Core Viewpoint - The controlling shareholder of the company has secured a loan commitment to increase its stake in the company, indicating confidence in the company's future performance [1] Group 1 - The controlling shareholder, Yiwu China Commodity City Holding Co., Ltd., has obtained a loan commitment letter from Agricultural Bank of China Yiwu Branch [1] - The loan amount is up to 900 million RMB, with a term not exceeding 3 years [1] - This financial support is specifically designated for the shareholder to increase its holdings in the company's A-shares [1]

Core Viewpoint - Zhejiang China Commodity City Group Co., Ltd. has signed a strategic cooperation agreement with Alibaba Group to leverage Alibaba's strengths in cloud computing, big data, and e-commerce to create an AI-driven trade model for small commodities, aiming to enhance the digital trade capabilities of small and micro enterprises and promote the transformation of "Made in China" to "Intelligent Manufacturing in China" [1][3]. Group 1 - The collaboration will focus on four main areas: activating new engines of digital creation, upgrading smart trade processes, integrating AI to lead new business models, and building a new smart ecological space [3]. - The Yiwu Global Digital Trade Center will serve as a hub for real-time insights into global market trends, providing precise business opportunity matching for small and micro enterprises [3]. - The Chinagoods platform will be upgraded to include real-time industry data monitoring, intelligent analysis of operational indicators, and market trend forecasting, enhancing its trade service capabilities [3]. Group 2 - The joint development of an AI-driven trade model will include features such as intelligent product selection and multilingual marketing, facilitating the application of AI technology in cross-border marketing and supply chain management [3]. - The partnership aims to create a green and smart trade ecosystem by integrating data trading with low-carbon services, establishing a digital brain, and setting a benchmark for "dual carbon" practices [3]. - The collaboration is seen as a crucial step in the group's digital transformation, helping numerous small and micro enterprises expand into international markets and promoting the integration of digital technology with the real economy [3].

Summary of Conference Call Records Company and Industry Overview - The records primarily discuss the performance and strategies of Yiwu, a city known for its international trade and small commodity market, focusing on its import and export activities, as well as the development of its cross-border payment services. Key Points and Arguments Import and Export Performance - Yiwu achieved a total import value of 668.9 billion, marking an 18.2% year-on-year increase, with exports reaching 588.9 billion, up 17% year-on-year [1] - The import value saw a significant increase of nearly 800 billion, with a growth rate of 22% [1] - Exports to Africa, Latin America, and ASEAN countries showed strong growth, with year-on-year increases exceeding 20% [1] Talent and Infrastructure Development - In 2024, Yiwu ranked first in the province for talent introduction, with 569,000 foreign merchants entering, a 55% increase year-on-year, and a record high for express deliveries at 12.6 billion items [2] - The company plans to enhance its infrastructure, including new air routes to Los Angeles and Manila [2] Revenue Growth and Economic Indicators - The company reported a revenue of 15.737 billion in 2024, a 39.27% increase year-on-year, with a significant portion attributed to investment income [3] - The international trade city recorded a historical high in visitor numbers, reaching 224,300, with foreign visits at 3,900 [3] AI and Digital Transformation - The company is leveraging AI to enhance merchant services, with service frequency and data tools seeing over a 72% increase in user activity [4] - AI applications are being integrated into various business operations, with a focus on digital trade and enhancing customer engagement [21][22] Cross-Border Payment Services - The cross-border payment service, Yiwu Pay, exceeded $4 billion in transaction volume in 2024, with a target of $6 billion for 2025, doubling the previous year's goal [19][20] - The service is positioned as a key player in the cross-border payment sector, benefiting from the city's growing trade ecosystem [20] Brand Internationalization Strategy - The company is actively pursuing internationalization, with plans to establish 25 overseas projects in 2024, including locations in the US, Japan, and Spain [16][17] - The focus is on expanding market presence in emerging markets such as Southeast Asia and Latin America [17] Import Business Expansion - The company is optimistic about its import business, with expectations of significant growth driven by new policies and market demand [35][46] - The introduction of new product categories for import is anticipated to enhance competitiveness and meet domestic demand [46] ESG and Shareholder Returns - The company emphasizes its commitment to ESG (Environmental, Social, and Governance) practices, with a focus on sustainable development and shareholder returns [7] - The dividend payout ratio has been increased, reflecting a commitment to returning value to shareholders [7] Challenges and Market Dynamics - The company is preparing for potential impacts from geopolitical tensions, particularly regarding US-China trade relations, but remains confident in its resilience [12][13] - The logistics and supply chain strategies are designed to mitigate risks associated with increased tariffs and trade barriers [11][12] Additional Important Content - The records highlight the historical context of Yiwu's market development, tracing back to reforms initiated in the 1980s that transformed the local economy [13][14] - The strategic role of local government in facilitating trade and market access is emphasized as a critical factor in Yiwu's success [14] This summary encapsulates the key insights and strategic directions discussed in the conference call, providing a comprehensive overview of Yiwu's current market position and future plans.

