Core Viewpoint - The company, Wankai New Materials, reported a decline in revenue and net profit for the year 2024, while showing significant improvement in cash flow from operating activities [1][2]. Financial Performance Summary 2024 Annual Report - The company achieved operating revenue of 17.23 billion yuan, a decrease of 1.71% compared to the previous year [2]. - The net profit attributable to shareholders was -300 million yuan, a decline of 168.72% from 437 million yuan in the previous year [2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -214 million yuan, down 177.72% from 275 million yuan in the previous year [2]. - The net cash flow from operating activities was 1.27 billion yuan, an increase of 1,097.92% year-on-year [2]. Q1 2025 Report - For the first quarter of 2025, the company reported operating revenue of 3.92 billion yuan, a decrease of 7.74% year-on-year [4]. - The net profit attributable to shareholders was 48 million yuan, an increase of 5.92% compared to 45 million yuan in the same period last year [4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 10.72 million yuan, a decrease of 48.22% from 20.70 million yuan in the previous year [4]. - The net cash flow from operating activities was 236 million yuan, an increase of 245.19% year-on-year [4]. Dividend Distribution Plan - The profit distribution plan for 2024 proposes a cash dividend of 1.5 yuan per 10 shares (tax included) to all shareholders, with no bonus shares [2]. Company Background - Wankai New Materials was listed on the Shenzhen Stock Exchange's ChiNext board on March 29, 2022, with an initial public offering of 85.85 million shares at a price of 35.68 yuan per share [4]. - The company raised a total of 30.63 billion yuan from its initial public offering, with a net amount of 29.15 billion yuan after expenses [5]. - The company plans to use the raised funds for various projects, including the production of food-grade PET high polymer materials and other working capital needs [5].

Investment Rating - The report maintains a "Positive" outlook on the petrochemical industry, indicating favorable conditions for investment opportunities [1]. Core Insights - Qatar's LNG projects are expected to lead to a loosening of global LNG supply, with international gas prices likely to decline. Qatar's LNG production capacity is projected to reach 142 million tons by the end of 2030, nearly doubling from 77 million tons in 2020 [3][4]. - The report highlights that while global gas demand growth is expected to slow to around 1.5% in 2025, LNG demand in Asia will be significantly suppressed due to high prices, dropping from a growth rate of 17% in 2024 to below 3% [6][14]. - The upstream sector is experiencing rising oil prices, with Brent crude futures closing at $66.47 per barrel, a 4.02% increase week-on-week. The report anticipates a downward trend in oil prices due to a widening supply-demand balance [23][39]. - In the refining sector, the report notes a decline in overseas refined oil crack spreads, while olefin price spreads show mixed trends. The Singapore refining margin has decreased to $12.55 per barrel [53][55]. - The polyester sector is facing a decline in PTA profitability, while polyester filament profitability is on the rise. The report suggests that the overall performance of the polyester industry is average, with potential for improvement as new capacity slows down [53][60]. Summary by Sections LNG Supply and Demand - Qatar's LNG projects, including the Golden Pass LNG and North Field East expansion, are set to boost global LNG supply significantly by 2030 [4][5]. - The International Energy Agency (IEA) forecasts a 50% increase in global export capacity by 2030, with an additional 270 billion cubic meters expected [5][6]. Upstream Sector - Brent crude prices have risen, with a notable increase in drilling day rates for self-elevating platforms. The report indicates a potential for oil prices to decline in the medium term, despite current upward trends [23][39]. - The report also notes a decrease in the number of active drilling rigs in the U.S., which may impact future production levels [33]. Refining Sector - The report highlights a decrease in refining margins and crack spreads, indicating challenges in profitability for refiners. However, it suggests that domestic refining margins may improve as overseas refineries exit the market [53][55]. Polyester Sector - The report indicates a mixed performance in the polyester sector, with PTA profitability declining while polyester filament profitability is improving. It emphasizes the need to monitor demand changes closely [53][60]. Investment Recommendations - The report recommends focusing on high-quality refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Sinopec, as well as companies in the upstream exploration and development sector like CNOOC and CNOOC Engineering [17].

