Group 1: Revenue and Market Position - As of May 2025, the revenue from functional shoe materials and sofa home products accounts for approximately 70% of total revenue, while other categories contribute about 30% [1] - The company has a strong recognition among both domestic and international brand clients, with a good standing in factory inspection cycles [3] - The company aims for mid-to-high-speed growth in 2025, particularly through partnerships with Nike and Adidas, which are expected to drive significant sales [5] Group 2: Production and Capacity - The production capacity utilization rate is generally good and aligns with order demand, although it may fluctuate due to various factors [2] - Amway Vietnam's current production capacity utilization is around 50%, with plans to launch two additional production lines in the second half of 2025 [4] - The company has an annual production capacity of 70,000 tons for polyurethane resin, with approximately 90% of this being self-supplied for internal use [4] Group 3: Raw Material Pricing and Supply Chain - Raw material prices have shown stability with fluctuations, and the company negotiates natural gas prices biannually [1] - The pricing mechanism for natural gas is divided into two seasons: April to October (off-peak) and November to March (peak) [1]

Revenue and Market Share - As of April 2025, the revenue from functional shoe materials and sofa home categories accounts for approximately 70% of total revenue, while other categories account for about 30% [1] - The domestic market size for synthetic leather is estimated to be around 800-900 billion CNY, with PU synthetic leather making up about 40% of this market [1] - The company's market share in certain mid-to-high-end segments exceeds 20%, indicating significant growth potential in overall market share [1] Product Applications and Trends - PU synthetic leather is increasingly used in the interior of new energy vehicles, driven by consumer preferences for its superior tactile and aesthetic qualities compared to genuine leather [2] - The application of PU materials in automotive interiors is expected to rise, providing a good alternative to natural leather and PVC synthetic leather, with a broad market space [2] - The company's automotive interior products can be used in various components, with a single vehicle requiring approximately 2-15 meters of PU synthetic leather and composite materials [2] Impact of Tariffs - The "reciprocal tariff" policy implemented by the U.S. in April 2025 has a limited impact on the company, as direct exports to the U.S. accounted for about 2.55% of total revenue in 2024 [3] - The company's products have strong differentiation and high technical content, making it difficult for U.S. clients to find substitutes in the international market [4] - The sales revenue from products exported to the U.S. by major clients in the sofa home and sports sectors is relatively small, further minimizing the impact of tariffs [4] Production Capacity and Strategy - The company operates on a sales-driven production model, resulting in flexible and variable capacity utilization, which is generally aligned with order demand [6] - The establishment of a factory in Vietnam is part of the company's strategy to adapt to the shifting production bases in Southeast Asia and to mitigate tariff risks [6] - Since 2025, production and sales in Vietnam have improved, with plans to expand capacity to four production lines by the second half of the year [6] Product Differentiation - Ultra-fine fiber synthetic leather offers a similar appearance to natural leather with superior mechanical properties, although it is generally more expensive [5] - Eco-functional PU synthetic leather is made from various substrates and features high performance and eco-friendliness, with a wide range of applications [5]

Core Viewpoint - Amway Co., Ltd. announced a share buyback plan by its controlling shareholder, Amway Investment, intending to increase its stake in the company through a combination of self-funding and special loans, with an investment amount ranging from 13 million to 23 million yuan [1] Group 1 - As of June 20, 2025, Amway Investment has cumulatively increased its shareholding by 1.5987 million shares, accounting for 0.74% of the company's total share capital [1] - The total amount spent on the share buyback reached 22.9995 million yuan [1] - Following the completion of the buyback plan, Amway Investment holds a total of 49.1187 million shares, representing 22.64% of the company's total share capital [1]

2、增持计划的实施情况：截至2025年6月20日收盘，安利投资通过深圳证券交易所 交易系统，以集中竞价方式累计增持公司股份1,598,700股，占公司总股本的0.74%，累 计增持股份金额22,999,537.68元（不含交易费用）。本次增持后，安利投资持有公司 股份49,118,700股，占公司总股本的比例为22.64%，占剔除公司回购专用账户中的股份 数量后总股本的比例为22.97%。 截至本公告披露日，安利投资增持计划已实施完毕。 证券代码：300218 证券简称：安利股份 公告编号：2025-038 安徽安利材料科技股份有限公司 关于控股股东增持公司股份计划实施完成的公告 控股股东安徽安利科技投资集团股份有限公司保证向本公司提供的信息内容真 实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1、增持计划的基本情况：安徽安利材料科技股份有限公司（以下简称"公司"） 于2025年4月29日披露了《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》（公告编号：2025-031），公司控股股东安徽安利科技投资集 ...

