格隆汇11月25日丨小商品城(600415.SH)在互动平台表示，公司与阿里云及其通义大模型（包括千问系 列模型）的合作是深入且紧密的。双方联合研发的"世界义乌"商贸大模型，正是这一战略合作的核心成 果，它并非一个通用模型，而是基于阿里云的技术底座，深度融合了我们对义乌小商品贸易的深度洞 察，专为义乌市场量身定制的垂直行业模型。目前，合作已取得阶段性成果：1、平台已落地：以此大 模型为数字基座，我们已将13项自研的AI应用工具整合至世界义乌APP中，实现了服务的集中与智能化 升级。截至10月底，AI系列产品累计服务用户超28万人，惠及市场商户超3万家；2、成效已显现：这 些工具正为商户实现实质性降本增效。"小商AI设计"将传统近1个月的设计周期缩短至7-10天，推动商 户综合经营成本下降约30%。"小商AI视创"帮助商户在几分钟内零成本生成多语言营销视频，显著降低 出海门槛。"小商AI名片"通过生成"数字人分身"，帮助商户实现从被动等待到主动拓客的转变。下一 步，公司将与阿里云团队继续深化合作，系统性地推进专属语料库建设，通过对模型进行持续的深度训 练和迭代，目标是将"世界义乌"商贸大模型打造为更智能、更懂小 ...

Core Viewpoint - The collaboration between the company and Alibaba Cloud focuses on developing a specialized trade model tailored for the Yiwu market, enhancing digital trade capabilities and efficiency [1] Group 1: Collaboration and Model Development - The partnership with Alibaba Cloud is described as deep and close, resulting in the "World Yiwu" trade model, which is not a general model but a vertical industry model specifically designed for Yiwu's small commodity trade [1] - The collaboration has achieved significant milestones, including the integration of 13 self-developed AI application tools into the World Yiwu APP, enhancing service centralization and intelligent upgrades [1] Group 2: User Impact and Efficiency Gains - As of the end of October, AI products have served over 280,000 users and benefited more than 30,000 market merchants [1] - The "Small Business AI Design" tool has reduced the traditional design cycle from nearly one month to 7-10 days, leading to a 30% decrease in comprehensive operating costs for merchants [1] - The "Small Business AI Vision Creation" tool allows merchants to generate multilingual marketing videos at zero cost within minutes, significantly lowering the barriers for international expansion [1] - The "Small Business AI Business Card" creates digital avatars for merchants, facilitating a shift from passive waiting to proactive customer acquisition [1] Group 3: Future Plans - The company plans to deepen its collaboration with Alibaba Cloud, focusing on building a dedicated corpus and continuously training and iterating the model [1] - The goal is to enhance the "World Yiwu" trade model, making it smarter and more attuned to small commodity trade, thereby driving sustained growth in Yiwu's digital trade [1]

Core Insights - Yiwu, known as the "world supermarket," hosted the 2025 Yiwu Trade Conference, attracting over 1,000 domestic and international buyers, trade association representatives, and e-commerce platforms [1] - The city aims to establish itself as a global trade benchmark and innovation hub through its "146" development strategy, focusing on marketization, internationalization, digitalization, and integration [1] - The Yiwu Global Digital Trade Center, a key project under the listed company Yiwu Small Commodity City, has a total investment of approximately 8.3 billion yuan and aims to enhance the digital capabilities of trade [1] Trade and Logistics Development - The conference theme "New Patterns, New Opportunities, New Benchmarks" addressed global economic trends and trade rules, alongside the second China Logistics Hub Development Conference and an AI-enabled trade forum [2] - Yiwu is enhancing its logistics capabilities through four main channels: land (Zhejiang-Europe Railway), sea (integration with Ningbo-Zhoushan Port), online (digital trade), and air (global air cargo network) [2] - From January to September this year, the Zhejiang-Europe Railway (Yixinou) operated 2,427 trains, a year-on-year increase of 18.3%, while the sea-rail intermodal transport saw a 22.6% increase in heavy container shipments [2] Digital Economy and AI Integration - Yiwu is recognized as a pioneer in the digital economy, developing a comprehensive trade model that includes 13 AI applications focused on small commodity trade [3] - The model has over 30,000 registered users and has recorded over 1 billion AI product calls, with businesses utilizing AI seeing order increases of over 30% [3]

