Group 1 - The controlling shareholder's concerted action partner, Hangzhou Jinnuo Investment Management Partnership, and the company's director and deputy general manager, Ren Jianyong, have reduced their holdings in the company [1] - The share reduction occurred between September 2, 2025, and October 13, 2025, totaling 1.238 million shares and 319,000 shares, which represent 0.6974% and 0.1797% of the total share capital, respectively [1] - The reduction prices ranged from 18.5 to 19.53 CNY per share and from 19.39 to 19.78 CNY per share for the respective transactions [1]

Company Overview - Nobon Co., Ltd. is located in Yuhang Economic and Technological Development Zone, Hangzhou, Zhejiang Province, and was established on November 27, 2002. The company was listed on February 22, 2017. Its main business involves the research, production, and sales of differentiated and personalized water-jet non-woven materials and their products, as well as the development, production, and sales of disposable hygiene products such as wet wipes [1]. Financial Performance - As of June 30, 2025, Nobon Co., Ltd. achieved an operating income of 1.34 billion yuan, representing a year-on-year growth of 33.35%. The net profit attributable to the parent company was 65.33 million yuan, reflecting a year-on-year increase of 48.33% [2]. - The company has distributed a total of 263 million yuan in dividends since its A-share listing, with 124 million yuan distributed in the last three years [3]. Stock Performance - On September 18, Nobon Co., Ltd. experienced a decline of 2.07%, with a stock price of 19.91 yuan per share, a trading volume of 26.43 million yuan, and a turnover rate of 0.74%. The total market capitalization is 3.534 billion yuan [1]. - Year-to-date, the stock price has increased by 57.27%, while it has decreased by 3.72% over the last five trading days and by 3.58% over the last 20 days. In contrast, the stock has risen by 16.16% over the last 60 days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders of Nobon Co., Ltd. was 11,200, a decrease of 33.28% from the previous period. The average number of circulating shares per person increased by 49.88% to 15,866 shares [2]. - Among the top ten circulating shareholders, Southern Growth Mixed A (202003) is the fourth largest with 6.1966 million shares, and Huazheng Anxin Consumer Mixed A (519002) is the seventh largest with 2.0018 million shares, both being new shareholders [3]. Industry Classification - Nobon Co., Ltd. is classified under the Shenwan industry category of textile and apparel - textile manufacturing - other textiles. The company is associated with various concept sectors, including cosmetics, multiple births, small-cap stocks, Xiaohongshu concept, and pet economy [1].

证券代码：603238 证券简称：诺邦股份 公告编号：2025-022 杭州诺邦无纺股份有限公司 2025年第一次临时股东大会决议公告 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 9 月 17 日 (二)股东大会召开的地点：杭州市临平区昌达路 8 号公司 1 号会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 77 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 131,586,690 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 74.1295 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，公司董事长任建华先生主持会议，会议采 取现场投票和网络投票相结合的表决方式，本次会议的召集、召开符合《公司法》 及《公司章程》的规定。 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 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于杭州诺邦无纺股份有限公司 2025 年第一次临时股东大会的法律意见书 国枫律股字[2025]A0465 号 致：杭州诺邦无纺股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见 证贵公司 2025 年第一次临时股东大会（以下简称"本次会议"）。 本所律师根据《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》"）、《上市公司股东会规则》（以下简称 "《股东会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证 券法律业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简 称"《证券法律业务执业规则》"）等相关法律、行政法规、规章、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》"）的规定，就本次会议的 召集与召开程序、召集人资格、出席会议人员资格、会议表决程序及表决结果等事宜， 出具本 ...

