Financial Performance - The company's revenue for Q1 2025 was ¥17,267,258.04, representing a decrease of 77.32% compared to ¥76,130,906.60 in the same period last year[5] - The net profit attributable to shareholders was a loss of ¥36,791,299.72, a decline of 864.17% from a profit of ¥4,814,524.68 in the previous year[5] - The total operating revenue for the current period is CNY 17,267,258.04, a significant decrease from CNY 76,130,906.60 in the previous period, representing a decline of approximately 77.3%[19] - The net profit for the current period is a loss of CNY 37,676,061.80, compared to a net profit of CNY 3,230,440.85 in the previous period, marking a substantial decline[20] - The weighted average return on net assets was -6.09%, down from 0.73% in the previous year, indicating a significant decline in profitability[5] - The basic and diluted earnings per share for the current period are both CNY -0.16, compared to CNY 0.02 in the previous period, reflecting a significant decline[21] Cash Flow and Liquidity - The cash flow from operating activities showed a net outflow of ¥12,674,236.52, down 164.57% from a positive cash flow of ¥19,628,186.23 in the prior year[10] - The company's cash and cash equivalents at the end of the reporting period amount to ¥595,283,351.97, down from ¥642,655,781.12 at the beginning of the period[16] - The total cash and cash equivalents at the end of the period decreased to $587.21 million from $615.03 million, showing a reduction in liquidity[23] - Operating cash flow net amount decreased to -$12.67 million from $19.63 million in the previous period, indicating a significant decline in cash generation from operations[22] Assets and Liabilities - The total assets at the end of the reporting period were ¥852,401,185.27, an increase of 2.57% from ¥831,081,657.84 at the end of the previous year[5] - The total liabilities have risen to CNY 245,708,662.54, compared to CNY 188,078,037.26 in the previous period, which is an increase of about 30.6%[18] - The total current assets are reported at ¥714,044,978.23, slightly up from ¥709,093,513.32 at the beginning of the period[16] - The total non-current assets have increased to CNY 138,356,207.04 from CNY 121,988,144.52, showing a growth of approximately 13.4%[18] Shareholder Information - As of the end of the reporting period, the total number of ordinary shareholders is 13,170, with the top two shareholders holding 22.95% and 22.83% respectively[12] - The top shareholder, Fang Huansheng, holds 52,949,366 shares, with 39,712,024 shares under pledge[12] - The top four shareholders collectively hold over 59% of the company's shares, indicating a concentrated ownership structure[12] - The company has a share repurchase account holding 3,500,011 shares, representing 1.52% of total shares, ranked 6th among the top shareholders[14] Investment and Expenses - Research and development expenses increased by 37.08% to ¥4,349,430.28, reflecting the company's commitment to enhancing its R&D efforts[10] - The company reported a significant increase in investment income of 2416.43%, amounting to ¥3,121,407.86, due to gains from the disposal of financial assets[10] - The company's long-term equity investments increased to ¥20,425,289.21 from ¥10,564,032.36[16] - Cash received from sales of goods and services was $120.44 million, down from $151.26 million, indicating a decline in revenue generation[22] - Payments to employees rose to $53.04 million from $48.04 million, reflecting increased labor costs[22] Operational Insights - The company did not hold any self-organized exhibitions in Q1 2025, which contributed to the decline in revenue compared to Q1 2024 when two exhibitions were held[10] - The company's overseas exhibition business is influenced by seasonal factors, primarily concentrated in May-June, September, November, and December, which does not significantly impact its ongoing operational capability[11] - The company is gradually returning to the seasonal cycle of the exhibition industry as the global exhibition market normalizes[11] - The company does not have any preferred shareholders or significant changes in restricted shares during the reporting period[15] Tax and Other Financial Metrics - The deferred income tax assets have increased to CNY 7,623,674.72 from CNY 2,250,940.89, indicating a growth of approximately 238.5%[18] - The total operating costs for the current period amount to CNY 60,299,519.06, down from CNY 76,454,327.43 in the previous period, indicating a decrease of about 21.2%[19] - The impact of exchange rate fluctuations on cash and cash equivalents was a decrease of $152.52 thousand, indicating some currency risk exposure[23]

