证券日报网讯1月5日，福斯特（603806）在互动平台回答投资者提问时表示，公司自设立以来一直都在 盈利，2024年度实现净利润13.08亿元，不存在您说的情况。近些年光伏行业整体处于周期底部，盈利 承压，但公司作为光伏胶膜龙头企业的竞争优势进一步夯实，在BC技术、HJT技术、钙钛矿技术、柔 性组件技术等差异化技术所需的封装材料领域保持技术领先，并且拥有最大的海外产能，服务于差异化 的客户及市场。公司资产优良，资产负债率极低，现金储备充裕，可以帮助公司稳定的穿越光伏行业周 期。未来公司将持续加大研发投入，适时开展产业投资，在光伏领域，以及第二成长曲线电子材料(应 用于PCB制成)和锂电材料(应用于固态电池封装)都有更好的未来。 ...

Summary of Foster's Conference Call Company Overview - Foster has a healthy balance sheet with a debt-to-asset ratio below 20% and no bank debt, holding approximately 8 billion yuan in cash reserves to support business development and return value to investors. The cash dividend ratio exceeded 50% last year, with over 600 million yuan distributed, and this trend will continue this year [2][5]. Industry Insights - The price of EVA films is expected to rebound by 2026, with Foster maintaining low inventory levels of about one month. The proportion of white EVA films is decreasing, with EVA and POE films each accounting for nearly half of the production [2][7]. - The photovoltaic new materials sector is anticipated to remain stable, with overseas markets maintaining high demand, potentially increasing market share. Electronic materials are expected to grow by over 30%, and the aluminum-plastic film business is also projected to grow by over 30%, driven by solid-state battery applications [2][11]. Business Performance - In the photovoltaic sector, Foster's film production is clearing quickly, with a stable market share. The overseas market, particularly in Thailand and Vietnam, accounts for about 20% of sales. A market reversal is expected in the second half of 2026 [3]. - The electronic materials segment is experiencing explosive demand, especially in high-end electronic materials for servers, leading to significant sales growth [3]. - The aluminum-plastic film business is rapidly developing, with current production capacity at 30 million square meters, expanding to 50 million square meters, and expected to achieve profitability next year [4][23]. Future Projections - The company anticipates a steady increase in shipments in the photovoltaic new materials sector in 2026, with uncertainties in the domestic market but high expectations for overseas markets. The growth in electronic materials and aluminum-plastic films is expected to contribute significantly to overall business growth [11]. - The solid-state battery market is projected to drive demand for aluminum-plastic films due to their lightweight and extensibility advantages [3][11]. Production and Expansion Plans - Foster's overseas production capacity is nearly fully utilized, with production and sales doubling, primarily serving clients in India and the Middle East. The company is evaluating plans for a factory in the U.S. to adapt to policy changes [16]. - A domestic project worth 250 million yuan has been delayed until the end of next year, with strategic adjustments based on market demand [16]. Product Development and Innovations - Foster is advancing in the sensitive area of photonic films for space applications, showcasing the company's ability to innovate by combining materials from different fields [9]. - The company is also focusing on high-end electronic materials, with a significant push into advanced substrate applications, particularly in the automotive and server sectors [18]. Financial Health and Risk Management - The company maintains a strong financial position with a low risk of impairment due to increasing overseas sales, which are less likely to default [24]. - The average price of dry films is around 5 yuan, with high-end products reaching up to 30 yuan, and the overall gross margin is currently at 24% [20]. Conclusion - Foster is well-positioned for growth in the photovoltaic, electronic materials, and aluminum-plastic film sectors, with a strong financial foundation and strategic plans for expansion and innovation. The company is expected to continue delivering value to investors while navigating market challenges and opportunities.

