Core Viewpoint - Fangyuan Co., Ltd. announced that from August 22, 2025, to September 4, 2025, its stock price has closed below 85% of the current conversion price (15.84 CNY/share) for 10 out of 30 consecutive trading days, which is expected to trigger the condition for downward adjustment of the conversion price [1] Summary by Relevant Sections - Stock Performance - The company's stock has experienced a decline, with 10 out of 30 trading days closing below the threshold price [1] - Conversion Price Adjustment - If the condition is triggered, the company will hold a board meeting on the same day to decide whether to adjust the conversion price and will fulfill its information disclosure obligations promptly [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 特此公告。 | 债券简称 | 上一次评级时间 | | | | 上一次评级结果 | | | --- | --- | --- | --- | --- | --- | --- | | | | | | 主体等级 | 债项等级 | 评级展望 | | 芳源转债 | 2025 年 7 月 | 26 | 日 | BBB | BBB | 稳定 | 公司于 2025 年 8 月 28 日披露《广东芳源新材料集团股份有限公 司 2025 年半年度报告》，2025 年 1-6 月公司实现营业收入 9.00 亿 元，同比下降 13.48%，同期归属于上市公司股东的净利润亏损 1.49 亿元（2024 年 1-6 月亏损 0.66 亿元）。 根据公开信息及公司提供的相关资料，2025 年 1-6 月业绩亏损 幅度同比加大的主要原因为：（1）正极材料前驱体为公司的核心产 品业务，主要产品中 NCA 三元前驱体出货量及销售收入持续下降，虽 然公司加大国内市场开拓，增加 NC 高镍二元前驱体出货量 ...

Core Viewpoint - The company announces that its convertible bond, "Fangyuan Convertible Bond," is expected to trigger conditions for a downward adjustment of the conversion price due to the stock price being below 85% of the current conversion price for 10 out of 30 trading days [1][4]. Group 1: Convertible Bond Issuance and Trading - The company issued 6,420,000 convertible bonds at a face value of 100 yuan each, raising a total of 642 million yuan [1][2]. - The bonds began trading on November 7, 2022, under the name "Fangyuan Convertible Bond" with the code "118020" [2]. Group 2: Conversion Price Adjustment Conditions - The initial conversion price was set at 18.63 yuan per share, which may be adjusted if the stock price falls below 15.84 yuan for a specified period [1][2]. - The company has the authority to propose a downward adjustment of the conversion price if the stock price conditions are met, requiring a two-thirds majority approval from shareholders [3]. Group 3: Adjustment Procedures - If the conversion price is adjusted, the company will announce the new price, the record date for shareholders, and any suspension of conversion applications [4]. - The adjusted conversion price must not be lower than the average trading price of the stock over the 20 trading days prior to the shareholders' meeting [3].

| 证券代码：688148 | 证券简称：芳源股份 公告编号：2025-047 | | --- | --- | | 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"芳源转债"预计触发转股价格向下修正条件的 提示性公告 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。 特别提示： 2025 年 8 月 22 日至 2025 年 9 月 4 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 15.84 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注册的批复》（证监许可〔2022〕1685 号） 同意注册，公司于 2022 年 9 月 23 日向不特定对象发行 6,420,000 张可转换 ...

Group 1 - Zhonglun New Materials plans to reduce its shareholding by up to 4 million shares, accounting for 1% of the total share capital [1] - Haojiang Intelligent plans to reduce its shareholding by up to 1.5 million shares, accounting for 0.8364% of the total share capital [1] - Dekeli plans to reduce its shareholding by up to 474,180 shares, accounting for 3% of the total share capital [1][2] Group 2 - Fosun Pharma's subsidiary has received FDA approval for its HLX14 injection, intended for treating osteoporosis in postmenopausal women [3][4] - Shengtai Group plans to reduce its shareholding by up to 16.67 million shares, accounting for 3% of the total share capital [5] - Fangyuan Co. plans to reduce its shareholding by up to 15.3 million shares, accounting for 3% of the total share capital [6] Group 3 - Shenkai Co. completed a tender offer, resulting in 14.5655 million shares being accepted, giving the acquirer a 9.71% stake [8] - Guangdong Construction's 90MW solar-storage project in Tibet has achieved full capacity grid connection [9] - Kesi Technology plans to reduce its shareholding by up to 471,220 shares, accounting for 3% of the total share capital [9] Group 4 - Zhongtai Automobile's subsidiary faces forced execution, impacting its operational capacity [10] - Weima Agricultural Machinery plans to reduce its shareholding by up to 960,000 shares, accounting for 0.98% of the total share capital [10] - Tianqi Co. signed a strategic cooperation agreement with EVE Energy to enhance the lithium battery supply chain [11] Group 5 - Sudavige plans to acquire up to 51% of Changzhou Weipu Semiconductor Equipment Co. for a total valuation of up to 1 billion yuan [12] - Dengyun Co. plans to transfer 75% of its subsidiary's equity for 137 million yuan [13] - Sierte has received a notice of investigation from the China Securities Regulatory Commission for suspected information disclosure violations [14] Group 6 - Enjie Co. received a VAT refund of 188 million yuan for its subsidiary [15] - Jiama Clothing plans to reduce its shareholding by up to 366,000 shares, accounting for 0.28238% of the total share capital [16] - Xinong Co. plans to reduce its shareholding by up to 1.05 million shares, accounting for 0.6737% of the total share capital [17] Group 7 - Jiewate plans to jointly acquire 66.25% of Xinguang Haian for a total price of 418 million yuan [18] - Hubei Energy reported an increase in power generation by 22.05% year-on-year in August, with a total of 5.020 billion kWh generated [19][20] - Nasda signed a strategic cooperation agreement with Teld for collaboration in market and product innovation [21] Group 8 - Jinli Technology plans to reduce its shareholding by up to 978,200 shares, accounting for 0.56% of the total share capital [22][23]

