这家曾为数代美国家庭承载"温馨之家"梦想的零售巨头——American Signature Inc.(ASI)，最终向特拉华州破产法院提交了《美国破产法》第11章保护申 请。消息如同巨石入水，激起零售市场的滔天巨浪。 ASI的倒下，并非一场突如其来的财务意外，而是一部被时代缓慢写就的悲剧史诗。故事要从零售业的"黄金时代"说起，当时，管理层错将短期的非理性 消费高峰视为永恒常态，签署了高价长租合同，并激进扩张。但转折点出现在2022年下半年，当美联储的激进加息行动将房地产市场冰封，消费者信心崩 溃，巨额利息支出如雪球般滚大，彻底吞噬了其微薄的利润... 大象，也得翻身 一张百年家具帝国的多米诺骨牌，倒下了。 转折点出现在2022年下半年，随着生活逐渐回归常态，宏观经济环境开始以惊人的速度恶化。首先，美联储为遏制通胀而采取的激进加息行动，将抵押贷 款利率推至历史高位，使得房地产市场迅速冷却。家具销售与房屋销售有着极强的正相关性——如果没人买新房，就没有人需要添置全套新家具。 近日，美国零售巨头American Signature Inc.(ASI)向特拉华州破产法院提交了《美国破产法》第11章的保护申请。 消息传 ...

经营范围含金属结构销售，工程管理服务，砼结构构件制造，砼结构构件销售，金属制品销售，金属加 工机械制造，金属材料销售，金属切削加工服务，供应链管理服务，普通货物仓储服务（不含危险化学 品等需许可审批的项目），机械电气设备销售，机械设备销售，五金产品零售，非金属矿及制品销售， 劳动保护用品销售（除依法须经批准的项目外，凭营业执照依法自主开展经营活动） 企业名称九江钢联供应链有限公司法定代表人吴秋平注册资本2280万人民币国标行业交通运输、仓储和 邮政业>装卸搬运和仓储业>装卸搬运地址江西省九江市经开区双创基地人力资源产业园4号楼企业类型 其他有限责任公司营业期限2025-12-12至无固定期限登记机关九江经济技术开发区市场监督管理局 来源：市场资讯 天眼查显示，近日，九江钢联供应链有限公司成立，法定代表人为吴秋平，注册资本2280万人民币，九 江市志在千里建材有限公司、彭泽县匠正劳务分包有限责任公司、共青城栌文人力资源有限公司持股。 序号股东名称持股比例1吴秋平43.8596%2九江市志在千里建材有限公司31.5789%3彭泽县匠正劳务分包 有限责任公司12.2807%4共青城栌文人力资源有限公司12.2807 ...

行业首家突破2万店的企业。 据IPO早知道消息，中国证监会国际合作司于12月11日披露了《关于湖南鸣鸣很忙商业连锁股份有限公 司境外发行上市及境内未上市股份"全流通"备案通知书》。 这意味着，鸣鸣很忙已获得港交所聆讯的前置条件。根据备案通知书，鸣鸣很忙拟发行不超过 76,666,400股境外上市普通股并在香港联合交易所上市，25名股东拟将所持合计198,079,551股境内未上 市股份转为境外上市股份，并在香港联合交易所上市流通。 作为中国最大的休闲食品饮料连锁零售商，鸣鸣很忙通过"零食很忙""赵一鸣零食"双品牌深度融合，整 合经营体系与统一组织架构，实现无缝协同与标准化运营，以集团化运营全面提升供应链与运营效率。 来源：IPO早知道 成立至今，鸣鸣很忙已获得高榕创投、红杉中国、黑蚁资本、五源资本、启承资本等知名机构的投资。 鸣鸣很忙在招股书中表示，IPO募集所得资金净额将主要用于提升供应链能力并提高产品开发能力；门 店网络升级，以及加盟商的持续赋能；品牌建设和推广活动；提升科技能力和数字化水平；有选择性地 寻求与其业务互补的战略投资和收购机会；以及用作运营资金及其他一般企业用途。 今年上半年，鸣鸣很忙实现零 ...

