证券研究报告 行业研究 2025 年 12 月 18 日 海外卫材供应链重构，国内无纺布企业或迎机遇 第一创业证券研究所 分析师：刘笑瑜 证书编号：S1080525070001 电话：0755-23838239 邮箱：liuxiaoyu@fcsc.com 核心观点： 风险提示： 上述观点主要根据过去数据分析得出，可能因为后续行业竞争格局变化、产品价 格下降、新品推广不如预期等原因，而出现最终结果与分析预测结论相背离的情 况。仅供投资分析时参考。 请务必阅读正文后免责条款部分 第 1页共 6页 从利润表现看，金佰利在毛利率改善、费用率优化的推动下，2025 年前三季度整体 利润实现正增长，但结构上明显分化：公司更依赖于提价与成本管控来对冲销量压 力，且在婴儿护理、女性护理等品类中，收入增速与盈利表现出现分化。这意味着 品牌方在终端价格与促销上进一步挤压空间的余地有限，单纯依靠品牌溢价+营销投 入驱动增长的模式正在遭遇瓶颈。在此背景下，全球一次性卫材行业从终端抢份额 转向为全链路拼效率的趋势愈发明显，品牌端需要通过供应链端的成本效率、交付 弹性和本地化响应能力，来换取有限增长下的利润稳定。 资料来源：Wind、第 ...

证券之星消息，12月18日个护用品板块较上一交易日下跌0.19%，延江股份领跌。当日上证指数报收于 3876.37，上涨0.16%。深证成指报收于13053.98，下跌1.29%。个护用品板块个股涨跌见下表： 从资金流向上来看，当日个护用品板块主力资金净流出3223.44万元，游资资金净流入2.96万元，散户资 金净流入3220.48万元。个护用品板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

Core Insights - The beauty care industry experienced a net inflow of funds amounting to 105 million yuan on December 16, with a sector increase of 0.66% despite the Shanghai Composite Index declining by 1.11% [1] Industry Performance - Among the sectors, beauty care ranked second in terms of growth, following retail trade and social services, which rose by 1.32% and 0.13% respectively [1] - The beauty care sector had 29 stocks, with 15 rising and 14 falling in value [1] Fund Flow Analysis - The total net inflow of funds in the beauty care sector was 105 million yuan, with 17 stocks experiencing net inflows [1] - The top three stocks with significant net inflows were: - Aimeike (爱美客) with 39.98 million yuan - Qingsong Co. (青松股份) with 20.96 million yuan - Shuiyang Co. (水羊股份) with 20.30 million yuan [1] - The stocks with the highest net outflows included: - Proya (珀莱雅) with 8.62 million yuan - Zhongshun Jierou (中顺洁柔) with 6.81 million yuan - Yanjian Co. (延江股份) with 5.90 million yuan [1] Stock Performance - Notable stock performances included: - Aimeike (爱美客) increased by 2.02% - Qingsong Co. (青松股份) increased by 1.03% - Shuiyang Co. (水羊股份) increased by 1.20% [1] - Conversely, stocks like Proya (珀莱雅) and Zhongshun Jierou (中顺洁柔) saw declines in their values [1]

Core Viewpoint - The personal care products sector experienced a slight increase of 0.2% on December 12, with Lianjiang Co., Ltd. leading the gains [1] Group 1: Market Performance - On December 12, the Shanghai Composite Index closed at 3889.35, up by 0.41% [1] - The Shenzhen Component Index closed at 13258.33, up by 0.84% [1] Group 2: Capital Flow - The personal care products sector saw a net inflow of main funds amounting to 37.06 million yuan, while speculative funds experienced a net outflow of 22.68 million yuan [2] - Retail investors contributed to a net outflow of 14.38 million yuan in the personal care products sector [2]

Market Overview - The personal care products sector increased by 0.04% on December 10, with Dengkang Oral leading the gains [1] - The Shanghai Composite Index closed at 3900.5, down 0.23%, while the Shenzhen Component Index closed at 13316.42, up 0.29% [1] Stock Performance - Key stocks in the personal care sector showed varied performance, with Dengkang Oral closing at 37.30, up 2.47%, and other notable stocks including Runben Co. at 24.37, up 0.99%, and Zhongshun Jiesang at 8.04, up 0.63% [1] - Conversely, stocks like Beijia Clean and Reliable Co. experienced declines, with Beijia Clean down 0.53% and Reliable Co. down 0.71% [1] Capital Flow - The personal care products sector saw a net outflow of 26.81 million yuan from institutional investors, while retail investors contributed a net inflow of 14.96 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors showed interest [2] Detailed Capital Flow Analysis - Dengkang Oral had a significant net inflow from institutional investors of 33.86 million yuan, while other stocks like Yijia Co. and Beijia Clean faced net outflows [3] - Retail investors showed strong interest in stocks like Reliable Co. and Beijia Clean, with net inflows of 1.99 million yuan and 3.25 million yuan respectively [3]

