证券简称：小商品城 证券代码：600415 独立财务顾问报告 2025 年 10 月 | 一、释义 3 | | --- | | 二、声明 4 | | 三、基本假设 5 | | 四、股权激励计划的批准与授权 6 | | 五、独立财务顾问意见 8 | | （一）预留授予部分第三个解除限售期解除限售条件的达成情况说明 8 | | （二）本次限制性股票解除限售情况 10 | | （三）结论性意见 10 | 上海荣正企业咨询服务（集团）股份有限公司 关于 浙江中国小商品城集团股份有限公司 2020 年限制性股票激励计划 预留授予部分第三个解除限售期解除限售 相关事项 之 一、释义 3 1. 本公司、公司、小商品城：指浙江中国小商品城集团股份有限公司。 2. 股权激励计划、激励计划、本计划：指《浙江中国小商品城集团股份有限公 司 2020 年限制性股票激励计划（草案）》。 3. 限制性股票：指上市公司按照预先确定的条件授予激励对象一定数量的本公 司股票，激励对象只有在工作年限或业绩目标达到股权激励计划规定条件的， 方可解除限售并上市流通。 4. 股本总额：指公司股东大会审议通过本计划时公司已发行的股本总额。 5. 激励对 ...

AI 赋能成效显著，Chinagoods 平台"小商AI"系列应用累计访问量突破10 亿人次。公司与腾讯、百度共 建AI 导航导购系统；联合阿里云研发的"世界义乌"商贸大模型突破多语言翻译、智能对话等关键技 术。Chinagoods 平台"AI 翻译官"支持116 种语言互译同传，成为助力商户对接全球市场的工具。 Chinagoods 平台经营主体2025 上半年净利润达1.55 亿元，同比增长109.69%，凸显技术赋能实效。 跨境金融服务和香港金融牌照布局助力公司国际化进程提速。 2025 年上半年，公司义支付（YiwuPay）跨境收款金额突破25亿美元，同比增长47%，业务覆盖全球超 170 个国家和地区。通过加密传输、智能风控及"7×24 小时"专家应急响应的"三位一体"智能支付生态系 统，稳健支撑安全高效的跨境结算。公司同步加速推进香港金融牌照布局，公司以香港作为海外业务的 重要支撑地，前期已在香港设立相关公司并启动申请TCSP、MSO等牌照的工作，国际化进程全面提 速。 事件： 公司发布2025 年三季度报告。2025 年Q1-Q3，公司实现营收130.61 亿元，同比增长23.07%，归母净利 ...

小商品城所属申万行业为：商贸零售-一般零售-商业物业经营。所属概念板块包括：进博会概念、跨境 支付、电子支付、互联金融、金融科技等。 10月20日，小商品城盘中上涨2.03%，截至10:34，报19.57元/股，成交4.65亿元，换手率0.44%，总市值 1073.15亿元。 资金流向方面，主力资金净流入1863.81万元，特大单买入4903.94万元，占比10.54%，卖出4708.26万 元，占比10.12%；大单买入1.17亿元，占比25.06%，卖出9993.22万元，占比21.47%。 小商品城今年以来股价涨49.62%，近5个交易日涨6.53%，近20日跌0.96%，近60日跌7.03%。 今年以来小商品城已经1次登上龙虎榜，最近一次登上龙虎榜为6月27日，当日龙虎榜净买入-2846.34万 元；买入总计17.78亿元 ，占总成交额比35.58%；卖出总计18.07亿元 ，占总成交额比36.15%。 资料显示，浙江中国小商品城集团股份有限公司位于浙江省义乌市银海路567号商城集团大厦，成立日 期1993年12月28日，上市日期2002年5月9日，公司主营业务涉及从事市场开发经营及配套服务,提供网 ...

Core Viewpoint - The opening of the Yiwu Global Digital Trade Center marks a significant milestone in Zhejiang's efforts to enhance its openness and strengthen digital trade, positioning it as a new engine for the province's economic development [1][2]. Group 1: Project Overview - The Yiwu Global Digital Trade Center has a total investment of 8.3 billion yuan and is seen as a major project for promoting digital trade in Zhejiang [1]. - The center aims to leverage digital technology to empower traditional trade and facilitate high-level foreign trade [1][2]. Group 2: Strategic Goals - The initiative focuses on creating a modern digital trade port that emphasizes data interconnectivity, industry aggregation, and global outreach [2][12]. - The project is part of a broader strategy to deepen international trade reforms and optimize market procurement measures [2][12]. Group 3: Historical Context - Yiwu has been a symbol of Zhejiang's openness since it was approved for international trade reform in 2011, with each innovation contributing to national exploration [3]. - The establishment of the Global Digital Trade Center is viewed as a response to the challenges posed by a complex international environment [3]. Group 4: Digital Transformation - Yiwu has initiated a digital transformation in international trade, creating a comprehensive trade service ecosystem that integrates online platforms and offline networks [4]. - The city has developed its own digital trade platform, Chinagoods, and has made significant advancements in digital payment solutions [5]. Group 5: AI Integration - A three-year action plan for enhancing AI skills among merchants was launched, aiming to equip them with the necessary tools to adapt to the digital economy [6]. - The integration of AI into business practices is expected to enhance operational efficiency and market competitiveness [9][10]. Group 6: Market Evolution - The Global Digital Trade Center represents a shift towards a new generation of markets, focusing on digital trade as a core component [7]. - The center's design includes a vast area dedicated to various popular industries, creating a comprehensive digital trade ecosystem [7]. Group 7: Future Outlook - The ongoing reforms and digital initiatives in Yiwu are expected to significantly enhance the province's capacity for high-level openness and sustainable development [11][15]. - The successful implementation of these strategies will position Zhejiang as a leading digital trade hub in China [15].

