Core Viewpoint - Foster experienced six block trades on September 5, totaling 1.067 million shares and a transaction amount of 15.6636 million yuan, with a discount of 8.99% compared to the closing price [1] Group 1: Trading Activity - The average transaction price for the block trades was 14.68 yuan, which is 8.99% lower than the closing price of 16.13 yuan on the same day [1] - The total transaction amount for the six trades was 15.6636 million yuan, with institutional special seats participating in three of the trades, contributing a net purchase of 6.3124 million yuan [1] - Over the past three months, Foster has recorded a total of 11 block trades, amounting to 55.482 million yuan [1] Group 2: Market Performance - On September 5, Foster's closing price was 16.13 yuan, reflecting a 5.29% increase, with a daily turnover rate of 3.10% and a total transaction volume of 1.281 billion yuan [1] - The net inflow of main funds for the day was 128 million yuan, and the stock has increased by 7.46% over the past five days, with a total net inflow of 311 million yuan during that period [1] Group 3: Financing and Ratings - The latest financing balance for Foster is 599 million yuan, with an increase of 94.8326 million yuan over the past five days, representing an 18.79% growth [2] - Two institutions provided ratings for the stock in the past five days, with Huachuang Securities setting the highest target price at 18.63 yuan as of September 4 [2]

Core Viewpoint - The photovoltaic industry is transitioning from "price wars" to "value reconstruction," with a comprehensive recovery across the industry chain driven by both policy and market dynamics, benefiting leading companies first [1][2]. Group 1: Industry Recovery - The first half of 2025 marks a significant recovery for the Chinese photovoltaic industry, with nearly half of the 70 listed companies in the photovoltaic equipment sector reporting positive performance [3]. - The recovery is supported by policy-driven market order optimization, which has alleviated price competition issues across the industry chain [3][4]. - The price of polysilicon has been rising since July 2025, with N-type polysilicon prices exceeding 50,000 yuan/ton, indicating a gradual restoration of profitability in the main industry chain [3]. Group 2: Policy and Demand Drivers - A series of targeted policies have been introduced since 2025 to address the industry's pain points related to "low-price disorderly competition" [4]. - The implementation of the revised Anti-Unfair Competition Law on June 27, 2025, prohibits selling products below cash cost, establishing a price floor for the photovoltaic industry [4]. - Strong demand is evident, with domestic new photovoltaic installations reaching 223.25 GW from January to July 2025, a year-on-year increase of 81% [3][4]. Group 3: Investment Opportunities in the Industry Chain - In the polysilicon segment, profitability is recovering significantly, with prices continuing to rise and reaching a maximum increase of 3.37% [5]. - Tongwei Co., Ltd. holds a 30% global market share in high-purity crystalline silicon, with a cash cost of approximately 38,000 yuan/ton, indicating strong cost control [6]. - The silicon wafer segment is transitioning to N-type technology, with N-type silicon wafer penetration expected to exceed 90% by 2025 [7]. Group 4: Technological Advancements and Market Positioning - The battery segment is dominated by TOPCon technology, with a production capacity of 967 GW, accounting for 83% of the market [8]. - JinkoSolar is a leader in N-type TOPCon technology, with a production efficiency exceeding 25% and a significant share of overseas revenue [8]. - The module segment shows clear differentiation, with N-type modules accounting for over 70% of the market, and leading companies like LONGi Green Energy and Trina Solar achieving high power outputs and certifications [9]. Group 5: Storage and New Growth Drivers - The explosive growth in the energy storage sector is a core driver of the current recovery, with increasing demand for photovoltaic and storage system integration [12]. - Sungrow Power Supply Co., Ltd. is a leading player in the energy storage system market, with a global market share of 35% in storage inverters [12].

Group 1 - The company, Foster, announced plans to hold a semi-annual performance briefing on September 15, 2025, from 09:00 to 10:00 [2]

9月5日，福斯特大宗交易成交106.7万股，成交额1566.36万元，占当日总成交额的1.21%，成交价14.68 元，较市场收盘价16.13元折价8.99%。 | 交易日期 | 任前国际 | 证券代码 | | | 成交价(元) 成交金额(万元) 成交量(*) 买入管业部 | | 奥斯精选部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-09-05 | 福斯特 | 603806 | 14.68 | 396.36 | 27 | 中信证券股份有限 公司总部(非营业 | 广发证券股份有限 公司杭州学院路证 | 중 | | | | | | | | 墙所) | 券営业部 | | | 2025-09-05 | 福斯特 | 603806 | 14.68 | 303.88 | 20.7 | 华型证券股份有限 公司北京分公司 | 广发证券股份有限 公司机械实际路域 | Ka | | | | | | ATUV25 | | | | | | | | | | | | | 有管业部 | | | 2025-09-05 | 福斯特 | 603 ...

