安利股份：今年以来 安利越南产销量有所提高

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]