9月19日下午，兰生股份（600826.SH）参加主题为"沟通传递价值 信心共筑未来"——2025年上海辖区 上市公司集体接待日暨中报业绩说明会活动。 公司业务不仅仅为会展，体育赛事也是公司业务的重要组成部分。公司积极构建上马、上艇、上帆"三 上"城市自主IP赛事矩阵，承办国际体育赛事，以体育为载体融合文商体旅，展现城市风貌。 会上，问及会展业务恢复情况，公司并购的纺织企业整合情况和盈利贡献如何、未来是聚焦会展还是多 元化发展以及是否有数字化转型计划，兰生股份董事长陈小宏表示，2025年上半年，公司会展业务表现 平稳。公司目前也在积极布局海外市场，工博会、世界人工智能大会、广印展、它博会等核心IP项目积 极推进出海探索，为业务发展注入新动能。新设的香港子公司将以"走出去，引进来"等方式，积极拓展 海外业务。 公司并未并购纺织企业，公司旗下它博会于今年上半年收购成都宠博会。今年TOPS成都宠博会于9月18 日盛大开幕，展览面积约5万平方米，参展商超500家。它博会与成都宠博会将在展会品牌、行业资源、 策展内容、媒体宣传等方面全力协作，打造中西部第一宠物展。 公司积极推动数字化能力建设、流程机制重塑、系统平台建设 ...

国盛证券研报指出，兰生股份深耕会展行业20余年，背靠上海市国资委，股东资源丰富。全球会展行业 规模不断发展，公共卫生事件受阻后，2023年全球展览业全面复苏，平均收入已恢复至2019年水平， 2024年同比增长16%。中国会展基础设施不断完善，大型展馆建设跻身全球前列，我国具备举办大规模 展会的基础条件。区域分布来看，会展分布区域集聚，一线城市占据主要地位。行业分布来看，工业占 据主导地位，同时工业与科技类展会呈现较大增幅。未来，公司继续推进会展中国、会展国际战略，复 制已经成熟的展会在国内异地办展，同时组团出海参展双轮驱动。公司为国内展会龙头企业，背靠上海 国资委，手握众多重量级政府IP，深耕上海多年，上海为我国展会中心。当前公司持续推进会展中国、 会展国际、会展数字等战略，公司壁垒较高、空间广阔。首次覆盖给予"买入"评级。 ...

Group 1: Macro Analysis - The Federal Reserve has lowered interest rates by 25 basis points, with a total of three rate cuts expected within the year, indicating a neutral overall stance [3] - Historical trends suggest that rate cuts in a non-recessionary environment typically lead to increases in U.S. stock markets and gold prices, while bond yields and the U.S. dollar index tend to decline [3] - The recent rate cut opens up further room for monetary policy easing in China, with an increased likelihood of rate cuts in the fourth quarter, contingent on domestic economic performance [3] Group 2: Company Analysis - Lansheng Co., Ltd. (600826.SH) - Lansheng Co., Ltd. operates across the entire exhibition industry chain, including exhibition organization, venue operation, and related services, with strong barriers to entry due to high-level government IP exhibitions [5] - The company is expanding its domestic and international exhibition strategies, aiming to replicate successful events in different locations and participate in overseas exhibitions [5] - Revenue projections for Lansheng from 2025 to 2027 are estimated at 1.714 billion, 1.845 billion, and 1.987 billion yuan, respectively, with corresponding net profits of 349 million, 388 million, and 437 million yuan, reflecting growth rates of 4.3%, 7.7%, and 7.7% [5] Group 3: Company Analysis - Jiuzhou Pharmaceutical (603456.SH) - Jiuzhou Pharmaceutical's performance is showing a positive trend, with Q2 revenue of 1.381 billion yuan, a year-on-year increase of 7.15%, and a net profit of 276 million yuan, up 15.70% [8] - The company is expected to see net profits grow from 949 million to 1.184 billion yuan from 2025 to 2027, with growth rates of 56.5%, 9.8%, and 13.7% respectively [8] - The projected price-to-earnings ratios for Jiuzhou Pharmaceutical are 19X, 17X, and 15X for the years 2025 to 2027 [8] Group 4: Company Analysis - Baidu Group (09888.HK) - Baidu is accelerating its AI transformation, with the launch of the Wenxin large model X1.1, which ranks highly in the industry [10] - Revenue forecasts for Baidu from 2025 to 2027 are adjusted to 129.9 billion, 139.1 billion, and 157.4 billion yuan, with non-GAAP net profits of 17.9 billion, 20.1 billion, and 27.3 billion yuan [10] - The valuation adjustments are based on various business segments, including advertising and cloud services, leading to an upgraded rating to "buy" [10]

