证券代码：600415 证券简称：小商品城 公告编号：临 2025-004 浙江中国小商品城集团股份有限公司 第九届董事会第二十六次会议决议公告 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。 （二）本次董事会的会议通知及材料于 2025 年 1 月 20 日以传真、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 1 月 26 日上午以通讯表决方式召开。 （一）审议通过了《关于补选公司董事候选人的议案》 表决结果：8 票同意，0 票反对，0 票弃权。 董事会同意提名包华先生为公司第九届董事会董事候选人，本议案已经公司 董事会提名委员会审议通过，尚需提交公司股东大会审议。具体内容详见公司同 日于上海证券交易所网站披露的《关于补选公司董事候选人的公告》（公告编号： 临 2025-005）。 （二）审议通过了《关于聘任公司总经理的议案》 表决结果：8 票同意，0 票反对，0 票弃权。 同意聘任 ...

证券代码：600415 证券简称：小商品城 公告编号：临 2025-006 特此公告。 浙江中国小商品城集团股份有限公司董事会 二〇二五年一月二十七日 - 1 - 附件： 浙江中国小商品城集团股份有限公司 关于聘任公司总经理的公告 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。 浙江中国小商品城集团股份有限公司（以下简称"公司"）于2025年1月26 日召开了第九届董事会第二十六次会议，审议通过了《关于聘任公司总经理的议 案》，同意聘任包华先生为公司总经理，任期自董事会通过之日起至本届董事会 届满之日为止。包华先生简历详见附件。 包华，男，1982 年 3 月出生，汉族，中共党员，本科学历。 2017.11--2020.08 任浙江中国小商品城集团股份有限公司党委副书记 2020.08--2022.05 任浙江中国小商品城集团股份有限公司党委副书记、义 乌中国小商品城控股有限责任公司党委副书记 2022.05--2023.12 任义乌市交通旅游产业发展集团有限公司党委书记、副 董事长、总经理 2023.12--2024. ...

证券代码：600415 证券简称：小商品城 公告编号：2025-009 浙江中国小商品城集团股份有限公司 关于召开 2025 年第一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 (一) 股东大会类型和届次 2025 年第一次临时股东大会 召开的日期时间：2025 年 2 月 18 日 14 时 00 分 召开地点：义乌市银海路 567 号商城集团大厦会议室 (五) 网络投票的系统、起止日期和投票时间。 股东大会召开日期：2025年2月18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 (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 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 2 月 18 日 至 2025 年 2 月 18 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为 ...

Investment Rating - The investment rating for the company is "Hold" [5] Core Views - The report highlights the strengthening of the company's position as a hub for domestic and international trade, driven by platform economies and operational improvements [1][2] - The company is expected to benefit from the implementation of the "Overall Plan for Deepening International Trade Comprehensive Reform in Yiwu City," which aims to enhance the business environment and promote integrated development of domestic and foreign trade [2][3] - The company's self-operated sales platform, ICMALL, which focuses on imported goods, is projected to continue driving revenue growth, contributing 62.11% to the main business revenue in 2023 [3][4] Summary by Sections Event Description - The National Development and Reform Commission issued a plan to deepen international trade reform in Yiwu City, which the company announced it would implement [1] Event Commentary - The plan aims to improve the business environment by optimizing trade standards and enhancing logistics systems, which will benefit small and medium-sized enterprises [2] - It includes measures for digital innovation and financial support to reduce costs and improve access to financing for SMEs [2] Development Opportunities - The company is expected to see sustained revenue growth from its import business, supported by the plan's initiatives to enhance the import environment [3] - The logistics system's modernization and digital warehousing services are anticipated to position the company as an efficient hub in the trade logistics network [3] - The financial services provided by the company, such as Yiwu Pay, have shown significant growth, with cross-border payment transactions exceeding 20 billion RMB in the first nine months of 2024, reflecting a year-on-year increase of over 770% [3] Financial Performance - For the first nine months of 2024, the company's main business revenue exceeded 10.6 billion RMB, representing a year-on-year increase of 34%, with operating profit reaching 2.959 billion RMB, up 8.83% [4] - The financial forecasts indicate a steady increase in revenue and net profit over the next few years, with projected revenues of 14.1 billion RMB in 2024 and 15.7 billion RMB in 2025 [12]

证券代码：600415 证券简称：小商品城 公告编号：临 2025-003 浙江中国小商品城集团股份有限公司 关于 2020 年限制性股票激励计划首次授予部分 第三个解除限售期限制性股票解锁暨上市的公告 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、准确性和完整性依法承担法律责任。 一、限制性股票激励计划批准及实施情况 （一）限制性股票激励计划已履行的相关审批程序 2020 年 10 月 23 日，公司第八届董事会第二十三次会议审议通过了《关于<公 司 2020 年限制性股票激励计划（草案）>及其摘要的议案》，公司第八届监事会第 六次会议审议通过了上述议案并对公司本次股权激励计划的激励对象名单进行核 实，公司独立董事就本次股权激励计划发表了独立意见。 2020 年 11 月 18 日，公司收到义乌中国小商品城控股有限责任公司转发的义 乌市人民政府国有资产监督管理办公室出具的《浙江中国小商品城集团股份有限 公司关于 2020 年限制性股票激励计划获义乌市国有资产监督管理办公室批复的公 告》，原则同意《公司 2020 年限制性股票激励计划（草案）》，公司按照 ...