Buyback - TCL Technology plans to repurchase shares worth 700 million to 800 million yuan [1] - Wanhua Chemical intends to repurchase shares for 300 million to 500 million yuan for cancellation [1] - Chint Electric proposes to repurchase shares valued at 270 million to 540 million yuan [1] - Tianhong Co. plans to repurchase shares worth 150 million to 200 million yuan to reduce registered capital [1] Investment Cooperation and Operating Conditions - Darentang intends to transfer 12% equity in China-US Tianjin Shike Pharmaceutical Co., affecting current investment income by approximately 1.54 billion yuan [2] - Shenghang Co. signed a waterway transportation contract for chemical products with a total price of 731 million yuan, accounting for 53.18% of the company's audited revenue for 2023 [2] - Triangle Defense signed an order contract for aviation forgings worth 875 million yuan, representing 47.90% of the company's most recent unaudited revenue [2] - Hongbaoli's epoxy propylene comprehensive technology transformation project is expected to enter trial production by the end of 2025 [2] - Small Commodity City signed a strategic cooperation agreement with Alibaba Cloud to jointly upgrade the "Chinagoods Smart Trade Service Platform" [2] - Top Group plans to invest no more than 300 million USD to build an auto parts production base in Thailand [2] Performance Changes - Rockchip's net profit for Q1 is projected to be between 200 million to 225 million yuan, a year-on-year increase of 196% to 233% driven by rapid growth in the AIoT market [3] - Northeast Securities reported a Q1 net profit of 202 million yuan, up 859.84% due to increased income from investment and brokerage services [3] - Feirongda's net profit for Q1 2025 is expected to be 57.76 million yuan, a year-on-year increase of 85.57% [3] - Shuanglin Co. anticipates a net profit of 497 million yuan for 2024, a year-on-year increase of 514.49% [3] - Weir Co. expects a net profit of 3.323 billion yuan for 2024, a year-on-year increase of 498.11%, driven by recovery in the global semiconductor industry and increased demand in consumer electronics and automotive sectors [3] - Zhengdan Co. forecasts a net profit of 1.19 billion yuan for 2024, a year-on-year increase of 11,949.39% due to significant growth in overseas demand for TMA products following the permanent closure of a production line by a US manufacturer [3] - Zhongfu Industrial's Q1 net profit is projected to be 230 million yuan, a year-on-year increase of 426.79% [3]

浙江中国小商品城集团股份有限公司 2024 年年度股东大会会议资料 浙江中国小商品城集团股份有限公司 2024年年度股东大会 会议资料 二〇二五年四月二十三日 浙江中国小商品城集团股份有限公司 2024 年年度股东大会会议资料 目 录 一、 2024年年度股东大会会议须知 二、 2024年年度股东大会会议议程 三、 2024年年度股东大会会议议案 议案1：2024年度董事会工作报告 议案2：2024年度监事会工作报告 议案3：2024年年度报告及摘要 议案4：2024年度财务决算报告 议案5：2025年度财务预算报告 议案6：2024年度利润分配方案 议案7：关于续聘会计师事务所及其报酬的议案 议案8：关于未来12个月内拟发行各类债务融资工具的议案 议案9：关于变更注册资本暨修订《公司章程》的议案 议案10：关于公司部分董事2023年度薪酬兑现的议案 除审议上述议案外，公司独立董事将在本次年度股东大会上进行述职。 浙江中国小商品城集团股份有限公司 2024 年年度股东大会会议资料 浙江中国小商品城集团股份有限公司 2024年年度股东大会会议须知 为维护股东的合法权益，保障股东在公司2024年年度股东大会期间依 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 为全面贯彻浙江省委关于"数字化改革"攻坚与"共同富裕示范区"创建的 重大决策部署，立足深化供给侧结构性改革、培育新质生产力，深化数字技术与 实体经济的融合，浙江中国小商品城集团股份有限公司（以下简称"公司"）与 阿里云计算有限公司（以下简称"阿里云"）于2025年4月15日在浙江省义乌市签 署了《战略合作协议》（以下简称"本协议"）。现将有关情况公告如下： 一、战略合作协议签署的基本情况 （一）交易对方的基本情况 证券代码：600415 证券简称：小商品城 公告编号：临 2025-029 浙江中国小商品城集团股份有限公司 关于与阿里云签署战略合作协议的公告 1.基本情况 企业名称：阿里云计算有限公司 统一社会信用代码：91330106673959654P 法定代表人：郑俊芳 类型： 其他有限责任公司 成立日期：2008年4月8日 注册资本：101,010.10101万元人民币 1 ● 履约的重大风险及不确定性：本次签署的战略合作协议属于合作双方为 开展后续合 ...

