证券代码：300218 证券简称：安利股份 安徽安利材料科技股份有限公司投资者关系活动记录表 编号：2025-031 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | 现场参观 | | | □其他 | | 参与单位名称及 | 1、南方天辰基金：李更； | | | 2、中信建投证券：陶爱普； | | 人员姓名 | 3、投资者：臧黎明、方蕉。 | | 时间 | 年 月 日 2025 9 18 14:00-16:00 | | 地点 | 公司行政楼九楼会议室 | | 上市公司接待人 | 董事会秘书、副总经理：刘松霞 | | | 证券事务代表：陈丽婷 | | 员姓名 | 证券助理：高杰晶 | | | 一、参观公司展厅； 二、主要问题及回答： | | | 1、公司功能鞋材品类大客户合作情况及全年展望？ | | | 答：公司功能鞋材品类的客户覆盖较为广泛，既包括国际 | | | 知名体育运动品牌，也涵盖国内主流体育运动品牌，形成良好 | | | 的客户渠道与竞争优势。 | | 投资者关系活动 | ...

Core Viewpoint - The company has been focusing on transforming its customer base and product offerings, leading to improved gross margins and stable revenue streams despite historical volatility due to external factors [2] Group 1: Historical Performance and Gross Margin Improvement - The company experienced historical performance fluctuations due to significant volatility in raw material and natural gas prices, as well as non-recurring external events [2] - Recent efforts in customer and product transformation, along with an increase in high-margin, high-value products, have contributed to a continuous improvement in gross margins [2] Group 2: Market Outlook for PU Materials - There is an increasing demand for high-performance, multifunctional, and eco-friendly materials in downstream industries, suggesting a potential rise in the penetration of PU materials in existing applications [2] - The company anticipates expanding its application space in sectors such as semiconductors and embodied intelligence [2] Group 3: Revenue Composition and Changes - In the first half of 2025, the revenue composition across various categories remained largely consistent with the first quarter, with functional footwear materials and sofa/home furnishings accounting for nearly 70% of total revenue [2] - The automotive interior segment has seen rapid revenue growth, while the electronic products segment remains stable, and sports equipment has slightly declined [2] Group 4: Automotive Interior Business - The company faces competition in the automotive interior sector from players like Japan's Seiren and Jiangsu Ruigao, but it has established a strong technical level and competitive advantage [2] - PU materials are primarily used in the domestic automotive interior sector for new energy vehicles, with significant potential in traditional fuel vehicles as well [2] Group 5: Progress in Embodied Intelligence - The company is in the early stages of developing materials for flexible robotic skin in the embodied intelligence field and has begun discussions with leading industry players, although no substantial business orders have been secured yet [2] Group 6: Financing and M&A Plans - Currently, the company has no financing plans as short-term capital expenditures are nearly complete, and cash flow remains stable with a healthy debt-to-asset ratio [2] - The company will consider M&A opportunities based on future needs and actual circumstances [2] Group 7: Employee Incentive Measures - Since its listing, the company has actively implemented stock incentive plans and employee shareholding schemes to align employee interests with long-term company development [2] Group 8: Semiconductor Sector Progress - The semiconductor sector is a strategic focus for the company, with initial small-batch orders having been produced and delivered, although the revenue impact remains minimal in the short term [2]

Revenue Distribution - In the first half of 2025, the revenue distribution among various product categories remained relatively stable compared to Q1, with functional shoe materials and sofa home furnishings accounting for nearly 70% of total revenue. Functional shoe materials maintained a stable revenue share, while sofa home furnishings saw a decline. The automotive interior category experienced rapid growth, increasing its share, while electronic products remained stable, and sports equipment saw a slight decline, collectively accounting for approximately 30% of total revenue [2][3]. Gross Margin Analysis - The company employs a customized production model based on diverse customer needs, leading to variations in gross margins across different product categories. Generally, electronic products and automotive interior categories exhibit higher gross margins. Functional shoe materials and sofa home furnishings show a "layered differentiation" in gross margins, with both stable and high-margin products present [3][4]. Growth Drivers - The continuous improvement in gross margins over recent years is attributed to the company's focus on customer and product transformation, resulting in an increase in high-margin, high-value-added products. Enhanced internal management practices have also contributed to cost reduction and efficiency improvements [3][4]. PU Material Market Potential - The application scope of PU materials is expanding beyond traditional uses in shoe materials and sofa home furnishings to include automotive interiors and consumer electronics. The demand for high-performance, multifunctional, and eco-friendly materials is expected to drive further penetration of PU materials in existing markets and new areas such as semiconductors and embodied intelligence [4][5]. Automotive Interior Market Insights - The trend initiated by Tesla's introduction of 100% leather-free interior models is influencing the adoption of PU synthetic leather in domestic electric vehicles. Currently, electric vehicle brands are the primary users of PU materials in automotive interiors. As the market penetration of electric vehicles increases, consumer expectations for interior quality and environmental performance are rising, positioning PU materials as a key competitive advantage for automakers [6][7]. Pricing Strategy - The company employs a flexible and prudent pricing strategy that considers customer needs, competitive landscape, application areas, and target gross margins, rather than a simple cost-plus model. The company has established itself as a leading player in the industry, enhancing its pricing power with various customer segments [8]. Financial Health - The company currently has no immediate financing needs, as short-term capital expenditures are largely completed, and cash flow remains stable. The asset-liability ratio is healthy, indicating strong risk resistance capabilities [8]. Semiconductor Sector Development - The semiconductor sector is a strategic focus for the company, with initial small-batch orders having been produced and delivered after two years of development. However, these orders are not expected to significantly impact overall revenue in the short term. The company plans to actively explore new growth opportunities in this area [8].

