2025年10月13日10:30 - 12:00，安徽安利材料科技股份有限公司在公司行政楼九楼会议室接待了中泰证 券蔡星荷、华夏基金何竞舟的特定对象调研，并进行了现场参观。公司董事会秘书、副总经理刘松霞及 证券事务代表陈丽婷参与接待。 此次调研中，机构与公司就多个业务领域展开交流。在具身智能领域，公司相关材料研发尚处初期，主 要与部分企业及产业链伙伴进行调研交流与初步接洽，暂未形成实质性业务订单。 谈及过往利润波动，公司表示是多重非持续性因素叠加影响，如原材料及能源价格波动、外部环境变化 等。不过近年来公司推进客户和产品转型升级，成效渐显。2025年上半年，在国内通缩压力下，销售毛 利率达26.22%，产品平均销售单价同比增长7.4%，显示出较强的议价及抗风险能力。 关于2025年上半年营收下降，公司称主要受房地产行业复苏节奏、关税政策调整及国内消费市场复苏不 均衡等因素影响。但公司持续优化业务布局与产品结构，经营向好态势不变。 功能鞋材品类方面，公司客户覆盖国际国内主流体育运动品牌。与耐克升级为战略合作伙伴后，合作项 目增多。同时积极拓展新客户，如已通过New Balance供应商认证，预计明年实现订单转化 ...

每经AI快讯，安利股份（SZ 300218，收盘价：18.27元）发布公告称，2025年10月13日，安利股份接受 中泰证券等投资者调研，公司董事会秘书、副总经理刘松霞等人参与接待，并回答了投资者提出的问 题。 2024年1至12月份，安利股份的营业收入构成为：人造革合成革占比98.35%，其他业务占比1.65%。 截至发稿，安利股份市值为40亿元。 每经头条（nbdtoutiao）——AI技术滥用调查：明星可被"一键换装"，"擦边"内容成流量密码，技术防 线为何形同虚设？ （记者 王晓波） ...

Group 1: Company Overview and Market Position - The company is actively exploring the field of embodied intelligence, with research and development in early stages and no substantial business orders yet [2] - Recent profit fluctuations are attributed to non-continuous factors such as raw material price volatility, external environmental changes, and initial depreciation costs from the construction of the Anli Industrial Park [3] - The company has seen an increase in brand clients and a rise in high-margin, high-value-added products, enhancing its core competitiveness [3] Group 2: Financial Performance - In the first half of 2025, the company's gross profit margin was 26.22%, with an average sales price increase of 7.4% year-on-year, indicating strong pricing power and improved profitability [3] - Revenue decline in the first half of 2025 was due to multiple factors, including slower-than-expected recovery in the real estate sector and uneven domestic consumption market recovery [3] Group 3: Product Categories and Client Relationships - The company has established strong partnerships with major sports brands like Nike, Adidas, and Puma, which are expected to support future performance growth [4] - The company is focusing on TPU composite materials for functional footwear, which align with current trends in sports and leisure footwear [4] - In the automotive interior segment, the company has made progress with major brands like BYD and Toyota, with expectations for further growth as demand for automotive interior materials increases [6] Group 4: Supply Chain and Digital Transformation - The company employs refined supply chain management and digital upgrades to enhance operational efficiency and meet diverse customer needs [7][8] - It has implemented a dynamic procurement plan and a competitive procurement mechanism to balance cost and reliability in raw material sourcing [7] - The company has been recognized as a national model enterprise for the integration of information technology and manufacturing, highlighting its commitment to digital transformation [8]

