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]

Core Viewpoint - The company has decided not to redeem the "Wankai Convertible Bonds" early, prioritizing the interests of bondholders and considering the current market conditions and the company's situation [6][7]. Group 1: Convertible Bond Issuance - The company issued 27,000,000 convertible bonds with a total amount of RMB 270,000,000, approved by the China Securities Regulatory Commission [1]. - The bonds were listed on the Shenzhen Stock Exchange on September 5, 2024, under the name "Wankai Convertible Bonds" with the code "123247" [2]. - The initial conversion price for the bonds is set at RMB 11.45 per share, which will be adjusted to RMB 11.30 per share starting from May 30, 2025 [3]. Group 2: Redemption Terms and Conditions - The bonds have conditional redemption terms, allowing the company to redeem them if the stock price remains above 130% of the conversion price for at least 15 out of 30 trading days [4]. - The company has triggered the conditional redemption clause, as the stock price was above RMB 14.69 per share for the required period [5]. Group 3: Decision Against Early Redemption - The board of directors has resolved not to redeem the bonds early, considering the short conversion period starting from February 24, 2025, and the aim to protect bondholders' interests [6]. - The company will not exercise the early redemption right for the next six months, even if the redemption conditions are met again [6]. Group 4: Trading Activity and Future Plans - The company conducted a self-inspection regarding trading activities of major stakeholders in the bonds, revealing no significant trading activity in the six months prior to the redemption condition being met [6]. - There are currently no plans from major stakeholders to reduce their holdings in the bonds in the next six months [6]. Group 5: Sponsor's Verification Opinion - The sponsor has verified that the decision not to redeem the bonds early complies with relevant regulations and the terms outlined in the offering document [7].

Core Viewpoint - The company has decided not to exercise the early redemption rights for its convertible bonds, "Wankai Convertible Bonds," despite triggering the conditional redemption clause due to stock price performance [2][3][6]. Group 1: Convertible Bond Issuance and Terms - The company issued 27,000,000 convertible bonds with a total amount of RMB 270 million, netting RMB 258.74 million after deducting issuance costs [2][3]. - The initial conversion price was set at RMB 11.45 per share, which was later adjusted to RMB 11.30 per share [3][4]. - The conversion period for the bonds is from February 24, 2025, to August 15, 2030 [3]. Group 2: Conditional Redemption Clause - The conditional redemption clause allows the company to redeem the bonds if the stock price remains above 130% of the conversion price for at least 15 trading days within a 30-day period [3][5]. - The stock price from July 29, 2025, to August 21, 2025, met the condition, triggering the redemption clause [2][6]. Group 3: Decision on Redemption - The board of directors decided not to redeem the bonds early, considering the short conversion period and current market conditions, aiming to protect the interests of bondholders [2][6]. - The company will not exercise the redemption rights for the next six months, even if the redemption conditions are met again [2][6]. Group 4: Trading Activity of Related Parties - The company disclosed trading activities of major shareholders and executives in the bonds, indicating a total of 5,200,000 bonds held at the beginning, with 2,740,000 bought and 2,460,000 sold during the period [6]. - No plans for future reductions in holdings of the convertible bonds were reported by major shareholders or executives [6]. Group 5: Compliance and Verification - The underwriting institution confirmed that the decision not to redeem the bonds early complied with relevant regulations and internal procedures [7][9].

Meeting Overview - The second meeting of the board of directors of Wankai New Materials Co., Ltd. was held on August 21, 2025, with all 7 directors present, and the meeting was chaired by Chairman Shen Zhigang [1][2] Resolutions Passed - The board unanimously approved the proposal not to redeem the "Wankai Convertible Bonds" early, with a voting result of 7 votes in favor, 0 against, and 0 abstentions [1][2] Rationale for Decision - The board considered the short time since the "Wankai Convertible Bonds" began conversion on February 24, 2025, and the current market conditions, deciding that not redeeming the bonds early would protect the interests of bondholders [2] Future Considerations - The company will not exercise the early redemption rights for the "Wankai Convertible Bonds" for the next six months (from August 22, 2025, to February 21, 2026), and any future decisions regarding early redemption will be made in subsequent board meetings [2]

