金十数据8月1日讯，苹果(AAPL.O)CEO库克：6月当季，公司因关税问题承担了约8亿美元的成本。预 计在9月当季，关税的影响将使成本增加约11亿美元。 苹果公司两个季度关税成本约为19亿美元 ...

美联储主席鲍威尔：零售商、消费者将承担部分关税成本。 ...

公司行政总裁Bjørn Gulden表示，目前未知最终美国关税税率，上季已造成数亿元损失；在最新进展 下，目前进口税将推高其美国产品的成本，预告下半年与关税相关的额外成本将达到2亿欧元，亦难以 估计关税对消费者需求将带来的影响程度。该公司维持全年业绩预测不变，预计经营溢利将在17亿至18 亿欧元之间，目前有信心实现相关目标，亦不排除会调整预期。 格隆汇7月30日｜德国体育用品公司阿迪达斯(Adidas)公布，截至今年6月底第二季度营业额59.52亿欧 元，同比增长2.2%；盈利3.69亿欧元，同比增长94%；经营溢利5.46亿欧元，同比增长57.7%。 ...

Group 1 - Mattel has lowered its annual performance expectations after previously withdrawing them two months ago, citing weak sales of Barbie dolls in North America and global trade uncertainties affecting demand [1][3] - The company reported a significant decline in second-quarter revenue, with net sales dropping 6% to $1.02 billion, which was below analysts' expectations of a 2.7% decline to $1.05 billion [3] - North American sales fell by 16%, primarily due to a reduction in new Barbie product launches and delayed inventory decisions by retailers [3] Group 2 - CEO Ynon Kreiz indicated that changes in retailers' ordering patterns had a substantial impact on Mattel's U.S. business in the second quarter, but he expects the company to recover most of the sales losses in the second half of the year [3] - Mattel now anticipates a net sales growth of 1% to 3% for 2025, down from the previous target of 2% to 3% set in February [3] - The adjusted earnings per share are projected to be between $1.54 and $1.66, lower than the previous forecast of $1.66 to $1.72 [3]

Core Viewpoint - Deutsche Bank analysts indicate that the cost of tariffs is primarily borne by Americans, leading to downward pressure on the US dollar [1] Summary by Relevant Categories Tariff Costs - According to Deutsche Bank, the burden of tariff costs is mainly on American importers rather than consumers, as inflation in the US remains controlled [1] - The expectation is that if foreign entities were to bear the tariff costs, sales prices would decrease, but this trend has not been observed except in a few cases [1] Impact on the US Dollar - The analysis suggests that since the tariff costs are predominantly shouldered by the US, this situation represents an additional negative factor for the US dollar [1]

Core Insights - The Bank of Canada has conducted a survey indicating that many businesses are absorbing tariff costs due to competitive pressures and weak demand [1] Group 1: Economic Impact - Businesses are facing increased costs from tariffs, which they are unable to pass on to consumers due to competitive market conditions [1] - The survey highlights a significant concern among companies regarding the impact of tariffs on their profitability and pricing strategies [1] Group 2: Industry Response - Companies are adapting to the current economic environment by finding ways to manage and mitigate the financial burden of tariffs [1] - The findings suggest a potential shift in business strategies as firms navigate the challenges posed by both tariffs and subdued demand [1]

