YIWU CCC(SH:600415) GOLDEN SUN SECURITIES·2025-09-01 08:50Investment Rating - The report maintains a "Buy" rating for the company [5][9]. Core Insights - The company reported a revenue of 77.13 billion yuan for H1 2025, representing a year-on-year growth of 13.99%, and a net profit attributable to shareholders of 16.91 billion yuan, up 16.78% year-on-year [1]. - The trade service revenue saw a significant increase of 43.16%, contributing to a substantial rise in operating cash flow [1]. - The company is positioned as a core beneficiary of the digital RMB in cross-border transactions, with a cross-border payment amount exceeding 2.5 billion USD, reflecting a growth of over 47% [4]. Financial Performance - For H1 2025, the company achieved a net cash flow from operating activities of 12.68 billion yuan, primarily due to increased cash receipts from the Yiwu Global Digital Trade Center [1]. - The projected revenues for 2025, 2026, and 2027 are expected to reach 207.17 billion yuan, 264.87 billion yuan, and 318.70 billion yuan respectively, with net profits of 41.27 billion yuan, 53.81 billion yuan, and 67.40 billion yuan [9]. - The company’s earnings per share (EPS) for 2025 is estimated at 0.75 yuan, with a projected net profit margin of 19.9% [11]. Market Dynamics - Yiwu's total import and export value reached 4,058.3 billion yuan in H1 2025, marking a year-on-year increase of 25%, with exports contributing significantly to this growth [2]. - The company has leveraged AI technology to enhance its platform, achieving over 1 billion visits, which indicates strong user engagement and market acceptance [3]. - The company is actively expanding into emerging markets, with notable growth in trade with Africa, Latin America, ASEAN, and the EU [2].