Core Viewpoint - The integration of digital and physical exhibition formats is providing Chinese companies with new opportunities in overseas exhibitions, with Miao Exhibition leading the way in this transformation [1][2]. Group 1: Company Overview - Miao Exhibition is the first listed company in China to engage in overseas exhibition operations, collaborating with Hannover Milan (Shanghai) to host the Indonesia Industrial Exhibition, marking a significant milestone in the industry [2]. - The company aims to transform Chinese exhibition brands from domestic organizers to global exhibition operators through innovative collaboration with top overseas exhibition brands [1][2]. Group 2: Business Model Innovation - Miao Exhibition has developed an "Exhibition Going Out Incubation Platform" to address challenges faced by domestic exhibition companies, such as high costs of organizing overseas buyers and lack of local operational experience [2][3]. - The collaboration with Hannover Milan employs a business model based on brand co-branding, resource exchange, and revenue sharing, enhancing the overall exhibition experience [2][3]. Group 3: Performance Metrics - The 2025 Indonesia Industrial Exhibition attracted over 1,000 exhibitors from China and other countries, with more than 90,000 pre-registered professional buyers and over 35,000 attendees, resulting in trade cooperation exceeding 100 million yuan [3]. - Miao Exhibition aims to establish 30-50 industry-specific Chinese brand exhibition platforms in the top ten global markets by 2025, increasing China's share in the global exhibition market [3]. Group 4: Technological Advancements - Miao Exhibition has developed the "AI Hui Zhan" system, integrating AI and big data to enhance overseas exhibition operations, making it a leader in the domestic exhibition industry [4][5]. - The AI system addresses common pain points in foreign trade exhibitions, such as memory confusion and language barriers, by automating information management and communication [5]. Group 5: Support for First-Time Exporting Companies - Miao Exhibition provides comprehensive support for first-time exporting companies, including market research, AI technology empowerment, and ongoing market development assistance [6][7]. - The company has assisted over 1.5 million Chinese enterprises in their first overseas exhibition, with significant reductions in customer acquisition costs and increased success rates in securing overseas orders [7][8].

Group 1 - A total of 12 stocks received buy ratings from institutions today, with Baolingbao, Puluo Pharmaceutical, and Xinyuanwei being newly covered by institutions [1] - Among the stocks rated, the average increase was 1.14%, outperforming the Shanghai Composite Index, with notable gainers including Xinyuanwei, Shantui, and Hanyi, which rose by 5.56%, 4.41%, and 4.09% respectively [1] - The stocks with the largest declines included Jinbo Biological, Baofeng Energy, and Miao Exhibition, which fell by 2.14%, 1.70%, and 1.60% respectively [1] Group 2 - The newly rated stocks include Puluo Pharmaceutical with a strong buy rating from Huachuang Securities, and Baolingbao with an increase rating from Guotai Haitong [2] - The target price for Puluo Pharmaceutical is set at 22.00 yuan, while Baolingbao has a target price of 16.30 yuan [2] - Other stocks receiving buy ratings include Miaokelan Duo, Tielong Logistics, and Gole Technology, with target prices of 33.00 yuan, 7.09 yuan, and unspecified respectively [2]

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [2][11]. Core Insights - The report highlights a significant differentiation in performance across various sectors within the social services industry, particularly in tourism and hospitality, driven by changing consumer behaviors and economic conditions [3][4]. - The hotel industry is transitioning from a rapid growth phase to a more competitive environment, with a notable increase in the number of hotels and rooms available [3][4]. - The demand for duty-free shopping is anticipated to grow due to global economic recovery and consumption upgrades, despite some companies facing revenue declines [3][4]. Summary by Relevant Sections Tourism Attractions - Jiuhua Tourism is projected to achieve a 22% increase in revenue and a 28% increase in net profit for H1 2025. Huangshan Tourism is expected to generate revenue of 911 million yuan, a 9% increase year-on-year, with a net profit of 149 million yuan, up 13% [3][4]. - Changbai Mountain is forecasted to see a 7.48% decrease in revenue, with a net loss of 2 million yuan, marking a 110% decline [3][4]. - Tianmu Lake is expected to report a 5% revenue increase to 277 million yuan and a 9% rise in net profit to 58 million yuan [3][4]. Hotel Industry - Huazhu is expected to generate 11.66 billion yuan in revenue for H1 2025, a 2% increase, with a net profit of 2.04 billion yuan, up 18% [3][4]. - Shoulv Hotel is projected to see a 4% decline in revenue to 3.59 billion yuan, while net profit is expected to rise by 9% to 391 million yuan [3][4]. - Atour Hotel anticipates a 30% revenue increase to 4.24 billion yuan and a 16% rise in net profit to 653 million yuan [3][4]. Exhibition & Human Resource Services - The report notes increasing competition in the domestic market, with companies like Miao Exhibition expected to achieve a 9% revenue increase to 284 million yuan, despite a significant drop in net profit [3][4]. - Beijing Human Resources is projected to see a 6% revenue increase to 23.29 billion yuan, with a substantial 81% rise in net profit to 785 million yuan [3][4]. Duty-Free Sector - China Duty-Free is expected to report a 9% decline in revenue to 28.58 billion yuan and a 14% decrease in net profit to 2.84 billion yuan [3][4]. - Wangfujing is projected to see an 18% decline in revenue to 4.95 billion yuan, with a 73% drop in net profit to 80 million yuan [3][4]. Investment Recommendations - The report suggests focusing on companies in various sectors: 1. Exhibition and events: Lansheng Co., Lisheng Sports, Miao Exhibition 2. Human resources: Beijing Human Resources, Keri International 3. Tourism: Changbai Mountain, Jiuhua Tourism, Huangshan Tourism, Songcheng Performing Arts, Tianmu Lake 4. Hotels: Shoulv Hotel, Huazhu, Atour 5. Duty-free: China Duty-Free, Wangfujing [3][4].

