在美国跨境电商供应链体系中，海外仓承担着 "货品集散枢纽" 的核心角色，而卡车公司则是连接这一枢纽与港口、零售商、终端消费者的 "流动脉络"。二 者的合作并非简单的 "运输委托"，而是围绕 "高效履约、成本优化、风险可控" 形成的深度协同 —— 从集装箱到仓的头程接驳，到仓内货品的区域分拨， 再到末端的 B2B/B2C 配送，每一个环节的衔接质量，都直接决定着跨境商品的流通效率与消费者体验。 跨境物流的时效损耗，往往出现在 "货品到仓" 与 "运输出库" 的衔接环节。为解决这一问题，海外仓与卡车公司会建立 "预约到港 + 优先卸货" 机制：当集 装箱从港口提柜后，卡车公司会提前 24 小时向海外仓发送到仓预约，明确货品类型、数量及卸车需求；海外仓则根据预约顺序预留装卸工位与仓储空间， 避免卡车到仓后等待拥堵。数据显示，这种协同模式可将卸车效率提升 30%，大幅缩短货品从 "到港" 到 "可出库" 的间隔时间。 一、运力适配：从 "按需匹配" 到 "定制化供给" 海外仓的货品类型与流通需求，决定了卡车公司的运力供给逻辑。对于日常 B2B 补货场景（如向线下门店、区域分销中心配送），卡车公司会根据货品批 量提供 ...

Group 1 - The fourth Global Digital Trade Expo, themed "Seeing the Innovative Future in Digital Trade," opened on September 25 in Hangzhou, attracting 154 countries and regions, 33 international organizations, and over 1,800 companies, with more than 42,000 professional buyers attending, marking a historic scale and impact [1] - The number of international buyers registered for this year's expo reached 11,000, a 64% increase compared to the previous year [1] - Indonesia, as the guest country, has expressed procurement intentions exceeding 5 billion yuan for new capital construction and digital transformation, with total procurement expected to reach 30 billion yuan [1] Group 2 - E-commerce has become a strong driver for the development of small and micro enterprises in Indonesia, with over 66% reporting annual revenue growth post-digital transformation, and the highest growth rate reaching 50% [2] - Ozon Global, a Russian cross-border e-commerce platform, has served over 13,000 Chinese sellers, with a 15-fold increase in orders to China expected from 2023 to 2025 [2] - The digital economy advantages of China allow developing countries to share in the digital trade dividends, although issues like the "digital divide" and "information barriers" still exist [2] Group 3 - The "Silk Road E-commerce" Cooperation Development Report 2025 highlights that the internet penetration rate in the least developed countries and Africa is significantly lower than the global average, with high internet costs in Southeast Asia [3] - Global online sales are projected to reach $27 trillion by 2025, up from $17 trillion six years ago, with nearly two-thirds of people shopping online, while only 5.8% of the least developed countries participate [3] - China's practices in digital economy showcase potential and scale, providing valuable experiences for other developing economies, with platforms empowering small businesses and rural communities [3]

Core Viewpoint - The Fourth Global Digital Trade Expo highlights significant opportunities for cooperation in the e-commerce supply chain between China and "Silk Road e-commerce" partner countries, emphasizing the transformation of cross-border logistics models [1] Group 1: E-commerce Cooperation - The "Silk Road E-commerce Cooperation Development Report (2025)" indicates vast potential for collaboration in the e-commerce industry chain between China and partner countries [1] - The report underscores the importance of enhancing supply chain efficiency and resilience through international partnerships [1] Group 2: Logistics Transformation - China is accelerating the construction of a global overseas warehouse network, marking a fundamental shift in cross-border logistics [1] - The rapid growth in the number and scale of overseas warehouses signifies a transition from simple goods transfer stations to comprehensive supply chain hubs that offer high-value services such as storage, distribution, after-sales, and returns [1] - This transformation is driving the restructuring of cross-border e-commerce supply chains [1]