Group 1: Company Overview and Market Position - The company operates in the polyurethane composite materials industry, characterized by personalized, multi-variety, small-batch, and quick delivery requirements, necessitating strong R&D and production capabilities [2][3] - The domestic synthetic leather market is approximately ¥90 billion, with PU synthetic leather accounting for about 40% of this market [5] - The company has a market share exceeding 20% in certain high-end segments, indicating strong competitiveness, but overall market share has room for improvement [5][9] Group 2: Key Partnerships and Revenue Contributions - Nike is the only Chinese supplier of polyurethane synthetic leather and composite materials, contributing to a "low base, high growth" revenue trend since becoming a strategic partner in January 2025 [3] - Adidas has begun to contribute to revenue, currently in a foundational phase with some orders in mass production [3] Group 3: Revenue Composition and Trends - In the first half of 2025, functional shoe materials and sofa home furnishings accounted for nearly 70% of total revenue, with functional shoe materials remaining stable and sofa home furnishings declining [3][4] - The automotive interior segment is experiencing rapid growth, with new projects expected to enter mass production in late 2025 or 2026 [6] Group 4: Pricing Strategy and Competitive Advantages - The company employs a flexible pricing strategy based on customer needs, competitive landscape, application fields, and target profit margins, rather than a simple cost-plus model [4] - The company has established strong relationships with upstream suppliers, ensuring stable raw material supply and cost control [8] Group 5: Technological and Environmental Leadership - The company is recognized as a "National Green Factory" and has received multiple environmental certifications, emphasizing its commitment to sustainable practices [9] - It holds numerous patents and is a "National Key High-tech Enterprise," showcasing its technological leadership and ability to rapidly develop customized products [8][9]

Core Insights - Anhui Anli Material Technology Co., Ltd. hosted a research event with three securities firms, focusing on the company's business performance and product categories [1] Group 1: Revenue and Profitability - In the first half of 2025, the revenue distribution across product categories remained similar to the first quarter, with functional footwear materials and sofa home furnishings accounting for nearly 70% of total revenue [1] - The revenue share of functional footwear materials remained stable, while the share of sofa home furnishings declined; automotive interior products experienced rapid growth, and electronic products remained stable, with sports equipment showing a slight decline [1] - The company's product operating model is order-driven, leading to varying gross margins across different categories due to factors like product technology content and customization levels [1] Group 2: Market Position and Growth Opportunities - The global polyurethane synthetic leather market is approximately 100 billion yuan, with the domestic market being large but fragmented; the company holds over 20% market share in certain mid-to-high-end segments, indicating room for growth [1] - The company has established partnerships with major brands like Nike and Adidas, enhancing its market position; it is the only Chinese supplier of polyurethane synthetic leather and composite materials for Nike in mainland China [1] - The automotive interior business has gained traction with major automakers like BYD and Toyota, with expectations for new projects to enter mass production in late 2025 or 2026 [1] Group 3: Competitive Advantages - The company possesses technological research and development advantages, holding multiple national-level technology recognitions and core patents [1] - It has established long-term collaborations with well-known brands, ensuring a broad customer base and stable supplier relationships [1] - The company is responding to industry trends by building a factory in Vietnam, leveraging regional advantages to serve international clients in the sports and home furnishings sectors [1]

