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]

Core Viewpoint - The stock of Farsen has experienced fluctuations, with a recent decline of 2.16% and a year-to-date increase of 42.59%, indicating volatility in its market performance [1][2]. Financial Performance - For the first half of 2025, Farsen reported a revenue of 128 million yuan, a year-on-year decrease of 34.21%, while the net profit attributable to shareholders was -15.03 million yuan, an increase of 37.80% compared to the previous year [2]. - The company has cumulatively distributed 232 million yuan in dividends since its A-share listing, with no dividends distributed in the last three years [3]. Stock Market Activity - As of October 29, Farsen's stock price was 4.52 yuan per share, with a total market capitalization of 1.896 billion yuan [1]. - The stock has seen a trading volume of 19.1868 million yuan and a turnover rate of 1.00% on the same date [1]. - The number of shareholders decreased to 31,800, with an average of 13,179 circulating shares per shareholder, reflecting a slight increase of 0.96% [2]. Business Overview - Farsen, established on June 30, 1993, and listed on January 19, 1999, is located in Jiangyin City, Jiangsu Province, and specializes in the production and sale of various steel wire and steel rope products [1]. - The company's main business revenue composition is 86.14% from metal products and 13.86% from environmental protection services [1].

Core Viewpoint - Jiangsu Farsen Co., Ltd. plans to sell its 10% stake in Beikaert Steel Cord (China) Co., Ltd. to Beikaert Steel Cord Products Hong Kong Limited for cash, marking a significant asset restructuring move [1][2]. Group 1: Company Overview - Farsen primarily engages in metal products and environmental protection businesses, with metal products accounting for 86.14% of its revenue and environmental protection contributing 13.86% [1]. - Beikaert Steel Cord was established in December 1992 and is primarily involved in the production and sale of steel cords for tire reinforcement, exporting mainly to Japan, North America, and Southeast Asia [1]. Group 2: Financial Data - In 2024, Beikaert Steel Cord reported total assets of 1.403 billion yuan, net assets of 767 million yuan, and revenue of 1.588 billion yuan [2]. - Farsen's revenue for 2024 was 312 million yuan, with the 10% stake in Beikaert Steel Cord corresponding to 159 million yuan in revenue, representing 50.85% of Farsen's total revenue for that year [2]. Group 3: Strategic Rationale - The decision to divest the stake is aimed at focusing on core businesses, as the products of Beikaert Steel Cord have low relevance to Farsen's main operations [3]. - Proceeds from the sale are expected to be reinvested in upgrading technology and equipment in the metal products sector and expanding market share in the environmental protection sector [3].

Group 1 - The company held its 26th meeting of the 11th Board of Directors on October 22, 2025, with all 11 directors present [2][9] - The meeting was chaired by Chairman Chen Mingjun, and all senior management attended [3] - The meeting complied with the relevant laws and regulations [4] Group 2 - The Board approved the proposal for a major asset sale, where the company plans to sell 10% of its stake in China Beikaerte Steel Cord Co., Ltd. to BEKAERT STEEL CORD PRODUCTS HONG KONG LIMITED for cash [5][12] - The proposal was reviewed and approved by the Strategic Committee, Independent Directors, and Audit Committee [6][7][8] - The voting result was unanimous with 11 votes in favor, 0 against, and 0 abstentions [9] Group 3 - The transaction is classified as a major asset restructuring but does not constitute a restructuring listing [58] - The company confirmed that the transaction does not involve any related party transactions [59] - The Board believes the transaction will improve the company's financial situation and provide funding support for its main business [78] Group 4 - The company will sign a memorandum regarding the major asset sale to facilitate the transaction [61] - The Board confirmed that there were no abnormal fluctuations in the company's stock price prior to the disclosure of the transaction [62] - The company has taken necessary confidentiality measures to prevent information leakage during the transaction process [74][75] Group 5 - The Board has determined that the transaction complies with the relevant regulations of the Major Asset Restructuring Management Measures [79][80] - The company has completed the necessary legal procedures for the transaction [90] - The company will not hold a shareholders' meeting until the audit and evaluation work related to the transaction is completed [96]

