转自：前瞻产业研究院 电池回收行业主要上市公司：格林美(002340)、华友钴业(603799)、光华科技(002741)、芳源股份 (688148)、百川股份(002455)、赣锋锂业(002460)等 本文核心数据：中国电池回收行业融资事件数量、中国电池回收行业融资事件区域分布、中国电池回收 行业融资企业产品情况 1、中国电池回收行业投融资事件数量和金额波动变化 2018-2024年，中国电池回收行业融资事件数量和融资金额均呈现波动变化趋势，2022年融资事件达到7 件，为近年来融资事件最多的一年。2020年融资金额达到27.29亿元，为融资金额最高的一年。2024年融 资事件为1件，融资额在1亿元左右，均低于前4年水平。2025年截至11月3日，融资事件达到5件，金额 为5.25亿元。 注：统计时间截至2025年11月3日，下同。 2、中国电池回收行业投融资事件集中于战略轮、天使轮、A轮 2018-2025年，中国电池回收行业投融资事件汇总如下： | 时间 | 被投资方 | 投资轮次 | 投资金额 | 投资方 | | --- | --- | --- | --- | --- | | 2025/9/15 | ...

重要内容提示： | 证券代码：688148 | 证券简称：芳源股份 | 公告编号：2025-070 | | --- | --- | --- | | 转债代码：118020 | 转债简称：芳源转债 | | 广东芳源新材料集团股份有限公司 2025年第二次临时股东会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 12 月 8 日 （二） 股东会召开的地点：广东省江门市新会区古井镇万兴路 75 号公司会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 128 | | --- | --- | | 普通股股东人数 | 128 | | 2、出席会议的股东所持有的表决权数量 | 132,852,027 | | 普通股股东所持有表决权数量 | 132,852,027 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例 | 27.1 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于广东芳源新材料集团股份有限公司 2025 年第二次临时股东会的 法律意见书 2．本所律师无法对网络投票过程进行见证，参与本次会议网络投票的股东资格、 网络投票结果均由上海证券交易所股东会网络投票系统予以认证； 3．本所及经办律师依据《证券法》《证券法律业务管理办法》《证券法律业务执 业规则》等规定及本法律意见书出具日以前已经发生或者存在的事实，严格履行了法定 职责，遵循了勤勉尽责和诚实信用原则，进行了充分的核查验证，保证本法律意见所认 定的事实真实、准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导 性陈述或者重大遗漏，并承担相应法律责任； 4．本法律意见书仅供贵公司本次会议之目的使用，不得用作任何其他用途。本所 律师同意将本法律意见书随贵公司本次会议决议一起予以公告。 本所律师根据《公司法》《证券法》《股东会规则》《证券法律业务管理办法》《证 券法律业务执业规则》等相关法律、行政法规、规章、规范性文件的要求，按照 ...

连续三年亏损、股东扎堆减持、存货高企吞噬现金流、资产负债率飙升至 84%，芳源股份（688148.SH）的三季报透出"寒意"。 作为锂电池三元正极材料前驱体领域的重要企业，芳源股份曾承载着新能源产业链的增长期待，但在行业周期波动与自身运营问题的双重冲击下，公司不仅 未能扭转亏损态势，反而陷入 "营收微增而利润下滑"、"转型未达效而风险加剧" 的循环。 近年来，芳源股份不仅面临上游原材料价格波动的挤压，还要应对下游需求结构变化的冲击，叠加自身转型过程中的成本压力，多重矛盾集中爆发。 三连亏的魔咒 亏损，已成为芳源股份近三年的 "常态"。 2025年前三季度，公司营收14.9亿元，同比增长5.29%；归属净利润亏损1.21亿元，同比下滑2%。这一数据延续了公司的亏损轨迹：2023年亏损4.55亿元， 2024年亏损4.27亿元，截至2025年三季度末，公司累计亏损超10亿元。 更为严峻的是，芳源股份的盈利能力持续恶化。2023年公司毛利率为2.63%，2024年下滑至-5.17%，2025年前三季度虽回升至3.05%，但仍处于行业低 位。"3% 左右的毛利率几乎没有抗风险能力，一旦原材料价格出现小幅波动，就很容易 ...

Core Viewpoint - The company currently has an annual production capacity of 24,000 tons of lithium carbonate and is planning to enhance its raw material procurement to improve production efficiency [1] Group 1: Production Capacity and Plans - The company has an annual production capacity of 24,000 tons of lithium carbonate [1] - Due to the impact of raw material quantity and prices, the production in the first three quarters of this year did not meet expectations [1] - The company is increasing procurement of raw materials such as lithium sulfate solution and exploring multiple sources for lithium raw materials to enhance capacity utilization [1] Group 2: Product Focus - The company has focused on the comprehensive utilization of recyclable resources for many years [1] - The main products of the company are concentrated on cathode-related materials and do not currently involve electrolyte-related projects [1]

中国经济网北京12月1日讯 芳源股份（688148.SH）近日披露《股东减持股份计划公告》。 根据公告，股东江门市平方亿利投资咨询合伙企业（有限合伙）（以下简称"平方亿利"）计划根据 市场价格，通过集中竞价方式减持其持有的公司股份不超过5,100,000股，占公司总股本比例不超过 1%，减持期间为自公司披露股份减持计划公告之日起15个交易日后的3个月内。 芳源股份2021年8月6日在上交所科创板上市，发行股份数量为8000.00万股，占本次发行后总股本 的15.73%，全部为公司公开发行新股，发行价格为4.58元/股，保荐机构为中国国际金融股份有限公 司，保荐代表人为陈泉泉、张志强。 芳源股份首次公开发行募集资金总额为3.66亿元，扣除发行费用后，募集资金净额为3.01亿元。芳 源股份最终募集资金净额比原计划少7.49亿元。芳源股份于2021年8月3日披露的招股书显示，公司拟募 集资金10.50亿元，全部用于年产5万吨高端三元锂电前驱体（NCA、NCM）和1万吨电池氢氧化锂项 目。 芳源股份发行费用总额为6535.44万元，其中保荐机构中国国际金融股份有限公司、分销商广发证 券股份有限公司共获得保荐及承销费用 ...

