Greenland Technologies Holding Corp.

Previous wording

Through its PRC subsidiaries, Greenland offers transmission products, which are key components for forklift trucks used in manufacturing and logistic applications, such as factories, workshops, warehouses, fulfilment centers, shipyards, and seaports. Forklifts play an important role in the logistic systems of many companies across different industries in China and globally. Generally, industries with the largest demand for forklifts include the transportation, warehousing logistics, electrical machinery, and automobile industries. Greenland’s revenue decreased from approximately $45.74 million for the six months ended June 30, 2024 to $43.40 million for the six months ended June 30, 2025. The decrease in revenue was primarily the result of a decrease of approximately $1.07 million in the Company’s sales volume of electric industrial equipment for the six months ended June 30, 2025. Nevertheless, based on the revenues for the six months ended June 30, 2025 and 2024, Greenland believes that it is one of the major developers and manufacturers of transmission products for small and medium-sized forklift trucks in China.

Current wording

Through its PRC subsidiaries, Greenland offers transmission products, which are key components for forklift trucks used in manufacturing and logistic applications, such as factories, workshops, warehouses, fulfilment centers, shipyards, and seaports. Forklifts play an important role in the logistic systems of many companies across different industries in China and globally. Generally, industries with the largest demand for forklifts include the transportation, warehousing logistics, electrical machinery, and automobile industries. Greenland’s revenue increased from approximately $64.57 million for the nine months ended September 30, 2024 to $66.80 million for the nine months ended September 30, 2025. The increase in revenue was primarily the result of an increase of approximately $2.22 million in the Company’s sales volume of transmission products for the nine months ended September 30, 2025. Based on the revenues for the nine months ended September 30, 2025 and 2024, Greenland believes that it is one of the major developers and manufacturers of transmission products for small and medium-sized forklift trucks in China.

Previous wording

Greenland’s transmission products are used in 1-ton to 15-tons forklift trucks, some with mechanical shift and some with automatic shift. Greenland sells these transmission products directly to forklift-truck manufacturers. For the six months ended June 30, 2025 and 2024, Greenland sold an aggregate of 81,642 and 80,496 sets of transmission products, respectively, to more than 100 forklift manufacturers in the PRC.

Current wording

Greenland’s transmission products are used in 1-ton to 15-tons forklift trucks, some with mechanical shift and some with automatic shift. Greenland sells these transmission products directly to forklift-truck manufacturers. For the nine months ended September 30, 2025 and 2024, Greenland sold an aggregate of 123,856 and 114,075 sets of transmission products, respectively, to more than 100 forklift manufacturers in the PRC.

Previous wording

Greenland’s revenue was approximately $21.72 million for the three months ended June 30, 2025, representing a decrease of approximately $1.30 million, or 5.6%, as compared to that of approximately $23.02 million for the three months ended June 30, 2024. The decrease in revenue was primarily the result of a decrease of approximately $1.05 million in the Company’s sales volume of electric industrial equipment in the U.S. market, coupled with setbacks in market development efforts, for the three months ended June 30, 2025. On an RMB basis, our revenue for the three months ended June 30, 2025 decreased by approximately 4.7% as compared to that for the three months ended June 30, 2024.

Current wording

Greenland’s revenue was approximately $23.40 million for the three months ended September 30, 2025, representing an increase of approximately $4.57 million, or 24.3%, as compared to that of approximately $18.83 million for the three months ended September 30, 2024. The increase in revenue was primarily the result of an increase of approximately $4.61 million in the Company’s sales volume of transmission products for the three months ended September 30, 2025. On an RMB basis, our revenue for the three months ended September 30, 2025 increased by approximately 25.9% as compared to that for the three months ended September 30, 2024.

Previous wording

Greenland’s cost of goods sold consists primarily of material costs, freight charges, purchasing and receiving costs, inspection costs, internal transfer costs, wages, employee compensation, amortization, depreciation and related costs, which are directly attributable to the Company’s manufacturing activities. The write down of inventory using the net realizable value impairment test is also recorded in cost of goods sold. The total cost of goods sold was approximately $15.97 million for the three months ended June 30, 2025, representing a decrease by approximately $0.27 million, or 1.7%, as compared to that of approximately $16.24 million for the three months ended June 30, 2024. Cost of goods sold decreased due to the decrease in our sales volume.

