Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company reported a revenue of 471 million RMB in Q3 2025, representing a year-on-year increase of 38.00%. The net profit attributable to shareholders was 124 million RMB, up 3.33% year-on-year, while the net profit excluding non-recurring items was 56 million RMB, reflecting a 20.59% increase year-on-year [3][8] - As a leading state-owned enterprise in the exhibition industry, the company has shown steady growth in its existing business and continues to contribute to performance growth through both organic development and external acquisitions [5][8] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 1.025 billion RMB, a 10.00% increase year-on-year. The net profit attributable to shareholders was 181 million RMB, down 10.51% year-on-year, while the net profit excluding non-recurring items was 117 million RMB, down 15.85% year-on-year [8] - The company hosted 17 exhibitions and 8 events in the first three quarters, with a total exhibition area exceeding 1.237 million square meters [8] Growth Drivers - The Q3 performance was driven by the peak season for exhibitions, with significant increases in revenue from exhibition organization. Notably, the World Artificial Intelligence Conference held in July set historical records for exhibition area and number of participating companies, increasing by 34.6% and 60% respectively [8] - The company is focusing on high-growth sectors and continues to pursue external acquisitions, including a strategic acquisition of Tianyi Zhixun Cultural Communication Chengdu Co., Ltd., which will enhance its presence in the pet economy sector [8] Valuation - The company is projected to have earnings per share (EPS) of 0.43, 0.46, and 0.49 RMB for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 24.8, 23.2, and 21.5 [5][7]

Group 1: Macro Insights - The "14th Five-Year Plan" has established a clear direction for the "15th Five-Year Plan," emphasizing foundational consolidation and comprehensive efforts, with a focus on "common prosperity" and strengthening "internal circulation" [6] - The plan identifies four strategic emerging industries and six future industries, aiming to promote key core technology breakthroughs in six priority areas through extraordinary measures [6] Group 2: Fixed Income - Er Yong Bonds - Recent market conditions have led to a decline in risk appetite, benefiting Er Yong bonds with both interest rate and spread reductions [7] - The supply of Er Yong bonds remains weak, continuing the trend of asset scarcity, while the monthly turnover rate has remained stable [7] - The pricing model suggests that the yield of 5-year AAA-rated secondary capital bonds may decline to approximately 2.07% next year [7] Group 3: Banking Sector - Precious Metals - The banking sector is expected to see growth in precious metals business despite challenges from high volatility in the gold market [8] - As of September 2025, China's official gold reserves reached 74.06 million ounces, marking an increase for 11 consecutive months, with a global trend of central banks increasing gold reserves [8] - The introduction of pilot programs for insurance funds to invest in gold is creating new opportunities for banks to provide services and increase intermediary income [8] Group 4: Textile and Apparel - Baoxini - Baoxini's revenue is expected to stabilize, with a projected decline in net profit due to ongoing adjustments in its main brand [12] - The company is anticipated to achieve a net profit of 2.95 billion, 3.74 billion, and 4.49 billion yuan from 2025 to 2027, maintaining a "buy" rating [12] Group 5: Food and Beverage - Haitian Flavoring - Haitian Flavoring reported a revenue of 21.628 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 6.02% [13] - The company is expected to benefit from its leadership position in the industry and aims for significant growth in overseas markets [13] Group 6: Computer Industry - Zhongke Chuangda - Zhongke Chuangda's revenue for Q3 2025 reached 1.848 billion yuan, a year-on-year increase of 42.87% [15] - The company is projected to achieve net profits of 606 million, 695 million, and 782 million yuan from 2025 to 2027, maintaining a "buy" rating [15] Group 7: Home Appliances - Hisense - Hisense's profitability has slightly declined, but the company remains optimistic about its long-term globalization strategy [16] - The projected net profits for 2025 to 2027 are 3.398 billion, 3.771 billion, and 4.154 billion yuan, with a "hold" rating [16] Group 8: Coal Industry - China Coal Energy - China Coal Energy reported a revenue of 110.584 billion yuan for the first three quarters of 2025, a year-on-year decrease of 21.24% [27] - The company is expected to achieve net profits of 16 billion, 17.1 billion, and 18.5 billion yuan from 2025 to 2027, maintaining a "buy" rating [27] Group 9: Automotive - Huguang - Huguang's revenue for the first three quarters of 2025 was 5.84 billion yuan, reflecting a year-on-year increase of 6% [34] - The company is expanding its customer base and enhancing its overseas market presence, which is expected to drive future growth [34]