Core Viewpoint - SF Holding reported a strong performance in the first half of 2025, with revenue reaching 146.9 billion yuan, a year-on-year increase of 9.3%, and a net profit of 5.74 billion yuan, up 19.4% from the previous year, driven by strategic innovations and enhanced global capabilities [1][9]. Group 1: Financial Performance - Revenue for the first half of 2025 was 146.9 billion yuan, representing a 9.3% increase year-on-year [1]. - The total package volume reached 7.85 billion, a growth of 25.7% year-on-year, outpacing the overall express delivery industry [1]. - Net profit attributable to shareholders was 5.74 billion yuan, reflecting a 19.4% increase compared to the previous year [1]. Group 2: Strategic Initiatives - The "Activate Operations" strategy has significantly improved organizational efficiency, with a 0.5% reduction in management expense ratio in the first half of 2025 [2]. - The company transitioned from a "management-type" to a "service support-type" organization, enhancing strategic planning and talent development [2]. - SF Holding shifted its incentive mechanism from traditional KPI rewards to a profit-sharing model, boosting frontline employee efficiency [2]. Group 3: Business Segments - The express logistics business generated 109.3 billion yuan in revenue, a 10.4% increase year-on-year, while the supply chain and international business revenue reached 34.2 billion yuan, up 9.7% [1]. - The time-sensitive express business achieved 63.23 billion yuan in revenue, growing 6.8% year-on-year, with an 18.6% increase in business volume [3]. Group 4: Market Positioning - SF Holding has maintained a leading position in the domestic market through a differentiated product strategy, focusing on deep penetration into various consumption scenarios [3]. - The company has developed integrated solutions for the apparel and footwear industry, addressing inventory turnover and reverse logistics challenges [3]. Group 5: Global Expansion - SF Holding's supply chain and international business continued to grow, supported by investments in global infrastructure, including the Ezhou Huahu International Airport and overseas warehouse networks [7][8]. - The company opened three international cargo routes in the first half of 2025, enhancing its global air freight network [7]. - As of June 2025, SF Holding's overseas warehouse resources exceeded 2.5 million square meters, covering major countries in the Asia-Pacific region [8]. Group 6: Comprehensive Growth Strategy - The company's growth is attributed to strategic innovations, multi-scenario penetration, and the enhancement of its global resource advantages, ensuring both short-term resilience and long-term development as a leading digital logistics solution provider [9].

Core Viewpoint - Lege Co., Ltd. reported a mixed performance in its 2025 mid-year financial results, with significant revenue growth but a decline in net profit, indicating potential challenges in profitability despite increased sales [1] Financial Performance - Total revenue reached 3.145 billion yuan, a year-on-year increase of 29.56% [1] - Net profit attributable to shareholders was 129 million yuan, down 19.47% year-on-year [1] - Gross margin decreased to 25.69%, down 18.06% year-on-year [1] - Net margin fell to 4.1%, a decline of 37.85% year-on-year [1] - Operating cash flow per share increased by 50.71% to 0.77 yuan [1] Accounts Receivable and Debt - Accounts receivable amounted to 418 million yuan, representing 124.32% of the latest annual net profit [1][11] - Interest-bearing liabilities increased to 2.774 billion yuan, a rise of 19.51% [1] Operational Insights - The increase in revenue was attributed to the growth of overseas warehouse operations, which saw a 66% year-on-year increase in income despite challenges from tariffs [12] - The company has been investing in automation and information technology to enhance operational efficiency and reduce costs [13] Market Position and Future Outlook - The company’s overseas warehouse business is expected to maintain profitability and scale, with a projected shipment volume exceeding 20 million pieces for the year [12] - The competitive landscape in the overseas warehouse sector is shifting towards operational efficiency and service reliability as key differentiators [13]

