Summary of Conference Call on U.S.-China Trade Tariffs Impact on Chinese Consumer Export Companies Industry Overview - The conference call discusses the impact of recent U.S. tariff policies on Chinese consumer export companies, particularly in the context of the ongoing U.S.-China trade tensions [1][2][3]. Key Companies and Their Strategies 1. 小商品城 (Small Commodity City) - Exports to the U.S. account for only 2% of its total, making it less affected by tariffs [1][3]. - Acts as a strategic asset in U.S.-China trade relations, leveraging a market procurement model and providing scalable services [3]. 2. 安克创新 (Anker Innovations) - Approximately 45% of exports are directed to the U.S. [5]. - Over 50% of production capacity has been relocated to Southeast Asia, expected to reach over 70% by year-end [5]. - Anticipates only a single-digit percentage impact on profit margins even if a 100% tariff is imposed, with potential price increases to mitigate effects [5]. 3. 名创优品 (Miniso) - Increased local sourcing in the U.S. to 30%-40% and raised prices on non-local products to offset tariff costs [6]. - Achieved growth in the North American market, with quarterly GMV accounting for about 10% of global sales [6]. - High gross margins (60%-70%) allow for effective cost transfer [6]. 4. 绿联科技 (Ugreen) - U.S. revenue comprises about 15%-20% of total sales, with 70%-80% of North American orders sourced from Southeast Asia [7]. - Maintains sufficient inventory to meet year-end demand, resulting in limited impact from tariffs [7]. 5. 智欧科技 (Zhiou Technology) - U.S. market revenue accounts for approximately 34% [8]. - Has transferred 70%-80% of production capacity to Southeast Asia and plans further increases [8]. - May seek local sourcing alternatives or cease related operations if tariffs are fully implemented [8]. General Industry Insights - The overall impact of U.S. tariffs on Chinese consumer export companies is considered limited, as many have already optimized their supply chains and relocated production [2][9]. - Companies like 赛维时代 (Saiwei Times) and 恒林股份 (Henglin) have also moved significant portions of their manufacturing to Southeast Asia [9]. Competitive Advantages - Chinese cross-border e-commerce companies possess advantages in brand building, product quality, and global market positioning [10]. - These companies are not solely reliant on Chinese manufacturing, enhancing their resilience against trade tensions [10]. Investment Outlook - Investors are encouraged to maintain confidence in the consumer export sector, as market panic may present opportunities to acquire shares in strong brands like Anker, Ugreen, and Miniso [11][12]. - The long-term potential of the consumer export sector remains significant, driven by brand value and global strategies rather than just production costs [12]. Conclusion on U.S. Policy Impact - The Trump administration's policies introduce short-term uncertainties but are manageable for leading companies that have adapted their strategies [13]. - The core competitiveness of these companies lies in their brand value and operational capabilities, allowing them to sustain growth despite policy fluctuations [13].

最近，不少跨境电商卖家都在讨论一个话题：如何在平台政策收紧的情况下，既控制成本，又保持运营的灵活性？今天我们就来聊聊"FBA+海外仓"这个 逐渐流行的组合模式。 如今的海外仓已经升级为数字化运营的智能节点。通过系统对接，卖家可以： 这种"FBA负责引流，海外仓负责弹性备货"的模式，让卖家在控制成本的同时，也提升了应对销售波动的能力。 如果你符合以下情况，可以考虑采用"FBA+海外仓"混合模式： 在当前环境下，完全依赖单一物流方式已不是最优解。通过"FBA+海外仓"的双轨模式，卖家可以在控制成本的同时，提升库存的灵活性和抗风险能力。 构建以海外仓为支点的弹性供应链，正成为越来越多卖家的共同选择。 大家有什么仓储运营方面的心得，欢迎在评论区一起交流～ 仓储成本更低，平均比FBA便宜30%–50%，还没有旺季附加费； 入库政策更宽松，大件商品、慢销品都能存放； 退货处理灵活，本地换标、翻新等服务，让退货成本下降六成以上。 过去，很多卖家习惯把货全部放在平台仓库（FBA）。但随着仓储费用上涨、库存处理规则变化，完全依赖FBA的成本和风险都在增加。 比如，有卖家反馈，现在平台不仅调高了仓储费，还默认开启"自动清库存"功 ...

