证券代码：300795 证券简称：米奥会展 公告编号：2025-030 浙江米奥兰特商务会展股份有限公司 关于向激励对象授予预留部分限制性股票的公告 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。 重要内容提示： 根据浙江米奥兰特商务会展股份有限公司《2024 年限制性股票 激励计划（草案）》（以下简称"《激励计划》"）的规定，浙江米奥兰特 商务会展股份有限公司（以下简称"公司"或"米奥会展"）2024 年 限制性股票激励计划（以下简称"本激励计划"）规定的限制性股票 预留授予条件已经成就，根据 2024 年第二次临时股东大会的授权， 公司于 2025 年 5 月 19 日召开第五届董事会第三十三次会议，审议通 过《关于向激励对象授予预留部分限制性股票的议案》，有关事项具 体如下： 一、本次股权激励计划简述 2024 年 6 月 19 日，公司召开 2024 年第二次临时股东大会，审 议通过了《激励计划》及其摘要，主要内容如下： 第 1 页 共 17 页 限制性股票预留授予日：2025 年 5 月 19 日 限制性股票预留授予数量：第二类限制性股票 40 万股 ...

证券简称：米奥会展 证券代码：300795 上海荣正企业咨询服务（集团）股份有限公司 关于 浙江米奥兰特商务会展股份有限公司 2024 年限制性股票激励计划 预留授予相关事项 之 独立财务顾问报告 2025 年 5 月 | 一、 释义 3 | | --- | | 二、声明 4 | | 三、基本假设 5 | | 四、本次激励计划已履行的相关审批程序 6 | | 五、本次激励计划授予条件说明 8 | | 六、本次激励计划的预留授予情况 9 | | 七、本次激励计划的授予日 10 | | 八、实施本次激励计划对相关年度财务状况和经营成果影响的说明 11 | | 九、结论性意见 12 | | 十、备查文件及咨询方式 13 | 一、 释义 | 米奥会展、公司、上 | 指 | 浙江米奥兰特商务会展股份有限公司 | | --- | --- | --- | | 市公司 | | | | 本激励计划、股权激 | 指 | 浙江米奥兰特商务会展股份有限公司 年限制性股票激励计 2024 | | 励计划 | | 划 | | 独立财务顾问、财务 | 指 | 上海荣正企业咨询服务（集团）股份有限公司 | | 顾问 | | | | 限制性股 ...

证券代码：300795 证券简称：米奥会展 公告编号：2025-026 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 4 月 26 日在中国证监会指定创业板信息披露网站巨潮资讯网 （www.cninfo.com.cn）披露了《关于召开公司 2024 年年度股东大会 通知的公告》（公告编号：2025-022），本次股东大会将采取现场投 票与网络投票相结合的方式召开，根据相关规定，现将本次会议的有 关情况提示如下： 一、召开会议的基本情况 1、股东大会届次：2024 年年度股东大会 2、股东大会的召集人：公司董事会 3、会议召开的合法、合规性：根据公司第五届董事会第三十二 次会议决议，本次股东大会会议的召开程序符合《公司法》及《公司 章程》等相关规定。 4、会议召开的日期、时间： （1）现场会议召开时间：2025 年 5 月 19 日（周一）下午 14:30 开始； 浙江米奥兰特商务会展股份有限公司 关于召开2024年年度股东大会的提示性公告 第 1 页 共 10 页 （2）网络投票时间：通过 ...

