| 证券代码：603806 | 证券简称：福斯特 | | | 公告编号：2025-041 | | --- | --- | --- | --- | --- | | 转债代码：113661 | 转债简称：福 | 22 | 转债 | | 特此公告。 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 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。 二零二五年五月二十八日 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 ...

Summary of Foster's Conference Call Industry Overview - The global photovoltaic (PV) industry is experiencing a steady growth trend, with an expected growth rate of approximately 10% in 2025 [2][4] - Emerging markets, particularly India and the Middle East, are showing strong demand for PV products, contributing to high capacity utilization rates in overseas production bases [2][3] Company Insights Photovoltaic Materials - Foster's photovoltaic film business is benefiting from the overall growth in the PV industry, with overseas sales expected to account for nearly 20% of total sales in 2025 [2][10] - The domestic market for PV films is expected to see a slight decline in demand after a surge in April and May 2025, with new installations projected to decrease compared to 2024 [2][3][9] Electronic Materials - The electronic materials segment is entering a high-growth phase, with shipments of photoresist dry film expected to grow by over 30% annually [2][5] - The recovery of the PCB industry, driven by AI technology, is expected to expand market opportunities, leading to a phase of simultaneous volume and profit growth in the next two to three years [2][5] Functional Films - The functional film business, including aluminum-plastic films and RO support films, is in a nurturing stage, with potential growth opportunities in the next 3 to 5 years [2][6] - Collaborations with major clients like Wanhua for RO support films are gradually increasing production volumes [2][6] Financial Health - Foster maintains a healthy financial position with a debt-to-asset ratio of only 21%, indicating strong capital reserves and stable operations [8] Market Dynamics - The overseas production bases in Thailand and Vietnam are operating at full capacity, with significant demand from markets such as India and the Middle East [3][21] - The pricing of PV films is influenced by raw material costs, supply-demand dynamics, and competitive landscape, with expectations of slight price declines but overall stability in the market [13][27] Competitive Landscape - Foster aims to become one of the top three suppliers in the electronic materials market, currently holding about 10% market share in photoresist dry films, with plans to increase this to 20%-30% [16][17] - The company is also focusing on expanding its production capacity for electronic materials, with a target of reaching 5 billion square meters by 2026 [29] Future Outlook - The company anticipates that the demand for aluminum-plastic films will increase as solid-state battery technology develops, preparing for mass production by 2027 [6] - The overall profitability of the electronic materials segment is expected to improve significantly, with a target of over 100 million yuan in profit in the coming years [17][19] Key Risks - The company must monitor the progress of centralized power station installations in the domestic market, as this could impact future growth [2][3] - Uncertainties in the U.S. market due to tariff and government policy changes could affect overall demand, although the long-term outlook remains positive [4][22] Conclusion - Foster is well-positioned to capitalize on growth opportunities in the PV and electronic materials sectors, with a strong focus on expanding its market share and enhancing profitability while navigating potential risks in the global market landscape [7][8][30]

5月12日至5月18日，券商给予上市公司目标价共322次，按5月16日收盘价计算，目标价涨幅排名居前的 公司有福斯特、立讯精密、莱克电气，目标价涨幅分别为85.92%、84.62%、81.43%，分别属于光伏设 备、消费电子、小家电行业。 | | | | 5月12日至5月18日目标价涨 | | | 目标准幅 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 证券代码 证券名称 | | 机构 | 最新评级 | | | | 行业 | | 603806 | 福斯特 | 华泰金融控股(香港) | 买入 | 23. 50 | 12. 64 | 85. 92 | 光伏设备 | | 002475 | 立讯精密 | 招商证券 | 强烈推荐 | 60.00 | 32. 50 | 84. 62 | 消费电子 | | 603322 | 来克电气 | 华泰金融控股(香港) | 买入 | 41. 42 | 22. 83 | 81. 43 | 小家电 | | 603277 | 银都股份 | 中信证券 | 买入 | 40. 00 | 23. 55 | 69. 85 | 通用设备 ...

Group 1: ESG Report Methodology - DeepSeek's R1 reasoning model is suitable for deep analysis tasks, requiring logical reasoning and concise instructions[3] - The R1 model excels in complex reasoning, while the V3 model is better for general language tasks[10] - Avoid pitfalls such as iteration traps and overly complex instructions when using DeepSeek for report analysis[14] Group 2: Leading ESG Companies - Vanke A leads with an ESG score of 9.05, driven by a comprehensive ESG management system and green technology[31] - Ping An Insurance ranks first in the non-banking financial sector with significant integration of ESG into core business[3] - CATL, the top in the power equipment sector, doubled its zero-carbon factories and increased lithium salt recycling by 31%[3] Group 3: Notable ESG Improvements - Xiaogoods City achieved the highest ESG score improvement, rising from B to AA by restructuring governance and enhancing environmental metrics[33] - Tianqi Lithium's ESG score improved significantly due to better governance and environmental management, with an 8.58% reduction in carbon emissions[36] - Foster's ESG score increased through enhanced governance, climate action, and energy efficiency improvements[40] Group 4: ESG Score Distribution - Over 40% of the stocks in the CSI 300 have ESG scores between 7 and 8, with only 2 stocks scoring above 9[27] - 16 stocks, including Vanke and Ping An, have ESG scores above 8.5, indicating strong performance in sustainability[27]

