Investment Rating - The report assigns a rating of "Buy" to the company, indicating an expected relative increase in stock price of over 15% compared to the CSI 300 index within the next six months [7][15]. Core Insights - The company reported a revenue of 785 million yuan for 2025, representing a year-on-year growth of 4.45%, while the net profit attributable to shareholders decreased by 11.89% to 137 million yuan [4][8]. - The company successfully expanded into the Saudi market, hosting over 100 professional exhibitions across 10 key global markets, with a total exhibition area of nearly 350,000 square meters and attracting around 370,000 professional buyers [4][5]. - The decline in profit despite revenue growth is attributed to increased discounts on exhibitions and higher R&D expenses for the "AI Hui Zhan" initiative, which saw a 19.7% increase in R&D costs to 19.66 million yuan [5][6]. Financial Summary - The company forecasts revenues of 855 million yuan, 997 million yuan, and 1.128 billion yuan for 2026, 2027, and 2028 respectively, with corresponding growth rates of 8.99%, 16.58%, and 13.12% [8][12]. - The projected net profit for 2026 is 141 million yuan, with an expected growth rate of 3.16%, increasing to 236 million yuan by 2028, reflecting a growth rate of 26.89% [8][12]. - The earnings per share (EPS) are expected to be 0.47 yuan, 0.62 yuan, and 0.79 yuan for the years 2026, 2027, and 2028 respectively, with price-to-earnings (PE) ratios of 25.5X, 19.3X, and 15.2X [7][8].

Summary of Conference Call Notes Company Overview - The company is involved in the exhibition industry, focusing on trade shows and events, particularly in the Middle East and industrial sectors. Key Points Industry and Market Dynamics - The company anticipates a net increase of over 1,000 exhibition spaces in 2025, representing a year-on-year growth of 10%-20%, although a decline in unit prices is expected to lead to a gross margin decrease of over 2 percentage points [2][3] - The Middle East market is identified as a core profit area, with a combined total of 5,500 exhibition spaces in Dubai and Saudi Arabia in 2025, contributing approximately 150 million RMB in gross profit at a margin close to 55% [2][8] - The company faces potential risks of losses in 2026 if geopolitical conflicts persist throughout the year [2][8] Financial Performance - In 2025, the company achieved a slight revenue growth of about 4%, but profits declined due to lower sales prices per exhibition space, leading to a gross margin drop [3][4] - Sales expenses increased due to higher employee salaries and bonuses related to the increase in exhibition spaces, while R&D expenses rose by approximately 3 million RMB [3] Strategic Initiatives 1. **AI Exhibition Product Development**: - Launched AI Exhibition 1.0 in January 2025, with sales reaching approximately 56-57 million RMB and a coverage rate of nearly 50% [3][14] - The 2.0 version is expected to achieve a 60% coverage rate and sales of 80 million RMB in 2026 [2][14] 2. **Industrial Exhibition Strategy**: - The company elevated industrial exhibitions to a strategic level, increasing exhibitors from 500 in 2024 to nearly 1,200 in 2025 [4][7] - Plans to expand the "product-to-product" matching model to countries like Vietnam and Brazil in 2026 [2][4] 3. **Hong Kong Stock Exchange Listing**: - The company initiated its listing application in December 2025, with expectations for substantial progress in the second half of 2026 [2][4] 4. **Supply Chain Company Formation**: - A joint venture was established in November 2025 to address procurement challenges for small B customers in Indonesia and Brazil, with significant revenue contributions expected in the second half of 2026 [2][5][14] 5. **Successful Saudi Exhibition**: - The inaugural Saudi exhibition in December 2025 achieved over 1,500 exhibition spaces, setting a record for the company in new markets [5] Future Projections - For 2026, the company aims for a 20% increase in exhibition spaces and a corresponding revenue growth of 20%, with profit growth projected at around 30% [2][10] - Specific targets include approximately 1,700 to 1,800 exhibition spaces in Saudi Arabia and over 3,500 in Dubai for the second half of the year [11][12] Risk Management - The company plans to implement measures to control discounting practices that were prevalent in 2025, including setting annual discount limits for management [3][13] Supply Chain Business Focus - The supply chain business will primarily target Indonesia and Brazil, with expectations for minimal revenue in the first half of 2026 but significant contributions anticipated in the latter half [14] Additional Insights - The company recognizes the dual nature of current geopolitical tensions, presenting both risks and opportunities depending on the resolution timeline [8][9][10]

