UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

 Washington, D.C. 20549

 FORM 10-K

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

 For the fiscal year ended: December 31, 2024

 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: 001-34449

 PLANET GREEN HOLDINGS CORP.

 (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 st Ave, Suite 512

 Flushing, NY 11354

 (Address of principal executive office and zip
code)

 (718) 799-0380
 (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: None

 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

 Non-accelerated filer

 Smaller reporting company

 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.

 If securities are registered pursuant to Section 12(b) of the Act,
indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to
previously issued financial statements.

 Indicate by check mark whether any of those error corrections are restatements
that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during
the relevant recovery period pursuant to § 240.10D-1(b).

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

 The aggregate market value of the registrant's common stock,
par value $0.001 per share, held by non-affiliates of the registrant (using the NYSE American closing price of $1.66 as of June 28, 2024,
the last business day of the registrant's most recently completed second fiscal quarter) was approximately $ 12.09 million.

 APPLICABLE ONLY TO CORPORATE REGISTRANTS

 Indicate the number of shares outstanding of each of the registrant's
classes of common stock (ordinary shares), as of the latest practicable date: As of March 31, 2025, there were 7,282,714 common stock
issued and outstanding.

 DOCUMENTS INCORPORATED BY REFERENCE

 List hereunder the following documents if incorporated by reference
and the Part of the Form 10-K (e.g., Part I, Part II, etc.) into which the document is incorporated:

 None.

 ITEM 1.

 BUSINESS

 ITEM 1A.

 RISK FACTORS

 ITEM 1B.

 UNRESOLVED STAFF COMMENTS

 ITEM 1C.

 CYBERSECURITY

 ITEM 2.

 PROPERTIES

 ITEM 3.

 LEGAL PROCEEDINGS

 ITEM 4.

 MINE SAFETY DISCLOSURES

 ITEM 5.

 MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

 ITEM 6.

 [RESERVED]

 ITEM 7.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 ITEM 7A.

 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 ITEM 8.

 FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 ITEM 9.

 CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

 ITEM 9A

 CONTROLS AND PROCEDURES.

 ITEM 9B.

 OTHER INFORMATION

 ITEM 9C.

 DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.

 ITEM 10.

 DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

 ITEM 11.

 EXECUTIVE COMPENSATION

 ITEM 12.

 SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

 ITEM 13.

 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE

 ITEM 14.

 PRINCIPAL ACCOUNTING FEES AND SERVICES

 ITEM 15.

 EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

 ITEM 16.

 FORM 10-K SUMMARY

 i

 Use of Certain Defined Terms

 In this annual report on Form 10-K:

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

 "Anhui Ansheng" refers to Anhui Ansheng Petrochemical Equipment Co., Ltd., a PRC limited liability company.

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

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

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

 "Hubei Bulaisi" or "WFOE" Refers to Hubei Bulaisi Technology Co., Ltd., a PRC limited liability company.

 "Jiayi Technologies" or "WFOE" refers to Jiayi Technologies (Xianning) Co., Ltd., a PRC limited liability company and a wholly foreign-owned enterprise, formerly known as Lucky Sky Petrochemical Technology (Xianning) Co., Ltd.

 "Jilin Chuangyuan" refers to Jilin Chuangyuan Chemical Co., Ltd., a PRC limited liability company.

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

 "Promising Prospect" 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., PRC limited liability company.

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

 "We," "us", "our," 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.

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

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

 This report contains forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 ("Exchange
Act"), including, without limitation, statements regarding our expectations, beliefs, intentions or future strategies that are signified
by the words "expect," "anticipate," "intend," "believe," or similar language. All forward-looking
statements included in this document are based on information available to us on the date hereof, and the Company assume no obligation
to update any such forward-looking statements. Our business and financial performance are subject to substantial risks and uncertainties.
Actual results could differ materially from those projected in the forward-looking statements. Readers are cautioned not to place undue
reliance on these forward-looking statements.

 ITEM 1. BUSINESS

 Overview of Our Business

(the "Planet Green"), headquartered in Flushing, NY, is not an operating company in the PRC but a Nevada holding company with
its operations conducted through its subsidiaries in the PRC, Hong Kong and Canada (the "Subsidiaries"). Planet Green is engaged
in a number of diverse business activities, including consumer products, chemical products and online advertising.

 Under our corporate structure,
our ability to pay dividends and to service any debt we may incur and pay our operating expenses principally depends on dividends paid
by our PRC subsidiaries. Cash is transferred through our organization in the manner as follows: (1) we may transfer funds to our WFOEs
through our Hong Kong subsidiaries, Promising Prospect HK Limited, and Bless Chemical Co., Ltd. (HK) by additional capital contributions
or shareholder loans, as the case may be, and (2) our PRC subsidiaries may make dividends or other distributions to the Planet Green.
We do not have cash management policies dictating how funds are transferred throughout our organization. We may encounter difficulties
in our ability to transfer cash between PRC subsidiaries and non-PRC subsidiaries largely due to various PRC laws and regulations imposed
on foreign exchange. If we intend to distribute dividends to the Planet Green, our WFOEs will transfer the dividends to our Hong Kong
subsidiaries in accordance with the laws and regulations of the PRC, and then our Hong Kong subsidiaries will transfer the dividends to
the Planet Green, and the dividends can be distributed from the Planet Green to all shareholders respectively in proportion to the shares
they hold, regardless of whether the shareholders are U.S. investors or investors in other countries or regions. However, there can be
no assurance that the PRC government will not intervene or impose restrictions on the Company's ability to transfer cash out of
China. As of the date of this annual report, none of our subsidiaries have ever issued any dividends or made other distributions to the
Planet Green nor have Planet Green ever paid dividends or made other distributions to U.S. investors. We currently intend to retain all
future earnings to finance our subsidiaries' operations and to expand their business. As a result, we do not expect to pay any cash
dividends in the foreseeable future. Any limitation on the ability of our subsidiaries to distribute dividends to us may restrict our
ability to satisfy our liquidity requirements. To the extent cash or assets in the business is in the PRC or Hong Kong or in a PRC or
Hong Kong entity, and may need to be used to fund operations outside of the PRC or Hong Kong, the funds and assets may not be available
to fund operations or for other uses outside of the PRC or Hong Kong due to interventions in or the imposition of restrictions and limitations
by the government on our subsidiaries' ability to transfer cash and assets.

 We face various legal and operational risks and uncertainties related
to being based in and having significant operations in mainland China. The PRC government has significant authority to exert influence
on the ability of a China-based company, such as us, to conduct its business, accept foreign investments or list on U.S. or other foreign
exchanges. For example, we face risks associated with regulatory approvals of offshore offerings, oversight on cybersecurity and data
privacy. Such risks could result in a material change in our operations and/or the value of the common stock or could significantly limit
or completely hinder our ability to offer common stock and/or other securities to investors and cause the value of such securities to
significantly decline or be worthless. These regulatory risks and uncertainties could become applicable to our Hong Kong subsidiaries
if regulatory authorities in Hong Kong adopt similar rules and/or regulatory actions.

 Because our operations are
primarily located in the PRC and Hong Kong through our subsidiaries, we are subject to certain legal and operational risks associated
with our operations in China and Hong Kong, including changes in the legal, political and economic policies of the Chinese government,
the relations between China and the United States, or Chinese or United States regulations may materially and adversely affect our business,
financial condition and results of operations. PRC laws and regulations governing our current business operations are sometimes vague
and uncertain, and therefore, these risks may result in a material change in our operations and the value of our common stock, or could
significantly limit or completely hinder our ability to offer or continue to offer our securities to investors and cause the value of
such securities to significantly decline or be worthless. Recently, the PRC government initiated a series of regulatory actions and statements
to regulate business operations in China with little advance notice, including cracking down on illegal activities in the securities market,
enhancing supervision over China-based companies listed overseas using a variable interest entity structure, adopting new measures to
extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement. We do not believe that our subsidiaries
are directly subject to these regulatory actions or statements, as we have not implemented any monopolistic behavior and our business
does not involve the collection of user data or implicate cybersecurity. As of the date of this annual report, no relevant laws or regulations
in the PRC explicitly require us to seek approval from the China Securities Regulatory Commission (the "CSRC"), Cyberspace
Administration of China (the "CAC") or any other PRC governmental authorities, nor has our Nevada holding company or any of
our subsidiaries received any inquiry, notice, warning or sanctions regarding our listing on NYSE America from the CSRC or any other PRC governmental
authorities. However, since these statements and regulatory actions by the PRC government are newly published and official guidance and
related implementation rules have not been issued, it is highly uncertain how soon legislative or administrative regulation making bodies
will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated,
if any, and the potential impact such modified or new laws and regulations will have on our daily business operation, the ability to accept
foreign investments and list on an U.S. or other foreign exchange. The Standing Committee of the National People's Congress, or
the SCNPC, or other PRC regulatory authorities may in the future promulgate laws, regulations or implementing rules that requires our
company or any of our subsidiaries to obtain regulatory approval from Chinese authorities before offering in the U.S. In other words,
although the Company is currently not required to obtain permission from any of the PRC central or local government to obtain such permission
and has not received any denial to list on the U.S. exchange, our operations could be adversely affected, directly or indirectly; our
ability to offer, or continue to offer, securities to investors would be potentially hindered and the value of our securities might significantly
decline or be worthless, by existing or future laws and regulations relating to its business or industry or by intervene or interruption
by PRC governmental authorities, if we or our subsidiaries (i) do not receive or maintain such permissions or approvals, (ii) inadvertently
conclude that such permissions or approvals are not required, (iii) applicable laws, regulations, or interpretations change and we are
required to obtain such permissions or approvals in the future, or (iv) any intervention or interruption by PRC governmental with little
advance notice.

 As of the date of this annual
report, the two Hong Kong subsidiaries of Planet Green do not have any material operation in Hong Kong and they have not collected, stored,
or managed any personal information in Hong Kong. Therefore, we have concluded that currently it does not expect that laws and regulations
in Mainland China on data security, data protection, cybersecurity or anti-monopoly to be applied to its Hong Kong subsidiaries or that
the oversight of the Cyberspace Administration of China will be extended to its operations outside of Mainland China.

 In order to operate our business,
in addition to the required regular business licenses, Jingshan Sanhe is required to obtain Permit for Hazardous Chemical Products and
Shandong Yunchu is required to obtain Permit for Food Products. As of the date of this annual report, our subsidiaries, WFOEs have received
from PRC authorities all requisite licenses, permissions, and approvals needed to engage in the businesses currently conducted in the
PRC, and no permission or approval has been denied. However, we cannot assure you that any of these entities will be able to receive
clearance of such compliance requirements in a timely manner, or at all in the future. Any failure of these entities to fully comply with
such compliance requirements may cause our PRC subsidiaries or the PRC operating entities to be unable to begin their new businesses or
operations in the PRC, subject them to fines, relevant new businesses or operations suspension for rectification, or other sanctions.

 As advised by our PRC counsel,
Hubei Kaicheng Law Offices, as of the date of this annual report, our subsidiaries, WFOEs, (i) are not required to obtain additional
permissions or approvals to operate their current business, (ii) are not required to obtain permission from the CSRC, the CAC, or
any other Chinese authorities to issue our securities to foreign investors based on PRC laws and regulations currently in effect, and
(iii) have not received or were denied such permission by any Chinese authorities. However, we cannot assure you that the PRC regulatory
agencies, including the CAC or the CSRC, would take the same view as we do, and there is no assurance that our subsidiaries are always
able to successfully update or renew the licenses or permits required for the relevant business in a timely manner or that these licenses
or permits are sufficient to conduct all of their present or future business. If the WFOEs or any of its subsidiaries (i) does not
receive or maintain required permissions or approvals, (ii) inadvertently concludes that such permissions or approvals are not required,
or (iii) applicable laws, regulations, or interpretations change and our subsidiaries are required to obtain such permissions or
approvals in the future, it could be subject to fines, legal sanctions, or an order to suspend their relevant services, which may materially
and adversely affect our financial condition and results of operations and cause our securities to significantly decline in value or become
worthless.

 In light of the recent statements and regulatory actions by the PRC
government, such as those related to data security, and anti-monopoly concerns, Planet Green may be subject to the risks of uncertainty
of any future actions of the PRC government in this regard. Planet Green may also be subject to penalties and sanctions imposed by the
PRC regulatory agencies, including the CSRC, if it fails to comply with such rules and regulations, which could adversely affect the ability
of Planet Green to continue to be listed for trading on NYSE American or another foreign exchange, which may cause the value of Planet
Green's securities to significantly decline or become worthless. The Holding Foreign Companies Accountable Act (the "HFCA
Act") and related regulations call for additional and more stringent criteria to be applied to emerging market companies upon assessing
the qualification of their auditors and could add uncertainties to Planet Green's offering that trading in Planet Green's
securities may be prohibited under the HFCA Act. Planet Green's auditor, YCM CPA INC., is headquartered in California and has been
inspected by the Public Company Accounting Oversight Board (United States) (the "PCAOB") on a regular basis. Our auditor is
not included in the list of PCAOB Identified Firms of having been unable to be inspected or investigated completely by the PCAOB in the
PCAOB Determination Report issued in December 2021. On June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies
Accountable Act, which, if enacted, would reduce the number of consecutive non-inspection years required for triggering the prohibitions
under the HFCA Act from three years to two. On December 29, 2022, the President signed the Consolidated Appropriations Act, 2023, which,
among other things, amended the HFCAA to reduce the number of consecutive years an issuer can be identified as a Commission-Identified
Issuer before the Commission must impose an initial trading prohibition on the issuer's securities from three years to two years.
Therefore, once an issuer is identified as a Commission-Identified Issuer for two consecutive years, the Commission is required under
the HCFAA to prohibit the trading of the issuer's securities on a national securities exchange and in the over-the-counter market.
Although we believe that the HFCA Act and the related regulations do not currently affect us, we cannot assure you that there will not
be any further implementations and interpretations of the Holding Foreign Companies Accountable Act or the related regulations, which
might pose regulatory risks to and impose restrictions on us because of our operations in mainland China.

 Planet Green is engaged
in a number of diverse businesses, including consumer products, chemical products, advertising.

 Consumer Products Business

 The Company's consumer products business
is conducted through two subsidiaries: Shandong Yunchu and Xianning Bozhuang.

 Shandong Yunchu imports and
distributes animal proteins, mainly beef products in Chinese market. It markets and transports the best beef products from the world's
major agricultural regions. Shandong Yunchu has the mature global purchasing network and has gained the trust and authority of many international
brands with more than 8 years of development and accumulation. Beef products are marketed domestically to food retailers, foodservice
distributors, restaurant operators, hotel chains and other food processors. Over the past few years, Yunchu develops into a professional
integrated company, which can manage import, storage, whole sale, retail and distribution.

 Xianning Bozhuang produces
and distributes a variety of Chinese tea leaves broadly categories including Cyan brick tea, black tea and green tea in China.

 Competition

 Shandong Yunchu mainly purchased frozen beef from six countries including
Uruguay, Brazil, Chile, Argentina, Australia and New Zealand and 25 factories are involved. The top ten suppliers include Marrig, Minerva
S.A., G & K O'Connor Pty Ltd, Frigorifico matadero Pando ontilcor S.A., Las Moras, Frigorifico de Osorno S.A., Ersinal S.A.
ecoparks S.A., lorsinal S.A., and Minerva S.A. The Company has established a stable long term cooperative relationship with these beef
and mutton manufacturers. The stable supply provides competitive advantage for Company to procure various beef products with high quality
and low price to meet the needs of domestic customers.

 Our food products compete
with those of other food producers and processors and certain prepared food manufacturers. We seek to achieve a leading market position
for our products via our principal marketing and competitive strategy, which includes:

 identifying
target markets for value-added products;

 concentrating
production, sales and marketing efforts to appeal to and enhance demand from those markets; and

 utilizing
our national distribution systems and customer support services.

 Past efforts indicate customer
demand can be increased and sustained through application of our marketing strategy, as supported by our distribution systems. The principal
competitive elements are price, product safety and quality, brand identification, innovation, breadth and depth of product offerings,
availability of products, customer service and credit terms.

 Black tea is produced in Guangxi,
Sichuan, Yunnan, Hunan, Hubei, Shanxi and Anhui provinces in China. Our black tea products are processed in our factory in Hubei province
and distributed nationwide. There are few large players on the market but we face fierce competition from numerous small black tea manufactures
and distributors. However, as our brand has over hundreds of year's history, we have accumulated loyal consumers and gained favorable
market reputation over years.

 Chemical Business

 Jingshan Sanhe has four
production lines on an 11,000-square-meter facility and owns capacities to complete manufacturing, labeling, and packaging. Jingshan
Sanhe researches, manufactures and distributes ethanol fuel products in China.

 Competition

 There are many other companies
operating in the renewable energy. Evolving consumer preferences, regulatory conditions, ongoing industry trends, and project economics
have a strong effect on the competitive landscape. The clean energy markets are heavily fragmented. We believe we are in a strong position
to compete for new project development and supply opportunities. Competition for such opportunities, however, including the prices being
offered for fuel supply, affect the profitability of the opportunities we pursue, and may make opportunities unsuitable to pursue. Jingshan
Sanhe is one of the top ten private enterprises in the region of Jingshan. Jingshan Sanhe has 12 patents, 17 sets of professional laboratory
equipment and 2 advanced and complete production lines.

