【群创】 近日，群创公布2025年第一季度业绩。 ▶ 关于集邦 第一季度，公司合并营收为新台币559亿元 （约人民币133.59亿元） ，营业净损为新台币12亿 元 （约人民币2.87元） ，税后净利为新台币11亿元 （约人民币2.63亿元） 。季度折旧及摊销为 新台币75亿元 （约人民币17.92亿元） ，资本支出为新台币35亿元 （约人民币8.36亿元） 。 从产品应用结构来看，群创2025年第一季度营收构成如下：电视产品占比34%，车用产品占比 24%，便携式电脑占比17%，手机及商用产品占比21%，台式屏幕占比4%。按业务领域划分， 公司显示器业务群与非显示器业务群营收占比分别为75%和25%。 图片来源：群创 回顾2025年第一季，群创受惠于"以旧换新"消费政策补贴及客户提前备货 减少 贸易壁垒 冲击 等 因素，群创消费性产品营收增加。整体营收较上一季度环比增长4.2%，毛利率与EBITDA利益率 分别达7.6%及11.1%。公司通过持续优化资产效益，本季度维持税后正获利。 群创表示，展望2025年第二季，消费性电子 因应 贸易壁垒 不确定因素，客户提前上半年拉货， 车用等非显示器领域群则因营业模式 ...

Core Viewpoint - The "reciprocal tariff" policy of the Trump administration poses significant risks to global trade and supply chains, particularly affecting Jiangsu's economy, which will face both short-term pressures and long-term structural adjustments [1] Short-term Impacts - Jiangsu's exports to the U.S. are expected to decline due to increased tariffs, leading companies to shift orders to emerging markets like Europe and South America [2] - The impact of tariffs on export companies varies based on price elasticity; companies with inelastic demand may pass costs to U.S. consumers, while those with elastic demand may exit the market or absorb costs [2] - The strict origin inspection policies in the U.S. complicate re-export trade through countries like Cambodia and Vietnam, limiting options for Jiangsu companies [2] - Tariffs will increase the cost of imported raw materials and components, reducing market competitiveness and demand for Jiangsu enterprises [2][3] - Fluctuations in the RMB exchange rate due to tariffs will significantly affect small and medium-sized enterprises engaged in exports, leading to profit reductions and increased operational risks [3] - The inconsistency of U.S. tariff policies creates uncertainty, hindering investment decisions and operational activities of companies [3] Long-term Impacts - The "reciprocal tariff" policy may drive Jiangsu's economic transformation by pushing companies to enhance product value to offset rising tariffs [4] - Jiangsu enterprises are encouraged to diversify markets and explore non-U.S. markets, with exports to Belt and Road countries projected to grow significantly [5] - Government policy adjustments, including tariff reductions in key sectors, will support enterprise transformation and attract foreign investment [5] - Companies are increasingly localizing supply chains and establishing production bases in non-U.S. countries to mitigate tariff impacts [5] - The integration of domestic and foreign trade is accelerating, with initiatives to promote "export to domestic sales" models [6] Recommendations for Jiangsu - The government should innovate policies to support exports and establish a responsive mechanism for tariff impacts [7] - Companies should focus on enhancing competitiveness through technological advancements and transitioning to high-end production [8] - Jiangsu should continue to develop diverse market strategies to mitigate external risks, particularly in Belt and Road countries [9] - Financial innovations should be implemented to help enterprises manage operational risks, including currency hedging and supply chain financing [10] - Regional collaboration should be enhanced to improve overall resilience against risks, focusing on key industries like semiconductor and biomedicine [11] - A dynamic risk prevention system should be established to monitor tariff changes and support enterprises in adapting to new trade environments [12]