Group 1: Wind Power Industry - The wind power industry in China is experiencing a recovery in performance from Q4 2024 to Q1 2025, with some companies exceeding expectations [3] - In 2024, 23 A-share wind power companies reported a total revenue of 225.15 billion yuan and a net profit of 13.24 billion yuan, showing a revenue increase of 4.39% but a net profit decline of 12.70% year-on-year [3] - In Q1 2025, these companies achieved a total revenue of 47.58 billion yuan and a net profit of 4.22 billion yuan, indicating growth compared to Q1 2024 [3] - Goldwind Technology reported a revenue of 9.47 billion yuan in Q1 2025, a 35.72% increase year-on-year, and a net profit of 568 million yuan, up 70.84% [4] - The recovery in wind turbine prices and expansion into overseas markets have positively impacted the performance of wind power manufacturers [4][6] Group 2: Solar Power Industry - The solar power industry faced significant challenges in 2024, with 110 A-share solar companies reporting a total revenue of approximately 1.38 trillion yuan, a decrease of 17.96% year-on-year, and a net profit of approximately -363 million yuan, a decline of 100.25% [8] - In Q1 2025, these companies reported a total revenue of 279.14 billion yuan, with a net profit of approximately 4.74 billion yuan, indicating a significant drop compared to Q1 2024 [8] - Major integrated solar companies like TCL Zhonghuan, Longi Green Energy, and Tongwei reported substantial losses, with net profits of -9.82 billion yuan, -8.62 billion yuan, and -7.04 billion yuan respectively [8] - Despite the overall downturn, companies involved in solar energy storage have shown resilience, with notable performances from companies like Sungrow Power and Canadian Solar [9] Group 3: Energy Storage Industry - The energy storage industry saw a decline in overall performance in 2024, with 21 A-share companies reporting a total revenue of 682.1 billion yuan, a decrease of 3.59%, and a net profit of 74.54 billion yuan, down 21.4% year-on-year [12] - In Q1 2025, these companies reported a total revenue of 158.07 billion yuan, a year-on-year increase of 12.39%, and a net profit of 21.03 billion yuan, up 34% [13] - The profitability in the energy storage sector is increasingly concentrated among leading companies like CATL and Sungrow, which have reported significant profit increases [13] - The energy storage market is undergoing transformation, with a shift in focus from domestic to overseas markets for higher profit margins [14][15]

Core Viewpoint - The renewable energy sectors, including wind power, solar energy, and energy storage, are experiencing cyclical fluctuations, with varying performance across different segments. While wind and energy storage companies are maintaining profitability, solar companies are facing significant challenges, particularly in 2024 and early 2025 [1]. Wind Power Industry - The domestic wind power industry showed a recovery from Q4 2024 to Q1 2025, with 23 A-share wind power companies achieving a total revenue of 225.15 billion yuan and a net profit of 13.24 billion yuan in 2024, reflecting a revenue growth of 4.39% but a net profit decline of 12.70% [5]. - In Q1 2025, these companies reported a revenue of 475.75 billion yuan and a net profit of 4.22 billion yuan, indicating growth compared to Q1 2024 [5]. - Goldwind Technology reported a revenue of 9.47 billion yuan in Q1 2025, a year-on-year increase of 35.72%, with a net profit of 568 million yuan, up 70.84% [6]. - The recovery in wind turbine prices and expansion into overseas markets have contributed to improved performance for wind turbine manufacturers, including previously loss-making companies [7]. Solar Energy Industry - The solar energy sector faced unprecedented challenges in 2024, with 110 A-share solar companies reporting a total revenue of approximately 1.38 trillion yuan, a year-on-year decrease of 17.96%, and a net profit of approximately -3.63 billion yuan, down 100.25% [9]. - In Q1 2025, these companies reported a total revenue of 279.14 billion yuan, with a net profit of approximately 47.44 billion yuan, indicating a significant decline compared to Q1 2024 [9]. - A total of 46 A-share solar companies reported negative net profits in 2024, with leading integrated companies like TCL Zhonghuan, Longi Green Energy, and Tongwei Co. facing the largest losses [10]. - Companies with energy storage businesses, such as Sungrow Power Supply, showed resilience, with notable profit growth driven by their storage segments [11]. Energy Storage Industry - The energy storage sector experienced a downturn in 2024 but showed signs of recovery in Q1 2025, with 21 A-share companies reporting a total revenue of 6.82 billion yuan, a decrease of 3.59%, and a net profit of 745.41 million yuan, down 21.4% [15]. - In Q1 2025, these companies achieved a total revenue of 1.58 billion yuan, a year-on-year increase of 12.39%, and a net profit of 210.33 million yuan, up 34% [15]. - The profitability in the energy storage sector is increasingly concentrated among leading companies, with firms like CATL and Sungrow Power Supply reporting significant profit increases [16]. - The Chinese market remains the largest for energy storage installations, driven by domestic policies and growing overseas demand [17].