10月13日，安利股份盘中下跌5.49%，截至09:35，报17.72元/股，成交2898.75万元，换手率0.76%，总 市值38.45亿元。 资金流向方面，主力资金净流出383.49万元，特大单买入0.00元，占比0.00%，卖出289.89万元，占比 10.00%；大单买入599.84万元，占比20.69%，卖出693.44万元，占比23.92%。 安利股份今年以来股价涨16.93%，近5个交易日跌4.27%，近20日跌17.62%，近60日涨18.93%。 机构持仓方面，截止2025年6月30日，安利股份十大流通股东中，国泰聚信价值优势灵活配置混合A （000362）位居第三大流通股东，持股650.00万股，相比上期减少250.00万股。国泰金牛创新成长混合 （020010）位居第六大流通股东，持股260.00万股，相比上期增加8.20万股。国泰兴泽优选一年持有期 混合A（012173）位居第七大流通股东，持股250.00万股，相比上期减少57.39万股。中信保诚多策略混 合(LOF)A（165531）位居第九大流通股东，持股201.00万股，为新进股东。国泰大制造两年持有期混 合（008415）位居 ...

Core Points - Amway Co., Ltd. experienced a stock price decline of 2.04% on September 25, trading at 18.76 CNY per share with a market capitalization of 4.071 billion CNY [1] - The company has seen a year-to-date stock price increase of 23.80%, but has declined by 5.06% in the last five trading days and 26.43% over the past 20 days [2] - The main business of Amway involves the research, production, and sales of ecological functional polyurethane synthetic leather and composite materials, with 94.05% of revenue coming from ecological functional synthetic leather [2] Financial Performance - For the first half of 2025, Amway reported a revenue of 1.099 billion CNY, a year-on-year decrease of 2.40%, while net profit attributable to shareholders was 93.2516 million CNY, reflecting a growth of 0.91% [2] - The company has distributed a total of 341 million CNY in dividends since its A-share listing, with 131 million CNY distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 8.92% to 16,200, with an average of 13,353 circulating shares per person, a decrease of 8.19% [2] - Notable changes in institutional holdings include a decrease of 2.5 million shares for the third-largest shareholder and an increase of 82,000 shares for the sixth-largest shareholder [3]

Core Insights - The company, Anhui Anli Material Technology Co., Ltd., recently hosted a specific institutional research and site visit with four institutions, including Western Securities and Nomura Orient [1] Group 1: Business Overview - The company has focused on polyurethane composite materials for over 30 years, establishing a "2 + 2 + 2 + 2" product matrix, which includes consolidating its advantages in functional shoe materials and sofa home furnishings, while also expanding into automotive interiors and electronic products [2] - By the first half of 2025, functional shoe materials and sofa home furnishings are expected to account for nearly 70% of total revenue, with rapid growth in automotive interiors [2] - The company is the only qualified supplier of polyurethane synthetic leather and composite materials for Nike in mainland China, and is also advancing collaborations with Adidas [2] Group 2: Competitive Landscape - Major competitors include polyurethane synthetic leather companies from Japan, South Korea, and Taiwan, with competitive advantages in technology research and development, branding, production capacity, and environmental sustainability [3] - The company employs a comprehensive pricing model, and its production capacity utilization is influenced by various factors, with increasing domestic and international demand for eco-friendly materials [3] Group 3: Future Prospects - The company's Vietnam operations, which faced losses previously, have seen improved production and sales since 2025, with new capacity launched in August expected to drive profitability [3]

