Summary to 2025 Annual Report of Zhejiang China Commodities City Group Co., Ltd.
Stock code: 600415 Stock short name: 小商品城
Summary to 2025 Annual Report of
Zhejiang China Commodities City Group
Co., Ltd.
Summary to 2025 Annual Report of Zhejiang China Commodities City Group Co., Ltd.
Section I Important Statements
I. This annual report summary is derived from the full annual report. For a
comprehensive understanding of the Company's operating results, financial
condition, and future development plans, investors should visit the website
www.sse.com.cn to read the full annual report carefully.
II. The Company's board of directors, directors, and senior management guarantee the
truthfulness, accuracy, and completeness of the annual report, ensuring there are no
false records, misleading statements, or material omissions, and assume individual
and joint legal responsibility.
III. All directors of the Company were present at the board meeting.
IV. Pan-China Certified Public Accountants LLP has issued an auditor's report with an
unqualified opinion for the Company.
V. Plan for profit distribution or capital reserve into share capital for the current period
approved by the board of directors
Based on the total share capital on the equity registration date for the 2025 profit
distribution, a cash dividend of RMB 5.00 (including tax) will be distributed for every 10 shares.
Based on the total share capital of the Company at the end of 2025, a total of RMB
total share capital of the Company before the equity registration date for equity distribution, it is
proposed to maintain the per share distribution plan unchanged and adjust the total distribution
amount accordingly.
As of the end of the reporting period, the Parent Company has unremedied losses, and
the related situation and its impact on matters such as dividends are as follows
□Applicable √Not applicable
Summary to 2025 Annual Report of Zhejiang China Commodities City Group Co., Ltd.
Section II Company Profile
I. Company profile
Stock profile
Type of stock Exchange Stock short name Stock code Stock short name
before change
Shanghai Stock
A share 小商品城 600415 No
Exchange
Contact information Board Secretary Securities Affairs Representative
Name XU Hang HE Zhichao
YIWU CCC Group Building, No. YIWU CCC Group Building, No.
Address
Telephone 0579-85182812 0579-85182812
Fax 0579-85197755 0579-85197755
Email Hxu@cccgroup.com.cn hezhichao@chinagoods.com
II. Introduction to the main business of the Company in the reporting period
According to the China Securities Regulatory Commission's "Guidance on the
Classification of Listed Companies by Industry" (revised in 2012), the Company's industry
classification is "Business Service" (L72) under the "Leasing and Business Service" (L)
category.
As the world center for small commodity trade, Yiwu market, with its massive transaction
volume, diverse product range, and numerous Chinese and international buyers, consistently
ranks as the leading comprehensive market nationwide. It not only supports strong industrial
clusters but also extends its influence to 233 countries and regions, driving the development of
industrial workers. It holds a central position in the global small commodity supply chain,
providing crucial support for the new "dual circulation" development pattern.
(I) Distinctive industry features stand out as competitive advantages grow stronger
entrepreneurship, and a high ground for the gathering of global merchants. It has driven the
development of over 20 industrial clusters across the country, attracting more than 39,000
resident foreign merchants, 110,000 resident overseas Chinese merchants, and over 10,000
foreign-invested entities. It is the first county-level city in China where the number of
Summary to 2025 Annual Report of Zhejiang China Commodities City Group Co., Ltd.
foreign-invested entities and foreign nationals participating in social insurance both exceed
was 170,000, including 70,000 newly enrolled college students and over 680,000 visits by
foreign merchants. The total number of market entities exceeded 1.26 million, ranking first
among all county-level regions in China, with continued robust entrepreneurial and innovative
activities.
distribution center, following the official opening of the new generation Global Digital Trade
Center in October 2025, the Yiwu market will gather 28 major categories and over 2.2 million
types of products, continuously consolidating its core advantages as the "World Capital of Small
Commodities." Relying on its innovative supply capacity of over 10,000 new product iterations
per day, it aims to become the origin of the national trend going global and a hub for global hit
supply chains, providing global buyers with a full-chain, one-stop digital trade solution.
