Investment Strategy Overview - The report emphasizes the stabilization of global tariff negotiations, which does not alter the core competitiveness of global manufacturing, and highlights optimism towards two major industrial chains and a price increase cycle [3][4]. Industry Performance Review - As of November 14, 2025, the SW textile and apparel index has increased by 16.9%, ranking 17th in relative performance across the market. The manufacturing sector shows higher certainty compared to brands still in recovery [4][8]. - Domestic demand is at a low point in 2025 but is expected to recover in 2026-2027, focusing on the characteristics of young consumer groups to explore high-growth areas in new consumption [4][21]. New Consumption Trends - High-performance outdoor apparel is identified as a growth area with low penetration and high potential, with the market size projected to reach 102.7 billion yuan in 2024, growing by 17% year-on-year [4][33]. - Discount retail is highlighted as a scarce high-growth area within the consumption sector, with rapid expansion in urban outlets and hard discount specialty stores [4][46]. - The personal care and cleaning market, particularly wet wipes, is noted for its rapid growth and increasing necessity among young consumers, with a market size in China expected to reach 100 billion yuan [4][62]. - The sleep economy is emerging as a significant market, with explosive growth in household textile products, driven by young consumers' acceptance [4][20]. - The report discusses Nike's innovation cycle, which is expected to benefit from inventory replenishment and product innovation, similar to Adidas's recovery cycle [4][20]. - The Australian wool price increase cycle is anticipated due to supply contraction and demand highlights, with potential market space comparable to previous high points in 2011 and 2018 [4][20]. - The healthcare material upgrade cycle presents broad replacement opportunities for overseas non-woven fabrics [4][20]. Global Manufacturing Insights - The report notes that the resolution of tariff variables is expected to lead to a new growth phase for leading companies [4][27]. - The textile industry has undergone a pressure test for external demand, with recent tariff negotiations expected to boost export chain expectations for 2026 [4][26]. Investment Recommendations - The report suggests focusing on high-growth new consumption areas and the competitive strength of global manufacturing as key investment strategies [4][27].

二零二五年十一月 目 录 公司代码：603238 公司简称：诺邦股份 杭州诺邦无纺股份有限公司 2025 年第二次临时股东大会 会议资料 | 2025 年第二次临时股东大会议程 1 | | | --- | --- | | 2025 年第二次临时股东大会须知 2 | | | 2025 年第二次临时股东大会会议议案 4 | | | 议案一：关于取消监事会并修订<公司章程>的议案 | 4 | | 议案二：关于制定、修订公司部分治理制度的议案 | 6 | | 议案三：关于董事会换届选举暨提名第七届董事会非独立董事候选人的议案 . | 8 | | 议案四：关于董事会换届选举暨提名第七届董事会独立董事候选人的议案 .. | 10 | 杭州诺邦无纺股份有限公司 2025 年第二次临时股东大会议程 会议召开和表决方式: 本次会议采用现场投票与网络投票相结合的表决方式。公 司通过上海证券交易所股东大会网络投票系统向股东提供网络投票平台，公司股 东可以在网络投票时间内通过上述系统行使表决权。 现场会议时间：2025 年 11 月 26 日（星期三）14:00。 网络投票时间：采用上海证券交易所网络投票系统，通过交易系统投票平台的 ...

