小商品城：2025年年度报告摘要(英文版)

Summaryto2025AnnualReportofZhejiangChinaCommoditiesCityGroupCo.,Ltd.Stockcode:600415Stockshortname:小商品城

Summaryto2025AnnualReportofZhejiangChinaCommoditiesCityGroup

Co.,Ltd.

SectionIImportantStatementsI.Thisannualreportsummaryisderivedfromthefullannualreport.ForacomprehensiveunderstandingoftheCompany'soperatingresults,financialcondition,andfuturedevelopmentplans,investorsshouldvisitthewebsitewww.sse.com.cntoreadthefullannualreportcarefully.II.TheCompany'sboardofdirectors,directors,andseniormanagementguaranteethe

truthfulness,accuracy,andcompletenessoftheannualreport,ensuringtherearenofalserecords,misleadingstatements,ormaterialomissions,andassumeindividualandjointlegalresponsibility.III.AlldirectorsoftheCompanywerepresentattheboardmeeting.IV.Pan-ChinaCertifiedPublicAccountantsLLPhasissuedanauditor'sreportwithan

unqualifiedopinionfortheCompany.V.Planforprofitdistributionorcapitalreserveintosharecapitalforthecurrentperiod

approvedbytheboardofdirectors

Basedonthetotalsharecapitalontheequityregistrationdateforthe2025profitdistribution,acashdividendofRMB5.00(includingtax)willbedistributedforevery10shares.BasedonthetotalsharecapitaloftheCompanyattheendof2025,atotalofRMB2,741,779,613.00(includingtax)incashdividendswillbedistributed.IfthereisachangeinthetotalsharecapitaloftheCompanybeforetheequityregistrationdateforequitydistribution,itisproposedtomaintainthepersharedistributionplanunchangedandadjustthetotaldistributionamountaccordingly.Asoftheendofthereportingperiod,theParentCompanyhasunremediedlosses,andtherelatedsituationanditsimpactonmatterssuchasdividendsareasfollows

□Applicable√Notapplicable

SectionIICompanyProfile

I.Companyprofile

Contactinformation

II.IntroductiontothemainbusinessoftheCompanyinthereportingperiod

AccordingtotheChinaSecuritiesRegulatoryCommission's"GuidanceontheClassificationofListedCompaniesbyIndustry"(revisedin2012),theCompany'sindustryclassificationis"BusinessService"(L72)underthe"LeasingandBusinessService"(L)category.Astheworldcenterforsmallcommoditytrade,Yiwumarket,withitsmassivetransactionvolume,diverseproductrange,andnumerousChineseandinternationalbuyers,consistentlyranksastheleadingcomprehensivemarketnationwide.Itnotonlysupportsstrongindustrialclustersbutalsoextendsitsinfluenceto233countriesandregions,drivingthedevelopmentof

2.1millionmicro,small,andmedium-sizedenterprisesandprovidingemploymentto32millionindustrialworkers.Itholdsacentralpositionintheglobalsmallcommoditysupplychain,providingcrucialsupportforthenew"dualcirculation"developmentpattern.

(I)Distinctiveindustryfeaturesstandoutascompetitiveadvantagesgrowstronger

1.Activeanddiversemarketentities.Yiwumarketisavibrantsoilforinnovationandentrepreneurship,andahighgroundforthegatheringofglobalmerchants.Ithasdriventhedevelopmentofover20industrialclustersacrossthecountry,attractingmorethan39,000residentforeignmerchants,110,000residentoverseasChinesemerchants,andover10,000foreign-investedentities.Itisthefirstcounty-levelcityinChinawherethenumberof

Summaryto2025AnnualReportofZhejiangChinaCommoditiesCityGroupCo.,Ltd.foreign-investedentitiesandforeignnationalsparticipatinginsocialinsurancebothexceed10,000,earningitthetitleof"WorldSupermarket."In2025,thenetpopulationgrowthinYiwuwas170,000,including70,000newlyenrolledcollegestudentsandover680,000visitsbyforeignmerchants.Thetotalnumberofmarketentitiesexceeded1.26million,rankingfirstamongallcounty-levelregionsinChina,withcontinuedrobustentrepreneurialandinnovativeactivities.

