Core Viewpoint - The President of Emirates Airlines stated that there has been no observed change in demand patterns due to tariff adjustments [1] Group 1 - Emirates Airlines has not seen any impact on demand as a result of tariff changes [1]

SHEIN's IPO Plans - SHEIN is reportedly planning to shift its IPO focus to Hong Kong, aiming to submit an application to the Hong Kong Stock Exchange soon and complete the IPO within the year [2] - The company's IPO journey has faced multiple setbacks since 2020, including a failed attempt to go public in the U.S. due to geopolitical changes and subsequent adjustments to its corporate structure [2][3] - In 2024, SHEIN's sales are projected to increase by nearly 40% to approximately $10 billion, with overall revenue growth expected to reach 19% to $38 billion, although profits are anticipated to be significantly lower than the company's expectations [3] Birkenstock's Price Increase - Birkenstock plans to raise global prices to offset the impact of a 10% tariff on EU goods imposed by the U.S., with some styles seeing price increases close to 10% [4] - The company reported a revenue of €574.3 million in Q2 2025, a 19% year-over-year increase, with the Americas market growing by 23% [5] - Birkenstock is expanding its presence in Asia, particularly in China, India, and the Middle East, with a focus on online retail [5] Walmart's Restructuring and Layoffs - Walmart plans to lay off approximately 1,500 employees as part of a restructuring effort to simplify operations and reduce costs, primarily affecting its global tech department and e-commerce fulfillment operations [6] - The company will raise prices on certain products starting at the end of May due to increased costs from tariffs, with CEO Doug McMillon stating that the company cannot absorb all tariff pressures [6] - This marks the second round of layoffs for Walmart in 2023, following earlier job cuts in February [6][7] Jacquemus Group Formation - French designer brand Jacquemus has established a holding company, Jacquemus La Maison Mère, marking its transition to a group structure [18] - The new company has an overall valuation of €576.1 million, following a strategic partnership with L'Oréal, which acquired a 10% minority stake in Jacquemus [18][19] Dior's Creative Director Resignation - Maria Grazia Chiuri has resigned as the artistic director of Dior's women's wear, ending speculation about her future [21] - Under her leadership, Dior's sales grew from €2.2 billion in 2017 to €9 billion in 2023, making it one of the fastest-growing brands in the luxury fashion sector [21] ELF Beauty's Acquisition - ELF Beauty announced the acquisition of Hailey Bieber's skincare brand, Rhode, for a total of $1 billion, marking the largest acquisition in ELF's 18-year history [24] - The deal will involve an initial payment of $800 million, with the remaining $200 million contingent on Rhode meeting specific revenue targets from 2025 to 2027 [25] POLA Group's Exit from China - POLA Group has announced the dissolution and liquidation of its wholly-owned subsidiary in China, raising concerns about the potential exit of its ORBIS brand from the Chinese market [26] - The subsidiary has experienced continuous declines in operating and net profits from 2022 to 2024, with 2024 revenue estimated at only 40 million RMB [26]

Core Viewpoint - The recent court ruling regarding tariffs has positively impacted consumer goods companies, particularly Kohl's, which reported better-than-expected Q1 earnings despite ongoing sales declines [1][6][10]. Group 1: Tariff Impact - A U.S. Court of International Trade ordered the lifting of certain tariffs imposed by President Trump, which has led to a positive reaction in the stock prices of consumer goods companies [1][2]. - Companies like Deckers Outdoor and Five Below saw stock increases of 1.9% and 2.6% respectively, while Kohl's stock rose by 4.3% [3][4]. Group 2: Kohl's Q1 Earnings - Kohl's reported a smaller-than-expected loss of $0.13 per share against an analyst forecast of a $0.22 loss, with sales reaching $3.1 billion [6][8]. - The company experienced a 4.1% decline in sales and a 3.9% decline in same-store sales, but managed to improve its gross margin by 37 basis points to 39.9% [7][8]. Group 3: Future Guidance - Kohl's forecasts a sales decline of 5% to 7% through the end of 2025, indicating worsening sales trends compared to the 4.1% decline reported in Q1 [9]. - The company expects to be profitable for the year, projecting earnings between $0.10 and $0.60 per share, which falls short of Wall Street's expectation of $0.67 [10]. Group 4: Stock Valuation - Kohl's stock is currently priced at approximately $8, translating to a valuation of 12.5 times analyst forecasts, which are likely to decrease in line with the new guidance [11]. - If Kohl's achieves the midpoint of its earnings guidance at $0.35 per share, the stock would be valued at around 24 times current-year earnings, which is considered too high given the declining sales and earnings [12].

