2026.03. 05 本文字数：3247，阅读时长大约5分钟 作者 | 第一财 经 王珍 中企出海正在升级。中国龙头企业已经从"中国供全球"，变为"区域供区域+中国供全球"，其全球生 产布局日益完善。这些海外工厂不仅善用当地低成本的劳动力，还结合自动化生产、数字化运营不断 增强全球供应链韧性，抵抗外贸环境风险的能力显著提升。 中国企业出海也是今年全国两会期间代表委员们热议的话题之一。 全国人大代表、海尔集团董事局主席周云杰透露，海尔未来五年将投入不少于1000亿元在人工智 能、底层芯片等领域，并推进全球本土化深耕，在关键市场向下扎根、向上成长。他希望海尔成为生 态企业，在不确定性的全球环境中，进行确定性的战略布局。 调研机构AVI的创始人、总裁文建平向第一财经分析认为，目前中国企业出海进入体系化深耕的新阶 段。企业告别粗放式扩张，从产品出口转向品牌出海、产能出海、价值链出海。中国企业以创新与生 态共建为核心，从"世界工厂"迈向全球创新与运营主体，在碎片化格局中构建可持续的全球化竞争 力。 深化全球供应链布局 今年2月，海尔空调泰国春武里工业园第100万台空调下线。作为海尔全球布局的关键节点，该园区 仅用半年 ...

盈利的改善主要得益于原材料成本的显著下降以及内部降本增效措施的落地，推动整体毛利率同比提升 0.9 个百分点至40.4%，净利率亦攀升至14.2%。此外，财务成本下降45.0%，进一步增加了利润空间。 中国市场处于调整期，录得收入46.75 亿港元，同比下降6.0%。 机构：国投证券 研究员：罗乾生/刘夏凡 收购美国制造公司，完善北美产能布局 2025 年12 月18 日，公司宣布以总代价约5870 万美元（包含3,200万美元股权对价及约2,670 万美元债务 置换）收购一家美国本土家居制造公司100% 的股权。目标集团旗下拥有专注功能沙发的Southern Motion 及专注固定家具的Fusion Furniture 两大成熟品牌。本次收购获得约1.88 亿美元营收增量的同 时，获取了目标集团位于美国密西西比州的8 处生产设施，总面积超200 万平方英尺。在当前地缘政治 与国际贸易环境变化的背景下，通过获得成熟的美国本土产能，公司将有效规避潜在关税波动及海运成 本风险。此外，利用目标集团拥有的超1,000 名活跃零售客户的网络，可以进一步深化北美渠道渗透， 在原材料采购及自动化制造方面的规模优势，使目标 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 6.50 HKD over the next six months [3][7]. Core Insights - The company has acquired a US-based furniture manufacturer for approximately 58.7 million USD, enhancing its North American production capacity and mitigating potential tariff and shipping cost risks [1]. - Despite a 3.1% year-on-year decline in revenue to approximately 8.045 billion HKD for the first half of FY2026, the net profit attributable to shareholders increased by 0.6% to 1.146 billion HKD, driven by lower raw material costs and internal efficiency measures [2]. - The company is actively optimizing its channel structure in response to domestic market pressures, closing 327 offline stores while expanding e-commerce channels, resulting in a 13.6% increase in online sales [2]. Financial Performance - The company's revenue for FY2026 is projected to be 16.546 billion HKD, with net profit expected to reach 2.233 billion HKD, reflecting a year-on-year growth of 8.24% [9]. - The gross margin improved by 0.9 percentage points to 40.4%, and the net profit margin increased to 14.2% due to reduced financial costs, which fell by 45% [2]. - The company’s asset-liability ratio decreased to 19.0%, with cash and bank balances amounting to 3.947 billion HKD [2]. Market Position - The company is recognized as a leader in the functional sofa industry and soft home furnishings, with a solid fundamental base and a commitment to high dividends for shareholders [2][3]. - The North American market showed resilience with a slight revenue increase of 0.3%, while European and other overseas markets grew by 4.3%, supported by the company's manufacturing presence in Vietnam and Mexico [2].