Core Viewpoint - Wankai New Materials (SZ 301216, closing price: 16.14 yuan) announced on August 21 that its 23rd meeting of the second board of directors will be held on August 21, 2025, to discuss the proposal regarding the non-early redemption of "Wankai Convertible Bonds" [2] Group 1: Company Financials - For the year 2024, Wankai New Materials' revenue composition is as follows: polyester industry accounts for 99.52%, while other businesses account for 0.48% [2]

关于不提前赎回万凯转债的公告 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： 万凯新材料股份有限公司（以下简称"公司"）股票价格自 2025 年 7 月 29 日至 2025 年 8 月 21 日已有十五个交易日的收盘价格不低于"万凯转债"当期转 股价格 11.30 元/股的 130%（即 14.69 元/股），已触发"万凯转债"有条件赎 回条款。 公司于 2025 年 8 月 21 日召开第二届董事会第二十三次会议，审议通过《关 于不提前赎回"万凯转债"的议案》，公司董事会决定本次不行使"万凯转债" 的提前赎回权利，且在未来六个月内（即 2025 年 8 月 22 日至 2026 年 2 月 21 日），如再次触发"万凯转债"有条件赎回条款时，公司均不行使提前赎回权利。 自 2026 年 2 月 21 日后首个交易日重新计算，若"万凯转债"再次触发上述有条 件赎回条款，届时公司董事会将另行召开会议决定是否行使"万凯转债"的提前 赎回权利，并及时履行信息披露义务，敬请广大投资者详细了解"万凯转债"的 有关规定，注意投资风险。 | 证券代码：3012 ...

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 不提前赎回"万凯转债"的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"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"）向不特定对象发行可转债的保 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》《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》等相关规定，对万 凯新材不提前赎回万凯转债的事项进行了认真、审慎核查，具体情况如下： 一、可转换公司债券基本情况 （一）可转换公司债券的发行情况 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 27,000,000 张可转换公司债券，每张面值为人民币 100 元，发行总额为 270,000.00 万元，扣除与发行可转换公司债券直接相关费用 11,264,622.63 元（不含税），实际募集资金净额为 ...

| 证券代码：301216 | 证券简称：万凯新材 | 公告编号：2025-046 | | --- | --- | --- | | 债券代码：123247 | 债券简称：万凯转债 | | 万凯新材料股份有限公司 第二届董事会第二十三次会议决议公告 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"）第二届董事会第二十三次会 议通知于2025年8月18日以电子邮件、专人送达的方式发出，会议于2025年8月21 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，本次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 《中华人民共和国公司法》（以下简称"《公司法》"）、《万凯新材料股份有 限公司章程》（以下简称"《公司章程》"）等相关法律法规规定，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《关于不提前赎回"万凯转债"的议案》 表决结果：7票同意，0票反对，0票弃权。 经审议，董事会认为： ...

Group 1 - The core viewpoint of the report is that Wankai New Materials (301216) is expected to benefit from the recovery of the polyester bottle chip industry and has multiple growth avenues, leading to a "buy" rating [1][2]. - The company is positioned as a leader in the polyester bottle chip sector, with significant cost advantages, and is anticipated to enjoy performance elasticity as the industry emerges from its cyclical low [2][4]. - Wankai New Materials is investing in upstream projects, such as natural gas to ethylene glycol, which will optimize raw material costs, and is expanding internationally with projects in Nigeria and Indonesia, enhancing profit potential [2][4]. Group 2 - The polyester bottle chip industry is experiencing a cyclical bottom, with supply and demand dynamics expected to improve as demand gradually increases [3]. - The industry faced a significant supply-demand mismatch post-pandemic, leading to a peak price difference of around 2000 CNY/ton, but is now projected to reach a production capacity of 20.43 million tons by 2024, doubling from 2018 levels [3]. - The company’s gross profit per ton is expected to exceed the industry average by 46.8 CNY in 2024, indicating strong profitability compared to peers [4]. Group 3 - The forecasted net profits for Wankai New Materials are projected to be 1.23 billion CNY, 4.88 billion CNY, and 7.28 billion CNY for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.24 CNY, 0.95 CNY, and 1.41 CNY [2]. - The current stock price corresponds to a PE ratio of 66.7, 16.8, and 11.3 for the years 2025, 2026, and 2027 respectively, indicating potential for growth [2].