Financial Data and Key Metrics Changes - Adjusted earnings per share for Q1 2025 were $0.22, down from $0.88 in the previous year [29] - Total sales for Q1 2025 were $614.2 million, a decline of 6.8% year over year, which was below expectations of a 5% to 6% decline [26][27] - Consolidated gross margin decreased to 45.4%, down 150 basis points compared to last year [27] - Operating earnings were $12.2 million, resulting in an operating margin of 2% [28] Business Segment Data and Key Metrics Changes - Brand Portfolio sales declined by 6.9%, with gross margin at 43.8%, down 280 basis points due to lower initial margins and higher markdown reserves [27][28] - Famous Footwear sales decreased by 6.3%, with comparable sales down 4.6%, but e-commerce sales increased by 2.5% [20][21] - The Brand Portfolio's lead brands, including Sam Edelman and Allen Edmonds, represented about 60% of sales and 80% of operating earnings [12] Market Data and Key Metrics Changes - The Brand Portfolio gained market share in women's fashion footwear despite overall sales declines [11] - Famous Footwear gained 0.5 points of market share in shoe chains within the kids category [21] Company Strategy and Development Direction - The company plans to reduce SG&A expenses by $15 million annually through structural cuts [7][34] - An acquisition of Stuart Weitzman is expected to enhance the company's premium positioning and direct-to-consumer presence [19] - The company is focusing on optimizing sourcing strategies and managing inventory levels in response to tariff impacts [9][32] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a challenging operating environment and emphasized the need to drive growth and profitability [6][7] - There is cautious optimism regarding back-to-school preparations, with no major cancellations reported [40] - The company is suspending guidance due to the volatile environment but is seeing improving retail trends [33][34] Other Important Information - Inventory levels increased by 8.1% year over year, with a significant portion attributed to the upcoming launch of the Jordan brand [30] - Cash flow from operations was negative $5.7 million due to lower net income and higher inventory levels [30] Q&A Session Summary Question: How are you thinking about the prices of your portfolio brands moving into the summer and fall? - The company is making selective price increases, starting with fall receipts, and is managing this in real-time with key partners [38][39] Question: What adjustments are being made for the $15 million in strategic expense cutting? - The reductions are permanent and structural, expected to begin in the third quarter, with $7.5 million in savings for the back half of the year [43][44] Question: How is the Jordan launch performing? - Early trends for the Jordan launch are encouraging, with strong sell-throughs in men's and boys' categories [56][57] Question: What is the impact of tariffs on the business? - The company is managing tariff-related challenges through factory concessions and selective price increases, but the situation remains fluid [32][60] Question: How should we think about inventory reserves and customer credit issues moving forward? - The company believes it has adequately reserved for spring product markdowns and is closely monitoring customer credit ratings [62][63]

Investment Rating - The industry investment rating is maintained as "Positive" [6] Core Insights - The overseas shading fabric market is large, and domestic companies are accelerating their international expansion, with market share expected to continue increasing. Some domestic shading material companies have also expanded into overseas shading finished products, primarily through cross-border e-commerce, achieving significant results [4][9] - The company West Gate (605155, Buy) is recommended for attention due to its dual-driven strategy focusing on shading fabrics and finished products, with potential for improved profitability [4] Summary by Sections Market Dynamics - The U.S. government announced a reduction in tariffs on small packages from 120% to 54%, easing the pressure on cross-border e-commerce businesses. This adjustment is expected to maintain the competitiveness of Chinese shading finished products in the U.S. market [9] - The shading materials industry is experiencing a dual-driven growth model, with domestic companies leveraging manufacturing advantages to capture a stable growth in the overseas shading fabric market [9] Company Performance - West Gate's shading finished product business achieved revenue of 320 million yuan in 2024, a year-on-year increase of 119.7%, primarily driven by cross-border e-commerce [9] - The gross profit margin for this business was 48.7%, reflecting a year-on-year increase of 2.0 percentage points, indicating strong profitability potential [9]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The overall EC market showed a volatile downward trend [9]. - Spot prices in May averaged between 1700 - 1800 $/FEU, with a slight decline compared to early May. Affected by Sino - US tariff negotiations and demand recovery on the US route, airlines attempted to raise June freight rates on the European route. Market sentiment was influenced by shipping companies' price adjustments [10]. - The strategy is to gradually take profit on long positions and arbitrage [11]. 3. Summary by Relevant Catalogs Shipping Derivatives Data - **Freight Rate Index**: The Shanghai Export Container Freight Index (SCFI) was at 1586, up 7.21% from the previous value; the China Export Container Freight Index (CCFI) was at 1107, up 0.23%. Rates on different routes had varying changes, such as a 5.95% increase on the SCFI - US West route and a - 1.44% decrease on the SCFIS - Northwest Europe route [5]. - **Contracts**: For contracts like EC2506, EC2508, etc., most showed a decline. For example, EC2506 was at 1773.0, down - 0.51% from the previous value [5]. - **Positions**: Positions of different contracts also changed. For instance, EC2506's position decreased by 1440 to 15946 [5]. - **Monthly Spreads**: The 10 - 12 monthly spread was 600.1, down 65.0 from the previous value [5]. Spot Market - **May Spot**: The average price in May was between 1700 - 1800 $/FEU, with a slight decline compared to early May [10]. - **June Price Adjustments**: Affected by Sino - US tariff negotiations and demand recovery on the US route, airlines tried to raise June freight rates on the European route. Some shipping companies made price adjustments, such as CMA reducing prices in early and mid - June, and Maersk adjusting prices on different routes [10]. Market Conditions - **Overall Trend**: The market was in a volatile downward trend. After the Sino - US negotiation results exceeded expectations, contracts first rose rapidly and then returned to fundamental games, with overall volatility this week [9][10]. - **Contract Focus Shift**: As the June pricing became clearer, the market started to focus on the more certain 06 contract, and the spread between the 6 - 8 contracts began to shrink [10]. Trade News - China will reduce tariffs on US goods from 125% to 10% for 90 days, and the US will reduce tariffs on Chinese goods from 145% to 30% for 90 days [6]. - US President Trump said the US may unilaterally set new tariff rates for many trading partners in the next two to three weeks [7]. - The fourth round of Japan - US tariff negotiations is scheduled for the 30th [8]. - Trump threatened to impose a 50% tariff on the EU starting from June 1st [8].

