二零二五年九月 浙江中国小商品城集团股份有限公司 章 程 浙江中国小商品城集团股份有限公司 章程 1 浙江中国小商品城集团股份有限公司 章程 目 录 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第四章 股东和股东会 第一节 股东 第二节 控股股东和实际控制人 第三节 股东会的一般规定 第四节 股东会的召集 第五节 股东会的提案与通知 第六节 股东会的召开 第七节 股东会的表决和决议 第五章 董事和董事会 第一节 董事的一般规定 第二节 董事会 第三节 独立董事 第四节 董事会专门委员会 第六章 总经理及其他高级管理人员 第七章 公司党组织 第一节 党组织的机构设置 第二节 公司党组织职责 第三节 公司党组织参与决策主要程序 第八章 财务会计制度、利润分配和审计 第一节 财务会计制度 第二节 内部审计 第三节 会计师事务所的聘任 第九章 通知和公告 第一节 通知 第二节 公告 第十章 合并、分立、增资、减资、解散和清算 第十一章 修改章程 第十二章 附则 2 第一节 合并、分立、增资和减资 第二节 解散和清算 浙江中国小商品城集团股份有限公司 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - In the first half of 2025, the company achieved revenue of 7.71 billion yuan, a year-on-year increase of 14.0%, and a net profit attributable to shareholders of 1.69 billion yuan, up 16.8% year-on-year [2][4] - The second quarter alone saw revenue of 4.55 billion yuan, with a year-on-year growth of 11.4%, and a net profit of 890 million yuan, reflecting a 20.8% increase year-on-year [2][4] - The company is benefiting from a favorable market environment in Yiwu, with a stable growth in market operations and a rapid increase in trade services [5] - The company has made significant progress in its various business segments, with market operations and trade services generating revenues of 2.38 billion yuan and 530 million yuan respectively, representing year-on-year growth of 5% and 43% [5] - The company has also successfully introduced innovative import mechanisms and established a "bonded+" industrial cluster in Yiwu, enhancing its import trade capabilities [6] Financial Performance - The company reported a significant increase in operating cash flow, with a net cash flow from operating activities increasing by 1.3 billion yuan year-on-year [10] - The company expects earnings per share (EPS) to reach 0.76 yuan, 0.99 yuan, and 1.21 yuan for the years 2025, 2026, and 2027 respectively, indicating strong growth potential [10]

Summary of the Conference Call for Xiaogoods City Industry and Company Overview - Xiaogoods City operates primarily in the market management and trade services sectors, with a significant shift from domestic to foreign trade, exporting over 60% to Asia, Africa, and Latin America, and approximately 11% to the U.S. market, which is less affected by tariffs [2][6][14] Key Points and Arguments - **Revenue Sources**: The main profit sources for Xiaogoods City are market management and trade services, with a transition from a B2C to a B2B model, focusing on rental income and location fees [2][6][14] - **Market Expansion**: The company is actively expanding into new markets, with the sixth district's bidding prices exceeding expectations, which will contribute significantly to revenue over the next three years [2][5][8][7] - **Financial Performance**: In the first half of 2025, Xiaogoods City reported revenues of 7.7 billion yuan, a 14% year-on-year increase, and a net profit of 1.69 billion yuan, up 16.7% [4] - **ChinaGoGo Growth**: The ChinaGoGo platform achieved a net profit of 155 million yuan in the first half of 2025, marking a 109% increase, although the base remains low [2][9] - **Cross-Border Payment Expansion**: The company acquired a cross-border payment license and launched "Yiwu Pay," with cross-border RMB payment volume reaching 2.5 billion USD in the first half of 2025, a 47% increase year-on-year [2][11][12] - **Import Business Development**: Xiaogoods City is expanding its import business, focusing on cosmetics, health products, and pharmaceuticals, leveraging policy subsidies to attract businesses [2][13] Additional Important Insights - **Rental and Location Fees**: Rental prices are relatively low, averaging 2,000 to 3,000 yuan per square meter, with higher prices in prime areas. The sixth district, opening in October, has a bidding price of 110,000 to 130,000 yuan, which will enhance revenue [7][8] - **Future Outlook**: The company anticipates a 5% increase in overall rental income over the next three years, with new market developments expected to stabilize and enhance performance [8][14] - **ChatGPT Application**: ChatGPT is being utilized to provide online display channels for offline shops, particularly in the Asia, Africa, and Latin America markets, with plans to increase the number of users on the China goods platform [10] Conclusion - Xiaogoods City is positioned in a growth phase with stable revenue sources from rental and trade services, significant market expansion, and a strong focus on cross-border payments and imports, indicating a positive outlook for future performance [3][14]

