Core Viewpoint - The company Fangyuan Co., Ltd. (688148.SH) is expected to report a significant loss in net profit for the year 2025 compared to the previous year, with projected losses ranging from -120 million to -80 million yuan [1] Financial Performance - The company anticipates a net profit attributable to shareholders of the parent company for 2025 to be between -120 million and -80 million yuan [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between -117 million and -78 million yuan [1] Reasons for Loss - The anticipated loss is attributed to several factors, including: - Active promotion of diversification and production line upgrades leading to operational downtime [1] - A decline in lithium carbonate market prices resulting in a temporary reduction in raw material supply [1] - Lower capacity utilization and higher unit costs for certain products, contributing to a decrease in overall gross margin [1]

Core Viewpoint - Fangyuan Co., Ltd. expects a net loss attributable to shareholders of 80 million to 120 million yuan for the fiscal year 2025, an improvement from a loss of 427 million yuan in the same period last year [1] Group 1: Financial Performance - The company anticipates a net profit loss of 80 million to 120 million yuan for 2025, compared to a loss of 427 million yuan in the previous year [1] - The company has seen a significant reduction in the balance of inventory impairment provisions year-on-year, contributing to improved operational performance [1] Group 2: Product and Sales Performance - In the second half of 2025, the company has been increasing the proportion of recycled raw materials and promoting the application of new technologies, including high-nickel binary precursors and cobalt sulfate, leading to a continuous increase in product output [1] - The total shipment of precursor products reached approximately 11,200 tons for the year, while the total shipment of nickel, cobalt, manganese, and lithium salt products (including processing) was about 41,700 tons, with year-on-year growth in both categories [1] Group 3: Market Conditions - Since the third quarter, metal prices, particularly cobalt prices, have been on the rise, resulting in a corresponding increase in product sales prices and a significant improvement in product gross margins [1] - The revenue recognition from technology export cooperation projects has also positively impacted the company's financial performance [1]

Core Viewpoint - Fangyuan Co., Ltd. expects a significant reduction in net losses for the year 2025, projecting a net profit attributable to the parent company of between -120 million to -80 million yuan, compared to -427 million yuan in the same period last year [1] Financial Performance - The company anticipates a non-recurring net profit of between -117 million to -78 million yuan for 2025, down from -443 million yuan year-on-year [1] - The first half of 2025 is expected to show losses due to transformation and restructuring efforts, while the second half is projected to achieve profitability driven by the large-scale application of new technologies, increased product shipment volumes, and rising metal prices [1] Operational Factors - Factors contributing to the expected turnaround in the second half of 2025 include improved gross margins due to rising metal prices and a reduction in inventory write-down provisions [1]

Financial Performance - The company expects a net loss attributable to shareholders of the parent company for 2025 to be between -120 million and -80 million CNY, compared to a net loss of -426.77 million CNY in the same period last year[3]. - The projected net profit attributable to shareholders after deducting non-recurring gains and losses for 2025 is expected to be between -117 million and -78 million CNY, compared to -442.75 million CNY last year[3]. - The company reported a total profit of -390.41 million CNY and a net loss attributable to shareholders of -426.77 million CNY for the previous year[4]. Operational Improvements - The company achieved a significant reduction in losses for 2025 due to the application of a new recycling technology, which improved production costs and recovery efficiency[5]. - The company plans to increase the proportion of recycled raw materials and promote the application of new technologies, with a total shipment of precursor products expected to reach approximately 11,200 tons in 2025[5]. - The total shipment of nickel, cobalt, manganese, and lithium salt products (including processing) is expected to be around 41,700 tons for 2025, showing growth compared to the previous year[5]. - The company experienced a significant increase in product sales prices due to rising metal prices, particularly cobalt, leading to improved gross margins[5]. Earnings Forecast and Risks - The company has not identified any significant uncertainties that could impact the accuracy of the earnings forecast[6]. - The earnings forecast is based on preliminary calculations and has not yet been audited by certified public accountants[6]. - Investors are advised to pay attention to investment risks as the forecast data is preliminary and subject to change upon the release of the audited annual report[7].

