Investment Rating - Investment rating: Positive (maintained) [1] Core Insights - The luxury goods retail revenue in China is showing signs of recovery, with high-end brands like LVMH, Hermès, and Prada experiencing positive growth since Q2 2025 [15][16] - The global network literature market is witnessing rapid growth, particularly in Latin America, with WebNovel reaching nearly 400 million cumulative users by October 2025 [34][35] - The micro-drama and comic-drama market in China is projected to exceed 100 billion yuan in 2025, significantly surpassing the film box office revenue [37][38] - The probiotic market is expanding, with a focus on next-generation probiotics (NGPs) like AKK bacteria, which show significant potential in health applications [55][63] Summary by Sections 1. Duty-Free Shopping - Post-New Year duty-free shopping in Hainan shows strong growth, with sales reaching 3.89 billion yuan and a 49.6% year-on-year increase in shopping amount [31][33] - The high net worth individuals are expected to drive luxury consumption, with a notable increase in spending on preservation-type luxury goods [15][16] 2. Network Literature - The Chinese network literature market reached 49.55 billion yuan in 2024, with a 29.37% year-on-year growth, while the overseas market grew by 10.68% [34] - WebNovel has cultivated nearly 530,000 authors and over 820,000 original works, with a significant increase in user engagement [34][35] 3. Micro-Drama - The micro-drama and comic-drama market in China is expected to reach 100 billion yuan in 2025, with a 98% year-on-year growth [37][38] - The user base for micro-dramas is approaching 700 million, with a strong preference among female viewers [40][42] 4. Probiotics - The global probiotic market is projected to grow at a CAGR of 8.7%, reaching 93.49 billion USD by 2028, with China's market expected to reach 134.89 billion yuan by 2024 [55][63] - Next-generation probiotics like AKK bacteria are gaining traction, with significant potential in health management and consumer interest [55][63]

Core Viewpoint - The company, Miao Exhibition, has submitted its prospectus to the Hong Kong Stock Exchange for a main board listing, with a total market capitalization exceeding 4 billion RMB as of December 25, 2025. The company is a mature exhibition service provider with a decline in revenue and net profit in the first half of 2025 compared to the previous year [1][27]. Financial Performance - For the year ending December 31, 2024, the company reported revenues of approximately 751.37 million RMB, with a net profit of 163 million RMB and a gross margin of 49.71%. In the first half of 2025, revenues were 241 million RMB, net profit was 21 million RMB, and gross margin was 50.54%, showing a year-on-year decline in both revenue and net profit [9][32]. - The financial performance over the past three years shows revenues of 348.31 million RMB in 2022, 834.97 million RMB in 2023, and 751.37 million RMB in 2024, with a significant drop in the first half of 2025 compared to the same period in 2024 [30][32]. Industry Overview - According to Frost & Sullivan, the total number of overseas exhibitions is expected to increase from 216 in 2024 to 315 in 2029, with specialized exhibitions projected to grow from 177 to 255 during the same period [13][35]. - The company ranks first among all Chinese overseas exhibition organizations in terms of the number and area of self-organized exhibitions held in 2024 [2][27]. Service Offerings - The company's services are categorized into three main types: exhibition hosting services, exhibition agency services, and other income sources. Exhibition hosting services involve managing the entire process of exhibitions, while agency services include purchasing exhibition space and reselling it to exhibitors [5][6][29]. Market Position - The company holds a market share of 45.4% in the industry, significantly leading over other competitors [16][38].

Core Viewpoint - Miao Exhibition, a leading company in self-organized exhibitions abroad, is seeking to list on the Hong Kong Stock Exchange to create a dual capital platform, facing significant operational challenges and cash flow pressures amid its transformation [1] Financial Performance - The financial data of Miao Exhibition shows significant volatility, with revenue increasing from 348 million to 835 million CNY between 2022 and 2024, then declining to 751 million CNY. Net profit rose from 50 million to 188 million CNY, then fell to 155 million CNY. In the first three quarters of 2025, revenue decreased by 5.67% to 401 million CNY, and net profit halved by 49.17% to 35 million CNY [2] - The company's revenue is heavily reliant on self-organized exhibitions abroad, which account for over 90% of its income, primarily from emerging markets like Indonesia, UAE, and Vietnam. External shocks, such as heavy rains in Indonesia and changes in US trade policies, have exacerbated its performance vulnerability [2] Business Structure Risks - Miao Exhibition's business model is characterized by a high dependency on overseas markets, with over 99% of its revenue coming from domestic sources but primarily serving international clients. The exhibition hosting services contribute over 90% of its revenue, making it highly tied to the demand from Chinese foreign trade enterprises [3] - The company has invested 64.918 million CNY in R&D (2.78% of revenue) to drive digital transformation, launching the "AI Smart Exhibition" platform. However, revenue from digital exhibitions accounted for only 2.14% in 2024, indicating a slow scaling of technological empowerment [3] Governance and Financial Challenges - Miao Exhibition has distributed a total of 344 million CNY in dividends since its listing, which is 92.35% of its net profit, reflecting a "pay out all profits" approach. The 302 million CNY raised during its A-share IPO was exhausted by the end of 2024, leaving only 1.2295 million CNY for working capital [4] - The company's reliance on high dividends and the need for refinancing have raised market concerns about its long-term investment capacity. As of September 2025, the company had no bank loans, with cash reserves of 559 million CNY and financial products worth 64 million CNY, but its debt ratio increased by 5.74% year-on-year, and the current ratio decreased by 8.58%, indicating weakened short-term solvency [4] Conclusion - Miao Exhibition's journey to the Hong Kong market reflects the transition of traditional exhibition companies from scale expansion to quality survival. While it has established a competitive edge through its overseas exhibition network, its business singularity, centralized governance, and cash flow pressures highlight the need to shift from "capital dependence" to "internal growth" [5]

