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R&D Innovation

Company Overview

Leadership

History

Production Base

R&D Innovation

Culture

Company Overview

Headquarters

Lin'an District, Hangzhou City

Stock Code

603806

Leading Editor Unit of National Standard (GB/T 29848) "Ethylene-vinyl acetate copolymer (EVA) film for PV module"

Leading Editor Unit of National Standard (GB/T 45939) "Co-extrusion encapsulant film for photovoltaic module"

Hangzhou First Applied Material Co., Ltd.,(FIRST) headquartered in Lin'an, Hangzhou, is a high-tech enterprise focusing on the R&D, production, and sales of new materials. FIRST was listed on the Shanghai Stock Exchange on September 5, 2014 (Stock Code: 603806).

Currently, FIRST has subsidiaries across Zhejiang, Jiangsu, Anhui, Guangdong, Jiangxi, Sichuan, Hong Kong, Thailand, and Vietnam. Our core business areas include photovoltaic (PV) materials, electronic materials, and functional film materials. Since its founding, the company has been committed to the R&D, production, and commercialization of thin-film functional polymer materials.

FIRST offers a comprehensive portfolio of photovoltaic materials. In addition to traditional PV films and PV backsheets, our product lines include Down conversion encapsulant (for HJT modules), Carrier film (for 0BB technology), butyl sealants, structural adhesives, and insulating ink—continually meeting the evolving demands of downstream PV technologies.

Our electronic materials business—covering products such as Dry Film Photoresist, Photosensitive Solder Resist, and FCCL—represents an important second growth curve focused on the PCB/FPC sector. With the recovery of consumer electronics and the rise of emerging fields such as automotive intelligence, AI computing, and humanoid robotics, FIRST will leverage its production capacity and technological strengths to accelerate its transition toward mid- to high-end products, creating customer synergy and driving sustainable growth.

Looking ahead, FIRST will steadfastly implement the development strategy of “Focus on the main PV business, and vigorously develop other new material industries.” Based on key common technologies in thin-film polymer materials, we will actively promote the development and application of new materials in electronics and other emerging fields—advancing toward becoming a sustainable, platform-based technology enterprise in the new materials industry.

Business Areas

Photovoltaic Materials

Photovoltaic materials business, including PV Film and PV Backsheet.

Applied in the encapsulation, enhancement, and protection of PV modules

Electronic Materials

Electronic materials business including Dry Film Photoresist, FCCL, and Photosensitive Solder Resist.

Applied in PCB pattern etching, flexible board substrates, and fine circuit insulation protection.

Functional Film Materials

Aluminum Laminated Film Materials

Applied in soft packaging of lithium batteries.

Other Materials

Membrane Support Materials

Filtration membrane supports, applied as substrates for RO, ultrafiltration, and microfiltration membranes.

Display Materials

OLED encapsulation materials offering enhanced protection and performance for OLED devices.

Optoelectronic Materials

Optical PET Base Film Materials, used in OCA releasing base film, polarizer releasing&protection base film, display panel process protective film, and anti-glare base films—building a localized high-end PET optical film supply chain.

Leadership

For more than three decades, FIRST has forged ahead with determination, staying true to our founding mission of “Innovative Technology for the Future.” Guided by the pulse of the times, we have focused on overcoming challenges in critical materials — from breaking foreign monopolies in hot melt adhesive films, to pioneering PV films, and now advancing a diversified strategy of “Focus on the main PV business, and vigorously develop other new material industries.” Our growth has always moved in step with China's economic reform and social progress. Every technological breakthrough reflects our pursuit of self-reliance and strength; every step of market expansion bears witness to our steady resonance with the times.

As a global leader in PV encapsulation materials, we have built an independent and controllable core technology system, continuously overcoming bottlenecks in high-efficiency cell encapsulation. Through these efforts, we have developed comprehensive solutions that meet the evolving needs of high-performance modules, helped shape industry standards, and worked hand in hand with partners across the global PV value chain to accelerate the transition to clean energy. In the field of electronic and new materials, we have taken a forward-looking strategic approach, leveraging our shared technology platform to successfully develop a series of products such as Dry Film Photoresist, FCCL, and Photosensitive Solder Resist. By accelerating our transformation toward mid-to-high-end products, we are building a new growth engine that drives the company's high-quality development.

