ANLI(SZ:300218) Xin Lang Cai Jing·2025-10-28 12:36Core Viewpoint - The company reported a decline in revenue and net profit for Q3 2025, attributed to external factors such as fluctuating tariffs, insufficient demand, and increased share-based payment expenses [1][2]. Financial Performance - For Q3 2025, the company achieved revenue of 1.679 billion yuan, a year-on-year decrease of 6.84%, and a net profit attributable to shareholders of 121 million yuan, down 19.22% [1]. - In Q3 2025, revenue was 579 million yuan, representing a 14.24% decline year-on-year, with a net profit of 28 million yuan, down 51.38% [1]. Factors Affecting Performance - The decline in performance is primarily due to: 1. Frequent adjustments in U.S. tariff policies leading to cautious customer behavior and delayed orders, resulting in reduced product output and sales [2]. 2. Insufficient market demand for functional footwear materials and inventory reduction by sports brands, causing a mixed order situation [2]. 3. A significant increase in share-based payment expenses amounting to 15.231 million yuan in Q3 2025, negatively impacting profits [2]. Growth Areas - Despite challenges, the company is seeing growth in automotive interior products, with increased orders and production [2][3]. - The company has established good cooperation with major brands like Nike and Adidas, with ongoing product development and expected order conversions [3]. - The company is expanding into new categories, including medical health and semiconductor materials, with some products in development and mass production stages [3]. Future Outlook - The company maintains an "overweight" investment rating, with revised revenue forecasts for 2025-2027 at 2.273 billion, 2.543 billion, and 2.917 billion yuan, and net profits at 161 million, 219 million, and 267 million yuan respectively [4]. - The current stock price corresponds to P/E ratios of 23.5, 17.4, and 14.2 for the respective years [4].