Core Viewpoint - Fangyuan Co. has decided to terminate its investment of up to 3 billion yuan in the "battery-grade lithium carbonate production and comprehensive utilization project for waste lithium iron phosphate batteries" due to significant changes in market conditions and the company's operational strategy [1][3][4] Group 1: Project Termination - The project was initially announced in February 2023 with an investment of up to 2 billion yuan for a waste lithium iron phosphate battery recycling project, which was later changed to the current project in June 2023 [5][6] - The termination of the project comes after two years of planning, indicating a lack of progress and adaptation to market conditions [4][5] Group 2: Financial Performance - Fangyuan Co. has experienced a significant decline in gross margin, with projections indicating a drop to -5% in 2024, which is substantially lower than comparable companies [6][8] - The company reported a total revenue of 2.161 billion yuan in 2024, a year-on-year increase of 2.81%, but with a net loss of 427 million yuan, marking the second consecutive year of losses [8] Group 3: Debt and Funding Challenges - The company has faced increasing financial pressure, with its debt ratio exceeding 80% by the end of 2024, reaching a record high [9][10] - Fangyuan Co. has struggled to secure funding, with its IPO raising only 366 million yuan out of an expected 1.115 billion yuan, and subsequent attempts to raise capital through convertible bonds and private placements have also failed [10][12] Group 4: Market Position and Competition - The market share of ternary materials has been significantly reduced from over 60% in 2020 to around 25% in 2024, primarily due to the competitive pressure from lithium iron phosphate [12][15] - Ternary materials accounted for approximately 60.81% of Fangyuan Co.'s revenue in 2024, indicating that the company is heavily reliant on this segment, which is under increasing pressure [15]

4月17日晚间，芳源股份公告称，由于市场环境和公司经营发展战略变化，公司决定终止投资不超过30亿元的"电池级碳酸锂生产及废旧磷酸 铁锂电池综合利用项目"。 谈及投资项目终止的原因，公司表示，自该项目启动以来，市场环境和公司经营发展战略均发生了显著变化。 今日（4月18日），公司董秘办人士表示，目前公司主营业务仍重点集中于三元正极材料及电池级碳酸锂领域；上述"废旧磷酸铁锂电池综合 利用项目"原计划布局磷酸锂铁领域，但受近期市场竞争激烈等影响，公司决定终止相关项目建设。 回溯上述整个项目布局，早在2023年2月，芳源股份披露，计划投资不超过20亿元，分两期建设年报废30万吨磷酸铁锂电池回收、年产8万 吨磷酸铁锂正极材料项目。2023年5月，芳源股份设立了全资子公司芳源锂业作为本次投资项目的实施主体。 时隔一个月，2023年6月，芳源股份又发布《关于变更投资项目的公告》，将前述投资项目变更为"电池级碳酸锂生产及废旧磷酸铁锂电池综 合利用项目"，总投资金额不超过30亿元。2023年7月，芳源锂业通过公开竞拍的方式竞得项目建设用地并取得了不动产权证书。 芳源股份主要从事锂电池三元正极材料前驱体和镍电池正极材料的研发、生 ...

Financial Performance - In 2024, the company achieved operating revenue of 2.16 billion yuan, representing a year-on-year increase of 2.81% compared to 2023 [1][2] - The net profit attributable to shareholders was -427.77 million yuan, an improvement from -455.38 million yuan in the previous year [1][2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -442.75 million yuan, slightly worse than -438.82 million yuan in 2023 [1][2] - The net cash flow from operating activities was 73.91 million yuan, a significant improvement from -326.17 million yuan in the previous year [1][2] Dividend Policy - The company announced that it will not distribute cash dividends, issue bonus shares, or increase capital through reserves for the year 2024 [2] Project Developments - The company decided to terminate the "battery-grade lithium carbonate production and comprehensive utilization of waste lithium iron phosphate batteries project" due to current market conditions and strategic adjustments [3] - Since its IPO on August 6, 2021, the company's stock has been trading below its initial offering price, indicating a state of underperformance [3] Fundraising Activities - The company raised a total of 366 million yuan from its initial public offering, which was 749 million yuan less than the planned amount of 1.05 billion yuan [3] - The total fundraising from two rounds since listing amounts to 1.008 billion yuan [5]

每经记者 朱成祥 每经编辑 魏官红 丨 2025年4月18日 星期五 丨 NO.1 芳源股份：终止电池级碳酸锂生产及废旧磷酸铁锂电池综合利用项目 4月17日，芳源股份公告称，由于市场环境和公司经营发展战略变化，公司决定终止投资不超过30亿元 的"电池级碳酸锂生产及废旧磷酸铁锂电池综合利用项目"。该项目原计划分两期建设，一期包括年产3 万吨电池级碳酸锂及4.6万吨磷酸铁前驱体项目，二期包括年产4万吨磷酸铁锂正极材料项目。公司已实 际投资9700万元用于该项目，并已对项目土地进行退储处理。公司将办理芳源锂业的注销等后续事项。 点评：芳源股份终止投资30亿元的电池级碳酸锂生产项目，反映其对市场环境和经营战略的审慎评估。 公司已投入9700万元，并对项目土地进行退储处理，显示其在优化资源配置、降低经营风险方面的决 心。此举旨在提高运营效率，显示出公司在调整发展战略时的灵活性和前瞻性。 NO.2 黔源电力：预计一季度净利润同比增长330%~365% 4月17日，黔源电力公告称，预计2025年第一季度归母净利润盈利4972.15万元至5376.86万元，同比增长 330%~365%。主要原因是2025年第一季度来水较上年 ...

