ECOLOVO(SZ:301116) Sou Hu Cai Jing·2025-04-26 06:28Group 1 - The overall export situation of Chinese down feathers and bedding is improving, indicating an intensified "rush for exports" effect [1][46] - In March 2025, the export volume of down feathers from Anhui province reached approximately 1,390 tons, a year-on-year increase of 13%, with an export value of about 201 million yuan, up 42% year-on-year [11] - Zhejiang province ranked first in total export value for the first quarter of 2025, exporting about 3,408 tons of down feathers, a year-on-year decrease of 15%, but with an export value of approximately 558 million yuan, a 29% increase year-on-year [12] Group 2 - In March 2025, the export of down bedding reached approximately 4,208 tons (about 1.63 million pieces), a year-on-year increase of 28%, with an export value of about 429 million yuan, up 41% year-on-year [22] - The United States remained the largest trading partner for down bedding exports, accounting for 37% of the total export volume in March, with an export quantity of about 490 tons, a year-on-year increase of 28% [24] - The export of "other down bedding" in March 2025 was approximately 3,342 tons, a year-on-year increase of 39%, with an export value of about 119 million yuan, up 25% year-on-year [25] Group 3 - In March 2025, the export of down clothing was approximately 453,000 pieces, a month-on-month decrease of 9%, with an export value of about 106 million yuan, a month-on-month increase of 0.3% [30] - The export volume of down clothing in March 2025 was the lowest in nearly a decade, with a year-on-year decrease of 21% [37] - The import of down clothing in March 2025 was approximately 211,000 pieces, a month-on-month decrease of 23%, with an import value of about 9.1 million yuan, a month-on-month decrease of 47% [37] Group 4 - The "rush for exports" effect is attributed to the uncertainty surrounding tariff policies, which has led to increased export pressure in the second quarter [46] - Companies are actively seeking to expand into new markets, particularly in South America and Europe, to mitigate the impact of high tariffs from the United States [46] - The industry is experiencing a trend of capacity reduction, with small and medium-sized farmers exiting the market, which may lead to a natural contraction in duck down supply and a potential price recovery in the second half of the year [46]