Investment Rating - Industry rating: Recommended [4] Core Insights - The report highlights a robust growth in visitor numbers during the Dragon Boat Festival, with a projected total of 6.87 billion trips, reflecting a year-on-year increase of 3.0% [1][18] - The demand for family-oriented travel has surged, particularly for short-distance self-driving trips and parent-child tours, with bookings for parent-child group tours increasing by 80% year-on-year [1][2] - The launch of new products by Lao Pu Gold, such as the Seven Sons Gourd, is expected to drive high demand in the fashion gold jewelry sector, despite a tightening overall consumption environment [2] Summary by Sections 1. Market Review - The consumer service index and retail index outperformed the CSI 300 index, with significant gains in the jewelry and watch sector [11] - The report notes a 5.1% year-on-year increase in total retail sales in April, with jewelry sales growing by 25.3% [36][50] 2. Industry & Company Dynamics - The report discusses the increase in domestic tourism, with various regions reporting significant visitor numbers during the holiday period [18][19] - Lao Pu Gold's new product launch is positioned to capture the growing trend in fashion jewelry, appealing to consumer sentiment and aesthetic preferences [2][3] 3. Macro & Industry Data - April's retail sales data indicates a stable growth trajectory, with online retail sales showing a 5.8% year-on-year increase [37] - The report provides insights into the gold jewelry market, noting a decline in overall gold consumption but an increase in gold bars and coins [52][55] 4. Investment Recommendations - The report suggests five investment themes, including the revival of traditional retail formats, the rise of AI technology applications, and the potential for new retail sectors to outperform expectations [59][61]

Investment Rating - The report maintains an "Outperform" rating for the social services industry [1] Core Insights - The overall revenue of the sector is steadily increasing, but the recovery in performance is slower, with significant differentiation among sub-sectors. Attention is recommended for cyclical recovery sectors such as human resources and exhibitions, as well as resilient sectors like tourism and scenic spots [1][2] - In 2024, the social services sector achieved a total revenue of 191.54 billion, a year-on-year increase of 36.57%, while the net profit attributable to shareholders was 7.48 billion, a year-on-year decrease of 18.21%. The overall profitability has declined [10][14] - In Q1 2025, the sector generated a revenue of 44.84 billion, a year-on-year increase of 38.75%, with a net profit of 1.81 billion, a year-on-year increase of 33.06% [20][22] Summary by Sections Sector Summary - The revenue growth rate outperformed the profit growth rate, with the professional services and education sectors performing better. In 2024, the professional services sector saw a year-on-year increase of 79.57%, while the education sector's profit level improved significantly [10][14] - In Q1 2025, the professional services sector led with a revenue growth of 89.62%, followed by tourism and scenic spots at 7.39% [22] Tourism - The domestic travel market shows strong resilience, with a total of 5.615 billion domestic tourists in 2024, a year-on-year increase of 14.80% [34] - The cross-border travel market is experiencing high demand, with inbound tourists reaching 132 million in 2024, a year-on-year increase of 60.8% [40] Hotels - Business travel demand is still recovering, with the RevPAR expected to be under pressure throughout 2024 [13] Catering - The catering market is expected to see slower revenue growth in 2024, with Q1 2025 showing some improvement [16] Duty-Free - Duty-free sales in offshore areas are showing marginal improvement, with city channels expected to contribute to growth [18] Human Resources - The human resources sector is experiencing stable data operations, but employment market pressures remain [22] Exhibitions - The domestic exhibition market is steadily growing, with the number of exhibitions remaining stable in 2024 [24]

