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]

Group 1 - The annual performance briefing of Lansheng Co., Ltd. (stock code: 600826) will be held on April 18, 2024, focusing on the theme "Activating Development Momentum through Exhibition and Competition, New Quality Engines Driving Industry Upgrading" [1] - Key executives including Chairman Chen Xiaohong, President Bi Peiwen, and other senior management will participate in the briefing to discuss the 2024 performance and operational status with investors [1] - The agenda includes company introduction, annual report performance release, interpretation of the 2024 ESG report, and a development proposal for the company "Weike Yili" aimed at empowering AI enterprises [3] Group 2 - Donghao Lansheng Exhibition Group Co., Ltd. is a comprehensive state-owned listed company that combines industrial operations and capital operations, under the large state-owned backbone group Donghao Lansheng (Group) Co., Ltd. [3] - The company is recognized as the only exhibition enterprise certified by the "Shanghai Brand" and leads with an IP strategy that integrates the entire industry chain resources of the exhibition industry [3] - The group has established a core business ecosystem centered around three major projects: China Industrial Expo, World Artificial Intelligence Conference, and Shanghai Marathon, along with the Expo Exhibition Hall, enhancing the influence of the "Donghao Lansheng Exhibition" brand domestically and internationally [3]

东浩兰生会展集团股份有限公司 董事会审计委员会对 2024 年度会计师事务所 履行监督职责情况的报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理 准则》《国有企业、上市公司选聘会计师事务所管理办法》《上海证券交易所上 市公司自律监管指引第 1 号——规范运作》和《公司章程》《董事会审计委员会 实施细则》等规定和要求，董事会审计委员会本着勤勉尽责的原则，恪尽职守， 认真履职。现将董事会审计委员会对 2024 年度会计师事务所履行监督职责的情 况汇报如下： 一、2024 年年审会计师事务所基本情况 1、会计师事务所基本情况 首席合伙人：张晓荣 机构名称：上会会计师事务所（特殊普通合伙） 成立日期：2013 年 12 月 27 日 组织形式：特殊普通合伙企业 注册地址：上海市静安区威海路 755 号 25 层 历史沿革：上会会计师事务所（特殊普通合伙）原名上海会计师事务所，成 立于 1981 年 1 月，是由财政部在上海试点成立的全国第一家会计师事务所，为 全国第一批具有上市公司、证券、期货、金融资质的会计师事务所之一；1998 年 12 月改制为有限责任公司制的会计师事务所，2013 年 ...

证券代码：600826 证券简称：兰生股份 公告编号：临2025-007 东浩兰生会展集团股份有限公司 第十一届监事会第五次会议决议公告 本公司监事会及全体监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。 一、 监事会会议召开情况 东浩兰生会展集团股份有限公司（以下简称"公司"）第十一届监事会第五 次会议于 2025 年 4 月 10 日，在上海市黄浦区会馆街 55 号绿地外滩中心 T3 办公 楼公司会议室以现场方式召开，会议通知及材料于 2025 年 3 月 31 日以微信及电 子邮件的方式发出。会议应出席监事 5 人，实际出席监事 5 人。会议由监事会主 席陈璘先生主持。会议的召开符合《公司法》和公司章程的规定。 二、监事会会议审议情况 （一）同意《2024 年度监事会工作报告》。 根据《证券法》的规定，监事会对公司编制的 2024 年度报告进行了认真审 核，同意该报告，并提出如下书面审核意见： 表决结果：同意 5 票，反对 0 票，弃权 0 票。 （二）同意《2024 年度财务决算报告及 2025 年财务预算报告》。 表决结果：同意 ...