| 证券代码：301216 | 证券简称：万凯新材 公告编号：2025-040 | | --- | --- | | 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"万凯转债"恢复转股的提示性公告 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。 3、暂停转股时间：2025 年 5 月 22 日至 2025 年 5 月 29 日 4、恢复转股时间：2025 年 5 月 30 日 万凯新材料股份有限公司（以下简称"公司"）因实施2024年度权益分 派，根据《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》相关条款以及中国证券监督管理委员会关于可转换公司债券发行的相关 规定，公司可转换公司债券（债券代码：123247；债券简称：万凯转债）自 2025年5月22日至2024年度权益分派股权登记日（2025年5月29日）期间暂停转 股，具体内容详见公司于2025年5月22日披露的《关于实施权益分派期间"万凯 转债"暂停转股的公告》（公告编号2025-037）。 根据相关规定，"万凯转债"将于公司2024年度权益分派股权登 ...

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 重要声明 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 服。 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。 债券受托管理人 二〇二五年五月 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(债券商称:万凯转债,债券代码: 123247,以下简称"本次债券")的保荐机构和主承销商,持续密切关注对债券 持有人权 ...

Group 1 - Ningde Times has recently listed on the Hong Kong Stock Exchange, with China Petroleum & Chemical Corporation playing a significant role as a cornerstone investor, subscribing to shares worth $500 million [1] - The involvement of industrial capital in private equity investment markets is seen as a major force, with a reported 41% year-on-year increase in contributions from industrial investors as limited partners (LPs) in Q1 2025 [1][2] - Corporate Venture Capital (CVC) funds are emerging as a crucial avenue for companies to explore a "second growth curve," aiding in asset revitalization and strengthening industrial chains [1] Group 2 - Wan Kai New Materials announced a partnership with Cheng Kai Fund to establish an investment partnership focused on new materials and intelligent manufacturing, with Wan Kai contributing 250 million yuan [1] - Allianz Ruishi plans to collaborate with a state-owned enterprise in Hangzhou to set up a partnership targeting industries such as artificial intelligence, new energy, and smart manufacturing [1] - CVC funds are gaining traction among traditional industry companies, providing direct technical support and attracting talent, thus reducing trial costs and financial risks while enhancing investment returns [2] Group 3 - Various regions, including Shanghai, Zhejiang, Shanxi, and Hubei, are implementing policies to support the development of CVC funds, with some government investment funds prioritizing those with industrial backgrounds [3] - The Suzhou Angel Fund emphasizes investing in sub-funds with industry experience, highlighting a sub-fund backed by a robotics unicorn [3] - Investment strategies focusing on early, small, long-term, and hard technology investments are believed to significantly lower risks by leveraging industry advantages for better project evaluation [3]

Group 1 - The company has issued 27,000,000 convertible bonds with a total amount of 270,000 million RMB, approved by the China Securities Regulatory Commission [1] - The adjustment of the conversion price is based on various corporate actions such as stock dividends, capital increases, and cash dividends, following specific formulas [1][2] - The adjusted conversion price after the 2024 annual profit distribution is set at approximately 11.30 RMB per share, down from the previous price of 11.45 RMB per share [2] Group 2 - The company will announce any adjustments to the conversion price on the Shenzhen Stock Exchange and other media, detailing the adjustment date and method [2] - The cash dividend per share is calculated to be approximately 0.1487 RMB based on the total cash dividend of 76,593,953.10 RMB and the total share count [2] - The company aims to protect the rights and interests of convertible bondholders during any changes in share structure or equity [2]