Key Highlights - De Xin Technology does not directly produce solid-state batteries [1] - Gujia Home intends to invest 1.124 billion yuan in the construction of a self-built base in Indonesia [1] - Samsung Medical signed a contract worth approximately 419 million yuan for a smart meter project in Egypt [1] - Keli Sensor plans to acquire 45% of Huahong Technology for 122 million yuan [1] - Huamao Technology has repurchased a total of 6.42% of its shares [1] - BYD's total sales of new energy vehicles reached 373,600 units in August [1] - Great Wall Motors reported total sales of 115,558 units in August, a year-on-year increase of 22.33% [1] - Sheng Tai Group's shareholder Itochu Asia plans to reduce its stake by no more than 3% [1] - Dekoli's Qian Mingying and his concerted action partner Shen Liang plan to reduce their holdings by a total of no more than 2.9957% [1] - Longqi Technology's Suzhou Shunwei plans to reduce its holdings by no more than 4.09% [1] - Tianqi Co., Ltd. signed a strategic cooperation framework agreement with Yiwei Lithium Energy [1] - Yibin Technology received a project designation notice from a domestic new energy vehicle company [1]

Key Points - The stock price of Tianpu Co. has significantly deviated from its fundamentals after seven consecutive trading days of gains [1] - Dexin Technology clarified that it does not directly produce solid-state batteries after two consecutive trading days of gains [1] - Guizhou Moutai's controlling shareholder increased their stake by 67,821 shares, spending 100 million yuan [3] - Chint Electric has terminated the plan to spin off its subsidiary Chint Aneng for listing on the Shanghai Stock Exchange [4] - Chengdu Huamei launched a 40G high-precision RF direct sampling ADC chip [5] - ST Gaohong faces the risk of being delisted due to its stock price falling below par value [6] - Zhongtai Automobile's subsidiary assets are under compulsory execution, and the company is unable to resume operations this year [7] - The EU has initiated an anti-dumping investigation into Chinese pea protein [8] - Sierte is under investigation for suspected information disclosure violations by the China Securities Regulatory Commission [9] - Shenkai Co. disclosed the results of the tender offer from Shenzhen Huili and will resume trading on September 2 [10] Mergers and Acquisitions - Sudavige plans to acquire up to 51% of Changzhou Weipu Semiconductor Equipment Co., Ltd. [11] - Keli Sensor intends to purchase minority stakes in its subsidiary Huahong Technology for 121.5 million yuan [12] Operating Data - BYD's new energy vehicle sales in August reached 373,600 units, slightly up from 373,100 units in the same month last year [13] - SAIC Motor's vehicle sales in August were 363,400 units, a year-on-year increase of 41.04% [14] - Great Wall Motors sold 115,600 vehicles in August, marking a year-on-year growth of 22.33% [15] - BAIC Blue Valley's subsidiary sold 13,530 vehicles in August, up 3.47% year-on-year [16] - Hanma Technology's truck sales in August reached 1,051 units, a significant increase of 58.05% year-on-year [17] Shareholding Changes - Kesi Technology's key technical personnel Liang Hongjian plans to reduce their stake by up to 3% [18] - Longqi Technology's Suzhou Shunwei intends to reduce its stake by up to 4.09% [19] - Shengtai Group's Itochu Asia plans to reduce its stake by up to 3% [20] - Fangyuan Co.'s WISCO Yuanding intends to reduce its stake by up to 3% [21] - Dekeli's shareholder Qian Mingying and their concerted parties plan to reduce their stake by up to 3% [22] Contract Awards - Samsung Medical's wholly-owned subsidiary signed an overseas operating contract worth 5.88 million USD [24] - Yibin Technology received a project designation from a domestic new energy vehicle company, with an expected total sales of approximately 243 million yuan [24] - Teruid has pre-qualified for two projects with a total value of about 698 million yuan [24] - Xianghe Industrial recently signed a daily operating contract worth 400 million yuan [24] - Far East Holdings' subsidiary signed contracts worth over 1.689 billion yuan in August [24] Other Developments - Gujia Home intends to invest 1.124 billion yuan to build a self-owned base project in Indonesia [24] - Dongtu Technology is investing to establish a controlling subsidiary in the semiconductor sector [24] - Kangli Elevator has terminated the sale of its wholly-owned subsidiary Guangdong Kangli [24]

