万凯新材料股份有限公司关于不提前赎回“万凯转债”的重要公告

【要点摘要】

• 公司股票已触发“万凯转债”有条件赎回条款，但董事会决定暂不行使提前赎回权。
• 未来三个月（2026年3月17日至2026年6月16日）即使再次触发赎回条件，公司亦不赎回。
• 控股股东、实际控制人相关可转债交易情况披露，未来六个月暂无减持计划。
• 该决定或影响投资者行为，对公司估值及市场流动性或有影响。

一、可转换公司债券基本情况

万凯新材料股份有限公司（以下简称“万凯新材”或“公司”）于2024年8月16日发行了面向不特定对象的可转换公司债券（简称“万凯转债”，代码123247），共计27,000,000张，发行总额27亿元人民币。扣除相关发行费用后，实际募集资金净额为26.89亿元。该债券于2024年9月5日在深交所上市，转股期为2025年2月24日至2030年8月15日，初始转股价格为11.45元/股，后因利润分配调整为11.30元/股。

二、赎回条款及本次触发情况

根据发行说明书，若公司股票有30个交易日中至少15个交易日收盘价不低于当期转股价格的130%（即14.69元/股），公司有权按面值加应计利息赎回全部或部分未转股可转债。2026年2月24日至3月16日，公司股价符合该条件，正式触发赎回条款。

三、董事会决定及原因

董事会于2026年3月16日召开会议，审议并决定本次不行使“万凯转债”的提前赎回权。主要考虑因素包括当前转股时间较短、市场状况及保护债券持有人利益。且在未来三个月内，即使再度触发赎回条件，公司仍不赎回。2026年6月16日后首次触发赎回条件时，公司将重新评估并决策是否行使赎回权，并及时披露相关信息。

四、相关人士交易披露及未来减持计划

公司自查显示，控股股东浙江正凯集团有限公司持有2,400,000张万凯转债，期间并无买入及卖出行为。实际控制人、董事长沈志刚曾卖出60,000张，现持有0张。其它相关主体近六个月内未有交易，且截至公告日无未来六个月减持计划。如有减持，公司将督促其合规披露。

五、保荐机构核查意见

保荐机构已核查公司决策流程，认为本次不提前赎回事项合规合法，符合相关法律、监管规定及募集说明书约定，无异议。

六、对投资者的潜在影响及注意事项

• 赎回权未行使带来的流动性与转股预期影响： 本次不提前赎回决定延长了可转债持有人的转股或赎回时间窗口，有助于投资者根据市场情况灵活选择，但也意味着公司并未利用主动赎回控制潜在稀释风险，市场流通股本增加压力延后，或利好现有持有人。
• 价格敏感信息： 本次公告表明公司短期不行使赎回权，可能提升转债转股意愿，对股价和债券价格构成影响，需投资者关注。
• 重要提示： 2026年6月16日后若再度触发赎回条件，公司将重新决策，投资者应持续关注公司公告，及时调整投资策略。

免责声明： 本文内容仅供参考，不构成任何投资建议。投资有风险，入市需谨慎。请投资者依据自身风险偏好作出独立判断，并持续关注公司后续公告。

English Version

Wankai New Materials: Board Resolves Not to Redeem Convertible Bonds Early, Investors Should Note Key Risks

Key Highlights:

• Company stock price triggered the conditional redemption clause for “Wankai Convertible Bonds,” but the board decided not to exercise redemption rights at this time.
• For the next three months (March 17, 2026, to June 16, 2026), the company will not redeem even if the clause is triggered again.
• Disclosures on transactions by controlling shareholders and directors; no reduction plans in the next six months.
• This decision could affect investor behavior, company valuation, and market liquidity.

1. Convertible Bond Offering Details

Wankai New Materials Co., Ltd. (“Wankai” or “the Company”) issued 27 million convertible bonds (Wankai Convertible Bonds, code 123247) to the public on August 16, 2024, raising RMB 2.7 billion. After fees, net proceeds reached RMB 2.689 billion. The bonds were listed on the Shenzhen Stock Exchange on September 5, 2024. The conversion period is from February 24, 2025, to August 15, 2030. The initial conversion price was RMB 11.45/share and was adjusted to RMB 11.30/share after dividend distribution.

2. Redemption Clause and Trigger Event

As per the prospectus, if the company’s stock closes at or above 130% of the conversion price (RMB 14.69/share) on at least 15 out of 30 consecutive trading days, the company can redeem all or part of the unconverted bonds at face value plus accrued interest. Between February 24 and March 16, 2026, this condition was met, formally triggering the redemption clause.

3. Board Decision and Rationale

At the board meeting on March 16, 2026, the company resolved not to exercise the early redemption right for the Wankai Convertible Bonds. The main reasons cited were the relatively short conversion window, current market conditions, and the need to protect bondholders’ interests. Even if the redemption condition is triggered again within the next three months, the company will not redeem. After June 16, 2026, the company will reconsider and announce any future redemption decisions.

4. Related Parties’ Transactions and Reduction Plans

Internal checks show controlling shareholder Zhejiang Zhengkai Group holds 2.4 million bonds, with no buy or sell activity during the period. Actual controller and chairman Shen Zhigang sold 60,000 bonds, now holding zero. No other related parties traded the bonds in the last six months, and there are no reduction plans for the next six months. Any reduction will be disclosed as required.

5. Sponsor’s Opinion

The sponsor has reviewed the company’s decision-making process, confirming compliance with relevant laws, regulations, and the prospectus. No objections were raised.

6. Potential Impact & Investor Reminders

• Liquidity and Conversion Expectations: Not redeeming at this time extends the window for bondholders to convert or redeem, providing greater flexibility but potentially delaying dilution risks for shareholders.
• Price-Sensitive Information: Announcement of no redemption in the short term may encourage conversion and affect both bond and equity prices.
• Important Note: After June 16, 2026, if redemption conditions are triggered again, the company may reconsider. Investors should monitor company disclosures closely.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investing carries risks; please make independent decisions based on your own risk tolerance and stay updated on company announcements.

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