公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 商贸零售 ＃investSuggestion＃ ＃ ＃d 小yCo 商mpa 品ny＃城 （ 600415 ） investSug 增持 ( 维ges持tion C）h ＃ 600t 4i 1t 5le ＃ 2023年报暨 2024一季报点评：业绩快速增长，新业务多方发展 ange＃ ＃ createTime1＃ 2024年 05月 06日 投资要点 公 ＃市场ma数rk据et Data＃ ＃  sum 事m 件ary ：＃ 公 司2023年实现营收113.00亿元，同比+48.30%;归母净利润26.76亿元，同比+142.25%; 司 市场数据日期 2024-04-29 扣非后归母净利润24.69亿元，同比+39.86%。公司24Q1实现营收26.81亿元，同比+26.42%; 点 收盘价（元） 8.75 归母净利润7.13亿元，同比-41.66%;扣非后归母净利润6.91亿元，同比-36.03%。 评 总股本（百万股） 5484.33  23 年业绩快速增长，线上线下市场进一步扩容。2023年营收同比增加 48.30%， ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 2,680,601,604.80, representing a year-on-year increase of 26.42%[4] - The net profit attributable to shareholders decreased by 41.66% to CNY 713,020,906.27 compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses fell by 36.03% to CNY 690,587,608.80[4] - Basic and diluted earnings per share were both CNY 0.13, down 40.91% year-on-year[4] - The weighted average return on equity decreased by 3.74 percentage points to 3.95%[4] - The company's net profit for Q1 2024 is expected to show an upward trend due to improved gross profit margins[16] - Net profit for Q1 2024 was ¥710,890,971.77, down 41.6% from ¥1,220,812,093.87 in Q1 2023[24] - Total comprehensive income for Q1 2024 was ¥711,811,029.44, compared to ¥1,232,375,402.82 in Q1 2023[25] - Investment income for Q1 2024 was ¥42,259,780.98, a significant decrease from ¥776,742,137.89 in Q1 2023[24] Assets and Liabilities - Total assets at the end of the reporting period were CNY 36,126,861,095.77, a decrease of 0.25% from the end of the previous year[4] - The equity attributable to shareholders increased by 4.24% to CNY 18,438,386,833.85 compared to the end of the previous year[4] - As of March 31, 2024, the total assets of the company amounted to 36.13 billion RMB, slightly down from 36.22 billion RMB at the end of 2023[20] - The company's total liabilities as of March 31, 2024, were 17.68 billion RMB, compared to 18.52 billion RMB at the end of 2023[21] - The company's total liabilities decreased to CNY 14,664,442,364.30 from CNY 16,219,553,404.77, indicating a reduction of approximately 9.6%[30] Cash Flow - Cash flow from operating activities for Q1 2024 was ¥180,101,089.85, a significant improvement from a negative cash flow of -¥310,531,782.92 in Q1 2023[28] - In Q1 2024, the company reported a net cash flow from operating activities of ¥656,911,631.35, a significant improvement compared to a net outflow of ¥225,840,045.26 in Q1 2023[35] - Cash inflow from operating activities totaled ¥1,236,986,906.05, up from ¥251,383,849.45 in the same period last year, indicating a year-over-year increase of approximately 391%[35] - The company's cash and cash equivalents decreased to approximately 1.27 billion RMB from 2.92 billion RMB at the end of 2023[20] - The company's cash and cash equivalents at the end of Q1 2024 stood at ¥601,417,705.04, a decrease from ¥994,949,824.80 at the end of Q1 2023[35] Market and Operations - The profit growth excluding the aforementioned factors was 95.95%, mainly due to increased market operations and trade service profits[8] - In the first quarter of 2024, the total import and export value of Yiwu reached 116.6 billion RMB, a year-on-year increase of 47.3%[15] - The average daily foot traffic in Yiwu International Trade City exceeded 210,000, with a year-on-year increase of 160.2%[15] - The company's GMV on the chinagoods AI platform reached 11 billion RMB in Q1 2024, representing a year-on-year growth of 37.5%[16] - The cross-border transaction volume for Yiwu Pay exceeded 6.2 billion RMB in Q1 2024, showing significant growth[17] Future Plans - The company plans to continue expanding investments related to data resources, with confirmed intangible assets exceeding 8 million RMB by the end of Q1 2024[17] - The company plans to focus on market expansion and new product development in the upcoming quarters[32]

