Core Insights - The international trade landscape is increasingly complex, with a higher probability of sudden events impacting supply chain operations in both manufacturing and transportation sectors [5][6] - DHL Supply Chain is enhancing supply chain reliability and efficiency through a dual strategy of "global expertise + localized operations," increased use of artificial intelligence, and diversified transportation solutions [5][6] Group 1: Supply Chain Strategy - DHL Supply Chain has shifted its strategic focus to building resilient logistics networks through diversified solutions, including alternative routes and multimodal transport options [5][6] - The importance of multimodal transport solutions has been accelerated by geopolitical conflicts, with mixed transport modes like rail and sea-air intermodal transport playing a larger role [5][6] - The China market is significant and complex, necessitating a dual strategy that combines global expertise with localized operations [6][7] Group 2: Infrastructure and Operations - DHL has established extensive infrastructure in China, including a North Asia hub at Shanghai Pudong International Airport and over 57 logistics facilities in the Greater China region, totaling more than 158,000 square meters of warehouse space [7] - The company is leveraging artificial intelligence-driven predictive analytics tools to optimize operations, helping clients forecast demand and manage inventory effectively [7][8] Group 3: Technological Integration - DHL Supply Chain is deploying generative AI in backend operations to streamline logistics solutions and enhance customer service through AI tools for document processing and customer support [8][9] - The integration of AI technology into tracking systems allows for near real-time updates on inventory and order information, enabling clients to make informed decisions [9] Group 4: Growth Areas - DHL aims to achieve a 50% revenue increase by 2030 compared to 2023, focusing on key sectors such as life sciences, renewable energy, regional growth, e-commerce, and digital sales [9] - The recent acquisition of CRYOPDP strengthens DHL's pharmaceutical network and expands its service capabilities in clinical trial logistics and temperature-controlled solutions [9]

她同时提到，中国与东盟在绿色发展领域的合作空间非常广阔，待3.0版升级议定书签署后，标准互认 将会是3.0版的重要成果之一，有助于全面释放东南亚绿色经济的潜力。 中国企业投资重点转变，打造更有韧性的供应链体系 NBD：今年6月2日，RCEP全面生效满两年。随着共建"一带一路"、中国—东盟自贸区及RCEP（《区 域全面经济伙伴关系协定》）等政策红利持续释放，东盟成为不少中国企业出海的重要目的地，从一线 观察来看，目前RCEP对企业有哪些积极的影响？对中国企业而言，东盟作为出海目的地存在哪些优 势？ 周蕴彤：RCEP的实施确实改变了"游戏规则"。一方面，相关条款切实降低了贸易壁垒，并且推动中国 与东盟之间的经贸往来更加频密，贸易规模不断扩大；另一方面，RCEP的实施也有助于在区域内构建 起更具有韧性的供应链体系。 此外，中国提出的"一带一路"倡议也至关重要，相关投资带动了东盟国家的基础设施改善、升级，促进 区域互联互通水平显著提升并且物流成本大幅降低。就增强供应链的韧性而言，该倡议无疑发挥了重要 作用。 近期，中国—东盟自贸区3.0版谈判全面完成，双方在区域经济一体化进程中迈出关键步伐。随着中国 和东盟的经贸合作 ...