Summary of Lege's Conference Call Company Overview - **Company**: Lege Co., Ltd. - **Industry**: Smart Home and Cross-Border E-commerce Key Financial Highlights - **Revenue Growth**: In the first half of 2025, revenue increased by nearly 30% year-on-year, reaching 3.145 billion CNY [2][3] - **Net Profit Decline**: Net profit decreased by 26.58% year-on-year, primarily due to increased tariffs, management, and R&D expenses [2][3] - **Cost Control**: The company needs to focus on the effectiveness of cost reduction and efficiency improvement measures [2] Business Segments Performance - **Overseas Warehouse Business**: - Revenue grew by 84.27% year-on-year to 1.569 billion CNY, accounting for nearly 50% of total revenue [2][6] - Number of overseas warehouses reached 1,744, with shipment volume increasing over 120% year-on-year [2][6] - Expected annual shipment volume could reach 20 million [2][6] - Risk of declining gross margin noted [2][6] - **Ergonomic Products**: - Revenue increased by 3.48% year-on-year to 1.383 billion CNY, with independent site sales rising to 41% [2][7] - New product categories accounted for 20% of sales [2][7] - Impact from tariffs is significant, necessitating attention to pricing strategies and local production in the U.S. [2][7] - **Domestic Market**: - Achieved a slight revenue increase of 1%, with operating profit margin improving to 11% [2][7] - Focus on optimizing store profitability and e-commerce strategies for sustainable growth [2][7] Challenges and Risks - **Tariff Pressures**: Increased tariffs and regulatory scrutiny from U.S. customs are significant challenges [4][13][29] - **Rising Costs**: Management and R&D expenses have increased due to investments in new models and personnel [4][5] - **Competition in Overseas Warehousing**: Increased competition and narrowing price differences in overseas warehouse operations [4][10] Future Outlook - **Second Half of 2025**: - Anticipated acceleration in revenue growth due to the peak season for cross-border e-commerce and reduced leasing liabilities [2][8] - Profit improvement expected from cost reduction measures and operational efficiency [2][8] - Resilience in the dual business model of smart home products and overseas warehouses [2][8] Strategic Initiatives - **Automation and Information Technology**: Continued investment in automation and IT to enhance operational efficiency and service capabilities [4][10][11] - **Local Production Considerations**: Plans to localize production in the U.S. to mitigate tariff risks [4][13] - **Marketing and Brand Strategy**: Focus on brand strength and consumer insights to maintain competitive advantage despite higher costs compared to smaller competitors [28] Additional Insights - **Inventory Management**: Need to balance inventory levels with new orders and market demand to maintain profit margins [23][25] - **Cross-Border E-commerce Pricing**: Some product categories have seen price increases of 2-3% due to tariffs, but overall sales remain stable [22] - **Distribution Strategy**: Adjustments in distribution strategy to focus on profitable channels and reduce losses in underperforming segments [27] This summary encapsulates the key points from Lege's conference call, highlighting financial performance, business segment insights, challenges, future outlook, and strategic initiatives.

Core Viewpoint - The company reported a 29.6% increase in revenue to 3.145 billion yuan for 1H25, but a 19.5% decline in net profit attributable to shareholders to 129 million yuan, slightly below expectations due to increased last-mile delivery costs and challenges in the overseas warehouse business [1] Revenue Performance - Revenue for 1H25 increased by 29.6% to 3.145 billion yuan, with a quarterly breakdown showing a 37.7% increase in Q1 and a 22.6% increase in Q2 [1] - The overseas warehouse segment saw a significant revenue increase of 84.3% to 1.57 billion yuan, accounting for 49.9% of total revenue, driven by higher e-commerce penetration in the U.S. and the expansion of domestic cross-border enterprises [2] - The ergonomic product line generated 1.38 billion yuan in revenue, a 3.5% increase, with sales of ergonomic chairs, electric sofas, and electric beds doubling [2] Profitability and Margins - The gross margin for 1H25 decreased by 5.7 percentage points to 25.7%, influenced by the revenue structure shift towards overseas warehouses [3] - The gross margins for ergonomic products and overseas warehouses were 41.5% and 9.7%, respectively, with the latter experiencing a decline of 5.3 percentage points [3] - The net profit margin and adjusted net profit margin fell to 4.1% and 2.5%, respectively, due to high management expenses and the impact of new warehouse operations [3] Future Outlook - The ergonomic business is expected to grow steadily due to strong brand presence overseas and the introduction of new product categories [3] - The profitability of overseas warehouses is anticipated to improve as demand for cross-border e-commerce remains strong and operational efficiencies are realized [3] Earnings Forecast and Valuation - The company has revised down its net profit forecasts for 2025 and 2026 by 26% and 11% to 300 million yuan and 430 million yuan, respectively [4] - The current price corresponds to 17 and 12 times the projected P/E ratios for 2025 and 2026, with an 18% upside potential based on the maintained target price [4]