Core Viewpoint - Lansheng Co., Ltd. is a leading player in the domestic exhibition industry, with a comprehensive business model covering the entire exhibition industry chain, supported by rich resources from state-owned shareholders [1] Group 1: Business Performance - In Q3 2025, Lansheng achieved a revenue of 1.025 billion yuan, ranking first in the industry, significantly higher than the industry average of 541 million yuan and the median of 401 million yuan [2] - The company's net profit for the same period was 199 million yuan, also ranking first in the industry, far exceeding the industry average of 82.7 million yuan and the median of 40.3 million yuan [2] - The main business composition includes exhibition organization at 263 million yuan (47.59% of revenue) and exhibition hall operation services at 148 million yuan (26.79% of revenue) [2] Group 2: Financial Ratios - As of Q3 2025, Lansheng's asset-liability ratio was 26.24%, down from 27.93% year-on-year but still above the industry average of 23.24% [3] - The gross profit margin for the same period was 30.62%, slightly down from 31.23% year-on-year and below the industry average of 33.35% [3] Group 3: Executive Compensation - The chairman, Chen Xiaohong, received a salary of 1.233 million yuan in 2024, an increase of 205,000 yuan from 2023 [4] - The president, Bi Peiwen, saw his salary rise from 348,000 yuan in 2023 to 1.1197 million yuan in 2024 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 59.64% to 41,900 [5] - The average number of circulating A-shares held per shareholder decreased by 37.36% to 17,600 [5] Group 5: Future Outlook - Lansheng is expected to achieve revenues of 1.714 billion yuan, 1.845 billion yuan, and 1.987 billion yuan for 2025 to 2027, with year-on-year growth rates of 4.3%, 7.7%, and 7.7% respectively [6] - The projected net profit for the same period is 335 million yuan, 380 million yuan, and 429 million yuan, with year-on-year growth rates of 9.3%, 13.2%, and 12.9% respectively [6] - The company plans to explore various market opportunities, including the pet economy and transitioning to an AI service provider, while maintaining high dividend payouts [6]

Core Insights - The company reported a revenue of 1.025 billion yuan for Q1-Q3 2025, reflecting a year-on-year increase of 10.00%, while the net profit attributable to shareholders decreased by 10.51% to 181 million yuan [1] - In Q3 2025, the company achieved a revenue of 471 million yuan, a significant year-on-year growth of 38.00%, with a net profit of 124 million yuan, up 3.33% [1] Revenue and Profit Analysis - The core exhibition business entered a peak season in Q3, contributing to rapid revenue growth, driven by increased exhibition organization income [1] - The company organized 17 exhibitions covering over 1.237 million square meters and hosted 8 events with over 37,000 participants in the first three quarters of 2025 [1] - The gross profit margin for Q3 2025 was 26.50%, a decrease of 6.08 percentage points year-on-year [2] Cost Management - The company demonstrated effective cost control, with sales, management, and R&D expense ratios of 3.06%, 10.27%, and 0.10%, respectively, showing year-on-year decreases [2] - The significant difference between net profit and adjusted net profit was primarily due to non-recurring gains from changes in the fair value of financial assets amounting to 88.998 million yuan [2] Investment Strategy - The company is expanding its market through various collaborations, including project, equity, and strategic partnerships, achieving a nationwide layout [3] - It is accelerating into new sectors, such as the pet economy, with significant growth in the scale of exhibitions and strategic acquisitions [3] - The company has a strong dividend policy, with a mid-2025 dividend payout ratio of 76.32% of the first half's net profit, and has outlined a shareholder return plan for 2025-2027 [3] - Revenue projections for 2025-2027 are 1.714 billion, 1.845 billion, and 1.987 billion yuan, with corresponding net profits of 335 million, 380 million, and 429 million yuan, indicating growth rates of 4.3%, 7.7%, and 7.7% respectively [3]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has shown a performance turning point in Q3 2025, with significant growth in its core exhibition business, driven by major events [1][2] - The company is expanding its market presence through various collaborations and is accelerating its layout in new sectors, particularly in the "pet economy" and AI services [3] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 1.025 billion yuan, a year-on-year increase of 10.00%, and a net profit attributable to shareholders of 181 million yuan, a decrease of 10.51% [1] - In Q3 2025 alone, the company reported revenue of 471 million yuan, up 38.00% year-on-year, and a net profit of 124 million yuan, an increase of 3.33% [1] - The gross margin for Q3 2025 was 26.50%, down 6.08 percentage points year-on-year, while the company effectively managed its expenses [2] Future Projections - The company is projected to achieve revenues of 1.714 billion yuan, 1.845 billion yuan, and 1.987 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 4.3%, 7.7%, and 7.7% [3] - Net profit attributable to shareholders is expected to reach 335 million yuan, 380 million yuan, and 429 million yuan for the same years, with growth rates of 9.3%, 13.2%, and 12.9% respectively [3] Market Position and Strategy - The company has established a nationwide layout through its main exhibition resources and is promoting several exhibitions to expand its reach [3] - The establishment of a specialized company for AI services indicates a strategic shift towards becoming a comprehensive service provider in the AI sector [3]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603389 | *ST亚振 | 48.25 | 3.70% | 4.59万 | 2.18亿 | | 600679 | 上海凤凰 | 13.53 | 3.28% | 20.25万 | 2.75亿 | | 002291 | 遥望科技 | 6.94 | 3.12% | 80.50万 | 5.57亿 | | 600778 | 友好集团 | 6.80 | 1.19% | 7.86万 | 5317.80万 | | 603081 | 大丰实业 | 13.54 | 1.04% | 12.54万 | 1.69 Z | | 300805 | 电声股份 | 11.36 | 0.62% | 4.75万 | 5379.44万 | | 600272 | 开开实业 | 13.31 | 0.30% | 3.18万 | 4247.07万 | | 300860 | 锋尚文化 | 27.24 | 0.29% | 1.89万 | 5138.83万 | | 600826 | 兰生股份 | ...

