Core Viewpoint - The environmental governance sector experienced a decline of 0.73% on July 29, while the Shanghai Composite Index rose by 0.33% and the Shenzhen Component Index increased by 0.64% [1][3] Group 1: Market Performance - The closing price of the Shanghai Composite Index was 3609.71, and the Shenzhen Component Index closed at 11289.41 [1] - Key stocks in the environmental governance sector showed significant gains, with KJY (301372) leading at a 20.02% increase, closing at 29.62 [1] - Other notable performers included LYE (002887) with a 9.95% increase, closing at 9.39, and JGXF (300958) with a 5.75% increase, closing at 14.72 [1] Group 2: Trading Volume and Value - KJY (301372) had a trading volume of 119,100 shares and a transaction value of 340 million yuan [1] - LYE (002887) recorded a trading volume of 259,400 shares and a transaction value of 228 million yuan [1] - The total trading volume and value for the environmental governance sector were significant, indicating active market participation despite the overall sector decline [1] Group 3: Capital Flow - The environmental governance sector saw a net outflow of 483 million yuan from institutional investors, while retail investors contributed a net inflow of 287 million yuan [3] - Speculative funds recorded a net inflow of 195 million yuan into the sector, indicating mixed investor sentiment [3] - The overall capital flow dynamics suggest a divergence in investment strategies among different types of investors within the environmental governance sector [3]

Group 1 - The company, Tianjin Green Landscape Ecological Construction Co., Ltd., issued 7.12 million convertible bonds with a total amount of 712 million yuan [2][3] - The initial conversion price for the convertible bonds was set at 12.38 yuan per share, which is based on the average trading price of the company's stock [5] - The conversion period for the bonds is from November 11, 2021, to April 29, 2027 [4] Group 2 - The conversion price was adjusted to 12.04 yuan per share effective from May 31, 2023, following the annual profit distribution [6] - Further adjustments were made to the conversion price, reducing it to 11.79 yuan on May 31, 2024, and to 11.76 yuan on June 12, 2024, due to share repurchase and capital reduction [7] - The conversion price was finally set to 11.51 yuan per share effective from June 6, 2025, after the 2024 annual profit distribution [7] Group 3 - In the second quarter of 2025, the company saw a reduction of 2,100 yuan (21 bonds) in convertible bonds due to conversion, resulting in 178 shares being converted [8] - As of June 30, 2025, the remaining balance of convertible bonds was 427,901,900 yuan (4,279,019 bonds) [8]

证券代码：002887 证券简称：绿茵生态 公告编号：2025-036 天津绿茵景观生态建设股份有限公司 关于 2025 年第二季度可转债转股情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 股票代码：002887；股票简称：绿茵生态 债券代码：127034 债券简称：绿茵转债 债券代码：127034；债券简称：绿茵转债 转股价格：人民币 11.51 元/股 转股时间：2021 年 11 月 11 日至 2027 年 4 月 29 日 根据《深圳证券交易所股票上市规则》、《深圳证券交易所可转换公司债券 业务实施细则》的有关规定，天津绿茵景观生态建设股份有限公司（以下简称"公 司"）现将公司 2025 年第二季度可转换公司债券（以下简称"可转债"）转股及公 司股份变动的情况公告如下： 一、可转债上市基本情况 （一）可转债发行情况 经中国证券监督管理委员会《关于核准天津绿茵景观生态建设股份有限公司 公开发行可转换公司债券的批复》（证监许可[2021]197 号）核准，公司于 2021 年 4 月 30 日公开发行了 712 万张可转换公司债券 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 债券代码：127034 债券简称：绿茵转债 证券代码：002887 证券简称：绿茵生态 公告编号：2025-035 天津绿茵景观生态建设股份有限公司 关于不向下修正"绿茵转债"转股价格的公告 ● 截至 2025 年 6 月 27 日，天津绿茵景观生态建设股份有限公司（以下简称"公司"） 股价触发"绿茵转债"转股价格向下修正条款。 ● 经公司第四届董事会第七次会议审议，公司董事会决定本次不向下修正转股价格， 同时在未来三个月内（即 2025 年 6 月 30 日-2025 年 9 月 29 日），如再次触发"绿茵 转债"转股价格向下修正条款，亦不提出向下修正方案。 一、可转换公司债券基本情况 经中国证券监督管理委员会《关于核准天津绿茵景观生态建设股份有限公司公开发 行可转换公司债券的批复》（证监许可[2021]197 号）核准，并经深圳证券交易所同意， 公司于 2021 年 4 月 30 日向社会公开发行可转换公司债券 712 万张，每张面值为人民 币 100 元，共计募集资金 71,200 万元， ...

第四届董事会第七次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 天津绿茵景观生态建设股份有限公司（以下简称"公司"）于 2025 年 6 月 27 日在天津市华苑产业区开华道 20 号智慧山南塔 16 层会议室以现场结合通讯 方式召开第四届董事会第七次会议。会议通知已于 2025 年 6 月 20 日通过电子邮 件及电话等方式发出。会议应参加董事 5 人，实际出席董事 5 人。本次会议的召 集、召开和表决符合有关法律、行政法规、其他规范性文件和《天津绿茵景观生 态建设股份有限公司章程》的有关规定，合法有效。 二、董事会会议审议情况 1、审议并通过了《关于不向下修正转股价格的议案》 证券代码：002887 证券简称：绿茵生态 公告编号：2025-034 债券代码：127034 债券简称：绿茵转债 天津绿茵景观生态建设股份有限公司 2025 年 6 月 27 日 表决结果：同意 5 票，反对 0 票，弃权 0 票。 具体内容详见同日刊登于《中国证券报》、《上海证券报》、《证券时报》 和巨潮资讯网（http://www.cni ...

