Anli International Co., Ltd. (5223) AI Stock Analysis

Anli International Co., Ltd.

(TPEx:5223)

Select Model

Rating:46Neutral

Price Target:TWD 20.50▼(-6.39% Downside)

Action:initiatedcoverage

Date:11/09/26

Anli International scores in the lower band, driven primarily by persistent unprofitability: severe gross margin compression has produced a third straight annual loss despite nearly 30% revenue growth. This is partly offset by genuine financial resilience - a conservatively leveraged balance sheet (debt-to-equity of 0.24, equity of NT$1.97 billion) and a strong swing to positive free cash flow of NT$140 million, which show the business still generates cash and has time to execute a turnaround. Technicals reinforce caution, with the price below all key moving averages and negative MACD, though deeply oversold RSI and Stochastic readings suggest downside may be near-term extended. Valuation offers little support given the negative P/E and absence of a dividend. The key swing factor remains margin recovery; until pricing and cost structure improve, volume growth alone will not restore profitability.

Positive Factors

Revenue GrowthThe sharp acceleration in revenue growth indicates stronger demand across Anli’s polyurethane synthetic leather and functional-materials business. If sustained, expanding sales can improve operating leverage, support greater customer reach, and provide a broader base for restoring profitability over the next several quarters.

Negative Factors

Margin CompressionSevere gross-margin compression and recurring net losses show that revenue growth has not translated into adequate earnings. This suggests weaker pricing power or higher costs and leaves less operating cushion, making sustained profitability dependent on reversing the deterioration in economics.

Anli International Co., Ltd. (5223) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 957.83M
Dividend Yield: ―
Average Volume (3M): 16.37K
Price to Earnings (P/E): -16.2
Beta (1Y): 0.48
Revenue Growth: 1.86%
EPS Growth: -1680.28%
Country: TW
Employees: 663
Sector: General
Sector Strength: 55
Industry: Manufacturing - Metal Fabrication

Anli International Co., Ltd. Business Overview & Revenue Model

Company Description

Anli International Co., Ltd., along with its affiliated entities, conducts precision metal stamping operations across both China and Taiwan. The firm manufactures and markets a diverse array of items, including die-cast components, parts for computin...

Anli International Co., Ltd. Financial Statement Overview

Summary

A mixed profile. The income statement is the weak link (score 33): revenue rebounded nearly 30% to NT$1.96 billion, but gross margin collapsed from roughly 34% in 2020 to about 16%, producing a third consecutive annual loss (-NT$30 million). The balance sheet is the standout strength (score 70), with equity of NT$1.97 billion funding nearly 60% of assets and debt cut to NT$477 million for a conservative 0.24 debt-to-equity ratio. Cash flow also improved sharply (score 64), with operating cash flow of NT$232 million and free cash flow swinging positive to NT$140 million, confirming the loss is largely non-cash. Still, negative return on equity of about -1.5% and unproven margin recovery cap the overall result.

Income Statement

33Negative

Balance Sheet

70Positive

Cash Flow

64Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Mar 2023	Dec 2021
Income Statement
Total Revenue	1.94B	1.96B	1.66B	1.53B	2.06B	2.28B
Gross Profit	277.81M	305.82M	301.40M	313.15M	531.47M	625.47M
EBITDA	117.97M	160.40M	147.51M	130.91M	380.79M	430.03M
Net Income	-59.98M	-29.71M	-24.05M	-3.70M	195.97M	231.17M
Balance Sheet
Total Assets	3.70B	3.31B	3.52B	3.12B	3.58B	3.76B
Cash, Cash Equivalents and Short-Term Investments	481.49M	394.78M	379.81M	362.52M	1.06B	1.27B
Total Debt	482.00M	477.32M	620.42M	463.85M	697.94M	761.93M
Total Liabilities	1.33B	1.34B	1.50B	1.19B	1.52B	1.81B
Stockholders Equity	2.37B	1.97B	2.02B	1.93B	2.05B	1.95B
Cash Flow
Free Cash Flow	-42.69M	139.56M	-214.16M	-283.21M	27.58M	317.02M
Operating Cash Flow	8.06M	231.80M	16.69M	23.98M	441.33M	415.23M
Investing Cash Flow	63.67M	3.48M	-225.17M	-131.52M	-2.78M	-810.06M
Financing Cash Flow	-162.75M	-157.41M	145.59M	-343.86M	-210.55M	219.22M

Anli International Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:5223 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:3646	53Neutral	TWD 982.43M	-101.82	―	3.73%	16.82%	-138.93%
TW:8107	46Neutral	TWD 832.50M	8.79	―	9.01%	-27.02%	294.03%
TW:8928	46Neutral	TWD 1.04B	8.19	―	3.89%	-12.55%	122.09%
TW:5223	46Neutral	TWD 948.91M	-16.22	―	―	1.86%	-1680.28%
TW:4558	43Neutral	TWD 847.50M	19.93	―	―	10.33%	―
TW:6593	42Neutral	TWD 981.30M	-11.94	―	1.42%	-0.05%	-20.36%

* General Sector Average

Performance Comparison

TW:5223 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:5223	Anli International Co., Ltd.	21.90	-6.10	-21.79%
TW:3646	Ant Precision Industry Co., Ltd	24.10	-2.75	-10.25%
TW:4558	Alformer Industrial Co Ltd	17.95	-2.50	-12.22%
TW:6593	Taiwan Name Plate Co., Ltd.	31.85	-9.25	-22.51%
TW:8107	Tayih Kenmos Auto Parts Co., Ltd.	11.10	-3.35	-23.18%
TW:8928	Dynamic Precision Industry Corp.	20.55	-5.69	-21.68%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 09, 2026

Anli International Co., Ltd. AI Stock Analysis