美国关税政策正对美国小企业带来生产经营危机，导致成本剧增、供应链断裂、创新受阻和市场竞争力下降，迫使企业裁员甚至面临市场淘汰 的风险。当地时间9月18日，大约100名小企业主聚集在美国首都华盛顿特区，控诉特朗普政府征收的广泛关税对其生计造成的影响。 自今年年初以来，特朗普政府对几乎所有贸易伙伴征收了10%的全面关税，同时对欧盟和越南等数十个经济体征收了更高的关税，还对钢铁和 铝等特定行业的进口产品征收了专门的关税。 许多美国小企业说，它们难以跟上特朗普政府瞬息万变的政策。 相关报道 美关税政策威胁本土小企业经营生存>> 调查显示美国关税政策导致中小企业成本上升超两成>> 责编：秦雅楠、侯兴川 麦克马斯特希望制止这些快速的变化："我们的生意不是随心所欲经营的，我们的国家也不应该是。" 参加集会的小企业主还纷纷表示，他们已经感受到经济压力。 销售泰国咖喱和酱汁的迈克尔·比希说："我们现在被迫支付的关税使得我们基本无法继续经营下去了。"由于关税侵蚀利润，他已停止从泰国订 购新产品，并预计如果这种情况持续下去，他可能会破产。 在得克萨斯州经营一家箱包店的蒂法妮·威廉斯呼吁，贸易政策应该更具可预测性。她说，她店里销量排 ...

麦克马斯特希望制止这些快速的变化："我们的生意不是随心所欲经营的，我们的国家也不应该是。" 参加集会的小企业主还纷纷表示，他们已经感受到经济压力。 销售泰国咖喱和酱汁的迈克尔·比希说："我们现在被迫支付的关税使得我们基本无法继续经营下去 了。"由于关税侵蚀利润，他已停止从泰国订购新产品，并预计如果这种情况持续下去，他可能会破 产。 美国关税政策正对美国小企业带来生产经营危机，导致成本剧增、供应链断裂、创新受阻和市场竞争力 下降，迫使企业裁员甚至面临市场淘汰的风险。当地时间9月18日，大约100名小企业主聚集在美国首都 华盛顿特区，控诉特朗普政府征收的广泛关税对其生计造成的影响。 自今年年初以来，特朗普政府对几乎所有贸易伙伴征收了10%的全面关税，同时对欧盟和越南等数十个 经济体征收了更高的关税，还对钢铁和铝等特定行业的进口产品征收了专门的关税。 许多美国小企业说，它们难以跟上特朗普政府瞬息万变的政策。 旅行用品品牌"蚕茧"公司美国分公司的总经理特拉维斯·麦克马斯特将更多的产品制造业务从中国转移 到了印度。但是随后，美国对许多印度产品征收的50%关税生效，超过了今年对中国商品征收的关税。 在得克萨斯州经营一家箱 ...

Economic Performance - Cambodia's economy shows strong but uneven performance, with manufacturing and services growth driven by stable exports, particularly in garments and tourism[35] - Agricultural sector employment remains significant, supporting 3.1 million jobs, but its contribution to GDP growth is limited, only 0.2 percentage points in 2024[36] - Total rice production increased by 11.0% in 2024, but structural challenges persist, including reliance on weather conditions and price volatility[36] Trade and Investment - Exports to the US, especially garments, remain strong, with a year-on-year growth of 11.6% in Q1 2025, contributing significantly to consumer confidence[38] - Foreign Direct Investment (FDI) inflows are primarily from China, accounting for 65.5% of total net FDI, while domestic investment approvals have sharply declined by 96.7% year-on-year[39][43] - Total goods exports reached $26.673 billion in 2024, with a significant contribution from the garment, travel goods, and footwear sectors[43] Inflation and Monetary Policy - Inflation rose to 3.7% in March 2025, driven mainly by food price increases, while broad money supply growth reached 19.0%[38] - The banking sector reported a non-performing loan (NPL) rate of 7.9% by the end of 2024, indicating deteriorating asset quality[40] Fiscal Policy and Public Debt - Central government revenue increased by 11.2% year-on-year in Q1 2025, primarily due to significant growth in VAT and non-tax revenues[40] - Public debt remains low at 25.9% of GDP as of the end of 2024, with a projected fiscal deficit of 2.7% of GDP for 2025[41] Social Impact and Inequality - Economic recovery has been uneven, with household consumption per capita growing by 8% from 2021 to 2023, but disparities exist between income groups[42] - The poorest 20% saw a 7% increase in consumption, while the wealthiest 20% experienced a 10% increase, highlighting income inequality[42]

