| 证券代码：688148 | 证券简称：芳源股份 | 公告编号：2025-033 | | --- | --- | --- | | 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6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6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4月1日至2025年6月30日期间，"芳源转债"共 有人民币53,000元已转换为公司股票，转股数量为2,844股，转股来源为公 ...

Core Viewpoint - Guangdong Fangyuan New Materials Group Co., Ltd. is issuing convertible bonds to unspecified investors, with a total issuance scale of RMB 642 million, aiming to enhance its capital structure and support business growth [4][6]. Group 1: Bond Issuance Details - The bond issuance was approved by the company's board meetings held on February 9, March 18, and June 10, 2022, and subsequently by the shareholders' meeting on February 28, 2022 [3]. - The bonds were reviewed and approved by the Shanghai Stock Exchange on July 8, 2022, and received regulatory approval from the China Securities Regulatory Commission on July 29, 2022 [4]. - The bonds have a total issuance of 6,420,000 units, each with a face value of RMB 100, and a maturity period of six years from September 23, 2022, to September 22, 2028 [4][5]. Group 2: Bond Characteristics - The coupon rates for the bonds are structured to increase over time, starting at 0.5% in the first year and reaching 3.5% in the sixth year [6]. - Interest payments will be made annually, with the first payment occurring one year after the issuance date [6][7]. - The initial conversion price for the bonds is set at RMB 18.62 per share, with the current conversion price at RMB 18.63 per share [8]. Group 3: Credit Rating Information - The bonds have been rated A+ by Zhongceng Pengyuan Credit Rating Co., Ltd., with a stable outlook, although the issuer's credit rating was later adjusted to BBB [8][10]. - The bonds are not secured by any collateral, and the registration and custody of the bonds are managed by China Securities Depository and Clearing Corporation Limited [9]. Group 4: Management and Oversight - China International Capital Corporation (CICC) serves as the sponsor, lead underwriter, and trustee for the bond issuance, ensuring the protection of bondholders' rights [3][10]. - CICC will continue to monitor the issuer's ability to meet interest and principal repayment obligations, as well as any other significant matters affecting bondholders [10].

股票代码：688148 股票简称：芳源股份 债券代码：118020 债券简称：芳源转债 广东芳源新材料集团股份有限公司 （住所：江门市新会区古井镇临港工业园 A 区 11 号（一址多照）（一 照多址）） 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 受托管理事务报告 （2024 年度） 债券受托管理人 （住所：北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 二〇二五年六月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称《管理办法》）、 《公司债券受托管理人执业行为准则》（以下简称《执业行为准则》）、证券交 易所公司债券上市规则（以下简称"上市规则"）或证券交易所公司债券挂牌转 让规则（以下简称"挂牌转让规则"）、发行人与中国国际金融股份有限公司（以 下简称"中金公司"或"受托管理人"）签订的债券受托管理协议（以下简称"受 托管理协议"）及其它相关信息披露文件以及广东芳源新材料集团股份有限公司 （以下简称"发行人"或"公司"）出具的相关说明文件和提供的相关资料等， 由受托管理人中金公司编制。中金公司编制本报告的内容及信息均来源于广东芳 源新材料集团股份有 ...

股票代码：688148 股票简称：芳源股份 债券代码：118020 债券简称：芳源转债 广东芳源新材料集团股份有限公司 向不特定对象发行可转换公司债券 第二次临时受托管理事务报告 （2025 年度） 债券受托管理人 重要声明 本报告依据《公司债券发行与交易管理办法》《关于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之债券受托管理协议》（以下简称 "《受托管理协议》"）《广东芳源新材料集团股份有限公司向不特定对象发行可 转换公司债券募集说明书》（以下简称"《募集说明书》"）等相关规定，由本次 债券受托管理人中国国际金融股份有限公司编制。中金公司编制本报告的内容及 信息均来源于广东芳源新材料集团股份有限公司提供的资料或说明。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为中金公司所作的承诺 或声明。在任何情况下，投资者依据本报告所进行的任何作为或不作为，中金公 司不承担任何责任。 1 中国国际金融股份有限公司（以下简称"中金公司"）作为广东芳源新材料集 团股份有限公司（以下简称"芳源股份"、"发行人"或"公司"）向不特定对 ...

| 证券代码：688148 | 证券简称：芳源股份 | 公告编号：2025-032 | | --- | --- | --- | | 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、准确性和完整性依法承担法律责任。 重要内容提示： 被担保人名称：江门市芳源循环科技有限公司（以下简称"芳源循环"）， 系广东芳源新材料集团股份有限公司（以下简称"公司"）全资子公司。 本次担保金额及已实际为其提供的担保余额：公司本次为芳源循环提供 的担保金额为人民币 10,000 万元。截至本公告披露日，公司已实际为芳源循环 提供的担保余额为人民币 134,000 万元（含本次担保）。 本次担保已经公司第三届董事会第三十七次会议、2024 年第三次临时股 东大会审议通过。 一、担保情况概述 （一）本次担保的基本情况 公司、芳源循环与江门市合享建材有限公司（以下简称"合享建材"）签订 了《供应链代理采购合同》，公司与芳源循环共同委托合享建材代理采购货物， 代理 ...

