向美国出口针织睡衣、手套和棉混纺面料等产品。 今年夏天马来西亚被加征19%关税。 为保住美国市场，它与美国签订了贸易协议。 也因此面临美国本土制造商的激烈竞争。 中国与东南亚的贸易往来非常紧密。 双方已连续5年互为最大的贸易伙伴，2024年贸易额近万亿美元。 美国圣诞季即将到来，人们正在抢购节日礼物。 这使数千公里外的东南亚工厂非常忙碌。 美国关税引发了连锁反应，这种影响扩展到多种商品出口。 包括日常手套、流行耳机和儿童玩具等。 这些关税推高了美国商店的节日售价，也给东南亚制造商带来了巨大压力。 美国关税调整影响整个东南亚地区。 该地区经济依赖低成本出口，受影响国家包括马来西亚、越南、老挝和印度尼西亚等。 这些国家被卷入中美经济竞争，竞争形势日益紧张。 供应链因此变得紧张。美国消费者在节假日需支付更多钱。 这也改变了东南亚在全球经济中的角色。 专家指出制造商面临两难局面，他们的生产仍需依赖中国供应链。 同时需确保出口美国的商品不被视为"中国制造"。否则可能面临高额关税。 分析认为美国新关税制度是一种"中国+1惩罚机制"。 使用中国零部件的出口商需支付基础关税。还可能面临高达40%的额外费用。 但完全脱离中国供 ...

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $318 million, essentially flat year over year, while GMV increased low single digits [13] - Adjusted net income was $7 million, or $0.21 per share, with adjusted EBITDA of $26 million, representing a year-over-year increase of approximately 28% [17] - Gross margin improved to nearly 52%, an increase of approximately 120 basis points from Q3 2024 [16] Business Line Data and Key Metrics Changes - U.S. e-commerce business generated $180 million, a decrease of approximately 3% compared to Q3 2024, attributed to improved promotional productivity [13] - Third-party marketplace business grew approximately 34%, with significant contributions from Amazon and Macy's [13][14] - School uniform business grew over 20%, driven by a strong back-to-school season [14] Market Data and Key Metrics Changes - Sales in Europe decreased approximately 20% year-over-year due to increased promotional activity and macroeconomic pressures [16] - Revenue from the licensing business grew over 30% year-over-year, reflecting increased brand visibility [16] Company Strategy and Development Direction - The company is focused on connecting with customers through an asset-light, agile business model, emphasizing high-quality solutions [4] - A long-term partnership with Delta Air Lines was secured, positioning the company as the exclusive design and manufacturing partner for uniforms [6] - The company is expanding its marketing strategy to appeal to younger consumers, with a focus on customization and personalization [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth momentum in North America and noted strong performance in November, particularly during the holiday season [20] - The company is focused on managing promotional levels effectively to maintain gross margins while driving sales [29][30] - Future guidance includes expected net revenue between $1.33 billion and $1.36 billion for the full year, with GMV expected to grow low single digits [19] Other Important Information - The company achieved record gross margins despite tariff uncertainties and is refining its supply chain strategies [11] - Leadership appointments were announced to strengthen strategic focus and drive growth [21][22] - The board is exploring strategic alternatives, with no further comments at this time [23] Q&A Session Summary Question: What did you see in promotional levels during Black Friday? - Management noted that promotional levels were well-managed, with a successful back-to-school campaign and strong early sales leading into the holiday season [28][29] Question: Can you provide an update on the licensing business? - Management indicated that licensing is expected to continue growing, with new licenses set to take effect in the fourth quarter and into next year [37][39] Question: How should we think about inventories going forward? - Management expressed pride in keeping inventory increases to only 3% despite tariff headwinds, indicating a focus on efficiency [46][47]