models, Yiwu pioneered the market procurement trade method (customs supervision code
“1039”). Over the past decade, this method has driven a nearly sevenfold increase in Yiwu's
foreign trade exports, and it has been extended to 39 pilot areas nationwide. New business
models such as import and re-export, influencer live streaming, and cross-border e-commerce
have emerged, forming a full-chain e-commerce ecosystem. The deep integration of the real
economy and the digital economy continues to lead new global trade trends.
comprehensive reform in international trade, it has established several national-level open
platforms, including free trade zones and comprehensive bonded areas. During the 14th
Five-Year Plan period, it undertook 44 national-level reform pilots and 195 provincial-level or
above reform pilots. In 2025, 33 new national and provincial "first orders," "first cases," and "first
innovations" were added in Yiwu City, with significant achievements in multiple reforms and
innovations: Leading the way in market-purchased cosmetics inspections at the procurement
location, benefiting one-sixth of China's customs-cleared exported cosmetics; Establishing the
Yiwu Service Center of the Hangzhou Branch of the China Quality Certification Center, reducing
Summary to 2025 Annual Report of Zhejiang China Commodities City Group Co., Ltd.
the certification time for imported toys (excluding testing) from 20 days to 5 days; "Yiwu-Ningbo
Zhoushan Port" became the first sea-rail intermodal line in China to reach one million standard
containers.
(II) The industry is showing positive development trends, with strong long-term
growth momentum
In 2025, Yiwu City achieved a total import and export value of RMB 836.5 billion, a YoY
increase of 25.1%. Among this, exports amounted to RMB 730.7 billion, growing by 24.1%, and
imports amounted to RMB 105.8 billion, up 32.3%. The shares of imports, exports, and total
foreign trade in Zhejiang Province increased to 15.1%, 17.4%, and 7.8%, respectively,
continuing to lead China's county-level foreign trade.
engaged in import and export trade with Yiwu, of which 156 have trade volumes exceeding
RMB 100 million, and 166 have growth rates exceeding 10%, an increase of 33 compared to
the same period in 2024. Emerging markets show significant growth, with imports and exports
to Africa, Latin America, and ASEAN reaching RMB 150.7 billion, RMB 127.43 billion, and RMB
categories, with a YoY growth of 6.0%. The export value of mechanical and electrical products
reached RMB 268.94 billion, a YoY increase of 25.1%, accounting for 36.8% of the total export
value. Among these, the export value of household appliances was RMB 20.45 billion, with a
YoY growth of 23.6%, and the export value of auto parts was RMB 11.81 billion, with a YoY
growth of 59.1%. The product structure is upgrading towards higher-value-added categories.
amounted to RMB 60.99 billion, a YoY growth of 26.6%, accounting for 57.6% of total import
value. Among these, dried fruit imports were RMB 13.18 billion, a YoY growth of 14.5%, and
beauty cosmetics and personal care products imports were RMB 9.07 billion, a YoY growth of
actual import and export performance reached 13,385, an increase of 3,696 from 2024. Private
Summary to 2025 Annual Report of Zhejiang China Commodities City Group Co., Ltd.
enterprises' imports and exports amounted to RMB 826.64 billion, a YoY growth of 24.9%, while
foreign-invested enterprises' imports and exports were RMB 9.85 billion, a YoY growth of 39.1%,
continuously releasing market vitality.
sub-venue of the CCTV Spring Festival Gala at the Global Digital Trade Center made a
stunning debut. The brand image of "Yiwu, a city of emotion and righteousness" gained
widespread popularity online, showcasing an open and inclusive attitude to over 1.2 billion
people globally, driving a strong growth in Yiwu's cultural and tourism market. During the Spring
Festival, Yiwu City received 4.3107 million tourists, an increase of 37.22% YoY; the total tourism
revenue was RMB 3.88 billion, up 34.62% YoY. From the third to the thirteenth day of the first
lunar month, the "Shop Global Goods · Check-in for the Spring Festival Gala" series of events
was held. On the first day, the total number of visitors to the three market check-in points
exceeded 61,000, with the main stage at the Global Digital Trade Center alone attracting over
the Spring Festival check-in points across all areas exceeded 1.3 million.