Current wording

Greenland’s cost of goods sold consists primarily of material costs, freight charges, purchasing and receiving costs, inspection costs, internal transfer costs, wages, employee compensation, amortization, depreciation and related costs, which are directly attributable to the Company’s manufacturing activities. The write down of inventory using the net realizable value impairment test is also recorded in cost of goods sold. The total cost of goods sold was approximately $15.83 million for the three months ended September 30, 2025, representing an increase by approximately $1.96 million, or 14.1%, as compared to that of approximately $13.87 million for the three months ended September 30, 2024. Cost of goods sold increased due to the increase in our sales volume.

Previous wording

Greenland’s gross profit was approximately $5.75 million for the three months ended June 30, 2025, representing a decrease by approximately $1.02 million, or 15.1%, as compared to that of approximately $6.77 million for the three months ended June 30, 2024. For the three months ended June 30, 2025 and 2024, Greenland’s gross margins were approximately 26.5% and 29.4%, respectively. The decrease in gross profit in the three months ended June 30, 2025 compared to the three months ended June 30, 2024 was primarily due to the decrease in our sales volume and an increase in raw material costs.

Current wording

Greenland’s gross profit was approximately $7.57 million for the three months ended September 30, 2025, representing an increase by approximately $2.61 million, or 52.5%, as compared to that of approximately $4.97 million for the three months ended September 30, 2024. For the three months ended September 30, 2025 and 2024, Greenland’s gross margins were approximately 32.4% and 26.4%, respectively. The increase in gross profit in the three months ended September 30, 2025 compared to the three months ended September 30, 2024 was primarily due to the increase in our sales volume and a decrease in raw material costs.

Previous wording

Selling expenses mainly comprise of operating expenses such as sales staff payroll, traveling expenses, and transportation expenses. Our selling expenses were approximately $1.00 million for the three months ended June 30, 2025, representing an increase of approximately $0.54 million, or 115.8%, as compared to approximately $0.47 million for the three months ended June 30, 2024. The increase in selling expenses was mainly due to an increase in the after-sales service fees for the three months ended June 30, 2025 compared to the three months ended June 30, 2024.

Current wording

Selling expenses mainly comprise of operating expenses such as sales staff payroll, traveling expenses, and transportation expenses. Our selling expenses were approximately $0.43 million for the three months ended September 30, 2025, representing an increase of approximately $0.03 million, or 8.8%, as compared to approximately $0.40 million for the three months ended September 30, 2024. The increase in selling expenses was mainly due to an increase in the after-sales service fees for the three months ended September 30, 2025 compared to the three months ended September 30, 2024.

Previous wording

General and administrative expenses comprise of management and staff salaries, employee benefits, depreciation for office facility and office furniture and equipment, travel and entertainment expenses, legal and accounting fees, financial consulting fees, and other office expenses. General and administrative expenses were approximately $6.63 million for the three months ended June 30, 2025, representing an increase of approximately $5.43 million, or 452.4%, as compared to that of approximately $1.20 million for the three months ended June 30, 2024. The increase in general and administrative expenses was mainly due to the increase in stock-based compensation expense, offset by a decrease in quality assurance costs for the three months ended June 30, 2025, as compared to the three months ended June 30, 2024. On May 1, 2025, we issued a total of 3,799,696 ordinary shares to employees as compensation and recorded stock-based compensation of approximately $6.95 million.

Current wording

General and administrative expenses comprise of management and staff salaries, employee benefits, depreciation for office facility and office furniture and equipment, travel and entertainment expenses, legal and accounting fees, financial consulting fees, and other office expenses. General and administrative expenses were approximately $1.51 million for the three months ended September 30, 2025, representing an increase of approximately $0.31 million, or 26.0%, as compared to that of approximately $1.20 million for the three months ended September 30, 2024. The increase in general and administrative expenses was mainly due to the increase of approximately $0.20 million in employee compensation and the increase of approximately $0.11 million in professional fees for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024.

