浙江天册律师事务所 关于 杭州福斯特应用材料股份有限公司 电话：0571-87901111 传真：0571-87901500 1 法律意见书 浙江天册律师事务所 2024 年度差异化分红事项的 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 关于杭州福斯特应用材料股份有限公司 2024 年度差异化分红事项的 法律意见书 编号：TCYJS2025H0862 号 致：杭州福斯特应用材料股份有限公司 浙江天册律师事务所（以下简称"本所"或"天册"）接受杭州福斯特应用材 料股份有限公司（以下简称"福斯特""公司"或"上市公司"）的委托，根据《中 华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下 简称"《证券法》"）、《上市公司股份回购规则》（以下简称"《回购规则》"）、《上海 证券交易所上市公司自律监管指引第7号——回购股份（2025年3月修订）》（以下 简称"《监管指引第7号》"）、《上海证券交易所股票上市规则（2025年4月修订）》 等相关法律、法规、规章和其他规范性文件及《杭州福斯特应用材料股份有限公 司章程》的规定，就公司2024年度利润分配所 ...

| 证券代码：603806 | 证券简称：福斯特 | | 公告编号：2025-045 | | --- | --- | --- | --- | | 转债代码：113661 | 转债简称：福 | 22 转债 | | 杭州福斯特应用材料股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.26元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/23 | － | 2025/6/24 | 2025/6/24 | 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 4 月 30 日的2024年年度股东大会审议通过。 二、 分配方案 （3）本次差异化分红除权除息的计算依据 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称" ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [5]. Core Insights - The overall scale of the industry remains stable, with a decrease in enthusiasm leading to differentiation among companies [12][19]. - Policy expectations are anticipated to strengthen further, driven by public statements from industry leaders [22][23]. - New technologies, particularly BC technology, are gaining attention, while other routes are progressing steadily [26][28]. - Auxiliary materials and equipment are advancing with BC and TOPCon modifications, contributing to efficiency improvements [46][62]. - Inverters are evolving, with a focus on commercial storage solutions and continued iterations in large-scale storage [67][82]. Summary by Sections Overall - The scale of the industry is stable with over 3,500 participating companies and more than 500,000 attendees, showing no significant change from 2024 [19]. - There is a noticeable decrease in overall enthusiasm, with some exhibition spaces left vacant, indicating a divergence in interest between leading and smaller companies [19]. Policy - Industry leaders are actively promoting policy implementation, with initial solutions proposed to address the "internal competition" in the silicon material sector [23]. - The asset-liability ratio in the photovoltaic main industry chain has shown a significant increase, indicating financial pressures [24]. New Technologies - The HIBC technology from Longi has achieved a standard module power of over 700W, while Aiko's ABC modules have a double-sided rate of 80% ± 5% [28]. - The TOPCon route focuses on efficiency improvements, with leading companies showcasing modules with power ratings up to 670W and conversion efficiencies of 24.8% [33]. - HJT technology is also advancing, with Tongwei's HJT module reaching a power output of 790.8W, marking a significant achievement in the sector [41]. Auxiliary Materials & Equipment - Leading manufacturers are launching BC-specific products, including low-weight encapsulation films and high-reflectivity black materials [46]. - The introduction of low-cost metal solutions is becoming a trend, with companies like Jingsilver and Shanghai Silver Paste showcasing their innovations [52]. - Equipment for TOPCon modifications is gaining traction, with edge passivation becoming a mainstream technology [62]. Inverters - The focus on commercial storage products is evident, with new high-power products being prominently displayed at the SNEC exhibition [67]. - The latest large-scale storage solutions, such as the PowerTitan3.0 from Sungrow, feature significant upgrades in capacity and efficiency [82].

| 证券代码：603806 | 证券简称：福斯特 | | 公告编号：2025-044 | | --- | --- | --- | --- | | 转债代码：113661 | 转债简称：福 22 | 转债 | | 杭州福斯特应用材料股份有限公司 关于实施 2024 年度权益分派时"福 22 转债"停止转股 暨转股价格调整的提示性公告 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： 证券停复牌情况：适用 因杭州福斯特应用材料股份有限公司（以下简称"公司"）实施 2024 年度权 益分派,本公司的相关证券停复牌情况如下：自 2024 年度权益分派实施公告前一 交易日（2025 年 6 月 16 日）至权益分派股权登记日间，"福 22 转债"将停止转股。 | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 113661 | 福 22 转债 | 可转债转股停 | 2025/6 ...