 The market for vehicle fuels
is highly competitive. The biggest competition for alcohol-based high clean fuel used as a vehicle fuel is gasoline and diesel because
most vehicles in our key markets are powered by these fuels. Many established businesses are in the market for alcohol-based high clean
fuels and other alternatives for use as vehicle fuel, including alternative vehicle and alternative fuel companies, refuse collectors,
industrial gas companies, truck stop and fuel station owners, fuel providers, utilities and their affiliates and other organizations.

 If the alternative vehicle
fuel market grows then the number and type of participants in this market and their level of capital and commitments to alternative vehicle
fuel programs will increase. We compete for vehicle fuel users based on demand for the type of fuel, which may be affected by a variety
of factors, including, among others, cost, supply, availability, quality, cleanliness, and safety of the fuel; cost, availability and
reputation of vehicles and engines; convenience and accessibility of fueling stations; regulatory mandates and other requirements; and
recognition of the brand. We believe we compare favorably with our competitors based on these factors; however, some of our competitors
have substantially greater financial, marketing, and other resources than we have. As a result, these competitors may be able to respond
more quickly to changes in customer preferences, legal requirements or other industry or regulatory trends; devote greater resources to
the development, promotion and sale of their products; adopt more aggressive pricing policies, dedicate more effort to infrastructure
and systems development in support of their business or product development activities; implement more robust or creative initiatives
to advance consumer acceptance of their products; or exert more influence on the regulatory landscape that impacts the vehicle fuels market.

 Advertising Business

 Fast Approach is a North America demand side platform
that directly connects to Chinese market without middleman and is supported by world class data science researchers among some well-respected
universities in North America. A demand-side platform is a system that allows buyers of digital advertising inventory to manage multiple
ad exchange and data exchange through one interface. Fast Approach builds full audience scale model, extracts audience features, optimizes
advertising campaign strategies.

 Competition

 The Trade Desk is the
largest, independent programmatic advertising DSP for digital media buyers in the world. The Trade Desk launched its programmatic ad
buying platform in China since 2019 facilitating access to Chinese media companies, such as Alibaba, Tencent and Baidu Exchange
Services. The Trade Desk is the major competitor in north American.

 Raw Materials

 Our business depends on obtaining a reliable supply
of various products, including tea, refined methanol, methanol, formaldehyde, polymer emulsion and beef products. Because of the diversity
of available sources of these raw materials, we believe that our raw materials are currently in adequate supply.

 We obtain our raw materials primarily from domestic
procurement for our tea production and methanol products.

 Shandong Yunchu carries out our beef products business. It mainly purchased
frozen beef from six countries including Uruguay, Brazil, Chile, Argentina, Australia and New Zealand, and 25 factories are involved.
The top ten suppliers include: Marrig, Minerva S.A., G & K O'Connor Pty Ltd, Frigorifico matadero Pando ontilcor S.A., Las Moras,
Frigorifico de Osorno S.A., Ersinal S.A. ecoparks S.A., lorsinal S.A., and Minerva S.A. The Company has established a stable long term
cooperative relationship with these beef and mutton manufacturers. The stable supply provides competitive advantage for Company to procure
various various beef products with high quality and low price to meet the needs of domestic customers.

 We select suppliers based
on price and product quality. We typically rely on numerous domestic suppliers, including some with whom we have a long-term relationship.
Our suppliers generally include wholesale agricultural product companies, food production companies, tea bag processing companies and
chemical products wholesale company.

 Our Customers

 Our products are sold both in Chinese domestic market. Shandong Yunchu
distributes beef products in China including several major beef products providers and distributors in China, such as Henan Hengdu Food
Co., Ltd., Shanxi Pingyao Beef Group, Shandong Delis Food Co., Ltd. and Heilongjiang Binxi Group. When it comes to manufacturing and sales
of synthetic fuel products, we do business through direct sales, constructing refuel facilities and conducting technical cooperation with
other companies.

 Our Sales and Marketing Efforts

 We have not spent a significant
amount of capital on advertising in the past, and our advertising budget continues to be limited. In 2024, our marketing and branding
efforts mainly focus on internet advertising and long-term customers.

 Organizational Structure

 Planet Green was incorporated
in Delaware on February 4, 1986 and effective on November 12, 2009, Planet Green reincorporated in Nevada from Delaware. Planet Green
was formerly known as American Lorain Corporation.

 The following diagram illustrates our corporate
structure including our subsidiaries.

 Reverse Split

 The board of directors approved
a reverse stock split of the Company's authorized and issued and outstanding shares of common stock, par value $0.001 per share
("Common Stock"), at a ratio of 1-for-10 (the "Reverse Stock Split"). The Reverse Stock Split became legally effective
as of 4:01 p.m. Eastern Standard Time on May 31, 2024 (the "Legal Effective Date"), and the Common Stock was open for trading
on NYSE American on a reverse split-adjusted basis on June 3, 2024, under the existing trading symbol "PLAG".

 On the Legal Effective Date,
every ten (10) shares of the Common Stock issued and outstanding or held as treasury stock has been automatically converted into one (1)
new share of Common Stock. The total number of shares of Common Stock authorized for issuance has been reduced by a corresponding proportion
from 1,000,000,000 shares to 100,000,000 shares of Common Stock. The par value per share of the Common Stock remained unchanged at $0.001
per share. The Common Stock was assigned a new CUSIP number 72703U 201 following the reverse stock split.

 Each shareholder's percentage ownership interest in the Company
and proportional voting power remains virtually unchanged as a result of the Reverse Stock Split, except for minor changes and adjustments
that will result from rounding fractional shares into whole shares. The rights and privileges of the holders of shares of Common Stock
were substantially unaffected by the Reverse Stock Split. No fractional shares will be issued in connection with the Reverse Stock Split.
Fractional shares resulting from the Reverse Stock Split will be rounded up to the nearest whole share.

 Subsidiaries

 On May 9, 2019, the Company
and Shanghai Xunyang Internet Technology Co., Ltd. (the "Shanghai Xunyang"), a subsidiary of the Company, entered into a Share
Exchange Agreement with Xianning Bozhuang, and each of the shareholders of Xianning Bozhuang, pursuant to which, among other things and
subject to the terms and conditions contained therein, Shanghai Xunyang agreed to effect an acquisition of Xianning Bozhuang by acquiring
from the Sellers all of the outstanding equity interests of Xianning Bozhuang. On May 14, 2019, the Company closed the acquisition transaction
and Shanghai Xunyang entered into a series of VIE agreements with Xianning Bozhuang and its shareholders. For company internal restructure
purpose, on December 20, 2019, Xianning Bozhuang terminated the VIE agreements with Shanghai Xunyang and entered into similar series of
VIE agreements with Jiayi Technologies on the same day. On August 2, 2021, as part of the internal restructure efforts to remove VIE arrangement,
the Company and its subsidiary terminated series of VIE agreements and acquired 100% equity ownership of Xianning Bozhuang.

 On June 5, 2020, the Company
entered into a share exchange agreement with Fast Approach to acquire all outstanding shares of Fast Approach, a corporation incorporated
under the laws of Canada and in the business of operating a demand side platform. Upon completing the transaction, Fast Approach became
a wholly owned subsidiary of the Company. Fast Approach owns 100% equity of Shanghai Shuning.

 On January 4, 2021, through
Jiayi Technologies, the Company entered into a series of VIE agreements with Jingshan Sanhe as well as its shareholders. The Company is
considered the primary beneficiary of Jingshan Sanhe and it consolidates its accounts as VIE. On September 10, 2021, as part of the internal
restructure efforts to remove VIE arrangement, Hubei Bulaisi acquired 85% equity ownership of Jingshan Sanhe and Jiayi Technologies terminated
the VIE agreements with Jingshan Sanhe on the same date.

 On September 14, 2022, the
Company and Hubei Bulaisi, a subsidiary of the Company, entered into a Share Purchase Agreement with a shareholder of Jingshan Sanhe Luckysky
acquiring the remaining 15% of the outstanding equity interests of Jingshan Sanhe Luckysky. Upon closing of the transaction, Hubei Bulaisi,
acquired 100% equity ownership of Jingshan Sanhe Luckysky.

 On December 9, 2021, the Company
and Jiayi Technologies, a subsidiary of the Company, entered into a Share Exchange Agreement with Shandong Yunchu and each of shareholders
of Shandong Yunchu. Upon closing of the transaction, Jiayi Technologies acquired 100% equity ownership of Shandong Yunchu.

 On April 8, 2022, the Company
entered into a Share Purchase Agreement with Allinyson Ltd. and each of shareholders of Allinyson. Upon closing of the transaction, the
Company acquired 100% equity ownership of Allinyson. On April 1, 2024, the Company transferred 100% of Allinyson's shares and other
equity interest to an individual for aggregated purchase price of $1.00, and Allinyson was completely disposed.

 Cash Flows through Our Organization:

 Planet Green is a holding
company with no material operations of its own. We currently conduct our operations through our subsidiaries including our WFOEs and their
respective subsidiaries. Cash is transferred through our organization in the manner as follows: (1) we may transfer funds to our WFOEs
through our Hong Kong subsidiaries, Promising Prospect HK Limited, and Bless Chemical Co., Ltd. (HK) by additional capital contributions
or shareholder loans, as the case may be; and (2) our PRC subsidiaries may make dividends or other distributions to Planet Green. We do
not have cash management policies dictating how funds are transferred throughout our organization. We may encounter difficulties in our
ability to transfer cash between PRC subsidiaries and non-PRC subsidiaries largely due to various PRC laws and regulations imposed on
foreign exchange. If we intend to distribute dividends through Planet Green, our WFOEs will transfer the dividends to our Hong Kong subsidiaries
in accordance with the laws and regulations of the PRC, and then our Hong Kong subsidiaries will transfer the dividends to the Planet
Green, and the dividends will be distributed from the Planet Green to all shareholders respectively in proportion to the shares they hold,
regardless of whether the shareholders are U.S. investors or investors in other countries or regions. There can be no assurance the PRC
government will not intervene or impose restrictions on the Company's ability to transfer cash out of China.

 Effects of PRC foreign exchange regulations
on our ability to transfer assets within our organization

 Current foreign exchange and
other regulations in the PRC may restrict our PRC subsidiaries in their ability to transfer their net assets to Planet Green and its subsidiaries
and to investors. The PRC government imposes controls on the convertibility of the Renminbi into foreign currencies and, in certain cases,
the remittance of currency out of China. Under our current corporate structure, Planet Green as the holding company may rely on dividend
payments from its subsidiaries to fund any cash and financing requirements Planet Green may have. Under existing PRC 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 of the State Administration of Foreign Exchange (the "SAFE")
by complying with certain procedural requirements. Specifically, under the existing exchange restrictions, without prior approval of SAFE,
cash generated from the operations of our PRC subsidiaries in China may be used to pay dividends to Planet Green. However, approval from
or registration with appropriate government authorities is required where Renminbi 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. As a result, we need to obtain
SAFE approval to use cash generated from the operations of our PRC subsidiaries and VIE to pay off their respective debt in a currency
other than Renminbi owed to entities outside China, or to make other capital expenditure payments outside China in a currency other than
Renminbi.

 In light of the flood of capital
outflows of China in 2016 due to the weakening Renminbi, the PRC government has imposed more restrictive foreign exchange policies and
stepped up scrutiny of major outbound capital movement including overseas direct investment. More restrictions and substantial vetting
process are put in place by SAFE to regulate cross-border transactions falling under the capital account. If any of Planet Green's
shareholders regulated by such policies fail to satisfy the applicable overseas direct investment filing or approval requirement timely
or at all, it may be subject to penalties from the relevant PRC authorities. The PRC government may at its discretion further restrict
access in the future to foreign currencies for current account transactions. If the foreign exchange control system prevents Planet Green
from obtaining sufficient foreign currencies to satisfy Planet Green's foreign currency demands, Planet Green may not be able to
pay dividends in foreign currencies to its shareholders.

 Recent Regulatory Development

 As we conduct substantially
all of our operations in China, we are subject to legal and operational risks associated with having substantially all of our operations
in China, including changes in the legal, political and economic policies of the Chinese government, the relations between China and the
United States, or Chinese or United States regulations may materially and adversely affect our business, financial condition and results
of operations. PRC laws and regulations governing our current business operations are sometimes vague and uncertain, and therefore, these
risks may result in a material change in our operations and the value of our common stock or could significantly limit or completely hinder
our ability to offer or continue to offer our securities to investors and cause the value of such securities to significantly decline
or be worthless. Recently, the PRC government initiated a series of regulatory actions and made a number of public statements on the regulation
of business operations in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing
supervision over China-based companies listed overseas, adopting new measures to extend the scope of cybersecurity reviews, and expanding
efforts in anti-monopoly enforcement. We have relied on the opinion of our PRC counsel, Hubei Kaicheng Law Office, that as of the date
of this Annual Report, we are not directly subject to these regulatory actions or statements, as we have not implemented any monopolistic
behavior and our business does not involve large-scale collection of user data, implicate cybersecurity, or involve any other type of
restricted industry. As further advised by our PRC counsel, Hubei Kaicheng Law Office, as of the date of this Annual Report, no relevant
laws or regulations in the PRC explicitly require us to seek approval from the China Securities Regulatory Commission (the "CSRC")
or any other PRC governmental authorities for our overseas listing or securities offering plans, nor has our company or any of our subsidiaries
received any inquiry, notice, warning or sanctions regarding our offering of securities from the CSRC or any other PRC governmental authorities.
However, since these statements and regulatory actions by the PRC government are newly published and official guidance and related implementation
rules have not been issued, it is highly uncertain what potential impact such modified or new laws and regulations will have on our daily
business operations, or ability to accept foreign investments and list on a U.S. or other foreign exchange. The Standing Committee of
the National People's Congress (the "SCNPC") or other PRC regulatory authorities may in the future promulgate laws,
regulations or implementing rules that require our company or any of our subsidiaries to obtain regulatory approval from Chinese authorities
before offering securities in the U.S. In other words, although the Company is currently not required to obtain permission from any of
the PRC central or local government and has not received any denial to list on the U.S. exchange, our operations could be adversely affected,
directly or indirectly; our ability to offer, or continue to offer, securities to investors would be potentially hindered and the value
of our securities might significantly decline or be worthless, by existing or future laws and regulations relating to its business or
industry or by intervene or interruption by PRC governmental authorities, if we or our subsidiaries (i) do not receive or maintain such
permissions or approvals, (ii) inadvertently conclude that such permissions or approvals are not required, (iii) applicable laws, regulations,
or interpretations change and we are required to obtain such permissions or approvals in the future, or (iv) any intervention or interruption
by PRC governmental with little advance notice.

 Enforcement of Civil Liabilities

 Currently all our directors
and majority of senior executive officers either are physically reside in China for a significant portion of each year, and/or are PRC
nationals. As a result, it may be difficult for you to effect service of process upon us or those persons inside mainland China. In addition,
there is uncertainty as to whether the PRC courts would recognize or enforce judgments of U.S. courts against us or such persons predicated
upon the civil liability provisions of U.S. securities laws or those of any U.S. state.

 The recognition and enforcement
of foreign judgments are provided for under the PRC Civil Procedures Law. PRC courts may recognize and enforce foreign judgments
in accordance with the requirements of the PRC Civil Procedures Law based either on treaties between China and the country where
the judgment is made or on principles of reciprocity between jurisdictions. China does not have any treaties or other forms of written
arrangement with the U.S. that provide for the reciprocal recognition and enforcement of foreign judgments. In addition, according to
the PRC Civil Procedures Law, the PRC courts will not enforce a foreign judgment against us or our directors and officers if they
decide that the judgment violates the basic principles of PRC laws or national sovereignty, security, or public interest. As a result,
it is uncertain whether and on what basis a PRC court would enforce a judgment rendered by a court in the U.S.

 It may also be difficult for
you or overseas regulators to conduct investigations or collect evidence within China. For example, in China, there are significant legal
and other obstacles to obtaining information needed for shareholder investigations or litigation outside China or otherwise with respect
to foreign entities. Although the authorities in China may establish a regulatory cooperation mechanism with its counterparts of another
country or region to monitor and oversee cross-border securities activities, such regulatory cooperation with the securities regulatory
authorities in the U.S. may not be efficient in the absence of a practical cooperation mechanism. Furthermore, according to Article 177
of the PRC Securities Law, or "Article 177," which became effective in March 2020, no overseas securities regulator is allowed
to directly conduct investigations or evidence collection activities within the territory of the PRC. Article 177 further provides that
Chinese entities and individuals are not allowed to provide documents or materials related to securities business activities to foreign
agencies without prior consent from the securities regulatory authority of the PRC State Council and the competent departments of the
PRC State Council. While detailed interpretation of or implementing rules under Article 177 have yet to be promulgated, the inability
for an overseas securities regulator to directly conduct an investigation or evidence collection activities within China may further increase
difficulties faced by you in protecting your interests.

 Our Manufacturing Facilities

 General

 We currently manufacture our products and provide
services in Jingshan City and Xianning City of Hubei Province, Qingdao City of Shandong Province, and Toronto in Canada.

 The following table indicates the year that operations
commenced at each of the facilities and the size of the facilities.

 Facility

 Year
 Operations
 Commenced

 Facility Size
 (square
 meters)

 Xianning Bozhuang*

 2013

 33,333

 Jingshan Sanhe**

 2018

 11,018

 *
 Became
a VIE in May 2019 and a subsidiary in August 2021.

 **
 Became
a subsidiary in September 2021.

 Production Lines

 We currently manufacture our products using production lines.

