Core Insights - The 2025 China Cross-Border E-Commerce Logistics Conference will be held in Shenzhen, focusing on themes of breaking through, innovation, going global, and localization [13][10] - The event will gather over 1,000 industry guests, including cross-border e-commerce platforms, logistics service providers, and supply chain companies, to discuss industry trends and global strategies [13][14] - Dafen Logistics has been recognized with two awards for its outstanding performance and innovative services in the cross-border e-commerce logistics sector [11][12] Event Highlights - The conference will feature over 20 prominent speakers from leading organizations, including BCG Consulting and top shipping analysis firms, as well as successful companies like Midea and Lekong [14] - An industry resource matching session will be held to facilitate high-end resource connections, promoting collaboration and market prosperity [15] Company Overview - Dafen Logistics, established in 2010, specializes in providing customized global logistics services for cross-border e-commerce sellers and has evolved into a comprehensive logistics service provider [16][22] - The company has expanded its operations with branches in over 20 cities in China and several countries, including the USA, France, Germany, and the UK, offering services such as collection, consolidation, and storage [18] - Dafen Logistics is recognized as an Amazon SPN logistics service provider and has received multiple industry accolades, establishing a strong brand presence in the logistics sector [20]

Core Viewpoint - The new policy completely abolishes the registration requirement for cross-border e-commerce export overseas warehouse business models, allowing companies to directly engage in overseas warehouse operations with only basic registrations required [2][3]. Policy Basis and Effective Date - The policy is based on the General Administration of Customs Announcement No. 167 of 2024 and will take effect on December 15, 2024 [2]. Impact Analysis - **Supply Chain Flexibility**: Companies can freely choose and switch third-party overseas warehouse resources globally, enabling a plug-and-play supply chain layout [3]. - **Decision-Making Efficiency**: The cancellation of the registration process reduces preparation time from weeks to zero, allowing companies to quickly respond to market opportunities [3]. - **Reduction of Transaction Costs**: The reform cuts down on administrative costs in terms of time, manpower, and communication, enabling companies to focus more on core business development [3]. Transformation of Overseas Warehouse Operations - The cancellation of registration transforms overseas warehouses from fixed assets requiring approval into on-demand, scalable cloud services, facilitating global, agile, and intelligent supply chain management [4]. Tax Refund Process - **Sales Achieved at Declaration**: Companies can directly process tax refunds according to existing export tax refund regulations [6]. - **Sales Not Achieved at Declaration**: Companies can apply for pre-tax refunds under the "departure tax refund" model and must accurately fill in the "overseas warehouse pre-refund" identifier in the declaration details [7]. - **Core Tax Policy**: The policy implements "departure tax refund, sales accounting afterward," allowing companies to apply for tax refunds immediately after goods leave the country [8]. Cash Flow Improvement - The new policy significantly shortens the tax refund cycle from several months to weeks after departure, alleviating the financial burden on companies [9]. - For example, a company exporting goods worth 10 million yuan with a 13% tax refund rate would previously wait about six months for a 1.3 million yuan refund. Under the new policy, the refund process can start immediately after departure, enhancing capital efficiency by over 30% [10]. Regulatory Framework - The adjustment is part of a broader regulatory framework involving four key systems that work together to create a "trust-based supervision" model [13]. - **Customs Side**: Simplification of entry requirements, cancellation of overseas warehouse registration, and expansion of pilot programs for post-shipment inspections [14]. - **Tax Side**: Implementation of the "departure tax refund" model and clear guidelines for "overseas warehouse pre-refund" [14]. - **Information Side**: Regularized strong reporting of tax-related information to support accurate data verification by tax authorities [14]. Compliance and Legal Responsibilities - Companies must retain sales evidence within 15 days after sales are realized, ensuring the documentation is genuine and complete [16]. - Failure to comply with documentation requirements may result in tax recovery and potential penalties, with tax authorities initiating investigations for suspected tax fraud [16].

Group 1 - The global e-commerce market is experiencing stable growth in penetration rates following a rapid increase during the pandemic, with significant growth observed in emerging markets such as Asia and Latin America, driving the expansion of overseas warehouse operations [1] - The demand for improved logistics experiences from buyers is rising, with 75% of buyers expecting orders to be delivered within 5 days, highlighting the advantages of the proximity delivery model offered by overseas warehouses [3] - The rise of the semi-managed model is becoming a new engine for the growth of overseas warehouse businesses, providing sellers with new sales channels and achieving dual goals of traffic capture and operational autonomy [3] Group 2 - In response to increasing uncertainty in global tariff policies, sellers are adopting regional risk-hedging inventory strategies, with a shift towards overseas warehouse models to mitigate policy risks and enhance overall logistics efficiency [3] - The expected shift towards semi-managed models by major platforms by 2025, influenced by tariff policies, will further solidify the core position of overseas warehouses in the cross-border e-commerce logistics system [3]

