证券日报网讯 12月17日晚间，芳源股份发布公告称，本次减持前，股东五矿元鼎股权投资基金（宁 波）合伙企业（有限合伙）（以下简称"五矿元鼎"）持有广东芳源新材料集团股份有限公司（以下简 称"公司"）股份20，043，840股（占公司总股本510，173，053股的3.93%）。公司于近日收到五矿元鼎 的告知函，截至2025年12月17日，本次减持计划期限已届满，五矿元鼎通过集中竞价交易方式累计减持 公司股份5，101，730股，占公司总股本的1%。 （文章来源：证券日报） ...

Group 1 - The core point of the article is that Fangyuan Co., Ltd. has completed a share reduction plan, with Minmetals Yonding reducing its stake by approximately 5.1 million shares, accounting for 1% of the company's total share capital [1] - As of the end of 2024, Fangyuan's revenue composition is as follows: 87.27% from the manufacturing of computers, communications, and other electronic equipment, and 12.73% from other businesses [1] - The current market capitalization of Fangyuan Co., Ltd. is 4.5 billion yuan [1]

| 证券代码：688148 | 证券简称：芳源股份 | 公告编号：2025-071 | | --- | --- | --- | | 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 股东减持股份结果公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 减持计划的实施结果情况 2025年9月2日，公司披露了《股东减持股份计划公告》（公告编号：2025-046）， 股东五矿元鼎计划根据市场价格，通过集中竞价或大宗交易方式减持其所持有的 公司股份合计不超过 15,305,191 股（不超过公司总股本的 3%），其中以集中竞价 交易方式减持的，减持数量不超过 5,101,730 股（不超过公司总股本的 1%）；以 大宗交易方式减持的，减持数量不超过 10,203,461 股（不超过公司总股本的 2%）。 减持期间为自 2025 年 9 月 18 日起 3 个月内。 公司于近日收到五矿元鼎的告知函，截至 2025 年 12 月 17 日，本次减持计 划期限已届满，五矿 ...

格隆汇12月17日丨芳源股份(688148.SH)公布，公司于近日收到五矿元鼎的告知函，截至2025年12月17 日，本次减持计划期限已届满，五矿元鼎通过集中竞价交易方式累计减持公司股份510.17万股，占公司 总股本的1%。 ...

芳源股份公告，截至2025年12月17日，五矿元鼎通过集中竞价交易方式累计减持公司股份510.17万股， 占公司总股本的1%，减持价格区间为5.5～6.11元/股，减持总金额为2967.94万元。减持后，五矿元鼎持 有公司股份1494.21万股，持股比例降至2.93%。 ...

格隆汇12月17日丨芳源股份(688148.SH)公布，公司于近日收到五矿元鼎的告知函，截至2025年12月17 日，本次减持计划期限已届满，五矿元鼎通过集中竞价交易方式累计减持公司股份510.17万股，占公司 总股本的1%。 ...

Key Points - The Chinese battery recycling industry has experienced fluctuations in financing events and amounts from 2018 to 2024, with 2022 recording the highest number of financing events at 7 and 2020 having the highest financing amount at 2.729 billion yuan [1] - As of November 3, 2025, there have been 5 financing events totaling 525 million yuan [1] - The majority of financing events from 2018 to 2025 are concentrated in strategic, angel, and A rounds, with strategic rounds accounting for 20%, and both angel and A rounds at 17% each, indicating an early-stage investment landscape [2][5] - The geographical distribution of financing events shows that Guangdong, Jiangxi, and Hubei are the primary regions, with Guangdong having the highest number of events at 7, representing 23% of the total [6] - Investment entities dominate the financing landscape, making up 77% of the total investment events from 2018 to 2025 [10] - Successful IPOs in the battery recycling sector include companies like Zhongwei Co., Greenme, Huayou Cobalt, Guanghua Technology, Fangyuan Co., Ganfeng Lithium, and Tianqi Lithium [12] - Key industrial parks for battery recycling are located in Hubei, Hunan, Zhejiang, and Guangdong, with significant projects such as the comprehensive recycling park in Hubei and the high-end material industrial park in Hunan [13][15] - Mergers and acquisitions in the battery recycling industry are primarily vertical and horizontal, with notable transactions including Huayou Cobalt's acquisition of a majority stake in a Zimbabwean lithium mining company for 378 million USD [17]

