Investment Rating - The investment rating for the company is "Accumulate" with a target price of 23.40 [2][11]. Core Insights - The company has achieved continuous revenue growth through customer and product upgrades, with a 9.43% year-on-year increase in the average selling price of its main products in Q1 2025 [3][11]. - The company is expected to maintain a positive growth trajectory in various sectors, including functional footwear materials, automotive interiors, and electronic products, with projected EPS for 2025-2027 being 1.17, 1.48, and 1.75 yuan respectively [11]. - The gross margin has returned to a normal operating range of 26.81% in Q1 2025, reflecting improved pricing power and competitive strength [11]. Financial Summary - The company reported a revenue of 555 million yuan in Q1 2025, representing a 2.59% year-on-year growth, and a net profit attributable to shareholders of 46.42 million yuan, up 12.47% year-on-year [11]. - The total market capitalization is 3,324 million yuan, with a total share capital of 217 million shares [4]. - The company’s net asset per share is 6.80 yuan, with a current price-to-book ratio of 2.3 [5]. Financial Forecast - The projected revenue for 2025 is 2,718 million yuan, with a net profit of 253 million yuan, indicating a growth rate of 13.1% and 30.5% respectively compared to 2024 [10][12]. - The company’s return on equity (ROE) is expected to improve from 13.6% in 2024 to 17.9% in 2027 [10][12]. - The price-to-earnings ratio (P/E) is projected to decrease from 17.12 in 2024 to 8.73 in 2027, indicating an attractive valuation over time [10][12].

近日，安徽省委、省政府召开全省科技创新大会，会上通报了 2023 年度安徽省科 学技术奖获奖名单，安徽安利材料科技股份有限公司（以下简称"安利股份"或"公司"） "水性/无溶剂聚氨酯复合材料关键技术及产业化"项目荣获安徽省科技进步一等奖。 此次全省共评定科学技术奖 259 项，其中科技进步一等奖 32 项。 安徽省科学技术奖分为重大科技成就、自然科学、科技进步、科技合作和技术发明 五类，其中安徽省科技进步奖围绕项目的创新性、应用效益和经济社会价值，以科技创 新质量、贡献为导向开展评价。 安利股份此次获奖的"水性/无溶剂聚氨酯复合材料关键技术及产业化"项目，由 公司与安徽大学、合肥工业大学联合攻关，项目攻克了多项全球行业共性关键技术瓶颈 难题，获评国家工信部首批"全国先进适用技术"，获国际发明专利授权 1 项，利用该 技术制得的产品绿色环保、高性能、多功能，产业化过程低碳、高效。项目技术对促进 行业技术进步，引领下游和行业绿色发展、低碳发展，满足人们绿色消费、品质消费具 有重要意义。 作为"全国制造业单项冠军示范企业"，安利股份坚持科技创新赋能企业高质量发 展，公司是"国家重点高新技术企业""国家认定企业技术中 ...

Core Viewpoint - Amway Co., Ltd. has demonstrated significant growth in revenue and net profit for 2024, yet its market valuation remains low, raising concerns among shareholders about the company's perceived value in the market [3][10][12]. Financial Performance - In 2024, Amway achieved a revenue of 2.403 billion yuan, representing a year-on-year increase of 20.12% [3]. - The net profit attributable to shareholders reached 194 million yuan, marking a substantial year-on-year growth of 174.19% [3][6]. - The company's revenue and profit levels rank in the top 20% and top 12% respectively among A-share private manufacturing companies [11]. Market Valuation Concerns - Despite strong financial performance, Amway's market capitalization is approximately 3.057 billion yuan, leading to questions about its low valuation [3][10]. - A comparison with other companies in the polyurethane industry reveals that Amway's price-to-earnings ratio is around 15 times, significantly lower than peers like Meirui New Materials and Hongbaoli, which have much higher valuations [10][12]. International Operations - Amway Vietnam, an important overseas subsidiary, is expected to play a crucial role in future revenue growth, having become a supplier for major brands like Adidas and Nike [6][7]. - However, Amway Vietnam is currently operating at a loss due to long certification cycles and high initial investments, with cumulative losses reaching 50.3744 million yuan by the end of 2024 [6][7]. Future Outlook - The company aims to achieve breakeven for Amway Vietnam in the near term, with plans to complete the installation of additional production lines by mid-2025, which will enhance production capacity [7]. - The management believes that the impact of U.S. tariffs on the company is limited, as only a small percentage of revenue is derived from direct exports to the U.S. [10][13].

