东浩兰生会展集团股份有限公司2025 年第一季度报告 证券代码：600826 证券简称：兰生股份 东浩兰生会展集团股份有限公司 2025 年第一季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 | | | | 本报告期比上年 | | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期 | 同期增减变动幅 | | | | | 度(%) | | 营业收入 | 231,649,106.43 | 176,855,498.59 | 30.98 | | 归属于上市公司股东的净利润 | -24,589,963.50 | - ...

证券代码：600826 证券简称：兰生股份 公告编号：临2025-015 东浩兰生会展集团股份有限公司 关于变更会计师事务所的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 变更会计师事务所的简要原因及前任会计师的异议情况：鉴于上会会计师 事务所（特殊普通合伙）（以下简称"上会"）已经连续多年为公司提供审计服 务并已满规定年限，根据中华人民共和国财政部、国务院国有资产监督管理委员 会和中国证券监督管理委员会印发的《国有企业、上市公司选聘会计师事务所管 理办法》相关规定和监管要求，同时为保证审计报告的质量，维护公司及全体股 东的利益，保障选聘工作的公平公正，经公开招标比选，公司拟聘请立信会计师 事务所（特殊普通合伙）（以下简称"立信"）为 2025 年度审计机构。公司已就 本次改聘有关事宜与前后任会计师事务所进行了充分沟通，前后任会计师事务所 均已知悉本事项并对本次变更无异议。 本次变更会计师事务所事项尚需提交公司股东会审议。 一、拟聘任会计师事务所的基本情况 （一）机构信息 1.基本信息 立信于 1 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 8.35 [1][8]. Core Insights - The company achieved a revenue of 1.643 billion yuan in 2024, representing a year-on-year growth of 15.58%. The net profit attributable to shareholders reached 306.84 million yuan, an increase of 11.44% compared to the previous year [4][8]. - The company has demonstrated strong capabilities in the exhibition industry, with a significant increase in revenue from supporting services, which grew by 62.87% year-on-year, accounting for 21.71% of total revenue [5][6]. - The company is accelerating its international expansion, having registered a subsidiary in Hong Kong and exploring integrated operations in the Expo Exhibition Hall [7][8]. Financial Performance - The company reported a gross margin of 32.58% for 2024, a slight increase of 0.68 percentage points year-on-year. The net profit margin was 18.67%, showing a minor decline of 0.69 percentage points due to increased management expenses [6][9]. - The company plans to distribute a cash dividend of 2.2 yuan per 10 shares for 2024, with a cash dividend payout ratio of 52.86% [7][8]. - Forecasts indicate that the company will achieve net profits of 351 million yuan, 398 million yuan, and 452 million yuan for 2025, 2026, and 2027, respectively, with growth rates of 14.3%, 13.6%, and 13.5% [8][9]. Market Position and Strategy - The company organized and participated in 59 exhibition projects in 2024, an increase of 18% from the previous year, with a total exhibition area of 1.24 million square meters [5][6]. - The sports segment generated revenue of 189 million yuan, reflecting a year-on-year growth of 21.7%, although the gross margin decreased due to high costs associated with new events [5][6]. - The company is investing 50 million yuan to establish an AI ecosystem service platform, enhancing its digital capabilities and exploring value-added services [6][7].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 8.35 [1][8]. Core Insights - The company achieved a revenue of 1.643 billion yuan in 2024, representing a year-on-year growth of 15.58%. The net profit attributable to shareholders reached 306.84 million yuan, an increase of 11.44% compared to the previous year [4][8]. - The company has significantly enhanced its exhibition service capabilities, with a notable increase in revenue from supporting services, which grew by 62.87% year-on-year, accounting for 21.71% of total revenue [5][6]. - The company is accelerating its international expansion, having registered a subsidiary in Hong Kong and exploring integrated operations in the Expo Exhibition Hall [7][8]. Financial Performance - The company reported a gross profit margin of 32.58% in 2024, a slight increase of 0.68 percentage points year-on-year. The net profit margin was 18.67%, showing a minor decline of 0.69 percentage points due to increased management expenses [6][9]. - The company plans to distribute a cash dividend of 2.2 yuan per 10 shares for 2024, with a cash dividend payout ratio of 52.86% [7][8]. - Forecasts indicate that the company will achieve net profits of 351 million yuan, 398 million yuan, and 452 million yuan for 2025, 2026, and 2027, respectively, with growth rates of 14.3%, 13.6%, and 13.5% [8][9]. Market Position and Strategy - The company organized and participated in 59 exhibition projects in 2024, an increase of 18% from the previous year, with a total exhibition area of 1.24 million square meters [5][6]. - The sports segment generated revenue of 189 million yuan, reflecting a year-on-year growth of 21.7%, although the gross margin decreased due to high costs associated with new events [5][6]. - The company is investing 50 million yuan to establish an AI ecosystem service platform, enhancing its digital capabilities and exploring value-added services [6][7].

