Core Viewpoint - In 2024, the company is accelerating the construction of a digital-centric trade service ecosystem and has achieved positive results [1] Digital Payment - The company launched a digital payment platform named "Yizhifu" to address core pain points in cross-border payment and settlement for businesses, incorporating "cross-border RMB + cross-border foreign exchange + cross-border digital RMB" into its business system [1] - In 2024, the transaction volume of cross-border payment business on the Yizhifu platform exceeded 4 billion USD, representing a year-on-year growth of 233% [1] - Domestic payment business transaction volume surpassed 68.2 billion CNY, while cross-border digital RMB receipts exceeded 240 million CNY [1] Digital Logistics - The company partnered with COSCO Shipping and Prologis to establish a digital supply chain platform named "Zhijie Yuangang," providing support in areas such as shipping routes, warehousing, and systems for small and micro enterprises [1]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to benefit from the new international trade reform plan in Yiwu, which highlights its unique position as the only pilot enterprise in the region. This reform is anticipated to enhance the company's main business performance through policy support and market recovery [1][4]. - The company's net profit for the first half of 2024 is projected to grow significantly, with estimates for net profit reaching 2.935 billion yuan in 2024, 3.541 billion yuan in 2025, and 4.535 billion yuan in 2026, reflecting a strong growth trajectory [4][20]. - The integration of AI into the company's operations is expected to drive digital transformation and innovation in trade models, further enhancing performance and creating new growth curves [4][14]. Summary by Sections Company Overview - The company operates in Yiwu, known as the "World Capital of Small Commodities," and is positioned as a key international trade platform. It is expected to lead business expansion under the new reform pilot [4]. Financial Performance - The company's revenue for 2023 is reported at 11,299.69 million yuan, with a growth rate of 48.30%. The projected revenue for 2024 is 14,275.25 million yuan, reflecting a growth rate of 26.33% [20]. - The net profit attributable to the parent company for 2023 is 2,676.18 million yuan, with a significant increase of 142.25% compared to the previous year. The expected net profit for 2024 is 2,935.30 million yuan, indicating a growth rate of 9.68% [20]. Market Trends - The Yiwu market's import and export value reached 613.99 billion yuan from January to November 2024, showing a year-on-year increase of 17.6%. This growth is notable despite the high base in 2023 [1]. - The company has successfully integrated AI into its operations, launching multiple digital service products and enhancing its platform capabilities, which is expected to improve order fulfillment rates and customer engagement [1][15]. Future Outlook - The company is projected to continue its robust growth trajectory, with earnings per share (EPS) expected to rise to 0.54 yuan in 2024, 0.65 yuan in 2025, and 0.83 yuan in 2026, corresponding to price-to-earnings (PE) ratios of 25, 21, and 16 respectively [4][20]. - The ongoing development of the global digital trade center and the company's focus on AI-driven market transformation are anticipated to further enhance its performance and valuation [14].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The report highlights the potential for growth in the cross-border import sector of the small commodity city, with a significant disparity between export and import volumes. In the first 11 months of 2024, exports from Yiwu reached 542.1 billion, while imports were only 71.9 billion, indicating ample room for growth in imports [2] - The company plans to implement a positive list management system for daily consumer goods imports, aiming to achieve a total import volume of 300 billion by 2030. The company has established a fully digital joint regulatory platform and streamlined customs processes, which are expected to enhance operational efficiency [2][3] - The report anticipates that the company will continue to grow by focusing on the small commodity industry chain, supported by various policy catalysts. The net profit forecasts for 2024-2026 have been adjusted upwards to 31.3 billion, 36.9 billion, and 51.3 billion respectively, reflecting year-on-year growth rates of 16.8%, 18.1%, and 39.0% [3] Summary by Sections Investment Highlights - The report discusses the comprehensive international trade reform plan for Yiwu, which includes measures to enhance market procurement trade methods and promote innovative development in import trade [1][4] - The company is positioned as a core hub for small commodity trade in Yiwu, with plans to expand its service offerings in logistics, payment, and data management, transitioning from a traditional rental model to a comprehensive service model [5][6] Financial Forecasts - The report provides financial projections, estimating total revenue to grow from 11,300 million in 2023 to 24,781 million by 2026, with a compound annual growth rate of 27.67% [4] - The net profit is expected to increase from 2,676 million in 2023 to 5,129 million by 2026, with a notable year-on-year growth of 38.97% in 2026 [4] Strategic Initiatives - The company plans to implement five key initiatives in response to the reform plan, including expanding the import scale of daily consumer goods and enhancing the digital capabilities of export enterprises [5] - The report emphasizes the importance of developing logistics channels and improving trade settlement efficiency to reduce costs and enhance competitiveness [5]

