Group 1 - The core point of the news is that Wankai New Materials (万凯新材) is currently facing a decline in stock price, with a closing price of 18.98 yuan and a drop of 5.85%, indicating it is in a state of share price decline since its IPO [1] - Wankai New Materials was listed on the Shenzhen Stock Exchange's ChiNext on March 29, 2022, with an initial public offering (IPO) of 85.85 million shares at a price of 35.68 yuan per share, raising a total of 3.063 billion yuan [1] - The company raised a net amount of 2.915 billion yuan after deducting issuance costs of 148 million yuan, which included underwriting fees of 123 million yuan [1] - The funds raised from the IPO were intended for projects including a 1.2 million ton food-grade PET polymer material project (Phase II) and a multifunctional green and environmentally friendly polymer material project, as well as to supplement working capital [1] Group 2 - On May 31, 2023, Wankai New Materials announced a dividend plan, distributing 3 yuan (pre-tax) for every 10 shares and a bonus issue of 5 shares, with the record date on June 6, 2023, and the ex-dividend date on June 7, 2023 [1] - On September 4, 2024, the company disclosed a plan to issue convertible bonds to raise up to 2.7 billion yuan, with the net proceeds intended for a 1.2 million ton MEG project and to supplement working capital [2] - The total amount raised by Wankai New Materials from both the IPO and the convertible bond issuance is calculated to be 5.763 billion yuan [3]

Group 1 - The core point of the news is that Wankai New Materials experienced a decline of 5.01% in stock price, reaching 19.15 CNY per share, with a trading volume of 347 million CNY and a turnover rate of 3.21%, resulting in a total market capitalization of 10.978 billion CNY [1] - Wankai New Materials Co., Ltd. is located in Haining, Jiaxing City, Zhejiang Province, established on March 31, 2008, and listed on March 29, 2022. The company's main business involves the research, development, production, and sales of polyester materials [1] - The revenue composition of Wankai New Materials is primarily from bottle-grade PET at 97.51%, followed by other PET products at 2.04%, and additional categories contributing 0.44% [1] Group 2 - Among the top ten circulating shareholders of Wankai New Materials, a fund under Huaxia Fund increased its holdings by 82,200 shares in the second quarter, bringing its total to 3.8959 million shares, which accounts for 1.37% of the circulating shares [2] - The Huaxia Industry Prosperity Mixed Fund A (003567) was established on February 4, 2017, with a latest scale of 7.261 billion CNY. It has achieved a return of 47.39% this year, ranking 696 out of 8234 in its category, and a return of 61.21% over the past year, ranking 460 out of 8095 [2] - The fund manager, Zhong Shuai, has a cumulative tenure of 5 years and 86 days, with the fund's total asset scale at 8.253 billion CNY. The best return during his tenure is 164.44%, while the worst is -7% [2]

Group 1 - The core point of the news is that Wankai New Materials experienced a decline of 5.01% in stock price, reaching 19.15 CNY per share, with a trading volume of 347 million CNY and a turnover rate of 3.21%, resulting in a total market capitalization of 10.978 billion CNY [1] - Wankai New Materials Co., Ltd. is located in Haining, Jiaxing City, Zhejiang Province, established on March 31, 2008, and listed on March 29, 2022. The company's main business involves the research, production, and sales of polyester materials [1] - The revenue composition of Wankai New Materials is primarily from bottle-grade PET at 97.51%, followed by Dayaoguang PET at 2.04%, and other categories contributing 0.44% [1] Group 2 - Among the top ten circulating shareholders of Wankai New Materials, a fund under Morgan Fund holds a significant position. The Morgan Emerging Power Mixed A Fund (377240) reduced its holdings by 86,000 shares in the second quarter, now holding 4.4435 million shares, which accounts for 1.56% of the circulating shares [2] - The Morgan Emerging Power Mixed A Fund (377240) was established on July 13, 2011, with a latest scale of 5.56 billion CNY. Year-to-date returns are at 65.67%, ranking 219 out of 8234 in its category, while the one-year return is 68.22%, ranking 305 out of 8095 [2] - The fund manager of Morgan Emerging Power Mixed A Fund is Du Meng, who has a cumulative tenure of 14 years and 104 days, with the fund's total asset scale at 11.719 billion CNY. The best return during his tenure is 711.34%, while the worst return is -1.7% [2]