Core Viewpoint - The photovoltaic industry is facing significant challenges, particularly in the encapsulation material market, leading to a harsh reshuffling of the market landscape and declining performance for key players [3][4][5]. Group 1: Industry Performance - The photovoltaic encapsulation material market is experiencing a downturn, with major companies like Foster, Haiyou New Materials, and Saiwu Technology reporting substantial declines in revenue and profit [3][4]. - Foster's 2024 revenue was 19.147 billion yuan, a decrease of 15.23% year-on-year, while net profit fell by 29.33% to 1.308 billion yuan [4]. - The overall market environment is complex and severe, with global photovoltaic market growth expected to slow down significantly by 2025, creating uncertainty for encapsulation material companies [3][6]. Group 2: Competitive Landscape - The competitive landscape for photovoltaic encapsulation materials is undergoing a transformation, with varying shipment scales among companies based on their competitive strength and strategic choices [3][8]. - In 2024, Foster maintained its position as the market leader with a 50% market share, while competitors like Swick and Haiyou New Materials are in the second tier with over 10% market share [8][9]. - The shipment volume for Foster in 2024 was 2.811 billion square meters, significantly higher than Swick's 0.655 billion square meters, highlighting the disparity in market presence [8]. Group 3: Financial Struggles - Many second and third-tier companies are facing severe financial difficulties, with losses reported by Haiyou New Materials, Saiwu Technology, and Tianyang New Materials in both 2024 and the first quarter of 2025 [5][6]. - Haiyou New Materials reported losses of 558 million yuan in 2024 and 57 million yuan in Q1 2025, while Saiwu Technology reported losses of 285 million yuan and 33 million yuan, respectively [5]. - The decline in sales prices due to intensified competition and high production costs has led to reduced profitability across the industry [5][6]. Group 4: Future Outlook - The profitability recovery for 2025 remains uncertain, influenced by domestic electricity market policies and changes in U.S. tariff regulations, with a projected 10% growth in the global photovoltaic market [6][7]. - Companies are exploring new growth avenues, such as electronic materials, to mitigate the impact of declining encapsulation material prices [6][7]. - The relationship between companies like Bai Jia Nian and Tianyang New Materials is evolving, raising questions about future market dynamics and potential mergers or acquisitions [10][11].

Core Viewpoint - The photovoltaic industry is facing significant challenges in 2024, with a price drop exceeding 29% for major materials, leading to substantial losses for many companies, including leading firms like LONGi Green Energy [2][3] Group 1: Industry Performance - Nearly half of the 80 listed photovoltaic manufacturing companies in A-shares are experiencing losses, with LONGi Green Energy describing 2024 as its most difficult year since its listing [2] - Major integrated companies like JinkoSolar and LONGi Green Energy have seen revenue declines of over 20%, with JinkoSolar's net profit plummeting by 98.67% and LONGi Green Energy reporting a net loss of 8.618 billion [3][6] - The top 10 photovoltaic companies show a mixed performance, with only Sungrow Power Supply achieving growth in both revenue and net profit [3][4] Group 2: Employment Trends - Many A-share photovoltaic companies are reducing their workforce, with ST Lingda cutting 86.67% of its staff, and other companies like ST Quan reducing their workforce by nearly 52% [2] - LONGi Green Energy has the highest total number of layoffs at 49.57%, reducing its workforce from approximately 75,000 to under 38,000 [3][5] - The reduction in workforce is correlated with the companies' financial performance, with those experiencing significant profit declines also showing higher layoff rates [2][4] Group 3: Cost Management - LONGi Green Energy's reduction in workforce has led to a 7.16% decrease in direct labor costs, while total employee compensation dropped by 33.53% to 1.574 billion [6] - The company has also seen a significant reduction in management expenses by 30.22%, although R&D expenses have decreased by 20.48% [6][7] - The overall trend indicates that while companies are cutting costs, the speed of cost reduction is not keeping pace with the decline in prices and revenues [6][7] Group 4: Future Outlook - Despite the current challenges, some companies are beginning to show signs of recovery in early 2025, although concerns remain about potential demand weakness in the latter half of the year [9] - The international trade environment is becoming increasingly challenging, particularly for companies with overseas operations, as tariffs and trade barriers impact their business [9][10] - Companies are likely to continue optimizing their workforce to maintain competitiveness in a rapidly changing market [7][9]

Environmental, Social, and Governance Report HANGZHOU FIRST APPLIED MATERIAL CO., LTD. Stock Code: 603806.SH Response to UN Sustainable Development Goals ESG Governance Stakeholder Engagement Materiality Assessment for ESG lssues Sustainability Risks and Opportunities Management Sustainability Metrics and Targets Response to Climate Change Environmental Compliance Management Energy Management Water Resource Utilization Emissions & Waste Management Chemical Safety Innovation-driven Development Intellectual P ...

