证券日报网讯1月12日，华润材料（301090）在互动平台回答投资者提问时表示，公司除PETG、rPET 外，也在积极推进健康聚酯、耐高温聚酯等其他新材料业务的发展，相关详细信息可以查阅公司《2024 年年度报告》。 ...

证券代码：301216 证券简称：万凯新材 万凯新材上市公司投资者关系活动记录表 编号：2025-1218 | | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活 动类别 | □新闻发布会 √路演活动 | | | □现场参观 □电话会议 | | | □其他： （请文字说明其他活动内容） | | 参与单位名称 | | | 及人员姓名 | 交银施罗德 张明晓；汇丰晋信 叶繁；国投瑞银 贺明之 | | 2025 时间 | 年 12 月 18 日 | | 地点 上海 | | | 公司接待人员 | 投资者关系总监孟锦晶 | | | 一、关于公司主业和行业环境，公司如何看待当前瓶片行业的经营 | | | 情况，和自身抗周期能力？ | | | 答：自 2025 年 7 月，瓶片行业为内主要企业达成"反内卷"一 | | | 致行动方案：整体减产 20%。在这一供给端约束下，社会库存持续下 | | | 降，行业供需关系明显改善，带动瓶片加工费持续回暖。万凯新材一 | | 投资者关系活 | 方面积极参与并落实行业联盟的自律安排，共同推动行业秩序的修 | | 动 ...

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]

Group 1: Wind Power Industry - The domestic wind power demand is stable, driven by the "dual carbon" goals and the 2035 plan for 360 GW of installed capacity, with a projected addition of 86.99 GW in 2024 and a total of 272.1 GW from 2021 to 2024, significantly higher than the 145.5 GW added during the 13th Five-Year Plan period [7][8][9] - The "15th Five-Year Plan" aims for annual new installed capacity of no less than 120 GW, with offshore wind power expected to contribute at least 15 GW annually, indicating a robust growth trajectory for the wind power sector [7][8] - The industry is recovering from price wars, with a 9% increase in the average bid price for onshore wind projects in 2025 compared to 2024, suggesting improved profitability for wind turbine manufacturers [9] Group 2: Retail Industry - The retail sector is slowly recovering in 2025, with segments like high-end gold and fashion jewelry experiencing higher demand due to rising gold prices, while cosmetics and medical aesthetics face intense competition [13][15] - "Emotional consumption" is identified as a key driver of market dynamics, with a focus on brands that can leverage consumer insights and differentiate their products [13][15] - Investment strategies should prioritize high-quality segments with both short-term recovery potential and long-term growth prospects, emphasizing companies with competitive advantages and brand strength [13][15] Group 3: Coal Mining Industry - Yongtai Energy's Hai Zetan coal mine project is progressing ahead of schedule, with plans to repurchase shares worth 300-500 million yuan for cancellation, signaling confidence in long-term growth [20][21][22] - The Hai Zetan project has significant resource advantages, with reserves of 1.145 billion tons and a planned production capacity of 6 million tons per year, expected to reach 10 million tons annually upon completion [21][22] - The company maintains profit forecasts for 2025-2027, projecting net profits of 580 million, 1.05 billion, and 1.47 billion yuan, respectively, with a corresponding EPS of 0.03, 0.05, and 0.07 yuan [20][21] Group 4: Chemical Industry - Wankai New Materials is advancing its rPET and oxalic acid projects, which are expected to drive diversified growth, maintaining a "buy" rating [5][23] - The rPET project, in collaboration with Carbios, aims for an initial capacity of 50,000 tons, with a total investment of approximately 922 million yuan, showcasing strong partnership commitment [23][24] - The oxalic acid project, utilizing low-cost natural gas, aims to establish a production capacity of 100,000 tons, enhancing the company's competitive edge in the market [24]