 The production process for our cyan brick tea products
involves, primary processing of fresh leaves, piling and fermenting, storing and aging, picking, pressing, and baking. The production
process for our black tea products involves selecting and sorting the fresh leaves, withering, rolling, fermenting, baking and drying,
grading according to color, prompting fragrance, packing and warehousing. The production process for our green tea products involves selecting
and sorting the fresh leaves, airing, fixating, cooling, rolling, stir drying, selecting and grading, prompting fragrance, packing and
warehousing.

 The production process for our clean fuel oil is
illustrated as follows. The self-control design of the facilities for storage of raw materials and addition of additives shall, in accordance
with the requirements of the process, conduct centralized indication and adjustment of the temperature, flow rate and liquid level of
the raw oil tanks, raw oil metering tanks, product oil allocation tanks and finished oil tanks during the fuel blending process; realize
remote monitoring of the whole fuel production process, and conduct on-the-spot indication of pressure and partial flow rate.

 The following table shows the number and types
of production lines, the types of products produced and the production capacity as of the date of this report:

 Facility

 Production Lines

 Product Portfolio

 Capacity

 Xianning Bozhuang

 There are six production lines: the production line of cyan brick tea with traditional handicraft; the production line of cyan brick tea; the production line of teabag; the production line of green tea and the production line of black tea

 Cyan brick tea, black tea and green tea

 Production line with 5,020 tons of production capacity

 Jingshan Sanhe

 There are two production lines: the production line of ethanol fuel and the production line of fuel additive

 Alcohol based clean fuel, liquid wax, arene and biomass fuel

 Two production lines with a total production capacity of 300,000 tons/year for ethanol fuel, and 3000 tons/year for fuel additive

 We operate our production lines year-round.

 Raw Materials

 Our Supply Sources

 Our business depends on obtaining
a reliable supply of various products, including tea, diesel l, and beef products. Because of the diversity of available sources of these
raw materials, we believe that our raw materials are currently in adequate supply.

 We obtain our raw materials
primarily from domestic procurement for our tea production and diesel. When it comes to our beef products, we rely on overseas suppliers
to import the raw materials.

 Shandong Yunchu carries out our beef products business. It mainly purchased
frozen beef from six countries including Uruguay, Brazil, Chile, Argentina, Australia and New Zealand and 25 factories are involved. The
top ten suppliers include: Marrig, Minerva S.A., G & K O'Connor Pty Ltd, Frigorifico matadero Pando ontilcor S.A., Las Moras,
Frigorifico de Osorno S.A., Ersinal S.A. ecoparks S.A., lorsinal S.A., and Minerva S.A. The Company has established a stable long term
cooperative relationship with these beef and mutton manufacturers. The stable supply provides competitive advantage for Company to procure
various beef products with high quality and low price to meet the needs of domestic customers.

 We select suppliers based
on price and product quality. We typically rely on numerous domestic suppliers, including some with whom we have a long-term relationship.
Our suppliers generally include wholesale agricultural product companies, food production companies, tea bag processing companies and
chemical products wholesale company.

 Our Customers

 Our products are sold in Chinese domestic market.

 For our business of manufacturing
and sales of synthetic fuel products, we do business through direct sales, constructing refuel facilities and conducting technical cooperation
with other companies.

 Shandong Yunchu distributes
beef products in China including several major beef products providers and distributors in China, such as Henan Hengdu Food Co., Ltd.,
Shanxi Pingyao Beef Group, Shandong Delis Food Co., Ltd. and Heilongjiang Binxi Group.

 Our Sales and Marketing Efforts

 We have not spent a significant
amount of capital on advertising in the past, and our advertising budget continues to be limited. In 2024, our marketing and branding
efforts mainly focus on internet advertising and long-term customers.

 Intellectual Property

 Patents

 The company vigorously implements
scientific and technological innovation. Jingshan Sanhe obtains 12 practical patent certificates from the State Intellectual Property
Office of the PRC, which includes a diesel exhaust cleaner and its preparation method, a kind of automobile exhaust cleaner and preparation
method, a kind of filtering device for exhaust port of cleaning liquid production plant, a kind of automobile cleaner dispensing device,
a kind of liquid dispensing equipment, a kind of mixing and stirring tank, a kind of cleaning brush for cleaning agent storage tank, a
kind of reactor for producing auto cleaner, a kind of cleaning brush for cleaning agent mixing kettle, a kind of mixing tank, a cleaning
tool for cleaning the reactor for detergent production and a kind of mixing and defoaming tank. The company will give full play to the
advantages of independent intellectual property rights, continue to innovate, maintain the leading technology and enhance the core competitiveness
of the company.

 We take reasonable steps to
protect our proprietary information and trade secrets, such as limiting disclosure of proprietary plans, methods and other similar information
on a need-to-know basis and requiring employees with access to our proprietary technology to enter into confidentiality arrangements.
We believe that our proprietary technology and trade secrets are adequately protected.

 Our Employees

 As of December 31, 2024, we had a total of 62 employees.
Approximately 62 of our full-time employees are directly employed by our subsidiaries.

 The following table sets forth the allocation of
employees, both direct and leased, by job function.

 Number of

 Department

 Employees

 Production

 Purchasing

 Research and Development

 Quality Control

 Sales

 Finance

 Management

 Administration

 Total

 We have not experienced any
significant problems or disruption to our operations due to labor disputes, nor have we experienced any difficulties in recruitment and
retention of experienced staff.

 We compensate our production
line employees by unit produced (piece work) and compensate other employees with a base salary and bonus based on performance. We also
provide training for our staffs from time to time to enhance their technical and product knowledge, including knowledge of industry quality
standards.

 Our employees participate
in state pension scheme and various types of social insurance organized by municipal and provincial governments. Outsourcing agents are
responsible for contributions on behalf of the leased employees.

 Our Research and Development Activities

 We have research and development
staffs at each of our facilities. In total, 5 employees are dedicated to research and development.

 Jingshan Sanhe owns a professional
laboratory which includes 17 sets of professional experimental equipment operated by 2 high-end scientific research experts to ensure
the high quality of raw materials and products.

 We rely heavily on customer
feedback to assist us in the modification and development of our products. We also utilize customer feedback to assist us in the development
of new products.

 The amount we spent on research and development activities during the
years ended December 31, 2024 was not a material portion of our total expenses for the year.

 Government Regulation

 As a company that continuously
strives to create new value, we have been doing business in the following areas: tea product cultivation, packaging, and manufacturing
and sales of synthetic fuel products, vehicles gasoline and diesel products; importing and distribution of beef products and multimedia
design and advertising business.

 Our tea product cultivation,
packaging, and sales business is subject to regulations of China's Agricultural Ministry and Ministry of Health. This regulatory
scheme governs the manufacture (including composition and ingredients), labeling, packaging and safety of food. It also regulates manufacturing
practices, including quality assurance programs, for foods through its current manufacturing practice regulations, and specifies the standards
of identity for certain foods. We have obtained approvals from Chinese authorities for products that requires the approval under regulations,
including quality safety approval from government.

 Our manufacturing and sales
of chemical products business is subject to multiple regulations under PRC law. We have complete certificates, including the work safety
license, production license and emission license. We have passed the environmental assessment acceptance and currently works on the promotion
to the second level of work safety standardization from the third level. Our operation meets the requirements of relevant national laws,
regulations, standards and specifications, as well as other the requirements of national management departments at all levels.

 Our importing and distribution
of beef products business is carried out by Shandong Yunchu and we have obtained relevant certifications including the record registration
form of foreign trade operators and food business license.

 ITEM 1A. RISK FACTORS

 As a smaller reporting company,
we are not required to include risk factors in this Annual Report. Investment in our securities involves a high degree of risk. You should
consider carefully all of the risks described on the Registration Statement on Form S-3 filed by the Company on September 17, 2021, and
as subsequently amended, together with the other information contained in this report, before making a decision to invest in our units.
If any of the events descripted 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.

 ITEM 1B. UNRESOLVED STAFF COMMENTS

 None.

 ITEM 1C. CYBERSECURITY

 We do not consider that we
face significant cybersecurity risk and have not adopted any cybersecurity risk management program or formal processes for assessing cybersecurity
risk. We depend on the digital technologies of third parties, and any sophisticated and deliberate attacks on, or security breaches in,
systems or infrastructure or the cloud that we utilize, including those of third parties, could lead to corruption or misappropriation
of our assets, proprietary information and sensitive or confidential data and could have a material adverse effect on our business, financial
condition or reputation. Because of our reliance on the technologies of third parties, we also depend upon the personnel and the processes
of third parties to protect against cybersecurity threats, and we have no personnel or processes of our own for this purpose. As a company
without significant investments in data security protection, we may not be sufficiently protected against such occurrences. We also lack
sufficient resources to adequately protect against, or to investigate and remediate any vulnerability to, cyber incidents. It is possible
that any of these occurrences, or a combination of them, could have material adverse consequences on our business and lead to financial
loss.

 Our board of directors is
generally responsible for the oversight of risks from cybersecurity threats, if there is any. Our management will promptly report to the
board of directors on incidents of material cybersecurity risks facing us and any third parties and the measures that may be taken to
mitigate such risks. As of the date of this annual report, we have not encountered any cybersecurity incidents that have materially affected,
or that we believe are reasonably likely to materially affect, us, including our business strategy, results of operations or financial
condition. We do, however, face risks from cybersecurity threats.

 ITEM 2. PROPERTIES

 Our primary facilities, which are owned except
where otherwise indicated, are as follows:

 Facility

 Location

 Approximate
 Size
 (Square Meters)

 Owned or Leased

 Xianning Bozhuang *

 Xianning City, Hubei Province, PRC

 33,333

 Land Use Rights Obtained

 Jingshan Sanhe **

 Jingshan City, Hubei Province, PRC

 11,018

 Leased

 Shandong Yunchu***

 Qingdao City, Shandong Province

 Leased

 *
 Became
a VIE in May 2019 and became a subsidiary in August 2021.

 **
 Became
a subsidiary in September 2021.

 ***
 Become
a subsidiary in December 2021.

 In the aggregate, we currently have land use rights
to, or lease, 4 properties with approximately 44,529 square meters, consisting of manufacturing facilities and office buildings for future
expansion. We believe our current facilities provide adequate capacity for our current and projected needs.

 All land in China is owned by the government. Individuals
and companies are permitted to acquire land use rights for specific purposes. In the case of land used for industrial purposes, the land
use rights are granted for a period of up to 50 years. This period may be renewed at the expiration of the initial and any subsequent
terms. Granted land use rights are transferable and may be used as security for borrowings and other obligations.

 ITEM 3. 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 Court, Eastern District of New York for an Order to dismiss with
prejudice. On July 29, 2024, 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 8, 2024, China Supply
and Marketing Agricultural Products Co., Ltd. ("China Supply and Marketing")filed a lawsuit against Shandong Yunchu, Li Honghu,
the legal representative of Shandong Yunchu International Trade Co., Ltd. ("Qingdao Sirun"), and Jiayi Technologies. Shandong
Yunchu and Qingdao Sirun entered into two entrusted import contracts with China Supply and Marketing in 2021 and 2022, respectively. China
Supply and Marketing made phased payments to the foreign suppliers, while Shandong Yunchu and Qingdao Sirun paid China Supply and Marketing
and collected part of the goods. However, an outstanding amount of RMB 7,012,335.38 (equivalent to $960,686) remained, consisting of unpaid
balances and uncollected goods. It is claimed that, on September 13, 2023, Shandong Yunchu, Qingdao Sirun, and China Supply and Marketing
entered into a debt transfer agreement, under which Shandong Yunchu assumed all remaining debt obligations of Qingdao Sirun, including
outstanding payments and uncollected goods. Li Honghu, the legal representative of Shandong Yunchu, signed the debt transfer agreement
as a guarantor and affixed his fingerprint. Jiayi Technology, as the sole shareholder of Shandong Yunchu, was included in the lawsuit
under corporate law, with China Supply and Marketing seeking joint liability from Jiayi Technology for Shandong Yunchu's debts.
Shandong Yunchu contended that it never agreed to assume Qingdao Sirun's debt obligations and never signed any debt transfer agreement.
It further argued that the debt transfer agreement presented by the plaintiff contained a forged signature and fingerprint of Li Honghu,
and requested a forensic examination to verify the authenticity of the document. Jiayi Technology claimed that it had already fulfilled
its capital contribution to Shandong Yunchu and should not bear any joint liability.

 Yongan Construction Engineering
Co., Ltd. filed a lawsuit against Xianning Bozhuang over outstanding construction project payments. On April 22, 2024, the court ruled
that Xianning Bozhuang must pay RMB 867,326 (equivalent to $118,823) in construction project fees along with interest calculated at an
annual rate of 3.8% from January 1, 2022, until the full amount is settled. The judgment took effect on May 7, 2024, and Xianning Bozhuang
is currently in the process of making payments toward the outstanding debt.

 Jianfa Logistics (Fuzhou)
Co., Ltd. sued Shandong Yunchu for failing to pay RMB 2,817,441.28 (equivalent to $385,988) under an agency import contract, along with
a penalty of RMB 375,294.16 (equivalent to $51,415). Additionally, Jianfa Logistics sought to hold Shandong Yunchu's shareholder,
Xianning Jiayi, jointly liable for the debt. On November 11, 2024, the court ruled that Shandong Yunchu is responsible for repaying the
outstanding amount, with Xianning Jiayi assuming joint liability. However, Xianning Jiayi argued that it had already fulfilled its capital
contribution obligations and should not bear any joint liability. As a result, it has filed an appeal with the higher court.

 ITEM 4. MINE SAFETY DISCLOSURES

 Not applicable.

 ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER
MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.

 Market for our Common Stock

 Our common stock is quoted on the NYSE American under the
symbol "PLAG".

 Approximate Number of Holders of Our Common Stock

 As of December 31, 2024, there were 322 stockholders
of record of our common stock. This does not include the holders whose shares are held in a depository trust in "street" name.

 Dividend

 We have not declared or paid cash dividends other
than the payment of a dividend in April 2007 in connection with our reverse merger. Any future decisions regarding dividends will be made
by our Board of Directors. We currently intend to retain and use any future earnings for the development and expansion of our business
and do not anticipate paying any cash dividends in the foreseeable future.

 Issuances of Unregistered Securities

 On May 9, 2019, we and Shanghai Xunyang entered
into a share exchange agreement with Xianning Bozhuang and each of the original shareholders of Xianning Bozhuang. Such transaction closed
on May 14, 2019. Pursuant to the share exchange agreement, we issued an aggregate of 1,080,000 shares of common stock of the Company to
the Sellers in exchange for the transfer of all of the equity interest of Xianning Bozhuang to Shanghai Xunyang.

 On June 17, 2019, the Company entered into a securities
purchase agreement, pursuant to which five individuals residing in the PRC agreed to purchase an aggregate of 1,300,000 shares of the
Company's common stock, par value $0.001 per share, for an aggregate purchase price of $5,460,000, representing a purchase price
of $4.20 per share. The transaction closed on June 19, 2019.

 On January 26, 2021, the Company entered into a
securities purchase agreement, pursuant to which three individuals residing in the PRC agreed to purchase an aggregate of 2,700,000 shares
of the Company's common stock, par value $0.001 per share, for an aggregate purchase price of $6,750,000, representing a purchase
price of $2.50 per share. The transaction closed on January 29, 2021.

 On March 9, 2021, the Company entered into a share
exchange agreement with Jilin Chuangyuan and each of the original shareholders of Jilin Chuangyuan. Pursuant to the share exchange agreement,
we issued an aggregate of 3,300,000 shares of common stock of the Company to the Sellers in exchange for the transfer of 75% of the equity
interest of Jilin Chuangyuan.

 On April 24, 2021, the Company entered into a securities
purchase agreement, pursuant to which three individuals residing in the PRC agreed to purchase an aggregate of 4,000,000 shares of the
Company's common stock, par value $0.001 per share, for an aggregate purchase price of $7,600,000, representing a purchase price
of $1.90 per share. The transaction closed on May 20, 2021.

 On July 15, 2021, the Company entered into a share
exchange agreement with Anhui Ansheng and each of the original shareholders of Anhui Ansheng. Pursuant to the share exchange agreement,
we issued an aggregate of 4,800,000 shares of common stock of the Company to the Sellers in exchange for the transfer of 66% of the equity
interest of Anhui Ansheng.

 On December 9, 2021, the Company entered into a
share exchange agreement with Shandong Yunchu and each of the original shareholders of Shandong Yunchu. Pursuant to the share exchange
agreement, we issued an aggregate of 5,900,000 shares of common stock of the Company to the Sellers in exchange for the transfer of all
of the equity interest of Shandong Yunchu.

 On January 13, 2022, the Company entered into a
securities purchase agreement, pursuant to which three individuals residing in the PRC agreed to purchase an aggregate of 7,000,000 shares
of the Company's common stock for an aggregate purchase price of $7,000,000, representing a purchase price of $1.00 per share. The
transaction closed on January 14, 2022.

 On April 8, 2022, the Company
entered into a share exchange agreement with Allinyson and each of the original shareholders of Allinyson. Pursuant to the share exchange
agreement, we issued an aggregate of 7,500,000 shares of common stock of the Company to the shareholders of Allinyson in exchange for
the transfer of all of the equity interest of Allinyson.

