# EDGAR Filing Document

**Accession Number:** 0001117057
**File Stem:** 0001213900-26-057744
**Filing Date:** 2026-5
**Character Count:** 101219
**Document Hash:** 03a7d343f0a903c23773fbd33ec452e5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-057744.hdr.sgml**: 20260515

**ACCESSION NUMBER**: 0001213900-26-057744

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 89

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260515

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Planet Green Holdings Corp.
- **CENTRAL INDEX KEY:** 0001117057
- **STANDARD INDUSTRIAL CLASSIFICATION:** CANNED, FROZEN & PRESERVED FRUIT, VEG & FOOD SPECIALTIES [2030]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 870430320
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34449
- **FILM NUMBER:** 26987421

**BUSINESS ADDRESS:**
- **STREET 1:** 130-30 31ST AVE, SUITE 512
- **CITY:** FLUSHING
- **STATE:** NY
- **ZIP:** 11354
- **BUSINESS PHONE:** 347-370-2352

**MAIL ADDRESS:**
- **STREET 1:** 130-30 31ST AVE, SUITE 512
- **CITY:** FLUSHING
- **STATE:** NY
- **ZIP:** 11354

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** American Lorain CORP
- **DATE OF NAME CHANGE:** 20070806

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** American CORP
- **DATE OF NAME CHANGE:** 20070806

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** American Lorain CORP
- **DATE OF NAME CHANGE:** 20070801

?xml version='1.0' encoding='ASCII'?

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549**

**FORM 10-Q**

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: **<u>March 31, 2026</u>**

☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ____________

Commission File Number: **<u>001-34449</u>**

**<u>PLANET GREEN HOLDINGS CORP.</u>**

 *(Exact name of registrant as specified in its charter)*

---

| | |
|:---|:---|
| **Nevada** | **87-0430320** |
| *(State or other jurisdiction of* | *(I.R.S. Employer* |
| *incorporation or organization)* | *Identification Number)* |

---

**130-30 31<sup>st</sup> Ave, Suite 512 Flushing, NY 11354**

*(Address of principal executive office and zip code)* 

**<u>(347) 370-2352</u>**

 *(Registrant's telephone number, including area code)* 

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, par value $0.001 per share | PLAG | NYSE American |

---

Securities registered pursuant to Section 12(g) of the Act: **<u>None</u>**

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the issuer was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of outstanding shares of the registrant's common stock as of May 15, 2026 was 14,232,714.

**TABLE OF CONTENT**

---

| | | |
|:---|:---|:---|
|  |  | **PAGE** |
| **[PART I - FINANCIAL INFORMATION](#a_001)** | **[PART I - FINANCIAL INFORMATION](#a_001)** | 1 |
| ITEM 1 | [FINANCIAL STATEMENTS](#a_002) | 2 |
| ITEM 2 | [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#a_003) | 21 |
| ITEM 3 | [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#a_004) | 24 |
| ITEM 4 | [CONTROLS AND PROCEDURES](#a_005) | 24 |
| **[PART II - OTHER INFORMATION](#a_006)** | **[PART II - OTHER INFORMATION](#a_006)** | 25 |
| ITEM 1 | [LEGAL PROCEEDINGS](#a_007) | 25 |
| ITEM 1A | [RISK FACTORS](#a_008) | 25 |
| ITEM 2 | [UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](#a_009) | 25 |
| ITEM 3 | [DEFAULTS UPON SENIOR SECURITIES](#a_010) | 25 |
| ITEM 4 | [MINE SAFETY DISCLOSURES](#a_011) | 25 |
| ITEM 5 | [OTHER INFORMATION](#a_012) | 25 |
| ITEM 6 | [EXHIBITS](#a_013) | 26 |
| [SIGNATURES](#a_014) | [SIGNATURES](#a_014) | 27 |

---

i

**Caution Regarding Forward-Looking Statements**

This quarterly report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to the factors described in the section captioned "Risk Factors" in the Registration Statement on Form S-3/A filed by the Company on April 2, 2026, and as subsequently amended, together with the other information contained in this report. If any of the events described in the risk factors occur, our business, financial condition and operating results may be materially adversely affected. In that event, the trading price of our securities could decline, and you could lose all or part of your investment.

In some cases, you can identify forward-looking statements by terms such as "anticipates," "believes," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "projects," "should," "would" or the negative of such terms or other similar expressions intended to identify forward-looking statements. Forward-looking statements reflect our current views with respect to future events and are based on assumptions and are subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Also, forward-looking statements represent our estimates and assumptions only as of the date of this report. You should read this report completely and with the understanding that our actual future results may be materially different from what we expect.

Except as required by law, we assume no obligation to update any forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available in the future.

ii

**PART I**

**Use of Certain Defined Terms**

Except where the context otherwise requires and for the purposes of this report only:

● "Allinyson" refers to Allinyson Ltd., a company incorporated in the State of Colorado.

● "Bless Chemical" refers to Bless Chemical Co., Ltd., a company incorporated in Hong Kong.

● "Bozhuang" refers to Xianning Bozhuang Tea Products Co., Ltd., a PRC limited liability company.

● "China" and "PRC" refer to the People's Republic of China including Hong Kong and Macau.

● "Hubei Lingpu" refers to Hubei Lingpu Zhenghe Technology Co., Ltd. (formerly Dingfeng Biotechnology Xianning Co., Ltd.), a PRC limited liability company and a wholly foreign-owned enterprise. The entity changed its name to Hubei Lingpu Zhenghe Technology Co., Ltd. on April 29, 2026.

● "Fast Approach" refers to Fast Approach Inc., a corporation incorporated under the laws of Canada.

● "Hubei Bulaisi" refers to Hubei Bulaisi Technology Co., Ltd., a PRC limited liability company.

● "Hubei Shengsili" refers to Hubei Shengsili Biotechnology Co., Ltd., a PRC limited liability company.

● "Hubei Taihe" refers to Hubei Taihe Biotechnology Co., Ltd., a PRC limited liability company.

● "Jiayi Technologies" refers to Jiayi Technologies (Xianning) Co., Ltd., a PRC limited liability company.

● "Jingshan Sanhe" refers to Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd., a PRC limited liability company.

● "PinnacleTech HK" refers to PinnacleTech HK Limited, a company incorporated in Hong Kong

● "Promising HK" refers to Promising Prospect HK Limited, a company incorporated in Hong Kong.

● "Planet Green" refers to Planet Green Holdings Corp., a Nevada holding company.

● "Promising Prospect BVI" refers to Promising Prospect Limited, formerly known as Planet Green Holdings Corporation, a British Virgin Islands company.

● "RMB" refers to Renminbi, the legal currency of China.

● "Shanghai Shuning" refers to Shanghai Shuning Advertising Co., Ltd., a PRC limited liability company.

● "Shandong Yunchu" refers to Shandong Yunchu Supply Chain Co., Ltd., a PRC limited liability company.

● "U.S. dollar", "$" and "US$" refer to the legal currency of the United States.

● "We," "us", "our," "PLAG", and the "Company" refer to Planet Green Holdings Corp., a Nevada corporation, and, except where the context requires otherwise, our wholly-owned subsidiaries and VIE.

● "Shine Chemical" refers to Shine Chemical Co., Ltd., a company incorporated in Cayman Islands.

● "Yunnan Cuishanji" refers to Yunnan Cuishanji Biotechnology Co., Ltd., a PRC limited liability company.

● "Yunnan Yinuowei" refers to Yunnan Yinuowei Biotechnology Co., Ltd., a PRC limited liability company.

**ITEM 1 FINANCIAL STATEMENTS**

**Planet Green Holdings Corp.**

**Condensed Consolidated Balance Sheets**

---

| | | |
|:---|:---|:---|
|  | **March 31,** | **December 31,** |
|  | **2026** | **2025** |
| **Assets** | (Unaudited) |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $5470815 | $118956 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 1384819 | 209206 |
| &nbsp;&nbsp;&nbsp;Inventories, net | 609838 | 737970 |
| &nbsp;&nbsp;&nbsp;Advances to suppliers, net | 1009092 | 984566 |
| &nbsp;&nbsp;&nbsp;Other receivables, net | 2716 | 1610 |
| &nbsp;&nbsp;&nbsp;Other receivables-related parties | 3081792 | 2736302 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 24841 | 20071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 11583913 | 4808681 |
| Non-current assets |  |  |
| &nbsp;&nbsp;&nbsp;Plant and equipment, net | 4579355 | 4652972 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 701208 | 717311 |
| &nbsp;&nbsp;&nbsp;Construction in progress, net | - | 23909 |
| &nbsp;&nbsp;&nbsp;Goodwill | 15329 | 7005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-current assets | 5295892 | 5401197 |
| &nbsp;&nbsp;&nbsp;Total assets | $16879805 | $10209878 |
| **Liabilities and Stockholders' Equity** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Loans-current | $3618850 | $5255536 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 6633495 | 2114143 |
| &nbsp;&nbsp;&nbsp;Advance from customers | 212899 | 213127 |
| &nbsp;&nbsp;&nbsp;Taxes payable | 884752 | 232066 |
| &nbsp;&nbsp;&nbsp;Other payables and accrued liabilities | 1951020 | 2140130 |
| &nbsp;&nbsp;&nbsp;Other payables-related parties | 3180701 | 1924426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 16481717 | 11879428 |
| Non-current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Loans-noncurrent | 2045520 | 500493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-current liabilities | 2045520 | 500493 |
| Total liabilities | 18527237 | 12379921 |
| Commitments and contingencies |  |  |
| Stockholders' equity (deficit) |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock: $0.001 par value, 100,000,000 shares authorized; none issued or outstanding as of March 31, 2026 and December 31, 2025 | - | - |
| &nbsp;&nbsp;&nbsp;Common stock: $0.001 par value, 1,500,000,000 shares authorized; 14,232,714 shares issued and outstanding as of March 31, 2026 and December 31, 2025 | 14233 | 14233 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 170190324 | 170190324 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (174717437) | (175029363) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 2680006 | 2658143 |
| &nbsp;&nbsp;&nbsp;Non-controlling interests | 185442 | (3380) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' deficit | (1647432) | (2170043) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity (deficit) | $16879805 | $10209878 |