Market Overview - On September 17, the professional services sector experienced a slight decline of 0.01%, with Anbang Huwei leading the drop [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Stock Performance - Notable gainers in the professional services sector included: - Anche Detection (300572) with a closing price of 28.77, up 5.77% and a trading volume of 227,500 shares, totaling 648 million yuan [1] - Xince Standard (300938) closed at 27.28, up 5.33% with a trading volume of 209,400 shares, totaling 565 million yuan [1] - Other gainers included Shishi Testing (300416), Lihua Technology (002243), and Shengke Nano (688757) with respective increases of 2.86%, 1.53%, and 1.41% [1] - Conversely, the following stocks faced declines: - Anbang Huwei (603373) closed at 50.28, down 4.23% with a trading volume of 34,800 shares, totaling 177 million yuan [2] - Shicun Testing (301228) and Miao Exhibition (300795) also saw declines of 3.36% and 2.36% respectively [2] Capital Flow - The professional services sector saw a net outflow of 83.28 million yuan from institutional investors, while retail investors contributed a net inflow of 108 million yuan [2] - Detailed capital flow for selected stocks showed: - Anche Detection had a net inflow of 69.82 million yuan from institutional investors, while retail investors had a net outflow of 34.72 million yuan [3] - Lihua Technology and Xince Standard also experienced net inflows from institutional investors, but retail investors showed mixed results [3]

Company Overview - Donghao Lansheng Exhibition Group Co., Ltd. is located in Huangpu District, Shanghai, and was established on August 7, 1982, with its listing date on February 4, 1994 [2] - The company's main business includes import and export trade, agency import and export services, and Sino-foreign joint ventures [2] - Revenue composition: Exhibition organization 47.59%, venue operation services 26.79%, exhibition support services 12.97%, event activities 11.17%, others 0.82%, freight forwarding 0.64% [2] Financial Performance - For the first half of 2025, the company reported revenue of 553 million yuan, a year-on-year decrease of 6.21%, and a net profit attributable to shareholders of 56.93 million yuan, down 30.74% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 1.691 billion yuan, with 405 million yuan distributed over the past three years [3] Stock Performance - As of September 16, the stock price increased by 2.06% to 10.92 yuan per share, with a market capitalization of 8.032 billion yuan [1] - Year-to-date stock price growth is 30.26%, with a recent decline of 2.41% over the last five trading days and a 1.62% drop over the last 20 days [1] - The stock has appeared on the trading leaderboard eight times this year, with the most recent occurrence on July 25, where it recorded a net buy of -40.67 million yuan [1] Shareholder Information - As of June 30, 2025, the number of shareholders is 26,300, a decrease of 10.67% from the previous period, with an average of 28,017 circulating shares per shareholder, an increase of 11.95% [2] - Major shareholders include Hong Kong Central Clearing Limited, which holds 10.4525 million shares, and new entrants such as Tianhong Yongli Bond A and Tianhong Tongli Mixed A [3]

证券代码：600826 股票简称：兰生股份 公告编号：临 2025-035 东浩兰生会展集团股份有限公司 关于参加2025年上海辖区上市公司集体接待日 暨中报业绩说明会活动的公告 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法律责任。 重要内容提示： 东浩兰生会展集团股份有限公司（以下简称"公司"）于 2025 年 08 月 28 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 半年度经营成果及财务状况，公司计划于 2025 年 09 月 19 日下午 15:00-17:00 参加由中国证券监督管理委员会上海监管局指导、上海上市公司协会及深圳市全 景网络有限公司联合举办的"2025 年上海辖区上市公司集体接待日暨中报业绩 说明会活动"，就投资者关心的问题进行交流。 一、说明会类型 本次活动将采取网络远程的方式举行，公司将针对 2025 半年度经营成果及 财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内就 1 会议召开时间：2025 年 09 月 19 日（星期五）15:00-17 ...

Market Overview - The professional services sector experienced a decline of 1.57% on September 9, with Lanse Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3807.29, down 0.51%, while the Shenzhen Component Index closed at 12510.6, down 1.23% [1] Stock Performance - Notable gainers included: - Anke Detection (300572) with a closing price of 24.83, up 2.77% and a trading volume of 89,200 shares, totaling 218 million yuan [1] - Lihua Science and Technology (002243) closed at 9.07, up 1.34% with a trading volume of 278,500 shares, totaling 251 million yuan [1] - Major decliners included: - Lanse Co., Ltd. (600826) closed at 11.19, down 7.06% with a trading volume of 424,000 shares, totaling 480 million yuan [2] - Guoyi Bidding (631039) closed at 14.31, down 4.09% with a trading volume of 29,500 shares, totaling 42.9 million yuan [2] Capital Flow - The professional services sector saw a net outflow of 252 million yuan from institutional investors, while retail investors contributed a net inflow of 247 million yuan [2][3] - The detailed capital flow for selected stocks showed: - Anke Detection had a net inflow of 20.54 million yuan from institutional investors, while retail investors had a net outflow of 18.76 million yuan [3] - Lihua Science and Technology experienced a net inflow of 17.10 million yuan from institutional investors, with a net outflow of 15.55 million yuan from retail investors [3]