Previous wording

R&D expenses consist of R&D personnel compensation, costs of materials used in R&D projects, and depreciation costs for research-related equipment. R&D expenses were approximately $0.44 million for the three months ended June 30, 2025, representing a decrease of approximately $0.68 million, or 60.5%, as compared to that of approximately $1.12 million for the three months ended June 30, 2024. Such decrease was primarily attributable to a significant decrease in the Company’s R&D activities during the three months ended June 30, 2025.

Current wording

R&D expenses consist of R&D personnel compensation, costs of materials used in R&D projects, and depreciation costs for research-related equipment. R&D expenses were approximately $0.56 million for the three months ended September 30, 2025, representing an increase of approximately $0.12 million, or 28.0%, as compared to that of approximately $0.44 million for the three months ended September 30, 2024. Such increase was primarily attributable to a significant increase in the Company’s R&D activities during the three months ended September 30, 2025.

Previous wording

Loss (income) from operations for the three months ended June 30, 2025 was approximately $(2.32) million, representing a decrease of approximately $6.31 million, as compared to that of approximately $3.99 million for the three months ended June 30, 2024.

Current wording

Income from operations for the three months ended September 30, 2025 was approximately $5.07 million, representing an increase of approximately $2.14 million, as compared to that of approximately $2.93 million for the three months ended September 30, 2024.

Previous wording

Greenland’s interest income was approximately $0.17 million for the three months ended June 30, 2025, representing a decrease of approximately $0.04 million, or 20.8%, as compared to that of approximately $0.22 million for the three months ended June 30, 2024. The decrease in interest income was because less cash was deposited in banks during the three months ended June 30, 2025 as compared to the three months ended June 30, 2024.

Current wording

Greenland’s interest income was approximately $0.43 million for the three months ended September 30, 2025, representing an increase of approximately $0.19 million, or 80.8%, as compared to that of approximately $0.24 million for the three months ended September 30, 2024. The increase in interest income was because more cash was deposited in banks during the three months ended September 30, 2025 as compared to the three months ended September 30, 2024.

Previous wording

Greenland’s interest expenses were nil for the three months ended June 30, 2025, representing a decrease of approximately $0.04 million, or 100.0%, as compared to that of approximately $0.04 million for the three months ended June 30, 2024. The decrease was primarily due to a decrease in the aggregate amount of our short-term loans for the three months ended June 30, 2025, compared to that for the three months ended June 30, 2024.

Current wording

Greenland’s interest expenses were nil for the three months ended September 30, 2025, representing a decrease of approximately $0.01 million, or 100.0%, as compared to that of approximately $0.01 million for the three months ended September 30, 2024. The decrease was primarily due to a decrease in the aggregate amount of our short-term loans for the three months ended September 30, 2025, compared to that for the three months ended September 30, 2024.

Previous wording

Greenland’s other income was approximately $0.16 million for the three months ended June 30, 2025, representing a decrease of approximately $0.36 million, or 69.2%, as compared to approximately $0.52 million for the three months ended June 30, 2024. The decrease was primarily due to a decrease in grant income and income VAT deduction for the three months ended June 30, 2025, compared to those for the three months ended June 30, 2024.

Current wording

Greenland’s other income was approximately $0.49 million for the three months ended September 30, 2025, representing an increase of approximately $0.28 million, or 132.8%, as compared to approximately $0.21 million for the three months ended September 30, 2024. The increase was primarily due to an increase in grant income for the three months ended September 30, 2025, compared to those for the three months ended September 30, 2024.

Previous wording

Greenland’s income tax was approximately $0.85 million for the three months ended June 30, 2025, as compared to that of approximately $0.68 million for the three months ended June 30, 2024.

Current wording

Greenland’s income tax was approximately $0.92 million for the three months ended September 30, 2025, as compared to that of approximately $0.34 million for the three months ended September 30, 2024.

Previous wording

Zhejiang Zhongchai obtained a “high-tech enterprise” status near the end of the fiscal year of 2022. Such status allows Zhejiang Zhongchai to enjoy a reduced statutory income tax rate of 15%, rather than the standard PRC corporate income tax rate of 25%. Income tax for the three months ended June 30, 2025 and 2024 were calculated based on a rate of 15%. The “high-tech enterprise” status is reevaluated by relevant Chinese government agencies every three years. Zhejiang Zhongchai’s current “high-tech enterprise” will be reevaluated near the end of 2025.

