Group 1 - The total salary of A-share listed company secretaries in 2024 reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - The average salary for secretaries in the social services-professional services sector is approximately 712,100 yuan, with the highest salary being 1,227,800 yuan and the lowest at 255,000 yuan [1] - The majority of secretaries, 70%, have salaries between 500,000 and 1 million yuan, totaling 19 individuals [1] Group 2 - The average salary in 2024 decreased by 34,600 yuan compared to 2023, representing a decline of 4% [3] - The oldest secretary is 60 years old, earning 302,500 yuan, while the youngest is 37 years old, earning 600,000 yuan [3] - The average age of secretaries is approximately 46.33 years, with the age group of 40-49 years being the most represented, accounting for about 67% [3] Group 3 - The educational background of secretaries includes 1 PhD, 15 Master's degrees, 10 Bachelor's degrees, and 1 Associate degree, with corresponding average salaries of 609,100 yuan, 729,600 yuan, 720,500 yuan, and 469,100 yuan respectively [5] - The secretary with a PhD, Lü Gang, earns 609,100 yuan, while the one with an Associate degree, Yang Xiangang, earns 469,100 yuan [5] Group 4 - Three secretaries received warnings or public notifications for violations during 2024-2025 [7] - Li Yunbin from Ancar Detection received two warnings for insufficient basis for goodwill impairment and inaccurate performance forecast disclosures, earning 750,000 yuan in 2024 [8]

Core Viewpoint - The event planning industry in China is experiencing significant growth driven by increasing demand from various sectors, including government, enterprises, and individuals, with a projected market size of CNY 346.08 billion in 2024, reflecting a year-on-year growth of 8.23% [1][11]. Industry Background - The event planning industry is closely linked to the cultural and entertainment sectors, supported by various government policies aimed at promoting cultural creativity and consumer rights [4]. - The rising economic development and consumer spending in China have led to a growing demand for event planning services, both for corporate branding and personal celebrations [4][11]. Industry Chain - The upstream of the event planning industry includes various resource providers such as venues, equipment suppliers, and technical service providers, while the downstream consists of corporate clients, government entities, and individual customers [7][8]. Current Development - The event planning industry is expanding its service scope due to increasing demand from diverse clients, with offline events accounting for approximately 60.34% and online events for about 39.66% of the market [11]. Competitive Landscape - The industry is characterized by a large number of small to medium-sized enterprises, with over 2.5 million companies operating in the sector, leading to intense competition [13]. - Major players in the industry include companies like艾德韦宣集团, 蓝色光标, and others, which leverage their resources and expertise to capture market share [14][15]. Industry Trends - Future trends indicate a growing integration of big data, VR/AR technologies, and cross-industry collaborations, enhancing the quality and diversity of event planning services [23].

一、股东股份质押展期的基本情况 注:本公告中所述的总股本均指公司截至 2025 年 7 月 28 日总股本（298,893,870 证券代码：300795 证券简称：米奥会展 公告编号：2025-051 浙江米奥兰特商务会展股份有限公司 关于持股5%以上股东部分股份质押展期的公告 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"）近日 接到公司持股 5%以上股东方欢胜先生的通知，获悉方欢胜先生将其 所持有的公司部分股份办理了质押展期手续，具体事项如下： 股）;本公告中所涉数据的尾数如有差异或不符系四舍五入所致（下同）。 二、其他说明 本次质押展期事项不涉及新增融资，不会对公司生产经营和公 司治理产生影响，方欢胜先生所持有的公司股份不涉及业绩补偿义务， 其资信状况良好，具备相应的资金偿还能力，其质押的股份目前不存 在平仓风险，质押风险在可控范围内。公司将持续关注其质押情况及 质押风险情况，严格遵守相关规定，及时履行信息披露义务。 三、备查文件 2、股东股份累计质押情况 截至本公告披露日，上述股东及其一致行动人所持 ...

