AI播客：换个方式听新闻 下载mp3 衡量关税复杂性的基准是所谓的"关税书"——正式名称为《美国协调关税税则》（Harmonized Tariff Schedule of the United States）——这是进口商确认需向政府缴纳多少费用的核心参考依据。 音频由扣子空间生成 美国关税格局日益复杂的局面已持续数月，但2026年的到来提供了一个直接的衡量标准，让人看清 在"特朗普2.0"时代开启一年后，美国进口商必须处理多少额外的文书工作。 刚刚发布的2026年"基础"版本篇幅已超过4500页，这比去年多出了100多页（相比2017年特朗普首次上 任时增加了800页）。 这只是表明2026年迄今为止企业面临的复杂性增加且伴随巨大不确定性的一个指标，目前最高法院正在 权衡这个新的监管迷宫中有多少能通过法律审查。 企业以及负责计算关税的港口长期以来一直认为，关税的复杂性是一个日益沉重的负担。 加图研究所（Cato Institute）贸易政策研究部副总裁Scott Lincicome在去年年底深入研究了复杂性问题， 发现"在美国关税体系中导航已从相对容易变得极其困难"，其给企业带来的经济成本"可能是惊人的"。 ...

Summary of Tuhu's Conference Call Company Overview - Tuhu operates in the automotive aftermarket industry, focusing on tire sales and automotive maintenance services. The company has expanded its business model through a franchise system, aiming to enhance brand value and customer retention [1][2]. Key Points and Arguments - **Expansion Plans**: Tuhu plans to have approximately 6,900 franchise stores and 140 self-operated stores by the end of 2024, leveraging a strong supply chain management system to achieve economies of scale and improve user repurchase rates from 31% in 2019 to 55% in 2022 [1][2]. - **Comparison with U.S. Market**: Tuhu is compared to leading U.S. automotive parts companies, which typically have over 5,000 stores and gross margins exceeding 36%, with some reaching 50%. Tuhu aims to replicate this model in China [1][5]. - **Revenue and Profitability**: Online orders account for over 70% of Tuhu's revenue. The company expects double-digit revenue growth from 2025 to 2026, with net profit margins increasing by 0.4 percentage points annually [1][7]. - **Product Diversification**: Tuhu has expanded its product offerings from standard tires to include maintenance products and oils, and is also venturing into quick repair services [1][8]. - **Supply Chain Management**: Tuhu's supply chain management allows for strong control over inventory and service quality, with all franchise store inventory owned by Tuhu. This has led to improved operational efficiency, as indicated by the increase in accounts payable to inventory ratio from 1.61 in 2019 to 2.16 in 2023 [1][4][9]. - **Private Label Brands**: Tuhu's own and exclusive brands now account for nearly 60% of sales, a significant increase of about 40 percentage points since 2019, enhancing its gross margins [1][3][10]. - **SKU Management and Inventory Turnover**: Tuhu manages over 66,000 automotive product SKUs with a robust three-tier warehouse network. The company maintains an inventory turnover period of around 60 days, reflecting strong fulfillment and inventory management capabilities [1][11]. - **Franchise Profitability**: The profitability of Tuhu's franchise stores has increased from 86% in 2019 to 93% in 2023, with an average payback period of 15 to 19 months for franchisees [1][12][13]. - **Future Profit Projections**: Tuhu anticipates adjusted net profits of HKD 440 million and HKD 910 million for 2025 and 2026, respectively, supported by product structure upgrades and a growing number of stores [1][14]. Additional Important Insights - **Market Positioning**: Tuhu's strategy of focusing on supply chain efficiency and customer service quality positions it well against competitors in the automotive aftermarket [1][6]. - **Investment Valuation**: Based on growth potential and market comparisons, Tuhu is assigned a 25x PE valuation, suggesting a reasonable market capitalization range of HKD 16.1 billion to HKD 20.2 billion [1][14].