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 ...

Core Insights - The company reported a significant increase in revenue and profit for the first three quarters of 2025, with total revenue reaching 1.551 billion yuan, a year-on-year growth of 41.64%, and a net profit attributable to shareholders of 134 million yuan, up 46.65% [1] - The third quarter alone saw a remarkable revenue of 568 million yuan, representing a 57.57% increase year-on-year, and a net profit of 56.6887 million yuan, which is a staggering 195.42% growth compared to the same period last year [1] - The company is actively investing in new projects, including a capital increase plan to raise 984 million yuan for cloud terminal computing centers, IoT terminal upgrades, and the development of SoC chips, which are expected to enhance its core competitiveness and market share [2] Financial Performance - For the first three quarters of 2025, the company achieved a gross profit margin recovery, with a gross margin of 21.30% in Q3, an increase of 2.93 percentage points year-on-year [1] - The company effectively controlled its expense ratios, with sales, management, and R&D expense ratios at 2.08%, 1.80%, and 3.74%, respectively, showing a decrease of 0.66, 0.56, and an increase of 0.31 percentage points year-on-year [1] - The operating cash flow significantly improved due to better management of accounts receivable and a reduction in credit impairment losses [1] Strategic Initiatives - The company plans to invest in a cloud terminal computing center, which has already initiated the construction of approximately 700 cabinets, significantly reducing computing costs compared to leasing [2] - The IoT upgrade project aims to create an "edge intelligence + cloud computing" architecture, applicable to smart speakers and other terminals, facilitating a strategic shift towards an intelligent service ecosystem [2] - The development of SoC chips through in-house R&D is intended to empower AI terminal manufacturers by providing comprehensive solutions in computing power, algorithms, and services [2] Investment Outlook - The company forecasts revenue growth for 2025 to 2027, estimating revenues of 2.011 billion yuan, 2.564 billion yuan, and 3.188 billion yuan, respectively, with net profits projected at 202 million yuan, 274 million yuan, and 344 million yuan [3] - The investment rating is maintained at "Buy" based on the anticipated growth trajectory and strategic initiatives [3]