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 ...

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].