ANLI(SZ:300218)2025-04-30 12:14Group 1: Impact of Tariffs and Market Conditions - The company's indirect exports to the U.S. are primarily from the sofa home market and sports, with limited revenue impact due to tariffs [1] - Nike and Apple, major clients, have minimal impact on the company as their products sold in the U.S. are mainly produced outside China [2][3] - The overall impact of U.S. tariffs on consumer electronics is limited due to existing exemptions and the competitive landscape [2] Group 2: Business Performance and Market Trends - In Q1 2025, the company experienced growth in functional shoe materials and automotive interior products, while the sofa home category saw a decline [2] - The company maintains a stable order flow and positive outlook for future development [2] Group 3: Supplier Selection Criteria - Brand clients prioritize comprehensive supplier capabilities, including quality, innovation, service, and environmental responsibility during the selection process [3] Group 4: Production and Customization - The company operates in a fast-fashion industry, focusing on personalized products with quick delivery, making long-term order predictions challenging [3] Group 5: Future Growth and Dividend Plans - Future growth will stem from customer upgrades, product upgrades (with water-based products increasing from 18% to 22%), and management improvements [4] - The company has maintained a stable dividend policy, with cash dividends accounting for 96.05% of the average net profit over the last three years [4] Group 6: Profitability and Margin Stability - The company's gross margin was 26.81% in Q1 2025, indicating a return to normal operating conditions after previous fluctuations due to external factors [5] - The company emphasizes profit maximization over merely achieving the highest gross margin [5]