Group 1 - The company reported Q1 2025 revenue of 3.624 billion yuan, a year-on-year decrease of 32%, and a net profit attributable to shareholders of 401 million yuan, down 23% year-on-year [1] - The company's sales volume in the film business is expected to decline both year-on-year and month-on-month in Q1, with a seasonal demand dip in January and February, followed by increased shipments in March due to domestic demand [2] - The company anticipates a recovery in single-watt net profit in Q1, primarily benefiting from price increases in December last year and March this year, maintaining a strong profitability level within the industry [2] Group 2 - The company expects good growth in sales of photosensitive dry film, entering a phase of volume and profit increase as major PCB customers ramp up procurement [3] - For 2025, the company forecasts improved profitability as second- and third-tier companies gradually exit the market, leading to industry consolidation [3] - The company is expanding its overseas film production capacity, initiating the second phase of its Thailand base expansion, which will further increase the proportion of overseas sales [3] Group 3 - The company has established a self-controlled core raw material supply chain and dual manufacturing centers in East and South China, positioning itself for rapid growth in the electronic materials business as the electronic circuit industry recovers [3] - The company's client base includes leading firms in the industry, and its products cater to various manufacturing processes, expanding into packaging substrates to meet high-end chip demands [3] Group 4 - The company is projected to achieve net profits attributable to shareholders of 1.9 billion yuan and 2.6 billion yuan in 2025 and 2026, respectively, corresponding to valuations of 17 and 12 times [4]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company reported a revenue of 3.624 billion yuan for Q1 2025, a year-on-year decrease of 32%, and a net profit attributable to shareholders of 401 million yuan, down 23% year-on-year [2][4]. - The company expects improvements in profitability levels in 2025 as the photovoltaic film industry undergoes consolidation, with the company expanding its overseas production capacity [10]. - The electronic materials segment is anticipated to enter a high growth phase due to the recovery and transformation of the electronic circuit industry, with a strong customer base established [10]. Summary by Sections Financial Performance - For Q1 2025, the company achieved a revenue of 3.624 billion yuan, representing a 32% decline year-on-year, while the net profit attributable to shareholders was 401 million yuan, reflecting a 23% decrease year-on-year [2][4]. - The company forecasts net profits of 1.9 billion yuan and 2.6 billion yuan for 2025 and 2026, respectively, corresponding to valuation multiples of 17 and 12 times [10]. Business Outlook - The photovoltaic film business is expected to see improved profitability in 2025 as the industry completes a phase of consolidation, with the company expanding its overseas production capacity, particularly in Thailand [10]. - The electronic materials business is positioned for rapid growth, supported by a robust customer base that includes leading companies in the electronic circuit industry [10].

Group 1 - The annual general meeting of the company was held on April 30, 2025, at the company's meeting room in Hangzhou, Zhejiang Province [2] - All resolutions presented at the meeting were approved without any objections [2] - The meeting was chaired by the company's general manager, Zhou Guangda, and followed the voting procedures as per the Company Law and the company's articles of association [2][3] Group 2 - The meeting included the approval of various reports, including the 2024 Board of Directors' work report and the 2024 Supervisory Board's work report [4][5] - The financial settlement report for 2024 and the annual report were also approved [5] - A profit distribution plan for 2024 was passed, along with the remuneration plans for directors, supervisors, and senior management for 2025 [5][6] Group 3 - The company renewed its appointment of the accounting firm and approved a credit limit application for 2025 [6] - The meeting also approved the implementation plan for the 2024 photovoltaic business partner program and related employee stock ownership plans [6][7] - Special resolutions regarding the employee stock ownership plan required a two-thirds majority, which was achieved [8] Group 4 - The meeting was witnessed by Zhejiang Tian Ce Law Firm, confirming that the meeting's procedures and voting were in compliance with legal requirements [9] - The company plans to hold a performance briefing on May 13, 2025, to discuss the 2024 annual report and address investor questions [12][13] - Investors can participate in the briefing via the Shanghai Stock Exchange's online platform and submit questions in advance [14][16]