Core Viewpoint - The performance of Yiwu market continues to improve, with Xiaogoods City (600415.SH) showing steady growth in profitability, expecting a net profit of 16.3 to 17 billion yuan for the first half of 2025, representing a year-on-year increase of 12.57% to 17.4% [1][3]. Group 1: Financial Performance - Xiaogoods City anticipates a net profit of 16.3 to 17 billion yuan for H1 2025, with a year-on-year growth of 12.57% to 17.4% [1][3]. - The company expects a net profit excluding non-recurring items of 16.1 to 16.8 billion yuan, reflecting a year-on-year increase of 13.46% to 18.39% [1][3]. - From 2021 to 2024, Xiaogoods City reported revenues of 60.34 billion yuan, 76.2 billion yuan, 113 billion yuan, and 157.37 billion yuan, with respective year-on-year growth rates of 61.95%, 26.28%, 48.3%, and 39.27% [3]. Group 2: Market Dynamics - Since February 2025, Yiwu market has shown robust activity, maintaining a daily opening rate of over 97% and attracting more than 23,000 visitors daily [2]. - The market has seen an influx of nearly 3,800 foreign merchants daily, indicating a stable operational environment amidst a complex international trade landscape [2]. Group 3: Strategic Developments - Xiaogoods City has exceeded expectations in its global digital trade center market segment, completing the first batch of 389 fashion jewelry industry shops with a high demand ratio of 4.25:1 [5][6]. - The company has developed a comprehensive ecosystem for product display, supporting services, and trade services, enhancing overall operational performance [5][6]. Group 4: Payment Services - The payment platform "Yi Payment" has achieved over 25 billion USD in cross-border receipts as of June 26, 2025, marking a year-on-year growth of over 47% [1][7]. - Yi Payment has established a global service network covering over 160 countries, facilitating cross-border transactions for 23,000 foreign trade enterprises [7]. Group 5: Shareholder Activity - The controlling shareholder, Yiwu China Xiaogoods City Holdings, has completed a share buyback plan, acquiring 52.8853 million shares for approximately 9.98 billion yuan, representing 0.96% of the total share capital [4].

任职期间重点推动义乌全球数贸中心建设 二级市场对小商品城股价做出如此大的反应，或与王栋在小商品城任高管期间的一系列动作有关。 小商品城公告显示，2019年1月至2025年6月，王栋先后担任公司党委副书记、副董事长、董事、董事长职务。王栋在担任小商品城董事长期间，重点推动了 义乌全球数贸中心的建设。在2024年11月22日义乌全球数贸中心行业布局新闻发布会上，王栋提出全球数贸中心将在"优存量、扩增量、提质量"方面发挥重 要作用，旨在培育贸易新模式和新业态。这一战略布局顺应了数字化贸易的趋势，推动小商品城从传统市场经营向数字化、国际化转型。 近年来，小商品城发展势头良好。 2023年，公司实现营业收入112.99亿元，同比增长48.30%；归属于上市公司股东的净利润达到26.76亿元，同比大增142.25%。进入2024年，公司业绩继续保 持强劲增长。全年实现营收157.37亿元，同比增长39.27%；归属于上市公司股东的净利润30.74亿元，同比增长14.85%； 2025年第一季度，小商品城继续保持增长势头，营收达到31.61亿元，同比增长17.93%；归属于上市公司股东的净利润8.03亿元，同比增长12.6 ...

证券研究报告 2025年06月18日 一般零售 小商品城(600415.SH)公司深度报告：产业集群实现"买卖 全球" ，多轮驱动价值重估 评级：买入(首次覆盖) 相对沪深300表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 小商品城 | 19.5% | 54.5% | 158.4% | | 沪深300 | -0.5% | -3.2% | 9.5% | 请务必阅读报告附注中的风险提示和免责声明 2 核心提要 请务必阅读报告附注中的风险提示和免责声明 3 芦冠宇(证券分析师) S0350521110002 lugy@ghzq.com.cn 最近一年走势 -27% 14% 55% 96% 138% 179% 2024/06/18 2024/09/16 2024/12/15 2025/03/15 小商品城 沪深300 | 市场资料 | 2025/06/17 | | --- | --- | | 当前价格（元） | 19.94 | | 52周价格区间（元） | 7.17-19.97 | | 总市值（百万） | 109,343.90 | | 流通市值（百万） | ...

Core Viewpoint - Despite escalating global geopolitical tensions and trade frictions, the Chinese economy demonstrates strong resilience, with Xiaogoods City (600415) gaining increasing investor attention as it leads the charge in expanding China's small commodity market overseas [1] Group 1: Company Performance - On June 3, Xiaogoods City’s stock price reached a high of 18.48 CNY per share, closing at 18.36 CNY, resulting in a market capitalization of 100.68 billion CNY, marking its return to the billion-dollar club after 10 years [1] - The last time Xiaogoods City had a market cap exceeding 100 billion CNY was in June 2015, during a bull market [1] Group 2: Market Dynamics - Yiwu, where Xiaogoods City is located, is the world's largest small commodity center, supporting over 20 industrial clusters and 2.1 million small and micro enterprises, attracting over 20,000 foreign merchants and nearly 9,000 foreign-funded entities [2] - In 2024, Yiwu International Trade City is expected to see an average daily foot traffic of 224,300 people, a 12.15% increase year-on-year, with foreign visitor numbers rising by 17.22% [2] Group 3: Trade Statistics - Yiwu achieved a total import and export value of 668.93 billion CNY in 2024, a year-on-year increase of 18.2%, with exports at 588.96 billion CNY (up 17.7%) and imports at 79.97 billion CNY (up 22.2%) [3] Group 4: Strategic Initiatives - Xiaogoods City has implemented various transformation and upgrade measures, positioning itself as a globally recognized international trade service provider, enhancing its ecosystem in digital trade, logistics, and cross-border payment [4] - The Chinagoods platform has launched several AI digital applications since October 2023, achieving over 1 billion cumulative usage and access, with active user order growth exceeding 20% [4] - Yiwu Pay has seen a 233% year-on-year increase in cross-border payment volume, reaching over 4 billion USD in 2024, with a global service network covering over 160 countries [4] Group 5: International Expansion - Xiaogoods City actively supports the Belt and Road Initiative, with 46 overseas projects in 20 countries, serving nearly 5,000 merchants [5] - The company has established a 1 billion CNY outbound industry fund in collaboration with national entities, aimed at facilitating foreign trade [5]