---

See Accompanying Notes to the Unaudited Condensed Consolidated Financial Statements

**Planet Green Holdings Corp.**

**Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** <br> **March 31,** | **For the Three Months Ended** <br> **March 31,** |
|  | **2026** | **2025** |
| Net revenues | $6357593 | $840333 |
| Cost of revenues | (442371) | (785480) |
| Promotion cost | (4385290) | - |
| Gross profit | 1529932 | 54853 |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;Selling and marketing expenses | 12131 | 10038 |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | 951095 | 650003 |
| &nbsp;&nbsp;&nbsp;Research and developing expenses | 12382 | 16338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 975608 | 676379 |
| Operating income (loss) | 554324 | (621526) |
| Other income (expenses) |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | 33 | 34 |
| &nbsp;&nbsp;&nbsp;Interest expenses | (49144) | (22512) |
| &nbsp;&nbsp;&nbsp;Other expenses | (2358) | (668) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expenses | (51469) | (23146) |
| Income (loss) before income taxes | 502855 | (644672) |
| Income tax expenses | - | - |
| Income (loss) from continuing operations | 502855 | (644672) |
| Discontinued operations: |  |  |
| &nbsp;&nbsp;&nbsp;Loss from discontinued operations | - | (152230) |
| Net income (loss) | 502855 | (796902) |
| Less: net income attributable to non-controlling interest | 190929 | - |
| Net income (loss) attributable to shareholders of Planet Green Holdings Corp. | 311926 | (796902) |
| Net income (loss) | 502855 | (796902) |
| Foreign currency translation adjustment | 22476 | 57720 |
| Total comprehensive income (loss) | 525331 | (739182) |
| Less: comprehensive income attributable to non-controlling interests | 191542 | - |
| Comprehensive income (loss) attributable to shareholders of Planet Green Holdings Corp. | $333789 | $(739182) |
| Income (loss) per share of common stock - basic and diluted |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continuing operations | $0.04 | $(0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations | $- | $(0.02) |
| Basic and diluted weighted average shares outstanding | 14232714 | 7282714 |

---

See Accompanying Notes to the Unaudited Condensed Consolidated Financial Statements

**Planet Green Holdings Corp.**

**Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit)**

**For the Three Months Ended March 31, 2026 and 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | | |
|  | **Shares** | **Amount** |<br>**Additional**<br>**Paid-in**<br>**Capital** |<br>**Accumulated**<br>**Deficit** | **Accumulated**<br>**Other**<br>**Comprehensive**<br>**Income** |<br>**Total**<br>**Equity** |
| Balance as of January 1, 2025 | 7282714 | $7283 | $155767774 | $(148053653) | $3972458 | $11693862 |
| Net loss |  | - | - | (796902) | - | (796902) |
| Foreign currency translation adjustment | - | - | - | - | 57720 | 57720 |
| Balance as of March 31, 2025 | 7282714 | $7283 | $155767774 | $(148850555) | $4030178 | $10954680 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | | | |
|  | **Shares** | **Amount** |<br>**Additional**<br>**Paid-in**<br>**Capital** |<br>**Accumulated**<br>**Deficit** | **Accumulated**<br>**Other**<br>**Comprehensive**<br>**Income** |<br>**Non-**<br>**Controlling**<br>**Interests** |<br>**Total**<br>**Equity**<br>**(Deficit)** |
| Balance as of January 1, 2026 | 14232714 | $14233 | $170190324 | $(175029363) | $2658143 | $(3380) | $(2170043) |
| &nbsp;&nbsp;&nbsp;Net income |  | - | - | 311926 | - | 190929 | 502855 |
| &nbsp;&nbsp;&nbsp;Acquiring subsidiaries |  | - | - | - | - | (2720) | (2720) |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | - | - | - | - | 21863 | 613 | 22476 |
| Balance as of March 31, 2026 | 14232714 | $14233 | $170190324 | $(174717437) | $2680006 | $185442 | $(1647432) |

---

See Accompanying Notes to the Unaudited Condensed Consolidated Financial Statements

**Planet Green Holdings Corp.**

**Unaudited Condensed Consolidated Statements of Cash Flows**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** <br> **March 31,** | **For the Three Months Ended** <br> **March 31,** |
|  | **2026** | **2025** |
| CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $502855 | $(796902) |
| &nbsp;&nbsp;&nbsp;Add: net loss from discontinued operations | - | 152230 |
| &nbsp;&nbsp;&nbsp;Net income (loss) from continuing operations | 502855 | (644672) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 175486 | 152413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization | 25903 | 33083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for doubtful accounts | 68256 | 12100 |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities, net of effects of acquisitions and disposals: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivables | (1236952) | 19646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 137830 | (132643) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advances to suppliers | (16191) | 209593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables | (1080) | 1426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 4484790 | 42068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advance from customer | (1698) | (124290) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other payables and accrued liabilities | (206286) | 75873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes payable | 647520 | 10130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 4580433 | (345273) |
| CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of plant and equipment | (14127) | (2456) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (14127) | (2456) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from long-term loans | 2045711 | 1101092 |
| &nbsp;&nbsp;&nbsp;Repayment of bank loans | (2216090) | - |
| &nbsp;&nbsp;&nbsp;Proceeds from related parties | 1235845 | 195150 |
| &nbsp;&nbsp;&nbsp;Repayment to related parties | (294162) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 771304 | 1296242 |
| Net increase in cash | 5337610 | 948513 |
| Effect of changes of foreign exchange rates on cash | 14249 | 3076 |
| Cash at beginning of period | 118956 | 180335 |
| Cash at end of period | $5470815 | $1131924 |
| SUPPLEMENTARY OF CASH FLOW INFORMATION |  |  |
| &nbsp;&nbsp;&nbsp;Interest received | $33 | $34 |
| &nbsp;&nbsp;&nbsp;Interest paid | $49144 | $22512 |

---

See Accompanying Notes to the Unaudited Condensed Consolidated Financial Statements

**PLANET GREEN HOLDINGS CORP.**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025**

**1. Organization and Principal Activities**

Planet Green Holdings Corp. (the "Company" or "PLAG") is a holding company incorporated in Nevada. We are engaged in various businesses through our subsidiaries in China and Canada.

On May 9, 2019, the Company issued an aggregate of 1,080,000 shares of Planet Green Holdings Corporation's common stock to the BoZhuang Shareholders, in exchange for BoZhuang Shareholders' agreement to enter into VIE Agreements (the "BoZhuang VIE Agreements"). On August 1, 2021, the VIE agreements with Xianning Bozhuang Tea Products Co., Ltd. was terminated and the company acquired 100% equity of Xianning Bozhuang Tea Products Co., Ltd. for restructuring purposes.

On August 12, 2019, through Lucky Sky HK, the Company established Lucky Sky Petrochemical, a wholly foreign-owned enterprise incorporated in Xianning City, Hubei Province, China. On December 9, 2020, Lucky Sky Petrochemical Technology (Xianning) Co., Ltd. changed its name to Jiayi Technologies (Xianning) Co., Ltd. ("Jiayi Technologies")

On May 29, 2020, Promising Prospect BVI Limited incorporated Lucky Sky Planet Green Holdings Co., Limited, a limited liability company incorporated in Hong Kong.

On June 5, 2020, Promising Prospect BVI Limited acquired all of the outstanding equity interests of Fast Approach Inc. Fast Approach was incorporated under Canada's laws and provides digital advertising delivery and operational services, with China and North America serving as its two core markets.

On June 16, 2020, Lucky Sky Holdings Corporations (H.K.) transferred its 100% equity interest in Lucky Sky Petrochemical to Lucky Sky Planet Green Holdings Co., Limited (H.K.).

