证券代码：600415 证券简称：小商品城 公告编号：临 2025-039 浙江中国小商品城集团股份有限公司 关于控股股东增持股份进展公告 本公司董事会、全体董事及相关股东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： 已披露增持计划情况： 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"） 控股股东义乌中国小商品城控股有限责任公司（以下简称"商城控股"）基于对 公司未来发展前景的信心和长期投资价值的认可，拟自 2025 年 4 月 9 日起 12 个月内，通过上海证券交易所采用集中竞价、大宗交易等方式增持小商品城股份， 增持不设定价格区间，增持总金额不低于人民币 5 亿元（含），不超过人民币 10 亿元（含）。 增持计划的实施进展： 2025 年 4 月 11 日，商城控股通过上海证券交易所交易系统以集中竞价方式 增持公司 690 万股 A 股股份，增持比例为 0.13%，增持成交金额为人民币 9,869.39 万元（不含佣金税费）。详见公司《关于控股股东首次增持公司股份暨增持计划 进展的公告》（临 2025-02 ...

证券代码：600415 证券简称：小商品城 公告编号：临 2025-038 浙江中国小商品城集团股份有限公司 关于对外投资设立香港全资子公司暨申请香港TCSP 牌照的公告 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。 重要内容提示： 本次拟由公司全资子公司浙江迅弛数字科技有限公司投资设立香港 全资子公司迅弛香港有限公司，由迅弛香港有限公司投资设立全资子公 司迅弛香港东方有限公司。该事项尚需履行相关申报流程，能否成功设 立尚存在不确定性。 一、对外投资概况 （一）对外投资概述 为充分借助香港金融生态优势，丰富金融服务体系，提升对中小微企业的 跨境金融服务能力，进一步增强海外展业能力，从而提升浙江中国小商品城集 团股份有限公司（以下简称"公司"）旗下支付公司的行业竞争力，公司全资 子公司浙江迅弛数字科技有限公司（"义支付"母公司）拟于中国香港特别行 政区进行以下投资： 1. 设立迅弛香港有限公司作为浙江迅弛数字科技有限公司的全资离岸子公 司。 2. 设立迅弛香港有限公司的全资子公司迅弛香港东方有限公司作为香港 公司名称：迅 ...

小商品城：拟设立香港全资子公司并申请香港TCSP牌照 通过"义支付"平台为跨境贸易提供担保支付等 金融解决方案 智通财经6月18日电，小商品城(600415.SH)公告称，为借助香港金融生态优势，公司全资子公司浙江迅 弛数字科技有限公司（"义支付"母公司）拟在香港设立两家全资子公司。其中，迅弛香港有限公司注册 资本5000万港元，由其再投资设立迅弛香港东方有限公司（注册资本1000万港元），后者将作为香港 TCSP牌照（信托或公司服务提供者牌照）申请主体。公告显示，此次投资旨在提升对中小微企业的跨 境金融服务能力，通过"义支付"平台为跨境贸易提供资金托管、担保支付及定制化金融解决方案，推动 其从支付工具升级为综合金融服务平台。公司称该举措符合全球化发展战略，但子公司设立及牌照申请 仍需通过香港相关部门审查，存在不确定性。 ...

