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 年度持续督导定期现场检查报告 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 联系电话:010 65051166 保荐代表人姓名:张磊 保荐代表人姓名:李鹏飞 联系电话:010 65051166 现场检查人员姓名:李鹏飞 现场检查对应期间:2025年1月1日至2025年12月30日 现场检查时间:2025年12月30日 一、现场检查事项 现场检查意见 (一)公司治理 不适用 是 《 现场检查手段:(1)查阅历次董事会、股东会会议材料,包括会议通知、会议决议、会议记录、签到表、公 告等;(2)查阅公司章程及各项规章制度;(3)与公司管理层进行访谈,了解公司基本制度的执行情况,以 及公司与关联企业在人员、资产、财务、机构、业务等方面是否存在影响独立性的情形。 1.公司章程和公司治理制度是否完备、合规 V 2.公司章程和股东会、董事会规则是否得到有效执行 V 3. 股东会、董事会会议记录是否完整,时间、地点、出席人员 V 及会议内容等要件是否齐备,会议资料是否保存完整 4.股东会、董事会会议决议是否由出席会议的相关人员签名确 V i人 ...

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The adjustment of export tax rebate policies does not alter the competitive advantage of China's chemical industry. The cancellation of export tax rebates for various chemical products is expected to increase export costs, reflecting China's energy and waste treatment capabilities. Despite theoretical concerns about competitiveness, high energy-consuming products like PVC lack global expansion capacity, and the price increase due to VAT will not significantly change competitive dynamics [2][7] - Market rumors do not change the profit recovery opportunities in the industry. Reports of regulatory discussions regarding monopolistic risks have led to stock price corrections for leading chemical companies. However, the industry is still in a self-rescue phase, with production cuts not aimed at achieving monopolistic profits but rather at facilitating recovery from previous losses [2][7] Investment Recommendations and Targets - Recommended leading companies in the refining industry include Sinopec (600028, Buy), Rongsheng Petrochemical (002493, Buy), and Hengli Petrochemical (600346, Buy). The report also highlights recovery opportunities in various chemical sub-industries, such as MDI leader Wanhua Chemical (600309, Buy) and PVC-related companies like Zhongtai Chemical (002092, Not Rated), Xinjiang Tianye (600075, Not Rated), Chlor-alkali Chemical (600618, Not Rated), and Tianyuan Co., Ltd. (002386, Not Rated). In the phosphoric chemical sector, companies like Chuanheng Co., Ltd. (002895, Not Rated) and Yuntianhua (600096, Not Rated) are noted for their growth potential driven by rapid energy storage growth. In the oxalic acid sector, attention is drawn to Hualu Hengsheng (600426, Buy), Huayi Group (600623, Buy), and Wankai New Materials (301216, Buy) [3]

Group 1 - The plastic sector experienced a rise of 1.14% on January 8, with Wankai New Materials leading the gains [1] - The Shanghai Composite Index closed at 4082.98, down 0.07%, while the Shenzhen Component Index closed at 13959.48, down 0.51% [1] - Key stocks in the plastic sector showed significant price increases, with Wankai New Materials up 15.16% to 20.36, and Lekai Film up 10.03% to 12.72 [1] Group 2 - The plastic sector saw a net outflow of 986 million yuan from institutional investors, while retail investors contributed a net inflow of 1.026 billion yuan [2] - Notable stocks with significant net inflows from retail investors include Shenjian Co. with a net inflow of 1.31 billion yuan [3] - The overall trading volume for the plastic sector was substantial, with Wankai New Materials achieving a transaction amount of 1.098 billion yuan [1]

数据宝统计，截至14:34，万凯新材成交额10.21亿元，创2022年4月1日以来新高。最新股价上涨 15.61%，换手率9.37%。上一交易日该股全天成交额为1.60亿元。（数据宝） （文章来源：证券时报网） ...

证券日报网讯 1月5日，万凯新材在互动平台回答投资者提问时表示，孙公司轻镁智塑专注于人形机器 人核心传动部件领域，外采轻量化材料后聚焦高端改性工艺，核心发力减速器系列结构件，已成功发布 高性能PEEK摆线减速器；目前主要通过轻量化材料性能持续升级与精密注塑工艺优化，为灵心巧手配 套人形机器人手臂相关核心部件及组装服务，技术与产品适配性突出；目前除灵心巧手外，正在持续拓 展客户阶段。 （编辑 姚尧） ...

证券日报网讯1月5日，万凯新材（301216）在互动平台回答投资者提问时表示，截至2025年12月31日， 公司股东总人数为29013户。已通过互动易中"公司声音"栏目统一公布。 ...