证券代码：300218 证券简称：安利股份 公告编号：2025-039 安徽安利材料科技股份有限公司 关于控股股东增持公司股份触及 1%整数倍的公告 控股股东安徽安利科技投资集团股份有限公司保证向本公司提供的信息内容真 实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 1、本次权益变动后，安徽安利科技投资集团股份有限公司（以下简称"安利投资"） 持有安徽安利材料科技股份有限公司（以下简称"公司"）股份 49,118,700 股，占公 司总股本比例 22.64%。 2、本次权益变动不会对公司治理结构及未来持续经营产生重大影响，也不会导致 公司控制权发生变更。 2025 年 6 月 20 日，公司收到安利投资出具的《关于增持安徽安利材料科技股份有 限公司股份计划实施完毕的告知函》。截至 2025 年 6 月 20 日收盘，安利投资通过深圳 证券交易所交易系统，以集中竞价方式累计增持公司股份 1,598,700 股，占公司总股本 的比例为 0.74%，本次权益变动后，安利投资持有公司股份 49,118,700 股，占公司总股 本的比例为 22.64%。现将相关权益变动情况公告如下： | 1.基本情况 | | | ...

Core Viewpoint - Amway Co., Ltd. (300218) is under investor scrutiny due to its significant foreign market revenue, particularly in light of the complex international trade situation and the upcoming "reciprocal tariff" policy in the U.S. [1] Group 1: Impact of U.S. Tariff Policy - The company anticipates limited impact from the U.S. "reciprocal tariff" policy set to be implemented in April 2025, as direct exports to the U.S. account for approximately 2.55% of its revenue [1] - The company's products exported to the U.S. are highly differentiated and technically advanced, making it difficult for U.S. clients to find substitutes in the short term [1] - Indirect exports to the U.S. primarily involve products produced outside of China, contributing minimally to overall revenue [1] Group 2: Key Clients and Revenue Outlook - Nike is identified as a significant client, with the company recently becoming a strategic partner, leading to an optimistic outlook for growth in 2025 [3] - Adidas is currently in the product development phase, with expectations for some sales to commence in March 2025, aiming for strong performance in the future [3] - The company’s revenue from functional footwear materials and sofa home products is projected to account for about 70% of total revenue by April 2025 [2] Group 3: Operational Developments - Amway's operations in Vietnam have shown improvement in production and sales, with a current capacity utilization rate of approximately 50% [4] - The company is actively expanding its market presence and increasing order intake to enhance revenue [4] - Plans are in place to complete the construction of two additional production lines in Vietnam, which will increase overall production capacity [4]

Group 1: Impact of Tariffs - The "reciprocal tariff" policy implemented by the U.S. in April 2025 has a limited impact on the company, primarily due to the low direct export percentage to the U.S. (approximately 2.55% in 2024) [1] - The company's products exported to the U.S. are highly differentiated and technically advanced, making it difficult for U.S. customers to find substitutes in the short term [1] - Indirect exports to the U.S. mainly involve products produced outside of China, contributing minimally to overall revenue [2] Group 2: Revenue Composition - As of April 2025, revenue from functional footwear materials and sofa home products accounts for approximately 70% of total revenue, while other categories make up about 30% [3] - The revenue share of functional footwear materials and automotive interior products has increased compared to the end of 2024 [3] Group 3: Partnerships and Sales Outlook - The company has upgraded to a strategic partner of Nike in January 2025, with a positive outlook for growth driven by this partnership [4] - Sales from Adidas are expected to improve in 2025, following initial orders in March 2025, as the company aims for better sales performance [4] Group 4: Automotive Interior Products - The company’s automotive interior products are used in various components, with a single vehicle requiring approximately 2-15 meters of polyurethane synthetic leather and composite materials [5] - The company faces competition from established players like Japan's Seiren and Jiangsu Ruigao, but maintains a leading position in the global polyurethane composite materials industry [5] Group 5: Raw Material Sensitivity - The company is sensitive to fluctuations in raw material and energy prices, adjusting sales prices accordingly to align with market conditions [5] Group 6: Vietnam Operations - The Vietnam operations faced losses in 2023-2024 due to long certification cycles and high initial investments, but are expected to improve as the company becomes a supplier for Adidas and Nike [5] - As of 2025, production volume in Vietnam has increased, with a current capacity utilization rate of approximately 50% [5]

