际化程度较低。相比于德国、法国、美国、新加坡等国家举办的国际一流品会议,北京、上海、广州等虽然也举办类似主题会议,但是真正意义上的世界级品牌会议数量相对较少,而且国际化的参会企业比例较低,国际影响力不够。许多会议仅局限于国内某个区域,规模偏小,综合效益低,市场竞争能力有限。三是三是国际化的资本运作国际化的资本运作不足不足。未来会议行业整合面临以下挑战:一是外资企业的投资和并购给国内企业组织方发展带来的影响。境外企业大肆投资和并购国内优秀的会议组织-29-企业,使得国内很难出现以国内资本为主的收入规模较大的会议行业标杆企业。二是国内会议行业传统经营模式给自身带来的桎梏。这主要体现在运营模式(项目制)、发展方式、经营方式等方面。三是资金缺乏。国内会议行业在过去的几年内获得了较快的发展,但是未能在国内资本市场获得较大关注。企业普遍缺乏投融资意识,能够充分利用资本市场做大做强的只是凤毛麟角。同时,国内会议组织方存在行业分散,集中度低的现状,凸显出行业整合的趋势和机会。相比于国外会议上市企业在全球范围内(尤其在中国市场)上通过投资和并购取得会议业务的拓展,我们国内的会议组织企业尤其需要获得本土资本市场的支持。四是国际化发展水平失衡。四是国际化发展水平失衡。国际化是双向的,既要欢迎国际化会议企业来华办会,也要鼓励中国会议企业对外投资,赴国外办会;既要鼓励中国企业赴国外的会议参会,也要吸引国外的企业来中国参会。但是,从目前中国会议行业国际化发展进程看,明显存在着“不对等的国际化”状态,即国外会议组织方在中国的业务远远好于中国会议组织方在国外开展的会议业务,中国企业赴国外参会的情况远远好于外国企业来华参会的情况。五是五是缺乏有效缺乏有效国际化推广国际化推广。国际会议作为一种具有明显“外部经济性”的无烟产业,发达国家政府都十分重视,并把会议业列为地方重点发展的产业,地方政府也加大力度来-30-组织与推广,甚至提供财政支持。如德国柏林会议推广促进署(Berlin Convention Office),为在柏林举办会议的各类组织和机构提供切实有效的联络和支持服务,同时,在全球范围内对柏林的会议业进行推广和宣传。该机构建立了英德双语的官方网站,提供一切有关柏林会议、大型活动、奖励旅游等方面的实用信息和数据,并随时发布柏林会议业的新闻和行业报告。(五)人才队伍(五)人才队伍方面,方面,缺乏专业性队伍和职业化水准缺乏专业性队伍和职业化水准一是专业性人才输送不足。一是专业性人才输送不足。闻道有先后,术业有专攻,用专业的人做专业的事,是更高效创造价值的途径。当前,会议行业从业者的整体能力与行业发展不相匹配,从事会议项目组织、管理和策划等高素质专业人才缺失。从专业人才培养角度看,在目前培养体制下,会议专业人才有效供给不足,供需矛盾较为突出。对于一些政府主导的地方会议,筹办队伍基本从政府各部门抽调,干一届散一届,来年再重新组合;对于行业的分析、对参会企业客户的维系、对会议可持续发展的创新等关键性工作缺乏专业的、稳定的人员来实施。二是职业化水平发展不高。二是职业化水平发展不高。注册国际会议经理(CIEP)培训力度不足,行业覆盖面不广。会议人才未能列入国家专业技术人员职业资格系列,从业人员职业技能标准缺失,缺乏必要的职业资格技能水平测试和评价制度。从会议从业人员-31-构成看,尚未形成职业化,专业知识不足,缺乏经验积累和理论指导。三是三是教育教育专业化培训不足。专业化培训不足。培养会议专业人才的院校数量不够多,层次不够明晰,结构不尽合理,未能进入主流教育体系,学术地位不高;师资水平参差不齐,师资队伍来源庞杂,专业理论、知识基础不厚,实践经验不足,理论实际脱节;学科分类归属不科学,专业特色不明显,专业方向不突出,专业教学内容得不到基本保障;学科设置较随意,经济、管理、师范、艺术、语言、旅游类院校各自根据自己的特色安排会议学科归属,设置课程,人才培养标准不一致,专业毕业学生不能适应实际需要。F ,-.GH9:/IJ/0KL0 2022 年 5 月 18 日,习近平总书记在庆祝中国国际贸易促进委员会建会 70 周年大会暨全球贸易投资促进峰会上发表重要视频致辞,充分体现了以习近平同志为核心的党中央对贸促工作的高度重视和关心关怀,为做好新时代贸促会议工作指明了前进方向。在新时代新征程中,贸促会论坛会议工作应围绕贸易投资促进、商事法律服务、参与全球经济治理、应用型智库建设四大业务主线,由点而线及面铺陈发展,全力服务实体经济和科技创新发展,以开放的姿态深度融入全球产业链、供应链、创新链和价值链。-32-(一)(一)总揽全局,打造总揽全局,打造贸促会贸促会贸易投资促进贸易投资促进会议会议新新品牌品牌一是一是高标准办好下一届全球贸易投资促进峰会高标准办好下一届全球贸易投资促进峰会。凝聚贸促力量,统筹利用好全国 1000 多家贸促机构、393 个多双边工商合作机制、30 个海外代表处、32.5 万家会员企业和专业服务资源,形成内外联动、上下贯通、横向协同的全国贸促工作一盘棋工作局面,着力办好下一届全球贸易投资促进峰会,提出全球发展倡议,推进贸易投资自由化、便利化,推动制度型开放,为中外经贸合作牵线搭桥,切实保障产业链供应链安全稳定畅通,积极推动经济全球化朝着更加开放、包容、普惠、平衡、共赢方向发展。二是二是高层次办好首届粤港澳大湾区建设工商峰会高层次办好首届粤港澳大湾区建设工商峰会。聚焦粤港澳大湾区建设与经贸合作,助力粤港澳大湾区城市融合发展,增强粤港澳企业家认同感、向心力,投身大湾区建设,融入国家战略发展大局,力求在更高、更广、更深层面建立粤港澳工商界的交流合作服务平台。三三是做深做实贸促会与是做深做实贸促会与ICCA合作成果。合作成果。国际大会及会议协会(ICCA)是国际会议业的权威行业组织,在近 100个国家和地区拥有 1000 多家会员,是一个集聚会议行业供应商、买家、专业会议组织者、会议旅游局、目的地管理公司等和会议、旅游相关的企业、政府机构的国际协会组织。中国贸促会在第十六届中国会展经济国际合作论坛与国际大会及会议协会(ICCA)签署合作备忘录,全面加强会议业-33-国际合作和人才培养。今后,中国贸促会应在会议竞标、行业培训、国际交流等领域加强与 ICCA 展开密切合作,主动把握境内外会议行业的合作机会,促进更多国际性、标杆性的会议落户中国;发挥澳门会议业发展优势,推动更多 ICCA国际会议落户澳门。四是办好四是办好CEFCO论坛论坛和和全国出展工作会全国出展工作会议。议。一方面,精心筹办中国会展经济国际合作论坛。与全球非政府间国际展览组织国际展览业协会(UFI)、国际展览与项目协会(IAEE)和独立组展商协会(SISO)合作,共同举办中国会展经济国际合作论坛,为中外会展业搭建广泛交流与合作的平台,探寻双方相同利益和共同发展的切入点,共享国外优秀展览资源,发布国外优秀展览信息,为国际会展企业进入中国和中国会展企业开拓国际市场寻求新的渠道,促进中国会展业法制化、专业化、市场化、国际化发展,实现中国会展业与国际会展业的战略性合作。另一方面,定期召开全国出国经贸展览工作会议。推动全国出国经贸展览工作会议举办机制化,建立起“区域、贸促会、展会”三联合,形成全国贸促系统和会展业界定期交流会晤机制,为组展单位分析外经贸形势、解读政策、互学互鉴提供平台,引导国内企业结合当地产业发展状况赴国外参展办展,避免重复办展。五五是是加快数字赋能加快数字赋能会议业会议业。其一,其一,推动线上线下会议融合发展,积极打造线上会议新平台,促进线上线下会议融合,-34-深度挖掘数据,打通供需双方需求的堵点,培养全新的需求和增长点;其二,其二,打造高端国际性数字会议品牌,积极培育以数字经济、人工智能、新一代信息技术等为题材的会议论坛,围绕新技术、新产业、新业态、新模式举办更多会议活动,把握行业新趋势和消费新亮点,将新概念、新潮流、新时尚引入数字会议;三是三是积极融入数字会议全球产业链,主动汇聚全球创新要素,加强与境外数字会议服务商在大数据、5G、人工智能、区块链等数字技术领域开展合作,加快国外数字会议先进技术与国内产业化优势对接融合,将数字会议模式作为今后会议工作中的重要手段和补充内容。六六是是打造高水平专业品牌会议。打造高水平专业品牌会议。紧跟前沿技术和发展趋势,拓宽会议题材,聚焦现代服务业、战略性新兴产业发展,着力培育以新一代信息技术、高端装备制造、生物医药、数字经济、新能源、新材料、海洋经济等战略性新兴产业类会议项目,围绕新技术、新产业、新业态、新模式举办更多会议活动;围绕农业、制造业等传统行业,旅游、文化以及数字经济、智能产业、生物健康、节能环保、新材料新能源等领域,培育一批具有全球影响力的行业品牌会议;鼓励行业协会、商会、企业集聚资源,打造提升行业领域专业品牌会议,积极发挥行业示范和引领作用;进一步细化会议类型,如科技类、文化类、商贸类等,在细分类型中,加大政策、人才、资金、宣传等投入力度,重点培育一批拳头品牌,扩-35-大会议品牌知名度与影响力;整合会议领域品牌资源,在办会模式上,鼓励会议组织方强强联合,打造自有会议品牌;加强长三角、珠三角城市及国内会议发展较好的城市的合作,加大域外品牌会议引进力度,创新招会方式,采取企业主体、社会化开发、政府支持的办法,发动有实力企业申办举办域外知名大型会议活动。七七是加强会议与实体经济融合发展。是加强会议与实体经济融合发展。习近平总书记在党的二十大报告中指出:“建设现代化产业体系,坚持把发展经济的着力点放在实体经济上,推进新型工业化。”实体经济是一国经济的立身之本,是社会生产力的直接体现,也是一个国家综合国力的基础。过去数十年,我国经济之所以取得持续高速发展,正是重视发展实体经济的结果。从今往后我国将一如既往地注重实体经济发展,推行新型工业化,并明确了 20 项经济社会发展指标和 102 个重点工程项目,蕴含着巨大会议发展商机。会议作为现代化产业体系的重要组成部分,是实体经济发展的助推器。在新时代新征程中,现行会议要为实体经济搭建展示和发展平台,紧紧围绕重点项目,不断创新发展,努力举办行之有效的会议活动,宣传实体经济发展的新风貌、新技术、新理念、新方向、新合作,以实际行动服务中心任务目标;要促进现代化产业体系与会议深度融合,加强会议业链上下游企业之间跨界整合,推动会议与旅游、农业、制造等支柱产业、新兴产业的融合发展,-36-放大会议业在带动经济增长、扩大市场消费、促进经贸合作、增加社会就业、推动城市建设等方面的作用。(二)(二)凝心聚力,培育凝心聚力,培育贸促会贸促会商事法律服务商事法律服务会议会议新态势新态势一是高水平办好全球工商法治大会。一是高水平办好全球工商法治大会。打造国际化商事法律服务体系,在国际经贸仲裁、知识产权服务、商事调解等领域积极创新,探索中国法域外适用,巩固强化国际仲裁行业领先地位,加强商事调解工作,做精做优知识产权服务,提升经贸摩擦应对水平,支持国际商事争端预防与解决组织发展。二是办好全球贸易投资促进峰会法律论坛。二是办好全球贸易投资促进峰会法律论坛。加强与国际商事争端预防与解决组织合作,办好全球贸易投资促进峰会法律论坛暨中央法务区建设助力全球可持续发展研讨会,探索全球法律界和工商界合作新模式,共同推动完善国际经贸规则,减少和消除贸易投资壁垒,为企业创造平等竞争、稳健发展的有利条件。三三是构筑覆盖广泛的是构筑覆盖广泛的法律法律会议会议体系。体系。其一,其一,借助会议巩固拓展服务领域,加大拓展新形势下金融、科技、知识产权等领域的法律服务,满足企业日益增长的多样化、个性化需求,又要提升服务质量,深化公共法律服务体系建设,加快整合法律服务资源,在服务企业中实现更大作用;其二,其二,借助会议强化全链条一站式商事法律服务,提升仲裁调解服务水平,拓展知识产权服务,指导企业强化合规管理;其三,其三,-37-力争在全面服务企业的过程中,逐步打造贸促系统商事法律服务金字招牌,为推进“一带一路”建设高质量发展保驾护航。四四是聚焦国际经贸摩擦应对是聚焦国际经贸摩擦应对举办会议。举办会议。推动中国国际商会与相关国家商协会、法律服务机构、高校智库等共同开展国际商事争端预防与解决会议或论坛,凝聚各方观点,弥补国际争端解决机构不足,切实服务国际商事主体,为企业高质量“走出去”、高水平“引进来”保驾护航;通过开展相关主题论坛,深度参与中美经贸摩擦应对,探索建立企业联合帮扶应对机制,全面承办对美加征关税商品排除工作。五五是借助会议平台擦亮贸促涉外法律服务“金字招牌”。是借助会议平台擦亮贸促涉外法律服务“金字招牌”。借助会议论坛做大做强商事仲裁、知识产权代理、经贸摩擦应对等优势法律服务;以开展提高仲裁公信力、推动完善仲裁法律制度论坛为着力点,巩固强化国际仲裁业务行业领先地位,助力国际商事仲裁中心建设;开展服务知识产权强国战略论坛,实施支持企业海外知识产权布局业务推广三年行动计划。(三)(三)胸怀胸怀世界世界,构建,构建贸促会贸促会全球经济治理全球经济治理会议会议新格局新格局一一是是提升提升多边平台工商界活动参与度和影响力多边平台工商界活动参与度和影响力。积极组织中国工商界参加二十国集团、亚太经合组织、金砖国家等多边机制下工商界活动,积极参与贸易和投资、数字经济、绿色低碳等新领域规则制定,提出更多既符合我国利益又能-38-获得国际认同的中国方案,凝聚合作共识,打造落实全球发展倡议重要平台,发挥“可持续市场倡议”中国理事会作用,打造落实全球发展倡议重要平台,凝聚起推动落实联合国2030 年可持续发展议程的更大合力,为推动经济全球化朝着更加开放、包容、普惠、平衡、共赢方向发展贡献正能量。二二是做强双边、区域性会议。是做强双边、区域性会议。面向东盟、东北亚、南亚、中东欧、西亚非等区域,以中国东盟、中国东北亚、中国内蒙古、中国俄罗斯、中国南亚、中国中东欧国家、中国阿拉伯国家、中国亚欧、中国非洲等为主题开展双边、区域性会议,服务经济外交大局;办好中国东盟商务与投资峰会,借助东亚商务理事会等合作平台,开展全方位的贸易和投资促进活动,有效促进中国和东盟双方在贸易投资、贸易便利化、法律、产业园区、农业、矿业、港口、物流等领域的合作;加强与 RCEP工商咨询理事会合作,共同办好第二届 RCEP 经贸合作工商高峰论坛暨高质量实施 RCEP 论坛,为域内政企沟通搭建有效平台。三是三是聚焦“一带一路”聚焦“一带一路”等国家等国家战略举办会议。战略举办会议。积极筹办第三届“一带一路”国际合作高峰论坛,办好“一带一路”企业家大会、“一带一路”贸易投资论坛、全国上市公司共建“一带一路”国际合作论坛等重大机制性活动,为各国工商界搭建沟通交流、对接合作、项目签约、深化合作的平台,-39-持续跟踪推动“一带一路”企业家签约项目落地见效,为全球工商界提供更多市场机遇、投资机遇、增长机遇;发挥“一带一路”的辐射作用,通过举办各类研讨会、论坛、峰会等,吸引沿线国家和地区的专家学者、商人、官员、普通群众,增进相互间的交流、理解,为共同发展达成共识,推动中国与“一带一路”沿线国家和地区的经济贸易与投资活动,整合优化不同国家和地区的资源,科学布局上下游产业链分工体系;发挥丝绸之路商务理事会作用,策划相关会议论坛,搭建共建“一带一路”国家和地区工商界间磋商对话平台,深化“一带一路”会议领域务实合作,引导企业深耕“一带一路”沿线国家,重点开拓新兴市场和多元化市场国家,扩大对重点国家、潜在市场的覆盖面,推动企业在深耕美欧发达国家传统市场的同时,进一步开拓亚洲、非洲、拉美等地区市场,构建多元化、宽领域、高层次的境外办会新格局。四四是深度参与有关国际组织是深度参与有关国际组织会议会议。提高在世界知识产权组织、联合国国际贸易法委员会观察员、联合国贸易和发展会议、联合国工业发展组织活跃度,顺应全球产业链重构、国际经贸规则重塑趋势,切实履行我国参加国际组织相关事务组织、协调、监督和管理职责,发挥大国正面引领作用;全面对接国际商会工作,用好国际商会 24 个专业委员会机制、4500 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    第0页共137页 2022022 2 年合集年合集 主主 办办 北京市天同律师事务所 主主 编编 何海锋 13683517916(同微信)汤 竟 13798389602(同微信)责任编辑责任编辑 汤友军 吴陶钧 宋嘉怡 陈豪鑫 李 燕 管乐柳 韩非鹏 郜宙翔 蒋若楠 邹佳韵 朱泽硕 徐者清 王格风 目录目录 2 2022022 年第年第 1 1 期期 总第总第 1 15 5 期期.1 1 上市公司控股股东放弃表决权的监管应对.2 上市公司股权激励授予价格引起的监管风险及应对.3 上市公司子公司“失控”风险的产生与应对.4 上市公司在下属公司清算中的风险与责任.5 上市公司董监高违背忠实义务的涉刑风险与案件特点.6 20222022 年第年第 2 2 期期 总第总第 1 16 6 期期.8 8 交易相对方实控人利用公司外壳侵害上市公司权益的风险.9 新虚假陈述若干规定时效起算点修改对上市公司的影响.10 上市公司年报季谨防提前泄露内幕信息.11 上市公司重大资产重组中业绩承诺方股份补偿问题的风险提示.12 新虚假陈述若干规定要点分析与其对上市公司的警示.15 20222022 年第年第 3 3 期期 总第总第 1 17 7 期期.1515 合作投资中的法律、政策变化风险.16 诉讼中的股权价值评估问题.17 上市公司董事职务的无因解除.18 上市公司及其控股子公司对外担保的合规应对.19 新虚假陈述司法解释时代上市公司董监高的过错抗辩.20 20222022 年第年第 4 4 期期 总第总第 1 18 8 期期 上市公司控制权争夺特刊上市公司控制权争夺特刊.2 22 2 2021 年度上市公司控制权争夺回顾.24 上市公司控制权概述.27 上市公司控制权争夺成因.31 上市公司控制权争夺常见手段.33 上市公司控制权攻守之道.52 20222022 年第年第 5 5 期期 总第总第 1 19 9 期期.6060 目标公司减资程序对行使回购权的阻碍.61 债券持有人要求上市公司提前赎回的司法认定.62 上市公司收入确认应以真实交易为基础.64 上市公司股票窗口期违规交易的风险防范.65 上市公司限制性股票激励的风险提示.66 20222022 年第年第 6 6 期期 总第总第 2020 期期.6 68 8 商业混淆不正当竞争行为的认定与应对.69 侵占公章并以公司名义订立合同的效力.71 可持续发展背景下上市公司的 ESG 信披责任.72 新证券虚假陈述司法解释下的独立董事尽职免责.73 上市公司仅发布年度预计担保额度公告的担保效力风险.75 目录目录 阅读提示:阅读提示:本刊所涉诉讼信息均来自上市公司公告或公开裁判文书,仅用于个人学习、研究之目的,不构成任何投资建议。因个案具体事实存在差异,且部分问题在法律理论及各地司法实践中也存在争议,故本刊亦不能作为判断个案裁判结果或诉讼风险的依据。本刊所提案例内容仅为概要信息,如欲了解详情,可与协会工作人员联系。2 2022022 年第年第 7 7 期期 总第总第 2121 期期.7878 上市公司子公司董事、高管损害上市公司股东利益如何起诉.79 员工离职后持有的合伙份额应当如何处置.81 上市公司限售股票非交易过户后是否仍受不减持约束.82“定增保底”条款司法效力认定新规.83 上市公司担保额度预计项下未单独披露的担保合同效力浅析.85 20222022 年第年第 8 8 期期 总第总第 2222 期期 上市公司并购纠纷特刊上市公司并购纠纷特刊.8888 隐瞒标的公司巨额债务或担保所引发的纠纷.89 并购中出售方因标的公司股权/资产瑕疵可能面临的风险.91 标的公司估值发生巨大变化引发的并购纠纷及应对.92 并购后的标的公司失控风险防范.94 股权回购权的行权期限纠纷.95 20222022 年第年第 9 9 期期 总第总第 2323 期期.9797 上市公司并购交易后的控制权争夺纠纷.98 土地资产装入项目公司进行合作开发的风险.99 关于合同意向金所涉相关纠纷的应对及思考.101 证券虚假陈述中通过切断损失因果关系减免赔偿责任的思路.102 上市公司闲置资金投资私募基金所引发的纠纷.104 20222022 年第年第 1010 期期 总第总第 2424 期期.106106 租赁房屋未如期交付引起的纠纷.107 上市公司就具体行政行为提起复议或诉讼救济的注意事项.108 国有企业对外投资时行使股权回购权的限制.110 浅析投资对赌案件定量计算问题.111 上市公司作为合伙型私募基金 LP 提起的代表诉讼.113 20222022 年第年第 1111 期期 总第总第 2525 期期.115115 上市公司与参股公司的知情权纠纷.116 债券违约纠纷下裁判机构重点关注的争议问题.117 并购重组中业绩补偿与股权回购条款并存时引发的纠纷.118 上市公司并购重组项目中的合同诈骗纠纷.120 上市公司股东大会决议效力瑕疵纠纷.122 20222022 年第年第 1212 期期 总第总第 2 26 6 期期.124124 不可抗力与情势变更抗辩的应对.125 上市公司股东因离婚减持的限制及风险应对.126 上市公司对赌协议可履行性之分析.127 上市公司面对僵局诉讼的应对策略.128 上市公司定向增发过程中的虚假陈述风险防范.130 第1页共 132 页 主主 办办 北京市天同律师事务所 主主 编编 何海锋 13683517916(同微信)汤 竟 13798389602(同微信)责任编辑责任编辑 汤友军 吴陶钧 李 燕 陈豪鑫 管乐柳 韩非鹏 蒋若楠 阅读提示:阅读提示:本报告每月上旬发布。所涉诉讼信息均来自上市公司公告或公开裁判文书,仅用于个人学习、研究之目的,不构成任何投资建议。因个案具体事实存在差异,且部分问题在法律理论及各地司法实践中也存在争议,故本刊亦不能作为判断个案裁判结果或诉讼风险的依据。本刊所提案例内容仅为概要信息,如欲了解详情,可与协会工作人员联系。上市公司诉讼风向标上市公司诉讼风向标 一、一、12月份上市公司诉讼总览月份上市公司诉讼总览 约 90 家上市公司发布诉讼公告,涉及诉讼案件共 749 则。二、上市公司控股股东放弃表决权的监管应对二、上市公司控股股东放弃表决权的监管应对 上市公司控股股东通过放弃表决权转移上市公司控制权,较易受到交易所监管关注。相关方可有针对性地从交易合理性、合规性、全面性等角度进行应对。三三、上市公司股权激励授予价格引起的监管风险及应对上市公司股权激励授予价格引起的监管风险及应对 上市公司以较低的授予价格进行股权激励时,往往会引起交易所的监管关注。公司应将股权激励作为激发企业活力的工具,设计股权激励授予价格时,应综合考虑各个因素。四、上市公司子公司“失控”风险的产生与应对四、上市公司子公司“失控”风险的产生与应对 近年来,不少上市公司披露其对控股子公司失去控制。这些并购重组时获得的“优质”子公司,却成为了上市公司日后经营中的“陷阱”。在争议产生时,上市公司应当积极利用诉讼程序保护自己的合法权益。五、上市公司在下属公司清算中的风险与责任五、上市公司在下属公司清算中的风险与责任 上市公司在对下属公司进行清理、解散时,应注意按照法律要求履行清算义务,否则可能就下属公司的债务对其债权人承担连带责任。六、六、上市公司董监高违背忠实义务的涉刑风险与案件特点上市公司董监高违背忠实义务的涉刑风险与案件特点 上市公司董监高违背忠实义务可能承担刑事责任,此时若上市公司同时通过民事诉讼主张利益,可能出现民事案件涉刑法院径直驳回起诉的情形。上市公司应当厘清刑民案件中的当事人和事实,争取民事案件正常审理。2022 年第 1 期 总第 15 期 第2页共 132 页 一、一、12月份上市公司诉讼总览月份上市公司诉讼总览 2021 年 12 月,约 90 家上市公司发布诉讼公告,涉及诉讼案件共 749 则。我们关注到,在经营类纠纷占到相当大的比重,其中,建设工程相关合同纠纷及劳动合同纠纷居多;在公司治理类的纠纷中,股东损害公司债权人利益责任纠纷较多;而在投融资类纠纷中,金融借款合同纠纷较多。本期月报,我们挑选了 5 则具有典型意义的案件,包括上市公司控股股东放弃表决权的监管应对、上市公司股权激励授予价格引起的监管风险及应对、上市公司子公司“失控”风险的产生与应对、上市公司在下属公司清算中的风险与责任、上市公司董监高违背忠实义务的涉刑风险与案件特点。我们将从案例出发,简要分析其中的法律问题并提出建议,以期能够为各大公司化解上述风险提供可行路径。二、上市公司控股股东放弃表决权的监管应对二、上市公司控股股东放弃表决权的监管应对 2021 年 12 月 14 日,上市公司 HR 发布关于控股股东、实际控制人签署股份转让协议并放弃表决权暨控股股东、实际控制人拟发生变更的提示性公告。在原控股股东 PY 向第三方公司 XK 转让上市公司 29.96%股份的同时,原控股股东、原实控人签订表决权放弃协议,承诺“在表决权放弃期间无偿且不可撤销地、无条件地放弃其直接和间接合计持有的上市公司总股本超过 26,499,544 股(即占上市公司总股本 10%)的部分股份所涉及的表决权、提案权等根据法律、法规和上市公司章程所约定的股东权利”。交易完成后,XK 公司成为上市公司新控股股东。12 月 15 日,深交所对此发出关注函,要求 HR 公司对 PY 与 XK 是否构成一致行动关系、放弃表决权的原因、是否刻意规避履行要约收购义务、未来是否就 PY剩余股份的处置达成协议或安排、公司将如何保障控制权稳定性等事项作出说明。无独有偶,2021 年 12 月 6 日,深交所针对上市公司 JY“控股股东 LH 自愿在承诺函有效期内放弃其直接及间接持有的公司股份对应的表决权,亦不得委托第三方行使弃权权利”事项,向 JY 公司发出关注函。由此可见,交易所对上市公司控股股东放弃表决权事项较为关注。对于股东放弃表决权,现有法律法规并无明确规定,但基于“义务必须履行,权利可以放弃”的基本法理,上市公司股东放弃表决权也未被监管机构所禁止。在上市公司控制权交易过程中,除了传统的二级市场增持、定向增发、协议转让、表决权委托等方式外,表决权的放弃作为一种在特殊情形下采用的间接收购手段,近年来也常被采用。其好处在于特定第三方无需直接受让股份便可取得上市公司控制权,也无需履行要约收购等繁琐程序,如前述 JY 公司控股股东 LH 仅仅放弃全部表决权便使得 JY 公司控股股东发生转移。通过梳理上市公司控股股东放弃表决权的类似案件,可发现交易所通常较关注以下问题:(1)合理性:放弃表决权的原因,有无相应对价支付安排,是否具备商业实质,是否存在其他交易安排;(2)合规性:新旧控股股东是否构成一致行动关系,表决权放弃是否触发要约收购义务,相关主体是否存在违反承诺的情形;(3)全面性:表决权放弃是否不可撤销,如 第3页共 132 页 何保障公司控制权稳定。有鉴于此,在上市公司控股股东通过放弃表决权方式转移控制权时,我们建议:1.保证信息披露真实、准确、完整。对于放弃表决权的原因,应作出合理解释,尤其是不存在对价支付时,应具备符合公司发展和利益的商业逻辑。2.保证相关条件和程序合规。准确区分一致行动关系,对不触及要约收购义务作出说明,必要时可请律师发表专项法律意见。3.明确表决权放弃是否可撤销及争议解决方式,对交易后上市公司控制权稳定作出整体安排,可对董事会改选等事项作出相应约定。三、上市公司股权激励授予价格引起的监管风险及应对三、上市公司股权激励授予价格引起的监管风险及应对 上市公司的股权激励是上市公司提高核心员工凝聚力、公司核心竞争力的常见工具,有利于实现员工利益与股东利益的长期深度绑定。但实践中,上市公司有可能因股权激励中设计的授予价格偏低,而引起监管和市场的关注。譬如,上市公司 SBE 在 2021 年的股票激励计划中,拟向 293 名激励对象以每股 1 元的价格授予限制性股票 120.95 万股,回购股份的最高价不超过 67.68 元/股。此外,业绩考核标准为 2022-2023 年度归母净利润同比增长不低于 5%。不到市场价 2%的授予价格和过低的业绩考核标准引起了深交所的关注。深交所于计划发布的次日下发关注函,要求公司解释授予价格的依据、考核标准的合理性、是否符合公司的实际情况、是否存在向被激励对象进行利益输送等问题。根据上市公司股权激励管理办法第 23、36 条的规定,上市公司限制性股票的授予价格不得低于股票票面金额,原则上不得低于草案公布前 1、20、60、120 个交易日的 50%交易均价。采用其他方法确定价格的,应当说明定价依据及定价方式,并应当聘请独立财务顾问就股权激励计划的可行性、是否有利于上市公司的持续发展等内容发表专业意见。上市公司 SBE 回复关注函称,1 元的授予价格系采用了其他定价方法,该定价合理、可行,不存在利益输送情形,并聘请 ZJ 公司作为财顾对股权激励的定价依据进行说明。实践中,因在股权激励计划中设计了较低的授予价格,而引起监管关注、受到市场质疑的上市公司不在少数。又如上市公司 SZ 的员工持股计划以 0 对价授予,迅速引来了深交所的关注函,要求其说明员工持股计划受让价格的确定依据及其合理性、公允性。又如,上市公司 YL 的股票激励计划也曾因高价回购,半价授予,被质疑是向高管输送利益,借道股票激励套利。草案公布的次日,股价大幅度下滑。第4页共 132 页 鉴于上述情况,对于上市公司股权激励授予价格的设计,我们提出如下建议:1.公司应将股权激励作为激发企业活力的工具。一方面,股权激励需要达到员工激励效果,绑定优秀人才,对公司发展产生正向作用。另一方面,需要结合公司的实际情况、行业发展状况、市场竞争情况,设置科学合理的业绩考核的指标。激励方案的最终目标应当是,公司员工达到绩效考核,为股东创造价值后得到奖励,应当避免利益输送和损害公司利益的情况。2.多因素综合考虑,设计合理的授予价格。在公司层面上,考虑的因素具体包括,公司激励政策的连续性,价格的设计是否符合公司未来的发展规划,是否匹配业绩考核的难度,回购股份产生的费用支出是否会影响公司日常经营。在激励对象层面上,则包括价格是否具有一定的激励效果,其所获得的股票价值规模是否处于合理区间,是否匹配激励对象整体收入水平。四、上市公司子公司“失控”风险的产生与应对四、上市公司子公司“失控”风险的产生与应对 2021 年 12 月 19 日,上市公司 BC 公司召开第八届董事会 2021 年第七次会议,审议通过了关于全资子公司 JH 公司不再纳入合并报表范围的议案。根据上市公司公告披露信息,上市公司持续地通过各种方法对 JH 公司进行管控,但均无法取得成效。上市公司无法获取 JH公司的完整财务资料,无法掌握其实际经营情况、资产状况及潜在风险等信息,也无法对 JH公司的重大经营决策、人事、资产等实施控制。上市公司对 JH 公司存在管理障碍,导致上市公司不能有效行使控制权,已在事实上实质失去对 JH 公司的控制。因此,上市公司决定,JH公司自 2021 年 10 月 1 日起即不纳入合并报表范围。近年来,上市公司对并表子公司失去控制权的披露公告并不罕见。企业会计准则第 33号合并财务报表对“控制”作出定义:“合并财务报表的合并范围应当以控制为基础予以确定。控制,是指投资方拥有对被投资方的权力,通过参与被投资方的相关活动而享有可变回报,并且有能力运用对被投资方的权力影响其回报金额”。从上市公司的公告情况来看,子公司“失控”主要体现为(1)上市公司对子公司的实际经营管理失去控制,以及(2)上市公司对子公司运营状况的知情权受到限制。具体情形包括:子公司拒不执行由上市公司主导的股东会决议或董事会决议,尤其是对于人事任免和利润分配等重大事项的决议;子公司不经过股东大会审议擅自处置重大资产;子公司拒绝向上市公司提供财务报表,拒绝接受上市公司指派的会计师对子公司进行审计等。失控的子公司,往往是上市公司通过并购重组取得的“优质资产”。但是,由于并购重组方案设计不合理、后续管理不当等原因,尤其是在上市公司与子公司原股东签署对赌协议,子公司原股东、管理层仍主导子公司经营的情形下,上市公司容易与子公司之间产生摩擦和 第5页共 132 页 对抗,并可能伴随控制权争夺、违规担保、内控混乱等问题,甚至可能导致公司僵局的产生,影响上市公司本身的业绩表现。除了事前完善交易方案设计、健全日常管理外,我们也建议上市公司在争议发生时,积极动用诉讼手段维护权利:1.如对赌协议和业绩补偿协议中约定了原股东的股份质押条款,且经过了公证处公证,一旦条件成就,建议上市公司立即申请执行原股东持有的上市公司股份;如未约定上述条款,上市公司也应及时提起诉讼和保全,冻结子公司原股东持有的上市公司股份,防止其处置股份或在股份上设置权利负担;如果在上市公司起诉前,原股东已经向第三方质押其持有的上市公司股份,上市公司还应继续搜集原股东的其他财产线索,一并申请财产保全。2.及时起诉原股东和子公司并申请行为保全,防止损失进一步扩大。上市公司可向法院申请限制子公司原股东控制公司经营的行为,请求法院查封公司公章证照以及财务账册等资料,并发布公告,明确拒绝认可子公司在失控期间作出的各项决议以及签署的各项协议。3.在子公司存在业绩诈骗或者其他犯罪情形时,及时向公安机关报案,以保护子公司的资金财产安全,并及时追究行为人的责任。五、上市公司在下属公司清算中的风险与责任五、上市公司在下属公司清算中的风险与责任 2021 年 12 月 15 日,上市公司 NY 公司披露称收到法院的执行通知,依法需要对 SA公司的债权人承担赔偿责任。SA 公司为上市公司与 ZC 公司联合设立的煤矿企业,于 2010 年6 月停产关闭,2017 年 1 月注销。本案 19 名原告原为 SA 公司员工,2013 年至 2015 年间,19 名原告分别向劳动人事争议仲裁委员会提出工伤赔偿申请,仲裁委裁定 SA 公司支付申请人伤残补助金等费用。SA 公司清算期间,未通知 19 名原告申报债权,导致 19 名原告的留薪期工资、伤残补助金、工伤医疗补助金、就业补助金等费用未得到赔偿。法院判决上市公司与 ZC 公司对 SA 公司的债务向 19 名原告承担连带责任。上市公司可能出于重组、收回投资等需求将下属公司解散并注销登记。按照公司法第 183 条的要求,公司在解散之前应成立清算组进行清算。股份有限公司的清算组由董事或者股东大会确定的人员组成,清算组负有通知债权人、清理债权债务等义务。公司法司法解释(二)则规定了清算义务人失职的法律后果,主要包括:清算义务人怠于履行清算义务导致公司财产损失,清算义务人在造成公司财产损害范围内对公司的债务承担连带责任;清算义务人怠于履行清算义务导致公司无法清算的,清算义务人对公司债务承担连带责任;清算义务人未进行清算直接注销公司的,清算义务人直接对债权人承担所有清偿责任。九民纪要第 14 条到第 16 条则就清算义务人的清算责任规定了如下抗辩理由:有限责任公司的小股东可以通过举证自己“不是公司董事会或者监事会成员,也没有选派人员担任该机关成员,且从未参与公司经营管理”来避免承担连带责任;有限责任公司的股东可以主张公司 第6页共 132 页 不能清偿的结果与怠于履行清算义务之间没有因果关系来避免承担连带责任;债权人对公司的债权超过诉讼时效的,股东可以主张诉讼时效抗辩以避免承担责任。基于上述规定及实践中常见纠纷,我们建议上市公司下属公司在清算时需要注意:1.公司应依照法律要求及时通知债权人。为减少遗漏之风险,可以同时在有影响力的报纸上进行公告。除公司对外经营中产生的债权人,公司员工也属于应当通知的债权人范围。未对债权人进行通知、公告的,公司的股东可能会就公司债务承担连带责任。2.妥善保管公司账簿以及清算时制作的资产负债表和财产清单等文件。因公司清算而引起的纠纷可能发生在公司已经解散注销之后,为防止在相关争议中陷入难以举证之困境,应妥善保管相关的财务文件。在相关争议发生时,可以通过相关文件证明债权人的损失与股东行为之间没有因果关系来避免承担责任。3.对于缺乏清算经验的股东,我们建议聘请专业的律师等专业人士介入清算,既能有效避免相关法律风险,也能以此体现自身曾积极履行清算义务。如九民纪要第 14 条所述,股东举证证明其已经为履行清算义务采取了积极措施,主张其不应当对公司债务承担连带清偿责任的,人民法院依法予以支持。六、六、上市公司董监高违背忠实义务的涉刑风险与案件特点上市公司董监高违背忠实义务的涉刑风险与案件特点 BL 公司 2021 年 12 月 31 日发布公告称,2020 年 8 月 BL 公司就 WAX 操控 BL 公司二级子公司 HNHR 公司违规对外担保造成 HNHR 公司 1.7 亿元银行存款被划走一事提起诉讼,法院就该案近日裁定驳回原告 BL 公司的起诉。法院经审查认为,WAX 向案外人借款共计 4.66 亿元目的是为了履行 BL 公司收购 BJHR 公司 51%股权的承诺。从时间顺序上看,BL 公司于 2019 年5 月 28 日经工商局核准成为股东,WAX 于 2019 年 10 月 28 日、2020 年 1 月 8 日向案外人借款并将款项转入 BJHR 公司账户,该款应列为公司财产。法院驳回起诉的原因很可能是 WAX 作为 BJHR 公司的股东兼法定代表人,未经 BJHR 公司持股 51%的股东 BL 公司同意,将 BJHR 公司财产转出并设置质押,该行为涉嫌刑事犯罪,应移送公司机关处理,故驳回民事起诉。其中,上述主体之间的持股关系为,BL 公司与 WAX 为 BJHR 公司的股东,BJHR 公司为 HNHR 公司的全资股东。仅依据公告,读者暂不能完全清楚本案完整案情,但就目前透露的信息可以注意到两个要点:上市公司董监高违背忠实义务的刑事责任风险以及刑民交叉案件的审理特点。刑法第 169 条之一规定1,上市公司的董事、监事、高级管理人员违背对公司的忠实 1 刑法第 169 条之一规定:“上市公司的董事、监事、高级管理人员违背对公司的忠实义务,利用职务便利,操纵上市公司从事下列行为之一,致使上市公司利益遭受重大损失的,处三年以下有期徒刑或者拘役,并处或者单处罚金;致使上市公司利益遭受特别重大损失的,处三年以上七年以下有期徒刑,并处罚金:(一)无偿向其他单位或者个人提供资金、商品、服务或者其他资产的;(二)以明显不公平的条件,提供或者接受资金、商品、服务或者其他资产的;(三)向明显不具有清偿能力的单位或者个人提供资金、商品、服务或者其他资产的;(四)为明显不具有清偿能力的单位或者 第7页共 132 页 义务,利用职务便利,操纵上市公司为损害公司利益的行为,致使上市公司利益遭受重大损失的,承担刑事责任。上市公司的控股股东或者实际控制人,指使上市公司董事、监事、高级管理人员为损害公司利益的行为的,也应当承担刑事责任。此外,根据刑法第 271 条、第 272 条等,一般公司、企业的工作人员违反忠实义务可能承担职务侵占罪、挪用资金罪等。上市公司董监高违背忠实义务存在承担刑事责任的风险,同时,上市公司董监高违背忠实义务也可能承担民事责任,那么这时就存在刑民交叉的情况。在案件事实同时涉及刑事犯罪与民事争议时,原则上,由于刑民法律责任的法益保护、构成要件、归责原则以及责任形式皆有不同,刑民案件理应分别受理、审理。但由于通过刑事追赃程序实际上可以赔偿受害人的损失,故为节省司法资源,刑民交叉案件中,应当驳回民事案件的起诉。刑事当事人与民事当事人不同或涉刑事实与民事案件中的事实不同时,民事案件应当继续审理。2019 年颁布全国法院民商事审判工作会议纪要第 128 条2及其理解与适用均明确持该观点。就此,我们提出以下建议:(1)上市公司的董事、监事、高级管理人员应当履行对公司的忠实义务,不应操纵公司无偿向第三人提供利益、或以明显不公平的条件提供或者接受资产、或向明显不具有清偿能力的第三人提供资产或担保、或无正当理由放弃债权、承担债务等。同时,上市公司内部应当加强对董事、监事、高级管理人员、控股股东、实际控制人的监督机制,防止上述主体侵害公司利益,及时制止有可能损害公司利益的行为,避免公司利益受损。(3)如果在诉讼过程中遇到了刑民交叉的情形,要注意分析法律关系,厘清刑事审理和民事审理中的当事人和事实,避免因为法院径直裁定驳回起诉,而延误上市公司正当追究相关主体民事责任的时机。个人提供担保,或者无正当理由为其他单位或者个人提供担保的;(五)无正当理由放弃债权、承担债务的;(六)采用其他方式损害上市公司利益的。(第一款)上市公司的控股股东或者实际控制人,指使上市公司董事、监事、高级管理人员实施前款行为的,依照前款的规定处罚。(第二款)犯前款罪的上市公司的控股股东或者实际控制人是单位的,对单位判处罚金,并对其直接负责的主管人员和其他直接责任人员,依照第一款的规定处罚。(第三款)”2 九民纪要第 128 条规定:“同一当事人因不同事实分别发生民商事纠纷和涉嫌刑事犯罪,民商事案件与刑事案件应当分别审理,主要有下列情形:(1)主合同的债务人涉嫌刑事犯罪或者刑事裁判认定其构成犯罪,债权人请求担保人承担民事责任的;(2)行为人以法人、非法人组织或者他人名义订立合同的行为涉嫌刑事犯罪或者刑事裁判认定其构成犯罪,合同相对人请求该法人、非法人组织或者他人承担民事责任的;(3)法人或者非法人组织的法定代表人、负责人或者其他工作人员的职务行为涉嫌刑事犯罪或者刑事裁判认定其构成犯罪,受害人请求该法人或者非法人组织承担民事责任的;(4)侵权行为人涉嫌刑事犯罪或者刑事裁判认定其构成犯罪,被保险人、受益人或者其他赔偿权利人请求保险人支付保险金的;(5)受害人请求涉嫌刑事犯罪的行为人之外的其他主体承担民事责任的。审判实践中出现的问题是,在上述情形下,有的人民法院仍然以民商事案件涉嫌刑事犯罪为由不予受理,已经受理的,裁定驳回起诉。对此,应予纠正。”第8页共 132 页 主主 办办 北京市天同律师事务所 主主 编编 何海锋 13683517916(同微信)汤 竟 13798389602(同微信)责任编辑责任编辑 汤友军 吴陶钧 李 燕 陈豪鑫 韩非鹏 管乐柳 蒋若楠 阅读提示:阅读提示:本报告每月上旬发布。所涉诉讼信息均来自上市公司公告或公开裁判文书,仅用于个人学习、研究之目的,不构成任何投资建议。因个案具体事实存在差异,且部分问题在法律理论及各地司法实践中也存在争议,故本刊亦不能作为判断个案裁判结果或诉讼风险的依据。本刊所提案例内容仅为概要信息,如欲了解详情,可与协会工作人员联系。上市公司诉讼风向标上市公司诉讼风向标 一、一、1月份上市公司诉讼总览月份上市公司诉讼总览 约 105 家上市公司发布诉讼公告,涉及诉讼案件共 764 则。二、交易相对方的实控人利用公司外壳侵害上市公司权益的风险二、交易相对方的实控人利用公司外壳侵害上市公司权益的风险 在商事交易中,交易相对方可能利用欺诈等手段达成交易,而相对方的实际控制人则躲在公司背后逃避法律责任。上市公司应警惕相关风险,并在交易时尽到谨慎的审查义务,以保护自己不受侵害。三三、新虚假陈述若干规定时效起算点修改对上市公司的影响新虚假陈述若干规定时效起算点修改对上市公司的影响 新虚假陈述若干规定将虚假陈述民事案件的诉讼时效起算点修改为虚假陈述的披露日或更正日,可能会大幅缩短投资者维权的期限,上市公司需了解时效制度修改产生的影响,以便于在诉讼中及时作出应对。四、上市公司年报季谨防提前泄四、上市公司年报季谨防提前泄露内幕信息露内幕信息 目前上市公司已进入年报披露高峰时期,上市公司应健全内幕信息管理制度,做好内幕信息知情人员登记及档案填报,同时完善内部控制管理体系,规范管理人员对外言论及口径。五、上市公司重大资产重组中业绩承诺方股份补偿问题的风险提示五、上市公司重大资产重组中业绩承诺方股份补偿问题的风险提示 上市公司在进行重大资产重组时,通常要求标的公司与相关人员对业绩做出补偿承诺,当上市公司在选择股份补偿时,需重点关注业绩补偿对应股份的质押问题。六、六、新虚假陈述若干规定要点分析与新虚假陈述若干规定要点分析与其其对上市公司的警示对上市公司的警示 上市公司应当加强内控和财务管理,避免被认定为虚假陈述,同时提高可信赖度以争取中介机构的服务和投资者的青睐。上市公司相关责任人员应当时刻注意保留证据以证明自己勤勉尽责,同时注意证据落款时间的正确性,以防因为日期有误而无法达到证明目的。2022 年第 2 期 总第 16 期 第9页共 132 页 一、一、1月份上市公司诉讼总览月份上市公司诉讼总览 2022 年 1 月,约 105 家上市公司发布诉讼公告,涉及诉讼案件共 764 则。我们关注到,在经营类纠纷占到极大的比重,其中,建设工程相关合同纠纷及买卖合同纠纷居多;在公司治理类的纠纷中,证券虚假陈述责任纠纷较多;而在投融资类纠纷中,金融借款合同纠纷较多。本期月报,我们挑选了 5 则具有典型意义的案件,包括交易相对方的实控人利用公司外壳侵害上市公司权益的风险、新虚假陈述若干规定时效起算点修改对上市公司的影响、上市公司年报季谨防提前泄露内幕信息、上市公司重大资产重组中业绩承诺方股份补偿问题的风险提示、新 虚假陈述若干规定 要点分析与其对上市公司的警示。我们将从案例出发,简要分析其中的法律问题并提出建议,以期能够为各大公司化解上述风险提供可行路径。二、交易相对方实控人利用公司外壳侵害上市公司权益的风险二、交易相对方实控人利用公司外壳侵害上市公司权益的风险 2022 年 1 月 19 日,上市公司 XH 公司披露一起败诉案件,纠纷起因如下:2016 年 6 月,被告 XZJ 数次到访 XH 公司,促成 XH 公司与 JL 公司签订合作协议。在合作协议上,XZJ 签字确认并承诺 JL 公司拥有高品质石灰石矿山开采权这项目的必要先决条件。同时,JL 公司承诺履行办理审批手续、提供项目合作所需地块等义务。基于 JL 公司的承诺,XH 公司与 JL公司共同设立了 JH 公司,并投入资金、设备人力。然而,JL 公司并没有履行相关承诺。并且,XH 公司事后得知 JL 公司也并不拥有高品质石灰石矿山开采权,矿山开采权实际上在 CY公司名下。XH 公司此后多次向 JL 公司要求赔偿 JL 公司都拒不理睬,并以变更法定代表人的形式尝试逃避责任。XH 公司遂提起诉讼,主张 XZJ 等人为 JL 公司和 CY 公司的实际控制人,对 XH 公司进行了欺诈,应与 JL 公司承担连带赔偿责任。在我国现有法律体系下,债权人对债务人实际控制人的追责相较于债务人股东更为艰难。公司法和相关司法解释中仅明确规定了实际控制人在抽逃出资、不当清算等有限的场景下应承担连带责任。实践中,有法院以“非公司股东但与公司存在关联或控制关系的其他主体通过操作或控制公司而损害公司债权人利益,与公司股东滥用公司人格损害债权人利益具有同质性”为理由,类推适用公司法第二十条第三款,基于“刺破公司面纱”的法理尝试对实际控制人进行规制。3 需要特别注意的是,即使法院愿意对实际控制人的不当行为做出规制,债权人仍然需要承受巨大的举证不能的风险。“刺破公司面纱”的法理依据在于公司在实际控制人的控制之下已经沦为形骸,丧失了独立意思与独立财产,以至于实际控制人与公司人格混同。为证明人格混同,债权人需要围绕债务人的业务、人员、财务等多方面提出证据,然而相关资料往往为债务人所隐藏,导致债权人的举证陷入困境。实践中,交易相对方还可能通过变更法定代表人的手段帮助其实际控制人逃避承担责任。我国现行法上并没有禁止公司在诉讼过程中 3 参见最高人民法院(2020)最高法民终 185 号。第10页共 132 页 变更法定代表人,在变更法定代表人之后,法院在对原法定代表人采取限制高消费等执行措施上会更为谨慎。在过往的案例中,有法院在原法定代表人仍然直接控制公司运营的情况下,才认可对原法定代表人采取限制出境措施。4 对于上述风险,我们建议上市公司:(1)在具备谈判优势的情况,优先将交易相对方的实际控制人锁定为合同当事方,明确其与交易相对方为共同义务人或承担连带责任等,确保实际控制人为交易相对方的欺诈等违约行为承担责任;(2)如果无法要求交易相对方的实际控制人直接承担合同义务,在开展合作前必须对交易相对方进行合理的调查,不可以完全寄希望于事后去主张交易相对方与实际控制人存在人格混同。有法院就在判决中指出:“作为一个正常的商业交易,在合作前,一方对另一方的背景和实力等的认知,不应是建立在对方自我的描述之上,而是有起码的证据和调查,尽到商人审慎的注意义务。”5假如没有经过一定的调查便展开交易,不仅有被交易相对方欺诈的风险,还可能被法院认为没有尽到商人审慎的注意义务从而失去获得救济的可能性。三、新虚假陈述若干规定时效起算点修改对上市公司的影响三、新虚假陈述若干规定时效起算点修改对上市公司的影响 2022 年 1 月 19 日,上市公司 RT 公司发布关于投资者诉讼事项的公告,披露其与超过一百五十位中小投资者之间虚假陈述责任纠纷的阶段性诉讼结果。投资者主张 RT 公司的虚假陈述行为为其 2015 年、2016 年年度报告中的虚假记载。法院认定该行为的实施日为 2016年 3 月 10 日,揭露日为 2019 年 1 月 12 日,基准日为 2019 年 3 月 6 日。监管部门于 2020 年6 月 5 日作出行政处罚决定书。目前,部分案件已经一审,法院判决上市公司履行赔付义务。该纠纷中仍有 7 起尚未开庭审理的案件,根据 2022 年 1 月 22 日起实施的最高人民法院关于审理证券市场虚假陈述侵权民事赔偿案件的若干规定(以下简称“新规”)第三十五条第二款,尚未开庭的案件仍然可能适用新规。6 新规下,虚假陈述案件审理的一大重要变化在于诉讼时效。新规第三十二条第一款规定,当事人可以主张以揭露日或更正日在先者为诉讼时效起算时点。正如上述纠纷所示,实践中虚假陈述披露日或更正日往往早于行政处罚决定书或者刑事判决书作出日。因此,这一变更很可能会对案件结果产生实质影响,涉及虚假陈述纠纷的上市公司对此应尤为关注。新规修改了此前诉讼时效以行政处罚决定之日或刑事判决生效之日起算的规定,回归 民法典第一百八十八条的一般规则,将揭露日与更正日的在先节点作为“权利人知道或者应当知道权利受到损害以及义务人之日”,以确定诉讼时效的起算。7这一修改的合理性在于:4 参见最高人民法院(2017)最高法执复 73 号。5 参见上海市高级人民法院(2020)沪民终 31 号。6 新虚假陈述纠纷若干规定第三十五条第二款:“本规定施行后尚未终审的案件,适用本规定。”7 天同律师事务所:解读新虚假陈述若干规定之一:适用范围、管辖、责任形式、诉讼时效、与其他法律的适用关系,2022 年 1 月 22 日。第11页共 132 页 其一,新规第二条第二款废止了刑事裁判与行政处罚作为股票类虚假陈述民事责任案件的前置程序,新规的修改与前置程序的取消直接相关,是对民法诉讼时效一般规则的重述,统一了此前虚假陈述纠纷相关裁判规则与民法不一致之处;其二,将起算时点修改为揭露日或更正日,能够督促投资者及时关注证券状况并主张权利;其三,这一变更也能督促上市公司及时自查并更正不实陈述,在挽回投资者损失的同时,也避免自身责任的扩大。我们认为,新规之下,上市公司在日常经营管理中,应当注意及时自查自纠并披露相关信息,在与中小投资者的虚假陈述纠纷中,应当积极主张时效抗辩。同时需注意的是,由于目前实务中对诉讼时效修改的争议较大,且新规是对过去裁判思路的重大调整,尚无法确定短期内各地法院是否会因为投资者预期保护和裁判尺度稳定性的考量,对存量纠纷仍然适用旧规诉讼时效的规定。由于目前尚未有根据新规进行裁判的司法,我们将持续跟踪司法裁判实务,并及时与上市公司沟通最新动向。四、上市公司年报季谨防提前泄露内幕信息四、上市公司年报季谨防提前泄露内幕信息 交易所股票上市规则规定,上市公司应当于每个会计年度结束之日起四个月内披露年度报告。目前临近年报披露时点,已进入上市公司业绩预告及年报披露高峰时期。Wind 数据显示,截至 2022 年 1 月 29 日,A 股共 2547 家上市公司披露 2021 年业绩预告,1473 家预喜,预喜率达到 57.83%。另据广发证券统计,截至 2022 年 2 月 5 日,年报业绩预告显示的业绩增速高于此前市场预期,TMT、新能源产业等表现尤为突出。业绩增长固然可喜,但上市公司及相关人员仍应注意把握信息披露红线,避免在正式披露公司业绩情况前,提前对外泄露内幕信息。上市公司信息披露管理办法第 8 条规定,依法披露的信息,应当在证券交易所的网站和符合中国证监会规定条件的媒体发布,同时将其置备于上市公司住所、证券交易所,供社会公众查阅。信息披露义务人不得以新闻发布或者答记者问等任何形式代替应当履行的报告、公告义务。若违反该规定,未在指定场所及媒体披露,则可能面临责令改正、监管谈话、警示函、责令公开说明、责令定期报告、责令暂停或者终止并购重组活动等监管措施。例如,上市公司 GL 的董事长在召开 2019 年第一次临时股东大会上发布了 GL2018 年营业收入和净利润等有关业绩信息,而 GL 在股东大会结束后的当晚才发布 2018 年度业绩预告。广东证监局认为 GL 公司董事长的行为违反了上市公司信息披露管理办法,对其采取出具警示函的行政监管措施。此外,若相关人员在非指定场所对上市公司业绩情况作出倾向性表述,上市公司亦可能在年报季这一敏感时期面临巨大舆论压力、引发市场对上市公司内部管理制度的质疑。例如,上市公司 WK 前董事会主席、名誉主席 WS 在其个人新书发布会上表示,根据其掌握信息,WK 第12页共 132 页 即将公布的年报业绩非常好。该言论作出后,立即在市场引起广泛关注,引发外界对 WK 内控制度是否完善的质疑,认为该举涉嫌信披违规,更有投资者就该问题在互动平台对上市公司提问。WK 随后紧急回应,表示 WS 卸任公司董事会主席后未参与公司经营和治理,公司亦未向其提供有关经营业绩的未披露或预测数据,WS 亦声明,其言论系基于公司前三季度业绩情况及自身经验判断。可见,即使上市公司业绩向好,亦应防止不恰当场合的表述,否则可能对上市公司治理形成负面影响,将上市公司推向舆论的风口浪尖,更可能冲击上市公司长期构建的品牌形象。针对年报季上市公司注意事项,我们提出如下建议:1.健全内幕信息管理制度。年报所涉事项为公司经营业绩情况,属于重大信息,未在指定场所及媒体披露前,上市公司应做好内幕信息管理。2022 年证监会修订形成上市公司监管指引第 5 号上市公司内幕信息知情人登记管理制度,明确了内幕信息知情人、内幕信息的定义及范围,上市公司应据此做好年报季知情人员内幕信息登记及档案填报。2.完善内部控制管理体系。上市公司应根据企业内部控制指引,核查公司内部管理机制,增强管理人员责任意识,规范管理人员对外言论及口径,避免在非指定场合发表不当言论引发舆论风波,对公司品牌形象造成负面影响。此外,上市公司还可以专设对外发言部门,以此统一上市公司对外发声通道,合理阐明公司信息。五、上市公司重大资产重组中业绩承诺方股份补偿问题的风险提示五、上市公司重大资产重组中业绩承诺方股份补偿问题的风险提示 2017 年深交所上市公司 CB 进行重大资产重组,在重组过程中,CB 公司以发行股票的方式收购 RG 公司 100%的股权,同时 CB 公司签订盈利预测补偿协议约定,若 RG 公司实际控制的子公司未完成净利润增长要求,相关义务补偿主体应当按照协议约定的方式进行现金补偿,并向 CB 返还补偿股份数及累计获得的分红收益。2022 年 1 月 14 日,CB 公司发布公告称,由于收购方未完成业绩承诺,且业绩承诺补偿方未按照约定向 CB 公司进行业绩补偿,因此 CB 公司向法院提起诉讼,要求业绩承诺补偿方按照约定向 CB 公司交付 CB 公司股份,CB 公司以 1 元回购并注销,同时业绩承诺补偿方需返还相对应的分红收益。在上市公司重大资产重组过程中,被收购标的公司通常会与上市公司签订业绩补偿协议。该种做法既可以作为交易定价调整的契约安排,也可以为作为并购交易的一种担保。在当前经济形式下,标的公司未完成业绩承诺而需对上市公司进行补偿的案例屡见不鲜。当标的公司未达到业绩承诺时,上市公司与标的公司通常有两种补偿方式进行选择,一是现金补偿,二是股份补偿。在 CB 公司的并购重组交易中,双方在业绩承诺补偿条款中,不仅约定了现 第13页共 132 页 金补偿,还约定了股份补偿,上市公司最终要求业绩承诺方以股份补偿的方式履行业绩补偿承诺。但是在重大资产重组业务中,上市公司约定采用股份补偿的方式时,需注意用于业绩补偿的上市公司股票被质押的相关风险。因为在上市公司与标的公司签订业绩承诺相关协议后,标的公司或相关方可能会将其持有的上市公司股票质押给金融机构以获得资金支持。因此,当标的公司未完成业绩承诺需要进行业绩补偿时,上市公司可能因业绩补偿股票被质押而无法完成股权回购并注销相关股份。证监会为防止该种情况发生,曾于 2019 年发布关于业绩承诺方质押对价股份的相关问题与解答要求业绩承诺方保证将业绩补偿股份优先用于履行业绩补偿承诺,并在监管规则适用指引上市类第 1 号(以下简称监管规则适用指引)再次重申该规则。但是,监管规则适用指引并非具有强制性效力的法律规范,且未直接限制业绩承诺方的质押行为,因此上市公司即便以诉讼方式主张质押合同无效,要求取回相关股票,仍存在较大风险。譬如浙江高院在(2019)浙民终 580 号案中,认为业绩承诺方与第三方缔结股票质押合同是合法真实的正常商业行为,不存在非法目的,因此驳回了上市公司确认股票质押合同无效的请求。针对上市公司重大资产重组中业绩承诺方采用股份补偿的方式进行补偿的问题,我们建议上市公司需注意如下事项:1.在拟定业绩承诺相关协议时,应当严格限制业绩承诺方质押用于业绩承诺补偿的上市公司股票,加大业绩承诺方后续的违约成本,以防止质押行为的发生;2.当上市公司发现业绩承诺方存在质押行为时,即使业绩承诺期限尚未届满,但仍应当提前做好相应准备、积极采取相应措施,以防业绩承诺未实现无法要求补偿方顺利完成股份补偿的义务。六、新虚假陈述若干规定要点分析与其对上市公司的警示六、新虚假陈述若干规定要点分析与其对上市公司的警示 2022 年 1 月 27 日,SXLQ 发布公告称收到民事判决书。该案原告为一自然人,案由为证券虚假陈述责任纠纷,法院最终判决驳回原告诉讼请求。该民事判决书尚未在网络公开。但早在 2021 年 9 月 29 日,SXLQ 已发布公告披露了其已收到 58 起证券虚假陈述责任纠纷案的诉讼材料。其中部分案件已审结,从已公开的民事判决书中可以了解到,SXLQ 涉及大量证券虚假陈述责任纠纷案件的原因可能是 SXLQ 于 2018 年 6 月 22 日收到的行政处罚决定书中认为 SXLQ 环保违规未依法披露,且 SXLQ 因此受到了行政处罚。除了 SXLQ,2022 年 1 月 24 日,ZSZQ 作为受托管理人发布公告披露 PAZQ 成为 LSW 证券虚假陈述责任纠纷案件的被告之一。根据该案公开民事裁定书,中国证监会作出的行政处 第14页共 132 页 罚决定书中认定 LSW 等实施了五项虚假陈述行为,且法院认为虽然存在五项行为,但是从违法行为的性质看,五项虚假陈述行为都有欺诈的性质,在客观效果上,均隐匿了经营风险因素,对市场的影响亦是叠加的,上述虚假陈述行为应当视为一个整体,这将影响虚假陈述行为的实施日、揭露日的认定、因果关系的确认以及诉讼时效的计算等。虚假陈述案件层出不穷,新的规定也紧随其上。2022 年 1 月 21 日,最高人民法院发布关于审理证券市场虚假陈述侵权民事赔偿案件的若干规定(以下简称“新规”)。新规对上述 LSW 案中将连续的虚假陈述行为视为一个整体也进行了规定。此外,新规新增内容中格外值得注意的还有五点。一是扩大了司法解释的适用范围,除了证券交易所、国务院批准的其他全国性证券交易场所之外,在依法设立的区域性股权市场中发生的虚假陈述行为,也可参照适用新规,但后者的交易模式引发学界和实务界对其参照适用新规是否合理的争议。二是废除前置程序,即人民法院受理虚假陈述民事赔偿案件不再以行政或刑事处理为前提条件,但是在无行政或刑事处理的情况下,原告举证证明虚假陈述行为存在的难度可能是巨大的。三是对证券虚假陈述侵权民事责任中的重大性和交易因果关系要件进行了规定。四是在区分职责的基础上,分别规定了发行人的董监高、独立董事、履行承销保荐职责的机构、证券服务机构的过错认定及免责抗辩事由,但是仍然没有规定比例连带责任。五是在责任主体方面,增加了“追首恶”、重大资产重组交易对方和帮助造假者的民事赔偿责任。六是在损失认定部分,根据市场发展,增加规定了诱空型虚假陈述的处理。从整体上可以看到新规对证券虚假陈述行为的打击力度加大,同时总结了以往案例的经验,试图构造可预期性强的规则体系。纵览新规,可以看到过错认定的标准仍然并不明确,其仍然是虚假陈述责任认定的关键之一,结合新规和目前的判例,我们提出以下两点建议:(1)鉴于已有判例中对中介机构责任的严厉态度,中介机构的责任加重,在融资时寻找中介机构的难度可能加大,成本也可能增加。为了争取中介机构的支持与服务,上市公司应当加强内部控制和财务管理,提高自身的可信赖程度,降低看门人的看门难度与看门风险。(2)虽然新规中过错认定的细节仍有待细化,但较之旧的规定已是更加明晰。为了有效地维护自己的利益,不论是融资公司的责任人员还是中介机构等,都需要时刻注意保留证据以证明自己勤勉尽责,抗辩过错的存在。各个责任人员保留提出异议的证据或进行必要调查的证据时注意证据落款时间的正确性,以防因为日期有误而无法证明曾经及时提出异议或进行调查。第15页共 132 页 主主 办办 北京市天同律师事务所 主主 编编 何海锋 13683517916(同微信)汤 竟 13798389602(同微信)责任编辑责任编辑 汤友军 吴陶钧 李 燕 陈豪鑫 韩非鹏 蒋若楠 阅读提示:阅读提示:本报告每月上旬发布。所涉诉讼信息均来自上市公司公告或公开裁判文书,仅用于个人学习、研究之目的,不构成任何投资建议。因个案具体事实存在差异,且部分问题在法律理论及各地司法实践中也存在争议,故本刊亦不能作为判断个案裁判结果或诉讼风险的依据。本刊所提案例内容仅为概要信息,如欲了解详情,可与协会工作人员联系。上市公司诉讼风向标上市公司诉讼风向标 一、一、2月份上市公司诉讼总览月份上市公司诉讼总览 约 67 家上市公司发布诉讼公告,涉及诉讼案件共 411 则。二、合作投资中的法律、政策变化风险二、合作投资中的法律、政策变化风险 在参与投资期限较长、受政策因素影响较大的合作项目时,上市公司一定要特别关注潜在的法律和政策变化风险,并采取相应的风险防控措施,制定风险处置预案。三三、诉讼中的股权价值评估问题诉讼中的股权价值评估问题 股权价值是投融资中交易双方关注的核心要点。争议产生后,也极有可能成为双方的争议焦点问题。上市公司应当关注实践中司法机关对股权价值评估的认定思路,积极应对,以维护自身的合法权益。四、四、上市公司董事职务的无因解除上市公司董事职务的无因解除 关于股东大会解除董事职务的条件,我国公司法呈现从“有因解除”到“无因解除”的转变。在公司章程仍保留有因解除条款的情况下,上市公司任意解除董事职务存在一定风险。五、五、上市公司及其控股子公司对外担保合规应对上市公司及其控股子公司对外担保合规应对 上市公司应建立有效的内控制度,确保上市公司及控股子公司对外提供担保的合规性,并对可能产生的赔偿风险进行预警。上市公司应审慎认定“关联方”,对“关联方”担保需履行必要决议程序,同时应充分披露关联方信息。六、六、新虚假陈述司法解释时代上市公司董监高的过错抗辩新虚假陈述司法解释时代上市公司董监高的过错抗辩 董监高在过错要件方面进行抗辩时,应当从其工作岗位和职责、在信息披露资料的形成和发布等活动中所起的作用、取得和了解相关信息的渠道、为核验相关信息所采取的措施等方面提供有利证据。2022 年第 3 期 总第 17 期 第16页共 132 页 一、一、2月份上市公司诉讼总览月份上市公司诉讼总览 2022 年 2 月,约 67 家上市公司发布诉讼公告,涉及诉讼案件共 411 则。我们关注到,在经营类纠纷占到极大的比重,其中,建设工程相关合同纠纷及买卖合同纠纷居多;在公司治理类的纠纷中,证券虚假陈述责任纠纷较多;而在投融资类纠纷中,损害公司利益纠纷较多。本期月报,我们挑选了 5 则具有典型意义的案件,包括合作投资中的法律、政策变化风险、诉讼中的股权价值评估问题、上市公司董事职务的无因解除、上市公司及其控股子公司对外担保的合规应对、新虚假陈述司法解释时代上市公司董监高的过错抗辩。我们将从案例出发,简要分析其中的法律问题并提出建议,以期能够为各大公司化解上述风险提供可行路径。二、合作投资中的法律、政策变化风险二、合作投资中的法律、政策变化风险 2022 年 2 月 24 日,上市公司 ZH 公司披露一起败诉案件,纠纷起因如下:2020 年 8 月4 日,ZH 公司与 JZ 公司签署了城市花园二期城市更新改造项目合作合同,合作推进城市花园二期更新改造项目和解决历史遗留办证问题。合同签署当日,ZH 公司收到 JZ 公司支付的 1000 万元合同款。2021 年 9 月 24 日,鉴于该项目在城市更新改造项目开展过程中,深圳市人民代表大会常务委员会于 2021 年 3 月 1 日出台施行深圳经济特区城市更新条例,导致该项目申报拆除重建类城市更新单元计划前应当取得的住户更新意愿比例从 90%提高至95%,ZH 公司认为双方履行上述合作合同的基础发生了重大变化,决定终止履行合同,不再作为该项目的合作方。JZ 公司认为 ZH 公司终止合同的行为损害其利益,向法院提起诉讼,要求 ZH 公司返还已支付的合同款 1000 万元并赔偿损失 2000 万元。在合作投资过程中,上市公司经常遇到法律、政策变化影响合同履行的情形。如果构成严重障碍,甚至会导致合作破裂、投资失败。我们建议,在参与投资期限较长、受政策因素影响较大的合作项目时,上市公司一定要特别关注潜在的法律和政策变化风险,并采取相应的风险防控措施,制定风险处置预案,尤其要注意以下事项:其一,合作合同中应尽量明确约定法律、政策变化构成不可抗力或情势变更的具体情形。合作当事方通常会在合作合同中设置概括性的不可抗力或情势变更条款,且通常会将法律和政策变化囊括其中。但在司法实践中,法院对于不可抗力、情势变更的认定非常谨慎,两者与商业风险之间的界限有时并不清晰。例如,在上述案例中,住户更新意愿比例从 90%提高至 95%是否构成合同基础的重大变化,就可能存在争议,需要考察合同约定及争议双方签约时的背景。因此,对于政策变化风险较高、投资期限跨度大的项目,我们建议上市公司采取列举加概括兜底的条款设置方式,尽量避免出现争议。其二,合作合同中应尽量明确约定法律、政策变化导致合同履行出现障碍的法律后果。首先,法律和政策变化有时虽然会导致合同履行产生障碍,但合同目的并非完全不能实现,第17页共 132 页 原有的合作方式经过调整后仍可能继续履行,合作双方可设置备选的方案,以避免双方产生争议后无法协商达成一致意见;其次,即使合同必须终止,也应尽量明确合同终止的后果,对于投资期限跨度大的项目,甚至还需要考虑在不同履行阶段终止合同的相应后果;最后,在约定法律后果时,不仅要考虑违约责任的免除和承担,还需要特别考虑项目损失的分担和已产生收益、潜在收益的分配等重要事项。三、诉讼中的股权价值评估问题三、诉讼中的股权价值评估问题 2022 年 2 月 17 日,上市公司 ZJ 公司发布关于涉及诉讼的公告,披露法院已受理其与 ZQ 公司之间的合同纠纷。ZJ 公司与 ZQ 公司、项目公司签订了合作合同,ZJ 公司向项目公司转入股权投资款,取得项目股份 49%的股权。由于项目退出条件成就,而 ZQ 公司未配合 ZJ 公司完成股权投资退出和债权回收,双方磋商后约定 ZQ 公司将所持有的项目公司51%股权过户至 ZJ 公司名下,用以抵偿 ZJ 公司对项目公司的投资总额本息,ZJ 公司可以向ZQ 公司追偿抵偿后的差额。ZJ 公司委托评估公司出具了对项目公司的股东全部权益价值的评估报告,并基于此起诉,要求 ZQ 公司支付差额。在投资过程中,由于投资目的无法实现,交易双方约定以股权抵偿投资款或业绩差额的安排并不罕见。但是,股权反映的是企业在持续经营中体现出的价值,因此具有较大波动性,也缺少客观的评估标准。我国现行法律层面尚没有对股权价值评估作出规定,在行业标准层面,中国资产评估协会于 2018 年 10 月 29 日发布资产评估执业准则企业价值,列出了股权估值的基础方法,如收益法、市场法、成本法,为股权价值评估提供一定指引。因此,实践中,股权价值往往会成为双方争议的焦点。鉴于此,我们对诉讼中常见的股权价值评估问题进行总结,以供上市公司参考:其一,本案中,ZJ 公司出具了评估机构对项目公司的股权价值评估报告,但单方委托形成的评估报告,存在效力不被司法机关认可的风险。8从检索情况来看,在双方当事人无法就股权价值达成合意时,往往会申请司法鉴定,由法院委托专门机构进行股权价值评估。其二,股权评估需要以目标公司的财务报表、会计凭证等财务资料为基础。在目标公司拒绝配合提供材料进行评估的情况下,可能会导致股权评估陷入僵局。此时,上市公司可以积极通过其他渠道调取目标公司的财务报表等凭证,并请求法院释明目标公司拒绝配合而可能承受的不利后果。其三,在股权司法评估无法推进时,上市公司可以主张通过其他方式确定股权价值。例 8 参见国家开发银行与沈阳高压开关有限责任公司、新东北电气(沈阳)高压开关有限公司、新东北电气(沈阳)高压隔离开关有限公司、沈阳北富机械制造有限公司等借款合同、撤销权纠纷案,最高院(2008)民二终字第 23 号判决书。第18页共 132 页 如,参考项目公司的审计报告、公司年报等公司对外披露的财务数据(如公司纳税情况、净资产状况等)、股东变更时转让价款对应的股权比例和净资产价值、项目公司名下的实物资产评估价值等。四、四、上市公司董事职务的无因解除上市公司董事职务的无因解除 2022 年 2 月 25 日,上市公司 TL 召开临时股东大会审议通过关于修改的议案。经过修订,TL 公司章程第 98 条从“董事在任期届满以前,股东大会不能无故解除其职务”变为“董事由股东大会选举或更换,并可在任期届满前由股东大会解除其职务”,即章程删除了不得无故解除董事职务的规定。无独有偶,上市公司 SC 于 2022 年 2 月 14 日通过的新章程,与 TL 公司修改内容相似。这实质上是上市公司对解除董事职务采用“有因”或者“无因”规则的一种选择。对待罢免董事问题,我国公司法呈现从有因罢免到无因罢免规则的发展。1993 年 公司法 第 115条第 2 款规定:“董事在任期届满前,股东大会不得无故解除其职务。”2005 年公司法修订,将该条删除,但并未对无因罢免作出明确规定。直至 2019 年,公司法司法解释(五)第3 条明确“董事任期届满前被股东会或者股东大会有效决议解除职务,其主张解除不发生法律效力的,人民法院不予支持”,强调董事职务解除的随时性与无因性,同时为平衡双方利益,规定董事可以要求离职补偿。其理由在于,公司与董事之间实为委托关系,依股东大会的选任决议和董事同意任职而成立合同法上的委托合同。既然为委托合同,则合同双方均有任意解除权。2021 年 12 月公开征求意见的公司法(修订草案)拟新增一条,“股东会可以决议解任董事;无正当理由,在任期届满前解任董事的,该董事可以要求公司予以补偿”,则进一步认可董事职务的无因解除规则。但是,在公司章程仍然保留或采用“不得无故解除董事职务”条款的情况下,公司股东大会是否可以任意罢免董事,实践中存在不同看法。支持方如(2021)川 04 民终 266 号案,法院对公司章程规定不予采用,径行根据公司法司法解释(五)的规定,认为公司对董事仍然具有任意解除权。反对方则主张此时应对公司解除董事职务究竟是否具备正当理由予以实质审查,如在(2020)苏 0106 民初 7930 号案中,被告公司辩称股东大会免除三位董事职务的原因是,公司在这三位董事主导经营下业务量急剧下降、招待费用持续增加、经营状况每况愈下,但被告就其主张未提供证据证明,因此法院认定,案涉股东大会决议内容违反公司章程关于罢免董事职务的要求,判决撤销决议。两种观点的根源在于对 公司法司法解释(五)第 3 条的理解不同,持强制性规范说的一方认为,当公司章程与其发生冲突时,则章程劣后适用;持任意性规范说的一方认为,由于公司自治,章程可以作出特别规定,且章程应当优先适用。鉴于上市公司不当解除董事职务,可能引发撤销股东大会决议效力等纠纷,我们建议:第19页共 132 页 1.上市公司可以根据实际情况,考虑是否修改公司章程中“股东大会不能无故解除董事职务”的条款,避免无因罢免导致的监管风险。2.确保罢免董事的程序合法合规,避免因程序不当而影响股东大会决议效力。3.制定规则明确董事的离职补偿条件及标准,避免董事被罢免后因补偿问题与公司发生纠纷。五、五、上市公司及其控股子公司对外担保的合规应对上市公司及其控股子公司对外担保的合规应对 2018 年 3 月,上市公司 SX 公司实际控制人许某以上市公司的名义为其在股票协议转让期权合同项下的义务提供连带责任保证,许某通过伪造董事签名私自加盖公章的方式出具了董事会决议。实际上,该对外担保事项未按规定履行董事会、股东大会决策程序,也没有及时公告披露。2022 年 2 月,上交所对上市公司 SX 的时任董事会秘书、财务总监作出监管警示决定,并对公司时任董事长、时任董事进行通报批评。上市公司对外担保一直是监管机关重点关注的问题。根据证监会 2022 年 2 月 18 日发布的2021 年案件办理情况,全年办理违法占用担保案件 73 起,其中,实际控制人未经公司董事会或股东大会审议,擅自以上市公司名义为关联企业提供担保的金额约 18 亿元。结合前述 SX 公司违规担保案例,我们对上市公司对外担保注意事项及合规要点提示如下。首先,上市公司应按照公司主体真实意思审慎披露对外担保事项。依据最高人民法院关于适用中华人民共和国民法典有关担保制度的解释(法释202028 号,以下简称担保制度解释)第 9 条的规定,担保权人对上市公司公开披露担保事项信息形成的合理信赖具有优先保护的效力。信息披露是上市公司对外提供担保的有效要件。在此情形下,一旦上市公司就相应担保事项进行了决议公告,担保权人即可获得法院支持,上市公司即使抗辩担保不成立也很难得到支持。其次,上市公司控股子公司对外提供担保事项适用上市公司对外担保规则。依据担保制度解释第 9 条第 3 款及上市公司监管指引第 8 号上市公司资金往来、对外担保的监管要求(中国证券监督管理委员会公告202226 号,以下简称8 号指引)第 15 条的规定,上市公司控股子公司对于向上市公司合并报表范围之外的主体提供担保的,应视同上市公司提供担保并参照相关规定执行。值得注意的是,相对人与上市公司控股子公司订立担保合同的,适用担保制度解释第 9 条第 1 款及第 2 款的规定。但是上市公司控股子公司能否主张担保制度解释第 9 条第 2 款上市公司享有的抗辩目前仍有争议。即便上市公司控股子公司依据担保制度解释第 9 条第 2 款主张担保合同对其不发生效力,相对人依然有可能根据担保制度解释第 7 条(法定代表人越权担保)及第 17 条(担保无效的 第20页共 132 页 赔偿责任)的规定要求上市公司子公司承担赔偿责任。因此,上市公司控股子公司对外担保时,即便相对人存在担保制度解释第 9 条第 2 款的情形,上市公司控股子公司依然存在需要承担担保责任或者赔偿责任的风险。再次,是否属于关联担保,实践中往往会从交易实质角度认定上市公司是否构成关联担保,并要求经过股东大会决议。例如,在(2020)沪 74 民终 289 号案件中,上海金融法院认为,虽然两公司间并无股权关系,但据商业保理合同载明,各方均确认实际控制关系,认可上市公司实际控制人同样为被担保方实际控制人,由此认定案涉担保是上市公司为其实际控制人所控制的另一家公司提供担保,并由此要求形成股东大会决议。根据前述相关监管规则及司法实践案例,我们建议:1.上市公司应按照8 号指引等规定建立有效的内控制度,建立和完善对外担保决策程序,及时、准确地披露相关对外担保信息。同时,上市公司应加强内部合规建设,规范重要印鉴的管理,防止实控人、高管等违规以上市公司名义对外提供担保。2.上市公司应尤其注意子公司对外提供担保的合规性。上市公司已公开披露的控股子公司对外签订担保合同需参照上市公司对外担保的要求,可以对可能出现的赔偿风险提前进行内部预警。3.上市公司对外提供担保,应审慎认定被担保方是否构成上市公司的“关联方”。上市公司应对其与控股股东、实际控制人及其他关联方已经发生的资金往来、对外担保情况进行自查,及时进行整改。六、六、新虚假陈述司法解释时代上市公司董监高的过错抗辩新虚假陈述司法解释时代上市公司董监高的过错抗辩 上市公司 YYXT 公司于近日收到北京金融法院及哈尔滨中级人民法院送达的法律文书,涉及 53 名投资者以证券虚假陈述责任纠纷为由对公司提起民事诉讼,涉诉金额共计人民币5,932.03 万元。涉诉被告还包括 YY 集团(YYXT 公司大股东)、ZT 会计师事务所、GX 证券股份有限公司、邓某 1(时任 YYXT 公司实际控制人)、邓某 2(时任 YY 集团董事)、曲某(时任 YYXT 公司董事长)、田某(时任 YYXT 公司总裁)等。原告起诉的依据为证监会在 2021 年12 月 28 日下发的行政处罚决定书,依据该书,YYXT 公司未按规定及时披露对外担保及其关联方非经营性占用资金的关联交易情况;未在相关定期报告中真实、完整披露对外担保、关联交易形成资金占用情况,导致相关定期报告存在重大遗漏,违反了 2005 年证券法第六十三条和第六十七条第一款的规定,构成第一百九十三条第一款虚假陈述的行为。此外,前述自然人被告作为责任人也受到市场禁入的行政处罚。第21页共 132 页 虚假责任纠纷中,上市公司董监高的责任备受关注。2022 年 1 月 21 日,最高人民法院发布关于审理证券市场虚假陈述侵权民事赔偿案件的若干规定(以下简称“新规”),对2003 年的旧司法解释作出了多方面的修改和补充。根据新规,发行人是无过错责任。故发行人无法主张无过错抗辩,但上市公司的董事、监事、高级管理人员是否存在过错仍有抗辩空间。根据证券法第八十五条,发行人的控股股东、实际控制人、董事、监事、高级管理人员和其他直接责任人员若无法证明自己没有过错,应与发行人承担连带赔偿责任。新规进一步将该条所称的过错区分为故意和过失两种情形,并将过失界定为行为人严重违反注意义务,即只有“严重违反注意义务”的过失才构成证券法意义上的过错。通过这一限缩解释,排除了轻微过失或一般过失情形承担证券法上的侵权责任,也排除了连带责任的适用。根据新规,在认定董监高的过错时,法院要结合其工作岗位和职责、在信息披露资料的形成和发布等活动中所起的作用、取得和了解相关信息的渠道、为核验相关信息所采取的措施等实际情况综合审查。上述行政处罚决定书中对邓某 1、邓某 2、曲某、田某是否应受处罚也是从这几个方面进行审查。该 行政处罚决定书 认为,邓某 1 时任 YYXT 实际控制人,邓某 2 时任 YY 集团董事,分管 YY 集团的投资、融资业务,曲某时任 YYXT 董事长、法定代表人,全面负责公司生产经营、内控、信息披露等事项,田某时任 YYXT 董事、总裁,在相关董事会决议上签字或主导合同签署,知悉重大事件但不履行报告义务,应予处罚。除此之外,新规明确董监高的无过错抗辩情形:以书面方式发表附具体理由的意见并依法披露的,且董监高在审议、审核信息披露文件时未投赞成票,董监高无过错。但是,根据新规第十四条、第十五条,董监高无过错抗辩的不成立情形包括但不限于以下情形:第一种情形,对于前述抗辩,董监高在审议、审核信息披露文件时投赞成票;第二种情形,仅以其不从事日常经营管理、无相关职业背景和专业知识、相信发行人或管理层提供的资料、相信证券服务机构出具的专业意见等主张无过错的。有鉴于此,结合新规,我们提出以下建议:(1)董监高无法保证证券发行文件和定期报告内容的真实性、准确性、完整性或者有异议时,应当以书面方式发表附具体理由的意见并依法披露,在审议、审核信息披露文件时不投赞成票。董监高在对重大事项的决议上签字或主导重大协议的签署后,要关注其是否及时、真实、完整、准确地进行披露。(2)董监高如被起诉,在过错要件方面进行抗辩时,应当从其工作岗位和职责、在信息披露资料的形成和发布等活动中所起的作用、取得和了解相关信息的渠道、为核验相关信息所采取的措施等方面提供有利证据。第22页共 132 页 主主 办办 北京市天同律师事务所 主主 编编 何海锋 13683517916(同微信)汤 竟 13798389602(同微信)责任编辑责任编辑 汤友军 吴陶钧 李 燕 陈豪鑫 韩非鹏 管乐柳 阅读提示:阅读提示:本报告每月上旬发布。所涉诉讼信息均来自上市公司公告或公开裁判文书,仅用于个人学习、研究之目的,不构成任何投资建议。因个案具体事实存在差异,且部分问题在法律理论及各地司法实践中也存在争议,故本刊亦不能作为判断个案裁判结果或诉讼风险的依据。本刊所提案例内容仅为概要信息,如欲了解详情,可与协会工作人员联系。上市公司控制权争夺上市公司控制权争夺 前言前言 上市公司控制权争夺广受市场瞩目,也充分考验着各方的智慧与规则运用能力。我们结合 2021 年度资本市场控制权争夺实例,从专业角度与办案经验出发写成此文,以作分享与交流。一、一、20212021 年度上市公司控制权争夺回顾年度上市公司控制权争夺回顾 上市公司控制权争夺此起彼伏。从我们梳理的 2021 年十大典型案例中可看出,控制权争夺主体多元、争夺手段“文武”兼备,其中充盈着资本力量的角逐与规则运用的角力。二、二、上市公司控制权概述上市公司控制权概述 通过分析 2021 年发生实控权变更的 172 家上市公司,上市公司实控人变更的主要方式为表决权委托、一致行动协议等。结合法规与实践,控制权的认定不仅在于外观的股权、表决权,也在于前者与决策、管理等内部治理的系统性一致。三三、上市公司控制权争夺成因上市公司控制权争夺成因 上市公司控制权争夺缘何而起,可能的原因包括表决权委托变动、敌意收购、公司股权分散、公司股东内部分歧。四、四、上市公司控制权争夺常见手段上市公司控制权争夺常见手段 上市公司控制权争夺手段常见诸于内部治理机构与外部行政监管、民事诉讼、刑事犯罪三大领域。五、五、上市公司控制权攻守之道上市公司控制权攻守之道 作为攻方,可以通过增持股份、争夺董监席位、主导公司经营管理等方式抢夺上市公司控制权。作为守方,可以选择保持表决权比例、设置差异化表决权、设置障碍限制改选董监等来捍卫上市公司控制权。2022 年第 4 期 总第 18 期(上市公司控制权争夺特刊)(上市公司控制权争夺特刊)第23页共 132 页 前言前言 天同律师事务所作为国内争议解决领域的顶尖律师事务所之一,始终将聚焦行业热点、把握司法前沿、促进行业共享、助力行业进步作为己任,并通过“天同诉讼圈”作为主要平台,结合长期一线办案经验,持续输出高质量研究成果,“产学研”结合,致力为客户提供优质的法律服务,为同行提供开放的交流平台。上市公司作为我国经济发展的重要力量,是我国行业发展的排头兵,代表了我国先进生产的方向和未来,资本市场更是经济活动最为活跃、利益角逐最为激烈、法律创新最为前沿、法律争议最为复杂的领域。自 2020 年起,我们将多年来办理上市公司案件的经验,集合形成上市公司诉讼观察报告,并开辟“证券法评”专栏,持续推出上市公司合规治理、监管动态、诉讼风险、研究成果等系列文章,从争议化解、股东谈判、行政应对、诉讼解决等维度,全流程剖析上市公司争议解决,助力共建更加规范、健康的资本市场。而在上市公司面临的多种纠纷中,上市公司控制权争夺因涉及主体多、运用资金大、手段丰富、纠纷复杂、关涉公司治理、经营稳定,广受市场瞩目,也成为考验控制权争夺各方智慧和规则运用的“试金石”。贯彻“专注、极致、创新、开放”的法律服务理念,我们结合 2021 年度资本市场控制权争夺实例,从专业的角度和办理控制权争夺案件的经验出发,分析控制权争夺的成因、归纳控制权争夺常见手段,并为控制权争夺攻守双方提供制度建议,以期为各位带来启发,并欢迎各位新老朋友与我们沟通交流。第24页共 132 页 一、一、2021年度上市公司控制权争夺回顾年度上市公司控制权争夺回顾 有资本的地方,就有故事。上市公司控制权争夺此起彼伏。我们从市场关注度、争夺类型、攻防手段等角度,从2021 年度上市公司控制权争夺中梳理出十宗典型案例(我们有幸参与办理其中三成),以期探究风云变幻的资本角逐:序号序号 案例案例 类别类别 攻防手段攻防手段 1 XC 不 同 派 系股东之间 1.双方争夺董事、监事席位:攻方多次提案要求召开临时股东大会,罢免公司董事会、监事会多名成员,但屡遭守方董事会否决。2.攻方召开临时股东大会,但决议效力遭守方否定并诉请法院撤销。3.攻方以履行临时股东大会决议为由,欲进公司办公,取回公章、证照等,遭到守方安排的员工拒绝。2 SY 中小股东 VS 大股东 1.攻方修改公司章程:删除更换、增补董事时,提名股东需“连续 180 日”持股的时间限制。2.双方争夺董事会、监事席位:攻方控制董事会、监事会多数席位后,屡屡否决守方的增补建议。3.双方争夺公司印章证照:攻方以董事会决议希望重新获取印章证照,但因决议内容不合理收到监管关注函。4.攻方董事会罢免高管,守方董事拒绝出席并通过诉讼要求撤销决议。5.双方发起舆论攻势:守方安排员工阻止攻方进入公司办公,并在公司公众号发文,称全体员工反对攻方收购;攻方则通过其他媒介称“进不了自己公司大门”。3 HL 原实控人 VS 新实控人 1.双方就表决权委托事项提起诉讼:原实控人要求法院确认解除表决权委托协议,新实控人要求继续履行。2.双方争夺公司印章证照:原实控人进入公司控制印章证照,成立临时监管小组进行经营自救;新实控人称印章被非法控制。4 BW 原 董 事 会VS 双方就董事会席位展开争夺:原董事会与第一、二大股东在股东大会上分别提交了候选人名单,但因原董事会 第25页共 132 页 第一、二大股东 获得了一批中小股东支持,多数席位仍掌握在原董事会手中;因新任董事会成员大多缺乏行业经验,被外界诟病。5 LS 离 异 夫 妇之间 1.男方与女方解除一致行动关系。2.男方举报女方侵占公司财产,女方回应举报不实,公安最终不予立案。3.男方就离婚诉讼提起上诉,董事会审议通过公司以无独三参与二审的议案,但未获法院同意。4.双方争夺公司高管席位,男方辞去总裁职位后,又成功推荐一名总裁。5.双方争夺董事会席位:女方第一次提请罢免遭董事会反对,但后续要求罢免的董事先后辞职;男方本人相继辞去职务。6 HT 第一、第二大 股 东 之间 1.攻方通过二级市场增持,持股比例超过守方。2.双方争夺董事会席位:(1)攻方意图通过监事会召开股东大会,但被守方董事会以其表决权不足以提请监事会召集股东大会为由拒绝;(2)攻方提出罢免董事的议案,但被守方控制的董事会否决;(3)守方诉请法院限制攻方表决权,但被法院驳回;(4)守方修订公司章程,通过锁定董事会人员锁定公司控制权,但攻方征集了反对票,议案最终没有通过。3.守方发布定向增发预案,意图向第三方定向增发,使其股权比例超过攻方,但该计划最终没有完成。后续:两大股东进行了磋商,攻方最终获得了控制权。7 SL 新董事会 VS 老董事会 1.双方争夺董事会、公司高管席位:攻方成功选任董事长、总经理;守方以其选任的总经理没有相应任职资格为由,拒绝其行使权利。2.双方争夺公司印章证照:守方上任后,攻方拒绝移交印章证照,守方公告公司印章证照处于失控状态。3.守方通过监事会提出罢免攻方董事的议案,攻方回应称召开股东大会。4.股东大会中双方矛盾重重,焦点为某股东的表决权委托是否有效;之后攻方诉至法院,法院确认该表决权无效。5.守方以法院裁定为由,更正股东大会计票结果及决议;但攻方把握对外信息披露渠道,相关信息不予披露。6.守方股东以攻方行为违法为由,要求监事会对其 第26页共 132 页 提起诉讼;监事会提出议案,攻方仍然拒绝披露。后续:攻方股东减持股份、返还信息披露密钥、董事长兼总经理退出。8 ZS 原实控人 VS 新实控人 1.新实控人就业绩承诺补偿提起诉讼;原实控人就股权转让协议提起诉讼。2.双方争夺公司印章证照,新实控人发布印章证照失控公告。后续:公司公告称印章证照恢复正常使用,公司运营管理已恢复正常。9 WT 第一、第二大 股 东 之间 1.双方争夺董事会席位:(1)攻方通过两次董事会,罢免守方阵营的董事长,选举己方董事担任董事长和副董事长,控制了董事会。(2)守方通过二级市场增持,后续召开的临时股东大会,重夺公司董事会控制权。2.攻方及守方分别在控制董事时拖延召开或取消对方提议的临时股东大会、董事会。3.双方争夺表决权:攻方不断增持公司股份,守方则与其他股东签订一致行动人协议、表决权委托等协议,并利用民事诉讼手段,以违规增持等为由诉请限制对方表决权。4.攻方采取刑事控告手段,举报守方阵营董事长涉嫌职务侵占,公安机关最终撤销该案,未追究其刑事责任。后续:守方人员相继辞去职务,并解除原签订的一致行动人协议;攻方掌握控制权。10 JY 原实控人 VS 新实控人 1.原实控人因新实控人未按照签署的备忘录履行承诺,未给予其相应席位,决定取消表决权委托,推迟新实控人原定的定增预案。2.新实控人控制的董事会解除旧实控人阵营的董秘及副总职务;该董秘提交个人陈述报告指控其没有解聘理由。3.双方争夺对外信息披露的密钥:新实控人趁原实控人外出,夺走了董秘用于信息披露的密钥,又于次日被收回。4.第三方股东介入,提请罢免原实控人阵营人员职务;原实控人则提请罢免对方阵营的职务;最终罢免原实控人阵营人员职务的议案被通过。后续:原实控人因被列入失信被执行人名单,辞去相应职务。随后其阵营的监事也被罢免。第27页共 132 页 可见,上市公司控制权争夺不仅存在于新旧股东间、大小股东间、股东与董事间,还可能存在于昔日携手并肩的亲密伙伴间;争夺手段“文武”兼备,从利用董事会、股东会决议、向法院提起诉讼、向公安检察机关检举等文斗,到抢夺公章、证照、密钥,甚至发生肢体冲突的武斗,十八般功夫轮番上阵、各显神通。其中充盈的不仅是资本力量的角逐,也是灵活运用规则的角力。何为法律法规意义的“控制”?如何认定实控人?实践中,如何运用行政、民事、刑事手段真正实现对上市公司的控制,并在控制权争夺中攻防有道?下文将一一展开。二、二、上市公司控制权概述上市公司控制权概述(一一)2021年度实控人变更数据年度实控人变更数据 截至 2021 年 12 月 31 日,2021 年度已进行实控人变更的上市公司共有 172 家(以发布权益变动报告为统计口径),主要变更方式统计如下:9同一上市公司可能同时采用了多种交易方式,因此总计相加并不直接等于 210。20212021 年年 A A 股上市公司变更实控人方式统计股上市公司变更实控人方式统计 变更方式 数量9 占比 协议转让 79 37.62%表决权委托 48 22.86%一致行动协议 13 6.19%表决权放弃 11 5.24%国有股权无偿划转 11 5.24%间接收购 10 4.76%定向增发 10 4.76%司法拍卖 8 3.81%股份继承 4 1.90%要约收购 3 1.43%二级市场购入 3 1.43%第28页共 132 页(二)实控权变更主要方式(二)实控权变更主要方式 由以上统计数据可知,表决权委托、一致行动协议、二级市场增持、定向增发、间接收购、借壳上市等为上市公司实控人变更的主要方式,相互之间亦可组合采用。1.表决权委托表决权委托 表决权委托是指,公司股东将其持有的公司股份对应的参与重大决策和选择管理者等参与性权利委托给他方行使10。为规避禁售限制、规避全面要约义务,表决权委托是上市公司变更控制权时常用的做法。譬如,ZT、DD、SL、HF、HT 等控制权的变更,均采取了表决权委托的方式。2.一致行动协议一致行动协议 二级市场增持二级市场增持 二级市场增持 一致行动协议是指,收购方从二级市场买入目标公司股票,再签署一致行动人协议,约定股东行使投票权时采取一致行动11。譬如,曾经轰动一时的“宝万之争”,以及 KD(现更名为 JJ)股权之争,进攻方均使用了此种方法。3.定增突袭定增突袭 二级市场增持二级市场增持 定增突袭 二级市场增持是指,收购方通过定增一次性大规模认购公司股份,随后在二级市场增持进一步加大股权比例12。譬如,JK 控制权争夺中,RC 系当时便采取了这种方 10 参见刘煜,崔斌:上市公司控制权交易之表决权委托合法性分析,https:/年 2 月 23 日访问。11 参 见 君 汉 商 学 院:上 市 公 司 控 制 权 争 夺 的 十 八 种 招 式|不 一 样 的 血 雨 腥 风,https:/年 2 月 23 日访问。12 同前注。20212021 年年 A A 股上市公司变更实控人方式统计股上市公司变更实控人方式统计 变更方式 数量9 占比 股东减持 2 0.95%借壳上市 2 0.95%表决权委托解除 2 0.95%执行司法裁定 2 0.95%大宗交易 1 0.48%集中竞价 1 0.48%总计 210 100%第29页共 132 页 式进攻。JK 在 2015 年的定增预案中未对竞价定增设定认购限额,RC 一举认购 16.94%股权。此后,RC 在二级市场不断增持,一度超过实控人。4.间接收购间接收购 间接收购是指,收购人没有直接成为目标公司的股东,但通过投资关系、协议、其他安排等方式控制目标公司13。譬如,HY通过持有上市公司HL的控股股东HL集团约70.23%股权,间接成为 HL 控股实际控制人。5.借壳上市借壳上市 借壳上市是指,上市公司重大资产重组管理办法第 13 第 1 款规定的交易14。收购人及其关联方在取得控制权后一定时间内,上市公司进行重大资产重组,注入自身资产或业务,且相关指标达到一定比例,实现间接上市15。2021 年,完成借壳上市的 A 股公司仅有两例(以相关资产过户完成为界),包括 FL 借壳 CJ、SH 借壳 QS。(三)如何认定实控人(三)如何认定实控人 我国公司法16、上交所和深交所的股票上市规则17均规定,实控人是指“通过投资关系、协议或者其他安排,能够实际支配公司行为的自然人、法人或者其他组织”。可见,实控人认定的重点在于“能够实际支配公司行为”,即形成对公司的控制。而何谓“控制”,则需进一步通过规则梳理予以明确。根据公司法第 216 条18的规定,控股股东的认定标准有二:一为股权比例,股东持 13 上市公司收购管理办法(2020 年修正)第 5 条:“收购人可以通过取得股份的方式成为一个上市公司的控股股东,可以通过投资关系、协议、其他安排的途径成为一个上市公司的实际控制人,也可以同时采取上述方式和途径取得上市公司控制权。”14上市公司重大资产重组管理办法(2020 年修订)第 13 条第 1 款:“上市公司自控制权发生变更之日起 36 个月内,向收购人及其关联人购买资产,导致上市公司发生以下根本变化情形之一的,构成重大资产重组,应当按照本办法的规定报经中国证监会核准:(一)购买的资产总额占上市公司控制权发生变更的前一个会计年度经审计的合并财务会计报告期末资产总额的比例达到 100%以上;(二)购买的资产在最近一个会计年度所产生的营业收入占上市公司控制权发生变更的前一个会计年度经审计的合并财务会计报告营业收入的比例达到 100%以上;(三)购买的资产净额占上市公司控制权发生变更的前一个会计年度经审计的合并财务会计报告期末净资产额的比例达到 100%以上;(四)为购买资产发行的股份占上市公司首次向收购人及其关联人购买资产的董事会决议前一个交易日的股份的比例达到 100%以上;(五)上市公司向收购人及其关联人购买资产虽未达到本款第(一)至第(四)项标准,但可能导致上市公司主营业务发生根本变化;(六)中国证监会认定的可能导致上市公司发生根本变化的其他情形。”15 参见袁钰菲:借壳上市认定标准研究,载证券法苑2015 年第 14 期。16 公司法第 216 条第 3 款:“实际控制人,是指虽不是公司的股东,但通过投资关系、协议或者其他安排,能够实际支配公司行为的人。”17 上海证券交易所股票上市规则(2022 年修订)第 15.1 条第 6 款:“实际控制人:指通过投资关系、协议或者其他安排,能够实际支配公司行为的自然人、法人或者其他组织。”深圳证券交易所股票上市规则(2022 年修订)第 15.1 条第 4 款:“实际控制人:指通过投资关系、协议或者其他安排,能够实际支配公司行为的自然人、法人或者其他组织。”18 公司法第 216 条第 2 款:“控股股东,是指其出资额占有限责任公司资本总额百分之五十以上或者其持有的股份 第30页共 132 页 有 50%以上的股份;二为表决权,股东持股未超过 50%,但其表决权足以产生重大影响。在证券法规层面,主要也以股权和表决权作为上市公司控制权的认定标准,但关于表决权的规定更为明确。上市公司收购管理办法 第 84 条19规定,认定控制权的情形有四:一是持股比例 50%以上;二是表决权超过 30%;三是表决权可决定董事会半数以上成员选任;四是表决权足以对公司股东大会的决议产生重大影响。而首次公开发行股票并上市管理办法 第十二条“实际控制人没有发生变更”的理解和适用-证券期货法律适用意见第 1 号20的规定则更倾向于综合各个因素进行认定,包括股权投资关系、股东大会、董事会决议的实质影响、对董事和高级管理人员的提名及任免所起的作用等。在企业会计准则21中,则以获取利益、享有回报作为认定控制的标准,需要有权决定一个企业的财务和经营政策。所以,外观上控制权的变更并不代表能够完全掌控公司。根据法律法规及实践情况,只有当实控人与公司的决策层、管理层、员工、财产核心、证照资料,保持系统性一致时,才能说实控人实现了对公司的控制。综上所言,认定上市公司实控人的因素主要包括:1.是否拥有相当的持股比例、表决权:持有上市公司 50%以上股份,或可以实际支配上市公司股份表决权超过 30%,或出资额或者持有股份所享有的表决权足以对股东大会决议产生重大影响;2.是否控制内部决策机关:一方提名或者能够代表该方利益的董事人数占比超过董事会成员数量的二分之一;3.是否控制公司关键角色:管理层主要成员,包括总经理、财务总监和董秘,能够为一 占股份有限公司股本总额百分之五十以上的股东;出资额或者持有股份的比例虽然不足百分之五十,但依其出资额或者持有的股份所享有的表决权已足以对股东会、股东大会的决议产生重大影响的股东。”19 上市公司收购管理办法(2020 年修订)第 84 条:“有下列情形之一的,为拥有上市公司控制权:(1)投资者为上市公司持股 50%以上的控股股东;(2)投资者可以实际支配上市公司股份表决权超过 30%;(3)投资者通过实际支配上市公司股份表决权能够决定公司董事会半数以上成员选任;(4)投资者依其可支配的上市公司股份表决权足以对公司股东大会的决议产生重大影响;(5)中国证监会认定的其他情形。”20 首次公开发行股票并上市管理办法第十二条“实际控制人没有发生变更”的理解和适用证券期货法律适用意见第 1 号(证监法律字200715 号):“二、公司控制权是能够对股东大会的决议产生重大影响或者能够实际支配公司行为的权力,其渊源是对公司的直接或者间接的股权投资关系。因此,认定公司控制权的归属,既需要审查相应的股权投资关系,也需要根据个案的实际情况,综合对发行人股东大会、董事会决议的实质影响、对董事和高级管理人员的提名及任免所起的作用等因素进行分析判断。”21企业会计准则第 33 号合并财务报表第 7 条第 2 款:“控制,是指投资方拥有对被投资方的权力,通过参与被投资方的相关活动而享有可变回报,并且有能力运用对被投资方的权力影响其回报金额。”企业会计准则第 36 号关联方披露第 3 条第 2 款:“控制,是指有权决定一个企业的财务和经营政策,并能据以从该企业的经营活动中获取利益。”第31页共 132 页 方提名并能够代表该方利益;4.是否控制公司财务和经营管理渠道:控制公司的核心资产、业务,掌握公司的财务资料;5.是否取得公司印章证照:印章证照对外代表着公司意志,影响公司日常正常经营,实际控制公司印章证照是维持公司内外意思表示统一的必要手段;6.是否取得公司对外披露信息的渠道:上市公司对外信息披露需要秘钥,影响公司信息披露关键信息的把握及信披工作的节奏。这些因素共同增强着对上市公司的控制力。而在攻守双方实力并不悬殊的情况下,某一因素的变化即有可能导致控制权争夺形势的逆转。三、三、上市公司控制权争夺成因上市公司控制权争夺成因(一)表决权委托变动(一)表决权委托变动 上市公司控制权交易中,收购方通过收购股权、扩大表决权等方式取得提名公司董事、监事、高级管理人员的权利,并以大量的股权和极高的持股比例,稳定控制董事会席位、保证股东大会决议通过概率,进而实现对上市公司经营管理及人员的控制。但收购方若要一次性购买大量股票,需承担较大资金成本,且会面临大股东、董监高的股票处于限售期或转让比例限制等情况。为保障交易顺利进行,实践中往往会采取复合收购模式,即通过协议转让、间接收购等方式收购一部分股份,再采取表决权委托的方式增大收购方表决权,从而以较小代价锁定控制权。该种模式下表决权委托常常与其他交易安排结合,表决权的委托方往往出于对上市公司未来发展的考虑等进行该类安排。在受托方履行交易安排过程中,若委托方和受托方产生分歧,将影响各方对表决权委托效力的认定,影响受托方控制权的稳定性。例如,在我们代理的多起案件中,原实际控制人通过协议转让的方式向收购方转让了部分股权,同时又将所持有的剩余股份对应的表决权委托给收购方或承诺放弃行使表决权。但是随后双方就交易中各方作出的承诺履行情况产生分歧,各方均认为对方违约,原实际控制人遂主张撤销表决权委托,意图拿回上市公司控制权,由此引发上市公司层面的人员震荡和管理层争议,并在司法层面产生多起纠纷。第32页共 132 页 此外,签订 表决权委托协议 时,双方往往会在协议中约定“表决权委托不可撤销”,该种约定可以保障受托方表决权的顺畅行使。但是,在协议双方产生争议时,对于委托方而言,能否收回表决权就成为问题核心。就委托方是否有权任意解除表决权委托,司法实践中存在不同观点。有观点认为“不可撤销”意味着双方放弃合同任意解除权,应当有效;亦有观点认为,在双方信任基础动摇或丧失的情形下,不可解除委托的约定有悖于委托合同的基本性质,且股份持有人依法享有股东权利,可以随时撤销委托,不能够通过约定排除任意解除权。(二)(二)敌意收购敌意收购 敌意收购是相对于友好收购而言,友好收购中收购方前期与目标公司及管理层对收购事宜进行充分协商,并就收购对价、经营管理、人事安排、资产处置、收购后公司治理等事项达成一致意见。与此相反,敌意收购即指收购方未经目标公司管理层同意对目标公司进行的收购行为。敌意收购更容易发生在股权较为分散的公众性公司,收购方通过二级市场增持等突击入股方式,谋求快速增加持股比例并取得对目标公司的控制权,并且收购方通常会利用控制权改选目标公司管理层或者对公司经营业务作出重大变更,目标公司股东或其管理层往往采取反收购措施、守住控制权。例如,2015 年 12 月 7 日,WK 发布关于第一大股东变更的提示性公告,称截至12 月 4 日 JS 公司通过资管计划以集中竞价方式买入 WK4.969%股份,与其一致行动人 QH公司(系 JS 子公司)合计持有 WK20.008%股份,一举成为 WK 第一大股东。为夺回公司控制权,WK 管理层引入 SZ 公司作为战略投资人,2017 年 1 月 HR 股份有限公司及其全资子公司 ZR 公司将其持有 WK 的全部股份转让于 SZ;2017 年 3 月 HD 集团下属十家企业将其持有的 WK 合计 14.07%股份的表决权、提案权及参加股东大会的权利不可撤销地委托给 SZ,SZ 成为 WK 第一大股东,宝万之争至此告一段落。(三)公司股权分散(三)公司股权分散 通常情况下,上市公司存在明确的实际控制人,以保证上市公司的股权结构、管理体系趋于稳定,但实践中存在大量无实际控制人的情形。上市公司无实际控制人成因较多,除上市公司因特殊目的刻意安排外,大多数是由于公司股权较为分散或股权分布较为平均导致无法确认实际控制人。而在公司股权较为分散或股权分布较为平均的情况下,公司的管理结构稳定性和决策机制的有效性因各方股东间的配合差异产生不同程度的变动。在各方股东产生分歧并因此形成不同决策团体时,公司难免发生控制权争夺纠纷。第33页共 132 页 例如,在我们代理的一起案件中,原公司实际控制人因与其一致行动人合作终止,使其丧失表决权比例优势和实际控制人身份,由此展开上市公司第一大股东与第二大股东间的控制权争夺。第一大股东及第二大股东分别在二级市场增持,并利用股东大会多次发起管理层人员的变动议案。又如最近深陷控制权争夺泥潭的 SL,其上市至今一直无实际控制人,两任管理层为争夺公司控制权甚至大打出手,引起市场广泛关注。(四)公司股东内部分歧(四)公司股东内部分歧 企业成长过程中,离不开志同道合的创始股东间相互扶持与帮助。但随着企业发展以及经营决策面临的新问题,股东内部可能产生分歧,若分歧无法弥合,可能进而诱发股东之间对控制权的争夺。此外,创始阶段的股权分配模式不合理,亦会给公司管理和控制权稳定埋下隐患。在 LS 控制权争夺中,三位创始股东 W 某、D 某和 H 某均分股权、共享收益,但后期三方股东在企业经营、管理、战略发展上各持己见,矛盾不断加深,其中 D 某和 H 某联手通过多数持股取得公司控制权,逼迫 W 某离开公司。后续因供应商压力,W某重回公司,并回购 D 某和 H 某股份,才平息此番控制权争夺。而后,LS 又因创始股东与机构投资者的经营理念不合再次爆发控制权争夺。LS 控制权纠纷反映了上市公司中较为普遍的两种内部分歧诱因。一是创始股东所持有的股份较为接近,公司内斗风险大大增加。二是当公司引入外部投资者时,没有考虑到双方经营理念是否一致,导致后期爆发控制权之争。因此,上市公司在发展及融资过程中,需始终将公司管理经营和控制权放在商业筹划的重要位置,避免因不恰当的股权结构及融资安排,影响公司稳定性。四、四、上市公司控制权争夺常见手段上市公司控制权争夺常见手段(一)(一)内部治理机构内部治理机构 外部行政监管外部行政监管 1.股东会:巩固和限制表决权股东会:巩固和限制表决权(1)巩固表决权 上市公司控制权争夺的终极较量,实际是股东之间关于表决权的抗衡,股东往往会通过一致行动协议、表决权委托、放弃表决权等形式交易或者巩固对上市公司的控制权。1)一致行动协议与表决权委托 第34页共 132 页 一致行动协议,是指股东间通过协议安排的方式,与其他股东共同扩大所能支配的上市公司表决权数量,一般是为增加所能控制的上市公司股份比例、巩固对上市公司的控制地位。不过,需要注意,根据证监会上市公司股东、董监高减持股份的若干规定第 11条22、沪深交易所上市公司股东及董事、监事、高级管理人员减持股份实施细则的相关规定,上市公司控股股东及持股 5%以上股东减持股份时,需将一致行动人所持股份合并计算,签署一致行动协议将影响股东后续减持上市公司的股份。表决权委托,是指委托方将持有上市公司股份对应的表决权委托给受托方行使,使得受托方能够获得对上市公司更多的表决权,通常在股份交易存在限制时,可以通过该方式转移或者巩固上市公司控制权。根据上交所上市公司收购及股份权益变动信息披露业务指引(征求意见稿)第 21 条23、深交所上市公司收购及股份权益变动信息披露业务指引(征求意见稿)第 31 条24规定,将表决权委托也认定构成一致行动关系,不过该征求意见稿目前并未正式生效实施。实践中,关于表决权委托是否构成一致行动关系,仍然存在争议。例如,上市公司 HT在同一份公告中对两份表决权委托安排作出不同理解。2022 年 1 月,HT 公告股东 YC 和孙某某将所持股份的表决权委托给 HS 行使,对此深交所出具关注函,要求 HS 说明与 YC 和孙某某基于表决权委托安排是否构成一致行动关系。HS 回复:根据与 YC 签署的表决权委托协议,YC 将所持有股份对应的表决权不可撤销、排他地委托予 HS 行使,已构成收购管理办法第 83 条规定的一致行动关系。而根据与 S 某签署的表决权委托协议,S 某对 HS 行使其委托表决权具有一定的监督权,HS 行使该表决权需符合法律法规、HT 公司制度及经营发展目标,且不损害孙某某利益,否则 HS 必须按照孙某某的意见进行表决。S 某并非基于扩大 HS 所能够支配的上市公司股份表决权数量为目的进行表决权委托,而系保障自身利益需求,HS 与 S 某不构成一致行动关系。在认定表决权委托是否构成一致行动关系时,主要判断是否符合收购管理办法第 22 上市公司股东、董监高减持股份的若干规定第 11 条:“上市公司大股东通过大宗交易方式减持股份,或者股东通过大宗交易方式减持其持有的公司首次公开发行前发行的股份、上市公司非公开发行的股份,股份出让方、受让方应当遵守证券交易所关于减持数量、持有时间等规定。适用前款规定时,上市公司大股东与其一致行动人所持有的股份应当合并计算。”23 上交所上市公司收购及股份权益变动信息披露业务指引(征求意见稿)第 21 条:“投资者通过签订一致行动协议、表决权委托等方式拥有上市公司权益的股份达到或超过 5%的,应当约定一致行动或表决权委托期限投资者委托表决权的,受托人和委托人视为存在一致行动关系。”24 深交所上市公司收购及股份权益变动信息披露业务指引(征求意见稿)第 31 条:“投资者之间通过协议、其他安排以表决权委托等形式让渡上市公司股份表决权的,出让人与受让人为一致行动人。”第35页共 132 页 83 条规定的“通过协议、其他安排,与其他投资者共同扩大其所能够支配的一个上市公司股份表决权数量的行为或者事实”。按照上述案例的逻辑,可以从以下两方面认定表决权委托不构成一致行动关系:第一,表决权委托存在限制,不是不可撤销、排他委托,委托人仍保有一定的监督权;第二,表决权委托的目的,不是为了扩大做能支配的股份数额,而是出于其他目的。在 WT 控制权争夺中,NF 分别采用了一致行动协议、表决权委托等方式巩固控制权。2020 年 5 月,NF(持股 13.73%)与 AH 签署表决权委托与一致行动人协议,AH 将其持有 WT4.01%股份对应的表决权无条件、不可撤销地委托 NF 行使。在 XZ 不断增持,一跃成为上市公司第二大股东的背景下,2020 年 9 月,NF 与关键股东易某某(持股 3.48%)签署一致行动协议,至此,NF 与一致行动人 AH、易某某合计持有上市公司 21.96%股份,进一步扩大对上市公司的控制权。2)放弃表决权 由于表决权委托可能被认定构成一致行动关系、合并计算股权比例进而可能触发要约收购,因此放弃表决权应运而生,经常被运用到收购股份数不足而又希望达到控制上市公司目的的案例中。例如,2020 年 7 月 9 日,ZQ 公告披露,第一大股东 SZ(持股 31.8%)将在持股期间无条件且不可撤销地放弃行使其持有全部股份对应的股份表决权。控股股东和实际控制人发生变更,第二大的股东 XG(持股 24.5%)将成为单一支配公司股份表决权最大的股东,仰某某成为上市公司实际控制人。(2)限制表决权 新证券法第 63 条第 4 款新增规定:股东在增持比例达到 5%时,未在 3 日内向证监局、交易所报告并予以公告的,在买入后 36 个月内,对超比例部分不得行使表决权。此前,证券法仅限制股东在改正前不得行使表决权。在新证券法实施前,上市公司往往会通过公司决议、修改公司章程等形式来限制股东的表决权:例如,在 JJ 案件【案号:(2016)粤 03 民终 13834 号】中,上市公司通过董事会决议,决定股东 JJ 公司在改正违法行为前不得行使表决权,JJ 公司起诉请求确认董事会决议无效。深圳中院认为:JJ 公司是否存在证券违法行为并非本案审理范围,即使 JJ 公司存在证券违法行为,KD 公司也只能向证券监管机关进行举报或向法院起诉,在证券监管机关及司法机关没有认定或作出生效判决的情况下,公司董事会无权作出限制股东权利的决议。第36页共 132 页 又如,在 CD 案件【案号:(2017)川 01 民终第 14529 号】中,通过股东大会决议修改公司章程,新增规定:股东增持股份达到 5%时,应当在 3 日内报告并予公告,在上述期限内,不得再行买卖公司股票违反该规定的,视为放弃表决权,公司董事会有权拒绝其行使除领取股利以外的其他股东权利。其后,CD 根据新修订的公司章程,在股东大会决议中明确认定股东李某违规增持股份,不享有表决权,其所持股份未计入有表决权股份总数。李某遂起诉请求确认修改公司章程的股东大会决议无效,要求撤销限制其表决权的股东大会决议。成都中院认为:股东参与重大决策权和选择管理者的权利属于公司法赋予股东的固有权利,而表决权是其中最重要内容,非依据法律规定或股东自行放弃,不得以章程或股东大会决议予以剥夺或限制,李某的违法行为已于 2016 年 3 月 21 日改正,此后李某应享有表决权,限制其表决权的股东大会决议应当撤销。根据上述案例,在新证券法实施前,法院普遍认为:在证券监管机构及司法机关未作出限制股东表决权的情况下,上市公司无权限制股东行使表决权。新证券法实施后,法院的审理思路趋于清晰。在 HT 案【案号:(2021)京 01 民终7069 号】中,法院对限制表决权目的和内涵进行具体分析,并且明示上市公司无权基于自我管理决策等理由,限制股东行使表决权。在 HT 案件,上市公司以股东 SS 及其一致行动人 L 某在增持股份达到 5%时,未立即停止并履行信披义务,而在当日继续增持为由,认为达到 5%以后买入的股份在 36 个月内不得行使表决权,并在 2020 年第二次临时股东大会中限制其表决权。SS 及 L 某提起诉讼,要求撤销 2020 年第二次临时股东大会决议。海淀区法院一审认为:证券法第 63 条、收购管理办法第 13 条规定“举牌规则”和“慢走规则”,目的在于控制收购方买卖股票的节奏,让有关信息通过公开披露得以广泛传播和充分消化,以保护中小股东的合法投资权益,而不在于限制收购方的股东权利,防止公司控制权发生变化。“对该超过规定比例部分的股份不得行使表决权”应理解为投资者在增持股份每达到 5%之时,在履行权益披露义务之前购买的超过该比例的部分不得行使表决权,在履行权益披露义务之后所买入的股份不在限制范围内表决权是股东参与公司经营管理的法定固有权利,除非基于法律规定或公司章程的规定,公司任何机关无权基于公司自我管理决策对股东行使表决权进行限制案涉股东大会召开时,SS 公司、L 某的持股比例约占 10.025,已超过每 5的权益披露义务点,且未履行相关义务,在此次会议中,SS 公司、L 某对超过 10部分的股份行使表决权应当受到限制。北京一中院二审也认为,上述规定目的并非限制投资人买卖股票,而是以报告、公告等程序控制投资人操作节奏,保护中小投资者的利益。SS 公司、L 某在合计持股分别达到5.00002、10.025时履行报告和公告程序,超出规定比例部分的股份分别为 152 股和 第37页共 132 页 179917 股,上述股份对应的表决权应依法受到限制。2.董事会:董事提名与罢免董事会:董事提名与罢免 董事会作为上市公司核心决策主体,董事席位也是各方争夺的重要领地,主要体现在提名、罢免两块阵地。(1)董事提名 上市公司章程指引(2022)第 82 条规定:“董事、监事候选人名单以提案的方式提请股东大会表决。”公司法102 条第 2 款规定:“单独或者合计持有公司百分之三以上股份的股东,可以在股东大会召开十日前提出临时提案并书面提交董事会。”据此,根据现行法律规定,持股 3%的股东可以临时提案的方式提名董事候选人。为巩固控制权,上市公司章程中可能对股东提名董事持股比例、持股时间、提名人数等有所限制。例如,WZ公司章程(2018 年 10 月)第 82 条规定,持股 10%以上的股东才有权提名董事;FD公司章程(2016 年 9 月版)规定,非独立董事候选人由连续365 日以上持股 5%或以上的股东提出;XG公司章程(2016 年版)规定,持股 3以上的股东可以提名董事,持股 10以下的股东最多可以提名一名董事,持有 10以上的股东提名董事的人数不得超过董事会人数的 1/3。当然,也有部分上市公司未直接对股东的提名权作出相应限制,而是通过章程对改选董事这一事项设置反收购条款。譬如,2021 年 10 月 FK 召开董事会审议通过关于修改公司章程的议案,在章程第 95 条增设一款“在公司发生本章程规定的恶意收购的情形下,董事会任期未届满的每一年度内的股东大会上改选董事的总数,不得超过本章程所规定董事会组成人数的 1/4;如该届董事会任期届满的,继任董事会成员中应至少有2/3 以上的原任董事会成员连任。”上市公司通过修改公司章程限制股东提名权,因可能与公司法规定的股东提案权之间存在冲突,往往会受到监管和投服中心的关注。FK 发布上述公告后,深交所即下发关注函,要求其说明是否存在不当限制股东权利的情形,是否存在不合理地维护现任董事及高管的权利与管理者地位的情形。2021 年 11 月,FK 再次召开董事会临时会议,审议通过了关于取消修改公司章程的议案。又如,BA 大股东 SG 提交修改章程的议案,其中要求删除的一条为:“在每届董事局任期内,每年更换的董事不得超过全部董事人数的四分之一每届更换董事人数(包括独立董事)不得超过董事局构成总人数的二分之一。董事局设执行董事四至五名,董事局主席为当然执行董事,其余的执行董事,由董事局主 第38页共 132 页 席提名董事局通过。”投服中心认为,该条规定了每年、每届董事更换人数的比例限制,并将选任执行董事的权利转移到了董事会,剥夺、限制了股东选任董事的基本权利,决定就修改公司章程事项,公开征集股东投票权。此外,需要注意,2021 年 12 月 24 日发布的公司法(修订草案)第 118 条第 2 款规定:“单独或者合计持有公司百分之一以上股份的股东,可以在股东会召开十日前提出临时提案并书面提交董事会选举、解任董事、监事以及本法第一百一十九条第三款规定的事项,不得以临时提案提出。”可见,若该草案通过实施,提名董事候选人不得再以临时提案的方式进行。(2)董事罢免 最高人民法院关于适用中华人民共和国公司法若干问题的规定(五)(以下简称 公司法解释五)第 3 条,首次明确可以在董事任期届满前,经有效的股东会决议,可以无故解除其职务。25最高人民法院民二庭相关负责人就 关于适用若干问题的规定(五)答记者问时,表示:“公司与董事之间实为委托关系,依股东会的选任决议和董事同意任职而成立合同法上的委托合同。既然为委托合同,则合同双方均有任意解除权,即公司可以随时解除董事职务,无论任期是否届满,董事也可以随时辞职。”公司法(修订草案)中也拟新增一条,“股东会可以决议解任董事;无正当理由,在任期届满前解任董事的,该董事可以要求公司予以补偿”,可见,立法进一步认可了董事职务的无故解除规则。但是,在公司章程仍然保留或采用“不得无故解除董事职务”条款的情况下,股东大会是否可以任意罢免董事,实践中存在不同看法。支持方如(2021)川 04 民终 266 号案,法院对公司章程规定不予采用,径直根据公司法解释(五)的规定,认为公司对董事仍然具有任意解除权。反对方则主张此时应对公司解除董事职务究竟是否具备正当理由予以实质审查,如在(2020)苏 0106 民初 7930 号案中,被告公司辩称股东大会免除三位董事职务的原因是,公司在这三位董事主导经营下业务量急剧下降、招待费用持续增加、经营状况每况愈下,但被告就其主张未提供证据证明,因此法院认定,案涉股东大会决议内容违反公司章程关于罢免董事职务的要求,判决撤销决议。两种观点分歧的根源在于对 公司法解释(五)第 3 条的理解不同,持强制性规范说的一方认为,当公司章程与其发生冲突时,则章程劣后适用;持任意性规范说的一方认为,由于公司自治,章程可以作出特 25 最高人民法院关于适用中华人民共和国公司法若干问题的规定(五)第 3 条:“董事任期届满前被股东会或者股东大会有效决议解除职务,其主张解除不发生法律效力的,人民法院不予支持。董事职务被解除后,因补偿与公司发生纠纷提起诉讼的,人民法院应当依据法律、行政法规、公司章程的规定或者合同的约定,综合考虑解除的原因、剩余任期、董事薪酬等因素,确定是否补偿以及补偿的合理数额。”第39页共 132 页 别规定,且章程应当优先适用。当然,上市公司可以通过修改公司章程与公司法规定保持一致,明确董事在任期届满前可以无故解聘,以消除后续诉讼中可能发生的争议。例如 2022 年 2 月,TL 召开临时股东大会通过了 关于修改的议案,章程第 98 条从“董事在任期届满以前,股东大会不能无故解除其职务”变为“董事由股东大会选举或更换,并可在任期届满前由股东大会解除其职务”,即章程删除了不得无故解除董事职务的规定。3.监事会监事会 公司法第 53、54 条,明确监事会的职权包括:(1)检查公司财务;(2)对董事、高管进行监督、提出罢免建议;(3)要求董事、高管纠正损害公司利益的行为;(4)董事会不履职时,提议召开临时股东大会;(5)向股东大会提出提案;(6)提起代表诉讼;(7)列席董事会会议,对董事会决议事项提出质询或者建议。在上市公司控制权争夺中,若董事会被一方牢牢掌控,另一方可能通过监事会进行反击。例如,GX 的股东通过监事会实现召开股东大会的目的,2018 年 2 月 28 日上市公司收到 22 名中小股东召开临时股东大会的请求,提案罢免绝大部分董事、独立董事和监事。董事会否决了上述请求,后 22 名股东提请监事会同意召开临时股东大会。值得关注的是,公司法(修订草案)第一百二十五条取消了上市公司强制设置监事会的要求,明确设审计委员会且其成员过半数为非执行董事的股份有限公司,可以不设监事会或者监事。4.印章证照印章证照 对印章证照的占有是体现上市公司控制权的表征之一,新老股东往往就印章证照争夺不休,甚至出现强取公章、公安介入、发起诉讼等情形。例如,2021 年 5 月,SL 发布公告称公司法定代表人、董事长、总经理变更为曾某某,原总经理张某某拒绝按照公司印章管理制度规定,向现任总经理移交印章证照,上市公司据此公告印章、证照资料已处于失控状态。2021 年 6 月,SL 公告印章、证照失控的进展:已向公安机关报案,并向法院起诉张某某要求将印章、证照返还给公司,同时向法院申请先予执行。2021 年 6 月 28 日,SL 公告法院对印章、证照予以保全查封,近日已经返还公司。第40页共 132 页 2019 年 12 月 14 日,WH 发布关于公司公章、财务专用章等重要办公资料失控的公告,表示公司控股股东的工作人员强行拿走公章、财务章等办公资料,公司已向公安机关报案。2019 年 12 月 16 日,WH 公告,经公安机关通知取回前述失控的公司公章、财务专用章。因无法确定和控制相关印章失控时的风险,根据 2019 年 12 月 13 日管理层紧急会议精神,公司公章、财务章、财务部门章已声明作废,并于 12 月 16 日被高新区公安分局户政中心缴销。公司于 2019 年 12 月 16 日刻制了新公章和财务专用章,自即日起使用。印章证照争夺过程中,各方股东需要注意相应的监管风险。在 WH 案件中,宁波证监局作出关于对 WH 采取责令改正措施的决定,认为 WH 控股相关人员未经上市公司同意,实施了上市公司公章、财务专用章等重要资料的行为,对其采取责令改正的监管措施。5.信披密钥信披密钥 信息披露数字证书(以下简称信披密钥)系上市公司在指定平台对外信息披露的重要工具,一般由董秘保管。在上市公司控制权争夺中,对立双方可能需要以公告形式发声,导致信披密钥成为各方争夺的工具之一,甚至会影响到信披密钥的保管者董秘的解聘。例如,在 SY 控制权争夺中,新任董事长杨某某在提出要保管信披密钥,并要求董秘对一些公告进行披露未果的情况下,于 2020 年 7 月召开董事会,审议通过关于解聘公司高级管理人员的议案。该议案表示董秘怠于履行职责,违反保密义务擅自泄露公司资料和信息,阻碍董事会信息披露,不能对公司及董事会负责,严重损害公司利益,损害广大投资者利益,不适合继续担任董秘及副总经理一职,公司拟解聘其董秘及副总经理职务自解聘决定生效之日,应立即将董事会办公室印章及信披密钥移交给董事长保管。在交易所知悉上市公司处于新老股东争夺时,可能会取消公告直通车,要求全体董事发表意见后,经交易所审核后才允许上市公司发布公告,仅仅掌握信披密钥也无法对外发布公告。当然,如果新任管理层未获得信披密钥,无法自主信披时,涉及应当披露的重大事项,可以直接请求交易所上传公告,或者向交易所申请补办新的密钥。(二)(二)民事诉讼民事诉讼 1.股权转让纠纷股权转让纠纷 如前所述,通过股份转让方式成为上市公司股东,并配合表决权委托、一致行动协议 第41页共 132 页 等巩固控制权,是资本市场取得上市公司控制权的主要路径。因此,如果股份转让方(即上市公司原实际控制人)希望交易回归原始状态,常常通过提起股权转让诉讼的方式,动摇股份受让人(即上市公司现实际控制人)的控制权。我们在代理某案件的过程中,即面临原实际控制人以股份转让对价未支付完毕为由,起诉要求现实际控制人支付剩余股权转让款。此类股权转让纠纷案件办理的关键在于确定各方权利义务履行先后顺序及履约情况。除却单就股权转让协议本身分析权利义务外,各方在对控制权进行协商安排过程中,还签署了包括框架协议、股权转让协议、表决权委托协议、以及后续交易安排等。协议间各方权利义务约定存在交叉,在争议双方仅以股权转让协议作为诉争事项时,能否借助整体协议理解合同条款,进而确定权利义务关系成为关键所在。我们在解决这一问题的过程中,引入“联立合同”概念,依据九民纪要请求法院“穿透式”审理。合同联立指数个合同依当事人意思,具有一定依存关系,一个合同的效力依存于另一个合同的效力,当数个合同构成合同联立时,其中一个合同不成立、无效、撤销或者解除时,另一个合同当同其命运26。目前立法及司法解释对合同联立的规定并不多见,仅在融资租赁合同27及商品房买卖合同28规定中略见端倪。但是,合同之间存在效力关联的基础在于各合同间经济利益上的实质一体性,将紧密联结的多个合同统筹考虑,有利于回应交易实践29。全国法院民商事审判工作会议纪要引言部分亦规定“通过穿透式审判思维,查明当事人的真实意思,探求真实法律关系”。2.表决权委托协议纠纷表决权委托协议纠纷 表决权委托协议常常与股权转让协议相伴相生,股份转让双方为变更控制权,通常约定高于二级市场价格的高溢价转让上市公司股权,与此同时,股份转让方(即上市公司原实际控制人)将剩余股份表决权不可撤销地委托给股份受让方(即上市公司现实际控制人)行使,行使权限一般包括股东表决权、提名、提案权等除收益权和股份转让权等财产性之外的权利。