【环球时报记者 倪浩 李萌 环球时报驻美国、德国特约记者 冯亚仁 青木】 编者的话： 美国近日根据其所谓"301条款"调查结果，对与中国实体相 关的船舶征收额外的港口服务费。此举引发中方反制。一个星期以来，中美跨太平洋航线尤其感受到"风高浪急"。不少贸易、航运人士告诉《环 球时报》记者，航线调整和运费上涨的成本传递终端会落在美国的零售货柜上。美国《国会山报》20日的一篇文章称，中美之间旷日持久的贸易 争端开启了新的战线。港口费和关税狂潮正在令中美贸易驶入"风暴之海"。文章评论称，在一个相互依存的世界里，在共同规则下开展合作才是 通往安全的最可靠途径。 " 太平洋上的贸易正在放缓 " 美国"海运新闻"网站20日报道称，国际物流技术平台笛卡尔公司最新发布的全球航运报告显示，9月美国集装箱进口量环比8月下降8.4%，至230万 标准箱左右，主要品类呈现大幅下跌，其中包括铝制品（-43.8%）、鞋类（-33.9%）和电机设备（-31.5%）。报告显示，当月美国前十大进口来 源地的进口总量环比下降9.4%——合计减少16.9126万标准箱，其中中国商品进口量环比下降明显，意大利、韩国、德国也出现显著跌幅。由于多 个贸易 ...

Investment Rating - The report assigns a "Buy" rating for the company [11]. Core Views - The company focuses on core product areas in the C-end market while actively expanding its B-end customer base, indicating strong growth potential [7][10]. - The company has successfully implemented vacuum packaging technology for industrial clients, which has helped reduce logistics costs for clients on platforms like Temu [7]. - The company is pursuing both operational and brand expansion overseas, with significant growth in external sales, particularly through channels like Amazon [8][10]. Financial Performance - In H1 2025, the company achieved revenue of 577 million yuan, a year-on-year increase of 6.21%, while net profit attributable to the parent company was 40 million yuan, a decrease of 21.86% [6]. - The company's gross margin for H1 2025 was 56.24%, down 2.93 percentage points year-on-year, with a net profit margin of 7.01%, down 2.52 percentage points year-on-year [10]. - The company forecasts revenue growth from 1.124 billion yuan in 2025 to 1.678 billion yuan in 2027, with net profit expected to rise from 96 million yuan to 143 million yuan in the same period [9][11]. Business Strategy - The company is enhancing its B-end business capabilities and expanding into new industrial markets, with a focus on advanced functional materials [7][10]. - The company has seen a 235% year-on-year growth in its domestic B-end business and a 26% increase in its business with IKEA [7]. - The company is actively developing markets in Europe, South America, and Southeast Asia to sustain growth in its overseas business [8].

Core Viewpoint - Suning.com reported a slight increase in revenue and a significant rise in net profit for the first half of 2025, indicating a positive trend in financial performance despite a challenging market environment [1] Financial Performance - The company achieved an operating income of 25.895 billion yuan, representing a year-on-year growth of 0.44% [1] - Net profit attributable to shareholders reached 48.693 million yuan, showing a substantial year-on-year increase of 230.03% [1] Market Strategy - Suning.com capitalized on national subsidies and actively engaged in market competition by enhancing channel construction and upgrading store structures to improve customer experience and capture market share [1] - Store sales revenue increased by 11.7% year-on-year, with comparable store revenue in the home appliance and 3C home life specialty stores growing by 14.45% [1] - Comparable store efficiency improved by 11.12%, indicating enhanced operational quality [1] Store Expansion - To enhance customer experience and market coverage, Suning.com opened and renovated 37 Suning Max and Suning Pro stores in first and second-tier markets during the reporting period [1] - In the county and town markets, the company optimized and expanded its retail cloud franchise stores, opening 297 new stores in the second quarter, bringing the total number of retail cloud franchise stores to 10,100 as of June 30, 2025 [1]