YIWU CCC(SH:600415) Chang Jiang Shang Bao·2025-03-28 00:34Core Viewpoint - The market conditions are improving, leading to sustained growth in the performance of Xiaogoods City (600415.SH), with significant increases in revenue and net profit for 2024 [1][2]. Financial Performance - In 2024, Xiaogoods City achieved 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% [1][2]. - The company's net profit excluding non-recurring items reached 2.983 billion yuan, growing by 20.84% year-on-year [1][2]. - This marks the fourth consecutive year of double growth in both revenue and net profit [1][2]. Business Growth Drivers - The growth in revenue is attributed to improved market operations, the expansion of new businesses such as Chinagoods and Yizhifu, and an increase in product sales [3]. - The average daily foot traffic at Yiwu International Trade City reached 224,300, a 12.15% increase year-on-year, with foreign visitor numbers also rising significantly [2]. Cash Flow and Dividend Policy - Xiaogoods City reported a net cash flow from operating activities of 4.491 billion yuan, a remarkable increase of 143.43% year-on-year, with a net cash ratio of 1.46 [3]. - The company plans to distribute a cash dividend of 3.30 yuan per 10 shares, totaling 1.81 billion yuan, with a payout ratio of 58.87% [3]. Asset Management - The total asset scale of Xiaogoods City reached 39.17 billion yuan by the end of 2024, with a declining debt-to-asset ratio of 47.48%, the lowest since its listing in 2002 [5]. Technological Advancements - Xiaogoods City is leveraging AI technology to enhance its trade services, with the Chinagoods platform registering over 4.8 million registered buyers and achieving significant revenue growth [5][6]. - The platform has seen over 1 billion cumulative usage and access since the introduction of AI applications [5]. Cross-Border Payment Services - The Yizhifu platform achieved a total cross-border payment volume exceeding 4 billion USD in 2024, marking a 233% year-on-year increase [6]. - The platform has established a global service network covering over 160 countries and regions, serving 23,000 foreign trade enterprises [6]. Future Expansion Plans - Xiaogoods City aims to deepen its global footprint, focusing on emerging markets in the Middle East, South America, and Africa, with plans to launch over 25 overseas projects in 2025 [6].