*ST元成（元成环境股份有限公司，股票代码603388）是一家以服务于"大环境"为宗旨，以生态景观、 绿色环保、休闲旅游为核心领域，以规划设计为引领，以产业投资为发展的产业链一体化的环境综合服 务商，其终止上市的具体情况及公司类型分析如下： 终止上市情况 公司类型及业务范围 公司资质与荣誉 终止上市日期：2025年12月5日。 终止上市原因：根据上交所决定，*ST元成股票终止上市的原因是2025年10月14日至11月10日期 间，公司连续20个交易日每日收盘总市值均低于5亿元，触及交易类强制退市情形。此外，公司还 涉嫌年报等定期报告财务数据虚假披露，证监会已对公司及公司控股股东、实际控制人立案调 查，这也可能对其退市产生了影响。 后续安排：公司股票终止上市后，将转入全国中小企业股份转让系统依托原证券公司代办股份转 让系统设立并代为管理的两网公司及退市公司板块挂牌转让。 公司类型：环境综合服务商。 业务范围： 生态景观工程：包括园林绿化工程、园林古建筑工程等，公司具备风景园林工程设计专项甲级、 城市园林绿化壹级等资质。 绿色环保工程：涵盖污染治理及生态修复工程，如水污染治理工程、土壤修复工程、大气污染治 理工程 ...

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].