Core Viewpoint - Cambodia has made significant progress in its integration into the global trade system since joining the WTO 20 years ago, enhancing its economic structure, trade volume, and living standards while actively participating in multilateral trade frameworks [1][4][12]. Summary by Sections Overall Performance After 20 Years - Cambodia has fulfilled its commitments upon joining the WTO, reducing the average tariff rates for agricultural and non-agricultural products from 28.1% and 17.7% to 9.4% and an estimated 7.9% respectively by 2023 [4]. - The trade-weighted average tariff is projected to be 7.9%, with agricultural and non-agricultural tariffs at 11.8% and 7.6% respectively, leading to higher GDP growth and trade flow [4]. Legal and Regulatory Framework - Cambodia has implemented a new customs law and 25 accompanying regulations to meet WTO requirements, enhancing trade transparency and efficiency [5][6]. - A series of important laws have been revised or established to align with WTO rules, including laws on e-commerce, consumer protection, and trade remedies [6]. Economic Achievements - From 2004 to 2023, Cambodia's GDP increased from $5.3 billion to $32.17 billion, a sixfold growth, with per capita GDP rising from $464 to $1,917 [14]. - International trade has surged, with total trade volume growing from $4.5 billion to $46.82 billion, and exports increasing from $2.798 billion to $23.47 billion, averaging a 12% annual growth rate [14]. Foreign Investment and Social Development - Foreign investment has expanded from $110 million in 2000 to $4.9 billion in 2023, with manufacturing and infrastructure being key sectors [15]. - The poverty rate has significantly decreased from 60% in 2000 to 16% in 2023, with Cambodia set to graduate from the least developed country status by 2029 [15]. Challenges Ahead - Cambodia faces challenges in the current complex international environment, including the need for effective dispute resolution mechanisms within the WTO and adapting to regional trade agreements [18]. - The slowdown in economic growth among key trading partners poses risks to Cambodia's trade and foreign investment inflows [18]. Future Opportunities - Cambodia aims to leverage new opportunities while maintaining a commitment to the WTO multilateral trade system, enhancing its role in global economic cooperation [19]. - The country plans to adapt to evolving international trade rules and promote digital and green trade initiatives to ensure broader benefits [19][20].

Summary of Miniso Conference Call Company Overview - **Company**: Miniso - **Ticker**: 9896 HK (H shares), MNSO US (ADR) - **Market Capitalization**: Approximately $5.9 billion USD / $5.7 billion HKD Key Industry Insights - **China SSSG Recovery**: Expected to recover from a high single-digit decline in 2024 to a mid-single-digit growth in 2025, driven by improved consumer sentiment and strategic initiatives [1][5] - **Overseas Expansion**: Significant growth anticipated with 50-70% of new store openings planned for international markets, contributing to a projected 1.1 percentage point uplift in operating profit margin [1][5] - **Yonghui Acquisition**: Miniso's acquisition of a 29.4% stake in Yonghui is expected to lead to a clearer turnaround strategy, with a target to significantly reduce losses in 2025 [1][5] Financial Performance - **2024 Revenue Growth**: Revenue and adjusted earnings increased by 22.8% and 15.4% year-over-year, respectively, aligning with expectations [1][5] - **2025 Forecasts**: Revenue and earnings are projected to grow at compound annual growth rates (CAGRs) of 18% and 24% from 2025 to 2027 [1][5] - **Price Target Adjustments**: New price targets set at $22 for ADR and HK$43 for H shares, based on a 15x 2025E P/E ratio [1][5] Strategic Initiatives - **Store Expansion Plans**: Miniso plans to open 500-600 new stores overseas in 2025, including 200-300 direct-to-consumer (DTC) stores, with a focus on the US market [5][10] - **IP Strategy**: Aiming for 90 new intellectual property (IP) projects in 2025 to enhance consumer engagement and drive same-store sales growth [5][9] - **Membership Growth**: Plans to expand the membership system, as members reportedly spend 2.2 times more than non-members [5][9] Operational Insights - **DTC Store Margins**: Current DTC stores have the lowest margins, but improvements are expected as the store count increases and operational efficiencies are realized [5][9] - **Cost Management**: Strategies to manage costs include sourcing 30% of products from outside China and adjusting pricing to maintain stable gross margins amid tariff pressures [12][13] Earnings Estimates - **2025 Revenue and Profit Projections**: Group revenue is expected to grow by 25.8% in 2025, with adjusted operating profits anticipated to accelerate compared to 2024 [15][21] - **Adjusted Net Profit Growth**: Forecasted adjusted net profits for 2025 are projected to grow by 21.2% year-over-year [21][15] Risks and Considerations - **Market Concerns**: Ongoing concerns regarding SSSG performance and margin erosion due to investments in overseas DTC stores [6][19] - **Tariff Risks**: Miniso is actively working to mitigate risks associated with US tariffs through supply chain diversification and pricing strategies [12][13] Conclusion Miniso is positioned for recovery and growth in 2025, with strategic initiatives in place to enhance its market presence both domestically and internationally. The focus on IP development, store expansion, and cost management will be critical in navigating the challenges ahead while capitalizing on emerging opportunities in the retail sector.