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Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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Equity Bottom-Up

Greenland Technologies Holdi / Equity Bottom-Up

<div><div><div><ul style="list-style-type: disc;"><li><p>Greenland Technologies announced it has won a bid from the Port of Baltimore to help facilitate the Port’s plan to electrify its operating equipment.</p></li><li><p>This will include sales of the HEVI GEL-5000, a five-ton rated all-electric wheeled front loader with a nine-hour operating cycle and a two-hour rapid charge time.</p></li><li><p>The first major sales win for HEVI, and one that we expect will accelerate product adoption. </p></li></ul></div></div></div>

Greenland Technologies announced it has won a bid from the Port of Baltimore to help facilitate the Port’s plan to electrify its operating equipment.This will include sales of the HEVI GEL-5000, a five-ton rated all-electric wheeled front loader with a nine-hour operating cycle and a two-hour rapid charge time.The first major sales win for HEVI, and one that we expect will accelerate product adoption. 

Update Note - Greenland Technologies Holding Corp.

Thematic (Sector/Industry)

<ul><li>The WTR Sustainable Index underperformed the broader market, falling 3.6% W/W versus the S&amp;P 500 Index (down 1.3%) and the Nasdaq Index (down 1.4%), but in line with the Russell 2000 Index (down 3.6%).</li><li>Energy Technology (14.9% of the index) contributed to the index’s underperformance, falling 3.7%, while Industrial Climate and Ag Technology (6.5% of the index) was down 2.4%, ClimateTech Mining was down 3.7% and Advanced Transportation Solutions was down 5.3%.</li><li>Top 10 Performers: ALLIF, NILI, GTEC, HYSR, FE, ETL, LNZA, LBNK, NGPHF, FNI</li></ul>

The WTR Sustainable Index underperformed the broader market, falling 3.6% W/W versus the S&amp;P 500 Index (down 1.3%) and the Nasdaq Index (down 1.4%), but in line with the Russell 2000 Index (down 3.6%).Energy Technology (14.9% of the index) contributed to the index’s underperformance, falling 3.7%, while Industrial Climate and Ag Technology (6.5% of the index) was down 2.4%, ClimateTech Mining was down 3.7% and Advanced Transportation Solutions was down 5.3%.Top 10 Performers: ALLIF, NILI, GTEC, HYSR, FE, ETL, LNZA, LBNK, NGPHF, FNI

Weekly Sustainable Investing Surveyor - Week Ended September 8, 2023

<ul><li>Reported EPS of $0.18 on revenues of $3.6 million, up from $0.13 in 2Q22 and $0.11 in 1Q23.</li><li>The performance was driven by increased traction in the recovering China/Asian market and higher-margin products contributing more to the overall revenue mix.</li><li>Excluding the impact of FX headwinds, revenues would have been up 19% Y/Y.</li></ul>

Reported EPS of $0.18 on revenues of $3.6 million, up from $0.13 in 2Q22 and $0.11 in 1Q23.The performance was driven by increased traction in the recovering China/Asian market and higher-margin products contributing more to the overall revenue mix.Excluding the impact of FX headwinds, revenues would have been up 19% Y/Y.

Greenland Technologies Holding Corp. - Strong 2Q Results as Transmission Business Accelerates

<div><div><div><div><ul style="list-style-type: disc;"><li><p>Greenland Technologies President and CEO Raymond Wang joined WTR’s Tim Regan and Graham Mattison for a discussion of the company’s transmission business and its evolution to selling all-electric powered industrial equipment in the US through its HEVI division.</p></li><li><p>Here are a number of highlights from our podcast episode.</p></li><li><p>All-electric HEVI front loaders and excavators match a comparable diesel's performance. </p></li></ul></div></div></div></div>

Greenland Technologies President and CEO Raymond Wang joined WTR’s Tim Regan and Graham Mattison for a discussion of the company’s transmission business and its evolution to selling all-electric powered industrial equipment in the US through its HEVI division.Here are a number of highlights from our podcast episode.All-electric HEVI front loaders and excavators match a comparable diesel's performance. 

CLIMATETECH & SUSTAINABLE INVESTING - Greenland Technologies Holding Corp.

<ul><li>GTEC CEO Raymond Wang has purchased 66,500 shares in the open market at a cost of $1.50 per share, with the Form 4 filing made after the close on May 23.</li><li>The shares acquired represent slightly more than one half a percent of the total shares outstanding and have increased the CEO’s ownership by more than 55%.</li><li>We note that these shares are not part of an incentive program or corporate grant.</li></ul>

GTEC CEO Raymond Wang has purchased 66,500 shares in the open market at a cost of $1.50 per share, with the Form 4 filing made after the close on May 23.The shares acquired represent slightly more than one half a percent of the total shares outstanding and have increased the CEO’s ownership by more than 55%.We note that these shares are not part of an incentive program or corporate grant.

Greenland Technologies Holding Corp. - Pen Market Purchase by CEO Shows Confidence in Outlook

China

Greenland Technologies Holding Corporation operates in China.

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Greenland Technologies Holdi (GTEC US)

Update Note - Greenland Technologies Holding Corp.

Greenland Technologies announced it has won a bid from the Port of Baltimore to help facilitate the Port’s plan to electrify its operating equipment.

Water Tower Research

Weekly Sustainable Investing Surveyor - Week Ended September 8, 2023

The WTR Sustainable Index underperformed the broader market, falling 3.6% W/W versus the S&P 500 Index (down 1.3%) and the Nasdaq Index (down 1.4%)

Water Tower Research

Greenland Technologies Holding Corp. - Strong 2Q Results as Transmission Business Accelerates

The performance was driven by increased traction in the recovering China/Asian market and higher-margin products contributing more to the overall...

Water Tower Research

CLIMATETECH & SUSTAINABLE INVESTING - Greenland Technologies Holding Corp.

Greenland Technologies President and CEO Raymond Wang joined WTR’s Tim Regan and Graham Mattison for a discussion of the company’s transmission...

Water Tower Research

Greenland Technologies Holding Corp. - Pen Market Purchase by CEO Shows Confidence in Outlook

GTEC CEO Raymond Wang has purchased 66,500 shares in the open market at a cost of $1.50 per share, with the Form 4 filing made after the close on...

Water Tower Research

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