芳源股份首次减持回购股份，上市以来业绩亏损额超过募资额

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]