(Figure 1. "Shop Global Goods · Check-in for the Spring Festival Gala" Yiwu China
Commodities City 2026 Grand Bazaar)
Summary to 2025 Annual Report of Zhejiang China Commodities City Group Co., Ltd.
The Company fully grasps the strategic opportunities of the new "dual circulation"
development pattern of China and firmly integrates into Zhejiang's "high-level open strong
province" construction. Led by the new round of Yiwu's comprehensive reform in international
trade, it positions itself as a Famous Trade Service Platform. We are committed to building a
digital trade infrastructure platform that empowers small and medium-sized enterprises globally.
By systematically developing the three core ecosystems of product display and trading, market
support services, and trade fulfillment services, we aim to fundamentally reshape the global
circulation system for small commodities. Our goal is to accelerate breakthroughs in "buying
globally," deepen iterations in "selling globally," and achieve a two-way transformation in
"buying and selling globally." We aim to continuously enhance the reputation of "the global hub
for small commodities" and contribute significantly to consolidating our country's global
advantage in the supply chain of daily consumer goods and serving high-level opening-up.
• Product Display and Trading Ecosystem: Covering offline market operations and
proprietary trading, it serves as the core business carrier for the Company;
• Market Supporting Services Ecosystem: Covering sectors such as exhibitions and hotels,
it provides comprehensive support for trade activities;
• Trade Fulfillment Services Ecosystem: Covering the Chinagoods online service platform,
brand overseas services, warehousing and logistics, payment, credit, factoring, and other
businesses, it constructs a full-chain trade service system.
(1) Commodity display and trading ecosystem
fees, with the ownership of the shops belonging to the Company. The Company adopts a
fee-based usage model for shops, where related fees are prepaid based on one- to three-year
contract terms. Merchants have the right to use the shop during the contract period and are not
allowed to change the business purpose or sublet without authorization. The current operating
markets include the International Trade City Districts 1-5, Huangyuan Market, International
Production Materials Market, and the Global Digital Trade Center.
Summary to 2025 Annual Report of Zhejiang China Commodities City Group Co., Ltd.
ICMALL" ("爱喜猫" is the Chinese transliteration of ICMALL), with the vision of "discovering the
best products in the world," the Company aims to build a super supply chain channel brand in
the context of "New Fashion, New Consumption, New Applications." Leveraging the vast source
of goods from the Yiwu market and our global supply chain integration capabilities, the
Company conducts businesses such as import procurement and exports. By engaging in
proprietary trading, the Company penetrates the upstream and downstream markets,
leveraging the advantages of its platform and brand to achieve a virtuous cycle of trade and
market synergy.
(2) Supporting services ecosystem
overseas exhibitions, venue management, supporting services, and entrusted operations. It
organizes and hosts self-operated exhibitions such as the China Yiwu International
Commodities Fair, China Yiwu Import Goods Expo, and China Yiwu International Forest
Products Expo. It operates the Yiwu International Expo Center and Quzhou Living Room
Exhibition Center, providing full-chain exhibition services. Through the integration of "exhibition
+ cultural creativity," "exhibition + industry," and "exhibition + overseas expansion," it promotes
trade matchmaking and industrial upgrading.
catering brands, Fingertip Canteen and Yandoo Cafe, through self-operation and entrusted
management, providing comprehensive services such as accommodation, dining, meetings,
and leisure. Revenue sources include room sales, catering sales, merchandise sales, and
venue rentals. Business expansion is achieved through channels such as contract customers,
conference banquets, and online bookings, deepening digital upgrades and brand building.
