Core Insights - The acceleration of the global trade center's leasing activities is expected to drive market growth and enhance profitability through diversified business development [1][3] Investment Highlights - The investment rating is maintained as "Buy" due to the accelerated leasing pace of the global trade center, which is expected to boost rental income and other revenue streams [2] - The earnings per share (EPS) estimates for 2025-2027 have been raised to 0.93, 1.10, and 1.30 yuan respectively, compared to previous estimates of 0.77, 1.06, and 1.27 yuan [2] - The target price is set at 27.28 yuan, based on a price-to-earnings (PE) ratio of 29.48x for 2025 [2] Performance Summary - In Q3 2025, the company reported a revenue of 5.348 billion yuan, representing a 39.02% increase year-on-year [2] - The net profit attributable to shareholders reached 1.766 billion yuan, up 100.52% year-on-year, while the net profit excluding non-recurring items was 1.723 billion yuan, reflecting a 99.56% increase [2] - The management expense ratio was 2.69%, down by 0.42 percentage points, while the sales expense ratio increased to 1.06%, up by 0.42 percentage points [2] Market Development - The global trade center has completed 80% of its leasing targets for the year, significantly boosting market operational revenue [3] - The center is attracting cross-border e-commerce, foreign trade service providers, and overseas buyers, which is expected to contribute to sustained revenue growth in the coming quarters [3] - The company is transitioning from a "traditional market manager" to a "global small commodity trade platform operator" [3] Digital Trade Growth - The company has established a complete digital trade ecosystem through the Chinagoods platform and YiwuPay, which are expected to enhance synergy and industry collaboration [3] - The cross-border payment transaction volume through YiwuPay exceeded 27 billion yuan in the first three quarters of 2025, marking a 35% increase [3] - Improved cash flow from leasing activities has significantly enhanced the company's financial position, with net cash flow from operating activities increasing by 2021.98% year-on-year in the first three quarters of 2025 [3]