Problem with M365 and workbook links

Hi,

I have a document library on SharePoint where I've created an Excel template file. This template contains internal workbook links pointing to a "parent" file called "User List" (located in the same library).

When I copy or move the template to another folder (still within the same SharePoint site), the links automatically update to the new location and break. They no longer point to the original "User List" file, causing #REF! errors.

Is there a way to "lock" or prevent Excel from modifying these links when the template is copied/moved? For example:

• Using absolute paths or a specific link format?
• SharePoint/Excel settings to preserve source links?
• Converting links to values while keeping them functional?

This is critical for my workflow, as the template needs to stay linked to the fixed "User List" file regardless of its own location.

My users will only use Excel Online (no desktop app), so Power Query won't work...

Thanks for any advice!