Core Viewpoint - Lansheng Co., Ltd. (600826.SH) reported a total operating revenue of 1.025 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 10% [1] - The net profit attributable to shareholders decreased by 10.51% year-on-year to 181 million yuan [1] - The basic earnings per share stood at 0.25 yuan [1] Financial Performance - Total operating revenue reached 1.025 billion yuan, marking a 10% increase compared to the previous year [1] - Net profit attributable to the parent company's shareholders was 181 million yuan, showing a decline of 10.51% year-on-year [1] - Basic earnings per share reported at 0.25 yuan [1]

Group 1 - The core viewpoint of the article highlights the financial performance of Lansheng Co., Ltd. for the third quarter of 2025, indicating a revenue increase but a decline in net profit and earnings per share [1] Group 2 - Lansheng Co., Ltd. reported a revenue of approximately 1.025 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 10% [1] - The net profit attributable to shareholders of the listed company was approximately 181 million yuan, showing a year-on-year decrease of 10.51% [1] - The basic earnings per share were 0.25 yuan, which is a year-on-year decrease of 12.06% [1] Group 3 - As of the report date, Lansheng Co., Ltd. has a market capitalization of 7.8 billion yuan [2]

(二) 股东会召开的地点：上海市博成路 850 号上海世博展览馆 B2 层 5 号会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 证券代码：600826 证券简称：兰生股份 公告编号：临 2025-040 东浩兰生会展集团股份有限公司 2025年第二次临时股东会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东会召开的时间：2025 年 10 月 27 日 表决情况： | 1、出席会议的股东和代理人人数 | 454 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 468,321,403 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 64.6689 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次会议由公司董事会召集，公司董事、高级管理人员及北京市通商律师事 务所上海分所律师出席了会 ...

一、同意《关于补选董事会战略及 ESG 委员会委员的议案》。 为完善公司治理结构，充分发挥董事会专门委员会的职能，同意补选方岚女 士为公司董事会战略及 ESG 委员会委员。任期自本次董事会审议通过之日起至第 十一届董事会届满之日止。 补选完成后公司董事会战略及 ESG 委员会的成员为： 陈小宏（主任委员）、毕培文、张敏、张铮、方岚。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 二、同意《关于公司 2025 年第三季度报告的议案》。 证券代码：600826 证券简称：兰生股份 公告编号：临2025-041 东浩兰生会展集团股份有限公司 第十一届董事会第十五次会议决议公告 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。 东浩兰生会展集团股份有限公司（以下简称"公司"）第十一届董事会第十 五次会议于 2025 年 10 月 27 日在上海市博成路 850 号上海世博展览馆 B2 层 5 号会议室以现场会议方式召开，会议通知及材料于 2025 年 10 月 22 日以微信及 电子邮件的方式发出。会议应出席董事 9 人， ...