第十一届董事会第二十八次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 证券代码：000890 证券简称：法尔胜 公告编号：2025-068 江苏法尔胜股份有限公司 1、江苏法尔胜股份有限公司（以下简称"公司"或"上市公司"）第十一届 董事会第二十八次会议通知于 2025 年 10 月 31 日以传真、电子邮件和电话等方 式发出。 2、本次董事会会议于 2025 年 11 月 7 日（星期五）下午 14:00 在本公司二 楼会议室召开，会议采用现场结合通讯表决的方式。 3、本次董事会会议应出席的董事人数为 11 人，实际出席会议的董事人数 11 人。 4、本次董事会由本公司董事长陈明军先生主持，全体高级管理人员列席了 会议。 5、本次董事会会议的召开符合《公司法》《公司章程》及有关法律、法规的 规定。 二、董事会会议审议情况 经与会董事认真讨论，本次会议审议通过如下事项： 1、审议通过《关于更换独立董事的议案》 公司独立董事朱正洪先生因任期届满（连续任职满六年），将不再担任公司 独立董事及董事会下属专门委员会成员的职务，在 ...

Core Viewpoint - The report highlights significant growth in China's waste resource recycling industry, with a notable increase in export value and market trends projected for 2025-2031 [1] Industry Summary - As of September 2025, the total export value of the waste resource recycling industry reached 1.13 billion, marking a year-on-year increase of 112.4% [1] - Cumulatively, from January to September 2025, the industry recorded an export value of 6.43 billion, reflecting a year-on-year growth of 48.1% [1] - The report is based on data from the National Bureau of Statistics and provides insights into the competitive landscape and industry trends [1] Company Summary - Listed companies in the waste resource recycling sector include: Greenme (002340), Huicheng Environmental (300779), Shenwu Energy Saving (000820), Farsen (000890), Yingfeng Environment (000967), Chuhuan Technology (001336), Longjing Environmental (600388), Fida Environmental (600526), Yutong Heavy Industry (600817), and Jingjin Equipment (603279) [1]

Market Overview - The environmental equipment sector rose by 0.86% on October 31, with *ST Jieneng leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance - Key stocks in the environmental equipment sector showed varied performance, with *ST Jieneng closing at 2.78, up 4.91% on a trading volume of 90,600 shares [1] - Other notable performers included Fida Environmental at 5.58, up 4.69%, and ST Xianhe at 8.51, up 3.78% [1] Trading Volume and Value - The trading volume and value for selected stocks in the environmental equipment sector were significant, with Fida Environmental achieving a transaction value of 175 million yuan [1] - The overall trading activity in the sector indicated a mixed sentiment among investors, with some stocks experiencing substantial trading volumes [1] Capital Flow Analysis - The environmental equipment sector saw a net outflow of 47.27 million yuan from institutional investors, while retail investors contributed a net inflow of 90.41 million yuan [2] - The capital flow data indicates a divergence in investor sentiment, with institutional investors pulling back while retail investors increased their positions [2] Individual Stock Capital Flow - Notable capital flows included Huahong Technology with a net inflow of 22.09 million yuan from institutional investors, while *ST Jieneng experienced a net outflow of 4.48 million yuan from retail investors [3] - The data reflects varying levels of confidence among different investor groups in the environmental equipment sector [3]

Core Insights - Falunsheng (000890.SZ) reported its Q3 2025 results on October 31, 2025, indicating a total of 6 institutional investors holding 176 million shares, which accounts for 41.88% of the total share capital [1] - The proportion of shares held by institutional investors decreased by 1.88 percentage points compared to the previous quarter [1] - Four public funds were disclosed this period, including Morgan Dynamic Multi-Factor Mixed A and others, which were not reported in the previous quarter [1] Institutional Investors - The institutional investors include Falunsheng Hongsheng Group Co., Ltd., Jiangyin Yaobo Taibang Enterprise Management Partnership (Limited Partnership), Goldman Sachs International - Proprietary Capital, UBS AG, Morgan Stanley & Co. International PLC, and Jiukun Investment (Beijing) Co., Ltd. - Jiukun Strategy Selected No. 8 Private Securities Investment Fund [1] - The total holding proportion of institutional investors is 41.88% [1] Foreign Investment - Two foreign funds reduced their holdings compared to the previous quarter, namely Goldman Sachs International - Proprietary Capital and Morgan Stanley & Co. International PLC, with a reduction rate of 0.37% [2] - One new foreign institution, UBS AG, was disclosed this period, while Barclays Bank PLC and Merrill Lynch International were not reported in the current quarter [2]