Core Viewpoint - The company WanKai New Materials (万凯新材) is actively engaged in the humanoid robot core transmission components sector through its subsidiary, Qingmei Zhisi (轻镁智塑), focusing on high-performance materials and precision injection molding processes [2]. Group 1: Company Operations - Qingmei Zhisi specializes in the production of core components for humanoid robots, particularly in the area of lightweight materials and high-end modified processes [2]. - The company has successfully launched a high-performance PEEK cycloidal reducer, indicating advancements in their product offerings [2]. - Currently, Qingmei Zhisi is enhancing the performance of lightweight materials and optimizing precision injection molding techniques to support the assembly of core components for humanoid robot arms [2]. Group 2: Client Relationships - The company is currently collaborating with Lingxin Qiaoshou (灵心巧手) for the supply of core components and assembly services [2]. - In addition to existing partnerships, Qingmei Zhisi is in the process of expanding its client base, indicating a strategic focus on growth and market penetration [2].

| 证券代码：301216 | 证券简称：万凯新材 | 公告编号：2026-001 | | --- | --- | --- | | 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年第四季度可转债转股情况的公告 直接相关费用11,264,622.63元（不含税），实际募集资金净额为人民币 2,688,735,377.37元。上述募集资金到位情况已经中汇会计师事务所（特殊普通 合伙）验资，并出具了中汇会验[2024]9678号《万凯新材料股份有限公司债券募 集资金到位情况验证报告》。 （二）可转换公司债券上市情况 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年第四季度，共有784,225张"万凯转债"完成转股（票面金额共计 78,422,500元人民币），合计转成6,939,790股"万凯新材"股票（股票代码： 301 ...

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The rise in PX prices has triggered a bullish trend in the petrochemical sector, indicating long-term recovery opportunities for the industry [2][7] - The report highlights that the increase in PX prices, with futures rising over 800 CNY/ton and spot prices up about 340 CNY/ton, has improved profit expectations for refining companies [7] - The report emphasizes that the refining industry has faced prolonged downturns, with major companies encountering challenges such as declining domestic demand for refined oil and stagnant export quotas [7] - The appointment of new leadership at China Petroleum & Chemical Corporation is seen as a potential catalyst for industry recovery [7] Summary by Relevant Sections Investment Recommendations and Targets - Recommended leading companies in the refining sector include Sinopec (600028, Buy), Rongsheng Petrochemical (002493, Buy), and Hengli Petrochemical (600346, Buy) [3] - The report expresses optimism for recovery opportunities across various chemical sub-industries, including MDI leader Wanhua Chemical (600309, Buy) and companies in the PVC sector such as Zhongtai Chemical (002092, Not Rated), Xinjiang Tianye (600075, Not Rated), and Chlor-alkali Chemical (600618, Not Rated) [3] - In the phosphoric chemical sector, companies like Chuanheng Co. (002895, Not Rated) and Yuntianhua (600096, Not Rated) are highlighted due to growth driven by energy storage [3] - The oxalic acid industry recommendations include Hualu Hengsheng (600426, Buy), Huayi Group (600623, Buy), and Wankai New Materials (301216, Buy) [3]

