Core Insights - The environmental governance sector saw a rise of 0.39% on November 4, with Fulongma leading the gains [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Environmental Governance Sector Performance - Fulongma (603686) closed at 33.47, up 9.99% with a trading volume of 1.2548 million shares and a transaction value of 3.966 billion [1] - Haitan Co. (603759) closed at 12.91, up 9.97% with a trading volume of 458,200 shares and a transaction value of 569 million [1] - Haixia Environmental Protection (603817) closed at 7.63, up 9.94% with a trading volume of 576,100 shares and a transaction value of 421 million [1] - Other notable performers include Zhongchuang Environmental Protection (300056) up 4.55%, Feima International (002210) up 4.04%, and KJY (301372) up 3.33% [1] Fund Flow Analysis - The environmental governance sector experienced a net inflow of 53.7219 million from institutional investors, while retail investors saw a net inflow of 183 million [2] - The sector faced a net outflow of 236 million from speculative funds [2] Individual Stock Fund Flow - Fulongma had a net inflow of 475 million from institutional investors, while it faced a net outflow of 272 million from speculative funds [3] - Haixia Environmental Protection saw a net inflow of 94.4685 million from institutional investors, with a net outflow of 38.4562 million from speculative funds [3] - Huicheng Environmental Protection (300779) had a net inflow of 70.1025 million from institutional investors, but a significant net outflow of 91.4059 million from retail investors [3]

Core Viewpoint - Green Eco was established in November 1998 and listed on the Shenzhen Stock Exchange in August 2017, focusing on ecological environment construction with investment value [1] Group 1: Business Performance - In Q3 2025, Green Eco reported revenue of 331 million yuan, ranking 11th in the industry, with the top competitor, Fulongma, at 3.599 billion yuan [2] - The main business segments include green maintenance projects (57.81% of revenue), ecological restoration projects (38.82%), municipal greening projects (1.76%), cultural tourism projects (1.24%), and others (0.36%) [2] - The net profit for the same period was 71.6496 million yuan, ranking 6th in the industry, with the industry average being -27.6684 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the debt-to-asset ratio for Green Eco was 38.29%, lower than the previous year's 43.17% and the industry average of 55.85%, indicating strong solvency [3] - The gross profit margin was 47.32%, up from 35.43% year-on-year and above the industry average of 22.98%, reflecting strong profitability [3] Group 3: Management and Shareholder Information - The chairman, Qi Yong, received a salary of 1.47 million yuan in 2024, a decrease of 30,000 yuan from 2023 [4] - As of September 30, 2025, the number of A-share shareholders decreased by 15.51% to 16,000, while the average number of circulating A-shares held per account increased by 18.35% to 12,100 [5]

Group 1 - The core point of the article is that Green Eco (SZ 002887) held a temporary board meeting on October 27, 2025, to discuss various proposals, including the decision not to adjust the conversion price of its shares [1] - For the first half of 2025, Green Eco's revenue composition was entirely from other construction industries, accounting for 100% [1] - As of the report date, Green Eco's market capitalization was 2.9 billion yuan [1] Group 2 - The article also mentions a controversial company promoting the tokenization of real estate overseas, with claims that investing 100,000 yuan could lead to becoming a billionaire, which has raised skepticism among participants [1]

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 10 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十次会议。本次会议为紧急临时会议，董事长在本次 会议上就紧急召开本次会议的情况进行了说明，公司全体董事同意豁免本次董事 会会议的通知时限要求。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 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 第四届董事会第十次会议决议公告 证券代码：002887 证券简称：绿茵生态 公告编号：2025-050 1、审议并通过了《关于不向下修正转股价格的议案》 特此公告。 天津绿茵景观生态建设股份有限公司 董事会 2025 年 10 月 27 日 表决结果：同意 5 票，反对 0 票，弃权 0 票 ...

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：2025-051 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 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： ● 截至 2025 年 10 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十次会议审议，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 10 月 28 日-2026 年 1 月 27 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 ...

Core Insights - The environmental governance sector saw a 0.42% increase on October 27, with Jia Rong Technology leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Environmental Governance Sector Performance - Jia Rong Technology (301148) closed at 34.70, up 7.16% with a trading volume of 43,500 shares and a transaction value of 150 million [1] - Qidi Environment (000826) closed at 2.40, up 6.19% with a trading volume of 2.5364 million shares and a transaction value of 616 million [1] - Xianglong Electric (600769) closed at 14.37, up 4.51% with a trading volume of 252,000 shares and a transaction value of 360 million [1] - Hai Tian Co., Ltd. (603759) closed at 9.68, up 4.09% with a trading volume of 171,500 shares and a transaction value of 164 million [1] - De Lin Hai (688069) closed at 24.20, up 3.91% with a trading volume of 17,400 shares and a transaction value of 41.68 million [1] - Gao Neng Environment (603588) closed at 7.66, up 3.51% with a trading volume of 484,700 shares and a transaction value of 371 million [1] Capital Flow Analysis - The environmental governance sector experienced a net outflow of 108 million from institutional investors, while retail investors saw a net inflow of 42.49 million [2] - The main stocks with significant net inflows from institutional investors included Gao Neng Environment (743.25 million) and Qidi Environment (707.67 million) [3] - Conversely, stocks like Zhongzhi Co., Ltd. (603903) and Tongyuan Environment (688679) faced declines of 10.00% and 5.46% respectively [2]

