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]

2024年，光伏行业的日子实在不好过。 在积累产能尚未消化的情况下，"降价潮"愈发汹涌，四大主材主流产品全年价格跌幅均超过29%，再加 之美国关税壁垒对海外市场、东南亚产能的冲击，让企业经营高度承压，A股光伏制造板块近80家上市 公司，近半陷入亏损。昔日"光伏茅"隆基绿能也表示，"这是公司上市以来最困难的一年"。 在此情况下，如何精兵简政、缩减开支也成了各公司不得不考虑的事情。 员工总数变动与经营业绩、主营业务高度相关 根据数字能源DNE的统计，结合各公司年报披露信息来看，多数A股光伏上市公司人员规模有所缩减， 其人员变动情况与经营业绩、主营业务均呈现出一定的正相关关系。比如，裁员比例最高的，是ST聆 达，裁员幅度高达86.67%，从600人缩减至80人，成为面临退市的"小公司"。另一家ST公司——ST泉为 裁员幅度也达到51.99%，截至2024年，公司还剩不到300人。此外，业绩降幅较大的如亿晶光电、京运 通、爱旭股份、东方日升、ST沐邦等，裁员比例都超过40%，上述公司在归母净利润同比降幅、裁员比 例方面都排在前15位。 虽然一体化巨头亏损或业绩下降的绝对值更高，但这并不意味着他们都会进行大规模裁员。具 ...

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]

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]