Group 1 - The core point of the article is that Fangyuan Co., Ltd. has completed a share reduction plan, with a total of 400,000 shares sold, accounting for 0.08% of the company's total equity [1] - As of the announcement, Fangyuan's market capitalization is 3.1 billion yuan [1] - The revenue composition for Fangyuan in 2024 is reported as 87.27% from the manufacturing of computers, communications, and other electronic equipment, while other businesses account for 12.73% [1]

股东持有的基本情况 本次减持前，股东广东中科白云新兴产业创业投资基金有限公司（以下简称 "中科白云"）持有广东芳源新材料集团股份有限公司（以下简称"公司"）股 份 25,140,000 股（占公司总股本 510,173,053 股的 4.93%），上述股份为公司首次 公开发行前股份，已于 2022 年 8 月 8 日解除限售并上市流通。 | 证券代码：688148 | 证券简称：芳源股份 公告编号：2025-050 | | --- | --- | | 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 股东减持计划时间届满暨减持股份结果公告 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： 减持计划的实施结果情况 2025 年 6 月 10 日，公司披露了《股东减持股份计划公告》（公告编号： 2025-026），股东中科白云计划根据市场价格，通过集中竞价交易方式减持其持 有的公司股份合计不超过 5,100,000 股（不超过公司总股本的 1%），减持期间为 自公司披 ...

Core Viewpoint - Fangyuan Co., Ltd. announced that it will not adjust the conversion price of its convertible bonds and will not propose any downward adjustment plans in the next three months, even if the conditions for such adjustments are triggered [2] Summary by Relevant Sections - **Company Decision** - The board of directors of Fangyuan Co., Ltd. decided not to lower the conversion price of the "Fangyuan Convertible Bonds" [2] - **Future Outlook** - For the next three months, from September 12, 2025, to December 11, 2025, the company will not propose any downward adjustment plans if the conditions for price adjustment are met [2]

| 证券代码：688148 | 证券简称：芳源股份 公告编号：2025-049 | | --- | --- | | 转债代码：118020 | 债券简称：芳源转债 | 根据相关法律法规规定及《广东芳源新材料集团股份有限公司向不特定对象 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。 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 2025 年 9 月 11 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四次会议审议，公司董事会决定本次不向下修正 转股价格，同时在未来三个月内（即 2025 年 9 月 12 日至 2025 年 12 月 11 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 ...

Core Viewpoint - Fangyuan Co., Ltd. is facing significant financial challenges, including continuous losses, high debt levels, and shareholder concerns regarding the recent share buyback and subsequent reduction of shares [1][5][8] Summary by Sections Share Buyback and Reduction - On September 8, 2025, Fangyuan Co. reduced its repurchased shares by 610,000 shares, accounting for 0.12% of the total share capital, raising approximately 3.81 million yuan [2] - The company plans to reduce up to 3.32 million shares (0.65% of total share capital) within three months, with proceeds aimed at supplementing working capital [2] - As of September 8, the number of shares held in the repurchase account decreased from 23.78 million to 23.17 million, reducing the holding percentage from 4.66% to 4.54% [2] Financial Performance - For the first half of 2025, Fangyuan reported a revenue of 900 million yuan, a year-on-year decrease of 13.48%, and a net loss of 149 million yuan, a decline of 124.85% [5] - The company has incurred losses for two and a half consecutive years, with net losses of 427 million yuan in 2024 and 455 million yuan in 2023 [5] - Cumulatively, since its IPO in August 2021, the company has lost approximately 959 million yuan, exceeding the total funds raised from its IPO and convertible bonds [6] Debt and Financial Structure - As of mid-2025, the company's debt-to-asset ratio reached 85.2%, indicating severe debt pressure and short-term repayment risks [6] - The debt-to-asset ratios from 2020 to 2024 were 35.79%, 53.44%, 63.94%, 65.90%, and 81.66%, showing a continuous upward trend [6] - The company plans to address its high debt levels primarily through the conversion of convertible bonds into equity [7] Product Performance and Market Position - In the first half of 2025, the main products generated revenues of 423 million yuan from sulfates (46.96%), 268 million yuan from precursors (29.77%), and 127 million yuan from lithium carbonate (14.07%) [7] - The sales gross margin was reported at -2.87%, with specific product margins showing significant losses, particularly for lithium carbonate at -17.84% [7] - The company aims to improve its operational performance and cash flow to enhance its financial situation, with hopes for a potential industry turnaround [7][8]

