Company Overview - Foster is located in Lin'an District, Hangzhou, Zhejiang Province, established on May 12, 2003, and listed on September 5, 2014 [2] - The main business includes research, production, and sales of solar cell encapsulation films, polyamide mesh hot melt adhesive films, and solar cell backsheets [2] - Revenue composition: photovoltaic encapsulation films 90.65%, photosensitive dry films 4.08%, photovoltaic backsheets 2.20%, others 3.07% [2] Financial Performance - For the first half of 2025, Foster achieved operating revenue of 7.959 billion yuan, a year-on-year decrease of 26.06% [2] - The net profit attributable to shareholders was 496 million yuan, down 46.60% year-on-year [2] - Cumulative cash dividends since A-share listing amount to 3.669 billion yuan, with 1.361 billion yuan distributed in the last three years [3] Stock Market Activity - As of September 2, Foster's stock price was 14.48 yuan per share, with a market capitalization of 37.775 billion yuan [1] - Year-to-date stock price change is a decrease of 0.41%, with a 1.63% drop over the last five trading days [1] - The stock has appeared on the "龙虎榜" once this year, with a net buy of 1.40 billion yuan on July 29 [1] Shareholder Structure - As of June 30, 2025, the number of shareholders was 71,700, a decrease of 0.28% from the previous period [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder, holding 95.8434 million shares, an increase of 21.0567 million shares [3] - New entrants and changes in the top ten shareholders include E Fund's CSI 300 ETF and changes in holdings by other institutional investors [3]

