| 证券代码：603806 | 证券简称：福斯特 | | 公告编号：2025-062 | | --- | --- | --- | --- | | 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 2025年第三次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 9 月 16 日 二、 议案审议情况 (一)非累积投票议案 1、 议案名称：《关于取消监事会并修订<公司章程>的议案》 审议结果：通过 表决情况： (二)股东大会召开的地点：浙江省杭州市临安区锦北街道福斯特街 8 号·杭州福 斯特应用材料股份有限公司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 757 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,710,805,112 | | ...

Company Overview - Foster is located in Lin'an District, Hangzhou, Zhejiang Province, established on May 12, 2003, and listed on September 5, 2014 [2] - The company specializes in the research, production, and sales of solar cell encapsulation films, polyamide mesh hot melt adhesive films, and solar cell backsheets [2] - The main business revenue composition includes: photovoltaic encapsulation films (90.65%), photosensitive dry films (4.08%), photovoltaic backsheets (2.20%), and others [2] Financial Performance - For the first half of 2025, Foster achieved operating revenue of 7.959 billion yuan, a year-on-year decrease of 26.06% [2] - The net profit attributable to shareholders was 496 million yuan, down 46.60% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 3.669 billion yuan, with 1.361 billion yuan distributed in the last three years [3] Stock Market Activity - As of September 16, Foster's stock price was 16.21 yuan per share, with a market capitalization of 42.288 billion yuan [1] - Year-to-date, the stock price has increased by 11.49%, with a 27.54% rise over the past 60 days [1] - The stock has appeared on the "Dragon and Tiger List" once this year, with a net purchase of 1.4 billion yuan on July 29 [1] Shareholder Structure - As of June 30, 2025, the number of shareholders was 71,700, a decrease of 0.28% from the previous period [2] - The top circulating shareholder is Hong Kong Central Clearing Limited, holding 95.8434 million shares, an increase of 21.0567 million shares [3] - New entrants among the top shareholders include E Fund CSI 300 ETF, holding 13.256 million shares [3]

Summary of the Solar Industry Conference Call Industry Overview - The solar industry is experiencing initial success in combating internal competition, with the Ministry of Industry and Information Technology (MIIT) emphasizing the need to address low-price competition [1][2] - The price of rod silicon has slightly increased to 55,000 RMB, improving the profitability of leading companies, while downstream prices for silicon wafers and battery components are also rising [1][4] Key Points and Arguments - The cancellation of export tax rebates is expected to lead to adjustments in overseas component prices, with discussions on futures contracts aiding price transmission [1][5] - The industry is focusing on capacity governance, production and sales restrictions, and price management, with potential mergers and acquisitions expected to be finalized in October [1][6] - A reduction in production plans has been implemented by silicon material companies, with an expected decrease in total industry capacity from 3.5 million tons to over 2 million tons by 2026, aligning with a demand of over 600 GW [1][8] Price Trends and Market Dynamics - The solar industry chain has seen a slight price increase, with significant price hikes in component procurement bids from major companies like China Resources and Huadian [1][4] - The industry anticipates further price increases in Q4 due to policy support and a gradual recovery in domestic demand driven by the implementation of detailed regulations [1][9] Future Development Directions - The future development of the solar industry will focus on capacity governance, production and sales restrictions, and price management, with legal measures being considered if market-based approaches do not yield expected results [1][6][7] - The industry is expected to see positive changes by the end of the year, similar to supply-side reforms in the steel industry [7] Production and Sales Outlook - Current production is estimated between 125,000 to 130,000 tons, with total production potentially reaching 500,000 tons if this level is maintained from September to December [1][8] - Sales are expected to be constrained, but effective monthly demand anchoring and strict planning will support supply-demand balance [1][8] Investment Opportunities - The solar sector's stock prices are currently low, with a more favorable fundamental outlook compared to the same period last year [1][12] - Investment opportunities are seen in leading silicon material companies and new technology representatives, as well as integrated component leaders [1][12][13]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 7.959 billion yuan for the first half of 2025, a year-on-year decrease of 26.06%, with a net profit attributable to shareholders of 496 million yuan, down 46.6% year-on-year. In Q2 2025, revenue was 4.334 billion yuan, a year-on-year decrease of 20.36%, but a quarter-on-quarter increase of 19.58%. The net profit for Q2 was 95 million yuan, down 76.75% year-on-year and down 76.41% quarter-on-quarter. The net profit for the first half of the year was better than the performance forecast [2][5] Summary by Sections Business Performance - In the first half of 2025, the sales volume of film products was nearly 1.4 billion square meters, remaining stable year-on-year, with a gross margin of 11%, down 5 percentage points year-on-year due to a decline in film prices compared to last year. In Q2, both sales volume and gross margin are expected to increase quarter-on-quarter, although the gross margin is expected to decline due to a drop in film prices after the domestic rush to install [11] - The sales volume of photosensitive dry film in the first half of 2025 was nearly 90 million square meters, a year-on-year increase of 22%, with corresponding revenue growth of 18% and a gross margin of 25%, remaining stable year-on-year. In Q2, both sales volume and profitability are expected to grow [11] - The sales volume of aluminum-plastic film in the first half of 2025 was 6.66 million square meters, a year-on-year increase of 19%. The company is focusing on the aluminum-plastic film business as part of its functional film materials division. The sales volume of photovoltaic backsheet was 33.7 million square meters, down about 50% year-on-year due to an increase in the proportion of double-glass components, leading to a decrease in demand for backsheets [11] Financial Indicators - As of the end of Q2, the company's asset-liability ratio was 21%, maintaining an excellent level in the industry. The cash and cash equivalents plus trading financial assets were nearly 6 billion yuan, indicating ample cash reserves. The net cash flow from operating activities for the first half of the year was approximately -900 million yuan, mainly due to a timing difference between sales revenue and actual cash receipts [11] - The company expects an increase in film shipments in the second half of the year, with overseas production capacity gradually contributing to revenue. The profitability of film products is expected to recover, and the photosensitive dry film business is anticipated to benefit from the acceleration of AI applications [11] Future Outlook - The company forecasts a net profit attributable to shareholders of 2.3 billion yuan for 2026, corresponding to a price-to-earnings ratio of 18 times, maintaining the "Buy" rating [11]