金十数据5月29日讯，在美国国际贸易法院裁定特朗普政府征收的广泛关税不合法后，市场情绪积极， 金属价格随之上涨。不列颠环球市场的分析师尼尔・威尔士在一份报告中表示，该裁决影响了对包括中 国、加拿大和墨西哥在内的广泛进口商品征收的10%-25%的关税，促使市场出现风险偏好型持仓。不 过，涨势较为温和。现有的钢铁、铝和汽车零部件关税未受影响，而且白宫打算上诉。威尔士还补充 说，美国的铜价溢价没有变化，这可能表明市场对关税即将调整的预期有限。 美法院裁定关税不合法 伦交所基本金属温和上涨 ...

Important News - The Director of the National Economic Council, Hassett, indicated that tariffs on certain countries may be reduced to 10% or lower, applicable to countries providing favorable conditions [1] Individual Stock News - Pinduoduo (PDD.O) reported Q1 2025 revenue of 95.67 billion yuan, up from 86.81 billion yuan in the same period last year; adjusted net profit attributable to ordinary shareholders was 16.916 billion yuan, a 45% decrease year-over-year [2] - Trump Media & Technology Group (DJT.O) saw a pre-market surge of over 10% after denying reports of plans to raise $3 billion for cryptocurrency investments [2] - Pony.ai (PONY.O) has reached a strategic cooperation agreement with the Dubai Roads and Transport Authority [2] - The acquisition case of Nippon Steel is expected to be issued, with Trump emphasizing that the U.S. still holds control over U.S. Steel (X.N) [2] - Miniso (MNSO.N) experienced a pre-market drop of over 3% after several major banks lowered earnings forecasts following its earnings report [2] - Zhihu (ZH.N) reported a net loss of 10.1 million yuan for Q1 2025, narrowing by 93.9% compared to the same period in 2024 [2] - Yum China (YUMC.N) plans to invest $2 billion in the UK and Ireland for KFC over the next five years [2] - Huya (YY.O) reported Q1 revenue of $490 million, with non-live streaming revenue accounting for 24.9% [2]

美股三大股指期货波动不大，白宫经济委员会主任Hassett表示，部分国家的关税可能降至10%或更低。 ...

Core Viewpoint - The sales of the Model X have significantly declined, with no current orders being accepted and limited inventory available for customers [2][4]. Group 1: Market Conditions - Daily customer visits to the store range from 5 to 10 on weekdays and double on weekends, but interest in the Model X is notably low [2]. - The Model X is currently not available for pre-order, and existing inventory is nearly sold out across the country [2]. Group 2: Customer Preferences and Purchase Behavior - Customers purchasing the Model X are primarily business owners, with comparisons often made to vehicles like the BMW X5, Mercedes GLE, and NIO ES8 [5]. - Buyers tend to have specific preferences for configurations, often influenced by tax needs at year-end, leading to compromises on desired features [3][7]. Group 3: Sales Challenges - The Model X has never offered interest-free loans, and recent tariff increases have halted pre-orders [4]. - There is anticipation for a new model release at the end of the year, which may stimulate sales [4]. Group 4: Customer Complaints - Common complaints from customers include issues with noise, particularly from the falcon-wing doors and the central console, as well as dissatisfaction with the size of the third-row seating [11]. - Initial production batches faced quality control issues, such as water leakage [12]. Group 5: Sales Experience - Sales personnel often face challenges in closing deals, as potential buyers may hesitate or compare with other models, leading to lost sales opportunities [9]. - The current frequency of customer interest in the Model X is low, impacting the availability of demonstration vehicles [12].