记者丨何己派 编辑丨鄢子为 俞敏洪的一名前部下，正缔造一个全球性家居平台。 大健云仓 董事长吴雷，早年入职新东方，担纲在线业务负责人，其后，转战大件商品跨境B2B交易，获得巨大成功。 总部在苏州的大健云仓，其过去12个月的GMV（截至6月），已达到100亿元量级，其收入则达80亿元左右。 今年以来，全球贸易环境波动，吴雷团队同样受到冲击。 "二季度初，我们面临来自主要采购国关税上调的问题……前所未有的不确定，很快导致整个生态系统中断。"吴雷8月在业绩会透露。 生意遭遇波折，吴雷已率队加速开拓欧洲市场，其全球版图仍在持续扩张。 遭遇逆风 "大健云仓"，顾名思义，关乎两个概念"大件"和"云仓"。 吴雷琢磨的，是做好中间商，让家具、汽车配件等大件商品，高效流通。 其生意连接两头，一头是上游的Seller（卖家），即工厂/贸易商，拥有货权、不擅销售；一头是下游的Buyer（买家），即零售/批发渠道商， 其无需支付货柜成本。 跟小件相比，卖大件商品属于高风险、高投入的生意。其占地空间大，作业费用、仓储、尾程费用高，最怕库存积压，一旦滞销，风险和压力 倍增。 吴雷团队摸索出"供应链前置"的模式——供应商提前选款生产，把货 ...

俞敏洪的一名前部下，正缔造一个全球性家居平台。 10月6日，大健云仓收盘，录得小幅增长，市值站稳10亿美元，过去5个月其估值翻倍。 董事长吴雷，早年入职新东方，担纲在线业务负责人，其后，转战大件商品跨境B2B交易，获得巨大成功。 总部在苏州的大健云仓，其过去12个月的GMV（截至6月），已达到100亿元量级，其收入则达80亿元左右。 今年以来，全球贸易环境波动，吴雷团队同样受到冲击。 "二季度初，我们面临来自主要采购国（包括越南、中国和马来西亚）关税上调的问题……前所未有的不确定，很快导致整个生态系统中断。"吴雷8月在 业绩会透露。 生意遭遇波折，吴雷已率队加速开拓欧洲市场，其全球版图仍在持续扩张。 遭遇逆风 "大健云仓"，顾名思义，关乎两个概念"大件"和"云仓"。 吴雷琢磨的，是做好中间商，让家具、汽车配件等大件商品，高效流通。 其生意连接两头，一头是上游的Seller（卖家），即工厂/贸易商，拥有货权、不擅销售；一头是下游的Buyer（买家），即零售/批发渠道商，其无需支付 货柜成本。 跟小件相比，卖大件商品属于高风险、高投入的生意。其占地空间大，作业费用、仓储、尾程费用高，最怕库存积压，一旦滞销，风险和 ...

Summary of the Conference Call for Dajian Cloud Warehouse Company Overview - Dajian Cloud Warehouse operates a supply chain model that transports goods from Chinese factories to U.S. warehouses, showcasing them on a B2B platform for buyers to order directly from the warehouse, reducing inventory risk and improving SKU management [2][3] Key Points and Arguments Financial Performance - In Q2 2024, Dajian Cloud Warehouse reported a revenue growth of 4% year-over-year, with net income growth slightly above 10% [2][5] - The integration of Noble House has progressed smoothly, contributing more to profits than expected [2][5] - The company has repurchased approximately 10% of its outstanding shares, reflecting confidence in its growth [2][5] Impact of Tariff Changes - Tariff increases have a limited impact on furniture products due to their low value density and high logistics costs [2][6][7] - A projected gross margin decline of about 2.5% is expected due to tariff factors by Q3 2025, with plans to pass on costs through price increases [2][8] - Uncertainty from sudden tariff policy changes has disrupted supply chain management, causing businesses to hesitate [2][6][8] Supply Chain Front (SFR) Model - The SFR model allows sellers to send goods to U.S. warehouses before buyers place orders, reducing inventory risks for buyers and improving cash flow [3][4] - This model is particularly beneficial for non-standard products, enhancing revenue forecasting and inventory management [4] Market Expansion Plans - Dajian Cloud Warehouse plans to expand its U.S. market presence through acquisitions, particularly in offline channels, and is also looking for efficiency-improving targets in Europe [2][9][10] - The European market is growing rapidly, with a 60% year-over-year increase in Q2 2024, now accounting for about 25% of total revenue [10] Competitive Landscape - The U.S. overseas warehouse market is experiencing oversupply, leading to intense price competition and lower profit margins [11] - The company anticipates that this competitive environment will persist, affecting overall gross margins [11] Future Outlook - The company expects a slow growth rate for revenue and profits in 2025, with potential acceleration in 2026 if market conditions stabilize [16][17] - The correlation between U.S. real estate and furniture purchases remains strong, with potential for increased sales if interest rates decrease [15][17] Collaboration with Temu - Temu is viewed as a potential partner, with recent increases in non-standard product sales on its platform benefiting Dajian's B2B platform [13] Additional Important Insights - The company is actively monitoring potential changes in U.S. tariff policies under the Trump administration, which could impact future operations [8] - The furniture industry is under pressure due to a sluggish U.S. real estate market, which has historically affected furniture sales [15]