Investment Rating - The investment rating for the company is maintained at "Hold" [8] Core Views - The company reported a significant increase in revenue and net profit for Q3 2024, with revenue reaching 3.85 billion yuan, a year-on-year increase of 40.2%, and net profit attributable to shareholders rising to 880 million yuan, a year-on-year increase of 176.7% [1] - The overall performance from the beginning of the year to the end of the reporting period was solid, with cumulative revenue of 10.61 billion yuan, a year-on-year increase of 34.3%, and net profit attributable to shareholders at 2.33 billion yuan, a year-on-year increase of 0.5% [2] - The main business profit saw a substantial increase, with Yiwu Pay's transaction volume growing by 770% year-on-year [3] Business Analysis - The main business profit for Q3 2024 was approximately 994 million yuan, up 108% from 477 million yuan in Q3 2023 [3] - The Chinagoods platform's GMV exceeded 60.8 billion yuan, reflecting a year-on-year growth of 16% [3] - The cross-border payment business under Yiwu Pay added over 20 billion yuan in transaction volume from January to September 2024, marking a year-on-year increase of 770% [3] Financial Performance - The company’s basic and diluted earnings per share reached 0.16 yuan, a year-on-year increase of 166.7%, indicating a significant improvement in profitability [2] - The projected revenue for 2024-2026 is expected to be 14.1 billion yuan, 15.7 billion yuan, and 17.0 billion yuan respectively, with net profits projected at 3.1 billion yuan, 3.7 billion yuan, and 3.9 billion yuan [8] - The current price-to-earnings ratio is 27.17, with projected P/E ratios for the next three years being 19.02, 16.09, and 15.06 [8]

Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price raised to 14.79 CNY from the previous 11.46 CNY [5][15]. Core Insights - The company's Q3 net profit attributable to shareholders increased by 177%, exceeding previous expectations, driven by growth in both offline and online sales [5][6]. - The report forecasts EPS growth of 5%, 14%, and 25% for 2024, 2025, and 2026 respectively, with a projected PE ratio of 29 times [6][15]. Financial Summary - For the first three quarters, the company reported revenue of 10.61 billion CNY, a year-on-year increase of 34.3%, and a net profit of 2.33 billion CNY, up 0.5% [6]. - In Q3 alone, revenue reached 3.85 billion CNY, marking a 40.2% increase, while net profit soared to 881 million CNY, reflecting a 177% growth [6]. - The gross margin improved to 32%, up 4.9 percentage points, and the net profit margin reached 19.6%, up 4 percentage points [6]. Market and Business Outlook - The company benefits from the high demand in Yiwu's export market, with total import and export value increasing by 17.2% year-on-year [6]. - The cross-border payment business has seen significant growth, with transaction volume exceeding 20 billion CNY, up over 770% [6]. - The report highlights the potential of the company's new market initiatives and platforms, which are expected to enhance revenue and profit growth [6].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][9]. Core Views - The company reported a significant increase in net profit of 176.73% year-on-year for Q3 2024, with a total revenue of 3.847 billion yuan, reflecting a growth of 40.17% [6][9]. - The company is expected to enter a new expansion cycle in its market business, with new business segments gradually contributing to profits and having substantial monetization potential [7][9]. Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 3.847 billion yuan, a year-on-year increase of 40.17%. For the first three quarters of 2024, total revenue reached 10.613 billion yuan, up 34.25% year-on-year [6][10]. - The gross profit margin for the first three quarters increased by 4.90 percentage points to 32%, with Q3 2024 gross margin rising by 9.54 percentage points to 30.10% [6][10]. - The net profit attributable to shareholders for Q3 2024 was 881 million yuan, a year-on-year increase of 176.73%, with a main business profit growth exceeding 108% [6][10]. Business Segments - The Chinagoods platform's GMV exceeded 60.8 billion yuan in the first three quarters, representing a growth of over 16%. The Yiwu Pay cross-border payment business transaction volume surpassed 20 billion yuan, growing over 770% [6][9]. Future Outlook - The company has updated its profit forecast, expecting net profits of 2.981 billion yuan, 3.199 billion yuan, and 4.480 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 11.4%, 7.3%, and 40.1% [9][14]. - The estimated reasonable market capitalization range for the company is between 66 billion yuan and 78.4 billion yuan, with a target stock price range of 12.03 to 14.30 yuan per share [9][13].

