资金流向方面，主力资金净流出6118.14万元，特大单买入1805.52万元，占比5.50%，卖出8921.42万 元，占比27.18%；大单买入8236.94万元，占比25.09%，卖出7239.18万元，占比22.05%。 福斯特今年以来股价涨0.21%，近5个交易日涨0.21%，近20日涨1.16%，近60日跌13.00%。 资料显示，杭州福斯特应用材料股份有限公司位于浙江省杭州市临安区锦北街道福斯特街8号，成立日 期2003年5月12日，上市日期2014年9月5日，公司主营业务涉及太阳能电池胶膜、共聚酰胺丝网状热熔 胶膜、太阳能电池背板等产品的研发、生产和销售。主营业务收入构成为：光伏胶膜90.65%，感光干 膜4.08%，光伏背板2.20%，其他1.25%，铝塑膜0.81%，其他(补充)0.71%，太阳能发电系统0.30%。 1月9日，福斯特盘中下跌2.03%，截至13:02，报13.99元/股，成交3.28亿元，换手率0.89%，总市值 364.96亿元。 机构持仓方面，截止2025年9月30日，福斯特十大流通股东中，香港中央结算有限公司位居第三大流通 股东，持股7046.50万股，相比上期减少2 ...

Core Insights - The global photovoltaic (PV) industry is experiencing rapid growth, with a projected 35.9% year-on-year increase in new installations in 2024, driving demand for photovoltaic encapsulant films [1] - Chinese companies dominate the global photovoltaic encapsulant film market, with Foster holding approximately 50% market share [3] - Foster's strategic focus on innovation and market expansion has enabled it to maintain a strong competitive position in the global market [4] Industry Opportunities and Strategic Focus - Foster's development can be divided into three phases: breakthrough in hot melt film technology, deep integration in the photovoltaic encapsulant film industry, and expansion into semiconductor materials [5] - The company initially focused on hot melt film for textiles before transitioning to EVA encapsulant films for solar cells, successfully breaking foreign monopolies [6][7] - In 2024, Foster's electronic materials revenue reached 720 million yuan, a 38.2% increase, reflecting its diversification strategy [7] Global Operations and Customer-Centric Approach - Foster's global expansion aligns with the overseas growth of downstream photovoltaic component manufacturers, establishing production bases close to major clients [13] - The company has increased its overseas production and sales share of encapsulant films from 3.8% in 2022 to 8.7% in 2024 [13] - Foster emphasizes customized product development to meet evolving customer demands in the photovoltaic sector [14] Cost Control and Competitive Advantage - Foster's gross margin in 2024 was 14.74%, a slight increase from the previous year, showcasing its effective cost control strategies [16] - The company employs a comprehensive cost control ecosystem, optimizing procurement, production, and logistics to maintain cost advantages [16][17] - Digital transformation initiatives have enhanced production efficiency and reduced defect rates, contributing to competitive pricing [16] Summary of Globalization Experience - Foster's multi-sector transformation results from strategic insight and technological innovation, leveraging its early experience in hot melt film technology for advancements in photovoltaic encapsulant films [18] - A customer-centric approach is crucial for successful globalization, with Foster adapting its operations to meet local market needs and enhancing brand presence [18] - Effective cost control through supply chain management and digitalization has positioned Foster favorably against competitors in the global market [18]

Summary of Conference Call Notes Industry Overview - The conference call discusses the solar energy and energy storage industries, focusing on projections for 2026 and 2027, highlighting trends in demand, supply, and pricing dynamics across various segments of the industry. Key Points on Solar Industry - **Projected Installation Decline**: Domestic solar installation is expected to drop to 180-200 GW in 2027, a decrease of approximately 35% year-on-year, primarily due to prior over-installation [1][2] - **Global Component Demand**: Global demand for solar components is anticipated to fall below 600 GW in 2027, reflecting an 8.5% year-on-year decline, with exports from overseas markets decreasing by about 5% [1][4] - **Market Dynamics**: The concentrated solar power sector remains driven by large base projects, while distributed solar may see some recovery by year-end [2] Key Points on Energy Storage Industry - **Rapid Growth**: The energy storage market is experiencing rapid growth, with a projected increase of over 40% globally next year, driven by policy support and widening price differentials [1][5] - **Domestic Capacity Projections**: Domestic energy storage capacity is conservatively estimated at 180 GWh, with global capacity reaching 400 GWh [3][13] - **Market Trends**: The energy storage market is shifting towards large-scale systems in Europe and is seeing robust demand in emerging markets due to electricity shortages [5][10] Pricing and Profitability Insights - **Price Recovery**: The solar industry is expected to see improved financial reports in Q2, driven by policies that prevent sales below cost and measures to combat internal competition [1][6] - **Component Pricing Trends**: Prices for silicon materials, wafers, cells, and modules have shown signs of recovery, with some companies turning profitable in Q3 [8][9] Emerging Technologies and Innovations - **Technological Advancements**: New technologies such as TOPCon and high-power components are enhancing profitability and market positioning for leading companies [8][9] - **Market Concentration**: The energy storage market is expected to see a decrease in concentration as demand surges, but will likely return to a more concentrated state in the long term [14] Recommendations for Investment - **Key Companies to Watch**: - Large storage and industrial storage companies such as Artis, Tongrun Equipment, and Deye [15][24] - High-power component manufacturers like Jinko and Aiko [24] - Leading silicon material companies with strong cost advantages [24] - Glass companies capable of exporting, and Foster in the encapsulant sector [24] Additional Insights - **Glass Industry Challenges**: The solar glass sector faces overcapacity and high inventory levels, with domestic demand expected to remain weak [17][18] - **Profitability Pressures**: Current glass prices are around 11 RMB, with further declines expected, potentially leading to significant cash flow issues for smaller companies [19][20] This summary encapsulates the critical insights and projections discussed during the conference call, providing a comprehensive overview of the solar and energy storage industries' current state and future outlook.

