Core Viewpoint - The report from Southwest Securities indicates that the performance of the light industry sector in 2025 is expected to be flat, with cyclical and traditional manufacturing valuations under pressure, while packaging, exports, and personal care sectors show differentiated performance [1] 2025 Sector Review - In 2025, the light industry sector experienced relatively flat performance, with traditional cyclical and manufacturing companies facing valuation pressure. However, the packaging and printing sectors benefited from price increases and cross-industry transformations, leading to better stock performance [1] - The export sector showed some differentiation due to tariff policy disruptions, with companies that have balanced production capacity, strong demand resilience, and low tariff impact performing better [1] - The personal care sector achieved excess returns in the first half of the year but entered a valuation digestion phase in the second half due to intensified competition in e-commerce channels. However, domestic brands are expected to continue their growth trajectory due to product structure optimization and channel expansion [1] 2026 Stock Selection Strategy - The focus will be on undervalued cyclical assets as valuation recovery is anticipated amid changes in the bulk commodity cycle, gradually realizing allocation value [2] - There is a need to balance the valuation and growth potential of new consumption and export sectors, favoring high-growth or low-valuation, high-safety stocks [2] - Four main lines of focus for stock selection include: 1. Gradually emphasizing undervalued cyclical stocks, particularly in the paper sector, which is expected to see price increases driven by "anti-involution" and traditional peak season factors, with net profit per ton likely to recover [2] 2. Export stocks with strong demand resilience and manufacturing capabilities are still considered valuable for allocation, especially those with good growth potential in niche categories and minimal tariff impact [2] 3. Domestic personal care brands are expected to see upward trends in market share and growth potential due to rapid product iteration and competitive pricing [2] 4. New consumption trends in AI glasses, new tobacco products, pet supplies, and trendy toys are expected to continue their upward trajectory, contributing to the growth of the consumption sector [2] Recommended Stocks - Recommended stocks include Sun Paper, Bohui Paper, Weigao Medical, Baiya Co., Nobon Co., Yiyi Co., Mengbaihe, and Gujia Home [3]

Core Insights - The report emphasizes the importance of capitalizing on emotional consumption trends and reassessing cyclical value in the light of the 2026 investment strategy for the light industry sector [1][3]. 2025 Sector Review - In 2025, the light industry sector experienced relatively flat performance, with traditional cyclical and manufacturing companies facing valuation pressure. However, packaging and printing sectors benefited from price increases and cross-industry transformations, leading to better stock performance [4]. - The export sector showed some differentiation due to tariff policy disruptions, with companies that had balanced production capacity and strong demand performing better. The personal care sector saw excess returns in the first half of the year but faced valuation digestion in the second half due to intensified e-commerce competition [4][5]. - The report suggests a dual focus for stock selection in 2026: on one hand, to pay attention to undervalued cyclical assets for valuation recovery; on the other hand, to balance the valuation and growth potential of new consumption and export sectors [4]. Stock Selection Strategy - The report recommends four main lines for stock selection: 1. Gradually focus on undervalued cyclical stocks, particularly in the paper sector, which is expected to see price increases driven by seasonal demand and low channel inventory [4]. 2. Maintain a high allocation to export stocks with strong demand resilience and manufacturing capabilities, especially those less affected by tariffs [4]. 3. Invest in high-quality domestic personal care brands benefiting from product structure optimization and channel expansion [4]. 4. Explore new consumption trends in categories like AI glasses, new tobacco products, pet supplies, and trendy toys, which are expected to see significant growth [4]. Recommended Stocks - The report lists several recommended stocks, including: - Sun Paper Industry (002078.SZ) - Bohui Paper Industry (600966.SZ) - Weigao Medical (300888.SZ) - Baiya Co., Ltd. (003006.SZ) - Nobon Co., Ltd. (603238.SH) - Yiyi Co., Ltd. (001206.SZ) - Mengbaihe (603313.SH) - Gujia Home (603816.SH) [4]. 2025 Sector Performance Data - As of December 31, 2025, the SW light industry manufacturing sector had an overall increase of 20.1%, outperforming the Shanghai Composite Index by 1.7 percentage points. The packaging and printing sector performed particularly well with a 35.4% increase [12]. - The report highlights that the packaging sector benefited from price increases and cross-industry transformations, while the home and entertainment sectors also saw significant gains [12][14]. Export Sector Insights - The report notes that from November 2025, the U.S. reduced tariffs on Chinese imports to 20%, leading to a gradual recovery in orders. The fluctuations in tariff policies had previously caused delays in orders from U.S. buyers [76]. - The report indicates that the export sector is expected to see a return to competitive pricing against ASEAN countries following the tariff adjustments, which may accelerate industry consolidation [76][81]. Personal Care Sector Trends - The personal care sector is experiencing product structure upgrades and channel benefits, with brands focusing on high-demand segments such as oral care and women's hygiene products [31][50]. - The report forecasts that the market for women's hygiene products will reach 1079.6 billion yuan in 2025, with a compound annual growth rate (CAGR) of 3.0% from 2025 to 2029 [50][51]. Baby Care Market Dynamics - The baby care market is projected to grow at a CAGR of 3.1% from 2025 to 2029, with a focus on premiumization and specialized products to counteract declining birth rates [59][66]. - The report highlights that single-child consumption is increasing, which helps mitigate the impact of declining birth rates on the market [69].