安徽天禾律师事务所 关于安徽安利材料科技股份有限公司 2024 年度股东会法律意见书 天律意 2025 第 01052 号 致：安徽安利材料科技股份有限公司 根据《中华人民共和国公司法》（下称"《公司法》"）、《中华人民共和 国证券法》（下称"《证券法》"）、中国证券监督管理委员会《上市公司股东 会规则》（下称"《股东会规则》"）以及《安徽安利材料科技股份有限公司章 程》（下称"《公司章程》"）的有关规定，安徽天禾律师事务所接受安徽安利 材料科技股份有限公司（下称"公司"）委托，指派张大林、冉合庆律师（下称 "天禾律师"）出席公司 2024 年度股东会（下称"本次股东会"），并对本次 股东会相关事项进行见证，出具法律意见。 本法律意见书是天禾律师根据对本次股东会事实的了解及对我国现行法律、 法规和规范性文件的理解而出具的。 天禾律师 股东会法律意见书 天禾律师同意将本法律意见书作为本次股东会的法定必备文件予以公告，并 依法对所出具的法律意见书承担责任。 天禾律师根据《证券法》相关规定的要求，按照律师行业公认的业务标准、 道德规范和勤勉尽责精神，对本次股东会的召集、召开、与会人员资格、表决程 序及其他相关法律问 ...

证券代码：300218 证券简称：安利股份 公告编号：2025-032 安徽安利材料科技股份有限公司 2024 年度股东会决议公告 本公司及董事会全体成员保证信息披露内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会未出现否决议案的情形。 2、本次股东会未涉及变更以往股东会已通过决议的情况。 一、会议召开和出席情况 1、会议召开时间： （1）现场会议时间：2025 年 5 月 8 日（星期四）下午 2:30 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为： 2025 年 5 月 8 日的交易时间，即 9:15-9:25、9:30-11:30、13:00-15:00；通过深圳 证券交易所互联网投票系统投票的时间为：2025 年 5 月 8 日 9:15-15:00 期间的 任意时间。 2、现场会议召开地点：中国安徽省合肥市经济技术开发区桃花工业园拓展 区，安徽安利材料科技股份有限公司行政楼九楼会议室 3、会议召开方式：本次股东会采用现场会议与网络投票相结合的方式召开。 4、会议召集人：本公司董事会 5、会议主持人：董事长姚和平先生 6、会议的召集、召开与 ...

Core Viewpoint - Company maintains a positive outlook on future development despite limited impact from U.S. tariffs on its exports, with stable operations and order flow reported [1][3]. Export Impact - The company's indirect exports to the U.S. are primarily from the sofa home market and sports and consumer electronics brands, with minimal revenue impact due to production outside China [1]. - Major clients like Nike and Apple have production strategies that limit exposure to U.S. tariffs, further reducing potential impacts on the company's revenue [1][2]. Market Conditions - The company reports stable and orderly operations with a positive growth trend, particularly in functional shoe materials and automotive interior products, while the sofa home category has seen a decline [3][4]. Supplier Selection Criteria - Brand clients and their manufacturers prioritize comprehensive supplier capabilities, including quality, innovation, service, delivery, management, and social responsibility when selecting suppliers [5]. Production and Order Cycle - The company operates in a fast-fashion industry with a production model driven by orders, offering customized products with quick delivery times, making long-term order forecasting challenging [6]. Brand Development - The company is actively advancing its new sports brands, with progress noted in the NB certification process, aiming for breakthroughs in 2025 [7]. Dividend Policy - The company emphasizes a reasonable and stable investment return for shareholders, with a cumulative cash dividend representing 96.05% of the average annual net profit over the last three years [9]. Future Growth Drivers - Future growth is expected from customer upgrades, product upgrades, and management improvements, with specific targets for increasing sales in key product categories and enhancing operational efficiency [10]. Historical Profitability - The company has experienced historical fluctuations in gross margin due to external factors, but has returned to a stable operating state with a gross margin of 26.81% in Q1 2025, reflecting improved pricing power and competitive ability [11][12]. Financial Performance - In Q1 2025, the company reported a revenue of 555 million yuan, a year-on-year increase of 2.59%, and a net profit of approximately 46.42 million yuan, up 12.47% year-on-year, indicating a positive financial trajectory [13].

