Core Viewpoint - Foster announced the approval of a proposal to conclude certain fundraising projects and permanently supplement working capital with the remaining funds, which will be discussed at the upcoming shareholders' meeting [1] Summary by Relevant Sections Project Conclusion - The company will conclude several projects, including a flexible copper-clad laminate project with an annual production capacity of 5 million square meters, and two high-efficiency battery packaging film projects in Vietnam and Thailand, each with an annual capacity of 250 million square meters, as well as a 12MW distributed photovoltaic power generation project [1] Fund Utilization - The total expected surplus funds from the concluded projects are approximately 28,304.69 million yuan, broken down as follows: 68.87 million yuan from the flexible copper-clad laminate project, 165.23 million yuan from the Vietnam project, 79.88 million yuan from the Thailand project, and 6.85 million yuan from the photovoltaic project [1] Future Financial Management - The company plans to use the surplus funds to permanently supplement its working capital, while any outstanding amounts related to the fundraising projects will continue to be paid from the existing fundraising accounts [1]

南财智讯12月15日电，福斯特公告，杭州福斯特应用材料股份有限公司于2025年12月15日收到公司副总 经理宋赣军先生的辞职报告。宋赣军先生因工作调整原因辞去公司副总经理职务。辞职后，宋赣军先生 仍将继续担任公司控股子公司杭州福斯特电子材料有限公司法定代表人兼总经理。 ...

Core Viewpoint - The solar EVA industry is experiencing significant growth, driven by the rapid development of the photovoltaic sector, with China's solar EVA production expected to reach 131.1 GW in 2024, a year-on-year increase of 10.7% [1][7]. Summary by Sections 1. Overview of the Solar EVA Industry - Solar EVA is a thermosetting adhesive film made from ethylene-vinyl acetate copolymer, primarily used in solar photovoltaic modules and optical products [3]. - It possesses high transparency and strong adhesion, suitable for various materials, and is resistant to high temperatures, moisture, and UV radiation [3]. 2. Industry Chain of Solar EVA - The upstream raw materials for solar EVA include ethylene and vinyl acetate, which are polymerized to form EVA resin [4]. - The downstream application is primarily in the photovoltaic industry [4]. 3. Current Development of the Solar EVA Industry - Solar EVA holds over 50% market share due to its excellent packaging performance and low cost [1][7]. - The production of solar EVA is expected to continue growing, supported by government initiatives and technological advancements [1][7]. 4. Competitive Landscape of the Solar EVA Industry - Major players in the solar EVA market include Foster, Haiyou New Materials, and Lushan New Materials, with some foreign brands like LG Chem and Sumitomo Chemical also present [8]. 5. Development Trends in the Solar EVA Industry - Companies are expected to increase R&D investments to develop high-performance, differentiated EVA products [10]. - There will be a focus on optimizing capacity layout and enhancing collaboration between upstream and downstream enterprises to ensure stable supply chains [11][12]. - The industry will also emphasize green production and sustainable development practices to meet environmental standards [13].

Summary of Foster's Conference Call Company Overview - Foster has established its second growth curve in electronic materials, benefiting from AI technology and hardware investments, with expectations for higher growth rates and development of mid-to-high-end materials, particularly driven by demand from PCB companies [2][4][5] - The company maintains a strong financial position with a debt-to-asset ratio below 20%, ensuring sufficient capital reserves for high dividend payouts and future expansions in the new energy (photovoltaic, lithium battery) and electronic materials sectors [2][4] Key Insights Photovoltaic Sector - The photovoltaic market is experiencing a reversal of internal competition policies, with many third-tier film companies exiting the market, allowing Foster to leverage its competitive edge for profit recovery as the industry rebounds [2][5] - Foster's photovoltaic film business holds a global market share exceeding 50%, continuing to generate profits even during industry downturns [4] Electronic Materials Sector - Collaborations with leading clients such as Jianding, Dongshan Precision, and Huidian are expected to sustain over 30% growth in electronic materials by 2026 [2][6] - Foster plans to launch new electronic materials production capacity at a new base in South China, focusing on high-end dry film products to meet customer demands for narrow-format dry films [2][7] Financial Performance - The dry film business has surpassed the profitability of glue film products, with gross margins exceeding 20% and net profits nearing 10%, with expectations for margins to reach over 25% or even 30% as structural optimizations and scale advantages are realized [2][12] - New business revenue share is projected to increase from less than 5% to 20%-30% within five years, with a long-term goal of achieving a 50% revenue share for both photovoltaic and non-photovoltaic businesses, transforming Foster into a platform materials company [2][13] Market Dynamics Competitive Landscape - The dry film market faces challenges due to the complexity of product specifications and customization, with Chinese companies leading in the photovoltaic supply chain but traditionally focusing on mid-to-low-end electronic circuit sectors [14] - Global high-end materials are still dominated by Japanese companies, but Foster's established systems and resources position it well against new entrants [14] Production and Capacity - Foster's overseas production capacity is approximately 600 million square meters, with expectations for overseas production and sales to account for about 20% of total business by 2025 [18] - The company is optimistic about future growth in the photovoltaic sector, driven by declining costs and advancements in energy storage technology, particularly in emerging markets [20][21] Aluminum-Plastic Film Business - The aluminum-plastic film segment is benefiting from the mass production of solid-state batteries, with a significant increase in shipment volumes and a strong market position domestically and globally [22] Conclusion - Foster is well-positioned for future growth in both the photovoltaic and electronic materials sectors, with a strong financial foundation, strategic partnerships, and a focus on high-end product development. The company anticipates significant market opportunities driven by technological advancements and changing industry dynamics.

