（来源：经济日报） 在"家门口"也能做全球生意。数据显示，2025年1至11月，临沂商城举办90场外商进商城活动，4.45万 人次国际客商到临沂采购，同比增长47.85%，达成意向成交额236.7亿元。 "随着临沂商城不断开放、发展，专业市场集群不断壮大，物流周转能力持续增强，临沂市也因此陆续 获得'中国市场名城''中国物流之都'等荣誉称号。"临沂商城管委会副主任曲宗宽介绍，2025年1至11 月，临沂商城坚持"一个扁担挑两头"，推动内外贸一体化发展，实现市场交易额6465.14亿元、物流总 额10119.59亿元，分别同比增长6.3%、8.8%；实现外贸进出口1056.5亿元。 国货出海 模式出新 近年来，临沂商城通过"百团千企·商城出海"行动开拓国际市场，如政企"组团出海"、展会"造船出海"、 商城"品牌出海"等多种方式带领企业商户拓市场。 转自：经济日报 "地球另一端的家乡商人依靠我们考察工厂、找货选品。现如今，我们不光介绍中国商品，还把加纳的 产品卖过来。"提到山东临沂商城，来自加纳的伊曼纽尔·杰里·唐科尔（Emmanuel Jerry Donkor）认为， 这是一座改变他和家乡人的商贸"桥梁"。 数 ...

（来源：经济参考报） "地球另一端的家乡商人依靠我们考察工厂、找货选品。现如今，我们不光介绍中国商品，还把加纳的 产品卖过来。"提到山东临沂商城，来自加纳的伊曼纽尔·杰里·唐科尔（Emmanuel Jerry Donkor）认为， 这是一座改变他和家乡人的商贸"桥梁"。 数十年来，临沂商城从小地摊，建成专业批发市场，一步步发展成现代商贸物流城，并向国际化、数字 化迈进。目前，临沂商城已发展成为全国规模最大、物流覆盖面最广的专业市场集群。每年有数万名像 杰里一样的外国客商来此磋商、洽谈、合作。客来货往间，一幅辐射全球的商贸物流图景徐徐展开。 商贸火热 联通中外 杰里视临沂为第二故乡。从山东第一医科大学毕业后，他经朋友介绍来到临沂从事医疗用品国际贸易， 很快发现了更大的商机。"临沂在供应链和物流方面有优势，可以有所作为。"杰里说。 本地商户也在探索"出海新模式"。在山东好多宝供应链有限公司一处上万平方米的"多元店"里，文创文 具、毛绒玩偶、厨房用品、家居百货等数万种商品整齐陈列，零售价从3元至10元不等。 公司负责人耿延周如今致力于把"两元店"这种高性价比、一站式购齐的零售业态向海外推广。海外合作 方只需提供符合 ...

商贸火热 联通中外 新华社济南1月4日电 题：一"城"连中外——山东临沂商城国际化一线观察 新华社记者王阳、王鸿硕 "地球另一端的家乡商人依靠我们考察工厂、找货选品。现如今，我们不光介绍中国商品，还把加纳的产品卖过来。"提到山东临沂商城，来自加 纳的伊曼纽尔·杰里·唐科尔（Emmanuel Jerry Donkor）认为，这是一座改变他和家乡人的商贸"桥梁"。 数十年来，临沂商城从小地摊，建成专业批发市场，一步步发展成现代商贸物流城，并向国际化、数字化迈进。目前，临沂商城已发展成为全国 规模最大、物流覆盖面最广的专业市场集群。每年有数万名像杰里一样的外国客商来此磋商、洽谈、合作。客来货往间，一幅辐射全球的商贸物 流图景徐徐展开。 杰里视临沂为第二故乡。从山东第一医科大学毕业后，他经朋友介绍来到临沂从事医疗用品国际贸易，很快发现了更大的商机。"临沂在供应链和 物流方面有优势，可以有所作为。"杰里说。 近年来，临沂商城通过"百团千企·商城出海"行动开拓国际市场，如政企"组团出海"、展会"造船出海"、商城"品牌出海"等多种方式带领企业商户 拓市场。 2025年8月，兰田北方国际汽车城投入运营，目前月均出口汽车900 ...

2025年8月，兰田北方国际汽车城投入运营，目前月均出口汽车900辆，出口版图覆盖中亚、东南亚、中东、非洲及欧洲20余个国家和地区。 山东兰田投资控股有限公司董事长化书勇说："国外很认可中国车，市场供不应求。现在有约20名外国客商常驻汽车城，以便选好车辆后能第一时 间把车发走。" "地球另一端的家乡商人依靠我们考察工厂、找货选品。现如今，我们不光介绍中国商品，还把加纳的产品卖过来。"提到山东临沂商城，来 自加纳的伊曼纽尔·杰里·唐科尔（EmmanuelJerryDonkor）认为，这是一座改变他和家乡人的商贸"桥梁"。 数十年来，临沂商城从小地摊，建成专业批发市场，一步步发展成现代商贸物流城，并向国际化、数字化迈进。目前，临沂商城已发展成为 全国规模最大、物流覆盖面最广的专业市场集群。每年有数万名像杰里一样的外国客商来此磋商、洽谈、合作。客来货往间，一幅辐射全球的商 贸物流图景徐徐展开。 商贸火热 联通中外 在"家门口"也能做全球生意。数据显示，2025年1至11月，临沂商城举办90场外商进商城活动，4.45万人次国际客商到临沂采购，同比增长 47.85%，达成意向成交额236.7亿元。 "随着临沂商城不断开 ...

