Financial Performance - The company's operating revenue for the reporting period was ¥240,781,414.85, a decrease of 7.43% compared to ¥260,105,509.09 in the same period last year [23]. - The net profit attributable to shareholders of the listed company was ¥15,540,037.08, down 61.84% from ¥40,722,223.28 year-on-year [23]. - The net cash flow from operating activities decreased by 43.91% to ¥40,788,581.19 from ¥72,720,799.37 in the previous year [23]. - Basic earnings per share fell to ¥0.05, a decline of 64.29% compared to ¥0.18 in the same period last year [23]. - Total assets at the end of the reporting period were ¥836,276,559.44, reflecting a slight increase of 0.63% from ¥831,081,657.84 at the end of the previous year [23]. - The net assets attributable to shareholders decreased by 9.97% to ¥560,056,235.41 from ¥622,060,061.92 at the end of the previous year [23]. - The weighted average return on net assets decreased to 2.46% from 6.25% in the previous year, a decline of 3.79% [23]. - The total profit for the period was 25.96 million yuan, down 52.49% year-on-year, while the net profit attributable to shareholders was 15.54 million yuan, a decline of 61.84% [46]. - The company reported a total comprehensive income of CNY 19,336,763.49, down 57.7% from CNY 45,817,808.34 in the previous period [190]. Dividend Distribution - The company plans to distribute a cash dividend of 0.67 RMB per 10 shares to all shareholders, based on a total of 295,393,859 shares [5]. - The total distributable profit as of June 30, 2025, was 20,767,205.23 yuan, with a cash dividend of 0.67 yuan per 10 shares, totaling 19,791,388.56 yuan [111][114]. - The cash dividend amount represents 100% of the total profit distribution [111]. Market and Economic Conditions - The company faces various risks, including macroeconomic fluctuations and foreign exchange risks, which are detailed in the risk management section of the report [5]. - The global trade environment is experiencing significant fluctuations, with the World Bank projecting a decline in global goods and services trade growth from 3.4% in 2024 to 1.8% in 2025 [30]. - The geopolitical crises, including the ongoing Russia-Ukraine conflict and Middle East tensions, are impacting the global trade landscape [30]. - The company is facing challenges and opportunities due to the profound restructuring of the global trade pattern in the first half of 2025 [30]. - The company is exposed to exchange rate fluctuations, particularly with the depreciation of the yuan against major currencies, which could impact operational costs [103]. - The company is facing multiple macroeconomic volatility risks in 2025, including geopolitical conflicts and trade protectionism [102]. Strategic Initiatives - The company has a comprehensive strategy for market expansion, including plans for new product development and technological advancements in the exhibition industry [15]. - The management discusses the potential impact of international trade agreements, such as RCEP, on the company's operations and market opportunities [15]. - The company is actively involved in the B2B and O2O business models, enhancing its service offerings through digital platforms [15]. - The company is focusing on non-U.S. markets, particularly in Belt and Road Initiative countries, RCEP, and BRICS nations, to reduce reliance on the U.S. market [45]. - The company aims to transition from scale expansion to quality-focused development in response to the changing global economic landscape [43]. - The company is building a localized operation center to accelerate industry chain integration, leveraging its extensive trade data and partnerships with international and domestic organizations [65]. Technological Integration - AI technology is being integrated into the exhibition process, enhancing audience quality and improving business matching efficiency [45]. - The company launched the "AI Hui Zhan 1.0" system, enabling hundreds of Chinese exhibitors to achieve precise customer acquisition and efficient negotiations, resulting in a $90 million order signed by a Zhejiang company [51]. - The "AI Hui Zhan" system integrates intelligent matching algorithms and wearable AI glasses, enhancing the exhibition experience with real-time translation and meeting records [52]. - The company showcased cutting-edge technologies such as AI smart glasses and humanoid robots at various exhibitions, highlighting China's manufacturing strength in the industrial sector [54]. - Over 70% of participating companies are adopting digital services such as AI matching and cross-border live streaming to enhance traditional exhibition models [42]. Operational Challenges - The company faced significant operational pressure, with 53% of surveyed companies reporting a decline in foreign exhibition revenue, an increase of 15 percentage points from the previous period [41]. - 68% of companies identified rising exhibition costs as a major operational pressure, with 89% citing increased booth fees as the primary reason [42]. - The average exhibition scale increased despite a decrease in the total number of exhibitions from 6 to 5, with a total exhibition area exceeding 100,000 square meters and over 110,000 buyers attending [48]. Financial Management - The company's cash and cash equivalents decreased by 14.87% to ¥522,320,338.16, due to increased external investments and prepayments for upcoming exhibition projects [80]. - The company's total liabilities included short-term borrowings of ¥0.00, indicating no short-term debt obligations [80]. - The company reported a credit impairment loss of ¥819,843.13, which is -3.16% of total profit, due to provisions made according to accounting policies [78]. - The company achieved a delivery gain of 1.8054 million yuan through forward foreign exchange settlements during the reporting period [94]. - The company has established a financial derivatives trading management system to effectively control risks associated with financial derivatives trading [94]. Shareholder Information - The largest shareholder, Fang Huansheng, holds 23.03% of the shares, totaling 68,834,176 shares, with an increase of 15,884,810 shares during the reporting period [167]. - The second-largest shareholder, Pan Jianjun, owns 22.91% of the shares, amounting to 68,478,207 shares, with an increase of 15,802,663 shares during the reporting period [167]. - The total number of common stock shareholders at the end of the reporting period is 12,886 [167]. - The company’s stock structure remains stable with no new foreign or domestic institutional investors reported [164]. Corporate Governance - The company emphasizes a commitment to social responsibility, integrating it into its business strategy and daily operations, focusing on environmental protection and corporate governance [126]. - The company has established a high-standard information disclosure mechanism to ensure the accuracy and completeness of information shared with investors [126]. - There were no significant lawsuits or arbitration matters during the reporting period [134]. - The company has not engaged in any major related party transactions during the reporting period [142].