Core Viewpoint - The stock of Jiangsu Farsen Co., Ltd. has shown significant price movements and financial performance indicators, reflecting both growth and challenges in its operations and market position [1][2]. Stock Performance - As of October 31, Farsen's stock price increased by 2.19%, reaching 4.67 CNY per share, with a trading volume of 25.25 million CNY and a turnover rate of 1.30%, resulting in a total market capitalization of 1.96 billion CNY [1]. - Year-to-date, Farsen's stock price has risen by 47.32%, with a slight increase of 0.43% over the last five trading days, 0.21% over the last 20 days, and 20.98% over the last 60 days [2]. Financial Performance - For the period from January to September 2025, Farsen reported an operating revenue of 205 million CNY, a decrease of 24.06% year-on-year, while the net profit attributable to shareholders was -22.77 million CNY, an increase of 44.95% year-on-year [2]. - The company has cumulatively distributed 232 million CNY in dividends since its A-share listing, with no dividends distributed in the past three years [3]. Shareholder Information - As of October 20, the number of Farsen's shareholders was 31,800, a decrease of 0.95% from the previous period, with an average of 13,179 circulating shares per shareholder, an increase of 0.96% [2]. Business Overview - Jiangsu Farsen Co., Ltd., established on June 30, 1993, and listed on January 19, 1999, specializes in the production and sale of various types of steel wires and wire ropes, with 86.14% of its revenue coming from metal products and 13.86% from environmental protection services [2]. - The company is categorized under the environmental protection industry, specifically in the environmental equipment sector, and is associated with concepts such as superconductivity, energy conservation, and low-priced stocks [2].

Core Viewpoint - The company Falunsheng (000890.SZ) reported a significant decline in revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The company achieved an operating revenue of 205 million yuan, representing a year-on-year decrease of 24.06% [1] - The net profit attributable to shareholders of the listed company was -22.7654 million yuan, indicating a loss [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -23.1094 million yuan [1] - The basic earnings per share were -0.05 yuan [1]

Core Viewpoint - The company reported a significant decline in revenue and incurred net losses in the first three quarters of 2025 compared to the previous year [1] Financial Performance - The company's operating revenue for the first three quarters was 205 million yuan, representing a year-on-year decrease of 24.06% [1] - The net loss attributable to shareholders of the listed company was 22.7654 million yuan [1] - The net loss attributable to shareholders, excluding non-recurring gains and losses, was 23.1094 million yuan [1] - The basic loss per share was 0.05 yuan [1]

Core Viewpoint - The financial report for the first three quarters of 2025 indicates a significant decline in revenue and a negative net profit, highlighting challenges faced by the company in the current market environment [1][2]. Financial Performance - The company's revenue for the first three quarters of 2025 was 205 million yuan, a year-on-year decrease of 24.06% [1]. - The net profit attributable to shareholders was -22.77 million yuan, an increase of 44.95% year-on-year, while the net profit excluding non-recurring items was -23.11 million yuan, also up by 44.58% year-on-year [1]. - Basic earnings per share stood at -0.05 yuan [1]. - The gross margin for the first three quarters was 2.15%, down by 3.75 percentage points year-on-year, while the net margin was -19.86%, an increase of 0.56 percentage points compared to the same period last year [2]. - In Q3 2025, the gross margin improved to 11.68%, up by 11.09 percentage points year-on-year and 17.41 percentage points quarter-on-quarter, while the net margin was -14.57%, an increase of 21.29% year-on-year and 25.74 percentage points quarter-on-quarter [2]. Cost Management - Total operating expenses for the period were 53.56 million yuan, a decrease of 13.01 million yuan year-on-year, with an expense ratio of 26.18%, up by 1.47 percentage points year-on-year [2]. - Sales expenses decreased by 5.94%, management expenses decreased by 19.99%, R&D expenses decreased by 45.56%, and financial expenses decreased by 13.00% compared to the previous year [2]. Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 33,600, an increase of 3,988 or 13.48% from the end of the previous half [3]. - The average market value of shares held per shareholder decreased from 55,700 yuan to 55,400 yuan, a decline of 0.67% [3]. Company Overview - Jiangsu Farsen Co., Ltd. is located at 165 Chengjiang Middle Road, Jiangyin City, Jiangsu Province, and was established on June 30, 1993, with its listing date on January 19, 1999 [3]. - The company's main business involves the production and sale of various types of steel wires and wire ropes, with 86.14% of revenue coming from metal products and 13.86% from environmental protection services [3]. - Farsen is classified under the environmental protection equipment industry and is associated with concepts such as superconducting technology, energy conservation, and low-priced stocks [3].

