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olivLaw · US equity research

Planet Green Holdings Corp. PLAG

Canned, Frozen & Preservd Fruit, Veg & Food Specialties · SIC 2030 · Vertical: Food products (SIC 203x)

0.37USD−0.35% · 1 dayClose 04 Nov 2026

Planet Green Holdings is a Nevada holding company with operations in China and Canada, active in fermented dark tea, online advertising and, until recently, chemical fuels. The company is in deep transition, with revenues falling in 2025 and a major net loss, but with strong growth in tea sales in the first half of 2026. The going concern situation nevertheless remains marked by significant uncertainty.

At the close of 04 Nov 2026, Planet Green Holdings Corp. (PLAG) stock was 0.37 USD (−0.35% on the day), with market capitalisation 5.2 m USD, beta 0.18, 52-week range 0.34–5.81 USD. Latest reported quarter (Q2 2026): revenue of 790.2 k USD (+25,146.1% YoY), net income of -906.2 k USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
5.2 m USD
shares as of 14 Aug 2026
P/E (TTM)
unavailable
Diluted EPS TTM -0.87 · TTM to 31 Dec 2024
E/P (TTM)
-235.41%
TTM to 31 Dec 2024
Dividend yield
unavailable
Beta (2y)
0.18
Volatility (1y) 328%
52-week range
0.345.81

Price history

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Technical reading

RSI (14)
32.8
weak (30–45)
Bollinger (20, 2)
0.23 – 0.77
in the lower half of the band · %B 0.25 · band width 107.4%
SMA 50 / 200
0.62 / 1.55
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.09 / -0.09
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−50.8%−1.1%−49.7 pp—
3 months−37.5%−0.5%−37.1 pp—
6 months−82.3%+4.4%−86.7 pp—
Year to date−83.2%+12.3%−95.5 pp—
1 year−78.9%+13.5%−92.5 pp−4.2%
3 years−93.2%+76.4%−169.6 pp−32.4%
5 years−97.3%+63.7%−160.9 pp—
Max drawdown (1y)
−94.1%
11 Aug 2026 → 30 Oct 2026
Max drawdown (5y)
−97.6%
15 Nov 2021 → 30 Oct 2026
Compound annual growth (5y)
−51.3%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
790.2 k USD
+25,146.1% YoY
Net income
-906.2 k USD
unavailable YoY
Diluted EPS
unavailable
unavailable YoY
net / operating
-114.7% / -146.9%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue1.5 m938.6 k840.3 k3.1 k771.6 k521.7 k6.4 m790.2 k
Cost of revenue1.4 m830.5 k785.5 k1.7 k743.3 k512.4 k442.4 k733.4 k
Gross profit95.9 k108.1 k54.9 k1.5 k28.3 k9.2 k1.5 m-703.3 k
Research & development13.9 k13.7 k16.3 k20.1 k17.4 k16.3 k12.4 k836
Operating income-405.2 k-882.7 k-621.5 k-295.2 k-3.4 m-13.1 m554.3 k-1.2 m
Depreciation & amortisation527.2 k ≈—217.1 k—————
Interest expense20.5 k23.6 k22.5 k2.2 k48.5 k47.4 k49.1 k303
Pre-tax income-329.2 k-970.4 k-644.7 k-302.7 k-3.4 m-13.1 m502.9 k-1.2 m
Income tax————11.3 k9—8.8 k
Net income-1.2 m-3.3 m-796.9 k-773.6 k-12.1 m-13.3 m311.9 k-906.2 k
Diluted EPS-0.16 ≈-0.46 ≈——————
Operating cash flow948.0 k ≈377.0 k-345.3 k-1.7 m ≈697.5 k ≈-457.1 k4.6 m-5.1 m ≈
Capex52 ≈-6.4 k2.5 k7 ≈11 ≈2.4 k——

