简评及投资建议。 4. Yiwu pay 维持高增，开展1039 结算试点。2025 年1-9 月，义支付跨境支付业务交易额突破270 亿元人 民币，同比增长超过35%，义支付已于三季度正式开展市场采购贸易结算服务试点。 5. 义乌进出口高景气。1-8 月，义乌进出口总值达5542.6 亿元，同比增长24.9%；其中出口4866.0 亿 元，同比增长23.7%；进口676.6 亿元，同比增长34.0%，进出口、出口和进口值占全省份额分别为 15.1%、17.4%和7.6%，占比分别提升2.3、2.3 和 2.0 个百分点。 公司10 月14 日晚发布2025 年三季报。第三季度实现收入53.48 亿元，同比增长39.02%；归母净利润 17.66 亿元，同比增长100.52%，扣非净利润17.23 亿元，同比增长99.56%。摊薄EPS 0.32 元，加权净资 产收益率7.93%。前三季度经营性现金流净额96.05 亿元，同比增长2022%。 我们认为，随着六区市场在6-8 月完成招商，公司三季度业绩高增充分印证了市场业务的强韧性和新业 务的高弹性。展望未来，公司有望在市场业务量价齐升的同时，继续释放贸易服务 ...

Summary of the Conference Call for Xiaogoods City Industry and Company Overview - Xiaogoods City operates primarily in the market management and trade services sectors, with a significant shift from domestic to foreign trade, exporting over 60% to Asia, Africa, and Latin America, and approximately 11% to the U.S. market, which is less affected by tariffs [2][6][14] Key Points and Arguments - **Revenue Sources**: The main profit sources for Xiaogoods City are market management and trade services, with a transition from a B2C to a B2B model, focusing on rental income and location fees [2][6][14] - **Market Expansion**: The company is actively expanding into new markets, with the sixth district's bidding prices exceeding expectations, which will contribute significantly to revenue over the next three years [2][5][8][7] - **Financial Performance**: In the first half of 2025, Xiaogoods City reported revenues of 7.7 billion yuan, a 14% year-on-year increase, and a net profit of 1.69 billion yuan, up 16.7% [4] - **ChinaGoGo Growth**: The ChinaGoGo platform achieved a net profit of 155 million yuan in the first half of 2025, marking a 109% increase, although the base remains low [2][9] - **Cross-Border Payment Expansion**: The company acquired a cross-border payment license and launched "Yiwu Pay," with cross-border RMB payment volume reaching 2.5 billion USD in the first half of 2025, a 47% increase year-on-year [2][11][12] - **Import Business Development**: Xiaogoods City is expanding its import business, focusing on cosmetics, health products, and pharmaceuticals, leveraging policy subsidies to attract businesses [2][13] Additional Important Insights - **Rental and Location Fees**: Rental prices are relatively low, averaging 2,000 to 3,000 yuan per square meter, with higher prices in prime areas. The sixth district, opening in October, has a bidding price of 110,000 to 130,000 yuan, which will enhance revenue [7][8] - **Future Outlook**: The company anticipates a 5% increase in overall rental income over the next three years, with new market developments expected to stabilize and enhance performance [8][14] - **ChatGPT Application**: ChatGPT is being utilized to provide online display channels for offline shops, particularly in the Asia, Africa, and Latin America markets, with plans to increase the number of users on the China goods platform [10] Conclusion - Xiaogoods City is positioned in a growth phase with stable revenue sources from rental and trade services, significant market expansion, and a strong focus on cross-border payments and imports, indicating a positive outlook for future performance [3][14]

Core Viewpoint - The company is monitoring market dynamics and policies closely to manage its import business effectively, aiming for stable development in favorable market conditions [1] Group 1 - The company received an inquiry regarding the volume of imported pork in the first half of the year and the impact of trade tariffs on cost [1] - The company indicated that detailed operational results for the first half of 2025 will be disclosed in the upcoming semi-annual report [1] - The company expressed gratitude for investor interest and emphasized its commitment to adapting to market conditions [1]