广东芳源新材料集团股份有限公司 简式权益变动报告书 上市公司名称：广东芳源新材料集团股份有限公司 股票简称：芳源股份 股票代码：688148 股票上市地点：上海证券交易所 信息披露义务人：贝特瑞新材料集团股份有限公司 住所：深圳市光明新区公明办事处西田社区高新技术工业园第1、2、3、4、5、6 栋、7栋A、7栋B、8栋 通讯地址：深圳市光明区凤凰街道东坑社区光源四路8号贝特瑞新能源科技大厦 股份变动性质：股份减少（持股比例降至5%以下） 签署日期：2026年2月11日 1 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则 第15号——权益变动报告书》及相关的法律、法规和规范性文件编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人所任职或持有权益公司的章程或者内部规则中的任何条款，或 与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定，本 报告书已全面披露信息披露义务人在广东芳源新材料集团股份有限公司中拥有 权益的股份变动情况。 ...

| 证券代码：688148 | 证券简称：芳源股份 公告编号：2026-012 | | --- | --- | | 转债代码：118020 | 转债简称：芳源转债 | 广东芳源新材料集团股份有限公司 关于持股 5%以上股东权益变动触及 5%刻度 的提示性公告 投资者贝特瑞新材料集团股份有限公司保证向本公司提供的信息真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 注：本次权益变动后贝特瑞新材料集团股份有限公司的持股比例 5.0000%为四舍五入 所致，实际持股比例为 4.99999%，下同。 一、信息披露义务人及其一致行动人的基本信息 1、身份类别 | | □控股股东/实际控制人及其一致行动人 | | --- | --- | | | 其他 5%以上大股东及其一致行动人 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用于无控 | | | 股股东、实际控制人） | | | □其他______________（请注明） | 2、信息披露义务人信息 信息披露义务人名称 投资者身份 统一社会信用代码 重要内容 ...

Core Viewpoint - The major shareholder, Betterray New Materials Group Co., Ltd., has reduced its stake in Fangyuan Co., Ltd. by selling 5,800 shares, bringing its ownership below 5% [1] Group 1 - Betterray's shareholding decreased from 25,514,408 shares to 25,508,608 shares [1] - The ownership percentage fell from 5.0011% to 5.0000%, effectively 4.99999% [1] - This reduction does not trigger a mandatory takeover bid and will not change the company's controlling shareholder or actual controller [1] Group 2 - As of the announcement date, Betterray is still within the implementation period of its reduction plan [1]

Core Viewpoint - The company anticipates that the conversion price of its convertible bonds, "Fangyuan Convertible Bonds," may be adjusted downward due to the stock price falling below 85% of the current conversion price for a specified period [3][9]. Group 1: Convertible Bond Basic Information - The company issued 6,420,000 convertible bonds on September 23, 2022, with a total fundraising amount of RMB 64,200 million, and the initial conversion price was set at RMB 18.62 per share [4]. - The conversion period for the bonds is from March 29, 2023, to September 22, 2028 [4]. Group 2: Conversion Price Adjustment - The conversion price was adjusted from RMB 18.62 to RMB 18.63 per share on October 30, 2023, following the repurchase and cancellation of certain restricted stocks [4]. - A further adjustment is expected, reducing the conversion price to RMB 14.00 per share, effective from January 23, 2026, pending board approval [6]. Group 3: Conditions for Downward Adjustment - The company’s stock price has been below RMB 11.90 (85% of the current conversion price) for 10 out of 30 trading days, which triggers the condition for a potential downward adjustment of the conversion price [3][9]. - If the conditions are met, the board will convene to decide on the adjustment and will disclose the decision promptly [9].

