Summary of Key Points Core Viewpoint - The company has authorized its management to dispose of financial assets not exceeding 800 million yuan to optimize its asset structure and increase liquidity without affecting normal operations [1][2]. Transaction Overview - The company will manage the disposal of financial assets based on market conditions, with a maximum limit of 800 million yuan authorized for a period of 12 months from the board's approval date [1]. - As of May 31, 2025, the total market value of the company's financial assets, including stocks and funds, is approximately 2.267 billion yuan [2]. - The authorized disposal amount does not exceed 30% of the company's audited total assets for the year 2024 [2]. - The transaction does not constitute a related party transaction or a significant asset restructuring as defined by regulations [2]. Impact on the Company - The authorization aims to positively adjust the structure of financial assets, enhancing liquidity without impacting the company's normal production and operations [2]. - The company will account for the disposal of financial assets according to relevant accounting standards, with gains or losses from stock disposals recorded in retained earnings and those from fund disposals recorded in current profits and losses [2].

通 商 津 師事務所 COMMERCE & FINANCE LAW OFFICES 北京市通商律师事务所上海分所 关于东浩兰生会展集团股份有限公司 差异化分红的法律意见书 致:东浩兰生会展集团股份有限公司 根据公司确认,截至本法律意见书出具日前一交易日,公司回购至回购专用 账户的股份为11,349,981股。 根据《上海证券交易所上市公司自律监管指引第7号 -- 回购股份》,上市 公司回购专用账户中的股份,不享有股东会表决权、利润分配、公积金转增服本、 认购新股和可转换公司债券等权利,不得质押和出借。 北京市通商律师事务所上海分所(以下简称"本所")接受东浩兰生会展集 团股份有限公司(以下简称"公司")的委托,根据《中华人民共和国证券法》 (以下简称"《证券法》")《中华人民共和国公司法》(以下简称"《公司法》") 《上海证券交易所上市公司自律监管指引第7号 -- 回购股份》等法律法规、规 范 性 文 件 以 及《 东 浩 兰 生 会 展 集 团 股 份 有 限 公 司 章 程 》 以 下 简 称 " 《 公 司 章 程 》") 的相关规定,就公司2024年度利润分配所涉及的差异化分红(以下简称"本次差 异化 ...

东浩兰生会展集团股份有限公司 证券代码：600826 股票简称：兰生股份 公告编号：临 2025-018 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： 关于授权处置金融资产的公告 交易简要内容：东浩兰生会展集团股份有限公司（以下简称"公司"） 授权经理层处置不超过 8 亿元（含）的存量金融资产。 上述交易事项不构成关联交易。 尚需履行的审议程序：2025 年 6 月 17 日，公司第十一届董事会第十次 会议审议通过了《关于授权减持存量金融资产的议案》。本议案无需提交公司股 东会审议 相关风险提示：证券市场受宏观经济形势、财政及货币政策、产业政策、 投资标的公司经营管理等方面的影响，存在一定的市场和政策波动风险，敬请广 大投资者关注投资风险。 一、交易概述 根据 2025 年证券市场的变化，在投资风险可控且不影响公司正常经营的情 况下，本着积极稳妥调整存量金融资产结构的原则，公司将对存量金融资产开展 处置操作管理。董事会同意授权经理层处置不超过 8 亿元（含）的存量金融资产， 授权期限自董事会审议通过之日后 1 ...

证券代码：600826 证券简称：兰生股份 公告编号：临 2025-019 一、 通过分配方案的股东会届次和日期 本次利润分配方案经东浩兰生会展集团股份有限公司（以下简称"公司"）2025 年 5 月 23 日的2024年年度股东会审议通过。 东浩兰生会展集团股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.22元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/23 | － | 2025/6/24 | 2025/6/24 | 差异化分红送转： 是 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 本次涉及差异化权益分派，公司回购专用证券账户不参与本次权益分派。 3. 差异化分 ...

