事件：致欧科技发布2025 半年度报告。2025H1 公司实现收入40.44 亿元（同比+8.7%，下同），归母净 利润1.90 亿元（+11.0%），扣非归母净利润2.24 亿元（+40.1%）；2025Q2 公司实现收入19.53 亿元 （+3.9%），归母净利润0.80 亿元（+12.1%），扣非归母净利润1.04 亿元（+63.1%）。 家具家居品类增长稳健，全球市场持续拓展。分产品看，2025H1 公司家具/家居/宠物/运动户外产品分 别实现营业收入21.21/14.40/2.86/1.60 亿元，分别同比+11.9%/+7.9%/-7.3%/+20.2%，公司的主力品类家 具家居增长稳健。 分地区看，2025H1 公司在欧洲/北美/日本/其他地区分别实现营收同比+12.8%/+1.9%/-3.4%/+86.3%，分 别占比64.1%/34.1%/0.7%/1.0%。欧洲市场表现稳健，持续拓展平台覆盖、优化仓储布局，实现量效协 同增长，法、意、西等核心市场前置仓比例持续提升，推动尾程时效改善与成本优化；新兴市场方面， 公司加大在澳大利亚、土耳其等地战略投入，开拓增量空间；北美地区增速略有压力，主要系 ...

Core Viewpoint - The report from CITIC Securities indicates that U.S. importers are primarily bearing the burden of increased tariffs, with Chinese exporters currently absorbing about 12% of the tariff increment, particularly in the apparel sector [1][3]. Group 1: Tariff Impact on Trade - The transmission of tariffs is a complex issue, with U.S. government tariff revenues surging in recent months. If the threatened tariffs from July materialize, the overall effective tariff rate in the U.S. could rise to approximately 15.8% [2]. - U.S. import prices, excluding food and energy, have not decreased following the implementation of "reciprocal tariffs," indicating that non-U.S. exporters have not lowered their prices, thus U.S. importers are likely absorbing most of the tariff increases [3]. Group 2: Cost Transfer to Consumers - U.S. companies have expressed both the willingness and ability to pass on tariff costs to consumers. Despite previous instances where importers absorbed tariff increases without significantly raising retail prices, the broader scope of current tariffs makes it difficult for companies to maintain profit margins without raising prices [4]. - If U.S. retailers fully absorb the tariff increases, their profit margins could decline by an average of about 1.8%, which is particularly challenging for industries with already thin margins like retail, apparel, and furniture [4]. Group 3: Price Changes in Consumer Goods - The analysis of over 60,000 U.S. import goods suggests that prices of U.S. consumer goods with high import content are beginning to reflect the impact of tariffs. Products with a high "Chinese content" have started to see mild price increases following the implementation of the "fentanyl tariff," while goods from other non-U.S. trading partners have not yet experienced price hikes [5]. - The sustainability of the current low inflation environment in the U.S. post-tariff implementation will depend on whether U.S. companies continue to absorb costs or pass them on to consumers, with potential inflationary pressures expected in the latter half of the year [5].

Group 1 - The U.S. is set to finalize several trade agreements, with higher tariffs expected to be announced by July 9 and effective from August 1 for countries that do not reach an agreement [1][2] - Various U.S. associations, including the American Apparel and Footwear Association, have expressed concerns that the tariffs will significantly increase domestic manufacturing costs and weaken the competitiveness of U.S. exports due to retaliatory tariffs from other countries [2] - The EU, Japan, and India are all emphasizing the protection of their national interests during ongoing trade negotiations, with the EU seeking a principle agreement by July 9 and considering extending the tariff suspension period if necessary [2][3] Group 2 - The EU has indicated that it will take countermeasures to protect its economy if negotiations fail, with all possible responses being considered [3] - Japan's trade negotiations with the U.S. are stalled, primarily over issues related to the automotive and agricultural sectors, with Japan stressing the importance of investment over tariffs [3] - India's trade discussions with the U.S. also face challenges in the automotive, steel, and agricultural sectors, with Indian officials asserting that any agreement must prioritize national interests [3]

Group 1 - The core viewpoint of the article emphasizes the support for furniture and home furnishing enterprises in Beijing to transform and develop whole-house customization businesses [1] - The Beijing Municipal Bureau of Commerce and other departments have issued a plan to expand fashion consumption, focusing on leveraging smart manufacturing advantages [1] - The plan encourages the application of new technologies such as virtual reality, artificial intelligence, and the metaverse to innovate fashion consumption scenarios [1] Group 2 - The initiative aims to enhance product aesthetics and functional integration, optimizing human-computer interaction experiences [1] - There is a specific encouragement for the development of smart home products and the expansion of medical beauty projects and personalized service scenarios [1] - The plan also promotes the use of technology to empower tourism and commercial services, enhancing service levels in cultural and tourism venues [1]

Core Viewpoint - The article emphasizes that in the ever-changing business environment, the fundamental logic remains constant: consumers always seek to buy better products at lower prices. This principle serves as a guiding framework for businesses to adapt and thrive in the market [3][27]. Group 1: Consumer Perspective - Consumers inherently desire to purchase the same products at lower prices, which raises the question of whether producers or consumers dictate market trends. Ultimately, it is the consumers who hold the power in transactions, as their spending choices determine market dynamics [5][6]. - The article highlights examples of successful companies, such as NITORI and Fast Retailing (Uniqlo), which have thrived by aligning their offerings with consumer expectations for quality and affordability, even during economic downturns [6][7]. Group 2: Producer Perspective - To create better and cheaper products, producers must focus on two main strategies: innovation and efficiency. Innovation involves thinking outside conventional frameworks to achieve significant improvements without raising prices [8][9]. - The article illustrates the importance of innovation through examples like Xiaomi, which has successfully provided superior products at the same price point, thereby enhancing consumer perception and loyalty [13][17]. Group 3: Role of Technology - Technology is identified as the primary driving force behind innovation and efficiency. It enables companies to reduce costs and improve product quality, as seen in examples like Midjourney, which operates with minimal staff while generating significant revenue [19][24]. - The article warns that neglecting technological advancements can lead to severe consequences, as demonstrated by the decline of companies like Kodak and Nokia, which failed to adapt to changing technological landscapes [24][25]. Group 4: Continuous Evolution - The article concludes that there are no permanently successful companies; rather, success is tied to the ability to adapt to changing times and consumer expectations. Companies must continuously innovate and improve efficiency to remain competitive [25][26]. - The concept of "survival of the fittest" is reiterated, emphasizing that businesses must keep evolving to meet the ever-changing demands of consumers and the market [27].