□李妹妍 黄浦江畔的风，又一次捎来了岭南的讯息。1月31日，"广货行天下·中山百货进上海"活动在上海浦东新 区拉开帷幕，集中展示近300家中山企业的近800款优质产品。这不是一次简单的商品展销，而是以"中 山百货"为媒再续双城百年商脉的重要行动，更是观察制造业转型升级与区域协同发展的鲜明风向标。 一百多年前，以马应彪、郭乐为代表的中山先贤以"百货"为载体，在上海南京路创办先施、永安、新 新、大新四大百货公司，将明码标价、橱窗陈列等现代商业形态引入中国，开创了中国现代百货业的先 河，深刻影响了上海乃至全国的城市消费文化。 细看这次活动，布局之中可见深意。六大主题展区次第铺开，既有机器人、大家电等高端制造的"硬 核"实力，也有灯饰照明、五金锁具等家居美物的细腻关怀，更不乏石岐乳鸽、脆肉鲩等特色美食的烟 火气。作为珠三角制造业重镇，中山塑造了独特的"广货"标识：从古镇镇的灯饰到南头镇的家电，18个 省级专业镇撑起4个千亿级产业集群，也勾勒出一座制造业名城向产业链高端攀升的清晰路径。 广货再闯上海滩，不仅仅是中山与上海的双城佳话，更是粤港澳大湾区与长三角两大城市群的深度握 手。中央经济工作会议强调，坚持内需主导，建设 ...

Core Viewpoint - The uncertainty of U.S. tariff policies is causing significant concern within the home furnishings industry, impacting both importers and domestic manufacturers reliant on imported components and materials [1][2]. Group 1: Impact on Importers - The U.S. imports hundreds of billions of dollars worth of furniture and home goods annually, with over $10 billion in imports recorded in the first quarter of this year [1]. - Increased tariffs have led to rising costs for home brands, forcing them to either pass on costs to consumers or seek alternative markets [1]. - Companies like the Italian lighting and home brand Gaspare Asaro Design are facing a 10% additional tariff on products exported to the U.S., which they must transfer to consumers [1]. Group 2: Effects on Domestic Manufacturers - The trend towards customization in the U.S. home industry is increasing local production, yet many components still rely on imports, making domestic manufacturers vulnerable to tariff impacts [2]. - Companies such as Juniper Design Group report that tariffs affect not only manufacturing but also project costs and overall industry operations [2]. - HBF Textiles, which sources metal parts from Canada and textiles from Europe, is directly impacted by the tariffs imposed by the government [2]. Group 3: Decision-Making Challenges - The uncertainty surrounding U.S. tariff policies is creating a challenging environment for companies to make informed decisions, as highlighted by the CEO of Heller, who emphasizes the detrimental effect of indecision on business [2]. - Companies are closely monitoring policy developments, as seen with LaCava, which imports significant amounts of wood from Canada and components from China [2].

Group 1: Company Performance and Financials - In Q1 2025, the company's revenue was 65,592.89 million RMB, a decrease of 3.07% compared to 67,669.60 million RMB in 2024 [5] - The net profit attributable to shareholders was -606.70 million RMB, down 195.17% from 637.51 million RMB in 2024 [5] - The company plans not to distribute cash dividends for the 2024 fiscal year to ensure financial stability and support future strategic initiatives [5] Group 2: Market Strategy and Risk Management - The company has established a faucet production base in Vietnam since 2019 to mitigate the impact of U.S. tariffs, with shipments starting in 2022 [1][3] - Approximately 30% of the company's revenue comes from exports to the U.S., necessitating a dual-cycle strategy focusing on both external and domestic markets [3] - The company aims to expand its market presence in Europe and other overseas markets while maintaining close communication with clients to adapt to changing trade policies [3] Group 3: Industry Outlook and Growth Potential - The home furnishing industry is expected to grow significantly, with potential market size doubling in the next 3-5 years due to government policies and market activation strategies [2] - The company is focusing on enhancing its core competitiveness through innovation in smart bathroom products and reducing reliance on component manufacturing [5] - The industry is undergoing a transformation driven by technology, consumer behavior, and policy changes, with a shift towards intelligent and sustainable solutions [2]