Core Viewpoint - Yidun Electronics (依顿电子) reported a growth in revenue and net profit for the year 2025, with plans to commence trial production at its Thailand factory in Q1 2026 [1][2]. Financial Performance - The company achieved an operating revenue of 4.025 billion yuan, representing a year-on-year increase of 14.80% [2]. - The net profit attributable to shareholders was 468 million yuan, reflecting a year-on-year growth of 6.97% [2]. - This performance indicates the company's continued focus and growth in core areas such as automotive electronics [2]. Project Development - The construction of the Thailand factory's first phase is progressing smoothly, with plans to start trial production and ramp up capacity in Q1 2026 [3]. - This factory is positioned as a mid-to-high-end PCB production base, aimed at optimizing the global supply chain and enhancing service capabilities in overseas markets [3]. Stock Performance - On February 9 and 10, 2026, Yidun Electronics' stock price increased by 5.08% and 6.28%, respectively, with significant net inflow of main funds, indicating high market attention [4]. - However, such market performance should be continuously observed in conjunction with the company's fundamentals [4].

Summary of Tianyuan Pet's Conference Call Company Overview - **Company**: Tianyuan Pet - **Industry**: Pet Products and Food - **Key Financials**: In 2025, the company achieved nearly 2.3 billion yuan in revenue and a profit of 56 million yuan [3][4] Strategic Plans - **Market Expansion**: The company plans to deepen its global supply chain and online-offline channels by 2026, aiming to increase market share [2][3] - **Brand Development**: Introduction of the proprietary brand "Palast" to focus on the domestic market, with an emphasis on improving gross margins and net profits [2][3] - **Acquisition Strategy**: The acquisition of Taotong Technology is intended to leverage its experience in the fast-moving consumer goods sector to reduce promotional costs for the proprietary brand and enhance effectiveness [2][5] Financial Performance - **Gross Margin Improvement**: The gross margin for pet food increased due to the selection of high-quality customer orders, which improved overall efficiency. The company is expected to continue this trend by focusing on orders with favorable payment terms [2][5] - **Sustainable Growth**: The company emphasizes stable growth and is cautious about setting short-term quantitative targets for its proprietary brand, focusing instead on foundational work and team building [6] Production Capacity and Infrastructure - **New Factory Development**: The New Source Pet Food Factory is a crucial addition to the industry ecosystem, with established domestic and international benchmarks. The focus is on actual team development to drive steady performance [7] - **Vietnam and Cambodia Operations**: The Vietnam factory is undergoing expansion with government investment approval, which will significantly increase capacity. The Cambodia factory is currently operating under a leasing model and will maintain its status until the Vietnam expansion is completed [8] Collaborative Efforts - **Tap Platform Integration**: The Tap platform serves as a supply chain link to various stores and is expected to create synergies with the proprietary brand in 2026 [4][9] - **Product Development**: The company is focused on developing a range of pet products, including cat trees, mats, clothing, cat litter, and bathing products, while relying on traditional channels and partnerships for promotion [10] Future Considerations - **Acquisition Potential**: The company is open to considering acquisitions of other brands to enhance its capabilities and achieve business expansion goals if suitable targets arise [11]

Core Viewpoint - The company, JiaLian Technology (301193.SZ), expects a significant net loss for 2025, with a projected net profit attributable to shareholders ranging from -69 million to -52 million yuan, and a net profit excluding non-recurring gains and losses between -210 million and -160 million yuan [1] Financial Performance - The company anticipates a net profit attributable to shareholders of -69 million to -52 million yuan for 2025 [1] - The expected net profit after excluding non-recurring items is projected to be between -210 million and -160 million yuan [1] Operational Challenges - The company is strategically advancing the synchronous construction and adjustment of multi-site production capacity to optimize its global supply chain in response to a complex international trade environment [1] - New production bases are currently in the capacity construction and rapid ramp-up phase, leading to low overall capacity utilization [1] - High fixed depreciation and operating costs, along with increased manufacturing costs per unit, are attributed to the low capacity utilization [1] Financial Costs - The issuance of convertible bonds has resulted in increased interest expenses, contributing to a year-on-year rise in financial costs as per relevant accounting standards [1]

Funding Initiatives - Shandong Province issued 723.81 billion yuan in local government bonds, referred to as the "New Year Red Envelope," to support major annual projects [2] - The funds will be allocated primarily to infrastructure construction in transportation, water conservancy, municipal projects, industrial upgrades, and improving people's livelihoods [2] Policy Support - Shandong Province released the first batch of the 2026 economic promotion policy list, which includes a significant subsidy of up to 600,000 yuan for local enterprises facing major patent disputes [3] - The policy aims to address challenges faced by small and medium-sized technology enterprises in innovation and rights protection, while also covering areas like anti-monopoly and standardization [3] Trade Developments - The first international container ship of the year docked at Qingdao Port, marking the launch of Shandong's first direct foreign trade route to Australia [4] - This new route reduces transportation time by approximately 10%, enhancing logistics efficiency and providing greater certainty and timeliness for trade with Australian clients [4] Overall Economic Strategy - The combined efforts in fiscal initiatives, policy support, and trade expansion represent a strategic approach by Shandong Province to ensure a strong start to 2026 and to seek new growth opportunities [4]

