芳源股份股东减持触发权益变动，可转债或向下修正转股价

Group 1 - The core point of the news is the recent changes in shareholder equity and convertible bond matters for Fangyuan Co., Ltd. [1] - As of February 10, 2026, major shareholder Betterray New Materials Group Co., Ltd. reduced its holdings by 5,800 shares, decreasing its ownership from 5.0011% to 5.0000%, effectively becoming a non-major shareholder [1] - The company announced on February 9, 2026, that Fangyuan convertible bonds may trigger conditions for a downward adjustment of the conversion price, which will be reviewed by the board if conditions are met [1] Group 2 - Fangyuan Co., Ltd. stock price has shown volatility recently, closing at 8.49 yuan on February 12, 2026, down 0.70% with a trading volume of 81.0369 million yuan [2] - On February 11, 2026, the stock price was 8.55 yuan, reflecting an increase of 0.83% [2] - On February 12, 2026, there was a net outflow of 9.092 million yuan in main funds, accounting for 11.22% of the total trading volume, while on February 11, 2026, there was a net inflow of 6.1439 million yuan [2] - The financing balance has decreased continuously, with a reduction of 0.06 billion yuan over the past five days, representing a decline of 3.59% [2] Group 3 - In the third quarter of 2025, the company reported an improvement in performance with a quarterly revenue of 590 million yuan, a year-on-year increase of 57.3% [3] - The net profit attributable to the parent company was 28.0594 million yuan, marking a turnaround from losses [3] - However, the company is expected to incur an annual loss for 2025, with a projected net loss attributable to the parent company ranging from 120 million yuan to 80 million yuan, primarily due to production line upgrades and high costs in the first half of the year [3] - The third-quarter report for 2025 indicated a debt ratio of 84.32% and a gross profit margin of 3.05% [3]