Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Stock code: 600415 Stock short name: 小商品城
Zhejiang China Commodities City Group
Co. Ltd.2025 Annual Report
1 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Important Statements
I. 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.II. All directors of the Company were present at the board meeting.III. Pan-China Certified Public Accountants LLP has issued an auditor's report with an
unqualified opinion for the Company.IV. CHEN Dezhan Head of the Company BAO Hua Principal in charge of accounting
and ZHAO Difang Head of the accounting department (Accounting Manager) declare
that they warrant the truthfulness accuracy and completeness of the financial report in
the annual report.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
2741779613.00(including tax) in cash dividends will be distributed. If there is a change in the
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
VI. Risk statement with forward-looking representations
√Applicable □Not applicable
The forward-looking representations involved in this Report such as future plans and
development strategies do not constitute the Company’s substantial commitments to investors.Investors should pay attention to investment risks.
2 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
VII. Is the Company’s cash occupied by its controlling shareholder or any of other
affiliates for non-operational purposes
No
VIII. Has the Company provided external guarantee in violation of the prescribed
decision-making procedures
No
IX. Whether more than half of the directors can not warrant the truthfulness accuracy
and completeness of the annual report disclosed by the Company
No
X. Reminder of major risks
The Company has described the risks that may exist in this Report in details. Please refer
to “Potential Risks” in “Section III Discussion and Analysis of Managers” of this Report.XI. Other
□Applicable √Not applicable
3 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Table of Contents
Section I. Definitions ...............................5
Section II. Company Profile and Financial Highligh....6
Section III. Discussion and Analysis of Managers ... 12
Section IV. Corporate Governance Environment and S...54
Section V. Significant Matters ..................... 79
Section VI. Changes in Shares and Information abou.. 93
Section VII. Bonds .................................102
Section VIII. Financial Report .................... 111
Accounting statements with the signatures and stamps of head of the
Company principal in charge of accounting and head of the
Documents for accounting department (Accounting Manager).Inspection The original audit report with the seal of the accounting firm and the
signature and seal of the certified public accountant.The originals of all company documents and announcements publicly
disclosed during the reporting period
4 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Section I. Definitions
I. Definitions
For the purpose of this Report unless otherwise stated in the context the following terms shall
have the following meanings:
Definitions
MDG means Yiwu Market Development Group Co. Ltd.CCCH means Yiwu China Commodities City HoldingsLimited
Zhijie Yuangang means Zhejiang Zhijie Yuangang InternationalSupply Chain Technology Co. Ltd.CCCP means Yiwu China Commodities City PropertyDevelopment Co. Ltd.CCC Property Service means Yiwu China Commodities City PropertyService Co. Ltd.CCCF means Yiwu China Commodities City FinancialHoldings Co. Ltd.Yiwu Shanglv means Yiwu Shanglv Investment Development Co.Ltd.Chouzhou Financial Lease means Zhejiang Chouzhou Financial Lease Co.Ltd.Shangbo Yungu means Yiwu Shangbo Yungu EnterpriseManagement Co. Ltd.Kuaijietong Yiwu Pay means Kuaijietong Payment Service Co. Ltd. andits payment brand
The Company the Listed Company Zhejiang China Commodities City Group
the Group the Group Company means Co. Ltd.
5 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Section II. Company Profile and Financial Highlights
I. Company profile
Chinese name 浙江中国小商品城集团股份有限公司
Chinese short name 小商品城
English name Zhejiang China Commodities City Group Co.Ltd
English short name YIWU CCC
Legal representative CHEN Dezhan
II. Contact information
Board Secretary Securities Affairs Representative
Name XU Hang HE Zhichao
Address YIWU CCC Group Building No. YIWU CCC Group Building No.567 Yinhai Road Yiwu City 567 Yinhai Road Yiwu City
Telephone 0579-85182812 0579-85182812
Fax 0579-85197755 0579-85197755
Email Hxu@cccgroup.com.cn hezhichao@chinagoods.com
III. Basic Information
Registered address 567 Yinhai Road Futian Sub-district Yiwu CityJinhua City Zhejiang Province
The registered address at the time of company
establishment was "No. 51 Huangyuan Road Yiwu
City"; in May 1997 it was changed to "No. 158
Historical changes in the registered Binwang Road Yiwu City Zhejiang Province"; in May
address of the Company 2006 it was changed to "Haiyang Business Building
No. 105 Futian Road Yiwu City Zhejiang Province";
in January 2024 it was changed to the current
registered address.Office address YIWU CCC Group Building No. 567 Yinhai RoadYiwu City
Postal code at the office address 322000
Corporate website www.cccgroup.com.cn
Email 600415@cccgroup.com.cn
IV. Places for information disclosure and access to the annual report
Media's names and websites selected by China Securities Journal Shanghai Securities
the Company for annual report disclosure News and Securities Times
Stock exchange website selected by the
Company for annual report disclosure www.sse.com.cn
Place for access to the Company’s annual
report Securities Department of the Company
6 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
V. Stock profile
Stock profile
Type of stock Exchange Stock short name Stock code Stock short namebefore change
A share Shanghai StockExchange 小商品城 600415 No
VI. Other relevant information
Name Pan-China Certified Public AccountantsLLP
Office address No. 128 Xixi Road Lingyin Sub-districtAccounting firm hired by the Xihu District Hangzhou Zhejiang Province.Company (domestic) Name of the
Signing Certified
Public HU Yanhua WANG Fukang FANG Lei
Accountants
VII. Major accounting data and financial indicators in the past three years
（i） Main accounting data
Unit: RMB
YoY
Main accounting data 2025 2024 change 2023
(%)
Operating revenue 19927252694.51 15737383922.24 26.62 11299686665.89
Profits before tax 5407571550.51 4028742952.85 34.22 3208071559.14
Net profits attributable to
shareholders of the Listed 4203546946.97 3073677494.86 36.76 2676182133.26
Company
Net profits attributable to
shareholders of the Listed
Company with non-recurring 3892961192.62 2983124415.40 30.50 2468685982.43
items excluded
Net cash flow from
operating activities 10529211443.00 4491339090.33 134.43 1845059849.92
YoY
At the end of 2025 At the end of 2024 change At the end of 2023
(%)
Net assets attributable to
shareholders of the Listed 22947911108.88 20503756457.46 11.92 17688393818.20
Company
Total assets 44405436378.39 39168460647.21 13.37 36218947223.63
7 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report（ii） Major financial indicators
Major financial indicators 2025 2024 YoYchange (%) 2023
Basic EPS (RMB) 0.77 0.56 37.50 0.49
Diluted EPS (RMB) 0.77 0.56 37.50 0.49
Basic EPS after deducting non-recurring
gains and losses 0.71 0.55 29.09 0.45
RMB(/ share)
Weighted average ROE (%) 17.53 16.10 Up 1.43 ppt 16.06
Weighted average ROE after deducting
non-recurring gains and losses (%) 16.23 15.62 Up 0.61 ppt 14.82
Explanation of main accounting data and financial indicators of the Company in the previous
three years at the end of the report period
√Applicable □Not applicable
1. Operating revenue increased by RMB 4.19 billion YoY mainly due to the opening of the
Global Digital Trade Center Market in October 2025 the delivery of five office buildings in
December and the YoY growth in trade fulfillment service revenue following the launch of
Digital Market 1.0.
2. Profits before tax increased by RMB 1.379 billion YoY. This was primarily driven by a YoY
increase of RMB 1.327 billion in gross profit attributable to revenue growth in market operations
and trade performance services; a YoY decrease of RMB 113 million in financial expenses; and
a YoY increase of RMB 235 million in gains from changes in fair value.
3. Net profit attributable to shareholders of the Listed Company increased by RMB 1.13 billion
YoY mainly due to a RMB 1.379 billion increase in profits before tax partially offset by a RMB
241 million increase in income tax resulting from a YoY rise in taxable income.
4. The net profit attributable to shareholders of the Listed Company after deduction of
non-recurring gains and losses increased by RMB 910 million YoY mainly due to the increase
of RMB 1.13 billion in net profits attributable to shareholders of the Listed Company and the
increase of RMB 220 million in non-recurring gains and losses YoY.
5. Net cash flow from operating activities increased by RMB 6.038 billion YoY mainly due to a
YoY increase of RMB 6.854 billion in net cash received from the sale of goods and rendering of
services driven by substantial receipts from the leasing of the Global Digital Trade Center as
well as sales of commercial streets and office buildings. This positive impact was partially offset
by a YoY increase of RMB 866 million in various taxes and surcharges paid.VIII. Differences in accounting data under domestic and foreign accounting standards
（i） Differences between the net profit and net assets attributable to shareholders of the
Company disclosed in accordance with international accounting standards and China
accounting standards in the financial report
□Applicable √Not applicable
8 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report（ii） Differences between the net profit and net assets attributable to shareholders of the
Company disclosed in accordance with overseas accounting standards and China
accounting standards in the financial report
□Applicable √Not applicable（iii） Explanation of differences between domestic and overseas accounting standards
□Applicable √Not applicable
IX. Key financial indicators by quarter in 2025
Unit: RMB
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
(Jan- Mar) (Apr-Jun) (Jul-Sep) (Oct-Dec)
Operating revenue 3161169989.24 4551629141.02 5348330787.38 6866122776.87
Net profits attributable to
shareholders of the 803324432.38 887611844.31 1766376648.77 746234021.51
Listed Company
Net profit attributable to
shareholders of the
Listed Company after 795172367.25 873001954.46 1723498723.39 501288147.52
deducting non-recurring
gains and losses
Net cash flow from
operating activities -278141780.10 1660996267.57 8222342206.58 924014748.95
Explanation of difference between quarterly data and disclosed data in regular reports
□Applicable √Not applicable
X. Non-recurring gains and losses
√Applicable □Not applicable
Unit: RMB
Non-recurring items Amount for Remark (if Amount for2025 applicable) 2024 Amount for 2023
Non-current asset disposal gains and
losses including the offsetting portion
of the provision for impairment of 2198704.39 -1065564.02 139113943.98
assets
Government grants that are recognized
in the current profit or loss excluding
the government grants that are closely
related to the normal operation of the
Company and provided in a fixed 57276833.34 44848603.04 32404875.29
amount or quantity and that have a
continuous impact on the Company's
gains and losses according to the
national polices and certain standards
Except for effective hedging business Mainly due to
related to the normal operation of the the gain from
Company the fair value gains and 253493846.06 changes in 12870705.99 -51087595.90
losses arising from the holding of fair value
9 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
financial assets and financial liabilities
by non-financial enterprises as well as
the gains and losses arising from the
disposal of financial assets and
financial liabilities
Cash
Cash occupation fees charged from occupation
non-financial enterprises that are 25343289.64 fee for 25931357.03 18907795.24
recognized in the current profit or loss receiving
financial aid
Profits and losses arising from external
entrusted loans 2515471.70 2431069.18 2525847.12
Net income from other non-operating
activities 54546235.28 22020531.46 6365155.41
Other profit and loss items that meet
the definition of non-recurring profit and 4650170.18 121465746.29
loss
Less: effect of income tax 83639033.72 19410460.82 60306979.87
Effect of minority interest
(after-tax) 1149592.34 1723332.58 1892636.73
Total 310585754.35 90553079.46 207496150.83
For companies that recognize items not listed in the Explanatory Announcement No. 1 on
Information Disclosure of Companies Issuing Securities to the Public - Non recurring Profit and
Loss as non-recurring profit and loss items with significant amounts and for companies that
define non-recurring profit and loss items listed in the Explanatory Announcement No. 1 on
Information Disclosure of Companies Issuing Securities to the Public - Non recurring Profit and
Loss items as recurring profit and loss items the reasons should be explained.□Applicable √Not applicable
XI. Companies implementing equity incentive plans or employee stock ownership
plans may elect to disclose net profit adjusted for the impact of share-based
payments
√Applicable □Not applicable
Unit: RMB 10000
Main accounting data 2025 2024 YoYchange (%) 2023
Net Profit Excluding the Impact of
Share-based Payments 420415.67 308208.58 36.41 269268.91
XII. Items measured at fair value
√Applicable □Not applicable
Unit: RMB 10000
Item Opening Closing
Changes for
the current Amount of impactbalance balance period on current profits
Trading financial assets 40031.70 209364.06 169332.36 25947.76
Other equity instrument investments 67103.63 66100.21 -1003.42 1015.96
Other non-current financial assets 148188.23 159564.05 11375.82 1902.63
Total 255323.56 435028.32 179704.76 28866.35
10 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
XIII. Other
□Applicable √Not applicable
11 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Section III. Discussion and Analysis of Managers
I. Description of the business of the Company during the reporting period
1. Main business of the Company
The Company fully grasps the strategic opportunities of the country's new "dual circulation"
development pattern 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.
2. Main business models of the Company
(1) Commodity display and trading ecosystem
1) Market Operations: The core revenue of the Company comes from market shop usage
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 Districts 1-5 of the International Trade City Huangyuan Market International
Production Materials Market and the Global Digital Trade Center.
2) Proprietary Trading: Operating a new retail business under the core brand "爱喜猫
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
12 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
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
1) Exhibition Business: The Company's exhibition segment integrates domestic and
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. The Company also 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.
2) Hotel Business: Operating seven star-rated hotels long-stay apartments and two major
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
1) Online service platform: Leveraging the resources of nearly 80000 physical shops the
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
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.
2) Brand Globalization (Yiwu Market Project) services: Advancing the "1+5+2+M" strategic
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
13 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
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."
3) Warehousing and logistics: Focusing on warehousing services the Company
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."
4) Payment credit reporting and factoring services: Enhance the digital and intelligent
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.Explanation Regarding Significant New Non-Core Businesses Added by the Company During
the Reporting Period
□Applicable √Not applicable
II. Description of the industry of the Company during 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 Services" (L72) under the "Leasing and Business Services" (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
2.1 million micro small and medium-sized enterprises and providing employment to 32 million
14 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
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
1. Market entities are active and diverse. Yiwu Market is a vibrant soil for innovation and
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 39000
resident foreign merchants 110000 resident overseas Chinese merchants and over 10000
foreign-invested entities. It is the first county-level city in China where the number of
foreign-invested entities and foreign nationals participating in social insurance both exceed
10000 earning it the title of "World Supermarket." In 2025 the net population growth in Yiwu
was 170000 including 70000 newly enrolled college students and over 680000 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.
2. The variety of goods is rich and complete. As the world's largest small commodity
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 10000 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.
3. Innovative business scenarios lead the way. As the birthplace of innovative trade
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.
4. A high-quality and complete trade ecosystem. Since Yiwu was approved as a pilot for
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
the certification time for imported toys (excluding testing) from 20 days to 5 days; "Yiwu-Ningbo
15 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
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.
1. The trade market is becoming more diverse. There are 233 countries and regions
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
93.95 billion respectively representing YoY growth of 23.4% 14.1% and 46.7%.
2. The variety of export goods is increasingly diverse. Exported products cover 5900
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.
3. The structure of imported goods continues to improve. Imported consumer goods
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
7.4% meeting the demand for domestic consumption upgrades.
4. The vitality of trade entities is bursting forth. The number of foreign trade entities with
actual import and export performance reached 13385 an increase of 3696 from 2024. Private
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.
5. Brand influence significantly increased. In 2026 the main stage of the Yiwu
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
16 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
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 61000 with the main stage at the Global Digital Trade Center alone attracting over
42000 visitors. As of the seventh day of the first lunar month the cumulative number of visits to
the Spring Festival check-in points across all areas exceeded 1.3 million.
(Figure 1. "Shop Global Goods · Check-in for the Spring Festival" Yiwu China Commodities City
2026 Grand Bazaar)
III. Discussion and analysis of operation
2025 marked a pivotal year for the digital and transformational development of the
Company and also the inaugural year of a new round of comprehensive reform in Yiwu’s
international trade. Within the reporting period adhering to its corporate mission of "Becoming a
Famous Trade Service Platform" the Company focused on four core strategies: upgrading
physical markets enhancing trade services building digital ecosystems and expanding global
presence. These efforts delivered all-round improvements in operational scale business quality
profitability and global brand influence. In 2025 the Company achieved operating revenue of
RMB 19.927 billion representing a YoY increase of 26.62%; net profit attributable to
shareholders amounted to RMB 4.204 billion up 36.76% YoY; and the weighted average return
on net assets stood at 17.53%. Core financial indicators have consecutively set new historical
highs for multiple years with profitability and risk-resistance capabilities continuously
strengthened; digital transformation has become a pivotal driver enabling the Company to build
its core competitiveness.
17 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
(I) Upgrading and elevating physical markets benchmark projects energizing
renewal and vitality
Taking quality enhancement and upgrading as the central theme the Company advances
the transformation of physical markets from scale-driven expansion toward balanced emphasis
on both quality and effectiveness.
1. The Global Digital Trade Center achieved immediate prosperity instant
prominence and rapid popularity upon commencement of operations
In October 2025 the landmark project of sixth-generation Yiwu Market the Global Digital
Trade Center officially commenced operations. Its commissioning not only marks Yiwu
Market’s formal entry into a new developmental stage underpinned by digitalization
characterized by the integration of digital and trade (“digital-trade integration”) and
distinguished by digital empowerment but also serves as a pivotal vehicle for advancing digital
transformation across all links of the trade supply chain representing a key project propelling
Yiwu’s evolution from the “World Supermarket” to a “Global Digital Trade Innovation Hub.”
As a benchmark facility representing the sixth-generation market the Global Digital Trade
Center transcends the simple extension or upgrade of traditional wholesale markets; instead it
innovatively adopts a modern “street-and-alley” spatial design covering industries such as
drones and unmanned equipment fashion jewelry creative and trendy toys and skincare and
medical aesthetics products; it vertically clusters high-growth niche sectors including fashion
consumption maternal and infant consumption self-indulgence consumption and emotional
consumption yielding pronounced industrial agglomeration effects. As of the end of 2025
non-provincial operating entities accounted for over 40% of the Global Digital Trade Center;
next-generation operators including second-generation merchants and second-generation
entrepreneurs comprised 52%; and merchants possessing proprietary brands or IP-based
products constituted 57% further strengthening industrial agglomeration advantages. In the
meantime the Global Digital Trade Hub has actively invested in digital infrastructure including
AI-powered navigation and guidance systems and robotic inspection focusing on core
demands of digital trade thereby providing global SMEs with innovative paradigms and
solutions facilitating the entire Yiwu Market’s leadership as a next-generation digital trade hub
and fully embodying “Yiwu Speed Yiwu Innovation Yiwu Vitality and Yiwu Confidence.”
18 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
(Figure 2. Landmark Project of the Six-Generation Yiwu Market—the Global Digital Trade
Center)
2. Sustained vitality in commercial trade
In 2025 the Yiwu China Commodities Market achieved a transaction volume exceeding
RMB 320 billion; daily visitor traffic surpassed 230000 person-visits while daily foreign
business visitor arrivals exceeded 4000 reaching the highest level in nearly a decade
solidifying the market’s prosperous momentum and markedly enhancing its appeal and
agglomeration effect. Although external adverse factors including the China–U.S. tariff war and
regional conflicts have engendered substantial uncertainty in the global economic environment
merchants in the Yiwu Market have demonstrated keen commercial acumen by proactively
positioning themselves in global markets and expanding their trade footprint through multiple
channels. As a result the market has achieved stable and orderly growth while emerging
markets have expanded rapidly underscoring Yiwu Market’s pivotal role within the global
supply chain and fully evidencing its irreplaceability and industry-wide recognition.During the reporting period the Company consistently focused on two core objectives:
investment attraction and traffic generation and innovation-enabled empowerment. A total of 60trade-promotion activities were held throughout the year including the “10000-Mile MarketExpansion Tour” industry-specific vertical exhibitions marketing-and-experience-oriented
events supply-demand matching forums and trade negotiation conferences successfully
attracting over 1.09 million global procurement buyers. The Eighth “CCC Cup” Creative Design
Competition was successfully organized engaging more than 470 universities worldwide with
the number of submitted entries steadily increasing. The “Maker Space” a new product
development platform has been established; as of the end of 2025 it had successfully
connected 300 makers and supported operators in developing 500 original-design products
continuously injecting innovative vitality into the market. In addition the Company has actively
19 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
advanced standardization initiatives formulating and promulgating seven group
standards—including Pet Cat and Dog Beds (Pads) and Glass Packaging Materials for
Cosmetics bringing the cumulative total to thirty-six. The Company encourages the application
of standards to small commodities and added 39000 standardized products during the year. As
of the end of 2025 64.13% of market merchants had invested in product innovation and design;
over 54.83% launched new products monthly; approximately 52.38% operated their own
manufacturing facilities; and approximately 46.01% owned proprietary brands establishing asound development pattern characterized by “innovation-driven growth brand leadership andstandards-based support” further reinforcing the core competitiveness of the Yiwu Market.
(Figures 3–4. Trends in Yiwu Market Foot Traffic and Transaction Value (2021–2025))
3. Steady expansion of market capacity
The 5th District South Project of the International Trade City successfully acquired its land
parcel. Centered on upgrading the “World Supermarket” the project leverages the policy
advantages and resource endowments afforded by the latest round of pilot reforms for
20 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
international trade. It focuses on establishing a “3+1” trade system and constructing three core
functional centers: an integrated “import export and transit” hub a “Trade-Industry-UrbanDevelopment” service center and a “Culture-Commerce-Tourism” experience center. The
project will form close spatial synergy with the Financial and Business District and leverage the
policy benefits of the Pilot Free Trade Zone creating an integrated one-stop service trade
system through systematic resource integration and ecological service coordination.(II) Deep integration of the digital and physical realms: breakthrough progress in
fulfillment ecosystem enhancement and efficiency improvement
Taking the integration of digital and physical realms as its central lever the Company
promotes deep integration of digital technologies across the entire trade process reshaping an
efficient collaborative digital trade fulfillment ecosystem.
1. Enhanced capability of the Chinagoods platform
The Chinagoods platform is driven primarily by integrated trade data connecting
supply-and-demand parties across key links including product design and manufacturing
exhibition and trading international logistics international warehousing and financial payments
to achieve efficient and precise allocation of market resources thus building an authentic open
and integrated digital trade comprehensive service platform.Against the backdrop of deep integration between the digital economy and traditionalindustries the Chinagoods platform positioned as a “full-scenario digital-intelligent end-to-endtrade fulfillment ecosystem” serves as the unifying thread across Yiwu’s digital foreign trade
ecosystem spanning both the “exhibition and trading” and “trade fulfillment” dimensions; it
actively drives transformation across supply-chain industrial clusters and empowers the
traditional small-commodity trading market thereby delivering robust support for the prosperous
development of the market in the years ahead. As of the end of 2025 the Chinagoods platform
had a cumulative total of over 17.02 million listed products; it added 700000 new registered
purchasers throughout the year bringing the cumulative total of registered purchasers to over
5.5 million.
2. Practical implementation and tangible outcomes of the commerce-focused AI
large language model
The Company collaborates deeply with leading domestic technology enterprises such as
Alibaba Cloud to launch “World Yiwu” the world’s first AI large language model dedicated to the
commercial and trading domain focusing on six core modules including production design andcontent generation and launching 14 core AI application products such as “CG AI BusinessCard” “CG AI Design” and “CG AI Video Creation” thereby empowering the entire upstream
and downstream chain of the small-commodity trade with AI technologies. The Company’sproject titled “Construction of Data Infrastructure for Commerce and Trade Based on TrustedData Spaces” has been selected for the second batch of national pilot initiatives for data
21 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
infrastructure construction becoming the sole Zhejiang Province project in the commerce and
trade sector selected in 2025.By the end of 2025 the "World Yiwu" large model APP had surpassed 56000 registered
users with cumulative calls exceeding 1 billion; deep users saw an order increase of over 30%.The AI product series served more than 288000 users benefiting over 34000 market
merchants. Focusing on enhancing the capabilities of market-based trading entities the
Company systematically implements targeted training programs including AI Bootcamps and
Smart Convergence Seminars having organized over 450 training sessions in 2025 alone
reaching nearly 150000 participants and effectively strengthening market participants’
awareness of and proficiency in AI applications.
(Figure 5. “World Yiwu” Commerce-Focused AI Large Language Model)
3. Continued improvement of the digital financial ecosystem
Yiwu Pay as the core vehicle of digital finance strengthens compliance foundations aligns
with national strategies and leverages Yiwu’s competitive advantages in cross-border trade
scenarios to deliver end-to-end integrated payment solutions. As of the end of 2025 Yiwu
Pay’s cumulative cross-border receipt amount reached USD 11.2 billion; it had opened
cross-border receipt accounts for over 25000 merchants; its services covered 176 countries
and regions; and it supported mutual conversion among 29 major currencies.During the reporting period Yiwu Pay obtained regulatory approval to provide foreign
exchange collection and settlement services for Market Procurement Trade. Its cross-border
export direct-collection business scope expanded province-wide; the per-transaction limit was
raised from USD 50000 to USD 150000; and its annual cross-border transaction volume
22 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
exceeded USD 6 billion representing over 50% YoY growth. It was also approved as a direct
service provider for e-CNY and as one of the first institutions admitted to the expanded
“Multi-CBDC Bridge (mBridge)” initiative enabling cross-border RMB settlements to be
completed within seconds thus actively advancing the internationalization of the RMB.Additionally it launched direct local-currency collection services in Africa upgraded its
“domestic-international synergy” cross-border settlement model to better meet diverse
merchant needs and successfully secured the Hong Kong TCSP (Trust or Company Service
Provider) license further enhancing its globally integrated financial service capabilities.
(Figure 6. Yiwu Pay Deeply Empowering Foreign Trade Enterprise Users in Specialized
Markets)
The Company deeply explores financial-empowerment scenarios: factoring business has
optimized product development and system construction generating RMB 569 million in new
disbursements for the year thereby effectively alleviating financing pressures on small- and
medium-sized enterprises (SMEs) and micro-enterprises; credit reporting services have
intensified research development and promotion of credit data products establishing a digital
financial ecosystem covering the entire commodity trade value chain and providing diversified
financial support to market participants to advance the real economy.
4. Optimization and upgrading of the Yiwu Index
With data empowerment serving as the core driver the Company deepened the
development and application of the Yiwu Index to transform data resources into competitive
advantages for growth. Completed the optimization and upgrade of the Yiwu Index 2.0
establishing a diversified model centered on the business climate index and encompassing five
sub-indices—scale merchant confidence customer vitality logistics services and fund
activity—to more comprehensively reflect small-commodity prices and market sentiment;
developed a new data system and mobile data collection tools enabling paperless data
collection improving collection efficiency by over 50% and simultaneously expanding coverage
23 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
and enhancing efficiency. Five new categories of third-party data including overseas
import-export statistics Baidu keyword search volumes and exchange rates were added to
establish the Yiwu Index Data Platform thereby deepening data accumulation and value
extraction.During the reporting period the Yiwu Index achieved a commercial breakthrough: in
collaboration with Wind and Ant International it completed its first data-value monetization
generating RMB 200000 in subscription revenue which is a foundational step for subsequent
commercial promotion. In 2025 48 original analytical articles were published on the “Yiwu Index”
WeChat Official Account covering nearly 20 key industries five major countries and multiple
topical analyses; six issues of the Index Journal were compiled and over 5000 copies
distributed. The short-video platform “Xiaoshang Talks About Digital Trade” was launched with
71 original videos released across three core platforms achieving a total viewership exceeding
310000 views thereby amplifying the Index’s influence.
5. Intelligent logistics capabilities continue to strengthen
Zhijie Yuangang centers its strategy on building an international supply chain platform and
has established an end-to-end delivery system under the “Two Warehouses One Line” model
comprising domestic warehouses overseas warehouses and dedicated international logistics
lines. In 2025 its containerized shipment volume reached 174000 TEUs representing a 78%
YoY increase; the number of cooperative logistics partners rose to 1443. Zhijie Yuangang owns
or manages 20 FBC overseas warehouses across 14 countries globally with a total storage
area of 310000 square meters. Its trunk network covers 110 leading international airlines and
operates 29 high-quality air routes providing service to 160 countries and 742 destination ports
worldwide. The Company independently developed the “Jihepai” digital operations platform and
fully implemented the WMS TMS and OMS systems enabling end-to-end data interoperability
and full-process visibility thereby supporting intelligent global business monitoring and efficient
decision-making.(III) Enhanced openness and integrated linkages across all domains: accelerating
global trade
Adopting openness and connectivity as its development pathway the Company
continuously expands its global trade network driving dual improvement in both scale and
quality of “buying and selling globally.”
1. Comprehensive global deployment of Yiwu Markets
As of the end of 2025 the "Yiwu Market" initiative had deployed a total of 78 projects
across 36 countries and regions worldwide. Of these 32 were newly added in 2025 including: 4
overseas branch markets in Osaka (Japan) Bishkek (Kyrgyzstan) Luanda (Angola) and
Melbourne (Australia); 13 self-operated and cooperative overseas warehouses in Chicago
(USA) Lagos (Nigeria) and other locations; 8 overseas exhibition halls in Kenya Italy and
other countries; 6 overseas Yiwu Fair exhibitions held in South Korea Indonesia and other
24 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
regions; and 1 overseas national website in Kenya. These efforts have established a global
trade service network. Since the launch of the “Yiwu Market” initiative over 5000 business
entities have been assisted in entering overseas markets contributing to annual exports from
the Yiwu market exceeding RMB 13 billion.
(Figure 7. Opening of the Overseas Exhibition Hall in Kenya)
2. Innovative breakthroughs in import business
The Company has seized the strategic dividends of import reform initiatives and as the
sole enterprise on the “white list” successfully completed pilot orders for 28 categories of
imported goods listed on the positive import catalogue including daily sundries and toys
meeting high-quality standards; it introduced 199 SKUs comprising a total of 58000 units. In the
parallel import sector the Company achieved new breakthroughs by completing pilot orders for
five categories of home appliances including steam ovens and refrigerators thereby broadening
channels for importing high-quality overseas goods and accelerating the development of animport industry system built upon “overseas procurement + in-zone modification + nationwidedistribution.”
3. Steady growth in self-operated trade
The self-operated trade business segment developed steadily achieving annual revenue
of RMB 9.986 billion up 11.08% YoY and effectively fulfilling trade demand originating from the
market platform. The “ICMALL” Global Goods Collection Stores continues to expand its brand
influence by rigorously curating product categories and enhancing operational efficiency
bringing high-quality overseas goods closer to Chinese consumers. Meanwhile leveraging its
25 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
supply chain advantages the Company is actively exploring business areas such as branded
self-operated imports thereby providing robust support for its “Buying Globally Selling Globally”
strategy.
(Figure 8. The Inaugural “China Auto Festival” Held at the Dubai Yiwu Market)
4. Enhanced operational efficiency of the Comprehensive Bonded Zone
The Company has advanced the high-standard operation of the Yiwu Comprehensive
Bonded Zone by focusing on cultivating "Bonded+" industry clusters. The Company
successfully attracted 8 bonded processing projects in sectors like cosmetics and health food
and expanded into bonded R&D testing and leasing. As a result the industrial ecosystem
continues to improve. Innovative regulatory customs clearance models have been introduced
including live-trial implementation of the “centralized inspection and batch write-off” procedure
for imported meat products resulting in steady improvements in customs clearance efficiency.In 2025 the Yiwu Comprehensive Bonded Zone achieved import turnover of RMB 64.8
billion accounting for 61.25% of Yiwu city’s total imports a 25.9% increase YoY maintaining its
position among the top comprehensive bonded zones in the province with significantlystrengthened core hub capacity and radiating influence. Deepening the integration of “importexport and transit” effectively promoting an efficient global circulation model: “globalprocurement – Yiwu consolidation – global distribution.” In 2025 transit trade amounted to RMB
377 million.
26 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
(IV) Synergistic support drives improvements in both quality and efficiency while
supporting services reach a new level of capability
Taking efficient collaboration as its developmental cornerstone the Company strengthens
support from associated businesses including exhibitions and hotels and constructs a
diversified collaborative service ecosystem.
1. Breakthrough development in exhibition business
In 2025 Yiwu China Commodities City Exhibition Co. Ltd. ("CCC Exhibition") adhered tothe philosophy of “two-way empowerment and integrated exhibition hosting" achievingrecord-high operational quality and efficiency. A total of 63 exhibitions including the China Yiwu
International Commodities Fair China Yiwu Cultural and Tourism Products Trade Fair and
China Yiwu International Forest Products Expo were held throughout the year representing a
14.55% increase YoY; the total exhibition area reached 1.243 million square meters up 22.68%
YoY; over 2.0476 million buyers attended generating an aggregate intended transaction value
exceeding RMB 54.589 billion. Overseas expansion has accelerated with the Company
organizing enterprises to participate in 12 overseas exhibitions including those in Indonesia and
Uzbekistan reaching 343 enterprises occupying 359 exhibition booths and generating
intended transaction value exceeding RMB 308 million.Professional exhibition development has yielded remarkable results: the 31st China YiwuInternational Commodities Fair was officially designated as one of the “Second Batch ofNational-Level Pilot Projects for Service Industry Standardization.” The transformation and
upgrading of cultural and creative business operations have deepened significantly; leveraging
the “CCC Cup” Creative Design Competition the Company enhances product added value and
design premium through dual models—“exhibition + overseas expansion” and “exhibition +cultural and creative integration.” During the reporting period CCC Exhibition successfully
entered the Innovation Tier of the New Third Board (NEEQ) marking a milestone breakthrough
in its capital-market journey. By refining its post-exhibition comprehensive analytics system and
strengthening the synergy between exhibitions and physical markets it delivered precise
support to market prosperity.
2. Brand upgrade of hotel business
Hotel operations have evolved into a diversified synergistic model comprising
“accommodation + catering + supporting services” effectively addressing the varied needs of
different customer segments. In 2025 hotel operations deepened collaboration and advanced
digital transformation achieving revenue of RMB 474 million (including entrusted hotel
management operations); total membership surpassed 200000 with annual new memberships
exceeding 26%; the market’s “One-Code Pass” system and the Chinagoods platform achieved
full-scenario coverage elevating both brand value and operational quality in tandem.(V) Solidifying the foundation through green development ensuring long-term
success through steady operations
27 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Guided by green development the Company deepens its ESG practices and consolidates
the foundation for sustainable corporate growth. Carbon-reduction initiatives of the Company
have yielded significant results: total distributed photovoltaic power generation reached 55.1422
million kilowatt-hours; greenhouse gas emissions were reduced by 45271.77 metric tons of
carbon dioxide equivalent; a new photovoltaic station at the Global Digital Free Trade Center
was added and ongoing projects exhibit strong emission-reduction potential; 100 million
kilowatt-hours of green electricity transactions were completed; water recycling volume
amounted to 358881 metric tons accounting for 9.39% of total water usage; and resource
utilization efficiency continues to improve. Regarding information security the Company
conducted 217 data security training sessions invested RMB 5.882 million to strengthen
security infrastructure organized group-wide cyberattack and defense drills refined its
protection system and reinforced its network and data security defenses.IV. Analysis of core competitiveness during the reporting period
√Applicable □Not applicable
(I) Advantages of Trade Ecosystem Aggregation
In the early stage of China’s reform and opening-up Yiwu pioneered the establishment of a
small-commodity market. Through six iterations and thirteen expansions its transaction volume
has consistently ranked among the top comprehensive markets nationwide cultivating a distinct
advantage in trade-ecosystem aggregation. As the world’s largest wholesale hub for small
commodities Yiwu aggregates over 2.2 million individual products spanning 28 major
categories enabling “one-stop procurement.” Leveraging intelligent operations and digital
technology empowerment the market serves as a central nexus for massive volumes of
commercial flow logistics capital flow information flow and data flow forging a scale effect
and resource barrier that are difficult to replicate. This enduringly consolidates Yiwu’s position
as the global core hub for small commodity trade and robustly supports the Company’s strategic
objective of “Becoming a Famous Trade Service Platform.”
(II) Advantages of Digitalization
Relying on the Global Digital Free Trade Center the Company has established ahigh-capability digital trade hub featuring “end-to-end sensing—intelligentdecision-making—ecosystem coordination” thereby forging a digitally driven competitiveadvantage unmatched by traditional markets. By digitally interconnecting the “entire tradejourney of a single product” it achieves full-cycle closure from demand identification design
and production and product listing and display to order management warehousing and
logistics and payment settlement transforming fragmented operations into holistic end-to-end
situational awareness and thereby accelerating product iteration. By aggregating and
leveraging “all data elements through a centralized hub” integrating trade industry and public
data it shifts decision-making from experience-based to intelligent enabling precise analytics
28 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Reportand ecosystem-wide collaboration. By integrating and optimizing “a comprehensive serviceecosystem on a unified platform” it accumulates vast volumes of commercial and trade data
and integrates diverse trade tools replacing multiple-point interfacing with one-stop
ecosystem-level collaboration significantly enhancing trade efficiency and convenience. This
end-to-end digital-intelligent hub enables the Yiwu market to transcend spatiotemporal
constraints evolving from the traditional operation model characterized by passivity
fragmentation and inefficiency into a high-capability digital trade hub featuring full-scenario
coverage end-to-end coordination and seamless data integration thus truly achieving an
unprecedented level of digital trade omnipresence ubiquity and omnipotence.(III) Advantages of International Brand
“Yiwu China Commodities City” as the first well-known trademark in China’s commodity
trading market sector certified by the State Administration for Market Regulation boasts
outstanding brand value and high international recognition. The Company reshapes the tradeecosystem of “goods flowing globally logistics running smoothly and payments reachingworldwide” through digitalization continuously amplifying its brand effect. By serving as a
Spring Festival Gala sub-venue the Global Digital Trade Center achieved brand exposure
reaching 1.2 billion impressions globally. This has deeply aligned the "Yiwu" brand with its
identity as the "World Capital of Small Commodities" continuously enhancing its influence and
leadership in global trade and attracting high-quality merchants and buyers from around the
world.(IV) Advantages of Complete Trade Supply Chains
1. Advantage of logistics coordination: As a national logistics hub city serving
commercial and trade activities Yiwu boasts a robust and well-developed logistics
network. Leading China's and international express and logistics enterprises have all
established regional distribution centers here thereby building an efficient cargo
transportation and delivery system spanning the globe. Yiwu’s express delivery volume
reached 13.77 billion pieces in 2025 ranking first among all counties (cities and districts)
nationwide for consecutive years highlighting its pronounced comparative advantage in
integrated logistics cost-efficiency. Meanwhile leveraging the Zhijie Yuangang Integrated
Supply Chain Platform the Company has broken away from the traditional multi-tier freight
forwarding model shortened distribution channels and elevated service standardization;
through the strategic deployment of “two warehouses and one line” and intelligent operations it
has achieved significant competitive advantages over conventional foreign trade models in
terms of operating costs fulfillment efficiency and end-to-end controllability thereby providing
robust support for the stable and unimpeded flow of global trade.
2. Advantage of Industrial Support: Driven by Yiwu China Commodities City a
small-commodity industrial belt centered on Yiwu has taken shape covering multiple
regions including Jinhua-Lishui-Quzhou and Hangzhou-Jiaxing-Huzhou-Shaoxing with
29 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
an area approaching 10000 square kilometers. Emerging industries attracted by the Global
Digital Trade Hub including drones and intelligent equipment are rapidly clustering around Yiwu
leveraging the region’s distinctive market advantages. Achieving deep interlinkage between themarket and surrounding industrial clusters establishing a virtuous mechanism of “trade-industryintegration and coordinated development” thereby ensuring stable sourcing and industrial
support for the market.
3. Advantages of Exhibition Services: The subsidiary exhibition division organizes
multiple UFI-certified exhibitions including the China Yiwu International Commodities
Fair and China Yiwu Import Goods Expo and cultivates specialized vertical exhibitions
for industries such as stationery and textiles establishing professional international
exhibition brands. These have evolved into a national-level platform that guides
industrial development and consolidates advantages in the agglomeration of business
visitors and commodities thereby facilitating trade matchmaking and industrial
upgrading.(v) Advantages of Business Diversification
While deeply cultivating its core business the Company proactively expands into related
fields establishing a diversified synergistic corporate architecture and profit model comprising“market operations + digital technology + financial services + international trade + modernlogistics + exhibition & hotel services.” Resource sharing and synergistic development across
all business segments have not only enhanced the Company’s risk resilience but also
diversified its revenue streams thus safeguarding long-term sustainable growth.(VI) Advantages of Excellent Talent Management
As a leading enterprise in professional market operations the Company has established a
comprehensive management system for market operation and management and accumulated
extensive experience. Through years of development the Company has cultivated a
management team characterized by a well-balanced knowledge structure outstanding
professional competence and strategic vision capable of accurately gauging industry trends
and efficiently advancing project implementation and business innovation thus providing core
support for the execution of the Company’s strategy and high-quality development. In recent
years as the Company has expanded its business scope into digital technologies financial
services and brand internationalization a market-oriented professional and internationally
oriented talent pool has gradually emerged as a new driving force behind the Company’s
development.
30 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
V. Operating status during the reporting period
During the reporting period the main operating status of the Company are as follows:
（i） Analysis of main business
1. Analysis of changes in related accounting subjects of income statement and cash
flow statement
Unit: RMB
Item 2025 2024 YoY change(%)
Operating revenue 19927252694.51 15737383922.24 26.62
Operating cost 13661244520.86 10797892000.20 26.52
Sales expenses 470766537.04 321432995.06 46.46
Administrative expenses 611962141.62 580610076.55 5.40
Financial expenses -10968698.64 102248174.19 -110.73
R&D expenses 40714140.91 23221388.47 75.33
Net cash flow from operating
activities 10529211443.00 4491339090.33 134.43
Net cash flow from investing
activities -5649455014.46 1222806767.61 -562.01
Net cash flow from financing
activities -6105629115.12 -3095033333.42 NA
Reasons for changes in selling expenses: Selling expenses increased by 46.60% YoY
mainly due to the Company's intensified marketing promotion efforts and the accelerated layout
of its global brand strategy.Reasons for changes in finance costs: Finance costs decreased by 110.73% YoY mainly
due to a YoY reduction in the Company’s interest-bearing liabilities.Reasons for change in R&D expenses: the Company's R&D expenses increased 75.33%
YoY mainly due to the increase in the Company's R&D investment during the current period.Reasons for the change in the net cash flow from operating activities: Net cash flow from
operating activities increased by RMB 6.038 billion YoY mainly due to a YoY increase of RMB
6.854 billion in net cash received from the sale of goods and rendering of services driven by
substantial receipts from the leasing of the Global Digital Trade Center as well as sales of
commercial streets and office buildings. This positive impact was partially offset by a YoY
increase of RMB 866 million in various taxes and surcharges paid.Reasons for changes in net cash flows from investing activities: Net cash outflows from
investing activities decreased YoY by RMB 6.872 billion mainly due to: an increase of RMB
4.200 billion in purchases of wealth management products and time deposits during the current
period compared to the same period last year; an increase of RMB 682 million in cash
payments for the acquisition and construction of fixed assets intangible assets and other
long-term assets; a decrease of RMB 2.574 billion in cash receipts from other investing-related
activities such as repayment of intercompany loans by Xingchen Company in the prior year
period; and an increase of RMB 548 million in cash proceeds from the disposal of assets
including the sale of the S3 Logistics Park during the current period.
31 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Reasons for the change in the net cash flow from financing activities: Net cash flow from
financing activities decreased by RMB 3.011 billion YoY mainly due to a YoY decrease of RMB
2.595 billion in cash received from borrowings and a YoY increase of RMB 591 million in cash
paid for distribution of dividends profits or interest payments.Details of material changes in the business types the components or sources of profits of the
Company in this reporting period
□Applicable √Not applicable
2. Revenue and cost analysis
√Applicable □Not applicable
For the year 2025 the Company recorded a total operating revenue of RMB 19.927 billion
an increase of RMB 4.190 billion YoY and operating costs of RMB 13.661 billion an increase of
RMB 2.863 billion YoY. Specifically revenue from principal operations amounted to RMB
19.261 billion up 28.21% YoY while the cost of principal operations was RMB 13.247 billion up
27.55% YoY.
(1). Main business by industry product region and sales model
Unit: RMB 10000
Main business by industry
Change in
By industry Operating Operating
Gross
profit operating
Change in Change in gross
revenue cost operating profit marginmargin (%) revenueYoY (%) cost YoY (%) YoY
Market
operation 525511.22 89683.78 82.93 14.78 24.55 Down 1.34 ppt
Digital Trade
Supporting
Facilities 195025.82 172192.35 11.71 NA NA NA
Sales
Trade
services 152819.43 26418.13 82.71 106.83 131.92 Down 1.87 ppt
Supporting
services 54302.87 44932.84 17.26 21.11 25.42 Down 2.84 ppt
Product sales 998402.15 991462.84 0.70 7.85 7.85 Up 0.01 ppt
Sub-total 1926061.49 1324689.94 31.22 28.21 27.55 Up 0.35 ppt
Explanation of main business by industry product region and sales mode
Revenue and costs from trade services increased YoY by 106.83% and 131.92%
respectively mainly due to the YoY growth in information service revenue and related costs
generated by the Chinagoods platform and other similar services during the current period.
(2). Table of production and sales analysis
□Applicable √Not applicable
32 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
(3). The performance of major purchase contracts and major sales contracts
□Applicable √Not applicable
(4). Cost Analysis Table
Unit: RMB 10000
Situation by industry
Proportion Proportion
in the total in the total YoY
By industry Cost 2025 cost in the 2024 cost in thecomponents change
Reasons for
current previous (%) change
period (%) year (%)
Depreciation and
amortization related
Market Depreciation to the newly
operation and 50178.70 3.79 36023.91 3.47 39.29 established Globalamortization Digital Trade
Center and the New
Import Market
Market Wages and
operation benefits 5606.52 0.42 5755.01 0.55 -2.58
Market
operation Other costs 33898.56 2.56 30224.68 2.91 12.16
Digital
Trade Costs of
Supporting Digital Trade Office building
Facilities Supporting
172192.35 13.00 - NA NA sales
Sales Facilities
Trade Property
services management 3733.84 0.28 3660.99 0.35 1.99cost
Increased costs for
Trade Trade 22684.29 1.71 7730.26 0.74 193.4 Chinagoodsservices service costs 5 Platform’s digital
fulfillment services
Supporting Depreciation
services and 7242.70 0.55 7097.64 0.68 2.04amortization
Supporting Supporting
services service costs 17676.87 1.33 15236.86 1.47 16.01
Supporting Wages and
services benefits 6052.87 0.46 5311.66 0.51 13.95
Supporting Material and
services fuel 2177.96 0.16 2119.84 0.20 2.74consumption
Delivery of Newly
Added Hotel-style
Apartments at the
Supporting
services Other costs 11782.44 0.89 6060.04 0.58 94.43
Global Digital Trade
Hub and
Preparations for
Launching the
“Fingertip Canteen”
Product Cost of
sales product 991462.84 74.85 919327.54 88.52 7.85sales
Total / 1324689.94 100.00 1038548.43 100.00 27.55
33 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Explanation on cost analysis and other information
No
(5). Changes in consolidation scope due to the changes in main subsidiaries' share
ownership during the report period
√Applicable □Not applicable
See Note IX. “Changes in Consolidation Scope” in Section VIII “Financial Statements.”
(6). Major changes or adjustments in the Company's business products or services
□Applicable √Not applicable
(7). Main sales customers and suppliers
Customers or suppliers under the control of the same controlling party shall be consolidated
and presented as a single customer or supplier except where they are under the actual control
of the same state-owned asset management institution.Explanation Regarding Consolidated Presentation of the Following Customer and Supplier
Information Under the Same Control Criteria
No
A. Major sales customers and key suppliers of the Company
□Applicable √Not applicable
B. Case in which the sales to a single customer accounted for over 50% of the total sales
new customers were added to the list of top 5 customers or the Company relied heavily
on a few customers during the report period
□Applicable √Not applicable
Case in which the purchase amount for a single supplier accounted for over 50% of the
total purchase amount new suppliers were added to the list of top 5 suppliers or the
Company relied heavily on a few suppliers during the report period
□Applicable √Not applicable
C. During the reporting period the customer or supplier company’s shares were subject
to delisting risk warnings or other risk warnings
Top Five Sales Customers
□Applicable √Not applicable
Top Five Suppliers
□Applicable √Not applicable
D. During the reporting period the customer or supplier company had revenue from
trading business.√Applicable □Not applicable
Unit: RMB 10000
Status of trade Operating revenue for Operating revenue for YoY change in
business operations the current period the previous period operating revenue(%)
Import and export 998402.15 925721.88 7.85
Top five customers whose trade business accounted for more than 10% of the operating
revenue
□Applicable √Not applicable
34 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Top five suppliers whose trade business revenue accounts for more than 10% of the operating
revenue
□Applicable √Not applicable
Other notes:
No
3. Costs
√Applicable □Not applicable
Unit: RMB 10000
Item 2025 2024 YoY change Change Explanation on changes
amount in %
Sales Mainly due to increased
expenses 47076.65 32143.30 14933.35 46.46 market promotionactivities
Administrative
expenses 61196.21 58061.01 3135.20 5.40
R&D
expenses 4071.41 2322.14 1749.27 75.33
Mainly due to increased
R&D investment
Mainly due to a YoY
Financial
expenses -1096.87 10224.82 -11321.69 -110.73
decrease in the
Company’s
interest-bearing liabilities
Income tax
expense 119185.58 95049.49 24136.09 25.39
Unit: RMB 10000
Item 2025 2024 YoY change Change
amount in %
Human resources
expenditure 44420.69 41024.11 3396.58 8.28
Advertising expenses 8041.68 5724.55 2317.13 40.48
Security and insurance
costs 4238.63 4745.47 -506.84 -10.68
R&D expenses 4071.41 2322.14 1749.27 75.33
Depreciation and
amortization 10369.46 11041.80 -672.34 -6.09
Promotion and investment
promotion 33757.52 19673.79 14083.73 71.59
Intermediary expenses 1910.99 1228.31 682.68 55.58
Office expenses 2136.71 1984.06 152.65 7.69
Water electricity and fuel
consumption 753.39 834.60 -81.21 -9.73
Other expenses 2643.79 3947.62 -1303.83 -33.03
Subtotal of management
R&D and sales expenses 112344.27 92526.45 19817.82 21.42
1) Advertising expenses increased YoY: mainly due to publicity campaigns for global digital
trade and brand globalization.
2) R&D expenses increased YoY: mainly due to increased R&D investment.
3) Expenses in promotion and investment attraction increased YoY: mainly due to global digital
trade recruitment initiatives and brand globalization (Yiwu Market projects) promotion efforts.
35 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
4. R&D Investment
(1).Table of R&D investment status
√Applicable □Not applicable
Unit: RMB 10000
Expensed R&D investment in this
period 4071.41
Capitalized R&D investment in this
period 2690.07
Total R&D investment 6761.48
Total R&D investment as a percentage
of operating income (%) 0.34
Proportion of capitalization of R&D
investment (%) 39.79
36 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
(2).Table of R&D personnel status
√Applicable □Not applicable
Number of R&D personnel 222
Number of R&D personnel as a percentage of the
Company’s total personnel number (%) 6.72
The education level of R&D personnel
Education level People at this education level
Doctor's degree 1
Master's degree 13
Bachelor's degree 174
College graduates 33
Senior high school graduate and below 1
Age of R&D personnel
Age range People in this age range
Below 30 (30 excluded) 68
30-40 (30 included 40 excluded) 126
40-50 (40 included 50 excluded) 27
50-60(50 included 60 excluded) 1
(3).Reasons for change
□Applicable √Not applicable
(4).Reasons for major changes in the composition of the R&D personnel and their
influence on the Company's future development
□Applicable √Not applicable
5. Cash flow
√Applicable □Not applicable
Unit: RMB 10000
Item 2025 2024 YoY change
Net cash flow (used)/generated from
operating activities 1052921.14 449133.91 603787.23
Net cash flow (used)/generated from
investing activities -564945.50 122280.68 -687226.18
Net cash flow (used)/generated from
financing activities -610562.91 -309503.33 -301059.58
(Decrease)/increase in cash and cash
equivalents -122664.65 261818.97 -384483.62
1) The net cash flow generated from operating activities increased by RMB 6.038 billion
YoY. This was mainly due to a YoY increase of RMB 6.854 billion in net cash received from the
sale of goods and rendering of services driven by substantial receipts from the leasing of the
Global Digital Trade Center and sales of commercial streets and office buildings partially offset
by a YoY increase of RMB 866 million in various taxes and surcharges paid.
2) The net cash flow from investment activities decreased by RMB 6.872 billion YoY. This
was mainly due to a YoY increase of RMB 4.200 billion in the purchase of wealth management
products and time deposits; a YoY increase of RMB 682 million in cash paid for the acquisition
of fixed assets intangible assets and other long-term assets; a YoY decrease of RMB 2.574
billion in cash received from other investing activities (mainly due to the repayment of business
dealings by Yiwu Xingchen Enterprise Management Co. Ltd. in the previous period); and a YoY
37 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
increase of RMB 548 million in cash received from the disposal of assets mainly from the sale
of the S3 Logistics Park.
3) The net cash flow generated from financing activities decreased by RMB 3.011 billion
YoY. Mainly due to a YoY decrease of RMB 2.595 billion in cash received from borrowings and
a YoY increase of RMB 591 million in cash paid for distribution of dividends profits or interest
payments.（ii） Material changes in profits caused by non-main businesses
□Applicable √Not applicable
38 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report（iii） Analysis of assets and liabilities
√Applicable □Not applicable
1. Status of assets and liabilities
Unit: RMB 10000
Proportio Proportion Change ofthe closing
Closing n in the Closing in the totaltotal balance in assets at balance of
Item balance of assets at
the current
the current the end the prior
the end of
the prior period Reasons for changecompared
period of the correspond corresponcurrent with the prioring period ding
period correspondinperiod (%) g period (%)
Mainly due to the Company's
Trading holdings of financial assets
financial assets 209364.06 4.71 40031.70 1.02 423.00 such as structured deposits andshares of MetaX during the
current period.Notes
receivable - - 1117.00 0.03 -100.00
Prepayments 153701.14 3.46 109809.38 2.80 39.97 Increase in advance paymentsfor purchased goods
Other
receivables 18828.03 0.42 11626.44 0.30 61.94
Mainly due to the addition of the
Hangzhou Jingfang Sanbao
Inventory 238532.95 5.37 135778.69 3.47 75.68 project and an increase in
merchandise inventory during
the current period.Non-current
assets due 4807.33 0.11 - - NA
within one year
Other current 135290.72 3.05 72500.29 1.85 86.61 Mainly due to the newly addedassets payment business reserve fund
Fixed assets 769577.86 17.33 550402.33 14.05 39.82
Mainly due to the transfer to
Construction in fixed assets of the Digital Trade
progress 18745.39 0.42 230066.28 5.87 -91.85 Center main market site and the
hotel site
Development
expenditure 479.33 0.01 750.90 0.02 -36.17
Mainly due to increased earnest
Other money deposits for the bidding
non-current 71397.58 1.61 2803.30 0.07 2446.91 of the land parcel south of the
assets 5th District and increasedlarge-denomination time
deposits
Short-term
borrowings - - 6005.43 0.15 -100.00 Due to repayment of borrowings
Accounts Mainly due to an increase in
payable 199592.69 4.49 146971.84 3.75 35.80 accounts payable forengineering work
Employee Mainly due to an increase in
compensation 30556.78 0.69 17749.84 0.45 72.15 performance bonuses accrued in
payable accordance withwage-performance linkage
39 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
reflecting improved profitability
Mainly due to a reduction in
Other payables 101398.15 2.28 168533.45 4.30 -39.84 pending investment repayment
amounts awaiting recognition
Non-current Mainly due to the repayment of
liabilities due 12098.80 0.27 376474.82 9.61 -96.79 medium-term notes due within
within one year one year
Mainly due to a decrease of
RMB 3.009 billion in super
Other current
liabilities 114465.81 2.58 364025.04 9.29 -68.56
short-term commercial paper
payable and an increase of
RMB 554 million in business
dealings payments.Long term loan 45622.44 1.03 65758.93 1.68 -30.62 Due to the repayment ofmaturing long-term borrowings
Bonds payable 279904.47 6.31 - - NA Due to the repayment ofmaturing bonds
Deferred Mainly due to the deferred
income tax 12924.18 0.29 6846.72 0.17 88.76 income tax accrued on the gains
liabilities from changes in the fair value ofMetaX shares.Other
non-current 470351.17 10.59 - - NA Advance receipts related to the
liabilities Global Digital Trade Center
Other notes:
No
2. Overseas assets
√Applicable □Not applicable
(1). Scale of assets
Of which: overseas assets amount to RMB 567 million representing 1.28% of total assets.