Core Insights - The article discusses the evolution of logistics methods in cross-border e-commerce, highlighting the transition from direct shipping to overseas warehouses and the lessons learned from various challenges faced during this process. Group 1: Challenges with Direct Shipping - Direct shipping from China to Russia resulted in slow delivery times, often taking 15-20 days, leading to high refund rates due to customer impatience [3][6] - The logistics were unstable, with frequent issues of lost packages and delays during transit [4] - Poor customer experience negatively impacted store ratings on platforms like Ozon and WB due to slow shipping [5] Group 2: Issues with Overseas Warehousing - Initial reliance on overseas warehouses led to overstocking, with thousands of items sent without accurate sales forecasts, resulting in high storage and unsold goods costs [7] - The company learned that inventory decisions should be data-driven rather than based on intuition, advocating for small batch testing before scaling up [8] Group 3: Importance of System Management - The company initially underestimated the importance of the management system provided by the overseas warehouse, leading to increased storage costs and sales pressure due to poor coordination [9] - A shift to utilizing system data for operational decisions helped improve the situation, emphasizing that the core of overseas warehousing is not just storage but also system and process management [9] Group 4: Localized Service Challenges - While overseas warehousing improved shipping speed, it did not address the complexities of returns, which are crucial for Russian customers [10][11] - The lack of a streamlined return process and local quality checks resulted in unsellable returned items and slow customer service, leading to negative reviews [12] - The realization that overseas warehouses can support localized operations, including returns and sorting, significantly improved customer satisfaction and operational efficiency [12]

Core Viewpoint - The cancellation of the $800 small package exemption policy by the U.S. is a significant disruption for cross-border e-commerce platforms and sellers, leading to a potential reshaping of the industry landscape [1][5]. Group 1: Impact on Cross-Border E-Commerce Platforms - Major players like TEMU and SHEIN have relied on the "small exemption + direct mail" model, which provided a competitive edge in the U.S. market [3]. - Following the policy change on May 2, TEMU has ceased direct shipments from China to U.S. consumers and is shifting to a "local to local" model, utilizing local sellers for U.S. market operations [3][4]. - The cancellation of the exemption policy is a heavy blow to small package direct mail models, but it presents a favorable opportunity for overseas warehouse services [4]. Group 2: Advantages of the Warehouse Model - The warehouse model involves bulk shipping goods to overseas warehouses, allowing sellers to avoid high direct mail tariffs and complex customs processes, thus reducing costs [4]. - This model enhances customer experience by shortening delivery times, as goods are shipped from local warehouses upon order [4]. - The industry consensus prior to the policy change indicated that the removal of the small package exemption would lead to a surge in overseas warehouse demand, which is now being validated by TEMU's strategic shift [4]. Group 3: Future Industry Trends - TEMU's changes are likely to influence other major platforms like SHEIN and TK to adopt similar strategies, potentially increasing the demand for overseas warehouses [4]. - The growing need for overseas warehouses will elevate their market position and drive significant growth in the industry [4][5]. - The current market dynamics present a critical opportunity for overseas warehouse companies to enhance service quality and operational efficiency, contributing to the overall transformation of the cross-border e-commerce sector [5].

Core Viewpoint - EDA Group Holdings reported a 23.2% increase in revenue to RMB 919 million for the six months ending June 30, 2025, while profit decreased by 35.6% to RMB 19.3 million [1] Financial Performance - Revenue increased by 23.2% to RMB 919 million [1] - Profit decreased by 35.6% to RMB 19.3 million [1] - Basic and diluted earnings per share were RMB 0.04 [1] - The board declared an interim dividend of HKD 0.035 per share [1] Business Development - The company expanded by establishing 5 new self-operated overseas warehouses in the US, Canada, and the UK, increasing total area by approximately 110,000 square meters [1] - The company is optimizing its warehouse network to reduce fulfillment costs and improve order delivery times, enhancing consumer shopping experience [1] - The company aims to build a long-term, stable, and self-operating warehouse network to support the introduction of logistics robots and other intelligent equipment for future smart upgrades [1] - As of June 30, 2025, the company has contracted 61 overseas warehouses covering three continents and over 40 cities [1]