Core Viewpoint - The company Yueyang Lin Paper has announced that its subsidiary, Chengtong Carbon Sink, has won a bid for a forestry carbon sink resource cooperation development project in Fuyuan County, Yunnan Province, which covers approximately 2.544 million acres of forestry land [1] Group 1: Project Details - The project development scope includes all forest land that meets national policy requirements and can be used for forestry carbon sink projects under various voluntary emission reduction mechanisms [1] - The initial cooperation period for project revenue is set at 20 years, subject to the final contract agreement [1] - The project will be developed under a full-process package approach, with development costs borne by the developer, and will adopt a profit-sharing model for cooperation [1] Group 2: Company Financials - For the year 2024, the revenue composition of Yueyang Lin Paper is as follows: 84.81% from the paper industry, 5.44% from municipal landscaping, 4.42% from electricity, 2.13% from other businesses, and 1.9% from construction installation [1] - As of the report date, the market capitalization of Yueyang Lin Paper is 7.9 billion yuan [1]

Group 1: Shareholder Information - As of August 29, 2025, the number of shareholders is 17,738 [2] Group 2: Project and Financial Concerns - The company has 280 million in ongoing construction projects, which accounts for 87% of the total revenue for 2024 [2] - The halted biomass project in Xiong'an has not yet been sold, leading to significant impairment losses affecting company profits [2] - The company is exploring diverse disposal methods for the halted projects to protect its legal rights [2] Group 3: Land and Asset Management - The company currently manages 1.14 million acres of forest land and holds the same amount in land use rights [3] - The company has not experienced any changes in the assets related to the timber yard and warehouse near the railway in Yong'an [3] Group 4: Competition and Compliance - The controlling shareholder is currently fulfilling commitments to avoid competition with the listed company [4] - There are ongoing efforts to ensure compliance with the commitments made by the major shareholder regarding competition [5] Group 5: Carbon Trading and Future Plans - The company has formed a specialized forestry technical service team to engage in carbon trading, although the current trading volume is small [4] - Future plans include increasing the development of carbon credit projects to create new revenue streams [4] Group 6: Stock Repurchase Plans - The company has no current plans for stock repurchase, except for fulfilling obligations under the profit compensation agreement [5]

Core Viewpoint - The company, Yueyang Lin Paper's wholly-owned subsidiary, Chengtong Carbon Sink, has won a bid for a carbon sink resource development project in the Tacheng region of Xinjiang, focusing on agriculture, forestry, and grassland [1] Group 1 - The project involves the development of approximately 17.6343 million acres of forest land, 16.6088 million acres of arable land, and 94.6962 million acres of grassland for carbon sink resources [1] - The development timeline for the project is set to not exceed 24 months until the first phase is listed for trading [1] - The initial cooperation period is tentatively established at 20 years, utilizing a comprehensive package and profit-sharing model [1]

Core Viewpoint - Green Eco achieved steady growth in revenue and net profit in the first half of 2025, indicating enhanced core competitiveness and a successful transition towards an operational maintenance model [1][2]. Financial Performance - The company reported approximately 225 million yuan in revenue, a year-on-year increase of 30.87% [1]. - Net profit attributable to shareholders reached 58.88 million yuan, reflecting a year-on-year growth of 42.91% [1]. - Total assets amounted to 3.917 billion yuan, with net assets of 2.416 billion yuan and a debt-to-asset ratio of 38.3% [1]. Business Segments - **Ecological Restoration**: The company actively promotes ecological restoration projects in key national areas, successfully implementing multiple projects in Inner Mongolia [2]. - **Green Space Maintenance**: Revenue from this segment reached approximately 130 million yuan, growing by 20% year-on-year, with a total maintenance area of 60 million square meters [2]. - **Cultural Tourism Operations**: The Shanghai Senyang Cultural Tourism focuses on green asset revitalization and light asset operations, successfully launching several projects, including the "Mamma Beast" themed project [2][3]. - **Forestry Economy**: The company is advancing carbon sink development and asset management, collaborating with various organizations to enhance the efficiency of land use [3]. Strategic Initiatives - The company is transitioning from a traditional engineering firm to an operational maintenance enterprise, diversifying its business model to include both TOC and TOB operations [1]. - R&D investment reached 11.2 million yuan, a year-on-year increase of 58.72%, supporting the core business and enhancing competitiveness [1]. - The company plans to leverage national policies on ecological protection and urban green space management to drive the synergistic development of its four main business segments [3].