Financial Performance - The company's operating revenue for 2023 reached RMB 11,299,686,665.89, an increase of 48.30% compared to RMB 7,619,693,742.60 in 2022[19] - The net profit attributable to shareholders of the listed company was RMB 2,676,182,133.26, representing a 142.25% increase from RMB 1,104,719,091.71 in the previous year[19] - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 39.86% to RMB 2,468,685,982.43 from RMB 1,765,087,553.23 in 2022[19] - The net cash flow from operating activities was RMB 1,845,059,849.92, up 31.78% from RMB 1,400,090,713.77 in the previous year[19] - The total assets at the end of 2023 were RMB 36,218,947,223.63, a 12.79% increase from RMB 32,111,004,317.38 at the end of 2022[19] - The basic earnings per share for 2023 was RMB 0.49, a 145.00% increase compared to RMB 0.20 in 2022[20] - The weighted average return on net assets increased to 16.06%, up 8.76 percentage points from 7.30% in the previous year[20] - The company reported a net increase of RMB 4.45 billion in cash flow from operating activities, attributed to higher cash receipts from sales and services[20] - In 2023, the company achieved a historical high in both revenue and profit, with total operating income reaching approximately RMB 11.3 billion for the year[28] Market Expansion and Development - The increase in operating revenue was primarily driven by the opening of the new energy product market and the expansion of sales scale[20] - The average rental price increased by 5.5% based on a new pricing model, with an expected growth rate of no less than 5% over the next three years[28] - The digital market construction included the opening of a new energy market with an additional 131,000 square meters and over 650 new commercial spaces[29] - The chinagoods platform has uploaded over 10 million products and registered over 4.09 million buyers, generating an online trade volume exceeding RMB 65 billion in 2023[31] - The hotel business line achieved revenue exceeding RMB 400 million, marking a historical high, and successfully completed significant hosting tasks during major events[33] - The company organized 52 domestic exhibitions attracting over 1.74 million buyers and participated in 18 overseas trade events, with over 100 companies involved[32] - The company has established 12 Yiwu Selection overseas exhibition halls, with over 10,000 SKUs of Yiwu small commodities showcased[39] - The company has signed strategic cooperation agreements with local e-commerce platforms in Africa, Japan, and South Korea, expanding its brand overseas[40] - The average daily foot traffic in the international trade city exceeded 200,000, with the number of foreign merchants residing in Yiwu increasing to 21,000[46] Logistics and Supply Chain - The company has completed the layout of five FBC warehouses with a total storage area exceeding 100,000 square meters, serving over 500 enterprises[39] - The company has launched the "Yiwu China Small Commodity City" brand overseas strategy, focusing on overseas sub-markets and warehouses[39] - The company has integrated market resources through digital means, enhancing supply chain efficiency and driving the upgrade of the market procurement trade method to "version 2.0"[46] - The company’s logistics segment includes three warehouses, enhancing service capabilities for market operators and international buyers[51] - Yiwu's logistics network is comprehensive, with 136.94 billion express deliveries in 2023, ranking first in the country, supported by major logistics companies establishing regional distribution centers[59] Digital Transformation and Innovation - The company’s digital tools, including AI interactive screens and digital market applications, have been successfully implemented, enhancing operational efficiency[31] - The company has initiated the integration of AI technology into its business practices, forming a series of products aimed at creating a digital trade ecosystem[103] - The chinagoods AI intelligent service platform was upgraded, with over 20 AI technology companies integrated into the Yiwu market's digital trade scene[106] - The company has invested 1.3 billion in digitalization and data resources in recent years, with 18 million allocated during the reporting period[110] - The "Yiwu Index" has been successfully established as a core module for data assetization, ensuring legal compliance for future data circulation[111] Financial Management and Investments - The company reported a net cash inflow from financing activities of 460.49 million, an increase of 1.517 billion compared to the previous year[82] - The company’s total investment in external equity reached 901.64 million, an increase of 11.38% from the previous year[91] - The company has a total of RMB 4,800 million in entrusted loans from its own funds, with an annualized yield of 5.5% expected to generate RMB 528 million in returns[193] - The company is seeking credit from financial institutions and plans to issue various debt financing tools within the next 12 months[140] Corporate Governance and Compliance - The company is committed to maintaining a governance structure that ensures the independence of its board and compliance with legal regulations[129] - The company emphasizes compliance with regulatory requirements and has established a robust internal control and risk management system[123] - The company received an A rating in the 2022 Shanghai Stock Exchange information disclosure evaluation, committing to transparent financial reporting and timely investor communication[123] - The company has established a remuneration and assessment committee to review and propose remuneration for directors and senior management[136] Shareholder Relations and Dividends - The company plans to increase the cash profit distribution ratio over the next three years starting from 2024, aiming for long-term returns for shareholders[123] - The total cash dividend amount for the current period is 1,096,866,835.20 RMB, which accounts for 40.99% of the net profit attributable to ordinary shareholders in the consolidated financial statements[156] - The company has a cash dividend policy that was revised and approved in 2023, outlining a three-year shareholder return plan from 2023 to 2025[153] Strategic Partnerships and Collaborations - The company is actively expanding its strategic partnerships, including a collaboration with JD.com to enhance the brand value of "Yiwu Good Goods" through a digital distribution system[196] - A partnership with China National Building Material International in the UAE aims to optimize trade development between Yiwu and Dubai, focusing on new energy vehicle parts and products[197] - The company has initiated a strategic cooperation with China Unicom to develop a new internet data center and cloud computing services to support cross-border e-commerce[198] Employee Management and Training - The company has implemented various training programs, including OJT training, internal training, external training, and online training[150] - The company employs a salary system that combines job importance, performance contribution, ability, work attitude, and cooperation spirit[148] - The company has established a clear and competitive compensation policy to ensure fairness internally and competitiveness externally[148]

