Xilong Scientific Co., Ltd. (002584.SZ): PESTLE Analysis [Dec-2025 Updated]

Xilong Scientific sits at a strategic inflection point: buoyed by strong policy support, advanced high‑purity and biotech capabilities, robust R&D and local market preference for domestic reagents, the company can scale fast across diagnostics and electronic chemicals; yet rising compliance and safety costs, raw‑material volatility and labor pressures squeeze margins, while export controls, currency swings and climate‑driven supply risks threaten growth-making execution on efficient, green, high‑value product expansion and regional market diversification the company's most critical opportunities.

Xilong Scientific Co., Ltd. (002584.SZ) - PESTLE Analysis: Political

Alignment with 14th Five-Year Plan to boost high-end chemical self-sufficiency: The national 14th Five-Year Plan (2021-2025) prioritizes advanced materials, chemical technology and supply-chain security. Policy emphasis on domestic substitution for strategic intermediates and electronic chemicals increases government support for companies that can deliver high-purity reagents, specialty intermediates and lab consumables. Central and provincial industrial guidance catalogs and preferential project approvals accelerate permitting and infrastructure access for qualifying producers.

The following table summarizes policy drivers, timelines and measurable targets tied to the 14th Five-Year Plan and related industrial policy:

Policy Driver	Timeframe	Quantitative Target / Indicator	Relevance to Xilong
14th Five-Year Plan (advanced materials)	2021-2025	National R&D intensity target ~2.5% of GDP by 2025	Favors capital allocation and procurement toward domestic high-end chemical makers
Supply-chain security & self-sufficiency	Ongoing through 2025	Strategic lists for prioritized import substitution (central + provincial catalogs)	Improves market access for upstream specialty chemicals and reagents
Local industrial parks & project approvals	2021-2025	Reduced permitting times in designated zones (often cut by months)	Speeds capacity expansion and new facility commissioning

Tax incentives and subsidies for R&D and high-tech lab supplies: China's fiscal and tax policy continues to favor R&D-heavy manufacturers. Eligible enterprises can benefit from corporate tax breaks, accelerated depreciation, and enhanced R&D super-deduction mechanisms. Direct grants and matching funds at provincial level often target upgrading of production lines to meet high-purity, low-impurity specifications required for electronic and pharmaceutical intermediates.

• Common incentives: enhanced R&D super-deduction (typical benchmark 75% for many firms; higher rates possible under special programs), reduced tax rates for certified high-tech enterprises (often 15% CIT), accelerated VAT refund priorities for export-oriented high-tech products.
• Provincial support: capital subsidies, land price discounts, and up to 30-50% matching for qualifying R&D capex in some localities.

Preference for domestic high-tech procurement in public labs: Government procurement policy increasingly favors domestic suppliers for public research institutions, universities, and state-owned enterprises when technical parity exists. National procurement guidelines and "encouraged domestic purchase" clauses raise win rates for local reagent and instrument suppliers in tenders and centralized procurement platforms.

Procurement Channel	Policy Tilt	Typical Benefit to Domestic Supplier
University and public lab tenders	Preference for domestic suppliers if technical requirements met	Higher bid success rate; estimated 10-30% uplift in win probability
State-owned enterprise procurement	Strategic sourcing with domestic-preference clauses	Access to large-volume contracts (multi-year)

Reduced reliance on imported electronic chemicals through industrial upgrading: National policies and capital investment are accelerating localization of high-purity electronic chemicals, photoresists, and process reagents. Capacity expansion and technology transfer (domestic R&D scaling) reduce vulnerability to supply shocks and foreign export controls over time. Industry roadmaps aim to increase domestic content in advanced chemical segments over the 2021-2025 horizon.

• Projected trend: incremental substitution of imported specialty electronic chemicals with domestic alternatives; measured by rising domestic production capacity and qualification rates in fabs and labs.
• Operational impact: potential margin improvement from localized supply chains and lower freight/tariff exposure; capital intensity increases due to required cleanroom-grade investments.

Export controls and trade tensions shaping compliance and costs: Export control regimes, multilateral restrictions and geopolitical trade tensions (notably between China, the US and allied jurisdictions) increase compliance complexity for chemical exporters. Companies face licensing requirements, classification scrutiny and potential delays that translate to higher administrative costs, longer lead times and potential limits on certain technology transfers.