Investment Rating - The industry investment rating is "Positive" and maintained [6] Core Insights - For FY2025, Nike achieved revenue of $46.31 billion, slightly above expectations (Bloomberg consensus expected $45.91 billion), with a year-over-year decline of 9% at constant exchange rates. The gross margin decreased by 1.9 percentage points to 42.7%. In FY2025Q4, revenue was $11.10 billion, down 11% year-over-year at constant exchange rates, with a gross margin decline of 4.4 percentage points to 40.3%, primarily impacted by high discounts in wholesale and factory stores, increased supply chain costs, and significant declines in direct sales channels [2][4][9]. Summary by Sections Revenue Breakdown - For FY2025, Nike's revenue by region showed declines: North America -8%, EMEA -10%, APLA -3%, and Greater China -12%, with respective revenues of $19.57 billion, $12.26 billion, $6.25 billion, and $6.59 billion. North America and EMEA showed improved sales confidence, while Greater China faced significant inventory clearance challenges [9]. Channel Performance - Direct-to-Consumer (DTC) and wholesale revenues were down 12% and 6%, respectively, totaling $18.78 billion and $25.88 billion. The DTC decline was mainly due to significant drops in e-commerce sales [9]. Product Performance - Revenue from footwear, apparel, and equipment declined by 11%, 5%, and increased by 6%, totaling $29.51 billion, $12.97 billion, and $2.19 billion, respectively. The footwear segment faced pressure primarily due to inventory clearance of classic products, which is expected to continue into FY2026H1 [9]. Inventory Situation - As of FY2025Q4, Nike's inventory stood at $7.49 billion, remaining stable year-over-year but down 1% quarter-over-quarter. The company plans to continue inventory clearance over the next two quarters to restore healthy inventory levels by FY2026H1 [9]. Tariff Impact - The average tariff rate on Nike's imported footwear to the U.S. is approximately 15%, with new tariff rates expected to add about $1 billion in costs. The company plans to mitigate these costs through supply chain reallocation and selective price increases starting in Fall 2025 [9]. Performance Guidance - Following a challenging FY2025Q4, Nike anticipates that revenue and gross margin pressures will begin to ease, with expectations of a single-digit revenue decline and a gross margin decrease of 0.35 to 0.425 percentage points in FY2026Q1 [9].

日本央行行长植田和男：企业或能吸收关税带来的上升成本，但这将恶化企业利润，并可能对工资和资 本支出前景产生负面影响。 ...

Core Viewpoint - HP Inc. reported a disappointing profit outlook and lowered its full-year earnings forecast due to economic weakness and the impact of U.S. tariffs on Chinese goods, leading to a significant drop in after-hours trading [1] Financial Performance - For the second fiscal quarter ending April 30, HP's revenue was $13.2 billion, a year-over-year increase of 3.1%, exceeding market expectations [1] - The earnings per share (EPS) for the quarter was $0.71, while the average expectation was $0.81 [1] - HP adjusted its full-year adjusted EPS forecast from $3.45-$3.75 to $3.00-$3.30, significantly below the expected $3.56 [1] Market and Economic Conditions - CEO Enrique Lores indicated that rising economic uncertainty related to tariffs is negatively impacting computer demand, more than previously anticipated [1] - The overall economic environment has changed significantly since February, with noticeable shifts in consumer and business confidence [2] - The personal computer market, which had shown signs of recovery, is being hindered by tariffs [2] Business Operations - HP's personal systems business, which includes PCs, saw a revenue increase of 7% to $9 billion, surpassing analyst expectations of $8.8 billion [3] - The company is increasing production in Vietnam, Thailand, India, Mexico, and the U.S., with nearly all products sold in North America expected to be produced outside of China by the end of June [1] - Lores mentioned that the impact of customers purchasing in advance of tariffs was "quite small" [4] Future Outlook - Lores expressed that the company expects to fully offset trade-related cost increases by the fourth quarter [5]

Core Viewpoint - The potential implementation of a 25% import tariff on iPhones by the Trump administration may lead Apple to consider partial production relocation to the U.S., although the financial implications suggest that maintaining production in China or India remains more cost-effective [1][2][3]. Cost Analysis - Manufacturing iPhones in the U.S. would incur costs at least 35% higher than in China or India, necessitating a price increase of $1,350 for the iPhone 16 Pro to maintain similar profit margins, compared to the current price of $999 [4]. - If Apple faces a 25% tariff, it could offset this by raising global iPhone prices by only 4-6%, leveraging higher profit margins outside the U.S. [4]. Financial Impact - The anticipated tariff could reduce Apple's earnings per share (EPS) by approximately $0.11 for the fiscal year 2026, with a potential annual EPS decrease of $0.51 if tariffs are applied to the 70 million iPhones imported from China and India [3][6][10]. - The estimated additional cost from the tariff could amount to $300 million in the fourth quarter of fiscal year 2025, translating to a 1 cent impact on EPS and a 50 basis points decline in gross margin [10]. Production Timeline - Establishing manufacturing facilities in the U.S. would take at least two years, with the need for multiple factories and over 100,000 skilled workers to meet demand, indicating that any U.S.-made iPhones may not reach consumers until after Trump's presidency [5]. Strategic Recommendations - Morgan Stanley suggests that Apple CEO Tim Cook should consider moving some small-batch product manufacturing back to the U.S., such as certain Mac models and AI servers, to mitigate geopolitical risks and demonstrate commitment to U.S. production [7].