[Chart: Fasten logo]
Stock Abbreviation: Fasten
Stock Code: 000890
Stock Listing Venue: Shenzhen Stock Exchange
Jiangsu Fasten Co., Ltd.
2025 Prospectus for Issuance of Shares to Specific Targets
(Application Draft)
Sponsor (Lead Underwriter)
31st Floor, Tongde Plaza Office Building, No. 926 Beijing Road, Kunming City, Yunnan Province
July 2026
Company Statement
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The company and all members of the Board of Directors guarantee that the contents of this prospectus are true, accurate, and complete, and confirm that there are no false records, misleading statements, or major omissions. The person in charge of the company, the person in charge of accounting work, and the person in charge of the accounting department guarantee that the financial and accounting information in this prospectus is true, accurate, and complete.
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This prospectus is prepared in accordance with the "Administrative Measures for the Issuance of Securities by Listed Companies," the "Content and Format Standards for Information Disclosure by Companies Offering Securities to the Public No. 61 — Prospectus and Issuance Report for Issuance of Securities to Specific Targets by Listed Companies," and other requirements. This prospectus is the Board of Directors' explanation of this issuance of shares to specific targets, and any statement to the contrary is a false statement.
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Any decision or opinion made by the China Securities Regulatory Commission (CSRC) or the Shenzhen Stock Exchange regarding this issuance does not indicate their guarantee of the truthfulness, accuracy, or completeness of the application documents and disclosed information, nor does it constitute a substantive judgment or guarantee of the issuer's profitability, investment value, or investor returns. Any statement to the contrary is a false statement.
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According to the "Securities Law," after the securities are issued in accordance with the law, the issuer is responsible for changes in its operations and earnings. Investors shall independently judge the investment value of the issuer, make their own investment decisions, and bear the investment risks caused by changes in the issuer's operations and earnings or fluctuations in securities prices after the issuance.
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If investors have any questions, they should consult their stockbroker, lawyer, professional accountant, or other professional advisor.
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The matters stated in this prospectus do not represent a substantive judgment, confirmation, approval, or registration consent by the approval authorities regarding the matters related to this issuance of shares to specific targets. The effectiveness and completion of the matters related to this issuance of shares to specific targets are subject to the approval or registration consent of the relevant approval authorities.
Major Matters Notice
The company requests that investors carefully read "Section VI: Risk Factors Related to This Issuance" in this prospectus and pay special attention to the following risks:
I. Risk of Future Continuous Performance Decline Leading to Delisting Warnings and Further Delisting
During the reporting period, the company's operating income was 445,930,500 yuan, 312,269,100 yuan, and 310,079,800 yuan, respectively. The net profit after deducting non-recurring gains and losses attributable to shareholders of the listed company was -273,800,000 yuan, -105,935,600 yuan, and -67,861,000 yuan, respectively. The revenue scale has declined year by year, and operating performance has continued to show losses. From January to March 2026, the net profit after deducting non-recurring gains and losses attributable to shareholders of the listed company was -9,726,500 yuan (unaudited data). As of March 31, 2026, the net assets attributable to shareholders of the listed company were 19,548,100 yuan (unaudited data). If the company cannot effectively improve and enhance the profitability of its main business and improve its financial condition, the continuous decline in future performance will pose a risk of delisting warnings and further delisting.
II. Risk of High Debt Repayment Pressure