| | | 万凯新材料股份有限公司 2025 年半年度募集资金存放与使用情况专项报告 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。 根据深圳证券交易所印发的《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》相关格式指引的要求，现将本公司 2024 年 8 月可转债募集资金 2025 年半年 度存放与使用情况专项说明如下： 一、募集资金基本情况 (一) 实际募集资金金额、资金到账时间 根据中国证券监督管理委员会签发的证监许可[2024]913号《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》，公司向不特定对象发行可转换公司债 券27,000,000张，每张债券发行面值为人民币100元，募集资金总额为人民币2,700,000,000.00 元 ， 扣 除 发 行 费 用 ( 不 含 增 值 税 )11,264,622.63 元 后 ， 实 际 募 集 资 金 净 额 为 人 民 币 2,688,735,377.37元。上述募集资金已于2024年8月22日汇入公司募集资金监管账户，上述募 集资金到位情况已经中汇 ...

第二届监事会第二十次会议决议公告 本公司及监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。 一、会议召开情况 万凯新材料股份有限公司（以下简称"公司"）第二届监事会第二十次会议通 知于 2025 年 8 月 22 日以专人送达的方式发出，会议于 2025 年 8 月 27 日在公司行 政楼会议室以现场表决的方式召开，应到监事 3 人，实到监事 3 人，本次会议由公 司监事会主席吕恩君女士主持。会议的召开、表决程序符合《公司法》《公司章程》 等相关规定，决议合法有效。 | 证券代码：301216 | 证券简称：万凯新材 | 公告编号：2025-049 | | --- | --- | --- | | 债券代码：123247 | 债券简称：万凯转债 | | 万凯新材料股份有限公司 1 表决结果：同意票 3 票，反对票 0 票，弃权票 0 票。 具体内容详见公司同日在巨潮资讯网（http://www.cninfo.com.cn）上披露的 《2025 年半年度募集资金存放与使用情况的专项报告》。 三、备查文件 二、会议审议情况 经全体监事审议，本次会议以记名投票的方式表决通过了相 ...

| 证券代码：301216 | 证券简称：万凯新材 | 公告编号：2025-048 | | --- | --- | --- | | 债券代码：123247 | 债券简称：万凯转债 | | 万凯新材料股份有限公司 第二届董事会第二十四次会议决议公告 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。 一、会议召开情况 万凯新材料股份有限公司（以下简称"公司"）第二届董事会第二十四次会 议通知于 2025 年 8 月 22 日以电子邮件、专人送达的方式发出，会议于 2025 年 8 月 27 日以现场表决方式召开，应到董事 7 人，实到董事 7 人，公司高级管理 人员列席了本次会议，会议由公司董事长沈志刚先生主持，会议的召开、表决程 序符合《公司法》《公司章程》等相关规定，决议合法有效。 二、会议审议情况 经全体董事审议，本次会议以记名投票的方式表决通过了相关议案并形成如 下决议： （一）审议通过《公司2025年半年度报告及其摘要》 表决结果：7 票同意，0 票反对，0 票弃权。 公司董事会在全面审核公司 2025 年半年度报告后认为：公司 2025 年半年度 报告编 ...

万凯新材料股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人沈志刚、主管会计工作负责人高强及会计机构负责人(会计主 管人员)洪锦颢声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 万凯新材料股份有限公司 2025 年半年度报告 2025 年 8 月 28 日 万凯新材料股份有限公司 2025 年半年度报告全文 1 | | | | 第二节 | 公司简介和主要财务指标 5 | | | --- | --- | --- | | 第三节 | 管理层讨论与分析 8 | | | 第四节 | 公司治理、环境和社会 29 | | | 第五节 | 重要事项 | 33 | | 第六节 | 股份变动及股东情况 | 39 | | 第七节 | 债券相关情况 | 45 | | 第八节 | 财务报告 | 48 | 万凯新材料股份有限公司 2025 年 ...