(2). Explanation of the high proportion of offshore assets
□Applicable √Not applicable
3. Encumbrances on major assets as of the end of the reporting period
√Applicable □Not applicable
Unit: RMB
Item 2025 2024
Monetary funds 25578290.90 10822951.08
Trading financial assets 308282354.62 -
Long-term equity investment 102918559.00 102918559.00
Other non-current financial assets 664361085.31 660196410.80
Other current assets 928684511.79 377164678.50
Total 2029824801.62 1151102599.38For details regarding restrictions on assets see Note VII.31 “Assets with RestrictedOwnership or Usage Rights” in Section VIII “Financial Statements.”
4. Other notes
□Applicable √Not applicable（iv） Analysis of business information of industry
√Applicable □Not applicable
40 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
For details please refer to "II. The situation of the industry of the Company" in this section
41 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
（v） Analysis of investments
Overall analysis of external equity investment
√Applicable □Not applicable
As of December 31 2025 the balance of external investments was RMB 10.7870566 billion (including trading financial assets of RMB 2.0936406
billion long-term equity investments of RMB 6.4367734 billion other equity instrument investments of RMB 661.0021 million and other non-current
financial assets of RMB 1.595405 billion) an increase of RMB 1.2867044 billion or 13.54% compared to the balance of RMB 9.5003522 billion at the
end of the previous year (including trading financial assets of RMB 400.317 million long-term equity investments of RMB 6.9471166 billion other
equity instrument investments of RMB 671.0363 million and other non-current financial assets of RMB 1.4818823 billion). The main changes are as
follows:
I. As of the end of the reporting period trading financial assets increased by RMB 1.6933236 billion compared to the end of the previous year.This was primarily due to a net increase of RMB 1.4396829 billion in wealth management products structured deposits and securities investments
during the period along with gains from changes in fair value of RMB 253.6407 million.II. As of the end of the reporting period long-term equity investment decreased by RMB 510.3432 million from the end of the previous year mainly
due to:
1. The net increase in investment cost amounted to RMB 119.5259 million. This includes an additional investment principal of RMB 165.00 million
mainly due to an increase of RMB 160.00 million in Yiwu Hongyi Equity Investment Fund Partnership (Limited Partnership); and a decrease in
investment principal of RMB 45.4741 million mainly due to a reduction of RMB 41.2291 million in Yiwu Hongyi Equity Investment Fund Partnership
(Limited Partnership).
2. Equity-method provisions and other items decreased by RMB 629.8691 million from the beginning of the year. This was primarily driven by the
receipt of cash dividends of RMB 857.3842 million during the reporting period which was partially offset by the recognition of investment income of
42 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
RMB 199.61 million under the equity method changes in other equity of RMB 28.1569 million other comprehensive income adjustments of RMB
-222300 and other items of RMB -25300.III. As of the end of the reporting period investments in other equity instruments decreased by RMB 10.03 million compared to the end of the
previous year. This was primarily due to changes in the fair value of Shenwan Hongyuan shares during the current period and the corresponding
accrual of deferred income tax.IV. As of the end of the reporting period other non-current financial assets increased by RMB 113.7581 million compared to the end of the
previous year. This was mainly due to an additional investment of RMB 90 million in the Service Trade Innovation and Development Guide Fund
Phase II (Limited Partnership) and RMB 40 million in Suzhou Xiangzhong Venture Capital Partnership (Limited Partnership) during the period; the
recovery of investments amounting to RMB 5.7652 million from Beijing Redbud Huarong Equity Investment Co. Ltd. RMB 3.7096 million from Suzhou
Xiangzhong Venture Capital Partnership (Limited Partnership) and RMB 0.7834 million from Nantong Redbud Huatong Equity Investment Partnership
(Limited Partnership); and a change in fair value of RMB -5.9837 million for the current period.
1. Major equity investments
□Applicable √Not applicable
43 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
2. Major non-equity investments
√Applicable □Not applicable
Unit: RMB 10000
Amount
invested Cumulative
Item Projectamount Progress during the
actual
current investment
period amount
The market section has been completed delivered and commenced operations; five
high-rise office buildings (T3–T7) have been completed filed for completion acceptance and
Global Digital Trade partially delivered to purchasers; four serviced apartment buildings in the apartment section
Center 832082.00 have been completed delivered and opened for business while interior fit-out of the T2 216824.68 649587.75hotel in the apartment section has reached 84% of total construction volume; civil works for
the Digital Trade Hub have been completed; and structural construction of the supertall
section is underway with 33% of total construction volume completed.The Yiwu
Comprehensive 624250.00 All parcels A B C and D of the Comprehensive Bonded Zone have been completed and put 5148.98 464010.08
Bonded Zone Project into operation.
44 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
3. Financial assets measured at fair value
√Applicable □Not applicable
Unit: RMB 10000
Profit and loss
Category of Opening from changes
Cumulative fair Current Current Sale/redempti Closing
assets balance in fair value in
value changes Other
the current included in
provision for purchase on amount in balance of the
equity impairment amount current period
changes current period
period
Trading
financial 40031.70 25364.07 - - 368968.29 225000.00 - 209364.06
assets
Other equity
instrument 67103.63 - 8053.25 - -1003.42 66100.21
investments
Other
non-current
financial 148188.23 -598.37 - - 13000.00 1025.81 159564.05
assets
Total 255323.56 24765.70 8053.25 - 381968.29 226025.81 -1003.42 435028.32
45 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Securities Investment
√Applicable □Not applicable
Unit: RMB 10000
Profit and Cumulati
ve fair Salesloss from Profit and
Securi Security Security Initial Source Opening value Current amountchanges in loss from
ties code abbreviation investment of funds book value fair value in changes purchase in investment
Closing Accounting
cost amount current in current book value itemthe current included
period in equity period
period
Self-ow Trading
Stocks 688802 MetaX 5999.99 ned - 24828.25 5999.99 - - 30828.24 financial
funds assets
Other
Stocks 000166 Shenwan
Self-ow equity
Hongyuan 55362.54 ned 67103.63 - 8053.25 - - 1015.96 66100.21 instrumentfunds investment
s
Self-ow Other
Stocks 833979 TiantuInvestment 15519.21 ned 3273.15 388.20 - - - - 3661.35
non-curren
funds t financialassets
Total / / 76881.74 / 70376.78 25216.45 8053.25 5999.99 - 1015.96 100589.80 /
Explanation of securities investment
□Applicable √Not applicable
PE investment
√Applicable □Not applicable
As of the end of the reporting period the book value of private fund investments was RMB 1.3642682 billion representing an increase of RMB
122.2366 million compared to RMB 1.2420316 billion at the end of the previous year. This increase was due to additional investments of RMB 90
million in the Service Trade Innovation and Development Guidance Fund Phase II (Limited Partnership) and RMB 40 million in Suzhou Xiangzhong
Venture Capital Partnership (Limited Partnership) partial recovery of investments totaling RMB 10.2581 million from Beijing Redbud Equity Investment
Co. Ltd. and Suzhou Xiangzhong Venture Capital Partnership (Limited Partnership) and fair value changes amounting to RMB 2.4947 million.
46 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Derivatives investment
□Applicable √Not applicable
4. Specific progress of major asset restructurings during the report period
□Applicable √Not applicable（vi） Major sales of assets and equity
□Applicable √Not applicable（vii） Analysis of major subsidiaries and associates
√Applicable □Not applicable
Information on major subsidiaries and equity investees contributing more than 10% to the Company's net profit
□Applicable √Not applicable
Acquisition and disposal of subsidiaries during the reporting period
√Applicable □Not applicable
company name Methods of acquisition and disposal of Impact on overall productionsubsidiaries during the reporting period operations and performance
Xunchi (Hong Kong) Digital Technology Co. Ltd. Establishment No Material Impact
Zhejiang Xunchi Data Services Co. Ltd. Establishment No Material Impact
Yiwu Digital Trade Technology Co. Ltd. Establishment No Material Impact
Yiwu Shangbo Shuzhi Enterprise Management Co. Ltd. Absorbing and merging No Material Impact
Other notes
□Applicable √Not applicable（viii） Structured entities controlled by the Company
□Applicable √Not applicable
47 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
VI. Discussion and Analysis of the Company's Future Development
（i） Industry Pattern and Trends
√Applicable □Not applicable
1. Escalating Geopolitical Conflicts Highlight the Resilience Advantage of Supply
Chains
In 2025 the global economic recovery remains weak; geopolitical conflicts continue to
intensify; trade protectionism has risen markedly; and certain developed countries frequently
impose additional tariffs and erect non-tariff barriers ushering the global supply chain into a
period of profound restructuring. Converging pressures including maritime congestion
disruption of shipping routes and regional trade and economic frictions have exerted sustained
impacts on global small-commodity trade. Under this extreme external stress test the
small-commodity supply chain centered on the Company and underpinned by the inelastic
demand for small commodities has demonstrated exceptional risk resilience rapid recovery
capacity and dynamic adaptability leveraging the Company’s distinctive business model
comprehensive industrial linkage foundation robust digital capabilities and multi-dimensional
logistics safeguards. It thus serves as a pivotal pillar in stabilizing the global supply of small
commodities and facilitating the smooth functioning of both domestic and international dual
circulation.In the face of uncertainty in traditional export markets merchants are leveraging the
Company's brand globalization (Yiwu Market) strategy to rapidly expand into emerging markets.By adopting flexible approaches such as transit trade and overseas warehouse distribution to
circumvent trade barriers they have effectively hedged against the risks of single-market
volatility thereby optimizing the export market structure and diversifying risks. Leveraging the
institutional innovation advantages of the Market Procurement Trade (Model 1039) Yiwu
achieved a remarkable milestone in 2025: trade with countries participating in the "Belt and
Road" initiative accounted for a staggering 68% of its total import and export volume.Specifically trade with the three emerging markets ASEAN Africa and Latin America surged
by 46.7% 23.4% and 14.1% YoY respectively demonstrating the remarkable effectiveness of
its market diversification strategy.Digital transformation has become another core engine enabling the Yiwu Market to
withstand external risks and enhance responsiveness. Leveraging the Chinagoods platform and
the “World Yiwu” Commerce-Focused AI Large Language Model the Company has established
a digital-intelligence ecosystem. Merchants empowered by tools such as AI-driven intelligent
design big-data-based product selection and flexible production scheduling now achieve
design within seconds instantaneous listing rapid small-batch responsiveness and
demand-driven production compressing the product iteration cycle from several months under
traditional models to merely several days. In response to external shocks including sudden
changes in tariff policies and regional hotspot events the Yiwu Market demonstrates an
48 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
unparalleled ability to rapidly adjust its product mix switch target markets and reconfigure order
resources embodying “instant relocation and immediate recovery.”
The resilience of logistics corridors constitutes a solid foundation for the stable operation of
the Yiwu Market. During the reporting period Yiwu was approved to establish a China-Europe
Railway Express (CEREX) consolidation center; participated in establishing the nation’s first
overseas operating company; launched overseas distribution centers in Tashkent and Moscow;operated 3500 CEREX (Yixin’ou) trains—a 14.7% increase YoY; the “Yiwu–Ningbo-ZhoushanPort” sea-rail intermodal route became the first such route in China to reach one million TEUs;
the Yiwu (Suxi) International Hub Port commenced operations; the first autonomous driving
demonstration zone adopting a mixed-traffic operation mode was launched in China; and
clearance time for sea-rail intermodal transport was reduced by 50%. By leveraging the synergy
of multimodal transport spanning sea rail air and road we have built a global fulfillment
network that links land and sea and coordinates the east and west. Even in extreme scenarios
where certain shipping routes are blocked or regional logistics are disrupted we can swiftly
switch routes and adjust plans. This significantly enhances the security and controllability of our
supply chain.
2. Deep Empowerment Through Digital Intelligence Promoting Trade Fulfillment
Efficiency
According to the “China Digital Trade Development Report 2025” released by China’s
Ministry of Commerce the import and export value of digital delivery services in China reached
RMB 2.9 trillion in 2024; the import and export value of digital ordering services represented by
cross-border e-commerce was approximately RMB 2.63 trillion (based on preliminary customs
statistics) demonstrating robust resilience in China’s digital trade sector affirming digital trade
as an irreversible development trend and providing vast market opportunities for the digital
transformation of Yiwu’s small-commodity trade.Amid the global wave of digital transformation in trade digital trade has emerged as the
core engine driving global trade growth. The deep integration of artificial intelligence and digital
infrastructure is reshaping the end-to-end processes of small-commodity trade; meanwhile the
evolution of digital markets and the development of the flagship Digital Trade Hub project are
profoundly influencing the future competitive landscape and developmental trajectory of global
small-commodity trade.The large-scale application of artificial intelligence technology is triggering a revolutionary
transformation in fulfillment efficiency across the small-commodity trade sector serving as a
critical enabler for reducing merchants’ operating costs and enhancing core competitiveness.The “World Yiwu” Commerce-Focused AI Large Language Model establishes an AI service
matrix covering the entire trade process effectively assisting micro small and medium-sized
enterprises (MSMEs) in overcoming cross-border communication barriers and reducing
operational costs. In practical cases certain market merchants by leveraging the “CG AI Design”
49 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
tool increased their average monthly launch of new products from approximately one hundred
to two hundred to three hundred items with unit sales exceeding 10000 pieces per item; by
utilizing “CG AI Visual Creation” they can generate multilingual short promotional videos within
minutes saving tens of thousands of RMB annually in video production costs and successfully
securing orders from foreign buyers vividly demonstrating AI’s profound empowerment of trade
and commerce scenarios facilitating merchants’ transition from “experience-driven” to
“data-driven” operations and from “passively accepting orders” to “proactively expandingcustomer bases”.The Yiwu Global Digital Trade Hub will establish three centers—Digital Trade Exhibition
Data Trading and New Product Launch—underpinned by the “World Yiwu”
Commerce-Focused AI Large Language Model and Trusted Data Space technologies. It will
closely integrate the three major digital platforms—Chinagoods Zhijie Yuangang and Yiwu
Pay—and strategically deploy ten distinctive application scenarios to build a full-chain
integrated digital-intelligence trade service system.
(Figure 9. Overall Framework of the Digital Trade Hub)
As an integral component of Zhejiang Province’s overall “1+3+N” digital trade strategy the
Digital Trade Hub complements Hangzhou’s digital technology empowerment and Ningbo’sport-based logistics advantages enabling synergistic development. Anchored in the “Four-PortLinkage” framework it achieves data interoperability platform interconnection and resource
sharing establishing a regional cooperative model characterised by deep integration of
“technology + logistics + trading.” As of the end of 2025 infrastructure construction and design
work for the Digital Trade Hub have been fully implemented; its core technological foundation
has been established and functional modules and scenario-based layouts have taken shape.
50 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report（ii） Development strategies of the Company
√Applicable □Not applicable
At the Fifth China-Africa Entrepreneurs Conference General Secretary Xi Jinping lauded
Yiwu as the world’s “Capital of Small Commodities” charting a clear course for the Company’s
development. As both developer and service provider of the Yiwu market the Company
shoulders the historic mission of building with high quality and high standards the world’s
“Capital of Small Commodities” and has established the core development strategy of “takingmarkets as its core business digital technologies as its connecting thread and platforms as itssupporting infrastructure to become a comprehensive international trade services provider.”
The Company will focus on its core market business channel resources and factors toward
this core business vigorously develop digital trade integrate domestic and international
supply-chain links continuously consolidate and enhance its core competitiveness empower
the small-commodity industrial chain and ecosystem drive the transformation of physical
markets into global trading service platforms for SMEs and micro-enterprises and achieve a
strategic leap from a market operator to an integrated international trade service provider.（iii） Business plan
√Applicable □Not applicable
2026 is the inaugural year of the 15th Five-Year Plan. The Company will concentrate on
three core pillars—core business ecosystem and positioning—and comprehensively advance
the upgrading of physical digital and overseas markets; continuously optimize the trade
ecosystem; firmly establish itself as an integrated international trade service provider; and
comprehensively enhance its core competitiveness. Focus on making breakthroughs in the top
ten tough challenges:
1. Striving for the prosperity of the Global Digital Trade Center: Building a digital trade
highland and a "never-ending digital trade fair." Over the year the Company trained over
30000 merchants cultivated 160 digitally exemplary merchants; incubated over 100
original-design merchants; at year-end merchants operating self-owned brands or intellectual
property (IP)-based businesses accounted for over 70%; merchants launching new products
monthly accounted for 90%; and merchants with brands registered overseas accounted for 20%.The Digital Trade Hub commercial street and other segments were fully commissioned by the
end of June.
2. Enhancing the market’s core competitiveness: amplifying the brand effect of the “World’sLargest Wholesale Market for Small Commodities” attracting 1.2 million new buyers throughout
the year and hosting over 40 trade-promotion events; organizing the 9th “CCC Cup” Creative
Design Competition to high standards; formulating five new group standards; bringing the
cumulative number of certified products to over 20000; implementing comprehensive coverage
51 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
of applications such as small-business navigation and guidance services to accelerate the
transformation from traditional to digital trade.
3. Project Construction as a Tangible Pillar: Full-scale commencement of the 5th District
South Project within the year establishing an intelligent international trade ecosystem spanning
all scenarios and full value chains serving as a foundational support for market expansion and
upgrading; advancing renovations across Districts 1-5 of the International Trade City;
systematically planning holistic renovation and enhancement strategies; upgrading market
infrastructure; and further solidifying the competitive edge of Yiwu China Commodities City’s
core commercial district.
4. Iterating the Digital Trade Platform: Continuously upgrading the “World Yiwu”
Commerce-Focused AI Large Language Model; expanding AI-powered applications to 32;
cumulative app users surpassed 80000 with daily active usage exceeding 2000 sessions.
5. Perfecting the Logistics and Warehousing Network: Consolidating the “Two WarehousesOne Line” delivery system and establishing a consolidated cargo trade service platform; annual
cargo shipment volume exceeded 200000 TEUs; optimizing warehouse layout to sustain an
overall occupancy rate above 90%; adding over 100000 square meters of new logistics and
warehousing space.
6. Accelerating Financial Empowerment Upgrades: Expediting the global acquisition of
financial licenses; increasing cross-border payment transaction volume by over USD 10 billion;
disbursing RMB 400 million in factoring loans annually.
7. Enhancing Openness and Radiating Influence: More than thirty new “Yiwu Market”
projects launched including four overseas branch markets; pilot import volume exceeding RMB
200 million; exploration of international transshipment and consolidation services with
integrated “import export and transit” business surpassing RMB 500 million.
8. Advancing the Strategy of Strengthening the Enterprise through Talent Development:
Focusing on the “Six Talent Teams” and skilled professionals customizing targeted training
programs with rigorous performance evaluation; refining the research and case analysis system
and implementing a “public challenge-based research” mechanism; optimizing the talent
development framework comprising mentorship by experienced staff on-the-job skill
enhancement and skills competitions to cultivate a high-performing multifunctional talent pool.
9. Stimulating Vitality through Reform: Closely aligned with the requirement for efficient
resource utilization the Company advances market-oriented professionalized and intelligent
integration across business segments; strengthens market capitalization management;
deepens integration among operations and finance personnel efficiency and performance
appraisal; refines the tiered authorization system; and enhances governance efficiency.
10. Enhancing Supporting Service Capabilities: The exhibition division hosted 64
exhibitions covering over 1.25 million square meters; Gross Operating Profit (GOP) of hotels
increased by 20%; satisfaction rate for the “Fingertip Canteen” remained no lower than 97%; no
52 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
fewer than three “Enjoy Yiwu Shopping” promotional events were held; average occupancy rate
for asset operations reached 95%; and the division is transforming from an advertising agency
to a media corporation.（iv） Possible risks
√Applicable □Not applicable
1. Market Digital-Intelligence Transformation Risks: Globally digital technologies are
advancing at an accelerated pace and industry-wide digital-intelligence transformation
continues to deepen. Potential risks exist that the Company may fail to timely adapt to industry
transformation trends in areas such as R&D investment infrastructure construction and AI
application deployment or encounter mismatches between merchants’ digital operational
capabilities and requirements during the transition resulting in suboptimal digital-intelligence
transformation outcomes. The Company will steadily advance the intelligent and digital
transformation of markets through sustained increases in R&D investment strengthening of
digital infrastructure and enhanced merchant training.
2. Talent reserve risk for new business lines: As the Company advances its
digital-intelligent transformation and extends its international operations demand for
high-caliber cross-disciplinary professionals including specialists in digital technology financial
services and overseas expansion is growing rapidly. There remains a potential risk that talent
reserves may not fully align with the pace of future strategic expansion leading to temporary
supply shortages. The Company will intensify efforts to attract and cultivate market-oriented
talent refine incentive mechanisms strengthen talent pipeline development and ensure that
talent supply remains fully aligned with strategic development objectives.
3. External Uncertainty Risks: The current international landscape is highly complex and
volatile; international political tensions are intensifying; regional conflicts are exacerbating
instability; and the proliferation of trade protectionist sentiments collectively heighten the
instability of the global trading environment. The emergence of new technologies and business
models may also present challenges to industry transformation; the Company will continuously
strengthen supply chain resilience deepen digital transformation flexibly adjust its market
positioning and proactively respond to changes in the external environment.（v） Other
□Applicable √Not applicable
VII. The Company failed to disclose and explain the reasons in accordance with the
standards due to special reasons such as non-applicable standards or state secrets
and trade secrets.□Applicable √Not applicable
53 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Section IV. Corporate Governance Environment and Society
I. Description of corporate governance
√Applicable □Not applicable
During the reporting period in strict accordance with the Company Law of the People's
Republic of China the Securities Law of the People's Republic of China the Code of
Governance for Listed Companies and the relevant laws and regulations of China Securities
Regulatory Commission and Shanghai Stock Exchange the Company has continuously
established and improved relevant systems endeavored to improve the corporate governance
structure and conduct standardized and lawful operation. There is no difference between the
actual status of the Company's legal person governance structure and the normative
documents related to the governance of the listed company.(I) Regarding shareholders and the shareholders’ (general) meeting
The Company convenes and holds meetings of shareholders in strict accordance with the
Rules of Procedure for Meetings of Shareholders of Listed Companies to ensure that all
shareholders of the Company fully exercise their rights especially those of small and medium
shareholders. In peacetime the Company earnestly receives visits and calls from shareholders
to ensure the shareholders’ rights to know participate and vote on major company issues so
that shareholders can truly enjoy equal rights.(II) Controlling shareholders and the listed company
The controlling shareholder of the Company exercised the rights of investors through
meetings of shareholders in accordance with the law and did not directly or indirectly intervene
in the Company's decision-making and business activities beyond meetings of shareholders.The Company has achieved the five independences of personnel assets finances institutions
and businesses. The Company's board of directors board of supervisors and internal
institutions can operate independently. The controlling shareholder of the Company can strictly
abide by the promise made to the Company to avoid horizontal competition. When the
Company has connected transactions with its controlling shareholders it strictly follows the
relevant laws and regulations to ensure that the connected transactions are fair just and
equitable.(III) Directors and Board of Directors
The Company selects directors in strict accordance with the procedures stipulated in the
"Articles of Association" and convenes and holds board meetings in strict accordance with the
"Code of Corporate Governance for Listed Companies". All directors of the Company
conscientiously attend board meetings and shareholders’ (general) meetings actively
participate in training programs and diligently fulfill their duties as directors. The three
independent directors can conscientiously perform the duties and obligations entrusted by laws
regulations and the Company's articles of association express independent opinions and
54 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
suggestions on important matters of the Company and effectively protect the legitimate rights
and interests of shareholders.(IV) Supervisors and Board of Supervisors
During the reporting period the Company held six supervisory meetings and the
convening procedures of each meeting complied with relevant laws and regulations. Company
supervisors can earnestly perform their duties supervise major company matters supervise the
legality and compliance of the Company's directors and senior managers in performing their
duties safeguarding the legitimate rights and interests of the Company and shareholders.On September 12 2025 the Company convened its 35th Meeting of the 9th Board ofDirectors which reviewed and approved the “Proposal on Abolishing the Supervisory Boardand Amending the Articles of Association.” In accordance with relevant provisions of laws and
regulations including the Company Law and the Guidelines for the Articles of Association of
Listed Companies the Company will no longer establish a supervisory board or appoint
supervisors; the supervisory powers prescribed under the Company Law shall instead be
exercised by the Audit Committee of the Board of Directors.(V) Information disclosure and investor relationship management
The Company disclosed relevant information in a true accurate complete and timely
manner in accordance with the "Administrative Measures for Information Disclosure of Listed
Companies". Investors can learn about the Company's situation through media publicity and
telephone consultation. In addition to completing mandatory regular reports and disclosure of
temporary announcements the Company proactively conducts compliant and voluntary
information disclosure allowing investors to have a continuous understanding of the business
conditions they care about and truly protecting shareholders' right to know.Whether there are major differences between the corporate governance and the requirements
of the law administrative laws and regulations and relevant regulations of the China Securities
Regulatory Commission; if there are major differences the reasons should be explained.□Applicable √Not applicable
II. Specific measures for ensuring the independency of the Company's controlling
shareholder and actual controller in company assets personnel finance organization
business and others and solutions taken after they influenced the independency of the
Company the progress thereof and follow-up work plan
□Applicable √Not applicable
Cases in which the Company's controlling shareholder actual controller and other units
controlled by them conduct business as same as or similar to that of the Company the
influence on the Company due to major changes in horizontal competitors or horizontal
competition measures taken progress thereof and follow-up solution plan
□Applicable √Not applicable
55 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
III. Directors and senior management
（i） Changes in shareholding of resigned directors and senior management during the reporting period
√Applicable □Not applicable
Unit: 10000 shares
Number of Number The amountof stock Pre-tax Whether toremuneration receive
Name Title Sex Age Start date Term end
shares of shares
of tenure date held at the held at
increase or Reasons received from the remuneration
decrease for change Company during the from relatedbeginning the end of during the reporting period parties of theof the year the year year (RMB 10000) Company
CHEN Board December
Dezhan chairman Male 55 19 2025 / - - - / 25.38 No
WANG Chairman Male 53 November June 27Dong (Departed) 8 2022 2025 30 30 - / 25.38 No
Vice Chairman
BAO Hua and General Male 43 December19 2025 / - - - / 50.76 NoManager
WU Xiubin Director Male 55 December19 2025 / - - - / - No
Director and
XU Hang Secretary of theBoard of Male 52
December
19 2025 / 30 30 - / 43.15 No
Directors
LIU December
Xiaojing Director Female 36 19 2025 / - - - / - Yes
WANG Employee December
Xiangrong Director Male 42 19 2025 / - - - / 42.82 No
HONG Independent Male 60 DecemberJianqiao director 19 2025 / - - - / 7.20 No
ZHANG
Chenghon Independent Male 58 December
g director 19 2025
/ - - - / 0.25 No
LUO Independent
Jinming director Male 58
December
19 2025 / - - - / 7.20 No
56 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
LI Director (Left Male 54 November April 30Chengqun the position) 8 2022 2025 - - - / - Yes
ZHANG Director (Left November July 3
Lang the position) Male 52 8 2022 2025 - - - / - Yes
MA IndependentDirector (Left Male 58 November DecemberShuzhong the position) 8 2022 19 2025
- - - / 6.95 No
WU Gang Vice generalmanager Male 44
December
19 2025 / - - - / 14.38 No
YANG Vice general
Liqiang manager Male 52
December
19 2025 / - - - / 43.15 No
SHOU Vice general Male 52 DecemberShengdi manager 19 2025 / - - - / 43.15 No
GONG Vice general December
Chenghao manager Male 46 19 2025 / 20 20 - / 43.15 No
HUANG Vice general Female 43 DecemberXiaoying manager 19 2025 / - - - / 43.15 No
WANG Vice general February Personal
Zhengchao manager Male 40 28 2026 / 5.44 0.30 5.14 funding 35.87 Noarrangements
ZHAO Financial
Difang Manager Female 53
December
19 2025 / 35.01 35.01 - / 43.15 No
Deputy
HUANG General November April 30
Haiyang Manager (Left Male 37 8 2022 2025 - - - / 14.38 No
the position)
Deputy
LI Xiaobao General November April 30Manager (Left Male 49 8 2022 2025 - - - / 14.38 No
the position)
Deputy
YANG General Male 43 September NovemberYang Manager (Left 29 2021 7 2025 20 20 - / 35.96 No
the position)
Total / / / / / 140.45 135.31 5.14 / 539.81 /
57 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Name Main working experience
CHEN Formerly served as Party Secretary and Chairman of Yiwu Municipal State-owned Capital Operation Co. Ltd.; currently serves as Party
Dezhan Secretary and Chairman of the Company.WANG
Dong Formerly served as the Party Committee Secretary and Chairman of the Company now has left the position.BAO Hua Formerly served as Party Committee Secretary and Chairman of Yiwu Transportation Tourism and Industrial Development Group Co.Ltd. currently serves as Deputy Party Committee Secretary Vice Chairman and General Manager of the Company.WU Xiubin Formerly served as Deputy Party Secretary Vice Chairman and General Manager of Yiwu Urban Investment and Construction GroupCo. Ltd.; currently serves as a Director of the Company and a Director of Yiwu Construction Investment Group Co. Ltd.XU Hang He used to be general manager of the Company's securities legal affairs department and representative of securities affairs of theCompany and is currently a director and the secretary of the board of the Company.LIU Xiaojing Formerly served as Investment and Financing Manager at Geely JUNENG (Zhejiang) Technology Co. Ltd. currently serves as SeniorManager of Investment Operations Department at Zhejiang Zhecai Capital Management Co. Ltd. and a Director of the Company.WANG Previously served as General Manager of the Company’s Market Operations Branch; currently serves as a member of the Company’s
Xiangrong Party Committee Employee Director and General Manager of the Company’s Market Operations Branch.HONG He is currently the dean of the Accounting Department of the School of Management Fudan University and concurrently serves as an
Jianqiao independent director of the Company.ZHANG Currently serves as Professor at the School of Management Fudan University and concurrently serves as Independent Director of the
Chenghong Company.LUO Currently serves as a Professor at Zhejiang Gongshang University and concurrently serves as an Independent Director of the Company
Jinming and an Independent Director of Chengbang Eco-Environment Co. Ltd.LI
Chengqun Formerly served as a Director of the Company now has left the position.ZHANG
Lang Formerly served as a Director of the Company now has left the position.MA
Shuzhong Formerly served as an Independent Director of the Company now has left the position.WU Gang Formerly served as a member of the Party Committee of Yiwu Municipal Public Security Bureau Director of its General Office andLevel-Four Senior Police Officer; currently serves as Deputy Party Secretary and Deputy General Manager of the Company.YANG Formerly served as a member of the Company’s Party Committee and Discipline Inspection Secretary; currently serves as a member of
Liqiang the Company’s Party Committee and Deputy General Manager.SHOU Formerly served as a member of the Party Committee of Zhejiang Yiwu Municipal Bureau of Foreign Trade and Economic Cooperation
Shengdi a member of the Party Committee and Deputy Director of Zhejiang Yiwu City Commerce Bureau and currently serves as a member ofthe party committee and deputy general manager of the Company.
58 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
GONG Formerly served as General Manager of Yiwu China Commodities City Information Technology Co. Ltd. and the general manager of
Chenghao Yiwu China Commodities City Supply Chain Management Co. Ltd. and currently serves as a member of the party committee anddeputy general manager of the Company.HUANG Formerly served as Director of the Supervision Office of the People's Government of Fotang Town the secretary of the Disciplinary
Xiaoying Committee and a member of the Party Committee and currently serves as a member of the Party Committee and Deputy GeneralManager of the Company.WANG Formerly served as Director of the Company’s General Office General Manager of the Strategy and Development Reform Department
Zhengchao and Party Committee Member; currently serves as Party Committee Member and Deputy General Manager of the Company.ZHAO Formerly served as General Manager of the Company's financial department and currently serves as the head of the Company's
Difang finance.HUANG
Haiyang Formerly served as Party Committee Member and Deputy General Manager of the Company now has left the position.LI Xiaobao Formerly served as Party Committee Member and Deputy General Manager of the Company now has left the position.YANG Yang Formerly served as Deputy General Manager of the Company now has left the position.Statement on other matters
□Applicable √Not applicable
59 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report（ii） Appointment status of directors and senior management currently serving and
those who left their position during the reporting period
1. Position in shareholder units
√Applicable □Not applicable
Name of
incumbent Name of shareholder unit
Positions held in Start date Term end
shareholder units of tenure date
CHEN Dezhan Yiwu China Commodities City ChairmanHoldings Limited general manager 2025 /
Chairman (Left
the position)
WANG Dong Yiwu China Commodities CityHoldings Limited General 2024 2025Manager (Left
the position)
BAO Hua Yiwu China Commodities City HoldingsLimited Director 2025 /
LIU Xiaojing Zhejiang Zhecai CapitalManagement Co. Ltd. Director 2024 /
Description of
the position of
the shareholder No
unit
2. Serving in other units
√Applicable □Not applicable
Positions
Name of incumbent Names of other units held in other Start date Term endorganization of tenure date
s
LUO Jinming Chengbang Ecological IndependentEnvironment Co. Ltd. director 2024 /
Description of employment
in other units No（iii） Remuneration of Directors and Senior Management
√Applicable □Not applicable
The remuneration of the Company's salaried directors
Decision-making procedures for supervisors and senior management is reviewed by the Board's
directors’ and senior Remuneration and Appraisal Committee and submitted to the
management’s remuneration Board for approval. The remuneration of directors and supervisorsmust also be submitted to the Company's meetings of
shareholders for approval.Whether a director recuses
himself from the board's Yes
discussion of his remuneration
Specific information on the
recommendations made by the
Remuneration and Appraisal
Committee or the Independent The relevant assessment for 2025 has not been completed yet.Director's Special Meeting on After the assessment is completed the salary and assessment
the remuneration of directors committee will provide relevant opinions.and senior management
personnel
Basis for determining directors’ The remuneration of independent directors is determined
60 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
and senior management’s according to the Independent Director Allowance System which is
remuneration reviewed and formulated by the Board of Directors and approved
by the shareholders' meeting. The allowance standard is RMB
6000 (pre-tax) per month. The remuneration of directors
supervisors and senior management paid by the Company is
reviewed and determined by the Board's Remuneration and
Appraisal Committee based on the assessment opinions and
results of the state-owned assets regulatory department and
submitted to the Board for review. The remuneration of directors
and supervisors must also be approved by the Company's
shareholders' meetings.Actual payment of directors’ and The relevant assessment for 2025 has not been completed yet
senior management’s and the actual compensation will be determined after
remuneration completing the assessment and fulfilling the relevantprocedures.Total remuneration actually The actual payment of remuneration will be determined after
received by all directors and completing the assessment and performing the relevant
senior management personnel procedures. The current salary paid is the pre-paid salary for
as of the end of the reporting the year 2025 with a total pre-tax amount of RMB 5.3981
period million.Performance evaluation criteria In 2025 independent directors received their stipends as
and achievement for the independent directors and performance evaluation did not
remuneration actually received apply; none of the Company’s external directors received
by all directors and senior remuneration in their capacity as directors; other directors and
management personnel as of senior executives received pre-disbursed compensation in
the end of the reporting period accordance with the Company’s relevant remuneration andperformance evaluation regulations.Yiwu Municipal State-owned Assets Supervision and
Deferred payment arrangements Administration Commission assesses the Company’s annual
for the actual remuneration operational performance against contractual targets; based on the
received by all directors and evaluation results it determines the base amount for
senior executives as of the end performance-based annual remuneration. After deductingpre-issued performance bonuses internal differentiated settlement
of the reporting period and reconciliation is implemented factoring in each employee’s
position duration of service and other relevant criteria.Suspension and recovery of
remuneration actually received
by all directors and senior No cases of payment stoppage or recourse occurred during the
management personnel as of reporting period.the end of the reporting period（iv） Changes in directors and senior management of the Company
√Applicable □Not applicable
Name Title Change Reasons for change
CHEN Dezhan Board chairman Election Election
WANG Dong Board chairman Resignation Job reassignment
LI Chengqun Director Resignation Job reassignment
ZHANG Lang Director Resignation Job reassignment
WANG Xiangrong Employee Director Election Election
ZHANG Chenghong Independent director Hiring Hiring
MA Shuzhong Independent director Resignation Term expired
WU Gang Vice general manager Hiring Hiring
YANG Liqiang Vice general manager Hiring Hiring
WANG Zhengchao Vice general manager Hiring Hiring
HUANG Haiyang Vice general manager Resignation Job reassignment
LI Xiaobao Vice general manager Resignation Job reassignment
61 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
YANG Yang Vice general manager Resignation Job reassignment
（v） Explanation of punishments by securities regulatory agencies in the past three
years
□Applicable √Not applicable（vi） Other
□Applicable √Not applicable
IV. Duties performed by directors
（i） Directors’ attendance at Board meetings and shareholders’ meetings
Attendanc
e at
Participation in Board of Directors Sharehold
Indep er
enden Meetings
Director t Numb Number
Name direct Numbe Failure to
or or Number
er of of
attend particip r of Numb attend the Number of
not of boardmeetings ances ations
delega er of meeting in shareholde
tes absen person r meetings
this year in byperso commu attend ces twice in a attended
n nication ed row or not
CHEN
Dezhan No 9 9 8 0 0 No 1
WANG
Dong No 6 6 4 0 0 No 2
BAO
Hua No 14 14 13 0 0 No 2
WU
Xiubin No 9 9 6 0 0 No 3
XU
Hang No 16 16 11 0 0 No 5
LIU
Xiaojing No 16 16 12 0 0 No 4
WANG
Xiangro No 3 3 3 0 0 No 0
ng
HONG
Jianqia Yes 16 16 11 0 0 No 5
o
ZHANG
Chengh Yes 1 1 1 0 0 No 1
ong
LUO
Jinming Yes 16 16 12 0 0 No 3
LI
Chengq No 5 5 5 0 0 No 0
un
ZHANG
Lang No 6 6 6 0 0 No 0
MA
Shuzho Yes 15 15 13 0 0 No 2
62 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
ng
Explanation of not attending the board meeting in person for two consecutive times
□Applicable √Not applicable
Number of meetings of the Board of Directors
held during the year 16
Including: the number of on-site meetings 0
Number of meetings held by communication 11
Number of meetings held on site combined
with communication methods 5（ii） Objections raised by directors on company-related matters
□Applicable √Not applicable（iii） Other
□Applicable √Not applicable
V. Committees under the Board of Directors
√Applicable □Not applicable
（i） Members of Committees under the Board of Directors
Category of committees Member name
Audit Committee HONG Jianqiao ZHANG Chenghong WU Xiubin
Nomination Committee ZHANG Chenghong LUO Jinming XU Hang
Compensation and
Appraisal Committee LUO Jinming HONG Jianqiao WANG Xiangrong
Strategy and ESG
Committee CHEN Dezhan BAO Hua ZHANG Chenghong（ii） 5 meetings were held by the Audit Committee during the reporting period
Other
Date Contents of the meeting Important comments and things onsuggestions duty
fulfillment
Reviewed
1. Proposal on Matters for Reporting Approved the interim reportingFebruary 28 2025 During the Integrated Audit of the items under the 2024 Integrated No
Company in 2024 Audit.Deliberated Approved the 2024 Annual
1. "2024 Annual Financial Report" Financial Report the 2024
2. "2024 Annual Internal Control Internal Control Evaluation
Evaluation Report" Report the 2024 Internal Control
3. "2024 Annual Internal Control Audit Audit Report the proposal on
Report" the reappointment of the
March 25 2025 4. Proposal on the Reappointment of accounting firm and itsthe Accounting Firm and Its remuneration the Report on the No
Remuneration Performance of Duties by the
5. 2024 Annual Performance Report of Audit Committee of the Board of
the Audit Committee of the Board of Directors in 2024 and the
Directors Report on the Supervision of the
6. "Report on the Audit Committee's Accounting Firm by the Audit
Supervision of the Accounting Firm in Committee in 2024.
63 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
2024"
April 7 2025 Deliberated Approved the First-Quarter1. "First Quarter Report for 2025" Report for 2025. No
Deliberated
1. "Semi-annual Financial Report for Approved the Interim Financial
August 14 2025 2025" Report for 2025 and the Interim No
2. "Semi-annual Internal Control Audit Internal Control Audit Report for
Report for 2025" 2025.October 14 2025 Deliberated Approved the Third Quarter1. "Third Quarter Report for 2025" Financial Report for 2025. No（iii） 4 meetings were held by the Nomination Committee during the reporting period
Other things
Date Contents of the meeting Important comments andsuggestions on dutyfulfillment
Deliberated Approved the resolution
1. "Proposal on Nominating Director concerning the
January 26 2025 Candidates" nomination of director No
2. "Proposal on Nominating General candidates and the
Manager of the Company" Company’s generalmanager.Deliberated Approved the Proposal
July 4 2025 1. "Proposal on Nominating Director on Nominating Director No
Candidates of the Company" Candidates
Approved the resolution
Deliberated concerning the
September 8 2025 1. "Proposal on Nominating Deputy nomination of the No
General Manager of the Company" Company’s Deputy
General Manager.Resolution Approving the
Deliberated Proposal on Nominating
December 2 2025 1. "Proposal on Nominating Candidates Candidates for Directors No
for the Tenth Board of Directors" of the 10th Board of
Directors（iv） 2 meetings were held by the Remuneration and Appraisal Committee during the
reporting period
Other things
Date Contents of the meeting Important comments andsuggestions on dutyfulfillment
Approved the "Proposal on
Deliberated paying the 2023 annual
1. "Proposal on paying the 2023 annual remuneration of some
remuneration of some directors of the directors of the Company"
February 18 2025 Company" and "Proposal on paying No
2. "Proposal on paying the 2023 annual the 2023 annual
remuneration of the Company's senior remuneration of the
management" Company's senior
management"
Deliberated Approved the Proposal on
1. "Proposal on the Satisfaction of the the Satisfaction of the
October 20 2025 Unlocking Conditions for the Third Unlocking Conditions for No
Unlocking Period of the Reserved Grant the Third Unlocking Period
Part of the 2020 Restricted Stock of the Reserved Grant Part
64 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Incentive Plan" of the 2020 Restricted
Stock Incentive Plan
（v） The specifics of objection
□Applicable √Not applicable
VI. Statement of the Audit Committee regarding identified risks of the Company
□Applicable √Not applicable
The Audit Committee raised no objections regarding supervisory matters during the reporting
period.VII. Employees of the parent company and major subsidiaries
（i） Employees
Number of employees in the parent company 1841
Number of employees in major subsidiaries 1465
Total number of employees 3306
Number of retired employees for whom the parent
company and major subsidiaries have to bear expenses 0
Professional composition
Professional composition category Professional composition
Production staff 931
Salesperson 145
Technical staff 1308
Financial officer 170
Administration staff 380
Security personnel 372
Total 3306
Education level
Education level category Quantity (person)
Postgraduate 135
Bachelor's degree 1753
Junior college education or below 1418
Total 3306（ii） Salary policy
√Applicable □Not applicable
1. Principles of remuneration system
(1) Combination of duties powers responsibilities and benefits;
(2) It shall be fair internally and competitive externally;
(3) Distribution according to work priority to efficiency fairness and sustainable
development;
(4) Adoption of the distribution form of "salary determined by post grade determined by
ability and award determined by performance" to reasonably widen the income gap.
2. Basis for the Compensation System
65 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Position importance performance contribution ability work attitude and spirit of
cooperation.
(1) As far as the overall level is concerned the Company determines the remuneration
based on the current economic benefits and sustainable development;
(2) The Company's remuneration system includes two different types.
1) The annual salary system which is applicable to managers and deputy managers of
the Company's headquarters as well as members of the management team of branches and
subsidiaries;
2) The structured salary system which is applicable to employees who have signed labor
contracts for two years and above. Including grassroots management personnel functional
department personnel engineering management personnel logistics management personnel
and equipment maintenance personnel.
(3) The remuneration of specially hired staff staff waiting for duty retired staff and timing
piecework staff shall be stipulated separately.
(4) The Company's employee income generally includes four parts: job skill wages
bonuses benefits and allowances.（iii） Training program
√Applicable □Not applicable
Based on the training organization methods company employee training can be
categorized into: OJT (On the Job Training) in-house training external training and online
training.
1. On-the-Job Training (OJT). The training of ordinary employees and new employees by
leaders of various departments experienced or skilled employees belongs to OJT training
including the Company's administrative management series training business management
series training engineering technology series training and security logistics series training.
2. In-House Employee Training According to the Company's training needs the Company
organizes internal trainers or invites external training institutions to tailor training courses for the
Company allowing employees to receive systematic training including corporate culture
company organizational structure and rules and regulations industry status and prospects and
professional ethics etiquette code of conduct language computer skills etc.
3. External Trainings. In accordance with the needs of the Company's business
development and job skills the Company organizes personnel in specific positions to go out to
participate in the training of training institutions including financial securities series training
human resource management training and enterprise management series training.
4. Online Trainings. Online training for employees through the application of information
technology and Internet technology. Different training content is set for different positions so
that training and learning are independent and personalized and the use of resources is
maximized.
66 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report（iv） Labor outsourcing
√Applicable □Not applicable
Total number of working hours of labor
outsourcing 3031.56
Total remuneration paid for labor outsourcing
(in RMB 10000) 1667.06
VIII. Plan for profit distribution or capital reserve into share capital
（i） Formulation implementation or adjustment of cash dividend policy
√Applicable □Not applicable
According to the China Securities Regulatory Commission's Notice on Further
Implementation of Cash Dividends by Listed Companies (ZJF [2012] 37) and Zhejiang
Securities Regulatory Bureau Notice on Forwarding and Further Implementation of Listed
Companies' Cash Dividends (ZZJSSZ [2012] 138) Regulations the Company held the 24th
meeting of the sixth board of directors on August 15 2012 and reviewed and approved the
Proposal on Amending the Articles of Association which revised the Company’s profit
distribution policy and adjustment decision-making mechanism. The second extraordinary
general meeting of shareholders held on September 3 2012 was deliberated and approved. In
order to further implement the new requirements of the China Securities Regulatory
Commission's Guidelines for the Supervision of Listed Companies No. 3-Cash Dividend
Distribution of Listed Companies (November 30 2013) and the Guidelines for Cash Dividend
Distribution of Listed Companies of the Shanghai Stock Exchange the forty-fourth meeting of
the sixth board of directors of the Company held on April 17 2014 reviewed and approved the
Proposal on Amending the Profit Distribution Clauses in the Articles of Association of the
Company. The Company further clarified the basic principles distribution forms specific
policies decision-making mechanisms and procedures of the Company's profit distribution
which were reviewed and approved by the 2013 Annual General Meeting of Shareholders held
on May 12 2014. The nineteenth meeting of the seventh board of directors of the Company
held on December 25 2015 reviewed and approved the Plan of Zhejiang China Commodities
City Group Co. Ltd. on Shareholder Dividend Return Plan. The 11th Meeting of the 9th Board
of Directors held by the Company on June 19 2023 reviewed and approved the Proposal on
Shareholder Dividend Return Planning for the Next Three Years (2023-2025).The Company’s 2024 Annual General Meeting of Shareholders held on April 23 2025
approved the 2024 profit distribution plan whereby cash dividends of RMB 3.30 per ten shares
(tax-inclusive) were distributed based on the Company’s total issued share capital of
5483645926 shares amounting to a total distribution of RMB 1809603155.58. The
Company's board of directors published the Announcement on the Implementation of the
Distribution of Rights and Interests in 2024 on the website of the Shanghai Stock Exchange and
the China Securities Journal Shanghai Securities News and Securities Times on June 6 2025.The profits have been distributed before June 12 2025. The formulation and implementation of
67 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
the Company's profit distribution plan complied with the requirements of the Company's Articles
of Association and the resolutions of the shareholders' meeting. The dividend standards and
proportions were clear and specific and the relevant decision-making procedures and
mechanisms were complete. The Company listened to the opinions and demands of small and
medium-sized shareholders and profit distribution took into account factors such as the
Company's industry characteristics development stage profitability level and funding needs. It
also took into account the requirements of investors sharing the achievements of the
Company's development and growth and achieving reasonable investment returns.（ii） Special explanation of cash dividend policy
√Applicable □Not applicable
Whether it complies with the provisions of the Company's articles of
association or the requirements of the resolution of meetings of √Yes □No
shareholders
Whether the dividend standard and ratio are clear and clear √Yes □No
Whether the relevant decision-making procedures and mechanisms are
complete √Yes □No
Whether the independent directors performed their duties and played their
due role √Yes □No
Whether minority shareholders have the opportunity to fully express their
opinions and demands and whether their legitimate rights and interests √Yes □No
have been fully protected（iii） During the reporting period if the parent company is profitable and the profit
available for distribution to shareholders is positive but does not propose a plan for the
distribution of cash profits the Company shall disclose in details the reason the
application and using plan of the undistributed profits.□Applicable √Not applicable（iv） Plan for profit distribution and conversion of capital reserves into share capital
during the reporting period
√Applicable □Not applicable
Unit: RMB
Number of bonus shares for every 10 shares 0
Dividend payout per 10 shares (RMB) (including tax) 5.00
Number of shares converted from the capitalization of capital reserve for every
10 shares 0
Cash dividend amount (tax included) 2741779613.00
Net profit attributable to common shareholders of the listed company in the
consolidated financial statements 4203546946.97
The ratio of the cash dividend amount to the net profit attributable to ordinary
shareholders of the listed company in the consolidated statement (%) 65.23
The circumstance when repurchase of shares in cash is included in cash
dividends 0
Total dividend amount (tax included) 2741779613.00
68 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
The ratio of the total dividend amount to the net profit attributable to ordinary
shareholders of the listed company in the consolidated statement (%) 65.23
（v） Cash Dividend Distribution in the Last Three Fiscal Years
√Applicable □Not applicable
Unit: RMB
Cumulative cash dividend amount (tax-inclusive) for the last three
fiscal years (1) 5648249603.78
Cumulative repurchase and cancellation amount in the last three
fiscal years (2) 0
Total cash dividends and repurchase & cancellation amounts in the
last three fiscal years (3) = (1) + (2) 5648249603.78
Average annual net profit amount for the last three fiscal years (4) 3325121265.86
Cash dividend payout ratio in the last three fiscal years (%) (5)=(3)/(4) 169.87
Net profit attributable to common shareholders of the listed company
in the consolidated financial statements for the most recent fiscal year 4203546946.97
Undistributed profit at the end of the most recent fiscal year in the
parent company's financial statements 11366231448.66
IX. Incentive stock option plans employee stock ownership plans and other employee
incentives granted by the Company and the impact thereof
（i） Relevant incentive matters have been disclosed in the temporary announcement and
there is no progress or change in subsequent implementation.√Applicable □Not applicable
Overview of the matter Query website
On October 23 2020 the twenty-third meeting of the eighth
session of the Company's board of directors passed the Proposal
on the Company's 2020 Restricted Stock Incentive Plan (Draft)
and Its Summary Proposal on the Measures for the Evaluation
and Management of the Implementation of the Company's 2020
Restricted Stock Incentive Plan Proposal on Requesting the
For details please
General Meeting of Shareholders to Authorize the Board of
refer to the Company's
Directors to Handle Issues Related to Equity Incentives. The
announcement on the
independent directors of the Company issued relevant
website of the Shanghai
independent opinions.Stock Exchange
On October 23 2020 the sixth meeting of the eighth Board of
(www.sse.com.cn) on
Supervisors of the Company deliberated and approved the
October 24 2020.Proposal on the Company's 2020 Restricted Stock Incentive Plan
(Draft) and its Summary The Proposal on the Implementation
Evaluation and Management Measures for the Company's 2020
Restricted Stock Incentive Plan Proposal on Verification of the List
of Incentive Objects of the Company's 2020 Restricted Stock
Incentive Plan. The board of supervisors issued relevant
69 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
verification opinions. Independent financial consultants lawyers
and other intermediary agencies issued corresponding opinions.For details see the
On November 18 2020 it received the Approval for
Company's
Approving Zhejiang China Commodities City Group Co. Ltd. to
announcement on the
implement the 2020 restricted stock incentive plan issued by the
website of the Shanghai
State-owned Assets Supervision and Administration Office of the
Stock Exchange
People's Government of Yiwu City forwarded by Yiwu China
(www.sse.com.cn) on
Commodities City Holdings Ltd. (Yiwu SASAOF〔2020〕51).November 20 2020.From November 20 2020 to November 29 2020 the list of
incentive objects and positions of the 2020 restricted stock
For details please
incentive plan were internally publicized. Within the time limit of the
refer to the Company's
publicity the board of supervisors of the Company did not receive
announcement on the
any objection from any organization or individual or bad feedback
website of the Shanghai
without feedback record. On November 30 2020 the Board of
Stock Exchange
Supervisors of the Company issued the Examination Opinions and
(www.sse.com.cn) on
Public Statement of the Board of Supervisors on the List of
December 1 2020.Incentive Objects of the Company's 2020 Restricted Stock
Incentive Plan.On December 10 2020 the Company's 2020 Fifth Provisional
General Meeting of Shareholders deliberated and approved the“Proposal on the ‘Company's 2020 Restricted Stock Incentive Plan For details please
(Draft)’ and Summary” the “Proposal on the “Measures of refer to the Company'sAssessment and Management of Implementation of ‘Company’s announcement on the
2020 Restricted Stock Incentive Plan’” and the “Proposal on website of the ShanghaiRequesting the General Meeting of Shareholders to Authorize the Stock ExchangeBoard of Directors to Deal with Equity Incentive Related Matters” (www.sse.com.cn) onand disclosed the “Self-examination Report on the Trades of December 11 2020.Company’s Stocks by Insiders of Company’s 2020 RestrictedStock Incentive Plan”.On December 11 2020 the twenty-sixth meeting of the eighth
For details please
session of the Company's board of directors passed the Proposal
refer to the Company's
on Granting Restricted Shares to Incentive Objects for the First
announcement on the
Time. The independent directors of the Company issued relevant
website of the Shanghai
independent opinions.Stock Exchange
On December 11 2020 the seventh meeting of the
(www.sse.com.cn) on
Company's eighth Board of Supervisors passed the Proposal on
December 12 2020.Granting Restricted Stocks to Incentive Objects for the First Time.
70 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
The Board of Supervisors issued the Verification Opinions of the
Board of Supervisors on Matters Related to the First Grant of the
Company's 2020 Restricted Stock Incentive Plan. Independent
financial consultants lawyers and other intermediary agencies
issued corresponding opinions.For details please
On January 15 2021 the Company received the Securities refer to the Company's
Change Registration Certificate issued by the Shanghai Branch of announcement on the
China Securities Depository and Clearing Co. Ltd. and the website of the Shanghai
Company completed the registration of the first grant of restricted Stock Exchange
stocks to incentive objects. (www.sse.com.cn) on
January 19 2021.On August 9 2021 the 35th meeting of the eighth Board of
Directors of the Company passed the "Proposal on Reserved
Granting Restricted Stocks to Incentive Objects" "Proposal On
Adjusting the Repurchase Price of Restricted Stocks and
Repurchasing and Cancelling Some Restricted Stocks". The For details please
independent directors of the Company issued relevant refer to the Company's
independent opinions. announcement on the
On August 9 2021 the ninth meeting of the eighth Boarder of website of the Shanghai
Supervisors of the Company passed the "Proposal on Reserved Stock Exchange
Granting Restricted Stocks to Incentive Objects" "Proposal on (www.sse.com.cn) on
Adjusting the Repurchase Price of Restricted Stocks and August 11 2021.Repurchasing and Cancelling Some Restricted Stocks". The
Board of Supervisors issued the Verification Opinions of the Board
of Supervisors on Matters Related to the Company's Reserved
Grant of the Restricted Stock Incentive Plan in 2020.For details see the
On November 4 2021 the Company received the Securities Company's
Change Registration Certificate issued by the Shanghai Branch of announcement on the
China Securities Depository and Clearing Co. Ltd. and the website of the Shanghai
Company completed the registration of the reserved grant of Stock Exchange
restricted stocks to incentive objects. (www.sse.com.cn) on
November 6 2021.On November 17 2021 the Company applied to China For details see the
Securities Depository and Clearing Co. Ltd. Shanghai Branch for Company's
repurchase and cancellation of restricted stocks that have been announcement on the
granted but not yet lifted by some resigned employees. On website of the Shanghai
71 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
November 30 2021 the Company received the "Securities Stock Exchange
Change Registration Certificate" issued by China Securities (www.sse.com.cn) on
Depository and Clearing Co. Ltd. Shanghai Branch and the November 26 2021.Company has completed the registration of the restricted stock
repurchase and cancellation.On July 19 2022 the 51st meeting of the eighth Board of
Directors of the Company reviewed and approved the "Proposal
For details see the
on Adjusting the Repurchase Price of Restricted Stocks and the
Company's
Repurchase and Cancellation of Some Restricted Stocks" and the
announcement on the
independent directors of the Company issued a statement on this
website of the Shanghai
independent opinion expressing consent. On July 19 2022 the
Stock Exchange
14th meeting of the 8th Supervisory Committee of the Company
(www.sse.com.cn) on
passed the "Proposal on Adjusting the Repurchase Price of
July 20 2022.Restricted Shares and Repurchasing and Cancelling Some
Restricted Shares".On October 18 2022 the Company applied to China
Securities Depository and Clearing Co. Ltd. Shanghai Branch for For details see the
repurchase and cancellation of restricted stocks that have been Company's
granted but not yet lifted by some resigned employees. On announcement on the
October 21 2022 the Company received the "Securities Change website of the Shanghai
Registration Certificate" issued by China Securities Depository Stock Exchange
and Clearing Co. Ltd. Shanghai Branch and the Company has (www.sse.com.cn) on
completed the registration of the restricted stock repurchase and October 19 2022.cancellation.On December 28 2022 the sixth meeting of the ninth session
of the board of directors of the Company passed the "Proposal on
the Satisfaction of the Unlocking Conditions for the First Unlocking
Period of the First Grant Part of the 2020 Restricted Stock
For details see the
Incentive Plan". The independent directors of the Company have
Company's
issued independent opinions expressing agreement.announcement on the
On December 28 2022 the second meeting of the
website of the Shanghai
Company's ninth board of supervisors passed the "Proposal on the
Stock Exchange
Satisfaction of the Unlocking Conditions for the First Unlocking
(www.sse.com.cn) on
Period of the First Grant of the 2020 Restricted Stock Incentive
December 29 2022.Plan". The Board of Supervisors issued the "Verification Opinion
on the Satisfaction of the Unlocking Conditions for the First
Unlocking Period of the First Grant Part of the 2020 Restricted
Stock Incentive Plan".
