长江商报消息 ●长江商报记者 江楚雅 万凯新材在产业布局与国际化发展上迈出关键步伐。 近期，万凯新材（301216.SZ）接连发布两则重磅公告，引发市场关注。一方面，其计划通过全资子公 司投建3.5亿元乙二酸技改项目，进一步完善产业链；另一方面，与法国企业合作布局生物酶解聚PET 再生项目，并加速推进尼日利亚、印度尼西亚海外产能建设。 多重举措下，公司2025年前三季度已实现归母净利润7759.44万元，同比成功扭亏。 作为国内聚酯材料产业的领先供应商，目前，公司加速拓展海外市场，已构建起年产300万吨瓶级切片 的核心产能，规模稳居全球前列，确立行业头部地位。 投3.5亿布局乙二酸技改 同日，万凯新材还宣布与法国Carbios公司达成合作，双方将在中国共同设立合资公司。合资公司注册 资本暂定2.77亿元，其中万凯新材出资1.94亿元，持股比例70%；后续将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，预计总投资1.15亿欧元（约合9.22亿元人民币）。此外，万凯新材还将以 增资方式向Carbios投资500万欧元，并获得一位董事会席位，深度参与合作项目运营。 前三季扭亏海外产能建设提速 公开资料显 ...

Core Viewpoint - WanKai New Materials experienced a stock price decline of 2.02% on November 19, with a current price of 17.47 CNY per share and a total market capitalization of 10.117 billion CNY [1] Financial Performance - For the period from January to September 2025, WanKai New Materials reported a revenue of 12.436 billion CNY, representing a year-on-year decrease of 5.43%. However, the net profit attributable to shareholders increased by 183.45% to 77.5944 million CNY [2] - The company has distributed a total of 325 million CNY in dividends since its A-share listing, with 256 million CNY distributed over the past three years [3] Stock Market Activity - As of November 19, the stock has increased by 73.81% year-to-date, but has seen a decline of 3.64% over the last five trading days and 10.46% over the last 20 days [1] - The number of shareholders decreased by 5.78% to 26,600, while the average number of circulating shares per person increased by 7.28% to 20,578 shares [2] Shareholder Composition - As of September 30, 2025, notable changes in the top ten circulating shareholders include the exit of Morgan Emerging Power Mixed A and Huaxia Industry Prosperity Mixed A from the list [3] Company Overview - WanKai New Materials, established on March 31, 2008, and listed on March 29, 2022, specializes in the research, production, and sales of polyester materials, with bottle-grade PET accounting for 97.51% of its main business revenue [1]

Core Viewpoint - Wankai New Materials plans to invest 1.122 billion yuan in a public combined heat and power project, marking a strategic move into energy infrastructure while strengthening its core polyester business [1][4]. Group 1: Investment and Project Details - The project will be constructed by Wankai's wholly-owned subsidiary in Haining, with a construction period of 2 years [1]. - The combined heat and power project will include 5×150t/h high-temperature and high-pressure coal-fired boilers and a total of 18 MW turbine generator sets, aiming to meet the region's increasing heat and steam demand [2]. - Upon completion, the project is expected to generate 44.25 million kWh of electricity and provide 8.904 million GJ of heat annually [2]. Group 2: Market and Regional Context - The industrial economy in the Haining base area has been rapidly developing, leading to increased demand for heat and steam, which the existing supply cannot meet [2]. - The project aims to address the bottleneck in regional industrial development caused by insufficient heating capacity and the challenges of existing infrastructure [2]. Group 3: Alignment with National Policies - The project aligns with national energy policies promoting diversified green energy sources and the utilization of combined heat and power systems [3]. - It supports the transition from traditional coal power to new energy service models, reflecting the government's encouragement of energy efficiency and carbon reduction initiatives [3]. Group 4: Strategic Development and Future Outlook - Wankai New Materials is extending its industrial chain upstream while ensuring stable and efficient energy supply, which is crucial for its ongoing projects [4]. - The company is actively pursuing a "new products, new markets, new future" strategy, with significant advancements in R&D and international expansion [5]. - The combined heat and power project is expected to provide a solid energy foundation for the company's diversified development strategy and enhance its competitive position in the regional energy market [5].

