Group 1 - The core point of the announcement is the issuance and conversion details of the convertible bonds by Wankai New Materials Co., Ltd, including the total amount raised and the current status of the bonds [1][2][3] - The company issued 27,000,000 convertible bonds with a total value of RMB 270 million, and the net amount raised after deducting related costs was RMB 268,510,100 [1][2] - The convertible bonds were listed on the Shenzhen Stock Exchange on September 5, 2024, under the name "Wankai Convertible Bonds" with the code "123247" [1][2] Group 2 - The conversion period for the bonds started on February 24, 2025, and will last until August 15, 2030 [2] - The initial conversion price was set at RMB 11.45 per share, which has been adjusted to RMB 11.30 per share as of the announcement date [2] - As of June 30, 2025, a total of 4,190 shares were converted from the bonds, reducing the outstanding bonds to 26,985,101 with a remaining face value of RMB 2,698,510,100 [2]

| 证券代码：301216 | 证券简称：万凯新材 | 公告编号：2025-041 | | --- | --- | --- | | 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2025年第二季度可转债转股情况的公告 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。 特别提示： 1、"万凯转债"（债券代码：123247）转股期为2025年2月24日至2030年8 月15日；初始转股价格为人民币11.45元/股，最新转股价格为人民币11.30元/股。 2、2025年第二季度，共有479张"万凯转债"完成转股（票面金额共计47,900 元人民币），合计转成4,190股"万凯新材"股票（股票代码：301216）。 3、截至2025年第二季度末，"万凯转债"剩余26,985,101张，剩余票面总 金额为2,698,510,100元人民币。 根据《深圳证券交易所创业板股票上市规则》和《深圳证券交易所上市公司 自律监管指引第15号——可转换公司债券》的有关规定，万凯新材料股份有限公 司（以下简称"公司"）现将2025年第二季度可转换公司 ...

Investment Rating - The report maintains a positive outlook on the polyester industry, particularly for polyester filament yarn, anticipating a recovery in demand due to improving Sino-US trade relations [3][4]. Core Insights - The report highlights the expectation of a recovery in polyester filament yarn demand as Sino-US trade restrictions are anticipated to ease, potentially restoring textile and apparel exports to the US [4][5]. - It notes that US apparel wholesalers have been depleting their inventories since Q4 2022, and with the overseas economy recovering, a replenishment phase is expected to begin in 2025, further boosting filament yarn demand [4][7]. - The report emphasizes that downstream inventories for polyester filament yarn are at historically low levels, which supports a stable demand outlook despite external trade pressures [11]. - The report indicates that the valuation of polyester filament yarn companies is currently at historical lows, suggesting potential for upward movement during the seasonal peak periods [14]. Summary by Sections Upstream Sector - Brent crude oil prices fell to $67.77 per barrel, a decrease of 12% week-on-week, while WTI prices dropped to $65.52 per barrel, down 11.27% [22]. - US commercial crude oil inventories decreased to 415 million barrels, down 5.84 million barrels from the previous week, and are 11% lower than the five-year average [24]. - The report anticipates a widening supply-demand trend for crude oil, with expectations of price fluctuations but overall stability due to OPEC+ production cuts [4][22]. Refining Sector - The report notes an increase in the Singapore refining margin to $16.47 per barrel, up $4.89 from the previous week, indicating improved refining profitability [56]. - The report suggests that refining product margins are still low but are expected to improve as economic recovery progresses [4][53]. Polyester Sector - PTA prices have been rising, with the average price in East China reaching 5,139 RMB per ton, up 1.08% week-on-week [4]. - The report highlights a positive outlook for leading polyester companies such as Tongkun Co. and Wankai New Materials, anticipating a recovery in profitability as supply-demand dynamics improve [18]. Investment Recommendations - The report recommends focusing on leading polyester companies, refining firms, and offshore oil service companies, citing potential for performance improvement as market conditions stabilize [18].

股票代码: 301216 债券代码:123247 股票简称: 万凯新材 债券简称: 万凯转债 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 受托管理事务报告 (2024 年度) 债券受托管理人 ( 住所: 北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层 ) 二〇二五年六月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称《管理办法》）、 《公司债券受托管理人执业行为准则》（以下简称《执业行为准则》）、《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。 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 事宜作出独立判断,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,未经中金公司书面 ...

