智通财经APP讯，芳源股份(688148.SH)披露2025年第三季度报告，公司前三季度实现营收14.9亿元，同 比增长5.29%;归属于上市公司股东的净利润亏损1.21亿元;扣非净利润亏损1.22亿元;基本每股收益-0.24 元。 ...

重要内容提示： 会议召开时间：2025 年 10 月 29 日（星期三）15:00-16:00 | 证券代码：688148 | 证券简称：芳源股份 | 公告编号：2025-057 | | --- | --- | --- | | 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 关于召开 2025 年第三季度业绩说明会的公告 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。 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 10 月 22 日（星期三）至 10 月 28 日（星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 fyhb@fangyuan-group.com 进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 广东芳源新材料集团股份有限公司（以下简称"公司"）已于 2 ...

Financial Performance - The company's operating revenue for Q3 2025 reached ¥590,427,764.64, representing a year-on-year increase of 57.30%[2] - The total profit for the quarter was ¥28,513,281.59, with a significant improvement in gross margin due to rising metal prices and increased sales prices[7] - The net profit attributable to shareholders was ¥28,059,426.08, reflecting a recovery from previous losses[2] - In the first three quarters of 2025, the company achieved a total operating revenue of RMB 149,026.22 million, representing a year-on-year growth of 5.29%[12] - In Q3 2025, the company recorded a single-quarter operating revenue of RMB 59,042.78 million, showing a significant year-on-year increase of 57.30%[12] - The net profit attributable to shareholders for the first three quarters of 2025 was RMB -12,077.48 million, while Q3 alone saw a turnaround with a net profit of RMB 2,805.94 million[13] - The comprehensive gross margin for Q3 2025 improved to 12.07%, indicating a significant enhancement in profitability due to rising metal prices and revenue recognition from a Japanese cooperation project[13] - The company's total comprehensive income for the period was -120,714,987.64 RMB, compared to -118,776,716.76 RMB in the previous year, indicating a slight increase in comprehensive losses[24] Research and Development - Research and development (R&D) expenses for the quarter totaled ¥10,784,431.05, a decrease of 49.27% compared to the same period last year[3] Assets and Liabilities - The total assets at the end of the reporting period were ¥2,942,595,914.77, down 4.76% from the end of the previous year[3] - The total equity attributable to shareholders decreased by 19.11% to ¥453,795,760.00 compared to the previous year[3] - Cash and cash equivalents decreased to ¥59,166,000.40 as of September 30, 2025, from ¥170,533,489.05 at the end of 2024[19] - Accounts receivable increased to ¥286,162,292.04 as of September 30, 2025, compared to ¥173,499,256.65 at the end of 2024, reflecting a significant rise of approximately 64.7%[19] - Inventory decreased slightly to ¥495,607,541.85 as of September 30, 2025, from ¥521,360,675.55 at the end of 2024[19] - Total liabilities were reported at ¥2,481,106,878.69 as of September 30, 2025, compared to ¥2,522,927,755.69 at the end of 2024, indicating a decrease in liabilities[21] - The company's equity attributable to shareholders decreased to ¥453,795,760.00 as of September 30, 2025, from ¥561,036,093.05 at the end of 2024[21] Cash Flow - The net cash flow from operating activities was negative at -¥59,829,724.62, primarily due to increased non-cash sales settlements[2] - The total cash inflow from operating activities decreased to 1,403,899,526.18 RMB in 2025 from 1,673,433,975.70 RMB in 2024, representing a decline of about 17.9%[27] - The net cash flow from operating activities was -59,829,724.62 RMB for the first three quarters of 2025, worsening from -27,990,616.79 RMB in 2024[27] - The cash flow from investing activities showed a net inflow of 43,890,889.57 RMB in 2025, a significant improvement from a net outflow of -62,806,554.96 RMB in 2024[28] - The cash flow from financing activities resulted in a net outflow of -80,416,925.29 RMB in 2025, compared to a net inflow of 116,710,136.61 RMB in 2024, indicating a shift in financing strategy[28] - The total cash and cash equivalents at the end of the period decreased to 43,705,880.14 RMB in 2025 from 95,288,194.81 RMB in 2024, reflecting a decline of approximately 54.1%[28] Shareholder Information - The top 10 shareholders hold a total of 15.03% of shares, with the largest shareholder, Luo Aiping, owning 76,688,693 shares[10] - The company has not engaged in any share lending or borrowing activities during the reporting period[11] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[7] - The company signed a technical export cooperation agreement in Q3 2025, which is expected to enhance its overseas market presence and optimize its revenue structure[15] - The company is collaborating with a Japanese firm to develop and produce NCMA/NCA/NCM series precursors, which will help mitigate trade barriers and reduce market entry costs[15] - The company confirmed revenue from technology export projects, contributing to the overall revenue growth[7] - As of the report date, the company has received RMB 2,975.95 million in service fees related to the technical export cooperation project, confirming revenue based on contract performance[16] - The company’s precursor product shipments doubled year-on-year in Q3 2025, driven by increased demand in the new energy vehicle and energy storage sectors[13]

