福斯特多途降本四项目结余3.21亿 前九月赚6.88亿手握63亿“过冬”

Core Viewpoint - In the context of a challenging photovoltaic industry, Foster (603806.SH) has successfully reduced costs through various measures, resulting in approximately 321 million yuan in surplus funds from four fundraising projects, which will be permanently used to supplement working capital [1][2]. Group 1: Fundraising Projects and Financial Performance - Foster announced the completion of four fundraising projects with a total surplus of approximately 321 million yuan, attributed to optimized processes and resource allocation [1][2]. - The company achieved a net profit attributable to shareholders of 1.308 billion yuan in 2024, with a decline of about 45% year-on-year in the first three quarters of 2025, amounting to 688 million yuan [1][6]. - As of September 2025, the company reported zero interest-bearing debt and approximately 6.3 billion yuan in cash and financial products [1][8]. Group 2: Project Details and Cost Savings - The four projects that have surplus funds include the production of flexible copper-clad laminates and high-efficiency battery encapsulation films, with the largest surplus coming from the Vietnam project, which saved 165 million yuan [3][5]. - The flexible copper-clad laminate project achieved its design capacity through cost control measures, resulting in savings of 57.41 million yuan in equipment and installation costs [4][5]. - The company has dynamically adjusted its project investments based on market conditions, ultimately directing funds to eight projects [3]. Group 3: Market Position and Strategy - Foster is a leading player in the photovoltaic auxiliary materials sector, with a global market share of over 55% in solar cell encapsulation films, maintaining around 50% market share in the first half of 2025 [7]. - Despite a significant decline in prices and performance due to structural oversupply in the photovoltaic industry, the company has continued to remain profitable [6][7]. - To counter the industry downturn, Foster is expanding its international market presence, with foreign market revenue accounting for 25.48% of total revenue in the first half of 2025 [8].