证券代码：300795 证券简称：米奥会展 公告编号：2025-050 浙江米奥兰特商务会展股份有限公司 关于公司部分高级管理人员减持股份的预披露公告 本公司副总经理刘锋一先生、郑伟先生保证向本公司提供的信息 内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 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。 特别提示： 1、持有本公司股份 643,818 股（占剔除回购专户股份数后公司 总股本比例为 0.2180%）的副总经理刘锋一先生计划自本公告披露之 日起十五个交易日后的三个月内（窗口期不减持）通过集中竞价交易 方式减持其直接持有的公司股份不超过 130,000 股（占剔除回购专户 股份数后公司总股本比例为 0.0440%，未超过其所持有公司股份总数 的 25%）。 2、持有本公司股份 505,612 股（占剔除回购专户股份数后公司 总股本比例为 0.1712%）的副总经理郑伟先生计划自本公告披露之日 起十五个交易日后的三个月内（窗口期不减持）通过集中竞价交易方 式减持其直接持有的公司股份不超过 126,400 股（占剔除回购专户股 份数后公司总股 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Views - The return of everyday dining and the rise of home-cooked meals are significant trends, with the market for casual dining exceeding 1.2 trillion RMB, emphasizing high cost-performance [5][58] - The creator economy, particularly in the music streaming sector, is experiencing stable growth, with platforms enhancing their bargaining power through non-music content [22][24] - The casual dining market is projected to grow at a compound annual growth rate (CAGR) of 9.1% from 2023 to 2028, reaching 55.87 billion RMB by 2028 [56][58] Summary by Sections 1. Trend in Casual Dining - The average spending on Chinese dining has decreased from 87.6 RMB in 2023 to 79.2 RMB in 2024, a decline of 9.6% [53][55] - The casual dining market is characterized by a shift towards high cost-performance and practicality, with a significant increase in home cooking frequency [53][56] - The market for affordable casual dining (under 100 RMB per meal) is the largest segment, accounting for 88.7% of the total dining market, with a current size of 36.18 billion RMB [56][58] 2. Creator Economy and Music Streaming - The global music streaming market is projected to reach over 20.4 billion USD in 2024, with a year-on-year growth of 7.3% [27][30] - Subscription users in the music streaming sector are expected to grow to 263 million in 2024, reflecting an increase of 11% year-on-year [30] - Spotify's market penetration in emerging markets is driving user growth, with a CAGR of 35% from 2021 to 2025 [26][30] 3. Trends in Toy and Creator Economy - The online sales of trendy toys in June 2025 reached 1.348 billion RMB, with a year-on-year growth of 16% [12][14] - The sales of blind boxes and plush toys showed strong performance, with blind boxes growing by 109% year-on-year [12][13] - The creator economy is bolstered by the growth of non-music content, enhancing platforms' bargaining power [22][24] 4. Beauty and Personal Care Market - The skincare market on Tmall has seen a concentration increase, with the top 20 brands accounting for 46.2% of the total GMV [66] - Domestic brands have seen a decline in both quantity and market share, while international brands have experienced double-digit growth [66][67]

