Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Insights - The company is transitioning from a traditional foreign trade platform to an AI-driven digital trade ecosystem, with significant growth potential and a unique application of AI [1]. - The collaboration with Alibaba is deepening, with a complete closed-loop system established from AI tool development to trade scene implementation, significantly enhancing merchant operational efficiency and platform value [1]. - The "World Yiwu" trade model, developed in partnership with Alibaba, is tailored for the Yiwu market, integrating 13 self-developed AI tools into the World Yiwu APP, leading to centralized and intelligent service upgrades [2]. Financial Performance - The CG platform achieved revenue of 257 million yuan and a net profit of 155 million yuan in the first half of 2025, marking a 110% increase [3]. - The company projects net profits for 2025-2027 to be 4.24 billion yuan, 5.76 billion yuan, and 6.91 billion yuan, respectively, with year-on-year growth rates of 37.9%, 35.9%, and 20.0% [3]. - Financial forecasts indicate a steady increase in operating revenue from 11.3 billion yuan in 2023 to 33.42 billion yuan in 2027, with a compound annual growth rate of 48.3% in 2023 [4]. AI Application Impact - AI tools have significantly reduced costs and improved efficiency for merchants, with over 280,000 users benefiting from AI products by the end of October 2025 [2]. - The "Small Business AI Design" tool has shortened the design cycle from nearly one month to 7-10 days, reducing overall operating costs by approximately 30% [2].

Core Insights - The collaboration between the company and Alibaba Cloud, particularly with its Tongyi model series, is deep and strategic, focusing on the development of a specialized trade model for Yiwu, known as the "World Yiwu" trade model [1] Summary by Sections Partnership and Model Development - The "World Yiwu" trade model is a core outcome of the partnership, designed specifically for the Yiwu market, leveraging Alibaba Cloud's technology and the company's insights into small commodity trade [1] Implementation and Results - The model has led to the integration of 13 self-developed AI application tools into the World Yiwu APP, enhancing service centralization and intelligent upgrades [1] - As of the end of October, AI products have served over 280,000 users and benefited more than 30,000 market merchants [1] Efficiency Improvements - The "Small Business AI Design" tool has reduced the traditional design cycle from nearly one month to 7-10 days, resulting in a 30% decrease in overall operating costs for merchants [1] - The "Small Business AI Vision Creation" tool enables merchants to generate multilingual marketing videos at zero cost within minutes, significantly lowering barriers for international expansion [1] - The "Small Business AI Business Card" creates digital avatars for merchants, facilitating a shift from passive customer waiting to proactive customer acquisition [1] 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 to enhance its intelligence and understanding of small commodity trade [1]

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]