Current wording

Zhejiang Zhongchai obtained a “high-tech enterprise” status near the end of the fiscal year of 2022. Such status allows Zhejiang Zhongchai to enjoy a reduced statutory income tax rate of 15%, rather than the standard PRC corporate income tax rate of 25%. Income tax for the three months ended September 30, 2025 and 2024 were calculated based on a rate of 15%. The “high-tech enterprise” status is reevaluated by relevant Chinese government agencies every three years. Zhejiang Zhongchai’s “high-tech enterprise” status has been recently renewed and will be subject to re-evaluation at end of 2028.

Previous wording

Greenland’s revenue was approximately $43.40 million for the six months ended June 30, 2025, representing a decrease of approximately $2.34 million, or 5.1%, as compared to that of approximately $45.74 million for the six months ended June 30, 2024. The decrease in revenue was primarily a result of the decrease in the Company’s sales volume of electric industrial equipment and transmission products for the six months ended June 30, 2025. On an RMB basis, our revenue for the six months ended June 30, 2025 decreased by approximately 4.6% as compared to that for the six months ended June 30, 2024.

Current wording

Greenland’s revenue was approximately $66.80 million for the nine months ended September 30, 2025, representing an increase of approximately $2.23 million, or 3.4%, as compared to that of approximately $64.57 million for the nine months ended September 30, 2024. The increase in revenue was primarily a result of the increase in the Company’s sales volume of transmission products for the nine months ended September 30, 2025. On an RMB basis, our revenue for the nine months ended September 30, 2025 increased by approximately 4.2% as compared to that for the nine months ended September 30, 2024.

Previous wording

Greenland’s cost of goods sold consists primarily of material costs, freight charges, purchasing and receiving costs, inspection costs, internal transfer costs, wages, employee compensation, amortization, depreciation and related costs, which are directly attributable to the Company’s manufacturing activities. The write down of inventory using the net realizable value impairment test is also recorded in cost of goods sold. The total cost of goods sold was approximately $30.99 million for the six months ended June 30, 2025, representing a decrease by approximately $2.33 million, or 7.0%, as compared to that of approximately $33.32 million for the six months ended June 30, 2024. Cost of goods sold decreased due to the decrease in our sales volume.

Current wording

Greenland’s cost of goods sold consists primarily of material costs, freight charges, purchasing and receiving costs, inspection costs, internal transfer costs, wages, employee compensation, amortization, depreciation and related costs, which are directly attributable to the Company’s manufacturing activities. The write down of inventory using the net realizable value impairment test is also recorded in cost of goods sold. The total cost of goods sold was approximately $46.81 million for the nine months ended September 30, 2025, representing a decrease by approximately $0.38 million, or 0.8%, as compared to that of approximately $47.19 million for the nine months ended September 30, 2024. Cost of goods sold decreased due to the decrease in raw material costs.

Previous wording

Greenland’s gross profit was approximately $12.41 million for the six months ended June 30, 2025, representing a decrease by approximately $0.01 million, or 0.1%, as compared to that of approximately $12.42 million for the six months ended June 30, 2024. For the six months ended June 30, 2025 and 2024, Greenland’s gross margins were approximately 28.6% and 27.2%, respectively. The decrease in gross profit in the six months ended June 30, 2025 compared to the six months ended June 30, 2024 was primarily due to a decrease in our sales volume.

Current wording

Greenland’s gross profit was approximately $19.99 million for the nine months ended September 30, 2025, representing an increase by approximately $2.60 million, or 14.9%, as compared to that of approximately $17.39 million for the nine months ended September 30, 2024. For the nine months ended September 30, 2025 and 2024, Greenland’s gross margins were approximately 29.9% and 26.9%, respectively. The increase in gross profit in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 was primarily due to the increase in our sales volume and the decrease in raw material costs.

Previous wording

Selling expenses mainly comprise of operating expenses such as sales staff payroll, traveling expenses, and transportation expenses. Our selling expenses were approximately $1.34 million for the six months ended June 30, 2025, representing an increase of approximately $0.32 million, or 31.6%, as compared to approximately $1.01 million for the six months ended June 30, 2024. The increase was mainly due to an increase in the after-sales service fees for the six months ended June 30, 2025.

