A composite material as a sheet material is described, being relatively cheap, most useful as a raw material of a sanitary product or the like, such as underwear, dust-proof mask or dispensable paper diaper, etc., and good in processability, stretchability, gas-permeability, softness, and touch. The composite material is formed by laminating a stretchable layer and a conjugate spunbonded nonwoven fabric including conjugate fibers including a low-melting-point component and a high-melting-point component. The conjugate fibers are partially bonded to each other by thermocompression, wherein each bonded portion has fine folded structures including alternate hill and valley regions in the CD, and the distance between neighboring hills is 100-400 µm in average. The conjugate spunbonded nonwoven fabric exhibits stretchability through the spread of the fine folded structures, and has, at 5% elongation, a CD-strength of 0.1 N/5 cm or less and an MD/CD strength ratio of 200 or more.