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： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 | 证券代码：603806 | 证券简称：福斯特 | | 公告编号：2025-060 | | --- | --- | --- | --- | | 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 关于召开 2025 年半年度业绩说明会的公告 总经理：周光大先生 投资者可于 2025 年 09 月 08 日（星期一）至 09 月 12 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司投资者关系邮 箱：fst-zqb@firstpvm.com 进行提问。公司将在说明会上对投资者普遍关注的 问题进行回答。 杭州福斯特应用材料股份有限公司（以下简称"公司"）已于 2025 年 8 月 27 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度经营成果、财务 ...

Core Viewpoint - Foster experienced significant trading activity on September 4, with a total of 2.824 million shares traded, amounting to 39.8184 million yuan, at a price of 14.10 yuan, reflecting a discount of 7.96% compared to the closing price of 15.32 yuan [2][3] Trading Activity Summary - On September 4, there were 5 transactions on the block trading platform for Foster, with a total trading volume of 2.824 million shares and a total transaction value of 39.8184 million yuan [2] - The average transaction price was 14.10 yuan, which is 7.96% lower than the closing price of 15.32 yuan [2][3] - Institutional participation was noted in one of the transactions, with a total transaction amount of 4.935 million yuan, resulting in a net purchase of 4.935 million yuan [2] Market Performance Summary - Foster's closing price on September 4 was 15.32 yuan, marking a 5.00% increase, with a daily turnover rate of 3.09% and a total transaction amount of 1.215 billion yuan [2] - The net inflow of main funds for the day was 185 million yuan, and the stock has seen a cumulative increase of 2.54% over the past five days, with a total net inflow of 211 million yuan during that period [2] Margin Financing Summary - The latest margin financing balance for Foster is 520 million yuan, with a decrease of 3.5602 million yuan over the past five days, representing a decline of 0.68% [3] - In the past five days, four institutions have provided ratings for the stock, with Huachuang Securities setting the highest target price at 18.63 yuan as of September 4 [3]

Group 1 - On September 4, Foster executed a block trade of 2.824 million shares, with a transaction value of 39.8184 million yuan, accounting for 3.17% of the total transaction value for the day [1] - The transaction price was 14.1 yuan, representing a discount of 7.96% compared to the market closing price of 15.32 yuan [1] Group 2 - The block trade involved multiple brokerage firms, including UBS Securities and Guotai Junan Securities, indicating a diverse participation in the transaction [2] - The highest transaction amount recorded for Foster on that day was 1,692 million yuan, with a volume of 120 shares traded by UBS Securities [2] - Other notable transactions included amounts of 1,201.32 million yuan and 493.5 million yuan, with varying volumes and brokerage firms involved [2]

Group 1 - Foster's stock increased by 5.14% to 15.34 CNY per share, with a trading volume of 896 million CNY and a turnover rate of 2.28%, resulting in a total market capitalization of 40.018 billion CNY [1] - The company, founded on May 12, 2003, and listed on September 5, 2014, specializes in the research, production, and sales of solar cell encapsulants, polyamide hot melt adhesive films, and solar cell backsheets [1] - The main revenue composition of Foster includes photovoltaic encapsulants (90.65%), photosensitive dry films (4.08%), photovoltaic backsheets (2.20%), and other products [1] Group 2 - HSBC Jintrust Fund has a significant holding in Foster, with its fund "HSBC Jintrust Longteng Mixed A" increasing its stake by 22.74 thousand shares in the second quarter, bringing the total to 302.58 thousand shares, which represents 6.01% of the fund's net value [2] - The fund has achieved a year-to-date return of 11.76% and a one-year return of 41.72%, ranking 5207 out of 8180 and 3188 out of 7978 in its category, respectively [2] - The fund manager, Lu Bin, has been in charge for 6 years and 112 days, with the fund's total assets amounting to 11.981 billion CNY and a best return of 179.84% during his tenure [3]

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].