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]

Group 1 - The core point of the news is that Lansheng Co., Ltd. experienced a decline of 5.15% in its stock price, reaching 11.42 CNY per share, with a trading volume of 1.23 billion CNY and a turnover rate of 1.44%, resulting in a total market capitalization of 8.4 billion CNY [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%, venue 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 holds a significant position. The China Securities Shanghai State-Owned Enterprise ETF (510810) increased its holdings by 666,900 shares in the second quarter, now holding 3.8614 million shares, which accounts for 0.52% of the circulating shares [2] - The China Securities Shanghai State-Owned Enterprise ETF (510810) was established on July 28, 2016, with a latest scale of 7.942 billion CNY. Year-to-date, it has achieved a return of 4.94%, ranking 3899 out of 4222 in its category, and a one-year return of 35.35%, ranking 2908 out of 3798 [2]

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]

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]