Core Viewpoint - The company, Wankai New Materials Co., Ltd., has announced its 2024 annual profit distribution plan, which includes a cash dividend of 1.50 yuan (including tax) for every 10 shares held, totaling approximately 76.59 million yuan (including tax) [1][2][3]. Summary by Sections Profit Distribution Plan - The profit distribution plan was approved at the 2024 annual shareholders' meeting held on May 13, 2025, with a cash dividend of 1.50 yuan per 10 shares, based on a total share count of 510,626,354 shares after excluding repurchased shares [2][3]. - The total cash dividend amount is 76,593,953.10 yuan, which will be carried forward as undistributed profits for the next year, with no stock dividends or capital reserve increases planned for this year [1][2]. Share Count and Adjustments - The total share count as of the announcement date is 515,221,699 shares, with 4,595,345 shares held in a repurchase account excluded from the distribution [3][4]. - If there are any changes to the share capital before the implementation of the profit distribution, the total amount for the 2024 profit distribution will be adjusted accordingly while maintaining the cash dividend distribution ratio [3]. Key Dates - The record date for the profit distribution is set for May 29, 2025, and the ex-dividend date is May 30, 2025 [4][5]. Dividend Payment Method - The cash dividends will be directly credited to the shareholders' accounts through their securities companies or other custodians [5]. Taxation Details - The company will not withhold individual income tax for certain categories of shareholders, with tax rates varying based on holding periods and types of shares held [3][4]. Shareholder Commitments - The controlling shareholder and key executives have committed to not selling their shares below the issue price within two years after the lock-up period expires [6].

特别提示： 1、债券代码：123247 债券简称：万凯转债 2、调整前转股价格：11.45 元/股 3、调整后转股价格：11.30 元/股 4、转股价格调整生效日期：2025 年 5 月 30 日 | 证券代码：301216 | 证券简称：万凯新材 | 公告编号：2025-039 | | --- | --- | --- | | 债券代码：123247 | 债券简称：万凯转债 | | 万凯新材料股份有限公司 关于万凯转债转股价格调整的公告 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。 派送现金股利：P1=P0－D； 上述三项同时进行：P1＝（P0－D+A×k）/（1+n+k） 其中：P0 为调整前转股价，n 为送股或转增股本率，k 为增发新股或配股率， A 为增发新股价或配股价，D 为每股派送现金股利，P1 为调整后转股价。 一、转股价格调整依据 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向不特定对 象发行可转换公司债券注册的批复》（证监许可〔2024〕913 号）同意注册，公 司于 2024 年 8 月 16 日向不特定的对象发行了 27,00 ...

| 证券代码：301216 | 证券简称：万凯新材 | 公告编号：2025-038 | | --- | --- | --- | | 债券代码：123247 | 债券简称：万凯转债 | | 万凯新材料股份有限公司 2024 年年度权益分派实施公告 1、万凯新材料股份有限公司（以下简称"公司"）回购专用证券账户中的股份 4,595,345 股不参与本次权益分派。公司本次权益分派以现有总股本 515,221,699 股 剔除回购账户持有的股份 4,595,345 股后的股份数 510,626,354 股为基数，公司向 全体股东每 10 股派发现金红利 1.50 元（含税），合计派发现金红利 76,593,953.10 元（含税）。剩余未分配利润结转下一年度，本年度不送红股，不以资本公积金转 增股本。 2、本次权益分派实施后计算除权除息价格时，按公司总股本（含回购股份）折 算的每 10 股现金红利（含税）=本次实际现金分红总额÷公司总股本×10 股 =76,593,953.10 元÷515,221,699 股×10 股=1.486621 元。 本次权益分派实施后的除权除息参考价=股权登记日收盘价-按公司总股本折算 的 ...

债券代码：123247 债券简称：万凯转债 万凯新材料股份有限公司 证券代码：301216 证券简称：万凯新材 公告编号：2025-037 关于实施权益分派期间"万凯转债"暂停转股的公告 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 万凯新材料股份有限公司董事会 附件：《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》中"转股价格的调整方法及计算公式"条款的规定 在本次可转债发行之后，当公司因派送股票股利、转增股本、增发新股（不 包括因本次可转债转股而增加的股本）、配股、派送现金股利等情况使公司股份 发生变化时，将按下述公式进行转股价格的调整（保留小数点后两位，最后一位 四舍五入）： 载、误导性陈述或重大遗漏。 特别提示： 万凯新材料股份有限公司（以下简称"公司"）于 2025 年 5 月 13 日召开 将于近日实施 2024 年度权益分派。为保证本次权益分派的正常实施，根据《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》中"转股 价格的调整方法及计算公式"条款的规定（详见附件），自 2025 年 5 月 22 日起 至 2024 年度权益分派股权 ...