Revenue Distribution - In the first half of 2025, the revenue distribution among various product categories remained largely stable compared to Q1, with functional footwear materials and sofa home furnishings accounting for nearly 70% of total revenue. Functional footwear materials maintained a stable revenue share, while sofa home furnishings saw a decline. The automotive interior category experienced rapid growth, contributing to approximately 30% of total revenue [2][3]. Gross Margin Analysis - The gross margin varies across product categories due to factors such as product technology content, customization level, and customer tier. Generally, electronic products and automotive interior categories exhibit higher gross margins. The company aims to enhance overall profitability by optimizing product structure and increasing the proportion of high-tech, high-value-added products [3][4]. Strategic Partnerships - The company has established strong partnerships with international brands such as Nike, Adidas, Puma, and Asics, enhancing its competitive advantage. It is the only domestic supplier of polyurethane synthetic leather and composite materials for Nike in mainland China, which has led to increased product development opportunities since becoming a strategic partner in January 2025 [3][4]. Automotive Interior Growth - The company has penetrated the supply chains of major automotive brands, including BYD, Toyota, and Volkswagen. In the first half of 2025, it secured more model projects due to its product quality and service responsiveness, indicating a positive growth trajectory in the automotive interior segment [5][6]. Semiconductor Development - The semiconductor category is a strategic reserve for the company, with a longer R&D cycle compared to mature categories. The company has made substantial progress, achieving small-batch production after two years of development, although it does not significantly impact short-term revenue [5][6]. Market Size and Competition - The domestic synthetic leather market is approximately ¥90 billion, with PU synthetic leather accounting for about 40% of this market. The company holds over 20% market share in certain mid-to-high-end segments but has room for growth in overall market share [6][7]. Competitive Advantages - The company’s competitive edge lies in its technological development, brand partnerships, production capacity, and environmental sustainability. It is recognized as a national manufacturing champion and has established a strong reputation for quality and innovation [7][8]. International Expansion - The establishment of a factory in Vietnam aligns with the trend of polyurethane synthetic leather production moving to Southeast Asia. This move aims to better serve domestic and international brand clients while mitigating tariff risks associated with international trade [8].

Revenue Breakdown - In the first half of 2025, the revenue distribution among various product categories remained stable overall, with functional footwear materials and sofa home furnishings accounting for nearly 70% of total revenue. Functional footwear materials maintained a stable revenue share, while sofa home furnishings saw a slight decline. The automotive interior category experienced rapid growth, contributing to an approximate 30% of total revenue [2][3]. PU Material Application - PU materials are primarily used in the interior of new energy vehicles, driven by increasing consumer demands for quality, environmental performance, and functional experience. The material's high performance, including scratch resistance, durability, and low VOCs, positions it as a competitive choice for automotive interior components [3][4]. Major Clients and Growth Potential - The company has established a strong technical level and competitive advantage in the automotive interior category, serving major brands such as BYD, Toyota, Volkswagen, and others. The company is actively seeking new partnerships to enhance growth in this segment, aiming for a "low base, high growth" trajectory [4][5]. Product Value in Automotive Interiors - The value of automotive interior products varies based on the vehicle model and application, typically ranging from 2 to 20 square meters of PU synthetic leather and composite materials per vehicle [4][5]. Development Strategy - The company adheres to a development strategy focused on market orientation and customer needs, emphasizing differentiated and competitive product technologies. R&D investment has consistently exceeded 5% of revenue over the past three years, enhancing the company's technological edge and aligning with global trends towards eco-friendly solutions [5][6]. Collaboration with Automotive Brands - The company collaborates with automotive brands through a designated supplier model, ensuring compliance with quality and environmental standards. The actual orders are fulfilled by first or second-tier suppliers, who manufacture components based on the automotive brands' specifications [6][7]. New Business Development - The company is proactively exploring opportunities in emerging fields such as semiconductors and embodied intelligence, conducting market research and preliminary technology development to support future business expansion [7][8]. Production Capacity and Future Outlook - The existing production capacity is sufficient to support future business development, with 40 production lines in the main facility and 4 in Vietnam. The company plans to maintain a production capacity of approximately 1 billion meters of polyurethane composite materials annually, adaptable to various market demands [8][9].

