Core Viewpoint - The company is enhancing its focus on digital trade and economy following the opening of the Global Digital Trade Center, aiming to leverage its extensive data from 80,000 shops for better data monetization and technological revenue growth [2] Group 1: Digital Trade Development - The Global Digital Trade Center officially opened on October 14, emphasizing the application of digital trade [2] - The business model is structured around a "1+3+N" development system to achieve digital empowerment [2] - "1" refers to the "Digital Trade Port," which integrates data display, data trading, and new product launches, establishing the first data trading center in the small commodity industry [2] Group 2: Platforms and Applications - "3" represents three major digital trade platforms: Chinagoods platform, digital supply chain platform, and Yi payment platform [2] - "N" signifies multiple digital application scenarios that will drive data-driven trade and assist merchants in efficiently conducting business in a new commercial environment [2] - The company plans to continuously increase its investment in digital trade [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The "Global Trade Center" is expected to significantly enhance the company's performance in the next 2-3 years, with a trial operation scheduled for October 2025. The project includes five functional areas: market, office buildings, digital brain, commercial street, and apartments [4][12] - The market segment is projected to generate substantial revenue from "site selection fees" and "merchant usage fees," with over 5,200 merchant spaces available [13][19] - The company anticipates revenue growth of 24.53%, 30.26%, and 17.92% for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 40.73 billion, 64.41 billion, and 74.80 billion yuan [14][38] Summary by Sections Global Trade Center Overview - The Global Trade Center encompasses five main functional areas with a total construction area of 1.25 million square meters and an estimated total investment of 8.3 billion yuan [18] - The project layout features a central digital brain and includes a market area of approximately 410,000 square meters [12][18] Market Segment Revenue - The market segment's revenue sources include site selection fees and merchant usage fees, with bidding prices for various industries ranging from 82,000 to 138,000 yuan per square meter [13][22] - The expected revenue from site selection fees alone is estimated to be between 11.7 billion and 20 billion yuan [35] Financial Projections - Revenue projections for the company are as follows: 19.6 billion yuan in 2025, 25.5 billion yuan in 2026, and 30.1 billion yuan in 2027, with respective growth rates of 24.53%, 30.26%, and 17.92% [15][40] - The projected net profit for the same years is 40.73 billion yuan, 64.41 billion yuan, and 74.80 billion yuan, with growth rates of 32.50%, 58.15%, and 16.12% [14][38] Investment Recommendation - The report maintains a "Buy" rating based on the expected performance of the market segment and the potential for profit release from the foreign trade ecosystem [14][41]