A new survey from KPMG shows America's top executives are focused on making their supply chain stronger. 89% of CEOs say tariffs will significantly impact their business over the next three years and 86% plan to raise prices to offset those costs. Joining us right now to break down the survey survey is KPMG US chair and CEO Tim Walsh.And Tim, thanks for coming in today to be with us in studio. It's good to see you. Great to be here, Becky.Um, I can't say this surprises me that supply chain is still the top ...

《报告》显示，第三届链博会在传播规模、覆盖广度、内容深度和国际化程度等方面均实现显著提升，主要体现在： 传播热度持续攀升，国际声量再创新高； 内容亮点引发广泛共鸣，开放合作成为最强音； 传播形态更趋多元，沉浸式、互动式传播吸睛； 企业曝光度显著提升，"超级磁场"效应凸显。 中国国际供应链促进博览会作为全球首个以供应链为主题的国家级展会，已连续成功举办三届，持续发挥着贸易促进、投资合作、创新集聚、 学习交流的重要平台作用。在今天上午举行的新闻发布会上，中国贸促会对外发布了《第三届中国国际供应链促进博览会传播影响力报告》。 中国贸促会新闻发言人 王冠男：《报告》表明，第三届链博会不仅实现了传播数据上的大幅增长，更在传播质量、国际参与和创新表达上取 得重要突破，充分体现出其作为国际公共产品的传播力、引导力和影响力。 （总台央视记者 郑晓明） ...

Core Insights - JD Industrial's IPO marks a significant step for Liu Qiangdong, reflecting his commitment to supply chain efficiency and a response to the company's recent stagnation [2][9] - The company aims to issue up to 253,309,800 shares on the Hong Kong Stock Exchange, with a strong backing from major underwriters [4][5] IPO Journey - JD Industrial's IPO process has faced challenges, initially submitting its prospectus in March 2023 but later pausing due to application issues. The process was restarted in September 2024 [4] - The recent approval from the China Securities Regulatory Commission removes major regulatory hurdles, paving the way for the company's listing [4] Business Overview - Established in 2017, JD Industrial has evolved into China's largest MRO procurement service provider, with a market share nearly three times that of its closest competitor [6] - The company offers approximately 57.1 million SKUs and serves around 50% of China's Fortune 500 companies [6] Financial Performance - JD Industrial's revenue grew from 14.135 billion to 20.398 billion yuan from 2022 to 2024, with a compound annual growth rate of 20.1% [7] - The company turned a profit, with net income rising from -1.334 billion to 0.762 billion yuan during the same period, although revenue growth rates are slowing [8] Strategic Focus - Liu Qiangdong emphasizes a supply chain-centric approach, believing that the majority of profits should go to brand owners to foster development [9] - JD Industrial aims to translate its consumer-side advantages into the B2B sector, enhancing procurement processes for large enterprises [9] Technological Innovation - The launch of the "Joy Industrial" model represents JD Industrial's commitment to leveraging technology for supply chain optimization, utilizing extensive data from various sectors [10] - The model aims to significantly improve operational efficiency and reduce costs through intelligent decision-making [10] Industry Landscape - The MRO market in China has a low online penetration rate of around 10%, indicating substantial growth potential despite competitive pressures from established players [11] - JD Industrial has set ambitious goals to help reduce supply chain costs significantly over the next five years [11] Global Expansion and Innovation - Liu Qiangdong is pursuing international acquisitions and local e-commerce strategies, with a focus on building local teams and sourcing products [12] - The company is also exploring innovative business ventures, with plans to introduce new initiatives annually [12]

Core Viewpoint - Poland's decision to reopen its border with Belarus is a significant move that alleviates pressure on Europe's logistics network and supply chains, which had been severely disrupted due to the border closure [1] Group 1: Impact of Border Closure - The closure of the Polish border led to a halt in the Central European freight trains, causing significant delays and logistical challenges across Europe, with warehouses overflowing and production lines in Germany temporarily halted due to missing components [2] - Poland's initial intention to use the border closure as leverage backfired, as it found itself equally affected by the supply chain disruptions [2] Group 2: Influencing Factors for Reopening - The opening of a new maritime route on September 22 provided an alternative for freight transport, reducing reliance on Poland [4] - Potential stricter quarantine measures from China on Polish dairy products posed a risk to Poland's food export industry, further complicating the situation [6] - Germany's industrial reliance on Chinese components and the potential disruption to its production lines created significant pressure on Poland to reopen the border [6] Group 3: Economic Considerations for Poland - The Central European freight line is crucial for Poland's economy, projected to generate approximately €600 million to €900 million in direct benefits in 2024 and create nearly 20,000 jobs by 2025 [7] - The closure threatened the livelihoods of many workers in logistics and transportation, leading to financial pressures such as mortgage and car loan repayments [7] Group 4: European Dynamics - The differing interests within Europe, particularly between France and Germany favoring long-term cooperation with China, highlight the need for Poland to avoid becoming a disruptive force [8] - The EU's unspoken consensus emphasizes the importance of not allowing political maneuvers to jeopardize the overall stability of Europe [8] Group 5: Supply Chain Vulnerabilities - Modern manufacturing practices with minimal inventory levels make supply chains particularly susceptible to disruptions, with Poland's actions potentially branding it as an unreliable partner [9] Group 6: China's Strategic Response - China is proactively developing alternative logistics routes to mitigate risks associated with single points of failure in the supply chain, indicating a shift towards a more resilient logistics network [11] Group 7: Challenges Post-Reopening - The reopening of the border does not immediately resolve existing issues; businesses will require time to recover, and confidence in the supply chain will take longer to rebuild [13] - Hidden costs related to route reassessments, insurance adjustments, and potential changes in banking credit policies may persist in the long term [13] Group 8: Human Element - The reopening brought relief not only to political figures but also to the everyday workers in the supply chain, who faced significant anxiety during the border closure [14] Group 9: Future Role of Poland - Poland must learn to balance its interests with those of Germany, France, and the EU to maintain a stable position in the evolving European landscape [15]

