断臂求生？法尔胜拟1.61亿元出售“现金奶牛”

Core Viewpoint - The company Farsen plans to sell a 10% stake in Beicarte Steel Wire for 161 million yuan, marking a significant asset disposal aimed at improving its financial situation amid rising debt levels and declining operational capacity [1][3]. Group 1: Transaction Overview - The transaction involves the sale of a 10% stake in Beicarte Steel Wire to Hong Kong Beicarte for a cash consideration of 161 million yuan [2]. - After the transaction, Farsen will no longer hold any equity in Beicarte Steel Wire, which will be fully controlled by Beicarte Group [3]. - The transaction does not include any performance guarantees or compensation clauses [3]. Group 2: Financial Context - Farsen's debt-to-asset ratio has been increasing, reaching 95.07% by September 2025, indicating a declining ability to repay debts [4]. - The company's liquidity ratios, including current and quick ratios, have shown a downward trend, reflecting weakened financial health [4]. - The company reported a net profit of 5,227 million yuan for the first nine months of 2025, down from 8,030 million yuan in 2023 [9][10]. Group 3: Industry and Market Dynamics - The steel wire industry is facing intensified competition and overcapacity issues, with domestic companies like Xingda International and Daye Co. gaining market share [5]. - Beicarte Steel Wire, previously considered a "cash cow," has seen declining operational efficiency due to aging production equipment [5]. - The transaction is seen as a strategic move for Farsen to divest from non-core assets and focus on its main business areas, which include metal products and environmental services [7]. Group 4: Approval and Regulatory Aspects - The transaction has been approved by Farsen's board and is pending further approvals from shareholders and regulatory bodies [6]. - The asset valuation for the transaction was based on assessments from an independent agency, with a premium of 115.61% over the evaluated equity value [10][11]. Group 5: Implications and Future Outlook - The sale is expected to enhance Farsen's asset liquidity and allow for a more focused approach on its core business [7]. - Analysts view this move as critical for Farsen, which is on the brink of delisting due to negative net assets, emphasizing the urgency of improving its financial standing [17].