ANLI(SZ:300218)2025-06-10 10:56R&D Investment and Direction - The company maintains a high R&D investment intensity, with R&D expenses accounting for over 5% of revenue [1] - The focus of R&D is primarily on application-oriented innovations, while also engaging in foundational research to support application development [1] - Key R&D areas include ecological and functional materials, with ongoing development of high-performance, water-based, solvent-free, silicon-based, bio-based, and recycled materials [1][2] Revenue Composition and Growth Trends - As of April 2025, functional footwear and sofa home categories account for approximately 70% of total revenue, while other categories make up about 30% [3] - The revenue share of functional footwear and automotive interior categories has increased compared to the end of 2024 [3] Future Development Areas - The company aims for high-end, green, intelligent, and international development, focusing on "material upgrades + scenario innovation" [4] - Plans to expand into emerging fields such as medical health, low-altitude economy, and smart interaction while enhancing existing product lines [4] Production Capacity and Utilization - The company plans to build 44 production lines, with 40 in the main facility and 4 in Vietnam, where all Vietnamese lines are dry composite production lines [5] - Currently, 22% of revenue comes from water-based and solvent-free products, with a gradual reduction in wet production lines [5] Market Outlook and Strategic Partnerships - The company has strengthened partnerships with major brands like Nike and Adidas, which is expected to drive growth in the functional footwear category [6] - The sofa home category faces challenges but has potential for long-term growth due to an established customer base [6] - The automotive interior category is projected to grow rapidly due to increasing demand from the electric vehicle market [6] Impact of Tariff Policies - Adjustments in U.S. tariff policies are expected to stabilize orders for high-tech, differentiated products [7][8] - The company benefits from lower tariffs on products produced in Vietnam, enhancing cost advantages for exports to the U.S. [8] - The company will monitor policy changes during the 90-day negotiation window and optimize competitiveness through strategic partnerships and technology upgrades [8]