Core Viewpoint - The article highlights the challenges and realities faced by companies attempting to reduce reliance on Chinese manufacturing, emphasizing that despite geopolitical tensions and tariffs, China remains a dominant player in the manufacturing sector, particularly in medical supplies [1][10][12]. Group 1: Historical Context and Strategic Shifts - In the early 2000s, Dealmed sourced only about 15% of its products from China, primarily basic supplies, as Chinese manufacturing quality was not up to par with U.S. and European standards [2][3]. - In 2014, Dealmed transitioned from being a pure distributor to also becoming a manufacturer, outsourcing production to Chinese factories, which allowed the company to increase its profit margins [3][4]. - By 2018, 80% of Dealmed's outsourced products were imported from China, with sales from Chinese products accounting for 45% of total revenue [3][4]. Group 2: Impact of Tariffs and Supply Chain Adjustments - The U.S.-China trade war initiated by Trump led to significant tariffs on Chinese medical exports, with a 10% tariff imposed in September 2019 and increased to 25% in 2020, impacting a substantial portion of Dealmed's imports [3][4]. - In response to tariffs, Dealmed began sourcing surgical materials from the U.S. and shifted glove production to Malaysia, while also exploring suppliers in Mexico, Canada, Vietnam, and India [4][5]. - By the end of 2019, the share of products imported from China had decreased to 15%, down from a peak of 45% two years prior [4][5]. Group 3: Pandemic Effects and Market Dynamics - The COVID-19 pandemic initially benefited Dealmed as it diversified its supply chain, allowing it to capture more orders from clinics while competitors struggled with reliance on Chinese suppliers [5][6]. - However, as Chinese manufacturers resumed production, Dealmed faced challenges with rising prices for medical supplies, with the cost of masks increasing sevenfold during the pandemic [6][7]. - Despite the initial success of diversifying supply chains, the post-pandemic market saw a shift back to price sensitivity, diminishing the perceived value of diversified sourcing [6][7]. Group 4: Current Manufacturing Landscape - By 2024, despite ongoing tariffs, Dealmed found that prices for Chinese products remained competitive, and the company continued to rely heavily on Chinese suppliers for many products [9][10]. - The article notes that the manufacturing capabilities of Chinese companies have significantly improved, with increased investment in automation and product quality, making them hard to replace [7][10]. - Dealmed's revenue from Chinese products has rebounded to over 40%, matching levels seen in 2018, indicating a strong reliance on Chinese manufacturing despite geopolitical tensions [11][12].

Financial Data and Key Metrics Changes - Consolidated net sales for Q1 2025 were $393 million, down from $398 million in Q1 2024, and within the guidance range of $375 million to $395 million [18] - Adjusted gross margin contracted by 110 basis points to 64.3%, primarily due to increased freight expenses and markdowns [19] - Adjusted operating profit was $39 million, reflecting a 9.8% operating margin compared to $57 million and a 14.4% margin in the prior year [21] - Adjusted net earnings per share were $1.82, down from $6.68 in the previous year [30] Business Line Data and Key Metrics Changes - Lilly Pulitzer saw a low double-digit sales increase, driven by a focus on products resonating with core customers [19] - Tommy Bahama and Johnny Was experienced lower sales, with Johnny Was facing a mid-teens decline in Q1 [19][52] - E-commerce sales decreased by 5%, while wholesale sales increased by 4% compared to the previous year [18] Market Data and Key Metrics Changes - Sales in brick-and-mortar locations were down 1%, with a negative comp of 5% [18] - Sales in food and beverage locations decreased by 3%, while outlet sales remained comparable year-over-year [19] - The wholesale channel showed growth, particularly in major department stores and off-price retailers [19] Company Strategy and Development Direction - The company is focusing on customer happiness through brand positioning and innovative products, which is seen as essential during challenging market conditions [6][7] - A strategic shift is underway to diversify the supply chain away from China, with plans to be substantially out of China by the second half of 2026 [14][61] - The company aims to improve the profitability of the Johnny Was brand by reinforcing fundamentals and enhancing marketing efficiency [16] Management's Comments on Operating Environment and Future Outlook - Management noted that consumer sentiment is cautious, impacting discretionary spending, but there is still consumer spending ability [4][5] - The evolving U.S. trade policy and tariffs are creating challenges, but management believes these will not pose a long-term threat to competitiveness [15] - The company expects net sales for the full year to be between $1.475 billion and $1.515 billion, reflecting a decline of 3% to slightly negative compared to the previous year [24] Other Important Information - Inventory increased by $18 million or 12% on a LIFO basis, primarily due to tariff impacts [22] - Capital expenditures for the year are expected to be approximately $120 million, with significant investments in the new distribution center and new store openings [32] Q&A Session Summary Question: What learnings have emerged from the strength in Lilly? - The focus is on committed customers, with the top 20% accounting for over 60% of sales, emphasizing the importance of delivering products that resonate with them [35][36] Question: Can you elaborate on pricing plans for other brands? - For Tommy Bahama, AUR is projected to increase by less than 3%, with initial margins expected to decrease by less than 50 basis points [38][39] Question: How did wholesale growth compare to expectations? - Wholesale growth was in line with expectations, with department stores performing well despite a challenging environment [44][45] Question: What drove the decline in Johnny Was? - The brand is not projected to rebound significantly in the near term, with ongoing efforts to improve profitability expected to impact future performance [52] Question: Can you discuss the tariff impact? - The gross impact of tariffs is now estimated at $40 million, with mitigation strategies being implemented for future seasons [59][61]

