小商品城 20250604 摘要 小商品城受益于出口导向型经济，尤其是一带一路国家的强劲增长，其 出口额以每年 30%以上的速度增长，有效降低了中美贸易摩擦的影响， 并得益于中国海关提供的 1,039 市场采购贸易模式的政策红利。 小商品城的核心商业模式是市场经营，通过租赁收入实现稳定盈利。国 际商贸城是其核心收租项目，占据总成交额的 85%以上，各区域销售不 同品类，对外出口比例较高，且具备扩建能力。 小商品城通过动态数据调整模型提高租金和商业拍卖获取非线性利润， 2023 年 101 个商位拍卖收入达 8 亿元，高于传统租金收入。截至 2024 年底，仅 16%的面积实现市场化定价，未来租金收入增长潜力巨 大。 数贸中心项目预计 2025 年 10 月开业，将带来百亿级别以上的入场费， 并支撑公司以高双位数发展利润三年以上。该项目包含新业态和新商业 模式，将对公司业务结构产生重大影响。 CG 平台作为 B2B 电商跨境服务平台，通过会员费模式为小商品城带来 可观收入，但相比阿里巴巴国际站，会员费仍有巨大增长潜力，未来三 年内有望通过科技手段将平均客单价提升十倍。 Q&A 小商品城公司在过去三年中的增长情况 ...

Group 1 - The company completed a significant asset restructuring by the end of December 2024, gradually exiting the real estate business and transforming its strategic focus to core duty-free operations, centered around the large consumption industry [1] - The company aims to leverage the resource advantages and industrial synergy capabilities of its indirect controlling shareholder, Huafa Group, to concentrate on the "duty-free + commercial management + trade" business development system [1][2] - The company has committed to an orderly exit from its existing real estate business within five years, accelerating its de-real estate strategy [1][2] Group 2 - The company has made strategic plans for the development of its large consumption business, including expanding duty-free operations in key national strategic areas such as Hainan Free Trade Port and Hengqin Guangdong-Macao Deep Cooperation Zone [2] - The company is integrating large shopping center assets to enhance consumer experiences and create a new flagship commercial brand [2] - The company is strengthening its supply chain resources to build a comprehensive platform covering procurement, warehousing, and digital marketing, forming a closed-loop business model of "promoting trade through duty-free and vice versa" [2] Group 3 - The company is benefiting from national policies aimed at expanding domestic demand and promoting consumption, which provide strong momentum for its duty-free and large consumption business development [3] - As of May 30, 2025, the passenger flow through the Gongbei Port between Guangdong and Macao exceeded 50 million, a year-on-year increase of 12%, which is expected to positively impact the company's duty-free sales [3] - The company is managing the Hongwan Fishing Port project, which covers an area of approximately 720,000 square meters, with an average annual fish unloading volume exceeding 60,000 tons, focusing on smart fishing port and industrial upgrades [3]

随着物美价廉的中国小商品出现在全球的角角落落，跟着一起被世人熟知的，就是拥有能预测美国总统大选这样"超能力"的浙江义乌了。 不过，在中国北方藏着一个比义乌小商品市场还要大的批发市场集群。 金庸武侠小说里有"南慕容北乔峰"的说法，在中国小商品批发市场这个"江湖"中，同样有类似的形容——"南义乌北临沂"。 曾是"老少边穷"革命老区的山东临沂市，低调地扮演着与义乌小商品一南一北的"宗师"角色。 临沂是"中国物流之都"，拥有中国最大的批发市场集群，有"中国大集"之称。 今天，让我们走进中国最大的批发市场集群，走进"中国物流之都"。 南义乌北临沂 说起小商品批发市场，恐怕绝大多数人第一个想起的就是义乌。 在中国北方沂蒙山区的临沂市，名气虽然没有义乌那么响亮，但其2024年整个批发市场的交易额有近6605亿元，物流总额更是达到了惊人的1.0074万亿。 比义乌，有过之无不及。 早在2017年，临沂交易额过百亿的批发市场就有14家 跟小商品批发集散地义乌不同，临沂这里所拥有的是中国最大的批发市场集群。 临沂的批发市场群覆盖建材、五金、家电、农副产品等12大产业门类的商贸矩阵。 临沂一共有136处专业批发市场，经营的内容更是 ...

又有两家A股上市公司收到股票终止上市决定，6月10日进入退市整理期。 *ST鹏博(600804)公告称，公司于2025年5月30日收到上海证券交易所出具的自律监管决定 书，决定终止公司股票上市。终止上市的证券种类为人民币普通股，证券简称为*ST鹏博，证 券代码为600804。 上述自律监管决定书指出，因2023年度财务会计报告被出具无法表示意见的审计报告，*ST鹏 博股票自2024年5月6日起被实施退市风险警示。2025年4月29日，*ST鹏博提交并披露了2024 年年度报告，显示公司2024年度财务会计报告和内部控制报告均被出具无法表示意见的审计 报告。根据《上海证券交易所股票上市规则（2025年4月修订）》（简称《股票上市规则》） 第9.3.7条等规定，*ST鹏博股票触及终止上市条件。根据《股票上市规则》第9.1.10条、第 9.3.11条和第9.3.14条的规定，经上海证券交易所上市审核委员会审议，上海证券交易所决定 终止*ST鹏博股票上市。 *ST龙宇(603003)也公告，公司于2025年5月30日收到上海证券交易所出具的自律监管决定 书，决定终止公司股票上市。终止上市的证券种类为人民币普通股，证券 ...