Group 1 - WanKai New Materials Co., Ltd. was established in 2008 and is a leading enterprise in the research, production, and sales of polyester materials in China [2] - The company is located in the economically vibrant Yangtze River Delta region, specifically in Haining's Qianshan New District [2] - WanKai has an annual production capacity of 3 million tons of bottle-grade chips, ranking among the top globally [2] Group 2 - The company aims to provide healthy, safe, environmentally friendly, and high-quality polyester materials [2] - WanKai's products are sold to over a hundred countries and regions worldwide, representing "Made in China" in the bottle-grade PET industry [2] - The company has established multiple research and development cooperation platforms, including provincial academician expert stations and post-doctoral research stations [2] Group 3 - For the first quarter of 2025, WanKai reported operating revenue of 3.919 billion yuan, a year-on-year decrease of 7.74% [2] - The net profit attributable to shareholders was 47.9645 million yuan, an increase of 5.92% year-on-year [2] - The non-recurring net profit was 10.72 million yuan, a year-on-year decrease of 48.22% [2] Group 4 - As of July 2025, the shareholder concentration of WanKai is relatively dispersed, with 31,540 shareholders [2] - The average circulating shares per shareholder are 9,030 shares, with an average holding amount of 133,400 yuan [2] Group 5 - The WanKai convertible bond experienced a 2.12% decline, trading at 159.901 yuan per share, with a transaction volume of 188 million yuan [1] - The bond has a credit rating of "AA" and a maturity of 6 years, with specific interest rates for each year [1] - The conversion price for the bond is set at 11.3 yuan, with the conversion starting on February 24, 2025 [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - "Anti - involution" related convertible bonds are cost - effective absolute - return assets. The position and bond selection of "anti - involution" sector convertible bonds are the "decisive factors" for the future market due to three reasons: large capital capacity, high cost - performance of underlying stocks, and low bond prices with debt - bottom value support [1][9]. - Five convertible bonds are recommended: Youfa Convertible Bond, Wankai Convertible Bond, Keshun Convertible Bond, Feng 22 Convertible Bond, and Tian 23 Convertible Bond [3][11]. 3. Summary According to the Directory 3.1 Overall Logic and Layout Ideas - **Large capital capacity**: "Anti - involution" sector has a large number of convertible bonds. Industries such as power equipment and basic chemicals have many convertible bonds in existence. If "anti - involution" progresses beyond expectations, it may drive up the underlying stocks and the convertible bond index [1][9]. - **High cost - performance of underlying stocks**: Some industries' underlying stocks, like those in steel, basic chemicals, and power equipment, are under pressure. But "anti - involution" may improve supply - demand, and the leading enterprises may have stronger profit elasticity after industry clearance. Also, the stock prices are low, so there is potential for valuation repair [2][10]. - **Low bond prices with debt - bottom value support**: Most "anti - involution" related convertible bonds have conversion values below 120 yuan, and many are in the 60 - 90 yuan and 90 - 120 yuan ranges. Debt - type/balanced convertible bonds have better debt - bottom protection, suitable for absolute - return funds [2][10]. 3.2 Individual Bond Selection 3.2.1 Youfa Group/Youfa Convertible Bond - Youfa Group is the largest domestic welded - steel pipe enterprise. In 2025, the welded - pipe price declined. With the improvement of downstream demand and the new supply - side reform in the steel industry, the company plans to expand its domestic and overseas layouts [14][15]. 3.2.2 Wankai New Materials/Wankai Convertible Bond - Wankai New Materials is a leading domestic polyester material enterprise. In 2024, the domestic polyester bottle - chip market had increased production but decreased prices. New applications may bring new demand. Many enterprises in the industry are reducing production, which may optimize the supply - demand pattern and increase the company's profitability [20][23]. 3.2.3 Keshun Co., Ltd./Keshun Convertible Bond - Keshun focuses on building waterproofing solutions. The domestic waterproofing industry is highly fragmented, but the new regulations may benefit leading enterprises. Keshun will expand its retail, non - real - estate, and overseas businesses, and improve profitability through R & D and cost reduction [26][31]. 3.2.4 Xin Fengming/Feng 22 Convertible Bond - Xin Fengming is a major player in the polyester fiber industry. The upstream raw material supply is abundant, which is beneficial for the polyester end. Due to environmental policies and industry integration, some small enterprises are being eliminated, and the industry structure is being optimized [32][33]. 3.2.5 Trina Solar/Tian 23 Convertible Bond - Trina Solar is involved in photovoltaic products, energy storage, and system solutions. The Chinese photovoltaic industry faces challenges, but the "anti - involution" action and policy support may bring price recovery, technology premium, and industry integration, and improve the company's profitability and stock valuation [38][39].

