UBS: Yiwu CCC (600415) GCC 2026 — Yiwu's Exports Continue to Thrive
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Following a GCC 2026 conference meeting with Yiwu CCC, UBS highlights that the company's strategy remains unchanged under its new chairman. Yiwu's exports continue to thrive, reaching 676.8 billion yuan in the first eleven months of 2025, representing 25% year-over-year growth and already surpassing total 2024 exports. Exports to the US grew 27%. Management expects Yiwu's export growth to exceed 20% again in 2026.
The company's sixth-generation market, the Global Digital Trade Center, will serve as a venue for the 2026 CCTV Spring Festival Gala. Its supporting office buildings and a commercial street featuring global cuisines will commence operations in June 2026. Rents will continue to be adjusted upward based on GDP growth. Looking ahead to the seventh-generation market, merchant bidding and operations could potentially begin in 2028.
Yiwu Pay has initiated pilot operations for market procurement trade, which accounts for approximately 80% of Yiwu's exports. This payment platform is expected to generate meaningful incremental revenue starting in 2026. The company's import business is currently in the pilot stage, utilizing a B2B model focused on import agents. Beyond direct platform fees, this initiative will generate supplementary revenue across warehousing, logistics, and payments. Additionally, the company plans to increase its dividend payout ratio.
UBS maintains a Buy rating on Yiwu CCC (600415.SS) with a DCF-based 12-month target price of 21.64 yuan. Based on the January 12, 2026, closing price of 16.55 yuan, this implies a 30.8% upside and a 2.6% dividend yield. Key positive catalysts include confirming operation dates for future market generations and securing import qualifications.