每周股票复盘：芳源股份（688148）拟调整995万回购股份用途

Core Viewpoint - Fangyuan Co., Ltd. has experienced a significant stock price decline of 21.32% this week, closing at 9.52 yuan, with a total market capitalization of 4.857 billion yuan as of November 21, 2025 [1] Company Announcements - The company will hold its second extraordinary general meeting on December 8, 2025, to review various proposals including the reappointment of the accounting firm, daily related party transaction limits for 2026, external guarantee limits, and the initiation of futures hedging business [1] - The company plans to conduct futures hedging from January 1 to December 31, 2026, with a maximum margin of 100 million yuan and a maximum contract value of 600 million yuan on any trading day, funded by its own and raised funds [1] - The company intends to apply for a total credit limit of no more than 5.5 billion yuan from banks and financial institutions for the year 2026, covering various types of credit facilities [2] - Expected related party transactions with Better Energy and Hunan Hongbang in 2026 are projected to total no more than 1.07 billion yuan, including approximately 70 million yuan for raw material purchases and 1 billion yuan for product sales [2] - The company plans to reappoint Tianjian Accounting Firm for the 2025 financial report and internal control audit, with an audit fee of 800,000 yuan, unchanged from the previous year [2] - The company intends to provide a total external guarantee limit of no more than 2.5 billion yuan for its wholly-owned subsidiary and other controlled subsidiaries in 2026 [2] Share Buyback and Reduction - The board has approved a change in the use of 9,955,500 repurchased shares from employee stock ownership plans to conversion of convertible bonds, aimed at mitigating dilution effects [3] - The company completed a share reduction plan, reducing 3,320,000 shares from September 8 to November 21, 2025, at an average price of 9.19 yuan per share, totaling approximately 30.51 million yuan [3]