Investment Rating - The report maintains a "Buy" rating for the company [11]. Core Insights - The company has successfully transformed from a "traditional commercial property operator" to a "comprehensive foreign trade service provider" over the past 31 years, leveraging the favorable export climate in Yiwu. The traditional business is expected to achieve growth through increased rental rates and expanded space, while new businesses represented by the Chinagoods platform and Yi Payment are quickly becoming profitable, indicating significant medium to long-term growth potential [3][8]. Summary by Sections Labor-Intensive Product Exports - China's export share to developing countries is gradually increasing, benefiting from domestic manufacturing advantages and rising demand from emerging economies. The export share of labor-intensive products has stabilized at around 17%-20% since 2008, with China's global market share rising from 11% in 1995 to 43% in 2023. Yiwu, as the largest small commodity distribution center, has shown strong export growth, supported by favorable policies [5][58]. Market Operations - The company's market operations, a key revenue source from rental fees, have established a market-oriented rental pricing system. In 2023, the average rental rate for some expiring spaces increased by 5.5%, with a projected growth rate of no less than 5% over the next three years. The active market and the introduction of new spaces are expected to drive sustainable growth in rental income [6][71]. Trade Services - The company has successfully transitioned to a comprehensive trade service provider, with the Chinagoods platform evolving from a simple display and transaction function to a full-service foreign trade platform. This platform is expected to see rapid revenue growth due to increased user engagement and service upgrades. Yi Payment is also experiencing rapid growth in cross-border RMB settlement, indicating significant potential for profitability and market penetration [7][79]. Investment Recommendations - The report expresses confidence in the company's profit growth driven by both traditional and new business segments. EPS is expected to reach 0.54, 0.69, and 0.93 yuan for the years 2024-2026, reinforcing the "Buy" rating [8].

Investment Rating - The report maintains an "Accumulate" rating for the company [3][4]. Core Insights - The company is experiencing rapid growth in revenue and net profit, with a projected net profit of 2.925 billion yuan for 2024, reflecting a year-on-year growth of 9.3% [4][6]. - The gross profit margin is expected to improve, reaching 30.8% in 2024, driven by rental increases and expansion into new markets [3][5]. - The company is focusing on overseas expansion, particularly in emerging markets along the "Belt and Road" initiative, which is expected to provide additional growth momentum [4][7]. Financial Performance Summary - For the fiscal year 2023, the company reported revenue of 11.3 billion yuan, with a year-on-year growth of 48.3% [3]. - The net profit attributable to shareholders for 2023 was 2.676 billion yuan, showing a significant increase of 142.3% compared to the previous year [3][6]. - The company’s operating income is projected to grow to 19.725 billion yuan by 2026, with a compound annual growth rate (CAGR) of 15.0% from 2024 to 2026 [3][4]. Market Data - As of November 8, 2024, the closing price of the company's stock was 12.56 yuan, with a total share capital of approximately 5.484 billion shares [1][3]. - The company's net assets stand at 19.757 billion yuan, with total assets amounting to 35.898 billion yuan [1][3].

Group 1: Company Performance and Strategy - The company emphasizes value creation and shareholder returns, focusing on market-driven operations and digital trade development [2] - The company aims to become a leading international trade service provider, with a goal of establishing a "World Commodity Center" [2][3] - In Q3 2023, the company's main business profit reached approximately 994 million CNY, representing a year-on-year growth of over 108% [8] Group 2: Digital Trade and Financial Services - The company plans to enhance its digital trade ecosystem, focusing on the development of platforms like Chinagoods and improving cross-border payment systems [3][4] - The company is working on a digital financial service system to facilitate cross-border transactions and enhance its global payment network [3] Group 3: Market and Index Development - The "Yiwu Index" serves as a market development indicator, with over 10 million data entries recorded from 2006 to 2023, reflecting macroeconomic conditions [4][5] - The company collaborates with various organizations to enhance the Yiwu Index's analytical capabilities and data value [4] Group 4: Employment and Economic Impact - The company's international trade city supports over 200,000 jobs and contributes to the development of more than 210,000 small and micro enterprises [9] - The company aims to maximize shareholder benefits while ensuring sustainable development [9]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 12.5 CNY per share, compared to the current price of 10.66 CNY [1][3]. Core Insights - The company's performance in Q3 exceeded expectations, with a revenue of 38.5 billion CNY, representing a year-on-year growth of 40.2%. The net profit attributable to shareholders reached 8.8 billion CNY, a significant increase of 176.7% [1][2]. - The main business profit for Q3 was approximately 9.9 billion CNY, showing a year-on-year increase of over 108%. This growth is attributed to a thriving market environment in Yiwu, increased user willingness to pay on the Chinagoods platform, and a significant rise in cross-border payment transactions through Yiwu Pay [2][3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 106.1 billion CNY, a year-on-year increase of 34.3%, and a net profit of 23.3 billion CNY, growing by 0.5% [1]. - The gross margin for the main business in Q3 was 30.1%, an increase of 9.5 percentage points year-on-year. The sales expense ratio was 1.0%, down by 0.06 percentage points, and the management expense ratio was 3.1%, down by 1.09 percentage points [3]. - The company has adjusted its net profit forecasts for 2024-2026 to 30.2 billion CNY, 34.4 billion CNY, and 49.8 billion CNY, respectively, reflecting a slight upward revision [3]. Market Context - The overall market for Yiwu's import and export trade remains robust, with a total value of 4998.8 billion CNY in the first three quarters, marking a year-on-year growth of 16.6% [2]. - The Chinagoods platform's gross merchandise volume (GMV) exceeded 608 billion CNY, with a year-on-year growth of over 16%, indicating strong user engagement and platform conversion rates [2].

