ANLI(SZ:300218)2025-06-18 11:36Group 1: Impact of Tariffs - The "reciprocal tariff" policy implemented by the U.S. in April 2025 has a limited impact on the company, primarily due to the low direct export percentage to the U.S. (approximately 2.55% in 2024) [1] - The company's products exported to the U.S. are highly differentiated and technically advanced, making it difficult for U.S. customers to find substitutes in the short term [1] - Indirect exports to the U.S. mainly involve products produced outside of China, contributing minimally to overall revenue [2] Group 2: Revenue Composition - As of April 2025, revenue from functional footwear materials and sofa home products accounts for approximately 70% of total revenue, while other categories make up about 30% [3] - The revenue share of functional footwear materials and automotive interior products has increased compared to the end of 2024 [3] Group 3: Partnerships and Sales Outlook - The company has upgraded to a strategic partner of Nike in January 2025, with a positive outlook for growth driven by this partnership [4] - Sales from Adidas are expected to improve in 2025, following initial orders in March 2025, as the company aims for better sales performance [4] Group 4: Automotive Interior Products - The company’s automotive interior products are used in various components, with a single vehicle requiring approximately 2-15 meters of polyurethane synthetic leather and composite materials [5] - The company faces competition from established players like Japan's Seiren and Jiangsu Ruigao, but maintains a leading position in the global polyurethane composite materials industry [5] Group 5: Raw Material Sensitivity - The company is sensitive to fluctuations in raw material and energy prices, adjusting sales prices accordingly to align with market conditions [5] Group 6: Vietnam Operations - The Vietnam operations faced losses in 2023-2024 due to long certification cycles and high initial investments, but are expected to improve as the company becomes a supplier for Adidas and Nike [5] - As of 2025, production volume in Vietnam has increased, with a current capacity utilization rate of approximately 50% [5]