证券代码：300795 证券简称：米奥会展 公告编号：2025-046 浙江米奥兰特商务会展股份有限公司 2025年第一次临时股东大会决议公告 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。 特别提示： （一）会议召开情况 1、会议召开时间： （1）现场会议召开时间：2025 年 7 月 2 日（周三）下午 14:45 开始； （2）网络投票时间：通过深圳证券交易所交易系统进行网络投 票的具体时间为：2025 年 7 月 2 日 9:15—9:25，9:30—11:30 和 13:00 —15:00；通过深圳证券交易所互联网投票系统投票的具体时间为： 2025 年 7 月 2 日 9:15 至 2025 年 7 月 2 日 15:00 期间的任意时间。 2、会议召开方式：本次会议采取现场投票与网络投票相结合的 第 1 页 共 8 页 1、本次股东大会没有出现否决议案的情况； 2、本次股东大会不涉及变更以往股东大会已通过决议的情况； 3、本次股东大会审议的议案对中小投资者的表决单独计票。 一、会议召开和出席的情况 方式召开。 （1）现场投票：包括本人出席及通过填 ...

二〇二五年七月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京市中伦（深圳）律师事务所 关于浙江米奥兰特商务会展股份有限公司 北京市中伦（深圳）律师事务所 关于浙江米奥兰特商务会展股份有限公司 2025 年第一次临时股东大会的 法律意见书 2025 年第一次临时股东大会的 法律意见书 致：浙江米奥兰特商务会展股份有限公司 北京市中伦（深圳）律师事务所（以下简称"本所"）受浙江米奥兰特商务会 展股份有限公司（以下简称"公司"）委托，指派郭子威律师、梁严鑫律师出席并 见证公司 2025 年第一次临时 ...

证券代码：300795 证券简称：米奥会展 公告编号：2025-048 浙江米奥兰特商务会展股份有限公司 关于第六届董事会第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（以下简称"公司"）于2025 年7月2日以现场与通讯相结合的方式召开第六届董事会第一次会议。 本次会议为公司于2025年7月2日召开2025年第一次临时股东大会和 2025年第一次职工代表大会选举产生公司第六届董事会成员后，经全 体董事同意豁免本次会议通知时间要求，于当日以紧急口头及电话方 式向全体董事送达。经全体董事推举，本次会议由董事潘建军先生召 集并主持。本次会议应出席董事7人，实际出席董事7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》"）、《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：《关于选举公司第六届董事会董事长的议案》 根据《公司法》等法律法规 ...

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。 证券代码：300795 证券简称：米奥会展 公告编号：2025-047 浙江米奥兰特商务会展股份有限公司 关于选举产生第六届董事会职工代表董事的公告 2025 年 7 月 2 日 附件： 浙江米奥兰特商务会展股份有限公司（以下简称"公司"）第五 届董事会任期即将届满，根据《中华人民共和国公司法》（以下简称 "《公司法》"）《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、规范性文件及《公司章程》的有关规定，公司将按 照相关法定程序进行董事会换届选举。 公司于 2025 年 7 月 2 日召开了职工代表大会，经与会职工代表 审议并进行了民主选举，一致同意选举姚宗宪先生（简历详见附件） 为公司第六届董事会职工代表董事。姚宗宪先生将与 2025 年第一次 临时股东大会选举产生的 6 名非职工代表董事共同组成公司第六届 董事会，任期自本次职工代表大会审议通过之日起至第六届董事会届 满之日止。 姚宗宪先生担任职工代表董事符合《公司法》《公司章程》有 ...

证券代码：300795 证券简称：米奥会展 公告编号：2025-049 浙江米奥兰特商务会展股份有限公司 关于完成董事会换届选举及聘任高级管理人员、证券事务代表的公告 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 2025 年 7 月 2 日召开 2025 年第一次临时股东大会，以累积投票方式 审议通过了《关于董事会换届选举暨提名第六届董事会非独立董事候 选人的议案》《关于董事会换届选举暨提名第六届董事会独立董事候 选人的议案》，并召开职工代表大会选举姚宗宪先生为公司第六届董 事会职工代表董事，由此选举产生了公司第六届董事会全体董事；同 日，公司召开了第六届董事会第一次会议，审议通过了《关于选举公 司第六届董事会董事长的议案》《关于选举公司第六届董事会各专门 委员会委员的议案》《关于聘任公司高级管理人员的议案》《关于聘 任公司证券事务代表的议案》，公司第六届董事会换届选举以及高级 管理人员与证券事务代表的聘任工作已经完成，现将相关情况公告如 下： 一、第六届董事会及各专门委员会组成情况 （一）第六届董事 ...