Investment Rating - The industry investment rating is "Positive (Maintain)" [5] Core Viewpoints - The ongoing conflict between Israel and Iran has significantly increased the risk premium for oil and gas, impacting prices and market dynamics [8][17] - There is a heightened focus on Iranian chemical products due to their substantial global production and export share, particularly methanol and ethylene glycol [8][17] - The report highlights that even if Iranian oil exports cease, other suppliers like OPEC+ can quickly fill the gap, but damage to Iranian chemical production facilities could have long-term effects [8][17] Price Changes - The report monitors 188 chemical products, with the top three price increases being crude oil (up 13.7%), paraxylene (up 10.5%), and WTI (up 10.4%); the largest declines were in liquid chlorine (down 60.0%), vitamin E (down 14.2%), and acrylic short fiber (down 7.9%) [14][18] - The report also notes significant changes in price spreads, with the largest increases in BDO spread (up 6955.9%), hydrogen peroxide spread (up 500.0%), and butyl acrylate spread (up 97.7%); the largest declines were in R410a spread (down 25100.0%), PTA (down 38.5%), and PTMEG spread (down 22.8%) [18][19] Investment Recommendations - The report recommends buying shares in companies that are expected to benefit from the price increases due to the Israel-Iran conflict, including Huayi Group (600623), Baofeng Energy (600989), Satellite Chemical (002648), and Wankai New Materials (301216) [8] - It also suggests focusing on agricultural chemical companies with differentiated growth logic, such as Yangnong Chemical (600486) and Runfeng Shares (301035), as well as companies less affected by overseas fluctuations, including Guoguang Shares (002749), Hualu Hengsheng (600426), and Huamao Technology (603181) [8]

Core Viewpoint - The credit rating report indicates that Wankai New Materials Co., Ltd. maintains a stable credit rating of AA, reflecting its strong market position in the polyester materials industry despite facing challenges from increased competition and declining profit margins [3][6][21]. Company Overview - Wankai New Materials is a leading domestic producer of polyester materials, particularly PET, with a strong customer base including well-known brands like Nongfu Spring and Wahaha [3][5]. - The company has a production capacity of 300,000 tons per year for PET, with a high capacity utilization rate of over 90% [6][16]. Financial Performance - In 2024, the company reported a net loss of 302 million yuan, which is 5.29% of its net assets at the end of the previous year [6][19]. - Total assets as of March 2025 are reported at 174.90 billion yuan, with total debt increasing to 84.25 billion yuan, reflecting a 69.22% debt-to-asset ratio [4][6]. - Revenue from PET sales increased by 3.27% year-on-year, despite a decline in gross profit margin from 3.78% to 0.60% due to falling processing fees [15][19]. Market Dynamics - The PET industry is experiencing rapid capacity expansion, with an expected increase of 4.17 million tons in 2024, leading to a supply-demand imbalance and downward pressure on prices [6][12]. - The average processing fee in the PET industry has dropped significantly, impacting profitability across the sector [6][14]. International Expansion - The company is expanding its international presence by establishing warehouses in Indonesia and Central Asia, aiming to enhance customer satisfaction and market reach [5][21]. - New projects in Nigeria and Indonesia are planned, with significant investments aimed at increasing production capacity, although these projects carry risks related to capacity absorption [7][16]. Risk Factors - The company faces risks from anti-dumping policies and currency fluctuations, particularly as its export revenue grows and accounts for 36.21% of total revenue [6][21]. - The competitive landscape is intensifying, with the average processing fee in the industry declining over 30% year-on-year, further squeezing profit margins [6][12].

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 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【280】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评 ...