相较于股权转让协议属于双方协议且具有明显的履行行为,表决权委托对外表现为单方行为,因此,委托方往往通过单方撤销/解除的方式主张收回表决权,而受托方则不认可单方撤销/解除。26 舒金曦:“合同联立”的司法认定标准,人民法院报2021 年 7 月 22 日第 7 版。27 民法典第 754 条第 1 项:“有下列情形之一的,出租人或者承租人可以解除融资租赁合同:(一)出租人与出卖人订立的买卖合同解除、被确认无效或者被撤销,且未能重新订立买卖合同”28 最高人民法院关于审理商品房买卖合同纠纷案件适用法律若干问题的解释第 20 条:“因商品房买卖合同被确认无效或者被撤销、解除,致使商品房担保贷款合同的目的无法实现,当事人请求解除商品房担保贷款合同的,应予支持。”29 潘重阳:论联立合同的效力关联以商品房买卖与借款合同联立为例,政治与法律2021 年第 11 期。第42页共 132 页 合同法第 410 条30及民法典第 933 条31均规定,委托人或者受托人可以随时解除委托合同。根据上述规定,委托人享有委托合同任意解除权。但是司法实践中对该问题存在不同观点,一种观点认为,任意解除权为法律规定,即使表决权委托协议中明确不可撤销,也不能排除法律规定的任意解除效力,例如,在(2018)京民申 3631 号案件中,北京高院认为,委托协议中“不可撤销”约定违反 合同法 关于委托合同任意解除权的规定,委托合同的双方不能够通过约定排除法定任意解除权,该规定无效。另一种观点则认为,商事委托纠纷中,不应适用委托合同的任意解除权,例如,(2018)最高法民终 1344 号案中,最高法院认为,本案中的委托并不是基于普通信任的单方授权由被委托人按照委托人的指示处理事务的行为,而是委托人按照约定履行合同义务的商业安排,被委托人对于接受委托已经付出了相应的对价、履行了对应的义务,本案中的委托不应属于“委托合同”,不适用委托合同的任意解除权;且双方在“委托书”中约定的“不可撤销”表明已经放弃任意解除权,应为有效。关于表决权委托协议效力纠纷的形式,除可直接提起确认表决权委托解除、请求继续履行表决权委托协议等外,亦存在提起公司决议效力纠纷之诉的方式,希望法院在对公司决议效力审理过程中,认定表决权委托协议效力。例如,2021 年 3 月 31 日,ZY 发布关于诉讼的公告。原告 RS 公司为被告 ZY 的股东,持股比例为 24.04%。2021 年 2 月 22 日RS 公司出具表决权委托协议,将持有的 ZY 总股本所对应的股东表决权及提名、提案权等除收益权和股份转让权等财产性权利之外的权利唯一地且全权委托给吴某行使。因 RS公司与 WM 存在表决权权属争议,ZY 未接受吴某向临时股东大会的提案,也未说明理由,且以 RS 公司不具有表决权为由,对吴某投票未计入股东大会投票总数。原告 RS 公司认为,股东大会剥夺原告 RS 公司表决权的行为错误,请求法院撤销被告 ZY 临时股东大会决议。3.公司决议效力纠纷公司决议效力纠纷 公司法第 22 条32及最高人民法院关于适用若干问题的规定(四)第 1-5 条33规定,公司股东、董事、监事等可请求确认股东(大)会、董事会 30 合同法第 410 条:“委托人或者受托人可以随时解除委托合同。因解除合同给对方造成损失的,除不可归责于该当事人的事由以外,应当赔偿损失。”31 民法典第 933 条:“委托人或者受托人可以随时解除委托合同。因解除合同造成对方损失的,除不可归责于该当事人的事由外,无偿委托合同的解除方应当赔偿因解除时间不当造成的直接损失,有偿委托合同的解除方应当赔偿对方的直接损失和合同履行后可以获得的利益。”32 公司法第 22 条:“公司股东会或者股东大会、董事会的决议内容违反法律、行政法规的无效。股东会或者股东大会、董事会的会议召集程序、表决方式违反法律、行政法规或者公司章程,或者决议内容违反公司章程的,股东可以自决议作出之日起六十日内,请求人民法院撤销。股东依照前款规定提起诉讼的,人民法院可以应公司的请求,要求股东提供相应担保。公司根据股东会或者股东大会、董事会决议已办理变更登记的,人民法院宣告该决议无效或者撤销该决议后,公司应当向公司登记机关申请撤销变更登记。”33 最高人民法院关于适用若干问题的规定(四)第 1 条:“公司股东、董事、监事等请求确认股东会或者股东大会、董事会决议无效或者不成立的,人民法院应当依法 第43页共 132 页 决议无效或不成立。通常情况下,适格原告仅包括起诉时具有股东、董事、监事资格的人,但若公司通过剥夺股东资格或者解除董事、监事职务的决议,原股东、董事、监事亦有权对该决议提起公司决议效力纠纷,与该决议有直接利害关系的也可作为适格原告,判断核心在于是否具有诉的利益。除前述因表决权行使引发的公司决议效力纠纷外,2021 年度上市公司决议效力纠纷,主要涉及事项为决议内容违反法律规定请求确认无效,以及请求确认罢免/选举董事的董事会决议及股东大会决议无效。例如,2021 年 4 月 24 日,FH 发布关于公司涉及诉讼的公告,公司股东起诉认为,股东大会通过控股子公司对外转让资产的决议违反城市房地产管理法和闲置土地处置办法,请求确认决议无效。又如,2021 年 4 月 30 日,XY发布关于涉及诉讼的公告,原告认为董事会及股东大会罢免其董事职务、任命不适格人员、未罢免不适格人员的决议违反公司法强制规定,应属无效。控制权争夺中,董事、监事人员任免常常成为双方争议的焦点。值得关注的是,在决议事项涉及实体判断时(不限于上市公司),存在两种不同的裁判思路:一种是,法院可能就该事项实体审查作出判决;另一种可能认为该决议事项需通过另行诉讼处理,进而判决支持撤销案涉决议。例如,(2021)京 0108 民初 9382 号案件中,原告请求确认公司解除 YT 股东资格的股东会决议有效。海淀区人民法院认为,YT 公司的全部出资转入公司账户后即被转走,未有证据证明公司是用于对外开展业务、偿还负债的需要,亦无证据证明上述款项被汇走后转回到公司的账户,应当认定 YT 公司存在抽逃全部出资的行为,判决确认解除 YT 股东资格的股东会决议有效。但在(2021)鲁 09 民终 894 号案件中,公司认为股东王某抽逃出资,因此丧失股东资格,进而做出将股东王某除名的决议。一审宁阳县人民法院认为,关于股东会决议原告抽逃出资解除其股东资格,双方就是否抽逃出资发生重大争议。股东是否抽逃出资及解除股东资格,涉及公司的经营和股东的重大利益,在事实和性质的认定上,应当采取审慎态度。如对上述争议公司内部无法形成统一的意见,应当采取诉讼的方式依法处理。公司在争议未能解决的情况下以抽逃出资为由解除王某股东资格,过于草率。庭审中双方均未就王某是否抽逃出资递交证据,予以受理。”第 2 条:“依据民法典第八十五条、公司法第二十二条第二款请求撤销股东会或者股东大会、董事会决议的原告,应当在起诉时具有公司股东资格。”第 3 条:“原告请求确认股东会或者股东大会、董事会决议不成立、无效或者撤销决议的案件,应当列公司为被告。对决议涉及的其他利害关系人,可以依法列为第三人。一审法庭辩论终结前,其他有原告资格的人以相同的诉讼请求申请参加前款规定诉讼的,可以列为共同原告。”第 4 条:“股东请求撤销股东会或者股东大会、董事会决议,符合民法典第八十五条、公司法第二十二条第二款规定的,人民法院应当予以支持,但会议召集程序或者表决方式仅有轻微瑕疵,且对决议未产生实质影响的,人民法院不予支持。”第 5 条:“股东会或者股东大会、董事会决议存在下列情形之一,当事人主张决议不成立的,人民法院应当予以支持:(一)公司未召开会议的,但依据公司法第三十七条第二款或者公司章程规定可以不召开股东会或者股东大会而直接作出决定,并由全体股东在决定文件上签名、盖章的除外;(二)会议未对决议事项进行表决的;(三)出席会议的人数或者股东所持表决权不符合公司法或者公司章程规定的;(四)会议的表决结果未达到公司法或者公司章程规定的通过比例的;(五)导致决议不成立的其他情形。”第44页共 132 页 根据现有证据无法确认是否存在抽逃出资的行为,依法予以撤销。二审泰安中院维持原判。4.损害损害公司公司/股东利益责任纠纷股东利益责任纠纷 公司法第 20 条34规定,股东不得滥用股东权利损害公司或其他股东利益,若给公司或其他股东造成损失,应当承担赔偿责任。第 152 条35规定,董事、高级管理人员损害股东利益的,股东可提起诉讼。第 149 条36规定,董事、监事、高级管理人员应就履行公司职务给公司造成的损失,承担赔偿责任。第 151 条37规定,若董事、监事、高级管理人员存在 149 条规定情形的,股东可书面请求董事会、监事会向人民法院提起诉讼,若董事会、监事会拒绝或未提起或情况紧急,股东可为了公司利益以自己名义直接向人民法院提起诉讼。控制权争夺中,进攻方通常并未控制上市公司董事会、监事会,要求董事会、监事会提起损害公司利益责任纠纷成功概率较低,但在无法律规定情形时,38仍应履行书面请求公司的前置程序后,方可提起股东代表诉讼,例如(2021)鲁 02 民终 1113 号案件中,法院以原告未履行公司法前置程序为由,认定原告不具有适格诉讼主体身份,驳回诉请,二审维持原判。控制权争夺各方可以核查对方委派董事、监事、高级管理人员的任职行为是否勤勉尽责、是否给公司造成损失,进而决定是否提起损害公司利益责任纠纷。此外,诉讼作为控制权争夺中的策略之一,恰当运用可起到施压的作用。例如,在我们代理的一起案件中,两方大股东分别于 2020 年、2021 年通过二级市场增持,在股东大会决议中先后取得领先票数,取得对上市公司控制权。双方对峙的焦灼局面并未因一方股东取得董事会多数席位 34 公司法第 20 条:“公司股东应当遵守法律、行政法规和公司章程,依法行使股东权利,不得滥用股东权利损害公司或者其他股东的利益;不得滥用公司法人独立地位和股东有限责任损害公司债权人的利益。公司股东滥用股东权利给公司或者其他股东造成损失的,应当依法承担赔偿责任。公司股东滥用公司法人独立地位和股东有限责任,逃避债务,严重损害公司债权人利益的,应当对公司债务承担连带责任。”35 公司法第 152 条:“董事、高级管理人员违反法律、行政法规或者公司章程的规定,损害股东利益的,股东可以向人民法院提起诉讼。”36 公司法第 149 条:“董事、监事、高级管理人员执行公司职务时违反法律、行政法规或者公司章程的规定,给公司造成损失的,应当承担赔偿责任。”37 公司法第 151 条:“董事、高级管理人员有本法第一百四十九条规定的情形的,有限责任公司的股东、股份有限公司连续一百八十日以上单独或者合计持有公司百分之一以上股份的股东,可以书面请求监事会或者不设监事会的有限责任公司的监事向人民法院提起诉讼;监事有本法第一百四十九条规定的情形的,前述股东可以书面请求董事会或者不设董事会的有限责任公司的执行董事向人民法院提起诉讼。监事会、不设监事会的有限责任公司的监事,或者董事会、执行董事收到前款规定的股东书面请求后拒绝提起诉讼,或者自收到请求之日起三十日内未提起诉讼,或者情况紧急、不立即提起诉讼将会使公司利益受到难以弥补的损害的,前款规定的股东有权为了公司的利益以自己的名义直接向人民法院提起诉讼。他人侵犯公司合法权益,给公司造成损失的,本条第一款规定的股东可以依照前两款的规定向人民法院提起诉讼。”38 全国法院民商事审判工作会议纪要第 25 条规定:“根据公司法第 151 条的规定,股东提起代表诉讼的前置程序之一是,股东必须先书面请求公司有关机关向人民法院提起诉讼。一般情况下,股东没有履行该前置程序的,应当驳回起诉。但是,该项前置程序针对的是公司治理的一般情况,即在股东向公司有关机关提出书面申请之时,存在公司有关机关提起诉讼的可能性。如果查明的相关事实表明,根本不存在该种可能性的,人民法院不应当以原告未履行前置程序为由驳回起诉。”第45页共 132 页 改善。2021 年年初,上市公司发布关于重大诉讼的公告,公司向监事会成员提起损害公司利益责任纠纷,认为监事会会议的召集程序、表决程序违反规定,公司就该次监事会聘请律师事务所出具法律意见书产生实际损失,案涉监事给公司造成损失,应赔偿公司所受损失并赔礼道歉。此外,股东利益受损并非必然可提起损害股东利益责任纠纷,二者虽均为侵权纠纷,实践中应区分损害公司利益责任纠纷与损害股东利益责任纠纷利益受损客体,避免增加诉讼成本。例如,(2021)湘 04 民终 3073 号案件中,原告以损害股东利益责任纠纷起诉,湖南耒阳市人民法院认为案涉争议应为损害公司利益责任纠纷及公司盈余分配纠纷,裁定驳回起诉。二审衡阳中院认为,原告基于股东身份,以另一股东独占公司利润、侵害其股东权益为由向人民法院起诉要求另一股东支付其应得的公司股东分红并承担相应的赔偿责任,其诉讼利益归属于个人,而非实现 SS 公司利益,故该诉讼并不属于股东代表诉讼,二审法院撤销原判,指令再审。5.公司证照公司证照返还纠纷返还纠纷 民法典 第 235 条规定:“无权占有不动产或者动产的,权利人可以请求返还原物。”公司法第 3 条第 1 款规定:“公司是企业法人,有独立的法人财产,享有法人财产权”公司营业执照、印章(包括公章、法人章、财务专用章、合同专用章等)属于公司财产,承载着公司独立人格,是公司经营管理的重要标志和象征,具有代表公司对外进行意思表示的功能,是公司控制权行使中的重要环节和必要保障。2021 年度数家上市公司涉及公司证照返还纠纷,如 WH 于 2021 年 8 月 23 日公告新增诉讼,WH 起诉原实际控制人、董事长、总经理、法定代表人蔡某某,要求其返还持有的公司公章、证照、印鉴章、财务账册等属于公司的财物,移交公司新的法定代表人。上市公司控制权变更过程中,原控制人与新控制人常常对公司营业执照、印章作出协议安排,但该等协议安排若要在公司层面生效,亦需通过公司章程、内部决议、公司管理制度等实现。若新老控制人在控制权争夺过程中,违背公司管理规定及制度安排非法占有公司证照,公司可据此提起公司证照返还纠纷,要求相关人员返还证照。例如,(2016)京 03 民终 6878 号中,北京三中院认为,郭某某基于早期“股东协议”管理涉案的 XW 公司公章、证照。随后,XW 公司制定章程,并明确赋予了董事会“制定公司的基本管理制度”的职权,该公司章程对全体股东、董事会均具有约束力,XW 公司董事会随后审议并通过了印章管理办法,因此,在印章管理办法和公司成立前的“股东协议”内容相冲突的情形下,公司章程和印章管理办法的效力明显优于“股东协议”的授权。第46页共 132 页 在公司证照被一方股东控制的情形下,公司无法在提交法院的材料中加盖公章,可由法定代表人签字代表公司意志,是否加盖公章不影响法定代表人代表公司的意思表示。民法典第 61 条第 1 款规定:“依照法律或者法人章程的规定,代表法人从事民事活动的负责人,为法人的法定代表人。”例如,(2018)最高法民终 209 号中,最高法院认为,根据公司法法理和民事诉讼法第 48 条第 2 款规定,法定代表人是公司的法定意志代表机关,法人的民事诉讼行为能力通过法定代表人得以实现,法定代表人是法人的当然诉讼意志代表。合同法第 32 条规定:“当事人采用合同书形式订立合同的,自双方当事人签字或者盖章时合同成立。”根据该条规定,加盖公章和签字均是法定的代表当事人作出的意思表示的方式。我国并无法律规定不加盖公章,法定代表人的签字就不足以代表公司的意思表示。而且,公司存在公章管理和使用不规范的情形,上诉状上没有加盖 AF 公司公章具有客观理由,不能因为没有加盖公司公章而否定 AF 公司法定代表人代表公司提起上诉的合法性。在人章分离情形下,原则上亦应以法定代表人意志优先。江苏全省法院公司纠纷案件审判调研报告 中,江苏高院民二庭认为,人章分离导致公司诉讼代表人资格发生争议,是典型的公司内部矛盾外化的情形,直接影响诉讼程序的推进,司法应当介入,且原则上应以法定代表人为诉讼代表人。对公司而言,诉讼属于外部纠纷,根据内外有别原则,法院在确定公司诉讼代表人时,首先应推定法定代表人有权作为诉讼代表人。公章持有人对法定代表人的诉讼代表权限提出异议的,应承担法定代表人已丧失对外代表权限的举证责任。(2013)二中民终字第 17025 号中,北京二中院亦持相同观点。6.行为保全行为保全 民事诉讼法 第 103 条第 1 款39及第 104 条第 1 款40对于诉中行为保全及诉前行为保全作出规定,即控制权争夺一方可向法院申请,要求或限制另一方进行一定行为。在上市公司控制权争夺中,常体现为限制或禁止股东行使表决权、禁止变更或选任公司董事、法定代表人。例如,2021 年 11 月 17 日,XC 发布涉诉公告,在以 XC 为被告的公司决议撤销纠纷中,法院裁定支持原告行为保全申请,要求 XC 停止执行 2021 年 7 月 8 日作出的2021 年第一次临时股东大会决议。又如,团队参与办理的一起案件中,客户首先在公司决议效力纠纷之诉中成功向法院申请行为保全,限制公司执行董事会人员换届选举决议,对手方则在后续表决权委托纠纷中,申请法院限制客户行使对上市公司人员选任、提名等表 39 民事诉讼法第 103 条第 1 款:“人民法院对于可能因当事人一方的行为或者其他原因,使判决难以执行或者造成当事人其他损害的案件,根据对方当事人的申请,可以裁定对其财产进行保全、责令其作出一定行为或者禁止其作出一定行为;当事人没有提出申请的,人民法院在必要时也可以裁定采取保全措施。”40 民事诉讼法第 104 条第 1 款:“利害关系人因情况紧急,不立即申请保全将会使其合法权益受到难以弥补的损害的,可以在提起诉讼或者申请仲裁前向被保全财产所在地、被申请人住所地或者对案件有管辖权的人民法院申请采取保全措施。申请人应当提供担保,不提供担保的,裁定驳回申请。”第47页共 132 页 决权,并获法院支持。可见,行为保全措施已成为控制权争夺过程中,双方拉锯战采取的重要手段之一。而被作出行为保全的对象若不服行为保全裁定的,可向法院提出复议申请,要求法院撤销行为保全。若案情复杂、争议较大,亦可根据最高人民法院关于人民法院办理执行异议和复议案件若干问题的规定第 12 条41,同步向法院申请听证。例如,JL 于 2020 年9 月 11 日公告其作为第三人的公司决议撤销纠纷案件中,法院裁定支持原告的行为保全申请,禁止 JL 控股子公司执行董事会决议、不得办理董监高等工商变更登记及备案手续。收到该行为保全裁定后,JL 及其控股子公司分别向法院提交执行异议申请书及复议申请书,法院经复议后裁定解除相应行为保全措施。此外,如前文所述,行为保全适用的条件为防止判决难以执行或者当事人权益受到难以弥补的损害,在控制权争夺过程中,行为保全的适用具有特殊性,考虑因素更为复杂、审慎。例如,在公司决议效力纠纷案件中,根据民法典第 155 条规定:“无效的或者被撤销的民事法律行为自始没有法律约束力。”因此,单就决议本身而言,并无判决后无法执行情形。但法院可能从决议生效后公司经营业务及人事任免等角度考虑,认为应当采取保全措施。例如,XF 曾公告其就诉前行为保全裁定向法院提出复议申请,认为股东大会决议为公司内部选举董事决议,仅影响内部人事任免变化,不具有法律规定的紧急性,也不会产生难以弥补的损害,该行为保全裁定应予撤销。但法院对复议审查后认为,如不采取诉前行为保全措施,股东大会新选举的两名董事将立即开始履职,会对公司经营业务、人事任免等重大事项产生影响,法院作出的诉前行为保全措施正确,裁定驳回复议申请人复议请求。(三)刑事犯罪(三)刑事犯罪 刑事手段是商战中的终极武器。在上市公司控制权争夺中,攻防一方利用对方与控制权争夺有关或者无关的涉嫌犯罪行为加以控告或举报,诉诸于刑事程序,能够起到极强的威慑效果,迫使对方妥协,甚至直接造成毁灭性打击,最终达到取得上市公司控制权的目的。一般来说,上市公司控制权争夺中常见的罪名除一般公司存在的职务侵占罪、挪用资金罪外,还包括上市公司特有的背信损害上市公司利益罪和内幕交易罪等证券犯罪。1.挪用资金罪挪用资金罪 挪用资金罪是一项针对公司内部人员的常见罪名,实际控制人和高级管理人员等因该 41 最高人民法院关于人民法院办理执行异议和复议案件若干问题的规定第 12 条:“人民法院对执行异议和复议案件实行书面审查。案情复杂、争议较大的,应当进行听证。”第48页共 132 页 等罪名锒铛入狱的不在少数。在上市公司控制权争夺中,在上市公司任职的一方为了寻求资金支持,可能铤而走险,利用自身职务之便利通过各种途径从公司挪用资金,埋下挪用资金的隐患;此外,攻防一方也往往会对对方在上市公司任职期间的渎职行为加以挖掘和整理,并通过该等罪名向公安机关举报,直接以限制自由的方式实施致命打击。(1)法律规定 中华人民共和国刑法(以下简称“刑法”)第二百七十二条:“公司、企业或者其他单位的工作人员,利用职务上的便利,挪用本单位资金归个人使用或者借贷给他人,数额较大、超过三个月未还的,或者虽未超过三个月,但数额较大、进行营利活动的,或者进行非法活动的,处三年以下有期徒刑或者拘役;挪用本单位资金数额巨大的,处三年以上七年以下有期徒刑;数额特别巨大的,处七年以上有期徒刑。”根据最高人民法院、最高人民检察院关于办理贪污贿赂刑事案件适用法律若干问题的解释(法释20169 号,以下简称“贪污贿赂司法解释”)第五条42、第六条43和第十一条第二款44的规定,挪用资金罪的“数额较大”标准是:进行非法活动的 6 万元以上,进行营利活动或者超过三个月未还的 10 万元以上;“数额巨大”标准是:进行非法活动的 200 万元以上,进行营利活动或者超过三个月未还的 400 万元以上。需要说明的是,由于 刑法 中规定的“数额特别巨大”为 2020 年 中华人民共和国刑法修正案(十一)(以下简称“刑法修正案十一”)新增的内容,2016 年出台的贪污贿赂司法解释并未能就数额标准予以明确,目前仍处于空白地带,有待司法解释予以明确。(2)经典案例 在港股上市公司 LS 的控制权争夺中,LS 创始人吴某某与董事长王某某在经销商层面和股东大会层面的斗争中均已落败出局,随后其在控制权争夺过程中的违规证据也被曝光,引发了 14 年的刑期。而这 14 年的有期徒刑,罪名之一便是挪用资金罪。42 贪污贿赂司法解释第五条:挪用公款归个人使用,进行非法活动,数额在三万元以上的,应当依照刑法第三百八十四条的规定以挪用公款罪追究刑事责任;数额在三百万元以上的,应当认定为刑法第三百八十四条第一款规定的“数额巨大”。具有下列情形之一的,应当认定为刑法第三百八十四条第一款规定的“情节严重”:(一)挪用公款数额在一百万元以上的;(二)挪用救灾、抢险、防汛、优抚、扶贫、移民、救济特定款物,数额在五十万元以上不满一百万元的;(三)挪用公款不退还,数额在五十万元以上不满一百万元的;(四)其他严重的情节。43 贪污贿赂司法解释第六条:挪用公款归个人使用,进行营利活动或者超过三个月未还,数额在五万元以上的,应当认定为刑法第三百八十四条第一款规定的“数额较大”;数额在五百万元以上的,应当认定为刑法第三百八十四条第一款规定的“数额巨大”。具有下列情形之一的,应当认定为刑法第三百八十四条第一款规定的“情节严重”:(一)挪用公款数额在二百万元以上的;(二)挪用救灾、抢险、防汛、优抚、扶贫、移民、救济特定款物,数额在一百万元以上不满二百万元的;(三)挪用公款不退还,数额在一百万元以上不满二百万元的;(四)其他严重的情节。44 贪污贿赂司法解释第十一条第二款:刑法第二百七十二条规定的挪用资金罪中的“数额较大”“数额巨大”以及“进行非法活动”情形的数额起点,按照本解释关于挪用公款罪“数额较大”“情节严重”以及“进行非法活动”的数额标准规定的二倍执行。第49页共 132 页 法院经审理查明,在控制权争夺期间,吴某某为了筹建个人实际控制的 WJ 公司所开发的大厦项目,决定以其本人实际控制的多家重庆公司为贷款主体,利用 LS 重庆子公司的银行存款提供质押担保,向银行申请流动资金贷款,并安排相关人员办理质押担保等手续。后吴某某在没有经过 LS 董事会决议及授权的情况下,个人决定将 LS 重庆子公司存在银行的流动资金存款转为保证金存款,为个人公司先后申请 9 亿元流动资金贷款提供质押担保,LS 重庆子公司为此先后出质保证金 9.24 亿元。上述贷款发放后,均被吴某某用于大厦项目建设、偿还银行贷款、个人借款等。后由于吴某某未能按时偿还上述贷款,致使 LS 重庆子公司的 5.5 亿元保证金被银行强行划扣,造成公司巨额损失。吴某某因此被以挪用资金罪判处有期徒刑 9 年,又因其他职务侵占事项被以职务侵占罪判处有期徒刑 6 年,两罪并罚被判处有期徒刑 14 年。2.职务侵占罪职务侵占罪 职务侵占罪是一项与挪用资金罪常常相生相伴的罪名,同样适用于公司内部人员,常使实际控制人和高级管理人员身陷囹圄。其与挪用资金罪相比,存在“以非法占用为目的”的更深层次主观恶性。(1)法律规定 刑法第二百七十一条:“公司、企业或者其他单位的工作人员,利用职务上的便利,将本单位财物非法占为己有,数额较大的,处三年以下有期徒刑或者拘役,并处罚金;数额巨大的,处三年以上十年以下有期徒刑,并处罚金;数额特别巨大的,处十年以上有期徒刑或者无期徒刑,并处罚金。”结合贪污贿赂司法解释第一条45、第二条46和第十一条第一款47的规定,职务侵占罪的追诉标准和量刑标准参照贪污罪的数额倍数执行,其中数额较大的标准为 6 万元以上,数额巨大的标准为 100 万元以上。需要说明的是,与挪用资金罪一样,由于刑法条文关于职务侵占罪的“数额特别巨大”同为刑法修正案(十一)新增的内容,贪污贿赂司法解释 并未能就数额标准予以明确,目前仍处于空白地带,有待司法解释予以明确。45 贪污贿赂司法解释第一条:贪污或者受贿数额在三万元以上不满二十万元的,应当认定为刑法第三百八十三条第一款规定的“数额较大”,依法判处三年以下有期徒刑或者拘役,并处罚金。46 贪污贿赂司法解释第二条:贪污或者受贿数额在二十万元以上不满三百万元的,应当认定为刑法第三百八十三条第一款规定的“数额巨大”,依法判处三年以上十年以下有期徒刑,并处罚金或者没收财产。47 贪污贿赂司法解释第十一条第一款:刑法第一百六十三条规定的非国家工作人员受贿罪、第二百七十一条规定的职务侵占罪中的“数额较大”“数额巨大”的数额起点,按照本解释关于受贿罪、贪污罪相对应的数额标准规定的二倍、五倍执行。第50页共 132 页(2)典型案例 在 LS 控制权争夺中,吴某某除犯挪用资金罪外,同时也存在职务侵占的行为。无独有偶,在 ZG 控制权争夺战中,原董事长蔡某某为了在与另一股东潘某某的斗争中取得 ZG控制权,聘请律师设计了一套被其称之为“脱壳计划”的方案,旨在将 ZG 的一切资产、业务、供应链、商标等,转移到新设立的法人主体之下,使原有公司变成一个空壳,从而将潘某某彻底踢出局;即在清洗潘系人员、控制 ZG 董事会前提下,整合 ZG 旗下的所有子公司,并将其打包以大约净资产的价格买给蔡某某新成立的公司,使原有 ZG 公司变成一个空壳,潘某某除按照持有 ZG 的股权比例获得出售资产的款项外一无所有,彻底出局。前述秘密计划后被潘某某获取并公布,公安部门也以“涉嫌挪用资金、职务侵占”正式逮捕蔡某某。经审理,法院认定蔡某某构成职务侵占罪和挪用资金罪,数罪并罚,判处其有期徒刑 14 年。3.背信损害上市公司利益罪背信损害上市公司利益罪 与挪用资金罪、职务侵占罪针对所有公司内部人员不同,背信损害上市公司利益罪是专门针对上市公司董监高的罪名,其犯罪行为也有明确的列举,因其适用范围和入罪标准的制约,该等罪名也较为少见。但在上市公司控制权争夺中,该等罪名也和挪用资金罪、职务侵占罪一样,是进攻方的有力武器。(1)法律规定 刑法第一百六十九条之一:“上市公司的董事、监事、高级管理人员违背对公司的忠实义务,利用职务便利,操纵上市公司从事下列行为之一,致使上市公司利益遭受重大损失的,处三年以下有期徒刑或者拘役,并处或者单处罚金;致使上市公司利益遭受特别重大损失的,处三年以上七年以下有期徒刑,并处罚金:(一)无偿向其他单位或者个人提供资金、商品、服务或者其他资产的;(二)以明显不公平的条件,提供或者接受资金、商品、服务或者其他资产的;(三)向明显不具有清偿能力的单位或者个人提供资金、商品、服务或者其他资产的;(四)为明显不具有清偿能力的单位或者个人提供担保,或者无正当理由为其他单位或者个人提供担保的;(五)无正当理由放弃债权、承担债务的;(六)采用其他方式损害上市公司利益的。上市公司的控股股东或者实际控制人,指使上市公司董事、监事、高级管理人员实施前款行为的,依照前款的规定处罚。第51页共 132 页 犯前款罪的上市公司的控股股东或者实际控制人是单位的,对单位判处罚金,并对其直接负责的主管人员和其他直接责任人员,依照第一款的规定处罚。”根据最高人民检察院、公安部关于公安机关管辖的刑事案件立案追诉标准的规定(二)(以下简称“追诉标准二”)第十八条48的规定,前述列举行为应致使上市公司直接经济损失数额在一百五十万元以上或者致使公司发行的股票、公司债券或者国务院依法认定的其他证券被终止上市交易或者多次被暂停上市交易的,方构成本罪的入罪标准。而对于刑法所规定“特别重大损失”,尚无司法解释予以规定。(2)典型案例 在 A 股上市公司 KD(股票简称已变更为“JJ”)控制权争夺过程中,进攻方 JJ 集团与防守方暨控股股东 HC 公司在董事会和股东大会展开激烈斗争的关键时刻,HC 的代表、上市公司董事长罗某某被公安机关以涉嫌背信损害上市公司利益罪予以刑事拘留。两天后,上市公司董事李某某、监事张某某同样因涉嫌背信损害上市公司利益罪被采取刑事拘留。在此情况下,JJ 集团抓住时机,迅速召开董事会临时会议,组建了新的董事会和管理层,瞬间打破原来胶着的局势,成功掌握上市公司控制权。虽然最终法院判决罗某某等人无罪,但控制权争夺战早已尘埃落地,战机贻失。4.内幕交易罪内幕交易罪 在上市公司控制权争夺过程中,攻防双方往往都涉及到增持上市公司股票,夯实表决权的安排。由于上市公司收购管理办法对收购方通过二级市场收购上市公司股票予以了较多限制,实践中控制权争夺的相关主体往往会通过代持、先分散收购再一致行动等方式实施收购,这其中难免容易触碰到违法增持、短线交易、窗口期交易,乃至内幕交易构成犯罪等情形。48 追诉标准二第十八条:上市公司的董事、监事、高级管理人员违背对公司的忠实义务,利用职务便利,操纵上市公司从事损害上市公司利益的行为,以及上市公司的控股股东或者实际控制人,指使上市公司董事、监事、高级管理人员实施损害上市公司利益的行为,涉嫌下列情形之一的,应予立案追诉:(一)无偿向其他单位或者个人提供资金、商品、服务或者其他资产,致使上市公司直接经济损失数额在一百五十万元以上的;(二)以明显不公平的条件,提供或者接受资金、商品、服务或者其他资产,致使上市公司直接经济损失数额在一百五十万元以上的;(三)向明显不具有清偿能力的单位或者个人提供资金、商品、服务或者其他资产,致使上市公司直接经济损失数额在一百五十万元以上的;(四)为明显不具有清偿能力的单位或者个人提供担保,或者无正当理由为其他单位或者个人提供担保,致使上市公司直接经济损失数额在一百五十万元以上的;(五)无正当理由放弃债权、承担债务,致使上市公司直接经济损失数额在一百五十万元以上的;(六)致使公司发行的股票、公司债券或者国务院依法认定的其他证券被终止上市交易或者多次被暂停上市交易的;(七)其他致使上市公司利益遭受重大损失的情形。第52页共 132 页(1)法律规定 刑法第一百八十条:“证券、期货交易内幕信息的知情人员或者非法获取证券、期货交易内幕信息的人员,在涉及证券的发行,证券、期货交易或者其他对证券、期货交易价格有重大影响的信息尚未公开前,买入或者卖出该证券,或者从事与该内幕信息有关的期货交易,或者泄露该信息,或者明示、暗示他人从事上述交易活动,情节严重的,处五年以下有期徒刑或者拘役,并处或者单处违法所得一倍以上五倍以下罚金;情节特别严重的,处五年以上十年以下有期徒刑,并处违法所得一倍以上五倍以下罚金。单位犯前款罪的,对单位判处罚金,并对其直接负责的主管人员和其他直接责任人员,处五年以下有期徒刑或者拘役。”根据 最高人民法院 最高人民检察院关于办理内幕交易、泄露内幕信息刑事案件具体应用法律若干问题的解释(以下简称“内幕交易司法解释”)第六条49、第七条50的规定,证券交易成交额在五十万元以上或者获利/避免损失数额在十五万元以上或者三次以上实施上述行为的,认定为“情节严重”;证券交易成交额在二百五十万元以上或者获利/避免损失数额在七十五万元以上的认定为“情节特别严重”。(2)典型案例 2014 年,DF 控股股东 YX 公司与 YS 公司对 DF 控制权展开争夺。在控制权争夺过程中,DF 向监管部门反映称,经向重庆市经济犯罪侦查总队了解,YS 在收购 DF 股票过程中涉嫌证券违法,重庆市公安局已对 YS 以涉嫌泄露内幕信息罪立案侦查,对 YS 董事长的配偶王某以涉嫌内幕交易罪立案侦查,YS 存在不得收购上市公司的情形,以此来阻止YS 对 DF 的收购,拒绝配合 YS 召开临时股东大会的要求。尽管公安机关后续撤销了前述立案,但是 YX 已在关键时刻阻击了 YS 的收购,利用刑事程序打破了原本的局面。五、五、上市公司控制权攻守之道上市公司控制权攻守之道 49 内幕交易司法解释第六条:在内幕信息敏感期内从事或者明示、暗示他人从事或者泄露内幕信息导致他人从事与该内幕信息有关的证券、期货交易,具有下列情形之一的,应当认定为刑法第一百八十条第一款规定的“情节严重”:(一)证券交易成交额在五十万元以上的;(二)期货交易占用保证金数额在三十万元以上的;(三)获利或者避免损失数额在十五万元以上的;(四)三次以上的;(五)具有其他严重情节的。50 内幕交易司法解释第七条:在内幕信息敏感期内从事或者明示、暗示他人从事或者泄露内幕信息导致他人从事与该内幕信息有关的证券、期货交易,具有下列情形之一的,应当认定为刑法第一百八十条第一款规定的“情节特别严重”:(一)证券交易成交额在二百五十万元以上的;(二)期货交易占用保证金数额在一百五十万元以上的;(三)获利或者避免损失数额在七十五万元以上的;(四)具有其他特别严重情节的。第53页共 132 页(一)攻方常用手段(一)攻方常用手段 1.增持股份,提高表决权增持股份,提高表决权 攻方如果希望掌握公司的实际控制权,无论是取得董事会席位,还是介入公司日常经营管理,都需要通过在股东大会上以行使表决权的方式实现。因此,攻方可通过集中竞价、协议转让、大宗交易、表决权委托、司法拍卖等方式取得上市公司股票及表决权,进而在控制权争夺中抢占更多优势。如 AM 控制权争夺中,TC 及其一致行动人自 2021 年 1 月 8日起,通过集中竞价、大宗交易、司法拍卖等手段,九次增持 AM 股份,夺取 AM 控制权。但是,该种手段仍受到证券法上市公司收购管理办法强制全面要约收购的限制51和增持股份信息披露义务的限制。2.争夺董事会、监事会席位争夺董事会、监事会席位 董事会是股东大会决议的执行机构,负责公司日常经营管理。尤其是在股权分散的上市公司,所有权与经营权高度分离,董事会实质上是公司具体运营的信息与决策中枢。而监事会作为公司的监督管理机构,享有检查公司财务、监督董监高执行职务行为、提议召开临时股东会议、提起派生诉讼等权利,取得监事会席位亦能够增强对公司的控制权。攻方可通过罢免现有董事、监事,并补选己方人员的方式掌握公司日常经营。例如,HT 发布公告称,公司监事会收到控股股东提交的临时提案,要求在 2022 年第一次临时股东大会增加审议罢免董事、提名董事会非独立董事、提名监事会非职工代表监事的议案,监事会同意将临时提案提交 2022 年第一次临时股东大会审议。随后深交所下发 关注函,要求 HT 就此进行说明。有两位独立董事在公司对深交所关注函的回复中称,本次董事候选人中的原董事会秘书违反勤勉尽责义务、任期内导致公司信披混乱,不适宜被提名为董事,并表示近期将向监管部门举报。控股股东改选董事受阻,控制权之争已趋白热。攻方亦可通过修改公司章程、增加攻方能够支配的董事及监事席位的方式,增加攻方在公司经营管理中的话语权。例如攻方增资取得目标公司股权时,可以在公司修订章程时明确订入增资完成后公司的董事会及监事会规模及构成条款,增加攻方有权推选的董事及监事人数。51 上市公司收购管理办法(2020 年修订)第 24 条:“通过证券交易所的证券交易,收购人持有一个上市公司的股份达到该公司已发行股份的 30%时,继续增持股份的,应当采取要约方式进行,发出全面要约或者部分要约。”第54页共 132 页 3.主导公司经营管理主导公司经营管理 能够主导公司日常经营管理是取得公司控制权的重要标志,而掌握公司日常经营,亦有助于攻方收购目的的实现。因此,在控制权纠纷中,攻方会伺机进入公司管理层,主导公司日常经营。攻方一般会选择通过三个手段获取公司经营管理权。一是取得上市公司印章、证照等资料,从而以公司名义行使权利。例如 JL 在公司印章、证照资料失控后,即补办新的公章,并宣布原公章作废。除补办公司印章和证照外,公司亦可选择通过协商、提起公司证照返还诉讼等方式取回原证照和印章,亦可向法院同步提起行为保全,要求对手方不得擅自使用公司证照和印章。二是完成公司法定代表人的变更登记,从而使自身管理公司“师出有名”。以深圳市为例,进行公司法定代表人变更需要提交以下材料:公司登记(备案)申请书、前置审批文件(如需)、营业执照副本、根据公司章程的规定提交原任法定代表人的免职证明和新任法定代表人的任职证明、依法作出的决议或决定、修改后的公司章程或者公司章程修正案。在公司登记(备案)申请书中,变更法定代表人时一般无需原法定代表人签字。同时,申请材料需要加盖公司公章。一般情况下,攻方需要掌握公司证照、公章情况下方可办理法定代表人的变更登记。若目标公司公章、证照控制方不予配合办理变更登记的,攻方可以先按照公司法及公司章程规定的程序,依法通过变更公司法定代表人的股东会决议,随后提起请求变更公司登记之诉,诉请有关义务人配合完成公司法定代表人变更登记。例如(2021)沪 02 民终 9430 号案件中,上海市二中院确认公司变更法定代表人及执行董事任免的股东会决议有效,并判令公司原执行董事配合办理法定代表人变更登记。三是修改公司管理制度,使自己能够更加顺畅接管公司。例如,2020 年 6 月 1 日 BY发布公告称其实际控制人变更为 HY,新实控人入主后次月主导 BY 修订公司章程,对控股股东同业竞争、董事及监事选举规则、董事会下设部门、董事会职权范围、公司利润分配等事项做了修订。(二)守方常用手段(二)守方常用手段 1.保持表决权比例的优势保持表决权比例的优势 守方可通过表决权委托,亦可在内部寻求同盟,与其他股东签订一致行动协议,从而 第55页共 132 页 扩大股东大会中的表决权比例,保持对公司的控制权。例如,2021 年 9 月 4 日,HS 公告称,控股股东 ZG 与 MT 续签表决权委托协议,约定 MT 继续将其持有的公司股份对应表决权委托给 ZG 行使,有效维持了 ZG 对上市公司的控制权。RR 控股股东 QJ 与 HM 之间签署的表决权委托协议于 2021 年 12 月 31 日到期,而在 2021 年 12 月 29 日,经双方协商后续签了表决权委托协议,有效巩固了其控股股东地位。2.设置差异化表决权设置差异化表决权 公司上市前,守方可通过设置差异化表决权提高其持股对应的权重,以应对上市后控制权稀释风险。表决权差异化安排是指发行人在发行普通股份之外同时发行特别表决权股份,根据科创板股票上市规则有关规定,每份特别表决权股份具有的表决权数量不得超过每份普通股份的 10 倍,除了表决权差异外其它股东权利应完全相同52。例如,YK 于 2020 年 1 月 20 日在科创板上市,根据其招股意向书,公司共同实际控制人季某某、莫某某及华某持有的 A 类股份每股表决权数量是包括公开发行对象在内的其它股东所持每股股份表决权数量的 5 倍,对公司的经营管理以及股东大会决议事项具有绝对控制权。3.设置障碍限制改选董事会、监事会设置障碍限制改选董事会、监事会(1)限制董事提名权、提高持股比例或者持股时间要求 为防止己方任命董事被替换,守方可通过提高董事提名最短持股时间、最低持股比例要求,使得突击取得控制权的收购方无法实现董事会、监事会迅速改选。例如,FD公司章程(2021 年 3 月)第 84 条第 2 款规定:“除职工代表董事以外的非独立董事候选人由董事局、单独或合并连续 365 日以上持有公司发行在外有表决权股份总数 5%或以上的股东提出”又如 DB公司章程(2021 年 7 月)第 83 条第 2 款规定“董事、监事候选人分别由董事会、监事会提出,合并持有公司股份总额 10%以上的股东可以书面方式向董事会提名董事、监事候选人,并附所提候选人简历等基本情况”但该类条款提高了公司法赋予的股东提案权行使门槛,限制了股东权利,司法实践中对其效力存在争议。在(2017)沪 0120 民初 13112 号案件中,上海市奉贤区人民法院 52 上海证券交易所科创板股票上市规则(2020 年修订)第 4.5.3 条:“持有特别表决权股份的股东应当为对上市公司发展或者业务增长等作出重大贡献,并且在公司上市前及上市后持续担任公司董事的人员或者该等人员实际控制的持股主体。持有特别表决权股份的股东在上市公司中拥有权益的股份合计应当达到公司全部已发行有表决权股份 10%以上。”第 4.5.4 条:“上市公司章程应当规定每份特别表决权股份的表决权数量。每份特别表决权股份的表决权数量应当相同,且不得超过每份普通股份的表决权数量的 10 倍。”第56页共 132 页 认为,该类规定违反了公司法的规定,限制了部分股东就非独立董事候选人提出临时提案的权利,应认定为无效。拟在章程中设置相关规定的公司亦可能面临市场和监管的压力,而无法通过相关决议。例如,BA2021 年就因限制董事提名权而受到市场关注,并在投服中心征集表决权后,未通过增加该类规定的章程修正案。(2)设置金色降落伞条款 金色降落伞条款是指章程规定当目标公司面临恶意并购并导致高级管理人员在任期内被提前解聘的,目标公司应当向该高管支付高额补偿金,以提高收购成本,增加更换管理层的障碍。例如,SS公司章程(2021 年 12 月)第 97 条第 4 款规定:“在发生本章程规定的恶意收购情形下,公司董事不存在违反法律、法规及本章程规定的行为而在任期届满前被解除职务或解聘的,公司应当按照该名董事上一年度工资总额的十倍支付一次性补偿金”但鉴于高额补偿金系由上市公司直接支付、收购方的直接损失并不大,且可能构成高管维护自身利益的工具,不利于高管履行勤勉忠实义务。2019 年 2 月 20 日深交所曾对 ZT章程修订案中的金色降落伞条款提出问询,要求公司说明在恶意并购中提前终止或解除高管职务时支付税前薪酬总额三倍补偿金的合理性,是否涉及利益输送、违反董事忠实义务、侵害公司及全体股东利益等问题。(3)累积投票制、差额选举 累积投票制是指股东大会在选举董事或者监事时,每一股份拥有与应选董事或监事人数相同的表决权,且股东持有的表决权可以集中投票选举一人,也可以分散投票选举数人。累积投票制应配合差额选举。根据上市公司治理准则第十七条,单一股东及其一致行动人拥有权益的股份比例在 30及以上的上市公司,应当采用累积投票制,采用累积投票制的上市公司应当在公司章程中规定实施细则。累积投票制按照拟选人数放大股东持有的投票权,使中小股东可以通过选举董事、监事来实现知情权、决策权及监督权,有效保障中小股东利益。(4)授权董事会采取反收购措施条款 守方可授权董事会自主采取反收购措施,使董事会得以迅速对敌意收购做出反应,减少损失,但守方主导章程修改并订入该条款时,应当对董事会授权予以必要限制,例如要求董事会在采取反收购措施时第一时间向股东发出公告,并且董事会采取的反收购措施不 第57页共 132 页 得损害公司及股东的合法权益。例如,MD公司章程第 120 条第 1 款规定:“在发生公司恶意收购的情况下,董事会可自主采取如下反收购措施:(一)针对公司收购方按照公司章程的要求向董事会提交的关于未来増持、收购及其他后续安排的资料,做出讨论分析,提出分析结果和应对措施,并在适当情况下提交股东大会审议确认;(二)从公司长远利益考虑,董事会为公司选择其他收购者,以阻止恶意收购者对公司的收购;(三)根据相关法律法规及本章程的规定,采取可能对公司的股权结构进行适当调整以降低恶意收购者的持股比例或増加收购难度的行动;(四)在发生恶意收购的情况下,公司高级管理人员、核心技术人员可以向公司提出辞职,公司应按该名人员在公司任该职位年限内税前薪酬总额的三倍向该名人员支付赔偿金;(五)采取以阻止恶意收购者实施收购为目标的包括对抗性反向收购、法律诉讼策略等在内的其他符合法律法规及本章程规定的反收购行动。”(5)章程禁止无故罢免董事 守方可以修改公司章程,规定不得无故罢免董事,以保持公司管理层稳定。例如 CH公司章程第 98 条第 1 款规定:“董事由股东大会选举或更换,任期三年。董事任期届满,可连选连任。董事在任期届满以前,股东大会不得无故解除其职务。”需提醒的是,该类条款效力在司法实践中存在争议。例如在(2020)粤 0106 民初 13386号案件中,广东省广州市天河区人民法院认为公司章程有效,并且根据章程有关规定认定股东大会作出解除董事职务决议的内容并不违反公司章程。但在(2019)川 0112 民初 1498号案件中,四川省成都市龙泉驿区人民法院援引公司法司法解释五第 3 条规定“董事任期届满前被股东会或者股东大会有效决议解除职务,其主张解除不发生法律效力的,人民法院不予支持”,驳回公司抗辩。4.其他反收购措施其他反收购措施(1)设置“豪猪条款”豪猪条款是指在公司章程中设置特别条款以限制收购方控制目标公司。例如在公司章程中规定分级分期董事会条款,规定董事会每年改选成员数不得超过一定比例,令收购方即使取得公司控制权也无法在短时间内在董事会中取得多数席位,从而保证守方控制权。如 PL公司章程第 83 条第 1 款规定:“为保持公司决策层的相对稳定,公司经营战略和文化的延续,在董事、监事任期届内,或届满实行换届选举时,新入选董事、监事不得超过现任董事的二分之一,但董事、监事因客观上不可能实现上述更换比例时,更换比 第58页共 132 页 例作相应调整。”但是,反对“限制董事改选条款”的观点认为,根据公司法第 37 条和第 99 条,选举和更换董事是股东大会的职权。公司法 第 45 条规定:“董事任期由公司章程规定,但每届任期不得超过三年。董事任期届满,连选可以连任。”因此,未经股东大会“连选”,董事无法“连任”。而限制董事改选条款,则限制了股东选任董事的基本权利,有违公司法的“三会”治理机制,公司章程自治不能突破公司法的基本制度设计。并且,鉴于公司法司法解释五第 3 条第 1 款规定公司可以在董事任期届满前解除其职务,而董事会分级分期条款实质上限制了股东选择管理者的权利,若发生纠纷,存在被法院认定无效的风险。(2)使用停牌技巧 上市公司筹划重大资产重组、控制权变更、要约收购等重大事件的,可以向交易所申请停牌,停牌期间上市公司股权停止交易,收购方无法通过二级市场继续增持目标公司股票。巧用停牌技巧,可以增加收购方取得公司控制权的时间成本,为守方实施反收购策略争取时间。但应注意,使用停牌手段需谨慎,不得违反监管规定或者侵害投资者权利。例如 AJ 控制权争夺过程中,收购方披露其一致行动人将在未来 12 个月内继续增持 AJ股份,并拟以第一大股东的身份改组董事会。同日上交所发出问询函,AJ 披露问询函的同时公告公司股票即日起停牌,待书面回复上交问询函后复牌。停复牌期间为守方采取联合第一大股东、增持股份等巩固控制权措施争取了充分时间。(3)动用“焦土政策”焦土政策是指目标公司通过出售主要资产、收购劣质资产、出售盈利能力强的业务等方式,使自身资产负债情况、盈利能力恶化,从而阻止收购方收购行为的策略。例如 TX(原为 HQ)控制权之争中,实际控制人为了迫使收购方放弃争夺控制权,主导 HQ 违规信披,一手炮制董事会通过 1001 项无事实可能、无法律基础、且含有矛盾信息的议案,相关信息报送交易所后交易所拒绝披露并下发监管工作函,随后受到证监会行政处罚。因为焦土策略以牺牲公司资产、业务或造成其他损失为代价,最终损害上市公司全体股东利益,在控制权争夺实务中应用很少,违反上市公司收购管理办法有关规定,53极易引发纠纷,守方应慎用该手段,警惕背后的监管及法律风险。53 上市公司收购管理办法(2020 年修订)第 33 条:“收购人作出提示性公告后至要约收购完成前,被收购公司除继续从事正常的经营活动或者执行股东大会已经作出的决议外,未经股东大会批准,被收购公司董事会不得通过处置公司资产、对外投资、调整公司主要业务、担保、贷款等方式,对公司的资产、负债、权益或者经营成果造成重大影响。”第59页共 132 页(4)引入“白衣骑士”白衣骑士是指目标公司面临敌意收购时向具有友好关系的第三方公司寻求合作,由第三方公司充当“白衣骑士”以更高价格收购目标公司控制权的反收购策略。例如在前文所述“宝万之争”中,WK 面对 JS 及其一致行动人的控制权争夺行为,引入了 SZ 作为白衣骑士,使 WK 免受控制权旁落的后果。但上市公司在引入白衣骑士时,亦应注意就控制权安排及公司后续经营管理达成一致,避免引发新一轮上市公司控制权争夺。第60页共 132 页 主主 办办 北京市天同律师事务所 主主 编编 何海锋 13683517916(同微信)汤 竟 13798389602(同微信)责任编辑责任编辑 汤友军 吴陶钧 宋嘉怡 李 燕 陈豪鑫 韩非鹏 管乐柳 朱泽硕 阅读提示:阅读提示:本报告每月上旬发布。所涉诉讼信息均来自上市公司公告或公开裁判文书,仅用于个人学习、研究之目的,不构成任何投资建议。因个案具体事实存在差异,且部分问题在法律理论及各地司法实践中也存在争议,故本刊亦不能作为判断个案裁判结果或诉讼风险的依据。本刊所提案例内容仅为概要信息,如欲了解详情,可与协会工作人员联系。上市公司诉讼风向标上市公司诉讼风向标 一、一、4月份上市公司诉讼总览月份上市公司诉讼总览 约 67 家上市公司发布诉讼公告,涉及诉讼案件共 1684 则。二、二、目标公司减资程序对行使回购权的阻碍目标公司减资程序对行使回购权的阻碍 各方约定由目标公司承担回购义务的,回购请求权可能因前置减资程序未能完成而实际无法行使。上市公司与目标公司约定回购义务时,应尽量避免由目标公司单独作为回购义务人。三三、债券持有人要求上市公司提前赎回的司法认定债券持有人要求上市公司提前赎回的司法认定 近年来,受整体经济形势和频繁的上市公司债券违约影响,不少投资者以预期违约为由主张发行人提前偿付本息。建议上市公司关注实践中司法机关对预期违约的具体认定思路,积极应对,尽可能降低对自身产生的影响。四、四、上市公司收入确认应以真实交易为基础上市公司收入确认应以真实交易为基础 上市公司应按照实际业务模式确认收入,杜绝通过虚构交易的方式虚增收入、利润。上市公司应结合合同中关于权利义务的约定,合同的实际履行情况来认定真实交易情况,同时保存确认收入的相关依据材料。五、五、上市公司股票窗口期违规交易的风险防范上市公司股票窗口期违规交易的风险防范 上市公司董监高应遵守窗口期交易规则,否则可能面临行政监管的风险。不同板块的上市公司在窗口期交易的限制略有差异。为规范上市公司治理、防范窗口期违规交易,上市公司应针对所属监管规则加强对窗口期交易的合规培训和内部管理。六、六、上市公司限制性股票激励的风险提示上市公司限制性股票激励的风险提示 限制性股票是常见的上市公司股权激励方式,但司法实践中存在较多争议。避免与激励对象产生纠纷或稀释公司原股东权利,上市公司应当妥善制定限制性股票激励机制,合理设置限制性股票的授予比例。2022 年第 5 期 总第 19 期 第61页共 132 页 一、一、4月份上市公司诉讼总览月份上市公司诉讼总览 2022 年 4 月,约 67 家上市公司发布诉讼公告,涉及诉讼案件共 1684 则。我们关注到,经营类纠纷占到极大的比重,其中,买卖合同纠纷及建设工程相关合同纠纷居多;在公司治理类的纠纷中,股权转让纠纷较多;而在投融资类纠纷中,金融借款纠纷及证券虚假陈述责任纠纷较多。本期月报,我们挑选了 5 则具有典型意义的案件,包括目标公司减资程序对行使回购权的阻碍、债券持有人要求上市公司提前赎回的司法认定、上市公司收入确认应以真实交易为基础、上市公司股票窗口期违规交易的风险防范、上市公司限制性股票激励的风险提示。我们将从案例出发,简要分析其中的法律问题并提出建议,以期能够为各大公司化解上述风险提供可行路径。二、二、目标公司减资程序对行使回购权的阻碍目标公司减资程序对行使回购权的阻碍 2022 年 4 月 28 日,FA 公司披露一起行使回购权引发的纠纷。FA 公司向目标公司增资,并与目标公司及其股东签订增资协议与股东协议。股东协议约定,在特定事件发生时,FA 公司可以要求目标公司或其股东无条件回购股权。2021 年,回购义务触发,FA 公司请求目标公司及其股东回购股权未果后,遂诉至法院。2022 年 4 月 27 日,FA 公司收到一审胜诉判决,判令目标公司及其股东共同给付股权回购款。回购权是上市公司在对外投资中一种常见的保障机制。除上述诉讼外,2022 年 4 月另有近二十家公司披露了与股权回购、限制性股票回购有关的案件。对外投资中回购条件的触发维持着较高频率,相关诉讼屡见不鲜。一旦回购义务触发,投资方则有权请求回购义务方支付股权回购款。但目标公司如果履行回购义务,则可能导致公司注册资本减少,进而影响公司债权人的利益。针对投资方与公司债权人之间的利益矛盾,最高人民法院在全国法院民商事审判工作会议纪要中已经明确做出了选择,要求目标公司回购前必须依法完成减资程序54;而就目标公司履行减资程序是否具有可诉性的问题,最高人民法院则认为属于自治事项,司法不宜介入,即使介入,也不宜强制执行55。司法实践中,亦有较多以减资程序未完成为由驳回投资方诉讼请求的案例。56 但在 FA 公司与目标公司关于回购权的争议中,目标公司虽也提出了未完成减资程序无法进行回购的抗辩,法院却仍判令目标公司及其股东共同向 FA 公司支付回购款。目前我们 54 全国法院民商事审判工作会议纪要第 5 条第一款规定:“投资方请求目标公司回购股权的,人民法院应当依据公司法第 35 条关于股东不得抽逃出资或者第 142 条关于股份回购的强制性规定进行审查。经审查,目标公司未完成减资程序的,人民法院应当驳回其诉讼请求。”55 见全国法院民商事审判工作会议纪要理解与适用,最高人民法院民事审判第二庭编著,人民法院出版社,2019年 12 月第 1 版,第 120 页。56 如(2020)最高法民申 2957 号案、(2020)最高法民申 1191 号案等。第62页共 132 页 尚未看到该判决具体说理内容,该裁判观点值得持续关注。但我们推测,该案中可能存在特定事实让法院确认回购义务存在可履行性,并因此获得法院支持。早在 2019 年的“华工案”中,江苏高院再审就以回购条款有效且具备可履行性为由,撤销了一、二审驳回诉讼请求的判决,改判目标公司向投资方支付回购款。“华工案”中,一个关键的情节就是目标公司股东均签署了对赌协议,并承诺确保对赌协议的履行。据此,法院认为目标公司股东有义务配合完成减资程序,回购义务因此具有可执行性。我们认为,目标公司与投资方对赌,其效力虽被普遍承认,但是否可以实际履行,却受前置减资程序限制。在法院对回购义务可履行性享有较大裁量权的情况下,约定目标公司单独承担回购义务存在较大风险。根据现有司法实践,在上市公司涉及回购义务的对外投资中,我们就投资方在不同阶段可关注的问题建议如下:1.上市公司对外投资之初,应尽量避免单独以目标公司为回购义务方,以免主张回购权时因目标公司无法完成减资程序而致权利落空。投资方可以协商由目标公司股东或实际控制人承担回购义务,要求对方提供相应财产担保措施,并在可能的情况下增加更多主体成为连带责任人,同时明确违约责任。2.已约定由目标公司承担回购义务的,投资方可以在各方仍保有良好关系时,协商签订补充协议增加回购义务主体,要求目标公司所有股东共同承诺确保回购义务的履行,目标公司股东或实际控制人对目标公司的合同义务承担连带责任。同时,各方还可明确约定回购义务无法履行情况下的违约责任。3.已约定由目标公司承担回购义务且发生触发事件的,投资方应尽快按照约定方式向全部回购义务方发函,要求承担回购义务,并留存发函记录。同时,投资方在诉讼中可结合各方沟通与反馈的情况,举证主张公司其他股东或成员负有履行减资的配合义务,诉请相关成员配合完成减资程序。如果目标公司减资程序无法履行,则可请求目标公司及其他责任方承担违约损害赔偿责任。三、三、债券持有人要求上市公司提前赎回的司法认定债券持有人要求上市公司提前赎回的司法认定 2022 年 4 月 23 日,上市公司 LH 公司发布重大诉讼公告,披露四起信托公司就 LH公司发行的公司债提起的债券交易纠纷诉讼。信托公司作为其发行的信托计划的受托人,分别购买了 LH 公司于 2018-2020 年间公开发行的债券 1 支、非公开发行的债券 3 支。现信托公司起诉 LH 公司及公司实际控制人,要求提前清偿债券本息并行使股权质押权,公司和实际控制人承担连带清偿责任。近年来,债券违约事件频繁发生,涉及上市公司发行债券的纠纷数量也不断增长。尤其 第63页共 132 页 是,债券持有人基于对上市公司未来偿债能力的不信任,可能会主张上市公司提前清偿债券。一旦法院认定上市公司应当提前偿付本息,则会极大加重上市公司的经营压力。此外,由于在私募债中,上市公司通常会提供股权质押担保,债券持有人如主张实现股权质押权,也会对上市公司的市场表现产生不利影响。法院认定提前清偿条件成就的情形主要分为两种:其一,协议约定的条件成就,协议依据包括债券募集说明书、发行人与投资人签订的债券合同等公开或者非公开文件。其二,法院认为发行人存在预期违约,根据民法一般规定支持投资人解除合同的请求,判决发行人返还本金并赔偿损失。2021 年施行的民法典第 528 条第 3 句,通过新增守约方的合同解除权的方式,将不安抗辩权与预期违约制度相衔接57,由此在法律层面确立了作为一般制度的预期违约解除权58。在协议有明确约定的情况下,投资人可依条款主张发行人提前偿付本息的疑义较少。问题在于,如协议未约定或约定不清晰时,法院需要判断发行人是否存在预期违约、合同是否可以据此解除。有鉴于此,我们总结了投资人主张发行人预期违约的典型情形,以及法院的相应处理,以供上市公司参考:1.发行人在付息日未能兑付当期利息59。由于按期支付利息为发行人的主要债务,虽然违约付息只是当期义务的不履行,法院仍有可能将发行人逾期付息的行为作为发行人不会继续履行债券合同的重要表现,因此认定发行人构成预期违约,从而支持投资人解除债券合同的主张。2.发行人发行的其他债券有实质违约,即交叉违约情形。对于该主张,司法实践中存在不同认定,有法院认为发行人多期债券均出现到期不能偿还的情形,足以表明发行人就案涉债券已经失去偿债能力,构成预期违约,投资人可以主张解除合同。60但也有法院认为应当按照合同相对性,各期债券之间相互独立,其他债券出现违约,不代表案涉债券无法得到偿还。61对比两案,法院的实质考量仍然为发行人是否有偿还债券的能力。3.发行人涉及诸多诉讼,存在未偿还债务,或者经营能力降低,或者存在转移财产的行为等,或者发行人、债券的信用评级降低。从司法实践来看,大多数案件将上述因素作为发行人清偿能力的参考因素,但仍需综合判断发行人是否失去偿还能力,而不会仅因存在上述因 57 最高人民法院民法典贯彻实施工作领导小组:中华人民共和国民法典合同编理解与适用(一),人民法院出版社2020 年版,第 444 页。58 虽然 2020 年出台的全国法院审理债券纠纷案件座谈会纪要第 21 条第 2 款、第 3 款所规定的“预期违约”,仅限于债券募集文件中有明确约定,或者发行人存在证券虚假发行的情形。但是实践中法院在认定时,并不限于协议约定情形。59 参见上海市高级人民法院(2018)沪民终 71 号民事判决书。60 参见北京市高级人民法院(2018)京民终 410 号民事判决书。61 参见上海市浦东新区人民法院(2015)浦民六(商)初字第 4310 号民事判决书。该案为上海法院 2016 年金融商事审判十大案例之一。第64页共 132 页 素,认定发行人构成预期违约。一旦法院认为发行人构成预期违约,因此支持投资人解除合同的主张,发行人除偿还本金外,仍有可能还需承担投资人的损失。此时,发行人可能就投资人损失的计算标准提出抗辩。由于债券兑付日前的利息已经实际发生,法院一般会按照合同约定的利率计算债券到期兑付日前的利息。但是,就到期日后,特别是投资人已向发行人通知解除合同日之后的利息计算,则有不同观点。在合同未约定违约金标准的情况下、投资人未能主张具体损失的情况下,法院可能会认定该部分损失属于资金占用损失,因此适用中国人民银行同期贷款利率或者贷款市场报价利率,计算发行人应当支付的利息。四、四、上市公司收入确认应以真实交易为基础上市公司收入确认应以真实交易为基础 2022 年 4 月 8 日,上市公司 SD 公司公告收到福建证监局出具的行政处罚事先告知书,主要事由为公司 2018 年、2019 年年度报告存在虚假记载。例如,在 2018 年年度报告中,子公司在部分销售业务中,作为中游供应商,不负责货物运输和验收,也不承担货物保管风险,相关采购销售合同、物流单据、发票均由上游供应商提供给下游客户。公司对该业务应当按照代收代付净额确认收入,然而,公司却将其作为加工销售业务模式全额确认营业收入,导致 2018 年虚增营业收入、虚增营业成本各 6 亿余元。在部分业务中未有真实物流,相关资金形成闭环,上市公司通过该循环购销业务模式虚增 2018 年营业收入、营业成本各 3亿余元。不按真实业务模式确认收入,以循环贸易等形式虚增收入,系上市公司财务造假的典型方式,亦构成严重的信披违规问题。上市公司信息披露管理办法(2021 年修订)(证监会令第 182 号)第 3 条第 1 款规定,“信息披露义务人应当及时依法履行信息披露义务,披露的信息应当真实、准确、完整,简明清晰、通俗易懂,不得有虚假记载、误导性陈述或者重大遗漏。”收入、利润等财务指标系反映公司真实经营情况的晴雨表,上市公司需要在定期报告中真实、准确地披露该等重要信息,否则有可能构成证券法及最高人民法院关于审理证券市场虚假陈述侵权民事赔偿案件的若干规定中的虚假陈述行为,上市公司及相关责任人员将面临巨大的民事、行政、刑事风险。依据企业会计准则第 14 号收入第 5 条62规定,合同具有商业实质、明确各方与 62 第五条 当企业与客户之间的合同同时满足下列条件时,企业应当在客户取得相关商品控制权时确认收入:(一)合同各方已批准该合同并承诺将履行各自义务;(二)该合同明确了合同各方与所转让商品或提供劳务(以下简称“转让商品”)相关的权利和义务;(三)该合同有明确的与所转让商品相关的支付条款;(四)该合同具有商业实质,即履行该合同将改变企业未来现金流量的风险、时间分布或金额;(五)企业因向客户转让商品而有权取得的对价很可能收回。第65页共 132 页 转让商品或提供劳务相关的权利义务、有明确的与转让商品相关的支付条款,企业才能确认相应的收入。如上述公告中,虽然合同双方名义上在战略合作协议中约定了货物加工销售事宜,但实际上 SD 公司在此协议框架下无法控制相关商品所有权的主要风险和报酬,因此该商品的销售应为代收代付,相应的应当按照代收代付净额确认收入,而不能以加工销售全额确认收入。据此,公司在确认买卖合同的收入时,应着重考虑商品所有权及实物是否已经转移,商品所有权上的主要风险和报酬是否已经转移;对企业自身不承担合同风险,也无法控制商品所有权的主要风险和报酬的,公司不应按照买卖合同业务模式全额确认营业收入,而应按照实际发生的业务类型确认收入。同时,作为公司确认收入依据的合同本身须真实,在某时点确认收入时,对该笔收入也应满足上述确认条件。针对不同的业务类型,审计机关和监管机关核查重点也会有所不同:对产品类业务,可能会重点关注公司的销售合同、出库单、送货单、发票、验收文件及客户签收记录等;对服务类业务,可能会重点关注项目明细表及客户提供的服务完成证明、发票等。因此,公司应确保公司所有确认的业务收入都有真实的交易、符合确认收入的条件,并留存相应的材料。合规要点提示:1.上市公司应按照真实发生的业务模式确认收入,结合合同中对当事人权利义务的约定,以及合同的实际履行情况,确认是否符合企业会计准则第 14 号收入第 5 条关于收入确认的条件。2.上市公司应杜绝通过虚构交易的方式虚增财务数据,同时应当留存真实的销售合同、出库单、送货单、发票、验收文件等资料作为确认收入的合理依据。五、五、上市公司股票窗口期违规交易的风险防范上市公司股票窗口期违规交易的风险防范 2022 年 4 月 25 日,上市公司 XM 披露董事赵某因窗口期违规减持公司股票的致歉说明。公司预约在 2022 年 4 月 28 日披露 2021 年年度报告、2022 年第一季度报告,董事赵某由于误操作,在未披露减持计划的情况下,于 2022 年 4 月 21 日通过集中竞价方式减持公司股票675 股,违反了中国证监会及深圳证券交易所的相关规定。除此之外,本月还存在其他上市公司董监高窗口期违规交易情形。2022 年 4 月 14 日,上市公司 DE 董事雷某某在年报窗口期违规买入 10,000 股公司股份。2022 年 4 月 8 日,上市 在合同开始日即满足前款条件的合同,企业在后续期间无需对其进行重新评估,除非有迹象表明相关事实和情况发生重大变化。合同开始日通常是指合同生效日。第66页共 132 页 公司 TLGF 董事张某某配偶于年报披露窗口期买入公司股票 100 股。2022 年 1 月,中国证监会发布上市公司董事、监事和高级管理人员所持本公司股份及其变动管理规则,上市公司董监高在下列期间不得买卖本公司股票:(一)上市公司年度报告、半年度报告公告前三十日;(二)上市公司季度报告、业绩预告、业绩快报公告前十日;(三)自可能对本公司证券及其衍生品种交易价格产生较大影响的重大事件发生之日或在决策过程中,至依法披露之日内;(四)证券交易所规定的其他期间。沪深交易所也据此调整了窗口期交易的相关规定,如上海证券交易所上市公司自律监管指引第 8 号股份变动管理(第 10 条)、深圳证券交易所上市公司自律监管指引第 10 号股份变动管理(第 13 条)。而北交所在其股票上市规则(第 2.4.14、2.4.15 条)中也有相应规定。为了规范上市公司治理,避免上市公司董监高因窗口期违规交易被采取行政监管措施,我们提出以下建议:1.加强窗口期交易限制主体的合规培训。一般而言,窗口期交易的限制主体为上市公司的董监高,但也存在例外。例如,北交所 股票上市规则 第 2.4.15 条为上市公司控股股东、实际控制人设置了类似的窗口期限制。值得注意的是,在深交所新发布的监管指引中,已经删除了对证券事务代表及董监高配偶敏感期交易的禁止性规定。由此,前述主体不再受窗口期限制,但仍要遵守内幕交易、短线交易的相关规定。故,上市公司应当加强董事、监事、高级管理人员等的合规培训,使其增强合规意识,充分熟悉证券法律法规及监管要求关于股票交易的规定。2.明确窗口期对应的信息披露的范围。根据证监会规定及交易所规则,窗口期针对的信息披露范围包括定期报告、业绩预告、业绩快报等。然而,不同交易所及板块的监管指引关于信息披露的适用范围存在一定差异。例如,科创板窗口期的信息披露范围未明确列入“季度报告”,但根据科创板股票上市规则第 6.1.1 条,季度报告属于定期报告,因此针对季度报告披露的窗口期就应为 30 日。可见,相比其他市场板块的股票来说,科创板针对季度报告的窗口期限制更加严格。因此,上市公司应当根据板块有针对性地明确监管要求,严格按规限制窗口期交易。六、六、上市公司限制性股票激励的风险提示上市公司限制性股票激励的风险提示 2015 年 12 月,上市公司 NA 公司与 YC 公司签订发行股份及支付现金购买资产协议及其补充协议,YC 公司原股东作出了业绩承诺,NA 公司则向 YC 公司原股东发行限制性股票,并通过前述协议设置了股票的授予及解锁条件。2022 年 4 月 15 日,NA 公司发布重大诉讼公告,披露了一起因 YC 公司原股东对限制性股票的授予及解锁成就条件存在异议而 第67页共 132 页 引发的合同纠纷。限制性股票是上市公司使用的一种常见的激励工具,上市公司可以结合所处行业的特点以及自身的战略发展地位,设置限制性股票的解锁条件。激励对象在完成一定业绩或考核指标,达成前述条件前,不得将限制性股票转让、提供担保或偿还债务。需要注意的是,限制性股票所对应的限售期并不同于上市公司董事、高级管理人员的禁售期,限售期由上市公司依据公司情况自行设置的、仅针对限制性股票激励对象的期限;而禁售期是由法律规定,且适用范围更加广泛的期限。同时,上市公司股权激励管理办法还明确了限制性股票应采取分期方式进行解锁,首次解锁与授权日间隔不得少于 12 个月,分段解锁的每期时限也不得少于 12 个月,且每期解锁比例不得超过获授股票总额的 50%。一旦激励对象达成了某一期限的解锁条件,则在该期解锁日届至时,上市公司就应当按照约定对激励对象所持股票进行解锁。不过若激励对象的解锁条件未成就,则上市公司应当回购该尚未解锁的股票。我们认为,上市公司在使用限制性股票对员工进行激励时,应当合理设计有相关关制度,避免与激励对象产生纠纷或稀释公司原股东权利。有鉴于此,我们总结了限制性股票的常见风险及应对策略,以供上市公司参考:1.明确激励对象离职时限制性股票的处理。限制性股票一个常见的风险点在于激励对象主动辞职或被公司解聘后股票的权属问题,由于激励对象在认购限制性股票后,股票的所有权已转移至该激励对象,故在相关协议未明确约定的情况下,常出现激励员工离职后是否仍应持有限制性股票的争议。63因此,我们建议上市公司在与激励对象就限制性股票签订协议时,明确在激励对象离职时,公司有以股票市值与授予价格孰低者回购的选择权,以避免潜在的纠纷。2.避免在劳动合同中约定限制性股票激励相关事宜。司法实践中,大量与限制性股票有关的纠纷是以劳动争议的形式提起的。若将限制性股票激励事宜约定在员工的劳动合同中,法院会将相关内容认定为劳动争议而不作为合同争议来处理。64 反之,若公司与员工就限制性股票事宜单独签订协议,司法实践倾向以“限制性股票及其收益高于劳动法确定的对普通劳动者的保护标准”为理由认为协议不属于劳动关系。65 因此,我们建议上市公司就限制性股票激励事宜单独与员工达成协议。3.合理设置限制性股票的授予比例。限制性股票仅在转让等权利上有所限制,并不影响激励对象表决权的行使。因此,我们建议上市公司在授予限制性股票时,应尽量减小对原股东股权的稀释,避免股东控制权的移转。63 参见(2018)湘 0121 民初 4042 号民事判决书。64 参见北京市第三中级人民法院(2022)京 03 民终 3563 号民事判决书。65 参见广东省高级人民法院(2019)粤民再 227 号民事判决书。第68页共 132 页 主主 办办 北京市天同律师事务所 主主 编编 何海锋 13683517916(同微信)汤 竟 13798389602(同微信)责任编辑责任编辑 汤友军 吴陶钧 李 燕 陈豪鑫 韩非鹏 管乐柳 郜宙翔 朱泽硕 阅读提示:阅读提示:本报告每月上旬发布。所涉诉讼信息均来自上市公司公告或公开裁判文书,仅用于个人学习、研究之目的,不构成任何投资建议。因个案具体事实存在差异,且部分问题在法律理论及各地司法实践中也存在争议,故本刊亦不能作为判断个案裁判结果或诉讼风险的依据。本刊所提案例内容仅为概要信息,如欲了解详情,可与协会工作人员联系。上市公司诉讼风向标上市公司诉讼风向标 一、一、5月份上市公司诉讼总览月份上市公司诉讼总览 约 50 家上市公司发布诉讼公告,涉及诉讼案件共 516 则。二、二、商业混淆不正当竞争行为的认定与应对商业混淆不正当竞争行为的认定与应对 由于上市公司在相应的市场上通常都具有较高的知名度,攀附上市公司的声誉的商业混淆行为屡见不鲜。上市公司可根据中华人民共和国反不正当竞争法(以下简称反不正当竞争法)第六条及相关司法解释的规定,从行为人的行为足以引人误认、被混淆的标识具有一定影响力等方面固定证据,并要求行为人承担相应的民事责任。三、三、侵占公章并以公司名义订立合同的效力侵占公章并以公司名义订立合同的效力 在公章被侵占的情况下,侵占公司公章的法定代表人或员工以公司名义签订的合同可能构成表见代理或代表,公司可能因此而受到该合同的约束。上市公司可从完善内控制度,发布遗失、作废声明,解除授权,要求返还证照等方面做出应对。四、可四、可持续发展背景下上市公司的持续发展背景下上市公司的 ESGESG 信披责任信披责任 在 2021 年年报披露中,超 1400 家上市公司或受监管强制或自愿披露了 ESG 报告。在“双碳”可持续发展背景下,监管机构对上市公司 ESG 信披的关注度也不断上升。上市公司应当熟知 ESG 信披相关规定,完善信披合规,同时积极承担社会责任,打造良好社会形象。五、五、新证券虚假陈述司法解释下的独立董事尽职免责新证券虚假陈述司法解释下的独立董事尽职免责 又到一年年报披露季,因年报披露而产生的虚假陈述行政、民事纠纷即将进入高发期。公司和独立董事应正确理解 2022 年最新生效的最高人民法院关于审理证券市场虚假陈述侵权民事赔偿案件的若干规定 第十六条及相关规章和规范性文件,依法勤勉履职,应对潜在司法风险。六、六、上市公司仅发布年度预计担保额度公告的担保效力风险上市公司仅发布年度预计担保额度公告的担保效力风险 实践中,众多央企、地产上市公司会采取发布年度预计担保额度公告的形式,对本年度的公司及子公司的担保业务进行预计,在具体的担保事项发生后不再进行单独的公告披露。此种披露模式可能会对具体担保的效力带来风险。2022 年第 6 期 总第 20 期 第69页共 132 页 一、一、5月份上市公司诉讼总览月份上市公司诉讼总览 2022 年 5 月,约 50 家上市公司发布诉讼公告,涉及诉讼案件共 516 则。我们关注到,经营类纠纷占到极大的比重,其中,建设工程相关合同纠纷及买卖合同纠纷居多;在公司治理类的纠纷中,股东出资纠纷较多;而在投融资类纠纷中,金融借款合同纠纷较多。本期月报,我们挑选了 5 则具有典型意义的案件,包括商业混淆不正当竞争行为的认定与应对、侵占公章并以公司名义订立合同的效力、可持续发展背景下上市公司的 ESG 信披责任、新证券虚假陈述司法解释下的独立董事尽职免责和上市公司仅发布年度预计担保额度公告的担保效力风险。我们将从案例出发,简要分析其中的法律问题并提出建议,以期能够为各大公司化解上述风险提供可行路径。二、商业混淆不正当竞争行为的认定与应对二、商业混淆不正当竞争行为的认定与应对 2022 年 5 月 11 日,上市公司 MJ 公司披露了五起控股子公司起诉 QE 公司及其下属部分门店的不正当竞争的纠纷。MJ 公司的控股子公司称 QE 公司及其下属部分门店通过销售人员或微信公众号等渠道对市场消费者进行虚假宣传,声称 QE 公司与 MJ 公司为同一家公司,其教育产品系 MJ 公司旗下品牌、兄弟品牌,并擅自使用 MJ 公司的商标。MJ 公司控股子公司认为 QE 公司及其下属部分门店的行为是对 MJ 公司的攀附,具有明显的虚假宣传和“搭便车”意图,恶意利用 MJ 公司的商誉和竞争利益,引起公众混淆,以此谋取不正当利益,构成不正当竞争。MJ 公司控股子公司主张法院判令 QE 公司及其下属部分门店立即停止不正当竞争行为、在报纸上刊登声明以消除不良影响并赔偿 MJ 公司的经济损失。无独有偶,本月还有上市公司 DL 公司披露了一起正在重审中的商标侵权及不正当竞争纠纷案;上市公司 MY 公司披露了其此前的一桩不正当竞争纠纷已与被告达成和解,MY 公司曾因被告生产的商品包装装潢与 MY 公司的同类产品基本相同、易造成消费者混淆和误认而起诉被告,现被告同意停止生产案涉产品并将案涉产品涉及的商标无偿转让给 MY 公司,双方达成和解。上市公司在相应的市场上通常都具有较高的知名度,攀附上市公司的声誉会使行为人在市场中获得极大的便利,因此针对上市公司的商业混淆行为屡见不鲜。行为人往往会采取模仿上市公司产品的装潢、包装、标识或冒用上市公司的名称、字号等混淆行为来使公众对其生产的产品产生误认将行为人生产的产品和被攀附的上市公司的产品相混淆,或是误以为该公司生产的产品与被攀附的上市公司有所关联。若这种行为符合反不正当竞争法第六条66项下的规定,则会被认定为构成不正当竞争,应停止违法行为并承担相应民事责任甚至 66 中华人民共和国反不正当竞争法第六条 经营者不得实施下列混淆行为,引人误认为是他人商品或者与他人存在特定联系:(一)擅自使用与他人有一定影响的商品名称、包装、装潢等相同或者近似的标识;(二)擅自使用他人有一定影响的企业名称(包括简称、字号等)、社会组织名称(包括简称等)、姓名(包括笔名、艺名、译名等);(三)擅自使 第70页共 132 页 罚款。现行反不正当竞争法第六条将“足以引人误认为是他人商品或者与他人存在特定联系”(即是否构成混淆)作为判断标准,将“有一定影响”作为认定前提,对典型的商业混淆行为作出了类型化列举并设置了兜底条款。而司法实践中对于商业混淆的认定关键往往集中在对“足以引人误认”的判断和“有一定影响”的认定上。因此,我们建议上市公司在应对这种“搭便车”的商业混淆不正当竞争行为时,可以从以下几个方面着手:1.固定行为人实施了混淆行为的证据,即行为人假冒、仿冒上市公司包装、装潢、标识、名称、字号等的证据;并从结构、颜色、要素、构图、字体、大小等方面的相似程度上分析论述仿冒的标识与原标识构成近似,能够达到引人误认为是他人商品或者与他人存在特定联系的后果。2.证明自身被假冒、仿冒的包装、装潢、标识、名称、字号等具有“一定影响力”。一般而言,上市公司由于在业务领域内的市场知名度,其使用的商业标识等被认定为“有一定影响”的可能性较大,可以结合公众的知悉程度,商品销售的时间、区域、数额和对象,宣传的持续时间、程度和地域范围,标识受保护的情况等因素详细论述。67此外,“有一定影响力”还要求相应标识具有“区别商品来源的显著特征”,如商品的通用名称、图形、型号、质量、功能、用途等不应认定为具有“一定影响力”。68 3.可及时固定上市公司因行为人的商业行为而遭受的实际损失,实际损失难以计算的,可以主张以行为人通过不正当竞争所获得的利益作为损害数额,要求其承担损害赔偿责任。4.在解决方案上,除请求停止侵权、损害赔偿外,若行为人已经通过商业混淆行为取得了一定市场占有率并在仿冒包装上使用、注册了自己的商标,则可以参照前述 MY 公司的做法。上市公司可要求实施商业混淆行为的行为人将其产品相关的商标权益转让给上市公司,如此一来上市公司既可以增加自身销售渠道,也能避免对已经形成市场的破坏。用他人有一定影响的域名主体部分、网站名称、网页等;(四)其他足以引人误认为是他人商品或者与他人存在特定联系的混淆行为。67 最高人民法院关于适用中华人民共和国反不正当竞争法若干问题的解释第四条第二款 人民法院认定反不正当竞争法第六条规定的标识是否具有一定的市场知名度,应当综合考虑中国境内相关公众的知悉程度,商品销售的时间、区域、数额和对象,宣传的持续时间、程度和地域范围,标识受保护的情况等因素。68 最高人民法院关于适用中华人民共和国反不正当竞争法若干问题的解释第四条第一款 具有一定的市场知名度并具有区别商品来源的显著特征的标识,人民法院可以认定为反不正当竞争法第六条规定的“有一定影响的”标识。最高人民法院关于适用中华人民共和国反不正当竞争法若干问题的解释第五条 反不正当竞争法第六条规定的标识有下列情形之一的,人民法院应当认定其不具有区别商品来源的显著特征:(一)商品的通用名称、图形、型号;(二)仅直接表示商品的质量、主要原料、功能、用途、重量、数量及其他特点的标识;(三)仅由商品自身的性质产生的形状,为获得技术效果而需有的商品形状以及使商品具有实质性价值的形状;(四)其他缺乏显著特征的标识。前款第一项、第二项、第四项规定的标识经过使用取得显著特征,并具有一定的市场知名度,当事人请求依据反不正当竞争法第六条规定予以保护的,人民法院应予支持。第71页共 132 页 三、侵占公章并以公司名义订立合同的效力三、侵占公章并以公司名义订立合同的效力 2022 年 5 月 20 日,上市公司 YKY 公司发布涉及诉讼公告,披露法院已受理其与 A公司之间的合同纠纷。YKY 公司与 A 公司签订移动支付服务协议,约定 YKY 公司向 A公司提供移动支付及相关增值服务,A 公司向 YKY 公司支付服务费。2021 年 2 月 26 日,时任 YKY 公司总经理于某非法侵占公司公章、合同章、财务章及营业执照。3 月 2 日,YKY 公司对公司原印章、证照进行登报作废。3 月 16 日,YKY 公司与 A 公司签订权利义务转让协议,YKY 公司的股东于某、皮某、董某在协议上加盖作废印章,将 移动支付服务协议项下 YKY 公司的权利义务全部转移给皮某担任法定代表人的 B 公司。此后 A 公司未向 YKY公司支付款项。基于上述事实,YKY 公司起诉 A 公司、B 公司、于某、皮某和董某,主张后三者代 YKY公司订立权利义务转让协议属于无权代理,该协议对 YKY 公司不发生效力。值得注意的是,YKY 公司的诉讼请求中包括一项备位之诉,即在法院认定权利义务转让协议的签订构成表见代理情形的情况下,YKY 公司不再向 A 公司追偿,而将诉讼请求变更为要求 B 公司和三自然人被告承担案涉款项的连带赔偿责任。该备位之诉表明,在发生“人章冲突”的情况下,即使公司已发布遗失、作废声明,仍存在侵占公章的人员以公司名义签订合同构成表见代理,公司因而需受合同拘束的风险。尤其是在公司对证照管理存在过错时,法院更容易认定侵占公章的人员以公司名义订立的合同对公司发生效力。例如江西省高级人民法院在案例中认为,虽然公司对印章进行了登报作废,但直至次年才实际向持章人收回该印章,公司对印章管理不当,存在一定过错,并最终认定持废章的人员构成表见代理,公司应受合同拘束。69 需要注意的是侵占公章的人员为法定代表人或具有相应授权的员工的情形。九民纪要第 41 条70就盖章行为的法律效力,确立了主要审查“行为人是否有授权”这一裁判规则,因此如行为人以法定代表人的身份对外签订无需公司相关决议的一般性合同,或行为人在相应合法授权范围内对外签订合同,此时上市公司更难以仅凭已声明章照作废的事实,主张侵占公章的人员代为订立的合同无效。法院极有可能认定合同对公司发生效力。综上所述,我们建议上市公司:69 参见(2019)赣民申 1485 号案。70 全国法院民商事审判工作会议纪要(法2019254 号)第 41 条第 1 款:“人民法院在审理案件时,应当主要审查签约人于盖章之时有无代表权或者代理权,从而根据代表或者代理的相关规则来确定合同的效力。”第 3 款:“代理人以被代理人名义签订合同,要取得合法授权。代理人取得合法授权后,以被代理人名义签订的合同,应当由被代理人承担责任。被代理人以代理人事后已无代理权、加盖的是假章、所盖之章与备案公章不一致等为由否定合同效力的,人民法院不予支持。”第72页共 132 页 1.完善公司内控制度,在公司章程中明确规定章照的管理方式,严格按章程规定保管、使用公司章照,保证人员换届时章照的顺利移交,尽可能避免人章冲突的产生。2.面对“人章冲突”困境时,及时采取相应措施发布遗失声明或作废声明,除声明原章照作废外,一并声明解除对持章人的相应授权。3.在侵占公章的人员为法定代表人或负有保管、使用公章职责的员工时,上市公司应及时召开股东大会更换法定代表人或相应员工,或以决议方式限制法定代表人或相应员工的权限,并进一步通过证照返还之诉或遗失补办的方法来取回公司章照。四、可持续发展背景下上市公司的四、可持续发展背景下上市公司的ESG信披责任信披责任 随着 2021 年 A 股年报季收官,部分上市公司也随之披露了 ESG(环境、社会和公司治理)报告。据中国上市公司协会最新统计数据显示,1408 家上市公司披露了独立的社会责任报告或 ESG 报告,相比 2020 年上升了 28.9%。另外,还有 4660 家上市公司在年度报告中披露了履行社会责任、加强环境保护、助力乡村振兴等相关信息。可见,上市公司对 ESG 信披的参与度与重视程度正在不断提升。作为一种非财务考核指标,ESG 标准从环境、社会、治理的角度去评价上市公司对促进经济可持续发展、履行社会责任等方面做出的贡献。随着国家层面“碳中和、碳达峰”3060战略目标提出,ESG 概念得到空前重视,监管机构对上市公司 ESG 信披关注度也不断上升,开始对 ESG 信披的内容、形式、时间等作出相应的规定。目前,中国证监会对上市公司 ESG 信息披露以鼓励为主,仅强制要求属于环境保护主管部门公布的重点排污单位的公司或其主要子公司根据法律、行政法规、部门规章及规范性文件的规定披露主要环境信息。交易所方面,沪深两所针对不同类型的上市公司作出了不同的ESG 信披要求,对部分特定类型的上市公司作出了强制披露的要求,对其他公司则采取鼓励披露的态度。例如,上交所在 2021 年的年报披露工作通知中明确科创板上市公司应当在年度报告中披露 ESG 相关信息。其中,要求“科创 50 指数成份公司”单独披露社会责任报告。此外,2022 年 5 月 15 日起证监会发布的上市公司投资者关系管理工作指引开始施行,该指引在投资者关系管理的沟通内容中首次纳入“公司的环境、社会、治理信息”,该规定亦将加快国内上市公司 ESG 信披的发展进程。面对资本市场对 ESG 信披的关注度上升,上市公司应当紧跟监管动向,积极做好 ESG 信披工作。为此,我们提出如下建议:1.加强对 ESG 信披规则的理解,完善 ESG 信披合规 第73页共 132 页 鉴于交易所对不同板块上市公司的 ESG 信披义务作出不同的规定,上市公司应当针对具体市场板块与经营业务,增强对相应 ESG 信披规定的学习,准确判断其 ESG 表现是否属于监管机构强制要求披露的范围,明确应当予以披露的信息范围,以免出现信披违规的情形。受监管要求强制披露 ESG 报告的上市公司也需修订信披制度,将 ESG 表现纳入到信息披露范围中来。2.积极承担社会责任,主动披露 ESG 报告 首先,上市公司积极承担 ESG 责任,将有利于其稳健、持续地创造价值,实现经济效益、社会效益、生态效益的共赢,从而实现公司长期可持续的发展。其次,非受监管要求强制披露的上市公司也可以选择主动披露 ESG 报告,这将有利于投资者准确判断公司未来发展的可持续性,满足投资者对上市公司履行社会责任的预期与需求。最后,上市公司自愿披露 ESG报告,也能为上市公司打造“绿色名片”,形成展现上市公司良好形象、获得投资者信任的核心竞争力。五、新证券虚假陈述司法解释下的独立董事尽职免责五、新证券虚假陈述司法解释下的独立董事尽职免责 2022 年 5 月 25 日,上市公司 HL 公告披露,因公司业绩预告不准确,独立董事 LYX 收到上交所的口头警示。正值年报披露季结束,因年报披露而产生的虚假陈述行政、民事纠纷进入高发期。2021 年底“康美药业”案判决独立董事承担高达 1.23 亿元乃至 2.46 亿元的比例连带赔偿责任,在行业内引起巨大动荡。自 2021 年 11 月 8 日起仅两周时间,就有 30 余家上市公司公告独立董事任期未满,匆匆辞职。为“严肃追究迎合造假、严重违反注意义务等重大不履职行为的民事责任,同时打消勤勉尽责者的后顾之忧,避免寒蝉效应”71,2022 年 1 月22 日正式生效实施的最高人民法院关于审理证券市场虚假陈述侵权民事赔偿案件的若干规定(以下简称“新司法解释”)第 16 条首次就独立董事尽职免责的具体情形作出了明确规定,不过主要内容还是继受于信息披露违法违规行为行政责任认定规则第 21 条,内涵与外延仍有争议。可以预见的是,在未来有关虚假陈述民事侵权纠纷中,独立董事是否勤勉尽责仍将成为争议的焦点。有鉴于此,我们通过对有关行政和司法案例的梳理,就新司法解释第 16 条规定的五大免责情形加以分析,为独立董事履职给出建议,以供上市公司参考:1.在签署相关信息披露文件之前,对不属于自身专业领域的相关具体问题,借助会计、在签署相关信息披露文件之前,对不属于自身专业领域的相关具体问题,借助会计、71 最高人民法院官网:最高人民法院民二庭负责人就最高人民法院关于审理证券市场虚假陈述侵权民事赔偿案件的若干规定答记者问,2022 年 1 月 21 日发布,https:/132 页 法律等专门职业的帮助仍然未能发现问题的,人民法院应当认定其没有过错法律等专门职业的帮助仍然未能发现问题的,人民法院应当认定其没有过错 独立董事一般均应具备上市公司运作的基本知识,熟悉相关法律法规及交易所业务规则,具有一定的专业知识,且公司信息披露所涉事项往往属于交叉领域、综合性较强,故对于“不属于自身专业领域”的判断应作适当限缩解释。对披露文件中确属自身专业领域内的信息,独立董事应严格、认真审阅,并对应作出专业、独立的判断意见;对非专业领域内的信息,独立董事应仔细研究相关文件、认真审阅中介机构作出的报告,必要时应向上市公司调取材料、询问相关人员、甚至现场核查业务情况等。尤其需要注意的是,“借助帮助”并不等于完全依赖,独立董事仍需对第三方意见进行分析、论证形成自身独立判断。北京高院也在【(2020)京行终 6770 号案】中明确:“聘请第三方机构进行核查是董事的一种履责方式,第三方机构的核查结果可以作为判断参考,但采取上述履责方式并不必然降低其他方面的注意义务,也不必然证明上市公司董事已经勤勉尽责。无论第三方机构作出何种评估,董事最终应当有自己的独立判断,对可能影响评估结果的各项因素施以合理注意力。”2.在揭露日或更正日之前,发现虚假陈述后及时向发行人提出异议并监督整改或者向证在揭露日或更正日之前,发现虚假陈述后及时向发行人提出异议并监督整改或者向证券交易场所、监管部门书面报告的,人民法院应当认定其没有过错券交易场所、监管部门书面报告的,人民法院应当认定其没有过错 该免责情形相对清晰,但仍需注意两点。其一,被监管部门要求自查后发现问题并作出报告的不构成该条之下的主动报告的免责情形,故独立董事需在日常经营管理中积极参与,保持关注。其二,报告需“及时”,在此前的监管实践中【中国证监会行政处罚决定书 20212 号】,存在发现问题后两个月向监管部门报告的独立董事,依旧被认为不得免责。3.在独立意见中对虚假陈述事项发表保留意见、反对意见或者无法表示意见并说明具体在独立意见中对虚假陈述事项发表保留意见、反对意见或者无法表示意见并说明具体理由的,人民法院应当认定其没有过错,但在审议、审核相关文件时投赞成票的除外理由的,人民法院应当认定其没有过错,但在审议、审核相关文件时投赞成票的除外 该免责情形亦相对清晰,但仍需注意两点。其一,虽该条在新司法解释下明确为独立董事免责情形,但在证券法第 82 条下,该情形仅为独立董事之义务,而非必然免责情形,故在监管层面,监管部门仍将综合考察具体的个案情形以作判断。其二,独立董事发表保留意见、反对意见或无法表示意见的同时,应当说明具体理由,仅以未见报告等投弃权票,也可能被认定未勤勉尽责。在【中国证监会行政处罚决定书201957 号】中,公司独立董事YSF 直接以未见相关报告内容为由投弃权票,被认为未勤勉尽责,被处以处罚;而另外 1 名独立董事以及2名董事对2017年报和2018年第一季度报告投了反对票,且列明了反对理由,包括“实际控制人未核实、违规支付的贸易款无法收回、常年法律顾问服务费异常、对董事提出的问询未回复、放弃子公司控制权未履行批准程序等”,即未受处罚。4.因发行人拒绝、阻碍其履行职责,导致无法对相关信息披露文件是否存在虚假陈述作因发行人拒绝、阻碍其履行职责,导致无法对相关信息披露文件是否存在虚假陈述作出判断,并及时向证券交易场所、监管部门书面报告的,人民法院应当认定其没有出判断,并及时向证券交易场所、监管部门书面报告的,人民法院应当认定其没有过错过错 第75页共 132 页 该免责情形的实质是独立董事无法正常履职,故其不应承担责任。但是就独立董事无法正常履职,即“发行人拒绝、阻碍”的具体情形,认定应相对限缩。此外,独立董事还需证明“发行人拒绝、阻碍”与其未能履职的因果关系,即需证明其自身有积极履职的尝试,采取种种方法仍未能突破发行人的阻碍,方有适用该情形免责的空间。5.能够证明勤勉尽责的其他情形能够证明勤勉尽责的其他情形 虽然新司法解释最后留下了该兜底条款,但对该款的解释仍应参照符合前述四情形之要求。独立董事需严格依照法律规定与相关监管规则履职,尤其是参照上市公司独立董事履职指引,确保自身积极勤勉履职。在上市公司出现重大异常情况(如内部治理混乱、公司出现僵局、被立案调查、事先告知等)后,独立董事亦应及时责成董事会质询管理层人员,就公司自查发现的问题及时向全体股东公开通告,同时及时向证券交易所、监管部门报告。此外,独立董事也应以合法、合规的方式注意对履职过程留痕、留证,避免日后无据可循。六、上市公司仅发布年度预计担保额度公告的担保效力风险六、上市公司仅发布年度预计担保额度公告的担保效力风险 2022 年 5 月 26 日,上市公司 ZH 公司发布关于 2022 年度为子公司提供担保预计额度的公告,对公司未来十二个月内合并报表范围内子公司担保业务的情况进行预计,载明担保方为:“公司及 2022 年度合并报表范围内全资、控股子公司”,被担保方为:“2022 年度合并报表范围内全资、控股子公司”,并列明本年度担保预计额度。同时,公告还明确“在审批额度内发生的担保事项,授权公司经营层在额度范围内对担保事项进行管控,经营层在授权额度范围内,可根据项目/业务需要及银行融资审批情况在子公司范围内调配使用担保额度,不需要另行经过董事会或股东大会审批。”根据最高人民法院关于适用中华人民共和国民法典有关担保制度的解释(以下简称“担保制度司法解释”)第九条的规定,相对人在接受上市公司或其已公开披露的控股子公司的担保时,需要审查两个事项:第一,担保事项经过有权机关的同意;第二,相关信息经过公告披露。72我们倾向于认为,该条规定中关于相对人应审查上市公司公开披露的信息的规定是强制性规定。如果上市公司未按该条规定的标准进行披露,则将视为相对人未按该条规定对上市公司相关披露信息进行审查,进而担保会被认定为无效。不过,担保制度司法解释第九条对相对人应该审查的公告披露的范围和程度等标准的规定并不明确。经过我们对相关案例的检索,目前司法实践中也尚未对此形成统一观点。72 最高人民法院关于适用中华人民共和国民法典有关担保制度的解释第九条:相对人根据上市公司公开披露的关于担保事项已经董事会或者股东大会决议通过的信息,与上市公司订立担保合同,相对人主张担保合同对上市公司发生效力,并由上市公司承担担保责任的,人民法院应予支持。(第一款)相对人未根据上市公司公开披露的关于担保事项已经董事会或者股东大会决议通过的信息,与上市公司订立担保合同,上市公司主张担保合同对其不发生效力,且不承担担保责任或者赔偿责任的,人民法院应予支持。(第二款)相对人与上市公司已公开披露的控股子公司订立的担保合同,或者相对人与股票在国务院批准的其他全国性证券交易场所交易的公司订立的担保合同,适用前两款规定。(第三款)第76页共 132 页 实践中,众多央企、地产上市公司均会采取 ZH 公司发布年度预计担保额度公告的形式,对本年度的公司及子公司的担保业务进行预计,在具体的担保事项发生后不再进行单独的公告披露。我们认为,这种仅披露年度预计担保额度,而不披露具体担保事项的模式,在具体的担保业务中,可能会对相对人与上市公司或其子公司间签订的担保协议的效力带来一定的风险。具体理由如下:1.从司法解释的文义上看从司法解释的文义上看,担保制度司法解释第九条要求披露的是“担保事项已经董事会或者股东大会决议通过的信息”。即上市公司所披露的信息一方面应当是公司实际发生或确定要发生的担保事项;另一方面,应当明确担保已经经过所有有权机关的同意。但是,年度预计担保额度公告仅仅是对上市公司未来提供担保的一种预测,相应担保可能发生、也可能不发生,而非上市公司实际发生或者明确将要发生的担保。同时,年度预计担保额度公告只明确了授权上市公司经营层或其子公司自行审批担保事项,但并未披露经营层或子公司就单项担保所做的决议,也即没有包括所有有权机关的同意。2.司法解释的理解与适用认为司法解释的理解与适用认为,相对人应审查的披露信息应主要包括:第一,担保事项已经经过董事会或股东大会决议通过的信息;第二,被担保的主债务人是谁;第三,为主债务人担保的金额是多少。73就理解与适用所要求的第二点信息,以 ZH 公司披露的年度预计担保额度公告为例,其仅说明 ZH 公司及其合并报表内子公司将会为子公司提供担保,并未明确被担保人是谁,因此该公告没有达到“明确被担保的主债务人是谁”的标准;同时,就理解与适用所要求的第三点信息,该公告中仅载明了担保方该年度享有的为子公司担保的额度,并未明确每一笔担保业务中的具体担保金额,故也没有达到“明确为主债务人担保的金额”的标准。3.从交易所规则的层面从交易所规则的层面,交易所也要求进行年度担保预计的上市公司,在担保额度计划项下的单笔担保发生时进行单独披露或者汇总披露。74虽然交易所规则的效力层级较低,但在担保制度司法解释第九条没有明确披露标准的情形下,不排除法院会参照交易所相关监管规则确定相关标准。因此,严格来看,年度预计担保额度公告并不符合担保制度司法解释第九条对披露信息所规定的标准。法院可能会以此为由,认定相对人与上市公司或其控股子公司间签订的担保协议无效。值得说明的是,虽然从规范的角度,上市公司仅披露年度预计担保额度公告,而未披露 73 参见最高人民法院民事审判第二庭编著:最高人民法院民法典担保制度司法解释理解与适用,人民法院出版社,第158 页。74 上海证券交易所上市公司自律监管指南第 1 号公告格式(2022 年修订)第四号第二条:上市公司进行年度担保预计的,在担保预计额度内发生具体担保事项时,应当参照本公告格式披露实际发生的担保情况,披露本次担保的基本情况、担保余额等主要信息,并就担保对象的财务状况、资产负债率等是否发生显著变化作出特别提示。(第一款)上市公司因担保发生频次较高,逐笔披露确有不便的,可以按月汇总披露上市公司为子公司、子公司之间等上市公司并表范围内实际发生的担保情况,但应当充分论述原因及合理性。(第二款)第77页共 132 页 具体担保事项的公告存在担保被认定为无效的风险,但由于实践中大多数上市公司均采取类似的披露模式,若一刀切地认定担保合同无效,可能会导致金融市场的混乱,法院未来也有可能考虑到这方面的因素,并认为此种情况下担保合同是有效的。总而言之,上市公司披露信息需要达到何种标准,其实是一个柔性较大的法解释问题,在最高院尚没有出台统一规定明确相关规则之前,我们理解,不同的法官可能会有不同的解读,进而也会引发不同的裁判结果。因此,我们建议,为保证交易秩序,上市公司或其控股子公司在签订担保协议时,尽可能就单笔担保项目出具决议并进行公告,从而降低单笔担保的效力风险 第78页共 132 页 主主 办办 北京市天同律师事务所 主主 编编 何海锋 13683517916(同微信)汤 竟 13798389602(同微信)责任编辑责任编辑 汤友军 吴陶钧 李 燕 陈豪鑫 韩非鹏 管乐柳 邹佳韵 郜宙翔 朱泽硕 阅读提示:阅读提示:本报告每月上旬发布。所涉诉讼信息均来自上市公司公告或公开裁判文书,仅用于个人学习、研究之目的,不构成任何投资建议。因个案具体事实存在差异,且部分问题在法律理论及各地司法实践中也存在争议,故本刊亦不能作为判断个案裁判结果或诉讼风险的依据。本刊所提案例内容仅为概要信息,如欲了解详情,可与协会工作人员联系。上市公司诉讼风向标上市公司诉讼风向标 一、一、6月份上市公司诉讼总览月份上市公司诉讼总览 约 37 家上市公司发布诉讼公告,涉及诉讼案件共 212 则。二、上市公司二、上市公司子公司子公司董事、高管董事、高管损害上市公司股东利益损害上市公司股东利益如何起诉如何起诉 当发生上市公司子公司董事、高管损害上市公司股东利益的情形时,上市公司及股东可以在损害公司利益的股东代表诉讼、损害股东利益之诉、一般民事侵权等方式中,根据实际情况灵活选择起诉方式。三三、员工离职后持有的合伙份额应当如何处置员工离职后持有的合伙份额应当如何处置 上市公司通常会制定股权激励计划并设立合伙企业作为员工持股平台,员工离职后,双方可能就合伙份额的处置问题产生纠纷。上市公司在制定股权激励计划时,相关协议中应尽量就员工离职后持有的合伙份额如何处置作出明确约定。四、四、上市公司限售股票非交易过户后是否仍受上市公司限售股票非交易过户后是否仍受不不减持约束减持约束 非交易过户是证券过户登记的一种重要方式,其与减持是两种不同的行为。对于受不减持承诺约束的上市公司股东,是否可以通过非交易过户形式规避减持约束,实践中监管规则与自律规则态度较为明确,即使通过非交易过户,受让方仍应受到不减持承诺约束。五、五、“定增保底”条款司法效力认定新规“定增保底”条款司法效力认定新规“定增保底”条款作为上市公司非公开发行过程中引入投资者的常见商业安排,司法实践中,法院通常认可控股股东、实际控制人等向投资者作出的“定增保底”承诺效力,但最高法院最新发布新三板、北交所若干意见颠覆此前裁判规则,为“定增保底”条款效力认定增加不确定性。六、六、上市公司担保额度预计项下未单独披露的担保合同效力浅析上市公司担保额度预计项下未单独披露的担保合同效力浅析 为避免高频担保的决议和公告负担,上市公司常以担保额度预计的形式一次性决议并披露。属于担保额度预计项下但未单独披露的担保合同对上市公司是否发生效力存在较大不确定性。上市公司应加强对担保额度预计下每笔具体担保事项和总体余额的关注,尽量做到应披尽披,防范风险。2022 年第 7 期 总第 21 期 第79页共 132 页 一、一、6月份上市公司诉讼总览月份上市公司诉讼总览 2022 年 6 月,约 37 家上市公司发布诉讼公告,涉及诉讼案件共 212 则。我们关注到,经营类纠纷占到极大的比重,其中,买卖合同纠纷及金融借款合同纠纷居多;在公司治理类的纠纷中,损害公司利益责任纠纷较多;而在投融资类纠纷中,股权纠纷及证券虚假陈述责任纠纷较多。本期月报,我们挑选了 5 则具有典型意义的案件,包括上市公司子公司董事高管损害上市公司股东利益、员工离职后持有的合伙份额的处置、上市公司限售股票非交易过户后是否仍受不减持约束、“定增保底”条款司法效力认定、上市公司担保额度预计项下未单独披露的担保合同效力。我们将从案例出发,简要分析其中的法律问题并提出建议,以期能够为各大公司化解上述风险提供可行路径。二、二、上市公司子公司上市公司子公司董事、高管董事、高管损害上市公司股东利益损害上市公司股东利益如何起诉如何起诉 2022 年 6 月 21 日,上市公司 KH 公司披露了本公司股东 LB 公司起诉本公司控股子公司TL 公司股东、董事、高管的损害股东利益责任纠纷案。LB 公司认为被告自然人作为 TL 公司的董事、高管,违背规定,拒绝配合 KH 公司的年度审计工作,致使 KH 公司面临退市风险,严重损害了包括 LB 公司在内的 KH 公司广大投资者的合法权益,要求被告自然人赔偿原告的经济损失。由于法院认为本次诉讼与 KH 公司有法律上的利害关系,通知了 KH 公司作为第三人参加本次诉讼并送达了起诉状和传票等法律文书。现行公司法第一百五十二条规定:“董事、高级管理人员违反法律、行政法规或者公司章程的规定,损害股东利益的,股东可以向人民法院提起诉讼。”从文义来看,损害股东利益之诉中的董事、高级管理人员、股东应是针对同一家公司而言的,通常公司股东起诉的都是本公司的董事、高管,二者之间属于公司内部的法律关系。而在题述案件中,原告是母公司的股东,被告却是子公司的董事、高管,二者之间的关系并非局限在同一家公司内部,而是涉及到了母公司对子公司的投资关系及母子公司各自独立的法人人格。在相关法律法规没有明确授予股东“穿透”法人独立人格直接起诉的诉权的情况下,难以将公司法第一百五十二条规定的损害股东利益的作为本案母公司股东起诉子公司董事、高管的请求权基础或案由。若坚持以母公司股东身份提起损害股东利益之诉并主张被告直接向股东赔偿,法院可能会以其认定的案涉法律关系的实际性质来变更案由,也可能面临法院直接以原告不具备诉讼主体资格为由驳回起诉的诉讼风险。而题述这种母公司“外部”人员损害母公司利益,母公司股东提起诉讼的情形,反而更类似于公司法第一百五十一条第三款中规定的“他人侵犯公司合法权益”时的股东代表诉讼。不同于损害股东利益之诉仅限于公司内部,股东代表诉讼即公司法第一百五十一 第80页共 132 页 条第三款允许对公司外部的“他人”提起诉讼。75若题述案件中 KH 公司的股东是以 KH 公司的名义提起的股东代表诉讼,认为子公司董事、高管损害了 KH 公司作为 LB 公司股东的合法权益,则:(1)在母公司层面本案应属于损害公司利益的股东代表诉讼,根据公司法解释(四)的规定,应列公司为第三人76;(2)在子公司的层面本案依旧属于子公司董事、高管损害子公司股东的损害股东利益之诉。这种情况与 KH 公司披露的信息较为契合。因此,当发生上市公司子公司董事、高管损害上市公司股东利益的情形时,上市公司及股东有多种起诉方式可以选择,可结合自身情况和各方面因素的考量,选取合适的方式:1.可以以上市公司为原告,以子公司股东的身份起诉子公司董事、高管损害股东利益,这是公司法第一百五十二条规定的典型损害股东利益之诉的情形。此种方式下,由于利益受损的是上市公司,诉讼主体也为上市公司,胜诉利益自然直接归属于上市公司而非股东。2.若上市公司股东综合各方面考量认为不宜以上市公司作为原告提起诉讼,则可以选择自己作为原告提起股东代表诉讼,将上市公司列为第三人,主张子公司董事、高管损害了上市公司作为子公司股东的合法权益。但应注意股东提起代表诉讼需满足公司法第一百五十一条第一款、第二款关于前置程序的要求;且根据公司法解释(四)第二十五条之规定,此种方式下胜诉利益同样应归属于上市公司。3.若上市公司股东坚持像题述案件中,以母公司股东身份起诉子公司董事、高管损害自己作为上市公司股东的利益,主张被告应直接向自己赔偿损失,由于公司法并未明确赋予股东“穿透”法人独立人格起诉的诉权,有可能面临被驳回诉讼请求甚至驳回起诉的风险。4.由于无法严格契合公司法第一百五十二条关于损害股东利益之诉的规定,上市公司股东还可以考虑以一般民事侵权为由起诉子公司董事、高管。但应注意这种选择可能会对诉讼管辖产生一定影响:一方面最高院有观点认为目前股东代表诉讼的管辖并无特别规定,应适用一般侵权案件的管辖规定77(也可以用于解释损害股东利益之诉应当适用一般侵权案件的管辖规定);但另一方面损害公司/股东利益在民事案件案由规定中均被列入与公司有关的诉讼项下;此类案件的管辖应否按一般侵权案件规则确定管辖,在实践中仍存在争议。75 最高院认为“他人”包含了公司外部人员股东代表诉讼中的适格被告不仅包含了公司内部人,也包括公司之外的任意第三人,凡是对公司实施了不当行为而致公司利益受损的人都可能成为股东代表诉讼的被告。参见 奚晓明主编,最高人民法院民事审判第二庭编著:最高人民法院关于公司法司法解释(一)(二)理解与适用,人民法院出版社 2008 年版,第 72 页;杜万华主编,最高人民法院民事审判第二庭编著:最高人民法院公司法司法解释(四)理解与适用,人民法院出版社 2017 年版,第 557-558 页。76 司法解释(四)第二十四条 符合公司法第一百五十一条第一款规定条件的股东,依据公司法第一百五十一条第二款、第三款规定,直接对董事、监事、高级管理人员或者他人提起诉讼的,应当列公司为第三人参加诉讼。一审法庭辩论终结前,符合公司法第一百五十一条第一款规定条件的其他股东,以相同的诉讼请求申请参加诉讼的,应当列为共同原告。77 参见 杜万华主编,最高人民法院民事审判第二庭编著:最高人民法院公司法司法解释(四)理解与适用,人民法院出版社 2017 年版,第 590 页。第81页共 132 页 三、三、员工离职后持有的合伙份额应当如何处置员工离职后持有的合伙份额应当如何处置 2022 年 6 月 27 日,XY 公司披露了一起因员工离职后合伙份额处置问题引发的纠纷。XY 公司的股东 SS 合伙企业共有六位合伙人,其中三位有限合伙人从 XY 公司离职后,SS 合伙企业向当地市场监督管理局申请变更登记,将该三位离职有限合伙人的合伙份额登记至 SS合伙企业中另一位有限合伙人名下,理由是该三位有限合伙人是因为其 XY 公司的员工身份获得 SS 合伙企业的合伙份额,上述人员从 XY 公司离职后,SS 合伙企业的合伙份额不再起到绑定和激励员工以发展 XY 公司之目的,据此将三位离职有限合伙人的合伙份额予以变更。三位离职有限合伙人对此持有异议,遂诉至法院要求确认继续持有 SS 合伙企业的合伙份额,并要求 SS 合伙企业以及受让方配合办理工商变更登记。2022 年 6 月 16 日,SS 合伙企业收到一审败诉判决,法院判令确认三位离职有限合伙人持有 SS 合伙企业的合伙份额,SS 合伙企业以及受让方应当在判决生效后恢复三位离职有限合伙人在 SS 合伙企业所持有的合伙财产份额的登记程序。近年来,因员工离职导致持有的合伙份额处置问题引起的纠纷频发。对于这一问题,尚未有法律法规予以明确规定。在司法实践中,法院通常会优先按照各方当事人之间签署的合伙协议、补充协议或员工股权激励计划等文件中的约定处理;如果该等文件中未就此问题作出具体明确约定,法院通常会认定该等合伙份额由员工继续持有,企业无权要求离职员工将合伙份额转让给第三人,与此同时,企业也无须承担回购义务。目前,我们尚未看到本案判决的具体说理内容,但本案即为员工离职后继续持有合伙企业财产份额的案例之一。股权激励计划作为一项激励机制,具有其独到优势。但是,为避免被激励的员工离职后因合伙份额的处置问题与公司发生纠纷,我们建议上市公司:1.对于员工离职后合伙份额的处置事宜,合伙企业应事先于合伙协议、补充协议或股权激励计划等相关文件中作出明确约定。鉴于合伙企业具有人合性,员工离职后,合伙企业倾向于选择回购离职员工持有的合伙份额,回购方式通常包括合伙份额转让或减资。2.关于合伙份额转让。合伙企业应当注意民法典第九百七十四条78、合伙企业法第二十二条79、第二十三条80关于合伙人转让合伙份额的法律规定,相关约定内容应当在上述法律规定的框架之内。通常情况下,转让合伙份额的具体操作程序为:合伙协议约定员工离职后持有的合伙份额转让安排合伙人会议表决通过相关决议签署转让协议及相关协议 78 第九百七十四条 除合伙合同另有约定外,合伙人向合伙人以外的人转让其全部或者部分财产份额的,须经其他合伙人一致同意。79 第二十二条 除合伙协议另有约定外,合伙人向合伙人以外的人转让其在合伙企业中的全部或者部分财产份额时,须经其他合伙人一致同意。合伙人之间转让在合伙企业中的全部或者部分财产份额时,应当通知其他合伙人。80 第二十三条 合伙人向合伙人以外的人转让其在合伙企业中的财产份额的,在同等条件下,其他合伙人有优先购买权;但是,合伙协议另有约定的除外。第82页共 132 页 修改合伙协议、办理工商变更登记。3.关于减资。根据合伙企业法第三十四条81的规定,合伙人可以根据合伙协议的约定增加或减少对合伙企业的出资,故合伙协议、补充协议或股权激励计划等相关文件中可就员工离职后合伙企业减资的相关事项作出约定。通常情况下,合伙企业减资的具体操作程序为:合伙协议约定员工离职后合伙企业的减资事宜合伙人会议表决通过相关决议签署退伙协议及相关协议修改合伙协议、办理工商变更登记。4.此外,建议合伙协议、补充协议或股权激励计划等相关文件中就回购离职员工持有合伙份额价值的计算方式作出明确约定。合伙企业法第五十一条82规定合伙人退伙应当按照退伙时合伙企业的财产状况进行结算。实务中,离职员工可能与合伙企业就合伙财产份额价值产生争议,如在广州鑫而行与刘某退伙纠纷一案83中,离职员工刘某认为其退伙时的合伙财产份额的价值应当按照其退伙当日合伙企业持有股份的新三板公司股票交易价格计算,但是二审以及再审判决均认为应当按照该案中各方实际签署的补充协议中就合伙人退伙时财产份额计算方式进行认定,并最终判令按照离职员工的实缴出资以及按照同期贷款利率计算的利息返还合伙财产。由此,建议合伙企业在合伙协议或相关交易文件中对于员工离职时其合伙财产份额的价值作出约定,避免纠纷产生。四、上市公司限售股票非交易过户后是否仍受不减持约束四、上市公司限售股票非交易过户后是否仍受不减持约束 2022 年 6 月 17 日,上市公司 HW 公司披露了一起违反承诺减持股份案件。HW 公司股东夏某的前妻丁某在离婚财产中分割取得了 630 万股上市公司股票,夏某于 2021 年通过非交易过户将标的股份转移至丁某名下,丁某承诺将就标的股份继续履行夏某作出的股份锁定、减持等承诺。后丁某屡次违反承诺,持续减持所持有的 HW 公司股份,HW 公司遂起诉丁某,请求其购回超额减持的股份、返还收益并向社会公众道歉。此前也曾有一则有关非交易过户与减持的新闻引发股市关注。2022 年 4 月,上市公司 LJ公司被曝其董事长、非独立董事钟某“减持”了公司股份 1960 万股,占其自身持股比例的21.8%,并于 4 月 8 日在上交所网站进行了事后填报,但并未进行披露。此后,LJ 公司董秘称钟某办理的非交易过户,而不是减持。按照上交所相关规定,公司只需要在上交所网站备案即可。由此可见,在监管层面,非交易过户与减持并不等同,相应的披露要求也截然不。,这是因为非交易过户并未将股票投入二级市场,没有损害中小投资者利益,故不是减持规相 81 第三十四条 合伙人按照合伙协议的约定或者经全体合伙人决定,可以增加或者减少对合伙企业的出资。82 第五十一条 合伙人退伙,其他合伙人应当与该退伙人按照退伙时的合伙企业财产状况进行结算,退还退伙人的财产份额。退伙人对给合伙企业造成的损失负有赔偿责任的,相应扣减其应当赔偿的数额。退伙时有未了结的合伙企业事务的,待该事务了结后进行结算。83 参见(2019)粤 0112 民初 1454 号民事判决书、(2019)粤 01 民终 16383 号民事判决书、(2020)粤民申 4446 号民事裁定书。第83页共 132 页 关规则所规制的行为。但进一步引发的问题是,如果非交易过户并不等同于减持,那么受不减持承诺约束的股东是否可以通过非交易过户来变相规避不减持承诺呢?我们认为这种路径是行不通的,具体理由如下:一方面,非交易过户是证券过户登记的一种重要方式,但其适用范围受到明确限制。证券非交易过户业务实施细则(适用于继承、捐赠等情形)第三条明确规定了其适用范围:“(一)继承所涉证券过户;(二)捐赠所涉证券过户,指向基金会捐赠所涉证券过户,且基金会是在民政部门登记并被认定为慈善组织的基金会(不含境外基金会代表机构);(三)依法进行的财产分割所涉证券过户,暂仅指离婚情形;(四)法人资格丧失所涉证券过户;(五)私募资产管理所涉证券过户;(六)中国证监会认定的其他情形。”中国结算深圳分公司证券非交易过户指南第三条亦规定:“本指南所称证券非交易过户业务包括因证券协议转让(含行政划拨)、法人资格丧失、继承(含遗赠)、离婚财产分割、向基金会捐赠、公司合并与分立、合格境外投资者错误交易产生的证券非交易过户、证券公司定向资产管理业务所涉证券划转和社保基金证券账户所持证券划转等。”因此,受不减持承诺约束的股东并不能随意地将所持股票通过非交易过户形式过出给他人,仅在发生上述特定情形时其才有权办理非交易过户。另一方面,根据现行的自律规则,在股票发生非交易过户后,受让方应遵守原股东作出的相关承诺。深圳证券交易所上市公司规范运作指引(2020 年修订)第 6.6.11 条规定:“承诺人作出股份限售等承诺的,其所持股份因司法强制执行、继承、遗赠、依法分割财产等原因发生非交易过户的,受让方应当遵守原股东作出的相关承诺。”深圳证券交易所创业板上市公司规范运作指引(2020 年修订)第 7.4.10 条规定:“承诺人作出股份限售等承诺的,其所持股份因司法强制执行、继承、遗赠、依法分割财产等原因发生非交易过户的,受让方应当遵守原股东作出的相关承诺。”也即为了避免出现大量通过股票非交易过户来规避限售承诺的情形,自律规则明确非交易过户后的限售承诺仍需承继。尽管有相关监管、自律规则的明确规定,我们建议上市公司在受不减持承诺约束的股东非交易过户后,要求受让人另行出具不减持承诺,明确约定受让人违约减持后应承担的购回义务以及损失补偿责任,防患于未然。五、五、“定增保底”条款司法效力认定新规“定增保底”条款司法效力认定新规 2022 年 6 月 24 日,最高法院发布关于为深化新三板改革、设立北京证券交易所提供司法保障的若干意见(法发202217 号)(以下简称新三板、北交所若干意见)。新三板、北交所若干意见第 9 条规定:“秉持资本市场三公原则依法降低中小企业 第84页共 132 页 融资交易成本。畅通资本市场直接融资途径,是解决中小企业融资难、融资贵的有效举措。对于创新型中小企业的上市和再融资,不仅要打通多层次资本市场扶上马,还要秉持公开、公平、公正原则送一程。在上市过程中,对于为获得融资而与投资方签订的业绩对赌协议,如未明确约定公司非控股股东与控股股东或者实际控制人就业绩补偿承担连带责任的,对投资方要求非控股股东向其承担连带责任的诉讼请求,人民法院不予支持。在上市公司定向增发等再融资过程中,对于投资方利用优势地位与上市公司及其控股股东、实际控制人或者主要股东订立的定增保底性质条款,因其赋予了投资方优越于其他同种类股东的保证收益特殊权利,变相推高了中小企业融资成本,违反了证券法公平原则和相关监管规定,人民法院应依法认定该条款无效。”根据该意见,为降低中小企业融资成本,新三板及北交所上市公司定向增发过程中,上市公司、实控人、控股股东或主要股东与投资方签订的“定增保底”性质条款无效,与此前司法实践观点大相径庭。自“海富案”84“贵阳工投案件”85以来,司法实践实际确立了股东提供对赌或保底承诺有效的裁判规则。全国法院民商事审判工作会议纪要(法2019254 号)(以下简称九民纪要)进一步明确“对于投资方与目标公司的股东或者实际控制人订立的对赌协议,如无其他无效事由,认定有效并支持实际履行,实践中并无争议”,对于投资方与目标公司订立的“对赌协议”是否有效以及能否实际履行,也并非适用“无效”的“一刀切”裁判思路,而是“在不存在法定无效事由的情况下,目标公司仅以存在股权回购或者金钱补偿约定为由,主张对赌协议无效的,人民法院不予支持,但投资方主张实际履行的,人民法院应当审查是否符合公司法关于股东不得抽逃出资及股份回购的强制性规定,判决是否支持其诉讼请求。”即使 2020 年 2 月 14 日证监会发布的 上市公司非公开发行股票实施细则(2020 修订)(以下简称实施细则)第 29 条规定:“上市公司及其控股股东、实际控制人、主要股东不得向发行对象作出保底保收益或变相保底保收益承诺,且不得直接或通过利益相关方向发行对象提供财务资助或者补偿。”但司法实践仍坚持前述裁判思路,以实施细则的效力位阶不足以影响合同效力86、定增保底条款未损害金融安全、证券市场交易秩序87或定增保底协议签订在实施细则出台前88等理由认定投资人与上市公司股东、实控人间签署的定增保底协议有效。由此可见,此次新三板、北交所若干意见对于定增保底条款效力的规范系司法观点的一次转变。除条款效力需注意外,仍有下述要点需予以关注:84 参见最高人民法院(2012)民提字第 11 号判决书 85 参见最高人民法院(2017)最高法民终 492 号判决书 86 参见最高法院(2020)最高法民终 1295 号判决 87 参见最高法院(2020)最高法民终 1295 号判决 88 参见最高法院(2021)最高法民终 423 号判决 第85页共 132 页 1.此次新三板、北交所若干意见认定“定增保底”条款无效的理由为“违反了证券法公平原则和相关监管规定”,而非九民纪要第 31 条中列举的违反规章时认定合同效力时考虑的金融安全、市场秩序、国家宏观政策等公序良俗。新三板、北交所若干意见第 4 条更是明确“人民法院在事实认定和法律适用过程中,应充分尊重相关改革实践,参照适用依法制定的相关规章、规范性文件、业务规则,切实维护新三板市场秩序,保护投资者合法权益”。由此可见,司法裁判可依据的基础扩大、影响合同效力的因素变多、监管规则与司法裁判紧密性增强。2.新三板、北交所若干意见虽仅针对新三板、北交所上市公司出台,有关原则及规范是否适用于上交所、深交所上市公司有待观察。例如,证券法公平原则为证券市场的统一原则,并未区分交易所,而关于中小企业融资保护一说,上交所、深交所也有科创板、创业板,并非没有适用空间。因此,结合上述分析,虽然新三板、北交所若干意见关于认定“定增保底”条款无效的司法设计是否有助于促进中小企业融资有待商榷,但从权利保护角度而言,我们认为上市公司应注意以下内容:1.定向增发是上市公司再融资过程中的重要工具,虽然新三板、北交所若干意见是否适用于上交所、深交所暂未明朗,但可能会影响再融资过程中投资人信心,上市公司应注意强化企业基本面,增强公司经营及业务能力,以此强化融资能力;2.若“定增保底”条款被认定无效,控股股东、实控人并非必然不承担民事责任,法院可能依据过错程度划分各方责任并最终确定责任承担范围,因此,各方应恪守合同原则,以促进上市公司发展为原则,增强投资者投资信心;3.裁判规则与监管规范的协同程度加深,上市公司在拟定法律文件、判断合同效力时,应更多关注监管规范并及时响应,加强企业日常管理过程中的合规控制,维护上市公司及广大投资者利益。六、六、上市公司担保额度预计项下未单独披露的担保合同效力浅析上市公司担保额度预计项下未单独披露的担保合同效力浅析 为避免高频担保的决议和公告负担,上市公司常常由董事会就公司年度新增的拟提供担保额度、被担保对象等进行审议,并提请股东大会审批通过,从而以担保额度预计的形式一次性决议并披露。2022 年上半年,共有 876 家上市公司先后披露 2022 年度公司对外提供担保额度预计的公告。上市公司常以无权代理或越权代理为由主张担保合同不发生效力,关键在于相对人是否 第86页共 132 页 善意、权力外观的形成是否可归因于上市公司。关于适用中华人民共和国民法典有关担保制度的解释(以下简称担保制度解释)第九条规定:“相对人根据上市公司公开披露的关于担保事项已经董事会或者股东大会决议通过的信息,与上市公司订立担保合同,相对人主张担保合同对上市公司发生效力,并由上市公司承担担保责任的,人民法院应予支持。相对人未根据上市公司公开披露的关于担保事项已经董事会或者股东大会决议通过的信息,与上市公司订立担保合同,上市公司主张担保合同对其不发生效力,且不承担担保责任或者赔偿责任的,人民法院应予支持。”因此,上市公司对外提供担保的相对人的善意判断标准为对上市公司公告的审查。在一般场景下,该规定已经提供了明确的判断标准,但在前述担保额度预计的场景下,一个亟待解决的问题是,上市公司未就单笔担保单独披露的,担保额度预计公告是否足以构成权力外观,相对人是否可以据此主张担保合同对上市公司发生效力。无论是民法典 担保制度解释,还是证监会层面的监管规定,都没有对上述问题作出明确规定。深交所、上交所分别在深圳证券交易所上市公司自律监管指引第 1 号深圳证券交易所上市公司自律监管指南第 2 号-公告格式(2022 年 4 月修订)的交易类第 5号上市公司对外担保公告格式上海证券交易所上市公司自律监管指引第 1 号规范运作上海证券交易所上市公司自律监管指南第 1 号公告格式(2022 年修订)的第四号上市公司为他人提供担保公告中要求上市公司在实际担保发生时及时披露,并保证任一时点的担保余额不超过股东大会审议通过的额度。虽然交易所层面对担保额度预计下的具体担保事项披露作出要求,但是这不代表着未进行单独披露的担保合同必然无效。一方面,交易所层面的公告要求并非法律法规的强制性规定,对其的违反可能招致行政处罚或监管措施,但不必然使得民事法律行为无效。另一方面,未经公告披露的担保合同无效的逻辑进路并非违法背俗无效,而是无权代理对被代理人不生效力。交易所要求披露具体担保的规范意旨和法律上要求相对人审查义务的规范意旨虽有重叠,亦有本质不同。交易所要求上市公司就每一具体担保事项进行公告披露是为了保护投资人利益,确保上市公司未违规进行担保,投资人对上市公司对外担保的情况已充分知情。而代理行为效力上的规制是为了平衡相对人、被代理人、投资人各方利益,而不是一边倒地保护投资人,故在担保额度预计公告提供了一定预期的情况下,法院不宜直接认定相对人未尽审查义务从而推定其非善意。司法实践中,在前民法典时代,(2020)皖 01 民初 1271 号、(2019)浙 07 民初 390号等案件中,法院认为上市公司担保额度预计下未单独披露的担保合同有效。后民法典时代还没有明确的判例,在(2021)京 03 民终 4329 号案中,法院认为案涉被担保人并非担保额度预计中列明的被担保人,故判决担保合同不生效力,虽不能直接作反对解释认为法院认可若其经担保额度预计披露即应认定担保合同有效,但也可借此窥得法院对于担保额度预计公告构成权力外观的认可倾向。我们理解,上市公司为避免仅因担保额度预计披露的公告就被“绑缚”在所有有关担保 第87页共 132 页 合同上,仍应就担保额度预计项下的对外担保做到应披尽披,或至少按照一定规律在特定时间节点进行披露。在民事责任争议中,上市公司可以据此主张商业习惯和交易所规定要求上市公司对担保额度预计项下的具体担保事项仍应披露,而该等商业习惯和有关规定公开可查,上市公司的过往公告也可以佐证,故相对人应尽的审查义务不仅局限于担保额度预计公告,而应及于上市公司对具体担保事项或至少阶段性担保情况的公告披露,从而保护上市公司和投资人的利益。综上,上市公司担保额度预计项下担保合同的效力如何判断,仍然有待司法实践进一步明确。而作为上市公司,应当充分注意到该等担保形式所存在的不确定性和风险,并根据不同项目的实际情况,对担保合同的效力进行审查,充分认识到即使未就具体担保事项公告披露,担保额度预计公告也很可能使其项下的具体担保合同有效,故最好能够做到应披尽披,防范风险,保护自己和投资人的利益。第88页共 132

