Core Viewpoint - Anhui Medical University has announced multiple government procurement intentions for laboratory instruments, with a total budget of 114 million yuan, indicating significant investment in research and educational infrastructure [1][2]. Summary by Sections Procurement Overview - The procurement includes seven types of laboratory instruments such as UV-visible spectrophotometers, fluorescence spectrometers, high-performance liquid chromatographs, ion chromatographs, flame atomic absorption spectrophotometers, and fluorescence quantitative PCR instruments [2][4]. - The expected procurement period is from January to June 2025 [2]. Specific Projects and Budgets - The total budget for the procurement is 114 million yuan, allocated for various projects aimed at enhancing the educational and research capabilities of the university [2][4]. - Specific projects include: - Public Health College's basic experimental teaching support project with a budget of 3.76 million yuan [4]. - Health Toxicology and Quarantine Experimental Teaching Support project with a budget of 4.76 million yuan [4]. - Research instrument procurement for the Basic Medical College with a budget of 4 million yuan [5]. - Construction of a population health data platform with a budget of 15 million yuan [5]. - Modern pharmacy laboratory infrastructure with a budget of 20 million yuan [5]. - Basic facility equipment procurement for the Public Health College with a budget of 20 million yuan [5]. - Biological sample library platform construction with a budget of 10 million yuan [5]. Supplier Responsibilities - Suppliers are required to ensure that all equipment meets industry standards, provide a warranty of no less than one year, and complete installation and acceptance within specified timeframes [4][5]. - Responsibilities include procurement, packaging, transportation, installation, and after-sales service [5].

Core Viewpoint - The article discusses the recent A-round financing of the cross-border e-commerce company "Kagu E-commerce," which aims to integrate Chinese furniture supply chain resources to provide high-quality and cost-effective furniture products to overseas markets, particularly Japan [4][5]. Company Overview - "Kagu E-commerce" was established in May 2024 and is headquartered in Tokyo, Japan. The company focuses on brand operation to offer a wide range of furniture products to overseas consumers, initially targeting the Japanese market [5]. - The platform has launched over 2,500 products, with nearly 30,000 SKUs, including sofas, tables, chairs, mattresses, and ergonomic chairs. The company plans to increase the product count to 5,000-8,000 by the end of the year [3][5]. Market Positioning - The Japanese furniture market is dominated by offline basic brands and high-end designer brands. Kagu E-commerce aims to fill the market gap with a light inventory model that aggregates verified quality products from China, offering design diversity and price advantages [6]. - For example, a sofa produced by the Chinese supply chain is priced at only 1/2 to 1/5 of similar high-end brands in Japan [6]. Operational Strategy - Kagu E-commerce has established a strategic partnership with the home design software CoolJia, allowing users to design and directly order corresponding products, creating a closed loop of "design-selection-fulfillment" [6]. - The company has optimized its supply chain management by deeply binding with domestic suppliers and establishing some front warehouses in Japan to enhance last-mile fulfillment efficiency [6]. Future Plans - The company has initiated a brand upgrade plan and is set to sign Japanese national star Honda Keisuke as a spokesperson to strengthen local trust [7]. - Kagu E-commerce plans to expand into South Korea and Southeast Asia by the end of the year while further optimizing its supply chain system to improve product launch speed [7]. Investor Insights - Investors express confidence in Kagu E-commerce's innovative product development model, which efficiently integrates the furniture supply chain from countries like China, providing high-quality and diverse products at competitive prices [7]. - The founder, Liu Sanyong, has a successful track record in building the Japanese market for SHEIN, which adds credibility to Kagu E-commerce's potential for success in the furniture e-commerce sector [7].

欧洲金属家具市场国家需求分布 地震、火灾、暴雨、极寒……今年，我们时时在清早被这样的新闻惊醒，感受到世界各地面对气候变化的压力。恶劣气候给皮实且可塑性强的欧洲金属家 具带来了更强市场需求。 从气候、关税到战争，这些因素都影响着未来家居出海的局面。家居新范式将撷取国外市场调研公司对近期市场动向的统计和预测图表，作为简报，为有 出海规划的同行提供可量化决策依据。 关税战前后对美国的金属家具出口在萎缩 根据德国数据公司Statista的行业数据，中国金属家具出口贸易额在2021年达到约 1296万美元 ，而此前美国是中国最大的金属家具出口目的国。家居新范 式对比几个国内城市海关出口数据认为，这个估值有可能以家庭用不锈钢家具为主，未计算办公用柜类、工业用家具等大件产品。因此我国金属家具总出 口额 事实上大大高于该规模 。 对于我国最大的金属家具出口市场美国，我们在未来几年不抱很高的增长期待。就算忽略关税摩擦的影响，仅以钢制品为例，根据路透社对2023至2024年 美国钢制品进口数据的统计显示，加拿大作为美国最大的钢制品进口来源国的地位在这几年虽有下滑，但基本难以撼动。在亚洲，美国正在显著提升从越 南、我国台湾地区，以 ...