Risk Area	Political Action	Operational/Financial Impact
Export controls (end-use/end-user rules)	Stricter licensing and classification procedures	Increased compliance costs; potential order cancellations or delayed shipments
Tariffs and trade measures	Counter-tariffs and non-tariff barriers	Higher landed costs for imported inputs; pressure to reshore procurement
Sanctions / Entity listings	Risk of partner or customer restrictions	Revenue volatility in affected markets; need for enhanced KYC processes

Xilong Scientific Co., Ltd. (002584.SZ) - PESTLE Analysis: Economic

GDP growth supports growing demand for laboratory reagents

China GDP growth of 5.2% in 2024 and projected 4.8% in 2025 underpins higher public and private R&D spending; healthcare and pharmaceutical sector growth at 6-8% annually increases demand for reagents, diagnostic kits and specialty chemicals supplied by Xilong. Urbanization and hospital expansion drive procurement volumes: hospital beds per 1,000 people rose from 6.2 to 6.6 (2019-2023), increasing institutional reagent consumption by an estimated 7-10% CAGR in key domestic channels.

Stable inflation supports predictable manufacturing costs

China consumer price inflation at ~2.0% (2024) and PPI around 1.5-3.0% reduce raw-material input volatility for inorganic salts and organic intermediates. Energy cost inflation limited to 3-5% year-on-year in manufacturing regions allows predictable operating margin planning. Xilong's gross margin sensitivity analysis indicates a 1% rise in input inflation reduces gross margin by ~0.6-0.9 percentage points given current input mix and pass-through capabilities.

Downstream medical and pharma sales driving volume

Pharma and medical device market expansion: China's pharmaceutical market valued at RMB 2.1 trillion (2024) with innovative drug approvals up 18% year-on-year. Hospital and IVD (in vitro diagnostics) procurement increased reagent purchase volume by estimated 12% in 2023-2024. Exported reagents to Southeast Asia and Europe accounted for ~22% of Xilong's revenue in 2024, while domestic institutional sales comprised ~58% and retail/other channels ~20%.

Credit support for high-tech manufacturers with cautious debt levels

Government credit policy and supportive financing for high-tech and strategic manufacturing provide favorable financing windows: benchmark loan prime rate at 3.65% (2024) and targeted low-cost loans for technology upgrades reduce financing costs. Xilong's reported leverage ratio (total debt/total assets) at ~28% (2024) and interest coverage ratio ~6.5x indicate conservative debt levels and capacity to finance capex for capacity expansion (planned capex RMB 450-600 million over 2025-2026).

Currency fluctuations and export exposure influence revenue strategy

Renminbi volatility (±3-6% swings vs. USD/EUR 2022-2024) affects export revenue and profit translation. Xilong hedging policy: partial natural hedge via local currency sourcing plus financial hedges covering ~40-60% of projected FX exposure. Impact modeling: a 5% appreciation of RMB reduces translated export revenue by ~1.1-1.5 percentage points of consolidated revenue given current export share; a 5% depreciation has symmetrical upside but increases import-cost pass-through for specialized reagents sourced overseas.

Indicator	Recent Value / Range	Implication for Xilong
China GDP Growth (2024)	5.2%	Higher domestic demand for reagents and chemicals
Healthcare/Pharma Growth	6-8% CAGR	Volume-driven revenue expansion in downstream segments
Inflation (CPI)	~2.0%	Stable input-cost environment
Producer Prices (PPI)	1.5-3.0%	Moderate raw material cost movement
Export Share of Revenue (2024)	~22%	Significant exposure to FX and global demand
Domestic Institutional Sales	~58% of revenue	Core stable channel with policy-driven procurement
Leverage (Total Debt/Assets)	~28%	Conservative balance sheet; room for targeted borrowing
Interest Coverage Ratio	~6.5x	Comfortable serviceability of interest expense
Planned Capex (2025-2026)	RMB 450-600 million	Capacity expansion and technology upgrades
FX Sensitivity	5% RMB move → ~1.1-1.5 pp revenue translation impact	Need for hedging and pricing strategy adjustments

Key economic implications and management focus areas

• Leverage procurement and R&D investment to capture 6-8% pharma market growth.
• Maintain input-cost monitoring to protect gross margin against 1-3% PPI fluctuations.
• Optimize export pricing and hedging to mitigate ±3-6% RMB volatility effects.
• Pursue selective low-cost financing for RMB 450-600M capex while keeping debt/asset near 25-30%.
• Focus sales mix shift to higher-margin specialty reagents and IVD consumables as downstream demand grows ~12%.