Market Overview - The plastic sector increased by 2.13% on October 15, with Wankai New Materials leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Top Gainers in Plastic Sector - Wankai New Materials (301216) closed at 21.05, up 8.39% with a trading volume of 270,700 shares and a transaction value of 552 million [1] - Wanlang Weiwang (603150) closed at 41.70, up 8.17% with a trading volume of 54,000 shares [1] - Jiangsu Boyun (301003) closed at 37.42, up 6.91% with a trading volume of 36,600 shares [1] - Tianyang New Materials (603330) closed at 8.08, up 6.88% with a trading volume of 31,260 shares [1] - Dongcai Technology (601208) closed at 18.90, up 6.06% with a trading volume of 464,600 shares and a transaction value of 859 million [1] Market Capital Flow - The plastic sector experienced a net outflow of 88.1963 million from institutional investors and a net outflow of 139 million from speculative funds, while retail investors saw a net inflow of 227 million [2][3] - Key stocks like Jinfac Technology (600143) had a net inflow of 11.7 million from institutional investors, while it faced a net outflow of 73.021 million from speculative funds [3]

Group 1 - The core point of the news is that Wankai New Materials Co., Ltd. experienced a stock price increase of 5.72%, reaching 20.53 CNY per share, with a trading volume of 239 million CNY and a turnover rate of 2.22%, resulting in a total market capitalization of 11.769 billion CNY [1] - Wankai New Materials, established on March 31, 2008, and listed on March 29, 2022, is located in Haining, Jiaxing, Zhejiang Province, and specializes in the research, production, and sales of polyester materials [1] - The company's main business revenue composition includes bottle-grade PET at 97.51%, large-gloss PET at 2.04%, and other PET products at 0.00% [1] Group 2 - Among the top ten circulating shareholders of Wankai New Materials, a fund under Huaxia Fund increased its holdings by 82,200 shares in the second quarter, bringing its total to 3.8959 million shares, which accounts for 1.37% of the circulating shares [2] - The Huaxia Industry Prosperity Mixed A Fund (003567), established on February 4, 2017, has a latest scale of 7.261 billion CNY and has achieved a year-to-date return of 50.05%, ranking 638 out of 8161 in its category [2] - The fund manager, Zhong Shuai, has a tenure of 5 years and 81 days, with the fund's total asset scale at 8.253 billion CNY, achieving the best return of 177.5% and the worst return of -2.4% during his tenure [2]

股票代码: 301216 债券代码: 123247 债券受托管理人 二〇二五年十月 重要声明 股票简称: 万凯新材 债券简称: 万凯转债 本报告依据《公司债券发行与交易管理办法》《关于万凯新材料股份有限公 司向不特定对象发行可转换公司债券之债券受托管理协议》（以下简称"《受托 管理协议》"）《万凯新材料股份有限公司向不特定对象发行可转换公司债券募 集说明书》（以下简称"《募集说明书》"）等相关规定，由本次债券受托管理 人中国国际金融股份有限公司编制。中金公司编制本报告的内容及信息均来源于 万凯新材料股份有限公司（以下简称"公司"或"万凯新材"）提供的资料或说 明。 万凯新材料股份有限公司 向不特定对象发行可转换公司债券 第三次临时受托管理事务报告 (2025 年度) 本报告不构成对投资者进行或不进行某项行为的推荐意见,投资者应对相关 事宜做出独立判断,而不应将本报告中的任何内容据以作为中金公司所作的承诺 或声明。在任何情况下,投资者依据本报告所进行的任何作为或不作为，中金公 司不承担任何责任。 I 中国国际金融股份有限公司（以下简称"中金公司"）作为万凯新材料股份 有限公司向不特定对象发行可转换公司债券（债券 ...