Summary of Key Points Core Viewpoint - On September 1, Guizhou Moutai disclosed an increase in shareholding, while 18 A-share listed companies announced share reductions by their shareholders [1][3]. Group 1: Guizhou Moutai - The controlling shareholder of Guizhou Moutai increased their holdings by 67,800 shares [3]. Group 2: Share Reduction Announcements - Jinli Technology: Shareholder Wang Gangjuan plans to reduce holdings by up to 978,200 shares [3]. - New Agricultural Shares: Shareholder Dai Jingu intends to reduce holdings by up to 1,050,000 shares [3]. - Weima Agricultural Machinery: Chongqing Baoxia plans to reduce holdings by up to 0.98% of the company [3]. - Jiaman Apparel: Shareholder Shenzhen Jiaqiao plans to reduce holdings by up to 0.28238% [3]. - Fangyuan Shares: Shareholder Wuzhong Yuanding plans to reduce holdings by up to 3% [3]. - Kesi Technology: Liang Hongjian intends to reduce holdings by up to 3% [3]. - Shengtai Group: Itochu Asia plans to reduce holdings by up to 3% [3]. - Tenglong Shares: Jiang Yilin reduced holdings by 250,000 shares on August 28 [3]. - Haojiang Intelligent: Shareholder Nanjing Fuhua plans to reduce holdings by up to 1,500,000 shares [3]. - Dekeli: Shareholders holding over 5% plan to reduce holdings by up to 2.9957% [3]. - Yaxiang Integration: Shareholder plans to reduce holdings by up to 0.54% [3]. - Zhonglun New Materials: Shareholder plans to reduce holdings by up to 1% of total share capital [3]. - Juhualong: Shareholder Dongtai Juhua Ying plans to reduce holdings by up to 1% [3]. - Yidamo: Shareholder Qingyuan China plans to reduce holdings by up to 1% [3]. - Zhongtie Dingye: Shareholder Zhongyuan Equity commits not to reduce holdings within 36 months [3]. - Jinghua Laser: Directors and senior management plan to reduce holdings by up to 1,434,200 shares [3]. - Haotaitai: Shareholder Hou Pengde plans to reduce holdings by up to 0.8698% [3]. - Longqi Technology: Shareholder Suzhou Shunwei plans to reduce holdings by up to 4.09% [3].

Core Viewpoint - Fangyuan Co., Ltd. (688148.SH) announced that its shareholder, Wukuang Yuanding, plans to reduce its holdings by up to 15.3052 million shares, representing no more than 3% of the company's total share capital, due to business development needs [1] Group 1 - The reduction will be executed through centralized bidding or block trading methods [1] - The total number of shares to be reduced is significant, indicating a strategic shift by the shareholder [1]

Group 1: BYD Performance - BYD's August sales of new energy vehicles reached 373,600 units, nearly unchanged from 373,100 units in the same month last year [1] - Cumulative sales from January to August totaled 2.864 million units, representing a year-on-year growth of 23% [1] - BYD plans to export a total of 80,813 new energy vehicles by August 2025 [1] Group 2: Kweichow Moutai Shareholding - Kweichow Moutai's controlling shareholder, Moutai Group, increased its stake by 67,821 shares on September 1, 2025, accounting for 0.0054% of the total share capital [2] - The increase amounted to 100 million yuan and is part of a larger plan to buy back between 3 billion and 3.3 billion yuan worth of shares from September 1, 2025, to February 28, 2026 [2] Group 3: Chengdu Huamei Chip Development - Chengdu Huamei announced the successful launch of a 4-channel, 12-bit, 40G high-speed, high-precision RF direct sampling ADC chip [3] - The chip improves upon existing multi-channel high-speed ADCs, achieving international leading standards and filling a gap in similar products [3] - The company has received intention orders after sending samples to several clients [3] Group 4: Industrial Fulian Share Buyback - Industrial Fulian has repurchased a total of 7.6974 million shares, representing 0.04% of its total share capital, as of August 31, 2025 [6] - The highest repurchase price was 19.84 yuan per share, while the lowest was 18.40 yuan per share, with a total expenditure of 147 million yuan [6] Group 5: Innovative Drug Approval by Hengrui Medicine - Hengrui Medicine received conditional approval from the National Medical Products Administration for its innovative drug, SHR2554 tablets, aimed at adult patients with relapsed or refractory peripheral T-cell lymphoma [7] - This drug is noted as China's first independently developed EZH2 inhibitor [7] Group 6: Yonghui Supermarket Fundraising Adjustment - Yonghui Supermarket announced adjustments to its plan for issuing A-shares to specific investors, reducing the total fundraising amount from a maximum of 3.992 billion yuan to 3.114 billion yuan [8] - The adjustments primarily affect the funding amounts for store upgrades and working capital or bank loan repayments [8] Group 7: Automotive Sales Performance - SAIC Motor's vehicle sales in August reached 363,400 units, reflecting a year-on-year increase of 41.04% [9] - Great Wall Motors reported August sales of 115,600 units, marking a year-on-year growth of 22.33% [12] - Dong'an Power's engine sales in August increased by 3.44% year-on-year [12]