Summary of the Conference Call Company and Industry Overview - The conference call involved **Miao Exhibition**, a leading company in the exhibition industry, particularly in overseas exhibitions. The discussion highlighted the challenges and opportunities within the **service consumption sector**, specifically focusing on the exhibition segment, which is considered a significant part of this industry [1][3]. Key Points and Arguments 1. **Economic Environment and Financial Performance**: - The overall economic environment has been challenging, leading to a slight increase in revenue but a significant decline in profit. The company reported a profit drop of over 20% when excluding non-recurring items, indicating that revenue growth does not directly translate to profit growth [3][4]. - The gross margin decreased by over 2 percentage points, reflecting the difficulties in maintaining profitability despite revenue increases [4]. 2. **AI Exhibition Launch**: - In January, the company launched an **AI Exhibition**, upgrading its previous digital exhibition services. This upgrade included significant software enhancements and the introduction of hardware like VR glasses. However, the sales performance in this area was not ideal due to delays in completing all functionalities until mid-year [4][5]. 3. **Industrial Exhibition in Indonesia**: - The company hosted an industrial exhibition in Indonesia in June, which saw a significant increase in the number of exhibition booths from 500 to nearly 1200, indicating strong growth potential in this sector [6][7]. - A new exhibition model was introduced, utilizing a "wolf-sheep" theory to attract buyers and sellers, enhancing the effectiveness of the exhibition [7][9]. 4. **Market Expansion and Future Prospects**: - The company is focusing on the industrial machinery sector, which is expected to grow rapidly, particularly in the context of China's foreign trade [6][10]. - The company plans to leverage its recent listing on the Hong Kong Stock Exchange to enhance its international market presence and capitalize on the growing demand for exhibitions in emerging markets [10][11]. 5. **Geopolitical Risks**: - The ongoing geopolitical tensions, particularly between the U.S. and Iran, pose significant risks to the company's operations in the Middle East. The potential for prolonged conflict could severely impact exhibition attendance and revenue [24][30]. - The company is monitoring the situation closely, with contingency plans in place should the conflict escalate [24][33]. 6. **Government Support and Subsidies**: - There is limited government support for exhibition companies compared to domestic events, where subsidies are more common. The focus is primarily on supporting participating enterprises rather than the exhibition companies themselves [39][40]. - The overall subsidy landscape is stable, with some adjustments based on geopolitical factors and market conditions [41][42]. 7. **Future Events and Strategic Adjustments**: - The company is preparing for upcoming exhibitions, including a major event in Dubai, while also considering the implications of current geopolitical tensions on attendance and participation [26][30]. - There is a recognition of the need to adapt to changing market conditions, including the potential for online exhibitions if necessary [37][38]. Additional Important Content - The company has established a supply chain company to address challenges faced by small buyers in developing countries, facilitating their ability to purchase products showcased at exhibitions [14][16]. - The recent exhibition in Saudi Arabia set a record with over 1500 booths, indicating strong market potential in the region [17][18]. - The company is exploring the possibility of online exhibitions as a contingency plan, although it acknowledges the challenges in achieving the same scale and profitability as physical events [37][38].