Core Viewpoint - Fangyuan Co., Ltd. (688148.SH) experienced a decline of 4.46%, trading at 9.64 yuan, with a current market capitalization of 4.9 billion yuan [1] Summary by Relevant Sections - **Shareholder Actions** - Shareholder Pingfang Yili, an employee stock ownership platform, holds 9.5027 million shares, accounting for 1.86% of the total share capital [1] - Pingfang Yili plans to reduce its holdings by up to 5.1 million shares, which is not more than 1% of the total share capital, with the reduction period set from December 20, 2025, to March 19, 2026, due to personal funding needs [1]

Group 1 - SMIC announced the termination of the sale of its stake in SMIC Ningbo due to failure to reach an agreement within the expected timeframe, retaining a 14.832% stake post-termination, with no significant impact on financial status [2] - Chaozhuo Aerospace's actual controller will change to Hubei State-owned Assets Supervision and Administration Commission, with stock resuming trading on December 1 [2] - ST Lifan faces potential forced delisting due to false disclosures in its 2021-2023 annual reports, with a total false revenue of 592 million yuan, representing 50.91% of the reported revenue for those years [3] Group 2 - Lijun Holdings' subsidiary signed a contract worth approximately 57.6 million USD for high-pressure roller mills, accounting for 52.53% of the audited consolidated revenue for 2024, expected to positively impact future performance [3] - Sanjiang Shopping's second-largest shareholder, Alibaba Zeta, reduced its stake by 5.4768 million shares, decreasing its holding from 30% to 29% [4] - Tianfeng Securities is under investigation by the CSRC for suspected information disclosure violations and illegal financing [5] Group 3 - China Jushi's major shareholder, Zhenstone Group, plans to increase its stake by no less than 550 million yuan and no more than 1.1 billion yuan [6] - Helun Zhe's major shareholder received a notice of investigation for suspected information disclosure violations, which does not affect the company's operations [7] - Yongtai Energy's actual controller also received a notice of investigation for similar violations, with no impact on the company's operations [8] Group 4 - Wuhantian Source's major shareholder, Konka Group, plans to transfer 9.83% of its shares to China Resources Asset Management [9] - Pinggao Electric won a bid for a State Grid project worth approximately 773 million yuan [9] - Zhejiang Longsheng is collaborating with a private equity fund to establish a venture capital partnership [9]

Group 1: Industry Developments - The Ministry of Industry and Information Technology (MIIT) is accelerating the introduction of targeted policies to regulate irrational competition in the power and energy storage battery industry, emphasizing the need for high-quality development [1] - Research institutions predict that storage chip prices are expected to rise by approximately 50% due to increasing demand driven by artificial intelligence infrastructure [4] - A report indicates that the global computing power is projected to increase by over 70 times in the next decade, with space data centers expected to form a new industrial chain [5][6] Group 2: Company Announcements - Anxi China has requested Anxi Netherlands to engage in sincere negotiations regarding control issues and to halt overseas capacity expansion while restoring normal supply [2] - Lingkong Tianxing announced that its hypersonic missile "Yukongji-1000" has entered mass production, with an intelligent version currently under development [3] - Jinko Energy expects a doubling of its energy storage system shipment target for next year, with global energy storage demand projected to exceed 400 GWh [11]

Key Points - Guizhou Moutai elected Chen Hua as the chairman of the fourth board of directors and plans to repurchase shares between RMB 1.5 billion and RMB 3 billion [1] - Tianfeng Securities is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure and illegal financing [1] Share Buybacks - Demai Technology raised the upper limit for share repurchase to RMB 45 per share [5] - Jianbang Technology plans to repurchase shares worth between RMB 15 million and RMB 30 million [5] - Huayuan Holdings intends to repurchase shares worth between RMB 30 million and RMB 60 million [5] Major Investments - Jinling Pharmaceutical plans to invest RMB 893 million in hospital expansion projects [7] - Dongfang Mingzhu intends to invest approximately RMB 500 million to establish a partnership and acquire part of the equity of New H3C [7] - Chang'an Automobile aims to establish a robotics company to develop innovative products and solutions [7] Mergers and Acquisitions - Kaizhong Co. plans to acquire 60% of Anhui Tuosheng's equity, with stock resuming trading on December 1 [7] - Youa Co. has resumed the review process for issuing shares and cash to purchase assets [7] - Jiasheng Technology intends to acquire controlling interest in Shudun Information Technology Co., with stock continuing to be suspended [7] Financing Activities - Shenzhen Energy plans to apply for a public bond issuance with a total scale not exceeding RMB 20 billion [7] - Huakong Saige has terminated its specific object stock issuance [7]