Group 1: Chengdu Shuangliu Airport Financial Performance - Chengdu Shuangliu Airport's profitability has become a focal point, with Shenzhen Airport expressing concern as its third-largest shareholder [1] - In 2024, Shuangliu Airport reported revenue of 1.478 billion yuan and a net loss of 182 million yuan, but is expected to see a turnaround with the restoration of dual terminal operations [2] - The airport's capacity is projected to meet an annual passenger throughput of 50 million, with the Chengdu International Aviation Hub expected to exceed 100 million passengers by 2027 [2] Group 2: Market Dynamics and Future Prospects - The dual terminal operation at Shuangliu Airport is anticipated to significantly enhance operational efficiency and improve financial performance [1][2] - The combined passenger throughput of Shuangliu and Tianfu airports has already surpassed 87 million in 2024, indicating strong growth potential for the region [2] - The presence of numerous advertisements from liquor companies at Shuangliu Airport is seen as a driving force for its recovery in profitability [3][4]

Core Viewpoint - The article discusses the urgency faced by Taiwanese gaming companies MSI and Gigabyte to ship products to the U.S. before the implementation of higher tariffs by the Trump administration, particularly focusing on NVIDIA's latest RTX 5090 graphics cards [1][2]. Group 1: Tariff Impact and Company Responses - MSI and Gigabyte are racing against time to maximize shipments to the U.S. market due to impending tariff increases, with both companies deriving about 20% of their overall revenue from this market [1]. - MSI's chairman indicated that the company began preparing for the U.S. market before the trade war escalated in April, but the limited time for inventory buildup has made it challenging to meet demand [1]. - A temporary "tariff truce" has been established, reducing tariffs on Chinese exports to the U.S. from 145% to 30% and on U.S. exports to China from 125% to 10%, but this agreement is set to expire on July 9 [2]. Group 2: Supply Chain Diversification - In response to tariff uncertainties, MSI is accelerating its supply chain diversification strategy, including the construction of a new production base in Taoyuan, Taiwan, expected to be operational by 2027 [2]. - MSI is also renovating a facility in California to serve as an assembly and storage center for AI servers, desktops, and graphics cards, anticipated to be operational in the next quarter [2]. - Gigabyte is similarly advancing its plans for a new AI server factory in California, which is expected to enhance supply chain resilience [3]. Group 3: Financial Performance and Market Concerns - Gigabyte reported record revenue in May, attributed to urgent orders driven by tariff concerns, highlighting the financial impact of the trade situation on tech companies [3]. - Both companies express concerns that currency fluctuations, such as a rapid appreciation of the New Taiwan Dollar, could pose significant risks to technology suppliers [3].

Group 1: Business Performance - In Q1 2025, the company's revenue increased by 11% year-on-year to 36 billion RMB, driven by growth in containers, logistics services, energy, and airport sectors [3] - Gross margin improved by 1.92 percentage points to 12.10% [3] - Net profit attributable to shareholders surged by 550% to 544 million RMB, reflecting both performance and operational enhancements [3] Group 2: Share Buyback Plan - The company plans to utilize up to HKD 500 million for the repurchase of H shares in the open market, aiming to boost shareholder confidence and align with national policy [4] Group 3: Impact of US-China Tariffs - Direct revenue from exports to the US is minimal, thus short-term policy changes have limited direct impact on the company [5] - Indirectly, progress in US-China tariff negotiations is expected to release demand for container shipping, leading to increased inquiries and actual orders for containers [5] - Long-term demand for containers is linked to global trade volume, benefiting from China's export resilience and the diversification of supply chains [5][6] Group 4: Global Container Market Insights - Current global container fleet exceeds 53 million TEU, creating stable replacement demand annually [7] - Trends such as green shipping and diversified supply chains are slowing container turnover rates, further supporting container demand [8]