股 票 研 究 [Table_industryInfo] 批零贸易业/可选消费品 [ Table_Main[小ITnaf 商bol]e 品_Ti城tle]( 600415) [评Tab级le_：Inv est] 增持 上次评级： 增持 1-2 月义乌出口高增，业绩表现或好于预期 目标价格： 11.76 上次预测： 11.76 公 当前价格： 8.98 司 刘越男(分析师) 陈笑(分析师) 2024.03.17 更 021-38677706 021-38677906 [交Ta易bl数e_M据a rket] 新 liuyuenan@gtjas.com chenxiao015813@gtjas.com 证书编号 S0880516030003 S0880518020002 52周内股价区间（元） 5.11-10.60 报 总市值（百万元） 49,249 告 本报告导读： 总股本/流通A股（百万股） 5,484/5,470 流通 B股/H股（百万股） 0/0 2024 年 1-2月义乌出口增长 41%，景气度依旧高企；多重利好催化下，看好公司业 流通股比例 100% 绩增长望好于预期。 日均成交量（百万股） 49.98 ...

证券代码：600415 证券简称：小商品城 公告编号：临 2023-056 浙江中国小商品城集团股份有限公司 关于公司及参股子公司涉及诉讼的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示: 商城贸易为公司参股子公司（持股比例 35.8%），不在公司合并报表 范围内。公司对商城贸易出资额为 179 万元（已全部实缴），根据《公司 法》的规定，商城贸易对外独立承担民事责任，商城贸易的股东以其出 资额为限承担责任。 基于谨慎性原则，公司已于 2018 年度计提预计负债 110,620,306.10 元，具体情况详见《关于 2018 年度计提相关减值准备及预计负债的公告》 （临 2019-031）。 本判决为终审判决，依据判决结果，公司于 2018 年度计提的预计负 债将冲回，预计将增加本年度利润 11,062.03 万元，并将相应增加净利 润。具体以公司本年度经审计财务报告为准。 一、本次诉讼的基本情况 浙江中国小商品城集团股份有限公司（以下简称"公司"）于 2018 年 3 月 2 日披露了《关于公司 ...

证券代码：600415 证券简称：小商品城 公告编号：临2023-055 浙江中国小商品城集团股份有限公司 关于举行2023年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ●会议召开时间：2023年12月11日（周一）14:00-15:00 浙江中国小商品城集团股份有限公司（以下简称"公司"）已于 2023 年 10 月 20 日发布公司 2023 年第三季度报告，为便于广大投资者更全面深入地了解公司 2023 年 第三季度经营成果、财务状况，公司计划于 2023 年 12 月 11 日下午 14:00-15:00 举行 2023 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、业绩说明会类型 本次投资者说明会以网络互动形式召开，公司将针对2023年第三季度的经营成果 及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内就投 资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2023年12月11日下午14:00-15:00 ...