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    信息通信业绿色低碳发展白皮书信息通信业绿色低碳发展白皮书(2022)中国通信标准化协会中国通信标准化协会 2022022 2 年年 1212 月月 版权声明版权声明 本白皮书版权属于中国信息通信研究院、中国通信标准化协会,并受法律保护。转载、摘编或利用其他方式使用本白皮书文字或者观点的,应注明“来源:中国信息通信研究院、中国通信标准化协会”。违反本声明者,本协会将追究其相关法律责任。前 言 2020 年 9 月 22 日,习近平总书记在第七十五届联合国大会一般性辩论上庄严宣布,中国将采取更加有力的政策和措施,二氧化碳排放力争于 2030 年前达到峰值,努力争取2060 年前实现碳中和。这体现了我国积极应对气候变化、推动构建人类命运共同体的责任担当。2021 年 9 月 21 日习总书记在第七十六届联合国大会一般性辩论会上再次提出,中国将力争 2030 年前实现碳达峰、2060 年前实现碳中和,这需要付出艰苦努力,但我们会全力以赴。中国将大力支持发展中国家能源绿色低碳发展。党的二十大报告仍强调积极稳妥推进碳达峰碳中和相关要求。随着新一代信息通信技术如人工智能、大数据、区块链、工业互联网等高速发展及新基建的规模化部署,信息通信行业能耗和碳排放即将出现较快增长趋势,因此行业急需开展节能低碳技术应用,推动其绿色高质量发展,同时助力千行百业在减排中达峰,并且即将完成艰巨的碳中和任务。目前,各大运营企业、互联网企业和 ICT 制造企业均紧锣密鼓开展推动“双碳”行动方案相关工作。在此背景下,为加快行业绿色低碳发展步伐,编制此白皮书,促进行业可持续转型及赋能全社会“双碳”目标和实现路径的共识建立。本白皮书由中国通信标准化协会,通信电源与通信局站 2 工作环境技术工作委员会(CCSA TC4)负责组织编写,主要参与单位包括:中国信息通信研究院、中国电信集团有限公司、中国移动集团有限公司、中国移动通信集团设计院有限公司、中国联合网络通信集团有限公司、中国铁塔股份有限公司、华为技术有限公司、中兴通讯股份有限公司。3 目 次 版权声明.1 第一章 背景.1(一)全球碳排放与各国的气候行动.1(二)关于气候变化我国面临的挑战.2(三)我国信息通信行业面临的挑战.3 第二章 信息通信行业绿色发展演进路线.5(一)第一阶段:满足基本功能诉求.2(二)第二阶段:关注绿色相关指标.2(三)第三阶段:综合节能低碳发展.3(四)第四阶段:减排中实现碳达峰.3(五)第五阶段:碳中和目标的实现.4 第三章 国际国内信息通信业节能低碳发展实践.5(一)国际信息通信业绿色低碳实践.5(二)国内信息通信业绿色低碳实践.9 1、国内通信运营企业绿色实践.9 2、国内互联网服务企业绿色实践.12 3、国内 ICT 制造业绿色发展实践.15(三)绿色低碳国际国内相关标准化工作成果.17 1、绿色能源相关标准.18 2、节能低碳技术标准.19 3、碳排放管理相关标准.20 4、碳中和相关标准.21 第四章 信息通信业绿色低碳发展总体目标.22 第五章 信息通信业“双碳”路径及展望.25(一)打造信息通信绿色低碳的一张网.25(二)建设能耗和碳排放管理两个平台.28(三)推动基础设施的“三化”运维管理.29 4(四)实现行业制造企业四个绿色目标.29(五)促进信息通信行业五项重点工作.31 结 语.37 附录 1 CCSA 相关单位牵头编写的国际标准列表.38 附录 2 CCSA 组织完成并已发布的标准列表.39 附录 3 CCSA-TC4 组织开展的在研标准项目列表.47 1 第一章第一章 背景背景(一)(一)全球全球碳排放与各国的碳排放与各国的气候行动气候行动 全球气候变暖正在并将在未来很长的时期内对社会、经济和环境等各个方面产生不同程度的影响,如极端天气,自然灾害、生态失衡等对人类经济社会发展构成重大威胁。而2020 年,全球平均温度较工业化前(18501900 年平均值)高出 1.2。科学界发现大气中温室气体(GHG)和气溶胶浓度、地表覆盖率和太阳辐射的变化都会改变气候系统的能量平衡。由于人类活动,全球大气二氧化碳(CO2)、甲烷(CH4)和氧化亚氮(N2O)浓度已明显增加,目前已经远远超出了工业化前几千年中的平均浓度值。平均温度上升与 CO2排放关系如图 1 所示。图 1 全球升温与 CO2 排放关系 1990 年开始,国际社会在联合国框架下开始关于应对气候变化相关谈判,1992 年达成 联合国气候变化框架公约,2 1997 年达成京都议定书,2015 年达成巴黎协定,成为各国携手应对气候变化的政治和法律基础。从全球发展来看,环境问题已经进入至迫切需要行动改善的局面,各国纷纷采取行动。截至目前,已有 100 多个国家提出碳中和目标。例如欧盟 2019 年底发布了欧洲绿色协定,承诺于 2050 年实现碳中和。美国拜登上台后美国重返巴黎协定,宣布到 2030 年美国将把碳排放量较 2005 年削减 52%,2050 年之前实现全美国经济范围内的净零排放。日本在 2020 年 12 月发布了2050 年碳中和绿色增长战略,政府将在海上风电、电动汽车、氢能等 14 个重点领域推进减排,并提出了具体的发展目标和重点任务。(二)(二)关于气候变化关于气候变化我国面临的挑战我国面临的挑战 2019 年,我国碳排放约占全球总排放量的 28.8%。随着经济快速发展,我国碳排放量将持续上升。相对欧美发达国家,2007 年左右已实现碳达峰,且主要国家承诺碳中和时间为 2050 年,即具有约 43 年的规划发展期。我国从碳达峰至碳中和仅有 30 年,这对于处在高速经济发展时期的发展中国家而言,压力显而易见。除此之外,在碳中和问题上,发达国家之间、发展中国家之间、发达国家与发展中国家之间均存在政治博弈。2020 年我国经济规模占世界经济比重为17%,远小于碳排放量约 30%的占比,因此单位 GDP 能耗与欧美国家相比劣势明显,“双碳”目标的实现需要付出更艰苦 3 的努力。(三)(三)我国信息通信行业面临的挑战我国信息通信行业面临的挑战 据 全 球 电 子 可 持 续 发 展 倡 议 组 织(Global e-Sustainability Initiative,GeSI)统计,2020 年全球 ICT产业碳排放约占全球碳排放的 2.3%。ICT 产业能耗中,数据中心最大,网络设施次之。而随着全球数字化转型的加速和对算力需求的增长,以及 5G 的更广泛应用,信息通信技术本身的能耗势必会持续增加。根据国家统计局能源数据,采用IPCC 清单分析法计算 ICT 行业的直接碳排放(范围 1 和 2),2012-2017 年中国 ICT 行业碳排放总量从 8525 万吨增长至13761 万吨,涨幅为 61%,涨幅为所有行业之最。4 5 第二章第二章 信息通信行业绿色发展演进路线信息通信行业绿色发展演进路线 2021 年 10 月 国务院关于印发 2030 年前碳达峰行动方案的通知重点任务中提出了加强新型基础设施节能降碳相关要求。具体内容包括优化新型基础设施空间布局,优化新型基础设施用能结构,对标国际先进水平,加快完善通信、运算、存储、传输等设备能效标准,提升准入门槛,淘汰落后设备和技术。推动既有设施绿色升级改造,积极推广使用各类节能技术等。信息基础设施作为新型基础设施重要组成部分,急需采取节能降碳行动。此外,信息通信业需要赋能高耗能行业节能降碳上“大步走”的同时,强化自身绿色化发展也势在必行。从信息通信行业发展历程来看,绿色化在细致、全面、多元化渗透中,具体可分为五个阶段,如图 2所示。图 2 信息通信行业绿色化发展演进路线 2(一一)第一阶段:满足基本功能诉求第一阶段:满足基本功能诉求 信息通信在人类经济社会传统行业发展到一定阶段诞生。信息的互联互通在各行各业从增色添彩逐步发展为刚性需求,也促成了信息通信行业的规模化发展。发展网络是信息通信行业的最初诉求,存储、网络和计算等 IT 设备逐步诞生,网路初具规模。与此同时,为保障网络、传输等设备的正常运行,相应的电力及冷力供给设备,基础设施开始快速研发并规模化生产。在电网覆盖范围有限情况下,有效利用新能源为偏远地区提供电源保障逐渐成为行业共识。自此,“通信基站 绿色能源”等方案的诞生,为清洁可再生能源在通信领域的应用正式拉开了序幕。在此阶段,信息通信发展的主要工作是满足日益增长的网络化、信息化转型需要,对于能耗的关注少之又少。(二二)第二阶段:第二阶段:关注绿色相关指标关注绿色相关指标 在此阶段,信息通信系统运行稳定度、可持续性已有大幅度提升,人类社会已逐渐从工作、生活到娱乐对网络及信息服务依赖程度加深,4G 网络也开始走向全球,成为信息化、数字化、网络化发展的代表产品。但同时,大规模信息通信业发展所带来的能耗问题却日益明显且引起社会重视。ICT 产品设计、研发、制造企业及行业研究机构开始 3 关注能效、环保等问题。在技术快速发展带动下,IT 设备层面,高能效产品与技术发展成为通信机房及数据中心节能降碳大力推手;配套设施设备层面,利用软件硬件协同发展将能效提升至较高水平;另外,各类节能技术产品广泛推广应用至信息通信行业,如新风、热交换、热管等技术,带来的绿色低碳效果显著。(三三)第三阶段:综合第三阶段:综合节能低碳发展节能低碳发展 逐步推动信息通信领域从站点级、系统级向网络级节能减排发展,通过能源与主设备协同、基础设施与网络协同以及网络与业务协同方式真正实现全面节能。在此阶段,碳排放量核算及分析逐步实现,同时与能源市场渐进式衔接,大量用能用电数据、碳排放核算数据得到积累和分析。经过分析、优化的数据被转化成有效建议性信息,作为机器学习等先进信息技术的基础输入,为今后策略性优化提供一定积累。(四四)第四阶段:第四阶段:减排中减排中实现碳实现碳达峰达峰 随着我国“碳达峰、碳中和”战略深入实践,行业产、学、研、用紧密联合,不断实现核心技术突破,提出节能空间更高、低碳效果更好的技术方案,并得以规模化应用,实现用能过程大幅减碳。此外,行业用能结构的不断优化,通过自建、拉专线、购买绿电绿证等形式,进一步提升绿色能 4 源供给比例,力争实现源头减碳。通过平台化建设,能耗与碳排放实施动态、精确化管理和优化,准确把握碳达峰时间与碳达峰量。(五五)第五阶段:碳中和目标第五阶段:碳中和目标的的实现实现 随着可持续发展、绿色生态构建、碳达峰碳中和等理念持续贯彻,绿色能源如太阳能、风能等稳定占据 ICT 行业供能组成,氢能等也在逐渐进入能源组成部分中,同时,深度推动碳资产管理并积极参与碳汇市场等,从用能结构、节能减排、负碳技术应用等实现碳行业碳中和目标实现。此外,随着产业数字化转型进入规模化发展阶段,信息通信技术对其他的赋能也更加深入,通过数字化、网络化、智能化进一步提升用能效率、减少环境影响以及资源循环利用,从而助力千行百业碳中和目标。5 第三章第三章 国际国内信息通信业节能低碳发展实践国际国内信息通信业节能低碳发展实践(一一)国际信息通信业绿色低碳实践国际信息通信业绿色低碳实践 目前,多家全球领先的运营企业巨头也已提出了各自的碳中和目标,例如 Vodafone 提出要在 2025 年 100%可再生能源供电、2040 年实现碳中和,拟投入 10 亿美元用于提高能耗效率、绿色建筑、可持续供水及生物多样性等措施;Orange提出将于 2040 年实现碳中和,将投入 7.5 亿欧元用于发展能耗效率提升、可再生能源利用及绿色建筑等项目;Telefonica 提出至 2025 年温室气体减排 39%、2030 年实现碳中和等。投入 10 亿欧元用于提升网络基础设施能效、发展可再生能源、环境数字化解决方案等环保项目。美国谷歌公司(以下简称“谷歌”)在 2007 年已经实现碳中和,并通过以下四个方面的举措。一是设计高效的数据一是设计高效的数据中心,中心,谷歌通过设计、建造及运营每个数据中心,实现能源的高效利用,目前 Google 数据中心的能源效率是典型企业数据中心的两倍,与五年前相比,Google 现在以相同的电 量可提供大约七倍的计算能力。图 3 谷歌使用可再生能源生产的电力占比(数据来源:谷歌环境报告 2020)6 2019 年谷歌全球数据中心的平均年 PUE 仅为 1.10,远远低于行业平均水平 1.67,这意味着谷歌数据中心耗能直接下降了约六分之一。二是发展低碳可再生能源,二是发展低碳可再生能源,从 2010 年到2019 年谷歌总共签署了 5.5GW 可再生能源购买协议,并将在2034 年前将投入 40 亿美元用于购买可再生能源。谷歌提出目标:到 2030 年将成为第一个全年全时段使用清洁能源的数据中心。三是打造可持续发展的工作场所,三是打造可持续发展的工作场所,谷歌将可持续性标准应用于工作场所的设计、建造和运营,例如其位于伦敦的 Pancras Square 6 号办公楼,是世界上第一个获得 ILFI零碳认证的建筑项目。四是硬件产品碳中和,四是硬件产品碳中和,谷歌对硬件设备在包括设计、生产、运输、使用直至结束的全生命周期内考量其可持续性,通过直接减少碳排放以及购买碳抵消品两种方式,在 2019 年实现了其所有硬件产品的碳中和。美国 Facebook 公司(以下简称“Facebook”)同样已经实现了全球范围内公司业务的净零排放,并计划至 2030 年实现公司全价值链的净零排放,为此,Facebook 在多个方面进行了低碳实践。一是使用可再生能源,一是使用可再生能源,2020 年 Facebook实现了 100%的可再生能源利用,在全球总共投资了 5.9GW 的风能及太阳能发电项目。二是建设运营可持续性数据中心,二是建设运营可持续性数据中心,Facebook 通过高效设计节约能源及水资源,实现可持续数据中心运营战略。三是硬件循环原则,三是硬件循环原则,Facebook 将循环作为减少排放的关键,将循环原则融入产品全生命周期的设计、制 7 造和使用中。四是创新的气候产品,四是创新的气候产品,Facebook 成立了气候科学信息中心并发布了气候对话地图,通过科技及数据驱动气候解决方案。五是工作场所碳减排行动计划,五是工作场所碳减排行动计划,Facebook 通过升级能效、就地安装可再生能源等方式减少工作场所碳排放,2020年减少22%的工作场所能耗,平均建筑物回收率达79%。美国苹果公司在 2015 年碳排放已经达到峰值,至 2019年,苹果公司综合碳足迹比 2015 年时的峰值降低了 35%;近11 年来,产品的平均能耗降低 73%。2020 年 4 月起,其运营部分(包括办公室、数据中心、零售店等场所设施以及商务差旅和员工通勤等场景)已实现了碳中和,并提出到到 2 2030030 年年实现全面碳中和实现全面碳中和的目标及承诺。图 4 苹果公司历史及预测碳排放量(数据来源:苹果环境进展报告 2020)因此,在应对气候变化方面,苹果公司推动了一系列举措。一是低碳设计,一是低碳设计,通过改用低碳材料、改进制造和材料工艺、能耗智能化设计等方式将高能效融入产品,例如其改进 8 了 iPhone 和 Apple Watch 的生产方式,提升材料利用率,使每部 iPhone 的二氧化碳当量减少了 1 千克以上。二是提二是提升能源效率,升能源效率,通过对能源利用方式的优化,打造了高能效的运营方式、供应链及产品运输,例如其通过与供应商合作降低产品环节的能耗,在 2019 年降低了逾 77.9 万吨年化碳排放量。三是提升可再生能源供给比例,三是提升可再生能源供给比例,在全球各地的场所设施 100%使用可再生电力,同时执行了一系列造福各地社区的可再生能源项目、促进可再生电力普及的聚合计划以及可充分利用可再生电力的储能方案,并着眼于无政府补贴的可再生能源项目,同时不断推动供应链向清洁能源转型。四是直四是直接减排,接减排,通过更改产线工艺、减少使用环节、替换低碳燃料等技术改进直接减少碳排放,例如通过某些专利技术消除铝金属冶炼产生的温室气体排放。五是促进碳汇,五是促进碳汇,通过保护并恢复重要的生态系统和自然栖息地等方法有效的清除大气中的碳,例如其开展的对哥伦比亚红树林及肯尼亚热带稀树草原的保护和重建工作。六是推动循环利用六是推动循环利用,以完全使用循环利用和可再生材料来创造产品作为目标,建造循环供应链体系,提高材料利用率、延长产品使用寿命并提高回收率,iPhone11 的制造中就使用了 100%的再生稀土元素、100%的再生锡以及超过 30%的再生塑料。9 图 5 苹果公司循环供应链(数据来源:苹果环境进展报告 2020)(二二)国内信息通信业绿色低碳实践国内信息通信业绿色低碳实践 1 1、国内通信运营企业绿色实践国内通信运营企业绿色实践 中国电信中国电信作为信息通信领域的国家队和主力军,积极贯彻创新、协调、绿色、开放、共享的新发展理念,积极践行建设网络强国和数字中国、维护网信安全的初心使命,全面实施“云改数转”战略,构建云网融合的安全、绿色新型信息基础设施,赋能经济社会绿色发展。在“十三五”期间,中国电信率先开展并全面完成 FTTH 光接入网改造升级,部署全球最大的 ROADM 网络,推动共建共享,与中国联通共建 5G基站 40 万站、共享 4G 基站 24 万站,每年减少二氧化碳排放 240 万吨。推进网络能耗强度持续下降,单位信息流量综合能耗比“十三五”期初下降 60%。加大科研投入,推动核心技术攻关,不断探索节能降碳新技术,形成相关标准和专利近百件。自研节能技术覆盖 95%以上的 5G 基站,年节电率近 15%。发挥 5G、云计算、大数据、区块链、物联网等新技 10 术优势,赋能各行业数字化转型,减少资源消耗,高效支撑“新基建”和数字经济绿色发展。中国移动中国移动为应对气候变化带来的挑战,助力国家生态文明建设,持续开展“绿色行动计划”并取得明显成效,能源使用效率逐步提升,同时带动产业链共同减少二氧化碳排放,降低对环境的影响。中国移动 2020 年单位电信业务总量综合能耗水平较 2015 年累计下降 86.5%,年复合下降率 33.0%;单位信息流量综合能耗水平较 2015 年累计下降 92.6%,年复合下降率 40.6%。“十三五”期间,中国移动各项节能措施节电量累计近 100 亿度,折合减少二氧化碳排放约 630 万吨。中国联通中国联通“十三五”期间,扎实做好企业自身节能降碳工作,并积极运用数字化手段为客户提供相关服务,取得六大积极成效。一是积极推进共建共享一是积极推进共建共享,推进基站、管道、杆路等通信基础设施共建共享,减少土地、钢材、能源和原材料的消耗,截至 2020 年底,中国联通与中国电信共建共享5G 基站 38 万站、4G 基站 20.5 万站,每年可节约用电 89 亿度以上。二是积极引领基站能效提升二是积极引领基站能效提升,采用符号、通道、载波等不同层级节能策略,并对 5G 网络节能方案进行试点。三三是建设绿色低碳数据中心是建设绿色低碳数据中心,推广蒸发冷却、新风等技术,例如宁夏中卫数据中心采用新风自由冷却系统后PUE低至1.28,该项目获得 2018 年中国通信企业协会 ICT 基础设施节能创新“最佳节能设计奖”;新疆一带一路数据中心采用间接蒸 11 发冷却及石墨烯精准供暖等节能技术后 PUE 低至 1.3;中国联通共有 17 个数据中心入选国家绿色数据中心,占比 16%。四是挖掘存量资源节能潜力四是挖掘存量资源节能潜力,重点围绕早期投产的高能耗通信机房及 IDC 机房分批改造,持续开展网络精简优化。五是五是鼓励自主创新,鼓励自主创新,联通自主研发的智能双循环(氟泵)多联模块化机房空调系统、5G BBU 竖装机框等获得国家实用新型专利。六是发挥行业优势提供数字化、智能化服务六是发挥行业优势提供数字化、智能化服务,例如中国联通助力“取消高速公路省界收费站”工程,为全国 29 个联网收费省份的 487 个省界收费站提供高可靠的网络连接服务,工程累计节约能源效益预计超 50 亿元。中国铁塔中国铁塔公司深入推动“一体两翼”战略。在在 5G5G 建设方建设方面,面,坚持能共享不新建,充分共享已有站址和社会资源,采用低成本、高能效的建设方案,减少建设过程中和后续在网运行的能耗消耗;在节能减排方面,在节能减排方面,对机房空调进行智能化改造和智能控制,对开关电源、蓄电池等配套设备进行节能改造提升节能水平;在维护服务方面在维护服务方面,积极推进锂电池包、梯次电池等高效基站发电、备电手段,对代维实行智能调度,减少维护过程中的能源消耗,提升维护质量。在面向社会的在面向社会的能源服务方面能源服务方面,积极推动电动汽车退役动力电池的梯次利用、电力需求响应、分布式储能,同时聚焦社会民生,大力发展低速电动车换电充电、新能源备电发电等绿色民生服务,服务国家新能源战略快速发展。在面向社会的在面向社会的 ICTICT 服务方面服务方面,12 推动通信塔向社会塔转变,减少重复建设和能源消耗,充分利用中国铁塔点多面广的高塔站址资源优势,为传统行业提供效率更高的生产管理手段。2 2、国内互联网服务企业绿色实践国内互联网服务企业绿色实践 阿里云公司阿里云公司致力于打造数字经济时代基础设施,不断向低碳生产迈进。2020 年,阿里云自建基地型数据中心交易清洁能源电量 4.1 亿千瓦时,同比上升 266%,减排二氧化碳 30万吨,同比上升 127%。阿里云杭州数据中心拥有全球超大的浸没式液冷服务器集群,其服务器浸泡在特殊冷却液中,PUE(电源使用效率)逼近理论极限值 1.0,每年可节电 7000 万度;而广东河源数据中心则采用深层湖水制冷,2022 年将实现 100%使用绿色清洁能源,将成为阿里首个实现碳中和的大型数据中心。据统计,从 2018 年 12 月至 2021 年 5 月,阿里云五大超级数据中心使用清洁能源 6.38 亿千瓦时,累计减少碳排放 51 万吨。腾讯公司腾讯公司 2021 年宣布启动碳中和规划,目前正从数据中心、产业助力等方面发力,积极推进碳中和相关举措。一一是数据中心积极探索可再生能源应用,是数据中心积极探索可再生能源应用,不断通过架构及技术革新降低数据中心 PUE,腾讯云清远数据中心厂房屋顶规划光伏发电组件,设计使用年限内年均发电量约 1200 万 kWh。清远数据中心探索冷板式液冷技术规模化应用,有望将数据中心的极限 PUE 降低至 1.06。二是产业助力智慧出行,在建二是产业助力智慧出行,在建 13 设、管理、运营、服务四个维度提出智慧化解决方案,设、管理、运营、服务四个维度提出智慧化解决方案,助力助力城市交通网络城市交通网络的智慧化升级,提高交通效率的同时降低碳排放;助力智慧政务助力智慧政务,积极推动政务协同办公平台推广落地,实现无纸化办公;助力绿色“云办公”助力绿色“云办公”,在新冠疫情期间,腾讯会议支撑超过 1 亿人远程沟通,5 个月节约社会成本 714亿元,有效减少出行能源消耗;助力智能建筑助力智能建筑,腾讯云微瓴智慧能效产品利用 IoT、AI 能力以及微瓴平台在建筑、园区场景中帮助客户降低碳排放量、提升运营效率。百度公司百度公司以 2020 年为基准年,在数据中心、办公楼宇、碳抵消、智能交通、智能云、供应链六个方面,全面构建 2030年碳中和目标的科学实现路径。一是建立绿色数据中心。一是建立绿色数据中心。对于自建数据中心,通过数据中心技术创新、软硬结合持续迭代、人工智能融合应用等方式,持续降低单位算力能耗;同时优化数据中心能源消费结构,自有新建数据中心将优先选择可再生能源丰富的地区建设,可再生能源使用比例逐年提升;对于租用数据中心,通过技术输出或算力迁移的方式降低租用数据中心 PUE,减少总算力碳排放总量。二是构建智二是构建智慧办公楼宇。慧办公楼宇。通过采用办公楼自然光照明、自然通风、遮阳等措施,提高楼宇能源使用效率,同时通过引进光伏发电技术等方式,增加办公楼宇可再生能源使用比例。三是碳抵消。三是碳抵消。对于难以实现零碳排放的运营领域,通过采取相关减排量措施进行碳抵消。四是智能交通的全链条减碳技术赋能。四是智能交通的全链条减碳技术赋能。通过 14 百度智能交通、智能交运、智能网联、智能停车等落地场景解决方案,结合集度智能电动汽车量产、自动驾驶无人车服务等方式,助力全国道路交通碳排放量减少。五是智能云的五是智能云的节能减碳技术赋能。节能减碳技术赋能。通过百度智能云,支持客户、伙伴等产业利益相关方节能减排,共同推动零碳社会的实现。六是绿六是绿色供应链伙伴机制。色供应链伙伴机制。构建新型责任伙伴合作机制,推动供应链碳减排,构建智能经济绿色生态。浪潮公司浪潮公司正在通过数字化、智能化技术创新做绿色低碳发展的践行者和赋能者。一是浪潮通过建设绿色楼宇园区,一是浪潮通过建设绿色楼宇园区,推行日常办公低碳化,实现绿色生产和产品绿色全生命周期管理等方式自身践行节能减排。二是浪潮对生产线进行智二是浪潮对生产线进行智能能化改造,化改造,浪潮智能工厂基于工业互联网平台,集成了 600 多个 RFID、2000 多个传感器、50 个设备控制器、330 套智能设备、6 大核心系统,实现从柔性化生产到交付服务的全过程智能化,交付周期从 18 天缩短至 5-7 天,人员减少 75%,降低了实验次数和废品的产生,有效减少碳排放。三是在产品三是在产品设计、生产、包装、使用、废弃与回收的全生命周期进行节设计、生产、包装、使用、废弃与回收的全生命周期进行节能降碳管理,能降碳管理,设备包装采用可再生材料,减少使用非再生塑料制品,选用具有低碳环保资质的供应商等。四是积极采用四是积极采用数字技术赋能经济社会绿色发展。数字技术赋能经济社会绿色发展。针对数据中心,浪潮集装箱式集群数据中心解决方案可降低物流、装配、实施过程碳消耗 20%以上;基于绿色开放标准的整机柜服务器,使用浪 15 潮整机柜的某大型数据中心,电源转化效率提升 5%;数据中心液冷技术实现制冷系统 30%-50%的综合能效提升,实际应用 PUE 可达到 1.15 以下。五是业务上云降碳已成大势。五是业务上云降碳已成大势。浪潮基于在全国布局的 7 大核心云数据中心以及 90 个地市云数据中心,为政企客户提供上云服务,覆盖全国 245 省市,承载 60000 政务应用,每年助力政府节省 10 亿千瓦时电力消耗,减少 96 万吨二氧化碳排放。六是积极利用数字化、智六是积极利用数字化、智能化技术推动传统行业进行低碳转型。能化技术推动传统行业进行低碳转型。探索用数字技术赋能能源互联网,推动能源产业数字化转型,针对数字能源平台、核心部件、储能装备、智能微网解决方案等数字能源关键技术进行研究与 PoC 验证。3 3、国内国内 ICTICT 制造业制造业绿色发展实践绿色发展实践 华为公司华为公司作为全球领先的 ICT 基础设施和智能终端提供商,过去 30 年来,为客户提供创新领先的绿色产品与解决方案,助力构建可持续发展的绿色世界。华为主要从减少碳排从减少碳排放放、加大可再生能源加大可再生能源、促进循环经济促进循环经济三个方面,为构建一个绿色、可持续的数字世界贡献力量。一是推进产品全生命周一是推进产品全生命周期碳减排,期碳减排,通过创新的技术和产品促进各行业的节能减排和循环经济发展,共建低碳社会。以华为 PowerStar 方案为例,在保障网络性能和质量稳定的前提下,采取“软硬结合”方式为无线网络智能节能。同时,在产品研发、制作和生产过程中,坚持用更环保的材料,更耐用的产品,更绿色的包装,16 更少的废弃物,促进循环经济发展。二是推动可再生能源应二是推动可再生能源应用进程,用进程,截至 2020 年,华为数字能源已应用于 170 多个国家和地区,为全球 1/3 的人口服务。截至 2021 年 9 月 30 日,华为数字能源提供的产品与解决方案累计助力客户实现绿色发电 4435 亿度电,节约用电 136 亿度,减少二氧化碳 2.1亿吨。三是保护和维系良好的生态环境,三是保护和维系良好的生态环境,让自然受益于科技。从 2019 年开始与雨林保护组织 RFCx 合作,利用华为云 AI和手机,在雨林中布置太阳能声音监测系统“自然守卫者”,有效监测和防止雨林盗伐。截至 2020 年底,“自然守卫者”已部署在全球 5 大洲的 18 个国家,帮助当地环保人员和生态学家们用科技守护自然和生物多样性。此外,华为还和世界自然保护联盟(IUCN)启动了为期三年的“科技守护自然”项目,致力于为全球 300 多个自然保护地提供数字技术创新和数字技能支持。中兴公司中兴公司一是在设一是在设备减排方面备减排方面,聚焦新功放、新材料、新工艺等持续创新升级,确保能效最优。5G 功放是基站核心器件,采用 GaN 技术配合硬件算法改进,可使功放效率达到55%以上。在新工艺和新材料上,优化 AAU 导热散热性能,采用创新的V型仿生散热齿结合新材料及超轻架构,可提升20%的散热效率,而核心路由器采用两相液冷方案,噪音降低 80%,散热能耗降低 80%。二是在基站层面,二是在基站层面,提出建设模式从分布式向集中式转变,从几何叠加向逻辑集成转变,如机房变机 17 柜、机柜变杆站、市电变绿电等具体措施,降低机房租赁成本、降低电费,实现减少碳排放 250%的目标。三是通信三是通信网络的能源基础设施方面,网络的能源基础设施方面,提出以“绿色、高效、智能、可靠”为理念的全新“零碳”能源网,深耕“智能光伏、智能变换、智能锂电、智能配电、智能温控”等各项关键技术,为全球客户提供高品质的低碳、绿色能源解决方案,引领传统网络能源基础设施的数智变革,从发电到用电全方位助力全球运营商网络向低碳、零碳演进。在中国西藏昌都、阿里、日喀则地区,采用该方案充分利用太阳能资源,促进藏区旅游经济的发展和生态保护,实现了可再生能源在绿色低碳经济的规模应用。(三三)绿色低碳国际国内相关标准化工作成果绿色低碳国际国内相关标准化工作成果 中国通信标准化协会一直高度重视绿色节能,始终紧跟节能减排技术进步和科技创新发展趋势,大力推动节能减排新技术的应用,通过标准化工作引领信息通信行业的绿色低碳发展。从引入绿色能源、能源高效利用、节能减排、碳排放测量及碳中和等方面入手,构建信息通信行业绿色标准体系。CCSA 会员单位如中国信息通信研究院、电信运营企业及先进制造企业相关专家积极引领国际标准化工作,在国际电信联盟(ITU)牵头了多项绿色低碳国际标准,争得了国际标准话语权。18 1 1、绿色能源相关标准绿色能源相关标准 CCSACCSA 积极推动发展绿色清洁能源,通过标准制定带动可积极推动发展绿色清洁能源,通过标准制定带动可再生能源的推广应用。再生能源的推广应用。加大使用清洁低碳能源,引入太阳能、风能、氢燃料电池、铝空气电池等绿色能源,降低传统电力能源消耗,改善能源使用结构,推动信息通信业绿色低碳可持续发展。CCSA-TC4 已制定新能源相关标准 8 项,见附录 2(第 38项-45 项),在研标准 2 项,见附录 3(第 11 项-12 项)。在国内相关标准和先进技术应用的基础上,TC4 相关单位的专家在国际电信联盟牵头编写了 L.1380 电信站点智慧能源解决方案、L.1381 数据中心智慧能源解决方案、L.1382通信机房智慧能源解决方案、L.1383城市和家庭应用的智慧能源解决方案以及 L.12105G 网络可持续供电解决方案,在这些国际标准中,均有优先使用可再生能源的相关要求。以 L.12105G 网络可持续供电解决方案为例,标准中 7.4 为 5G 基站可再生能源解决方案,如图 6 所示,当有多种能源(如电网、可再生能源和发电机组)接入时,基站供电系统为了最大限度地利用可再生能源,供电系统进行智能控制,优先利用可再生能源,同时系统根据不同地区的运营成本智能选择电网、蓄电池储能系统或发电机组。19 图 6 包括可再生能源的 5G 基站多能源输入系统 L.12105G 网络可持续供电解决方案国际标准获得2021 年中国通信标准化协会科学技术奖二等奖,该标准是 5G网络供电领域全球发布的首个标准,是 5G 安全、稳定、可靠运行的重要保障,也是 5G 网络节能、绿色、可持续运行的重要抓手。2 2、节能节能低碳技术低碳技术标准标准 CCSACCSA 始终贯彻高效节能方针,将绿色低碳相关要求体现始终贯彻高效节能方针,将绿色低碳相关要求体现在标准中。在标准中。截止 2021 年 6 月,TC4 发布的节能类标准共有 6项,见附录 2(第 106 项-111 项),在研的标准有 4 项(第31 项-34 项),此外,在高压直流类、直流电源类、交流电源类、环境空调类标准中,均有涉及高效节能的相关要求。通过这些标准化工作的引领,将先进的节能技术和产品向信息通信行业推广,在收获节能减排效果的同时,也为相关企业带来了巨大的经济和社会效益。以数据中心和通信机房基础设施能效评估方法及节能 20 技术指南等 10 项标准为例,极大推动了信息通信行业对通信电源和机房环境各项节能技术的推广应用,引领了产业技术的发展,2017 年度获得了中国通信标准化协会一等奖。据通信运营企业提供的标准实施情况和实际应用证明文件中的数据可得出节能效果显著,节电量约 56.35 亿度/年,节省电力支出约 56.35 亿人民币/年(按照工业用电 1 元 1 度电进行计算)、减少标煤消耗约 225.4 万吨/年(一度电消耗0.4kg 标准煤进行计算),降低碳排放量约 343.8 万吨/年(每度电排放 0.6101kg 二氧化碳进行计算),有力促进了信息通信行业绿色低碳发展。3 3、碳碳排放管理排放管理相关标准相关标准 立项信息通信基础设施绿色低碳要求系列标准,助力信立项信息通信基础设施绿色低碳要求系列标准,助力信息通信业实现双碳目标。息通信业实现双碳目标。信息通信业的高速发展急需制定产品碳足迹、碳排放核算核查、低碳评价及低碳技术等标准,为信息通信基础设施的绿色发展提供统一、协调、规范的技术要求。基于此,CCSA 已提出温室气体核算与报告、产品碳足迹、低碳技术、碳排放管理系列标准,该系列标准涵盖了通信运营企业和制造企业,以及各类机房、基站的温室气体核算与报告及评价,各类产品的碳足迹等。标准将确保相关工作落到实处,强有力推进行业绿色低碳发展。与此同时,同步推动数据中心、通信机房、基站等的碳排放测量方法相关国际标准,力争更多的国际标准话语权。21 4 4、碳中和相关标准碳中和相关标准 ICTICT 技术赋能产业,助力全社会实现碳中和目标。技术赋能产业,助力全社会实现碳中和目标。为实现“2060 碳中和”的目标,不仅需要 ICT 行业的节能减排,更加需要 ICT 技术赋能各行业帮助减排,通过数字化手段助力电力、交通、工业、建筑及农业等不同行业绿色健康发展。2021 年 5 月,CCSA 相关单位在 ITU-T SG5 会议成功立项 ITU-T L.NZ solutions“Best practices to achieve Net Zero with information and communication technologies(ICTICT 技术助力实现碳中和最佳实践技术助力实现碳中和最佳实践)”国际标准,该标准是我国提出并成功立项的首个碳中和国际标准该标准是我国提出并成功立项的首个碳中和国际标准,标准将主要围绕 ICT 技术赋能各产业(具体包括工业、建筑、交通、电力等重点用能耗领域)途径、实现方式、先进经验及 ICT 产业自身实现碳中和方面研究,以助力实现全球碳中和目标。通过该标准的研究制定,将加快推进我国“双碳”相关工作,把相关先进案例写入国际标准,为其他国家探索碳减排新路径提供有力支撑。此外,于 2021 年 10 月也成功立项了数据中心、通信机房、基站、园区和智慧城市相关碳排放核算、低碳评价及最佳实践国际标准。22 第四章第四章 信息通信业绿色低碳发展总体目标信息通信业绿色低碳发展总体目标 根据相关研究计算,2020 年全球 ICT 产业的能耗约20000 亿千瓦时,约占全球总耗电量的 4%,ICT 行业碳排放约占全球碳排放量 1.4%。其各类能耗占比如下图所示。图 7 ICT 产业能耗分布概况 预计到 2030 年,ICT 行业全球耗电量最高将增长 61%。有研究显示,随着全球 ICT 产业迅速发展,到 2040 年 ICT 产业的排放将相当于 2016 年全球温室气体排放 14%。据相关统计数据,我国信息通信业综合能耗中电力消耗约占 94%,2020 年用电量约占全社会用电量的 1.8%,其中电信运营企业能耗约占全社会用电量的 1.23%。2020 年我国信息通信业碳排放量约占全国二氧化碳排放量的0.62%。为推动行业绿色发展,助力实现碳达峰、碳中和,相关文件中提出了相关指标要求,具体如下。23 国务院关于印发 2030 年前碳达峰行动方案的通知中强调:加强新型基础设施节能降碳。优化新型基础设施空间布局,统筹谋划、科学配置数据中心等新型基础设施,避免低水平重复建设。优化新型基础设施用能结构,采用直流供电、分布式储能、“光伏 储能”等模式,探索多样化能源供应,提高非化石能源消费比重。对标国际先进水平,加快完善通信、运算、存储、传输等设备能效标准,提升准入门槛,淘汰落后设备和技术。加强新型基础设施用能管理,将年综合能耗超过 1 万吨标准煤的数据中心全部纳入重点用能单位能耗在线监测系统,开展能源计量审查。推动既有设施绿色升级改造,积极推广使用高效制冷、先进通风、余热利用、智能化用能控制等技术,提高设施能效水平。工业和信息化部发布的信息通信业“十四五”发展规划中提出单位电信业务总量综合能耗下降幅度和新建大型和超大型数据中心 PUE 值两个指标,到 2025 年底,信息通信业绿色发展水平迈上新台阶,单位电信业务总量综合能耗下降幅度达到 15%,新建大型和超大型数据中心 PUE值下降到 1.3 以下,在促进经济社会绿色发展中发挥重要作用。推动数据中心和 5G 等新型基础设施绿色高质量发展文件中提出,到 2025 年,数据中心和 5G 基本形成 24 绿色集约的一体化运行格局。数据中心运行电能利用效率和可再生能源利用率明显提升,全国新建大型、超大型数据中心平均电能利用效率降到 1.3 以下,国家枢纽节点进一步降到 1.25 以下,绿色低碳等级达到 4A 级以上。全国数据中心整体利用率明显提升,西部数据中心利用率由 30%提高到 50%以上,东西部算力供需更为均衡。5G 基站能效提升 20%以上。工业和信息化部等七部门联合发布的信息通信业绿色低碳发展行动计划(2022-2025 年)提出,到 2025年,单位信息流量综合能耗比“十三五”期末下降 20%,单位电信业务总量综合能耗比“十三五”期末下降 15%,全国新建大型、超大型数据中心电能利用效率降到 1.3 以下,改造后的核心机房电能利用效率降到 1.5 以下,5G 基站能效提升幅度 20%以上,新建 5G 基站站址共享率(%)大于80%,遴选推广 30 个信息通信行业赋能全社会降碳的典型应用场景等要求,并围绕着优布局、抓重点、促协同、强赋能、统管理等五个方面提出 15 个行动计划。25 第五章第五章 信息通信业“双碳”路径及展望信息通信业“双碳”路径及展望(一)(一)打造打造信息通信信息通信绿色低碳绿色低碳的的一张网一张网 信息通信业通过大力促进节能技术和产品研发与应用、推进共建共享、重点用能领域高效运行、老旧高耗能设备和2G/3G 设备淘汰等多措并举,打造绿色低碳网络。1 1、网络设备及基础设施节能技术应用、网络设备及基础设施节能技术应用 主设备、供电、制冷等高能耗基础设施节能技术将深入推进技术创新,直接提升整体能效,主要包括软件技术和硬件技术。其中,软件技术是利用软件控制冗余网络设备及基础设施部分或全部功能停止使用,从而降低网络设备和基础设施耗能。例如针对 4G 基站的符号关断、通道关断、载波关断等软件节能功能;针对 5G 基站的射频通道智能关断、载波关断、亚帧静默、通道静默、深度休眠等软件节能功能。而硬件技术主要针对配电系统、电源系统、空调系统等基础设施,例如制冷剂泵空调、蒸发冷却等技术充分利用自然冷源,减少能源消耗。冷冻水型(热管型)列间空调、冷冻水型(热管型)背板空调等新型末端空调,就近高效制冷,提升能效。此外,一路市电直供 一路不间断电源供电架构,提高供电效率。通过使用高频机模块机 UPS 设备,提升电能转换效率。2 2、4G4G 存量基站、存量基站、5G5G 新建基站共建共享新建基站共建共享 从现阶段来看,基站站址及基础设施的共建共享是降低 26 网络能耗、提升资源利用率的有效方法。目前,基站共建共享已成为国内通信网络运营企业的共识,一方面新建 5G 基站的共建共享需要运营企业相互协同,充分利用存量站址资源、公共资源和社会杆塔资源,实现 5G 基础设施的快速、经济、高效建设;另一方面 4G 网络存量资源依然存在大量站址及配套设施的重复使用,需要深入推进光缆、管道、机房、杆路等网络基础设施的共享与共维,有效减少重复建设,提升资源利用,持续降低对铁塔、机房、电力、土地、能源等消耗。未来持续推动共建共享,大幅降低碳排放。3 3、重点用能、重点用能基础设施低碳基础设施低碳运行运行 推广应用高效供电架构。推广应用高效供电架构。随着数据中心向绿色化发展,数据中心不间断供电技术未来的发展方向首先是高效供电架构。高效供电架构不仅仅是指电网侧到 IT 设备的供电路径高效率,还包括一次能源侧到 CPU 等的整个能源路径上的高效率和绿色环保,比如逐步应用的市电直供、高压直流等技术。新型制冷技术持续推广应用。新型制冷技术持续推广应用。从选用高能效空调系统、优化机房布局等方式着手,降低基础设备能耗,在降低 PUE值的同时做到节能减排。一是浸没式液冷服务器一是浸没式液冷服务器,利用绝缘冷却液直接冷却通信主设备取代传统风冷冷却,将数据中心PUE 大幅降低。二是自然风冷技术,二是自然风冷技术,可以极大的降低能耗,PUE 值趋近与 1。三是智能空调末端,推广应用三是智能空调末端,推广应用“零功耗”空 27 调末端 OCU,结合高温服务器技术及新型气流组织,智能优化调节将机械制冷、预冷和自然冷却三种运行模式,使全年免费冷却时间达到 98%以上。四是相变冷却技术,四是相变冷却技术,相变冷却技术首次将无油概念引入到制冷循环系统,实现极致逆卡诺循环。提升能源和资源的综合利用效率。提升能源和资源的综合利用效率。借助先进信息通信技术,开发部署先进技术提高算法效率,例如将人工智能先进技术(深度学习、自然语言处理、计算机视觉等)、区块链技术等逐步融入能源管理平台,通过技术迭代加快节能成果转换,实现数据中心和机房综合能源管理。4 4、老旧高耗能设备淘汰、老旧高耗能设备淘汰 新产品新技术的不断涌现必然要淘汰掉老旧设备,反之,只有老旧、高能耗设备淘汰退网,新技术、新产品才有落地应用的实践土壤。随着信息通信业的高速发展,通信设备更新迭代不断加速。老旧高耗能设备技术相对落后,集成度低,不利于空间资源的优化配置。通过更好地推动电信网络老旧设备退网,加快电信网络的升级改造,推动电信网络老旧设备逐步淘汰、退网,加速实现我国通信网络的升级改造,进而提升通信网络能效水平和企业绿色运营水平,进一步促进通信行业的绿色可持续发展。5 5、2G2G/3G3G 退网减频退网减频 2G/3G 退网减频对全网频谱效率提高、性能指标升级、28 业务灵活创新、网络更新换代、运维难度降低、促进行业减排碳达峰等都有显而易见的好处。与 2G/3G 相比,4G 引入了OFDM、MIMO 等关键技术,显著提高了频谱效率和数据传输速率,而 5G 的目标更是频谱效率比 4G 提升 3-5 倍;4G 的网络带宽组合更灵活、业务可塑性更强,5G 的三大典型应用场景更是能为万物互联提供优质服务。因此 4G/5G 网络提供大带宽大容量的业务,能效相较于 2G/3G 有明显提升。在我国碳达峰碳中和目标的战略背景下,通信服务也亟需向着绿色化、高效化、低碳化方向转型升级,推动网络资源精简化发展。(二)(二)建建设设能耗和碳排放管理两个平台能耗和碳排放管理两个平台 随着智能电表、各类传感器和平台化技术的快速发展,全面监测信息通信网络各个环节能耗和碳排放成为可能,依托智能化设备、平台化技术、物联网以及大数据算法,实现对高能耗、高碳排放环节的准确定位识别,结合用户负荷变化规律,动态优化基站用能策略,从而达到节能降碳的效果。国内通信运营企业和互联网企业目前已经针对部分基站开展能耗监测系统铺设试点工作,但是对碳排放还未建立全面的碳家底排查、碳排放核算核查和碳数据披露等相关工作,急需全面监测各环节用能和碳排放情况,包括电能消耗以及其他能源消耗如柴油、汽油、煤等,并基于不同的排放因子,基于能耗数据进行碳排放量的实施核算。具体实现方式为利用物联网、无线网络和有线网络技术,实现从数据采 29 集、数据打包上报、数据分析处理以及数据可视化呈现和实时优化等全信息流全自动实时监测与核算。通过能耗与碳排放管理平台,运营人员能够同时远程监测多个数据中心、机房、基站的实时用能和碳排放状态,并结合智能化运维管理,提升网络能源利用水平。(三)(三)推动基础设施的“三化”推动基础设施的“三化”运维管理运维管理 绿色运营秉承绿色发展的理念,从企业管理绿色化入手,在技术节能的基础上充分开展管理节能,在重点用能基础设施如通信基站、通信机房和数据中心提升运营的数字化感知,网络化管控、通过智能化、精细化的管理系统和运维系统,充分了解运营能耗现状,针对不同场景制定节能策略,推动重点用能设施运维的高效化和精益化转型。此外,绿色运维不再专注于具体产品、设备、设施的升级改造,还着眼于整个基站、机房、数据中心工作状态和各子系统的运行过程,其能够打通运营管理与基础设施数据壁垒,根据实际需要制定节能策略,进一步降低无效能源消耗。(四)(四)实现实现行业制造企业行业制造企业四个绿色四个绿色目标目标 1.打造绿色产线打造绿色产线 ICT 制造企业能耗及碳排放主要从生产制造设备、工艺流程、运维管理三个方面。因此,对产品生产过程进行系统评估,精确计算生产流程各个阶段的碳排放量,成为 ICT 30 制造业企业发展的核心目标,这也为今后节能减排“有的放矢”提供基础依据。具体做法可以包括:利用能源管理中心系统建立,借助远程计表和传输系统,自动采集各生产制造阶段能耗数据并上传能源管理中心,利用管理软件实现在线监测、统计分析、效率评估、报表生成等一系列信息化、智能化管理功能。而后,基于日/月/季度能耗及节能工作进展通报,优化用电结构、应用节能技术和设备改造、推进项目基建阶段节能规划,将能源管理落到实处。2.生产绿色产品生产绿色产品 产品的研发过程中,重点考虑如何提升产品能效,加快技术创新,突破技术难点,实现全新的产品架构,推动颠覆性技术的研究与落地。通过推广应用高效能产品,从源头上降低通信网络以及数据中心领域运行周期的能耗和碳排放。降低回收处理时的碳排放等维度,推动产品全生命周期中的绿色应用。通过自有渠道收集并处理的终端电子废弃物,回收后进行分类处理。可继续使用的电子设备,经过必要的维修和保养后,由合作单位通过正规渠道销售,在二手电子产品交易市场流通。对于报废的电子设备,交给具有专业资质的企业进行拆解并以环保方式处理。3.建设绿色工厂建设绿色工厂 31 促进由生产到管理全面低碳化,打造绿色工厂试点示范工程,引领全国制造业绿色可持续发展。加大先进节能环保技术、工艺和装备的研发力度,加快制造业绿色改造升级,积极推行低碳化、循环化和集约化,提高制造业资源利用效率,努力构建高效、清洁、低碳、循环的绿色制造体系。生产制造企业持续加快推广绿色制造技术应用,能源结构的绿色化转型,能耗和碳排放综合管理和废弃物节能环保处理等全方位、多角度推进绿色工厂建设。4.推广绿色管理推广绿色管理 在办公建筑、使用车辆和差旅外出等多环节综合节能低碳管理,增强员工绿色低碳意识,打造企业乃至行业的绿色可持续理念。ICT 制造企业不仅在信息通信产品及生产制造上极致化绿色节能理念,在企业自身运行管理上也逐步实现“环境友好”,推进产业园区绿色低碳发展。具体实践上,企业从源头开始,发展清洁可再生能源利用。在运营过程中,利用创新信息通信技术赋能自身,实现精准节能。在制造生产闭环阶段,持续完善危废物品的处置回收及再利用,同时加大环保宣传力度,将节能降碳落实到企业文化中。(五)(五)促进促进信息通信信息通信行业行业五五项重点工作项重点工作 1 1、可再生能源应用比例提升、可再生能源应用比例提升 我国通信行业能源消费种类包括电力、热力、煤、汽油、32 柴油、天然气等。其中,电力消费占能源消费总量的 92%,而电力的主要来源依靠市电供给,使得我国信息通信业能源消费结构的优化长久以来受限于市电结构本身。目前,通信运营企业已经开始在基站供电中推广太阳能、风能等新能源。此外,信息通信企业也在逐步探索新的用能模式,改变传统基站过渡依赖市电的弊端,例如企业通过投资、合资及深度合作等形式,联合发电、电网等上游能源电力企业,合作建设新能源电站,为大型数据中心大型数据中心和通信通信基站基站供应绿色电力,实现能源消费结构的优化,达到降低碳排放量的效果。除自建光伏基站和与新能源电力供应商联合建站外,通信企业通过购买绿色电力证书等方式同样能够抵消原有市电消耗,提升自身能源消费总量中可再生能源发电的占比,从而实现通信网络的绿色化转型。2.加强能源与资源再利用加强能源与资源再利用 数据中心的“冷”和“热”既是能源的消耗,也是可以回收利用的资源。比如空气热风回收和水源热泵技术,将部分机房热风回收至柴发配电室及部分设备间用于采暖,空调回水作为供暖换热的驱动动力,降低冬季供暖能耗。数据中心余热可利用到附近的“游泳池”、“居民区”等形式,提升全社会能源使用效率。此外,在数据中心、机房、基站内的长期静默资源,需及时盘活和应用。例如,后备电池资源可以通过与电网的充分互动实现“削峰填谷”的作用。33 3 3、绿色供应链管理全面推动、绿色供应链管理全面推动 信息通信行业各类运行设备以电子产品为主,覆盖整机、元器件和原材料等多种类别,供应链长且复杂,产品更新换代速度快,电子废弃物量巨大,实施绿色供应链管理,能够从产品设计、材料选用、采购、生产、运输、存储、包装、使用、回收利用直至最终处置的全生命周期阶段践行绿色低碳理念,助力实现行业绿色可持续发展。从碳达峰、碳中和目标实现以及绿色低碳发展角度,构建通信网络设备及配套基础设施的绿色供应链生态,一方面是建立产业上下游设备原材料、元器件、整机产品等的碳足迹标识体系,明确产品全生命周期碳排放核算方法,进而通过绿色供应链管理平台,完善低碳、零碳产品的选用、采购、运输等流程。另一方面,要发挥采购对低碳发展的引领和支撑作用,打造绿色发展生态圈,激励生产商和供应商深入合作,协同减排。4 4、绿色企业文化构建、绿色企业文化构建 绿色文化是对环境、生态保护的理念和意识,是一种科学的发展观,它把人类的生产发展同生态自然环境相互结合起来,更好的促进社会和谐发展。国内运营企业的绿色企业文化主要是将企业文化与生态文化相结合,是运营企业文化创新建设的集中体现,更是运营企业可持续发展的重要基础。该绿色企业文化是一种使规划、设计、采购、建设、运营、管理保持着低能耗、低排放、低污染的经营模式,无论从企 34 业的生产经营、资源消耗、环境保护及员工工作意识上都有绿色文化意识。重视环保宣传,倡导低碳工作及生活。推行无纸化办公和线上会议,营造低碳环保的企业文化。使得运营企业更适应低碳化的国际环境,引领企业向正确的发展方面迈进,为企业员工全方位的营造良好的企业环境,降低企业的生产成本。绿色企业文化还促进了企业把环境保护、节约能源放在其发展的首位,加强资源的综合利用,提升企业的核心竞争力。5 5、赋能我国、赋能我国经济社会经济社会全面绿色低碳转型全面绿色低碳转型 信息通信技术的不断发展革新,正逐渐改变着人们的生活和国家的经济结构,对经济转型和低碳发展起到重要的促进作用。ICT 行业具有强大的赋能属性,能够助力全社会节能减排,输出服务和解决方案为其他行业的低碳转型升级赋能。据研究 ICT 技术在未来有潜力通过赋能其他行业助力节能减排碳排放量 20%左右,主要包括以下几部分:1)设备和系统的数字化智能化控制 提供实时数据和分析,支撑决策制定,通过数字化、网络化、智能化技术,实时监测各类设备或系统的工作状态,并依据负荷需求、能源供给、节能减排多种因素综合考虑后,基于提升能效和节能低碳为目的的智能化控制,从而实现大幅降低能耗和碳排放。35 2)过程、活动和功能优化控制 通过智能模拟、自动化、再设计或控制等技术应用到典型环节,优化过程、活动、功能或服务,可以明显的改进生产流程耗能,从供应链、生产、销售到报废回收,实现全过程的绿色化。以工业为例,作为高耗能行业工业互联网技术运用大数据、人工智能等数字技术,结合工业生产控制机理及传统控制技术,提升化石燃料的高效利用,实现降本增效,进而降低生产环节产生的碳排放量。例如固废行业,通过人工智能机器学习、视频识别等技术等,结合固废工艺控制机理和技术,实现对锅炉的自动化热负荷控制以及通过锅炉自动化控制优化降低单个锅炉的化石能源消耗量降低,进而降低碳排放量。3)系统集成及能源综合利用技术应用 管理资源的合理分配和高效使用,整合低排放密集型流程,并集成可再生能源。通过大数据、云计算、物联网等技术,实现电网柔性挖潜,达到“源网荷储”实时全网负载均衡。依托云计算弹性存储和算力,高效快捷的处理海量电网数据,并提供物联网接入、新能源消费响应、虚拟电厂、跨电压等级负荷响应和实时拓扑调整策略,实现电网的智能自适应响应,完成可再生新能源动态消纳,构建高比例可再生能源电网,减少同量 36 火力发电的碳排放量。4)引领居民低碳生活 发展低碳经济,打造低碳生活也是非常重要的一部分。倡导个人出行低碳化、打造低碳社区、减少个人碳足迹等,引领居民形成低碳生活的概念和效果,建立个人碳账户等,为个人参与碳交易提供渠道。37 结结 语语 白皮书首次将信息通信行业绿色发展归纳为五个阶段演进路线,分析国际绿色实践案例基础上,高度总结国内运营企业、互联网服务企业和 ICT 制造企业的各项举措。基于此制定出了行业“双碳”总体目标以及实施路径。习近平总书记在多次会议提出我国碳达峰、碳中和相关要求,以及在 决胜全面建成小康社会夺取新时代中国特色社会主义伟大胜利 中重点提出“加快生态文明体制改革,建设美丽中国”。信息通信行业自身的绿色低碳发展,正是践行“美丽中国”发展目标的重要实现途径之一,而信息通信技术助力全社会生产、生活,全面赋能千行百业实现“双碳”目标。中国通信标准化协会通过相关课题研究和标准制定,带动信息通信行业绿色低碳发展。在“双碳”背景下,拟通过同步推动国内国际标准,以及联合产业界推进行业节能减碳,逐步形成信息通信业绿色低碳新发展格局。与此同时,积极与国际各方合作,引领制定国际标准推动全球绿色可持续发展,为人类共同应对全球气候变化,早日实现巴黎协定中的 1.5目标贡献中国智慧。38 附录附录 1 CCSA 相关单位牵头编写的国际标准列表相关单位牵头编写的国际标准列表 序号 标准号 标准名称 所属类别 发布情况 1 ITU-T L.1202-2011 高达400V直流供电系统与ICT设备接口技术要求 高压直流 已发布 2 ITU-T L.1201-2014 高达 400V 直流供电系统架构 高压直流 已发布 3 ITU-T L.1202-2015 高达 400V 直流供电系统性能及环境影响评估 高压直流 已发布 4 ITU-T L.1204-2016 高达 400V 直流供配电系统颜色与标识 高压直流 已发布 5 IEC 62040-5-3 不间断电源系统 第 5-3 部分 直流 UPS 性能与测试要求 高压直流 已发布 6 ITU-T L.1230 数据中心和通信机房用 10kV交流输入高达 400V 直流输出集成电源系统规范 高压直流 已发布 7 ITU-T L.1325-2016 通信网络基础设施绿色 ICT实践 节能 已发布 8 ITU-T L.1302-2015 数据中心基础设施能效评估方法 节能 已发布 9 ITU-T L.1380 通信基站智慧能源方案 节能 已发布 10 ITU-T L.1381 数据中心智慧能源方案 节能 已发布 11 ITU-T L.1382 通信机房智慧能源方案 节能 已发布 12 ITU-T L.1383 城市和家庭用智慧能源 节能 已发布 39 附录附录 2 CCSA 组织完成并已发布的标准列表组织完成并已发布的标准列表 序号 标准号 标准名称 分类 版本 1 GB/T 38833-2020 信息通信用 240V/336V 直流供电系统技术要求和试验方法 高压直流类 第一版 2 YD/T 2378-2020 通信用 240V 直流供电系统 高压直流类 第二版 3 YD/T 2555-2021 通信用 240V 直流供电系统配电设备 高压直流类 第二版 4 YD/T 2556-2013 通信用 240V 直流供电系统维护技术要求 高压直流类 第一版 5 YD/T 2656-2013 基于 240V/336V 直流供电的通信设备电源输入接口技术要求与试验方法 高压直流类 第一版 6 YD/T 3088-2016 通信用 336V 整流器 高压直流类 第一版 7 YD/T 3089-2016 通信用 336V 直流供电系统 高压直流类 第一版 8 YD/T 3091-2016 通信用 240V/336V 直流供电系统运行后评估要求与方法 高压直流类 第一版 9 YD/T 3319-2018 通信用 240V/336V 输入的直流-直流模块电源 高压直流类 第一版 10 YD/T 3423-2018 通信用 240V/336V 直流配电单元 高压直流类 第一版 11 YD/T 3424-2018 通信用 240V 直流供电系统使用技术要求 高压直流类 第一版 12 YD/T 3693-2020 通信 240V/336V 供电系统用直流断路器 高压直流类 第一版 13 YD/T 4006-2022 信息通信用 10kV 交流输入的直流不间断电源系统 高压直流类 第一版 14 YD/T 637-2006 通信用直流直流变换设备 直流电源类 第二版 15 YD/T 731-2018 通信用 48V 整流器 直流电源类 第四版 16 YD/T 1058-2015 通信用高频开关电源系统 直流电源类 第三版 17 YD/T 1271-2003 通信设备用铃流信号发生器 直流电源类 第一版 18 YD/T 1376-2005 通信用直流直流模块电源 直流电源类 第一版 40 19 YD/T 1436-2014 室外型通信电源系统 直流电源类 第二版 20 YD/T 1817-2017 通信设备用直流远供电源系统 直流电源类 第二版 21 YD/T 3090-2016 通信用壁挂式电源系统 直流电源类 第一版 22 YD/T 3568.2-2020 通信基站基础设施技术要求 第 2 部分:供电系统 直流电源类 第一版 23 YD/T 585-2010 通信用配电设备 交流电源类 第二版 24 YD/T 777-2021 通信用逆变设备 交流电源类 第三版 25 YD/T 939-2014 传输设备用电源分配列柜 交流电源类 第三版 26 YD/T 1051-2018 通信局(站)电源系统总技术要求 交流电源类 第三版 27 YD/T 1095-2018 通信用交流不间断电源(UPS)交流电源类 第三版 28 YD/T 1270-2003 无触点补偿式交流稳压器 交流电源类 第一版 29 YD/T 1325-2004 无触点感应式交流稳压器 交流电源类 第一版 30 YD/T 1818-2018 电信数据中心电源系统 交流电源类 第二版 31 YD/T 2060-2009 通信基站用交流配电防雷箱 交流电源类 第一版 32 YD/T 2062-2009 通信用应急电源(EPS)交流电源类 第一版 33 YD/T 2063-2009 通信设备用电源分配单元(PDU)交流电源类 第一版 34 YD/T 2165-2017 通信用模块化交流不间断电源 交流电源类 第二版 35 YD/T 2323-2016 通信配电系统电能质量补偿设备 交流电源类 第二版 36 YDB 038.1-2009 通信用磁悬浮飞轮储能电源系统 第 1 部分:磁悬浮飞轮储能不间断电源(FW UPS)交流电源类 第一版 37 YD/T 3766-2020 电信互联网数据中心用交直流智能切换模块 交流电源类 第一版 38 YD/T 3767-2020 数据中心用市电加保障电源的两路供电系统技术要交流电源类 第一版 41 求 39 YD/T 1669-2016 离网型通信用风/光互补供电系统 新能源 第二版 40 YD/T 2321-2020 通信用变换稳压型太阳能电源控制器技术要求和试验方法 新能源 第二版 41 YD/T 3087-2016 通信用嵌入式太阳能光伏电源系统 新能源 第一版 42 YD/T 3425-2018 通信用氢燃料电池供电系统维护技术要求 新能源 第一版 43 GB/T 26263-2010 通信用风能电源系统 新能源 第一版 44 GB/T 26264-2010 通信用太阳能电源系统 新能源 第一版 45 YDB 051-2010 通信用氢燃料电池供电系统 新能源 第一版 46 YDB 053-2010 通信用氢燃料电池固态储氢系统 新能源 第一版 47 YD/T 502-2020 通信用低压柴油发电机组 发电机组 第四版 48 YD/T 1269-2012 通信用燃气轮机发电机组 发电机组 第二版 51 YD/T 2888-2015 通信用 10kV 高压发电机组 发电机组 第一版 52 YD/T 799-2010 通信用阀控式密封铅酸蓄电池 电池类 第三版 53 YD/T 1268-2003 移动通信手持机锂电池及充电器的安全要求和试验方法 电池类 第一版 54 YD/T 1360-2005 通信用阀控式密封胶体蓄电池 电池类 第一版 55 YD/T 1715-2007 通信用阀控式密封铅布蓄电池 电池类 第一版 56 YD/T 2064-2009 通信用铅酸蓄电池 正向尖脉冲式去硫化设备技术条件 电池类 第一版 57 YD/T 2343-2020 通信用前置端子阀控式铅酸蓄电池 电池类 第二版 58 YD/T 2344.1-2011 通信用磷酸铁锂电池组 第 1 部分:集成式电池组 电池类 第一版 59 YD/T 2344.2-2015 通信用磷酸铁锂电池组 第 2 部分:分立式电池组 电池类 第一版 60 YD/T 2657-2013 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通信户外机房用安全门技术要求和检测方法 机房机柜类 第一版 83 YD/T 3225-2017 通信机房用馈线窗技术要求和检测方法 机房机柜类 第一版 84 YD/T 3226-2017 通信用蓄电池架 机房机柜类 第一版 85 YD/T 3428-2018 通信机房用光纤槽道 机房机柜类 第一版 86 YD/T 3568.5-2020 通信基站基础设施技术要求 第 5 部分:室内微模块 机房机柜类 第一版 87 YDB 052.1-2010 通信用相变材料温控机柜 第 1 部分:通信用相变材料户外机柜 机房机柜类 第一版 88 YDB 052.2-2010 通信用相变材料温控机柜 第 2 部分:相变蓄能空调系统 机房机柜类 第一版 89 GB/T 28520-2012 通信局站用智能热交换系统 环境空调类 第一版 90 GB/T 28521-2012 通信局站用智能新风节能系统 环境空调类 第一版 91 YD/T 1821-2018 通信局(站)机房环境条件要求与检测方法 环境空调类 第二版 92 YD/T 1968-2021 通信局站用智能热交换系统 环境空调类 第二版 93 YD/T 1969-2020 通信局站用智能新风节能系统 环境空调类 第二版 94 YD/T 2061-2020 通信机房用恒温恒湿空调系统 环境空调类 第二版 95 YD/T 2318-2011 通信基站用新风空调一体机技术要求和试验方法 环境空调类 第一版 96 YD/T 2557-2013 通信用制冷剂泵-压缩机双循环系统技术要求和试验方法 环境空调类 第一版 97 YD/T 2768-2014 通信户外机房用温控设备 第 1 部分:嵌入式温控设备 环境空调类 第一版 98 YD/T 2769-通信户外机房用温控设环境空调第一 44 2014 备 第 2 部分 相变材料温控设备 类 版 99 YD/T 2770-2014 通信基站用热管换热设备技术要求和试验方法 环境空调类 第一版 100 YD/T 3033-2016 通信局(站)用相变蓄能设备 环境空调类 第一版 101 YD/T 3223-2017 通信局站用热管空调一体机 环境空调类 第一版 102 YD/T 3320.1-2018 通信高热密度机房用温控设备 第 1 部分:列间式温控设备 环境空调类 第一版 103 YD/T 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2767-2014 通信局(站)电能管理系统 监控类 第一版 121 YD/T 3568.4-2020 通信基站基础设施技术要求 第 4 部分:监控系统 监控类 第一版 122 YD/T 1970.1-2009 通信局(站)电源系统维护技术要求 第 1 部分:总则 维护类 第一版 123 YD/T 1970.2-2010 通信局(站)电源系统维护技术要求 第 2 部分:高低压变配电系统 维护类 第一版 124 YD/T 1970.3-2010 通信局(站)电源系统维护技术要求 第 3 部分:直流系统 维护类 第一版 125 YD/T 1970.4-2009 通信局(站)电源系统维护技术要求 第 4 部分:不间断电源(UPS)系统 维护类 第一版 126 YD/T 1970.6-2020 通信局(站)电源系统维护技术要求 第 6 部分:发电机组系统 维护类 第二版 127 YD/T 1970.7-2015 通信局(站)电源系统维护技术要求 第 7 部分:防雷接地系统 维护类 第一版 128 YD/T 1970.8-通信局(站)电源系统维护类 第一 46 2020 维护技术要求 第 8 部分:动力环境监控系统 版 129 YD/T 1970.9-2014 通信局(站)电源系统维护技术要求 第 9 部分:光伏及风力发电系统 维护类 第一版 130 YD/T 1970.10-2009 通信局(站)电源系统维护技术要求 第 10 部分:阀控式密封铅酸蓄电池 维护类 第一版 131 GB/T 26260-2010 接入网设备与远端模块电源系统的综合再利用 其他类 第一版 132 YD/T 944-2007 通信电源设备的防雷技术要求和测试方法 其他类 第一版 133 YD/T 3568.1-2020 通信基站基础设施技术要求 第 1 部分:总则 其他类 第一版 134 YD/T 3569-2019 通信机房供电安全评估方法 其他类 第一版 47 附录附录 3 CCSA-TC4 组织开展的在研标准项目列表组织开展的在研标准项目列表 序号 项目名称 类别 版本 1 机架用 12V 直流不间断电源系统 直流电源类 新制定 2 小型一体化交直流不间断电源 直流电源类 新制定 3 信息通信用末端母线配电系统 第 2 部分 直流系统 直流电源类 新制定 4 5G 供电与环境的基础设施 第 2 部分:室外自冷型刀片电源系统 直流电源类 新制定 5 5G 供电与环境的基础设施 第 3 部分:多输入多输出一体化能源柜 直流电源类 新制定 6 室外型通信电源系统 直流电源类 新制定 7 通信用直流-直流变换设备(YD/T 637-2006)直流电源类 修订 8 通信用配电设备(YD/T 585-2010)交流电源类 修订 9 机架用 12V 直流不间断电源系统 交流电源类 新制定 10 通信用铝空气电池系统 新能源类 新制定 11 通信用氢燃料电池系统 新能源类 新制定 12 基于磷酸铁锂电池的通信用便携式电源 电池类 新制定 13 通信用铅酸蓄电池在线监控技术要求及测试方法 电池类 新制定 14 通信用磷酸铁锂电池组 第 1 部分:集成式电池组 电池类 修订 15 信息通信用数字控制能量变换型磷酸铁锂电池系统 电池类 新制定 16 互联网边缘数据中心供配电技术要求和测试方法 机房机柜类 新制定 17 互联网边缘数据中心制冷技术要求和测试方法 机房机柜类 新制定 18 通信机房电源和环境测评方法 机房机柜类 新制定 19 通信机房微模块技术要求及测试方法 机房机柜类 新制定 20 通信局(站)电源、空调及环境集中监控管理系统 第 1 部分:系统技术要求 监控类 修订 21 通信局(站)电源、空调及环境集中监控管理系统 第 3 部分:前端智能设备协议 监控类 修订 22 通信局(站)电源、空调及环境集中监控系统 第 7 部分:监控单元协议(B 接口)监控类 修订 23 数据中心和通信机房局站能源智慧化应用技术要求 第 2 部分:能源综合管控平台架构 监控类 新制定 24 数据中心和通信机房局站能源智慧化应用技术要求 第 3 部分:能效管理系统 监控类 新制定 48 25 通信机房用复合式间接蒸发冷却型温控设备 第 1 部分冷水型 环境空调类 新制定 26 通信机房用复合式间接蒸发冷却型温控设备 第 2 部分:冷风型 环境空调类 新制定 27 通信局(站)液冷系统总体技术要求 环境空调类 新制定 28 5G 供电与环境的基础设施 第 4 部分:基站机架温控系统 环境空调类 新制定 29 信息通信用自适应双冷源机房温控系统 环境空调类 新制定 30 温室气体核算与报告要求 信息通信运营企业 节能类 新制定 31 温室气体核算与报告要求 数据中心 节能类 新制定 32 温室气体排放核算与报告要求 信息通信机房 节能类 新制定 33 温室气体排放核算与报告要求 信息通信用电源产品制造企业 节能类 新制定 34 通信电源术语与定义 其他类 新制定 35 5G 供电与环境的基础设施 第 1 部分:总则 其他类 新制定 36 数据中心和通信机房局站能源智慧化应用技术要求 第 1 部分:总则 其他类 新制定 _

