Group 1 - The core point of the news is the recent changes in shareholder equity and convertible bond matters for Fangyuan Co., Ltd. [1] - As of February 10, 2026, major shareholder Betterray New Materials Group Co., Ltd. reduced its holdings by 5,800 shares, decreasing its ownership from 5.0011% to 5.0000%, effectively becoming a non-major shareholder [1] - The company announced on February 9, 2026, that Fangyuan convertible bonds may trigger conditions for a downward adjustment of the conversion price, which will be reviewed by the board if conditions are met [1] Group 2 - Fangyuan Co., Ltd. stock price has shown volatility recently, closing at 8.49 yuan on February 12, 2026, down 0.70% with a trading volume of 81.0369 million yuan [2] - On February 11, 2026, the stock price was 8.55 yuan, reflecting an increase of 0.83% [2] - On February 12, 2026, there was a net outflow of 9.092 million yuan in main funds, accounting for 11.22% of the total trading volume, while on February 11, 2026, there was a net inflow of 6.1439 million yuan [2] - The financing balance has decreased continuously, with a reduction of 0.06 billion yuan over the past five days, representing a decline of 3.59% [2] Group 3 - In the third quarter of 2025, the company reported an improvement in performance with a quarterly revenue of 590 million yuan, a year-on-year increase of 57.3% [3] - The net profit attributable to the parent company was 28.0594 million yuan, marking a turnaround from losses [3] - However, the company is expected to incur an annual loss for 2025, with a projected net loss attributable to the parent company ranging from 120 million yuan to 80 million yuan, primarily due to production line upgrades and high costs in the first half of the year [3] - The third-quarter report for 2025 indicated a debt ratio of 84.32% and a gross profit margin of 3.05% [3]

Core Viewpoint - Fangyuan Co., Ltd. (688148.SH) announced that as of February 12, 2026, its stock price has triggered the downward adjustment clause for the "Fangyuan Convertible Bonds" [1] Group 1 - The company's board of directors decided not to adjust the conversion price downward at this time [1] - The company will not propose a downward adjustment plan even if the conversion price is triggered again within the next two months, from February 13, 2026, to April 12, 2026 [1]

| 证券代码：688148 | 证券简称：芳源股份 | 公告编号：2026-013 | | --- | --- | --- | | 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 关于不向下修正"芳源转债"转股价格的公告 本公司董事会及全体董事保证本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。 重要内容提示： 截至 2026 年 2 月 12 日，广东芳源新材料集团股份有限公司（以下简称 "公司"）股价已触发"芳源转债"转股价格向下修正条款。 经公司第四届董事会第十次会议审议，公司董事会决定本次不向下修正 转股价格，同时在未来两个月内（即 2026 年 2 月 13 日至 2026 年 4 月 12 日）， 如再次触发"芳源转债"转股价格向下修正条款，亦不提出向下修正方案。 一、可转换公司债券基本情况 发行可转换公司债券证券募集说明书》（以下简称《募集说明书》）的约定，"芳 源转债"转股期间为 2023 年 3 月 29 日至 2028 年 9 月 22 日，初始转股价格为 18.62 元/股。 （二）转股价 ...

Core Viewpoint - The announcement details a change in the shareholding of Guangdong Fangyuan New Materials Group Co., Ltd. (the Company) by its major shareholder, Betterray New Materials Group Co., Ltd. (Betterray), which has reduced its stake to below 5% through a series of transactions [1][5]. Group 1: Shareholding Changes - Betterray's previous shareholding was 20,414,408 shares, representing 3.9894% of the total shares as of December 30, 2022 [2][11]. - Between January 20 and March 31, 2023, the Company's total shares decreased from 511,718,000 to 511,606,053 due to stock repurchase and conversion of convertible bonds, resulting in Betterray's passive increase in shareholding percentage to 3.9903% [3][12]. - On June 26, 2023, Betterray's shares increased to 25,514,408, raising its holding percentage to 4.9871% after returning borrowed shares [3][12]. - Following a stock repurchase on October 27, 2023, Betterray's holding percentage increased to 5.0011% due to a reduction in the Company's total shares to 510,173,053 [3][12]. Group 2: Recent Transactions - On February 10, 2026, Betterray reduced its holdings by 5,800 shares, bringing its total to 25,508,608 shares and its holding percentage down to 5.0000% [5][10]. - The reduction in shareholding was executed through a centralized bidding process, marking the first time Betterray's stake fell below the 5% threshold [5][10]. - The actual holding percentage after the reduction is 4.99999%, rounded to 5.0000% for reporting purposes [10]. Group 3: Future Plans - Betterray has announced a plan to further reduce its holdings by up to 5,101,730 shares, which is not more than 1% of the total shares, within a three-month period starting from February 3, 2026 [9][10].

