为加快构建完善统一的绿色产品认证与标识体系，规范绿色产品认证活动和绿色产品标识使用，1月4 日，市场监管总局会同有关部门修订发布新版《绿色产品认证与标识管理办法》，这标志着我国绿色产 品认证与标识体系从单一标识管理向认证全链条监管转变。 加大力度推广绿色产品认证，能够增加绿色产品供给，提升产品质量，带动企业和产业的高质量发展。 新版管理办法立足"统一产品目录、统一评价标准、统一认证规则、统一产品标识"原则，从认证体系、 认证实施、认证证书、绿色产品标识、监督管理等方面，规范了绿色产品认证活动和绿色产品标识的使 用。 此前，绿色产品市场长期面临认证标准不一、标识混乱的问题，这不仅让消费者在选购时无从分辨，也 挫伤了企业进行绿色产品认证的积极性。业内专家认为，新规出台，将有效打消消费者的选购顾虑，激 活绿色消费市场活力。 截至目前，我国绿色产品认证目录共覆盖包括电子电器、家具、建材、快递包装、纺织品等在内的122 种与消费者密切相关的产品。我省共获得绿色产品认证证书352张，获证数量跻身全国前十。近年来， 我省各级市场监管部门积极推动绿色产品认证工作，深入产业园区开展政策宣贯，为试点企业提供"一 企一策"认证提升 ...

本报北京1月4日讯（记者郭静原）记者从市场监管总局获悉，市场监管总局会同有关部门近日修订发布 《绿色产品认证与标识管理办法》。这是我国首次对绿色产品认证活动系统性作出全面、统一规范，标 志着我国绿色产品认证与标识体系从单一标识管理向认证全链条监管的重大转变。 据介绍，办法立足"统一产品目录、统一评价标准、统一认证规则、统一产品标识"原则，聚焦绿色产品 认证活动全过程监管，明确体系分级分类管理思路，清晰界定绿色产品全项认证与分项认证的适用场 景。同时，《管理办法》对认证实施、证书管理、标识使用以及监督责任等内容作出细化规定，明确各 相关方的主体责任，为相关工作提供明确指引。 据统计，截至目前，绿色产品认证目录共覆盖包括电子电器、家具、建材、快递包装、纺织品等在内的 122种与消费者密切相关的产品，有效认证证书近4万张，涉及获证企业8000余家。 （文章来源：经济日报） ...

下一步，国家市场监管总局将持续完善绿色转型支持政策，健全市场化机制。(完) （文章来源：中国新闻网） 中新社北京1月4日电 (记者刘亮)中国国家市场监管总局4日公布，其近日会同有关部门修订发布《绿色 产品认证与标识管理办法》(以下简称《管理办法》)。这是中国首次对绿色产品认证活动系统性作出全 面、统一规范，标志着中国绿色产品认证与标识体系从单一标识管理向认证全链条监管的重大转变。 此次修订发布的《管理办法》立足"统一产品目录、统一评价标准、统一认证规则、统一产品标识"原 则，聚焦绿色产品认证活动全过程监管，明确体系分级分类管理思路，清晰界定绿色产品全项认证与分 项认证的适用场景。同时，《管理办法》对认证实施、证书管理、标识使用以及监督责任等内容作出细 化规定，明确各相关方的主体责任，为相关工作提供明确指引。 截至目前，绿色产品认证目录共覆盖包括电子电器、家具、建材、快递包装、纺织品等在内的122种与 消费者密切相关的产品，有效认证证书近4万张，涉及获证企业8000余家。 ...