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company has shown impressive performance due to the opening of the new market, with revenue reaching 13.1 billion (up 23% year-on-year) and net profit attributable to shareholders at 3.46 billion (up 48%) for the first three quarters of 2025 [1] - The newly opened Global Digital Trade Center is expected to enhance revenue certainty, with 80% of the leasing completed and over 3,700 merchants already operating in various new industries [1][2] - The company is actively developing new businesses such as "Yi Payment," which has seen transaction volumes exceed 27 billion (up over 35%) [3] Summary by Sections Financial Performance - For Q3 2025, the company reported revenue of 5.35 billion (up 39%) and net profit of 1.766 billion (up 101%) [1] - The company forecasts revenues of 20.6 billion, 26.3 billion, and 30.9 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 31%, 28%, and 17% [4] New Business Developments - The "Yi Payment" platform has been launched, providing cross-border payment services and achieving significant transaction volumes [3] - The company has introduced 13 AI applications aimed at reducing costs and improving efficiency for merchants in the small commodity trade sector [2] Market Expansion - The Global Digital Trade Center, which opened on October 14, 2025, is a key driver for future growth, featuring a total area of 1.25 million square meters and multiple functional areas [1][2] - The new market has attracted a significant number of new generation operators, with over 50% being "second-generation" business owners [1]

Core Insights - The Yiwu Global Digital Trade Center officially opened on October 14, 2023, with a total investment of 8.3 billion RMB and a construction area of 1.25 million square meters, featuring various sectors including markets, office buildings, commercial streets, apartments, and a digital trade port [1][2][3] Group 1: Market Dynamics - Yiwu has established itself as a global small commodity trading center, gathering over 2.1 million types of products and connecting domestic, international, and online markets [2] - The Yiwu International Trade City is a key player, with a projected transaction volume of 279.8 billion RMB in 2024, marking a 20.02% year-on-year increase [2] - Daily foot traffic in the market has reached 224,300, with an average of over 3,900 foreign merchants visiting daily, both figures hitting a 10-year high [2] Group 2: Technological Integration - The opening of the Yiwu Global Digital Trade Center is expected to further enhance these figures, with a strong emphasis on digitalization and AI technology in trade processes [3][4] - The "Small Business AI Navigation" app has been developed to streamline the traditional trade process, allowing buyers to efficiently locate products and merchants [3] - AI applications in trade have seen significant growth, with over 30,000 registered users and more than 1 billion AI product calls, indicating increasing acceptance among business operators [4] Group 3: Financial Performance - As of October 15, 2023, the total transaction amount using Yiwu Pay has reached 29.46 billion RMB, with a 40% increase in the first three quarters [5] - The "Smart Port" has recorded an outbound volume of over 123,500 standard containers in 2023, representing a 106% year-on-year growth [5] Group 4: Emerging Business Trends - The Yiwu Global Digital Trade Center has attracted various innovative companies, including leading firms in consumer technology, indicating a shift towards direct consumer engagement [6][7] - Young entrepreneurs and new business models are increasingly represented, with over 52% of new market entrants being from the "second generation" of business owners [7][8] - The market is witnessing a trend towards AI-enabled products, although many businesses are still in the early stages of product development [8][9]

Core Insights - The opening of Yiwu Global Digital Trade Center marks the beginning of a large-scale AI empowerment initiative in Yiwu, aiming to transition from "global trading" to "intelligent trading" [1] Group 1: AI Empowerment Initiatives - The "AI + Digital Trade" summit held in Yiwu introduced a three-year action plan to enhance AI skills for 10,000 merchants, promoting the use of AI in business operations [1] - Yiwu's Human Resources and Social Security Bureau aims for 100% awareness of AI tools among market operators, facilitating a shift from basic business skills to advanced AI applications [1] Group 2: Training and Certification - In 2024, Yiwu will launch four specialized vocational ability assessment projects, targeting the training of 33,000 new talents in the trade sector [2] - The training programs will focus on practical AI applications, including AI image generation, video editing, digital human live streaming, and multilingual translation, with successful participants receiving certification [2] Group 3: AI Integration in Business - Yiwu is recognized as a major hub for AI innovation, with many merchants already utilizing AI tools to enhance their business operations, evidenced by over 1 billion cumulative calls to the Chinagoods AI digital application [2] - The collaboration between Yiwu and Alibaba has led to the development of a comprehensive digital ecosystem for trade, covering the entire supply chain from design to transaction [2] Group 4: Real-World Applications - Merchants in Yiwu, such as those in the decorative painting industry, have successfully leveraged AI for design and communication, resulting in increased customer satisfaction and order volumes [3] - The "Small Business AI Vision Creation" tool allows merchants to produce high-quality promotional materials easily, while AI translation capabilities enable seamless communication with international clients [3]

