万凯新材料股份有限公司公告，截至2025年9月26日收盘，"万凯转债"累计转股数量58,152,922股，占可 转债开始转股前公司已发行股份总额515,093,100股的11.29%，占公司最新总股本573,246,022股的 10.14%。尚有20,428,286张未转股，占发行总量27,000,000张的75.66%。该可转债于2024年8月16日发 行，9月5日上市，转股期自2025年2月24日起至2030年8月15日止，初始转股价格11.45元/股，最新为 11.30元/股。 ...

Group 1: Investment Rating - The report does not provide an overall investment rating for the bond industry. Group 2: Core Views - Market fluctuations have caused some disturbances to the liability side, but overall liability side stability remains acceptable. ETFs and "fixed income +" funds have seen small net outflows, but the pace has slowed compared to early September, and insurance funds still focus on allocation. [3][8] - In a volatile market, the operating strategies of public - offering institutions have diverged. Low - volatility strategy funds aiming for absolute returns may have reduced their allocations to high - price bonds and convertible bonds in general, while high - volatility tolerance products and relative return funds can increase allocations to some convertible bond issues with sufficient corrections and fundamental support. [3][9] - Different - priced convertible bonds have different performances and strategies. High - price convertible bonds have proven their upward logic, and for high - tolerance funds, holding is better than trading. Medium - price convertible bonds are the core of the "attack - and - defense" strategy, and bonds with reasonable price structures and catalytic expectations should be selected. The valuation of low - price (partial - debt) convertible bonds has reached an extreme level, and caution should be exercised. [2][3][9] - In October, investors are advised to pay attention to Shangyin Convertible Bond, Shouhua Convertible Bond, Jingke Convertible Bond, Kangtai Convertible Bond 2, Baolong Convertible Bond, Keshun Convertible Bond, Yingbo Convertible Bond, Huaya Convertible Bond, Wankai Convertible Bond, and Luwei Convertible Bond. [3][13] Group 3: Summary by Directory 1. Convertible Bond Weekly Thinking - The convertible bond market has shown limited adjustments and slight recoveries. In the past week, the ChinaBond Convertible Bond Index rose by about 1 percentage point, and the 100 - yuan premium rate also slightly recovered. [8] - The liability side of convertible bonds remains stable. Although there are small net outflows from some funds, the overall situation is improving, and insurance funds still focus on long - term allocation. [3][8] - Public - offering institutions' strategies have diverged. Low - volatility funds reduce positions, while high - volatility tolerance funds increase positions in some high - quality bonds. [3][9] - Different - priced convertible bonds have different characteristics and strategies. High - price bonds are suitable for holding, medium - price bonds need comprehensive screening, and partial - debt bonds should be treated with caution. [2][3][9] 2. Convertible Bond Market Tracking 2.1 Convertible Bond Market Conditions - Different convertible bond indexes have different performances in different time periods. For example, the Wind Convertible Bond Energy Index has a 0.14% increase in the past week, - 0.91% in the past two weeks, etc. [14] 2.2 Convertible Bond Issues - The report shows the top ten and bottom ten convertible bond issues in terms of price changes in the past week, but specific issue names are not provided in the text. [18] 2.3 Convertible Bond Valuations - The report presents the valuation trends of different types of convertible bonds (debt - type, balanced, and equity - type) through charts, but specific data analysis is not provided in the text. [21][26][28] 2.4 Convertible Bond Prices - The report shows the proportion trends of high - price convertible bonds and the median price trends of convertible bonds through charts, but specific data analysis is not provided in the text. [24][25][31]

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]

Core Viewpoint - The article discusses recent developments in convertible bonds, including proposals for adjustments and redemption announcements for various bonds, highlighting potential investment opportunities and market movements. Group 1: Convertible Bond Proposals and Announcements - 起帆转债 has proposed a downward adjustment [1] - 海泰转债 and 设研转债 are subject to strong redemption [1][2] - 万凯转债 will not undergo strong redemption [1][2] Group 2: Financial Performance and Market Data - 美锦能源 reported a loss of 674 million yuan for the first half of 2025 [1] - The article includes a table detailing various convertible bonds, their current prices, redemption prices, last trading dates, conversion values, and remaining scales [4][6]

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]

Group 1 - The core viewpoint of the news is the performance and characteristics of Wankai Convertible Bonds, which have seen a decline in market price and specific financial metrics related to the company [1] - Wankai Convertible Bonds experienced a price drop of 2.11%, trading at 141.939 yuan per bond, with a transaction volume of 1.22 billion yuan and a conversion discount rate of 0.38% [1] - The credit rating of Wankai Convertible Bonds is "AA", with a maturity period of 6 years and a conversion price set at 11.3 yuan, starting from February 24, 2025 [1] Group 2 - 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, located in the economically active Yangtze River Delta region [2] - The company has an annual production capacity of 3 million tons of bottle-grade chips, ranking among the top globally, and its products are sold in over a hundred countries and regions [2] - For the first quarter of 2025, Wankai New Materials reported a revenue of 3.919 billion yuan, a year-on-year decrease of 7.74%, while net profit attributable to shareholders increased by 5.92% to 47.9645 million yuan [2] - As of July 2025, the shareholder concentration of Wankai New Materials is relatively dispersed, with 31,540 shareholders and an average holding of 9,030 shares per person, amounting to an average investment of 133,400 yuan [2]

Group 1 - The company announced the interest payment for the "Wankai Convertible Bonds" (bond code: 123247) with a face value of 1,000 yuan, where the interest for the first year is 3.00 yuan (including tax) [1][4] - The bond was issued on August 16, 2024, with a total issuance of 27 million bonds, and the bond listing date is September 5, 2024 [2][4] - The interest rates for the convertible bonds are structured as follows: 0.3% for the first year, 0.5% for the second year, 1.0% for the third year, 1.5% for the fourth year, 1.8% for the fifth year, and 2.0% for the sixth year [2][4] Group 2 - The interest payment will occur annually, with the first payment scheduled for August 18, 2025, due to the previous day being a non-trading day [3][4] - The bondholders will receive interest based on their holdings as of the interest record date, which is August 15, 2025 [5][6] - The company will not withhold taxes on the interest payments; however, individual bondholders are responsible for their own tax obligations, with a tax rate of 20% on the interest amount [4][6]