Core Viewpoint - Wankai New Materials (301216.SZ) announced the construction of a new project to enhance the efficiency of its existing ethylene glycol facility by producing 100,000 tons of succinic acid annually while generating hydrogen as a byproduct [1] Group 1: Project Overview - The project involves the first phase of the 600,000-ton ethylene glycol project, which will utilize existing equipment to increase production efficiency without affecting ethylene glycol output [1] - The total investment for the project is approximately 350 million yuan, with a construction period of 9 months [1] - The project will have an annual production capacity of 100,000 tons of succinic acid and 8,939 Nm3/h of hydrogen [1] Group 2: Construction Details - The project will cover an area of about 40 acres and will use dimethyl succinate as a raw material, employing a hydrolysis method for succinic acid production [1] - Key construction components include reaction distillation units, crystallization/vacuum filtration units, drying units, packaging units, a succinic acid warehouse, public utility facilities, and a substation [1]

Core Viewpoint - The company Wankai New Materials has signed an agreement with French company Carbios to establish a joint venture in China for a biocatalytic PET recycling project, with a total investment of approximately 922 million yuan [1] Group 1: Joint Venture Details - The joint venture will focus on a project that processes 50,000 tons of waste annually [1] - Wankai New Materials will contribute 70% of the investment, while Carbios will contribute 30% [1] - The project aims to promote the industrialization of post-consumer PET recycling [1] Group 2: Strategic Implications - Carbios is recognized as one of the most innovative bioplastics technology companies in France and a leader in biocatalytic plastic recycling technology [1] - Wankai New Materials plans to increase its investment in Carbios to secure a seat on its board [1] - The initiative is expected to establish Wankai New Materials' competitive advantage in the recycled PET sector [1]

Core Viewpoint - The company, Wankai New Materials, announced an investment of approximately 350 million yuan to enhance its production capacity of maleic acid through a technical transformation project, which aims to produce 100,000 tons of maleic acid and 8,939 Nm/h of hydrogen annually [1] Group 1: Project Details - The project will be constructed by the company's wholly-owned subsidiary, Sichuan Zhengda Kai Investment, with a construction period of 9 months [1] - The project aims to improve the utilization rate of existing ethylene glycol facilities, diversify product offerings, and strengthen market resilience [1] Group 2: Market Context - The demand for maleic acid is increasing due to the rapid development of the lithium battery industry, making it a core growth area for domestic applications [1] - Maleic acid is primarily used in the production of lithium iron phosphate through the ferrous maleate method, which can produce high-density, low-cycle degradation high-end lithium iron phosphate products [1]

| 证券代码：301216 | 证券简称：万凯新材 | 公告编号：2025-069 | | --- | --- | --- | | 债券代码：123247 | 债券简称：万凯转债 | | 万凯新材料股份有限公司 关于投资建设年产 10 万吨乙二酸技改项目的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 万凯新材料股份有限公司（以下简称"公司"）于2025年12月2日召开了第 二届董事会第二十七次会议，审议通过了《关于投资建设正达凯一期项目产能提 升年产10万吨乙二酸技改项目的议案》，同意公司通过全资子公司四川正达凯新 材料有限公司（以下简称"正达凯"）投资建设"产能提升年产10万吨乙二酸技 改项目"（以下简称"本项目"）。现将具体情况公告如下： 项目建设期：9个月 项目建设内容：项目占地面积约40亩，以正达凯一期乙二醇装置的乙二酸二 甲酯为原料，采用乙二酸二甲酯水解法制乙二酸生产工艺，建设年产10万吨乙二 酸的生产能力。建设内容为反应精馏装置、结晶/真空过滤装置、干燥装置、包 装装置、乙二酸仓库、公用工程装置及变电站等相关配套设施。 项目建设规模：10万 ...

| 证券代码：301216 | 证券简称：万凯新材 | 公告编号：2025-068 | | --- | --- | --- | | 债券代码：123247 | 债券简称：万凯转债 | | 万凯新材料股份有限公司 3、本次对外投资事项已经公司2025年12月2日召开的第二届董事会第 二十七次会议审议通过。根据《深圳证券交易所创业板股票上市规则》及 《公司章程》的有关规定，本次对外投资事项在公司董事会决策权限内， 无需提交公司股东会批准。 4、本次外投资事项不构成关联交易，亦不构成《上市公司重大资产重 组管理办法》规定的重大资产重组。 二、合作方基本情况 （一）公司名称：Carbios S.A. （二）注册资本：1,179.2万欧元 （三）注册地址：Site de Cataroux, 8 rue de la Grolière, 63100 Clermont-Ferrand, France 关于对外投资设立合资公司暨 投资建设生物酶解聚PET再生项目的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、对外投资概述 1、为推动消费后PET再生循环产业化落地，确 ...

| 证券代码：301216 | 证券简称：万凯新材 | 公告编号：2025-067 | | --- | --- | --- | | 债券代码：123247 | 债券简称：万凯转债 | | 万凯新材料股份有限公司 第二届董事会第二十七次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、会议召开情况 万凯新材料股份有限公司（以下简称"公司"）第二届董事会第二十七次会 议通知于 2025 年 11 月 28 日以电子邮件、专人送达的方式发出，会议于 2025 年 12 月 2 日以现场表决方式召开，应到董事 8 人，实到董事 8 人，公司高级管 理人员列席了本次会议，会议由公司董事长沈志刚先生主持，会议的召开、表决 程序符合《中华人民共和国公司法》（以下简称"《公司法》"）《万凯新材料 股份有限公司章程》（以下简称"《公司章程》"）等相关规定，决议合法有效。 二、会议审议情况 表决结果：8 票同意，0 票反对，0 票弃权。 具体内容详见公司同日在巨潮资讯网（http://www.cninfo.com.cn）上披露 的《关于对外投资设立合资公司暨投资建 ...