Investment Rating - The report rates the social services industry as "Overweight" indicating a positive outlook for the sector [4]. Core Insights - The report highlights the resurgence of instant film photography, particularly the popularity of "Peel Apart" film and the new "Life Four Frames" photo booths, driven by nostalgia and unique consumer experiences [5][11]. - The scarcity of Peel Apart film, with global inventory dropping below 500,000 boxes, has led to a dramatic price increase, with prices soaring from around 65-70 RMB per pack to 2800-3300 RMB on second-hand platforms, earning it the nickname "Paper Moutai" [9][11]. - The "Life Four Frames" photo booths have modernized the traditional photo booth experience, offering various backgrounds and instant photo printing, appealing to younger consumers [11][12]. Summary by Sections 1. New Trends in Photography - Peel Apart film has gained immense popularity due to its unique aesthetic and the limited availability of products from major manufacturers like Polaroid and Fujifilm, which have ceased production [8][9]. - The "Life Four Frames" photo booths have evolved from traditional photo booths, providing a more interactive and customizable experience for users [11]. 2. Market Performance Review - The social services sector saw a 2.09% increase in its index from June 2 to June 6, outperforming the broader market [13]. - Key stocks in the social services sector, such as ST United and Jinling Hotel, experienced significant gains, with increases of 21.46% and 11.87% respectively [18]. 3. Company Announcements - Companies in the retail and social services sectors are actively engaging in stock buybacks and shareholder reduction plans, indicating a focus on enhancing shareholder value [26][27]. 4. Industry Developments - The report notes significant developments in the social services industry, including record passenger numbers during the Dragon Boat Festival, showcasing a recovery in travel and tourism [30]. - The introduction of new technologies and partnerships, such as the investment in Acai Travel by Amadeus, reflects ongoing innovation within the industry [30]. 5. Valuation of Key Companies - The report provides a detailed valuation of key companies in the human resources, tourism, and hotel sectors, indicating a favorable outlook for these industries as they recover from previous downturns [32][33].

Investment Rating - Industry rating: Recommended [4] Core Insights - The report highlights a robust growth in visitor numbers during the Dragon Boat Festival, with a projected total of 6.87 billion trips, reflecting a year-on-year increase of 3.0% [1][18] - The demand for family-oriented travel has surged, particularly for short-distance self-driving trips and parent-child tours, with bookings for parent-child group tours increasing by 80% year-on-year [1][2] - The launch of new products by Lao Pu Gold, such as the Seven Sons Gourd, is expected to drive high demand in the fashion gold jewelry sector, despite a tightening overall consumption environment [2] Summary by Sections 1. Market Review - The consumer service index and retail index outperformed the CSI 300 index, with significant gains in the jewelry and watch sector [11] - The report notes a 5.1% year-on-year increase in total retail sales in April, with jewelry sales growing by 25.3% [36][50] 2. Industry & Company Dynamics - The report discusses the increase in domestic tourism, with various regions reporting significant visitor numbers during the holiday period [18][19] - Lao Pu Gold's new product launch is positioned to capture the growing trend in fashion jewelry, appealing to consumer sentiment and aesthetic preferences [2][3] 3. Macro & Industry Data - April's retail sales data indicates a stable growth trajectory, with online retail sales showing a 5.8% year-on-year increase [37] - The report provides insights into the gold jewelry market, noting a decline in overall gold consumption but an increase in gold bars and coins [52][55] 4. Investment Recommendations - The report suggests five investment themes, including the revival of traditional retail formats, the rise of AI technology applications, and the potential for new retail sectors to outperform expectations [59][61]

Core Viewpoint - The New Fortune Golden Secretary Award has become a benchmark in China's capital market, reflecting the significant development and transformation of the industry over the past 21 years, with award-winning secretaries playing a crucial role in enhancing corporate governance and investor relations management [1] Group 1: Company Overview - Donghao Lansheng Exhibition Group Co., Ltd. (600826.SH) is a comprehensive state-controlled listed company that integrates industrial operations and capital operations, focusing on the entire industry chain of the exhibition industry [3] - The company actively supports national strategies and urban development by hosting significant exhibitions, conferences, and events, such as the China International Industry Fair and the World Artificial Intelligence Conference [3] Group 2: Leadership and Management - Zhang Rongjian, the Secretary of the Board and Vice President, emphasizes his role as a strategic advisor and value enhancer for the company, aiming to solidify the foundation for high-quality development [3][5] - Under Zhang's leadership, the company has implemented effective governance, capital operations, and investor relations management, earning the title of "New Fortune Golden Secretary" [3] Group 3: Financial Performance - In 2024, the company achieved a revenue of 1.643 billion yuan, a year-on-year increase of 15.58%, and a net profit attributable to shareholders of 307 million yuan, up 11.44% [6] Group 4: Investor Relations Management - The company prioritizes investor relations, utilizing various platforms to communicate its value to the capital market, including innovative activities that align with its business characteristics [10] - The annual performance briefing combined with a newly acquired pet exhibition received positive feedback from investors, showcasing the company's commitment to transparency and engagement [10] Group 5: Value Return and Shareholder Engagement - The company has adopted a "investor-centric" approach, implementing measures such as cash dividends, share buybacks, and high-quality information disclosure to protect investor rights [12] - In 2024, the cash dividend ratio reached 66.08%, with a commitment to maintain a minimum of 50% in the next three years [12] Group 6: ESG Initiatives - The company integrates ESG principles into its development strategy, establishing a clear management framework and disclosing its first ESG report in 2025, which highlights its governance and social responsibility practices [13] - The company's ESG rating improved from B to A, indicating its leading position in the industry [13] Group 7: Future Outlook - The company aims to deepen its focus on the exhibition and event sectors, particularly in artificial intelligence, sports events, and the pet economy, to enhance its core competitiveness [15] - The company is committed to becoming an internationally recognized exhibition service brand, contributing to Shanghai's development as a global exhibition city [15]