Investment Rating - The report maintains an "Outperform" investment rating for the company, with a target price of RMB 19.35, reflecting a 35% increase from the previous valuation [4][40]. Core Insights - The company is positioned to benefit from the comprehensive international trade reform plan approved by the State Council, which aims to enhance market procurement, innovate import trade, and optimize cross-border e-commerce [35][36]. - Yiwu's import-export value reached RMB 613.99 billion from January to November, marking a 17.6% year-on-year increase, with imports growing at 19.0% [4][39]. - The company plans to leverage its platforms and facilities to expand consumer goods imports, enhance digital capabilities for export enterprises, and optimize logistics and trade settlement processes [38][28]. Summary by Sections Investment Highlights - The State Council approved a comprehensive reform plan for Yiwu, focusing on market procurement, import trade innovation, and cross-border e-commerce [35][36]. - Yiwu aims for RMB 100 billion in imports by 2025 and RMB 300 billion by 2030, with the 'Yi Pay' platform enhancing cross-border payment services [37][4]. Financial Performance - The updated profit forecasts for 2024-2026 are RMB 2.86 billion, RMB 3.66 billion, and RMB 5.35 billion, representing growth rates of 6.9%, 27.9%, and 46.1% respectively [4][40]. - The company's market cap is projected at RMB 106.1 billion, with offline business valued at 23x PE and online business at 0.45x PGMV [40]. Market Dynamics - Yiwu's import growth is strong but still lower than exports, indicating potential for further development in the import sector [39][4]. - The company is set to implement five key initiatives to enhance its operational efficiency and market presence [28][38].

证券代码：600415 证券简称：小商品城 公告编号：临2024-053 浙江中国小商品城集团股份有限公司 关于2024年度第五期超短期融资券发行情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 超短期融资券代码：012483999 超短期融资券期限：268日 起息日：2024年12月24日 兑付日：2025年9月18日 计息方式：到期一次性还本付息 发行金额：人民币10亿元 发行利率：1.80% 主承销商：中国银行股份有限公司 浙江中国小商品城集团股份有限公司于2024年12月20日发行了2024年度第五 期超短期融资券，现将发行结果公告如下： 超短期融资券名称：浙江中国小商品城集团股份有限公司2024年度第五期超 短期融资券（简称：24浙小商SCP005） 联席主承销商：杭州银行股份有限公司 特此公告。 浙江中国小商品城集团股份有限公司董事会 二〇二四年十二月二十六日 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company [19][41][46] Core Insights - The recent implementation of the "Zhejiang Province Yiwu City Deepening International Trade Comprehensive Reform Overall Plan" is expected to enhance Yiwu's position as a significant international trade hub, facilitating import and export activities [39][41] - The company, as a key market operator and trade service provider, is poised to benefit from the ongoing trade prosperity in Yiwu, which supports rental increases and trade service business growth [40][41] - The plan aims for Yiwu's import trade volume to reach 100 billion yuan by 2025 and 300 billion yuan by 2030, marking a substantial increase from 655 million yuan in 2023, representing a growth of 358% [5][40] Summary by Sections Market Procurement Trade Improvement - The plan focuses on adapting to new international trade trends such as instant transactions and fragmented orders, integrating digital technology into various trade supply chain processes to reduce costs and improve efficiency for small and micro enterprises [4][39] Promotion of Import Trade Innovation - Establishment of a positive list management system for imported consumer goods and optimization of customs clearance processes for listed items [4][39] - The company is selected as the sole pilot entity for the positive list initiative, which is expected to accelerate the development of import trade [40][41] Enhancement of Trade Platform Functions - The plan includes linking bonded areas with overseas warehouses to improve the efficiency of goods circulation [4][42] - Development of the sixth-generation Yiwu small commodity market, marked as a "Global Digital Trade Center" [4][42] Cross-Border E-Commerce Rule Improvement - Accelerating alignment with international standards such as RCEP to establish a small commodity international standard system [4][43] Support for High-Quality Development of China-Europe Railway Express - Enhancing regional aggregation capabilities and deepening integration with Ningbo-Zhoushan Port to expand international shipping routes [4][44] Financial Performance Forecast - The company's net profit forecasts for 2024-2026 are adjusted to 29.67 billion yuan, 35.82 billion yuan, and 49.04 billion yuan respectively, with corresponding P/E ratios of 26.5, 22, and 16 [19][41]