Core Viewpoint - Haitong International projects that Mixue Group's revenue will reach 33 billion, 38.4 billion, and 42.2 billion CNY in 2025, 2026, and 2027 respectively, with net profits of 5.8 billion, 6.74 billion, and 7.5 billion CNY for the same years, reflecting the company's leading position in the global ready-to-drink beverage industry [1] Group 1: Company Overview - Mixue Group is the largest ready-to-drink beverage chain in China and a global leader, with 53,014 stores worldwide as of the first half of 2025, including 48,281 in China and 4,733 overseas [2] - According to data from ZhiShi Consulting, Mixue Group ranks as the fourth largest ready-to-drink beverage company globally, holding a market share of 2.2% based on 2023 GMV [2] Group 2: Market Trends - The ready-to-drink beverage segment is experiencing growth driven by economic expansion and rising disposable incomes, leading to a shift in consumer preferences from traditional beverages [3] - There are significant growth opportunities for ready-to-drink tea in lower-tier markets, with predictions indicating that most new store openings will occur in third-tier cities and below, benefiting Mixue's market share [3] Group 3: Competitive Strategy - Mixue Group aims to enhance its competitive edge through a "supply chain + brand IP + store operations" model, striving for a "trinity total cost leadership" [4] - The company has established a digital end-to-end supply chain and a procurement network across six continents and 38 countries, along with five production bases [4] - Mixue's unique brand IP, "Xue Wang," attracts a large consumer base, distinguishing it within the industry [4] - The company has maintained a net increase of approximately 8,000 stores annually since 2020, with over 48,000 stores established in China by the first half of 2025 [4] Group 4: Future Growth Opportunities - Mixue Group plans to continue expanding in domestic markets while capitalizing on the rapid development of lower-tier markets, leveraging its strong supply chain and store management capabilities [5] - The company is also focusing on international markets, with steady development in Southeast Asia and plans to gradually enter new markets in Central Asia and the Americas [5] - The establishment of sub-brands, such as the recently acquired "Xian Pi Fu Lu Jia," is expected to enhance Mixue's positioning in the ready-to-drink beverage sector [5]

2026年美国休斯顿国际运输物流展览会Breakbulk 展会时间：2026年9月22-24日 开放时间：09:00:00-18:00:00 举办地址：美国休斯敦乔治布朗会议中心 展会行业：物流 主办单位：美国物流行业协会、美国国际交流集团 组织机构：美国国际交流集团AIE（中国）分公司----深圳市环球行会展服务有限公司 特别注释：不参展者可随团参观，考察市场。本公司常年组织专业的市场考察团;专业组织境外展览会，为企业开拓海外市场提供全方位的服务。 环球行会 展提供一站式全球展览综合服务，不管是海外展申请展位、展台设计，还是领取展会门票、展会邀请函，亦或是美国签证办理（VIP 预约）、定制海外参展 行程、商务考察、办理海外参展补贴等等，名额有限，欲报从速！欢迎来电咨询！！！ 展会介绍：美国休斯顿国际运输与物流展览会是北美最大的散货和工程货运行业设计展览会。该活动提供行业研讨会、主要散货和项目货运专家会议以及展 示一系列贸易展览的展览。 美国休斯顿国际运输与物流展览会汇集了epc、货运代理、运输公司和其他货运专家和行业专家。这是散装货物和工程货运物流人员必须参加的活动。展会 提供了许多交流机会，包括为期两天的 ...