(3) Trade fulfillment services ecosystem
Company iterates the integrated international trade service platform Chinagoods, reaching 2.1
million small and medium-sized enterprises in the upstream and downstream of the global
industrial chain. Centered on the integration of trade data, it connects the needs of all parties in
Summary to 2025 Annual Report of Zhejiang China Commodities City Group Co., Ltd.
the supply and demand chain, building a B2B digital trade service platform with revenue models
including basic membership services, customized services, AI value-added services, and digital
advertising.
system for brand globalization (centered on 1 overseas headquarters, relying on 5 major
expansion models, integrating 2 categories of service providers—supply chain and finance, and
connecting M global partners). The Company is upgrading the globalization process of China
Commodities City's "Brand Globalization" strategy, breaking through traditional limitations via
model iteration. This achieves a transition from "independent showrooms" to a "Global
Showroom Network" featuring exhibition-sales hubs and warehouse-showroom synergy; from
"traditional warehousing" to a "Global Warehouse Network" with supply chain integration; and
from "single transportation" to a "Global Transport Network" combining trunk and feeder
logistics with warehouse-transport coordination. By adopting these new models better suited to
global market demands, the Company is comprehensively building a global trade service
network with more precise layouts and composite functions, implementing a tailored strategy of
"One Continent, One Solution; One Continent, One Structure; One Continent, One Portfolio."
strengthens domestic consolidation warehouses, overseas forward warehouses, and
comprehensive bonded warehouses. The Company promotes the construction of a "two
warehouses and one line" cross-border supply chain fulfillment channel, connecting domestic
warehouses, international logistics dedicated lines, and overseas warehouses. The Company
continuously enhances its international logistics fulfillment capabilities, expands the scale of
logistics and warehousing parks, and operates a series of mall fulfillment service ecosystems,
including the international digital logistics market, cross-border e-commerce industrial park, and
cross-border e-commerce logistics park. By continuously integrating top-tier supply chain
resources and leveraging a modern digital logistics system, the Company deeply engages in
the entire trade chain, iteratively amplifying its core advantage of "global goods, consolidated in
Yiwu, distributed globally."
Summary to 2025 Annual Report of Zhejiang China Commodities City Group Co., Ltd.
service capabilities of the "Yiwu China Commodities Index," building a market-oriented
operational system with "credit reporting license + factoring license + payment license."
Focusing on the small commodity trade ecosystem, fully leverage the unique advantages of
market purchase trade foreign exchange settlement, innovate the Yiwu Pay brand business
model, implement overseas channel capability construction, and improve the cross-border RMB,
cross-border foreign currency, and cross-border e-CNY payment and settlement systems.
Continuously strengthen the ability and level of digital and intelligent finance to empower market
trade.
III. Main accounting data and financial indicators of the Company
Unit: RMB
YoY
Change /(%)
Total assets 44,405,436,378.39 39,168,460,647.21 13.37 36,218,947,223.63
Net assets attributable to
shareholders of the Listed 22,947,911,108.88 20,503,756,457.46 11.92 17,688,393,818.20
Company
Operating revenue 19,927,252,694.51 15,737,383,922.24 26.62 11,299,686,665.89
Profits before tax 5,407,571,550.51 4,028,742,952.85 34.22 3,208,071,559.14
Net profits attributable to
shareholders of the Listed 4,203,546,946.97 3,073,677,494.86 36.76 2,676,182,133.26
Company
Net profits attributable to
shareholders of the Listed
Company with non-recurring
items excluded
Net cash flow from operating
activities
Up 1.43
Weighted average ROE (%) 17.53 16.10 percentage 16.06
points
Basic EPS (RMB) 0.77 0.56 37.50 0.49
Diluted EPS (RMB) 0.77 0.56 37.50 0.49
Summary to 2025 Annual Report of Zhejiang China Commodities City Group Co., Ltd.