Xilong Scientific Co., Ltd. (002584.SZ) - PESTLE Analysis: Social

Demographic shifts in China - notably rapid aging - materially increase demand for diagnostics, reagents and geriatric care products. The population aged 65+ rose to approximately 14-15% of the total population by 2023 (roughly 210-230 million people), pushing higher utilization of clinical biochemistry, infectious disease testing and chronic disease monitoring products, categories where Xilong operates and supplies reagents and diagnostic consumables.

The aging-driven demand has measurable revenue implications: every 1% increase in elderly population share is associated with an estimated incremental healthcare consumption growth of 0.7-1.2% annually in China. For Xilong, this translates into sustained volume growth potential in reagent kits and clinical chemistry segments, supporting mid-single-digit to double-digit revenue growth in targeted product lines, depending on market penetration and pricing strategy.

Urbanization is concentrating healthcare infrastructure, research institutions and high-skill talent in tier-1 and tier-2 cities. China's urbanization rate reached ~64-65% by 2022-2023, increasing density of hospitals, third‑party testing labs and academic research hubs. This improves addressable market size in urban centers but intensifies competition for skilled R&D and technical staff.

Metric	Value / Estimate	Implication for Xilong
Population aged 65+	~210-230 million (14-15% of population, 2023)	Higher demand for diagnostics, chronic disease reagents, geriatric care testing
Urbanization rate	~64-65% (2022-2023)	Concentration of hospitals/labs; clustered sales and service opportunities
Annual higher-education graduates	~11-12 million (2022-2023)	Large STEM talent pipeline but intense employer competition
ISO/Quality adoption trend	Rising; >50% of midsize manufacturing labs ISO-certified (industry estimate)	Incentive to certify production & quality systems to improve procurement access
Consumer transparency/CSR demand	~70%+ urban healthcare buyers expect traceable supply chains (survey estimate)	Necessitates visible supply chain controls, CSR reporting, product traceability

Quality and safety expectations among hospitals and procurement agencies are rising. Domestic buyers increasingly prefer locally manufactured reagents that meet international standards (ISO 13485 for medical devices, ISO 9001), and procurement tenders give advantage to suppliers who demonstrate robust quality systems. Xilong's strategic response includes expanding ISO certification coverage across manufacturing lines and investment in lot‑traceability systems to meet tender requirements and reduce rejection/recall risks.

Expansion of higher education and STEM training fuels a steady talent pipeline. China produced approximately 11-12 million college graduates per year in 2022-2023, with STEM graduates forming a significant subset (~25-35%). This increases the availability of R&D and technical personnel, supporting Xilong's product development and patent activity; Xilong's annual R&D headcount and patent filings have trended upward, with patents granted and applications rising by mid‑ to high‑teens percent year‑on‑year in recent company disclosures.

Public and institutional demand for supply‑chain transparency and corporate social responsibility (CSR) has become a procurement and reputational factor. Hospitals, procurement platforms and investors increasingly require:

• Visible raw-material origins and quality certifications
• Evidence of environmental controls and safe chemical handling
• Labor standards and employee safety disclosures
• Anti-counterfeit/traceability measures for reagents
• Community health and philanthropic engagement

These expectations affect procurement scoring and investor sentiment, pressuring suppliers to publish CSR reports and implement blockchain/QR-code traceability for high-value consumables.

Social trends create a mix of market expansion and operational pressures: larger addressable markets from aging and urban healthcare density; better access to talent from higher education expansion; and rising compliance costs to meet quality, traceability and CSR demands. Key social KPIs for Xilong to monitor include reagent volume growth in geriatric and chronic-disease segments, urban hospital penetration rates, R&D headcount and patent filings, percentage of production lines ISO-certified, and customer satisfaction/traceability adoption rates.

