Core Viewpoint - Wankai New Materials (301216.SZ) aims to establish a competitive leading position in the recycled PET industry by forming a joint venture with French green technology company Carbios S.A. to promote the industrialization of post-consumer PET recycling [1] Group 1: Joint Venture Details - The joint venture will be registered in China with a total capital of 277 million RMB, where Wankai will contribute 194 million RMB (70%) and Carbios will contribute 82.9884 million RMB (30%) [1] - The joint venture will focus on constructing and operating the first biological enzymatic recycling project for PET, with an annual processing capacity of 50,000 tons of waste [1] Group 2: Investment and Strategic Partnership - The total investment for the recycling project is estimated at 115 million euros, approximately 922 million RMB [1] - Upon meeting specific conditions outlined in the agreement, Wankai will invest an additional 5 million euros in Carbios and secure a board seat [1]

Core Points - CARBIOS and Wankai New Materials have established a strategic partnership for the large-scale deployment of CARBIOS's PET biorecycling technology in Asia, starting with a PET biorecycling plant in China [1][2][3] - The joint venture will have a processing capacity of 50,000 tons of PET waste, with Wankai holding a 70% stake and CARBIOS holding 30% [3] - The construction of the plant is estimated to cost €115 million, financed by 30% equity and 70% debt, with all debt guaranteed by Wankai [3] Company Overview - CARBIOS is a biotechnology company focused on developing biological solutions to reinvent the lifecycle of plastics and textiles, aiming to prevent plastic pollution and promote a circular economy [2] - The company has two main technologies: PET biorecycling and PLA biodegradation, with its industrial demonstration plant for biorecycling operational since 2021 [2] - CARBIOS collaborates with major brands in various industries to enhance the recyclability of their products and is part of the global community of B Corp™ certified companies [2] Partnership Details - The shareholders' agreement for the joint venture was signed on December 2, 2025, with construction expected to begin in Q1 2026 and commissioning targeted for Q1 2027 [3] - CARBIOS will exclusively license its PET depolymerization technology to Wankai for three years, with potential extensions based on additional capacity agreements [3] - Wankai has committed to a €5 million capital increase in CARBIOS S.A. before June 2, 2026, at a share price of €8.0947, reflecting a 10% discount [3]

Core Points - CARBIOS and Wankai New Materials have established a strategic partnership for the large-scale deployment of CARBIOS's PET biorecycling technology in Asia, starting with a PET biorecycling plant in China [1][2][3] Company Overview - CARBIOS is a biotechnology company focused on developing biological solutions to reinvent the lifecycle of plastics and textiles, aiming to prevent plastic pollution and promote a circular economy [2][3] - The company has two main technologies: PET biorecycling and PLA biodegradation, with an operational industrial demonstration plant since 2021 [2] Partnership Details - The joint venture will construct a PET biorecycling plant in Haining, Zhejiang province, with a processing capacity of 50,000 tons of PET waste [3] - Wankai will hold a 70% stake in the joint venture, while CARBIOS will retain 30% [3] - The estimated construction cost of the plant is €115 million, financed by 30% equity and 70% debt, with all debt guaranteed by Wankai [3] Future Plans - Construction of the plant is expected to begin in Q1 2026, with commissioning targeted for Q1 2027 [3] - CARBIOS has committed to exclusively license its PET depolymerization technology in Asia to Wankai for three years, with potential extensions based on additional capacity agreements [3] Financial Commitment - Wankai will subscribe to a capital increase of €5 million in CARBIOS S.A. before June 2, 2026, at a share price of €8.0947, reflecting a 10% discount [3]

Investment Rating - The report maintains a neutral investment rating for the petrochemical industry, with specific recommendations for various companies based on their performance and market conditions [16]. Core Insights - Natural gas demand is expected to recover in 2026 after a significant slowdown in 2025, with global demand growth projected at 2% [6][10]. - The report highlights a tightening supply-demand balance in the downstream polyester sector, with improved outlooks for companies like Tongkun Co. and Wankai New Materials [16]. - Oil prices are expected to stabilize, with a neutral outlook for 2026, while companies like China Petroleum and CNOOC are recommended for their high dividend yields [16]. Summary by Sections Natural Gas Market - Global natural gas demand growth for 2025 is projected at only 0.5%, primarily driven by Europe, while Asian demand remains flat [6]. - In 2026, demand growth is expected to recover to 2%, with Asia-Pacific leading the increase at around 5% [6][10]. - Current low inventory levels in Europe and Japan are anticipated to support relatively strong gas prices during the heating season [8]. Oil Market - Brent crude oil prices have shown a slight increase, closing at $63.20 per barrel, while WTI prices reached $58.55 per barrel [20]. - The report notes a decrease in the number of active oil rigs in the U.S., indicating a potential slowdown in production growth [29]. - Global oil demand is expected to grow by 790,000 barrels per day in 2025, with the U.S., China, and Nigeria being the main contributors [42]. Petrochemical Sector - The downstream polyester sector is experiencing a tightening supply-demand balance, with recommendations for companies like Hengli Petrochemical and Rongsheng Petrochemical [16]. - The report indicates that the refining sector is seeing improved margins, with domestic refining margins increasing by 244 RMB/ton month-on-month [50]. - Ethylene prices in Northeast Asia have stabilized, while the price spread between ethylene and naphtha has increased, indicating favorable conditions for ethylene production [59][62].