浙江米奥兰特商务会展股份有限公司 2025 年度独立董事述职报告（刘松萍） 根据《上市公司独立董事管理办法》《深圳证券交易所创业板股票上市规则》《深圳证券 交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等法律法规、规范性文 件，本人作为浙江米奥兰特商务会展股份有限公司（以下简称"公司"）的独立董事，现向 董事会和股东会提交年度述职报告，对履行职责的情况作如下汇报： 一、基本情况 （一）工作履历、专业背景以及兼职情况 本人刘松萍，1963 年 2 月出生，中国国籍，无境外居留权，研究生学历，博士学位， 会展行业专家，会展标准化委员。曾任庐江泥河区团委副书记、安徽师范大学历史系讲师、 广州师范学院历史系副教授、广州大学旅游学院(管理学院)教授和旅游管理专业(会展经营 管理方向)硕士生导师，自 2022 年 6 月 20 日起担任公司独立董事，同时兼任广东会展组展 企业协会会长、广东省会展业标准化技术委员会主任委员。 （二）独立性说明 在担任公司独立董事期间，本人未在公司担任除独立董事以外的任何职务，也未在公司 主要股东公司担任任何职务，不存在任何可能妨碍本人进行独立客观判断的关系，不存在影 响独 ...

浙江米奥兰特商务会展股份有限公司 公司章程 | | | | | | 第一章 总 则 第一条 为维护浙江米奥兰特商务会展股份有限公司（以下简称"公司"或 "本公司"）、股东、职工和债权人的合法权益，规范公司的组织和行为，根据 《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证 券法》（以下简称"《证券法》"）和其他有关规定，制定本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司。 公司以发起设立的方式设立。公司在浙江省市场监督管理局注册登记，取得 营业执照，统一社会信用代码：91330100557910132M。 第三条 公司于2019年9月20日经中国证券监督管理委员会（以下简称"中 国证监会"）核准，首次向社会公众发行人民币普通股2,504.1万股，于2019年 10月22日在深圳证券交易所上市。 第四条 公司注册名称：浙江米奥兰特商务会展股份有限公司 公司英文名称：Zhejiang Meorient Commerce & Exhibition Inc. 第五条 公司住所：杭州市钱塘区白杨街道6号大街452号3幢912号房。邮政 编码：310018。 第六条 公司注册 ...

浙江米奥兰特商务会展股份有限公司 董事、高级管理人员薪酬管理制度 第一章 总则 第一条 浙江米奥兰特商务会展股份有限公司（以下简称"公司"）为建立 符合现代企业制度要求和适应市场经济的激励约束机制，合理确定公司董事、 高级管理人员的收入，充分调动公司董事、高级管理人员的积极性和创造性， 为公司创造更好的经济效益，根据《中华人民共和国公司法》（以下简称《公 司法》）等有关法律、法规及《浙江米奥兰特商务会展股份有限公司章程》（ 以下简称《公司章程》）的规定，结合公司实际情况，制定本制度。 第二条 本制度适用于下列人员： （一）董事，包括非独立董事、独立董事、职工代表董事； （二）在公司任职的所有高级管理人员，包括总经理、副总经理、董事会 秘书、财务负责人以及《公司章程》规定的其他高级管理人员。 第三条 公司董事、高级管理人员薪酬管理遵循以下原则： （一）公平原则，体现收入水平符合公司规模与业绩的原则，同时兼顾市场 薪酬水平； （二）责、权、利统一原则，体现薪酬与岗位价值高低、履行责任义务大小 相符； （三）长远发展原则，体现薪酬与公司持续健康发展的目标相符； （四）激励约束并重原则，体现薪酬发放与考核、奖惩挂钩， ...

