在全球经济形势复杂多变、市场波动加剧的背景下，跨境电商行业却展现出令人意外的韧性。海关数据显示，2025年我国跨境电商进出口2.75 万亿元，比2020年增长69.7%。 "即使在一个波动性比往年更高的市场里，我们看到跨境电商客户的'刚需'依然强劲。"近日，丰泊国际联合创办人及首席执行官孙慧来在接受 21世纪经济报道记者专访时表示。 截至2026年1月，跨境金融服务商丰泊国际累计批出的贷款总额已突破70亿美元，仅2025年一年促成的融资金额就接近40亿美元，实现翻番。 他观察到，尽管全球市场的不确定性在增加，但那些能够灵活应对变化的企业正在试图抓住新的机遇，用资金构建更长期的竞争力。 当行业从粗放铺货迈向精耕细作时，出海企业的钱将流向何处？ 孙慧来。资料图 资金流向变化 孙慧来观察到的第一个明显趋势是，企业资金投入的重心发生了迁移。 "几年前资金主要可能是在买货，或者是在运营成本里的投放。现在，更多转向了对品牌塑造的投资。"他解释道。 这种转变意味着企业决策逻辑的变化。在跨境电商的早期，生意模式相对简单：依托中国供应链，在亚马逊等平台上架高性价比商品，通过广 告获取流量，赚取差价。资金循环的核心是"货"——采 ...

在全球经济形势复杂多变、市场波动加剧的背景下，跨境电商行业却展现出令人意外的韧性。海关数据 显示，2025年我国跨境电商进出口2.75万亿元，比2020年增长69.7%。 "即使在一个波动性比往年更高的市场里，我们看到跨境电商客户的'刚需'依然强劲。" 近日，丰泊国际 联合创办人及首席执行官孙慧来在接受21世纪经济报道记者专访时表示。 截至2026年1月，跨境金融服务商丰泊国际累计批出的贷款总额已突破70亿美元，仅2025年一年促成的 融资金额就接近40亿美元，实现翻番。 他观察到，尽管全球市场的不确定性在增加，但那些能够灵活应对变化的企业正在试图抓住新的机遇， 用资金构建更长期的竞争力。 当行业从粗放铺货迈向精耕细作时，出海企业的钱将流向何处？ 孙慧来观察到的第一个明显趋势是，企业资金投入的重心发生了迁移。 "几年前资金主要可能是在买货，或者是在运营成本里的投放。现在，更多转向了对品牌塑造的投资。" 他解释道。 这种转变意味着企业决策逻辑的变化。在跨境电商的早期，生意模式相对简单：依托中国供应链，在亚 马逊等平台上架高性价比商品，通过广告获取流量，赚取差价。资金循环的核心是"货"——采购、备 货、周转。盈利 ...

Core Insights - The future of global leaders will focus on near consumption and near production, indicating a shift in development patterns across various industries [3][14] - The speech by the founder of Jack Technology outlined four stages of globalization, emphasizing the importance of brand and partnership in international expansion [3][5] Group 1: Stages of Globalization - The first stage, International Trade, highlighted the significance of a brand name for global recognition, with the company initially named "Feiqiu" before rebranding to "Jack" due to cultural considerations [6][18] - The second stage, Internationalization, focused on adapting products to local market needs, leveraging digital tools like ERP and PMD to enhance customer value [9][21] - The third stage, Globalization, involved replicating domestic success in international markets through acquisitions and integrating local cultural elements to enhance competitiveness [10][22] - The fourth stage, Global Leadership, is characterized by customized consumption and production bases centered around major markets, emphasizing the need for technological innovation and cultural integration [11][23]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first three quarters of 2025, indicating challenges in the domestic market and the need for operational optimization [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 1.69 billion yuan, down 22.52% year-on-year, and a net profit attributable to shareholders of 134 million yuan, down 69.32% [1]. - In Q3 2025, the revenue was 445 million yuan, a decrease of 26.66%, with a net loss of 55 million yuan compared to a profit of 80 million yuan in the same period last year [1]. Industry Challenges - The domestic market is facing phase-specific pressures, including: 1. Centralized procurement affecting the pricing of certain medical products [2]. 2. Adjustments in terminal charging policies that may pose risks of price reductions for non-procurement projects [2]. 3. Changes in diagnostic-related groups (DRG) impacting overall testing volumes in hospitals [2]. Company Initiatives - In response to market pressures, the company is actively optimizing its operations by: 1. Strengthening cash flow management [2]. 2. Divesting from less profitable business segments [2]. 3. Implementing operational reforms to enhance efficiency and organizational vitality [2]. 4. Aligning its core product matrix and channel layout with policy directions to capitalize on market opportunities in grassroots testing capabilities [2]. International Expansion - The company’s international business is entering a phase of realization, with steady growth in Q3 2025, driven by: 1. The introduction of new technology platforms and instruments in key markets [3]. 2. Expansion into mid-tier markets through various new business lines [3]. 3. Localizing supply chains and operations, including the establishment of overseas subsidiaries and plans for forward warehouses [3]. - The U.S. subsidiary is focusing on integrating research, production, and sales in the North American toxicology market, with local production capabilities established [3]. Future Growth Prospects - The respiratory business is expected to contribute significantly to revenue growth, with long-term supply agreements signed with major U.S. clients [4]. - Projections for net profit attributable to shareholders for 2025-2027 are 160 million, 330 million, and 400 million yuan, respectively, with corresponding price-to-earnings ratios of 60, 30, and 25 [4].