GTEC // Greenland Technologies Holding Corporation (Class A)

Industrials • Industrial Machinery/Components

$0.58 ▼ -0.07 (-10.75%)

MKT CAP: $15.4M • VOL: 555.5K

52W L $0 52W H $2

ALTMAN Z

2.16 GREY

PIOTROSKI

7 / 9

GTEC // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NASDAQ

GTEC // Greenland Technologies Holding Corporation (Class A)

GROSS MARGIN

31.4%

OP MARGIN

8.3%

ROIC %

9.1%

MKT CAP

$15.4M

UPSTREAM INPUTS ──► GTEC OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
GTEC ★	Greenland Technologies Holding Corporation (Class A)	$0.58	$15.4M	31.4%	8.3%	9.1%	—	+8.0%	SUBJECT ISSUER
CAT	Caterpillar Inc.	$613.62	$282.07B	82.2%	17.5%	21.1%	20.9x	+18.4%	GTEC VS CAT <GO>
RTX	RTX Corporation	$202.79	$273.65B	—	10.5%	7.2%	26.5x	+9.7%	GTEC VS RTX <GO>
TMO	Thermo Fisher Scientific Inc	$682.65	$252.93B	—	17.4%	9.3%	30.4x	+3.9%	GTEC VS TMO <GO>
UNP	Union Pacific Corporation	$307.00	$182.43B	—	40.2%	20.1%	15.3x	+1.1%	GTEC VS UNP <GO>
DE	Deere & Company	$667.60	$180.00B	—	13.4%	9.3%	27.9x	-11.7%	GTEC VS DE <GO>