Core Viewpoint - The company has successfully acquired land in Hangzhou for a new project, indicating a strategic expansion in its operations and investment in infrastructure development [1] Company Summary - The company’s subsidiary, Hangzhou Shangbonanxing Real Estate, won the land use rights for a plot in Hangzhou for 569 million yuan, aimed at developing the Yiwu Market Hangzhou project [1] - The total estimated investment for the project is 1.099 billion yuan, funded through self-owned capital and some bank loans [1] - The project will cover a total construction area of 69,300 square meters, featuring two 14-story office buildings, with a construction period of 2-3 years [1] - The static investment payback period is projected to be 21.82 years, with a financial internal rate of return of 3.59% [1] Industry Developments - The company is focusing on four core strategies, emphasizing digital upgrades and trade facility layout [1] - In digital payment, the company launched the Yi Payment platform, which covers over 160 countries and regions, with a projected cross-border payment transaction volume exceeding 4 billion USD in 2024 [1] - The company’s GMV reached 1.202 billion USD in the first quarter of this year [1] - In smart trade, the company is developing the Chinagoods platform, expecting to register over 4.8 million purchasers by 2024, with operating revenue of 341 million yuan and net profit of 165 million yuan [1] - The company announced an investment of 8.321 billion yuan to build the Yiwu Global Digital Free Trade Center, with the main market structure completed and office space sold out [1] - A strategic agreement was reached with Alibaba Cloud to integrate resources for providing full lifecycle services [1] - The company reported a revenue of 3.161 billion yuan in the first quarter, a year-on-year increase of 17.93%, and a net profit of 803 million yuan, up 12.66% year-on-year [1]

Core Viewpoint - The company, Zhejiang China Commodity City Group Co., Ltd., reported strong financial performance in Q1 2025, with revenue of 3.161 billion yuan, a year-on-year increase of 17.93%, and a net profit of 803 million yuan, up 12.66% [1][2]. Financial Performance - In Q1 2025, the company achieved revenue of 31.61 billion yuan, a 17.93% increase year-on-year, and a net profit of 8.03 billion yuan, reflecting a 12.66% growth [2]. - For the full year 2024, the company reported revenue of 15.737 billion yuan, a 39.27% increase, and a net profit of 3.074 billion yuan, up 14.85%, marking the best performance since its listing in 2002 [3]. - The main business revenue for 2024 was 15.023 billion yuan, a 37.38% increase, with the market operation segment showing a revenue of 4.578 billion yuan, up 48.92% [3][4]. Cost and Profitability - The cost of goods sold increased by 36.04% in Q1 2025, while the gross margin only slightly improved by 0.19 percentage points [3][4]. - The company’s non-recurring net profit for 2024 was 2.983 billion yuan, a 20.84% increase, indicating a stronger growth rate compared to the net profit [4]. Market Dynamics - The company is optimistic about its resilience against recent U.S. tariff policies, asserting that the impact on overall business will be limited due to the diversified export structure and robust supply chain [1][7]. - The company plans to focus on emerging markets in the Middle East, South America, and Africa in 2025, aiming to enhance its global trade network [5][7]. Trade and Export - In 2024, the company’s exports to the U.S. were primarily in textiles, light industrial products, and electromechanical goods, maintaining a price advantage despite tariff increases [8]. - The company reported that over 3,000 merchants are involved in trade with the U.S., with strategies in place to mitigate the impact of tariffs through price adjustments and enhanced product value [8].

小商品城统筹推进市场创新发展和企业转型升级，以数字化改革突破传统业务物理限制。小商品城将 AI作为重构全球贸易价值链的核心驱动力，正积极推动实体市场与数字生态协同发展。此外，公司全 球数贸中心建设全面提速，其中市场板块计划于2025年10月份开业。 中国民协新质生产力委员会秘书长吴高斌对《证券日报》记者表示："小商品城积极拓展新业务，并加 快新技术新应用赋能，Chinagoods平台和跨境支付体系'义支付'的发展以市场需求为导向，有效助推公 司业务提质升级，增强了整体竞争力。小商品城通过'低成本普惠+商业闭环'，降低贸易成本、缩短贸 易链条、提升贸易效率，持续为小商品流通创造价值，并实现自身业务的快速发展。" 公开数据显示，2024年，小商品城旗下Chinagoods平台注册采购商突破480万人，义乌中国小商品城大 数据有限公司（Chinagoods平台经营主体）实现营收3.41亿元，净利润1.65亿元，同比大增102.05%。公 司推出的"数字老板娘"IP赋能商户超1.9万家。 本报记者 吴文婧 4月7日晚间，浙江中国小商品城集团股份有限公司（以下简称"小商品城"）率先发布了A股首份2025年 一季度报告。 ...