Core Insights - Yiwu market has completed a new round of iteration and upgrade, transitioning from traditional trade models to a digital trade ecosystem, aiming to become a global trade benchmark characterized by digitization, internationalization, modernization, and low carbon [1][2] Group 1: Project Overview - The Yiwu Global Digital Trade Center officially opened on October 14, 2023, with a construction area of 1.25 million square meters, focusing on new trade, new markets, and new landmarks [1] - The market section of the project covers 410,000 square meters and has attracted merchants from eight new industries, with 52% of merchants being from the "second generation" and 57% operating their own brands or IP products [1] Group 2: Historical Context and Government Support - Yiwu market has evolved over 40 years, adapting to changes in trade practices, from street markets to a "world supermarket" and from offline to online transactions [2] - The local government emphasizes the importance of the Global Digital Trade Center as a key platform for building a strong digital trade province, with significant political commitment to its development [2] Group 3: Development Strategy - The center aims to create a "1+3+N" development system, focusing on optimizing digital trade services, minimizing costs, and maximizing efficiency [3] - Major tech companies like Alibaba, NetEase, Tencent, and Qunhe Technology have established a presence in the new market, enhancing the center's capabilities to connect smart products with global markets [3] Group 4: Platform Construction - Three key digital trade platforms are being strengthened: Chinagoods for comprehensive trade services, a digital supply chain platform for efficient logistics, and a payment platform for global transactions [4] - The integration of these platforms aims to provide comprehensive support for the development of digital trade [4] Group 5: Technological Integration - The center is accelerating the integration of digital technology with market trade, implementing AI applications for design, store setup, navigation, and data transactions [5][6] - The use of AI technology has improved operational efficiency, with significant reductions in time and cost for merchants [7] Group 6: Market Activities - The opening of the Global Digital Trade Center will feature a series of events, including international trade summits and competitions, to stimulate market activity and engagement [5]

Core Insights - The opening of the Global Digital Trade Center in Yiwu marks a significant transition from traditional trade models to a digital trade ecosystem, emphasizing "digital empowerment of business and data-driven trade" [1] Group 1: Market Development - Yiwu has undergone six generations of market evolution, adapting to the changing times and market demands, from street markets to the modern Global Digital Trade Center [1] - The Global Digital Trade Center features a construction area of 1.25 million square meters and includes five functional areas: market, business offices, commercial streets, apartments, and a digital trade port [1] Group 2: Merchant Engagement - Over 3,700 merchants have settled in the market section, covering eight new industries such as fashion jewelry and smart equipment, with 52% of merchants being "second-generation" or "new generation" entrepreneurs [1] - Merchants can communicate in real-time with global clients and showcase products through live streaming, enhancing the shopping experience for overseas buyers [1] Group 3: Technological Advancements - The sixth-generation market has achieved comprehensive digital and intelligent upgrades, including the Chinagoods platform for one-stop trade services and the "Yi Payment" cross-border payment account for merchants [2] - The introduction of 13 AI applications, such as "Small Merchant AI Design" and "AI Video Translation," addresses challenges faced by merchants in design, marketing, and international expansion [2] Group 4: Strategic Collaborations - Yiwu Small Commodity City Group has formed strategic partnerships with major industry players, including Alibaba and Tencent, to enhance the digital trade infrastructure and AI capabilities by 2025 [2] Group 5: Regional Economic Strategy - The opening of the Global Digital Trade Center is a key initiative in Zhejiang's digital transformation of the entire trade chain and reflects the province's commitment to high-level openness and economic resilience [3]

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][8]. Core Insights - The company reported a revenue of 7.71 billion yuan for the first half of 2025, representing a year-on-year increase of 14.0%. The net profit attributable to shareholders was 1.69 billion yuan, up 16.8% year-on-year [1]. - The construction of a global digital trade center is accelerating, laying a foundation for high growth in the future. The company is adapting to new trade models and accelerating the development of a new generation of digital trade centers [1][8]. - The company's main business remains stable, with significant contributions from new business segments such as Chinagoods and Yiwupay, which are becoming new growth drivers [1][8]. Financial Performance Summary - For the first half of 2025, the company achieved revenues of 2.38 billion yuan from market operations, 530 million yuan from trade services, 270 million yuan from supporting services, and 4.53 billion yuan from product sales, with respective year-on-year growth rates of 4.8%, 43.2%, 16.7%, and 16.4% [1][8]. - The gross margin for the first half of 2025 was 31.6%, a decrease of 1.5 percentage points year-on-year, while the net profit margin increased by 0.6 percentage points to 22.0% [1][8]. - The company expects net profits attributable to shareholders to reach 4.06 billion yuan, 5.21 billion yuan, and 6.34 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 32.1%, 28.3%, and 21.7% [1][8]. Market Position and Future Outlook - The company is positioned as a trade hub along the Belt and Road Initiative, with a strategic importance that supports its stable main business and the contribution of the new global digital trade center [1][8]. - The first batch of 389 fashion jewelry shops attracted over 4,700 enterprises, achieving a 100% completion rate for recruitment. The second batch includes 1,308 shops in creative toys and skincare, with over 24,000 entities expressing interest [1][8]. - The partnership with Alibaba Cloud aims to develop an AI model tailored for small commodity trade, enhancing operational efficiency and reducing costs for merchants [1][8].