 On May 19, 2022, the Company
entered into a Securities Purchase Agreement with two investors residing in the People's Republic of China, pursuant to which the
purchasers agreed to invest an aggregate of $4,100,000 in the Company in exchange for an aggregate of 10,000,000 shares of the Company's
common stock, representing a purchase price of $0.41 per share. The transaction closed on May 27, 2022.

 On July 15, 2022, the Company
entered into a share exchange agreement with Xiangtian Energy and the shareholder of Xiantian Energy. Pursuant to the Share Exchange Agreement,
in exchange for the acquisition of the 30% equity interest of Xiangtian Energy, the Company issued an aggregate of 12,000,000 shares of
common stock, par value $0.001 per share, of the Company to the Seller.

 Securities Authorized for Issuance under Equity Compensation
Plans

 We did not issue any shares under our equity compensation
plan in the fiscal year of 2024.

 ITEM 6. RESERVED

 Not applicable.

 ITEM 7. 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 2024 and 2023, our primary business, which is carried out by Shandong Yunchu, Jingshan Sanhe,
Xianning Bozhuang and Fast Approach Inc, is:

 To import and distributes animal proteins, mainly beef products;

 To sell high-grade synthetic fuel products;

 To sell black tea product cultivation, packaging, and sales;

 Online advertising services.

 Results of Operations

 The following discussion should be read in conjunction
with the company's audited consolidated financial statement for the years ended December 31, 2024, and 2023 and related notes to
that.

 Years Ended

 Increase /

 Increase /

 Decrease

 Decrease

 (In Thousands of USD)

 2024

 2023

 ($)

 (%)

 Net revenues

 6,730

 17,660

 (10,930
)

 (62
)

 Cost of revenues

 5,968

 16,076

 (10,108
)

 (63
)

 Gross profit

 1,584

 (822
)

 (52
)

 Operating expenses:

 Selling and marketing expenses

 (54
)

 (57
)

 General and administrative expenses

 7,328

 7,997

 (669
)

 (8
)

 Research & Developing expenses

 Operating loss

 (6,664
)

 (6,563
)

 (101
)

 Interest expense

 (70
)

 (10
)

 (60
)

 Other income (expense)

 (724
)

 (194
)

 (530
)

 Share of losses from equity method investments

 -

 (569
)

 (100
)

 Loss on disposal of equity investments

 -

 (10,849
)

 10,849

 (100
)

 Loss before tax

 (7,458
)

 (18,185
)

 10,727

 (59
)

 Income tax expense

 -

 (35
)

 (100
)

 Loss from continuing operations

 (7,458
)

 (18,220
)

 10,762

 (59
)

 Net income (loss) from discontinuing operations

 (2,624
)

 2,752

 (105
)

 (7,330
)

 (20,844
)

 13,514

 (65
)

 Net Revenues. Our net revenues for the fiscal
year ending on December 31, 2024 amounted to $6.73 million, reflecting a decline of approximately $10.93 million or 62% compared to the
previous year's figure of $17.66 million (ending on December 31, 2023). In the previous fiscal year, 50% of our total revenue was
generated from the sale of a diverse range of food products to restaurants. However, this segment has been significantly impacted by the
adverse effects of COVID-19, leading to a decline in sales from $14.32 million in 2023 to $2.04 million in 2024.

 Cost of Revenues.
During the year ended December 31, 2024, we experienced a decrease in cost of revenue of $10.11 million or 63%, in comparison to the
year ended December 31, 2023, from approximately $16.08 million to $5.97 million. This change was mainly due to a decrease in sales of
revenue, as discussed above.

 Gross Profit. Our gross
profit declined by $0.82 million, representing a decrease of 52% to $0.76 million for the fiscal year ended December 31, 2024 compared
to $1.58 million for the fiscal year ended December 31, 2023. This decline can be primarily attributed to the decrease in sales revenue,
and partially offset by a slight decrease in the average combined cost per unit of our products. The gross profit margin increased from
9.0% in 2023 to 11.3% in 2024, representing an increase of 2.3%, primarily attributed to change in product mix.

 Operating Expenses

 Selling and Marketing Expenses. Our selling
and marketing expenses decreased by $0.05 million, or 57%, to $0.04 million for the year ended December 31, 2024 from $0.09 million for
the year ended December 31, 2023, mainly due to the decrease in transportation and storage cost, as well as decline in the sales staff
salaries.

 General and Administrative
Expenses. Our general and administrative expenses for the year ended December 31, 2024 decreased by $0.67 million, to $7.33 million
compared to the previous year's $8.00 million, mainly due to loss in the amount of $1.97 million recognized for obsolete tea products
during the year ended December 31, 2023, and partially offset by increase in allowance for doubtful accounts and impairment of long-term
investments during the year ended December 31, 2024.

 Net Loss

 Our net loss decreased by
$13.51 million, or 65%, to a net loss of $7.33 million for the year ended December 31, 2024 from $20.84 million in net loss for the year
ended December 31, 2023. This decrease was mainly due to the decrease in loss on the disposal of certain subsidiaries.

 Liquidity and Capital Resources

 In assessing our liquidity, we monitor and analyze
our cash-on-hand and operating and capital expenditure commitments. Our liquidity needs meet our working capital requirements, operating
expenses, and capital expenditure obligations. In the reporting period in the fiscal year 2024, our primary sources of financing have
been cash generated from operations and proceeds from bank loans.

 As of December 31, 2024, we had cash and restricted cash of $195,153
compared to $237,214 as of December 31, 2023. The debt to assets ratio was 54.0% and 54.4% as of December 31, 2024 and December 31, 2023,
respectively. We expect to continue to finance our operations and working capital needs in 2024 from cash generated from operations and,
if needed, private financings. Suppose available liquidity is insufficient to meet our operating and loan obligations as they come due.
In that case, our plans include pursuing alternative financing arrangements or reducing expenditures as necessary to meet our cash requirements.
However, there is no assurance that we will raise additional capital or reduce discretionary spending to provide liquidity if needed.
We cannot be sure of the availability or terms of any alternative financing arrangements.

 Going Concern

 The accompanying consolidated
financial statements have been prepared assuming that the Company will continue as a going concern; however, the Company has incurred
a net loss from continuing operations of $7,457,193 for the year ended December 31, 2024. As of December 31, 2024, the Company had an
accumulated deficit of $148,053,653, a working capital deficit of $6,120,752, its net cash provided by operating activities from continuing
operations for the year ended December 31, 2024 was $928,644.

 These factors raise substantial doubt on the Company's
ability to continue as a going concern. The accompanying audited consolidated financial statements do not include any adjustments that
might result from the outcome of this uncertainty. Management's plan for the Company's continued existence is dependent upon
management's ability to execute the business plan, develop the plan to generate profit; additionally, Management may need to continue
to rely on private placements 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:

 December 31

 (In thousands of U.S. dollars)

 2024

 2023

 Net cash flows provided by (used in) operating activities

 (5,282
)

 Net cash flows (used in) provided by investing activities

 (5
)

 2,471

 Net cash flows (used in) provided by financing activities

 (972
)

 2,888

 Operating Activities

 Net cash provided by operating
activities was $0.93 million during the year ended December 31, 2024, compared to $5.28 million used in operating activities during the
year ended December 31, 2023. This change was primarily due to the decrease in net loss excluding non-cash expenses, gains and losses
of $1.41 million, changes in net operating assets and liabilities of $5.23 million, and partially offset by a decrease in net cash provided
by operating activities from discontinued operations of $0.43 million.

 Investing Activities

 Net cash used in investing
activities for the year ended December 31, 2024 was $5,421, compared to $2.47 million provided by investing activities for the same period
in 2023. This change is primarily due to a reduction in proceeds from disposal of equity method investments of $2.77 million compared
to the year ended December 31, 2023.

 Financing Activities

 The net cash used in
financing activities was $0.97 million during the year ended December 31, 2024, compared to net cash provided by financing
activities of $2.89 million for the same period in 2023. This change can be attributed to a rise in loan to related parties, and
partially offset by an increase in bank loans.

 Critical Accounting 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.

 We consider our critical accounting policies to
require the more significant judgments and estimates in preparing financial statements, including those outlined in Note 2 to the financial
statements included herein.

 The Company has evaluated the timing and the impact
of the guidance above on the financial statements.

 As of December 31, 2024, there were no other recently
issued accounting standards not yet adopted that would or could have a material effect on the Company's consolidated financial statements.

 Off-Balance Sheet Arrangements

 We do not have any off-balance arrangements.

 ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

 Not applicable.

 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY FINANCIAL DATA

 The full text of our audited consolidated financial
statements as of December 31, 2024, begins on page F-1 of this annual report on Form 10-K.

 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING
AND FINANCIAL DISCLOSURE.

 None.

 ITEM 9A. CONTROLS AND PROCEDURES

 Disclosure Controls and Procedures

 We maintain disclosure controls and procedures
(as defined in Rule 13a-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in Exchange
Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and
that such information is accumulated and communicated to our management, including to our Chief Executive Officer and Chief Financial
Officer, as appropriate, to allow timely decisions regarding required disclosure.

 As required by Rule 13a-15 under the Exchange Act,
our management, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls
and procedures as of December 31, 2024. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that
as of December 31, 2024, our disclosure controls and procedures were not effective due to the material weakness in our internal control
over financial reporting described below.

 Internal Controls over Financial Reporting

 Management's Annual Report on Internal Control over Financial
Reporting.

 Our management is responsible for establishing
and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f) of the Exchange Act. Under
the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted
an evaluation of the effectiveness of our internal control over financial reporting based upon the framework in Internal Control-Integrated
Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on that evaluation, our management
concluded that, as of December 31, 2024, our internal controls over financial reporting were not effective.

 The significant deficiency identified by our management
as of December 31, 2024, relates to the ability of the Company to record transactions and provide disclosures in accordance with generally
accepted accounting principles in the United States ("U.S. GAAP"). We did not have sufficient and skilled accounting personnel
with an appropriate level of experience in the application of U.S. GAAP commensurate with our financial reporting requirements. For example,
our staff members do not hold licenses such as Certified Public Accountant or Certified Management Accountant in the U.S., have not attended
U.S. institutions for training as accountants, and have not attended extended educational programs that would provide sufficient relevant
education relating to U.S. GAAP. Our staff will require substantial training to meet the demands of a U.S. public company and our staff's
understanding of the requirements of U.S. GAAP-based reporting are inadequate.

 Remediation Initiative

 We plan to provide U.S. GAAP training sessions
to our accounting team. The training sessions will be organized to help our corporate accounting team gain experience in U.S. GAAP reporting
and to enhance their awareness of new and emerging pronouncements with potential impact on our financial reporting. We plan to continue
to recruit experienced and professional accounting and financial personnel and participate in educational seminars, tutorials, and conferences
and employ more qualified accounting staff in the future.

 Changes in Internal Controls over Financial Reporting

 Other than as described above,
during the fiscal year ended December 31, 2024, there were no material changes in our internal control over financial reporting identified
in connection with the evaluation performed during the fiscal year covered by this annual report that has materially affected or is reasonably
likely to materially affect, our internal control over financial reporting.

 Inherent Limitations over Internal Controls.

 Our internal control over financial reporting is
designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes under U.S. GAAP. Our internal control over financial reporting includes those policies and procedures that:

 (i)

 pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets;

 (ii)

 provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements under U.S. GAAP, and that our receipts and expenditures are being made only under authorizations of our management and directors; and

 (iii)

 provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could affect the financial statements.

 Management, including our Chief Executive Officer
and Chief Financial Officer, does not expect our internal controls to prevent or detect all misstatements. No matter how well designed
and operated, a control system can provide only reasonable, not absolute, assurance that the objectives of the control system are met.
Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of such controls must
be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of internal controls
can provide absolute assurance that all control issues and instances of misstatements, if any, have been detected or prevented. Also,
projections of any evaluation of the effectiveness of controls in future periods are subject to the risk that those internal controls
may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

 ITEM 9B. OTHER INFORMATION.

 None.

 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT
INSPECTIONS.

 Not Applicable.

 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

 Directors and Officers

 The following table sets forth the name, age and
position of each of our current directors and officers.

 Name

 Age

 Position

 Bin Zhou

 Chairman and Chief Executive Officer

 Lili Hu

 Chief Financial Officer

 Luojie Pu

 King Fai Leung

 Yang Cao

 Mr. Bin Zhou has served as a director of
the Company since May 2019 and served as our Chief Executive Officer and Chairman since October 2020. He has served as chairman of the
board of directors of Xianning Bozhuang since March 2019. Mr. Zhou was the general manager and legal representative of Hubei Qianding
Equipment Manufacturing Co., Ltd., a mechanical equipment manufacturing company, from March 2016 to March 2019. He also served as supervisor
of Hubei Henghao Real Estate Development Co., Ltd., a real estate development company, from April 2014 to June 2018. Mr. Zhou received
his Bachelor of Law degree from National Judges College in Beijing, China.

 Ms. Lili Hu has served as the Chief Financial
Officer of the Company since June 2019. She has over ten years of accounting experiences. Ms. Hu has served as the financial director
of Xianning Bozhuang Tea Products Co., Ltd., a wholly-owned subsidiary of the Company, since July 2018. From June 2016 to June 2018, Ms.
Hu worked as an audit project manager with Hubei Puhua Lixin LLP, an audit firm in Hubei, China. From May 2014 to May 2016, Ms. Hu was
a financial manager of Houfu Medical Device Co., Ltd., a medical device company in China. From January 2009 to December 2013, Ms. Hu served
as the financial director of Hebei Rentian Gaopeng Mechanical Co., Ltd., a manufacturing company in China. From January 2006 to June 2008,
Ms. Hu was the Chief Financial Officer of Hubei Hongfa Telecommunications Co., Ltd., a telecommunications company in China. Ms. Hu graduated
from Hubei University of Science and Technology with a major in accounting. Ms. Hu is a Certified Public Accountant in China.

 Ms. Luojie Pu has served as a director of
the Company since August 2022. Ms. Pu has served as the vice general manager of Jinan Hehui financial software service Co., Ltd. since
April 2018. From October 2013 to March 2018, Ms. Pu served as an associate marketing director for Jinan Hengxin Weiye Telecommunication
Equipment Co., Ltd. Ms. Pu received her bachelor's degree in finance from Shandong University in July 2013. We believe Ms. Pu is
well qualified to serve on the Board because of her extensive finance and management experience.

 Mr. King Fai Leung has served as a director
of the Company since July 2019. He has over 20 years' experience in finance and accounting. He has been the executive director of
Maxima Energy Limited, an energy company in Hong Kong, since December 2018. Mr. Leung has also served as an independent director since
November 2017 and was re-designated in March 2019 as an executive director and Chief Financial Officer of Chineseinvestors.com, Inc.,
a financial information website for Chinese-speaking investors (OTCQB: CIIX). He has also served as an independent director, chairman
of the audit committee and a member of the remuneration and nomination committee of Daisho Microline Holdings Ltd., a Hong Kong-based
investment holding company principally engaged in the manufacture and sales of printed circuit boards (HKG: 0567), since June 2015. In
addition, Mr. Leung served as directors in various public companies, including Kirin Group Holdings Limited, an investment holding company
principally engaged in the financial related business (HKG: 8109), Biostar Pharmaceuticals, Inc., a pharmaceutical and medical nutrient
products company (OTC Pink: BSPM), and Hao Wen Holdings Limited, an investment holding company principally engaged in the manufacture
and trading of biomass fuel in China (HKG: 8019). Mr. Leung earned his Bachelor of Commerce in Accounting and Finance from Deakin University
in Victoria, Australia. He is a Certified Public Account in both Hong Kong and Australia.

 Ms. Yang Cao has served as a director of
the Company since March 2020. She has been practicing commercial law as an attorney with Hubei Zhonghe Law Office. Prior to that, she
served as a legal counsel to Xianning High-Tech Industrial Zone, a municipal government authority providing infrastructure and resources
to high-tech companies, from November 2016 to November 2019. From October 2015 to November 2016, Ms. Cao worked as a compliance officer
at Qingdao Inter-Credit Group Wuhan Branch, a business consulting company. Ms. Cao received her LL.B. degree from Hankou College and an
LL.M. degree from Central China Normal University

 There are no arrangements or understandings between
any of our directors, officers and any other person pursuant to which any director was selected to serve as a director or officers of
our company. Directors are elected until their successors are duly elected and qualified. Our executive officers are appointed by our
Board and serve at their discretion. There are no family relationships among our directors or officers.

 Board of Directors

 Our Board met on twelve occasions during fiscal
year 2024. Each of the members of our Board attended more than 75% of the total number of meetings held by our Board and the committees
on which each director served during fiscal year 2024.

 Committees of the Board

 Audit Committee

 The Audit Committee assists our Board in monitoring:

 -

 our accounting, auditing, and financial reporting processes;

 -

 the integrity of our financial statements;

 -

 internal controls and procedures designed to promote our compliance with accounting standards and applicable laws and regulations; and

 -

 the appointment and evaluation of the qualifications and independence of our independent auditors.

 King Fai Leung, Yang Cao and Luojie Pu, all of
whom are independent directors under SEC rules and the rules of NYSE American, are currently serving as members of the Audit Committee.
Mr. Leung is the chairman of the Audit Committee and is our audit committee financial expert.

 The Audit Committee has adopted a written charter,
a copy of which is available on our website at www.planetgreenholdings.com, and a printed copy of which is available to any stockholder
requesting a copy by writing to: Planet Green Holdings Corp., c/o Board of Director Office, 130-30 31 st Ave, Suite 512, Flushing,
NY, 11354. During the fiscal year ended December 31, 2024, our Audit Committee held three meetings.

