好孩子国际(01086.HK)持续逆势增长。 5月8日，好孩子国际发布公告，截至2025年3月31日，实现营收20.35亿港元，同比增长7.5%，而按恒定 货币口径计算则增长9.7%。 好孩子国际表示，这一增长主要得益于CYBEX品牌在市场需求强劲的支持下，持续保持强劲增长，并 大幅提升了市场份额。Evenflo品牌的收入有所下降，主要由于低价位产品的销售下滑，但高价位产品 的销售增长部分抵消了这一下滑。 长江商报记者注意到，好孩子国际在2010年于香港上市之后就开始了国际化进程。2024年，公司欧非中 东印度市场实现销售收入37.72亿港元，同比增长18.87%；美洲市场实现销售收入31.7亿港元，同比增 长9.7%；亚太市场实现销售收入18.24亿港元，同比略有降低。总销售收入达到87.66亿港元。可以看 出，公司目前主要收入来源仍然是亚太外市场，而承载海外市场的品牌，主要为CYBEX、Evenflo。 2025年第一季度，公司战略品牌CYBEX收入11.453亿港元，占总营收的56.3%，同比增长17.6%，恒定 货币口径增长20.7%。Evenflo收入5.191亿港元，占总营收的25.5%，同比下降 ...

新华社北京5月2日电 新闻调查｜美国关税战之害的世纪警示 新华社记者曹筱凡 于荣 通胀预期高企、衰退预期提升、美元指数走低……美国新一届政府上台以来，关税政策带来的负面影响 超出市场预期，不仅给美国经济带来更多麻烦，也给全球经济带来更多不确定性。分析人士表示，美国 关税政策在世界上制造混乱和不确定性，对美国没有任何好处，是一场灾难。 这种反思让人不禁想起上世纪30年代，在国内日趋高涨的贸易保护主义压力下，胡佛政府推出《斯穆 特-霍利关税法》，大幅提高关税。此举不仅反噬美国国内经济，还搅乱了世界经济、加剧大萧条，成 为第二次世界大战爆发的诱因之一。 历史一再证明，贸易保护主义无法解决美国结构性经济困境，坚持"美国优先"，无视历史教训，必将损 人害己，造成经济活力下降、市场秩序混乱的困局。 "美国历史上最糟糕法案" 被称为"美国历史上最糟糕法案"的《斯穆特-霍利关税法》肇始于美国农产品保护之争。20世纪20年 代，欧洲农业从一战中恢复，作为美国战时主要出口商品的农产品价格下跌，美国农业利益集团游说联 邦政府保护农产品价格。 1929年，共和党籍总统胡佛上任后，着手提高农产品进口关税。其他产业利益集团也借机游说，推 ...

Summary of Conference Call Company Overview - The conference call primarily focused on the analysis of Ains, a company in the maternal and infant products sector, and its recent deep report [1][2] - Ains was established in 1997, initially focusing on the sales of milk powder and has since expanded its business through acquisitions and internal integration [3][4] Financial Performance - Revenue projections for Ains from 2024 to 2026 are estimated at approximately 3.6 billion, 4 billion, and 4.5 billion respectively, with year-on-year growth rates of 7%, 10%, and 12% [2] - The company has maintained a revenue growth rate of around 10% over the past decade, with significant increases in revenue growth rates from 17.5% in 2021 to 36.5% in 2022 [4][5] - For the first three quarters of 2024, the company's revenue was approximately 2.47 billion, reflecting a year-on-year growth of about 2% [5] Business Segments - Ains' primary revenue driver is its milk powder segment, which has consistently contributed 50% to 60% of total revenue [6] - The company is also expanding its product offerings in other food categories and self-owned brands, with a focus on enhancing its online sales channels [6][7] - The online sales channel has seen growth from 5.16% in 2020 to nearly 20% in the first three quarters of 2024 [7] Market Dynamics - The maternal and infant market is facing challenges due to declining birth rates, but recent government policies aimed at encouraging childbirth are expected to stimulate market growth [8][9] - Specific examples include the successful implementation of birth subsidies in regions like Hubei and Hohhot, which have shown positive impacts on birth rates [9][10] Competitive Advantages - Ains has a strong offline presence with nearly 500 stores, primarily concentrated in East China, which provides a competitive edge in customer engagement [11][12] - The company is adapting its store formats to smaller sizes to enhance efficiency and customer flow, with a significant portion of stores now being around 300 square meters [13][14] IP Business Collaboration - Ains is collaborating with Bandai Namco on IP business, which is expected to become a significant growth driver for the company [19] - The partnership focuses on leveraging popular IPs such as Gundam, Dragon Ball, and One Piece, which have substantial revenue contributions [20][21] - Ains plans to expand its IP-related retail presence, with expectations to open more stores in various cities [23][24] Future Outlook - The company aims to increase its share of private label products from 12% in 2024 to 20% in the next two to three years, which is anticipated to enhance profit margins significantly [17][18] - Overall, Ains is positioned to benefit from both the maternal and infant market recovery due to supportive policies and its strategic IP collaborations, indicating a positive growth trajectory [25]