证券代码：600415 证券简称：小商品城 公告编号：临 2023-054 浙江中国小商品城集团股份有限公司 关于股权激励限制性股票回购注销实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： （一）回购注销原因 浙江中国小商品城集团股份有限公司（以下简称"小商品城"或"公司"） 2020 年限制性股票激励计划（以下简称"本激励计划"）中调任、离职或退休的 21 名 激励对象已不符合公司本激励计划中有关激励对象的规定。公司董事会审议决定 取消上述激励对象资格并回购注销其已获授但尚未解除限售的全部限制性股票。 （二）本次注销股份的有关情况 （一）本次回购注销限制性股票的原因及依据 根据公司《激励计划》之"第十三章公司及激励对象发生异动的处理"之"二、 激励对象个人情况发生变化"的相关规定："若激励对象因职务调动，已不在公司 内在公司下属分、子公司及由公司派出任职的，且成为相关政策规定的不能持有 公司股票或限制性股票的人员，其已获授但尚未解除限售的限制性股票不得解除 限售，并由公司按授予价格加按中国人民银 ...

国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关于 浙江中国小商品城集团股份有限公司 回购注销相关事项 之法律意见书 地址：杭州市老复兴路白塔公园 B 区 15 号楼、2 号楼（国浩律师楼） 邮编：310008 电话：(+86)(571) 8577 5888 传真：(+86)(571) 8577 5643 电子信箱：grandallhz@grandall.com.cn 网址：http://www.grandall.com.cn 二〇二三年八月 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关 于 浙江中国小商品城集团股份有限公司 回购注销相关事项 二、小商品城已向本所保证，其向本所提供的文件和所作的陈述和说明是完 1 国浩律师（杭州）事务所 法律意见书 整、真实和有效的，一切足以影响本法律意见书的事实和文件均已向本所披露， 而无任何隐瞒、疏漏之处。 三、本法律意见书仅对小商品城本次回购注销有关的法律事项的合法合规性 发表意见，不对小商品城本次回购注销所涉及的标的股票价值、考核标准等方面 的合理性以及会计、财务等非法律专业事项发表意见。在本法律意见书中对有关 财务数据或结论的引述，并 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 浙江中国小商品城集团股份有限公司于2023年11月6日发行了2023年度第五 期超短期融资券，现将发行结果公告如下： 超短期融资券名称：浙江中国小商品城集团股份有限公司2023年度第五期超 短期融资券（简称：23浙小商SCP005） 联席主承销商：上海浦东发展银行股份有限公司 证券代码：600415 证券简称：小商品城 公告编号：临2023-053 浙江中国小商品城集团股份有限公司 关于2023年度第五期超短期融资券发行情况的公告 特此公告。 浙江中国小商品城集团股份有限公司董事会 二〇二三年十一月九日 超短期融资券代码：012384038 超短期融资券期限：268日 起息日：2023年11月8日 兑付日：2024年8月2日 计息方式：到期一次性还本付息 发行金额：人民币10亿元 发行利率：2.7800% 主承销商：中国建设银行股份有限公司 ...

证券代码：600415 证券简称：小商品城 公告编号：临 2023-052 浙江中国小商品城集团股份有限公司 （二）快捷通公司开展支付机构外汇业务，应在登记的业务范围内开展经营 活动，遵循"了解客户"、"了解业务"及"尽职审查"原则，做好市场交易主 体管理、交易审核、账户管理、信息采集与报送等方面工作，积极配合外汇局及 合作银行审核、抽查、核查。 关于下属子公司获批开展支付机构外汇业务的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 浙江中国小商品城集团股份有限公司（以下简称"公司"）下属子公司快捷 通支付服务有限公司（以下简称"快捷通公司"）于近日获得国家外汇管理局浙 江省分局（以下简称"浙外管分局"）关于其开展支付机构外汇业务的批复（浙 外管便函〔2023〕76 号）。批复主要内容如下： （一）同意快捷通公司开展支付机构外汇业务，办理支付机构经常项目收支 登记（以下简称登记），登记有效期为5年。 截至10月31日，"义支付Yiwu Pay"已累计为近2万个商户开通跨境人民币 账户，跨境清算资金超人民币32亿元。 ...