Group 1 - The core viewpoint of the report indicates a moderate recovery in the domestic apparel industry in 2025, with retail sales of clothing, shoes, and knitted products increasing by 3.1% year-on-year to 1.1 trillion yuan, although still lagging behind the overall retail performance of consumer goods, which grew by 4.5% [1][12] - The report highlights that the gap in retail sales growth between clothing and overall consumer goods has narrowed significantly compared to 2024, where clothing sales only grew by 0.3% [1][12] - The report notes that the textile and apparel index has shown a fluctuating upward trend, with the A-share textile and apparel sector rising by 11.3% in 2025, underperforming the CSI 300 index, which increased by 20.6% [2][28] Group 2 - The textile manufacturing sector is expected to see performance and valuation recovery in 2026, driven by the diminishing impact of reciprocal tariffs and improvements in Nike's operational status [3][28] - The report anticipates that clothing consumption will continue to experience a volatile recovery in 2026, with functional and mass-market clothing expected to outperform the broader market [3][28] - The home textile sector is entering a new replacement cycle, supported by subsidy policies, with recommendations to focus on companies like Luolai Life and Mercury Home Textile [3][28] Group 3 - The report provides investment recommendations, suggesting a focus on companies such as Huayi Group, Shenzhou International, and Crystal International in the textile manufacturing sector, and Anta Sports and 361 Degrees in the apparel sector [3][28] - The report emphasizes that the performance of the brand apparel sector has shown gradual improvement, with key companies maintaining healthy inventory levels and experiencing a slight increase in gross margins [46][50] - The textile manufacturing sector has faced revenue pressure due to reciprocal tariffs, with a noted decline in net profit for key companies in the first three quarters of 2025 [61][62]

Group 1 - Nobon Co., Ltd. experienced a stock price increase of 5.01%, reaching 19.30 CNY per share, with a trading volume of 87.87 million CNY and a turnover rate of 2.67%, resulting in a total market capitalization of 3.426 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 water-jet non-woven materials and disposable hygiene products, with its main business revenue composition being 69.51% from water-jet non-woven materials and 29.11% from other products [1] Group 2 - Among the top ten circulating shareholders of Nobon Co., Ltd., a fund under Southern Fund holds a significant position. The Southern Performance Growth Mixed A Fund (202003) reduced its holdings by 614,500 shares in the third quarter, now holding 5.5821 million shares, which accounts for 3.14% of the circulating shares [2] - The Southern Performance Growth Mixed A Fund (202003) was established on November 16, 2006, with a current scale of 4.4 billion CNY. Year-to-date returns are 17.5%, ranking 4875 out of 8147 in its category, while the one-year return is 17.92%, ranking 4041 out of 8056 [2]

Core Viewpoint - Nobon Co., Ltd. announced the convening of its sixth board of directors' thirteenth meeting on November 10, 2025, to review and approve the proposals for the election of the seventh board of directors, including both non-independent and independent director candidates [1] Group 1 - The company has nominated Ren Jianhua, Ren Fujia, Gong Jinrui, Ren Jianyong, and Wang Gang as candidates for the seventh board of directors as non-independent directors [1] - The company has nominated Dong Jing, Wang Hong, and Yan Liang as candidates for the seventh board of directors as independent directors [1] - The nominations were made following a qualification review by the board's nomination committee [1]

Group 1 - Nobon Co., Ltd. (SH 603238) announced on November 10 that its 13th meeting of the 6th Board of Directors was held in Hangzhou, where the agenda included the revision of the "Board Secretary Work Guidelines" [1] - For the year 2024, Nobon Co., Ltd.'s revenue composition is 99.18% from the textile industry and 0.82% from other businesses [1] - As of the report date, Nobon Co., Ltd. has a market capitalization of 3.3 billion yuan [1]

杭州诺邦无纺股份有限公司 董事会秘书工作细则 董事会秘书工作细则 杭州诺邦无纺股份有限公司 董事会秘书工作细则 （2025 年 11 月修订版） 第一章 总则 第一条 为促进杭州诺邦无纺股份有限公司（以下简称"公司"）的规范运 作，明确董事会秘书的职责权限，根据《中华人民共和国公司法》（以下简称"《公 司法》"）《中华人民共和国证券法》（以下简称"《证券法》"）《上市公司 治理准则》《上海证券交易所股票上市规则》（以下简称"《股票上市规则》"） 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》及其他有关法 律法规、规范性文件及《杭州诺邦无纺股份有限公司章程》（以下简称"《公司 章程》"）的有关规定，特制定本工作细则。 第二条 公司设董事会秘书 1 名。董事会秘书为公司的高级管理人员，对公 司和董事会负责。 董事会秘书应当遵守法律、行政法规及《公司章程》的规定，承担高级管理 人员的有关法律责任，对公司负有忠实义务和勤勉义务，应当采取措施避免自身 利益与公司利益冲突，不得利用职权牟取不正当利益，执行职务应当为公司的最 大利益尽到管理者通常应有的合理注意。 董事会秘书是公司与上海证券交易所之间的指定联络 ...

