重新审视中国采购敞口-HardlineBroadlineFood Retail -Revisiting China Sourcing Exposure

Summary of Conference Call on China Sourcing Exposure Industry Overview - Industry: Hardline/Broadline/Food Retail in North America [1][7] - Context: Ongoing discussions regarding U.S. tariffs on Chinese imports and recent changes in sourcing strategies due to tariffs and export curbs on rare earth minerals from China [2][3] Key Points on China Sourcing Exposure - Diversification Efforts: Most companies in the coverage have made efforts to diversify their supply chains away from China, but significant exposure remains [1][3] - Updated Estimates: The estimates of goods sourced from China have been updated to reflect the latest changes in sourcing strategies [1][3] Company-Specific Sourcing Exposure - FIVE: 45% sourced from China, reduced by 10 percentage points for the latter half of the year [10] - AZO: 35% sourced from China, down from 55% in March 2025 [10] - BBY: 32% sourced from China, with tariffs affecting half of these products [10] - W: 30% sourced from China, indicating continued flow of goods [10] - ORLY: 25% sourced from China, with ongoing reductions [10] - TGT: 25% sourced from China, down from 60% in 2017, aiming for below 25% by next year [10] - DLTR: 25% sourced from China [10] - HD: 20% sourced from China, with diversification efforts noted [10] - LOW: 20% sourced from China, with 60% sourced from the U.S. [10] - TSCO: 18% sourced from China [10] - DKS: 15% sourced from China, with significant diversification noted [10] - ASO: 15% sourced from China, reduced from 9% to 6% by year-end [10] - OLLI: 10% sourced from China, down from 15% [10] - AAP: 10% sourced from China, with plans to reduce further [10] - WSM: 10% sourced from China, actively resourcing to lower tariff countries [10] - ULTA: 10% sourced from China, with low tariff risk [10] - DG: 9% sourced from China [10] - WMT: 8% sourced from China [10] - GOLF: 6% sourced from China [10] - COST: 6% sourced from China [10] - FND: 5% sourced from China, with expectations to reduce further [10] - ARHS: 5% sourced from China, projecting closer to 5% by year-end [10] - MODG: 4% sourced from China [10] - BJ: 2% sourced from China [10] - RH: 2% sourced from China, down from 16% [10] - KR: 1% sourced from China [10] - ACI: 0% sourced from China [10] Additional Insights - Tariff Changes: The current Reciprocal Tariff of 10% is set to increase to 34% unless suspended [2] - Sourcing Trends: Companies are actively seeking to lower their exposure to China due to tariff implications and geopolitical factors [1][3][10] Conclusion - The conference call highlighted the ongoing challenges and strategies of companies in the Hardline/Broadline/Food Retail sector regarding their sourcing from China amidst changing tariff landscapes and geopolitical tensions. The data indicates a significant shift towards diversification, although many companies still maintain substantial exposure to Chinese goods.