Group 1 - The company plans to establish two wholly-owned subsidiaries in Hong Kong, namely Xunchi Hong Kong Limited and Xunchi Hong Kong Oriental Limited, with registered capital of HKD 50 million and HKD 10 million respectively [1] - The investment aims to leverage Hong Kong's financial ecosystem to enhance cross-border financial services for small and micro enterprises, thereby increasing overseas business capabilities [1] - The establishment of these subsidiaries is subject to relevant approval processes, and there is uncertainty regarding the successful establishment [1]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company has a strong foundation in the Yiwu market, evolving from a street market to the largest global small commodity distribution center, with significant growth in revenue and profit margins [6][9]. - The company benefits from policy advantages and a robust supply chain, particularly through the "1039 model" which simplifies trade for small and micro enterprises [6][30]. - The company is entering a performance acceleration phase, with import business expected to become a new growth driver [6][36]. - Revenue and net profit are projected to grow significantly over the next few years, with a forecast of CNY 197 billion in revenue and CNY 40.31 billion in net profit by 2025 [6][83]. Summary by Sections Company Overview - Established in 1982, the company has undergone multiple transformations, now operating a market with over 75,000 shops and serving over 1.15 million market entities globally [6][9]. - The company is primarily state-owned, with significant shares held by the Yiwu State-owned Assets Supervision and Administration Office [12]. Financial Performance - The company has shown steady revenue growth, with a CAGR of 28% from 2018 to 2024, and a significant recovery in 2023 after a challenging period due to real estate and pandemic impacts [15]. - The revenue for 2024 is projected at CNY 15.737 billion, with a net profit of CNY 3.074 billion, reflecting a strong recovery trajectory [7]. Business Model and Operations - The company operates multiple business segments, with market operations contributing the majority of revenue, and a notable increase in online business through platforms like Chinagoods [19][56]. - The "1039 model" allows for tax exemptions and simplified customs procedures, enhancing the competitiveness of Yiwu's market [30]. Growth Drivers - The upcoming Global Digital Trade Center is expected to significantly boost the company's market operations, with a planned opening in October 2025 [6][51]. - The company is also enhancing its digital capabilities through AI and the YiwuPay platform, which supports cross-border trade [60][66]. Market Position - Yiwu's export trade has been robust, with a significant portion of exports facilitated through the market procurement trade model, which accounted for 80.1% of total exports in 2024 [32]. - The company is positioned to leverage its strengths in both import and export markets, aiming to achieve a comprehensive trade ecosystem [36][80].

近日稳定币引发市场高度关注，多家上市公司在互动平台回复投资者相关问题。作为全球最大的小商品 交易市场的主要运营者，义乌小商品城（600415）也及时作出回应。 在e互动平台上，面对投资者关于"公司是否准备申请香港稳定币牌照"的相关提问，小商品城方面最新 回复称："我们欢迎并支持香港在稳定币监管框架上的积极进展，公司旗下跨境支付平台'义支 付'（Yiwu Pay）将持续关注相关法规进程，并将在法规明确、路径畅通后，积极评估并尽快提交相关 申请。我们致力于将自身庞大的实体贸易场景优势与金融科技创新相结合，为全球客商创造更大价值， 为提升日用消费品流通贡献力量。" 全球范围内，稳定币的相关法规进程持续推进。6月18日，据央视新闻消息，当地时间6月17日，美国参 议院通过了一项立法，旨在为被称为"稳定币"的加密货币建立监管框架。 天风证券指出，稳定币正从加密资产的"连接器"升级为全球支付新基建，合规化浪潮下增量资金与场景 有望快速跃升。预计2025年2月全球稳定币供应量达2140亿美元，链上活跃地址超3000万。稳定币规模 指数级增长，重构跨境支付新范式，应用场景多元化，包括跨境支付、企业薪资支付、美债抵押结算 等。 ...

Core Viewpoint - The company expresses its intention to apply for a stablecoin license in Hong Kong, highlighting the potential of innovative payment tools to provide efficient and low-cost cross-border payment solutions for global customers, especially small and medium-sized enterprises [1] Group 1: Company Operations - The company operates the world's largest small commodity trading market, which naturally possesses a vast and high-frequency cross-border trade settlement scenario [1] - The company's cross-border payment platform, "Yiwu Pay," will continue to monitor the regulatory progress related to stablecoins [1] Group 2: Regulatory Environment - The company welcomes and supports the positive developments in Hong Kong's stablecoin regulatory framework [1] - The company plans to actively evaluate and submit relevant applications once regulations are clarified and pathways are established [1]

