AI 赋能成效显著，Chinagoods 平台"小商AI"系列应用累计访问量突破10 亿人次。公司与腾讯、百度共 建AI 导航导购系统；联合阿里云研发的"世界义乌"商贸大模型突破多语言翻译、智能对话等关键技 术。Chinagoods 平台"AI 翻译官"支持116 种语言互译同传，成为助力商户对接全球市场的工具。 Chinagoods 平台经营主体2025 上半年净利润达1.55 亿元，同比增长109.69%，凸显技术赋能实效。 跨境金融服务和香港金融牌照布局助力公司国际化进程提速。 2025 年上半年，公司义支付（YiwuPay）跨境收款金额突破25亿美元，同比增长47%，业务覆盖全球超 170 个国家和地区。通过加密传输、智能风控及"7×24 小时"专家应急响应的"三位一体"智能支付生态系 统，稳健支撑安全高效的跨境结算。公司同步加速推进香港金融牌照布局，公司以香港作为海外业务的 重要支撑地，前期已在香港设立相关公司并启动申请TCSP、MSO等牌照的工作，国际化进程全面提 速。 事件： 公司发布2025 年三季度报告。2025 年Q1-Q3，公司实现营收130.61 亿元，同比增长23.07%，归母净利 ...

Core Insights - The acceleration of the global trade center's leasing activities is expected to drive market growth and enhance profitability through diversified business development [1][3] Investment Highlights - The investment rating is maintained as "Buy" due to the accelerated leasing pace of the global trade center, which is expected to boost rental income and other revenue streams [2] - The earnings per share (EPS) estimates for 2025-2027 have been raised to 0.93, 1.10, and 1.30 yuan respectively, compared to previous estimates of 0.77, 1.06, and 1.27 yuan [2] - The target price is set at 27.28 yuan, based on a price-to-earnings (PE) ratio of 29.48x for 2025 [2] Performance Summary - In Q3 2025, the company reported a revenue of 5.348 billion yuan, representing a 39.02% increase year-on-year [2] - The net profit attributable to shareholders reached 1.766 billion yuan, up 100.52% year-on-year, while the net profit excluding non-recurring items was 1.723 billion yuan, reflecting a 99.56% increase [2] - The management expense ratio was 2.69%, down by 0.42 percentage points, while the sales expense ratio increased to 1.06%, up by 0.42 percentage points [2] Market Development - The global trade center has completed 80% of its leasing targets for the year, significantly boosting market operational revenue [3] - The center is attracting cross-border e-commerce, foreign trade service providers, and overseas buyers, which is expected to contribute to sustained revenue growth in the coming quarters [3] - The company is transitioning from a "traditional market manager" to a "global small commodity trade platform operator" [3] Digital Trade Growth - The company has established a complete digital trade ecosystem through the Chinagoods platform and YiwuPay, which are expected to enhance synergy and industry collaboration [3] - The cross-border payment transaction volume through YiwuPay exceeded 27 billion yuan in the first three quarters of 2025, marking a 35% increase [3] - Improved cash flow from leasing activities has significantly enhanced the company's financial position, with net cash flow from operating activities increasing by 2021.98% year-on-year in the first three quarters of 2025 [3]

Group 1 - The core point of the article is that Zhejiang China Commodity City Group Co., Ltd. is expanding its financial services by establishing offshore subsidiaries in Hong Kong to enhance its cross-border financial capabilities through its YiwuPay platform [1][2] - The company plans to invest HKD 50 million to set up a wholly-owned offshore subsidiary, and an additional HKD 10 million for another subsidiary to apply for the TCSP license, which will allow it to legally conduct trust and company services in Hong Kong [1] - YiwuPay has developed a global service network covering over 160 countries and regions, becoming a crucial financial infrastructure in China's foreign trade [2] Group 2 - YiwuPay has partnered with major banks to innovate its services, including the establishment of the first digital RMB B2B cross-border settlement platform and real-time settlement services between UAE Dirham and RMB [2] - The company has reported a significant increase in its cross-border collection volume, exceeding USD 4 billion in 2024, representing a 233% year-on-year growth, and a net profit of CNY 61.04 million, up 274.67% [2] - In addition to payment services, the company is also involved in credit information and factoring services, creating a comprehensive financial service system that supports cross-border financial business [3]