ANLI(SZ:300218) Sou Hu Cai Jing·2025-10-28 22:50Core Insights - Amway Co., Ltd. reported a decline in total revenue and net profit for the third quarter of 2025 compared to the same period in 2024, indicating financial challenges [1][4] Financial Performance - Total revenue for Q3 2025 was 5.79 billion yuan, a decrease of 14.24% year-on-year [1] - Net profit attributable to shareholders for Q3 2025 was 281.27 million yuan, down 51.38% year-on-year [1] - The overall revenue for the first three quarters of 2025 was 16.79 billion yuan, a decline of 6.84% compared to 2024 [1] - The net profit for the first three quarters of 2025 was 1.21 billion yuan, a decrease of 19.22% year-on-year [1] Profitability Metrics - Gross margin for Q3 2025 was 25.22%, a slight decrease of 0.37% from the previous year [1] - Net margin for Q3 2025 was 7.45%, down 11.52% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 1.68 billion yuan, representing 10.01% of revenue, an increase of 15.5% year-on-year [1] Balance Sheet Highlights - Accounts receivable accounted for 209.89% of the latest annual net profit, indicating a significant amount of outstanding payments [1][4] - Cash and cash equivalents increased to 6.29 billion yuan, a rise of 14.76% year-on-year [1] - Interest-bearing debt rose to 3.51 billion yuan, an increase of 65.55% compared to the previous year [1] Cash Flow Analysis - Operating cash flow per share decreased to 0.47 yuan, down 32.93% year-on-year [1] - The net cash flow from operating activities decreased by 32.93%, attributed to reduced cash receipts from sales [5] Other Financial Changes - Significant changes in various financial items were noted, including a 41.21% decrease in prepaid expenses and a 49.47% increase in other current assets due to increased VAT credits [3][5] - The company reported a 95.74% decrease in non-operating income, primarily due to asset disposals in the previous year [5] Market Position and Future Outlook - Analysts expect the company's performance in 2025 to reach 2.52 billion yuan, with an average earnings per share of 1.17 yuan [4] - The company is exploring opportunities in the emerging field of embodied intelligence, although no substantial business orders have been secured yet [4]