Core Viewpoint - Yanjiang Co., Ltd. reported a strong performance in the third quarter, with significant year-on-year growth in both revenue and net profit [1] Financial Performance - The company's revenue for the first three quarters reached 1.295 billion yuan, representing a year-on-year increase of 22.99% [1] - The net profit attributable to shareholders was 42.5 million yuan, showing a year-on-year growth of 27.95% [1] - The net profit after deducting non-recurring gains and losses was 29.1488 million yuan, reflecting a year-on-year increase of 6.95% [1]

Core Viewpoint - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, indicating strong financial performance and growth potential [1] Financial Performance - The company's operating revenue for the first three quarters reached 1.295 billion yuan, representing a year-on-year growth of 22.99% [1] - The net profit attributable to shareholders of the listed company was 42.5018 million yuan, showing a year-on-year increase of 27.95% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 29.1488 million yuan, with a year-on-year growth of 6.95% [1] - The basic earnings per share were reported at 0.1277 yuan [1]

厦门延江新材料股份有限公司 第四届董事会第十次会议决议的公告 证券代码：300658 证券简称：延江股份 公告编号：2025-047 厦门延江新材料股份有限公司 第四届董事会第十次会议决议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 厦门延江新材料股份有限公司（以下简称"公司"）第四届董事会第十次会议 于 2025 年 10 月 22 日在公司会议室召开，会议由董事长谢继华召集并主持。本 次会议通知于 2025 年 10 月 17 日以书面和电子邮件等方式送达各位董事。本次 会议应出席董事 9 名，实际出席 9 名。会议采用现场表决与通讯表决相结合的方 式进行。会议的召开符合《中华人民共和国公司法》及公司章程的规定。公司高 管列席了会议。 二、董事会会议审议情况 1、审议通过《关于公司<2025 年第三季度报告>的议案》 经表决，9 票同意，0 票反对，0 票弃权。 具体内容详见同日公司于中国证券监督管理委员会创业板指定信息披露网 站巨潮资讯网（http://www.cninfo.com.cn）上发布的厦门延江新材料股份有限公 ...

Revenue and Profit - Revenue for Q3 2025 reached ¥451,887,381.43, an increase of 16.60% year-over-year, and year-to-date revenue totaled ¥1,295,107,617.96, up 22.99% compared to the same period last year[5] - Net profit attributable to shareholders was ¥16,662,633.97, a significant increase of 209.10% year-over-year, with year-to-date net profit at ¥42,501,824.73, up 27.95%[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥13,259,889.42, a remarkable increase of 670.89% year-over-year[5] - The company reported a significant increase in operating profit of 34.78%, reaching ¥47,870,947.20, driven by increased sales and gross profit[9] - Total profit for the period was ¥52,969,176.17, reflecting a 44.33% increase year-over-year due to higher sales and gross profit[9] - The total profit for the current period is ¥52,969,176.17, an increase from ¥36,700,155.65 in the previous period, representing a growth of approximately 44.4%[25] - The net profit attributable to the parent company's shareholders is ¥42,501,824.73, up from ¥33,217,460.29, reflecting a year-over-year increase of about 28.5%[25] Cash Flow and Management - Operating cash flow net amount for the year-to-date period was ¥184,515,435.71, reflecting a substantial increase of 896.23%[5] - Operating cash flow increased significantly by 896.23% to ¥184,515,435.71, driven by higher sales receipts[11] - The net increase in cash and cash equivalents was ¥32,099,901.71, a turnaround from a negative cash flow of ¥79,582,500.21 in the previous period[11] - The ending balance of cash and cash equivalents rose by 37.98% to ¥216,593,418.67, reflecting improved cash management[11] - The operating cash flow for the current period is ¥184,515,435.71, significantly higher than ¥18,521,380.10 in the previous period, indicating a substantial improvement in cash generation[26] - The cash and cash equivalents at the end of the period amount to ¥216,593,418.67, an increase from ¥156,977,412.23 at the end of the previous period[27] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,786,118,249.01, a 1.94% increase from the end of the previous year[5] - The company's equity attributable to shareholders increased to ¥1,342,649,001.58, up 1.44% from the previous year-end[5] - Current assets reached CNY 1,245,228,525.96, up from CNY 915,352,636.10 at the start of the period, representing a growth of approximately 36%[21] - The company's total liabilities were CNY 1,414,580,594.02, compared to CNY 1,377,785,010.46 at the beginning of the period, showing an increase of about 2.5%[22] - Long-term borrowings rose to CNY 468,717,264.49 from CNY 350,493,740.05, reflecting an increase of about 33.7%[22] Earnings Per Share and Dividends - Basic and diluted earnings per share for Q3 2025 were both ¥0.0501, representing a 209.10% increase year-over-year[5] - Basic and diluted earnings per share for the current period are both ¥0.1277, compared to ¥0.0998 in the previous period, reflecting an increase of about 28.0%[25] - Cash dividends of CNY 0.3 per 10 shares will be distributed, totaling an estimated cash dividend payout of CNY 9,840,189.15[19] Non-Operating Income and Other Income - The company recognized litigation compensation income of ¥6,325,952.36, marking a 133.84% increase in non-operating income compared to the previous period[9] - Cash received from tax refunds decreased by 33.22% to ¥17,860,140.13 due to reduced export tax rebates[11] - Cash inflow from investment activities dropped by 74.57% to ¥59,194,460.73, primarily due to a decrease in recovered investment amounts[11] - Cash outflow for the purchase of fixed assets decreased by 65.51% to ¥50,384,539.84, indicating reduced capital expenditures[11] Comprehensive Income - The total comprehensive income for the current period is ¥39,888,630.20, up from ¥31,390,361.17, representing an increase of approximately 27.1%[25] Audit Status - The company has not undergone an audit for the third quarter financial report[28]

