兰生股份的前世今生：营收行业第一超同业均值，净利润领先同行近亿

Core Viewpoint - Lansheng Co., Ltd. is a leading player in the domestic exhibition industry, with a comprehensive business model covering the entire exhibition industry chain, supported by rich resources from state-owned shareholders [1] Group 1: Business Performance - In Q3 2025, Lansheng achieved a revenue of 1.025 billion yuan, ranking first in the industry, significantly higher than the industry average of 541 million yuan and the median of 401 million yuan [2] - The company's net profit for the same period was 199 million yuan, also ranking first in the industry, far exceeding the industry average of 82.7 million yuan and the median of 40.3 million yuan [2] - The main business composition includes exhibition organization at 263 million yuan (47.59% of revenue) and exhibition hall operation services at 148 million yuan (26.79% of revenue) [2] Group 2: Financial Ratios - As of Q3 2025, Lansheng's asset-liability ratio was 26.24%, down from 27.93% year-on-year but still above the industry average of 23.24% [3] - The gross profit margin for the same period was 30.62%, slightly down from 31.23% year-on-year and below the industry average of 33.35% [3] Group 3: Executive Compensation - The chairman, Chen Xiaohong, received a salary of 1.233 million yuan in 2024, an increase of 205,000 yuan from 2023 [4] - The president, Bi Peiwen, saw his salary rise from 348,000 yuan in 2023 to 1.1197 million yuan in 2024 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 59.64% to 41,900 [5] - The average number of circulating A-shares held per shareholder decreased by 37.36% to 17,600 [5] Group 5: Future Outlook - Lansheng is expected to achieve revenues of 1.714 billion yuan, 1.845 billion yuan, and 1.987 billion yuan for 2025 to 2027, with year-on-year growth rates of 4.3%, 7.7%, and 7.7% respectively [6] - The projected net profit for the same period is 335 million yuan, 380 million yuan, and 429 million yuan, with year-on-year growth rates of 9.3%, 13.2%, and 12.9% respectively [6] - The company plans to explore various market opportunities, including the pet economy and transitioning to an AI service provider, while maintaining high dividend payouts [6]