Market Performance - The BC battery concept index declined by 1.02% as of the market close on September 12, ranking among the top decliners in the concept sector [1] - Within the BC battery sector, leading stocks such as XianDao Intelligent, JuHe Materials, and DiEr Laser experienced significant declines, while stocks like Robotech, Inno Laser, and Dongcai Technology saw gains of 8.83%, 4.57%, and 3.43% respectively [1] Capital Flow - The BC battery concept sector experienced a net outflow of 2.538 billion yuan, with 32 stocks facing net outflows, and 5 stocks seeing outflows exceeding 100 million yuan [2] - XianDao Intelligent led the outflow with a net withdrawal of 1.308 billion yuan, followed by Dongcai Technology, Longi Green Energy, and JuHe Materials with outflows of 267 million yuan, 201 million yuan, and 158 million yuan respectively [2] Top Gainers and Losers - The top gainers in the BC battery concept included Robotech, Foster, and Arctech, with net inflows of 88.06 million yuan, 72.77 million yuan, and 40.07 million yuan respectively [3] - The top decliners in the BC battery concept included XianDao Intelligent with a decline of 8.86%, JuHe Materials with a decline of 6.64%, and DiEr Laser with a decline of 6.16% [2][3]

Investment Rating - The report maintains an "Overweight" rating for the electric equipment and new energy industry [2] Core Insights - The report highlights the issuance of the "New Energy Storage Scale Construction Special Action Plan" by the National Development and Reform Commission and the National Energy Administration, aiming for a new energy storage capacity of over 180 million kilowatts by 2027, with direct investment of approximately 250 billion yuan [5][36] - The electric equipment sector has shown strong performance, with a 28.39% increase year-to-date, outperforming the CSI 300 index by 12.81 percentage points [12][18] - The report suggests focusing on leading inverter companies that benefit from the development of new energy storage technologies [40] Market Review - As of September 11, 2025, the electric equipment industry has risen by 11.64% over the past two weeks, ranking first among 31 industries [12] - The wind power equipment sector increased by 0.35%, while the photovoltaic equipment sector rose by 13.34% [18] - The battery sector saw a significant increase of 19.50% in the same period [18] Valuation and Industry Data - The electric equipment sector's PE (TTM) is 31.61 times, with sub-sectors like the motor sector at 61.67 times and photovoltaic equipment at 25.19 times [25] - The report provides detailed valuation metrics for various sub-sectors, indicating a strong market position for electric equipment [25] Industry News - The report discusses the "Electric Equipment Industry Steady Growth Work Plan (2025-2026)" aimed at improving equipment supply quality and promoting high-quality development of new energy equipment [36] - It also mentions the ongoing efforts to enhance the acceptance and regulation capabilities of the grid for clean energy [36] Company Announcements - The report includes various company announcements, such as the completion of registration procedures by Xidian New Energy in Thailand and significant contract wins by Youxunda [38] Weekly Perspective - The report emphasizes the importance of the new energy storage plan and its implications for the electric equipment sector, suggesting that companies with advanced technology and scale in inverter production should be closely monitored [39][40]