 Compensation Committee

 The functions of the Compensation Committee are
as follows:

 to assist our Board in discharging its responsibilities with respect to compensation of our executive officers and directors;

 to evaluate the performance of our executive officers;

 to assist our Board in developing succession plans for executive officers; and

 to administer our stock and incentive compensation plans and recommend changes in such plans to our Board as needed.

 The current members of the Compensation Committee
are Luojie Pu, King Fai Leung and Yang Cao. Ms. Pu is the chairman of the Compensation Committee. All current members of the Compensation
Committee are independent directors, and all past members were independent directors at all times during their service on such Committee.
None of the past or present members of our Compensation Committee are present or past employees or officers of the Company or any of our
subsidiaries. No member of the Compensation Committee has had any relationship with us requiring disclosure under Item 404 of Regulation
S-K. None of our executive officers serves on the Board of Directors or compensation committee of a company that has an executive officer
that serves on our Board of Directors or Compensation Committee.

 The Compensation Committee may not delegate its
responsibilities to another committee, individual director or member of management.

 The Compensation Committee meets on an annual basis
and holds special meetings as needed. The Compensation Committee meetings may be called by the Committee chairman, the Chairman of the
Board of Directors or a majority of Committee members. The Chief Executive Officer and Chief Financial Officer also provide recommendations
to the Compensation Committee relating to compensation of other executive officers. The Compensation Committee held one meeting in fiscal
year 2024.

 Nominating and Corporate Governance

 The Nominating and Corporate Governance assists
the Board of Directors in identifying individuals qualified to become our directors and in determining the composition of the Board of
Directors and its committees. The Nominating and Corporate Governance is responsible for, among other things:

 to
make recommendations to the Board of Directors with respect to the size and composition of the Board of Directors;

 to
make recommendations to the Board of Directors on the minimum qualifications and standards for director nominees and the selection criteria
for the Board members;

 to
review the qualifications of potential candidates for the Board of Directors;

 to
make recommendations to the Board of Directors on nominees to be elected at the annual meeting of stockholders; and

 to
seek and identify a qualified director nominee, in the event that a director vacancy occurs, to be recommended to the Board of Directors
for either appointment by the Board of Directors to serve the remainder of the term of a director position that is vacant or election
at the annual meeting of the stockholders.

 The current members of the Nominating and Corporate
Governance are Yang Cao, Luojie Pu and King Fai Leung. Ms. Cao is the chairman of the Nominating and Corporate Governance Committee. During
the fiscal year 2023, our Nominating and Corporate Governance Committee held one meeting.

 Stockholder Nominations for Director

 Stockholders may propose candidates for board membership
by writing to: Planet Green Holdings Corp., c/o Board of Director Office, 130-30 31 st Ave, Suite 512, Flushing, NY, 11354.
Any such proposal shall contain the name, holdings of our securities and contact information of the person making the nomination; the
candidate's name, address and other contact information; any direct or indirect holdings of our securities by the nominee; any information
required to be disclosed about directors under applicable securities laws and/or stock exchange requirements; information regarding related
party transactions with our company and/or the stockholder submitting the nomination; any actual or potential conflicts of interest; the
nominee's biographical data, current public and private company affiliations, employment history and qualifications and status as
"independent" under applicable securities laws and stock exchange requirements. Nominees proposed by stockholders will receive
the same consideration as other nominees.

 Compensation Committee Interlocks and Insider Participation

 None of our officers currently serves, or in the
past year has served, as a member of the Board of Directors or compensation committee of any entity that has one or more officers serving
on our Board of Directors.

 Code of Ethics

 Our Board adopted a Code of Ethics that applies
to all of our directors, executive officers, including our principal executive officer, principal financial officer and principal accounting
officer, and employees. The Code of Ethics addresses, among other things, honesty and ethical conduct, conflicts of interest, compliance
with laws, regulations and policies, including disclosure requirements under the federal securities laws, confidentiality, trading on
inside information, and reporting of violations of the code. The Code of Ethics is available on our website at
and a copy of the Code of Ethics is available to any stockholder requesting a copy by writing to: Planet Green Holdings Corp., c/o Board
of Director Office, 130-30 31 st Ave, Suite 512, Flushing, NY, 11354. We intend to disclose on our website, in accordance with
all applicable laws and regulations, amendments to, or waivers from, our Code of Ethics.

 Legal Proceedings

 To the Company's knowledge, other than the
litigation brought by Daqi Cui against the Company, there are no material proceedings to which any of our directors and officers or affiliates
of the Company is a party adverse to the Company or has a material interest adverse to the Company.

 ITEM 11. EXECUTIVE COMPENSATION

 Summary Compensation Table

 The following table sets forth information concerning
all forms of compensation earned by our named executive officers during the fiscal years ended December 31, 2023 and 2024 for services
provided to us and our subsidiaries and VIEs. None of our current executive officers earned compensation that exceeded $100,000 during
the fiscal years ended December 31, 2023 or 2024.

 Name and Principal Position

 Year

 Salary

 Bonus

 Stock

Awards

 Option

Awards

 All Other

Compensation

 Total

 (a)

 (b)

 (c)

 (d)

 (e)

 (f)

 (g)

 (h)

 Bin Zhou,

 2024

 $

 96,000

 $

 -

 $

 -

 $

 -

 $

 -

 $

 96,000

 Chairman, Chief Executive Officer and Director

 2023

 $

 96,000

 $

 -

 $

 -

 $

 -

 $

 -

 $

 96,000

 -

 -

 -

 -

 Lili Hu,

 2024

 $

 84,000

 $

 -

 $

 -

 $

 -

 $

 -

 $

 84,000

 Chief Financial Officer Director

 2023

 $

 84,000

 $

 -

 $

 -

 $

 -

 $

 -

 $

 84,000

 -

 -

 -

 -

 Luojie Pu,

 2024

 $

 $

 -

 $

 -

 $

 -

 $

 -

 $

 2023

 $

 8,000

 $

 -

 $

 -

 $

 -

 $

 -

 $

 8,000

 King Fai Leung,

 2024

 $

 21,600

 $

 -

 $

 -

 $

 -

 $

 -

 $

 21,600

 2023

 $

 21,600

 $

 -

 $

 -

 $

 -

 $

 -

 $

 21,600

 Yang Cao,

 2024

 $

 $

 -

 $

 -

 $

 -

 $

 -

 $

 2023

 $

 $

 -

 $

 -

 $

 -

 $

 -

 $

 In October 2020, the Board appointed Bin Zhou as
a member of the Board and the Chief Executive Officer. Pursuant to the employment agreement with Mr. Zhou dated October 25, 2022, we are
obligated to pay Mr. Zhou a compensation of $96,000 per year.

 In June 2020, the Board appointed Lili Hu to serve
as the Chief Financial Officer. Pursuant to the employment agreement dated June 24, 2022 with Ms. Hu, we are obligated to pay Ms. Hu a
compensation of $84,000 per year.

 In August 2022, the Board appointed Luojie Pu to
serve as the Director. Pursuant to the employment agreement with Ms. Pu, we are obligated to pay Ms. Pu a compensation of $24,000 per
year.

 In July 2019, the Board appointed King Fai Leung
to serve as the Director. Pursuant to the employment agreement with Mr. Leung, we are obligated to pay Mr. Leung a compensation of $21,600
per year.

 In March 2020 the Board appointed Yang Cao to serve
as the Director. Pursuant to the employment agreement with Ms. Cao, we are obligated to pay Ms. Cao a compensation of $24,000 per year.

 ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
AND RELATED SHAREHOLDER MATTERS

 The following table sets forth information regarding
beneficial ownership of our common stock as of March 31, 2024 (i) by each person who is known by us to beneficially own more than 5% of
our common stock; (ii) by each of our named executive officers and directors and (iii) by all of our officers and directors as a group.
Beneficial ownership is determined in accordance with the rules of the SEC that deem shares to be beneficially owned by any person who
has voting or investment power with respect to such shares. Except as otherwise indicated, the persons listed below have advised us that
they have direct sole voting and investment power with respect to the shares listed as owned by them.

 Unless otherwise specified, the address of each
of the persons set forth below is c/o Planet Green Holdings Corp., 130-30 31 st Ave, Suite 512, Flushing, NY 11354.

 In the table below, percentage ownership is based
on 7,282,714 shares of our common stock outstanding as of December 31, 2024.

 Name and title of beneficial owner

 Amount and
 nature of
 beneficial
 ownership

 Percent of
 class

 5% or Greater Stockholders

 Bin Zhou, Chairman, Chief Executive Officer and Director

 1,494,200

 20.51
 %

 Lili Hu, Chief Financial Officer

 -

 -

 Luojie Pu, Director

 -

 -

 King Fai Leung, Director

 -

 -

 Yang Cao, Director

 -

 -

 All executive officers, directors and director nominees as a group (seven individuals)

 1,494,200

 20.51
 %

 Changes in Control

 There are currently no arrangements which would
result in a change in control of us.

 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR
INDEPENDENCE.

 Related Party Transactions

 None.

 Policy for Approval of Related Party Transactions

 Our Audit Committee Charter provides that all related
party transactions required to be disclosed under SEC rules are to be reviewed by the Audit Committee.

 Director Independence

 NYSE American listing standards require that a
majority of our Board of Directors be independent. An "independent director" is defined generally as a person other than an
officer or employee of the company or its subsidiaries or any other individual having a relationship which in the opinion of the company's
board of directors, would interfere with the director's exercise of independent judgment in carrying out the responsibilities of
a director. Our Board of Directors has determined that Luojie Pu, King Fai Leung, Yang Cao are "independent directors" as
defined in the NYSE American listing standards and applicable SEC rules.

 ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES.

 Accounting fees consisted of the following as of December 31, 2024
and December 31, 2023:

 12/31/2023

 12/31/2024

 Accounting fees

 $
 400,000

 $
 400,000

 Total

 $
 400,000

 $
 400,000

 YCM CPA INC. is the Company's
independent registered public accounting firm for the fiscal years ended December 31, 2023 and December 31, 2024 and the accounting fees
such period were $400,000 and $400,000 respectively. Such fees related to audit services provided by YCM CPA INC. No audit-related or
tax services were provided by YCM CPA INC. during such periods.

 ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

 (a) (1 and 2) Financial Statement and Schedules

 The financial statements contained in the "Audited
Financial Statements" beginning on page F-1 of this annual report on Form 10-K.

 (b) Exhibits

 Exhibit No.

 Description

 3.1

 Articles of Incorporation of the registrant, as filed with the Nevada Secretary of State on June 15, 2009. Incorporated by reference to Exhibit 3.1 to the registrant's registration statement on Form S-3 filed on January 29, 2010.

 3.2

 Certificate of Amendment of the registrant, as filed with the Nevada Secretary of State on September 28, 2018. Incorporated by reference to Exhibit 3.1 to the registrant's current report on Form 8-K filed on October 2, 2018.

 3.3

 Bylaws of the registrant. Incorporated by reference to Exhibit 3.2 to the registrant's registration statement on Form S-3 filed on January 29, 2010.

 4.1*

 Description of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended.

 10.1

 Termination Agreement. Incorporated by reference to Exhibit 10.1 to the registrant's current report on Form 8-K filed on December 11, 2024.

 14.1

 Business Ethics Policy and Code of Conduct, adopted on April 30, 2007. Incorporated by reference to Exhibit 14 to the registrant's current report on Form 8-K filed on May 9, 2007.

 21.1*

 List of subsidiaries of the registrant.

 31.1*

 Certification of Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 31.2*

 Certification of Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 32.1**

 Certification of Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 32.2**

 Certification of Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 97.1*

 Planet Green Holdings Corp. Clawback Policy

 101.INS

 101.SCH

 101.CAL

 101.DEF

 101.LAB

 101.PRE

 *

 Filed herewith

 **

 Furnished herewith

 ITEM 16. FORM 10-K SUMMARY

 Not applicable.

 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.

 Date: April 11, 2025

 By:

 /s/ Bin Zhou

 Bin Zhou, Chief Executive Officer and Chairman

 (Principal Executive Officer)

 By:

 /s/ Lili Hu

 Lili Hu, Chief Financial Officer

 (Principal Financial and Accounting Officer)

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

 Signature

 Title

 Date

 /s/ Bin Zhou

 Chief Executive Officer and Chairman

 Bin Zhou

 (Principal Executive Officer)

 /s/ Lili Hu

 Chief Financial Officer and Director

 Lili Hu

 (Principal Financial Officer and Principal Accounting Officer)

 /s/ Luojie Pu

 Luojie Pu

 /s/ King Fai Leung

 King Fai Leung

 /s/ Yang Cao

 Yang Cao

 PLANET GREEN HOLDINGS CORP.

 CONSOLIDATED FINANCIAL STATEMENTS

 (Stated in US Dollars)

 CONTENTS

 PAGES

 Report of Independent Registered Public Accounting Firm (PCAOB ID #6781)

 Consolidated Balance Sheets as of December 31, 2024 and 2023

 Consolidated Statements of Operations and Comprehensive Loss for the Years Ended December 31, 2024 and 2023

 Consolidated Statements of Cash Flows for the Years Ended December 31, 2024 and 2023

 Notes to Consolidated Financial Statements

 F-8 to F-26

 F- 1

 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM

 To the Board of Directors and the shareholders
of

 Opinion on the Financial Statements

 We have audited the accompanying consolidated
balance sheets of Planet Green Holdings Corp. and its subsidiaries (collectively, the "Company") as of December 31, 2024 and
2023, and the related consolidated statements of operations and comprehensive income (loss), changes in shareholder's equity, and
cash flows for the years ended December 31, 2024 and 2023, and the related notes (collectively referred to as the "financial statements").
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company
as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the years ended December 31, 2024 and 2023,
in conformity with accounting principles generally accepted in the United States of America.

 Going Concern

 The accompanying consolidated
financial statements have been prepared assuming the Company will continue as a going concern. As discussed in Note 1 to the consolidated
financial statements, the Company records an accumulated deficit as of December 31, 2024, and the Company currently has a working
capital deficit, continued net losses and negative cash flows from operations. These conditions raise substantial doubt about the Company's
ability to continue as a going concern. Management's plans in regards to these matters are also described in Note 1. These consolidated
financial statements do not include any adjustments that might result from the outcome of these uncertainties.

 Basis for Opinion

 These consolidated financial statements are the
responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial
statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States)
("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws
and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated
financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we
engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding
of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's
internal control over financial reporting. Accordingly, we express no such opinion.

 Our audits included performing procedures to assess
the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide
a reasonable basis for our opinion.

 Critical Audit Matters

 The critical audit matter communicated below is
matter arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated
to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and
(2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter
in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit
matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

 F- 2

 Impairment
of goodwill - evaluation of the carrying value of goodwill

 Description
of the Matter

 As discussed in Note 2 and Note 14 to the consolidated
financial statements, the Company's goodwill balance was $4.72 million as of December 31, 2024. The Company performs a goodwill
impairment test on an annual basis or whenever events or changes in circumstances indicate that the carrying value of a reporting unit
might exceed its fair value. The Company utilizes a discounted cash flow methodology
to calculate the fair value of its reporting units, which requires management to make significant estimates and assumptions related to
projected revenue growth rates, discount rates, and earnings before interest, taxes, depreciation and amortization ("EBITDA").
Changes in these assumptions could have a significant impact on the fair value of the reporting unit and the amount of any goodwill impairment
charge. In the year of 2024, the Company performed an annual goodwill impairment test in response to the decline in current market
conditions because of the persistent operating losses. The goodwill was determined to be not impaired.

 How We
Addressed the Matter in Our Audit

 Addressing the matter involved evaluating the
Company's assessment of the value of the reporting unit under the discounted cash flow method. These procedures included (i) We
performed a retrospective review comparing actual revenue and EBITDA results of the reporting unit for 2024 to the forecasted results
from 2023. (ii) We performed a retrospective review comparing management's estimates and assumptions relating to revenue, EBITDA,
and EBITDA margin projections for the reporting unit used for the purpose of current year's annual impairment test to the projections
previously used in connection with the prior year annual impairment test. (iii) We evaluated the consistency of estimates and assumptions
relating to revenue and EBITDA growth inherent in the discounted cash flow model for the reporting unit to those used by management in
other annual forecasting activities. (iv) With the assistance of our fair value specialists, we evaluated (1) the valuation methodology
used and (2) the projections of long-term revenue growth and the discount rates by testing the underlying source information, and by developing
a range of independent estimates and comparing those to the rates selected by management. (v) We performed sensitivity analysis.

 /s/ YCM CPA INC.

 We have served as the Company's auditor
since 2022.