国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 根据浙江中国小商品城集团股份有限公司（以下简称"小商品城"或者"公 司"）与国浩律师（杭州）事务所（以下简称"本所"）签订的法律服务委托协 议，本所接受小商品城的委托，根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市 公司股权激励管理办法》（以下简称"《管理办法》"）等有关法律、法规和规 范性文件的规定，按照律师行业公认的业务标准、道德规范和勤勉尽责精神，对 公司提供的有关文件进行了核查和验证，就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（以下简称"本次激励计划"）首次授予部分第三 个解除限售期（以下简称"本次解锁"）解除限售条件成就相关事项，出具本法 律意见书。 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首次授予部分第三个解 除限售期解除限售条件成就相关事项之法律 意见书 浙江省杭州市老复兴路白塔公园 B 区 2 号楼、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block ...

Core Viewpoint - In 2024, the company is accelerating the construction of a digital-centric trade service ecosystem and has achieved positive results [1] Digital Payment - The company launched a digital payment platform named "Yizhifu" to address core pain points in cross-border payment and settlement for businesses, incorporating "cross-border RMB + cross-border foreign exchange + cross-border digital RMB" into its business system [1] - In 2024, the transaction volume of cross-border payment business on the Yizhifu platform exceeded 4 billion USD, representing a year-on-year growth of 233% [1] - Domestic payment business transaction volume surpassed 68.2 billion CNY, while cross-border digital RMB receipts exceeded 240 million CNY [1] Digital Logistics - The company partnered with COSCO Shipping and Prologis to establish a digital supply chain platform named "Zhijie Yuangang," providing support in areas such as shipping routes, warehousing, and systems for small and micro enterprises [1]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to benefit from the new international trade reform plan in Yiwu, which highlights its unique position as the only pilot enterprise in the region. This reform is anticipated to enhance the company's main business performance through policy support and market recovery [1][4]. - The company's net profit for the first half of 2024 is projected to grow significantly, with estimates for net profit reaching 2.935 billion yuan in 2024, 3.541 billion yuan in 2025, and 4.535 billion yuan in 2026, reflecting a strong growth trajectory [4][20]. - The integration of AI into the company's operations is expected to drive digital transformation and innovation in trade models, further enhancing performance and creating new growth curves [4][14]. Summary by Sections Company Overview - The company operates in Yiwu, known as the "World Capital of Small Commodities," and is positioned as a key international trade platform. It is expected to lead business expansion under the new reform pilot [4]. Financial Performance - The company's revenue for 2023 is reported at 11,299.69 million yuan, with a growth rate of 48.30%. The projected revenue for 2024 is 14,275.25 million yuan, reflecting a growth rate of 26.33% [20]. - The net profit attributable to the parent company for 2023 is 2,676.18 million yuan, with a significant increase of 142.25% compared to the previous year. The expected net profit for 2024 is 2,935.30 million yuan, indicating a growth rate of 9.68% [20]. Market Trends - The Yiwu market's import and export value reached 613.99 billion yuan from January to November 2024, showing a year-on-year increase of 17.6%. This growth is notable despite the high base in 2023 [1]. - The company has successfully integrated AI into its operations, launching multiple digital service products and enhancing its platform capabilities, which is expected to improve order fulfillment rates and customer engagement [1][15]. Future Outlook - The company is projected to continue its robust growth trajectory, with earnings per share (EPS) expected to rise to 0.54 yuan in 2024, 0.65 yuan in 2025, and 0.83 yuan in 2026, corresponding to price-to-earnings (PE) ratios of 25, 21, and 16 respectively [4][20]. - The ongoing development of the global digital trade center and the company's focus on AI-driven market transformation are anticipated to further enhance its performance and valuation [14].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The report highlights the potential for growth in the cross-border import sector of the small commodity city, with a significant disparity between export and import volumes. In the first 11 months of 2024, exports from Yiwu reached 542.1 billion, while imports were only 71.9 billion, indicating ample room for growth in imports [2] - The company plans to implement a positive list management system for daily consumer goods imports, aiming to achieve a total import volume of 300 billion by 2030. The company has established a fully digital joint regulatory platform and streamlined customs processes, which are expected to enhance operational efficiency [2][3] - The report anticipates that the company will continue to grow by focusing on the small commodity industry chain, supported by various policy catalysts. The net profit forecasts for 2024-2026 have been adjusted upwards to 31.3 billion, 36.9 billion, and 51.3 billion respectively, reflecting year-on-year growth rates of 16.8%, 18.1%, and 39.0% [3] Summary by Sections Investment Highlights - The report discusses the comprehensive international trade reform plan for Yiwu, which includes measures to enhance market procurement trade methods and promote innovative development in import trade [1][4] - The company is positioned as a core hub for small commodity trade in Yiwu, with plans to expand its service offerings in logistics, payment, and data management, transitioning from a traditional rental model to a comprehensive service model [5][6] Financial Forecasts - The report provides financial projections, estimating total revenue to grow from 11,300 million in 2023 to 24,781 million by 2026, with a compound annual growth rate of 27.67% [4] - The net profit is expected to increase from 2,676 million in 2023 to 5,129 million by 2026, with a notable year-on-year growth of 38.97% in 2026 [4] Strategic Initiatives - The company plans to implement five key initiatives in response to the reform plan, including expanding the import scale of daily consumer goods and enhancing the digital capabilities of export enterprises [5] - The report emphasizes the importance of developing logistics channels and improving trade settlement efficiency to reduce costs and enhance competitiveness [5]