FASTEN(SZ:000890) Tai Mei Ti A P P·2026-01-12 10:29Core Viewpoint - Falsheng (000890.SZ) is facing significant financial challenges, including negative net assets and a shrinking core business, while attempting to navigate these issues through strategic asset sales and capital injections to avoid delisting risks [1][5]. Group 1: Financial Maneuvers - The company plans to sell a 10% stake in China Bekaert Steel Cord Co., Ltd. to Bekaert for 161 million yuan, which is a discounted sale compared to its previous valuation of 178.1 million yuan, resulting in a loss of approximately 9.6% [2][3]. - The sale of this profitable asset, which contributed significantly to the company's revenue and net assets, raises concerns about the company's long-term viability as it exacerbates the risk of delisting [3][4]. - A cash donation of 85 million yuan from the controlling shareholder is intended to improve the company's net assets by the end of 2025, but this may only provide a temporary solution to its financial troubles [5][6]. Group 2: Business Challenges - Falsheng's core business has been suffering due to industry overcapacity, homogenized competition, and aging equipment, leading to declining revenues and profit margins [6]. - The company's attempts to diversify into the environmental sector have not yielded the expected results, with significant losses reported and goodwill impairments recognized [6]. - The ongoing financial maneuvers, including asset sales and capital injections, are seen as short-term fixes rather than sustainable solutions to restore the company's operational capabilities [6].