On January 6, 2021, Planet Green Holdings Corporation (Nevada) issued an aggregate of 2,200,000 shares of common stock of the Company to the equity holders of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd. in exchange for the transfer of 85% of the equity interest of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd to the Jiayi Technologies (Xianning) Co., Ltd. For restructuring purposes, on September 1, 2021, the VIE agreements with Jingshan Sanhe were terminated and Hubei Bulaisi Technology Co., Ltd. acquired the shares of Jingshan Sanhe. On September 14, 2022, Planet Green Holdings Corp. and Hubei Bulaisi Technology Co., Ltd. a subsidiary of the Company, entered into a Share Purchase Agreement with Xue Wang, a shareholder of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd., pursuant to which, among other things and subject to the terms and conditions contained therein, the Purchaser agreed to effect share purchase from the Seller of 15% of the outstanding equity interests of Jingshan, and the Company shall pay to the Seller an aggregate of U.S. $3,000,000 in exchange for 15% of the issued and outstanding shares. On September 14, 2022, the Company closed the Share Purchase transaction. As a result, Hubei Bulaisi Technology Co., Ltd. owned 100% shares of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd.

On December 9, 2021, Planet Green Holdings Corporation (Nevada) issued an aggregate of 5,900,000 shares of common stock to the equity holders of Shandong Yunchu Supply Chain Co., Ltd. ("Shandong Yunchu") for the transfer to 100% of the equity interest of Shandong Yunchu to the Jiayi Technologies (Xianning) Co., Ltd. For the best interest of the Company, on April 30, 2025, the Board resolved to discontinue the operation of Shandong Yunchu. Subsequently, on September 1, 2025, the Company disposed of its 100% equity interest in Promising Prospect HK Limited ("Promising HK") for nominal consideration. Promising HK holds the 100% equity interest in Shandong Yunchu through Jiayi Technologies and does not own any other operating assets of the Company. The disposal of Promising HK, Shandong Yunchu and Jiayi Technologies resulted in loss from disposal of approximately $9.2 million.

On April 8, 2022, Planet Green Holdings Corporation (Nevada) issued an aggregate of 7,500,000 shares of common stock to the equity holders of Allinyson Ltd. for the acquisition of 100% of the equity interest of Allinyson Ltd., including its wholly-owned subsidiary Baokuan Technology (Hongkong) Limited. On April 1, 2024, Allinyson Ltd. and its subsidiaries have been completely disposed, resulting in gain from disposal of $355,517.

On November 26, 2025, Bozhuang entered into a Share Purchase Agreements with shareholders of Hubei Shengsili Biotechnology Co., Ltd. ("Hubei Shengsili"), to acquire 67% equity interests in Hubei Shengsili for a consideration of $145, resulting in goodwill of $7,101. The nominal consideration reflects the strategic nature of the acquisition, as the Company acquired Hubei Shengsili primarily for its operational platform and distribution network in the biotechnology sector, rather than for its existing net asset value.

On December 16, 2025, the Company incorporated PinnacleTech HK Limited ("PinnacleTech HK"), a limited liability company incorporated in Hong Kong.

On December 24, 2025, through PinnacleTech HK, the Company incorporated Hubei Lingpu Zhenghe Technology Co., Ltd. ("Hubei Lingpu")in Xianning City, Hubei Province, China. Hubei Lingpu is a wholly foreign-owned enterprise, formerly known as Dingfeng Biotechnology Xiangning Co., Ltd. prior to its name change on April 29, 2026.

On March 10, 2026, the Company incorporated Hubei Taihe Biotechnology Co., Ltd. ("Hubei Taihe"), a PRC limited liability company.

On March 19, 2026, the Company incorporated Yunnan Cuishanji Biotechnology Co., Ltd. ("Yunnan Cuishanji"), a PRC limited liability company.

On March 24, 2026, the Company incorporated Xianning Huarui Trading Co., Ltd. ("Xianning Huarui"), a PRC limited liability company.

On March 27, 2026, Yunnan Cuishanji acquired 51% equity interests in Yunnan Yinuowei Biotechnology Co., Ltd. ("Yunnan Yinuowei") for a consideration of $5,397, resulting in goodwill of $8,228. The goodwill arising from this acquisition exceeded the consideration paid, as the fair value of Yunnan Yinuowei's identifiable net assets at the acquisition date was negative, primarily due to liabilities assumed in excess of assets acquired.

**Enterprise-Wide Disclosure**

The Company's chief operating decision-makers (i.e. chief executive officer and her direct reports) review financial information presented on a consolidated basis, accompanied by disaggregated information about revenues by business lines for purposes of allocating resources and evaluating financial performance. There are no segment managers who are held accountable for operations, operating results and plans for levels or components below the consolidated unit level. Based on qualitative and quantitative criteria established by Accounting Standards Codification ("ASC") 280, "Segment Reporting", the Company considers itself to be operating within one reportable segment.

**Liquidity and Going Concern**

The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern; The Company reported net income of $502,855 for the three months ended March 31, 2026 and it's the net cash provided by operating activities for the three months ended March 31, 2026 was $4,580,433. However, the Company had an accumulated deficit of $174,717,437 and a working capital deficit of $4,897,804 as of March 31, 2026.

These factors raise substantial doubt on the Company's ability to continue as a going concern. The accompanying unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company has recently expanded its sales and marketing efforts by engaging sales agents to promote its tea products and enhance market penetration. The Company believes this sales agent model enables it to improve its profit and cash flow. Management's plan for the Company's continued existence is dependent upon management's ability to execute the business plan and generate additional profit. Additionally, Management may need to continue to rely on private placements or other financing transactions or certain related parties to provide funding for investment, for working capital and general corporate purposes. If management is unable to execute its plan, the Company may become insolvent.

**2. Summary of Significant Accounting Policies**

**Basis of Presentation**

Management has prepared the accompanying unaudited condensed consolidated financial statements and these notes according to generally accepted accounting principles in the United States ("GAAP").

**Principles of Consolidation**

Details of the Subsidiaries of the Company as of March 31, 2026 are set below:

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| | | |
|:---|:---|:---|
| **Name of Company** | **Place of <br> incorporation** | **Attributable <br> equity<br> interest %** |
| Promising Prospect BVI Limited | The British<br> Virgin Islands | 100 |
| Fast Approach Inc. | Canada | 100 |
| Shanghai Shuning Advertising Co., Ltd. (a subsidiary of Fast Approach Inc.) | PRC | 100 |
| Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd. (a subsidiary of Hubei Bulaisi Technology Co., Ltd.) | PRC | 100 |
| Xianning Bozhuang Tea Products Co., Ltd. (a subsidiary of Hubei Lingpu Zhenghe Technology Co., Ltd.) | PRC | 100 |
| Bless Chemical Co., Ltd. (a subsidiary of Shine Chemical) | Hong Kong | 100 |
| Hubei Bulaisi Technology Co., Ltd. (a subsidiary of Bless Chemical) | PRC | 100 |
| Shine Chemical Co., Ltd. | Cayman | 100 |
| Hubei Shengsili Biotechnology Co., Ltd. (a subsidiary of Xianning Bozhuang Tea Products Co., Ltd.) | PRC | 67 |
| PinnacleTech HK Limited (a subsidiary of Promising Prospect BVI Limited) | Hong Kong | 100 |
| Hubei Lingpu Zhenghe Technology Co., Ltd. (a subsidiary of PinnacleTech HK Limited) | PRC | 100 |
| Hubei Taihe Biotechnology Co., Ltd. (a subsidiary of Hubei Lingpu Zhenghe Technology Co., Ltd.) | PRC | 100 |
| Yunnan Cuishanji Biotechnology Co., Ltd. (a subsidiary of Xianning Bozhuang Tea Products Co., Ltd.) | PRC | 100 |
| Xianning Huarui Trading Co., Ltd. (a subsidiary of Xianning Bozhuang Tea Products Co., Ltd.) | PRC | 100 |
| Yunnan Yinuowei Biotechnology Co., Ltd. (a subsidiary of Yunnan Cuishanji Biotechnology Co., Ltd.) | PRC | 51 |

---

Management has eliminated all significant inter-company balances and transactions in preparing the accompanying unaudited condensed consolidated financial statements.

**Reclassifications**

Certain amounts on the prior years' consolidated balance sheets and statement of operations were reclassified to reflect discontinued operations, with no effect on ending stockholders' equity.

**Use of Estimates**

The unaudited condensed consolidated financial statements preparation requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. Management evaluates estimates, including the allowance for credit losses of accounts receivable, amounts due from related parties and equity investments, the useful lives of our property and equipment, impairment of long-lived assets, long-term investments and goodwill, etc. Management bases the estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from these estimates.

**Cash**

Cash includes currency on hand and deposits held by banks that can be added or withdrawn without limitation. The Company maintains most of its bank accounts in the PRC. Cash maintained in banks within the People's Republic of China of less than RMB0.5 million (equivalent to $72,485) per bank are covered by "deposit insurance regulation" promulgated by the State Council of the People's Republic of China.

**Accounts Receivable, Net**

Accounts receivables are recognized and carried at the original invoice amount less allowance for any uncollectible amounts. An estimate for doubtful accounts is made when the amount is not expected to be collected. Delinquent amount balances are written off against the allowance for doubtful amounts after the management has determined that the likelihood of collection is not probable.

**Inventories, Net**

Inventories consist of raw materials and finished goods, stated at the lower of cost or market value. Finished goods are comprised of direct materials, direct labor, inbound shipping costs, and allocated overhead. An annual impairment test will be performed on inventory, and any excess of the recoverable amount over the carrying amount will be recognized as impairment losses in the current period.

