" 真正的考验，还在后头。 " 作者丨 周学连 编辑丨 覃倩雯 "扯淡！亚马逊连AGL和AWD都整不明白，现在又搞什么GWD？"谈及亚马逊新推出的GWD仓，业内人士 罗彬直言不讳。 知情人士向雷峰网透露，亚马逊首个GWD深圳仓位于盐田港，极有可能以保税仓形式运营，头程以海运为 主，后半段交由AGL负责承运。由于华南聚集大量跨境卖家，该仓面积预计不会太小。（了解更多细节， 欢迎添加微信 xl120429 交流。） 这一物流新举措犹如一颗投入平静湖面的石子，迅速将亚马逊推至业内焦点。随之而来的，既有期待，也 有质疑。 01 GWD扛起"降物流门槛"大旗 相比之下，GWD模式大幅简化了这一链条。GWD将原本要在海外仓处理的仓储、清关准备、跨境分拨提 前放到深圳完成。与此同时，配合亚马逊正在扩展的源仓全球履约（FFO）模式，卖家只负责把货送到深 圳，后面全由亚马逊负责调拨到各站点，并完成海外配送。对卖家来说，跨国家、跨仓库的拆分与重复备 货将大幅减少。 这一模式看起来"新"，但据多位卖家透露，早在2014年，类似方案就曾被亚马逊内部叫停。如今再度重 启，更像是在外部压力之下的一次被动回归。 GWD的推出，背后指向了中 ...

Financial Data and Key Metrics Changes - The company reported revenue of $3 billion in the first half, reflecting a 5% underlying growth compared to the same period in 2024, with reported revenue up 4.7% [22][24] - Gross profit was £2.1 billion, resulting in a gross margin of 70.5%, a 40 basis point increase from the prior year [24] - Profit grew 11.2% to £523 million, with a margin of 17.7%, up 100 basis points [25][32] - Free cash flow increased over 500% to £244 million, with expectations to exceed £600 million for the full year [36][38] Business Unit Performance Changes - Orthopedics grew 4.1%, while Sports Medicine and ENT also grew 4.1%, with underlying growth excluding China at 9% [23] - Advanced Wound Management grew 7.1%, with notable contributions from bioactives and single-use negative pressure platforms [19][20] - The robotics segment in orthopedics saw a growth of 39.8%, reflecting strong placements in the U.S. [13] Market Performance Changes - The U.S. market grew 8.7%, while other established markets grew 7.4%. Emerging markets saw a slight decline of 0.2%, but excluding China, they grew by 12.2% [7][8] - The company expects the headwinds from China to ease in the second half of the year as distributor destocking reduces [10][39] Company Strategy and Industry Competition - The company is focused on maintaining a higher growth trajectory, with 75% of growth in H1 coming from products launched in the last five years [44][46] - The 12 plan aims to enhance operational efficiencies and drive accountability, with a target of £325 to £375 million in savings from 2023 to 2027 [30][31] - The company plans to launch new products and expand its offerings in robotics and sports medicine, enhancing its competitive position [45][49] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year growth targets despite uncertainties, including tariff impacts and market conditions [4][53] - The company anticipates a step-up in margin in the second half, driven by operational savings and easing headwinds from China [27][38] - Management highlighted the importance of innovation and product launches in sustaining revenue growth [43][44] Other Important Information - The company announced a $500 million share buyback program for 2025, funded by operational efficiencies and cash flow [5][37] - Inventory management has improved, with a reduction in days of inventory to 506 days, aligning with the company's focus on operational efficiency [32][34] Q&A Session Summary Question: Is there upside to the 5% revenue target for the full year? - Management feels good about guidance for the full year, acknowledging both positives and negatives affecting revenue [51][52] Question: Can you provide details on margin guidance and the potential for achieving the upper end of the margin range? - Management expects a step-up in margin in the second half, with operational savings and tariff impacts balancing out [53][59] Question: What is being done to address the softness in U.S. knees? - Management noted a focus on higher volume accounts and portfolio rationalization, which may impact top-line growth but improve margins [54][56]