Core Viewpoint - The successful registration of the Dular Forest Carbon Sink CCER project in Arxan City, Inner Mongolia, highlights the region's advantages in carbon sink development and its contribution to the national carbon market [1][2]. Group 1: Project Overview - The Dular Forest Carbon Sink CCER project was developed by Arxan City Mulinsen Seedling Afforestation Co., Ltd. and has been registered in the national carbon market [1]. - Since the launch of the national voluntary greenhouse gas emission reduction trading market on January 22, 2024, only 41 forestry carbon sink projects have been publicly listed, with Inner Mongolia having only 3 projects [1]. - The project covers 83,000 acres of protective forest, with a clear land ownership and project boundary, and is expected to generate a total emission reduction of 576,294.66 tons of CO2 equivalent over a 40-year accounting period, averaging 14,407.37 tons of CO2 equivalent per year [1]. Group 2: Development Process - The project underwent a thorough preparation process, including expert site visits and the use of satellite remote sensing and ground monitoring data to accurately assess carbon sink volume [2]. - The project design document (PDD) was completed in May 2024, and the project was officially registered and publicly announced in July 2024 after passing various reviews [2]. - A comprehensive operational guideline covering "ownership confirmation - measurement accounting - market connection" has been developed, providing a practical reference for carbon sink development across the country [2].

Core Viewpoint - The national carbon market in China is expanding its coverage to include more industries, with significant policy advancements in 2023 aimed at enhancing carbon emissions trading and promoting low-carbon technologies [1][2]. Group 1: Carbon Market Expansion - The national carbon emissions trading market has officially expanded to include the steel, cement, and aluminum industries, following the power generation sector [1][2]. - The government aims to gradually include key products from the petrochemical, chemical, paper, and aviation industries into the carbon market starting in 2026 [1][2]. - The expansion follows a "mature first, include first" principle, with scientific assessments submitted to the State Council for approval [1][2]. Group 2: Industry-Specific Insights - The cement industry was prioritized for inclusion due to its mature production processes and data foundation, while the aluminum smelting sector has a relatively low direct carbon emission impact [2]. - Approximately 730 steel enterprises are engaged in annual carbon emissions accounting, with long-process steel companies accounting for 90% of total emissions in the sector [2]. - The chemical industry presents complexities in product inclusion due to the variety of products and their respective emissions profiles, with over 200 million tons of key products currently reported [3]. Group 3: Paper Industry Dynamics - The paper industry, while not yet included in the carbon market, has a significant relationship with carbon emissions due to its energy consumption patterns, with coal accounting for 75% of its energy use [4]. - The industry utilizes self-owned power plants, which are already included in the carbon market, leading to potential challenges in accounting for emissions from self-generated steam [5]. - Opportunities for the paper industry include enhancing energy efficiency and utilizing biomass in self-owned power plants, which can contribute to carbon reduction efforts [6][7]. Group 4: CCER Mechanism and Development - The CCER (China Certified Emission Reduction) mechanism currently allows for a 5% offset in the carbon market, with an estimated demand of approximately 400 million tons post-expansion [9][10]. - The existing CCER methodologies cover limited sectors, necessitating the development of additional methodologies to meet the growing demand for carbon credits [9][10]. - Expanding methodologies to include waste treatment and other sectors can facilitate low-carbon transitions and enhance the overall effectiveness of the carbon market [10].