Analysis of Driving Factors and Sustainability of Strong Performance of Yanjiang Co., Ltd. (300658)

This analysis is based on information released by tushare_strong_pool [0] on November 17, 2025, where Yanjiang Co., Ltd. (300658) entered the strong stock pool. The recent strong performance of this stock is driven by core factors including high performance growth, overseas business expansion, catalysis from the Cross-Strait concept, and accelerated globalization of the non-woven fabric industry [0]. Technically, main funds had a net inflow of 32.9383 million yuan [4], the turnover rate reached 17.90% [0], and market attention increased significantly.

Yanjiang Co., Ltd. was established on April 3, 2000, and listed on the ChiNext board on June 2, 2017. Its main business is the R&D, production, and sales of surface materials for disposable sanitary products, and it is a leading domestic non-woven fabric material manufacturer [0].

1. Performance Growth
   : In the first three quarters, revenue was 1.295 billion yuan and net profit attributable to parent company was 42.5 million yuan, increasing by 22.99% and 27.95% year-on-year respectively [0]; revenue from hot-air non-woven fabrics increased by more than 50%, becoming the core growth driver [0].
2. Overseas Expansion
   : The capacity utilization rate of the Egyptian subsidiary has increased, and the growth rate of overseas revenue is higher than that of the domestic market [0]; Zhongtai Securities pointed out that the globalization of domestic personal care manufacturing accelerated in Q3 2025 [3][6], and the company’s overseas order volume has been initially verified [0].
3. Concept Catalysis
   : Added the Cross-Strait concept; its office address is in Xiamen, benefiting from regional policy expectations [0][5].
4. Capital Attention
   : Main funds net bought 32.9383 million yuan [4]; 7 funds under Caitong Fund are heavily holding [2]; the turnover rate reached 17.90%, and the market trading is active [0].

1. Cross-Domain Synergy
   : Performance growth, overseas expansion, and concept catalysis form a synergistic effect, jointly driving the stock price up [0].
2. Industry Trend
   : The non-woven fabric industry has obvious trends of domestic substitution and globalization; as a leading supplier (with stable cooperation relationships for more than 10 years [0]), the company is expected to continue to benefit.
3. Regional Policy Dividend
   : The Cross-Strait concept brings additional valuation improvement space for the company [5].

1. Market Volatility
   : High turnover rate (17.90% [0]) may intensify short-term stock price volatility [7];
2. Overseas Competition
   : Increased competition in overseas markets may affect the gross profit margin of the company’s overseas business [3].

1. Industry Dividend
   : Continue to benefit from the globalization trend of the non-woven fabric industry [3][6];
2. Policy Expectation
   : The Cross-Strait concept brings policy dividend expectations [5];
3. Performance Potential
   : The high growth of the hot-air non-woven fabric business is expected to continue to drive performance improvement [0].

The recent strong performance of Yanjiang Co., Ltd. is driven by multiple factors, including performance growth, overseas expansion, concept catalysis, and capital attention. The company has core competitiveness in the non-woven fabric industry, and overseas business and concept catalysis provide additional impetus for future development. Investors need to pay attention to the short-term volatility risk caused by high turnover rate, while seizing the long-term opportunities brought by industry globalization and policy dividends.