分业务看，卷材业务主要贡献利润增量，制品业务主要贡献营收增量。1）卷材：25H1 营收3.9 亿元 （同比+18.9%），毛利率25.8%（同比+4.5pct），尽管25Q2 受美国关税影响，高端可冲散材料订单短 期承压，但公司迅速调整营销策略，从依赖美标单品转向多品类、多区域发展，迅速布局欧洲、南美、 澳新、东南亚及国内市场，最终成效显著，实现产品结构、客户质量向高附加值优化。2）制品：25H1 营收9.3 亿元（同比+39.4%），毛利率11.7%（同比+0.3pct），分拆看，制品代工营收9.1 亿元（同比 +38.8%），其中杭州国光8.45 亿元（同比+37.5%），旗下马来西亚工厂已于6 月底正式运营；自有品 牌小植家营收0.21 亿元（同比+70%），虽基数较小，但增长迅猛，是未来发力重点。 公司是全球高端差异化水刺非织造材料引领者，二十余年深厚积淀终迎强β共振，下游个护家清（基本 盘）与口含烟（新烟草）双爆发黄金窗口，维持"买入"评级。维持盈利预测，预计25-27 年归母净利润 1.3/1.6/1.9 亿元，CAGR 高达+26%，对应PE 为29/24/20倍，期待口含烟布、自有品牌业务有突 ...

上 市 公 司 纺织服饰 2025 年 08 月 27 日 诺邦股份 (603238) ——25H1 利润同比高增长 48%，盈利双击式弹性巨大 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 26 日 | | --- | --- | | 收盘价（元） | 21.42 | | 一年内最高/最低（元） | 21.70/8.77 | | 市净率 | 2.7 | | 股息率%（分红/股价） | 1.40 | | 流通 A 股市值（百万元） | 3,802 | | 上证指数/深证成指 | 3,868.38/12,473.17 | 注："股息率"以最近一年已公布分红计算 | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 7.96 | | 资产负债率% | 44.11 | | 总股本/流通 A 股（百万） | 178/178 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-26 09-26 10-26 11-26 12-26 01-26 02-26 03-26 04-26 05-2 ...

Group 1 - The stock price of Xinlong Holdings closed at 4.82 yuan on July 31, down 2.03% from the previous trading day [1] - The trading volume on that day was 227,573 hands, with a transaction amount of 111 million yuan [1] - Xinlong Holdings is primarily engaged in the research, production, and sales of non-woven materials and their deep-processing products, which are widely used in medical, hygiene, construction, and automotive sectors [1] Group 2 - A temporary shareholders' meeting held on July 31 approved the board of directors' re-election proposal, resulting in a new board consisting of 7 directors [1] - Dai Xiao was elected as the employee representative director; he currently serves as the company's financial director and vice president, possessing years of financial management experience [1] Group 3 - On July 31, the main funds of Xinlong Holdings experienced a net outflow of 16.6158 million yuan [1] - In the first quarter of 2025, the company achieved an operating income of 99.47 million yuan, with a net profit attributable to shareholders of -0.94 million yuan [1]

Core Viewpoint - Nobon Co., Ltd. experienced a stock price decline of 1.65% on July 29, closing at 19.13 yuan, amidst a volatile trading session influenced by new government policies aimed at boosting the maternal and infant market [1] Company Summary - Nobon Co., Ltd. specializes in the research, production, and sales of water-jet non-woven materials and products, which are widely used in beauty care and medical health sectors [1] - The company is part of the infant and child concept stocks, focusing on supplying raw materials for maternal and infant products [1] Industry Summary - The recent government policy introduced a subsidy of 3,600 yuan per year for each child under three years old, effective from 2025, which is expected to expand the maternal and infant consumption market [1] - The maternal and infant sector saw increased market activity, with several stocks in the sector experiencing notable movements on the same day [1] Market Activity - On July 29, Nobon Co., Ltd. recorded a trading volume of 212,100 shares and a transaction amount of 432 million yuan [1] - The stock exhibited a wide trading range, with a high of 21.40 yuan and a low of 18.88 yuan, resulting in a volatility of 12.96% [1] - Despite the active trading, there was a net outflow of 38.01 million yuan from the main funds for Nobon Co., Ltd. on that day [1]

Summary of Nobon Co., Ltd. Conference Call Company Overview - Nobon Co., Ltd. specializes in differentiated water-jet non-woven materials and products, established in 2002. The main business segments include water-jet non-woven materials, non-woven products, and proprietary brands. The company aims for significant growth in its proprietary brand "Xiaozhijia" from 15 million in 2023 to 60 million in 2025 [2][3][7]. Business Segments - **Conventional Materials**: Accounts for 30% of the business but is not profitable [2][4]. - **Differentiated Custom Materials**: Represents 35% of the business with varying gross margins [2][5]. - **Manufacturable Carbon Fiber Materials**: Also 35% of the business, recognized as a global leader and certified by the highest U.S. production standards [2][5]. Outsourcing and Brand Development - The outsourcing business, managed by a subsidiary of Guoguang Electric, is projected to generate approximately 1.4 billion in sales for 2024, with clients including Walmart and Sam's Club [2][6]. - The proprietary brand "Xiaozhijia" is expected to grow significantly, focusing on online and offline channels to transition towards a consumer-oriented model [2][7][19]. Future Focus and R&D - Nobon plans to concentrate on water-based non-woven materials, particularly manufacturable carbon fiber materials, and aims to launch a biodegradable material production line, targeting a 50% share [2][8][9]. - The company is committed to expanding its outsourcing business and enhancing operational quality to improve profit margins [2][9]. Industry Dynamics - The non-woven fabric industry has experienced overcapacity post-pandemic, with a projected balance of supply and demand by the end of 2024, although profit margins have decreased compared to pre-pandemic levels [2][10][11]. - The water-jet non-woven fabric capacity is estimated at 6 to 7 million tons, with water-jet accounting for about 20% of this capacity, which has more than doubled since before the pandemic [11]. Competitive Advantages - Nobon holds a competitive edge in the non-woven materials sector through technological and product differentiation, with a focus on quality and performance [4][13]. - The company invented the dispersible technology in 2013, which is now commercially applied exclusively by Nobon in China, despite several companies claiming similar capabilities [14]. Financial Performance - Nobon reported a turning point in profitability in Q3 2024, with increased orders and a full production capacity leading to better performance compared to the first half of the year [12]. - The company’s overall export ratio has decreased, with domestic outsourcing growth outpacing international sales [18]. Product Development and Market Trends - Nobon is developing a new dispersible sanitary napkin product, which has undergone multiple iterations to improve user experience and functionality [20][21]. - The company is also exploring the oral care market with promising developments in the smokeless tobacco segment, which is expected to contribute significantly to profits [23]. Consumer Insights - Nobon's disposable hygiene products, such as wet wipes and cotton soft towels, are gaining popularity due to their convenience and comfort, which aligns with consumer demand for high-quality living standards [15]. Conclusion - Nobon Co., Ltd. is strategically positioned in the non-woven materials industry with a focus on innovation, quality, and market expansion. The company is navigating post-pandemic challenges while aiming for sustainable growth through differentiated products and enhanced operational efficiency [2][10][12].