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    MARTECH INTELLIGENCE REPORTF I R S T E D I T I O NENTERPRISEMARKETINGATTRIBUTION AND PREDICTIVEANALYTICS TOOLS:A MARKETERS GUIDEAchieve Increased ROAS Fast Review Return on Ad Spend(ROAS)to quickly compare channel performance independent of media weight Find opportunities to reduce wasted ad spend Re-balance existing budgets across channels that work the bestDiscover Insights to Reduce CAC and Increase LTV Calculate Customer Acquisition Cost(CAC)using a bottoms-up approach See trends in CAC over time periods Monitor Lifetime Value(LTV)and see which programs make a differenceLeadsRx is a software platform used by enterprise marketers and agencies as the foundation of performance-based measurement.Impartial multi-touch attribution and customer journey analytics give brands the confidence to make better marketing decisions.Identify Cross-Channel Paths to Purchase View individual paths to purchase to understand how consumers interact with marketing and content Monitor costs and revenue at the individual customer level Unify journeys across browsers,apps,and devices with built-in identity resolutionCheck out the Marketing Attribution Starter KImpartial Analytics to Measure and Improve Marketing Performance 2021 Third Door Media,Inc.https:/martech.org 1 MARTECH INTELLIGENCE REPORT:Enterprise Marketing Attribution and Predictive Analytics Tools:A Marketers GuideTable of ContentsScope and methodology.2Overview.3Budget constraints.3Figure 1:How the pandemic is impacting the need to prove ad effectiveness.4More devices,more channels,more everything.4Figure 2:How radio advertising and television ads complement each other.5Point solutions vs all-encompassing platforms.5Figure 3:Marketers place importance on data transparency and portability.6Privacy and the deprecation of cookies.6Marketing Attribution&Predictive Analytics Platform Capabilities.7Types of media measured.7AI-driven speech analytics.7Attribution models employed.7Reports and visualizations.8Integrations.8Data modeling and analysis.8Relationships with“walled gardens”and other data providers.8Machine learning and artificial intelligence.8Orchestration capabilities.8Choosing a Marketing Attribution&Predictive Analytics platform.9The benefits of using a Marketing Attribution&Predictive Analytics platform.9Pricing.9Recommended steps to making aninformed purchase.10Step One:Do you need a marketing attribution and predictive analytics tool?.10Step Two:Identify and contact appropriate vendors.10Step Three:Scheduling the demo.11Step Four:Check references,negotiate a contract.12Conclusion.13Vendor profiles.14Full Circle Insights.14Keen Decision Systems.16LeadsRx.19Marketing Evolution,Inc.21MRP.23Neustar.26Nielsen.28Salesforce Datorama.31MARTECH INTELLIGENCE REPORT:Enterprise Marketing Attribution and Predictive Analytics Tools:A Marketers Guide 2021 Third Door Media,Inc.https:/martech.org 2 Scope and methodologyThis report examines the current market for enterprise marketing attribution and predictive analytics tools,and the considerations involved in implementing this software.It addresses the following questions:What factors are driving the adoption of marketing attribution and predictive analytics tools?What capabilities do marketing attribution and predictive analytics tools provide?Does my company need a marketing attribution and predictive analytics platform?Who are the leading players in marketing attribution and predictive analytics?How do I evaluate which platform is best for my business?If you are considering licensing a marketing attribution and predictive analytics platform,this report will help you decide whether or not you need to.The report is wholly new and includes the latest industry statistics,developing market trends,new vendor profiles and product updates.For the purposes of this report,a marketing attribution and predictive analytics platform is defined as follows:Software that employs sophisticated statistical modeling and machine learning to evaluate the impact of each marketing touch a buyer encounters along a purchase journey across all channels,with the goal of helping marketers allocate future spend.Platforms with the predictive analytics component also use data,statistical algorithms and machine learning to predict future outcomes based on historical data and scenario building.The vendors profiled in this report represent some of the choices available for marketing attribution and predictive analytics platforms;they are not a comprehensive list of vendors in the category.This report is not a recommendation of any marketing platform or company and is not meant to be an endorsement of any particular product,service or vendor.This report was prepared by conducting in-depth interviews with leading vendors and industry experts in January of 2021.These,in addition to third-party research,form the basis for this report.Editorial Advisor:Kim Davis,Editorial Director of MarTech TodayWriter,Editor and Analyst:Pamela Parker,Research Director,Third Door Media Stop defending your decisions and start validating them.Traditional marketing mix analysis is simply a report card that puts you in a position of constantly defending the value of your marketing spend.Keen empowers your next decision and validates your investment by re-focusing on forward-looking,predictive analytics that continuously adapt to the factors you can control and the ones that you cant.The bottom line?Our system works for you,not the other way around.Make us prove it.Learn how we helped the Eckrich marketing team pull out strong revenue growth in the face of a 36%budget reduction.DOWNLOAD CASE STUDY 2021 Third Door Media,Inc.https:/martech.org 3 MARTECH INTELLIGENCE REPORT:Enterprise Marketing Attribution and Predictive Analytics Tools:A Marketers GuideOverviewMarketers have always railed against the idea that it is impossible to tell whether,and what part of,their spending drives sales.Even when everything was analog,Nielsen set-top boxes and Arbitron radio diaries-panel and survey data-provided insight.The dawn of digital media promised a brighter future,where we eventually could look at every sale and determine which touchpoints were effective at delivering ROI and which were wasted spend.Its not nearly as simple or straightforward as it sounds,but were getting closer these days,even taking into account the deprecation of cookies and stronger privacy regulations.Gauging the relative success of each of your marketing tactics is important no matter which way the economic winds are currently blowing.But when budgets are tight,as they are now with the economic uncertainty brought about by the COVID-19 pandemic,the prospect of eliminating waste is especially resonant.While attribution-the practice of assigning weight to every touchpoint in a marketing campaign based upon its contribution to revenues-is not new,the breadth and scope of available marketing attribution tools today are much greater than we could have imagined just a few years ago.Additionally,machine learning and sophisticated algorithms have advanced to enable the synthesis of data of a wide range of types and from myriad sources.Even better,some tools can now glean insights from the data to predict possible future outcomes and suggest next steps.In this report,well look at the market forces impacting marketing attribution and predictive analytics solutions,describe the vendor landscape,examine the feature sets marketers can expect when evaluating such tools and advise on how to move your decision-making forward.Budget constraintsThe pressure on marketers to justify their expenditures is stronger than ever,in part because COVID-19 has dramatically impacted all businesses,and also because technology has made it possible to tie spending to revenues in many cases.A survey of 200 marketers and agencies conducted by The Trade Desk in September 2020 found 84 percent of marketers facing new pressure to prove the effectiveness of their campaigns,while 50 percent say longstanding marketing KPIs are being challenged.The dawn of digital media promised a brighter future,where we eventually could look at every sale and determine which touchpoints were effective at delivering ROI and which were wasted spend.2021 Third Door Media,Inc.https:/martech.org 4 MARTECH INTELLIGENCE REPORT:Enterprise Marketing Attribution and Predictive Analytics Tools:A Marketers GuideFigure 1:How the pandemic is impacting the need to prove ad effectiveness84 percent of marketers say theyre under new pressure to show campaign efficacy,while 50 percent say long-standing marketing KPIs are being challenged.36H%2out the same pressureLess pressureMore pressureMore pressure than ever0CP%Ive had to justify investments/expenses that were never questioned beforeThe Marketing KPIs I have been using for years are now being challengedMy planning or budgeting process has been impacted significantly by COVIDQ:Thinking about the ongoing effects of the last 6 months,how did the onset of the pandemic change the amount of pressure youve been under to prove the effectiveness of your advertising spend?Q:Thinking of how your planning/budgeting process has been impacted since the pandemic,which of the following statements is most accurate?Source:Measuring Success in Digital Advertising:2020 Report,The Trade DeskMore devices,more channels,more everything At the same time,marketers are dealing with an ever-growing number of channels and devices where they can engage with their customers and prospects,and research shows that advertising on multiple channels is more effective.LOral Nordics found that Instagram and Facebook ads,when paired with a TV buy,lifted ad recall by 12 points among its target audience of 18-to 34-year-olds.The social media elements also resulted in 22.6%incremental reach over TV.Even traditional media are known to reinforce one another.In research released in 2018,Nielsen learned that people who heard a radio ad in addition to a TV spot from the same campaign had 35%higher awareness of the TV commercial,versus those who only saw the ad on TV.Even traditional media are known to reinforce one another.In research released in 2018,Nielsen learned that people who heard a radio ad in addition to a TV spot from the same campaign,had 35%higher awareness of the TV commercial,versus those who only saw the ad on TV.2021 Third Door Media,Inc.https:/martech.org 5 MARTECH INTELLIGENCE REPORT:Enterprise Marketing Attribution and Predictive Analytics Tools:A Marketers GuideFigure 2:How radio advertising and television ads complement each other4%Weekday(M-F)Media Usage:P-18-49 Q4 2017DVRLIVE TVRADIOShare of Average Audience44V%36d%49a%6CW%6EU%6EU%6CW%7EU%7DV%7DV%7FT%8QIc7t&j7A8A9A10A 11A12P1P2P3P4P5P6P7P8P9P10P11P90%Source:Nielsen NPower,Q4 2017 Live TV Average Audience/Nielsen FA 2017 NRD for AQH Persons 18-49Additionally,buyers increasingly expect their interactions with brands to be consistent no matter what device theyre using,according to a Salesforce survey of 15,000 consumers and business buyers.Theyre also likely to switch from one device to another when theyre researching and making a purchase.Both of these phenomena mean its important for brands to coordinate their campaigns across multiple channels,and understand the role each touchpoint plays in moving someone closer to a purchase decision.Marketing attribution and predictive analytics tools aim to address all of these marketing challenges by providing accountability across all online and offline channels,often enabling marketers to drive more revenue from the same spend or reduce budget while obtaining the same results.In analyzing the differences between what it dubs as“Genius”brands versus others,Gartner notes that these leaders use big data and analytics solutions,like marketing attribution and predictive analytics tools,to overcome the challenges of a complex marketing ecosystem involving myriad martech tools.“With Genius and Gifted brands pursuing complex omnichannel strategies,higher performance comes from the translation of large volumes of data into actionable insight,”the report notes,describing these data science tools as generating“insights for segmentation,targeting and personalization.”These tools can also“navigate the increasingly higher walls of the walled gardens,”says the Gartner presentation titled Marketing Technology Drivers of Genius Brand Performance.Point solutions vs all-encompassing platformsWhile many digital platforms and media sellers offer their own attribution metrics,these are largely cases of players grading their own homework.Not only do these point solutions not provide the big picture to marketers,theyre also not as trustworthy because they have a vested interest in reporting great things about their own offerings.Marketing attribution and predictive analytics tools aim to address all of these marketing challenges by providing accountability across all online and offline channels,often enabling marketers to drive more revenue from the same spend or reduce budget while obtaining the same results.2021 Third Door Media,Inc.https:/martech.org 6 MARTECH INTELLIGENCE REPORT:Enterprise Marketing Attribution and Predictive Analytics Tools:A Marketers GuideWhat were looking at in this report are third-party tools-not tied to any particular medium or channel-that can ingest data from every element of a campaign and piece it together to give marketers insights and predictions to apply to future campaigns.Some of these players,like Nielsen,have a long history of helping marketers and media companies with measurement.This type of expertise is especially useful when imperfect or incomplete data,often from offline sources,requires the application of statistical modeling to yield meaningful information.Even with solely digital media,bringing in disparate data sources and normalizing them so that its possible to compare apples to apples is a formidable challenge,especially when you include walled-garden platforms like Facebook,Google,Amazon and Apple.These companies largely target ads to logged-in users,limiting the data advertisers are able to obtain about their campaigns and the users that interact with them.Advertisers and marketers,along with the martech vendors that serve them,must also cope with regulatory and technological efforts to safeguard peoples privacy.Privacy and the deprecation of cookies Advertisers and marketers,along with the martech vendors that serve them,must also cope with regulatory and technological efforts to safeguard peoples privacy.Consumers growing awareness about how information about them is being collected and used online has resulted in a backlash.Governments have responded with privacy regulations like Europes General Data Privacy Regulation(GDPR)and Californias Consumer Privacy Act(CCPA),both of which govern the gathering and use of customer data.Tech companies like Apple,which makes the Safari browser,along with other browser makers like Firefox and Google Chrome,are doing their part by deprecating third-party cookies-tracking files put on a users computer by companies other than the one operating the site theyre browsing.Since online advertising since its inception has used cookies to enable analytics,along with ad targeting and tracking,transitioning to another methodology is something many vendors are currently grappling with.So-called black boxes,which dont allow marketers to export their data to other platforms,impact critical tools such as measurement.Not importantNot very importantSomewhat importantVery important00%3CB%26R%4%8AG%1G%2BD%2H%29I%Q:How important are each of the following when it comes to effective measurement for advertising?Being able to use my preferred 3rd Party measurement providersBeing able to export my data across my marketing platformsObjectivity and transparent measurement(no black-box solutions)Cross-Channel AttributionMarketing Mix AnalyticsMedia Specific ROICross-Channel Reach and Frequency metricsFigure 3:Marketers place importance on data transparency and portabilitySource:Measuring Success in Digital Advertising:2020 Report,The Trade Desk 2021 Third Door Media,Inc.https:/martech.org 7 MARTECH INTELLIGENCE REPORT:Enterprise Marketing Attribution and Predictive Analytics Tools:A Marketers GuideMarketing Attribution&Predictive Analytics Platform CapabilitiesVirtually all of the vendors profiled in this report provide the following core capabilities:Ingest data from multiple marketing and communication channels(radio,TV,connected TV,phone,email,digital ads,website interactions,etc.)to capture information about customers and prospects interactions with a brand.Employ a variety of attribution models-single touch,fractional,algorithmic,etc.-that users can choose from based on their own business category and goals.Provide reports,including visualizations,that help marketers understand which marketing activities performed better,and why some were more effective than others.Users should be able to input their key performance indicators to enable the system to judge based on what is important to the brand.Integrate with a variety of martech and ad tech software,including CRM,marketing automation,customer service software,ad servers,demand-side platforms and the like.Vendors differentiate by offering more advanced capabilities that include,but are not limited to,the following:Sophisticated data modeling that allows for the amalgamation of multiple different models and types of data into a unified whole that provides actionable insights.Relationships with so-called walled gardens and other data providers that allow for the augmentation of existing profiles and campaign metrics.Machine learning and artificial intelligence capabilities that analyze historical or incoming data and proactively offer suggestions for future campaigns or for modifying ongoing campaigns in real time.Orchestration capabilities that let marketers act on the analyses by tweaking targeting,creative or other elements based on their conclusions.The following section discusses these features and the key considerations involved in choosing a marketing attribution and predictive analytics solution.Types of media measuredWhile all of the vendors offering marketing attribution and predictive analytics solutions are able to ingest data from a variety of online and offline sources,each will have their own integrations-these will likely differ in terms of frequency of updates,reliability and depth and breadth of data ingested.Additionally,vendors may have specialized expertise in certain verticals or marketing channels.Attribution models employedTo be able to integrate and understand data across multiple channels,vendors typically employ a variety of models beyond traditional first-touch,last-touch or weighted attribution.The more different types of data the solution ingests,the more sophisticated their modeling must be to provide an accurate overview of whats happening in marketing campaigns.While all of the vendors offering marketing attribution and predictive analytics solutions are able to ingest data from a variety of online and offline sources,each will have their own integrations-these will likely differ in terms of frequency of updates,reliability and depth and breadth of data ingested.2021 Third Door Media,Inc.https:/martech.org 8 MARTECH INTELLIGENCE REPORT:Enterprise Marketing Attribution and Predictive Analytics Tools:A Marketers GuideReports and visualizationsVendors should offer highly-customizable reports and visualizations that allow marketers to understand the impacts of,and the relationships between,their different marketing touchpoints.Since this data is as complex as the campaigns themselves,synthesizing this information into easy-to-understand visualizations is a big challenge,and how vendors deal with this hurdle says a lot about the ultimate utility of their platform.IntegrationsFor vendors in the marketing attribution and predictive analytics space,integrations are critically important and are some of the main drivers of the products value.Besides integrations with various ad tech and martech platforms within an organization,these systems link up to bring in media consumption data across websites,social media platforms and traditional media sources.Data modeling and analysisMany of the vendors in this space have developed their own proprietary“unified”models that allow them to synthesize the different types of data gathered from marketing initiatives.While deterministic data-actual behavioral information that may be tied to an individual profile-is considered to be the most accurate,there are cases in which that level of granularity isnt available,and others where merging profiles will speed up the analysis time without negatively impacting results.Relationships with“walled gardens”and other data providersBesides the deprecation of cookies on the web,one of the biggest challenges marketers face these days is a lack of visibility into so-called walled gardens like Facebook,Google,Apple and Amazon,each of which gather data tied to a user account in a closed system.To combat this,and to add additional data points that yield insights,vendors forge relationships with these publishers and providers,strengthening their offering overall.Machine learning and artificial intelligence The more sophisticated vendors apply machine learning and artificial intelligence to their analysis to arrive at insights into marketing effectiveness,and some are beginning to focus on automatically delivering suggestions for next-best actions.Orchestration capabilitiesThe intent of gathering and analyzing all of these sources of data is to allow a marketer to make decisions about their strategy and tactics going forward.So it makes sense that many platforms integrate with DSPs,email marketing tools and other execution systems,allowing marketers to manually,or even automatically,act upon that information-sometimes in nearly real time.Besides the deprecation of cookies on the web,one of the biggest challenges marketers face these days is a lack of visibility into so-called walled gardens like Facebook,Google,Apple and Amazon,each of which gather data tied to a user account in a closed system.2021 Third Door Media,Inc.https:/martech.org 9 MARTECH INTELLIGENCE REPORT:Enterprise Marketing Attribution and Predictive Analytics Tools:A Marketers GuideChoosing a Marketing Attribution&Predictive Analytics platformThe benefits of using a Marketing Attribution&Predictive Analytics platformMarketing executives today are under increasing pressure to prove the ROI of their marketing activities,at the same time as channels and devices are expanding,customer expectations are higher than ever and privacy concerns are limiting and restricting access to data.Adopting a marketing attribution and predictive analytics platform can address some of these issues by providing benefits like the following:A big-picture view of your marketing efforts.Rather than operating in silos and running your email marketing completely separately from your social media,your event marketing,your print advertising etc.,you can feed data about all of your efforts into a single system and make a more holistic assessment of each elements effectiveness.Accelerating time to insights and next-best action.Marketing attribution and predictive analytics tools are continually gathering data about customer and prospect behavior as they interact with marketing messages,allowing marketers to more quickly identify changes that need to be made in terms of audiences,inventory allocation across publishers,creative optimizations,etc.Speeding the process of acting on insights.Many marketing attribution and predictive analytics tools are tied directly to DSPs and bid management tools,allowing users to set in motion the decisions theyve made based upon the performance analysis.Reporting to help justify marketing decisions and potentially save money.Marketers are more than ever under pressure to prove that their expenditures are having a positive impact on the bottom line.These solutions can help provide the information the C-suite is looking for.Other potential benefits include cost savings enabled by identifying wasted spend and better ROI gained by redirecting budget from ineffective programs to those where theres unexploited opportunity.Ability to future-proof data loss.The rise of consumer privacy in the eyes of regulators and technology companies is already impacting marketers ability to measure their activities.Partnering with a marketing attribution and predictive analytics provider allows you to let these vendors-which have long been grappling with this issue and depend on its resolution for their survival-take care of this problem on your behalf.PricingMost marketing attribution and predictive analytics providers offer SaaS-based pricing models based on factors such as number of channels integrated,geographies,additional data feeds,the amount of media spend and the number of accounts monitored(for ABM-oriented B2B providers).Vendors profiled in this report cited typical annual costs ranging anywhere from$25,000 to multiple millions of dollars.Notably,this doesnt include any internal costs of onboarding a new provider,revamping processes,employee training,etc.Rather than operating in silos and running your email marketing completely separately from your social media,your event marketing,your print advertising etc.,you can feed data about all of your efforts into a single system and make a more holistic assessment of each elements effectiveness.2021 Third Door Media,Inc.https:/martech.org 10 MARTECH INTELLIGENCE REPORT:Enterprise Marketing Attribution and Predictive Analytics Tools:A Marketers GuideRecommended steps to making an informed purchaseUnderstanding your current marketing processes,knowing how to measure success and being able to identify where you are looking for improvements,are all critical pieces of the decision-making process.The following section outlines four steps to help your organization begin that process and choose the solution that is the right fit for your business needs and goals.Step One:Do you need a marketing attribution and predictive analytics tool?Deciding whether or not your company needs a marketing attribution and predictive analytics tool calls for the same evaluative steps involved in any software adoption,including a comprehensive self-assessment of your organizations business needs,staff capabilities,management support and financial resources.Use the following questions to help you reach a conclusion.How do we currently manage our marketing campaigns?How many and what martech and ad tech systems are employed in executing campaigns?Is one the“master”or dominant system?Are they tied together in any way?How many and what channels do we typically deploy campaigns on?Depending on the complexity of your campaigns and the length of the typical purchase cycle youre measuring,you may not need the advanced capabilities offered by a dedicated marketing attribution and predictive analytics solution.How do we currently analyze success?Is there a central analytics solution?How flexible is the system?Are we able to arrive at insights that are actionable?How would we use a marketing attribution and predictive analytics platform?What are the first problems that we would use it to solve?Is your organization ready for a marketing attribution and predictive analytics platform?Do you have the staffing to use the tool to its full capacity or would you need to hire a data analyst or train an existing employee?How will we define and benchmark the success of a marketing attribution and predictive analytics system?Do we have management buy-in?Youll be much more successful with a new tool if you have an ally in the C-suite who can advocate for you and advise on rolling it out across the company.What is the total cost of ownership?Be sure to consider things like adding staff,training existing staff,any development costs for the integration.Step Two:Identify and contact appropriate vendorsOnce you have determined that a marketing attribution and predictive analytics system makes sense for your business,spend time researching individual vendors and their capabilities by doing the following:1.Inventory all of your organizations ad tech and martech applications and speak with your media buyers and data analysts to ensure they weigh in on what channels you want to prioritize when seeking a partner?2.Take your inventory and then do some research.Speak to your marketing peers at virtual events and in discussion forums to find out who is using which marketing attribution and predictive analytics vendor and why.(Many of the vendors profiled in this report also provide whitepapers and interactive tools that can help.)Deciding whether or not your company needs a marketing attribution and predictive analytics tool calls for the same evaluative steps involved in any software adoption,including a comprehensive self-assessment of your organizations business needs,staff capabilities,management support and financial resources.2021 Third Door Media,Inc.https:/martech.org 11 MARTECH INTELLIGENCE REPORT:Enterprise Marketing Attribution and Predictive Analytics Tools:A Marketers GuideWhen written properly,an RFP will facilitate the sales process and ensure that everyone involved on both sides comes to a shared understanding of the purpose,requirements,scope and structure of the intended purchase.3.Narrow your list down to those vendors that meet your criteria.Submit your list of the capabilities youve identified and set a timeframe for them to reply.4.Decide whether or not you need to engage in a formal RFI/RFP process.This is an individual preference.However,be sure to give the same list of integrations to each vendor to facilitate comparison.The most effective RFPs only request relevant information and provide ample information about your business and its needs.It should reflect high-level strategic goals and KPIs.For example,mention your companys most important KPIs and how you will evaluate the success of your implementation.Include details about timelines and the existing ecosystem of martech applications you have deployed.When written properly,an RFP will facilitate the sales process and ensure that everyone involved on both sides comes to a shared understanding of the purpose,requirements,scope and structure of the intended purchase.From the RFP responses,you should be able to narrow your list down to three or four solutions that youll want to demo.Step Three:Scheduling the demoSet up demos within a relatively short time frame of each other to help make relevant comparisons.Make sure that all potential internal users are on the demo call,and pay attention to the following:How easy is the platform to use?Does the vendor seem to understand our business and our marketing needs?Are they showing us our“must-have”features?Questions to ask each vendor include:4 What platform hosting options are available(SaaS/cloud/on premise)?4 What are my options in terms of attribution modeling?Is there a set-in-stone pre-set formula or can I customize it based on my own priorities?4 How do clients typically staff and manage the day-to-day operations of the tool?Do I need dedicated data scientists,or what level of expertise is needed to get the full benefit of the system?4 What different kinds of data are available for integration and for appending?Does the vendor specialize in a particular channel,vertical or campaign objective?4 How does the platform ingest and manage offline marketing data?4 How does the platform monitor integration success and/or failures,and report on data variances or anomalies?4 How does the platform handle connectors and integrations with outside martech systems?Are your“must have”integrations rock solid?4 What is the systems approach to integrating with the specific martech and ad tech systems that your company uses?Just because a connector exists doesnt mean it will necessarily work for your organization and how you use that third-party platform.4 How does the platform employ machine learning for data analytics,such as predicting customer trends and patterns?4 Does the platform connect directly with execution systems so that you can quickly act on insights to tweak in-flight campaigns?4 What data security regulations does the platform comply with?4 What data security certifications does the platform have?4 Can we pay the software license month-to-month?Or is an annual contract required?Is there a short-term contract or an“out”clause if things dont work out?2021 Third Door Media,Inc.https:/martech.org 12 MARTECH INTELLIGENCE REPORT:Enterprise Marketing Attribution and Predictive Analytics Tools:A Marketers Guide4 Will there be a price increase when I renew next year-if so,how much?4 What are the additional fees?(i.e.,set-up costs,add-on features,API,quotas)?4 How long is the onboarding process typically?Will we have a dedicated resource?Who will be the day-to-day contact?4 What is the level of support included in the price?What support is additional?4 Who pays if your system/team makes an error?4 Will our support team work with us to test new features and assess the results?Step Four:Check references,negotiate a contractBefore deciding on a particular vendor,take the time to speak with several customer references,preferably individuals in a business similar to yours.The vendor should be able to supply you with several references if you cannot identify customers yourself.Use this opportunity to ask any additional questions,and to find out more about any questions that werent answered during the demo.Make sure that the person youve been referred to is a primary platform user and is utilizing the features that your organization cares about.Consider also asking these basic questions:4 Why did you move to a marketing attribution and predictive analytics platform?4 Why did you select this platform over others?4 Has this platform lived up to your expectations?4 How long did the platform take to implement?4 Who was involved in the implementation?4 Are you also using additional tools for data governance,analytics or reporting?4 Were there any surprises that you wish youd known about beforehand?4 Where have you seen the most success?The biggest challenges?4 How are you measuring your own success?How easy was the set-up process and how long?Did the vendor help?4 How responsive is customer service?4 Has there been any down time?4 What is the most useful,actionable(favorite)report the tool generates?4 What do you wish they did differently?4 Why would you recommend this platform?Although not all vendors require an annual contract,many do.Before you jump into such a commitment,you may want to raise the possibility of a paid proof-of-concept-a sort of trial run-with your vendor of choice.This is especially useful when there are uncertainties that cant be resolved through demonstrations or conversations with references.In this scenario,youd execute on one or two important use cases that address these issues.A successful trial will go a long way to settling any lingering doubts within your organization,while a failure will enable you to cut your losses without being stuck with a long-term contract.Once youve selected a vendor,be sure to get in writing a list of what technology and support are covered in the contract.Ask about what kinds of additional fees might come up,such as:4 Are there charges for custom integrations or API access?If so,how much?4 What is the hourly charge for engineering services,and is there a minimum?4 What partner organizations are available to install and integrate the tool?4 If we need to train a new hire mid-year,what will that cost?4 What performance levels do you guarantee(response time,availability,problem resolution,accuracy,etc.)and what happens if you dont meet them?4 What is the“out”clause?Although not all vendors require an annual contract,many do.Before you jump into such a commitment,you may want to raise the possibility of a paid proof-of-concept-a sort of trial run-with your vendor of choice.2021 Third Door Media,Inc.https:/martech.org 13 MARTECH INTELLIGENCE REPORT:Enterprise Marketing Attribution and Predictive Analytics Tools:A Marketers GuideConclusionWith marketers facing increasing pressure to demonstrate the value of the budget theyre allocated for programs,marketing attribution and predictive analytics solutions are tailor made for proving how tactics and media channels contribute to the bottom line.Using sophisticated proprietary algorithms to blend different types of data,these platforms can provide marketers with valuable insights into how to better allocate their resources.Additionally,these vendors are on the front lines of dealing with changes to privacy regulations and technology shifts,so they are building solutions with the strength to weather a cookie-less future where users are in control of their own data.In cases where the so-called walled garden companies(Facebook,Google,Apple and Amazon)are in possession of the data marketers need to evaluate efficacy,marketing attribution and predictive analytics companies often have forged relationships to help their clients penetrate these closed systems.These solutions arent inexpensive,however,and if your business isnt spending considerable dollars in both digital and traditional marketing channels,you may not realize the amount of savings or additional return that you need to justify the cost of the technology.nV20210514-1 2021 Third Door Media,Inc.https:/martech.org 14 Vendor profilesMARTECH INTELLIGENCE REPORT:Enterprise Marketing Attribution and Predictive Analytics Tools:A Marketers GuideTarget customerCMOs,growth and demand generation executives and marketing operations executives within B2B companies.Company overview 25 Employees.Founded in 2010 by former Salesforce executives,CRM implementation veterans and marketing automation specialists.Closed Series B funding in 2018.Full Circle Insights delivers sales and marketing performance management solutions to optimize a companys marketing mix and drive more revenue.The company offers multi-touch attribution,comprehensive funnel metrics and lead management technology.Built 100%on the Salesforce platform,Full Circle Insights products complement leading marketing automation solutions.Core products include:Full Circle Response Management with Funnel Metrics.Full Circle Campaign Attribution.Full Circle Matchmaker.Full Circle Digital Source Tracker.Product overviewFull Circle Insights Campaign Attribution product helps marketers optimize their marketing mix and pinpoint which campaigns generate pipeline and revenue results.Built-in customizable multi-touch attribution models allow marketers to get comprehensive attribution metrics across all their data.Use casesProvides companies with weighted influence models to help businesses understand impacts on revenue based on a companys unique data.It is native within Salesforce,so companies can drill further down into the data.Helps marketers better understand the impact of their campaigns and then align their activities better with sales while focusing squarely on revenue growth.Attribution models supportedFlexible with unlimited attribution modeling capabilities.Supports the complete range of typical models such as first touch,last touch,tipping point,even spread,U-shaped,W-shaped,time decay,custom position,and custom factors,Full Circle customers can combine models and invent new ones using any field in Salesforce to build custom models that meet the attribution requirements of sophisticated customers.Media supportedAll marketing channels,both on-and off-line,are supported including digital marketing,email campaigns,tradeshows,webinars,syndicated content,social campaigns and more.The data is collected in Salesforce automatically from martech systems with all reports and dashboards operating in near real-time.Full Circle Insights63 Bovet Road,Suite 154San Mateo,CA 94402T:650-641-Key customers Integrate TripActions OktaKey executives Bonnie Crater,Co-Founder,President&CEO Dan Appleman,Co-Founder&Chief Technology Officer Rochelle Richelieu,Vice President,Customer Success Bob Teplitsky,Vice President,Engineering 2021 Third Door Media,Inc.https:/martech.org 15 Vendor profilesMARTECH INTELLIGENCE REPORT:Enterprise Marketing Attribution and Predictive Analytics Tools:A Marketers GuidePrivacy and cookiesFull Circle is fully GDPR compliant.Leverages the individual object to allow customers full control of personally identifiable information.Full Circle leverages UTM parameters to track the results of digital campaigns through its Digital Source Tracker offering.Scenario planning/optimizationFull Circle reports on the current and historical state of a companys marketing results.By reviewing marketing results trend reports and dashboards,marketers can identify campaigns that are impacting revenue,pipeline and deal velocity,and reallocate funds to those programs.Customers have the choice and flexibility of optimizing around top-of-the-funnel metrics,bottom-of-the-funnel metrics or other important influence metrics.Marketers can also slice and dice the data by key Salesforce fields to identify best and worst-performing campaigns by industry,company size,region,or any other relevant Salesforce field.Predictive analyticsMarketers can use trending reports to identify:Audiences that are driving more revenue.Faster-to-close campaigns.Larger deal sizes.Better conversion rates.New audiences that are growing and trending over time.Audiences are defined by any key fields in Salesforce such as account,region,contact title and other profile data.Third-party integrationsFull Circle products are built on the Salesforce Platform and leverage the Salesforce APIs for pulling and pushing data from and into other systems.Nearly every important B2B martech,salestech and other SasS offerings has an integration with Salesforce.Distinguishing characteristicsMarketing teams can still use leading marketing automation solutions,key martech offerings,and internal business processes,but when all the data flows into Salesforce,Full Circle provides provide a single source of truth about marketing results.This enables a closer collaboration between marketing and sales,which is necessary given the evolution of the customer journey in the digital age.Pricing and support Annual contract is required.A free trial is available.Most customers purchase a suite of Full Circle Products that range from$25,000$100,000 per year.Full Circle offers a Basic Support package at no charge($0)including email and telephone support.Additional support includes:access to the self-service documentation library,case logging through an online portal,and responses within 24 hours for cases submitted Monday-Friday.Full Circle Plus Support($11,000 per year)offers additional services on top of Basic Support including:Training:Two 90-minute training sessions per year.Named support contact.Quarterly account review.Full Circle Proactive Support($15,000 per year)includes all the benefits of Basic and Plus,along with:10 quarterly support hours.Quarterly retainer entitling you to 10 quarterly hours of expert support for technical questions,data interpretation,etc.Personalized Marketo support.A quarterly proactive audit of the Full Circle Funnel Metrics system.A support representative analyzes system health reports,discovers emerging issues,and resolves them.Full Circle Insights63 Bovet Road,Suite 154San Mateo,CA 94402T:650-641-2021 Third Door Media,Inc.https:/martech.org 16 Vendor profilesMARTECH INTELLIGENCE REPORT:Enterprise Marketing Attribution and Predictive Analytics Tools:A Marketers GuideTarget audienceConsumer brands whose marketers are responsible for multiple planning segments and who spend more than$500K on marketing annually.Keen works with companies and brands across multiple industries including CPG,direct-to-consumer,food and beverage and financial services.Company overview Founded in 2010.50 employees.Keen has received two rounds of series A,venture-backed funding from Spring Mountain Capital.Keen offers a next-generation marketing mix system,which provides historical performance measurement as well as predictive and prescriptive plans to optimize ongoing marketing-spend choices-across all channels and tied to financial outcomes.Keen is enabled by the agility,flexibility and speed of machine learning.Keen is headquartered in Research Triangle Park,NC with remote employees around the United States.Product overviewKeens next-generation marketing mix system provides historical performance measurement and optimizes ongoing marketing spending choices across all channels.Use cases Keens system delivers historical performance measurement and predictive and prescriptive assistance for marketers to optimize their spending choices across all channels and ties these investments to financial outcomes.Keen displaces the traditional marketing analytics,data science and consulting work of current-day marketers and helps them in their decision-making process,revealing the best areas to invest by taking into account the external environment and market.Keens system is designed to guide decision-making,helping marketers make the next decision relative to their financial target while accounting for external factors(COVID,seasonality,competitive activity,etc.).The user can“war game”multiple investment scenarios at one time to understand the trade-offs and implications of different decisions,for example:Where would I invest(what tactics during what time period)to hit my revenue target compared to the plan that would allow me to maximize long-term value for my brand?How would these plans change if I expect more competitive activity than I experienced last year?With each scenario,the system provides a weekly investment plan,corresponding sales and profit forecast and responsive and risk curves by tactics.The models can then be updated as new information becomes available.The model coefficients will adjust based on new information so the user can compare actual results to the forecast with a full diagnostic of performance by model factor.This would include an understanding of how ROIs have changed.In addition to optimizing single brands,the system can also optimize marketing across a portfolio of brands,geographies and distribution channels(i.e.,e-commerce vs.brick&mortar),for example:What is the optimal spend for brand A vs.brand B,accounting for interaction effects?Keen Decision Systems700 Park Offices DriveResearch Triangle Park,NC,27709 T:(919)917-Key customersSmithfield FoodsYasso Greek Frozen YogurtChurch&Dwight Post Consumer BrandsJM SmuckerPerfect Snacks Key executivesGreg Dolan,Chief Executive Officer and Co-founderJohn Busbice,Chief Decision Science Officer and Co-founder Mike Althoff,Chief Operations Officer 2021 Third Door Media,Inc.https:/martech.org 17 Vendor profilesMARTECH INTELLIGENCE REPORT:Enterprise Marketing Attribution and Predictive Analytics Tools:A Marketers GuideAttribution models supported Keens system is not attribution-based in its methodology,rather it is designed to leverage all of the information available,using machine learning to incorporate additional data and gain experience over time.With a Bayesian regression technique,Keen leverages elasticities from its minimization of error entropy(MEE)algorithm as a starting point.However,these elasticities can be adjusted with information from any brand-specific studies including multi-touch attribution,previous marketing mix,A/B testing and lift studies from non-digital channels.Keens system ingests the historical marketing activity and financial data,which“pushes and pulls”the prior elasticity based on the data signal.Over time,new information can be appended to the system which,through machine learning,“teaches”the elasticities based on the new data patterns.This gives marketers the opportunity to analyze performance across different marketing tactics against the financial outcomes based on the latest information at any point in time.Media supported Keens algorithms leverage multiple sources of information,with the system updating as frequently as new data is available.The companys partnerships with Nielsen,NielsenIQ and IRI enable data to be pulled automatically into its systems,including custom or syndicated POS data,TV GRP,etc.Keen also has a license agreement with Stitch Data,giving it a suite of continually expanding data connectors,that pull data daily from media such as Google Ads,Facebook,LinkedIn and more.Privacy and cookiesKeens system does not require the use of third-party cookies or personally identifiable information.Instead,its system leverages aggregated non-identifiable consumer information-such as engagement or clicks-from first-party cookies.Scenario planning/optimization Keens system allows marketers to create prescriptive plans tied to both long-and short-term financial outcomes,enabling marketers to think about marketing as an investment rather than as a spend.Marketers can create prescriptive plans that acknowledge budget or inventory constraints in the business and explore whether trade-offs exist between investing to hit revenue targets and investing to optimize total profit.Prescriptive recommendations are driven by an optimization routine that both forecasts revenue and solves for the highest total profit over both the short-and long-term.These recommendations go as far as specifying marketing investment levels and timing for each marketing tactic and each week to achieve current and future business objectives.Predictive analytics Keens system continuously leverages new data to understand how marketing is performing while identifying opportunities for improvement.These opportunities can include tactic mix,timing,messaging and audiences depending on how the model is built and based on the decision the marketer is looking to make.The system is updated as frequently as new data is available to deliver continuous new learnings as the system adapts to the latest information.Keens system supports multiple business planning processes including ongoing tracking,early intervention and continuity in annual brand planning processes.Keen Decision Systems700 Park Offices DriveResearch Triangle Park,NC,27709 T:(919)917-2021 Third Door Media,Inc.https:/martech.org 18 Vendor profilesMARTECH INTELLIGENCE REPORT:Enterprise Marketing Attribution and Predictive Analytics Tools:A Marketers GuideThird-party integrations Keens system offers a data-ingestion API,complete with developer documentation,that allows clients and/or their agencies to transfer bulk data into the system.The company also offers data connectors to major marketing platforms(i.e.Facebook Ads),databases(i.e.MySQL)and other sources(i.e.AWS s3)that allow a user to transfer data into the system directly from its source.Distinguishing characteristicsUnlike traditional marketing mix(MMM),which is focused on historical performance reporting,Keens focus is on continually improving marketing spending choices.Keens forward-looking models guide marketers to make more efficient and effective marketing spend choices.Pricing and support An annual contract is required.No free trial or pre-purchase testing.Keens annual subscription has two pricing tiers.For$45.5k per year,Keen offers an Essentials License.Essentials provides all the functionality of the system,but it limits the number of variables in the model.Keens Professional license is offered at$95.5k per year and includes unlimited variables.Both licenses include full customer support to include data integrations,implementation,training,model QC,interpretation services(historical analyses,scenario building,scenario interpretation)and model updates/actualization.Keens support team guides clients through onboarding in a few weeks.This team consists of the following:An implementation team to kickoff and project manage the client through the onboarding and implementation process;a client success team to walk clients through the platform and continuously develop action plans to drive value from the system;a decision support analyst to facilitate the data collection process,and an account manager to ensure full contract standards are met and can assist the client with any adapting scope to meet their needs.A dedicated and/or on-site client success manager can be added for an additional fee.Keen Decision Systems700 Park Offices DriveResearch Triangle Park,NC,27709 T:(919)917-2021 Third Door Media,Inc.https:/martech.org 19 Vendor profilesMARTECH INTELLIGENCE REPORT:Enterprise Marketing Attribution and Predictive Analytics Tools:A Marketers GuideTarget audience LeadsRx provides software and services to mid-market businesses and small enterprises that spend between$200,000 and approximately$1m per month on advertising.Typical industry segments include e-commerce,direct-to-consumer manufacturers,financial services and software technology vendors.Company overview 21 employees.Founded in 2015,LeadsRx was acquired by Unbounce in December 2021.LeadsRx provides marketing analytics software and support services that help performance-based marketing teams allocate ad spend effectively.With a focus on being impartial,LeadsRx offers marketers a true and unbiased look at how advertising is performing across multiple mediums and throughout the entire sales funnel.The company uses proprietary technology that captures anonymous customer journeys across devices and ad channels,then aggregates this data to present actionable insights.In addition to helping marketing teams at enterprise brands,LeadsRx also sells its software and services to marketing agencies working with brands to improve advertising performance.Product overview LeadsRx Attribution is a multi-touch attribution solution that impartially connects the dots between paid advertising and organic channels to conversion points and revenue.The SaaS application offers an impartial view into the cost-effectiveness of each marketing touchpoint.In addition,LeadsRx Attribution captures anonymous paths to purchase across devices and marketing touchpoints.Use cases The primary use cases for LeadsRx include improving Return on Ad Spend(ROAS),reducing Customer Acquisition Costs(CAC)and increasing customer Life Time Value(LTV).In addition,LeadsRx is used to map customer journeys so that marketers have greater intelligence about which marketing touchpoints influence prospects to become customers,which combination of touchpoints work well together and more.Attribution models supported First touch Last touch Any touch(a measure of influence)Closer touch(used for direct response advertising)Linear multi-touch Weighted multi-touch(U-shaped model)Algorithmic multi-touchLeadsRx5200 S Macadam Ave Suite 310 Portland,OR Key customersDiray MediaRakuten AdvertisingiHeartMedia SummersaltRedwing ShoesDKey executivesAJ Brown,Chief Executive Officer Jeff Keenan,SVP International Larry Todd,VP of Sales Dave Canelis,VP of Customer Success 2021 Third Door Media,Inc.https:/martech.org 20 Vendor profilesMARTECH INTELLIGENCE REPORT:Enterprise Marketing Attribution and Predictive Analytics Tools:A Marketers GuideMedia supported LeadsRx is able to gather data from a large variety of media including:Digital ad impressions and clicks Broadcast television Terrestrial radio Satellite radio Podcasting Over-the-top(OTT)television Direct mail Live events Data is gathered live,in real-time,for most of the above.However,broadcast television and radio require spot-log data,which can be added live or after the fact.For direct mail and live events,data can be uploaded at the advertisers convenience.Cookies and privacy LeadsRx has a purpose-built identity graph that is native to LeadsRx.This allows the software to unify customer journeys across devices,browsers and apps using a variety of attribution-specific algorithms.The system has never relied on third-party cookies and offers advertisers the ability to use branded first-party cookies.Scenario planning and optimization LeadsRx includes a feature for“conversion optimization,”which allows marketers to perform a“what if”analysis.In this planning scenario,marketers can propose budget changes and the system will predict how this would likely impact new conversion KPIs.This particular capability specifically addresses tactical,short-term optimizations.In addition,LeadsRx includes a Return on Ad Spend(ROAS)reporting system that shows how each advertising channel compares in a normalized(i.e.,media weight is removed)scenario.This allows long-term strategic planning of ad budgets to optimize revenue for the company.Predictive analytics This is not a capability of LeadsRx.Third-party integrations LeadsRx has native integrations with a number of other systems including Shopify,Salesforce,Pipedrive,InfusionSoft,Unbounce,Hubspot,Drift,Marketo,BigCommerce,WooCommerce,Facebook Ads,Google Ads,Bing Ads,AdRoll,Optimizely,Segment,Google Analytics,LiveChat,CallRail,CallFire,AppsFlyer,Agent511,WordPress,and CallSource.A complete attribution API is also available that allows data and result extraction from LeadsRx to other reporting platforms such as NinjaCat,TapClicks,Domo,Tableau,Google Data Studio and more.Distinguishing characteristics LeadsRx is known for its fast onboarding.Advertisers can typically set up the system in a matter of minutes and begin collecting data immediately.LeadsRx does not require that ads be re-tagged or resubmitted for approval as the system works out of the box with all ad platforms and tagging methodologies.Pricing and support An annual contract is not required.A free trial or other pre-purchase testing is available.Prices for LeadsRx vary based on the amount of data collected from the advertisers website.This includes pageviews,conversions,spot logs(for broadcast advertisement)and ad impressions.Pricing begins at$2,000 per month.LeadsRx provides each client with full onboarding assistance as well as ongoing support in understanding attribution and best practices.The company offers two different support options and is soon launching a managed service offering that provides greater assistance in maintaining the system and analyzing results.LeadsRx5200 S Macadam Ave Suite 310 Portland,OR 2021 Third Door Media,Inc.https:/martech.org 21 Vendor profilesMARTECH INTELLIGENCE REPORT:Enterprise Marketing Attribution and Predictive Analytics Tools:A Marketers GuideTarget customerEnterprise marketers across verticals.Typical customer spends at least$5M on paid media annually.Serves both U.S.and international customers.Company overview 90 Employees.Founded in 2013.Since 2017,Marketing Evolution has been funded in multiple rounds by seed and growth equity investors Zetta Venture Partners,Insight Partners,and Energy Impact Partners.Marketing Evolution helps enterprise marketers get the most from their marketing spend through the companys marketing performance operations SaaS platform and its separate services.The company serves its customers by providing marketing and media performance measurement,attribution and optimization.In addition to its NYC headquarters,the company has offices in Sacramento and Australia.Product overviewMarketing Evolutions product platform is a closed-loop marketing performance system with three connected components:Data intake of asynchronous data into a normalized data store.Machine learning to extract market response of media impressions by audience,tactic,and creative exposures.A sophisticated UI.The UI has modules including dashboard insights,media reporting(contribution,efficiency,and ROI),attribution reporting(touchpoint credit to conversions at the consumer id level),and media planning(scenario-based optimizations).Use casesEnterprise marketers across verticals use Marketing Evolution to understand marketing contribution to sales and brand KPIs(both cumulatively and incrementally),assess media tactic and creative performance across custom and standard audiences,evaluate the effectiveness and credit of touchpoints in paths to conversion,optimize media plans and course correct in flight and provide insights for spend and budget resource allocation across various ad platforms and channels during longer-range planning.Attribution models supportedMarketing Evolutions response modeling is built from a classic consumer utility maximization modeling bedrock,and uses consumer-level data throughout.Marketing Evolution resolves market response across omni-channel media in that single unified modeling environment.Its specific attribution component processes time-stamped impressions at the anonymized person ID level,over the course of the consumers conversion journey.It yields credit for each touchpoint accounting for decay.Marketing Evolution,Inc.122 E.42nd St.,44th FloorNew York,NY 10168T:(646)651-Key customers State Farm InsuranceCitiGroupLexusRegions BankOptus(AU)Key executives Dr.John Matthews Czuj,President and Chief Revenue OfficerDr.Michael Cohen,Chief Data and Technology OfficerMr.John Roberts,Chief Financial Officer 2021 Third Door Media,Inc.https:/martech.org 22 Vendor profilesMARTECH INTELLIGENCE REPORT:Enterprise Marketing Attribution and Predictive Analytics Tools:A Marketers GuideMedia supportedMarketing Evolutions data intake operates asynchronously and operates at the speed of each data source.Typical sources include companies CRM data,ad server log-level data,TV log data,person-level location data,panel(brand)responses,demographic backbone data(e.g.Equifax),and aggregate media impressions data across varying levels of geography.Privacy and cookiesMarketing Evolutions platform is resilient to cookie deprecation as its algorithms accept both log-level and aggregate level data,while maintaining unbiased market response results in any transition.Marketing Evolution customers will stay evergreen in an environment of person-level and identity resolved data feeds either emerging or having a change in their detail or fidelity.It also means that feeds that are identity resolved,and those that are reflected in aggregate data attached to a demographic backbone,can be used together in a single model,and with reinforcement.Scenario planning/optimizationMarketing Evolutions technology offers a scenario-based capability to optimize media tactics and channels based on a variety of brand(e.g.funnel stage or brand affiliation)and behavioral(e.g.web visits,or sales)KPIs.A planner can blend those KPIs by applying their own inputed weights to that blend,and can integrate a system of KPIs.By doing this,a customer can determine,in software,the connection of brand building-to-sales,and can scenario build to balance and optimize for both long-term and short-term scenarios.Predictive analyticsMarketing Evolution reads out creative and media tactic effectiveness at the audience level.A marketer can see its white spaces vs.saturated audiences and understand the best tactics to penetrate that white space and those that they should dial down.Marketing Evolutions 2021 development plans include capabilities to identify new highly responsive audiences,and the tactics to address those audiences,inside of the software.Third-party integrationsMarketing Evolutions platform has a variety of APIs to customer environments and their agencies,including digital ad servers such as DCM,Flashtalking and AdForms.Its UI integrates with Tableau for dashboard building and insights visualizations.Embedded and commercially available data feeds include TV log level,location,and demographic backbone profile data setsDistinguishing characteristicsMarketing Evolution deploys a true unified modeling structure based on consumer data,rather than an after-the-fact amalgam of time-series aggregate techniques(MMM)and narrow channel systems(MTA).This happens across purchase funnel KPIs,attitudinal and behavioral,including their system-wide inter-connection and optimization.Pricing and support Annual contract required.Free trial is available.Implementations vary widely across media spend,data feeds,lines of business scope,breadth of KPIs,and service levels.Monthly combined software and service subscriptions range from$20,000 to$100,000.Data management environment maintenance and support,once the system is configured and implemented,is embedded in the software subscription.Professional and consultative services are offered at various levels of managed services,including,for instance,monthly or quarterly business reviews at various executive levels.Marketing Evolution,Inc.122 E.42nd St.,44th FloorNew York,NY 10168T:(646)651-2021 Third Door Media,Inc.https:/martech.org 23 Vendor profilesMARTECH INTELLIGENCE REPORT:Enterprise Marketing Attribution and Predictive Analytics Tools:A Marketers GuideTarget customer Enterprises in technology,finance,healthcare and manufacturing.Company overview 700 Employees.Founded in 2002.MRP is a subsidiary of First Derivatives,PLC,a publicly traded company MRP Prelytix is an enterprise-class predictive ABM platform.For organizations that serve multiple partners,lines of business,geographies,or industries,MRP Prelytix empowers sales and marketing teams to simplify their environments complexity and produce measurable and high-performance conversion,pipeline velocity,and closed revenue.MRP has 11 global offices,with execution across 100 countries in over 20 languages.These include major offices in the U.S.(Philadelphia),EU(Belfast,Dublin&London),LATAM(Managua)and APAC(Singapore&Sydney).Product overviewMRP Prelytix is designed to shorten the time from the identification of a piece of relevant ABM data,to the execution of the highest value marketing response,and to do this at scale,globally.The platform consumes 1.5 trillion data signals per month,from client sales and marketing technology integrations to global newsfeeds and billions of pages on the open web.These data signals are honed into actionable insights using streaming analytics technology,Kx.With advanced AI and machine learning capabilities,clients can use the platform to create and test and deploy their own predictive analytic algorithms.MRP Prelytix connects insights to omnichannel orchestrated actions using the client or built-in delivery infrastructure.Clients can create automated triggers and orchestration responses that can be delivered to as many as eight channels.Use casesMRP Prelytix is focused on the account-based model,not a point solution or silo for individual channels or teams,and it can be leveraged by both marketing and sales.Enterprise focus-For companies that serve multiple geographies,lines of business,or industries,MRP Prelytix provides global reach and coordination across boundaries,both internal and geographic.Marketing Orchestrates(insights coordinated actions)across 8 key channels(display,web,email/MAP,sales alerts,content syndication,inside sales).Sales Surfaces account-level intelligence into Salesforce(priority scoring,topics,trends,next best actions),and creates collaborative coordination with marketing plays(alerts for buyer outreach).Channel-In a fragmented and disconnected operating environment,MRP clients can optimize market development fund(MDF)investments,track conversion by partner and tactic,and have consistent and measurable pipeline revenue reporting.MRPMarket Resource Partners,LLC(MRP)1818 Market Street,37th FloorPhiladelphia,PA 19103T:(215)587-Key customers DellOracleCiscoSAPInforHPEKey executives Kevin Cunningham,Co-Founder&CEOJack Butler,CFORomano DiToro,CIOPierre Custeau,SVP Product 2021 Third Door Media,Inc.https:/martech.org 24 Vendor profilesMARTECH INTELLIGENCE REPORT:Enterprise Marketing Attribution and Predictive Analytics Tools:A Marketers GuideAttribution models supportedMRP Prelytixs multichannel attribution identifies impact within accounts and buying teams and can identify and track target accounts through the buyers journey and across channels,platforms and teams.The companys approach is more deterministic than econometric.Rather than applying first/last/weighted attribution models that identify single channel winners and losers,MRP Prelytix evaluates and scores paths of success across multiple channels.The platform provides a waterfall visualization screen to see where accounts sit in each stage,including filtering the view by account segments.MRP Prelytix attribution capabilities reflect all account activities across all platforms and channels and are customizable by client users.The platform can use any source of data as a frame of reference to model out behavior within target accounts and impact of their programs.Assessment is based upon stated objectives driven by client,such as conversion,conv rates,funnel progression,pipeline,accepted leads,attribution criteria,customer growth and client retention or cross/upsell.Media supportedIn addition to client 1st party data,MRP Prelytix collects proprietary intent signals from a variety of digital sources including company news and announcements,publisher data,content consumption across the web,and voice verified intent from over a million calls made to B2B stakeholders annually.Customer can also share other 1st party data via integration and/or uploads such as CRM data,MAP behavioral data,Web site visits and offline data(e.g.:tradeshow attendance).Privacy and cookies Adheres to the principles of the EU-U.S.Privacy Shield Framework and the Swiss-U.S.Privacy Shield Framework and has certified compliance with the U.S.Department of Commerce.Active participating member in IAB Europes Transparency Consent Framework.Has implemented strict guidelines,processes and tools to ensure that consent is captured and adhered to in the use of personally identifiable data and has rolled out a Privacy and Security portal where contacts can go to review the data associated with them and their preferences including the right to be forgotten.MRP Prelytix offers an account data graph with self-learning and correcting features,global reach,and an array of recognition and cross-channel targeting options,including Mobile Advertising IDs(MaIDs)and LiveRamps IdentityLink.Scenario planning/optimization In addition to standard models,customers can use the platform ML/AI studio to build their own predictive models based on historical data.Multiple sources of structured and unstructured account data can be ingested,organized and analyzed for the creation of predictive models.These models can then be deployed on top of customer data to optimize the efficiency of customer engagement.These machine learning models can then continuously make decisions or recommendations on content,engagement channel,cadence,frequency and spend.ML/AI studio can also be used to predict both short-term and long-term outcomes,such as the propensity for conversions to occur or for deals to close in a defined timeframe.MRPMarket Resource Partners,LLC(MRP)1818 Market Street,37th FloorPhiladelphia,PA 19103T:(215)587-2021 Third Door Media,Inc.https:/martech.org 25 Vendor profilesMARTECH INTELLIGENCE REPORT:Enterprise Marketing Attribution and Predictive Analytics Tools:A Marketers GuidePredictive analyticsMRP Prelytix organizes account-based data from contact-based systems such as surrounding CRM and Marketing Automation systems,and cleanse,map,and append data for deeper insights and more accurate reporting.The platform can use any source of data as a frame of reference to model out behavior within target accounts and impact of their programs,tracking account level activity across all sales and marketing systems and preparing it into account-structured data.With a single view of each target account across platforms and teams,marketers can target precisely,deliver personalization scenarios across channels,and achieve accurate program measurement almost immediately.Distinguishing characteristics MRP Prelytix is purpose-built to simplify the complexity found in enterprise class organizations.Mature AI capabilities go beyond offering interesting insights.The system can also prescribe the best course of actions,optimize delivery of personalized content and experiences in real time,and be customized to fit the precise needs of a client or specific programs.Platform blends Intent and Predictive signals,providing both the topic of interest and propensity to act found within each target account.Third-party integrationsHardened connections directly into SFDC,Siebel,Eloqua,Marketo,Hubspot,and Pardot,with unlimited data onboarding through MRP Prelytix data mover,Google Sheets connector(enables bi-directional data transfers with popular IaaS platforms such as Zappier,Tray.io and Mulesoft),Google Analytics Integration(Prelytix signals and account information to be collected and reported in a popular web analytics platform,enabling marketers correlate target account insights between these two platforms),and Reactful Web Personalization Platform Integration(allowing Prelytix account signal and data to be used for advanced account journey personalization).Pricing and support Annual contract is required.Free trial is available.Pricing is based on the number of accounts.Average selling price varies based on the needs of our clients and the capabilities of our platform they utilize-from basic annual platform subscription at$50K to a full suite of platform,media,and managed services at$1M .All customers are partnered with a Customer Growth specialist.These are strategic advisors and program coordinators that work with clients to refine their ideal customer profile and tactic optimization.All customers have access to a software onboarding team to teach them how to use the platform and extract the value,and some clients prefer that our services team help manage programs beyond launch.Offers access to other experts:A creative team to support messaging and positioning.Tactic experts by product expertise,including programmatic,email,and inside sales.Sales enablement team bridges sales and marketing and works with a customers sales teams one on one to ensure they extract the most value.MRPMarket Resource Partners,LLC(MRP)1818 Market Street,37th FloorPhiladelphia,PA 19103T:(215)587-2021 Third Door Media,Inc.https:/martech.org 26 Vendor profilesMARTECH INTELLIGENCE REPORT:Enterprise Marketing Attribution and Predictive Analytics Tools:A Marketers GuideTarget customerPrimarily enterprise clients across all major industries,including automotive,financial services,telecommunications,entertainment,retail,restaurants,travel,hospitality and consumer goods.Company overview 2000 Employees.Founded in 1996.Neustar was officially acquired by Golden Gate Capital and GIC on August 9,2017,making Neustar a privately-held company.Neustar is an information services and technology company and a leader in identity resolution providing the data and technology that enable trusted connections between companies and people at the moments that matter most.Neustar offers industry-leading solutions in marketing,risk,communications,and security that responsibly connect data on people,devices,and locations,continuously corroborated through billions of transactions.Neustar serves more than 8,000 clients worldwide,including 60 of the Fortune 100.Neustar serves more than 8,000 clients worldwide,including 60 of the Fortune 100.Product overviewNeustar Unified Analytics is an end-to-end marketing analytics solution that provides both cross-platform and user-level measurement across all on-and offline channels including the“walled gardens.”This enables advertisers to make critical,on-the-fly optimizations to their marketing mix,campaign tactics,and audience targets to maximize their return on ad spend(“ROAS”).Use cases Advertisers employ Neustar solutions to make strategic decisions about how to set and allocate their marketing budgets across channels.The tool also helps marketers understand the impact of reach,frequency,and customer overlap on campaign ROI and to develop effective audience level optimizations.Attribution models supported Neustar Unified Analytics integrates the strategic cross-channel analytics of next-generation Neustar Marketing Mix Modeling(MMM)with the real-time,user-level insights of Neustar Multi-touch Attribution(MTA),measuring the incremental impact of marketing across both aggregate,time-series data and user-level data.For MMM,Neustar uses log-log multiplicative econometric regression analysis.For MTA,it employs a discrete choice model.Both methodologies utilize Hierarchical Bayesian Priors to have consistent and granular measurement across all modeled dimensions,in addition to enabling stronger integration between MMM and MTA,and to incorporate measurement from designed experimentation.Neustar21575 Ridgetop CircleSterling,VA 20166T:855-898-0036www.home.neustarKey customers CitigroupAllstateMacysFord Motor CompanyKey executives Charles E.Gottdiener,President and Chief Executive OfficerVenkat Achanta,Executive Vice President,Chief Data Officer and Chief Technology OfficerDorean Kass,Executive Vice President and Chief Sales OfficerMichael Schoen,Senior Vice President,Marketing Solutions 2021 Third Door Media,Inc.https:/martech.org 27 Vendor profilesMARTECH INTELLIGENCE REPORT:Enterprise Marketing Attribution and Predictive Analytics Tools:A Marketers GuideMedia supportedNeustar Unified Analytics provides marketing impact for all media channels and includes user-level measurement for closed digital platforms,linear and connected TV,mobile apps,desktop,and other digital channels.Data collection varies by dataset and is gathered at the most frequent cadence available for both time-series data and user-level ad exposure and conversion.Privacy and cookies Neustar Unified Analytics uses its unified identity ecosystem,Fabrick,which brings together Neustar proprietary data,technologies and cross-media linkages.This persistent identity-based analytics solution gives brands visibility into closed digital platforms,linear and connected TV,mobile apps,desktop,and other digital channels threatened by the decline of third-party cookies and Mobile Ad IDs(MAIDS).Additionally,Neustar Unified Analytics uses the companys innovations in differential privacy.This data science approach groups people by advertising exposure to avoid sharing user-level advertising impression data but allowing for the measurement of advertising performance.Scenario planning/optimizationNeustars software offers both scenario planning and optimization for brands to effectively plan their marketing investment.Predictive analyticsNeustar Unified Analytics provides the impact of reach,frequency,customer overlap and incrementality for a particular campaign.The results of this user-level analysis let advertisers develop effective audience-level optimizations to feed directly into their audience management tools.Third-party integrationsNeustar has forged data and technology linkages and interoperability across the marketing ecosystem,with direct identity-based integrations with the top publishers and platforms across the industry,including TV,desktop,mobile and the walled gardens.Distinguishing characteristicsNeustar Unified Analytics includes holistic,channel-level,aggregate data(MMM)and user-level data(MTA)across addressable channels,linear TV and even the walled gardens.Neustar Unified Analyticss ties to the identity-based ecosystem,Fabrick,ensures it can maintain user-level measurement in a world without cookies or MAIDs.Pricing and support Annual contract is required.No free trial available.Neustar builds a bespoke engagement for each customer to best suit the needs of their advertising strategy.It works with prospective clients to understand things like the number of brands,categories,geographies,and outcomes they would like to optimize and then sets up their engagement accordingly.Clients have access to Neustars consulting services team which possesses vast industry experience.Neustar21575 Ridgetop CircleSterling,VA 20166T:855-898-0036www.home.neustar 2021 Third Door Media,Inc.https:/martech.org 28 Vendor profilesMARTECH INTELLIGENCE REPORT:Enterprise Marketing Attribution and Predictive Analytics Tools:A Marketers GuideTarget customerNielsen serves a variety of stakeholders in the media industry from advertisers to agencies to publishers.Solutions meet the needs of brands of various sizes and budgets and Nielsen has extensive experience in almost every industry with a notably strong background with advertisers in CPG,apparel/retail,tech/telco,financial services,insurance,and auto as well as publishers.Company overview 46000 Employees.Founded in 1923.Nielsen has invested heavily in recent years in strategic acquisitions such as Exelate,Pointlogic,Visual IQ,and Gracenote.It has also forged relationships with key publishers and strategic partnerships for access to syndicated outcomes datasets to improve data collection for clients.Nielsen Holdings plc(NYSE:NLSN)is a global measurement and data analytics company that provides the most complete and trusted view available of consumers and markets worldwide.Nielsen is divided into two business units:Global Media and Global Connect.Nielsen Global Media provides media and advertising industries with unbiased and reliable metrics that create a shared understanding of the industry required for markets to function.An S&P 500 company,Nielsen has operations in over 90 countries,covering more than 90%of the worlds population.In addition to the developed countries,Nielsen has a strong,well-established presence in all the planets fastest-growing economies,and important growth hotspots throughout Southeast Asia,South Central America,the Middle East,and Africa.Product overviewNielsen Attribution was designed to address the specific needs of digital:refreshed as frequently as daily,modeled at the most granular level,and actionable through automated integrations into media buying platforms.Its person-level attribution empowers digital marketers with a tactical tool to accurately optimize their marketing and media performance across channels and devices in-flight.It complements and is unified with the strategic insights derived from media mix modeling(MMM)by providing a frequent assessment of the impact of every single keyword,display creative,paid social placement,or any other digital tactic within a digital customer journey,on a conversion event.Clients who invest in TV advertising can evaluate the impact of their TV buys with the same level of granularity as digital,leveraging syndicated purchase data from Nielsens partnerships.Use casesNielsen Attribution leverages the science of advanced analytics on user-level data to allocate proportional credit across a granular list of marketing touchpoints.It provides value in budgeting and planning,developing better brand media plans,and monitoring campaign results in flight to adjust spending via an always-on solution.The company believes that the future of marketing organizations will be focused on harnessing the power of predictive analytic models and seamlessly embedding them into a continuous feedback loop.Nielsen Attribution provides the data,analytics and technology to generate actionable ROI by marketing tactic.Nielsen675 6th Avenue,3rd Fl.New York,NY Key customers Doesnt divulge client names but serves a substantial roster of multi-billion-dollar clients,including many of the leading Fortune 500 companies across all verticals.Key executives David Kenny,Chief Executive OfficerKarthik Rao,Chief Operating OfficerPeter Bradbury,Chief Commercial OfficerSean Cohan,Chief Growth Officer&President,Intl 2021 Third Door Media,Inc.https:/martech.org 29 Vendor profilesMARTECH INTELLIGENCE REPORT:Enterprise Marketing Attribution and Predictive Analytics Tools:A Marketers GuideAttribution models supported TrueAttribution is the proprietary,algorithmic multi-touch attribution modeling technique leveraged in Nielsen Attribution for clients with first-party data.TrueAttribution algorithmically determines the amount of credit that should be applied to each of the influential touchpoints in the consumer journey.This methodology processes clients user-level data to create chronological consumer journeys for every individual that has interacted with their marketing efforts.Then the lift of every dimension of each touchpoint is determined using an algorithm that compares converters and non-converters across all journeys.Nielsen Attribution for CPG uses a combination of logistic regression and predictive analytic modeling techniques.Nielsen TV Attribution matches ad schedules with exposed and unexposed households and ties them to household-level outcome data.Media supported User-level data collection across channels and devices and consolidation of multiple IDs into one unique ID serves as the foundation of attribution.Using a pixel-based data collection approach,Nielsen captures comprehensive user-level data in an anonymous and privacy-focused manner.Depending on the types of channels,publishers and/or search engines,clients may use a mix of impression,click redirect and conversion pixels.Included media touchpoints collected are dictated by the type of engagement,syndicated or custom.Within digital,Nielsen tracks all marketing and advertising exposure,impressions when possible,and clicks otherwise,against multiple KPIs.Nielsen Attribution for CPG models use Frequent Shopper Card(FSC)data to collect household purchase records at the UPC level.In 2019,Nielsen entered into a strategic partnership with Quotient,a leading digital-first provider of customer offers and retailer transaction data.Privacy and cookiesTo maintain the benefits of person-level attribution-in particular,not compromising on the accuracy of measurement it allows-in an increasingly cookieless ecosystem,Nielsen has evolved its solution from the reliance on 3rd party cookies to the leveraging of persistent IDs.Underpinning this foundation for transparent and more resilient measurement is the Nielsen ID System,comprised of:Ecosystem Connectivity:Single endpoint integrations with publishers and an identity sync pixel with advertisers for direct access to data associated with people and the devices they use over time(that dont depend on device IDs or the browser/app ecosystem).Nielsen also supports the Trade Desks Unified ID 2.0.Nielsen ID Measurement Graph for Outcomes:Nielsen utilizes its panels to validate the graph,and combines data across various data sources to link people to households and devices.Machine Learning Models:Proprietary machine learning models that integrate and enrich data across environments to ensure accuracy,comparability and representation in outcomes.Technologies that prioritize consumers:Nielsen is investing in computing technology that collects and processes data in privacy-centric ways.Scenario planning/optimization In-flight optimization:Nielsen Attribution modeling results are delivered up to daily,allowing for in-flight optimization and reallocation of investment vs post-campaign.Scenario Planning:Results are leveraged in a simulation&optimization platform to test and simulate the impact of future planned marketing scenarios.Predictive analytics are employed to provide recommendations on how to shift marketing activities to achieve optimal results.Users can build“what-if”scenarios and forecast the impact of media optimization.It incorporates real-world Nielsen675 6th Avenue,3rd Fl.New York,NY 2021 Third Door Media,Inc.https:/martech.org 30 Vendor profilesMARTECH INTELLIGENCE REPORT:Enterprise Marketing Attribution and Predictive Analytics Tools:A Marketers Guideconstraints(input by the client or agency partner)and produces optimization recommendations at the most granular level of media,including their custom taxonomy.The recommendations produced from the scenario planning module include recommended spend levels as well as expected performance levels associated with the specific KPI(s)that are being optimized.It seamlessly utilizes all of a clients historical marketing performance data to calculate the efficient frontier for clients CPA/CPO,total spend,and total conversion goals.Media plans can optimize media assets individually,intra-channel or cross-channel all at once.Automated activation:Once marketers have identified the media plan that best suits their needs,the solution automatically delivers clients multi-touch attribution metrics to their programmatic buying platforms as often as daily.Predictive analytics See how effectively youre reaching and moving consumers down the funnel Uncover Consumer Journey insights on time/path to conversion and converting vs.supporting touchpoints Identify valuable audiences/segments Drill up/down and filter into all dimensions of media taxonomy and audience attributesThird-party integrations In addition to comprehensive links with multi-channel martech and ad tech systems that allow for the gathering of data,Nielsen Attributions Deploy solution has automated integrations with 40 integrations across media execution platforms.Single Endpoint(Server-to-Server)integrations,and integration of aggregated user-level data leveraging differential privacy for key publishers/walled gardens.Distinguishing characteristics Person-level data:Nielsens solution is built on person-level exposures and outcomes and not aggregated,for example,to segment,ZIP code,or higher.As much as possible,the company leverages deterministic data-allowing it to make fewer assumptions and report with greater certainty.Nielsen has deep industry relationships allowing it to capture and process a great deal of data.Granularity:The companys attribution models are designed to capture and use data at the most granular levels,offering insights at the level marketers make decisions(e.g.keyword)rather than at aggregate levels(e.g.keyword groups).Speed:As an always-on attribution solution,Nielsen Attribution offers actionable performance metrics as frequently as daily,allowing marketers to quickly react to external factors such as seasonality and competitive activity,and enabling continuous media planning and execution.Pricing and support No annual contract required.Free trial available.Pricing is variable based on the size of media investment,geographies,and other factors.Solutions are flexible and designed to meet the needs of all advertisers-large or small.Nielsen Attribution has a specific Service Delivery team for dedicated on-going support teams to ensure accurate and timely delivery of data refreshes as well as a Customer Success team for ongoing account management,including working very closely with the client and agency teams to answer specific business questions or surface relevant recommendations to help maximize the efficiency of digital budgets.Offers comprehensive training web-based programs and a certification program to help clients master both the fundamentals of the Nielsen Attribution software and ways to extract the insights and recommendations they need to optimize their media spend and achieve their business goals.Nielsen675 6th Avenue,3rd Fl.New York,NY 2021 Third Door Media,Inc.https:/martech.org 31 Vendor profilesMARTECH INTELLIGENCE REPORT:Enterprise Marketing Attribution and Predictive Analytics Tools:A Marketers GuideTarget audienceMarketing analytics buyers,CMO and marketing decision makers across brands,agencies and publishers.Company overview Founded in 2012.Datorama was acquired by Salesforce in July 2018.Salesforce Datorama enables marketers to optimize their marketing budget for maximum efficiency and business impact.Datorama unifies cross-channel marketing spend and performance data with business outcomes in one system of record and insight,empowering marketers to measure impact to increase customer engagement,eliminate budget waste,test and learn,and drive growth across all stakeholders.Product overviewDatorama offers an expansive library of 150 API connectors that automatically interpret and classify marketing data,as well as other types of data like sales,weather,economic or survey information.Together,they capture all campaign and interaction data from any source-including Salesforce Marketing Cloud,Google Analytics and many more,such as paid and organic search and social,display and video advertising,programmatic,television and offline data.From there,Datorama surfaces insights about different marketing campaigns that can be visualized in dashboards and apps.Marketers and their agencies can customize the dashboard based on their KPIs and audience segments,which will signal AI-powered Einstein recommendations and critical alerts.With one single system of record,marketers can align and collaborate across teams to ensure everyone is working off of the same set of facts and toward shared goals.Use cases Use cases span across all industries:health&life sciences,retail,CPG,media,high tech,automotive,manufacturing,financial services,and more.Marketing Performance Optimization:Bringing together all paid,owned and earned marketing initiatives into one centralized view.Providing complete visibility into marketing performance across digital and offline advertising,social media,content marketing,email,web analytics,and any other part of the mix.Email Marketing:Enables users to gain a holistic view of email marketing and explore holistic performance.Salesforce Marketing Cloud Email app.Marketers gain access to interactive analytics that help benchmark and measure the effectiveness of all their Marketing Cloud messaging data,and then visualize it within Datorama.The Marketing Cloud connector.Allows marketers to integrate messaging data for email,journeys,SMS and mobile push.Email To Web Conversion App:Lets users connect email and web data to create a full customer funnel.Marketing&Sales Performance Optimization:As marketing continues to become the engine of growth for the business,its gaining accountability to prove ROI-and grow the customer base.By connecting sales,revenue and CRM data to marketing activities,businesses can optimize for new customer acquisition,demand generation,pipeline velocity and upselling/cross-selling to their base.Salesforce Datorama1095 Avenue of the Americas,17th Floor New York,NY customersCummins Land OLakesTwitterMarriottPernod RicardTicketmasterKey executivesAdam Blitzer,EVP&GM,Digital at SalesforceRan Sarig,SVP and GM,Datorama 2021 Third Door Media,Inc.https:/martech.org 32 Vendor profilesMARTECH INTELLIGENCE REPORT:Enterprise Marketing Attribution and Predictive Analytics Tools:A Marketers Guide Media Optimization:Strategically allocate media budgets,pace media buys in-flight,and easily reconcile media data for faster,more agile reporting.OEM Solutions:Ad tech platforms need always-on access to reporting and insights across your solution offerings.Leading ad tech platforms embed Datoramas reporting technology into their offerings,powering the standard and custom reporting solutions that clients and partners need to grow their business.Sell-Side:Optimizing the value of inventory across direct and programmatic channels while understanding audiences across screens and devices all while giving clients the right campaign performance information to measure results and drive next level investments.Datorama unifies internal and external reporting so publishers can maximize revenue and client experience.Additional publisher-focused uses include:Yield management.Billing and reconciliation Viewability and verification.B2B:Enables B2B companies to tie together demand gen,leads,opportunities,dollars closed,and contacts by channel and event to understand the source of leads and their marketing ROI.Attribution models supported Datoramas upcoming Attribution App will allow marketers to ingest and analyze their granular,first party,user-level data.They then can choose the attribution model that fits their business needs.The App can do linear,final touch,last touch,time decay,and also allows for the creation of custom models.Datorama can also build models integrating marketing mix modeling(MMM)data.Marketers running MMM studies to optimize their advertising mix and promotional tactics can utilize those results alongside their forecasted plan for the year,and measure it against actual delivery data.Datorama harmonizes the data and visualizes the outputs of MMM with current delivery data to provide insights around ROI and media effectiveness.Furthermore,marketers can build an MMM repository in Datorama by ingesting studies run over the years.Privacy and cookiesDatorama doesnt use third-party cookies.Media types supportedDatorama unifies 100%of marketing/media data and instantly integrates and visualizes it.Scenario planning and optimizationDatoramas Media Impact Optimization solution is an add-on package of intelligent media tools built on Datoramas connection and harmonization technology,visualizations,and Einstein AI.With the Media Impact Optimization solution,users can strategically allocate media budgets,pace media buys in-flight,and easily reconcile media data for faster,more agile reporting.The Media Impact Optimization solution consists of:Media Planning Center:Optimize media budget allocations with advanced planning analytics,and use AI to forecast performance and make data-driven decisions based on past campaigns.Media Transparency Center:Reconcile planned spend and delivered spend automatically for in-flight pacing,discrepancy analysis,billing,and reporting.Media Pacing App:Visualize and explore in-flight media pacing with an interactive out-of-the-box dashboard.Predictive analyticsDatoramas Insights Engine provides always-on optimization and reporting,bringing visualization and AI machine Salesforce Datorama1095 Avenue of the Americas,17th Floor New York,NY 2021 Third Door Media,Inc.https:/martech.org 33 Vendor profilesMARTECH INTELLIGENCE REPORT:Enterprise Marketing Attribution and Predictive Analytics Tools:A Marketers Guidelearning to marketing analytics.With the Insights Engine,marketers can monitor and report on all marketing data in a unified platform,providing each stakeholder with the right KPIs,trends and drill downs.They can then optimize campaigns in the moment with AI-surfaced insights.With Datoramas Einstein Marketing Insights(EMI),marketers can select a KPI that they want to analyze and Einsteins Insight Bots will surface the positive and negative drivers of each KPI,revealing optimization paths from regional impacts to the channel,campaign,and audience drivers.EMI then visualizes each insight to further explore.Using automated regression modeling and statistical analysis methods,EMI reveals strategic tweaks so marketers can capitalize on whats working and course-correct whats not.Third-party integrations Datoramas TotalConnect is a machine-learning powered data connector that can read and process any data source and intelligently map it to a marketing data model.This data model benefits from the knowledge of 1000s of marketers that upload their data into Datoramas platform and continuously expands and learns to adapt to any data source.TotalConnect is crucial to marketers because it of its unlimited capacity it doesnt rely on any pre-set API connection or file organization.API Connector Library:In addition,Datorama provides access to a library of over 150 marketing APIs covering the full spectrum of the martech and ad tech ecosystem so marketers can connect any data source social,search,display,video,programmatic,web analytics,CRM,email,and more.The creation and maintenance of API Connectors is supported by a full team of product managers,developers,and QA engineers who monitor for changes and fixes on a daily basis to ensure connectivity and data integrity.Built i