Group 1 - The digital currency concept stocks experienced significant fluctuations, with notable gains observed in several companies [1] - Zhongyou Capital reached its daily limit increase, indicating strong market interest and investor confidence [1] - Xingwang Ruijie saw an increase of over 7%, reflecting positive sentiment in the digital currency sector [1] Group 2 - Other companies such as Fabon Information, Xiaogoods City, and New Wisdom Software also reported gains, suggesting a broader trend in the industry [1]

Core Insights - The strategic partnership between Xiaogoods City and Qunhe Technology aims to create a "new engine for overseas expansion" through a digital ecosystem [1][2] - The collaboration focuses on integrating AI technology into small commodity trade, addressing the digital transformation needs of merchants in Yiwu [2][3] Group 1: Partnership Overview - The partnership is described as a deep resonance between a global trade hub and a digital technology pioneer, emphasizing a commitment to transforming traditional commerce through technology [1] - The collaboration will systematically develop an "AI + small commodity trade" innovation foundation through three main aspects: creating a digital exhibition hall, empowering merchants with AI tools, and deepening technical cooperation [1] Group 2: Merchant Support and Technology Application - Qunhe Technology aims to provide comprehensive support for merchants, addressing the challenges they face in digital transformation due to a lack of tools and skills [2] - The goal is to serve 10,000 merchants and establish a replicable model of "AI + small commodity trade" that can be expanded to other trade clusters across China [2] Group 3: Future Developments - The Yiwu Global Digital Trade Center is set to open in October 2023, featuring various functional areas to support new business models and supply chain services [3] - Xiaogoods City plans to promote the application of AI technologies within the Global Digital Trade Center, responding to market demands and exploring new paradigms in digital trade [3]

9月10日，被誉为"世界超市"的小商品城（600415）与"杭州六小龙"之一的群核科技正式达成战略合作 并举行签约仪式，双方将共建"出海新引擎"数字化生态。 "此次签约，是'全球商贸枢纽'与'数字技术先锋'的深度共振。"小商品城副总经理龚骋昊在签约仪式上 表示，"我们坚守的不仅是'买全球、卖全球'的格局，更是'向新而行、向智而变'的决心——让传统商贸 在技术赋能中焕发新生，是我们不变的追求。" 此次合作将系统性地从三个方面展开，构建"AI+小商品贸易"的创新基础：一是以义乌全球数贸中心为 载体，搭建场景化数字展厅，打造群核棚拍数字科技服务义乌市场的窗口；二是技术工具赋能，以AI 夯实商贸转型基础，以低门槛、高效能的数字工具降低商家数贸门槛和成本；三是开展相关技术深度合 作与产业赋能计划，推动其在商贸领域的技术应用不断深化和拓展。 根据计划，义乌全球数贸中心将于今年10月开业。该中心由市场、商务写字楼、商业街区、公寓、数字 大脑5大功能板块构成，打造集聚众多新业态新模式贸易主体和供应链服务主体的新型数字市场。 未来，小商品城将以开放共生的姿态推动各家AI科技应用在全球数贸中心落地，赋能六代市场的迭 代，以创新实 ...