证券代码：000890 证券简称：法尔胜 公告编号：2025-066 江苏法尔胜股份有限公司 第十一届董事会第二十七次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 1、江苏法尔胜股份有限公司（以下简称"公司"或"上市公司"）第十一届 董事会第二十七次会议通知于 2025 年 10 月 24 日以传真、电子邮件和电话等方 式发出。 2、本次董事会会议于 2025 年 10 月 30 日（星期四）下午 14:00 在本公司二 楼会议室召开，会议采用现场结合通讯表决的方式。 公司 2025 年第三季度报告的编制和审议程序符合法律、行政法规、公司章 程和公司内部管理制度的各项规定，报告内容真实、准确、完整地反映了公司的 实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 公司审计委员会审议通过了本议案。 表决结果：11 票同意，0 票反对，0 票弃权。 3、本次董事会会议应出席的董事人数为 11 人，实际出席会议的董事人数 11 人。 具体内容详见巨潮资讯网(http://www.cninfo.com.cn)《江苏法尔胜股份 ...

Revenue and Profitability - The company's operating revenue for Q3 2025 was ¥76,348,593.94, representing a 2.49% increase year-over-year, while the year-to-date revenue decreased by 24.06% to ¥204,533,597.62[4] - The net profit attributable to shareholders for Q3 2025 was -¥7,730,454.73, a 55.01% decline compared to the same period last year, with a year-to-date net profit of -¥22,765,355.73, down 44.95%[4] - The basic and diluted earnings per share for Q3 2025 were both -¥0.0184, reflecting a 55.01% decrease year-over-year[4] - Net profit for the current period is -$40.63 million, an improvement from -$55.02 million in the previous period, reflecting a reduction in losses[19] - Operating profit for the current period is -$40.61 million, compared to -$54.53 million in the previous period, indicating a narrowing of losses[19] - Basic and diluted earnings per share for the current period are both -$0.05, compared to -$0.10 in the previous period[20] Assets and Liabilities - The total assets at the end of Q3 2025 were ¥985,647,627.88, a decrease of 5.73% from the previous year[4] - The total assets decreased from CNY 1,045,535,173.20 at the beginning of the period to CNY 985,647,627.88 at the end of the period, reflecting a decline of approximately 5.7%[16] - Current assets decreased from CNY 443,848,101.16 to CNY 394,149,412.25, a reduction of about 11.2%[14] - Cash and cash equivalents dropped from CNY 51,119,715.39 to CNY 36,009,280.90, representing a decrease of approximately 29.5%[14] - Accounts receivable decreased from CNY 198,909,652.10 to CNY 174,390,616.11, a decline of about 12.3%[14] - Inventory increased from CNY 85,733,810.29 to CNY 98,675,455.33, an increase of approximately 15.1%[14] - Total liabilities decreased from CNY 956,309,134.24 to CNY 937,046,969.74, a reduction of about 2.5%[16] - Current liabilities decreased slightly from CNY 940,468,620.65 to CNY 929,232,145.18, a decrease of approximately 1.3%[15] - The company's equity attributable to shareholders decreased from CNY 17,222,267.02 to CNY -5,543,088.71, indicating a significant decline[16] - The total equity attributable to shareholders decreased by 132.19% to -¥5,543,088.71 at the end of the reporting period[4] Cash Flow - The company reported a net cash flow from operating activities of ¥34,660,683.90, which is a 25.76% increase compared to the same period last year[9] - Cash flow from operating activities generated a net inflow of $34.66 million, up from $27.56 million in the previous period[23] - Cash flow from investing activities yielded a net inflow of $13.52 million, significantly down from $230.67 million in the previous period[23] - Cash flow from financing activities resulted in a net outflow of -$45.00 million, an improvement from -$251.99 million in the previous period[23] - The company reported a total cash and cash equivalents balance of $7.78 million at the end of the period, down from $24.61 million at the end of the previous period[23] Investment and Expenses - Investment income for Q3 2025 increased by 166.19% to ¥18,658,712.53, primarily due to the disposal of certain debt assets[9] - Research and development expenses for Q3 2025 were ¥3,842,281.27, a decrease of 45.56% compared to the same period last year[7] - The company recorded a significant increase in asset disposal income, which rose by 2308.69% to ¥191,302.56 compared to the previous year[9] Contract Liabilities - The company experienced a 54.31% increase in contract liabilities, reaching ¥31,738,071.96, due to the receipt of advance payments[7] - The company reported a significant increase in contract liabilities from CNY 20,567,724.27 to CNY 31,738,071.96, an increase of approximately 54.2%[15] Audit Status - The company has not undergone an audit for the third quarter financial report[25]