证券代码：600415 证券简称：小商品城 公告编号：临2024-046 浙江中国小商品城集团股份有限公司 关于举行2024年第三季度业绩说明会的公告 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。 ●会议召开地点：全景网（网址：https://ir.p5w.net/） ●会议召开方式：网络文字互动 ●投资者可于11月4日(星期一)16:00前登录http://ir.p5w.net/zj/进入问题征 集页面进行提问，公司将在说明会上对投资者普遍关注的问题进行回答。 浙江中国小商品城集团股份有限公司（以下简称"公司"）已于 2024 年 10 月 15 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年 第三季度经营成果、财务状况，公司计划于 2024 年 11 月 5 日 15:00-16:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次业绩说明会以网络文字互动形式召开，公司将针对2024年第三季度的经营成 果及财务指标的具体情况与投资者 ...

本次股票上市流通总数为 702,900 股。 证券代码：600415 证券简称：小商品城 公告编号：临 2024-045 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预留授予部分 第二个解除限售期限制性股票解锁暨上市的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 702,900 股。 本次股票上市流通日期为 2024 年 11 月 4 日。 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 10 月 14 日召开第九届董事会第二十二次会议与第九届监事会第十次会 议，审议通过了《关于 2020 年限制性股票激励计划预留授予部分第二个解除限售 期解除限售条件成就的议案》。现就公司本次限制性股票解锁暨上市的相关情况说 明如下： 一、限制性股票激励计划批准及实施情况 （一）限制性股票激励计划已履行的相关审批程序 2020 年 10 月 23 日，公司第八届董事会第二十三次会议审议通 ...

国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关于 浙江中国小商品城集团股份有限公司 2020 年限制性股票回购注销相关事项 之法律意见书 地址：杭州市老复兴路白塔公园 B 区 15 号楼、2 号楼（国浩律师楼） 邮编：310008 电话：(+86)(571) 8577 5888 传真：(+86)(571) 8577 5643 电子信箱：grandallhz@grandall.com.cn 网址：http://www.grandall.com.cn 二〇二四年八月 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关 于 浙江中国小商品城集团股份有限公司 2020 年限制性股票回购注销相关事项 之法律意见书 致：浙江中国小商品城集团股份有限公司 国浩律师（杭州）事务所（以下称"本所"）接受浙江中国小商品城集团股 份有限公司（以下简称"小商品城"或者"公司"）的委托，作为公司 2020 年 限制性股票激励计划（以下简称"本次股权激励计划"）的特聘专项法律顾问。 五、本所同意将本法律意见书作为小商品城本次回购注销的必备法律文件之 一，随其他申请材料一起上报或公开披露，并依法对出具的法律意见 ...

