Core Viewpoint - Fangyuan Co., Ltd. announced that neither the company nor its controlling subsidiaries have overdue guarantees or are involved in litigation guarantees [2] Group 1 - The company released an announcement on the evening of November 5 [2] - The announcement clarifies the absence of overdue guarantees [2] - The company also stated that it is not involved in any litigation guarantees [2]

| 证券代码：688148 | 证券简称：芳源股份 | 公告编号：2025-059 | | --- | --- | --- | | 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 关于为全资子公司提供担保的进展公告 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、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 | | 被担保人名称 本次担保金额 | 10,000 | 江门市芳源循环科技有限公司 万元 | | | --- | --- | --- | --- | --- | | 担保对象 | 实际为其提供的担保余额（含本次担保） | 134,000 | 万元 | | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | 本次担保是否有反担保 | □是 | 否 | □不适用：_________ | 累计担保情况 | 对外担保逾期的累计金额（万元） 0 | | | --- | --- | | 截至本公告日上市公司及其控股子公 | 134,000 | | 司对外担保 ...

Core Viewpoint - The company, Guangdong Fangyuan New Materials Group Co., Ltd., has initiated a share repurchase plan to maintain company value and protect shareholder interests, with a total of 3,320,000 shares repurchased, representing 0.65% of the total share capital [2] Share Repurchase Overview - The company repurchased 3,320,000 shares from February 23, 2024, to May 22, 2024, which will be sold through centralized bidding within twelve months after the announcement of the repurchase results [2] - If the shares are not sold within the specified period, the company will reduce its registered capital and cancel the unsold shares [2] Progress of Share Reduction Plan - As of October 31, 2025, the company has sold 1,440,000 shares, which is 0.28% of the total share capital [3] - The company holds 22,336,790 shares in its repurchase account, accounting for 4.38% of the total share capital [3] Implementation of Reduction Plan - The company disclosed the share reduction plan on August 5, 2025, intending to sell up to 3,320,000 shares within three months after the announcement [3] - The number of shares to be sold may be adjusted based on any corporate actions such as dividends or stock splits during the reduction period [3] Financial Impact - The funds recovered from the share reduction will be added to the company's capital reserve and will not significantly impact the company's operations, finances, or future development [6]

2025 年 8 月 5 日，公司在上海证券交易所网站（www.sse.com.cn）披露了《关 于回购股份集中竞价减持股份计划公告》（公告编号：2025-042）。公司计划自 前述公告披露之日起 15 个交易日后的 3 个月内，按照市场价格，通过集中竞价 交易方式减持回购股份合计不超过 3,320,000 股，不超过公司总股本的 0.65%。 若减持期间公司发生派发红利、送红股、转增股本、增发新股、配股等导致股份 变动事项，减持股份数量将进行相应调整。 | 证券代码：688148 | 证券简称：芳源股份 | 公告编号：2025-058 | | --- | --- | --- | | 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"公司"）于 2024 年 2 月 23 日至 2024 年 5 月 22 日期间 ...

Core Points - Fangyuan Co., Ltd. (688148.SH) announced that as of October 31, 2025, it has cumulatively sold back 1.44 million shares, accounting for 0.28% of the company's total share capital [1] - Due to the conversion of convertible bonds during the period of October 2025, the number of shares held in the company's repurchase special securities account has decreased accordingly, with 22.3368 million shares remaining, representing 4.38% of the total share capital as of the date of this announcement [1]

Group 1 - The core point of the news is that Fangyuan Co., Ltd. experienced a decline in stock price by 5.04%, with the current share price at 8.29 CNY and a total market capitalization of 4.229 billion CNY [1] - Fangyuan Co., Ltd. is primarily engaged in the research, production, and sales of lithium battery ternary precursor materials and nickel battery cathode materials, with its main revenue sources being sulfate (46.96%), precursors (29.77%), lithium carbonate (14.07%), and others (7.90%) [1] Group 2 - According to data, the fund "Everbright Prudential Chengxin Mixed A" holds 24,300 shares of Fangyuan Co., accounting for 1.03% of the fund's net value, ranking as the tenth largest holding [2] - The fund has achieved a year-to-date return of 44.38% and a one-year return of 50.28%, with a total fund size of 3.6051 million CNY [2] Group 3 - The fund manager of "Everbright Prudential Chengxin Mixed A" is Zhu Jiantao, who has been in the position for 1 year and 182 days, managing assets totaling 1.851 billion CNY [3] - During Zhu Jiantao's tenure, the best fund return was 48.77%, while the worst was 6.65% [3]