Group 1 - The core viewpoint of the articles highlights the strong financial performance of Green Yin Ecology in the first three quarters of 2025, with a revenue increase of 35.97% year-on-year and a net profit increase of 36.19% [1] - In Q3 2025, the company achieved a revenue of 1.06 billion yuan, representing a year-on-year growth of 48.18%, and a net profit of 114.56 million yuan, which is a 9.70% increase compared to the same period last year [1] - The company demonstrated effective cost control, with a decrease in the expense ratio by 8.49 percentage points, indicating a focus on enhancing core competitiveness while maintaining cost efficiency [1] Group 2 - Green Yin Ecology, established in 1998, is located in Tianjin Binhai High-tech Zone and primarily engages in ecological environment construction projects [2] - The main revenue sources of the company include green maintenance projects (57.81%), ecological restoration projects (38.82%), municipal greening projects (1.76%), cultural tourism projects (1.24%), and other projects (0.36%) [2] - The company has extensive experience and a solid customer base in the fields of ecological landscaping and rural revitalization, positioning itself to leverage its industry advantages as societal emphasis on environmental protection and sustainable development increases [2]

Core Insights - The company reported a revenue of 106,469,254.30 yuan for the third quarter of 2025, representing a year-on-year increase of 48.18% [2] - The net profit attributable to shareholders of the listed company was 11,456,210.81 yuan, showing a year-on-year growth of 9.70% [2] Financial Performance - Revenue for Q3 2025: 106.47 million yuan, up 48.18% year-on-year [2] - Net profit for Q3 2025: 11.46 million yuan, up 9.70% year-on-year [2]

Financial Performance - The company's operating revenue for Q3 2025 reached ¥106,469,254.30, representing a 48.18% increase compared to the same period last year[5] - The net profit attributable to shareholders was ¥11,456,210.81, up by 9.70% year-on-year, while the net profit after deducting non-recurring gains and losses decreased by 25.93% to ¥6,029,379.27[5] - The basic earnings per share for the period was ¥0.0374, reflecting a 9.80% increase compared to the same period last year[5] - The company reported a 35.97% increase in operating income year-to-date, totaling ¥331,295,748.86, attributed to increased business volume[8] - Total operating revenue for the current period reached ¥331,295,748.86, a significant increase of 36% compared to ¥243,650,950.74 in the previous period[14] - Operating profit for the current period was ¥88,904,090.38, up 38.5% from ¥64,187,976.46 in the previous period[15] - Net profit attributable to shareholders of the parent company was ¥70,338,709.36, representing a 36% increase from ¥51,646,226.97 in the previous period[15] - The basic earnings per share for the current period was ¥0.2299, compared to ¥0.1688 in the previous period, indicating improved profitability[16] Cash Flow and Assets - Cash flow from operating activities showed a significant decline, with a net outflow of ¥51,724,890.30, marking a 232.02% decrease compared to the previous year[5] - The net cash flow from operating activities was -¥51,724,890.30, worsening from -¥15,578,645.26 in the previous period[17] - The company experienced a net cash outflow from financing activities of -¥158,131,043.50, an improvement from -¥206,145,641.96 in the previous period[18] - Cash and cash equivalents decreased to ¥167,536,526.17 from ¥204,577,665.60[11] - Cash and cash equivalents at the end of the period totaled ¥161,995,008.96, down from ¥193,440,819.80 at the end of the previous period[18] - The total number of common shareholders at the end of the reporting period is 16,042[9] - The company's total current assets amount to ¥1,917,062,337.50, a decrease from ¥2,081,175,052.19 at the beginning of the period[11] - Accounts receivable stands at ¥949,191,886.23, a slight decrease from ¥961,054,617.02[11] Liabilities and Equity - The company's total liabilities decreased by 24.26% in accounts payable, amounting to ¥161,774,804.50, due to concentrated payments to suppliers[8] - The total liabilities of the company are ¥1,506,632,932.87, down from ¥1,630,338,420.56[12] - The total equity attributable to the parent company is ¥2,363,030,331.43, slightly down from ¥2,369,184,521.79[13] - The largest shareholder, Lu Yunhui, holds 30.69% of the shares, totaling 93,915,120 shares[9] Investments and Expenses - Research and development expenses increased to ¥14,877,238.96, compared to ¥13,014,071.25 in the previous period, reflecting a focus on innovation[14] - Total operating costs for the current period were ¥241,836,142.15, an increase of 6.5% from ¥227,020,678.93 in the previous period[14] - The company reported a significant increase in investment income, totaling ¥78,277,010.57, slightly down from ¥78,749,796.90 in the previous period[14] Other Information - The third quarter financial report of Tianjin Green Landscape Ecological Construction Co., Ltd. has not been audited[19] - The new accounting standards will be implemented starting from 2025, affecting the financial statements from the beginning of that year[19] - The company’s board of directors issued the financial report on October 24, 2025[19]

Group 1 - The company, Green Eco, announced that starting from September 30, 2025, its stock price has closed below 85% of the current conversion price for five consecutive trading days [1] - If the stock price continues to remain below 85% of the current conversion price, it may trigger conditions for a downward adjustment of the conversion price [1]