Group 1: Market and Production Insights - The overall price of bottle-grade PET is declining, and the company is continuously optimizing its business strategies to ensure long-term stability and growth. The operating performance in the first three quarters of 2025 has significantly improved compared to the same period last year [1] - The production of polyester bottle chips decreased by approximately 10% in the first three quarters of 2025 compared to the previous year, with capacity utilization lower than the same period last year. Future capacity utilization will be adjusted dynamically based on market conditions, equipment maintenance, and industry self-discipline [1] Group 2: rPET Business Development - The company has successfully developed rPET bottle-to-bottle technology with recycled plastic content of 10%, 25%, and 50%. Currently, rPET (25%) is in mass production, and rPET (50%) has completed challenging tests. In 2024, rPET exports are projected to reach 17,000 tons, primarily to Vietnam, Kazakhstan, Kyrgyzstan, Uzbekistan, and Tajikistan [2] Group 3: Specialty Polyester PETG Business Performance - The PETG business is performing well, with sales revenue increasing by 10.4% year-on-year in 2024, and gross profit rising by 111.65%. The focus is on the daily chemical packaging market, with successful sales in new application markets such as 3D printing, medical, home appliances, and films. The company has developed international brand clients and has become a significant supplier in the domestic PETG daily chemical packaging sector [2] Group 4: Employee Incentives and Future Plans - The company is currently implementing the third release period of the 2022 restricted stock incentive plan. It emphasizes the importance of building a core talent team and is considering various factors to determine whether to introduce a new stock incentive plan in the future [2]

Group 1 - The core viewpoint of the news is that Wankai New Materials has seen a stock price increase of 5.05%, reaching 21.23 CNY per share, with a trading volume of 314 million CNY and a turnover rate of 2.77%, resulting in a total market capitalization of 12.17 billion CNY [1] - Wankai New Materials Co., Ltd. is located in Haining, Jiaxing City, Zhejiang Province, established on March 31, 2008, and listed on March 29, 2022. The company's main business involves the research, production, and sales of polyester materials [1] - The revenue composition of Wankai New Materials is primarily from bottle-grade PET at 97.51%, followed by Dayaoguang PET at 2.04%, and other categories contributing 0.44% [1] Group 2 - Among the top ten circulating shareholders of Wankai New Materials, a fund under Morgan Fund holds a significant position. The Morgan Emerging Power Mixed A Fund (377240) reduced its holdings by 86,000 shares in the second quarter, now holding 4.44 million shares, which accounts for 1.56% of the circulating shares [2] - The Morgan Emerging Power Mixed A Fund (377240) was established on July 13, 2011, with a latest scale of 5.56 billion CNY. Year-to-date, it has achieved a return of 80.96%, ranking 182 out of 8,226 in its category, and a one-year return of 76.15%, ranking 239 out of 8,099 [2]

Group 1 - The core point of the news is that Wankai New Materials Co., Ltd. experienced a stock price increase of 5.05%, reaching 21.23 CNY per share, with a trading volume of 314 million CNY and a turnover rate of 2.77%, resulting in a total market capitalization of 12.17 billion CNY [1] - Wankai New Materials, established on March 31, 2008, and listed on March 29, 2022, is located in Haining, Jiaxing, Zhejiang Province, and specializes in the research, production, and sales of polyester materials [1] - The company's main business revenue composition includes bottle-grade PET at 97.51%, Dayaoguang PET at 2.04%, and other PET products at 0.44% [1] Group 2 - Among the top ten circulating shareholders of Wankai New Materials, a fund under Huaxia Fund increased its holdings by 82,200 shares in the second quarter, bringing its total to 3.8959 million shares, which accounts for 1.37% of the circulating shares [2] - The Huaxia Industry Prosperity Mixed A fund, established on February 4, 2017, has a latest scale of 7.261 billion CNY and has achieved a year-to-date return of 54.69%, ranking 772 out of 8,226 in its category [2] - The fund manager, Zhong Shuai, has a total fund asset scale of 8.253 billion CNY, with the best fund return during his tenure being 177.53% and the worst being -2.4% [2]

Group 1 - The core point of the news is that Wankai New Materials experienced a decline of 5.01% in stock price, reaching 19.15 CNY per share, with a trading volume of 347 million CNY and a turnover rate of 3.21%, resulting in a total market capitalization of 10.978 billion CNY [1] - Wankai New Materials Co., Ltd. is located in Haining, Jiaxing City, Zhejiang Province, established on March 31, 2008, and listed on March 29, 2022. The company's main business involves the research, development, production, and sales of polyester materials [1] - The revenue composition of Wankai New Materials is primarily from bottle-grade PET at 97.51%, followed by other PET products at 2.04%, and additional categories contributing 0.44% [1] Group 2 - Among the top ten circulating shareholders of Wankai New Materials, a fund under Huaxia Fund increased its holdings by 82,200 shares in the second quarter, bringing its total to 3.8959 million shares, which accounts for 1.37% of the circulating shares [2] - The Huaxia Industry Prosperity Mixed Fund A (003567) was established on February 4, 2017, with a latest scale of 7.261 billion CNY. It has achieved a return of 47.39% this year, ranking 696 out of 8234 in its category, and a return of 61.21% over the past year, ranking 460 out of 8095 [2] - The fund manager, Zhong Shuai, has a cumulative tenure of 5 years and 86 days, with the fund's total asset scale at 8.253 billion CNY. The best return during his tenure is 164.44%, while the worst is -7% [2]

