(四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 7 月 21 日 14 点 00 分 召开地点：浙江省义乌市银海路 567 号商城集团大厦会议室 股东大会召开日期：2025年7月21日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (一)股东大会类型和届次 2025年第二次临时股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 证券代码：600415 证券简称：小商品城 公告编号：临 2025-045 浙江中国小商品城集团股份有限公司 关于召开2025年第二次临时股东大会的通知 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： 一、 召开会议的基本情况 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者 的投票，应按照《上海证券交易所上市公司自律监管指引第 1 号 — 规范运 作》等有关规定执行。 (七)涉及公开征集股东投票权 无 二、 会议审议事项 本次股东大会审议议案及投票股东类型 | ...

证券代码：600415 证券简称：小商品城 公告编号：临 2025-043 浙江中国小商品城集团股份有限公司 第九届董事会第三十一次会议决议公告 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。 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。 表决结果：6 票同意，0 票反对，0 票弃权。 （二）本次董事会的会议通知及材料于 2025 年 6 月 30 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 7 月 4 日下午在浙江省义乌市银海路 567 号商城 集团大厦会议室以通讯表决方式召开。 （四）本次董事会应出席董事 6 人，实际出席董事 6 人。 （五）本次董事会由副董事长包华先生主持，公司高管与监事列席了会议。 二、董事会会议审议情况 （一）审议通过了《关于补选公司董事候选人的议案》 表决结果：6 票同意，0 票反对，0 票弃权。 同意提名陈德占先生和吴秀斌先生为公司第九届董事会董事候选人，本议案 尚需提交公司股东大会审议。具体 ...

Core Insights - Yiwu, known as the world's largest small commodity wholesale market, is expanding its global reach through various overseas initiatives, including markets, warehouses, and exhibitions [4][9] - The Yiwu Selection brand has established a presence in multiple countries, enhancing its international footprint and facilitating cross-border trade [5][9] - The city aims to create a collaborative business environment, promoting the idea of "doing business with the world" [8] Group 1: Global Expansion - Yiwu has sold over 2.1 million types of products to more than 230 countries and regions, attracting over 20,000 foreign merchants and nearly 9,000 foreign entities [1] - The first overseas market in Osaka, Japan, opened recently, covering an area of 5,000 square meters and hosting nearly 100 businesses [4] - Since September 2023, Yiwu has launched 60 brand export projects globally, including 2 overseas markets and 10 overseas warehouses [9] Group 2: Brand Development - The Yiwu Selection brand operates stores on all five continents, focusing on exporting entire stores rather than just products [5] - Each store features multi-language product descriptions and merchant business cards, attracting foreign merchants for potential collaboration [6] - The Yiwu China Small Commodity City is actively exploring opportunities in Russia, Australia, and France for future store openings [8] Group 3: Trade Facilitation - The Yiwu China Small Commodity City is building a broad trade platform to support cross-border business for domestic and international merchants [8] - The Dubai Yiwu China Small Commodity City, covering 200,000 square meters with an investment of approximately 1.06 billion yuan, has become a popular destination for local and regional traders [8] - The initiative aims to connect Chinese manufacturing with global customers, enhancing accessibility and trade efficiency [4][8]

Core Viewpoint - Despite the announcement of a positive half-year performance forecast, the stock price of Zhejiang China Commodity City Group Co., Ltd. has declined significantly, indicating market concerns over leadership changes and overall performance [2][3][5]. Group 1: Leadership Changes - The resignation of Chairman Wang Dong on June 27 has raised concerns among investors, leading to a stock price drop of 9.89% on the same day [3]. - Wang Dong's tenure was marked by a significant increase in stock price, from below 10 yuan to a peak of 22.08 yuan in June 2023, highlighting his importance in the company's development [3]. - Prior to Wang Dong's resignation, three other executives also resigned in May, indicating potential instability in the company's leadership [4]. Group 2: Financial Performance - For 2024, the company reported an expected revenue of 15.737 billion yuan, a year-on-year increase of 39.27%, and a net profit of 3.074 billion yuan, up 14.85% [5]. - The company anticipates a net profit of 1.630 billion to 1.700 billion yuan for the first half of 2023, representing a year-on-year increase of 12.57% to 17.40% [5]. - Despite these positive figures, the growth rate has slowed compared to previous periods, leading to concerns that performance may not meet market expectations [5]. Group 3: Stock Performance and Market Reactions - Following the announcement of the performance forecast, the stock price fell by 6.04% on July 1 and an additional 3.35% on July 2, indicating a negative market reaction [2]. - The company’s major shareholder completed a share buyback plan amounting to 999.8 million yuan, which was intended to stabilize the stock price amid the leadership changes [4]. Group 4: Cross-Border Payment Business - The company is exploring opportunities in the cross-border payment sector, particularly in light of the growing interest in stablecoins [6]. - The cross-border payment platform "Yi Payment" aims to integrate its extensive trade scene with financial technology innovations, enhancing its service offerings [6][7]. - The company plans to apply for a TCSP license in Hong Kong to expand its cross-border financial services, which could provide new growth opportunities [7].