Core Viewpoint - The company, Miao Exhibition (300795), reported a decline in revenue and net profit for 2024, while emphasizing its strategic focus on digital transformation and international market expansion, particularly in the context of the global exhibition industry recovery post-pandemic [2][8]. Financial Performance - For the fiscal year 2024, the company achieved an operating income of 751 million yuan and a net profit of 163 million yuan [2]. - In Q1 2025, the company reported a significant decline in revenue to 17.27 million yuan, down 77.32% year-on-year, and a net loss of 36.79 million yuan [14]. Industry Trends - The global exhibition market is showing signs of recovery, with a 16% increase in revenue compared to 2019 levels, indicating a full recovery and growth beyond pre-pandemic figures [3][7]. - The company noted a shift in the outbound exhibition landscape, with a growing emphasis on investment-driven market expansion rather than solely trade [2][7]. Competitive Advantages - The company has established a leading position in digital exhibition capabilities, leveraging AI and big data to enhance customer engagement and operational efficiency [4][5]. - It possesses a unique overseas self-organized exhibition platform, which is crucial for promoting Chinese brands in international markets [4][5]. Strategic Focus - The company is concentrating on three main areas: Miao Exhibition, Miao Technology, and Miao Investment, with a strong emphasis on upgrading the exhibition segment through digitalization and specialization [5][8]. - The strategic shift from general exhibitions to specialized exhibitions is aimed at enhancing the quality and effectiveness of its offerings [8][12]. Market Expansion - The company is actively expanding its presence in emerging markets, particularly along the Belt and Road Initiative, BRICS countries, and RCEP regions, which are seen as key growth drivers [7][12]. - In 2024, the company successfully hosted 14 exhibitions across nine countries, attracting over 7,500 participating enterprises [8][12]. Future Outlook - The company anticipates that the exhibition industry will continue to evolve towards greater integration of technology, internationalization, and sustainability, with a focus on customized exhibition solutions [7][8]. - The ongoing geopolitical tensions and changes in trade policies are prompting the company to diversify its market strategies and reduce reliance on the U.S. market [6][7].

Financial Performance - In 2024, the company achieved operating revenue of 751.36 million RMB, a decrease of 10.01% year-on-year [11] - The net profit attributable to shareholders was 155.17 million RMB, down 17.55% compared to the previous year [11] - The basic earnings per share were 0.68 RMB, with a weighted average return on equity of 24.39% [11] Market Trends and Strategic Insights - The global exhibition market is recovering, with average revenue in 2024 increasing by 16% compared to 2019 [5][9] - The number of institutions organizing exhibitions abroad in China rose to 53 in 2024, a 43.24% increase from the previous year [3] - The company’s revenue growth from 2019 to 2024 was 76%, significantly outperforming the global exhibition industry [5] Competitive Advantages - The company has a leading position in digital exhibition transformation, leveraging AI and big data for enhanced marketing and customer engagement [5] - It operates the only global self-organized exhibition platform in China, enhancing its brand influence internationally [5] - The company has established a strong overseas support system with over 100 employees in various countries, enhancing its competitive edge [5] Business Development Strategy - The company focuses on three main sectors: exhibition services, technology, and investment, with a strategic emphasis on upgrading the exhibition segment [6][7] - It has transitioned from general exhibitions to specialized exhibitions, enhancing its service offerings and operational efficiency [11] - The company is actively expanding into emerging markets, particularly along the "Belt and Road" initiative, BRICS countries, and RCEP [16] Future Outlook and Challenges - The company anticipates challenges from geopolitical tensions and changing trade policies, particularly from the new U.S. government [9] - It plans to diversify its market presence to reduce reliance on the U.S. market, focusing on new growth opportunities in emerging markets [9] - The exhibition industry is expected to evolve towards more technology-driven, sustainable, and integrated solutions [9] Shareholder Returns and Policies - The company has a stable cash dividend policy, with plans to distribute 3.50 RMB per share to shareholders [17] - It has consistently implemented capital reserve transfers to increase share capital over the past three years [4]

Group 1: Financial Performance - In 2024, the company achieved revenue of 750 million, a year-on-year decline of 10.0%, and a net profit attributable to shareholders of 160 million, down 17.6% year-on-year [1] - In Q4 2024, the company reported revenue of 330 million, a year-on-year decrease of 10.8%, and a net profit attributable to shareholders of 90 million, down 18.3% year-on-year [1] - In Q1 2025, the company experienced a significant revenue drop to 20 million, a year-on-year decline of 77.3%, with a net profit attributable to shareholders turning negative at -40 million [1][2] Group 2: Industry Challenges - The overseas exhibition industry in China faced dual pressures in 2024, including cautious decision-making by Chinese enterprises and a decrease in government subsidies [2] - The number of overseas exhibition organizers has significantly increased, contributing to the challenging external environment [2] - The company organized 97 overseas exhibitions in 2024, covering nearly 300,000 square meters, ranking first among overseas exhibition organizers in China [2] Group 3: Future Outlook - The company anticipates revenue growth from 1.01 billion in 2025 to 1.43 billion in 2027, with year-on-year growth rates of 34.2%, 19.4%, and 19.2% respectively [3] - Net profit attributable to shareholders is expected to rise from 260 million in 2025 to 390 million in 2027, with growth rates of 66.8%, 22.6%, and 22.0% respectively [3] - The company maintains a "buy" rating due to its leading growth potential and development stage [3]

