Core Viewpoint - The company is currently not planning to acquire Japanese-related businesses in China, but is maintaining vigilance regarding international geopolitical risks and has established risk assessment and response plans to ensure business continuity in extreme situations [1] Group 1: Company Strategy - The company management regularly conducts risk assessments of the supply chain to identify potential risks and develop response plans [1] - The company emphasizes its self-sufficiency in technology development, procurement, and sales, indicating no reliance on Japanese resources or markets [1] Group 2: Market Position - The company aims to leverage its existing overseas merger and acquisition experience, technological capabilities, and global market layout to navigate industry adjustments and enhance its competitive position [1]

Core Viewpoint - The company emphasizes its commitment to independent research and development, aiming to enhance product competitiveness and reduce reliance on imported materials, while also expanding its market presence domestically and internationally [1]. Group 1: Technology and Innovation - The company focuses on self-research and development, enhancing core product competitiveness around ecological and functional aspects [1]. - It aims to achieve import substitution for its products and is dedicated to overcoming key technological bottlenecks in the industry [1]. Group 2: Market Strategy - The company adopts a dual-driven strategy, focusing on both domestic and international markets [1]. - It plans to strengthen collaborations with leading domestic brands and promote industry chain synergy through technology output and standard co-construction [1]. - The company aims to empower downstream customers and enhance the overall autonomy level of the industry, contributing to high-quality development [1].

Core Viewpoint - Amway Co., Ltd. (300218) is making steady progress in collaborations with clients in functional footwear materials and automotive interior products, with a focus on its revenue and operational performance for 2025, which will be detailed in the company's 2025 annual report [1] Group 1 - The company is actively advancing partnerships with clients in specific sectors [1] - Revenue and operational performance projections for 2025 are anticipated to be addressed in the upcoming annual report [1]

Core Viewpoint - The company stated that its revenue from collaboration with Japanese clients constitutes a small portion of its overall revenue, indicating that it does not significantly impact the company's operational performance [1] Group 1 - The company confirmed that it maintains autonomy in technology development, procurement, and sales, and does not rely on Japanese resources and markets [1]

Core Viewpoint - Amway Co., Ltd. primarily serves automotive brands focused on new energy vehicles, with a strong emphasis on high-end models [2] Group 1: Company Operations - The company’s products are mainly supplied to high-end models, with orders being fulfilled through first-tier suppliers or directly from automotive manufacturers [2] - Actual order transactions are conducted with first or second-tier suppliers such as seat manufacturers and decorative parts manufacturers [2] - The company is actively enhancing communication and collaboration with automotive brands and upstream first-tier suppliers to expand its cooperation opportunities [2]

Core Viewpoint - Amway Co., Ltd. reported that as of November 20, 2025, the total number of shareholders is 18,018 households, including merged credit accounts [2] Summary by Category - **Shareholder Information** - The total number of shareholders is 18,018 households as of November 20, 2025 [2]

Core Viewpoint - Amway Co., Ltd. has experienced a decline in stock price and financial performance, with a notable drop in revenue and net profit for the first nine months of 2025 compared to the previous year [2][3]. Financial Performance - As of November 10, 2025, Amway Co., Ltd. reported a revenue of 1.679 billion yuan, a decrease of 6.84% year-on-year, and a net profit attributable to shareholders of 121 million yuan, down 19.22% year-on-year [2]. - The company's stock price has increased by 9.74% year-to-date but has seen a decline of 10.45% over the last five trading days, 4.54% over the last 20 days, and 22.69% over the last 60 days [1]. Shareholder Information - As of November 10, 2025, the number of shareholders increased to 18,400, up 8.63% from the previous period, while the average circulating shares per person decreased by 7.95% to 11,729 shares [2]. - The company has distributed a total of 341 million yuan in dividends since its A-share listing, with 131 million yuan distributed in the last three years [3]. Ownership Structure - As of September 30, 2025, new institutional shareholders include Yongying Advanced Manufacturing Mixed Fund and China Europe Enjoy Life Mixed Fund, while several funds exited the top ten circulating shareholders list [3].

Core Insights - Amway Co., Ltd. announced on November 20 that it is participating in the Anhui Top 100 Enterprises ranking activity, which is based on voluntary applications from companies and confirmed by relevant institutions, using 2024 revenue as the entry standard [2] Group 1 - The ranking will identify the comprehensive top 100 enterprises in Anhui, as well as the top 100 in manufacturing and services, and the top 30 in emerging industries [2] - The company maintains a high level of R&D investment, with R&D expenses accounting for over 5% of revenue in the past two years [2] - The focus of R&D is primarily on ecological and functional areas, with an emphasis on developing high-performance and multifunctional materials [2] Group 2 - Currently, the company is actively developing new materials and processes, including high-performance, water-based, solvent-free, silicon-based, bio-based, and recycled materials [2]

Core Viewpoint - The company emphasizes its commitment to innovation-driven development and asserts that it does not rely on Japanese enterprises for technology, highlighting its strong self-research capabilities [2] Group 1: Innovation and R&D - The company advances patent applications annually, all of which are based on independent research and development [2] - The polyurethane resin used by the company is primarily produced by its subsidiary, Hefei Amway Polyurethane New Materials Co., Ltd., which has developed the product independently [2] - Approximately 90% of the polyurethane resin used is self-produced, showcasing the company's integrated R&D and production advantages [2] Group 2: Sustainability and Control - The company possesses strong integrated collaborative innovation capabilities, ensuring effective control over core technologies and key raw materials [2] - This self-sufficiency in critical areas is positioned as a key factor in the company's sustainable development [2]

Core Insights - Amway's production capacity utilization in Vietnam is steadily improving, indicating a positive operational trend [2] - The company is experiencing an increase in the number of automotive brands and designated projects it serves, with some projects expected to begin mass production in 2026 [2] - Amway is closely monitoring trends and market demands in emerging fields, with initial stages of material development and exploration currently underway [2] Company Developments - The company has engaged in research and preliminary discussions with enterprises and industry chain partners in emerging fields [2] - As of now, no substantial business orders have been formed, and investors are advised to be cautious regarding investment risks [2]