Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Views - The construction materials sector is expected to benefit from a slight recovery in cement demand, particularly in southern regions as rainfall decreases. However, demand in areas like Beijing-Tianjin-Hebei, Shandong, and Henan is weakening due to stricter environmental controls [2][14] - The report highlights the potential for price increases in cement, driven by improved demand and supply-side discipline, with a focus on leading companies such as Conch Cement and Huaxin Cement [4][5] - The report emphasizes the importance of government policies aimed at boosting domestic demand and stabilizing the real estate market, which are expected to positively impact the home improvement and building materials sectors [17] Summary by Sections 1. Sector Overview - The construction materials sector saw a slight increase in the PMI for August, indicating a seasonal uptick in activity, particularly in major infrastructure projects initiated in July [4] - The construction materials index showed a marginal increase of 0.14% during the week, underperforming compared to the broader market indices [4] 2. Bulk Construction Materials 2.1 Cement - The national average price for high-standard cement is reported at 344.3 RMB/ton, reflecting a week-on-week increase of 1.7 RMB/ton but a year-on-year decrease of 35.2 RMB/ton [22][23] - The average cement inventory level among sample enterprises is 63.6%, down 1.0 percentage points from the previous week [25] - The report anticipates a potential price stabilization and recovery in the cement market, particularly in the second half of the year [5][14] 2.2 Glass - The average price for float glass is reported at 1189.7 RMB/ton, down 16.1 RMB/ton from the previous week and down 176.6 RMB/ton year-on-year [4] - The report suggests that supply-side adjustments are likely to improve the supply-demand balance in the glass industry, with a focus on leading companies benefiting from cost advantages [16] 2.3 Fiberglass - The report notes a stable pricing environment for fiberglass, with the average price for non-alkali roving at 3100-3700 RMB/ton, remaining stable compared to previous periods [4] - The demand for specialty fiberglass products is expected to grow significantly, driven by technological advancements and increased applications in various industries [15] 3. Home Improvement Materials - The report highlights the positive impact of government policies aimed at stimulating domestic consumption, particularly in the home improvement sector, with expectations for a recovery in demand [17] - Leading companies in the home improvement materials sector are encouraged to explore new business models and enhance their market positioning [17]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but expects recovery in the second half due to an increase in exhibition projects and the implementation of AI technologies [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 241 million yuan, a year-on-year decrease of 7.43%, and a net profit attributable to shareholders of 16 million yuan, down 61.84% [1]. - In Q2 2025, the company reported revenue of 224 million yuan, an increase of 21.49% year-on-year, and a net profit of 52 million yuan, up 45.74% year-on-year [1]. Project and Revenue Outlook - The decline in revenue and profit in H1 2025 was primarily due to a reduction in the number of projects from 6 to 5, as well as increased investments in AI and foreign trade support policies [2]. - The company anticipates a total of 10 exhibitions in the second half of 2025, an increase of 2 from the previous year, which is expected to drive revenue and profit recovery [2]. AI Integration and Innovation - The company has developed the "AI Hui Zhan" system, which integrates intelligent matching algorithms and wearable AI glasses to enhance the exhibition experience for buyers and exhibitors [3]. - The AI glasses, developed in collaboration with Li Weike Technology Co., incorporate behavior sensing, multi-modal interaction, and data management capabilities, aiming to break down language barriers and facilitate cross-border trade [3]. Data Strategy and Ecosystem Development - The company is focusing on a three-pronged approach involving data standardization, dedicated operational platforms for VIP clients, and localized operational centers to enhance service delivery and reduce communication costs [4]. - The strategy aims to transition the exhibition industry from a "traffic economy" to an "algorithm economy," leveraging technology, data, and practical scenarios [4]. Dividend Policy - The company announced a profit distribution plan for H1 2025, proposing a cash dividend of 0.67 yuan per 10 shares, totaling approximately 19.79 million yuan, which represents 100% of the distributable profit [5]. - The company operates on a light asset model, ensuring sufficient cash flow and maintaining a high dividend payout ratio since 2023 [5]. Investment Forecast - The company maintains its previous profit forecast, expecting revenues of 1.06 billion yuan, 1.39 billion yuan, and 1.58 billion yuan for 2025 to 2027, with net profits of 270 million yuan, 370 million yuan, and 430 million yuan respectively [6]. - The earnings per share (EPS) are projected to be 0.91, 1.24, and 1.44 yuan for the same period [6]. Valuation Metrics - As of August 29, 2025, the closing price was 15.99 yuan per share, corresponding to a price-to-earnings (PE) ratio of 18x, 13x, and 11x for the years 2025, 2026, and 2027 respectively [7].

Core Viewpoint - The company has proposed a profit distribution plan for the first half of 2025, which is subject to approval at the upcoming extraordinary shareholders' meeting [1][2]. Profit Distribution Proposal - The profit distribution plan was reviewed and approved by the company's board of directors, with independent directors affirming its compliance with legal and regulatory requirements [1][2]. - For the first half of 2025, the company reported a net profit attributable to shareholders of 15,540,037.08 yuan, with the parent company's net profit at 8,546,691.47 yuan [2]. - As of June 30, 2025, the parent company had undistributed profits of 20,767,205.23 yuan, which will be the basis for the distribution [2]. Cash Dividend Details - The proposed cash dividend is 0.67 yuan per 10 shares (including tax), totaling 19,791,388.56 yuan (including tax), with no stock dividends or capital reserves being converted into shares [3][4]. - The total share capital for the distribution is based on 295,393,859 shares after excluding shares held in the company's repurchase account [3]. Justification for Cash Dividend - The profit distribution plan aligns with the company's long-term development strategy and does not adversely affect its operational cash flow or debt repayment capacity [5]. - The cash dividend exceeds 100% of the current net profit and more than 50% of the parent company's undistributed profits at the end of the period [5]. - The company's debt-to-asset ratio was reported at 29.94% as of the end of the first half of 2025, indicating a reasonable financial structure [5]. Compliance and Confidentiality - The company has implemented measures to control insider information and ensure confidentiality among those privy to sensitive information [6].

