小商品城：2025年年度报告（英文版）

ImportantStatements I.TheCompany'sboardofdirectors,directors,andseniormanagementguaranteethetruthfulness,accuracy,andcompletenessoftheannualreport,ensuringtherearenofalserecords,misleadingstatements,ormaterialomissions,andassumeindividualandjointlegalresponsibility. II.AlldirectorsoftheCompanywerepresentattheboardmeeting. III.Pan-ChinaCertifiedPublicAccountantsLLPhasissuedanauditor'sreportwithanunqualifiedopinionfortheCompany. IV.CHENDezhan,HeadoftheCompany,BAOHua,Principalinchargeofaccounting,andZHAODifang,Headoftheaccountingdepartment(AccountingManager),declarethattheywarrantthetruthfulness,accuracyandcompletenessofthefinancialreportintheannualreport. V.Planforprofitdistributionorcapitalreserveintosharecapitalforthecurrentperiodapprovedbytheboardofdirectors Basedon the total share capital on the equity registration date for the 2025 profitdistribution,acashdividendofRMB5.00(includingtax)willbedistributedforevery10shares.Basedon the total share capital of the Company at the end of 2025,a total of RMB2,741,779,613.00(includingtax)incashdividendswillbedistributed.IfthereisachangeinthetotalsharecapitaloftheCompanybeforetheequityregistrationdateforequitydistribution,itisproposedtomaintainthepersharedistributionplanunchangedandadjustthetotaldistributionamountaccordingly. Asoftheendofthereportingperiod,theParentCompanyhasunremediedlosses,andtherelatedsituationanditsimpactonmatterssuchasdividendsareasfollows□Applicable√Notapplicable VI.Riskstatementwithforward-lookingrepresentations √Applicable□Notapplicable Theforward-lookingrepresentationsinvolvedinthisReportsuchasfutureplansanddevelopmentstrategiesdonotconstitutetheCompany’ssubstantialcommitmentstoinvestors.Investorsshouldpayattentiontoinvestmentrisks. VII.Isthe Company’s cash occupied by its controlling shareholder or any of otheraffiliatesfornon-operationalpurposes? No VIII.Hasthe Company provided external guarantee in violation of the prescribeddecision-makingprocedures?No IX.Whethermorethanhalfofthedirectorscannotwarrantthetruthfulness,accuracyandcompletenessoftheannualreportdisclosedbytheCompanyNoX.ReminderofmajorrisksTheCompanyhasdescribedtherisksthatmayexistinthisReportindetails.Pleasereferto“PotentialRisks”in“SectionIIIDiscussionandAnalysisofManagers”ofthisReport. XI.Other□Applicable√Notapplicable TableofContents SectionI.Definitions..........................................................................................................................5SectionII.CompanyProfileandFinancialHighlights...............................................................6SectionIII.DiscussionandAnalysisofManagers....................................................................12SectionIV.CorporateGovernance,Environment,andSociety.............................................54SectionV.SignificantMatters........................................................................................................79SectionVI.ChangesinSharesandInformationaboutShareholders.................................93SectionVII.Bonds..............................................................................................................................102SectionVIII.FinancialReport...........................................................................................................111 SectionI.Definitions I.Definitions ForthepurposeofthisReport,unlessotherwisestatedinthecontext,thefollowingtermsshallhavethefollowingmeanings: SectionII.CompanyProfileandFinancialHighlights I.Companyprofile II.Contactinformation III.BasicInformation IV.Placesforinformationdisclosureandaccesstotheannualreport V.Stockprofile VI.Otherrelevantinformation VII.Majoraccountingdataandfinancialindicatorsinthepastthreeyears （i）Mainaccountingdata Unit:RMB （ii）Majorfinancialindicators ExplanationofmainaccountingdataandfinancialindicatorsoftheCompanyinthepreviousthreeyearsattheendofthereportperiod√Applicable□Notapplicable 1.OperatingrevenueincreasedbyRMB4.19billionYoY,mainlyduetotheopeningoftheGlobalDigitalTradeCenterMarketinOctober2025,thedeliveryoffiveofficebuildingsinDecember,andtheYoYgrowthintradefulfillmentservicerevenuefollowingthelaunchofDigitalMarket1.0. 2.ProfitsbeforetaxincreasedbyRMB1.379billionYoY.ThiswasprimarilydrivenbyaYoYincreaseofRMB1.327billioningrossprofit,attributabletorevenuegrowthinmarketoperationsandtradeperformanceservices;aYoYdecreaseofRMB113millioninfinancialexpenses;andaYoYincreaseofRMB235millioningainsfromchangesinfairvalue. 3.NetprofitattributabletoshareholdersoftheListedCompanyincreasedbyRMB1.13billionYoY,mainlyduetoaRMB1.379billionincreaseinprofitsbeforetax,partiallyoffsetbyaRMB241millionincreaseinincometaxresultingfromaYoYriseintaxableincome. 4.The net profit attributable to shareholders of the Listed Company after deduction ofnon-recurringgainsandlossesincreasedbyRMB910millionYoY,mainlyduetotheincreaseofRMB1.13billioninnetprofitsattributabletoshareholdersoftheListedCompanyandtheincreaseofRMB220millioninnon-recurringgainsandlossesYoY. 5