基础化工/塑料 万凯新材（301216.SZ） rPET、草酸项目取得新进展，打造多元业绩增长点 2025 年 12 月 03 日 投资评级：买入（维持） | 日期 | 2025/12/2 | | --- | --- | | 当前股价(元) | 18.20 | | 一年最高最低(元) | 21.99/9.37 | | 总市值(亿元) | 105.59 | | 流通市值(亿元) | 99.79 | | 总股本(亿股) | 5.80 | | 流通股本(亿股) | 5.48 | | 近 3 个月换手率(%) | 205.0 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 120% 2024-12 2025-04 2025-08 万凯新材 沪深300 相关研究报告 《Q3 业绩同环比增长，反内卷及新材 料布局打开成长空间 —公司信息更 新报告》-2025.10.29 《公司盈利拐点确立，多元增长极打 开成长空间—公司信息更新报告》 -2025.8.28 《聚酯瓶片主业底部向上，多元增长 极共塑未来 —公司首次覆盖报告》 -2025.8.21 请务必参阅正文后面的信息披露和法律声明 1 / 4 ...

Company Overview - The company is a key business unit of China Resources Group, focusing on new materials and listed on the Shenzhen Stock Exchange in October 2021 [1] - Main products include PET and PETG, with production capacities of 2.1 million tons and 50,000 tons respectively [1] - The company serves global clients, including Coca-Cola and Evian, and is recognized for its "Hualei" brand in the food-grade polyester segment [1] Industry Insights - The polyester bottle industry is experiencing a shift from quantity to quality, driven by an oversupply of 4.17 million tons of new capacity expected in 2024, leading to a 23% year-on-year increase in total domestic capacity [2] - The company is adapting its business strategies in response to market dynamics and industry trends, showing improvement in the first three quarters of 2025 compared to the previous year [2] Production and Capacity Utilization - Polyester bottle production decreased by approximately 10% in the first three quarters of 2025, with capacity utilization below the previous year's levels [2] - Future adjustments to capacity utilization will depend on market conditions, equipment maintenance, and industry self-regulation [2] rPET Business Development - The company has been developing rPET technology since 2018, achieving production of rPET with 25% recycled content and completing tests for 50% recycled content [2] - Expected rPET exports for 2024 are 17,000 tons, primarily to countries like Vietnam and Kazakhstan, with significant year-on-year growth in shipments for the first three quarters of 2025 [2] PETG Business Performance - Sales revenue for PETG products increased by 10.4% in 2024, with gross profit rising by 111.65% [3] - The company has successfully entered the daily chemical packaging market and achieved bulk sales in 3D printing and medical applications [3] International Sales - The company adjusts its domestic and international sales ratios based on processing margins, with approximately 32% of total sales being international in 2024 and 37% for polyester bottle sales in the first three quarters of the current year [3] R&D Focus - Future R&D investments will concentrate on high-output products, including high-recycled content rPET and high-performance PETG [3]

Financial Data and Key Metrics Changes - The company is experiencing a significant decline in volume, with advanced materials (AM) expected to be down around 4% and advanced fibers and plastics (AFP) down around 2% on a full-year basis [10][11] - The company anticipates a $100 million cost reduction target for next year, building on $75 million of cost reductions achieved this year [12][76] - The company expects a meaningful increase in revenue from the circular polyester methanolysis plant, contributing positively to EBITDA [13] Business Line Data and Key Metrics Changes - The fibers business is facing challenges, with a $30 million headwind due to tariffs and a cyclical demand change in textiles [34][35] - The company is optimistic about the rPET capacity conversion, expecting significant volume increases and attractive margins from specialty products [19][20] - The CI segment is expected to benefit from more volume and aggressive cost management, although the overall market remains competitive [42][45] Market Data and Key Metrics Changes - Consumer durable demand is projected to be 5%-15% below 2019 levels, impacting the company's ability to launch new products [29] - The North American market is experiencing a mixed impact due to trade wars and lower demand in building construction and consumer durables [44] - The company is seeing some recovery in demand, particularly in specialty plastics, as customers plan for higher orders in Q1 [74] Company Strategy and Development Direction - The company is focused on innovation and cost management to navigate current market challenges, emphasizing the importance of differentiated products [84] - The strategy includes optimizing the asset footprint and leveraging AI for productivity improvements [76][80] - The company is exploring M&A opportunities to evolve its portfolio in response to industry changes [85] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the chaotic market environment and the challenges posed by inventory levels and consumer demand [72][73] - There is cautious optimism about the potential for demand recovery in the coming year, particularly in the context of lower interest rates and tax legislation [11][45] - The company is committed to maintaining its dividend and is confident in its cash flow generation for 2026 and beyond [67] Other Important Information - The company has completed $50 million in buybacks in Q3 and plans to update on future buyback ranges in January [51] - The company is experiencing a manufacturing recession, with no clear precedent for the current market conditions [42] Q&A Session Summary Question: Can you help with the bridge to 2026? - Management discussed the importance of considering full-year EBIT and the impact of cost savings and asset utilization on future earnings [8][10] Question: What is the status of the rPET capacity conversion? - Management confirmed that the Kingsport plant is running well, with 90% yields and plans for a 30% capacity expansion [17][19] Question: How should earnings ramp from Q4 to Q1? - Management indicated that the asset utilization headwind will turn into a tailwind, with expectations for increased orders in Q1 [22][23] Question: What is the outlook for the fibers business? - Management explained that the challenges in the fibers business are cyclical, with expectations for recovery as market conditions stabilize [34][35] Question: What is the status of the Pepsi contract? - Management clarified that the restructuring of the Pepsi contract is aimed at pulling forward volume into next year, reflecting strong interest in rPET [40][41] Question: How does the company view its portfolio moving forward? - Management emphasized the importance of innovation and cost management while remaining open to M&A opportunities to enhance the portfolio [84][85]

