证券日报网讯安利股份（300218）11月24日在互动平台回答投资者提问时表示，公司与功能鞋材、汽车 内饰品类客户合作有序推进；2025年营收及经营业绩，请关注公司2025年年报。 ...

证券日报网讯安利股份（300218）11月18日在互动平台回答投资者提问时表示，公司功能鞋材品类高毛 利产品占比提升，营收结构向好。针对消费升级趋势，公司聚焦高性能、多功能、绿色环保材料与工艺 技术创新，深化与头部品牌合作、拓展优质新客户，努力提升市场份额。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report expresses optimism regarding the company's potential to increase its market share with major clients in the footwear materials sector and the ongoing demand for new products [4][5] - Despite a decline in revenue and profit in Q3 2025, the company is expected to benefit from the growth in new demands from sectors such as electric vehicles, electronics, and semiconductor materials [4][5] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 1.679 billion yuan, a year-on-year decrease of 6.84% - The net profit attributable to shareholders was 121 million yuan, down 19.22% year-on-year - In Q3 2025, revenue was 579 million yuan, a year-on-year decline of 14.24% but a quarter-on-quarter increase of 6.40% - The net profit for Q3 was 28 million yuan, reflecting a year-on-year decrease of 51.38% and a quarter-on-quarter decrease of 39.94% [4][5] Revenue and Profit Forecast - The company has revised its profit forecasts for 2025-2027, expecting net profits of 178 million yuan, 237 million yuan, and 288 million yuan respectively - The earnings per share (EPS) are projected to be 0.82 yuan, 1.09 yuan, and 1.33 yuan for the same period [4][6] Market Position and Growth Potential - The company is recognized as a leader in the PU leather industry and is expected to benefit from increased orders from major clients like Nike, Adidas, and New Balance - The company is also focusing on emerging sectors such as automotive interiors and healthcare, with some products in development and production stages [5][6]

Core 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].

Investment Rating - The investment rating for the company is maintained as "Add" [3][7]. Core Views - The company reported a revenue of 1.679 billion yuan for Q3 2025, a year-on-year decrease of 6.84%, and a net profit attributable to shareholders of 121 million yuan, down 19.22% year-on-year [1]. - The decline in performance is attributed to external factors such as fluctuating tariffs and insufficient market demand, leading to reduced order volumes and sales [7]. - Despite the challenges, the automotive interior segment shows strong growth, with increased production orders and applications in various vehicle models [7]. - The company is actively developing new product categories and expanding partnerships with major brands like Nike and Adidas, which is expected to enhance future revenue streams [7]. Financial Data and Valuation - The projected total revenue for 2025 is 22.73 billion yuan, with net profits expected to be 1.61 billion yuan [2][7]. - The company's current price-to-earnings (PE) ratios for 2025, 2026, and 2027 are projected to be 23.5, 17.4, and 14.2 respectively [8][14]. - The company has a total market capitalization of 3.8 billion yuan and a return on equity (ROE) of 10.7% [3][12]. Performance Analysis - The company's revenue and net profit have shown significant fluctuations, with a projected revenue growth of -5% in 2025, followed by a recovery of 12% in 2026 and 15% in 2027 [2][14]. - The gross margin is expected to improve gradually, reaching 26.1% by 2027 [14]. - The company has maintained a healthy liquidity position, with a current ratio projected to be 2.7 in 2025 [14].

Group 1 - The company maintains a close partnership with Nike, which will upgrade to a strategic partnership in January 2025, and is progressing with product development and delivery as planned [1] - Nike is an important client for the company, contributing positively to its operating performance [1] - The company has achieved a certain scale of mass production orders with Adidas since 2025, currently in a foundational and capacity-building phase, with a favorable cooperation trend [1] Group 2 - Investors have inquired about the conversion of core customer orders, specifically whether new development projects with Nike have entered mass production and if the scale of Adidas orders has increased compared to the first half of the year [3] - There is interest in understanding the substantial contribution of business growth from both major clients to the Q3 performance [3]

Core Viewpoint - Company Amway Co., Ltd. (300218) has a broad customer base in the functional footwear materials category, collaborating with both international and domestic sports brands, indicating strong market positioning and growth potential [1] Group 1: International Partnerships - Company maintains good cooperative relationships with renowned international sports brands such as Nike, Adidas, Puma, and Asics [1] - Company is the only qualified supplier of polyurethane synthetic leather and composite materials for Nike in mainland China, having upgraded to a strategic partner since January 2025, leading to increased product development opportunities [1] - Company became a qualified supplier for Adidas in May 2024, with existing orders in production and sales [1] Group 2: Domestic Market Engagement - Company has achieved comprehensive coverage with major domestic sports brands including Anta, Li Ning, Xtep, and 361°, enhancing its market presence [1] - Company is actively increasing its share in brand procurement through intensified development and interaction efforts [1] Group 3: Future Growth Strategy - Company is focused on building momentum for high growth in 2025, indicating a strategic approach to future expansion [1] - Company is steadily advancing collaborations with Puma and Asics, and has recently obtained certification from US NB suppliers, while also reaching out to brands like UA, HOKA, and ANTA to cultivate new growth drivers [1]