 PCAOB ID 6781

 Irvine, California

 F- 3

 Consolidated Balance Sheets

 2024

 2023

 Assets

 Current assets

 Cash

 $
 193,919

 $

 Restricted Cash

 1,234

 -

 Trade accounts receivable, net

 2,041,108

 2,982,880

 Inventories, net

 851,739

 1,424,439

 Advances to suppliers, net

 1,038,468

 5,209,224

 Other receivables, net

 263,046

 324,704

 Other receivables-related parties

 1,975,729

 315,724

 Prepaid expenses

 826,123

 978,803

 Assets of discontinued operations

 -

 10,890,506

 Total current assets

 7,191,366

 22,363,494

 Non-current assets

 Plant and equipment, net

 11,036,281

 12,280,268

 Intangible assets, net

 819,072

 980,003

 Construction in progress

 22,906

 23,606

 Long-term investments

 1,622,654

 2,257,926

 Goodwill

 Total non-current assets

 18,225,612

 20,266,502

 Total assets

 $
 25,416,978

 $
 42,629,996

 Liabilities and Stockholders' Equity

 Current liabilities

 Loans-current

 $
 1,641,503

 $
 -

 Accounts payable

 3,177,188

 3,017,891

 Advance from customers

 368,232

 2,456,596

 Taxes payable

 1,248,758

 1,205,519

 Other payables and accrued liabilities

 2,535,695

 1,113,560

 Other payables-related parties

 4,340,742

 5,803,997

 Deferred income

 -

 36,334

 Liabilities of discontinued operations

 -

 9,525,575

 Total current liabilities

 13,312,118

 23,159,472

 Non-current liabilities

 Other long-term liabilities

 -

 30,312

 Loans-noncurrent

 410,998

 -

 Total non-current liabilities

 410,998

 30,312

 Total liabilities

 13,723,116

 23,189,784

 Commitments and contingencies

 Shareholders' equity

 Preferred stock: $ 0.001 par value, 10,000,000 shares authorized; none issued and outstanding as of December 31, 2024 and 2023

 -

 -

 Common stock: $ 0.001 par value, 100,000,000 shares authorized; 7,282,714 shares issued and outstanding as of December 31, 2024 and 2023

 7,283

 7,283

 Additional paid-in capital

 Accumulated deficit

 ( 148,053,653
)

 ( 140,724,597
)

 Accumulated other comprehensive income

 3,972,458

 4,389,752

 Total shareholders' equity

 $
 11,693,862

 $
 19,440,212

 Total liabilities and shareholders' equity

 $
 25,416,978

 $
 42,629,996

 See Accompanying Notes to the Financial Statements

 F- 4

 Consolidated Statements of Operations and Comprehensive
(Loss) Income

 2024

 2023

 Net revenues

 $
 6,729,937

 $
 17,659,671

 Cost of revenues

 5,968,345

 16,076,312

 Gross profit

 761,592

 1,583,359

 Operating expenses:

 Selling and marketing expenses

 41,021

 95,153

 General and administrative expenses

 7,327,677

 7,996,582

 Research and developing expenses

 57,080

 54,929

 Total operating expenses

 7,425,778

 8,146,664

 Operating loss

 ( 6,664,186
)

 ( 6,563,305
)

 Other income (expenses)

 Interest income

 Interest expenses

 ( 70,542
)

 ( 10,736
)

 Other income

 90,158

 112,462

 Other expenses

 ( 813,019
)

 ( 306,191
)

 Share of losses from equity method investments

 -

 ( 568,744
)

 Loss on disposal of equity investments

 -

 ( 10,848,632
)

 Total other expenses

 ( 793,007
)

 ( 11,621,470
)

 Loss before income taxes

 ( 7,457,193
)

 ( 18,184,775
)

 Income tax expenses

 -

 ( 35,303
)

 Loss from continuing operations

 ( 7,457,193
)

 ( 18,220,078
)

 Discontinued operations:

 Income (loss) from discontinued operations

 128,137

 ( 2,623,718
)

)

)

 Foreign currency translation adjustment

 ( 417,294
)

 ( 302,490
)

 Total comprehensive loss

 $
 ( 7,746,350
)

 $
 ( 21,146,286
)

 Loss per share of common stock - basic and diluted

 Continuing operations

 $
 ( 1.02
)

 $
 ( 2.50
)

 Discontinued operations

 $
 0.02

 $
 ( 0.36
)

 Basic and diluted weighted average shares outstanding

 See Accompanying Notes to the Financial Statements

 F- 5

 Consolidated Statements of Changes in Stockholders'
Equity

 For the Years Ended December 31, 2024 and 2023

 Common Stock

 Additional

 Accumulated
 Other

 Number of
 Shares

 Paid-in
 Capital

 Accumulated
 Deficit

 Comprehensive
 Income

 Total
 Equity

 Balance as of December 31, 2022

 $
 7,283

 $

 $
 ( 119,880,801
)

 $
 4,692,242

 $
 40,586,498

 -

 -

 -

)

 -

)

 Foreign currency translation adjustment

 -

 -

 -

 -

 ( 302,490
)

 ( 302,490
)

 Balance as of December 31, 2023

 $
 7,283

 $

 $
 ( 140,724,597
)

 $
 4,389,752

 $
 19,440,212

 -

 -

 -

)

 -

)

 Foreign currency translation adjustment

 -

 -

 -

 -

 ( 417,294
)

 ( 417,294
)

 Balance as of December 31, 2024

 $
 7,283

 $

 $
 ( 148,053,653
)

 $
 3,972,458

 $
 11,693,862

 See Accompanying Notes to the Financial Statements

 F- 6

 Consolidated Statements of Cash Flows

 2024

 2023

 CASH FLOWS FROM OPERATING ACTIVITIES:

 $
)

 $
)

 Less: income (loss) from discontinued operations

 ( 128,137
)

 2,623,718

 Net loss from continuing operations

 ( 7,457,193
)

 ( 18,220,078
)

 Adjustments to reconcile net loss to cash provided by (used in) operating activities:

 Depreciation

 895,205

 968,594

 Amortization

 133,750

 139,576

 Allowance for doubtful accounts

 3,388,459

 1,813,112

 Loss on disposal of equity investments

 -

 10,848,632

 Impairment of long-term investments

 564,130

 -

 Share of losses from equity method investments

 -

 568,744

 Loss on disposal of plant and equipment

 2,525

 -

 Changes in operating assets and liabilities, net of effects of acquisitions and disposals:

 Trade receivables

 ( 1,009,402
)

 ( 2,683,537
)

 Inventories

 538,070

 1,737,130

 Advances to suppliers

 4,190,826

 ( 446,632
)

 Other receivables

 1,338

 17,370

 Accounts payable

 523,086

 ( 89,674
)

 Advance from customer

 ( 2,040,664
)

 ( 103,544
)

 Other payables and accrued liabilities

 1,183,393

 ( 408,087
)

 Taxes payable

 58,920

 165,227

 Deferred income

 ( 14,600
)

 ( 15,610
)

 Other long-term liabilities

 ( 29,199
)

 -

 Net cash provided by (used in) operating activities from continuing operations

 928,644

 ( 5,708,777
)

 Net cash provided by operating activities from discontinued operations

 -

 426,434

 Net cash provided by (used in) operating activities

 928,644

 ( 5,282,343
)

 CASH FLOWS FROM INVESTING ACTIVITIES:

 Purchase of plant and equipment

 ( 7,506
)

 ( 26,371
)

 Proceeds from disposal of equity method investments

 -

 2,767,860

 Cash received from disposal of plant and equipment

 2,085

 -

 Net cash provided by (used in) operating activities from continuing operations

 ( 5,421
)

 2,741,489

 Net cash provided by operating activities from discontinued operations

 -

 ( 270,374
)

 Net cash provided by (used in) investing activities

 ( 5,421
)

 2,471,115

 CASH FLOWS FROM FINANCING ACTIVITIES:

 Proceeds from bank loans

 2,082,060

 -

 Changes in related party balances, net

 ( 3,054,165
)

 3,095,779

 Net cash (used in) provided by continuing financing activities

 ( 972,105
)

 3,095,779

 Net cash used in financing activities from discontinued operations

 -

 ( 207,555
)

 Net cash (used in) provided by financing activities

 ( 972,105
)

 2,888,224

 Net (decrease) increase in cash and restricted cash

 ( 48,882
)

 76,996

 EFFECT OF EXCHANGE RATE ON CASH AND RESTRICTED CASH

 6,821

 66,731

 CASH AND RESTRICTED CASH AT BEGINNING OF YEAR

 93,487

 CASH AND RESTRICTED CASH AT END OF YEAR

 $
 195,153

 $

 Supplemental cash flow information

 Interest received

 $

 $
 1,199

 Interest paid

 $
 70,542

 $
 497,306

 Reconciliation of cash and restricted cash reported in the statement of financial position

 Cash

 $
 193,919

 $

 Restricted cash

 1,234

 -

 Total cash and restricted cash

 $
 195,153

 $

 See Accompanying Notes to the Financial Statements

 F- 7

 PLANET GREEN HOLDINGS CORP.

NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

 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 and
VIE entities in China.

 On May 18, 2018, the Company incorporated Promising
Prospect BVI Limited ("Planet Green BVI"), a limited company incorporated in the British Virgin Islands.

 On September 28, 2018, Planet Green BVI acquired
Lucky Sky HK through the Company's restructuring plans.

 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.

 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" or "WFOE")

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

 On June 5, 2020, the Promising Prospect BVI Limited
acquired all of the outstanding equity interests of Fast Approach Inc. It was incorporated under Canada's laws and the operation
of a demand-side platform targeting the Chinese education market in North America.

 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 August 10, 2020, Promising Prospect BVI Limited
disposed of its 100 % equity interest in Lucky Sky Holdings Corporations (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.

 F- 8

 On March 9, 2021, Planet Green Holdings Corporation
(Nevada) issued an aggregate of 3,300,000 shares of common stock of the Company to the equity holders of Jilin Chuangyuan Chemical Co.,
Ltd. in exchange for the transfer of 75 % of the equity interest of Jilin Chuangyuan Chemical Co., Ltd. to the Jiayi Technologies (Xianning)
Co., Ltd.

 On July 15, 2021, Planet Green Holdings Corporation
(Nevada) issued an aggregate of 4,800,000 shares of common stock of the Company to the equity holders of Anhui Ansheng Petrochemical Equipment
Co., Ltd. for the transfer to 66 % of the equity interest if Anhui Ansheng Petrochemical Equipment Co., Ltd. to the Jiayi Technologies
(Xianning) Co., Ltd. On December 12, 2022, Anhui Ansheng Petrochemical Equipment Co., Ltd. was disposed.

 On August 3, 2021, the Planet Green Holding Corp
has acquired 8,000,000 ordinary shares of the Shine Chemical Co., Ltd. As a result, Shine Chemical Co., Ltd., Bless Chemical Co., Ltd.
and Hubei Bryce Technology Co., Ltd. have been wholly-owned subsidiaries of the Planet Green Holding Corp.

 On September 1, 2021, Jingshan Sanhe Luckysky
New Energy Technologies Co., Ltd. has changed its major shareholder from Mr. Feng Chao to Hubei Bryce Technology Co., Ltd. and Hubei Bryce
Technology Co., Ltd. has hold 85 % shares of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd. after the alteration of shareholders.

 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. for the
transfer to 100 % of the equity interest of Shandong Yunchu Supply Chain Co., Ltd. to the Jiayi Technologies (Xianning) Co., Ltd.

 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 completely been disposed, resulting in gain from disposal of $ 355,517.

 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. Before
the closing of this Share Purchase transaction, the Company owns 85 % equity interest of Jingshan through the Purchaser. On September
14, 2022, the Company closed the Share Purchase transaction. As of September 30, 2022, Hubei Bryce Technology Co., Ltd. has
hold 100 % shares of Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd. after the alteration of shareholders.

 Consolidation of Variable Interest Entity

 On March 9, 2021, through Jiayi Technologies (Xianning) Co., Ltd.(the
"Jiayi"), formerly known as Lucky Sky Petrochemical Technology (Xianning) Co., Ltd., the Company entered into exclusive VIE
agreements ("VIE Agreements") with Jilin Chuangyuan Chemical Co., Ltd. ("Jilin Chuangyuan"), as well as its shareholders,
which gave the Company the ability to substantially influence the company's daily operations and financial affairs and appointment
of its senior executives. The Company is considered the primary beneficiary of these operating companies, and it consolidates their accounts
as a VIE.

 On December 11, 2024, Jiayi entered into a Termination
Agreement with Jilin Chuangyuan and its shareholders, pursuant to which, Jiayi, Jilin Chuangyuan and its shareholders agreed to terminate
all of the rights and obligations under the VIE Agreements. As a result of the completion of the transaction, the Company no longer consolidates
Jilin Chuangyuan's financial statements into the financial statements of the Company for accounting purpose, resulting in gain from
disposal of $ 239,292.

 The VIE Agreement is described in detail below

 F- 9

 Consultation and Service Agreement

 Under the Consultation and Service Agreement,
WFOE has the exclusive right to provide consultation and services to the operating entities in China in business management, human resource,
technology, and intellectual property rights. WFOE exclusively owns any intellectual property rights arising from the performance of this
Consultation and Service Agreement. The number of service fees and payment terms can be amended by the WFOE and operating companies'
consultation and implementation. The duration of the Consultation and Service Agreement is 20 years. WFOE may terminate this agreement
at any time by giving 30 day's prior written notice.

 Business Cooperation Agreement

 Pursuant to the Business Cooperation Agreement,
WFOE has the exclusive right to provide complete technical support, business support, and related consulting services, including but not
limited to specialized services, business consultations, equipment or property leasing, marketing consultancy, system integration, product
research and development, and system maintenance. WFOE exclusively owns any intellectual property rights arising from the performance
of this Business Cooperation Agreement. The rate of service fees may be adjusted based on the services rendered by WFOE in that month
and the operational needs of the operating entities. The Business Cooperation Agreement shall maintain effective unless it was terminated
or was compelled to release under applicable PRC laws and regulations. WFOE may terminate this Business Cooperation Agreement at any time
by giving 30 day's prior written notice.

 Equity Pledge Agreements

 According to the Equity Pledge Agreements among
WFOE, operating entities, and each of operating entities' shareholders, shareholders of the operating entities pledge all of their
equity interests in the functional entities to WFOE to guarantee their performance of relevant obligations and indebtedness under the
Technical Consultation and Service Agreement and other control agreements.

 Equity Option Agreements

 According to the Equity Option Agreements, WFOE
has the exclusive right to require each shareholder of the operating companies to fulfill and complete all approval and registration procedures
required under PRC laws for WFOE to purchase or designate one or more persons to buy, each shareholder's equity interests in the
operating companies, once or at multiple times at any time in part or in whole at WFOE's sole and absolute discretion. The purchase
price shall be the lowest price allowed by PRC laws. The Equity Option Agreements shall remain effective until all the equity interest
owned by each operating entity shareholder has been legally transferred to WFOE or its designee(s).

 Voting Rights Proxy Agreements

 According to the Voting Rights Proxy Agreements,
each shareholder irrevocably appointed WFOE or WFOE's designee to exercise all his or her rights as the shareholders of the operating
entities under the Articles of Association of each operating entity, including but not limited to the power to exercise all shareholder's
voting rights concerning all matters to be discussed and voted in the shareholders' meeting. The term of each Voting Rights Proxy
Agreement is 20 years. WOFE has the right to extend each Voting Proxy Agreement by giving written notification.

 Based on the foregoing contractual arrangements,
The Company consolidates the accounts of Xianning Bozhuang Tea Products Co., Ltd, Jingshan Sanhe Luckysky New Energy Technologies Co.,
Ltd. and Jilin Chuangyuan Chemical Co., Ltd. in accordance with Regulation S-X-3A-02 promulgated by the Securities Exchange Commission
("SEC"), and Accounting Standards Codification ("ASC") 810-10, Consolidation.

 F- 10

 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.

 Going Concern

 The accompanying consolidated financial statements have been prepared assuming
that the Company will continue as a going concern; however, the Company has incurred a net loss from continuing operations of $ 7,457,193
for the year ended December 31, 2024. As of December 31, 2024, the Company had an accumulated deficit of $ 148,053,653, a working capital
deficit of $ 6,120,752, its net cash provided by operating activities from continuing operations for the year ended December 31, 2024 was
$ 928,644.

 These factors raise substantial doubt on the Company's
ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments that might result
from the outcome of this uncertainty. Management's plan for the Company's continued existence is dependent upon management's
ability to execute the business plan, develop the plan to generate profit; additionally, Management may need to continue to rely on private
placements 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 financial
statements and these notes according to generally accepted accounting principles in the United States ("GAAP"). The Company
maintains its general ledger and journals with the accrual method accounting.

 Principles of Consolidation

 Details of the Subsidiaries of the Company as of
December 31, 2024 are set below:

 Name of Company

 Place of
 incorporation

 Attributable equity
 interest %

 Registered
 capital

 Promising Prospect BVI Limited

 The British Virgin Islands

 $
 10,000

 Promising Prospect HK Limited

 Hong Kong

 Jiayi Technologies (Xianning) Co., Ltd.

 PRC

 2,000,000

 Fast Approach Inc.

 Canada

 Shanghai Shuning Advertising Co., Ltd. (a subsidiary of FAST)

 PRC

 -

 Jingshan Sanhe Luckysky New Energy Technologies Co., Ltd.

 PRC

 4,710,254

 Xianning Bozhuang Tea Products Co., Ltd.

 PRC

 6,277,922

 Bless Chemical Co., Ltd (a subsidiary of Shine Chemical)

 Hong Kong

 10,000

 Hubei Bryce Technology Co., Ltd. (a subsidiary of Bless Chemical)

 PRC

 30,000,000

 Shandong Yunchu Supply Chain Co., Ltd

 PRC

 5,000,000

 Shine Chemical Co., Ltd

 Cayman

 8,000

 Management has eliminated all significant inter-company
balances and transactions in preparing the accompanying 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.

 F- 11

 Use of Estimates

 The 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 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 and Restricted 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 RMB 0.5 million (equivalent to $ 68,500) per bank are covered by "deposit
insurance regulation" promulgated by the State Council of the People's Republic of China.