Investment Rating - The report maintains a positive outlook on the petrochemical industry [2] Core Views - The report highlights the unprecedented scale of refinery shutdowns in Russia, leading to increased Ural crude oil exports. As of the end of September, 38% of Russia's refining capacity (approximately 338,000 tons per day) was offline, primarily due to drone attacks from Ukraine [3][4][5] - The upstream sector is experiencing a decline in oil prices, while day rates for jack-up rigs are increasing. Brent crude oil futures closed at $62.73 per barrel, down 2.79% from the previous week [3][18] - The refining sector is seeing a drop in overseas refined oil crack spreads, while olefin spreads are rising. The Singapore refining margin for major products was $20.06 per barrel, down $1.48 from the previous week [3][54] - The polyester sector shows signs of recovery, with expectations for improved profitability as supply and demand conditions improve [3][13] Summary by Sections Upstream Sector - Brent crude oil prices decreased to $62.73 per barrel, with a weekly decline of 2.79%. U.S. commercial crude oil inventories increased by 5.507 million barrels to 420 million barrels [3][20] - The number of U.S. drilling rigs decreased by 2 to 547, with a year-on-year reduction of 39 rigs [3][32] Refining Sector - The report notes a significant drop in Russian refining capacity due to drone attacks, with a 5.08% quarter-on-quarter decline in processing volume in Q3 2025 [3][9] - The report indicates that the domestic refining product spread has improved, but remains at a low level [3][51] Polyester Sector - The report indicates that PTA profitability has declined, while polyester filament profitability has increased. The average price of PTA in East China was 4,528.6 yuan per ton, down 1.69% week-on-week [3][13] - The report expresses optimism for leading polyester companies such as Tongkun Co. and Wankai New Materials, anticipating a gradual improvement in the industry [3][13] Investment Recommendations - The report recommends focusing on leading refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Sinopec, as well as upstream oil service companies like CNOOC Services and Haiyou Engineering [3][13]

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The basic chemical industry is facing short-term challenges due to renewed US-China trade disputes, which have raised concerns about demand and led to a significant drop in international oil prices, with Brent crude oil prices falling by 4.8% [8] - Despite short-term pressures, the long-term outlook for the petrochemical industry remains positive, as high tariffs from trade disputes are unlikely to have a lasting impact, and domestic companies have gained valuable experience in navigating such challenges [8] - The green low-carbon sector is expected to become a new industry trend, with significant market potential for green methanol, bio-aviation fuel, and green polyester, which are anticipated to achieve rapid growth as they align with sustainable development goals [8] Summary by Sections Investment Recommendations and Targets - The report recommends buying shares of Wan Kai New Materials (301216) for its leading position in the green polyester industry. Other recommended stocks include: - Runfeng Co., Ltd. (301035) - Guoguang Co., Ltd. (002749) - Hailier (603639) - Sinopec (600028) - Hengli Petrochemical (600346) - Rongsheng Petrochemical (002493) - Wanhua Chemical (600309) - Huayi Group (600623) [3]

Core Insights - WanKai New Materials stated that as of September 30, 2025, the total number of shareholders is 28,222 [2] Company Summary - WanKai New Materials has engaged with investors through an interactive platform, providing updates on shareholder numbers [2] - The company is actively communicating with its investors, indicating a focus on transparency and shareholder engagement [2]

Market Overview - On October 10, the plastic sector declined by 0.63% compared to the previous trading day, with Jun Ding Da leading the decline [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Stock Performance - Notable gainers in the plastic sector included: - Nalco Co. (002825) with a closing price of 10.74, up 10.04% and a trading volume of 241,600 shares, totaling 253 million yuan [1] - Ningbo Color Masterbatch (301019) closed at 19.85, up 6.61% with a trading volume of 123,400 shares, totaling 241 million yuan [1] - Qide New Materials (300995) closed at 52.01, up 5.50% with a trading volume of 46,800 shares, totaling 241 million yuan [1] - Major decliners included: - Jun Ding Da (301538) closed at 91.16, down 5.26% with a trading volume of 21,900 shares, totaling 205 million yuan [2] - Jinfat Technology (600143) closed at 21.28, down 4.14% with a trading volume of 1,736,600 shares, totaling 3.737 billion yuan [2] - Dongcai Technology (601208) closed at 19.52, down 3.60% with a trading volume of 364,500 shares, totaling 716 million yuan [2] Capital Flow - The plastic sector experienced a net outflow of 361 million yuan from institutional investors, while retail investors saw a net inflow of 291 million yuan [2][3] - Notable capital flows included: - Foshan Plastics (000973) had a net inflow of 10.2 million yuan from institutional investors, but a net outflow of 15.74 million yuan from retail investors [3] - Shenkai Co. (002361) saw a net inflow of 66.57 million yuan from institutional investors, with retail investors experiencing a net outflow of 42.09 million yuan [3] - Nalco Co. (002825) had a net inflow of 65.37 million yuan from institutional investors, with retail investors also facing a net outflow of 33.06 million yuan [3]