72 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
On August 17 2023 the 12th meeting of the 9th Board of
Directors of the Company approved the Proposal on Adjusting the For specific details
Repurchase Price of Restricted Stocks and Repurchasing and please refer to the
Cancelling Some Restricted Stocks. The independent directors of announcement disclosed
the Company expressed their independent opinion of agreement by the Company on the
on this. Shanghai Stock
On August 17 2023 the 5th Meeting of the 9th Board of Exchange website
Supervisors of the Company approved the Proposal on Adjusting (www.sse.com.cn) on
the Repurchase Price of Restricted Stocks and Repurchasing and August 18 2023.Cancelling Some Restricted Stocks.On October 19 2023 the 13th Meeting of the 9th Board of
Directors of the Company approved the Proposal on the
Satisfaction of the Unlocking Conditions for the First Unlocking
Period of the Reserved Grant Part of the 2020 Restricted Stock For specific details
Incentive Plan. The independent directors of the Company have please refer to the
issued independent opinions expressing agreement. announcement disclosed
On October 19 2023 the 6th Meeting of the 9th Board of by the Company on the
Supervisors of the Company approved the Proposal on the Shanghai Stock
Satisfaction of the Unlocking Conditions for the First Unlocking Exchange website
Period of the Reserved Grant Part of the 2020 Restricted Stock (www.sse.com.cn) on
Incentive Plan. The Board of Supervisors issued Verification October 20 2023.Opinion on the Satisfaction of the Unlocking Conditions for the
First Unlocking Period of the Reserved Grant Part of the 2020
Restricted Stock Incentive Plan.On November 8 2023 the Company applied to Shanghai
For specific details
Branch of China Securities Depository and Clearing Corporation
please refer to the
for the repurchase and cancellation of restricted stocks that had
announcement disclosed
been granted to some resigned employees but still under lock-up.by the Company on the
On November 20 2023 the Company received a Securities
Shanghai Stock
Change Registration Certificate issued by Shanghai Branch of
Exchange website
China Securities Depository and Clearing Corporation and
(www.sse.com.cn) on
completed the registration for the repurchase and cancellation of
November 16 2023.restricted stocks.On December 28 2023 the 14th Meeting of the 9th Board of For specific details
Directors of the Company approved the Proposal on the please refer to the
Satisfaction of the Unlocking Conditions for the Second Unlocking announcement disclosed
Period of the First Grant Part of the 2020 Restricted Stock by the Company on the
Incentive Plan. On December 28 2023 the 7th Meeting of the 9th Shanghai Stock
73 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Board of Supervisors of the Company approved the Proposal on Exchange website
the Satisfaction of the Unlocking Conditions for the Second (www.sse.com.cn) on
Unlocking Period of the First Grant Part of the 2020 Restricted December 29 2023.Stock Incentive Plan. The Board of Supervisors issued Verification
Opinion on the Satisfaction of the Unlocking Conditions for the
Second Unlocking Period of the First Grant Part of the 2020
Restricted Stock Incentive Plan.On August 14 2024 the 20th meeting of the 9th Board of
Directors reviewed and passed the "Proposal on Adjusting the For specific details
Repurchase Price of Restricted Stocks and Repurchasing and please refer to the
Canceling Some Restricted Stocks" with the Supervisory announcement disclosed
Committee issuing an audit opinion and lawyers providing legal by the Company on the
opinions. Shanghai Stock
On August 14 2024 the 9th Meeting of the 9th Board of Exchange website
Supervisors of the Group approved the Proposal on Adjusting the (www.sse.com.cn) on
Repurchase Price of Restricted Stocks and Repurchasing and August 16 2024.Cancelling Some Restricted Stocks.On October 14 2024 the 23rd meeting of the 9th Board of
For specific details
Directors reviewed and passed the "Proposal on the Fulfillment of
please refer to the
Conditions for the Second Release of Restricted Shares under the
announcement disclosed
2020 Restricted Stock Incentive Plan (Reserved Grant)" the
by the Company on the
Supervisory Committee issued the "Verification Opinion on the
Shanghai Stock
Fulfillment of Conditions for the Second Release of Restricted
Exchange website
Shares under the 2020 Restricted Stock Incentive Plan (Reserved
(www.sse.com.cn) on
Grant)" the legal counsel provided a legal opinion and the
October 15 2024.independent financial advisor issued a verification opinion.On October 21 2024 the Company applied to China
For specific details
Securities Depository and Clearing Co. Ltd. Shanghai Branch for
please refer to the
repurchase and cancellation of restricted stocks that have been
announcement disclosed
granted but not yet lifted by some resigned employees. On
by the Company on the
October 28 2024 the Company received the "Securities Change
Shanghai Stock
Registration Certificate" issued by China Securities Depository
Exchange website
and Clearing Co. Ltd. Shanghai Branch and the Company has
(www.sse.com.cn) on
completed the registration of the restricted stock repurchase and
October 24 2024.cancellation.On December 13 2024 the 23rd meeting of the 9th Board of For details please
Directors reviewed and passed the "Proposal on the Satisfaction refer to the Company's
of the Unlocking Conditions for the Third Unlocking Period of the announcement on the
74 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
First Grant Part of the 2020 Restricted Stock Incentive Plan" the website of the Shanghai
Supervisory Committee issued the "Verification Opinion on the Stock Exchange
Satisfaction of the Unlocking Conditions for the Third Unlocking (www.sse.com.cn) on
Period of the First Grant Part of the 2020 Restricted Stock December 14 2024.Incentive Plan" the legal counsel provided a legal opinion and the
independent financial advisor issued a verification opinion.On August 14 2025 the 33rd meeting of the 9th Board of
Directors reviewed and passed the "Proposal on Adjusting the
For details please
Repurchase Price of Restricted Stocks and Repurchasing &
refer to the Company's
Canceling Some Restricted Stocks" with the Supervisory
announcement on the
Committee issuing an audit opinion and lawyers providing legal
website of the Shanghai
opinions.Stock Exchange
On August 14 2025 the 16th Meeting of the 9th Board of
(www.sse.com.cn) on
Supervisors of the Group approved the Proposal on Adjusting the
August 18 2025.Repurchase Price of Restricted Stocks and Repurchasing and
Cancelling Some Restricted Stocks.On October 20 2025 the 37th meeting of the 9th Board of
Directors reviewed and passed the "Proposal on the Satisfaction
For details please
of the Unlocking Conditions for the Third Unlocking Period of the
refer to the Company's
Reserved Grant Part of the 2020 Restricted Stock Incentive Plan"
announcement on the
the Remuneration and Appraisal Committee issued the
website of the Shanghai
"Verification Opinion on the Satisfaction of the Unlocking
Stock Exchange
Conditions for the Third Unlocking Period of the Reserved Grant
(www.sse.com.cn) on
Part of the 2020 Restricted Stock Incentive Plan" the legal
October 21 2025.counsel provided a legal opinion and the independent financial
advisor issued a verification opinion.On October 14 2025 the Company applied to China
Securities Depository and Clearing Co. Ltd. Shanghai Branch for For details please
repurchase and cancellation of restricted stocks that have been refer to the Company's
granted but not yet lifted by some resigned employees. On announcement on the
October 24 2025 the Company received the "Securities Change website of the Shanghai
Registration Certificate" issued by China Securities Depository Stock Exchange
and Clearing Co. Ltd. Shanghai Branch and the Company has (www.sse.com.cn) on
completed the registration of the restricted stock repurchase and October 22 2025.cancellation.
75 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report（ii） Incentives that have not been disclosed in the temporary announcements or had
further progresses
Incentive stock option
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
Employee stock ownership plans
□Applicable √Not applicable
Other incentives
□Applicable √Not applicable（iii） Equity incentives granted to directors and senior executives during the reporting
period
□Applicable √Not applicable（iv） The evaluation mechanism for senior managers during the reporting period as well
as the establishment and implementation of incentive mechanisms
√Applicable □Not applicable
In terms of the remuneration evaluation of senior management personnel performance
assessment results were based on the performance evaluation methods for enterprise leaders
the Company's operating conditions and relevant assessment indicators.The remuneration was determined by the performance assessment results.X. Construction and implementation of internal control system during the reporting
period
√Applicable □Not applicable
Please refer to the 2025 Internal Control Evaluation Report disclosed by the Company on
the Shanghai Stock Exchange website for details.Explanation of major deficiencies in internal control during the reporting period
□Applicable √Not applicable
XI. Management and control of subsidiaries during the reporting period
√Applicable □Not applicable
Please refer to the 2025 Internal Control Evaluation Report disclosed by the Company on
the Shanghai Stock Exchange website for details.Risk Disclosure Regarding Anomalies in the Management and Control of Subsidiaries
□Applicable √Not applicable
XII. Explanation of the internal control audit report
√Applicable □Not applicable
76 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Pan-China Certified Public Accountants LLP was hired by the Company to conduct an audit
of the effectiveness of internal control over the Company's financial reports for the year 2025
and issued an internal control audit report with standard unqualified opinion. It is believed that
the Company has maintained effective internal control over financial reporting in all material
aspects as of December 31 2025 in accordance with the Basic Norms for Enterprise Internal
Control and relevant regulations. Please refer to the website of Shanghai Stock Exchange
(www.sse.com.cn) for details of the "Internal Control Audit Report".Disclosure of internal control audit report: Yes
Opinion type of internal control audit report: standard unqualified opinion
Whether a modified audit opinion on internal control was issued for the reporting period or the
previous fiscal year
□Yes √No
XIII. Self-examination and rectification of the Listed Company's governance special
actions
NA
XIV. Environmental information of listed companies and their principal subsidiaries
included in the list of enterprises required by law to disclose environmental
information
□Applicable √Not applicable
Other notes
□Applicable √Not applicable
XV. Social responsibility
（i） Whether to disclose social responsibility report sustainable development report or
ESG report separately
√Applicable □Not applicableFor further details please refer to the Company’s “2025 Environmental Social andGovernance Report” disclosed on the Shanghai Stock Exchange website.（ii） Social responsibility
□Applicable √Not applicable
Specific instructions
□Applicable √Not applicable
XVI. Status of consolidation and expansion of the results of poverty alleviation rural
revitalization and other specific work
□Applicable √Not applicable
77 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Specific instructions
□Applicable √Not applicable
XVII. Other
□Applicable √Not applicable
78 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Section V. Significant Matters
I. Fulfillment of commitments
（i） Commitments made by the actual controller shareholders affiliates and acquirer of
the Company the Company itself and other related parties during the reporting
period or as of the reporting period
□Applicable √Not applicable（ii） If there is a profit forecast for the Company’s assets or projects and the reporting
period is still in the profit forecast period the Company will explain whether the assets
or projects have reached the original profit forecast and the reason
□Reached □Not reached √Not applicable（iii） Performance Commitments
□Applicable √Not applicable
Changes to Performance Commitments
□Applicable √Not applicable
Other notes
□Applicable √Not applicable
II. The Company’s funds occupied by its controlling shareholders or any of other
affiliates for non-operational purposes during the reporting period
□Applicable √Not applicable
III. Illegal guarantees
□Applicable √Not applicable
IV. The Company's explanation on the ‘non-standard opinion audit report’ of the
accounting firm
□Applicable √Not applicable
V. The Company's analysis and explanation on the reasons and effects of changes in
accounting policies accounting estimates or corrections of major accounting errors
（i） The Company's analysis and explanation on the reasons and effects of changes in
accounting policies and accounting estimates
□Applicable √Not applicable（ii） The Company's analysis and explanation on the reasons and effects of major
accounting errors correction
□Applicable √Not applicable
79 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report（iii） Communication with the former accounting firm
□Applicable √Not applicable（iv） Approval procedures and other notes
□Applicable √Not applicable
VI. Engagement and termination of engagement of accounting firm
Unit: RMB 10000
Now engaging
Name of the engaged domestic accounting
firm Pan-China Certified Public Accountants LLP
Remuneration of the engaged domestic
accounting firm 179
Audit period of the engaged domestic
accounting firm 2
Name of the certified public accountant at the
domestic accounting firm HU Yanhua WANG Fukang FANG Lei
Cumulative years of audit services provided
by domestic accounting firm certified public HU Yanhua (2 years) WANG Fukang (2 years)
accountants FANG Lei (2 years)
Name Remuneration
Internal control auditing Pan-China Certified Public Accountants
accounting firm LLP 49
Statement on the engagement or termination of engagement of accounting firm
□Applicable √Not applicable
Statement on replacing the accounting firm during the audit
□Applicable √Not applicable
Explanation of audit fees decreasing by more than 20% (including 20%) compared to the
previous year
□Applicable √Not applicable
VII. Situations at risk of delisting
（i） Reasons for the delisting risk warning
□Applicable √Not applicable（ii） The Company's proposed response measures
□Applicable √Not applicable（iii） Termination of listing and reasons
□Applicable √Not applicable
VIII. Matters relating to bankruptcy and reorganization
□Applicable √Not applicable
IX. Material litigations and arbitrations
√ During the year the Company had major litigations or arbitrations □ During the year the
80 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Company did not have any major litigations or arbitrations
（i） Litigations and arbitrations that have been disclosed in the temporary
announcements and have had no further progresses
□Applicable √Not applicable
81 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report（ii） Litigations and arbitrations that have not been disclosed in the temporary announcements or have had further progresses
√Applicable □Not applicable
Unit: RMB 10000
During the reporting period:
Does the
litigation
Plaintiff Party Litigation Basic information Value (arbitration) Status of
(claimant Defendant Bearing or of litigation involved in cause litigation Results of litigation (arbitration)
Enforcement
(respondent) Joint arbitratio litigation estimated (arbitration and effect thereof of judgment) Liabilities n (arbitration) (arbitration) liabilities and ) (award)
the amount
thereof
The first
instance
judgment The court of first instance ruled
Beijing has been that the Company shall pay the
Urban [(2024) Z 07 MC rendered plaintiff construction projectConstruct the Group No Litigation No. 534] 35636.15 No but the payments of RMB 170.00 /ion Group second million and interest on overdue
Co. Ltd. instance payments and dismissed the
trial has plaintiff's other claims.not yet
been held.The 1. The defendant shall
Group The first immediately dismantle and
Company instanceLinzhou Jiahe judgment destroy all signboards and; Yiwu Commercial Co. has been promotional materials bearingChina
Commodi Ltd. and Linzhou [(2025) Z 0782 renderedthe wording “Linzhou Yiwuties City Jiahe Real No LitigationCommodity City”;
Estate MC No. 23743]
545.11 No but the
second 2. The defendant shall
/
Supply Development instance compensate the plaintiff forChain Co. Ltd. trial has economic losses amounting toManage not yet RMB 4.65 million.ment Co. been held. 3. The Defendant shall pay theLtd. Plaintiff Yiwu China
82 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Commodities City Supply
Chain Management Co. Ltd. a
total of RMB 801100 for brand
usage fees service fees and
other related charges.Zhejiang Yiwu
Chuanglian
Market
Investment and
Management
Co. Ltd. Hebei
Jiangcheng Real
The Estate No Litigation [(2021) Z 0782 485.00 No TransferreGroup Development MC No. 6367] d / /
Co. Ltd.Handan
Zheshang Yiwu
China
Commodities
Wholesale City
Co. Ltd.
83 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report（iii） Other notes
□Applicable √Not applicable
X. Information of the listed company and its directors senior management controlling
shareholder and actual controller suspected of violations of laws and regulations
penalties and rectification
□Applicable √Not applicable
XI. Credit standing of the Company and its controlling shareholder and actual controller
√Applicable □Not applicable
There was no outstanding court judgment or overdue debt of a large amount involving the
Company or its controlling shareholder or actual controller during the reporting period.XII. Significant related transactions
（i） Related transactions relating to regular corporate operation
1. Matters that have been disclosed in the temporary announcements and had no
further progresses or changes
□Applicable √Not applicable
2. Matters that have been disclosed in the temporary announcements but had further
progresses or changes
√Applicable □Not applicable
The 10th Meeting of the 9th Board of Directors of the Company reviewed and approved the
Proposal on Project Construction Entrustment Management and Related Party Transactions
and agreed to sign an engineering project entrustment management contract with Shangbo
Yungu a wholly-owned subsidiary of the Company’s controlling shareholder Yiwu China
Commodities City Holdings Limited (“CCCH”). For details please refer to the Announcement on
Project Construction Entrustment Management and Related Party Transactions (L2023-019)
disclosed by the Company on the Shanghai Stock Exchange website (www.sse.com.cn) on
May 12 2023.As of the end of the reporting period the T1 and T2 supertall towers of the Yiwu Global
Digital Trade Center Project remain under construction.
84 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
3. Matters that have not been disclosed in the temporary announcements
√Applicable □Not applicable
Unit: RMB
Reasons for
Percentage in the largeType of
Related Relation related-part Contents of Pricing Price of Amount of the amount of
difference
related-party related-party related-party similar Settleme Market price between thecounterparty ship y transaction principle
price of the
transaction transaction transaction
transactions nt method
(%) transactionand reference
market price
Wholly-o
wned Property
CCC Property subsidiar Acceptanc service fee andy of the e of labor greening Market price 269695926.40 269695926.40 83.35 AccountService 269695926.40 /parent service maintenance transfer
compan fee
y
Yiwu Security Other Acceptanc
Service Co. related e of labor Security service Account
Ltd. parties service fee
Market price 21864444.77 21864444.77 6.76 transfer 21864444.77 /
Wholly-o
wned
Shangbo subsidiar Acceptanc Construction
Yungu y of the e of labor fee Market price 16240280.16 16240280.16 5.02
Account
parent service transfer
16240280.16/
compan
y
Yiwu China Controlli
Commodities ng Warehouse
City Holdings sharehol Rent space rental Market price 10017291.74 10017291.74 3.10
Account
transfer 10017291.74 /
Limited ders
Yourworld Other
International related Providing Laundry fees Market price 2346505.33 2346505.33 0.73 Account 2346505.33 /
Conference parties services etc transfer
85 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Center
subordinated to
Yiwu Market
Development
Group
Wholly-o
Yiwu Shangbo wned
Enterprise subsidiar Acceptanc Property
Management y of the e of labor management Market price 2319967.92 2319967.92 0.72
Account 2319967.92 /
Co. Ltd. parent service service fee
transfer
compan
y
Yourworld
International
Conference
Center Other
Entrusted
related Providing management Market price 1036894.17 1036894.17 0.32 Accountsubordinated to services fees and transfer 1036894.17 /
Yiwu Market parties license fees
Development
Group
Total / / 323521310.49 100.00 / / /
Return of large-value goods sales
Illustration on related-party transactions The CCC Proper Service obtained the market property services and greening maintenancecontract through public bidding.
86 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report（ii） Related transactions in the acquisition or sale of assets or equity
1. Matters that have been disclosed in the temporary announcements and had no
further progresses or changes
□Applicable √Not applicable
2. Matters that have been disclosed in the temporary announcements but had further
progresses or changes
□Applicable √Not applicable
3. Matters that have not been disclosed in the temporary announcements
□Applicable √Not applicable
4. If any agreement on the operating results is involved the achievement of operating
results during the reporting period shall be disclosed
□Applicable √Not applicable（iii） Related transactions arising from joint investments in external entities
1. Matters that have been disclosed in the temporary announcements and had no
further progresses or changes
□Applicable √Not applicable
2. Matters that have been disclosed in the temporary announcements but had further
progresses or changes
□Applicable √Not applicable
3. Matters that have not been disclosed in the temporary announcements
□Applicable √Not applicable（iv） Credits and liabilities with related parties
1. Matters that have been disclosed in the temporary announcements and had no
further progresses or changes
□Applicable √Not applicable
2. Matters that have been disclosed in the temporary announcements but had further
progresses or changes
□Applicable √Not applicable
3. Matters that have not been disclosed in the temporary announcements
□Applicable √Not applicable
87 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
（v） Financial business between the Company and the associated financial companies
the Company's holding financial company and the related parties
□Applicable √Not applicable（vi） Other
□Applicable √Not applicable
XIII. Significant contracts and their execution
（i） Trusteeship contracting and leases
1. Hosting
□Applicable √Not applicable
2. Contracting
□Applicable √Not applicable
3. Renting
□Applicable √Not applicable
88 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report（ii） Guarantees
√Applicable □Not applicable
Unit: RMB 10000
External guarantees provided by the Company (excluding those provided for the subsidiaries)
Relations Date of
hip guarante Whether Whether
between The e Guarante Guarante the
Whether Overdue it is a
Guarant the guarante Amount of (signing e e
Type of
guarante Collateral guarante
the
guarante amount of
Counter Related
or guarantor guarantee date of Starting maturity (if any) e is the guarante
related-p
ed e e is es arty
Relations
and the the date date fulfilled in guarantee guarante hip
Listed agreeme full overdue e
Company nt)
Hangzh
ou Wholly-o
Joint and
wned House severalShangb subsidiar purchas 419.53 / / / liability No No No NA No No NAo er guarante
Nanxing y e
Amount of guarantees made during the reporting period (excluding the
guarantees provided for subsidiaries) -21.70
Balance of guarantees at the end of the reporting period (A) (excluding the
guarantees provided for subsidiaries) 419.53
The guarantee of the Company and its subsidiaries to the subsidiaries
Amount of guarantees provided for subsidiaries during the reporting period -
Balance of guarantees provided for subsidiaries at the end of the reporting
period (B) -
Total guarantees provided by the Company (including those provided for the subsidiaries)
Total amount of guarantees (A+B) 419.53
Ratio of the total amount of guarantees to the Company’s net assets (%) 0.02
Among them:
Amount of guarantees provided for shareholders actual controller and their
related parties (C) -
Amount of guarantees provided directly or indirectly for the debtors whose -
89 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
debt-to-asset ratio exceed 70% (D)
Portion of total amount of guarantees in excess of 50% of net assets (E) -
Total (C+D+E) -
Statement on the joint and several liability that may be assumed due to
outstanding guarantees NA
According to relevant regulations the Group is required to provide
mortgage loan guarantees to the bank for the sale of commercial housing
before the purchaser of the housing has completed the property
ownership certificate. The outstanding guarantee amount as of
Statement on guarantees December 31 2025 was RMB 4 195 330.16(December 31 2024: RMB
4 412 333.72). Those guarantees would be released after the issuance
of the property ownership certificates and are thus little likely to incur
losses. Therefore the management believed that it was not necessary to
make provision for the guarantees.（iii） Management of the cash assets entrusted to others
1. Entrusted financial management
(1). The totality of entrusted financial management
√Applicable □Not applicable
Unit: RMB 10000
Type Risk characteristics Unexpired balance Overdue unrecovered amount
Bank financing products Risk level: low risk 141000 -
Other information
□Applicable √Not applicable
(2). Individual entrusted financial management
□Applicable √Not applicable
Other information
□Applicable √Not applicable
90 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
(3). Entrusted financial management impairment provision
□Applicable √Not applicable
2. Entrusted Loan
(1). Total entrusted loan
□Applicable √Not applicable
Other information
□Applicable √Not applicable
91 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
(2). Single Entrusted Loan
□Applicable √Not applicable
Other information
□Applicable √Not applicable
(3). Entrusted loan impairment provision
□Applicable √Not applicable
3. Other information
□Applicable √Not applicable（iv） Other significant contracts
√Applicable □Not applicable
No. Contract name Signing parties Contract price(RMB 10000)
Yiwu Yundailu Data
1 Construction Contract for the Belt and Road Technology Co. Ltd.;Artificial Intelligence Innovation Center Project Yuanyang Construction Group 18114.42
Co. Ltd.Contract for the Commercial Plaza and Ancillary
2 Works of the Connection Project between the The Company; ZhejiangGlobal Digital Trade Center and the 5th District of Hengda Construction Co. Ltd. 3539.38
the International Trade City
Contract for Municipal Landscape Engineering The Company; Zhejiang
3 (Lot II) of Phase II of the Yiwu Global Digital Tongyuan Construction Group 3529.90
Trade Center Project Co. Ltd.Contract for Municipal Landscape Engineering The Company; Yiwu Shengli
4 (Lot III) of Phase II of the Yiwu Global Digital Construction Engineering Co. 3354.81
Trade Center Project Ltd.Contract for Municipal Landscape Engineering The Company; Yiwu Jiangxia
5 (Lot I) of Phase II of the Yiwu Global Digital Trade Municipal Engineering Co. 3021.40
Center Project Ltd.XIV. Description of progress in the use of raised funds
□Applicable √Not applicable
XV. Explanation on other major events that have a significant impact on investors' value
judgments and investment decisions
□Applicable √Not applicable
92 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Section VI. Changes in Shares and Information about Shareholders
I. Changes in shares
（i） Table of changes in shares
1. Table of changes in shares
Unit: share
Before this change Increase or decrease in the currentperiod (+ -) After this change
Qty. Proportion (%) Other Sub-total Qty. Proportion (%)
I. Restricted shares 13413000 0.24 -13413000 -13413000 - -
3. Shares held by other
domestic investors 13413000 0.24 -13413000 -13413000 - -
shares held by
domestic natural persons 13413000 0.24 -13413000 -13413000 - -
II. Unrestricted shares 5470232926 99.76 13326300 13326300 5483559226 100.00
1. RMB-denominated
common shares 5470232926 99.76 13326300 13326300 5483559226 100.00
III. Total number of shares 5483645926 100.00 -86700 -86700 5483559226 100.00
2. Explanation of changes in shares
√Applicable □Not applicable
On January 15 2025 12627600 restricted shares from the third unlocking period of the first grant part of the 2020 Restricted Stock Incentive
Plan were unlocked and became tradable. On October 24 2025 due to 3 incentive recipients in the 2020 restricted stock incentive plan not meeting
the Company's incentive plan requirements regarding incentive recipients the Company repurchased and canceled 86700 shares that had been
granted but not yet released from restrictions. On November 5 2025 698700 restricted shares from the third unlocking period of the reserved grant
part of the 2020 Restricted Stock Incentive Plan were unlocked and became tradable.
93 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
3. The impact of changes in shares on financial indicators such as earnings per share and net assets per share in the most recent year and
the most recent period (if any)
□Applicable √Not applicable
4. Other matters the Company deems it necessary to disclose or required by the securities regulatory authority to be disclosed
□Applicable √Not applicable（ii） Changes in restricted shares
√Applicable □Not applicable
Unit: share
Number of Number of
restricted Number of restricted Number of restricted Reasons for
Shareholder shares at the shares released repurchased shares at the restriction on Unlocking
beginning of the during the year restricted shares date
year during the year
end of the trade
year
Incentive recipients subject to the
first grant under the 2020 12688800 12627600 61200 - Restricted stock January 15
restricted stock incentive plan incentives 2025
Incentive recipients subject to the
reserved grant under the 2020 724200 698700 25500 - Restricted stock November 5
restricted stock incentive plan incentives 2025
Total 13413000 13326300 86700 - / /
On October 24 2025 due to 3 incentive recipients under the 2020 Restricted Stock Incentive Plan who retired not meeting the Company's
incentive plan requirements the board of directors decided to disqualify these 3 recipients and repurchase and cancel all 86700 restricted shares they
had been granted but not yet released.II. Securities issuance and listing
94 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
（i） Securities issuance as of the reporting period
√Applicable □Not applicable
Unit: Shares Currency: RMB
Types of shares and derivative Issue Price (or Number of Number of shares or
securities Issue date Interest Rate) shares or Listing date bonds approved for
Transaction
bonds issued trading termination date
Bonds (including corporate bonds corporate bonds and non-financial corporate debt financing instruments)
25 YIWU CCC 01 November 132025 1.94% 800000000
November 13 800000000 November 132025 2028
25 Zhejiang Yiwu CCC March 25–26
MTN001 2025 2.10% 500000000 March 27 2025 500000000 March 27 2028
25 Zhejiang Yiwu CCC MTN
002 April 23 2025 2.09% 1000000000 April 24 2025 1000000000 April 24 2028
25 Zhejiang Yiwu CCC MTN July 15–16
003 2025 1.89% 500000000 July 17 2025 500000000 July 17 2028
Notes on the issuance of securities as of the reporting period (for bonds with different interest rates during the duration please specify separately):
□Applicable √Not applicable（ii） Changes in the total number of shares of the Company the shareholder structure and changes in the Company's assets and liabilities
structure
√Applicable □Not applicable
On October 24 2025 due to 3 incentive recipients under the 2020 Restricted Stock Incentive Plan who retired not meeting the Company's
incentive plan regulations the Board of Directors resolved to disqualify these recipients and repurchase and cancel all 86700 restricted shares they
had been granted but not yet released from restrictions resulting in a decrease of 86700 shares in the Company's total share count at the end of the
reporting period compared to the beginning.
95 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report（iii） Existing internal employee shares
□Applicable √Not applicable
III. Shareholders and actual controllers
（i） Total number of shareholders
Number of common shareholders as of the end of the reporting
period 152241
The total number of common shareholders (households) at the end of
the previous month before the disclosure of the annual report 178993
As of the end of the reporting period the total number of preferred
shareholders whose voting rights have been restored 0
The total number of preferred stockholders with reinstated voting
rights as of the end of the month immediately preceding the annual 0
report's publication（ii） Shareholdings of the top 10 shareholders and top 10 holders of tradable shares (or
shareholders not subject to trading restrictions)
Unit: share
Shareholdings of the top ten shareholders (excluding shares lent through refinancing)
Change Number of Pledge mark or Owner
Shareholder during the shares held at Propor Number of freezing
(full name) reporting the end of the tion non-tradable Status
ship of
period reporting (%) shares held of Qty.share
period shares holder
State-
Yiwu China owned
Commodities City 52885300 3091064692 56.37 - No - legal
Holdings Limited perso
n
Hong Kong Central
Clearing Company 148019743 291403599 5.31 - No - Unkno
Limited wn
State-
Zhejiang Zhecai owned
Capital Management -18073700 129392828 2.36 - No - legal
Co. Ltd. perso
n
Industrial and
Commercial Bank of
China Limited – -2074372 45225061 0.82 - No - Other
Huatai-PineBridge
CSI 300 ETF
Yiwu Urban State-
Investment and owned
Construction Group 31229834 42240394 0.77 - No - legal
Co. Ltd. person
Dome
stic
Gao Yaping 338434 33600000 0.61 - No - natural
perso
n
96 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
China Construction
Bank Corporation - E
Fund CSI 300
Exchange-Traded -348900 32298103 0.59 - No - Other
Open-End Index
Initiated Securities
Investment Fund
Southern Asset
Management-Agricult
ural Bank of
China-Southern - 26675000 0.49 - No - Other
China Securities
Financial Assets
Management Scheme
Dacheng
Fund-Agricultural
Bank of
China-Dacheng - 26447800 0.48 - No - Other
China Securities
Financial Assets
Management Scheme
Industrial and
Commercial Bank of
China Co. Ltd. -
Huaxia SSE CSI 300 2944200 24648300 0.45 - No - Other
ETF Securities
Investment Fund
Shareholdings of the top ten shareholders not restricted for sale (excluding shares lent through refinancing)
Shareholder Number of tradable shares held Type and quantity of sharesType Qty.RMB-de
Yiwu China Commodities City nominat
Holdings Limited 3091064692 ed 3091064692commo
n share
RMB-de
Hong Kong Central Clearing nominat
Company Limited 291403599 ed 291403599commo
n share
RMB-de
Zhejiang Zhecai Capital nominat
Management Co. Ltd. 129392828 ed 129392828commo
n share
RMB-de
Industrial and Commercial Bank of nominat
China Limited – Huatai-PineBridge 45225061 ed 45225061
CSI 300 ETF commo
n share
RMB-de
Yiwu Urban Investment and nominat
Construction Group Co. Ltd. 42240394 ed 42240394commo
n share
97 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
RMB-de
nominat
GAO Yaping 33600000 ed 33600000
commo
n share
China Construction Bank Corporation RMB-de
- E Fund CSI 300 Exchange-Traded nominat
Open-End Index Initiated Securities 32298103 ed 32298103
Investment Fund common share
Southern Asset RMB-de
Management-Agricultural Bank of nominat
China-Southern China Securities 26675000 ed 26675000
Financial Assets Management commo
Scheme n share
Dacheng Fund-Agricultural Bank of RMB-de
China-Dacheng China Securities nominat
Financial Assets Management 26447800 ed 26447800
Scheme common share
RMB-de
Industrial and Commercial Bank of nominat
China Co. Ltd. - Huaxia SSE CSI 24648300 ed 24648300
300 ETF Securities Investment Fund commo
n share
Explanation of the special account for
repurchased shares among the top NA
ten shareholders
Explain if any of the shareholders
above was involved in
entrusting/being entrusted with voting NA
rights or waiving voting rights
Zhejiang Provincial Financial Development Co. Ltd. the controlling
Explanation on the relationship or shareholder of Zhejiang Zhecai Capital Management Co. Ltd. owns a
concerted action between the above 9.44% stake in Yiwu State-owned Capital Operation Co. Ltd. which is
shareholders the controlling shareholder of Yiwu Market Development Group Co.Ltd. in turn the controlling shareholder of Yiwu China Commodities
City Holdings Limited.Explanation on the preferred
shareholders whose voting rights had
been restituted and the quantity of NA
shares held thereby
Participation of shareholders holding more than 5% of the shares top ten shareholders and top
ten shareholders with non-restricted tradable shares in the lending of shares through
refinancing
□Applicable √Not applicable
Changes in the top ten shareholders and the top ten shareholders with non-restricted tradable
shares compared to the prior corresponding period due to lending or return of shares through
refinancing
□Applicable √Not applicable
Number of shares held by the top 10 shareholders subject to trading restrictions and the trading
restrictions
□Applicable √Not applicable
98 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report（iii） Strategic investors or general legal persons became the top 10 shareholders due to
the placement of new shares.□Applicable √Not applicable
IV. Controlling shareholder and actual controller
（i） Controlling shareholder
1. Legal person
√Applicable □Not applicable
Name Yiwu China Commodities CityHoldings Limited
The person in charge or legal representative of the unit CHEN Dezhan
Date of establishment October 29 2019
Main business State-owned shareholding platform
Shareholdings of other domestic and overseas listed
companies that hold or participate in shares during the No
reporting period
Other statements No
2. Natural person
□Applicable √Not applicable
3. Special statement that the Company does not have a controlling shareholder
□Applicable √Not applicable
4. Explanation on Changes in Controlling Shareholders During the Reporting Period
□Applicable √Not applicable
5. Block diagram of the property rights and control relationship between the Company
and the controlling shareholder
√Applicable □Not applicable
56.37%
99 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report（ii） The actual controller
1. Legal person
√Applicable □Not applicable
State-owned Assets Supervision and
Name Administration Office of the People’s
Government of Yiwu
The person in charge or legal representative of the unit YU Yiqing
Date of establishment March 26 2009
Main business State-owned capital management andstate-owned equity management
Shareholdings of other domestic and overseas listed
companies that hold or participate in shares during the No
reporting period
Other statements No
2. Natural person
□Applicable √Not applicable
3. Special explanation that the Company does not have an actual controller
□Applicable √Not applicable
4. Explanation on changes in the Company's control during the reporting period
□Applicable √Not applicable
5. Block diagram of the property rights and control relationship between the Company
and the actual controller
√Applicable □Not applicable
6. The actual controller controls the Company through trust or other asset
management methods.□Applicable √Not applicable（iii） Other introductions of controlling shareholders and actual controllers
□Applicable √Not applicable
V. The controlling shareholder or the largest shareholder of the Company and its
persons acting in concert have accumulatively pledged shares that account for more
than 80% of the Company's shares held by them
□Applicable √Not applicable
VI. Other corporate shareholders holding more than 10% of the shares
□Applicable √Not applicable
100 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
VII. Description of share restriction reduction
□Applicable √Not applicable
VIII. The specifics of implementation of share repurchase during the reporting period
□Applicable √Not applicable
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.IX. Preferred Shares
□Applicable √Not applicable
101 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Section VII. Bonds
I. Corporate bonds (including enterprise bonds) and non-financial corporate debt financing instruments
√Applicable □Not applicable
（i） Corporate bonds (including enterprise bonds)
√Applicable □Not applicable
1. Basic information of corporate bonds
Unit: RMB 100 million Currency: RMB
Out Method of Whether
Issu Valu Matu stan Lead Trust Investor
Trad there is a
Abbreviatio Interes principalName of bond Code e e rity ding t rate repayment Trading unde ee Suitability
e
n mec
risk of
date date date amo (%) and interest venue rwrit man Arrange hani delisting or
unt payment er ager ments sm terminationof listing
Simple
interest is
Zhejiang China calculated Huat Huat
Commodities City Group Nove Nove Nove the interest Shanghai ai ai Professio Publi
Co. Ltd.’s publicly 25 YIWU mber mber mber payment Stock Unite Unite nal c
issued corporate bonds CCC 01 244143 13 13 13 8 1.94 frequency is Exchang d d institution tradi No
to professional investors 2025 2025 2028 annual and e Secu Secu al ng
in 2025(Issue 1) the principal is rities rities investors
repaid once
due.The Company’s mitigation measures against risks of bond delisting or de-registration
□Applicable √Not applicable
Bond interest payment during the reporting period
√Applicable □Not applicable
102 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Name of bond Description of interest payment
Zhejiang China Commodities City Group Co. Ltd.’s publicly
issued corporate bonds to professional investors in 2022 On September 1 2025 the Company paid all holders of "22 Yiwu CCC 01" the principal
(Issue 1) and interest for the period from September 1 2024 to August 31 2025 on time.Zhejiang China Commodities City Group Co. Ltd.’s publicly On September 22 2025 the Company paid all holders of "22 Yiwu CCC 02" the
issued corporate bonds to professional investors in 2022 principal and interest for the period from September 22 2024 to September 21 2025 on
(Issue 2) time.
2. Triggering and execution of issuer or investor choice clauses and investor protection clauses
□Applicable √Not applicable
3. Intermediaries providing services for bond issuance and duration business
Name of the Signatory
Intermediary name Office address Certified Public Accountant (if Contact person Contact number
applicable)
Room 401 Building B7 Qianhai
Huatai United Securities Shenzhen-Hong Kong Fund Town No. 128
Co. Ltd. Guiwan Fifth Road Nanshan Subdistrict / XU Chenhao 0571-85368679Qianhai Shenzhen-Hong Kong Modern Service
Industry Cooperation Zone Shenzhen
Guohao Law Firm Guohao Lawyer Building Nos. 2 and 15 Zone
(Hangzhou) B Baita Park Laofuxing Road Hangzhou City / YANG Beiyang 0571-85775888Zhejiang Province
Shanghai Brilliance Credit
Rating & Investors Service 14/F Huasheng Tower No.398 Hankou Road
Co. Ltd. Shanghai
/ ZHOU Wenzhe 021-63501349
Changes to the above intermediaries
□Applicable √Not applicable
103 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
4. Changes in credit ratings
□Applicable √Not applicable
Other notes:
√Applicable □Not applicable
Shanghai New Century Credit Rating Investment Service Co. Ltd. issued the Zhejiang China Commodities City Group Co. Ltd. Credit Rating
Report [XSJQP (2024)020213] on June 26 2025. According to the report the Company's main credit rating is AAA and the rating outlook is stable.
5. Changes variations and execution of guarantees debt repayment plans and other debt protection measures during the reporting
period and their impacts
□Applicable √Not applicable
104 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report（ii） Fundraising through corporate bonds
□ The Company’s bonds involved the use of raised funds or rectification during the reporting
period.√ None of the Company’s bonds involved the use of raised funds or rectification during the
reporting period.
(1).Proceeds from fundraising are earmarked for specific projects
□Applicable √Not applicable（iii） Other matters that should be disclosed for special bond varieties
□Applicable √Not applicable（iv） Important matters related to corporate bonds during the reporting period
□Applicable √Not applicable
105 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
（v） Non-financial corporate debt financing instruments in the interbank bond market
√Applicable □Not applicable
1. Basic information of non-financial corporate debt financing instruments
Unit: RMB 100 million Currency: RMB
Whether
Outs Method of Investor Trad there is a
Abbreviat Maturity tandi Intere
principal appropria e risk of
Name of bond ion Code Issue date Value date ng st rate
repayment Trading te terminating
date amo (%) and venue arrangem
mec the
unt interest ents (if
hani
sm transactionpayment any) in the stock
market
Zhejiang China 25 Annual
Commodities City Zhejiang interest
Group Co. Ltd.’s Yiwu 102581357 March March 27 March 27 5 2.10 payment Interbank No No
2025 MTN (Issue CCC 25–26 2025 2025 2028 principal market
1) MTN001 repaymentat maturity
Zhejiang China 25 Annual
Commodities City Zhejiang interest
Group Co. Ltd.’s Yiwu 102581826 April 23 April 24 April 24 payment Interbank
2025 MTN (Issue CCC 2025 2025 2028
10 2.09 principal market No No
2) MTN 002 repaymentat maturity
Zhejiang China 25 Annual
Commodities City Zhejiang interest
Group Co. Ltd.'s Yiwu 102582917 July 15–16 July 17 July 17 payment Interbank
2025 MTN (Issue CCC 2025 2025 2028
5 1.89 principal market No No
3) MTN 003 repaymentat maturity
106 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
The Company's measures to deal with the risk of bond termination
□Applicable √Not applicable
Bonds overdue
□Applicable √Not applicable
Bond interest payment during the reporting period
√Applicable □Not applicable
Name of bond Description of interest payment
Zhejiang China Commodities City On February 24 2025 the Company paid the holders of "22 Zhejiang Yiwu CCC MTN001" the interest for the
Group Co. Ltd.’s 2022 MTN (Issue 1) period from February 24 2024 to February 24 2025 on time.Zhejiang China Commodities City On March 29 2025 the Company paid the holders of "22 Zhejiang Yiwu CCC MTN002" the interest for the
Group Co. Ltd.’s 2022 MTN (Issue 2) period from March 29 2024 to March 29 2025 on time.Zhejiang China Commodities City On July 20 2025 the Company paid the holders of "22 Zhejiang Yiwu CCC MTN003" the interest for the
Group Co. Ltd.'s 2022 MTN (Issue 3) period from July 20 2024 to July 20 2025 on time.Zhejiang China Commodities City
Group Co. Ltd.’s 2024 Super On April 25 2025 the Company paid the holders of "24 Zhejiang Yiwu CCC SCP003" the interest for the
Short-term Financing Bonds (Issue 3) period from July 31 2024 to April 25 2025 on time.Zhejiang China Commodities City
Group Co. Ltd.'s 2024 Super On August 29 2025 the Company paid the holders of "24 Zhejiang Yiwu CCC SCP004" the interest for the
Short-term Financing Bonds (Issue 4) period from December 4 2024 to August 29 2025 on time.Zhejiang China Commodities City
Group Co. Ltd.’s 2024 Super On September 18 2025 the Company paid the holders of "24 Zhejiang Yiwu CCC SCP005" the interest for
Short-term Financing Bonds (Issue 5) the period from December 24 2024 to September 18 2025 on time.Zhejiang China Commodities City
Group Co. Ltd.’s 2025 Super On November 14 2025 the Company paid the holders of "25 Zhejiang Yiwu CCC SCP001" the interest for
Short-term Financing Bonds (Issue 1) the period from February 20 2025 to November 14 2025 on time.
2. Triggering and execution of issuer or investor choice clauses and investor protection clauses
□Applicable √Not applicable
107 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
3. Intermediaries providing services for bond issuance and duration business
Name of the Signatory
Intermediary name Office address Certified Public Accountant Contact person Contact number
(if applicable)
Agricultural Bank of China No. 69 Jianguomen Inner Street Dongcheng
Limited District Beijing / ZHANG Xiao 0571-89578887
China Merchants Bank Co. China Merchants Bank Tower No. 7088
Ltd. Shennan Avenue Futian District Shenzhen / BAO Chentao 0579-85981901
Bank of Hangzhou Co. Ltd. No. 168 Jiefang East Road ShangchengDistrict Hangzhou City Zhejiang Province / JI Mingjiang 0579-85572373
Huishang Bank Co. Ltd. Huiyin Building No. 1699 Yungu Road HefeiCity Anhui Province / LI Qiang 0551-63898763
Changes to the above intermediaries
□Applicable √Not applicable
4. Use of raised funds at the end of the reporting period
□Applicable √Not applicable
The progress and operational benefits of raised funds used for construction projects
□Applicable √Not applicable
Explanation on changing the use of the above-mentioned bonds raised during the reporting period
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
5. Changes in credit ratings
□Applicable √Not applicable
Other notes:
108 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
√Applicable □Not applicable
Shanghai New Century Credit Rating Investment Service Co. Ltd. issued the Zhejiang China Commodities City Group Co. Ltd. Credit Rating
Report [XSJQP (2024)020213] on June 26 2025. According to the report the Company's main credit rating is AAA and the rating outlook is stable.
6. Execution and changes of guarantees debt repayment plans and other debt protection measures during the reporting period and their
impact
□Applicable √Not applicable
7. Explanation of other situations regarding non-financial corporate debt financing instruments
□Applicable √Not applicable
109 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report（vi） Consolidated loss of the reporting period over 10% of net assets as at the end of last
year
□Applicable √Not applicable（vii） Interest-bearing debts other than bonds overdue at the end of the reporting period
□Applicable √Not applicable（viii） The impact of violations of laws and regulations company articles of association
information disclosure management system and provisions or commitments in the
bond prospectus on the rights and interests of bond investors during the reporting
period
□Applicable √Not applicable（ix） The Company's accounting data and financial indicators for the past 2 years as of
the end of the reporting period
√Applicable □Not applicable
Unit: RMB 10000
Major indicator 2025 2024 YoY change (%) Reasons forchange
Net profits attributable to
shareholders of the Listed
Company with 389296.12 298312.44 30.50
non-recurring items
excluded
Current ratio 113.92% 55.40% Up 58.52 ppt
Quick ratio 95.64% 47.68% Up 47.96 ppt
Debt-to-asset ratio (%) 48.14 47.48 Up 0.66 ppt
EBITDA to total debt ratio 1.96 0.69 184.06
Interest coverage ratio 36.80 17.90 105.59
Cash interest protection
multiple 77.43 20.77 272.80
EBITDA-to-interest
coverage ratio 43.44 20.76 109.25
Loan repayment rate (%) 100 100 -
Interest payment rate (%) 100 100 -
II. Convertible bonds
□Applicable √Not applicable
110 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Section VIII. Financial Report
I. Auditor's Report
√Applicable □Not applicable
Auditor's Report
Tian Jian Shen No. [2026]5011
All the shareholders of Zhejiang China Commodities City Group Co. Ltd.I. Audit opinion
We audited the financial statements of Zhejiang China Commodities City
Group Co. Ltd. (hereinafter referred to as "Commodities City Company") including
the consolidated and parent company balance sheets as of December 31 2025 the
consolidated and parent company income statements consolidated and parent
company cash flow statements consolidated and parent company statements of
changes in equity for the year 2025 and the related notes to the financial
statements.We believe that the attached financial statements are prepared in accordance
with the provisions of the Enterprise Accounting Standards in all material respects
and fairly reflect the consolidated and parent company financial position of Zhejiang
China Commodities City Group Co. Ltd. as of December 31 2025 as well as the
consolidated and parent company operating results and consolidated and parent
company cash flows for 2025.II. Basis of audit opinion
We conducted our audit in accordance with the Auditing Standards for ChineseCertified Public Accountants. The section “CPAs’ Responsibility for Audit ofFinancial Statements” in the audit report further describes our responsibilities underthese standards. In accordance with the “CPA Independence Standard No.
1—Independence Requirements for Financial Statement Audits and Reviews” and
the Code of Ethics for Chinese Certified Public Accountants we are independent of
China Small Commodity City Group Co. Ltd. and have fulfilled our other
professional ethical responsibilities. In our audit we adhered to the independence
requirements applicable to audits of public interest entities. We believe that the
111 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
audit evidence we have acquired is sufficient and effective providing a reasonable
basis for our opinion.III. Key audit matters
Key audit matters are matters that we believe are the most important matters
for the audit of the financial statements for the period based on professional
judgment. The response to such matters is based on the background of auditing the
financial statements as a whole and forming an audit opinion. We do not express
independent opinions on such matters.(I) Impairment of Long-term Assets with Finite Useful Lives Other Than
Goodwill
1. Description of the matter
The relevant information has been disclosed in Note V. 27 and Note VII. 20 21
22 25 26 and 28 to the financial statements.
As of December 31 2025 the book value of non-goodwill long-lived assets
(hereinafter collectively referred to as "long-term assets") such as fixed assets
investment real estate land use rights construction in progress intangible assets
and long-term prepaid expenses attributable to the markets and supporting hotels
exhibition halls and business buildings of Zhejiang China Commodities City Group
Co. Ltd. was RMB 19.5197551 billion accounting for 43.96% of the total
consolidated assets of Zhejiang China Commodities City Group Co. Ltd. Due to the
significant amount of long-term assets of Zhejiang China Commodities City Group
Co. Ltd. and the material judgments involved in the impairment testing of these
assets by the Company's management (hereinafter referred to as "management")
we identified the impairment of non-goodwill long-term assets with finite useful lives
as a key audit matter.
2. Audit Response
For impairment of long-term assets with finite useful lives excluding goodwill
our audit procedures mainly include:
(1) Understand key internal controls related to long-term asset management
evaluate the design of these controls determine whether they are implemented
and test the operating effectiveness of relevant internal controls;
112 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
(2) Review the assessment documents of Zhejiang China Commodities City
Group Co. Ltd. to determine whether there are any indicators of potential
impairment of long-term assets at the balance sheet date and evaluate whether the
impairment assessment methods are appropriate;
(3) Perform analytical procedures on the profitability of operating long-term
assets identify any significant or unusual fluctuations and determine whether there
is any risk of long-term asset impairment;
(4) Review post-period operational conditions including post-period sales
revenue gross profit and operating costs to assess whether there are unidentified
risks of long-term asset impairment
(5) Check whether information related to long-term asset impairment has been
appropriately presented in the financial statements.(II) Revenue Recognition from Sales of Goods
1. Description of the matter
For details of relevant information disclosure please refer to Note 5.34 Note
7.61 Note 18.6 and Note 19.4 of the financial statements.
The operating revenue of Zhejiang China Commodities City Group Co. Ltd.mainly comes from commodity sales shop use right and supporting services for
operation hotel accommodation and catering services leasing business etc.among which commodity sales revenue accounts for a relatively high proportion.In 2025 the Company's operating revenue amounted to RMB 19.9272527
billion of which revenue from commodity sales was RMB 9.9780668 billion
accounting for 50.07% of the total operating revenue.Since revenue is one of the key performance indicators of Zhejiang China
Commodities City Group Co. Ltd. there may be an inherent risk that the
management of the Company may achieve specific goals or expectations through
inappropriate revenue recognition. We identified the revenue recognition of the
Company's goods sales business as a key audit matter.
2. Audit Response
With respect to revenue recognition the audit procedures we performed
primarily included:
113 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
(1) Understand key internal controls related to revenue recognition evaluate
the design of these controls determine whether they are implemented and test the
operating effectiveness of relevant internal controls;
(2) Testing general IT controls and information processing controls related to
revenue recognition;
(3) Review sales contracts understand key contract terms or conditions and
evaluate whether the revenue recognition method is appropriate;
(4) Perform analytical procedures on revenue and gross margin by month
product customer etc. to identify any significant or unusual fluctuations and
determine the reasons;
(5) For domestic sales revenue select items to inspect relevant supporting
documents including sales contracts orders sales invoices delivery orders
shipping documents customer acceptance records etc.; for export revenue obtain
electronic port information and reconcile it with book records and select items to
inspect relevant supporting documents including orders acceptance records bank
receipts invoices and import/export data from the electronic port data system
(6) Select items to confirm sales amounts in conjunction with accounts
receivable confirmations;
(7) Perform cutoff tests to verify whether revenue is recognized in the
appropriate period;
(8) Obtain records of sales returns after the balance sheet date and check
whether there were cases where the revenue recognition criteria were not met as of
the balance sheet date;
(9) Check whether information related to operating revenue has been
appropriately presented in the financial statements.IV. Other information
Management is responsible for other information. Such information includes
the information covered by the annual report but the financial statements and the
audit report provided by us are excluded.Our audit opinion released in the financial statements does not cover other
information and we do not release any form of assurance conclusion on other
information.
114 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Our responsibility is to read other information in conjunction with our audit of
the financial statements. During the process we consider whether there is a
material inconsistency or other material misstatement in the financial statements
with the knowledge acquired by us during the audit process.Based on the work we have performed if we determine that there is a material
misstatement of other information we should report the fact. We have nothing to
report in this aspect.V. Responsibility of management and governance for financial
statements
The management is responsible for preparing financial statements in
accordance with the provisions of the Accounting Standards for Business
Enterprises to achieve fair reflection and designing implementing and maintaining
necessary internal controls to prevent these financial statements from material
misstatement arising from fraud or error.In preparing the financial statements the management is responsible for
assessing the going concern ability of Zhejiang China Commodities City Group Co.Ltd. disclosing matters relating to going concern as applicable and applying the
going concern assumption unless management plans to liquidate Zhejiang China
Commodities City Group Co. Ltd. terminate operations or has no other realistic
alternative.The governance layer of Zhejiang China Commodities City Group Co. Ltd.(hereinafter referred to as "governance") is responsible for overseeing the
Company's financial reporting process.VI. Certified Public Accountants’ responsibility for audit of financial
statements
Our goal is to obtain reasonable assurance about whether the financial
statements are free from material misstatement caused by fraud or error and
express an opinion on these financial statements based on our audits. The
reasonable assurance is a guarantee at a high level but there is no guarantee that
an audit performed in accordance with the auditing standards will always identify
existing material misstatement. Misstatements may be caused by fraud or error.
115 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Misstatement is generally considered to be material if it is reasonably expected that
the misstatement alone or aggregated may affect the financial decision made by
the users of the financial statements based on the financial statements.We applied professional judgment and professional skepticism during
conducting audit work in accordance with the Auditing Standards for CPA while
performing following works:
(1) Identifying and assessing the risk of material misstatement of the
consolidated financial statements due to fraud or error designing and implementing
audit procedures to address these risks and obtaining sufficient and appropriate
audit evidence as a basis for issuing audit opinions. As fraud may involve collusion
forgery willful omission misrepresentation or override of internal control the risk of
not discovering a material misstatement due to fraud is higher than the risk of not
discovering a material misstatement resulting from an error.
(2) Understand the internal controls relevant to the audit in order to design
appropriate audit procedures.
(3) Evaluating the appropriateness of the accounting policy selected by the
management layer and the rationality of accounting estimates and relevant
disclosure.