 Restricted cash includes any cash that is legally restricted as to
withdrawal or usage. As of December 31, 2024 and 2023, cash in the amount of $ 1,234 and Nil was restricted by court due to lawsuits against
the Company.

 Accounts Receivables, 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 an advance payment 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. At the end of each fiscal year, we undertake a thorough
examination of prepaid expenses and contractual terms, analyze the causes of delayed receipt of corresponding valuable goods, calculate
recoverable amounts using a probability-weighted average method for unrecoverable amounts, and make provisions for impairment as deemed
necessary.

 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:

 Buildings

 20 - 40 years

 Machinery and equipment

 1 - 10 years

 Motor vehicles

 5 - 10 years

 Office equipment

 5 - 20 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.

 F- 12

 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

 Software licenses

 2 years

 Trademarks

 10 years

 Construction in Progress

 Construction in progress represents direct acquisition and construction
costs for plants and fees of purchase and installation of related equipment. Amounts classified as construction in progress are transferred
to plant and equipment when substantially all the activities necessary to prepare the assets for their intended use are completed. Depreciation
is not provided for assets classified in this account.

 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.

 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 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 year-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.

 12/31/2024

 12/31/2023

 12/31/2022

 Period-end US$: CDN$ exchange rate

 1.4400

 1.3196

 1.3554

 Period-end US$: RMB exchange rate

 7.2993

 7.0827

 6.9646

 Period-end US$: HK exchange rate

 7.7677

 7.8157

 7.7967

 Period average US$: CDN$ exchange rate

 1.3699

 1.3452

 1.3012

 Period average US$: RMB exchange rate

 7.1957

 7.0467

 6.7261

 Period average US$: HK exchange rate

 7.8030

 7.8282

 7.8310

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

 F- 13

 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 selling
explosion-proof skid-mounted refueling device, SF double-layer buried oil storage tank, high-grade synthetic fuel products, industrial
formaldehyde solution, urea-formaldehyde pre-condensate (UFC), methylal, urea-formaldehyde glue for environment-friendly artificial board
chemicals, food products like frozen fruits, beef & mutton products and vegetables and tea products. The Company recognizes product
revenue at a point in time when the control of the products 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.

 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.

 F- 14

 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.

 F- 15

 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 December 31, 2024, the company does not have any current lease
agreements exceeding 12 months.

 Equity investments

 The Company accounts for its
equity investments in accordance with ASC 321. In accordance with ASC 321, equity investment which the Company has no significant influence
(generally less than a 20% ownership interest) with readily determinable fair values are accounted for at fair value based on quoted market
prices with the changes in fair value recognized as unrealized gains or losses in earnings. Equity investments without readily determinable
fair values are accounted for either at fair value or using the measurement alternative. Under the measurement alternative, the equity
investments are measured at cost, less any impairment, if any, plus or minus changes resulting from observable price changes in orderly
transactions for the identical or a similar investment. The investments in equity securities are evaluated for impairment when facts or
circumstances indicate that the fair value of the investment is less than its carrying value.

 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 determine 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 disclose 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 2024, the FASB issued ASU 2024-01, Compensation—Stock
Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards. The amended guidance added an illustrative example
that includes four fact patterns to demonstrate how an entity should apply the scope guidance in paragraph 718-10-15-3 to determine whether
a profits interest award should be accounted for in accordance with Topic 718. The amendments guidance is effective for annual periods
beginning after December 15, 2024, and interim periods within those annual periods. The guidance can be applied either prospectively or
retrospectively. The Company is currently in the process of evaluating the impact this amended guidance may have on its consolidated financial
statements.

 F- 16

 In November 2024, the FASB issued ASU 2024-03,
Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income
Statement Expenses. The amended guidance improves the disclosures about a public business entity's expenses and address requests
from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation,
amortization, and depletion) in commonly presented expense captions (such as cost of sales, SG&A, and research and development). The
amended guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning
after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. The Company is
currently in the process of evaluating the impact this amended guidance may have on the footnotes to its consolidated financial statements.

 In November 2024, the FASB issued ASU 2024-04,
Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments. This guidance
clarifies the assessment of whether a transaction should be accounted for as an induced conversion or extinguishment of convertible debt
when changes are made to conversion features as part of an offer to settle the instrument. The amended guidance is effective for all entities
for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. The
guidance can be applied either prospectively or retrospectively. The Company is currently in the process of evaluating the impact this
amended guidance may have on its consolidated financial statements.

 In January 2025, the FASB issued ASU 2025-01,
Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective
Date. This guidance amends the effective date of Update 2024-03 to clarify that all public business entities are required to adopt the
guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning
after December 15, 2027. Early adoption of Update 2024-03 is permitted. The Company is currently in the process of evaluating the impact
this amended guidance may have on the footnotes to 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 1, 2024, the Company transferred 100 % of
Allinyson's shares and other equity interest to an individual for aggregated purchase price of $ 1.00, and Allinyson was completely
disposed.

 On December 11, 2024, Jiayi entered into a Termination
Agreement with Jilin Chuangyuan and its shareholders, pursuant to which, Jiayi, Jilin Chuangyuan and its shareholders agreed to terminate
all of the rights and obligations under the VIE Agreements. As a result of the completion of the transaction, the Company no longer consolidates
Jilin Chuangyuan's financial statements into the financial statements of the Company for accounting purpose.

 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. The assets and liabilities related to the discontinued operations were retroactively classified as assets/liabilities
held for sale as of December 31, 2023, while results of operations related to the discontinued operations for the years ended December
31, 2024 and 2023, were retroactively reported as income (loss) from discontinued operations. The results of discontinued operations for
the years ended December 31, 2024 and 2023 are as follows:

 For the Years ended

 2024

 2023

 Revenues

 $
 196,318

 $
 9,460,565

 Cost of revenues

 220,473

 9,611,285

 Gross profit

 ( 24,155
)

 ( 150,720
)

 Operating expenses:

 Selling and marketing expenses

 81,122

 803,707

 General and administrative expenses

 1,107,937

 1,040,015

 Research & developing expenses

 78,562

 214,586

 Total operating expenses

 1,267,621

 2,058,308

 Income from discontinued operations

 ( 1,291,776
)

 ( 2,209,028
)

 Other income (expenses)

 Interest income

 -

 Interest expenses

 ( 542,800
)

 ( 486,570
)

 Other income

 1,967,650

 71,325

 Other expenses

 ( 4,937
)

 ( 273
)

 Total other income (expense)

 1,419,913

 ( 414,690
)

 Income (loss) before income taxes

 128,137

 ( 2,623,718
)

 Income taxes provision

 -

 -

 Net income (loss) from discontinued operations

 $
 128,137

 $
 ( 2,623,718
)

 F- 17

 Assets and liabilities of the discontinued operations:

 As of

 2023

 CURRENT ASSETS:

 Cash

 $
 199,169

 Trades accounts receivable, net

 177,445

 Inventories

 528,624

 Advances to suppliers

 106,971

 Other receivables

 25,280

 TOTAL CURRENT ASSETS

 1,037,489

 NON-CURRENT ASSETS:

 Property and equipment, net

 7,991,576

 Land use rights, net

 1,854,099

 Construction in progress

 7,342

 TOTAL ASSETS

 $
 10,890,506

 CURRENT LIABILITIES:

 Accounts payable

 $
 580,356

 Advance from customers

 7,723

 Taxes payable

 37,541

 Other payables and accrued liabilities

 3,396,632

 Other payables-related parties

 1,529,548

 TOTAL CURRENT LIABILITIES

 5,551,800

 Other long-term liabilities

 161,669

 Loans-noncurrent

 3,812,106

 TOTAL LIABILITIES

 $
 9,525,575

 4. Trade 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.

 2024

 2023

 Trade accounts receivable

 $
 5,914,279

 $
 5,069,640

 Less: Allowance for credit losses

 ( 3,873,171
)

 ( 2,086,760
)

 $
 2,041,108

 $
 2,982,880

 Allowance for credit losses

 Beginning balance:

 $
 ( 2,086,760
)

 $
 ( 287,647
)

 Additions to allowance

 ( 1,786,411
)

 ( 1,735,826
)

 Reversal of allowance

 -

 ( 63,287
)

 Ending balance

 $
 ( 3,873,171
)

 $
 ( 2,086,760
)

 F- 18

 5. Advances to Suppliers, Net

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

 2024

 2023

 Payment to suppliers and vendors

 $
 1,045,329

 $
 5,209,224

 Allowance for credit losses

 ( 6,861
)

 -

 Total

 $
 1,038,468

 $
 5,209,224

 6. Inventories, Net

 Inventories consisted of the following as of December
31, 2024 and 2023:

 2024

 2023

 Raw materials

 $
 1,067,015

 $
 1,437,040

 Work in progress

 1,292,674

 1,394,569

 Finished goods

 425,822

 690,011

 Allowance for inventory reserve

 ( 1,933,772
)

 ( 2,097,181
)

 Total

 $
 851,739

 $
 1,424,439

 7. Plant and Equipment

 Plant and equipment consisted of the following as
of December 31, 2024 and 2023:

 2024

 2023

 At Cost:

 Buildings

 $
 11,647,212

 $
 11,999,628

 Machinery and equipment

 3,470,470

 3,585,993

 Office equipment

 462,846

 489,387

 Motor vehicles

 174,808

 180,999

 15,755,336

 16,256,007

 Less: Accumulated depreciation

 ( 4,719,055
)

 ( 3,975,739
)

 11,036,281

 12,280,268

 Construction in progress

 22,906

 23,606

 $
 11,059,187

 $
 12,303,874

 Depreciation expense for the years ended December
31, 2024 and 2023 was $ 895,205 and $ 968,594, respectively.

 8. Intangible Assets

 2024

 2023

 At Cost:

 Land use rights

 $
 717,017

 $
 738,944

 Software licenses

 50,464

 54,920

 Trademark

 867,226

 893,748

 1,634,707

 1,687,612

 Less: Accumulated amortization

 ( 815,635
)

 ( 707,609
)

 $
 819,072

 $
 980,003

 Amortization expense for the years ended December
31, 2024 and 2023 was $ 133,750 and $ 139,576 respectively.

 F- 19

 As of December 31, 2024, the estimated future
amortization expenses of the intangible assets were as follow:

 Years
 ending December 31,

 Amortization
 expenses

 2025

 $
 131,852

 2026

 48,514

 2027

 31,935

 2028

 29,195

 2029

 15,495

 Thereafter

 562,081

 Total

 $
 819,072

 9. Long Term Investment

 During fiscal year 2022, the Company entered into an investment agreement
with Xianning Xiangtian Energy Holdings Group Co., Ltd to acquire 40 % of the equity interests in the company, with total consideration
of $ 13.62 million, which was paid in 2022. The balance of the investment was sold in 2023, resulting in loss from disposal of $ 10,848,632.

 In 2020, the Company made an initial investment of $ 2.87 million in exchange
for a 19 % limited partner interest in Shandong Ningwei New Energy Technology Co., Ltd. The investment was accounted for cost method.

 During the years ended December 31, 2024 and 2023,
the Company recognized $ 564,130 and Nil impairment loss for long term investment, respectively. As of December 31, 2024 and 2023, the
balance of long term investment was $ 1,622,654 and $ 2,257,926, respectively.

 10. Other payables and accrued liabilities

 As of December 31, 2024 and 2023, the balance of other payable and
accrued liabilities was $ 2,535,695 and $ 1,113,560. Other payables – third parties are those non-trade payables arising from transactions
between the Company and certain third parties.

 11. Advance From Customer

 For our operation, the proceeds received from sales are initially recorded
as advance from customers, which was usually related to unsatisfied performance obligations at the end of an applicable reporting period.
As of December 31, 2024 and 2023, the outstanding balance of the advance from customers was $ 368,232 and $ 2,456,596 respectively. Due
to the generally short-term duration of the relevant contracts, most of the performance obligations are satisfied in the following reporting
period.

 12. Related Parties Transaction

 As of December 31, 2024 and 2023, the outstanding balance due from
related parties was $ 1,975,729 and $ 315,724, respectively. Significant related parties comprised much of the total outstanding balance
as of December 31, 2024 are stated below:

 Amounts due from related parties:

 2024

 2023

 Mr. Xing Chen

 the management of the Shandong Yunchu

 $
 59,431

 $
 294,210

 Ms. Haiyan Xiong

 the management of the Jingshan Sanhe

 1,866,790

 -

 Mr. Jun Lu

 the management of the Jingshan Sanhe

 20,875

 21,514

 Mr. Bin Zhang

 the management of the Jingshan Sanhe

 18,273

 -

 Mr. Yong Yang

 the management of the Fast

 10,360

 -

 Total

 $
 1,975,729

 $
 315,724

 F- 20

 These above nontrade receivables arising 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 Ms. Haiyan Xiong mainly include advance to Ms. Haiyan Xiong for procurement of raw material and carriage.

 As of December 31, 2024 and 2023, the outstanding balance due to related
parties was $ 4,340,742 and $ 5,803,997, respectively. The balance was advanced for working capital of the Company, non-interest bearing,
and unsecured unless further disclosed.

 Significant parties comprised much of the total outstanding
balance as of December 31, 2024 and 2023 are stated below:

 Amounts due to related parties:

 2024

 2023

 Mr. Bin Zhou

 Chief Executive Officer and Chairman of the Company

 $
 1,237,800

 $
 1,393,529

 Ms. Luojie Pu

 Independent director of the Company

 836,190

 $
 861,762

 Hubei shuang new energy Technology Co., Ltd.

 significant impact

 438,894

 442,216

 Shandong Ningwei New Energy Technology Co., Ltd.

 significant impact

 1,451,646

 1,496,040

 Anhui Ansheng equipment Co., Ltd.

 Previous subsidiary

 -

 1,177,836

 Xianning Xiangtian Energy Co., Ltd.

 significant impact

 68,500

 70,595

 Ms. Huiying Jin

 the management of the Xianning Bozhuang

 291,803

 300,726

 Mr. Yiming Qian

 the management of the Fast

 -

 11,443

 Mr. Yang Yong

 the management of the Fast

 -

 34,865

 Ms. Ye Zhang

 the management of the Shanghai Shuning

 15,909

 14,985

 Total

 $
 4,340,742

 $
 5,803,997

 The balance was advanced for working capital of the
Company, non-interest bearing, and unsecured unless further disclosed.

 13. Goodwill

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

 Shandong Yunchu

 Balance as of December 31, 2022

 $

 Goodwill acquired

 -

 Goodwill impairment

 -

 Balance as of December 31, 2023

 $

 Goodwill acquired

 -

 Goodwill impairment

 -

 Balance as of December 31, 2024

 $

 As of December 31, 2024, the Company performed
its annual impairment tests as prescribed by ASC 350 on the carrying value of its goodwill and no instances of impairment were identified
in our December 31, 2024 test.

 As of December 31, 2024 and 2023, the carrying amount of the Company's
goodwill was $ 4,724,699.

 F- 21

 14. Bank Loans

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

 Interest

 Lender

 Maturities

 rate

 2024

 2023

 Jingshan City branch of Postal Saving Bank of China

 Due in January 2025

 3.85
 %

 $
 1,367,283

 $
 -

 Hubei Jingshan Rural Commercial Bank Co. Ltd.

 Due in June 2026

 %

 410,998

 -

 Hubei Jingshan Rural Commercial Bank Co. Ltd.

 Due in August 2027

 4.58
 %

 273,999

 -

 Bank overdraft

 -

 Total

 $
 2,052,501

 $
 -

 The loan from the Jingshan City branch of Postal
Savings Bank of China was obtained to support general working capital, with a comprehensive guarantee provided by Mr. Zhou Bin, the Company's
CEO, and Hubei Bryce Technology Co., Ltd., which is under the company's control.

 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 $ 493,198 pledged as collateral, as well as comprehensive guarantee provided by Mr. Zhou Bin, Mr. Zhang Bin,
senior management of the Company, Mr. Wei Ge, a third-party individual, Hubei Bryce Technology Co., Ltd. and Hubei Ruishengchang Industrial
Co., Ltd., which is under control of Ms. Wei Ge.

 Interest expense for the years ended December 31,
2024 and 2023 was $ 70,542 and $ 10,736, respectively.

 15. Equity

 On May 31, 2024, every ten shares of the Common Stock
issued and outstanding or held as treasury stock will be automatically converted into one new share of Common Stock. The total number
of shares of Common Stock authorized for issuance will then be reduced by a corresponding proportion The par value per share of the Common
Stock will remain unchanged at $ 0.001 per share.

 As of December 31, 2024, the number of common stock
remained unchanged at 7,282,714 with no new issuances recorded during the year, consistent with the figure reported as at December 31,
2023.

 F- 22

 16. Income Taxes

 United States

 On December 22, 2017, the "Tax Cuts and Jobs
Act" (the "Act") was enacted. Under the provisions of the Act, the U.S. corporate tax rate decreased from 34 % to 21 %.
As the Company has a December 31 fiscal year-end, the lower corporate income tax rate will be phased in, resulting in a U.S. statutory
federal rate of 21 % for the Company's fiscal year ending December 31, 2024 and 2023, respectively. Accordingly, the Company has
remeasured the Company's deferred tax assets on net operating loss carryforwards ("NOLs") in the U.S at the lower enacted
cooperated tax rate of 21 %. However, this remeasurement has no effect on the Company's income tax expenses as the Company has provided
a 100 % valuation allowance on its deferred tax assets previously.