Group 1 - The professional services sector increased by 0.33% on December 31, with Beijing Human Resources leading the gains [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] - Key stocks in the professional services sector showed varied performance, with Beijing Human Resources closing at 18.34, up 3.62%, and other notable stocks like Guolan Testing and Steel Research Nake also showing positive gains [1] Group 2 - The professional services sector experienced a net outflow of 225 million yuan from institutional investors, while retail investors saw a net inflow of 220 million yuan [2] - The trading volume and turnover for key stocks varied, with notable transactions such as Beijing Human Resources achieving a turnover of 174 million yuan [1][2] - The data indicates a mixed sentiment in the market, with institutional investors pulling back while retail investors remained active [2][3]

Core Viewpoint - Miao Exhibition, a leading player in the exhibition service industry in China, is facing declining revenues and profits despite holding over 40% market share in overseas exhibitions. The company is preparing for an A-H share listing to attract global capital and enhance its brand image [1][10]. Group 1: Company Overview - Miao Exhibition has submitted a listing application to the Hong Kong Stock Exchange, with CMB International as its sole sponsor [1]. - The company is the top overseas exhibition organizer in China, with a market share of 45.4% in the number of exhibitions and 28.2% in exhibition area as of 2024 [1][8]. - Miao Exhibition provides comprehensive services including exhibition management, booth sales, and related services, having successfully organized 77 exhibitions across various sectors [1]. Group 2: Financial Performance - The company's revenues from 2022 to the first half of 2025 were RMB 348 million, RMB 834 million, RMB 751 million, and RMB 240 million, respectively, indicating a downward trend [1][3]. - Net profits for the same period were RMB 52 million, RMB 188 million, RMB 156 million, and RMB 14 million, with a significant drop in net profit margin from 22.51% in 2023 to 5.83% [1][9]. - The company’s cash and cash equivalents stood at RMB 514 million as of June 2025 [1]. Group 3: Business Segments - Miao Exhibition's main revenue source is from exhibition hosting services, which saw a decline of 12.6% and 5.4% in 2024 and the first half of 2025, respectively, reducing its revenue share to 89.4% [2][3]. - The exhibition agency service segment, however, is growing, with its revenue share increasing to 9.5% [2][3]. Group 4: Market Position and Trends - The global exhibition market is recovering post-pandemic, with a compound annual growth rate (CAGR) of 13.9% in the number of exhibitions in China from 2020 to 2024 [6][8]. - The overseas exhibition market is experiencing even stronger growth, with specialized exhibitions showing a CAGR of 206.7% in number and 182% in area from 2020 to 2024 [8]. - Miao Exhibition has a strong brand presence and a stable customer base, with approximately 6,000 to 9,000 clients over the years [8]. Group 5: Technological Investment - The company is investing in AI and digital transformation, aiming to create integrated solutions that combine exhibition services with AI technology and supply chain services [4][5]. - Miao Exhibition has registered multiple patents and software copyrights, with its core product, AI Hui Exhibition, enhancing interaction between exhibitors and attendees [5]. Group 6: Future Outlook - Despite its leading market position, Miao Exhibition faces challenges with declining revenues and profitability due to rising costs and fluctuating core business performance [9]. - The company’s upcoming A-H share listing is seen as a strategy to attract investment and improve its financial standing, although its fundamental performance needs significant improvement [10].

