| 证券代码：603806 | 证券简称：福斯特 | | 公告编号：2025-044 | | --- | --- | --- | --- | | 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 （二）本次权益分派方案已经公司于 2025 年 4 月 30 日召开的 2024 年年度股 东大会审议通过，具体内容详见公司在上海证券交易所网站披露的《福斯特：2024 年年度股东大会决议公告》（公告编号：2025-039）。 关于实施 2024 年度权益分派时"福 22 转债"停止转股 暨转股价格调整的提示性公告 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： 证券停复牌情况：适用 因杭州福斯特应用材料股份有限公司（以下简称"公司"）实施 2024 年度权 益分派,本公司的相关证券停复牌情况如下：自 2024 年度权益分派实施公告前一 交易日（2025 年 6 月 16 日）至权益分派股权登记日间，"福 22 转债"将停止转股。 | 证券代码 | 证券简称 | 停复牌类 ...

根据中国证券监督管理委员会《上市公司证券发行注册管理办法》、《公司债 券发行与交易管理办法》和上海证券交易所《股票上市规则》、《公司债券上市规 则》的有关规定，杭州福斯特应用材料股份有限公司(以下简称"公司")委托联 合资信评估股份有限公司（以下简称"联合资信"）对公司 2022 年发行的可转换 公司债券（转债简称："福 22 转债"，转债代码：113661）进行了跟踪评级。 公司前次主体信用评级结果为"AA"；"福 22 转债"前次信用评级结果为"AA"； 前次评级展望为"稳定"；评级机构为联合信用评级有限公司，评级时间为 2024 年 6 月 6 日。 | 证券代码：603806 | 证券简称：福斯特 | | | 公告编号：2025-043 | | --- | --- | --- | --- | --- | | 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 关于公开发行可转换公司债券 2025 年跟踪评级报告的公告 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 公开发行可转换公司债券 2025 年跟踪评级报告 1 www.lhratings.com . 联合〔2025〕3644 号 联合资信评估股份有限公司通过对杭州福斯特应用材料股份有 限公司主体及其相关债券的信用状况进行跟踪分析和评估，确定维 持杭州福斯特应用材料股份有限公司主体长期信用等级为 AA，维 持"福 22 转债"的信用等级为 AA，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 五、本报告所含评级结论和相关分析不构成任何投资或财务建议，并且 不应当被视为购买、出售或持有任何金融产品的推荐意见或保证。 六、本报告不能取代任何机构或个人的专业判断，联合资信不对任何机 构或个人因使用本报告及评级结果而导致的任何损失负责。 七、本报告所列示的主体评级及相关债券或证券的跟踪评级结果，不得 用于其他债券或证券的发行活动。 跟踪评级报告 | 2 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见 ...

Investment Rating - The report does not provide specific investment ratings for the sub-industries within the power equipment and new energy sector [6]. Core Viewpoints - The overall strategy for the industry emphasizes the AI upgrade of electric vehicles and the establishment of a solid foundation for photovoltaics, with new energy and AI being the primary focus [3][4]. Summary by Relevant Sections New Energy Vehicle Industry Chain - The electric vehicle sector is undergoing a transformation characterized by electrification, intelligence, and AI integration, benefiting companies like Xiaomi and XPeng. Xiaomi's YU7 model boasts a maximum range of 835 km, with a net profit of 10.7 billion yuan in Q1 2025, a year-on-year increase of 64.5%. The revenue from smart electric vehicles and AI-related innovations reached 18.6 billion yuan [4]. - Battery companies are continuously upgrading, with a focus on ecosystem development and solid-state technology, benefiting firms like CATL. Recently, CATL signed an agreement with the Lanzhou government to collaborate on new energy battery markets and zero-carbon city initiatives [4]. Photovoltaic and Energy Storage Industry Chain - The energy storage market is accelerating, with leading companies like Haibo Si Chuang benefiting from rapid development. From January to April 2025, the new energy storage bidding market in China saw a significant increase, with a scale of 27.1 GW/132.3 GWh, a year-on-year surge of 281% [5]. - It is currently viewed as an opportune time to invest in leading photovoltaic companies, as Aisui Co. reported a significant sales premium for its ABC components, with a shipment volume of 4.54 GW in Q1, reflecting a more than 40% quarter-on-quarter growth [5]. AI and New Energy, Wind Power Industry Chain - The integration of new energy with humanoid robotics presents new opportunities. The CEO of OpenAI has indicated that humanoid robots are on the horizon, which could significantly alter human perspectives and work-life patterns [6]. - The first batch of solid-state batteries for construction robots has been successfully mass-produced and delivered, marking a significant advancement in the application of solid-state technology [6]. Industry News Tracking - The report highlights that the new energy and AI sectors are experiencing a transformative phase, with significant implications for technology upgrades and market competition dynamics [22]. - The photovoltaic market is expected to stabilize, with recent data indicating that the new installed capacity for solar power reached 104.93 GW in the first four months of 2025, with April alone contributing 45.22 GW, the highest monthly figure in history [21].