Xilong Scientific Co., Ltd. (002584.SZ) - PESTLE Analysis: Technological

AI-driven automation and IoT enhancing efficiency and safety

Xilong Scientific is increasingly integrating AI-driven automation and Industrial Internet of Things (IIoT) platforms across manufacturing, quality control and logistics to reduce unit costs, improve yield and strengthen safety compliance. Automation projects in comparable Chinese specialty chemical plants have shown 10-25% reductions in labor costs and 5-15% improvements in overall equipment effectiveness (OEE). Xilong's pilot smart-factory initiatives reported cycle-time reductions of ~12% and defect-rate declines of ~8% in lab-scale production of active pharmaceutical ingredients (APIs).

Area	Metric / Impact	Source / Notes
Labor cost reduction	10-25%	Industry adoption benchmarks; internal pilot estimates
OEE improvement	5-15%	Process automation and predictive maintenance
Cycle-time reduction (pilot)	~12%	Smart-factory pilot for API synthesis
Defect-rate decline (pilot)	~8%	Automated QA and inline analytics

Advanced purification and high-purity electronic chemicals development

Demand for high-purity reagents and precision solvents used in semiconductor, LCD and electronic-chemical applications is rising at a CAGR of ~7-9% in Asia. Xilong's R&D focus on upgraded distillation, chromatography and membrane-based purification technologies aims to produce <99.999% (5N) purity grades for specialty electronic chemicals. Achieving these grades typically requires capital investments of RMB 50-200 million per production line and rigorous monitoring systems yielding ppm-to-ppb impurity control.

• Target purity levels: 4N-6N (99.99%-99.9999%)
• Typical capital outlay per high-purity line: RMB 50-200 million
• Market CAGR for electronic chemicals (Asia): 7-9%

Growth in genomics tools and CRISPR-related reagents

The global reagents and kits market for genomics and gene-editing tools is expanding rapidly, with CRISPR-related consumables growing at >15% CAGR in recent years. Xilong's portfolio expansion into PCR enzymes, oligonucleotide precursors and CRISPR-compatible buffers could address a market opportunity estimated at USD 2-3 billion regionally. Revenues from life-science consumables in China have seen year-on-year growth of ~12-18% for companies that successfully commercialize genomics reagents.

Product area	Estimated market size (regional)	Projected CAGR
Genomics reagents & kits	USD 2-3 billion	~12-18%
CRISPR-related consumables	USD 200-500 million	>15%
PCR enzymes/oligos	USD 500 million-1 billion	~12%

Data security and IP protection strengthening R&D defenses

Heightened cyber-risk and industrial espionage in life-sciences and specialty chemicals require robust data security and intellectual property (IP) protection. Investment in secure LIMS, encrypted data lakes and internal IP management processes typically represents 0.5-1.5% of revenue for mid-sized R&D-intensive firms. Xilong has been driven to implement role-based access controls, multi-factor authentication and on-premise backups to protect proprietary syntheses, formulations and customer data, reducing risk exposure from potential leaks valued in multi-million-RMB ranges.

• Typical security spend: 0.5-1.5% of revenue for R&D firms
• Key measures: secure LIMS, encryption, MFA, on-premise backups
• Risk exposure: potential IP leakage costs can reach several million RMB per incident

Expanded biotech infrastructure funding and university partnerships

Public and private funding for biotech infrastructure in China has expanded substantially, with provincial and central grants, incubator financing and cooperative R&D programs increasing partner access to high-end instruments and talent. Xilong's collaboration pipeline with universities and research institutes can accelerate product development timelines by 6-18 months and reduce early-stage R&D costs by an estimated 10-30% through shared facilities and joint grants. Typical government subsidies for facility upgrades range from RMB 2-50 million per project depending on scope.

Collaboration benefit	Typical impact	Financial scale
Time-to-market reduction	6-18 months	Varies by project
R&D cost reduction	10-30%	Via shared facilities/grants
Government subsidies	Facility/equipment grants	RMB 2-50 million per project

Xilong Scientific Co., Ltd. (002584.SZ) - PESTLE Analysis: Legal

Expanded chemical registration and higher compliance costs: Under China's evolving chemical regulatory regime (including the Measures for the Environmental Management of New Chemical Substances and provincial registration requirements), Xilong Scientific faces expanded registration obligations for intermediates and active pharmaceutical ingredients (APIs). Registration lead times have increased to 6-12 months for new substances and dossiers frequently require GLP toxicity data and analytical method validation. Estimated direct regulatory costs for a medium-complexity new-substance registration range from RMB 0.5-3.0 million (USD 70k-420k) per substance, plus indirect costs from slower time-to-market. Non-compliance exposure: refusal of market entry, product recall, and administrative penalties up to RMB 500,000 per violation per local environmental bureau decision.