Financial Data and Key Metrics Changes - Full year 2025 consolidated net sales reached $2.46 billion, an increase of $83 million, or 3.5%, compared to the prior year. Adjusting for the exit of bus manufacturing, net sales increased by $247 million, or 11.1% year over year [13][14] - Full year consolidated Adjusted EBITDA was $229.5 million, an increase of $66.7 million, or 41%, year over year. Adjusted for exited bus manufacturing earnings, Adjusted EBITDA increased by $84.3 million, or 58.1% [14] - Fourth quarter consolidated Adjusted EBITDA margin of 10.5% exceeded the low end of the 10%-12% target range for fiscal year 2027 [15] Business Line Data and Key Metrics Changes - Specialty vehicle segment sales for the fourth quarter were $507.4 million, an increase of $67.5 million compared to the prior year. Excluding bus manufacturing, net sales increased by $77.3 million, or 18% [16] - Specialty vehicle segment Adjusted EBITDA of $70.5 million increased by $20.3 million, with a margin of 13.9%, representing a 220 basis point improvement year over year [17] - Recreational vehicle segment sales were approximately flat at $157 million, with Adjusted EBITDA of $9 million, an increase of $900,000 versus the prior year [19] Market Data and Key Metrics Changes - Specialty vehicle segment backlog increased to $4.4 billion, reflecting strong demand for fire and emergency vehicles, with a book-to-bill ratio greater than one [17][18] - Recreational vehicle segment backlog was $233 million at year-end, a 20% decline versus the prior year, indicating a challenging retail environment [20] Company Strategy and Development Direction - The merger with Terex Corporation is viewed as a unique opportunity to create meaningful value for shareholders, with a focus on operational synergies and product innovation [4][5] - Investments are being made to enhance efficiency, expand capacity, and modernize facilities, aimed at achieving industry-leading performance in quality and lead time [10][11] Management's Comments on Operating Environment and Future Outlook - Management remains encouraged by order rates and strong demand, despite not providing guidance for fiscal year 2026 due to the pending merger [27] - The specialty vehicle market is expected to normalize, driven by strong municipal tax budgets and secular tailwinds [42][43] Other Important Information - The company returned approximately $121 million to shareholders through share repurchases and dividends during the year [13] - Trade working capital decreased to $161.3 million, primarily due to disciplined inventory management [21] Q&A Session Summary Question: Insights on specialty orders and pricing - Management noted strong order rates and a backlog holding steady, but refrained from providing specific pricing guidance for 2026 [26][27] Question: Market share and customer behavior shifts due to tariffs - Management indicated no material competitive advantage or disadvantage due to tariffs, as most competitors have similar cost structures [28][29] Question: Efficiency gains in specialty vehicles - Management described the efficiency improvement process as being in the middle innings, with more potential for operational enhancements [35][36] Question: Demand breakdown by RV class - Demand remains lumpy for Class A units, while Class C units are performing well, with Class B units facing challenges [37] Question: Investment opportunities within the network - Management highlighted targeted investments in automation and specific facilities to enhance throughput and efficiency [40][41] Question: Demand cycle within the specialty vehicle segment - Management noted strong secular tailwinds in the fire and emergency markets, with expectations for normalization in demand [42][43]

Financial Data and Key Metrics Changes - For fiscal year 2025, consolidated net sales reached $2.46 billion, an increase of $83 million, or 3.5%, compared to the prior year. Adjusting for the exit of bus manufacturing, net sales increased by $247 million, or 11.1% year over year [12][13] - Full year consolidated Adjusted EBITDA was $229.5 million, an increase of $66.7 million, or 41%, year over year. Adjusted for earnings related to exited bus manufacturing, Adjusted EBITDA increased by $84.3 million, or 58.1% [14] - Fourth quarter consolidated Adjusted EBITDA margin was 10.5%, exceeding the low end of the 10%-12% target range for fiscal year 2027 [15] Business Line Data and Key Metrics Changes - Specialty vehicle segment sales for the fourth quarter were $507.4 million, an increase of $67.5 million compared to the prior year. Excluding bus manufacturing, net sales increased by $77.3 million, or 18% [16] - Adjusted EBITDA for the specialty vehicle segment was $70.5 million, an increase of $20.3 million. The segment achieved an Adjusted EBITDA margin of 13.9% in the fourth quarter, representing a 220 basis point improvement year over year [17] - Recreational vehicle segment sales were approximately flat at $157 million, with Adjusted EBITDA of $9 million, an increase of $900,000 versus the prior year [19] Market Data and Key Metrics Changes - Specialty vehicle segment backlog was $4.4 billion, reflecting a 5.3% increase versus the prior year, indicating strong demand for fire and emergency vehicles [17] - Recreational vehicle segment backlog was $233 million at year-end, a 20% decline versus the prior year, reflecting a challenging retail environment [19] Company Strategy and Development Direction - The merger with Terex Corporation is viewed as a unique opportunity to create meaningful value for shareholders, with plans to leverage combined scale and operational efficiencies [5][8] - The company is focused on operational improvements, including increased throughput and shipments, and disciplined cost management to enhance efficiency and reduce production gaps [9][10] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational improvements and the ability to reinvest in the business, with a focus on enhancing production capabilities and maintaining operational excellence [11][12] - The company is not providing guidance for fiscal year 2026 due to the pending merger, but remains optimistic about the current demand and operational momentum [3][23] Other Important Information - The company returned approximately $121 million to shareholders through share repurchases and dividends during the year, balancing investments in growth with shareholder returns [12] - Trade working capital decreased to $161.3 million, primarily due to disciplined inventory management [21] Q&A Session Summary Question: Insights on specialty orders and pricing - Management noted strong order rates and a backlog holding steady, but did not provide specific guidance for 2026 [24] Question: Impact of tariffs on customer behavior and market share - Management indicated that there has not been a significant competitive advantage or disadvantage due to tariffs, as most competitors have similar cost structures [25] Question: Efficiency gains in specialty vehicle segment - Management described the company as being in the middle innings of efficiency improvements, with more potential for operational enhancements [27] Question: Demand breakdown by RV class - Demand remains lumpy for Class A units, while Class C units are performing well, with ongoing challenges in the Class B market [28] Question: Opportunities for investment in capacity - Management highlighted targeted investments in automation and specific facilities to increase throughput and efficiency [29] Question: Demand cycle normalization in specialty vehicles - Management noted strong secular tailwinds in the fire and emergency markets, with expectations for normalization to continue [31]

