新股前瞻|市占率达45.4%，境外展会龙头米奥会展年底冲刺AH股

Core Viewpoint - Miao Exhibition, a leading player in the exhibition service industry in China, is facing declining revenues and profits despite holding over 40% market share in overseas exhibitions. The company is preparing for an IPO in Hong Kong while its financial performance has been negatively impacted by industry conditions [1][12]. Financial Performance - Miao Exhibition's revenues from 2022 to the first half of 2025 are as follows: 348 million RMB, 835 million RMB, 751 million RMB, and 240 million RMB, indicating a downward trend [1][3]. - Net profits for the same period are 52 million RMB, 188 million RMB, 156 million RMB, and 14 million RMB, with a significant drop in net profit margin from 22.51% in 2023 to 5.83% in 2025 [1][11]. - The company had cash and cash equivalents of 514 million RMB as of June 2025 [1]. Business Segments - Miao Exhibition operates primarily in two segments: exhibition hosting services and exhibition agency services. The hosting services account for the majority of revenue but have seen a decline, with revenue shares dropping to 89.4% in 2025 [2][4]. - The exhibition hosting services include comprehensive processes from preparation to post-event services, with a focus on independent exhibitions. The company hosted 21, 26, 21, and 9 exhibitions from 2022 to the first half of 2025 [4][10]. - The exhibition agency services have shown growth, with revenue contribution increasing to 9.5% in 2025, primarily from exhibitions in the UAE and Saudi Arabia [2][4]. Market Position - Miao Exhibition holds a dominant position in the overseas exhibition market, with a market share of 45.4% in terms of the number of exhibitions and 28.2% in terms of exhibition area [1][10]. - The company has a stable customer base, with approximately 6,000 to 9,000 clients over the years, although the number of clients dropped to 3,000 in the first half of 2025 [10]. Industry Outlook - The global exhibition market is expected to see double-digit growth from 2022 to 2024, with China being a key player, accounting for 28.3% of the total exhibition numbers by 2024 [7][10]. - The overseas exhibition market is experiencing strong growth, particularly in specialized exhibitions, but is expected to slow down after 2024 due to high base effects [10]. Technological Investment - Miao Exhibition is investing in AI and digital transformation to enhance its service offerings and competitive edge, with R&D expenditure rising to 4% in the first half of the year [5][6]. - The company has registered multiple patents and software copyrights, with its core product, AI Hui Exhibition, aimed at improving interactions between exhibitors and attendees [6].