Unit: RMB
October to
January to March April to June July to September
December
Operating revenue 3,161,169,989.24 4,551,629,141.02 5,348,330,787.38 6,866,122,776.87
Net profits attributable to
shareholders of the Listed 803,324,432.38 887,611,844.31 1,766,376,648.77 746,234,021.51
Company
Net profit attributable to
shareholders of the Listed
Company after deducting 795,172,367.25 873,001,954.46 1,723,498,723.39 501,288,147.52
non-recurring gains and
losses
Net cash flow from
-278,141,780.10 1,660,996,267.57 8,222,342,206.58 924,014,748.95
operating activities
Explanation of difference between quarterly data and disclosed data in regular reports
□Applicable √Not applicable
IV. Information about shareholders
voting rights, and holders of shares with special voting rights as of the end of the
reporting period and the month immediately preceding the annual report's
publication, along with details of the top 10 shareholders
Unit: share
Number of common shareholders as of the end of the reporting period 152,241
The total number of common shareholders (households) at the end of the previous
month before the disclosure of the annual report
As of the end of the reporting period, the total number of preferred shareholders
whose voting rights have been restored
The total number of preferred stockholders with reinstated voting rights as of the
end of the month immediately preceding the annual report's publication
Shareholdings of the top ten shareholders (excluding shares lent through refinancing)
Number of Pledge, mark or
Number of
Change shares freezing
shares held at
Shareholder during the Proportion held Shareholder
the end of the
(full name) reporting (%) subject to Share nature
reporting Quantity
period lock-up status
period
restrictions
Summary to 2025 Annual Report of Zhejiang China Commodities City Group Co., Ltd.
Yiwu China
State-owned
Commodities City 52,885,300 3,091,064,692 56.37 No
legal person
Holdings Limited
Hong Kong Central
Clearing Company 148,019,743 291,403,599 5.31 No Unknown
Limited
Zhejiang Zhecai Capital State-owned
-18,073,700 129,392,828 2.36 No
Management Co., Ltd. legal person
Industrial and
Commercial Bank of
China Limited – -2,074,372 45,225,061 0.82 No Other
Huatai-PineBridge CSI
Yiwu Urban Investment
State-owned
and Construction Group 31,229,834 42,240,394 0.77 No
legal person
Co., Ltd.
Domestic
Gao Yaping 338,434 33,600,000 0.61 No natural
person
China Construction
Bank Corporation - E
Fund CSI 300
Exchange-Traded -348,900 32,298,103 0.59 No Other
Open-End Index
Initiated Securities
Investment Fund
Southern Asset
Management-Agricultural
Bank of China-Southern
China Securities
Financial Assets
Management Scheme
Dacheng
Fund-Agricultural Bank
of China-Dacheng China
Securities Financial
Assets Management
Scheme
Industrial and
Commercial Bank of
China Co., Ltd. - Huaxia
SSE CSI 300 ETF
Securities Investment
Fund
Summary to 2025 Annual Report of Zhejiang China Commodities City Group Co., Ltd.
Zhejiang Provincial Financial Development Co., Ltd., the controlling
shareholder of Zhejiang Zhecai Capital Management Co., Ltd., owns a
Explanation on the relationship or
concerted action between the above
controlling shareholder of Yiwu Market Development Group Co., Ltd., in
shareholders
turn, the controlling shareholder of Yiwu China Commodities City Holdings
Limited.
Explanation on the preferred
shareholders whose voting rights had
NA
been restituted and the quantity of
shares held thereby
and the controlling shareholder
√Applicable □Not applicable
and the actual controller
√Applicable □Not applicable
end of the reporting period
□Applicable √Not applicable
V. Bonds of the Company
√Applicable □Not applicable
Summary to 2025 Annual Report of Zhejiang China Commodities City Group Co., Ltd.
State-owned Assets Supervision and
Administration Office of the People's Zhejiang Provincial Department of
Government of Yiwu Finance
Industrial and Commercial Bank of
China LTD Yiwu Smart Industry Development
Group Co., Ltd.
ICBC Financial Assets Investment Yiwu State-owned Capital Zhejiang Provincial Financial
Co., Ltd. Operation Co., Ltd. Development Co., Ltd.
Yiwu Market Development Group
Co., Ltd.
Yiwu China Commodities City Holdings Limited Zhejiang Zhecai Capital Management Co., Ltd.
Zhejiang China Commodities City Group Co., Ltd.
annual report.
Unit: RMB 100 million Currency: RMB
Maturity Outstanding Interest
Name of bond Abbreviation Code
date amount rate (%)
Zhejiang China Commodities
City Group Co., Ltd.’s corporate
Nov 13,
bonds publicly issued to 25 YIWU CCC 01 244143 8 1.94
professional investors in
Zhejiang China Commodities
City Group Co., Ltd.’s 2025 MTN 102581357 5 2.10
CCC MTN001 2028
(Issue 1)
Zhejiang China Commodities
City Group Co., Ltd.’s 2025 MTN 102581826 10 2.09
CCC MTN 002 2028
(Issue 2)
Zhejiang China Commodities
City Group Co., Ltd.'s 2025 MTN 102582917 5 1.89
CCC MTN 003 2028
(Issue 3)
Summary to 2025 Annual Report of Zhejiang China Commodities City Group Co., Ltd.