2.Richandcompletevarietyofgoods.Astheworld'slargestsmallcommoditydistributioncenter,followingtheofficialopeningofthenewgenerationGlobalDigitalTradeCenterinOctober2025,theYiwumarketwillgather28majorcategoriesandover2.2milliontypesofproducts,continuouslyconsolidatingitscoreadvantagesasthe"WorldCapitalofSmallCommodities."Relyingonitsinnovativesupplycapacityofover10,000newproductiterationsperday,itaimstobecometheoriginofthenationaltrendgoingglobalandahubforglobalhitsupplychains,providingglobalbuyerswithafull-chain,one-stopdigitaltradesolution.

3.Innovativebusinessscenariosleadingtheway.Asthebirthplaceofinnovativetrademodels,Yiwupioneeredthemarketprocurementtrademethod(customssupervisioncode“1039”).Overthepastdecade,thismethodhasdrivenanearlysevenfoldincreaseinYiwu'sforeigntradeexports,andithasbeenextendedto39pilotareasnationwide.Newbusinessmodelssuchasimportandre-export,influencerlivestreaming,andcross-bordere-commercehaveemerged,formingafull-chaine-commerceecosystem.Thedeepintegrationoftherealeconomyandthedigitaleconomycontinuestoleadnewglobaltradetrends.

4.Ahigh-qualityandcompletetradeecosystem.SinceYiwuwasapprovedasapilotforcomprehensivereformininternationaltrade,ithasestablishedseveralnational-levelopenplatforms,includingfreetradezonesandcomprehensivebondedareas.Duringthe14thFive-YearPlanperiod,itundertook44national-levelreformpilotsand195provincial-levelorabovereformpilots.In2025,33newnationalandprovincial"firstorders,""firstcases,"and"firstinnovations"wereaddedinYiwuCity,withsignificantachievementsinmultiplereformsandinnovations:Leadingthewayinmarket-purchasedcosmeticsinspectionsattheprocurementlocation,benefitingone-sixthofChina'scustoms-clearedexportedcosmetics;EstablishingtheYiwuServiceCenteroftheHangzhouBranchoftheChinaQualityCertificationCenter,reducing

Summaryto2025AnnualReportofZhejiangChinaCommoditiesCityGroupCo.,Ltd.thecertificationtimeforimportedtoys(excludingtesting)from20daysto5days;"Yiwu-NingboZhoushanPort"becamethefirstsea-railintermodallineinChinatoreachonemillionstandardcontainers.(II)Theindustryisshowingpositivedevelopmenttrends,withstronglong-termgrowthmomentumIn2025,YiwuCityachievedatotalimportandexportvalueofRMB836.5billion,aYoYincreaseof25.1%.Amongthis,exportsamountedtoRMB730.7billion,growingby24.1%,andimportsamountedtoRMB105.8billion,up32.3%.Thesharesofimports,exports,andtotalforeigntradeinZhejiangProvinceincreasedto15.1%,17.4%,and7.8%,respectively,continuingtoleadChina'scounty-levelforeigntrade.

1.Thetrademarketisbecomingmorediverse.Thereare233countriesandregionsengagedinimportandexporttradewithYiwu,ofwhich156havetradevolumesexceedingRMB100million,and166havegrowthratesexceeding10%,anincreaseof33comparedtothesameperiodin2024.Emergingmarketsshowsignificantgrowth,withimportsandexportstoAfrica,LatinAmerica,andASEANreachingRMB150.7billion,RMB127.43billion,andRMB

93.95billion,respectively,representingYoYgrowthof23.4%,14.1%,and46.7%.

2.Thevarietyofexportgoodsisincreasinglydiverse.Exportedproductscover5,900categories,withaYoYgrowthof6.0%.TheexportvalueofmechanicalandelectricalproductsreachedRMB268.94billion,aYoYincreaseof25.1%,accountingfor36.8%ofthetotalexportvalue.Amongthese,theexportvalueofhouseholdapplianceswasRMB20.45billion,withaYoYgrowthof23.6%,andtheexportvalueofautopartswasRMB11.81billion,withaYoYgrowthof59.1%.Theproductstructureisupgradingtowardshigher-value-addedcategories.

3.Thestructureofimportedgoodscontinuestoimprove.ImportedconsumergoodsamountedtoRMB60.99billion,aYoYgrowthof26.6%,accountingfor57.6%oftotalimportvalue.Amongthese,driedfruitimportswereRMB13.18billion,aYoYgrowthof14.5%,andbeautycosmeticsandpersonalcareproductsimportswereRMB9.07billion,aYoYgrowthof

7.4%,meetingthedemandfordomesticconsumptionupgrades.