Core Viewpoint - The photovoltaic industry is expected to accelerate supply-demand restructuring driven by the "anti-involution" trend, leading to gradual profit recovery by 2026 [1] Group 1: Supply-Demand Restructuring - The "anti-involution" spirit is deeply penetrating the photovoltaic industry, with main chain prices recovering from the top down, and auxiliary material leading companies showing significant profit recovery by Q3 2025 [1] - The rapid development of energy storage, alongside the implementation of grid parity for solar storage in key markets like China, the US, and Europe, is expected to alleviate the impact of increased photovoltaic installations on the grid [1] - The long-term demand outlook is optimistic due to rising computing power needs and breakthroughs in core photovoltaic technologies for space stations, which will open new application scenarios [1] Group 2: Technology Iteration and Profit Recovery - The penetration rate of low-silver and silver-free technologies is expected to rise quickly, with leading companies likely to recover profits faster than the industry average due to rapid cost reduction in component production [2] - The introduction of low-silver solutions by JinkoSolar and silver-free technologies by LONGi Green Energy is highlighted as key developments in this technology iteration [2] Group 3: Auxiliary Material Companies - Auxiliary material companies are expected to accelerate profit recovery through diversified business layouts, as the pressure on the photovoltaic main chain has been ongoing for over three years [3] - Leading companies in auxiliary materials are preparing for a second growth phase, with non-photovoltaic business proportions expected to increase, contributing to revenue and profit reversals [3] Group 4: Beneficiary Analysis - Companies leading in low-silver and silver-free technology iterations, such as LONGi Green Energy, JinkoSolar, Aiko Solar, and Tongwei Co., are expected to benefit from cost advantages [4] - Companies actively integrating energy storage with photovoltaic operations, like Trina Solar, JinkoSolar, LONGi Green Energy, and JA Solar, are likely to see profit recovery [4] - Leading companies in supporting facilities, such as DKE Holdings, Juhua Materials, and Foster, are expected to continue profit recovery through new technology breakthroughs and business expansions [4]

Group 1 - The "anti-involution" trend is reshaping supply and demand in the photovoltaic industry, with price recovery expected as the market stabilizes. The introduction of energy storage at parity in key markets is accelerating, alleviating pressure on the grid from rapid increases in photovoltaic installations. The long-term demand outlook is optimistic due to rising computing power needs and breakthroughs in photovoltaic technology for space applications [2][12][14]. Group 2 - The penetration of low-silver and silver-free technologies is expected to increase rapidly, with leading companies likely to recover profitability faster than the industry average. The rise in silver prices is driving the adoption of these technologies, which are crucial for cost reduction [3][38][43]. Group 3 - The auxiliary material sector, under pressure for over three years, is expected to see a recovery in profitability as companies diversify their business models. Leading firms are preparing for a second growth phase, which will enhance their revenue streams [4][63]. Group 4 - Beneficiary analysis indicates that companies leading in low-silver and silver-free technology, such as Longi Green Energy and JinkoSolar, are well-positioned to benefit from cost advantages. Companies actively investing in energy storage, like Trina Solar and JA Solar, are also expected to see early recovery in profitability [5][73]. Group 5 - Global demand for photovoltaic installations is projected to grow, with an estimated 600 GW and 610 GW of new installations in 2025 and 2026, respectively. However, growth rates may slow due to market saturation in core regions like China and Europe [8][14]. Group 6 - The supply side is experiencing overcapacity, with significant production increases expected in silicon materials and components. The "anti-involution" movement is leading to reduced capital expenditures, which may help manage supply effectively [12][30]. Group 7 - The photovoltaic industry is witnessing a shift towards new technologies and applications, such as space photovoltaics and perovskite solar cells, which are expected to expand market opportunities significantly [49][54].

