羊毛出在狗身上，猪来买单——这句中国老话完美诠释了美国关税政策的荒唐逻辑。特朗普政府抡起 145%的关税大棒砸向中国商品，结果美国消费者的钱包最先爆裂。以西雅图电器商麦克的账本为例： 提前囤10台中国微波炉，能省下1200美元关税差价，相当于雇佣一名临时工的成本。普通消费者算得更 精：中国产空气炸锅比美国本土品牌便宜40%，儿童书包省下的费用抵得上半个月油费。这哪是贸易 战？分明是给中国制造打免费广告！ 想象一下，凌晨六点的美国超市门口，人群挤爆停车场，主妇们眼睛发绿地盯着货架上的中国产电风 扇，短短半小时就被扫荡一空。这不是末日电影场景，而是特朗普加征关税后美国的日常魔幻现实。更 荒诞的是，纽约土豪们一边举着"爱国牛排"旗帜，一边偷偷往购物车里塞中国产纸巾。当佛罗里达药店 开始对六神花露水实施限购，当德州超市的卫龙辣条半小时售罄，这场由白宫自编自导的贸易战，彻底 演成了中国制造的大型真香现场。 价格碾压背后是中国供应链的降维打击。当美国政客还在用19世纪的关税武器时，中国已经建成41个工 业大类的全产业链生态。义乌承包全球80%圣诞装饰，深圳华强北三天能"复刻"任何电子产品。疫情期 间，中国供应链仍保持95 ...

作者：多半 业绩水平、经营状况双双提升，实现高质量增长 在上海家化交出的这份2025年上半年成绩单中，不仅营收、净利润表现良好，而且多项核心指标持续回暖，切切实实在以优质数据回应市场的期待。 先看一下上海家化的营收、净利润。今年上半年，上海家化实现营收34.78亿元，同比增长4.75%，一举扭转了此前下滑的态势；净利润2.66亿元，同比增长 11.66%，创下了年内新高。 | | | | 单位:元 币种:人民币 | | --- | --- | --- | --- | | 主要会计数据 | 本报告期 (1-6月) | 上年同期 | 本报告期比上 年同期增减 | | | | | (%) | | 营业收入 | 3.478.337.684.58 | 3.320.713.286.01 | 4.75 | | 利润总额 | 298.020.579.45 | 252.456.188.10 | 18.05 | | 归属于上市公司股东的净利润 | 265.757,686.65 | 238.002.470.71 | 11.66 | | 归属于上市公司股东的扣除非经常 性损益的净利润 | 221,320,298.44 | 235.1 ...

Core Viewpoint - The recent outbreak of Chikungunya fever in Guangdong Province has led to a surge in demand for mosquito repellent products, prompting local retailers to implement emergency supply measures to meet consumer needs [1] Group 1: Industry Response - Major cities like Guangzhou, Shenzhen, and Foshan have initiated mosquito control campaigns to prevent the spread of mosquito-borne diseases [1] - JD's 7Fresh has launched an "emergency supply" mechanism, collaborating with well-known brands such as Liushen, Baimeisi, and Radar to provide a range of quality mosquito repellent products [1] - The company ensures real-time inventory replenishment to maintain product availability on shelves [1] Group 2: Product Offerings - Radar electric mosquito repellent liquid and tablets are highlighted as effective options, with a set of 2 liquid bottles and 1 heater priced at 24.9 yuan [2] - Ansut Saratect mosquito repellent liquid is noted for its gentle ingredients, suitable for families with babies, available for 33.9 yuan for a 200ml bottle [4] - Liushen mosquito spray is recommended for outdoor use, providing long-lasting protection and priced affordably at 16.9 yuan [4][6] Group 3: Consumer Guidance - Consumers are advised to clear standing water and garbage to reduce mosquito breeding sources while using repellent products [6] - JD's 7Fresh emphasizes the importance of timely delivery, with orders within 3 kilometers being delivered in as fast as 30 minutes for JD PLUS members [6]

Core Viewpoint - The outbreak of Chikungunya fever in Shunde has led to a significant increase in confirmed cases, prompting a global alert and creating four major investment opportunities in related industries [1]. Group 1: Diagnostic Testing Companies (Short-term beneficiaries) - Da An Gene (002030) and Wanfu Biology (300482) are positioned to benefit from the surge in demand for diagnostic testing [3]. - Rundu Biotech (688193) is the only listed company in China focusing on RNA virus diagnostics, with a significant increase in orders expected due to the urgent need for Chikungunya virus nucleic acid testing kits [5]. - The government procurement demand for Rundu Biotech's products is clear, with a 200% increase in orders expected by July 2025 [5]. Group 2: Mosquito Control Companies (Interrupting transmission chain) - The leading mosquito repellent company in A-shares has a market share of 16.2% in electric mosquito repellent liquid, with a notable 80% increase in sales through Douyin [3]. - The company has a significant market share of over 60% for its mosquito repellent products, with plans to launch portable products in 2024 [4]. - Noposion (002215) has a high efficacy insecticide with over 90% knockdown rate against Aedes mosquitoes, winning a government project worth 30 million yuan in Foshan [6][7]. Group 3: Therapeutic Drug Companies (Symptom relief) - Tan Re Qing injection has been recommended in the Dengue fever treatment guidelines, potentially extending its use to Chikungunya fever treatment [8]. - Yiling Pharmaceutical (002603) has received approval for Lianhua Qingwen capsules as an auxiliary treatment for mosquito-borne diseases in Southeast Asia, with growing international demand [10]. Group 4: Vaccine Development Companies (Long-term layout) - Companies are collaborating with international pharmaceutical firms to develop vector-borne virus vaccines, with preclinical research for Chikungunya vaccine expected to start in 2025 [12]. - Watson Bio (300142) has an mRNA technology platform that is compatible with vector-borne vaccine development, indicating a strong potential for future vaccine projects [13].