Group 1 - The report highlights that the performance forecasts for Q3 2025 in the electronics and basic chemicals sectors are promising, with over 10 companies expected to achieve a profit growth rate exceeding 30% year-on-year [3][29] - In the electronics sector, the AI wave is driving high growth, with AI inference creating new demand, suggesting that the sector is likely to maintain a high prosperity level [3][29] - The basic chemicals sector is experiencing structural improvement due to supply constraints and demand support, with an overall balance of supply and demand expected to improve as capacity adjustments take place [3][29] Group 2 - The report indicates that as of October 15, 2025, 154 companies in the A-share market have disclosed their Q3 2025 performance forecasts or reports, with a disclosure rate of approximately 2.83% and a pre-positive forecast rate of about 83.06% [3][30] - The median net profit growth rate for the sample companies disclosing their performance forecasts is 71.2% under the median method and 65.6% under the overall method [3][30] - The report identifies that the sectors with the highest pre-positive forecast rates include comprehensive, non-bank financial, and social services, all at 100% [3][30] Group 3 - The medical device sector saw a decline in revenue and net profit in H1 2025, with overall revenue down 7.3% and net profit down 27.0% year-on-year [8] - However, the bidding process is recovering, with the total amount of domestic medical device bids in H1 2025 reaching 83.8 billion yuan, a year-on-year increase of 64% [8] - Companies like United Imaging and Mindray are experiencing growth in overseas revenues, indicating a trend towards globalization in the medical device market [8] Group 4 - The report emphasizes the importance of AI hardware and domestic computing power as key investment areas, suggesting that the market may continue to see structural slow growth with technology remaining a core focus [10] - The electronics sector is expected to see significant advancements in AI terminal ecosystems, with hardware innovation and computing power working in synergy, potentially leading to a boom in 2026 [12] - The report also notes that major companies like Apple are enhancing their collaboration in the AI space, which could lead to a reevaluation of industry valuations [12]

EMBA 培训业务受中美贸易摩擦影响，三季度报单率和收款改善，预计 全年业绩超 3 亿，估值 15-16 倍，股息率超 6%，明年百校计划预计贡 献 10%以上营收增量。 首旅酒店逐季数据改善，开店数量提升，推进 260 万间客房目标。预计 今年业绩 9 亿，估值 17-18 倍；明年 10 亿，估值 16 倍。内需消费改 善预期带来业绩和估值弹性。 小商品城市值回调后具布局价值，前三季度业绩超预期，三季度归母净 利润超 17 亿，新业务保持中高双位数增长。上调全年利润预期至 47- 48 亿，明年至 58 亿甚至更高，目前估值 16-17 倍。 永辉超市调整门店，日销逐步稳定，早期调整门店已盈利，关店计划减 少利润拖累。预计明年减亏甚至扭亏为盈，自有产品推进有望带来流量 增长，股价恢复前景可观。 美妆板块受双十一催化，珀莱雅和薇诺娜表现突出。珀莱雅估值具性价 比，薇诺娜改善显著，值得重点关注。珀莱雅 2025 年估值不超过 20 倍，2026 年 16-17 倍。 积极看好低位消费股布局机会 20251017 摘要 Q&A 目前消费板块在市场表现中相对较弱，您认为未来有哪些可能的催化因素和性 价比较高的公司 ...

