Core Viewpoint - Foster (603806.SH) has indicated that its aluminum-plastic film and blue film products are applicable for energy storage batteries, with specific uses in soft packaging and insulation protection for battery cells [1] Group 1 - The aluminum-plastic film is suitable for soft packaging of energy storage batteries [1] - The blue film is used for insulation protection of battery cell casings [1] - The company has established collaborations with several energy storage battery clients [1]

Core Viewpoint - Foster (603806.SH) has announced that its aluminum-plastic film and blue film products are applicable for energy storage batteries, indicating a strategic move into the energy storage sector [1] Group 1: Product Applications - The aluminum-plastic film is suitable for soft packaging of energy storage batteries [1] - The blue film is designed for insulation protection of battery cell shells [1] Group 2: Partnerships - The company has already established collaborations with several energy storage battery customers [1]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **polysilicon industry** and its dynamics within the **photovoltaic (PV) sector** [1][2][3]. Core Insights and Arguments - **Energy Consumption Standards**: New energy consumption standards may reduce effective polysilicon production capacity by **30%**, down to **2.4 million tons/year**. Non-compliant companies may face rectification or shutdown [1][3]. - **Price Dynamics**: Polysilicon market prices are polarized; resources priced below **52,000 CNY/ton** are in high demand, while those above **53,000 CNY/ton** face limited acceptance. This is attributed to cautious price transmission from components and anticipated hydropower reductions [1][4]. - **Anti-Competition Policies**: The government has strengthened anti-competition policies, introducing penalties for below-cost dumping, which is deemed unfair pricing. This has led to a more robust internal price feedback mechanism [1][5]. - **Profitability Potential**: The average price of polysilicon is approximately **50,000 CNY/ton**, with a cash cost of about **27,000 CNY/ton**, allowing for a net profit of **7,000 CNY/ton**. However, the industry's operating rate is below **70%**, impacting profitability [1][6]. - **Supply Chain Reforms**: Expectations for supply-side reforms in the PV industry are increasing, with a clear logic for price recovery. The commitment to anti-competition measures is crucial for restoring a healthy market structure [1][7]. Additional Important Content - **Recent Price Adjustments**: As of September 5, domestic polysilicon prices have increased, with rod silicon priced at **55,000 CNY/ton** and granular silicon at **49,000 CNY/ton**. The PV sector has shown good performance, primarily driven by energy storage [1][8]. - **Challenges in the Industry**: The polysilicon industry faces challenges such as low operating rates, increased fixed costs due to depreciation, and ongoing losses for some manufacturers despite cost optimization efforts [1][11]. - **Investment Recommendations**: The industry is expected to experience a supply-demand turning point due to anti-competition measures. Key investment areas include polysilicon materials and PV glass, with specific companies recommended for attention [1][14][15]. Conclusion - The polysilicon industry is undergoing significant changes driven by new regulations and market dynamics. The focus on anti-competition measures and supply-side reforms is expected to lead to improved profitability and a healthier market structure in the photovoltaic sector.

杭州福斯特应用材料股份有限公司 关于提前归还部分募集资金的公告 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（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：关于归还募集资金及继续使用募集资金临时补充流动资金的公告》（公告 编号：2025-015）。 2025 年 5 月 27 日，公司将暂时用于补充流动资金的募集资金中的 5,000 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，具体内容请详见公司于 2025 年 5 月 28 日在上海证券交易所网 ...

Group 1 - The core business of Foster includes the research, production, and sales of solar cell encapsulants, copolyamide mesh hot melt adhesives, and solar cell backsheets, with the main revenue sources being photovoltaic encapsulants (90.65%), photosensitive dry films (4.08%), and photovoltaic backsheets (2.20%) [2] - As of June 30, 2025, Foster reported a revenue of 7.959 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] - Since its A-share listing, Foster has distributed a total of 3.669 billion yuan in dividends, with 1.361 billion yuan distributed over the past three years [3] Group 2 - As of June 30, 2025, the number of shareholders in Foster was 71,700, a decrease of 0.28% from the previous period, with an average of 36,370 circulating shares per person, an increase of 0.28% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 95.8434 million shares, an increase of 21.0567 million shares from the previous period [3] - The stock price of Foster has increased by 4.54% year-to-date, but has decreased by 6.81% over the last five trading days [1]