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year2018⚠ 2019202020212022⚠ 202320242025
Revenue6.8 m1.1 m3.6 m37.8 m44.8 m17.7 m4.7 m3.0 m
Revenue YoY+33.6%—+228.9%+937.9%+18.5%—−73.4%−35.2%
Net income16.8 m2.9 m-11.1 m-10.0 m-25.8 m-20.8 m-7.3 m-27.0 m
Net income YoYunavailable—−475.0%unavailableunavailable—unavailableunavailable
Diluted EPS6.91-0.81-1.09-0.39-0.43-0.29unavailableunavailable
Diluted EPS YoYunavailable—unavailableunavailableunavailable—unavailableunavailable
net %246.5%266.4%-303.7%-26.5%-57.7%-118.0%-156.2%-887.2%
Free cash flow-14.6 m-6.0 m-4.2 m-1.9 munavailable-5.3 m810.6 k-1.8 m

The series breaks before 2019, 2023: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
15.8 k USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
-2.2 m USD
Total assets
11.3 m USD
Debt / equity
unavailable
Current ratio
0.58x
ROE
unavailable
ROA
-146.8%
FCF margin
-58.9%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
17.7 m
2024
4.7 m
2025
3.0 m

SEC (XBRL)· 31 Mar 2026verified

Cost of revenue
2023
16.1 m
2024
4.1 m
2025
2.9 m

SEC (XBRL)· 31 Mar 2026verified

Gross profit
2023
1.6 m
2024
554.6 k
2025
100.9 k

SEC (XBRL)· 31 Mar 2026verified

Research & development
2023
54.9 k
2024
57.1 k
2025
70.2 k

SEC (XBRL)· 31 Mar 2026verified

Operating income
2023
-6.6 m
2024
-2.6 m
2025
-17.6 m

SEC (XBRL)· 31 Mar 2026verified

Depreciation & amortisation
2023
1.8 m
2024
—
2025
—

SEC (XBRL)· 01 Apr 2024verified

EBITDA
2023
-4.7 m ≈
2024
—
2025
—

SEC (XBRL)· 11 Apr 2025derived

Interest expense
2023
10.7 k
2024
70.5 k
2025
155.5 k

SEC (XBRL)· 31 Mar 2026verified

Pre-tax income
2023
-18.2 m
2024
-2.6 m
2025
-17.8 m

SEC (XBRL)· 31 Mar 2026verified

Income tax
2023
35.3 k
2024
—
2025
11.3 k

SEC (XBRL)· 31 Mar 2026verified

Net income
2023
-20.8 m
2024
-7.3 m
2025
-27.0 m

SEC (XBRL)· 31 Mar 2026verified

Diluted EPS
2023
-0.29
2024
—
2025
—

SEC (XBRL)· 01 Apr 2024verified

Weighted average diluted shares
2023
7.3 m
2024
7.3 m
2025
8.1 m

SEC (XBRL)· 31 Mar 2026verified

Balance sheet · USD

Cash
2023
270.3 k
2024
48.4 k
2025
15.8 k

SEC (XBRL)· 14 Aug 2026verified

Receivables
2023
3.0 m
2024
56.3 k
2025
134.3 k

SEC (XBRL)· 14 Aug 2026verified

Inventories
2023
1.4 m
2024
851.7 k
2025
599.3 k

SEC (XBRL)· 14 Aug 2026verified

Current assets
2023
22.4 m
2024
14.9 m
2025
7.9 m

SEC (XBRL)· 14 Aug 2026verified

Property, plant & equipment, net
2023
12.3 m
2024
5.0 m
2025
4.8 m

SEC (XBRL)· 31 Mar 2026verified

Goodwill
2023
4.7 m
2024
4.7 m
2025
7.0 k

SEC (XBRL)· 31 Mar 2026verified

Intangibles (excl. goodwill)
2023
980.0 k
2024
819.1 k
2025
709.2 k

SEC (XBRL)· 14 Aug 2026verified

Total assets
2023
42.6 m
2024
25.4 m
2025
11.3 m

SEC (XBRL)· 14 Aug 2026verified

Accounts payable
2023
3.0 m
2024
1.9 m
2025
1.5 m

SEC (XBRL)· 14 Aug 2026verified

Short-term debt
2023
—
2024
—
2025
—

SEC (XBRL)· 31 Mar 2022verified

Long-term debt
2023
3.8 m
2024
411.0 k
2025
—

SEC (XBRL)· 11 Apr 2025verified

Current liabilities
2023
23.2 m
2024
13.3 m
2025
13.5 m

SEC (XBRL)· 14 Aug 2026verified

Total liabilities
2023
23.2 m
2024
13.7 m
2025
13.5 m

SEC (XBRL)· 14 Aug 2026verified

Equity
2023
19.4 m
2024
11.7 m
2025
-2.2 m

SEC (XBRL)· 31 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
-5.3 m
2024
811.8 k
2025
-1.8 m

SEC (XBRL)· 31 Mar 2026verified

Capex
2023
26.4 k
2024
1.2 k
2025
4.8 k

SEC (XBRL)· 31 Mar 2026verified

Free cash flow
2023
-5.3 m ≈
2024
810.6 k ≈
2025
-1.8 m ≈

SEC (XBRL)· 31 Mar 2026derived

Investing cash flow
2023
2.5 m
2024
190
2025
-4.3 k

SEC (XBRL)· 31 Mar 2026verified

Financing cash flow
2023
2.9 m
2024
-837.6 k
2025
1.7 m

SEC (XBRL)· 31 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-35.2%