9月9日，兰生股份跌5.15%，截至发稿，报11.42元/股，成交1.23亿元，换手率1.44%，总市值84.00亿 元。 资料显示，东浩兰生会展集团股份有限公司位于上海市黄浦区董家渡路200号董家渡外滩中心T3栋15-16 楼，成立日期1982年8月7日，上市日期1994年2月4日，公司主营业务涉及进出口贸易、代理进出口业 务、中外合资合作等。主营业务收入构成为：会展组织46.40%，会展配套服务21.71%，展馆运营服务 19.01%，赛事活动11.53%，其他0.69%，其他(补充)0.65%。 从兰生股份十大流通股东角度 数据显示，汇添富基金旗下1只基金位居兰生股份十大流通股东。中证上海国企ETF（510810）二季度 增持66.69万股，持有股数386.14万股，占流通股的比例为0.52%。根据测算，今日浮亏损失约239.41万 元。 中证上海国企ETF（510810）成立日期2016年7月28日，最新规模79.42亿。今年以来收益4.94%，同类 排名3899/4222；近一年收益35.35%，同类排名2908/3798；成立以来收益1.8%。 中证上海国企ETF（510810）基金经理为吴振翔。 ...

Group 1 - The core viewpoint of the news is that Lansheng Co., Ltd. experienced a stock price increase of 5.64% on September 4, reaching 13.11 yuan per share, with a trading volume of 311 million yuan and a turnover rate of 3.35%, resulting in a total market capitalization of 9.643 billion yuan [1] - Lansheng Co., Ltd. is primarily engaged in import and export trade, with its main business revenue composition being: exhibition organization 46.40%, exhibition support services 21.71%, exhibition hall operation services 19.01%, event activities 11.53%, and others 1.34% [1] Group 2 - Among the top ten circulating shareholders of Lansheng Co., Ltd., a fund under Huatai-PineBridge Fund ranks first, with the China Securities Shanghai State-Owned Enterprises ETF (510810) increasing its holdings by 666,900 shares in the second quarter, now holding 3.8614 million shares, accounting for 0.52% of circulating shares [2] - The China Securities Shanghai State-Owned Enterprises ETF (510810) was established on July 28, 2016, with a latest scale of 7.942 billion yuan, and has achieved a year-to-date return of 5.51% [2] Group 3 - The fund manager of the China Securities Shanghai State-Owned Enterprises ETF (510810) is Wu Zhenxiang, who has a cumulative tenure of 15 years and 215 days, with the fund's total asset scale at 18.478 billion yuan [3] - During Wu Zhenxiang's tenure, the best fund return was 177.69%, while the worst return was -31.53% [3]

Core Insights - The Chinese government is focusing on enhancing sports consumption and developing the sports industry as part of its strategy to expand domestic demand [1][10] - The marathon events in China have evolved beyond traditional sports competitions, significantly impacting local economies and promoting consumption [2][4] Industry Growth - The sports industry in China has maintained a high growth rate, with a notable increase in marathon events and participation, from 699 events and 6.05 million participants in 2023 to 749 events and 7.05 million participants in 2024 [2][11] - A large city marathon can generate economic benefits ranging from 600 million to 700 million yuan, showcasing the economic impact of these events [4] Economic Impact - The 2025 Wuxi Marathon attracted over 426,000 spectators and participants, generating an economic benefit of 50.5 million yuan, a 78.2% increase from the previous year [4] - The integration of marathons with local tourism and services has created a comprehensive consumption ecosystem, enhancing the economic value of these events [8][12] Market Dynamics - The sports-related market in China has over 17 million entities, with a significant increase in registrations, indicating a growing interest in the sports industry [6] - The collaboration between sports companies and marathon events is crucial for maximizing economic value and enhancing city influence [6][7] Consumer Behavior - The annual consumption scale of certified road running participants is projected to reach 16.8 billion yuan in 2024, reflecting a 26% increase from 2023, with direct consumption on apparel and gear exceeding 9.8 billion yuan [11] - The demand for integrated experiences combining marathons and tourism is driving consumer spending across various sectors [11][12]