Business Overview - The company has focused on polyurethane composite materials for over 30 years, emphasizing "high performance, multifunctionality, and ecological sustainability" as its core development direction [2] - It has established a "2+2+2+2" product matrix and business structure, enabling a layered and collaborative development system [2] - The company serves global leading clients, including Nike, Adidas, and others, showcasing its capability in cross-field multi-category collaborative development [3] Revenue Composition - In the first half of 2025, the revenue composition remained stable, with functional footwear materials and sofa home furnishings accounting for nearly 70% of total revenue [3] - The automotive interior segment has seen rapid growth, while the electronic products segment remains stable, and the sports equipment segment has slightly decreased, collectively making up about 30% of revenue [3] Product Categories and Growth Potential - **Functional Footwear Materials**: This category is the company's strongest, with a broad customer base including international brands like Nike and Adidas. The company has become a strategic partner for Nike in China [5][6] - **Automotive Interiors**: The company has entered this market with products used by major brands like BYD and Toyota, showing promising growth potential [7][8] - **Electronic Products**: The company has established partnerships with brands like Apple and Samsung, with ongoing efforts to expand its market share [8] Competitive Advantages - The company holds several national recognitions, including "National Key High-tech Enterprise" and "National Technology Innovation Demonstration Enterprise," which bolster its R&D capabilities [9] - It has a strong brand presence and customer relationships across multiple industries, enhancing its market competitiveness [9] - The company operates 40 production lines, optimizing production efficiency and quality while maintaining a flexible production model [10] Environmental Commitment - The company prioritizes eco-friendly practices, developing low-carbon and biodegradable materials to meet increasing market demands for sustainable products [12] - There is a growing trend among both international and domestic clients for eco-friendly materials, indicating a sustained increase in demand [12] International Operations - The company's operations in Vietnam have shown improvement, with production capacity increasing to over 300,000 meters per month and a 66.34% year-on-year revenue growth in the first half of 2025 [13] - The company is expected to achieve profitability as production scales up and operational efficiencies improve [13]

Core Insights - Amway Co., Ltd. reported that as of September 19, 2025, the total number of shareholders is 16,196 households (including merged credit accounts) [2] Company Summary - The company has a total of 16,196 shareholders as of the specified date, indicating a stable shareholder base [2]

Group 1: Customer Cooperation and Market Outlook - The company has established strong partnerships with major international sports brands such as Nike, Adidas, Puma, and Asics, enhancing its competitive advantage in the functional footwear materials sector [2][3] - As of January 2025, the company became Nike's sole domestic supplier of polyurethane synthetic leather and composite materials in mainland China, leading to increased product development opportunities [2] - The company aims to expand its market share in domestic brands like Anta, Li Ning, and 361°, with significant growth potential in procurement shares from major brands [3] Group 2: Consumer Electronics Sector - The company has a strong foothold in the consumer electronics sector, collaborating with renowned brands like Apple and Samsung, and is actively pursuing partnerships with Lenovo, Google, and others [4] - New projects are in development to enhance application scenarios and market share, aiming for better economic returns [4] Group 3: Automotive Interior Products - The company has successfully integrated its products into various mainstream automotive brands, including BYD, Toyota, and Volkswagen, with a focus on expanding its project opportunities [5] - The average material usage per vehicle ranges from 2 to 30 meters, with some projects potentially reaching 30-40 meters [6] - The company is optimistic about future growth in the automotive interior sector, driven by the expansion of the global automotive market and increasing penetration of new energy vehicles [5] Group 4: Innovations and New Product Lines - The company is exploring developments in the field of embodied intelligence, particularly in flexible skin materials for robotics, although substantial business orders have not yet materialized [7] - Water-based and solvent-free products account for over 20% of revenue, with recognition from the Ministry of Industry and Information Technology for advanced applicable technologies [8] Group 5: Financial Strategies and Performance - The company employs a neutral foreign exchange management strategy to mitigate financial risks associated with currency fluctuations [9] - Recent improvements in gross profit margins are attributed to an increase in high-margin projects and enhanced internal management practices [10] Group 6: International Operations - Amway Vietnam has seen a sales revenue increase of 66.34% year-on-year, with production capacity rising to over 300,000 meters per month, although it still faces operational losses [12] - The establishment of a wholly-owned subsidiary in Singapore aims to streamline trade processes and enhance overseas market development [12]

Core Viewpoint - The company has established a strong presence in the consumer electronics sector, leveraging early entry and quality customer resources to gain a competitive advantage [1] Group 1 - The company's products in the consumer electronics field are primarily used in keyboards, headsets, mobile phone bodies, and protective cases for phones and tablets [1] - The company has accumulated quality customer resources in the consumer electronics sector, which has contributed to its first-mover advantage [1]