Financial Data and Key Metrics Changes - Third quarter sales were just over $1 billion, down 6% year-over-year, primarily due to soft demand in residential end markets and sales attrition from the divestiture of the aerospace business [8][11] - Third quarter EBIT was $171 million, and adjusted EBIT was $73 million, a $3 million decrease year-over-year, primarily from lower volume [11] - Third quarter earnings per share were $0.91, with adjusted EPS at $0.29, a $0.03 decrease year-over-year [11] - Operating cash flow for the third quarter was $126 million, an increase of $30 million compared to the third quarter of 2023 [11][12] - Total debt was reduced by $296 million in the third quarter, bringing total debt reduction for the year to $367 million [11][12] Business Line Data and Key Metrics Changes - Bedding product sales decreased 10% year-over-year but improved 3% sequentially [8] - Specialized product sales declined 7%, while furniture, flooring, and textile product sales were flat year-over-year [8] - U.S. mattress industry production improved sequentially but remained negative year-over-year, with total market consumption expected to decline low single digits for the full year [9][10] Market Data and Key Metrics Changes - The U.S. spring unit volume was in line with mattress consumption and domestic production volumes, both estimated to have declined low single digits [8] - Domestic mattress production improved sequentially, marking the second consecutive quarter of improvement, but remained negative year-over-year [9] - The automotive supply chain risks, including availability of aluminum and semiconductors, have begun impacting the industry, although no material impact has been experienced to date [10] Company Strategy and Development Direction - The company is reaffirming the midpoint of its full-year sales and adjusted EPS guidance, with sales expected to be $4.0 billion-$4.1 billion, down 6%-9% versus 2024 [14] - The restructuring plan is nearing completion, with expected annualized EBIT benefits of $60 million-$70 million [13][14] - The company aims to focus on organic growth, funding strategic acquisitions, and returning cash to shareholders through dividends and share repurchases [15][57] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about tariffs potentially driving inflation and impacting consumer confidence and demand [6][7] - The company remains focused on providing high-quality, innovative products while navigating a dynamic operating environment [7][16] - Management highlighted a robust innovation pipeline and partnerships with customers to develop products tailored to market needs [16][17] Other Important Information - The company completed the divestiture of its aerospace business, using proceeds to pay down commercial paper and reduce net debt [4][5] - Total liquidity at the end of the quarter was $974 million, comprised of $461 million in cash and $513 million in revolving credit capacity [13] Q&A Session Summary Question: Benefits from cost actions and restructuring - Management noted that restructuring efforts are meeting or exceeding expectations, with no customer disruptions and a projected annualized EBIT benefit of $60 million-$70 million [22][24] Question: Demand environment in bedding - Management characterized the market as stable, with sequential improvement in sales, but acknowledged ongoing challenges from macroeconomic factors [26][30] Question: Capital expenditure plans for 2026 - Management indicated that normalized CapEx is expected to be around $100 million, with ongoing funding for growth initiatives [32] Question: Segment margins for the year - Bedding segment margins are expected to be up 200 basis points, while specialized segments are projected to increase by 50 basis points [33] Question: Growth opportunities post-restructuring - Management sees significant growth potential in finished bedding and innovation, with a focus on private label products [52][53] Question: Future trajectory of textiles business - Management highlighted the potential for bolt-on acquisitions in textiles, leveraging successful past strategies [76][77]

Core Insights - Azerbaijan's industrial output for January to September 2025 is reported at 473 million manats (approximately 278 million USD), reflecting a year-on-year decline of 1% [1] Industry Breakdown - The industrial output composition includes: - Extractive industries: 60.9% - Manufacturing: 32.7% - Production and distribution of electricity, gas, and heating: 5.4% - Water supply and waste management: 1% [1] Extractive Industries - Oil production decreased by 4.6% - Natural gas production increased by 2.8% [1] Manufacturing Sector Performance - Notable growth in: - Pharmaceutical manufacturing: +96.8% - Wood products manufacturing: +59.2% - Textile manufacturing: +27.6% - Food manufacturing: +10.5% - Rubber and plastics manufacturing: +9.7% - Tobacco products manufacturing: +9.5% - Machinery manufacturing: +6.5% - Chemical manufacturing: +5.6% - Oil products manufacturing: +0.4% [1] - Declines observed in: - Beverage manufacturing: -3% - Machinery installation and repair: -5.7% - Building materials manufacturing: -6.3% - Furniture manufacturing: -6.8% - Metal products manufacturing: -8.7% - Metallurgical products manufacturing: -11.7% - Clothing manufacturing: -13.6% - Electrical equipment manufacturing: -14.4% - Leather and footwear manufacturing: -20.1% - Printing products manufacturing: -22.3% - Manufacturing of cars, trailers, and semi-trailers: -24.9% - Computer, electronic, and optical products manufacturing: -26.7% - Paper and cardboard manufacturing: -26.8% [1]

Investment Rating - The report provides a positive outlook on the Southeast Asia consumer sector, indicating a general upward trend in consumer valuations across various markets [2][5]. Core Insights - Inflation rates have shown a decline in Indonesia, Thailand, and Singapore, while Vietnam continues to experience robust retail growth [3][4][25]. - Consumer confidence in Indonesia has slightly decreased, reflecting gradual adjustments rather than a sharp decline, with the index at 117.2 in August 2025 [17]. - The retail sales in Vietnam have demonstrated strong growth, with a year-on-year increase of 10.6% in August 2025 [39]. Economic Data Summary - **Indonesia**: The GDP growth rate for Q2 2025 was 5.1%, with manufacturing as a key driver [13]. The CPI in August 2025 increased by 2.31% year-on-year, indicating a slowdown in inflation across various categories [14]. - **Thailand**: The GDP growth for Q2 2025 was 2.8%, with a notable decline in the CPI by 0.79% in August, marking the lowest level since January 2024 [21][19]. - **Singapore**: The GDP growth for Q2 2025 was 4.3%, with the CPI falling to 0.5% in August, the lowest since January 2021 [28][25]. - **Vietnam**: The GDP growth rate for the first half of 2025 reached 7.52%, with a strong manufacturing sector contributing significantly [34]. Market Performance Summary - In August 2025, major market indices in Southeast Asia showed positive performance, with Vietnam's market rising by 12.5% [11][12]. - Consumer sectors in Indonesia outperformed the overall index, with essential and discretionary consumption rising by 14.9% and 15.7%, respectively [5][11]. - Valuation levels for consumer sectors have generally increased, with Indonesia's essential consumption PE at 2% and discretionary at 70% historical percentiles [5].

