讀後心得

Under the impact of equivalent tariffs in the United States, Guangyue (4438) has a clear response strategy. Although affected by the situation, the 20% tariff faced by the Jordan factory is relatively low, and the markets in China and Romania are not impacted. Guangyue's main production base is in Vietnam, with about 30% of its products supplied to the United States. Chairman Wu Chaobi pointed out that customers bear the freight costs, and existing contracts extending to August are affecting current performance; however, high tariffs may force brand clients to raise prices, which in turn could affect sales and inventory. The high tariffs in Vietnam have already caused market fluctuations, but as Vietnam seeks a reduction in U.S. tariffs, Guangyue is expected to profit. Core customers of the company, such as Nike and Adidas, have a stabilizing effect on order transfer risks, and the Jordan factory is also undergoing continuous expansion. Overall, Guangyue's business development trend remains positive under the impact of tariffs.

Under the influence of equivalent tariffs in the United States, Taiwan's textile industry has quickly adjusted. While major manufacturers of down apparel and high-end functional clothing have been affected, their factory in Jordan faces a tariff of only 20%, which is more favorable than the rates in other Southeast Asian countries. Additionally, the factory in China mainly targets the domestic market, while the factory in Romania focuses on the European market, so they are less affected.

Guangyue's main production base is in Vietnam, where about 30% of its shipments go to the U.S. market. The chairman of Guangyue stated that the company adopts an FOB (Free On Board) delivery model, thus the tariffs are borne by the clients, and the current contract orders have been signed until August, which will not be affected by changes. However, since brand clients bear high tariffs, this may lead to an increase in end prices, resulting in reduced consumption and consequently increased inventory. The release of client orders after August will need to be monitored further.

Guangyue’s business in Vietnam accounts for nearly 50%, while the factory in China accounts for over 20%. The portion of the Jordanian factory exceeded 10% this year and has the potential to reach 20%. The factory in Romania focuses on high-end down apparel with a single-digit proportion. Under the impact of high tariffs in the U.S., Vietnam has been subjected to a high tariff of 46%, leading to a sharp decline in the Vietnamese stock market. However, the General Secretary of Vietnam has expressed willingness to lower U.S. import tariffs to zero, which may help secure a tariff exemption from the U.S., and this is good news for Guangyue.

The chairman emphasized that Guangyue's outdoor apparel has a high entry threshold, and the stability of clients is strong, making the possibility of order transfers relatively small. Currently, the company's main clients include several well-known brands. Overall, among the four major manufacturing regions globally, only Vietnam is impacted; although the Jordan factory faces a 20% tariff, it remains competitive compared to other Southeast Asian countries. Furthermore, the production capacity of the Jordan factory has reached full load, and it is actively expanding production. If capacity can be increased, there is a possibility of obtaining transfer orders. This year, the company is expected to emerge from a sluggish state, with a clearly positive trend, and the degree of tariff impact is manageable.