Star Brands - Ye Guofu, the founder of Miniso and non-independent director of Yonghui Supermarket, emphasized the importance of direction in the company's transformation, stating that progress is key and that they will achieve great success [2] - Yonghui Supermarket's CEO Wang Shoucheng reported an average customer traffic increase of 80% in the transformed stores, with 102 stores achieving a net promoter score (NPS) average exceeding 40, and 19 stores surpassing 50 [3] - Yonghui plans to develop 100 billion-yuan-level flagship products over the next three years, collaborating with 200 core strategic partners to create compelling reasons for consumers to choose Yonghui [4] Consumer Platforms - Alibaba's cross-border e-commerce platform Lazada has integrated with Tmall to facilitate easier access for Tmall merchants to Southeast Asian markets, indicating a growing trend in cross-border e-commerce [5] - AliExpress has reported over 100,000 artificial Christmas trees being shipped overseas in preparation for the Double 11 and Black Friday sales, marking a new high in holiday inventory [6] - A report on outdoor sports consumption revealed that 60% of users on the Dewu app spend over 8,000 yuan annually, with a significant portion of users being from Generation Z [7] Investment and Financial Reports - Nanchao Foods reported a September consolidated revenue of 276 million yuan, reflecting a slight year-on-year increase of 0.0016% [12] - Eight Horses Tea has passed the listing hearing at the Hong Kong Stock Exchange, with joint sponsors including Huatai International and Agricultural Bank of China International [13] Macro News - The General Administration of Customs reported that China exported over 50 billion yuan worth of holiday goods, dolls, and animal-shaped toys in the first three quarters, highlighting the global appeal of domestic products [15]

Core Viewpoint - Yonghui Supermarket's stock has experienced a significant decline of 24.45% year-to-date, with recent trading activity showing mixed results in terms of price movement and trading volume [2] Group 1: Stock Performance - As of October 14, Yonghui Supermarket's stock price was 4.79 yuan per share, down 2.04% during the trading session, with a total market capitalization of 43.469 billion yuan [1] - The stock has seen a slight increase of 0.84% over the last five trading days, but a decline of 7.88% over the last 20 days and a minor decrease of 0.62% over the last 60 days [2] Group 2: Financial Performance - For the first half of 2025, Yonghui Supermarket reported a revenue of 29.948 billion yuan, representing a year-on-year decrease of 20.73%, and a net profit attributable to shareholders of -241 million yuan, a significant decline of 187.38% [2] - The company has not distributed any dividends in the last three years, with a total payout of 7.101 billion yuan since its A-share listing [3] Group 3: Shareholder Information - As of June 30, 2025, Yonghui Supermarket had 359,800 shareholders, a decrease of 6.24% from the previous period, with an average of 25,220 circulating shares per shareholder, an increase of 6.66% [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 104 million shares, an increase of 11.8954 million shares from the previous period, while the Southern CSI 500 ETF is a new entrant with 67.3567 million shares [3]

Core Viewpoint - China's foreign trade has shown resilience and steady growth in the first three quarters of the year, with a year-on-year growth rate of 4% in total goods trade [4]. Group 1: Trade Performance - In the first three quarters, China's total goods trade reached 33.61 trillion yuan, with exports at 19.95 trillion yuan (up 7.1%) and imports at 13.66 trillion yuan (down 0.2%) [4]. - The import and export growth rates have accelerated each quarter, with growth rates of 1.3%, 4.5%, and 6% respectively in the first, second, and third quarters [4]. - In September, the total import and export value was 4.04 trillion yuan, reflecting an 8% increase [4]. Group 2: Market Diversification - Trade with countries involved in the Belt and Road Initiative reached 17.37 trillion yuan, growing by 6.2% and accounting for 51.7% of total trade, an increase of 1.1 percentage points [4]. - Exports to ASEAN, Latin America, Africa, and Central Asia grew by 9.6%, 3.9%, 19.5%, and 16.7% respectively [4]. Group 3: Export Product Trends - Exports of electromechanical products totaled 12.07 trillion yuan, increasing by 9.6% and making up 60.5% of total exports [5]. - High-tech product exports, including electronic information and high-end equipment, saw significant growth rates of 8.1%, 22.4%, and 15.2% respectively [5]. Group 4: Import Trends - Imports began to recover, with a 0.3% increase in the second quarter and a further acceleration to 4.7% in the third quarter [5]. - The import volume of crude oil and metal ores increased by 4.9% and 10.1% respectively in the third quarter [5]. Group 5: Active Trade Entities - The number of foreign trade entities with import and export performance reached 700,000 for the first time, an increase of 5.2% year-on-year [5]. - Private enterprises accounted for 613,000 of these entities, with a total import and export value of 19.16 trillion yuan, up 7.8% [5]. Group 6: Cross-Border E-commerce - Cross-border e-commerce imports and exports reached approximately 2.06 trillion yuan, growing by 6.4%, with exports at about 1.63 trillion yuan (up 6.6%) and imports at approximately 425.54 billion yuan (up 5.9%) [9]. - The main export products included clothing, jewelry, and digital products, while imports were primarily beauty products, food, and healthcare items [9]. Group 7: Western Region Trade Growth - The western region's foreign trade maintained strong momentum, with imports and exports totaling 3.21 trillion yuan, a year-on-year increase of 10.2% [10]. - The western region's trade through the New Western Land-Sea Corridor reached 611.5 billion yuan, growing by 19.3% [10].