Group 1 - The core point of the article is that Fangyuan Co., a company listed on the Sci-Tech Innovation Board, has announced its first reduction of repurchased shares due to continuous losses and high debt levels [1] - Since its IPO in August 2021, the company has accumulated a net loss of approximately 959 million yuan, which exceeds the total amount raised from its IPO and convertible bonds [1] - As of the second quarter of 2025, the company's debt-to-asset ratio reached 85.2%, indicating severe debt pressure and short-term repayment risks [1] Group 2 - The company's debt-to-asset ratio has been consistently increasing since its listing, with figures of 35.79%, 53.44%, 63.94%, 65.90%, and 81.66% from 2020 to 2024, culminating in 85.2% in the second quarter of this year [1] - The current liquidity ratio stands at only 0.9, further highlighting the company's financial difficulties [1]

Core Viewpoint - Fangyuan Co., Ltd. is facing significant challenges, including continuous losses, rising debt levels, and shareholder reductions, which raise concerns about the company's future operations and the protection of minority shareholders' interests [1][4][6]. Group 1: Share Buyback and Shareholder Actions - On September 8, 2025, Fangyuan Co., Ltd. reduced its repurchased shares by 610,000 shares, accounting for 0.12% of the total share capital, generating approximately 3.81 million yuan [2]. - The company plans to reduce up to 3.32 million shares (0.65% of total share capital) within three months, with proceeds aimed at supplementing daily operational liquidity [2][3]. - As of September 8, the number of shares held in the repurchase account decreased from 23.78 million to 23.17 million, with the holding percentage dropping from 4.66% to 4.54% [2]. Group 2: Financial Performance and Debt Levels - Fangyuan Co., Ltd. reported a revenue of 900 million yuan for the first half of 2025, a year-on-year decrease of 13.48%, with a net loss of 149 million yuan, a decline of 124.85% [4]. - The company has incurred losses for two and a half consecutive years, with cumulative losses since its IPO exceeding 959 million yuan, surpassing the total amount raised during its IPO and convertible bond issuance [4][5]. - As of mid-2025, the company's debt-to-asset ratio reached 85.2%, indicating severe debt pressure and short-term repayment risks [5]. Group 3: Product Performance and Future Strategies - Fangyuan Co., Ltd. specializes in lithium battery materials, with significant revenue contributions from sulfate (46.96%), precursor materials (29.77%), and lithium carbonate (14.07%) [6]. - The company reported a negative gross margin of -2.87% and a net margin of -16.58% for the first half of 2025, with specific product margins showing concerning figures, such as -17.84% for lithium carbonate [6]. - To address its debt issues, the company plans to promote the conversion of convertible bonds into shares and aims to improve operational performance, with hopes for a potential industry turnaround [6][7].

| 证券代码：688148 | 证券简称：芳源股份 | 公告编号：2025-048 | | --- | --- | --- | | 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 ...

Group 1 - The company Fangyuan Co., Ltd. (688148.SH) announced the sale of 610,000 shares that it had repurchased, which represents 0.12% of the total share capital [1] - After this reduction, the company's dedicated repurchase account holds 23,167,702 shares, accounting for 4.54% of the total share capital [1]

中证鹏元资信评估股份有限公司 中证鹏元公告【2025】424 号 中证鹏元关于关注广东芳源新材料集团股份有限公司 2025 年半年度业绩亏损的公告 中证鹏元资信评估股份有限公司（以下简称"中证鹏元"）对广 东芳源新材料集团股份有限公司（以下简称"芳源股份"或"公司"， 股票代码：688148.SH）及其发行的下述债券开展评级。除评级委托 关系外，中证鹏元及评级从业人员与公司不存在任何足以影响评级行 为独立、客观、公正的关联关系。 债券简称 上一次评级时间 上一次评级结果 附表 本次评级模型打分表及结果 | 评分要素 | 指标 | 评分等级 | 评分要素 | 指标 | 评分等级 | | --- | --- | --- | --- | --- | --- | | | 宏观环境 | 4/5 | 初步财务状况 | | 1/9 | | | 行业&经营风险状况 | 4/7 | 杠杆状况 | | 1/9 | | 业务状况 | | 财务状况 | | | | --- | --- | --- | --- | --- | | 行业风险状况 | | 4/5 盈利状况 | 非常弱 | | | 4/7 | 经营状况 | 流动性状况 | ...