杭州诺邦无纺股份有限公司 内部审计制度 内部审计制度 杭州诺邦无纺股份有限公司 内部审计制度 （2025 年 11 月修订版） 第一章 总则 第一条 为完善公司治理结构，规范公司经济行为，维护股东合法权益，根 据《上海证券交易所股票上市规则》（以下简称"《股票上市规则》"）《中华人民 共和国审计法》《审计署关于内部审计工作的规定》等法律、法规、规章和《杭 州诺邦无纺股份有限公司章程》（以下简称"《公司章程》"）的规定并结合公司实 际，制定本制度。 第二条 本制度所称内部审计工作，是指公司内部审计机构或人员，对公司 内部控制和风险管理的有效性、财务信息的真实性和完整性以及经营活动的效率 和效果等开展的一种评价活动。 第三条 本制度所称内部控制，是指由公司董事会、高级管理人员及其他有 关人员为实现下列目标而提供合理保证的过程： （一）遵守国家法律、法规、规章及其他相关规定； （二）提高公司经营的效率和效果； （三）保障公司资产的安全； （四）确保公司信息披露的真实、准确、完整和公平。 第四条 公司董事会对内部控制制度的建立健全和有效实施负责，重要的内 部控制制度应当经董事会审议通过。公司董事会及其全体成员保证内部 ...

杭州诺邦无纺股份有限公司 董事会薪酬与考核委员会实施细则 薪酬与考核委员会实施细则 杭州诺邦无纺股份有限公司 董事会薪酬与考核委员会实施细则 （2025 年 11 月修订版） 第一章 总则 第一条 为进一步健全公司董事（非独立董事）及高级管理人员的考核和薪 酬管理制度，完善公司治理结构，根据《中华人民共和国公司法》（以下简称"《公 司法》"）《上市公司治理准则》《杭州诺邦无纺股份有限公司章程》（以下简称"《公 司章程》"）及其他有关规定，依据公司股东会的相关决议，公司特设立董事会薪 酬与考核委员会，并制定本实施细则。 第二条 董事会薪酬与考核委员会是董事会按照股东会决议设立的专门工 作机构，主要负责制定公司董事及高级管理人员的考核标准并进行考核；负责制 定、审查公司董事及高级管理人员的薪酬政策与方案，对董事会负责。 本实施细则所称高级管理人员是指董事会聘任的总经理、董事会秘书及由总 经理提请董事会聘任的副总经理、财务负责人等其他高级管理人员。 第二章 人员组成 第三条 薪酬与考核委员会成员由 3 名董事组成，其中独立董事应当过半数 并担任召集人。 第四条 薪酬与考核委员会委员由董事长、二分之一以上独立董事或全 ...

杭州诺邦无纺股份有限公司 中小投资者单独计票管理办法 1 / 4 杭州诺邦无纺股份有限公司 中小投资者单独计票管理办法 （2025年11月修订版） 第一章 总则 第一条 为落实国务院《关于进一步促进资本市场健康发展的若干意见》、国 务院办公厅《关于进一步加强资本市场中小投资者合法权益保护工作的意见》及证 券监管机构的有关要求,充分体现中小投资者在杭州诺邦无纺股份有限公司(以下简 称"公司")重大事项决策中的意愿和诉求,充分保障中小投资者依法行使权利，结 合公司实际情况，制定本办法。 第二条 本办法所称中小投资者是指除公司董事、高级管理人员以及单独或者 合计持有公司5%以上（含本数）股份的股东以外的其他股东。 第二章 单独计票的适用范围 第三条 股东会拟审议的事项涉及全体股东利益和公司发展，尤其是中小投资 者利益时，应当对中小投资者的投票情况进行单独计票并披露，包括但不限于以下 事项： 第四条 公司股东会采取现场投票与网络投票结合的方式。中小投资者可选择 现场投票和网络投票中的任意一种方式对股东会审议事项进行投票。同一股东账户 通过多种方式重复投票的,股东会表决结果以第一次有效投票结果为准。 第五条 公司股东会 ...