证券代码：300795 证券简称：米奥会展 公告编号：2025-032 浙江米奥兰特商务会展股份有限公司 2024年年度权益分派实施公告 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： 1、截至本公告披露日，公司回购专用证券账户持有公司股份 3,500,011 股。根据《深圳证券交易所上市公司自律监管指引第 9 号 ——回购股份》的相关规定，回购专用证券账户中的股份不享有参与 利润分配及资本公积金转增股本的权利，公司回购专用证券账户中的 回购股份 3,500,011 股不参与本次权益分派。因此，公司 2024 年年 度权益分派方案为：以截至 2024 年 12 月 31 日公司的总股本 230,726,057 股扣除公司回购专用证券账户中的 3,500,011 股后的 227,226,046 股为基数，向全体股东每 10 股派发现金红利 3.50 元（含 税），合计派发现金红利 79,529,116.10 元（含税）；同时以资本公 积金向全体股东每 10 股转增 3 股，以此计算合计转增 68,167,813 股。 2、因公司回购专用证券账户股份不 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [8]. Core Views - The company's performance is under pressure due to adjustments in exhibition schedules, leading to a significant decline in revenue and profits in the short term. However, there are expectations for recovery as business activities ramp up later in the year [2][3]. - The company is leveraging AI to enhance its business operations, with a notable increase in VIP customer repurchase rates, indicating strong customer loyalty and potential for future growth [3]. - The company is transitioning from general exhibitions to specialized ones, aiming to capture opportunities in overseas markets and new business models [4][8]. Summary by Sections Financial Performance - In 2024, total revenue was 751 million yuan, a decrease of 10% year-on-year, with a net profit of 155 million yuan, down 17.6% [10]. - For Q1 2025, total revenue plummeted to 17 million yuan, a decrease of 77%, resulting in a net loss of 37 million yuan [1][2]. Profitability Metrics - The gross margin for 2024 was 50.84%, while it dropped to 39.78% in Q1 2025. The net profit margin saw a significant decline, with a net loss margin of -218.19% in Q1 2025 [2]. - The company anticipates a recovery in profitability as it resumes its exhibition activities in the latter half of 2025 [2][3]. Revenue Projections - Revenue projections for 2025 are set at 1 billion yuan, reflecting a growth rate of 33.1% compared to 2024. The net profit is expected to reach 258 million yuan, a growth of 66% [10]. - The EPS is projected to increase from 0.67 yuan in 2024 to 1.12 yuan in 2025, indicating a positive growth trajectory [10][11]. Market Strategy - The company is focusing on key markets such as the "Belt and Road" initiative, BRICS countries, and RCEP, enhancing its competitive positioning [3]. - The shift towards specialized exhibitions is nearly complete, with a strong emphasis on integrating AI and data-driven strategies to improve operational efficiency [3][4].

证券代码：300795 证券简称：米奥会展 公告编号：2025-028 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三十三次会议决议的公告 临时股东大会的授权，同意以 2025 年 5 月 19 日为预留授予日，以 10.31 元/股的价格向符合条件的 63 名激励对象授予 40 万股限制性 股票。 本议案已经公司第四届董事会薪酬与考核委员会第十三次会议 事前审议通过，并同意将本议案提交董事会审议。具体内容详见公司 披露于巨潮资讯网（http://www.cninfo.com.cn）的《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。 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 届董事会第三十三次会议于2025年5月12日以电话及邮件方式通知各 位董事。会议于2025年5月19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 ...

证券代码：300795 证券简称：米奥会展 公告编号：2025-029 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三十次会议决议的公告 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 5 月 19 日以现场与通讯方式相结合的方式召开第五届监事会第三 十次会议。会议通知于 2025 年 5 月 12 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：《关于向激励对象授予预留部分限制性股票的议 案》 年限制性股票激励计划（以下简称"本激励计划"）预留授予的激励 对象具备《公司法》《证券法》《公司章程》等法律、行政法规和规 范性文件规定的任职资格，符合《管理办法 ...

一、 预留授予限制性股票激励计划的分配情况 | | | | 获授限制性股票 | 占限制性股票预 | 占本计划公告 | | --- | --- | --- | --- | --- | --- | | 姓 名 | 职 务 | 国籍 | 数量（万股） | 留部分授出权益 | 日股本总额的 | | | | | | 数量的比例 | 比例 | | 邓萌 | 副总经理 | 中国 | 5.00 | 12.5% | 0.02% | | 核心技术/业务人员 | | | 35.00 | 87.5% | 0.15% | | （62 | 人） | | | | | | 合计 | | | 40.00 | 100.00% | 0.17% | 注：①公司全部有效期内的股权激励计划所涉及的标的股票总数累计未超过本激励计划提交股东大会 时公司股本总额的 20%。本激励计划中任何一名激励对象通过全部在有效期内的股权激励计划获授的本公 司股票，累计不超过本计划提交股东大会审议时公司股本总额的 1%。 ②参与本激励计划的对象不包括独立董事、监事、单独或合计持有上市公司 5%以上股份的股东、上市 公司实际控制人及其配偶、父母、子女。 浙江米奥兰特商务会展 ...

证券代码：300795 证券简称：米奥会展 公告编号：2025-027 浙江米奥兰特商务会展股份有限公司 2024年年度股东大会决议公告 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： 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 （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 5 月 19 日（周一）下午 14:30 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5月19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 5 月 19 日 9:15 至 2025 年 5 月 19 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 11 页 方式召开。 （1）现场投票：包括本人出席及通过填写授权委托书 ...

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 2024 年年度股东大会的 法律意见书 二〇二五年五月 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 2024 年年度股东大会的 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，指派周雨翔律师、梁恒瑜律师出席并 见证公司 2024 年年度股东大会（以下简称 ...