Core Viewpoint - Miao Exhibition, a leading player in the exhibition service industry in China, is facing declining revenues and profits despite holding over 40% market share in overseas exhibitions. The company is preparing for an IPO in Hong Kong while its financial performance has been negatively impacted by industry conditions [1][12]. Financial Performance - Miao Exhibition's revenues from 2022 to the first half of 2025 are as follows: 348 million RMB, 835 million RMB, 751 million RMB, and 240 million RMB, indicating a downward trend [1][3]. - Net profits for the same period are 52 million RMB, 188 million RMB, 156 million RMB, and 14 million RMB, with a significant drop in net profit margin from 22.51% in 2023 to 5.83% in 2025 [1][11]. - The company had cash and cash equivalents of 514 million RMB as of June 2025 [1]. Business Segments - Miao Exhibition operates primarily in two segments: exhibition hosting services and exhibition agency services. The hosting services account for the majority of revenue but have seen a decline, with revenue shares dropping to 89.4% in 2025 [2][4]. - The exhibition hosting services include comprehensive processes from preparation to post-event services, with a focus on independent exhibitions. The company hosted 21, 26, 21, and 9 exhibitions from 2022 to the first half of 2025 [4][10]. - The exhibition agency services have shown growth, with revenue contribution increasing to 9.5% in 2025, primarily from exhibitions in the UAE and Saudi Arabia [2][4]. Market Position - Miao Exhibition holds a dominant position in the overseas exhibition market, with a market share of 45.4% in terms of the number of exhibitions and 28.2% in terms of exhibition area [1][10]. - The company has a stable customer base, with approximately 6,000 to 9,000 clients over the years, although the number of clients dropped to 3,000 in the first half of 2025 [10]. Industry Outlook - The global exhibition market is expected to see double-digit growth from 2022 to 2024, with China being a key player, accounting for 28.3% of the total exhibition numbers by 2024 [7][10]. - The overseas exhibition market is experiencing strong growth, particularly in specialized exhibitions, but is expected to slow down after 2024 due to high base effects [10]. Technological Investment - Miao Exhibition is investing in AI and digital transformation to enhance its service offerings and competitive edge, with R&D expenditure rising to 4% in the first half of the year [5][6]. - The company has registered multiple patents and software copyrights, with its core product, AI Hui Exhibition, aimed at improving interactions between exhibitors and attendees [6].

Core Viewpoint - Miao Exhibition experienced a 1.2% increase in stock price, reaching 13.53 CNY per share, with a total market capitalization of 4.044 billion CNY as of December 30 [1] Group 1: Company Overview - Zhejiang Miao Lante Business Exhibition Co., Ltd. is located in Shanghai and Hong Kong, established on June 30, 2010, and listed on October 22, 2019 [1] - The company's main business involves planning, organizing, promoting, and operating exhibition projects, with 100% of its revenue derived from self-organized exhibitions [1] Group 2: Shareholder Information - Among the top ten circulating shareholders, a fund under Harvest Fund holds shares in Miao Exhibition, having reduced its holdings by 189,200 shares in the third quarter, now holding 1,379,400 shares, which is 0.8% of circulating shares [2] - The Harvest Theme New Power Mixed Fund (070021) has a total scale of 654 million CNY and has achieved a year-to-date return of 24.63% [2] Group 3: Fund Performance - The fund manager of Harvest Theme New Power Mixed Fund is Meng Xia, who has been in the position for 5 years and 163 days, with the fund's total asset scale at 9.751 billion CNY [3] - During Meng Xia's tenure, the best fund return was 71.29%, while the worst was 0.96% [3] Group 4: Fund Holdings - Another fund under Harvest Fund, Harvest Multi-Dimensional Power Mixed A (014307), has also reduced its holdings in Miao Exhibition by 13,300 shares, now holding 208,400 shares, which constitutes 3.68% of the fund's net value [4] - This fund has a total scale of 69.8853 million CNY and has achieved a year-to-date return of 31.78% [4]

人民财讯12月28日电，据港交所披露，浙江米奥兰特商务会展股份有限公司(简称"米奥会展 （300795）")向港交所提交上市申请书，独家保荐人为招商证券国际。 ...

Group 1 - The company, Miao Exhibition (300795.SZ), has submitted an application for the issuance of overseas listed shares (H shares) and for listing on the main board of the Hong Kong Stock Exchange on December 24, 2025 [1] - The application materials for this issuance and listing have been published on the Hong Kong Stock Exchange website on the same day [1]

Core Viewpoint - The company, Miao Exhibition (300795.SZ), has submitted an application for the issuance of overseas listed shares (H shares) and for listing on the main board of the Hong Kong Stock Exchange on December 24, 2025 [1] Group 1 - The application materials for this issuance and listing have been published on the Hong Kong Stock Exchange website on the same day [1]