Core Viewpoint - The performance of Yiwu market continues to improve, with Xiaogoods City (600415.SH) showing steady growth in profitability, expecting a net profit of 16.3 to 17 billion yuan for the first half of 2025, representing a year-on-year increase of 12.57% to 17.4% [1][3]. Group 1: Financial Performance - Xiaogoods City anticipates a net profit of 16.3 to 17 billion yuan for H1 2025, with a year-on-year growth of 12.57% to 17.4% [1][3]. - The company expects a net profit excluding non-recurring items of 16.1 to 16.8 billion yuan, reflecting a year-on-year increase of 13.46% to 18.39% [1][3]. - From 2021 to 2024, Xiaogoods City reported revenues of 60.34 billion yuan, 76.2 billion yuan, 113 billion yuan, and 157.37 billion yuan, with respective year-on-year growth rates of 61.95%, 26.28%, 48.3%, and 39.27% [3]. Group 2: Market Dynamics - Since February 2025, Yiwu market has shown robust activity, maintaining a daily opening rate of over 97% and attracting more than 23,000 visitors daily [2]. - The market has seen an influx of nearly 3,800 foreign merchants daily, indicating a stable operational environment amidst a complex international trade landscape [2]. Group 3: Strategic Developments - Xiaogoods City has exceeded expectations in its global digital trade center market segment, completing the first batch of 389 fashion jewelry industry shops with a high demand ratio of 4.25:1 [5][6]. - The company has developed a comprehensive ecosystem for product display, supporting services, and trade services, enhancing overall operational performance [5][6]. Group 4: Payment Services - The payment platform "Yi Payment" has achieved over 25 billion USD in cross-border receipts as of June 26, 2025, marking a year-on-year growth of over 47% [1][7]. - Yi Payment has established a global service network covering over 160 countries, facilitating cross-border transactions for 23,000 foreign trade enterprises [7]. Group 5: Shareholder Activity - The controlling shareholder, Yiwu China Xiaogoods City Holdings, has completed a share buyback plan, acquiring 52.8853 million shares for approximately 9.98 billion yuan, representing 0.96% of the total share capital [4].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company is expected to achieve a net profit of 1.63-1.70 billion yuan for the first half of 2025, representing a year-on-year growth of 12.57%-17.40% [2] - The company has seen a significant increase in cross-border payment volumes, with the payment platform "Yipay" exceeding 2.5 billion USD, a year-on-year increase of over 47% [4] - The company is expanding its rental business with new market openings and rental increases, projecting a stable growth trajectory [6] Summary by Sections Company Overview - The company has a total market capitalization of 113.4 billion yuan and a free float market capitalization of 113.39 billion yuan [1] Financial Performance - The company forecasts a revenue of 20.28 billion yuan for 2025, with a year-on-year growth of 28.9% [9] - The expected net profit for 2025 is 4.34 billion yuan, reflecting a year-on-year increase of 41.1% [9] - The earnings per share (EPS) is projected to be 0.79 yuan for 2025 [9] Market Dynamics - The city of Yiwu has shown strong import and export growth, with a total import and export value of 327.13 billion yuan in the first five months of 2025, a year-on-year increase of 23.7% [3] - The average daily market opening rate remains above 97%, with daily foot traffic exceeding 230,000 [3] Management Changes - The chairman of the board, Wang Dong, has resigned due to organizational work arrangements, and a new candidate has been confirmed [5] Future Outlook - The company plans to increase rental prices by no less than 5% annually from 2024 to 2026, alongside the introduction of new business lines such as Chinagoods and Yiwupay [6]

