4月28日，有外媒消息称，在关税压力导致成本上升的背景下，苹果公司计划通过提高代工商在印度的 生产比例，逐步调整其全球供应链布局。据英国《金融时报》报道，苹果希望到2026年年底推出iPhone 18系列时，美国市场销售的iPhone 18能够接近完全依赖印度制造。 苹果多年来在印度的供应链布局已初见成效。 虽然未能达到此前设定的25%目标，但2024年苹果代工商在印度生产的iPhone数量仅占全球总组装量的 15%。不过要实现前述消息称的，到2026年年底时，美国市场销售的iPhone能够接近完全依赖印度制造 的目标，显然还为时尚早。 因为即使印度的iPhone组装量达到全球总量的25%，与美国市场28%的需求占比之间仍存在差距。 同时，苹果在印度生产的iPhone不仅要满足出口需求，还需要满足印度本地市场的需求。据市场研究机 构数据，2024年第四季度，苹果在印度的出货量达到400万部，同比增长39%，较前一年同期的290万部 增长近110万部，并首次进入印度市场前五名。 而考虑到印度庞大的人口数量和持续增长的iPhone潜在用户数，未来苹果在印度的出货量预计还将继续 上升。这也意味着，印度造iPhone ...

Financial Data and Key Metrics Changes - The company reported net sales of $630 million in Q1 2025, down 5% from the previous year [17] - Adjusted operating income was $35 million, representing an adjusted operating margin of 5.6%, with adjusted EPS at $0.66 compared to $1.40 in Q1 2024 [18][21] - Gross margin declined to 46.2%, a decrease of 140 basis points year-over-year, primarily due to pricing investments in U.S. Retail and negative foreign exchange impacts [18][19] Business Segment Data and Key Metrics Changes - U.S. Retail net sales declined 4%, with comparable sales down about 5%, although March showed significant improvement [23][27] - U.S. Wholesale sales also decreased by 5%, with operating margin at 22.1%, down from 24% a year ago [28] - International segment sales fell 5%, impacted by unfavorable foreign currency exchange rates, but showed strong comparable sales growth in Canada and Mexico [30] Market Data and Key Metrics Changes - The company faced a tumultuous market backdrop due to proposed record tariffs, leading to concerns about inflation and consumer confidence [12][13] - The pricing investments in U.S. Retail were approximately $12 million for Q1, with plans to maintain a total of $20 million for the first half of the year [24] Company Strategy and Development Direction - The new CEO emphasized a focus on sustainable, long-term growth rather than short-term sales boosts through discounts [5][6] - The company is suspending forward-looking guidance due to leadership transition and economic uncertainty related to tariffs [8][41] - A clear strategy is being developed to return the brand to accretive growth, with a focus on financial efficiency and product quality [9][11] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by the current tariff situation and its impact on financial forecasting [9][41] - The leadership team is optimistic about the company's long-term prospects despite current market challenges [41] Other Important Information - The company has a solid balance sheet with total liquidity exceeding $1 billion and cash on hand of over $300 million [31] - Capital expenditures were $10 million, primarily for new stores and distribution network improvements [32] Q&A Session Summary Question: Initial thoughts on the business and opportunities for financial performance improvement - The new CEO expressed optimism about the brand's strength and market distribution, looking forward to sharing a revised strategy [44] Question: Clarification on estimated annual effective tariff rates - Management clarified that the tariff rates presented were hypothetical and based on proposed reciprocal tariffs, which would significantly increase product costs if implemented [46] Question: Potential for reducing reliance on China for production - Management indicated that while reliance on China has decreased significantly, some production, particularly for accessories, remains [52] Question: Timing of tariff-impacted goods hitting shelves and mitigation efforts - The first imports subject to tariffs are expected around May, but existing inventory provides some buffer [56] Question: Visibility on other costs such as cotton, freight, and labor - Cotton prices are favorable, while labor costs are expected to see some inflation, and transportation costs are manageable due to successful renegotiations [80][83]

Core Points - The U.S. government announced a 46% reciprocal tariff on Vietnam, which has raised concerns among Chinese businesses operating in Vietnam, although the implementation has been postponed for 90 days [1][4][12] - Vietnamese companies are actively seeking to diversify their supply chains and explore new trade partnerships, particularly with Europe and other developing countries, in response to the trade tensions [6][40] - The potential impact of the tariffs could significantly harm Vietnam's export-driven economy, as exports to the U.S. account for approximately 30% of Vietnam's total exports and 25% of its GDP [8][11][12] Group 1: Business Operations and Strategies - Chinese companies in Vietnam, such as those in the packaging industry, are currently not making drastic changes to their production plans despite the tariff announcement [4][16] - Companies are preparing for potential impacts by expediting shipments and negotiating with clients to mitigate losses [12][15][30] - The Vietnamese government is engaging in negotiations with the U.S. to reduce the proposed tariffs and has expressed willingness to lower tariffs on U.S. goods to zero [17][19][20] Group 2: Economic Impact and Trade Relations - The tariffs could lead to a 3.5% reduction in Vietnam's economic output by 2026 under optimistic scenarios, effectively halving the country's growth rate [12][21] - Vietnam's export economy, particularly in sectors like ceramics and agricultural products, is heavily reliant on the U.S. market, with some local industries facing increased tariffs on their exports [13][14][15] - The Vietnamese government is taking steps to strengthen its trade relationships with both the U.S. and China, aiming to maintain a balance in its foreign relations [40][41] Group 3: Investment Trends - Chinese investment in Vietnam has surged, with registered investments reaching $4.47 billion in 2023, a 77.6% increase from the previous year [22] - The focus of Chinese investments is shifting from traditional manufacturing to high-tech and renewable energy sectors, indicating a diversification of investment strategies [22][23] - The presence of Chinese companies in Vietnam is expected to continue growing, as they seek to mitigate risks associated with U.S.-China trade tensions [29][44]

