Q&A 当前家电行业的出口情况如何，关税政策对行业有何影响？ 家电行业的出口情况受到各国关税政策的显著影响。近期，美国与越南达成了 20%的关税协议，而东南亚国家如菲律宾、马来西亚、印尼等普遍在 30%以 上，日韩为 25%，巴西则高达 50%。越南目前拥有最低的关税，这使得符合 越南原产国认证的产品在美国市场具有竞争优势。因此，许多企业选择在越南 扩产，以便利用较低的关税优势。家电产业链，包括钣金、喷漆、PCB 等领域， 也随之向越南转移。 此外，美国国内铜价因特朗普政府加征 50%关税而上涨， 这进一步影响了原材料成本。整体来看，中国家电供应链在海外市场特别是美 国市场上的可替代性较弱，因此确定性对于企业至关重要。在这种背景下，拥 首席联合电话会 - 消费专场 20250710 摘要 越南关税优势吸引家电产业链转移，叠加美国对中国商品加征关税，促 使企业在越南扩产以降低成本，科沃斯、石头科技、德昌股份等已在越 南设厂，美的和兆驰股份也在扩展越南生产线。 美国需求平稳且对涨价接受度高，叠加黑五和圣诞采购周期临近，出口 链公司，尤其是龙头企业，预计将迎来明确的业绩增长，二季度或成为 业绩底部。 国内家电市场表 ...

Group 1 - The core issue involves the recall of Tianqi toothpaste due to excessive bacterial counts, with two batches reported to exceed limits by 37 times and 1279 times respectively [2] - The parent company, Zhongheng Group, has implemented nationwide recall measures and quality control initiatives following the notification from the National Medical Products Administration [2][4] - Tianqi brand is recognized as a time-honored brand in Guangxi and is part of Zhongheng Group's diversified business, which includes oral care and other personal care products [4] Group 2 - Zhongheng Group reported a significant decline in revenue for 2024, with a year-on-year decrease of 26.67% to 2.271 billion yuan, and a net loss of 377 million yuan, marking a shift from profit to loss [6] - Tianqi Jiahuazhi, the subsidiary responsible for the toothpaste, also reported a net loss of 38.72 million yuan for the same period [6] - Zhongheng Group is primarily controlled by Guangxi Investment Group, which is a state-owned enterprise, holding a 55.44% stake in Tianqi Jiahuazhi [4]