Core Insights - China's goods trade import and export reached 33.61 trillion yuan in the first three quarters of this year, showing a year-on-year growth of 4% [1] - Exports amounted to 19.95 trillion yuan, increasing by 7.1%, while imports were 13.66 trillion yuan, slightly decreasing by 0.2% [1] - The growth rate of imports and exports has accelerated quarter by quarter, with a notable 8% increase in September, surpassing market expectations [1] Trade Performance - The export of mechanical and electrical products reached 12.07 trillion yuan, growing by 9.6%, accounting for 60.5% of total exports [1] - High-tech product exports totaled 3.75 trillion yuan, with an 11.9% increase, contributing over 30% to overall export growth [1][2] - The "new three items" and green products, such as railway electric locomotives, have seen double-digit growth [2] Regional Trade Dynamics - Major economic provinces like Guangdong, Jiangsu, Zhejiang, Shanghai, and Shandong contributed over 80% to national export growth, with a combined increase of 5.2% [2] - The western region's trade maintained strong momentum, with imports and exports reaching 3.21 trillion yuan, a year-on-year growth of 10.2% [2] Market Diversification - Trade with Belt and Road Initiative countries reached 17.37 trillion yuan, growing by 6.2%, accounting for 51.7% of total trade [3] - Exports to ASEAN, Latin America, Africa, and Central Asia grew by 9.6%, 3.9%, 19.5%, and 16.7% respectively [3] - Cross-border e-commerce imports and exports reached 1.37 trillion yuan, increasing by 10.3%, contributing significantly to employment [3] Trade Policy Stance - China has announced it will not seek new special and differential treatment in current and future WTO negotiations, indicating a commitment to open markets and multilateralism [4]

Core Insights - China's foreign trade shows strong resilience with a year-on-year growth of 4% in the first three quarters of 2023, despite a complex external environment [1] - Exports reached 19.95 trillion yuan, growing by 7.1%, while imports slightly decreased by 0.2% to 13.66 trillion yuan [1] Trade Characteristics - ASEAN remains China's largest trading partner, with significant growth in trade with emerging markets such as Latin America and the Middle East, showing increases of 9.6%, 3.9%, 19.5%, and 16.7% respectively [1] - Cross-border e-commerce has emerged as a new engine for foreign trade growth, contributing approximately 2.06 trillion yuan in imports and exports, a 6.4% increase year-on-year [1][2] Export Product Structure - The structure of export products is optimizing, with a shift from low-value processing products to a focus on brand building and technological investment, enhancing brand influence and technical content [2] Cross-Border E-commerce Challenges - The rise of cross-border e-commerce presents challenges for cross-border payments, including high transaction frequency and reliance on third-party payment institutions, leading to complex processes and high fees [2] - There is a growing demand for quick and secure payment collection among small and medium-sized sellers in the cross-border e-commerce space [2] RMB Internationalization - The internationalization of the RMB has progressed significantly since the pilot program for cross-border RMB settlement began in 2009, with RMB now accounting for over half of cross-border transaction volumes in Shanghai [3] - Increased bargaining power of Chinese enterprises has led to a higher demand for RMB settlements in cross-border transactions [3] Trade Financing - The low interest rates of the RMB make it an attractive option for companies seeking to reduce overall financial costs, promoting the use of RMB for financing [4] - The growing use of RMB for financing is expected to create more RMB-denominated assets, enhancing the currency's international flow and supporting its further internationalization [4]