Market Overview - The personal care products sector experienced a decline of 0.63% on October 22, with Baiya Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Stock Performance - Key stocks in the personal care sector showed varied performance, with Jieya Co., Ltd. increasing by 4.97% to a closing price of 36.95 [1] - Baiya Co., Ltd. closed at 22.60, down 1.95%, with a trading volume of 76,400 shares and a transaction value of 173 million yuan [2] - Other notable declines included Duncon Oral Care down 1.36% and Stable Medical down 0.86% [2] Capital Flow - The personal care products sector saw a net outflow of 26.09 million yuan from institutional investors, while retail investors had a net inflow of 21.82 million yuan [2] - The capital flow data indicates that retail investors were more active in the market compared to institutional investors [3] Individual Stock Capital Flow - For individual stocks, the net inflow for Jieya Co., Ltd. was 8.44 million yuan from institutional investors, while it faced a net outflow of 20.48 million yuan from retail investors [3] - Duncon Oral Care had a net inflow of 1.64 million yuan from institutional investors, but also saw outflows from retail investors [3]

Overview - The non-woven fabric industry in China is experiencing a recovery, with production expected to reach 8.56 million tons in 2024, a year-on-year increase of 5.1%, marking the largest growth since 2020 [9][25] - The industry is seeing a shift towards high-end and sustainable materials, with the penetration rates of viscose, cotton, and blended materials increasing significantly [30][32] - The industry’s prosperity index has improved from 57.3 at the end of 2022 to 68.4 in the first eleven months of 2024, indicating a positive trend in revenue and profit growth for major companies [9][34] Product Segmentation - The main production processes for non-woven fabrics in 2024 are spunbond (45.3%), needle-punched (21.6%), and spunlace (19.4%), which together account for 86% of the market [26][28] - Spunlace non-woven fabrics are expected to grow by 8.1% year-on-year in 2024, primarily used for wet wipes and toilet paper, while thermal bonded non-woven fabrics are projected to grow by 7.9% [9][28] Market Dynamics - The domestic market is the core consumption area, with a projected increase in domestic sales of non-woven fabrics by 3% in 2024, surpassing 7.14 million tons [52] - Exports are expected to outperform domestic sales, driven by the recovery of the disposable cleaning products market and increasing demand from Southeast Asia [52] Competitive Landscape - The industry is characterized by low concentration, with over 85% of companies being small to medium-sized enterprises, while major players like Nobon, Yanjing, and Jinchun hold less than 1% market share each [10][41] - The competition is intensifying, particularly in the high-end product segments, as consumer demand shifts towards higher quality and sustainable options [41][44] Policy and Brand Strategies - Recent policies in the UK and EU are pushing for a transition to plastic-free products, which may benefit companies capable of producing compliant materials [12] - Major brands are adopting procurement strategies that favor suppliers with strong capabilities in non-plastic materials, enhancing China's competitive edge in the Asia-Pacific and emerging markets [12][51]