Name of bond Description of interest payment
Zhejiang China Commodities City Group
On September 1, 2025, the Company paid all holders of "22 Yiwu
Co., Ltd. ’ s corporate bonds publicly
CCC 01" the principal and interest for the period from September
issued to professional investors in 2022
(Issue 1)
Zhejiang China Commodities City Group
On September 22, 2025, the Company paid all holders of "22 Yiwu
Co., Ltd. ’ s corporate bonds publicly
CCC 02" the principal and interest for the period from September
issued to professional investors in 2022
(Issue 2)
On February 24, 2025, the Company paid the holders of "22
Zhejiang China Commodities City Group
Zhejiang Yiwu CCC MTN001" the interest for the period from
Co., Ltd.’s 2022 MTN (Issue 1)
February 24, 2024 to February 24, 2025 on time.
On March 29, 2025, the Company paid the holders of "22 Zhejiang
Zhejiang China Commodities City Group
Yiwu CCC MTN002" the interest for the period from March 29,
Co., Ltd.’s 2022 MTN (Issue 2)
On July 20, 2025 the Company paid the holders of "22 Zhejiang
Zhejiang China Commodities City Group
Yiwu CCC MTN003" the interest for the period from July 20, 2024
Co., Ltd.'s 2022 MTN (Issue 3)
to July 20, 2025 on time.
Zhejiang China Commodities City Group On April 25, 2025, the Company paid the holders of "24 Zhejiang
Co., Ltd.’s 2024 Super Short-term Yiwu CCC SCP003" the interest for the period from July 31, 2024
Financing Bonds (Issue 3) to April 25, 2025 on time.
Zhejiang China Commodities City Group On August 29, 2025, the Company paid the holders of "24 Zhejiang
Co., Ltd.'s 2024 Super Short-term Yiwu CCC SCP004" the interest for the period from December 4,
Financing Bonds (Issue 4) 2024 to August 29, 2025 on time.
Zhejiang China Commodities City Group On September 18, 2025, the Company paid the holders of "24
Co., Ltd.’s 2024 Super Short-term Zhejiang Yiwu CCC SCP005" the interest for the period from
Financing Bonds (Issue 5) December 24, 2024 to September 18, 2025 on time.
Zhejiang China Commodities City Group On November 14, 2025, the Company paid the holders of "25
Co., Ltd.’s 2025 Super Short-term Zhejiang Yiwu CCC SCP001" the interest for the period from
Financing Bonds (Issue 1) February 20, 2025, to November 14, 2025 on time.
bonds during the reporting period
□Applicable √Not applicable
Summary to 2025 Annual Report of Zhejiang China Commodities City Group Co., Ltd.
√Applicable □Not applicable
Unit: RMB 10,000
Major indicator 2025 2024 YoY Change (%)
Debt-to-asset ratio (%) 48.14 47.48 Up 0.66 ppt
Net profit after deducting
non-recurring gains and 389,296.119262 298,312.44154 30.50
losses
EBITDA to total debt ratio 1.96 0.69 184.06
Interest coverage ratio 36.80 17.90 105.59
Summary to 2025 Annual Report of Zhejiang China Commodities City Group Co., Ltd.
Section III Significant Matters
I. The Company shall, based on the principle of materiality, disclose significant changes in its
business operations during the reporting period, as well as events that occurred during the
period that have had or are expected to have a material impact on the Company's operations.
During the reporting period, the Company's main operating conditions are detailed in Section III
Discussion and Analysis of Managers of the 2025 Annual Report.
II. If the Company's annual report discloses a delisting risk warning or termination of listing,
the reasons leading to such a situation must be disclosed.
□Applicable √Not applicable