| 证券代码：301216 | 证券简称：万凯新材 | 公告编号：2025-066 | | --- | --- | --- | | 债券代码：123247 | 债券简称：万凯转债 | | 万凯新材料股份有限公司 关于可转债募投项目结项暨注销专项账户的公告 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。 注：本表"募集资金实际投入金额"数据未包含支付的发行费203.35万元。 一、募集资金基本情况 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，并 经深圳证券交易所同意，由联席主承销商中国国际金融股份有限公司（以下简称 "中金公司"）、中信证券股份有限公司采用原股东优先配售和通过深交所交易 系统网上向社会公众投资者发售相结合的方式，向社会公众公开发行可转换公司 债券，发行价为每张面值100元人民币，共计募集资金270,000.00万元，扣除承 销和保荐费用801.89万元后实际收到的募集资金为269,198.11万元，已由主承销 商中金公司于2024年8月22日汇入本公 ...

Group 1 - The company, Wankai New Materials (301216), announced the election of Ms. Lv Enjun as the employee representative director of the second board of directors during the employee representative meeting held on November 26, 2025 [1]

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。 | 证券代码：301216 | 证券简称：万凯新材 | 公告编号：2025-065 | | --- | --- | --- | | 债券代码：123247 | 债券简称：万凯转债 | | 万凯新材料股份有限公司 关于选举第二届董事会职工代表董事的公告 吕恩君女士，1983 年出生，中国国籍，无境外永久居留权，硕士学位，2006 年 6 月至 2008 年 5 月，任浙江恒世伟业文化传媒有限公司行政主管；2008 年 6 月 至 2012 年 6 月，任浙江正凯集团人力资源部经理；2012 年 6 月至今，任公司行政 部总经理；2022 年 9 月至今，任公司下属子公司浙江凯普奇新材料科技有限公司执 行董事、总经理；2019 年 4 月至 2025 年 11 月 26 日，任公司监事。 截至目前，吕恩君女士未直接持有公司股份，与其他董事、高级管理人员及持 有公司 5%以上股份的股东之间不存在关联关系；近三年不存在受到中国证券监督管 理委员会及其他相关部门的处罚和证券交易所的惩戒等情形，不存在《公司法》和 《公司章程 ...

北京金杜（杭州）律师事务所（以下简称本所）接受万凯新材料股份有限公 司（以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会《上 市公司股东会规则》（以下简称《股东会规则》）等中华人民共和国境内（以下简 称中国境内，为本法律意见书之目的，不包括中国香港特别行政区、中国澳门特 别行政区和中国台湾省）现行有效的法律、行政法规、规章和规范性文件（以下 简称法律法规）以及现行有效的《万凯新材料股份有限公司章程》（以下简称《公 司章程》）有关规定，指派律师出席了公司于 2025 年 11 月 26 日召开的 2025 年 第一次临时股东会（以下简称本次股东会），并就本次股东会相关事项出具本法 律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2024 年第一次临时股东大会审议通过的《公司章程》； 2. 公司 2025 年 11 月 11 日刊登于《上海证券报》、《中国证券报》、巨潮资讯 网及深圳证券交易所网站的《万凯新材料股份有限公司第二届董事会第二十六次 会议决议公告》； 北京金杜 ...

| 证券代码：301216 | 证券简称：万凯新材 | 公告编号：2025-064 | | --- | --- | --- | | 债券代码：123247 | 债券简称：万凯转债 | | 万凯新材料股份有限公司 2025年第一次临时股东大会决议公告 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。 特别提示： 1、本次股东大会没有出现否决议案的情况； 一、会议召开和出席的情况 （一）会议召开情况 1、会议召开时间： （1）现场会议召开时间：2025 年11月26日（星期三） 14:00 开始 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体 时间为2025 年11月26日9:15-9:25、9:30-11:30 和 13:00-15:00。通过深圳证券 交易所互联网投票系统投票的具体时间为 2025 年11月26日9:15 - 15:00 期间的 任意时间。 2、会议召开方式：本次股东大会采取现场投票与网络投票相结合的方式。 3、会议召开地点：浙江省嘉兴市海宁尖山新区闻澜路15号公司行政楼401 会议室 4、会议召集人：公司董事会 5、会议主持人 ...

Core Points - Zhejiang Securities Regulatory Bureau has issued administrative regulatory measures against Wankai New Materials Co., Ltd. and related personnel due to violations found during an on-site inspection [1][2] - The company engaged in futures hedging but failed to fully disclose the corresponding spot order profit and loss situation in its periodic reports, which significantly impacted its performance [1] - Certain fundraising accounts were opened without proper review, and the amount of short-term idle fundraising used for financial management exceeded the approved limit [1] Regulatory Actions - The Zhejiang Securities Regulatory Bureau decided to issue warning letters to the company and the responsible personnel, which will be recorded in the securities and futures market integrity archives [2]