研报掘金丨国联民生：维持小商品城“买入”评级，贸易履约服务助力业绩增长

Core Insights - The report from Guolian Minsheng Securities indicates that Xiaogoods City achieved a net profit attributable to shareholders of 3.457 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 48.45% [1] - In the third quarter alone, the company reported a net profit of 1.766 billion yuan, marking a significant year-on-year increase of 100.52% [1] - The official opening of the Global Digital Trade Center has contributed to high revenue growth in the third quarter, with both online and offline store occupancy and product exhibition service revenues reflected in this quarter's income [1] Financial Performance - The trade fulfillment service has played a crucial role in driving performance growth, with the company's trade fulfillment service entity, Zhijie Yuangang, achieving profit turnaround in the first half of 2025, with net profits of -46.91 million yuan in 2024 and 720,000 yuan in the first half of 2025 [1] - The profit from trade fulfillment services continued to grow year-on-year in the third quarter of 2025 [1] Future Outlook - Over the next three years, as the Global Digital Trade Center is delivered and the trade service ecosystem centered around Chinagoods and cross-border payments continues to improve, the company is expected to achieve net profits attributable to shareholders of 4.323 billion yuan, 7.077 billion yuan, and 7.988 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 40.64%, 63.71%, and 12.88% [1] - The investment rating is maintained at "Buy" [1]