| 证券代码：688148 | 证券简称：芳源股份 | 公告编号：2026-011 | | --- | --- | --- | | 转债代码：118020 | 转债简称：芳源转债 | | 广东芳源新材料集团股份有限公司 关于"芳源转债"预计触发转股价格向下修正条件的 提示性公告 募集资金人民币 64,200.00 万元。本次发行的可转换公司债券的期限为自发行之 日起六年，即自 2022 年 9 月 23 日至 2028 年 9 月 22 日。 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。 特别提示： 2026 年 1 月 23 日至 2026 年 2 月 5 日，公司股票在连续 30 个交易日中 已有 10 个交易日的收盘价低于当期转股价格的 85%（即 11.90 元/股），预计触 发转股价格向下修正条件。若触发条件，公司将于触发条件当日召开董事会审议 决定是否修正转股价格，并及时履行信息披露义务。敬请广大投资者注意投资风 险。 一、可转换公司债券基本情况 （一）发行上市情况 经中国证券监督管理委员会出具的《关于同意广 ...

Financial Performance - Guangdong Fangyuan New Materials Group Co., Ltd. (stock code: 688148.SH) expects a net profit attributable to shareholders of the parent company for 2025 to be between -120 million and -80 million CNY, a significant narrowing of losses compared to -427 million CNY in the same period last year [2]. - The company's losses in 2025 are primarily attributed to production line upgrades, low capacity utilization, and high unit costs in the first half of the year; however, it is expected to turn profitable in the second half due to rising raw material prices and increased product sales [2]. - The company has benefited from industry recovery and diversified business expansion, leading to improved operating conditions in the second half of 2025, although sustainability of performance remains to be observed [3]. Credit Rating and Financial Health - The company's credit rating is maintained at BBB with a stable outlook, reflecting high leverage and significant liquidity pressure [3]. - The rating model indicates a very weak profitability status and a preliminary financial condition score of 1/9, while liquidity status is rated at 4/7 [5]. - The rating results are valid from February 5, 2026, until the maturity of the Fangyuan convertible bonds [3]. - The company is under close monitoring for its operational conditions and debt repayment pressures, which may impact its credit rating and outlook [3]. - The rating model used is specific to chemical enterprises, indicating a tailored approach to assessing the company's creditworthiness [5]. Operational Strategy and Technology - The company has achieved product diversification, which supports operational sustainability, and possesses core technologies that underpin its business development [5]. - The company’s operational improvements are expected to be complemented by technology export cooperation projects, contributing to revenue [2].

Market Overview - The battery sector experienced a decline of 1.45% on the previous trading day, with Fangyuan Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Individual Stock Performance - Fangyuan Co., Ltd. saw a significant drop of 6.29%, closing at 8.20, with a trading volume of 202,600 shares and a turnover of 170 million yuan [2] - Other notable declines included Zhongwei New Materials at -5.81% and Hong Technology at -5.73% [2] - Conversely, Penghui Energy increased by 1.81%, closing at 46.00, with a trading volume of 371,300 shares and a turnover of 1.745 billion yuan [1] Capital Flow Analysis - The battery sector experienced a net outflow of 1.689 billion yuan from main funds, while retail investors saw a net inflow of 914 million yuan [2][3] - Major stocks like Yiwei Lithium Energy and Penghui Energy had mixed capital flows, with Yiwei Lithium Energy seeing a net inflow of 250 million yuan from main funds [3] - Retail investors showed a significant net inflow into stocks like Zhiyu Technology, despite overall sector outflows [3]

Core Viewpoint - The company anticipates a significant reduction in losses for the year 2025 compared to the previous year, despite still reporting a net loss [1][5]. Group 1: Performance Forecast - The company expects a net loss attributable to shareholders of the parent company for 2025 to be between -120 million yuan and -80 million yuan [1]. - The forecasted net loss after deducting non-recurring gains and losses is estimated to be between -117 million yuan and -78 million yuan [1]. Group 2: Previous Year Performance - In the previous year, the total profit was -390.41 million yuan, with a net loss attributable to shareholders of the parent company at -426.77 million yuan [3]. - The net loss after deducting non-recurring gains and losses was -442.75 million yuan [3]. - The earnings per share for the previous year were -0.85 yuan per share [4]. Group 3: Reasons for Performance Changes - The company faced significant losses in the first half of 2025 due to diversification efforts and production line upgrades, leading to low capacity utilization and high unit costs [4]. - The company successfully scaled up a new recycling technology that improved production costs and recovery efficiency, contributing to a turnaround in the second half of 2025 [4]. - The sales volume of precursor products reached approximately 11,200 tons, while the total sales volume of nickel, cobalt, manganese, and lithium salt products was about 41,700 tons, both showing year-on-year growth [4].