Group 1 - Nobon Co., Ltd. experienced a stock price increase of 1.05%, reaching 17.34 CNY per share, with a trading volume of 9.2078 million CNY and a turnover rate of 0.30%, resulting in a total market capitalization of 3.078 billion CNY [1] - The company, established on November 27, 2002, and listed on February 22, 2017, specializes in the research, production, and sales of differentiated and personalized spunlace non-woven materials and disposable hygiene products, with spunlace non-woven materials accounting for 69.51% of its main business revenue [1] - The revenue composition of Nobon Co., Ltd. includes spunlace non-woven materials at 69.51%, other spunlace non-woven materials at 29.11%, and other products at 1.38% [1] Group 2 - Dongzheng Asset Management has a fund that heavily invests in Nobon Co., Ltd., with the "Oriental Red CSI Advantage Growth Index Fund A" (018920) increasing its holdings by 38,200 shares to a total of 282,500 shares, representing 2.24% of the fund's net value, making it the ninth-largest holding [2] - The fund, established on September 19, 2023, has a current size of 136 million CNY and has achieved a year-to-date return of 30.73%, ranking 1722 out of 4189 in its category [2] - The fund has also recorded a one-year return of 28.14%, maintaining the same category ranking, and a cumulative return of 52.33% since its inception [2] Group 3 - The fund manager of the "Oriental Red CSI Advantage Growth Index Fund A" is Xu Xijia, who has been in the position for 6 years and 156 days, overseeing a total fund size of 7.023 billion CNY, with the best return during his tenure being 57.27% [3] - Co-manager Rong Yizhou has been in the role for 6 years and 35 days, managing a fund size of 780 million CNY, with a best return of 54.78% during his tenure [3]

Investment Rating - The industry investment rating is "Recommended," indicating a positive outlook for the industry fundamentals, with expectations that the industry index will outperform the benchmark index [25]. Core Insights - The restructuring of the overseas supply chain presents opportunities for domestic non-woven fabric companies, as they can benefit from the pressures faced by major brands like Kimberly-Clark and Procter & Gamble, which are experiencing declining revenues in their core categories [4][5]. - The performance of leading non-woven fabric companies such as Yanjiang, Jieya, and Nuobang shows significant revenue growth, with year-on-year increases of 17%, 107%, and 23% respectively in Q3 2025, indicating a recovery trend driven by improved order structures and increased overseas orders [11][16]. - The shift in the global disposable hygiene products industry from a focus on market share to efficiency across the supply chain is evident, as brands are now prioritizing cost efficiency and localized responses to maintain profitability in a challenging market environment [5][10]. Summary by Sections Section 1: Pressure on Overseas Giants and Supply Chain Restructuring - Major brands like Kimberly-Clark are facing revenue declines in their baby and feminine care segments, with Q3 2025 revenues of approximately $5.09 billion and $1.29 billion, down 4.1% and 2.4% year-on-year respectively [5]. - The competitive landscape is shifting, with brands needing to enhance supply chain efficiency and local responsiveness to sustain profits amid slowing growth in mature markets [9][10]. Section 2: Recovery of Non-Woven Fabric Companies - Leading non-woven fabric companies are showing a clear recovery, with significant revenue growth in Q3 2025, indicating a positive trend following a period of inventory destocking and intensified competition [11][15]. - Profitability is also improving, with Yanjiang, Jieya, and Nuobang reporting net profit growth of 209%, 336%, and 21% respectively in Q3 2025, driven by enhanced product structures and increased overseas orders [16][20]. Section 3: Overseas Capacity Layout and Localization of Supply - Companies like Yanjiang are establishing production capacities in regions like Egypt and the U.S. to enhance delivery efficiency and better serve local markets, with plans to achieve significant sales targets by 2027 [21][22]. - The overseas production strategy is aligned with the supply chain adjustments of downstream brands, indicating a broader trend towards localized manufacturing to improve competitiveness and responsiveness to market demands [22].