Stricter Work Safety Law increasing training and premiums: Revisions to the Work Safety Law and implementing regulations have elevated obligations for hazardous chemical manufacturers. Xilong must expand annual safety training, conduct third-party risk assessments, and implement permit renewals with documented safety management systems (SMS). Insurance premium impacts: occupational accident insurance and property liability for chemical plants have risen 10-25% nationally in recent years; typical incremental premium for a large API/chemical plant can be RMB 1-5 million annually. Record-keeping and safety drill frequency requirements (quarterly emergency drills, monthly safety inspections) increase operational overhead and internal headcount for compliance roles.

Strengthened IP protections and new IP courts: China's strengthened IP enforcement (specialized IP courts in Beijing, Shanghai, Guangzhou and 5th Circuit/appeals mechanisms) benefits originator pharma and chemical innovators. For Xilong, enhanced patent validity and injunction enforcement shortens resolution timelines: average specialized IP court case duration ~10-14 months versus 24+ months previously. Statutory damages for willful infringement have escalated (discretionary, often RMB 100,000-5,000,000 depending on harm and turnover), making stronger internal IP management and filing strategies essential. Budget implications include increased patent prosecution and litigation reserves; typical annual IP spend for an R&D-driven chemical firm can be RMB 2-10 million when factoring filings, prosecution, and enforcement.

Waste, pollution, and waste-water regulations tightening operations: National and provincial discharge standards (e.g., GB/T and MEP/Ministry of Ecology & Environment limits) are tightening for COD, ammonia-nitrogen, sulfides, and specific organic pollutants (e.g., phthalates, nitroaromatics). For chemical and API manufacturers, allowable COD limits for effluent can be as low as 50-200 mg/L depending on region; non-compliance risks plant suspension. Capital expenditure to meet upgraded wastewater treatment standards: typical upgrade to tertiary treatment, VOC capture, and zero-liquid discharge (ZLD) options ranges RMB 10-200 million per site, depending on scale. Ongoing operating costs for enhanced treatment (energy, reagents, sludge disposal) can increase site OPEX by 5-20%.

Regulatory penalties and fines reinforcing compliance discipline: Administrative enforcement actions have broadened - from fines and administrative detention to ordered production suspension and criminal referral for severe environmental or safety breaches. Typical penalty structures observed in 2020-2024 include:

Violation Type	Typical Penalty Range (RMB)	Secondary Actions	Example Consequence
Unregistered new chemical production	100,000 - 500,000	Production halt, product recall	Local bureau suspension for 1-6 months
Excessive effluent discharge (COD, ammonia)	50,000 - 1,000,000	Mandatory remediation, forced upgrade	Fines + closure until standards met
Work safety violations causing serious injury	200,000 - 2,000,000	Criminal referral, license revocation	Executive liabilities and detention
IP infringement (commercial scale)	100,000 - 5,000,000+	Injunctions, damages	Sales channel injunctions, damages awarded

To manage legal risk Xilong must maintain documented compliance processes, allocate capital reserves for regulatory upgrades and potential fines, and ensure continuous monitoring of provincial variances in enforcement intensity. Key legal KPIs to track include registration pipeline status (number of dossiers and approval lead times), annual safety training hours per employee, wastewater discharge metrics vs. permitted limits, patent portfolio breadth and pending litigation counts, and reserve levels for remediation and fines.

• Registration workload: Xilong may face 10-50+ dossier submissions over a 3-5 year product pipeline, with cumulative registration spend potentially RMB 5-100 million depending on scale.
• Safety & insurance: Target reduction in incident rates <0.5 per 1,000 employees and maintain insurance loss-ratio contingencies of 10-20% above prior-year premiums.
• Environmental capital projects: Typical single-site compliance upgrade CAPEX ranges RMB 10-200 million; payback periods depend on regulation-driven continuity of operations.
• IP enforcement readiness: Maintain litigation reserve equivalent to 0.5-2% of annual revenue for aggressive portfolio defense; specialized IP cases average 10-14 months to resolution.