Group 1 - The core point of the news is that Wankai New Materials experienced a decline of 5.01% in stock price, reaching 19.15 CNY per share, with a trading volume of 347 million CNY and a turnover rate of 3.21%, resulting in a total market capitalization of 10.978 billion CNY [1] - Wankai New Materials Co., Ltd. is located in Haining, Jiaxing City, Zhejiang Province, established on March 31, 2008, and listed on March 29, 2022. The company's main business involves the research, production, and sales of polyester materials [1] - The revenue composition of Wankai New Materials is primarily from bottle-grade PET at 97.51%, followed by Dayaoguang PET at 2.04%, and other categories contributing 0.44% [1] Group 2 - Among the top ten circulating shareholders of Wankai New Materials, a fund under Morgan Fund holds a significant position. The Morgan Emerging Power Mixed A Fund (377240) reduced its holdings by 86,000 shares in the second quarter, now holding 4.4435 million shares, which accounts for 1.56% of the circulating shares [2] - The Morgan Emerging Power Mixed A Fund (377240) was established on July 13, 2011, with a latest scale of 5.56 billion CNY. Year-to-date returns are at 65.67%, ranking 219 out of 8234 in its category, while the one-year return is 68.22%, ranking 305 out of 8095 [2] - The fund manager of Morgan Emerging Power Mixed A Fund is Du Meng, who has a cumulative tenure of 14 years and 104 days, with the fund's total asset scale at 11.719 billion CNY. The best return during his tenure is 711.34%, while the worst return is -1.7% [2]

Group 1 - The core point of the news is that Wankai New Materials Co., Ltd. experienced a stock price increase of 5.72%, reaching 20.53 CNY per share, with a trading volume of 239 million CNY and a turnover rate of 2.22%, resulting in a total market capitalization of 11.769 billion CNY [1] - Wankai New Materials, established on March 31, 2008, and listed on March 29, 2022, is located in Haining, Jiaxing, Zhejiang Province, and specializes in the research, production, and sales of polyester materials [1] - The company's main business revenue composition includes bottle-grade PET at 97.51%, large-gloss PET at 2.04%, and other PET products at 0.00% [1] Group 2 - Among the top ten circulating shareholders of Wankai New Materials, a fund under Huaxia Fund increased its holdings by 82,200 shares in the second quarter, bringing its total to 3.8959 million shares, which accounts for 1.37% of the circulating shares [2] - The Huaxia Industry Prosperity Mixed A Fund (003567), established on February 4, 2017, has a latest scale of 7.261 billion CNY and has achieved a year-to-date return of 50.05%, ranking 638 out of 8161 in its category [2] - The fund manager, Zhong Shuai, has a tenure of 5 years and 81 days, with the fund's total asset scale at 8.253 billion CNY, achieving the best return of 177.5% and the worst return of -2.4% during his tenure [2]

Core Viewpoint - WanKai New Materials experienced a decline of 1.23% in stock price on September 25, with a trading volume of 238 million yuan, indicating potential market volatility and investor sentiment shifts [1]. Financing Summary - On September 25, WanKai New Materials had a financing buy-in amount of 23.17 million yuan, with a net financing buy of 1.01 million yuan after 22.16 million yuan in financing repayments [1]. - The total financing and securities balance reached 655 million yuan, accounting for 10.67% of the circulating market value, which is above the 90th percentile of the past year, indicating a high level of financing activity [1]. - The company had no short-selling activity on September 25, with a short-selling balance of 48.81 thousand yuan, also above the 70th percentile of the past year [1]. Company Performance - As of August 31, the number of shareholders for WanKai New Materials was 28,200, a decrease of 10.60% from the previous period, while the average circulating shares per person increased by 11.85% to 10,100 shares [2]. - For the first half of 2025, the company reported a revenue of 8.213 billion yuan, a year-on-year decrease of 4.87%, while the net profit attributable to shareholders increased by 30.33% to 562.93 million yuan [2]. - Since its A-share listing, WanKai New Materials has distributed a total of 325 million yuan in dividends, with 256 million yuan distributed over the past three years [2]. Shareholder Composition - As of June 30, 2025, Morgan Emerging Power Mixed A was the seventh largest circulating shareholder with 4.4435 million shares, a decrease of 86,000 shares from the previous period [2]. - 华夏行业景气混合A ranked as the ninth largest circulating shareholder, increasing its holdings by 82,200 shares to 3.8959 million shares [2].