| 证券代码：301216 | 证券简称：万凯新材 | 公告编号：2025-070 | | --- | --- | --- | | 债券代码：123247 | 债券简称：万凯转债 | | 万凯新材料股份有限公司 关于完成工商变更登记并换发营业执照的公告 7、住所：浙江省嘉兴市海宁市尖山新区闻澜路15号 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。 万凯新材料股份有限公司（以下简称"公司"）于2025年11月10日召开了第 二届董事会第二十六次会议、于2025年11月26日召开了2025年第一次临时股东会， 审议通过了《关于取消监事会、调整董事会人数、变更注册资本暨修订<公司章 程>的议案》。具体内容详见公司于2025年11月11日、2025年11月27日在巨潮资 讯网（http://www.cninfo.com.cn）披露的相关公告。公司已于近日完成了上述 工商变更登记手续，并取得了浙江省市场监督管理局换发的《营业执照》。现将 具体情况公告如下： 一、营业执照具体登记信息 1、统一社会信用代码：91330481673858589X 2、名称：万凯新材料股份有 ...

商报讯(记者应茵)12月15日下午，浙涪情深协作共赢——浙涪对口支援暨重庆市涪陵区城市宣传推介会 在杭州圆满举行。活动进行了22个合作项目集中签约，协议引资超170亿元，为浙涪两地的协同与高质 量发展注入强劲动能。 成果亮眼浙企助力产业升级 本次签约是浙涪协作向产业共赢深化的关键体现，项目呈现出"含新量高、覆盖面广、成长性好"的显著 特点。22个签约项目紧扣新质生产力发展方向，全面覆盖先进材料、装备制造、生物医药、未来产业、 食品及农产品加工等重点领域，精准契合涪陵"2349"现代制造业集群体系构建需求。 锚定战略筑牢共赢坚实基础 "我们将以本次推介会为契机，全力开创浙涪对口支援工作新局面。"浙江省发展改革委党组成员、副主 任骆方豪在致辞中强调，浙江将按照党中央、国务院继续开展对口支援三峡库区的战略部署，抢抓新时 代西部大开发、成渝地区双城经济圈建设、西部陆海新通道建设、长江经济带高质量发展等国家重大战 略机遇，以经济合作为牵引，积极拓宽交流领域、创新协同机制、丰富合作载体，全力开创浙涪对口支 援工作新局面。 此次推介会的成功举办，既是对浙涪三十余载协作成果的充分肯定，更是两地携手共谋高质量发展的新 起点。浙 ...

Investment Rating - The report maintains a positive outlook on the petrochemical industry, indicating a favorable investment environment [2]. Core Insights - Three major institutions have raised their oil demand forecasts, with the EIA predicting a global crude oil surplus of 2.24 million barrels per day for the current year [4][17]. - The EIA has kept its 2025-2026 crude oil price forecasts unchanged at $69 and $55 per barrel, respectively, while raising its natural gas price forecasts for the same years [5][11]. - The report highlights a tightening supply-demand balance in the downstream polyester sector, with expectations of improved market conditions [19]. Summary by Sections Demand Forecasts - IEA expects global oil demand to increase by 830,000 barrels per day in 2025 and 860,000 barrels per day in 2026, driven by positive macroeconomic and trade outlooks [11][12]. - OPEC forecasts a demand growth of 1.3 million barrels per day in 2025 and 1.4 million barrels per day in 2026 [12][58]. - EIA anticipates a rise in global oil and other liquid fuel consumption by 1.14 million barrels per day in 2025 and 1.23 million barrels per day in 2026 [12][17]. Supply Forecasts - EIA has raised its global oil supply forecast for the current year by 200,000 barrels per day, while IEA has lowered its forecast by 100,000 barrels per day [14][17]. - EIA projects a global oil production increase of 3.01 million barrels per day in 2025 and 1.25 million barrels per day in 2026 [15][17]. - OPEC anticipates a growth in non-OPEC oil supply of 1 million barrels per day in 2025, primarily from the U.S., Brazil, Canada, and Argentina [58]. Upstream Sector - Brent crude oil prices have decreased, with the latest closing price at $61.12 per barrel, reflecting a 4.13% week-on-week decline [27]. - The report notes a slight increase in U.S. oil rig counts, with 548 rigs reported as of December 12, 2025 [40]. Downstream Sector - The report indicates an improvement in refining margins, with the Singapore refining margin rising to $19.82 per barrel [4]. - Polyester sector profitability is mixed, with PTA prices declining while polyester filament prices are on the rise [19]. Investment Recommendations - The report recommends high-quality companies in the polyester sector, such as Tongkun Co. and Wankai New Materials, as well as major refining companies like Hengli Petrochemical and Rongsheng Petrochemical [19][22]. - It also suggests focusing on high-dividend yield companies like China Petroleum and China National Offshore Oil Corporation [22].

