研报掘金丨东吴证券：维持小商品城“买入”评级，Chinagoods平台业绩高增

Core Viewpoint - Dongwu Securities report indicates that Xiaogoods City achieved a year-on-year net profit growth of 16.8% in the first half of the year, nearing the upper limit of forecasts, driven by strong performance from the Chinagoods platform [1] Group 1: Financial Performance - Xiaogoods City reported a net profit growth of 16.8% year-on-year in the first half of the year [1] - The performance of the Chinagoods platform has shown significant growth [1] Group 2: Market Expansion and Cash Flow - The global trade center's ongoing recruitment efforts have contributed substantial cash flow [1] - The third batch of recruitment covering industries such as drones, robotics, AI equipment, AR/VR equipment, and fashion fabrics commenced on July 23, with plans to complete recruitment by the end of August [1] - The company's operating cash flow reached 1.66 billion yuan in Q2 2025, supported by the progress in new market recruitment [1] Group 3: Strategic Developments - Xiaogoods City has made breakthroughs in global expansion, with the opening of the first overseas sub-market in Osaka, Japan, on June 26 [1] - The company holds a strategic position as a key export hub along the Belt and Road Initiative [1] - Multiple important growth points, including new market expansion, Chinagoods, payment business, and the positive list for imports, are steadily advancing [1]