| 证券代码：688148 | 证券简称：芳源股份 | 公告编号：2025-051 | | --- | --- | --- | | 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"2025 年付息公告 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： 广东芳源新材料集团股份有限公司（以下简称"公司"）于 2022 年 9 月 23 日向不特定对象发行的可转换公司债券（以下简称"芳源转债"或"可转债"） 将于 2025 年 9 月 23 日开始支付自 2024 年 9 月 23 日至 2025 年 9 月 22 日期间的 利息。根据《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》）有关条款的规定，现将有关事项公告 如下： 一、可转债发行上市概况 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， ...

Summary of Fangyuan Co., Ltd. Conference Call Company Overview - **Company**: Fangyuan Co., Ltd. - **Industry**: Battery materials, specifically focusing on nickel-cobalt-aluminum (NCA) and nickel-cobalt-manganese (NCM) precursor materials Key Points and Arguments Impact of IRA Legislation - The IRA legislation has severely impacted Fangyuan's collaboration with Tesla, leading to a drop in NCA material supply from nearly 20,000 tons to zero by the end of 2024 [2][3][6] Business Transformation - Fangyuan is diversifying its product line beyond NCA precursors to include NCM precursors, high-nickel binary materials, lithium carbonate, nickel sulfate, and cobalt sulfate to mitigate operational risks [2][3][6] - The company has implemented efficient nickel-lithium separation technology, achieving a recovery rate of 96%-98% for nickel-cobalt salt products, significantly above the industry average [2][8] Production and Capacity - Current production capacity includes 10,000 tons of lithium hydroxide and approximately 96,000 tons of precursors, with over 30,000 tons of precursor capacity currently operational [9] - Average capacity utilization in the first half of 2025 was around 50%, with expectations to exceed 60% in Q3 2025, indicating potential profitability improvements [9][6] Product Development and Market Demand - Monthly production of NC high-durability binary materials has increased from tens of tons to 700-800 tons, with significant orders from major clients [2][3] - Sulfuric cobalt production exceeds 1,000 tons per month, with rising orders from clients such as Bamo and Danshan [2][3] Financial Performance - Fangyuan reported a loss of approximately 148-149 million yuan in the first half of 2025, primarily due to challenges from the IRA legislation and fluctuating metal prices [3][6] - Despite anticipated growth in lithium hydroxide and high-nickel binary precursor sales, overall revenue is expected to see only slight increases due to last year's high-value orders serving as a baseline [12][10] Market Trends and Challenges - Downstream battery manufacturers prefer to synthesize NCA in-house to maintain control over technical details and processes, which affects direct procurement from suppliers like Fangyuan [4][17] - The company is exploring partnerships with mining companies to stabilize raw material supply and enhance its lithium carbonate business [26][30] Future Outlook - Fangyuan aims to expand its three-element precursor and related intermediate product lines while enhancing technical capabilities to meet market demands [6] - The company anticipates that Q3 2025 will mark a turning point, moving towards profitability as order volumes increase [6][12] Recovery and Recycling - Fangyuan's recovery technology for ternary materials is leading in the industry, with plans to increase the use of recycled materials to lower production costs [7][34] - The company expects to produce around 2,000 tons of sulfuric cobalt monthly using recycled materials, which will significantly enhance profitability [34] Financial Management - The company is facing financial pressures from depreciation and financial expenses, with total depreciation expected to reach 110-120 million yuan in 2025 [40][41] - Fangyuan is considering adjusting the conversion price of its convertible bonds to alleviate financial burdens [25] Conclusion - Fangyuan Co., Ltd. is navigating significant challenges due to regulatory impacts and market fluctuations but is actively transforming its business model and product offerings to enhance competitiveness and profitability in the evolving battery materials industry [2][6][12]

Group 1 - The core point of the article is that Fangyuan Co., Ltd. (688148.SH) has received a notice from Zhongke Baiyun regarding the completion of a share reduction plan [1] - Zhongke Baiyun has reduced its holdings in Fangyuan Co., Ltd. by a total of 400,000 shares, which represents 0.08% of the company's total share capital [1]

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].