Industry Overview - The retail industry experienced a decline of 0.79% today, with a net outflow of funds amounting to 1.09 billion yuan [1] - Among the 99 stocks in the retail sector, 34 stocks rose, while 52 stocks fell, indicating a mixed performance within the industry [1] Fund Flow Analysis - The top three stocks with the highest net outflow include Cuiwei Co., Ltd. with 607 million yuan, Kuaijingtong with 227 million yuan, and Xiaoshangcheng with 158 million yuan [1] - The leading stock in terms of net inflow is Aishide, which saw an inflow of 253 million yuan, followed by Ruoyuchen and Tianyin Holdings with inflows of 48.9 million yuan and 37.8 million yuan respectively [1][3] Stock Performance - Cuiwei Co., Ltd. had the largest decline at -9.97%, with a turnover rate of 28.22% and a net outflow of approximately 607 million yuan [1] - Other notable decliners include Kuaijingtong at -3.19% and Xiaoshangcheng at -6.04% [1] Market Sentiment - The overall market sentiment in the retail sector appears negative, as indicated by the significant net outflow of funds and the number of declining stocks [1][2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 16.3 to 17.0 billion yuan in the first half of 2025, representing a year-on-year increase of 12.6% to 17.4% [5] - The company anticipates a significant increase in net profit in the second quarter of 2025, with estimates ranging from 8.3 to 9.0 billion yuan, reflecting a year-on-year growth of 12.5% to 22.0% [5] - The strong performance in the Yiwu import and export market, with a total import and export value of 327.13 billion yuan from January to May 2025, shows a year-on-year growth of 23.7% [5] - The company's payment platform, Yi Payment, has seen a substantial increase in cross-border collection amounts, exceeding 2.5 billion USD, which is a year-on-year growth of over 47% [5] - The global digital trade center's market segment has exceeded the company's expectations in terms of招商 (招商 means "investment attraction"), with the first batch of 389 fashion jewelry industry shops fully completed [5] - The company maintains a strong strategic position as a non-US export hub, with profit forecasts for 2025-2027 set at 42.3 billion, 57.1 billion, and 68.3 billion yuan respectively, indicating year-on-year growth rates of 38%, 35%, and 19% [5] Financial Summary - Total revenue for 2023 is projected at 11.3 billion yuan, with a year-on-year growth of 48.3% [1] - The diluted earnings per share (EPS) for 2025 is estimated to be 0.77 yuan, with a price-to-earnings (P/E) ratio of 26.80 based on the latest diluted figures [1] - The company's total assets are expected to reach 43.34 billion yuan by 2025, with a debt-to-asset ratio of 48.56% [6]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][3]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.63-1.7 billion yuan for the first half of 2025, representing a year-on-year growth of 12.57%-17.4%. The second quarter is projected to generate 827-897 million yuan, with a year-on-year increase of 12.5%-22% [4][5]. - The ongoing招商 (招商 refers to the process of attracting businesses to occupy commercial spaces) at the global digital trade center is expected to significantly contribute to the company's performance, with the fashion jewelry sector already completed and other sectors like children's products and skincare currently in the招商 phase [4][6]. - The establishment of a wholly-owned subsidiary in Hong Kong to apply for a TCSP license is anticipated to enhance the company's cross-border payment services, transitioning from a payment tool to a comprehensive financial service platform [5][11]. Summary by Sections Global Digital Trade Center - The global digital trade center is a key project for the company, with a total investment exceeding 8.3 billion yuan and an area of over 1.25 million square meters. The market section, which is the main engine, covers 410,000 square meters and is expected to open in October 2025 [6][10]. - The招商 for the fashion jewelry sector has attracted over 4,000 businesses, with bidding prices ranging from 110,000 to 124,000 yuan per square meter, indicating strong demand [4][6]. - The expected revenue contribution from the market section is estimated to be between 16.3 billion and 20.3 billion yuan, primarily from entry fees and merchant fees [10]. Cross-Border Payment Business - The company’s cross-border payment business, yiwupay, is projected to exceed 4 billion USD in cross-border receipts in 2024, with a net profit of approximately 61.04 million yuan, reflecting a year-on-year growth of 274.67% [11][12]. - The company aims to leverage financial technology to enhance trade facilitation, with innovative payment tools like stablecoins expected to provide efficient and low-cost cross-border payment solutions [12]. Financial Forecast - The net profit attributable to shareholders for 2025-2027 is revised to 4.032 billion, 6.408 billion, and 7.832 billion yuan, respectively, with corresponding P/E ratios of 28.1, 17.7, and 14.5 times [5][14].

Group 1 - The company forecasts a net profit attributable to shareholders for the first half of 2025 to be between 1.63 billion to 1.7 billion yuan, representing an increase of 12.57% to 17.40% compared to the same period last year [1] - The net profit for the first half of 2024 was 1.448 billion yuan, with a net profit excluding non-recurring gains and losses of 1.419 billion yuan [1] - The basic and diluted earnings per share for the first half of 2024 were both 0.27 yuan per share [1] Group 2 - The main reasons for the profit increase include continued growth in the company's core business revenue and sustained improvement in trade fulfillment services [1] - The economic indicators in Yiwu city show strong growth, with total import and export volume reaching 327.13 billion yuan from January to May 2025, a year-on-year increase of 23.7% [2] - The daily opening rate of the market remains above 97%, with an average daily foot traffic exceeding 230,000 people, indicating a stable and positive market operation [2] Group 3 - The first batch of 389 fashion jewelry industry shops has completed its recruitment work, with a strong demand reflected in the high number of applications and bids [3] - The bidding demand ratio for the first batch was 4.25:1, indicating a significant interest in the market [3] - The second batch of recruitment for baby and toddler products, as well as skincare and medical beauty products, has commenced, with over 3,200 registrations on the first day [3]