Current wording

Selling expenses mainly comprise of operating expenses such as sales staff payroll, traveling expenses, and transportation expenses. Our selling expenses were approximately $1.77 million for the nine months ended September 30, 2025, representing an increase of approximately $0.36 million, or 25.2%, as compared to approximately $1.41 million for the nine months ended September 30, 2024. The increase was mainly due to an increase in the after-sales service fees for the nine months ended September 30, 2025.

Previous wording

General and administrative expenses comprise of management and staff salaries, employee benefits, depreciation for office facility and office furniture and equipment, travel and entertainment expenses, legal and accounting fees, financial consulting fees, and other office expenses. General and administrative expenses were approximately $8.07 million for the six months ended June 30, 2025, representing an increase of approximately $4.68 million, or 138.4%, as compared to that of approximately $3.38 million for the six months ended June 30, 2024. The increase in general and administrative expenses was mainly due to the increase in stock-based compensation expense, offset by the decrease in quality assurance cost for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024. On May 1, 2025, we issued a total of 3,799,696 ordinary shares and recorded stock-based compensation of approximately $6.95 million.

Current wording

General and administrative expenses comprise of management and staff salaries, employee benefits, depreciation for office facility and office furniture and equipment, travel and entertainment expenses, legal and accounting fees, financial consulting fees, and other office expenses. General and administrative expenses were approximately $9.58 million for the nine months ended September 30, 2025, representing an increase of approximately $4.99 million, or 108.9%, as compared to that of approximately $4.59 million for the nine months ended September 30, 2024. The increase in general and administrative expenses was mainly due to the increase in stock-based compensation expense, offset by the decrease in quality assurance cost for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024. On May 1, 2025, we issued a total of 3,799,696 ordinary shares and recorded stock-based compensation of approximately $6.95 million.

Previous wording

R&D expenses consist of R&D personnel compensation, costs of materials used in R&D projects, and depreciation costs for research-related equipment. R&D expenses were approximately $0.53 million for the six months ended June 30, 2025, representing a decrease of approximately $1.59 million, or 75.1%, as compared to that of approximately $2.11 million for the six months ended June 30, 2024. Such decrease was primarily attributable to a significant decrease in the Company’s R&D activities during the six months ended June 30, 2025.

Current wording

R&D expenses consist of R&D personnel compensation, costs of materials used in R&D projects, and depreciation costs for research-related equipment. R&D expenses were approximately $1.09 million for the nine months ended September 30, 2025, representing a decrease of approximately $1.46 million, or 57.4%, as compared to that of approximately $2.55 million for the nine months ended September 30, 2024. Such decrease was primarily attributable to a significant decrease in the Company’s R&D activities during the nine months ended September 30, 2025.

Previous wording

Income from operations for the six months ended June 30, 2025 was approximately $2.49 million, representing a decrease of approximately $3.43 million, as compared to that of approximately $5.91 million for the six months ended June 30, 2024.

Current wording

Income from operations for the nine months ended September 30, 2025 was approximately $7.55 million, representing a decrease of approximately $1.29 million, as compared to that of approximately $8.84 million for the nine months ended September 30, 2024.

Previous wording

Greenland’s interest income was approximately $0.31 million for the six months ended June 30, 2025, representing a decrease of approximately $0.07 million, or 19.0%, as compared to that of approximately $0.38 million for the six months ended June 30, 2024. The decrease in interest income was because less cash was deposited in banks during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024.

Current wording

Greenland’s interest income was approximately $0.74 million for the nine months ended September 30, 2025, representing an increase of approximately $0.12 million, or 19.1%, as compared to that of approximately $0.62 million for the nine months ended September 30, 2024. The increase in interest income was because more cash was deposited in banks during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024.

Previous wording

Greenland’s interest expenses were nil for the six months ended June 30, 2025, representing a decrease of approximately $0.08 million, or 100.0%, as compared to that of approximately $0.08 million for the six months ended June 30, 2024. The decrease was primarily due to a decrease in the aggregate amount of our short-term loans for the six months ended June 30, 2025, compared to that for the six months ended June 30, 2024.