**Advances to Suppliers, Net**

The Company makes advance payments to suppliers and vendors for the procurement of raw materials. Upon physical receipt and inspection of the raw materials from suppliers, the applicable amount is reclassified from advances and prepayments to suppliers to inventory. The Company reviews its advance to suppliers on a periodic basis and makes general and specific allowances when there is doubt as to the ability of a supplier to provide supplies to the Company or refund an advance.

**Plant and Equipment**

Plant and equipment are carried at cost less accumulated depreciation. Depreciation is provided over their estimated useful lives, using the straight-line method. The Company typically applies a salvage value of 0% to 5%. The estimated useful lives of the plant and equipment are as follows:

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| | |
|:---|:---|
| Buildings | 5-30 years |
| Machinery and equipment | 2-10 years |
| Motor vehicles | 4-10 years |
| Office equipment | 1-10 years |

---

The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts, and any gain or loss is included in the Company's results of operations. The costs of maintenance and repairs are recognized as incurred; significant renewals and betterments are capitalized.

**Intangible Assets**

Intangible assets are carried at cost less accumulated amortization. Amortization is provided over their useful lives, using the straight-line method. The estimated useful lives of the intangible assets are as follows:

Land use rights 50 years <br> Software licenses 2-5 years <br> Trademarks 7-16 years

**Goodwill**

Goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired in a business combination. The Company conducts an annual assessment of its goodwill for impairment. If the carrying value of its goodwill exceeds its fair value, then impairment has been incurred; accordingly, a charge to the Company's operations results will be recognized during the period. Impairment losses on goodwill are not reversed. Fair value is generally determined using a discounted expected future cash flow analysis.

**Impairment of Long-lived Assets**

The Company annually reviews its long-lived assets for impairment or whenever events or changes in circumstances indicate that the carrying amount of assets may not be recoverable. Impairment may become obsolete from a difference in the industry, introduction of new technologies, or if the Company has inadequate working capital to utilize the long-lived assets to generate adequate profits. Impairment is present if the carrying amount of an asset is less than its expected future undiscounted cash flows.

If an asset is considered impaired, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the asset. Assets to be disposed of are reported lower the carrying amount or fair value fewer costs to selling.

During the year ended December 31, 2025, the Company identified indicators of impairment related to a production line and related long-lived assets due primarily to the prolonged suspension of production and reduced utilization of the related assets. The Company intends to continue operating and utilizing these assets and, accordingly, evaluated the related asset group for impairment as held-and-used long-lived assets under ASC 360.

As the carrying amount of the asset group was not expected to be recoverable, the Company measured the impairment loss as the amount by which the carrying value of the asset group exceeded its estimated fair value. The fair value measurement was based primarily on valuation techniques including the cost approach and, where applicable, market information for similar used equipment. Significant inputs included replacement cost, physical deterioration, functional and economic obsolescence, and asset condition and utilization.

As a result, the Company recognized an impairment charge of $132,127 and $130,330 as of March 31, 2026 and December 31, 2025, respectively. The fair value measurement of the asset group was classified within Level 3 of the fair value hierarchy and was measured on a nonrecurring basis.

**Statutory Reserves**

Statutory reserves refer to the amount appropriated from the net income following laws or regulations, which can be used to recover losses and increase capital, as approved, and are to be used to expand production or operations. PRC laws prescribe that an enterprise operating at a profit must appropriate and reserve, on an annual basis, an amount equal to 10% of its profit. Such an appropriation is necessary until the reserve reaches a maximum equal to 50% of the enterprise's PRC registered capital.

**Foreign Currency Translation**

The accompanying unaudited condensed consolidated financial statements are presented in United States dollars. The functional currency of the Company is the Renminbi (RMB). The Company's assets and liabilities are translated into United States dollars from RMB at period-end exchange rates. Its revenues and expenses are translated at the average exchange rate during the period. Capital accounts are translated at their historical exchange rates when the capital transactions occurred.

---

| | | | |
|:---|:---|:---|:---|
|  | ***03/31/2026*** | ***12/31/2025*** | ***03/31/2025*** |
| Period-end US$: CDN exchange rate | 1.3953 | 1.3712 | 1.4379 |
| Period-end US$: RMB exchange rate | 6.8980 | 6.9931 | 7.2567 |
| Period-end US$: HK exchange rate | 7.8400 | 7.7833 | 7.7799 |
| Period average US$: CDN exchange rate | 1.3714 | 1.3973 | 1.4349 |
| Period average US$: RMB exchange rate | 6.9218 | 7.1875 | 7.2728 |
| Period average US$: HK exchange rate | 7.8136 | 7.7956 | 7.7799 |

---

The RMB is not freely convertible into foreign currencies, and all foreign exchange transactions must be conducted through authorized financial institutions.

**Revenue Recognition**

The Company adopted ASC 606 "Revenue Recognition." It recognizes revenue when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services.

The Company derives its revenues from manufacture and distribution of fuel additives, alcohol based fuel, diesel fuel and tea products, as well as providing online advertising services. The Company recognizes product revenue at a point in time when the control of the products or services has been transferred to customers. The Company applies the following five steps to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements:

● identify the contract with a customer;

● identify the performance obligations in the contract;

● determine the transaction price;

● allocate the transaction price to performance obligations in the contract; and;

● Recognize revenue as the performance obligation is satisfied.

**Cost of revenue**

Cost of revenue consists primarily of the costs of finished goods manufactured and procurement cost of packaging, freight charges, depreciation of property and machinery and warehousing expenses. Cost of revenue also includes incremental costs of obtaining sales contract, which are mainly promotion cost paid to distributors in the amount in-line with sales revenue realized.

**Advertising**

All advertising costs are expensed as incurred.

**Shipping and Handling**

All outbound shipping and handling costs are expensed as incurred.

**Research and Development**

All research and development costs are expensed as incurred.

**Retirement Benefits**

Retirement benefits in the form of mandatory government-sponsored defined contribution plans are charged to either expense as incurred or allocated to inventory as part of overhead.

**Income Taxes**

The Company accounts for income tax using an asset and liability approach and recognizes deferred tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not, these items will either expire before the Company can realize their benefits or uncertain future realization.

**Comprehensive Income**

The Company uses Financial Accounting Standards Board ("FASB") ASC Topic 220, "Reporting Comprehensive Income." Comprehensive income is comprised of net income and all changes to the statements of stockholders' equity, except the changes in paid-in capital and distributions to stockholders due to investments by stockholders.

**Earnings Per Share**

The Company computes earnings per share ("EPS") following ASC Topic 260, "Earnings per share." Basic EPS is measured as the income or loss available to common shareholders divided by the weighted average common shares outstanding for the period. Diluted EPS presents the dilutive effect on a per-share basis from the potential conversion of convertible securities or the exercise of options and or warrants; the dilutive impacts of potentially convertible securities are calculated using the as-if method; the potentially dilutive effect of options or warranties are computed using the treasury stock method. Potentially anti-dilutive securities (i.e., those that increase income per share or decrease loss per share) are excluded from diluted EPS calculation.

**Fair Value Measurements of Financial Instruments**

The Company's financial instruments, including cash and equivalents, accounts and other receivables, accounts and other payables, accrued liabilities, and short-term debt, have carrying amounts that approximate their fair values due to their short maturities. ASC Topic 820, "Fair Value Measurements and Disclosures," requires disclosing the Company's fair value of financial instruments. ASC Topic 825, "Financial Instruments," defines fair value and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities qualify as financial instruments and are a reasonable estimate of their fair values because of the short period between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows:

● Level 1 - inputs to the valuation methodology used quoted prices for identical assets or liabilities in active markets.

● Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets and information that are observable for the asset or liability, either directly or indirectly, for substantially the financial instrument's full term.

● Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement.

**Lease** 

Effective December 31, 2018, the Company adopted ASU 2016-02, "Leases" (Topic 842), and elected the practical expedients that do not require us to reassess: (1) whether any expired or existing contracts are, or contain, leases, (2) lease classification for any expired or existing leases and (3) initial direct costs for any expired or existing leases. For lease terms of twelve months or fewer, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. The Company also adopted the practical expedient that allows lessees to treat the lease and non-lease components of a lease as a single lease component.

Lease terms used to calculate the present value of lease payments generally do not include any options to extend, renew, or terminate the lease, as the Company does not have reasonable certainty at lease inception that these options will be exercised. The Company generally considers the economic life of its operating lease ROU assets to be comparable to the useful life of similar owned assets. The Company has elected the short-term lease exception, therefore operating lease ROU assets and liabilities do not include leases with a lease term of twelve months or less. Its leases generally do not provide a residual guarantee. The operating lease ROU asset also excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term.

The Company reviews the impairment of its ROU assets consistent with the approach applied for its other long-lived assets. The Company reviews the recoverability of its long-lived assets when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on its ability to recover the carrying value of the asset from the expected undiscounted future pre-tax cash flows of the related operations. The Company has elected to include the carrying amount of operating lease liabilities in any tested asset group and it includes the associated operating lease payments in the undiscounted future pre-tax cash flows.

As of March 31, 2026, the company does not have any current lease agreements exceeding 12 months.