浙江中国小商品城集团股份有限公司董事会 二〇二五年四月十五日 1 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 全国中小企业股份转让系统有限责任公司于 2025 年 4 月 14 日在全国中小 企业股份转让系统官网上发布了《关于发布 2025 年第二批创新层进层决定的公 告》（股转公告【2025】140 号）。根据公布的 2025 年第二批创新层进层挂牌公司 正式名单，浙江中国小商品城集团股份有限公司控股子公司义乌中国小商品城展 览股份有限公司（证券简称：商城展览，证券代码：874215）符合《全国中小企 业股份转让系统分层管理办法》第七条第（一）款规定的进入创新层条件,按照 市场层级定期调整程序，商城展览自 2025 年 4 月 15 日起调入创新层。 特此公告。 证券代码：600415 证券简称：小商品城 公告编号：临 2025-028 浙江中国小商品城集团股份有限公司 关于控股子公司商城展览进入创新层的提示性公告 ...

浙江中国小商品城集团股份有限公司 关于控股股东首次增持公司股份暨增持计划进展的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 证券代码：600415 证券简称：小商品城 公告编号：临 2025-027 重要内容提示： 公司于 2025 年 4 月 11 日收到公司控股股东商城控股关于首次增持公司股 份的通知，现将有关情况公告如下： 一、增持主体基本情况 本次增持计划的增持主体为公司控股股东商城控股。 增持前，商城控股持有公司股份 3,038,179,392 股，占公司总股本的 55.40%。 二、首次增持情况 2025 年 4 月 11 日，商城控股通过集中竞价方式增持公司 6,900,000 股 A 股 股份，占公司已发行总股本的 0.13%。 | 股东名称 | 增持前 | | 增持后 | | | --- | --- | --- | --- | --- | | | 持股数（股） | 占比 | 持股数（股） | 占比 | | 商城控股 | 3,038,179,392 | 55.40% | 3,045,079,392 ...

丨证券研究报告丨 公司研究丨点评报告丨小商品城（600415.SH） [Table_Title] 小商品城 2024 年报点评：主业增速亮眼，分红 率持续提升 报告要点 [Table_Summary] 公司发布 2024 年年报，全年实现营收 157.4 亿元，同比增长 39%，归母净利润 30.7 亿元，同 比增长 15%，扣非净利润 29.8 亿元，同比增长 21%。公司拟分红 18.1 亿元，分红率 59%， 相较于 2023 年报 41%的分红率，大幅提升。 分析师及联系人 [Table_Author] SAC：S0490514080004 SAC：S0490520080019 SFC：BUV258 李锦 罗祎 张彦淳 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 小商品城（600415.SH） cjzqdt11111 [Table_Title 小商品城 2024 2] 年报点评：主业增速亮眼，分红 率持续提升 [Table_Summary2] 事件描述 公司发布 2024 年年报，全年实现营收 157.4 亿元，同比增长 39%，归母净利润 30.7 ...

Core Viewpoint - The company achieved strong growth in 2024, with record-high revenue and profit driven by core business recovery and new business contributions, particularly in Q4 [2][6]. Financial Performance - In 2024, the company reported operating revenue of 15.737 billion yuan, a year-on-year increase of 39.27%, and a net profit attributable to shareholders of 3.074 billion yuan, up 14.85% year-on-year [1]. - The company's Q4 revenue reached 5.124 billion yuan, reflecting a 50.98% year-on-year growth, while net profit for the quarter surged by 107.17% to 745 million yuan [1][2]. - The overall gross margin for the year was 31.39%, an increase of 4.89 percentage points year-on-year, while the net margin was 19.5%, down 4.7 percentage points year-on-year [1][2]. Business Growth Drivers - The revenue growth was supported by market recovery, accelerated AI application, and increased cross-border payment volumes, with significant contributions from the Chinagoods platform and YiwuPay [2][4]. - The company’s core business showed robust growth, with daily foot traffic at Yiwu International Trade City averaging 224,300 visitors, a 12.15% increase year-on-year [3]. Digital Transformation and Innovation - The Chinagoods platform evolved into a comprehensive digital trade infrastructure, with over 4.8 million registered merchants and a net profit increase of 102.05% to 165 million yuan [4]. - The platform introduced AI tools that significantly improved cross-border conversion efficiency for small and medium-sized merchants, indicating a shift towards a replicable light SaaS business model [4]. Cross-Border Payment and Brand Expansion - The company’s cross-border payment platform, 快捷通, processed over 4 billion USD in payments, a 233% increase year-on-year, achieving a net profit of 61.04 million yuan [5]. - The company expanded its international presence with 23 new overseas projects and established two new warehousing exhibition centers in Dubai and Ho Chi Minh City, enhancing its global service network [5]. Future Outlook - The company is expected to maintain stable growth in its core business, supported by ongoing reforms and digital transformation, with projected net profits of 4.259 billion yuan, 5.382 billion yuan, and 6.452 billion yuan for 2025-2027 [6].