Current wording

Greenland’s interest expenses were nil for the nine months ended September 30, 2025, representing a decrease of approximately $0.09 million, or 100.0%, as compared to that of approximately $0.09 million for the nine months ended September 30, 2024. The decrease was primarily due to a decrease in the aggregate amount of our short-term loans for the nine months ended September 30, 2025, compared to that for the nine months ended September 30, 2024.

Previous wording

Greenland’s other income was approximately $0.44 million for the six months ended June 30, 2025, representing a decrease of approximately $0.37 million, or 45.8%, as compared to approximately $0.81 million for the six months ended June 30, 2024. The decrease was primarily due to a decrease in grant income and income VAT deduction for the six months ended June 30, 2025, compared to that for the six months ended June 30, 2024.

Current wording

Greenland’s other income was approximately $0.93 million for the nine months ended September 30, 2025, representing a decrease of approximately $0.09 million, or 9.4%, as compared to approximately $1.02 million for the nine months ended September 30, 2024. The decrease was primarily due to a decrease in income VAT deduction for the nine months ended September 30, 2025, compared to that for the nine months ended September 30, 2024.

Previous wording

Greenland’s income tax was approximately $1.73 million for the six months ended June 30, 2025, as compared to that of approximately $0.49 million for the six months ended June 30, 2024.

Current wording

Greenland’s income tax was approximately $2.65 million for the nine months ended September 30, 2025, as compared to that of approximately $0.84 million for the nine months ended September 30, 2024.

Previous wording

Our net income was approximately $1.80 million for the six months ended June 30, 2025, representing a decrease of approximately $7.64 million, as compared to that of approximately $9.44 million for the six months ended June 30, 2024.

Current wording

Our net income was approximately $8.39 million for the nine months ended September 30, 2025, representing a decrease of approximately $1.41 million, as compared to that of approximately $9.80 million for the nine months ended September 30, 2024.

Previous wording

For the six months ended June 30, 2025, our PRC subsidiary, Zhejiang Zhongchai, paid off approximately $1.00 million of loans from related parties, lent approximately $0.69 million to third parties, and maintained $23.59 million cash on hand. We plan to maintain the current debt structure and rely on governmentally supported loans with lower cost, if necessary.

Current wording

For the nine months ended September 30, 2025, our PRC subsidiary, Zhejiang Zhongchai, paid off approximately $1.00 million of loans from related parties, lent approximately $0.69 million to third parties, and maintained $33.04 million cash on hand. We plan to maintain the current debt structure and rely on governmentally supported loans with lower cost, if necessary.

Previous wording

Government subsidies mainly consist of an incentive granted by the Chinese government to encourage transformation of fixed assets in China and other miscellaneous subsidies from the Chinese government. Government subsidies are recognized when there is reasonable assurance that the subsidy will be received, and all conditions be completed. Total government subsidies recorded under long-term liabilities were $1.17 million and $1.26 million as of June 30, 2025 and December 31, 2024, respectively.

Current wording

Government subsidies mainly consist of an incentive granted by the Chinese government to encourage transformation of fixed assets in China and other miscellaneous subsidies from the Chinese government. Government subsidies are recognized when there is reasonable assurance that the subsidy will be received, and all conditions be completed. Total government subsidies recorded under long-term liabilities were $1.12 million and $1.26 million as of September 30, 2025 and December 31, 2024, respectively.

Previous wording

Cash equivalents refers to all highly liquid investments purchased with original maturity of three months or less. As of June 30, 2025, Greenland had approximately $4.58 million of cash and cash equivalents, representing a decrease of approximately $2.08 million, or 31.29%, as compared to approximately $6.66 million as of December 31, 2024. The decrease of cash and cash equivalents was mainly due to an increase in accounts receivables and fixed deposit, as compared to that as of December 31, 2024.

Current wording

Cash equivalents refers to all highly liquid investments purchased with original maturity of three months or less. As of September 30, 2025, Greenland had approximately $3.94 million of cash and cash equivalents, representing a decrease of approximately $2.72 million, or 40.80%, as compared to approximately $6.66 million as of December 31, 2024. The decrease in cash and cash equivalents was mainly due to an increase in short-term investment, as compared to that as of December 31, 2024.