证券代码：600826 股票简称：兰生股份 公告编号：临 2025-013 东浩兰生会展集团股份有限公司 关于办公地址信息更新的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假 记载、误导性陈述或者重大遗漏负连带责任。 东浩兰生会展集团股份有限公司（以下简称"公司"）办公地址门牌号信息 更新，地理位置不变，现将相关事项公告如下： 除上述变更外，邮政编码、公司网址、投资者热线、电子邮箱等均保持不变， 具体如下： 邮编：200011 公司网址：www.dlg-expo.com 投资者热线：021-63366287、021-63366275 变更前： 办公地址：上海市黄浦区会馆街 55 号绿地外滩中心 T3 栋 15-16 楼 变更后： 办公地址：上海市黄浦区董家渡路 200 号董家渡外滩中心 T3 栋 15-16 楼 电子邮箱：stock@dlg-expo.com 敬请广大投资者注意上述变更事项。由此给大家带来的不便，敬请谅解。 特此公告。 东浩兰生会展集团股份有限公司董事会 2025 年 4 月 25 日 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][5][7] Core Views - The company achieved a revenue of RMB 1.643 billion in 2024, representing a year-on-year growth of 15.58%, and a net profit of RMB 307 million, up 11.44% year-on-year [5][10] - As a leading state-owned enterprise in the exhibition industry, the company continues to grow its existing business steadily through both organic growth and acquisitions [5][7] - The company is focusing on new growth areas such as artificial intelligence, low-altitude economy, sports events, pet economy, and health [10] Financial Summary - The company’s revenue projections for 2025-2027 are RMB 1.812 billion, RMB 1.989 billion, and RMB 2.152 billion, with growth rates of 10.3%, 9.8%, and 8.2% respectively [9][11] - The expected EPS for 2025-2027 is RMB 0.43, RMB 0.46, and RMB 0.49, with corresponding P/E ratios of 19.0, 17.8, and 16.5 [7][9] - The company plans to distribute a cash dividend of RMB 2.2 per 10 shares for 2024, totaling RMB 159 million, which represents 66.08% of the net profit [10]

Core Insights - The establishment of Weike Yili Company is based on the rapid development of artificial intelligence technology and the company's extensive experience and resources accumulated from the World Artificial Intelligence Conference (WAIC) [1][2] - The company aims to create a globally influential comprehensive ecological service provider for AI conferences, marking a significant step in the AI exhibition field [1] Group 1: Company Strategy and Development - The company has officially set up a wholly-owned subsidiary, Shanghai Donghao Lansheng Weike Yili Information Technology Co., Ltd., to operate the WAIC project [1] - Weike Yili's mission is to "link the global AI ecosystem" by integrating resources and innovative services to promote collaborative development in the global AI industry [1] Group 2: Business Model and Future Plans - The company adheres to a "one chain, two circles" development model, focusing on professional operation across the entire exhibition chain and creating a technology exhibition and AI ecosystem [1] - Future initiatives will revolve around a 1+6 product line, including the WAIC conference, WAIC UP consulting platform, WAIC Future Tech incubation platform, and WAIC Connect matching platform, aimed at empowering AI enterprise development [1][2] Group 3: Data-Driven Approach - Weike Yili plans to leverage the WAIC conference to build a digital middle platform for data-driven insights and analysis, aiming to become an industry data benchmark [2]

Core Viewpoint - Lansheng Co., Ltd. demonstrated strong performance in the exhibition industry during the 2024 annual performance meeting, highlighting its leadership position and robust capabilities [1][3]. Financial Performance - In 2024, Lansheng Co., Ltd. achieved operating revenue of 1.643 billion yuan, a year-on-year increase of 15.58% - The net profit attributable to shareholders reached 307 million yuan, reflecting a year-on-year growth of 11.44% [3]. Business Growth - The company organized, hosted, and participated in 59 exhibition and competition projects, marking an 18% increase year-on-year - The total exhibition area reached 1.24 million square meters, serving 1.91 million visitors and 17,600 exhibitors - In the sports events sector, the company hosted 12 events with approximately 78,000 participants [4]. Exhibition Organization - The World Artificial Intelligence Conference was rebranded to enhance its status, becoming the most influential technology exhibition in China - The China International Industrial Expo ranked ninth in the World Exhibitors TOP 100 list, featuring exhibitors from 28 countries and regions [4]. Venue Operations - The overall rental rate of the Expo Exhibition Center reached 42.08%, an increase of 2 percentage points from the previous year - The company initiated the third phase of smart venue construction, utilizing AI security and IoT technologies to enhance service levels [5]. International Expansion - Lansheng Co., Ltd. is exploring domestic and international business expansion, including high-quality hosting of sub-exhibitions and international projects [5]. ESG Practices - The company actively advanced its ESG framework, releasing its first ESG report and enhancing sustainability across various domains, including governance and green exhibition practices [6][7]. Digital Transformation - Lansheng Co., Ltd. is deepening its digital transformation, optimizing the entire exhibition process and digital communication platforms, including AI translation services at major events [8]. Social Responsibility - The company invested over 1.15 million yuan in public welfare activities in 2024, demonstrating its commitment to social responsibility [9]. Future Outlook - For 2025, the company aims to enhance its core business and expand its international presence, focusing on technology services, sports events, and high-end equipment sectors [10][11].

Core Insights - The chairman of the company, Chen Xiaohong, outlined the company's medium to long-term business development plan during the 2024 annual performance briefing [1][2] - The company emphasizes sustainable development, high-quality growth, and core competitiveness as essential components for its growth [1] Existing Business Transformation - The company plans to transform its existing business segments, exemplified by the World Artificial Intelligence Conference, which will shift from a three-day event to a year-round ecological exhibition [1] - The company aims to enhance the quality of its sports events, industrial expos, and exhibition hall operations, positioning the World Expo venue as a premium paid event destination [1] Incremental Business Expansion - Chen highlighted the importance of increasing both the quantity and quality of intellectual properties (IPs) [1] - The company intends to expand its IP reserves through self-incubation, mergers and acquisitions in the capital market, and attracting outstanding companies [1] - The company will also develop a media matrix to adapt to changes in economic conditions and technological environments [1] - There is a focus on expanding into international markets to meet the overseas needs of clients and partners, accelerating the company's global layout through collaborations with leading international enterprises [1] Future Growth Potential - If the transformation of existing businesses is successfully implemented within the next 3 to 5 years, it is expected to provide greater growth potential and investment returns for investors [2] - The company will continue to rely on national strategies and support Shanghai's urban development to enhance its competitiveness and market share, aiming to become a leading exhibition and event company [2]