万凯新材 20250924 摘要 全球聚酯瓶片需求过去十年复合增速约 7.4%，2015-2022 年增长显著， 下游应用集中于软饮料和食用油，大客户包括可口可乐、农夫山泉和金 龙鱼。2024 年因农夫山泉等企业新基地投产，需求突发性集中释放， 增速约 14%。 中国聚酯瓶片出口量大，2015-2024 年复合增长率达 13.4%。2022 年受俄乌冲突影响，对俄罗斯出口增加，出口增速高达 30%。2025 年 上半年出口增速约 15%，出口是行业重要组成部分。 2021-2024 年为国内聚酯瓶片产能释放期，2025 年后无新增产能投放。 在全球需求稳健增长约 7%的背景下，2026 年起供给端不再扩张，行业 供需格局有望改善。 万凯新材海外布局旨在抢占东南亚和非洲市场，并应对反倾销压力。尼 日利亚项目预计 2026 年投产，印尼项目预计 2027 年投产，海外基地 盈利能力预计高于国内工厂。 2025 年上半年瓶片行业出现向上拐点，万凯新材一、二季度利润转正。 行业集中度提升，CR4 接近 80%，亿盛为全球最大瓶片生产商，万凯 国内排名第四。 Q&A 万凯新材的主营业务及其产能布局情况如何？ 万凯新材的 ...

Core Viewpoint - WanKai New Materials experienced a decline of 1.23% in stock price on September 25, with a trading volume of 238 million yuan, indicating potential market volatility and investor sentiment shifts [1]. Financing Summary - On September 25, WanKai New Materials had a financing buy-in amount of 23.17 million yuan, with a net financing buy of 1.01 million yuan after 22.16 million yuan in financing repayments [1]. - The total financing and securities balance reached 655 million yuan, accounting for 10.67% of the circulating market value, which is above the 90th percentile of the past year, indicating a high level of financing activity [1]. - The company had no short-selling activity on September 25, with a short-selling balance of 48.81 thousand yuan, also above the 70th percentile of the past year [1]. Company Performance - As of August 31, the number of shareholders for WanKai New Materials was 28,200, a decrease of 10.60% from the previous period, while the average circulating shares per person increased by 11.85% to 10,100 shares [2]. - For the first half of 2025, the company reported a revenue of 8.213 billion yuan, a year-on-year decrease of 4.87%, while the net profit attributable to shareholders increased by 30.33% to 562.93 million yuan [2]. - Since its A-share listing, WanKai New Materials has distributed a total of 325 million yuan in dividends, with 256 million yuan distributed over the past three years [2]. Shareholder Composition - As of June 30, 2025, Morgan Emerging Power Mixed A was the seventh largest circulating shareholder with 4.4435 million shares, a decrease of 86,000 shares from the previous period [2]. - 华夏行业景气混合A ranked as the ninth largest circulating shareholder, increasing its holdings by 82,200 shares to 3.8959 million shares [2].

（文章来源：证券日报） 证券日报网讯 9月23日晚间，万凯新材发布公告称，本次解除限售并上市流通的股份为万凯新材料股份 有限公司（以下简称"公司"或"万凯新材"）部分首次公开发行前已发行限售股229，552，503股，占公 司当前总股本的40.90%，本次解除限售的股份上市流通日期为2025年9月29日（星期一）。 ...

每经头条（nbdtoutiao）——报价太低遭严防，投标企业还得"解释清楚"，一场国家组织的大型采购， 为何引发全行业关注 （记者 曾健辉） 每经AI快讯，万凯新材9月23日晚间发布公告称，公司限售股份约2.295亿股将于2025年9月29日解禁并 上市流通，占公司总股本比例为40.90%。 ...

| 证券代码：301216 | 证券简称：万凯新材 | 公告编号：2025-053 | | --- | --- | --- | | 债券代码：123247 | 债券简称：万凯转债 | | 一、首次公开发行股票情况和上市后股本变化情况 (一)首次公开发行股票情况 经中国证券监督管理委员会《关于同意万凯新材料股份有限公司首次公开发行 股票注册的批复》（证监许可[2022]4号）核准，并经深圳证券交易所同意，公司首 次公开发行人民币普通股（A股）85,850,000股，并于2022年3月29日在深圳证券交 易所创业板上市交易。公司首次公开发行后总股本为343,395,400股，其中有限售条 件流通股271,896,665股，占发行后总股本的比例为79.18%；无限售条件流通股 71,498,735股，占发行后总股本的比例为20.82%。 万凯新材料股份有限公司 关于部分首次公开发行前已发行股份上市流通的 提示性公告 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： 本次解除限售并上市流通的股份为万凯新材料股份有限公司（以下简称"公司" 或"万凯新材"）部分 ...

