Company Overview - Nobon Co., Ltd. was established in 2002, specializing in the R&D, production, and sales of differentiated and personalized water-jet non-woven materials and products [2] - The company's revenue and net profit attributable to shareholders are projected to have a CAGR of 17.7% and 2.8% respectively from 2015 to 2024 [2] - In 2024, the company is expected to achieve revenue of 2.24 billion yuan, a year-on-year increase of 16.8%, and a net profit of 95.23 million yuan, a year-on-year increase of 15.2% [2] - In Q1 2025, revenue and net profit are expected to grow by 39.1% and 48.6% year-on-year respectively [2] - The revenue share of water-jet non-woven materials and products in 2024 is projected to be 31.7% and 67.5% respectively, with year-on-year changes of -1.2% and +27.8% [2] Industry Situation - Water-jet non-woven products are widely used in high-demand disposable consumer goods markets such as wet wipes and beauty care products due to their breathable, soft, lightweight, and antibacterial properties [3] - The production of water-jet non-woven fabric reached 1.51 million tons in 2023, with a compound annual growth rate (CAGR) of 18.6% from 2018 to 2023 [3] - The penetration rate of non-woven fabric in the market has been gradually increasing, reaching 18.6% in 2023, an increase of 7.7 percentage points compared to 2018 [3] - The market size for wet wipes in China is projected to be 12.92 billion yuan in 2024, with a CAGR of 5.0% from 2024 to 2029, particularly for makeup wipes and wet toilet paper [3] Competitive Advantages - The company has a complete and advanced production line for roll materials, with outstanding technological innovation capabilities, being the only company in China capable of mass-producing dispersible materials for supply to the U.S. [4] - The company is steadily increasing the proportion of differentiated and dispersible material production, completing a technical transformation project for differentiated production lines in 2024 [4] - The subsidiary Guoguang is one of the most comprehensive manufacturers of wet wipe products in China, with a revenue growth of 26.6% in 2024 and over 40% in Q1 2025 [4] - Guoguang is deepening cooperation with major clients such as Walmart and actively exploring new customers, leading to steady growth in orders [4] - The self-owned brand "Xiaozhijia" is rapidly expanding, with a revenue increase of 80.6% year-on-year in 2024 [4]