证券代码：600415 证券简称：小商品城 公告编号：临 2024-044 浙江中国小商品城集团股份有限公司 关于股权激励限制性股票回购注销实施公告 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： （一）回购注销原因 浙江中国小商品城集团股份有限公司（以下简称"小商品城"或"公司"）2020 年限制性股票激励计划（以下简称"本激励计划"）中调任、离职或退休的 7 名激 励对象已不符合公司本激励计划中有关激励对象的规定。公司董事会审议决定取 消上述激励对象资格并回购注销其已获授但尚未解除限售的全部限制性股票。 （二）本次注销股份的有关情况 | 回购股份数量 | 注销股份数量 | | 注销日期 | | | | | --- | --- | --- | --- | --- | --- | --- | | 股 688,250 | 688,250 | 股 | 年 2024 | 10 | 月 | 日 28 | 一、本次限制性股票回购注销的决策与信息披露 2024 年 8 月 14 日，公司第九届董事会第二十次会议和第九 ...

Investment Rating - The report assigns a positive investment rating to the company, indicating a strong performance in its core business and innovative growth opportunities [1]. Core Insights - The company reported a revenue of 10.613 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 34.25%. However, the net profit attributable to shareholders decreased by 0.53% to 2.329 billion yuan [1]. - In Q3 2024, the company achieved a revenue of 3.847 billion yuan, up 40.17% year-on-year, with a net profit of 881 million yuan, reflecting a significant increase of 176.73% [1]. - The company is positioned as a leading global trade service provider, with a focus on enhancing its role in the small commodity trade sector [1]. Financial Performance Summary - For the first three quarters of 2024, the company’s core business profit was approximately 999.4 million yuan, showing a growth of over 108% year-on-year [1]. - The innovative business segment, particularly the chinagoods platform, reported a GMV exceeding 60.8 billion yuan, marking a year-on-year growth of over 16% [1]. - The cross-border payment service "Yiwu Pay" saw a transaction volume exceeding 20 billion yuan from January to September 2024, representing a year-on-year increase of over 770% [1]. Revenue and Profit Forecast - The company is projected to achieve revenues of 14.436 billion yuan, 16.326 billion yuan, and 19.088 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 27%, 13.7%, and 16.9% [2]. - The net profit attributable to shareholders is expected to be 3.038 billion yuan, 3.480 billion yuan, and 4.482 billion yuan for the same years, with corresponding growth rates of 14%, 14.6%, and 28.8% [2]. - The report anticipates an EPS of 0.55 yuan, 0.63 yuan, and 0.82 yuan for 2024, 2025, and 2026, respectively [2]. Balance Sheet Overview - As of 2023, the company’s total assets were valued at 36.219 billion yuan, with current assets amounting to 6.544 billion yuan [3]. - The company’s total liabilities stood at 18.515 billion yuan, with current liabilities of 13.732 billion yuan [3]. - The equity attributable to shareholders was reported at 17.688 billion yuan in 2023 [3].

Investment Rating - The investment rating for the company is "Buy" with a target price of 11.99 CNY per share [1]. Core Views - The company reported a revenue of 10.61 billion CNY for the first three quarters of 2024, representing a year-on-year growth of 34.3%. The net profit attributable to shareholders reached 2.33 billion CNY, up 40.2% year-on-year, with a net profit margin of 22.9% [1]. - The company's main business profit for Q3 2024 was approximately 994 million CNY, showing a significant year-on-year increase of over 108%, driven by rental income growth from the chinagoods platform and the steady progress of the global digital trade center [1]. - The company is expected to achieve total revenues of 14.61 billion CNY, 16.97 billion CNY, and 19.68 billion CNY for 2024, 2025, and 2026 respectively, with corresponding net profits of 2.99 billion CNY, 3.34 billion CNY, and 4.14 billion CNY [1]. Financial Summary - For Q3 2024, the company achieved a gross profit margin of 30.1%, an increase of 11.30 percentage points year-on-year. The sales expense ratio decreased by 1.09 percentage points, while the R&D expense ratio was 1.0%, up 0.2 percentage points year-on-year [1]. - The company's operating income for 2022 was 7.62 billion CNY, which increased to 11.3 billion CNY in 2023, reflecting a growth rate of 48.3%. The projected growth rates for the next three years are 29.3%, 16.1%, and 16.0% respectively [2][3]. - The company's net profit for 2023 was 2.68 billion CNY, with an expected growth rate of 11.7% for 2024 and 11.8% for 2025 [2][3]. Profitability and Valuation - The company is projected to have an EPS of 0.55 CNY in 2024, increasing to 0.61 CNY in 2025 and 0.75 CNY in 2026. The P/E ratio is expected to be 21.17 in 2024, decreasing to 15.29 by 2026 [2][3]. - The report suggests a reasonable valuation of 11.99 CNY per share based on comparable company valuations, supporting the "Buy" rating [1].