Market Overview - The primary economic sector increased by 0.05% compared to the previous trading day, with Fengshang Culture leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Stock Performance - Fengshang Culture (300860) closed at 28.84, rising by 7.69% with a trading volume of 78,200 shares and a transaction value of 223 million [1] - Yaowang Technology (002291) closed at 6.95, increasing by 5.30% with a trading volume of 938,800 shares and a transaction value of 644 million [1] - Other notable performers include: - Yaojie Jumi (300795) at 14.15, up 2.39% [1] - Electric Sound Co. (300805) at 11.72, up 2.09% [1] - Youhao Group (600778) at 6.80, up 1.49% [1] Capital Flow - The primary economic sector experienced a net outflow of 66.96 million from main funds, while retail funds saw a net inflow of 47.87 million [2] - The sector's overall capital flow indicates a mixed sentiment among investors, with main funds withdrawing while retail investors are buying [2] Individual Stock Capital Flow - Fengshang Culture had a net inflow of 27.73 million from main funds, but saw outflows from both retail and speculative funds [3] - Yaowang Technology experienced a net inflow of 15.60 million from main funds, with outflows from speculative funds [3] - Electric Sound Co. had a net inflow of 4.61 million from main funds, but significant outflows from speculative funds [3]

Core Viewpoint - Miao Exhibition has experienced a decline in stock price and financial performance, with a notable drop in revenue and net profit for the first nine months of 2025 compared to the previous year [2][3]. Financial Performance - As of September 30, 2025, Miao Exhibition reported a revenue of 401 million yuan, a year-on-year decrease of 5.67% [2]. - The net profit attributable to shareholders was 34.63 million yuan, reflecting a significant year-on-year decline of 49.17% [2]. Stock Performance - Miao Exhibition's stock price decreased by 8.83% year-to-date, with a 3.23% drop over the last five trading days and a 10.77% decline over the past 60 days [1]. - The stock was trading at 13.78 yuan per share, with a market capitalization of 4.119 billion yuan as of October 31 [1]. Shareholder Information - The number of shareholders decreased by 6.98% to 12,000 as of September 30, 2025, while the average number of circulating shares per person increased by 7.36% to 14,435 shares [2]. - Miao Exhibition has distributed a total of 344 million yuan in dividends since its A-share listing, with 244 million yuan distributed over the last three years [3]. Institutional Holdings - As of September 30, 2025, the ninth largest circulating shareholder was the Jiashi Theme New Power Mixed Fund, holding 1.3794 million shares, which is a decrease of 189,200 shares from the previous period [3].

Core Viewpoint - The company reported its Q3 2025 results, which met expectations, with a significant increase in contract liabilities indicating a promising Q4 peak season [1] Financial Performance - In Q3, the company achieved revenue of 160 million yuan, a year-on-year decrease of 2.89%, and a net profit attributable to shareholders of 19.09 million yuan, down 30.36% year-on-year [1] - For the first three quarters, total revenue was 401 million yuan, a decline of 5.67%, with a net profit of 34.63 million yuan, down 49.17% year-on-year [1] - R&D expenses increased by 37.43% year-on-year, primarily due to heightened investment in the "AI Hui Zhan" platform [1] Contract Liabilities and Q4 Outlook - As of the end of September, contract liabilities reached 242 million yuan, a substantial increase of 171.07% from the beginning of the year, mainly due to pre-received payments for Q4 exhibitions [1] - The Q4 is expected to be the company's most critical operational quarter, contributing a significant portion of annual revenue and profit [2] - The company has scheduled several exhibitions in Q4, including new events in Saudi Arabia, Indonesia, Japan, and Dubai, which are anticipated to drive revenue growth [2] New Business Initiatives - The company is launching a new overseas warehouse business, with initial operations in Indonesia and Brazil, which is expected to create new growth opportunities [2] - A joint venture with Panex WD International Limited will focus on supply chain management and international logistics, potentially generating significant revenue in the coming year [2] Profit Forecast Adjustments - Due to delays in the Indian exhibition and the impact of new business on average profit margins, the company has revised its profit forecasts downward for 2025-2027 [3] - The new projections for net profit attributable to shareholders are 144 million yuan, 203 million yuan, and 227 million yuan for 2025, 2026, and 2027 respectively, reflecting declines of 49%, 42%, and 47% from previous estimates [3] - The current stock price corresponds to a PE ratio of 29, 20, and 18 for 2025-2027, with a target market value of 5.5 billion yuan, indicating a potential upside of 34% from the current market value [3]

Core Viewpoint - Miaowei Exhibition is a leading cross-border exhibition service provider in China, focusing on self-organized exhibitions and offering comprehensive AI digital solutions for exhibition participation [1] Group 1: Business Performance - In Q3 2025, Miaowei Exhibition achieved revenue of 401 million yuan, ranking second in the industry, with the top competitor, Lansheng Co., generating 1.025 billion yuan [2] - The net profit for the same period was approximately 40.26 million yuan, also ranking second, while Lansheng Co. reported a net profit of 199 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 34.82%, higher than the previous year's 32.93% and above the industry average of 23.24% [3] - The gross profit margin was 47.05%, down from 50.17% year-on-year but still above the industry average of 33.35% [3] Group 3: Management Compensation - Chairman Pan Jianjun's salary for 2024 was 945,100 yuan, a slight increase from 943,300 yuan in 2023 [4] - General Manager Fang Huansheng's salary for 2024 was 633,600 yuan, a significant decrease from 1.2853 million yuan in 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 6.98% to 12,000, while the average number of shares held per shareholder increased by 7.36% to 14,400 [5] - The top ten circulating shareholders included the Jiashi Theme New Power Mixed Fund, which held 1.3794 million shares, down by 189,200 shares from the previous period [5] Group 5: Future Outlook - The company faced revenue and profit declines in H1 2025 due to the cancellation of some exhibitions, but expects recovery in H2 2025 as exhibition numbers increase [6] - Revenue projections for 2025 to 2027 are 920 million, 1.09 billion, and 1.3 billion yuan, with net profits of 180 million, 220 million, and 280 million yuan respectively [5][6]

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]