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Insights - The central economic work conference has outlined key tasks for 2026, emphasizing high-quality development and green transformation, which will drive optimization in the chemical industry [8] - MDI prices have shown strong resilience, influenced by unexpected production halts in major facilities, leading to a favorable supply-demand situation [8] Summary by Sections Industry Overview - The chemical industry is expected to recover, with specific focus on MDI, PVC, and phosphate chemicals due to strong demand from energy storage growth [3][8] Investment Recommendations - Companies with potential for recovery in the PVC sector include: Zhongtai Chemical, Xinjiang Tianye, Chlor-alkali Chemical, and Tianyuan Co., all currently unrated [3] - MDI leader: Wanhua Chemical is rated as "Buy" [3] - In the phosphate chemical sector, companies to watch include: Chuanheng Co. and Yuntianhua, both currently unrated [3] - In the oxalic acid industry, recommended stocks include: Hualu Hengsheng, Huayi Group, and Wankai New Materials, all rated as "Buy" [3]

Investment Rating - The report maintains a "Positive" outlook on the petrochemical industry, particularly highlighting the resilience of polyester filament in the off-season [3]. Core Insights - The demand for polyester filament has remained strong, with downstream textile operating rates reaching a high of 69.45% in early November and maintaining around 90% for polyester filament production [4][5]. - Inventory levels for polyester filament and downstream fabrics are relatively low, indicating a healthy supply-demand balance [7][8]. - Profitability for polyester filament has improved significantly since September, with expectations for further profit increases in Q4 [9][10]. Summary by Sections Polyester Filament Sector - Polyester filament has entered a demand peak since September, with downstream textile operating rates consistently high, peaking at 69.45% [4][5]. - As of December 5, the operating rate for polyester filament was 90.15%, indicating strong production levels [4][5]. - Inventory levels for polyester filament (POY/FDY/DTY) are at 16.3/21.2/24.3 days, remaining low compared to the annual average [7][8]. Upstream Sector - Brent crude oil prices increased to $63.75 per barrel, reflecting a 0.87% rise from the previous week [18]. - The number of active oil rigs in the U.S. increased to 549, indicating a slight uptick in drilling activity [29]. Refining Sector - The comprehensive price spread for major refined products in Singapore decreased to $19.06 per barrel, down by $0.57 from the previous week [54]. - Domestic refining margins are expected to improve as oil prices stabilize [51]. Investment Recommendations - The report recommends focusing on high-quality companies in the polyester filament sector, such as Tongkun Co., and bottle-grade PET producers like Wankai New Materials [12]. - It also suggests monitoring large refining companies like Hengli Petrochemical and Rongsheng Petrochemical due to expected improvements in cost structures [12]. - For upstream exploration and production, companies like CNOOC and offshore oil service firms are highlighted for their potential performance improvements [12].

12月2日，万凯新材（301216）股份有限公司（301216）发布两项重要投资公告，为公司在新材料与循 环经济领域的长远发展奠定了坚实的基础。一方面，公司与法国绿色科技企业Carbios合作，拟投资建 设首座年处理5万吨废料的生物酶解聚PET再生项目；另一方面，通过全资子公司投资建设年产10万吨 乙二酸技改项目，以深化其在新能源材料领域的布局。这两项战略举措紧密契合国家关于发展新质生产 力、推动制造业绿色转型和生物制造创新的政策导向，不仅精准把握了市场需求升级和技术变革的关键 节点，更在提升产业链自主可控能力、构建循环经济闭环上迈出关键步伐，全面凸显了万凯新材作为行 业领导者的前瞻视野和扎实根基。 在推动消费后PET（聚对苯二甲酸乙二醇酯）的再生循环利用领域，万凯新材此次与Carbios的合作堪称 一次标志性的产业突破。Carbios作为该领域的知名绿色科技企业，其研发的革命性生物酶解聚技术， 能够通过高效、无需溶剂的温和工艺，将包括复杂纺织品在内的多种消费后PET废料，再生为品质接近 原生材料的高纯度单体。这项技术的优势在于原料包容性极强、回收效率高，能够实现PET材料的全周 期高质量无限循环。万凯新材则 ...

中证鹏元资信评估股份有限公司 中证鹏元公告【2025】565 号 中证鹏元关于关注万凯新材料股份有限公司及相关人员收 到浙江证监局警示函及深交所监管函的公告 中证鹏元资信评估股份有限公司（以下简称"中证鹏元"）对万 凯新材料股份有限公司（以下简称"万凯新材"或"公司"，股票代 码：301216.SZ）及其发行的下述债券开展评级。除评级委托关系外， 中证鹏元及评级从业人员与公司不存在任何足以影响评级行为独立、 客观、公正的关联关系。 | 债券简称 | 上一次评级时间 | | | | 上一次评级结果 | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 主体等级 债项等级 | 评级展望 | | 万凯转债 | 2025 年 7 | 月 | 11 | 日 | AA AA | 稳定 | 根据公告，公司及相关责任人于 2025 年 11 月 20 日收到中国证 券监督管理委员会浙江监管局（以下简称"浙江证监局"）出具的《关 于对万凯新材料股份有限公司及相关人员采取出具警示函措施的决 定》（【2025】281 号）（以下简称"警示函"），浙江证监局在对 公司 ...