（来源：衡水日报） 此外，Mera Mart在风险控制与用户体验优化方面也展现出强大的技术实力。平台部署了智能风控模型，对交易行为进行实时监测，有效防范欺诈 与异常操作，保障资金安全。同时，区块链技术被应用于关键交易环节的数据存证与商品溯源，增强了终端消费者的信任感。对于分销商而言， 平台提供的数据看板可清晰展示销售趋势、用户画像与收益明细，帮助其科学决策，提升运营效率。 业内观察人士指出，Mera Mart的技术架构不仅提升了平台自身的运营效率，更重要的是，它为全球范围内的小微创业者提供了可复制、可持续的 创业工具。相比依赖资本投入和团队规模的传统电商路径，Mera Mart通过技术平权，让更多普通人得以低成本参与全球化分工。 随着平台业务规模的扩大，Mera Mart正进一步加大在技术研发上的投入，探索生成式AI在多语言内容生成、智能客服响应等场景的应用，持续降 低跨文化运营的门槛。其背后来自亚马逊、谷歌、阿里巴巴等科技巨头的核心团队，也为技术创新提供了坚实支撑。 编辑：牟玉珍 在全球电子商务持续增长的背景下，传统跨境分销模式正面临效率瓶颈与运营复杂度上升的双重挑战。越来越多的创业者渴望参与全球贸易，却 ...

Core Insights - Cross-border e-commerce has emerged as a trillion-dollar market, with China's import and export scale reaching 2.06 trillion yuan in the first three quarters of this year, marking a year-on-year growth of 6.4% [1][2] - The export performance is particularly strong, with a growth rate of 6.6%, amounting to approximately 1.63 trillion yuan [1][2] - The resilience and vitality of this emerging sector are evident, especially in the context of global economic uncertainties [1] Trade Dynamics - In the first three quarters, cross-border e-commerce exports reached 1.63 trillion yuan, growing by 6.6%, while imports totaled 425.54 billion yuan, increasing by 5.9% [2] - In the first half of the year, the total import and export value was 1.37 trillion yuan, with a year-on-year growth of 10.3%, accounting for 6.3% of China's total import and export value [2] - Major export categories include apparel, jewelry, digital products, and home appliances, while imports mainly consist of beauty products, food, and healthcare items [2] Industry Development - The "cross-border e-commerce + industrial belt" model has shown significant results, with key export regions including Guangdong, Zhejiang, Fujian, Jiangsu, and Henan [3] - Zhengzhou Airport has signed multiple cross-border e-commerce projects, indicating strong growth in the sector, with a 55.6% year-on-year increase in business volume [3] Policy Support - Customs has implemented reforms to support high-quality development in cross-border e-commerce, including pilot programs for "inspection before shipment" and simplified export declaration procedures [4][5] - The introduction of electronic tax payment systems has streamlined the tax process for cross-border e-commerce companies [4] Industry Clusters - The growth of cross-border e-commerce is fostering the development of related industry clusters, with significant events like the 2025 Cross-Border Industry Cluster Development Conference highlighting this trend [6] - The focus is on integrating design and service stations to enhance the entire cross-border e-commerce supply chain [6] Logistics and Competition - Logistics companies play a crucial role in the cross-border e-commerce supply chain, with firms like Tuowei Tianhai leading in large-item logistics [7] - The company plans to enhance its logistics services by integrating domestic and international warehousing with localized delivery systems [7] Future Outlook - The customs authority aims to continue improving regulatory frameworks and facilitating smoother customs processes for cross-border e-commerce [8] - Local governments are also introducing supportive policies, with incentives for businesses that could reach up to 5 million yuan [9] - The integration of domestic industrial advantages with digital trade is reshaping China's foreign trade competitive landscape [9]

Group 1: Local Life and E-commerce - The competition in local life services is expected to continue in Q4 2025, with major platforms like Meituan, JD, and Alibaba intensifying their investments in delivery services and instant retail [2][3] - In Q2 2025, Meituan, JD, and Alibaba reported significant losses in local life services, but these losses are anticipated to peak in Q3 due to increased summer demand and promotional activities [2][3] - The e-commerce sector is experiencing reduced competitive pressure, with online retail sales reaching 1.02 trillion yuan in August 2025, reflecting a year-on-year growth of 7.1% [4] Group 2: Tourism and Hospitality - The tourism sector is witnessing a recovery, with a 7% year-on-year increase in cross-regional travel during the National Day holiday, indicating a shift in traveler preferences towards experiential travel [7][8] - Online Travel Agencies (OTAs) are benefiting from the overall growth in tourism, with major players maintaining stable performance despite increased competition from new entrants [7] - The hotel industry is expected to reach a bottoming out phase, with leading companies like Jinjiang and Huazhu showing resilience and potential for profit recovery in Q4 2025 [10][11] Group 3: Retail and Consumer Goods - The offline retail sector is undergoing significant transformations, with supermarkets like Yonghui Supermarket expected to complete major store renovations, leading to improved profitability [9] - The retail landscape is shifting towards quality retail, with community stores like convenience stores maintaining high growth rates, while traditional department stores face slower growth [9] - The mother and baby retail sector is benefiting from supportive government policies and adjustments in store formats, leading to a notable recovery in same-store sales [14] Group 4: Cross-border E-commerce - Cross-border e-commerce is experiencing profit differentiation due to external factors like tariffs, with platform-based companies showing stable performance while product-based companies seek innovative advantages [12][13] - The sales peak for cross-border e-commerce is anticipated in the second half of 2025, driven by promotional events like Amazon's Prime Day, which saw a 30.3% increase in online spending [12][13] Group 5: Recommendations - Key investment targets include Yonghui Supermarket, Alibaba, Meituan, and various hotel chains such as Jinjiang and Huazhu, reflecting a diversified approach across sectors [5]