Core Viewpoint - The company expects to incur a net loss in 2025, but the loss is projected to narrow significantly compared to the previous year due to various operational improvements and market conditions [1] Financial Performance - The company forecasts a net profit attributable to shareholders for 2025 to be between -120 million yuan and -80 million yuan [1] - The net profit after deducting non-recurring gains and losses is expected to be between -117 million yuan and -78 million yuan [1] Operational Challenges - In the first half of 2025, the company faced significant losses due to a diversified transformation and production line upgrades, leading to temporary shutdowns and reduced capacity utilization [1] - The decline in lithium carbonate market prices resulted in a temporary decrease in raw material supply, contributing to higher unit costs and a drop in overall gross margin [1] Technological Advancements - The company successfully scaled the application of a new generation of recycling technology, which utilizes battery waste and nickel-cobalt-lithium recycling materials, resulting in better production costs and higher recovery efficiency [1] - The company increased the proportion of recycled raw materials and promoted the application of new technologies in the second half of 2025, leading to significant product volume growth [1] Sales and Market Conditions - The company achieved a total shipment of approximately 11,200 tons of precursor products and around 41,700 tons of nickel, cobalt, manganese, and lithium salt products, all showing year-on-year growth [1] - Starting from the third quarter, metal prices, particularly cobalt, have been rising, which has positively impacted product sales prices and significantly improved gross margins [1] - The reduction in inventory impairment provisions and revenue recognition from technology export cooperation projects further contributed to the company's operational improvement, allowing it to turn a profit in the second half of 2025 [1]

重要声明 本报告依据《公司债券发行与交易管理办法》《关于广东芳源新材料集团股 份有限公司向不特定对象发行可转换公司债券之债券受托管理协议》（以下简称 "《受托管理协议》"）《广东芳源新材料集团股份有限公司向不特定对象发行可 转换公司债券募集说明书》（以下简称"《募集说明书》"）等相关规定，由本次 债券受托管理人中国国际金融股份有限公司编制。中金公司编制本报告的内容及 信息均来源于广东芳源新材料集团股份有限公司提供的资料或说明。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为中金公司所作的承诺 或声明。在任何情况下，投资者依据本报告所进行的任何作为或不作为，中金公 司不承担任何责任。 股票代码：688148 股票简称：芳源股份 债券代码：118020 债券简称：芳源转债 广东芳源新材料集团股份有限公司 向不特定对象发行可转换公司债券 第一次临时受托管理事务报告 （2026 年度） 债券受托管理人 二〇二六年一月 1 中国国际金融股份有限公司（以下简称"中金公司"）作为广东芳源新材料集 团股份有限公司（以下简称"芳源股份"、"发行人"或"公 ...

Summary of Fangyuan Co., Ltd. Conference Call Company Overview - **Company**: Fangyuan Co., Ltd. - **Industry**: Nickel, Cobalt, Lithium, and NCM Precursor Production Key Points and Arguments Business Transformation and Financial Impact - Fangyuan has undergone significant transformation in recent years, diversifying into nickel-cobalt-manganese salts, lithium carbonate, and NCM precursor businesses due to the impact of the U.S. Inflation Reduction Act and a sharp decline in nickel-cobalt prices [3][2] - The company invested over 1.3 billion yuan in a project that became idle, leading to a continuous loss of approximately 1 billion yuan [3] - The diversification strategy aims to cover the entire supply chain from raw materials to product sales, with a goal to achieve profitability by the second half of 2025 [3] Production Capacity and Product Distribution - Total production capacity is approximately 96,000 tons, with 35,000 tons for precursors, 24,000-25,000 tons for lithium carbonate, and the remainder for nickel-cobalt-manganese salts [2][4] - The company is expanding capacity, including a new recycling line expected to process 43,000 tons of recycled powder annually, with production starting in the second half of next year [4][13] Future Product Goals and Market Dynamics - The company aims for monthly sales targets in 2026 of 1,500 tons each for nickel sulfate, lithium carbonate, and precursors, and 1,000-1,500 tons for cobalt sulfate [5][9] - Challenges include limited high-cobalt material supply affecting cobalt sulfate production [9] Monthly Production and Sales Performance - Current monthly production includes over 1,000 tons of cobalt sulfate, nearly 1,000 tons of lithium carbonate, and expected shipments of 1,000-1,200 tons of precursors [6][25] - The company has secured long-term agreements with major clients to ensure stable supply [6] Market Trends and Competitive Advantages - The cobalt sulfate market price is around 100,000 yuan/ton, with Fangyuan's products commanding a slight premium due to low impurity levels and use of recycled materials [10] - The company benefits from a low-cost inventory of nickel, which supports profitability in nickel sulfate production [9][19] Profitability Outlook - Expected net profit for cobalt sulfate is approximately 10,000 yuan per ton after accounting for taxes and costs, while nickel sulfate and lithium carbonate are also projected to maintain stable profitability [11][12] - The company anticipates significant performance improvement in Q1 2026 compared to Q4 2025, particularly driven by lithium carbonate sales [25] Expansion Plans and Collaborations - Fangyuan is in discussions with external partners to enhance processing capabilities and is exploring new raw material sources to improve production efficiency [20] - The company plans to complete new capacity construction in Q1 and begin operations in Q2, which is expected to positively impact future performance [26] Inventory Management - Current inventory includes over 100 tons of lithium carbonate, with plans to sell most in January, and maintaining safety stock of 2,000 tons of black powder [24] Conclusion - Overall, Fangyuan Co., Ltd. is positioned for growth through strategic diversification, capacity expansion, and market adaptation, with a focus on sustainable profitability and operational efficiency [12]

