Core Viewpoint - Foster's stock price has experienced fluctuations, with a recent decline of 2.06% and a year-to-date increase of 4.47%, indicating volatility in the market [1] Financial Performance - For the period from January to September 2025, Foster reported a revenue of 11.788 billion yuan, a year-on-year decrease of 22.32%, and a net profit attributable to shareholders of 688 million yuan, down 45.34% compared to the previous year [2] - Cumulative cash dividends since the company's A-share listing amount to 3.669 billion yuan, with 1.361 billion yuan distributed over the last three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 9.54% to 64,900, with an average of 40,208 circulating shares per person, an increase of 10.55% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 70.465 million shares, a decrease of 25.378 million shares from the previous period [3] Market Activity - The stock has seen significant trading activity, with a total transaction volume of 185 million yuan and a turnover rate of 0.46% [1] - The stock has appeared on the "Dragon and Tiger List" once this year, with a net purchase of 1.4 billion yuan on July 29 [1]

Core Points - The company announces the interest payment for its convertible bonds "福22转债" on November 24, 2025, due to the holiday on November 22, 2025 [2][4] - The convertible bonds were issued on November 22, 2022, with a total issuance scale of 3.03 billion RMB and a maturity period of 6 years [2][5] - The interest rates for the bonds increase progressively from 0.20% in the first year to 2.00% in the sixth year [2][3] Summary by Sections Convertible Bond Issuance Overview - Bond Type: Convertible bonds that can be converted into the company's A-shares [2] - Issuance Scale: 303 million RMB [2] - Number of Bonds: 30.3 million [2] - Face Value: Each bond has a face value of 100 RMB [2] - Maturity: From November 22, 2022, to November 21, 2028 [2] Interest Payment Details - Interest Calculation: Annual interest is calculated based on the face value and applicable interest rate [3] - Interest Payment Date: November 24, 2025 [4] - Interest Record Date: November 21, 2025 [4] - Interest Rate for Current Period: 0.40% for the period from November 22, 2024, to November 21, 2025, resulting in an interest payment of 0.40 RMB per bond [13] Conversion and Pricing Information - Initial Conversion Price: 65.07 RMB per share [7] - Latest Conversion Price: Adjusted to 14.74 RMB per share as of June 24, 2025, due to profit distribution and capital increase [8][9] - Conversion Period: From May 29, 2023, to November 21, 2028 [6] Credit Rating and Guarantee - Credit Rating: The company's long-term credit rating is AA, with a stable outlook for the "福22转债" [9] - Guarantee: The convertible bonds are not secured by any guarantees [11] Taxation on Interest Income - Individual Investors: Subject to a 20% tax on interest income, resulting in a net payment of 0.32 RMB per bond after tax [15] - Corporate Investors: Responsible for their own tax payments on interest income [16]

重要内容提示： 可转债兑息日：2025 年 11 月 24 日（由于 2025 年 11 月 22 日为休息日， 可转债付息日顺延至 2025 年 11 月 24 日，顺延期间不另付息） 杭州福斯特应用材料股份有限公司(以下简称"公司")于 2022 年 11 月 22 日发行的可转换公司债券将于 2025 年 11 月 24 日开始支付自 2024 年 11 月 22 日 至 2025 年 11 月 21 日期间的利息。根据《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募集说明书》（以下简称"《募集说明书》"）有关条款 的规定，现将有关事项公告如下： 一、可转债发行上市概况 可转债付息债权登记日：2025 年 11 月 21 日 可转债除息日：2025 年 11 月 24 日 | 证券代码：603806 | 证券简称：福斯特 | | | 公告编号：2025-071 | | --- | --- | --- | --- | --- | | 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"福 22 转债"2025 年付息的公告 本公司董事会及全 ...

