Group 1 - The summer vacation has led to a surge in visitor numbers at museums and exhibition halls across various regions, with the Liaoning Provincial Museum averaging nearly 15,000 visitors on recent weekdays [1] - The Liaoning Provincial Museum features significant artifacts such as the jade pig dragon, which is a large and well-preserved piece from the Hongshan culture, showcasing intricate craftsmanship [3] - Another highlight is the flower tree-shaped gold crown from the Three Yan period, which is over 1,700 years old and reflects the luxury of the nobility during that time [5] Group 2 - The Liaoning Provincial Museum is hosting a major themed exhibition titled "Mountains and Seas Have Feelings: Encountering Dunhuang in Liaoning," which is expected to attract considerable interest [7] - To enhance visitor experience, the museum has created a fully digital exhibition hall featuring renowned Tang and Song dynasty paintings, utilizing high-tech methods to present traditional Chinese culture [8] - The Xinjiang Museum has launched a new exhibition on ancient Chinese musical instruments, showcasing over 200 representative artifacts and live performances to engage visitors [15][17] Group 3 - In Chengdu, the local museums and science centers are becoming popular destinations for both domestic and international tourists, with the Chengdu Museum receiving over 20 million visitors since its opening in 2016 [21] - The Chengdu Museum features a collection of over 300,000 shadow puppets, allowing visitors to experience traditional performances and hands-on activities [23] - The Sichuan Cuisine Museum has seen a 35.7% increase in visitors compared to the same period last year, highlighting the growing interest in local culinary history [27]

Core Viewpoint - The company, Miao Exhibition (300795), reported a decline in revenue and net profit for 2024, while emphasizing its strategic focus on digital transformation and international market expansion, particularly in the context of the global exhibition industry recovery post-pandemic [2][8]. Financial Performance - For the fiscal year 2024, the company achieved an operating income of 751 million yuan and a net profit of 163 million yuan [2]. - In Q1 2025, the company reported a significant decline in revenue to 17.27 million yuan, down 77.32% year-on-year, and a net loss of 36.79 million yuan [14]. Industry Trends - The global exhibition market is showing signs of recovery, with a 16% increase in revenue compared to 2019 levels, indicating a full recovery and growth beyond pre-pandemic figures [3][7]. - The company noted a shift in the outbound exhibition landscape, with a growing emphasis on investment-driven market expansion rather than solely trade [2][7]. Competitive Advantages - The company has established a leading position in digital exhibition capabilities, leveraging AI and big data to enhance customer engagement and operational efficiency [4][5]. - It possesses a unique overseas self-organized exhibition platform, which is crucial for promoting Chinese brands in international markets [4][5]. Strategic Focus - The company is concentrating on three main areas: Miao Exhibition, Miao Technology, and Miao Investment, with a strong emphasis on upgrading the exhibition segment through digitalization and specialization [5][8]. - The strategic shift from general exhibitions to specialized exhibitions is aimed at enhancing the quality and effectiveness of its offerings [8][12]. Market Expansion - The company is actively expanding its presence in emerging markets, particularly along the Belt and Road Initiative, BRICS countries, and RCEP regions, which are seen as key growth drivers [7][12]. - In 2024, the company successfully hosted 14 exhibitions across nine countries, attracting over 7,500 participating enterprises [8][12]. Future Outlook - The company anticipates that the exhibition industry will continue to evolve towards greater integration of technology, internationalization, and sustainability, with a focus on customized exhibition solutions [7][8]. - The ongoing geopolitical tensions and changes in trade policies are prompting the company to diversify its market strategies and reduce reliance on the U.S. market [6][7].

Financial Performance - In 2024, the company achieved operating revenue of 751.36 million RMB, a decrease of 10.01% year-on-year [11] - The net profit attributable to shareholders was 155.17 million RMB, down 17.55% compared to the previous year [11] - The basic earnings per share were 0.68 RMB, with a weighted average return on equity of 24.39% [11] Market Trends and Strategic Insights - The global exhibition market is recovering, with average revenue in 2024 increasing by 16% compared to 2019 [5][9] - The number of institutions organizing exhibitions abroad in China rose to 53 in 2024, a 43.24% increase from the previous year [3] - The company’s revenue growth from 2019 to 2024 was 76%, significantly outperforming the global exhibition industry [5] Competitive Advantages - The company has a leading position in digital exhibition transformation, leveraging AI and big data for enhanced marketing and customer engagement [5] - It operates the only global self-organized exhibition platform in China, enhancing its brand influence internationally [5] - The company has established a strong overseas support system with over 100 employees in various countries, enhancing its competitive edge [5] Business Development Strategy - The company focuses on three main sectors: exhibition services, technology, and investment, with a strategic emphasis on upgrading the exhibition segment [6][7] - It has transitioned from general exhibitions to specialized exhibitions, enhancing its service offerings and operational efficiency [11] - The company is actively expanding into emerging markets, particularly along the "Belt and Road" initiative, BRICS countries, and RCEP [16] Future Outlook and Challenges - The company anticipates challenges from geopolitical tensions and changing trade policies, particularly from the new U.S. government [9] - It plans to diversify its market presence to reduce reliance on the U.S. market, focusing on new growth opportunities in emerging markets [9] - The exhibition industry is expected to evolve towards more technology-driven, sustainable, and integrated solutions [9] Shareholder Returns and Policies - The company has a stable cash dividend policy, with plans to distribute 3.50 RMB per share to shareholders [17] - It has consistently implemented capital reserve transfers to increase share capital over the past three years [4]