Core Viewpoint - The photovoltaic (PV) industry is experiencing a significant turnaround after a prolonged downturn, with the PV index rising over 30% from July 1 to November 14 this year, indicating renewed investor interest and potential recovery in the sector [1][2]. Group 1: Industry Performance - The PV sector was previously a high-performing area for many fund managers, particularly between 2020 and 2022, driven by favorable conditions such as tight silicon supply, high installation growth, and strong policy support [1]. - In 2023, a price war emerged, leading to a decline in the performance of leading companies and a significant drop in the stock prices of many star PV stocks [2]. - As of the third quarter of 2025, major companies like Sungrow Power and JA Solar have consistently remained in the top holdings of various funds, indicating a continued belief in the sector despite recent challenges [2]. Group 2: Fund Manager Strategies - Some fund managers, like Zheng Chengran from GF Fund, have maintained their positions in the PV sector, believing that the industry is on the verge of a new upward cycle, with expectations for recovery starting in early 2024 [2][3]. - Other managers, such as Lu Bin from HSBC Jintrust, have also shown confidence in the sector, reporting over 40% cumulative returns in their funds due to strategic investments in leading PV stocks [3]. - Conversely, some fund managers have exited the PV sector after significant losses, missing the recent rebound that began in July [4][5]. Group 3: Market Dynamics - The industry is witnessing a fundamental improvement in supply-demand dynamics, with a report indicating that the PV industry is moving towards price recovery and reduced losses for companies [6][7]. - The price of polysilicon has rebounded from a low of 35,000 yuan/ton to over 50,000 yuan/ton, reflecting the impact of policy interventions and industry self-discipline [7]. - The overall market sentiment is shifting positively, with public funds increasing their allocation to the PV sector as valuations remain attractive [7].

Core Viewpoint - Foster (603806.SH) is the world's largest supplier of optical conversion films, which enhance the power generation of photovoltaic modules by converting ultraviolet light into visible light [1] Group 1: Company Overview - The company specializes in optical conversion films that are widely used in various types of photovoltaic components, including HJT, BC, perovskite, and perovskite tandem modules [1] - Currently, the optical conversion films are predominantly applied in HJT components, while their use in perovskite components is still in the trial phase due to ongoing technological development [1] Group 2: Industry Position - As a leading global enterprise in photovoltaic adhesive films, the company collaborates extensively with various types of component customers worldwide, providing a wide range of film products [1]

Core Viewpoint - The company has developed a packaging solution using POE adhesive film and butyl rubber, which is particularly suitable for encapsulating perovskite solar cells, addressing their sensitivity to moisture [2]. Group 1 - The company responded to an investor inquiry about the application of new materials, such as butyl rubber, in perovskite battery technology [2]. - Perovskite batteries are more sensitive to moisture compared to traditional silicon solar cells, necessitating high-performance moisture barrier solutions [2]. - The company obtained the world's first TV Rheinland certification for its butyl rubber in October this year [2].

Core Viewpoint - The company has developed a packaging solution using POE adhesive film and butyl rubber, which is particularly suitable for encapsulating perovskite solar cells, addressing their sensitivity to moisture [1]. Group 1 - The company responded to an investor inquiry regarding the application of new materials, such as butyl rubber, in perovskite battery technology [1]. - Compared to traditional silicon solar cells, perovskite cells are more sensitive to moisture, necessitating high-performance moisture barrier solutions [1]. - The company obtained the world's first TÜV Rheinland certification for butyl rubber in October of this year [1].

Core Viewpoint - The company Foster (603806) emphasizes the need for advanced moisture barrier solutions for perovskite solar cells due to their sensitivity to humidity compared to traditional silicon solar cells [1] Group 1: Company Developments - Foster has developed a packaging solution combining POE film and butyl rubber, which is particularly suitable for encapsulating perovskite solar cell modules [1] - The company received the world's first T V Rheinland certification for its butyl rubber in October this year [1]

Core Viewpoint - The company emphasizes the need for high water resistance in packaging solutions for perovskite solar cells due to their increased sensitivity to moisture compared to traditional silicon solar cells [1] Group 1 - The company has developed a packaging solution using a combination of POE film and butyl rubber, which is particularly suitable for encapsulating perovskite solar cell modules [1] - In October, the company obtained the world's first TÜV Rheinland certification for its butyl rubber product [1]