Core Viewpoint - The company achieved strong growth in 2024, with record-high revenue and profit driven by core business recovery and new business contributions, particularly in Q4 [2][6]. Financial Performance - In 2024, the company reported operating revenue of 15.737 billion yuan, a year-on-year increase of 39.27%, and a net profit attributable to shareholders of 3.074 billion yuan, up 14.85% year-on-year [1]. - The company's Q4 revenue reached 5.124 billion yuan, reflecting a 50.98% year-on-year growth, while net profit for the quarter surged by 107.17% to 745 million yuan [1][2]. - The overall gross margin for the year was 31.39%, an increase of 4.89 percentage points year-on-year, while the net margin was 19.5%, down 4.7 percentage points year-on-year [1][2]. Business Growth Drivers - The revenue growth was supported by market recovery, accelerated AI application, and increased cross-border payment volumes, with significant contributions from the Chinagoods platform and YiwuPay [2][4]. - The company’s core business showed robust growth, with daily foot traffic at Yiwu International Trade City averaging 224,300 visitors, a 12.15% increase year-on-year [3]. Digital Transformation and Innovation - The Chinagoods platform evolved into a comprehensive digital trade infrastructure, with over 4.8 million registered merchants and a net profit increase of 102.05% to 165 million yuan [4]. - The platform introduced AI tools that significantly improved cross-border conversion efficiency for small and medium-sized merchants, indicating a shift towards a replicable light SaaS business model [4]. Cross-Border Payment and Brand Expansion - The company’s cross-border payment platform, 快捷通, processed over 4 billion USD in payments, a 233% increase year-on-year, achieving a net profit of 61.04 million yuan [5]. - The company expanded its international presence with 23 new overseas projects and established two new warehousing exhibition centers in Dubai and Ho Chi Minh City, enhancing its global service network [5]. Future Outlook - The company is expected to maintain stable growth in its core business, supported by ongoing reforms and digital transformation, with projected net profits of 4.259 billion yuan, 5.382 billion yuan, and 6.452 billion yuan for 2025-2027 [6].

Core Viewpoint - The company, Zhejiang China Commodity City Group Co., Ltd., reported strong financial performance in Q1 2025, with revenue of 3.161 billion yuan, a year-on-year increase of 17.93%, and a net profit of 803 million yuan, up 12.66% [1][2]. Financial Performance - In Q1 2025, the company achieved revenue of 31.61 billion yuan, a 17.93% increase year-on-year, and a net profit of 8.03 billion yuan, reflecting a 12.66% growth [2]. - For the full year 2024, the company reported revenue of 15.737 billion yuan, a 39.27% increase, and a net profit of 3.074 billion yuan, up 14.85%, marking the best performance since its listing in 2002 [3]. - The main business revenue for 2024 was 15.023 billion yuan, a 37.38% increase, with the market operation segment showing a revenue of 4.578 billion yuan, up 48.92% [3][4]. Cost and Profitability - The cost of goods sold increased by 36.04% in Q1 2025, while the gross margin only slightly improved by 0.19 percentage points [3][4]. - The company’s non-recurring net profit for 2024 was 2.983 billion yuan, a 20.84% increase, indicating a stronger growth rate compared to the net profit [4]. Market Dynamics - The company is optimistic about its resilience against recent U.S. tariff policies, asserting that the impact on overall business will be limited due to the diversified export structure and robust supply chain [1][7]. - The company plans to focus on emerging markets in the Middle East, South America, and Africa in 2025, aiming to enhance its global trade network [5][7]. Trade and Export - In 2024, the company’s exports to the U.S. were primarily in textiles, light industrial products, and electromechanical goods, maintaining a price advantage despite tariff increases [8]. - The company reported that over 3,000 merchants are involved in trade with the U.S., with strategies in place to mitigate the impact of tariffs through price adjustments and enhanced product value [8].

