Summary of Conference Call Notes Industry or Company Involved - The conference call primarily discusses the telecommunications and electronics industry, with a focus on companies like Zhongtai Telecom and others involved in the supply chain and manufacturing of electronic components. Core Points and Arguments 1. **Market Differentiation**: The industry is experiencing significant differentiation, with some segments showing strong performance while others face challenges. [1] 2. **Pressure in Supply Chain**: The refining stages of the supply chain are under considerable pressure, affecting overall operational capabilities. [2] 3. **Profit Margins**: There is a notable disparity in profit margins, with leading companies maintaining positive margins while non-leading firms struggle with losses. [3] 4. **Demand and Supply Dynamics**: The demand side shows some strength, particularly in the first quarter, but the overall outlook remains cautious due to potential pressures in the second quarter. [3] 5. **Focus on Leading Companies**: Recommendations suggest prioritizing investments in companies with solid reports and proven track records, particularly in the context of ongoing market pressures. [4] 6. **Improvement in Financial Performance**: Companies like Fucai have shown improvements in operational capabilities, driven by strong group dynamics and market positioning. [5] 7. **Market Conditions**: The overall market conditions are expected to remain stable, with a focus on technological advancements and new materials driving future growth. [10] 8. **Regional Performance**: China’s performance aligns with expectations, with significant orders coming from India, the Middle East, and parts of Europe, despite previous high inventory levels. [7] 9. **Emerging Markets**: The demand in emerging markets is increasing, particularly in Europe, where economic conditions are improving. [13] 10. **Future Projections**: The second half of the year is anticipated to see increased shipping volumes, particularly in traditional peak seasons, despite some challenges in the U.S. market. [15] 11. **Valuation and Market Positioning**: Current valuations are seen as attractive, with expectations of recovery as tariff impacts diminish. [16] 12. **Operational Stability**: Companies are maintaining stable operational levels despite low surface margins, indicating resilience in the face of market challenges. [11] 13. **Technological Advancements**: Innovations in technology, particularly in materials like copper and silver paste, are expected to enhance operational efficiencies. [10] 14. **Investment Recommendations**: There is a strong recommendation for investing in companies with robust operational capabilities and market positioning, particularly in the context of ongoing industry changes. [12] 15. **Long-term Growth Potential**: The overall sentiment is optimistic regarding long-term growth, with expectations of significant improvements in operational performance and market share. [20] Other Important but Possibly Overlooked Content 1. **Market Sentiment**: There is a cautious optimism regarding the recovery of the market, with expectations of improved performance in the coming quarters. [17] 2. **Supply Chain Adjustments**: Companies are adjusting their supply chains to better meet the evolving demands of the market, particularly in response to technological changes. [25] 3. **Investment in New Technologies**: There is a focus on investing in new technologies and materials to enhance competitiveness and operational efficiency. [10] 4. **Regional Disparities**: The performance of companies varies significantly by region, with some areas showing stronger growth potential than others. [22] 5. **Future Market Dynamics**: The dynamics of the market are expected to shift, with increased competition and the need for companies to adapt to changing consumer demands. [30]

Core Viewpoint - The company has decided to temporarily use part of the raised funds for supplementing working capital and has begun the process of returning these funds to the designated account [1][2]. Group 1 - The company approved the temporary use of up to RMB 100 million from the idle raised funds to supplement working capital, with a usage period not exceeding 12 months [1]. - As of the announcement date, the company has returned a total of RMB 80 million of the temporarily used funds, with a remaining balance of RMB 79.5 million yet to be returned [2]. - The company has notified the sponsor institution and representative of the return of funds on multiple occasions, ensuring compliance with disclosure obligations [2]. Group 2 - The board of directors confirmed the accuracy and completeness of the announcement regarding the return of funds [1][3]. - The announcement was made on July 16, 2025, following the company's board meeting [4].

2025 年 7 月 15 日，公司将暂时用于补充流动资金的募集资金中的 3,000 万 元提前归还至募集资金专户，并将上述募集资金的归还情况及时通知了保荐机构 及保荐代表人。 截止本公告披露日，公司已累计归还募集资金暂时补充流动资金金额为 8,000 万元，暂时补充流动资金余额 79,500 万元暂未归还。公司将在规定到期 日之前悉数归还至募集资金专户，并及时履行相关信息披露义务。 特此公告。 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个别及连带责任。 杭州福斯特应用材料股份有限公司（以下简称"公司"）于 2025 年 3 月 20 日召开第六届董事会第五次会议，审议通过了《关于归还募集资金及继续使用募 集资金临时补充流动资金的议案》，同意公司将"福 22 转债"暂时闲置募集资 金中的不超过人民币 100,000 万元临时用于补充公司流动资金，使用期限自董事 会审议通过之日起不超过 12 个月。监事会、保荐机构分别发表了明确同意的意 见。具体内容请详见公司于 2025 年 3 月 21 日在上海证券交易所网站披露的《福 斯特：关于 ...