4.Thevitalityoftradeentitiesisburstingforth.Thenumberofforeigntradeentitieswithactualimportandexportperformancereached13,385,anincreaseof3,696from2024.Private

Summaryto2025AnnualReportofZhejiangChinaCommoditiesCityGroupCo.,Ltd.enterprises'importsandexportsamountedtoRMB826.64billion,aYoYgrowthof24.9%,whileforeign-investedenterprises'importsandexportswereRMB9.85billion,aYoYgrowthof39.1%,continuouslyreleasingmarketvitality.

5.Thebrandinfluencehassignificantlyincreased.In2026,themainstageoftheYiwusub-venueoftheCCTVSpringFestivalGalaattheGlobalDigitalTradeCentermadeastunningdebut.Thebrandimageof"Yiwu,acityofemotionandrighteousness"gainedwidespreadpopularityonline,showcasinganopenandinclusiveattitudetoover1.2billionpeopleglobally,drivingastronggrowthinYiwu'sculturalandtourismmarket.DuringtheSpringFestival,YiwuCityreceived4.3107milliontourists,anincreaseof37.22%YoY;thetotaltourismrevenuewasRMB3.88billion,up34.62%YoY.Fromthethirdtothethirteenthdayofthefirstlunarmonth,the"ShopGlobalGoods·Check-infortheSpringFestivalGala"seriesofeventswasheld.Onthefirstday,thetotalnumberofvisitorstothethreemarketcheck-inpointsexceeded61,000,withthemainstageattheGlobalDigitalTradeCenteraloneattractingover42,000visitors.Asoftheseventhdayofthefirstlunarmonth,thecumulativenumberofvisitstotheSpringFestivalcheck-inpointsacrossallareasexceeded1.3million.

(Figure1."ShopGlobalGoods·Check-infortheSpringFestivalGala"YiwuChina

CommoditiesCity2026GrandBazaar)

1.MainbusinessoftheCompanyTheCompanyfullygraspsthestrategicopportunitiesofthenew"dualcirculation"developmentpatternofChinaandfirmlyintegratesintoZhejiang's"high-levelopenstrongprovince"construction.LedbythenewroundofYiwu'scomprehensivereformininternationaltrade,itpositionsitselfasaFamousTradeServicePlatform.Wearecommittedtobuildingadigitaltradeinfrastructureplatformthatempowerssmallandmedium-sizedenterprisesglobally.Bysystematicallydevelopingthethreecoreecosystemsofproductdisplayandtrading,marketsupportservices,andtradefulfillmentservices,weaimtofundamentallyreshapetheglobalcirculationsystemforsmallcommodities.Ourgoalistoacceleratebreakthroughsin"buyingglobally,"deepeniterationsin"sellingglobally,"andachieveatwo-waytransformationin"buyingandsellingglobally."Weaimtocontinuouslyenhancethereputationof"theglobalhubforsmallcommodities"andcontributesignificantlytoconsolidatingourcountry'sglobaladvantageinthesupplychainofdailyconsumergoodsandservinghigh-levelopening-up.

?ProductDisplayandTradingEcosystem:Coveringofflinemarketoperationsandproprietarytrading,itservesasthecorebusinesscarrierfortheCompany;

?MarketSupportingServicesEcosystem:Coveringsectorssuchasexhibitionsandhotels,itprovidescomprehensivesupportfortradeactivities;

?TradeFulfillmentServicesEcosystem:CoveringtheChinagoodsonlineserviceplatform,brandoverseasservices,warehousingandlogistics,payment,credit,factoring,andotherbusinesses,itconstructsafull-chaintradeservicesystem.

2.MainbusinessmodelsoftheCompany

(1)Commoditydisplayandtradingecosystem

1)MarketOperations:ThecorerevenueoftheCompanycomesfrommarketshopusagefees,withtheownershipoftheshopsbelongingtotheCompany.TheCompanyadoptsafee-basedusagemodelforshops,whererelatedfeesareprepaidbasedonone-tothree-yearcontractterms.Merchantshavetherighttousetheshopduringthecontractperiodandarenotallowedtochangethebusinesspurposeorsubletwithoutauthorization.ThecurrentoperatingmarketsincludetheInternationalTradeCityDistricts1-5,HuangyuanMarket,InternationalProductionMaterialsMarket,andtheGlobalDigitalTradeCenter.