2025年，美国光伏市场正迎来"需求爆发+产能回流"的双重拐点。AI算力扩张催生的电力缺口、降息周期提升的项目收益率，推动美国光伏装机量持续高 增，2024年达50GW，2025年预计突破60GW，年复合增长率维持20%。随着26年的到来，美国光伏本土产能将迎来更大规模的释放。 01 美国光伏市场 美国光伏市场的崛起，并非单一因素驱动，而是下游需求刚性增长与政府产业政策引导形成的共振，为本土产能扩张奠定了坚实基础。 需求端 美国可再生能源发电占比长期偏低，仅约10%，远低于全球30%的平均水平，能源结构转型空间巨大。 而近年来AI算力中心、制造业复苏带来的电力缺口，成为光伏需求的核心催化剂——数据中心24小时高负荷运行对电力的持续消耗，以及传统化石能源 发电的不稳定性，使得光伏作为清洁、可快速部署的能源形式，成为补能首选。 降息周期的到来进一步放大了需求潜力。光伏项目的内部收益率（IRR）与利率高度相关，美国进入降息通道后，项目融资成本下降，IRR显著提升，刺 激了开发商的投资意愿。 政策端 与中国相比，美国光伏制造面临"高人工、高能耗、高合规成本"的三重压力，传统技术路线难以适配本土市场，倒逼行业选择更高效 ...

Summary of the Conference Call for Maiwei Co., Ltd. Industry and Company Overview - The conference call focuses on Maiwei Co., Ltd., a company involved in semiconductor equipment, photovoltaic technology, and display equipment sectors [2][3][5][6]. Key Points and Arguments Semiconductor Equipment - Maiwei's order volume has doubled for two consecutive years, reaching 4 billion yuan, driven by growth in both front-end (etching, thin film deposition) and back-end (slicing, bonding) semiconductor equipment [2][3]. - The company signed new orders worth approximately 1 billion yuan in 2024, with expectations to reach 2 billion yuan in 2025 and 4 billion yuan in 2026, indicating a strong growth trajectory [3]. - The front-end equipment includes etching and thin film deposition, which account for about 20% of total semiconductor equipment capital expenditure, comparable to lithography machines [3]. - Maiwei's R&D expenditure for 2024 is projected to be 1 billion yuan, which is 50% of leading semiconductor equipment companies, enhancing its market competitiveness and accelerating product expansion [2][4]. Photovoltaic Technology - The company sees significant opportunities in the U.S. market for HJT (Heterojunction Technology) due to its shorter process, resource savings, and lower patent risks, making it suitable for U.S. expansion [5][10]. - Maiwei aims to enhance AGT (Advanced Glass Technology) module power, with expectations to reach 770-780 watts in 2025 and 800 watts by year-end, driven by various technological advancements [9]. Display Equipment - Maiwei focuses on OLED (flexible laser cutting) and Micro LED (wafer bonding, laser transfer) technologies, with key clients including BOE and Tianma, resulting in significant order growth [6]. New Material Breakthroughs - The company plans to achieve breakthroughs in molybdenum materials, which are increasingly replacing tungsten in advanced logic devices and NAND flash memory, necessitating higher requirements for etching and thin film deposition [7][8]. Additional Important Insights - The U.S. photovoltaic manufacturing landscape differs significantly from China, particularly in cost structure, with U.S. operations focusing more on operational and facility costs rather than capital expenditures [10][11]. - AGT technology has a competitive edge in the U.S. market due to its lower operational costs and absence of patent issues, as its patents expired around 2015 [12]. - Maiwei is actively pursuing partnerships with U.S. companies to support AGT production capacity, with expectations of a market valuation reaching 60 to 70 billion yuan [13][14].