Core Insights - The company reported a decline in revenue and net profit for 2024, with revenue at 751 million yuan and net profit at 155 million yuan, representing year-on-year decreases of 10.01% and 17.55% respectively [1][2] - In Q1 2025, the company experienced a significant drop in revenue and net profit, with figures of 17.27 million yuan and -36.79 million yuan, reflecting year-on-year declines of 77.32% and 864.17% respectively [1][2] Performance Analysis - The decline in 2024 performance is attributed to high base effects from 2023, which was a year of strong recovery post-pandemic, and cautious spending by exporters due to macroeconomic uncertainties [2] - The company did not hold its own exhibitions in Q1 2025, leading to a substantial revenue drop compared to the previous year when it hosted exhibitions in Indonesia and Vietnam [2] Future Outlook - The company anticipates a significant increase in VIP customer repurchase rates, projected to reach 60% for 2025, up from 36% at the end of Q1 2025, indicating strong customer recognition of the company's exhibition effectiveness [3] - The company plans to hold six self-organized exhibitions in Q2 2025, compared to four in the same period last year, suggesting a potential turnaround in performance [3] Strategic Initiatives - The company is actively integrating AI into its exhibition services, launching "AI Exhibition 1.0" which includes various AI applications aimed at enhancing efficiency in exhibition scenarios [4] - The company is also participating in strategic financing for Li Weike Technology to accelerate the development of AI technologies, indicating a commitment to innovation in the exhibition industry [4] Financial Projections - The company has revised its revenue forecasts for 2025-2027, now expecting revenues of 1.06 billion, 1.39 billion, and 1.58 billion yuan respectively, with net profits of 270 million, 370 million, and 430 million yuan [5] - The earnings per share (EPS) estimates have been adjusted to 1.18, 1.60, and 1.86 yuan for the years 2025-2027 [5]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company is experiencing short-term performance pressure but is expected to see a performance turning point in the future [1][5] - In 2024, the company is projected to achieve revenue and net profit attributable to shareholders of 751 million yuan and 155 million yuan, respectively, representing a year-on-year decline of 10.01% and 17.55% [2][3] - The first quarter of 2025 shows a significant decline in revenue and net profit, with figures of 17.27 million yuan and -36.79 million yuan, reflecting a year-on-year drop of 77.32% and 864.17% [2][4] Summary by Sections Event Overview - The company reported its performance for 2024 and Q1 2025, indicating a decline in both revenue and net profit due to high base effects and cautious spending from exporters [2][3] Analysis and Judgment - The decline in 2024 performance is attributed to two main factors: the high base from 2023, which saw significant growth due to post-pandemic demand, and a cautious outlook from exporters affecting their exhibition spending [3] - The revenue drop in Q1 2025 is primarily due to the adjustment of the exhibition schedule, with no self-hosted exhibitions held in that quarter compared to two in the same period last year [4] Future Expectations - The expected VIP customer repurchase rate for 2025 is projected to reach 60%, significantly higher than the previous year's rate, indicating strong customer recognition of the company's exhibition effectiveness [5] - The company plans to host six self-organized exhibitions in Q2 2025, up from four in the same period last year, suggesting a potential performance recovery [5] AI and New Growth Points - The company is actively integrating AI into its exhibition services, launching "AI Exhibition 1.0" to enhance efficiency and customer engagement [6] - Participation in strategic financing for AI technology development indicates a commitment to leveraging AI for future growth in the exhibition industry [6] Investment Recommendations - The revenue forecasts for 2025 to 2027 are adjusted to 1.064 billion yuan, 1.391 billion yuan, and 1.575 billion yuan, with net profits of 273 million yuan, 370 million yuan, and 429 million yuan, respectively [7] - The earnings per share (EPS) estimates for the same period are revised to 1.18 yuan, 1.60 yuan, and 1.86 yuan, maintaining an "Accumulate" rating based on the current market price [7]

