亚马逊上的中国制造，正在悄悄变贵。 进入5月，亚马逊平台上掀起了一轮明显的涨价潮，且范围正从部分商品扩展至多个高频消费品类。不同于往年零星的价格波动，这次 涨价来得更广、更快，也更难忽视。 第三方数据平台SmartScout 统计，自4月第二周以后，亚马逊上已经有近1000种商品上调了售价，平均涨幅接近30%。另一家叫做 DataWeave 的数据服务商也印证了这一趋势：从今年1月到6月中旬，亚马逊上明确标注"中国制造"的1400多款商品，价格中位数上涨了 2.6%。 虽然看起来只是个位数的涨幅，但它已经超过了同期美国的核心通胀率，这说明部分跨境卖家已不再一味压价，而是开始主动提价。 更值得关注的是，涨价已经不止于个别品类，而是正在向高频、刚需类商品蔓延。 从科技配件、女装到厨房水壶、家用锅具——这些一直被当作"物美价廉"代名词的商品，如今正在大面积上涨。 但这轮涨价背后的真正推手，并不是供需，而是政策。 例如，移动充电领域的头部品牌Anker，近期已提升了约25%的产品售价。还有主打绿色健康涂层的GreenPan 煎锅则从原本不到16 美 元，涨到了接近 32 美元，价格几乎翻倍。 目前美国对中国产品普遍征 ...

Core Viewpoint - The company is facing challenges in achieving its 30% sales growth target for FY25E due to weaker-than-expected sales trends, particularly in online sales in the US and China, and rising import tariffs impacting gross profit margins [1][5][7] Sales Growth Outlook - Sales growth in 2Q25E is expected to be slow, with estimates indicating a mixture of 10% growth in the US and negative growth in China and Europe, influenced by a high base from previous years and changing consumer interests [2][4] - The company has not altered its guidance of 30%+ sales growth for FY25E, but revised forecasts now suggest a more conservative 14% growth, down from 23%, with expectations of single-digit growth in 1H25E and 20% growth in 2H25E [4][7] Market-Specific Insights - In the US market, sales growth is projected at 10%, primarily driven by offline expansion, while e-commerce sales may face sluggish growth due to industry factors [4] - The Chinese market shows weak demand for small appliances and cookware, with potential year-over-year declines in sales for Carote in 1H25E and FY25E [4] - The European market is not a major focus for the company, leading to potentially weaker-than-expected sales growth [4] Impact of Tariffs - Recent increases in US tariffs on steel- and aluminium-based products could significantly impact gross profit margins, with total tariffs on Carote's products potentially reaching 73.3% [5][6] - The company may pass on about 15% of the tariffs through supply chain adjustments but will still face a 35% burden, leading to a revised gross profit margin assumption of around 33% for the US market in FY25E [6] Financial Forecast Adjustments - The company has downgraded its rating to HOLD and cut the target price to HK$ 4.64, based on a 10x FY25E P/E, reflecting a 28% reduction in net profit forecasts for FY25E due to weaker demand and higher import tariffs [1][7]