Termination of Listing - The termination date for *ST Yuancheng's listing is December 5, 2025 [1] - The reason for termination is that the company's total market capitalization has been below 500 million yuan for 20 consecutive trading days from October 14 to November 10, 2025, triggering mandatory delisting conditions [1] - The company is also under investigation by the China Securities Regulatory Commission for suspected false disclosures in its annual reports, which may have influenced its delisting [1] - After delisting, the company's shares will be transferred to the National Equities Exchange and Quotations system for management [1] Company Type and Business Scope - *ST Yuancheng is an integrated environmental service provider focused on "big environment" services, with core areas in ecological landscape, green environmental protection, and leisure tourism [1] - The business scope includes ecological landscape engineering, green environmental protection engineering, and leisure tourism engineering, among other services [1] - The company holds various qualifications, including Class A qualifications in landscape engineering design and Class A qualifications in environmental pollution control [1] Company Qualifications and Honors - *ST Yuancheng possesses numerous high-level qualifications, such as Class A in urban planning, architectural design, and environmental pollution control [1] - The company has been recognized as an "AAA" rated enterprise and a "Contract-abiding and Credit-worthy" unit for several consecutive years [1] - It is also a national high-tech enterprise and a well-known brand in Zhejiang Province, with multiple projects awarded gold and silver medals by the Chinese Society of Landscape Architecture [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].