Summary of the Conference Call for Xiaogoods City Company Overview - Xiaogoods City has experienced significant growth in its offline market trading volume, increasing from less than 50 billion RMB in 2008-2010 to over 250 billion RMB currently, with a compound annual growth rate (CAGR) of 13.1% over the past decade, indicating an increase in industry concentration [2][6] - The company was established in 1993 and has undergone four development phases, with the latest phase starting in December 2024 focusing on a new round of international trade reform [3] Core Business Insights - The core business of Xiaogoods City is the offline market, contributing approximately 30% to total revenue but accounting for 80% of gross profit. Product sales contribute about 60% to revenue but only 1% to gross profit [2][8] - The company has a stable rental policy with a historical CAGR of 2%-3%, and plans to increase rent by no less than 5% annually from 2024 to 2026 [2][9] - The company has adopted a location-based recruitment model, expecting rapid growth in offline market operating income from 2025 to 2027 [2][9] Financial Performance and Projections - Revenue projections for 2025, 2026, and 2027 are 19.7 billion RMB, 24.1 billion RMB, and 27.5 billion RMB, respectively, with corresponding profit estimates of 4.24 billion RMB, 5.82 billion RMB, and 6.94 billion RMB [4][21] - The company’s recent revenues were 7.1 billion RMB, 9.9 billion RMB, and 11.6 billion RMB, indicating a steady growth trajectory [10] Online Business Development - The online business consists of the China Goods platform and Easy Payment services. The China Goods platform has exceeded its GMV targets since its AI upgrade in 2021, achieving net profits of over 80 million RMB in 2023 and 160 million RMB in 2024 [2][11] - Easy Payment has seen rapid growth since its launch in February 2023, with transaction volumes expected to reach 6 billion USD in 2025 and over 10 billion USD in 2026, with a net profit margin of approximately 30% [2][15] Market Trends and Competitive Landscape - The domestic wholesale trade market has seen a decline in the number of markets from over 5,000 to 3,555, while overall trading volume has increased from 10 trillion RMB in 2014 to 10.96 trillion RMB in 2023, indicating a trend towards increased concentration [6] - China Goods platform currently has a transaction volume of about 80 billion RMB, compared to 300 billion RMB for competitors like Alibaba International Station, suggesting significant growth potential [12] Strategic Initiatives - The company is actively pursuing import trade reforms to enhance competitiveness and expand its business scope, aiming to optimize import processes and better meet market demands [17][19] - The introduction of AI tools has significantly improved operational efficiency for merchants in Yiwu, enhancing promotional capabilities and reducing workload [16] Conclusion - Xiaogoods City is positioned for continued growth with a focus on both offline and online markets, supported by strategic initiatives in rental policies, technological advancements, and market reforms. The company’s financial outlook remains positive, with expectations of increased revenue and profit in the coming years [21]

证券代码：600415 证券简称：小商品城 公告编号：临2025-056 浙江中国小商品城集团股份有限公司 第九届董事会第三十四次会议决议公告 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。 同意聘任吴刚先生为公司副总经理，任期自董事会通过之日起至本届董事会届满之日为止。本议案已经 公司董事会提名委员会审议通过，具体内容详见公司同日于上海证券交易所网站披露的《关于聘任公司 副总经理的公告》（公告编号：临2025-057）。 表决结果：8票同意，0票反对，0票弃权。 一、董事会会议召开情况 （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2025年9月3日以电子邮件、书面材料等方式送达全体董事。 （三）本次董事会于2025年9月8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。 二、董事会会议审议情况 （一）审议通过了《关于聘任公司副总经理的议案》 （二）审议通过了《关于设立全球数贸中心酒店分公司的议案》 具体内容详见公司同日于上 ...

证券日报网讯 9月8日晚间，小商品城发布公告称，公司于2025年9月8日召开了第九届董事会第三十四 次会议，审议通过了《关于聘任公司副总经理的议案》，同意聘任吴刚先生为公司副总经理，任期自董 事会通过之日起至本届董事会届满之日为止。 （编辑 任世碧） ...

Core Viewpoint - The company has announced the establishment of a new subsidiary, the Global Trade Center Hotel Branch, aimed at enhancing its hotel resource management and operational efficiency [1] Group 1 - The board of directors approved the proposal to set up the Global Trade Center Hotel Branch on September 8, 2025 [1] - The new subsidiary will be named Zhejiang China Small Commodity City Group Co., Ltd. Global Trade Center Hotel Branch (tentative name) [1] - The establishment of this branch is expected to improve the interaction between hotels, markets, and office buildings, thereby increasing the brand influence of the company's hotels [1]