Summary of Conference Call for Miao Exhibition Industry Overview - The conference call pertains to the exhibition industry, specifically focusing on Miao Exhibition's operations and strategies in various markets, including India, the Middle East, and Southeast Asia [2][10]. Key Points and Arguments 1. **Exhibition Performance in 2025**: - Five exhibitions were held in the first half of 2025, primarily in Q2, providing approximately 4,500 exhibition spaces, a year-on-year increase of 30% [2][9]. - The absence of exhibitions in Q1 led to a decline in performance, but significant revenue and profit growth were observed in Q2 [2][9]. 2. **Future Exhibition Plans**: - Q3 will focus on exhibitions in Brazil, Mexico, and South Africa, totaling around 3,000 exhibition spaces [2][9]. - Q4 will feature major exhibitions in Osaka, Tokyo, Poland, Indonesia, Dubai, Saudi Arabia, and India, with over 11,000 exhibition spaces planned [2][9]. 3. **Importance of the Indian Market**: - The Indian market is highlighted for its high gross margin and low costs, with a strong willingness to participate in exhibitions [3][4]. - The company plans to increase exhibition spaces in India to 2,000 by December 2025, capitalizing on the post-visa opening demand [3][4]. 4. **Impact of Visa Openings**: - The opening of Indian visas is expected to have a positive impact, with a projected increase in exhibition spaces and participation [3][5]. - The company has a strong foundation in India, having hosted multiple exhibitions and built a substantial buyer database [5][6]. 5. **AI Technology Integration**: - AI technology has improved buyer search efficiency, increasing database coverage from 20%-30% to over 50% [7]. - The company has reintroduced its AI-enabled exhibition product, "AI Exhibition," which has seen sales exceeding 40 million yuan in the past two years [11]. 6. **Sales Expectations for 2025**: - The company is optimistic about sales in the second half of 2025, particularly with over 50% of participating companies expected to purchase AI products [13]. - The success of the Indian exhibition is crucial, with expectations to achieve over 18,000 exhibition spaces sold if it proceeds as planned [9][13]. 7. **Strategic Expansion Plans**: - The company aims to establish offices in emerging markets, particularly in Southeast Asia and the Middle East, to support growth in industrial machinery and equipment sectors [4][16]. - Plans include setting up financial companies in Dubai and Saudi Arabia to enhance local business operations [16]. Other Important Insights - The cancellation of exhibitions in the U.S. has led companies to shift focus towards the Middle East and Southeast Asia, aligning with global economic trends [10]. - The company has accumulated a wealth of buyer resources during the pandemic through online exhibitions, which will aid in recruitment and operational challenges post-visa opening [6][8]. - The company is committed to enhancing its AI product offerings, with a focus on improving user experience and service quality [12][11].

Summary of the Conference Call for Miao Exhibition Industry and Company Overview - The conference call focuses on Miao Exhibition, a company involved in organizing trade shows and exhibitions, particularly in emerging markets like India, Southeast Asia, and the Middle East [2][3][4]. Key Points and Arguments 1. **Impact of Indian Visa Policy**: The reopening of Indian tourist visas is expected to facilitate business visas, providing Miao Exhibition with opportunities to host events in India, which was the company's second-largest revenue source before the pandemic [2][3]. 2. **Upcoming Events in India**: Miao Exhibition plans to host a major event in December 2025 with 1,000 booths, with the potential to expand to 2,000 booths. The company has secured venues and established good relationships with local suppliers [2][3][4]. 3. **Performance in Q2 2025**: The company completed approximately 4,450 booths across events in Japan, Vietnam, Indonesia, and Dubai. However, a planned event in the U.S. was canceled due to tariff issues, leaving around 2,800 booths in Brazil, Mexico, and South Africa for Q3 [2][5]. 4. **Significance of Q4 2025**: The success of the Indian event in Q4 is crucial, as it is expected to account for over 60% of the company's annual revenue [2][5]. 5. **Shift in Market Focus**: Due to U.S.-China trade tensions, companies are increasingly looking towards emerging markets in the Middle East, ASEAN, and Latin America. The number of booths planned for Saudi Arabia has increased from 1,000 to 1,500-1,600, indicating a strategic shift [2][6]. 6. **AI Exhibition Product**: The AI exhibition product launched in January 2025 has improved visitor experience and efficiency, with expectations of significant revenue growth from its application this year [2][7]. 7. **Sales Performance**: In Q2 2025, the company achieved a significant onsite transaction amount of $90 million at the Vietnam exhibition, despite overall sales being under pressure due to a shift in focus towards profitability [2][8][9]. 8. **Future Plans for 2026**: Miao Exhibition aims to expand its exhibition scale in existing countries, particularly in the industrial machinery sector, with a focus on Indonesia, Saudi Arabia, Brazil, and Mexico [2][10][12]. 9. **Vietnam Exhibition Strategy**: In 2025, exhibitions in Vietnam will focus on consumer trade, while the industrial machinery exhibition will move to Hanoi in 2026 due to the concentration of factories in that area [2][11]. 10. **Middle East Market Development**: The company plans to expand its exhibition scale in Dubai and aims to host 1,500-1,600 booths in Saudi Arabia in 2025, increasing to at least 2,500 booths by 2026 [2][12]. 11. **Global Development Focus**: The company's global strategy for the next two years will concentrate on Southeast Asia and the Middle East, with plans to diversify and increase the number of exhibitions in these regions [2][13][14]. Other Important Insights - The company has established a mature buyer network pre-pandemic and has maintained connections through online exhibitions during the pandemic, which is expected to help in recovering and expanding its buyer base [2][4]. - The cost structure in India is favorable, with higher profit margins compared to Dubai, making successful exhibitions in India critical for overall profitability [2][4].

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]