Investment Rating - The report indicates a positive outlook for the photovoltaic sector, with signs of recovery in profitability and stable growth in the wind power sector [1][5]. Core Insights - The renewable energy sector reported a revenue of 11,722 billion yuan for Q1-3 2025, a year-on-year decrease of 1%, and a net profit of 242 billion yuan, down 19% year-on-year. In Q3 2025, revenue was 4,138 billion yuan, up 2% year-on-year, and net profit was 118 billion yuan, up 41% year-on-year [2][7]. - The photovoltaic segment experienced a significant reduction in losses, with Q3 2025 revenue at 2,315 billion yuan, down 8% year-on-year, but net profit surged to 28.4 billion yuan, a year-on-year increase of 1,495% [2][37]. - The wind power segment showed robust growth, with Q3 2025 revenue of 1,135 billion yuan, up 22% year-on-year, and net profit of 50 billion yuan, up 33% year-on-year [2][16]. Summary by Sections Revenue and Profitability - The renewable energy sector's revenue for Q1-3 2025 was 11,722 billion yuan, with a net profit of 242 billion yuan. Q3 2025 saw a revenue of 4,138 billion yuan and a net profit of 118 billion yuan, marking a significant recovery [2][15]. - The photovoltaic sector's revenue for Q1-3 2025 was 6,640 billion yuan, with a net loss of 43 billion yuan. In Q3 2025, revenue was 2,315 billion yuan, and net profit was 28.4 billion yuan, indicating a strong recovery [2][37]. Segment Performance - The photovoltaic segment's Q3 2025 performance showed a revenue decline of 8% year-on-year but a remarkable net profit increase of 1,495%. The wind power segment continued to grow, with a 22% revenue increase year-on-year [2][16][37]. - The report highlights that the profitability of the wind power segment is improving, with a notable increase in gross margins due to price adjustments and operational efficiencies [2][16]. Market Trends - The report notes a gradual recovery in demand for household energy storage, with significant growth expected in commercial and large-scale storage solutions. The anticipated installation capacity for 2025 is around 150 GWh, representing a year-on-year increase of over 40% [2][6]. - The photovoltaic industry is undergoing a restructuring process, with upstream profitability recovering as prices for silicon materials rise. This trend is expected to continue into 2026, leading to a reshaped industry ecosystem [2][6]. Recommendations - The report recommends focusing on high-growth areas such as inverters and mounting systems, as well as leading photovoltaic companies with cost advantages and strong distribution channels [2][6].

Core Viewpoint - Recent rumors regarding the failure of the silicon material storage platform have caused significant turmoil in the photovoltaic industry, leading to a sharp decline in the stock prices of various solar companies [3][4]. Group 1: Market Reaction - On November 12, stock prices of major photovoltaic companies dropped significantly, with notable declines including: - Aiko Technology down 14.33% - Tongwei Co. down 6.06% - Longi Green Energy down 7.35% - JA Solar down 6.84% - Daqo New Energy down 8.76% [3]. Group 2: Industry Response - The China Photovoltaic Industry Association issued a statement on November 12, refuting the rumors and emphasizing that the industry is working steadily towards its goals, urging caution against misinformation [4]. - JA Solar representatives expressed confidence in the photovoltaic industry's policies against "internal competition" and support for the establishment of the storage platform, while acknowledging the need for collaboration to overcome challenges [4].

Core Insights - The POE film concept has seen a rise of 1.76%, ranking 6th among concept sectors, with 22 stocks increasing in value, including notable gainers such as Tuori New Energy and *ST Green Health, which hit the daily limit, and others like Fulei Ant and Fengguang Co., which rose by 6.99%, 5.05%, and 4.04% respectively [1][2] Market Performance - The top-performing concept sectors today include Cultivated Diamonds with a rise of 6.08%, Perovskite Batteries at 2.98%, and Dairy Industry at 2.37%, while sectors like Chinese AI 50 and Internet Insurance saw declines of -1.76% and -1.43% respectively [2] - The POE film concept attracted a net inflow of 0.84 billion yuan from major funds, with 11 stocks receiving net inflows, and 5 stocks exceeding 10 million yuan in net inflow. The leading stock in net inflow was Baofeng Energy, with 1.19 billion yuan, followed by Tuori New Energy and Wanhua Chemical with 1.08 billion yuan and 344.73 million yuan respectively [2][3] Fund Flow Analysis - The stocks with the highest net inflow ratios include Tuori New Energy at 50.39%, *ST Green Health at 48.08%, and Dingjide at 12.66% [3] - The detailed fund flow for the POE film concept shows Baofeng Energy with a 2.01% increase and a net inflow of 118.52 million yuan, while Tuori New Energy had a significant increase of 10.13% with a net inflow of 108.44 million yuan [3][4]

