ANLI(SZ:300218) Shen Zhen Shang Bao·2025-06-15 10:58Core 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].