**Share-based Compensation**

The Company recognize share-based compensation expense on a straight-line basis over the applicable requisite service period, based on the grand date fair value of the award. The fair value of shares issued for services is calculated by multiplying the number of shares issued with the stock price on the grant date.

**Commitments and Contingencies** 

From time to time, the Company is a party to various legal actions arising in the ordinary course of business. The majority of these claims and proceedings related to or arise from commercial disputes. The Company first determines whether a loss from a claim is probable, and if it is reasonable to estimate the potential loss. The Company accrues costs associated with these matters when they become probable, and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. Also, the Company discloses a range of possible losses, if a loss from a claim is probable but the amount of loss cannot be reasonably estimated, which is in line with the applicable requirements of Accounting Standard Codification 450. The Company's management does not expect any liability from the disposition of such claims and litigation individually or in the aggregate would have a material adverse impact on the Company's consolidated financial position, results of operations and cash flows.

**Recent Accounting Pronouncements**

In March 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity. The amendments in this Update require an entity involved in an acquisition transaction effected primarily by exchanging equity interests when the legal acquiree is a VIE that meets the definition of a business to consider the factors in paragraphs 805-10-55-12 through 55-15 to determine which entity is the accounting acquirer. The amendments in this Update are effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. The Company is currently in the process of evaluating the impact this amended guidance may have on its consolidated financial statements.

In April 2025, the FASB issued ASU 2025-04, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer. This Update is issued to reduce diversity in practice and improve the decision usefulness and operability of the guidance for share-based consideration payable to a customer in conjunction with selling goods or services. The amendments in this Update are effective for all entities for annual reporting periods (including interim reporting periods within annual reporting periods) beginning after December 15, 2026. Early adoption is permitted. The Company is currently in the process of evaluating the impact this amended guidance may have on its consolidated financial statements.

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. This Update is issued to establish the accounting for a government grant received by a business entity, including guidance for (1) a grant related to an asset and (2) a grant related to income. For public business entities, the amendments in this Update are effective for annual reporting periods beginning after December 15, 2028, and interim reporting periods within those annual reporting periods. The Company is currently in the process of evaluating the impact this amended guidance may have on its consolidated financial statements.

In April 2026, the FASB issued ASU 2026-1, Equity (Topic 505): Initial Measurement of Paid-in-Kind Dividends on Equity-Classified Preferred Stock. This Update is issued to provide authoritative guidance on how an issuer should initially measure paid-in-kind (PIK) dividends on equity-classified preferred stock. The amendments in this Update are effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. The Company is currently in the process of evaluating the impact this amended guidance may have on its consolidated financial statements.

Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future financial statements.

**3. Discontinued Operation**

On April 30, 2025, the Board resolved to discontinue the operations of Shandong Yunchu. Subsequently, on September 1, 2025, the Company disposed of its 100% equity interest in Promising Prospect HK Limited ("Promising HK") for nominal consideration. Promising HK holds the 100% equity interest in Shandong Yunchu through Jiayi Technologies and does not own any other operating assets of the Company.

The discontinued operation represents a strategic shift that has a major effect on the Company's operations and financial results, which trigger discontinued operations accounting in accordance with ASC 205-20-45. Results of operations related to the discontinued operations for the three months ended March 31, 2025 were retroactively reported as loss from discontinued operations. The results of discontinued operations for the three months ended March 31, 2025 are as follows:

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| | |
|:---|:---|
|  | **For the<br> Three Months<br> Ended<br> March 31,<br> 2025** |
| Operating expenses: |  |
| Selling and marketing expenses | $3506 |
| General and administrative expenses | 116944 |
| Total operating expenses | 120450 |
| Loss from discontinued operations | (120450) |
| Other income (expenses) |  |
| Other expenses | (31780) |
| Total other expenses | (31780) |
| Loss before income taxes | (152230) |
| Income taxes provision | - |
| Net loss from discontinued operations | $(152230) |

---

**4. Accounts Receivable, Net**

The Company extends credit terms of 15 to 60 days to the majority of its domestic customers, which include third-party distributors, supermarkets, and wholesalers.

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **March 31,<br> 2026** | **December 31, <br> 2025** |
|  | Unaudited | |
| Trade accounts receivable | $2406128 | $1149066 |
| *<u>Less: Allowance for credit losses</u>* | (1021309) | (939860) |
|  | $1384819 | $209206 |
| Allowance for credit losses |  |  |
| Beginning balance | $(939860) | $(873120) |
| Additions to allowance | (81449) | (66740) |
| Ending balance | $(1021309) | $(939860) |

---

The following table summarizes the Company's accounts receivable by aging bucket:

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| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| <br>**Accounts Receivable by aging bucket** | **March 31,<br> 2026** | **December 31,<br> 2025** |
| Less than 3 months | $1292359 | $217177 |
| From 4 to 6 months | 190895 | 18934 |
| From 7 to 12 months | 6392 | 1220 |
| From 1 to 2 years | 1880 | 3005 |
| From 2 to 3 years | 9917 | 10154 |
| Over 3 years | 904685 | 898576 |
| Total gross accounts receivable | 2406128 | 1149066 |
| Allowance for doubtful accounts | (1021309) | (939860) |
| Accounts Receivable, net | $1384819 | $209206 |

---

**5. Advances to Suppliers, Net**

Prepayments mainly include advance payment to suppliers and vendors to procure raw materials. Prepayments consist of the following:

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| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **March 31,<br> 2026** | **December 31, <br> 2025** |
|  | Unaudited | |
| Payment to suppliers and vendors | $1011661 | $987100 |
| Allowance for credit losses | (2569) | (2534) |
| **Total** | $1009092 | $984566 |

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**6. Inventories, Net**

Inventories consisted of the following as of March 31, 2026 and December 31, 2025**:**

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **March 31,<br> 2026** | **December 31, <br> 2025** |
|  | Unaudited | |
| Raw materials | $1124643 | $1087840 |
| Work in progress | 1100670 | 1216965 |
| Finished goods | 430325 | 451143 |
| Allowance for inventory reserve | (2045800) | (2017978) |
| **Total** | $609838 | $737970 |

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**7. Plant and Equipment, Net**

Plant and equipment consisted of the following as of March 31, 2026 and December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **March 31,<br> 2026** | **December 31, <br> 2025** |
|  | Unaudited | |
| At Cost: |  |  |
| &nbsp;&nbsp;&nbsp;Buildings | $5180673 | $5072328 |
| &nbsp;&nbsp;&nbsp;Machinery and equipment | 4096145 | 4040441 |
| &nbsp;&nbsp;&nbsp;Office equipment | 492041 | 485744 |
| &nbsp;&nbsp;&nbsp;Motor vehicles | 184977 | 182461 |
|  | 9953836 | 9780974 |
| *<u>Less: Accumulated depreciation</u>* | (5242354) | (4997672) |
|  | 4711482 | 4783302 |
| *<u>Less: Impairment</u>* | (132127) | (130330) |
|  | 4579355 | 4652972 |
| Construction in progress | - | 23909 |
|  | $4579355 | $4676881 |

---

Depreciation expense for the three months ended March 31, 2026 and 2025 was $175,486 and $152,413, respectively.

Impairment of plant and equipment movement is as follows:

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| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **March 31,<br> 2026** | **December 31, <br> 2025** |
|  | Unaudited | |
| Beginning balance | $130330 | $- |
| Addition | - | 126805 |
| Foreign currency translation adjustments | 1797 | 3525 |
| Ending balance | $132127 | $130330 |

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**8. Intangible Assets**

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **March 31,<br> 2026** | **December 31, <br> 2025** |
|  | Unaudited | |
| At Cost: |  |  |
| Land use rights | $758730 | $748412 |
| Software licenses | 52144 | 52980 |
| Trademark | 917679 | 905199 |
|  | $1728553 | $1706591 |
| *<u>Less: Accumulated amortization</u>* | (1027345) | (989280) |
|  | $701208 | $717311 |

---

Amortization expense for the three months ended March 31, 2026 and 2025 was $25,903 and $33,083, respectively.

As of March 31, 2026, the estimated future amortization expenses of the intangible assets were as follow:

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| | |
|:---|:---|
| **Twelve months ending March 31,** | **Amortization<br> expenses** |
| 2027 | $33792 |
| 2028 | 33792 |
| 2029 | 26545 |
| 2030 | 16396 |
| 2031 | 16396 |
| Thereafter | 574287 |
| Total | $701208 |

---

**9. Other Payables and Accrued Liabilities**

As of March 31, 2026 and December 31, 2025, the balance of other payable and accrued liabilities was $1,951,020 and $2,140,130 respectively. Other payables – third parties are those non-trade payables arising from transactions between the Company and certain third parties.

**10. Advance from Customer**

For our operations, the proceeds received from sales are initially recorded as advances from customers, which are usually related to unsatisfied ¥ performance obligations at the end of an applicable reporting period. As of March 31, 2026 and December 31, 2025, the outstanding balance of the advance from customers was $212,899 and $213,127 respectively. Due to the generally short-term duration of the relevant contracts, most of the performance obligations are satisfied in the following reporting period.

