Market Overview - The battery sector experienced a decline of 1.45% on the previous trading day, with Fangyuan Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Individual Stock Performance - Fangyuan Co., Ltd. saw a significant drop of 6.29%, closing at 8.20, with a trading volume of 202,600 shares and a turnover of 170 million yuan [2] - Other notable declines included Zhongwei New Materials at -5.81% and Hong Technology at -5.73% [2] - Conversely, Penghui Energy increased by 1.81%, closing at 46.00, with a trading volume of 371,300 shares and a turnover of 1.745 billion yuan [1] Capital Flow Analysis - The battery sector experienced a net outflow of 1.689 billion yuan from main funds, while retail investors saw a net inflow of 914 million yuan [2][3] - Major stocks like Yiwei Lithium Energy and Penghui Energy had mixed capital flows, with Yiwei Lithium Energy seeing a net inflow of 250 million yuan from main funds [3] - Retail investors showed a significant net inflow into stocks like Zhiyu Technology, despite overall sector outflows [3]

Core Viewpoint - The company anticipates a significant reduction in losses for the year 2025 compared to the previous year, despite still reporting a net loss [1][5]. Group 1: Performance Forecast - The company expects a net loss attributable to shareholders of the parent company for 2025 to be between -120 million yuan and -80 million yuan [1]. - The forecasted net loss after deducting non-recurring gains and losses is estimated to be between -117 million yuan and -78 million yuan [1]. Group 2: Previous Year Performance - In the previous year, the total profit was -390.41 million yuan, with a net loss attributable to shareholders of the parent company at -426.77 million yuan [3]. - The net loss after deducting non-recurring gains and losses was -442.75 million yuan [3]. - The earnings per share for the previous year were -0.85 yuan per share [4]. Group 3: Reasons for Performance Changes - The company faced significant losses in the first half of 2025 due to diversification efforts and production line upgrades, leading to low capacity utilization and high unit costs [4]. - The company successfully scaled up a new recycling technology that improved production costs and recovery efficiency, contributing to a turnaround in the second half of 2025 [4]. - The sales volume of precursor products reached approximately 11,200 tons, while the total sales volume of nickel, cobalt, manganese, and lithium salt products was about 41,700 tons, both showing year-on-year growth [4].

Earnings Forecasts - Shengyi Electronics expects a net profit of 1.431 billion to 1.513 billion yuan in 2025, an increase of 331.03% to 355.88% year-on-year [1] - Tigermed anticipates a net profit of 830 million to 1.23 billion yuan in 2025, representing a growth of 105% to 204% year-on-year [2] - Shunbo Alloy forecasts a net profit of 210 million to 270 million yuan in 2025, with an increase of 222.96% to 315.23% year-on-year [3] - Jinkong Electric expects a net profit of 155 million to 195 million yuan in 2025, reflecting a growth of 383.21% to 507.9% year-on-year [9] - Baiao Saitu anticipates a net profit of 162 million to 182 million yuan in 2025, with a year-on-year increase of 384.26% to 443.88% [18] - Panjiang Co. expects a net profit of 318 million to 380 million yuan in 2025, representing a growth of 205.30% to 264.83% year-on-year [38] Loss Forecasts - Liaoning Energy predicts a net loss of 273 million to 410 million yuan in 2025, compared to a profit of 202 million yuan in the previous year [5] - Anbotong anticipates a net loss of 114 million to 165 million yuan in 2025, with a revenue decrease of 19.65% to 27.25% [7] - Wantai Bio forecasts a net loss of 330 million to 410 million yuan in 2025, compared to a profit of 106 million yuan in the previous year [12] - Xingyun Co. expects a net loss of 155 million to 230 million yuan in 2025, compared to a loss of 82.44 million yuan in the previous year [20] - Huaxing Co. anticipates a net loss of 800 million to 1.2 billion yuan in 2025, with a reduction in loss compared to 1.67 billion yuan in the previous year [46] New Product Approvals - Hengrui Medicine received acceptance for a new indication application for its innovative drug, combining Carrelizumab and Apatinib for treating unresectable liver cancer [4] - Tianen Kang's subsidiary received a drug registration acceptance notice for Lidocaine and Prilocaine aerosol [31] - Lisheng Pharmaceutical announced that its Aminophylline tablets passed the consistency evaluation for generic drugs [40] Share Buyback Plans - Hengyuan Coal Power plans to repurchase shares with a total amount not less than 200 million yuan and not exceeding 250 million yuan [13] Contract Wins - China Communication Signal Co. won contracts totaling approximately 5.26 billion yuan for 21 important projects in the railway and urban rail transit markets [37]

Core Viewpoint - The company is expected to report a net loss of 80 million to 120 million yuan for the year 2025, indicating a significant decline compared to the previous year [1] Group 1: Financial Performance - The company anticipates a net loss attributable to shareholders of 80 million to 120 million yuan for 2025, compared to the previous year's statutory disclosure data [1] - In the first half of 2025, the company faced operational challenges due to diversification efforts and production line upgrades, leading to work stoppage losses and a low capacity utilization rate [1] - The decline in lithium carbonate market prices resulted in a temporary reduction in raw material supply, contributing to higher unit costs for some products and a decrease in overall gross margin [1] Group 2: Technological Advancements and Market Recovery - The company successfully scaled the application of a new generation of recycling material separation and purification technology in 2025, utilizing battery waste and nickel-cobalt-lithium recycling materials [2] - The company increased the proportion of recycled raw materials and promoted the application of new technologies in the second half of 2025, leading to a significant increase in the shipment volume of precursor products and nickel, cobalt, manganese, and lithium salt products [2] - Starting from the third quarter, metal prices, particularly cobalt prices, have been rising, which has positively impacted product sales prices and significantly improved product gross margins [2]