computed by olivLawFY 2025
Revenue CAGR 3Y
-59.2%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
-3.5%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
input data missing
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
-321.0%
computed by olivLawFY 2025

Profitability

Gross margin
10.2%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
unavailable
input data missing
EBIT margin
-201.8%
computed by olivLawTTM to 30 Jun 2026
Net margin
-308.0%
computed by olivLawTTM to 30 Jun 2026
FCF margin
-2.9%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-706.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-152.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
equity is negative: buybacks shrink the invested capital and ROIC would come out large without meaning anything
ROCE
unavailable
insufficient data
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
-117.2x
computed by olivLawTTM to 30 Jun 2026

Liquidity

Current ratio
0.3x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
0.2x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
0.0x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-237.2 k USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
4.8 k USD
computed by olivLawFY 2025
Free cash flow
-242.0 k USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
8 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
122 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
380 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cash conversion cycle
-250 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

Market and valuation

Market capitalisation
5.2 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-495.5%
computed by olivLawTTM to 30 Jun 2026
P/B
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
P/S
0.6x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-4.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 5 of at least 6
  • score weight coverage: 33.3% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

0.37 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 5.2 m USD

Key indicators

Market capitalisation
5.2 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
EV/EBITDA
unavailable
input data missing
ROE
-706.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-308.0%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
-35.2%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

32/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 14 Aug 2026
Source: SEC (XBRL)published 14 Aug 2026
verified 2331derived 195

Score by group

33% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Food products (SIC 203x)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-308.0%0 (vs peers)19%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-59.2%0 (on a fixed band)25%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-117.2x0 (on a fixed band)19%
Current ratio · Balance sheet0.3x0 (on a fixed band)13%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-4.6%0 (on a fixed band)25%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet0/100 · 2/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality· partial0/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

PLANET GREEN HOLDINGS CORP. (PLAG). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 3.0 m USD in 2025; YoY growth -35.2%; net margin -308.0%; ROE -706.0%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

What contradicts it

  • Net margin: -308.0%
  • Revenue CAGR 3Y: -59.2%
  • Interest coverage: -117.2x
  • Current ratio: 0.3x
  • FCF yield: -4.6%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Food products (SIC 203x) · same industry group (3-digit SIC) · compared with 7 companies