(4) Drawing conclusions on the appropriateness of the continuous operation
hypothesis used by the management layer. At the same time based on the audit
evidence obtained to draw conclusions regarding whether there are significant
uncertainties about matters or conditions that could raise substantial doubts about
Zhejiang China Commodities City Group Co. Ltd. 's ability to continue as a going
concern. If we conclude that there is a significant uncertainty the auditing standards
require us to remind user of the statements of the relevant disclosures in the
financial statements in the audit report. If the disclosures are inadequate we should
release an unqualified opinion. Our conclusion is based on the information available
by the date of the audit report. However future events or circumstances may result
in Zhejiang China Commodities City Group Co. Ltd. being unable to continue
operating.
(5) Evaluating the overall presentation structure and content (including
disclosures) of the consolidated financial statements and evaluating whether the
consolidated financial statements fairly reflect the relevant transactions and events.
116 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
(6) Obtaining sufficient and appropriate audit evidence on the financial
information of the entities or business activities of Zhejiang China Commodities City
Group Co. Ltd. in order to express audit opinions on the financial statements. We
are responsible for directing supervising and implementing the Group’s audit and
assume full responsibility for the audit opinion.We have communicated with the governance on the matters such as the scope
and timing of audit and major audit findings including the notable defects of internal
control identified in our audit.We also provided a statement to the governance that we had complied with the
professional ethics requirements related to independence and communicated with
the governance all relationships and other matters that may be reasonably believed
to affect our independence and related preventive measures (if applicable) .In the matters communicated with the governance we determined which
matters should be the most important to the audit of the financial statements of the
current period and should constitute the key audit matters accordingly. We
described such matters in the audit report unless laws and regulations had
prohibited public disclosure of these matters or in rare cases we determined that
such matters should not be communicated in the audit report if the negative
consequences of communicating a matter in the audit report are reasonably
expected to outweigh the public interests.Pan-China Certified Public Accountants LLP Chinese CPA:
(Project Partner)
Hangzhou China Chinese CPA:
Chinese CPA:
April 7 2026
117 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
II. Financial statements
Consolidated Balance Sheet
December 31 2025
Prepared by: Zhejiang China Commodities City Group Co. Ltd.Unit: RMB
Item Note December 31 December 31s 2025 2024
Current assets:
Monetary funds 6815989217.00 5539191617.06
Trading financial assets 2093640647.73 400316994.86
Notes receivable - 11170000.00
Accounts receivable 437842602.96 486150472.94
Prepayments 1537011402.30 1098093789.84
Other receivables 188280323.27 116264431.44
Inventory 2385329502.34 1357786850.42
Non-current assets due within one year 48073333.33 -
Other current assets 1352907210.14 725002872.77
Total current assets 14859074239.07 9733977029.33
Non-current assets:
Long-term receivables 263820453.02 293207963.26
Long-term equity investment 6436773452.31 6947116646.79
Other equity instrument investments 661002071.26 671036258.30
Other non-current financial assets 1595640456.59 1481882309.27
Property investment 6355807803.28 6115232734.38
Fixed assets 7695778566.77 5504023254.08
Construction in progress 187453942.15 2300662833.69
Right-of-use assets 133848922.89 150926457.50
Intangible assets 4722966520.46 5181280472.01
Among them: data resources 29020570.76 24025216.31
Development expenditure 4793276.48 7508990.11
Among them: data resources - 2767924.53
Goodwill 284916367.87 284916367.87
Long-term deferred expenses 423899385.08 406535918.65
Deferred income tax assets 65685094.81 62120431.08
Other non-current assets 713975826.35 28032980.89
Total non-current assets 29546362139.32 29434483617.88
Total assets 44405436378.39 39168460647.21
Current liabilities:
Short-term borrowings - 60054266.67
Accounts payable 1995926945.56 1469718387.95
Advance receipts 238030423.42 217278117.41
Contract liabilities 7463213194.29 5927725683.33
Employee compensation payable 305567789.70 177498432.73
Tax payable 760523819.93 626550669.84
Other payables 1013981521.93 1685334535.04
Non-current liabilities due within one year 120988024.00 3764748211.13
Other current liabilities 1144658143.19 3640250373.06
Total current liabilities 13042889862.02 17569158677.16
Non-current liabilities:
Long term loan 456224418.38 657589300.38
Bonds payable 2799044726.49 -
Lease liabilities 129609121.91 149984238.78
118 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Deferred income 116223417.33 150801314.25
Deferred income tax liabilities 129241774.50 68467233.06
Other non-current liabilities 4703511721.48 -
Total non-current liabilities 8333855180.09 1026842086.47
Total liabilities 21376745042.11 18596000763.63
Owners’ (or Shareholders’) Equity:
Paid-in capital (share capital) 5483559226.00 5483645926.00
Capital reserve 2407539312.32 2377625094.09
Less: treasury stocks - 33828483.60
Other comprehensive income 97611758.98 111061460.18
Surplus reserve 2469640355.95 2161802266.09
General risk reserve 2879083.68 2959744.97
Undistributed profit 12486681371.95 10400490449.73
Total equity attributable to owners (shareholders)
of the parent company 22947911108.88 20503756457.46
Minority interest 80780227.40 68703426.12
Total owners’ equity (or shareholders’
equity) 23028691336.28 20572459883.58
Total liabilities and owners’ equity (or
shareholders’ equity) 44405436378.39 39168460647.21
Head of the Company: CHEN Dezhan Principal in charge of accounting: BAO Hua Head of the
accounting department: ZHAO Difang
119 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Parent Company Balance Sheet
December 31 2025
Prepared by: Zhejiang China Commodities City Group Co. Ltd.Unit: RMB
Item Note December 31 December 31s 2025 2024
Current assets:
Monetary funds 6112150821.15 4995008550.93
Trading financial assets 1785358293.11 400316994.86
Accounts receivable 7114258.38 6235152.52
Prepayments 7708559.03 82162287.73
Other receivables 68315773.58 33119467.87
Inventory 1034771826.79 819197389.99
Other current assets 2708433206.61 2130465724.76
Total current assets 11723852738.65 8466505568.66
Non-current assets:
Long-term receivables 4785.99 17164452.57
Long-term equity investment 10423742617.62 10854795688.33
Other equity instrument investments 661002071.26 671036258.30
Other non-current financial assets 226071150.27 141924236.88
Property investment 4941653871.66 5140046283.26
Fixed assets 7341554439.30 5131477205.78
Construction in progress 98056296.95 1501105179.87
Right-of-use assets 90251863.48 96482119.21
Intangible assets 4095896105.81 4671689345.74
Long-term deferred expenses 399492735.13 395450817.71
Deferred income tax assets 60943291.23 54677470.39
Other non-current assets 602113360.60 25926003.78
Total non-current assets 28940782589.30 28701775061.82
Total assets 40664635327.95 37168280630.48
Current liabilities:
Short-term borrowings - 60054266.67
Accounts payable 1752807184.88 1075127665.94
Advance receipts 211527752.55 179074864.70
Contract liabilities 5329539614.69 4351044209.49
Employee compensation payable 253063627.03 126419780.05
Tax payable 647857368.16 577851259.14
Other payables 731173023.58 1436387739.07
Non-current liabilities due within one year 99791845.62 3746223519.27
Other current liabilities 2185187110.81 4912882341.74
Total current liabilities 11210947527.32 16465065646.07
Non-current liabilities:
Long term loan 407230096.66 474950437.35
Bonds payable 2799044726.49 -
Lease liabilities 101462946.38 104995840.38
Deferred income 88445180.57 92529314.25
Other non-current liabilities 4703511721.48 -
Total non-current liabilities 8099694671.58 672475591.98
Total liabilities 19310642198.90 17137541238.05
Owners’ (or Shareholders’) Equity:
Paid-in capital (share capital) 5483559226.00 5483645926.00
Capital reserve 1954316050.32 1925838418.23
Less: treasury stocks - 33828483.60
120 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Other comprehensive income 80299523.95 88047505.40
Surplus reserve 2469586880.12 2161748790.26
Undistributed profit 11366231448.66 10405287236.14
Total owners’ equity (or shareholders’
equity) 21353993129.05 20030739392.43
Total liabilities and owners’ equity (or
shareholders’ equity) 40664635327.95 37168280630.48
Head of the Company: CHEN Dezhan Principal in charge of accounting: BAO Hua Head of the
accounting department: ZHAO Difang
121 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Consolidated Income Statement
January to December 2025
Unit: RMB
Item Notes 2025 2024
I. Gross revenue 19927252694.51 15737383922.24
In which: operating revenue 19927252694.51 15737383922.24
II. Gross cost 15110457934.30 12038948483.60
In which: Operating cost 13661244520.86 10797892000.20
Taxes and surcharges 336739292.51 213543849.13
Sales expenses 470766537.04 321432995.06
Administrative expenses 611962141.62 580610076.55
R&D expenses 40714140.91 23221388.47
Financial expenses -10968698.64 102248174.19
In which: interest expenses 79492675.78 141844557.90
Interest income 93267843.69 42135967.43
Plus: other income 57886887.08 45418352.65
Investment income (loss is
indicated by “-”) 239196682.74 262975255.20
In which: income from investment
in associates and joint ventures 170247085.93 219166871.10
Changes in fair value (loss is
indicated by “-”) 247657039.06 12870705.99
Credit impairment loss (loss is
indicated by “-”) -10708758.25 -12890644.11
Income from disposal of assets
(loss is indicated by “-”) 2224570.38 260393.88
III. Operating profit (loss is indicated by
“-”)5353051181.224007069502.25
Plus: income from non-operating
activities 58655506.19 23999221.52
Less: expenses from non-operating
activities 4135136.90 2325770.92
IV. Profits before tax (loss is indicated by
“-”)5407571550.514028742952.85
Less: income tax 1191855783.31 950494867.16
V. Net profits (net loss is indicated by “-”) 4215715767.20 3078248085.69
(I) Categorized by continuity of operation
Net profits from continuing operation
(net loss is indicated by “-”) 4215715767.20 3078248085.69
(II) Categorized by ownership
Net profits attributable to shareholders of the
parent company (net loss is indicated by “-”) 4203546946.97 3073677494.86
Minority interest(net loss is indicated
by “-”) 12168820.23 4570590.83
VI. Other comprehensive income net after
tax -13541720.15 87723995.52
(I) Other comprehensive income net after tax
attributable to owners of the parent company -13449701.20 87666762.86
1. Other comprehensive income that
cannot be reclassified into profit and loss -7525640.28 85604159.34
(3) Changes in fair value of investments
in other equity instruments -7525640.28 85604159.34
2. Other comprehensive income that
will be reclassified into profit and loss -5924060.92 2062603.52
Other comprehensive income that can
be transferred into profit and loss under -222341.17 -10615.07
122 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
equity method
(6) Difference arising from the
translation of foreign currency financial -5701719.75 2073218.59
statements
(II) Other comprehensive income net after tax
attributable to minority shareholders -92018.95 57232.66
VII. Total comprehensive income 4202174047.05 3165972081.21
(I) Total comprehensive income
attributable to owners of the parent 4190097245.77 3161344257.72
company
(II) Total comprehensive income
attributable to minority shareholders 12076801.28 4627823.49
VIII. Earnings per share:
(I) Basic earnings per share 0.77 0.56
(II) Diluted earnings per share 0.77 0.56
In this period if a business combination under common control occurs the net profit realized by the
transferred party before the combination was 0 and the net profit realized by the transferred party in
the previous period was 0.Head of the Company: CHEN Dezhan Principal in charge of accounting: BAO Hua Head of the
accounting department: ZHAO Difang
123 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Parent company income statement
January to December 2025
Unit: RMB
Item Notes 2025 2024
I. Operating revenue 7657092147.32 5549682232.45
Less: Operating cost 2787312871.12 1270803000.90
Taxes and surcharges 306984658.30 179817999.41
Sales expenses 431315518.74 235453916.16
Administrative expenses 375195898.58 334423137.28
Financial expenses -3123017.21 125297105.87
In which: interest expenses 78281020.55 153125620.74
Interest income 82218424.26 28723722.82
Plus: other income 8422642.97 13969220.13
Investment income (loss is indicated
by “-”) 214416318.81 233054586.33
In which: income from investment in
associates and joint ventures 182836690.20 220311491.69
Changes in fair value (loss is indicated
by “-”) -494793.50 20651090.88
Credit impairment loss (loss is
indicated by “-”) -400899.54 -389817.22
II. Operating profits (loss is indicated by “-”) 3981349486.53 3671172152.95
Plus: income from non-operating
activities 52689828.23 17097787.87
Less: expenses from non-operating
activities 423552.77 868407.47
III. Profits before tax (loss is indicated by
“-”)4033615761.993687401533.35
Less: income tax 955234863.43 865893182.68
IV. Net profits (net loss is indicated by “-”) 3078380898.56 2821508350.67
(I) Categorized by continuity of
operation(net loss is indicated by “-”) 3078380898.56 2821508350.67
V. Other comprehensive income net after
tax -7747981.45 85593544.27
(I) Other comprehensive income that
cannot be reclassified as profit or loss -7525640.28 85604159.34
3. Changes in fair value of investments
in other equity instruments -7525640.28 85604159.34
(II) Other comprehensive income that will
be reclassified to profit or loss in the future -222341.17 -10615.07
1. Other comprehensive income that
can be transferred into profit and loss under -222341.17 -10615.07
equity method
VI. Total comprehensive income 3070632917.11 2907101894.94
Head of the Company: CHEN Dezhan Principal in charge of accounting: BAO Hua Head of the
accounting department: ZHAO Difang
124 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Consolidated Cash Flow Statement
January to December 2025
Unit: RMB
Item Notes 2025 2024
I. Cash flows generated from operating activities:
Cash received from sale of goods and
rendering of services 27225541798.98 18481050290.08
Cash received for taxes and
surcharges refunded 83047105.46 51253658.21
Other cash receipts relating to
operating activities 332687752.66 291953156.05
Sub-total of cash inflow from
operating activities 27641276657.10 18824257104.34
Cash paid for goods and services 13892766359.06 12002374706.36
Cash paid to and on behalf of
employees 551563913.95 531399260.15
Payments of taxes 1968303139.63 1102040160.53
Other cash payments relating to
operating activities 699431801.46 697103886.97
Sub-total of cash outflow from
operating activities 17112065214.10 14332918014.01
Net cash flow from operating
activities 10529211443.00 4491339090.33
II. Cash flows generated from investment activities:
Cash received from recovery of
investment 2305421898.17 250075252.78
Cash received from investment
income 169730685.74 256558655.59
Net cash received from disposal of
property plant and equipment
intangible assets and other long-term 805876293.55 258075630.71
assets
Other cash receipts relating to
investing activities 44588529.85 2618135767.52
Sub-total of cash inflow from
investing activities 3325617407.31 3382845306.60
Cash paid to acquire and construct
fixed assets intangible assets and other 2182072518.33 1500262163.77
long-term assets
Cash paid to acquire investments 4032999903.44 629777300.00
Other cash paid related to investing
activities 2760000000.00 29999075.22
Sub-total of cash outflow from
investing activities 8975072421.77 2160038538.99
Net cash flow from investing
activities -5649455014.46 1222806767.61
III. Cash flows generated from financing activities:
Cash received from borrowings 3798313002.06 6393365692.55
Sub-total of cash inflow from
financing activities 3798313002.06 6393365692.55
Cash paid for debts repayment 7875409900.00 8038880000.00
Cash paid for distribution of dividends
or profits or payment of interest 1993385493.06 1402224958.90
Other cash paid related to financing
activities 35146724.12 47294067.07
Sub-total of cash outflow from 9903942117.18 9488399025.97
125 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
financing activities
Net cash flow from financing
activities -6105629115.12 -3095033333.42
IV. The impact of exchange rate
fluctuations on cash and cash -17646067.90 -922797.73
equivalents
V. Net increase in cash and cash
equivalents -1243518754.48 2618189726.79
Plus: opening balance of cash and
cash equivalents 5528368665.98 2910178939.19
VI. Closing balance of cash and cash
equivalents 4284849911.50 5528368665.98
Head of the Company: CHEN Dezhan Principal in charge of accounting: BAO Hua Head of the
accounting department: ZHAO Difang
126 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Parent Company Cash Flow Statement
January to December 2025
Unit: RMB
Item Notes 2025 2024
I. Cash flows generated from operating activities:
Cash received from sale of goods and
rendering of services 13828951569.36 6813507927.03
Other cash receipts relating to operating
activities 247186975.80 193725114.56
Sub-total of cash inflow from operating
activities 14076138545.16 7007233041.59
Cash paid for goods and services 1175457142.53 1340052340.71
Cash paid to and on behalf of employees 240889770.22 236448448.55
Payments of taxes 1718237481.98 920817137.35
Other cash payments relating to
operating activities 707706585.84 542091440.11
Sub-total of cash outflow from
operating activities 3842290980.57 3039409366.72
Net cash flow from operating activities 10233847564.59 3967823674.87
II. Cash flows generated from investment activities:
Cash received from recovery of
investment 2260108016.22 5000000.00
Cash received from investment income 146142821.61 237360894.64
Net cash received from disposal of
property plant and equipment intangible 240460481.05 258011125.73
assets and other long-term assets
Other cash receipts relating to investing
activities 408604269.46 2874809508.75
Sub-total of cash inflow from investing
activities 3055315588.34 3375181529.12
Cash paid to acquire and construct fixed
assets intangible assets and other 1617221797.63 1099741711.26
long-term assets
Cash paid to acquire investments 3922830000.00 648541104.02
Other cash paid related to investing
activities 3067265948.69 -
Sub-total of cash outflow from
investing activities 8607317746.32 1748282815.28
Net cash flow from investing
activities -5552002157.98 1626898713.84
III. Cash flows generated from financing activities:
Cash received from borrowings 3798313002.06 6398634307.45
Sub-total of cash inflow from financing
activities 3798313002.06 6398634307.45
Cash paid for debts repayment 7741720000.00 7869010000.00
Cash paid for distribution of dividends or
profits or payment of interest 1978552857.85 1363637527.11
Other cash paid related to financing
activities 13218015.11 28419233.52
Sub-total of cash outflow from
financing activities 9733490872.96 9261066760.63
Net cash flow from financing -5935177870.90 -2862432453.1activities 8
IV. The impact of exchange rate
fluctuations on cash and cash - -
equivalents
127 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
V. Net increase in cash and cash
equivalents -1253332464.29 2732289935.53
Plus: opening balance of cash and cash
equivalents 4990598748.40 2258308812.87
VI. Closing balance of cash and cash
equivalents 3737266284.11 4990598748.40
Head of the Company: CHEN Dezhan Principal in charge of accounting: BAO Hua Head of the
accounting department: ZHAO Difang
128 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Consolidated Statement of Changes in Owners' Equity
January to December 2025
Unit: RMB
2025
Item Equity attributable to owners of the parent company
Minority interest Total owners’
Paid-in capital Less: treasury Other comprehensive General risk equity
Capital reserve Surplus reserve Undistributed profit Sub-total
(share capital) stocks income reserve
1. Balance at the
end of previous 5483645926.00 2377625094.09 -33828483.60 111061460.18 2161802266.09 2959744.97 10400490449.73 20503756457.46 68703426.12 20572459883.58
year
II. Opening
balance of the 5483645926.00 2377625094.09 -33828483.60 111061460.18 2161802266.09 2959744.97 10400490449.73 20503756457.46 68703426.12 20572459883.58
current year
III. YoY change
(decrease is -86700.00 29914218.23 33828483.60 -13449701.20 307838089.86 -80661.29 2086190922.22 2444154651.42 12076801.28 2456231452.70
indicated by “-”)
(I) Total
comprehensive - - - -13449701.20 - - 4203546946.97 4190097245.77 12076801.28 4202174047.05
income
(II)Owners’
contribution to
and reduction in -86700.00 1757293.37 33828483.60 - - - - 35499076.97 - 35499076.97
capital
3. Amount of
share-based
payment into -86700.00 1757293.37 33828483.60 - - - - 35499076.97 - 35499076.97
owner’s equity
(III) Profits
distribution - - - - 307838089.86 -80661.29 -2117356024.75 -1809598596.18 - -1809598596.18
1. Withdrawal of
surplus reserve - - - - 307838089.86 - -307838089.86 - - -
2. Withdrawal of
provision for - - - - - -80661.29 80661.29 - - -
general risks
3.Distribution to
owners (or - - - - - - -1809598596.18 -1809598596.18 - -1809598596.18
shareholders)
(VI) Others - 28156924.86 - - - - - 28156924.86 - 28156924.86
IV. Closing
balance of the 5483559226.00 2407539312.32 - 97611758.98 2469640355.95 2879083.68 12486681371.95 22947911108.88 80780227.40 23028691336.28
current period
129 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
2024
Item Equity attributable to owners of the parent company
Paid-in capital Less: treasury Minority interest Total owners’ equityOther comprehensive General risk
Capital reserve Surplus reserve Undistributed profit Sub-total
(share capital) stocks income reserve
1. Balance at
the end of 5484334176.00 1666882087.60 74367173.75 23394697.32 1879651431.02 4893646.97 8703604953.04 17688393818.20 15543703.07 17703937521.27
previous year
II. Opening
balance of the 5484334176.00 1666882087.60 74367173.75 23394697.32 1879651431.02 4893646.97 8703604953.04 17688393818.20 15543703.07 17703937521.27
current year
III. YoY change
(decrease is -688250.00 710743006.49 -40538690.15 87666762.86 282150835.07 -1933902.00 1696885496.69 2815362639.26 53159723.05 2868522362.31
indicated by “-”)
(I) Total
comprehensiv - - - 87666762.86 - - 3073677494.86 3161344257.72 4627823.49 3165972081.21
e income
(II)Owners’
contribution to
and reduction in -688250.00 710743006.49 -40538690.15 - - - - 750593446.64 - 750593446.64
capital
3. Amount of
share-based
payment into -688250.00 29757891.46 -40538690.15 - - - - 69608331.61 - 69608331.61
owner’s equity
4.Others - 680985115.03 - - - - - 680985115.03 - 680985115.03
(III) Profits
distribution - - - - 282150835.07 -1933902.00 -1376791998.17 -1096575065.10 - -1096575065.10
1. Withdrawal
of surplus - - - - 282150835.07 - -282150835.07 - - -
reserve
2. Withdrawal of
provision for - - - - - -1933902.00 1933902.00 - - -
general risks
3.Distribution
to owners (or - - - - - - -1096575065.10 -1096575065.10 - -1096575065.10
shareholders)
(VI) Others - - - - - - - - 48531899.56 48531899.56
IV. Closing
balance of the 5483645926.00 2377625094.09 33828483.60 111061460.18 2161802266.09 2959744.97 10400490449.73 20503756457.46 68703426.12 20572459883.58
current period
Head of the Company: CHEN Dezhan Principal in charge of accounting: BAO Hua Head of the accounting department: ZHAO Difang
130 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Statement of Changes in the Parent Company Shareholders' Equity
January to December 2025
Unit: RMB
2025
Item Paid-in capital Less: treasury Other
(share capital) Capital reserve stocks comprehensive Surplus reserve Undistributed profit Total owners’ equityincome
1. Balance at the end of previous year 5483645926.00 1925838418.23 33828483.60 88047505.40 2161748790.26 10405287236.14 20030739392.43
II. Opening balance of the current year 5483645926.00 1925838418.23 33828483.60 88047505.40 2161748790.26 10405287236.14 20030739392.43
III. YoY change (decrease is indicated by “-”) -86700.00 28477632.09 -33828483.60 -7747981.45 307838089.86 960944212.52 1323253736.62
(I) Total comprehensive income - - - -7747981.45 - 3078380898.56 3070632917.11
(II)Owners’ contribution to and reduction in
capital -86700.00 320707.23 -33828483.60 - - - 34062490.83
3. Amount of share-based payment into
owner’s equity -86700.00 320707.23 -33828483.60 - - - 34062490.83
(III) Profits distribution - - - - 307838089.86 -2117436686.04 -1809598596.18
1. Withdrawal of surplus reserve - - - - 307838089.86 -307838089.86 -
2. Distribution to owner (or shareholders) - - - - - -1809598596.18 -1809598596.18
(VI) Others - 28156924.86 - - - - 28156924.86
IV. Closing balance of the current period 5483559226.00 1954316050.32 - 80299523.95 2469586880.12 11366231448.66 21353993129.05
2024
Item Paid-in capital Less: treasury Other
(share capital) Capital reserve stocks comprehensive Surplus reserve Undistributed profit Total owners’ equityincome
1. Balance at the end of previous year 5484334176.00 1898950817.41 74367173.75 2453961.13 1879597955.19 8962504785.64 18153474521.62
II. Opening balance of the current year 5484334176.00 1898950817.41 74367173.75 2453961.13 1879597955.19 8962504785.64 18153474521.62
III. YoY change (decrease is indicated by “-”) -688250.00 26887600.82 -40538690.15 85593544.27 282150835.07 1442782450.50 1877264870.81
(I) Total comprehensive income - - - 85593544.27 - 2821508350.67 2907101894.94
(II)Owners’ contribution to and reduction
in capital -688250.00 26887600.82 -40538690.15 - - - 66738040.97
3. Amount of share-based payment into
owner’s equity -688250.00 26887600.82 -40538690.15 - - - 66738040.97
(III) Profits distribution - - - - 282150835.07 -1378725900.17 -1096575065.10
1. Withdrawal of surplus reserve - - - - 282150835.07 -282150835.07 -
2. Distribution to owner (or shareholders) - - - - - -1096575065.10 -1096575065.10
IV. Closing balance of the current period 5483645926.00 1925838418.23 33828483.60 88047505.40 2161748790.26 10405287236.14 20030739392.43
Head of the Company: CHEN Dezhan Principal in charge of accounting: BAO Hua Head of the accounting department: ZHAO Difang
131 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
III. Company profile
1. Company overview
√Applicable □Not applicable
Zhejiang China Commodities City Group Co. Ltd. (hereinafter referred to as the
"Company") was approved by Document ZG [1993] No. 59 of the Zhejiang Provincial
Shareholding System Pilot Work Coordination Group and registered with the Yiwu Industrial
and Commercial Administration of Zhejiang Province on December 28 1993 obtaining the
"Business License of Legal Entity" with registration number 14766708-8. The original registered
name was Zhejiang Yiwu China Commodities City Co. Ltd. On September 26 1995 the
Company was renamed Zhejiang China Commodities City Group Co. Ltd. The Company
currently holds a business license with the unified social credit code of 91330000147641689Y
with a registered capital of RMB 5483 559 226.00 and a total of 5483559226 shares (par
value of RMB 1 per share). Among these there are 5483559226 A-shares that are not subject
to selling restrictions (tradable shares). The Company's shares have been listed on the
Shanghai Stock Exchange since May 9 2002.The Company belongs to the market management service industry. The main business
activities include industrial investment and development investment management market
development and operation market supporting services sales of metal materials building
decoration materials general merchandise textiles hardware electrical and chemical products
office equipment and communication equipment (excluding wireless) mechanical and electrical
equipment provision of online trading platforms and services online trading market
development and operation and information consulting services. Import and export business of
goods within the scope of self-operated and domestically sold commodities. Engaged in
processing with supplied materials and "processing with supplied materials processing with
supplied samples assembling with supplied parts and compensation trade" business
conducting countertrade and entrepot trade including the business scope of subordinate
branches.These financial statements were approved for external issuance by the 3rd Meeting of the
10th Board of Directors on 7 April 2026. Pursuant to the Company’s Articles of Association
these financial statements shall be submitted to the shareholders’ meeting for deliberation and
approval.IV. Basis for preparation of consolidated financial statements
1. Basis of preparation
The financial statements of the Company were prepared on a going-concern basis.
2. Operation as a going concern
√Applicable □Not applicable
The Company had no events or conditions that casted a major doubt about the
going-concern ability of the Company within 12 months from the end of the reporting period.V. Important accounting policies and accounting estimates
Reminders on specific accounting policies and accounting estimates:
√Applicable □Not applicable
Based on its actual production and operational characteristics the Company has
formulated specific accounting policies and accounting estimates for transactions or events
such as financial instrument impairment inventories depreciation of fixed assets
construction-in-progress intangible assets and revenue recognition.
132 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
1. Statement on Compliance with ASBE
The financial statements prepared by the Company comply with the requirements of the
Accounting Standards and truly and completely reflect the Company’s financial conditions
operating results changes in shareholders’ equity cash flows and other related information.
2. Accounting period
The fiscal year starts from January 1 and ends on December 31 of the Gregorian calendar.
3. Business cycle
√Applicable □Not applicable
Except for the real estate sector the Company’s operating businesses have relatively short
operating cycles; therefore a 12-month period is adopted as the criterion for classifying assets
and liabilities by liquidity. The operating cycle of the real estate industry from property
development to sales realization generally exceeds twelve months; the specific duration is
determined based on individual development projects and serves as the benchmark for
classifying assets and liabilities according to liquidity.
4. Bookkeeping base currency
The Company and its domestic subsidiaries use the Renminbi (RMB) as their functional
currency. Overseas subsidiaries including Europe Huajie Development Co. Ltd. and Hong
Kong Better Silk Road Co. Ltd. engaged in foreign operations select the currency of the
primary economic environment in which they operate as their functional currency.
5. Method for determining importance criteria and selection basis
√Applicable □Not applicable
Item Importance criteria
Significant construction projects in The total investment of a single project exceeds 0.5%
progress of the total assets
Significant prepayments aged over 1
year Individual amount exceeding 0.5% of total assets
Significant accounts payable with an
aging of over 1 year Individual amount exceeding 0.5% of total assets
Significant advance receipts with
aging over 1 year Individual amount exceeding 0.5% of total assets
Significant contractual liabilities with
an aging of over 1 year Individual amount exceeding 0.5% of total assets
Significant other payables with an
aging of over 1 year Individual amount exceeding 0.5% of total assets
Important accounts receivable with
individual provision for bad debts Individual amount exceeding 0.5% of total assets
Important debt investment Individual amount exceeding 0.5% of total assets
Significant capitalized R&D projects
and externally acquired R&D projects Individual amount exceeding 0.5% of total assets
Significant cash flows from investing
activities Single amount exceeding 5% of total assets
Significant foreign operating entities Total assets/total revenue/total profit exceeds 15% ofthe group's total assets/total revenue/total profit
Significant subsidiaries Total assets/total revenue/total profit exceeds 15% of
non-wholly-owned subsidiaries the group's total assets/total revenue/total profit
The book value of a single long-term equity
Significant joint ventures or investment exceeds 15% of the group's net assets /
associates The investment income calculated under the equity
method for a single item exceeds 15% of the group's
133 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
total profit
6. Accounting methods for business combinations under common control and
business combinations not under common control
√Applicable □Not applicable
The mergers of enterprises are divided into the mergers of the enterprises under common
control and mergers of the enterprises not under common control.Accounting treatment method for business combination under common control
The assets and liabilities acquired by the Company in a business combination are
measured at their carrying amounts in the consolidated financial statements of the ultimate
controlling party as of the merger date. The Company adjusts capital reserve based on the
difference between the book value share of the owners' equity of the merged party in the
consolidated financial statements of the ultimate controlling party and the book value of the
merger consideration paid or the total par value of shares issued. If the capital reserve is
insufficient to offset the difference retained earnings are adjusted.Accounting treatment method for business combination not under common control
On the purchase date the Company recognizes the difference between the cost of the
combination that is greater than the fair value share of the identifiable net assets of the acquiree
obtained in the combination as goodwill; if the cost of the combination is less than the share of
the fair value of the identifiable net assets of the acquiree acquired in the combination First
review the acquired fair value of the acquiree's identifiable assets liabilities and contingent
liabilities and the measurement of the combination cost. After the review the combination cost
is still less than the fair value share of the acquiree's identifiable net assets acquired in the
combination the difference is included in the current profit and loss.
7. Judgment criteria for control and preparation methods for consolidated financial
statements
√Applicable □Not applicable
Judgment criteria for control
Control refers to the Company’s power to the investee. The Company enjoys variable
returns by participating in the investee’s related activities and is able to apply the power to the
investee to affect the amount of the returns.Method for preparing consolidated financial statements
The parent company includes all subsidiaries under its control in the consolidation scope of
the consolidated financial statements. The consolidated financial statements are prepared by
the parent company based on the financial statements of the parent and its subsidiaries in
accordance with other relevant information and Accounting Standards for Business Enterprises
No. 33—Consolidated Financial Statements.
8. Classification of joint arrangements and accounting treatment of joint operations
√Applicable □Not applicable
Joint arrangements are divided into joint operations and joint ventures.When the Company is a joint operator in a joint operation it recognizes the following items
related to its share of interests in the joint operation:
(1) Confirm individually held assets and jointly held assets based on ownership shares;
(2) Recognize individually assumed liabilities and jointly assumed liabilities based on
ownership share
(3) Recognizing revenue generated from the sale of the Company's share in the output of
joint operations;
(4) Recognition of income from jointly controlled operations' asset sales based on the
Company's ownership share;
(5) Recognition of individually incurred expenses and expenses from jointly controlled
operations based on the Company's ownership share.
134 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
9. Criteria of cash and cash equivalents
Cash presented in the cash flow statement refers to cash on hand and deposits that can be
used for payment at any time. Cash equivalents refer to investments held by a company with
short maturities strong liquidity easy conversion to known amounts of cash and minimal risk of
value changes.
10. Foreign currency business and foreign currency financial statement conversion
√Applicable □Not applicable
Foreign currency business translation
In the initial recognition of a foreign currency transaction the foreign currency amount is
translated to a functional currency amount according to the spot exchange rate on the date of
transaction. On the balance sheet date foreign currency monetary items are translated using
the spot exchange rate on the balance sheet date. Exchange differences arising from changes
in exchange rates except for those related to the principal and interest of foreign currency loans
specifically borrowed for the acquisition or construction of assets that meet capitalization criteria
are recognized in the current period’s profit or loss. Foreign currency non-monetary items
measured at historical cost are still translated using the spot exchange rate on the transaction
date and their RMB amounts remain unchanged. For foreign currency non-monetary items
measured at fair value the spot exchange rate on the date of fair value determination is used
for translation and the difference is recognized in the current period’s profit or loss or other
comprehensive income.Foreign currency financial statement translation
Assets and liabilities items in the balance sheet are translated at the spot exchange rate on
the balance sheet date; owners' equity items except the "undistributed profit" item other items
are translated at the spot exchange rate on the transaction date; Income and expense items
shall be converted at the spot exchange rate on the transaction date. The translation
differences arising from the above conversion of foreign currency financial statements are
recorded in other comprehensive income.
11. Financial instruments
√Applicable □Not applicable
Classification of Financial Assets and Financial Liabilities
Financial assets are classified into the following three categories upon initial recognition: (1)
financial assets measured at amortized cost; (2) financial assets measured at fair value through
other comprehensive income; (3) financial assets measured at fair value through profit or loss.Financial liabilities are classified into the following four categories upon initial recognition:
(1) financial liabilities measured at fair value through profit or loss; (2) financial liabilities arising
from transfers of financial assets that do not qualify for derecognition or continuing involvement
in transferred financial assets; (3) financial guarantee contracts not falling under (1) or (2) above
and loan commitments not falling under (1) above that are made at below-market interest rates;
(4) financial liabilities measured at amortized cost.
Recognition Basis Measurement Methods and Derecognition Conditions for
Financial Assets and Financial Liabilities
(1) Recognition basis and initial measurement methods for financial assets and liabilities
The Company recognizes a financial asset or financial liability at the time of becoming a
party to a financial instrument contract. Financial assets and financial liabilities are measured at
fair value upon initial recognition: in view of financial assets and financial liabilities measured at
fair value through profit or loss related transaction costs are directly recorded in the current
profit or loss; in view of financial assets and financial liabilities of other categories related
transaction costs are recorded in the initially recognized amount. However if the Company's
initially recognized accounts receivable do not contain significant financing components or the
Company does not consider financing components in contracts not exceeding one year they
are initially measured at the transaction price as defined in Accounting Standards for Business
Enterprises No. 14 - Revenue.
(2) Subsequent measurement methods for financial assets
135 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
1) Financial assets measured at amortized cost
Subsequent measurement is carried out at amortized cost using the effective interest
method. Gains or losses arising from financial assets measured at amortized cost that are not
part of any hedging relationship are recognized in profit or loss upon derecognition
reclassification amortization using the effective interest method or impairment recognition.
2) Debt instrument investments measured at fair value through other comprehensive
income
Subsequent measurement is carried out at fair value. Interest calculated using the effective
interest method impairment losses or gains and exchange differences are recognized in profit
or loss while other gains or losses are recognized in other comprehensive income. Upon
derecognition the cumulative profit or loss previously recorded in other comprehensive income
is transferred out from other comprehensive income and recorded in the current profit or loss.
3) Equity instrument investments measured at fair value through other comprehensive
income
Subsequent measurement is carried out at fair value. Dividends received (excluding those
representing recovery of investment cost) are recognized in current profit or loss while other
gains or losses are recognized in other comprehensive income. Upon derecognition the
cumulative profit or loss previously recorded in other comprehensive income is transferred out
from other comprehensive income and recorded in the retained income.
4) Financial assets measured at fair value through profit or loss
Subsequent measurement at fair value results in gains or losses (including interest and
dividend income) being recognized in current profit or loss unless the financial asset is part of a
hedging relationship.
(3) Subsequent measurement methods for financial liabilities
1) Financial liabilities measured at fair value through profit or loss
Such financial liabilities include trading financial liabilities (including derivative instruments
that qualify as financial liabilities) and those designated as measured at fair value through profit
or loss. For such financial liabilities fair value is used for subsequent measurement. Changes in
the fair value of financial liabilities designated as measured at fair value through profit or loss
due to changes in the Company's own credit risk are recognized in other comprehensive
income unless such treatment would create or enlarge an accounting mismatch in profit or loss.Other gains or losses arising from such financial liabilities (including interest expenses and fair
value changes not due to changes in the Company's own credit risk) are recognized in current
profit or loss unless the financial liability is part of a hedging relationship. Upon derecognition
the cumulative profit or loss previously recorded in other comprehensive income is transferred
out from other comprehensive income and recorded in the retained income.
(2) Financial liabilities arising from financial asset transfers that do not meet derecognition
criteria or involve continued involvement in the transferred financial assets
Measurement shall be conducted in accordance with the relevant provisions of Accounting
Standards for Business Enterprises No. 23—Transfer of Financial Assets.
3) Financial guarantee contracts not falling under 1) or 2) above and loan commitments
not falling under 1) above that provide loans at below-market interest rates.After initial recognition subsequent measurement is based on the higher of the following
two amounts: * the amount of loss allowance determined in accordance with the impairment
provisions for financial instruments; * the initial recognition amount minus the cumulative
amortization determined in accordance with the relevant provisions of Accounting Standards for
Business Enterprises No. 14—Revenue.
4) Financial liabilities measured at amortized cost
Measured at amortized cost using the effective interest method. Gains or losses arising
from financial liabilities measured at amortized cost and not part of any hedging relationship are
recognized in current profit or loss upon derecognition or amortization using the effective
interest method.
(4) Derecognition of financial assets and financial liabilities
1) A financial asset shall be derecognized when one of the following conditions is met:
* Termination of contract rights to collect cash flows of the financial assets;
136 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
* The financial asset has been transferred and the transfer meets the derecognition
criteria for financial assets under Accounting Standard for Business Enterprises No. 23 -
Transfer of Financial Assets.Where the current obligations of the financial liabilities (or part of them) have been
dissolved the Company derecognizes the financial liabilities (or the part of financial liabilities).The recognition basis and measurement method for the financial assets transfer
If the Company transfers substantially all the risks and rewards of ownership of the
financial asset it derecognizes the financial asset and separately recognizes any rights and
obligations created or retained in the transfer as assets or liabilities; if it retains substantially all
the risks and rewards of ownership it continues to recognize the transferred financial asset. If a
company neither transfers nor retains substantially all the risks and rewards of ownership of a
financial asset the following treatments should be applied according to different situations: (1) If
the Company does not retain control over the financial asset it should derecognize the financial
asset and separately recognize the rights and obligations arising from or retained in the transfer
as assets or liabilities. (2) If the Company retains control over the financial asset it should
recognize the relevant financial asset to the extent of its continued involvement in the
transferred financial asset and accordingly recognize the relevant liability.If the entire transfer of a financial asset meets derecognition criteria the difference
between the following two amounts is recognized in profit or loss: (1) the carrying amount of the
transferred financial asset on the derecognition date; (2) the sum of the consideration received
for transferring the financial asset and the cumulative amount of fair value changes originally
recognized in other comprehensive income attributable to the derecognized portion (for
financial assets measured at fair value through other comprehensive income such as debt
instrument investments). If a portion of a financial asset is transferred and the transferred
portion as a whole meets the derecognition criteria the carrying value of the financial asset
before the transfer is allocated between the derecognized portion and the continuing
recognized portion based on their relative fair values on the transfer date and the difference
between the following two amounts is recognized in current profit or loss: (1) the carrying value
of the derecognized portion; (2) the sum of the consideration received for the derecognized
portion and the cumulative amount of fair value changes originally directly recognized in other
comprehensive income that corresponds to the derecognized portion (for financial assets
measured at fair value through other comprehensive income such as debt instrument
investments).Determination method for the fair value of financial assets and financial liabilities
The Company uses valuation techniques that are appropriate in current circumstances and
for which sufficient data and other information are available to determine the fair value of
relevant financial assets and financial liabilities. The Company classifies input values used in
valuation techniques into the following hierarchy and applies them sequentially:
(1) The first-level inputs are unadjusted quoted prices in active markets for identical assets
or liabilities that can be obtained on the measurement date.
(2) Level 2 inputs are inputs other than quoted prices included within Level 1 that are
observable for the asset or liability either directly or indirectly including: quoted prices for
similar assets or liabilities in active markets; quoted prices for identical or similar assets or
liabilities in markets that are not active; other observable inputs such as interest rates and yield
curves observable at commonly quoted intervals; and market-corroborated inputs
(3) Level 3 inputs are unobservable inputs for the relevant asset or liability including
interest rates stock volatility future cash flows of abandonment obligations assumed in
business combinations and financial forecasts made using the Company's own data that
cannot be directly observed or verified by observable market data.Impairment of financial instruments
The Company recognizes impairment and establishes loss allowances based on expected
credit losses for: financial assets measured at amortized cost debt instrument investments
measured at fair value through other comprehensive income contract assets lease receivables
loan commitments not classified as financial liabilities measured at fair value through profit or
loss and financial guarantee contracts that are not financial liabilities measured at fair value
through profit or loss or do not meet the derecognition criteria for transferred financial assets or
continue to be involved with the transferred financial assets.
137 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Expected credit losses refer to the weighted average value of the credit losses of financial
instruments weighted by the risk of default. Credit loss refers to the difference between all
contract cash flows receivable under the contract and all cash flows expected to be received
discounted by the Company at the original effective interest rate that is the present value of all
cash shortages. Among them the credit-impaired financial assets purchased or originated by
the Company shall be discounted at the credit-adjusted effective interest rate of the financial
assets.For purchased or originated financial assets that have experienced credit impairment the
Company recognizes only the cumulative changes in expected credit losses over the entire life
since initial recognition as loss provisions on the balance sheet date.For lease receivables receivables arising from transactions regulated by Accounting
Standards for Business Enterprises No. 14—Revenue and contract assets the Company
applies the simplified measurement method measuring the loss allowance at an amount equal
to the expected credit losses over the entire lifetime.For financial assets not measured using the above methods the Company assesses at
each balance sheet date whether their credit risk has increased significantly since initial
recognition. If the credit risk has increased significantly since initial recognition the Company
measures the loss allowance at the amount of expected credit losses over the entire lifetime; if
the credit risk has not increased significantly since initial recognition the Company measures
the loss allowance at the amount of expected credit losses over the next 12 months for the
financial instrument.The Company uses available reasonable and evidence-based forward-looking information
to determine whether the credit risk of financial instruments has been confirmed since initial
recognition by comparing the risk of default of financial instruments on the balance sheet date
with the risk of default on the date of initial recognition. has increased significantly.At the balance sheet date if the Company determines that a financial instrument has only
low credit risk it is assumed that the instrument's credit risk has not increased significantly
since initial recognition.The Company assesses expected credit risk and measures expected credit loss based on
individual financial instruments or portfolios of financial instruments. When based on financial
instrument portfolios the Company classifies financial instruments into different portfolios
based on shared risk characteristics.The Company remeasures expected credit losses at each balance sheet date with
increases or reversals in loss allowances recognized as impairment losses or gains in current
period profit or loss. For financial assets measured at amortized cost loss allowances reduce
the carrying amount of the financial asset presented in the balance sheet; for debt investments
measured at fair value through other comprehensive income the Company recognizes loss
allowances in other comprehensive income without reducing the carrying amount of the
financial asset.Offset of financial assets and financial liabilities
In addition financial assets and financial liabilities are recognized separately in the balance
sheet and are not offset against each other. If the following conditions are met at the same time
financial assets and financial liabilities are listed in the balance sheet as the net amount after
offsetting each other: (1) There is a legal right to offset the recognized amount and the legal
right is currently executable; (2) Netting settlement or realizing the financial asset and paying
off the financial liability at the same time.For financial asset transfers that do not meet the derecognition criteria the Company does
not offset the transferred financial assets and related liabilities.
12. Notes receivable
√Applicable □Not applicable
Combination classification and determination basis of combined provision for bad debt
based on credit risk characteristics
√Applicable □Not applicable
The Company assesses impairment and recognizes loss allowances for financial assets
measured at amortized cost based on expected credit losses.
138 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
For accounts receivable that do not contain significant financing components the Company
measures loss reserves based on the expected credit loss amount equivalent to the entire
duration.For the financial assets not measured with the simplified method the Company evaluates
on each balance sheet date whether their credit risks have increased significantly since the
initial recognition. If the credit risk of a financial asset has not increased significantly since the
initial recognition the asset is in the first stage and the Company will make provision for loss
based on the amount of expected credit loss within the coming 12 months and calculate interest
income based on the book balance and effective interest rate; if the credit risk has increased
significantly since the initial recognition but credit has not been impaired the asset is in the
second stage and the Company will make provision for loss equivalent to the amount of
expected credit loss during the entire term and calculate interest income based on the book
balance and effective interest rate; if credit has been impaired after the initial recognition the
asset is in the third stage and the Company will make provision for loss equivalent to the
amount of expected credit loss during the entire term and calculate interest income based on
the amortized cost and effective interest rate.The Group evaluates the expected credit losses of financial instruments on the individual
and group bases. The Company considers the credit risk characteristics of different customers
evaluates the expected credit losses of accounts receivable based on grouping by aging and
determines the aging based on the invoicing date. Except for the aforementioned financial
instruments that are evaluated for expected credit losses on a grouping basis the Company
assesses their expected credit losses on an individual basis.The disclosure regarding the Company's criteria for determining a significant increase in
credit risk and the definition of credit-impaired assets is as follows:
The factors reflected in the Company's method of measuring expected credit losses of
financial instruments include: unbiased probability-weighted average amount determined by
evaluating a series of possible outcomes; time value of money; no unnecessary additional cost
or effort on the balance sheet date Reasonable and evidence-based information that is readily
available about past events current conditions and forecasts of future economic conditions.When the Company no longer reasonably expects to recover all or part of the contractual
cash flows of a financial asset it directly writes down the carrying amount of the financial asset.Methods for calculating aging based on the credit risk characteristics combination
confirmed by aging
□Applicable √Not applicable
Judgment criteria for individual provision for bad debt based on individual provision
√Applicable □Not applicable
For receivables and contract assets with credit risk significantly different from portfolio
credit risk the Company calculates expected credit losses on an individual basis.
13. Accounts receivable
√Applicable □Not applicable
Combination classification and determination basis of combined provision for bad debt
based on credit risk characteristics
√Applicable □Not applicable
Please refer to Note V - Important Accounting Policies and Accounting Estimates - 12.Notes Receivable.Methods for calculating aging based on the credit risk characteristics combination
confirmed by aging
□Applicable √Not applicable
Recognition criteria for individual provision of bad debt
√Applicable □Not applicable
139 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Please refer to Note V - Important Accounting Policies and Accounting Estimates - 12.Notes Receivable.
14. Receivables Financing
□Applicable √Not applicable
15. Other receivables
√Applicable □Not applicable
Combination classification and determination basis of combined provision for bad debt
based on credit risk characteristics
√Applicable □Not applicable
See Note V. Significant Accounting Policies and Accounting Estimates Item 12 — Notes
Receivable
Methods for calculating aging based on the credit risk characteristics combination
confirmed by aging
□Applicable √Not applicable
Judgment criteria for individual provision for bad debt based on individual provision
√Applicable □Not applicable
Please refer to Note V - Important Accounting Policies and Accounting Estimates - 12.Notes Receivable.
16. Inventory
√Applicable □Not applicable
Inventory category valuation method for issuance inventory system amortization
method for low-value consumables and packaging materials
√Applicable □Not applicable
Classification of inventory
Inventory includes raw materials work-in-progress materials finished goods real estate
development costs and real estate development products.Development costs refer to the properties that have not been completed and are developed
for the purpose of being sold. Development products refer to the properties that have been
completed and are ready for sale. The actual costs of real estate development costs and
development products include the land acquisition cost expenditures on construction and
installation works capitalized interest and other direct and indirect development expenses. The
use right of the land for development purposes at the development of a project is amortized and
recognized as the development cost of the project based on the site area of the development
product and the development cost will be changed over to development product after being
completed.Valuation method of issued inventory
(1) During project development land designated for development is allocated to the
project’s development costs based on the floor area occupied by the developed products.
(2) Development products shipped are accounted for using the average method based on
gross floor area.
(3)If the public auxiliary facilities are completed earlier than the related development
product the facilities will be allocated to and recognized in the development cost of related
development project based on the floor space of the project after final accounting of the facilities
upon completion; if the public auxiliary facilities are completed later than the related
development product they will be recognized in the development cost of related development
project based on the predicted cost of the public auxiliary facilities.Inventory system of inventory
Hotel catering and fresh goods inventories are subject to onsite inventory while other
inventories are subject to perpetual inventory.
140 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Amortization of low-value consumables and packaging materials
(1) Low-value consumables
Amortization is carried out according to the one-time write-off method.
(2) Packaging
Amortization is carried out according to the one-time write-off method.Recognition criteria and provision methods for provision for inventory depreciation
√Applicable □Not applicable
On the balance sheet date inventories are measured at the lower of cost and net realizable
value and provision for inventory depreciation is made based on the difference between the
cost and the net realizable value. For inventories directly used for sale in the normal production
and operation process the net realizable value is determined by the estimated selling price of
the inventory minus the estimated sales expenses and related taxes; for inventories that need
to be processed in the normal production and operation process the net realizable value is
determined by the estimated selling price of the finished products produced after deducting the
estimated costs to be incurred upon completion estimated sales expenses and relevant taxes
and fees; on the balance sheet date for inventory items where a portion has a contracted price
and the remaining portion does not the net realizable value is determined separately for each
part. This value is then compared with the corresponding cost to separately determine the
amount of provision for inventory write-down or the reversal thereof.In principle provision is made for individual inventory items; for inventories with large
quantities and low unit prices inventory write-downs are provided by category.Combination classification and determination basis for combined provision for inventory
depreciation and determination basis for net realizable value of inventory of different
categories
□Applicable √Not applicable
Calculation methods and determination basis for the net realizable value of each
inventory age combination based on inventory age confirmation
□Applicable √Not applicable
17. Contract assets
□Applicable √Not applicable
18. Non-current assets or disposal groups held for sale
□Applicable √Not applicable
Recognition criteria and accounting treatment methods for non-current assets or
disposal groups classified as held for sale
□Applicable √Not applicable
Recognition criteria and reporting methods for termination of operations
□Applicable √Not applicable
19. Long-term equity investment
√Applicable □Not applicable
Determination of joint control and significant influence
Joint control refers to the control jointly owned over some arrangement according to the
related provisions and the related activities of the arrangements must be decided after agreed
141 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
by the participant sharing control. A major impact means that the investor has the power to
participate in decision-making of the investee’s finance and operation policies but cannot
control or jointly control with other parties the formulation of these policies.Determination of investment cost
(1) Business combination under common control: If the Company pays cash transfers
non-cash assets or assumes debts and issues equity securities as the combination
consideration it shall treat its share in the book value of the owner’s equity of the acquiree listed
in the ultimate controlling party’s consolidated financial statements on the date of the
combination as the initial investment cost of long-term equity investment. The difference
between the initial investment cost of the long-term equity investment and the book value of the
combined consideration paid or the total face value of the issued shares shall be adjusted to the
capital reserve; if the capital reserve is insufficient to offset the retained earnings shall be
adjusted.The Company determines whether the long-term equity investment formed through
step-by-step transactions to achieve a business combination under common control constitutes
a "package deal." For transactions classified as a "package deal" each transaction is
accounted for as a single transaction to obtain control. For transactions not classified as
"package deals" the initial investment cost is determined on the merger date based on the
share of the net assets of the merged party in the consolidated financial statements of the
ultimate controlling party that should be enjoyed post-merger. The difference between the initial
investment cost of the long-term equity investment on the merger date and the sum of the
carrying value of the long-term equity investment before the merger plus the carrying value of
the new consideration paid for additional shares on the merger date is adjusted to capital
reserve; if the capital reserve is insufficient to offset the difference retained earnings are
adjusted.
(2) For the merger of enterprises not under the same control the fair value of the merger
consideration paid on the purchase date shall be taken as its initial investment cost.For long-term equity investments formed through step-by-step transactions achieving a
business combination not under common control the Company applies separate accounting
treatments in individual financial statements and consolidated financial statements:
1) In separate financial statements the initial investment cost under the cost method is
calculated as the sum of the carrying amount of the originally held equity investment and the
additional investment cost.
2) In consolidated financial statements determine whether it constitutes a "package deal."
For transactions classified as a "package deal" each transaction is accounted for as a single
transaction to obtain control. For transactions not qualifying as "package deals" equity interests
in the acquiree held prior to the acquisition date are remeasured at fair value on the acquisition
date with any difference between fair value and carrying amount recognized in current
142 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
investment income. Other comprehensive income related to such equity interests accounted for
under the equity method is reclassified to profit or loss in the period of acquisition. Except for
other comprehensive income arising from the investee's remeasurement of defined benefit plan
net liabilities or net assets.
(3) Other than those formed through business combinations: for those acquired by cash
payment the initial investment cost is based on the actual purchase price paid; for those
acquired by issuing equity securities the initial investment cost is based on the fair value of the
equity securities issued; for those acquired through debt restructuring the initial investment cost
is determined in accordance with Accounting Standards for Business Enterprises No. 12—Debt
Restructuring; for those acquired through non-monetary asset exchange the initial investment
cost is determined in accordance with Accounting Standards for Business Enterprises No.
7—Non-monetary Asset Exchange.
Subsequent measurement and recognition of profit and loss
Long-term equity investments in controlled entities are accounted for using the cost method;
investments in associates and joint ventures are accounted for using the equity method.Method for Step-by-Step Disposal of Subsidiary Investments Through Multiple
Transactions Until Loss of Control
(1) Judgment principles for determining whether it constitutes a "package deal"
For the step-by-step disposal of equity investments in subsidiaries through multiple
transactions until control is lost the Company determines whether the step-by-step transactions
constitute a "package deal" by considering the terms of the transaction agreements for each
step the respective disposal considerations obtained the parties to whom the equity is sold the
disposal methods the timing of disposal and other relevant information. When the terms
conditions and economic effects of multiple transactions meet one or more of the following
circumstances it typically indicates that the transactions constitute a "package deal":
1) These transactions are entered into at the same time or taking into account the influence
of each other;
2) Only these transactions as a whole can achieve a complete commercial result;
3) The occurrence of one transaction depends on the occurrence of at least one other
transaction;
4) A transaction is uneconomical on its own but it is economical when considered together
with other transactions.
(2) Accounting treatment for transactions not classified as "package deals"
1) Individual financial statements
For the disposed equity the difference between its carrying amount and the actual
proceeds received is recognized in profit or loss. For the remaining equity if it still has
significant influence over the investee or is jointly controlled with other parties it is accounted
for using the equity method; if control joint control or significant influence over the investee can
143 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
no longer be exercised it is accounted for in accordance with the relevant provisions of
"Accounting Standards for Business Enterprises No. 22—Recognition and Measurement of
Financial Instruments."
