ANLI(SZ:300218)2025-08-26 14:44Revenue 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].