过去几年，全球经济的起伏、国际贸易环境的波动、互联网浪 潮的冲击，都在倒逼着义乌商人们不断调整步伐。就像四十年 前的第一代义乌商人那样，他们不去想象多年后的义乌会是哪 般景象。但在当下，他们依旧涌动着那股"买卖全球"的野心。 作者：田进 高泽 封图：本报资料室 在距离国际商贸城8公里的苏溪镇，金小涛和胡佳奇负责的展厅正在试图改革传统义乌商人的贸易 方式。 他们舍弃高租金的黄金地段，转而通过抖音、小红书等平台打造线上流量矩阵，以丰富品类与优质 服务吸引国内外客户。短短两年，外贸占比从零升至50%。金小涛说："通过自媒体获客，是与传 统商业模式最大的不同。" 土生土长的义乌商人虞晨航是典型的"义乌二代"。曾经，他的父辈所面对的市场环境是货物供不 应求，商品利润空间也非常可观。但在当下利润空间被压缩、市场竞争加剧的背景下，他开始将生 意"化整为零"，面向普通消费者做零售。 当然，义乌仍有大量外贸商选择坚守。在国际商贸城的店铺里，竣熙箱包创始人陈丽秀和一可箱包 创始人邱小南依然延续着"守株待兔"的坐商模式。她们凭借多年积累的外贸经验，维系着与老客 户的紧密联系。她们的经营理念是，深耕实体、服务好每一位客户，比盲目转型 ...

Group 1 - The article discusses the transformation of traditional trade practices in Yiwu, with local entrepreneurs adopting online platforms like Douyin and Xiaohongshu to attract customers, resulting in foreign trade accounting for 50% of their business within two years [2][9] - The younger generation of Yiwu merchants, referred to as "Yiwu second generation," is shifting focus from wholesale to retail, adapting to a more competitive market environment where profit margins are shrinking [2][3] - The historical context of Yiwu's trade evolution is highlighted, showing how the market has changed from high demand and significant profit margins to a more challenging landscape requiring innovative approaches [4][10] Group 2 - The article contrasts two business models in Yiwu: traditional "sitting merchants" who maintain close relationships with existing customers and newer entrepreneurs who leverage online marketing strategies to reach a broader audience [2][11] - The case of a local entrepreneur, Yu Chenhang, illustrates the shift from wholesale to retail, emphasizing the importance of competitive pricing and product variety to attract customers [5][6] - The article also details the operational strategies of two entrepreneurs, Jin Xiaotao and Hu Jiaqi, who have successfully established an online presence and diversified their product offerings, leading to a significant increase in foreign trade [8][9] Group 3 - The challenges faced by traditional merchants, such as Chen Lixiu and Qiu Xiaonan, are discussed, highlighting their commitment to maintaining a physical store and personal customer service rather than transitioning to e-commerce [12][13] - The article notes that traditional merchants often rely on established customer relationships and face difficulties in adapting to online sales due to customer preferences for in-person transactions [14] - The contrasting experiences of different merchants in Yiwu illustrate the diverse strategies employed in response to changing market conditions, with some opting for digital transformation while others remain committed to traditional methods [11][14]

Group 1: Trade and Economic Developments - The 137th Canton Fair attracted over 280,000 foreign buyers from 219 countries and regions, marking a 17.3% increase compared to the previous year, setting a historical record [1][3] - Following high-level Sino-U.S. economic talks, a joint statement was released, providing temporary relief to global markets, but challenges in global supply chain restructuring remain [2][3] - Since joining the WTO in 2001, China's total import and export value has surged from $500 billion to $6.1 trillion in 2024, with GDP rising from the sixth to the second largest globally [3][4] Group 2: Globalization and Supply Chain Dynamics - The logic of globalization shifted around 2015, with supply chain security becoming a priority over cost efficiency, leading to a complex landscape of competition and cooperation among economies [5][6] - The U.S. economy has significantly benefited from China's supply chain, with major companies like Apple and Tesla relying heavily on Chinese manufacturing [6][7] - The Chinese government has emphasized enhancing the resilience and security of supply chains as part of its strategic planning [6][10] Group 3: Corporate Strategies and Innovations - Chinese companies are adapting to supply chain challenges by enhancing connectivity and control, with examples like BYD's vertical integration model and Huawei's collaboration with New Kylin to overcome technology barriers [8][9] - The "three forces model" proposed for supply chain management emphasizes the importance of connectivity, control, and design capabilities [7][8] - Companies are encouraged to adopt a proactive "going out" strategy to explore untapped international markets, moving from traditional export models to a broader "big outbound" approach [11][12] Group 4: Case Study - Yiwu International Trade City - Yiwu International Trade City serves as a global barometer for small commodity trade, with a diverse product range and competitive pricing, leading to significant growth in cross-border e-commerce [12][13] - In the first quarter of this year, Yiwu's cross-border e-commerce platform reported an import and export value of 7.88 billion yuan, a 30.8% increase [12] - The integration of AI, RMB, and brand exports is emerging as new highlights in Yiwu's market strategy, showcasing the importance of collective efforts among businesses [12][13]

