Group 1 - The core point of the announcement is that Yanjiang Co., Ltd. plans to acquire control of Ningbo Yongqiang Technology Co., Ltd. through a combination of issuing shares and cash payment, which may constitute a significant asset restructuring [2][4] - The trading suspension for Yanjiang Co., Ltd. will begin on January 5, 2026, and the transaction plan is expected to be disclosed within 10 trading days [2] - The preliminary agreement was signed on December 31, 2025, between Yanjiang Co., Ltd. and the actual controller of Yongqiang Technology, Jiangqi He, along with other parties [4] Group 2 - Yongqiang Technology, established on December 18, 2019, focuses on the research, production, and sales of electronic materials, semiconductor materials, and microwave RF devices, with core products including IC substrates and high-end display substrates [4] - The main applications of Yongqiang Technology's products are in 5G/6G communications, AI, and data centers, with its high-frequency and high-speed copper-clad laminate products achieving international leading performance [4] - Yanjiang Co., Ltd. specializes in the research, production, and sales of disposable material products, with major products including PE perforated film and various types of non-woven fabrics [4] - In the first three quarters of 2025, Yanjiang Co., Ltd. achieved revenue of 1.295 billion yuan, a year-on-year increase of 22.99%, and a net profit attributable to shareholders of 42.5018 million yuan, a year-on-year increase of 27.95% [4]

编辑：徐世明 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 直击海南自贸港全岛封关："二线口岸"货物顺畅通关 12月18日，海南自由贸易港正式启动全岛封关。当日，澄迈县在马村港区二线公共集中查验场地举行首 批通关货物发车仪式，3票货物顺利完成出岛全流程通关，标志着澄迈县落实自贸港"二线管住"要求取 得阶段性成效，封关首日各项工作平稳落地。 发车仪式后，海南经纬乳胶丝有限责任公司价值63.3万元的天然乳胶丝、海南欣龙无纺有限公司一批水 刺无纺布、海南远丰食品有限公司价值1.05万元的15件咖啡豆等3票货物，在多部门协同保障下，依次 完成了进卡口、查验、货物登船离岛的全流程通关环节。(陈英清 制作 乐小敏 视频来源 澄迈县融媒体 中心) 来源：中国新闻网 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 ...

Core Viewpoint - The company, Wellbeing Medical (300888.SZ), announced a significant investment of 2 billion yuan to establish a production base for cotton-based non-woven fabric products, indicating a strategic expansion in its manufacturing capabilities [1] Group 1: Investment Details - The investment will be made by the company's wholly-owned subsidiary, Shenzhen Cotton Era Technology Co., Ltd. [1] - The project will cover an area of approximately 1,000 acres and is planned to produce 20,000 tons of water-jet non-woven fabric and water-jet cotton annually [1] Group 2: Project Timeline - The construction of the project will be carried out in two phases, with the first phase expected to commence production by September 2028 [1] - The second phase is scheduled to begin production in 2033 [1]

Core Viewpoint - The company, Steady Medical (300888.SZ), is enhancing its core brand "Purcotton" by investing in a new production base for cotton non-woven fabric to strengthen its supply chain and product competitiveness [1] Group 1: Investment and Development Strategy - The company aims to build a production base for cotton non-woven fabric, focusing on high-quality and large-scale production [1] - The project will involve an investment of approximately 2 billion yuan, with a planned annual production capacity of 20,000 tons of water-jet non-woven fabric and cotton products [1] - The construction will cover an area of about 1,000 acres, ensuring a controlled and stable supply chain [1] Group 2: Brand and Product Strategy - "Purcotton" has consistently selected high-quality cotton as its core raw material, establishing a differentiated brand advantage based on medical-grade quality [1] - The initiative aligns with the company's long-term development strategy of "product leadership, excellent operations, and global vision" [1] - The project aims to enrich the product matrix of cotton products, enhancing the brand's competitiveness in the cotton consumer goods sector [1]

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]

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]

Group 1 - The core viewpoint of the report is that Nobon Co., Ltd. (603238.SH) is rated as a "buy" due to its differentiated position as a water-jet non-woven fabric supplier and its steadily recovering profitability [2] - The non-woven fabric industry is experiencing a supply-demand rebalancing, leading to high prosperity in the water-jet non-woven fabric segment [2] - The company is focusing on a full-chain growth engine by simultaneously advancing its roll materials, products, and brand development [2]