中国国际金融股份有限公司 关于万凯新材料股份有限公司 部分首次公开发行前已发行股份上市流通的核查意见 中国国际金融股份有限公司（以下简称"保荐机构"）作为万凯新材料股份有限 公司（以下简称"万凯新材"或"公司"）首次公开发行股票并在创业板上市的保荐 机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股票上市规 则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》 等相关规定，对万凯新材部分首次公开发行前已发行股份上市流通的事项进行了认 真、审慎核查，具体情况如下： 一、首次公开发行股票情况和上市后股本变化情况 （一）首次公开发行股票情况 经中国证券监督管理委员会《关于同意万凯新材料股份有限公司首次公开发行股票 注册的批复》（证监许可[2022]4 号）核准，并经深圳证券交易所同意，公司首次公开 发行人民币普通股（A 股）85,850,000 股，并于 2022 年 3 月 29 日在深圳证券交易所创 业板上市交易。公司首次公开发行后总股本为 343,395,400 股，其中有限售条件流通股 271,896,665 股，占发行后总股本的比例为 79.1789%；无限售条件 ...

Group 1: Chemical Sector Performance - The chemical raw materials index decreased by 1.21%, while the chemical machinery index increased by 2.90% [1] - The pharmaceutical index fell by 1.36%, and the pesticide and fertilizer index dropped by 2.50% [1] - The oil processing index declined by 2.22%, the oil extraction index decreased by 3.17%, and the oil trading index fell by 1.46% [1] Group 2: Oil Prices - As of September 19, the WTI crude oil futures settled at $62.68 per barrel, down 0.02% from September 12 [1] - The Brent crude oil futures settled at $66.68 per barrel, down 0.46% from the previous Friday [1] Group 3: Petrochemical Product Price Changes - The top five petrochemical products with price increases were liquid chlorine (up 22.93%), isooctyl acrylate (up 7.47%), acrylic acid (up 5.04%), calcium carbide (up 4.94%), and MMA (up 4.51%) [1] - The top five petrochemical products with price decreases were vitamin E (down 10.00%), epichlorohydrin (down 6.44%), sulfuric acid (down 4.94%), p-nitrochlorobenzene (down 4.62%), and dichloromethane (down 3.64%) [1] Group 4: Capital Market Performance of Chemical Companies - The top five performing listed chemical companies were Kaimete Gas (up 28.62%), Hongda Explosive (up 22.93%), Sanwei Co. (up 22.53%), Zhongshi Technology (up 21.57%), and Jinghua New Materials (up 18.94%) [2] - The bottom five performing listed chemical companies were Runyang Technology (down 11.48%), Lafang Cosmetics (down 10.43%), Wankai New Materials (down 10.42%), Jiaao Environmental Protection (down 10.25%), and Shilong Industrial (down 9.41%) [2]

每经AI快讯，9月22日，化纤板块持续拉升，吉林化纤一度涨停，新乡化纤、万凯新材等跟涨。 （文章来源：每日经济新闻） ...

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The green low-carbon related industries, including green methanol, bio-aviation fuel, and green polyester, are gaining market attention due to their vast market potential and the need for sustainable development [8] - The green polyester sector is particularly favored as new technologies are expected to drive rapid growth, allowing for the replacement of virgin materials and opening up significant new market opportunities [8] Summary by Sections Investment Recommendations and Targets - The report recommends buying shares of Wan Kai New Materials (301216), which is well-positioned in the green polyester industry. Other recommended stocks include Sinopec (600028), Hengli Petrochemical (600346), Rongsheng Petrochemical (002493), Wanhua Chemical (600309), and Huayi Group (600623) due to expected recovery in the petrochemical and chemical sectors driven by "anti-involution" policies. Additionally, it suggests buying shares of pesticide formulation companies such as Runfeng Co., Ltd. (301035), Guoguang Co., Ltd. (002749), and Hailier (603639) [3]

中国国际金融股份有限公司 关于万凯新材料股份有限公司 2025 年半年度持续督导跟踪报告 | 保荐人名称：中国国际金融股份有限公司 | 被保荐公司简称：万凯新材 | | --- | --- | | 保荐代表人姓名：张磊 | 联系电话：010-65051166 | | 保荐代表人姓名：李鹏飞 | 联系电话：010-65051166 | 一、保荐工作概述 | 项 目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 不适用 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 限于防止关联方占用公司资源的制度、募集资金管 | 是 | | 理制度、内控制度、内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月 1 次 | | （2）公司募集资金项目进展是否与信息披露文件 一致 | 是 | | 4.公司治理督导情况 ...