编号：2025-006 投资者关系活动类别 特定对象调研 ☐分析师会议 ☐媒体采访 ☐业绩说明会 ☐新闻发布会 ☐路演活动 ☐现场参观 ☐其他（请文字说明其他活动内容） 参与单位名称及人员姓名 中信证券：吴子祎、林劼、孙璐；杭银理财：李芳芳；合晟资产： 李嘉璎；兴全基金：黄煜杰；兴业证券：杨森 时间 2025年09月26日 10:00-11:00 地点 公司会议室 上市公司接待人员姓名 董事、副总经理、董事会秘书 林敏女士 证券事务代表 秦慧芸女士 投资者关系活动主要内容 介绍 1、公司在超导材料领域有什么业务规划？ 答：近期，公司设立了参股子公司无锡苏能超导材料科技有限 公司。旨在依托公司自身的技术积淀、工程化能力助力科研团队实 现超导材料研究成果的产业化转化。公司将发挥自身优势，围绕该 材料的生产制造与市场推广进行业务布局。 2、公司多层复合焊带产品的销售状况如何？ 答：多层复合焊带是公司率先向市场推出的前瞻产品，目前公 司在该产品的竞争中保持着较高的市场份额。同时，公司的研发团 队还在进一步开展多层复合焊带产品的技术研究与应用。 3、安徽宇邦焊带生产项目的建设进度如何？ 答：安徽宇邦的基建项目已完成，具 ...

赛伍技术始终坚持与下游客户协同创新，推动高分子功能材料新技术和新产品的产业化落地。本次战略合作，赛 伍技术依托自身在光伏材料行业的技术积累，得到下游钙钛矿应用企业的认可，为钙钛矿组件提供一站式高分子 材料解决方案，包括Raybo光转胶膜，低温层压胶膜等封装材料及阻水材料的验证，对合作企业实现钙钛矿封装 胶膜的批量交付。钙钛矿专用的Raybo封装胶膜可满足钙钛矿组件客户的差异化需求，双方未来将重点推动光转 膜在钙钛矿叠层组件中的验证和应用。此外，得益于赛伍技术自身强大的产品交付能力，双方达成相互优先采购 和供应的合作意向。 钙钛矿技术凭借其光电转换效率理论极限高、应用场景广泛(如柔性、轻质化)等突出优势，被认为是具有重大潜 力的下一代光伏技术路线。此次合作双方通过协同创新，整合双方优势资源，进一步深度融合其材料研发能力与 合作伙伴产业转化能力，同时补强钙钛矿产业链生态，提升公司在钙钛矿技术领域的领导地位。(齐和宁) 2025年9月24日，赛伍技术（603212）(股票代码：603212)与国内某头部光伏企业签订合作协议，双方将共同推 进钙钛矿光伏原材料研发与应用，助力钙钛矿技术规模化量产加速推进。 赛伍技术主要 ...

Investment - The article discusses various investment opportunities in new materials, semiconductors, and renewable energy sectors, highlighting the potential for growth and innovation in these industries [1][3][4]. Semiconductor - It emphasizes the importance of semiconductor materials such as photolithography, electronic special gases, and silicon wafers, which are critical for advanced packaging and manufacturing processes [1][3]. - The report also covers the advancements in third and fourth generation semiconductors, including silicon carbide and gallium nitride technologies, which are expected to drive future growth [1][3]. New Energy - The article outlines the investment landscape in new energy, focusing on lithium batteries, solid-state batteries, and hydrogen energy, which are pivotal for the transition to sustainable energy solutions [1][3]. - It highlights the significance of materials like silicon-based anodes and composite current collectors in enhancing battery performance [1][3]. Photovoltaics - The report details the photovoltaic sector, including materials such as solar glass, encapsulants, and back sheets, which are essential for solar panel efficiency [1][3]. - It also mentions the role of quartz sand and perovskite materials in the development of next-generation solar technologies [1][3]. New Display Technologies - The article discusses new display technologies, including OLED, MiniLED, and MicroLED, and the materials required for their production, such as optical films and adhesives [3][4]. Fibers and Composites - It covers advancements in fiber materials like carbon fiber and aramid fiber, which are crucial for lightweight and high-strength applications in various industries [3][4]. Notable Companies - The report lists key players in the materials sector, including ASML, TSMC, BYD, and Tesla, emphasizing their roles in driving innovation and market growth [4][3].