2)ProprietaryTrading:Operatinganewretailbusinessunderthecorebrand"爱喜猫ICMALL"("爱喜猫"istheChinesetransliterationofICMALL),withthevisionof"discoveringthebestproductsintheworld,"theCompanyaimstobuildasupersupplychainchannelbrandinthecontextof"NewFashion,NewConsumption,NewApplications."LeveragingthevastsourceofgoodsfromtheYiwumarketandourglobalsupplychainintegrationcapabilities,theCompanyconductsbusinessessuchasimportprocurementandexports.Byengaginginproprietarytrading,theCompanypenetratestheupstreamanddownstreammarkets,leveragingtheadvantagesofitsplatformandbrandtoachieveavirtuouscycleoftradeandmarketsynergy.

(2)Supportingservicesecosystem

1)ExhibitionBusiness:TheCompany'sexhibitionsegmentintegratesdomesticandoverseasexhibitions,venuemanagement,supportingservices,andentrustedoperations.Itorganizesandhostsself-operatedexhibitionssuchastheChinaYiwuInternationalCommoditiesFair,ChinaYiwuImportGoodsExpo,andChinaYiwuInternationalForestProductsExpo.ItoperatestheYiwuInternationalExpoCenterandQuzhouLivingRoomExhibitionCenter,providingfull-chainexhibitionservices.Throughtheintegrationof"exhibition+culturalcreativity,""exhibition+industry,"and"exhibition+overseasexpansion,"itpromotestradematchmakingandindustrialupgrading.

2)HotelBusiness:Operatingsevenstar-ratedhotels,long-stayapartments,andtwomajorcateringbrands,FingertipCanteenandYandooCafe,throughself-operationandentrustedmanagement,providingcomprehensiveservicessuchasaccommodation,dining,meetings,andleisure.Revenuesourcesincluderoomsales,cateringsales,merchandisesales,andvenuerentals.Businessexpansionisachievedthroughchannelssuchascontractcustomers,conferencebanquets,andonlinebookings,deepeningdigitalupgradesandbrandbuilding.

(3)Tradefulfillmentservicesecosystem

1)Onlineserviceplatform:Leveragingtheresourcesofnearly80,000physicalshops,theCompanyiteratestheintegratedinternationaltradeserviceplatformChinagoods,reaching2.1millionsmallandmedium-sizedenterprisesintheupstreamanddownstreamoftheglobalindustrialchain.Centeredontheintegrationoftradedata,itconnectstheneedsofallpartiesin

thesupplyanddemandchain,buildingaB2Bdigitaltradeserviceplatformwithrevenuemodelsincludingbasicmembershipservices,customizedservices,AIvalue-addedservices,anddigitaladvertising.

2)Brandglobalization(YiwuMarketProject)services:Advancingthe"1+5+2+M"strategicsystemforbrandglobalization(centeredon1overseasheadquarters,relyingon5majorexpansionmodels,integrating2categoriesofserviceproviders—supplychainandfinance,andconnectingMglobalpartners).TheCompanyisupgradingtheglobalizationprocessofChinaCommoditiesCity's"BrandGlobalization"strategy,breakingthroughtraditionallimitationsviamodeliteration.Thisachievesatransitionfrom"independentshowrooms"toa"GlobalShowroomNetwork"featuringexhibition-saleshubsandwarehouse-showroomsynergy;from"traditionalwarehousing"toa"GlobalWarehouseNetwork"withsupplychainintegration;andfrom"singletransportation"toa"GlobalTransportNetwork"combiningtrunkandfeederlogisticswithwarehouse-transportcoordination.Byadoptingthesenewmodelsbettersuitedtoglobalmarketdemands,theCompanyiscomprehensivelybuildingaglobaltradeservicenetworkwithmorepreciselayoutsandcompositefunctions,implementingatailoredstrategyof"OneContinent,OneSolution;OneContinent,OneStructure;OneContinent,OnePortfolio."

3)Warehousingandlogistics:Focusingonwarehousingservices,theCompanystrengthensdomesticconsolidationwarehouses,overseasforwardwarehouses,andcomprehensivebondedwarehouses.TheCompanypromotestheconstructionofa"twowarehousesandoneline"cross-bordersupplychainfulfillmentchannel,connectingdomesticwarehouses,internationallogisticsdedicatedlines,andoverseaswarehouses.TheCompanycontinuouslyenhancesitsinternationallogisticsfulfillmentcapabilities,expandsthescaleoflogisticsandwarehousingparks,andoperatesaseriesofmallfulfillmentserviceecosystems,includingtheinternationaldigitallogisticsmarket,cross-bordere-commerceindustrialpark,andcross-bordere-commercelogisticspark.Bycontinuouslyintegratingtop-tiersupplychainresourcesandleveragingamoderndigitallogisticssystem,theCompanydeeplyengagesintheentiretradechain,iterativelyamplifyingitscoreadvantageof"globalgoods,consolidatedinYiwu,distributedglobally."