智通财经8月28日讯（记者 沈娇娇）今日，米奥会展（300795.SZ）发布2025年半年度报告，受到中国 外展行业整体承压的影响，报告期内，米奥会展营收下滑；同时米奥会展对外贸企业帮扶纾困进行让 利，因此导致利润大幅下降。不过，公司本次现金分红金额超出当期净利润的100%。 而米奥会展净利润大幅下降主要有以下两个原因：第一，为响应国家稳外贸政策号召，帮助外贸企业应 对当前经营压力，确保公司财务稳健的前提下，阶段性减少当期利润留存，对外贸企业境外参展实施了 阶段性的帮扶政策。该举措将通过适度让利，有效降低外贸企业参展成本，在保持基本盈利的同时维持 展会单展规模逆势增长；第二，公司增加了AI慧展方面的研发投入以及营销投入。 值得一提的是，米奥会展2025年半年度利润分配预案为每10股派发0.67元现金红利，分红总额达1979.14 万元，现金分红金额已超出当期净利润的100%，且超过当期末母公司未分配利润的50%。不过，米奥 会展指出，公司资产负债结构合理，报告期末资产负债率为29.94%，且经营性现金流状况良好，本次 利润分配的实施不会对公司偿债能力产生重大影响。 今年上半年，米奥会展实现营业收入2.41亿元 ...

证券代码：300795 证券简称：米奥会展 公告编号：2025-058 浙江米奥兰特商务会展股份有限公司 关于作废2022年、2024年限制性股票激励计划部分已授予但尚未归属 的限制性股票的公告 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。 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 8 月 27 日召开第六届董事会第二次会议，审议通过了《关于作废 2022 年、2024 年限制性股票激励计划部分已授予但尚未归属的限制 性股票的议案》，现将有关事项说明如下： 一、激励计划已履行的决策程序和信息披露情况 （一）2022 年限制性股票激励计划 1、2022 年 9 月 20 日，公司召开第五届董事会第六次会议，审 议通过了《关于<公司 2022 年限制性股票激励计划（草案）>及其摘 要的议案》《关于<公司 2022 年限制性股票激励计划实施考核管理办 法>的议案》《关于提请股东大会授权董事会办理公司 2022 年限制性 股票激励计划相关事宜的议案》，公司独立董事对本次激励计划的相 关议案发表了独立意见。 2、2022 年 9 月 20 ...

证券代码：300795 证券简称：米奥会展 公告编号：2025-057 浙江米奥兰特商务会展股份有限公司 关于调整2022年、2024年限制性股票激励计划第二类限制性股票 授予价格及数量的公告 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 8 月 27 日召开了第六届董事会第二次会议，审议通过了《关 于调整 2022 年、2024 年限制性股票激励计划第二类限制性股票授予 价格及数量的议案》。根据公司《2022 年限制性股票激励计划（草案 修订稿）》《2024 年限制性股票激励计划（草案）》（以下分别简称为 "《2022 年激励计划（草案修订稿）》""《2024 年激励计划（草案）》"， 合称为"各期《激励计划（草案及草案修订稿）》"）的规定和公司 2022 年第二次临时股东大会、2024 年第二次临时股东大会的授权， 董事会同意公司对 2022 年限制性股票激励计划、2024 年限制性股票 激励计划（以下分别简称为"2022 年激励计划"、"2024 年激励计 划"，合称为"各期激励计划 ...

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 调整 2022 年、2024 年限制性股票激励计划第二类限制性股 票 授予价格及数量相关事项 之 独立财务顾问报告 2025 年 8 月 | 一、释义 | | --- | | 二、声明 . | | 三、基本假设 . | | 四、股权激励计划的批准与授权 . | | (一) 2022年激励计划 - | | (二) 2024 年激励计划 | | 五、调整 2022 年、2024 年限制性股票激励计划第二类限制性股票授予价格及 | | 数量相关事项的说明 . | | (一) 调整事由 | | (二) 本次激励计划限制性股票授予价格的调整 | | 〈三）本次激励计划限制性股票授予数量的调整 . | | 七、备查文件及咨询方式 | | (一) 备查文件 | | (二) 咨询方式 - | 一、释义 3/12 1. 上市公司、公司、米奥会展：指浙江米奥兰特商务会展股份有限公司。 2. 2022 年股权激励计划、2022 年激励计划：指《浙江米奥兰特商务会展股份 有限公司 2022 年限制性股票激励计 ...

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 调整 2022 年、2024 年限制性股票激励计划第二类限 制性股票授予价格及数量事项的 法律意见书 二〇二五年八月 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 调整 2022 年、2024 年限制性股票激励计划第二类限制性股票授 予价格及数量事项的 法律意见书 致：浙江米奥兰特商务会展股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 ...

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 法律意见书 二〇二五年八月 2022 年、2024 年限制性股票激励计划部分已授予但 尚未归属的限制性股票作废事项的 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 2022 年、2024 年限制性股票激励计划部分已授予但尚未归属的 限制性股票作废事项的 法律意见书 致：浙江米奥兰特商务会展股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 ...

智通财经APP讯，米奥会展(300795.SZ)发布2025年半年度报告，该公司营业收入为2.41亿元，同比减少 7.43%。归属于上市公司股东的净利润为1554万元，同比减少61.84%。归属于上市公司股东的扣除非经 常性损益的净利润为1307.16万元，同比减少64.25%。基本每股收益为0.05元。 ...