Investment Rating - The report maintains an "Outperform" rating for the social services industry [1] Core Insights - The overall revenue of the sector is steadily increasing, but the recovery in performance is slower, with significant differentiation among sub-sectors. Attention is recommended for cyclical recovery sectors such as human resources and exhibitions, as well as resilient sectors like tourism and scenic spots [1][2] - In 2024, the social services sector achieved a total revenue of 191.54 billion, a year-on-year increase of 36.57%, while the net profit attributable to shareholders was 7.48 billion, a year-on-year decrease of 18.21%. The overall profitability has declined [10][14] - In Q1 2025, the sector generated a revenue of 44.84 billion, a year-on-year increase of 38.75%, with a net profit of 1.81 billion, a year-on-year increase of 33.06% [20][22] Summary by Sections Sector Summary - The revenue growth rate outperformed the profit growth rate, with the professional services and education sectors performing better. In 2024, the professional services sector saw a year-on-year increase of 79.57%, while the education sector's profit level improved significantly [10][14] - In Q1 2025, the professional services sector led with a revenue growth of 89.62%, followed by tourism and scenic spots at 7.39% [22] Tourism - The domestic travel market shows strong resilience, with a total of 5.615 billion domestic tourists in 2024, a year-on-year increase of 14.80% [34] - The cross-border travel market is experiencing high demand, with inbound tourists reaching 132 million in 2024, a year-on-year increase of 60.8% [40] Hotels - Business travel demand is still recovering, with the RevPAR expected to be under pressure throughout 2024 [13] Catering - The catering market is expected to see slower revenue growth in 2024, with Q1 2025 showing some improvement [16] Duty-Free - Duty-free sales in offshore areas are showing marginal improvement, with city channels expected to contribute to growth [18] Human Resources - The human resources sector is experiencing stable data operations, but employment market pressures remain [22] Exhibitions - The domestic exhibition market is steadily growing, with the number of exhibitions remaining stable in 2024 [24]

Meeting Details - The shareholders' meeting of Donghao Lansheng Exhibition Group Co., Ltd. was held on May 23, 2025, at the Shanghai World Expo Exhibition and Convention Center [1] - The meeting was presided over by Chairman Chen Xiaohong, with attendance from directors, supervisors, senior management, and legal representatives [1] Voting Results - All non-cumulative voting proposals were approved with significant support, including: - 99.8729% of A-share shareholders voted in favor of the first proposal, with 483,997,136 votes for, 506,086 against, and 110,040 abstentions [1] - The second proposal received 99.8889% approval, with 484,074,916 votes for, 520,286 against, and 18,060 abstentions [1] - The third proposal had 99.8887% approval, with 484,074,116 votes for, 480,790 against, and 58,356 abstentions [1] Major Proposals - The meeting included discussions on significant matters such as: - The mid-year dividend distribution plan for 2025 [3] - The use of idle funds for financial management [3] - Annual routine related party transactions [3] - The shareholder return plan for the years 2025 to 2027 [3] Legal Compliance - The meeting's procedures were confirmed to comply with relevant laws, regulations, and the company's articles of association, ensuring the legitimacy of the attendees and the voting process [3]

Core Viewpoint - The legal opinion confirms that the convening and holding of the 2024 annual shareholders' meeting of Donghao Lansheng Exhibition Group Co., Ltd. complies with relevant laws, regulations, and the company's articles of association [1][11]. Group 1: Meeting Procedures - The shareholders' meeting was convened by the board of directors in accordance with the company's articles of association, with proper notification to registered shareholders [2]. - The meeting was held on May 23, 2025, at the Shanghai World Expo Exhibition and Convention Center, combining both on-site and online voting methods [2][3]. - The voting time for the online platform was from 9:15 AM to 3:00 PM on May 23, 2025 [3]. Group 2: Attendance and Voting - A total of 317 participants attended the meeting, representing 484,613,262 shares, which accounted for 66.9186% of the total voting shares [3]. - The meeting included company directors, supervisors, and legal representatives, all of whom met the qualifications as per relevant laws and the company's articles of association [3][4]. Group 3: Resolutions and Voting Results - The meeting discussed several resolutions, including a shareholder return plan for the year 2024, with no special resolutions proposed [4]. - The voting results showed overwhelming support for the resolutions, with the majority of votes in favor: 483,997,136 shares (99.8729%) for one resolution, and similar high approval rates for others [5][10]. - The voting results for minority investors also reflected strong support, with 97.5742% in favor for one of the resolutions [5][10].