Core Viewpoint - The company held an investor briefing to discuss the termination of a share issuance and cash payment for asset acquisition, addressing key issues such as operational performance, reasons for the merger termination, and future strategic direction [1] Group 1: Operational Performance and Strategy - Investors raised concerns about the company's insufficient profitability and continuous losses, as well as the reduction in production scale. The company responded by emphasizing ongoing cost reduction and efficiency improvement through technological research and process upgrades, aiming to enhance product performance and market competitiveness [2] - The company plans to focus on the heterojunction (HJT) battery business and will seek further development opportunities to improve operational performance and protect shareholder interests [3][6] - The company is committed to expanding both domestic and international markets while optimizing asset structure and increasing capacity utilization [2] Group 2: Merger Termination Reasons - The termination of the acquisition was due to the inability of the parties involved to agree on core terms such as transaction price, leading to a decision made after careful consideration to protect the interests of the company and its shareholders [4] - The board's voting on the termination showed 4 votes in favor, 0 against, and 3 abstentions due to conflicts of interest, as the funding party was a controlling shareholder [2] Group 3: Market Conditions and Future Outlook - The company anticipates an improvement in product prices and profitability in the photovoltaic industry due to national policies aimed at reducing competition within the sector [5] - The company will continue to monitor acquisition opportunities, including potential purchases of energy storage companies, depending on operational conditions [6] - The company reassured that the termination of the merger will not significantly impact its current operations and strategic development [7]

Core Viewpoint - *ST Jinkang (300093.SZ) has disclosed a restructuring plan draft, indicating a strategic focus on HJT technology and the integration of computing power services to enhance its position in the green energy sector [1] Group 1: Business Strategy - The company will continue to receive support from Ouhau Group to focus on HJT technology, aiming to consolidate its first-mover advantage in the photovoltaic industry [1] - Ouhau Group plans to collaborate with industry partners to introduce computing power services to Jinkang Photovoltaics, positioning the company as a green energy-oriented computing infrastructure operator [1] Group 2: Market Development - Jinkang Photovoltaics will deepen its operations in Jiuquan, leveraging the local green energy policy advantages [1] - The company aims to expand its existing green photovoltaic business by developing AI big data services, combining energy and computing power [1] Group 3: Business Model Innovation - The goal is to create an integrated business model that encompasses photovoltaic manufacturing, power generation, computing services, and direct green electricity connections [1]

Core Viewpoint - *ST Jinkang (300093.SZ) has disclosed a restructuring plan that focuses on leveraging HJT technology and integrating computing power services to become a green energy infrastructure operator [1] Group 1: Business Strategy - The company will continue to receive support from Ouhua Group to focus on HJT technology and consolidate its first-mover advantage [1] - Ouhua Group will collaborate with industry partners to introduce computing power services to Jinkang Photovoltaics [1] - Jinkang Photovoltaics aims to deepen its presence in Jiuquan, leveraging local green energy policies to expand its existing green photovoltaic business [1] Group 2: Future Development - The company plans to develop AI big data services alongside its energy offerings [1] - Aiming to create an integrated business model that combines photovoltaic manufacturing, power generation, computing services, and direct green electricity connections [1]