Investment Rating - The report maintains an "Outperform" rating for the retail sector, indicating expected performance above the market index [3][41]. Core Views - The overall consumption growth remains stable, with retail sales in August 2025 reaching CNY 3.97 trillion, a year-on-year increase of 3.4%. The growth in commodity retail sales was 3.6%, while catering revenue grew by 2.1% [1][14]. - The report highlights that individual stock performance will be more significant than overall industry trends in the current market environment, emphasizing the importance of stock selection [1][11]. Summary by Sections Beauty and Personal Care - The third quarter is typically a slow season for the cosmetics industry, but marketing efforts have been advanced in preparation for Q4 promotions. Despite a supportive year-on-year growth forecast, rising online channel costs and a lack of product innovation are expected to increase expense ratios, leading to continued stock differentiation within the sector [1][12]. Gold and Jewelry - In August 2025, the gold and jewelry sector saw a retail sales increase of 16.8% year-on-year. The sector is expected to perform well due to low base effects and rising gold prices. Products that appeal to younger consumers, such as fixed-price gold items, are anticipated to see growth above the industry average [1][12]. Supermarkets and Department Stores - From January to August 2025, department store retail sales slightly increased by 1.2%, while supermarket sales grew by 4.9%. The sector is undergoing a transformation, and companies are expected to stabilize their performance in the second half of the year, setting the stage for a potential rebound in 2026 [2][12]. Cross-Border E-commerce - Major companies in the cross-border e-commerce sector are expected to benefit from steady overseas demand and domestic product innovation. However, profit margins may vary due to external environmental disruptions. Leading domestic platforms are seen as resilient against risks due to their strong product capabilities and flexible tariff strategies [2][12]. Investment Recommendations - The report recommends several companies across different segments, including: - Beauty and Personal Care: Upgrading products and refining channel operations are expected to enhance market share for domestic leaders like Shiseido, Aokang Technology, and others [3][41]. - Gold and Jewelry: Companies focusing on differentiated designs and fixed-price products, such as Chow Tai Fook and Man Ka Long, are expected to benefit from current market conditions [3][41]. - Offline Retail: Companies like Miniso and Yonghui Supermarket are highlighted for their potential to improve performance amid a stable domestic demand environment [3][41]. - Cross-Border E-commerce: Companies with strong risk resilience, such as Small Commodity City and Focus Technology, are recommended for investment during market dips [3][41].

21世纪经济报道记者 雷若馨 深圳报道 在三名股东被立案、营收暴降后的跨境电商企业——有棵树（300209）（300209.SZ），迎来实控权之争终局。 10月10日，有棵树连发多条公告，宣告第七届董事会成员上任。新的高管团队全面接管公司资产、业务、财务、人员、场所等事项。 成立于2010年的有棵树，总部位于深圳龙岗。由于赶上了跨境电商高速发展的风口，它曾是巅峰销售额超50亿元、遍布全球200个国家 的"铺货大户"。 在发展初期，凭借电子产品、户外装备和家居用品等多主营品类，借助深圳完备的供应链体系实现了快速增长，开创了"多平台、多账 号、多品类"的铺货模式。然而，2021年的亚马逊封号潮导致有棵树数百个店铺被封，过亿资金被冻结。 今年以来，跨境电商行业迎来新旧模式交替的洗牌。受关税政策、运费波动频繁等多重因素影响，物流成本整体上升。加上小包免税 政策逐渐在各地遭受围剿，传统"铺货模式"已经不再是稳定的现金奶牛。由此起家的跨境电商企业被迫进入疼痛转型期。 有棵树的跨境电商主要运营主体本就资金紧张，更是导致其业务开展受到严重制约，已有业务持续萎缩。今年上半年，有棵树营收暴 跌至4257.34万元，同比缩水81. ...