Multiples and returns vs the median

P/E
—
vertical median 30.8x
EV/EBITDA
—
vertical median —
P/S
0.6x
vertical median 1.2x
below median (−48.0%)
P/B
—
vertical median 2.5x
ROE
-706.0%
vertical median 3.9%
below median (−18,061.0%)
Net margin
-308.0%
vertical median 2.5%
below median (−12,389.4%)
EBIT margin
-201.8%
vertical median 7.8%
below median (−2,686.3%)
Revenue YoY
-35.2%
vertical median 2.5%
below median (−1,510.7%)
Net debt/EBITDA
—
vertical median 0.6x
Dividend yield
—
vertical median 3.5%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
KHCKraft Heinz Co30.1 bn—-9.0%-14.0%−3.5%−0% / −28%
SJMJ M SMUCKER Co14.1 bn61.63.9%2.5%+3.7%+27% / +21%
LWLamb Weston Holdings, Inc.7.8 bn30.814.2%3.8%+2.5%−4% / −43%
MZTIThe Marzetti Company3.1 bn17.716.8%9.1%+1.1%−33% / −32%
BRFHBarfresh Food Group Inc.8.8 m—-364.2%-17.9%+32.6%−83% / −61%
PLAGPlanet Green Holdings Corp.5.2 m—-706.0%-308.0%−35.2%−79% / −93%
FAMIFarmmi, Inc.538.9 k—-36.1%-189.8%−56.4%−94% / −99%
SENEASeneca Foods Corporation——12.2%5.6%+8.2%+21% / +200%

1- and 3-year price returns: for PLAG from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Planet Green Holdings is a Nevada holding company with operations in China and Canada, active in fermented dark tea, online advertising and, until recently, chemical fuels. The company is in deep transition, with revenues falling in 2025 and a major net loss, but with strong growth in tea sales in the first half of 2026 12. The going concern situation nevertheless remains marked by significant uncertainty 12.

    SWOT

    Strengths

    • The company has an integrated tea production process, from sourcing to distribution, with quality control at critical stages 1.
    • Proprietary techniques for reshaping tea bricks offer a convenience advantage without sacrificing authenticity 1.
    • The network of sales agents allows distribution to expand with modest fixed costs in regions without a direct presence 12.

    Weaknesses

    • Large net losses and high general and administrative expenses in 2025 point to a cost structure that is hard to sustain without revenue growth 1.
    • Gross margins turned negative in the second quarter of 2026 because of promotion costs, indicating dependence on marketing spend 2.
    • There is significant uncertainty about going concern, with a working capital deficit and debt high relative to assets 1.

    Opportunities

    • Integrating recent acquisitions and expanding the enterprise sales channel could support tea revenue growth 2.
    • Demand for small formats and gifts could open new market segments for existing products 1.
    • If margins stabilise, reducing reliance on promotion costs could improve results over the medium term 2.

    Threats

    • Chinese rules on overseas listings and oversight of China-based companies could limit access to capital 1.
    • Fragmented competition and low entry barriers can pressure prices and reduce profitability 1.
    • Currency restrictions on moving funds out of China could limit the use of cash for operations outside the country 2.

    Risks

    • Going concernhigh

      Auditors and management flag major uncertainty about the company's ability to continue operating, with funding dependent on private placements and related parties 1.

    • Liquidity and debthigh

      The debt-to-assets ratio rose sharply in 2025 and available liquidity is limited, which could force the company to seek alternative financing on unfavourable terms 1.

    • Chinese regulationhigh

      Rapid changes in Chinese policy on overseas listings and data security could affect operations or the value of the shares 1.

    • Margins under pressuremedium

      High promotion costs led to negative gross margins in the second quarter of 2026, and sustaining sales could require continued spending 2.

    • Currency restrictionsmedium

      Moving funds from China to the US holding company is subject to foreign exchange procedures, which could limit dividends and funding of foreign operations 12.

