Since receiving the "Notice of Investigation" from the China Securities Regulatory Commission on May 20, 2019，Although more than a year has passed，Dan Yuancheng Environmental Co., Ltd. (hereinafter referred to as "188bet mobile login"，603388.SH) "No notification of progress or results has been received"。

188bet mobile login replied to the reporter of "China Business News"，The above events have not yet had a major impact on the company，However, if the case remains unresolved in the future or the uncertainty of the penalty result may have a certain impact on the company's development。

Other than that，188bet mobile login, which started out as a gardening business，The revenue share of leisure travel business shows an increasing trend，2017~2019，The revenue proportion of this business is 50.65%、54.44%、61.26%。

Meanwhile，The first phase 188bet mobile login Cangjie Temple Chinese Ancient Culture Park project is also progressing slowly。

To this，188bet mobile login，It expands the field of leisure tourism from the perspective of sustainable development，The Cangjie Temple Ancient Cultural Park project is affected by the application of the four project certificates and the handover of the site by Party A，Resulting in project progress being later than expected。

188bet mobile login growth fluctuates and declines

"188bet mobile login、Chengbang Shares and Hangzhou Garden，Three listed companies are registered in Hangzhou，Operating peers，Almost listed at the same time，But it has been on the market for three years，188bet mobile login have the lowest price-to-earnings ratio，Not favored by funds。”Previously，An investor once asked 188bet mobile login this question。

Questions about the company’s low price-to-earnings ratio，188bet mobile login responded to reporters，“Company development and capital market performance is a dynamic process，There may be completely different results in different stages and cycles”。its simultaneous expression，“The company’s current P/E ratio is lower than the industry average, which also indicates that the company has great potential”。

Except for the problem of low P/E ratio，As the first A-share listed company in the garden industry in Zhejiang Province，The performance of 188bet mobile login has attracted more market attention。

Wind data display，2017~2019，188bet mobile login’ revenue is 8.4.2 billion yuan、12.4.4 billion yuan、10.0.8 billion yuan，Growth rate is 54.33%、47.80%、-19.00%，Net profit attributable to parent company during the same period was 0.9.2 billion yuan、1.3.5 billion yuan、1.3.7 billion yuan，Growth rate is 73.05%、47.50%、0.87%。

Reasons for the large changes in revenue growth during the above period，188bet mobile login replied，On the one hand, it is because "the base number each year is different from the previous year，The smallest base in 2016，corresponds to the greater the growth rate in 2017”，Secondly，“The development environment of the industry varies slightly every year，The company will grasp the pace and pace of business development according to changes in the environment”。

Also，188bet mobile login also emphasized that，“The company’s operating data changes are consistent with changes in other companies in the industry”，its representation，2019，“More than half of the companies in the industry have experienced a decrease in revenue，More than 2/3 of net profits have declined，The company’s relevant data is not lower than the industry average”。

Tianfeng Securities research report also stated，“In 2019, the overall revenue growth rate 188bet mobile login industry turned from positive to negative to declining22.62%”，“The overall revenue 188bet mobile login industry continues to be under pressure under the impact 188bet mobile login epidemic”，Among 18 comparable listed garden companies，11 companies experienced revenue decline in 2019，There are only two companies with performance growth rates exceeding 20%。

Except for fluctuations in revenue growth，The revenue share of 188bet mobile login’s ecological landscape business has been declining continuously in recent years，The revenue share from 2017 to 2019 is 32.12%、28.15%、24.09%，The gross profit margin during the same period was 19.02%、17.44%、17.14%。

“Most ecological landscape projects rely solely on financial payments from local governments，Local government debt pressure has been greater in recent years。”188bet mobile login also expressed，The gross profit margin of this business changes within 2%，No major changes，Mainly "the specific projects carried out in each stage are different，The pricing methods agreed in different areas and contracts of each project are slightly different”。

Some projects are progressing slowly

While the proportion of ecological landscape revenue is declining，The proportion of leisure tourism revenue of 188bet mobile login is rising rapidly。

Wind data display，2017~2019，188bet mobile login’ leisure tourism business revenue accounted for 50% respectively.65%、54.44%、61.26%，As shown in its 2019 annual report，Achieve operating income of leisure tourism business of approximately 6.1.7 billion yuan，Gross profit margin is about 27.64%。

The reason why the proportion of leisure tourism business revenue continues to increase，188bet mobile login replied，Garden enterprises originally relied on government investment、Real Estate Investment，Real Estate Garden、Integrated development model of the industrial chain with dual-wheel drive as the core for municipal gardens，Facing unprecedented challenges under the superposition of economic structural transformation and other policies。