Group 1 - The event celebrated the 75th anniversary of diplomatic relations between China and Switzerland, highlighting the deepening economic ties and the role of Swiss companies in China [1][2] - Switzerland has become China's sixth largest trading partner in Europe, while China is Switzerland's largest trading partner in Asia, with significant trade growth since the 2014 free trade agreement [1][2] - In the first half of 2025, the trade volume between China and Switzerland was $23.33 billion, with a notable decrease of 42.9%, while exports from China to Switzerland increased by 20.3% [1] Group 2 - The Swiss Federal Council President emphasized the transformation of trade relations over the past decades, noting that Swiss exports to China have nearly doubled since the free trade agreement [1] - The China-Switzerland Business Awards aim to recognize outstanding contributions to bilateral business cooperation, focusing on innovation, sustainability, digital transformation, and talent development [2] - The event also introduced a new Heritage Award for companies with significant Swiss branding that have operated in China for over 20 years [2][3]

Financial Data and Key Metrics Changes - Second quarter sales were $1.1 billion, down 6% compared to 2024, primarily due to soft demand in residential end markets, automotive, and hydraulic cylinders, along with restructuring-related sales attrition [14][15] - Adjusted EBIT for the second quarter was $76 million, up $4 million from the previous year, driven by metal margin expansion and disciplined cost management [18] - Adjusted EPS for the second quarter was $0.30, a 3% increase from $0.29 in the same quarter last year [18][23] - Total debt was reduced by $143 million to $1.8 billion, with total liquidity at $878 million [19][20] Business Line Data and Key Metrics Changes - Bedding product sales decreased by 11% year-over-year, with weakness in mattresses and adjustable bases offsetting strong trade rod and wire sales [15][16] - Specialized products saw a 5% decline in sales, with aerospace growth of 6% year-over-year offset by declines in automotive and hydraulic cylinders [17] - Furniture, flooring, and textile product sales were down 2%, with positive growth in work furniture and textiles but declines in home furniture and flooring products [15][18] Market Data and Key Metrics Changes - The mattress market volume is expected to decline mid-single digits for the full year, with domestic production down high single digits [16] - Tariff impacts have varied across businesses, with some segments experiencing disruptions while others have seen benefits from increased metal margins [8][11] - The company is actively engaged in mitigating tariff impacts by shifting production and sourcing to less affected regions [8][12] Company Strategy and Development Direction - The company is nearing completion of its restructuring plan, which aims to strengthen profitability and balance sheet [24][25] - Future cash flow will be directed towards organic growth investments, strategic acquisitions, and potential share repurchases [21][25] - The company is focused on enhancing operational efficiency and profitability while navigating macroeconomic uncertainties [13][24] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding consumer health, noting an uptick in demand as consumer confidence improves [50][52] - The company anticipates challenges in the second half of the year, particularly in adjustable beds and specialty foam due to ongoing market dynamics [62] - Management remains confident in the company's position to leverage improvements once consumer demand fully re-engages [25] Other Important Information - Restructuring costs are now expected to be between $15 million and $25 million for 2025, down from previous estimates [22] - The company maintained its full-year 2025 sales guidance, projecting sales between $4 billion and $4.3 billion, representing a decline of 2% to 9% compared to 2024 [23] Q&A Session Summary Question: Can you connect the bedding consumption number to U.S. volume? - Management explained that U.S. spring volume was down 9%, with a portion attributed to sales attrition from restructuring [33][36] Question: What is the outlook for metal margins? - Management indicated that metal margins are expanding and are expected to remain sustainable due to tariffs [39] Question: What factors influenced the decision to retain certain facilities? - The decision was based on updated assessments of customer relationships and market dynamics [41][42] Question: How is the health of the consumer affecting expectations for volume and demand? - Management noted a soft start to the second quarter but observed improvements leading up to Memorial Day and into July [50][52] Question: What are the price-cost dynamics across segments? - Management is working with suppliers to absorb tariff costs and is passing through pricing where necessary [53] Question: Can you provide guidance by segment for sales and operating margins? - Management expects sales and volumes to decline across segments, with varying impacts on margins [54][55] Question: What is the outlook for home furniture performance? - Management noted a bifurcation in the home furniture market, with higher price point furniture performing better than mid-price point products [76][78]