    行业研究报告哪里找-PDF版-三个皮匠报告 (50)9人已浏览 行业研究报告哪里找-PDF版-三个皮匠报告 (51)2023-02-02 37页 行业研究报告哪里找-PDF版-三个皮匠报告 (52)行业研究报告哪里找-PDF版-三个皮匠报告 (53)行业研究报告哪里找-PDF版-三个皮匠报告 (54)行业研究报告哪里找-PDF版-三个皮匠报告 (55)行业研究报告哪里找-PDF版-三个皮匠报告 (56)5星级

  • EPA:2022年汽车行业趋势报告(英文版)(158页).pdf

    ft EA United States Environmental Protection,.,Agency The 2022 EPA Automotive Trends Report Greenhouse Gas Emissions,Fuel Economy,and Technology since 1975 EPA-420-R-22-029 December 2022-This technical report does not necessarily represent final EPA decisions,positions,or validation of compliance data reported to EPA by manufacturers.It is intended to present technical analysis of issues using data that are currently available and that may be subject to change.Historic data have been adjusted,when appropriate,to reflect the result of compliance investigations by EPA or any other corrections necessary to maintain data integrity.The purpose of the release of such reports is to facilitate the exchange of technical information and to inform the public of technical developments.This edition of the report supersedes all previous versions.Table of Contents Introduction.1 A.Whats New This Year.1 B.Manufacturers in this Report.2 C.Fuel Economy and CO2Metrics in this Report.3 Fleetwide Trends Overview.5 Overall Fuel Economy and CO2 Trends.5 Production Trends.8 Manufacturer Fuel Economy and CO2 Emissions.9 Vehicle Attributes.14 A.Vehicle Class and Type.14 B.Vehicle Weight.20 C.Vehicle Power.24 D.Vehicle Footprint.29 E.Vehicle Type and Attribute Tradeoffs.32 Vehicle Technology.39 A.Technology Overview.39 B.Vehicle Propulsion.42 C.Vehicle Drivetrain.64 D.Technology Adoption.69 Manufacturer GHG Compliance.78 A.Footprint-Based CO2 Standards.80 B.Model Year Performance.83 C.GHG Program Credits and Deficits.109 D.End of Year GHG Program Credit Balances.119 1.2.3.4.5.A.B.C.Appendices:Methods and Additional Data A.Sources of Input Data B.Harmonic Averaging of Fuel Economy Values C.Fuel Economy and CO2 Metrics D.Historical Changes in the Database and Methodology E.Electric Vehicle and Plug-In Hybrid Metrics F.Authors and Acknowledgments-i List of Figures Figure 2.1.Estimated Real-World Fuel Economy and CO2 Emissions.5 Figure 2.2.Trends in Fuel Economy and CO2 Emissions Since Model Year 1975.6 Figure 2.3.Distribution of New Vehicle CO2 Emissions by Model Year.7 Figure 2.4.New Vehicle Production by Model Year.9 Figure 2.5.Changes in Estimated Real-World Fuel Economy and CO2 Emissions by Manufacturer.10 Figure 3.1.Regulatory Classes and Vehicle Types Used in This Report.15 Figure 3.2.Production Share and Estimated Real-World Fuel Economy.16 Figure 3.3.Vehicle Type Distribution by Manufacturer for Model Year 2021.17 Figure 3.4.Car-Truck Classification of SUVs with Inertia Weights of 4000 Pounds or Less.18 Figure 3.5.Average New Vehicle Weight by Vehicle Type.21 Figure 3.6.Inertia Weight Class Distribution by Model Year.22 Figure 3.7.Relationship of Inertia Weight and CO2 Emissions.23 Figure 3.8.Average New Vehicle Horsepower by Vehicle Type.25 Figure 3.9.Horsepower Distribution by Model Year.26 Figure 3.10.Relationship of Horsepower and CO2 Emissions.27 Figure 3.11.Calculated 0-to-60 Time by Vehicle Type.28 Figure 3.12.Footprint by Vehicle Type for Model Year 20082021.30 Figure 3.13.Footprint Distribution by Model Year.30 Figure 3.14.Relationship of Footprint and CO2 Emissions.31 Figure 3.15.Relative Change in Fuel Economy,Weight,Horsepower,and Footprint.33 Figure 4.1.Vehicle Energy Flow.39 Figure 4.2.Manufacturer Use of Emerging Technologies for Model Year 2021.41 Figure 4.3.Production Share by Engine Technology.43 Figure 4.4.Gasoline Engine Production Share by Number of Cylinders.45 Figure 4.5.Percent Change for Specific Gasoline Engine Metrics.47 Figure 4.6.Engine Metrics for Different Gasoline Technology Packages.49 Figure 4.7.Gasoline Turbo Engine Production Share by Vehicle Type.51 Figure 4.8.Gasoline Turbo Engine Production Share by Number of Cylinders.51 Figure 4.9.Distribution of Gasoline Turbo Vehicles by Displacement and Horsepower,Model Year 2011,2014,and 2021.52 Figure 4.10.Non-Hybrid Stop/Start Production Share by Vehicle Type.54 Figure 4.11.Non-Hybrid Stop/Start Production Share by Number of Cylinders.54 Figure 4.12.Gasoline Hybrid Engine Production Share by Vehicle Type.55 Figure 4.13.Gasoline Hybrid Engine Production Share by Number of Cylinders.55 Figure 4.14.Production Share of EVs,PHEVs,and FCVs.58 Figure 4.15.Electric Vehicle Production Share by Vehicle Type.59 Figure 4.16.Plug-In Hybrid Vehicle Production Share by Vehicle Type.59 Figure 4.17.Charge Depleting Range and Fuel Economy for EVs and PHEVs.60 Figure 4.18.Diesel Engine Production Share by Vehicle Type.62-ii Figure 4.19.Diesel Engine Production Share by Number of Cylinders.62 Figure 4.20.Percent Change for Specific Diesel Engine Metrics.63 Figure 4.21.Transmission Production Share.66 Figure 4.22.Average Number of Transmission Gears.67 Figure 4.23.Comparison of Manual and Automatic Transmission Real-World Fuel Economy for Comparable Vehicles.68 Figure 4.24.Front-,Rear-,and Four-Wheel Drive Production Share.69 Figure 4.25.Industry-Wide Car Technology Penetration after First Significant Use.71 Figure 4.26.Manufacturer Specific Technology Adoption over Time for Key Technologies.73 Figure 5.1.The GHG Compliance Process.78 Figure 5.2.20122021 Model Year CO2 Footprint Target Curves.80 Figure 5.3.Changes in 2-Cycle Tailpipe CO2 Emissions by Manufacturer.85 Figure 5.4.Model Year 2021 Production of EVs,PHEVs,and FCVs.88 Figure 5.5.Model Year 2021 Advanced Technology Credits by Manufacturer.88 Figure 5.6.HFO-1234yf Adoption by Manufacturer.91 Figure 5.7.Fleetwide A/C Credits by Credit Type.93 Figure 5.8.Total A/C Credits by Manufacturer for Model Year 2021.93 Figure 5.9.Off-Cycle Menu Technology Adoption by Manufacturer,Model Year 2021.95 Figure 5.10.Total Off-Cycle Credits by Manufacturer for Model Year 2021.104 Figure 5.11.Performance and Standards by Manufacturer,Model Year 2021.110 Figure 5.12.Early Credits by Manufacturer.116 Figure 5.13.Total Credits Transactions.119 Figure 5.14.Manufacturer Credit Balance After Model Year 2021.122 Figure 5.15.Industry Performance and Standards,Credit Generation and Use.126 List of Tables Table 1.1.Model Year 2021 Manufacturer Definitions.3 Table 1.2.Fuel Economy and CO2 Metrics Used in this Report.4 Table 2.1.Production,Estimated Real-World CO2,and Fuel Economy for Model Year 19752022.11 Table 2.2.Manufacturers and Vehicles with the Highest Fuel Economy,by Year.12 Table 2.3.Manufacturer Estimated Real-World Fuel Economy and CO2 Emissions for Model Year 20202022.13 Table 3.1.Vehicle Attributes by Model Year.34 Table 3.2.Estimated Real-World Fuel Economy and CO2 by Vehicle Type.35 Table 3.3.Model Year 2021 Vehicle Attributes by Manufacturer.36 Table 3.4.Model Year 2021 Estimated Real-World Fuel Economy and CO2 by Manufacturer and Vehicle Type.37 Table 3.5.Footprint by Manufacturer for Model Year 20202022(ft2).38 Table 4.1.Production Share by Powertrain.74-iii Table 4.2.Production Share by Engine Technologies.75 Table 4.3.Production Share by Transmission Technologies.76 Table 4.4.Production Share by Drive Technology.77 Table 5.1.Manufacturer Footprint and Standards for Model Year 2021.82 Table 5.2.Production Multipliers by Model Year.87 Table 5.3.Model Year 2021 Off-Cycle Technology Credits from the Menu,by Manufacturer and Technology(g/mi).100 Table 5.4.Model Year 2021 Off-Cycle Technology Credits from an Alternative Methodology,by Manufacturer and Technology(g/mi).103 Table 5.5.Manufacturer Performance in Model Year 2021,All(g/mi).106 Table 5.6.Industry Performance by Model Year,All(g/mi).106 Table 5.7.Manufacturer Performance in Model Year 2021,Car(g/mi).107 Table 5.8.Industry Performance by Model Year,Car(g/mi).107 Table 5.9.Manufacturer Performance in Model Year 2021,Truck(g/mi).108 Table 5.10.Industry Performance by Model Year,Truck(g/mi).108 Table 5.11.Credits Earned by Manufacturers in Model Year 2021,All.112 Table 5.12.Total Credits Earned in Model Years 20092021,All.112 Table 5.13.Credits Earned by Manufacturers in Model Year 2021,Car.113 Table 5.14.Total Credits Earned in Model Years 20092021,Car.113 Table 5.15.Credits Earned by Manufacturers in Model Year 2021,Truck.114 Table 5.16.Total Credits Earned in Model Years 20092021,Truck.114 Table 5.17 Credit Expiration Schedule.117 Table 5.18.Example of a Deficit Offset with Credits from Previous Model Years.120 Table 5.19.Final Credit Balance by Manufacturer for Model Year 2021(Mg).123 Table 5.20.Distribution of Credits by Expiration Date(Mg).124-iv Introduction This annual report is part of the U.S.Environmental Protection Agencys(EPA)commitment to provide the public with information about new light-duty vehicle greenhouse gas(GHG)emissions,fuel economy,technology data,and auto manufacturers performance in meeting the agencys GHG emissions standards.EPA has collected data on every new light-duty vehicle model sold in the United States since 1975,either from testing performed by EPA at the National Vehicle Fuel and Emissions Laboratory in Ann Arbor,Michigan,or directly from manufacturers using official EPA test procedures.These data are collected to support several important national programs,including EPA criteria pollutant and GHG standards,the U.S.Department of Transportations National Highway Traffic Safety Administration(NHTSA)Corporate Average Fuel Economy(CAFE)standards,and vehicle Fuel Economy and Environment labels.This expansive data set allows EPA to provide a uniquely comprehensive analysis of the automotive industry since 1975.A.Whats New This Year This report is updated each year to reflect the most recent data available to EPA for all model years,relevant regulatory changes,methodology changes,and any other changes relevant to the auto industry.These changes can affect multiple model years;therefore,this version of the report supersedes all previous reports.Significant developments relevant for this edition of the report include:In December 2021,EPA finalized revised light-duty GHG standards for model years 2023-2026 and in March 2022 NHTSA subsequently published revised fuel economy standards for model years 2024-2026.In March 2022,EPA also restored Californias waiver to enforce greenhouse gas standards for cars and light trucks.This report has been updated to reflect these changes where relevant.Electric vehicles continue to increase market share and are expected to continue growing in popularity.The technology,fuel economy,and emissions of electric vehicles are fundamentally different than their internal combustion counterparts.Increasing vehicle electrification may require rethinking many of the metrics and methods used in this report.While no significant changes were made this year,EPA is evaluating the best metrics and methods to explain these ongoing trends and technologies for future reports.1.-1 This report shows projected model year 2022 data,much of which was provided to EPA by manufacturers in calendar year 2021.Given the impacts of COVID-19 and ongoing worldwide supply chain issues,and their associated impacts on the automobile industry,the projected model year 2022 data may change significantly before being finalized.EPA continues to update detailed data from this report,including all years of the light-duty GHG standards,to the EPA Automotive Trends website.We encourage readers to visit https:/www.epa.gov/automotive-trends and explore the data.EPA will continue to add content and tools on the web to allow transparent access to public data.B.Manufacturers in this Report The underlying data for this report include every new light-duty vehicle offered for sale in the United States.These data are presented by manufacturer throughout this report,using model year 2021 manufacturer definitions determined by EPA and NHTSA for implementation of the GHG emission standards and CAFE program.For simplicity,figures and tables in the executive summary and in Sections 1-4 show only the top 14 manufacturers,by production.These manufacturers produced at least 150,000 vehicles each in the 2021 model year and accounted for more than 98%of all production.The compliance discussion in Section 5 includes all manufacturers,regardless of production volume.Table 1.1 lists all manufacturers that produced vehicles in the U.S.for model year 2021,including their associated makes,and their categorization for this report.Only vehicle brands produced in model year 2021 are shown in this table;however,this report contains data on many other manufacturers and brands that have produced vehicles for sale in the U.S.since 1975.When a manufacturer grouping changes under the GHG and CAFE programs,EPA applies the new manufacturer definitions to all prior model years for the analysis of estimated real-world CO2 emission and fuel economy trends in Sections 1 through 4 of this report.This maintains consistent manufacturer and make definitions over time,which enables better identification of long-term trends.However,the compliance data that are discussed in Section 5 of this report maintain the previous manufacturer definitions where necessary to preserve the integrity of compliance data as accrued.-2 Table 1.1.Model Year 2021 Manufacturer Definitions Manufacturer Makes in the U.S.Market LargeManufacturers BMW Ford GM Honda Hyundai Kia Mazda Mercedes Nissan Stellantis Subaru Tesla Toyota Volkswagen(VW)BMW,Mini,Rolls Royce Ford,Lincoln,Roush,Shelby Buick,Cadillac,Chevrolet,GMC Acura,Honda Genesis,Hyundai Kia Mazda Maybach,Mercedes Infiniti,Nissan Alfa Romeo,Chrysler,Dodge,Fiat,Jeep,Maserati,Ram Subaru Tesla Lexus,Toyota Audi,Bentley,Bugatti,Lamborghini,Porsche,Volkswagen Other Manufacturers Jaguar Land Rover Mitsubishi Volvo Karma Aston Martin*Ferrari*McLaren*Jaguar,Land Rover Mitsubishi Lotus,Polestar,Volvo Karma Aston Martin Ferrari McLaren*Small Volume Manufacturers C.Fuel Economy and CO2 Metrics in this Report All data in this report for model years 1975 through 2021 are final and based on official data submitted to EPA and NHTSA as part of the regulatory process.In some cases,this report will show data for model year 2022,which are preliminary and based on data provided to EPA by automakers prior to the model year,including projected production volumes.All data in this report are based on production volumes delivered for sale in the U.S.by model year.The model year production volumes may vary from other publicized data based on calendar year sales.The report does not examine future model years,and past performance does not necessarily predict future industry trends.The carbon dioxide(CO2)emissions and fuel economy data in this report fall into one of two categories based on the purpose of the data and the subsequent required emissions test procedures.The first category is compliance data,which is measured using laboratory-3 tests required by law for CAFE and adopted by EPA for GHG compliance.Compliance data are measured using EPA city and highway test procedures(the“2-cycle”tests),and fleetwide averages are calculated by weighting the city and highway test results by 55%and 45%,respectively.These procedures are required for compliance;however,they no longer accurately reflect real-world driving.Compliance data may also encompass optional performance credits and adjustments that manufacturers can use towards meeting their emissions standards.The second category is estimated real-world data,which is measured using additional laboratory tests to capture a wider range of operating conditions(including hot and cold weather,higher speeds,and faster accelerations)encountered by an average driver.This expanded set of tests is referred to as“5-cycle”testing.City and highway results are weighted 43%city and 57%highway,consistent with fleetwide driver activity data.The city and highway values are the same values found on new vehicle fuel economy labels,however the label combined value is weighted 55%city and 45%highway.Unlike compliance data,the method for calculating real-world data has evolved over time,along with technology and driving habits.Table 1.2.Fuel Economy and CO2 Metrics Used in this Report CO2 and Fuel Economy Data Category Purpose Current City/Highway Weighting Current Test Basis Compliance Basis for manufacturer compliance with standards 55%/45%2-cycle Estimated Real-World Best estimate of real-world performance 43%/57%5-cycle This report will show estimated real-world data except for the discussion specific to the GHG regulations in Section 5 and Executive Summary Figures ES-6 through ES-8.The compliance CO2 data must not be compared to the real-world CO2 data presented elsewhere in this report.Appendices C and D present a more detailed discussion of the fuel economy and CO2 data used in this report.This report does not provide data about NHTSAs CAFE program.For more information about CAFE and manufacturer compliance with the CAFE fuel economy standards,see the CAFE Public Information Center,which can be accessed at https:/one.nhtsa.gov/cafe_pic/CAFE_PIC_Home.htm.-4 Fleetwide Trends Overview The automotive industry continues to make progress towards lower tailpipe CO2 emissions and higher fuel economy in recent years.This section provides an update on the estimated real-world tailpipe CO2 emissions and fuel economy for the overall fleet,and for manufacturers based on final model year 2021 data.The unique,historical data on which this report is based also provide an important backdrop for evaluating the more recent performance of the industry.Using that data,this section will also explore basic fleetwide trends in the automotive industry since EPA began collecting data in model year 1975.Overall Fuel Economy and CO2 Trends In model year 2021,the average Figure 2.1.Estimated Real-World estimated real-world CO2 emission Fuel Economy and CO2 Emissions rate for all new vehicles fell by 2 g/mi to 347 g/mi,the lowest ever measured.Real-world fuel economy remained at a record high 25.4 mpg.1Since model year 2004,CO2emissions have decreased 25%,or 114 g/mi,and fuel economy has increased 32%,or 6.1 mpg.Over that time,CO2 emissions have improved in fourteen of seventeen years.The trends in CO2 emissions and fuel economy since 1975 are shown in Figure 2.1.Preliminary data suggest that CO2 emissions and fuel economy in model year 2022 will improve from the levels achieved in 2021.The preliminary model year 2022 data 1 EPA generally uses unrounded values to calculate values in the text,figures,and tables in this report.This approach results in the most accurate data but may lead to small apparent discrepancies due to rounding.&N Real-World Fuel Economy(MPG)Real-World CO2 Emissions(g/mi)25.4 MPGMY 2021347g/miMY 20215 25.4 MPGMY 2021197519851995200520152025162024Model Year347g/miMY 2021600400500are based on production estimates provided to EPA by manufacturers months before the vehicles go on sale.The data are a useful indicator,however there is always uncertainty associated with such projections,and we caution the reader against focusing only on these data.Projected data are shown in Figure 2.1 as a dot because the values are based on manufacturer projections rather than final data.While the most recent annual changes often receive the most public attention,the greatest value of the Trends database is to document long-term trends.The magnitude of changes in annual CO2 emissions and fuel economy tend to be small relative to longer,multi-year trends.Figure 2.2 shows fleetwide estimated real-world CO2 emissions and fuel economy for model years 19752021.Over this timeframe there have been three basic phases:1)a rapid improvement of CO2 emissions and fuel economy between 1975 and 1987,2)a period of slowly increasing CO2 emissions and decreasing fuel economy through 2004,and 3)decreasing CO2 emissions and increasing fuel economy through the current model year.Figure 2.2.Trends in Fuel Economy and CO2 Emissions Since Model Year 1975 E-9(/)600 1988 to 2004 2005 to 2021 C 0 14%-25%oo(/)t.E w 500 0 0 C-;:400.!.ro w 0:G 25 a.,E 0 C 20 0(.)w w t:,IL C-;:15 1988 to 2004 2005 to 2021.!. 68%-12% 32%ro w 0:1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 Model Year-6 Vehicle CO2 emissions and fuel economy are inversely related for gasoline and diesel vehicles,but not for electric vehicles.Since gasoline and diesel vehicles have made up the vast majority of vehicle production since 1975,Figure 2.2 shows an inverted,but highly correlated relationship between CO2 emissions and fuel economy.Electric vehicles,which account for a small but growing portion of vehicle production,have zero tailpipe CO2 emissions,regardless of fuel economy(as measured in miles per gallon equivalent,or mpge).If electric vehicles continue to capture a larger market share,the overall relationship between fuel economy and tailpipe CO2 emissions will change.Another way to look at CO2 emissions over time is to examine how the distribution of new vehicle emission rates have changed.Figure 2.3 shows the distribution of real-world tailpipe CO2 emissions for all vehicles produced within each model year.Half of the vehicles produced each year are clustered within a small band around the median CO2 emission rate,as shown in blue.The remaining vehicles show a much wider spread,especially in recent years as the production of electric vehicles with zero tailpipe emissions has increased.The lowest CO2-emitting vehicles have all been hybrids or electric vehicles since the first hybrid was introduced in model year 2000,while the highest CO2-emitting vehicles are generally performance vehicles or large trucks.Figure 2.3.Distribution of New Vehicle CO2 Emissions by Model Year2 Real-World CO2(g/mi)1000 500 0 1975 19 80 19 85 19 90 19 95 200 0 2 0 0 5 2 010 2 015 2020 2 025 Model Year Top 25%B ot tom 25%Wors t Vehi cl e B est 5P%of Vehicles Worst 5%B est Vehi c l e 2 Electric vehicles prior to 2011 are not included in this figure due to limited data.However,those vehicles were available in small numbers only.-7 It is important to note that the methodology used in this report for calculating estimated real-world fuel economy and CO2 emission values has changed over time to reflect changing vehicle technology and operation.For example,the estimated real-world fuel economy for a 1980s vehicle is somewhat higher than it would be if the same vehicle were being produced today.These changes are small for most vehicles,but larger for very high fuel economy vehicles.See Appendices C and D for a detailed explanation of fuel economy metrics and their changes over time.Production Trends This report is based on the total number of vehicles produced by manufacturers for sale in the United States by model year.Model year is the manufacturers annual production period which includes January 1 of the same calendar year.A typical model year for a vehicle begins in fall of the preceding calendar year and runs until late in the next calendar year.However,model years vary among manufacturers and can occur between Janurary 2 of the preceding calendar year and the end of the calendar year.Model year production data is the most direct way to analyze emissions,fuel economy,technology,and compliance trends because vehicle designs within a model year do not typically change.The use of model year production may lead to some short-term discrepencies with other sources,which typically report calendar year sales;however,sales based on the calendar year generally encompass more than one model year,which complicates any analysis.Since the inception of this report,production of vehicles for sale in the United States has grown about 0.5%year over year,but there have been significant swings up or down in any given model year due to the impact of multiple market forces.For example,in model year 2009 the Great Recession resulted in the lowest model year production since the start of this report,at 9.3 million vehicles.Production rebounded over the next several model years,reaching an all-time high of more than 17 million vehicles in model year 2017.Model year 2020 production fell 15%from the previous year,as the COVID-19 pandemic had wide-ranging impacts on the economy and vehicle production.Production was up slightly in model year 2021,but the ongoing COVID-19 pandemic,as well as supply chain disruptions affecting the availability of semiconductors and other components,continue to challenge the industry.Figure 2.4 shows the production trends by model year for model years 1975 to 2021.B.-8 Figure 2.4.New Vehicle Production by Model Year Annual Production(000)20,000 15,000 10,000 5,000 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 Model Year C.-Manufacturer Fuel Economy and CO2 Emissions Along with the overall industry,most manufacturers have improved new vehicle CO2 emission rates and fuel economy in recent years.Manufacturer trends over the last five years are shown in Figure 2.5.This span covers the approximate length of a vehicle redesign cycle,and it is likely that most vehicles have undergone design changes in this period,resulting in a more accurate depiction of recent manufacturer trends than focusing on a single year.Changes over this time period can be attributed to both vehicle design and changing vehicle production trends.The change in production trends,and the impact on the trends shown in Figure 2.5 are discussed in more detail in the next section.For model year 2021 alone,Teslas all-electric fleet had by far the lowest tailpipe CO2 emissions and highest fuel economy of all large manufacturers.Tesla was followed by a close grouping of Subaru,Kia,Hyundai,Nissan,and Honda.Stellantis had the highest new vehicle average CO2 emissions and lowest fuel economy of the large manufacturers in model year 2021,followed by GM and Ford.Tesla also had the highest overall fuel economy,followed by the close group of Subaru,Kia,Nissan,Hyundai,and Honda.9 Figure 2.5.Changes in Estimated Real-World Fuel Economy and CO2 Emissions by Manufacturer-.-1 t._ _-.-,.-1 I.- -II(.II(-.J-.J-l.-f- I -10 300350400450347359413417397414385 389376376334352339349327355301324312315309 31031131831033830931750100150CO2 Emissions(g/mi),2016 202102024283224.725.4SubaruKiaNissanHyundaiHondaMazdaToyotaBMWVWMercedesFordGMStellantisAll Manufacturers21.321.521.622.422.822.923.6 23.626.524.725.825.427.125.027.429.628.228.528.528.828.627.826.228.728.128.8Fuel Economy(MPG),2016 2021608010012096.8123.9TeslaTable 2.1.Production,Estimated Real-World CO2,and Fuel Economy for Model Year 19752022 Model Year 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 Production Re(000)CO2(g/mi)al-World Real-World FE(MPG)10,224 681 13.1 12,334 625 14.2 14,123 590 15.1 14,448 562 15.8 13,882 560 15.9 11,306 466 19.2 10,554 436 20.5 9,732 425 21.1 10,302 426 21.0 14,020 424 21.0 14,460 417 21.3 15,365 407 21.8 14,865 405 22.0 15,295 407 21.9 14,453 415 21.4 12,615 420 21.2 12,573 418 21.3 12,172 427 20.8 13,211 426 20.9 14,125 436 20.4 15,145 434 20.5 13,144 435 20.4 14,458 441 20.1 14,456 442 20.1 15,215 451 19.7 Model Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022(prelim)Production Real-World Real-World(000)CO2(g/mi)FE(MPG)16,571 15,605 16,115 15,773 15,709 15,892 15,104 15,276 13,898 9,316 11,116 12,018 13,449 15,198 15,512 16,739 16,278 17,016 16,259 16,139 13,721 13,810 450 19.8 453 19.6 457 19.5 454 19.6 461 19.3 447 19.9 442 20.1 431 20.6 424 21.0 397 22.4 394 22.6 399 22.3 377 23.6 368 24.2 369 24.1 360 24.6 359 24.7 357 24.9 353 25.1 356 24.9 349 25.4 347 25.4 331 26.4 To explore this data in more depth,please see the report website at https:/www.epa.gov/automotive-trends.-11 Table 2.2.Manufacturers and Vehicles with the Highest Fuel Economy,by Year Model Year Manufacturer Manufacturer with Highest with Lowest Fuel Economy3 Fuel Economy(mpg)(mpg)Overall Vehicle with Highest Fuel Economy4 Gasoline(Non-Hybrid)Vehicle with Highest Fuel Economy Real-World FE Engine Vehicle(mpg)Type Real-World FE Gasoline Vehicle(mpg)1975 Honda Ford Honda Civic 28.3 Gas Honda Civic 28.3 1980 VW Ford VW Rabbit 40.3 Diesel Nissan 210 36.1 1985 Honda Mercedes GM Sprint 49.6 Gas GM Sprint 49.6 1990 Hyundai Mercedes GM Metro 53.4 Gas GM Metro 53.4 1995 Honda Stellantis Honda Civic 47.3 Gas Honda Civic 47.3 2000 Hyundai Stellantis Honda Insight 57.4 Hybrid GM Metro 39.4 2005 Honda Ford Honda Insight 53.3 Hybrid Honda Civic 35.1 2006 Mazda Ford Honda Insight 53.0 Hybrid Toyota Corolla 32.3 2007 Toyota Mercedes Toyota Prius 46.2 Hybrid Toyota Yaris 32.6 2008 Hyundai Mercedes Toyota Prius 46.2 Hybrid Smart Fortwo 37.1 2009 Toyota Stellantis Toyota Prius 46.2 Hybrid Smart Fortwo 37.1 2010 Hyundai Mercedes Honda FCX 60.2 FCV Smart Fortwo 36.8 2011 Hyundai Mercedes BMW Active E 100.6 EV Smart Fortwo 35.7 2012 Hyundai Stellantis Nissan-i-MiEV 109.0 EV Toyota iQ 36.8 2013 Hyundai Stellantis Toyota IQ 117.0 EV Toyota iQ 36.8 2014 Mazda Stellantis BMW i3 121.3 EV Mitsubishi Mirage 39.5 2015 Mazda Stellantis BMW i3 121.3 EV Mitsubishi Mirage 39.5 2016 Mazda Stellantis BMW i3 121.3 EV Mazda 2 37.1 2017 Honda Stellantis Hyundai Ioniq 132.6 EV Mitsubishi Mirage 41.5 2018 Tesla Stellantis Hyundai Ioniq 132.6 EV Mitsubishi Mirage 41.5 2019 Tesla Stellantis Hyundai Ioniq 132.6 EV Mitsubishi Mirage 41.6 2020 Tesla Stellantis Tesla Model 3 138.6 EV Mitsubishi Mirage 41.6 2021 Tesla Stellantis Tesla Model 3 139.1 EV Mitsubishi Mirage 41.6 2022(prelim)Tesla Stellantis Lucid Air 131.4 EV Mitsubishi Mirage 40.1 3 Manufacturers below the 150,000 threshold for“large”manufacturers are excluded in years they did not meet the threshold.4 Vehicles are shown based on estimated real-world fuel economy as calculated for this report.These values will differ from values found on the fuel economy labels at the time of sale.For more information on fuel economy metrics see Appendix C.-12 Table 2.3.Manufacturer Estimated Real-World Fuel Economy and CO2 Emissions for Model Year 20202022 MY 2020 Final MY 2021 Final MY 2022 Preliminary Manufacturer Real-World Real-World FE CO2(mpg)(g/mi)FE Change CO2 Change Real-World from Real-World from FE MY 2020 CO2 MY 2020(mpg)(mpg)(g/mi)(g/mi)Real-World Real-World FE CO2(mpg)(g/mi)BMW 25.5 347 25.8 0.3 339-8 25.7 341 Ford 23.0 386 22.9-0.1 385-1 23.0 382 GM 23.0 386 21.6-1.5 414 28 22.2 400 Honda 29.1 305 28.5-0.6 312 6 28.3 315 Hyundai 28.4 312 28.5 0.1 310-2 29.1 302 Kia 27.7 320 28.7 1.0 310-10 28.7 305 Mazda 27.9 319 27.4-0.5 324 6 26.5 335 Mercedes 23.4 379 23.6 0.2 376-3 24.6 359 Nissan 27.9 317 28.6 0.6 311-7 28.0 316 Stellantis 21.3 418 21.3 0.0 417-1 21.6 410 Subaru 28.5 312 28.8 0.3 309-3 28.0 317 Tesla 119.1 0 123.9 4.8 0 0 121.5 0 Toyota 27.0 329 27.1 0.1 327-2 28.0 316 VW 24.9 354 24.7-0.2 352-2 27.7 306 All Manufacturers 25.4 349 25.4 0.0 347-2 26.4 331 To explore this data in more depth,please see the report website at https:/www.epa.gov/automotive-trends.-13 Vehicle Attributes Vehicle CO2 emissions and fuel economy are strongly influenced by vehicle design parameters,including weight,power,acceleration,and size.In general,vehicles that are larger,heavier,and more powerful typically have lower fuel economy and higher CO2 emissions than other comparable vehicles.This section focuses on several key vehicle design attributes that impact CO2 emissions and fuel economy and evaluates the impact of a changing automotive marketplace on overall fuel economy.A.Vehicle Class and Type Manufacturers offer a wide variety of light-duty vehicles in the United States.Under the CAFE and GHG regulations,new vehicles are separated into two distinct regulatory classes,passenger cars and light trucks,and each vehicle class has separate GHG and fuel economy standards5.Vehicles that weigh more than 6,000 pounds gross vehicle weight6(GVW)or have four-wheel drive and meet various off-road requirements,such as ground clearance,qualify as light trucks.Vehicles can also qualify as light trucks based on the vehicles functionality as defined in the regulations(for example if the vehicle can transport cargo on an open bed or the cargo carrying volume is more than the passenger carrying volume).Vehicles that do not meet these requirements are considered cars.Pickup trucks,vans,and minivans are classified as light trucks under NHTSAs regulatory definitions,while sedans,coupes,and wagons are generally classified as cars.Sport utility vehicles(SUVs)can fall into either category depending on the relevant attributes of the specific vehicle.Based on the CAFE and GHG regulatory definitions,most two-wheel drive SUVs under 6,000 pounds GVW are classified as cars,while most SUVs that have four-wheel drive or are above 6,000 pounds GVW are considered trucks.SUV models that are less than 6,000 pounds GVW can have both car and truck variants,with two-wheel drive versions classified as cars and four-wheel drive versions classified as trucks.As the fleet has changed over time,the line drawn between car and truck classes has also evolved.This report uses the current regulatory car and truck definitions,and these changes have been propagated back throughout the historical data.5 Passenger vehicles(cars)and light trucks(trucks)are defined by regulation in EPAs 40 CFR 86.1818-12 which references the Department of Transportations 49 CFR 523.4-523.5.6 Gross vehicle weight is the combined weight of the vehicle,passengers,and cargo of a fully loaded vehicle.3.-14 This report further separates the car and truck regulatory classes into five vehicle type categories based on their body style classifications under the fuel economy labeling program.The regulatory car class is divided into two vehicle types:sedan/wagon and car SUV.The sedan/wagon vehicle type includes minicompact,subcompact,compact,midsize,large,and two-seater cars,hatchbacks,and station wagons.Vehicles that are SUVs under the labeling program and cars under the CAFE and GHG regulations are classified as car SUVs in this report.The truck class is divided into three vehicle types:pickup,minivan/van,and truck SUV.Vehicles that are SUVs under the labeling program and trucks under the CAFE and GHG regulations are classified as truck SUVs.Figure 3.1 shows the two regulatory classes and five vehicle types used in this report.The distinction between these five vehicle types is important because different vehicle types have different design objectives,and different challenges and opportunities for improving fuel economy and reducing CO2 emissions.Figure 3.1.Regulatory Classes and Vehicle Types Used in This Report Fuel Economy and CO2 by Vehicle Type The production volume of the different vehicle types has changed significantly over time.Figure 3.2 shows the production shares of each of the five vehicle types since model year 1975.The overall new vehicle market continues to move away from the sedan/wagon vehicle type towards a combination of truck SUVs,car SUVs,and pickups.Sedan/wagons were the dominant vehicle type in 1975,when more than 80%of vehicles produced were sedan/wagons.Since then,their production share has generally been falling,reaching a Vehicles Regulatory Class Car Truck Vehicle Type Sedan/Wagon CarSUV Truck SUV MinivanNan-15 new low in model year 2021 at only 26%of all production,or far less than half of the market share they held in model year 1975.Vehicles that could be classified as a car SUV or truck SUV were a very small part of the production share in 1975 but now account for more than half of all new vehicles produced.In model year 2021,truck SUVs reached a record high 45%of production.Car SUVs reached a record high of 13%of production in model year 2020 and account for 11%of production in model year 2021.The production share of pickups has fluctuated over time,peaking at 19%in 1994 and then falling to 10%in 2012.Pickups have generally increased in recent years and accounted for 16%of the market in model year 2021.Minivan/vans captured less than 5%of the market in 1975,increased to 11%in model year 1995 but have fallen since to 2%of vehicle production in model year 2021.The projected 2022 data shows a vehicle type distribution that is similar to model year 2021.In model year 2021,the regulatory truck class reached the highest percentage of production on record,at 63%,and experienced the largest shift towards trucks observed since 1975.Trucks increased from 56%to 63%of production in model year 2021.In Figure 3.2,the dashed line between the car SUVs and truck SUVs shows the split in car and truck regulatory class.Figure 3.2.Production Share and Estimated Real-World Fuel Economy 100rsTrucks Sedan/Wagon Car SUV Truck SUV Minivan/Van Pickup 1975 1985 1995 2005 2015 2025 Model Year Production Share 75P%0%Figure 3.2 also shows estimated real-world fuel economy for each vehicle type since 1975.All five vehicle types are at record low CO2 emissions and record high fuel economy in lI l=,1.i1 l=,I L,_.,.1 16 197519851995200520152025101520253035101520253035101520253035101520253035101520253035Real-World MPGPickupVanMinivanSUVTruckSUVCarWagonSedanCarsTrucksModel Year19.327.324.131.032.2 1-I-I model year 2021.Minivan/Vans increased fuel economy by 3.9 mpg,car SUVs by 2.6 mpg,sedan/wagons by 0.5 mpg,truck SUVs by 0.3 mpg,and pickups increased fuel economy by 0.1 mpg.All of the vehicle types,except for pickups,now achieve fuel economy more than double what they achieved in 1975.In the preliminary model year 2022 data(shown as a dot on Figure 3.2),four of the five vehicle types are expected to improve fuel economy and one,minivans/vans,is projected to decrease from model year 2021.Overall fuel economy trends depend on the trends within the five vehicle types,but also on the market share of each of the vehicle types.The trend away from sedan/wagons,which remain the vehicle type with the highest fuel economy and lowest CO2 emissions,and towards vehicle types with lower fuel economy and higher CO2 emissions,has offset some of the fleetwide benefits that otherwise would have been achieved from the improvements within each vehicle type.Vehicle Type by Manufacturer The model year 2021 production breakdown by vehicle type for each manufacturer is shown in Figure 3.3.There are clear variations in production distribution by manufacturer.Nissan had the highest production of sedan/wagons at 57%.For other vehicle types,Tesla had the highest percentage of car SUVs at 46%;Subaru had the highest percentage of truck SUVs at 90%;Ford had the highest percentage of pickups at 38%,and Stellantis had the highest percentage of minivan/vans at 6.4%.Figure 3.3.Vehicle Type Distribution by Manufacturer for Model Year 2021 17 Vehicle TypeSedan/WagonCar SUVTruck SUVMinivan/VanPickup0%Pu0%Production ShareLower average CO2 EmissionsSUV Classification Over the last 30 years,the production share of SUVs in the United States has increased in all but six years and now accounts for more than 55%of all vehicles produced(see Figure 3.2).This includes both the car and truck SUV vehicle types.Based on the regulatory definitions of cars and trucks,SUVs that are less than 6,000 pounds GVW can be classified as either cars or trucks,depending on design requirements such as minimum angles and clearances,and whether the vehicle has 2-wheel drive or 4-wheel drive.This definition can lead to similar vehicles having different car or truck classifications,and different requirements under the GHG and CAFE regulations.One particular trend of interest is the classification of SUVs as either car SUVs or truck SUVs.This report does not track GVW,but instead tracks weight using inertia weight classes,where inertia weight is the weight of the empty vehicle,plus 300 pounds(see weight discussion on the next page).Figure 3.4 shows the breakdown of SUVs into the car and truck categories over time for vehicles with an inertia weight of 4,000 pounds or less.Vehicles in the 4,500-pound inertia weight class and higher were excluded,as these vehicles generally exceed 6,000 pounds GVW and are classified as trucks.The relative percentage of SUVs with an inertia weight of 4,000 pounds or less that meet the current regulatory truck definition increased to 67%in model year 2021,which is the highest percentage of production since at least model year 2000.Projected model year 2022 data shows a slight decrease.Figure 3.4.Car-Truck Classification of SUVs with Inertia Weights of 4000 Pounds or Less Model Year Production Share 2000 2005 2010 2015 2020 0%uP0r SUV Truck SUV 18 A Closer Look at SUVs-Sedan/wagon market penetration fell 5 percentage points across the industry in model year 2021,with reductions from thirteen out of fourteen large manufacturers.Tesla had the largest change,as sedan/wagons fell from 65%of production in model year 2020 to 47%in model year 2021.Toyota had the second largest change,from 43%of production to 30%,followed by VW,which saw sedan/wagons fall from 40%to 29%of production.All three companies increased their relative production of both car SUVs and truck SUVs.For some manufacturers,changes in the mix of vehicle types they produce has also led to a significant impact on their overall new vehicle CO2 emissions and fuel economy.Over the last five years,as shown in Figure 2.5,Kia achieved the largest reduction in CO2 emissions,at 29 g/mi.Kia decreased emissions in all vehicle types that they offer and decreased overall emissions even as their truck SUV share increased from 15%to 41%and sedan/wagon share decreased from 53%to 50%.Toyota achieved the second largest reduction in overall CO2 tailpipe emissions,at 28 g/mi,and BMW had the third largest reduction in overall CO2 tailpipe emissions at 10 g/mi.Toyota and BMW also achieved overall emission reductions by improving all vehicle types,even as their truck SUV production share increased.Over the same five-year period,Mazda had the largest increase at 24 g/mi,due to increased CO2 emission rates within their sedan/wagon and car SUV vehicle types,along with a shift in production from 33%to 61%truck SUVs.Volkswagen had the second largest increase at 18 g/mi,as a shift in production from 21%to 66%truck SUVs more than offset emission reductions within each vehicle type.GM had the third largest increase at 17 g/mi,with a production shift towards truck SUVs and pickups and an increase in pickup emission rates more than offsetting emission improvements in all other vehicle types.-19 B.Vehicle Weight Vehicle weight is a fundamental vehicle attribute,both because it can be related to utility functions such as vehicle size and features,and because vehicles with a higher weight,other things being equal,will require more energy to move.For vehicles with an internal combustion engine,this higher energy requirement generally results in more CO2 emissions and decreased fuel economy.For electric vehicles(EVs),the higher energy required to move a vehicle with more weight will likely decrease fuel economy,measured in miles per gallon of gasoline equivalent(mpge),but will not increase CO2 emissions,since EVs do not have tailpipe emissions regardless of the weight of the vehicle.Due to the weight of battery packs,electric vehicles are likely to weigh more than comparable internal combustion engine vehicles and can even result in the vehicle falling under different regulatory requirements.All vehicle weight data in this report are based on inertia weight classes.Each inertia weight class represents a range of loaded vehicle weights,or vehicle curb weights7 plus 300 pounds.Vehicle inertia weight classes are in 250-pound increments for classes below 3,000 pounds,while inertia weight classes over 3,000 pounds are divided into 500-pound increments.Vehicle Weight by Vehicle Type Figure 3.5 shows the average new vehicle weight for all vehicle types since model year 1975.From model year 1975 to 1981,average vehicle weight dropped 21%,from 4,060 pounds per vehicle to about 3,200 pounds;this was likely driven by both increasing fuel economy standards(which,at the time,were universal standards,and not based on any type of vehicle attribute)and higher gasoline prices.From model year 1981 to model year 2004,the trend reversed,and average new vehicle weight began to slowly but steadily climb.By model year 2004,average new vehicle weight had increased 28%from model year 1981 and reached 4,111 pounds per vehicle,in part because of the increasing truck share.Average vehicle weight in model year 2021 was about 4ove 2004 and is currently at the highest point on record,at 4,289 pounds.Preliminary model year 2022 data suggest that weight will continue to increase.In model year 1975,the difference between the heaviest and lightest vehicle types was about 215 pounds,or about 5%of the average new vehicle.By model year 2021,the 7 Vehicle curb weight is the weight of an empty,unloaded vehicle.-20 difference between the heaviest and lightest vehicle types had increased to more than 1,600 pounds,about 38%of the average new vehicle weight.Over that time,the weight of an average new sedan/wagon fell 12%while the weight of an average new pickup increased 30%.In 1975,the average new sedan/wagon outweighed the average new pickup by about 45 pounds,but the different weight trends over time for each of these vehicle types led to a very different result in model year 2021,with the average new pickup outweighing the average new sedan/wagon by more than 1,600 pounds.Pickups are below their model year 2014 high of 5,484 pounds per vehicle,due to vehicle redesigns of popular truck models and the use of weight saving designs,such as aluminum bodies.Figure 3.5.Average New Vehicle Weight by Vehicle Type 2500 3000 3500 4000 4500 5000 5500Weight(lbs)2500 3000 3500 4000 4500 5000 5500 1975 1985 1995 2005 2015 2025 1975 1985 1995 2005 2015 2025 1975 1985 1995 2005 2015 2025 ALL Sedan/Wagon Car SUV Truck SUV Minivan/Van Pickup 30%Since MY 1975 7%Since MY 1975 Since MY 1975 6%9%Since MY 1975-12%Since MY 1975-5%Since MY 1975 Model Year Figure 3.6 shows the annual production share of different inertia weight classes for new vehicles since model year 1975.In model year 1975 there were significant sales in all weight classes from 2,750 pounds to 5,500 pounds.In the early 1980s the largest vehicles disappeared from the market,and light cars 2,750 pounds inertia weight briefly captured more than 25%of the market.Since then,cars in the 2,750-pound inertia weight class have all but disappeared,and the market has moved towards heavier vehicles.t t t t-21 Interestingly,the heaviest vehicles in model year 1975 were mostly large cars,whereas the heaviest vehicles today are largely pickups and truck SUVs,along with a few minivan/vans and a small number of luxury sedan/wagons.Figure 3.6.Inertia Weight Class Distribution by Model Year Vehicle Weight and CO2 Emissions Heavier vehicles require more energy to move than lower-weight vehicles and,if all other factors are the same,will have lower fuel economy and higher CO2 emissions.The wide array of technology available in modern vehicles complicates this comparison,but it is still useful to evaluate the relationship between vehicle weight and CO2 emissions,and how these variables have changed over time.Figure 3.7 shows estimated real-world CO2 emissions as a function of vehicle inertia weight for model year 19788 and model year 2020.On average,CO2 emissions increase linearly with vehicle weight for both model years,although the rate of change as vehicles get heavier is different.At lower weights,vehicles from model year 2021 produced about two 8 Model year 1978 was the first year for which complete horsepower data are available,therefore it will be used for several historical comparisons for consistency.00u%Q.),._ Cl.s:(J)C 0 50%.=.u:l O 0,._ 0.25%075 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 Model Year Weight 6000-22 D I I I I thirds of the CO2 emissions of 1978 vehicles.The difference between model year 2021 and 1978 increases for heavier vehicles,as the heaviest model year 2021 vehicles produce about half of the CO2 emissions of 1978 vehicles.Figure 3.7.Relationship of Inertia Weight and CO2 Emissions Model Year 1978 2021 Real-World CO2(g/mi)0 2000 3000 4000 5000 6000 7000 Inertia Weight(lbs)Electric vehicles,which do not produce any tailpipe CO2 emissions regardless of weight,are visible along the 0 g/mi axis of Figure 3.7.As more electric vehicles are introduced into the market,the relationship between average vehicle CO2 emissions and inertia weight will continue to evolve.23 C.Vehicle Power Vehicle power,measured in horsepower(hp),has changed dramatically since model year 1975.In the early years of this report,horsepower fell,from an average of 137 hp in model year 1975 to 102 hp in model year 1981.Since model year 1981,however,horsepower has increased almost every year.The average new vehicle in model year 2021 produced 85%more power than a new vehicle in model year 1975,and 148%more power than an average new vehicle in model year 1981.The average new vehicle horsepower is at a record high,increasing from 246 hp in model year 2020 to 253 hp in model year 2021.The preliminary value for model year 2022 is 272 hp,which would be another record-high for horsepower.Many EVs have high hp ratings,however determining vehicle horsepower for EVs and PHEVs can be more complicated than for vehicles with internal combustion engines.The power available at the wheels of an EV may be limited by numerous electrical components other than the motor.In addition,some EVs have multiple motors and the total available power may be less than the sum of the individual motor ratings.PHEVs,which have an internal combustion engine,at least one motor,and complicated control strategies,can be even more complicated to accurately assign one static power value.Therefore,horsepower values for the increasing number of EVs and PHEVs are more difficult to determine and may have higher uncertainty.Vehicle Power by Vehicle Type As with weight,the changes in horsepower are also different among vehicle types,as shown in Figure 3.8.Horsepower for sedan/wagons increased 57tween model year 1975 and 2021,74%for truck SUVs,90%for car SUVs,58%for minivan/vans,and 139%for pickups.Horsepower has generally been increasing for all vehicle types since about 1985,but there is more variation between model types in the last decade.The projected model year 2022 data shows a large increase of about 19 hp across all new vehicles.This is due in part to the projected increase of electric vehicles,many of which have high horsepower ratings.The projected data shown horsepower increases for all vehicle types.-24 Figure 3.8.Average New Vehicle Horsepower by Vehicle Type 100 150 200 250 300 350 100 150 200 250 300 350 Horsepower Pickup Minivan/Van Truck SUV Car SUV Sedan/Wagon ALL Since MY 1975 139X%Since MY 1975 74%Since MY 1975 90%Since MY 1975 57%Since MY 1975 Since MY 1975 85%t t t t t t I I I I I I I I I I I I I I I I I I-1975 1985 1995 2005 2015 2025 1975 1985 1995 2005 2015 2025 1975 1985 1995 2005 2015 2025 Model Year The distribution of horsepower over time has shifted towards vehicles with higher horsepower,as shown in Figure 3.9.While few new vehicles in the early 1980s had greater than 200 hp,the average vehicle in model year 2021 had 253 hp.In addition,vehicles with more than 300 hp make up more than half of new vehicle production,and the maximum horsepower for an individual vehicle is now 1,500 hp.Horsepower is projected to increase again in model year 2022,with 20%of vehicles projected to reach 400 hp or higher.25 Figure 3.9.Horsepower Distribution by Model Year 100uP%080 1990 2000 2010 2020 Model Year Production Share Horsepower 450 400450 350400 300350 250300 200250 150200 100150 50100 Vehicle Power and CO2 Emissions The relationship between vehicle power,CO2 emissions,and fuel economy has become more complex as new technology and vehicles have emerged in the marketplace.In the past,higher power generally increased CO2 emissions and decreased fuel economy,especially when new vehicle production relied exclusively on gasoline and diesel internal combustion engines.As shown in Figure 3.10,model year 1978 vehicles with increased horsepower generally had increased CO2 emissions.In model year 2021,CO2 emissions increased with increased vehicle horsepower at a much lower rate than in model year 1978,such that model year 2021 vehicles nearly all had lower CO2 emissions than their model year 1978 counterparts with the same amount of power.Technology improvements,including turbocharged engines and hybrid packages,have reduced the incremental CO2 emissions associated with increased power.Electric vehicles are present along the 0 g/mi line in Figure 3.10 because they produce no tailpipe CO2 emissions,regardless of horsepower,further complicating this analysis for modern vehicles.26-,.f-,111-D-Real-World CO2(g/mi)Figure 3.10.Relationship of Horsepower and CO2 Emissions 1200 900 600 300 Model Year 1978 2021 0 0 500 1000 1500 Horsepower Vehicle Acceleration Vehicle acceleration is closely related to vehicle horsepower.As new vehicles have increased horsepower,the corresponding ability of vehicles to accelerate has also increased.The most common vehicle acceleration metric,and one of the most recognized vehicle metrics overall,is the time it takes a vehicle to accelerate from 0 to 60 miles per hour,also called the 0-to-60 time.Data on 0-to-60 times are not directly submitted to EPA but are calculated for most vehicles using vehicle attributes and calculation methods developed by MacKenzie and Heywood(2012).9 The relationship between power and acceleration is different for EVs than for vehicles with internal combustion engines.Electric motors generally have maximum torque available from a standstill,which is not true for internal combustion engines.The result is that EVs 9 MacKenzie,D.Heywood,J.2012.Acceleration performance trends and the evolving relationship among power,weight,and acceleration in U.S.light-duty vehicles:A linear regression analysis.Transportation Research Board,Paper NO 12-1475,TRB 91st Annual Meeting,Washington,DC,January 2012.27 can have very fast 0-60 acceleration times,and the calculation methods used for vehicles with internal combustion engines are not valid for EVs.PHEVs and hybrids may also use their motors to improve acceleration.Acceleration times for EVs,PHEVs,and hybrids must be obtained from external sources,and as with horsepower values,there may be more uncertainty with these values.Since the early 1980s,there has been a clear downward trend in 0-to-60 times.Figure 3.11 shows the average new vehicle 0-to-60 time since model year 1978.The average new vehicle in model year 2021 had a 0-to-60 time of 7.7 seconds,which is the fastest average 0-to-60 time for any model year about half of the average 0-to-60 times of the early 1980s.The calculated 0-to-60 time for model year 2022 is projected to decrease again,to 7.5 seconds.The long-term downward trend in 0-to-60 times is consistent across all vehicle types.The continuing decrease in pickup truck 0-to-60 times is likely due to their increasing power,as shown in Figure 3.8.While much of that power is intended to increase towing and hauling capacity,it also decreases 0-to-60 times.Increasing EV production will likely continue,and perhaps accelerate,the trend towards lower 0-to-60 acceleration times.Figure 3.11.Calculated 0-to-60 Time by Vehicle Type ALL Sedan/Wagon Car SUV Seconds 18 15 12 9 18 15 12 9 Truck SUV Minivan/Van Pickup-44%Since MY 1978-43%Since MY 1978-43%Since MY 1978-42%Since MY 1978-41%Since MY 1978-48%Since MY 1978 1975 1985 1995 2005 2015 20251975 1985 1995 2005 2015 20251975 1985 1995 2005 2015 2025-Model Year 28 D.Vehicle Footprint Vehicle footprint is an important attribute since it is the basis for the current CO2 emissions and fuel economy standards.Footprint is the product of wheelbase times average track width(the area defined by where the centers of the tires touch the ground).This report provides footprint data beginning with model year 2008,although footprint data from model years 20082010 were aggregated from various sources and EPA has less confidence in the precision of these data than that of formal compliance data.Beginning in model year 2011,the first year when both car and truck CAFE standards were based on footprint,automakers began to submit reports to EPA with footprint data at the end of the model year,and these official footprint data are reflected in the final data through model year 2021.EPA projects footprint data for the preliminary model year 2022 fleet based on footprint values from the previous model year and,for new vehicle designs,publicly available data.Vehicle Footprint by Vehicle Type Figure 3.12 shows overall new vehicle and vehicle type footprint data since model year 2008.Between model year 2008 and 2021,the overall average footprint increased 5%,from 48.9 to 51.5 square feet.All five vehicle types have increased average footprint since model year 2008.Car SUVs have had the smallest increase in footprint,up 0.6 square feet or 1.3%.The footprint of the average truck SUVs has increased 1.4 square feet,the average minivan/van has increased 1.6 square feet,the average sedan/wagon has increased 1.7 square feet,and the average pickup has increased 2.7 square feet,or 4.3%.The overall increase in footprint is impacted by both the trends within each vehicle type and the changing mix of vehicles over time,as the market has shifted towards larger vehicles.The distribution of footprints across all new vehicles,as shown in Figure 3.13,also shows a slow reduction in the number of smaller vehicles with a footprint of less than 45 square feet,along with growth in larger vehicle categories.This is consistent with the changes in market trends towards larger vehicles,as seen in Figure 3.2 and elsewhere in this report.Projected data for model year 2022 suggest that overall average footprint will increase to 51.7 square feet.-29 30 Figure 3.12.Footprint by Vehicle Type for Model Year 20082021 Figure 3.13.Footprint Distribution by Model Year 0%Pu0%Production Share20082010201220142016201820202022Model YearFootprint6540606555605055455040451000 D 500-Vehicle Footprint and CO2 Emissions The relationship between vehicle footprint and CO2 emissions is shown in Figure 3.14.Vehicles with a larger footprint are likely to weigh more and have more frontal area,which leads to increased aerodynamic resistance.Increased weight and aerodynamic resistance increase CO2 emissions and decreases fuel economy.The general trend of increasing footprint and CO2 emissions holds true for vehicles from model year 2008 and model year 2021,although vehicles produced in model year 2021 are projected to produce roughly 20%less CO2 emissions than model year 2008 vehicles of a comparable footprint.Electric vehicles are shown in Figure 3.14 with zero tailpipe CO2 emissions,regardless of footprint.As more electric vehicles enter the market,the relationship between footprint and tailpipe CO2 emissions will become much flatter,or less sensitive to footprint.Figure 3.14.Relationship of Footprint and CO2 Emissions Model Year 2008 2021 750 Real-World CO2(g/mi)250 0 30 40 50 60 70 Footprint(sq ft)31 E.Vehicle Type and Attribute Tradeoffs The past 45 years of data show striking changes in the mix of vehicle types,and the attributes of those vehicles,produced for sale in the United States.In the two decades prior to 2004,technology innovation and market trends generally resulted in increased vehicle power and weight(due to increasing vehicle size and content)while average new vehicle fuel economy steadily decreased and CO2 emissions correspondingly increased.Since model year 2004,the combination of technology innovation and market trends have resulted in average new vehicle fuel economy increasing 32%,horsepower increasing 20%,and weight increasing 4%.Footprint has increased 5%since EPA began tracking it in model year 2008.These metrics are all at record highs,and horsepower,weight,and footprint are projected to increase again in model year 2022,as shown in Figure 3.15.The changes within each of these metrics is due to the combination of design and technology changes within each vehicle type,and the market shifts between vehicle types.For example,overall new vehicle footprint has increased within each vehicle type since model year 2008,but the average new vehicle footprint has increased more than the increase in any individual vehicle type over that time span,due to market shifts towards larger vehicle types.Fuel economy has also increased in all vehicle types since model year 2008,however the market shift towards less efficient vehicle types has offset some of the fleetwide fuel economy and CO2 emission benefits that otherwise would have been achieved through improving technology.Vehicle fuel economy and CO2 emissions are clearly related to vehicle attributes investigated in this section,namely weight,horsepower,and footprint.Future trends in fuel economy and CO2 emissions will be dependent,at least in part,by design choices related to these attributes.-32 Figure 3.15.Relative Change in Fuel Economy,Weight,Horsepower,and Footprint Change Since 1975 100uP%0%Real-World Fuel Economy Horsepower Weight 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 10%0%Footprint Change Since 2008:j I.,I,.-,I-1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 Model Year 33 Table 3.1.Vehicle Attributes by Model Year Model Year 1975 1980 1985 1990 1995 2000 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022(prelim)Real-World Real-World Car Truck CO2 FE Weight Horsepower 0 to 60 Footprint Production Production(g/mi)(mpg)(lbs)(HP)(s)(ft2)Share Share 681 13.1 4,060 137-80.7.3F6 19.2 3,228 104 15.6-83.5.5A7 21.3 3,271 114 14.1-75.2$.8B0 21.2 3,426 135 11.5-70.4).6C4 20.5 3,613 158 10.1-63.56.5E0 19.8 3,821 181 9.8-58.8A.2D7 19.9 4,059 209 9.0-55.6D.4D2 20.1 4,067 213 8.9-57.9B.1C1 20.6 4,093 217 8.9-58.9A.1B4 21.0 4,085 219 8.9 48.9 59.3.797 22.4 3,914 208 8.8 47.9 67.03.094 22.6 4,001 214 8.8 48.5 62.87.299 22.3 4,126 230 8.5 49.5 57.8B.277 23.6 3,979 222 8.5 48.8 64.45.668 24.2 4,003 226 8.4 49.1 64.15.969 24.1 4,060 230 8.3 49.7 59.3.760 24.6 4,035 229 8.3 49.4 57.4B.659 24.7 4,035 230 8.3 49.5 55.3D.757 24.9 4,093 234 8.2 49.8 52.6G.453 25.1 4,137 241 8.0 50.4 48.0R.056 24.9 4,156 245 7.9 50.8 44.4U.649 25.4 4,166 246 7.8 50.9 43.9V.147 25.4 4,289 253 7.7 51.5 37.1b.931 26.4 4,329 272 7.5 51.7 37.8b.2%To explore this data in more depth,please see the report website at https:/www.epa.gov/automotive-trends 34 35 Table 3.2.Estimated Real-World Fuel Economy and CO2 by Vehicle Type Model Year Sedan/Wagon Car SUV Truck SUV Minivan/Van Pickup Prod Share Real-World CO2(g/mi)Real-World FE(mpg)Prod Share Real-World CO2(g/mi)Real-World FE(mpg)Prod Share Real-World CO2(g/mi)Real-World FE(mpg)Prod Share Real-World CO2(g/mi)Real-World FE(mpg)Prod Share Real-World CO2(g/mi)Real-World FE(mpg)1975 80.6f0 13.5 0.1y9 11.1 1.76 11.0 4.50 11.1 13.1t6 11.9 1980 83.5D6 20.0 0.0a0 14.6 1.6g6 13.2 2.1b9 14.1 12.7T1 16.5 1985 74.687 23.0 0.6D3 20.1 4.5S8 16.5 5.9S7 16.5 14.4H9 18.2 1990 69.881 23.3 0.5G2 18.8 5.1T1 16.4 10.0I8 17.8 14.5Q1 17.4 1995 62.079 23.4 1.5I9 17.8 10.5U5 16.0 11.0I2 18.1 15.0R6 16.9 2000 55.188 22.9 3.7I7 17.9 15.2U5 16.0 10.2G8 18.6 15.8S4 16.7 2005 50.579 23.5 5.1D0 20.2 20.6S1 16.7 9.3F0 19.3 14.5V1 15.8 2006 52.982 23.3 5.0C4 20.5 19.9Q8 17.2 7.7E5 19.5 14.5U1 16.1 2007 52.969 24.1 6.0C1 20.6 21.7P3 17.7 5.5E6 19.5 13.8U0 16.2 2008 52.766 24.3 6.6A9 21.2 22.1H9 18.2 5.7D8 19.8 12.9S9 16.5 2009 60.551 25.3 6.53 22.0 18.4F1 19.3 4.0D3 20.1 10.6R6 16.9 2010 54.540 26.2 8.286 23.0 20.7E2 19.7 5.0D2 20.1 11.5R7 16.9 2011 47.844 25.8 10.078 23.5 25.5D9 19.8 4.3B4 20.9 12.3Q6 17.2 2012 55.022 27.6 9.481 23.3 20.6D5 20.0 4.9A8 21.3 10.1Q6 17.2 2013 54.113 28.4 10.065 24.3 21.8B7 20.8 3.8B2 21.1 10.4P9 17.5 2014 49.213 28.4 10.164 24.4 23.9A2 21.6 4.3A8 21.3 12.4I3 18.0 2015 47.206 29.0 10.253 25.1 28.16 21.9 3.98 21.8 10.7G4 18.8 2016 43.803 29.2 11.538 26.2 29.10 22.2 3.9A0 21.7 11.7G1 18.9 2017 41.0)3 30.2 11.639 26.1 31.798 22.3 3.699 22.2 12.1G0 18.9 2018 36.7(6 30.8 11.324 27.4 35.084 23.1 3.189 22.8 13.9F6 19.1 2019 32.7(5 30.9 11.723 27.5 36.578 23.5 3.496 22.4 15.6F7 19.0 2020 30.97 31.7 13.010 28.4 38.774 23.8 2.979 23.4 14.4F5 19.2 2021 25.70 32.2 11.48 31.0 44.768 24.1 2.222 27.3 16.1F3 19.3 2022(prelim)25.4%4 33.7 12.4&2 32.4 43.154 24.8 3.444 25.6 15.7D2 20.1 To explore this data in more depth,please see the report website at https:/www.epa.gov/automotive-trends Table 3.3.Model Year 2021 Vehicle Attributes by Manufacturer Manufacturer BMW Ford GM Honda Hyundai Kia Mazda Mercedes Nissan Stellantis Subaru Tesla Toyota VW Other All Manufacturers Real-World Real-World CO2 FE Weight Horsepower 0 to 60 Footprint(g/mi)(mpg)(lbs)(HP)(s)(ft2)339 25.8 4,443 299 6.3 50.1 385 22.9 4,685 299 6.9 57.2 414 21.6 4,770 288 7.5 56.9 312 28.5 3,786 212 7.8 47.9 310 28.5 3,646 194 8.6 47.9 310 28.7 3,566 190 8.5 47.6 324 27.4 3,847 197 8.8 46.4 376 23.6 4,576 304 6.6 50.9 311 28.6 3,790 195 9.0 47.6 417 21.3 4,772 304 7.1 55.5 309 28.8 3,899 195 9.1 45.9 0 123.9 4,317 376 4.8 50.6 327 27.1 4,158 224 7.8 49.7 352 24.7 4,394 269 7.2 49.6 340 25.6 4,401 270 7.7 49.0 347 25.4 4,289 253 7.7 51.5 To explore this data in more depth,please see the report website at https:/www.epa.gov/automotive-trends 36 Table 3.4.Model Year 2021 Estimated Real-World Fuel Economy and CO2 by Manufacturer and Vehicle Type Manufacturer Sedan/Wagon Car SUV Truck SUV Minivan/Van Pickup Real-Real-World World Prod CO2 FE Share(g/mi)(mpg)Real-Real-World World Prod CO2 FE Share(g/mi)(mpg)Real-Real-World World Prod CO2 FE Share(g/mi)(mpg)Real-Real-World World Prod CO2 FE Share(g/mi)(mpg)Real-Real-World World Prod CO2 FE Share(g/mi)(mpg)BMW 49.716 27.8 6.307 29.0 44.069 23.6-Ford 6.1%9 29.9 8.104 29.1 46.083 23.2 1.656 25.0 38.1B5 20.9 GM 8.5)7 29.4 12.606 29.0 43.1B1 21.1-35.9G1 19.1 Honda 43.64 32.4 10.611 28.5 39.540 26.1 4.076 23.6 2.4B4 21.0 Hyundai 43.5%8 34.4 33.523 27.3 23.091 22.7-Kia 49.7&6 33.4 8.212 28.5 41.059 24.8 1.2B0 21.1-Mazda 20.5)7 30.0 18.808 28.8 60.839 26.2-Mercedes 29.442 26.0 14.431 26.8 55.15 22.0 1.0B8 20.7-Nissan 56.89 31.7 14.0)2 30.4 20.754 25.1 1.956 24.9 6.5F9 18.9 Stellantis 9.5A7 21.3 4.040 26.1 51.90 22.1 6.441 25.3 28.1G8 18.7 Subaru 10.026 27.3-90.007 28.9-Tesla 47.2%0 129.8 45.8%0 119.0 7.0%0 119.8-Toyota 30.3%6 34.6 10.910 28.7 39.533 26.5 3.6$8 35.8 15.7G7 18.6 VW 29.002 28.9 5.0 1 35.7 66.086 22.7-Other 16.5%5 33.4 14.5(7 29.4 68.071 23.6 1.041 26.0-All Manufacturers 25.70 32.2 11.48 31.0 44.768 24.1 2.222 27.3 16.1F3 19.3 To explore this data in more depth,please see the report website at https:/www.epa.gov/automotive-trends 37 Table 3.5.Footprint by Manufacturer for Model Year 20202022(ft2)Manufacturer BMW Ford GM Honda Hyundai Kia Mazda Mercedes Nissan Stellantis Subaru Tesla Toyota VW Other All Manufacturers Final MY 2020 Car Truck 47.8 52.8 47.8 58.1 45.5 58.9 46.1 49.8 46.5 53.5 45.7 50.4 45.5 47.1 48.8 53.2 46.7 51.1 49.3 55.8 44.9 46.4 50.4 54.8 46.3 52.6 46.3 49.4 44.9 49.9 46.6 54.3 All 49.7 55.4 54.5 47.7 47.2 47.5 46.3 51.3 48.1 54.9 46.1 50.6 49.3 48.1 48.6 50.9 Final MY 2021 Car Truck 48.1 52.7 47.6 58.8 45.4 60.0 46.6 49.5 46.5 52.4 46.1 49.6 45.5 47.0 49.1 52.4 46.1 51.1 50.3 56.3 44.9 46.0 50.6 51.4 46.5 51.9 47.1 50.8 44.7 50.8 46.9 54.3 All 50.1 57.2 56.9 47.9 47.9 47.6 46.4 50.9 47.6 55.5 45.9 50.6 49.7 49.6 49.0 51.5 Preliminary MY 2022 Car Truck All 47.9 52.9 50.1 48.0 57.7 56.7 45.9 58.6 55.2 46.9 50.8 48.6 46.9 50.9 48.0 46.9 50.7 48.7 44.3 47.0 46.6 50.1 52.5 51.4 46.9 51.3 48.7 50.5 57.2 56.5 44.9 46.3 46.0 50.4 52.0 50.7 46.5 52.6 49.9 46.8 50.2 48.8 46.1 52.9 51.3 47.2 54.4 51.7 To explore this data in more depth,please see the report website at https:/www.epa.gov/automotive-trends 38 Vehicle Technology Since model year 1975,the technology used in vehicles has continually evolved.Todays vehicles utilize an increasingly wide array of technological solutions developed by the automotive industry to improve vehicle attributes discussed previously in this report,including CO2 emissions,fuel economy,vehicle power,and acceleration.Automotive engineers and designers are constantly creating and evaluating new technology and deciding how,or if,it should be applied to their vehicles.This section of the report looks at vehicle technology from two perspectives;first,how the industry has adopted specific technologies over time,and second,how those technologies have impacted CO2 emissions and fuel economy.A.Technology Overview All vehicles use some type of engine or motor to convert energy stored on the vehicle,usually in a fuel or battery,into rotational energy to propel the vehicle forward.Internal combustion engines,for example,typically combust gasoline or diesel fuel to rotate an output shaft.Internal combustion engines are paired with a transmission to convert the rotational energy from the relatively narrow range of speeds available at the engine to the appropriate speed required for driving conditions.The transmission is connected to a driveline that transfers the rotational energy from the transmission to the two or four wheels being used to move the vehicle.Each of these components has energy losses,or inefficiencies,which ultimately increase vehicle CO2 emissions and decrease fuel economy.A basic illustration of the energy flow through a gasoline vehicle is shown in Figure 4.1.Figure 4.1.Vehicle Energy Flow 4.Engine-39 Manufacturers have been adopting many new technologies to improve gasoline internal combustion engines.Figure 4.2 illustrates manufacturer-specific technology adoption for model year 2021,where larger circles represent higher adoption rates.For gasoline engines,technologies such as turbocharged engines(Turbo)and gasoline direct injection(GDI)allow for more efficient engine design and operation.Cylinder deactivation(CD)allows for only using part of the engine when less power is needed.Transmissions that have seven or more speeds,and continuously variable transmissions(CVTs),allow an engine to more frequently operate near its peak efficiency,providing more efficient average engine operation and a reduction in fuel usage.Engine stop/start systems can turn off the engine entirely when the vehicle is stopped to save fuel.Manufacturers are also adopting hybrids,plug-in hybrid electric vehicles(PHEVs),electric vehicles(EVs),and fuel cell vehicles(FCVs).Hybrid vehicles store some propulsion energy in a battery,and often recapture braking energy,allowing for a smaller,more efficiently operated engine.Plug-in hybrids operate similarly to hybrids,but their batteries can be charged from an external source of electricity,and generally have a longer electric only operating range.Electric vehicles operate only on energy stored in a battery that is charged from an external source of electricity and rely exclusively on electric motors for propulsion instead of an internal combustion engine.Fuel cell vehicles use a fuel cell stack to create electricity from an onboard fuel source(usually hydrogen),which then powers an electric motor or motors to propel the vehicle.PHEVs,EVs,and FCVs offer fundamentally different architectures than shown in Figure 4.1 and require different metrics10 and an evolving analysis of vehicle technology.Hybrids,PHEVs and EVs are a growing portion of the fleet,and most manufacturers have made recent public announcements committing to billions of dollars in research towards electrification,and in some cases,manufacturers have announced specific targets for entirely phasing out internal combustion engines.The technologies in Figure 4.2 are all being used by manufacturers to reduce CO2 emissions and increase fuel economy.Each of the fourteen largest manufacturers have adopted several of these technologies into their vehicles,with many manufacturers achieving high penetrations of several technologies as shown in Figure 4.2.It is also clear that manufacturers strategies to develop and adopt technologies are unique and vary significantly.Each manufacturer is choosing technologies that best meet the design requirements of their vehicles,and in many cases,that technology is changing quickly.The 10 See Appendix E for a detailed discussion of EV and PHEV metrics.-40 rest of this section will explore how vehicle technology has changed since 1975,the impact of those technology changes,and the rate at which technology is adopted by the industry.Figure 4.2.Manufacturer Use of Emerging Technologies for Model Year 2021 Tesla Subaru Kia Nissan Hyundai Honda Mazda Toyota BMW VW Mercedes Ford GM Stellantis All Manufacturers 337w%3S%5&SV0%00yDrGT!%8%3E%1%9%26a#BWt088FEEEuwqd$!P%9%5 %7%4%2%4%3%1%3%7%7%2%0%2%1%0%00%Turbo GDI CD CVT 7 Gears Non-hybrid Hybrid PHEV/StopStart EV/FC-.-.-.-.-.-.-.-.-.-41 B.Vehicle Propulsion As discussed above,all vehicles use some type of engine or motor to convert stored energy into rotational energy to propel the vehicle forward.Over the last 45 years that EPA has been collecting data,gasoline internal combustion engines have been the dominant technology used as a power source in vehicles.Over that time,the technology used in combustion engines has continually evolved.Modern gasoline combustion engines are continuing that trend,employing technologies such as direct injection,turbocharging,and cylinder deactivation to improve efficiency and performance.A growing portion of new vehicles rely on partial or full electrification to achieve operational improvements,reduce tailpipe CO2 emissions,and increase fuel economy.Many new vehicles utilize stop-start technology,which turns off the engine during idle conditions and uses the vehicle battery to restart the engine when needed.Mild hybrids generally employ stop-start systems and have an electric motor that can assist the engine with moving the vehicle forward.Full hybrids generally have larger batteries and motors that can provide more power to move the vehicle or can directly drive the vehicle without the engine.Plug-in hybrids(PHEVs)add the capability of charging the vehicle battery from an external source,namely electricity from the power grid.Full electric vehicles(EVs)rely on electric motors to provide propulsion and use energy stored onboard in a battery.EVs are charged with electricity from the power grid,and do not have an internal combustion engine.Most hybrids,PHEVs,and EVs also utilize regenerative braking to recapture braking energy that otherwise would have been lost as heat,and further improve vehicle efficiency.This“spectrum of electrification”is creating a wide range of technology implementation strategies on modern vehicles,and offering numerous pathways to improve vehicle efficiency,emissions,and performance.The trend in vehicle propulsion technology since model year 1975 is shown in Figure 4.3.Vehicles that use an engine that operates exclusively on gasoline(including hybrids,but not plug-in hybrids which also use electricity)have held at least 95%of the light-duty vehicle market in almost every year prior to model year 2021(vehicles with diesel engines briefly captured almost 6%of the market in model year 1981).In model year 2021,the combination of EVs,PHEVs,FCVs,and diesel vehicles accounted for slightly more than 5%of all production.The production of EVs is expected to grow in future model years,transitioning to a technology found across multiple vehicle types and models.Projected model year 2022 data suggests EVs alone will capture more than 7%of the market,and perhaps begin to challenge the dominance of vehicles relying exclusively on gasoline internal combustion engines.-42 Figure 4.3.Production Share by Engine Technology 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 0%Pu0%Truck 0%Pu0r Production Share 1 3 5 6 7 8 10 11 12 12 13 6 5 13 7 3 1 4 8 2 13 10 9-Model Year Fuel Delivery Valve Timing Number of Valves Key Carbureted Fixed Two-Valve 1 Multi-Valve 2 3Throttle Body Injection Fixed Two-Valve Multi-Valve 4 Port Fuel Injection Fixed Two-Valve 5 Multi-Valve 6 Variable Two-Valve 7 8 9 Multi-Valve Gasoline Direct Injection(GDI)Fixed Multi-Valve Variable Multi-Valve 10 Two-Valve 11 Diesel 12 EV/PHEV/FCV 13 43 Engines that use only gasoline as a fuel(including hybrids)are further divided based on three broad parameters for Figure 4.3:fuel delivery,valve timing,and number of valves per cylinder.These parameters enable better control of the combustion process,which in turn can allow for lower CO2 emissions,increased fuel economy,and/or more power.Fuel delivery refers to the method of creating an air and fuel mixture for combustion.The technology for fuel delivery has changed over time from carburetors to fuel injection systems located in the intake system,and more recently to gasoline direct injection(GDI)systems that spray gasoline directly into the engine cylinder.The valves on each cylinder of the engine determine the amount and timing of air entering and exhaust gases exiting the cylinder during the combustion process.Valve timing has evolved from fixed timing to variable valve timing(VVT),which can allow for much more precise control.In addition,the number of valves per cylinder has generally increased,again offering more control of air and exhaust flows.Combined,these changes have led to modern engines with much more precise control of the combustion process.Figure 4.3 shows many different engine designs as they have entered,and in many cases exited,the automotive market.Some fleetwide changes occurred gradually,but in some cases(for example trucks in the late 1980s),engine technology experienced widespread change in only a few years.Evolving technology offers opportunities to improve fuel economy,CO2 emissions,power,and other vehicle parameters.The following analysis will look at technology trends within gasoline engines(including hybrids),PHEVs and EVs,and diesel engines.Each of these categories of engine technologies has unique properties,metrics,and trends over time.Gasoline Engines Since EPA began tracking vehicle data in 1975,over 650 million vehicles have been produced for sale in the United States.As shown in Figure 4.3,vehicles relying on a gasoline engine as the only source of power have been the overwhelmingly dominant technology for that time span,although EVs and PHEVs are now capturing a growing portion of new vehicle production.For the purposes of this report,hybrid vehicles are included with gasoline engines,as are“flex fuel”vehicles that are capable of operating on gasoline or a blend of 85%ethanol and 15%gasoline(E85).Engine Size and Displacement Engine size is generally described in one of two ways,either the number of cylinders or the total displacement of the engine(the total volume of the cylinders).Engine size is-44 important because larger engines strongly correlate with higher fuel use.Figure 4.4 shows the trends in gasoline engine size over time,as measured by number of cylinders;note the gap between the top of the stacked bar and the 100%threshold corresponds to the share of vehicles relying on technologies other than gasoline engines,primarily diesel engines in the 1980s and EVs more recently.Figure 4.4.Gasoline Engine Production Share by Number of Cylinders Production Share 100uP%075 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 Model Year Cylinders Less than 4 4 Cylinder 5 Cylinder 6 Cylinder 8 Cylinder More than 8 In the mid and late 1970s,the 8-cylinder gasoline engine was dominant,accounting for well over half of all new vehicle production.Between model year 1979 and 1980 there was a significant change in the market,as 8-cylinder engine production share dropped from 52%to 23%,and those engines were replaced with smaller 4-cylinder and some 6-cylinder engines.From model year 1987 through 2004,production moved back towards larger 6-cylinder and 8-cylinder engines.This trend reversed again in 2005 as production began trending back towards 4-cylinder engines.Four-cylinder gasoline engines are now the most popular engine option,capturing about 55%of the market in model year 2021.-45 Overall engine size,as measured by the total volume of all the engines cylinders,is directly related to the number of cylinders.As vehicles have moved towards engines with a lower number of cylinders,the total engine size,or displacement,is also at an all-time low.The average new vehicle in model year 1975 had a displacement of nearly 300 cubic inches,compared to an average of 176 cubic inches in model year 2021.Gasoline engine displacement per cylinder has been relatively stable over the time of this report(around 34 cubic inches per cylinder since 1980),so the reduction in overall new vehicle engine displacement is almost entirely due to the shift towards engines with fewer cylinders.The contrasting trends in horsepower(at all-time high)and engine displacement(at an all-time low)highlight the continuing improvement in engines.These improvements are due to the development of new technologies and ongoing design improvements that allow for more efficient use of fuel or reduce internal engine friction.One additional way to examine the relationship between engine horsepower and displacement is to look at the trend in specific power(HP/Displacement),which is a metric to compare the power output of an engine relative to its size.Specific power has increased 192tween model year 1975 and model year 2021.The rate at which specific power has increased has been remarkably steady,as shown in Figure 4.5.The specific power of new vehicle gasoline engines has increased by about 0.02 horsepower per cubic inch every year for 45 years.Considering the numerous and significant changes to engines over this time span,changes in consumer preferences,and the external pressures on vehicle purchases,the long-standing linearity of this trend is noteworthy.The roughly linear increase in specific power does not appear to be slowing.Turbocharged engines,direct injection,higher compression ratios,and many other engine technologies are likely to continue increasing engine specific power.Figure 4.5 also shows two other important engine metrics,the amount of fuel consumed compared to the overall size of the engine(Fuel Consumption/Displacement),and the amount of fuel consumed relative to the amount of power produced by an engine(Fuel Consumption/HP).The amount of fuel consumed by a gasoline engine in model year 2021,relative to the total displacement,is about 14%lower than in model year 1975.Fuel consumption relative to engine horsepower has fallen more than 70%since model year 1975.Taken as a whole,the trend lines in Figure 4.5 clearly show that gasoline engine improvements over time have been steady and continual and have resulted in impressive improvements to internal combustion engines.-46 Figure 4.5.Percent Change for Specific Gasoline Engine Metrics 20000P%0P%-Fuel Consumption/HP Fuel Consumption/Displacement HP/Displacement 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 Model Year Change Since 1975 Fuel Delivery Systems and Valvetrains All gasoline engines require a fuel delivery system that controls the flow of fuel delivered into the engine.The process for controlling fuel flow has changed significantly over time,allowing for much more control over the combustion process and thus more efficient engines.In the 1970s and early 1980s,nearly all gasoline engines used carburetors to meter fuel delivered to the engine.Carburetors were replaced over time with fuel injection systems;first throttle body injection(TBI)systems,then port fuel injection(PFI)systems,and more recently gasoline direct injection(GDI),as shown in Figure 4.3.TBI and PFI systems use fuel injectors to electronically deliver fuel and mix it with air outside of the engine cylinder;the resulting air and fuel mixture is then delivered to the engine cylinders for combustion.Engines that utilize GDI spray fuel directly into the air in the engine cylinder for better control of the combustion process.Engines using GDI were first introduced into the market with very limited production in model year 2007.Ten years later,GDI engines were installed in 53%of model year 2021 vehicles.47 Another key aspect of engine design is the valvetrain.Each engine cylinder must have a set of valves that allow for air(or an air/fuel mixture)to flow into the engine cylinder prior to combustion and for exhaust gases to exit the cylinder after combustion.The number of valves per cylinder and the method of controlling the valves(i.e.,the valvetrain)directly impacts the overall efficiency of the engine.Generally,engines with four valves per cylinder instead of two,and valvetrains that can alter valve timing during the combustion cycle can provide more engine control and increase engine power and efficiency.This report began tracking multi-valve engines(i.e.,engines with more than two valves per cylinder)for cars in model year 1986 and for trucks in model year 1994.Since that time about 90%of the fleet has converted to multi-valve design.While some three-and five-valve engines have been produced,the majority of multi-valve engines are based on four valves per cylinder.Engines with four valves generally use two valves for air intake and two valves for exhaust.In addition,this report began tracking variable valve timing(VVT)technology for cars in model year 1990 and for trucks in model year 2000,and since then nearly the entire fleet has adopted this technology.Figure 4.3 shows the evolution of engine technology,including fuel delivery method and the introduction of VVT and multi-valve engines.As shown in Figure 4.3,fuel delivery and valvetrain technologies have often been developed simultaneously.Nearly all carbureted engines relied on fixed valve timing and had two valves per cylinder,as did early port-injected engines.Port-injected engines largely developed into engines with both multi-valve and VVT technology.Engines with GDI are almost exclusively using multi-valve and VVT technology.These four engine groupings,or packages,represent a large share of the engines produced over the timespan covered by this report.Figure 4.6 shows the changes in specific power and fuel consumption per horsepower for each of these engine packages over time.There is a very clear increase in specific power of each engine package as engines moved from carbureted engines,to engines with two valves,fixed timing and port fuel injection,then to engines with multi-valve VVT and port fuel injection,and finally to GDI engines.Some of the increase for GDI engines may also be due to the fact that GDI engines are often paired with turbochargers to further increase power.Vehicles with fixed valve timing and two valves per cylinder have been limited in recent years and are no longer included in Figure 4.6 after model year 2015 due to very limited production.-48 Figure 4.6.Engine Metrics for Different Gasoline Technology Packages 2.0 1.6 1.2 0.8 0.4 Specific Power(HP/Displacement)Carbureted Engines Fixed Timing,Two-Valve Engines Variable Timing,Multi-Valve Engines GDI Engines Fuel Consumption/HP(gal/100 mi)/HP)0.06 0.05 0.04 0.03 0.02 Model Year Carbureted Engines Variable Timing,Multi-Valve Engines Fixed Timing,Two-Valve Engines GDI Engines 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025-49 Turbocharging Turbochargers increase the power that an engine can produce by forcing more air,and thus fuel,into the engine.An engine with a turbocharger can produce more power than an identically sized engine that is naturally aspirated or does not have a turbocharger.Turbochargers are powered using the pressure of the engine exhaust as it leaves the engine.Superchargers operate the same way as turbochargers but are directly connected to the engine for power,instead of using the engine exhaust.Alternate turbocharging and supercharging methods,such as electric superchargers,are also beginning to emerge.A limited number of new vehicles utilize both a turbocharger and supercharger in one engine package.Gasoline turbocharged engines have grown rapidly in the marketplace,accounting for more than 30%of all production in model year 2021,as shown in Figure 4.7.Many of these engines are applying turbochargers to create“turbo downsized”engine packages that can combine the improved fuel economy of smaller engines during normal operation but can provide the power of a larger engine by engaging the turbocharger when necessary.As evidence of this turbo downsizing,about 73%of gasoline turbocharged engines are 4-cylinder engines in model year 2021 with most other turbochargers being used in 6-cylinder and 3-cylinder engines.Model year 2022 is projected to be a similar distribution,with a growing number of vehicles equipped with 3-cylinder turbocharged engines.This is shown in Figure 4.8.Most of the current gasoline turbocharged engines also use GDI and VVT.This allows for more efficient engine operation,helps increase the resistance to premature combustion(engine knock),and reduces turbo lag(the amount of time it takes for a turbocharger to engage).In model year 2021,almost 90%of new vehicles with gasoline turbocharged engines also used GDI.Figure 4.9 examines the distribution of engine displacement and power of gasoline turbocharged engines over time.In model year 2011,turbochargers were used mostly in cars,and were available on engines both above and below the average engine displacement.The biggest increase in turbocharger use over the last few years has been in cars with engine displacement well below the average displacement.The distribution of horsepower for turbocharged engines is much closer to the average horsepower,even though the displacement is smaller,reflecting the higher power per displacement of turbocharged engines.This trend towards adding turbochargers to smaller,less powerful engines is consistent with the turbo downsizing trend.-50 Figure 4.7.Gasoline Turbo Engine Production Share by Vehicle Type Production Share 30 %0%Vehicle Type Sedan/Wagon Car SUV Pickup Minivan/Van Truck SUV 2003 2008 2013 2018 2023 Model Year Figure 4.8.Gasoline Turbo Engine Production Share by Number of Cylinders 30 %ct!.c.en C:0:g:,O e 10%a.0%Cylinders 4 Cylinder 6Cylinder 8Cylinder Other 2003 2008 2013 Model Year I 2018 2023-51 Figure 4.9.Distribution of Gasoline Turbo Vehicles by Displacement and Horsepower,Model Year 2011,2014,and 2021 Production(000)0 500 1,000 1,500 2,500 2,000 0 500 1,000 1,500 2,500 2,000 0 500 1,000 1,500 2,500 2,000 Car Truck 2011 2014 2021 Mean HP,All Trucks Mean HP,All Cars Mean Displacement,All Trucks Mean Displacement,All Cars Mean Displacement,All Cars Mean Displacement,All Cars Mean HP,All Trucks Mean Displacement,All Trucks Mean Displacement,All Trucks Mean HP,All Trucks Mean HP,All Cars Mean HP,All Cars Horsepower Displacement(cubic inches)0 100 200 300 400 500 600 700 50 100 150 200 250 300 350 400 450-r-52 Cylinder Deactivation Cylinder deactivation is an engine management approach that turns off the flow of fuel to one or more engine cylinders when driving conditions do not require full engine power.This effectively allows a large engine to act as a smaller engine when the additional cylinders are not needed,increasing engine efficiency and fuel economy.The use of cylinder deactivation in gasoline vehicles has been steadily climbing,and in model year 2021 gasoline engines with cylinder deactivation were almost 17%of all vehicles.This trend is expected to continue,especially as new improvements to cylinder deactivation technology,such as dynamic cylinder deactivation,continue to enter the market.Stop/Start Engine stop/start technology allows the engine to be automatically turned off at idle and very quickly restarted when the driver releases the brake pedal.By turning the engine off,a vehicle can eliminate the fuel use and CO2 emissions that would have occurred if the engine was left running.This report began tracking stop/start technology in model year 2012 at less than one percent.Since then,the use of stop/start has increased to about 45%of all new vehicles in model year 2021,excluding hybrid vehicles.While non-hybrid stop/start systems have been used in a wide range of applications,they are found more often in larger vehicles and engines,as shown in Figure 4.10 and Figure 4.11.Hybrids Gasoline hybrid vehicles feature a battery pack that is larger than the battery found on a typical gasoline vehicle,which allows these vehicles to store and strategically apply electrical energy to supplement the gasoline engine.The result is that the engine can be smaller than what would be needed in a non-hybrid vehicle,and the engine can be operated near its peak efficiency more often.Hybrids also frequently utilize regenerative braking,which uses a motor/generator to capture energy from braking instead of losing that energy to friction and heat,as in traditional friction braking,and stop/start technology to turn off the engine at idle.The combination of these strategies can result in significant reductions in fuel use and CO2 emissions.Hybrids were first introduced in the U.S.marketplace in model year 2000 with the Honda Insight.As more models and options were introduced,hybrid production increased to 3.8%of all vehicles in model year 2010,before declining somewhat over the next several years.However,in model year 2021 hybrid production reached a new high at 9.3%,and is projected to reach 10.1%in model year 2022,as shown in Figure 4.12 and Figure 4.13.-53 Figure 4.10.Non-Hybrid Stop/Start Production Share by Vehicle Type 50 10 2015 2020 Vehicle Type Sedan/Wagon Car SUV Truck SUV Minivan/Van Pickup 10%Cylinders-4 Cylinder 6 Cylinder 8 Cylinder Other-l!I-400 %Production Share Model Year Figure 4.11.Non-Hybrid Stop/Start Production Share by Number of Cylinders 50 10 2015 2020 Model Year Production Share 30 T Figure 4.12.Gasoline Hybrid Engine Production Share by Vehicle Type 2000 2005 2010 2015 2020 Production Share Vehicle Type Sedan/Wagon Car SUV Truck SUV Pickup Minivan/Van Model Year Figure 4.13.Gasoline Hybrid Engine Production Share by Number of Cylinders Production Share Cylinders 4 Cylinder 6 Cylinder 8 Cylinder Other 2000 2005 2010 2015 2020 Model Year 10.0%7.5%5.0%2.5%0%-I 10.0%7.5%5.0%2.5%0%-55 The growth in hybrid vehicles is largely attributable to growth outside of the sedan/wagon vehicle type.In model year 2020 the production of hybrids in the truck SUV category surpassed the production of sedan/wagon hybrids for the first time and did so by more than 50%.Hybrids also began to penetrate the pickup and minivan/van vehicle types.However,there remain very few hybrid car SUVs.Sedan/wagon hybrids accounted for only 21%of all hybrid production in model year 2021,as shown in Figure 4.12.Hybrid vehicles typically use a 4-cylinder engine,although an increasing number of 6 and 8-cylinder engines are being used in hybrid systems,as shown in Figure 4.13.The growth of hybrids in the pickup vehicle type is largely due to the introduction of“mild”hybrid systems that are capable of regenerative braking and many of the same functions as other hybrids but utilize a smaller battery and an electrical motor that cannot directly drive the vehicle.These mild hybrids account for about a third of hybrid production in model year 2021.Plug-In Hybrid Electric,Electric,and Fuel Cell Vehicles PHEVs and EVs are two types of vehicles that can store electricity from an external source onboard the vehicle,utilizing that stored energy to propel the vehicle.PHEVs are similar to gasoline hybrids discussed previously,but the battery packs in PHEVs can be charged from an external electricity source;this cannot be done in gasoline hybrids.EVs operate using only energy stored in a battery from external charging.Fuel cell vehicles use a fuel cell stack to create electricity from an onboard fuel source(usually hydrogen),which then powers an electric motor or motors to propel the vehicle EVs rely on electricity stored in a battery for fuel.There is no combustion occuring on the vehicle,and therefore there are no tailpipe emissions created by the vehicle.The electricity used to charge EVs can create emissions at the power plant.The amount of emission varies depending on the fuel source of the electricity,which can in turn vary based on location and time of day.The electric grid in the US has also been changing over time,as natural gas and renewable energy resources make up a growing portion of electricity generation across the US.Depending on the source of electricity,EVs often result in lower CO2 emissions over their lifetime compared to gasoline vehicles.Since EVs do not use gasoline,the familiar metric of miles per gallon cannot be applied to EVs.Instead,EVs are rated in terms of miles per gallon-equivalent(mpge),which is the number of miles that an EV travels on an amount of electrical energy equivalent to the energy in a gallon of gasoline.This metric enables a direct comparison of energy efficiency between EVs and gasoline vehicles.EVs generally have a much higher energy efficiency-56 than gasoline vehicles because electric motors are much more efficient than gasoline engines.PHEVs can operate either on electricity stored in a battery,or gasoline,allowing for a wide range of engine designs and strategies for the utilization of stored electrical energy during typical driving.Most PHEVs will operate on electricity only,like an EV,for a limited range,and then will operate like a more conventional hybrid until their battery is recharged from an external source.The use of electricity to provide some or all of the energy required for propulsion can significantly lower fuel consumption and tailpipe CO2 emissions.For a much more detailed discussion of EV and PHEV metrics,as well as upstream emissions from electricity,see Appendix E.The production of EVs and PHEVs has increased rapidly in recent years.Prior to model year 2011,EVs were available,but generally only in small numbers for lease in California.11 In model year 2011 the first PHEV,the Chevrolet Volt,was introduced along with the Nissan Leaf EV.Many additional models have been introduced since,and in model year 2021 combined EV/PHEV production reached 4%of all new vehicles.Combined EV and PHEV production is projected to reach a new high of 8%of all production in model year 2022.The trend in EVs,PHEVs,and FCVs are shown in Figure 4.14.11 At least over the timeframe covered by this report.EVs were initially produced more than 100 years ago.-57 Figure 4.14.Production Share of EVs,PHEVs,and FCVs12 Production Share Fuel Cell Vehicle Electric Vehicle Plug-In Hybrid EV 1995 2000 2005 2010 2015 2020 Model Year 6%4%-2%0%The inclusion of model year 2021 EV and PHEV sales reduces the overall new vehicle average CO2 emissions by 14 g/mi,and this impact will continue to grow if EV and PHEV production increases.In model year 2021 there were three hydrogen FCVs produced,but they were only available in the state of California and Hawaii and in very small numbers.However there continues to be interest in FCVs as a future technology.Figure 4.15 and Figure 4.16 show the production share by vehicle type for EVs and PHEVs.Early production of EVs was mostly in the sedan/wagon vehicle type,but recent model years have sh