Group 1 - The service consumption sector is experiencing a significant surge, with tourism hotels, medical beauty, and property management leading the gains [1] - Notable stocks such as Huatian Hotel, Nanjing Shanglv, and Zhongtian Service have reached their daily limit up, while Jinling Hotel has seen two consecutive limit ups [1] - A press conference is scheduled for April 21, where officials will discuss the "Comprehensive Pilot Work Plan for Accelerating the Expansion of Service Industry Opening" [1]

Core Insights - The report emphasizes the importance of domestic demand and high-performing leading companies, as well as sectors benefiting from increased tariffs [3][7] - The consumer services sector has outperformed benchmarks since March, with low-valued high-performing stocks showing resilience amid tariff negotiations [3][10] Sector Analysis 1. Consumer Internet Platforms - The performance of leading companies in the consumer internet space is expected to be stable, with significant growth in domestic travel during the Qingming holiday [4] - Companies like Tongcheng Travel and Ctrip are projected to benefit from increased user engagement and market penetration [4][19] 2. Natural Scenic Area Leaders - Companies in this sector are noted for their defensive attributes, with expected profit growth driven by increased visitor numbers during holidays [4] - Jiuhua Tourism is anticipated to see a net profit increase of approximately 32% in Q1, supported by improved visitor flow [4][8] 3. Chain Consumption Leaders - The hotel industry is showing signs of stabilization, with RevPAR (Revenue per Available Room) expected to improve due to rising travel demand [5][25] - Major hotel chains are focusing on expanding their market share through aggressive opening strategies, with significant growth targets set for 2025 [28][33] 4. Duty-Free Sector - The duty-free market is positioned to benefit from tariff increases, with a focus on the recovery of consumer spending and the influx of foreign tourists [6][7] - The report highlights the potential for growth in the duty-free segment as policies evolve to stimulate economic recovery [6][19] Investment Recommendations - The report suggests a focus on companies such as Tongcheng Travel, Meituan-W, Ctrip Group-S, and Huazhu Group-S, which are expected to perform well in the current economic environment [7][8] - The emphasis is on sectors with strong domestic demand and those that are likely to benefit from tariff adjustments, indicating a favorable investment outlook [7][8]

一、对外投资概述 证券代码：300795 证券简称：米奥会展 公告编号：2025-007 浙江米奥兰特商务会展股份有限公司 关于全资子公司拟参与投资 宁波甬元稳仲创业投资合伙企业（有限合伙）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。 （一）基本情况 浙江米奥兰特商务会展股份有限公司（以下简称"公司"）为了 进一步推动公司整体战略目标的实现，提升公司的综合竞争力，公司 全资子公司三保汇投（嘉兴）企业管理有限公司（以下简称"三保汇 投"）拟作为有限合伙人使用自有资金与普通合伙人兼执行事务合伙 人苏州维特力新创业投资管理有限公司（以下简称"苏州维特力新"） 及其他有限合伙人共同投资设立宁波甬元稳仲创业投资合伙企业（有 限合伙）（暂定名，具体以市场监督管理部门核准登记的名称为准， 以下简称"（本）基金"或"（本）合伙企业"）。合伙企业目标认 缴总金额为人民币 100,000 万元，其中首次交割日后的初始认缴出资 总额为人民币 50,000 万元（最终规模以实际募集金额为准）。三保 汇投拟以自有资金认缴出资人民币 10,100 万元，持股比例占合伙企 业首期 ...