Core Viewpoint - The professional services sector experienced a slight increase of 0.27% on August 19, with Guangdong Jianke leading the gains, while the overall market indices showed minor declines [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3727.29, down 0.02% [1] - The Shenzhen Component Index closed at 11821.63, down 0.12% [1] Group 2: Individual Stock Performance - Guangdong Jianke (301632) closed at 44.36, up 19.99% with a trading volume of 458,500 shares and a transaction value of 1.903 billion yuan [1] - Lingdian Youshu (301169) closed at 48.16, up 3.21% with a trading volume of 31,500 shares and a transaction value of 151 million yuan [1] - Jianyan Institute (603183) closed at 4.58, up 3.15% with a trading volume of 151,000 shares and a transaction value of 6.83084 million yuan [1] - Anbang Guard (603373) closed at 56.03, up 2.08% with a trading volume of 37,500 shares and a transaction value of 207 million yuan [1] - Zhongjin Fuzhao (300962) closed at 18.34, up 1.78% with a trading volume of 82,700 shares and a transaction value of 151 million yuan [1] - Zhonggang Tianyuan (002057) closed at 10.47, up 1.75% with a trading volume of 460,100 shares and a transaction value of 478 million yuan [1] - Kaipu Testing (300008) closed at 23.01, up 1.50% with a trading volume of 20,500 shares and a transaction value of 4.67427 million yuan [1] - Anche Testing (300572) closed at 26.25, up 1.12% with a trading volume of 159,800 shares and a transaction value of 417 million yuan [1] - Miao Conference (300795) closed at 15.49, up 0.58% with a trading volume of 31,100 shares and a transaction value of 4.80736 million yuan [1] - Yuanjian Group (603060) closed at 7.17, up 0.56% with a trading volume of 69,100 shares and a transaction value of 4.92956 million yuan [1] Group 3: Capital Flow - The professional services sector saw a net inflow of 250 million yuan from institutional investors, while retail investors experienced a net inflow of 42.7344 million yuan [1] - However, there was a net outflow of 293 million yuan from speculative funds [1]

Market Performance - The primary economic sector increased by 0.97% compared to the previous trading day, with Yaowang Technology leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Individual Stock Performance - Yaowang Technology (002291) closed at 6.70, rising by 3.40% with a trading volume of 597,700 shares and a transaction value of approximately 67.6 million [1] - Shanghai Phoenix (600679) closed at 13.23, up 2.64%, with a trading volume of 148,500 shares and a transaction value of approximately 197 million [1] - Dafeng Industrial (603081) closed at 13.78, increasing by 1.92%, with a trading volume of 364,800 shares and a transaction value of approximately 509 million [1] - Other notable performers include Liansheng Co. (600826) with a 1.55% increase and a transaction value of approximately 274 million [1] Capital Flow Analysis - The primary economic sector experienced a net outflow of 55.36 million from institutional investors, while retail investors saw a net inflow of 30.52 million [2] - The net inflow from speculative funds was 24.84 million, indicating a mixed sentiment among different investor types [2] Detailed Capital Flow for Selected Stocks - Liansheng Co. (600826) had a net inflow of 15 million from institutional investors but a net outflow of 9.83 million from speculative funds [3] - Yaowang Technology (002291) saw a net inflow of 11.03 million from institutional investors, while speculative funds experienced a net outflow of 21.64 million [3] - Liyade (300296) had a net inflow of 7.75 million from institutional investors, with a significant net inflow of 31.19 million from speculative funds [3]