Core Viewpoint - The announcement details the conversion status of the convertible bonds issued by Guangdong Fangyuan New Materials Group Co., Ltd., highlighting the low conversion rate and the remaining unconverted bonds as of September 30, 2025 [2][6]. Convertible Bond Issuance and Status - The company issued 6,420,000 convertible bonds with a total fundraising of RMB 64,200 million, with a maturity period from September 23, 2022, to September 22, 2028 [3]. - The initial conversion price was set at RMB 18.62 per share, which was adjusted to RMB 18.63 following the repurchase and cancellation of certain restricted shares [4]. Conversion Details - As of September 30, 2025, only RMB 24.30 million worth of bonds had been converted into 13,039 shares, representing 0.00255% of the total shares before conversion [2][6]. - The total amount of unconverted bonds stood at RMB 64,175.70 million, accounting for 99.96215% of the total issuance [2][6]. - No bonds were converted during the quarter from July 1, 2025, to September 30, 2025, with a conversion quantity of 0 shares [5]. Share Repurchase and Reduction Plan - The company repurchased 3,320,000 shares from February 23, 2024, to May 22, 2024, which is 0.65% of the total share capital, to maintain company value and shareholder rights [10]. - As of September 30, 2025, the company had sold 1,440,000 repurchased shares, representing 0.28% of the total share capital, leaving 22,337,702 shares in the repurchase account, which is 4.38% of the total share capital [12].

| 证券代码：688148 | 证券简称：芳源股份 | 公告编号：2025-056 | | --- | --- | --- | | 转债代码：118020 | 债券简称：芳源转债 | | 广东芳源新材料集团股份有限公司 关于回购股份集中竞价减持股份进展公告 本公司董事会、全体董事及相关股东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： 回购股份的基本情况 广东芳源新材料集团股份有限公司（以下简称"芳源股份"）于 2024 年 2 月 23 日至 2024 年 5 月 22 日期间累计回购用于维护公司价值及股东权益所必需 的股份数量为 3,320,000 股，占公司目前总股本的 0.65%。公司将就前述股份在 披露回购结果暨股份变动公告（即 2024 年 5 月 23 日）后十二个月后采用集中竞 价交易方式出售，并在披露回购结果暨股份变动公告后三年内完成出售；若公司 未能在上述期限内完成回购股份出售，将依法履行减少注册资本程序，对未出售 的股份予以注销。 减持计划的进展情况 2025 年 8 月 5 日，公司在上海证券交易所网站 ...

| 证券代码：688148 | 证券简称：芳源股份 | 公告编号：2025-055 | | --- | --- | --- | | 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 可转债转股结果暨股份变动公告 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： 累计转股情况：广东芳源新材料集团股份有限公司（以下简称"公司"） 向不特定对象发行可转换公司债券"芳源转债"自2023年3月29日起开始转股， 截至2025年9月30日，"芳源转债"共有人民币24.30万元已转换为公司股票，转 股数量为13,039股，占"芳源转债"转股前公司已发行股份总额的0.00255%。 未转股可转债情况：截至2025年9月30日，"芳源转债"尚未转股的可转 债金额为人民币64,175.70万元，占"芳源转债"发行总量的99.96215%。 本季度转股情况：2025年7月1日至2025年9月30日期间，未有"芳源转债" 转换为公司股票，转股数量为0股。 一、可转债发行上市情况 经中国证券监督管 ...

Core Viewpoint - Fangyuan Co., Ltd. experienced a 5.01% decline in stock price, closing at 6.82 CNY per share, with a trading volume of 403 million CNY and a turnover rate of 11.30%, resulting in a total market capitalization of 3.479 billion CNY [1] Company Overview - Fangyuan Co., Ltd. is located in Jiangmen City, Guangdong Province, and was established on June 7, 2002. The company was listed on August 6, 2021. Its main business involves the research, production, and sales of lithium battery ternary precursor materials and nickel battery cathode materials [1] - The revenue composition of the company includes: 46.96% from sulfate, 29.77% from precursors, 14.07% from lithium carbonate, 7.90% from other sources, and 1.31% from spherical nickel hydroxide [1] Fund Holdings - According to data, one fund under Caitong Fund has a significant holding in Fangyuan Co., Ltd. The Caitong Yixiang Stable Pension One-Year Holding Period Mixed Fund (FOF) (021166) held 5,200 shares in the second quarter, accounting for 0.05% of the fund's net value, ranking as the tenth largest holding [2] - The fund was established on September 10, 2024, with a latest scale of 54.72 million CNY. Year-to-date returns are 5.86%, ranking 781 out of 1,048 in its category; the one-year return is 8.38%, ranking 822 out of 1,014; and the return since inception is 8.55% [2] Fund Manager Information - The fund manager of Caitong Yixiang Stable Pension One-Year Holding Period Mixed Fund (FOF) (021166) is Chen Xi, who has been in the position for 3 years and 223 days. The total asset scale of the fund is 54.72 million CNY, with the best return during the tenure being 8.59% and the worst return being -7.53% [3]