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    Perforce Software,Inc.All trademarks and registered trademarks are the property of their respective owners.(1220CK21)Start Innovating with Digital Twins TechnologyWhat Developers and Decision-Makers Need to Know to Be S Perforce Software,Inc.All trademarks and registered trademarks are the property of their respective owners.(1220CK21)Table of ContentsDigital Twin vs.Digital Replica.2Why Start Building Digital Twins?.3Examples of Digital Twin Innovations Across Industries.45 Things Your Team Must Do to Succeed in Developing Digital Twins.5How to Start Building Digital Twins.7Build Your Digital Twins Development Pipeline.8C Perforce Software,Inc.All trademarks and registered trademarks are the property of their respective owners.(1220CK21)Perforce Software,Inc.All trademarks and registered trademarks are the property of their respective owners.(1220CK21)IntroductionCutting-edge teams across industries are using digital twin technology to drive innovation in many areas of business,from product design to marketing.Digital twins are being used for prototyping,maintenance,collaboration,customer experience,and so much more.This white paper covers:Digital Twin vs.Digital ReplicaBefore diving into how multiple industries are using this technology and how your team can get started,its important to understand the key differences between a digital replica and a digital twin.DIGITAL REPLICAA digital replica is a digital recreation of a real-world object or system.It typically refers to highly accurate representations rather than simplified models.One example of a digital replica is a 3D model of an office building,complete with electrical and plumbing systems.DIGITAL TWINA digital twin is much like a digital replica in that it is a digital model of a real-world object or system.The key difference is that a digital twin incorporates simulated data or data that is continuously collected from its real-world counterpart,using that data to simulate the object or systems actions and performance in real-time.Digital twins are therefore more complete representations of the real object or system.They give teams insight into how various parts of the whole interact,or how the item interacts with other parts or Perforce Software,Inc.All trademarks and registered trademarks are the property of their respective owners.(1220CK21)Why Start Building Digital Twins?According to Research and Markets,the global digital twin market size is expected to reach$63.5 billion by 2027,rising at a market growth of 41.7GR(compound annual growth rate)during 2021-2027.This rapid growth is indicative of the technologys immense value to many industries.Digital twins can save your team time and money,as well as help you make better decisions.For example:General Electric used digital twin technology to identify a supply leak on a gas turbine and saved$9 million.It also used the technology to detect increased suction temperature on a centrifugal compressor,saving$3.2 million.CHEAPER PROTOTYPING&BETTER TESTING Typically,errors with a design dont become known until the product has been prototyped.Digital twins,paired with advanced physics engines like the kinds found in game engines,allow your team to replicate complex testing scenarios.This allows you to predict and address issues before you create and test the physical prototype.DEVELOP FASTER&ACCELERATE TIME-TO-MARKETBeing able to create digital prototypes and run digital tests means new changes can be tested faster.The development process is therefore accelerated,and time-to-market is sped up.Your product can reach its consumers faster without compromising quality or safety.PREDICTIVE MAINTENANCEDigital twins give companies the opportunity to move to a predictive maintenance model that strikes a balance between corrective maintenance(I.e.,fixing a part once it is spent)and preventive maintenance(I.e.,fixing a part before it fails and disrupts production).IoT devices collect data on your systems and feed them into your digital twin.Outliers,spikes in usage,or unexpected behaviors can be monitored.If a problem begins to develop for a component,teams will be aware of it before it has the chance to halt production or before it becomes a hazard.BETTER DECISION MAKINGDigital twins allow your team to incorporate real-time data from sensors and the environment for better decision-making.Whirlpool Corporation,for example,uses data from its smart,connected products and a digital twin to test new concepts.Theyre able to use facts gathered from real products to base new ideas and decisions on.(Source:PGS Software)Perforce Software,Inc.All trademarks and registered trademarks are the property of their respective owners.(1220CK21)Perforce Software,Inc.All trademarks and registered trademarks are the property of their respective owners.(1220CK21)Examples of Digital Twin Innovations Across I Perforce Software,Inc.All trademarks and registered trademarks are the property of their respective owners.(1220CK21)AUTOMOTIVEAutomotive companies like Porsche and BMW use digital twins to build more prototypes without the added expense.CAD models that were static and did not offer highly dynamic views are now being transformed with real-time rendering.Crash tests are simulated,and physics altered to learn how a car will perform on different terrain or in unique situations.They are also using game engines to train driver assistance systems with synthetic sensor data.MANUFACTURINGManufacturers are using augmented reality(AR),virtual reality(VR),and mixed reality(MR)applications for training and maintenance.Through AR headsets,technicians can view the most up-to-date models of the machine laid over the one in front of them.This ensures they always have the right specs as they need them.Digital twins can enhance this process even more by overlaying real-time data and simulations.AEROSPACEBoeing has used digital twins to predict the performance of different components.They even achieved a 40%improvement rate in first-time quality,saving development time and money.They have also used IoT sensors to determine the ideal cargo load balance.ARCHITECTURE&CONSTRUCTIONArchitecture firm Foster Partners used digital twin technology to oversee development on a site in London.They used a robot dog to collect data around the site,which was fed into their digital twin of the building.The digital twin could then be used to compare the design to its built Perforce Software,Inc.All trademarks and registered trademarks are the property of their respective owners.(1220CK21)5 Things Your Team Must Do to Succeed in Developing Digital TwinsTeams developing digital twins for the first time can make several mistakes:Storing data improperly.Trying to do too much too soon.Not testing enough.Integrating tools in their pipeline improperly or inefficiently.Not getting buy in from stakeholders throughout the process.The guidelines below will help your team be more successful with your first digital twin Perforce Software,Inc.All trademarks and registered trademarks are the property of their respective owners.(1220CK21)1.CREATE AND COMMUNICATE STANDARDSWhen working on digital twins and replicas,teams may use a variety of tools for design and development.It is important to create standards across your project early so that you do not run into issues down the line.For example,decide how code changes should flow,how often to test,and how all components will work together.Then,communicate these standards out to the teams involved.Furthermore,at the most basic level,it is vital to have a naming convention for your data that can be easily understood by everyone on a team.It is significantly better to have tools that make asset storage,tracking,and versioning your data easier and more streamlined.2.STORE DATA EFFICIENTLYDigital twins rely on data from the object they are emulating.They rely on it in the initial design of the digital twin itself,as well as in the twins continuous iterations.But when you are working with potentially multiple models of the digital twin and continuously updated data,you will be dealing with a huge mass of data.All this data needs to be stored efficiently and in such a way that each iteration is clearly labeled and identifiable.This means assets need to be versioned and tracked throughout Perforce Software,Inc.All trademarks and registered trademarks are the property of their respective owners.(1220CK21)Perforce Software,Inc.All trademarks and registered trademarks are the property of their respective owners.(1220CK21)3.START SMALL AND SCALECreating digital twins and replicas of an entire system or structure is a goal for many companies.Just like in real life,many of these larger projects include interdependent systems.With any project,it is important to start small and scale.Breaking up your project into easily replicable components will allow you to build(and potentially reuse)as you go.Where possible,use automation to make processes as seamless as possible.For many teams,component-based development lends well to building digital twins because different teams can bring different aspects of the project together.You can split up your final design into reusable pieces,allowing you test components together and see how they can work in a variety of designs.4.ITERATE AND TEST OFTENDigital twins and replicas rely on data,but not all data is the same.Human errors and duplications can throw off a model.If something feels off,it is important to look at the source data and iterate/test often.This goes back to storing and versioning both your data and prototypes the right way.5.COLLABORATE AND GET BUY IN EARLYIf you are a company looking to leverage this emerging technology,make sure you are collaborating with all stakeholders.The goals,capabilities,and limitations of your digital twins project must be clearly communicated early on in order to receive buy-in and continued support throughout its development.All stakeholders need proper visibility into the project.They should also have the ability to collaborate on it within the projects tools,where the information Perforce Software,Inc.All trademarks and registered trademarks are the property of their respective owners.(1220CK21)How to Start Building Digital Twins PLANNINGSolidifying a plan,or proposal,for your digital twin is likely your first step in securing buy-in from decision-makers.This is where you will determine what your first digital twin project will be.Planning will require you to ask:Which processes or products could be understood better,or made more efficient,with a digital twin?What will be the function(s)of the digital twin?(Prototyping?Monitoring&maintenance?Automation?)What goal(s)would it support?Who will have access to which data?DESIGNDetermine the kinds of information required across the lifecycle of the asset you are creating a digital twin of.How will this information be exchanged between systems?Revisiting the question of your digital twins function who will it ultimately be shared with?If your digital twin needs to be highly realistic for marketing or other purposes,you may want to implement a game engine(such as Epics Unreal Engine or Unity)that can handle advanced rendering.OPERATION&ITERATIONThis process tends to develop naturally.As you begin utilizing a digital twin,you will find more opportunities to collect and layer additional data.Again,start small and scale.You might start with a digital replica and eventually start adding in real time data.Its important that your tools dont dictate your process and interfere with your ability to adjust the project to fit your teams needs.If your ultimate goal is to implement digital twin technology to solve evolving business needs,it pays off to begin with a solid foundation of tools.You want tools that can handle increasingly more complicated Perforce Software,Inc.All trademarks and registered trademarks are the property of their respective owners.(1220CK21)Perforce Software,Inc.All trademarks and registered trademarks are the property of their respective owners.(1220CK21)CAD OR 3D MODELING TOOLSCAD designs can be exported into other tools in the pipeline.Having CAD or 3D modeling tools in your pipeline means you do not have to make the same changes twice in two different tools.If a change must be made in a CAD design,it can be brought over seamlessly into the enhanced digital twin.This makes for faster developmentIOT/CONNECTED DEVICESIoT&connected devices and sensors supply continuous,real-time data from the real-world object that is emulated in the digital twin.Data collected from the IoT devices is transferred via the internet or an edge server to the IoT platform,where it is organized based on the teams needs.GAME ENGINESBecause of their powerful rendering abilities and advanced physics engines,game engines like Unreal and Unity supercharge the capabilities of digital twins.They make visualizations easier to understand by bringing them to life and enabling an emotional connection with the thing they Perforce Software,Inc.All trademarks and registered trademarks are the property of their respective owners.(1220CK21)VERSION CONTROLWhen designing digital twins,version control becomes the foundation for your pipeline.All of the data collected and created in the digital twin process(and there is a lot of it)can be securely managed with the right tool.Being able to manage changes to files over time and store these modifications in a database allows you to capture the true benefits of digital twin technology.For teams in heavily regulated industries,version control is critical for the audit process,as you need a complete history of all of the changes made to the digital twin project.Plus,the right version control tool protects your proprietary data.Some version control systems require individual team members to download entire repos,giving them access to more information than they should have.Its better to opt for version control that allows you to lock down assets to the individual file(like Perforce Helix Core).Build Your Digital Twins Development P Perforce Software,Inc.All trademarks and registered trademarks are the property of their respective owners.(1220CK21)Digital twin technology could revolutionize your teams processes.When you have a process that relies on up-to-date data,a digital twin could make it faster,more efficient,more cost-effective.Moreover,it allows your team to be informed with the latest and most comprehensive data.To build digital twins,your team will need to manage a huge mass of data.Doing so efficiently and securely requires a robust version control Perforce Software,Inc.All trademarks and registered trademarks are the property of their respective owners.(1220CK21)ConclusionYOUR FOUNDATION FOR DIGITAL TWIN DEVELOPMENTHelix Core,enterprise version control by Perforce,is your teams most foundational tool in digital twin development.It integrates with your existing toolset and pulls in,stores,and versions changes to all of your digital assets.It ensures your team always has a single source of truth so that your digital twin is always operating on the best data.SECURITY&COMPLIANCEHelix Core is known for iron-clad security.It can even protect down to the individual file-level.SAFETY STANDARDSHelix Core allows you to trace every change,helping you comply with regulations and audits.GLOBAL COLLABORATIONHelix Core delivers files and feedback at lightning speed,even if youre collaborating with remote teams across the globe.REQUEST A DEMO Perforce Software,Inc.All trademarks and registered trademarks are the property of their respective owners.(1220CK21)“Everyone loves Helix Core.Using it significantly simplified our workflows and reduced delivery times by at least 50 60%.”At a global manufacturing company,a Technical Director and team of 10 artists create assets for AR and VR simulations for training.This team often needs to send files back and forth with the development team.Helix Core was their solution for managing,versioning,and collaborating on their assets.With Helix Core,the team reduced delivery times,automated their workflows,and increased velocity on remote collaboration.“We would never want to go back to the old way.”Technical Director Read more about this customer Perforce Software,Inc.All trademarks and registered trademarks are the property of their respective owners.(1220CK21)Case Study:Manufacturing Company Technical Director at a global manufacturing companyTRY HELIX CORE FREE Small and Scale with Helix CoreYou dont need to build an enterprise-sized digital twin project to use enterprise-grade tools.Helix Core version control is free for up to 5 users&20 workspaces.Start small and scale as your digital twin capabilities evolve.Get complete control over all your digital twins assets.Deploy your way,on-premises or in the cloud.

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  • GEP:2023年供应链与采购趋势展望报告(英文版)(31页).pdf

    SUPPLY CHAIN&PROCUREMENT2023OUTLOOK27Conclusion02Executive Summary01Introduction28Notes03Global Business and Macroeconomic Trends for 2023Inflation:At a Multidecadal High in Major EconomiesSlowing GDP Growth in Most EconomiesEnergy:A Deepening CrisisInterest Rates:Taming Inflation at the Cost of GrowthLabor:Shortage and Higher Wages To See Correction11Seven Leadership Themes for 2023The Rise of the Corporate CitizenSpeak Softly and Carry a Big Supply ChainDelivering ESG Outcomes Through Supply Chain OperationsCultivate a Digital-First Supply ChainLeading Through Inflation:Think Outside the Box for SuccessRethink Supply Chain and Procurement Metrics To Drive ValueRemote Working:An Opportunity To Attract Diverse Talent and Catalyze DEI Goals01Back to ContentsSUPPLY CHAIN&PROCUREMENT OUTLOOK 2023INSIGHTDRIVESINNOVATIONINTRODUCTION A Concerning OutlookIt needs little reminding that 2020,2021 and 2022 have been a terrible trio.Blow after blow landed on humanity:the COVID-19 pandemic,political instability in G7 countries,environmental catastrophe,shocks in the energy markets,trade wars between major markets and much more.One could be forgiven for feeling that better times were ahead.For all those speaking of a“post-pandemic”world or a“new normal,”surely 2023 would be the return of calmer,happier times.While the saying goes that bad things come in threes,keep in mind that there were four horsemen of the apocalypse.The outlook for 2023 is framed by a fearsome barrage of concerns.The threat of a nuclear winter looms uncomfortably due to statements by the Russian military and political leadership.Economies are facing recessions,business slowdown and other uncertainties.Extreme weather continues to decimate portions of the planet.Borrowing costs have risen sharply,impairing both the developing world and healthy economies.Supply chains,although no longer broken,often remain bent.But leading firms are getting used to this.They arent being knocked off their balance like they were in the unfolding of the global pandemic.They have become more resilient and more focused on customers.They have slashed costs and reprioritized investments.In 2023,leaders in supply chain and procurement stand ready to break out.They will drive their operations forward and into the unknown.With 22 years of experience managing over$300 billion in spend annually for leading Fortune 500 and Global 2000 businesses,GEPs accomplished consultants and technology advisors offer perspective to help business leaders chart a successful 2023.The GEP Outlook 2023:Supply Chain and Procurement report synthesizes the priorities that will dominate the boardroom this year and beyond.02Back to ContentsSUPPLY CHAIN&PROCUREMENT OUTLOOK 2023INSIGHTDRIVESINNOVATIONEXECUTIVE SUMMARY The story of 2023 will likely be dominated by macrotrends that were already present in 2022.Inflation is at multidecadal highs across economies.GDP growth is slowing,and the overall growth story is worse than 2022.Energy costs remain distorted due to a combination of war,political tensions,environmental concerns and supply chain challenges.Interest rates are at the highest levels in recent years.Currency values are still out of sync of recent norms.And though most labor markets are in historically low unemployment ranges,the markets are softening.Supply Chains Will Be Wielded To Improve the Collective GoodCentral banks and G7 economies have less capacity to intervene in the global economy,having spent heavily in the preceding years on stabilizing the global economy through the COVID-19 pandemic.This is an opportunity for global corporations to step up and drive positive outcomes for society,and,increasingly,people expect them to.Just like the supply chain blockade in support of Ukraine following the Russian invasion,corporate citizens found confidence in their ability to defend their corporate values by expressing their sentiment through the deployment of their supply chains.Supply chain and procurement leaders will truly lead the way in 2023,allocating these supply costs,material and supply flows,and supplier networks increasingly with the greater societal good in mind.ESG Outcomes Are Closer in SightLong have companies faced pressure to make good on environmental,social and governance(ESG)commitments.Although most firms have already made bold public commitments,actualizing all but the easiest-to-achieve items has been problematic for many.In 2023,leaders will be emboldened to use data-driven approaches to operationalize their targets.They will embed these methods into meaningful policy action and link these to their supplier outreaches.They will activate the purchasing engine to shift spend dollars into the most productive channels.The Journey to Digital Continues at a Faster PaceAfter many years of strategy,visioning and perhaps just talk,leading firms are ready for real investment in digital supply chain and procurement transformation.03Back to ContentsSUPPLY CHAIN&PROCUREMENT OUTLOOK 2023INSIGHTDRIVESINNOVATIONThis drive toward investment is arriving just in time.As inflation weighs on cost of goods sold(COGS)and selling,general&administrative(SG&A)costs,the capabilities that digital solutions provide will be differentiators to stay a step or two ahead of the competition.New Requirements With New MetricsAfter the stress of recent years,it would be unrealistic to have the same metrics for supply chain and procurement.Yet,many firms have not yet shifted to new scorecards.But leaders are already a step ahead,tracking a wide range of new and comprehensive metrics.They are also finding ways to advance their teams and talent pipeline.Remote work has enabled multiple staffing models,enabling firms to make much faster strides toward diversity and inclusion goals.GLOBAL BUSINESS AND MACROECONOMIC TRENDS FOR 2023 After a tumultuous three years,supply chains are still unlikely to return to complete normalcy in 2023.Continuing materials and labor shortages,skewed demand-supply,geopolitical concerns in Russia and Ukraine and escalations between Taiwan and China,and the U.S.-China trade war currently look like even bigger threats to supply chains than fresh waves of COVID-19.The macroeconomic situation points to major future challenges,with early signs of recession visible across several economies.Elevated energy costs,sustained inflation,further interest rate hikes in attempts to arrest inflation,and pressure on industrial outputs will all be strong influences in the new year.Inflation:At a Multidecadal High in Major Economies Macroeconomic events of the last two to three years combined to create high inflation in both developed and developing economies in 2022.Inflation has been on the rise since 2021,and the Russia-Ukraine war worsened it,pushing figures to historical highs across economies due to higher input costs and supply chain concerns.The steep rise has prompted intervention from central banks across the globe,but inflation has remained stubbornly high.04Back to ContentsSUPPLY CHAIN&PROCUREMENT OUTLOOK 2023INSIGHTDRIVESINNOVATIONProjectionsCountry/Regional Classification20202021202220232024World3.234.708.756.524.13Advanced Economies0.683.117.224.382.38 United States1.244.688.053.502.23 Euro Area0.252.598.315.742.74Major Advanced Economies(G7)0.803.337.254.272.33Emerging and Developing Asia3.132.214.063.632.79 ASEAN-51.361.954.704.362.84 China2.390.852.162.241.86 India6.175.506.885.144.35 Middle East and Central Asia10.4512.9313.7713.068.86Latin America and the Caribbean6.409.7914.0611.458.05Sub-Saharan Africa10.1911.0714.4411.878.57Source:World Economic Outlook,Oct 2022,IMFIn the United States,inflation is expected to average 8.1%in 2022 and soften to 3.5%in 2023,while in the euro area,it is expected to reach 8.3%in 2022 and slip to 5.7%in 2023(see table below)still significantly higher than pre-pandemic levels.The trend is expected to be similar in other geographies as well,with an exception in China,inflation in 2023 is expected to be slightly higher than 2022 because of continuing pandemic-linked lockdowns in cities and the real estate crisis.Inflation Trends:Annual Percentage Change(Historic and Projected)05Back to ContentsSUPPLY CHAIN&PROCUREMENT OUTLOOK 2023INSIGHTDRIVESINNOVATION Slowing GDP Growth in Most Economies Economic growth engines were recovering in 2021 after contractions in 2020.However,as demand from various sectors approached pre-pandemic levels,supply chains struggled to keep pace,leading to high price commodity cycles in various sectors.It was expected that 2022 would restore equilibrium,but the Russia-Ukraine conflict has renewed the cycle of uncertainty and commodity price volatility as well as distorted supply chains.The result:rising energy costs,steep inflation,and high interest rates,which are collectively leading to a demand slump in various industries.In 2023,the global GDP is projected to increase by just 2.66%compared to an estimated growth of 3.19%in 2022.Most economies are expected to see a slowdown,impacted by issues that have spilled over from this year.The euro area and G7 economies will see less than 1%growth in GDP in fact,a few early quarters may see a contraction.Chinas economy,however,could move against this trend and revive as the pandemic recedes and restrictions ease,resulting in higher industrial output growth.Source:GEPInfluencing Factors for 2023Economic slowdownUnemployment rates anddownward wage correctionAny upward risk inenergy security due toLNG supplies concern andOPEC production decisionDepreciating currenciesagainst dollar06Back to ContentsSUPPLY CHAIN&PROCUREMENT OUTLOOK 2023INSIGHTDRIVESINNOVATIONProjectionsCountry/Regional Classification20202021202220232024World-2.956.023.192.663.18Advanced Economies-4.405.202.431.111.60 United States-3.405.671.640.991.20 Euro Area-6.095.243.060.501.79Major Advanced Economies(G7)-4.785.062.030.811.26Emerging and Developing Asia-0.627.184.394.875.21 ASEAN-5-3.403.355.324.885.29 China2.248.083.204.444.49 India-6.598.686.846.056.81 Middle East and Central Asia-2.704.494.953.613.54Latin America and the Caribbean-6.996.903.471.742.36Sub-Saharan Africa-1.654.703.583.714.08Source:World Economic Outlook,Oct 2022,IMFGDP Growth:Annual Percentage Change(Historic and Projected)Source:GEPInfluencing Factors for 2023Lockdowns inChina againGeopoliticalissues inChina-TaiwanEscalations inRussia-UkrainewarIncreasedenergy costsand insecurityU.S.-Chinatrade war07Back to ContentsSUPPLY CHAIN&PROCUREMENT OUTLOOK 2023INSIGHTDRIVESINNOVATION Energy:A Deepening Crisis Energy prices will be among those that have the strongest influence on the economy,and a steep rise could worsen inflation,increase food insecurity and slow global growth,pushing economies into recession in 2023.After a dip in 2020,crude oil and natural gas/liquid natural gas(LNG)prices rose in the second half of 2021 due to supply constraints.Oil averaged$68/bbl in 2021 and is on target to jump 47%to reach$100/bbl by late 2022.Considering the oil futures price and the evolving market scenario,oil prices are expected to slightly moderate to$85-$90/bbl in 2023.LNG prices also jumped to$18/mmbtu in 2021 from the lows of$4.7/mmbtu in 2020.LNG prices are on target to average$35/mmbtu for 2022,a year-over-year increase of over 90%.1051009590858075Q1Q2Q3Q42020202120222023ProductionConsumptionCrude Oil Production and Consumption Forecast(in Million Barrels Per Day)Source:EIA,GEP AnalysisQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Forecast periodSome of the major developed economies are already feeling the pinch,which is reflected in the demand slump and declining global trades;other developed and developing economies will not be immune to these headwinds in 2023.08Back to ContentsSUPPLY CHAIN&PROCUREMENT OUTLOOK 2023INSIGHTDRIVESINNOVATIONGoing forward,LNG prices are expected to stay elevated due to supply constraints,uncertainty over the Nord Stream 2 pipeline and fewer projects in pre-FID(Final Investment Decision)stage.On the other hand,Chinas declining LNG imports have ensured less acute global energy shortages,and this trend is expected to continue into 2023.Interest Rates:Taming Inflation at the Cost of Growth After years of declining global interest rates,many central banks reversed course in 2022 to counter spiraling inflation.However,the combined impact of supply shortages in energy,food and labor are overweighing all corrective fiscal measures.Interest rates are expected to rise in 2023,but the hikes are not expected to be as high and frequent as they were in 2022 due to fears of economic slowdown and recession.The U.S.Federal Reserve is expected to raise interest rates to 5%in a phased manner by March 2023,which would be a cumulative increase of 100 basis points from 4%in November 2022.The European Central Bank is expected to increase rates by 75 basis points in December 2022,and there could be more hikes in 2023 depending on inflation and other influencing factors such as energy costs.Source:GEPInfluencing Factors for 2023OPEC decision on production cutsGeopolitical stability in oil&gas producing countriesRecession and its impact on end-use industriesSwitchover of fuel from gas to oilOperationality of Nord Stream 2 pipeline09Back to ContentsSUPPLY CHAIN&PROCUREMENT OUTLOOK 2023INSIGHTDRIVESINNOVATIONThe cost of capital,however,has increased,and with more interest hikes expected,there will be an impact on borrowing cost and economic growth,resulting in a demand slump and postponement of capital expenditure plans.Labor:Shortage and Higher Wages to See CorrectionUnemployment rates improved to pre-pandemic levels across almost all geographies in 2022.A high demand for labor,the Great Resignation and pandemic-linked movement restrictions kept wage rates high,especially for skilled labor,and employees have enjoyed higher compensation,more benefits and work flexibility.Unemployment rates in the U.S.touched a historically low level of 3.5%in September 2022.Overall,it is expected to average at 3.7%for 2022,down from an average of 5.3%in 2021.The U.K.and the euro area will also see unemployment rates fall from 4.5%and 7.7%in 2021 to 3.8%and 6.8%,respectively,in 2022.7.04.52.0-0.520192020JapanUSUKIndiaEuro AreaLong-Term Interest Annual Rates:Trends and ForecastLong-Term Interest Rates Forecaston Quarterly BasisSource:OECD202120222023Q32022Q12023Q42022Q22023Q32023Q420230.232.073.201.72JapanUKUSEuro Area0.232.143.401.820.232.183.501.920.232.623.602.020.232.623.802.070.232.623.802.1210Back to ContentsSUPPLY CHAIN&PROCUREMENT OUTLOOK 2023INSIGHTDRIVESINNOVATIONProjectedCountry/Regional Classification20202021202220232024Advanced Economies6.605.604.544.955.22 United States8.095.353.674.555.42 Euro Area7.977.736.827.036.93Major Advanced Economies(G7)6.475.204.124.685.07Other Advanced Economies(excluding G7 and Euro Area)4.664.353.603.723.77Source:World Economic Outlook,Oct 2022,IMFUnemployment Rate Trends:Annual Percentage Change(Historic and Projected)Source:GEPInfluencing Factors for 2023Higher unemployment rates and downward wage correctionsEconomicslowdownTrade warsDecline ingovernmentspendingWhile major Asian countries will also see a decline in unemployment rates,Chinas rate is expected to rise from 3.9%in 2021 to 4.2%for 2022 due to weakened economic activities owing to the pandemic.However,the labor situation is already weakening in some markets such as the U.S.and,in 2023,all economies will see increased unemployment rates due to lower industrial outputs and a global economic slowdown/recession.11Back to ContentsSUPPLY CHAIN&PROCUREMENT OUTLOOK 2023INSIGHTDRIVESINNOVATIONSEVEN LEADERSHIP THEMES FOR 20231|The Rise of the Corporate Citizen Governments and central banks have empty pockets and look less capable of responding to major challenges in 2023.Most nations are limping into the new year pulled down by recent disruptions.Economic prospects,especially of the wealthy G7 markets,look dimmer than usual.The International Monetary Fund argues in its World Economic Outlook that global growth is forecast to slow,from 6%in 2021 to 3.2%in 2022 and 2.7%in 2023 the weakest rate since 2001,except during the global financial crisis and the acute phase of the pandemic.1From falling currency values,political instability and more,each economy is dealing with a unique set of challenges.This period of difficulty isnt over,either;China,for example,continues to deploy strict lockdown protocols to stamp out COVID-19 at the expense of economic growth.Fiscal stimulus programs to mitigate or overcome these challenges are tried-and-tested strategies that may not be possible for many in 2023.Most countries have already spent large sums over the past few years while debt was at historically low levels.Now that interest rates have risen sharply and are expected to rise further,handing out stimulus packages becomes increasingly challenging.Employees Trust Their Business Leaders To Take Steps Forward Leading global firms are increasingly expected to be corporate citizens,espousing values that adhere to legal,ethical and societal standards.Employees generally trust their employer to make a difference in the world and to be in alignment with their values.The 2022 Edelman Trust Barometer found that employees would trust their CEO substantially more than their fellow citizens,journalists and politicians.2 Another survey,by Qualtrics,found that over half of U.S.employees(54%)would be willing to take a pay cut to work in an organization with better values,and even more 56%wouldnt consider a job in a company that has values they oppose.3Investors,Too,Are Backing“Corporate Citizens”This isnt just employee sentiment.“The size of the impact investing market the total assets under management that aim to generate positive social or environmental effects in addition to financial gains amounted to US$1.164 trillion worldwide,”according to a report by the Global Impact Investing Network.412Back to ContentsSUPPLY CHAIN&PROCUREMENT OUTLOOK 2023INSIGHTDRIVESINNOVATIONSupply Chain and Procurement Can Galvanize the Business EnterpriseMany operations leaders are making social procurement the practice of allocating COGS and SG&A activities to firms that are fully focused on delivering a positive impact in communities a top priority,and GEP anticipates that this will become a major focus area for leading firms in 2023.Social procurement is,in many ways,perfect for supply chain and procurement leaders,securing goods and services from suppliers who help amplify the corporate values and vision of their company.Another area is through peer group partnerships and alliances,which is rapidly gaining traction.Help from governments and banks may not be coming,but supply chain and procurement leaders are ready to lead the way for corporate values in 2023.These leaders hold tremendous sway over COGS and SG&A activities,and will increasingly redirect larger amounts of these funds toward suppliers,causes and alliances that achieve their companys values and satisfy employees while doing so.Sustainable Procurement Pledge:A nonprofit driving awareness and knowledge on responsible sourcing practices and empowering people in procurement.Partners with procurement professionals,academics,and practitioners.Semiconductor Climate Consortium:A group formed by companies across the semiconductor value chain to accelerate reduction of greenhouse emissions.Partners include Google,Intel,Microsoft,DuPont,and Nikon.Corporate Coalition for Innovation&Technology Toward Net Zero:Cross-sector business alliance helping countries meet decarbonization and climate change goals.An alliance of Bechtel,GE,GM,Honeywell,Invenergy,and Johnson Controls.Business for Nature:A global group of business and finance organizations working toward mandatory corporate disclosure of impact and dependencies on nature by 2030.Partners include World Economic Forum,WWF,and University of Cambridge.Buy Social Corporate Challenge:A cross-industry initiative to collectively spend 1 billion with social enterprises through their procurement by helping large businesses engage with innovative suppliers and embed sustainability and diversity into core operations.Partners include Deloitte,Johnson&Johnson,Nestle,and Siemens.How Businesses Are Driving Change Through Peer PartnershipsCompiled by GEP13Back to ContentsSUPPLY CHAIN&PROCUREMENT OUTLOOK 2023INSIGHTDRIVESINNOVATION2|Speak Softly and Carry a Big Supply Chain Recent calamities have exposed the frightening effect of disrupted supply chains,as hardly any were immune to the shocks and challenges of the past few years.For many business executives,supply chain strategy became a priority risk area and remains a critical business transformation imperative.But supply chains showed something more in 2022,something that leading firms will unleash in a bigger way in 2023:supply chains have immense potential to be wielded for good.A Global OutrageIn February 2022,Vladmir Putin ordered the invasion of Ukraine,catching many governments by surprise.Prior to this invasion,direct military action between large militaries was hard to fathom.In almost every conceivable scenario,the downsides of and destruction from military conflict clearly outweigh the gains.This notion may have emboldened Vladimir Putin and Russia,who can safely be said to have thought that the risk of direct military reaction from NATO or other militaries was low.The course of the war has brought death,suffering,economic damage and much more on both sides.And then an unexpected actor entered the fight.This actor doesnt fire a bullet or detonate a bomb,yet arguably does more damage than perhaps all the wars actors combined.The Weapon Is Supply Chain A large global and consensus-building resistance to Russias invasion emerged,led unpredictably by corporations.They squared up to the leader of one of the largest nuclear-equipped militaries and defended their corporate values while managing to deliver a blow where it could have the most painful impact:Russias supply chain.These firms pulled products from stores,closed retail outlets,restricted transportation,limited transportation insurance,denied raw materials for manufacturing and much more.This wasnt simply a handful of ESG-conscious firms over 150 of the largest 200 companies withdrew operations from Russia.5 133 Leaving Russia:Global Corporations That Took a StanceExit Completed(Firms that sold business/assets or part of business to local partner and left the market)416 Withdrawing Operations(Firms that are completely halting Russian engagements or are exiting Russia)711 Suspending Operations(Businesses temporarily curtailing operations)*Data as of Nov 10,202214Back to ContentsSUPPLY CHAIN&PROCUREMENT OUTLOOK 2023INSIGHTDRIVESINNOVATIONThe bold action of these large global firms was unprecedented.While nations have traditionally imposed predictable measures such as economic sanctions,shipping blockades and other political censures,the rapid and huge response from the private sector was not forecasted.Instigators of future conflicts must now carefully weigh the effect of this group and the strength it can wield at a lightning-strike notice.Empowering Supply Chain Action for the FutureSupply chains,and especially the intricate global linkages throughout,have arguably become weapons.Corporations can exert this power to discourage damaging behavior from concerning parties or to encourage activities that can positively affect our society.If supply chains can be used to hobble the operations and economies of nuclear powers,imagine the potential good that can be accomplished if leaders deploy their supply chains to tackle priorities aligned with their corporate values if this cooperative action can be catalyzed to progress onto noble,collective good causes.For 2023,many issues loom large.Extraordinary progress can be made toward removing slave labor from the supply chain.To reduce packaging and waste in the supply chain.To improve the climate footprint of business operations.It is within supply chains grasp.Building on the effective action taken in response to Russias invasion,supply chain leaders will take bolder steps to advance their corporate aspirations in 2023.THERESPONSIBLESUPPLYCHAINALIGN WITH AND DEFENDCORPORATE VALUESDRIVE ACTION FORPOSITIVE CHANGEREDUCECARBON FOOTPRINTENSURE WORKER SAFETYIN UPSTREAM SUPPLY CHAINSource:GEP15Back to ContentsSUPPLY CHAIN&PROCUREMENT OUTLOOK 2023INSIGHTDRIVESINNOVATION3|Delivering ESG Outcomes Through Supply Chain Operations ESG issues are now at the center of organizations long-term strategic visions.Facing shareholder and public pressure,companies are setting ambitious emissions targets as well as committing to increasing supplier diversity and improving working conditions across supply chain operations.However,businesses are finding it challenging to convert goals into action,as the effort to deliver ESG outcomes impacts every supply chain function from upstream product design,sourcing and procurement to downstream inventory management and distribution.Furthermore,to make a meaningful difference,companies must look beyond internal operations and examine suppliers and partners.Supply chain leaders that are ahead of the curve in meeting this challenge are:1.Taking a Data-Driven Approach To Operationalize ESG TargetsIntegrating sustainability goals into supply chain operations must be a data-driven exercise.Leaders need a comprehensive understanding of baseline data across the value chain in terms of current-state emissions,supplier diversity,and working conditions to set targets and track KPIs.They can use this data to identify easy wins and build momentum before addressing the larger,longer-term sustainability gaps.Firms also need to understand data from their Tier 1 suppliers,third-party manufacturers and logistics providers as well as take a long-term view of government/regulatory benchmarks(such as minimum wage)across their operational footprint.This is a huge undertaking,but companies have been successful accelerating data exchange through third-party data providers.Leaders should prioritize collaboration and data sharing to improve interorganizational outcomes.2.Emphasizing Shared Business Practices With Partners Through Policy The largest opportunities lie outside a firms direct control scope 3 emissions(emissions not produced by the company but occurring in its value chain)typically represent around 70%of total emissions,depending on the industry.6 Similarly,wages,working conditions and diversity cannot be meaningfully addressed without examining the supplier base.Therefore,operationalizing ESG targets needs to be outward-looking.16Back to ContentsSUPPLY CHAIN&PROCUREMENT OUTLOOK 2023INSIGHTDRIVESINNOVATIONProportion of procurement functions on track to meet emissions targets(%of respondents)Scope 3 emissions targetsYesScope 1 and 2 emissions targetsNoDont knowN/A23.695512.414.323.138.424.2The Challenge of Scope 3 Emissions ReductionSource:CPO Compass 2023,based on a survey conducted in August 2022 of 106 CPOs or their equivalents from different organizations,industries and geographies.Survey findings supplemented with interviews with CPOs,advisors and researchTo address scope 3 emissions,leaders should look beyond just a supplier code of conduct and implement sustainable procurement policies,including contract clauses with sustainability criteria and walking away from partners that dont comply.Additionally,procurement can address diversity,equity and inclusion targets by establishing diversity criteria for Tier 1 and 2 suppliers and increasing expenditure with partners that meet set requirements.3.Leveraging Center-Led Buying Power To Influence Supplier Sustainability Procurement should lead the charge toward sustainability,as it represents the most leverage an organization has with its supplier base.Center-led procurement can shape the entire supply chain operation by deciding which suppliers to spend with,how much to spend and under what terms.Firms can use this leverage to influence suppliers to add sustainability clauses,carbon pricing,emissions caps and more to contracts.17Back to ContentsSUPPLY CHAIN&PROCUREMENT OUTLOOK 2023INSIGHTDRIVESINNOVATION4.Enabling ESG Through Digitalization Digital-first supply chains can drive ESG goals more effectively.Digital tools supplement a data-driven approach by enabling visibility into ESG KPIs and providing auditable insights in targets and outcomes.The right technology can guide stakeholders toward suppliers with shared business practices.An integrated digital platform can embed purchasing criteria into the procurement process,leveraging buying power to advance ESG.Organizations recognize the publics growing impatience with the long journey to sustainability.Leaders will face the challenge of meeting ESG targets head-on and start to act on their promises through supply chain operations.4|Cultivate a Digital-First Supply ChainDigital transformation has shifted to the forefront for supply chain leaders in recent years.With investment in digitalization forecasted to grow 16.5%(up to$6.3 trillion)over the next two years,7 business leaders will need to prioritize digital strategies to stay competitive in 2023.Digital-first supply chains are more flexible and responsive to external shocks.As the available technology matures and AI,IoT and cloud service capabilities grow,digital tools will not only set companies apart from competition but also become a must-have for long-term resilience.Leaders seeking to successfully build a digital-first supply chain are focusing on achieving end-to-end integration and visibility both upstream and downstream in the supply chain.18Back to ContentsSUPPLY CHAIN&PROCUREMENT OUTLOOK 2023INSIGHTDRIVESINNOVATIONReal-time data visibility and access to streamline communication and data-sharing for improved decision-makingAdvanced predictive analytics to drive forward-looking data analysis,track supplier performance,inform category strategies and capture benefitsBuilt-in agility through cloud technology,centrally hosted operations and automation to reduce reaction time and resource dependency,increase compliance and improve supplier managementAutomated workflow orchestration to establish standard processes,improve data management,customize supplier relationship management approaches and reduce laborCollaboration across the value chain to improve responsiveness to customer needs and drive operational efficienciesSelecting the right digital tools is now a top priority for forward-looking companies.Data is key for supply chainresilience and leaders should look for digital solutions that provide:What To Look For in Digital SolutionsSource:GEPWhile traditional operational excellence programs are dependent on many moving parts data selection,multiple data streams and platforms,connecting data to the right people,etc.digitalization provides a single source of truth and will empower leaders to take a data-driven approach to challenges,resulting in more proactive,timely and efficient decision-making.While software selection can be straightforward,implementation is a different story.Sustaining new capabilities,maintaining adoption rates,retaining skilled talent and using data as effectively as possible are necessary to ensure program success and longevity.19Back to ContentsSUPPLY CHAIN&PROCUREMENT OUTLOOK 2023INSIGHTDRIVESINNOVATIONWhen cultivating an enterprise-wide digital-first mindset,its critical that leaders invest time to understand how digitalization will uniquely affect their firm.They need to consider the maturity and scale of their organization and impact on peoples day-to-day roles and responsibilities.A digital-first culture prioritizes awareness of new tools and encourages collaboration and feedback to supplement software upgrades for continuous improvement.A successful digital transformation requires well-defined milestones and processes supported by communication and training.A solution that intuitively solves problems relevant to stakeholders sees higher adoption.Proper team selection for implementation and governance not only enables digital deployment but also ensures talent retention.The pandemic,conflicts,inflation and recession have elevated the importance of supply chain resilience.Digitalization allows companies to be proactive rather than reactive to macroeconomic shocks.The year ahead will see a further rise in digital investment driven by IoT,cloud services and AI.Businesses that choose not to cultivate digital-first supply chains may get left behind.No current plans for data85.26.95.92(%of respondents)Approaches to Data in 2023Introduce data use for the first timeMaintain current levels of data useExpand the use of dataSource:CPO Compass 2023,based on a survey conducted in August 2022 of 106 CPOs or their equivalents from different organizations,industries and geographies.Survey findings supplemented with interviews with CPOs,advisors and research20Back to ContentsSUPPLY CHAIN&PROCUREMENT OUTLOOK 2023INSIGHTDRIVESINNOVATION5|Leading Through Inflation:Think Outside the Box for Success To stay ahead of inflation,supply chain and procurement leaders will embrace a holistic approach to value identification and capture in 2023.While well-timed bids and negotiations can yield benefits,most of the opportunities will come from reviewing the entire value chain and identifying areas for improvement.Leaders and organizations will need to be nimble,innovative and,at times,daring.Data Visibility a Key EnablerIn a rapidly changing environment,data visibility enables strong performance.Leading supply chain technology creates a holistic view of a companys requirements,stock,supply options and risks.It also allows for real-time collaboration with suppliers to balance needs with capacity and price.This transparent approach empowers suppliers to forecast customer requirements and enter into guaranteed purchase agreements,reducing the need to buy at spot market prices or secure new last-minute sources.It also enables better planning for capacity utilization and labor requirements.The result is lower cost and lower supply risk.Digital Platforms Key to Supply Chain ResilienceSource:Economist Impact survey of 400 executives across different industries in Europe and the U.S.Already deployedPlanned in next 1 to 3 yearsNot planned to be deployedN/AEnergy and UtilitiesHealth Care and PharmaceuticalsConsumer Goods and RetailManufacturing,Media and TelecomAgriculture and Food02040608010039504860 132354436139514621Back to ContentsSUPPLY CHAIN&PROCUREMENT OUTLOOK 2023INSIGHTDRIVESINNOVATIONLesser-Used Strategies Will Be More Effective Supply chain and procurement leaders will need to embrace a broad range of strategies to combat inflation.In 2022,companies that adopted a holistic approach were able to hold input costs flat while others saw steep increases.As many large firms used their leverage to delay cost increases from suppliers in 2022,realized cost increases are expected to lag market indices.This suggests that 2023 will be a year of high input cost pressure even if inflation moderates.Labor costsRaw materials costEnvironmental regulationsShipping and logistics bottlenecksCOVID-19 pandemicLabor/talent shortagesFluctuating customer demandsSupplier insolvency/bankruptcyClimate-related natural phenomenaPolitical risks(instability,corruption,conflicts)Currency exchange rate volatilityCyberattacks/data breachesTrade protectionismInsufficient infrastructureUS-China trade warBrexit42999665444433%#%Q.How do you expect the following to have a disruptive impact on your organization supply chain in 2022?Labor and Raw Materials Costs a Major Business ConcernSource:Economist Impact-GEP 2022 State of Global Supply Chains Study 400 business leaders across different industriesin Europe and North America surveyedWhile strategies such as should-cost-modeling and benchmarking remain important,some lesser-used strategies will be particularly impactful in the year ahead.22Back to ContentsSUPPLY CHAIN&PROCUREMENT OUTLOOK 2023INSIGHTDRIVESINNOVATIONReuse and Reduce:Companies should review consumable components in production,packaging and operations to identify items that can either be used longer or refurbished.Reusing components will also help drive a companys sustainability goals.Examples:Clean and reuse components such as robotic paint shields instead of replacing them Reassess and extend where possible the operation lifetime of components such as racks utilized in internal storage and manufacturingPrequalify Multiple Components:Companies know any supply disruption of critical inputs can affect operations.One step being taken to mitigate supply risk is expansion of the supplier base,which brings redundancy and increases competition.Businesses should also look at prequalifying more than one component for production identifying alternative components that work just as effectively.This flexibility further increases the ability to acquire the required volume from multiple suppliers and may identify lower cost alternatives that still meet functional requirements.Examples:Create product flexibility to utilize multiple chipsets for the same function within the system Test and qualify multiple lubricants to ensure safety in operating equipmentThe abovementioned strategies critical in managing inflation rely on the following two key foundations:Business PartneringBusiness stakeholders and supply chain/procurement must collaborate more closely and transparently than ever.The more visibility business partners can provide,the better supply chain and procurement can address supply needs and optimize costs.In return,supply chain and procurement should provide forecasts of supply risks and cost impacts that can be built into business operating models.Governance Robust governance will be necessary to keep key parties focused on the right priorities and to ensure well-intended strategies are implemented.Supply chain and procurement professionals must play a key role in governance,increasing their collaboration with business partners and driving as much value as possible.23Back to ContentsSUPPLY CHAIN&PROCUREMENT OUTLOOK 2023INSIGHTDRIVESINNOVATION6|Rethink Supply Chain and Procurement Metrics To Drive Value To adapt effectively to current macroeconomic,industry and market trends,supply chain and procurement leaders are evaluating the methodology and impact of the metrics established in their organization.Revising metrics will translate into higher performing teams with measurable impact that can effectively handle market variations.Its crucial that tangible,result-driven metrics are aligned with the organizations vision.Implementing these revamped metrics and adapting to new ways of determining value demand strong partnership with internal stakeholders and suppliers,along with transparent methodology and collaborative steering.Trends in Four Focus Areas The potential supply chain and procurement trends in 2023 that influence leadership direction in redefining new metrics can be clustered into four key areas,including:Operational Efficiency With Digitalization:Enhancing maturity with adoption of digital solutions to enable process efficiency Cost Protection:Controlling financial impact due to inflationary changes and price volatility Supply Security and Risk Mitigation:Improving supply chain visibility to secure source of supply while reassessing risk mitigation protocols ESG:Strengthening plans for long-term adoption of measurable ESG goalsAdopting new metrics that can successfully measure and monitor how these trends impact the organization will allow leaders to proactively develop fresh strategies.Realigning Supply Chain and Procurement MetricsKeeping these focus areas in mind,supply chain and procurement leaders can recalibrate what they measure by including the following strategic,operational and financial metrics in addition to traditional metrics to continuously measure maturity levels:P&L Protection:Measure procurement efforts to maintain low impact of direct material price volatility and trends in cost components of major products on margins.24Back to ContentsSUPPLY CHAIN&PROCUREMENT OUTLOOK 2023INSIGHTDRIVESINNOVATIONSupply Chain Visibility:Determine quantifiable metrics to assess upstream material security visibility across the supply chain to avoid disruptions and find real-time solutions.Supply Security:Establish a procurement metric through category management on securing multiple potential sources of key materials and services,to strike a balance between consolidating the supplier portfolio and ensuring material and service robustness.Lead Time Management:Leverage strategic supplier partnerships to develop robust performance metrics on lead time for procured service and materials.Supplier Solvency:Measure solvency through a credible risk rating agency,assessed in line with the supply chain risk exposure of the organization.For example,a“critical”supplier should be monitored more regularly and with higher solvency expectations than a“transactional”supplier.On-Time-In-Full:Measure contractual buffer stock maintenance to ensure there are order refreshes that translate into the expected demand.Market-Tailored Sourcing Events:Quantify strategic sourcing events that reflect the increase in risk likelihood and impacts from service or material availability versus total cost of ownership considerations.Supply Resiliency:Measure upstream tiered supply chain from suppliers that is,supply chain of suppliers while exploring supplier alternatives to quantify dependencies.Demand Forecasting:Align with procurement representatives and suppliers to ensure all parties are aware of the supply/demand trends and likely impacts on resiliency,risk and cost.This should be based on a regular,reliable,accurate and common format.These metrics can complement traditional metrics and offer added perspective on value capture,energizing organizations by creating the vision and capability to align objectives and targets with current market changes.25Back to ContentsSUPPLY CHAIN&PROCUREMENT OUTLOOK 2023INSIGHTDRIVESINNOVATION7|Remote Working:An Opportunity To Attract Diverse Talent and Catalyze DEI Goals The world of work is at a crossroads strategies and goals for companies are changing,and employees,job seekers and consumers at large are demanding that businesses be more socially responsible and take a stronger stance.Diversity,equity and inclusion(DEI)is top of mind for organizations,and companies are reviewing talent management processes to improve workplace diversity.Remote work can be an effective strategy to achieve ambitious DEI targets,while simultaneously enabling companies grappling with high attrition and labor rates to hire and retain employees.It improves diversity as it does not limit hiring to a geographic region(around the companys offices)and permits recruiters to cast a wider net;allows primary caregivers such as but not restricted to single parents and women to enter the workforce by making it easier to balance family responsibilities and work;creates a more neutral,secure and stress-free environment for marginalized/underrepresented groups;and opens up opportunities for people with disabilities that affect mobility.After almost two years of working from home,employee expectations have changed people no longer want to waste hours commuting to an office or spend five days a week there.The pandemic broke down barriers and shifted the global perspective on work.Remote work is here to stay,according to researchers at career platform Ladders that has been tracking remote work availability across the 50,000 largest employers in North America since 2020.Pre-pandemic,about 4%of U.S.and Canadian jobs were permanently remote roles.In 2020,that grew to 7%;in Q1 2022,24%of all professional jobs in the U.S.and Canada were permanent remote work.8 According to projections,remote opportunities will continue to increase through 2023.This is an excellent opportunity for organizations to make good on DEI commitments.Companies like tech giant Meta are seeing the benefits of increased remote work the company announced in its 2022 annual diversity report that it has already exceeded its DEI goals set for 2024 because of increased remote jobs.9 Best Practices in Hiring Business leaders are now adopting some of these practices to mitigate hiring biases and truly enhance workplace diversity:Rethinking job requirements:Is the job defined in a way that excludes or only targets a certain demographic?Creating neutral job descriptions:Is the job positioned in ways or on forums that resonate with and are accessible to all?26Back to ContentsSUPPLY CHAIN&PROCUREMENT OUTLOOK 2023INSIGHTDRIVESINNOVATION Eliminating racial and gender biases:Can there be job applications with the applicants name,gender,age,and other potentially prejudicial factors anonymized?Minimizing recruiting bias:Is data and carefully defined metrics being used to evaluate candidates?How can cultural fit biases not based on traits,skills or knowledge be reduced?Are the interviewers a diverse group?Improving DEI Does Not End With Hiring Organizations are also recognizing and actively managing generational differences now.As Gen Z(those born between the late 1990s and early 2010s)employees enter the workplace,leaders are implementing best practices that address the divergent needs of an increasingly multigenerational workforce.With over five generations working together,companies are conscious of the stereotypes that exist within each group and are developing a deeper understanding of the economic and social realities of each generation to understand motivations,biases and boundaries,and create truly inclusive workspaces.MetricsCommunicationPolicyOwnershipBuilding a Sustainable Diversity ProgramSource:GEPSetting up a policy on diversity is the first stepIt should be a part of overall business strategyOwnership is important to impart change people with key roles in the organization should be responsible for driving the policyResponsibilities should be driven downwards from executive level Change management should be targeted at implementing the recommended changes for inclusion and diversityIt would be a multistep process focusing on overall organizational changes Change ManagementInternal:The goal is to define DEI,its impact on the organization,and its policies and activitiesExternal:Establishing effective communication channels with external business partners to spread program awarenessEstablishing and tracking metrics for measuring performance.These will provide benchmarks to track the programs progress,and highlight value of the program 27Back to ContentsSUPPLY CHAIN&PROCUREMENT OUTLOOK 2023INSIGHTDRIVESINNOVATIONSupply chain and procurement leaders enter 2023 with a lot on their minds.The business outlook,stressed by war,inflation,interest rate changes and more,will prompt many firms to take a cautious approach.Despite the broader renewal that firms sought following the ebb of the COVID-19 pandemic,given these uncertainties,many leadership teams remain unable to take bold steps to reshape their future.Leaders from supply chain and procurement must be ready to act.These leaders will wield their supply chains to advance social causes and their corporate values.They will accelerate ESG outcomes.They will accelerate digital transformation.They will battle inflation with tools old and new.And they will recruit modern,diverse talent into their teams.These leaders offer something different.These leaders hold the keys to unlock a brighter and more productive future.This is their moment 2023 is the year for supply chain and procurement.ConclusionTurn Ideas Into Action.Talk to GEP.GEP helps enterprise procurement and supply chain teams at hundreds of Fortune 500 and Global 2000 companies rapidly achieve more efficient,more effective operations,with greater reach,improved performance,and increased impact.To learn more about how we can help you,contact us today.John PiatekVice President,ConsultingJohn has 18 years of strategy consulting experience managing several large-scale engagements with leading global clients.At GEP,John is responsible for partnering with leading CPG and retail enterprises on strategy,supply chain and management initiatives.John is also the Chair of GEPs Thought Leadership Council.LETS TALK28Back to ContentsSUPPLY CHAIN&PROCUREMENT OUTLOOK 2023INSIGHTDRIVESINNOVATIONNOTES 1“World Economic Outlook,October 2022:Countering the Cost-of-Living Crisis,”International Monetary Fund,11 October 2022|https:/www.imf.org/en/Publications/WEO/Issues/2022/10/11/world-economic-outlook-october-20222“Edelman Trust Barometer 2022,”Edelman,2022|https:/3“For Employees,Shared Values Matter More Than Policy Positions,”Qualtrics,2 June 2022|https:/Fang Block,“Global Impact Investments Surpass$1 Trillion for the First Time,”Barrons,12 October 2022|https:/Yvonne Lau,“47 of the Worlds Biggest 200 Companies Still Havent Left Russia.Now the Kremlin Is Preparing Expropriation Blackmail,an Expert Says,”Yahoo!finance,14 August 2022|https:/“Scope 3 Emissions,”Global Compact Network UK,2022|https:/www.unglobalcompact.org.uk/scope-3-emissions7 Giulia Carosella,Serge Findling,Shawn Fitzgerald,Daniel-Zoe Jimenez,Gard Little,Adelaide OBrien,Robert Parker,Joseph C.Pucciarelli and Yukiharu Yorifuji,“IDC FutureScape:Worldwide Digital Transformation 2022 Predictions,”IDC,October 2021|https:/“Ladders Q1 2022 Quarterly Remote Work Report,”Ladders,4 April 2022|https:/“Remote Work Fuels Major Diversity Boost at Meta,”World Economic Forum,21 July 2022|https:/www.weforum.org/agenda/2022/07/meta-remote-work-diversity-boost/GEP delivers transformative supply chain solutions that help global enterprises become more agile and resilient,operate more efficiently and effectively,gain competitive advantage,boost profitability and increase shareholder value.Fresh thinking,innovative products,unrivaled domain expertise,smart,passionate people this is how GEP SOFTWARETM,GEP STRATEGYTM and GEP MANAGED SERVICESTM together deliver supply chain solutions of unprecedented scale,power and effectiveness.Our customers are the worlds best companies,including hundreds of Fortune 500 and Global 2000 industry leaders who rely on GEP to meet ambitious strategic,financial and operational goals.A leader in multiple Gartner Magic Quadrants,GEPs cloud-native software and digital business platforms consistently win awards and recognition from industry analysts,research firms and media outlets,including Gartner,Forrester,IDC and Spend Matters.GEP is also regularly ranked a top supply chain consulting and strategy firm,and a leading managed services provider by ALM,Everest Group,NelsonHall,IDC,ISG and HFS,among others.Headquartered in Clark,New Jersey,GEP has offices and operations centers across Europe,Asia,Africa and the Americas.To learn more,visit.100 Walnut Avenue,Clark,NJ 07066|P 732.382.6565|Clark,NJ|Austin|Chicago|Atlanta|Toronto|Mexico City|San Jose|So Paulo|Dublin|London|Amsterdam|Frankfurt|Prague|Cluj-Napoca,Romania|Pretoria|Abu Dhabi|Mumbai|Hyderabad|Coimbatore|Kuala Lumpur|Singapore|Shanghai|Dalian|Tokyo|SydneyCopyright 2023 GEP.All rights reserved.GEP SMART is an AI-powered,cloud-native software for direct and indirect procurement that offers comprehensive source-to-pay functionality in one user-friendly platform,inclusive of spend analysis,sourcing,contract management,supplier management,procure-to-pay,savings project management and savings tracking,invoicing and other related functionalities.GEP NEXXE is a unified and comprehensive supply chain platform that provides end-to-end planning,visibility,execution and collaboration capabilities for todays complex,global supply chains.Built on a foundation of big data,artificial intelligence and machine learning,GEP NEXXE is next-generation software that helps enterprises make supply chain a competitive advantage.