Market Overview - A-shares opened slightly lower on June 18, with all major indices in the red and over 4200 stocks declining [1] - The Shanghai Composite Index fell by 0.41% to 3373.61, while the Shenzhen Component decreased by 0.23% to 10128.47 [2] Sector Performance - The food and beverage sector showed initial strength, particularly in liquor stocks, with notable gains from companies like Mogaos, Huangtai Wine, and Jinzhongzi Wine, all hitting the daily limit [5][6] - The photovoltaic inverter, liquor, military, and digital currency sectors experienced localized rallies, while rare earth permanent magnet stocks saw significant pullbacks [3][11] Liquor Industry Insights - During the "618" shopping festival, several e-commerce platforms initiated aggressive price cuts on liquor, with high-end products like Feitian Moutai seeing price drops, which has become a key market variable [7] - Specific liquor stocks such as Mogaos, Huangtai Wine, and Jinzhongzi Wine reported increases of approximately 10% [6] Oil and Gas Sector Activity - The oil and gas sector was notably active, with companies like Zhun Oil and Beiken Energy experiencing substantial gains, attributed to rising international oil prices amid escalating geopolitical tensions in the Middle East [8][9] Defense and Military Sector - The defense and military sector saw significant upward movement, with stocks like Changcheng Military Industry hitting the daily limit and others like Beifang Longzhong and Jiekang Equipment rising over 10% [10] Consumer Sector Weakness - The broader consumer sector faced challenges, with retail stocks declining, particularly in the small commodity market, where Xiaoshangpin City dropped over 9% [11][12] - The beauty and personal care sector also experienced declines, with several companies reporting drops exceeding 5% [13] Rare Earth Sector Decline - Rare earth permanent magnet stocks faced notable declines, with companies like Beikong Technology nearing the daily limit down, and others like Zhongke Magnetic and Keheng shares dropping over 9% [15][16]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][8]. Core Insights - The company is positioned as a comprehensive international trade service provider, focusing on digital transformation and global expansion, leveraging its core business in the Yiwu small commodity market [7][19]. - The company has shown resilience in exports despite tariff fluctuations, with a significant portion of its business not heavily reliant on the U.S. market, thus mitigating risks associated with geopolitical tensions [7][49]. - The integration of offline markets with online platforms is expected to drive new growth, with the upcoming global digital trade center set to enhance AI applications in the business [7][8]. Financial Data and Profit Forecast - Total revenue is projected to grow from 15,737 million yuan in 2024 to 30,946 million yuan by 2027, with a compound annual growth rate (CAGR) of 21.9% [6]. - The net profit attributable to shareholders is expected to increase from 3,074 million yuan in 2024 to 6,345 million yuan by 2027, reflecting a CAGR of 18.1% [6]. - The earnings per share (EPS) is forecasted to rise from 0.56 yuan in 2024 to 1.16 yuan by 2027 [6]. Business Model and Market Position - The company operates over 6.4 million square meters of specialized markets, generating stable revenue through differentiated rental strategies [7][19]. - The launch of the Chinagoods B2B platform has seen rapid growth, with gross merchandise volume (GMV) increasing from 2.9 billion yuan in 2020 to 80 billion yuan by 2024 [7][8]. - The company’s payment platform, YiwuPay, is expected to exceed a transaction scale of 10 billion USD by 2026, enhancing its financial service capabilities [7][8]. Market Dynamics - The company benefits from a robust supply chain and diverse product offerings, which have contributed to its strong export performance, with Yiwu's exports growing at a CAGR of 13.1% from 2016 to 2024 [49][51]. - The report highlights that Yiwu's export structure has adapted to mitigate risks from tariff increases, with significant growth in exports to ASEAN, EU, and Belt and Road countries [7][49]. - The overall market sentiment in Yiwu remains positive, with key indices indicating improved market confidence and operational efficiency [55][56].

Group 1 - The Shanghai Stock Exchange (SSE) organized a promotional event in London and Geneva to enhance cross-border capital investment cooperation and showcase the achievements and potential of China's capital market [1] - Twelve leading companies from various sectors, including healthcare, high-end manufacturing, and information technology, participated in the roadshow, demonstrating their governance, innovation, and competitive advantages [2] - The event attracted over 70 international financial institutions, highlighting the opportunities for diversified investment in undervalued traditional industries and emerging sectors in China [2] Group 2 - The introduction of the STAR Market (科创板) has garnered significant attention from international investors, with over 200 foreign institutions conducting more than 500 research visits to A-share companies this year [3] - The SSE presented the STAR Market's initiatives in supporting innovation, facilitating business expansion, and attracting long-term capital, which have bolstered investor confidence in Chinese tech companies [3] - Foreign institutions expressed strong interest in understanding more about high-quality Chinese listed companies, indicating a growing appetite for investment in the Chinese market [4] Group 3 - The SSE has been actively promoting China's capital market reforms and various investment products to European institutions, receiving positive feedback regarding the investment potential of Chinese companies [4] - The SSE has visited 12 countries and regions in 2023 to enhance international investor engagement and communication channels, aiming to position China's capital market as a significant player in global asset allocation [5][6] - The SSE is committed to fostering an open and innovative environment to create shared development opportunities for both domestic and foreign investors [6]