Investment - The article discusses various investment opportunities in new materials, semiconductors, and renewable energy sectors, highlighting the growing demand and technological advancements in these areas [1][3][4]. Semiconductor - It emphasizes the importance of semiconductor materials such as photolithography, electronic special gases, and silicon wafers, which are critical for the production of advanced electronic devices [1][3]. - The report outlines the trends in third-generation semiconductors, including silicon carbide and gallium nitride, which are expected to drive future growth [1][3]. New Energy - The article covers the advancements in new energy technologies, particularly lithium batteries, solid-state batteries, and hydrogen energy, indicating a shift towards sustainable energy solutions [1][3]. - It highlights the role of electric vehicles and energy storage systems in the transition to renewable energy [1][3]. New Materials - The report details various new materials, including chemical new materials, adhesives, and high-performance ceramics, which are essential for various industrial applications [1][3]. - It discusses the potential of composite materials and their applications in lightweight and high-strength products [1][3]. Notable Companies - The article lists key players in the industry, such as ASML, TSMC, and Tesla, noting their contributions to technological innovation and market leadership [1][4]. - It mentions the significance of companies focusing on carbon neutrality and lightweight materials in their product offerings [1][4].

Group 1 - Li Zhelong has resigned from the positions of Chairman, General Manager, and Legal Representative of the company due to work adjustments, and will not hold any position in the company after resignation [1][2] - Feng Yanzhao has also resigned from the position of Director but will continue to serve as the head of Human Resources and Administration [1][2] Group 2 - Li Zhelong's resignation was effective on September 12, 2025, and he had made a commitment regarding the employee stock ownership plan, ensuring that any shortfall in the value of shares would be compensated [3] - As of the announcement date, the guarantee amount provided by Li Zhelong has not triggered the need for additional compensation, as it has remained above the calculated shortfall amount [3] Group 3 - The company will continue to monitor the stock price and follow up on the shortfall situation until the remaining shares of the employee stock ownership plan are sold and settled [4] - Until a new Chairman or General Manager is appointed, Li Zhelong will continue to fulfill his duties to ensure a smooth transition in corporate governance [5] Group 4 - The company has proposed candidates for the board of directors, including Ru Zhengwei and Mao Qubo, with their terms starting from the date of approval by the shareholders' meeting [6] - Ru Zhengwei has extensive experience in management and holds a significant number of shares in the company, while Mao Qubo serves as the financial director of a related company and does not hold shares in the company [7][8]

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 [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]