Core Viewpoint - Wankai New Materials (301216.SZ) aims to establish a competitive leading position in the recycled PET industry by forming a joint venture with French green technology company Carbios S.A. to promote the industrialization of post-consumer PET recycling [1] Group 1: Joint Venture Details - The joint venture will be registered in China with a total capital of 277 million RMB, where Wankai will contribute 194 million RMB (70%) and Carbios will contribute 82.9884 million RMB (30%) [1] - The joint venture will focus on constructing and operating the first biological enzymatic recycling project for PET, with an annual processing capacity of 50,000 tons of waste [1] Group 2: Investment and Strategic Partnership - The total investment for the recycling project is estimated at 115 million euros, approximately 922 million RMB [1] - Upon meeting specific conditions outlined in the agreement, Wankai will invest an additional 5 million euros in Carbios and secure a board seat [1]

Core Points - CARBIOS and Wankai New Materials have established a strategic partnership for the large-scale deployment of CARBIOS's PET biorecycling technology in Asia, starting with a PET biorecycling plant in China [1][2][3] Company Overview - CARBIOS is a biotechnology company focused on developing biological solutions to reinvent the lifecycle of plastics and textiles, aiming to prevent plastic pollution and promote a circular economy [2][3] - The company has two main technologies: PET biorecycling and PLA biodegradation, with an operational industrial demonstration plant since 2021 [2] Partnership Details - The joint venture will construct a PET biorecycling plant in Haining, Zhejiang province, with a processing capacity of 50,000 tons of PET waste [3] - Wankai will hold a 70% stake in the joint venture, while CARBIOS will retain 30% [3] - The estimated construction cost of the plant is €115 million, financed by 30% equity and 70% debt, with all debt guaranteed by Wankai [3] Future Plans - Construction of the plant is expected to begin in Q1 2026, with commissioning targeted for Q1 2027 [3] - CARBIOS has committed to exclusively license its PET depolymerization technology in Asia to Wankai for three years, with potential extensions based on additional capacity agreements [3] Financial Commitment - Wankai will subscribe to a capital increase of €5 million in CARBIOS S.A. before June 2, 2026, at a share price of €8.0947, reflecting a 10% discount [3]

Core Points - CARBIOS and Wankai New Materials have established a strategic partnership for the large-scale deployment of CARBIOS's PET biorecycling technology in Asia, starting with a PET biorecycling plant in China [1][2][3] - The joint venture will have a processing capacity of 50,000 tons of PET waste, with Wankai holding a 70% stake and CARBIOS holding 30% [3] - The construction of the plant is estimated to cost €115 million, financed by 30% equity and 70% debt, with all debt guaranteed by Wankai [3] Company Overview - CARBIOS is a biotechnology company focused on developing biological solutions to reinvent the lifecycle of plastics and textiles, aiming to prevent plastic pollution and promote a circular economy [2] - The company has two main technologies: PET biorecycling and PLA biodegradation, with its industrial demonstration plant for biorecycling operational since 2021 [2] - CARBIOS collaborates with major brands in various industries to enhance the recyclability of their products and is part of the global community of B Corp™ certified companies [2] Partnership Details - The shareholders' agreement for the joint venture was signed on December 2, 2025, with construction expected to begin in Q1 2026 and commissioning targeted for Q1 2027 [3] - CARBIOS will exclusively license its PET depolymerization technology to Wankai for three years, with potential extensions based on additional capacity agreements [3] - Wankai has committed to a €5 million capital increase in CARBIOS S.A. before June 2, 2026, at a share price of €8.0947, reflecting a 10% discount [3]

Investment Rating - The report maintains a neutral investment rating for the petrochemical industry, with specific recommendations for various companies based on their performance and market conditions [16]. Core Insights - Natural gas demand is expected to recover in 2026 after a significant slowdown in 2025, with global demand growth projected at 2% [6][10]. - The report highlights a tightening supply-demand balance in the downstream polyester sector, with improved outlooks for companies like Tongkun Co. and Wankai New Materials [16]. - Oil prices are expected to stabilize, with a neutral outlook for 2026, while companies like China Petroleum and CNOOC are recommended for their high dividend yields [16]. Summary by Sections Natural Gas Market - Global natural gas demand growth for 2025 is projected at only 0.5%, primarily driven by Europe, while Asian demand remains flat [6]. - In 2026, demand growth is expected to recover to 2%, with Asia-Pacific leading the increase at around 5% [6][10]. - Current low inventory levels in Europe and Japan are anticipated to support relatively strong gas prices during the heating season [8]. Oil Market - Brent crude oil prices have shown a slight increase, closing at $63.20 per barrel, while WTI prices reached $58.55 per barrel [20]. - The report notes a decrease in the number of active oil rigs in the U.S., indicating a potential slowdown in production growth [29]. - Global oil demand is expected to grow by 790,000 barrels per day in 2025, with the U.S., China, and Nigeria being the main contributors [42]. Petrochemical Sector - The downstream polyester sector is experiencing a tightening supply-demand balance, with recommendations for companies like Hengli Petrochemical and Rongsheng Petrochemical [16]. - The report indicates that the refining sector is seeing improved margins, with domestic refining margins increasing by 244 RMB/ton month-on-month [50]. - Ethylene prices in Northeast Asia have stabilized, while the price spread between ethylene and naphtha has increased, indicating favorable conditions for ethylene production [59][62].