Group 1 - The core viewpoint of the report is that Nobon Co., Ltd. is positioned as a leading differentiated supplier of water-jet non-woven fabrics, with a comprehensive growth strategy across materials, products, and branding, leading to a "buy" rating [1][5]. - Nobon has been focusing on the water-jet non-woven fabric sector since its establishment in 2002, holding over a hundred domestic and international patents, and offering a wide range of products across various fields including beauty materials, household cleaning, industrial materials, and medical materials [2][3]. - The company is projected to achieve a revenue of 2.24 billion yuan in 2024, with a CAGR of 15.3% from 2019 to 2024, indicating steady revenue growth [2]. Group 2 - The non-woven fabric industry in China is expected to see a supply-demand rebalancing in 2024, driven by capacity reduction and increased consumer hygiene awareness, which will lead to a recovery in profitability [3]. - The production of water-jet non-woven fabrics in China increased from 640,000 tons in 2015 to 1.51 million tons in 2023, with its share of the total non-woven fabric market rising from 13.2% to 18.5% during the same period [3]. - Nobon is leveraging its advanced production processes and R&D capabilities to maintain its leading position in the market, benefiting from strong demand in emerging consumer segments such as cotton soft towels and oral tobacco [3]. Group 3 - Nobon is focusing on three key areas for growth: 1) Roll materials, where technological upgrades are enhancing competitiveness and market share [4]. 2) Finished products, with a strong production capacity and quality control, particularly through its subsidiary, Hangzhou Guoguang [4]. 3) Own brand development, with the launch of the "Xiaozhijia" brand aimed at creating a second growth curve [4]. - The company expects net profits of 130 million yuan, 160 million yuan, and 190 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 28X, 23X, and 20X [5].

Core Viewpoint - The non-woven fabric industry is showing signs of recovery amidst differentiation, with companies reporting reduced losses and improved performance forecasts for the first half of 2025 [1][3]. Company Summaries - Xinlong Holdings (Group) Co., Ltd. expects a net loss of 450,000 to 900,000 yuan for the first half of 2025, but this represents a significant improvement of 92.73% to 96.36% compared to the same period last year [1][3]. - The company reported a net loss of 937,700 yuan in Q1 2025, but anticipates turning profitable in Q2 due to proactive market engagement and cost reduction efforts [3]. - Xinlong Holdings has focused on new product development and efficiency improvements, leading to a decrease in energy consumption, production costs, and operational expenses [3]. - Xinjiang Zhongtai Chemical Co., Ltd. forecasts a net loss of 180 million to 198 million yuan for the first half of 2025, with a year-on-year improvement of 18.41% to 25.82% [1][5]. - The company is working on a 140,000-ton water-jet non-woven fabric project through its subsidiary, which aims to enhance the local conversion of viscose fibers [3][5]. Industry Overview - From January to May 2023, the revenue and total profit of China's non-woven fabric enterprises increased by 3.4% and 17.7% year-on-year, respectively, with an operating profit margin of 2.9%, up by 0.3 percentage points [5]. - The export volume of non-woven fabrics reached 679,000 tons during the same period, reflecting a year-on-year growth of 13% [5]. - The industry is witnessing a recovery trajectory, with companies like Jinchun Co., Ltd. reporting a profit of 3.4933 million yuan in Q1 2023, benefiting from increased demand in the baby and personal care product segments [7].

Core Insights - The report highlights Nobon Co., Ltd. (603238) as a leader in the high-end differentiated water-jet non-woven fabric industry, benefiting from the expanding and upgrading demand in the personal care and household cleaning market in China, alongside a booming new downstream market for oral tobacco products [3][9] Company Overview - Nobon has over 20 years of experience in the water-jet non-woven fabric sector, establishing a comprehensive platform that includes raw materials, products, and branding. The company has innovated with products like the "Sanlyzox" fully biodegradable water-jet materials and "no-scrap" wood core spun materials, creating significant technical barriers [9] - The company acquired a 51% stake in Hangzhou Guoguang, a well-known wet wipes manufacturer, in 2017, enhancing its production capabilities with a 5,000 square meter R&D space and a digitalized smart manufacturing workshop [9] - In 2023, the brand "Xiaozhijia" was positioned for growth, achieving an 81% year-on-year revenue increase in 2024 without prior promotional investment, indicating strong potential for future growth through collaboration with extensive supply chain and distribution networks [9] Financial Performance - Nobon is expected to see a significant rebound in profitability, with projected revenues of 2.24 billion yuan in 2024 (up 17% year-on-year) and a net profit of 95 million yuan (up 15% year-on-year). The first quarter of 2025 is anticipated to show even stronger growth, with year-on-year increases of 39% and 49% respectively [9] - The company’s top five customers contributed 850 million yuan in sales (up 67% year-on-year), with the customer concentration ratio (CR5) rising to 38.2% [9] Industry Dynamics - The non-woven fabric industry in China is experiencing a supply-demand rebalancing, with production levels declining since 2020, leading to a narrowing supply-demand gap. Key economic indicators for major enterprises in the industry are showing signs of recovery [9] - The market for oral tobacco products is in a growth phase, with significant increases in sales volumes reported by major international tobacco companies. This trend is expected to drive demand for high-end non-woven fabrics used in tobacco products, providing additional profit potential for Nobon [9] Investment Analysis - The report recommends a "Buy" rating for Nobon, projecting a compound annual growth rate (CAGR) of 26% for net profit from 2025 to 2027, with expected net profits of 130 million, 160 million, and 190 million yuan respectively. The target price-to-earnings (PE) ratios are set at 22, 18, and 15 times for the respective years [3][9] - The target market capitalization is estimated at 3.9 billion yuan, indicating a potential upside of 37% from current valuations [3][9]