天眼查App显示，近日，高安茂贵供应链有限公司成立，法定代表人为朱红阳，注册资本500万人民 币，经营范围为一般项目：供应链管理服务，石油制品销售（不含危险化学品），环保咨询服务，新兴 能源技术研发，技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广，专用化学产品制造 （不含危险化学品），专用化学产品销售（不含危险化学品），日用化学产品制造，日用化学产品销 售，润滑油销售（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

手机号 15769519125 2025 年 主编：雷静兰 编辑：柯文慧 商业合作： collaboration@shuoyuanconsulting.com 1 / 24 1 跨境物流行业概述 中国跨境物流行业市 场研究报告 输安全性和时效性，减少人为错误和欺诈行为。同时，智能化的仓储设备和自 动化分拣系统提高了仓储和配送的效率，降低了运营成本。 图表：跨境电商物流概念及范畴 1.1 行业定义与范围 1.1.1 跨境物流的基本概念 跨境物流是指货物在不同国家或地区之间进行运输、仓储、报关、配送等一系 列物流活动的总称。它涵盖了国际贸易中商品流动的全过程，包括货物从出口 国发出，经过多式联运的运输过程、海关清关手续、检验检疫，到达进口国港 口或机场后，再通过本地配送网络最终送达终端消费者手中的所有环节。 跨境物流不仅仅是简单的货物搬运，更是一个复杂而系统的供应链管理过程， 涉及多方协作和协调。具体来说，跨境物流包括传统的海运、空运、铁路运输、 公路运输等多种运输方式，这些方式往往需要结合使用以实现高效、经济的货 物运输。同时，跨境物流还涵盖了国际仓储服务，包括保税仓库、海外仓、分 拨中心等，这些仓储设施能够帮 ...

最新一期业绩显示，2025年三季报，公司实现营业收入1.62亿元，同比减少24.89%；净利润1433.36万 元，同比减少57.30%，销售毛利率32.05%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13飞马国际1107.66360.3710.78102.72亿行业平均 37.6262.644.8564.47亿行业中值30.1533.882.0839.71亿1城发环境7.447.760.9788.54亿2三峰环境 10.9711.851.16138.44亿3创业环保11.2711.610.9393.75亿4旺能环境11.8312.651.0270.96亿5瀚蓝环境 12.7114.391.68239.47亿6绿色动力13.7816.671.1997.54亿7伟明环保13.9414.062.62380.29亿8三达膜 14.3018.181.3257.24亿9永兴股份15.1416.931.30138.96亿10军信股份15.5421.281.49114.10亿11节能国祯 16.7416.571.3160.75亿12菲达环保17.2819.831.0747.81亿 来源：市场资讯 交易所数据 ...