Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance expectation relative to the market [2]. Core Insights - The company reported a significant increase in contract liabilities, suggesting a strong performance in the fourth quarter, which is typically the peak season for the company [7]. - The company has faced challenges due to external factors, including the cancellation of a trade show in the U.S., but this has been seen as a strategic move to optimize profit margins [7]. - The introduction of overseas warehouse operations in Indonesia and Brazil is expected to create new growth opportunities for the company [7]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a total revenue of 401 million yuan, a year-on-year decrease of 5.67%, and a net profit attributable to shareholders of 34.63 million yuan, down 49.17% year-on-year [7]. - The company’s total revenue is projected to reach 855 million yuan in 2025, with a year-on-year growth rate of 13.7% [6]. - The net profit for 2025 is estimated at 144 million yuan, reflecting a decrease of 7.2% compared to the previous year [6]. Revenue and Profit Forecast - The company’s revenue is expected to grow significantly in the coming years, with projections of 1.239 billion yuan in 2026 and 1.462 billion yuan in 2027 [9]. - The gross profit margin is anticipated to be 53.4% in 2025, with a slight decline to 47.4% in 2026 [6]. - The return on equity (ROE) is projected to be 21.4% in 2025, increasing to 25.7% in 2026 [6]. Market Comparison - The current stock price corresponds to a price-to-earnings (PE) ratio of 29 for 2025, 20 for 2026, and 18 for 2027 [7]. - The target market capitalization for the company is set at 5.5 billion yuan, indicating a potential upside of 34% from the current market value [7].

Market Overview - The primary economic sector increased by 0.25% compared to the previous trading day, with *ST Yazhen leading the gains [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Stock Performance - The top-performing stocks in the primary economic sector included: - *ST Yazhen: Closed at 48.25, up 3.70% with a trading volume of 45,900 shares and a turnover of 218 million yuan [1] - Shanghai Phoenix: Closed at 13.53, up 3.28% with a trading volume of 202,500 shares and a turnover of 275 million yuan [1] - Remote Technology: Closed at 6.94, up 3.12% with a trading volume of 805,000 shares and a turnover of 557 million yuan [1] Capital Flow - The primary economic sector experienced a net outflow of 87.83 million yuan from institutional investors, while retail investors saw a net inflow of 67.43 million yuan [2] - The capital flow for individual stocks showed: - Remote Technology had a net inflow of 38.64 million yuan from institutional investors, but a net outflow of 56.11 million yuan from retail investors [3] - Shanghai Phoenix saw a net inflow of 8.56 million yuan from institutional investors, with a net outflow of 21.73 million yuan from speculative funds [3]

| 变更内容 | 变更前 | 变更后 | | --- | --- | --- | | 联系电话 | 021-61331708 | 021-62681183 | | 传真号码 | 021-61331709 | 021-62681627 | | 投资者热线电话 | 021-61331777 | 021-62681815 | 除上述变更内容外，公司的办公地址、邮政编码、投资者电子邮 箱等其他联系方式保持不变，敬请投资者留意。若由此给您带来不便， 敬请谅解。 欢迎广大投资者通过上述渠道与公司沟通。 特此公告！ 证券代码：300795 证券简称：米奥会展 公告编号：2025-070 浙江米奥兰特商务会展股份有限公司 关于变更公司联系方式及投资者热线电话号码的公告 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"）因通 讯线路变更，将启用新的联系方式及投资者热线电话，具体变更如下： 2025年10月28日 浙江米奥兰特商务会展股份有限公司董事会 ...

Core Insights - Miaowei Exhibition (300795.SZ) released its Q3 2025 report, indicating a total of 4 institutional investors holding shares, amounting to 9.8998 million shares, which represents 3.31% of the total share capital [1] - The institutional holding ratio decreased by 1.32 percentage points compared to the previous quarter [1] Institutional Investors - The institutional investors include Taicang Yangtze River Delta Equity Investment Center (Limited Partnership), China Construction Bank Corporation Enterprise Annuity Plan - Industrial and Commercial Bank of China, Industrial and Commercial Bank of China - Harvest Theme New Power Mixed Securities Investment Fund, and Guangdong Province No. 5 Occupational Annuity Plan - Construction Bank [1] - The total institutional holding ratio is now at 3.31% [1] Public Funds - One public fund, Harvest Theme New Power Mixed Fund, reduced its holdings slightly compared to the previous quarter [1] - A total of 52 public funds that did not disclose holdings this quarter include notable funds such as Huaxia Stable Growth Mixed, Harvest Leading Growth Mixed, Harvest Advantage Growth Mixed A, Chang'an Xinyue Consumption Mixed A, and Huaxia Return Mixed A [1]

Core Viewpoint - Miao Exhibition announced the convening of its fourth board meeting for the sixth session on October 26, 2025, via video conference, where the agenda included the review of the third-quarter report for 2025 [1] Company Summary - For the first half of 2025, Miao Exhibition's revenue composition was 99.66% from the exhibition industry and 0.34% from other businesses [1] - As of the report, Miao Exhibition's market capitalization stands at 4.2 billion yuan [1]

Core Insights - The company reported a revenue of 401 million yuan for the first three quarters of 2025, representing a year-on-year decrease of 5.67% [1] - The net profit attributable to shareholders was 34.63 million yuan, down 49.17% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 21.06 million yuan, reflecting a year-on-year decline of 62.14% [1] - The basic earnings per share stood at 0.12 yuan [1]

证券代码：300795 证券简称：米奥会展 公告编号：2025-069 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四次会议决议的公告 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"）第六 届董事会第四次会议于 2025 年 10 月 21 日以电话及邮件方式通知各 位董事。会议于 2025 年 10 月 26 日以视频会议的方式举行。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》《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。 委员一致同意，并同意将本议案提交董事会审议。 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。 二、董事会会议审议情况 1、审议通过：《关于 2025 年第三季度报告的议案》 经与会董事审议，同意《关于 2025 年第三季度报告的议案》。 董事会认为：公司 2025 年第三季度报告的内容符合法律、行政法规、 中国证监会和深圳证券交易所 ...