| | | 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个别及连带责任。 截至本公告披露日，公司 2023 年度光伏事业合伙人计划之员工持股计划所 持有的剩余股票已全部出售完毕。公司实施本员工持股计划期间，严格遵守市场 交易规则，遵守中国证监会、上海证券交易所关于信息敏感期不得买卖股票的规 定，不存在利用内幕信息进行交易的情形。根据本次员工持股计划方案的相关规 定，本次员工持股计划实施完成，后续将进入清算程序。 特此公告。 杭州福斯特应用材料股份有限公司董事会 二零二五年七月十五日 杭州福斯特应用材料股份有限公司（以下简称"公司"）分别于 2024 年 5 月 15 日、2024 年 5 月 31 日召开第五届董事会第三十八次会议及 2024 年第二次临 时股东大会，审议通过了《关于<杭州福斯特应用材料股份有限公司 2023 年度光 伏事业合伙人计划之员工持股计划（草案）>及摘要的议案》等相关议案，具体 内容详见公司于 2024 年 5 月 16 日、2024 年 6 月 1 日在上海证券交易所网站及 《上海证券报》披露的相关公告文件 ...

证券代码：603806 证券简称：福斯特 公告编号：2025-050 债券代码：113661 债券简称：福 22 转债 杭州福斯特应用材料股份有限公司 关于公司 2023 年度光伏事业合伙人计划 杭州福斯特应用材料股份有限公司（以下简称"公司"）分别于 2024 年 5 月 时股东大会，审议通过了《关于 <杭州福斯特应用材料股份有限公司 ensp="ensp" 年度光="年度光"> 伏事业合伙人计划之员工持股计划（草案）>及摘要的议案》等相关议案，具体 内容详见公司于 2024 年 5 月 16 日、2024 年 6 月 1 日在上海证券交易所网站及 《上海证券报》披露的相关公告文件。 根据中国证监会《关于上市公司实施员工持股计划试点的指导意见》及《上 海证券交易所上市公司自律监管指引第 1 号——规范运作》的相关要求，现将相 关情况公告如下： 之员工持股计划完成的公告 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个别及连带责任。 杭州福斯特应用材料股份有限公司董事会 二零二五年七月十五日 截至本公告披露日，公司 2023 年度光伏事 ...

Core Viewpoint - Foster, a leading photovoltaic film manufacturer, has announced a significant reduction in its expected net profit for the first half of 2025, primarily due to supply-demand imbalances and price pressures in the photovoltaic industry, leading to a nearly 50% decline in net profit compared to the previous year [1][2]. Financial Performance - The company expects to achieve a net profit of 473 million yuan for the first half of 2025, a decrease of 455 million yuan or 49.05% year-on-year; the non-net profit is projected at 426 million yuan, down 473 million yuan or 52.65% year-on-year [2]. - In Q2 2025, the estimated net profit is approximately 71.97 million yuan, representing an 82% decline year-on-year, while the non-net profit is about 48.13 million yuan, down 87% year-on-year [3]. Business Segments - Foster's core business is focused on photovoltaic materials, particularly photovoltaic films, which accounted for over 90% of its revenue in 2024. The company also has divisions for electronic materials and functional films [3]. - The average selling price of photovoltaic films decreased significantly, leading to a 14.54% decline in revenue to 17.504 billion yuan in 2024, despite an increase in sales volume [3][4]. Market Dynamics - The photovoltaic industry is experiencing overcapacity and intensified competition, resulting in decreased prices for raw materials and products, which has negatively impacted revenue and gross margins [3][4]. - The company anticipates that the surge in photovoltaic installations in early 2025 may lead to uncertainty in market demand for the second half of the year, as the rapid installation may have exhausted some of the demand [5][6]. Strategic Initiatives - To counteract the challenges in the domestic market, Foster is accelerating its overseas capacity expansion, particularly in emerging markets such as India, the Middle East, and Southeast Asia, where solar energy is becoming increasingly cost-effective [6]. - The company is also focusing on developing its electronic materials segment, which includes products like photosensitive dry film and flexible copper-clad laminate (FCCL), with plans to increase its market share from 10% to 20-30% [7][8].

