首次跨国收购采用的策略和速度，会影响新兴市场跨国企业后续的国际扩张频率，也会影响企业应对母国与东道国民族主义情绪的能力。本研究 分析还发现，高频率的国际扩张并不会提升企业的绩效。 随着全球化的推进，国际化不再是发达经济体企业的专属特权，来自中国、印度等新兴市场的企业也纷纷走出国门，尝试国际化。然而，这些企 业在国际化过程中依然面临重重困难，例如，新兴市场的"出身"往往不能为企业提供充分的信任背书，企业自身的国际化经验和能力相对欠缺， 同时公司治理结构也不够健全，国际化需耗费巨额成本。在这样的条件下，新兴市场企业的出海第一步必须谨小慎微。若行差踏错，企业的国际 化之路可能布满荆棘；而若策略得当，则有可能走上康庄大道。 不仅如此，在过去二十年间，民族主义思潮也在同步蔓延，已然成为一种全球趋势。民族主义者通常表现出对本民族的无条件认同和坚定忠诚， 无法容忍任何批评。这种思潮的本质在于对不同民族的比较和评价。母国与东道国的民族主义都会影响企业的国际化进程。例如，母国的民族主 义者会督促本国企业向行业领头羊发起挑战，同时反对本国企业与外资竞争对手合作；而东道国的民族主义者则可能对进入本国市场的外国企业 抱有敌意，阻碍其 ...

Financial Data and Key Metrics Changes - Acme United Corporation reported net sales of $46 million for Q1 2025, a 2% increase from $45 million in Q1 2024 [6][17] - Net income for Q1 2025 was $1.65 million, or $0.41 per diluted share, compared to $1.63 million, or $0.39 per diluted share in the same period last year, reflecting a 1% increase in net income and a 5% increase in earnings per share [18][19] - Gross margin improved to 39.0% in Q1 2025 from 38.7% in Q1 2024 [18] Business Line Data and Key Metrics Changes - The first aid business experienced a significant growth of 14% in Q1 2025, driving overall growth [7] - Sales of Westcott cutting tools were impacted by a large initial order in Q1 2024, leading to a decrease in sales this quarter [8] - The European business saw a decline of 7% in Q1 2025 due to a large promotion in 2024 that did not repeat [8] Market Data and Key Metrics Changes - Net sales in the US segment increased by 3% in Q1 2025, primarily due to higher sales of first aid and medical products [17] - Net sales in Europe declined by 4% in local currency compared to Q1 2024, attributed to timing issues [17] - Canadian net sales increased by 6% in local currency, driven by higher sales of first aid products [17] Company Strategy and Development Direction - The company is focusing on expanding its first aid and medical product lines in Europe and strengthening its sales team in Germany [9] - Acme United is exploring acquisition opportunities, particularly in the cutting tool and first aid sectors, and is looking at both geographic and product line expansions [25][26] - The company is investing in automation and efficiency improvements, including the installation of robotic systems in its production facilities [11][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current challenging macroeconomic environment characterized by high inflation and tariff uncertainties [4][16] - The company views tariff uncertainties as an opportunity to gain market share, leveraging its strong financial position [15] - Management indicated that while there are challenges, they are optimistic about future growth and potential acquisitions [16][19] Other Important Information - The company has generated over $2 million in annual productivity savings from capital projects in production operations [14] - Acme United's bank debt less cash was $27 million as of March 31, 2025, down from $32 million a year earlier [19] Q&A Session Summary Question: Inquiry about acquisitions - Management indicated they are looking at both geographic and product line acquisitions, particularly in cutting tools and first aid [25][26] Question: Clarification on tariffs - Management discussed the uncertainty surrounding tariffs, particularly on imports from China, and how it affects pricing and inventory management [33][34] Question: Guidance for the year ahead - Management refrained from providing specific guidance due to the current volatility in costs and tariffs but indicated they are monitoring the situation closely [48][49] Question: Impact of tariffs on sourcing - Management confirmed that approximately 40% of their products are sourced from China and discussed efforts to diversify sourcing to other countries [98] Question: Performance of the first aid business - Management noted that the 14% growth in the first aid business is partly due to easier comparisons from the previous year, but they expect continued organic growth [82][84]