Group 1: Overview of Nanjing's Foreign Trade Resilience - Nanjing's foreign trade enterprises are demonstrating strong resilience and vitality amidst global trade uncertainties by leveraging technological innovation, market diversification, and flexible marketing strategies [1] - Companies are striving for high-quality development and aiming to create an upward growth curve despite challenges [1] Group 2: Nanjing Leiying Technology Co., Ltd. - Nanjing Leiying Technology's sterile rice production line, weighing 107 tons and valued at 50 million yuan, is being exported to Japan, showcasing the company's advanced technology and innovation [2] - The company has seen a 13.83% year-on-year increase in export value as of April, successfully expanding into Southeast Asia, the Middle East, and Africa [2] - Leiying Technology's product line includes various central kitchen equipment, and the demand for such equipment has surged due to the trend of centralized kitchen supply chains [2] Group 3: Nanjing High-Speed Gear Manufacturing Co., Ltd. - Nanjing High-Speed Gear's export value reached 462 million yuan from January to April, marking a 7.4% increase, with an expected annual export value of over 1.34 billion yuan, a 20% growth compared to last year [4][5] - The company has maintained its leading position in the global wind power gearbox market, with a market share of one-third of new installations [4] - Nanjing High-Speed Gear has invested over 100 million yuan in quality information technology and has made significant advancements in research and development [4] Group 4: Nanjing Meihua Textile Co., Ltd. - Nanjing Meihua Textile achieved an export value of 18 million USD in the first quarter, reflecting a 10% year-on-year growth [6] - The company has diversified its product offerings from bedding to various home textile products, establishing a flexible supply chain that meets customer demands [6][7] - Meihua Textile has expanded its market reach beyond the U.S. to Europe and South America, increasing its domestic sales proportion from 5% to 30% [7]

证券代码：873339 证券简称：恒太照明 公告编号：2025-023 江苏恒太照明股份有限公司 □特定对象调研 √业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 1、公司未来在北美以外市场拓展具体计划是什么？ 尊敬的投资者，公司目前销售目标市场主要是北美地区，目前公司通过在东 南亚建立生产基地，同时计划积极开拓欧洲、东南亚及中国国内市场，通过多元 化，分散化的出口目标市场有效的降低单一依赖北美市场造成的国际贸易风险。 2、股价最近低迷，感觉和业绩不挂勾，管理层有什么对策吗? □路演活动 □其他 二、 投资者关系活动情况 活动时间：2025 年 5 月 9 日 活动地点：公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） 采用网络远程的方式召开业绩说明会 参会单位及人员：通过网络方式参与公司 2024 年年度报告业绩说明会的投 资者 上市公司接待人员：1、董事长李彭晴 ...

Core Viewpoint - Despite the impact of high tariffs from the U.S., China's foreign trade has shown resilience, with exports growing by 8.1% in April 2025, significantly exceeding market expectations of 2.0% [1] Group 1: Market Diversification - The contraction of the U.S. market has been quickly offset by the expansion of emerging markets, with exports to ASEAN countries surging by 21.1% in April, while exports to the U.S. fell by 20.9% [2] - ASEAN's share in China's exports has increased to 19.1%, nearly double that of the U.S. market at 10.5% [2] - The 90-day tariff exemption period from the U.S. has encouraged Chinese companies to expedite re-exports through ASEAN, partially mitigating direct tariff impacts [2] Group 2: Product Upgrading - High-value products have become the backbone of exports, with integrated circuit exports rising by 21.3%, LCD panel exports by 16.2%, and ship exports by 35.6% [3] - Mechanical and high-tech product exports grew by 10.1% and 6.5%, respectively, contributing nearly 70% to overall export growth, highlighting China's irreplaceability in the global supply chain [3] - The automotive sector has shown a rebound, with complete vehicle exports increasing by 4.3% and auto parts exports maintaining a growth rate of 6.9% [3] Group 3: Flexible Trade Models - Processing trade imports surged by 13.1%, indicating capacity expansion among export-oriented enterprises, which serves as a leading indicator for future exports [4] - The import of bulk commodities like crude oil and iron ore increased by 7.5% and 1.3%, respectively, despite a slight decline in import value due to falling prices, suggesting resilience in domestic industrial demand [4] - Imports from the U.S. fell by 13.9% in April, primarily due to bilateral tariff negotiations, while imports from non-U.S. markets like ASEAN remained stable, demonstrating China's self-adjustment capabilities [5] Group 4: Institutional Outlook - Short-term strategies focus on leveraging markets in ASEAN, the Middle East, and Latin America to quickly fill gaps left by the U.S. market, utilizing tariff exemption policies for high-tech products [6] - Long-term strategies emphasize boosting domestic demand and industrial upgrades, with recommendations for fiscal policies to enhance consumption and employment, and increased investment in technological innovation [6] - The resilience of foreign trade is characterized by a combination of market network resilience, industrial upgrade resilience, and policy adjustment resilience [6][7]

