Виктория Кондратьева (Редактор отдела «Мир»)
So why hasn’t Iran targeted them? One clue may be that the regime is sending a signal by not taking out its neighbors’ most vulnerable infrastructure. The message might be, “We can make it worse, but we are currently choosing not to. Maybe you could urge the U.S. to wind this down before we get there.” Back in 2025, Iran signaled it was willing to end its 12-day war with Israel by muting its retaliatory attacks on U.S. sites and Qatar. Peace swiftly followed.
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On the logistics side, fees paid to a single service provider increased from RMB 94 million to RMB 158 million, and the company operated 16 overseas warehouses. On the production side, it adopted a dual self-operated factory model in China and Thailand, emphasizing in-house R&D and manufacturing to control quality—but this also raised its fixed-cost base. In 2024, net profit margin was below 2%, leaving limited room for earnings leverage.
In his column for the FD, Roland van der Vorst writes: