Summary of Conference Call for Lansheng Co., Ltd. Company Overview - **Company**: Lansheng Co., Ltd. - **Industry**: Exhibition and Event Management Key Points Financial Performance - In the first half of 2025, revenue decreased by 17.22% year-on-year, primarily due to the cancellation of the China Brand Expo project [2][4] - Event organization revenue fell by 17.22% to 263 million yuan, impacted by the cancellation of the China Brand Expo [4] - Sports events revenue increased by 39.06% to 62 million yuan, driven by the Shanghai Sailing Open and the addition of a women's night run project [4] - Venue operations revenue decreased by 6.93% to 148 million yuan, attributed to the loss of major exhibitions and relocation of other events [4] - Supporting services revenue grew by 24.61% to 72 million yuan, reflecting an increase in conference services [4] Event Management - The company hosted 11 exhibitions covering a total area of 684,000 square meters and organized 5 running and water sports events with approximately 35,000 participants [2][5] - The Expo Center hosted 35 events with a total rental area of 4.27 million square meters [2][5] Strategic Initiatives - The company is actively preparing for the 48th World Skills Competition in 2026 and the 8th China International Import Expo [6] - Participation in national-level exhibitions such as the 5th Consumer Expo and the Shanghai Trade Delegation for the Canton Fair [6] Regional Expansion - The company is expanding regionally through project collaborations, including the Chengdu, Xiamen, and South China Shenzhen Industrial Expos, creating a network of linked exhibitions [7] - In the pet industry, the company has established a biannual exhibition pattern in both eastern and western regions [7] International Expansion - Following the success of the Guangying Exhibition in South America, the company is extending its reach to the Thailand Expo and participating in the Bologna Pet Exhibition in Italy [8] - A subsidiary in Hong Kong was established with a registered capital of 10 million USD to facilitate international operations [8] ESG and Shareholder Returns - The company released its first ESG report, achieving an improved rating [9] - A three-year shareholder return plan was disclosed, maintaining a high cash dividend tradition with a mid-year dividend payout of 76.32% [9] Challenges and Market Conditions - The cancellation of the China Brand Expo, which previously contributed significantly to revenue, is a major factor affecting performance [11] - The overall exhibition and venue operations have been impacted by macroeconomic conditions, leading to a decrease in the number of events and total area utilized [10] Future Plans in Sports Industry - The sports industry is identified as a core growth area, with plans to increase investment and develop peripheral merchandise sales [18] - The company aims to integrate resources and collaborate with state-owned enterprises to bring in more international IP, such as F1 and ATP events [18] Acquisition Strategy - The company plans to acquire quality exhibitions with proprietary IP, focusing on the pet economy sector, including the acquisition of the Chengdu Pet Expo [20] - Challenges in acquisition decision-making are noted due to the constraints of being a state-owned enterprise, impacting efficiency compared to private firms [21] Emerging Trends - The company is exploring the potential of stablecoin-related business, although current regulations in mainland China restrict such activities [22] Additional Insights - The Shanghai Marathon has seen a significant increase in pre-registration, reaching 356,000 participants, with a rise in international participants [15][16] - The company is optimistic about maintaining growth in sports events despite the overall revenue challenges [14]

Core Viewpoint - The company, Donghao Lansheng Exhibition Group Co., Ltd., has announced its 2025 semi-annual report, highlighting its financial performance and future development plans, including a cash dividend distribution proposal for shareholders [4][19]. Company Overview - The company is focused on enhancing its core business and competitiveness in the exhibition industry, aiming to become a world-renowned exhibition service brand [24][25]. - The company has established a comprehensive strategy to leverage opportunities in Shanghai's development as an "International Exhibition Capital" [24]. Financial Data - For the first half of 2025, the company reported a net profit attributable to shareholders of 56,932,390.35 yuan, with undistributed profits amounting to 2,337,557,239.95 yuan as of June 30, 2025 [19]. - The proposed cash dividend is 0.60 yuan per 10 shares, amounting to a total distribution of 43,451,014.08 yuan, which represents 76.32% of the net profit for the period [19][20]. Important Matters - The company has actively engaged in various strategic partnerships and market expansions, including the establishment of a wholly-owned subsidiary in Hong Kong to enhance international business operations [25]. - The company is committed to maintaining a high dividend payout ratio, with plans to distribute at least 50% of its distributable profits in cash annually from 2025 to 2027 [27][28]. Governance and Compliance - The board of directors has ensured compliance with legal and regulatory requirements, holding meetings to review and approve the semi-annual report and dividend proposals [6][21]. - The company has implemented a robust governance framework to enhance operational efficiency and regulatory adherence [30]. ESG Initiatives - The company has published its first ESG report, achieving improved ratings and recognition for its sustainability efforts [30]. - ESG principles are integrated into the company's operations and investor relations activities, reflecting its commitment to sustainable development [30].

Core Insights - The professional services sector experienced a rise of 1.89% on August 28, with Steel Research Nack leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Stock Performance Summary - Steel Research Nack (300797) saw a significant increase of 20.00%, closing at 18.60 with a trading volume of 402,600 shares and a transaction value of 707 million [1] - Other notable performers included: - Lanshan Co. (600826) with a 6.41% increase, closing at 11.96 [1] - Shicun Testing (301228) with a 5.20% increase, closing at 27.72 [1] - Su Shi Testing (300416) with a 5.19% increase, closing at 19.05 [1] Capital Flow Analysis - The professional services sector saw a net inflow of 28.86 million in main funds, while retail funds experienced a net outflow of 17.51 million [2] - Key stocks in terms of capital flow included: - Steel Research Nack (300797) with a net inflow of 133 million from main funds [3] - Su Shi Testing (300416) with a net inflow of 74.18 million from main funds [3] - Lanshan Co. (600826) with a net inflow of 69.47 million from main funds [3]

Core Viewpoint - On August 27, Lansheng Co., Ltd. announced a semi-annual distribution plan for 2025, proposing a cash dividend of 0.6 yuan per 10 shares (including tax), with a total cash payout of 43.45 million yuan, representing 76.32% of the net profit, marking the 22nd distribution since the company's listing [2][3]. Financial Performance - For the first half of 2025, Lansheng Co. reported operating revenue of 553 million yuan, a year-on-year decrease of 6.21% [3]. - The net profit for the same period was 56.93 million yuan, down 30.74% year-on-year, with basic earnings per share of 0.08 yuan and a weighted average return on equity of 1.36% [3]. Capital Flow - On August 27, the stock experienced a net inflow of 30.46 million yuan from main funds, while the net outflow over the past five days was 6.82 million yuan [4]. Margin Trading - The latest margin trading balance for Lansheng Co. is 177 million yuan, with a decrease of 5.49 million yuan over the past five days, reflecting a decline of 3.00% [5]. Industry Comparison - Among the eight companies in the social services sector that announced semi-annual distribution plans for 2025, Lansheng Co. ranks fifth in terms of cash payout, with the highest being Action Education at 119.25 million yuan [5].

Core Insights - Company reported a total operating revenue of 553 million yuan, ranking 11th among peers, which is a decrease of 36.65 million yuan or 6.21% year-on-year [1] - Net profit attributable to shareholders was 56.93 million yuan, ranking 13th among peers, down by 25.27 million yuan or 30.74% year-on-year [1] - Operating cash flow increased to 144 million yuan, ranking 5th among peers, with a year-on-year increase of 88.97 million yuan or 161.72% [1] Financial Ratios - The latest debt-to-asset ratio is 24.64%, ranking 12th among peers, down by 0.69 percentage points from the previous quarter and 2.61 percentage points year-on-year [3] - Gross margin stands at 34.13%, ranking 14th among peers, with an increase of 7.92 percentage points from the previous quarter and 3.68 percentage points year-on-year [3] - Return on equity (ROE) is 1.35%, ranking 18th among peers, down by 0.83 percentage points year-on-year [3] Earnings and Turnover - Diluted earnings per share are 0.08 yuan, ranking 19th among peers, a decrease of 0.03 yuan or 27.27% year-on-year [3] - Total asset turnover is 0.10 times, ranking 21st among peers, down by 0.01 times year-on-year [3] - Inventory turnover is 7.66 times, ranking 11th among peers, down by 3.52 times year-on-year [3] Shareholding Structure - The number of shareholders is 26,300, with the top ten shareholders holding 518 million shares, accounting for 70.42% of total equity [3] - Major shareholders include Shanghai Lansheng Group Co., Ltd. (41.71%) and Donghao Lansheng Group Co., Ltd. (21.15%) [3]