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    MARTECH INTELLIGENCE REPORTENTERPRISECUSTOMERORCHESTRATIONPLATFORMSJOURNEYA MARKETERS GUIDE 2022 Third Door Media,Inc.1 https:/martech.orgMARTECH INTELLIGENCE REPORT:Enterprise Customer Journey Orchestration Platforms:A Marketers GuideScope and methodology.2Customer journey orchestration market overview.3Figure 1:Gartners depiction of the customer journey.3More devices and touchpoints obscure customers journeys.4Figure 2:Technological advancements have led to high customer expectations.4Figure 3:Consumers expect the“new normal”use ofdigital technologies to continue post-pandemic.5Figure 4:Harvard Business Review authors Ranjay Gulati and James B.Oldroyd describe the journey companies take to become customer-focused.6The customer journey orchestration vendor marketplace.7What defines customer journey orchestration?.7CJO tool capabilities.9Data gathering.9Table 1:Interactions from which CJO vendors gather data.9Table 2:The speed at which data is gathered from various touch points.10 Customer journey visualization.10Data analysis.11Real-time interaction management.11Table 3:Channels available for activation by CJO vendors.11Choosing a CJO tool.12The benefits of using CJO tools.12Pricing.12Recommended steps to making an informed purchase.13Step One:Do you need a CJO tool?.13Step Two:Identify and contact appropriate vendors.14Step Three:Scheduling the demo.14Step Four:Check references,negotiate a contract.15Conclusion.16Vendor profiles.17Adobe Customer Journey Optimizer.17Alterian.20Cheetah Digital.24CSG.27Emarsys.30inQuba.32Iterable.35Pointillist by Genesys.37Salesforce.40SAS.43Thunderhead by Medallia.47Treasure Data.50Table of ContentsMARTECH INTELLIGENCE REPORT:Enterprise Customer Journey Orchestration Platforms:A Marketers Guide 2022 Third Door Media,Inc.2 https:/martech.orgScope and methodologyThis report examines the market for customer journey orchestration(CJO)platforms and the considerations involved in implementing CJO software.It answers the following questions:Why do companies adopt CJO software?What are the key elements of successful CJO strategies?What capabilities do CJO tools provide?Who are the leading players in CJO software?How much does CJO software cost?What should we ask ourselves and vendors before we adopt CJO software?For the purposes of this report,customer journey orchestration software lets marketers connect real-time data from across channels,touchpoints and systems,allowing users to gain insights into the customer journey.CJO software also enables marketers to act upon those insights frequently aided by artificial intelligence personalizing content in real-time.Whether targeting an individual customer or aggregated audiences,the goal is to meet the prospects needs and move them down the funnel toward a purchase.The vendors profiled in this report are representative of the choices available;this is not a comprehensive list of CJO tool vendors.This report is not a recommendation of any CJO solution or company and is not meant to be an endorsement of any particular product,service or vendor.This report will help you decide if implementing CJO is appropriate for your organization.The report explores CJO market growth and trends,the key elements of successful CJO strategies,CJO tool capabilities and recommended steps for making an informed purchase decision.The terms marketing performance management“tools”,“solutions”,“platforms”and“applications”are used interchangeably in this report.This report was prepared by conducting in-depth interviews with leading vendors and industry experts.These interviews took place in May and June of 2022.These sources,in addition to third-party research,form the basis for this report.Editorial Adviser:Kim Davis,Editorial Director,MarTech,Third Door MediaResearch/Writing/Editing:Pamela Parker,Research Director,Third Door MediaSusan Kuchinskas,Freelance Researcher and WriterLifetime Value:Engagement Score:$24,870HighSALEInsights and trends from 6,000 marketers and over two trillion outbound marketing communications.Lauren BoyleLowell,MASee how theyre driving results.Real-time engagement.More productive workflows.Marketers are making every moment count to drive success now.From the insights of 6,000 marketers to 2 trillion outbound moments worldwide,uncover marketings top six trends in our 8th State of Marketing Report.Get the report for free at the report87%of marketerssay they provide greater value now than last year.2022 Third Door Media,Inc.3 https:/martech.orgMARTECH INTELLIGENCE REPORT:Enterprise Customer Journey Orchestration Platforms:A Marketers GuideTo ensure that customers and prospects have the ideal interactions with their brands at every touchpoint,marketers first need in-depth information about the journey buyers navigate on their way to making a purchase,as well as how they interact post-purchase.Customer journey orchestration market overviewBusinesses today understand they need to be customer-focused in their marketing and their other operations.To ensure that customers and prospects have the ideal interactions with their brands at every touchpoint,marketers first need in-depth information about the journey buyers navigate on their way to making a purchase,as well as how they interact post-purchase.In addition,businesses must understand what customers and prospects are trying to achieve and how existing touchpoints are falling short so that they can address shortcomings.The entire business should be organized around the delivery of exceptional experiences,according to Accenture Interactive.Those experiences should respond to customers“new,often unmet and frequently changing needs and enable them to achieve their desired outcomes.”Great customer experiences are easier to imagine than to actually understand and deliver.Thats why tools that help marketers analyze the customer journey and act on the insights gained-customer journey orchestration(CJO)software-are finding a spot in businesses technology stacks.Interest in these solutions is driven in part by the complexity of the modern customer journey,a result of the proliferation of devices and customer touchpoints,as well as evolving consumer attitudes and behavior.Meanwhile,marketers struggle to meet customers expectations of a unified brand presence and experience across all of those touchpoints.More broadly,businesses are recognizing that adequate customer experiences are becoming table stakes,making it more difficult to achieve differentiation that drives business success.Figure 1:Gartners depiction of the customer journeyLoveDefend Demonstrate Rate Share RecommendBuyAdvocatePurchaseOwnReceive Onboard UseDeepenDiscover Need Aware Evaluate SelectSource:Gartner 2022 Third Door Media,Inc.4 https:/martech.orgMARTECH INTELLIGENCE REPORT:Enterprise Customer Journey Orchestration Platforms:A Marketers GuideOn average,globally,each person will have 3.6 networked devices by 2023.At the same time,the disruptions brought about by the COVID-19 pandemic have resulted in businesses renewing their appreciation for existing customers,spurring attention on the latter stages of the journey with an eye toward fostering relationships that yield recurring revenue.CJO tools are designed to include touchpoints like interactions with customer success representatives,who often deliver the experience supporting those long-term relationships.Lets explore these phenomena in more detail.More devices and touchpoints obscure customers journeysThese days,the average person accesses the internet on several devices.Cisco forecasts that the number of devices connected to IP networks globally will expand to more than three times the global population by 2023.On average,globally,each person will have 3.6 networked devices by 2023,says Cisco.The number of devices per person is likely to be higher in more developed geographies.With all these devices,people often shift back and forth depending on the task at hand and their surroundings.Customers turn to an average of nine channels to browse product inventory,look for advice and make purchases,according to Salesforces“State of the Connected Customer”report.Email,phone,in-person engagement,online chat and mobile apps are the five most popular methods of connecting with businesses.Seventy-four percent of customers surveyed used multiple channels to start and complete a transaction.At each of these touchpoints,customers expect to have consistent experiences-they want to be recognized and understood,and they want offers and interactions to be personalized to their needs.Technological breakthroughs in artificial intelligence and other areas have enabled businesses to deliver personalized,high-value experiences in near real-time,raising customers expectations for every brand they engage with.Figure 2:Technological advancements have led to high customer expectations76Tt%Customers expect connected journeys52%Customers expect to be understoodExpect consistentinteractions across departmentsSay it generallyfeels like sales,service and marketing teams dont share infoHave used multiplechannels to startand completea purchaseExpect offers toalways be personalized66fh7%Expect companiesto understandtheir unique needsand expectationsSay they are generally treated like numbersExpect brands to demonstrate empathySay brands generally demonstrateempathySource:“State of the Connected Customer,”4th Edition,by Salesforce.No More Personas.Get Real Profiles,Powered by Unified Data.What you thought you knew about your customers can change quickly.You need up-to-the-minute,complete customer data to build real profiles,know what they need,and how they like to engage.Trusted by:Let the Treasure Data enterprise Customer Data Platform(CDP)help you:Efficiently find andacquire customersImprove campaign performance with holistic dataConnect digital and in-person touchpoints Personalize customer journeys at scaleEnsure privacy and consent Build brand loyalty with AI-driven insightsRead real-world success 2022 Third Door Media,Inc.5 https:/martech.orgMARTECH INTELLIGENCE REPORT:Enterprise Customer Journey Orchestration Platforms:A Marketers GuideTypical investments in customer experience(CX)arent delivering the dividends they once were because good experiences have become more commonplace.Most customers-both consumers and business buyers-have interacted online for many years,which means they have a bank of experiences to draw upon when evaluating new interactions.They know what an online check-out should be like;they have researched business purchases;they have gone through the process of signing up for a new bank account online,etc.So merely adequate experiences arent enough to differentiate one brand from another.The COVID-19 pandemic raised the stakes.More people became accustomed to conveniences like buy-online pick-up-in-store or curbside deliveries from restaurants and retail locations.Eighty-eight percent of customers expect companies to accelerate digital initiatives as a result of COVID,with 69%of those surveyed expecting new ways to get existing products and services and 54lieving businesses should offer entirely new products and services,the“State of the Connected Customer”report found.Forrester Research calls it the“most frenzied phase of innovation”consumer-facing businesses have ever experienced,in a report aptly titled“Vast,Fast and Relentless,”warning brands that“customers wont let you rest anytime soon.”Typical investments in customer experience(CX)arent delivering the dividends they once were because good experiences have become more commonplace,according to Accenture.The companys surveys of business leaders revealed that four out of five brands(85%)say their investments in CX are languishing.Figure 3:Consumers expect the“new normal”use of digital technologies to continue post-pandemicStrongly agree Somewhat agree Neither agree nor disagree Somewhat disagree Strongly disagree360f03c%The COVID-19pandemic hasincreased myappreciation for well-designedtechnologyAfter the COVID-19pandemic,I believeI will use digitaltechnologies morethan I did prior tothe outbreakSource:Deloitte Global Marketing Trends Consumer Pulse SurveyTo break through and engender customer loyalty,businesses must develop a deeper understanding of their customers journeys,as well as the motivations and values that drive them to engage.Critically,the customer journey doesnt end with the purchase,so users experience with products and customer service interactions affect the lifetime value of that customer.Additionally,experiences all through the buying and owning stages of the journey impact whether that customer goes on to become an advocate for the brand who wins over new customers.Few marketers are successfully satisfying customers in all phases of their relationship.A full thirty-one percent of marketers surveyed by Gartner said they end their journey maps with the purchase,the lead acquisition,the initial transaction or the delivery of the product or service.2022 Third Door Media,Inc.6 https:/martech.orgMARTECH INTELLIGENCE REPORT:Enterprise Customer Journey Orchestration Platforms:A Marketers GuideA journey map that focuses merely on the purchase funnel,and not the entire end-to-end customer journey,is not a CX journey map.“A journey map that focuses merely on the purchase funnel,and not the entire end-to-end customer journey,is not a CX journey map,”said Augie Ray,VP and analyst with Gartners Marketing practice.“Those sorts of journey maps may assist with efforts to build awareness,inbound traffic and acquisition,but they cannot uncover the opportunities that influence customer satisfaction,loyalty and long-term advocacy.”Achieving all this is a tall order,and the critical first step is adopting something like a customer journey orchestration(CJO)platform that unifies real-time data across channels,touchpoints and systems-so marketers and the AIs working for them can perform the analysis necessary to gain insights before later applying that knowledge to improve the customer journey.In a Harvard Business Review article titled“The Quest for Customer Focus,”authors Ranjay Gulati and James B.Oldroyd describe the steps an organization must take to become truly customer-focused.Customer journey orchestration software requires and facilitates all four of these stages-“Communal Coordination,”“Serial Coordination,”“Symbiotic Coordination”and“Integral Coordination”(see Figure 4).Figure 4:Harvard Business Review authors Ranjay Gulati and James B.Oldroyd describe the journey companies take to become customer-focusedUnderstanding the Customer Focus JourneySTAGE 1Communal CoordinationSTAGE 2Serial CoordinationSTAGE 3Symbiotic CoordinationSTAGE 4Integral CoordinationThe primary organizational objectiveCollation of informationGaining insight into customers from past behaviorDeveloping an understanding of likely future behaviorReal-time response to customers needsThe coordination requirementCommunal coordination between a neutral information owner and the sources of customer informationSerial coordination between the neutral collator of information,analytics experts and line organizationsSymbiotic coordination between the neutral collator of information,analytics experts and line organizationsIntegral coordination among all of the companys employees across divisions,geographies and other boundariesThe locus of leadership Corporate strategy leaders and information technologyCorporate strategy leaders,the neutral entity that collates information(Such at IT),analytics experts and marketingCorporate leaders,customer segment managers and/or pivots that move information vertically and horizontally within the organizationCorporate leaders across-business integratorsSource:Harvard Business Review article“The Quest for Customer Focus,”April 2005 2022 Third Door Media,Inc.7 https:/martech.orgMARTECH INTELLIGENCE REPORT:Enterprise Customer Journey Orchestration Platforms:A Marketers GuideThe phrase“customer journey”has been a part of the digital marketing dialogue for years,which may contribute to the lack of clarity around what exactly customer journey orchestration is,and what it isnt.The customer journey orchestration vendor marketplaceCustomer journey orchestration isnt as precisely defined as other marketing technology categories.Its a fairly new niche,and vendors are coming at it from different angles.Some players have newly-architected solutions specifically targeted at meeting this particular need.Others are building upon expertise in other channels,such as call analytics or customer intelligence,by evolving through development or acquisitions.A third category,which includes Salesforce and Adobe,are enterprise application providers with established customer bases that have been adding customer journey analytics and orchestration functionality to their offerings.Industry-watchers expect to see additional entries from pure-play start-ups,as well as the repositioning of vendors in adjacent categories such as customer data platforms,marketing analytics and real-time interaction management(RTIM).The past year has seen some significant developments.Some of the larger pure-play entities became parts of a larger organization.Thunderhead was acquired by Medallia in February of 2022 for an undisclosed amount,adding to Medallias capabilities for gathering and acting upon customer intelligence to improve the experience.In a similar vein was Qualtrics purchase of both Usermind and Clarabridge in July of 2021.Both of these newly-formed combinations marry the acquirers customer listening tools such as voice-of-the-customer offerings with the acquirees capabilities to enable marketers to act on those insights.Those werent the only examples.In February of 2022,Cheetah Digital completed its merger with CM Group the parent of Campaign Monitor,Liveclicker and Emma,among other martech companies.Similarly,Kitewheel became part of CSG in July of 2021,helping the company build out its customer experience offerings after its May 2020 acquisition of Tekzenit.Meanwhile,Pointillist,along with Exceed.ai,were acquired by Genesys in December of 2021,while SharpSpring was purchased by Constant Contact in June of 2021 for$240M.Venture funding hasnt been quite as active as M&A recently,though the dollar amounts being invested are significant.Treasure Data closed a$234M funding round in November of 2021 and Iterable took in$200M in a Series E round in June of 2021,while inQuba brought in an undisclosed amount from Knife Capital and Rand Merchant Bank in December of 2020.What defines customer journey orchestration?The phrase“customer journey”has been a part of the digital marketing dialogue for years,which may contribute to the lack of clarity around what exactly customer journey orchestration is,and what it isnt.The following core areas have emerged as critical to getting an actionable picture of the customer journey and taking action to improve it.A customer-focused,outside-in-from the customers point of view-approach,rather than a product-,department-or company-led approach.A viewpoint that starts with acquisition but spans the ownership and advocacy aspects of the customer journey.Data from all channels,including in-store interactions and phone calls,as well as from all business units.Real-time,or close to real-time,data,both inbound(gathered via customer interactions across channels)and outbound(immediate tailoring of the next-best-action based on the data).Artificial intelligence and machine learning applied to analyzing the customer journey and delivering insights on the next best action.2022 Third Door Media,Inc.8 https:/martech.orgMARTECH INTELLIGENCE REPORT:Enterprise Customer Journey Orchestration Platforms:A Marketers GuideWith multiple devices,a variety of channels and many different paths to purchase,customers are in charge of their individual buying journeys.The following section discusses each of these elements in more detail.Customer-focused,outside-in approach.Marketers may have an“ideal customer journey”in mind,but a true customer journey analytics approach acknowledges that todays customers expect a great deal of flexibility to tailor interactions with businesses to their own preferences.With multiple devices,a variety of channels and many different paths to purchase,customers are in charge of their individual buying journeys.Everyones journey may be slightly different.Therefore its important that marketers look at things from the customers point of view,rather than sticking to a potentially outdated preconception of how people come to make a purchase.A focus on the lifetime value of the customer.Instead of focusing solely on the awareness,interest,consideration,intent,evaluation and purchase stages-aka the“classic marketing funnel”of the buyer experience-customer journey orchestration aims to nurture the relationship between the customer and the brand beyond ownership and into repeat purchases and brand advocacy.Cross-channel data.To achieve this big picture view of the customer journey,marketers must be able to bring in data across every customer touchpoint,whether its led by marketing or not.This includes data from call centers,chatbots,in-store interactions and more.Real-time or close to real-time data.The simplest goal of customer journey orchestration practitioners is to identify and eliminate roadblocks hindering customers.But the ultimate goal is much more ambitious to deliver contextually-relevant experiences to customers at their preferred touchpoints.To do this,they need to be able to gather data in real-time and respond in real time.Artificial intelligence and machine learning.Developing insights,determining what the next-best action should be for a particular customer,and setting that experience in motion are unlikely to occur in real-time without the benefit of artificial intelligence and machine learning.Making use of those technologies is key to customer journey orchestration.2022 Third Door Media,Inc.9 https:/martech.orgMARTECH INTELLIGENCE REPORT:Enterprise Customer Journey Orchestration Platforms:A Marketers GuideCJO tool capabilities A new generation of purpose-built tools has arisen for customer journey analytics and orchestration applications,while more established players have augmented their enterprise-level offerings with capabilities to facilitate this kind of analysis.As consolidation continues,some players are adding CJO to their customer intelligence offerings.Others are starting with CDP capabilities which makes sense since these platforms are also cross-channel.Their capabilities go beyond marketing to customer service and even product development.The majority of vendors profiled in this report offer one or more of the following capabilities to give marketers an understanding of the customer journey:Data gathering from a wide variety of channels and touchpoints.Analysis,including continual testing,using artificial intelligence and machine learning.Customer journey visualization.The ability to activate data from customer interactions,in real-time,personalizing everything from display ad campaigns to chatbot conversations to website pages.Data gatheringThe utility of CJO is directly related to what percentage of the entire customer journey is collected and available for analysis.Because consumer behavior is changing so rapidly,its difficult to anticipate emerging buying patterns-so having a comprehensive view of interactions is critical for getting a handle on what your customers are encountering along their path to purchase.Vendors we profile in this report gather data from a wide variety of sources including display advertising,streaming video platforms,call centers and chatbots.(see Table 1).Table 1:Interactions from which CJO vendors gather data VendorDisplay AdsSEO&SEMMobile AppsOwned WebsiteOTTOffline Purchase DataLinear TV adsOnline form SubmissionsChat SessionsPhone CallsEmail InteractionsAlterianPPNNNPPNNNNIterableN/AN/ANNN/ANN/ANNN/ANSASNNNNNNNNNNNCheetahPPNNPNPNPPNThunderheadPNNNPN,PPNNNNCSGPNNNNNPNNNNGenesysPPPPPN,PPN,PNNN,PinQubaPNNNPNPNNNNSalesforceNPNNNNPNNPNTreasure DataNNNNN/APN/APNNN*Third Door Media was unable to obtain data from Adobe and Emarsys.Legend:N=available natively,P=available through a partnership,N,P=available both natively and through a partnership,N/A=not availableSource:Third Door Media,Inc.The utility of CJO is directly related to what percentage of the entire customer journey is collected and available for analysis.2022 Third Door Media,Inc.10 https:/martech.orgMARTECH INTELLIGENCE REPORT:Enterprise Customer Journey Orchestration Platforms:A Marketers GuideCustomer journey visualizationBecause todays customer journeys are so complex,its challenging to create visual representations that are easily understood and actionable.The vendors profiled in this report use a variety of visualization techniques and allow users to look at data from multiple angles and at different depths.This functionality is particularly important for users who need to leverage this data to advocate for changes,as visualizations can be very convincing storytelling tools.Additionally,for a solution to provide value beyond marketing(in customer service,product development,etc.)visualizations must be flexible enough to serve a variety of use cases.Table 2:The speed at which data is gathered from various touch points VendorDisplay AdsSEO&SEMMobile AppsOwned WebsiteOTTOffline Purchase DataLinear TV adsOnline form SubmissionsChat SessionsPhone CallsEmail InteractionsAlterianReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurHourly batchReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurIterableN/AN/AReal-time instantly as interactions occurReal-time instantly as interactions occurN/AVia hourly batch processingN/AReal-time instantly as interactions occurReal-time instantly as interactions occurN/AReal-time instantly as interactions occurSASReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurCheetahReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurThunderheadReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurVia daily batch processingReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurCSGReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurVia daily batch processingBatch processing less frequently than dailyReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurGenesysVia daily batch processingVia daily batch processingReal-time instantly as interactions occurReal-time instantly as interactions occurVia daily batch processingVia hourly batch processingVia daily batch processingReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurinQubaReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurSalesforceReal-time instantly as interactions occurOtherReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occurVia daily batch processingN/AReal-time instantly as interactions occurReal-time instantly as interactions occurN/AReal-time instantly as interactions occurTreasure DataVia hourly batch processingVia hourly batch processingReal-time instantly as interactions occurReal-time instantly as interactions occurN/AVia hourly batch processingN/AVia hourly batch processingReal-time instantly as interactions occurReal-time instantly as interactions occurReal-time instantly as interactions occur*Third Door Media was unable to obtain data from Adobe and Emarsys.Source:Third Door Media,Inc.Some vendors aggregate data in real-time,while others offer batch processing hourly or daily.(See Table 2.)2022 Third Door Media,Inc.11 https:/martech.orgMARTECH INTELLIGENCE REPORT:Enterprise Customer Journey Orchestration Platforms:A Marketers GuideBringing together hundreds and thousands of interactions and making sense of them is the magic of CJO.And its where we are seeing a lot of interest and investment.Data analysisBringing together hundreds and thousands of interactions and making sense of them is the magic of CJO.And its where we are seeing a lot of interest and investment.The vast amount of data involved makes this problem ideal for the use of artificial intelligence and machine learning.Technologies for sentiment analysis are often a part of this element,as well,since applying these techniques to customer communications-emails,call center transcripts,chatbot conversations-can provide valuable insights into the customers mindset.Importantly,data analysis includes continual testing of new approaches to driving customer conversations forward,so programs dont get stuck delivering next-best actions that are based on outdated behaviors.Though todays tools are able to deliver insights,predictions and suggestions for next-best actions,we expect this area to see significant advancement.Real-time interaction managementNaturally,identifying the next best action works best when youre in a position to execute on the insights derived.The vendors we profile in this report offer orchestration functionality through integrations with a multitude of martech applications,including content management,marketing automation,demand-side platforms,etc.(See Table 3.)Table 3:Channels available for activation by CJO vendors VendorDisplay AdsSEO&SEMMobile AppsOwned WebsiteOTTLinear TV adsOnline form SubmissionsChat SessionsPhone CallsEmail InteractionsAlterianPPNNPPNPPNIterableNNNNNNNNPNSASPPNNPPNPPNCheetahPPNNPPNPPNThunderheadPPPPPPPPPPCSGPPNNPPPNNPGenesysPPNNPPNPPPinQubaNPNNNPNNPNSalesforcePPPPN/AN/APPPPTreasure DataNNNNN/AN/APNPN*Third Door Media was unable to obtain data from Adobe and Emarsys.Legend:N=available natively,P=available through a partnership,N,P=available both natively and through a partnership,N/A=not availableSource:Third Door Media,Inc.2022 Third Door Media,Inc.12 https:/martech.orgMARTECH INTELLIGENCE REPORT:Enterprise Customer Journey Orchestration Platforms:A Marketers GuideAt its most basic level,customer journey orchestration can enable businesses to identify roadblocks that are preventing prospects from making purchases,thereby improving return on marketing investment.Choosing a CJO toolThe benefits of using CJO toolsAdopting a platform that gathers,visualizes,analyzes and acts upon data across all of your customer touchpoints can yield significant benefits,including:Improved alignment among business units.Committing to customer journey analytics and orchestration requires that every business function-marketing,sales,customer service,product development-contribute data on the points where they touch the customer throughout the life cycle.This knowledge sharing and coordination,as well as the insights gained by doing so,can help align the various business units by giving them a common view of the customer and allowing them to agree to overarching goals.Increased revenue.At its most basic level,customer journey orchestration can enable businesses to identify roadblocks that are preventing prospects from making purchases,thereby improving return on marketing investment.More broadly,however,truly understanding your customer and focusing on providing them with what theyre seeking for the duration of your relationship can pay dividends for the longer term,resulting in cross-sells,up-sells,repeat purchases and brand advocacy.More agile marketing and operations.The rapid changes in social and purchase behavior brought about by the COVID pandemic served as a lesson to many business leaders,hammering home the importance of listening to customers and prospects in real-time.The data and insights gathered through practices like customer journey orchestration allow businesses to more quickly pivot to respond to customer needs as the environment changes.A better relationship with your customer.Some of the biggest trends to emerge from the COVID pandemic have nothing to do with illness or even working from home.All of the shake-ups to our normal routines,as well as the re-examination prompted by social movements like Black Lives Matter,have customers looking for a different type of relationship with the businesses they patronize.This is manifesting in two ways.Multiple surveys indicate that customers are seeking businesses that understand them-that empathize with their needs.One in four respondents to a Deloitte global consumer survey strongly agreed that they walked away from brands they believe acted in self-interest.“Simultaneously,more than 70%agreed that they valued the digital innovations that deepened their connection with others during COVID-19,”Deloittes 2021 Global Marketing Trends report said.Additionally,customers are increasingly turning to businesses whose values align with their own,such as those that commit to addressing systemic racism and inequality.Though customer journey orchestration solutions cant make a business more human,empathetic or socially conscious,they can help businesses understand their customers values and concerns.They can also help them express that understanding when they interact with customers.PricingBecause of the different types of companies offering customer journey orchestration software,pricing models vary significantly.Some offer flat-rate pricing,while others may charge per interaction,per-activation,based on the number of customers or on some combination of these factors.The number of data sources accessed,the number of users(seat licenses),as well as data storage costs,may also factor into pricing.Often,vendors offer additional functionality(and charge more)for add-ons,so make sure you know whether the application you need is part of the base package.2022 Third Door Media,Inc.13 https:/martech.orgMARTECH INTELLIGENCE REPORT:Enterprise Customer Journey Orchestration Platforms:A Marketers Guide Implementing a customer journey analytics program can provide many benefits,but its critical that you reflect on what you want to achieve with this investment.Recommended steps to making an informed purchaseUnderstanding your current business processes,knowing how to measure success and being able to identify where you are looking for improvements,are all critical pieces of the CJO tool decision-making process.The following section outlines four steps to help your organization begin that process and choose the tool or platform that is the right fit for your business needs and goals.Step One:Do you need a CJO tool?Deciding whether or not your company needs a CJO tool calls for the same evaluative steps involved in any software adoption,including a comprehensive self-assessment of your organizations business needs,staff capabilities,management support and financial resources.Use the following questions as a guideline to determine the answers.Have we identified our goals for CJO?Implementing a customer journey analytics program can provide many benefits,but its critical that you reflect on what you want to achieve with this investment.Do you want to optimize your marketing spend?Are you seeking to improve customer lifetime value?Does your organization have a culture that ensures all of the relevant departments will support CJO and contribute siloed data as necessary?The success of a customer journey orchestration depends on participation from all touchpoints marketing,sales,customer service,etc.Does your organization have a culture that will support participation?Do we have C-suite buy-in?Adopting customer journey analytics,as mentioned above,requires the cooperation of multiple departments within the organization.Therefore,having a C-suite advocate that can help establish the program as a priority across departments,is critical for success.Who will“own”CJO?Marketing,sales,product and customer service must all contribute,and all can benefit,but youll need to decide who is leading the charge.Can we invest in organizational training?Many of the benefits of customer journey analytics can only be realized through shifting the way businesses think about their customers-by adopting a customer-first focus.Changing perspectives throughout the business may require training and education,as well as long-term changes in processes.Have we established KPIs and put a system in place for tracking,measuring and reporting results?Once youve established your goals and communicated them throughout the organization,youll need to decide on the metrics that are most important to your efforts and monitor your progress in achieving them.You may consider doing a proof-of-concept with low-hanging fruit to demonstrate the benefits of the approach to various stakeholders.2022 Third Door Media,Inc.14 https:/martech.orgMARTECH INTELLIGENCE REPORT:Enterprise Customer Journey Orchestration Platforms:A Marketers GuideSpeak to your marketing peers at industry events to find out who is using which tool and why.Step Two:Identify and contact appropriate vendorsOnce you have determined that CJO software makes sense for your business,spend time researching individual vendors and their capabilities by doing the following:Make a list of all the customer-journey orchestration capabilities you currently have,those that you would like to have and those that you cant live without.This last category is critical and will help you avoid making a costly mistake.For example,if you seek to harness the data coming from your call center,make sure to ask vendors about their capabilities in this area,and their ability to perform sentiment analysis on the conversations happening in that channel.Take your list of capabilities and then do some research.Speak to your marketing peers at industry events to find out who is using which tool and why.Many of the vendors profiled in this report provide whitepapers and interactive tools that can help.The MarTech(https:/martech.org)website is a great resource for advice and information on vendors.Narrow your list to those vendors that meet your criteria.Submit your list of the critical capabilities youve identified,and set a timeframe for them to reply.Decide whether or not you need to engage in a formal RFI/RFP process.This is an individual preference.If you run a formal process,be sure to give the same list of capabilities to each vendor to facilitate an apples-to-apples comparison.The most effective RFPs only request relevant information and provide ample information about your brand and its needs.It should reflect high-level strategic goals and KPIs.For example,mention your companys most important KPIs and how you will evaluate the success of your CJO efforts.Include details about timelines and the existing martech systems you have deployed.When written properly,an RFP will facilitate the sales process and ensure that everyone involved on both sides comes to a shared understanding of the purpose,requirements,scope and structure of the intended purchase.From the RFP responses,you should be able to narrow your list down to three or four solutions that youll want to demo.Step Three:Scheduling the demoSet up demos with your short list of vendors within a relatively short time frame after receiving the RFP responses.Make sure that all potential internal users are on the demo call,and pay attention to the following:4 How easy is the tool to use?4 Does the vendor seem to understand our business and our marketing needs?4 Are they showing us our“must-have”features?Other questions to ask each vendor depending on the type of services they provide include:Data gathering4 Does the solution integrate with the systems you currently use to store customer data?4 What type of machine learning and/or artificial intelligence does the tool use?4 Are we able to choose different models and tune them to our own needs?4 Can we segment and view customers by multiple criteria?4 Can the tool identify anonymous interactions and match them to the correct profile?4 Does the tool allow us to reconcile data from all of the channels in which we interact with customers?4 Is the solution GDPR and CCPA compliant?2022 Third Door Media,Inc.15 https:/martech.orgMARTECH INTELLIGENCE REPORT:Enterprise Customer Journey Orchestration Platforms:A Marketers GuideBefore deciding on a particular vendor,take the time to speak with several customer references,preferably someone in a business similar to yours.Reporting4 Does the solution provide real-time analytics?4 What do the reports look like and how can they be customized?4 Does the tool use artificial intelligence and machine learning?How?4 Is sentiment analysis of relevant customer interactions available?4 What types of insights are surfaced through analysis and what recommendations does the tool make proactively?Real-time interaction management4 How does the tool natively orchestrate interactions or integrate with the systems we use(i.e.display ad management,content management systems)?4 How is data exchanged?Are real-time or near real-time personalized or segmented campaigns feasible?Training and customer support4 How much training will we need to use the software,and what kind of training is available?4 What level of customer support do you offer,and when is it available(i.e.,24/7 vs.8/5)?4 What is the turnaround time for support queries/tickets?4 Do you provide professional services or support for our transition?4 What new features are you considering?4 Whats the long-term product roadmap and launch dates?Step Four:Check references,negotiate a contractBefore deciding on a particular vendor,take the time to speak with several customer references,preferably someone in a business similar to yours.The CJO tool vendor should be able to supply you with references if you cannot identify them yourself.Use this opportunity to ask any additional questions,and to find out more about any questions that werent answered during the demo.Make sure that the person youve been referred to is someone who is a primary user of the solution.Consider also asking these basic questions:4 Why did you move to a CJO tool?4 Why did you select this tool over others?4 Has this tool lived up to your expectations?4 How long did the system take to implement?4 Who was involved in the implementation?4 Are you also using additional tools for data analysis or to execute on insights gained through CJO?4 Were there any surprises that you wish youd known about beforehand?4 Where have you seen the most success?The biggest challenges?4 How are you measuring your own success?4 How easy was the set-up process and how long?Did the vendor help?4 How responsive is customer service?4 Has there been any down time?4 What is the most useful,actionable(favorite)report the solution generates?4 What do you wish they did differently?4 Why would you recommend this tool?2022 Third Door Media,Inc.16 https:/martech.orgMARTECH INTELLIGENCE REPORT:Enterprise Customer Journey Orchestration Platforms:A Marketers GuideMost vendors require an annual contract.Once youve selected a vendor,be sure to get in writing a list of what technology and support are covered in the contract.Ask about what kinds of additional fees might come up.Are there charges for custom integrations,if so,how much?What is the hourly charge for engineering services,and is there a minimum?What partner organizations are available to install and integrate the tool?If you need to train a new hire mid-year,what will that cost?What is the“out”clause?Obtaining the answers up front and having them in writing will ensure fewer surprises or additional costs down the road.ConclusionAs the world emerges from the COVID pandemic,one lasting legacy will be business leaders understanding of how quickly things can change.Those leaders have seen first-hand the advantages that can be reaped by businesses that are in tune with their customers and pivot quickly to meet their needs.Given that customers journeys to purchase and beyond are growing increasingly complex due to a seemingly ever-increasing number of devices,channels and options,businesses are seeking software solutions to help them get a handle on what customers are experiencing.Central to these solutions,given the sheer volume of data available from customer touchpoints,is the employment of advanced technologies like artificial intelligence,machine learning and sentiment analysis.Visual representations of the journeys are also critical,especially when users need to make a case for changes within the organization.Additionally,the ability to gather data and act upon insights in near real-time gives businesses the opportunity to deliver next-best-actions and further the customer conversation.Truly taking advantage of the opportunities involves a shift in perspective and,often,a restructuring of organizations and processes,but the benefits of doing so are substantial.Customer journey orchestration solutions,supported with organizational buy-in and resources,can provide the insights and capabilities necessary to meet and exceed customer expectations in these rapidly-changing times.nAs the world emerges from the COVID pandemic,one lasting legacy will be business leaders understanding of how quickly things can change.2022 Third Door Media,Inc.17 https:/martech.orgVENDOR PROFILESMARTECH INTELLIGENCE REPORT:Enterprise Customer Journey Orchestration Platforms:A Marketers GuideTarget customerEnterprises and mid-market businesses.Company overview Founded in 1982.28,000 employees total.Went public in 1986 with the ticker symbol ADBE(NASDAQ).Adobe believes creativity empowers transformation personally,professionally and across all industries.Product overviewAdobe Journey Optimizer,which is natively built on the Adobe Experience Platform,lets marketers manage inbound customer engagement and outbound omnichannel campaigns in email,push and in-app messaging via a cloud-native application.The software resides within Adobes customer journey portfolio along with Adobe Target,Adobe Campaign and Adobe Marketo Engage.Use cases Unifying data by connecting and standardizing customer data and resolving identity.Sending personalized messages based on the unified customer profile and segmentation available within the platform.Utilizing intelligent offer decisioning to select the next-best offer based on real-time customer behavior.Designing email and mobile messages using a variety of templates and a drag and drop interface.Delivering email,push and in-app messages to engage customers.Improving content velocity with a digital asset management solution Adobe Experience Manager Assets Essential-that connects the sources of content directly to media channels.Integrating with other Adobe Experience Cloud applications to extend functionality,such as Experience Manager Assets,Real-time Customer Data Platform,Analytics,Journey Analytics,Target and more.Data analysis Journey Optimizer features a limited version of the capabilities offered in the Adobe Real-time Customer Data Platform,collecting data about customer behavior,unifying it,resolving the identity of customers and prospects,also enabling the creation of segments.TheDatasetsworkspace in Adobe Journey Optimizer user interface allows marketers to explore data and create datasets.Adobe Experience Platform ingests data from a variety of sources to help brands better understand the behavior of their customers.Typical sources include enterprise data sources,including the Experience Platform customers own web and mobile applications,CRMand enterprise applications,cloud-based storage and other Adobe applications.While Adobe Journey Optimizer does not require any other application to function,purchase of other applications such as Adobe Real-time Customer Data Platform or Customer Journey Analytics will unlock additional complementary capabilities.Adobe Customer Journey Optimizer345 Park AvenueSan Jose,CA 95110-2704T:408-536-6000https:/customersNot disclosedKey executives Shantanu Narayen,Chairman,President and Chief Executive OfficerAbhay Parasnis,Chief Technol-ogy Officer and EVP,Strategy and GrowthAnil Chakravarthy,EVP and GM,Digital Experience Amit Ahuja,VP,Experience Cloud,Platform&Products,Digital Experience 2022 Third Door Media,Inc.18 https:/martech.orgVENDOR PROFILESMARTECH INTELLIGENCE REPORT:Enterprise Customer Journey Orchestration Platforms:A Marketers GuideTesting,orchestration and automation Features a central location enabling the creation and management of offers for multiple channels.These include promotions,discounts,loyalty notices,cross-sales and up-sales.Decision engine,which is available in the Ultimate package,applies business rules,as well as AI and ML,for eligibility,frequency,ranking and capping to select the right offer for each unique customer.Experience Platform Intelligent Services can be applied throughout applications for decisioning around customers,journeys,content and attribution.Offer decisioning integrates with email and mobile to send relevant personalized offers.Users can build multi-step journeys for targeted audiences,journey entry events,triggers for actions,actions and channel messages.Marketers use a drag and drop interface to design journeys,sending updates based on real-time customer or business interactions.Analytics and reporting Adobe Journey Optimizer has built-in journey measurement and engagement reporting.For customers looking for more advanced analytics use cases,Adobe Customer Journey Analytics will provide the additional insights and omnichannel analysis.Within Journey Optimizer,brands can apply centralized decisioning and incorporate artificial intelligence and machine learning to surface predictive insights throughout the customer experience,giving marketers insights to automate decisions and optimize the experience.Live report dashboards,which detail journeys,campaigns,landing pages and subscription lists,allow marketers to measure and visualize in real time the impact and performance of journeys and messages.Reporting dashboards can be modified by resizing or removing widgets.Tabs available within journeys include:Journey allows marketers to see the path of targeted profiles through the journey,such as the number of profiles that entered the journey,the number of profiles that exited the journey,the number of individual journeys that werent successfully executed,the events and actions executed over the last 24 hours.Email lets marketers view information related to email deliveries,including number of sends,number of deliveries,bounces,errors,opens,clicks,unsubscribes and spam complaints.The offers statistics widgets measure the total number of sends,the number of times the offer was opened and the number of times an offer was clicked on.Push details the information related to push deliveries in the journey,including sends,deliveries,bounces,errors,opens,actions and engagements.SMS shows the number of user profiles that qualify as targets for the delivery,those excluded,sends,deliveries,opens,clicks,bounces and errors.In addition toreal-time reportsand built-inglobal reporting capabilities,Journey Optimizer can automatically send journey performance data to Adobe Experience Platform so it can be combined with other data for analysis purposes.Interactive Query Editor allows users to write,validate,and run queries for customer experience data within the Adobe Journey Optimizer user interface.Query Editor supports developing queries for analysis and data exploration,also allowing users to run interactive queries for development purposes as well as non-interactive queries to populatedatasets.Adobe Customer Journey Optimizer345 Park AvenueSan Jose,CA 95110-2704T:408-536-6000https:/2022 Third Door Media,Inc.19 https:/martech.orgVENDOR PROFILESMARTECH INTELLIGENCE REPORT:Enterprise Customer Journey Orchestration Platforms:A Marketers GuideCollaboration and workflow Integrates with Workfront for real-time tracking of progress toward business goals,enabling teams to see how their work supports those goals.Privacy and data security All data in transit between Experience Platform and any external component is conducted over secure,encrypted connections using HTTPS TLS v1.2.All data at-rest is encrypted by the cloud service provider.Customer data in Adobe Experience Platform is logically isolated across customers.Third-party integrations Integrates natively with other Adobe Experience Platform software packages.Third-party APIs enable customers to integrate other business applications with Adobe Journey Optimizer to trigger custom actions.Through the Adobe Experience Platform Exchange,users can access hundreds of pre-built plug-ins to integrate with a wide variety of software types.Pricing and support Pricing for Adobe Journey Optimizer scales based on the sophistication of use cases being addressed and the number of customer profiles actively engaged through the software.Journey Optimizer is offered in three packages.Select includes all standard features.Prime adds streaming segmentation and real-time journey orchestration.Ultimate includes all Prime features plus offers decisioning.Add-ons are available for additional ad-hoc query users,messages,profile richness,sandboxes,Burst Push messaging,Deliverability Essentials and Deliverability Plus.Adobe partners with a number of integration providers certified to assist customers with onboarding and set-up.Adobe provides support via a ticketing system,in addition to online documentation,tutorials and a community forum.Adobe Customer Journey Optimizer345 Park AvenueSan Jose,CA 95110-2704T:408-536-6000https:/2022 Third Door Media,Inc.20 https:/martech.orgVENDOR PROFILESMARTECH INTELLIGENCE REPORT:Enterprise Customer Journey Orchestration Platforms:A Marketers GuideTarget audience Medium-to enterprise-sized businesses primarily in:Financial services Utilities Retail/eCommerce Travel Manufacturing Sporting Not-for-profit Company overview Founded in 1997 60 employees Alterian is a software publisher of real-time customer journey analytics and orchestration solutions,implemented by more than 180 companies.The software helps them visualize their own customers journeys across multiple touchpoints,identify points of friction along the customers path,and understand how the customers experience in real time is impacting business metrics.Alterian has offices in Denver,Bristol and Sydney.Product overview Alterians Real-time CX platform uses artificial intelligence and machine learning to let customer-experience professionals take action and orchestrate personalized customer experiences to drive customer and business outcomes in a SaaS solution.The no/low code user interface lets users visualize customer journeys in user-friendly dashboards.They can identify points of friction and drop-off that negatively impact customer experience.Through its journey orchestration capabilities,Real-time CX leverages AI path prediction and machine learning modeling from millions of customer journey interactions.It lets businesses deliver in-the-moment personalization and serve customers a next best action.Use cases Increase revenue and conversions Visualize the paths customers take as they engage in a purchase journey across any channel and identify where they drop off or experience friction.In visualizing these friction points,users can co-create orchestrations designed to re-engage lost customers or deliver optimized,frictionless journeys to increase conversions and revenue.Reduce costs Through AI analysis and modeling,businesses can identify customers undertaking an account payment journey that exhibit a high propensity to switch from a low-cost channel such as digital experience to a high-cost channel such as the call center.By predicting their behavior,the system can then deliver a personalized experience at that moment to help deter a channel switch and enable the customer to complete payment digitally.This reduces the volume of customers engaging with high-cost channels and reduces costs.Drive CSAT/NPS and retention Analytics unifies customer data from all input sources to identify customers before they engage in a cancelation journey.For example,a customer may log in to an account seeking to cancel,get frustrated during the process,and transition to a call center.All available information about the customer and their current experience can be delivered to the service rep,along with recommended Alterian1550 Larimer Street,Suite 105Denver,CO Key customers Iberdrola USAMitsubishi MotorsWestpacThe Wine SocietyChildFundKey executives Bob Hale,Chief Executive OfficerAlex Thompson,Vice President of Product StrategyNathan Lamos,Growth ExecutiveHelen Fee,General Manager,APAC 2022 Third Door Media,Inc.21 https:/martech.orgVENDOR PROFILESMARTECH INTELLIGENCE REPORT:Enterprise Customer Journey Orchestration Platforms:A Marketers Guidenext best actions,so the rep can,with context,choose which action is the most appropriate in order to increase the likelihood of positive retention outcomes.Data analysis Real-time CX receives and sends data,faster than 100 miliseconds,in streams and batches to other solutions as structured and unstructured data,joining customer activity and metadata for a view of each individual journey and where each individual sits inside a journey.Customer Experience ID(CXID)links cross-channel journeys.As individuals interact across channels,the CXID combines identity data and identifies matches in real time,building a progressive profile that persists with the customer over time and identifying where they sit within a journey.The AI and machine learning decision engine suggests next best actions by:Predicting future behavior and visualizing five journey steps ahead.Discovering journey patterns to categorize journey types at scale so next best actions can be recommended across common journey paths.Journey Friction shows common friction points in journeys that enable orchestrated next-best-action resolutions.The Journey Analytics engine feed of event data combines point-in-time and attribute data to drill into behavior as it occurs;its used to suggest next best action.Simulation lets users run historical journey data through new rules to test hypotheses and their outcomes.Testing capabilities Real-time CX has native testing capabilities to run a/b/n test,tests against control groups,and multi-armed bandit(MAB),continually testing against business and customer goals.The platform can automatically promote the best journey experiences based on test outcomes.The platform supports running journey decision logic in multiple phases,typically:Design,Test and Production.Within this structure,the user has the ability to pipe anonymized,real-time production journey data through to journey decision logic into the test phase to simulate behavior in production and see the impact that their changes will have on the customer experience and KPIs.Orchestration and automation Real-time CX has built-in orchestration capabilities.Core functionality enables the automated identification of which journey(s)a customer takes,adjusting in real time as journey signals are received.Decisions on how to orchestrate and prioritize journeys are based on a mix of user-derived business logic,AI and machine learning and real-time and historical data identifying customers to understand how they transact,interact and feel.Real-time journey signals,historic and learned customer data profiles are used by logic created in Journey Rules and AI decisions to determine the next best actions for customers.This triggers rule decisions and task creation from operational systems such as CRM.Journey playbooks contain a library of common customer journeys,such as payment friction or customer services next best action,providing a library of pre-built rules and workflows that a user can implement.This helps users avoid creating a workflow from scratch and saves time when customizing a playbook to the unique needs of their customers.Alterian1550 Larimer Street,Suite 105Denver,CO 2022 Third Door Media,Inc.22 https:/martech.orgVENDOR PROFILESMARTECH INTELLIGENCE REPORT:Enterprise Customer Journey Orchestration Platforms:A Marketers GuideOrchestration and automation Real-time CX has built-in orchestration capabilities.Core functionality enables the automated identification of which journey(s)a customer takes,adjusting in real time as journey signals are received.Decisions on how to orchestrate and prioritize journeys are based on a mix of user-derived business logic,AI and machine learning and real-time and historical data identifying customers to understand how they transact,interact and feel.Real-time journey signals,historic and learned customer data profiles are used by logic created in Journey Rules and AI decisions to determine the next best actions for customers.This triggers rule decisions and task creation from operational systems such as CRM.Journey playbooks contain a library of common customer journeys,such as payment friction or customer services next best action,providing a library of pre-built rules and workflows that a user can implement.This helps users avoid creating a workflow from scratch and saves time when customizing a playbook to the unique needs of their customers.Alterian solutions are primarily suited to B2C businesses,as well as B2B businesses across a variety of verticals including:Financial services Utilities Retail/eCommerce Travel Manufacturing Sporting/gaming Not-for-profitAnalytics and reporting Real-time event data is fed constantly into the Journey Analytics engine for interactive analytics.Journeys are visualized graphically in Dashboards,Opportunity Matrix and Journey Analytics.Visuals include:Sankey,Chord,Pie,Chart,BoxWhisker,Maps and Bubble views.Multiple filters,orientations,and views are available in an easy-to-use user interface.Customer attribute,sentiment and satisfaction data can be imported or captured and used across these reports.Analysis of data can be viewed across single or multiple interactions by time,segment,or initiative.Advanced stream queries show instant results.A side-by-side view helps display insight such as activity between time periods.Specific dashboards designed for different user types show relevant key information graphically including Cost/Return,CSAT/NPS,Journey Steps,Engagement Score,Journey Time and Rework.Multiple and concurrent journeys display visually in the Pattern Discovery,Rework,and Cluster dashboards.Collaboration and workflow Journey Playbooks are the starting place for co-creation and collaboration within the platform.Users can leverage templated Playbooks or ideate,edit and extend them so they are tailored for their organization.Features such as adding comments,links,tables,images,tags,actions and icons facilitate collaboration among different user roles.Tasks and workflows can be linked together and connected to dashboards,journey visualization and journey rules,so a team can share ideas in one place.Privacy and data security Real-time CX is globally hosted in AWS and Azure in multiple regions.An information security management system is in place,and Alterian provides built-in data redundancy with multi-node mirrored design.Access to the solution is through secure methods.Each client has its own account spaces,with the ability to control end-user access levels.All data is encrypted at rest and transit.Alterian operates across GDPR and Alterian1550 Larimer Street,Suite 105Denver,CO 2022 Third Door Media,Inc.23 https:/martech.orgVENDOR PROFILESMARTECH INTELLIGENCE REPORT:Enterprise Customer Journey Orchestration Platforms:A Marketers Guideregulated markets,following rules for use of personally identifiable information and data movement.The company follows the Microsoft Security Development Lifecycle,which includes threat analysis and regular penetration testing from independent security companies.Third-party integrations Real-time CX easily integrates with any third-party system with its configurable API connectors and data import/export functions.The platform has 130 connectors that can be extended by end-users in a no-code UI.Integrations include:Engagement technologies that provide outbound and inbound customer touchpoints,such as campaign and call center systems.In addition,many other systems provide contextual data,product functionality,and third-party systems.Digital technologies for personalization of experience and content through orchestration.Transactional systems providing customer lifecycle metrics,product preferences and lifetime-value data.VoC and CFM platforms that provide data to enrich journey analytics and signals for orchestration.Pricing and support CPM price model based on interactions.An interaction is defined as any activity across any number of channels without a break of more than 30 minutes.No free trial.Clients can view or budget in product dashboards for a live view of their usage,activity and how many interactions they have still available.Discounted rates for journey analytics and discovery usage.All clients use global support service,with follow-the-sun support via portal,email or phone.Clients have bi-monthly expert sessions on adoption/usage and can access supplementary services retainers or hypercare if required.Digital adoption technology guides users as they use the tool.Training is available in Alterians Academy and via multiple training options.During sales discovery,ongoing account management,and quarterly reviews,the Alterian team works with clients to understand their current maturity and capabilities for journey analytics and orchestration.Opportunity Workshops help customers identify new use cases.A use case and playbook approach provide low-cost proofs of concept to test initiatives.Clients can use hypercare/retained services to create these.Alterian1550 Larimer Street,Suite 105Denver,CO 2022 Third Door Media,Inc.24 https:/martech.orgVENDOR PROFILESMARTECH INTELLIGENCE REPORT:Enterprise Customer Journey Orchestration Platforms:A Marketers GuideTarget audience B2C marketers in enterprise brands in industries including retail,financial services and insurance,CPG,travel and hospitality and media and entertainment.Clients include houses of brands with many sub-brands needing to operate autonomously but share some of the same assets and brand guidelines.Company overview Founded in 2017.1,000 employees.Cheetah Digital and CM Group(parent of Campaign Monitor,Liveclicker,Emma and others)completed a merger in February 2022.Cheetah Digital acquired Wayin in 2019,which became Cheetah Experiences.Cheetah acquired Stellar Loyalty in 2018,which became Cheetah Loyalty.The Cheetah Customer Engagement Suite is the companys overall solution.It includes the core Cheetah Platform,with four solutions built on that:Cheetah Experiences for acquisition and enrichment of consumer data;Cheetah Messaging for cross-channel communications;Cheetah Personalization for real-time personalization at scale;and Cheetah Loyalty for loyalty management and marketing programs.Product overview The Cheetah Customer Engagement Suite is the companys overall solution.Cheetah Personalization scales targeted and contextual experiences by blending three capabilities:Real-Time Personalization,Journey Designer and Intelligent Offers.Marketers can leverage machine learning and automated journeys to connect with customers one-to-one.Real-time experiences.Capture real-time data events on web and mobile devices for triggered campaigns.Journey design.Comprehensive journey creation and automation,from simple triggered journeys to multi-step and fully custom journeys.Offer management.The offer library lets users design and personalize interactive content for individuals.Real-time events.Ingests streaming event data and feeds it into the Cheetah Platform to update customer profiles.Journey library.A library of standard,configurable journey templates.Offer intelligence.Applies machine learning and artificial intelligence to optimize offer selection.Rapid deployment.Applies offer and product recommendations based on web events and emails.Use cases Value exchange.Collection of first and zero-party data insights from consumers.Enrichment.Progressive profiling and additional enhancement to the single customer view.Messaging at scale.Send targeted emails and mobile messages at speed and scale.Cross-channel marketing.Journey orchestration delivered across multiple channels.Real-time marketing.Deliver in-moment experiences on digital,web and mobile.Intelligent marketing.Apply machine learning and advanced analytics to deliver personalization.Retention marketing.Apply offers,rewards,integrations and targeting of the very best customers for the next best action.Cheetah Digital72 W.Adams St.Chicago IL 60603T:(866)499-Key Customers Bow Tech,Inc.Publishers Clearing HouseAeropostaleBass Pro ShopsAmerican AirlinesKey executives Bill Ingram,PresidentAaron Watson,Chief Sales Officer Desta Price,Chief Product Officer Michelle Curless,Chief Customer Officer 2022 Third Door Media,Inc.25 https:/martech.orgVENDOR PROFILESMARTECH INTELLIGENCE REPORT:Enterprise Customer Journey Orchestration Platforms:A Marketers Guide Enterprise loyalty.Full-blown loyalty programs including loyalty management,loyalty marketing,points,offers,rewards and community.Data analysis Cheetah can ingest batch and streaming data,first-and zero-party data from any source,then validate,normalize and unify the data to create a single customer view.Applied analytics generate insights,segments and audiences.Machine learning models determine the next best action and the customers most likely to engage.Testing capabilities The Cheetah Digital Customer Engagement Suite(CES)contains several predefined models:Propensities use a multivariate adaptive regression spline algorithm to find propensities such as to purchase,to disengage,to churn,to unsubscribe,to open or to click,as well as channel optimization.Personas uses a combination of Gaussian mixture modeling and K-Means clustering,for example,RFM or recency.Send Time Optimization models use a seasonality-adjustment algorithm based on an exponential decay from time-from-send for individual campaigns.The proprietary algorithm corrects for historical send bias.Citizen Data Scientists lets marketers customize AI/ML in prebuilt Cheetah models.A click-driven interface sans coding lets users adjust ML models for a new custom predictor or fine-tune an existing one,exclude customers from certain predictions or control which fields are included for modeling through.Orchestration and automation Because the system collects response data in real time across all channels(email,mobile,social,web,data,print),users can design automated,advanced multi-wave programs.Users can customize each trigger depending on the data source,method of trigger and resulting campaigns.Journey Designer helps non-technical marketers browse,create,publish and manage advanced multi-channel journeys powered by the platform.Options include simple triggered journeys,multi-step journeys,fully custom journeys and standard best-practices templates.Analytics and reporting Journey metrics are displayed in-line directly on the journey map,providing visual insight into each customer touchpoint.Clicking on each journey stage gives a deeper view of how customers respond to each orchestration step.Standard reports provided by the Cheetah Platform include:Campaign reports.Operational reports focus on the delivery(sent,bounced,received,etc.),reach(direct view or share)and activity(opens,clicks,conversions)associated with a campaign.Marketing intelligence.Analytical reports provide a consolidated view of all or selected campaigns within a date period.Collaboration and workflow Group access lets distributed teams contribute to each campaign.A Super User can create brand-approved templates and campaigns in a shared folder that other users can access to view,copy and/or edit.Users can establish approval checkpoints to ensure quality during production.Pre-built roles and flexible role creation based on business needs,job responsibilities and assigned tasks.Privacy and security Unique identifiers and multi-factor authentication for all personnel and users.Cheetah Digital72 W.Adams St.Chicago IL 60603T:(866)499-2022 Third Door Media,Inc.26 https:/martech.orgVENDOR PROFILESMARTECH INTELLIGENCE REPORT:Enterprise Customer Journey Orchestration Platforms:A Marketers Guide Access to data can be configured first at the account level.Then,a parent/child feature can provide specific business units access to only their data.Comprehensive global information security program ensures client data confidentiality,availability and integrity.Security posture modeled after ISO27001 standards and subject to annual SOC2 Type II audits by independent examiners.Data-in-transit and data-at-rest encryption enabled.Third-party integrations Journey steps can be implemented via a third-party application such as email or SMS.Able to integrate with any first,second or third party.Multiple methods of data integration,including real-time APIs over HTTPS and batched transfer over SFTP.Integration framework provides a consistent,modular approach supporting the use of marketing tools of choice.Any integrations not currently developed may be created on an ad-hoc basis,supported by the technical services division.Access and ingest data from various sources and send data to external sources,including commerce and POS,tag managers,advertising,content,mobile,analytics,personalization and messaging.Pricing and support Annual contract required.No free trial is available.Total annual cost per customer ranges from$50,000 to more than$1 million.Modular software pricing model based on profiles under management for the platform;CPM basis for messaging;number of members for loyalty program offerings;and submissions in Cheetah Experiences.Discounts applied based on the solution components,as well as the term commitment.Growth tiers include incremental costs for the number of profiles/customers stored within the platform.Free base level of support,with costs increasing for more comprehensive support packages.Several support packages and dedicated options are available.Professional Services group offers bundles and can provide custom quotes.One-time Implementation services for a fee.Cheetah Digital72 W.Adams St.Chicago IL 60603T:(866)499-2022 Third Door Media,Inc.27 https:/martech.orgVENDOR PROFILESMARTECH INTELLIGENCE REPORT:Enterprise Customer Journey Orchestration Platforms:A Marketers GuideTarget audience Enterprises across multiple markets,including telecommunications,financial services,healthcare and retail,as well as smaller organizations via self-service mode.Company overview Founded in 1982.5000 employees.Acquired Tekzenit in May 2020.Acquired Kitewheel in July 2021.Cloud-based engagement platform that orchestrates real-time,contextually relevant customer experiences for brands.Product overview CSG Xponent is a cloud-based solution that brings multiple customer engagement offerings together into a single,end-to-end platform.Journey Steps maps and strategizes ideal experiences.The CDP provides a full view of customer data.Journey analytics provides real-time insights across channels.Advanced decisioning,supported with AI and ML,guides orchestration of the journey across an integrated set of channels spanning voice,SMS,email and chat bots.Template libraries for typical journey use cases can be implemented without programming or data science background.CSG Xponent lets organizations use AI modeling capabilities to segment and target customers based on their unique profiles to deliver the right content at the right time.Use cases Manage channels and communicate with customers.Identify successful segments or see segments that need assistance.Understand which segments to target and what actions make them successful.Identify the most efficient channels with AI.Deliver programming logic through nodes or components that can be linked together to produce a journey and real-time decisioning.Data analysis A cloud-based CDP serves as the master record for customer profiles,ensuring data quality,conformance,transformation and unification.Data collected and stored in the CDP is available to other systems.Unstructured data can remain or it can be analyzed for structured output.Within the CDP,data synchronizes across customer IDs(starting with zero-party data)and channels.It also collects and presents employee engagement data.Real-time and historical data combine to offer a progressive view of the full customer lifecycle.Data sources are profiled for quality issues,and report statistics indicate missing or erroneous values.Using Conversational AI,users can process text with NLP algorithms to extract intent and attributes.Xponent platform combines data analytics with Journey Steps approach to support both current and future-state journeys.CSG6175 S Willow Dr.10th FloorGreenwood Village,CO 80111T:(888)275-Key customersKrogerU.S.BankNationwideAARPComcastKey executivesAlfred Binford,President,Customer EngagementEric Carrasquilla,Senior Vice President,Digital Engagement SolutionsYogen Patel,Vice President,Product,Digital Engagement SolutionsMark Smith,Vice President,Go-to-Market,Digital Engagement Solutions 2022 Third Door Media,Inc.28 https:/martech.orgVENDOR PROFILESMARTECH INTELLIGENCE REPORT:Enterprise Customer Journey Orchestration Platforms:A Marketers Guide For current-state maps,Xponent in listening or assessment mode tracks customer behavior and gathers metrics to show current-state patterns of an orchestrated journey.Historic data can be overlaid using script-based tools.Visualizations let users identify and address journey friction.Available analytics measure journey success andprovide a foundation to plan future journeys.Users can deliver personalized communications to customers through the customers preferred channel.With AI,users can prepare journey content in advance to serve into either a customers preferred or an unexpected one.Rules can adapt,learn and present the ability to test and optimize a journey before deployment.Analytics engine brings together quantitative and qualitative analysis,predictive scoring and rules-based logic models.Testing capabilities CDP,Performance Dashboard,Next Best Experience Engine and Journey Steps support trend analysis and ongoing journey improvement.Business analytics database feeds real-time data into the Performance Dashboard to compare journeys and guide users to answer business questions including churn rate,journey success and Net Promoter Score.Users can build calculated attributes,applying business rules including predictive attributes.Journey Steps allows for creation and tracking of business steps and KPIs.Information provided through Journey Steps establishes a friction baseline to track health and journey success.Profiles scored with dynamic,real-time engagement scores.Overall journey health dashboards measure quantitative and qualitative data and benchmarks against prior data,goals and third-party indices.Orchestration and automation Journey Step framework includes custom ROI calculations,customer value and engagement scores to determine next best action.Smart business logic determines customer intent and VOC tools overlay NPS/CSAT data for data-based monitoring and alerting.Preference data is gathered within the customer profile and includes both customer-provided knownand learned information.Employees provide information into the system and receive details on customers.User-configurable alerts and time-series analysis ensure journey changes are viewed in real time.Third-party content is used to form messages and can support hundreds of third-party channel systems to push the message.Analytics and reporting Data is tracked for each point on the journey and can be displayed in real time.Native,live visualization across customer journeys.Journey metrics display at each step to allow users to see trends through history,as well as in real time.Users can see overall patterns of flow through different routes.Each metric can be drilled into,and uses can view both historical and real-time trends in parallel.Journey discovery analytic visualization provides an as-is view of customer flow and shows current customer sentiment.Sankey diagrams show customer volumes andpaths.Journey Steps show flow progression and stallage.Users can view by persona or segment,including a view into qualitative customer feedback as an overlay.Users can combine multiple journeys;journey overlap and steps customers take outside of defined journey to gather additional insight.Employee behavior and activity metrics are handled like customer data.CSG6175 S Willow Dr.10th FloorGreenwood Village,CO 80111T:(888)275-2022 Third Door Media,Inc.29 https:/martech.orgVENDOR PROFILESMARTECH INTELLIGENCE REPORT:Enterprise Customer Journey Orchestration Platforms:A Marketers GuideCollaboration and workflow Journey Steps is an end-to-end customer journey orchestration framework,creating an experience baseline.Users can self-serve connections and add data sources using direct data connections,web services interfaces and templates.Privacy and data security Complies with GDPR,CCPA,TCPA,PCI-DSS,NIST and HIPPA.Certified in ISO 27001,SOC2-and SOC Type 2.External audits for ISO27001 and PCI-DSS validated by qualified third-party security vendors.Annual security assessment and quarterly scans of the CSG network.Third-party integrations API interfaces and web services integrate to other systems.Two-way integrations drive action inside other channels and customer interaction systems,without programming or re-configuring.Supported integrations include Salesforce CRM,Adobe Experience Manager and Amazon ML.Pricing and support An annual contract is required.No free trial is available.SaaS subscription pricing model.Pilot and proof-of-concept pricing models are available.Monthly subscription fee is based on the number of consumers being interacted with,from 1 million to more than 100 million.Private cloud or data lake support available for an additional fee.Additional fee for extended hours of support.Support covers setup,installation and implementation.Setup support includes product training for strategy,configuration and administration user types;journey strategy;and creating journey plans across multiple stakeholders.Installation support includes configuring journey rules and integrations,go-live processes and the assessment of results.Implementation support includes assessment of systems and data;development of test scenarios with processing to ensure data quality;and development of metrics for journey success,real-time monitoring and improvement.Executive Advisory Council provides continuous improvement with weekly satisfaction ratings.CSG6175 S Willow Dr.10th FloorGreenwood Village,CO 80111T:(888)275-2022 Third Door Media,Inc.30 https:/martech.orgVENDOR PROFILESMARTECH INTELLIGENCE REPORT:Enterprise Customer Journey Orchestration Platforms:A Marketers GuideTarget audience Small-business to enterprise companies in retail and e-commerce;consumer products;travel and hospitality;sports and entertainment;communications and media.Company overview 750 employees.Acquired by SAP on October 1,2020.Acquired Loyalsys on October 25,2020.Emarsys,an SAP company,provides an omnichannel customer engagement platform to build,launch and scale personalized,cross-channel campaigns.Emarsys is headquartered in Indianapolis with 13 offices,including in London,Sydney,Berlin and Budapest.Product overview Emarsys is an integrated cloud-based marketing platform that lets companies deliver personalized customer interactions across e-mail,mobile,social,SMS and the web.Use cases Build a product catalog updates program to notify customers when the price of an item in a wish list changes.Build dynamic segments based on contact properties or behavior.Target contacts who have visited product pages but not added anything to their cart by showing them an offer when theyre online.Send a push notification after someone has abandoned their cart.Add complementary recommendations to abandoned items.Create overlay web channel campaigns for existing customers when they visit the website.Create lookalike audiences from most valuable customer segments.Send transactional and promotional SMS messages.Send up to 300 triggered emails per minute.Data analysis Integrated data layer unifies,cleanses,removes duplicates and analyzes first-party data from business applications,customer data and commerce solutions.AI enriches data and segments audiences.Predict engine analyzes web behavior data to deliver personalized recommendations across channels.Strategic Dashboard shows how marketing campaigns affect customer lifetime value,repeat purchase and average order value.AI makes recommendations on how to improve KPIs.Testing capabilities Trigger test events automatically in journey builder.Test a programs traffic.Test campaign content or automation by using a test contact.A/B test batch campaigns or automated emails.Emarsys10 W Market St.,Suite 1350Indianapolis,IN 46204T:317-562-Key customersSmythson of Bond StreetDISSHKrispy Kreme AustraliaKarl LagerfeldSamsoniteKey executivesJoanna Miliken,Chief Executive OfficerMohamad Awada,Chief Services OfficerThomas Harris,Chief Revenue OfficerEnrico Eczko,Chief Finance Officer 2022 Third Door Media,Inc.31 https:/martech.orgVENDOR PROFILESMARTECH INTELLIGENCE REPORT:Enterprise Customer Journey Orchestration Platforms:A Marketers GuideOrchestration and automation Connect and automate multiple marketing channels.Automated customer lifecycle management across all channels.Pre-built use cases to implement complete workflows and journeys that include personalization,segments,inspiring campaigns and triggers.Channels are natively built into the platform,and other channel providers can be integrated.AI continuously optimizes customer engagements.Analytics and reporting Revenue Analytics shows how marketing activities contribute to business results.Strategic dashboards provide visibility into performance against KPIs and let users change underperforming areas using pre-built strategies and tactics.View reporting and analytics by customer lifecycle stage.Collaboration and workflow Marketers can create email campaigns and define collaboration with sales,letting the sales rep in SAP Sales Cloud review the campaign,add or remove contacts and provide feedback on content.Privacy and data security Information assets stored at Emarsys are classified based on the confidentiality/integrity of the data:restricted;confidential;or public.Certified as meeting requirements for ISO 27001:2013;ISO 27018:2014;and SOC 2.Certified or accredited with Certified Senders Alliance;Return Path Sender Score;TV SD;and Verisign.Third-party integrations Connectors for SAP Commerce Cloud;Magento;Shopify Plus;Salesforce Commerce Cloud;Dynamic Yield;Movable Ink;Jebbit;MentionMe;Pixlee TurnTo;Attentive;Wunderkind;Facebook;and Google Analytics.Pricing and support A contract is required.No free trial is available.Three product packages:Essential,Advanced and Max AI.Pricing available on request.Three training packages:Led by a training manager;led by an implementation consultant;self-service training.Online help portal.Emarsys10 W Market St.,Suite 1350Indianapolis,IN 46204T:317-562-2022 Third Door Media,Inc.32 https:/martech.orgVENDOR PROFILESMARTECH INTELLIGENCE REPORT:Enterprise Customer Journey Orchestration Platforms:A Marketers GuideTarget audience Enterprises,predominantly in financial services,insurance,telecommunications and retail.Company overview Founded in 2010.35 employees.InQuba is a customer journey management SaaS platform for analyzing and optimizing customer acquisition,retention,conversion,channel and customer cost-of-ownership strategies.InQuba uses diverse data sets,advanced analytics and AI to provide insights into customer journeys,customer behavior and the customer experience.Its proprietary methodology tests and optimizes the effectiveness of execution,servicing and customer-engagement strategies towards ROI goals.Product overview The inQuba Journey Analytics platform lets users measure customer value delivery at key points in the journey.By ingesting data and understanding flows from the journey start through to drop-off points and the goal point,inQuba shows the relationship between value delivery and the journey progress.Once this relationship has been understood,interactive engagements nudge customers to the goal point.The effectiveness of these interventions is then assessed and optimized.Use Cases Customer acquisition.Customer conversion.Customer retention.Customer experience.Customer insight.Upselling and cross-selling.Customer lifetime value.Brand health.Data analysis The platform ingests transactions from each channel and groups it into a customer journey.Each journey can have start,idle,neutral,drop and goal points.As soon as data is received to indicate that the customer is part of any journey being observed,their progress towards a goal is monitored.The inQuba platform provides for the organization and analysis of data to determine what factors contribute to the customer reaching the journey goal.Rule-based interventions such as digital dialogues,nudges and people-to-people nudges can be used to move the customer forward.The key contributors to goal success can be analyzed and then used to determine the next best action.inQubaFountain Grove Office Park5 2nd Road,Hyde Park,2196Johannesburg,South AfricaT:(011)447-204930 Wall Street,8th FlNew York City,NY 10005T:(833)446-Key Customers GoodyearStandard BankAmerican ModernDiscovery Old MutualTelkomKey ExecutivesMichael Renzon,Co-founder and Group Chief Executive OfficerTrent Rossini,Co-founder and Managing DirectorBruce Eidsvik,President,North America 2022 Third Door Media,Inc.33 https:/martech.orgVENDOR PROFILESMARTECH INTELLIGENCE REPORT:Enterprise Customer Journey Orchestration Platforms:A Marketers GuideTesting capabilities The inQuba solution monitors action or nonaction through idle journey-point identification and visualization.To test next best actions,users use data to generate interactions and personalized engagements at all points in the journey where progress is not being made.Then,a machine learning model analyzes the relationship between the interventions and the goal to determine the effectiveness of the intervention based on the outcome achieved.This then determines the most optimal engagement at that point in the journey to achieve the overall goal.Orchestration and automation The platform operates of a fully lights-out basis.Workflow capabilities can set up and trigger engagements along the customer journey.A comprehensive set of fully automated rules can take any attribute about the customer or journey and feed that into a set of rules that form part of a workflow.These rules constitute a workflow either for digital nudges or for escalation of particularly scenarios to staff of the company providing services to the end customer.Analytics and reporting inQuba Journey provides an interactive,real-time,data-driven visualization of customers actual journeys.The emotional state and value delivery perception of customers can be visualized,as can the customers progress toward goals.Visualizations can be filtered and zoomed into to obtain additional insights.The platform provides for filtering by customer segment.Users can drill down into each journey point.These insights are obtained from the dialogues with end customers and the application of text analytics.Users can compare the journey paths of different segments of customers to compare how they perform.Collaboration and workflow The inQuba platform is a role-based architecture supporting granular permissions.Users of the system can visualize insights together and then collaborate within the platforms workflow capabilities to construct relevant engagements.The impact of those intervention engagements can then be assed to determine the number of customers that achieve their goal.Privacy and data security Hosted exclusively on Microsoft Azure,a hosting environment that is ISO 27001-certified.Within that environment,each customers data is maintained in a separate database.Data is encrypted in transit and at rest.Includes monitoring for intrusion detection and performance.Alerts are automatically triggered in response to issues.Administrative users log into the system via secure VPN.End users access is controlled through an OAuth role-based authentication framework.Third-party integrations Native integration into Google Tag Manager for tracking of web and mobile interactions.REST APIs and Webhooks for customer integration.Connectors into Microsoft Power Automate that in turn provides integration into other platforms.Connectors into FlowGear,a visual iPAAS tool,allow integration with additional standard applications.An integration kit provides the ability to integrate through data file exchange.inQubaFountain Grove Office Park5 2nd Road,Hyde Park,2196Johannesburg,South AfricaT:(011)447-204930 Wall Street,8th FlNew York City,NY 10005T:(833)446-2022 Third Door Media,Inc.34 https:/martech.orgVENDOR PROFILESMARTECH INTELLIGENCE REPORT:Enterprise Customer Journey Orchestration Platforms:A Marketers GuidePricing and support An annual contract is required.A free trial is available.Pricing is based on:Number of contacts.Number of journey points.Number of engagements sent.Number of segments.Number of users of the application in terms of analytics and customer escalation.Customers typically pay between$6,000 and$30,0000 per month.Three primary areas of support:Platform management and maintenance are provided as part of the SaaS fee.Initial setup services via a professional services package that includes configuration and training.Pricing is based on the scope of services required.Monthly customer value services are provided on an hours-per-month basis.The customer-value management team works with the client to maximize the value of the platform.The team also advises on additional usage of the platform within the customers organization.inQubaFountain Grove Office Park5 2nd Road,Hyde Park,2196Johannesburg,South AfricaT:(011)447-204930 Wall Street,8th FlNew York City,NY 10005T:(833)446-2022 Third Door Media,Inc.35 https:/martech.orgVENDOR PROFILESMARTECH INTELLIGENCE REPORT:Enterprise Customer Journey Orchestration Platforms:A Marketers GuideTarget audience Small businesses,mid-market companies and enterprises in retail and ecommerce,financial technology,media and entertainment,business technology,consumer apps and services,and travel and hospitality.Company overview Founded in 2013.700 employees.Received$200M Series funding in 2021.Iterable is a customer activation platform that helps brands deliver harmonized,individualized and dynamic communications.Iterable has offices in San Francisco,Austin,New York and London.Product Overview Iterable provides a customer activation platform that uses data to inform interaction channels through the full customer lifecycle.Includes multichannel support for email,SMS,and in-app messages on web and mobile.Use cases Reduce the time spent on developing emails in order to focus on increasing engagement and ROI.Connect data to experience channels.Create individualized experiences across channels.Employ real-time user,demographic,behavioral and custom event data to trigger individualized messaging and campaigns.Immediately trigger a campaign in one channel based on an activity in another.Intelligent Content with Catalog generates millions of different message versions across all channels with content snippets.Data analysis Embedded AI intelligently forecasts how likely or unlikely customers are to satisfy a defined goal.Leverages first-party customer data to deliver the next best action.Live segmentation of customers based on brand affinity.Testing capabilities Platform can send test push notifications to iOS and Android devices.Users can add themselves and teammates to a journey and add test data to simulate the event that starts the journey.Supports A/B experiments on subject line,preheader text and sender name.Contact lookup lets users see a customers event history.Orchestration and automation A unified customer ID can immediately trigger a campaign in one channel based on an activity in another.No-code journey automation with Studio.Iterable71 Stevenson Street Suite#300San Francisco CA Key customers ZillowDoorDashCalmSeatGeekCurologyBoxKey Executives Andrew Boni,Founder and Chief Executive OfficerJeff Samuels,Chief Operating OfficerWill Johnson,Chief Financial OfficerAdriana Gil Miner,Chief Marketing Officer 2022 Third Door Media,Inc.36 https:/martech.orgVENDOR PROFILESMARTECH INTELLIGENCE REPORT:Enterprise Customer Journey Orchestration Platforms:A Marketers Guide Create and orchestrate transactional and promotional messages.Automatic send-time optimization determines the best time to send a message for optimal engagement based on customers historical behavior.Automatic channel optimization.Analytics and reporting Drag-and-drop widgets in dashboards create a customized view that can be exported to Message and Campaigns Insights to track metrics across campaigns and messages.Custom reports with specified date range and metrics for one or multiple campaigns or journeys.Collaboration and workflow Organize workspace with folders,avatars and last-modified information.Define key roles,permissions and levels of platform access.Roles and permissioning shows relevant content to different team members.Add comments and questions to a journey.Customize the collaborative environment.Real-time editing and messaging for teams.Privacy and data security Employees issued unique IDs.Access rights and levels are based on job function and role.Mandatory,role-based security training for all employees.Handling of PII complies with GDPR,SSAE-16 SOC

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  • INRIX:2022年全球交通记分卡(英文版)(27页).pdf

    2022 INRIX Global Traffic ScorecardBob Pishue,Transportation AnalystJanuary 2023INRIX RESEARCH|INTELLIGENCE THAT MOVES THE WORLD2KEY FINDINGS For the second straight year,London again tops the Global Traffic Scorecard as the most congested city in the world.The average London driver lost 156 hours due to congestion in 2022,but Chicago is a close second,as drivers there saw a drastic return to pre-COVID congestion levels by spending an extra 155 hours sitting in traffic.Paris rounds out the top 3 in 2022 with 138 hours lost.Traffic delays exceeded pre-COVID levels in 39%of urban areas in the US(116 out of 295),and 42%in Europe(249 out of 593).In the UK,traffic delays increased 72%in urban areas(79 out of 110),while in Germany,51%of urban areas saw more delay than in 2019(37 out of 72).The typical US driver lost 51 hours due to congestion in 2022,a 15-hour increase over 2021.In the UK,a driver lost 80 hours due to traffic congestion,a 7-hour increase,and in Germany,drivers lost 40 hours on average,with no change from 2021.Fuel prices had a small effect on the amount people traveled but have increased the burden drivers and freight-movers shoulder.Annual fuel costs rose nearly$315 for the typical commuter in Los Angeles over 2021,and 188($223 USD)for the average commuter in London.Due to fuel tax relief,drivers in Germany paid an additional 38($42 USD)in direct fuel price increases over 2021.Telecommuting has appeared to ease with the onset of hybrid work,yet still exceeds its pre-COVID mode share significantly.In the UK,hybrid work increased from 13%to 24%,while working solely from home dropped from 22%to 14%.Trips to downtowns and city centers generally increased over 2021,but in London,trips decreased,however,the City of London recovered faster than other downtowns in 2021.Congestion cost the US more than$81 billion in 2022,UK drivers nearly 9.5 billion,and German drivers 3.9 billion.INRIX RESEARCH|INTELLIGENCE THAT MOVES THE WORLDTABLE OF CONTENTSIntroduction Fuel Prices Increase Cost of CommutingTelecommuting&Hybrid Work Still Affecting Downtown TravelFatality Rates Remain ElevatedCommuting Isnt Just About CarsData&MethodologyKey DefinitionsGlobal Analysis&RankingUnited States AnalysisRankingsWorst CorridorsEurope Analysis&RankingRankingsThe United KingdomRankingsWorst CorridorsGermany AnalysisRankingsWorst CorridorsConclusion&CommentaryReferencesAbout INRIX Research4678910111214151618192020212222232425273INRIX RESEARCH|INTELLIGENCE THAT MOVES THE WORLD4INTRODUCTIONWith most countries around the world easing COVID-19 restrictions following vaccinations,new therapeutics,and less severe strains of COVID,2022 was expected to be a year of re-emergence closer to 2019 behavioral norms as federal,state,and local governments around the world reversed mandates on social gatherings,workplaces re-opened,and music and entertainment venues started hosting crowds.Yet that trend was halted as oil prices began to rise across the world and were further exacerbated by the invasion of Ukraine by neighboring country Russia.From January through June,the price of regular motor gasoline rose 49%and the price of diesel fuel rose slightly more than 55%,according to the US Bureau of Transportation Statistics.While prices decreased slightly in the second half of the year and ended 2022 58%higher than pre-COVID 19 levels.Increased fuel prices and inflation had a significant negative economic impact on real wages,commuting,air travel costs,freight movement,the supply chain,and lead to cost increases in goods and services around the globe.INRIX found that the typical driver commuting to work paid more than$1,325 for fuel in 2022,versus$1,010 in 2021.Commuting by driving in the UK cost Londoners an additional 212($278 USD)in petrol while fuel tax relief in Germany kept the increase in fuel costs to about 38($42 USD)per driving commuter.Despite higher fuel costs,people have continued to drive.INRIX data shows US VMT increased less than 1%from 2021,UK VMT saw a 4%increase and VMT in Germany jumped 21%.However,compared to pre-COVID times,US VMT was still down 9%and UK VMT lagged 13%,in contrast with Germany,where VMT leapt above pre-COVID levels by 8%.One reason the US likely didnt reach pre-COVID VMT is the current state of office space use.In the US,The New York Times reported that many companies are opting for smaller offices,and that“Wall Street investors appear to think the office space sector is in for a deep slump.”iMany employers,though not all,continued to allow employees to work from home,either full time or hybrid,with nearly 18%of employees in the US working from home,resulting in fewer trips to Downtown areas than in 2019.Although there remained fewer drivers on the road,safety concerns on transportation networks,especially in the US,continued to remain above pre-COVID levels.Though traffic-related deaths fell the first half of 2022 versus the same period a year earlier,the estimated fatality rate of 1.27 traffic deaths per 100 million VMT was 17%higher than 2019 fatality rate of 1.09 per 100 million VMT.iiThe rate of 1.27 traffic deaths is still significantly higher than the years between 2011-2019.However,that trend has not been present in the UK,which has seen its traffic death marginally increase from 0.51 traffic deaths per 100 million VMT in 2019 to 0.52 in 2021,while each year between 2011-2018 had a higher fatality rate.iiiIn terms of other modes of transportation,US public transport use rebounded significantly over 2021 levels by 33%.ivHowever,US public transport use still lagged pre-COVID ridership levels by 39%.vIn the UK,national rail sits at approximately 84%of pre-COVID levels,while London Tube ridership is about 76%of pre-COVID levels.viAs the 9 ticket started in June,German officials reported short distance public transport ridership increases of 36%in the first half of 2022 versus 2021,but ridership still lags 2019 levels by 21%.viiINRIX RESEARCH|INTELLIGENCE THAT MOVES THE WORLD5INTRODUCTION(CONT.)Cycling increased across the UK by about 12%over pre-COVID level but had mixed results in the US.viiiBike counters in Germany also logged an increase comparable cycle counts in Cologne,Dusseldorf,and Berlin were up 21%,9%and 8%,respectively over 2019.ixYet cycling in cities like Seattle and San Francisco decreased as strong telecommuting continued,at the same time New York Citys Citi Bike program recorded record ridership in 2022 and Washington,DC reported a 6.5%increase,mostly due to a 150%increase in bike counts at the Anacostia River Trail River Terrace counting station.xIn summary,while congestion returned in many places,it did not reach pre-pandemic levels.Transit use overall still lagged 2019 levels,and cycling was mixed depending on location.Additionally,drivers still paid more for fuel while vehicle-miles remained the same or slightly increased over 2021.As countries across the world deal with record inflation and slowdowns in their economies,an air of uncertainty still exists around transportation and commuting because of global economic slowdowns and telecommuting preferences rather than an extension of the pandemic.6Fuel Prices Increase Costs of CommutingOil price increases around the world have resulted in soaring gasoline and diesel prices over the last year.In the US,national pre-pandemic prices for regular unleaded were at$2.35 per gallon in February 2020.Prices hit a high of$4.76 during June 2022,before receding to$3.25 per gallon in December 2022.xiThis has led to increases in freight costs,commuting costs,and the prices consumers pay for goods and services.Yet depending on location,fuel prices vary considerably.Consider Los Angeles,where the 2021 average price per gallon was$4.00,and the preliminary 2022 average price is$5.49 per gallon,significantly greater than the national average.The price per gallon is even greater in the UK and Germany,where energy/fuel taxes and Value Added Taxes(VAT)boost the price of fuel.Both the UK and Germany implemented measures to reduce the burden on drivers by reducing taxes.xiiDespite that,the costs of commuting jumped across the board.Based on INRIX commuting analysis,the annual cost of fuel per commuter increased about$315 per Los Angeles commuter compared to 2021,while commuters in Chicago paid$242 more to commute to work in 2022.Commuters in the London paid about 212($278 USD)more to drive to work in 2022 versus 2021,while driving to work in Berlin,Germany cost just 51($57 USD)more,likely due to the subsidization of fuel keeping prices at the pump lower.However,driving commutes outside of major metro areas also saw increased costs.Fuel for the typical commute in the US was$134 more in 2022 than in 2021 and in the UK a driving commuter paid about 122($128 USD)more.In Germany,drivers paid about 38($42 USD)more for fuel to commute in 2022 than in 2021.While telecommuters and those working from home saved on commuting costs,higher prices still affected the cost of goods and services,leisure trips,running errands,and driving to shopping centers.Figure 1:Change in Cost of Fuel for Driver Commuting$1,011$711$606$762$646$412$1,033$884$595$825$767$609$1,325$953$782$975$857$546$1,311$1,123$756$882$820$651$0$200$400$600$800$1,000$1,200$1,400Los AngelesChicagoHoustonNew YorkDCUS AvgLondonBirminghamUK AvgBerlinHamburgGermanyAvgAnnual Cost of Unleaded Fuel for Commuting in$USD 7Telecommuting&Hybrid Work Still Affecting Downtown TravelDespite the reopening of many economies,telecommuting(working from home)has continued to remain relatively strong.According to the latest US Census Bureau statistics,17.9%of workers in the country worked from home in 2021,versus 5.7%in 2019,a more than 200%increase in mode share.xiiiYet employers and employees appear to have switched to a more hybrid model since.In the UK,between February and May 2022,employees with hybrid work schedules increased from 13%to 24%,while the percentage working only from home decreased from 22%to 14%.xivAs a result,trips to employment centers generally increased to downtown/city centers since their COVID-19 lows,though not all downtowns increased over 2021,and many started from significant deficits as shown in previous years Global Traffic Scorecards.Cologne,Germany saw the largest increase among those downtowns analyzed,with a 28%jump in trips to downtown,followed by Berlin( 25%)Washington,DC( 23%)and Charlotte,North Carolina( 19%).Leeds,UK(-17%),Sheffield(-14%)and London(-11%)saw the biggest decreases among city centers analyzed but had generally recovered trips faster than many other EU cities analyzed earlier in the pandemic.Table 1:Year over Year Change in Trips to Downtown/City Center,by LocationDowntown(City Center)TripsDowntownYoY ChangeDowntownYoY ChangeUnited StatesAtlanta3%Miami4ltimore-2%Minneapolis3%Boston13%New Orleans7%Charlotte19%New York17%Chicago1%Philadelphia1llas8%Phoenix14nver9%San Diego17troit18%San Francisco15%Houston11%Seattle14%Los Angeles-1%Washington DC23%United Kingdom GermanyBirmingham2rlin25%London-11%Hamburg15%Manchester-2%Munich-5%Sheffield-14%Frankfurt19%Leeds-17%Cologne28atality Rates Remain ElevatedThroughout the COVID pandemic period,fatality rates on Americas roadways remained relatively high.In the first half of 2019,for example,the fatality rate in the US was 1.07 fatalities per 100 million VMT,while in 2021 that half-year rate jumped to 1.30 fatalities per 100 million VMT.Though the fatality rate decreased slightly to 1.27,it is still significantly higher than in past years.xvThe UK,on the other hand,did see a slight increase in the fatality rate during the pandemic,as the rate moved from 0.51 fatalities per 100 million VMT to 0.54 in 2020.xviBut in 2021 that rate had fallen back 0.52,still significantly lower than the 10-year average.2022 fatality estimates have yet to be released in the UK,but preliminary findings over the past year suggest that road fatalities are down 4%compared to 2019.xviiWith a slightly decreased VMT figure,its probable that the UK fatality rate remains close to 2021s figure.German officials projected 2022 road fatalities to increase 9%over last year,to 2,790,still under 2019s 3,050 road fatalities.xviiiTo try to combat rising road deaths,state and local transportation officials across the US have widely adopted a“Vision Zero”or“Target Zero”goal a concept first used across Europe in the 1990s.Most of these plans set a goal zero traffic deaths on roadways by a specific year,like 2030,and highlight the value in using data to prioritize interventions and projects.For example,deciding whether to change roadway configuration to slow down vehicles to planning roadways that enable safe access for all users.Yet despite the plan to eliminate roadway deaths,fatalities are not falling in all areas.As Vision Zero deadlines approach,city,county,regional,Tribal and state governments will need to remain vigilant to reduce fatalities and serious injuries on the countrys road network.In the US,the$1.2 trillion Bipartisan Infrastructure Law allocated more than half of the funds toward road and highway safety,providing funding for important projects to reduce serious injuries and fatalities.1.041.101.051.011.061.141.131.111.071.241.301.270.620.570.550.560.530.540.530.530.510.540.520.00.20.40.60.81.01.21.4201120122013201420152016201720182019202020212022Fatality Rate per 100 million VMT,US&UKUS Fatality RateUK Fatality RateFigure 2:Annual Fatality Rates for US&UK(Latest Data Available)9Commuting Isnt Just About CarsWhile VMT picked up just months after the pandemic started in 2020,and is at or near pre-COVID levels,other modes have had mixed results.For example,year-to-date transit ridership in the US dropped more than 50%following the COVID-19 outbreak but recovered 33%of those losses over the past year.xixRail ridership specifically has continued to lag bus ridership in most metro areas.Rail ridership between January and September was still 65low 2019 levels in 2021 yet grew 55tween 2021 and 2022.A large part of this is a continued lack of commuter demand to downtowns and city centers,but public transport agencies also faced numerous challenges:the virus itself,staffing shortages,higher costs,and reduced fare revenues.xxIn Europe,transit ridership still lags pre-COVID levels as well.UK transit ridership is closely approaching pre-COVID levels,with different modes of transport reaching 70-90%of pre-COVID level as of November 2022,and Germany sits similarly as local transit use is still down 21%from pre-COVID times.xxiFigure 2:UK Public Transport Use by Mode Versus Pre-COVID Baseline0 0Pp0 20 Mar2020 Apr2020 May2020 Jun2020 Jul2020 Aug2020 Sep2020 Oct2020 Nov2020 Dec2021 Jan2021 Feb2021 Mar2021 Apr2021 May2021 Jun2021 Jul2021 Aug2021 Sep2021 Oct2021 Nov2021 Dec2022 Jan2022 Feb2022 Mar2022 Apr2022 May2022 Jun2022 Jul2022 Aug2022 Sep2022 Oct2022 NovAverage of UK Public Transport Use,by Mode,by Month Compared to BaselineNational RailLondon TubeLondon BusBus(excluding London)Cycling also rose in popularity during the pandemic throughout the UK&Germany.The latest UK.GOV data show cycling at about 112%of pre-COVID levels through November,while cycle counters in German cities show growth between 8-21%.xxiiYet some of those gains didnt make their way across the Atlantic.Seattle,for example,has seen decreases on every active bike counter in operation compared to pre-COVID times.xxiiiAccording to the San Francisco Municipal Transportation Agency,the latest data showed 2022 cycle counts between January and October 2022 to be down 23%from the same period in 2019.xxivHowever,in New York,the bikeshare program Citi Bike announced record levels of bike rentals in 2022.xxvThe results are mixed,especially in the US,on whether cycling will increase post-pandemic or whether it will continue to lag pre-COVID levels.Cycling advocates and government officials across the country stressed that boosting funding for safety will increase cycling and pedestrian activity.In the 2021 federal Bipartisan Infrastructure Law,various spending programs provided billions of dollars to increase bike and pedestrian infrastructure.For example,the Transportation Alternatives program provides$1.4 billion per year for trails,bike paths,sidewalks,Safe Routes to School programs,and more.The Highway Safety Improvement Program is estimated to fund about$3 billion in projects,some of which can be used for bike and pedestrian safety.INRIX collects billions of anonymous data points every day from a diverse set of sources,including connected vehicles,mobile devices,navigation units,fleet vehicles,road and garage infrastructure,and publicly available information on incidents.With coverage on all roads in countries of coverage,and lane by lane precision,INRIX is the preferred provider of driving and mobility intelligence for leading automakers,businesses,and all levels of government for accurate,real-time and historical.INRIX RESEARCH|INTELLIGENCE THAT MOVES THE WORLD10DATA&METHODOLOGYThe 2022 Global Traffic Scorecard provides a more granular and holistic analysis of mobility within the worlds most congested cities.The 2022 Scorecard continues to include travel delay comparisons,collision trends and last-mile speeds based on the unique commuting patterns within each metro area.But also included key insight on transportation trends,with data from outside sources.The 2022 Scorecard calculated time loss by analyzing peak speed and free-flow speed data for the busiest commuting corridors and sub areas as identified by data density.Employing free-flow data enables a direct comparison between peak periods and serves as the basis for calculating time loss.Total time lost is the difference in travel times experienced during the peak periods compared to free-flow conditions on a per driver basis.In other words,it is the difference between driving during commute hours versus driving at night with little traffic.Data used to complete the 2022 Scorecard is based on more than 11 months of data,extrapolated to an annual number.The Scorecard also incorporates three years of historical data to provide a complete year-over-year comparison of congestion and mobility.A multi-year approach enables the identification of trends in the worlds largest cities and provides a basis for comparison.Commuting fuel costs were determined by using the median commute distance for each urban area as calculated by INRIX,area-specific fuel prices where applicable,fleet fuel efficiency for each country for unleaded gasoline,and assumed 240 commute days through the calendar year.Due to the ongoing conflict in Eastern Europe,Russian urban areas have been omitted from the 2022 Global Traffic Scorecard.Commute times were calculated by looking exclusively at the time it takes to get to and from major employment centers within an urban area from surrounding commuting neighborhoods.The 2022 Scorecard used anonymized GPS probe data to identify the most frequented routes and destinations throughout a region to create a more accurate portrayal of commuting for a region,not just to and from a downtown core.With the increased level of detail,INRIX calculated the additional time lost commuting due to traffic between multiple points within a region,which can be explored further on the Scorecards interactive city pages at costs are calculated based on the following hourly values of time,which were based on U.S.Federal Highway Administrations Revised Departmental Guidance on Valuation of Travel Time for Economic Analysis,2016,adjusted for inflation:$16.89 per hour in the U.S.,8.83 per hour in the U.K.and 10.08 per hour in Germany.11KEY DEFINITIONSImpact Rank:The primary INRIX rank,based on the severity of congestion(hours lost)weighted by city size.Urban Area:The geographic scope of a city as defined by its road network density.Hours Lost:The total number of hours lost in congestion during peak commute periods compared to off-peak conditions.Pre-COVID Period:Interchangeable with 2019,though in some contexts it differs from a 2019 average to a comparable day in 2019,depending on data source.Downtown Speed:The speed at which a driver can expect to travel one mile into the central business district during AM peak hours.Peak:The absolute worst portion of the morning and afternoon commute.Off-Peak:The low point between the morning and afternoon commute periods.Vehicle-Miles Traveled(VMT):The amount of passenger travel within a geography for a specified time period.INRIX RESEARCH|INTELLIGENCE THAT MOVES THE WORLD12GLOBAL ANALYSIS&RANKINGLondon(156 hours lost),Chicago(155),Paris(138),Boston(134),and New York(117)comprise the Top 5 most congested cities in the global congestion Impact Ranking.These results are due to their large populations and the increasing morning commute,when added to the evening commute rebound witnessed in 2021,resulted in traffic patterns last seen in 2019.The Impact Rank captures the aggregate influence of congestion relative to population.On the other hand,hours lost reflects the impact of congestion on the typical driver and commuter on the roadway.In terms of hours lost,London,Chicago,and Paris still took the top spots with 156 hours,155 hours,and 138 hours lost respectively.Cities like Bogota,Boston,Miami and Toronto all moved up significantly from last year,seeing double digit increases over 2021.Drivers in just seven of the top 25 cities spent less time in traffic in 2022 than they did in 2021,with drivers in Brussels seeing a-27crease in traffic congestion.Despite higher fuel prices,significant inflationary pressure,and supply chain problems around most of the world-in addition to a war in Europe-most urban areas experienced more delay in 2022 than in 2021.However,most still lag their 2019 levels of traffic congestion,as commuting and work habits have shifted considerably.INRIX RESEARCH|INTELLIGENCE THAT MOVES THE WORLD132022 Impact Rank(2021 Rank)Urban AreaCountry2022 Delay per Driver(hours)Change from 2021Change from Pre-COVIDDowntown Speed(mph)Change in Downtown Speed1(1)LondonUK1565%5-9%2(6)Chicago ILUSA15549%7-27%3(2)ParisFRA138-1%-160%4(18)Boston MAUSA13472%-10-27%5(5)New York City NYUSA11715%-16-15%6(8)BogotaCOL12230%-36-15%7(22)Toronto ONCAN11859%-13-29%8(13)Philadelphia PAUSA11427%-20-15%9(32)Miami FLUSA105590-21(9)PalermoITA12111%-12(36)MonterreyMEX116668-17(16)DublinIRL11428%-26-8(7)RomeITA1070%-36-7(33)Los Angeles CAUSA9553%-8-17(34)San Francisco CAUSA9752%0-14(10)IstanbulTUR891%-420(3)BrusselsBEL98-27%-300(68)MedellinCOL91722-14(11)BucharestROU91-7%*157 (99)Washington DCUSA8389%-33-21!(12)LyonFRA92-10%-12-9(23)Mexico CityMEX7410%-53-14#(15)BudapestHUN86-7%-77$(43)Cape TownZAF8036%-35-20%(50)BristolUK9138%-12-13%*New to Scorecard in 2020INRIX RESEARCH|INTELLIGENCE THAT MOVES THE WORLD14UNITED STATES ANALYSIS&RANKINGIn 2022,Chicago(155 hours lost),Boston(134),New York(117),Miami(105)and Los Angeles(95)ranked in the top 5 for congestion impact in the US.Both Chicago and Miami now have more traffic congestion and delays than they did pre-COVID,while Boston,New York and Los Angeles still lag 2019 levels.In the top 25,some of the biggest increases in delay occurred in Miami and Las Vegas.Miami saw an increase of 39 hours of delay over last year,a 59%increase,and drivers in Las Vegas lost 13 more hours in 2022 than the year before,a 46%increase.For the first time,Nashville also cracked the top 25 list,as drivers lost 41 hours to traffic congestion in 2022,a 14%increase over 2019 levels.Of the 295 US urban areas analyzed,179 are still below theirUnited States Findings Time Lost:51 hours,up 15 hours from 2021 Cost to Driver:$869,up$305 from 2021 Cost to Country:$81 billion Fuel Costs:Up 32%Collisions:Up 4%pre-COVID normal levels,while 116 have surpassed them.Of the top 50 ranked areas,just 12 have exceeded 2019 levels,indicating its the smaller,less-congested cities that have already“returned to normal”in terms of traffic.The typical driver in the country lost 51 hours in congestion,up 15 hours from 2021s 36 hours lost,costing the average driver$869 in lost time.That doesnt include fuel cost increases,which INRIX analyzed would cost the average American driver$134 more in 2022 than in 2021.It would cost the Los Angeles commuter nearly$315 more in 2022 than in 2021,and the typical New York driver an additional$213 in 2022.Nationally,drivers spent 4.8 billion hours in congestion,still short of 2019s 6 billion lost hours.The cost of traffic delays across the country increased from$53 billion in 2021 to$81 billion in 2022,a 53%increase.However,despite an approximate 17%jump in inflation since,the cost of nationwide congestion is still down$7 billion from 2019s high of$88 billion.INRIX RESEARCH|INTELLIGENCE THAT MOVES THE WORLD152022 US Rank(2021 Rank)Urban Area2022 Delay(2021)Compared to Pre-COVID2022 Cost per Driver2022 Cost per CityDowntown Speed(mph)Change in Downtown Speed1(2)Chicago IL155(104)7%$2,618$9.5 B11-27%2(4)Boston MA134(78)-10%$2,270$4.3 B11-27%3(1)New York City NY117(102)-16%$1,976$10.2 B11-15%4(3)Philadelphia PA114(90)-20%$1,925$4.5 B11-15%5(5)Miami FL105(66)30%$1,773$4.5 B15-21%6(6)Los Angeles CA95(62)-8%$1,601$8.6 B19-17%7(7)San Francisco CA97(64)0%$1,642$2.6 B12-14%8(13)Washington DC83(44)-33%$1,398$3.5 B11-21%9(8)Houston TX74(58)-9%$1,257$3.7 B16-16(10)Atlanta GA74(53)-10%$1,257$3.1 B16-16(9)New Orleans LA77(63)-3%$1,297$665 M14-13(11)Portland OR72(48)-19%$1,216$1.2 B15-12(14)Stamford CT73(46)-1%$1,236$465 M13-19(12)Dallas TX56(44)-11%$953$3.1 B16-16(16)Baltimore MD55(37)-35%$932$1.1 B12-14(19)San Diego CA54(32)-23%$912$1.3 B19-17(15)Denver CO54(40)-14%$912$1.2 B14-13(21)Austin TX53(32)-23%$892$850 M17-15(22)Seattle WA46(30)-38%$770$1.2 B17-11 (20)Concord CA54(40)*$912$53 M18-10!(17)Providence RI42(38)-40%$709$500 M14-13(23)Las Vegas NV41(28)156%$689$622 M19-10#(*)San Juan PR41(24)-7%$689*20-5$(54)Nashville TN41(16)14%$689$600 M21-13%(24)Sacramento CA36(25)-44%$608$550 M17-11%INRIX RESEARCH|INTELLIGENCE THAT MOVES THE WORLD16Throughout the country,delay on the busiest corridors increased in 2022 along with congestion metro wide.I-95 through Stamford,Connecticut,took the number 1 and number 3 spots.Drivers on the 30-mile corridor on I-95 Southbound from Sherwood Island Connector to Indian Field Road lost an average of 34.5 minutes per day in lost time during the morning commute,only to see significant congestion on the return trip Northbound,losing nearly 30 minutes on that stretch of I-95.I-5 Southbound in Los Angeles was number 2 on the top 25 list,where drivers lost an average of 31.8 minutes per day at the 5:00 PM rush hour.A driver taking that route 240 workdays in 2022 would have lost 127 hours a year sitting in traffic.Other notable corridors are I-93 Southbound through Downtown Boston to the Pilgrim Highway Interchange(99 hours lost annually)and Westbound Brooklyn Queens Expressway to Tillary Street in New York City(91 hours lost).Top 25 Worst Corridors in the U.S.INRIX RESEARCH|INTELLIGENCE THAT MOVES THE WORLD17RankUrban AreaRoad NameFromToPeak Hour2022 Peak Minutes Lost2022 Hours Lost1Stamford,CTI-95 SBSherwood Island Conn.Indian Field Rd8:00 AM34.5138 2Los Angeles,CAI-5 SBI-10I-6055:00 PM31.8127 3Stamford,CTI-95 NBIndian Field RdSherwood Island Conn.4:00 PM29.6118 4Boston,MAI-93 SBExit 18/US-3Exit 7/MA-34:00 PM24.799 5New York City,NYI-278 WBI-495Tillary St4:00 PM22.691 6Concord,CACA-4 EBExit 12B for I-680Exit 15A-B for CA-2424:00 PM20.783 7Stamford,CTCT-15 NBNorth StAllen Raymond Lane4:00 PM19.578 8Stamford,CTMerritt Pkwy SBWilton RdStanwich Rd8:00 AM18.373 9Chicago,ILI-55 SBI-94S Central Ave4:00 PM17.972 10Orlando,FLI-4 EBExit 72/FL-528Exit 60/FL-429 Toll5:00 PM17.470 11Baton Rouge,LAI-10 EBBayou RdI-124:00 PM17.169 12New York City,NYI-95 NBI-678E 175th St4:00 PM17.068 13Dublin,CAI-580 EBGrove WayAirway Blvd4:00 PM15.863 14Chicago,ILI-90/I-94 EBI-290I-574:00 PM15.662 15Norfolk,VAI-664 NBI-64 Exit 264Exit 9/VA-1644:00 PM15.662 15Los Angeles,CACA-91 WBI-15 Exits 96-96AExit 45/CA-717:00 AM15.562 17Tacoma,WAWA-167 SB15th St SWValley Ave East4:00 PM14.558 17New York City,NYHarlem River Dr NBEast 127th StTrans-Manhattan Expy4:00 PM14.458 19Chicago,ILI-290/IL-110 EBExit 17/US-45S Austin Blvd7:00 AM14.357 20Los Angeles,CAI-405 NBWilshire BlvdSepulveda Blvd5:00 PM14.156 20Portland,ORI-5 NBI-405Lewis and Clark Hwy4:00 PM14.156 22San Francisco,CACaldecott Tunnel EBFish Ranch RdPleasant Hill Rd4:00 PM14.056 23Concord,CACA-24 EBCamino PabloI-6804:00 PM13.353 24Orlando,FLJohn Young Pkwy SBVine StPleasant Hill Rd5:00 PM13.052 25Los Angeles,CAI-605 SBExit 19/CA-60Imperial Hwy4:00 PM12.951 INRIX RESEARCH|INTELLIGENCE THAT MOVES THE WORLD18EUROPE ANALYSIS&RANKINGEuropean cities place amongst the slowest globally due to the vast majority of their growth occurring prior to widespread adoption of the automobile.Dense cores,narrow roads and complex road networks make these cities ill-suited for car-based mobility.Last years number one,London,and number two,Paris,took the top spots in the European ranking again this year,with drivers losing 156 and 138 hours in congestion,respectively.Most urban areas in Europe were still significantly below pre-COVID levels in terms of traffic delay,with just 7 of the top 25 exceeding 2019s level of congestion.Of the 593 urban areas analyzed in Europe,249,or 42%,have reached or exceeded their pre-COVID levels of traffic congestion,leaving 344 still below 2019 levels.Yet London and Berlin,both capital cities,continue to sit above their pre-COVID level of delay,at 5%and 8%,respectively.2019s number one-ranked Rome,Italy,drops a spot to number 5,seeing no increase in traffic congestion over last year.The UK hosted 6 urban areas in the Top 25,France had 4,and Italy and Poland each had 3.INRIX RESEARCH|INTELLIGENCE THAT MOVES THE WORLD192022 EU Rank(2021 EU Rank)Urban AreaCountry2022 Delay per Driver(hours)Change from 2021Change from Pre-COVIDDowntown Speed(mph)Change in Downtown Speed1(1)LondonUK1565%5-10%2(2)ParisFRA138-1%-160%3(6)PalermoITA12111%-12%5(12)DublinIRL11428%-26-8%6(5)RomeITA1070%-36-8%7(7)IstanbulTUR891%-420%8(3)BrusselsBEL98-27%-300%9(8)BucharestROM91-7%07(9)LyonFRA92-9%-12-10(11)BudapestHUN86-6%-76(32)BristolUK9138%-12-14(23)AthensGRC7811%-270(13)TurinITA86-7%-30-9(21)MarseilleFRA836%2-9(38)ManchesterUK8435%-9-14(18)WroclawPOL80-4%4-7 (25)BerlinDEU719%80!(12)MnchenDEU74-6%-150!(105)GalwayIRL9484%-12-15#(48)BirminghamUK7338%-9-13$(16)PoznanPOL74-14#0%(40)NiceFRA7118%10#(44)BelfastUK7320%-9-6$(23)WarsawPOL643%-100%(47)NottinghamUK7122%-9-7%INRIX RESEARCH|INTELLIGENCE THAT MOVES THE WORLD20The United KingdomAll urban areas in the UK top 10 saw increases in traffic congestion and delays over last year,yet just London was above their 2019,pre-COVID level.Delay per driver in London increased just 5.4%over 2021,while the area experienced a greater recovery than most in the previous Scorecard.With those gains,London still sits atop the UK and the INRIX Global Traffic Scorecard with 156 hours lost per driver to delay,while Chicago in the US sits just below London at 155 hours of delay per driver.The cities of Cambridge,Exeter,and Cheltenham fell out of the top 10,while Edinburgh(7th),Leeds(9th)and Leicester(10th)United Kingdom Findings Time Lost:80 hours,up 7 hours from 2021 Cost to Driver:707,up 112 from 2021 Cost to Country:9.5 billion Fuel Costs:Up 25%Collisions:Up 11%joined the Top 10 in 2022.Traffic congestion overall increased,which could be in part due to light commercial vehicles(LCV)and heavy goods vehicles(HGV)on UK roads.Comparing each day in 2022 to its comparable pre-COVID day,LCV use was higher 95%of days,while HGV use was more on 88%of days.xxviThe typical driver in the UK lost 80 hours due to traffic congestion last year,up 7 hours from last year but down 35 hours from 2019,costing drivers an average of 707 in lost time.Thats in addition to the extra cost of fuel,which INRIX calculated on page 6.A driver commuting in London pays an extra 212($278 USD)this year for fuel,while the average driver in Birmingham pays about 182($238 USD)more this year to commute.The typical driver throughout the entire UK paid about 122($160 USD)more to commute.Traffic congestion cost the UK 9.5 billion in 2021,with 60%of that cost attributed to Londons congestion.Out of the 110 urban areas analyzed in the UK,79 have met or exceeded their pre-COVID levels of delay.2022 UK Rank(2021 Rank)Urban Area2022 Delay(2021)Compared to Pre-COVID2022 Cost per Driver2022 Cost per CityCity Center Speed(mph)Change in City Center Speed1(1)London156(148)5%1,3775.7 B10-9%2(3)Bristol91(66)-125175 M14-13%3(6)Manchester84(62)-9t2191 M14-13%4(8)Birmingham73(53)-9d6346 M16-11%5(7)Belfast72(60)-36c6102 M16-6%6(9)Nottingham71(58)-9b597 M14-7%7(21)Edinburgh67(45)-32Y3150 M16-6%8(10)Hull68(56)-9474 M160%9(13)Leeds60(50)-9S0196 M16-6(12)Leicester62(53)-15U192 M16-6%INRIX RESEARCH|INTELLIGENCE THAT MOVES THE WORLD21Top 5 Worst Corridors in LondonLondon holds most of the top corridors for traffic delays in the UK,with 4 out of the top 5.In general,delays on Londons worst corridors increased over last year.In 2021,A503 East from Camden High Street to B152 St Anns Road held the top spot at 42 hours lost annually.This year,A219,from Fulham Road to Morden Hall Road takes the top spot at 47 hours lost for those who take the corridor.Rank Urban AreaRoad NameFromToPeak Hour2022 Peak Minutes Lost2022 Hours Lost1BirminghamA45 EBBordesley CircusHenry Rd4:00 PM9372LeedsA6177 SBBolton RdGreat Horton Rd4:00 PM8343BirminghamA435 SBHaden CircusWynfield Gardens4:00 PM7334EdinburghA902 WBGreat Junction StHillhouse Rd4:00 PM7305LeedsA65 SBPark RoadWhite Horse Roundabout4:00 PM7306SheffieldA61 NBMoore Street RoundaboutBradfield Rd4:00 PM7297BirminghamA45 WBHobs Moat RdBordesley Circus4:00 PM7288BirminghamA34 SBCamp Hill CircusHamlet Rd5:00 PM7289BristolA4174 NBHicks Gate RoundaboutBromley Heath Roundabout5:00 PM72810EdinburghA702 SBBrougham StCity of Edinburgh Bypass4:00 PM727Top 10 Worst Corridors in the U.K.(outside of London)RankUrban AreaRoad NameFromToPeak Hour2022 Peak Minutes Lost2022 Hours Lost1LondonA219 SBFulham RdMorden Hall Rd5:00 PM12472LondonA202 EBNeathouse PlPeckham Hill St5:00 PM11453LondonA406 EBFalloden WayBowes Rd4:00 PM11424LondonA24 SBThe AvenueMerton High St4:00 PM10385LondonA205 EBNorwood RdRavensbourne Rd4:00 PM936INRIX RESEARCH|INTELLIGENCE THAT MOVES THE WORLD22GermanyIn 2022,Germany re-emerged toward its pre-COVID level of travel.Yet certain measures by the government lessened the burden on most travelers.During the summer,German officials passed the 2.5 billion“Energy Cost Relief Package,”which included fuel subsidies and a 9 per month train ticket program,allowing regional and local travelers across the country unlimited travel for a subsidized fee.The subsidized fuel price allowed drivers to travel without the large price increases seen in neighboring European countries.For example,a driver commuting in London paid about 212($278 USD)more for petrol in 2022 than in 2021,but a Germany Findings Time Lost:40 hours,up 0 hours from 2021 Cost to Driver:399,up 28 from 2021 Cost to Country:3.9 Billion Fuel Costs:Up 5%Collisions:Up 5%commuter in Berlin paid about 51($57 USD)more.Berlin topped the list for Impact Rank in 2022 with 71 hours per driver lost,a 9%increase over 2021s 65 hours lost.Munich(74 hours lost)saw moderate decreases in congestion in 2022,falling from number 1 in 2021 to number 2 in 2022,largely due to above-average congestion in 2021 between late June and early September.In addition to Munich,Cologne and Nuremberg also saw reductions in delay per driver.German drivers in total lost more than 325 million hours to traffic jams in 2022,costing 3.9 billion in lost time.The typical German driver lost 40 hours in congestion,the same as 2021,yet lost 28 more in the value of lost time due to inflation.Though average driver delay remained flat,delays were still down from their 2019-high of 46 hours lost per driver.2022 Germany Rank(2021 Rank)Urban Area2022 Delay(2021)Compared to Pre-COVIDCost per DriverCost per CityDowntown Speed(Last Mile,MPH)Change in Downtown Speed1(2)Berlin71(65)8q4 963 M 140%2(1)Mnchen74(79)-15t6 390 M 110%3(4)Hamburg56(47)17V9 372 M 15-6%4(7)Potsdam55(46)57U6 35 M 160%5(10)Leipzig46(40)38F0 92 M 160%6(22)Darmstadt47(37)31G2 27 M 160%7(12)Freiburg43(40)23C5 36 M 150%8(5)Kln38(42)-787 148 M 170%9(13)Bremen40(37)899 79 M 16-6Nrnberg40(41)-599 74 M 160%INRIX RESEARCH|INTELLIGENCE THAT MOVES THE WORLD23Top 10 Worst Corridors in GermanyIn Germany,worst corridors were mostly concentrated in Berlin,holding 3 spots in the top 10.Yet the most congested corridor was in Munich,where drivers on the B2R Northbound from Stettnerstrae to Plinganserstrae at 5:00 PM lost 51 hours last year if they commuted on that stretch of the B2R.Though Munich held just one spot in the top 10,Berlins corridors ranked 5th,6th,and 7th.Hamburg and Cologne urban areas held two spots on the top 10(2nd and 8th&3rd and 4th,respectively).Corridors in Kiel,Hannover,Dusseldorf and Frankfurt,which made the top 10 in 2021,fell from the list in 2022,while Cologne and Hamburg joined.The number of hours lost on Germanys worst corridors continued to increase.For example,in 2021 the B2R Mittlerer Ring from Petuelring to Heimeranplatz ranked the highest at 27 hours lost if a driver took that corridor every workday for the year.Yet in 2022,a driver on another corridor also located mostly on the Mittlerer Ring,would spend 51 hours if taken every day to work.Additionally,the most congested morning commute route was in Berlin,on the A1/B5 Westbound from Myslowitzer Strae to Samariterstrae the only morning commute listed in the top 10.RankUrban AreaRoad NameFromToPeak Hour2022 Peak Minutes Lost2022 Hours Lost1MnchenB2R NBStettnerstraePlinganserstrae5:00 PM13512HamburgA7 SBHH-VolksparkHH-Waltershof4:00 PM10403KlnA3 NBDreieck Kln-HeumarKreuz Leverkusen4:00 PM9384KlnAA59 SBDreieck Kln-HeumarExit Troisdorf4:00 PM9375BerlinA1/B5 WBMyslowitzer Strae Samariterstrae7:00 AM8336BerlinB96 NBRoedernalleeBieselheider Weg4:00 PM8327BerlinA100 EBHohenzollerndammA1034:00 PM8328HamburgRing 2 SBSchwalbenplatzSievekingsallee4:00 PM8319BonnA565 NBRulandswegA5554:00 PM83010WiesbadenA3 NBMnchhof-DreieckWiesbaden/Niedernhausen4:00 PM830INRIX RESEARCH|INTELLIGENCE THAT MOVES THE WORLD24CONCLUSION&COMMENTARYJust as most countries,states,cities,and towns completely lifted most mandates on social gatherings and events and as companies opened their doors to employees the economic fallout from a weakened supply chain,soaring energy and&oil prices,a war in Europe,and general inflationary pressure rippled through most of the western world.Yet despite those challenges,Vehicle-Miles Traveled,or amount people drive,largely stayed the same or even increased in certain urban areas and countries.However,congestion has been generally increasing,as traffic patterns begin to look more like they did in 2019 than in 2021.The AM peak period continued to grow into the more traditional peak,as opposed to a gradual increase in traffic throughout the day.Trips to Downtown have generally increased from 2021,yet downtown city centers continue to lag pre-COVID levels as office space vacancies continued to be stubbornly elevated and small businesses struggled with a lack of workers flooding office buildings.In the US,urban areas like Chicago and Miami saw significantly increased traffic congestion over last year.In the UK,London continued its reign at the top of the Global Traffic Scorecard Impact Rank as the UK continues to see more light commercial vehicles and heavy goods vehicles than it did prior to the COVID-19 pandemic.In Germany,the energy package reduced the cost of travel in general,both on rail and for fuel,reducing the burden fuel prices and alternatives to driving place on the traveling public.Energy markets are hard to predict.Large scale energy infrastructure projects can take decades to build and often face strong political opposition no matter the energy source.In lieu of that,governments generally looked toward reducing demand for energy,with varying degrees of success or failure.Its likely higher-than-normal oil prices continue through 2023.Additionally,Bloomberg Economics gives a 100%chance of a recession in the US within a year,which may put downward pressure on travel.In the 2021 Global Traffic Scorecard,INRIX Research stated that it expects“growth in VMT,especially in the US,to remain low,with a gradual increase over the coming years.”It largely expects the same for 2023,yet VMT may trend into negative territory should a recession strongly take hold.25REFERENCESi.“Why Office Buildings Are Still in Trouble,”The New York Times,November 17,2022,by Peter Eavis,Julie Creswell and Joe Rennison,at https:/Safety Facts,Crash Stats;Early Estimate of Motor Vehicle Traffic Fatalities for the First Half(January June)of 2022,”National Traffic Safety Administration,September 2022,at https:/crashstats.nhtsa.dot.gov/Api/Public/ViewPublication/813376.iii.“Reported road casualties Great Britain,annual report:2021,”GOV.UK,September 29,2022,at https:/www.gov.uk/government/statistics/reported-road-casualties-great-britain-annual-report-2021/reported-road-casualties-great-britain-annual-report-2021.iv.“Monthly Module Adjusted Data Release,”National Transit Database,FTA,at transit.dot.gov/ntd/ntd-datav.Ibid.vi.“Transport use during the coronavirus(COVID-19)pandemic,GOV.UK,at https:/www.gov.uk/government/statistics/transport-use-during-the-coronavirus-covid-19-pandemic.vii.“Number of bus and rail passengers up by just over a third in the 1sthalf of 2022,”DESTATIS,September 21,2022 at https:/www.destatis.de/EN/Press/2022/09/PE22_401_461.html;jsessionid=9BAF51ADB56FBB511694CD20FE1CB4E7.live712.viii.“Transport use during the coronavirus(COVID-19)pandemic,GOV.UK,at https:/www.gov.uk/government/statistics/transport-use-during-the-coronavirus-covid-19-pandemic.ix.Bike counters accessed:Germany:Berlin at https:/www.berlin.de/sen/uvk/verkehr/verkehrsplanung/radverkehr/weitere-radinfrastruktur/zaehlstellen-und-fahrradbarometer/karte/;Cologne at https:/data.eco-at https:/data.eco-Counters,”Seattle Department of Transportation,accessed November 28,2022,at https:/www.seattle.gov/transportation/projects-and-programs/programs/bike-program/bike-counters.Counters analyzed:Fremont Bridge,Spokane St.,2nd Ave,Burke-Gilman,W 58th St Greenway,and Elliott Bay Trail.Other counters did not have 2022 data available;and“Annual Comparison by Month Dashboard,”San Francisco Municipal Transportation Agency,accessed November 28,2022,at https:/Automated Bicycle and Pedestrian Counters,”at https:/ddot.dc.gov/page/dc-automated-bicycle-and-pedestrian-counters;and“Citi Bike Keeps Breaking Its Own Ridership Records in NYC,”B,September 27,2022,at https:/and Diesel Fuel Update,U.S.Regular Gasoline Prices,”U.S.Energy Information Administration,at https:/www.eia.gov/petroleum/gasdiesel/.xii.US:“Gasoline and Diesel Fuel Update,U.S.Regular Gasoline Prices,”U.S.Energy Information Administration,at https:/www.eia.gov/petroleum/gasdiesel/;UK:“Weekly road fuel prices,”Department for Business,Energy&Industrial Strategy,at https:/www.gov.uk/government/statistics/weekly-road-fuel-prices;and DE:“Consumer prices of petroleum products:Germany,”CountryE,at https:/Community Survey,Table B08301,Means of Transportation to Work,”ACS 2019 and 2021 1-year estimates,US Census Bureau,at data.census.gov.xiv.“Is hybrid working here to stay?,”Office for National Statistics,May 23,2022,at https:/www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/articles/ishybridworkingheretostay/2022-05-23.xv.“Traffic Safety Facts,Crash Stats;Early Estimate of Motor Vehicle Traffic Fatalities for the First Half(January June)of 2022,”National Traffic Safety Administration,September 2022,at https:/crashstats.nhtsa.dot.gov/Api/Public/ViewPublication/813376.xvi.“Reported road collisions,vehicles and casualties tables for Great Britain,”Department for Transport,at https:/www.gov.uk/government/statistical-data-sets/reported-road-accidents-vehicles-and-casualties-tables-for-great-britain.xvii.“Provisional in-year statistics on reported road casualties,”Department for Transport,November 24,2022 at https:/www.gov.uk/government/statistical-data-sets/ras45-quarterly-statistics.xviii.“Number of traffic accident fatalities expected to increase significantly to roughly 2,790 in 2022,”DESTATIS,December 5,2022,at https:/www.destatis.de/EN/Themes/Society-Environment/Traffic-Accidents/_node.html.xix.“Monthly Module Adjusted Data Release,”National Transit Database,FTA,at transit.dot.gov/ntd/ntd-data.Due to lagging data reporting,periods analyzed were January through September,2019-2022.“Downtown trips lag metro area recoveries,results in less traffic congestion and transit ridership,”INRIX,March 2021,at https:/use during the coronavirus(COVID-19)pandemic,”GOV.uk,at https:/www.gov.uk/government/statistics/transport-use-during-the-coronavirus-covid-19-pandemic;and“Number of bus and rail passengers up by just over a third in the 1sthalf of 2022,”DESTATIS,September 21,2022,a.https:/www.destatis.de/EN/Press/2022/09/PE22_401_461.html.xxi.UK:Ibid.Germany:Berlin at https:/www.berlin.de/sen/uvk/verkehr/verkehrsplanung/radverkehr/weitere-radinfrastruktur/zaehlstellen-und-fahrradbarometer/karte/;Cologne at https:/data.eco-at https:/data.eco-Counters,”Seattle Department of Transportation,accessed November 28,2022,at https:/www.seattle.gov/transportation/projects-and-programs/programs/bike-program/bike-counters.Counters analyzed:Fremont Bridge,Spokane St.,2nd Ave,Burke-Gilman,W 58th St Greenway,and Elliott Bay Trail.Other counters did not have 2022 data available.xxiii.“Annual Comparison by Month Dashboard,”San Francisco Municipal Transportation Agency,accessed November 28,2022,at https:/Bike Keeps Breaking Its Own Ridership Records in NYC,”B,September 27,2022,at https:/use during the coronavirus(COVID-19)pandemic,GOV.UK,at https:/www.gov.uk/government/statistics/transport-use-during-the-coronavirus-covid-19-pandemic.ABOUT INRIX RESEARCHLaunched in 2016,INRIX Research uses INRIX proprietary big data,analytics and industry expertise to understand the movement of people and goods around the world.We achieve this by leveraging billions of anonymous data points every day from a diverse set of sources on all roads in countries of coverage.Our data provides a rich and fertile picture of mobility that enables INRIX Research to produce valuable and actionable insights for policy makers,transport professionals,automakers,and drivers.INRIX Research has a team in Europe and North America,and is comprised of economists,transportation policy specialists and data scientists with backgrounds in academia,think tanks and commercial research and development groups.We have decades of experience in applying rigorous,cutting-edge methodologies to answer salient,real-world problems.In addition to our research outputs,INRIX research reports and data are a free and valuable resource for journalists,researchers and policymakers.We are able to assist with data,analysis and expert commentary on all aspects of urban mobility and smart cities.Spokespeople are available globally for interviews.NORTH AMERICA 10210 NE Points Drive Suite 400 KirklandWA 98033United States 1 425-284-EMEAStation House Stamford New Road AltrinchamCheshire WA14 1EPEngland 44 161 927 3600