Core Viewpoint - The company Fangyuan Co., Ltd. (688148.SH) is expected to report a significant loss in net profit for the year 2025 compared to the previous year, with projected losses ranging from -120 million to -80 million yuan [1] Financial Performance - The company anticipates a net profit attributable to shareholders of the parent company for 2025 to be between -120 million and -80 million yuan [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between -117 million and -78 million yuan [1] Reasons for Loss - The anticipated loss is attributed to several factors, including: - Active promotion of diversification and production line upgrades leading to operational downtime [1] - A decline in lithium carbonate market prices resulting in a temporary reduction in raw material supply [1] - Lower capacity utilization and higher unit costs for certain products, contributing to a decrease in overall gross margin [1]

Core Viewpoint - Fangyuan Co., Ltd. expects a net loss attributable to shareholders of 80 million to 120 million yuan for the fiscal year 2025, an improvement from a loss of 427 million yuan in the same period last year [1] Group 1: Financial Performance - The company anticipates a net profit loss of 80 million to 120 million yuan for 2025, compared to a loss of 427 million yuan in the previous year [1] - The company has seen a significant reduction in the balance of inventory impairment provisions year-on-year, contributing to improved operational performance [1] Group 2: Product and Sales Performance - In the second half of 2025, the company has been increasing the proportion of recycled raw materials and promoting the application of new technologies, including high-nickel binary precursors and cobalt sulfate, leading to a continuous increase in product output [1] - The total shipment of precursor products reached approximately 11,200 tons for the year, while the total shipment of nickel, cobalt, manganese, and lithium salt products (including processing) was about 41,700 tons, with year-on-year growth in both categories [1] Group 3: Market Conditions - Since the third quarter, metal prices, particularly cobalt prices, have been on the rise, resulting in a corresponding increase in product sales prices and a significant improvement in product gross margins [1] - The revenue recognition from technology export cooperation projects has also positively impacted the company's financial performance [1]

Core Viewpoint - Fangyuan Co., Ltd. expects a significant reduction in net losses for the year 2025, projecting a net profit attributable to the parent company of between -120 million to -80 million yuan, compared to -427 million yuan in the same period last year [1] Financial Performance - The company anticipates a non-recurring net profit of between -117 million to -78 million yuan for 2025, down from -443 million yuan year-on-year [1] - The first half of 2025 is expected to show losses due to transformation and restructuring efforts, while the second half is projected to achieve profitability driven by the large-scale application of new technologies, increased product shipment volumes, and rising metal prices [1] Operational Factors - Factors contributing to the expected turnaround in the second half of 2025 include improved gross margins due to rising metal prices and a reduction in inventory write-down provisions [1]

Financial Performance - The company expects a net loss attributable to shareholders of the parent company for 2025 to be between -120 million and -80 million CNY, compared to a net loss of -426.77 million CNY in the same period last year[3]. - The projected net profit attributable to shareholders after deducting non-recurring gains and losses for 2025 is expected to be between -117 million and -78 million CNY, compared to -442.75 million CNY last year[3]. - The company reported a total profit of -390.41 million CNY and a net loss attributable to shareholders of -426.77 million CNY for the previous year[4]. Operational Improvements - The company achieved a significant reduction in losses for 2025 due to the application of a new recycling technology, which improved production costs and recovery efficiency[5]. - The company plans to increase the proportion of recycled raw materials and promote the application of new technologies, with a total shipment of precursor products expected to reach approximately 11,200 tons in 2025[5]. - The total shipment of nickel, cobalt, manganese, and lithium salt products (including processing) is expected to be around 41,700 tons for 2025, showing growth compared to the previous year[5]. - The company experienced a significant increase in product sales prices due to rising metal prices, particularly cobalt, leading to improved gross margins[5]. Earnings Forecast and Risks - The company has not identified any significant uncertainties that could impact the accuracy of the earnings forecast[6]. - The earnings forecast is based on preliminary calculations and has not yet been audited by certified public accountants[6]. - Investors are advised to pay attention to investment risks as the forecast data is preliminary and subject to change upon the release of the audited annual report[7].

Core Viewpoint - The company expects to incur a net loss in 2025, but the loss is projected to narrow significantly compared to the previous year due to various operational improvements and market conditions [1] Financial Performance - The company forecasts a net profit attributable to shareholders for 2025 to be between -120 million yuan and -80 million yuan [1] - The net profit after deducting non-recurring gains and losses is expected to be between -117 million yuan and -78 million yuan [1] Operational Challenges - In the first half of 2025, the company faced significant losses due to a diversified transformation and production line upgrades, leading to temporary shutdowns and reduced capacity utilization [1] - The decline in lithium carbonate market prices resulted in a temporary decrease in raw material supply, contributing to higher unit costs and a drop in overall gross margin [1] Technological Advancements - The company successfully scaled the application of a new generation of recycling technology, which utilizes battery waste and nickel-cobalt-lithium recycling materials, resulting in better production costs and higher recovery efficiency [1] - The company increased the proportion of recycled raw materials and promoted the application of new technologies in the second half of 2025, leading to significant product volume growth [1] Sales and Market Conditions - The company achieved a total shipment of approximately 11,200 tons of precursor products and around 41,700 tons of nickel, cobalt, manganese, and lithium salt products, all showing year-on-year growth [1] - Starting from the third quarter, metal prices, particularly cobalt, have been rising, which has positively impacted product sales prices and significantly improved gross margins [1] - The reduction in inventory impairment provisions and revenue recognition from technology export cooperation projects further contributed to the company's operational improvement, allowing it to turn a profit in the second half of 2025 [1]

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。 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 第一次临时受托管理事务报告 （2026 年度） 债券受托管理人 二〇二六年一月 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 ...