1. Report's Investment Rating for the Industry - No information provided regarding the industry's investment rating. 2. Core Views of the Report - Bullish on the equity market during the "Spring Rally". With the expected strengthening of underlying stocks and seasonal effects, there is a slight room for convertible bond valuations to increase. When selecting bonds, focus on the performance elasticity of the underlying stocks. For near - maturity convertible bonds, consider participating in the underlying stocks [27]. - In the stock market, in December 2025, the risk appetite was high. Looking ahead, the RMB appreciation expectation is strengthening, and with the end of the year - end ranking assessment of financial institutions, the "Spring Rally" is expected to gradually kick off. In January, if the market adjusts during the intensive performance forecast period, investors can buy on dips and focus on resources, AI computing power, batteries, polyester industry chain, AI edge devices, and securities [27]. - In the convertible bond market, in December 2025, the CSI Convertible Bond Index reached a new high since July 2015. Although the share of convertible bond ETFs continued to decline, the market premium rate increased. In the future, due to seasonal effects, some institutional investors may gradually increase their positions in January, and convertible bond valuations have a slight room for improvement [27]. 3. Summary of Each Section 3.1 2025 December Convertible Bond Market Review - **Stock and Bond Market Review**: In December, the equity market fluctuated upwards, and the bond market generally fluctuated. The Shanghai Composite Index rose for nearly 10 consecutive trading days in the middle and late - December, closing at 3963.68 on December 26, with a monthly increase of 1.27%. The 10 - year Treasury bond yield closed at 1.838% on December 26, up 0.10bp from the beginning of the month, and the 30 - year Treasury bond yield closed at 2.223%, up 3.32bp from the beginning of the month [4][8]. - **Convertible Bond Market Review**: The convertible bond market generally rose following the equity market. The premium rates of convertible bonds in all parity ranges increased, but convertible bond ETFs continued to face outflow pressure. Five convertible bonds announced downward revisions, one more than the previous month, and 10 convertible bonds announced forced redemptions, two less than the previous month. The CSI Convertible Bond Index closed at 493.2 on December 26, up 2.31% [5][8]. - **Industry Performance**: In the Shenwan industry classification, sectors such as national defense and military industry (+12.25%), communication (+10.55%), and non - bank finance (+8.27%) performed well, while sectors such as media (-4.77%), banks (-3.68%), and coal (-3.62%) declined [8]. 3.2 2026 January Convertible Bond Allocation Strategy - **Stock Market Outlook**: The RMB appreciation expectation is strengthening, and the "Spring Rally" is expected to start. In January, if the market adjusts during the performance forecast period, investors can buy on dips. Focus on resources, AI computing power, batteries, polyester industry chain, AI edge devices, and securities [27]. - **Convertible Bond Outlook**: Due to seasonal effects, some institutions may increase their positions in January. Convertible bond valuations have a slight room for improvement. When selecting bonds, relative - return funds should focus on high - probability sectors with a high - beta underlying stocks, and absolute - return funds should focus on high - odds sectors [27][28]. - **Bond Selection Suggestions**: For relative - return funds, focus on sectors such as lithium - battery materials, semiconductor equipment and materials, power semiconductors, high - quality auto parts, anti - involution industries, and securities. For absolute - return funds, focus on industry leaders with low valuations, sectors such as pig farming, power, and water supply, and convertible bond debt - to - equity conversion [28]. 3.3 2026 January "Top Ten Convertible Bonds" Portfolio | Convertible Bond Code | Convertible Bond Name | Underlying Stock Name | Industry | Balance (Billion Yuan) | Convertible Bond Price (Yuan) | Convertible Bond Parity (Yuan) | Conversion Premium Rate (%) | Rating | Recommendation Reason | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 113043.SH | Caitong Convertible Bond | Caitong Securities | Securities II | 37.99 | 133.52 | 109.71 | 21.70 | AAA | The securities sector will see a double - hit of valuation and profit in a bull market [30]. | | 123254.SZ | EVE Convertible Bond | EVE Energy | Battery | 49.98 | 167.64 | 134.65 | 24.51 | AA+ | The demand for energy storage is strong, and the shipment volume in the third quarter increased significantly year - on - year and quarter - on - quarter [30]. | | 113695.SH | Huachen Convertible Bond | Jiangsu Huachen | Power Grid Equipment | 4.60 | 160.16 | 122.10 | 31.17 | A+ | The company's new production capacity is put into operation just as the demand for energy storage is growing rapidly [30]. | | 113634.SH | Proya Convertible Bond | Proya | Cosmetics | 7.51 | 125.13 | 70.36 | 77.83 | AA | As a domestic beauty leader, its brand and product strength are outstanding, and its valuation at a historical low is expected to be restored [30]. | | 113616.SH | Will Semiconductor Convertible Bond | Will Semiconductor | Semiconductor | 24.32 | 124.07 | 78.35 | 58.36 | AA+ | The company is accelerating its introduction into intelligent driving and emerging markets and has launched new mobile phone products with strong competitiveness [30]. | | 118040.SH | Hongwei Convertible Bond | Hongwei Technology | Semiconductor | 4.30 | 149.72 | 116.17 | 28.88 | A | Power semiconductors benefit from the growth of power supply and energy storage demand [30]. | | 113674.SH | Huashe Convertible Bond | Huashe Group | Engineering Consulting Service II | 4.00 | 129.29 | 89.47 | 44.51 | AA | As a leader in infrastructure design, its main business is stabilizing, and intelligent design and low - altitude economy provide growth points [30]. | | 123222.SZ | Bojun Convertible Bond | Bojun Technology | Auto Parts | 2.44 | 224.63 | 194.72 | 15.36 | A+ | The growth of customer sales and the increase in ASP per vehicle drive up revenue and profit [30]. | | 113666.SH | Aima Convertible Bond | Aima Technology | Motorcycle and Others | 19.99 | 125.11 | 79.63 | 57.12 | AA | The new national standard may promote the market share of the two - wheeled vehicle leader [30]. | | 123247.SZ | Wankai Convertible Bond | Wankai New Materials | Plastics | 19.64 | 172.30 | 150.18 | 14.73 | AA | Under the "anti - involution" of bottle chips, the processing fee is expected to stabilize, and the company is entering the rPET blue - ocean market [30]. |