Group 1: Mergers and Acquisitions - Shenzhen has issued the "Action Plan for Promoting High-Quality Development of Mergers and Acquisitions and Restructuring (2025-2027)", aiming for a total market value of listed companies to exceed 20 trillion yuan by the end of 2027 and to complete over 200 merger projects with a total transaction amount exceeding 100 billion yuan [1][2] - The plan includes the establishment of a matrix of merger funds to foster a trillion-level "20+8" industrial fund group, promoting collaborative mergers in key industrial chains [1] Group 2: Company Performance - China Unicom reported a net profit of 8.772 billion yuan for the first three quarters, a year-on-year increase of 5.2%, with a revenue of 292.985 billion yuan, up 1% [3][6] - Q3 results for various companies include: - Q3 revenue of 1.946 billion yuan for Qianfang Technology, up 5.69%, with a net profit of 19.224 million yuan, up 445.61% [3] - Q3 revenue of 2.4 billion yuan for Kaisheng New Materials, up 19.96%, with a net profit of 27.2706 million yuan [4] - Q3 revenue of 10.6 billion yuan for Taotao Vehicle, up 27.73%, with a net profit of 264 million yuan, up 121.44% [5] - Q3 revenue of 1.05 billion yuan for *ST Chengchang, up 266.57%, with a net profit of 33.7253 million yuan, up 565.20% [5] Group 3: Corporate Actions - Farsen plans to sell a 10% stake in China Belkalt Steel Cord Co., which is expected to constitute a major asset restructuring [5] - Time Space Technology announced plans to acquire 100% of Shenzhen Jiahe Jingwei Electronics Technology Co., which is also expected to constitute a major asset restructuring [5] - China Unicom intends to spin off its subsidiary Zhinet Technology for a listing on the Shenzhen Stock Exchange's Growth Enterprise Market [6] - Meili Ecology has received a notice from a creditor applying for restructuring due to inability to repay debts, indicating potential financial distress [6]

Industry News - Shenzhen has released an action plan to promote high-quality development of mergers and acquisitions, aiming for a total market capitalization of over 20 trillion yuan for listed companies by the end of 2027, and to cultivate 20 companies with a market value of over 100 billion yuan [5] - The average wholesale price of pork in China has been declining for ten consecutive weeks since August, attributed to an increase in supply. Experts suggest that the pork price may have reached its lowest point for the year by mid-October [5] - The China Securities Investment Fund Association is set to release a draft for public consultation regarding performance comparison benchmarks for public funds, with major fund companies submitting various indices for consideration [7] - The average interest rates for different deposit terms in September 2025 were reported, with the 3-month term at 0.944%, 6-month at 1.147%, and 1-year at 1.277% [7] - The AI infrastructure service market in China grew by 122.4% year-on-year in the first half of 2025, reaching 19.87 billion yuan, with Alibaba Cloud holding a 24.7% market share [7] - Guizhou Moutai has adjusted the usage rules for electronic bank acceptance bills for channel merchants, clarifying that these bills can only be used for products other than its core product, Feitian Moutai [7] - The China Communications Standards Association has announced the initiation of testing and validation for computing power interconnectivity capabilities based on industry standards [7] Company News - TaiLing Microelectronics announced that its major shareholder, the National Integrated Circuit Industry Investment Fund, plans to reduce its stake by no more than 2% [8] - Tianpu Co., Ltd. reported that some investors have engaged in abnormal trading behaviors that mislead market decisions [8] - Shannon Semiconductor reported a 1.36% year-on-year decline in net profit for the first three quarters [8] - Hefei Urban Construction announced a net loss of 51.31 million yuan for the third quarter [8] - *ST Chengchang reported a 565% year-on-year increase in net profit for the third quarter, with multiple remote sensing satellite projects entering a phase of regular batch delivery [8] - Heertai announced a 69.66% year-on-year increase in net profit for the first three quarters, focusing on high-growth emerging fields such as robotics [8] - Vico Precision announced plans to jointly invest in semiconductor industry supporting precision components and automated production line projects with Chip Alliance Fund [8] - Tesla reported third-quarter revenue of $28.1 billion, exceeding market expectations [14]

Core Viewpoint - The company has signed a memorandum of understanding with BEKAERT STEEL CORD PRODUCTS HONG KONG LIMITED to transfer a 10% stake in China Bekaert Steel Cord Co., Ltd for cash, marking a strategic move to divest from traditional business operations and improve asset liquidity [1] Group 1: Company Strategy - The transaction will result in the company no longer holding any equity in Bekaert Steel Cord, aligning with its strategy to gradually divest from traditional business sectors [1] - The company's main business includes metal products and environmental protection, with a focus on producing and selling various steel wire products [1] - The divestment is aimed at providing financial support for the company's main business development and enhancing its operational sustainability [1] Group 2: Business Operations - Bekaert Steel Cord primarily engages in the production of reinforced steel wire products such as tire cord steel and hose steel [1] - The company's metal products business is considered relatively traditional and not aligned with its future strategic direction [1] - The transaction is expected to facilitate resource integration and improve the company's asset liquidity [1]