Core Insights - The report from Guolian Minsheng Securities indicates that Xiaogoods City achieved a net profit attributable to shareholders of 3.457 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 48.45% [1] - In the third quarter alone, the company reported a net profit of 1.766 billion yuan, marking a significant year-on-year increase of 100.52% [1] - The official opening of the Global Digital Trade Center has contributed to high revenue growth in the third quarter, with both online and offline store occupancy and product exhibition service revenues reflected in this quarter's income [1] Financial Performance - The trade fulfillment service has played a crucial role in driving performance growth, with the company's trade fulfillment service entity, Zhijie Yuangang, achieving profit turnaround in the first half of 2025, with net profits of -46.91 million yuan in 2024 and 720,000 yuan in the first half of 2025 [1] - The profit from trade fulfillment services continued to grow year-on-year in the third quarter of 2025 [1] Future Outlook - Over the next three years, as the Global Digital Trade Center is delivered and the trade service ecosystem centered around Chinagoods and cross-border payments continues to improve, the company is expected to achieve net profits attributable to shareholders of 4.323 billion yuan, 7.077 billion yuan, and 7.988 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 40.64%, 63.71%, and 12.88% [1] - The investment rating is maintained at "Buy" [1]

证券研究报告 非金融公司|公司点评|小商品城（600415） 2025 年三季报点评：新市场商品展陈 服务&公司贸易履约服务助力公司业绩 高增 请务必阅读报告末页的重要声明 glzqdatemark1 2025年10月16日 证券研究报告 |报告要点 公司发布 2025 年三季报，2025 前 3 季度公司实现营业收入 130.61 亿元（同比增长 23.07%）， 归母净利润 34.57 亿元（同比增长 48.45%）；2025 年三季度实现营收 53.48 亿元 （同比增长 39.02%），归母净利润 17.66 亿元（同比增长 100.52%）。 |分析师及联系人 邓文慧 郭家玮 SAC：S0590522060001 SAC：S0590525030001 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2025年10月16日 小商品城(600415) 2025 年三季报点评：新市场商品展陈服务&公 司贸易履约服务助力公司业绩高增 | 行 业： | 商贸零售/一般零售 | | | --- | --- | --- | | 投资评级： | | 买入（维持） | | ...