浙江中国小商品城集团股份有限公司 2025年第三次临时股东大会决议公告 证券代码：600415 证券简称：小商品城 公告编号：2025-063 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 9 月 29 日 (二)股东大会召开的地点：浙江省义乌市银海路 567 号商城集团大厦会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 1,435 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 3,468,439,079 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数的比例（%） | 63.2506 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由董事会召集，董事长陈德占先生、副董事长包华先生因临时 工作原因未能出席本次会议，全体董事同意推举董事许杭先生主持，采 ...

Core Insights - The Fourth Global Digital Trade Expo was held in Hangzhou from September 25 to 29, with over 1,800 exhibitors participating, highlighting the growing importance of artificial intelligence (AI) in global digital trade and the critical role of digital security in economic development [1] Group 1: Digital Trade Performance - Zhejiang Province's digital trade has shown remarkable growth, with trade volumes surpassing 600 billion, 700 billion, and 800 billion yuan from 2022 to 2024. In the first half of this year, the total digital trade volume reached 414.95 billion yuan, marking a year-on-year increase of 13.2% [2] - A report released during the expo indicated that China has established e-commerce cooperation mechanisms with 36 countries, creating over 120 online and offline national pavilions, thus fostering a multi-level cooperation model involving national coordination, local collaboration, and enterprise participation [2] Group 2: AI Enhancements in Digital Trade - AI is enhancing the efficiency of digital trade, with companies like Yaowang Technology showcasing their AI capabilities in the live e-commerce sector, creating AI industrial parks to provide comprehensive services that improve merchant and institutional efficiency [3] - Companies such as Qianxun are utilizing AI to analyze historical sales data and predict market trends, focusing on AI agents to enhance live e-commerce operations [3] - Alibaba's international digital commerce group is empowering over 500,000 merchants through AI technologies, covering more than 60 scenarios, providing technical references for global cross-border e-commerce digital transformation [3] - Experts emphasize that the integration of AI with digital trade can facilitate precise decision-making and market analysis, with the successful proliferation of AI industries dependent on the availability of large models, computing power, and high-quality data [3]

Core Viewpoint - The company aims to maintain its strategic goal of becoming a "globally recognized international trade comprehensive service provider" by 2025, focusing on infrastructure development, quality enhancement, and digital transformation [1] Group 1: Strategic Goals - The company will promote strategic infrastructure construction and market upgrades, emphasizing the development of global digital trade centers and the "Belt and Road" AI innovation centers [1] - The company will enhance the quality of elements and strengthen competitive advantages by focusing on building an ecosystem for global buyers and operators, accelerating the internationalization of the "Yiwu China Small Commodity City" brand [1] Group 2: Digital Transformation and Supply Chain - The company will push for digital fulfillment and supply chain capability upgrades, accelerating the intelligent upgrade of the Chinagoods platform and creating star-rated warehousing parks [1] - The focus will be on four core strategies: improving physical market quality, upgrading trade services, building a digital ecosystem, and deepening global layout [1] Group 3: Overall Business Improvement - The company aims to achieve comprehensive improvements in operational scale, quality, profitability, and global brand influence [1]

Core Viewpoint - The company has successfully completed the leasing of over 3,000 commercial spaces on the first to third floors of the Global Trade Center market [1] Group 1 - The company is actively engaging with investors through interactive platforms [1] - The leasing progress indicates a strong demand for commercial spaces in the Global Trade Center [1]

Core Viewpoint - UBS maintains an optimistic stance on Chinese stocks, particularly favoring A-shares due to their relative valuation attractiveness, which is at a 30% discount compared to the MSCI World Index and aligns with historical averages [1] Industry Preferences - UBS is bullish on the AI theme, A-share brokerage firms, and high-dividend stocks [1] - The firm selectively supports the "anti-involution" theme, showing preference for sectors such as solar energy, chemicals, and lithium batteries [1] Preferred Stocks - UBS has listed its top picks for Chinese stocks, including A-shares such as Huatai Securities, Northern Huachuang, Yutong Bus, Kingsoft Office, Yangtze Power, and Small Commodity City, all rated as "Buy" [1] - For H-shares, the preferred stocks include China Mobile, Tencent, CRRC, and BYD, also rated as "Buy" [1] - ADRs highlighted by UBS include NetEase, Alibaba, and Global Data, all receiving a "Buy" rating [1]