Core Insights - The company reported a revenue of 553,389,677.63 yuan for the first half of 2025, representing a year-on-year decline of 6.21% [1] - The net profit attributable to shareholders of the listed company was 56,932,390.35 yuan, showing a year-on-year decrease of 30.74% [1] Financial Performance - Revenue for the first half of 2025: 553.39 million yuan, down 6.21% compared to the previous year [1] - Net profit for the same period: 56.93 million yuan, down 30.74% year-on-year [1]

Core Viewpoint - Lansheng Co., Ltd. announced the approval of multiple proposals, including the 2025 semi-annual report, during the 13th meeting of its 11th board of directors [2] Group 1 - The board meeting took place on the evening of August 27 [2] - The company is preparing for its 2025 semi-annual report [2]

Group 1 - The core viewpoint of the article indicates that Lansheng Co., Ltd. has experienced a decrease in the number of shareholders and an increase in average shareholding quantity, despite a positive stock price performance during the reported period [1][2] - As of June 30, 2025, the number of shareholders for Lansheng Co. was 26,253, a decrease of 3,137 shareholders or 10.67% from March 31, 2025 [1][2] - The average shareholding quantity increased from 25,000 shares to 28,000 shares, while the average market value of shares held per shareholder was 229,700 yuan [1][2] Group 2 - In the professional services industry, Lansheng Co. has a higher number of shareholders compared to the industry average of 22,500 shareholders, but its average market value per shareholder is lower than the industry average of 283,300 yuan [1][2] - From March 31, 2025, to June 30, 2025, Lansheng Co. saw a stock price increase of 9.63%, while the number of shareholders decreased [1][2] - During the same period, the net inflow of main funds was 49.63 million yuan, while retail investors experienced a net outflow of 34.80 million yuan [2]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company achieved a revenue of 553 million yuan, a year-on-year decrease of 6.21% [1] - The net profit attributable to shareholders was 56.93 million yuan, down 30.74% year-on-year [1] - The net profit after deducting non-recurring items was 61.4 million yuan, reflecting a year-on-year decline of 33.99% [1] - The basic earnings per share stood at 0.08 yuan [1] Dividend Distribution - The company proposed a cash dividend of 0.60 yuan per 10 shares (including tax) [1]

表决结果：同意 9 票，反对 0 票，弃权 0 票。 证券代码：600826 证券简称：兰生股份 公告编号：临2025-032 东浩兰生会展集团股份有限公司 第十一届董事会第十三次会议决议公告 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 三次会议于 2025 年 8 月 27 日以通讯方式召开，会议通知及材料于 2025 年 8 月 18 日以微信及电子邮件的方式发出。会议应出席董事 9 人，实际出席董事 9 人。 会议的召开符合《中华人民共和国公司法》和公司章程的规定。经与会董事审议， 通过如下决议： 一、同意《关于公司 2025 年半年度报告的议案》。 具体内容详见公司披露的《东浩兰生会展集团股份有限公司 2025 年度中期 利润分配方案的公告》（"临 2025-033"号）。 三、同意《关于<公司 2025 年度"提质增效重回报"行动方案半年度评估 报告>的议案》。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 具体内容详见公司披露的《 ...