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： 公司于 2025 年 4 月 9 日收到控股股东商城控股《关于拟增持小商品城股份 的函》，商城控股计划增持公司股份，有关情况公告如下： 一、增持主体基本情况 （一）增持主体：商城控股，系公司控股股东。 证券代码：600415 证券简称：小商品城 公告编号：临 2025-026 浙江中国小商品城集团股份有限公司 关于控股股东拟增持公司股份计划的公告 （二）增持主体已持有股份的数量、占公司总股本的比例： 本次增持计划实施前，商城控股持有公司股票 3,038,179,392 股，占公司 总股本的 55.40%。 （三）增持主体在本次公告前十二个月内未披露增持计划。 二、本次增持计划的主要内容 （一）本次增持计划的目的：基于对小商品城未来发展前景的信心和长期 投资价值的认可，为提振投资者信心，支持小商品城持续、健康、稳定发展， 1 义乌中国小商品城控股有限责任公司（以下简称"商城控股"）致函浙江 中国小商品城集团股份有限公司（以下简称"公司"或"小商品城"），拟 通 ...

[Table_Title2] 小商品城(600415) 证券研究报告|公司点评报告 | [Table_DataInfo] 评级： | 增持 | 股票代码： | 600415 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 15.88/7.17 | | 目标价格： | | 总市值(亿) | 725.49 | | 最新收盘价： | 13.23 | 自由流通市值(亿) | 725.38 | | | | 自由流通股数(百万) | 5,482.86 | [Table_Summary] 事件概述 公司发布 2025 年一季度财报，25Q1 实现收入 31.61 亿元/YoY+17.93%，归母净利润 8.03 亿元/YoY+12.66%，扣 非归母净利润 7.95 亿元/YoY+15.14%，剔除投资收益后的归母净利润 7.46 亿元/YoY+11.15%。经营性现金流净 额-2.78 亿元/YoY-254.44%。 ► 商城经营良好，新业务带来增量。25Q1 收入、利润在高基数下实现双增。从经营层面来看，1-2 月 小商品城成交额 402.9 亿元，同 ...

战略孵化业务逐渐进入价值释放期，2024 年Chinagoods+义支付合计实现净利润超2 亿元，2025 年有望 持续贡献业绩增量。1）Chinagoods 加快新技术新应用赋能，2023 年10 月以来发布一系列AI 数字应 用。2024年，义乌中国小商品城大数据有限公司（Chinagoods 平台经营主体）实现营收3.41 亿元，经 营净利润1.65 亿元，同比增长102.05%。Chinagoods构建统一大会员体系，联动六大业务场景，提升用 户黏性和交易活跃度。 公司通过AI 技术提升平台智能化水平，2024 年Chinagoods 平台注册采购商突破480 万人，累计使用及 访问次数超10 亿人次，用户数累计超20万，经营户私域流量活跃度增长72%。2）跨境支付体系再升 级，2024 年义支付经营成果超公司预期。2024 年义支付跨境收款总额超40 亿美元，同增233%，净利 润6,104.40 万元，同增274.67%。义支付平台于2023年2 月正式上线，2023 年的目标GMV 为10 亿美 元，实际完成了12 亿美元；2024 年的目标是30 亿美元，实际超额完成达到了40 亿美元；202 ...