Core Viewpoint - Foster's profitability in the photovoltaic film segment is under pressure, but its competitive advantages may help it navigate through the cycle smoothly [1][2]. Financial Performance - In H1 2025, the company reported revenue of 7.959 billion yuan, a year-on-year decrease of 26.06%, and a net profit of 496 million yuan, down 46.60% year-on-year [1]. - In Q2 2025, revenue was 4.334 billion yuan, a decrease of 20.36% year-on-year but an increase of 19.58% quarter-on-quarter; net profit was 95 million yuan, down 76.75% year-on-year and 76.41% quarter-on-quarter [1]. Photovoltaic Film Segment - In H1 2025, the company sold 1.386 billion square meters of photovoltaic film, maintaining sales volume year-on-year, but revenue fell to 7.215 billion yuan, a decrease of 26.97% [2]. - The sales volume of photovoltaic backsheet was 33.6994 million square meters, down 50.28% year-on-year, with revenue of 175 million yuan, a decline of 57.78% [2]. - The company aims to enhance R&D investment and expand overseas production capacity to meet high demand in emerging markets [2]. Electronic Materials Segment - The electronic materials division saw significant growth, with sales of photosensitive dry film reaching 89.5948 million square meters, up 21.62% year-on-year, generating revenue of 325 million yuan, an increase of 17.93% [3]. - The aluminum-plastic film sales volume was 6.6584 million square meters, up 18.77% year-on-year, with revenue of 64.4174 million yuan, a growth of 9.37% [3]. Investment Outlook - Revenue projections for 2025-2027 are 17.585 billion yuan, 20.152 billion yuan, and 23.163 billion yuan, with corresponding growth rates of -8.2%, 14.6%, and 14.9% [4]. - Net profit forecasts for the same period are 1.323 billion yuan, 1.836 billion yuan, and 2.339 billion yuan, with growth rates of 1.2%, 38.8%, and 27.4% [4]. - The company is positioned as a leading player in the photovoltaic film market, expected to navigate the industry cycle effectively [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [5][17]. Core Views - The company is expected to face challenges due to declining prices of its film products and slower-than-expected industry cycles, leading to a downward revision of profit forecasts. Projected revenues for 2025-2027 are 177.31 billion, 197.46 billion, and 222.23 billion CNY, with net profits of 12.02 billion, 14.91 billion, and 19.59 billion CNY respectively [4][5]. - The company remains a leader in the photovoltaic film industry, maintaining stable market share and a diverse product range, which positions it well for future technological iterations and overseas capacity expansion [4][5]. Financial Performance Summary - For 2023, the company reported revenue of 22,589 million CNY, with a year-on-year growth rate of 19.7%. However, projections indicate a decline in revenue for 2024 to 19,147 million CNY, a decrease of 15.2% [1][4]. - The net profit for 2023 is reported at 1,850 million CNY, with a year-on-year growth of 17.2%. The forecast for 2024 shows a significant drop to 1,308 million CNY, reflecting a decline of 29.3% [1][4]. - The company's return on equity (ROE) is projected to decrease from 11.7% in 2023 to 7.8% in 2024, before gradually recovering to 10.1% by 2027 [1][4]. Segment Performance Summary - In the photovoltaic film segment, the company shipped 1.386 billion square meters in the first half of 2025, contributing 72.15 billion CNY in revenue, a decline of 26.97% year-on-year. The segment's gross margin fell to 11.4%, down 5.36 percentage points [2]. - The electronic materials segment has shown promising results, with sales of photosensitive dry film reaching 0.896 billion square meters, a year-on-year increase of 21.62%, contributing 3.25 billion CNY in revenue, up 17.93% [3]. - The company is also focusing on the functional film market, with aluminum-plastic film shipments of 6.6584 million square meters in the first half of 2025, reflecting an 18.77% increase year-on-year [3].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's revenue for H1 2025 was 7.959 billion yuan, a decrease of 26.06% year-on-year, with a net profit attributable to shareholders of 496 million yuan, down 46.6% year-on-year [1] - The price and profitability of the film products are under pressure, leading to a cautious impairment loss provision of 193 million yuan [2] - The company has seen steady growth in the shipment of photosensitive dry films, with a 21.62% year-on-year increase in H1 2025 [3] - The company is expected to benefit from the development of solid-state batteries, which may provide new market opportunities for aluminum-plastic films [3] Summary by Sections Financial Performance - In H1 2025, the company shipped 1.386 billion square meters of photovoltaic films, with an average selling price of 5.20 yuan per square meter, a decrease of 26.81% year-on-year, resulting in revenue of 7.215 billion yuan, down 26.97% year-on-year [2] - The shipment of backboards was 33.6994 million square meters, a decrease of 50.28% year-on-year, with revenue of 175 million yuan, down 57.78% year-on-year [2] - The company reported a net profit of 95 million yuan in Q2 2025, down 76.75% year-on-year and 76.41% quarter-on-quarter [1] Product Performance - The shipment of photosensitive dry films reached 89.5948 million square meters in H1 2025, with revenue of 325 million yuan, up 17.93% year-on-year [3] - The shipment of aluminum-plastic films was 6.6584 million square meters, with revenue of 64.4174 million yuan, up 9.37% year-on-year [3] Profitability and Valuation - The report projects net profits for 2025-2027 to be 1.524 billion, 2.002 billion, and 2.542 billion yuan respectively, with a downward adjustment of 12% for 2025 [4] - The current stock price corresponds to a PE ratio of 26 times for 2025 [4] - The company is positioned as a leader in the film industry, with advantages in capital, scale, and technology expected to enhance market share [4]

Group 1 - The company has approved the use of up to 1 billion yuan of temporarily idle raised funds for cash management, ensuring it does not affect the implementation of investment projects or the safety of the raised funds [1] - The company has purchased a financial product from CITIC Securities, with a principal amount of 50 million yuan, which has matured and been redeemed on August 27, 2025, yielding a profit of 116.5 thousand yuan [2] - All funds from the redeemed financial product have been returned to the special account for raised funds [2] Group 2 - The company has provided a report on the usage of raised funds for cash management over the past twelve months, although specific figures are not detailed in the announcement [3]