Core Viewpoint - Fangyuan Co., Ltd. has decided to terminate its investment of up to 3 billion yuan in the "battery-grade lithium carbonate production and comprehensive utilization of waste lithium iron phosphate batteries project" due to changes in market conditions and company strategy [1][2]. Group 1: Project Termination - The project was originally planned in two phases, with the first phase including an annual production of 30,000 tons of battery-grade lithium carbonate and 46,000 tons of lithium iron phosphate precursor [1]. - The company had previously invested 97 million yuan in the project and has begun the process of land return and cancellation of its subsidiary Fangyuan Lithium Industry [2]. Group 2: Business Strategy - The current focus of the company is on ternary cathode materials and battery-grade lithium carbonate, aiming to enhance existing capacity utilization and improve operational and profitability conditions [1][2]. - The company has transformed part of its precursor capacity into lithium carbonate capacity, achieving an annual production capacity of 24,000 tons of lithium carbonate by the end of 2024 [2]. Group 3: Financial Performance - For the year 2024, the company reported revenue of 2.161 billion yuan, an increase of 2.81% year-on-year, but incurred a net loss of approximately 427 million yuan, although the loss margin has narrowed compared to the previous year [3]. - The company has reduced external investment activities, including the termination of a proposed ternary precursor project in Guangxi [3]. Group 4: Future Plans - To support the ongoing development of lithium carbonate business, the company is actively moving upstream in the lithium carbonate supply chain [3]. - A new joint venture, Guangdong Qingyuan Fangyuan Lithium Industry Technology Co., Ltd., has been established to process lithium ore and extend the lithium carbonate supply chain, with expected completion and production by the end of 2025 [3].

Group 1 - Sanan Optoelectronics received a loan commitment letter from China Industrial Bank for a repurchase loan of 1 billion yuan, valid for three years, to support stock buybacks [2] - Changying Precision reported a 23.40% increase in revenue to 16.934 billion yuan and an 800.24% increase in net profit to 772 million yuan for 2024, driven by humanoid robot projects [2] - Zhuhai Group's Q1 net profit increased by 74.07% to 277 million yuan, attributed to gains from precious metals [2] Group 2 - Qianyuan Power expects a Q1 net profit increase of 330%-365%, driven by a 62.70% increase in water inflow and a 59.40% rise in power generation [3] - Guofang Group's stock has experienced significant volatility, with a current P/E ratio of 110.1, indicating potential irrational speculation [3] - Fangyuan Co. decided to terminate a 3 billion yuan lithium carbonate production project due to market conditions and strategic changes, having already invested 97 million yuan [4] Group 3 - Baosteel plans to acquire a 49% stake in Maanshan Steel for a total consideration of 9 billion yuan, consisting of 5.139 billion yuan for equity purchase and 3.861 billion yuan for capital increase [5]

公司代码：688148 公司简称：芳源股份 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 2024 年度内部控制评价报告 广东芳源新材料集团股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2024年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅 ...

| 证券代码：688148 | 证券简称：芳源股份 | 公告编号：2025-018 | | --- | --- | --- | | 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 2024 年度计提资产减值准备的公告 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。 一、计提资产减值准备情况概述 广东芳源新材料集团股份有限公司（以下简称"公司"）根据《企业会计准 则》及相关会计政策的规定，为客观、公允地反映公司截至2024年12月31日的财 务状况和经营情况，公司及下属子公司对应收票据、应收账款、其他应收款、存 货、固定资产、长期股权投资等资产进行了全面充分的清查、分析和评估。 公司本着谨慎性原则，对存在减值迹象的相关资产进行了减值测试，对可能 发生减值损失的相关资产计提减值准备。2024年度公司计提各项减值准备合计 6,425.40万元，明细如下： 单位：人民币万元 | | 项目 | 2024年度计提金额 | | --- | --- | --- | | 资产减值损失 | 存货跌 ...

| 证券代码：688148 | 证券简称：芳源股份 | 公告编号：2025-016 | | --- | --- | --- | | 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 2024 年限制性股票激励计划授予的部分限制性 股票作废失效的公告 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。 广东芳源新材料集团股份有限公司（以下简称"公司"）于 2025 年 4 月 17 日分别召开第三届董事会第三十八次会议和第三届监事会第二十四次会议，审议 通过《关于 2024 年限制性股票激励计划授予的部分限制性股票作废失效的议案》， 依据《上市公司股权激励管理办法》《2024 年限制性股票激励计划（草案）》（以 下简称"本激励计划"）的有关规定，鉴于本激励计划首次授予的 7 名激励对象 离职，已不符合激励资格，其已获授但尚未归属的限制性股票共计 11.40 万股由 公司作废。此外，董事会认为本激励计划首次授予第一个归属期未满足公司层面 业绩考核，同意作废失效首次授予的部分限制性股票共计 ...

目 录 | | | 二、资质证书复印件……………………………………………第 3—6 页 内部控制审计报告 天健审〔2025〕7-412 号 广东芳源新材料集团股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了广东芳源新材料集团股份有限公司（以下简称芳源股份公司）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 二、注册会计师的责任 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为，芳源股份公司于 2024 年 12 月 31 日按照《企业内部控制基本规 第1页 共6页 范》和相关规定在所有重大方面保持了有效的财务报告内部控制。 天健会计师事务所（特殊普通合伙） 中国注册会计师： 中 ...