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]

近日，岳阳林纸全资子公司诚通碳汇收到《成交通知书》，中标新疆塔城地区农业、林业和草原碳汇资 源合作开发项目。项目需完成约1763.43万亩林地、1660.88万亩耕地、9469.62万亩草地的碳汇资源开 发，开发时限至首期上市交易不超24个月，合作年限初步确定为20年，采取全过程包干、利润分成模 式。 ...

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].