编者的话：跨境电商小额货物正逐渐成为日本民众生活中重要的消费对象，近期却被日本政府"盯上"。 据多家日媒报道，日本政府计划调整针对跨境电商平台的税收规则，并对课税价格在1万日元（100日元 约合4.5元人民币）以下的进口商品征收原本免除的消费税。有分析认为，这背后是中、美等国电商平 台和商家带来的竞争压力。新规则将影响中国Temu、希音以及美国eBay旗下的Qoo10等在日跨境电商 平台，推高商品消费价格。对此，接受《环球时报》采访的专家和业内人士表示，日方税收调整无非是 想谋求更大产业链话语权，并不意味着中国跨境电商竞争优势的终结，但中国企业应该快速适应变化。 取消免税预计将使商品涨价10% 近年来，在日本的日常消费场景中，通过电商下单后从海外直邮包裹的购物形式已变得不再陌生，而随 着跨境电商平台不断普及，1万日元以下的小额进口商品数量迅速增加。日本财务省数据显示，2024年 课税价格在1万日元以下的小额货物进口数量达到约1.7亿件。这些商品基本是从海外仓库直接寄送至消 费者家中，价格低廉、手续简化，逐渐成为部分消费者日常购物的一种选择。 值得注意的是，当前小额进口商品中相当一部分来自中国，通过中国企业运营 ...

"日本迟早会动手，但没想到会这么快。"张永军是一家总部位于深圳、专门面向日本市场的跨境电商企 业负责人，他在接受《环球时报》记者采访时表示，业界对日本取消小额包裹免税早有预期，但其行动 之快还是出乎了意料。 【环球时报记者 倪浩 环球时报驻日本特约记者 王军】编者的话：跨境电商小额货物正逐渐成为日本民 众生活中重要的消费对象，近期却被日本政府"盯上"。据多家日媒报道，日本政府计划调整针对跨境电 商平台的税收规则，并对课税价格在1万日元（100日元约合4.5元人民币）以下的进口商品征收原本免 除的消费税。有分析认为，这背后是中、美等国电商平台和商家带来的竞争压力。新规则将影响中国 Temu、希音以及美国eBay旗下的Qoo10等在日跨境电商平台，推高商品消费价格。对此，接受《环球 时报》采访的专家和业内人士表示，日方税收调整无非是想谋求更大产业链话语权，并不意味着中国跨 境电商竞争优势的终结，但中国企业应该快速适应变化。 取消免税预计将使商品涨价 10% 近年来，在日本的日常消费场景中，通过电商下单后从海外直邮包裹的购物形式已变得不再陌生，而随 着跨境电商平台不断普及，1万日元以下的小额进口商品数量迅速增加。日 ...

Investment Rating - Industry rating: Recommended [5] Core Insights - Home Depot's FY25Q3 net sales reached $41.35 billion, a year-on-year increase of 2.8%, with comparable sales up 0.2% [1][11] - Lowe's FY25Q3 net sales were $20.81 billion, reflecting a 3.0% year-on-year growth, driven by acquisitions [2][13] - Both companies are experiencing stable demand from professional customers, with Home Depot's professional sales up 4.2% and Lowe's online sales up 11.4% [1][2][13] Summary by Sections Home Depot - Financial Data: FY25Q3 net sales of $41.35 billion, with comparable sales up 0.2% and net profit of $3.6 billion, down 1.3% year-on-year [1][11] - Product Sales Performance: 9 out of 16 product categories showed positive growth, with an average transaction value increase of 1.8% and a transaction volume decrease of 1.6% [1][11] - Full Year Outlook: FY25 total sales expected to grow by 3.0%, with GMS business contributing approximately $2 billion in incremental sales [12] Lowe's - Financial Data: FY25Q3 net sales of $20.81 billion, with comparable sales up 0.4% and net profit of $1.6 billion, down 5.7% year-on-year [2][13] - Category Performance: 10 out of 14 product categories achieved same-store sales growth, with strong performance in appliances and tools [2][13] - Full Year Guidance: FY25 total sales forecast raised to $86 billion, with comparable sales expected to remain flat [2][13]