Previous wording

Restricted cash represents the amount held by a bank as security for bank acceptance notes and therefore is not available for use until the bank acceptance notes are fulfilled or expired, which typically takes less than twelve months. As of June 30, 2025, Greenland had approximately $0.50 million of restricted cash, representing a decrease of approximately $1.46 million, or 74.58%, as compared to that of approximately $1.95 million as of December 31, 2024. The decrease of restricted cash was due to a decrease in notes payable collateralized by cash.

Current wording

Restricted cash represents the amount held by a bank as security for bank acceptance notes and therefore is not available for use until the bank acceptance notes are fulfilled or expired, which typically takes less than twelve months. As of September 30, 2025, Greenland had nil of restricted cash, representing a decrease of approximately $1.95 million, or 100.00%, as compared to that of approximately $1.95 million as of December 31, 2024. The decrease in restricted cash was due to a decrease in notes payable collateralized by cash.

Previous wording

As of June 30, 2025, Greenland had approximately $22.14 million of accounts receivables, an increase of approximately $6.34 million, or 40.13%, as compared to approximately $15.80 million as of December 31, 2024. The increase in accounts receivables was due to our slowed-down efforts in receivables collections.

Current wording

As of September 30, 2025, Greenland had approximately $21.55 million of accounts receivables, an increase of approximately $5.75 million, or 36.43%, as compared to approximately $15.80 million as of December 31, 2024. The increase in accounts receivables was due to our slowed-down efforts in receivables collections.

Previous wording

Due from related party was $1.24 million and $0.24 million as of June 30, 2025 and December 31, 2024, respectively. The balance of due from related parties as of June 30, 2025 and December 31, 2024 consisted primarily of other receivable from Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership) of $0.24 million as of June 30, 2025 and December 31, 2024, representing a loan with an annual interest rate of 4.785% and other receivable from Cenntro Inc. was $1.00 million and nil as of June 30, 2025 and December 31, 2024, respectively, representing a loan with an annual interest rate of 7.5% that will mature before April 14, 2026.

Current wording

Due from related party was $1.08 million and $0.24 million as of September 30, 2025 and December 31, 2024, respectively. The balance of due from related parties as of September 30, 2025 and December 31, 2024 consisted primarily of other receivable from Zhuhai Hengzhong Industrial Investment Fund (Limited Partnership) of $0.24 million as of September 30, 2025 and December 31, 2024, representing a loan with an annual interest rate of 4.785% and other receivable from Cenntro Inc. was $0.84 million and nil as of September 30, 2025 and December 31, 2024, respectively, representing a loan with an annual interest rate of 7.5% that will mature before April 14, 2026.

Previous wording

As of June 30, 2025, Greenland had approximately $20.06 million of notes receivables, which Greenland expects to collect within the next twelve months. The decrease was approximately $2.67 million, or 11.76%, as compared to approximately $22.74 million as of December 31, 2024.

Current wording

As of September 30, 2025, Greenland had approximately $16.46 million of notes receivables, which Greenland expects to collect within the next twelve months. The decrease was approximately $6.27 million, or 27.59%, as compared to approximately $22.74 million as of December 31, 2024.

Previous wording

Our working capital was approximately $38.38 million as of June 30, 2025, as compared to $35.11 million as of December 31, 2024. The increase in working capital of $3.28 million was primarily contributed to an increase in accounts receivable.

Current wording

Our working capital was approximately $47.81 million as of September 30, 2025, as compared to $35.11 million as of December 31, 2024. The increase in working capital of $12.70 million was primarily contributed to an increase in accounts receivable and short-term investment.

Previous wording

Net cash used in operating activities for the six months ended June 30, 2025 was approximately $0.46 million, primarily attributable to net income of approximately $1.80 million, adjusted for non-cash item of depreciation and amortization expenses of approximately $1.04 million, stock-based compensation expense of approximately $6.95 million and changes in operating assets and liabilities including: (i) an increase of approximately $6.04 million in accounts payable because we extended the payment cycle, (ii) a decrease of approximately $5.98 million in accounts receivable due to our slowed-down efforts in receivables collections, (iii) a decrease of approximately $5.98 million in other current and non-current assets because we deposited cash into fixed deposits, and (ⅳ) a decrease of approximately $5.21 million in due to related parties because we paid the related party payable of $5.21 million.

