1月26日，商务部对外贸易司司长王志华在国新办新闻发布会上表示，2026年商务部将创新发展数字贸 易，启动建设国家数字贸易示范区，制定数字贸易相关标准，推动国内国际标准相通相融，推动服务外 包数字化转型，培育壮大数字贸易经营主体，办好全球数字贸易博览会。 *风险提示：股市有风险，入市需谨慎 *免责声明：文章内容仅供参考，不构成投资建议 证券时报援引分析师观点称，数字贸易已成为中国数字经济发展的重要驱动力和战略新动能，不仅体现 在政策顶层设计与产业布局上，也在电商出口、服务贸易、数字平台创新、规则引领等多维度持续放大 高质量发展的集聚效应。示范区的设立大概率会优先选择已有数字贸易基础较好的地区做首批样板，然 后逐步推广至更多沿海及枢纽城市。这将带来区域间政策红利和产业集聚的分化。 蜂助手：公司以数字虚拟商品业务为基石，拓展物联网应用解决方案和云终端技术及云服务两大业务板 块。 数字贸易是与数字经济发展相适应的新型贸易形态，已成为国际贸易发展的新趋势和经济的新增长点。 数据显示，2025年我国网上零售额累计同比增长8.6%，跨境电商进出口总额达到2.75万亿元，五年累计 增幅约70%。十五五规划建议中明确提出"创 ...

Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Insights - The company achieved Q3 revenue of 487 million RMB, representing a year-over-year increase of 17.01% and a quarter-over-quarter increase of 2.76%. However, the net profit attributable to shareholders decreased by 1.98% year-over-year and 33.49% quarter-over-quarter, primarily due to the recognition of approximately 30 million RMB in equity incentive expenses [1]. - The company continues to show strong competitiveness in the cross-border e-commerce B2B platform sector and the commercialization of AI applications [1]. - The "New Maritime Plan" has shown significant results, with a 45% year-over-year increase in traffic from the Middle East and over 30% increases in Latin America, Africa, and Europe [2]. - The launch of Sourcing AI 2.0 is expected to enhance decision-making for overseas buyers, improving overall procurement efficiency by up to 35% [3]. - The gross margin for Q3 was 78.52%, a decrease of 1.40 percentage points, attributed to increased buyer-side investments [4]. Financial Performance - For the first three quarters of 2025, the company reported a total revenue of 1.403 billion RMB, a year-over-year increase of 16.29%, and a net profit of 416 million RMB, also up 16.38% year-over-year [1]. - The company forecasts net profits of 550 million RMB, 650 million RMB, and 740 million RMB for 2025, 2026, and 2027, respectively, with a target price of 60.73 RMB based on a 35x PE ratio for 2025 [5][11]. Market Position - The company has increased its paid membership on the China Manufacturing Network platform to 29,214, reflecting a growth of 515 members since the first half of 2025 [2]. - The report highlights the resilience of the company's diversified market layout, particularly in emerging markets [2].