Core Viewpoint - The acquisition of 100% equity in Fujing Special Co., Ltd. by CITIC Special Steel's wholly-owned subsidiary is a strategic move to enhance its global operations and supply chain capabilities [1][3] Financial Performance - Fujing Special reported an audited revenue of 13.118 billion yuan and a net profit of 35.1 million yuan for the fiscal year 2024, with total assets of 4.197 billion yuan and net assets of 1.492 billion yuan [2] - For the first three quarters of 2025, Fujing Special achieved a revenue of 8.509 billion yuan and a net profit of 8.3 million yuan, with total assets increasing to 4.599 billion yuan and net assets to 1.584 billion yuan [2] - The valuation of Fujing Special's equity was assessed at 1.509 billion yuan, reflecting a 1.17% increase over its book net assets [2] Strategic Implications - The acquisition is positioned as a key component of CITIC Special Steel's globalization strategy, aiming for deep business integration and enhanced international market presence [3] - By leveraging the established international operational platform of Stanko Group, CITIC Special Steel seeks to improve its global supply chain and bargaining power [3] - The transaction is expected to facilitate CITIC Special Steel's transition from a "product supplier" to a "global system solution provider," thereby expanding its international market share and core competitiveness [3]

Core Viewpoint - Minhua Holdings (01999.HK) reported its interim results for the six months ending September 30, showing resilience in its performance, which has received positive feedback from the market, with several institutions upgrading their ratings and target prices [1][2]. Group 1: Revenue and Profitability - The total revenue for the period was approximately HKD 80.45 billion, a year-on-year decrease of about 3.1%. However, the profit attributable to equity holders increased by 0.6% to approximately HKD 11.46 billion, with gross margin rising by 0.9 percentage points to 40.4% and net margin increasing by 0.5 percentage points to 14.2% [3][4]. - The revenue breakdown shows a decline in sales of sofa and bedding products, while other products saw an increase of 11.4% year-on-year [4][5]. Group 2: Domestic Market Resilience - Despite challenges in the domestic market, Minhua Holdings has shown signs of stabilization, with online sales reaching HKD 11.44 billion, a year-on-year growth of 13.6%. This improvement is attributed to product structure optimization and enhanced platform operations [6][5]. - The company has actively adjusted its channels and products, leading to a significant narrowing of the decline in domestic sales, indicating that the worst may be over [6][5]. Group 3: International Market Stability - In the context of global trade tensions, Minhua's overseas business demonstrated strong stability, with North American revenue at HKD 21.61 billion, a slight increase of 0.3%, and European and other markets at HKD 7.65 billion, a growth of 4.3% [7][9]. - The company’s global supply chain management capabilities have proven to be a core advantage, allowing it to maintain operational efficiency and cost control despite rising tariffs [9][10]. Group 4: Financial Health and Shareholder Returns - Minhua Holdings has a robust financial position, with a high and sustainable dividend payout, declaring an interim dividend of HKD 0.15 per share, resulting in a payout ratio of 50.8% and a dynamic dividend yield of 5.76% based on a closing price of HKD 4.69 [11]. - The company’s strong balance sheet and improved profit quality provide a safety net for future returns, reinforcing its ability to generate profits and cash flow sustainably [11]. Group 5: Overall Market Perception - The market's positive outlook on Minhua Holdings is not solely based on its interim results but reflects the company's strong operational management and ability to navigate uncertainties, establishing a solid foundation for future growth [13].

Core Insights - The company, Guibao Pet (301498.SZ), aims to leverage New Zealand's core competitive advantages in high-quality raw material supply and advanced production technology to optimize its global supply chain network [1] - The total investment for the New Zealand high-end pet food project is set at 950 million yuan, with a phased investment plan over a construction period of five years [1] - The project will cover approximately 48,000 square meters and will produce various pet food products, including freeze-dried and baked snacks, wet food, and health products [1] Investment and Development - The first phase of the project will require an investment of 350 million yuan, with the implementation subject to actual conditions [1] - The project will include multiple production facilities such as freeze-drying workshops, baking workshops, wet food workshops, snack workshops, health food workshops, and warehouses for raw materials and finished products [1] - Additional facilities will include a research and development building, a restaurant, and a parking structure [1]