证券代码：002887 证券简称：绿茵生态 公告编号：2025-033 债券代码：127034 债券简称：绿茵转债 天津绿茵景观生态建设股份有限公司 关于收到《中标通知书》的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 天津绿茵景观生态建设股份有限公司（以下简称"公司"）的二级全资子公 司重庆津瑞诚建设工程有限公司所属联合体于近日收到上饶市三清山旅游开发 有限责任公司发来的"三清山风景名胜区港首服务区旅游基础设施及配套工程 （系三清山港首国际文体旅度假区项目（一期）配套基础设施项目）"（以下简 称"项目"）的中标通知书，确认重庆津瑞诚建设工程有限公司所属联合体为该 项目的中标人。 一、中标项目主要情况 1、项目名称：三清山风景名胜区港首服务区旅游基础设施及配套工程（系 三清山港首国际文体旅度假区项目（一期）配套基础设施项目） 2、中标价：238,418,655.70 元（具体以合同签订金额为准） 7、招标人：上饶市三清山旅游开发有限责任公司 二、项目履行对公司经营业绩的影响 1、项目的履行不影响公司业务的独立性，如本项目签订正式合同并顺利实 ...

Core Viewpoint - The company has won a bid for a significant construction project, which is expected to positively impact its future operating performance [1] Summary by Relevant Sections Project Details - The company's wholly-owned subsidiary, Chongqing Jinruicheng Construction Engineering Co., Ltd., has been confirmed as the winning bidder for the "Tourism Infrastructure and Supporting Projects at Sanqingshan Scenic Area" [1] - The bid amount is 238 million yuan, with a construction area of approximately 10,817.85 square meters and a total road length of about 4,315 meters [1] - The project duration is set for 1,095 calendar days and includes the construction of a transfer center and supporting facilities, scenic area roads, utility pipelines, water supply facilities, sewage collection, and garbage transfer facilities [1] Financial Impact - The execution of this project is anticipated to have a positive effect on the company's future operating performance [1] - However, there are considerations regarding capital occupation and uncertainties related to contract terms [1]

Core Viewpoint - The credit rating report for Tianjin Green Landscape Ecological Construction Co., Ltd. indicates a stable credit outlook, supported by the company's comprehensive qualifications in the ecological landscape industry and a solid order backlog, despite facing certain financial pressures related to project funding and receivables collection [3][6][7]. Company Overview - Tianjin Green Landscape has established a complete ecological industry chain covering planning, design, technical research, seedling cultivation, construction, and maintenance [5][16]. - As of the end of 2024, the company had a total contract value of 36.06 billion yuan, with significant projects in municipal greening and ecological restoration [5][17]. Financial Performance - The company reported total assets of 40.64 billion yuan and equity attributable to shareholders of 23.69 billion yuan as of March 2025 [3][19]. - The operating income for 2024 was 4.01 billion yuan, with a net profit of 1.01 billion yuan, reflecting a decrease of 12.06% year-on-year due to increased asset impairment provisions [3][20]. - The gross profit margin improved by 7.76 percentage points to 46.40% in 2024, maintaining a high level within the industry [5][20]. Cash Flow and Debt Management - The company has a strong cash position, with cash and cash equivalents totaling 10.07 billion yuan, accounting for 24.78% of total assets as of the end of 2024 [19][20]. - The net cash flow from operating activities was positive, indicating effective cash collection practices, although there are concerns regarding the timing of receivables due to local government funding arrangements [6][20]. Industry Context - The ecological landscape industry is supported by structural growth in infrastructure investment, with a projected 4.40% increase in such investments in 2024 [13][14]. - The industry faces challenges from low concentration and intense competition, particularly from larger state-owned enterprises, which may impact smaller firms' ability to secure high-quality projects [14][16]. Future Outlook - The company is expected to maintain a stable business outlook, with a strong order backlog and sufficient cash reserves to support ongoing operations [7][20]. - However, the reliance on government contracts and the potential for delayed payments pose risks to cash flow stability [6][20].

天津绿茵景观生态建设股份有限公司 天津绿茵景观生态建设股份有限公司 董事会 关于可转换公司债券跟踪评级结果的公告 2025 年 6 月 23 日 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 债券代码：127034 债券简称：绿茵转债 根据中国证券监督管理委员会《公司债券发行与交易管理办法》和深圳证券 交易所《深圳证券交易所公司债券上市规则》的相关规定，天津绿茵景观生态建 设股份有限公司（以下简称"公司"）委托中证鹏元资信评估股份有限公司（以 下简称"中证鹏元"）对公司发行的可转换公司债券进行了跟踪评级，跟踪评级 结果为公司主体长期信用等级为 AA-，评级展望为稳定，本次债券的信用等级为 AA-。中证鹏元出具的《天津绿茵景观生态建设股份有限公司相关债券 2025 年跟 踪评级报告》详见巨潮资讯网（http://www.cninfo.com.cn/）。 证券代码：002887 证券简称：绿茵生态 公告编号：2025-032 特此公告。 ...

天津绿茵景观生态建设股份有限 公司相关债券2025年跟踪评级报 告 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 中鹏信评【2025】跟踪第【292】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级报告版权归本评级机构所有，未 ...