YIWU CCC(SH:600415) ZHESHANG SECURITIES·2025-10-17 11:05Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company has shown impressive performance due to the opening of the new market, with revenue reaching 13.1 billion (up 23% year-on-year) and net profit attributable to shareholders at 3.46 billion (up 48%) for the first three quarters of 2025 [1] - The newly opened Global Digital Trade Center is expected to enhance revenue certainty, with 80% of the leasing completed and over 3,700 merchants already operating in various new industries [1][2] - The company is actively developing new businesses such as "Yi Payment," which has seen transaction volumes exceed 27 billion (up over 35%) [3] Summary by Sections Financial Performance - For Q3 2025, the company reported revenue of 5.35 billion (up 39%) and net profit of 1.766 billion (up 101%) [1] - The company forecasts revenues of 20.6 billion, 26.3 billion, and 30.9 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 31%, 28%, and 17% [4] New Business Developments - The "Yi Payment" platform has been launched, providing cross-border payment services and achieving significant transaction volumes [3] - The company has introduced 13 AI applications aimed at reducing costs and improving efficiency for merchants in the small commodity trade sector [2] Market Expansion - The Global Digital Trade Center, which opened on October 14, 2025, is a key driver for future growth, featuring a total area of 1.25 million square meters and multiple functional areas [1][2] - The new market has attracted a significant number of new generation operators, with over 50% being "second-generation" business owners [1]