重要内容提示： | 证券代码：688148 | 证券简称：芳源股份 | 公告编号：2025-070 | | --- | --- | --- | | 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 2025年第二次临时股东会决议公告 本公司董事会及全体董事保证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。 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 12 月 8 日 （二） 股东会召开的地点：广东省江门市新会区古井镇万兴路 75 号公司会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 128 | | --- | --- | | 普通股股东人数 | 128 | | 2、出席会议的股东所持有的表决权数量 | 132,852,027 | | 普通股股东所持有表决权数量 | 132,852,027 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例 | 27.1 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于广东芳源新材料集团股份有限公司 2025 年第二次临时股东会的 法律意见书 2．本所律师无法对网络投票过程进行见证，参与本次会议网络投票的股东资格、 网络投票结果均由上海证券交易所股东会网络投票系统予以认证； 3．本所及经办律师依据《证券法》《证券法律业务管理办法》《证券法律业务执 业规则》等规定及本法律意见书出具日以前已经发生或者存在的事实，严格履行了法定 职责，遵循了勤勉尽责和诚实信用原则，进行了充分的核查验证，保证本法律意见所认 定的事实真实、准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导 性陈述或者重大遗漏，并承担相应法律责任； 4．本法律意见书仅供贵公司本次会议之目的使用，不得用作任何其他用途。本所 律师同意将本法律意见书随贵公司本次会议决议一起予以公告。 本所律师根据《公司法》《证券法》《股东会规则》《证券法律业务管理办法》《证 券法律业务执业规则》等相关法律、行政法规、规章、规范性文件的要求，按照 ...

Core Viewpoint - Fangyuan Co., Ltd. (688148.SH) has reported continuous losses for three consecutive years, with significant shareholder sell-offs, high inventory levels consuming cash flow, and a soaring debt-to-asset ratio reaching 84%. The company, a key player in the lithium battery ternary precursor materials sector, has failed to reverse its loss trajectory amid industry cycle fluctuations and operational issues, resulting in a cycle of "slight revenue growth but profit decline" and "ineffective transformation leading to increased risks" [1][14][25]. Financial Performance - For the first three quarters of 2025, the company reported revenue of 1.49 billion yuan, a year-on-year increase of 5.29%, but a net loss attributable to shareholders of 121 million yuan, a decline of 2% year-on-year. Cumulatively, the company has incurred losses exceeding 1 billion yuan since 2023, with losses of 455 million yuan in 2023 and 427 million yuan in 2024 [2][16]. - The company's gross profit margin has deteriorated, with a margin of 2.63% in 2023, dropping to -5.17% in 2024, and slightly recovering to 3.05% in the first three quarters of 2025, still among the lowest in the industry [2][16]. Market Dynamics - Fangyuan's core products, including ternary precursors and battery-grade lithium carbonate, are closely tied to the electric vehicle industry. In the first half of 2025, China's output of ternary precursors fell by 7.3% year-on-year, while the overall market for ternary materials is being squeezed by the rising penetration of lithium iron phosphate batteries [4][18]. - The domestic lithium carbonate output increased by 44% in the first half of 2025, but Fangyuan's sales did not meet expectations due to price pressures and production challenges related to the use of recycled materials [5][19]. Operational Challenges - The company faces high fixed costs due to the commissioning of fundraising projects, which have led to increased depreciation, labor, and amortization expenses. The mismatch between capacity expansion and demand contraction has further eroded profit margins [7][21]. - As of September 30, 2025, Fangyuan's inventory reached 496 million yuan, exceeding its net assets of 454 million yuan, indicating severe liquidity issues. The high inventory levels pose risks of significant write-downs if raw material prices decline [7][21][23]. Cash Flow and Debt - The company's operating cash flow for the first three quarters of 2025 was a net outflow of 59.83 million yuan, a decline of 114% year-on-year, indicating that the core business is consuming cash rather than generating it [9][23]. - The debt pressure is significant, with a debt-to-asset ratio of 84.32% and liquidity ratios below the safety line, indicating an inability to cover short-term liabilities with short-term assets [9][24]. Shareholder Actions - In light of ongoing losses and increasing operational pressures, major shareholders have begun to sell off their stakes, with three significant shareholders planning to reduce their holdings by a total of 25.51 million shares, representing 5% of the company's total equity [11][26]. - The sell-off by shareholders, including the largest shareholder reducing their stake by 3%, raises concerns about the company's future prospects and may lead to further stock price suppression [12][27].