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中国与部分东南亚国家生产要素、所得税与关税情况对比

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所属报告：

裕元集团（0551.HK）-港股公司研究报告：全球最大运动鞋制造商制造+零售双轮驱动业绩反转可期-251231（49页）.pdf

打包全文图表

（三）产能优势：全球化布局，抗风险能力强公司积极布局海外产能，享受人口和政策红利，减轻贸易摩擦风险。运动鞋履制造业作为典型的劳动密集型产业，发展和转移受劳动力成本、政策环境、原材料配套供应等多因素影响。随着经济的快速发展与产业结构的调整，中国尤其是广东沿海地区劳动力成本上升，“用工难”等问题逐步显现。相比于中国大陆地区，东南亚地区青壮年劳动力资源丰富，成本低廉。在中美贸易摩擦的背景下，美国对我国制造业产品加征多轮关税，在目前政策框架下，以HTS编码为6404.11.20的运动鞋为例，美国对中国出口的运动鞋额外加征了27.5%的关税。随着2025年特朗普的上台，国际贸易面临的不确定性加强。积极、多元地布局东南亚产能有利于灵活应对各种贸易摩擦风险。此外，东南亚及南亚部分国家出台了一系列的外商投资优惠政策，如越南在1987 年颁布并在1990-2000年四次修订《外商在越投资法》，从政策扶持、税收优惠等多方面吸引外商投资。在这样的背景下，近年来，运动鞋制造商逐步深化生产基地的全球化布局，运动鞋制造中心逐步从中国大陆向越南、印度尼西亚、柬埔寨、缅甸、印度等东南亚和南亚国家转移。裕元集团海外产能覆盖中国大陆、印尼、越南、柬埔寨、缅甸、印度。FY2010，集团在中国大陆的产能占比超过一半，FY2024/FY25H1，这一占比分别为11%/10%。集团已有多年海外产能运营经验，在印尼已有超过30年的运营历史，擅长融入当地文化进行员工管理，积累了丰富的海外产能投资和管理经验。完善的海外产能布局有望进一步降低集团劳动力成本，降低产地单一的风险。

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