Summary of Key Points from Conference Call Industry Overview - The conference call discusses the impact of tariff pressures on China's external demand, highlighting the resilience of Chinese exports despite these challenges [1][2][3]. Core Insights and Arguments - **Export Resilience**: China's exports have shown resilience, with growth outperforming most economies since the beginning of the year. In April and May, exports continued to grow, indicating a shift in trade dynamics with an increasing share from emerging markets and a decreasing share from developed economies [1][2]. - **Product Category Differences**: Tariffs have a more pronounced impact on consumer goods, while intermediate and capital goods demonstrate resilience, reflecting China's competitive advantages globally. High-demand products such as lithium batteries, new energy vehicles, engineering machinery, and integrated circuits are thriving, while sectors like photovoltaics, building materials, and textiles are struggling [1][4]. - **Impact on Exports to the U.S.**: Approximately 70% of products exported to the U.S. are sensitive to tariffs, with 10% facing severe impacts and 20% showing resilience. Consumer goods are more affected than intermediate goods, with consumer electronics under significant pressure, while electronic components and lithium batteries remain resilient [5][6]. - **Decline in Major Categories**: In the second quarter, exports to the U.S. across major categories saw a decline, although certain categories like automotive chains, electronic components, outdoor sports goods, steel products, and textiles maintained resilience due to price competitiveness [7]. - **Strategic Product Adjustments**: The demand for rare earths from the U.S. was strong in the first quarter, but after China implemented preventive measures in the second quarter, imports from the U.S. significantly decreased. Despite a slight easing in trade policies in May, exports of strategic goods continued to decline [8][9]. Additional Important Insights - **Value Chain Shifts**: The current tariff situation has altered the role of trade hubs, with countries like Chile and Peru emerging as important players, while traditional hubs like Mexico and Canada have diminished in significance. ASEAN, the EU, and India are also playing crucial roles in value chain adjustments [2][10]. - **Emerging Market Opportunities**: Excluding China, emerging markets are showing faster import demand growth compared to developed economies, particularly in capital goods. This indicates a strong alignment between China's manufacturing advantages and emerging market needs, providing both short-term safety and long-term growth potential [11][12]. - **Future Outlook**: In the short term, the resilience of demand in emerging markets offers a solid safety net for China's external demand. Long-term prospects are promising due to the competitive advantages of Chinese manufacturing aligning with the growth needs of emerging markets, suggesting structural opportunities despite tariff challenges [14].

Core Viewpoint - The article emphasizes the need for a collaborative effort between the government and enterprises to address the challenges faced by Chinese companies in expanding overseas, transitioning from isolated efforts to a systematic approach. Group 1: Government and Enterprise Collaboration - The government plays a crucial role in assisting enterprises with overseas expansion by addressing their fears and capabilities, transforming their approach from "going it alone" to "systematic operations" [2][5] - In Zhejiang, over 200,000 local businesses have successfully ventured abroad, contributing nearly 90% to the province's export growth with 102,000 private enterprises involved in import and export activities [1][2] Group 2: Intellectual Property Protection - Intellectual property (IP) protection is highlighted as a key area for support, with the establishment of the first industry-specific IP protection center in Hangzhou, which significantly reduces the patent approval time to an average of 65.8 days, speeding up the process by over 80% [6][7] - The center also provides ongoing updates on overseas IP information and risk alerts, helping businesses navigate complex international environments [7] Group 3: Skills Training and Talent Development - The article discusses the critical shortage of skilled labor in both domestic and international markets, particularly in sectors requiring technical expertise, which poses challenges for Chinese manufacturing companies expanding abroad [10][12] - A new educational model is being developed to address this gap, focusing on creating a talent pool that meets the needs of both domestic industry and overseas markets, with a goal to train 30,000 to 50,000 skilled workers in various fields over the next three to five years [11][12] Group 4: Global Value Network Development - The shift from being mere product exporters to becoming builders and leaders of global value networks is essential for Chinese enterprises, necessitating a comprehensive overseas service system to support this strategic transformation [1][15] - Zhejiang's approach includes establishing overseas service platforms and integrating various resources to facilitate smoother market entry for small and medium-sized enterprises [8][18] Group 5: Localized Operations and Market Integration - The article highlights the importance of localizing operations to better integrate into foreign markets, providing practical guides on local regulations and fostering community relations [17][18] - The establishment of overseas service centers in various countries aims to support businesses in navigating local challenges and enhancing their operational capabilities [8][15]