**11. Related Party Transactions**

As of March 31, 2026 and December 31, 2025, the outstanding balance due from related parties was $3,081,792 and $2,736,302, respectively. Outstanding balances of significant related parties are stated below:

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| | | | |
|:---|:---|:---|:---|
|  |  | **As of** | **As of** |
|  |  | **March 31,** | **December 31,** |
| **Amounts due from related parties:** |  | **2026** | **2025** |
|  |  | Unaudited |  |
| Hubei Shuang New Energy Technology Co., Ltd. | Mr. Haiyan Xiong owned 35% equity, withdrawn on March 7, 2025 | $276547 | $408975 |
| Mr. Haiyan Xiong | the management of the Jingshan Sanhe | 2762370 | 2278650 |
| Mr. Jun Lu | the management of the Jingshan Sanhe | 23539 | 23219 |
| Mr. Bin Zhang | the management of the Jingshan Sanhe | 19336 | 19073 |
| Mr. Yong Yang | the management of Fast Approach | - | 6385 |
| Total |  | $3081792 | $2736302 |

---

These nontrade receivables, as noted above, arise from transactions between the Company and certain related parties, such as loans to these related parties. These loans are unsecured, non-interest bearing and due on demand. Receivables from Mr. Haiyan Xiong mainly include advances to Mr. Haiyan Xiong for procurement of raw material and carriage.

As of March 31, 2026 and December 31, 2025, the outstanding balance due to related parties was $3,180,701 and $1,924,426, respectively. The balances represent advances for working capital needs of the Company, and are non-interest bearing and unsecured unless otherwise disclosed herein. Pursuant to a tripartite agreement dated March 20, 2026 among the Company, Ms. Luojie Pu and Mr. Bin Zhou, the balance of $872,803 previously owed to Ms. Luojie Pu was assumed by Mr. Bin Zhou and reclassified accordingly.

Outstanding balances of significant parties are stated below:

---

| | | | |
|:---|:---|:---|:---|
| |  | **As of** | **As of** |
| <br>**Amounts due to related parties:** |  | **March 31,**<br> **2026** | **December 31, <br> 2025** |
|  |  | Unaudited |  |
| Mr. Bin Zhou | Chief Executive Officer and Chairman of the Company | $2774471 | $628621 |
| Ms. Luojie Pu | Independent director of the Company; pursuant to a tripartite agreement dated March 20, 2026 among the Company, Ms. Luojie Pu and Mr. Bin Zhou, the balance owed to Ms. Luojie Pu was reclassified to Mr. Bin Zhou. | - | 872803 |
| Xianning Xiangtian Energy Co., Ltd. | Mr. Xin Chen, supervisor of Jingshan Sanhe, acts as legal representative | 72485 | 71499 |
| Ms. Huiying Jin | the management of the Xianning Bozhuang | 308779 | 304580 |
| Ms. Ye Zhang | the management of the Shanghai Shuning | 18575 | 18323 |
| Mr. Yong Yang | the management of Fast Approach | 6391 | - |
| Ms. Caiping Mao | Wife of Haiyan Xiong | - | 28600 |
| Total |  | $3180701 | $1924426 |

---

**12. Goodwill**

The changes in the carrying amount of goodwill by reportable segment are as follows**:** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Yunnan Yinuowei** <sup>(1)</sup>** | **Shengsili** <sup>(2)</sup>** | **Total** |
| **Balance as of December 31, 2025** | $- | $7005 | $7005 |
| Goodwill acquired | 8228 | - | 8228 |
| Foreign currency translation adjustments | - | 96 | 96 |
| **Balance as of March 31, 2026** | $8228 | $7101 | $15329 |

---

(1) On March 27, 2026, Yunnan Cuishanji acquired 51% of the equity interests in Yunnan Yinuowei for consideration of $5,397.

(2) On November 26, 2025, Bozhuang entered into a Share Purchase Agreements with shareholders of Hubei Shengsili,
to acquire 67% of the equity interests in Hubei Shengsili for consideration of $145.

**13. Bank Loans**

The outstanding balances on short-term and long-term bank loans consisted of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **As of** | **As of** |
| <br>**Lender** | <br>**Maturities** |<br>**Interest rate** | **March 31,**<br> **2026** | **December 31, <br> 2025** |
|  |  |  | Unaudited |  |
| Jingshan City branch of Postal Saving Bank of China | Due in January 2026 | 3.63% | $- | $914759 |
| Jingshan City branch of Postal Saving Bank of China | Due in February 2028 | 4.45% | 900261 | - |
| Jingshan City branch of Agricultural Bank of China | Due in March 2026 | 3.3% | - | 1136835 |
| Jingshan City branch of Agricultural Bank of China | Due in March 2027 | 3.0% | 1152508 | - |
| Hubei Jingshan Rural Commercial Bank Co. Ltd. | Due in March 2026 | 3.2% | - | 700690 |
| Hubei Jingshan Rural Commercial Bank Co. Ltd. | Due in March 2027 | 3.2% | 710351 | - |
| Jingmen Branch of Bank of China | Due in June 2026 | 3.0% | 1159756 | 1143985 |
| Hubei Jingshan Rural Commercial Bank Co. Ltd. | Due in June 2026 | 4.0% | 434909 | 428994 |
| Hubei Bank Jingshan Branch. | Due in December 2026 | 3.0% | 1014787 | 1000987 |
| Hubei Jingshan Rural Commercial Bank Co. Ltd. | Due in August 2026 | 4.58% | 289939 | 285996 |
| Chajiaduo supply chain Hubei co., Ltd | Due in February 2026 | - | - | 71499 |
| Mr. Wei Jin | Due in December 2025 | 12% | - | 71499 |
| Bank overdraft |  |  | 1859 | 785 |
| Total |  |  | $5664370 | $5756029 |

---

The loan from the Jingshan City branch of Postal Savings Bank of China was obtained to support general working capital, with no guarantee requirement for this loan.

The loan from the Jingshan City branch of Agricultural Bank of China was obtained to support general working capital, with a comprehensive guarantee provided by Mr. Bin Zhou and Hubei Bulaisi Technology Co., Ltd..

The loan from the Hubei Jingshan Rural Commercial Bank Co. Ltd. was obtained to support general working capital, with certain buildings and land use rights of Hubei Ruishengchang Industrial Co., Ltd. in the amount of RMB3.6 million (equivalent to $521,890) pledged as collateral, as well as comprehensive guarantee provided by Mr. Bin Zhou, Mr. Bin Zhang, senior management of the Company, Mr. Ge Wei, a third-party individual, Hubei Bulaisi Technology Co., Ltd. and Hubei Ruishengchang Industrial Co., Ltd., which is under control of Mr. Ge Wei.

The loan from Jingmen Branch of Bank of China was obtained to support general working capital, with no guarantee requirement for this loan.

The loan from Hubei Bank Jingshan Branch was obtained to support general working capital, with a comprehensive guarantee provided by Mr. Bin Zhang, his wife Ms. Shunhui Gao, and Hubei Bulaisi Technology Co., Ltd., which is under the company's control.

The loan from Chajiaduo Supply Chain Hubei Co., Ltd. was obtained to support general working capital, with no guarantee requirement.

The loan from Mr. Wei Jin was obtained to support general working capital, with no guarantee requirement.

Interest expense for the three months ended March 31, 2026 and 2025 was $49,144 and $22,512, respectively.

**14. Equity**

On August 29, 2025, the stockholders of the Company approved the 2025 Equity Incentive Plan (the "2025 Plan"), which provides that up to 7,000,000 shares of common stock, par value $0.001 per share, may be issued pursuant to grants of equity-based awards under the 2025 Plan. During the year ended December 31, 2025, the Company issued an aggregate of 6,950,000 shares of common stock to nine employees under the 2025 Plan for a fair value of $14,429,500. The fair value is determined based on the stock price on the grant date.

As of March 31, 2026, the number of common shares issued and outstanding was 14,232,714.

**15. Earnings (Loss) Per Share**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended**<br> **March 31,** | **For the Three Months Ended**<br> **March 31,** |
|  | **2026** | **2025** |
|  | Unaudited | |
| Income (loss) from continuing operations | $502855 | $(644672) |
| Loss from discontinued operations | $- | $(152230) |
| Income (loss) per share from continuing operations - Basic and diluted | $0.04 | $(0.09) |
| Loss per share from discontinuing operations-Basic and diluted | $- | $(0.02) |
| Basic and diluted weighted average shares outstanding | 14232714 | 7282714 |

---

**16. Concentrations**

*Customers Concentrations:*

The following table sets forth information about each customer that accounted for 10% or more of the Company's revenues for the three months ended March 31, 2025. For the three months ended March 31, 2026, no single customer accounted for more than 10% of the Company's total revenue.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
| | **2026** | **2026** | **2025** | **2025** |
| <br>**Customers** | **Amount** | **%** | **Amount** | **%** |
| A | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  | $207161 | 25 |
| B | $- |  | $86442 | 10 |

---

*Suppliers Concentrations*

The following table sets forth information about each supplier that accounted for 10% or more of the Company's purchase for the three months ended March 31, 2026 and 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
| | **2026** | **2026** | **2025** | **2025** |
| <br>**Suppliers** | **Amount** | **%** | **Amount** | **%** |
| A | $- | - | $350795 | 38 |
| B | $- | - | $229134 | 25 |
| C | $- | - | $128953 | 14 |
| D | $- | - | $91001 | 10 |
| E | $2600480 | 63 | $- | - |
| F | $1155769 | 28 | $- | - |

---

For the three months ended March 31, 2026, two suppliers (Supplier E and Supplier F) accounted for approximately 63% and 28% of the Company's total purchases, respectively, for a combined concentration of approximately 91%. The Company does not have long-term supply agreements with these suppliers. The loss of, or a significant reduction in purchases from, either of these suppliers could materially disrupt the Company's operations and adversely affect its financial condition and results of operations.