履行监督职责情况的报告 浙江米奥兰特商务会展股份有限公司（以下简称"公司"）聘请 天健会计师事务所（特殊普通合伙）（以下简称"天健"）作为公司 2025 年度审计机构，公司董事会审计委员会根据《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》《深圳证券交易所上市公 司自律监管指引第 2 号——创业板上市公司规范运作》等法律法规、 规范性文件和《公司章程》《董事会审计委员会工作细则》的规定， 恪守勤勉尽责的原则，对天健的年审工作忠实履行监督职责，现将 2025 年度相关情况汇报如下： 一、2025 年年审会计师事务所基本情况 （一）会计师事务所基本情况 浙江米奥兰特商务会展股份有限公司 关于董事会审计委员会2025年度对会计师事务所 在执行审计工作的过程中，天健就会计师事务所和相关审计人员 的独立性、审计工作小组的人员构成、审计计划、审计重点领域、应 对措施及初审意见等与公司管理层和治理层进行了沟通。 三、审计委员会对会计师事务所监督情况 天健会计师事务所（特殊普通合伙）（以下简称"天健"）成立 于 2011 年 7 月 18 日，注册地址为浙 ...

天健会计师事务所（特殊普通合伙）（以下简称"天健"）成立 于 2011 年 7 月 18 日，注册地址为浙江省杭州市西湖区灵隐街道西溪 路 128 号，首席合伙人为钟建国。截至 2025 年底，天健拥有合伙人 250 名，注册会计师 2,363 名，其中签署过证券服务业务审计报告的 注册会计师 954 人。 （二）聘任会计师事务所履行的程序 2025 年 4 月 24 日召开第五届董事会第三十二次会议，审议通过 了《关于续聘会计师事务所的议案》，同意续聘天健为公司 2025 年 度审计机构。 2025 年 4 月 24 日召开第五届监事会第二十九次会议，审议通过 了《关于续聘会计师事务所的议案》，同意续聘天健为公司 2025 年 度审计机构。 2025 年 5 月 19 日召开 2024 年年度股东大会审议通过了《关于 续聘会计师事务所的议案》，同意续聘天健为公司 2025 年度审计机 浙江米奥兰特商务会展股份有限公司 关于会计师事务所2025年度履职情况评估报告 浙江米奥兰特商务会展股份有限公司（以下简称"公司"）聘请 天健会计师事务所（特殊普通合伙）（以下简称"天健"）作为公司 2025 年度审计机构，根 ...

非经营性资金占用及其他关联资金往来情况汇总表 2025年度 | 编制单位：浙江米奥兰特商务会展股份有限公司 | | | | | | | | | 单位：人民币万元 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司的关 联关系 | 上市公司核算的 会计科目 | 2025年期初 占用资金余额 | 2025年度占用累 计发生金额 | 2025年度占用 资金的利息 | 2025年度偿还 2025年期末 累计发生金额 占用资金余额 | 占用形成原因 | 占用性质 | | | | | | | （不含利息） | （如有） | | | | | 控股股东、实际控制人及 | | | | | | | | | - | | 其附属企业 | | | | | | | | | - | | 小 计 | - | - | - | | | | | | - | | 前控股股东、实际控制人 | | | | | | | | | - | | 及其附属企业 | | | | | | | | | - | | 小 计 | - ...

证券代码：300795 证券简称：米奥会展 公告编号：2026-019 浙江米奥兰特商务会展股份有限公司 关于作废2024年限制性股票激励计划部分已授予但尚未归属的 限制性股票的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 浙江米奥兰特商务会展股份有限公司（以下简称"公司"）于 2026 年 3 月 24 日召开了第六届董事会第六次会议，审议通过了《关于作 废 2024 年限制性股票激励计划部分已授予但尚未归属的第二类限制 性股票的议案》，现将有关事项说明如下： 一、2024 年限制性股票激励计划已履行的决策程序和信息披露 情况 1、2024 年 6 月 3 日，公司召开第五届董事会第二十四次会议， 审议通过了《关于公司<2024 年限制性股票激励计划（草案）>及其 摘要的议案》《关于公司<2024 年限制性股票激励计划实施考核管理 办法>的议案》《关于提请股东大会授权董事会办理公司 2024 年限制 性股票激励计划相关事宜的议案》。 2、2024 年 6 月 2 日，公司召开第五届监事会第二十二次会议， 审议通过了《关于公司<2024 年限制性股票激 ...