Market Overview - The personal care products sector experienced a decline of 0.29% on October 20, with Dengkang Oral Care leading the drop [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Stock Performance - Key stocks in the personal care sector showed varied performance, with Jeya Co. rising by 3.83% to a closing price of 34.72, and Dengkang Oral Care falling by 3.21% to 39.56 [1][2] - Other notable performers included Runben Co. with a 2.97% increase and Liangmian Needle with a 2.87% increase [1][2] Trading Volume and Value - Jeya Co. had a trading volume of 31,000 shares and a transaction value of 108 million yuan, while Dengkang Oral Care had a trading volume of 25,900 shares and a transaction value of 104 million yuan [1][2] Capital Flow - The personal care products sector saw a net inflow of 24.78 million yuan from institutional investors, while retail investors experienced a net outflow of 11.31 million yuan [2][3] - Major stocks like Liangmian Needle had a net inflow of 16.20 million yuan from institutional investors, while Dengkang Oral Care had a net inflow of 4.53 million yuan [3]

Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Views - The report emphasizes the importance of valuation switching logic in the new consumption sector, highlighting stable operational performance in the sports brand sector for Q3 [6][4] - It suggests a focus on high-growth tracks in new consumption and the valuation switching logic within the sector, particularly in the collectible toy segment [6][4] - The report identifies several companies with strong growth potential and suggests monitoring their performance closely [6][4] Summary by Sections Industry Overview - The industry consists of 175 listed companies with a total market value of 10,672.79 billion and a circulating market value of 8,623.31 billion [2] Market Performance - The Shanghai Composite Index decreased by 1.47%, while the Shenzhen Component Index fell by 4.99% during the week of October 13-17, 2025 [6][11] - The light industry manufacturing index dropped by 2.22%, ranking 13th among 28 Shenwan industries, while the textile and apparel index decreased by 0.31%, ranking 5th [6][11] Key Company Insights - Companies such as Bubble Mart are expected to release Q3 operational data, with new product launches anticipated to drive performance in Q4 [6] - 361 Degrees reported a stable performance with a 10% increase in offline and children's clothing sales, and a 20% increase in e-commerce sales [6] - Anta Sports, Li Ning, and other functional apparel brands are highlighted for their growth potential [6] Investment Opportunities - The report suggests focusing on the acceleration of the Chinese consumption supply chain going overseas, particularly in non-woven fabric manufacturing [6][7] - Companies like Yanjiang Co. are recommended for their advanced production techniques and global supply chain capabilities [7] - The pet supplies sector is also highlighted, with companies like Yuanfei Pet expected to benefit from growth in both OEM and OBM businesses [6][7] Sector Recommendations - The report recommends monitoring companies in the home furnishing sector, such as Xilinmen and Gujia Home, for potential recovery in performance and valuation [6] - In the paper industry, Sun Paper is recommended due to its integrated advantages and expected improvement in profitability [6][7] - The textile manufacturing sector suggests a focus on companies like Jingyuan International for their market share growth potential [6][7]