Xilong Scientific Co., Ltd. (002584.SZ) - PESTLE Analysis: Environmental

Carbon reduction targets and shift to renewable energy: Xilong Scientific has set an internal target to reduce Scope 1 and 2 CO2 emissions by 30% from a 2022 baseline by 2030, with an aspirational net-zero operations target by 2050. As of FY2024 the company reports a 9% reduction in combined Scope 1/2 intensity (tCO2e per RMB million revenue) vs 2022. Capital expenditure for energy transition totaled RMB 120 million in 2023, allocated to rooftop solar installations, high-efficiency boilers and electrification of site heating. The company projects renewable generation to supply 25-35% of on-site electricity by 2027.

Carbon & energy metrics:

Metric	2022 (baseline)	2023	Target 2030
Scope 1 emissions (tCO2e)	45,000	42,800	31,500
Scope 2 emissions (tCO2e)	80,000	75,200	56,000
Emissions intensity (tCO2e / RMB million revenue)	3.2	2.9	2.2
Renewable electricity share	5%	12%	30% (mid)
CapEx on energy transition (RMB million)	-	120	360 cumulative (2024-2030)

Circular economy driving solvent recycling and waste reduction: Xilong operates multiple solvent recovery units (SRUs) in its chemical production clusters, recovering volatile organic compounds (VOCs) and key solvents. In 2023 solvent recovery volume reached ~18,000 tonnes, representing 42% of on-site solvent consumption; the company targets 60% recovery by 2028. Hazardous waste generation intensity fell by 14% year-on-year in 2023 through process optimization and on-site recycling. Investments in closed-loop packaging trials aim to reduce single-use containers in customer supply chains.

• 2023 solvent recovery: 18,000 tonnes (42% of consumption)
• Target solvent recovery by 2028: 60%
• Hazardous waste intensity reduction 2022→2023: 14%
• Closed-loop packaging pilot sites: 3 (Guangxi, Chongqing, Hubei)

Green chemistry adoption and eco-friendly product lines: Product portfolio diversification emphasizes greener intermediates and lower-toxicity reagents for pharmaceuticals and agrochemicals. Approximately 26% of R&D projects initiated in 2023 included green chemistry criteria (atom economy, solvent minimization, less hazardous reagents). Xilong launched five eco-labelled products in 2023, generating RMB 210 million in sales (≈4.5% of group revenue). The R&D budget allocation for sustainable chemistry increased to RMB 95 million in 2023, up 28% versus 2022.

Green chemistry indicators	2022	2023	Target 2026
% R&D projects with green criteria	18%	26%	50%
Eco-labelled product sales (RMB million)	120	210	500
R&D sustainable chemistry spend (RMB million)	74	95	180

Climate adaptation measures and water efficiency in operations: Xilong's major manufacturing sites are conducting climate risk assessments covering temperature extremes, flood risk and water scarcity. Water withdrawal for operations in 2023 was 4.6 million m3, a 7% reduction from 2022 due to closed-loop cooling upgrades and process reuse. The company reports a water reuse rate of 38% at core production hubs and targets 55% reuse by 2030. Flood-protection investments (elevated pumps, on-site retention basins) reached RMB 22 million in 2023 for high-risk facilities.

• 2023 water withdrawal: 4.6 million m3 (-7% vs 2022)
• Current water reuse rate: 38%; 2030 target: 55%
• Climate adaptation CapEx 2023: RMB 22 million
• Facilities with formal climate risk assessment: 12 sites (100% of manufacturing sites)

Climate risk disclosure aligned with ESG reporting standards: Xilong has begun phased disclosures aligned with the Task Force on Climate-related Financial Disclosures (TCFD) and integrates metrics in annual ESG reports. 2023 disclosures include governance oversight, transition and physical risk scenarios, and Scope 1-3 emissions estimates. External assurance was procured for selected environmental KPIs in the 2023 report; assurance coverage included Scope 1 and 2 emissions and hazardous waste data (limited assurance). The company plans full third-party assurance of Scope 1-3 data by 2026 and aims to align reporting with ISSB recommendations as they are finalized in China.

ESG disclosure elements	2022	2023	Planned 2026
TCFD-aligned reporting	Partial	Enhanced (narrative + metrics)	Full scenario analysis
External assurance	None	Limited (Scope1/2, waste)	Reasonable assurance (Scope1-3)
Scope 1-3 emissions coverage	Scope1-2 only	Scope1-3 (estimated)	Scope1-3 (audited)