Core Viewpoint - Lansheng Co., Ltd. has over 20 years of experience in the exhibition industry and is backed by the Shanghai State-owned Assets Supervision and Administration Commission, providing it with rich shareholder resources [1] Industry Overview - The global exhibition industry is continuously growing, with a full recovery in 2023 after disruptions from public health events, and average revenues have returned to 2019 levels [1] - The global exhibition market is expected to grow by 16% year-on-year in 2024 [1] - China's exhibition infrastructure is improving, with large exhibition venues ranking among the best globally, providing a solid foundation for hosting large-scale events [1] - The distribution of exhibitions is concentrated in first-tier cities, which dominate the market [1] - The industrial sector is the leading segment in the exhibition industry, with significant growth observed in industrial and technology-related exhibitions [1] Company Strategy - The company is advancing its "Exhibition China" and "Exhibition International" strategies, replicating successful exhibitions in different domestic locations and organizing international exhibitions as a dual-driven approach [1] - As a leading domestic exhibition company, Lansheng Co., Ltd. has strong ties with numerous influential government IPs and has deepened its presence in Shanghai, which serves as China's exhibition hub [1] - The company is actively pursuing strategies in "Exhibition China," "Exhibition International," and "Exhibition Digital," indicating high barriers to entry and vast growth potential [1] - The initial coverage of the company has been rated as "Buy" [1]

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]

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]