Financial Data and Key Metrics Changes - Total revenue for fiscal year 2025 reached $190.4 million, an increase of 14% compared to $167 million in fiscal year 2024, driven by demand for transportation and warehousing services [8] - Cost of sales increased by 29.9% to $193.4 million, primarily due to higher freight costs and operational expenses, resulting in a gross profit loss of $3 million [9] - General and administrative expenses totaled $14.7 million, a 47.2% increase from the previous year, leading to a net loss of $15.3 million or $0.37 per share [9] Business Line Data and Key Metrics Changes - The active customer base increased more than four-fold to 505, reflecting the demand for comprehensive supply chain solutions [8] - The company operates 10 warehouses across approximately 3.9 million square feet, supporting cross-border e-commerce and domestic customers [5] Market Data and Key Metrics Changes - The company aims to diversify its customer mix beyond PRC-based clients, who accounted for around 84% of revenue in fiscal year 2025 [11] - The focus on expanding geographic coverage and enhancing technology platforms is expected to attract more clients [11] Company Strategy and Development Direction - The company is committed to optimizing operations and leveraging technology to drive efficiency and cost management [10] - A focus on bulky item handling and a one-stop solution for cross-border e-commerce positions the company uniquely in the market [15] Management's Comments on Operating Environment and Future Outlook - Management acknowledges operational challenges and cost pressures but remains confident in the company's growth potential due to its expanding infrastructure and customer base [5] - Gradual improvement in margins is anticipated as the operational footprint reaches fuller utilization and technology investments take effect [13] Other Important Information - The company maintains high standards, including ISO 9001 compliance and an average inventory accuracy rate of 99.64% [5] - The balance sheet shows $13.6 million in cash, cash equivalents, and restricted cash, indicating a solid financial position [9] Q&A Session Summary Question: What are the main drivers of revenue growth for fiscal year 2026? - Revenue growth is expected to be driven by demand for warehousing and logistics services, particularly from cross-border e-commerce merchants and an expanding U.S.-based customer base [11] Question: When does management expect to achieve consistent profitability and positive free cash flow? - Management is implementing measures for operational optimization and cost management, with gradual improvement in margins expected in the coming fiscal years [13] Question: How concentrated is revenue among the largest customers, and how does Armlogi plan to differentiate itself? - One customer accounted for around 10% of revenue in fiscal year 2025, down from previous years, reflecting efforts to diversify the customer base [14] - The company differentiates itself through high-quality services, advanced technology, and a focus on niche needs that larger competitors may overlook [15]

加拿大关键金属供应商Neo Performance Materials CEO Rahim Suleman表示，鉴于中国的技术专长和竞争力，中国仍应在全球稀土产品供应链中发挥重要环节的作用。“中国将继续，而且坦率地说，应该继续，成为这一领域的主导者。”“坦率地说，当这个行业开始谈论摆脱对中国的依赖时，我们认为这很有挑战性。”🗒️Suleman是在出席Adamas Intelligence稀土矿、磁铁和电机2025高管峰会期间说出这番话的，这一峰会主要议题是如何建立绕开中国的供应链。 ...