Core Viewpoint - Shanghai Jahwa is undergoing significant reforms under the leadership of Chairman Lin Xiaohai, who has been in position for one year, aiming to address historical challenges and improve operational efficiency while facing increased competition in the domestic beauty market [2][3][10]. Company Summary - Shanghai Jahwa reported its first annual loss since going public, including over 600 million yuan in goodwill impairment losses, which Lin Xiaohai described as shedding a "burden" [2]. - The company has identified several historical issues, including low employee efficiency, weak online channels, and an overly extensive offline presence [3]. - Lin Xiaohai has implemented a focused strategy, concentrating resources on core brands like Liushen and Yuze, while reducing support for smaller brands [5]. - The company has seen double-digit growth in online channels during the "618" shopping festival, with offline inventory turnover days reduced from over 300 to approximately 90 [3][5]. - Shanghai Jahwa's offline revenue still accounts for over 50% of total revenue, significantly higher than competitors, but the company plans to streamline its offline operations by focusing on core products and reducing long-tail offerings [6]. Industry Summary - The domestic beauty market is experiencing a surge in new entrants, with many local brands going public, increasing competitive pressure on established players like Shanghai Jahwa [10]. - Lin Xiaohai emphasized the need for product innovation over raw material innovation, indicating a shift in focus towards developing new products that meet market demands [10]. - The baby and child product segment is identified as a rapidly growing market, with a shift towards online sales channels for these products [11].

Core Viewpoint - Shanghai Jahwa reported its first loss since going public in 2024, but turned profitable in Q1 2025 with revenue of 1.704 billion yuan and a net profit of approximately 217 million yuan, indicating a recovery and a focus on growth moving forward [2][3]. Financial Performance - In 2024, Shanghai Jahwa achieved revenue of 5.679 billion yuan, a year-on-year decrease of 13.93%, and a net profit of -804 million yuan, a decline of 260.72% [2][3]. - For Q1 2025, the company reported revenue of 1.704 billion yuan, a year-on-year decrease of approximately 10.6%, while net profit was around 217 million yuan [3][4]. Business Strategy and Adjustments - The decline in performance was primarily attributed to goodwill impairment related to the acquisition of the UK baby brand Tommee Tippee, which faced challenges due to low birth rates and increased competition [3]. - The company is undergoing strategic adjustments, including inventory reduction in department stores and transitioning from distributor to self-operated e-commerce channels [4][5]. Online and Offline Business Development - Online business revenue grew by 10.4% year-on-year in Q1 2025, with online sales accounting for a 5.5% increase in proportion [4]. - The company expanded its new retail channels, opening 38,000 new stores in Q1, with sales in emerging channels experiencing double-digit growth [5]. Brand Strategy - Shanghai Jahwa is focusing on core brand development through a "four focus strategy," which includes concentrating on brand building, online presence, and operational efficiency [6]. - Brands are categorized into three tiers: first-tier brands (Liushen and Yuze) are positioned as market leaders, second-tier brands (Baicaojie and Meijiajing) require clearer positioning, and third-tier brands are seen as having potential but need innovative strategies [6][7]. Pricing and Product Strategy - The company has made price adjustments for certain products, such as the Baicaojie Taiji line, to improve conversion rates without affecting gross margins [7]. - Inventory clearance and SKU optimization were implemented to address old stock issues, with plans to further compress SKUs in the new fiscal year [7].

点击上图▲立即报名 文 / 巴九灵（微信公众号： 吴晓波频道） 关税战甚嚣尘上，世界经济再起波澜。 世界上是否还有不受关税打击的避难桃源？非洲，尤其是东非，吸引了出海中企的目光。 相比于被加征高达50%关税的南非，东非受美关税政策影响较小，肯尼亚和埃塞俄比亚的关税 远低于中国的60%，仅为10%，几乎是为中企出海另辟了一片逐鹿之地。 吴晓波激荡商学将围绕"贸易突围·新出海之路"，带领企业家们前往非洲一探究竟，就市场痛 点、潜在商机、经营风险为中国企业家提供解决方案式出海考察，共拓出海新商路。 【点击了 解详情】 全球的"最后一个十亿级蓝海市场" 当中国摩托车在限摩禁令下熄火，搭载着中国零件的"手工"摩的却冲上非洲街头， 某摩托车配 件销售商，仅在一个月实地考察后强势空降非洲市场，如今年营收1亿元人民币，在出海利润榜 单上一路狂飙。 而这仅仅是非洲出海的剪影，扬尘起处，中国企业家驰骋的机遇，已经到来。 非洲被誉为全球的"最后一个十亿级蓝海市场"，对于出海企业而言有着巨大的发展潜能。 现有人口14亿的基础上，非洲人口却仍在以每年3%—4%的高速增长位居全球前列，令人兴奋 的是，60%的非洲人口年龄不到25岁，以充 ...