Core Viewpoint - China's foreign trade has shown resilience and quality improvement in the first three quarters of the year, with a total import and export value of 33.61 trillion yuan, a year-on-year increase of 4% [1] Group 1: Confidence - The strong performance of China's foreign trade is attributed to a stable overall trade environment, maintaining a global trade share of 11.8% in the first seven months of the year [2] - The import and export growth rate has accelerated each quarter, with exports reaching 19.95 trillion yuan, a year-on-year growth of 7.1%, marking eight consecutive quarters of growth [2] - The contribution of major foreign trade provinces, including Guangdong, Jiangsu, Zhejiang, Shanghai, and Shandong, accounted for over 80% of the national import and export growth [2] Group 2: Vitality - The growth momentum is driven by the continuous development of new productive forces and the upgrading of key industries, with high-tech product exports increasing by 11.9% [3] - The export of industrial robots surged by 54.9%, and green products such as wind power equipment and electric locomotives also saw significant growth [3] - Cross-border e-commerce has emerged as a new driving force for foreign trade, with exports primarily in apparel, digital products, and home appliances [3][4] Group 3: Determination - The number of foreign trade entities with import and export performance reached 700,000, surpassing the total for the previous year [5] - China's foreign trade partnerships expanded, with the country being among the top three trading partners for 166 countries and regions [5] - Trade with Belt and Road Initiative countries reached 17.37 trillion yuan, a year-on-year increase of 6.2%, accounting for 51.7% of total trade [5] Group 4: Long-term Outlook - The foundation for China's economic stability remains strong, with significant market potential and a complete industrial system, which will support the stable development of foreign trade in the next phase [6]

Core Insights - Cross-border e-commerce has emerged as a trillion-dollar market, with China's import and export scale reaching 2.06 trillion yuan in the first three quarters of this year, marking a year-on-year growth of 6.4% [1][2] - The export performance is particularly strong, with a growth rate of 6.6%, amounting to approximately 1.63 trillion yuan [1][2] - The resilience and vitality of this emerging sector are evident, especially in the context of global economic uncertainties [1] Trade Dynamics - In the first three quarters, cross-border e-commerce exports reached 1.63 trillion yuan, growing by 6.6%, while imports totaled 425.54 billion yuan, increasing by 5.9% [2] - In the first half of the year, the total import and export value was 1.37 trillion yuan, with a year-on-year growth of 10.3%, accounting for 6.3% of China's total import and export value [2] - Major export categories include apparel, jewelry, digital products, and home appliances, while imports mainly consist of beauty products, food, and healthcare items [2] Industry Development - The "cross-border e-commerce + industrial belt" model has shown significant results, with key export regions including Guangdong, Zhejiang, Fujian, Jiangsu, and Henan [3] - Zhengzhou Airport has signed multiple cross-border e-commerce projects, indicating strong growth in the sector, with a 55.6% year-on-year increase in business volume [3] Policy Support - Customs has implemented reforms to support high-quality development in cross-border e-commerce, including pilot programs for "inspection before shipment" and simplified export declaration procedures [4][5] - The introduction of electronic tax payment systems has streamlined the tax process for cross-border e-commerce companies [4] Industry Clusters - The growth of cross-border e-commerce is fostering the development of related industry clusters, with significant events like the 2025 Cross-Border Industry Cluster Development Conference highlighting this trend [6] - The focus is on integrating design and service stations to enhance the entire cross-border e-commerce supply chain [6] Logistics and Competition - Logistics companies play a crucial role in the cross-border e-commerce supply chain, with firms like Tuowei Tianhai leading in large-item logistics [7] - The company plans to enhance its logistics services by integrating domestic and international warehousing with localized delivery systems [7] Future Outlook - The customs authority aims to continue improving regulatory frameworks and facilitating smoother customs processes for cross-border e-commerce [8] - Local governments are also introducing supportive policies, with incentives for businesses that could reach up to 5 million yuan [9] - The integration of domestic industrial advantages with digital trade is reshaping China's foreign trade competitive landscape [9]

