小商品城(600415.SH)：此次關税政策調整對整體業務無實質性影響
格隆匯4月7日丨小商品城(600415.SH)在投資者互動平台表示，公司作為全球小商品貿易的核心樞紐運營方，已對相關政策調整進行全面分析。基於義烏市場出口結構多元化、供應鏈韌性突出等特點，結合當前經營數據，公司認為此次關税政策調整對整體業務無實質性影響，對義烏出口影響有限，現將具體情況説明如下：①義烏市場商品品類豐富且剛需屬性顯著。義烏市場商品品類超210萬個SKU，涵蓋日用消費品全鏈條，供應充足、質量穩定、性價比高，在全球市場保持強勁競爭力。公司以“小單快反”“柔性供應”模式為核心，供應鏈響應速度及成本控制能力全球領先，並通過線上平台、人工智能等技術推動數字化貿易轉型，進一步優化訂單結構、分散市場風險。②義烏市場貿易伙伴日趨多元。2024年，義烏市對共建“一帶一路”國家合計進出口4,133.40億元，同比增長18.2%，佔同期義烏市進出口總值的61.8%，成為拉動外貿增長的核心動力。公司依託義烏市場“一帶一路”節點優勢，已形成覆蓋亞洲、非洲、中東、東南亞及拉美等新興市場的全球化網絡，客户分散度高，抗單一市場風險能力突出。近年來，亞非拉地區及“一帶一路”沿線國家已成為義烏外貿的核心增長動能。③義烏市場對美出口影響有限。2024年，對美出口主要集中在紡織服裝、輕工商品和機電商品。輕工商品中以玩具、聖誕用品、小家電等日用消費品為主，該類商品美國本土人工、倉儲等成本佔終端售價比例較高，加徵關税後仍具有價格優勢，考慮到美國對全球其他區域同步加徵關税的情形，對義烏市場的影響有限。經公司調研，目前義烏國際商貿城有3000餘家商户參與對美貿易，其中直接開展對美貿易的商户為100餘家。對於美國加徵關税造成的利潤空間壓縮等問題，商户普遍表示可通過商品升價、提高產品附加值、優化生產流程、增強企業自身競爭力等方式來降低影響。④應對措施與戰略機遇。近年來，中東、東南亞、拉美等新興市場採購份額持續提升，公司將進一步加大海外佈局，加快全球數字貿易中心建設，為國家在“一帶一路”區域的貿易拓展樹立標杆，強化與RCEP區域合作，鞏固多元化市場優勢；通過義支付平台完善跨境人民幣結算通道，降低匯率波動風險，提升貿易便利性，加速人民幣出海；引導市場商户加大高附加值產品研發及品牌建設，通過差異化競爭提升議價能力，同時優化物流路徑與供應鏈管理，對沖潛在影響。
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