    Investment thesis

    What would need to be true (bull case)

    • If tea sales from the second quarter of 2026 are maintained and promotion costs fall, the company could show solid revenue growth and a recovery in margins.
    • Integrating Hubei Shengsili and expanding the agent network could build a broader distribution position in the tea segment.
    • Disposing of the chemical business could simplify the structure and focus resources on tea and advertising.

    What would break the thesis

    • If losses and liquidity pressure continue, the company could remain dependent on additional financing on costly terms.
    • Revenue growth in 2026 relies largely on heavy promotion spending, which could leave sales unprofitable.
    • Chinese regulation and currency restrictions could limit the company's ability to use and transfer cash from China.

    What to watch

    • Trend in gross margin and promotion costs in teaQ3 2026
    • Cash movements and financing supporting going concernnext 10-K
    • Contribution of online advertising to revenue after new acquisitions2027
    • Effect of Chinese regulation on listing and operations2027

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    Planet Green Holdings Corp. is headquartered in Flushing, New York, and is a Nevada holding company operating through subsidiaries in China and Canada 1. According to its reports, its activities include consumer products, chemical products and online advertising 1. In 2026, the main operations are the production and distribution of black and green tea and online advertising services, carried out through Xianning Bozhuang, Hubei Shengsili and Fast Approach Inc 2.

    Segments

    Tea products

    The main segment is the production of dark tea, especially compressed brick tea known as Qingzhuan, with processing, controlled fermentation and distribution through direct sales, third-party distributors and sales agents 1. In the first half of 2026, tea sales rose substantially after the acquisition of Hubei Shengsili, but were accompanied by high promotion costs 2.

    Online advertising

    Online advertising services were a revenue line in 2025 that declined year on year, but they contributed to growth in second-quarter 2026 revenue alongside tea 12. The segment remains smaller than tea, and its exact contribution is not detailed in the available sources 2.

    Chemical products (discontinued)

    The fuel and fuel additive business run through Jingshan Sanhe declined in 2025 and was disposed of in June 2026 together with Bless Chemical 12. It no longer appears in the company's continuing operations 2.

    Market context

    The Chinese tea market is highly competitive and fragmented, especially in the dark tea segment, with many regional producers and no dominant national leader 1. E-commerce and networks of sales agents have become increasingly important channels for reaching the market 12. Demand for smaller formats, gifts and convenient products is a factor shaping competition 1.

    Trends

    • Expansion of the distribution networkmixed

      The company expanded sales through commissioned agents, which drove rapid revenue growth but also high promotion costs that eroded margins 12.

    • Demand for convenient productstailwind

      Miniature formats and easy-to-brew products respond to modern consumer preferences, which could support sales if margins stabilise 1.

    • Chinese regulationheadwind

      Chinese authorities can change rules on overseas listings and data security quickly, which could affect the company if enforcement extends to it 1.

    • Fragmented competitionheadwind

      Entry barriers are relatively low in local markets, which keeps pressure on prices and margins 1.

    Competitive position

    The company competes with established producers and brands in Hubei, Hunan, Guangxi and Yunnan, many with long histories and recognised origins, as well as small local processors and family workshops 1. Larger competitors have advantages of scale in sourcing, vertical integration and distribution 1. Planet Green differentiates through proprietary techniques for reshaping tea bricks that improve ease of use 1.

    In advertising and fuels, competition is also intense, with pressure on prices and on project profitability 1. The lack of a dominant position in any niche limits the company's pricing power 1.

    • Regional tea producers in Hubei and Hunan

      Traditional producers with recognised origin and well-established distribution networks 1.

    • Tea brands in Yunnan and Guangxi

      Competitors with long experience in fermented tea, scale advantages and strong brands 1.

    • Local processors and family workshops

      Small players competing on flexible pricing and direct customer relationships 1.

    • Online tea sellers

      A competitive sales channel that can attract customers with prices and fast offers 1.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    SEC filings

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Planet Green Holdings Corp. · 31 Mar 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Planet Green Holdings Corp. · 14 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Planet Green Holdings Corp. · 21 Nov 2011

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.