证券研究报告·公司点评报告·一般零售 小商品城（600415） 2024年三季报点评：Q3归母净利同增177%， 主业利润同比高增 2024 年 10 月 15 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|--------|-------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 7620 | 11300 | 15580 | 19309 | 23581 | | 同比（ % ） | 26.28 | 48.30 | 37.88 | 23.94 | 22.12 | | 归母净利润（百万元） | 1105 | 2676 | 3126 | 3616 | 4235 | | 同比（ % ） | (17.19) | 142.25 | 16.79 | 15.68 | 17.14 | | EPS- 最新摊薄（元 / 股） | 0.20 | 0.49 ...

证券研究报告 | 2024年10月15日 小商品城（600415.SH） 优于大市 三季度归母净利润增长 177%，新兴业务继续成长 三季度归母净利润增长 177%，新兴业务规模持续增长。公司 2024 前三季度 营收106.13亿元，同比增长34.25%，归母净利润23.29亿元，同比增长0.53%， 收入和利润增长差异主要系投资收益及资产处置收益较去年减少影响。单三 季度实现营收 38.47 亿元，同比增长 40.17%，归母净利润 8.81 亿元，同比 增长 176.73%，其中主营业务利润三季度约 9.94 亿元，同比增长超 108%。 受益于公司数字化贸易服务能力提升下带来的涨租及选位费增加等，同时新 兴业务持续贡献增量。 新兴业务中，公司前三季度 Chinagoods 平台 GMV 超 608 亿元，同比增长超 16%；支付业务前三季度新增跨境支付业务交易额超 200 亿人民币，同比增 长超 770%。 毛利率继续提升，费用率优化。公司三季度毛利率 30.1%，同比+9.54pct， 受益租金动态上浮及服务能力提升。三季度销售费用率 0.98%，同比基本平 稳；管理费用率 3.11%，同比-1.0 ...

一、监事会会议召开情况 证券代码：600415 证券简称：小商品城 公告编号：临 2024-042 浙江中国小商品城集团股份有限公司 第九届监事会第十次会议决议公告 本公司监事会及全体监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。 二、监事会会议审议情况 （一）审议通过了《2024 年第三季度报告》 表决结果：5 票同意，0 票反对，0 票弃权。 声明如下：本人作为监事已经全文阅读《2024 年第三季度报告》，并保证本报 告所载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。 监事会对 2024 年第三季度报告审核意见如下： （一）本次监事会的召开方式、程序均符合相关法律、法规、规章和《公司 章程》的要求。 1、2024 年第三季度报告编制和审议程序符合法律、法规、公司章程和公司内 部管理制度的各项规定； （二）本次监事会的会议通知及材料于 2024 年 10 月 9 日以传真、电子邮件、 书面材料等方式送达全体监事。 2、2024 年第三季度报告内容和格式符合中国证监会和证券交易所 ...

国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 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预留授予部分第二个解 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 B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 网址/Website: http://www.grandall.com.cn 致：浙江中国小商品城集团股份有限公司 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 ...