Core Viewpoint - Guolian Minsheng's recent report highlights that Dongfang Risen is optimizing its product structure and accelerating the iteration of N-type high-efficiency capacity, which is expected to enhance its core competitiveness by mid-2025 [1] Company Summary - As of August 27, 2025, Dongfang Risen's HJT cell conversion efficiency has surpassed 26.60%, while HJT module conversion efficiency has exceeded 24.70%. The non-silicon cost of HJT cells has been reduced to 0.15 yuan/W [1] - Dongfang Risen's energy storage system business is advancing in tandem with its photovoltaic power station operations, focusing on large-scale energy storage systems primarily targeting key markets in Europe and the United States, maintaining a global record of zero safety incidents [1] - The company is actively expanding its commercial distributed photovoltaic power station business, with integrated solutions for "solar storage" and "solar storage charging," as well as smart microgrid solutions that have achieved commercial application [1] Industry Outlook - The report suggests that Dongfang Risen is a leading player in the HJT sector, with superior technology research and capacity reserves compared to the industry, and is expected to gradually recover its performance as the fundamentals of the photovoltaic industry improve, warranting attention [1]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, indicating challenges in the solar energy market and increased competition [1][4]. Group 1: Financial Performance - In H1 2025, the company achieved operating revenue of 7.44 billion yuan, a year-on-year decrease of 28.8%, and a net profit attributable to shareholders of -680 million yuan, an improvement from -960 million yuan in the same period last year [1]. - For Q2 2025, the company reported operating revenue of 4.45 billion yuan, a year-on-year decrease of 19.4%, but a quarter-on-quarter increase of 48.9%, with a net profit of -410 million yuan [1]. - The gross profit margin for H1 2025 was 3.1%, down 5.9 percentage points year-on-year, while Q2's gross profit margin was 1.5%, down 8.3 percentage points year-on-year and 3.9 percentage points quarter-on-quarter [1]. Group 2: Business Segments - The solar cell and module business generated revenue of 3.81 billion yuan in H1 2025, a year-on-year decrease of 54.0%, with a gross margin of -4.5%, down 11.5 percentage points [2]. - The module business alone accounted for 3.75 billion yuan in revenue, also down 54.1% year-on-year, with sales volume of 5.7 GW, a decrease of 28% [2]. - The company is a leader in the HJT sector, optimizing product structure and accelerating the iteration of N-type high-efficiency capacity, achieving a cell conversion efficiency of over 26.60% and module efficiency of over 24.70% by August 27, 2025 [2]. Group 3: Energy Storage and Photovoltaic Integration - The energy storage system, lighting, and auxiliary photovoltaic products generated revenue of 480 million yuan in H1 2025, a year-on-year increase of 0.3%, with a gross margin of 18.2%, down 8.0 percentage points [3]. - The energy storage integration business focuses on large-scale systems primarily targeting the European and American markets, maintaining a record of zero safety incidents globally [3]. - The company is actively developing commercial distributed photovoltaic power station businesses, with integrated "solar-storage" and "solar-storage-charging" solutions already commercialized [3]. Group 4: Profit Forecast and Investment Suggestions - The company faces intensified industry competition, impacting shipment scale and profitability, with projected revenues of 16.19 billion yuan, 21.53 billion yuan, and 28.20 billion yuan for 2025-2027, reflecting year-on-year growth rates of -20.0%, 33.0%, and 31.0% respectively [4]. - Expected net profits for the same period are -830 million yuan, 430 million yuan, and 1.20 billion yuan, indicating a narrowing loss, a return to profitability, and a growth rate of 176.2% [4]. - The company is positioned as a leading HJT enterprise with advanced R&D and capacity reserves, likely to benefit from improvements in the photovoltaic industry fundamentals [4].

Financial Performance - In the first half of 2025, the company reported a total revenue of 46.204 million yuan, a year-on-year decrease of 68.28% [1] - The net profit attributable to the parent company was -36.7945 million yuan, indicating a reduction in losses by 21.73% compared to the previous year [1][2] Strategic Measures - To address the financial challenges, the company is implementing several strategies: - Disposing of certain subsidiary assets to improve liquidity [2] - Expanding into new business lines, such as photovoltaic EPC project construction [1] - Actively participating in bidding activities to explore new markets [1] - Communicating with creditors to reduce default and litigation costs [1] - Investigating projects to prepare for attracting new strategic investors [1] Industry Context - The company supports the national call to combat "internal competition" in the photovoltaic industry by refusing low-price bids and reducing production [2] - The overall industry is experiencing losses, but the company has seen some improvement in its operational situation [2] Major Contracts - The company announced a significant contract for the Anshun photovoltaic EPC project, with a total contract value of 1.125 billion yuan [3] - The impact of this contract on the company's financial status and operational results remains uncertain and will be assessed in the audited financial report for 2025 [3] Core Competencies - The company has established a strong foundation in the photovoltaic industry with several competitive advantages: - Continuous innovation in R&D, focusing on HJT and perovskite technologies, and collaboration with major research institutions [4] - Robust production capabilities with two major production bases designed for a total capacity of 4GW [4] - A reliable product series, including the "QianYao" and "Humpback Whale" series, designed for various applications [4] Quality Control - The company has implemented a comprehensive quality management system, ensuring strict quality control throughout the product lifecycle [5][6] - It offers a 25-year product warranty and a 30-year power output warranty for its photovoltaic products [6]