Core Insights - China's goods trade import and export reached 33.61 trillion yuan in the first three quarters of this year, showing a year-on-year growth of 4% [1] - Exports amounted to 19.95 trillion yuan, increasing by 7.1%, while imports were 13.66 trillion yuan, slightly decreasing by 0.2% [1] - In September alone, the total trade value was 4.04 trillion yuan, reflecting an 8% growth [1] Group 1: Trade Resilience - Despite a challenging external environment, China's foreign trade demonstrated strong resilience, with exports of industrial robots increasing by 54.9% and wind power equipment exports rising by 23.9% [2][3] - The number of foreign trade entities with import and export performance reached 700,000 for the first time, surpassing last year's total [3] - China's share of global goods trade remained at 11.8% in the first seven months, maintaining its position as the world's largest goods trader [2] Group 2: Cross-Border E-commerce Growth - Cross-border e-commerce has emerged as a new growth driver, with imports and exports totaling 1.37 trillion yuan in the first half of the year, a 10.3% increase [6] - The export value in cross-border e-commerce reached approximately 1.63 trillion yuan in the first three quarters, growing by 6.6% [6] - The main exported goods include apparel, jewelry, and digital products, while imports focus on beauty products, food, and healthcare items [6] Group 3: Policy and Regulatory Support - The customs authority has implemented reforms to support the high-quality development of cross-border e-commerce, including simplifying export declaration procedures and enhancing logistics efficiency [7] - New electronic payment systems for tax payments have been introduced, allowing cross-border e-commerce companies to complete tax payments online [7] - Future plans include strengthening policy communication and training for businesses to further enhance the convenience and compliance of cross-border e-commerce operations [7]

Core Viewpoint - The "Hangzhou Initiative" provides key guidelines for the formulation of global cross-border e-commerce platform rules, addressing governance issues and establishing eight guiding principles for fair practices in the industry [1][2]. Group 1: Guiding Principles - The "Hangzhou Initiative" outlines eight guiding principles: honesty and credit, fair treatment, consistency of rights and responsibilities, adherence to proportionality, transparency, collaborative governance, convenient remedies, and public interest maintenance [1]. - The principle of "fair treatment" emphasizes that platform operators should maintain a neutral stance, ensuring equitable distribution of trading opportunities and resources, and prohibiting algorithmic discrimination or preferential treatment [2]. Group 2: Industry Context - Zhejiang province is recognized as a significant origin of e-commerce in China, with Hangzhou being the first comprehensive pilot zone for cross-border e-commerce, highlighting its importance in the global e-commerce landscape [2]. - The "Hangzhou Initiative" not only provides a normative basis for cross-border e-commerce platform governance but also supports the coordination of global digital trade rules, contributing to Zhejiang's goal of becoming a model for rule of law in China and a global digital trade center [2].

Core Insights - The cross-border e-commerce sector in China has shown significant growth, with imports and exports reaching 1.37 trillion yuan in the first half of the year, marking a 10.3% year-on-year increase [1][3] - For the first three quarters, the total cross-border e-commerce trade is approximately 2.06 trillion yuan, reflecting a 6.4% growth compared to the previous year [3] Group 1: Import and Export Data - In the first half of the year, exports amounted to 1.09 trillion yuan, growing by 11.6%, while imports were 281.18 billion yuan, increasing by 5.5% [1] - For the first three quarters, exports are estimated at 1.63 trillion yuan, up by 6.6%, and imports at 425.54 billion yuan, with a growth of 5.9% [3] Group 2: Key Products and Markets - Major export products include clothing, shoes, bags, jewelry, digital products, and home office appliances, while imports mainly consist of beauty and personal care products, fresh food, health supplements, and medical devices [3] - Key export regions are Guangdong, Zhejiang, Fujian, Jiangsu, and Henan, with major import destinations being Guangdong, Jiangsu, Zhejiang, Shanghai, and Shandong [3] Group 3: Policy and Regulatory Developments - The customs authority has implemented reforms and innovative measures to support the high-quality development of cross-border e-commerce, including pilot programs for "inspection before shipment" and simplified export declaration procedures [4] - Future plans include enhancing policy communication and business training, optimizing regulatory models, and improving the convenience and standardization of customs clearance for cross-border e-commerce enterprises [4]