Group 1 - The company will stop the conversion of "Fu 22 Convertible Bonds" from June 16, 2025, until the equity registration date due to the implementation of the 2024 annual equity distribution [1][3] - The 2024 annual equity distribution plan includes a cash dividend of 2.60 yuan (including tax) for every 10 shares, based on the total number of shares minus those held in the company's repurchase account [2][3] - The equity distribution plan was approved at the 2024 annual shareholders' meeting held on April 30, 2025 [2] Group 2 - The company will announce the implementation of the equity distribution and the adjustment of the conversion price for "Fu 22 Convertible Bonds" on June 17, 2025 [3] - Holders of "Fu 22 Convertible Bonds" can convert their bonds until June 13, 2025, to enjoy the equity distribution [3] - The conversion price of "Fu 22 Convertible Bonds" will be adjusted according to the terms outlined in the prospectus following the equity distribution [2]

| 证券代码：603806 | 证券简称：福斯特 | | 公告编号：2025-044 | | --- | --- | --- | --- | | 转债代码：113661 | 转债简称：福 22 | 转债 | | 杭州福斯特应用材料股份有限公司 （二）本次权益分派方案已经公司于 2025 年 4 月 30 日召开的 2024 年年度股 东大会审议通过，具体内容详见公司在上海证券交易所网站披露的《福斯特：2024 年年度股东大会决议公告》（公告编号：2025-039）。 关于实施 2024 年度权益分派时"福 22 转债"停止转股 暨转股价格调整的提示性公告 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： 证券停复牌情况：适用 因杭州福斯特应用材料股份有限公司（以下简称"公司"）实施 2024 年度权 益分派,本公司的相关证券停复牌情况如下：自 2024 年度权益分派实施公告前一 交易日（2025 年 6 月 16 日）至权益分派股权登记日间，"福 22 转债"将停止转股。 | 证券代码 | 证券简称 | 停复牌类 ...

根据中国证券监督管理委员会《上市公司证券发行注册管理办法》、《公司债 券发行与交易管理办法》和上海证券交易所《股票上市规则》、《公司债券上市规 则》的有关规定，杭州福斯特应用材料股份有限公司(以下简称"公司")委托联 合资信评估股份有限公司（以下简称"联合资信"）对公司 2022 年发行的可转换 公司债券（转债简称："福 22 转债"，转债代码：113661）进行了跟踪评级。 公司前次主体信用评级结果为"AA"；"福 22 转债"前次信用评级结果为"AA"； 前次评级展望为"稳定"；评级机构为联合信用评级有限公司，评级时间为 2024 年 6 月 6 日。 | 证券代码：603806 | 证券简称：福斯特 | | | 公告编号：2025-043 | | --- | --- | --- | --- | --- | | 转债代码：113661 | 转债简称：福 | 22 | 转债 | | 杭州福斯特应用材料股份有限公司 关于公开发行可转换公司债券 2025 年跟踪评级报告的公告 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 公开发行可转换公司债券 2025 年跟踪评级报告 1 www.lhratings.com . 联合〔2025〕3644 号 联合资信评估股份有限公司通过对杭州福斯特应用材料股份有 限公司主体及其相关债券的信用状况进行跟踪分析和评估，确定维 持杭州福斯特应用材料股份有限公司主体长期信用等级为 AA，维 持"福 22 转债"的信用等级为 AA，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 五、本报告所含评级结论和相关分析不构成任何投资或财务建议，并且 不应当被视为购买、出售或持有任何金融产品的推荐意见或保证。 六、本报告不能取代任何机构或个人的专业判断，联合资信不对任何机 构或个人因使用本报告及评级结果而导致的任何损失负责。 七、本报告所列示的主体评级及相关债券或证券的跟踪评级结果，不得 用于其他债券或证券的发行活动。 跟踪评级报告 | 2 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见 ...