Investment Rating - The report rates the photovoltaic industry as "Overweight" indicating an expectation for the industry to outperform the overall market [3][9]. Core Insights - The price of polysilicon has been continuously rising, currently near the full cost of leading companies, with spot prices reaching 44,500 CNY/ton, which is close to the estimated full cost range of 42,000 to 51,000 CNY/ton for top polysilicon producers [3]. - The price increases in the supply chain are expected to lead to higher component prices, with downstream prices for silicon wafers and batteries also rising, indicating a successful price transmission within the industry [3]. - The anticipated price increases are expected to benefit export profitability, mitigating concerns over domestic demand declines in the second half of the year, as overseas market demand is gradually increasing [3]. Summary by Sections Price Trends - Polysilicon prices have surged, with N-type dense material quoted at 44,500 CNY/ton, reflecting a daily increase of 5,500 CNY/ton [1]. - Silicon wafer prices for N-type 182 and 210 sizes have increased by 13.64% and 13.45%, respectively, indicating a cascading effect of price increases throughout the supply chain [1]. Industry Dynamics - The report highlights a positive feedback loop in the industry, driven by self-discipline and anti-involution measures, which are expected to sustain the upward trend in polysilicon prices [3]. - The report suggests that the price increases will not lead to a rise in polysilicon production rates due to industry self-regulation [3]. Investment Recommendations - The report recommends focusing on companies such as Tongwei Co., Daqo New Energy, and GCL-Poly Energy, which are expected to benefit from rising polysilicon prices [3]. - It also highlights companies with independent alpha trends, including Aiko Solar and LONGi Green Energy, as well as auxiliary material companies like Foster and Flat Glass [3].

Core Viewpoint - Foster, a leading photovoltaic film manufacturer, announced a significant decline in its expected net profit for the first half of 2025, attributing this to industry overcapacity and intensified market competition [1] Group 1: Financial Performance - The company expects a net profit of 473 million yuan for the first half of 2025, representing a year-on-year decrease of 49.05% [1] - The non-recurring net profit is projected to be 426 million yuan, down 52.65% year-on-year [1] - The overall revenue and gross margin have declined, with gross profit decreasing by 46.72% compared to the previous year [1] Group 2: Business Strategy and Development - The company is committed to its strategy of focusing on the photovoltaic main business while actively developing other new material industries [1] - Despite achieving profitability in its new electronic materials business, losses were incurred in other new ventures such as specialty films and investments in upstream POE resin [1] - The company has been developing its electronic materials business for nearly a decade, establishing significant competitive barriers [2] Group 3: Market Position and Future Outlook - Foster is a leading domestic photosensitive dry film manufacturer, with a market share of approximately 10% in this segment, aiming to increase it to 20%-30% [2] - The market potential for photosensitive dry films, FCCL, and photosensitive cover films is expected to exceed 20 billion yuan, with the photosensitive dry film market alone nearing 10 billion yuan [2] - The company is expanding its product offerings to meet high-end demands in the packaging substrate field, particularly for AI server applications [2]

Group 1: Company Performance - Northern Rare Earth expects a net profit of 900 million to 960 million yuan for the first half of 2025, representing a year-on-year increase of 1882.54% to 2014.71% [1] - Muyuan Foods anticipates a net profit of 10.5 billion to 11 billion yuan for the first half of 2025, reflecting a year-on-year growth of 924.6% to 973.39% [2] - Hongta Securities projects a net profit of 651 million to 696 million yuan for the first half of 2025, indicating a year-on-year increase of 45% to 55% [3] Group 2: Business Developments - Dazhihui clarifies that it has not engaged in businesses related to "stablecoins," "virtual asset trading," or "cross-border payments," following a significant stock price fluctuation [4] - Bluetech announces a share transfer agreement where its actual controller will change, with the Ma'anshan Municipal Government becoming the actual controller after the transfer of 18% of shares [5] Group 3: Industry Trends - Jiangsu Electric Power reports a 5.01% year-on-year increase in electricity generation for the first half of 2025 [6] - Jin'an Guoji anticipates a non-recurring net profit growth of 4700% to 6300% for the first half of 2025 [6] - New Beiyang expects a non-recurring net profit growth of 650% to 720% for the first half of 2025 [6]

杭州福斯特应用材料股份有限公司 2025 年半年度业绩预减公告 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个别及连带责任。 重要内容提示： ●业绩预告的具体适用情形：实现盈利，且净利润与上年同期相比下降 50% 以上。 | | | ●杭州福斯特应用材料股份有限公司（以下简称"公司"）预计 2025 年半年 度实现归属于母公司所有者的净利润为 47,309.16 万元，与上年同期相比，将减 少 45,535.86 万元，同比下降 49.05%。 ●公司预计 2025 年半年度实现归属于母公司所有者的扣除非经常性损益的 净利润为 42,576.63 万元，与上年同期相比，将减少 47,338.51 万元，同比减少 52.65%。 （二）业绩预告情况 一、本期业绩预告情况 1、经公司财务部门初步测算，公司预计 2025 年半年度实现归属于母公司所 有者的净利润为 47,309.16 万元，与上年同期相比，将减少 45,535.86 万元，同 比下降 49.05%。 2、经公司财务部门初步测算，公司预计 2025 年半年度实现归属于母公司所 ...