米奥会展的前世今生：2025年三季度营收4.01亿行业排第二，净利润4025.94万排名居次席

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]