Group 1: Impact of Tariffs and Market Conditions - The company's indirect exports to the U.S. are primarily from the sofa home market and sports, with limited revenue impact due to tariffs [1] - Nike and Apple, major clients, have minimal impact on the company as their products sold in the U.S. are mainly produced outside China [2][3] - The overall impact of U.S. tariffs on consumer electronics is limited due to existing exemptions and the competitive landscape [2] Group 2: Business Performance and Market Trends - In Q1 2025, the company experienced growth in functional shoe materials and automotive interior products, while the sofa home category saw a decline [2] - The company maintains a stable order flow and positive outlook for future development [2] Group 3: Supplier Selection Criteria - Brand clients prioritize comprehensive supplier capabilities, including quality, innovation, service, and environmental responsibility during the selection process [3] Group 4: Production and Customization - The company operates in a fast-fashion industry, focusing on personalized products with quick delivery, making long-term order predictions challenging [3] Group 5: Future Growth and Dividend Plans - Future growth will stem from customer upgrades, product upgrades (with water-based products increasing from 18% to 22%), and management improvements [4] - The company has maintained a stable dividend policy, with cash dividends accounting for 96.05% of the average net profit over the last three years [4] Group 6: Profitability and Margin Stability - The company's gross margin was 26.81% in Q1 2025, indicating a return to normal operating conditions after previous fluctuations due to external factors [5] - The company emphasizes profit maximization over merely achieving the highest gross margin [5]

Group 1 - The controlling shareholder, Anli Investment, plans to increase its stake in Anli Co., Ltd. (300218) within six months through centralized bidding, with an investment amount not less than 13 million yuan and not exceeding 23 million yuan [1] - The increase will be financed through a combination of self-owned funds and a special loan for the increase, with self-owned funds not exceeding 3 million yuan and the special loan not exceeding 20 million yuan, with a loan term of no more than 3 years [1] - The funds for the increase will be used to purchase shares through the Shenzhen Stock Exchange trading system [1]

关于控股股东计划增持公司股份暨取得金融机构增持贷款承诺函 的公告 本公司及监事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 证券代码：300218 证券简称：安利股份 公告编号：2025-031 安徽安利材料科技股份有限公司 特别提示： 1、公司控股股东安徽安利科技投资集团股份有限公司（以下简称"安利投资"） 拟在本公告披露之日起 6 个月内，通过集中竞价方式增持公司股份，增持金额不低于人 民币 1,300 万元，不超过人民币 2,300 万元。 2、本次增持计划可能存在因资本市场情况发生变化或目前尚无法预判的其他风险 因素，导致增持计划的实施无法达到预期的风险，敬请广大投资者注意投资风险。 近日，安徽安利材料科技股份有限公司（以下简称"安利股份"或"公司"）收到 控股股东安利投资通知，基于对公司未来发展前景的信心和对公司长期投资价值的认可， 为提振投资者信心，促进公司持续、健康、稳定发展，控股股东安利投资计划以自有资 金与增持专项贷款相结合的方式，自本公告披露之日起 6 个月内，通过集中竞价方式增 持公司股份，增持金额不低于人民币 1,300 万元，不超过人民币 2, ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company [3]. Core Views - The company reported a revenue of 555 million yuan in Q1 2025, representing a year-on-year growth of 2.59%, and a net profit attributable to shareholders of 46 million yuan, up 12.47% year-on-year [1]. - The company has become a strategic partner with Nike, enhancing customer collaboration and expanding its product offerings [6]. - The company is actively optimizing its production capacity with new production lines planned for 2025 [6]. Financial Data and Valuation - Projected total revenue for 2025 is 2.971 billion yuan, with a year-on-year growth of 24% [2]. - The projected net profit attributable to shareholders for 2025 is 256 million yuan, also reflecting a 32% year-on-year increase [2]. - The current price-to-earnings (PE) ratio is projected to be 11.3 for 2025, decreasing to 7.4 by 2027 [2][3]. Performance Metrics - The company achieved a gross margin of 25.9% and a net margin of 8.6% in 2025E [13]. - Return on equity (ROE) is expected to rise to 16.8% in 2025, indicating improved profitability [13]. - The company maintains a low debt-to-asset ratio of 29.9% in 2025, reflecting strong financial stability [13].