Group 1 - The core viewpoint of the article highlights the recent research conducted by Gao Ent Asset Management on Fangyuan Co., which has faced losses due to declining demand in the NC ternary precursor market, trade policies, and customer adjustments [1] - Fangyuan Co. is actively pursuing diversification, with products including precursors, sulfate, and lithium carbonate, and has a broad customer base [1] - The company has achieved nickel and lithium recovery rates exceeding 99% through its core technology in nickel and lithium separation and purification [1] Group 2 - A strategic goal for Fangyuan Co. is to increase the proportion of recycled materials, with plans to enhance procurement and use of battery waste [1] - The company is focusing on high-nickel ternary cathodes for solid-state batteries and is collaborating with customers on research and development [1] - Fangyuan Co. is set to begin mass production of high-purity cobalt sulfate, with a purity level of 5N, in 2024, which is used in chip plating and cleaning [1] Group 3 - The company maintains a good credit status and has stable cooperation with banks, with no obstacles in credit renewal [1] - Fangyuan Co. has completed the construction of a battery disassembly line and is currently purchasing black powder from battery disassembly, with plans to extend to battery pack disassembly in the future [1] - The company intends to adjust the conversion price of its convertible bonds appropriately to promote conversion based on various factors [1]