Core Viewpoint - China's foreign trade shows steady growth in the first four months of the year, with a total import and export value of 14.14 trillion yuan, reflecting a year-on-year increase of 2.4% in yuan terms and 1.3% in dollar terms, indicating a recovery in the economy [1][2]. Trade Performance - In April, China's import and export value reached 3.84 trillion yuan, with a year-on-year growth of 5.6%. Exports saw a slight decline in growth rate to 9.3%, while imports turned from a decline to a growth of 0.8% [1][2]. - The export of mechanical and electrical products increased by 9.5%, accounting for over 60% of total exports. Key products such as automatic data processing equipment, integrated circuits, and automobiles saw growth rates of 5.6%, 14.7%, and 4% respectively [2]. - The import of crude oil increased by 0.5%, while imports of iron ore, coal, natural gas, soybeans, and refined oil saw a decrease, with overall prices (excluding refined oil) declining [2]. Trade Methods and Entities - General trade saw a year-on-year growth of 0.6%, making up 64% of total foreign trade. Processing trade and bonded logistics trade grew by 6.6% and 7% respectively [3]. - Private enterprises accounted for 8.05 trillion yuan in imports and exports, a year-on-year increase of 6.8%, representing 56.9% of total foreign trade, marking a 2.3 percentage point increase from the previous year [3]. - Foreign-invested enterprises experienced a year-on-year growth of 1.9%, accelerating by 1.5 percentage points compared to the first quarter [3]. Trade Partners - Trade with neighboring countries reached 5.1 trillion yuan, a year-on-year increase of 5.1%, with growth accelerating by 1.6 percentage points compared to the first quarter. Notably, trade with ASEAN and Central Asian countries grew by 9.2% and 9.9% respectively [3]. Industry Analysis - The proportion of high-tech industries in exports has increased, enhancing resilience against external pressures such as tariffs. The focus on market diversification and the development of new business models like cross-border e-commerce is crucial for maintaining market share [4]. - The resilience of Chinese exports is attributed to three factors: the increased share of high-tech industries, the dominant role of private enterprises in responding quickly to global market demands, and the proactive expansion into neighboring markets [4].

Core Viewpoint - China's foreign trade industry is facing unprecedented challenges due to the imposition of tariffs by the United States, leading to significant disruptions in global markets and prompting companies to seek new strategies to navigate these difficulties [1][22]. Group 1: Impact of Tariffs on Companies - Companies are experiencing a sharp decline in orders, with a reported 30%-40% decrease in order volume and around 20% of production capacity idled due to increased tariffs [5][10]. - For example, a cable manufacturing company in Zhejiang, which previously generated over 1 billion RMB in sales, is now facing a drastic reduction in sales from millions to hundreds of thousands of dollars due to halted orders from American clients [3][5]. Group 2: Strategic Adjustments - In response to the tariff impacts, companies are rapidly shifting their focus to markets outside the U.S., establishing representative offices in countries like the UK, Germany, and Brazil to expand their business [6][8]. - A long-term strategy to develop non-U.S. markets was already in place, with performance incentives established to encourage employees to pursue opportunities beyond the American market [6][8]. Group 3: Domestic Market Opportunities - The domestic market is seen as a crucial alternative, with domestic consumption contributing over 60% to GDP, providing a strong foundation for companies to pivot away from reliance on U.S. orders [12][22]. - Companies are innovating and upgrading their products to meet domestic demand, with one furniture company successfully launching new products and utilizing trade fairs to penetrate the domestic market [14][15]. Group 4: Digital Transformation and Marketing Innovation - Companies are leveraging digital platforms and social media to enhance their marketing strategies, with one company successfully using short videos and live streaming to attract customers and secure orders [17][19]. - The shift towards online sales channels has allowed companies to establish a more targeted approach to marketing, resulting in significant order volumes from e-commerce platforms [20]. Group 5: Overall Trade Trends - China's foreign trade is showing signs of diversification, with a reported 5.26 trillion RMB in trade with Belt and Road Initiative countries in the first quarter, reflecting a 2.2% year-on-year increase [22]. - Despite the challenges posed by U.S. tariffs, Chinese foreign trade enterprises are actively seeking new markets and products, indicating resilience and adaptability in the face of external pressures [22].