Group 1: Policy Measures - The Ministry of Commerce and nine other departments released measures to promote service exports, focusing on fiscal, financial, and facilitation aspects [1] - The measures include 13 specific initiatives, such as enhancing support for key areas and projects in service exports and optimizing tax refund processes [1] - Financial policies emphasize increasing export credit insurance support and improving financial services for small and micro enterprises [1] Group 2: Cross-Border E-commerce Growth - China's cross-border e-commerce trade has shown stable growth, with exports expected to exceed 2.15 trillion yuan in 2024, marking a 16.9% increase from 2023 [2] - Over 70% of surveyed enterprises anticipate stable or growing cross-border e-commerce imports and exports in 2025 [2] - Taobao's cross-border business plans to invest 1 billion yuan in marketing subsidies for the upcoming "Double 11" event, aiming to double overseas transactions for 100,000 merchants [2] Group 3: Competitive Landscape - AliExpress launched a "Super Brand Going Global Plan," aiming to compete directly with Amazon by offering lower costs for higher sales [3] - The number of new brands on AliExpress increased by 70% in the first half of the year, with over 500 brands doubling their sales [3] - Analysts suggest that cross-border e-commerce platforms will benefit from rising demand for overseas services and increased buyer traffic in non-U.S. regions [3][4] Group 4: Company Performance - Zibuyu reported a 34.1% increase in total revenue to approximately 1.9613 billion yuan for the first half of 2025, driven by brand development and expansion beyond Amazon [5] - JD Group's revenue grew by 22.4% year-on-year in the second quarter, achieving a three-year high, with expectations for further margin improvement [6] - Pinduoduo initiated a significant support program for merchants, aiming to enhance quality development across various regions [6] Group 5: Stock Recommendations - Analysts recommend companies with strong brand potential and improving performance, including Anker Innovation and Ugreen Technology in the B2C sector, and Xiaogoods City in the B2B sector [4] - Other recommended companies for overseas expansion include Miniso and Kangnait Optical [4] - Zhongtong Express received an upgraded rating from "Outperform" to "Buy," with a target price increase based on improved industry pricing conditions [7]

Core Points - A block trade for Zhejiang China Commodity City Group Co., Ltd. occurred on September 24, with a volume of 444,900 shares and a transaction value of 8.0972 million yuan, at a price of 18.20 yuan, which is a discount of 4.01% compared to the closing price of the day [2] - The closing price for the stock on the same day was 18.96 yuan, reflecting an increase of 3.78%, with a turnover rate of 1.10% and a total transaction amount of 1.133 billion yuan, alongside a net inflow of main funds amounting to 34.1486 million yuan [2] - Over the past five days, the stock has seen a cumulative decline of 3.51%, with a total net outflow of funds reaching 202 million yuan [2] - The latest margin financing balance for the stock is 2.043 billion yuan, which has increased by 310 million yuan over the past five days, representing a growth rate of 17.89% [2] - Zhejiang China Commodity City Group was established on December 28, 1993, with a registered capital of 5.483645926 billion yuan [2]

| | | 9月24日，小商品城大宗交易成交44.49万股，成交额809.72万元，占当日总成交额的0.71%，成交价18.2元，较市场收盘价18.96元折价4.01%。 ...

Summary of Conference Call for Xiaogoods City Company Overview - Xiaogoods City is experiencing significant performance release through expansion and diversified procurement methods, with a stock buyback totaling approximately 104 billion in 2025, while the current market capitalization is around 100 billion, indicating a safety cushion for investors [2][4]. Core Insights and Arguments - The blockade of the China-Europe Railway has a limited impact on Xiaogoods City, as its core advantage lies in its established trade position and supporting measures, with the railway's volume being only about 1/10 of maritime transport [2][5]. - The company is expected to see a net profit exceeding 5.5 billion in 2026, with growth rates for 2025 and 2026 projected to remain above 30%, benefiting from new market catalysts and high growth in Yiwu's import and export activities [2][8]. - The average site selection fee has surpassed 100,000 per square meter, with an expected total cash flow of over 12 billion to be reflected in the financial statements, confirming the revenue from site selection fees in the second half of the year [2][7]. Market Dynamics - The recent acceleration of Yiwu's export growth to over 20% since May indicates a strong fundamental performance, despite the stock price retreating below 100 billion due to short-term factors, presenting an investment opportunity [2][8]. - The international situation, including the blockade at the Belarus border, is seen as beneficial for Xiaogoods City, as it operates as a platform with multiple shipping and payment verification methods, with European trade accounting for less than 10% of its business [3][9][10]. Additional Important Points - The stablecoin sector's recent pullback does not directly affect Xiaogoods City, as it is not categorized as a brokerage firm, and the company continues to make steady progress in market recruitment across various sectors [2][7]. - The company's valuation is attractive, with a projected price-to-earnings ratio of about 20 times for 2025 and 16-17 times for 2026, indicating a favorable investment position [3][10].

Market Overview - On September 24, the general retail sector declined by 2.04%, with Zhejiang Dongri leading the drop [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Individual Stock Performance - Notable gainers included: - Ningbo Zhongbai (600857) with a closing price of 16.91, up 10.02% and a trading volume of 275,200 shares [1] - Xiaoshangpin City (600415) closed at 18.96, up 3.78% with a trading volume of 601,200 shares [1] - Nanning Department Store (600712) closed at 6.96, up 3.57% with a trading volume of 156,600 shares [1] - Key decliners included: - Zhejiang Dongri (600113) closed at 52.52, down 3.60% with a trading volume of 53,100 shares [2] - Huijia Times (603101) closed at 10.74, down 1.65% with a trading volume of 235,200 shares [2] Capital Flow Analysis - The general retail sector experienced a net outflow of 267 million yuan from institutional investors, while retail investors saw a net inflow of 333 million yuan [2] - Major stocks with significant capital flow included: - Yonghui Supermarket (601933) with a net inflow of 22.29 million yuan from institutional investors [3] - Huizhong Energy (600605) with a net inflow of 18.93 million yuan from institutional investors [3] - Xiaoshangpin City (600415) saw a net outflow of 45.90 million yuan from speculative funds [3]