Earnings Forecasts - Shengyi Electronics expects a net profit of 1.431 billion to 1.513 billion yuan in 2025, an increase of 331.03% to 355.88% year-on-year [1] - Tigermed anticipates a net profit of 830 million to 1.23 billion yuan in 2025, representing a growth of 105% to 204% year-on-year [2] - Shunbo Alloy forecasts a net profit of 210 million to 270 million yuan in 2025, with an increase of 222.96% to 315.23% year-on-year [3] - Jinkong Electric expects a net profit of 155 million to 195 million yuan in 2025, reflecting a growth of 383.21% to 507.9% year-on-year [9] - Baiao Saitu anticipates a net profit of 162 million to 182 million yuan in 2025, with a year-on-year increase of 384.26% to 443.88% [18] - Panjiang Co. expects a net profit of 318 million to 380 million yuan in 2025, representing a growth of 205.30% to 264.83% year-on-year [38] Loss Forecasts - Liaoning Energy predicts a net loss of 273 million to 410 million yuan in 2025, compared to a profit of 202 million yuan in the previous year [5] - Anbotong anticipates a net loss of 114 million to 165 million yuan in 2025, with a revenue decrease of 19.65% to 27.25% [7] - Wantai Bio forecasts a net loss of 330 million to 410 million yuan in 2025, compared to a profit of 106 million yuan in the previous year [12] - Xingyun Co. expects a net loss of 155 million to 230 million yuan in 2025, compared to a loss of 82.44 million yuan in the previous year [20] - Huaxing Co. anticipates a net loss of 800 million to 1.2 billion yuan in 2025, with a reduction in loss compared to 1.67 billion yuan in the previous year [46] New Product Approvals - Hengrui Medicine received acceptance for a new indication application for its innovative drug, combining Carrelizumab and Apatinib for treating unresectable liver cancer [4] - Tianen Kang's subsidiary received a drug registration acceptance notice for Lidocaine and Prilocaine aerosol [31] - Lisheng Pharmaceutical announced that its Aminophylline tablets passed the consistency evaluation for generic drugs [40] Share Buyback Plans - Hengyuan Coal Power plans to repurchase shares with a total amount not less than 200 million yuan and not exceeding 250 million yuan [13] Contract Wins - China Communication Signal Co. won contracts totaling approximately 5.26 billion yuan for 21 important projects in the railway and urban rail transit markets [37]

Core Viewpoint - The company is expected to report a net loss of 80 million to 120 million yuan for the year 2025, indicating a significant decline compared to the previous year [1] Group 1: Financial Performance - The company anticipates a net loss attributable to shareholders of 80 million to 120 million yuan for 2025, compared to the previous year's statutory disclosure data [1] - In the first half of 2025, the company faced operational challenges due to diversification efforts and production line upgrades, leading to work stoppage losses and a low capacity utilization rate [1] - The decline in lithium carbonate market prices resulted in a temporary reduction in raw material supply, contributing to higher unit costs for some products and a decrease in overall gross margin [1] Group 2: Technological Advancements and Market Recovery - The company successfully scaled the application of a new generation of recycling material separation and purification technology in 2025, utilizing battery waste and nickel-cobalt-lithium recycling materials [2] - The company increased the proportion of recycled raw materials and promoted the application of new technologies in the second half of 2025, leading to a significant increase in the shipment volume of precursor products and nickel, cobalt, manganese, and lithium salt products [2] - Starting from the third quarter, metal prices, particularly cobalt prices, have been rising, which has positively impacted product sales prices and significantly improved product gross margins [2]