据了解，CARBIOS是法国最具创新力的材料科技企业之一，其开发的生物酶法PET解聚技术被认为是"塑料循环领域的革命性突破"，被 纳入"France2030"法国2030国家战略重点项目，获得法国政府及全球消费品行业的高度关注。 12月3日，万凯新材（301216）与法国生物科技先锋CARBIOS在浙江海宁正式签署合作协议，宣布共同建设全球首台套、年产5万吨的生 物酶解聚PET再生工业化装置，该项目暂定总投资1.15亿欧元(约9.22亿元)。万凯新材表示，该合作标志着生物酶法PET解聚技术首次在亚 洲规模化落地。 签约仪式上，海宁市委、市政府主要领导、法国CARBIOS全球管理团队、万凯新材高管，以及马石油、米其林、诺和新元、H&M、农夫 山泉、吉利集团、Tims咖啡等多家国际品牌方、投资机构、行业协会共同出席。 生物酶法技术走向工业化 公告显示，为推动消费后PET再生循环产业化落地，确立在再生PET领域的竞争领先地位，万凯新材与Carbios S.A.签署了《股东协议》， 双方将在中国成立一家合资公司，其中万凯新材占比70%。双方将通过合资公司合作建设首座年处理5万吨废料的生物酶解聚PET再生项 目以及运营 ...

Core Insights - Wankai New Materials has made significant strides in industrial layout and international development, including a 350 million yuan investment in a maleic acid technical upgrade project and a partnership with French company Carbios for a biocatalytic PET recycling project [1][2] Group 1: Investment and Projects - The company plans to invest approximately 350 million yuan through its wholly-owned subsidiary to build a maleic acid technical upgrade project with an annual capacity of 100,000 tons, enhancing the utilization rate of existing glycol units and diversifying product offerings [2] - A joint venture with Carbios will be established in China with a registered capital of 277 million yuan, where Wankai will invest 194 million yuan for a 70% stake, focusing on a biocatalytic PET recycling project with an estimated total investment of 115 million euros (approximately 922 million yuan) [2] Group 2: Financial Performance - In the first three quarters of 2025, the company achieved a net profit attributable to shareholders of 77.59 million yuan, successfully turning around from losses, despite a 5.43% year-on-year decline in total revenue to 12.436 billion yuan [3] - The third quarter alone saw a net profit of 21.30 million yuan, marking a year-on-year increase of 115.64%, indicating a strong recovery in profitability [3] Group 3: R&D and Product Development - Continuous investment in R&D has led to breakthroughs in several key projects, including the bio-based furan polyester project and the PET chemical recycling technology project, enhancing the company's innovation capabilities [3] - The subsidiary Capqi has achieved mass production of PETG series products, generating revenue of 204 million yuan in the first half of 2025, a 25% increase year-on-year, and a net profit of 14.42 million yuan, up 61% [4] Group 4: International Expansion - The company is accelerating overseas capacity construction, with projects in Nigeria (300,000 tons of polyester bottle chips) and Indonesia (750,000 tons of polyester bottle chips) progressing steadily [4] - Sales in key markets such as India, the Middle East, Southeast Asia, Central Asia, and Africa remain stable, providing a solid foundation for market growth and supporting the company's global industry position [5]

Core Viewpoint - The report from Open Source Securities highlights the advancement of WanKai New Materials' rPET and oxalic acid projects, indicating that the dual drivers of growth will support the company's development, maintaining a "Buy" rating [1] Group 1: Project Developments - The company announced two project construction updates, including the establishment of a joint venture for the investment and construction of a biological enzymatic hydrolysis PET recycling project and a technical transformation project for an annual production of 100,000 tons of oxalic acid [1] - The launch of these projects is expected to facilitate multi-faceted growth for the company [1] Group 2: Market Dynamics - The main business of bottle-grade PET is experiencing a reversal of internal competition, with a favorable supply-demand landscape anticipated in the future, solidifying the company's development foundation [1] - The production of lithium iron phosphate using oxalic acid as a raw material, through the ferrous oxalate method, is expected to yield high-end products with high pressure density and reduced cycle degradation [1] Group 3: Industry Trends - The expansion of lithium iron phosphate production using the ferrous oxalate method is concentrated in Sichuan, which is expected to drive an increase in the company's oxalic acid demand [1]