Summary of Conference Call Notes Industry Overview - The conference call discusses the **cross-border e-commerce industry** and its response to recent changes in tariff policies, highlighting the resilience and growth potential of the sector amid economic fluctuations [1][2][3]. Key Points and Arguments - **Tariff Negotiations**: Recent tariff negotiations have improved, with punitive tariffs reduced to **40%-50%**, alleviating risks for export companies and allowing them to resume operations [1][3]. - **Impact on ToC Cross-Border E-commerce**: The ToC segment of cross-border e-commerce is less affected by tariffs due to high markup rates (generally over **5 times**, with some brands exceeding **10 times**), enabling effective cost transfer [1][4]. - **Price Increases**: Many companies implemented price increases of **20%-30%** after April, which did not significantly impact demand, indicating strong reliance on Chinese products in the U.S. market [1][4]. - **Beneficiary Companies**: Companies benefiting from tariff reductions include: - **Leading Companies**: Such as Anker Innovations and Stone Technology, which have strong pricing power [1][6][12]. - **Value-oriented Companies**: Like Huakai 100 and Saiwei Times, which can adjust prices with minimal operational risk [9]. - **Flexible Non-listed Companies**: Such as Xiaoshangcheng, which can navigate tariff pressures effectively [1][9]. Additional Important Insights - **Market Dynamics**: The cross-border e-commerce sector shows resilience, with improved shipping efficiency for leading companies due to reduced tariffs, and a focus on companies with strong pricing transmission capabilities [1][10]. - **European Market Performance**: There is a notable increase in market attention towards non-U.S. companies, with strong European orders contributing to performance recovery for companies like Xiaoshangcheng [11]. - **Long-term Growth Prospects**: The cross-border e-commerce industry is expected to see increased penetration and expansion in overseas markets, driven by favorable policy adjustments and strong demand growth [5][13]. - **Economic Outlook**: Despite risks of a U.S. economic recession, the trend towards value-oriented consumption is expected to benefit online channels, which are better positioned than offline channels in terms of product variety and pricing [14]. Conclusion - The cross-border e-commerce industry is poised for growth, supported by favorable tariff changes and strong demand dynamics. Key players with pricing power and operational flexibility are likely to thrive in this evolving landscape [1][10][14].