Summary of Key Points Core Viewpoint - The 2024 A-share Secretary Data Report indicates that the total salary of secretaries in A-share listed companies reached 4.086 billion yuan, with an average annual salary of 754,300 yuan, highlighting the critical role of secretaries as a bridge between investors and companies [1]. Salary Overview - The average salary of secretaries in the social services-professional services sector is approximately 712,100 yuan, with the highest salary being 1,227,800 yuan and the lowest at 255,000 yuan [1]. - The overall salary distribution shows that the majority of secretaries (70%) earn between 500,000 and 1,000,000 yuan [1]. Salary Changes - The average salary in 2024 decreased by 34,600 yuan compared to 2023, representing a decline of 4% [3]. - Notably, the salary of Yao Zongxian from Miao Conference dropped from 587,200 yuan in 2023 to 362,300 yuan in 2024, marking a reduction of 224,900 yuan, the largest decrease in both amount and percentage at 38% [3]. Age Distribution - The average age of secretaries is approximately 46.33 years, with the majority (67%) aged between 40 and 49 [3]. - The oldest secretary is 60 years old, earning 302,500 yuan, while the youngest is 37 years old, earning 600,000 yuan [3]. Educational Background - The educational distribution includes 1 PhD, 15 Master's, 10 Bachelor's, and 1 Associate degree holders, with average salaries of 609,100 yuan, 729,600 yuan, 720,500 yuan, and 469,100 yuan respectively [5]. - The highest salary among PhD holders is 609,100 yuan, while the lowest among Associate degree holders is 469,100 yuan [5]. Compliance Issues - Three secretaries received warnings or public notifications for violations during 2024-2025 [7]. - For instance, Li Yunbin from Anche Detection received two warnings for insufficient impairment basis for goodwill and inaccurate performance forecast disclosures [8].

Core Insights - The report highlights the significant role of company secretaries (董秘) as a bridge between investors and listed companies, emphasizing their importance in capital operations within the A-share market [1] Salary Overview - In 2024, the total salary for A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - The average salary for company secretaries in the social services-professional services sector is approximately 712,100 yuan, with the highest salary being 1,227,800 yuan and the lowest at 255,000 yuan [1] Salary Changes - The average salary in 2024 decreased by 34,600 yuan compared to 2023, representing a decline of 4% [3] - Notably, the salary of Yao Zongxian from Miao Conference dropped from 587,200 yuan in 2023 to 362,300 yuan in 2024, marking a reduction of 224,900 yuan, the largest decrease in both amount and percentage at 38% [3] Age Distribution - The average age of company secretaries is approximately 46.33 years, with the majority (67%) aged between 40 and 49 [3] - The oldest company secretary is 60 years old, earning 302,500 yuan, while the youngest is 37 years old, earning 600,000 yuan [3] Educational Background - The educational distribution of company secretaries includes 1 PhD, 15 Master's degrees, 10 Bachelor's degrees, and 1 Associate degree, with average salaries of 609,100 yuan, 729,600 yuan, 720,500 yuan, and 469,100 yuan respectively [5] - The highest salary among PhD holders is 609,100 yuan, while the lowest among Associate degree holders is 469,100 yuan [5] Compliance Issues - Three company secretaries received warnings, public notifications, or internal communications regarding compliance issues for the 2024-2025 period [7] - For instance, Li Yunbin from Anche Detection received two warnings for insufficient impairment basis for goodwill and inaccurate performance forecast disclosures [8]