证券代码：300795 证券简称：米奥会展 公告编号：2025-005 浙江米奥兰特商务会展股份有限公司 关于第五届董事会第三十一次会议决议的公告 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。 一、董事会会议召开情况 浙江米奥兰特商务会展股份有限公司董事会 浙江米奥兰特商务会展股份有限公司（以下简称"公司"）第五 届董事会第三十一次会议于 2025 年 2 月 25 日以电话及邮件方式通 知各位董事。会议于 2025 年 3 月 3 日以现场与通讯方式相结合的方 式举行。本次会议由公司董事长潘建军先生召集并主持，会议应到董 事 7 名，实到董事 7 名。本次会议的召集和召开符合《中华人民共和 国公司法》（以下简称"《公司法》"）《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》"）《董事会议事规则》 等有关规定，会议召开及表决程序合法有效。 二、董事会会议审议情况 1、审议通过：《关于全资子公司拟参与投资宁波甬元稳仲创业 投资合伙企业（有限合伙）的议案》 经与会董事审议，同意《关于全资子公司拟参与投资宁波甬元稳 仲创业投资合伙企业（有限合伙） ...

证券代码：300795 证券简称：米奥会展 公告编号：2025-006 第 1 页 共 2 页 案》。 浙江米奥兰特商务会展股份有限公司 关于第五届监事会第二十八次会议决议的公告 本公司及监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。 一、监事会会议召开情况 浙江米奥兰特商务会展股份有限公司（以下简称"公司"）于 2025 年 3 月 3 日以现场与通讯方式相结合的方式召开第五届监事会 第二十八次会议。会议通知于 2025 年 2 月 25 日以电话及电子邮件方 式发出。本次会议由监事何问锡先生主持，本次会议应出席监事 3 人， 实际出席监事 3 人。本次会议的召集和召开符合《中华人民共和国公 司法》（以下简称"《公司法》"）《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》"）《监事会议事规则》等 有关规定，会议召开及表决程序合法有效。 二、监事会会议审议情况 1、审议通过：《关于全资子公司拟参与投资宁波甬元稳仲创业 投资合伙企业（有限合伙）的议案》 经审议，监事会认为：公司本次对外投资事项有利于发掘契合公 司战略发展方向的项目，对促进公司与相关公司 ...

Company and Industry Summary Company Overview - The company, 米奥会展, is undergoing a strategic adjustment for 2024, focusing on cost-cutting and efficiency improvements due to a challenging economic environment. The data-driven exhibition model has shown significant results, with the Indonesian exhibition surpassing attendance at some well-known international events, validating the effectiveness of digital exhibitions and the appeal of Chinese manufacturing [2][3][5]. Strategic Goals and Adjustments - For 2025, the company anticipates continued economic challenges and will maintain its cost-cutting strategy, abandoning high-growth revenue targets in favor of profit goals. The aim is to achieve 100% of the equity incentive target (320 million yuan) with a minimum of 80% (260 million yuan). The company plans to increase its exhibitions to 17 across 11 countries, with a total of approximately 19,000 to 20,000 exhibition spaces [2][6][11]. Market Focus - The company is focusing on hosting exhibitions in Saudi Arabia and India, recognizing their market potential. Saudi Arabia is expected to benefit from the World Expo and future city developments, with projected gross margins of 55% in 2025. India, with its large market size and relaxed visa policies, is expected to achieve gross margins of 55%-60% [2][9]. Operational Changes - The company has implemented strategic changes, team transformations, and engaged external consultants to adapt to external environmental changes. Enhancements in the sales team's capabilities are crucial to meet cautious customer exhibition choices. Preliminary financial data suggests these measures are helping the company adapt to the current environment [2][10]. Performance Metrics - As of the pre-Spring Festival period, the company has booked over 5,000 exhibition spaces, representing a year-on-year growth of approximately 30%. The project progress is on track to meet annual targets [2][11]. Competitive Landscape - The company faces competition from local exhibitions and agents, particularly in established markets like Dubai, where many Chinese companies are participating. Despite the competition, the company believes it can leverage its established reputation and operational efficiency to maintain its market position [13][14]. Cost Management and Long-term Strategy - The company emphasizes long-term development while maintaining cautious cost control. Essential expenditures will be prioritized, while optimizing discretionary spending to ensure core business effectiveness is not compromised [15][16]. Future Outlook - The company plans to maintain its exhibition scale in 2025, with an expected increase of approximately 3,000 exhibition spaces compared to 2024, driven by a rebound from previous underperformance and improved visa policies [18]. Challenges and Opportunities - The company is aware of potential challenges from U.S. tariff policy changes, which could impact exhibition arrangements. However, it sees opportunities in emerging markets like the Middle East and ASEAN, where many Chinese companies are targeting new markets [20][23]. AI Integration - The integration of AI technology is expected to enhance the exhibition experience significantly. The company has upgraded its O2O products with AI features and plans to launch AR glasses in May 2024, which will improve buyer engagement and operational efficiency [26][28]. Conclusion - Overall, the company is strategically positioning itself to navigate a challenging economic landscape while focusing on profitability, market expansion in high-potential regions, and leveraging technology to enhance its service offerings and operational efficiency [2][6][9][26].