Core Viewpoint - The company reported a decline in total revenue and net profit for 2024, attributing the decrease to intensified competition in overseas exhibitions, particularly in Southeast Asia, and insufficient government subsidies [1] Group 1: Financial Performance - Total revenue for 2024 was 751 million yuan, a year-over-year decrease of 10% [1] - Net profit attributable to shareholders for 2024 was 155 million yuan, down 18% year-over-year [1] - For Q1 2025, total revenue was 17 million yuan, reflecting a significant year-over-year decline of 77% [1] - Net profit for Q1 2025 was 37 million yuan, showing an extraordinary year-over-year increase of 864% [1] - Contract liabilities for Q1 2025 amounted to 193 million yuan, a year-over-year increase of 13.5% [1] Group 2: Exhibition Strategy - The company hosted 14 exhibitions across nine countries in 2024, with 7,500 participating enterprises and nearly 300,000 square meters of exhibition space [1] - The company is transitioning to specialized exhibitions while leveraging "AI + data" to enhance trade show formats [1] - In 2025, the company plans to hold nine industrial machinery exhibitions across eight countries, focusing on key markets such as the Belt and Road Initiative, RCEP, and BRICS countries [2] Group 3: Digitalization and Localization - The company is accelerating its digital transformation by integrating AI technology into exhibition services, launching the world's first AI-driven exhibition solution [2] - The company has established strategic points in Dubai, Indonesia, and Osaka, forming an initial overseas exhibition system [2] - Efforts are being made to localize exhibitor sources in overseas markets, with professional teams set up in Dubai and Indonesia for exhibitor recruitment [2] Group 4: Platform Development - The company aims to create a comprehensive exhibition service platform by deepening strategic partnerships with existing exhibition platforms and seeking collaboration opportunities with domestic platforms [3] - The company is focused on incubating more specialized exhibition projects by leveraging its strong exhibition platform [3] Group 5: Profit Forecast and Investment Rating - Due to trade pressures, the company has revised its net profit forecasts for 2025 and 2026 to 266 million yuan and 340 million yuan, respectively, down from previous estimates [3] - A new net profit forecast of 400 million yuan for 2027 has been introduced, with an adjusted investment rating of "Accumulate" based on the closing price on April 28 [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's sales performance met expectations, with a focus on new opportunities arising from geopolitical and foreign trade environment changes [4] - The company experienced a decline in revenue and net profit in 2024 due to the rescheduling of exhibitions, but there is a positive trend in booth sales [4][6] - The company is expected to benefit from strategic transformations and cost control measures, enhancing profitability in the coming years [5][6] Financial Performance Summary - In 2024, the company reported revenue of 751 million yuan, a year-over-year decrease of 10.1%, and a net profit of 155 million yuan, down 17.6% [4][7] - The company anticipates a recovery in revenue, projecting 947 million yuan in 2025, representing a year-over-year increase of 26.1% [7] - The gross margin for 2024 was 50.8%, with a net margin of 20.7%, showing slight improvements in profitability metrics [5][10] Business Segment Performance - Revenue from self-organized exhibitions, agency exhibitions, and digital exhibitions in 2024 was 680 million yuan, 60 million yuan, and 16 million yuan respectively, with year-over-year changes of -12.6%, +50.9%, and -25.4% [5] - The gross margins for these segments were 51.98%, 38.2%, and 48.6% respectively, indicating a mixed performance across different business lines [5] Future Outlook - The company plans to host 17 exhibitions in 11 countries in 2025, including new events in India and Saudi Arabia, although the feasibility of the Indian exhibitions remains uncertain [6] - The introduction of AI-driven exhibition products is expected to enhance participation effectiveness and boost revenue [6] - Profitability is projected to improve further due to scale effects, increased venue utilization, and refined operations [6]