Core Viewpoint - JD Industrials, Inc. is set to become the sixth publicly listed company under Liu Qiangdong, with plans to issue up to 253 million shares on the Hong Kong Stock Exchange, following previous attempts that faced setbacks [1][2]. Company Overview - JD Industrials was established in July 2017 and focuses on industrial supply chain technology and services, initially entering the MRO procurement service sector [1][2]. - The company has expanded to provide a comprehensive industrial supply chain solution named "Taipu," which includes a wide range of industrial products and digital supply chain services [2]. Financial Performance - Revenue has shown steady growth from 141.35 billion in 2022 to 203.98 billion in 2024, with product revenue accounting for 94% of total revenue in 2024 [4][5]. - The company achieved a turnaround in profitability, moving from a net loss of 13.34 billion in 2022 to a net profit of 7.62 billion in 2024 [5]. Funding and Valuation - JD Industrials completed a Series A funding round in 2020, raising 230 million USD, and a Series B round in 2023, which increased its valuation to approximately 6.7 billion USD (477 billion RMB) [3][5]. - The company's major shareholders include JD Group, Liu Qiangdong, and various investment firms such as Sequoia China and Middle East Capital [3]. Market Challenges - Revenue growth rates are declining, with increases of 36.63% in 2022, 22.65% in 2023, and 17.66% in 2024, indicating a potential slowdown in business momentum [5][6]. - The gross margin has decreased from 18.6% in 2021 to 16.2% in 2024, reflecting pressure on profitability [6]. - JD Industrials remains significantly dependent on JD Group, with a substantial portion of its revenue derived from the parent company's platform [6].

Group 1 - The EU is facing internal contradictions and is reluctant to sever economic ties with Russia while also managing relations with China and India [1] - The EU's dependency on Russian energy complicates its ability to comply with US demands to sanction China and India [1] - Some EU countries are still seeking to maintain business relations with China, indicating a desire to balance economic interests [1] Group 2 - China has significantly reduced its rare earth exports to the EU, which are essential for high-tech industries such as electronics, automotive, and defense [1] - The lack of access to Chinese rare earths could severely impact Europe's high-tech sector, likening it to an army without supplies [1]

Core Viewpoint - JD Industrials, a subsidiary of JD Group, is set to become the sixth publicly listed company under Liu Qiangdong, with plans to issue up to 253 million shares on the Hong Kong Stock Exchange [3][4]. Company Overview - JD Industrials was established in July 2017, focusing on industrial supply chain technology and services, initially entering the MRO procurement service sector [5]. - The company has expanded its offerings to provide a comprehensive industrial supply chain solution named "Taipu," which includes a wide range of industrial products and digital supply chain services [5]. Financial Performance - Revenue has shown steady growth from 141.35 billion yuan in 2022 to an expected 203.98 billion yuan in 2024, with a significant portion coming from product sales [8]. - The company has transitioned from a net loss of 13.34 billion yuan in 2022 to a net profit of 7.62 billion yuan in 2024, indicating a successful turnaround [8]. - However, revenue growth rates are declining, with increases of 36.63%, 22.65%, and 17.66% from 2022 to 2024, suggesting weakening business momentum [9]. Funding and Valuation - JD Industrials has attracted significant external investment, achieving a valuation of approximately 6.7 billion USD (about 477 billion yuan) following its B round of financing in 2023 [6]. - Major investors include GGV Capital, Sequoia Capital China, and Middle East Capital, among others [6]. IPO Details - The IPO proceeds are intended to enhance industrial supply chain capabilities, expand regional operations, and support potential strategic investments or acquisitions [7]. - The company submitted its IPO application for the third time on March 30, 2024, with a deadline for hearing set for September 30, 2024, but has not yet received a hearing notice as of September 22, 2024 [10].

Core Insights - Hard discount supermarkets are emerging as a new trend in the retail sector, with major players like Hema, Meituan, and JD entering the market, leading to increased competition [2][6] - The primary appeal of hard discount stores is their low prices, but product quality and brand differentiation are crucial for success [2][3] - The global discount retail channel is projected to grow by 8.2% in 2024, with significant growth potential in the Chinese market, which currently has a penetration rate of only 8% compared to more mature markets like Germany and Japan [3] Group 1: Market Dynamics - Hema's new hard discount store "Super Box" and Meituan's "Happy Monkey" are similar in their focus on high foot traffic locations, smaller store sizes, and a curated selection of products [2] - The competition is intensifying as these new entrants face established players like Aldi, which has a strong foothold in the market with a high percentage of private label products [2][5] - The hard discount model is seen as a response to the growing competition from online retail, with a focus on value for consumers [2] Group 2: Supply Chain and Product Strategy - Aldi has developed a robust supply chain and a high percentage of private label products, achieving up to 90% in some categories, while Hema's private label share is around 60% [2][5] - The success of hard discount retailers hinges on their ability to collaborate with suppliers for product development and customization to meet local market demands [8] - Companies like Ferrero are recognizing the importance of the hard discount channel and are adapting their strategies to capitalize on this growth opportunity [8] Group 3: Operational Efficiency - Hard discount stores are characterized by a "everyday low price" strategy, focusing on cost control and operational efficiency [5][9] - The operational model includes simplified store layouts and reduced product variety to minimize costs and enhance efficiency [9] - There is a recognition that while private label products can enhance margins, retailers must first establish brand recognition and market share to succeed [9]