广东芳源新材料集团股份有限公司2025年年度业绩预告 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、本期业绩预告情况 证券代码：688148 证券简称：芳源股份 公告编号：2026-010 （一）业绩预告期间 转债代码：118020 转债简称：芳源转债 2025年1月1日至2025年12月31日 （二）业绩预告情况 二、上年同期业绩情况和财务状况 （一）利润总额：-39,041.08万元。归属于母公司所有者的净利润：-42,677.47万元。归属于母公司所有 者的扣除非经常性损益的净利润：-44,275.30万元。 （二）每股收益：-0.85元/股 三、本期业绩变化的主要原因 公司预计2025年将出现亏损，但亏损同比大幅收窄，主要原因如下： 1、2025年上半年，公司积极推动多元化转型及产线升级改造导致产生停工损失，碳酸锂市场价格走低 导致原材料供应出现阶段性减少，综合影响下公司上半年产能利用率偏低、部分产品单位成本较高，综 合毛利率下降，导致公司上半年出现大额亏损。 2、2025年公司实现了新一代回收料分离提纯新技 ...

2025年公司实现了新一代回收料分离提纯新技术的规模化应用，该技术以电池废料、含镍钴锂回收料为 主要原料，能以更优的生产成本和更高的回收效率产出产品。2025年下半年公司持续提升回收料类原料 的占比和推动新技术的应用，包括高镍二元前驱体和硫酸钴等产品持续放量，前驱体产品全年实现出货 量约1.12万吨，镍、钴、锰、锂盐类产品(含加工)全年实现出货量约4.17万吨，同比均实现了增长。同 时，自第三季度起金属价格特别是金属钴价格持续上涨，公司产品销售价格同步上涨，产品毛利率显著 提升;叠加存货跌价准备余额同比大幅减少以及技术出口合作项目的收入确认等因素，使得公司经营持 续改善，2025年下半年实现扭亏为盈。 2025年上半年，公司积极推动多元化转型及产线升级改造导致产生停工损失，碳酸锂市场价格走低导致 原材料供应出现阶段性减少，综合影响下公司上半年产能利用率偏低、部分产品单位成本较高，综合毛 利率下降，导致公司上半年出现大额亏损。 智通财经APP讯，芳源股份(688148.SH)发布2025年年度业绩预告，预计2025年年度实现归属于母公司 所有者的净利润与上年同期(法定披露数据)相比，将出现亏损，实现归属于母公司 ...

每经AI快讯，芳源股份1月29日发布业绩预告，预计2025年度归属于母公司所有者的净利润亏损8000万 元~1.2亿元，上年同期亏损4.27亿元。报告期内，2025年下半年公司持续提升回收料类原料的占比和推 动新技术的应用，包括高镍二元前驱体和硫酸钴等产品持续放量，前驱体产品全年实现出货量约1.12万 吨，镍、钴、锰、锂盐类产品(含加工)全年实现出货量约4.17万吨，同比均实现了增长。同时，自第三 季度起金属价格特别是金属钴价格持续上涨，公司产品销售价格同步上涨，产品毛利率显著提升；叠加 存货跌价准备余额同比大幅减少以及技术出口合作项目的收入确认等因素，使得公司经营持续改善。 ...

