研报掘金丨华西证券：小商品城贸易服务业务盈利大幅增长，维持“增持”评级

Core Viewpoint - Huaxi Securities report indicates that Xiaogoods City’s performance in the first half of the year approached the upper limit of forecasts, with significant growth in trade service business profits [1] Group 1: Financial Performance - Trade services and merchandise sales contributed the main revenue increase, with CG platform net profit growing by 110% year-on-year [1] - Total profit for the first half exceeded 40 million yuan, representing a year-on-year increase of over 50% [1] - The exhibition business achieved revenue of 75.92 million yuan, with a net profit of 16.95 million yuan [1] Group 2: Business Segments - Hotel business generated revenue of 234 million yuan, including entrusted hotel operations [1] - The import product structure continues to optimize, with consumer goods making up a significant portion [1] Group 3: Market Outlook - The rental income base remains stable, with new market entries and rent increases contributing to growth [1] - As of August 15, 2025, the closing price of 19.07 yuan corresponds to a latest PE ratio of 24/19/16X, maintaining a "buy" rating [1]