Summary of the Conference Call for Bikuo Co., Ltd. Company Overview - **Company**: Bikuo Co., Ltd. - **Industry**: Semiconductor and Photovoltaic Materials Key Financial Performance - **Revenue**: In the first half of 2025, Bikuo achieved revenue of 64.43 billion CNY, a year-on-year decrease of 4.84% [2][3] - **Net Profit**: The net profit attributable to shareholders was 69.81 million CNY, down 70.03% year-on-year [3] - **Non-recurring Losses**: The company reported non-recurring losses after tax of over 18 million CNY, primarily due to silver price increases leading to losses in silver leasing and futures [5][33] - **Total Assets**: As of June 30, 2025, total assets reached 92.48 billion CNY, an increase of 18.08% year-on-year [3] Segment Performance - **Photovoltaic Conductive Paste**: Revenue was 62.43 billion CNY, down 7.71% year-on-year; sales volume decreased by 22.28% to 879.86 tons [2][4] - **Storage Chip Business**: Revenue was 1.89 billion CNY, with expectations to exceed 5 billion CNY for the full year due to growing semiconductor demand [3][8] - **Semiconductor Packaging Adhesives**: Revenue increased by 75.09% to 11.54 million CNY [4][30] - **Material Sales**: Revenue surged by 165.82% to 17.77 billion CNY [4] Gross Margin and Profitability - **Gross Margin**: Overall gross margin was 7.86%, down 2.97 percentage points year-on-year; main business gross margin was 9.15%, down 2.3 percentage points [2][4] - **Future Profitability**: The high copper paste is expected to have a profit margin 1.5 to 2 times that of standard Topcon products once mass production is achieved [3][13] Strategic Developments - **High Copper Paste**: The product has passed reliability verification with strategic customers and is expected to achieve larger scale production by 2026 [6][7][15] - **Market Expansion**: Other leading battery component companies are anticipated to follow suit in promoting large-scale production [7] - **Sot Integration**: The integration of Sot is expected to contribute an additional 30% to 40% in revenue post-consolidation [14] Challenges and Outlook - **Financial Concerns**: Attention is needed on increasing financial expenses, asset impairments, and tax deductions affecting profitability in the latter half of 2025 [9][10] - **Performance Expectations**: The second half of 2025 is expected to see stable processing fees and a potential increase in business volume, with overall performance likely to remain flat compared to the first half [11] Additional Insights - **Cost Management**: The company is exploring ways to reduce costs through lower silver content in products, which may further enhance profit margins [17] - **R&D Focus**: Post mass production for strategic clients, resources will be reallocated to expand new customer bases and enhance customized solutions [28] - **Competitive Landscape**: Bikuo's high copper solutions are recognized for their reliability and cost-effectiveness compared to competitors, who have not achieved similar reductions in effective silver consumption [29] This summary encapsulates the key points from the conference call, highlighting the financial performance, strategic initiatives, and outlook for Bikuo Co., Ltd.

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]

Group 1 - In 2024, the installed capacity of new energy in Ningxia is expected to reach 41.32 million kilowatts, with new energy accounting for 55% of the total power installed capacity, indicating a historic transformation in the energy structure of Ningxia [1] - Ningxia has developed clean energy industries such as wind power, photovoltaics, and hydrogen energy, leveraging its rich wind and solar resources along with technological and industrial innovation [1] - The company Weili Transmission Technology Co., Ltd. has become a leader in the domestic market for wind turbine gearboxes, having developed key components for China's first 10-megawatt offshore wind turbine [1] Group 2 - Financial support from Ningxia Bank, including a 200,000 yuan mortgage loan, helped the company establish its factory, while patent pledge financing turned intellectual property into assets [2] - As the company grew and faced increased operational funding pressures, various banks provided inventory pledge, order financing, and supply chain finance to meet its financial needs [2] - The company went public on the Growth Enterprise Market in 2023, indicating its rapid growth and the need for transformation to meet higher demands in the wind power sector [2] Group 3 - The company requires significant funding for its projects, with a total of 1.439 billion yuan raised through a banking syndicate to support its gearbox and gearbox project [3] - The financing structure includes flexible repayment terms, such as a 10-year loan with interest-only payments for the first two years, easing the financial pressure on the company [3] - Ningxia Zhonghuan Photovoltaic Materials Co., Ltd. also experienced rapid growth, establishing a smart factory with a capacity of over 77 gigawatts, supported by 7.5 billion yuan in loans from eight banks [3] Group 4 - Clean energy projects are characterized by high asset requirements, significant investment, and long cycles, necessitating long-term stable support from financial institutions [4] - The Ningxia Banking Association plays a crucial role in connecting enterprises with banks, establishing a project reserve library, and facilitating project financing [4] - As of the end of last year, the association has facilitated the formation of 16 banking syndicate projects, investing 35.248 billion yuan to support key areas such as technological innovation and green transformation [4]