**17. Credit risk**

The Company's deposits are made with banks located in the PRC. Cash maintained in banks within the People's Republic of China of less than RMB0.5 million (equivalent to $72,485) per bank are covered by "deposit insurance regulation" promulgated by the State Council of the People's Republic of China. As of March 31, 2026 and December 31, 2025, the Company had $5,214,957 and $24,691, respectively, in cash balances held at PRC financial institutions that exceeded the applicable insured limits. There is no cash balances held at American or Cananda financial institutions that exceeded the applicable insured limits as of March 31, 2026 and December 31, 2025.

Since the Company's inception, the age of account receivables has been less than one year, indicating that the Company is subject to the minimal risk borne from credit extended to customers.

**18. Contingencies**

The Company records accruals for certain of its outstanding legal proceedings or claims when it is probable that liability will be incurred and the amount of loss can be reasonably estimated. The Company evaluates, on a quarterly basis, developments in legal proceedings or claims that could affect the amount of any accrual, as well as any developments that would make a loss contingency both probable and reasonably estimable. The Company discloses the amount of the accrual if it is material.

When a loss contingency is not both probable and estimable, the Company does not record an accrued liability but discloses the nature and the amount of the claim, if material. However, if the loss (or an additional loss in excess of the accrual) is at least reasonably possible, then the Company discloses an estimate of the loss or range of loss, unless it is immaterial or an estimate cannot be made. The assessment of whether a loss is probable or reasonably possible, and whether the loss or a range of loss is estimable, often involves complex judgments about future events. Management is often unable to estimate the loss or a range of loss, particularly where (i) the damages sought are indeterminate, (ii) the proceedings are in the early stages, or (iii) there is a lack of clear or consistent interpretation of laws specific to the industry-specific complaints among different jurisdictions. In such cases, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including eventual loss, fine, penalty or business impact, if any. The Company has analyzed its operations subsequent to March 31, 2026 to the date these unaudited condensed consolidated financial statements were issued and has determined that it does not have any material contingency events to disclose.

**19. Subsequent Events**

The Company evaluates subsequent events that have occurred after the balance sheet date but before the financial statements are issued. There are two types of subsequent events: (1) recognized, or those that provide additional evidence with respect to conditions that existed at the dates of the balance sheets, including the estimates inherent in the process of preparing financial statements, and (2) non-recognized, or those that provide evidence with respect to conditions that did not exist at the date of the balance sheet but arose subsequent to that date. The Company has analyzed its operations subsequent to March 31, 2026 to the date these unaudited condensed consolidated financial statements were issued, and has determined that other than described below, it does not have any material subsequent events to disclose.

On April 6, 2026, Hubei Shengsili signed a loan agreement with two third party companies, Shengsili (Hubei) Trading Co., Ltd. ("Shengsili Trading") and Dongyang Hongshuo Network Technology Co., Ltd. ("Dongyang Hongshuo"), to lend RMB10 million (equivalent to approximately $1.45 million) to Shengsili Trading as working capital for 60 days, with the maturity date on June 6, 2026. There is no interest and guarantee requirement for this loan. If Shengsili Trading fails to fully repay the loan within 60 days, the loan will be offset against the amount that Hubei Shengsili is obligated to pay to Dongyang Hongshuo.

**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS** 

We are headquartered in Flushing, New York. After a series of acquisitions and dispositions in 2026 and 2025, our primary business, which is carried out by Jingshan Sanhe, Xianning Bozhuang, Hubei Shengsili and Fast Approach Inc, includes the following operations:

● Manufacture and distribution of methanol fuel additives, alcohol based fuel, and diesel fuel;

● Manufacture and distribute black tea and green tea products; and

● Online advertising services.

**Results of Operations**

**Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025.**

The following discussion should be read in conjunction with the Company's unaudited condensed consolidated financial statements for the three months ended March 31, 2026 and 2025 and related notes.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | | |
| | **March 31,** | **March 31,** | **Increase /**<br>**Decrease** | **Increase /**<br>**Decrease** |
| <br>**(In Thousands of USD)** | **2026** | **2025** | **($)** | **(%)** |
| Net revenues | 6357 | 840 | 5517 | 657 |
| Cost of revenues | (442) | (785) | 343 | (44) |
| Promotion cost | (4385) |  | (4385) |  |
| Gross profit | 1530 | 55 | 1475 | 2682 |
| Operating expenses: |  |  |  |  |
| Selling and marketing expenses | 12 | 10 | 2 | 20 |
| General and administrative expenses | 951 | 650 | 301 | 46 |
| Research & Developing expenses | 13 | 17 | (4) | (24) |
| Operating income (loss) | 554 | (622) | 1176 | (189) |
| Interest expense | (49) | (22) | (27) | 123 |
| Other expense | (2) | (1) | (1) | 100 |
| Income (loss) before tax | 503 | (645) | 1148 | (178) |
| Income tax expense |  |  |  |  |
| Income (loss) from continuing operations | 503 | (645) | 1148 | (178) |
| Loss from discontinuing operations |  | (152) | 152 | (100) |
| Net income (loss) | 503 | (797) | 1300 | (163) |

---

*Net Revenues*. Our net revenues for the three months ended March 31, 2026 amounted to $6.36 million, reflecting an increase of approximately $5.52 million compared to $0.84 million for the three months ended March 31, 2025. This increase was attributable to our acquisition of Hubei Shengsili in November 2025 and the expanded enterprise sales distribution channel of our tea products for the three months ended March 31, 2026.

*Cost of Revenues*. During the three months ended March 31, 2026, we experienced a decrease in our cost of revenue of $0.34 million, in comparison to the three months ended March 31, 2025, from approximately $0.78 million to $0.44 million. This decrease was mainly due to a decrease in cost of revenue from sales of diesel products.

*<u>Promotion cost.</u>* During the three months ended March 31, 2026, we incurred promotion cost of $4.39 million in connection with sales of tea products by Hubei Shengsili, compared to $nil for the three months ended March 31, 2025.

*Gross Profit*. Our gross profit increased by approximately $1.47 million, to $1.53 million for the three months ended March 31, 2026 compared to $0.06 million for the three months ended March 31, 2025. Our gross margin increased by 17.6%, to 24.1% for the three months ended March 31, 2026 compared to 6.5% for the three months ended March 31, 2025. The increase in gross profit and gross margin was attributable to our acquisition of Hubei Shengsili and increased revenue, as discussed above.

<u>Operating Expenses</u> 

*Selling and Marketing Expenses.* Our selling and marketing expenses increased by $2,093, to $12,131 for the three months ended March 31, 2026 from $10,038 for the three months ended March 31, 2025. This increase was mainly due to the increase in shipping and delivery expenses and business travel and meals expense.

*General and Administrative Expenses.* Our general and administrative expenses for the three months ended March 31, 2026 increased by approximately $0.30 million, to $0.95 million compared to $0.65 million for the three months ended March 31, 2025. This increase was mainly due to an increase in audit expense of $0.21 million.

 

*Research and Development Expenses.* Our research and development expenses for the three months ended March 31, 2026 decreased by $3,956, to $12,382 compared to $16,338 for the three months ended March 31, 2025. This decrease was mainly due to a decrease in depreciation expense related to research equipment.

*<u>Net Income (Loss)</u>* 

Our net income was $0.50 million for the three months ended March 31, 2026, compared to a net loss of $0.80 million for the three months ended March 31, 2025. This change in net income was primarily attributable to the increase in revenue, as discussed above.

**Foreign Exchange Controls**

A significant portion of our cash is held in RMB by our PRC subsidiaries. The RMB is not freely convertible into foreign currencies. Under the PRC's foreign exchange regulations, payments of current account items, including profit distributions, interest payments, and trade and service-related foreign exchange transactions, can be made in foreign currencies without prior approval from the State Administration of Foreign Exchange ("SAFE") by complying with certain procedural requirements. However, approval from or registration with appropriate government authorities is required where RMB is to be converted into foreign currency and remitted out of China to pay capital expenses such as the repayment of loans denominated in foreign currencies. These restrictions could affect our ability to utilize our PRC cash balances to fund our offshore operations or to make dividends or other distributions to our holding company.

**Liquidity and Going Concern**

The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern; The Company has reported net income of $502,855 for the three months ended March 31, 2026. Its net cash provided by operating activities for the three months ended March 31, 2026 was $4,580,433. However, the Company had an accumulated deficit of $174,717,437 and a working capital deficit of $4,897,804 as of March 31, 2026.