Core Points - As of November 28, the company has a total of 14,731 shareholders [1] Company Summary - The company, Yanjiang Co., Ltd. (stock code: 300658), responded to investor inquiries on an interactive platform regarding its shareholder count [1]

Core Points - The actual controller and vice president of Yanjiang Co., Ltd., Xie Yingqiu, has passed away due to illness, as announced by the company [2] - Xie Yingqiu held 18,553,060 shares, accounting for 5.58% of the company's total share capital, and the company will handle the related legal procedures for his shares [2] - Following Xie Yingqiu's death, the board of directors will reduce to 8 members, and the company will conduct a board member election according to relevant regulations [2] - The company's production and operational activities are currently normal [2] Financial Performance - In the first three quarters of 2025, Yanjiang Co., Ltd. reported a revenue of 1.295 billion yuan, representing a year-on-year increase of 22.99% [4] - The net profit attributable to shareholders was 42.5018 million yuan, up 27.95% year-on-year [4] - The basic earnings per share were reported at 0.13 yuan [4] Company Overview - Yanjiang Co., Ltd. is located in the Xiang'an District of Xiamen, Fujian Province, and was established on April 3, 2000 [4] - The company was listed on June 2, 2017, and its main business involves the research, production, and sales of surface materials for disposable hygiene products [4]

Core Points - The actual controller of Yanjiang Co., Ltd., Xie Yingqiu, has passed away due to illness, as announced by the company on December 2 [1][2] - Xie Yingqiu held 18.553 million shares, accounting for 5.58% of the company's total equity, and had been a key figure in the company's strategic planning and development since its inception [2] - Following Xie Yingqiu's death, the board of directors will reduce to 8 members, which is still compliant with the minimum requirements of the Company Law of the People's Republic of China [2] Company Performance - Yanjiang Co., Ltd. specializes in producing disposable hygiene product surface materials, with main products including PE perforated film, 3D perforated non-woven fabric, hot air non-woven fabric, and ADL drainage layers [2] - For the first three quarters of the year, the company reported revenue of 1.295 billion yuan, a year-on-year increase of 23%, and a net profit attributable to shareholders of 43 million yuan, up 28% year-on-year [2] - As of December 2, the company's stock price was 12.23 yuan per share, with a market capitalization of 4.1 billion yuan [3]

Core Points - The actual controller of Yanjiang Co., Ltd., Xie Yingqiu, has passed away due to illness, as announced by the company on December 2 [1][3] - Xie Yingqiu held 18.553 million shares, accounting for 5.58% of the company's total share capital, and has been a significant contributor to the company's growth and development since its establishment [3] - Following Xie Yingqiu's death, the board of directors will reduce to 8 members, which is still above the minimum required by Chinese law and the company's articles of association [3] Company Overview - Yanjiang Co., Ltd. specializes in producing disposable hygiene product surface materials, including PE perforated film, 3D perforated non-woven fabric, hot air non-woven fabric, and ADL drainage layers [4] - For the first three quarters of the year, the company achieved revenue of 1.295 billion yuan, a year-on-year increase of 23%, and a net profit attributable to shareholders of 43 million yuan, a year-on-year increase of 28% [4] - As of December 2, the company's stock price was 12.23 yuan per share, with a market capitalization of 4.1 billion yuan [5]

Core Viewpoint - The passing of Xie Yingqiu, a significant figure in Yanjiang Co., has raised concerns about the company's future leadership and governance structure [1][4]. Company Overview - Yanjiang Co. is a specialized supplier of disposable hygiene product surface materials, with key products including PE perforated film, 3D perforated non-woven fabric, hot air non-woven fabric, and ADL drainage layers [5]. - As of the third quarter of this year, the company reported a revenue of 1.295 billion yuan, representing a year-on-year growth of 23%, and a net profit attributable to shareholders of 43 million yuan, up 28% year-on-year [5]. Leadership Changes - Xie Yingqiu held 18.553 million shares, accounting for 5.58% of the total share capital, and served as a director and vice president, contributing significantly to the company's strategic planning and development since its inception [4]. - Following Xie's death, the board of directors will reduce to 8 members, which remains compliant with the minimum requirements set by the Company Law of the People's Republic of China [4]. Current Operations - The company's production and operational activities are reported to be normal, with the board and management team committed to maintaining steady development [5].