We Recently Publish a Deep-Dive Update on [Xiaoshangpincheng]

English summary

Two-way trade is gaining momentum: exports build barriers, imports open new chapters. We welcome discussions on investment advice: Maintain 'Overweight' rating. We expect the company's net profit attributable to shareholders for 2026-2028 to be RMB 5.01/5.69/6.35 billion, with YoY growth of 19.2%/13.5%/11.7%. Combining relative valuation and DDM valuation, we set a target price of RMB 17.86. Yiwu's export ecosystem barriers continue to strengthen. Since 2019, Yiwu has weathered multiple systemic shocks such as trade frictions, the pandemic, and geopolitical disturbances, yet export value has maintained double-digit compound growth. The '1039+Comprehensive Pilot Zone' policy dividends, the diversified export pattern under the 'Belt and Road', and the 'sea-land-air' infrastructure fulfillment capabilities jointly enhance export resilience. The company's transformation into services releases profits. Xiaoshangpincheng actively responds to the complex external environment, continuously deepens its industrial layout, and the Global Digital Trade Center's commission further promotes market expansion and category upgrades. Around Chinagoods, Yiwu Pay, and Zhijie Yuangang, the company has formed a closed-loop service of 'market + platform + finance + logistics + data', and service penetration is expected to become a long-term growth driver.…