Group 1: Company Performance and Financials - The company's profit experienced a low point in 2017 due to a combination of factors including significant price increases in chemical raw materials, environmental policy responses, and substantial exchange rate fluctuations [1] - In 2024, the company maintained a stable gross margin, with the first quarter of 2025 achieving a gross margin of 26.81%, returning to a normal operating range [2] - As of April 2025, the revenue share of functional footwear and sofa home categories combined was approximately 70%, with the remaining 30% from other categories [2] Group 2: Product and Market Strategy - The company has successfully increased the proportion of high-margin and high-value-added products, enhancing its core competitiveness in the market [1] - Water-based and solvent-free products account for about 22% of the company's revenue, with applications across various categories [3] - The company adopts a made-to-order production model, resulting in flexible capacity utilization that aligns with order demand [2] Group 3: Partnerships and Future Outlook - In January 2025, the company upgraded to a strategic partner of Nike, which is expected to drive significant growth [4] - The company is in the product development phase with Adidas, aiming for improved sales in 2025 [4] Group 4: External Factors and Risks - The company is sensitive to fluctuations in raw material and energy prices, adjusting sales prices accordingly to maintain profitability [5] - The impact of the "reciprocal tariff" policy from the U.S. is limited, as direct exports to the U.S. accounted for approximately 2.55% of total revenue in 2024 [6] - The sales revenue from Apple products exported to the U.S. represented about 2.58% of the company's total revenue, with limited impact due to tariff exemptions [7]

Core Viewpoint - Anli Materials Technology Co., Ltd. (Anli) has positively responded to the recent policy changes in the automotive industry regarding shortened payment terms, indicating that this will significantly benefit the company by improving cash flow through faster accounts receivable turnover [1][4]. Group 1: Impact of U.S. Tariff Adjustments - Anli's direct export business is relatively small, and the company operates under an FOB trade model, meaning customers bear the tariff costs, which limits the impact of U.S. tariff adjustments on high-tech, differentiated products [1]. - The company has seen some fluctuations in orders due to the "reciprocal tariff" policy since April, but orders have stabilized following the joint statement between China and the U.S. [2]. - Anli's indirect business, which involves exporting products processed in China to the U.S., is also minimally affected by tariff adjustments due to the small revenue contribution from this segment and existing tariff exemptions on certain electronic products [1][2]. Group 2: Business Development and Market Expansion - The functional footwear materials category remains the largest revenue contributor for Anli, with an increasing revenue share compared to the end of 2024, driven by deepening collaborations with brands like Nike and Adidas [3]. - Anli is actively expanding its presence in the automotive interior market, with applications in various car brands, and plans to accelerate growth in this sector by establishing more partnerships with automotive manufacturers [3][4]. - The company is also focusing on the consumer electronics sector, with stable partnerships with major brands like Apple and Samsung, and is expanding into new product areas such as foldable tablets [5]. Group 3: Financial Outlook and Cost Management - Anli expects to maintain stable expense ratios while enhancing internal management and efficiency, which will contribute to an overall improvement in gross margin levels due to an increase in high-value products [6]. - The company is implementing a risk prevention system to manage financial risks effectively while deepening cooperation with automotive brands [4].

Group 1: Impact of U.S. Tariff Adjustments - Direct export business has a small impact due to low volume and high technical differentiation, making it hard for U.S. clients to find substitutes in the short term [1] - Indirect export business, mainly involving brands like Nike and Adidas, is less affected due to tariff exemptions on certain products [2] - Overall, U.S. tariff adjustments represent systemic and global risks, with some order fluctuations observed since April, but stability returned after a joint U.S.-China statement [2] Group 2: Adidas Collaboration and Sales Expectations - Adidas is in the product development phase for 2024, with limited sales; however, some orders began mass production in March 2025 [3] - The company aims for significant sales growth with Adidas in 2025, while also enhancing partnerships with other brands like Nike and Puma [3] Group 3: Functional Footwear Material Sales and Client Expansion - Functional footwear materials remain the largest revenue segment, with an increase in revenue share compared to the end of 2024 [3] - Collaborations with domestic brands like Anta and Li Ning are deepening, leading to increased order volumes and market influence [3] Group 4: Automotive Interior Market Development - The automotive interior market is a key focus, with applications in brands like BYD and Toyota, showing early success in expanding client base [4] - The company anticipates high growth in this sector in 2025 [4] Group 5: Impact of Shortened Payment Terms by Automakers - Shortened payment terms from major automakers are beneficial for the company, improving cash flow and reducing financial risks [5] - The company maintains a strategy of deepening collaborations with automotive brands while managing financial risks [5] Group 6: Progress in Electronic Products - The electronic products segment is expanding, with stable partnerships with major brands like Apple and Samsung [6] - The company is focusing on new product development and application scenarios to increase market share in the consumer electronics sector [6] Group 7: Operational Performance of Amway Vietnam - Amway Vietnam has seen improved production and sales since 2025, actively expanding its market [7] - Cost advantages in labor and tax incentives are notable, despite higher logistics costs due to reliance on imported materials [7] Group 8: Future Outlook on Expense and Gross Margin Rates - The company expects stable expense rates in 2025 while enhancing product quality and efficiency [8] - An increase in high-value products is anticipated to improve overall gross margin levels [8]