芳源股份 20260122 摘要 方圆股份通过多元化转型，拓展镍钴锰盐、碳酸锂及 NCM 前驱体业务， 受益于高镍二元前驱体放量、硫酸钴价格上涨及回收体系投产，于 2025 年下半年扭亏为盈，预计相关因素在 2026 年仍具持续性。 公司总产能约 9.6 万吨，前驱体 3.5 万吨，碳酸锂 2.4-2.5 万吨，其余 为镍钴锰盐类产品，并根据市场需求灵活调整前驱体与盐类产品比例， 以最大化产能利用。 目前硫酸钴月产量超 1,000 吨，碳酸锂接近 1,000 吨，前驱体预计 1 月 发货 1,000-1,200 吨，硫酸镍超 1,000 吨，并与亿纬、巴莫等签订长 期协议，保障稳定供应。 公司未来重点发展高镍二元前驱体、机器人及家用储能市场，加大回收 料处理能力，拓展国内外市场，与大型企业合作，优化资源配置，实现 可持续增长。 2026 年主要产品目标销量为每月 1,500 吨硫酸镍、1,500 吨碳酸锂、 1,500 吨前驱体及 1,000-1,500 吨硫酸钴，其中硫酸钴受高钴料供应限 制面临挑战。 Q&A 方圆股份在过去几年中经历了哪些重大变化？这些变化对公司的业务和财务状 况产生了什么影响？ 方圆股份 ...

Summary of Fangyuan Co., Ltd. Conference Call Company Overview - **Company**: Fangyuan Co., Ltd. - **Industry**: Battery materials, specifically focusing on nickel-cobalt-aluminum (NCA) and nickel-cobalt-manganese (NCM) precursor materials Key Points and Arguments Impact of IRA Legislation - The IRA legislation has severely impacted Fangyuan's collaboration with Tesla, leading to a drop in NCA material supply from nearly 20,000 tons to zero by the end of 2024 [2][3][6] Business Transformation - Fangyuan is diversifying its product line beyond NCA precursors to include NCM precursors, high-nickel binary materials, lithium carbonate, nickel sulfate, and cobalt sulfate to mitigate operational risks [2][3][6] - The company has implemented efficient nickel-lithium separation technology, achieving a recovery rate of 96%-98% for nickel-cobalt salt products, significantly above the industry average [2][8] Production and Capacity - Current production capacity includes 10,000 tons of lithium hydroxide and approximately 96,000 tons of precursors, with over 30,000 tons of precursor capacity currently operational [9] - Average capacity utilization in the first half of 2025 was around 50%, with expectations to exceed 60% in Q3 2025, indicating potential profitability improvements [9][6] Product Development and Market Demand - Monthly production of NC high-durability binary materials has increased from tens of tons to 700-800 tons, with significant orders from major clients [2][3] - Sulfuric cobalt production exceeds 1,000 tons per month, with rising orders from clients such as Bamo and Danshan [2][3] Financial Performance - Fangyuan reported a loss of approximately 148-149 million yuan in the first half of 2025, primarily due to challenges from the IRA legislation and fluctuating metal prices [3][6] - Despite anticipated growth in lithium hydroxide and high-nickel binary precursor sales, overall revenue is expected to see only slight increases due to last year's high-value orders serving as a baseline [12][10] Market Trends and Challenges - Downstream battery manufacturers prefer to synthesize NCA in-house to maintain control over technical details and processes, which affects direct procurement from suppliers like Fangyuan [4][17] - The company is exploring partnerships with mining companies to stabilize raw material supply and enhance its lithium carbonate business [26][30] Future Outlook - Fangyuan aims to expand its three-element precursor and related intermediate product lines while enhancing technical capabilities to meet market demands [6] - The company anticipates that Q3 2025 will mark a turning point, moving towards profitability as order volumes increase [6][12] Recovery and Recycling - Fangyuan's recovery technology for ternary materials is leading in the industry, with plans to increase the use of recycled materials to lower production costs [7][34] - The company expects to produce around 2,000 tons of sulfuric cobalt monthly using recycled materials, which will significantly enhance profitability [34] Financial Management - The company is facing financial pressures from depreciation and financial expenses, with total depreciation expected to reach 110-120 million yuan in 2025 [40][41] - Fangyuan is considering adjusting the conversion price of its convertible bonds to alleviate financial burdens [25] Conclusion - Fangyuan Co., Ltd. is navigating significant challenges due to regulatory impacts and market fluctuations but is actively transforming its business model and product offerings to enhance competitiveness and profitability in the evolving battery materials industry [2][6][12]