Core Viewpoint - The company plans to establish a joint venture, Pan Ding Miao Supply Chain Management Co., Ltd., with Panex WD International Limited to enhance its international market presence and promote sustainable development [1] Investment Details - The company will invest RMB 51 million, holding a 51% stake in the joint venture, which will have a registered capital of RMB 100 million [1] - The investment aligns with the company's long-term strategic layout to adapt to the trend of Chinese enterprises expanding their brands internationally and the fragmentation of international trade orders [1] Financial Implications - The joint venture will be included in the company's consolidated financial statements following its establishment [1] - The investment does not constitute a related party transaction or a significant asset restructuring as defined by relevant regulations [1]

Core Viewpoint - The company, Miao Exhibition, announced plans to establish a joint venture to enhance its international market presence and promote sustainable development through resource integration and synergy [1] Group 1: Investment and Strategic Development - Miao Exhibition will hold its sixth board meeting on October 20, 2025, to review the proposal for establishing a controlling subsidiary [1] - The company plans to invest a total of RMB 51 million, holding a 51% stake in the new joint venture with Panex WD International Limited [1] - The registered capital of the new subsidiary, Pan Ding Miao (Ningbo) Supply Chain Management Co., Ltd., will be RMB 100 million, and it will be included in the company's consolidated financial statements [1]