Group 1 - In the past five trading days, a total of 144 companies were investigated by institutions, with a significant focus on companies like Mindray Medical, Dike Co., and Small Commodity City [1][2] - Among the companies investigated, 30 received attention from more than 20 institutions, with Mindray Medical being the most popular, attracting 184 institutions [1][2] - The types of institutions involved in the investigations included 128 securities companies, 101 fund companies, and 61 private equity firms [1] Group 2 - In terms of stock performance, 7 out of the investigated companies saw an increase in their stock prices, with the highest gainers being Jiao Cheng Ultrasound, Rongqi Technology, and Small Commodity City, with increases of 15.87%, 7.84%, and 5.85% respectively [2] - Conversely, 23 companies experienced declines, with the largest drops seen in Huicheng Co., Fuke Environmental Protection, and Meihu Co., with decreases of 17.61%, 13.07%, and 12.04% respectively [2] - Among the companies that have released their Q3 reports, Small Commodity City and Yabo Xuan reported the highest year-on-year net profit growth of 48.45% and 36.59% respectively [2] Group 3 - The table of investigated companies shows that Mindray Medical had one investigation with 184 institutions, while Dike Co. had 107 institutions participating, and Small Commodity City had 106 institutions [3][4] - The stock prices of these companies varied, with Mindray Medical closing at 225.50 yuan, Dike Co. at 61.90 yuan, and Small Commodity City at 19.18 yuan, reflecting respective changes of -6.82%, -11.00%, and +5.85% [3][4] - The most frequently investigated company was Xizi Clean Energy, which was investigated three times, while several others like Chaojie Co. and Juzan Optoelectronics were investigated twice [1][3]

证券研究报告|行业研究周报 [Table_Date] 2025 年 10 月 19 日 [Table_Title] 小商品城 25Q3 业绩高增长，长期成长动能充 足 [Table_Title2] 社服零售行业周报 [Table_Summary] ► 小商品城 25Q3 业绩高增长，看好长期成长动能 小商品城本周发布 2025 年三季度报告。2025 年前三季度公司 实现总营业收入 130.61 亿元，同比增长 23.07%；实现归母净 利润 34.57 亿元，同比增长 48.45%。单 Q3 公司实现营业收入 53.48 亿元，同比增长 39.02%，实现归母净利润 17.66 亿元， 同比增长100.52%。根据公司公告，Q3收入及利润大幅增长主 要来自全球数贸中心市场板块部分商位招商完成后线上线下 商铺入住与商品展陈确认部分收益以及履约服务利润同比增 长。截至 2025 年 9 月 30 日，公司合同负债金额达到 148.39 亿元，2025Q3 经营性现金流入 128.73 亿元，主要系收取全球 数贸中心商位及辅房招商、商业街一楼及写字楼销售款项。 根据 Chinagoods 公众号，全球数贸中心已于 ...

中宠股份前三季度实现营业收入38.6亿元，同比增长21.05%；归母净利润3.33亿元，同比增长18.21%。今年以来，中宠股份的WANPY顽皮品牌入驻北美 地区最大宠物电商平台Chewy，标志其在北美市场的渠道持续深耕。 据证券时报·数据宝统计，截至10月17日收盘，本周（10月13日至10月17日）46家机构合计进行195次"买入型"（包括买入、增持、推荐、强烈推荐、强烈 买入）评级，合计覆盖140股。 本周有8股获得3家及以上机构评级，中宠股份和小商品城评级机构家数居前，分别有16家和9家。 | | 简称 | 评级机构 | 总市值 | 滚动市图率 | 申万行业 | | --- | --- | --- | --- | --- | --- | | | | 家数 | (亿元) | (倍) | | | 002891 | 中宠股份 | 16 | 168.99 | 37.96 | 农林牧渔 | | 600415 | 小商品城 | 9 | 1051.76 | 25.03 | 商贸零售 | | 688041 | 海光信息 | 7 | 5305.30 | 224.16 | 电子 | | 601336 | 新华保险 | 6 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company has shown impressive performance due to the opening of the new market, with revenue reaching 13.1 billion (up 23% year-on-year) and net profit attributable to shareholders at 3.46 billion (up 48%) for the first three quarters of 2025 [1] - The newly opened Global Digital Trade Center is expected to enhance revenue certainty, with 80% of the leasing completed and over 3,700 merchants already operating in various new industries [1][2] - The company is actively developing new businesses such as "Yi Payment," which has seen transaction volumes exceed 27 billion (up over 35%) [3] Summary by Sections Financial Performance - For Q3 2025, the company reported revenue of 5.35 billion (up 39%) and net profit of 1.766 billion (up 101%) [1] - The company forecasts revenues of 20.6 billion, 26.3 billion, and 30.9 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 31%, 28%, and 17% [4] New Business Developments - The "Yi Payment" platform has been launched, providing cross-border payment services and achieving significant transaction volumes [3] - The company has introduced 13 AI applications aimed at reducing costs and improving efficiency for merchants in the small commodity trade sector [2] Market Expansion - The Global Digital Trade Center, which opened on October 14, 2025, is a key driver for future growth, featuring a total area of 1.25 million square meters and multiple functional areas [1][2] - The new market has attracted a significant number of new generation operators, with over 50% being "second-generation" business owners [1]