浙江中国小商品城集团股份有限公司监事会 关于 2020 年限制性股票激励计划预留授予部分 第二个解除限售期解除限售条件成就的核查意见 浙江中国小商品城集团股份有限公司（以下简称"公司"）监事会依据相关 法律、法规及规范性文件和公司章程的规定，对公司 2020 年限制性股票激励计 划预留授予部分第二个解除限售期解除限售条件成就相关事项进行核查，发表核 查意见如下： （本页无正文，为《浙江中国小商品城集团股份有限公司监事会关于 2020 年限 制性股票激励计划预留授予部分第二个解除限售期解除限售条件成就的核查意 见》签字页） 监事签名： 金筱佳 王进坚 吴梦花 方 珉 金永生 鉴于本激励计划预留授予部分第二个解除限售期的相关解除限售条件已成 就，公司董事会根据 2020 年第五次临时股东大会的授权，按照本激励计划的相 关规定为符合条件的 28 名激励对象办理本激励计划预留授予部分第二次解除限 售的相关事宜，解除限售数量合计为 70.29 万股，该等事项符合《上市公司股权 激励管理办法》等法律法规、规范性文件及公司《2020 年限制性股票激励计划》 和《2020 年限制性股票激励计划实施考核管理办法》的有关规定，不 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥3,847,116,609.26, representing a year-on-year increase of 40.17%[4] - Net profit attributable to shareholders for Q3 2024 was ¥880,888,736.16, a significant increase of 176.73% compared to the same period last year[4] - The basic earnings per share for Q3 2024 was ¥0.16, reflecting a growth of 166.67% year-on-year[5] - The main business profit for Q3 2024 was approximately 994 million RMB, a year-on-year increase of over 108% compared to 477 million RMB in Q3 2023[11] - Total operating revenue for the first three quarters of 2024 reached ¥10,613,050,746.39, a 34.3% increase from ¥7,905,614,090.44 in the same period of 2023[16] - Net profit for the first three quarters of 2024 was ¥2,331,992,676.03, slightly up from ¥2,319,777,142.29 in 2023, reflecting a growth of 0.3%[16] - Operating profit increased to ¥2,958,943,036.19 in 2024, compared to ¥2,719,494,812.53 in 2023, marking a rise of 8.8%[16] - The company reported a total comprehensive income of ¥2,447,846,830.14 for the first three quarters of 2024, compared to ¥2,362,284,786.54 in 2023, reflecting an increase of 3.6%[17] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥35,898,167,197.20, showing a slight decrease of 0.89% from the end of the previous year[5] - As of September 30, 2024, total assets amounted to approximately 35.90 billion RMB, a decrease from 36.22 billion RMB at the end of 2023[14] - Current assets totaled approximately 6.71 billion RMB, compared to 6.54 billion RMB at the end of 2023[13] - Total liabilities were approximately 16.07 billion RMB, a decrease from 18.52 billion RMB at the end of 2023[14] - The equity attributable to shareholders of the parent company was approximately 19.76 billion RMB, an increase from 17.69 billion RMB at the end of 2023[14] - The total current liabilities increased to CNY 12.74 billion from CNY 11.99 billion, marking an increase of about 6%[21] - The total liabilities decreased to CNY 13.51 billion from CNY 16.22 billion, a reduction of approximately 17%[21] - The company's inventory surged to CNY 836.42 million, a substantial increase from CNY 5.23 million, indicating a growth of over 15,900%[20] - The total equity of the company increased to CNY 19.44 billion from CNY 18.15 billion, reflecting an increase of approximately 7%[21] Cash Flow - The cash flow from operating activities for the year-to-date period was ¥452,652,886.15, an increase of 21.53% compared to the previous year[4] - Cash flow from operating activities generated a net amount of ¥452,652,886.15, up from ¥372,464,318.73 in the previous year, indicating a growth of 21.5%[19] - Cash inflow from investment activities showed a net inflow of ¥827,846,338.62, a significant improvement from a net outflow of ¥1,270,423,503.10 in 2023[19] - Operating cash inflow for the first three quarters of 2024 reached ¥2,687,012,418.21, a significant increase of 56.3% compared to ¥1,717,369,717.67 in the same period of 2023[25] - Net cash flow from operating activities was ¥1,277,459,786.29, up from ¥499,442,183.92, marking a growth of 156.5% year-over-year[25] - Cash inflow from investment activities totaled ¥6,044,032,305.32, slightly down by 2.4% from ¥6,192,002,666.24 in the previous year[25] - Net cash flow from investment activities improved to ¥235,194,556.86, compared to a negative cash flow of -¥1,151,960,962.75 in the same period last year[25] - Cash inflow from financing activities decreased to ¥4,393,953,089.80, down 26.7% from ¥5,997,695,281.58 in 2023[25] - Net cash flow from financing activities turned negative at -¥2,451,713,716.40, contrasting with a positive cash flow of ¥336,973,658.36 in the previous year[25] Shareholder Information - The company reported a total of 123,461 common shareholders at the end of the reporting period[8] - The largest shareholder, Yiwu China Commodity City Holdings Co., Ltd., holds 55.4% of the shares[8] - The company has not reported any changes in the participation of major shareholders in margin trading and securities lending activities[10] Government Subsidies and Other Income - The company received government subsidies amounting to ¥6,428,282.79 during the reporting period, contributing to its financial performance[6] - The company reported a significant drop in investment income, which fell to CNY 263.29 million from CNY 1.09 billion, a decrease of about 76%[23]

证券代码：600415 证券简称：小商品城 公告编号：临 2024-043 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预留授予部分 第二个解除限售期解除限售条件成就的公告 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： 浙江中国小商品城集团股份有限公司（本公告简称"小商品城"或"公司"） 于 2024 年 10 月 14 日召开第九届董事会第二十二次会议，审议通过《关于 2020 年限制性股票激励计划预留授予部分第二个解除限售期解除限售条件成就的议 案》。现将有关事项说明如下： 一、限制性股票激励计划已履行的相关审批程序 （一）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。 （二）2020 年 11 月 18 日，公司收到义乌中国小商品城 ...