Also，Yuancheng Stock Name，With the cancellation of the previous garden special qualification，The landscape projects undertaken by gardening companies in the past have become increasingly large-scale、Integration、Trends such as integration of various majors，It expands the field of leisure tourism from the perspective of sustainable development，This business is also one of the three core businesses of 188bet mobile login。

Nevertheless，188bet mobile login 2019 Annual Report Display，The PPP project of Cangjie Temple Chinese Ancient Culture Park (Phase I) that he previously signed is progressing slowly，By the end of 2019 as disclosed in the annual report，The project has a completion percentage of only 16.18%。

The official website of Baishui County People’s Government where the project is located，The Cangjie Temple Chinese Ancient Cultural Park project is a key project carefully planned by Baishui County relying on the national cultural relics protection unit "Cangjie Temple and Tomb" and the national intangible cultural heritage "Cangjie Legend"，The first phase 188bet mobile login signed PPP project mainly constructs two large areas, Cangjie Temple Area and Shiguan Ancient Town，Area of ​​about 2157 acres，Investment estimate 15.800 million yuan。

Reasons for the slow progress of this project，188bet mobile login replied，On the one hand, the project progress is later than expected due to the processing of the four project certificates and the handover of Party A’s site，On the other hand, because "the project is implemented in PPP mode，Belongs to the company’s prudent business model”。

188bet mobile login also expressed，“Although the total investment of this project is relatively large，However, during project implementation, the implementation will be promoted according to sub-items and the investment will be recovered，And different sub-items need to meet certain prerequisites before they can be promoted，So from the perspective of the total investment of the project, the proportion of project completion is relatively small。”

188bet mobile login "Pending"

Other than that，188bet mobile login was also accused of insider trading by company executives，The case was opened for investigation by the China Securities Regulatory Commission and has not been concluded for more than a year, which has attracted market attention。

Set the time back to May 21, 2019，188bet mobile login announced at that time，He received Chairman Zhu Changren on that day，Vice Chairman、Written report from Yao Lihua, general manager and secretary of the board of directors，Both of them received the "Investigation Notice" from the China Securities Regulatory Commission on May 20, 2019: "due to suspicion of insider trading，According to the relevant provisions of the "Securities Law of the People's Republic of China"，I will decide to open a case and investigate you，Please cooperate。”

188bet mobile login announcement is displayed at the same time，It is based on the written report of Zhu Changren and Yao Lihua，The above-mentioned investigation is based on their being relevant parties to the first phase of the employee stock ownership plan of Zhejiang Yuancheng Garden Group Co., Ltd.，Suspected of insider trading in the purchase of company shares under the employee stock ownership plan，Open a case to investigate him。

Sky Eye Check Display，Zhu Changren is the largest shareholder of 188bet mobile login，Holding 34.79%，But its direct and indirect total holdings of 188bet mobile login are 42.25% equity，is the ultimate beneficiary。

The investigation into the above-mentioned executives has not been concluded yet，188bet mobile login replied，After receiving the notification，It attaches great importance to and promptly discloses the status of the case，Since the filing of the case in May 2019 to date，The company has made multiple written requests to relevant departments for comprehensive review、Objective investigation and closure of the case as soon as possible。

“However, the company and relevant parties have not received notification of progress or results，It has not had a major impact on the company yet，However, if the case remains unresolved in the future or the uncertainty of the punishment result may have a certain impact on the company’s development”。188bet mobile login said so。

188bet mobile login also emphasized in the reply，“The above two people did not privately purchase or control other people’s accounts to purchase related stocks，The two persons suspected of insider trading were mainly involved in purchasing company shares in the company’s 2017 employee stock ownership plan account as share holders of the stock ownership plan，Relevant investigation departments believe that the stock ownership plan may be involved in the decision-making stock ownership plan account to buy stocks during sensitive periods such as the semi-annual performance report，The company and relevant parties respect the investigation of the relevant departments，I also hope that relevant conclusions and cases can be concluded as soon as possible”。

“First of all, this is personal，What will happen next，Because there is no public result，It’s not convenient for me to say now”。The relevant person in charge of 188bet mobile login Co., Ltd. also told reporters，"Our request is to close the case as soon as possible"。

It’s worth noting，In the "Possible Risks" of 188bet mobile login' 2019 Annual Report，"Company Chairman、The impact of uncertainty caused by the unresolved investigation of the general manager” is also among them，"We will try our best to make relevant plans according to the development of the matter，Avoid significant impact on the company’s operations”。

*Source of 188bet mobile login article: China 188bet mobile login News, author:Fang Chao, Tong Haihua,Original title：《Revenue growth has declined for two consecutive years, 188bet mobile login increase its investment in leisure travel business》.