2) Consolidated Financial Statements
Before losing control the difference between the disposal consideration and the share of
the subsidiary's net assets attributable to the disposed long-term equity investment calculated
from the acquisition or merger date is adjusted to capital reserve (capital surplus). If the capital
surplus is insufficient retained earnings are reduced.When the control over a subsidiary is lost the remaining equity interest is re-measured at
its fair value on the date of losing control. The difference between the sum of the consideration
obtained from the disposal of equity and the fair value of the remaining equity and the share of
the former subsidiary’s net assets calculated continuously from the acquisition date or
combination date at the original shareholding ratio is included in the investment income in the
period of loss of control. At the same time goodwill is also written down. Other comprehensive
income related to the equity investment of the original subsidiary shall be converted into
investment income for the current period when the control right is lost.
(3) Accounting treatment for "package deals"
1) Individual financial statements
Account for all transactions as a single transaction involving the disposal of a subsidiary
and loss of control. However the difference between each disposal consideration and the
carrying amount of the corresponding long-term equity investment before loss of control is
recognized in other comprehensive income in separate financial statements and transferred to
profit or loss upon loss of control.
2) Consolidated Financial Statements
Account for all transactions as a single transaction involving the disposal of a subsidiary
and loss of control. However any difference between the disposal consideration and the
disposing party's proportionate share of the subsidiary's net assets prior to loss of control is
recognized as other comprehensive income in the consolidated financial statements and
subsequently reclassified to profit or loss upon loss of control.
20. Property investment
(1).In cost measurement model:
Depreciation or amortization method
The Company's investment real estate includes land use rights leased land use rights held
and ready to be transferred after appreciation leased buildings etc.Investment real estate is initially measured at cost followed by cost model and is
depreciated or amortized using the same method as fixed assets and intangible assets.
144 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
21. Fixed assets
(1).Confirmation conditions
√Applicable □Not applicable
Property plant and equipment refer to tangible assets held for the purpose of producing
commodities providing labor services leasing or operating management and with a service life
of more than one fiscal year. Fixed assets are recognized when it is probable that economic
benefits will flow in and the cost can be reliably measured.
(2).Depreciation method
√Applicable □Not applicable
Category Depreciation Depreciation period Residual Annualmethod (number of years) value rate depreciation rate
Buildings and Straight-line
structures method 10-40 4% 2.40%-9.60%
General Straight-line
equipment method 5-10 4% 9.60%-19.20%
Transportation Straight-line
equipment method 6 4% 16.00%
22. Construction in progress
√Applicable □Not applicable
Construction in progress is recognized when it simultaneously meets the criteria that
economic benefits are probable to flow in and costs can be reliably measured. Construction in
progress is measured at the actual costs incurred before the asset reaches its intended usable
condition.When the construction in progress reaches the predetermined usable state it shall be
transferred to fixed assets according to the actual cost of the project. For those that have
reached the expected usable state but have not yet handled the final settlement of the project
they shall be transferred to fixed assets at their estimated value. After the final settlement of the
project has been handled the original provisional estimated value will be adjusted according to
the actual cost but the depreciation that has been accrued will not be adjusted.Category Criteria and timing for transferring construction in progress to fixed
assets
Buildings and The main construction project and supporting works have been
structures substantially completed met the predetermined design requirements
and passed acceptance inspection
Machinery Meeting design requirements or contractual standards after
equipment installation and debugging
Transportation Obtaining a transportation vehicle driving license
equipment
Other Actual start of use or completion of installation and debugging
23. Borrowing costs
√Applicable □Not applicable
Principles for recognition on capitalization of borrowing costs
If the borrowing costs incurred by the Company can be directly attributable to the
acquisition or production of assets qualified of capitalization they shall be capitalized and
included in the cost of the relevant assets; other borrowing costs shall be recognized as
expenses based on the amount incurred when they are incurred and included in current profit
and loss.Period of capitalization of borrowing costs
145 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
(1) Capitalization begins when the borrowing costs meet the following conditions at the
same time: 1) The asset expenditure has been incurred; 2) The borrowing costs have been
incurred; 3) The purchase construction or production necessary to make the asset ready for
use or sale The event has already started.
(2) If an asset that meets the capitalization conditions is abnormally interrupted in the
process of acquisition construction or production and the interruption lasts for more than 3
consecutive months the capitalization of borrowing costs shall be suspended; the borrowing
costs incurred during the interruption period shall be recognized as current expenses until The
acquisition construction or production of the asset resumes.
(3) When the acquisition or production of assets qualified of capitalization reaches the
intended usable or saleable state the capitalization of borrowing costs shall cease.Capitalization rate of borrowing costs and capitalized amount
If a special loan is borrowed for the purchase construction or production of assets eligible
for capitalization the interest expense actually incurred in the current period of the special loan
(including the amortization of discount or premium determined according to the effective interest
rate method) minus the unused loan funds The amount of interest income obtained by
depositing in the bank or the investment income obtained from temporary investment shall be
determined as the amount of interest that should be capitalized; if general borrowings are
occupied for the purchase construction or production of assets eligible for capitalization the
accumulated asset expenditure shall be The weighted average number of asset expenditures
exceeding special borrowings is multiplied by the capitalization rate of occupied general
borrowings to calculate and determine the amount of interest that should be capitalized on
general borrowings.
24. Biological assets
□Applicable √Not applicable
25. Oil and gas assets
□Applicable √Not applicable
26. Intangible assets
(1).Service life and its determination basis estimated situation amortization method or
review procedure
√Applicable □Not applicable
Intangible assets including land use rights software and software copyright data
resources etc. are initially measured at cost.Intangible assets with limited service life shall be amortized systematically and reasonably
within the service life according to the expected realization method of the economic benefits
related to the intangible asset. If the expected realization method cannot be reliably determined
the straight-line method shall be used for amortization. Specific provisions are as follows:
Item Useful life and its determination basis Amortizationmethod
Land use right The useful life is determined as 40-50 years Straight-linebased on the property rights registration period method
Software and software The useful life is determined to be 10 years Straight-line
copyright based on the expected benefit period method
Data resources The useful life is determined to be 10 years Straight-linebased on the expected benefit period method
(2).The scope of R&D expenditure collection and related accounting treatment methods
√Applicable □Not applicable
146 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Scope of R&D Expenditure Aggregation
(1) Personnel labor costs
Personnel labor costs include salaries and wages of the Company's R&D personnel basic
pension insurance basic medical insurance unemployment insurance work injury insurance
maternity insurance and housing provident fund as well as service fees for externally hired
R&D personnel.For R&D personnel serving multiple R&D projects simultaneously labor costs are allocated
proportionally among different R&D projects based on the working hour records provided by the
Company's management department.For personnel directly engaged in R&D activities and external R&D personnel who also
engage in non-R&D activities the Company allocates the actual incurred personnel costs
between R&D expenses and production/operating expenses based on reasonable methods
such as the proportion of actual working hours recorded for different positions.
(2) Direct input expenses
Direct input costs refer to the actual expenses incurred by the Company for conducting
research and development activities. Includes: 1) Directly consumed materials fuel and power
expenses; 2) Molds tooling development and manufacturing costs for pilot testing and product
trial production purchase costs of samples prototypes and general testing equipment that do
not constitute fixed assets and inspection fees for trial products; 3) Operation maintenance
adjustment inspection testing and repair expenses for instruments and equipment used in
R&D activities.
(3) Depreciation expenses and long-term prepaid expenses
Depreciation expense refers to the depreciation of instruments equipment and buildings in
use for research and development activities.For instruments equipment and in-use buildings used for R&D activities that are also used
for non-R&D activities the Company maintains necessary records of their usage and allocates
the actual depreciation expenses between R&D expenses and production/operating expenses
based on factors such as actual working hours and usage area using a reasonable method.Long-term deferred expenses refer to those incurred during the renovation retrofitting
decoration and repair of R&D facilities which are aggregated based on actual expenditures
and amortized evenly over the specified period.
(4) Amortization expenses of intangible assets
Amortization expenses of intangible assets refer to the amortization of software intellectual
property and non-patented technologies (proprietary technologies licenses design and
calculation methods etc.) used in research and development activities.
(5) Design Expenses
Design expenses refer to costs incurred for conceptualizing developing and
manufacturing new products and processes including designing procedures technical
specifications regulations and operational characteristics as well as related expenses for
creative design activities aimed at obtaining innovative creative and breakthrough products.
(6) Equipment debugging costs and testing expenses
Equipment debugging costs refer to expenses incurred during research and development
activities in the tooling preparation process including the development of special and dedicated
production machines changes to production and quality control procedures or the formulation
of new methods and standards.Costs incurred for routine tooling preparation and industrial engineering for large-scale
batch and commercial production are not included in the aggregation scope.Testing expenses include clinical trial fees for new drug development field trial fees for
exploration and development technologies and field test fees among others.
(7) Outsourced research and development expenses
Outsourced research and development expenses refer to costs incurred by the Company
when commissioning other domestic or foreign institutions or individuals to conduct research
and development activities (the results of which are owned by the Company and are closely
related to its main business operations).
(8) Other expenses
Other expenses refer to those directly related to research and development activities
beyond the aforementioned expenses including technical book and material costs document
147 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
translation fees expert consultation fees high-tech R&D insurance premiums costs for
retrieval demonstration evaluation appraisal and acceptance of R&D results as well as fees
for intellectual property applications registrations and agency services meeting expenses
travel expenses communication costs etc.Expenses for the research phase of internal research and development projects shall be
included in the current profit and loss when incurred. Development expenditures can be
capitalized only when all of the following conditions are met at the same time that is it is
technically feasible to complete the intangible asset to make them usable or saleable; there is
an intention to complete the intangible asset and use or sell it; the way for intangible assets to
generate economic benefits including the ability to prove that there are markets for the
products generated by the intangible assets or the intangible assets themselves. Intangible
assets that will be used internally can prove their usefulness; there are sufficient technology
financial resources and other resource supports to complete the development of the intangible
asset and ability to use or sell the intangible asset; the expenditure attributable to the
development of such intangible asset can be reliably measured.The Company's specific criteria for dividing the research stage expenditure and
development stage expenditure of internal research and development projects:
Development expenditures can be capitalized only when all of the following conditions are
met at the same time that is it is technically feasible to complete the intangible asset to make
them usable or saleable; there is an intention to complete the intangible asset and use or sell it;
the way for intangible assets to generate economic benefits including the ability to prove that
there are markets for the products generated by the intangible assets or the intangible assets
themselves. Intangible assets that will be used internally can prove their usefulness; there are
sufficient technology financial resources and other resource supports to complete the
development of the intangible asset and ability to use or sell the intangible asset; the
expenditure attributable to the development of such intangible asset can be reliably measured.
27. Impairment of long-term assets
√Applicable □Not applicable
For long-lived assets with finite useful lives such as intangible assets if indications of
impairment exist as of the balance sheet date their recoverable amounts shall be estimated.For the goodwill formed due to the merger of enterprises and the intangible assets with
uncertain service life the Group carries out impairment tests at least at the end of each year
regardless of the impairment signs. Goodwill is tested for impairment in combination with its
related asset groups or groups of asset groups.If the recoverable amount of the aforementioned long-term assets is lower than their
carrying value the difference is recognized as an impairment loss and included in current
period profit or loss.
28. Long-term deferred expenses
√Applicable □Not applicable
Long-term prepaid expenses account for expenditures that have been incurred and are
amortized over a period longer than one year (excluding one year). Long term deferred
expenses are recorded based on the actual amount incurred and amortized evenly over the
benefit period or specified period. If the long-term deferred expense item cannot benefit future
accounting periods the amortized value of the item that has not been amortized will be fully
transferred to the current period's profit or loss.
29. Contract liabilities
√Applicable □Not applicable
The Company presents contractual assets or contractual liabilities in the balance sheet
based on the relationship between performance obligations and customers’ payments. The
Company offsets contract assets and contract liabilities under the same contract and presents
them at net amounts.
148 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
The Company presents rights to consideration receivable from customers that are
unconditional (i.e. dependent solely upon the passage of time) as accounts receivable; rights to
consideration arising from the transfer of goods to customers where such rights depend on
factors beyond the mere passage of time are presented as contract assets.Contract liabilities are the Company’s obligations to transfer products to customers since it
has received or shall receive consideration from customers.
30. Employee compensation
(1).Accounting treatment methods for short-term compensation
√Applicable □Not applicable
The Company recognizes the actual short-term employee remuneration as liabilities during
the accounting period when employees provide services to the Company and records them in
the current profit or loss or related asset costs.
(2).Accounting treatment method for post-employment benefits
√Applicable □Not applicable
The post-employment welfare plan includes a defined contribution plan and a defined
benefit plan.
(1) During the accounting period in which employees provide services to the Company the
amount to be contributed as calculated under the defined contribution plan is recognized as a
liability and recorded in current profit or loss or the cost of related assets.
(2) The accounting treatment for defined benefit plans typically includes the following steps:
1) Based on the projected unit credit method unbiased and mutually consistent actuarial
assumptions are used to estimate demographic and financial variables measure the obligations
arising from defined benefit plans and determine the period to which the obligations belong. At
the same time the obligations arising from the defined benefit plan are discounted to determine
the present value of the defined benefit plan obligations and the current service cost
2) If there are assets in a defined benefit plan the deficit or surplus formed by subtracting
the fair value of the defined benefit plan assets from the present value of the defined benefit
plan obligation is recognized as a net defined benefit liability or asset. If a defined benefit plan
has a surplus the net assets of the defined benefit plan are measured at the lower of the plan
surplus and the asset ceiling
3) At the end of the period the employee compensation costs arising from defined benefit
plans are recognized as three components: service cost net interest on the net defined benefit
liability or asset and remeasurements of the net defined benefit liability or asset. Among these
the service cost and net interest on the net defined benefit liability or asset are included in
current profit or loss or the cost of related assets while the remeasurements of the net defined
benefit liability or asset are included in other comprehensive income. These amounts
recognized in other comprehensive income cannot be reclassified to profit or loss in subsequent
periods but can be transferred within equity.
(3).Accounting treatment methods for termination benefits
√Applicable □Not applicable
Where the Group provides severance benefits to its employees the employee
compensation liabilities arising from the severance benefits will be recognized and the amount
will be recognized in the profit or loss for the current period on the earlier date below: the date
when the Group cannot unilaterally withdraw the severance benefits provided as a result of the
employment termination plan or downsizing proposal; or the date when the Group recognizes
the costs or expenses relating to the reorganization involving the payment of severance
benefits.
(4).Accounting treatment methods for other long-term employee benefits
√Applicable □Not applicable
149 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Other long-term benefits provided to employees that meet the conditions of defined
contribution plans are accounted for in accordance with the relevant provisions of defined
contribution plans; other long-term benefits not meeting these conditions are accounted for in
accordance with the relevant provisions of defined benefit plans. To simplify the accounting
treatment the resulting employee benefit costs are recognized as service costs net interest on
net liabilities or net assets of other long-term employee benefits and changes arising from
remeasurement of net liabilities or net assets of other long-term employee benefits with the
total net amount of these components recognized in current period profit or loss or the cost of
related assets.
31. Estimated liabilities
√Applicable □Not applicable
Obligations arising from external guarantees litigation matters product quality guarantees
loss-making contracts and other contingencies have become the current obligations of the
Company. The performance of such obligations is likely to cause economic benefits to flow out
of the Company and the amount of such obligations can be reliable. When measuring the
Company recognizes the obligation as an estimated liability.The Company initially measures the estimated liabilities according to the best estimate of
the expenditures required to perform the relevant current obligations and reviews the book
value of the estimated liabilities on the balance sheet date.
32. Share-based payment
√Applicable □Not applicable
Types of Share-based Payments
Including equity-settled and cash-settled share-based payments.Accounting treatment related to the implementation modification and termination
of share-based payment plans
(1) Share-based payments settled in equity
Equity-settled share-based payments for employee services that are exercisable
immediately after grant are recognized at the fair value of the equity instruments on the grant
date as related costs or expenses with corresponding adjustments to capital reserves.Equity-settled share-based payments for employee services that vest upon completion of the
service period or meeting specified performance conditions are recognized at each balance
sheet date during the vesting period based on the best estimate of the number of vested equity
instruments using the fair value at the grant date with the services obtained in the current
period recorded as related costs or expenses and corresponding adjustments to capital
reserves.For equity-settled share-based payments for services from other parties if the fair value of
the services can be reliably measured they are measured at the fair value of the services on
the acquisition date; if the fair value of the services cannot be reliably measured but the fair
value of the equity instruments can they are measured at the fair value of the equity
instruments on the service acquisition date recorded as related costs or expenses with a
corresponding increase in owners' equity.
(2) Share-based payments settled in cash
Equity-settled share-based payments that are exercisable immediately after grant for
employee services are recorded at the fair value of the liability assumed by the Company on the
grant date as related costs or expenses with a corresponding increase in liabilities.Cash-settled share-based payments for employee services that vest upon completion of the
service period or meeting specified performance conditions are recognized at each balance
sheet date during the vesting period based on the best estimate of the vesting situation using
the fair value of the liability assumed by the Company with the services obtained in the current
period recorded as related costs or expenses and the corresponding liability.
(3) Modification and termination of share-based payment plans
If a modification increases the fair value of the equity instruments granted the Company
recognizes a corresponding increase in services received based on the increase in fair value. If
150 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
a modification increases the number of equity instruments granted the Company recognizes
the fair value of the additional instruments as an increase in services received. If the Company
modifies vesting conditions in a manner favorable to employees it considers the modified
vesting conditions when applying the vesting conditions.If a modification reduces the fair value of the granted equity instruments the Company
continues to recognize the amount of services obtained based on the fair value of the equity
instruments on the grant date without considering the reduction in fair value; if a modification
reduces the number of granted equity instruments the Company treats the reduced portion as a
cancellation of the granted equity instruments; if the vesting conditions are modified in a manner
unfavorable to employees the modified vesting conditions are not considered when processing
the vesting conditions.If the Company cancels or settles the granted equity instruments during the vesting period
(except for cancellations due to failure to meet vesting conditions) the cancellation or
settlement is treated as an acceleration of vesting and the amount that would have been
recognized over the remaining vesting period is immediately recognized. However if a new
equity instrument is granted and if it is determined that the new equity instrument granted is
used to replace the canceled equity instrument on the grant date of the new equity instrument
the replacement equity instruments granted in the same way shall be treated in the same way
as that for the modification of the terms and conditions for the original equity instrument.
33. Preferred stocks perpetual bonds and other financial instruments
□Applicable √Not applicable
34. Revenue
(1). Disclosure of accounting policies adopted for revenue recognition and
measurement by business type
√Applicable □Not applicable
Revenue Recognition Principle
On the contract commencement date the Company evaluates the contract identifies each
individual performance obligation included in the contract and determines whether each
individual performance obligation is to be fulfilled over a period of time or at a point in time.When one of the following conditions is met the performance obligation is fulfilled within a
certain period of time; otherwise the performance obligation is fulfilled at a certain point in time:
(1) the customer obtains and consumes the economic benefits brought by the Company's
performance when the Company performs the contract; (2) the customer can control the
commodities under construction in the process of the Company's performance; (3) the
commodities produced by the Company during the performance of the contract have
irreplaceable purposes and the Company is entitled to collect payment for the performance part
that has been completed to date throughout the term of the Contract.In view of performance obligations fulfilled within a certain period of time the Company
recognizes revenue according to the progress of performance within that period. When the
performance progress cannot be reasonably determined if the cost incurred by the Company is
expected to be compensated the income shall be recognized according to the amount of the
cost incurred until the performance progress can be reasonably determined. In view of
performance obligations fulfilled at a certain point in time the Company recognizes revenue at
the point in time when the customer obtains control over the relevant commodities. When
judging whether the customer has obtained the right to control the goods the Company takes
into account the following signs: the enterprise has the right to receive the current payment for
the goods that is the customer has the obligation to make the current payment for the goods;
The enterprise has transferred the legal ownership of the goods to the customer that is the
customer has the legal ownership of the goods; The enterprise has transferred the physical
goods to the customer that is the customer has physically occupied the goods; The enterprise
has transferred the main risks and rewards of the ownership of the goods to the customer that
is the customer has obtained the main risks and rewards of the ownership of the goods; The
151 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
customer has accepted the goods; Other signs indicating that the customer has obtained
control of the goods.Revenue Recognition Principles
(1) The Company shall measure revenue at the transaction price allocated to each
individual performance obligation. The transaction price is the amount of consideration to which
the Company expects to be entitled in exchange for transferring goods or services to a
customer excluding amounts collected on behalf of third parties and amounts expected to be
refunded to the customer.
(2) The Company determines the best estimate of the variable consideration based on the
expected value or the most likely amount but the transaction price including the variable
consideration should not exceed the accumulated recognized revenue when the relevant
uncertainty is eliminated. It is highly unlikely that a significant reversal will occur amount.
(3) If there is a significant financing component in the contract the Company shall
determine the transaction price based on the amount payable in cash assuming the customer
obtains control over the commodity or service. The difference between the transaction price and
the contract consideration shall be amortized using the effective interest method during the
contract period.
(4) For contracts containing two or more performance obligations the Company allocates
the transaction price to each performance obligation at the contract inception date based on the
relative proportion of the standalone selling prices of the goods promised under each
performance obligation.Specific methods for revenue recognition
(1) Sales Goods Contract
Sales contracts between the Company and customers typically include commitments to
transfer goods which may vary depending on the customer's agreement. As customers are
able to benefit separately from the aforementioned goods or services or use them together with
other readily available resources and there is no significant integration modification
customization or high correlation between the aforementioned goods or services the Company
considers them as clearly distinguishable goods and constitutes separate performance
obligations.On the basis of comprehensive consideration of the following factors the Company
recognizes revenue at the time when the customer obtains control over the relevant goods: the
current right to receive payment for the goods the transfer of the main risks and rewards of
ownership of the goods the transfer of legal ownership of the goods the transfer of physical
assets of the goods and the customer's acceptance of the goods.
(2) Service Provision Contract
The service contracts between the Company and customers usually include performance
obligations such as providing the use of shops in the China Commodities City markets and the
supporting services for operation providing hotel accommodation and catering services
providing paid use services for funds to external parties of the Group and providing collection
and payment services.
1) The use of shops in China Commodities City markets and its supporting services
As the customer simultaneously obtains and consumes the economic benefits brought by
the Company's performance the Company recognizes it as a performance obligation fulfilled
over a period of time and recognizes revenue based on the progress of performance except
when the progress cannot be reasonably determined. Under the output method the Company
determines the performance progress of the provision of the use of shops in the China
Commodities City markets and the supporting services for operation based on the number of
using days of the shops When the performance progress cannot be reasonably determined if
the cost incurred by the Group is expected to be compensated the income shall be recognized
according to the amount of the cost incurred until the performance progress can be reasonably
determined.
2) Hotel accommodation business
As the customer simultaneously obtains and consumes the economic benefits brought by
the Company's performance the Company recognizes it as a performance obligation fulfilled
over a period of time and recognizes revenue based on the progress of performance except
when the progress cannot be reasonably determined. The Company determines the progress of
152 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
performance obligations for hotel accommodation services based on the output method using
the number of accommodation days. When the performance progress cannot be reasonably
determined if the cost incurred by the Group is expected to be compensated the income shall
be recognized according to the amount of the cost incurred until the performance progress can
be reasonably determined.
3) Hotel catering business
For the separate performance obligation of providing hotel catering services the Company
separately prices the hotel catering services and recognizes revenue upon completion of the
services.
4) Real Estate Sales Business
For real estate sales operations the Company recognizes revenue upon satisfaction of all
the following conditions: (i) the real estate development project has been completed and passed
inspection and acceptance by competent authorities; (ii) the buyer and seller have entered into
a legally binding sales contract; (iii) the buyer has made the agreed purchase payments in
accordance with the payment terms stipulated in the sales contract; and (iv) the buyer has
obtained control over the relevant property.
(2). Adopting different business models for similar businesses involves different
revenue recognition methods and measurement methods
□Applicable √Not applicable
35. Contract cost
√Applicable □Not applicable
The incremental costs incurred by the Company to obtain contracts that are expected to be
recovered are recognized as contract acquisition costs and recognized as an asset.If the cost incurred by the Company for the performance of the contract does not apply to
the scope of the relevant standards such as inventory fixed assets or intangible assets and
meets the following conditions at the same time it is recognized as an asset as the cost of
contract performance:
(1) The cost is directly related to a current or expected contract including direct labor
direct materials manufacturing expenses (or similar expenses) costs clearly borne by the
customer and other costs incurred only because of the contract;
(2) This cost increases the resources that the Company will use in the future to fulfill its
contractual obligations;
(3) The cost is expected to be recoverable.
The Company amortizes assets related to contract costs using the same basis as the
recognition of revenue from the related goods or services and recognizes the amortization as
an expense in the current period.If the carrying amount of an asset related to contract costs exceeds the remaining
consideration expected to be received from transferring the goods or services associated with
the asset minus the estimated costs to be incurred the Company recognizes an impairment
provision for the excess amount and records it as an asset impairment loss. If changes in
factors that previously caused impairment result in the remaining consideration expected to be
received from transferring goods or services related to the asset minus estimated costs to be
incurred exceeding the asset's carrying amount the previously recognized impairment loss is
reversed and included in current profit or loss provided that the reversed carrying amount does
not exceed what the carrying amount would have been had no impairment been recognized.
36. Government subsidy
√Applicable □Not applicable
Government grants are recognized when the following conditions are simultaneously met:
(1) the Company can fulfill the conditions attached to the government grant; (2) the Company
can receive the government grant. If a government grant falls in monetary assets it will be
measured by the amount received or receivable. If a government grant does not fall in monetary
153 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
assets it will be measured by fair value. If the fair value of a grant cannot be determined reliably
it will be measured by its nominal amount.Basis for judgment and accounting treatment of government grants related to assets
Government documents stipulate that grants used to purchase construct or otherwise
form long-term assets are classified as asset-related government grants. If government
documents are unclear the basic conditions required to obtain the subsidy are used as the
basis for judgment. Subsidies where the basic condition is the acquisition or construction of
long-term assets are classified as asset-related government grants. Government grants related
to assets are deducted from the carrying amount of the relevant assets or recognized as
deferred income. Asset-related government grants are recognized as deferred incomes and
included in the current profit and loss in terms within the service life of the relevant assets in a
reasonable and systematic way. Government subsidies measured in nominal amounts are
directly recognized in the current period's profit or loss. If the relevant assets are sold
transferred scrapped or damaged before the end of their useful life the undistributed balance
of relevant deferred income shall be transferred to the profit and loss of the current period of
asset disposal.Basis for judgment and accounting treatment methods of government grants related
to revenue
Government grants other than those related to assets are classified as government grants
related to income. Government subsidies containing the part related to assets and the part
related to income are accounted for separately according to different parts; if it is difficult to
distinguish the whole shall be classified as government subsidies related to income.Government grants related to income which are intended to compensate for related costs
expenses or losses incurred in future periods should be recognized as deferred income. They
are recognized in the profit or loss for the period in which the related costs expenses or losses
are recognized or they offset the related costs. For government grants that compensate for
related costs expenses or losses that have already been incurred they should be directly
recognized in the profit or loss for the current period or offset the related costs.Government subsidies related to the Company’s daily operating activities are recorded in
other income or offset related cost expenses according to the essence of the economic
business. Government subsidies not related to the Company’s daily activities are recorded in
non-operating income and expenditure.Accounting Treatment Methods for Policy-Based Preferential Loan Interest
Subsidies
(1) When the fiscal authority allocates interest subsidy funds to the lending bank and the
lending bank provides loans to the Company at a policy-based preferential interest rate the
actual amount of the loan received shall be recorded as the loan’s book value. The related
borrowing costs shall be calculated based on the principal of the loan and the policy-based
preferential interest rate.
(2) If the finance directly transfers the discounted funds to the Company the Company will
offset the relevant borrowing costs with the corresponding discounted interest.
37. Deferred income tax assets/ deferred income tax liabilities
√Applicable □Not applicable
Based on the difference between the book value of assets and liabilities and their tax base
(if the tax base can be determined for items not recognized as assets and liabilities in
accordance with the tax law the difference between the tax base and its book value) Deferred
income tax assets or deferred income tax liabilities are calculated and recognized according to
the applicable tax rate during the period when the asset is expected to be recovered or the
liability is settled.The recognition of deferred income tax assets is limited to the amount of taxable income
that is likely to be obtained to offset temporary differences. On the balance sheet date if there is
conclusive evidence that sufficient taxable income is likely to be obtained in the future period to
offset deductible temporary differences the deferred income tax assets that have not been
recognized in the previous accounting period shall be recognized.
154 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
On the balance sheet date the Company reviews the book value of deferred income tax
assets. If it is likely to obtain sufficient taxable income in the future to offset the benefits of
deferred income tax assets the Group will write down the book value of deferred income tax
assets. When it is likely to obtain sufficient taxable income the Group will reverse the reduced
amount.The current income tax and deferred income tax of the Company are included in the current
profit and loss as income tax expenses or income but the income tax arising from the following
situations is not included: (1) Business combination; (2) Transactions or events directly
recognized in the owner's equity.The Company presents deferred tax assets and deferred tax liabilities as a net amount
when the following conditions are simultaneously met: (1) it has the legal right to settle current
tax assets and current tax liabilities on a net basis; (2) the deferred tax assets and deferred tax
liabilities relate to income taxes levied by the same tax authority on the same taxable entity or
different taxable entities but in each future period when significant deferred tax assets and
deferred tax liabilities are expected to reverse the relevant taxable entities intend to settle
current tax assets and current tax liabilities on a net basis or simultaneously acquire assets and
settle liabilities.
38. Lease
√Applicable □Not applicable
Judgment basis and accounting treatment methods for simplifying short-term leases
and low-value asset leases as a lessee
√Applicable □Not applicable
The Company recognizes leases with a lease term not exceeding 12 months and excluding
purchase options as short-term leases on the commencement date of the lease term; Leases
with lower value when a single leased asset is considered a brand new asset are recognized as
low-value asset leases.For all short-term leases and leases of low-value assets the Company recognizes lease
payments in each period of the lease term on a straight-line basis as related asset costs or
current period profit and loss.Except for short-term leases and leases of low-value assets accounted for using the
simplified approach mentioned above the Company recognizes right-of-use assets and lease
liabilities at the commencement date of the lease.
(1) Right-of-use assets
The right-of-use asset is initially measured at cost which includes: 1) the initial
measurement of the lease liability; 2) lease payments made on or before the commencement
date of the lease less any lease incentives received; 3) initial direct costs incurred by the lessee;
4) an estimate of the costs to be incurred by the lessee for dismantling and removing the leased
asset restoring the site on which it is located or restoring the asset to the condition required by
the lease terms.The Company depreciates the right-of-use assets using the straight-line method. Where
the ownership of the leased asset can be reasonably determined at the end of the lease term
the Company as the lessee shall take depreciation during the remaining useful life of the leased
asset. Where it is not reasonably certain that ownership of the leased asset will be acquired at
the end of the lease term the Company shall make depreciation within the shorter period of the
lease term or the remaining useful life of the leased asset.
(2) Lease liabilities
At the commencement date of the lease the Company recognizes the present value of the
unpaid lease payments as a lease liability. In calculating the present value of the lease
payments the Group uses the lease embedded interest rate as the discount rate; If the inherent
interest rate of the lease cannot be determined the Company's incremental borrowing rate shall
be used as the discount rate. The difference between lease payments and their present value is
recognized as unearned finance charges with interest expenses recognized during each lease
period at the discount rate used to determine the present value of lease payments and
recorded in current profit or loss. Variable lease payments that are not included in the
155 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
measurement of lease liabilities are recognized in the current period's income statement when
they occur.After the commencement of the lease term when there are changes in the substantive
fixed payments estimated payable amounts of the guaranteed residual value indices or ratios
used to determine lease payments or changes in the assessment results or actual exercise of
purchase options renewal options or termination options the Company remeasures the lease
liability based on the present value of the revised lease payments and adjusts the carrying
amount of the right-of-use asset accordingly. If the carrying amount of the right-of-use asset has
been reduced to zero but further reduction of the lease liability is still required the remaining
amount is recognized in current period profit or loss.
(3) After-sale leaseback transactions
The Company evaluates and determines whether the asset transfer in a
sale-and-leaseback transaction constitutes a sale in accordance with Accounting Standards for
Business Enterprises No. 14—Revenue.If the asset transfer in a sale and leaseback transaction qualifies as a sale the Company
measures the right-of-use asset arising from the leaseback based on the portion of the original
asset's carrying amount related to the right of use obtained and recognizes only the gain or loss
related to the rights transferred to the lessor.If the asset transfer in a sale and leaseback transaction does not qualify as a sale the
Company continues to recognize the transferred asset and simultaneously recognizes a
financial liability equal to the transfer proceeds accounting for this financial liability in
accordance with "Accounting Standards for Business Enterprises No. 22—Recognition and
Measurement of Financial Instruments."
Classification criteria and accounting treatment methods for leasing as a lessor
√Applicable □Not applicable
The lease that transfers virtually all the risks and rewards related to the ownership of the
leased asset on the lease commencement date is a finance lease and other leases are
operating leases.
(1) Operating Lease
The Company recognizes lease receipts as rental income on a straight-line basis over the
lease term. Initial direct costs incurred are capitalized and amortized on the same basis as the
recognition of rental income and are included in the current period's profit or loss in installments.Variable lease payments related to operating leases that are not included in lease receipts are
included in profit or loss for the current period when they are actually incurred.
(2) Financial Lease
At the commencement date of the lease the Company recognizes finance lease
receivables at the net investment in the lease (the sum of the present value of the unguaranteed
residual value and lease payments not yet received at the commencement date discounted
using the interest rate implicit in the lease) and derecognizes the finance lease assets. During
each period of the lease term the Company calculates and recognizes interest income using
the interest rate implicit in the lease.The variable lease payments obtained by the Company as the lessor which are not
recorded in the net lease investment measurement are recorded in the current profit or loss
when they are actually incurred.
(3) After-sale leaseback transactions
The Company evaluates and determines whether the asset transfer in a
sale-and-leaseback transaction constitutes a sale in accordance with Accounting Standards for
Business Enterprises No. 14—Revenue.If the asset transfer in a sale and leaseback transaction qualifies as a sale the Company
accounts for the asset purchase in accordance with other applicable accounting standards for
enterprises and accounts for the asset lease in accordance with Accounting Standards for
Business Enterprises No. 21—Leases.If the asset transfer in a sale and leaseback transaction does not qualify as a sale the
Company does not recognize the transferred asset but recognizes a financial asset equal to the
transfer proceeds and accounts for this financial asset in accordance with Accounting
156 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Standards for Business Enterprises No. 22—Recognition and Measurement of Financial
Instruments.
39. Other important accounting policies and accounting estimates
√Applicable □Not applicable
Measurement of fair value
The Company measures equity instrument investments at fair value at each balance sheet
date. Fair value refers to the price received from the sale of an asset or paid for the transfer of a
liability by a market player in the orderly transactions on the measurement date. For the assets
and liabilities which are measured or disclosed by fair value in the financial statements the
levels of fair value are determined based on the lowest-level input of important significance for
the overall measurement of fair values: Level 1 input is the unadjusted offer price for an
identical asset or liability that can be obtained in an active market on the measurement date;
Level 2 inputs are the inputs that are directly or indirectly observable for related assets or
liabilities other than Level 1 inputs; Level 3 inputs are the inputs that are observable for related
assets or liabilities. On each balance date the Group re-evaluates the assets and liabilities that
are recognized in the financial statements and keep being measured by fair value so as to
determine whether to change the measurement levels of fair value.Significant accounting judgments and estimates
In the preparation of financial statements the management need to make judgments
estimates and assumptions which will affect the presented amounts and disclosure of revenue
expenses assets and liabilities and the disclosure of contingent liabilities on the balance sheet
date. However the uncertainty of these assumptions and estimates may result in significant
adjustments to the book value of future affected assets or liabilities.Judgments
In applying the Company's accounting policies management has made the following
judgments that have a significant impact on the amounts recognized in the financial statements:
(1) Operating lease - as a lessor
The Company has signed lease contracts for investment properties. The Company
considers that based on the terms of the lease contracts it retains all significant risks and
rewards of ownership of these properties and therefore treats them as operating leases.
(2) Classification of investment properties and fixed assets
The Company classifies the buildings and structures leased out other than for the main
businesses such as market and hotel services as well as the auxiliary land use rights thereof as
investment properties including but not limited to the auxiliary banking and catering outlets for
market operation and the auxiliary service outlets for hotels. Other buildings and structures
leased out are classified as fixed assets.
(3) Business model
The classification of financial assets at initial recognition depends on the Company's
business model for managing these assets. When determining the business model the
Company considers factors including corporate evaluation methods and the way financial asset
performance is reported to key management personnel the risks affecting financial asset
performance and their management approaches as well as the methods by which relevant
business managers are compensated. When assessing whether the objective is to collect
contractual cash flows the Company needs to analyze and evaluate the reasons timing
frequency and value of the sale of financial assets before their maturity date.
(4) Contract cash flow characteristics
The classification of financial assets at initial recognition depends on the characteristics of
the contractual cash flow of the financial assets. For the judgment on whether the contractual
cash flow is the repayment of principal and the payment of interest on outstanding principal
including the evaluation of the adjustment to the time value of money it should be judged
whether it is significantly different from the benchmark cash flow; for the financial assets with
the early repayment characteristic it should be judged whether the fair value of the early
repayment characteristic is extremely low.Uncertainties of estimates
157 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
The following are key assumptions regarding the future at the balance sheet date and other
key sources of estimation uncertainty that may result in significant adjustments to the book
value of assets and liabilities in future accounting periods.
(1) Impairment of financial instruments
The Company evaluates the impairment of financial instruments with the expected credit
loss model. To apply the model the Company needs to make significant judgments and
estimates and take into account all reasonable and evidenced information including
forward-looking information. In making these judgments and estimates the Company infers
expected changes in debtor credit risk based on historical repayment data combined with
economic policies macroeconomic indicators industry risks and other factors. Different
estimates may affect the provisions for impairment and the provision that has been made for
impairment may not necessarily be equal to the actual amount of impairment loss in the future.
(2) Net realizable value of property inventory
The Company's real estate inventory is measured at the lower of cost and net realizable
value with the calculation of net realizable value requiring the use of assumptions and
estimates. If the management adjust the estimated price and the costs and expenses to be
incurred until the completion it will affect the estimate of the net realizable value of the inventory
and the difference will affect the provision for inventory depreciation.
(3) Impairment of non-current assets other than financial assets (excluding goodwill)
The Company determines on the balance sheet date whether the non-current assets
other than financial assets have a sign of being impaired. Non-current assets other than
financial assets are subject to impairment testing when there are indications that their book
value is irrecoverable. When the book value of an asset or a group of assets is higher than its
recoverable value i.e. fair value less the disposal expenses or the present value of expected
future cash flow whichever is higher the asset or group has been impaired. For the fair value
less the disposal expenses the Group refers to the agreed selling price or observable market
price of the similar asset in a fair transaction less the cost increase directly attributable to the
disposal of the asset. When predicting the present value of future cash flows the management
must estimate the expected future cash flows of the asset or group of assets and select an
appropriate discount rate. When identifying a group of assets the management consider
whether the smallest identifiable group of assets can generate income and cash flows
independently from other departments or units or the income and cash inflows generated
thereby are mostly independent from other departments or units and also take into account the
way of managing or monitoring production and operating activities and the way of making
decisions on the continued use or disposal of the asset. Please refer to Note V. 27 for details.
(4) Impairment of goodwill
Our company tests goodwill for impairment at least annually. This requires estimating the
present value of the future cash flows of the asset group or combination of asset groups to
which the goodwill is allocated. When estimating the present value of future cash flows the
Company needs to estimate the cash flows generated by future asset groups or combinations
of asset groups and at the same time select an appropriate discount rate to determine the
present value of future cash flows. Please refer to Note V. 27 for details.
(5) Fair value of non-listed equity investments
The Company determines the fair value of non-listed equity investments based on the
expected future cash flows discounted at the current discount rate of other financial instruments
with similar contractual terms and risk characteristics. This requires the Company to estimate
expected future cash flows credit risks volatility and discount rates which introduces
uncertainty.
(6) Development expenditures
When determining the amount of capitalization management must make assumptions on
the expected future cash flow the applicable discount rate and the expected benefit period of
the asset.
(7) Deferred Tax Assets
To the extent that it is very likely for the Group to have enough taxable income to be offset
against the deductible losses the Group shall recognize deferred income tax assets in
connection with the outstanding deductible losses. This requires the management to use lots of
judgments to estimate the acquisition time and amount of the taxable income to be acquired in
158 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
the future to determine the amount of deferred income tax assets to be recognized in
consideration of the tax payment planning strategy.
(8) Lessee incremental borrowing interest rate
For leases where the interest rate implicit in the lease cannot be determined the Company
uses the lessee's incremental borrowing rate as the discount rate to calculate the present value
of the lease payments. When determining the incremental borrowing rate the Company takes
the observable interest rate as the reference basis for determining the incremental borrowing
rate according to the economic environment it is in. On this basis the Company adjusts the
reference interest rate according to its own situation the underlying asset situation the lease
term the amount of lease liabilities and other specific conditions of the lease business to obtain
the applicable incremental borrowing rate.
40. Changes in important accounting policies and accounting estimatesSee “Analysis of Reasons and Impacts of Changes in Accounting Policies or AccountingEstimates or Corrections of Material Accounting Errors” under “Significant Matters.”
41. From 2025 the first implementation of new accounting standards or standard
interpretations would involve adjustments to the financial statements at the
beginning of the first implementation year
□Applicable √Not applicable
42. Other
□Applicable √Not applicable
VI. Taxes
1. Main tax types and tax rates
Major taxes and tax rates
√Applicable □Not applicable
Tax Base of taxation Rate
The Company is a general taxpayer and the
taxable income is calculated for output tax at the
tax rates of 13% 9% and 6%. Value added tax is
Output tax is calculated based on calculated and paid based on the difference after
the sales revenue of goods and deducting the input tax allowed for deduction in
taxable services computed in this period. In addition for the sale of
VAT accordance with tax laws and after self-developed old real estate projects (the
deducting the input tax allowed to contract commencement date specified in the
be credited in the current period Construction Engineering Construction Permit is
the balance is the payable VAT. before April 30 2016) and the rental of real estateacquired by the Group before April 30 2016 the
simplified tax calculation method is applicable
and the payable tax amount is calculated and
paid at a 5% tax rate
The appreciation arising from the
Land compensated transfer of According to the ratio of value-added to deduction
appreciation state-owned land use rights and the items a four-level progressive tax rate (30% to
tax property rights of above-ground 60%) will be implemented for exceeding the rate.buildings and other attachments.If the tax is levied according to
Real estate price the amount is calculated and
tax paid at 1.2% of the balance of the 1.2%/12%
original value of the property after a
159 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
30% deduction; if the tax is levied
according to rental the amount is
calculated and paid at 12% of the
rental income.Urban
maintenance
and Actual amount of turnover tax paid. Paid at 5% or 7% of the actual turnover tax paid.construction
tax
Education
surcharge Actual amount of turnover tax paid. Paid at 3% of the actual turnover tax paid.Local
education Actual amount of turnover tax paid. Paid at 2% of the actual turnover tax paid.surcharge
Except for the tax incentives listed below and the
subsidiaries registered in Prague Czech
Corporate Republic Hong Kong Special Administrative
income tax Taxable income. Region Germany Kenya Rwanda and Dubaithe corporate income tax of the Company and its
subsidiaries within the Group is calculated and
paid at 25% of the taxable income.Disclosure of taxpayers subject to different income tax rates
√Applicable □Not applicable
Taxpayer Income tax rate (%)
Huafrica (Kenya) Investment Development Co. Limited 30.00
BETTER SILK ROAD RWANDA Ltd 30.00
European Huajie Investment Development Co. Ltd. 19.00
Yiwu China Commodities City (Hong Kong) International
Trade Co. Ltd. 16.50
Hong Kong Better Silk Road Co. Ltd. 16.50
Yiwu China Commodities City (Germany) Co. Ltd. 15.00
Yiwu China Commodities City Big Data Co. Ltd. 15.00
Kuaijietong 15.00
Zhejiang Yiwugou E-commerce Co. Ltd. 15.00
BETTER SILK ROAD FZE Not subject to corporate income tax
2. Tax incentives
√Applicable □Not applicable
1. According to the Announcement on the Filing of High-tech Enterprises recognized by
Zhejiang Provincial Accreditation Agency in 2025 issued by the Office of the National High-tech
Enterprise Accreditation Management Leading Group Yiwu China Commodities City Big Data
Co. Ltd. has been listed in the filing list of high-tech enterprises recognized by Zhejiang
Provincial Accreditation Agency in 2025 and passed the recognition of high-tech enterprises.The Certificate number is GR202533004132. Date of issue: December 19 2025. Validity period:
three years. From January 1 2025 to December 31 2027 Yiwu China Commodities City Big
Data Co. Ltd. will be subject to a reduced corporate income tax rate of 15%.
2. According to the Announcement on the Filing of High-tech Enterprises recognized by
Zhejiang Provincial Accreditation Agency in 2024 issued by the Office of the National High-tech
Enterprise Accreditation Management Leading Group Kuaijietong Payment Service Co. Ltd.has been listed in the filing list of high-tech enterprises recognized by Zhejiang Provincial
Accreditation Agency in 2024 and passed the recognition of high-tech enterprises. The
Certificate number is GR202433009630. Date of issue: December 6 2024. Valid period: three
years. Kuaijietong Payment Service Co. Ltd. will be subject to a reduced enterprise income tax
rate of 15% from January 1 2024 to December 31 2026.
160 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
3. According to the Announcement on the Filing of High-tech Enterprises recognized by
Zhejiang Provincial Accreditation Agency in 2023 issued by the Office of the National High-tech
Enterprise Accreditation Management Leading Group Zhejiang Yiwugou E-commerce Co. Ltd.has been listed in the filing list of high-tech enterprises recognized by Zhejiang Provincial
Accreditation Agency in 2023 and passed the recognition of high-tech enterprises. The
Certificate number is GR202333013352. Date of issue: December 18 2024. Valid period: three
years. Zhejiang Yiwugou E-commerce Co. Ltd. will be subject to a reduced corporate income
tax rate of 15% from January 1 2023 to December 31 2025.
3. Other
□Applicable √Not applicable
VII. Notes to items in consolidated financial statements
1. Monetary funds
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
Cash on hand 116170.82 154348.20
Bank deposits 6781590975.53 5531674543.29
Other monetary funds 34282070.65 7362725.57
Total 6815989217.00 5539191617.06
In which: amount deposited abroad 37475708.55 101894941.73
Other notes:
Monetary funds with restricted usage rights are detailed in Note VII. 31. Assets with
restricted ownership or usage rights.