Core Viewpoint - On November 10, A-share market saw a significant rise in several photovoltaic stocks, driven by new policies promoting the integration of coal and renewable energy [1] Group 1: Stock Performance - Yicheng New Energy surged over 11%, while Zhaoxin Co., Jincheng Co., and Yijing Optoelectronics hit the 10% daily limit up. TCL Zhonghuan increased by over 6%, and Longi Green Energy rose by over 3%. Other companies like Foster, Jingyun Tong, Tuori New Energy, and Tongwei Co. also saw gains of over 2% [1] Group 2: Policy Initiatives - The newly released policy, titled "Guiding Opinions on Promoting the Integrated Development of Coal and Renewable Energy," aims to accelerate the development of photovoltaic and wind power industries in mining areas. It emphasizes revitalizing land resources in mining regions and encourages the planning of large photovoltaic bases in coal-producing areas [1] - The policy also supports the orderly advancement of wind power development in areas with good wind resources and promotes clean energy alternatives in mining operations. This includes accelerating the electrification of coal production processes and replacing transportation equipment with new energy solutions [1]

Group 1 - The core viewpoint of the news highlights a significant rise in certain photovoltaic stocks in the A-share market, driven by the National Energy Administration's new guidelines promoting the integration of coal and renewable energy [1] - The National Energy Administration has issued guidelines to accelerate the development of photovoltaic and wind power industries in mining areas, aiming to effectively utilize land resources and promote the construction of solar power stations [1] - The guidelines encourage the planning and construction of large-scale photovoltaic bases in coal-producing regions and support the electrification of key coal production processes [1] Group 2 - Specific stocks that saw notable increases include Yicheng New Energy, which rose over 11%, and Zhaoxin Co., Jinchen Co., and Yijing Optoelectronics, which hit the daily limit of 10% [2] - TCL Zhonghuan increased by over 6%, while Longi Green Energy rose by over 3%, indicating a positive market sentiment towards these companies [2] - The overall market performance reflects a strong year-to-date increase for these stocks, with Yicheng New Energy showing a 39.59% increase since the beginning of the year [2]

Group 1 - The core viewpoint of the news is that Foster has shown a positive stock performance with a year-to-date increase of 14.79% and a recent rise of 2.08% in intraday trading, indicating strong market interest and activity [1] - As of September 30, 2025, Foster's main business revenue composition includes photovoltaic film at 90.65%, photosensitive dry film at 4.08%, and photovoltaic backplane at 2.20%, highlighting its focus on solar energy materials [2] - The company has experienced a decline in revenue and net profit for the first nine months of 2025, with revenue at 11.788 billion yuan, down 22.32% year-on-year, and net profit at 688 million yuan, down 45.34% year-on-year [2] Group 2 - Foster has distributed a total of 3.669 billion yuan in dividends since its A-share listing, with 1.361 billion yuan distributed in the last three years, reflecting a commitment to returning value to shareholders [3] - As of September 30, 2025, the number of shareholders decreased by 9.54% to 64,900, while the average circulating shares per person increased by 10.55% to 40,208 shares, indicating changes in shareholder structure [2] - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 70.465 million shares, a decrease of 25.378 million shares from the previous period [3]

- The report predicts adjustments in the constituents of the CSI 300 Index, with 11 stocks expected to be adjusted. Predicted additions include Huadian New Energy, Shenghong Technology, and Shanghai Electric, while removals include Nasda, Xingyu Shares, and Foster. The additions are primarily concentrated in the electronics sector, with five stocks selected, while removals are mainly from the power equipment and automotive sectors, with four stocks removed from the power equipment sector[2][13][14] - The report predicts adjustments in the constituents of the CSI 500 Index, with 50 stocks expected to be adjusted. Predicted additions include Beiqi Blue Valley, Electric Investment Energy, and OFILM, while removals include Shenghong Technology, Ruixin Micro, and Xinnowei. Some additions to the CSI 500 Index come from the original constituents of the CSI 300 Index, such as Lu'an Huaneng, Trina Solar, and Baiyunshan, while some removals from the CSI 500 Index transition to the latest constituents of the CSI 300 Index, such as Shenghong Technology, Ruixin Micro, and Guolian Minsheng. Additions are mainly concentrated in the power equipment, electronics, and automotive sectors, while removals are concentrated in the pharmaceutical, electronics, and computer sectors[3][16][18] - The report highlights the event return characteristics of sample adjustments for the CSI 300 and CSI 500 indices. It notes that the market tends to react in advance to the impact of constituent adjustments, with stock prices rising before additions and falling before removals. Specifically, stocks added to the indices exhibit positive excess returns before the adjustment date, while stocks removed from the indices show negative excess returns before the adjustment date[4][5][23]