Core Viewpoint - Foster (603806) reported a significant decline in both revenue and net profit for the first half of 2025, indicating challenges in its operational performance and market conditions [1] Financial Performance Summary - Total revenue for the first half of 2025 was 7.959 billion yuan, a decrease of 26.06% year-on-year [1] - Net profit attributable to shareholders was 496 million yuan, down 46.6% compared to the previous year [1] - In Q2 2025, total revenue was 4.334 billion yuan, reflecting a year-on-year decline of 20.36% [1] - Q2 net profit attributable to shareholders was 94.628 million yuan, a significant drop of 76.75% year-on-year [1] - Gross margin decreased to 12.15%, down 27.15% year-on-year, while net margin fell to 6.08%, a decline of 29.49% [1] - Total operating expenses (selling, administrative, and financial) amounted to 182 million yuan, representing 2.28% of revenue, an increase of 47.85% year-on-year [1] Balance Sheet Highlights - Accounts receivable reached 4.471 billion yuan, a decrease of 12.30% year-on-year, but accounted for 341.91% of the latest annual net profit [1][12] - Cash and cash equivalents decreased by 29.02%, primarily due to net cash outflows from operating activities [3] - Interest-bearing debt was 3.091 billion yuan, down 20.07% year-on-year [1] Cash Flow Analysis - Operating cash flow per share was -0.34 yuan, a drastic decline of 198.23% year-on-year, indicating cash collection issues [1][7] - Investment activities generated a net cash inflow that increased by 72.31%, attributed to higher redemptions of investment products [8] - Financing activities saw a net cash outflow decrease of 92.08%, due to reduced borrowing [9] Market and Operational Insights - The decline in revenue was attributed to lower sales prices in the photovoltaic film market and a decrease in sales volume of photovoltaic backplanes [4] - The company experienced a 22.04% reduction in operating costs, mainly due to lower procurement prices for key raw materials [4] - The company's return on invested capital (ROIC) was reported at 6.33%, indicating average capital returns [10] Fund Holdings Overview - The largest fund holding Foster is the GF High-end Manufacturing Stock A, with a current scale of 4.464 billion yuan [13] - The fund's latest net value decreased by 2.36% as of August 27, with a year-on-year increase of 10.68% [13]

| 证券代码：603806 | 证券简称：福斯特 | | | 公告编号：2025-059 | | --- | --- | --- | --- | --- | | 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 关于使用部分暂时闲置募集资金进行现金管理的进展公告 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（以下简称"公司"）于 2025 年 4 月 8 日召开的第六届董事会第六次会议，审议通过了《关于使用部分暂时闲置募集资 金进行现金管理的议案》，同意公司及子公司在确保不影响募集资金投资项目实 施及募集资金安全的前提下，使用总额度不超过 10 亿元的暂时闲置募集资金进 行现金管理，用于购买安全性高、流动性好、产品发行主体能够提供保本承诺的 投资产品。公司监事会发表明确同意意见，公司保荐机构国泰海通证券股份有限 公司出具核查意见。具体内容详见公司于 2025 年 4 月 10 日在上海证券交易所网 站披露的《福斯特：关于使用部分暂时闲置 ...

Core Viewpoint - Foster (603806) reported a significant decline in both revenue and net profit for the first half of 2025, indicating challenges in its operational performance [1] Financial Performance - The company achieved a revenue of approximately 7.959 billion yuan, representing a year-on-year decrease of 26.06% [1] - The net profit attributable to shareholders was about 496 million yuan, down 46.6% compared to the previous year [1] Business Segments - The primary sources of revenue and net profit during the reporting period were photovoltaic materials and electronic materials [1]

证券代码：603806 证券简称：福斯特 公告编号：2025-058 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 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： ? 股东大会召开日期：2025年9月16日 ? 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 一、 召开会议的基本情况 (一)股东大会类型和届次 (二)股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四)现场会议召开的日期、时间和地点 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投 票，应按照《上海证券交易所上市公司自律监管指引第 1 号 — 规范运作》等有 关规定执行。 (七)涉及公开征集股东投票权 不适用 召开的日期时间：2025 年 9 月 16 日 14 点 00 分 召开地点：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 ...

Group 1 - Foster (SH 603806) announced on August 26 that its sixth session of the eighth board meeting was held on August 25, 2025, to discuss the proposal to cancel the supervisory board and amend the company's articles of association [1] - For the first half of 2025, Foster's revenue composition was as follows: photovoltaic industry accounted for 92.85%, electronic materials 4.86%, textiles 0.89%, other businesses 0.71%, and other industries 0.39% [1] - As of the report date, Foster's market capitalization was 38.4 billion yuan [1] Group 2 - The pet industry is experiencing a significant boom, with a market size of 300 billion yuan, leading to a surge in stock prices for related listed companies [1]