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 A-H share listing to attract global capital and enhance its brand image [1][10]. Group 1: Company Overview - Miao Exhibition has submitted a listing application to the Hong Kong Stock Exchange, with CMB International as its sole sponsor [1]. - The company is the top overseas exhibition organizer in China, with a market share of 45.4% in the number of exhibitions and 28.2% in exhibition area as of 2024 [1][8]. - Miao Exhibition provides comprehensive services including exhibition management, booth sales, and related services, having successfully organized 77 exhibitions across various sectors [1]. Group 2: Financial Performance - The company's revenues from 2022 to the first half of 2025 were RMB 348 million, RMB 834 million, RMB 751 million, and RMB 240 million, respectively, indicating a downward trend [1][3]. - Net profits for the same period were RMB 52 million, RMB 188 million, RMB 156 million, and RMB 14 million, with a significant drop in net profit margin from 22.51% in 2023 to 5.83% [1][9]. - The company’s cash and cash equivalents stood at RMB 514 million as of June 2025 [1]. Group 3: Business Segments - Miao Exhibition's main revenue source is from exhibition hosting services, which saw a decline of 12.6% and 5.4% in 2024 and the first half of 2025, respectively, reducing its revenue share to 89.4% [2][3]. - The exhibition agency service segment, however, is growing, with its revenue share increasing to 9.5% [2][3]. Group 4: Market Position and Trends - The global exhibition market is recovering post-pandemic, with a compound annual growth rate (CAGR) of 13.9% in the number of exhibitions in China from 2020 to 2024 [6][8]. - The overseas exhibition market is experiencing even stronger growth, with specialized exhibitions showing a CAGR of 206.7% in number and 182% in area from 2020 to 2024 [8]. - Miao Exhibition has a strong brand presence and a stable customer base, with approximately 6,000 to 9,000 clients over the years [8]. Group 5: Technological Investment - The company is investing in AI and digital transformation, aiming to create integrated solutions that combine exhibition services with AI technology and supply chain services [4][5]. - Miao Exhibition has registered multiple patents and software copyrights, with its core product, AI Hui Exhibition, enhancing interaction between exhibitors and attendees [5]. Group 6: Future Outlook - Despite its leading market position, Miao Exhibition faces challenges with declining revenues and profitability due to rising costs and fluctuating core business performance [9]. - The company’s upcoming A-H share listing is seen as a strategy to attract investment and improve its financial standing, although its fundamental performance needs significant improvement [10].

Group 1 - The core viewpoint of the report is that Meili Tianyuan Medical Health (02373) is expected to maintain strong financial performance, with projected revenues of 3.05 billion, 3.41 billion, and 3.76 billion RMB for 2025-2027, and net profits of 320 million, 380 million, and 440 million RMB respectively [1] - The company achieved record high adjusted net profit in H1 2025, with revenues, net profit, and adjusted net profit reaching 1.46 billion, 170 million, and 190 million RMB respectively, representing year-on-year growth of 28%, 36%, and 38% [1] - The operating cash flow for H1 2025 was 410 million RMB, an increase of 84% year-on-year, with cash and cash equivalents amounting to 2 billion RMB, up 28% [1] Group 2 - The beauty and health services segment generated 810 million RMB in revenue, a year-on-year increase of 30%, while the medical beauty services segment achieved 500 million RMB, growing by 13% [1] - The sub-health medical services segment saw a remarkable revenue increase of 108%, reaching 150 million RMB, with the number of outpatient clinics expanding to 11 [1] - The Women's Health Center, a key part of the sub-health medical business, reported a revenue growth of 173% in H1 2025 [1] Group 3 - The company increased its stake in Nairu to 90%, enhancing profitability, with Nairu's revenue reaching 280 million RMB in H1 2025 and adjusted net profit margin rising from 6.5% to 10.4% [2] - Nairu, recognized as the "First Brand of Intelligent Beauty and Health" by Frost & Sullivan, is implementing an AI-driven transformation project called "Intelligent Beauty and Health 2.0 System" [2] Group 4 - The company has announced a "Capital Market Value Enhancement Plan" aimed at increasing shareholder returns, optimizing capital structure, and promoting sustainable development, with a total of 300 million RMB in dividends declared over the past three years [3] - The first dividend payment from the shareholder return plan is scheduled to be distributed by September 26, 2025, at a rate of 0.52 HKD per share [3]