Core Insights - China's foreign trade demonstrated resilience against high U.S. tariffs, with exports growing by 8.1% in April 2025, significantly surpassing the market expectation of 2.0% [1] - The trade surplus remained high at $96 billion, indicating strong performance despite external pressures [1] Group 1: Market Diversification - The contraction of the U.S. market was offset by the rapid expansion of emerging markets, with exports to ASEAN countries soaring by 21.1% in April, while exports to the U.S. plummeted by 20.9% [2] - ASEAN's share in China's exports increased to 19.1%, nearly double that of the U.S. market [2] - The 90-day tariff exemption period from the U.S. encouraged Chinese companies to expedite re-exports through ASEAN, mitigating direct tariff impacts [2] Group 2: Product Upgrading - High-value products became the backbone of exports, with integrated circuit exports rising by 21.3%, LCD panel exports by 16.2%, and ship exports by 35.6% [3] - Mechanical and high-tech product exports grew by 10.1% and 6.5%, respectively, contributing nearly 70% of the total export growth [3] - The automotive sector showed a rebound, with complete vehicle exports increasing by 4.3% and auto parts exports maintaining a growth rate of 6.9% [3] Group 3: Flexible Trade Models - Processing trade imports surged by 13.1%, indicating capacity expansion among export-oriented enterprises [4] - The import of bulk commodities like crude oil and iron ore increased by 7.5% and 1.3%, respectively, despite a slight decline in import value due to price drops [4] - Imports from the U.S. fell by 13.9%, primarily due to bilateral tariff disputes, while imports from non-U.S. markets remained stable, showcasing China's ability to self-adjust [4] Group 4: Institutional Outlook - Short-term strategies focus on leveraging markets in ASEAN, the Middle East, and Latin America, utilizing tariff exemption policies to create buffer periods [5][6] - Long-term strategies emphasize boosting domestic demand and industrial upgrades, with recommendations for increased fiscal policies targeting consumption and employment [6] - The consensus among institutions is that China's foreign trade is transitioning from passive resistance to proactive solutions amid global supply chain restructuring [7]

Core Viewpoint - China's foreign trade showed resilience and growth despite the challenges posed by the US tariff war, with significant increases in both exports and imports in April 2023, indicating a strong economic recovery and adaptability of Chinese enterprises [2][14][28]. Trade Performance - In April 2023, China's total goods trade reached 3.84 trillion yuan, growing by 5.6%, with exports at 2.27 trillion yuan (up 9.3%) and imports at 1.57 trillion yuan (up 0.8%) [2]. - The growth rate of imports turned positive after a decline, reflecting a recovery in domestic demand [14][28]. Key Factors Driving Growth - High-tech product exports were a significant driver, with 1.52 trillion yuan in exports (up 7.4%), accounting for 18.1% of total exports [14]. - The export of marine engineering equipment and industrial robots saw substantial growth, with increases of 16.4% and 58.3% respectively [14]. - The rise in the number of private enterprises participating in foreign trade, which accounted for 56.9% of total trade, also contributed to the growth [25][27]. Market Diversification - Companies are diversifying their markets to mitigate the impact of tariffs, with exports to ASEAN, Latin America, and Africa increasing significantly [29]. - The share of exports to the US has dropped below 15%, indicating a strategic shift towards emerging markets [29]. Technological Advancements - The transition from low-value to high-value products is evident, with significant growth in exports of machinery and electronics, particularly integrated circuits and automobiles [30]. - Private enterprises are increasingly becoming the backbone of foreign trade, showcasing strong innovation capabilities [30]. Policy Support - The Chinese government is implementing supportive policies to reduce burdens on foreign trade enterprises, enhancing efficiency and competitiveness [33]. - The combination of policy measures and institutional reforms is expected to continue benefiting the foreign trade sector [31][33]. Long-term Implications - The ongoing tariff war is accelerating China's restructuring within the global supply chain, pushing for a transition from cost advantages to technological and brand strength [34].

