多国零售商停止向美国发货 金十数据5月3日讯，当地时间5月2日，美国正式终止了对中国小额包裹免税政策。据外媒报道，一些电 商平台不得不因此重组物流体系，部分产品价格上涨幅度超一倍，用户普遍抱怨发货延迟。还有外国品 牌已停止向美国发货，一些中小企业甚至选择退出美国市场。有专家也指出，这项政策对低收入家庭的 影响尤其明显，因为他们更依赖价格较低的跨境电商商品，比如衣服、生活用品和小型电子设备。从5 月2日开始，美国消费者点击"下单"后，等待的不再只是快递，而是一个价格全面重估的新现实。这项 打着"维护公平贸易"旗号的政策，如今呈现在普通美国人面前的，是购物车里不断上涨的金额和愈发缓 慢的物流通知。 （CCTV国际时讯） ...

自从关税战陷入僵持之后，美国财长贝森特成为白宫主要"对外喊话"的官员。 老大是不可能退让的，他能做的工作也就非常有限，可以说是接着吹嘘接着编。 在最新的白宫记者会上，记者问他，现在来自中国的货运量大量减少，政府是否会预计出现供应链危机？如果是的话，政府是否有计划，或者制定计划 来应对这个问题？ 贝森特立马显现出相当的自信：我认为我们不会出现供应链危机，零售商已提前备货，我和很多企业经常沟通，我们知道特朗普总统致力于公平贸易， 已经制定出相应的计划。 不得不说，贝森特的内心非常强大，不逊于特朗普，他旁边的白宫发言人莱维特刚刚才警告亚马逊在价格上标注关税数字是公开的敌对行为，沃尔玛刚 刚要求中国供应商供货，关税由美国人来承担，这些都是地球人都知道的信息，就他自己停留在信息茧房？ 如果库存没有问题，沃尔玛何必贴上巨额关税也要进口中国的商品，不能再等等嘛？ 很显然零售商们等不了，等不及了，已经快一个月时间过去了，再不补货，到下个月，沃尔玛等商超的货架上就会到处空空如也。 当然，白宫说鼓励美国人民买美国货，那你也得先造出来不是？而且性价比也不能太差吧，你不能一件商品，中国卖1块钱，你成本价都要1美元，那老 百姓怎么去买 ...

他认为，随着地缘政治冲突加剧、贸易保护主义抬头、资本跨境流动放缓等各种矛盾和问题集中暴露出 来，全球化出现了一些新特点。过去15年歧视性贸易政策或限制性贸易政策数量远远高于自由化(贸易) 政策。同时，全球产业链、供应链正在加快重构。 "全球化在促进贸易和投资繁荣的同时，客观上也带来了一种收益的不平衡、产业的空心化问题，所以 发达经济体、单边主义、保护主义有所抬头，长期处在主导地位的自由贸易的理念现在受到公平贸易、 对等关税这些理念新的挑战。"王一鸣说。 王一鸣还指出，"'全球南方'已成为推动全球化的重要力量。"2002年至2022年，发展中经济体占全球 GDP份额由接近20%提高到40.4%，差不多增加了一倍，出口占比由29.7%提升到45.1%。越来越多的新 兴市场参与全球生产价值链当中，在跨境贸易与投资中的地位不断提升。从投资来看，新兴市场的占比 从2002年的28%上升到2022年的70.8%，超过了发达经济体。 "中国过去的高速发展是在开放的条件下取得的，未来中国要推进现代化，也必然要在更加开放的条件 下来展开。而经济全球化进入调整期，确实也给中国带来了一些新的挑战。"王一鸣强调。 王一鸣强调，制度型 ...

Financial Data and Key Metrics Changes - In the fourth quarter of 2024, net sales totaled $240.5 million, a sequential increase of 6% driven by higher shipments [23] - The company reported a GAAP net loss of $21.4 million in the fourth quarter, or a loss of $0.50 per diluted share, which included a $9.4 million loss on convertible note repurchases [23] - Adjusted EBITDA for the fourth quarter was $8.3 million, a sequential increase of $2.2 million [23] Business Line Data and Key Metrics Changes - Shipments to aerospace and defense increased significantly, with fourth quarter shipments reaching approximately 11,000 tons compared to 3,000 tons in the third quarter [16] - Aerospace and defense sales for the full year increased by 17% to nearly $135 million, representing 12% of total sales in 2024 [17] - Shipments to energy customers increased by 78% sequentially, although from a low base, indicating a recovery in the energy sector [11] Market Data and Key Metrics Changes - Net sales increased by 6% sequentially, driven by higher shipments and strength in aerospace and defense product demand [10] - Shipments to industrial customers declined by 6% sequentially, primarily due to weakness in distribution and heavy equipment [11] - The company is seeing increased order activity across its distribution and broader industrial customer base in response to the trade environment [11] Company Strategy and Development Direction - The company is focused on enhancing customer relationships and investing in workforce training and development [5] - Strategic investments are being made to drive profitable growth, alongside an ongoing share repurchase program [6] - The company aims to capitalize on growth trends in higher value specialty metals used in demanding applications [19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about an improving order book and increased shipments as they enter 2025 [6] - The trade environment is closely monitored, with expectations that new tariffs will boost domestic demand [9] - The company anticipates first quarter adjusted EBITDA to be higher than the fourth quarter, with expected increases in shipments across various end markets [33] Other Important Information - The company invested approximately $8 million in safety improvements in 2024 and plans to invest an additional $5 million in 2025 [7] - Required pension contributions for 2025 are estimated at approximately $65 million, with a significant portion due in the first quarter [24] - The company repurchased 2 million shares of common stock for $37.6 million in 2024, reducing outstanding shares by nearly 5% [29] Q&A Session Summary Question: Demand profile in the fourth quarter and first quarter - Management noted a healthy development in the order book, driven by recapture of automotive business and restocking from distribution [39][40] Question: Expected downtime in the first quarter - Management confirmed that there is no expected or planned downtime, although there were power interruptions due to severe cold weather [44] Question: Clarification on the $80 million profitability improvement target - Management clarified that IT transformation upgrades are independent of other investments related to the profitability target [46] Question: Share repurchase and share count clarification - Management confirmed that the reduction in share count is from the fourth quarter, with an average estimate of 44 million shares for 2025 [47][48] Question: Seasonality expectations for 2025 - Management expects a potential Q1 bump due to restocking but anticipates leveling out thereafter [53][54] Question: Automotive market outlook - Management sees modest increases in automotive demand in 2025, influenced by interest rates and consumer buying patterns [77]