ANLI(SZ:300218)2025-06-14 08:38Group 1: Impact of U.S. Tariff Adjustments - Direct export business has a small impact due to low volume and high technical differentiation, making it hard for U.S. clients to find substitutes in the short term [1] - Indirect export business, mainly involving brands like Nike and Adidas, is less affected due to tariff exemptions on certain products [2] - Overall, U.S. tariff adjustments represent systemic and global risks, with some order fluctuations observed since April, but stability returned after a joint U.S.-China statement [2] Group 2: Adidas Collaboration and Sales Expectations - Adidas is in the product development phase for 2024, with limited sales; however, some orders began mass production in March 2025 [3] - The company aims for significant sales growth with Adidas in 2025, while also enhancing partnerships with other brands like Nike and Puma [3] Group 3: Functional Footwear Material Sales and Client Expansion - Functional footwear materials remain the largest revenue segment, with an increase in revenue share compared to the end of 2024 [3] - Collaborations with domestic brands like Anta and Li Ning are deepening, leading to increased order volumes and market influence [3] Group 4: Automotive Interior Market Development - The automotive interior market is a key focus, with applications in brands like BYD and Toyota, showing early success in expanding client base [4] - The company anticipates high growth in this sector in 2025 [4] Group 5: Impact of Shortened Payment Terms by Automakers - Shortened payment terms from major automakers are beneficial for the company, improving cash flow and reducing financial risks [5] - The company maintains a strategy of deepening collaborations with automotive brands while managing financial risks [5] Group 6: Progress in Electronic Products - The electronic products segment is expanding, with stable partnerships with major brands like Apple and Samsung [6] - The company is focusing on new product development and application scenarios to increase market share in the consumer electronics sector [6] Group 7: Operational Performance of Amway Vietnam - Amway Vietnam has seen improved production and sales since 2025, actively expanding its market [7] - Cost advantages in labor and tax incentives are notable, despite higher logistics costs due to reliance on imported materials [7] Group 8: Future Outlook on Expense and Gross Margin Rates - The company expects stable expense rates in 2025 while enhancing product quality and efficiency [8] - An increase in high-value products is anticipated to improve overall gross margin levels [8]