重要提示：本材料不构成任何形式的要约、承诺或其他法律文件，亦非任何投资、法律或财务等方面的专业建议。过往业绩不预示 未来表现。投资须谨慎。 关税是近期市场普遍关心的话题，我们整理了一些外资投行的观察视角，以供参考。 截至本文发布，美国总统特朗普表示，他正考虑对进口汽车和零部件关税实施临时豁免的可能性， 以便让汽车企业有更多时间在美国建立生产设施。 在此之前，特朗普称豁免电子产品关税只是一项 临时措施，这些产品将被即将实施的行业关税所覆盖。 局势正在以分钟级速度演变。 关税政策能重振美国的就业吗？ 有外资报告援引学术研究结果显示，特朗普关税政策或对美国就业存在负面影响。关税税率每提高10个 百分点，受保护行业的就业岗位将增加0.2-0.4%；而关税驱动成本每上升1个百分点，就业岗位会减少 0.3-0.6%。考虑美国的经济体量，意味着关税保护对制造业就业的提振作用不足10万个岗位，而由此带 来的成本压力对下游就业的拖累效应则高达约50万个岗位。 企业应对关税风险的五种常见策略 外资投行基于观察企业应对上一轮关税争端的经验，总结出面对关税风险企业通常可以采取的五种应对 策略。在最新的关税政策下，部分策略是否还能继续 ...

Financial Data and Key Metrics Changes - Aterian reported net revenue for Q4 2024 at $24.6 million, a decline of 25% from $32.8 million in Q4 2023, primarily due to SKU rationalization and lower liquidation levels of high-cost inventory [42] - Adjusted EBITDA for Q4 2024 was essentially break-even, improving by 98.5% from an adjusted EBITDA loss of $5.6 million in Q4 2023 [47][41] - The net loss for Q4 2024 was $1.3 million, an improvement of approximately 83.1% from a loss of $7.7 million in the year-ago quarter [46] Business Line Data and Key Metrics Changes - The company streamlined its product portfolio to focus on six foundational brands, which has improved efficiency and ROI [18] - Gross margin for Q4 2024 increased to 63.4% from 51% in the year-ago quarter, driven by SKU rationalization and product mix [43] - Contribution margin for Q4 2024 was 19.4%, a significant improvement from negative 0.8% in the previous year [44] Market Data and Key Metrics Changes - Aterian's revenue is primarily derived from e-commerce marketplaces, with a focus on Amazon, Walmart, and Target Plus [12] - The company plans to expand its market presence in 2025, targeting growth in the UK and additional channels [25][26] Company Strategy and Development Direction - Aterian's strategy for 2025 includes channel and geographic expansion, new product launches, and a focus on consumable products [24][28] - The company aims for net revenue growth of 5% to 7% in 2025, with an expected increase of 9% to 12% on a comparable basis, excluding discontinued SKUs [22][49] - Aterian has initiated a two-year share repurchase program of up to $3 million, reflecting confidence in the company's future [35][56] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's ability to navigate challenges, including tariffs, and expects to achieve break-even adjusted EBITDA in 2025 [30][52] - The company is focused on diversifying its supply chain away from China, aiming to reduce reliance from 75% to 50% by the end of 2026 [32][34] - Management noted that consumer behavior has not shown significant softness, and the diversified brand portfolio positions the company well to handle potential market volatility [92][93] Other Important Information - Aterian's operational improvements in 2024 have led to a 91% reduction in adjusted EBITDA losses, indicating effective strategic initiatives [41] - The company is committed to long-term growth, projecting a CAGR of 10% to 12% from 2025 to 2027 [54] Q&A Session Summary Question: Performance of SKUs on Target Plus during Black Friday - Management indicated that the steam mop performed well on Target Plus, and they plan to expand SKU offerings gradually based on performance [65] Question: Guidance for Q1 and seasonal dynamics - Management explained that new product launches and channel expansions are expected to drive stronger sales in the second half of the year, leading to a relatively weaker Q1 [71][73] Question: Impact of tariffs and pricing strategy - Management clarified that while tariffs are expected to increase costs, they believe they can mitigate some of these through price adjustments, with a projected price increase of 7% to 10% [76][78] Question: Long-term growth targets and consumer behavior - Management discussed that the three-year growth targets are driven by new product launches and channel expansions, and they have not observed significant changes in consumer behavior despite broader economic concerns [85][90]