Investment Rating - The report maintains a "Positive" outlook on the textile and apparel industry, highlighting potential investment opportunities in specific segments such as non-woven fabrics and sportswear [2][9]. Core Insights - The textile and apparel sector underperformed the market, with the SW textile and apparel index rising by 0.7%, lagging behind the SW All A index by 1.5 percentage points [4][6]. - Recent industry data indicates a 2.9% year-on-year increase in retail sales for clothing, shoes, and textiles, totaling 837.1 billion yuan from January to July [30]. - Exports of textiles and apparel decreased by 0.3% year-on-year, amounting to 197.27 billion USD from January to August, with a notable 5.0% decline in August alone [30][31]. Summary by Sections Textile Sector - Focus on investment opportunities in the entire non-woven fabric supply chain, with a significant weekly increase of 26% for Yanjiang Co. The production of non-woven fabrics has been declining since its peak in 2020, but the pandemic has heightened hygiene awareness, maintaining a large market scale [9][12]. - Yanjiang Co. has a global production footprint in China, Egypt, the USA, and India, with major clients including Procter & Gamble and Kimberly-Clark, contributing significantly to its revenue [9][12]. - The report recommends Nobon Co. for its growth potential in personal care and new tobacco products, highlighting its strong market position and technological capabilities [10][12]. Apparel Sector - Jiangnan Buyi reported a stable growth in its latest annual report, with a 4.6% increase in revenue to 5.55 billion yuan and a 6.0% rise in net profit to 900 million yuan for FY25 [12][19]. - The sportswear segment shows resilience, with brands like Anta and Li Ning demonstrating strong performance despite market challenges, with Anta's revenue increasing by 14% year-on-year [13][19]. - The report emphasizes the importance of domestic demand recovery in 2025, suggesting that high-quality domestic brands are poised for a turnaround [10][12]. Market Trends - The report notes a K-shaped recovery in retail, with high-end and cost-effective brands performing better. Innovations in retail formats are accelerating, with plans for significant store expansions in the coming year [13][19]. - The textile manufacturing sector is expected to benefit from favorable trade conditions, particularly for manufacturers with strong supply chain capabilities [10][12].

Market Overview - The textile manufacturing sector rose by 0.19% on September 4, while the Shanghai Composite Index fell by 1.25% to close at 3765.88 [1] - The Shenzhen Component Index decreased by 2.83% to close at 12118.7 [1] Top Performers - Night Light (夜光明) led the gains with a closing price of 21.17, up by 3.72% with a trading volume of 19,600 lots and a transaction value of 41.14 million [1] - Jin Chun Co., Ltd. (金春股份) followed closely with a closing price of 26.88, up by 3.70% and a trading volume of 52,000 lots, totaling a transaction value of 139 million [1] - Gu Mo Rong Material (古膜绒材) also performed well, closing at 26.64, up by 3.06% with a trading volume of 108,700 lots and a transaction value of 285 million [1] Underperformers - Yingfeng Co., Ltd. (迎丰股份) saw the largest decline, closing at 7.54, down by 9.59% with a trading volume of 331,100 lots and a transaction value of 252 million [2] - Nanshan Zhishang (南山智尚) decreased by 5.93%, closing at 20.45 with a trading volume of 199,800 lots and a transaction value of 425 million [2] - Ju Jie Microfiber (聚杰微纤) fell by 3.81%, closing at 24.24 with a trading volume of 40,700 lots and a transaction value of 102 million [2] Capital Flow - The textile manufacturing sector experienced a net outflow of 179 million from institutional investors, while retail investors saw a net inflow of 105 million [2] - Speculative funds had a net inflow of 73.85 million into the sector [2] Individual Stock Capital Flow - Gu Mo Rong Material (古膜绒材) had a net inflow of 8.63 million from institutional investors, while it faced a net outflow of 852.23 million from retail investors [3] - Jin Chun Co., Ltd. (金春股份) saw a net inflow of 6.17 million from institutional investors but a net outflow of 626.66 million from retail investors [3] - Notably, Nobon Co., Ltd. (诺邦股份) had a net inflow of 15.52 million from institutional investors, but retail investors experienced a net outflow of 1.50 million [3]