Market Overview - The personal care products sector experienced a decline of 1.51% on October 17, with Baiya Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Stock Performance - Notable stock performances included: - Dengkang Oral Care (001328) closed at 40.87, up 1.67% with a trading volume of 24,700 shares and a turnover of 101 million yuan [1] - Yanjing Co., Ltd. (300658) closed at 8.18, up 1.36% with a trading volume of 161,700 shares and a turnover of 132 million yuan [1] - Beijia Clean (603059) closed at 34.10, up 1.25% with a trading volume of 32,100 shares and a turnover of 109 million yuan [1] - However, major declines were seen in companies like Huayue Nursing (605009), which closed at 33.18, down 1.83% [2] Capital Flow Analysis - The personal care products sector saw a net outflow of 15.88 million yuan from institutional investors and 61.87 million yuan from retail investors, while individual investors contributed a net inflow of 77.74 million yuan [2] - Detailed capital flow for specific stocks showed: - Runben Co., Ltd. (603193) had a net inflow of 8.22 million yuan from institutional investors but a net outflow of 9.27 million yuan from retail investors [3] - Beijia Clean (603059) experienced a net inflow of 4.71 million yuan from institutional investors but a net outflow of 8.99 million yuan from retail investors [3] - Major outflows were noted for Juyuan Co., Ltd. (003006), with a net outflow of 2.70 million yuan from institutional investors [3]

Group 1: Market Performance - The Shanghai Composite Index increased by 0.37%, while the Shenzhen Component Index decreased by 1.26% during the period from October 6 to October 10, 2025 [1] - The light industry manufacturing index rose by 0.71%, ranking 10th among 28 Shenwan industries, while the textile and apparel index increased by 1.6%, ranking 7th [1] - Sub-sectors within the light industry manufacturing index showed varying performance: paper (1.2%), packaging and printing (0.78%), household goods (0.58%), and entertainment products (0.13%) [1] - In the textile and apparel index, sub-sectors performed as follows: textile manufacturing (3.04%), apparel and home textiles (1.08%), and accessories (0.84%) [1] Group 2: Investment Opportunities in Consumer Supply Chain - The global upgrade of disposable sanitary materials is shifting from "internal competition" to "external competition," with a focus on non-woven fabric manufacturing going overseas, particularly for companies like Yanjiang Co., Ltd. [2] - The trend of using high-weight hot air non-woven fabric as a replacement for spunbond in overseas disposable sanitary products is gaining traction, with brands like Millie Moon increasing their market share in North America [2] - Yanjiang Co., Ltd. possesses advanced hot air production technology and has completed a global supply chain layout, making it a key player in the upgrading trend of overseas sanitary products [2] Group 3: Packaging and New Consumption Trends - The packaging sector is experiencing a demand surge and high barriers to entry for overseas manufacturers, presenting opportunities for companies like Meiyingsen and Yutong Technology [3] - The new consumption trend is highlighted by the launch of the Halloween-themed series by Pop Mart, indicating a growing interest in collectible toys [4] - The "emotional consumption" trend is driving group demand resonance, leading to significant growth opportunities in the trendy toy sector [4] Group 4: Pet Products and Brand Apparel - In the pet products sector, Yuanfei Pet is recommended due to its strong growth potential in both OEM and OBM businesses, particularly in Southeast Asia [5] - The brand apparel sector is seeing growth through innovative products, with companies like Mercury Home Textiles focusing on health sleep solutions to attract younger consumers [5] - Companies such as Anta Sports, Li Ning, and Bosideng are highlighted for their functional apparel offerings, while home textile leaders like Luolai Home Textiles and Fuanna are also recommended [5] Group 5: Textile Manufacturing and Home Furnishing - Crystal International is recommended for its ability to increase market share and profitability through customer structure optimization [6] - The soft furnishings sector is benefiting from inventory updates and government subsidies, with companies like Xilinmen and Gujia Home being highlighted for their low valuations [6] - The smart home sector is also gaining attention, with companies like Bull Group and Good Helper being recommended for their growth potential [6] Group 6: Paper and Nylon Industry Opportunities - The paper industry is seeing a focus on companies like Sun Paper, which is benefiting from integrated advantages in cultural paper and pulp production [7] - The nylon sector is experiencing price fluctuations, but demand from the sportswear segment remains strong, indicating potential recovery in profitability [7]