Amid the wave of energy transformation and industrial upgrading, FIRST will remain a steadfast innovator, an open collaborator, and a committed practitioner of sustainability. We aim to align our technological ambitions with our enduring sense of responsibility, advancing together in harmony. Looking ahead, we will advance with the times, tackle Key Materials, and continue to explore promising fields such as renewable energy, electronics, and environmental protection. Our goal is to become a world-class materials supplier — advancing along the paths of digitalization, decarbonization, sustainability, and innovation to contribute to global carbon neutrality and jointly paint a greener future for all.

Chairman of Hangzhou First Applied Material Co., Ltd.

Jianhua Lin

R&D Innovation

R&D Personnel

700+

< People >

Proportion of R&D Personnel

15%

< % >

Annual R&D Investment

6.57

< Million RMB >

*Data as of 2024

"Innovative Technologies for The Future" stands as one of our fundamental management principles. With PV encapsulation materials as our core business and polymer materials at our technological center, we have successively developed and commercialized new materials for electronic circuits, lithium battery encapsulation, water purification, and applications in automotive/5G/display fields. Every technological breakthrough we have achieved through over twenty years of industrial exploration stems from persistent research and innovation, which has firmly established us as a technology-driven enterprise with profound R&D heritage.

The Zhejiang FIRST New Materials Research Institute primarily focuses on researching cutting-edge projects in PV encapsulation technology, addressing critical technical challenges in key encapsulation materials for the new energy industry chain, guiding industry development trends, and promoting the advancement of the new energy sector.

Zhejiang FIRST New Materials Research Institute

As of December 31, , we employed R&D technical personnel, with approximately % holding master's degrees or higher. R&D technical personnel accounted for about % of the total workforce. We maintains strong commitment to R&D investment, with cumulative annual R&D expenditures reaching RMB million in , RMB million in , and RMB million in , maintaining industry leadership.

The Electronic Materials R&D Center concentrates on electronic chemical materials as a major category of emerging industrial materials, conducting research and development on photosensitive dry films, FCCL, and photosensitive solder resist. It actively implements strategic plans for optoelectronic new materials, strengthens the company's R&D capabilities in advanced materials, and ensures sustainable growth.

Electronic Materials R&D Center Building

Materials R&D

“Focus on the main PV business, and vigorously develop other new material industries.”

We are a platform-type material enterprise. Since the successful development of EVA film in 2003, we have been deeply rooted in the PV material field for over 20 years, carrying out thorough research on the formula, process, and equipment of PV films and backsheets.

In recent years, building on a key common technology platform, we have continuously researched and developed new material products such as electronic materials and functional materials, possessing strong internal growth momentum. In the future, we will steadfastly implement the development strategy of "Focus on the main PV business, and vigorously develop other new material industries," driven by technological innovation to achieve the domestication of more key new materials.

Equipment Development

Strong Equipment Team

200+

< People >

We have always independently developed and constructed film production equipment, mastered core design and manufacturing technologies, with a strong team of over people, and a systematic professional talent training system to meet the equipment construction needs of production bases globally.

Upholding the business tenet of "innovative technology for the future," we continuously provide technological breakthroughs for various products in terms of R&D, quality, and efficiency, serving the differentiated requirements of customers and markets.

Focusing on the innovative development of equipment automation and digitization, we have deepened applications in production, storage, energy, and other aspects, adapting to the trends of industry development. With sustained investment and cultivation in equipment technology, coupled with the dual advantages of equipment and product technology, we remain our core competitiveness.

Software Development

We have established a professional digital team, and have developed ERP, MES, WMS, EAM systems covering the main products of each subsidiary in the group, obtaining five software copyrights. We have also acquired professional software such as OA, SRM, TMS, and our software developers have linked various systems together. Through a combination of software procurement and self-development, these systems play a significant role in the company's production and operations. Our software personnel apply IoT, digital twin technology, edge gateway computing technology, etc., to actively enhance management efficiency and increase production capacity.

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