2. Trading financial assets
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance Reasons and basisfor determination
Financial assets that are
measured by fair value and of
which the changes in fair value 2093640647.73 400316994.86 /
are recognized in the profit or
loss for the current period
Among them:
Wealth management
products 1283121904.22 400316994.86 /
Structured deposits 502236388.89 -
Stocks 308282354.62 - /
Total 2093640647.73 400316994.86 /
Other notes:
□Applicable √Not applicable
3. Derivative financial assets
□Applicable √Not applicable
4. Notes receivable
(1). List of notes receivable by category
√Applicable □Not applicable
161 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Unit: RMB
Item Closing balance Opening balance
Commercial acceptance bill - 11170000.00
Total - 11170000.00
(2). Notes receivable pledged by the Company at the end of the period
□Applicable √Not applicable
(3). Notes receivable that have been endorsed or discounted by the Company at the
end of the period and have not yet matured on the balance sheet date
□Applicable √Not applicable
(4). Categorized disclosure based on the bad debt provision method
√Applicable □Not applicable
Unit: RMB
Closing balance Opening balance
Book Bad debt Bad debt
Category balance provision Book
Book balance provision
Amo Propo Amo Provisi valu Propo Amo Provisi Book value
unt rtion unt on ratio e Amount rtion(%) (%) (%) unt
on ratio
(%)
Accounts
receivable for
which bad
debt provision - - - - - 11170000.00 - - - 11170000.00
is made by
group
Among them:
Commercial
acceptance - - - - - 11170000.00 - - - 11170000.00
bill
Total - / - / - 11170000.00 / - / 11170000.00
Accounts receivable for which bad debt provision is made individually:
□Applicable √Not applicable
Explanation for making bad debt provision for accounts receivable by group:
□Applicable √Not applicable
Provision for bad debts based on the general model of expected credit losses
□Applicable √Not applicable
Classification basis and bad debt provision ratio for each stage
No
Explanation of significant changes in the book balance of accounts receivable with changes in
loss provisions in this period:
□Applicable √Not applicable
162 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
(5). Provisions for bad debts
□Applicable √Not applicable
In which the recovered or reversed amount is important:
□Applicable √Not applicable
Other notes:
No
(6). Notes receivable actually written off during the current period
□Applicable √Not applicable
Important notes receivable written off:
□Applicable √Not applicable
Description of notes written off:
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
5. Accounts receivable
(1).Disclosure based on account age
√Applicable □Not applicable
Unit: RMB
Account age Closing book balance Opening book balance
Within one year (including one year) 424031116.49 410915880.67
Of which: within one year 424031116.49 410915880.67
1 to 2 years 16753805.37 85736768.66
2 to 3 years 20086638.67 8464829.79
Over 3 years 7740818.97 1115719.38
Total 468612379.50 506233198.50
163 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
(2).Categorized disclosure based on the bad debt provision method
√Applicable □Not applicable
Unit: RMB
Closing balance Opening balance
Book balance Bad debt provision Book balance Bad debt provision
Category Propor Provisio Propor Provisio
Amount tion Amount n ratio Book value Amount tion Amount n ratio Book value
(%)(%)(%)(%)
Accounts
receivable for
which bad debt
provision is 31323548.18 6.68 23887584.51 76.26 7435963.67 18921603.33 3.74 18921603.33 100.00 -
made
individually
Among them:
Lease
receivables 6261907.10 1.34 6261907.10 100.00 - 6261907.10 1.24 6261907.10 100.00 -
Trade
receivables 25061641.08 5.34 17625677.41 70.33 7435963.67 12659696.23 2.50 12659696.23 100.00 -
Accounts
receivable for
which bad debt 437288831.32 93.32 6882192.03 1.57 430406639.29 487311595.17 96.26 1161122.23 0.24 486150472.94
provision is
made by group
Among them:
Provision for
bad debts based
on the
combination of 437288831.32 93.32 6882192.03 1.57 430406639.29 487311595.17 96.26 1161122.23 0.24 486150472.94
credit risk
characteristics
Total 468612379.50 / 30769776.54 / 437842602.96 506233198.50 / 20082725.56 / 486150472.94
164 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Accounts receivable for which bad debt provision is made individually:
√Applicable □Not applicable
Unit: RMB
Closing balance
Name Book balance Bad debtprovision Provision ratio (%) Reason for provision
Zhejiang Jielian Network 6261907.10 6261907.10 100.00 The operating conditions have deterioratedTechnology Co. Ltd. and recovery is deemed unlikely.Trade receivables 25061641.08 17625677.41 70.33 The operating conditions have deterioratedand full recovery is deemed unlikely.Total 31323548.18 23887584.51 76.26 /
Explanation for making bad debt provision for accounts receivable individually:
□Applicable √Not applicable
165 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Explanation for making bad debt provision for accounts receivable by group:
√Applicable □Not applicable
Combined provision items: combined provision for bad debts based on credit risk
characteristics
Unit: RMB
Name Closing balanceBook balance Bad debt provision Provision ratio (%)
Within 1 year 421800572.06 1601588.74 0.38
1 - 2 years 12442135.79 3229816.13 25.96
2 -3 years 1567211.60 571875.29 36.49
Over 3 years 1478911.87 1478911.87 100.00
Total 437288831.32 6882192.03 1.57
Description of combined provision for bad debts:
□Applicable √Not applicable
Provision for bad debts based on the general model of expected credit losses
□Applicable √Not applicable
Classification basis and bad debt provision ratio for each stage
No
Explanation of significant changes in the book balance of accounts receivable with changes in
loss provisions in this period:
□Applicable √Not applicable
(3).Provisions for bad debts
√Applicable □Not applicable
Unit: RMB
Amount of change during the
Category Opening current periodbalance Closing balanceProvision Recovery orreversal
Provision for bad debts
on an individual basis 18921603.33 4965981.18 - 23887584.51
Accounts receivable for
which bad debt
provision is made by 1161122.23 5721069.80 - 6882192.03
group
Total 20082725.56 10687050.98 - 30769776.54
In which the recovered or reversed amount is important:
□Applicable √Not applicable
Other notes:
No
(4).Accounts receivable actually written off during the current period
□Applicable √Not applicable
Information of write-off of important accounts receivable
□Applicable √Not applicable
Description of accounts receivable written off:
□Applicable √Not applicable
166 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
(5).Five debtors with the highest closing balances of accounts receivable and contract
assets
√Applicable □Not applicable
Unit: RMB
Closing balance Closing Closing balance Proportion in the total Closing
Debtor of accounts balance of of accounts closing balance of balance ofaccounts receivable and
receivable contract receivable and bad debtassets contract assets contract assets (%) provision
Yiwu Xiaozici
Construction
and 97115309.57 - 97115309.57 20.72 -
Development
Co. Ltd.Yiwu Suiming
Trading Co. 17561778.84 - 17561778.84 3.75 -
Ltd.Dalian
Guanglong
Zhongbang 12659696.23 - 12659696.23 2.70 12659696.23
International
Trade Co. Ltd.Zhejiang
Zhongtong
Yunpei Food 11550600.00 - 11550600.00 2.46 43857.96
Co. Ltd.Dongguan Sujin
Network
Technology Co. 10171400.42 - 10171400.42 2.17 4551400.42
Ltd.Total 149058785.06 - 149058785.06 31.80 17254954.61
Other notes:
No
Other notes:
□Applicable √Not applicable
6. Contract assets
(1).Contract assets situation
□Applicable √Not applicable
(2).The amount and reasons for significant changes in book value during the reporting
period
□Applicable √Not applicable
(3).Categorized disclosure based on the bad debt provision method
□Applicable √Not applicable
Accounts receivable for which bad debt provision is made individually:
□Applicable √Not applicable
167 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Explanation for making bad debt provision for accounts receivable individually:
□Applicable √Not applicable
Explanation for making bad debt provision for accounts receivable by group:
□Applicable √Not applicable
Provision for bad debts based on the general model of expected credit losses
□Applicable √Not applicable
Classification basis and bad debt provision ratio for each stage
No
Explanation of significant changes in the book balance of contract assets with changes in loss
provisions in this period:
□Applicable √Not applicable
(4).Provision for bad debts of contract assets in this period
□Applicable √Not applicable
In which the recovered or reversed amount is important:
□Applicable √Not applicable
Other notes:
No
(5).Actual written-off contract assets in this period
□Applicable √Not applicable
Among them important contract assets write off
□Applicable √Not applicable
Description of contract assets written off:
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
7. Receivables Financing
(1).Accounts receivable financing listed by classification
□Applicable √Not applicable
(2).Accounts receivable financing pledged by the Company at the end of the period
□Applicable √Not applicable
(3).Accounts receivable financing that has been endorsed or discounted by the
Company at the end of the period and has not yet matured on the balance sheet date
□Applicable √Not applicable
(4).Categorized disclosure based on the bad debt provision method
□Applicable √Not applicable
168 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Accounts receivable for which bad debt provision is made individually:
□Applicable √Not applicable
Explanation for making bad debt provision for accounts receivable individually:
□Applicable √Not applicable
Explanation for making bad debt provision for accounts receivable by group:
□Applicable √Not applicable
Provision for bad debts based on the general model of expected credit losses
□Applicable √Not applicable
Classification basis and bad debt provision ratio for each stage
No
Explanation of significant changes in the financing book balance of accounts receivable with
changes in loss provisions in this period:
□Applicable √Not applicable
(5).Provisions for bad debts
□Applicable √Not applicable
In which the recovered or reversed amount is important:
□Applicable √Not applicable
Other notes:
No
(6).Accounts receivable financing actually written off in this period
□Applicable √Not applicable
Among them important accounts receivable financing written off
□Applicable √Not applicable
Explanation of writing-off:
□Applicable √Not applicable
(7).Changes in accounts receivable financing and changes in fair value in this period:
□Applicable √Not applicable
(8).Other notes
□Applicable √Not applicable
169 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
8. Prepayments
(1).Presentation of prepayments by aging
√Applicable □Not applicable
Unit: RMB
Account Closing balance Opening balance
age Amount Proportion (%) Amount Proportion (%)
Within 1
year 1482842138.79 96.48 1060568922.09 96.58
1 to 2 years 29545762.53 1.92 5720094.80 0.52
2 to 3 years 284214.03 0.02 27922447.83 2.54
Over 3
years 24339286.95 1.58 3882325.12 0.35
Total 1537011402.30 100.00 1098093789.84 100.00
Explanation for failure to settle the prepayments with an account age longer than one year and
in important amounts:
No
(2).The five largest advances to suppliers aggregated by debtor at the end of the period
√Applicable □Not applicable
Unit: RMB
Proportion in total
Debtor Closing balance closing balance of
prepayments (%)
HONG KONG JF AGRICULTURE COMPANY
LIMITED 220439434.51 14.34
JBS S.A. 147595787.28 9.60
INDUSTRIAL PESQUERA SANTA PRISCILA S.A. 123622261.58 8.04
OPERADORA Y PROCESADORA DE PRODUCTOS
MARINOS OMARSA S.A. 90194368.73 5.87
PACIFIC SEAFOOD TRADER SA 50461000.18 3.28
Total 632312852.28 41.13
Other notes:
No
Other notes:
□Applicable √Not applicable
9. Other receivables
Presentation of items
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
Other receivables 188280323.27 116264431.44
Total 188280323.27 116264431.44
Other notes:
□Applicable √Not applicable
170 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Interest receivable
(1).Classification of interest receivable
□Applicable √Not applicable
(2).Significant overdue interest
□Applicable √Not applicable
(3).Categorized disclosure based on the bad debt provision method
□Applicable √Not applicable
Accounts receivable for which bad debt provision is made individually:
□Applicable √Not applicable
Explanation for making bad debt provision for accounts receivable individually:
□Applicable √Not applicable
Explanation for making bad debt provision for accounts receivable by group:
□Applicable √Not applicable
(4).Provision for bad debts based on the general model of expected credit losses
□Applicable √Not applicable
Classification basis and bad debt provision ratio for each stage
No
Explanation of significant changes in the book balance of interest receivable due to changes in
loss provisions in this period:
□Applicable √Not applicable
(5).Provisions for bad debts
□Applicable √Not applicable
In which the recovered or reversed amount is important:
□Applicable √Not applicable
Other notes:
No
(6).Interest receivable actually written off in this period
□Applicable √Not applicable
Important interest receivable written off among them
□Applicable √Not applicable
Explanation of writing-off:
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
171 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Dividend receivable
(1).Dividend receivable
□Applicable √Not applicable
(2).Important dividend receivable with an account age longer than 1 year
□Applicable √Not applicable
(3).Categorized disclosure based on the bad debt provision method
□Applicable √Not applicable
Accounts receivable for which bad debt provision is made individually:
□Applicable √Not applicable
Explanation for making bad debt provision for accounts receivable individually:
□Applicable √Not applicable
Explanation for making bad debt provision for accounts receivable by group:
□Applicable √Not applicable
(4).Provision for bad debts based on the general model of expected credit losses
□Applicable √Not applicable
Classification basis and bad debt provision ratio for each stage
No
Explanation of significant changes in the book balance of dividends receivable due to changes
in loss provisions in this period:
□Applicable √Not applicable
(5).Provisions for bad debts
□Applicable √Not applicable
In which the recovered or reversed amount is important:
□Applicable √Not applicable
Other notes:
No
(6).Dividends receivable actually written off in this period
□Applicable √Not applicable
Important dividend receivables written off among them
□Applicable √Not applicable
Explanation of writing-off:
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
172 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Other receivables
(1).Disclosure based on account age
√Applicable □Not applicable
Unit: RMB
Account age Closing book balance Opening book balance
Within one year (including one
year) 169334848.99 97361721.43
Of which: within one year 169334848.99 97361721.43
1 to 2 years 2635511.17 4350772.19
2 to 3 years 1337822.13 777827.01
Over 3 years 18268631.44 17048894.00
Bad debt provision for other
receivables -3296490.46 -3274783.19
Total 188280323.27 116264431.44
(2).Classification based on the nature of accounts
√Applicable □Not applicable
Unit: RMB
Nature of receivable Closing book balance Opening book balance
Withholdings deposit and
margin 160804796.10 106113304.56
Receivables from export tax
rebate 30242723.85 12326425.92
Reserve 529293.78 1099484.15
Total 191576813.73 119539214.63
(3).Bad debt provision
√Applicable □Not applicable
Unit: RMB
Stage 1 Stage 2 Stage 3
Expected Expected credit Expected credit
Bad debt provision credit loss in loss in the loss in the
the coming 12 entire duration entire duration
Total
months (credit has not (credit hasbeen impaired) been impaired)
Balance as of January 1
20253274783.193274783.19
Movements for the
current period
Provision made in the
current period 21707.27 21707.27
Current reversal - -
Balance as of December
3120253296490.463296490.46
Classification basis and bad debt provision ratio for each stage
No
Significant changes in the book balance of other receivables with changes in loss provisions:
□Applicable √Not applicable
Basis for the bad debt provision made in the current period and for assessing whether the credit
risk of financial instruments has increased significantly:
173 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
□Applicable √Not applicable
(4).Provisions for bad debts
√Applicable □Not applicable
Unit: RMB
Amount of change during the
Category Opening current periodbalance Closing balanceProvision Recovery orreversal
Bad debt provision for
other receivables 3274783.19 21707.27 - 3296490.46
Total 3274783.19 21707.27 - 3296490.46
Among them important recovered or reversed amounts:
□Applicable √Not applicable
Other notes:
No
(5).Other receivables actually written off during the current period
□Applicable √Not applicable
Of which important write-offs of other receivables:
□Applicable √Not applicable
Notes on the write-off of other receivables:
□Applicable √Not applicable
(6).Other receivables from the five debtors with highest closing balance
√Applicable □Not applicable
Unit: RMB
Weight in the Closing
total closing balance
Debtor Closing balance of Nature of Accountbalance of badother receivable age debt
receivables (%) provision
Yiwu Taxation Bureau State Receivables
Administration of Taxation 30242723.85 15.79 from export tax
Within 1 -
rebate year
Australia Alpine Group PTY LTD 9257890.05 4.83 Within 1year -
FUNDACION PARA EL
INTERCAMBIO ENTRE YIWU Y 6090345.60 3.18 Withholdings 2-3 -
ESPANA deposit and years
Yiwu Customs People’s Republic margin Within 1
of China 5126073.78 2.68 year -
Yiwu Weiniuke Trading Co. Ltd 3957000.00 2.07 Within 1year -
Total 54674033.28 28.55 / / -
(7).Reported as other receivables due to centralized fund management
□Applicable √Not applicable
Other notes:
174 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
□Applicable √Not applicable
10. Inventory
(1).Inventory classification
√Applicable □Not applicable
Unit: RMB
Closing balance Opening balance
Provision for Provision for
inventory inventory
depreciation/provi depreciation/prItem Book balance sion for Book value Book balance ovision for Book value
impairment of impairment of
contract contract
performance cost performancecost
Raw
materials 64260.94 - 64260.94 156913.04 - 156913.04
Finished
goods 1060563849.21 - 1060563849.21 542329479.17 - 542329479.17
Work-in-pr
ogress - - - 755481.40 - 755481.40
materials
Developme
nt cost 803960383.53 - 803960383.53 814544976.81 - 814544976.81
Developme
nt products 520741008.66 - 520741008.66 - - -
Total 2385329502.34 - 2385329502.34 1357786850.42 - 1357786850.42
(2).Data resources confirmed as inventory
□Applicable √Not applicable
(3).Provision for inventory depreciation/provision for impairment of contract
performance cost
□Applicable √Not applicable
The reason for the reversing or charging off provision for inventory depreciation in this period
□Applicable √Not applicable
Provision for inventory depreciation by combination
□Applicable √Not applicable
The provision standards for provision for inventory depreciation by combination
□Applicable √Not applicable
175 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
(4).The capitalized amount of borrowing costs contained in the closing balance of
inventory and its calculation criteria and basis
√Applicable □Not applicable
Unit: RMB
Amount of borrowing costs
Item capitalized included in the Calculation standards and basis
closing balance for capitalized amount
The capitalization amount is
Yiwu Global Digital Trade recognized based on the
Center Sales Project 15864441.48 borrowing interest rate and thetiming when capitalization criteria
are met.Sub-total 15864441.48 /
(5).Explanation of amortization amount of contract performance cost in the current
period
□Applicable √Not applicable
Other notes:
√Applicable □Not applicable
Inventory-Development Cost Unit: RMB
Item Estimated total Openinginvestment balance Closing balance
Yiwu Global Digital Trade Center
Office Building and Commercial 3662400000.00 814544976.81 509442083.12
Street Project
The portion proposed to be sold of
the Company's Hangzhou Enclave 558140000.00 - 294518300.41
Project.Total 4220540000.00 814544976.81 803960383.53
Inventory-Developed Products Unit: RMB
Item Opening Increase in the Decrease in the Closing balance
balance current period current period
Yiwu Global Digital
Trade Centre—Phases
T3–T7 and Commercial - 1781693802.12 1260952793.46 520741008.66
Street Project
Total - 1781693802.12 1260952793.46 520741008.66
11. Held-for-sale assets
□Applicable √Not applicable
12. Non-current assets due within one year
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
Entrusted Loans 48073333.33 -
Total 48073333.33 -
176 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Debt investments due within one year
□Applicable √Not applicable
Other debt investments due within one year
□Applicable √Not applicable
Other statement for non-current assets due within one year
No
13. Other current assets
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
To-be-deducted input tax 236032908.91 190908784.87
Payment business reserve 928684511.79 377164678.50
Advance income tax 12238812.84 108403328.84
To-be-certified input tax 71495591.07 23939739.20
Prepaid value-added tax 91212190.51 21695563.78
Entrusted loans to the market traders 1574401.27 1574401.27
Less: bad debt provision for entrusted loans -185500.00 -185500.00
Prepayment of other taxes 11854293.75 1501876.31
Total 1352907210.14 725002872.77
Other notes:
No
14. Debt investments
(1).Debt investments
□Applicable √Not applicable
Changes in provision for impairment of debt investments in this period
□Applicable √Not applicable
(2).Important debt investment at the end of the period
□Applicable √Not applicable
(3).Provision for impairment
□Applicable √Not applicable
Segmentation basis and provision ratio for impairment in each stage:
No
Explanation of significant changes in the book balance of debt investments with changes in loss
provisions in this period:
□Applicable √Not applicable
Amount of impairment provision for the current period and the basis for assessing whether there
is significant increase in the credit risk of financial instruments
□Applicable √Not applicable
177 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
(4).Debt investments actually written off in this period
□Applicable √Not applicable
Important debt investments written off among them
□Applicable √Not applicable
Description of debt investments written off:
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
15. Other debt investments
(1).Other debt investments
□Applicable √Not applicable
Changes in provision for impairment of other debt investments in this period
□Applicable √Not applicable
(2).Other significant debt investments at the end of the period
□Applicable √Not applicable
(3).Provision for impairment
□Applicable √Not applicable
Segmentation basis and provision ratio for impairment in each stage:
No
Explanation of significant changes in the book balance of other debt investments with changes
in loss provisions in this period:
□Applicable √Not applicable
Amount of impairment provision for the current period and the basis for assessing whether there
is significant increase in the credit risk of financial instruments
□Applicable √Not applicable
(4).Other debt investments actually written off in this period
□Applicable √Not applicable
Important other debt investments written off among them
□Applicable √Not applicable
Description of other debt investments written off:
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
178 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
16. Long-term receivables
(1).Long-term receivables
√Applicable □Not applicable
Unit: RMB
Closing balance Opening balance Range
Item ofBook balance Bad debt Bad debtprovision Book value Book balance provision Book value discount rate
Guarantee
deposit 8554420.30 - 8554420.30 7367466.76 - 7367466.76
Receivables
from joint
ventures 255266032.72 - 255266032.72 285840496.50 - 285840496.50
Financial
assistance
Total 263820453.02 - 263820453.02 293207963.26 - 293207963.26 /
(2).Categorized disclosure based on the bad debt provision method
□Applicable √Not applicable
Accounts receivable for which bad debt provision is made individually:
□Applicable √Not applicable
Explanation for making bad debt provision for accounts receivable individually:
□Applicable √Not applicable
Explanation for making bad debt provision for accounts receivable by group:
□Applicable √Not applicable
(3).Provision for bad debts based on the general model of expected credit losses
□Applicable √Not applicable
Classification basis and bad debt provision ratio for each stage
No
Explanation of significant changes in the book balance of long-term accounts receivable with
changes in loss provisions in this period:
□Applicable √Not applicable
Amount of bad debt provision for the current period and the basis for assessing whether there is
significant increase in the credit risk of financial instruments
□Applicable √Not applicable
(4).Provisions for bad debts
□Applicable √Not applicable
In which the recovered or reversed amount is important:
□Applicable √Not applicable
Other notes:
No
179 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
(5).Actual long-term accounts receivable written off in this period
□Applicable √Not applicable
Important long-term accounts receivable written off among them
□Applicable √Not applicable
Description of long-term accounts receivable written off:
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
180 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
17. Long-term equity investment
(1).Long term equity investment situation
√Applicable □Not applicable
Unit: RMB
Change in the current period
Investment Adjustment Declared Closing
Investee Opening balance(Book value) Additional Decrease in
gains or losses of other Change in distribution of Closing balance balance of
investment investment recognized with Other (Book value) impairmentthe equity comprehensi other benefits cash dividends
method ve income or profits
provision
1. Joint ventures
Yiwu Shanglv 478903324.97 - - 45583840.11 - - 29400000.00 - 495087165.08 -
Yiwu Rongshang
Property Co. Ltd. 65650243.74 - - -8144.67 - - - - 65642099.07 -
Yiwu Chuangcheng
Property 22432461.55 - - -26.99 - - - - 22432434.56 -
Yiwu Guoshen
Shangbo Property Co. 882314580.93 - - 68497719.40 - - 720588200.00 - 230224100.33 -
Ltd.Other 33921827.70 5000000.00 131957.89 -4774985.12 - - - - 34014884.69 3327216.16
Sub-total 1483222438.89 5000000.00 131957.89 109298402.73 - - 749988200.00 - 847400683.73 3327216.16
2. Associates
Yiwu Huishang
Micro-finance Co. Ltd. 78705104.38 - - 1712873.59 - - - - 80417977.97 -
Huishang Redbud 29256425.27 - - -4895601.00 - - 2625000.00 - 21735824.27 -
Chouzhou Financial
Lease 590724657.46 - - 117052152.17 - - 91000000.00 - 616776809.63 -
Yiwu China
Commodities City
Investment - - - - - - - - - 9508049.22
Management Co. Ltd.Yiwu China
Commodities City
Fuxing Investment 102918559.00 - - - - - - - 102918559.00 -
Center (Limited
Partnership)
Pujiang Lvgu Property
Co. Ltd. 409526095.68 - - 8020761.85 - - - - 417546857.53 -
181 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Yiwu China
Commodities City
Property Development 3058866923.86 - - -53241805.13 - - - - 3005625118.73 -
Co. Ltd.Yiwu Hongyi Equity
Investment Fund
Partnership (Limited 763849552.35 160000000.00 41229052.00 31277441.07 - - 13770948.00 - 900126993.42 -
Partnership)
Zhijie Yuangang 119889908.19 - - 2911431.15 -222341.17 28156924.86 - - 150735923.03 -
Yiwu Huishang
Redbud Phase II
Investment 143791110.89 - 3954214.36 2606474.46 - - - - 142443370.99 -
Partnership (limited
partnership)
Other 166365870.82 - 158909.78 -15136342.12 - - - -25284.91 151045334.01 -
Sub-total 5463894207.90 160000000.00 45342176.14 90307386.04 -222341.17 28156924.86 107395948.00 -25284.91 5589372768.58 9508049.22
Total 6947116646.79 165000000.00 45474134.03 199605788.77 -222341.17 28156924.86 857384148.00 -25284.91 6436773452.31 12835265.38
(2). Impairment testing of long-term equity investments
□Applicable √Not applicable
Other notes:
Unit: RMB
Investee Opening balance Increase in Decrease in the Closing balance
the current current period
period
Yiwu China Commodities City Investment
Management Co. Ltd. [Note 1] 9508049.22 - - 9508049.22
Other 3327216.16 - - 3327216.16
Total 12835265.38 - - 12835265.38
182 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Note 1: In 2017 Yiwu China Commodities City Financial Holdings Co. Ltd. (“CCCF”) a wholly-owned subsidiary of the Group and Shanghai
Fuxing Industrial Group Co. Ltd. (hereinafter referred to as "Fuxing") jointly established Industrial Fund Yiwu China Commodities City Fuxing
Investment Center (LLP) (hereinafter referred to as the "FOF") the Fund of Funds has invested in 12 sub-funds including Yiwu Shangfu Chuangzhi
Investment Center (LLP) (hereinafter referred to as "Shangfu Chuangzhi Fund"). CCCF as a limited partner subscribed RMB 998 million in the FOF
accounting for 49.9% of the subscribed capital. The paid-in capital was RMB 102.92 million and there is no deadline for the payment for the unpaid
capital contribution. The other limited partner of the FOF is Fuxing. CCCF also contributed RMB 9.8 million 49% of total shares to jointly establish
Yiwu China Commodities City Investment Management Co. Ltd. (hereinafter referred to as “CCCIM”) with Fuxing as the general partner of the
above-mentioned FOF and sub-funds. The FOF and CCCIM are both under the control of Fuxing and are associates of CCCF.As a limited partner of Shangfu Chuangzhi Fund CCCF has subscribed and paid in a capital contribution of RMB 617.51 million. Since the capital
contribution was guaranteed by Fuxing's fixed income it was recognized as other non-current financial assets. The above paid-in capital contribution
made by CCCF to the FOF has been contributed to Shangfu Chuangzhi Fund together with the capital contribution of Fuxing to the FoF through the
FOF as a limited partner. With the capital contribution from the FOF as a limited partner and CCCF’s capital contribution to Shangfu Chuangzhi Fund
as a limited partner Shangfu Chuangzhi Fund made capital contribution of RMB 820.54 million to subscribe for the increase in the registered capital of
Hubei Provincial Asset Management Co. Ltd. to acquire 22.667% equity therein.In 2018 CCCF learned during its after-investment follow-up management that Fuxing Group and its actual controller ZHU Yidong were suspected
of having committed a criminal offense and the 22.667% equity held by Shangfu Chuangzhi Fund in Hubei Provincial Asset Management Co. Ltd. was
frozen by the Second Intermediate People's Court of Shanghai due to Fuxing Group’s contribution to the sources of the capital contribution. As of
December 31 2025 the Company believes that the capital contributions to the FOF and the Shangfu Chuangzhi Fund are unrelated to Fuxing Group's
contributions and are not impaired. However for the equity investments in Yiwu China Commodities City Investment and Management Co. Ltd. a full
impairment provision has been made since 2018.
183 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
18. Other equity instrument investments
(1).Investments in other equity instruments
√Applicable □Not applicable
Unit: RMB
Change in the current period
Losses Accumulated
Opening recognized in
Dividend gains
Item other Closing income recognized in
Reason for designing it as
balance comprehensive Other balance recognized in other
measured at fair value through
this period comprehensive other comprehensive incomeincome for the
current period income
Shenwan
Hongyuan 671036258.30 7525640.28 -2508546.76 661002071.26 10159614.37 80532480.19 Non-trading
Group Co. Ltd.Total 671036258.30 7525640.28 -2508546.76 661002071.26 10159614.37 80532480.19 /
(2).Description of termination of recognition in this period
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
184 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
19. Other non-current financial assets
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
PE investment 1364268158.68 1242031552.39
Unlisted equity investment 194758798.82 207119282.31
NEEQ equity investment 36613499.09 32731474.57
Total 1595640456.59 1481882309.27
Other notes:
□Applicable √Not applicable
20. Property investment
Measurement models
(1).Investment properties measured at cost
Unit: RMB
Item Buildings andstructures Land use right Total
I. Original book value
1. Opening balance 5754392176.98 1425746014.62 7180138191.60
2. Increase in the current period 1141195964.53 248146956.03 1389342920.56
(1) Purchased 178049324.98 - 178049324.98
(2) Changeover from inventory\fixed
assets\construction in progress 958557146.44 245459934.89 1204017081.33
(4) Other increase 4589493.11 2687021.14 7276514.25
3. Decrease in the current period 589863369.23 375433461.49 965296830.72
(1) Disposal 589863369.23 101566761.49 691430130.72
(3) Transfer to Intangible Assets - 273866700.00 273866700.00
4. Closing balance 6305724772.28 1298459509.16 7604184281.44
II. Accumulated depreciation and accumulated amortization
1. Opening balance 864483773.64 200421683.58 1064905457.22
2. Increase in the current period 210259674.45 37527132.74 247786807.19
(1) Provision or amortization 210204328.82 24336094.55 234540423.37
(2) Changeover from inventory\fixed
assets\construction in progress - 13191038.19 13191038.19
(3) Other increase 55345.63 - 55345.63
3. Decrease in the current period 25987075.54 38328710.71 64315786.25
(1) Disposal 25987075.54 7278951.16 33266026.70
(3) Transfer to Intangible Assets - 31049759.55 31049759.55
4. Closing balance 1048756372.55 199620105.61 1248376478.16
III. Depreciation provision
1. Opening balance - - -
4. Closing balance - - -
IV. Book value
1. Closing book value 5256968399.73 1098839403.55 6355807803.28
2. Opening book value 4889908403.34 1225324331.04 6115232734.38
(2).Information of investment real estate without property right certificates
□Applicable √Not applicable
185 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
(3).Impairment testing of investment real estate using cost measurement model
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
21. Fixed assets
Presentation of items
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
Fixed assets 7695778566.77 5504023254.08
Total 7695778566.77 5504023254.08
Other notes:
□Applicable √Not applicable
Fixed assets
(1).Overview of fixed assets
√Applicable □Not applicable
Unit: RMB
Item Buildings and Machinery Transportationstructures equipment equipment Total
I. Original book value:
1. Opening balance 7956386085.29 3903542567.48 10483080.18 11870411732.95
2. Increase in the
current period 1721859888.76 873291248.27 6260068.84 2601411205.87
(1) Purchase 1609140.12 41019323.44 6229058.51 48857522.07
(2) Changeover from
construction in progress 1720250748.64 830470085.00 - 2550720833.64
(4) Other increase - 1801839.83 31010.33 1832850.16
3. Decrease in the
current period - 20499571.00 - 20499571.00
(1) Disposal or
retirement - 20499571.00 - 20499571.00
4. Closing balance 9678245974.05 4756334244.75 16743149.02 14451323367.82
II. Accumulated depreciation
1. Opening balance 3061548640.56 3296416573.42 8423264.89 6366388478.87
2. Increase in the
current period 282495636.99 125626409.88 658902.92 408780949.79
(1) Provision 282495636.99 124045126.22 634548.35 407175311.56
(2) Other increase - 1581283.66 24354.57 1605638.23
3. Decrease in the
current period - 19624627.61 - 19624627.61
(1) Disposal or
retirement - 19624627.61 - 19624627.61
4. Closing balance 3344044277.55 3402418355.69 9082167.81 6755544801.05
III. Depreciation provision
1. Opening balance - - - -
4. Closing balance - - - -
IV. Book value
1. Closing book value 6334201696.50 1353915889.06 7660981.21 7695778566.77
2. Opening book value 4894837444.73 607125994.06 2059815.29 5504023254.08
186 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
(2).Temporarily idle fixed assets
□Applicable √Not applicable
(3).Fixed assets leased out through operating lease
□Applicable √Not applicable
(4).Fixed assets for which the ownership certificates have not been obtained
√Applicable □Not applicable
Unit: RMB
Item Book value Reasons for having not obtained theownership certificate
Global Digital Trade Center 1306460647.05 Application for ownership certificateMarket has not been made yet.Huangyuan Clothing Market 196283547.98 The property rights applicationprocess has not yet been completed
CCC Hotel 43677289.81 The property rights applicationprocess has not yet been completed
Sub-total 1546421484.84 /
(5).Impairment testing of fixed assets
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
Fixed asset liquidation
□Applicable √Not applicable
22. Construction in progress
Presentation of items
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
Construction in progress 187453942.15 2300662833.69
Total 187453942.15 2300662833.69
Other notes:
□Applicable √Not applicable
187 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Construction in progress
(1).Overview of construction in progress
√Applicable □Not applicable
Unit: RMB
Closing balance Opening balance
Item Book balance Impairmentprovision Book value Book balance
Impairment
provision Book value
Global Digital Trade Center 61915685.79 - 61915685.79 1456999609.71 - 1456999609.71
S3 Logistics Park - - - 796564139.50 - 796564139.50
The Yiwu Comprehensive Bonded Zone
Project 33104153.82 - 33104153.82 29681438.79 - 29681438.79
"Belt and Road" Innovation Center 87851862.80 - 87851862.80 3023146.40 - 3023146.40
The proposed portion to be held by the
Company itself for Plot JG1203-28 of 1545782.40 - 1545782.40 - - -
Jingfang Sanbao Unit
Other projects 3036457.34 - 3036457.34 14394499.29 - 14394499.29
Total 187453942.15 - 187453942.15 2300662833.69 - 2300662833.69
(2).Changes to important construction in progress during the current period
√Applicable □Not applicable
Unit: RMB 10000
Amount Ratio of In which: Interest
Opening Increase in changed Closing accumulated Progress Accumulate capitalized capitalizatioItem Budget the current investment to d capitalized interest in n ratio for
Source of
balance period into fixed balance of projectbudget (%) interest the current the current fundsassets period period (%)
Global Digital
Trade Center 464866.00 145699.96 128167.97 267676.36 6191.57 92.89 92.89% 6268.53 3340.34 2.86
Self-owne
d/financing
S3 Logistics
Park 132000.00 79656.41 975.40 80631.81 - 100.00 100.00% 4140.40 1363.40 2.59
Self-owne
d/financing
188 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
"Belt and
Road"
Innovation 113600.00 302.32 8482.87 - 8785.19 7.73 7.73% 75.53 75.53 2.86
Self-owne
d/financing
Center
Total 710466.00 225658.69 137626.24 348308.17 14976.76 / / 10484.46 4779.27 / /
(3).Provision for impairment of construction in progress in this period
□Applicable √Not applicable
(4).Impairment testing of construction in progress
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
189 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Engineering materials
(1).Engineering materials
□Applicable √Not applicable
23. Productive biological assets
(1).Productive biological assets measured at cost
□Applicable √Not applicable
(2).Impairment testing of productive biological assets using cost measurement model
□Applicable √Not applicable
(3).Productive biological assets measured at fair value
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
24. Oil and gas assets
(1). Situation of oil and gas assets
□Applicable √Not applicable
(2). Impairment testing of oil and gas assets
□Applicable √Not applicable
Other notes:
No
190 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
25. Right-of-use assets
(1). Situation of right-of-use assets
√Applicable □Not applicable
Unit: RMB
Item Buildings andstructures Land Total
I. Original book value
1. Opening balance 139327873.52 120503884.69 259831758.21
2. Increase in the
current period 19765270.14 - 19765270.14
(1) Lease in 4518539.07 - 4518539.07
(2)Other 15246731.07 - 15246731.07
3. Decrease in the
current period 20113570.13 - 20113570.13
(1) Disposal 4585139.74 - 4585139.74
(2)Due 15528430.39 - 15528430.39
4. Closing balance 138979573.53 120503884.69 259483458.22
II. Accumulated depreciation
1. Opening balance 90754088.21 18151212.50 108905300.71
2. Increase in the
current period 29054336.38 6050404.20 35104740.58
(1) Provision 19697867.23 6050404.20 25748271.43
(3) Other 9356469.15 - 9356469.15
3. Decrease in the
current period 18375505.96 - 18375505.96
(1) Disposal 2847075.57 - 2847075.57
(2)Due 15528430.39 - 15528430.39
4. Closing balance 101432918.63 24201616.70 125634535.33
III. Depreciation provision
1. Opening balance - - -
4. Closing balance - - -
IV. Book value
1. Closing book value 37546654.90 96302267.99 133848922.89
2. Opening book value 48573785.31 102352672.19 150926457.50
(2). Impairment testing of right-of-use assets
□Applicable √Not applicable
Other notes:
No
191 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
26. Intangible assets
(1).Intangible assets
√Applicable □Not applicable
Unit: RMB
Item Land use right Software and Datasoftware copyright resources Total
I. Original book value
1. Opening balance 7074991154.62 234069365.81 25094319.94 7334154840.37
2. Increase in the
current period 566986285.60 23083056.49 7924091.66 597993433.75
(1) Purchase 293119585.60 1371628.56 - 294491214.16
(2) Internal R&D - 21692299.45 7924091.66 29616391.11
(4) Transfer from
investment properties 273866700.00 - - 273866700.00
(5) Other - 19128.48 - 19128.48
3. Decrease in the
current period 826469477.89 - - 826469477.89
(2) Transfer to
inventory 826469477.89 - - 826469477.89
4. Closing balance 6815507962.33 257152422.30 33018411.60 7105678796.23
II. Accumulated amortization
1. Opening balance 2082291168.10 69514096.63 1069103.63 2152874368.36
2. Increase in the
current period 215895974.16 24204234.23 2928737.21 243028945.60
(1) Provision 184846214.61 24185105.75 2928737.21 211960057.57
(2) Changeover from
investment real estate 31049759.55 - - 31049759.55
(3) Transfer-in - 19128.48 - 19128.48
3. Decrease in the
current period 13191038.19 - - 13191038.19
(2) Transfer to
inventory 13191038.19 - - 13191038.19
4. Closing balance 2284996104.07 93718330.86 3997840.84 2382712275.77
III. Depreciation provision
1. Opening balance - - - -
4. Closing balance - - - -
IV. Book value
1. Closing book value 4530511858.26 163434091.44 29020570.76 4722966520.46
2. Opening book value 4992699986.52 164555269.18 24025216.31 5181280472.01
At the end of this period the proportion of intangible assets formed through internal research
and development of the Company in the balance of intangible assets was 2.29%
192 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
(2).Data resources confirmed as intangible assets
√Applicable □Not applicable
Unit: RMB
Item Self-developed data resourcesas intangible assets Total
I. Original book value
1. Opening balance 25094319.94 25094319.94
2. Increase in the current period 7924091.66 7924091.66
Including: Purchased - -
Internally developed 7924091.66 7924091.66
3. Decrease in the current period - -
Of which: disposal - -
4. Closing balance 33018411.60 33018411.60
II. Accumulated amortization
1. Opening balance 1069103.63 1069103.63
2. Increase in the current period 2928737.21 2928737.21
3. Decrease in the current period - -
Of which: disposal - -
4. Closing balance 3997840.84 3997840.84
III. Depreciation provision
1. Opening balance - -
4. Closing balance - -
IV. Book value
1. Closing book value 29020570.76 29020570.76
2. Opening book value 24025216.31 24025216.31
Other notes:
Important Single Data Resource Status
Data Resource Content Closing book Remaining
value Amortization
Period
The "AI Independent Website" project based on 8855666.71 107 months
AI-generated related technologies
The "AI Intelligent Translator" project based on 5321685.05 98 months
WEBSOCKET technology and SSM framework
Development of the “Xiaoshang Virtual Employee Agent” 3605763.97 110 months
Product Based on AI Large Language Model Technology
The "Xiaoshang Yingke" project based on SPRINGCLOUD 3022151.02 104 months
microservice framework technology
The "Xiaoshang Zhaohuo" project based on 2484090.78 101 months
SPRINGCLOUD microservice framework technology
Development of the “Alliance Website” System Based on 2109781.68 119 months
WordPress Multisite Technology
The "BenBen Zhaohuo" project based on SPRINGCLOUD 1867087.69 98 months
microservice framework technology
Development of the “Industry Website” System Based on 1754343.86 113 months
TRAE Technology
Sub-total 29020570.76 /
(3).Fixed assets for which the land use certificate have not been obtained
□Applicable √Not applicable
193 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
(4).Impairment testing of intangible assets
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
27. Goodwill
(1).Original book value of goodwill
√Applicable □Not applicable
Unit: RMB
Increase in the
The name of the invested unit or Opening current period
matters forming goodwill balance Formed by a Closing balancebusiness
combination
Zhejiang Xunchi Digital Technology
Co. Ltd. 284916367.87 - 284916367.87
Total 284916367.87 - 284916367.87
(2).Provision for impairment of goodwill
□Applicable √Not applicable
(3).Relevant information on the asset group or group of asset groups where goodwill is
located
√Applicable □Not applicable
Operating Whether it
Name The composition of the asset group or combination to which it segment to
was
belongs and basis which it belongs consistent
and basis with theprevious year
It is composed of Kuaijietong Payment Services Co. Ltd. a
subsidiary of Zhejiang Xunchi Digital Technology Co. Ltd. Since the For internal
Kuaijie synergistic effect of the acquisition of Xunchi Group is reflected in management
tong the Kuaijietong's subsidiaries the main cash flow generated by the purposes this
asset Kuaijietong's subsidiaries is independent of other subsidiaries of the asset group Yes
group Group and the Group manages the production activities of the combination
Kuaijietong's subsidiaries independently so the goodwill is allocated belongs to
to the Kuaijietong asset group. other segment.Changes in asset groups or asset group combinations
□Applicable √Not applicable
Other notes:
√Applicable □Not applicable
In July 2022 the Company acquired 100% equity of Zhejiang Xunchi Digital Technology
Co. Ltd. and Kuaijietong Payment Services Co. Ltd. a wholly-owned subsidiary of Zhejiang
Xunchi Digital Technology Co. Ltd. resulting in a goodwill of RMB 284916367.87.
(4). The specific method for determining the recoverable amount
The recoverable amount is determined based on the net amount after deducting disposal
expenses from fair value
194 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
□Applicable √Not applicable
The recoverable amount is determined based on the present value of expected future cash
flows
√Applicable □Not applicable
Unit: RMB 10000
Imp Years Key parameters Basis for Basis fordetermining Key parametersRecovera airm of the for the determiningfor the stable
Item Book value ble ent predicti prediction parameters key
amount amo on period (growth for the
period (growth parameters
prediction rate profit marginunt period rate profit for the stablediscount rate etc.)
margin etc.) period period
Kuaijie Revenue Historical annual Historical
tong income analysis Perpetualgrowth rate annual income
asset 33315.98 35500.00 - 5 growth rateprofit margin gross profit analysis gross
group analysis CPI discount ratediscount rate profit analysis
index CPI index
Total 33315.98 35500.00 - / / / / /
Reasons for significant discrepancies between the aforementioned information and the
information used in previous year's impairment testing or external information
□Applicable √Not applicable
Reasons for significant discrepancies between the information used in the Company's previous
year’s impairment testing and the actual situation of that year
□Applicable √Not applicable
(5).Performance commitments and corresponding impairment of goodwill
When goodwill is formed there is a performance commitment and the reporting period or the
previous period in the reporting period is within the performance commitment period
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
28. Long-term deferred expenses
√Applicable □Not applicable
Unit: RMB
Amortized Other
Item Opening balance Increase in thecurrent period amount in the reduction Closing balancecurrent period amount
Decoration of
buildings and 392430658.73 158065841.01 146302158.45 - 404194341.29
structures
Advertising
facilities 14105259.92 7570663.82 1970879.95 - 19705043.79
Total 406535918.65 165636504.83 148273038.40 - 423899385.08
Other notes:
No
195 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
29. Deferred income tax assets/ deferred income tax liabilities
(1).Deferred income tax assets having not been offset
√Applicable □Not applicable
Unit: RMB
Closing balance Opening balance
Item Deductible Deductible
temporary Deferred income temporary Deferred income
difference tax assets difference tax assets
Provision for impairment of assets 19419450.27 4522134.77 18716965.89 4346519.87
Recognized but unpaid liabilities 201350270.22 50337567.56 126469963.69 31617490.93
The portion where the end-of-period
market price of restricted equity
exceeds the fair value at the grant - - 71447140.40 17861785.11
date
Lease liability temporary difference 104779642.36 26194910.59 108753189.40 27188297.35
Asset-related government grants 69007271.67 17251817.92 71669931.67 17917482.92
Changes in fair value of other
non-current financial assets 125015406.01 31253851.50 122460588.71 30615147.18
Total 519572040.53 129560282.34 519517779.76 129546723.36
(2).Deferred income tax liabilities having not been offset
√Applicable □Not applicable
Unit: RMB
Closing balance Opening balance
Item Taxable Deferred Taxable Deferred
temporary income tax temporary income tax
difference liabilities difference liabilities
Asset evaluation appreciation for
merger of the enterprises not 8399039.17 2099759.77 12767524.60 3191881.13
under common control
Change in fair value of other
equity instruments investment 107376640.28 26844160.07 117410827.30 29352706.83
Changes in fair value of other
non-current financial assets 324198645.68 81049661.42 327605031.16 81901257.79
Changes in fair value of trading
financial assets 253640744.29 63410186.07 - -
Right-of-use asset temporary
difference 78852778.82 19713194.70 85790718.35 21447679.59
Total 772467848.24 193116962.03 543574101.41 135893525.34
196 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
(3).Deferred tax assets or liabilities presented as net amount after offsetting
√Applicable □Not applicable
Unit: RMB
Closing balance Opening balance
Balance of Balance ofDeferred
Item income tax deferred income
Deferred deferred
assets and tax assets or
income tax income tax
liabilities after assets and assets orliabilities offset offsetting liabilities offset liabilities afteroffsetting
Deferred income tax
assets 63875187.53 65685094.81 67426292.28 62120431.08
Deferred income tax
liabilities 63875187.53 129241774.50 67426292.28 68467233.06
(4).Details of unconfirmed deferred tax assets
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
Deductible temporary
difference 40317347.49 27051402.68
Deductible losses 170407115.70 221926952.14
Total 210724463.19 248978354.82
(5).The deductible losses of unconfirmed deferred tax assets will expire in the following
year
√Applicable □Not applicable
Unit: RMB
Year Closing amount Opening amount Remarks
202528895765.21
202628983430.8763638671.93
202741724068.7247288933.10
20284184939.234184939.23
202969409690.4277918642.67
203026104986.46
Total 170407115.70 221926952.14 /
Other notes:
√Applicable □Not applicable
The Group believes that the above temporary differences in fixed asset depreciation asset
impairment provisions and deductible losses of some subsidiaries can be offset in the
foreseeable future and it is expected that the Group will have sufficient pre-tax profits to offset
during the reversal period. Therefore the Group deemed it necessary to recognize the above
deferred income tax assets.
197 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
30. Other non-current assets
√Applicable □Not applicable
Unit: RMB
Closing balance Opening balance
Impai
rmen ImpairItem Book balance t Book value Book balance ment
provi provisi
Book value
sion on
Prepaid land
transfer fees 372930000.00 - 372930000.00 - - -
Large-denomination
Certificates of 316806910.24 - 316806910.24 - - -
Deposit
Long-term asset
prepayment 24238916.11 - 24238916.11 28032980.89 - 28032980.89
Total 713975826.35 - 713975826.35 28032980.89 - 28032980.89
Other notes:
No
31. Assets with restricted ownership or usage rights
√Applicable □Not applicable
Unit: RMB
Closing amount Opening amount
Restri
Item Restri Restri
Restri
Book balance Book value ction ctionsituati Book balance Book value ction
ction
type type situation on
Moneta Freez Freez
ry 25578290.90 25578290.90 ing [Note 10822951.08 10822951.08 ing [Note
funds etc. 2] etc. 2]
Trading Restri
financia 308282354.62 308282354.62 cted [Note - - [Note
l assets sale 3] 3]
Long-te
rm
equity 102918559.00 102918559.00 Froze [Noten 4] 102918559.00 102918559.00
Froze [Note
investm n 4]
ent
Other
non-cur
rent 664361085.31 664361085.31 Froze [Noten 4] 660196410.80 660196410.80
Froze [Note
financia n 4]
l assets
Other
current 928684511.79 928684511.79 Pledg [Noteed 5] 377164678.50 377164678.50
Pledg [Note
assets ed 5]
Total 2029824801.62 2029824801.62 / / 1151102599.38 1151102599.38 / /
Other notes:
[Note 2] As of December 31 2025 bank deposits with a book value of RMB 12613.00
(December 31 2024: RMB 4409802.53) were frozen by judicial order; bank deposits with a
book value of RMB 6330105.78 (December 31 2024: RMB 6413148.55) were restricted in
ownership or right of use as risk reserves for express payment services; other monetary funds
with a book value of RMB 7256353.12 (December 31 2024: RMB 0.00) were restricted in
ownership or right of use as deposits for foreign exchange locking services; and other monetary
198 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
funds with a book value of RMB 11979219.00 (December 31 2024: RMB 0.00) were restricted
in ownership or right of use due to restrictions on Yiwu Pay platform.[Note 3] As of December 31 2025 shares with a book value of RMB 308282354.62 were
restricted in ownership or right of use due to the lock-up period.[Note 4] As of December 31 2025 long-term equity investments with a book value of RMB
102918559.00 (December 31 2024: RMB 102918559.00) and other non-current financial
assets with a book value of RMB 664361085.31 (December 31 2024: RMB 660196410.80)
were frozen by the Second Intermediate People's Court of Shanghai as detailed in Note VII.17;
[Note 5] As of December 31 2025 the payment business reserve fund with a book value of
RMB 928684511.79 (December 31 2024: RMB 377164678.50) was established by the
Company in accordance with the "Administrative Measures for Payment Services of
Non-financial Institutions" and "Measures for the Custody of Customer Reserve Funds of
Payment Institutions" Bank special deposit account. The scope of funds stored and received by
the Company through the customer reserve account includes: funds received from bank card
acquiring business third-party payment convenience service business credit card repayment
business credit payment settlement business and other part of the Company's business.
32. Short-term borrowings
(1).Classification of short-term loans
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
Credit loans - 60054266.67
Total - 60054266.67
Note to the classification of short-term borrowings:
No
(2).Overdue short-term borrowings
□Applicable √Not applicable
The important overdue and unpaid short-term loans are as follows:
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
33. Trading financial liabilities
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
34. Derivative financial liabilities
□Applicable √Not applicable
35. Notes Payable
(1).Presentation of notes payable
□Applicable √Not applicable
199 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
36. Accounts payable
(1).Presentation of accounts payable
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
Accounts payable for
market and auxiliary works 1583931068.34 1063916822.43
projects
Accounts payable for
logistics park projects 118872831.16 261715751.54
Accounts payable for
procurement for the hotel 102983481.74 22985097.96
project
Trade payables 75246687.31 107377777.11
Other 114892877.01 13722938.91
Total 1995926945.56 1469718387.95
(2).Important accounts payable with an aging of over 1 year or overdue
□Applicable √Not applicable
Other notes:
√Applicable □Not applicable
The accounts payable are free of interest and are generally paid within two months after
receipt of the payment notice or based on the project contracts and progress of projects. The
balance payments for the projects are made after completion of settlement.
37. Advance receipts
(1). Presentation of advance receipts
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
Rental advances 229642233.61 203177777.26
Advance receipt of merchant
payment 2542249.00 5270414.00
Other 5845940.81 8829926.15
Total 238030423.42 217278117.41
(2). Significant advance payment with more than one year of account age
□Applicable √Not applicable
(3). The amount and reasons for significant changes in book value during the reporting
period
□Applicable √Not applicable
Other notes:
√Applicable □Not applicable
Due to the fact that prepayments mainly come from prepaid merchant payments and
prepaid rent with relatively small individual amounts there were no single large prepayments
with an aging of more than 1 year as of December 31 2025.
200 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
38. Contract liabilities
(1).Contract liabilities
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
Advances from customers for use fee of shops 4876306790.46 2840717713.25
Advances from customers for goods 1634315793.28 997203268.79
Advances from customers for housing purchase 379334514.66 1508678454.12
Advance receipts for digital platform usage fees 346041815.21 470289623.22
Advances from customers for advertising fee 39531528.81 32355059.67
Advances from customers for use fee of
networking cables 25313496.83 21117984.07
Other 162369255.04 57363580.21
Total 7463213194.29 5927725683.33
(2).Significant contractual liabilities with an aging of over 1 year
□Applicable √Not applicable
(3).The amount and reasons for significant changes in book value during the reporting
period
□Applicable √Not applicable
Other notes:
√Applicable □Not applicable
Collections on pre-sold properties
Unit: RMB
Item Closing balance of the Opening balance Presale ratiocurrent period (%)
Yiwu Global Digital Trade
Center Sales Project 379334514.66 1508678454.12 100.00
Sub-total 379334514.66 1508678454.12 /
39. Employee compensation payable
(1).Employee compensation payable
√Applicable □Not applicable
Unit: RMB
Item Opening Increase in the Decrease in the Closingbalance current period current period balance
I. Short-term
compensation 177352006.40 619309451.86 491253511.49 305407946.77
II. Post employment
benefits – defined 146426.33 59583643.14 59570226.54 159842.93
contribution plan
III. Severance benefits - 1300511.38 1300511.38 -
Total 177498432.73 680193606.38 552124249.41 305567789.70
201 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
(2).List of short-term compensation
√Applicable □Not applicable
Unit: RMB
Item Opening Increase in the Decrease in thebalance current period current period Closing balance
1. Salary bonus allowance and
subsidy 177168992.16 515693915.01 387639581.43 305223325.74
2. Employee benefits - 44372188.56 44372188.56 -
3. Social security contribution 88442.24 23981197.92 23983219.54 86420.62
In which: contribution to medical
insurance scheme 82774.35 22803807.27 22802098.27 84483.35
Contribution to
work-related injury insurance 5667.89 1119752.24 1123482.86 1937.27
scheme
Contribution to maternity
insurance scheme - 57638.41 57638.41 -
4. Housing provident fund 94572.00 27235190.00 27231946.00 97816.00
5. Contribution to trade union
fund and employee education - 8026960.37 8026575.96 384.41
fund
Total 177352006.40 619309451.86 491253511.49 305407946.77
(3).List of defined contribution plans
√Applicable □Not applicable
Unit: RMB
Item Opening Increase in the
Decrease in
the current Closingbalance current period period balance
1. Contribution to the
basic endowment 141702.90 41266604.93 41253308.63 154999.20
insurance scheme
2. Contribution to the
unemployment insurance 4723.43 1299198.21 1299077.91 4843.73
scheme
3. Enterprise annuity
payment - 17017840.00 17017840.00 -
Total 146426.33 59583643.14 59570226.54 159842.93
Other notes:
□Applicable √Not applicable
40. Tax payable
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
VAT 173928580.31 20547910.48
Corporate income tax 381644638.87 430072450.23
Individual income tax 2336085.66 1776342.02
Urban maintenance and construction tax 12772490.89 449011.32
Real estate tax 113645002.11 102443373.11
Land use tax 63494166.67 66410619.93
Other 12702855.42 4850962.75
Total 760523819.93 626550669.84
Other notes:
202 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
No
41. Other payables
(1).Presentation of items
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
Other payables 1013981521.93 1685334535.04
Total 1013981521.93 1685334535.04
Other notes:
□Applicable √Not applicable
(2). Interest payable
Presentation by category
□Applicable √Not applicable
Significant overdue interests payable:
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
(3).Dividend payable
Presentation by category
□Applicable √Not applicable
(4).Other payables
Presentation of other payables by nature
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
Withholdings deposit and margin 543736334.35 482747390.68
Operating expenses payable 263984961.91 235460116.25
Pending investment refunds 182827484.57 925168469.09
Restricted stock incentive plan - 38201284.54
Other 23432741.10 3757274.48
Total 1013981521.93 1685334535.04
Significant other payables with an aging of over 1 year or overdue
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
42. Held-for-sale liabilities
□Applicable √Not applicable
203 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
43. Non-current liabilities due within one year
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
Long-term borrowings within one year 67669588.00 182018838.82
Bonds payable due within 1 year 28805561.65 3561297671.56
Lease liabilities due within 1 year 24512874.35 21431700.75
Total 120988024.00 3764748211.13
Other notes:
No
44. Other current liabilities
Other current liabilities
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
Payment business transactions 953993548.58 400017845.75
Tax for items to be charged off 184267095.06 225376663.71
Dividend payable to to-be-recognized
accounts 4314386.90 3280188.02
Dividend announced but not collected before
listing 2083112.65 2083112.65
Payable super-short-term financing bonds - 3009492562.93
Total 1144658143.19 3640250373.06
204 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Changes in short-term bonds payable:
√Applicable □Not applicable
Unit: RMB
Coup Interest Premium/dis Closin
Wheth
Name of Face on Issue Bond Issue in this Repayment in g er it
bond value rate date term Amount issued Opening balance period accrued based counton face value amortization this period
balanc wasoverd
(%) e ue
2024
Super
Short-term
Financing 100.00 2.00
Jul 31 268
2024 days 1000000000.00 1008164889.58 - 6269630.96 250410.97 1014684931.51 - No
Bonds
(Issue 3)
2024
Super
Short-term Dec 4 268
Financing 100.00 1.90 2024 days 1000000000.00 1000933152.80 - 12493150.68 524381.45 1013950684.93 - No
Bonds
(Issue 4)
2024
Super Dec
Short-term 268
Financing 100.00 1.80 24 days 1000000000.00 1000394520.55 - 12821917.81 - 1013216438.36 - No
Bonds 2024
(Issue 5)
2025
Super
Short-term 2025-0 267
Financing 100.00 2.05 2-20 days 1000000000.00 - 999414794.52 14995890.41 585205.48 1014995890.41 - No
Bonds
(Issue 1)
Total / / / / 4000000000.00 3009492562.93 999414794.52 46580589.86 1359997.90 4056847945.21 - /
Other notes:
□Applicable √Not applicable
205 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
45. Long term loan
(1). Classification of Long-term loans
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
Credit loans 523894006.38 839608139.20
Long-term borrowings due
within one year -67669588.00 -182018838.82
Total 456224418.38 657589300.38
Notes on the classification of long-term borrowings:
No
Other notes:
√Applicable □Not applicable
As of December 31 2025 the annual interest rate of the above-mentioned loan was
2.1%-2.7% (December 31 2024: 2.45%-2.75%).
46. Bonds payable
(1).Bonds payable
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
Bonds payable 2827850288.14 3561297671.56
Bonds payable due within one
year -28805561.65 -3561297671.56
Total 2799044726.49 -
206 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
(2).Specific situation of payable bonds: (excluding preferred stocks perpetual bonds and other financial instruments classified as
financial liabilities)
√Applicable □Not applicable
Unit: RMB
Whe
Face Cou Transferred in therName of value pon Issue Bond
Interest Premium/dis
Amount issued Opening balance Issue in this period accrued based count Repayment in this this year andbond rate date term period due within one Closing balance
it
(RMB) (%) on face value amortization
was
year over
due
Feb
MTN 100.00 3.29 24 3Y 1000000000.00 1027941715.01 - 4867397.26 90887.73 1032900000.00 - - No
2022
Mar
MTN 100.00 3.57 29 3Y 500000000.00 513532001.35 - 4254657.53 63341.12 517850000.00 - - No
2022
MTN 100.00 3.00 Jul 202022 3Y 500000000.00 506663651.93 - 8219178.08 117169.99 515000000.00 - - No
Septe
Corporat mber
e bonds 100.00 2.88 1 3Y 800000000.00 807641747.75 - 15275835.62 122416.63 823040000.00 - - No
2022
Septe
Corporat 100.00 2.88 mbere bonds 22 3Y 700000000.00 705518555.52 - 14526246.58 115197.90 720160000.00 - - No
2022
March
MTN 100.00 2.10 27 3Y 500000000.00 - 499853962.26 8026027.40 36435.37 - 8026027.40 499890397.63 No
2025
April
MTN 100.00 2.09 24 3Y 1000000000.00 - 999710188.68 14372328.77 65055.85 - 14372328.77 999775244.53 No
2025
July
MTN 100.00 1.89 17 3Y 500000000.00 - 499854811.32 4323698.63 21727.48 - 4323698.63 499876538.80 No
2025
Nove
Corporat
e bonds 100.00 1.94
mber
13 3Y 800000000.00 - 799479245.28 2083506.85 23300.25 - 2083506.85 799502545.53 No
2025
Total / / / / 6300000000.00 3561297671.56 2798898207.54 75948876.72 655532.32 3608950000.00 28805561.65 2799044726.49 /
207 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
(3).Description of convertible corporate bonds
□Applicable √Not applicable
Accounting treatment and judgment basis for equity conversion
□Applicable √Not applicable
(4). Explanation of other financial instruments classified as financial liabilities
Basic information of other financial instruments such as preferred shares and perpetual bonds outstanding at the end of the reporting period
□Applicable √Not applicable
Changes in other financial instruments such as preferred shares and perpetual bonds outstanding at the end of the reporting period
□Applicable √Not applicable
Explanation of the basis for classifying other financial instruments as financial liabilities
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
208 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
47. Lease liabilities
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
Undiscounted amount of finance lease 231322254.28 259253047.51payables
Unrecognized financing charges -77200258.02 -87837107.98
Lease liabilities due within 1 year -24512874.35 -21431700.75
Total 129609121.91 149984238.78
Other notes:
Note: The Group uses the incremental borrowing rate of 2.81%-7.48% as the discount rate
to calculate book value to determine the lease liability and measure right-of-use assets.
48. Long-term payables
Presentation of items
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
Long-term payables
(1).Long-term payables by nature
□Applicable √Not applicable
Special accounts payable
(1).Special payables by nature
□Applicable √Not applicable
49. Long-term employee compensation payable
□Applicable √Not applicable
50. Estimated liabilities
□Applicable √Not applicable
51. Deferred income
Overview of deferred income
√Applicable □Not applicable
Unit: RMB
Opening Increase in Decrease inItem Closing Cause ofbalance the current the currentperiod period balance formation
Asset-related 34577896.9 Commencemengovernment 150801314.25 - 2 116223417.33 t investmentgrants rewards etc.Total 150801314.25 - 34577896.92 116223417.33 /
209 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Other notes:
□Applicable √Not applicable
52. Other non-current liabilities
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
Contract liabilities 4703511721.48 -
Total 4703511721.48 -
Other notes:
No
53. Share capital
√Applicable □Not applicable
Unit: RMB
Increase or decrease in the current period (+
-)
Opening balance New Bonus Closing balanceshares shares Other Sub-totalissued
Total number
of shares 5483645926.00 - - -86700.00 -86700.00 5483559226.00
Other notes:
Pursuant to the Proposal on Adjusting the Repurchase Price of Restricted Stocks and
Repurchasing and Cancelling Some Restricted Stocks approved at the 30th meeting of the 9th
Board of Directors and the 16th meeting of the 9th Board of Supervisors held on August 14
2025 and in accordance with the relevant provisions of the 2020 Restricted Stock Incentive
Plan (Draft) the Company has repurchased and cancelled a total of 86700 restricted shares.These shares were granted but unvested and were held by three incentive recipients who are
no longer eligible under the Incentive Plan due to retirement.As a result of this restricted stock repurchase the total number of shares decreased by
86700 for the year.
54. Other equity instruments
(1).Basic information of other financial instruments such as preferred shares and
perpetual bonds outstanding at the end of the reporting period
□Applicable √Not applicable
(2).Changes in other financial instruments such as preferred shares and perpetual
bonds outstanding at the end of the reporting period
□Applicable √Not applicable
Changes in other equity instruments in the current period the reasons therefor and the basis for
relevant accounting treatment:
□Applicable √Not applicable
210 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Other notes:
□Applicable √Not applicable
55. Capital reserve
√Applicable □Not applicable
Unit: RMB
Item Opening balance Increase in the Decrease in thecurrent period current period Closing balance
Capital surplus
(share premium) 1604241299.11 53583468.80 121502.40 1657703265.51
Stock incentive 51704673.03 19740580.88 71445253.91 -
Other 721679121.95 28156924.86 - 749836046.81
Total 2377625094.09 101480974.54 71566756.31 2407539312.32
Other notes including those on the changes in the current period and the reasons therefor:
1. Capital premium (share premium): An increase of RMB 53583468.80 for the current
period: (i) capital reserves recognized during the vesting period for the portion of restricted
shares issued under the equity incentive plan that have since been unlocked were reclassified
to capital premium (share premium) increasing it by RMB 29657277.42; (ii) upon full unlocking
of all restricted shares issued under the equity incentive plan the cumulative pre-tax deductible
amount exceeding the expenses recognized during the vesting period was transferred to capital
premium (share premium) increasing it by RMB 23926191.38.
2. The capital reserve (share premium) decreased by RMB 121502.40 during the current
period resulting from the repurchase of granted but not yet unlocked restricted shares held by
incentive recipients.
