杭州诺邦无纺股份有限公司2025 年半年度报告 公司代码：603238 公司简称：诺邦股份 杭州诺邦无纺股份有限公司 杭州诺邦无纺股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人任建华、主管会计工作负责人张长春及会计机构负责人（会计主管人员）张长 春声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 □适用 √不适用 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中详细阐述存在的行业风险、市场风险等，敬请查阅管理层讨论与分析中关 于公司未来发展可能面临的风险因素及对策部分内容。 十一、 其 ...

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]

Investment Rating - The report gives a "Buy" rating for the company with a target price of 20.90 CNY, corresponding to a PE ratio of approximately 33 times for 2025 [4][14][6]. Core Viewpoints - The company is a leading player in the domestic water-jet non-woven fabric industry, demonstrating a long-term commitment to craftsmanship. The penetration rate of water-jet non-woven fabrics is on the rise, with diverse downstream applications such as wet wipes and oral nicotine pouches showing rapid growth [12][51][67]. - The company's three main business segments—roll materials, products, and proprietary brands—are developing synergistically, with strong performance in 2024 and Q1 2025. The roll material segment is expanding its capacity for differentiated and flushable materials, while the product segment, led by Guoguang, is gradually entering high-margin clients [4][12][33]. Company Overview - Founded in 2002, the company specializes in the R&D, production, and sales of differentiated and personalized water-jet non-woven materials and products. Its products are primarily used in beauty care, industrial materials, household cleaning, and medical materials [22][23]. - The company achieved a revenue of 2.24 billion CNY in 2024, representing a year-on-year growth of 16.8%, and a net profit attributable to shareholders of 95.23 million CNY, up 15.2% year-on-year. In Q1 2025, revenue and net profit grew by 39.1% and 48.6% respectively [1][4][23]. Industry Situation - The water-jet non-woven fabric market is characterized by high demand due to its breathable, soft, lightweight, and antibacterial properties, making it suitable for disposable consumer products and beauty care markets. The production of water-jet non-woven fabrics reached 151,000 tons in 2023, with a compound annual growth rate (CAGR) of 18.6% from 2018 to 2023 [2][55]. - The Chinese wet wipes market is projected to reach 12.92 billion CNY in 2024, with a CAGR of 5.0% from 2024 to 2029, indicating significant growth potential in this segment [2][68]. Business Highlights - The roll material segment has advanced production lines and strong technical innovation capabilities, with the company being the only one in China capable of mass-producing flushable materials for the U.S. market. The company is increasing the proportion of differentiated and flushable materials in its production [3][12]. - The product segment, primarily through its subsidiary Guoguang, has a comprehensive product line for wet wipes, achieving a revenue growth of 26.6% in 2024 and over 40% in Q1 2025. Guoguang is expanding its partnerships with major retailers and acquiring new clients [3][12]. - The proprietary brand "Xiaozhijia" is rapidly growing, with a revenue increase of 80.6% year-on-year in 2024, supported by the company's technical strength [3][12]. Profit Forecast and Valuation - The company is expected to achieve revenues of 2.62 billion CNY, 3.10 billion CNY, and 3.60 billion CNY in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 17.31%, 18.09%, and 16.25%. Net profits are projected to be 112 million CNY, 136 million CNY, and 163 million CNY for the same years, with growth rates of 17.61%, 21.35%, and 19.80% respectively [4][14][5].