央视网消息：海关总署今天（5月9日）对外公布，前4个月我国货物贸易进出口总值14.14万亿元，外贸延续了平稳增长态势。 据海关统计，今年前4个月，我国货物贸易进出口总值14.14万亿元，同比增长2.4%。其中，出口8.39万亿元，增长7.5%；进口5.75万亿 元，下降4.2%。4月当月，我国货物贸易进出口3.84万亿元，增长5.6%。其中，出口2.27万亿元，增长9.3%；进口1.57万亿元，增长0.8%。海 关总署统计分析司司长吕大良表示，今年以来，各地各部门同心聚力有效应对外部冲击，推动我国经济持续回升向好，外贸延续平稳增长态 势。4月份，进出口增速较一季度加快4.3个百分点，其中出口增幅扩大、进口由降转增，展现出较强韧性。 我国货物贸易进出口同比增长2.4% 今年前4个月，我国货物贸易进出口实现了2.4%的增长，在当前复杂多变的国际经贸环境下，取得这样的成绩可以说是非常难得。前4个 月外贸运行还有哪些特点和亮点？来看记者发回的报道。 海关总署在5月9日11时准时对外发布了前4个月外贸数据，相信有不少人看到这个数据第一反应就是：大超预期！今年前3个月的时候，我 国外贸进出口增长1.3%，实现了平稳开局。 ...

Core Viewpoint - China's foreign trade achieved a remarkable 2.4% growth in the first four months of the year, despite a complex international economic environment, showcasing resilience and strong competitiveness in manufacturing [1][9][11]. Trade Performance - In April, China's total foreign trade value reached 3.84 trillion yuan, marking a 5.6% year-on-year increase, contributing to the overall growth in the first four months [3][5]. - April's trade performance was the second highest for the same month historically, indicating robust trade activity despite external challenges [11]. Key Drivers of Growth - Traditional export sectors, particularly machinery and electrical products, including electric vehicles, continued to see growth [8]. - Emerging markets, especially ASEAN and countries involved in the Belt and Road Initiative, experienced rapid growth, enhancing trade relationships [8][15]. - Private enterprises remained the mainstay of foreign trade growth, demonstrating their significant role in the sector [8]. Economic Resilience - The data reflects China's economic resilience, supported by effective policy adjustments and the adaptability of market participants [9][26]. - The ability to quickly adjust to trade frictions and supply chain disruptions highlights the strength of China's foreign trade system [11]. Structural Optimization - Imports are undergoing structural optimization, aligning with the demand for high-quality supply and supporting long-term economic growth [16]. - The manufacturing sector is experiencing a transformation towards value creation, with a focus on green, low-carbon, and intelligent products [13][24]. Policy Support - Coordinated policy measures, including export tax rebates and trade facilitation, have stabilized business confidence and created a favorable environment for enterprises [18][20]. - The stable exchange rate of the yuan and decreasing logistics costs have further enhanced supply chain efficiency [20]. Future Outlook - The cultivation of new growth drivers in technology innovation, digital transformation, and green development presents significant potential for future growth [22]. - The ongoing upgrade of high-tech and strategic emerging industries, alongside traditional industry enhancements, is expected to drive economic recovery [24].

Group 1: Core Competencies - The core competencies of Baolidi in the fiber masterbatch sector include technological barriers and innovation capabilities, supported by over 20 years of experience in original liquid coloring technology and a comprehensive formula database [3] - The company offers an integrated solution model, providing full-process services from customer demand analysis to production technical guidance, significantly enhancing customer loyalty [3] - Baolidi has a leading domestic market share, with production bases strategically located to reduce logistics costs and respond quickly to market demands [3] Group 2: Strategic Planning - Baolidi's strategic planning for the next 3-5 years focuses on deepening core business, with capacity expansion expected after the new Fujian base reaches full production in 2025 [3] - The company aims to diversify its market by extending into non-fiber areas, with non-fiber business expected to increase its share by 2025 [3] - Internationalization and green transformation are key goals, with plans to expand into foreign markets through a subsidiary in Turkey [3] Group 3: Production Expansion - The new Fujian base is set to start construction in 2024, with an expected production capacity of 40,000 tons by the end of 2025, primarily serving customers in South China and Southeast Asia [3] - Baolidi plans to enhance efficiency through the introduction of intelligent production lines at the Suzhou new factory [3] - Future new production bases will be evaluated based on market demand, prioritizing locations in fiber industry clusters [3] Group 4: Market Share and Financial Health - Baolidi maintains a leading position in the domestic market, with a high market share in black masterbatch and an increased share in white masterbatch following the acquisition of Xiamen Luyi [4] - The company's overseas revenue is currently low, primarily from Turkey and Southeast Asia, with plans to increase this share [4] - As of the end of 2024, Baolidi's asset-liability ratio is approximately 11%, which is considered low compared to industry standards [4] - The company has strong liquidity, with sufficient cash reserves to cover short-term debts, ensuring no short-term repayment pressure [4]