Group 1 - The core viewpoint emphasizes the need for a systematic approach to ecological value transformation, highlighting the importance of institutional innovation, industry cultivation, and market-driven strategies to bridge the gap between ecological resources and economic benefits [1][2] - Institutional innovation is identified as the "pioneer" for ecological value transformation, with the establishment of the GEP accounting system in Tonggu County serving as a key example of quantifying and trading ecological value, thus addressing the long-standing issue of "valuable but unmarketable" ecological assets [1] - Industry cultivation is described as the "carrying主体" for ecological value transformation, focusing on the transition from a "logging economy" to a green industry system, which involves restructuring the industrial chain and enhancing the value chain [1] Group 2 - Market-driven strategies are presented as the "vital source" for ecological value transformation, with examples such as carbon trading and green financial innovations that allow ecological assets to be used as collateral, demonstrating proactive market engagement to create trading scenarios and discover value [1] - The deep logic behind the realization of ecological product value is rooted in the positive interaction among institutions, industries, and markets, where each element provides essential support to the others, emphasizing the necessity of collaboration for achieving a sustainable cycle [2]

Group 1 - The company held a semi-annual performance briefing for 2025 on September 4, 2025, with active participation from online investors [1] - As of August 29, 2025, the company had 17,738 shareholders [1] - The company has ongoing construction projects valued at 280 million yuan, which accounts for 87% of the total revenue for 2024, primarily related to a halted biomass project [1] - The biomass project is listed for sale but has not yet been transacted, posing a risk of impairment losses [1] - The company is actively seeking potential buyers for the project and exploring diversified disposal methods while enhancing risk prevention measures [1] Group 2 - The company currently manages 1.14 million acres of forest land and land use rights [1] - The company is committed to avoiding competition with its controlling shareholder and is steadily advancing its "14th Five-Year" development plan [1] - The company aims to leverage its strengths and capital market tools to improve operational performance and market value [1] - The company is focusing on improving operational efficiency and profitability by expanding business channels in line with national policies [1] Group 3 - The company has formed a specialized team to participate in carbon trading, although current trading volumes are low [1] - The company plans to increase the development of carbon credit projects in the future [1] - Apart from repurchasing shares as per the profit compensation agreement, the company currently has no other share repurchase plans [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]