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    The Future of DataA dive into the power of data across Europe2|The FuTure oF DaTaTable of ContentsINTRODUCTIONCHAPTER 1 The impact of Covid-19CHAPTER 2 The skills and solution shortageCHAPTER 3 Creating a strong strategyCONCLUSION4-78-1011-133|The FuTure oF DaTaThe last decade has seen the sheer volume of data available to businesses grow enormously.at the same time,organisations have faced many disruptions that have increased their reliance on timely,relevant information,from technological evolutions to economic,regulatory and political change.In 2019,Dun&Bradstreet explored how business leaders believed their relationship with data had changed,their ongoing challenges and their plans for the future,in The Past,Present and Future of Data.unsurprisingly,most leaders were clear that data had grown in significance and would continue to do so.Fast forward to 2021,and the Covid-19 pandemic has changed businesses relationships with data forever,challenging the timeliness and availability of data and the methods we use to draw insight.accurate,up-to-date information became critical for navigating a chaotic business environment in a truly global context with real human consequence.Now,a robust data strategy has gone from a commercial advantage to an absolute operational necessity.The future of businesses around the world will intrinsically depend on their ability to access and act on the best information possible.any organisations still struggling with data will face serious and growing challenges going forward as the rate of the environment changes faster than the data that describes it,unless leaders can put in place the right strategies,solutions and skills to embed data into the business.at the same time,the pandemic has created new challenges for businesses who look to access and use information in large part because of the entirely unprecedented situation and our complex responses to it.We cant wait for the data to settle;businesses have to act now.Nonetheless,if were not careful with our approach,its possible to fall victim to all kinds of issues in the rush to make decisions.Thats why weve commissioned this report to explore how 1,700 business decision makers across europe view data in their organisation which our team of experts then analysed and found:the impact of Covid-19,the continuing internal challenges and the opportunities and outlook for the future.The results are clear and compelling.Most leaders believe that following the pandemic,its even more important to refine their organisations data quality(65%),for everything from assessing risk to identifying new markets.In fact,two thirds of leaders believe that data is vital to their future success as a business(67%)and 52%go so far as to say their company simply wont survive without the best quality data.There are steps that every business can take to improve data management and stewardship,develop a robust strategy and prepare to take even greater advantage of data insights in the years ahead as this report will explore.at Dun&Bradstreet,weve worked with businesses since 1841 to ensure people have the information needed to make the best decisions possible.Now that information is more important than ever and we want to ensure that every organisation can get the right data on their side and thrive in the future.I hope you enjoy the report.In fact,two thirds of leaders believe that data is vital to their future success as a business(67%)and 52%go so far as to say their company simply wont survive without the best quality data.DR ANTHONY SCRIFFIGNANOSENIOR VICE PRESIDENT AND CHIEF DATA SCIENTIST,DUN&BRADSTREETIntroductionData is invaluable to businesses.4|The FuTure oF DaTaThe impact of Covid-19The impacts of the Covid-19 pandemic are continuing to be experienced in different ways by businesses around the world.however,one of the most consistent themes is a growing appreciation of the importance of carefully curated,relevant data that businesses can trust when negotiating rapid change.The pandemic instigated a radical shift to digital,causing businesses to use more and different types of data as they shifted to more virtual operations.Business leaders believe that data has a key role to play in both identifying new opportunities and navigating unexpected challenges in the wake of the pandemic.Most(64%)agree that data is now more important for their organisation to identify new markets to work with with a further 62%convinced that it is crucial for targeting new customers.at the same time,nearly two thirds say that following Covid-19 data has become more important for their organisation to assess risk(65%)and monitor supply chains(62%):in other words,to manage the extreme uncertainties associated with the pandemic.CHAPTER 15|The FuTure oF DaTaThe accuracy and timeliness of information have become even more important in the fast-moving pandemic environment the study revealed many businesses with a lack of data or inaccurate information about their customers or suppliers have already experienced damaging consequences.Due to this lack of accurate information about a customer or supplier:The pandemic has prompted many businesses to realise they lacked the information or infrastructure needed to adjust their strategies quickly enough.all in all,most leaders now believe that its even more important to improve the quality of data in their organisation in the wake of Covid-19(65%).FUNDAMENTAL OF THE FUTUREBeyond Covid-19,the handling,processing and quality of data are now seen to be key to the future of each organisation.Three quarters of leaders believe that effective data management can be a competitive advantage(73%),while 66lieve improving the accuracy of data would help sales teams to convert more opportunities.Just over half would even go so far as to say that data will be more important than personal relationships in the future(53%).of businesses have failed to sign a new contract with a customer have lost a customer have developed a“badly thought out”service19%Percentage of business leaders surveyed that agree data has become more important when assessing risk following Covid-19Percentage of business leaders surveyed that believe data has become more important when monitoring supply chains since Covid-1965qiVdWiggYYhh%AustriaGermanyUKAverage(All)PolandFinlandHungaryDenmarkNorwaySwedenSwitzerland62cQXSQfc%COUNTRY BREAKDOWN ACROSS EUROPE6|The FuTure oF DaTaCONCERNS FOR WHATS AHEADhowever,whether businesses will be able to capitalise on the benefits of data is another question.Half of the respondents believe that their organisation simply isnt realising the true potential of its data yet(51%).and looking ahead,47%are concerned about the accuracy of the data being stored for planning purposes.organisations seem clear on the need for change.But finding the right pace is a challenge.Finding themselves unprepared for the pandemic,some businesses hurriedly implemented new data strategies and programmes to bridge the gap.as a result,47el that the companys data strategy is being rushed.on the other hand,45%of leaders worry their business is moving too slowly,with a further 46raid their business wont have the technology in place to take full advantage of data in the future.Balancing short-and long-term needs will be vital for organisations to put themselves in the best position possible to use data in the years ahead.Percentage of business leaders surveyed that believe their leadership team understands the importance of data to the business53%Average(All)UKGermanyAustriaSwitzerlandSwedenNorwayDenmarkFinlandPolandHungary55Q3XXHIYU%COUNTRY BREAKDOWN ACROSS EUROPE7|The FuTure oF DaTaCovid-19 caused data to change in ways that weve never seen before.The pandemic unfolded at different times all over the world and as the first regions to be affected reacted,those reactions in turn caused more disruption and some chaos.The effects ultimately became global.That progression of action and reaction meant that towards the beginning of the pandemic,while there might have been no shortage of data,it was not useful data to fully understand what was going on.our whole system was changing faster than the data that we had to describe it creating significant and worrying challenges for decision makers in governments and business around the world.This challenge underlines a key fact for all organisations.With the enormous growth in the data thats available,businesses dont need just any data,but data thats carefully curated,timely and accurate in order to drive our choices.In other words,they need data thats fit for a purpose.Companies have needed to change how they make sense of information and form predictions for some time,but the pandemic has pushed that imperative and the need for the right technologies and analytics to make sense of the data,right up the business agenda.Its absolutely critical for modern organisations to get the foundations of data management right.Thinking about whether data is accurate and actually reflects whats going on or in fact obsolete,incomplete or irrelevant is key.Practitioners must interrogate where the information has come from and what might be missing to get a better view of its quality.Crucially,always start with the data and relevant questions,then draw inferences from it,rather than trying to look for confirmation of what you already believe.These steps are fundamental to ensuring that data is fit for purpose.These approaches must be undertaken before moving onto more advanced modelling,machine learning,or other data-dependant processes.otherwise,you might easily be curating information that will push you in the wrong direction more quickly.DR ANTHONY SCRIFFIGNANOSENIOR VICE PRESIDENT AND CHIEF DATA SCIENTIST,DUN&BRADSTREETMAKING DATA FIT FOR PURPOSE8|The FuTure oF DaTaThe skills and solution shortageCreating a strong infrastructure with the right technology,people and processes will be essential for capitalising on data in the future.But today,companies face a number of operational issues when it comes to data management.amongst the biggest data-led challenges facing organisations are effective data management(25%),combatting fraud(22%)and having the right technology to utilise data(21%).as a result,on average a staggering 27%of projects fail to meet requirements.ACCESS TO TALENTA common challenge for organisations is finding the right expertise to analyse data and apply insights to business decisions.Difficulty finding the right talent is a major stumbling block for over a quarter of organisations looking to improve their data literacy(27%).Whats more,22%say that the main reason data projects fail is human errors in data management.Many people lack the skillset to identify and address biases in data,potentially compromising its reliability.Three quarters of leaders are concerned that human biases negatively impact the production,analysis and use of data in the business(77%).Leaders are clear on the need to upskill the workforce.Two thirds believe that businesses must offer more training and resources for employees,so that they can better understand data-driven decision making(67%).CHAPTER 29|The FuTure oF DaTaStrong data literacy is also seen as a key competency for business leaders.Seven in ten believe that a strong understanding of the power and value of data is crucial to being a good business leader(69%).external guidance could have a valuable role to play in supporting businesses and shoring up the skills in-house.In fact,two thirds of organisations would value more advice on how to get the best out of their data(67%).THE RIGHT SOLUTIONSMany of businesses challenges with data come down to technology.In fact,the most common barrier to data literacy is lack of technical solutions to help utilise data(32%).outdated systems and challenges can present a stumbling block;legacy technology infrastructure is hindering 46%of organisations from taking full advantage of data.Simply maintaining and working around these older solutions can drain resources and slow progress.In fact,49%of leaders feel their organisation is always playing catch up with their data processes.This can make it more difficult for teams to access timely information.half of the respondents are concerned about data decay in the business(49%),meaning that information might be untimely and unreliable as a result.Tight finances following the.Tight finances following the pandemic are also a common concern,with 31%highlighting budgetary restrictions and 29%cost considerations.ultimately,this underlines the need for a cost-effective,sustainable approach to data management.AI MAY BE AN IMPORTANT PART OF THEANSWERMaking greater use of machine learning and artificial intelligence(AI)might be an important part of the answer for businesses in the future offering an advanced,adaptable technical solution and augmenting human insight to address the skills shortage.aI can be accessed through existing portals and tools which could also help to allay the concerns of the 46%of leaders that fear their organisation wont have the technology needed to make full use of data in the future.Nonetheless,having the knowledge needed to use aI effectively will be key.almost every aI system assumes that the data it is consuming is true and complete,al-though that is rarely the case.Perhaps as a result,almost half of respondents are concerned that aI could lead to biases and discrimination in the analysis of data(48%).It will be crucial to carefully consider how to use this technology and provide the right data to receive appropriate conclusions and insight.once again,its clear that having the right expertise in the business to fully understand the implications of data analysis,and use the latest tools,will be key to developing a successful long-term strategy.58XHIYU3QU%Percentage of business leaders surveyed that agree they must offer more training and resources for employees,so that they can better understand data-driven decision makingAustriaGermanyUKAverage(All)PolandFinlandHungaryDenmarkNorwaySwedenSwitzerland53%COUNTRY BREAKDOWN ACROSS EUROPE10|The FuTure oF DaTaSimply having access to tools that process data wont mean that your business is using them wisely,in the same way that having PowerPoint wont make you a graphic designer.The risk is that organisations use data wrongly and accelerate towards a mistake with greater confidence.The importance of understanding how to use data correctly for your business means talent must be a key focus for the leadership team.Data skills should be in the business on purpose,not by accident.and as well as recruiting for the talent missing in the business,its vital not to overlook the existing workforce.Instituting continuous learning,through a combination of supervised and unsupervised methods,ensures competences stay relevant.Leaders are responsible for fostering an environment where people develop the habit of acquiring new skills,including the senior team themselves because as we know,data insight is becoming more critical to the CV of the Ceo too.Greater understanding of data can in turn help businesses to change attitudes to the solutions that support a data-driven organisation and the misconception that these tools are simply a cost drain.after all,being restricted by legacy systems drains resources and slows progress,particularly in todays disrupted environment.Instead,companies can benefit from taking a smarter approach to investments in data.Start by understanding what problem you are trying to solve and constantly evaluate if that objective has changed.assess what levers are holding back the business.Think about purposeful intervention,rather than change for changes sake,and plan investments accordingly.Remember,its natural to find this difficult,but you arent the only business going through these challenges and you dont have to do everything by yourself.Look to partners outside the company to get a sense of perspective and ensure you are moving in the right direction.RIKARD CANDELL ANALYTICS DIRECTOR,DUN&BRADSTREET EUROPETHE INFRASTRUTURE FOR ACTIONABLE DATA11|The FuTure oF DaTaCreating a strong strategyThe past 18 months have underlined the challenges that businesses can encounter when taking a short-term,rushed approach to data management as well as the risks of being caught out if the organisation delays and lags behind.Positively,its clear that leaders understand the need to prioritise data planning,and integrate this into the overall business strategy.In fact,35%say that their most important business priority is improving data quality,in turn reflecting that 73lieve effective data management can offer a competitive advantage.BEST PRACTISESestablishing best practices in data management will be vital for creating a robust strategy,and leaders already have a number of principles in mind.Data quality is critical for making the right decisions,as seven in ten leaders agree(69%).In turn,the quality of data depends on its timeliness,particularly in the post-pandemic world;64lieve data quality is severely impacted if it is not updated in real-time.however,ensuring that people have the skills and the willingness to use data insights to inform their decisions is equally important.Currently only 63%of respondents believe their leadership team understands the importance of data to the business,leaving a significant proportion that dont.establishing the right mindset and securing buy-in from all levels of the organisation will be key.CHAPTER 312|The FuTure oF DaTaOVERCOMING RISKSDespite its many advantages,a greater reliance on data can also present risks for businesses and this is clearly weighing on the minds of many leaders.Security is a significant issue.44%are wary that the organisation will be unable to protect its data in the future,while 52lieve that reliance on data will make their business vulnerable to cyber-attacks.New regulatory requirements are another concern for organisations dependent on customer and supplier data.half of the respondents are worried about maintaining data privacy(50%),while a quarter point to data regulation and legal procedures as a source of risk.Generally,organisations want to do the right thing and 49%are anxious about the ethical use of data in the future.Many of these issues appear daunting,but its vital that leaders incorporate the potential vulnerabilities into their planning today,to better manage these risks for the future.With all these considerations in mind,taking the time to create the right plan is critical.Nearly seven in ten leaders believe investing in data must be viewed as a long-term strategy(68%).63%Average(All)UKGermanyAustriaSwitzerlandSwedenNorwayDenmarkFinlandPolandHungary68aVeVTRerdh%Average(All)UKGermanyAustriaSwitzerlandSwedenNorwayDenmarkFinlandPolandHungary70dsipSurd%Percentage of business leaders surveyed that believe their leadership team understands the importance of data to the businessPercentage of business leaders surveyed that agree investing in data must be viewed as a long-term strategyCOUNTRY BREAKDOWN ACROSS EUROPE13|The FuTure oF DaTaCreating data strategies is a challenging undertaking and its not a one-off exercise.When considering the challenge,we need to adopt the mindset of continuous improvement and acknowledge that every organisation is on a journey with data.as weve seen,for most companies that journey begins with the character and quality of the data.Then there are extra complexities to consider:data provenance,consumer permissions,regulations and your responsibilities when consuming that data.all of that can seem overwhelming and perhaps a natural response is to try to outsource the issue to a third party.however,your business still retains responsibility for the data and how its used.Likewise,youre partnering with a data specialist who will walk along the journey with you,not for you.Getting a data strategy in place today is table stakes for staying in business.Data is doubling at a rate thats no longer measurable;much of it is unstructured,hidden and open to manipulation by adversaries.It can seem tremendously complex and unfortunately,in the future it will only become more challenging.Nobody can do this alone thats why its so valuable to partner with data specialists.Working together will enable businesses to focus on what they were founded for and do best.In any crisis,the organisations that thrive are those that partner together to share skills and knowledge and there is help out there.RIKARD CANDELL ANALYTICS DIRECTOR,DUN&BRADSTREET EUROPEEXTERNAL INSIGHTSThere are clearly many considerations for leaders refining their data plans for the future.Drawing on ex-ternal support can help organisations to improve their data quality and ensure that their strategy is watertight.Many leaders appreciate the potential of outside insight and particularly additional data;according to respondents,drawing on more third-party data could enable their organisation to both help current customers(62%)and win more business(60%).a further two thirds believe that having more complete data(65%)and more accurate data(66%)would help the sales team to convert more opportunities,delivering clear benefits for the business.external support can also help businesses to make the best use of the data they have and two thirds of organisations would value more advice(67%).all of this will help to create a robust,sustainable data strategy that delivers long-term results.BUILDING STRATEGIES FIT FOR THE FUTURE,WITH THE SUPPORT OF PARTNERSHIPS14|The FuTure oF DaTaIt isnt enough for businesses to simply have a strategy;the Covid-19 pandemic has shown that data quality,processes and even peoples mindsets can have a direct impact on business outcomes when it matters.unsurprisingly,the majority of business leaders understand that data will be vital to their organisations future success.But there are hurdles to overcome in every business.That might be shoring up the skills and solutions needed to lay the foundations for a data-driven future.or it might be contending with the long-term implications of a greater reliance on data,such as vulnerability to attacks or ethical questions.But whatever their progress to date,there are ways for leaders in every organisation to improve their standing and get the right data on side for the future.The world of data can feel overwhelmingly complicated,and it is becoming more complicated all the time.But what will determine successful businesses and leaders in the years ahead is a willingness to listen,learn and collaborate,even in the face of that overwhelming complexity.It is incredibly valuable to invest time and energy into getting the right data on your side.and by taking these steps,companies can focus on the core parts of their business,and use data as a tool to succeed in doing whatever they do best.Conclusionrecent events have proven beyond question that data matters.124ADOPT THE RIGHT ATTITUDE:Try to be realistic and receptive to support when it comes to data management.recognise that you and your business cant do this by yourself,because no one can.Partnership is the best route forwardEMBRACE CONTINUOUS LEARNING:Increase your circle to working with people that can teach you,and aim to pass your learnings onto your colleagues.Focus on continuous improvement in your understanding of data and what it can doDONT LOSE TRACK OF THE WHY:Data alone is never the answer.remember that all this effort is ultimately so that you can focus on running your business in a way that no one else can.as a business,you should be masters of your craft,and lean on specialists for support with the dataKEEP CHECKING YOUR OBJECTIVE:Likewise,throughout your data journey,check that the question hasnt changed while youve been trying to answer it.3ABOUT DUN&BRADSTREETDun&Bradstreet,a leading global provider of data and analytics,enables companies around the world to improve decision-making and business performance.Dun&Bradstreets Data Cloud fuels solutions and delivers insights that empower customers to accelerate revenue,lower cost,mitigate risk,and transform their businesses.Since 1841,companies of every size have relied on Dun&Bradstreet to help them manage risk and reveal opportunity.Dun&Bradstreet also provides list services on over 170 million businesses,powered by our data records on over 455 million businesses around the globe.Dun&Bradstreet data is used by 90%of Fortune 500 companies,and its credit scores are globally recognised and respected.If youd like to hear more about how data and analytics can support growth and help you mitigate risk,please contact Dun&Bradstreet on 0808 239 1078.METHODOLOGY This survey of 1,704 business decision makers was conducted by Censuswide in august 2021.The respondents came from organisations based in the uK,Germany,austria,Sweden,Switzerland,Norway,Denmark,Finland,Poland and hungary.

    行业研究报告哪里找-PDF版-三个皮匠报告 (98)3人已浏览 行业研究报告哪里找-PDF版-三个皮匠报告 (99)2023-02-02 15页 行业研究报告哪里找-PDF版-三个皮匠报告 (100)行业研究报告哪里找-PDF版-三个皮匠报告 (101)行业研究报告哪里找-PDF版-三个皮匠报告 (102)行业研究报告哪里找-PDF版-三个皮匠报告 (103)行业研究报告哪里找-PDF版-三个皮匠报告 (104)5星级

  • Talkdesk:通过智能自动化实现客户和员工体验的显著改善(英文版)(8页).pdf

    Driving Impact at Scale in CX and EX with Intelligent AutomationHow the power of IA is leading to improved customer and employee experiences,stronger customer relationships,reduced churn,and a profitable future for UK contact centres Driving Impact at Scale in CX and EX with Intelligent Automation2The outset disruption caused by the COVID-19 pandemic in 2020,the depreciation of the pound since Brexit in 2021,and more recently,inflation rates rising to 9.1%in the UK,has ignited an extraordinary era of adaptation,transformation,and innovation in contact centres.Globally,the customer management industry is placing greater emphasis on people empowerment,employee culture,customer empathy,recruitment,and upskilling talent as both customers and agents start to feel the pinch from these impactful events.People want to deal with businesses who recognise who they are,what they are going through,and that their demands and realities are always shifting.As a result,businesses are looking to evolve their customer management strategies to bring about humanised experiences that are meaningful,precise,and personalised.In fact,PwC found that 42%of customers would pay more for a friendly,welcoming experience.Responding to individual customer needs and changing market conditions requires leveraging customer data at the most granular level.Intelligent automation(IA)the combination of artificial intelligence(AI),business process management(BPM),and robotic process automation(RPA)will help place greater focus on what matters most:better performance,a stronger workforce,and happier customers.Jay Gupta,Global Director of Product Marketing AI,Automation,and Analytics at Talkdesk,says:“IA lends a more dynamic automation environment by using customer interaction data,unstructured data,and AI to streamline processes and simplify workflows.“Sequentially,customer and employee experiences are enriched.Agents can better anticipate customer needs before they arise,giving them the confidence and autonomy to resolve more complex issues in future,while customers receive quicker,more consistent,and personalised interactions from end-to-end.”With a specific focus on analysing trends in the UK market,CCW Europe Digital in collaboration with Talkdesk look at how contact centres can scale their operations with IA,facilitate humanised experiences for both customers and agents,and improve overall business outcomes from end-to-end.The Humanised ConsumerDriving Impact at Scale in CX and EX with Intelligent Automation3Customer management leaders are under pressure to humanise and modernise how they carry out their customer-facing activities as customer expectations evolve,competition advances,and data volumes increase.Globalisation is offering customers a wider choice of products,brands,and services,so winning in the experience economy is critical for attracting new customers,retaining existing ones,and maintaining or increasing business revenue.Companies like Amazon,Netflix,and Google are leading the charge in responding to customers manifest and latent needs because they have access to rich customer data and the right technologies.In turn,they can hyper-personalise experiences,provide instant gratification as part of their service,and maintain customer loyalty.However,the former rush to embrace new technologies to mobilise and stabilise long-term normality without the in-house expertise to maintain the technologies are met with a reality of challenges.Businesses are still largely locked into old processes and legacy systems,so using the technology to decode customer preferences and behaviours is challenging.As a result,implementation with untrained personnel can cause significant slowdowns in work processes,disruptions in familiar workflows,and numerous errors.Personnel Today reported that the shortage of skills in UK contact centres and ongoing recruitment problems have become so problematic that“around 32%of staff lack the level of competence required to meet business objectives.”Henrik Flasch,Head of Technology Customer Contact Efficiency,Customer Insights and Customer Master Data at TUI,says:“The role of an agent has gone from the transactional to the complex.Delivering an optimal customer experience(CX),now requires agents to have business acumen,technical and digital competence,and emotional intelligence.”In addition,with cost-consciousness top of mind,the UK economy is seeing rising product prices,decreased customer demand,increased lead times,delays in deliveries,busier contact centres,and to top it all frustrated customers.Putting customer and agent relationships at the centre is the most important differentiator in todays market and something that will give businesses the power to slingshot them ahead of their competition.CCW Europes community of UK industry professionals found the leading business initiative for improving customer management over the next two years is to focus on creating long-lasting relationships to boost loyalty by providing“exceptional and unforgettable experiences”.IA can support the cultivation of these experiences by making communication between the customer and the agent more fluid,offering customers instant results,boosting agent productivity,and making customers feel valued.For example,Amazons Alexa team is using AI to analyse the sound of users voices to recognise their mood and emotional state as well as automation to deliver a pre-programmed and personalised response.Gupta says:“Implementing the right technology can go a long way towards establishing the company as a“customer first”entity.”Industry Challenges at a GlanceKeeping up with changing customer expectations is becoming more fast-pacedThe duties of an agent are becoming more sophisticatedBusinesses have a lack of in-house IA expertise The level of competition is increasingBreaking Away from Industry ChallengesDriving Impact at Scale in CX and EX with Intelligent Automation4Convenience is a pivotal driver behind the digital revolution and companies that prop digital options up with consistently great CX can further play the convenience card,improve long-term customer relationships,build referrals,and establish brand loyalty.According to Gartner,technology for customer relationship management is where customer management leaders are allocating a high proportion of their budgets,so return on investment(ROI)on the technology needs to go beyond gathering sales data and customer information.Benefits of investing in IA technology include:Improving scalability,accuracy,and quality of the customer journey:IA can be used to pinpoint topical keywords in a conversation and assist agents in giving customers the answers they need,and fast.For example,the Talkdesk Virtual Agent utilises AI to help customers serve themselves(effectively scaling operations for 24/7 service)or ensuring the customer is automatically transferred to the right agent whenever the AI-model detects more difficult issues needing human support.Increasing agent retention:High agent turnover represents the second highest pain point facing UK contact centres in 2022,according to CCW Europes community.With IA driving decision-making and bringing a consistent approach to repetitive back-office tasks,it frees up agents to plug gaps in knowledge and boost customer value.Flasch,TUIs Head of Technology Customer Contact Efficiency,says:“Re-humanising contact centre training programmes will enable agents to have more fruitful,effective encounters with customers.Agents will be more inclined to stay as they will feel appreciated and more confident in their future opportunities within the business.Knowledge sharing reinforces the companys investment in its agents.”Addressing compliance and regulations with confidence:Life sciences,banking,automotive,and utilities are just some of the industries that follow strict data privacy and compliance rules.IA can leverage automation features to provide a consistent approach to compliance.Talkdesk Guardian keeps remote contact centres secure by uncovering operational inefficiencies and potential compliance issues that are unknown to the agent.Reducing workforce costs and improving resourcing processes:IA offers businesses the ability to grow without running the risk of compromising on quality or taxing staff with additional repetitive tasks.IA can also be used to predict conversation volume during certain periods to assist management in delegating work and managing staffing requirements.Talkdesk found 79%of CX leaders plan to increase their investment in contact centre AI and automation after realising the ROI,service,and productivity benefits.Cultivating relationships with consistent CX:IA can help cater to a mass market of customers from various demographics to ensure a consistent experience for every individual customer is achieved,regardless of the channel or touchpoint.Consistent CX is a key component of customer loyalty,and customer loyalty is nothing but empathy led consistent service.Talkdesks Gupta says:“As human beings,we seek to connect with one another to find meaning.Where our digital connectedness is constant,one-to-one human connections and more inclusive experiences are becoming ever more valuable.”The Need,Value,and Benefits of IADriving Impact at Scale in CX and EX with Intelligent Automation5Having a well-defined vision of your overall IT infrastructure will help to increase clarity of purpose,organisational effectiveness,and employee motivation when integrating IA into an existing ecosystem.Additionally,understanding how each individual technology(AI,BPM,and RPA)works to maintain your IT infrastructure will ensure you are able to reap the benefits of IA.Gupta explains:“Conversations around IT infrastructure have matured,expanding beyond the single subject of technology to also look at how technology can provide businesses with a competitive advantage.By keeping the important end goals in mind increases in service rates,pre-empting issues,and empowering agents to resolve issues quickly and correctly businesses will be able to offer better experiences to customers,as well as prepare for future business opportunities.”IMBs report,The IT Infrastructure Conversation,highlighted the importance of a clear-cut IT infrastructure strategy will only continue to grow with advances in big data and analytics,cloud,social and mobile technologies,so CCW Europe Digital and Talkdesk provide three essentials steps for how contact centres can seamlessly integrate IA into their existing IT setup to improve long-term customer relationships(see Figure 1).IA Implementation:Start with a StrategyFIGURE 1:Processes to Deploy,Embrace,and Scale IA for Maximum ROIPlanIdentify where IA is needed.Is it to improve your omnichannel engagement,workforce management,or quality management?Before implementation,businesses should have a comprehensive digital blueprint in place that is understood by all stakeholders and identify where IA offers value.Manage and Implement Businesses need to have extensive deployment experience across a variety of functions such as,CX,IT architecture,technology,and data management,to stabilise and standardise the ongoing performance of IA.EvaluateAs IA technology is deployed,event data and metrics need to be fed back to provide a real-time view of operational improvements and successes.Ongoing audits of IA technology will ensure contact centres are set up to offer improved CX,process efficiency,agent productivity,product and service innovation,and all while reducing cost and risk.123“Where our digital connectedness is constant,one-to-one human connections and more inclusive experiences are becoming ever more valuable.”Jay GuptaGlobal Director of Product Marketing AI,Automation,and Analytics at TalkdeskDriving Impact at Scale in CX and EX with Intelligent Automation6IA Implementation:Start with a StrategyTalkdesk Case Study:An IA Solution in Practice Challenge:A car parts supplier was challenged with managing high call volumes and workflows with a limited number of service staff.In an attempt to resolve this,the company implemented a virtual agent that leveraged AI to help customers answer frequently asked questions such as how to fit a new car part,how to track an order,or simply how to find the nearest store.However,the company found if customers had questions around the availability of new car parts or the latest products or services,the virtual agent struggled to give relevant and precise answers because the AI system had not been trained on it.Solution:The company implemented the Talkdesk AI Trainer solution,which leverages IA technology.With the Talkdesk AI Trainer,non-technical service staff could easily apply their practical expertise to the virtual agent and resolve more cases through automation.As a result,the car parts supplier reduced their dependency on having in-house data scientists to programme their machine learning models and they improved the accuracy of their customer responses,which increased customer satisfaction and decreased cost per case.Key Insights to IT Infrastructure Growth22%Source:IBMof organisations have a well-defined enterprise IT infrastructure strategy and roadmap.of organisations are successful at collaborating with businesses to provide IT infrastructure solutions to support their business needs.of IT executives say they are successful at developing and maintaining the skills and capabilities needed to meet changing IT infrastructure needs.30%Driving Impact at Scale in CX and EX with Intelligent Automation7As customer expectations grow,fast-moving organisations can gain a competitive edge by using IA to deliver better experiences,improve service,and boost agent productivity.While IA and contact centres have been linked for some time,initially to improve workflows and reduce costs,now IA is being looked upon as a way to rehumanise contact centres.Rob Allman,Vice President,Customer Experience at NTT Limited,commented:“The fruition of new technology in the CX space is exciting,but the ultimate focus always needs to be on people.“People need to be at the centre of any CX strategy,with technology in the service of superior customer and employee experiences that create value.”The preference to be served by humans rather than machines is frequently citied,71%of customers said they would be less likely to use a brand if it did not have human customer service representatives available,but evidence shows IA can support businesses to deliver those all-important human experiences.A strong plan for integration also ensures readiness to respond to customers,and if operations are seamless,businesses can better predict how customer preferences and habits will evolve in future.Striking a balance between people and technology will ensure businesses are able to maximise resources to respond to change while also proactively forming meaningful long-lasting customer relationships.Creating Meaning in a Digital Reality“By keeping the important end goals in mind increases in service rates,pre-empting issues,and empowering agents to resolve issues quickly and correctly businesses will be able to offer better experiences to customers,as well as prepare for future business opportunities.”Jay GuptaGlobal Director of Product Marketing AI,Automation,and Analytics at TalkdeskIf you are interested in becoming aCCW Europe Digital contributor,please get in touchwith Emily Uwemedimo,CCW Europe Digitals Editor and Industry Analyst.Lets discuss how you can achieve business resilience and revival in 2023 by connecting you with your top prospects.Reach out to our team to find out what activities are available on CCW Europe Digitals event and editorial calendar.Driving Impact at Scale in CX and EX with Intelligent Automation8CCW Europe Digital is the European chapter of the global CCW Digital community.Our focus is on sharing the content that matters,providing value-rich content and insight through industry reports,customer trends,best practice,latest industry news,interviews with customer contact thought-leaders,online and physical events,and so much more!By joining our growing network,you will be able to connect,learn and interactive with other likeminded industry professionals and keepup to datewith industry inside advice to help you achieve your business goals.Become a member today to receive exclusive access to our content and regular industry updates.Learn more visitGet in touchAbout CCW Europe DigitalConnect With UsKatie JuddDivisional DirectorCCW Europe DigitalEmily UwemedimoEditor and Industry AnalystCCW Europe DigitalAuthorContributorsJay GuptaGlobal Director of Product Marketing AI,Automation,and Analytics at TalkdeskHenrik FlaschHead of Technology Customer Contact Efficiency,Customer Insights and Customer Master Data at TUI

    行业研究报告哪里找-PDF版-三个皮匠报告 (106)0人已浏览 行业研究报告哪里找-PDF版-三个皮匠报告 (107)2023-02-02 8页 行业研究报告哪里找-PDF版-三个皮匠报告 (108)行业研究报告哪里找-PDF版-三个皮匠报告 (109)行业研究报告哪里找-PDF版-三个皮匠报告 (110)行业研究报告哪里找-PDF版-三个皮匠报告 (111)行业研究报告哪里找-PDF版-三个皮匠报告 (112)5星级

  • 木卫四科技:2022智能汽车网络安全威胁报告(英文版)(14页).pdf

    1 目录 1 引言 2 全球研究机构与组织 3 供应链 4 智能用车场景威胁 5 总结和趋势判断 Cybersecurity Threat Report Automotive Callisto Technology 2022 Automotive Cybersecurity Threat Report Index 1 Foreword 2 Global Automotive Cyber Security Research Institutions and Organizations 4 The Threats to Critical Components 5 Case Study T-Box Threats 6 The Growing Threats of Intelligent Services 8 Case Study Digital Key Threats 9 Summary 10 Trends and Challenges 11 About Us 12 References 2022 Automotive Cybersecurity Threat Report Secure Smart Mobility Connected car vulnerability increase With the development of electrification,intelligence,and networking in automobiles,automobiles have become networked computers on wheels.Networking and intelligence provide automobiles with unprecedented capabilities,but in the meantime,they also bring more security threats.Since 2010,more than 1,200 security incidents related to smart cars that have been publicly reported,of which 207 occurred in 2020 1.In 2022,there were nearly 300 incidents,a 49%increase.In 2020,there were 30 CVEs(Common vulnerabilities&Exposures)directly related to automobiles announced,and by December 2022,the number of automobile related CVEs had soared to 284,an increase of 8 times in 2 years.Since the beginning of 2022,the Callisto Automotive Threat Intelligence Center has analyzed automotive related cybersecurity information from media,academic research institutions,offensive and defensive competitions,social networking and deep,dark web.We also studied more than 300 automotive cybersecurity incidents and related 284 CVEs.The results show that smart cars are currently facing three major risks:The digital key has become a new entry point for hackers to unlock the vehicle.Relay attack,replay attack and impersonation attack are the main techniques;Intelligent services have become a new control point for hackers to manipulate vehicles,mainly in the form of leakage of identity credentials,abuse of service API,and illegal vehicle upgrades;ECUs have become the key attack surface for hackers to explore firmware vulnerabilities,system vulnerabilities and third-party components.1200 49(0 8 times Connected car related CVEs Security incident increase Security incidents 1 Foreword Callisto Technology 2022 Automotive Cybersecurity Threat Report 50 In 2022,there were many smart car hacking incidents and serious vulnerabilities.The Callisto Automotive Threat Intelligence Center has tracked and studied these hacking incidents and vulnerabilities.The study shows that with the continuous enrichment of automobile intelligent functions,more and more hackers,security teams,academics research institutions and security enthusiasts,etc.have turned to security research and vulnerability mining in the automotive field.David Colombo,a 19-year-old security researcher from Germany,discovered an API call privilege escalation vulnerability(CVE-2022-23126)in Teslas third-party application,TeslaMate.It is used by some Tesla owners to analyze vehicle data.Through this vulnerability,more than a dozen of Tesla spread out the world can be remotely controlled.Ayyappan Rajesh and Blake Berry,two students of Dartmouth College,disclosed in March that there is a replay attack vulnerability(CVE-2022-27254)in the remote keys of Honda and Acura cars,which can be exploited in the short-range access to lock,unlock,control windows,open the trunk,and start the engine of the target vehicle 3.The NCC disclosed a vulnerability in Teslas Model 3 and Model Y keyless entry systems.It takes less than 10 seconds to unlock and start a car by relaying Bluetooth link-layer data for attacking keyless entry 4.Software engineer Daniel Feldman successfully cracked the software upgrade function of Hyundai/Kias infotainment system,which requires the use of keys used by Hyundai Motor Company to manage software.Daniel Feldman searched Google and found that the AES key of the public example on the Internet is the key used by Hyundai automobile software.With this key,any user can tamper with the upgrade package,repackage it,and successfully write it into the infotainment system 5.Bimmer Tech is a professional car modification company and a hacker team specializing in cracking car programs.BMW launched a subscription service for vehicle performance($18/month for seat heating)in South Korea and the UK in August.By writing code,Bimmer Tech can add some new functions to the car,such as automatic headlights,mobile phone mirroring,adaptive cruise control,etc.,and even help car owners delete some unwanted applications 6.The Ransom EXX extortion organization posted on the dark web,claiming to have successfully hacked into Ferrari,a well-known Italian car manufacturer,and stole 6.99GB of internal files,including internal documents,data sheets,maintenance manuals,etc.7.Security company 400ademics research institution White hat Tracked by Callisto 30%2 Global Automotive Cyber Security Research Institutions and Organizations 2022 Automotive Cybersecurity Threat Report Secure Smart Mobility Note:Institution names are arranged in alphabetical order.particular order Automotive cybersecurity research has been conducted for many years.New attack methods are announced every year.New vulnerabilities are being discovered constantly.Driven by organizations and individuals focusing on automotive cybersecurity,automotive cybersecurity issues are getting increasing attention.But in the meantime,continuous attacks remind us that automobiles are facing increasing threats.3 Institution Type Institution Name Security company Baidu X-Team Car modification company Bimmer Tech White hat Charlie Miller White hat David Colombo Security company GoGoByte Security company IOActive Security company KeenLab White hat Martin Herbert Academics research institution MIT CSAIL Security company NCC Group White hat Sam Curry Security company Sky-Go Team Security company Starvlab Callisto Technology 2022 Automotive Cybersecurity Threat Report With complex supply chains,ever-changing electronic and electrical architectures,and the increasing cyber threat,risk management in the automotive industry is facing unprecedented difficulties.Component manufacturers often provide critical components to multiple OEMs,so a component vulnerability may exist on multiple models of different car brands.In the past few decades,component manufacturers have often lacked cybersecurity measures for their products.The Callisto Automotive Threat Intelligence Center conducted research on more than 700,000 vulnerabilities from the CVE,NVD,CNVD,CNNVD and other vulnerability databases.284 vulnerabilities related to automobiles are studied in depth.The studies show that these vulnerabilities are mainly related to critical components of connected vehicles,cloud services,and electrical charging facilities.The critical components include T-Box,IVI,CGW,ADAS,GPS,airbags,and OBD.Among these vulnerabilities,there are 148 related to cloud services.These vulnerabilities mainly involve the leakage of authentication credentials,the bypassing of authentication mechanisms,and the lack of API security.Hackers can use these vulnerabilities to remotely control a large number of cars,and sometimes they even gain control of cars from different car makers.There are 136 vulnerabilities related to vehicle ECUs.These vulnerabilities allow attackers to use replay attacks,relay attacks,etc.to gain control of car doors,engines,and other components remotely.In the GeekPwn 2022 competition in October,multiple car remote attack vulnerabilities were disclosed.Recently,the authorization vulnerabilities of Sirius XM were also exposed.These vulnerabilities all involve the safety of parts and components from suppliers.Suppliers provide key components for smart car manufacturers.However,when a component or service provided by them has a vulnerability,it may involve hundreds of thousands of vehicles from multiple OEMs.The impact often exceeds the estimates of the parties involved.4 The Threats to Critical Components 2022 Automotive Cybersecurity Threat Report Secure Smart Mobility The number of smart car ECUs continues to increase,and some vulnerabilities may be exploited by hackers to invade vehicles,illegally access TSP servers,steal other vehicle information,and even injure drivers and passengers.The Callisto Automotive Threat Intelligence Center continues to analyze critical components,such as T-Box,IVI,CGW and ADAS from major smart car manufactures,and has discovered a large number of hidden risks.Taking T-Box,a key communication component connected to the outside of the car,as an example,through in-depth analysis of its applications,components and software libraries.1326 applications and 14,000 libraries in 11 representative firmware were extracted.There are 1401 CVE vulnerabilities found.The firmware uses a total of 420 components,12,000 libraries,and a total of 1752 CVE vulnerabilities found.The Callisto threat intelligence platform maps applications,components,libraries,and CVE information with vehicle brands,models,and years one by one.When a component has a vulnerability,it can quickly locate other models,helping OEMs,Tire1,and Tire2 to identify complex critical component risks and threats and respond accordingly.5 Case Study T-Box Threats Callisto Technology 2022 Automotive Cybersecurity Threat Report Under the new design methods such as service-oriented architecture and software-defined automobile,the intelligent functions of automobiles are constantly being enriched.These design methods make the functional modules of automobiles more flexible and convenient.At the same time,it also facilitates the upgrade and update of vehicle functions,such as digital key,remote car control,advanced assisted driving,adaptive cruise,remote diagnosis and OTA upgrade,etc.These intelligent functions and services have been flexibly installed and configured on many brand models.However,this new design method also brings some security threats.Since the various components of the vehicle depend on each other,once a certain component fails,it may paralyze the entire vehicle and even endanger the personal safety of the drivers and passengers.The Growing Threats of Intelligent Services 2022 Automotive Cybersecurity Threat Report Secure Smart Mobility Threats to Digital Key Functions The vehicle digital key uses wireless communication technology to realize the function of unlocking and starting the vehicle.Although the new function is convenient for users,but it also brings new cybersecurity risks and exposes some new attack surfaces.The Callisto Automotive Threat Intelligence Center has analyzed vehicle cybersecurity incidents since 2022,and found that 30%of cybersecurity incidents are related to vehicle digital keys.In the known attack incidents,there are two typical attack methods.The first is a relay/replay attack,in which the attacker intercepts a digital key signal to unlock the vehicle.Another attack method is to exploit the vulnerability of the digital key program.There are three main processes in digital key use.First,the user terminal initiates the request.Second,the cloud service checks the command.Third,the vehicle responds to the request.The program may have vulnerabilities or logic flaws in these processes,which can be used by attackers to implement unauthorized access.Threats to Remote Control Functions The remote control service for connected vehicles provides a convenient way to control vehicles,enabling remote vehicle start,remote locking/unlocking,remote air conditioning control,vehicle status monitoring,remote charging management,roadside assistance and etc.Vehicle owners use mobile devices to send remote control commands through a series of processes.There are two types of threats in the execution process,one type of threat is remote attacks,that is,hackers attack the vehicles through various networks,this kind of attack may lead to the damage of vehicle functions of operation,and may even endanger the safety of the driver and passengers.Another threat is the leakage of user information,such as information about a vehicle itself,vehicle location,speed,etc.Hackers can use information to commit criminal activities such as blackmail and fraud.Threats to OTA Service Automotive OTA(Over-The-Air)updates are services for updating vehicle software remotely over a wireless network.OTA updates allow OEMs and dealers to send software to the vehicles on-board terminal(T-Box)for installation.There are three types of threats to automotive OTA services.First,software update leakage occurs when the on-board terminal(T-Box)communicates with the cloud server during a vehicle software upgrade,and if encryption measures are weak,hackers may intercept the software.Second,with illegal software,hackers will monitor and even remotely control the target software by implanting a backdoor if the upgraded software is intercepted and tampered with.Third,loss of access,where hackers can tamper with the upgrade software and gain key permissions during the OTA upgrade process if it lacks security checks.Large-scale modifications to vehicle functions and controls can be made at this point,thereby endangering the safety of the driver and passengers.7 Callisto Technology 2022 Automotive Cybersecurity Threat Report Data Sniffing Sniffing the owners application key-sharing command packets through Burpsuite,replaying,tampering,and forging the packets,as well as tampering and traversing the parameters of the service API to find vulnerabilities.Reverse Engineering and Analysis Reverse the signature authentication program,analyze the logic of signature authentication,reverse the message queue of the vehicle owners application interacting with the cloud,and obtain the operation instructions and signature algorithm.Vulnerability Exploitation Tampering with the vehicle VIN information,user information and signature in the cracked signature program,bypassing the owners authentication and enabling the authorization of any vehicle key to open the door remotely.Fleet Hacking Stealing the fleets vehicle VINs and using the cracked signature program to enable batch authorization of keys and remote control of the fleet.How to securely share a digital key with target users?How to identify and authorize the digital key user?The digital key replaces the traditional keyless system(PEPS).It only enables functions such as,unlocking doors and starting vehicle,but also allows for personalized settings and management of the key,which is not possible with traditional keys.The Callisto Automotive Threat Intelligence Center recently conducted a Threat Analysis and Risk Assessment(TARA)on the new digital key and studied the digital key management functions and protocols.The main features include key registration,vehicle binding,key sharing,key revocation,and key cancellation,all of which are vulnerable to hacking.Taking the digital key sharing function as an example,a hacker can break the authentication protocol of the sharing process and abuse the binding relationship between the digital key,the vehicle,and the user.This allows an attacker to have the digital keys to multiple vehicles at the same time,enabling remote unlocking and starting of the fleet.8 Case Study Digital Key Threats 2022 Automotive Cybersecurity Threat Report Secure Smart Mobility Among the attacks in 2022,digital key attacks are the most widespread and have a high probability of occurring.This trend is expected to continue in 2023.The analysis shows that some of the attacks were carried out by the discovery and exploitation of vulnerabilities that had existed for years,and some were caused by the addition of a new attack surface to the digital key service.For these reasons,OEMs should strengthen their investment in securing development process management and security operations,rather than relying solely on penetration tests.Judging from the team attack activity indicators in the case analysis of automotive cybersecurity incidents,the attack threshold of automotive cybersecurity is lowering,and the professional knowledge required to attack vehicles is also shifting from multi-field experts to skilled technicians.This situation has been increasing in recent years.It can be seen in a large number of attack cases,such as the theft of car owner information,the takeover of the OTA service platform,the theft of TSP data,and other attacks against the cloud.In order to prevent a large number of potential threats from the cloud in advance,car companies should increase the security defense of the TSP platform,isolate the service network,and strengthen cybersecurity and data security compliance management.With the intensification of competition and technological advancement,the intelligent services and complexity of automobiles continue to increase.These situations will expose more attack surfaces and increase the attack value of vehicles.For example,service-oriented architecture shows the development direction of the car,and we also see more vulnerabilities and threats in the cybersecurity of the vehicle.In the face of new types of attacks,OEMs and suppliers should deploy cybersecurity measures as much as possible to reduce risks and meet compliance requirements and user expectations while developing new functions.In order to cope with the risks brought about by the great changes in the industry,we will continue to conduct in-depth research on automotive cybersecurity capabilities,continue to exchange cybersecurity event analysis results and technical insights,strengthen close cooperation with the automotive cybersecurity community,and provide OEMs and suppliers with professional products and services.9 New Attack Attack Difficulty Cybersecurity Incidents Summary Callisto Technology 2022 Automotive Cybersecurity Threat Report Risks often come with the exposure of the attack surface and the drive of interests.In the foreseeable future,unclear security threats will gradually surface.Fleets begin to face unprecedented cybersecurity challenges Except for sci-fi movies,attacks on convoys are rarely seen in reality.However,because of the huge benefits of attacks,it will become obvious and targeted in the future.Especially large convoys are already using digital fleet technology to increase business revenue and reduce costs.Hackers may launch attacks and extortion against multiple vehicles by attacking OEMs production lines,fleet platforms,or certain vehicle.Vendors need to take on an increasingly important security role Suppliers are using proprietary and open-source technologies to jointly provide services for car manufactures.The richer the functions,the more code,and the more risks that come with it.There is no general method to protect car manufactures from supply chain threats.However the cybersecurity measures of supply chain will greatly reduce the cybersecurity pressure of OEMs.Suppliers need to assume an increasingly important role in security.Widespread use of intelligent driving poses new threats Although there is still no clear time information for the commercialization of intelligent driving that covers L4,L2 has been accepted and popularized by drivers.Attacks against the intelligent driving domain will become a new research hotspot.The in-vehicle computing platform with strong computing power,remote OTA,and close integration with the vehicle control domain is bound to attract a large number of network security researchers to join in the security research on intelligent driving.Vehicle-road collaboration has introduced a new vehicle-cloud communication method,which brings new security risks.Callisto Technology has a solution for this,and if necessary,please contact our technical consultant.10 Trends and Challenges 2022 Automotive Cybersecurity Threat Report Secure Smart Mobility Callisto was founded by the worlds first group of technical experts focusing on automotive cybersecurity.With years of experience in the field of automotive cybersecurity,we start from the perspective of attack and defense,and integrate advanced artificial intelligence and Knowledge Graph engine.Through the algorithm analysis of the massive multi-source heterogeneous messages,instructions and API services of the intelligent connected vehicles,so as to resist the new attacks against automotive manufactures and supply chains.We provide threat intelligence and defense capabilities for connected vehicles,and protect the security of core automotive assets and intelligent services.We maintain a great passion and interest in the automotive and cybersecurity industries,while we respect and learn from the engineering experience from the automotive industry over the years.We are committed to providing more professional and leading-edge security products and services to automotive companies.We emphasize fully unlocking the value of data,while using scientific analysis methods combined with practical application services to portray vehicle security status in multiple ways,automatically analyzing anomalies and disposing of risks,enriching the analysis dimension,and reducing the operational pressure on security personnel.Callisto Technology Blog:https:/www.callisto-Email:contactcallisto-11 About Us Callisto Technology 2022 Automotive Cybersecurity Threat Report 1.Upstream 2022 Global Automotive Cybersecurity Report https:/upstream.auto/2022report/2.How I got access to 25 Teslas around the world.By accident.And curiosity.https:/3.Some Honda models have vulnerabilities that allow hackers to remotely control vehicles https:/4.Tesla BLE Phone-as-a-Key Passive Entry Vulnerable to Relay Attacks https:/I Hacked my Vehicle https:/crack BMW premium features https:/7.Ferrari hit by RansomEXX ransomware,7GB of downloadable data online https:/12 References

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  • 联合国环境规划署:中国脆弱生态系统恢复优秀案例(英文版)(64页).pdf

    2022 United Nations Environment ProgrammeISBN No:978-92-807-3996-1 Job No:DEP/2494/NAThis publication may be reproduced in whole or in part and in any form for educational or non-profit services without special permission from the copyright holder,provided acknowledgement of the source is made.The United Nations Environment Programme would appreciate receiving a copy of any publication that uses this publication as a source.No use of this publication may be made for resale or any other commercial purpose whatsoever without prior permission in writing from the United Nations Environment Programme.Applications for such permission,with a statement of the purpose and extent of the reproduction,should be addressed to the Director,Communication Division,United Nations Environment Programme,P.O.Box 30552,Nairobi 00100,Kenya.DisclaimersThe designations employed and the presentation of the material in this publication do not imply the expression of any opinion whatsoever on the part of the Secretariat of the United Nations concerning the legal status of any country,territory or city or area or its authorities,or concerning the delimitation of its frontiers or boundaries.Some illustrations or graphics appearing in this publication may have been adapted from content published by third parties to illustrate the authors own interpretations of the key messages emerging from such third-party illustrations or graphics.In such cases,the material in this publication does not imply the expression of any opinion whatsoever on the part of United Nations Environment Programme concerning the source materials used as a basis for such graphics or illustrations.Mention of a commercial company or product in this document does not imply endorsement by the United Nations Environment Programme or the authors.The use of information from this document for publicity or advertising is not permitted.Trademark names and symbols are used in an editorial fashion with no intention on infringement of trademark or copyright laws.The views expressed in this publication are those of the authors and do not necessarily reflect the views of the United Nations Environment Programme.We regret any errors or omissions that may have been unwittingly made.Maps,photos and illustrations as specifiedSuggested citationUnited Nations Environment Programme(2022).Good Practices on Vulnerable Ecosystem Restoration in China.Nairobi.ProductionUnited Nations Environment Programme(UNEP)and United Nations Environment Programme-International Ecosystem Management Partnership(UNEP-IEMP)IIIGood practices on vulnerable ecosystem restoration in ChinaThe United Nations Environment Programme(UNEP)would like to thank the lead and contributing authors and the project coordination team for their contribution to the development of this report.Authors and reviewers contributed in their individual capacities and their affiliations are only mentioned for identification purposes.AUTHORS(listed in alphabetic order)Chao Fu,UNEP-International Ecosystem Management PartnershipGuoqin Wang,UNEP-International Ecosystem Management Partnership Haifan Huang,UNEP-International Ecosystem Management PartnershipJiaqiang Lei,Xinjiang Institute of Ecology and Geography,Chinese Academy of Sciences Jingshu Wei,Research Center for Eco-environmental Sciences,Chinese Academy of SciencesJunguo Liu,North China University of Water Resources and Electric Power and Southern University of Science and Technology Linxiu Zhang,UNEP-International Ecosystem Management PartnershipLi Li,UNEP-International Ecosystem Management PartnershipMaierdang Keyimu,Research Center for Eco-Environmental Sciences,Chinese Academy of SciencesXiufang Xu,Wushen Banner Forestry Bureau,Inner MongoliaYongfei Bai,Institute of Botany,Chinese Academy of SciencesYang Wang,Institute of Botany,Chinese Academy of SciencesYuehan Dou,Southern University of Science and Technology Zongshan Li,Research Center for Eco-Environmental Sciences,Chinese Academy of SciencesREVIEWERS(listed in alphabetic order)Andrea Hinwood(UNEP),Arthur Hanson(International Institute for Sustainable Development),Bojie Fu(Beijing Normal University,China),Jian Liu(UNEP),Kirit Avishek(Birla Institute of Technology,India),Larry L Bowman(Yale University,USA),Mirey Atallah(UNEP),Stephen Murphy(Missouri Botanical Garden,USA),Susan Mutebi-Richards(UNEP),Xiubo Yu(Chinese Ecosystem Research Network,China),Yu Liu(Institute of Geographic Sciences and Natural Resources,Chinese Academy of Sciences,China)EDITORSGuoqin Wang(UNEP-International Ecosystem Management Partnership/Institute of Geographic Sciences and Natural Resources Research,Chinese Academy of Sciences),Linxiu Zhang(UNEP-International Ecosystem Management Partnership)SECRETARIAT AND PROJECT COORDINATIONKerstin Stendahl(UNEP),Chao Fu(UNEP-International Ecosystem Management Partnership/Institute of Geographic Sciences and Natural Resources Research,Chinese Academy of Science)LANGUAGE EDITINGStrategic Agenda DESIGN AND LAYOUTBeijing Unique Business Co.LtdTHANKS ALSO TO:UNEP:Irene Chuma,Sari Sherman and Bakhita Amondi OduorUNEP-IEMP team:Qinghe Qu,Li Li and Jialin HeFINANCIAL AND ORGANIZATIONAL SUPPORTThe case studies highlighted in this report were possible thanks to the partial financial support provided by the Chinese Academy of Science through the Strategic Priority Research Program of the Chinese Academy of Sciences(Grant ID:XDA20010303)and the Ministry of Science and Technology,China through the National Key R&D Program of China(Grant ID:2018YFE0106000).The UNEP would like to thank Dr.Cong Wang for coordinating the information collection and project of the Science and Technology Service Network Initiative under the Chinese Academy of Sciences(Grant ID:KFJ-STS-ZDTP-036)and International Partnership Programme of the Chinese Academy of Sciences(Grant ID:121311KYSB20170004).Our special appreciation goes to the scientific community of the Chinese Ecosystem Research Network,who contributed decades of ground-level experience of ecosystem restoration in the harsh environment of vulnerable regions.Without these long-term,site-based experiments,monitoring,research and adaptive management,the cases presented in this report would not have been possible.The UNEP would like to acknowledge the support from the team of UN Decade on Ecosystem Restortation 2021-2030.This report is also expected to contribute to the implementation of the UN Decade on Ecosystem Restortation 2021-2030.AcknowledgementsIVGood practices on vulnerable ecosystem restoration in ChinaCASChinese Academy of SciencesCERNChinese Ecosystem Research Network CNYChinese renminbiGPS Global Position SystemIMGERSInner Mongolia Grassland Ecosystem Research StationIPBESIntergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services RCEESResearch Center for Eco-Environmental SciencesRSRemote Sensing STEREStepwise ecological restoration theory UN DecadeUnited Nations Decade on Ecosystem Restoration UNEPUnited Nations Environment ProgrammeUNEP-IEMPUnited Nations Environment Programme-International Ecosystem Management PartnershipXIEGXinjiang Institute of Ecology and GeographyAbbreviationsVGood practices on vulnerable ecosystem restoration in ChinaTable of ContentAbbreviations IVForeword VIIIntroduction VIIICase 1.Establishing perennial artificial grassland in degraded areas 01Case 2.A rotational mowing system for natural grasslands 06Case 3.Restoration of degraded grassland using biophysical methods 10Case 4.Natural regeneration of sandy lands at the ecological transition zone 16Case 5.Coupling agricultural crops and livestock rearing at irrigated farmlands 20Case 6.Ecological restoration in mountain gully areas for soil and water conservation and poverty reduction 25Case 7.Ecological orchards in slope dryland areas of China 30Case 8.Building stone dike terraces in rocky,mountainous areas for agriculture development 35Case 9.Planting desert ginseng as a new livelihood along the desert highway 41Case 10.Ecological restoration of Yongding River in China 47Conclusion 53VIGood practices on vulnerable ecosystem restoration in ChinaVIIGood practices on vulnerable ecosystem restoration in ChinaForewordHealthy ecosystems support all life on Earth.The global call of the UN Decade on Ecosystem Restoration to revive ecosystems worldwide for the benefit of people and nature has been responded to by many nations,international initiatives and civil societies.The goal of this UN Decade on Ecosystem Restoration is to build a strong global movement that seeks to promote ecosystem restoration efforts and create thousands of initiatives on the ground.These efforts are particularly important in the Global South,where better policy planning,enhanced capacity,well-tested technology and science-based and traditional knowledge for ecosystem restoration remain underdeveloped.The ecosystem restoration efforts of China have been widely recognized by the global community.Over the past few decades,it has undertaken remarkable engineering projects,such as the Grain for Green Programme in 23 provinces and the Three-North Shelterbelt Project in arid and semi-arid regions of China.Chinese scientists,particularly those of the Chinese Ecosystem Research Network(CERN)of the Chinese Academy of Sciences(CAS),are devoted to long-term ecological monitoring,research and demonstration in these regions.They have gained rich experiences in vulnerable ecosystem restoration and management in China.This report was prepared by a team of researchers from the United Nations Environment Programme-International Ecosystem Management Partnership(UNEP-IEMP)and several research institutes of the Professor Bojie FuCo-Chair of UNEP-IEMPs Science Advisory GroupCAS.It includes integrated management approaches,science-based knowledge and socioeconomic aspects of vulnerable ecosystem restoration to share knowledge and practices on restoring and managing vulnerable ecosystems in China.These ecosystems include deserts,degraded grasslands,sandy lands in the agriculture-pasture transition area,drylands,mountain gully areas and urban rivers.The case studies on the restoration of these ecosystems put local livelihoods and community development at the core of integrated ecosystem management approaches.We expect this report will be used as a technical reference for local practitioners,civil societies,policymakers and government officials within a similar context.We recommend developing the capacities of local men and women to ensure they can be effectively involved to restore vulnerable local ecosystems.VIIIGood practices on vulnerable ecosystem restoration in ChinaEfficient and sustainable ecosystem restoration,complemented by ecosystem conservation,is uniquely able to make major contributions to all 17 Sustainable Development Goals(International Resource Panel 2019).In this context,the United Nations General Assembly proclaimed 20212030 to be the United Nations Decade on Ecosystem Restoration(UN Decade).United Nations Member States are committed to supporting the UN Decade by building new momentum for ecosystem restoration globally,scaling up existing ecosystem restoration efforts,raising awareness of the importance of conservation and restoration,and building synergies.The United Nations Environment Programme(UNEP)and the Food and Agriculture Organization of the United Nations are the lead agencies implementing the UN Decade.Their role will be catalytic,facilitating collaboration between diverse stakeholders,leveraging funding and providing information(United Nations 2020).Ecosystem restoration includes restoring converted lands back into healthy ecosystems and restoring degraded ecosystems(Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services IPBES 2018).Restoring ecosystems increases the supply and quality of ecosystem services over time,contributing towards desired outcomes supporting national sustainable development priorities,including ending poverty,conserving biodiversity,combating climate change and improving livelihoods for everyone,everywhere(United Nations 2020).Studies from Asia and Africa indicate that the cost of inaction in the face of land degradation is at least three times higher than the cost of action(IPBES 2018),as less developed countries are more dependent on ecosystem services for their daily supply.Of the 10 significant ecological problems associated with ecosystem degradation identified in China by Cui et al.(2021),decreased resource-carrying capacity is one of the most common issues.The 2018 IPBES report also showed that the net primary productivity of ecosystem biomass and agriculture is presently lower than it would have been under natural state on 23%of the global terrestrial area,amounting to a 5%reduction in total global net primary productivity.In this context,enhancing the essential ecosystem goods and supply services through large-scale restoration remains a high priority for most developing countries.A recent study by Chen(2019)showed that China alone accounted for 25%of the global net increase in leaf area between 2000 and 2017,with only 6.6%of the global vegetated area,and human land-use management is an important driver of such greening.This is mainly thanks to key ecological restoration programmes,such as the Three-North Natural Forest and Grain for Green programmes,with significant investment from the Chinese Government.Between 2006 and 2015,214 key ecosystem restoration technologies were recorded in China.Afforestation,soil and water conservation,and contour hedgerow systems were the best received technologies on the ground and were most often scaled up.Although there have been many ecological restoration projects in China,an ecological restoration database has not yet been established(Cui et al.2021).Related good practices and lessons learned could be shared further.There are many stakeholders involved in restoration in China.The CERN,founded in 1988 and led by the CAS,is one such stakeholder.It has conducted continuous experiments and monitoring of the hydrological,pedological,atmospheric and biological elements of typical ecosystems to meet scientific research and societal needs(Li et al.2015).The CERN is committed to exploring the development paths of optimizing ecosystem structure and function while ensuring human well-being.Many ecological field stations located in vulnerable drylands were established before 1988 to meet socioeconomic needs,for example,protecting the railway from wind and sand,improving the productivity of low-yield agricultural areas and restoring vegetation(Zhao,Yu and Xu 2021).As a founding member of the International Long-Term Ecosystem Research Network,CERNs experiences of ecosystem restoration and long-term monitoring and research over the past three decades are invaluable to the world.To address global restoration barriers to technical capacity,scientific research and public awareness,both the IPBES(2018)and the UN Decade strategy(United Nations 2020)identified pathways to strengthen the IntroductionIXGood practices on vulnerable ecosystem restoration in Chinarole of science,indigenous knowledge and traditional practices,apply best technical knowledge and practice,and invest in long-term research.In this context,the UNEP-IEMP,together with Chinese scientists,complied relevant good-practice case studies on ecosystem restoration in China.The selected case studies present different vulnerable ecosystems,including deserts,degraded grasslands,sandy lands in the agriculture-pasture transition area,drylands,mountain gully areas and urban rivers.Most of these cases are based on major ecosystem restoration programmes initiated by the Chinese Government in the past three decades,including the Three-North Natural Forest,the Grain for Green programme and the Beijing-Tianjin Sandstorm Control Programme.The cases presented have therefore been thoroughly tested and are regionally representative.Noting that restoration is site-specific and driven by the local ecological and socioeconomic context,the report provides not only specific intervention approaches and techniques and restoration outcomes but also cost-benefit analyses,related policy contexts and their potential application scope and lessons learned.The Science and Technology Service Network Initiative contributed greatly to this report.Sponsored by the CAS,it aims to provide easy access to science-technology services for sustainable socioeconomic development through joint demonstrations and capacity-building with local communities and private sectors.Based on successful upscaling projects under this initiative,41 ecological restoration cases in the key ecologically vulnerable regions were selected and summarized(Wang et al.2019).From those 41,this report selected 10 good practices based on the representativeness of the vulnerable ecosystem types,technology transferability,scientific bases,local knowledge and buy-in and cost-effectiveness.This report is part of the UNEP Climate,Ecosystems and Livelihoods flagship programme,which is the 10-year strategy of UNEP-IEMP aimed at improving livelihoods through ecosystem restoration and conservation for better ecosystem service delivery in a changing climate.Since this flagship programme is the major South-South cooperation initiative between the UNEP and the Chinese Government,sharing Chinese restoration experiences is a good way of promoting South-South cooperation under both the UN Decade and the UNEP Strategy for South-South and Triangular Cooperation.This report is expected to complement the Ecosystem Restoration Playbook by providing more technical references for interventions on the ground in different ecosystem types.Since most of the cases selected are cost-effective and thoroughly tested in China,the report will guide readers on the short-and long-term benefits of restoration and stimulate more scaling up.It will also provide input for the Task Force led by the Food and Agriculture Organization of the United Nations,collating best practices on ecosystem restoration.References Chen,C.,Park,T.,Wang,X.,Piao,S.,Xu,B.,Chaturvedi,R.K.et al.(2019).China and India lead in greening of the world through land-use management.Nature Sustainability 2,122-129.https:/doi.org/10.1038/s41893-019-0220-7.Cui,W.,Liu,J.,Jia,J.and Wang P.(2021).Terrestrial ecological restoration in China:Identifying advances and gaps.Environmental Sciences Europe 33,123.https:/doi.org/10.1186/s12302-021-00563-2.Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services(2018).The IPBES Assessment Report on Land Degradation and Restoration.Bonn,Germany.https:/digitallibrary.un.org/record/3794559.International Resource Panel(2019).Land Restoration for Achieving the Sustainable Development Goals.An International Resource Panel Think Piece.Nairobi,Kenya:UNEP.https:/www.resourcepanel.org/reports/land-restoration-achieving-sustainable-development-goals.Li,S.,Yu,G.,Yu,X.,He,H.and Guo,X.(2015).A brief introduction to Chinese Ecosystem Research Network(CERN).Journal of Resources and Ecology 6(3),192-196.https:/doi.org/10.5814/j.issn.1674-764x.2015.03.009.Liu,J.,Cui,W.,Tian,Z.,Jia,J.(2020).Theory of stepwise ecological restoration.(in Chinese).Chinese Science Bulletin 66(9),1014-1025.https:/doi.org/10.1360/TB-2020-1128.United Nations(2020).The United Nations Decade on Ecosystem Restoration Strategy.ERDStrat.pdf(unep.org).Wang,C.,Wu,X.,Fu,B.,Han,X.,Chen,Y.,Wang,K.et al.(2019).Ecological restoration in the key ecologically vulnerable regions:Current situation and development direction.(in Chinese).Acta Ecologica Sinica 39(20),7333-7343.https:/Xu,C.(2021)Social-ecological system management in drylands:experiences from Chinese Ecosystem Research Network.Current Opinion in Environmental Sustainability 48,93-102.https:/doi.org/10.1016/j.cosust.2020.11.006.01Good practices on vulnerable ecosystem restoration in ChinaCase 1.Establishing perennial artificial grassland in degraded areasBrief OverviewHere we introduce an ecosystem management approach aimed at revitalizing degraded grasslands by sowing perennial forage species(Figure 1.1).It was developed based on extensive long-term,site-based research conducted within the Inner Mongolia Grassland Ecosystem Research Station(IMGERS)of the CAS.This approach is applicable to areas with annual precipitation greater than 280 mm or areas with accessible groundwater,including hilly lowlands with fertile soils and sufficient precipitation suitable for planting artificial grassland and abandoned flat farmlands that can be converted to irrigated artificial grassland.This approach should be useful and of interest to those working in the grassland management and land resource sectors for further upscaling.02Good practices on vulnerable ecosystem restoration in China1.Background In arid and semi-arid areas of China,grassland agriculture is constrained by the low productivity and degradation of natural grasslands and the limited scale and stability of artificial grassland(Bai,Pan and Xing 2016).Managing artificial grasslands is essential for restoring degraded grasslands,ensuring forage production for livestock and developing a robust local industry within pastoral areas.In this context,the IMGERS has been developing an approach to establish perennial artificial grasslands since the early 2000s.This approach is based on niche theory,plant compensation and plant community succession theory.The model covers a series of technical solutions,including site selection and preparation,species/variety selection,sowing technique,field management and harvesting.2.The intervention approach and implementation planThe core part of this intervention approach is the selection of perennial forage species and varieties.The four suggested combinations of species,as shown in Figure 1.2,include:1)long-and short-lived forage species;2)deep-and shallow-rooted forage species;3)leguminous and gramineous forage species;and 4)drought-tolerant and hygrophilous forage species(Bai and Wang 2017).Combining long-and short-lived forage species can make the total forage yield more sustainable.For example,we combined Rhizome graminoid and Caespitose graminoid at one plantation site.This strategy solves the key issues surrounding low grass yield in the early stages of succession and serious degradation in the later stages.The negative impacts of weeds on perennial forage species during the early planting season can be effectively controlled,and certain grass yields can be maintained in the year of sowing.As such,this enhances the sustainable utility of artificial grasslands.Combining deep-and shallow-rooted forage species can leverage the complementary roles of different forage varieties in terms of water usage.Likewise,combing nitrogen-fixing and non-nitrogen-fixing species is known to enhance nutrient utilization.Combined,these strategies lead to the highly efficient use of both water and soil-nutrient resources and improves the overall economic benefit.Combining drought-tolerant and hygrophilous varieties can maintain forage yield during both wet and dry Figure 1.1 High-yield perennial artificial grassland in degraded areas established by IMGERS in 2000Source:IMGERS,CAS03Good practices on vulnerable ecosystem restoration in ChinaMore forage yield in the 1st year and less degradation laterCombining long-and short-lived forage speciesHigher efficiency of water and nutrient useCombining deep-and shallow-rooted forage speciesControl weeds impact to planted seedlingsCombining leguminous and gramineous forage speciesReduce forage yield differences between dry and wet yearsAdopt native forage varieties with strong resilienceCombining drought-tolerant and hygrophilous varietiesImprove the nutrient value and quality of forageFigure 1.2 Schematic diagram of developing a perennial artificial grassland by combining diverse speciesyears.This enhances the stability and overall yield of artificial grasslands affected by unpredictable extreme weather.Selecting targeted forage species and varieties makes it possible to tailor grassland species composition to maximize species adaptability to specific eco-environmental conditions.This strategy thus enhances drought resistance and overwintering survival rates and helps to avoid ecological disasters induced by alien species invasions and extreme weather.Besides species selection,applying different management practices is also crucial to establishing artificial grasslands cost-effectively and for improving forage quality and utilization rate(Figure 1.3).Advisable management practices include compaction during the sowing process,precise fertilizer and water application,weeding and pest control during the ploughing stage,mechanized mowing and grass compacting and microbial fermentation during harvesting.The appropriate sowing period should be determined according to climatic conditions and soil moisture.The sowing period for typical grassland areas in Inner Mongolia is generally from June to July(Li et al.2000).The sowing depth is generally 23 cm,but it can be slightly deeper,reaching about 35 cm for large seeds.In our experiment in 2015 in the Wulagai Management Area of Inner Mongolia,we sowed different varieties of annual and perennial forages using the above-mentioned methods to establish a perennial artificial grassland of both leguminous and gramineous forage species.A precision sowing machine was used with a sowing row spacing of 20 cm and a sowing depth of 45 cm.Fertilizer(N:P2O5:K2O=12:18:15)was applied at 300 kg/ha.Three planting options were used in this experiment:Option 1 Avena nuda L.and Vicia sativa L.;Option 2 Avena nuda L.,Elymus nutans Griseb.,Bromus inermis Leyss.,Leymus chinensis(Trin.)Tzvel and Medicago sativa Linn.(Aohan);and Option 3 millet,Elymus nutans Griseb.,Bromus inermis Leyss.,Leymus chinensis(Trin.)Tzvel and Medicago lupulina L.Additional fertilizer was applied during the rainy season,which coincided with rapid plant growth.Grasses were then harvested using mowing and grass-compacting machinery,with stems and leaves dried synchronously.Figure 1.3 Demonstration management practices of perennial artificial grassland in degraded areas in Wulagai Management Area,Inner MongoliaSource:IMGERS,CAS04Good practices on vulnerable ecosystem restoration in China3.Restoration outcomes Since 2000,this approach has been expanded across Xilingol in Inner Mongolia,and both local herders and local governments have fully recognized its beneficial effects(Figure 1.4).Since 2015,this approach has been used in abandoned farmlands in the Wulagai Management Area of Inner Mongolia within a 1,200 mu1(80 ha)grassland.In the first year of sowing during the experiment,the yield of Option 1 was highest,while perennial grasses in Options 2 and 3 germinated late in the first year after sowing,and the plants grew more slowly.This affected their overall yield in the first year.The yield of natural grasslands in the Wulagai Management Area was about 185 kg/mu(2,775 kg/ha),and the yield of the three artificial grasslands after the second year reached 336800 kg/mu(5,04012,000 kg/ha),which was 1.84.3 times that of the natural grasslands.Together,we found that such artificial grassland can increase grassland production and enhance ecosystem functions.Our results showed that after applying this management approach,forage yield increases by 510 times that of natural grasslands.Furthermore,such approaches can lead to forage yield that is 1020 times greater than that of degraded grasslands and about 50 times that of severely desertified grasslands(Du 2006).This means that planting one hectare of artificial high-yield grassland with mixed sowing can help restore 10 hectares of degraded grasslands and 50 hectares of severely desertified grassland.Compared with the single sowing of one forage species,the combined sowing of four species can significantly improve ecosystem resilience and,in turn,enhance the yield of artificial grasslands.Where late spring frost occurs,the overwinter survival rate of single-species artificial grassland is very low.Our demonstration sites with mixed species showed much higher survival rates.From a gender perspective,this practice had positive impacts on women.With ecosystem restoration,both men and women received positive health and economic benefits.With established perennial artificial grasslands using standardized machinery,women should be less exposed to unfavourable outdoor working conditions and able to turn more to intensive indoor animal husbandry work.4.Demonstration and upscaling Since 2015,this mixed-planting approach for perennial artificial grassland has been promoted and demonstrated on a large scale in several counties of Xilingol,including the Wulagai Management Area,Xiwu and Zhenglan,with a total area of more than 2,000 mu(133 ha).Figure 1.4 Restored landscape through perennial artificial grassland in Inner MongoliaSource:IMGERS,CAS1 Mu is a traditional unit of land area in China.15 mu=1 hectare.05Good practices on vulnerable ecosystem restoration in China5.Estimate of investment and investment payback periodThe initial investment,annual forage yield and net income in the second year for Options 1,2 and 3 are shown in Table 1.1,based on the average market price of hay(1.2 CNY/kg)in recent years.This indicates that the perennial mixed-sowing option can generate a better income and provide high-quality forage while ensuring more sustainable grassland management practices.It is expected that the investment for Options 1 and 2 will be paid back in 12 years.Table 1.1 Investment and income in the second year of the three perennial mixed-sowing options(Unit:CNY/mu)Option 1Option 2Option 3Initial investment285250236Forage yield incomes528396240Annual net incomes 2431464References Bai,Y.,Han,X.,Wu,J.,Chen,Z.and Li,L.(2004).Ecosystem stability and compensatory effects in the Inner Mongolia grassland.Nature 431,181-184.https:/doi.org/10.1038/nature02850.Bai,Y.,Pan,Q.and Xing,Q.(2016).Fundamental theories and technologies for optimizing the production functions and ecological functions in grassland ecosystems.(in Chinese).Science China Press 61(2),201-212.https:/theories and technologies for optimizing the production functions and ecological functions in grassland ecosystems().Bai,Y.and Wang,Y.(2017).Long-term ecological research and demonstrations support protection and sustainable management of grassland ecosystems.(in Chinese).Bulletin of Chinese Academy of Sciences 32(8),910-916.https:/bulletinofcas.researchcommons.org/cgi/viewcontent.cgi?article=1696&context=journal.Du,Q.(2006).Sustainable Development Strategy of Chinese Prataculture.(in Chinese).Beijing:China Agriculture Press.Li,L.,Chen,J.,Han,X.,Zhang,W.and Shao,C.(2000).Typical steppe ecosystem.In Grassland Ecosystems of China:A Synthesis and Resume.Germany:Springer Singapore.Chapter 7.193-248.https:/information Contact:Professor Yongfei Bai,Institute of Botany,CASEmail:6.Challenges and potential issuesAlthough the yield of artificial grasslands was high,the production sustainability for different annual precipitations remains unclear.In addition,the increased yield is based on a greater nutrient and water uptake.This needs to be studied in more detail from the perspective of water and nutrient cycling.Understanding how to maintain the soil fertility and long-term production of artificial grasslands is thus an important area of future research and debate.There are three main potential technical issues for scaling up such practices.Firstly,we need to determine a reasonable ratio of artificial grassland according to the overall habitat of grassland areas to meet the regional development requirement while conserving the remaining natural grassland.Secondly,the science-based design of artificial grassland according to the water and heat supply can ensure its long-term sustainability.Last but not least,the local community must transform their behaviour from a traditional animal husbandry model to a more intensive model(Bai,Pan and Xing 2016).7.Prospects for commercial transformation and promotion of findingsOur study shows that planting 10%of an area with artificial grassland can ensure the conservation of the remaining 90%of natural grassland(Bai,Pan and Xing 2016).The approach discussed above can be used at a large scale in the northern grassland areas of China,where it proved to be cost-effective.Our study,based a 24-year experiment on Inner Mongolia grassland,showed that undisturbed mature steppe ecosystems seem to culminate with high biodiversity,productivity and ecosystem stability concurrently(Bai et al.2004).Establishing perennial artificial grassland provides an effective means to balance the trade-off between ecological functions and development concerns in northern grassland areas of China.Because these areas are typical of many grassland regions across the globe,these findings have broad implications outside of northern China.As such,they have already attracted the attention of government bodies and practitioners interested in sustaining such grassland ecosystems.06Good practices on vulnerable ecosystem restoration in ChinaCase 2.A rotational mowing system for natural grasslandsBrief OverviewThis chapter aims to introduce a more sustainable rotational mowing system for managing regularly mowed natural grassland ecosystems.The sustainable mowing system involves rotationally reserving some grassland areas to conserve nutrients,water and a seed bank.It was developed based on extensive site-based research conducted by the IMGERS.This management approach specifically applies to mowed natural grasslands in semi-arid,semi-humid and humid areas of Inner Mongolia,China.However,our results are likely applicable to other similar ecosystems with the following conditions 1)generally flat terrain with a slope of less than 15;2)land that is free of stones and shrubs,3)experiences with mechanized operations such as mowing;and 4)an average grass height of at least 35 cm and overall coverage of no less than 50%.Ecosystems that do not meet these criteria are likely not suitable for mechanical harvesting,or it would not be cost-effective to do so.This approach should be useful and of interest to those working in grassland and land resources management sectors for upscaling.07Good practices on vulnerable ecosystem restoration in ChinaFigure 2.1.Rotational mowing approach in Wulagai Management Area,Inner Mongolia,China.Source:IMGERS,CAS1.Background Inner Mongolia has 87 million ha of natural grassland that makes up a large part of the Eurasian Steppe the largest contiguous biome in the world(Wu and Loucks 1992).Significant increases in the numbers of livestock and pastoralist households(11-and 9-fold,respectively)over the past 60 years have caused variously degradation in the majority of grasslands in Inner Mongolia(78 million ha),jeopardizing the livelihoods of 24 million human inhabitants(Briske et al.2015).Apart from grazing,clipping is another management practice commonly used by local inhabitants for haymaking(Zhong et al.2017).Haymaking areas are in relatively good condition due to grazing exclusion but are facing a continuous loss of nutrients in the harvested biomass(Schnbach et al.2011).In the study region in the Wulagai Management Area in Inner Mongolia,mowing is generally conducted yearly,which removes nutrients without effectively replacing them.This destroys the balance of nutrients and causes grassland degradation.Yearly mowing also affects the density of seeds in the