Group 1 - The total salary of A-share listed company secretaries in 2024 reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - The average salary for secretaries in the social services-professional services sector is approximately 712,100 yuan, with the highest salary being 1,227,800 yuan and the lowest at 255,000 yuan [1] - The majority of secretaries, 70%, have salaries between 500,000 and 1 million yuan, totaling 19 individuals [1] Group 2 - The average salary in 2024 decreased by 34,600 yuan compared to 2023, representing a decline of 4% [3] - The oldest secretary is 60 years old, earning 302,500 yuan, while the youngest is 37 years old, earning 600,000 yuan [3] - The average age of secretaries is approximately 46.33 years, with the age group of 40-49 years being the most represented, accounting for about 67% [3] Group 3 - The educational background of secretaries includes 1 PhD, 15 Master's degrees, 10 Bachelor's degrees, and 1 Associate degree, with corresponding average salaries of 609,100 yuan, 729,600 yuan, 720,500 yuan, and 469,100 yuan respectively [5] - The secretary with a PhD, Lü Gang, earns 609,100 yuan, while the one with an Associate degree, Yang Xiangang, earns 469,100 yuan [5] Group 4 - Three secretaries received warnings or public notifications for violations during 2024-2025 [7] - Li Yunbin from Ancar Detection received two warnings for insufficient basis for goodwill impairment and inaccurate performance forecast disclosures, earning 750,000 yuan in 2024 [8]

Core Viewpoint - The event planning industry in China is experiencing significant growth driven by increasing demand from various sectors, including government, enterprises, and individuals, with a projected market size of CNY 346.08 billion in 2024, reflecting a year-on-year growth of 8.23% [1][11]. Industry Background - The event planning industry is closely linked to the cultural and entertainment sectors, supported by various government policies aimed at promoting cultural creativity and consumer rights [4]. - The rising economic development and consumer spending in China have led to a growing demand for event planning services, both for corporate branding and personal celebrations [4][11]. Industry Chain - The upstream of the event planning industry includes various resource providers such as venues, equipment suppliers, and technical service providers, while the downstream consists of corporate clients, government entities, and individual customers [7][8]. Current Development - The event planning industry is expanding its service scope due to increasing demand from diverse clients, with offline events accounting for approximately 60.34% and online events for about 39.66% of the market [11]. Competitive Landscape - The industry is characterized by a large number of small to medium-sized enterprises, with over 2.5 million companies operating in the sector, leading to intense competition [13]. - Major players in the industry include companies like艾德韦宣集团, 蓝色光标, and others, which leverage their resources and expertise to capture market share [14][15]. Industry Trends - Future trends indicate a growing integration of big data, VR/AR technologies, and cross-industry collaborations, enhancing the quality and diversity of event planning services [23].

一、股东股份质押展期的基本情况 注:本公告中所述的总股本均指公司截至 2025 年 7 月 28 日总股本（298,893,870 证券代码：300795 证券简称：米奥会展 公告编号：2025-051 浙江米奥兰特商务会展股份有限公司 关于持股5%以上股东部分股份质押展期的公告 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"）近日 接到公司持股 5%以上股东方欢胜先生的通知，获悉方欢胜先生将其 所持有的公司部分股份办理了质押展期手续，具体事项如下： 股）;本公告中所涉数据的尾数如有差异或不符系四舍五入所致（下同）。 二、其他说明 本次质押展期事项不涉及新增融资，不会对公司生产经营和公 司治理产生影响，方欢胜先生所持有的公司股份不涉及业绩补偿义务， 其资信状况良好，具备相应的资金偿还能力，其质押的股份目前不存 在平仓风险，质押风险在可控范围内。公司将持续关注其质押情况及 质押风险情况，严格遵守相关规定，及时履行信息披露义务。 三、备查文件 2、股东股份累计质押情况 截至本公告披露日，上述股东及其一致行动人所持 ...