Group 1 - The textile and apparel industry is experiencing a mixed performance, with retail sales showing low single-digit growth and exports declining year-on-year, particularly in the first half of 2025 [4][10][14] - From January to November 2025, China's textile and apparel exports totaled $305.5 billion, reflecting a year-on-year decrease of 3.3%, with a notable decline in footwear exports [14][17] - The textile and apparel index has increased by 15.1% from January to November 2025, underperforming compared to the Shanghai Composite Index by 0.9 percentage points [23] Group 2 - The manufacturing sector is focusing on the recovery of Nike, with expectations of increased order visibility and potential valuation recovery for manufacturers closely tied to leading brands [30][42] - Global apparel retail performance is varied, with the US and UK showing moderate growth while Japan continues to face challenges, impacting overall demand [32][34] - The long-term trend indicates a shift in manufacturing capacity from China to Southeast Asia, driven by international trade dynamics and labor costs [44][46] Group 3 - The outdoor sports market is expected to grow significantly, with a compound annual growth rate of approximately 13.8% from 2019 to 2024, driven by increasing participation in events like marathons [4][6] - Domestic sports brands are showing resilience, with brands like Anta and Li Ning benefiting from structural demand changes and expanding their market presence [7][30] - The demand for high-quality personal care products is on the rise, with opportunities for companies like Sturdy Medical and Nobon to capture market share [7][30]

Group 1: Financial Performance - The company reported Q3 2025 revenue of 700 million, a 23% year-on-year increase, with net profit attributable to shareholders at 31 million, up 21% year-on-year, and a non-recurring net profit of 30 million, increasing by 35% year-on-year [1] - For the first three quarters of 2025, the company achieved a revenue of 2 billion, representing a 30% year-on-year growth, with net profit attributable to shareholders at 100 million, up 38% year-on-year, and a non-recurring net profit of 90 million, increasing by 48% year-on-year [2] Group 2: Business Development and Market Position - The company’s subsidiary, Hangzhou Guoguang, has focused on developing multifunctional, high-performance, and environmentally friendly wet wipes for 28 years, covering six major areas including baby wipes and personal care wipes, making it one of the largest and most comprehensive manufacturers in China [3] - Hangzhou Guoguang is effectively promoting integrated domestic and international trade, with significant growth in orders from countries along the Belt and Road Initiative, while also establishing stable partnerships with major domestic retailers [3] - The company has expanded its production capacity by renting new facilities, with a new factory area exceeding 200,000 square meters and 12 fully automated production lines, enhancing operational efficiency through smart manufacturing technologies [3] Group 3: Production Capabilities - The company operates eleven spunlace production lines and one R&D experimental line, with an annual design capacity of nearly 80,000 tons across over 30 product varieties and 1,200 specifications [4] - The subsidiary, Nachiko, boasts the largest wet wipes manufacturing and cosmetics R&D base in Asia, covering 100,000 square meters, with a production area of 220,000 square meters, capable of producing 50 million medical care packages and 97 million wet wipes annually [4] - The company has established a complete industrial chain from spunlace non-woven materials to OEM products and its own brand terminal products [4] Group 4: Profit Forecast - The company maintains its profit forecast, expecting net profits attributable to shareholders to reach 130 million, 160 million, and 190 million for the years 2025, 2026, and 2027, corresponding to PE ratios of 23X, 19X, and 16X respectively [5]

