九月二十五日至二十九日，第四届全球数字贸易博览会在浙江杭州举办。本届数贸会以"在数贸会看见 创新未来"为年度主题，参展商数量超过一千八百家。 新华社记者 徐 昱摄 日前，世界贸易组织（WTO）发布《2025世界贸易报告》（以下简称"报告"）预测，到2040年，人工 智能（AI）有望推动全球贸易增长近40%。实现这一预测的路径背后，是AI正通过降低贸易成本、提升 供应链效率等，让更多参与全球竞争的企业拥有了"破壁"之力；但与此同时，全球贸易规则也在改变， 竞争力的核心悄然转向对数据的掌控，这可能加剧数字鸿沟，使缺乏技术和基础设施的发展中国家在国 际贸易中面临失衡的挑战。 AI驱动的贸易未来，是走向普惠，还是加深分化？AI能否成为全球贸易的"共享"机遇？本报记者邀请专 家解读。 利好 "小鱼"也能游向国际市场的海洋 AI解决语言与信息障碍，帮助企业分析数据，让更多中小企业像使用计算器一样使用AI，进入国际市 场 世贸组织报告指出，人工智能技术能够提升咨询、研发等多个领域的效率，解决语言与信息障碍，通过 提供实时翻译与智能客服降低跨境沟通成本。这为中小企业和发展中国家提供机会，帮助其克服硬件短 板，完成数据采集、标 ...

九月二十五日至二十九日，第四届全球数字贸易博览会在浙江杭州举办。本届数贸会以"在数贸会看见 创新未来"为年度主题，参展商数量超过一千八百家。 新华社记者 徐昱摄 日前，世界贸易组织（WTO）发布《2025世界贸易报告》（以下简称"报告"）预测，到2040年， 人工智能（AI）有望推动全球贸易增长近40%。实现这一预测的路径背后，是AI正通过降低贸易成本、 提升供应链效率等，让更多参与全球竞争的企业拥有了"破壁"之力；但与此同时，全球贸易规则也在改 变，竞争力的核心悄然转向对数据的掌控，这可能加剧数字鸿沟，使缺乏技术和基础设施的发展中国家 在国际贸易中面临失衡的挑战。 AI驱动的贸易未来，是走向普惠，还是加深分化？AI能否成为全球贸易的"共享"机遇？本报记者邀 请专家解读。 利好 "小鱼"也能游向国际市场的海洋 AI解决语言与信息障碍，帮助企业分析数据，让更多中小企业像使用计算器一样使用AI，进入国 际市场 世贸组织报告指出，人工智能技术能够提升咨询、研发等多个领域的效率，解决语言与信息障碍， 通过提供实时翻译与智能客服降低跨境沟通成本。这为中小企业和发展中国家提供机会，帮助其克服硬 件短板，完成数据采集、标注 ...

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant growth in revenue and net profit, driven by high market demand and successful business expansion initiatives [1][2][3]. Financial Performance - In H1 2025, the company achieved revenue of 7.713 billion yuan, a year-on-year increase of 14% [1]. - The net profit attributable to shareholders was 1.691 billion yuan, up 16.8% year-on-year [1]. - The company's net profit after excluding government subsidies and other non-recurring items was 1.670 billion yuan, reflecting a 17.6% increase year-on-year [1]. - For Q2 2025, revenue reached 4.552 billion yuan, a 11.4% increase year-on-year, while net profit was 890 million yuan, up 21% [1]. Market Operations - The market operating segment generated revenue of 2.379 billion yuan in H1 2025, a 5% increase year-on-year, with a total profit of 1.848 billion yuan, up 3% [1]. - The total import and export value of Yiwu city reached 405.8 billion yuan, a 25% increase year-on-year, indicating a high market demand [1]. Business Expansion - The company is actively expanding its new markets, with the third batch of industries including drones, robotics, and fashion materials starting recruitment on July 23, 2025 [2]. - The cash flow from operating activities in Q2 2025 was 1.66 billion yuan, supported by the ongoing market recruitment efforts [2]. Chinagoods Performance - Chinagoods, the company's big data subsidiary, reported revenue of 257 million yuan and a net profit of 155 million yuan in H1 2025, with net profit increasing by 109.7% year-on-year [2]. - The platform's AI product enhancements and the launch of the "Small Business AI" series applications contributed to the growth in performance [2]. Yiwupay Growth - Yiwupay's cross-border payment net amount exceeded 2.5 billion USD in H1 2025, a 47% increase year-on-year, with total profit exceeding 40 million yuan, up 50% [2]. Import and Global Expansion - The company is the only white-listed enterprise for the national import positive list, successfully completing trials for 28 categories of daily consumer goods and 5 categories of parallel imported appliances [3]. - The first overseas market in East Asia, the Osaka Yiwu market, opened on June 26, 2025, marking a significant step in global expansion [3]. Profit Forecast - The company maintains a profit forecast for net profit attributable to shareholders of 4.23 billion yuan, 5.71 billion yuan, and 6.82 billion yuan for 2025-2027, representing year-on-year growth of 38%, 35%, and 19% respectively [3].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The retail industry is experiencing a recovery, with significant growth in specific segments such as beauty and jewelry, driven by consumer sentiment and innovative business models [8][30] - The launch of the AI model by Yiwu Small Commodity City is expected to enhance operational efficiency and empower merchants, indicating a shift towards technology-driven business practices [25][26] Summary by Sections Retail Market Review - The retail industry index rose by 3.28% during the week of July 21-25, outperforming the Shanghai Composite Index by 1.61 percentage points [7][14] - The brand cosmetics sector saw the highest weekly increase of 5.94%, while the jewelry sector led the year-to-date performance with a 28.93% increase [17][20] Industry Dynamics - Yiwu Small Commodity City partnered with Alibaba to initiate the AI model testing, which is expected to transform traditional trade practices and enhance global trade linkages [25][26] - Over 30,000 merchants in Yiwu are utilizing AI tools, with deep users experiencing over 30% growth in orders, showcasing the impact of AI on operational efficiency and brand enhancement [26] Investment Recommendations - Focus on high-quality companies in sectors benefiting from emotional consumption themes, including: - Gold and jewelry brands with differentiated product offerings, such as Laopuhuang and Chaohongji [8][30] - Retail enterprises adapting to trends, like Yonghui Supermarket and Aiyingshi [8][30] - Domestic beauty brands with strong growth potential, including Maogeping and Pola [8][30] - Medical beauty product manufacturers with unique pipelines, such as Aimeike and Kedi-B [8][30] Company-Specific Insights - Laopuhuang reported a revenue increase of 167.5% and a net profit increase of 253.9% in FY2024, indicating strong brand expansion [32] - Chaohongji achieved a revenue growth of 25.4% in Q1 2025, driven by its focus on fashionable jewelry targeting younger consumers [40] - Maogeping's revenue grew by 34.6% in FY2024, reflecting its position as a leading domestic high-end beauty brand [32] - Pola's revenue increased by 21.0% in FY2024, supported by a robust product lineup [32]