Core Viewpoint - Foster, a leading photovoltaic film manufacturer, held its 2024 annual shareholder meeting, discussing the current state and future prospects of the photovoltaic industry, highlighting both opportunities and challenges in the market [1][4]. Group 1: Financial Performance - In 2023, Foster reported a revenue of 19.147 billion yuan, a year-on-year decrease of 15.23%, and a net profit of 1.308 billion yuan, down 29.33% [8]. - The decline in revenue was attributed to a significant increase in sales volume of photovoltaic films, but a decrease in sales prices due to market conditions led to lower overall revenue [8]. - For 2024, the sales volume of photovoltaic films reached 2.811 billion square meters, an increase of 24.98%, while revenue from this segment was 17.504 billion yuan, a decrease of 14.54% [8]. Group 2: Market Dynamics - The photovoltaic industry is experiencing a wave of installation driven by the marketization of electricity prices, although the impact on Foster is limited due to the company's strong order sustainability [9]. - The company holds a domestic market share of approximately 50% and an overseas market share of 50%, indicating a balanced exposure to both markets [9]. - The "reciprocal tariff" imposed by the U.S. is expected to have limited impact on the domestic photovoltaic industry, as it may create opportunities for the company to capture a larger market share [9]. Group 3: Product Segmentation and Growth - Foster's electronic materials business, which includes photosensitive dry film, FCCL, and photosensitive cover film, is seen as a second growth curve for the company [10][14]. - The sales volume of photosensitive dry film reached 159 million square meters in 2024, a year-on-year increase of 37.97%, with revenue of 593 million yuan, up 30.72% [11]. - The company aims to increase its market share of photosensitive dry film from 10% to 20%-30%, with a total market potential exceeding 20 billion yuan for its electronic materials segment [14].

| 证券代码：603806 | 证券简称：福斯特 | | 公告编号：2025-039 | | --- | --- | --- | --- | | 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 4 月 30 日 (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 | 1,088 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,733,284,116 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 66.5113% | (四)表决方式是否符 ...

法律意见书 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 2024 年年度股东大会的 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 电话：0571-87901111 传真：0571-87901500 法律意见书 编号：TCYJS2025H0568 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"）接受杭州福斯特应用材料股份有 限公司（以下简称"福斯特"或"公司"）的委托，指派本所律师参加福斯特 2024 年年度股东大会，并根据《中华人民共和国证券法》以下简称（"证券法"）、 《中华人民共和国公司法》（以下简称"公司法"）和中国证券监督管理委员会 关于《上市公司股东会规则》（2025 年 3 月 28 日实施，以下简称"《股东会规则》"） 等法律、法规和其他有关规范性文件的要求出具本法律意见书。 在本法律意见书中，本所律师仅对本次股东大会召集与召开程序、召集人与 出席会议人员的资格、会议表决程序及表决结果的合法有效性发表意见，不对会 议所审议的议案内容和该等议案中所表述的事实或数据的真实性和准确性发表意 见。 本法律意见书仅供 202 ...

| 证券代码：603806 | 证券简称：福斯特 | 公告编号：2025-040 | | --- | --- | --- | | 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 关于召开 2024 年度业绩说明会的公告 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法律责任。 投资者可于 2025 年 05 月 06 日（星期二）至 05 月 12 日（星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司投资者关系邮 箱：fst-zqb@firstpvm.com 进行提问。公司将在说明会上对投资者普遍关注的 问题进行回答。 杭州福斯特应用材料股份有限公司（以下简称"公司"）已于 2025 年 4 月 10 日发布公司 2024 年度报告，为便于广大投资者更全面深入地了解公司 2024 年度经营成果、财务状况，公司计划于 2025 年 05 月 13 日（星期二）09:30-11:00 举行 2024 年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次 ...

本公司及董事会全体成员保证本员工持股计划及其摘要不存在虚假记载、误 导性陈述或重大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责 任。 风险提示 杭州福斯特应用材料股份有限公司 2024 年度光伏事业合伙人计划之员 工持股计划 摘要 杭州福斯特应用材料股份有限公司 二零二五年四月 声明 1、本员工持股计划需经公司股东大会批准后方可实施，本员工持股计划能 否获得公司股东大会批准存在不确定性。 2、本员工持股计划的资金来源、出资金额、预计规模、实施方案等属初步 结果，能否完成实施存在不确定性。 3、本员工持股计划设立后，若员工认购资金不足，本员工持股计划存在低 于预计规模的风险。 4、公司股票价格受公司经营业绩、宏观经济周期、国际/国内政治经济形势 及投资者心理等多种复杂因素影响。因此，股票交易是有一定风险的投资活动， 投资者对此应有充分准备。 5、公司后续将根据相关规定披露本员工持股计划进展情况，敬请广大投资 者谨慎决策，注意投资风险。 特别提示 1、《杭州福斯特应用材料股份有限公司 2024 年度光伏事业合伙人计划之员 工持股计划》（以下简称"员工持股计划"）系杭州福斯特应用材料股份有限公 司（以下 ...