Core Insights - The shipping rates for routes from Shanghai to the U.S. West Coast and East Coast have increased significantly, with a rise of 31.9% and 16.4% respectively [1][2] - The overall shipping demand remains stable, contributing to a rebound in the container shipping market in China, as indicated by a 12.9% increase in the Shanghai Export Container Freight Index [2] - The ongoing U.S.-China trade tensions and tariff fluctuations are disrupting trade expectations and affecting the rhythm of export shipments [2][3] Shipping Rates and Market Trends - As of October 17, the Shanghai Export Container Freight Index reached 1310.32 points, reflecting a 12.9% increase from the previous period [2] - The market rates for shipping from Shanghai to the U.S. are now $1936 per FEU for the West Coast and $2853 per FEU for the East Coast [2] - The shipping rates to Europe have also seen an increase, with the rate to European ports at $1145 per TEU, up 7.2% [4] Trade Dynamics - China's exports to the U.S. have decreased by 27% in September, marking six consecutive months of negative growth, while exports to the EU have increased by 14.2% [4] - The trade environment is characterized by a cautious sentiment among businesses, with many opting to observe policy developments closely [3][4] - The introduction of new port service fees by the U.S. and China's retaliatory measures are expected to further complicate the trade landscape [2][3] Company Performance - DSV Group reported a 2% year-on-year increase in container transport volume in the first half of the year, driven by a focus on high-growth sectors such as perishables and semiconductors [5] - The company is facing profit pressures due to currency fluctuations and trade uncertainties, despite the increase in business volume [5]

Core Insights - The company adopts a "bulk stocking + local warehousing" model to mitigate the impact of the 100% additional tariffs announced by Trump, allowing for significant reductions in customs costs compared to direct shipping [1][3] - The model ensures compliance with local delivery regulations, effectively avoiding the high customs risks associated with small parcel exemptions [3][4] Cost Optimization - The logistics costs are structurally reduced through a combination of "ocean freight + local delivery," achieving a cost reduction of 30%-50% for U.S. routes and over 45% for European routes [3][4] - For example, shipping a 10-kilogram appliance directly to the U.S. costs about $80, while using the overseas warehouse model reduces this to $35-$40 [3] Efficiency in Fund Turnover - The company leverages the "9810" export tax rebate policy to provide a "tax refund upon departure" service, reducing the average tax refund cycle from 3 months to under 45 days, enhancing cash flow for businesses [4] Enhanced Customer Experience - The overseas warehouses enable next-day or two-day delivery across major global markets, significantly improving service speed compared to the 7-15 days typical of direct shipping [5] - Additional services such as local returns and repairs have reduced return processing time from 1 month to 3-5 days, increasing customer satisfaction to over 92% [5] Intelligent Operational Empowerment - The company has developed a warehouse management system that synchronizes with major e-commerce platforms, enabling AI-driven sorting, dynamic inventory alerts, and multi-channel shipping coordination [6] - This system allows real-time monitoring of global inventory distribution, reducing the risk of unsold stock by 30%, particularly during peak seasons [6] Network Resilience - The company operates over 30 self-owned overseas warehouses across key markets, with a total area exceeding 500,000 square meters, allowing for flexible inventory adjustments in response to tariff changes [6][7] - For instance, in the event of U.S. tariff increases, inventory can be shifted to warehouses in Mexico or Canada to mitigate policy risks [6] Policy Benefits - The company aligns with domestic policies promoting overseas warehouse development and is included in key service enterprise lists, providing clients with policy declaration and compliance training [7] - Utilizing policy-supported cross-border logistics routes further reduces initial transportation costs and enhances supply chain resilience [7]

Core Insights - The collaboration between overseas warehouses and trucking companies is essential for efficient cross-border e-commerce logistics, focusing on "efficient fulfillment, cost optimization, and risk control" [1] Group 1: Capacity Adaptation - Trucking companies provide customized transportation solutions based on the type of goods and flow demands from overseas warehouses, utilizing LTL (Less Than Truckload) and FTL (Full Truckload) options [2] - For special categories like large appliances or temperature-sensitive goods, tailored transportation tools are employed to ensure efficient transfer and compliance with temperature regulations [2] Group 2: Timeliness Coordination - A "reservation and priority unloading" mechanism is established to enhance unloading efficiency, potentially increasing it by 30% and reducing the time from "arrival at port" to "available for dispatch" [3] - Route optimization is implemented for last-mile delivery, reducing empty runs and compressing delivery times to 1-3 days [3] Group 3: Seasonal Preparedness - During peak sales seasons, such as Black Friday and Christmas, both parties enter a "preparation mode" to reserve capacity and streamline sorting and loading processes, preventing order backlogs [5] - Emergency coordination is crucial for handling unexpected situations like port congestion or road restrictions, ensuring timely updates and adjustments to delivery schedules [5] Group 4: Data Interconnectivity - Integration of Warehouse Management Systems (WMS) and Transportation Management Systems (TMS) allows for real-time data sharing, enhancing inventory management and optimizing dispatch processes [6] - Efficient handling of reverse logistics is facilitated through data synchronization, enabling quick processing of returns and minimizing inventory waste [6] Group 5: Collaborative Resilience - The partnership between overseas warehouses and trucking companies creates a symbiotic relationship that enhances the resilience of cross-border logistics, reducing costs and improving supply chain flexibility [7]

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]