Core Viewpoint - The company is facing a complex operating environment with a slight increase in revenue but a decline in net profit, emphasizing the need for strategic adjustments and risk management in its operations [8][10][11]. Group 1: Meeting and Voting Details - The shareholders' meeting is scheduled for June 13, 2025, with both on-site and online voting options available [2][5]. - The meeting will be presided over by Chairman Xu Biao, and shareholders registered by the cutoff date can attend and vote [2][3]. Group 2: Financial Performance - The company achieved a revenue of 11.289 billion yuan, a year-on-year increase of 4.70%, while the net profit attributable to shareholders was 210 million yuan, a decrease of 10.09% [8][10]. - The decline in net profit is attributed to decreased revenue from the biopharmaceutical segment and increased R&D expenses [9][10]. Group 3: Business Strategy and Development - The company is committed to a dual-driven development strategy focusing on the pharmaceutical and financial investment sectors, aiming to enhance operational stability and efficiency [8][16]. - Future plans include expanding vaccine product lines and exploring new business opportunities in biopharmaceuticals, with a focus on innovative vaccines and therapies [16][17]. Group 4: Governance and Compliance - The company has established a robust internal control system to ensure compliance with legal and regulatory requirements, enhancing corporate governance [13][28]. - The board of directors has held multiple meetings to ensure effective oversight and decision-making, maintaining transparency and accountability [13][28]. Group 5: Risk Management - The company is actively monitoring external economic conditions and industry trends to mitigate risks associated with market fluctuations and regulatory changes [21][24]. - Specific measures include optimizing customer structures and enhancing supply chain management to address potential credit risks and operational challenges [24][25].

大宗商品贸易市场的数据是全球性的，现实情况是大宗商品贸易交易的数据在欧美市场占比较大，新兴 市场的稀疏性会导致价格的联动预测误差率上升，这种情况在跨市场的套利模型中尤为突出。 "对此，金仕达的应对方法是，通过各类自主研发系统助力大宗商品企业风险管理数字化转型。"金仕达 副总裁匡志明介绍称，通过智能体嵌入帮助企业实现运营智能化及数据资产化，从而构建多样化服务模 式，助力大宗企业数字化转型。 此外，大宗商品贸易市场的算法交易占比越高，更有可能面临流动性结构脆弱的风险。上述行业人士认 为，不断开发差异化的数据源，可用来应对非结构信息文本的局限性，克服由AI带来市场交易决策的 趋同性。 当前全球经济呈现高波动、低增长态势，地缘冲突加剧大宗商品价格波动，能源、金属等价格中枢持续 上移。在吴斌看来，AI大模型应用正逐步实现从辅助决策到智能引领的跨越，帮助期货产业链在复杂 环境中进行风险管理。 不过当前，人工智能和大数据在大宗商品贸易市场中的应用存在多重挑战。 会议期间，行业人士告诉记者，数据质量引发大模型建立的偏差。大宗商品贸易市场人工智能模型高度 依赖历史数据的训练，如果数据的完整性、代表性和时效性缺乏根本性的缺陷，就 ...

临沂统筹推进"商文体旅展"深度融合 "体文旅"出新出彩。举办临沂市户外运动休闲季暨冬季全民健身运动会，推出"沂马旅游季"景区特 惠游活动，参赛选手凭身份证、参赛号码牌即可免首道门票游览龟蒙、云蒙等近20家景区。举办"房源 集团杯"第九届万人健步行等群众体育活动，将非遗工坊体验、文旅产品销售等场景嵌入其中，设置特 色农产品、车展、房展等多个消费主题展区，将赛事流量转化为消费增量。 构建一体化发展新格局 "展文旅"实现突破。在山东绿色蔬菜产业博览会、临沂小商品博览会等45个展会设置文旅专区，在 山东绿色蔬菜产业博览会等重点展会期间推出联动优惠政策，涵盖景区、酒店、民宿等多个领域，为观 众提供一站式便捷服务。1-4月，累计接待观众61.2万人次，带动综合消费4.8亿元。 5月26日，记者在临沂市政府新闻办召开的发布会上获悉，今年以来，临沂市文化和旅游局、市商 务局、市体育局、临沂商城管委会等部门和各县（区），坚持问题导向，统筹推进商、文、体、旅、展 深度融合，构建一体化发展新格局。 拓客引流效果显著。结合"好客山东·齐鲁1号"旅游列车开行契机，设立旅游团队奖励资金1120万 元，推出15条精品线路，组织全市126家 ...