证券日报网讯1月23日，芳源股份发布公告称，截至本公告披露日，公司及控股子公司尚在有效期内的 对外担保额度为人民币250000万元，均为公司对控股子公司提供的担保，担保额度分别占公司最近一期 经审计净资产及总资产的比例为445.60%、80.92%。公司及控股子公司实际发生的对外担保余额为人民 币154000万元(含本次担保)，均为公司对全资子公司提供的担保，实际对外担保余额分别占公司最近一 期经审计净资产及总资产的比例为274.49%、49.84%，公司及控股子公司不存在逾期担保或涉及诉讼担 保，不存在对控股股东或实际控制人及其关联人提供担保的情形。 ...

| 证券代码：688148 | 证券简称：芳源股份 | 公告编号：2026-009 | | --- | --- | --- | | 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 关于为全资子公司提供担保的进展公告 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、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 注：上表"对外担保总额"是指公司及控股子公司实际发生的对外担保余额（含本次担保）。 一、担保情况概述 （一）担保的基本情况 近日，广东芳源新材料集团股份有限公司（以下简称"公司"）、公司全资子 公司江门市芳源循环科技有限公司（以下简称"芳源循环"）与江门市新裕供应 链管理有限公司（以下简称"新裕供应链"）签订了《供应链业务合作框架协议》， 公司与芳源循环共同委托新裕供应链代理采购货物，最高采购额度合计为 20,000 万元，协议有效期自 2026 年 1 月 1 日起至 2026 年 12 月 31 日。在协议执行过程 中，由公司为芳源循环履行协议所产生的相应给付义务及可能的违约行为向新裕 供 ...

Core Viewpoint - The company has announced a downward adjustment of the conversion price for its convertible bonds, "Fangyuan Convertible Bonds," from 18.63 yuan per share to 14.00 yuan per share, effective January 23, 2026, due to the stock price falling below the threshold for adjustment [10][11][16]. Meeting Details - The first extraordinary general meeting of shareholders was held on January 21, 2026, at the company's conference room in Jiangmen, Guangdong [2]. - The meeting was attended by all nine current directors and the board secretary, with voting conducted through a combination of on-site and online methods [3][4]. Voting Results - The proposal to adjust the conversion price was passed with more than two-thirds of the voting rights held by attending shareholders [5][6]. - Shareholders holding "Fangyuan Convertible Bonds" were required to abstain from voting on this matter [7]. Legal Compliance - The meeting was witnessed by Beijing Guofeng Law Firm, which confirmed that the procedures followed were in compliance with relevant laws and regulations [8]. Conversion Price Adjustment - The conversion price was adjusted downward due to the company's stock price being below 85% of the previous conversion price for at least 15 trading days within a 30-day period [13][14]. - The previous conversion price was adjusted from 18.62 yuan to 18.63 yuan on October 30, 2023, following the termination of a stock incentive plan [12]. Market Impact - The average trading price of the company's stock over the 20 trading days prior to the meeting was 9.40 yuan per share, which influenced the decision to set the new conversion price at 14.00 yuan [16].