张付哲 zhangfuzhe@huayuanstock.com 证券研究报告 交通运输 | 航运港口 非金融|首次覆盖报告 hyzqdatemark 2025 年 06 月 09 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com | 基本数据 | 2025 | 年 | 06 | 月 | 日 | | 06 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | 9.80 | | | | | | 一 年 内 / 最 低 | | | | 10.93/6.82 | | 高 | | 最 | | （元） | | | | | | | | | | 总市值（百万元） ...

Investment Rating - The report maintains an "Outperform" rating for the textile and apparel industry [1] Core Insights - The report outlines the timeline of Trump's tariff policy, highlighting the uncertainty surrounding tariffs and their impact on international brands [2] - International brands have expressed concerns about the impact of tariffs on profits, with varying exposure levels to the U.S. market and sourcing strategies [2][12] - The report anticipates industry consolidation and the potential for suppliers with lower U.S. exposure and higher profit margins to gain market share [2][35] Summary by Sections 1. Key Timeline of Trump's Tariff Policy - On April 10, the Trump administration announced a 90-day tariff delay for 75 countries, set to expire on July 8 [2] - A court ruling on May 28 deemed Trump's tariff policy invalid, leading to further appeals and ongoing uncertainty [2][11] 2. International Brands' Responses to Tariff Events - Brands like Uniqlo, Adidas, and PUMA have varying U.S. market exposure, with Uniqlo at 7% and Adidas and PUMA at 20% [12][13] - Most brands source less than 10% of their products from China, with a significant portion coming from Southeast Asia, particularly Vietnam [12] - Short-term measures include pre-shipping goods to the U.S. and long-term strategies involve price adjustments and supply chain diversification [12][19] 3. Textile Enterprises' Capacity Distribution and Tariff Risk Exposure - Companies like Shenzhou International and Huayi Group have low U.S. revenue exposure, while those with significant Southeast Asian production face higher U.S. revenue percentages [2][32] - The report lists net profit margins for various companies, with Shenzhou International leading at 20.9% [2][32] - Companies with U.S. revenue below 20% are less sensitive to tariff impacts, while those with higher margins can maintain profitability even under pressure [32] 4. Investment Recommendations - Key recommendations include Shenzhou International for its low U.S. exposure and high net margin, and Huayi Group for its strong market position and demand [35] - Other companies to watch include Weixing Co., Taihua New Materials, and Kairun Co., which are expected to benefit from market share gains [35]

Group 1 - The US and China reached a consensus on significantly reducing tariffs and establishing a consultation mechanism during the Geneva trade talks [1][11] - The US government agreed to lower tariffs on Chinese imports from 125% to 10% for a temporary period of 90 days [1] - The overall tariff level on Chinese goods was reduced from 145% to 30% after adjustments related to the fentanyl issue [3] Group 2 - American companies, particularly in the automotive parts and agricultural sectors, are optimistic about the potential recovery of orders from China and are preparing to increase production and hire more employees [6][8] - Despite the reduction in tariffs, American companies have not seen a significant influx of orders from China, indicating a disconnect between expectations and reality [8][12] - US soybean exporters are particularly affected, as China has shifted to sourcing soybeans from Brazil and other countries due to the trade war, leading to a loss of market share for US products [14] Group 3 - The trade war has led to a significant shift in China's sourcing strategies, with Chinese companies seeking alternatives to US products, such as propane from Canada and the Middle East [10][20] - The trend of decoupling from the US market is becoming more pronounced as Chinese companies diversify their supply chains to mitigate risks associated with reliance on US imports [20][22] - The ongoing uncertainty regarding US trade policies under the Trump administration has caused Chinese companies to be cautious about re-engaging with US suppliers [16][18]