Core Viewpoint - Foster (603806.SH) has completed a share reduction plan by its shareholder, Hangzhou Lin'an Tongde Industrial Investment Co., Ltd., resulting in a total reduction amount of 469 million yuan [1] Group 1: Share Reduction Details - From August 11 to September 10, Tongde Industrial reduced a total of 32,523,614 shares, accounting for 100% of the planned reduction and 1.25% of the company's total share capital [1] - Following the reduction, Tongde Industrial no longer holds any shares in Foster, with its shareholding reduced to 0 shares [1] - The share reduction plan was initially announced on August 5, allowing for a maximum reduction of 32,523,614 shares within three months [1] Group 2: Financial Performance - In the first half of the year, Foster's net profit halved year-on-year, marking the company's worst semi-annual performance since 2021 [2] - The company achieved revenue of 7.559 billion yuan, a year-on-year decrease of 26.06%, and a net profit attributable to shareholders of 496 million yuan, down 46.60% year-on-year [2] - The revenue decline was attributed to stable sales volume of photovoltaic film but a decrease in sales prices due to market conditions, alongside a significant drop in sales volume and prices of photovoltaic backboards [2] Group 3: Market Reaction - As of the announcement date, Foster's stock price increased by 5.40%, reaching 16.59 yuan per share, with a total market capitalization of 43.28 billion yuan [3]

Summary of Key Points Core Viewpoint - The announcement details the completion of a share reduction plan by a major shareholder of Foster Applied Materials Co., Ltd, indicating a total reduction of 32,523,614 shares, which represents 1.25% of the company's total equity [2][4]. Group 1: Shareholder Holding Information - As of the announcement date (August 6, 2025), the shareholder, Hangzhou Lin'an Tongde Industrial Investment Co., Ltd, held 32,523,614 non-restricted circulating shares, accounting for approximately 1.25% of the company's total equity [2]. Group 2: Implementation of Reduction Plan - The share reduction plan was executed from August 11, 2025, to September 10, 2025, with the shareholder successfully reducing the full amount of shares planned, totaling 32,523,614 shares, which is 100% of the planned reduction [2][4]. - The actual reduction matched the previously disclosed plan, confirming that the minimum reduction quantity was achieved [4].

Group 1 - Foster announced the completion of a share reduction plan, with a total of 32,523,614 shares sold by Tongde Industrial, accounting for 100% of the planned reduction and 1.25% of the company's total share capital [1] - For the first half of 2025, Foster's revenue composition was as follows: 92.85% from the photovoltaic industry, 4.86% from electronic materials, 0.89% from textiles, 0.71% from other businesses, and 0.39% from other industries [1] - As of the latest report, Foster's market capitalization stands at 41.1 billion yuan [2]

| 证券代码：603806 | 证券简称：福斯特 | | 公告编号：2025-061 | | --- | --- | --- | --- | | 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 股东持股的基本情况：截至本次减持计划公告日（2025 年 8 月 6 日）， 杭州临安同德实业投资有限公司（以下简称"同德实业"）持有杭州福 斯特应用材料股份有限公司（以下简称"公司"）非限售流通股 32,523,614 股，约占公司总股本的 1.25%。 减持计划的实施结果情况：2025 年 8 月 11 日至 2025 年 9 月 10 日，同 德实业合计减持 32,523,614 股公司股份，占本次减持计划股份数 100%， 占公司总股本 1.25%，本次减持计划实施完毕。 二、减持计划的实施结果 (一)股东因以下事项披露减持计划实施结果： 减持计划实施完毕 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、准确性和完整性承担法律责任。 重要内容提示： | 股东名称 | 杭州临安同 ...