证券之星消息，8月25日塑料板块较上一交易日上涨0.63%，安利股份领涨。当日上证指数报收于 3883.56，上涨1.51%。深证成指报收于12441.07，上涨2.26%。塑料板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300218 | 安利股份 | 23.80 | 11.74% | 28.40万 | | 6.46 Z | | 001359 | 平安电工 | 56.55 | 10.00% | 10.89万 | | 5.81亿 | | 301216 | 万凯新材 | 17.27 | 7.20% | 37.06万 | | 6.29亿 | | 301555 | 惠柏新材 | 34.67 | 5.80% | 6.00万 | | 2.03亿 | | 300586 | 美联新材 | 12.79 | 4.84% | 44.93万 | | 5.72亿 | | 001255 | 博菲电气 | 35.35 | 3.85% | 5.43万 | | 1.95亿 | | 688 ...

Investment Rating - The report maintains a positive outlook on the petrochemical industry, particularly highlighting the potential recovery in China's refining sector due to planned capacity reductions in South Korea [5][12]. Core Insights - South Korea plans to cut up to 25% of its naphtha cracking capacity, which is expected to accelerate the recovery of China's refining sector. This decision comes as South Korean petrochemical companies face significant profit declines due to increased competition from Chinese production and weak demand in recent years [5][6]. - The report indicates that the operating rates of South Korea's petrochemical industry have fallen to historically low levels, necessitating urgent measures to address the oversupply issue [5][8]. - The report emphasizes that the reduction in South Korean supply could lead to tighter imports of refined products in China, particularly aromatic products, thereby enhancing the recovery prospects for the domestic refining industry [12]. Summary by Sections Upstream Sector - Brent crude oil prices increased to $67.73 per barrel, reflecting a week-on-week growth of 2.85%. WTI prices also rose to $63.66 per barrel, up 1.37% [17]. - As of August 15, U.S. commercial crude oil inventories stood at 421 million barrels, a decrease of 6.01 million barrels from the previous week, indicating a tighter supply situation [19]. Refining Sector - The integrated margin for Singapore's refining products decreased to $12.99 per barrel, down by $2.09 from the previous week, indicating pressure on refining profitability [50]. - The report notes that while refining margins have improved slightly, they remain at low levels, with expectations for gradual recovery as economic conditions improve [5][47]. Polyester Sector - The report highlights a recovery expectation for the polyester sector, with potential upward movement in profitability as supply-demand dynamics improve. Key companies to watch include Tongkun Co. and Wankai New Materials [12]. Investment Recommendations - The report suggests focusing on leading companies in the polyester sector such as Tongkun Co. and Wankai New Materials, as well as high-quality refining companies like Hengli Petrochemical and Rongsheng Petrochemical, which are expected to benefit from improved competitive dynamics [12].

万凯新材在互动平台表示，"联合实验室"开发的以PEKC为核心材料的灵巧手结构件处于研发试用阶段 暂未商用，目前已完成以PEKC为原料的样品的制备与测试工作，改性试验也取得了预期结果，整体进 展已进入灵巧手应用测试阶段。 ...

Core Viewpoint - Wankai New Materials announced that its second board meeting approved the proposal regarding not redeeming the "Wankai Convertible Bonds" in advance [2] Group 1 - The company held its 23rd meeting of the second board session on August 21 [2]