Market Performance - The Sci-Tech Innovation Board (STAR Market) index rose by 0.38%, closing at 961.49 points, with a total trading volume of 2.548 billion shares and a turnover of 88.589 billion yuan, resulting in a weighted average turnover rate of 1.45% [1] - Among the tradable stocks on the STAR Market, 502 stocks closed higher, with 6 stocks rising over 10% and 31 stocks rising between 5% and 10%. Conversely, 84 stocks closed lower, with 1 stock declining over 10% [1] Turnover Rate Analysis - The distribution of turnover rates shows that 2 stocks had turnover rates exceeding 20%, 7 stocks had rates between 10% and 20%, 49 stocks had rates between 5% and 10%, 74 stocks had rates between 3% and 5%, 272 stocks had rates between 1% and 3%, and 184 stocks had rates below 1% [1] - The stock with the highest turnover rate was Jin Chengzi, which closed down by 3.50% with a turnover rate of 32.81% and a transaction amount of 345 million yuan. In contrast, Xinyu Ren closed up by 14.35% with a turnover rate of 29.19% and a transaction amount of 438 million yuan [1] Sector Performance - Among the stocks with a turnover rate exceeding 5%, the electronics sector had the most stocks, with 17 stocks listed. The power equipment and pharmaceutical sectors followed with 9 and 7 stocks, respectively [2] - The stocks with the highest net inflow of funds included Shijia Photon, Rongchang Biology, and Juguang Technology, with net inflows of 75.1878 million yuan, 33.8732 million yuan, and 33.8527 million yuan, respectively [2] Leverage Fund Movements - A total of 28 stocks with high turnover rates recently received net purchases from leveraged funds. The stocks with the largest increases in financing balances over the past five days included Ying Shi Innovation, Hui Chen Shares, and Shijia Photon, with increases of 71.9374 million yuan, 63.8392 million yuan, and 56.3227 million yuan, respectively [2] Notable Stocks - The top stocks by turnover rate on June 23 included Jin Chengzi, Xinyu Ren, and Qilin Xinan, with respective closing prices of 31.20 yuan, 31.39 yuan, and 45.90 yuan, and daily changes of -3.50%, +14.35%, and +13.50% [3][4]

Core Viewpoint - The credit rating of Guangdong Fangyuan New Materials Group Co., Ltd. has been downgraded to BBB due to continuous large losses over the past two years and rising leverage levels, leading to increased liquidity risks [4][9]. Financial Performance - The company's total assets as of March 2025 are 30.36 billion, a slight decrease from 30.90 billion in 2024 [4]. - The company's total debt has increased to 21.05 billion, compared to 20.85 billion in 2024 [4]. - The operating income for 2025 is reported at 4.07 billion, down from 21.61 billion in 2024 [4]. - The net cash flow from operating activities is 0.31 billion, a significant improvement from -3.26 billion in 2023 [4]. - The company has experienced a continuous decline in gross profit margins across its product lines, with the sales gross margin reported at -4.06% for 2024 [5][19]. Market Position and Competition - The market share of the company's ternary lithium battery products is declining, with the ternary cathode market share dropping to approximately 20% [6][11]. - The domestic market for ternary precursor manufacturers is facing significant cost control pressures due to price declines in upstream materials and processing fees [6][11]. - The company has diversified its product offerings, with sales of sulfate and lithium carbonate significantly increasing in 2024, contributing to overall revenue growth [6][19]. Business Transformation - The company has made progress in its business transformation, achieving product diversification that supports business sustainability [6][17]. - New patents related to resource recovery technology have been granted, enhancing the efficiency of lithium and nickel recovery [18]. - The company has established two new subsidiaries focused on lithium and electronic materials, although their scale remains small [10]. Customer Base and Revenue Concentration - The company has a diverse customer base, including precursor, cathode material, and battery cell manufacturers, but still faces high customer concentration risks [20][21]. - The top five customers account for 68.29% of total sales, indicating a reliance on a limited number of clients [21]. Operational Challenges - The company is experiencing low capacity utilization rates for its newly transformed production lines, which may hinder future profitability [22]. - The overall market environment remains competitive, with significant pricing pressures affecting the profitability of new product lines [6][19].

Group 1 - The previous credit rating for the company was "A-" with a stable outlook, and the credit rating for "Fangyuan Convertible Bonds" was also "A-" [1] - The current credit rating for the company has been adjusted to "BBB" with a stable outlook, and the credit rating for "Fangyuan Convertible Bonds" is now "BBB" [2] - The credit rating agency, Zhongzheng Pengyuan, conducted a comprehensive analysis of the company's operating conditions and related industries before making the rating adjustments [2]

证券代码：688148 证券简称：芳源股份 公告编号：2025-030 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： ? 股东持有的基本情况 本次减持前，股东五矿元鼎股权投资基金（宁波）合伙企业（有限合伙） （以 下简称"五矿元鼎"）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 25,145,570 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。 ? 减持计划的实施结果情况 持其所持有的公司股份合计不超过 15,305,191 股（不超过公司总股本的 3%）， 其中以集中竞价交易方式减持的，减持数量不超过 5,101,730 股（不超过公司总 股本的 1%）；以大宗交易方式减持的，减持数量不超过 10,203,461 股（不超过 公司总股本的 2%）。减持期间 ...

| 证券代码：688148 | 证券简称：芳源股份 | 公告编号：2025-030 | | --- | --- | --- | | 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： 股东持有的基本情况 本次减持前，股东五矿元鼎股权投资基金（宁波）合伙企业（有限合伙）（以 下简称"五矿元鼎"）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 25,145,570 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。 减持计划的实施结果情况 2025 年 3 月 19 日，公司披露了《股东减持股份计划公告》（公告编号： 2025-009），股东五矿元鼎计划根据市场价格，通过集中竞价或大宗交易方式减 持其所持有的公司股份合计不超过 15,305,191 股（不超过公司 ...