Summary of Conference Call on Polyester Bottle Chip Industry Industry Overview - The conference call involved leading companies in the polyester bottle chip industry, including Yisheng, China Resources, Wankai, Sinopec, and Sanfangxiang, which reached a consensus to reduce production by 20% to enhance industry profitability [2][3][4]. Key Points and Arguments - **Production Reduction Plan**: The industry has initiated a self-regulatory production cut of 20%, aiming to improve profit margins and stabilize processing fees at around 500 RMB per ton [2][3][6]. - **Capacity Control**: A commitment was made to prohibit any new polyester bottle chip production capacity for the next three years, ensuring controlled market supply and stable processing fees [2][4]. - **Industry Supervision Committee**: An industry supervision committee will be established to monitor the execution of the production cut and oversee industry operating rates, with the goal of reducing social inventory to reasonable levels [2][9]. - **Market Demand**: From January to May 2025, order volumes remained stable compared to the previous year, with exports around 700,000 tons and domestic growth rates of approximately 7% [2][14][15]. - **Price Dynamics**: The first quarter of 2025 saw favorable price differentials for polyester chips, but the second quarter faced pressure due to rising upstream raw material prices (PX, PTA) and increased operating rates [2][11]. Additional Important Insights - **Export Performance**: China’s bottle chip exports account for about 40% of total production, with export prices and volumes outperforming domestic sales despite rising shipping costs [5][17]. - **Future Capacity Outlook**: An additional 2 million tons of production capacity is expected to be introduced in the first half of 2025, but no new capacity is anticipated from 2026 onwards, indicating a potential improvement in industry profitability [5][12]. - **Inventory Levels**: Current social inventory has decreased significantly compared to the end of last year, although it remains high relative to historical data due to recent increases in total inventory levels [10]. - **Market Sentiment**: The industry outlook is cautiously optimistic, supported by the cooperation of major enterprises, particularly state-owned companies like China Resources [8]. Conclusion The polyester bottle chip industry is undergoing significant changes with a focus on production cuts and capacity control to stabilize prices and improve profitability. The establishment of a supervisory committee and the commitment to avoid new capacity additions reflect a strategic shift towards sustainable growth in the sector.

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - Polyester bottle chip factories have announced production cuts of approximately 20%, with a total capacity reduction of about 2.59 million tons, potentially increasing to 4.9 million tons when considering long-term shutdowns [1] - The average operating load of domestic polyester bottle chip facilities is expected to decline from 94.3% in May 2025 to around 77% due to these production cuts [1] - The processing price spread for polyester bottle chips has dropped to a low of 291 RMB/ton, with expectations for recovery as low-priced sources diminish following the planned maintenance and production cuts [2] - The current expansion phase of the polyester bottle chip industry is nearing its end, with a projected capacity increase from 11.11 million tons in 2021 to 20.43 million tons in 2024, leading to an oversupply situation [3] - The industry is expected to see a turning point upwards, with leading companies already reporting reduced losses, indicating that the low point of the polyester bottle chip cycle has passed [3] Summary by Sections Production Cuts and Capacity - Major polyester bottle chip manufacturers, including Yisheng, China Resources Materials, and Sinopec, are implementing production cuts starting July 2025, with a total capacity reduction of approximately 2.59 million tons [1] - The average operating load is projected to decrease significantly due to these cuts, indicating a shift in supply dynamics [1] Price Dynamics - The average price spread for polyester bottle chips has reached a critical low, with expectations for recovery as production cuts take effect [2] - The increase in raw material prices for PTA and ethylene glycol has pressured the processing margins, contributing to the current low price spread [2] Industry Outlook - The polyester bottle chip industry has seen significant capacity expansion, but this phase is coming to an end, with expectations for improved pricing dynamics in the near future [3] - Leading companies are beginning to report improved financial performance, suggesting a potential recovery in the industry [3] Beneficiary Companies - Key beneficiaries identified include Wankai New Materials, China Resources Materials, Sanfangxiang, Hengyi Petrochemical, and Rongsheng Petrochemical [4]

Group 1: Investment Overview - WanKai New Materials Co., Ltd. participated as the lead investor in Lingxin Qiaoshou (Beijing) Technology Co., Ltd.'s PRE-A round financing, acquiring an 8.2% equity stake and one board seat [1] - The investment aims to explore the application of polyester new materials and other lightweight high-performance materials in humanoid robots [1] Group 2: Collaboration and Development - A joint laboratory for high-performance materials was inaugurated on June 16, 2025, marking the beginning of deep cooperation in new material research and humanoid robot applications [2] - The collaboration focuses on the "using plastic instead of steel" key technology path to promote the industrial application of new materials in intelligent manufacturing [2] Group 3: Material Research and Production - The joint laboratory is currently developing and testing new materials such as PAEK and high-performance heat-resistant polyester required by Lingxin Qiaoshou [2] - A new high-temperature transparent polyester, independently developed by the company, has undergone comprehensive modification and upgrading, achieving continuous production on a pilot line with an annual capacity of 2,000 tons in Q1 2025 [2]