Core Points - The RCEP Industry Cooperation Conference will be held in Yunfu from October 17 to 18, followed by the 22nd Yunfu International Stone Technology Exhibition from October 18 to 21 [1] Group 1: Enhancing International Reputation - The China Council for the Promotion of International Trade Guangdong Committee is leveraging resources from 50 overseas Guangdong chambers of commerce and 31 overseas economic and trade representative offices to promote Yunfu's stone industry and the exhibition [2] - Over the past two years, more than 20 overseas economic and trade delegations have visited Yunfu, resulting in over 10 cooperation projects with a total value exceeding 80 million yuan [2] Group 2: Cross-Border E-Commerce Empowerment - During last year's exhibition, the Guangdong Committee organized an overseas live streaming event that attracted significant attention from international professional audiences, including a purchasing group from Russia that successfully signed procurement agreements [2] - This year, the committee plans to continue using cross-border e-commerce to enhance the stone industry, showcasing Yunfu's unique stone products to global customers and expanding international market access [2] Group 3: Deepening International Economic and Trade Cooperation - The advanced craftsmanship of Yunfu's stone products has a broad market overseas, and the Guangdong Committee aims to support enterprises in establishing stable communication mechanisms with foreign business associations [3] - The committee is focused on creating platforms for international collaboration and accurately matching overseas market demands to promote Yunfu's stone products globally [3]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5][10]. Core Insights - The company is the largest independent digital payment solution provider in China, offering digital payment and value-added services to global traders. It has obtained 65 licenses globally, covering key markets including mainland China, Hong Kong, Singapore, the US, the UK, Thailand, Luxembourg, and Indonesia [6][18]. - The digital payment market is rapidly growing due to globalization and the trend of cross-border e-commerce, with a compound annual growth rate (CAGR) of 13.7% for China's cross-border e-commerce imports and exports from 2020 to 2024 [6][42]. - The company's revenue primarily comes from global payment services, with cross-border payment contributing about 60% of its income. The fee rates for cross-border payments are expected to remain stable, while domestic payment rates are lower due to competition [6][9]. - The company has seen significant growth in its value-added services, which include digital marketing and operational support, with revenue from digital marketing rapidly increasing from 3.76 million in 2021 to 79.08 million in 2023 [6][50]. - The strategic sale of shares in a joint venture has positively impacted the company's performance, with a reported gain of approximately 2 billion RMB in the first half of 2025 [6][34]. Summary by Sections Company Overview - The company was established in 2009 and has focused on digital payment services, obtaining various licenses to expand its global footprint. It has a strong management team with extensive experience in finance and technology [18][24]. Market Performance - As of October 10, 2025, the company's closing price was HKD 8.67, with a market capitalization of approximately HKD 9.69 billion. The asset-liability ratio stands at 86.32% [3]. Financial Projections - Revenue projections for 2025-2027 are estimated at 1.7 billion, 2.2 billion, and 2.7 billion RMB, with corresponding growth rates of 29.3%, 29.6%, and 22.7% [9][12]. - The net profit for 2025 is projected to be 1.456 billion RMB, with a significant increase from previous years [9][12]. Competitive Landscape - The cross-border payment industry is characterized by a few dominant players, with the company being the only Chinese firm holding payment licenses in all US states. The competitive landscape includes companies like Payoneer and Airwallex, each with unique strengths [53][57]. Strategic Developments - The company has received a VATP license in Hong Kong, which is expected to enhance its business capabilities in virtual asset trading and improve cross-border payment efficiency [9][10].

Core Insights - China's foreign trade has shown resilience and structural optimization, achieving a total import and export value of 33.61 trillion yuan in the first three quarters of the year, a year-on-year increase of 4% [1] - The export growth rate reached 7.1%, while imports saw a slight decline of 0.2% [1] - The third quarter showed improvements in trade performance compared to the first eight months, with increases in overall trade, exports, and imports by 0.5%, 0.2%, and 1 percentage point respectively [1] Trade Performance - In September, imports and exports grew by 8%, with exports increasing by 8.4% and imports by 7.5%, marking a significant rise from August's figures [2] - The increase in September exports was attributed to a low base from the previous year and the timing of the Mid-Autumn Festival, along with a rise in working days [2] - High demand for chips and automobiles contributed to export growth, with chip exports rising by 32.7% and automobile exports by 10.9% in September [2] Export Dynamics - Exports to the U.S. continued to decline significantly, with a year-on-year drop of 27.0% in September, although this was an improvement from the previous month's decline of 33.1% [3] - Non-U.S. exports showed a positive trend, with a year-on-year increase of 14.8% in September, driven by strong performance in the EU, ASEAN, and Belt and Road economies [3] - Exports to Belt and Road economies grew by 17.2%, with notable increases to Latin America and Africa [3] Growth Drivers - China's foreign trade has achieved continuous growth for eight consecutive quarters, with a 6% increase in the third quarter [4] - The export of high-tech products reached 3.75 trillion yuan, growing by 11.9% and contributing over 30% to overall export growth [5] - Cross-border e-commerce has also been a key growth engine, with imports and exports reaching approximately 2.06 trillion yuan, a growth of 6.4% [6] Future Outlook - The fourth quarter may face challenges, with potential declines in export growth due to high base effects from the previous year and ongoing trade tensions [8] - The logistics and shipping indices indicate a weak export environment, particularly for U.S. routes, while non-U.S. routes show limited growth potential [9] - Recent increases in shipping rates may provide some support, but overall trade policies remain uncertain, impacting global economic stability [10]