 Additionally, the Act imposes a one-time transition
tax on deemed repatriation of historical earnings of foreign subsidiaries, and future foreign earnings are subject to U.S. taxation. The
change in rate has caused the Company to remeasure all U.S. deferred income tax assets and liabilities for temporary differences and NOLs
and recorded one time income tax payable to be paid in 8 years. However, this one-time transition tax has no effect on the Company's
income tax expenses as the Company has no undistributed foreign earnings prior to December 31, 2024 which the Company has foreign cumulative
losses at December 31, 2023.

 British Virgin Islands

 Planet Green Holdings Corporation BVI is incorporated
in the British Virgin Islands and is not subject to tax on income or capital gains under current British Virgin Islands law. In addition,
upon payments of dividends by these entities to their shareholders, no British Virgin Islands withholding tax will be imposed.

 Hong Kong

 Lucky Sky Planet Green Holdings Co., Limited (H.K.)
is incorporated in Hong Kong and is subject to Hong Kong Profits Tax on the taxable income as reported in its statutory financial statements
adjusted in accordance with relevant Hong Kong tax laws. The applicable tax rate is 16.5 % in Hong Kong. The Company did not make any provisions
for Hong Kong profit tax as there were no assessable profits derived from or earned in Hong Kong since inception. Under Hong Kong tax
law, Lucky Sky Planet Green Holdings Co., Limited (H.K.) is exempted from income tax on its foreign-derived income and there are no withholding
taxes in Hong Kong on remittance of dividends.

 PRC

 The Company PRC subsidiaries and VIEs and their controlled
entities are governed by the income tax laws of the PRC and the income tax provision in respect to operations in the PRC is calculated
at the applicable tax rates on the taxable income for the periods based on existing legislation, interpretations and practices in respect
thereof. Under the Enterprise Income Tax Laws of the PRC, Chinese enterprises are subject to income tax at a rate of 25 % after appropriate
tax adjustments.

 Significant components of the income tax expense
consisted of the following for the years ended December 31, 2024 and 2023:

 2024

 2023

 Loss attributed to PRC operations

 $
 ( 6,837,979
)

 $
 ( 6,185,654
)

 Loss attributed to U.S. operations

 ( 852,615
)

 ( 12,034,102
)

 Income attributed to Canada operations

 233,401

 34,981

 Income attributed to BVI

 -

 -

 Loss before tax

 $
 ( 7,457,193
)

 $
 ( 18,184,775
)

 PRC Statutory Tax at 25 % Rate

 ( 1,709,495
)

 ( 1,546,414
)

 Effect of tax exemption granted

 -

 -

 Valuation allowance

 1,709,495

 1,581,717

 Income tax

 $
 -

 $
 35,303

 Per Share Effect of Tax Exemption

 Effect of tax exemption granted

 $
 -

 $
 -

 Weighted-Average Shares Outstanding Basic

 Per share effect

 $
 -

 $
 -

 F- 23

 The Company evaluated the provisions of ASC 740 related
to the accounting for uncertainty in income taxes recognized in an enterprise's financial statements. ASC 740 prescribes a comprehensive
model for how a company should recognize, present, and disclose uncertain positions that the company has taken or expects to take in its
tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing
authorities. Differences between tax positions taken or expected to be taken in a tax return and the net benefit recognized and measured
pursuant to the interpretation are referred to as "unrecognized benefits." A liability is recognized (or amount of net operating
loss carry forward or amount of tax refundable is reduced) for unrecognized tax benefit because it represents an enterprise's potential
future obligation to the taxing authority for a tax position that was not recognized as a result of applying the provisions of ASC 740.

 Reconciliation of effective income tax rate from
continuing operations is as follows for the years ended December 31, 2024 and 2023:

 2024

 2023

 U.S. federal statutory income tax rate

 %

 %

 Higher (lower) rates in PRC, net

 %

 %

 Non-recognized deferred tax benefits in the PRC

 ( 25.00
)%

 ( 25.19
)%

 The Company's effective tax rate

 -

 %

 ( 0.19
)%

 17. Earnings/(Loss) Per Share

 2024

 2023

 Loss from operations attributable to common stockholders

 $
)

 $
)

 Loss per share from continuing operations - Basic and diluted

 $
 ( 1.02
)

 $
 ( 2.50
)

 Income (loss) per share from discontinued operations-Basic and diluted

 $
 0.02

 $
 ( 0.36
)

 Basic and diluted weighted average shares outstanding

 18. 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 years ended December 31, 2024 and 2023.

 For the Years Ended December 31,

 2024

 2023

 Customers

 %

 %

 A

 $
 -

 -

 $
 3,972,964

 B

 $
 -

 -

 $
 3,605,934

 C

 $
 1,260,423

 $
 -

 -

 D

 $
 816,458

 $
 -

 -

 F- 24

 Suppliers Concentrations

 The following table sets forth information about
each supplier that accounted for 10% or more of the Company's purchase for the years ended December 31, 2024 and 2023.

 For the Years Ended December 31,

 2024

 2023

 Suppliers

 %

 %

 A

 $
 -

 -

 $
 4,888,270

 B

 $
 -

 -

 $
 2,503,225

 C

 $
 1,519,472

 $
 -

 -

 D

 $
 1,058,833

 $
 -

 -

 E

 $
 957,706

 $
 -

 -

 F

 $
 712,087

 $
 -

 -

 19. Risks

 A. 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 RMB 0.5 million (equivalent
to $ 68,500) per bank are covered by "deposit insurance regulation" promulgated by the State Council of the People's
Republic of China.

 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.

 B. Interest risk

 The Company is subject to interest
rate risk when short-term and long-term loans become due and require refinancing.

 C. Economic and political risks

 The Company's operations are
conducted in the PRC. Accordingly, the Company's business, financial condition, and results of operations may be influenced by changes
in the political, economic, and legal environments in the PRC.

 20. Contingencies

 The Company records accruals for certain of its outstanding legal proceedings
or claims when it is probable that a 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.

 F- 25

 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 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 Court, Eastern District of New York for an Order to dismiss with prejudice. On July 29, 2024, 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 8, 2024, China Supply and Marketing Agricultural
Products Co., Ltd. ("China Supply and Marketing")filed a lawsuit against Shandong Yunchu, Li Honghu, the legal representative
of Shandong Yunchu International Trade Co., Ltd. ("Qingdao Sirun"), and Jiayi Technologies. Shandong Yunchu and Qingdao Sirun
entered into two entrusted import contracts with China Supply and Marketing in 2021 and 2022, respectively. China Supply and Marketing
made phased payments to the foreign suppliers, while Shandong Yunchu and Qingdao Sirun paid China Supply and Marketing and collected part
of the goods. However, an outstanding amount of RMB 7,012,335 (equivalent to $ 960,686) remained, consisting of unpaid balances and uncollected
goods. It is claimed that, on September 13, 2023, Shandong Yunchu, Qingdao Sirun, and China Supply and Marketing entered into a debt transfer
agreement, under which Shandong Yunchu assumed all remaining debt obligations of Qingdao Sirun, including outstanding payments and uncollected
goods. Li Honghu, the legal representative of Shandong Yunchu, signed the debt transfer agreement as a guarantor and affixed his fingerprint.
Jiayi Technology, as the sole shareholder of Shandong Yunchu, was included in the lawsuit under corporate law, with China Supply and Marketing
seeking joint liability from Jiayi Technology for Shandong Yunchu's debts. Shandong Yunchu contended that it never agreed to assume
Qingdao Sirun's debt obligations and never signed any debt transfer agreement. It further argued that the debt transfer agreement
presented by the plaintiff contained a forged signature and fingerprint of Li Honghu, and requested a forensic examination to verify the
authenticity of the document. Jiayi Technology claimed that it had already fulfilled its capital contribution to Shandong Yunchu and should
not bear any joint liability.

 Yongan Construction Engineering Co., Ltd. filed a lawsuit against Xianning
Bozhuang over outstanding construction project payments. On April 22, 2024, the court ruled that Xianning Bozhuang must pay RMB 867,326
(equivalent to $ 118,823) in construction project fees along with interest calculated at an annual rate of 3.8 % from January 1, 2022, until
the full amount is settled. The judgment took effect on May 7, 2024, and Xianning Bozhuang is currently in the process of making payments
toward the outstanding debt. As of December 31, 2024, cash in the amount of $ 1,234 was restricted by court due to this lawsuit.

 Jianfa Logistics (Fuzhou) Co., Ltd. sued Shandong Yunchu for failing
to pay RMB 2,817,441 (equivalent to $ 385,988) under an agency import contract, along with a penalty of RMB 375,294 (equivalent to $ 51,415).
Additionally, Jianfa Logistics sought to hold Shandong Yunchu's shareholder, Xianning Jiayi, jointly liable for the debt. On November
11, 2024, the court ruled that Shandong Yunchu is responsible for repaying the outstanding amount, with Xianning Jiayi assuming joint
liability. However, Xianning Jiayi argued that it had already fulfilled its capital contribution obligations and should not bear any joint
liability. As a result, it has filed an appeal with the higher court.

 21. 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 December 31, 2024 to the date these audited consolidated financial statements were issued, and has determined that it does not have
any material events to disclose.

 0001117057 false FY

 2024-06-28

 2025-03-31

 2019-05-09
 2019-05-09

 plag: XianningBozhuangTeaProductsCoLtdMember

 2021-08-01

 plag: LuckySkyPetrochemicalToLuckySkyPlanetGreenHoldingsCoLimitedHKMember

 2020-06-16

 plag: LuckySkyHoldingsCorporationsHKMember

 2020-08-10

 2021-01-06

 plag: JiayiTechnologiesXianningCoLtdMember

 2021-01-06

 2021-03-09

 plag: JiayiTechnologiesXianningCoLtdMember

 2021-03-09

 2021-07-15

 plag: JiayiTechnologiesXianningCoLtdMember

 2021-07-15

 2021-08-03

 plag: JingshanSanheLuckyskyNewEnergyTechnologiesCoLtdMember

 2021-09-01

 2021-12-09

 plag: ShandongYunchuSupplyChainCoLtdMember

 2021-12-09

 2022-04-08
 2022-04-08

 plag: AllinysonLtdMember

 2022-04-08

 2024-04-01

 plag: JingshanMember

 2022-09-14

 plag: HubeiBryceTechnologyCoLtdMember
 plag: JingshanMember

 2022-09-14

 2022-09-14
 2022-09-14

 plag: HubeiBryceTechnologyCoLtdMember

 2022-09-30

 2024-12-11
 2024-12-11

 2018-12-31

 plag: PromisingProspectBVILimitedformerlyKnownAsPlanetGreenHoldingsCorporationMember

 plag: PromisingProspectHKLimitedMember

 plag: JiayiTechnologiesXianningCoLtdMember

 plag: FastApproachIncMember

 plag: ShanghaiShuningAdvertisingCoLtdaSubsidiaryOfFASTMember

 plag: JingshanSanheLuckyskyNewEnergyTechnologiesCoLtdMember

 plag: XianningBozhuangTeaProductsCoLtdMember

 plag: BlessChemicalCoLtdaSubsidiaryOfShineChemicalMember

 plag: HubeiBryceTechnologyCoLtdaSubsidiaryOfBlessChemicalMember

 plag: ShandongYunchuSupplyChainCoLtdMember

 plag: ShineChemicalCoLtdMember

 us-gaap: BuildingMember

 us-gaap: BuildingMember

 us-gaap: MachineryAndEquipmentMember

 us-gaap: MachineryAndEquipmentMember

 us-gaap: VehiclesMember

 us-gaap: VehiclesMember

 us-gaap: OfficeEquipmentMember

 us-gaap: OfficeEquipmentMember

 us-gaap: LandMember

 us-gaap: ComputerSoftwareIntangibleAssetMember

 us-gaap: TrademarksMember

 plag: CDNExchangeRateMember

 plag: CDNExchangeRateMember

 plag: CDNExchangeRateMember

 plag: RMBExchangeRateMember

 plag: RMBExchangeRateMember

 plag: RMBExchangeRateMember

 plag: HKExchangeRateMember

 plag: HKExchangeRateMember

 plag: HKExchangeRateMember

 plag: AverageCADExchangeRateMember

 plag: AverageCADExchangeRateMember

 plag: AverageCADExchangeRateMember

 plag: AverageRMBExchangeRateMember

 plag: AverageRMBExchangeRateMember

 plag: AverageRMBExchangeRateMember

 plag: AverageHKExchangeRateMember

 plag: AverageHKExchangeRateMember

 plag: AverageHKExchangeRateMember

 plag: AllinysonMember

 2024-04-01

 us-gaap: SegmentDiscontinuedOperationsMember

 us-gaap: SegmentDiscontinuedOperationsMember

 us-gaap: SegmentDiscontinuedOperationsMember

 us-gaap: BuildingMember

 us-gaap: BuildingMember

 us-gaap: MachineryAndEquipmentMember

 us-gaap: MachineryAndEquipmentMember

 us-gaap: OfficeEquipmentMember

 us-gaap: OfficeEquipmentMember

 us-gaap: VehiclesMember

 us-gaap: VehiclesMember

 us-gaap: UseRightsMember

 us-gaap: UseRightsMember

 us-gaap: ComputerSoftwareIntangibleAssetMember

 us-gaap: TrademarksMember

 plag: XianningXiangtianEnergyHoldingsGroupCoLtdMember

 2022-01-01

 plag: ShandongNingweiNewEnergyTechnologyCoLtdMember

 2020-12-31

 2020-01-01
 2020-12-31

 us-gaap: RelatedPartyMember

 us-gaap: RelatedPartyMember

 plag: MrChenXingMember

 plag: MrChenXingMember

 plag: MrChenXingMember

 plag: MsXiongHaiyanMember

 plag: MsXiongHaiyanMember

 plag: MsXiongHaiyanMember

 plag: MrLuJunMember

 plag: MrLuJunMember

 plag: MrLuJunMember

 plag: MrZhangBinMember

 plag: MrZhangBinMember

 plag: MrZhangBinMember

 plag: MrYangYongMember

 plag: MrYangYongMember

 plag: MrYangYongMember

 plag: MrBinZhouMember

 plag: MrBinZhouMember

 plag: MrBinZhouMember

 plag: MsLuojiePuMember

 plag: MsLuojiePuMember

 plag: MsLuojiePuMember

 plag: HubeiShuangNewEnergyTechnologyCoLtdMember

 plag: HubeiShuangNewEnergyTechnologyCoLtdMember

 plag: HubeiShuangNewEnergyTechnologyCoLtdMember

 plag: ShandongNingweiNewEnergyTechnologyCoLtdMember

 plag: ShandongNingweiNewEnergyTechnologyCoLtdMember

 plag: ShandongNingweiNewEnergyTechnologyCoLtdMember

 plag: AnhuiAnshengEquipmentCoLtdMember

 plag: AnhuiAnshengEquipmentCoLtdMember

 plag: AnhuiAnshengEquipmentCoLtdMember

 plag: XianningXiangtianEnergyCoLtdMember

 plag: XianningXiangtianEnergyCoLtdMember

 plag: XianningXiangtianEnergyCoLtdMember

 plag: MsHuiyingJinMember

 plag: MsHuiyingJinMember

 plag: MsHuiyingJinMember

 plag: MrYimingQianMember

 plag: MrYimingQianMember

 plag: MrYimingQianMember

 plag: MsYeZhangMember

 plag: MsYeZhangMember

 plag: MsYeZhangMember

 plag: HubeiRuishengchangIndustrialCoLtdMember

 plag: JingshanCityBranchOfPostalSavingBankOfChinaMember

 plag: JingshanCityBranchOfPostalSavingBankOfChinaMember

 plag: JingshanCityBranchOfPostalSavingBankOfChinaMember

 plag: HubeiJingshanRuralCommercialBankCoLTDMember

 plag: HubeiJingshanRuralCommercialBankCoLTDMember

 plag: HubeiJingshanRuralCommercialBankCoLTDMember

 plag: HubeiJingshanRuralCommercialBankCoLtdMember

 plag: HubeiJingshanRuralCommercialBankCoLtdMember

 plag: HubeiJingshanRuralCommercialBankCoLtdMember

 plag: BankOverdraftMember

 plag: BankOverdraftMember

 2024-05-31

 2024-05-31

 country: US

 2017-12-01
 2017-12-22

 country: US

 2017-12-01
 2017-12-22

 country: US

 country: HK

 plag: PeoplesRepublicOfChinaMember

 country: CN

 country: CN

 country: US

 country: CA

 country: CA

 country: VG

 country: VG

 plag: CustomersAMember

 plag: CustomersAMember

 plag: CustomersBMember

 plag: CustomersBMember

 plag: CustomersCMember

 plag: CustomersCMember

 plag: CustomersDMember

 plag: CustomersDMember

 plag: SuppliersAMember

 plag: SuppliersAMember

 plag: SuppliersBMember

 plag: SuppliersBMember

 plag: SuppliersCMember

 plag: SuppliersCMember

 plag: SuppliersDMember

 plag: SuppliersDMember

 plag: SuppliersEMember

 plag: SuppliersEMember

 plag: SuppliersHMember

 plag: SuppliersHMember

 country: CN

 2023-07-27

 2024-07-08
 2024-07-08

 plag: YonganConstructionEngineeringCoLtdMember

 2024-07-08
 2024-07-08

 plag: YonganConstructionEngineeringCoLtdMember

 2024-04-22
 2024-04-22

 plag: JianfaLogisticsFuzhouCoLtdMember