证券研究报告 | 2025年04月08日 小商品城（600415.SH） 优于大市 一季度业绩增长稳健，强化贸易服务能力无惧外部冲击 一季度业绩稳健向上，归母净利润增长 12.66%。公司 2025 年一季度实现营 收 31.61 亿元，同比增长 17.93%，取得归母净利润 8.03 亿元，同比增长 12.66%，扣非净利润 7.95 亿元，同比增长 15.14%。公司整体业绩在高基数 情况下增长稳健，受益服务能力提升带来的租金增长及线上贸易服务、跨境 支付等新业务带来的增量表现。 此外，行业层面看，义乌市 2024 年进出口总值中，对美出口占比较低， 而对共建"一带一路"国家进出口贡献了 61.8%的比重，未来将持续受 益于一带一路沿线贸易景气度。公司作为核心贸易服务商，整体服务能 力增强下也可实现抵御外部关税增加等冲击。我们维持公司 2025-2027 年归母净利润预测分别为 36.38/57.15/68.37 亿元，对应 PE 分别为 20/12.7/10.6 倍，维持"优于大市"评级。 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook based on performance metrics and growth potential. Core Insights - The company reported Q1 2025 revenue of 3.161 billion yuan, a year-on-year increase of 17.93%, and a net profit attributable to shareholders of 803 million yuan, up 12.66% year-on-year [1] - The Global Digital Trade Center is set to open in October 2025, expected to significantly boost the company's main business [2] - The company is heavily invested in the Belt and Road Initiative, with limited impact from U.S. tariffs on its operations [2] - The strategic incubation business is entering a value release phase, with Chinagoods and Yipay expected to contribute significantly to profits in 2025 [3] Financial Performance Summary - For Q1 2025, the company achieved a net profit of 803 million yuan, with a non-recurring net profit of 795 million yuan, reflecting a 15.14% increase year-on-year [1] - The company anticipates a net profit of 4.05 billion yuan in 2025, with a year-on-year growth of 31.8% [6] - The projected total revenue for 2025 is 19.682 billion yuan, representing a 25.1% increase from the previous year [8] - The gross profit margin is expected to improve from 31.4% in 2024 to 31.5% in 2025 [8] Strategic Developments - The company is enhancing its digital capabilities through AI applications, with Chinagoods achieving a revenue of 341 million yuan in 2024, a 102.05% increase year-on-year [3] - Yipay's cross-border payment system has exceeded expectations, with a total collection amount of over 4 billion USD in 2024, a 233% increase [3][5] - The company is transitioning from a consumer goods trade hub to a comprehensive trade hub covering RCEP member countries [2]

证券研究报告 上次评级 蔡昕妤 商贸零售分析师 执业编号：S1500523060001 联系电话：13921189535 邮 箱：caixinyu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 小商品城(600415.SH)2025Q1 点评：业绩符合 预期，重仓一带一路，美国关税影响有限 [Table_ReportDate] 2025 年 4 月 8 日 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 小商品城(600415.SH) 投资评级 [Table_S 事件：公司发布 ummary] 2025Q1 业绩，实现收入 31.61 亿元，同增 17.93%，归母 净利润 8.03 亿元，同增 12.66%，扣非归母净利润 7.95 亿元，同增 15.14%， 经营活动现金流净额-2.78 亿元，24Q1 为 1.80 亿元。其中，25Q1 扣除投 资收益的扣非净利润为 7.44 亿元，同增 13%，公司主 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600415 证券简称：小商品城 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法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 ■ ■ (一) (二)非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 ■ 对公司将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号一一非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 (三)主要会计数据、财务指标发生变动的情况、原因 √ ...

小商品城统筹推进市场创新发展和企业转型升级，以数字化改革突破传统业务物理限制。小商品城将 AI作为重构全球贸易价值链的核心驱动力，正积极推动实体市场与数字生态协同发展。此外，公司全 球数贸中心建设全面提速，其中市场板块计划于2025年10月份开业。 中国民协新质生产力委员会秘书长吴高斌对《证券日报》记者表示："小商品城积极拓展新业务，并加 快新技术新应用赋能，Chinagoods平台和跨境支付体系'义支付'的发展以市场需求为导向，有效助推公 司业务提质升级，增强了整体竞争力。小商品城通过'低成本普惠+商业闭环'，降低贸易成本、缩短贸 易链条、提升贸易效率，持续为小商品流通创造价值，并实现自身业务的快速发展。" 公开数据显示，2024年，小商品城旗下Chinagoods平台注册采购商突破480万人，义乌中国小商品城大 数据有限公司（Chinagoods平台经营主体）实现营收3.41亿元，净利润1.65亿元，同比大增102.05%。公 司推出的"数字老板娘"IP赋能商户超1.9万家。 本报记者 吴文婧 4月7日晚间，浙江中国小商品城集团股份有限公司（以下简称"小商品城"）率先发布了A股首份2025年 一季度报告。 ...