Investment Rating - The report does not explicitly provide an investment rating for the sporting goods industry, but it indicates a cautious optimism among executives, with 44% feeling optimistic about 2025 [29][70]. Core Insights - The sporting goods industry has maintained a growth rate of 7% annually from 2021 to 2024, but this is expected to slow to 6% from 2024 to 2029 due to economic challenges and cautious consumer behavior [29][70]. - The report highlights the dual agenda of companies focusing on both profitability and revenue growth amidst a challenging environment [29][70]. - A significant opportunity exists in addressing the 1.8 billion people globally who do not meet the World Health Organization's recommended activity levels, representing a market potential equivalent to twice the adult population of India [33][36][48]. Summary by Sections Executive Summary - The sporting goods industry faces a challenging environment with a projected annual growth rate of 6% from 2024 to 2029, influenced by economic factors and consumer caution [29][70]. - Despite challenges, 44% of industry executives express optimism for 2025, indicating a cautious confidence in navigating opportunities [29][70]. Key Themes - The industry is experiencing a shift in consumer behavior, with a growing divide between active and inactive consumers, creating both challenges and opportunities for brands [37][39]. - The rise of challenger brands has led to a market share reshuffle, with established companies like Adidas and Nike losing ground to new entrants [39][52]. - The demand for live fitness experiences has surged, with 81% of consumers participating in live fitness classes, indicating a shift towards community-oriented fitness solutions [42][53]. Market Dynamics - The report emphasizes the need for companies to balance revenue growth with productivity improvements in response to a cautious consumer landscape [70][75]. - Geopolitical uncertainties and potential tariff increases pose significant risks, necessitating strategic adjustments in supply chain management [72][88]. - Sustainability remains a priority, but the focus has shifted due to external pressures, with only half of executives prioritizing sustainability compared to two-thirds the previous year [89][90].

Financial Data and Key Metrics Changes - For Q4 2024, total revenue was $272 million, down 7.2% sequentially, with adjusted EBITDA of $93 million, also down 7.6% sequentially, resulting in adjusted EBITDA margins of 34.1% [8][11][15] - GAAP net income for the quarter was $57 million, compared to $62 million in Q3 2024, driven by lower revenues in both segments [16][17] - Adjusted net income and earnings per share were $57 million and $0.71 per share, respectively, down from $63 million and $0.79 per share in Q3 2024 [17][18] Business Line Data and Key Metrics Changes - Pressure control segment revenues were $177 million, down 4.5% sequentially, with operating income decreasing by $1.7 million or 3.3% [12] - Spoolable technology segment revenues were $96 million, down 11.2% sequentially, with operating income decreasing by $7.4 million or 22.4% [13] - Adjusted segment EBITDA for pressure control decreased by $0.5 million or 0.8% sequentially, while spoolable technology segment adjusted EBITDA decreased by $7.3 million or 17.1% [12][14] Market Data and Key Metrics Changes - The company ended the year with a cash balance of $343 million, an increase of approximately $39 million from the previous quarter [19] - The public or Class A ownership of the company averaged 85% and ended the quarter at 86% [16] Company Strategy and Development Direction - The company aims to ramp up production at its new facility in Vietnam and introduce new products to enhance value in both segments [28][36] - Focus on international expansion and diversification of revenue sources, targeting a long-term goal of 40% international revenue contribution [30][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in outperforming underlying activity levels in the US market despite trade policy uncertainties [42][43] - The company anticipates a strong rebound in customer activity in the second and third quarters of 2025, with expectations for increased international orders [30][36] Other Important Information - The board approved a quarterly dividend of $0.13 per share, to be paid in March [23] - The company made a cash tax payment of approximately $25 million in January related to deferred 2024 federal taxes [21] Q&A Session Summary Question: Outlook for US activity in the next few quarters - Management is confident in their ability to outgrow underlying activity levels, anticipating a US rig count in the 550 to 560 range [42][43] Question: Margin headwind comparison between Bossier City and China - Historical costs were at least 35% higher for the Bossier facility compared to the Far East supply chain, with increasing tariffs expected to impact costs [45][46] Question: Game plan for mitigating tariff impacts - The company has flexibility between its facilities in Vietnam and Bossier City to mitigate tariff impacts, with a focus on vertical manufacturing capabilities [57][60] Question: Commercialization of H2S solutions - The H2S product is commercialized, with shipments expected to begin in March or April, targeting the Middle East market [68][70] Question: Spoolable technology growth in 2025 - The company is optimistic about growth in spoolable technology, despite a flat completion activity outlook, with international growth potential remaining strong [80][86] Question: International growth opportunities in pressure control - Management acknowledged progress in international growth but refrained from providing specific details on opportunities in regions like Argentina and the Middle East [95][96]