关税影响显现：美国玩具制造商重塑供应链 损失数亿美元利润

Core Insights - The impact of tariffs is prompting U.S. toy manufacturers to reshape their supply chains, resulting in significant profit losses amounting to hundreds of millions of dollars [1][2] Group 1: Supply Chain Changes - Major retailers are shifting from a "direct import" model to a "domestic transportation" model, transferring more costs and risks to suppliers [1] - The "direct import" model involves retailers placing large orders months in advance and using their logistics to bring goods to the U.S., while the "domestic transportation" model allows suppliers like Mattel to handle imports and storage [1] - This strategy is seen as a response to the need for more time and flexibility in order management amid ongoing trade uncertainties [1] Group 2: Financial Impact - Mattel reported a 6% decline in sales for the three months ending September 30, with a 10% drop in total invoicing in North America for the third quarter [2] - Analysts estimate that tariffs could lead to a loss of up to $200 million in annual profits for Mattel due to increased import costs and delayed holiday orders from retailers [2] - The company is also facing challenges from discerning U.S. consumers and rising toy prices [2]