Investment Rating - The report does not provide specific investment ratings for the sub-industries within the power equipment and new energy sector [6]. Core Viewpoints - The overall strategy for the industry emphasizes the AI upgrade of electric vehicles and the establishment of a solid foundation for photovoltaics, with new energy and AI being the primary focus [3][4]. Summary by Relevant Sections New Energy Vehicle Industry Chain - The electric vehicle sector is undergoing a transformation characterized by electrification, intelligence, and AI integration, benefiting companies like Xiaomi and XPeng. Xiaomi's YU7 model boasts a maximum range of 835 km, with a net profit of 10.7 billion yuan in Q1 2025, a year-on-year increase of 64.5%. The revenue from smart electric vehicles and AI-related innovations reached 18.6 billion yuan [4]. - Battery companies are continuously upgrading, with a focus on ecosystem development and solid-state technology, benefiting firms like CATL. Recently, CATL signed an agreement with the Lanzhou government to collaborate on new energy battery markets and zero-carbon city initiatives [4]. Photovoltaic and Energy Storage Industry Chain - The energy storage market is accelerating, with leading companies like Haibo Si Chuang benefiting from rapid development. From January to April 2025, the new energy storage bidding market in China saw a significant increase, with a scale of 27.1 GW/132.3 GWh, a year-on-year surge of 281% [5]. - It is currently viewed as an opportune time to invest in leading photovoltaic companies, as Aisui Co. reported a significant sales premium for its ABC components, with a shipment volume of 4.54 GW in Q1, reflecting a more than 40% quarter-on-quarter growth [5]. AI and New Energy, Wind Power Industry Chain - The integration of new energy with humanoid robotics presents new opportunities. The CEO of OpenAI has indicated that humanoid robots are on the horizon, which could significantly alter human perspectives and work-life patterns [6]. - The first batch of solid-state batteries for construction robots has been successfully mass-produced and delivered, marking a significant advancement in the application of solid-state technology [6]. Industry News Tracking - The report highlights that the new energy and AI sectors are experiencing a transformative phase, with significant implications for technology upgrades and market competition dynamics [22]. - The photovoltaic market is expected to stabilize, with recent data indicating that the new installed capacity for solar power reached 104.93 GW in the first four months of 2025, with April alone contributing 45.22 GW, the highest monthly figure in history [21].

Investment Rating - The report does not provide specific investment ratings for the sub-industries within the power equipment and new energy sector [6]. Core Insights - The overall strategy for the industry emphasizes the AI upgrade of electric vehicles and the establishment of a solid foundation for photovoltaics [3][4]. - The new energy and AI sectors remain the primary focus, with the AI transformation of electric vehicles and related extensions being central to the current trends [3][4]. Summary by Relevant Sections New Energy Vehicle Industry Chain - The electric vehicle sector is undergoing a triple transformation of electrification, intelligence, and AI integration, benefiting companies with advantages in AI technology, such as Xiaomi and XPeng [4]. - Xiaomi's YU7 model features a maximum range of 835 km, with a net profit of 10.7 billion yuan in Q1 2025, a year-on-year increase of 64.5% [4]. - XPeng's M03 Max was launched at a starting price of 129,800 yuan, equipped with advanced AI systems [4]. Battery Enterprises - Battery companies are continuously upgrading, focusing on ecosystem development and solid-state technology, with CATL being a key beneficiary [4]. - CATL signed an agreement with the Lanzhou government to collaborate on new energy battery markets and zero-carbon city initiatives [4]. Photovoltaic and Energy Storage Industry Chain - The energy storage market is accelerating, with significant growth in new energy storage bidding, reaching 27.1 GW/132.3 GWh in the first four months of 2025, a year-on-year increase of 281% [5]. - Aiko's ABC components have seen significant sales premiums, with a first-quarter shipment of 4.54 GW, a quarter-on-quarter increase of over 40% [5]. AI and New Energy - The integration of AI with new energy and humanoid robots presents new opportunities, with successful mass production of solid-state batteries for construction robots [6]. - The report highlights the potential of humanoid robots to significantly change human perspectives and work-life patterns [6]. Industry News Tracking - The report notes that the new energy and AI sectors are experiencing rapid developments, with significant events such as CATL's collaboration with the Lanzhou government and the delivery of solid-state batteries by Factorial to drone clients [21][37].