Group 1: Customer Structure and Revenue Contribution - The company has a broad customer structure in functional shoe materials, including international brands like Nike, Adidas, and Puma, contributing significantly to revenue [1][2]. - As of January 2025, the company became a strategic partner of Nike, enhancing product development and project collaboration [1]. - The company has also become a qualified supplier for Adidas, with certain orders already in production [2]. Group 2: Automotive Interior Products - The company has established a strong competitive advantage in automotive interior products, serving major brands like BYD, Toyota, and Changan [3]. - There is potential for "low base, high growth" in this category, indicating confidence in future revenue increases [3]. Group 3: Consumer Electronics - The company has a good first-mover advantage in consumer electronics, with applications in keyboards, mobile phones, and laptops [4]. - Future growth in this category is expected from expanding new customer bases and developing new application scenarios [4]. Group 4: Sofa and Home Furnishings - The sofa and home furnishings segment has faced challenges due to a downturn in the real estate market and fluctuating tariffs, impacting demand [5]. - Despite these challenges, the company is expanding its customer base and optimizing its structure, collaborating positively with brands like Zhi Huashi and Kuka [5]. Group 5: International Operations and Cost Structure - Amway Vietnam has faced losses due to high initial costs and certification delays, but production volume has improved since Q3 2024 [6]. - The production cost in Vietnam is comparable to domestic costs, despite lower labor costs, due to the need for imported raw materials [6]. Group 6: Employee Stock Ownership Plans - The company has initiated a fourth employee stock ownership plan, increasing participation by nearly 100 individuals compared to the previous plan [7]. - This initiative aims to align employee interests with long-term company growth, fostering a shared risk and reward mechanism [7]. Group 7: Future Expansion Plans - The remaining production lines in Vietnam are ready for operation, and the company is focusing on technological upgrades and capacity optimization [8]. - The company plans to prioritize high-tech, high-margin products while gradually reducing the share of low-margin businesses in its overall structure [8].

Group 1: Company Products and Applications - Current product applications include functional shoe materials, sofa home furnishings, automotive interiors, and consumer electronics, with a focus on mid-to-high-end markets [1] - Future growth expected in high-performance, multifunctional, and eco-friendly materials across emerging sectors such as high-end sports, new energy vehicles, consumer electronics, and healthcare [1] - Water-based and solvent-free products accounted for approximately 22% of sales in 2024, with plans to increase this share in the next two to three years [5] Group 2: Production Capacity and Operations - Anli Vietnam plans to establish four production lines, with two already operational since late 2022, aiming for an annual production capacity of 18 million meters of eco-functional polyurethane synthetic leather and composite materials [2] - The company's sofa home furnishings business is influenced by the real estate market, leading to fluctuations in demand, but strategic customer expansion has improved brand recognition [3] Group 3: Strategic Partnerships and Market Position - Anli is the only qualified supplier of polyurethane synthetic leather and composite materials for Nike in mainland China, with significant growth potential in procurement share [6] - The company aims to enhance its market share through a "four-pronged" strategy focusing on specialization, branding, scale, and internationalization [8] Group 4: Growth Targets and Internal Goals - Annual production and operational targets are set based on industry trends and internal strategies, but these are aspirational and not commitments to investors [4]

Core Insights - Company achieved record revenue in Q1 2025, driven by a decade-long strategy of targeting major clients, continuous technological innovation, and responsiveness to global market changes [1][9][12] Group 1: Company Performance - In Q1 2025, the company reported revenue of 5.55 billion yuan and a net profit of 460 million yuan, marking a year-on-year growth of 12.47% [9][12] - For the full year 2024, the company achieved revenue of 24.03 billion yuan, a 20.12% increase, and a net profit of 1.94 billion yuan, up 174.19% [9][12] - The average selling price of products increased by approximately 9.43% in Q1 2025, with a gross margin of 26.81% [12] Group 2: Market Position and Industry Dynamics - The global polyurethane market is projected to grow from 81.4 billion USD in 2024 to 112 billion USD by 2029, indicating strong demand for high-performance materials [4] - The polyurethane industry in China has low market concentration, with the top four companies holding only 19.3% of the market share, leading to intense competition [8] - The company has positioned itself as a leader in the polyurethane composite materials sector, leveraging technological innovation to develop differentiated products [8][9] Group 3: Client Relationships and Strategic Partnerships - The company has successfully established partnerships with major global brands such as Nike, Adidas, and Apple, enhancing its market presence [16][18] - After a decade of effort, the company became a strategic partner of Nike, which significantly boosted its market access and credibility [16][18] - The company’s sales to the U.S. market represent only 2.55% of total revenue, indicating limited exposure to potential tariff impacts [20][22] Group 4: Technological Innovation - The company has focused on developing high-performance, multifunctional, and eco-friendly products, which has allowed it to maintain a competitive edge [8][9] - Recent advancements include the introduction of over 30 new materials, such as water-based and solvent-free products, which have increased their market appeal [9][12]