经贸合作始终是中韩关系的压舱石和推进器。2024年，双边贸易额达3280.8亿美元，同比增长5.6%，中 国连续21年位居韩国第一大贸易伙伴国，韩国则是中国第二大贸易伙伴国。 中新网1月8日电 新年伊始，韩国总统李在明将中国作为开年首访目的地。这一外交举动不仅体现了韩 方对发展对华关系的高度重视，也向国际社会传递出中韩两国共同致力于推动双边关系健康稳定发展的 积极信号。 1月7日，中韩创新创业论坛在上海举行。韩国总统李在明一行出席，并于论坛期间与中国智元人形机器 人握手，了解人形机器人领域的发展现状。 自1992年建交以来，中韩关系历经33年风雨兼程，形成了政治互信逐步增强、经贸合作日益紧密、人文 交流持续深化的全面发展格局。 一个健康稳定、持续深化的中韩关系，符合两国人民的根本利益，也有利于地区乃至世界的和平稳定与 发展繁荣，这已成为中韩双方的共识。 经贸合作：压舱石作用日益稳固 2024年，中韩人员往来达772.5万人次，其中韩国来华259.5万人次，中国内地居民赴韩513万人次，目前 两国间每周有超过1000个定期航班。签证便利化举措的持续实施，为这份"近"与"通"增添了更多暖意。 近年来，韩国爱宝乐园 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][2] Core Views - The company has entered an expansion phase driven by the opening of new markets, enhancing its trade service capabilities. The third quarter saw accelerated performance with revenue reaching 5.348 billion yuan, a year-on-year increase of 39.02%, and net profit attributable to shareholders reaching 1.766 billion yuan, up 100.52% year-on-year [1][2] - The company benefits from the global digital trade center that commenced its recruitment work in June, leading to increased entrance qualification fees and steady rental growth in its core business. The cross-border payment business also contributed significantly, with transaction volume exceeding 27 billion yuan, a growth of over 35% year-on-year [1][2] Financial Performance Summary - Revenue and Profit Forecasts: - 2023: Revenue of 11.30 billion yuan, net profit of 2.68 billion yuan - 2024: Revenue of 15.74 billion yuan, net profit of 3.07 billion yuan - 2025E: Revenue of 20.72 billion yuan, net profit of 4.69 billion yuan - 2026E: Revenue of 27.49 billion yuan, net profit of 7.03 billion yuan - 2027E: Revenue of 33.60 billion yuan, net profit of 8.39 billion yuan [3][15] - The company’s gross margin improved to 45.41%, an increase of 15.31 percentage points year-on-year, attributed to higher-margin entrance qualification fees and cost optimization [1][2] - Operating cash flow for the first three quarters reached 9.605 billion yuan, a significant increase of 2021.98% year-on-year, benefiting from the collection of fees from the global digital trade center and sales from commercial properties [1][2] Valuation Metrics - The company’s projected PE ratios for 2025-2027 are 22.3, 14.9, and 12.5 respectively, reflecting an upward revision in net profit forecasts due to the opening of the global digital trade center [2][3] - The estimated EBIT margin is expected to improve from 15.90% in 2023 to 30.48% in 2027, indicating enhanced operational efficiency [3][15]

Group 1 - The core viewpoint of the article highlights that Zall Intelligent Group has shown robust operational performance, ranking 160th in the 2025 Fortune China 500 list with a revenue of 22,564.9 million USD, an increase of 22 places from the previous year [1] - The 2024 total revenue of the 500 companies on the list reached 14.2 trillion USD, which is approximately three-quarters of China's GDP of 18.75 trillion USD for the same year [1] - Zall Intelligent achieved a revenue exceeding 100 billion RMB for the fourth consecutive year in 2024, with a year-on-year growth of 29.59% and a net profit increase of 42.15%, marking a historical high [1] Group 2 - Zall Intelligent aims to become a global leader in digital trade, focusing on commerce logistics and supply chain management, operating the largest modern commerce logistics platform in China, Han Kou Bei International Trade City [3] - The company has established leading advantages in various sectors, including agricultural products, black metals, and chemical plastics, with its Zhongnong Network platform accounting for one-third of the national white sugar spot turnover [3] - In 2024, the total online and offline transaction volume exceeded 200 billion RMB, driven by the integration of supply chain thinking and the development of modern supply chains in various sectors [3]