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]

Core Insights - The recycling of food contact plastics, particularly the use of recycled PET (rPET) bottles, is recognized as a significant direction for environmental benefits and a crucial pathway for achieving high-quality green development [1][2] Group 1: Recycling and Environmental Impact - China's PET bottle recycling rate is between 96.48% and 97.63%, which is at an internationally advanced level, but most recycled materials are used in non-food sectors [1] - The "same-level recycling" model for PET has been successfully applied internationally, extending the lifecycle of PET and significantly reducing carbon emissions throughout its lifecycle [1] Group 2: Safety and Standards - The EU and the US have established comprehensive safety assessment and approval systems for food-grade rPET, primarily validated through "challenge tests" that simulate extreme contamination scenarios [1] - Domestic research institutions in China are conducting verification studies, showing that standardized domestic rPET recycling processes can meet food safety requirements [1] Group 3: Consumer Acceptance and Education - Over 60% of consumers support the use of rPET in food packaging, and awareness of its benefits in energy saving and resource recycling increases their willingness to pay [2] - Continuous scientific communication and public education are essential for enhancing societal recognition and acceptance of rPET [2] Group 4: Policy and Industry Development - China is the largest producer and consumer of PET bottles globally, yet the same-level utilization of rPET has not been realized [3] - Calls have been made for a clear management mechanism for the production and application of food-grade rPET to eliminate policy bottlenecks and promote high-quality industry development [3] - Currently, food-grade rPET produced in China is primarily exported, leading to resource wastage, as some rPET bottles return through cross-border e-commerce [3]

Group 1 - Wan Kai New Materials plans to orderly reduce PET production and conduct equipment maintenance, affecting 600,000 tons of PET capacity, which accounts for 20% of the company's total capacity [1] - The reduction is a response to industry overcapacity and losses, with peers also deciding to limit production to reduce inventory [1][4] - The company reported a loss last year due to intensified competition and a more than 30% decline in average processing fees, despite stable sales volume [1] Group 2 - In May, China Resources Materials indicated that PET capacity is expected to remain in phase overcapacity until 2025, focusing on cost reduction and quality improvement [2] - The polyester bottle chip capacity is projected to increase from 16.61 million tons at the end of 2023 to 20.43 million tons, a nearly 23% year-on-year increase [3] - Wan Kai New Materials is expanding its overseas capacity with a 300,000-ton production base in Nigeria and plans for a 750,000-ton base in Indonesia [3] Group 3 - In 2024, the company's overseas business revenue reached 6.239 billion yuan, a year-on-year increase of 11.61%, accounting for 36.21% of total revenue [4] - Major companies, including Hainan Yisheng and China Resources Materials, have announced production halts to address domestic overcapacity and optimize resource allocation [4]