Current wording

Net cash provided by operating activities for the nine months ended September 30, 2025 was approximately $7.80 million, primarily attributable to net income of approximately $8.39 million, adjusted for non-cash item of depreciation and amortization expenses of approximately $1.56 million, stock-based compensation expense of approximately $6.95 million and changes in operating assets and liabilities including: (i) an increase of approximately $3.94 million in accounts payable because we extended the payment cycle, (ii) a decrease of approximately $5.30 million in accounts receivable due to our slowed-down efforts in receivables collections, and (iii) a decrease of approximately $12.08 million in other current and non-current assets because we deposited cash into short-term investment.

Previous wording

Net cash provided by operating activities for the six months ended June 30, 2024 was approximately $2.92 million, primarily attributable to net income of approximately $9.44 million, adjusted for non-cash item of depreciation and amortization expenses of approximately $1.09 million, change in fair value of warrant liability of approximately $(2.90) million and changes in operating assets and liabilities including: (i) an increase of approximately $3.96 million in inventories because we reduced the prepared goods, (ii) a decrease of approximately $6.38 million in accounts receivable due to our slowed-down efforts in receivables collections, and (iii) a decrease of approximately $4.48 million in notes receivable because we have received a considerable number of notes receivable from customers for payment of goods.

Current wording

Net cash provided by operating activities for the nine months ended September 30, 2024 was approximately $8.98 million, primarily attributable to net income of approximately $9.80 million, adjusted for non-cash item of depreciation and amortization expenses of approximately $1.65 million, change in accrued expense of approximately $1.01 million and changes in operating assets and liabilities including: (i) an increase of approximately $3.07 million in inventories because we reduced the prepared goods, (ii) a decrease of approximately $4.10 million in accounts receivable due to our slowed-down efforts in receivables collections, and (iii) a decrease of approximately $1.80 million in other current and non-current assets because we deposited cash into fixed deposits.

Previous wording

Net cash used in investing activities resulted in cash outflow of approximately $0.57 million for the six months ended June 30, 2025. Cash used in investing activities for the six months ended June 30, 2025 was mainly due to approximately $0.15 million used for purchases of long-term assets and approximately $0.69 million loaned to third parties.

Current wording

Net cash used in investing activities resulted in cash outflow of approximately $0.68 million for the nine months ended September 30, 2025. Cash used in investing activities for the nine months ended September 30, 2025 was mainly due to approximately $0.27 million used for purchases of long-term assets and approximately $0.69 million loaned to third parties.

Previous wording

Net cash used in investing activities resulted in cash outflow of approximately $1.98 million for the six months ended June 30, 2024. Cash used in investing activities for the six months ended June 30, 2024 was mainly due to approximately $1.28 million used for purchases of long-term assets and approximately $0.70 million loan to third parties.

Current wording

Net cash used in investing activities resulted in cash outflow of approximately $2.11 million for the nine months ended September 30, 2024. Cash used in investing activities for the nine months ended September 30, 2024 was mainly due to approximately $1.42 million used for purchases of long-term assets and approximately $0.69 million in loans to third parties.

Previous wording

Net cash used in financing activities resulted a cash outflow of approximately $2.86 million for the six months ended June 30, 2025, which was mainly attributable to approximately $1.00 million in repayment of loans from related parties and approximately $1.67 million in repayment of notes payable.

Current wording

Net cash used in financing activities resulted a cash outflow of approximately $12.26 million for the nine months ended September 30, 2025, which was mainly attributable to approximately $6.26 million in repayment of loans from related parties and approximately $5.48 million in repayment of notes payable.

Previous wording

Net cash used in financing activities resulted a cash outflow of approximately $7.49 million for the six months ended June 30, 2024, which was mainly attributable to approximately $8.54 million in repayment of short-term bank loans and approximately $4.49 million in repayment of notes payable. Such amounts were further offset by approximately $0.28 million in proceeds from short-term bank loans.

Current wording

Net cash used in financing activities resulted a cash outflow of approximately $14.39 million for the nine months ended September 30, 2024, which was mainly attributable to approximately $8.56 million in repayment of short-term bank loans and approximately $11.39 million in repayment of notes payable. Such amounts were further offset by approximately $5.56 million in proceeds from short-term bank loans.