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Summary of the Conference Call for Luxshare Precision Industry Co., Ltd. Industry Overview - The conference call primarily discusses the impact of recent changes in tariff policies between the U.S. and China on the consumer electronics manufacturing industry, particularly focusing on Luxshare Precision Industry Co., Ltd. [3][21] Key Points and Arguments 1. Impact of Tariff Changes: The recent tariff changes have exceeded market expectations, particularly the U.S. tariffs on products from Southeast Asian countries. Although most products from Luxshare do not export to the U.S., some finished products have been affected, leading to potential production shifts to lower-tariff regions [3][4] 2. Production Capacity Transfer: The likelihood of large-scale production capacity transfer from Vietnam to other countries is low unless tariffs in Vietnam exceed those in other countries by 10%. Vietnam's advantages in supply chain connectivity and logistics make it less likely for brands and manufacturers to disrupt existing value chains [4][5] 3. Cost Sharing Mechanism: Increased tariff costs are typically shared between supply chain customers and end consumers, rather than being fully borne by manufacturers. The specific sharing ratio depends on market negotiations and the bargaining power of each party [6] 4. Customer Collaboration: When facing increased tariffs, customers usually collaborate with suppliers to enhance competitiveness rather than directly passing cost pressures onto manufacturers. Historical data shows that cost pressures due to tariffs have not been directly transmitted to manufacturers [7][8] 5. Competition Landscape: The competitive landscape of the consumer electronics industry is not expected to change significantly due to tariff variations. Geopolitical factors and local policies have already influenced the market, and the core competitiveness of companies remains crucial [8][9] 6. Production Timeline: If customers require production capacity to be established in low-tariff regions, the fastest timeline for Luxshare to complete production lines is estimated to be between one to one and a half years [14] 7. Global Tariff Policy Changes: The current global tariff policy changes are not expected to have a large-scale impact on the consumer electronics manufacturing and automotive industries. The overall market structure remains relatively stable despite tariff fluctuations [21][22] 8. Inventory Management: Some companies are preparing inventory in advance to respond to fluctuations in U.S. market demand, but this practice is not widespread. Most companies are only slightly adjusting their inventory levels due to capacity constraints across the entire supply chain [23] 9. Manufacturing Return to the U.S.: The feasibility of manufacturing returning to the U.S. is questioned, as it requires a complete and long-term industrial chain, which is currently challenging for the consumer electronics sector. However, high-automation products may have some potential for U.S. production [12] 10. Regional Production Strategies: The discussion indicates that while there are considerations for production in regions like India, Mexico, or Brazil, the current conditions do not favor such moves. Vietnam remains a strong manufacturing base due to its established ecosystem [10][11] Other Important Insights - Tariff Calculation: Export tariffs are calculated based on the terminal export price, and there may be potential for tariff exemptions based on origin rules, although this remains uncertain [26] - Flexibility in Global Layout: Companies are encouraged to maintain a flexible global layout to quickly adapt to policy changes and reduce costs, as demonstrated by Luxshare's established factories in multiple countries [25] - Market Dynamics: The dynamics of the consumer electronics market are influenced by various factors, including tariffs, exchange rates, and overall competitiveness, which should be prioritized over panic regarding external changes [28]