作者 | 林晴晴 金沙江创投董事总经理朱啸虎："卡谷作为一家日本企业，以创新的商品开发模式将中国等家具生产国 的家具家居供应链高效的整合起来，以极具性价比的定价为消费者提供高品质高丰富度的家具家居商 品。我们非常看好这一模式，并且认为卡谷不仅可以在日本取得成功，而且在全球众多市场都有非常大 的潜力。金沙江创投作为一家全球化运作的基金，将助力卡谷早日成长为世界知名的家具家居品牌。" 编辑 | 袁斯来 「卡谷电商」成立于2024年5月，总部位于日本东京，专注于整合中国家具供应链资源，通过品牌化运 营为日本等海外市场提供高性价比、高丰富度的家具家居产品。初期，卡谷电商将重点聚焦于日本市 场，致力于为日本消费者提供高品质、高性价比的家具家居产品。公司以"中国供应链+日本品牌"模式 为核心，聚合国内成熟品牌及工厂的商品，销售给海外消费者。目前平台已上线超2500款商品，SKU接 近3万，涵盖沙发、桌椅、床垫、人体工学椅等大件家具，计划年底将商品数量提升至5000至8000款。 目前，卡谷电商已启动品牌升级计划，即将签约日本国民级球星本田圭佑为代言人，强化本土信任度。 公司计划今年内拓展韩国、东南亚等东亚市场，并进一步优 ...

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company's performance in North America has stabilized, while European operations continue to grow, with Q1 results exceeding expectations [1][5]. - In 2024, the company achieved revenue of 8.45 billion yuan, a year-on-year increase of 5.9%, with a net profit attributable to shareholders of -151 million yuan [5][15]. - The company is expected to see a profit rebound, with projections for net profit in 2025 and 2026 at 307 million yuan and 464 million yuan respectively [15]. Revenue Performance - In Q1 2025, the company reported revenue of 2.04 billion yuan, a year-on-year increase of 12.3%, and a net profit of 58.72 million yuan, up 196.2% [5][7]. - Domestic and overseas sales for 2024 were 1.48 billion yuan and 6.75 billion yuan respectively, with year-on-year growth of 3.5% and 6.7% [6]. - The company's self-owned brand revenue reached 1.13 billion yuan domestically, reflecting a 3.6% increase [6]. Profitability Analysis - The overall gross margin for 2024 was 36.9%, a decrease of 1.5 percentage points year-on-year [10]. - In Q1 2025, the gross margin improved to 39.4%, an increase of 0.8 percentage points year-on-year [12]. - The gross margin for the company's self-owned brand in 2024 was 46.0%, down 0.7 percentage points [10]. Cost Structure - The company's expense ratio for 2024 was 35.0%, an increase of 0.7 percentage points year-on-year [13]. - In Q1 2025, the expense ratio decreased to 34.8%, down 0.7 percentage points year-on-year [13]. Future Outlook - The report anticipates a rebound in profits due to the return of manufacturing to the U.S. and domestic demand stimulation policies [14]. - Revenue forecasts for 2025-2027 are maintained, with 2027 revenue projected at 12.73 billion yuan [15]. - The company is expected to benefit from reduced reliance on major clients, with the top five clients accounting for 16.2% of revenue in 2024, down 5.7 percentage points year-on-year [14].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in North America has stabilized, while European operations continue to grow, with Q1 results exceeding expectations [1][5] - In 2024, the company achieved revenue of 8.45 billion yuan, a year-on-year increase of 5.9%, with a net profit attributable to shareholders of -151 million yuan [5][15] - The company is expected to see profit recovery, with projections for 2025-2027 indicating a gradual increase in revenue and net profit [15] Revenue Performance - In Q1 2025, the company reported revenue of 2.04 billion yuan, a year-on-year increase of 12.3%, and a net profit of 58.72 million yuan, up 196.2% [5][15] - Domestic and overseas sales for 2024 were 1.48 billion yuan and 6.75 billion yuan, respectively, with year-on-year growth of 3.5% and 6.7% [6] - The company's self-owned brand achieved revenue of 1.13 billion yuan domestically, reflecting a 3.6% increase [6] Profitability Analysis - The overall gross margin for 2024 was 36.9%, a decrease of 1.5 percentage points year-on-year [10] - In Q1 2025, the gross margin improved to 39.4%, an increase of 0.8 percentage points year-on-year [12] - The gross margin for the company's self-owned brand in 2024 was 46.0%, down 0.7 percentage points [10] Cost Structure - The company's expense ratio for 2024 was 35.0%, an increase of 0.7 percentage points year-on-year [13] - In Q1 2025, the expense ratio decreased to 34.8%, down 0.7 percentage points year-on-year [13] Future Outlook - The report highlights the potential for profit elasticity due to the return of manufacturing to the U.S. and domestic demand stimulation [14] - Revenue forecasts for 2025-2027 are maintained, with 2027 revenue projected at 12.73 billion yuan [15] - The company is expected to benefit from reduced reliance on major clients, with the top five clients accounting for 16.2% of revenue in 2024, down 5.7 percentage points year-on-year [14]