YIWU CCC(SH:600415) Shenwan Hongyuan Securities·2025-08-18 15:28Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Insights - The company's H1 2025 revenue and net profit growth are in line with expectations, with revenue reaching 7.713 billion yuan, a year-on-year increase of 14.0%, and net profit at 1.691 billion yuan, up 16.8% [7]. - The trade services and merchandise sales segments showed strong revenue growth, with the new market leasing progressing steadily [7]. - The Chinagoods platform and Yi Payment both achieved significant scale and profit growth, with Chinagoods' revenue growing by 109.69% year-on-year [7]. - The overall gross margin slightly declined due to the increased proportion of low-margin merchandise sales, but cost control measures are improving [7]. - The company is positioned as a global comprehensive service provider in international trade, with a focus on market operations and new growth areas [7]. Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 20.35 billion yuan, with a year-on-year growth rate of 29.3% [6]. - The net profit forecast for 2025 is 4.181 billion yuan, reflecting a growth rate of 36.0% [6]. - The company's gross margin for H1 2025 is reported at 31.6%, a slight decrease of 1.5 percentage points year-on-year [7]. - The return on equity (ROE) for 2025 is projected at 18.5% [6].