Group 1: Company Performance and Strategy - The company has experienced a qualitative change in its performance over the past decade, with both sales volume and price increasing, leading to a steady rise in gross profit margin [1] - The company has shifted towards high-margin, high-value-added products, enhancing its core competitiveness in the market [1] - In the context of domestic deflation and weak consumer demand, the company's main product sales prices have increased, indicating improved profitability and competitive strength [2] Group 2: Order Visibility and Production - The polyurethane composite materials industry is characterized by personalized, fashionable, and small-batch production, with a typical order delivery cycle of 3-15 days depending on customer needs [3] - The company is focusing on optimizing its production capacity structure, with new production lines in Vietnam set to launch soon [7][8] Group 3: Market Impact and Product Applications - Sports events positively influence the demand for the company's functional footwear materials and sports equipment, although the extent of this impact varies with customer orders and event scale [4] - The company has established a presence in the consumer electronics sector, with applications in various products such as keyboards, mobile phones, and headphones, and aims to expand into outdoor and medical fields [5] Group 4: Future Development and Market Perception - The company is in the early stages of exploring artificial intelligence applications, with no substantial products or business developed yet [6] - Despite stable performance, the company's stock price is perceived as undervalued, indicating significant growth potential, and the company plans to enhance communication with investors to improve market understanding [8]

Group 1: Revenue and Market Position - As of May 2025, the revenue from functional shoe materials and sofa home products accounts for approximately 70% of total revenue, while other categories contribute about 30% [1] - The company has a strong recognition among both domestic and international brand clients, with a good standing in factory inspection cycles [3] - The company aims for mid-to-high-speed growth in 2025, particularly through partnerships with Nike and Adidas, which are expected to drive significant sales [5] Group 2: Production and Capacity - The production capacity utilization rate is generally good and aligns with order demand, although it may fluctuate due to various factors [2] - Amway Vietnam's current production capacity utilization is around 50%, with plans to launch two additional production lines in the second half of 2025 [4] - The company has an annual production capacity of 70,000 tons for polyurethane resin, with approximately 90% of this being self-supplied for internal use [4] Group 3: Raw Material Pricing and Supply Chain - Raw material prices have shown stability with fluctuations, and the company negotiates natural gas prices biannually [1] - The pricing mechanism for natural gas is divided into two seasons: April to October (off-peak) and November to March (peak) [1]

Group 1: Company Performance and Market Conditions - In April 2025, the company experienced a slight decline in production and sales volume due to tariffs, but product prices steadily increased. By May, order conditions stabilized, and overall business performance remained positive [2]. - The company's direct exports to the U.S. accounted for approximately 2.55% of total revenue in 2024, indicating limited impact from U.S. tariffs [3]. - The company aims to achieve a rebound in the sofa home business in 2025 despite external uncertainties [5]. Group 2: Product Pricing and Development Strategy - The increase in product prices is attributed to the company's focus on brand leadership, technological empowerment, and innovation, rather than capacity or industry cycles [2]. - The company maintains high R&D investment, developing high-tech, high-value-added products, which are increasingly contributing to profit margins [2]. - The company is transitioning from traditional polyurethane synthetic leather to new ecological functional composite materials, integrating advanced processes and materials [4]. Group 3: Client Relationships and Market Expansion - The company has established deep partnerships with major brands like Nike, Adidas, and Apple, which enhances product quality and drives up prices due to high customer demands [2]. - The automotive interior segment is seeing growth, with applications in mainstream brands such as BYD and Toyota, and the company is actively pursuing new projects [6]. Group 4: Valuation and Shareholder Management - The company’s stock is perceived as undervalued, with major shareholders showing confidence by not reducing their stakes. The company has implemented share buybacks totaling approximately 100 million yuan over three years [8]. - Future plans include enhancing shareholder returns through various market management tools and exploring stock repurchase policies [8]. Group 5: Production and Cost Analysis - The production capacity utilization rate in Vietnam is around 50%, with plans to achieve profitability in 2025. However, production costs are comparable to domestic levels due to logistics and material sourcing challenges [9]. - The company’s diverse product categories, including functional footwear and automotive interiors, are expected to show strong growth potential in 2025 [10].