Core Viewpoint - The International Monetary Fund (IMF) indicates that many Asian central banks have the capacity to ease monetary policies to mitigate the economic impact of U.S. tariffs [1] Group 1 - The IMF suggests that the economic repercussions of U.S. tariffs could be significant for Asian economies [1] - Easing monetary policy could provide necessary support to counteract these impacts [1] - The flexibility in monetary policy among Asian central banks varies, with some having more room to maneuver than others [1]

Financial Data and Key Metrics Changes - In Q1 2025, the group reported revenues of €459 million, a decrease of 1% year-on-year compared to €463 million in Q1 2024, with organic performance also down 1% [7][8][9] - The Americas region showed a 9% organic growth, contributing 27% of total revenues, while EMEA was down 2% and Greater China reported a 12% decline [12][13][14] Business Line Data and Key Metrics Changes - Zegna brand revenues were €293 million, up 3% supported by direct-to-consumer (DTC) channels, particularly in EMEA and the US [9][10] - Tom Brown reported revenues of €64 million, down 9% organically due to a reduction in wholesale [10][11] - Tom Ford Fashion recorded revenues of €67 million, with a 3% organic growth driven by DTC channels [10][11] Market Data and Key Metrics Changes - EMEA accounted for 34% of total revenues but was down 2%, primarily due to declines in Tom Brown's wholesale channel [12] - Greater China generated €123 million, accounting for 27% of group revenues, with a 12% decline, although initial signs of improvement were noted for the Zegna brand [13][14] - Rest of APAC reported 8% growth, driven by strong performance in Japan and Singapore [15] Company Strategy and Development Direction - The company is focusing on a more selective distribution approach, particularly for iconic products, to enhance brand exclusivity [106] - There is a strategic shift towards DTC channels, with a noted 5% growth in DTC revenues across all brands [15][16] - The company plans to implement a mid-single-digit price increase in response to a 10% tariff increase on imported products to the US [28][29] Management's Comments on Operating Environment and Future Outlook - Management expressed a cautious outlook for Greater China, expecting continued negative performance but less severe than in Q1 [104] - The overall demand globally has not seen significant changes, with some improvements noted, particularly for the Zegna brand [28] - The company confirmed its guidance for low single-digit EBIT growth for 2025, emphasizing cost control measures [89][92] Other Important Information - The company is launching new collections and marketing campaigns to boost brand visibility and sales, including a summer drop collection for Zegna [24][25] - The company opened new stores, including a significant location in Riyadh and plans for further openings in Los Angeles [17][25] Q&A Session Summary Question: Trends in the Americas and product performance - Management noted strong performance across the US, with no specific areas of weakness identified, and highlighted double-digit growth in various regions [35][37] Question: Impact of the fashion show and pricing strategy - The fashion show has generated positive momentum, with new collections expected to launch in June, and management is confident in passing through price increases without significant volume loss [28][44][92] Question: Expectations for Greater China and wholesale outlook - Management anticipates a continued negative trend in Greater China, with wholesale channels expected to be a drag on growth, particularly for Tom Brown and Zegna [104][105] Question: Retail KPIs and pricing architecture for Tom Ford - Positive retail KPIs were noted, particularly in average selling price and conversion rates, with expectations for a balanced mix of higher ticket items in the new collections [126][127][128]

印度政府经济事务秘书表示，他预计美国关税对印度国内生产总值增长的直接影响将在0.2到0.5个百分 点左右。 ...

Core Insights - Economists indicate that U.S. tariffs have negatively impacted the confidence of British businesses [1] Group 1 - The imposition of U.S. tariffs has led to a decline in business sentiment among companies in the UK [1] - The negative effects of these tariffs are contributing to broader economic concerns within the UK [1]

Core Viewpoint - The Thai government may require at least 500 billion Thai Baht in economic stimulus measures to address the impact of U.S. tariffs [1] Group 1 - The Thai Finance Minister indicated the necessity for substantial economic stimulus to mitigate external economic pressures [1]

英国央行货币政策委员会委员格林：美国关税对英国而言更具有抑制通胀的风险，而非推动通胀的风 险。 ...

Core Viewpoint - The ongoing impact of U.S. tariffs is affecting the market, leading to a decline in the U.S. dollar index to a three-year low, which may signal a shift in the gold market dynamics [1] Group 1 - The U.S. dollar index has dropped to its lowest level in three years, indicating significant market changes [1] - The persistent influence of tariffs is creating volatility in various sectors, particularly in commodities [1] - There is speculation that the bearish trend in gold may be reversing, suggesting potential opportunities for investors [1]

日本首相石破茂：美国关税不会让日本居民受益。 ...

Core Viewpoint - The company, Disen Co., Ltd. (300335), is currently facing challenges with its stock price remaining low for seven years, prompting questions about potential industry risks and the need for transformation [2]. Group 1: Stock Performance - As of April 11, 2025, Disen Co., Ltd. closed at 4.67 yuan, down 1.27%, with a turnover rate of 3.91%, a trading volume of 150,100 shares, and a transaction value of 70.5645 million yuan [1]. - On the same day, the net inflow of main funds was 3.0459 million yuan, accounting for 4.32% of the total transaction value, while the net inflow of speculative funds was 3.3205 million yuan, representing 4.71% of the total transaction value. In contrast, retail investors experienced a net outflow of 6.3665 million yuan, which made up 9.02% of the total transaction value [2]. Group 2: Business Operations - The company currently does not have any plans to enter the robotics business [2]. - Disen Co., Ltd. has not undertaken any projects related to data centers or server farms [2]. - The company’s equipment is not involved in nuclear fusion applications [2]. - The company has only engaged in foreign exchange hedging business in 2024, achieving an investment income of 304,600 yuan, and has not conducted commodity futures hedging [2]. - The company’s heat pump products are not currently targeting the automotive sector [2]. - There is no separate statistical disclosure regarding the sales share of air energy heat pumps [2]. - The impact of U.S. tariffs on the company is limited, as its overseas business accounts for a small proportion of total operations, and it does not have any agricultural technology business [2].

对美国锂电总体需求预期维持： 电动车需求影响有限：增速预期低且电池实现本土制造。 25年预计10-15%增长，180万辆车，对应动力电池装机130GWh+，需求 170GWh+。电池结构，宁德已将至12%，其余基本为北美制造。此次加税后，中国出口美国动力电池面临82.4%关税，叠加本土制造拥有 10%制造补贴+终端汽车7500美金/辆补贴，经济性远高于进口，因此厂商加速北美建厂。 储能有所影响，但IRR仍有经济性，或双发各自承担。 出口美国储能电池关税当前提升至64.9%，2026年为82.4%。若从中国进口储能系 统，则当前关税下irr为8.2%，而去年为16.9%；若从中国进口储能电芯，其他可实现本土生产，则当前irr为12.8%，而去年为17%。25年2 月末美国大储备案量65GW，其中年内计划并网项目19-20GW，同比翻倍增长，需求仍旺盛，预计美国储能总体需求仍可以有40-50%增 长，且北美缺乏铁锂电池产能，依旧依赖中国企业，双方或协商各自承担一定关税。 1.美国锂电需求： 宁德占比已下降至12%： 松下、LG新能源占据美国主要份额，宁德时代市占率12%。从电池供应结构看，松下、LG新能源占据主要 ...