Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has successfully acquired land for a cultural, commercial, and tourism complex, with a total investment budget of approximately 7.863 billion yuan, aimed at supporting import trade and enhancing market synergy [7] - The company is strategically positioning itself to capitalize on the growing demand for imports and cultural tourism, with plans to increase the total import value in Yiwu to over 300 billion yuan by 2030 [7] - The company’s financial forecasts indicate significant growth in revenue and net profit, with expected net profits of 4.72 billion yuan in 2025, representing a year-on-year growth of 53.6% [6][8] Financial Data and Profit Forecast - Total revenue is projected to reach 20.51 billion yuan in 2025, with a year-on-year growth rate of 30.3% [6] - The company’s net profit for 2025 is estimated at 4.72 billion yuan, with a corresponding earnings per share of 0.86 yuan [6] - The gross margin is expected to be 34.8% in 2025, with a return on equity (ROE) of 20.4% [6]