3. An increase of RMB 19740580.88 in equity incentives during the current period
consisting of: * An increase of RMB 609784.57 in capital reserve representing the
amortization of expenses for employee services obtained through equity-settled share-based
payments over the service period of the restricted shares; and* An amount of RMB
19130796.31 directly credited to capital reserve. This amount represents the excess of the
pre-tax deductible amount over the expenses recognized during the waiting period arising from
the vesting of shares upon the satisfaction of vesting conditions for the third vesting tranche of
the 2020 Restricted Stock Incentive Plan.
4. A decrease of RMB 71445253.91 in equity incentives during the current period
consisting of: * A reclassification of RMB 29657277.42 from equity incentive reserve to
capital premium (share premium) representing the share-based payment reserve related to the
unlocked portion of restricted shares issued under the incentive plan after the expiration of the
waiting period; * A reversal of RMB 17861785.11 in deferred tax assets. This relates to the
excess of the estimated future tax deduction over the cumulative remuneration cost recognized
for the third vesting tranche of the 2020 Restricted Stock Incentive Plan; and * A transfer of
RMB 23926191.38 to capital premium (share premium) representing the cumulative effect of
the excess of the pre-tax deductible amount over the expenses recognized during the waiting
period as all restricted shares issued under the equity incentive plan have now vested.
5. The increase in other capital reserve during the current period is attributable to changes
in the Company's shareholding percentage in the associate Zhijie Yuangang due to capital
injection and other matters. Consequently the Company recognized an increase of RMB
28156924.86 in capital reserve representing the increase in its share of the associate's net
assets.
211 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
56. Treasury stocks
√Applicable □Not applicable
Unit: RMB
Item Opening balance Increase in the Decrease in the Closingcurrent period current period balance
Restricted stock
incentive plan 33828483.60 33828483.60 -
Total 33828483.60 33828483.60 -
Other notes including those on the changes in the current period and the reasons therefor:
Treasury stock decreased by RMB 33 828 483.60 in the current period of which: *
According to the 2024 profit distribution plan approved by the Company's 2023 annual
shareholders' meeting a cash dividend of RMB 0.330 per share (including tax) was distributed
and the treasury stock was reduced by RMB 230 571.00 due to the distribution of ordinary
share dividends for the expected unlockable restricted ordinary shares; * According to the
restricted stock incentive plan shares that fail to meet the unlocking conditions shall be
repurchased by the Company. In the current period the Company will repurchase and cancel
86700 restricted ordinary shares that have been granted but not yet unlocked corresponding to
a repurchase amount of RMB 208202.40 thereby reducing treasury stock; * Pursuant to the
"Proposal on the Satisfaction of the Unlocking Conditions for the Third Unlocking Period of the
First Grant Part of the 2020 Restricted Stock Incentive Plan" at the 14th Meeting of the 9th
Board of Directors on December 13 2024 and the "Proposal on the Satisfaction of the
Unlocking Conditions for the Third Unlocking Period of the Reserved Grant Part of the 2020
Restricted Stock Incentive Plan" approved at the 37th Meeting of the 9th Board of Directors on
October 20 2025 13.3263 million restricted shares were released and after deducting the
distributed cash dividends treasury stock was reduced by RMB 33389710.20.
57. Other comprehensive income
√Applicable □Not applicable
Unit: RMB
Amount in the current period
Amount before After-tax
Item Opening tax incurred in Less: income Amount after tax amountbalance the current tax attributable to attributable
Closing balance
period parent company to minorityshareholders
I. Other
comprehensive
income that
cannot be 88058120.47 -10034187.04 -2508546.76 -7525640.28 - 80532480.19
reclassified into
profit or loss
Change in fair
value of other
equity 88058120.47 -10034187.04 -2508546.76 -7525640.28 - 80532480.19
instruments
investment
II. Other
comprehensive
income to be 23003339.71 -6016079.87 - -5924060.92 -92018.95 17079278.79
reclassified into
profit or loss
Other
comprehensive
income that can
be transferred 4934929.07 -222341.17 - -222341.17 - 4712587.90
into profit and
loss under
equity method
212 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Difference
arising from the
translation of
foreign currency 18068410.64 -5793738.70 - -5701719.75 -92018.95 12366690.89
financial
statements
Total other
comprehensive 111061460.18 -16050266.91 -2508546.76 -13449701.20 -92018.95 97611758.98
income
Other notes including those on the adjustment of the initially recognized amount of hedged
items converted from the effective part of gains or losses from cash flow hedging:
No
58. Special reserves
□Applicable √Not applicable
59. Surplus reserve
√Applicable □Not applicable
Unit: RMB
Item Opening balance Increase in the Decrease in thecurrent period current period Closing balance
Statutory surplus
reserve 2109917569.50 307838089.86 - 2417755659.36
Discretionary
surplus reserve 40195855.68 - - 40195855.68
Other 11688840.91 - - 11688840.91
Total 2161802266.09 307838089.86 - 2469640355.95
Notes on surplus reserves including those on the changes in the current period and the
reasons therefor:
Pursuant to the Company Law of the People’s Republic of China and the Company’s
Articles of Association the Company appropriates 10% of the parent company’s net profit as
statutory surplus reserve. If the amount of statutory surplus reserve accrued reaches more than
50% of the Company's registered capital the accrual may cease.
The Company can accrue free surplus reserve after accruing the statutory surplus reserve.With the approval the free surplus reserve can be used to make up for previous losses or to
increase share capital.
60. Undistributed profit
√Applicable □Not applicable
Unit: RMB
Item Current period Previous period
Undistributed profits at the end of the previous
reporting period before adjustment 10400490449.73 8703604953.04
Opening undistributed profits after adjustment 10400490449.73 8703604953.04
Plus: net profits attributable to shareholders of
the parent company in the current period 4203546946.97 3073677494.86
Less: withdrawal of statutory surplus reserve 307838089.86 282150835.07
General risk reserve -80661.29 -1933902.00
Common share dividend payable 1809598596.18 1096575065.10
Closing undistributed profits 12486681371.95 10400490449.73
213 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Details of the adjustment of opening undistributed profits:
1. Due to the retrospective adjustment of the Enterprise Accounting Standards and related new
regulations the affected undistributed profit at the beginning of the period was 0.
2. Due to changes in accounting policies the affected undistributed profit at the beginning of the
period was 0.
3. Due to significant accounting error correction the affected undistributed profit at the
beginning of the period was 0.
4. Due to changes in the scope of consolidation caused by the same control the affected
undistributed profit at the beginning of the period was 0.
5. The opening undistributed profits affected by other adjustments together amounted to RMB0.
61. Operating revenue and operating cost
(1).Overview of operating revenue and operating cost
√Applicable □Not applicable
Unit: RMB
Item Amount in the current period Amount in the previous periodRevenue Cost of sales Revenue Cost of sales
Main
business 19260614866.00 13246899401.19 15022838445.63 10385484321.27
Other
businesses 666637828.51 414345119.67 714545476.61 412407678.93
Total 19927252694.51 13661244520.86 15737383922.24 10797892000.20
(2).Breakdown information of operating revenue and operating costs
√Applicable □Not applicable
Unit: RMB
Classified by type of contract TotalOperating revenue Operating cost
Types of goods
Sales of goods 9978066752.37 9916882760.67
The use of shops in the China Commodities
City markets and the supporting services for 5252038031.44 885280929.35
operation
Lease 717252652.78 360477414.70
Hotel accommodation and catering services 323154333.60 291423821.07
Sales of supporting real estate 1950258234.88 1746194107.66
Other services 1706482689.44 460985487.41
Classified by business area
Chinese Mainland 19874275970.72 13622666775.22
Overseas 52976723.79 38577745.64
Classification by time of good transfer
Recognizing revenue at a certain point in
time 12535690163.45 11900257061.30
Recognizing revenue during a certain period
of time 7391562531.06 1760987459.56
Total 19927252694.51 13661244520.86
Other notes:
□Applicable √Not applicable
214 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
(3).Contract performance obligations
√Applicable □Not applicable
Unit: RMB
The The types
Time for Nature of the Whether the expected of quality
fulfilling Important payment goods that the Company is refunds to
assurance
Item performanc provided by
e terms
Company the main customers
promises to responsible borne by the
obligations transfer person the Company
Company and relatedobligations
When Advance payment
Sales of goods delivering or right to receive Trade retail
goods payment after goods
Yes - No
delivery of goods
The use of shops
in the China
Commodities When Part of the deposit Shop use right/
City markets and providing will be collected in Supporting
the supporting services advance and the operational
Yes - No
services for remaining amount services
operation will be collected
Hotel When upon completion of
accommodation providing the performance
Hotel
accommodatio Yes - No
business services n service
Hotel catering When Collection upon
business providing completion of
Catering Yes - No
services performance services
Advance receipts
When or the right to
Real estate sales delivering receive payment Real estate
goods upon acquisition of projects
Yes - No
control over the
relevant real estate
Total / / / / - /
(4).Explanation of allocation to remaining contract performance obligations
□Applicable √Not applicable
(5).Significant contract changes or significant transaction price adjustments
□Applicable √Not applicable
Other notes:
The revenue recognized in the current period which was included in the opening book
value of contract liabilities amounted to RMB 4 104 446 712.20.
215 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
62. Taxes and surcharges
√Applicable □Not applicable
Unit: RMB
Item Amount in the current period Amount in the previous period
Urban maintenance and
construction tax 49736017.05 10380613.29
Education surcharge 21314105.67 4374530.54
Real estate tax 153030189.06 134390869.33
Land use tax 61065735.20 42790392.75
Vehicle and vessel use tax 5286.56 6134.59
Stamp duty 10149555.91 10171957.88
Land appreciation tax 25882637.64 7696262.56
Local education surcharge 14209403.71 2938574.70
Cultural undertaking
development fee 1346361.71 794513.49
Total 336739292.51 213543849.13
Other notes:
No
63. Sales expenses
√Applicable □Not applicable
Unit: RMB
Item Amount in the current period Amount in the previousperiod
Marketing expenses 328991706.50 190228962.10
Advertising expenses 80416789.90 57245475.72
Security and insurance expenses 42386285.81 47454696.38
Water electricity and fuel
expenses 7533887.29 8345960.00
Depreciation and amortization 2534619.90 2098207.90
Other 8903247.64 16059692.96
Total 470766537.04 321432995.06
Other notes:
No
64. Administrative expenses
√Applicable □Not applicable
Unit: RMB
Item Amount in the current Amount in the previousperiod period
Employee and uniform expenses 444206907.86 410241085.30
Depreciation and amortization 101160015.70 108319760.58
Office expenses 21367055.77 19840613.85
Intermediary expenses 19109866.42 12283089.28
Travel expenses 8583450.83 6508955.56
Other 17534845.04 23416571.98
Total 611962141.62 580610076.55
Other notes:
No
216 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
65. R&D expenses
√Applicable □Not applicable
Unit: RMB
Item Amount in the current Amount in the previousperiod period
Labor cost 36559692.20 18588019.89
Technology development fee 3875053.89 4298430.90
Depreciation and amortization 73449.98 70548.00
Other 205944.84 264389.68
Total 40714140.91 23221388.47
Other notes:
No
66. Financial expenses
√Applicable □Not applicable
Unit: RMB
Item Amount in the Amount in thecurrent period previous period
Interest expenses 151038407.18 248950385.53
Amortization of discount on short-term financing
bonds medium-term notes and corporate bonds 2505564.33 3763005.59
Less: interest income 93267843.69 42135967.43
Less: capitalized amount of interest 74051295.73 110868833.22
Foreign exchange gains or losses 84662.16 -700613.57
Other 2721807.11 3240197.29
Total -10968698.64 102248174.19
Other notes:
The capitalized amount of borrowing costs has been included in inventory and construction
in progress.
67. Other income
√Applicable □Not applicable
Unit: RMB
Classified by nature Amount in the current period Amount in the previous period
Government subsidies related
to income 22698936.42 35217261.03
Asset-related government
grants 34577896.92 9631341.98
Refund of withheld handling
fee of personal income tax 563561.52 521955.01
VAT additional deduction 46492.22 47794.63
Total 57886887.08 45418352.65
Other notes:
No
217 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
68. Investment income
√Applicable □Not applicable
Unit: RMB
Item Amount in the Amount in thecurrent period previous period
Income from long-term equity investment calculated
with the equity method 170247085.93 219166871.10
Investment income from disposal of long-term equity
investment 84373.24 -
Investment income from held-for-trading financial
assets during holding period - 201709.14
Dividend income from other equity instruments
investment during holding period 10159614.37 9156195.66
Interest income from debt investment during holding
period 2515471.70 2431069.18
Interest income earned during the holding period on
other debt investments 25343289.64 -
Investment income from disposal of held-for-trading
financial assets 5836807.00 4650170.18
Income acquired from other non-current financial assets
during the holding period 25010040.86 28348116.98
Investment income from disposal of other non-current
financial assets - -978877.04
Total 239196682.74 262975255.20
Other notes:
No
69. Net exposure hedging income
□Applicable √Not applicable
70. Gains from changes in fair value
√Applicable □Not applicable
Unit: RMB
Sources of income from changes in fair value Amount in the Amount in thecurrent period previous period
Trading financial assets 253640744.29 78542.36
Of which: gains arising from fair value changes of financial assets
designated at fair value through profit or loss 253640744.29 78542.36
Other non-current financial assets -5983705.23 12792163.63
Total 247657039.06 12870705.99
Other notes:
No
71. Credit impairment loss
√Applicable □Not applicable
Unit: RMB
Item Amount in the Amount in thecurrent period previous period
Bad debt loss of accounts receivable -10687050.98 -13636141.64
Loss for bad debts of other receivables -21707.27 745497.53
Total -10708758.25 -12890644.11
Other notes:
No
218 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
72. Asset impairment loss
□Applicable √Not applicable
73. Asset disposal income
√Applicable □Not applicable
Unit: RMB
Item Amount in the current period Amount in the previous period
Profit and loss on disposal of
fixed assets 11749.30
-1877.36
Income from disposal of 262271.24
right-of-use assets 2212821.08
Total 2224570.38 260393.88
Other notes:
No
74. Non-operating income
Information of non-operating incomes
√Applicable □Not applicable
Unit: RMB
Amount recognized in
Item Amount in the Amount in the profit or loss ofcurrent period previous period nonrecurring items for
the current period
Payment not required - 12106848.91 -
Incomes from liquidated
damages 54685174.49 7884113.93 54685174.49
Gains from the damage and
scrapping of non-current assets 176728.52 64225.78 176728.52
Other 3793603.18 3944032.90 3793603.18
Total 58655506.19 23999221.52 58655506.19
Other notes:
□Applicable √Not applicable
75. Non operating expenditure
√Applicable □Not applicable
Unit: RMB
Amount recognized in
Item Amount in the Amount in the profit or loss ofcurrent period previous period nonrecurring items for
the current period
Total loss for disposal of
non-current assets 202594.51 411306.64 202594.51
Including: loss for disposal of
property plant and equipment 202594.51 411306.64 202594.51
External donation 200000.00 200000.00 200000.00
Other 3732542.39 1714464.28 3732542.39
Total 4135136.90 2325770.92 4135136.90
Other notes:
No
219 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
76. Income tax expense
(1).Table of income tax expenses
√Applicable □Not applicable
Unit: RMB
Item Amount in the current period Amount in the previousperiod
Current income tax expenses 1151625686.90 923509013.75
Deferred income tax expenses 40230096.41 26985853.41
Total 1191855783.31 950494867.16
(2).Adjustment process of accounting profits and income tax expenses
√Applicable □Not applicable
Unit: RMB
Item Amount in thecurrent period
Profits before tax 5407571550.51
Income tax expenses calculated at the statutory/applicable tax rate 1351892887.63
Impact of different tax rates applied by subsidiaries -79138116.79
Effect of adjusting income tax of previous period 2771642.57
Effect of non-taxable income -60406493.11
Effect of non-deductible costs expenses and losses 654386.66
Impact of previously unrecognized deductible losses or temporary
differences giving rise to deferred tax assets -31128449.52
Effect of deductible temporary differences or deductible losses of
unrecognized deferred income tax assets in the current period 7209925.87
Income tax expense 1191855783.31
Other notes:
□Applicable √Not applicable
77. Other comprehensive income
√Applicable □Not applicable
For details please refer to Note 57. Other comprehensive income
78. Cash flow statement items
(1).Cash related to operating activities
Other cash receipts relating to operating activities
√Applicable □Not applicable
Unit: RMB
Item Amount in the current Amount in the previousperiod period
Deposit and margin received 180988669.18 183296127.44
Bank deposit interest income
received 25225414.27 42135967.43
Government grants received 30979911.41 35217261.03
Restricted monetary funds at the
beginning of the period recovered 8718772.56 12556381.42
during the current period
Liquidated damages received 51261179.65 7884113.93
220 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Bank reserve received 12644347.52 -
Other 22869458.07 10863304.80
Total 332687752.66 291953156.05
Notes on other cash receipts relating to operating activities:
No
Other cash payments relating to operating activities
√Applicable □Not applicable
Unit: RMB
Item Amount in the current Amount in the previousperiod period
Major expenses paid 327797948.65 354388247.15
Deposit and security paid 123043600.81 199436362.12
Repair costs and expenses paid 147476397.79 99197733.11
Collection or payment on behalf of
others or advance payment 62392425.80 32263161.22
Bank reserve paid 33748141.27 9493767.38
Other 4973287.14 2324615.99
Total 699431801.46 697103886.97
Notes on other cash payments relating to operating activities:
No
(2).Cash related to investment activities
Cash received related to important investment activities
√Applicable □Not applicable
Unit: RMB
Item Amount in the Amount in thecurrent period previous period
Recovery of trading financial asset investments 2256153801.86 17407032.50
Recovery of long-term equity investments 45558507.27 159532295.21
Recovery of other non-current financial asset
investments 3709589.04 25135925.07
Recovery of bond investments - 48000000.00
Total 2305421898.17 250075252.78
Description of cash received related to important investment activities
No
Cash paid related to important investment activities
√Applicable □Not applicable
Unit: RMB
Item Amount in the current Amount in the previousperiod period
Purchase of trading financial assets 3689999903.44 400000000.00
Payment for long-term equity investment 165000000.00 229777300.00
Payment for debt investment 48000000.00 -
Payment for other non-current financial
asset investments 130000000.00 -
Total 4032999903.44 629777300.00
Description of cash paid related to important investment activities
No
221 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Other cash receipts relating to investing activities
√Applicable □Not applicable
Unit: RMB
Item Amount in the Amount in thecurrent period previous period
Investment return received to be confirmed 18194001.69 29513271.19
Recovered subsidies to joint ventures and associates 17150000.00 14700000.00
Recovery of time deposits and accrued interest 9244528.16 -
Intercompany funds returned by Yiwu Xingchen
Enterprise Management Co. Ltd. - 2573462940.93
Monetary funds increased due to Zhejiang Think Tank
Co. Ltd.'s change from the equity method to the cost - 459555.40
method for accounting in this period
Total 44588529.85 2618135767.52
Notes on other cash receipts relating to investing activities:
No
Other cash payments relating to investing activities
√Applicable □Not applicable
Unit: RMB
Item Amount in the current Amount in theperiod previous period
Purchase of time deposits 2760000000.00 -
Subsidies paid to joint ventures and associates - 29784724.38
Monetary funds reduced from disposal of
subsidiaries - 214350.84
Total 2760000000.00 29999075.22
Other cash paid related to investment activities:
No
(3).Cash related to financing activities
Other cash receipts relating to financing activities
□Applicable √Not applicable
Other cash payments relating to financing activities
√Applicable □Not applicable
Unit: RMB
Item Amount in the current period Amount in the previousperiod
Lease payments paid 34408424.96 45298249.57
Restricted stock cancellation
payment paid 184150.78 1995817.50
Other 554148.38 -
Total 35146724.12 47294067.07
Other cash paid related to financing activities:
No
222 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Changes in liabilities arising from financing activities
√Applicable □Not applicable
Unit: RMB
Item Opening balance Increase in the current period Decrease in the current periodCash changes Non-cash changes Cash changes Non-cash changes Closing balance
Short-term borrowings 60054266.67 - 37736.56 60092003.23 - -
Long-term borrowings (including
long-term borrowings due within 839608139.20 - 18622355.10 334336487.92 - 523894006.38
one year)
Other current liabilities (short-term
financing bonds) 3009492562.93 999414794.52 48494736.12 4057402093.57 - -
Bonds payable (including bonds
payable due within one year) 3561297671.56 2798898207.54 76604409.04 3608950000.00 - 2827850288.14
Lease liabilities (including lease
liabilities due within one year) 171415939.53 - 20266602.94 33675529.96 3885016.25 154121996.26
Total 7641868579.89 3798313002.06 164025839.76 8094456114.68 3885016.25 3505866290.78
(4).Description of cash flows reported on a net basis
√Applicable □Not applicable
Item Relevant factualinformation Basis for presentation on a net basis Financial impact
Cash inflows and outflows related to the principal amount of time If the gross presentation method is
Purchase of time deposits purchased and redeemed during the current period adopted it will have the following impact
deposits The Company presents pertain to transactions characterized by rapid turnover large on the Company's Statement of Cash
Cash flows cash flows related to the amounts and short maturities. Reporting such cash flows on a Flows: both "Cash received relating to
related to purchase of time net basis more accurately reflects their impact on the Company’s other investing activities" and "Cash paid
operations deposits on a net basis payment capacity and solvency thereby facilitating better relating to other investing activities"evaluation of the Company’s payment and solvency capabilities would increase by RMB
and analysis of its future cash flows 1310000000.00.
(5).Significant activities and financial impacts that do not involve current cash inflows and outflows but affect the financial condition of the
enterprise or may affect the cash flow of the enterprise in the future
□Applicable √Not applicable
223 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
79. Supplementary information to the statement of cash flows
(1).Supplementary information to the statement of cash flows
√Applicable □Not applicable
Unit: RMB
Supplementary information Amount in the Amount in thecurrent period previous period
1. Adjustment of net profit to cash flow from operating activities:
Net profits 4215715767.20 3078248085.69
Plus: provision for impairment of assets - -
Credit impairment loss 10708758.25 12890644.11
Depreciation of fixed assets depletion of oil and gas
assets and depreciation of bearer biological assets 617379640.38 525499642.77
Amortization of right-of-use assets 25748271.43 26858816.70
Amortization of intangible assets 210635789.95 198738132.98
Amortization of long-term prepaid expenses 148273038.40 139242046.19
Loss from disposal of fixed assets intangible assets
and other long-term assets (gains indicated by “-”) -2224570.38 -260393.88
Loss from fixed assets retirement (gains indicated
by “-”) 25865.99 347080.86
Loss from changes in fair value (gains indicated by
“-”)-247657039.06-12870705.99
Financial expenses (gains indicated by “-”) 54068154.16 142718226.30
Investment loss (gains indicated by “-”) -239196682.74 -262975255.20
Decrease in deferred income tax assets (increase
indicated by “-”) -3564663.73 53247400.87
Increase in deferred income tax liabilities (decrease
indicated by “-”) 63283088.20 -44112413.20
Decrease in inventory (increase indicated by “-”) -357187983.37 -1142652780.67
Decrease in operating receivables (increase
indicated by “-”) 202132981.58 -624582198.31
Increase in operating payables (decrease indicated
by “-”) 5909676448.91 2453226905.86
Other -78605422.17 -52224144.75
Net cash flow from operating activities 10529211443.00 4491339090.33
2. Investment and financing activities that do not involve cash income and payment:
3. Net increase in cash and cash equivalents:
Closing balance of cash 4284849911.50 5528368665.98
Less: opening balance of cash 5528368665.98 2910178939.19
Add: closing balance of cash equivalents - -
Less: opening balance of cash equivalents - -
Net increase in cash and cash equivalents -1243518754.48 2618189726.79
(2).Net cash paid for acquisition of subsidiaries in this period
□Applicable √Not applicable
(3).Net cash from disposal of subsidiaries in this period
□Applicable √Not applicable
224 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
(4).Composition of cash and cash equivalents
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
I. Cash 4284849911.50 5528368665.98
In which: cash on hand 116170.82 154348.20
Bank deposit that can be used for
payment at any time 4276017347.93 5520851592.21
Other monetary funds that can be
used for payment at any time 8716392.75 7362725.57
II. Cash equivalents
Including: bond investments due within
three months
III. Closing balance of cash and cash
equivalents 4284849911.50 5528368665.98
Including: cash and cash equivalents with
restricted use by the parent company or its
subsidiaries
(5).Situations where the scope of use is limited but still listed as cash and cash
equivalents
□Applicable √Not applicable
(6).Monetary funds that do not belong to cash and cash equivalents
√Applicable □Not applicable
Unit: RMB
Item Closing balance Openingbalance Reason
Time Deposits and Transferable
Large-denomination Certificates of 2505561014.60 -
Deposit Not available
Various business deposits 13586458.90 6413148.55 for withdrawal
Restricted funds on Yiwu Pay at any time
platform 11979219.00 -
Funds frozen judicially 12613.00 4409802.53
Total 2531139305.50 10822951.08 /
Other notes:
□Applicable √Not applicable
80. Notes to items in the statement of changes in owners' equity
Names of “others” items whose closing balances in the previous year are adjusted and the
amounts of adjustments:
□Applicable √Not applicable
81. Foreign currency monetary items
(1).Foreign currency monetary items
√Applicable □Not applicable
225 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Unit: RMB
Item Closing balance in Renminbi-equivalentforeign currency Exchange rate balance at period end
Monetary funds - -
In which: USD 12017470.21 7.0288 84468394.61
Koruna 473440.65 0.3392 160591.07
EURO 1034417.54 8.2355 8518945.65
Rwandan Franc 25563991.00 0.0048 122707.16
Dirham 35160.25 1.9071 67054.11
Accounts receivable - -
In which: USD 3022215.36 7.0288 21242547.32
Koruna 11681657.09 0.3392 3962418.08
Other receivables - -
In which: USD 207551.73 7.0288 1458839.60
Koruna 45418408.13 0.3392 15405924.04
EURO 120300.00 8.2355 990730.65
Long-term receivables - -
Including: Czech Koruna 22753353.39 0.3392 7717937.47
EURO 76920.00 8.2355 633474.66
Dirham 149244788.19 1.9071 284624735.56
Accounts payable - -
In which: USD 691517.87 7.0288 4860540.80
Koruna 10240953.00 0.3392 3473731.26
KRW 27430.41 0.0049 134.41
Other payables - -
In which: USD 33500.00 7.0288 235464.80
Koruna 207959469.96 0.3392 70539852.21
EURO 152702.44 8.2355 1257580.94
Other notes:
No
(2).Description of overseas operating entities for important overseas operating entities
includes the disclosure of principal overseas place of business functional currency and
the basis for selection and the reason for the change in functional currency.□Applicable √Not applicable
82. Lease
(1). As a leasee
√Applicable □Not applicable
Variable lease payments not included in the measurement of lease liabilities
□Applicable √Not applicable
Simplified short-term lease or low-value assets leasing expenses
√Applicable □Not applicable
Simplified short-term lease expenses of RMB 18 724 615.42 included in profit or loss for
the current period.Simplified low-value assets lease expenses of RMB 705 061.62 included in profit or loss
for the current period.Leaseback transactions and judgment basis
226 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
□Applicable √Not applicable
The total cash outflow related to leasing was RMB 53 838 102.00.
(2). As a lessor
Operating lease as lessor
□Applicable √Not applicable
Financing lease as lessor
□Applicable √Not applicable
Adjustment table for undiscounted lease receipts and net lease investments
□Applicable √Not applicable
Undiscounted lease receipts for the next five years
□Applicable √Not applicable
(3). Confirmed gains and losses of financing lease sales as a manufacturer or distributor
□Applicable √Not applicable
Other notes:
The leased assets of the Group include houses buildings land use rights and other
equipment used in the operating process. The lease term for houses and buildings is usually
2-5 years and the lease term for land use rights is 10 years.
For right-of-use assets see Note VII. 25; for lease liabilities please refer to Note VII. 47.
83. Data resources
√Applicable □Not applicable
Refer to Note VII.26 Intangible Assets.
84. Other
□Applicable √Not applicable
VIII. R&D expenditure
1. Listed by nature of expenses
√Applicable □Not applicable
Unit: RMB
Item Amount in the current Amount in the previousperiod period
Labor cost 54498625.38 42096545.70
Technology development fee 10958169.39 9347387.97
Depreciation and amortization 429526.84 385488.08
Other 1728496.78 360076.67
Total 67614818.39 52189498.42
Among them: Expensed R&D 23221388.47
expenditure 40714140.91
Capitalized R&D expenditure 26900677.48 28968109.95
Other notes:
No
2. R&D project development expenditure that meet capitalization criteria
√Applicable □Not applicable
Unit: RMB
Item Opening Increase in the current period Decrease in the Closing
227 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
balance current period balance
Internal
development Other Recognized as
expenditure intangible assets
Kuaijietong Core Payment
System 4741065.58 917341.50 - 5658407.08 -
Chinagoods Platform
Development Project 2767924.53 25283335.98 - 23957984.03 4093276.48
Yiwu Index Project - 700000.00 - - 700000.00
Total 7508990.11 26900677.48 - 29616391.11 4793276.48
Important capitalized research and development projects
□Applicable √Not applicable
Provision for impairment of development expenditure
□Applicable √Not applicable
Other notes:
No
3. Important outsourced projects under research
□Applicable √Not applicable
IX. Changes in the scope of consolidation
1. Business combinations not under common control
□Applicable √Not applicable
2. Business combinations under common control
□Applicable √Not applicable
3. Reverse acquisition
□Applicable √Not applicable
228 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
4. Disposal of subsidiaries
Whether there were any transactions or events that resulted in the loss of control over a subsidiary in this period
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
Did the Group dispose of subsidiaries through multiple transactions and lose control in the current period
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
5. Changes in consolidation scope for other reasons
Changes in the consolidation scope for other reasons (e.g. new establishment of subsidiaries liquidation of subsidiaries etc.) and the related
information:
√Applicable □Not applicable
1. Expanded combination scope
company name Equity acquisitionmethod Equity acquisition time
Contribution
amount Ratio of contribution
Xunchi (Hong Kong) Digital Technology Newly established
Co. Ltd. subsidiary August 2025 - 100.00%
Zhejiang Xunchi Data Services Co. Ltd. Newly establishedsubsidiary December 2025 - 100.00%
Yiwu Digital Trade Technology Co. Ltd. Newly establishedsubsidiary August 2025 - 100.00%
2. Reduced combination scope
Net profit from the beginning
company name Equity disposal mode Point of equity disposal Net assets on thedisposal date of the period to the disposaldate
Yiwu Shangbo Shuzhi Enterprise
Management Co. Ltd. Absorbing and merging April 2025 266198184.36 -10824255.62
229 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
6. Other
√Applicable □Not applicable
As of December 31 2025 Zhejiang Xunchi Digital Technology Co. Ltd. has not yet made capital contributions to Xunchi (Hong Kong) Digital
Technology Co. Ltd. Zhejiang Xunchi Data Service Co. Ltd. and Yiwu Digital Trade Technology Co. Ltd.
230 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
X. Equity in other entities
1. Equity in subsidiaries
(1).Composition of the Group
√Applicable □Not applicable
Unit: RMB 10000
Shareholding ratio
Name of subsidiary Main place Registered Place of
Acquisit
of business capital registration Business
(%) ion
Direct Indirect method
Yiwu China Commodities
City Import and Export Co. YiwuZhejiang 10000.00 Yiwu Zhejiang Wholesale 100.00
Establis
Ltd. hment
Yiwu China Commodities
City Supply Chain Yiwu 10000.00 Yiwu Zhejiang Wholesale 100.00 Establis
Management Co. Ltd. Zhejiang hment
Yiwu Comprehensive
Bonded Zone Operation and Yiwu Business Establis
Management Co. Ltd. Zhejiang
10000.00 Yiwu Zhejiang service 100.00 hment
Yiwu China Commodities
City Overseas Investment YiwuZhejiang 10000.00 Yiwu Zhejiang
Business 100.00 Establis
and Development Co. Ltd. service hment
Yiwu China Commodities
City Tourism Development Yiwu 10000.00 Yiwu Zhejiang Business 100.00 Establis
Co. Ltd. Zhejiang service hment
Yiwu China Commodities
City Assets Operation and Yiwu 1000.00 Yiwu Zhejiang Business 100.00 Establis
Management Co. Ltd. Zhejiang service hment
Zhejiang Yindu Hotel Yiwu
Management Co. Ltd. Zhejiang 1000.00 Yiwu Zhejiang
Business Establis
service 100.00 hment
Yiwu Yandoo Shangtu Yiwu 500.00 Yiwu Zhejiang Business 100.00 EstablisCatering Co. Ltd Zhejiang service hment
Yiwu China Commodities
City Research Institute Co. Yiwu 1000.00 Yiwu Zhejiang Business 100.00 Establis
Ltd. Zhejiang service hment
Software and
Yiwu China Commodities Yiwu Information
City Big Data Co. Ltd. Zhejiang 10000.00 Yiwu Zhejiang Technology 100.00
Establis
Service hment
Industry
Professional
Yiwu Xinlian Technology Yiwu technical Establis
Service Co. Ltd. Zhejiang 1000.00 Yiwu Zhejiang service 51.00 hment
industry
Yiwu Shangcheng Gonglian
Enterprise Management Co. Yiwu BusinessZhejiang 20000.00 Yiwu Zhejiang service 100.00
Establis
Ltd. hment
Yiwu Shangbo Yuncang
Enterprise Management Co. Yiwu 30000.00 Yiwu Zhejiang Business 100.00 Establis
Ltd. Zhejiang service hment
Yiwu China Commodities
City Information Technology YiwuZhejiang 5000.00 Yiwu Zhejiang IT 100.00
Establis
Co. Ltd. hment
Yiwu China Commodities
City Financial Holdings Co. YiwuZhejiang 400000.00 Yiwu Zhejiang
Financial Establis
Ltd. industry
100.00 hment
Yiwu China Commodities Multimodal
City Logistics and Yiwu 40000.00 Yiwu Zhejiang transport and 100.00 Establis
Warehousing Co. Ltd. Zhejiang transportation hmentagency
Yiwu China Commodities Yiwu Business Establis
City Exhibition Co. Ltd. Zhejiang 3000.00 Yiwu Zhejiang service 98.00 2.00 hment
Yiwu Yundailu Data Yiwu Internet and Establis
Technology Co. Ltd. Zhejiang 50000.00 Yiwu Zhejiang related 100.00 hment
231 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
services
Incorpo
Zhejiang Huajie Investment Yiwu Business ration+
and Development Co. Ltd. Zhejiang 50000.00 Yiwu Zhejiang service 96.40 acquisit
ion
Europe Huajie Investment Prague
Incorpo
Czech CZK1580.0 Prague Czech Business ration+and Development Co. Ltd. Republic 0 Republic service
96.40 acquisit
ion
Zhejiang China Commodities
City Group Commercial YiwuZhejiang 20000.00 Yiwu Zhejiang
Financial Establis
Factoring Co. Ltd. industry
60.00 40.00 hment
Zhejiang Yiwugou Yiwu Establis
E-commerce Co. Ltd. Zhejiang 10000.00 Yiwu Zhejiang IT 51.00 hment
Yiwu China Commodities Yiwu Establis
City Advertising Co. Ld. Zhejiang 1000.00 Yiwu Zhejiang Advertising 100.00 hment
Yiwu China Commodities
City Credit Investigation Co. Yiwu 1000.00 Yiwu Zhejiang Service 85.00 Establis
Ltd. Zhejiang hment
Yiwu ICMALL Supply Chain Yiwu
Management Co. Ltd. Zhejiang 500.00 Yiwu Zhejiang Service 100.00
Establis
hment
Yiwu China Commodities Incorpo
City Internet Financial YiwuZhejiang 1000.00 Yiwu Zhejiang
Financial ration+
Information Service Co. Ltd. industry
100.00 acquisit
ion
Yiwu China Commodities
City RMB and Foreign YiwuZhejiang 1000.00 Yiwu Zhejiang
Financial 100.00 Establis
Currency Exchange Co. Ltd. industry hment
Hangzhou Shangbo Nanxing Hangzhou
Property Co. Ltd. Zhejiang 40000.00
Hangzhou
Zhejiang Real estate 100.00
Establis
hment
Ningxia Yiwu China
Commodities City Supply Shizuishan 2000.00 ShizuishanNingxia Ningxia Service 100.00
Establis
Chain Management Co. Ltd. hment
Yiwu China Commodities
City (Hong Kong) Hong Kong HKD 1.00 Hong Kong Establis
International Trade Co. Ltd. China China
Wholesale 100.00 hment
Hong Kong Better Silk Road Hong Kong HKD Hong Kong
Co. Ltd. China 10800.00 China Service 100.00
Establis
hment
Huafrica (Kenya) Investment Nairobi
Development Co. Limited Kenya KES 3000.00 Nairobi Kenya Service 100.00
Establis
hment
BETTER SILK ROAD FZE Dubai UAE AED5040.00 Dubai UAE Service 100.00
Establis
hment
BETTER SILK ROAD Kigali RWF Establis
RWANDA Ltd Rwanda 27000.00 Kigali Rwanda Service 100.00 hment
Yiwu Zheqing Trading Co. Yiwu
Ltd. Zhejiang 2200.00 Yiwu Zhejiang Wholesale 100.00
Establis
hment
Tortola
Bright Way Tech Island Tortola IslandUSD 0.0005 British Virgin Financial 100.00 EstablisDevelopment Limited British Virgin Islands industry hmentIslands
Yiwu China Commodities Frankfurt Frankfurt Establis
City (Germany) Co. Ltd. Germany EUR 100.00 Germany Service 100.00 hment
Yiwu China Commodities Madrid Establis
City (Spain) Co. Ltd. Spain EUR 20.00 Madrid Spain Service 100.00 hment
Zhejiang Xunchi Digital Hangzhou 19000.00 Hangzhou AcquisitTechnology Co. Ltd. Zhejiang Zhejiang IT 100.00 ion
Kuaijietong Payment Service Hangzhou 20000.00 HangzhouCo. Ltd. Zhejiang Zhejiang IT 100.00
Acquisit
ion
Incorpo
Zhejiang Think Tank Co. Yiwu 10000.00 HangzhouLtd. Zhejiang Zhejiang Service 100.00
ration
acquisit
ion
Xunchi (Hong Kong) Digital Hong Kong HKD Hong Kong Professional Establis
Technology Co. Ltd. China 5000.00 China technical 100.00service hment
232 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
industry
Professional
Zhejiang Xunchi Data Hangzhou 2000.00 Hangzhou technical EstablisServices Co. Ltd. Zhejiang Zhejiang service 100.00 hment
industry
Professional
Yiwu Digital Trade Hong Kong HKD Hong Kong technical Establis
Technology Co. Ltd. China 1000.00 China service 100.00 hment
industry
Explanation for the difference between the shareholding ratio and voting right ratio in a
subsidiary:
No
Basis for holding half or less voting rights in but still controlling an investee and holding more
than half of the voting rights in but not controlling an investee:
No
Basis for controlling important structured entities included in the consolidation scope:
No
Basis for determining whether a company is an agent or a principal:
No
Other notes:
No
233 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
(2).Important non-wholly owned subsidiaries
√Applicable □Not applicable
Unit: RMB
Minority
shareholders’ Profits or losses attributable to Dividends declared to be distributed toName of subsidiary minority shareholders in the current minority shareholders for the current Closing balance of minorityshareholding period period interestratio
Zhejiang Yiwugou E-commerce Co.Ltd. 49.00% 11789641.79 - 80330068.71
Explanation for the difference between the shareholding ratio and voting right ratio of minority shareholders in a subsidiary:
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
(3).Main financial information of important non-wholly-owned subsidiaries
√Applicable □Not applicable
Unit: RMB 10000
Closing balance Opening balance
Name of subsidiary Current Non-current Total Current Non-curr Total Current Non-curr Total Current Non-curr
assets assets assets liabilities ent liabilities assets ent assets liabilities ent
Total
liabilities assets liabilities liabilities
Zhejiang Yiwugou
E-commerce Co. 14534.60 5077.11 19611.71 3174.83 - 3174.83 16441.34 254.09 16695.43 2707.59 - 2707.59
Ltd.Amount in the current period Amount in the previous period
Name of subsidiary Total
Cash flow Total Cash flow
Operating from Operating from
revenue Net profits comprehensive operating revenue
Net profits comprehensive
income income operating
activities activities
Zhejiang Yiwugou E-commerce Co. Ltd. 6952.38 2449.04 2449.04 2629.30 6490.52 1566.16 1566.16 1141.06
Other notes:
No
234 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
(4).Significant restrictions on the use of enterprise group’s assets and the settlement of
enterprise group’s debts
□Applicable √Not applicable
(5).Financial or other supports provided to structured entities included in the scope of
consolidated financial statements
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
2. Transactions in which the owner's equity share of a subsidiary changes while still
controlling the subsidiary
□Applicable √Not applicable
3. Equity in joint ventures or associates
√Applicable □Not applicable
(1).Important joint ventures or associates
√Applicable □Not applicable
Shareholding Accounting
ratio (%) treatment
Name of joint venture or Main place Place of method of
associate of business registration Business Direct Indirec investment int the joint venture
or associate
Joint venture
Yiwu Shanglv Yiwu YiwuZhejiang Zhejiang Real estate 49.00 Equity method
Yiwu Huishang Redbud Capital Yiwu Yiwu Financial
Management Co. Ltd. Zhejiang Zhejiang industry 20.00 Equity method
Yiwu Rongshang Property Co. Yiwu Yiwu
Ltd. Zhejiang Zhejiang Real estate 49.00 Equity method
Yiwu Chuangcheng Property Yiwu Yiwu
Co. Ltd. Zhejiang Zhejiang Real estate 24.00 Equity method
Yiwu Guoshen Shangbo Yiwu Yiwu
Property Co. Ltd. Zhejiang Zhejiang Real estate 49.00 Equity method
Yiwu Digital Port Technology Yiwu Yiwu
Co. Ltd. [Note 6] Zhejiang Zhejiang Wholesale 51.00 Equity method
Associate
Yiwu Huishang Redbud Equity Yiwu Yiwu Commercial
Investment Co. Ltd. (Note 7) Zhejiang Zhejiang services 10.42 Equity method
Chouzhou Financial Lease Hangzhou Yiwu FinancialZhejiang Zhejiang industry 26.00 Equity method
Yiwu Huishang Redbud Phase II Leasing and
Investment Partnership (limited Yiwu Yiwu Business
partnership) [Note 8] Zhejiang Zhejiang Services
10.41 Equity method
Service
Yiwu Hongyi Equity Investment Yiwu Yiwu Financial 49.98 Equity method
235 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Fund Partnership (Limited Zhejiang Zhejiang industry
Partnership)
Pujiang Lvgu Property Co. Ltd. Pujiang PujiangZhejiang Zhejiang Real estate 49.00 Equity method
Yiwu China Commodities City Yiwu Yiwu
Property Development Co. Ltd. Zhejiang Zhejiang Real estate 49.00 Equity method
Technology
promotion and
Zhijie Yuangang Yiwu YiwuZhejiang Zhejiang application 23.23 Equity methodservices
industry
Yiwu China Commodities City
(Chongqing) Digital Intelligence Chongqing Chongqing Service 10.00 Equity method
Industrial Park Co. Ltd. [Note 9]
Botong Chuhai (Yiwu) Industrial
Investment Fund Partnership Yiwu Yiwu Financial
(Limited Partnership) Zhejiang Zhejiang industry
32.42 Equity method
Explanation for the difference between the shareholding ratio and voting right ratio in a joint
venture or associate:
No
Bases for holding less than 20% of the voting rights but having significant influence or holding
20% or more of the voting rights but not having significant influence:
Note 6: The Company holds more than 50% of the shares in Yiwu Digital Port Technology
Co. Ltd. According to the relevant mechanisms established by the Company's board of
directors or similar governing body for making major business decisions approval must be
obtained unanimously by all investors before implementation. The Company does not have
substantive control over Yiwu Digital Port Technology Co. Ltd. and therefore accounts for Yiwu
Digital Port Technology Co. Ltd. as a joint venture.Note 7: The Company holds a 10.42% (2024: 10.42%) equity interest in Huishang Redbud
but accounts for it as an associate of the Company. According to Redbud Investment’s articles
of association it is engaged in investing and its important financial and operating
decision-making activities are to pick and manage investment projects which have been fully
entrusted to the Company’s joint venture Yiwu Huishang Redbud Capital Management Co. Ltd.(“Redbud Capital”). Redbud Capital picks and manages investment projects via its investment
decision-making committee. Except for special investment matters which are subject to the
resolution of Redbud Investment’s board of directors other important financial and operating
decision-making activities are conducted by Redbud Capital on behalf of Redbud Investment.Therefore the Company was able to exercise significant influence on Redbud Investment in
which the Company held 10.42% of total equity.Note 8: The Company held 10.41% (2024: 10.41% ) equity of Yiwu Huishang Redbud
Phase II Investment Partnership (Limited Partnership) (“Redbud Phase II”) but regarded it as
an associated company of the Company. According to Redbud Phase II’s articles of association
it is engaged in investing and its important financial and operating decision-making activities are
to pick and manage investment projects which have been fully entrusted to the Company’s joint
venture Redbud Capital. Redbud Capital picks and manages investment projects via its
236 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
investment decision-making committee. Except for special investment matters which are
subject to the resolution of Redbud Phase II’s board of directors other important financial and
operating decision-making activities are conducted by Redbud Capital on behalf of Redbud
Phase II. Therefore the Company could exert significant influence on Redbud Phase II of which
it held 10.41% equity.Note 9: The Company holds less than 20% of the shares in Yiwu China Commodities City
(Chongqing) Digital Intelligence Industrial Park Co. Ltd. According to the relevant mechanism
established by the Company's board of directors or similar governing body for making major
business decisions this company has the right to nominate 1 director and can exert significant
influence over Yiwu China Commodities City (Chongqing) Digital Intelligence Industrial Park Co.Ltd. Therefore Yiwu China Commodities City (Chongqing) Digital Intelligence Industrial Park
Co. Ltd. is accounted for as an associate.
237 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
(2). Key financial information of important joint ventures
√Applicable □Not applicable
Unit: RMB 10000
Closing balance/amount in the current period Opening balance/amount in the previous period
Yiwu Shanglv Guoshen Shangbo Yiwu Shanglv Guoshen Shangbo
Current assets 5247.24 48176.67 4457.30 177235.13
In which: cash and cash equivalents 4126.87 34151.76 3162.45 13840.91
Non-current assets 127778.58 1812.20 131615.60 9740.52
Total assets 133025.82 49988.87 136072.90 186975.65
Current liabilities 19774.73 3004.36 25730.91 6911.45
Non-current liabilities 9360.13 - 9657.40 -
Total liabilities 29134.86 3004.36 35388.31 6911.45
Shareholders’ equity attributable to parent
company 103890.97 46984.51 100684.59 180064.20
Share of net assets calculated based on
shareholding ratio 50906.57 23022.41 49335.45 88231.46
Adjustments -1397.86 - -1445.11 -
--Unrealized profits of internal transactions -1397.86 - -1445.11 -
Book value of equity investment in joint
ventures 49508.72 23022.41 47890.33 88231.46
Operating revenue 26498.20 8412.43 26006.51 37990.68
Financial expenses 400.98 -19.29 567.95 -62.02
Income tax expense 3307.33 983.69 2893.33 2964.92
Net profits 9206.38 12173.71 8673.64 3007.18
Total comprehensive income 9206.38 12173.71 8673.64 3007.18
Dividends received from joint ventures this
year 2940.00 72058.82 - 5712.49
Other notes:
No
238 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
(3). Main financial information of important associates
√Applicable □Not applicable
Unit: RMB 10000
Closing balance/amount in the current period Opening balance/amount in the previous period
Yiwu China Yiwu China
Chouzhou Hongyi Commodities Chouzhou CommoditiesFinancial City Property Pujiang Zhijie Financial Hongyi City Property Pujiang Zhijie
Lease Fund Development Lvgu Yuangang Lease Fund Development Lvgu Yuangang
Co. Ltd. Co. Ltd.Current assets 2081446.41 20241.02 2054045.80 94967.77 87373.29 2098767.89 6185.53 2322856.48 99712.15 62315.57
Non-current assets - 150413.35 104922.29 75.76 2959.81 16307.02 146648.75 56156.63 110.61 3072.52
Total assets 2081446.41 170654.36 2158968.09 95043.53 90333.10 2115074.91 152834.28 2379013.11 99822.76 65388.09
Current liabilities 1844224.56 - 1345329.09 9829.89 34086.62 1273463.96 -12.02 1605151.15 16246.01 29783.88
Non-current liabilities - - 203997.80 - 239.34 614409.16 - 135022.06 - 89.09
Total liabilities 1844224.56 - 1549326.89 9829.89 34325.96 1887873.12 -12.02 1740173.21 16246.01 29872.97
Shareholders’ equity
attributable to parent 237221.85 170654.36 613068.54 85213.64 56007.14 227201.79 152846.30 623928.39 83576.75 35515.11
company
Share of net assets
calculated based on 61677.68 85275.99 300403.59 41754.68 13007.99 59072.47 76384.96 305724.91 40952.61 9589.08
shareholding ratio
Adjustments - 4736.71 164.64 - 2065.60 - 4811.54 161.78 - 2399.91
--Unrealized profits of
internal transactions - 4736.71 164.64 - 2065.60 - 4811.54 161.78 - 2399.91
Book value of equity
investments in associates 61677.68 90012.70 300568.22 41754.69 15073.59 59072.47 76384.96 305886.69 40952.61 11988.99
Operating revenue 80644.45 - 428621.60 7244.69 226941.94 75374.83 - 72410.41 54114.32 148750.54
Net profits 45020.06 1315.99 -26918.44 1571.76 220.43 41063.80 122.75 -13987.85 12877.05 -4691.39
Other comprehensive
income - - - - - - - - - -3.93
Total comprehensive income 45020.06 1315.99 -26918.44 1571.76 220.43 41063.80 122.75 -13987.85 12877.05 -4695.32
Dividend on associates
received in the current year 9100.00 1377.09 - - - 9100.00 3475.00 - - -
Other notes:
No
239 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
(4).Summary of financial information of unimportant joint ventures and associates
√Applicable □Not applicable
Unit: RMB
Closing balance/amount Opening balance/amount
in the current period in the previous period
Joint ventures:
Total book value of investments 122089418.33 122004533.68
Total amounts of the following items calculated based on shareholding ratio
--Net profits -4783156.78 2656987.93
--Other comprehensive income - -
--Total comprehensive income -4783156.78 2656987.93
Associates:
Total book value of investments 498503951.77 521037069.70
Total amounts of the following items calculated based on shareholding ratio
--Net profits -45042740.67 -39389671.37
--Other comprehensive income - -
--Total comprehensive income -45042740.67 -39389671.37
Other notes:
No
(5).Explanation of significant limitations on the ability of joint ventures or associates to
transfer funds to the Company
□Applicable √Not applicable
(6).Excess losses incurred by joint ventures or associates
□Applicable √Not applicable
(7).Unconfirmed commitments related to joint venture investments
□Applicable √Not applicable
(8).Contingent liabilities relating to investment in joint ventures or associates
□Applicable √Not applicable
4. Important joint operations
□Applicable √Not applicable
5. Equity in structured entities not included in the scope of consolidated financial
statements
Notes on structured entities not included in the consolidated financial statements:
□Applicable √Not applicable
6. Other
□Applicable √Not applicable
240 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
XI. Government subsidy
1、 Government subsidies recognized by accounts receivable at the end of the reporting
period
□Applicable √Not applicable
Reasons for not receiving the expected amount of government subsidies at the expected time
point
□Applicable √Not applicable
2、 Liabilities items involving government subsidies
√Applicable □Not applicable
Unit: RMB
Financial Opening Increase in grant Transferred to other Related to
statement items balance amount in the currentperiod income in this period
Closing balance assets/income
Deferred income 150801314.25 - 34577896.92 116223417.33 Asset-related
Total 150801314.25 - 34577896.92 116223417.33 /
3、 Government grant included in profit or loss for the current period
√Applicable □Not applicable
Unit: RMB
Type Amount in the current period Amount in the previous period
Asset-related 34577896.92 9631341.98
Income-related 22698936.42 35217261.03
Total 57276833.34 44848603.01
Other notes:
No
XII. Risks associated with financial instruments
1、 Risk of financial instruments
√Applicable □Not applicable
The Company's goal in risk management is to achieve a balance between risks and
benefits minimize the negative impact of risks on the Company's operating performance and
maximize the interests of shareholders and other equity investors. Based on this risk
management objective the basic strategy of the Company's risk management is to identify and
analyze various risks faced by the Company establish an appropriate risk tolerance bottom line
and carry out risk management and supervise various risks in a timely and reliable manner
and control risks. within a limited range.In its daily operations the Company faces various risks related to financial instruments
primarily including credit risk liquidity risk and market risk. The management has reviewed and
approved policies to manage these risks.Credit risk
Credit risk refers to the risk that one party to a financial instrument cannot fulfill its
obligations resulting in financial losses for the other party.
1. Credit Risk Management Practices
(1) Credit Risk Assessment Methods
The Company evaluates on each balance sheet date whether the credit risk of related
financial instruments has increased significantly since the initial recognition thereof. In
determining whether the credit risk of a financial instrument has increased significantly since the
241 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
initial recognition thereof the Company takes into account the reasonable and well-grounded
information that is accessible without unnecessary extra costs or efforts including the
qualitative and quantitative analyses based on the historical data external credit risk rating and
forward-looking information. The Company compares the risk of financial instruments defaulting
on the balance sheet date and the risk of them defaulting on the date of initial recognition based
on an individual financial instrument or a group of financial instruments with similar credit risk
characteristics to determine the changes in anticipated default risk of the financial instrument(s)
within the duration thereof.If a financial instrument meets one or more of the following quantitative or qualitative
criteria the Company will determine that its credit risk has increased significantly:
1) The main quantitative criterion is that its probability of default within the remaining
duration on the balance sheet date rises by a certain margin from that at its initial recognition;
2) Qualitative criteria mainly include significant adverse changes in the debtor's operational
or financial conditions existing or anticipated changes in technological market economic or
legal environments that will have a material adverse impact on the debtor's ability to repay the
Company etc.
(2) Definition of Defaulted and Credit-Impaired Assets
When a financial instrument meets one or more of the following conditions the Company
classifies the financial asset as in default with criteria consistent with the definition of incurred
credit impairment:
1) The debtor is experiencing significant financial difficulties;
2) The debtor violates the restrictive terms of the contract applicable to the debtor;
3) The debtor is very likely to go bankrupt or enter into other financial reorganizations;
4) The creditor makes a compromise to the debtor which it would in no case make based
on the economic or contract considerations in connection with the debtor’s financial difficulty;
2. Measurement of Expected Credit Losses
The key parameters for measuring expected credit losses include the probability of default
loss given default and exposure at default. The Company has built the models of probability of
default loss given default and default risk exposure based on the quantitative analysis of
historical data (e.g. rating of counterparties form of guarantee and category of collaterals or
pledges form of repayment) and forward-looking information.
3. A reconciliation of the opening and closing balances of loss provisions for financial
instruments is detailed in Notes VII.4 VII.5 VII.9 VII.13 VII.16 and VII.30 to these financial
statements.
4. Credit Risk Exposure and Credit Risk Concentration
The credit risk of the Company mainly comes from monetary funds and receivables. To
control the aforementioned risks the Company has taken the following measures respectively.
(1) Monetary funds
The Company deposits bank balances and other monetary funds in financial institutions
with high credit ratings resulting in relatively low credit risk.
(2) Accounts Receivable
The Company continuously conducts credit assessments for customers engaged in
credit-based transactions. Based on the credit assessment results the Company chooses to
conduct transactions with accredited and creditworthy customers and monitors their accounts
receivable balances to ensure that the Company is not exposed to significant bad debt risks.As the Company's accounts receivable risk points are distributed across multiple partners
and customers as of December 31 2025 31.80% (December 31 2024: 10.88%) of the
Company's accounts receivable originated from the top five customers by balance indicating no
significant credit concentration risk.The maximum credit risk exposure assumed by the Company is the carrying value of each
financial asset in the balance sheet.Liquidity risk
Liquidity risk refers to the risk of a shortage of funds when the Company performs its
obligations to settle by cash or other financial assets. Liquidity risk may arise from the inability to
sell financial assets at fair value quickly; or from the counterparty's failure to repay its
contractual obligations; or from early-maturity debt; or from the inability to generate expected
cash flows.
