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]

Investment Rating - The report maintains an "Outperform" investment rating for the company, with a target price of RMB 19.35, reflecting a 35% increase from the previous valuation [4][40]. Core Insights - The company is positioned to benefit from the comprehensive international trade reform plan approved by the State Council, which aims to enhance market procurement, innovate import trade, and optimize cross-border e-commerce [35][36]. - Yiwu's import-export value reached RMB 613.99 billion from January to November, marking a 17.6% year-on-year increase, with imports growing at 19.0% [4][39]. - The company plans to leverage its platforms and facilities to expand consumer goods imports, enhance digital capabilities for export enterprises, and optimize logistics and trade settlement processes [38][28]. Summary by Sections Investment Highlights - The State Council approved a comprehensive reform plan for Yiwu, focusing on market procurement, import trade innovation, and cross-border e-commerce [35][36]. - Yiwu aims for RMB 100 billion in imports by 2025 and RMB 300 billion by 2030, with the 'Yi Pay' platform enhancing cross-border payment services [37][4]. Financial Performance - The updated profit forecasts for 2024-2026 are RMB 2.86 billion, RMB 3.66 billion, and RMB 5.35 billion, representing growth rates of 6.9%, 27.9%, and 46.1% respectively [4][40]. - The company's market cap is projected at RMB 106.1 billion, with offline business valued at 23x PE and online business at 0.45x PGMV [40]. Market Dynamics - Yiwu's import growth is strong but still lower than exports, indicating potential for further development in the import sector [39][4]. - The company is set to implement five key initiatives to enhance its operational efficiency and market presence [28][38].

证券代码：600415 证券简称：小商品城 公告编号：临2024-053 浙江中国小商品城集团股份有限公司 关于2024年度第五期超短期融资券发行情况的公告 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。 超短期融资券代码：012483999 超短期融资券期限：268日 起息日：2024年12月24日 兑付日：2025年9月18日 计息方式：到期一次性还本付息 发行金额：人民币10亿元 发行利率：1.80% 主承销商：中国银行股份有限公司 浙江中国小商品城集团股份有限公司于2024年12月20日发行了2024年度第五 期超短期融资券，现将发行结果公告如下： 超短期融资券名称：浙江中国小商品城集团股份有限公司2024年度第五期超 短期融资券（简称：24浙小商SCP005） 联席主承销商：杭州银行股份有限公司 特此公告。 浙江中国小商品城集团股份有限公司董事会 二〇二四年十二月二十六日 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company [19][41][46] Core Insights - The recent implementation of the "Zhejiang Province Yiwu City Deepening International Trade Comprehensive Reform Overall Plan" is expected to enhance Yiwu's position as a significant international trade hub, facilitating import and export activities [39][41] - The company, as a key market operator and trade service provider, is poised to benefit from the ongoing trade prosperity in Yiwu, which supports rental increases and trade service business growth [40][41] - The plan aims for Yiwu's import trade volume to reach 100 billion yuan by 2025 and 300 billion yuan by 2030, marking a substantial increase from 655 million yuan in 2023, representing a growth of 358% [5][40] Summary by Sections Market Procurement Trade Improvement - The plan focuses on adapting to new international trade trends such as instant transactions and fragmented orders, integrating digital technology into various trade supply chain processes to reduce costs and improve efficiency for small and micro enterprises [4][39] Promotion of Import Trade Innovation - Establishment of a positive list management system for imported consumer goods and optimization of customs clearance processes for listed items [4][39] - The company is selected as the sole pilot entity for the positive list initiative, which is expected to accelerate the development of import trade [40][41] Enhancement of Trade Platform Functions - The plan includes linking bonded areas with overseas warehouses to improve the efficiency of goods circulation [4][42] - Development of the sixth-generation Yiwu small commodity market, marked as a "Global Digital Trade Center" [4][42] Cross-Border E-Commerce Rule Improvement - Accelerating alignment with international standards such as RCEP to establish a small commodity international standard system [4][43] Support for High-Quality Development of China-Europe Railway Express - Enhancing regional aggregation capabilities and deepening integration with Ningbo-Zhoushan Port to expand international shipping routes [4][44] Financial Performance Forecast - The company's net profit forecasts for 2024-2026 are adjusted to 29.67 billion yuan, 35.82 billion yuan, and 49.04 billion yuan respectively, with corresponding P/E ratios of 26.5, 22, and 16 [19][41]