Financial Data and Key Metrics Changes - The company reported a net loss of approximately $7.9 million for Q3 2025, or minus $2.02 per share, compared to a net loss of $9.2 million, or minus $3.92 per share in Q3 2024, indicating an improvement in loss per share [19] - Adjusted EBITDA for Q3 2025 was approximately negative $650,000, compared to negative $1 million in Q3 2024, representing a 38% year-over-year improvement [20] - Year-to-date net loss for 2025 was approximately $14.7 million, or minus $5.06 per share, compared to a net loss of $15.3 million, or minus $6.82 per share in the prior year [21] Business Line Data and Key Metrics Changes - Net licensing revenues for Q3 2025 were $1.1 million, down from $1.5 million in Q3 2024, primarily due to cautious consumer spending and lower performance in the Halston license [14][15] - Direct operating costs for Q3 2025 were $2.2 million, down 23% from the prior year quarter, reflecting cost reduction actions taken over the past two years [15][16] Market Data and Key Metrics Changes - The company noted that the transition of HSN to QVC's Pennsylvania studios disrupted sales for brands like Tower Hill by Christie Brinkley and SeaWonder, but these issues have since been resolved [11][30] - The company is focusing on domestic sourcing for new influencer-led brands to mitigate tariff impacts, particularly in food and pet products [10][25] Company Strategy and Development Direction - The company is working on new business opportunities with UTG, including leveraging their sourcing platform and retail distribution in China [9] - The launch of five new influencer-led brands is expected to drive revenue growth into 2026, with a focus on expanding into new categories [40][41] - The company is exploring potential acquisitions to enhance its brand portfolio and drive future growth [34] Management's Comments on Operating Environment and Future Outlook - Management expressed caution for Q4 2025 due to tariff impacts on QVC, HSN, and licensees, but remains optimistic about the potential for growth in 2026 [11][12] - The company believes it is well-positioned to capitalize on the shift from linear TV to digital streaming and social commerce [9] Other Important Information - The company closed a $2 million net equity offering in Q3 2025, with proceeds used to pay down loans and for general working capital [8] - As of September 30, 2025, the company had stockholders' equity of approximately $17 million and unrestricted cash of approximately $1.5 million [22] Q&A Session Summary Question: Importance of hiring Olin Lancaster as Chief Revenue Officer - Management highlighted the significance of Olin Lancaster's extensive experience and the long-standing relationship that facilitated his hiring [24] Question: Mitigation of tariff impact through domestic sourcing - Management discussed the successful signing of licenses for domestic products, which helps mitigate tariff risks [25][26] Question: Resolution of disruption with SeaWonder and Christie - Management confirmed that the issues related to vendor disruptions and HSN's relocation have been resolved [30] Question: Updates on product roadmap and brand rollouts - Management indicated that new products will start hitting the market in Q1 2026, with a focus on food products and pet accessories [32] Question: Revenue ramp expectations for the next 12 months - Management outlined a roadmap for launching new influencer-led brands and expanding into new sales channels to drive revenue growth [40][41] Question: Potential revenue outlook for 2026 - Management refrained from providing specific guidance but referenced analyst reports for potential revenue expectations [47] Question: Long-term revenue targets and brand potential - Management reaffirmed the potential for significant revenue growth from new brands, particularly in the pet and lifestyle categories [51][52]

Core Viewpoint - The performance of the XinXuan team during this year's Double Eleven shopping festival has been particularly noteworthy, especially following the exit of XinBa from the live streaming industry, with Chu RuiXue's achievements becoming a major highlight [1][3]. Group 1: Performance Highlights - During Double Eleven, XinXuan achieved 10 live streams with sales exceeding 100 million, accumulating over 500 million viewers, with Chu RuiXue hosting 6 streams and reaching a peak audience of over 46 million, resulting in over 30 million transactions [3][4]. - The sales of mid-tier anchors increased by 29.68% year-on-year, showcasing the resilience of the XinXuan team under Chu RuiXue's leadership [4]. Group 2: Strategic Upgrades - Chu RuiXue implemented an upgraded product selection strategy, focusing on the refined needs of family consumption, leading to the introduction of a "People's Livestream" that featured essential household items [5]. - The live streaming strategy evolved from a single-anchor model to a multi-anchor collaborative approach, enhancing team cohesion and resulting in the creation of a popular group called "Xin Wu Ha" [6]. Group 3: Future Outlook - Chu RuiXue's performance indicates a sustained increase in popularity for XinXuan, marking the beginning of the XinXuan 2.0 era, which is expected to maintain strong market competitiveness [8]. - The success of Chu RuiXue and the XinXuan team raises questions about the future of e-commerce, particularly regarding the shift towards team-based live streaming and the importance of consumer insights and supply chain capabilities [8].

Group 1 - The eighth China International Import Expo (CIIE) will continue to set up a procurement corridor to enhance supply-demand matching and improve cooperation effectiveness [1][4] - The procurement corridor in Hall 8.2 will focus on agricultural products, consumer goods, and health products, featuring a selection meeting for approximately 20 high-quality buyers [1][2] - The first batch of announced enterprises includes major retail and internet companies in China, indicating strong demand and a well-established supply chain [2][4] Group 2 - The procurement needs of the announced enterprises cover all areas of the agricultural products exhibition, allowing for a clear presentation of purchasing preferences and directions [3] - A dedicated negotiation area will be set up for buyers to engage in multiple rounds of face-to-face discussions with exhibitors, facilitating deeper cooperation discussions [4] - The first batch of participating companies includes JD.com, Dashang Group, Greenland Zhongxuan, and others, showcasing a diverse range of procurement interests [4][22]