Investment Rating - The report does not provide specific investment ratings for the sub-industries within the power equipment and new energy sector [6]. Core Insights - The overall strategy for the industry emphasizes the AI upgrade of electric vehicles and the establishment of a solid foundation for photovoltaics [3][4]. - The new energy and AI sectors remain the primary focus, with the AI transformation of electric vehicles and related extensions being central to the current trends [3][4]. Summary by Relevant Sections New Energy Vehicle Industry Chain - The electric vehicle sector is undergoing a triple transformation of electrification, intelligence, and AI integration, benefiting companies with advantages in AI technology, such as Xiaomi and XPeng [4]. - Xiaomi's YU7 model features a maximum range of 835 km, with a net profit of 10.7 billion yuan in Q1 2025, a year-on-year increase of 64.5% [4]. - XPeng's M03 Max was launched at a starting price of 129,800 yuan, equipped with advanced AI systems [4]. Battery Enterprises - Battery companies are continuously upgrading, focusing on ecosystem development and solid-state technology, with CATL being a key beneficiary [4]. - CATL signed an agreement with the Lanzhou government to collaborate on new energy battery markets and zero-carbon city initiatives [4]. Photovoltaic and Energy Storage Industry Chain - The energy storage market is accelerating, with significant growth in new energy storage bidding, reaching 27.1 GW/132.3 GWh in the first four months of 2025, a year-on-year increase of 281% [5]. - Aiko's ABC components have seen significant sales premiums, with a first-quarter shipment of 4.54 GW, a quarter-on-quarter increase of over 40% [5]. AI and New Energy - The integration of AI with new energy and humanoid robots presents new opportunities, with successful mass production of solid-state batteries for construction robots [6]. - The report highlights the potential of humanoid robots to significantly change human perspectives and work-life patterns [6]. Industry News Tracking - The report notes that the new energy and AI sectors are experiencing rapid developments, with significant events such as CATL's collaboration with the Lanzhou government and the delivery of solid-state batteries by Factorial to drone clients [21][37].

Core Viewpoint - Cenovus Energy is taking precautionary measures by laying off non-essential staff at the Foster Creek facility in response to wildfires in northern Alberta [1] Company Summary - Cenovus Energy is implementing workforce reductions at its Foster Creek plant to manage the impact of ongoing wildfires in the region [1]

杭州福斯特应用材料股份有限公司 关于公司 2024 年度光伏事业合伙人计划之员工持股计划 完成股票购买的公告 | 证券代码：603806 | 证券简称：福斯特 | | | 公告编号：2025-042 | | --- | --- | --- | --- | --- | | 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（以下简称"公司"）分别于 2025 年 4 月 8 日、2025 年 4 月 30 日召开第六届董事会第六次会议及 2024 年年度股东大会， 审议通过了《关于<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（草案）>及摘要的议案》等相关议案，具体内容详见公司 于 2025 年 4 月 10 日、2025 年 5 月 1 日在上海证券交易所网站及《上海证券报》 披露的相关公告文件。 根据中国证监会《关于上市公司实施员工持股计划试点的指导意见》及《上 海证券交易所上市公司自律监管指引第 1 号——规范运作》要求，现将公司 2024 年度光伏事业合伙人计划之员工持股计划实施进展情况公告如下： 截止本公告披露日，公 ...

| 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 ...