福斯特今年以来股价涨2.08%，近5个交易日涨1.42%，近20日涨1.57%，近60日跌10.77%。 资料显示，杭州福斯特应用材料股份有限公司位于浙江省杭州市临安区锦北街道福斯特街8号，成立日 期2003年5月12日，上市日期2014年9月5日，公司主营业务涉及太阳能电池胶膜、共聚酰胺丝网状热熔 胶膜、太阳能电池背板等产品的研发、生产和销售。主营业务收入构成为：光伏胶膜90.65%，感光干 膜4.08%，光伏背板2.20%，其他1.25%，铝塑膜0.81%，其他(补充)0.71%，太阳能发电系统0.30%。 福斯特所属申万行业为：电力设备-光伏设备-光伏辅材。所属概念板块包括：铝塑膜、BC电池、 TOPCon电池、生物医药、碳中和等。 截至9月30日，福斯特股东户数6.49万，较上期减少9.54%；人均流通股40208股，较上期增加10.55%。 2025年1月-9月，福斯特实现营业收入117.88亿元，同比减少22.32%；归母净利润6.88亿元，同比减少 45.34%。 机构持仓方面，截止2025年9月30日，福斯特十大流通股东中，香港中央结算有限公司位居第三大流通 股东，持股7046.50万股，相比 ...

Core Viewpoint - The company has consistently been profitable since its establishment, projecting a net profit of 1.308 billion yuan for the fiscal year 2024, despite the overall photovoltaic industry being at a cyclical low [1] Group 1: Company Performance - The company is a leading player in the photovoltaic film sector, maintaining a competitive edge through advanced technologies such as BC technology, HJT technology, perovskite technology, and flexible component technology [1] - The company possesses the largest overseas production capacity, catering to differentiated customers and markets [1] - The company has a strong asset base with a very low debt-to-asset ratio and ample cash reserves, which positions it well to navigate the cyclical nature of the photovoltaic industry [1] Group 2: Future Outlook - The company plans to increase its research and development investments and will consider industrial investments in the photovoltaic sector [1] - There are promising prospects in the second growth curve related to electronic materials (for PCB manufacturing) and lithium battery materials (for solid-state battery packaging) [1]

Core Viewpoint - The company Foster has successfully transitioned its electronic materials products into mass production, with a focus on three main products: photosensitive dry film, flexible copper-clad laminate (FCCL), and photosensitive cover film (PSPI) [2] Group 1: Product Overview - The three main products in the electronic materials sector are: - Photosensitive dry film used for PCB/FPC circuit etching - FCCL used as a substrate for flexible circuit boards (FPC) - PSPI used as a protective material for fine circuits [2] - Among these products, the photosensitive dry film has the largest sales volume and has begun to transition towards the server circuit board sector [2] Group 2: Future Outlook - The company anticipates that with the development of the electronic circuit industry and technology, its electronic materials are expected to enter a phase of simultaneous growth in both volume and profit [2]

| 证券代码：603806 | 证券简称：福斯特 | | | 公告编号：2026-002 | | --- | --- | --- | --- | --- | | 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 关于季度可转债转股结果暨股份变动公告 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。 重要内容提示： ● 累计转股情况：截至 2025 年 12 月 31 日，累计 151,000 元"福 22 转债" 已转换成公司股票，累计转股数为 5,267 股，占本次可转换公司债券（以下简称 "可转债"）转股前公司已发行股份总额的 0.00028%。 ● 未转股可转债情况：截至 2025 年 12 月 31 日，尚未转股的可转债金额为 3,029,838,000 元，占可转债发行总量的 99.9950%。 ● 本季度转股情况：自 2025 年 10 月 1 日至 2025 年 12 月 31 日期间，共有 1,000 元"福 22 转债"转换成公司股票，转股数量为 67 ...

证券代码：603806 证券简称：福斯特 公告编号：2026-001 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)股东会召开的时间：2025年12月31日 (二)股东会召开的地点：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： 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 2025年第四次临时股东会决议公告 本次股东会由公司董事会召集，董事长林建华先生主持，会议采用现场投票和网络投票相结合的表决方 式，符合《公司法》及《公司章程》的规定。 (五)公司董事和董事会秘书的列席情况 1、公司在任董事9人，列席7人，非独立董事林天翼、孙明冬因工作原因未能参会。 2、董事会秘书章樱出席会议；公司高级管理人员列席本次会议。 二、议案审议情况 (一)非累积投票议案 1、议案名称：《关于公司部分募投项目结项并将节余募集资金永久补流 ...