242 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
To control this risk the Company employs a comprehensive approach by utilizing various
financing methods such as bill settlements and bank loans while appropriately combining
long-term and short-term financing to optimize the financing structure thereby maintaining a
balance between financing continuity and flexibility. The Company has obtained credit lines
from multiple commercial banks to meet working capital requirements and capital expenditure.Financial liabilities classified by remaining maturity
2025
Amount at the end of the year
Item Book value Undiscountedcontract amount Within 1 year 1-3 years Over 3 years
Accounts payable 1995926945.56 1995926945.56 1995926945.56 - -
Other payables 1013981521.93 1013981521.93 1013981521.93 - -
Other current liabilities 960391048.13 960391048.13 960391048.13 - -
Non-current liabilities due 120988024.00 158955736.63 158955736.63
within one year - -
Long term loan 456224418.38 535489088.26 10438706.59 129605279.80 395445101.87
Lease liabilities 129609121.91 198478346.65 - 51121188.85 147357157.80
Bonds payable 2799044726.49 2912740000.00 - 2912740000.00 -
Total 7476165806.40 7775962687.16 4139693958.84 3093466468.65 542802259.67
2024
Amount at the end of the year
Item
Book value Undiscounted contractamount Within 1 year 1-3 years Over 3 years
Short-term borrowings 60054266.67 60896107.77 60896107.77 - -
Accounts payable 1469718387.95 1469718387.95 1469718387.95 - -
Other payables 1685334535.04 1685334535.04 1335501094.59 - 349833440.45
Other current liabilities 3414873709.35 3442001642.16 3442001642.16 - -
Non-current liabilities due
within one year 3764748211.13 3822915645.13 3822915645.13 - -
Long term loan 657589300.38 804006293.28 17078642.23 171063232.91 615864418.14
Lease liabilities 149984238.78 226560267.24 - 73977007.75 152583259.49
Bonds payable - - - - -
Total 11202302649.30 11511432878.57 10148111519.83 245040240.66 1118281118.08
Market risks
Market risk refers to the risk that the fair value of financial instruments or future cash
flows may fluctuate due to changes in market prices. Market risks mainly include interest
rate risk and foreign exchange risk.Interest rate risk
Interest rate risk refers to the risk that the fair value or future cash flows of a financial
instrument will fluctuate due to changes in market interest rates. Fixed-rate interest-bearing
financial instruments expose the Company to fair value interest rate risk while floating-rate
interest-bearing financial instruments expose the Company to cash flow interest rate risk.The Company determines the proportion of fixed-rate and floating-rate financial instruments
based on market conditions and maintains an appropriate portfolio of financial instruments
through regular reviews and monitoring. The interest rate risk on cash flows faced by the
Company is mainly related to the bank loans with floating interest rates that the Company
bears.As of December 31 2025 the Company had bank borrowings bearing floating interest
rates amounting to RMB 523 518 963.03(December 31 2024: RMB 839 460 252.46).Assuming all other variables remain constant a change of 50 basis points in interest rates
would not have a material impact on the Company's total profit and shareholders' equity.Foreign exchange rate risk
Foreign exchange risk refers to the risk that the fair value of financial instruments or
future cash flows may fluctuate due to changes in foreign exchange rates. The exchange
rate fluctuation risks faced by the Company are mainly related to the Company‘s foreign
currency monetary assets and liabilities. For foreign currency assets and liabilities if
243 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
short-term imbalances occur the Company will buy or sell foreign currencies at market
exchange rates when necessary to maintain net risk exposure at an acceptable level.For details of the Company's foreign currency monetary assets and liabilities at the end of
the period please refer to Note VII. 81 Foreign Currency Monetary Items in the notes to these
financial statements.
2、 Hedging
(1). The Company conducts hedging business for risk management
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
(2). The Company conducts eligible hedging business and applies hedging accounting
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
(3). The Company conducts hedging business for risk management and expects to
achieve risk management goals but has not applied hedging accounting
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
3、 Financial asset transfer
(1). Classification of transfer methods
□Applicable √Not applicable
(2). Financial assets derecognized due to transfer
□Applicable √Not applicable
(3). Transferred financial assets in which the Group continued to be involved
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
244 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
XIII. Disclosure of fair value
1. Closing fair value of assets and liabilities measured at fair value
√Applicable □Not applicable
Unit: RMB
Closing fair value
Item Level 1 fairvalue Level 2 fair value Level 3 fair value
measurement measurement measurement
Total
I. Continuous fair value measurement
(I) Trading financial assets 1283121904.22 2406159200.10 3689281104.32
1. Financial assets that are measured at fair
value and whose changes are included in 1903922811.21 1903922811.21
the current profit and loss
(2) Investment in equity instruments 1903922811.21 1903922811.21
2. Financial assets measured at fair value
through profit or loss
3. Bank financing products 1283121904.22 1283121904.22
4. Structured Deposits 502236388.89 502236388.89
(III) Other equity instrument investments 661002071.26 661002071.26
Total assets continuously measured at
fair value 661002071.26 1283121904.22 2406159200.10 4350283175.58
2. Basis for determining the market prices of the items continuously and
non-continuously measured at Level 1 fair value
√Applicable □Not applicable
The Level 1 fair value measurement of trading financial assets held by the Company
consists of stocks traded in active markets. The Company determines their fair value based on
quoted prices in active markets.
3. Valuation techniques and qualitative and quantitative information of important
parameters for the items continuously and non-continuously measured at Level 2
fair value
√Applicable □Not applicable
The Company’s Level 2 fair value–measured trading financial assets consist of bank
wealth management products. The Company determines the fair value of wealth management
products based on the net asset value announced on their year-end valuation date.
4. Valuation techniques and qualitative and quantitative information of important
parameters for the items continuously and non-continuously measured at Level 3
fair value
√Applicable □Not applicable
The Company’s Level 3 fair value–measured trading financial assets consist of equity
instruments of listed companies subject to lock-up periods and structured deposits. For equity
instruments of listed companies subject to lock-up restrictions the Company determines their
fair value by applying a liquidity discount—calculated as a percentage reflecting illiquidity during
the lock-up period—to their active-market quotations. For structured deposits the Company
determines their fair value by estimating future cash flows using expected rates of return and
discounting them accordingly.The other equity instrument investments measured at fair value under Level 3 held by the
Company are equity interests in non-listed companies. For non-listed equity instrument
245 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
investments the Company comprehensively considers and applies methods such as the
market approach and discounted cash flow to estimate fair value. For investees whose
operating environment business conditions and financial position have not undergone
significant changes the Company measures fair value using the investment cost as a
reasonable estimate.
5. Adjustment information between the opening book value and closing book value
and the sensitivity analysis of unobservable parameters for items continuously
measured at Level 3 fair value
□Applicable √Not applicable
6. For items continuously measured at fair value if there is conversion between
different levels in the current period the reasons for the conversion and the policy for
determining the time of conversion
□Applicable √Not applicable
7. Changes in valuation techniques in the current period and reasons for changes
□Applicable √Not applicable
8. Fair value of financial assets and financial liabilities not measured at fair value
□Applicable √Not applicable
9. Other
□Applicable √Not applicable
XIV. Related parties and related transactions
1. Parent company of the Company
√Applicable □Not applicable
Unit: RMB 10000
Place of Registered Shareholding Voting right ratioName of parent company registrati Business capital ratio in the in the Companyon Company (%) (%)
Yiwu China Commodities Yiwu Asset
City Holdings Limited Zhejiang managemen 100000.00 56.37 56.37t
Notes on the parent company of the Company
No
The ultimate controlling party of this enterprise is the State-owned Assets Supervision and
Administration Office of Yiwu Municipal People's Government.Other notes:
No
2. Subsidiaries of the Company
For details of the Company’s subsidiaries please refer to the Notes
√Applicable □Not applicable
Please refer to Note X. 1. Equity in Subsidiaries
3. Joint ventures and associates of the Company
For details of the Company’s important joint ventures or associates please refer to the Notes
246 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
√Applicable □Not applicable
Please refer to Note X. 3 Equity in Joint Ventures or Associates
Other joint ventures or associates that have related-party transactions with the Company in the
current period or had related-party transactions with the Company in the prior year which
resulted in an outstanding amount are as follows
√Applicable □Not applicable
Relationship
Name of joint venture or associate with the
Company
Yiwu Shanglv Joint venture
Yiwu China Commodities City Creative Design and Development Services Joint venture
Co. Ltd.Yiwu Guoshen Shangbo Property Co. Ltd. Joint venture
Yiwu Rongshang Property Co. Ltd. Joint venture
Zhejiang Yemai Data Technology Co. Ltd. Associate
Yiwu Meipinshu Supply Chain Management Co. Ltd. Associate
JEBEL ALI FREE ZONE TRADER MARKET DEVELOPMENT AND OPERATION FZCO Associate
Yiwu Digital Port Technology Co. Ltd. Associate
Yiwu China Commodities City Property Development Co. Ltd. Associate
Hangzhou MicroAnts Co. Ltd. Associate
Huishang Redbud Associate
Zhijie Yuangang Associate
Yiwu Heimahui Enterprise Service Co. Ltd. Associate
Zhejiang YXE Supply Chain Management Co. Ltd. Associate
Other notes:
□Applicable √Not applicable
4. Other related parties
√Applicable □Not applicable
Name of other related party Relationship with the Company
MDG Controlling shareholder of the Company’s largestshareholder
Yiwu Market Development Service Subsidiary of controlling shareholder of the
Center Co. Ltd. Company’s largest shareholder
Yourworld International Conference
Center Company of Yiwu Market Branch of Controlling shareholder of the Company’s
Development Group Co. Ltd. largest shareholder
Zhejiang Xingfuhu Sports Development Subsidiary of controlling shareholder of the
Co. Ltd. Company’s largest shareholder
Yiwu Agriculture Development Co. Ltd. Subsidiary of controlling shareholder of theCompany’s largest shareholder
Yiwu Security Service Co. Ltd. Subsidiary of controlling shareholder of theCompany’s largest shareholder
Zhejiang Yiwu Baixian Wanpin
Agricultural Assistance Supply Chain Subsidiary of controlling shareholder of the
Co. Ltd. Company’s largest shareholder
Yiwu China Commodities City Property
Development Co. Ltd. Enterprises controlled by the largest shareholder
Shangbo Yungu Enterprises controlled by the largest shareholder
CCC Property Service Enterprises controlled by the largest shareholder
Yiwu Jinlong Shangbo Property Co. Ltd. Enterprises controlled by the largest shareholder
Yiwu Jinhong Shangbo Enterprise
Management Co. Ltd. Enterprises controlled by the largest shareholder
247 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Yiwu Shangbo Enterprise Management
Co. Ltd. Enterprises controlled by the largest shareholder
Yiwu Gongchen Shangbo Property Co.Ltd. A subsidiary of a joint venture of the Company
Yiwu Chengzhen Property Co. Ltd. A subsidiary of a joint venture of the Company
Yisha Chengdu International Trade City
Co. Ltd. Minority shareholder of major subsidiaries
Other notes:
No
5. Related transactions
(1). Related transactions for purchasing and selling commodities providing and
receiving labor services
Purchasing goods/accepting service
√Applicable □Not applicable
Unit: RMB
Whether the
Contents of Approved transaction
Related party related-party Amount in the transaction Amount in the
transaction current period amount (if
limit is
applicable) exceeded (if
previous period
applicable)
Property service fee
CCC Property Service and greening 269695926.40 NA NA 201920370.92
maintenance fee
Yiwu Security Service Co. Exhibition security
Ltd. service fee 21864444.77 NA NA 20166956.34
Shangbo Yungu Construction fee 16240280.16 NA NA 16939274.53
Yiwu Digital Port Technology
Co. Ltd. Platform service fee 1320754.72 NA NA 6132075.47
Yiwu China Commodities
City Creative Design and
Development Services Co. Design fee 2803366.33 NA NA 4518445.53
Ltd.Zhijie Yuangang Service fees 3589531.99 NA NA 1926727.86
Zhejiang Yemai Data Purchase payment
Technology Co. Ltd. and platform service 608659.66 NA NA 1922436.42fee
Yiwu Shangbo Enterprise Property
Management Co. Ltd. management 2319967.92 NA NA 1597456.87service fee
Hangzhou MicroAnts Co. Information service
Ltd. fee - NA NA 761006.29
Yourworld International
Conference Center Company Procurement and
of Yiwu Market Development meeting affair 126980.38 NA NA -
Group Co. Ltd. expenses
248 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Selling goods/rendering service
√Applicable □Not applicable
Unit: RMB
Contents of Amount in the
Related party related-party Amount in the
transaction current period
previous
period
CCC Property Service Product sales and
system 583208.08 2917084.46
development
Yourworld International Conference Center
Company of Yiwu Market Development Group Laundering fees 2346505.33 1619423.50
Co. Ltd.Zhijie Yuangang Storage fee income 9714080.77 1520000.01
Yiwu Meipinshu Supply Chain Management Co. Product sales
Ltd. 12187294.93 12183550.30
Yiwu Shanglv Product sales 656193.14 -
Yiwu Security Service Co. Ltd. Information service
fee 186792.45 -
Zhejiang Xingfuhu Sports Development Co. Ltd. Laundry fees etc 2489.06 -
Notes on related-party transactions of purchasing and selling goods and rendering and
accepting service
□Applicable √Not applicable
(2).Entrustment/contracting from and to related parties
Entrustment/contracting to the Company:
√Applicable □Not applicable
Unit: RMB
Ending Entrustment
Name of Name of Type of Starting date date of Pricing of income/contract
consignor/empl consignee/ entrusted/contrac ofentrustment entrustmen
entrustment ing income
oyer contractor ted assets t income/contract recognized in/contracting /contracting ing income the currentperiod
MDG The Entrustment of 2025-02-01 2030-01-31 NegotiatedCompany other assets price 1036894.17
Notes on entrustment/contracting from related parties
√Applicable □Not applicable
According to the management contract signed between the Company and Yiwu Market
Development Group Co. Ltd. for the Yourworld International Conference Center the Company
is entrusted to manage the Yourworld International Conference Center Hotel located at No. 100
Xingfuhu Road Yiwu City. The hotel management fee charged during this reporting period was
RMB 1 036 894.17(2024: RMB 1 552101.33).Entrusted management/contracted by the Company
□Applicable √Not applicable
Notes on related-party management/contracting
□Applicable √Not applicable
249 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
(3).Related leasing
The Company as the lessor:
√Applicable □Not applicable
Unit: RMB
Name of lessee Type of
Rental income Rental income
leased asset recognized in the recognized in thecurrent period previous period
Yiwu China Commodities City Office space
Property Development Co. Ltd. 734746.81 734746.77
Shangbo Yungu Office space - 485524.71
CCC Property Service Office space 491870.87 470876.56
Yiwu Shanglv Office space 191131.49 458715.60
Zhijie Yuangang Office space 566286.82 290688.72
Yiwu Digital Port Technology Co. Office space
Ltd. 217019.27 218173.08
Yiwu Meipinshu Supply Chain Office space
Management Co. Ltd. 161575.45 197481.11
Yiwu Jinhong Shangbo Enterprise Office space
Management Co. Ltd. 753968.24 150793.66
Yiwu Huishang Redbud Capital Office space
Management Co. Ltd. - 143977.85
Yiwu Market Development Service
Center Co. Ltd. Parking lot 625267.53 133212.80
Hangzhou MicroAnts Co. Ltd. Office space - 29524.76
Total / 3741866.48 3313715.62
250 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
The Company as the lessee
√Applicable □Not applicable
Unit: RMB
Amount in the current period Amount in the previous period
Simplified Variable lease Simplified Variable lease
treatment of rental payments not treatment of rental payments not
lessor name Type of leased expenses for included in the expenses for included in theasset short-term leases measurement Rent paid short-term leases measurement Rent paid
and leases of of the lease and leases of of the lease
low-value assets liability (if low-value assets liability (if
(if applicable) applicable) (if applicable) applicable)
Yiwu China
Commodities City Warehouses 10017291.74 - - 15025937.62 - 16378272.00
Holdings Limited
Notes on related-party lease
√Applicable □Not applicable
The Group rent office spaces from above related parties at market prices
251 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
(4).Related guarantees
The Company as the guarantor
□Applicable √Not applicable
The Company as the guaranteed party
□Applicable √Not applicable
Notes on related-party guarantees
□Applicable √Not applicable
(5).Related-party fund lending
√Applicable □Not applicable
Unit: RMB
Related party Amount Starting date Maturitydate Description
Borrowings
In 2022 the Group transferred a total of RMB
Yiwu 20182421.25 from Yiwu Chengzhen Property
Chengzhen 20182421.25 Jan 18 2022 Co. Ltd. according to the shareholding ratio at theProperty Co. annual interest rate of 0%. The due date would be
Ltd. determined according to the funding needs of
Yiwu Chengzhen Property Co. Ltd.'s projects.Yiwu Guoshen
Shangbo
Property Co. 230600000.00 Oct 31 2022
Ltd.Yiwu Guoshen The Group allocated a total of RMB
Shangbo 294000000.00 2023-06-29 230600000.00 of surplus funds from GuoshenProperty Co. Shangbo in 2022. The allocations were based on
Ltd. the share holding rate and the annual interest
Yiwu Guoshen rates were 0%. The Group allocated a total of
Shangbo 98000000.00 Oct 30 2023 RMB 489988200.00 of surplus funds fromProperty Co. Guoshen Shangbo in 2023 and allocated a total of
Ltd. RMB 17036269.50 of surplus funds from
Yiwu Guoshen Guoshen Shangbo in 2024. As of June 30 2025
Shangbo 97988200.00 Nov 1 2023 dividends of RMB 720588200.00 have beenProperty Co. recognized and the remaining balance of RMB
Ltd. 17036269.50 has been returned.Yiwu Guoshen
Shangbo
Property Co. 17036269.50 Sep 2 2024
Ltd.The Group received a pre-dividend of RMB
Yiwu 64418683.00 from Yiwu Rongshang Property in
Rongshang 64418683.00 June30 2022. As of December 31 2025 RMBProperty Co. 2022 10701390.77 has been returned. The repayment
Ltd. date for the remaining funds will be determined
based on projects' funding requirements.Related party Amount Starting Maturitydate date Description
Lending to
JEBEL ALI FREE ZONE In 2020 the Group provided JEBEL
TRADER MARKET
DEVELOPMENT AND 63465484.42
Mar 9 ALI FREE ZONE TRADER MARKET
2020 DEVELOPMENT AND OPERATION
OPERATION FZCO FZCO financial assistance totaling
252 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
JEBEL ALI FREE ZONE RMB 63465484.42; in 2021 the
TRADER MARKET Mar 31 Group provided it with financial
DEVELOPMENT AND 109636517.09 2021 assistance totaling RMB
OPERATION FZCO 109636517.09; in 2022 the Group
provided it with financial assistance
JEBEL ALI FREE ZONE totaling RMB 41772885.00 all at anannual interest rate of 6-month
TRADER MARKET May 12 average EIBOR plus 5%. The
DEVELOPMENT AND 41772885.00 2022 repayment term of the financial
OPERATION FZCO assistance would be determined based
on the progress of the project.
(6).Asset transfer and debt restructuring of related parties
□Applicable √Not applicable
(7).Compensation for key officers
√Applicable □Not applicable
Unit: RMB 10000
Item Amount in the current period Amount in the previousperiod
Compensation for key officers 539.81 526.08
(8).Other related transactions
□Applicable √Not applicable
6. Unsettled items such as accounts receivable and related parties payable
(1).Receivable items
√Applicable □Not applicable
Unit: RMB
Closing balance Opening balance
Item Related party Book balance Bad debtprovision Book balance
Bad debt
provision
Accounts Yourworld International Conference Center
receivable Company of Yiwu Market Development 189862.89 721.48 24622.26 0.38Group Co. Ltd.Accounts Yiwu Meipinshu Supply Chain Management
receivable Co. Ltd. 4915325.23 18678.24 - -
Accounts
receivable Yiwu Shanglv 19580.89 74.41 - -
Accounts
receivable Yiwu Digital Port Technology Co. Ltd. 151.20 0.57 - -
Total 5124920.21 19474.70 24622.26 0.38
Prepayments Shangbo Yungu 5040543.41 - 5983066.50 -
Prepayments CCC Property Service 73676.50 - -
Prepayments Yiwu China Commodities City HoldingsLimited - - 10017291.74 -
Yourworld International Conference Center
Prepayments Company of Yiwu Market Development - - 5600.00 -
Group Co. Ltd.Total 5114219.91 - 16005958.24 -
Other
receivables MDG 363907.92 - 492423.20 -
Other
receivables CCC Property Service 58369.35 - 228250.00 -
Other
receivables Yiwu Shanglv 2405.67 - 2405.67 -
Other Zhejiang Xingfuhu Sports Development Co.receivables Ltd. 417.30 - 359.50 -
253 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Other Yiwu Market Development Service Center
receivables Co. Ltd. 43170.40 - - -
Other
receivables Yiwu Security Service Co. Ltd. 19800.00 - - -
Other
receivables Yiwu Digital Port Technology Co. Ltd. 25000.00 - - -
Total 513070.64 - 723438.37 -
Other
non-current Yisha Chengdu International Trade City Co.assets due Ltd. 48073333.33 - - -
within one year
Total 48073333.33 - - -
Long-term JEBEL ALI FREE ZONE TRADER MARKET
receivables DEVELOPMENT AND OPERATION FZCO 255266032.72 - 268690496.50 -
Long-term
receivables Yiwu Shanglv - - 17150000.00 -
Total 255266032.72 - 285840496.50 -
(2).Payable items
√Applicable □Not applicable
Unit: RMB
Item Related party Closing book balance Opening bookbalance
Accounts
payable Shangbo Yungu 2104411.81 -
Accounts Yiwu China Commodities City Creative Design and
payable Development Services Co. Ltd. 764910.89 -
Accounts
payable Yiwu Security Service Co. Ltd. 495800.00 -
Accounts
payable Zhejiang Yemai Data Technology Co. Ltd. 223228.45 314651.52
Accounts Zhejiang Yiwu Baixian Wanpin Agricultural Assistance
payable Supply Chain Co. Ltd. 16152.77 -
Accounts
payable Zhejiang YXE Supply Chain Management Co. Ltd. 5755.50 -
Accounts
payable CCC Property Service 2410.77 279544.83
Accounts
payable Yiwu Agriculture Development Co. Ltd. 307.00 467.00
Accounts
payable Yiwu Digital Port Technology Co. Ltd. - 6500000.00
Accounts
payable Zhijie Yuangang - 1926727.86
Accounts
payable Hangzhou MicroAnts Co. Ltd. - 66768.89
Total 3612977.19 9088160.10
Advance Yiwu China Commodities City Property Development Co.receipts Ltd. 824103.79 612289.01
Advance
receipts Yiwu Digital Port Technology Co. Ltd. 202153.56 144679.51
Advance
receipts Zhijie Yuangang 142536.99 145344.31
Advance
receipts Yiwu Jinhong Shangbo Property Co. Ltd. - 753968.24
Advance
receipts Yiwu Meipinshu Supply Chain Management Co. Ltd. - 303796.59
Advance
receipts CCC Property Service - 204943.60
Advance
receipts Yiwu Shanglv - 191131.49
Advance
receipts Yiwu Jinlong Shangbo Property Co. Ltd. - 15000.00
254 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Advance
receipts Yiwu Gongchen Shangbo Property Co. Ltd. - 12830.00
Total 1168794.34 2383982.75
Contract
liabilities CCC Property Service 83706.57 137862.93
Contract
liabilities Yiwu Digital Port Technology Co. Ltd. 43353.25 61322.36
Total 127059.82 199185.29
Other payables Yiwu Rongshang Property Co. Ltd. 53717292.23 64418683.00
Other payables Yiwu Chengzhen Property Co. Ltd. 20182421.25 20182421.25
Other payables Zhijie Yuangang 2900000.00 471600.00
Other payables Yiwu China Commodities City Property Development Co.Ltd. 240000.00 240000.00
Other payables Zhejiang Yemai Data Technology Co. Ltd. 6790.00 235601.89
Other payables Yiwu Heimahui Enterprise Service Co. Ltd. 111080.00 100000.00
Other payables Yourworld International Conference Center Company ofYiwu Market Development Group Co. Ltd. 50900.00 93571.47
Other payables Yiwu Meipinshu Supply Chain Management Co. Ltd. 57000.00 57000.00
Other payables Hangzhou MicroAnts Co. Ltd. 11080.00 11080.00
Other payables Yiwu Digital Port Technology Co. Ltd. 32000.00 32000.00
Other payables Yiwu Guoshen Shangbo Property Co. Ltd. - 737624469.50
Other payables Yiwu Huishang Redbud Equity Investment Co. Ltd. - 26550000.00
Other payables Yiwu Security Service Co. Ltd. - 529366.13
Other payables CCC Property Service 6220.22 -
Total 77314783.70 850545793.24
(3).Other projects
□Applicable √Not applicable
7. Related-party commitments
□Applicable √Not applicable
8. Other
□Applicable √Not applicable
XV. Share-based payment
1. Various equity instruments
(1).Details
√Applicable □Not applicable
Quantity unit: share Amount unit: RMB
Grant in this OptionGrant period exercised for the Unlocked in this period Expired in this periodobject current period
category Qty. Amount Qty. Amount Qty. Amount Qty. Amount
Manageme
nt 13156300.00 67012096.00 61200.00 312732.00
personnel
R&D
personnel 170000.00 868700.00 25500.00 122400.00
Total 13326300.00 67880796.00 86700.00 435132.00
(2).Stock options or other equity instruments issued to the public as of the end of the
period
□Applicable √Not applicable
255 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
2. Share-based payments settled in equity
√Applicable □Not applicable
Unit: RMB
Method for determining the fair value of equity
instruments on the grant date Market price on grant day
Important parameters of fair value of equity
instruments on grant date /
The assessment of the Company's financial
performance indicators and individual
Basis for determining the number of exercisable performance indicators is conducted
equity instruments annually and the quantity held by the
incentive targets who meet the assessment
objectives is determined.Reason for the significant difference between
the estimates in the current period and in the No
previous period
Cumulative amount of equity-settled
share-based payments included in the capital 88059778.50
reserve
Other notes:
According to the "Proposal on the <2020 Restricted Stock Incentive Plan (Draft)> and Its
Summary" (hereinafter referred to as "this Plan") approved at the fifth extraordinary general
meeting of shareholders in 2020 the number of incentive recipients for the first grant under this
Plan is 405 individuals. The restricted stock incentive is designated for the Company's
(including its subsidiaries) directors senior management core technical personnel and other
individuals whom the board deems necessary to incentivize. The total number of restricted
shares granted amounts to 50480000 which is approximately 0.927% of the Company's total
share capital of 5443214176 shares. Of this total 47920000 shares are granted for the first
time with 2560000 shares reserved. The grant price for the restricted shares in the first grant
part under this Plan is RMB 2.94 per share with a fair value of RMB 5.11 per share on the grant
date confirming a total equity-based compensation of RMB 101339000.00; for the reserved
grant part of the restricted shares the grant price is RMB 2.39 per share with a fair value of
RMB 4.80 per share on the grant date confirming a total equity-based compensation of RMB
5639400.00. For the current period the Company recognized a share-based payment of RMB
609 784.57 through the amortization method based on the employee service period for
restricted stock bringing the cumulative total of share-based payments recognized through this
amortization method to RMB 88 059 778.50.
3. Share-based payments settled in cash
□Applicable √Not applicable
4. Share-based payment expenses in this period
√Applicable □Not applicable
Unit: RMB
Grant object category Equity-settled share-based Cash-settled share-basedpayment expenses payment expenses
Management personnel 605937.75 /
R&D personnel 3846.82 /
Total 609784.57 /
Other notes
No
256 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
5. Modification and termination of share-based payment
□Applicable √Not applicable
6. Other
□Applicable √Not applicable
XVI. Commitments and contingencies
1. Important commitments
√Applicable □Not applicable
Important external commitments nature and amount thereof as of the balance sheet dates
Unit: RMB
Capital commitments 2025 2024
Signed but not provided 1512446398.43 3533111353.67
(1) Capital Commitment for the Project Located South of the 5th District Market in Futian
Subdistrict Yiwu City
On November 7 2025 the Company participated in the public land auction organized by
the Yiwu Municipal Natural Resources and Planning Bureau and acquired the state-owned
land-use rights for the parcel south of the 5th District Market in Futian Subdistrict Yiwu City for
RMB 3223.1 million. Pursuant to the resolution adopted at the 38th Meeting of the 9th Board of
Directors held on 3 November 2025 regarding the bidding construction and operation of the
project located south of the 5th District Market in Futian Subdistrict Yiwu City the estimated
total investment amounts to RMB 7.863 billion comprising land acquisition costs of RMB 3.321
billion (inclusive of deed tax) other engineering-related expenses of approximately RMB 3.877
billion and financial expenses of approximately RMB 665 million. Funding sources consist of
the Company’s own funds and certain bank loans. As of December 31 2025 the Company has
paid RMB 372930000.00 in relation to the land.
(2) Investment Commitment to Shangfu Chuangzhi Fund
In 2017 the Company’s wholly-owned subsidiary Yiwu China Commodities City Financial
Holdings Co. Ltd. (“CCCF”) and Shanghai Fuxing Industry Group Co. Ltd. (“Fuxing Group”)
jointly established an industry fund Yiwu China Commodities City Fuxing Investment Center
(Limited Partnership) (hereinafter referred to as the “FOF”). The FOF as a limited partner
invested in 12 sub-funds including Yiwu Shangfu Chuangzhi Investment Center (Limited
Partnership) (“Shangfu Chuangzhi Fund”). CCCF subscribed for capital contribution of RMB
998 million in the FOF as a limited partner accounting for 49.9% of the total capital contribution
and has paid in RMB 102.92 million. The unpaid portion of its subscribed capital contribution
was promised to be RMB 895.08 million and was not subject to a term. CCCF also made capital
contribution of RMB 9.8 million (49% equity) to Yiwu China Commodities City Investment and
Management Co. Ltd. (hereinafter referred to as the “CCCIM”) which was a general partner of
the above FOF and sub-funds. Fuxing made capital contribution of 51% to and had control over
CCCIM.Shangfu Chuangzhi Fund raised funds of RMB 823.36 million in total. The FOF has
subscribed for and paid in capital contribution of RMB 205.84 million as a limited partner
(including the above RMB 102.92 million from CCCIM and the rest was contributed by Fuxing
the other limited partner of the FOF). As the other limited partner of Shangfu Chuangzhi Fund
CCCF has separately subscribed for and paid in capital contribution of RMB 617.51 million. In
addition neither the Group nor CCCF invested in other sub-funds of the FOF. Shangfu
Chuangzhi Fund subsequently subscribed to the increased registered capital of Hubei Asset
Management Co. Ltd. for RMB 820.54 million holding 22.6667% of its equity. In 2019 9 out of
the 12 sub-funds mentioned above were cancelled.In 2018 CCCF learned during its after-investment follow-up management that Fuxing and
its actual controller ZHU Yidong were suspected of having committed a criminal offense and the
22.667% equity held by Shangfu Chuangzhi Fund in Hubei Provincial Asset Management Co.
Ltd. was frozen by the Second Intermediate People's Court of Shanghai due to Fuxing’s
257 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
contribution to the sources of the capital contribution. As of the date of approval for the financial
statements the relevant equity was still frozen.As of the approval date of the financial statements the Group did not receive any notice of
capital contribution other than the above contributions that had been made or any notice of
action involving the Group CCCF FOF and its sub-funds.
(3) Other Investment Commitments
As of December 31 2025 the Group had outstanding other investment commitments
totaling RMB 336.767 million (December 31 2024: RMB 626.767 million).
2. Contingencies
(1).Important contingencies on the balance sheet date
√Applicable □Not applicable
Unit: RMB
Item 2025 2024
Contingent liabilities resulting from
the guarantee provided externally 4195330.16 4412333.72
According to relevant regulations the Group is required to provide mortgage loan
guarantees to the bank for the sale of commercial housing before the purchaser of the housing
has completed the property ownership certificate. The outstanding guarantee amount as of
December 31 2025 was RMB 4 195 330.16(December 31 2024: RMB 4 412 333.72). Those
guarantees would be released after the issuance of the property ownership certificates and are
thus little likely to incur losses. Therefore the management believed that it was not necessary to
make provision for the guarantees.
(2).The Company should also provide an explanation if there are no important or
contingent matters that need to be disclosed:
□Applicable √Not applicable
3. Other
□Applicable √Not applicable
XVII. Matters after the balance sheet date
1、 Important non-adjustment events
√Applicable □Not applicable
Unit: RMB
Effect on
Item Contents financial statusand operating Reasons for inability to estimate the effect
results
On 7 April 2026 the Company convened its
The Company 3rd Meeting of the 10th Board of Directors
intends to apply for which approved resolutions concerning the
the initial public Company’s proposed initial public offering
Issuance offering (IPO) of H (IPO) of H shares and listing on the Main
of shares shares and listing on Board of The Stock Exchange of Hong Kong
and bonds the Main Board of Limited. The aforementioned proposals
The Stock remain subject to approval by the Company’s
Exchange of Hong shareholders’ meeting and require official
Kong Limited approval authorization or filing from relevantgovernment authorities and regulatory bodies
including the China Securities Regulatory
258 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Commission The Stock Exchange of Hong
Kong Limited and the Securities and Futures
Commission of Hong Kong rendering such
matters subject to significant uncertainty. The
H-share listing event constitutes a
non-adjusting post-balance-sheet-date event.As of the date the financial statements were
authorized for issuance this matter had not
yet materially affected the Company’s
financial position or operating results.
2、 Profit distribution
√Applicable □Not applicable
Unit: RMB
Profits or dividends to be distributed 2741779613.00
Profits or dividends announced
through deliberation and approval 2741779613.00
3、 Sales return
□Applicable √Not applicable
4、 Other events after the balance sheet date
□Applicable √Not applicable
XVIII. Other important matters
1. Correction of previous accounting errorsSee “Analysis of Reasons and Impacts of Changes in Accounting Policies or AccountingEstimates or Corrections of Material Accounting Errors” under “Significant Matters.”
2. Significant debt restructuring
□Applicable √Not applicable
3. Exchange of assets
(1).Non-monetary asset exchange
□Applicable √Not applicable
(2).Exchange of other assets
□Applicable √Not applicable
4. Pension plan
□Applicable √Not applicable
5. Termination of operations
□Applicable √Not applicable
6. Information of divisions
(1).Determination basis and accounting policy of reporting divisions
√Applicable □Not applicable
259 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
The Company determines its reporting segments based on internal organizational structure
management requirements internal reporting systems and other relevant factors with the
business segments serving as the foundation for the determination of reporting segments.Performance evaluations are conducted separately for market operation services trade service
business supporting service business merchandise sales segment and supporting real estate
business. Assets and liabilities that are jointly used by various segments shall be allocated
among the different segments according to their scale proportions.
(2).Financial information of reporting divisions
√Applicable □Not applicable
Unit: RMB million
Complement Set-offs
Item Market ary real Trade Supporting Productoperation estate services services sales
among Total
divisions
Revenue from external
transactions 5860.89 1950.26 1544.31 585.95 9985.84 19927.25
Among which:
Revenue generated
from contracts with 5478.68 1950.00 1221.53 585.95 9985.84 19222.00
customers
Revenue from
inter-division 69.30 0.26 155.09 107.86 101.09 433.60 -
transactions
Profits before tax 3944.20 201.75 1233.09 8.67 40.81 20.95 5407.57
Total assets 53388.39 611.53 9391.12 1671.03 2963.67 23620.30 44405.44
Total liabilities 27817.61 544.60 3356.44 1517.78 2801.51 14661.19 21376.75
Capital expenditures 1748.37 293.12 122.39 8.36 2.16 2174.40
Long-term equity
investment in joint
ventures and 182.81 - -12.63 - 0.07 170.25
associates
(3).If the Company does not have reporting divisions or is unable to disclose the total
assets and total liabilities of each division please explain
□Applicable √Not applicable
(4).Other notes
□Applicable √Not applicable
7. Other important transactions and events that have influence on investors’ decisions
□Applicable √Not applicable
8. Other
□Applicable √Not applicable
260 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
XIX. Notes to Main Items in the Financial Statements of the Parent Company
1. Accounts receivable
(1).Disclosure based on account age
√Applicable □Not applicable
Unit: RMB
Account age Closing book balance Opening book balance
Within one year (including
one year) 7138901.32 5602778.43
Of which: within one year 7138901.32 5602778.43
1 to 2 years - 64281.00
2 to 3 years 56211.60 601829.93
Over 3 years 1474184.11 1115719.38
Total 8669297.03 7384608.74
261 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
(2).Categorized disclosure based on the bad debt provision method
√Applicable □Not applicable
Unit: RMB
Closing balance Opening balance
Category Book balance Bad debt provision Book balance Bad debt provision
Amount Proportio Provision Book value Proportio Provision Book valuen (%) Amount ratio (%) Amount n (%) Amount ratio (%)
Accounts receivable for
which bad debt provision is 8669297.03 100.00 1555038.65 17.94 7114258.38 7384608.74 100.00 1149456.22 15.57 6235152.52
made by group
Among them:
Provision for bad debts by
grouping of credit risk 8669297.03 100.00 1555038.65 17.94 7114258.38 7384608.74 100.00 1149456.22 15.57 6235152.52
characteristics
Total 8669297.03 / 1555038.65 / 7114258.38 7384608.74 / 1149456.22 / 6235152.52
Accounts receivable for which bad debt provision is made individually:
□Applicable √Not applicable
Explanation for making bad debt provision for accounts receivable by group:
√Applicable □Not applicable
Provision items on a grouping basis: by grouping of credit risk characteristics
Unit: RMB
Name Closing balanceBook balance Bad debt provision Provision ratio (%)
Provision for bad debts by grouping of credit
risk characteristics 8669297.03 1555038.65 17.94
Total 8669297.03 1555038.65 17.94
Description combined provision for bad debts:
□Applicable √Not applicable
262 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Provision for bad debts based on the general model of expected credit losses
√Applicable □Not applicable
Unit: RMB
Stage 1 Stage 2 Stage 3
Expected credit Expected credit Expected credit
Bad debt provision loss in the loss in the entire loss in the entire
coming 12 duration (credit duration (credit
Total
months has not been has beenimpaired) impaired)
Balance as of January 1 2025 1149456.22 1149456.22
Movements for the current
period 1149456.22 1149456.22
Provision made in the current
period 405582.43 405582.43
Current reversal - -
Balance as of December 31
20251555038.651555038.65
Classification basis and bad debt provision ratio for each stage
No
Explanation of significant changes in the book balance of accounts receivable with changes in
loss provisions in this period:
□Applicable √Not applicable
(3).Provisions for bad debts
√Applicable □Not applicable
Unit: RMB
Amount of change during the current
Category Opening balance period Recovery or Closing balanceProvision reversal
Bad debt provision for
accounts receivable 1149456.22 405582.43 - 1555038.65
Total 1149456.22 405582.43 - 1555038.65
In which the recovered or reversed amount is important:
□Applicable √Not applicable
Other notes:
No
(4).Accounts receivable actually written off during the current period
□Applicable √Not applicable
Information of write-off of important accounts receivable
□Applicable √Not applicable
Description accounts receivable written off:
□Applicable √Not applicable
263 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
(5).Five debtors with the highest closing balances of accounts receivable and contract
assets
√Applicable □Not applicable
Unit: RMB
Closing Proportion in the
Closing Closing balance of total closing Closing
Debtor balance of balance of accounts
balance of balance of
accounts contract receivable and accounts bad debt
receivable assets contract receivable and
assets contract assets
provision
(%)
WANG Ming 471308.20 - 471308.20 5.44 3842.07
China Life Insurance
Company Limited 419547.80 - 419547.80 4.84 3420.12
Yiwu Zhenghong
Love Public Welfare 141441.20 - 141441.20 1.63 1153.02
Association
Wang Junhang 130000.00 - 130000.00 1.50 1059.75
Peiliang Network
Information
Technology 123346.41 - 123346.41 1.42 1005.51
(Shanghai) Co. Ltd.Total 1285643.61 - 1285643.61 14.83 10480.47
Other notes:
No
Other notes:
√Applicable □Not applicable
The Company is mainly engaged in market operation and hotel services and its revenue
from an individual client is very low. Therefore the combined accounts receivable from the top
five clients occupied a very small share in its total balance of accounts receivable.
2. Other receivables
Presentation of items
√Applicable □Not applicable
Unit: RMB
Item Closing balance Opening balance
Other receivables 68315773.58 33119467.87
Total 68315773.58 33119467.87
Other notes:
□Applicable √Not applicable
Interest receivable
(1).Classification of interest receivable
□Applicable √Not applicable
(2).Significant overdue interest
□Applicable √Not applicable
(3).Categorized disclosure based on the bad debt provision method
□Applicable √Not applicable
264 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Accounts receivable for which bad debt provision is made individually:
□Applicable √Not applicable
Explanation for making bad debt provision for accounts receivable individually:
□Applicable √Not applicable
Explanation for making bad debt provision for accounts receivable by group:
□Applicable √Not applicable
(4).Provision for bad debts based on the general model of expected credit losses
□Applicable √Not applicable
Classification basis and bad debt provision ratio for each stage
No
Explanation of significant changes in the book balance of interest receivable due to changes in
loss provisions in this period:
□Applicable √Not applicable
(5).Provisions for bad debts
□Applicable √Not applicable
In which the recovered or reversed amount is important:
□Applicable √Not applicable
Other notes:
No
(6).Interest receivable actually written off in this period
□Applicable √Not applicable
Important interest receivable written off among them
□Applicable √Not applicable
Explanation of writing-off:
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
Dividend receivable
(1).Dividend receivable
□Applicable √Not applicable
(2).Important dividend receivable with an account age longer than 1 year
□Applicable √Not applicable
(3).Categorized disclosure based on the bad debt provision method
□Applicable √Not applicable
265 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Accounts receivable for which bad debt provision is made individually:
□Applicable √Not applicable
Explanation for making bad debt provision for accounts receivable individually:
□Applicable √Not applicable
Explanation for making bad debt provision for accounts receivable by group:
□Applicable √Not applicable
(4).Provision for bad debts based on the general model of expected credit losses
□Applicable √Not applicable
Classification basis and bad debt provision ratio for each stage
No
Explanation of significant changes in the book balance of dividends receivable due to changes
in loss provisions in this period:
□Applicable √Not applicable
(5).Provisions for bad debts
□Applicable √Not applicable
In which the recovered or reversed amount is important:
□Applicable √Not applicable
Other notes:
No
(6).Dividends receivable actually written off in this period
□Applicable √Not applicable
Important dividend receivables written off among them
□Applicable √Not applicable
Explanation of writing-off:
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
Other receivables
(1).Disclosure based on account age
√Applicable □Not applicable
Unit: RMB
Account age Closing book balance Opening book balance
Within one year (including one
year) 66786891.36 32771596.43
Of which: within one year 66786891.36 32771596.43
1 to 2 years 1226187.89 312311.44
2 to 3 years 294644.93 30000.00
Over 3 years 51731.70 53925.19
Bad debt provision for other
receivables -43682.30 -48365.19
Total 68315773.58 33119467.87
266 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
(2).Classification based on the nature of accounts
√Applicable □Not applicable
Unit: RMB
Nature of receivable Closing book balance Opening book balance
Withholdings deposit and
margin 67830332.88 32730727.88
Reserve 529123.00 437105.18
Total 68359455.88 33167833.06
(3).Bad debt provision
√Applicable □Not applicable
Unit: RMB
Stage 1 Stage 2 Stage 3
Expected Expected credit Expected credit
Bad debt provision credit loss in loss in the entire loss in the entire
the coming duration (credit duration (credit
Total
12 months has not been has beenimpaired) impaired)
Balance as of January 1
202548365.1948365.19
Movements for the current
period 48365.19 48365.19
Provision made in the
current period -4682.89 -4682.89
Current reversal - -
Balance as of December
31202543682.3043682.30
Classification basis and bad debt provision ratio for each stage
No
Significant changes in the book balance of other receivables with changes in loss provisions:
□Applicable √Not applicable
Basis for the bad debt provision made in the current period and for assessing whether the credit
risk of financial instruments has increased significantly:
□Applicable √Not applicable
(4).Provisions for bad debts
√Applicable □Not applicable
Unit: RMB
Amount of change during the current
Opening periodCategory Charged Closingbalance Provision Recovery or off or balancereversal written off
Bad debt provision
for other receivables 48365.19 -4682.89 - - 43682.30
Total 48365.19 -4682.89 - - 43682.30
Among them important recovered or reversed amounts:
□Applicable √Not applicable
Other notes:
No
267 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
(5).Other receivables actually written off during the current period
□Applicable √Not applicable
Of which important write-offs of other receivables:
□Applicable √Not applicable
Notes on the write-off of other receivables:
□Applicable √Not applicable
(6).Other receivables from the five debtors with highest closing balance
√Applicable □Not applicable
Unit: RMB
Weight in the Closing
total closing
Debtor Closing
balance
balance of Nature of Account
balance other receivable age of bad
receivables debt
(%) provision
Yiwu China
Commodities City
Information 13745119.90 20.11 Within 1year -Technology Co.Ltd.China Telecom
Jinhua Branch 1230066.49 1.80
Within 1
Withholdin year -
Yiwu Power gs
Transmission and deposit
Transformation 521180.00 0.76 and Within 1
Engineering Co. margin year
-
Ltd.Market merchants 435377.30 0.64 Within 1year -
China Tower
Corporation Limited 256476.36 0.38 Within 1 -
Jinhua Branch year
Total 16188220.05 23.68 / / -
(7).Reported as other receivables due to centralized fund management
□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
268 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
3. Long-term equity investment
√Applicable □Not applicable
Unit: RMB
Closing balance Opening balance
Item Book balance Impairment Impairmentprovision Book value Book balance provision Book value
Investment in
subsidiaries 5046275076.36 - 5046275076.36 4843157006.60 - 4843157006.60
Investment in
associates and joint 5377467541.26 - 5377467541.26 6011638681.73 - 6011638681.73
ventures
Total 10423742617.62 - 10423742617.62 10854795688.33 - 10854795688.33
(1). Investment in subsidiaries
√Applicable □Not applicable
Unit: RMB
Opening Change in the current period Closing
Investee Opening balance balance of Additional Decrease in Closing balance balance of(Book value) impairment investment investment Other (Book value) impairmentprovisions provision
Yiwu China Commodities City Financial Holdings
Co. Ltd. 2239868159.79 - - - 6953.87 2239875113.66 -
Yiwu Shangbo Yuncang Enterprise Management
Co. Ltd. 500000000.00 - - - - 500000000.00 -
Zhejiang Xunchi Digital Technology Co. Ltd. 444550701.85 - - - 1479.55 444552181.40 -
Yiwu Shangbo Shuzhi Enterprise Management
Co. Ltd. 300000000.00 - - 300000000.00 - - -
Yiwu Shangcheng Gonglian Enterprise
Management Co. Ltd. 200000000.00 - - - - 200000000.00 -
Zhejiang China Commodities City Group
Commercial Factoring Co. Ltd. 120224877.43 - - - 3698.86 120228576.29 -
Yiwu China Commodities City Big Data Co. Ltd. 106035773.20 - - - 37396.74 106073169.94 -
Yiwu China Commodities City Import and Export
Co. Ltd. 102669142.57 - - - 13480.85 102682623.42 -
Yiwu China Commodities City Logistics and 102746870.29 - 300000000.00 - 44158.39 402791028.68 -
269 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
Warehousing Co. Ltd.Yiwu China Commodities City Overseas
Investment and Development Co. Ltd. 102062943.90 - - - 7841.59 102070785.49 -
Yiwu China Commodities City Supply Chain
Management Co. Ltd. 101978245.63 - - - 25778.06 102004023.69 -
Yiwu China Commodities City Tourism
Development Co. Ltd. 101332529.91 - - - 4438.64 101336968.55 -
Zhejiang Huajie Investment and Development Co.Ltd. 97031150.17 - 21080000.00 - 2959.09 118114109.26 -
Yiwu Comprehensive Bonded Zone Operation and
Management Co. Ltd. 60947795.33 - - - 24594.42 60972389.75 -
Yiwu China Commodities City Information
Technology Co. Ltd. 51157789.56 - - - 4142.73 51161932.29 -
Hangzhou Shangbo Nanxing Property Co. Ltd. 50000000.00 - - - - 50000000.00 -
Yiwu China Commodities City Exhibition Co. Ltd. 21295366.20 - - - 11540.46 21306906.66 -
Zhejiang Yindu Hotel Management Co. Ltd. 15993728.47 - - - 29533.42 16023261.89 -
Yiwu China Commodities City Assets Operation
and Management Co. Ltd. 12275637.35 - - - 20582.67 12296220.02 -
Yiwu China Commodities City Research Institute
Co. Ltd. 11859127.48 - - - 48898.60 11908026.08 -
Yiwu Yundailu Data Technology Co. Ltd. 100000000.00 - 177300000.00 - - 277300000.00 -
Zhejiang Think Tank Co. Ltd. 1127167.47 - 4450000.00 - 591.82 5577759.29 -
Total 4843157006.60 - 502830000.00 300000000.00 288069.76 5046275076.36 -
270 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
(2). Investment in associates and joint ventures
√Applicable □Not applicable
Unit: RMB
Change in the current period
Investment
Opening balance gains or losses Adjustment Declared
Closing
Investee (Book value) Decrease in recognized with of other Change in other distribution of
Closing balance balance of
investment comprehensi benefits cash dividends (Book value) impairmentthe equity ve income or profits provisionmethod
1. Joint ventures
Yiwu Shanglv 478903324.97 - 45583840.11 - - 29400000.00 495087165.08
Yiwu Rongshang Property Co. Ltd. 65650243.74 - -8144.67 - - - 65642099.07
Yiwu Chuangcheng Property Co. Ltd. 22432461.55 - -26.99 - - - 22432434.56
Yiwu Guoshen Shangbo Property
Co. Ltd. 882314580.95 - 68497719.40 - - 720588200.00 230224100.35
Other 26738917.75 - -4409070.12 - - - 22329847.63
Sub-total 1476039528.96 - 109664317.73 - - 749988200.00 835715646.69 -
2. Associates
Yiwu Huishang Redbud Phase II
Investment Partnership (limited 143791110.89 3954214.36 2606474.46 - - - 142443370.99
partnership)
Yiwu Huishang Micro-finance Co.Ltd. 78705104.38 - 1712873.59 - - - 80417977.97
Chouzhou Financial Lease 590724657.46 - 117052152.17 - - 91000000.00 616776809.63
Pujiang Lvgu Property Co. Ltd. 409526095.66 - 8020761.85 - - - 417546857.51
Yiwu China Commodities City
Property Development Co. Ltd. 3063618429.75 - -53213247.89 - - - 3010405181.86
Zhijie Yuangang 119889908.19 - 2911431.15 -222341.17 28156924.86 - 150735923.03
Other 129343846.44 - -5918072.86 - - - 123425773.58
Sub-total 4535599152.77 3954214.36 73172372.47 -222341.17 28156924.86 91000000.00 4541751894.57 -
Total 6011638681.73 3954214.36 182836690.20 -222341.17 28156924.86 840988200.00 5377467541.26 -
(3). Impairment testing of long-term equity investments
□Applicable √Not applicable
Other notes:
No
271 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
4. Operating revenue and operating cost
(1). Overview of operating revenue and operating cost
√Applicable □Not applicable
Unit: RMB
Item Amount in the current period Amount in the previous periodRevenue Cost of sales Revenue Cost of sales
Main business 6957345757.57 2402050845.75 4823620057.65 872277504.07
Other
businesses 699746389.75 385262025.37 726062174.80 398525496.83
Total 7657092147.32 2787312871.12 5549682232.45 1270803000.90
(2). Breakdown information of operating revenue and operating costs
√Applicable □Not applicable
Unit: RMB
Classified by type of contract TotalOperating revenue Operating cost
Types of goods
The use of shops in the China Commodities
City markets and the supporting services for 5256349311.22 907415523.17
operation
Lease 444951480.04 247910110.72
Hotel accommodation and catering services 269208992.56 243224303.53
Sales of supporting real estate 1431555000.92 1231030334.03
Other services 255027362.58 157732599.67
Classified by business area
Chinese Mainland 7657092147.32 2787312871.12
Revenue recognition time
Recognizing revenue at a certain point in
time 1805152024.67 1453960295.14
Recognizing revenue during a certain
period of time 5851940122.65 1333352575.98
Total 7657092147.32 2787312871.12
Other notes:
□Applicable √Not applicable
272 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
(3). Contract performance obligations
√Applicable □Not applicable
Unit: RMB
The
types of
The quality
Nature of the Whether expected assurancTime for the refunds e
Item fulfilling
goods that the
performance Important payment terms Company
Company to provided
promises to is the main customer by theobligations transfer responsibl s borne Companye person by the and
Company related
obligation
s
When Advance payment or right
Sales of goods delivering to receive payment after Trade retail Yes - No
goods delivery of goods goods
The use of shops
in the China
Commodities City When Part of the deposit will be Shop use right /
markets and the providing collected in advance and supporting Yes - No
supporting services the remaining amount will services for
services for be collected upon operation
operation completion of the
Hotel When performance Hotel
accommodation providing accommodation Yes - No
business services service
Hotel catering Whenproviding Collection upon completion Cateringbusiness services of performance services
Yes - No
When Advance receipts or the
Real estate sales delivering right to receive payment Real estate
goods upon transfer of control projects
Yes - No
over the relevant real estate
Total / / / / - /
(4). Explanation of allocation to remaining contract performance obligations
□Applicable √Not applicable
(5). Significant contract changes or significant transaction price adjustments
□Applicable √Not applicable
Other notes:
The revenue recognized in the current period which was included in the opening book
value of contract liabilities amounted to RMB 3 693 501 734.47.
273 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
5. Investment income
√Applicable □Not applicable
Unit: RMB
Item Amount in the current Amount in theperiod previous period
Income from long-term equity investment
calculated with the equity method 182836690.20 220311491.69
Dividend income from other equity instruments
investment during holding period 10159614.37 9156195.66
Interest income earned during the holding period
on other debt investments 154256.92 -
Investment income from disposal of
held-for-trading financial assets 5836807.00 -
Dividend income from long-term equity
investments accounted for under the cost method 14700000.00 -
Income acquired from other non-current financial
assets during the holding period 728950.32 3586898.98
Total 214416318.81 233054586.33
Other notes:
No
6. Other
□Applicable √Not applicable
XX. Supplementary information
1. Detailed statement of non-recurring items for the current period
√Applicable □Not applicable
Unit: RMB
Item Amount Description
Non-current asset disposal gains and losses including the
offsetting portion of the provision for impairment of assets 2198704.39
Government grants that are recognized in the current profit or
loss excluding the government grants that are closely related to
the normal operation of the Company and provided in a fixed
amount or quantity and that have a continuous impact on the 57276833.34
Company's gains and losses according to the national polices and
certain standards
Except for effective hedging business related to the normal
operation of the Company the fair value gains and losses arising
from the holding of financial assets and financial liabilities by 253493846.06
non-financial enterprises as well as the gains and losses arising
from the disposal of financial assets and financial liabilities
Cash occupation fees charged from non-financial enterprises that
are recognized in the current profit or loss 25343289.64
Profits and losses arising from external entrusted loans 2515471.70
Net income from other non-operating activities 54546235.28
Less: effect of income tax 83639033.72
Effect of minority interest (after-tax) 1149592.34
Total 310585754.35
274 /275Zhejiang China Commodities City Group Co. Ltd. 2025 Annual Report
For companies that recognize items not listed in the Explanatory Announcement No. 1 on
Information Disclosure of Companies Issuing Securities to the Public - Non recurring Profit and
Loss as non-recurring profit and loss items with significant amounts and for companies that
define non-recurring profit and loss items listed in the Explanatory Announcement No. 1 on
Information Disclosure of Companies Issuing Securities to the Public - Non recurring Profit and
Loss items as recurring profit and loss items the reasons should be explained.□Applicable √Not applicable
Other notes:
□Applicable √Not applicable
2. Return on equity and earnings per share
√Applicable □Not applicable
Weighted EPS
Profits in the reporting period average ROE
(%) Basic EPS Diluted EPS
Net profits attributable to common
shareholders of the Company 17.53 0.77 0.77
Net profits attributable to common
shareholders of the Company after 16.23 0.71 0.71
deducting non-recurring gains and losses
3. Differences in accounting data under domestic and foreign accounting standards
□Applicable √Not applicable
4. Other
□Applicable √Not applicable
Chairman of Board of Directors: CHEN Dezhan
Date of Board approval for release: April 9 2026
Amendment
□Applicable √Not applicable
沪公网安备31011802005267号