Group 1 - The company, Hangzhou Nobon Nonwoven Co., Ltd., is holding its first extraordinary general meeting of shareholders in 2025 on September 17, 2025, at 14:00 [1] - The meeting will utilize a combination of on-site and online voting methods, with specific time slots for voting outlined [2][3] - The agenda includes signing in, introducing the meeting, announcing the agenda, selecting vote counters, discussing and voting on proposals, and concluding the meeting [2][3][4] Group 2 - The first proposal involves changing the accounting firm from Tianjian Accounting Firm to Rongcheng Accounting Firm for the 2025 financial year, with an audit fee of 600,000 yuan, which is a decrease of 11.76% compared to the previous year's fee of 680,000 yuan [7][10] - Rongcheng Accounting Firm has been evaluated and deemed capable of providing independent and objective audit services, with no significant legal issues in the past three years [9][10][12] - The second proposal includes changing the company's registered address and business scope, as well as amending the Articles of Association in accordance with local government regulations [13][15]

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 年第一次临时股东大会 会议资料 二零二五年九月 1 目 录 | 2025 年第一次临时股东大会议程 | 1 | | --- | --- | | 2025 年第一次临时股东大会须知 | 2 | | 2025 年第一次临时股东大会会议议案 | 4 | | 议案一：关于变更会计师事务所的议案 | 4 | | 议案二：关于变更公司住所及经营范围、修订《公司章程》的议案 | 8 | 2 杭州诺邦无纺股份有限公司 2025 年第一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 9 月 17 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投 票时间为股东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00； 通过互联网投票平台的投票时间为股东大会召开当日的 9:15 ...

Group 1 - The core viewpoint of the article is that Southwest Securities has given a "buy" rating to Nobon Co., Ltd. (603238.SH) based on several positive factors [1] - The optimization of customer and product structure is driving a steady improvement in profitability [1] - The rapid growth of the product business is attributed to partnerships with well-known domestic and international clients [1] - Although the coil business faced temporary pressure in Q2, the trend towards high-end products remains unchanged [1]

Investment Rating - The report gives a "Buy" rating for Nobon Co., Ltd. (603238) with a target price of 27.00 CNY over the next six months, compared to the current price of 19.86 CNY [1]. Core Views - Nobon Co., Ltd. is expected to benefit from continuous optimization of customer and product structure, with promising growth for its proprietary brands [1]. - The company has shown strong revenue growth, with a 33.3% year-on-year increase in revenue for the first half of 2025, driven by increased orders from downstream customers [7][32]. - The report highlights the company's robust performance in both domestic and international markets, despite facing temporary challenges due to tariffs [53][44]. Summary by Sections Financial Performance - In the first half of 2025, Nobon achieved revenue of 1.34 billion CNY, a 33.3% increase year-on-year, and a net profit attributable to the parent company of 65.3 million CNY, up 48.3% year-on-year [7][32]. - The company's gross margin for the first half of 2025 was 15.7%, an increase of 0.9 percentage points year-on-year, with net profit margin at 4.9%, up 0.5 percentage points [35][32]. Business Segments - The product segments include non-woven materials (rolls) and non-woven products, with the product segment showing a revenue increase of 39.4% year-on-year in the first half of 2025 [42][32]. - The company has established stable partnerships with well-known domestic supermarkets and is expanding its overseas market presence, particularly in countries along the Belt and Road Initiative [44][53]. Market Outlook - The report anticipates that Nobon will continue to grow its proprietary brand, "Xiaozhijia," which has seen a revenue increase of 70.0% year-on-year in the first half of 2025 [54][32]. - The global market for wet wipes is projected to grow, with a compound annual growth rate of 4.6% from 2025 to 2029, benefiting companies like Nobon that are positioned in this sector [27][32]. Valuation and Forecast - The earnings per share (EPS) for Nobon is projected to be 0.74 CNY in 2025, 0.90 CNY in 2026, and 1.08 CNY in 2027, with corresponding price-to-earnings (PE) ratios of 27, 22, and 18 respectively [2][62]. - The report assigns a 30x valuation for 2026, leading to a target price of 27.0 CNY, reflecting the company's strong growth potential in the non-woven materials sector [62][64].