Group 1: New Consumption - The report emphasizes the continuous exploration of new products, channels, and brand changes within the new consumption sector, highlighting the resilience of leading companies despite market concerns about revenue growth and profit realization in 2026 [8][15][9] - Key sectors include eyewear, with a focus on AI and AR technologies, recommending companies like 康耐特光学 for their innovative approaches [18][30] - The潮玩 (trendy toys) sector is noted for its high growth potential, particularly with brands like 泡泡玛特 and their successful IP strategies [34][38] - The personal care and household cleaning segment is undergoing a transformation, driven by the rise of platforms like 抖音, which enhances brand visibility and sales conversion [54][55] Group 2: Export Chain - The report identifies the light industry export chain as a key area, emphasizing the importance of high pricing power, market diversification, and mature overseas production capabilities [10] - Recommendations include关注匠心家居, 共创草坪, and other companies that demonstrate strong performance in international markets [10] Group 3: Cyclical Opportunities - The report suggests a focus on quality leaders in the cyclical sector, particularly in home textiles and furniture, where companies like 水星家纺 and 欧派家居 are highlighted for their strong market positions [11][11] - The report notes the increasing differentiation within the home goods market, recommending companies that offer value and competitive pricing [11]

（文章来源：证券日报） 证券日报网讯 11月26日晚间，诺邦股份发布公告称，公司于2025年11月26日召开职工代表大会。经与 会职工代表民主选举表决，会议审议通过了《关于选举第七届董事会职工代表董事的议案》，同意选举 林德胜先生为公司第七届董事会职工代表董事，任期与公司第七届董事会任期一致。 ...

Group 1 - The implementation plan aims to enhance the adaptability of supply and demand in consumer goods, with a goal to optimize the supply structure by 2027, creating three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots [1][3] - By 2030, a high-quality development pattern characterized by positive interaction between supply and consumption is expected to be established, with a steady increase in the contribution of consumption to economic growth [1][3] Group 2 - The plan outlines 19 key tasks across five areas: accelerating the application of new technologies and models, expanding the supply of distinctive and new products, precisely matching the needs of different demographics, cultivating new consumption scenarios and business formats, and creating a favorable development environment [3][4] - Emphasis is placed on accelerating innovation in key industries such as smart connected vehicles, smart home products, consumer electronics, modern textiles, food, and green building materials, with initiatives to develop flagship products and innovative enterprises [3][4] - The plan encourages the development of leisure and sports products, focusing on new demands from event economies, outdoor activities, and winter sports, while promoting high-quality sports equipment [3][4] - Support for health product innovation includes enhancing the research and development of health foods and special dietary foods, as well as recognizing traditional food production areas and local specialty food industries [3][4] Group 3 - The plan aims to expand the influence of historical classic products, supporting industries such as arts and crafts, traditional stationery, silk, tea, and traditional Chinese medicine, while promoting creative design competitions and the development of traditional craft innovation bases [4] - Companies like Zhejiang specialize in outdoor sports products and have developed a unique vertical integration supply chain, selling products to developed regions such as Europe and North America [4][5] - Nobon Co., a leader in differentiated water-jet non-woven fabrics, focuses on a full-chain growth strategy, enhancing its global supply position through technological upgrades and brand development [4][5] - Chuangyuan Co. operates in the cultural education and sports sectors, aiming to resonate with domestic markets through a diversified product matrix and an "IP + technology + cultural creativity" approach [5] - Pianlong Pharmaceutical has extensive experience in the traditional Chinese medicine sector, focusing on brand integration and collaborative innovation in the production of traditional Chinese medicine [5] - Joyful Intelligence leads in the recyclable packaging sector, offering comprehensive packaging solutions and promoting a leasing model to lower barriers for clients [5]

证券代码：603238 证券简称：诺邦股份 公告编号：2025-030 特此公告。 杭州诺邦无纺股份有限公司 董事会 2025 年 11 月 27 日 附件：职工代表董事简历 林德胜先生，1986 年 7 月出生，中国国籍，无境外永久居留权；大专学历。 曾任杭州国光旅游用品有限公司采购经理。现任杭州国光旅游用品有限公司副总 经理。 杭州诺邦无纺股份有限公司 关于选举第七届董事会职工代表董事的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 杭州诺邦无纺股份有限公司（以下简称"公司"）根据《中华人民共和国公 司法》（"以下简称《公司法》"）《上市公司章程指引》等相关法律法规及《杭州 诺邦无纺股份有限公司章程》（以下简称"《公司章程》"）等有关规定，公司董事 会设职工代表董事 1 名，公司于 2025 年 11 月 26 日召开职工代表大会。经与会 职工代表民主选举表决，会议审议通过了《关于选举第七届董事会职工代表董事 的议案》，同意选举林德胜先生（简历附后）为公司第七届董事会职工代表董事， 与公司 2025 年第二次临时股东 ...