Core Viewpoint - Foster (603806.SH) has been developing aluminum-plastic film since 2016, positioning itself well in the domestic market with strong shipment and brand recognition as it prepares to capitalize on new opportunities in solid-state battery packaging [1] Company Development - The company has developed product technologies for both dry and thermal processes and has conducted research on core equipment [1] - Foster is collaborating with leading battery enterprises to develop materials related to solid-state batteries, indicating a strategic focus on innovation and partnerships in the battery sector [1] Industry Opportunity - The flexibility and ductility of aluminum-plastic film make it particularly suitable for solid-state battery packaging, which is expected to see increased production as domestic battery companies push for mass production [1]

Core Insights - A new company named Hangzhou Foster Huanyu Trading Co., Ltd. has been established, with Zhou Guangda as the legal representative [1] - The company is wholly owned by Foster and its business scope includes sales of power electronic components, retail of electronic components, sales of specialized semiconductor equipment, and sales of battery accessories [1] Company Summary - Hangzhou Foster Huanyu Trading Co., Ltd. is a newly formed entity under Foster, indicating potential expansion in the electronic components sector [1] - The establishment of this company may enhance Foster's market presence in the power electronics and semiconductor industries [1]

Meeting Overview - The third extraordinary general meeting of shareholders was held on September 16, 2025, at the company's meeting room in Hangzhou, Zhejiang Province [2][3] - The meeting was convened by the board of directors and chaired by Chairman Lin Jianhua, utilizing a combination of on-site and online voting methods, in compliance with the Company Law and the Articles of Association [2][3] Attendance - All 7 current directors and 3 current supervisors attended the meeting, along with the board secretary and senior management [3] Resolutions Passed - The following resolutions were approved during the meeting: 1. Proposal to abolish the supervisory board and amend the Articles of Association [4] 2. Proposal to formulate and amend certain governance systems, including: - Revision of the Rules of Procedure for Shareholders' Meetings [5] - Revision of the Rules of Procedure for Board Meetings [5] - Revision of the External Guarantee Management System [5] 3. Election of Mr. Zhou Huanqing as a non-independent director of the sixth board of directors [5] Voting Results - The first proposal, a special resolution, was passed with more than two-thirds of the valid voting rights held by attending shareholders [5] - The second and third proposals, ordinary resolutions, were passed with more than half of the valid voting rights held by attending shareholders [5] Legal Verification - The meeting was witnessed by Zhejiang Tian Ce Law Firm, confirming that the convening and procedures of the meeting complied with legal regulations and the Articles of Association, and that the voting results were legal and valid [5] Board Meeting Overview - The ninth meeting of the sixth board of directors was held on September 16, 2025, in the company meeting room, with all 9 directors present [7] - The meeting was chaired by Chairman Lin Jianhua and complied with relevant legal regulations and the Articles of Association [7] Board Resolutions - The following resolutions were approved: 1. Election of Lin Jianhua as the representative director of the company, serving as the legal representative until the end of the sixth board's term [8] 2. Confirmation of the members and convener of the sixth board's audit committee, with Liu Meijuan as the convener [10] Employee Representative Director Election - The seventh meeting of the fifth employee representative assembly elected Sun Mingdong as the employee representative director of the sixth board, serving until the end of the board's term [14] - Sun Mingdong meets the qualifications stipulated in relevant laws and regulations [15]

Group 1 - The core point of the article is the announcement of Sun Mingdong being elected as the employee representative director of Foster's sixth board of directors [1]

孙明冬女士符合《中华人民共和国公司法》《上海证券交易所上市公司自律 监管指引第 1 号——规范运作》以及《公司章程》等相关法律法规和规范性文件 中关于职工代表董事任职资格和条件的规定。本次选举通过后，公司董事会中兼 任高级管理人员职务的董事以及由职工代表担任的董事，总计未超过公司董事总 数的二分之一。 特此公告。 杭州福斯特应用材料股份有限公司董事会 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"）第五届职工代表大 会第七次会议于 2025 年 9 月 16 日在公司会议室召开，经参会代表民主选举，孙 明冬女士当选为公司第六届董事会职工代表董事，任期至第六届董事会届满之日 止。 孙明冬女士：中国国籍，1981 年 1 月出生，本科学历。2005 年 7 月至 2020 年 3 月先后担任杭州福斯特应用材料股份有限公司销售助理、外贸主管、销售部 副经理、销售部经理、销售总监。2020 年 4 月至今担任杭州福斯特应用材料股 份有限公司供应链中心总监。孙明冬女士现任供应链中心 ...