4)Payment,creditreporting,andfactoringservices:Enhancethedigitalandintelligent

Summaryto2025AnnualReportofZhejiangChinaCommoditiesCityGroupCo.,Ltd.servicecapabilitiesofthe"YiwuChinaCommoditiesIndex,"buildingamarket-orientedoperationalsystemwith"creditreportinglicense+factoringlicense+paymentlicense."Focusingonthesmallcommoditytradeecosystem,fullyleveragetheuniqueadvantagesofmarketpurchasetradeforeignexchangesettlement,innovatetheYiwuPaybrandbusinessmodel,implementoverseaschannelcapabilityconstruction,andimprovethecross-borderRMB,cross-borderforeigncurrency,andcross-bordere-CNYpaymentandsettlementsystems.Continuouslystrengthentheabilityandlevelofdigitalandintelligentfinancetoempowermarkettrade.

III.MainaccountingdataandfinancialindicatorsoftheCompany

3.1Mainaccountingdataandfinancialindicatorsforthepast3years

Unit:RMB

3.2Mainaccountingdatabyquarterinthereportingperiod

Unit:RMB

Explanationofdifferencebetweenquarterlydataanddiscloseddatainregularreports

□Applicable√NotapplicableIV.Informationaboutshareholders

4.1Thetotalnumberofcommonstockholders,preferredstockholderswithreinstatedvotingrights,andholdersofshareswithspecialvotingrightsasoftheendofthereportingperiodandthemonthimmediatelyprecedingtheannualreport'spublication,alongwithdetailsofthetop10shareholders

Unit:share

4.2BlockdiagramofthepropertyrightsandcontrolrelationshipbetweentheCompany

andthecontrollingshareholder

√Applicable□Notapplicable

4.3BlockdiagramofthepropertyrightsandcontrolrelationshipbetweentheCompanyandtheactualcontroller

√Applicable□Notapplicable

4.4Totalnumberofpreferredstockholdersanddetailsoftop10shareholdersasoftheendofthereportingperiod

□Applicable√NotapplicableV.BondsoftheCompany

√Applicable□Notapplicable

5.1Thestatusofallbondsoutstandingasoftheapprovaldatefortheissuanceofthe

annualreport.

Unit:RMB100millionCurrency:RMB

IndustrialandCommercialBankofChinaLTD

IndustrialandCommercialBankofChinaLTDICBCFinancialAssetsInvestmentCo.,Ltd.

ICBCFinancialAssetsInvestmentCo.,Ltd.State-ownedAssetsSupervisionandAdministrationOfficeofthePeople'sGovernmentofYiwu

State-ownedAssetsSupervisionandAdministrationOfficeofthePeople'sGovernmentofYiwuZhejiangProvincialDepartmentofFinance

ZhejiangProvincialDepartmentofFinanceZhejiangProvincialFinancialDevelopmentCo.,Ltd.

YiwuMarketDevelopmentGroupCo.,Ltd.

YiwuMarketDevelopmentGroupCo.,Ltd.YiwuChinaCommoditiesCityHoldingsLimited

ZhejiangChinaCommoditiesCityGroupCo.,Ltd.

ZhejiangChinaCommoditiesCityGroupCo.,Ltd.YiwuSmartIndustryDevelopmentGroupCo.,Ltd.

5.2Bondinterestpaymentduringthereportingperiod

5.3CreditratingadjustmentsmadebycreditratingagenciestotheCompanyorits

bondsduringthereportingperiod

□Applicable√Notapplicable

5.4MainaccountingdataandfinancialindicatorsoftheCompanyforthepast2years

√Applicable□Notapplicable

Unit:RMB10,000

SectionIIISignificantMatters

I.TheCompanyshall,basedontheprincipleofmateriality,disclosesignificantchangesinitsbusinessoperationsduringthereportingperiod,aswellaseventsthatoccurredduringtheperiodthathavehadorareexpectedtohaveamaterialimpactontheCompany'soperations.Duringthereportingperiod,theCompany'smainoperatingconditionsaredetailedinSectionIIIDiscussionandAnalysisofManagersofthe2025AnnualReport.II.IftheCompany'sannualreportdisclosesadelistingriskwarningorterminationoflisting,

thereasonsleadingtosuchasituationmustbedisclosed.

□Applicable√Notapplicable