具体内容详见公司刊登在中国证监会指定的创业板信息披露网 站巨潮资讯网（www.cninfo.com.cn)上披露的《关于公司拟投资设立 全资子公司的公告》（公告编号：2025-003）。 证券代码：300795 证券简称：米奥会展 公告编号：2025-004 浙江米奥兰特商务会展股份有限公司 关于公司拟投资设立全资子公司的进展公告 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。 一、对外投资概述 浙江米奥兰特商务会展股份有限公司（以下简称"公司"）为了 整合产业链资源并通过联动上下游加速公司业务拓展与国际市场开 发，强化市场竞争优势，持续提升公司核心竞争力，于 2025 年 2 月 11 日召开第五届董事会第三十次会议、第五届监事会第二十七次会 议，审议通过了《关于公司拟投资设立全资子公司的议案》，同意公 司以自有资金 15,000 万元人民币在嘉兴市南湖区设立全资子公司。 注册资本： 壹亿伍仟万元整 成立日期： 2025 年 02 月 20 日 经营范围： 一般项目：企业管理；股权投资（除依法须经批准 的项目外，凭营业执照依法自主开展经营活动）。 二、对外投 ...

证券代码：300795 证券简称：米奥会展 公告编号：2025-001 浙江米奥兰特商务会展股份有限公司 关于第五届董事会第三十次会议决议的公告 表决结果：7 名同意；0 名弃权；0 名反对。 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。 一、董事会会议召开情况 浙江米奥兰特商务会展股份有限公司（以下简称"公司"）第五 届董事会第三十次会议于 2025 年 2 月 5 日以电话及邮件方式通知各 位董事。会议于 2025 年 2 月 11 日以现场与通讯方式相结合的方式举 行。本次会议由公司董事长潘建军先生召集并主持，会议应到董事 7 名，实到董事 7 名。本次会议的召集和召开符合《中华人民共和国公 司法》（以下简称"《公司法》"）《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》"）《董事会议事规则》等 有关规定，会议召开及表决程序合法有效。 二、董事会会议审议情况 1、审议通过：《关于公司拟投资设立全资子公司的议案》 经与会董事审议，同意《关于公司拟投资设立全资子公司的议案》。 董事会认为：公司拟在浙江省嘉兴市南湖区设立全资子公司，是公司 ...

证券代码：300795 证券简称：米奥会展 公告编号：2025-002 浙江米奥兰特商务会展股份有限公司 关于第五届监事会第二十七次会议决议的公告 本公司及监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。 一、监事会会议召开情况 浙江米奥兰特商务会展股份有限公司（以下简称"公司"）于 2025 年 2 月 11 日以现场会议的方式召开第五届监事会第二十七次会 议。会议通知于 2025 年 2 月 5 日以电话及电子邮件方式发出。本次 会议由监事何问锡先生主持，本次会议应出席监事 3 人，实际出席监 事 3 人。本次会议的召集和召开符合《中华人民共和国公司法》（以 下简称"《公司法》"）《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》"）《监事会议事规则》等有关规定，会 议召开及表决程序合法有效。 二、监事会会议审议情况 具体内容详见公司于同日刊登在中国证监会指定的创业板信息 披露网站巨潮资讯网(www.cninfo.com.cn)上披露的《关于公司拟投 第 1 页 共 2 页 资设立全资子公司的公告》。 表决结果：3 名同意；0 名弃权；0 名反对。 ...