These factors raise substantial doubt on the Company's ability to continue as a going concern. The accompanying unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company has recently expanded its sales and marketing efforts by engaging sales agents to promote its tea products and enhance market penetration. The Company believes this sales agent model enables it to improve its profit and cash flow. Management's plan for the Company's continued existence is dependent upon management's ability to execute its business plan and generate additional profits, Additionally, Management may need to continue to rely on private placements or other capital raising transactions or certain related parties to provide funding for investment, for working capital and general corporate purposes. If management is unable to execute its plan, the Company may become insolvent.

The following table provides detailed information about our net cash flow for all financial statement periods presented in this report.

**Cash Flows Data:**

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended<br> March 31** | **For the Three Months Ended<br> March 31** |
| <br>**(In thousands of U.S. dollars)** | **2026** | **2025** |
| Net cash flows provided by (used in) operating activities | 4580 | (345) |
| Net cash flows used in investing activities | (14) | (2) |
| Net cash flows provided by financing activities | 771 | 1296 |

---

<u>Operating Activities</u>

Net cash provided by operating activities was $4.58 million during the three months ended March 31, 2026, compared to $0.35 million used in operating activities during the three months ended March 31, 2025. This change was primarily due to the improvement in net income from continuing operations of $1.15 million, plus an increase in adjustments to reconcile net loss of $0.07 million, and changes in net operating assets and liabilities of $3.71 million.

<u>Investing Activities</u>

Net cash used in investing activities for the three months ended March 31, 2026 was $14,127, compared to $2,456 for the same period in 2025, which was primarily cash used for purchase of equipment.

<u>Financing Activities</u>

The net cash provided by financing activities was $0.77 million during the three months ended March 31, 2026, compared to $1.30 million for the same period in 2025. This change is attributed to an increase in the amount of repayments made under bank loans.

**Critical Accounting Estimates and Policies**

The preparation of financial statements in conformity with the United States generally accepted accounting principles requires our management to make assumptions, estimates, and judgments that affect the amounts reported in the financial statements, including the notes to that, and related disclosures of commitments contingencies, if any.

*Impairment of Long-lived Assets*

We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. This evaluation requires significant judgment, including the identification of the relevant asset group, the assessment of impairment indicators, and the determination of fair value when impairment is recognized. In estimating fair value, we consider factors such as the expected future utilization of production lines and equipment, market conditions, replacement cost, physical deterioration, and functional and economic obsolescence. As of March 31, 2026, our plant and equipment, net was approximately $4.58 million, and we recognized an impairment of $132,127. Accordingly, changes in our assumptions, including whether suspended or underutilized production assets are expected to return to service and the extent of future utilization, could materially affect the amount of any future impairment charges.

**Off-Balance Sheet Arrangements**

We do not have any off-balance arrangements.

**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

Not applicable.

**ITEM 4. CONTROLS AND PROCEDURES**

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in company reports filed or submitted under the Exchange Act is accumulated and communicated to management, including our Chief Executive Officer and our Chief Financial Officer, to allow timely decisions regarding required disclosure.

*Evaluation of Disclosure Controls and Procedures*

As required by Rules 13a-15 and 15d-15 under the Exchange Act, our Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of March 31, 2026. Based upon their evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) were not effective due to material weaknesses in our internal control over financial reporting, as reported in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

As a result, we performed additional analysis as deemed necessary to ensure that our unaudited condensed consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles. Accordingly, management believes that the unaudited condensed consolidated financial statements included in this Form 10-Q present fairly in all material respects our financial position, results of operations and cash flows for the period presented.

We do not expect that our disclosure controls and procedures will prevent all errors and all instances of fraud. Disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Further, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and the benefits must be considered relative to their costs. Because of the inherent limitations in all disclosure controls and procedures, no evaluation of disclosure controls and procedures can provide absolute assurance that we have detected all our control deficiencies and instances of fraud, if any. The design of disclosure controls and procedures also is based partly on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

*Changes in Internal Control Over Financial Reporting*

During the most recently completed fiscal quarter, there has been no change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

**PART II. OTHER INFORMATION**

**ITEM 1. LEGAL PROCEEDINGS**

On July 27, 2023, Daqi Cui, a former employee, filed a complaint against the Company in Queens County, the Supreme Court of the State of New York, asserting claims of breach of employment contract, seeking $609,145.05 in damages as well as attorneys' fees and costs. On November 6, 2023, the Company filed a motion to move the case to the United States District Courthouse, Eastern District of New York for an Order to dismiss with prejudice. On July 29, 2024, the complaint was dismissed by the Eastern District of New York. However, Plaintiff was granted leave to file an amended complaint within 30 days after entry of the order. Subsequently, the Plaintiff filed an amended complaint against the Company and the Company has moved to dismiss the amended complaint. On July 21, 2025, the motion to dismiss was denied by the Court.

On July 31, 2025, the Company filed an Answer to the amended complaint and asserted a counterclaim against the Plaintiff. The case subsequently proceeded to the discovery phase. In March and April 2026, the Plaintiff filed a motion to compel and a motion for sanctions. Concurrently, in April 2026, the Plaintiff's counsel filed a motion to withdraw as attorney, which resulted in the Court terminating certain deadlines and hearings pending resolution of the withdrawal motion. The Company intends to continue to vigorously defend against the Plaintiff's claims and pursue its counterclaim.

**ITEM 1A. RISK FACTORS**

Risk Factors that could cause our actual results to differ materially from those in this Quarterly Report are any of the risks described in the Company's registration statement on Form S3/A as filed with the SEC on April 2, 2026. Any of these factors could result in a significant or material adverse effect on our results of operations or financial condition. Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business or results of operations. As of the date of this Quarterly Report, there have been no material changes to the risk factors disclosed in the Company's registration statement Form S3/A as filed with the SEC on April 2, 2026.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

Not applicable.

**ITEM 3. DEFAULTS UPON SENIOR SECURITIES**

Not applicable.

**ITEM 4. MINE SAFETY DISCLOSURES**

Not applicable.

**ITEM 5. OTHER INFORMATION**

Not applicable.

**ITEM 6. EXHIBITS**

The following exhibits are filed as part of this report.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 31.1 | [Certification of Principal Executive Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\*](ea029052301ex31-1.htm) |
| 31.2 | [Certification of Principal Financial Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\*](ea029052301ex31-2.htm) |
| 32.1 | [Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.\*\*](ea029052301ex32-1.htm) |
| 32.2 | [Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.\*\*](ea029052301ex32-2.htm) |
| 101.INS | Inline XBRL Instance Document.\* |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document.\* |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document.\* |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document.\* |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document.\* |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document.\* |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).\* |

---

\* Filed herewith.

\*\* Furnished herewith.

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **PLANET GREEN HOLDINGS CORP.** | **PLANET GREEN HOLDINGS CORP.** |
| Date: May 15, 2026 | By: | /s/ Bin Zhou |
|  |  | Bin Zhou, Chief Executive Officer and Chairman<br> (Principal Executive Officer) |

---

---

| | | |
|:---|:---|:---|
| Date: May 15, 2026 | By: | /s/ Lili Hu |
|  |  | Lili Hu, Chief Financial Officer<br> (Principal Financial and Accounting Officer) |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this quarterly report has been signed by the following persons in the capacities and on the dates indicated.

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATIONS OF CHIEF EXECUTIVE OFFICER<br> PURSUANT TO SECTION 302**

I, Bin Zhou, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Planet Green Holdings Corp.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this
report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation;
and

d. Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's
most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing
the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information;
and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: May 15, 2026 | By: | /s/ Bin Zhou |
|  |  | Bin Zhou, |
|  |  | Chief Executive Officer and Chairman |
|  |  | (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATIONS OF CHIEF FINANCIAL OFFICER<br> PURSUANT TO SECTION 302**

I, Lili Hu, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Planet Green Holdings Corp.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this
report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation;
and

d. Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's
most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing
the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information;
and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: May 15, 2026 | By: | /s/ Lili Hu |
|  |  | Lili Hu,<br> Chief Financial Officer |
|  |  | (Principal Financial and Accounting Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO<br> 18 U.S.C. SECTION 1350<br> AS ADOPTED PURSUANT TO<br> SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Planet Green Holdings Corp. (the "Company") on Form 10-Q for the period ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned, in the capacities and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

1. The Report fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in
all material respects, the financial condition and results of operation of the Company.

---

| | | |
|:---|:---|:---|
| Date: May 15, 2026 | By: | /s/ Bin Zhou |
|  |  | Bin Zhou, |
|  |  | Chief Executive Officer and Chairman |
|  |  | (Principal Executive Officer) |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO<br> 18 U.S.C. SECTION 1350<br> AS ADOPTED PURSUANT TO<br> SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Planet Green Holdings Corp. (the "Company") on Form 10-Q for the period ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned, in the capacities and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to her knowledge:

1. The Report fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in
all material respects, the financial condition and results of operation of the Company.

---

| | | |
|:---|:---|:---|
| Date: May 15, 2026 | By: | /s/ Lili Hu |
|  |  | Lili Hu,<br> Chief Financial Officer |
|  |  | (Principal Financial and Accounting Officer) |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.