Market Performance - The Sci-Tech Innovation Board (STAR Market) index rose by 1.35%, closing at 1470.41 points, with a total trading volume of 4.943 billion shares and a turnover of 240.198 billion yuan, resulting in a weighted average turnover rate of 2.62% [1] - Among the tradable stocks on the STAR Market, 404 stocks closed higher, with 13 stocks hitting the daily limit up, including Pinming Technology, Wanrun New Energy, and Fuke Environmental Protection [1] - The turnover rate distribution shows that 2 stocks had a turnover rate exceeding 20%, 21 stocks between 10% and 20%, and 69 stocks between 5% and 10% [1] Stock Highlights - The stock with the highest turnover rate was Zhongke Lanyun, which closed up by 8.51% with a turnover rate of 22.06% and a transaction amount of 1.515 billion yuan [3] - Fangyuan Co. closed up by 7.00% with a turnover rate of 21.12% and a transaction amount of 800 million yuan [3] - Other notable stocks with high turnover rates include Xingfu Electronics, Lianyun Technology, and Juhe Materials, with turnover rates of 19.17%, 18.30%, and 16.35% respectively [1][3] Sector Analysis - In terms of sector performance, the electronics sector had the highest number of stocks with a turnover rate exceeding 5%, totaling 43 stocks, followed by the power equipment and computer sectors with 14 and 10 stocks respectively [2] - Among the high turnover stocks, 37 experienced net inflows of main funds, with Dekeli, Jucheng Co., and Wanrun New Energy receiving the most significant net inflows of 154 million yuan, 140 million yuan, and 105 million yuan respectively [2] Leverage Fund Movements - A total of 61 stocks in the high turnover category received net purchases from leveraged funds, with notable increases in financing balances for Zhongxin International, Jinghe Integration, and Baiwei Storage, which saw increases of 971 million yuan, 396 million yuan, and 296 million yuan respectively [2]

Market Overview - As of September 29, the Shanghai Composite Index closed at 3862.53 points, up 34.43 points, with a gain of 0.90% [1] - The Shenzhen Component Index closed at 13479.43 points, up 270.43 points, with a gain of 2.05% [1] - The ChiNext Index closed at 3238.01 points, up 86.48 points, with a gain of 2.74% [1] Stock Performance - A total of 39 A-shares had a turnover rate exceeding 20% on this day, indicating significant trading activity [1] - Notable stocks with high turnover rates include: - C Haocreat (301668) with a turnover rate of 62.30% and a closing price of 58.78 yuan, down 3.73% [1] - C Jianfa Zhi (301584) with a turnover rate of 61.32% and a closing price of 34.12 yuan, up 13.73% [1] - Jin Hua New Materials (920015) with a turnover rate of 53.44% and a closing price of 53.00 yuan, down 3.58% [1] - Other stocks with notable turnover rates include: - C United Motion (301656) at 41.80% and a closing price of 32.77 yuan, up 3.87% [1] - Zhongdian Xinlong (002298) at 39.78% and a closing price of 11.99 yuan, down 6.77% [1] - Chuling Information (300250) at 35.58% and a closing price of 26.40 yuan, up 20.00% [1] Additional Notable Stocks - Huijin Co., Ltd. (300368) had a turnover rate of 33.76% and closed at 19.08 yuan, up 20.00% [1] - Li Hexing (301013) closed at 30.75 yuan with a turnover rate of 33.58%, up 5.56% [1] - Other stocks with significant trading activity include: - Weili Transmission (300904) at 31.67% and a closing price of 85.80 yuan, up 8.24% [1] - Huarun Technology (002453) at 31.36% and a closing price of 7.90 yuan, down 10.02% [1]

Financial Performance - In the first half of 2025, the company reported total revenue of 900 million yuan, a year-on-year decrease of 13.48% [1] - The net profit attributable to shareholders was -149 million yuan, with the same figure for net profit excluding non-recurring gains and losses [1] - The net cash flow from operating activities was -55.95 million yuan [1] - In 2024, the company achieved total revenue of 2.161 billion yuan, a year-on-year increase of 2.81% [2] - The net profit attributable to shareholders was -427 million yuan, an improvement from -455 million yuan in the previous year [2] - The net cash flow from operating activities was 739.14 million yuan, compared to -326 million yuan in the previous year [2] Capital Raising Activities - The company was listed on the Sci-Tech Innovation Board on August 6, 2021, issuing 80 million shares at a price of 4.58 yuan per share, raising a total of 366 million yuan [3] - The net amount raised after deducting issuance costs was 301 million yuan, which was 749 million yuan less than the planned amount of 1.05 billion yuan [3] - The funds raised were intended for the production of high-end ternary lithium battery precursors and lithium hydroxide [3] - The company issued convertible bonds totaling 642 million yuan, with a net amount raised of 638.37 million yuan after deducting related fees [4][5] - The total amount raised by the company since its listing is 1.008 billion yuan [5]