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy industry [2] Core Viewpoints - The "14th Five-Year Plan" emphasizes strong support for the development of the new energy industry, aiming to eliminate barriers to the construction of a unified national market and accelerate the establishment of a new energy system [4][35] - The report highlights the recent performance of the power equipment sector, which has outperformed the CSI 300 index, with a year-to-date increase of 46.13% [11][12] - The report suggests focusing on leading companies benefiting from the robust development of new energy storage technologies [40] Market Review - As of October 30, 2025, the power equipment sector has risen by 4.66% over the past two weeks, outperforming the CSI 300 index by 2.68 percentage points, ranking 3rd among 31 sectors [11] - The wind power equipment sector decreased by 0.30%, while the photovoltaic equipment sector increased by 5.86% [19] - The top three performing stocks in the power equipment sector over the past two weeks were Fangyuan Co., Tongguan Copper Foil, and Penghui Energy, with increases of 46.23%, 36.88%, and 35.39% respectively [20] Valuation and Industry Data - As of October 30, 2025, the price-to-earnings (PE) ratio for the power equipment sector is 34.61 times, with sub-sectors such as motors and batteries showing higher PE ratios of 62.48 and 35.09 respectively [24] - The report provides detailed valuation metrics for various sub-sectors, indicating significant variations in PE ratios compared to historical averages [24] Industry News - The report discusses the recent publication of the "14th Five-Year Plan" which aims to enhance the supply of new energy and promote the safe and orderly replacement of fossil energy [35] - It notes that in September 2025, the national electricity market transaction volume reached 573.2 billion kWh, a year-on-year increase of 9.8% [35] - The report also highlights the competitive bidding for new energy pricing mechanisms in Chongqing, with a total scale of 4.86 billion kWh for wind and photovoltaic projects [36] Company Announcements - The report includes financial performance updates from several companies, such as Guodian NARI and Mingyang Smart Energy, detailing their net profit changes for the first three quarters of 2025 [38]

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy industry [2]. Core Insights - The "14th Five-Year Plan" emphasizes strong support for the development of the new energy industry, aiming to eliminate barriers to a unified national market and enhance the supply of renewable energy [2][36]. - The power equipment sector has shown strong performance, with a year-to-date increase of 46.13%, outperforming the CSI 300 index by 26.43 percentage points [11][12]. - The report highlights the importance of developing new energy systems, improving energy efficiency, and promoting the integration of various energy sources [36][41]. Market Review - As of October 30, 2025, the power equipment industry rose by 4.66% over the past two weeks, ranking third among 31 industries [11]. - The wind power equipment sector decreased by 0.30%, while the photovoltaic equipment sector increased by 5.86% [16][19]. - The top-performing stocks in the power equipment sector included Fangyuan Co., Tongguan Copper Foil, and Penghui Energy, with increases of 46.23%, 36.88%, and 35.39% respectively [20]. Valuation and Industry Data - As of October 30, 2025, the price-to-earnings (P/E) ratio for the power equipment sector was 34.61, with sub-sectors like motors and batteries showing higher valuations [24]. - The report provides detailed valuation metrics for various sub-sectors, indicating significant growth potential in the photovoltaic and battery segments [24]. Industry News - The report discusses the release of the "14th Five-Year Plan" which aims to accelerate the construction of a new energy system and enhance the resilience of the power system [36]. - It also notes the increase in electricity market transactions, with a 9.8% year-on-year growth in traded electricity volume [36]. Company Announcements - The report includes financial performance updates from several companies, such as Guodian Nari achieving a net profit of 4.855 billion yuan, a year-on-year increase of 8.43% [39]. - It highlights the challenges faced by companies like Longi Green Energy, which reported a net loss of 3.403 billion yuan [39]. Investment Recommendations - The report suggests focusing on leading companies benefiting from the growth of new energy storage technologies and smart grid developments [41][42].

Core Insights - Fangyuan Co., Ltd. has seen a stock price increase of 5.72% on October 31, reaching 9.43 CNY per share, with a total market capitalization of 4.81 billion CNY [1] - The company has experienced a cumulative increase of 25.28% over the past four days [1] - Fangyuan specializes in the research, production, and sales of lithium battery ternary precursor materials and nickel battery cathode materials, with its main revenue sources being sulfate (46.96%), precursor (29.77%), lithium carbonate (14.07%), and others [1] Fund Holdings - According to data, Everbright Pramerica Fund holds Fangyuan shares, with the Everbright Pramerica Chengxin Mixed A Fund (003115) owning 24,300 shares, representing 1.03% of the fund's net value [2] - The fund has realized a floating profit of approximately 12,400 CNY today and 43,700 CNY during the four-day price increase [2] - The Everbright Pramerica Chengxin Mixed A Fund was established on December 15, 2016, and has a current scale of 3.61 million CNY, with a year-to-date return of 42.39% [2] Fund Manager Performance - The fund manager of Everbright Pramerica Chengxin Mixed A Fund is Zhu Jiantao, who has been in the position for 1 year and 179 days [3] - Under Zhu's management, the fund has achieved a best return of 48.83% and a worst return of 6.6% [3]

Core Insights - Fangyuan Co., Ltd. is a leading domestic producer of lithium battery cathode material precursors, specializing in high-end ternary precursor production from recycled batteries [1] Financial Performance - For Q3 2025, Fangyuan's revenue was 1.49 billion yuan, ranking 31st among 44 companies in the industry, with the top company, Zhongwei Co., Ltd., reporting revenue of 33.297 billion yuan [2] - The company's net profit was -121 million yuan, placing it 32nd in the industry, while the leading company, Putailai, reported a net profit of 1.872 billion yuan [2] Profitability and Debt - As of Q3 2025, Fangyuan's debt-to-asset ratio was 84.32%, significantly higher than the industry average of 51.96% [3] - The gross profit margin for Q3 2025 was 3.05%, lower than the industry average of 10.89% [3] Executive Compensation - The chairman and CEO, Luo Aiping, received a salary of 1.29 million yuan in 2024, a decrease of 315,700 yuan from 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 26.42% to 15,900, while the average number of shares held per shareholder decreased by 20.90% to 32,100 shares [5]