证券代码：600415 证券简称：小商品城 公告编号：临 2024-052 浙江中国小商品城集团股份有限公司 关于落实《浙江省义乌市深化国际贸易综合改革总体 方案》的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、概述 为贯彻落实党中央和国务院决策部署，根据国务院办公厅 2024 年 12 月 6 日下发的《国务院办公厅关于同意〈浙江省义乌市深化国际贸易综合改革总体方 案〉的函》（国办函〔2024〕93 号），国家发展改革委近日发布了《浙江省义 乌市深化国际贸易综合改革总体方案》（以下简称《方案》），总体要求支持义 乌深化重点领域和关键环节改革。 二、《方案》与公司相关内容 （一）完善市场采购贸易方式 支持适应贸易数字化和多业态融合发展，优化市场采购贸易便利化措施。依 托小商品数字贸易综合服务平台建设，全面加强交易、物流、支付、融资等贸易 供应链全环节数字化转型。 （二）推动进口贸易创新发展 在安全可控前提下，对符合条件的进口消费品实行正面清单管理制度，优化 清单内商品通关流程，依托数字化平台加强消费品质量安全 ...

（一）本次董事会的召开方式、程序均符合相关法律、法规、规章和《公司 章程》的要求。 （二）本次董事会的会议通知及材料于 2024 年 12 月 5 日以传真、电子邮件、 书面材料等方式送达全体董事。 （三）本次董事会于 2024 年 12 月 13 日以通讯表决方式召开。 （四）本次董事会应出席董事 8 人，实际出席董事 8 人。 证券代码：600415 证券简称：小商品城 公告编号：临 2024-048 浙江中国小商品城集团股份有限公司 第九届董事会第二十三次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、董事会会议召开情况 二、董事会会议审议情况 （一）审议通过了《关于 2020 年限制性股票激励计划首次授予部分第三个解 除限售期解除限售条件成就的议案》 该议案已经公司薪酬与考核委员会审议通过，公司薪酬与考核委员会同意提 交董事会审议。关联董事王栋先生、许杭先生回避表决本议案。 表决结果：6 票同意，0 票反对，0 票弃权，2 票回避。 具体内容详见公司同日于上海证券交易所网站披露的《关于 2020 ...

浙江中国小商品城集团股份有限公司 ESG 管理制度 第一章 总则 第一条 为进一步加强浙江中国小商品城集团股份有限公司（以下简称"公 司"）ESG（环境、社会和公司治理）管理，推动经济社会和环境的可持续发展， 积极履行 ESG 职责，根据《中华人民共和国公司法》《上市公司治理准则》《上 海证券交易所上市公司自律监管指引第 1 号——规范运作》《上海证券交易所上 市公司自律监管指引第 14 号——可持续发展报告（试行）》等有关法律、法规、 规范性文件及《公司章程》的相关规定，结合公司实际情况，制定本制度。 第二条 本制度所称的 ESG 职责，是指公司在经营发展过程中应当履行的环 境（Environmental）、社会（Social）和公司治理（Governance）方面的责任 和义务，主要包括对自然环境和资源的保护、社会责任的承担以及公司治理的健 全和透明。 第三条 本制度所称利益相关方，是指其利益可能受到公司决策或经营活动 影响的组织或个人，包括股东（投资者）、债权人、职工、合作伙伴、客户、供 应商、社区组织和相关政府部门等。 第四条 公司应当按照本制度的要求，积极履行 ESG 职责，评估公司 ESG 职 责 ...

证券代码：600415 证券简称：小商品城 公告编号：临 2024-050 浙江中国小商品城集团股份有限公司 关于 2020 年限制性股票激励计划首次授予部分 第三个解除限售期解除限售条件成就的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： （七）2022 年 7 月 19 日，公司召开第八届董事会第五十一次会议及第八届 监事会第十四次会议，审议通过了《关于调整限制性股票回购价格及回购注销部 分限制性股票的议案》，公司独立董事对此发表了表示同意的独立意见。 浙江中国小商品城集团股份有限公司（本公告简称"小商品城"或"公司"） 于 2024 年 12 月 13 日召开第九届董事会第二十三次会议，审议通过《关于 2020 年限制性股票激励计划首次授予部分第三个解除限售期解除限售条件成就的议 案》。现将有关事项说明如下： 一、限制性股票激励计划已履行的相关审批程序 （一）2020 年 10 月 23 日，公司第八届董事会第二十三次会议审议通过了 《关于<公司 2020 年限制性股票激励计划（草案）>及其摘 ...