YIWU CCC(SH:600415) GOLDEN SUN SECURITIES·2026-01-16 02:46Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Insights - The company is transitioning from a traditional foreign trade platform to an AI-driven digital trade ecosystem, with significant growth potential and a unique application of AI [1]. - The collaboration with Alibaba is deepening, with a complete closed-loop system established from AI tool development to trade scene implementation, significantly enhancing merchant operational efficiency and platform value [1]. - The "World Yiwu" trade model, developed in partnership with Alibaba, is tailored for the Yiwu market, integrating 13 self-developed AI tools into the World Yiwu APP, leading to centralized and intelligent service upgrades [2]. Financial Performance - The CG platform achieved revenue of 257 million yuan and a net profit of 155 million yuan in the first half of 2025, marking a 110% increase [3]. - The company projects net profits for 2025-2027 to be 4.24 billion yuan, 5.76 billion yuan, and 6.91 billion yuan, respectively, with year-on-year growth rates of 37.9%, 35.9%, and 20.0% [3]. - Financial forecasts indicate a steady increase in operating revenue from 11.3 billion yuan in 2023 to 33.42 billion yuan in 2027, with a compound annual growth rate of 48.3% in 2023 [4]. AI Application Impact - AI tools have significantly reduced costs and improved efficiency for merchants, with over 280,000 users benefiting from AI products by the end of October 2025 [2]. - The "Small Business AI Design" tool has shortened the design cycle from nearly one month to 7-10 days, reducing overall operating costs by approximately 30% [2].