Summary of Conference Call for Miao Exhibition Industry Overview - The conference call pertains to the exhibition industry, specifically focusing on Miao Exhibition's operations and strategies in various markets, including India, the Middle East, and Southeast Asia [2][10]. Key Points and Arguments 1. **Exhibition Performance in 2025**: - Five exhibitions were held in the first half of 2025, primarily in Q2, providing approximately 4,500 exhibition spaces, a year-on-year increase of 30% [2][9]. - The absence of exhibitions in Q1 led to a decline in performance, but significant revenue and profit growth were observed in Q2 [2][9]. 2. **Future Exhibition Plans**: - Q3 will focus on exhibitions in Brazil, Mexico, and South Africa, totaling around 3,000 exhibition spaces [2][9]. - Q4 will feature major exhibitions in Osaka, Tokyo, Poland, Indonesia, Dubai, Saudi Arabia, and India, with over 11,000 exhibition spaces planned [2][9]. 3. **Importance of the Indian Market**: - The Indian market is highlighted for its high gross margin and low costs, with a strong willingness to participate in exhibitions [3][4]. - The company plans to increase exhibition spaces in India to 2,000 by December 2025, capitalizing on the post-visa opening demand [3][4]. 4. **Impact of Visa Openings**: - The opening of Indian visas is expected to have a positive impact, with a projected increase in exhibition spaces and participation [3][5]. - The company has a strong foundation in India, having hosted multiple exhibitions and built a substantial buyer database [5][6]. 5. **AI Technology Integration**: - AI technology has improved buyer search efficiency, increasing database coverage from 20%-30% to over 50% [7]. - The company has reintroduced its AI-enabled exhibition product, "AI Exhibition," which has seen sales exceeding 40 million yuan in the past two years [11]. 6. **Sales Expectations for 2025**: - The company is optimistic about sales in the second half of 2025, particularly with over 50% of participating companies expected to purchase AI products [13]. - The success of the Indian exhibition is crucial, with expectations to achieve over 18,000 exhibition spaces sold if it proceeds as planned [9][13]. 7. **Strategic Expansion Plans**: - The company aims to establish offices in emerging markets, particularly in Southeast Asia and the Middle East, to support growth in industrial machinery and equipment sectors [4][16]. - Plans include setting up financial companies in Dubai and Saudi Arabia to enhance local business operations [16]. Other Important Insights - The cancellation of exhibitions in the U.S. has led companies to shift focus towards the Middle East and Southeast Asia, aligning with global economic trends [10]. - The company has accumulated a wealth of buyer resources during the pandemic through online exhibitions, which will aid in recruitment and operational challenges post-visa opening [6][8]. - The company is committed to enhancing its AI product offerings, with a focus on improving user experience and service quality [12][11].

Summary of the Conference Call for Miao Exhibition Industry and Company Overview - The conference call focuses on Miao Exhibition, a company involved in organizing trade shows and exhibitions, particularly in emerging markets like India, Southeast Asia, and the Middle East [2][3][4]. Key Points and Arguments 1. **Impact of Indian Visa Policy**: The reopening of Indian tourist visas is expected to facilitate business visas, providing Miao Exhibition with opportunities to host events in India, which was the company's second-largest revenue source before the pandemic [2][3]. 2. **Upcoming Events in India**: Miao Exhibition plans to host a major event in December 2025 with 1,000 booths, with the potential to expand to 2,000 booths. The company has secured venues and established good relationships with local suppliers [2][3][4]. 3. **Performance in Q2 2025**: The company completed approximately 4,450 booths across events in Japan, Vietnam, Indonesia, and Dubai. However, a planned event in the U.S. was canceled due to tariff issues, leaving around 2,800 booths in Brazil, Mexico, and South Africa for Q3 [2][5]. 4. **Significance of Q4 2025**: The success of the Indian event in Q4 is crucial, as it is expected to account for over 60% of the company's annual revenue [2][5]. 5. **Shift in Market Focus**: Due to U.S.-China trade tensions, companies are increasingly looking towards emerging markets in the Middle East, ASEAN, and Latin America. The number of booths planned for Saudi Arabia has increased from 1,000 to 1,500-1,600, indicating a strategic shift [2][6]. 6. **AI Exhibition Product**: The AI exhibition product launched in January 2025 has improved visitor experience and efficiency, with expectations of significant revenue growth from its application this year [2][7]. 7. **Sales Performance**: In Q2 2025, the company achieved a significant onsite transaction amount of $90 million at the Vietnam exhibition, despite overall sales being under pressure due to a shift in focus towards profitability [2][8][9]. 8. **Future Plans for 2026**: Miao Exhibition aims to expand its exhibition scale in existing countries, particularly in the industrial machinery sector, with a focus on Indonesia, Saudi Arabia, Brazil, and Mexico [2][10][12]. 9. **Vietnam Exhibition Strategy**: In 2025, exhibitions in Vietnam will focus on consumer trade, while the industrial machinery exhibition will move to Hanoi in 2026 due to the concentration of factories in that area [2][11]. 10. **Middle East Market Development**: The company plans to expand its exhibition scale in Dubai and aims to host 1,500-1,600 booths in Saudi Arabia in 2025, increasing to at least 2,500 booths by 2026 [2][12]. 11. **Global Development Focus**: The company's global strategy for the next two years will concentrate on Southeast Asia and the Middle East, with plans to diversify and increase the number of exhibitions in these regions [2][13][14]. Other Important Insights - The company has established a mature buyer network pre-pandemic and has maintained connections through online exhibitions during the pandemic, which is expected to help in recovering and expanding its buyer base [2][4]. - The cost structure in India is favorable, with higher profit margins compared to Dubai, making successful exhibitions in India critical for overall profitability [2][4].