Core Insights - The company reported a third-quarter revenue of 160 million yuan, representing a year-on-year decline of 2.89% [1] - The net profit for the third quarter was 19.09 million yuan, down 30.36% year-on-year [1] - For the first three quarters, the total revenue was 401 million yuan, reflecting a year-on-year decrease of 5.67% [1] - The net profit for the first three quarters was 34.63 million yuan, which is a significant decline of 49.17% year-on-year [1]

Financial Performance - The company's operating revenue for Q3 2025 was ¥160,017,544.93, a decrease of 2.89% compared to the same period last year[5] - Net profit attributable to shareholders for Q3 2025 was ¥19,093,642.05, down 30.36% year-on-year[5] - The net profit after deducting non-recurring gains and losses was ¥7,989,342.59, reflecting a significant decline of 58.10% compared to the previous year[5] - The basic earnings per share for Q3 2025 was ¥0.07, a decrease of 22.22% from the same period last year[5] - Total operating revenue for the current period was ¥400,798,959.78, a decrease of 5.1% compared to ¥424,892,548.22 in the previous period[22] - The total profit for the current period is 51,690,810.61 CNY, compared to 84,381,395.10 CNY in the previous period, indicating a decrease of approximately 38.7%[23] - The net profit attributable to shareholders of the parent company is 34,633,679.13 CNY, down from 68,141,750.98 CNY, reflecting a decline of about 49.1%[23] - The total comprehensive income for the current period is 37,159,248.58 CNY, compared to 73,205,961.46 CNY in the previous period, showing a decrease of about 49.1%[23] - The basic and diluted earnings per share for the current period are both 0.12 CNY, down from 0.23 CNY in the previous period, reflecting a decrease of approximately 47.8%[23] Assets and Liabilities - Total assets at the end of the reporting period increased by 7.85% to ¥896,350,541.99 compared to the end of the previous year[5] - Total assets increased to ¥896,350,541.99 from ¥831,081,657.84, representing a growth of 7.8%[20] - Total liabilities rose to ¥312,073,626.91, compared to ¥188,078,037.26, marking a significant increase of 66.0%[19] - Total equity attributable to shareholders decreased to ¥558,219,562.53 from ¥622,060,061.92, a decline of 10.3%[19] Cash Flow - The company's cash flow from operating activities decreased by 20.81% year-to-date, totaling ¥95,174,663.18[5] - The operating cash flow for the current period is 95,174,663.18 CNY, a decrease from 120,179,447.61 CNY in the previous period, representing a decline of approximately 20.8%[25] - The cash and cash equivalents at the end of the period were ¥558,900,064.66, down from ¥642,655,781.12 at the beginning of the period, a decrease of 13.0%[18] - The cash and cash equivalents at the end of the period amount to 553,908,558.28 CNY, down from 476,990,748.87 CNY in the previous period, indicating a decrease of approximately 15.9%[26] - The cash outflow from investing activities is 195,157,884.46 CNY, up from 82,949,201.61 CNY in the previous period, indicating a significant increase of approximately 135.5%[25] - The net cash flow from investing activities decreased by 446.76% to -¥63,336,239.05, primarily due to increased external investments[10] - The net cash flow from financing activities is -109,922,847.25 CNY, compared to -209,259,886.47 CNY in the previous period, showing an improvement of about 47.5%[26] Investments and Expenses - Research and development expenses increased by 37.43% to ¥15,480,381.48, mainly due to increased investment in the AI Huizhan platform[10] - Research and development expenses for the current period were ¥15,480,381.48, an increase of 37.5% from ¥11,264,593.65 in the previous period[22] - The company reported a significant increase in prepayments, which rose by 509.25% to ¥72,850,763.95, primarily due to advance payments for upcoming exhibitions[9] - The long-term equity investment increased by 137.51% to ¥25,090,476.15, attributed to new investments in Anhui Liweike Technology Co., Ltd.[9] - The company recorded a substantial increase in trading financial assets, which rose by 80.09% to ¥63,788,178.34 due to purchases of stocks and financial products[9] - Investment income surged by 1027.47% to ¥9,780,520.22, attributed to increased returns from trading financial assets[10] Other Financial Metrics - The company received government subsidies amounting to ¥562,798.84 during the reporting period, contributing positively to its financial performance[6] - Deferred tax assets increased by 115.18% to ¥4,843,499.99 due to an increase in deductible losses[10] - Contract liabilities rose by 171.07% to ¥242,291,889.89, primarily due to increased pre-receipts for the fourth quarter exhibition[10] - Total accounts payable decreased by 48.18% to ¥12,290,722.02, mainly due to payments for last year's exhibition expenses[10] - Other comprehensive income turned negative at -¥1,313,581.43, a decrease of 183.91% due to foreign currency translation differences[10] - Unallocated profits decreased by 38.34% to ¥104,020,409.43, primarily due to cash dividend distributions during the period[10] Strategic Plans - The company plans to enhance its AI technology and digital transformation in the exhibition industry to improve audience quality and quantity[10] - The company plans to expand its market presence and invest in new product development as part of its growth strategy[16]

Core Points - The company Miao Exhibition announced that a major shareholder, Fang Huansheng, has notified the company about the pledge extension of part of his shares [2] - The number of shares involved in this pledge extension is 6,756,750 shares [2]