广东芳源新材料集团股份有限公司 简式权益变动报告书 上市公司名称：广东芳源新材料集团股份有限公司 股票简称：芳源股份 股票代码：688148 股票上市地点：上海证券交易所 信息披露义务人：贝特瑞新材料集团股份有限公司 住所：深圳市光明新区公明办事处西田社区高新技术工业园第1、2、3、4、5、6 栋、7栋A、7栋B、8栋 通讯地址：深圳市光明区凤凰街道东坑社区光源四路8号贝特瑞新能源科技大厦 股份变动性质：股份减少（持股比例降至5%以下） 签署日期：2026年2月11日 1 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则 第15号——权益变动报告书》及相关的法律、法规和规范性文件编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人所任职或持有权益公司的章程或者内部规则中的任何条款，或 与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定，本 报告书已全面披露信息披露义务人在广东芳源新材料集团股份有限公司中拥有 权益的股份变动情况。 ...

| 证券代码：688148 | 证券简称：芳源股份 公告编号：2026-012 | | --- | --- | | 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 关于持股 5%以上股东权益变动触及 5%刻度 的提示性公告 投资者贝特瑞新材料集团股份有限公司保证向本公司提供的信息真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 注：本次权益变动后贝特瑞新材料集团股份有限公司的持股比例 5.0000%为四舍五入 所致，实际持股比例为 4.99999%，下同。 一、信息披露义务人及其一致行动人的基本信息 1、身份类别 | | □控股股东/实际控制人及其一致行动人 | | --- | --- | | | 其他 5%以上大股东及其一致行动人 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用于无控 | | | 股股东、实际控制人） | | | □其他______________（请注明） | 2、信息披露义务人信息 信息披露义务人名称 投资者身份 统一社会信用代码 重要内容 ...

Core Viewpoint - The major shareholder, Betterray New Materials Group Co., Ltd., has reduced its stake in Fangyuan Co., Ltd. by selling 5,800 shares, bringing its ownership below 5% [1] Group 1 - Betterray's shareholding decreased from 25,514,408 shares to 25,508,608 shares [1] - The ownership percentage fell from 5.0011% to 5.0000%, effectively 4.99999% [1] - This reduction does not trigger a mandatory takeover bid and will not change the company's controlling shareholder or actual controller [1] Group 2 - As of the announcement date, Betterray is still within the implementation period of its reduction plan [1]

Core Viewpoint - The company anticipates that the conversion price of its convertible bonds, "Fangyuan Convertible Bonds," may be adjusted downward due to the stock price falling below 85% of the current conversion price for a specified period [3][9]. Group 1: Convertible Bond Basic Information - The company issued 6,420,000 convertible bonds on September 23, 2022, with a total fundraising amount of RMB 64,200 million, and the initial conversion price was set at RMB 18.62 per share [4]. - The conversion period for the bonds is from March 29, 2023, to September 22, 2028 [4]. Group 2: Conversion Price Adjustment - The conversion price was adjusted from RMB 18.62 to RMB 18.63 per share on October 30, 2023, following the repurchase and cancellation of certain restricted stocks [4]. - A further adjustment is expected, reducing the conversion price to RMB 14.00 per share, effective from January 23, 2026, pending board approval [6]. Group 3: Conditions for Downward Adjustment - The company’s stock price has been below RMB 11.90 (85% of the current conversion price) for 10 out of 30 trading days, which triggers the condition for a potential downward adjustment of the conversion price [3][9]. - If the conditions are met, the board will convene to decide on the adjustment and will disclose the decision promptly [9].

| 证券代码：688148 | 证券简称：芳源股份 | 公告编号：2026-011 | | --- | --- | --- | | 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 关于"芳源转债"预计触发转股价格向下修正条件的 提示性公告 募集资金人民币 64,200.00 万元。本次发行的可转换公司债券的期限为自发行之 日起六年，即自 2022 年 9 月 23 日至 2028 年 9 月 22 日。 本公司董事会及全体董事保证本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。 特别提示： 2026 年 1 月 23 日至 2026 年 2 月 5 日，公司股票在连续 30 个交易日中 已有 10 个交易日的收盘价低于当期转股价格的 85%（即 11.90 元/股），预计触 发转股价格向下修正条件。若触发条件，公司将于触发条件当日召开董事会审议 决定是否修正转股价格，并及时履行信息披露义务。敬请广大投资者注意投资风 险。 一、可转换公司债券基本情况 （一）发行上市情况 经中国证券监督管理委员会出具的《关于同意广 ...

Financial Performance - Guangdong Fangyuan New Materials Group Co., Ltd. (stock code: 688148.SH) expects a net profit attributable to shareholders of the parent company for 2025 to be between -120 million and -80 million CNY, a significant narrowing of losses compared to -427 million CNY in the same period last year [2]. - The company's losses in 2025 are primarily attributed to production line upgrades, low capacity utilization, and high unit costs in the first half of the year; however, it is expected to turn profitable in the second half due to rising raw material prices and increased product sales [2]. - The company has benefited from industry recovery and diversified business expansion, leading to improved operating conditions in the second half of 2025, although sustainability of performance remains to be observed [3]. Credit Rating and Financial Health - The company's credit rating is maintained at BBB with a stable outlook, reflecting high leverage and significant liquidity pressure [3]. - The rating model indicates a very weak profitability status and a preliminary financial condition score of 1/9, while liquidity status is rated at 4/7 [5]. - The rating results are valid from February 5, 2026, until the maturity of the Fangyuan convertible bonds [3]. - The company is under close monitoring for its operational conditions and debt repayment pressures, which may impact its credit rating and outlook [3]. - The rating model used is specific to chemical enterprises, indicating a tailored approach to assessing the company's creditworthiness [5]. Operational Strategy and Technology - The company has achieved product diversification, which supports operational sustainability, and possesses core technologies that underpin its business development [5]. - The company’s operational improvements are expected to be complemented by technology export cooperation projects, contributing to revenue [2].