本公司及董事会全体成员保证本员工持股计划及其摘要不存在虚假记载、误 导性陈述或重大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责 任。 -2- 证券代码：603806 证券简称：福斯特 杭州福斯特应用材料股份有限公司 2024 年度光伏事业合伙人计划之 员工持股计划 杭州福斯特应用材料股份有限公司 二零二五年四月 声明 风险提示 1、本员工持股计划需经公司股东大会批准后方可实施，本员工持股计划能 否获得公司股东大会批准存在不确定性。 2、本员工持股计划的资金来源、出资金额、预计规模、实施方案等属初步 结果，能否完成实施存在不确定性。 3、本员工持股计划设立后，若员工认购资金不足，本员工持股计划存在低 于预计规模的风险。 4、公司股票价格受公司经营业绩、宏观经济周期、国际/国内政治经济形势 及投资者心理等多种复杂因素影响。因此，股票交易是有一定风险的投资活动， 投资者对此应有充分准备。 5、公司后续将根据相关规定披露本员工持股计划进展情况，敬请广大投资 者谨慎决策，注意投资风险。 -3- 特别提示 1、《杭州福斯特应用材料股份有限公司 2024 年度光伏事业合伙人计划之员 工持股计划》（以下简称"员工 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [20]. Core Insights - The company's revenue for Q1 2025 was 3.624 billion yuan, a year-on-year decrease of 31.89% and a quarter-on-quarter decrease of 8.78%. The net profit attributable to the parent company was 401 million yuan, down 23.08% year-on-year but up 709.79% quarter-on-quarter. The gross margin was 13.10%, a decrease of 2.18 percentage points year-on-year but an increase of 1.48 percentage points quarter-on-quarter [1]. - The company maintains a leading position in the film business, with a market share exceeding 50% in Q1 2025. The gross margin for this segment reached 13.1%, showing a recovery in profitability due to increased demand and price adjustments [7]. - The electronic materials business is expected to see growth, with significant shipments of photosensitive dry film and other products. The company has established relationships with major players in the electronic circuit field, indicating a positive outlook for this segment [7]. - The company has effectively managed credit risks, with a total of 136 million yuan in credit impairment provisions being reversed, contributing positively to the financial performance [7]. Financial Projections - The company is projected to achieve total revenue of 21.297 billion yuan in 2025, with a year-on-year growth rate of 11.2%. The net profit attributable to the parent company is expected to reach 1.680 billion yuan, reflecting a growth rate of 28.5% [3]. - Earnings per share (EPS) are forecasted to increase from 0.50 yuan in 2024 to 0.64 yuan in 2025, with a price-to-earnings (P/E) ratio of 19 times for 2025 [3]. - The target price for the company's stock is set at 16.10 yuan, based on a P/E ratio of 25 times for 2025, compared to the current price of 12.29 yuan [3].

Core Viewpoint - The company released its Q1 2025 financial report, showing a revenue of 3.624 billion yuan, a year-on-year decrease of 31.89%, and a net profit attributable to shareholders of 401 million yuan, a year-on-year decrease of 23.08%, but a quarter-on-quarter increase of 709.79% [1][2]. Financial Performance - Q1 revenue was 3.624 billion yuan, down 31.89% year-on-year [2]. - Net profit attributable to shareholders was 401 million yuan, down 23.08% year-on-year, but up 709.79% quarter-on-quarter [2]. Gross Margin Analysis - The gross margin improved quarter-on-quarter, primarily due to the recovery in the gross margin of photovoltaic film, driven by rising prices of raw materials and film [3]. - The price of EVA particles has rebounded since Q4 of last year, leading to a price increase in photovoltaic film [3]. - Orders from overseas bases in Thailand and Vietnam are full, resulting in a supply-demand imbalance and price increases [3]. Outlook for the Year - The company expects a moderate recovery in the gross margin of photovoltaic film, with overseas revenue share continuing to rise [4]. - The Thai production base is set to start operations in May, which will increase the overseas production share to around 20%, potentially raising the overseas revenue share to 15%-20% for the year [4]. - The photovoltaic film industry is beginning to clear out, with 2-3 tier manufacturers controlling shipment volumes to reduce losses [4]. - The price of ordinary photosensitive dry film has bottomed out, and high-end products have started shipping, which is expected to increase the average price of electronic materials this year [4]. Profit Forecast - The company forecasts net profits attributable to shareholders for 2025-2027 to be 1.626 billion, 2.061 billion, and 2.4 billion yuan, with year-on-year growth rates of 24.34%, 26.75%, and 16.49% respectively [4]. - Earnings per share are projected to be 0.62, 0.79, and 0.92 yuan for the same period, corresponding to price-to-earnings ratios of 19.35, 15.27, and 13.11 times based on the closing market value on April 25 [4].