Core Viewpoint - The company emphasizes its commitment to rapid expansion in Southeast Asia and enhancing its global supply chain capabilities, particularly in response to market demands and challenges faced during the first half of 2025 [1][2][3]. Group 1: Company Expansion and Strategy - The company has accelerated its manufacturing capabilities in Vietnam, with local employee numbers increasing from 800 to 1500 in just one month to meet urgent customer demands [2]. - The company is focusing on a "China + Southeast Asia manufacturing" strategy, which has allowed it to serve over 130 countries, maintaining a stable market share in the U.S. [1][3]. - The company plans to complete the construction of its second phase in Vietnam by early 2025, which will further enhance its production capacity [1]. Group 2: Product Focus and Market Position - The company provides a one-stop solution for home wall decoration, integrating recycling and high-tech manufacturing processes to create a full industrial chain for plastic recycling [4][5]. - The company’s revenue from non-U.S. markets has shown a year-on-year increase, indicating a successful strategy to fill order gaps caused by shifts in production [3][4]. - The company has established direct partnerships with 300-400 large retail chains globally, enhancing its market presence and customer loyalty [4]. Group 3: Financial Performance - For the first half of 2025, the company reported a revenue of approximately 1.67 billion RMB, a 16.13% increase compared to the same period last year [11]. - The total profit for the same period was approximately 154.73 million RMB, reflecting a decrease of 9.42% year-on-year [11]. - The net profit attributable to shareholders was approximately 145.82 million RMB, down 6.01% from the previous year [11]. Group 4: Industry Trends and Market Outlook - The global recycled plastic market is projected to reach approximately 75.49 billion USD in 2024, with a compound annual growth rate (CAGR) of 5.4% expected until 2031 [3]. - The company is well-positioned to capitalize on the growing demand for sustainable materials, particularly in the home decoration sector, which is experiencing significant structural changes [18][22]. - The company’s innovative building materials are designed to meet evolving consumer preferences for eco-friendly and easy-to-install products, aligning with market trends in Europe and the U.S. [19][22].

Core Viewpoint - Meili Tianyuan Medical Health Industry Co., Ltd. reported a strong performance for the first half of 2025, with revenue of 1.46 billion yuan, a year-on-year increase of 28.2%, and a net profit of 170 million yuan, up 35.5% [1] Financial Performance - Revenue for the first half of 2025 reached 1.46 billion yuan, reflecting a 28.2% year-on-year growth - Net profit was 170 million yuan, representing a 35.5% increase compared to the previous year - Gross margin improved to 49.3%, up 2.3 percentage points year-on-year - Cash and cash-equivalent assets amounted to 2 billion yuan, a 27.5% increase year-on-year - Operating cash flow for the first half was 410 million yuan, showing an 84.4% year-on-year growth [1] Business Segments - The company operates in three main business segments: Beauty and Health Services, Medical Beauty Services, and Sub-health Medical Services - Beauty and Health Services generated 810 million yuan in revenue, a 29.6% increase, with a gross margin of 42.1% [2] - Medical Beauty Services saw revenue rise to 500 million yuan, a 13.0% increase, with a gross margin of 56.9% [2] - Sub-health Medical Services experienced explosive growth, with revenue of 150 million yuan, up 107.8%, and a gross margin of 63.1% [2] Market Trends - Consumer demand is shifting towards emotional connections and spiritual resonance, with emotional value significantly influencing the younger generation's purchasing decisions - The emotional economy market in China is expected to reach 2.3 trillion yuan by 2025, indicating a potential for explosive growth [1] Store Network and Expansion - As of June 30, the company had a total of 522 stores, including 273 direct-operated and 279 franchised or managed stores - The company has a strong presence in first-tier cities, with 157 direct-operated stores in Beijing, Shanghai, Guangzhou, and Shenzhen, contributing over 60% of total revenue [3] Shareholder Return Plan - The company announced a shareholder return plan, committing to distribute at least 50% of annual net profit as dividends over the next three fiscal years, barring special circumstances - The first dividend payment of 0.52 HKD per share is scheduled for distribution by September 26 [3] Acquisition Strategy - The company has pursued rapid expansion through acquisitions, including a 70% stake in the second-largest beauty brand, Nairui'er, for 350 million yuan - Nairui'er generated revenue of 277 million yuan in the first half of 2025, with an adjusted net profit margin increasing from 6.5% to 10.4% post-acquisition [4][5] - The company aims to replicate the successful integration of Nairui'er to explore further industry consolidation opportunities [5]

Group 1: AI Integration in Manufacturing - The automotive industry is undergoing a significant transformation towards intelligent manufacturing, with AI and big data driving this change [1][3] - The implementation of AI in production processes, such as in the case of the smart factory in Chongqing, has led to a fully digitalized production system, enhancing precision and reducing downtime [2][4] - AI technologies enable "dark production," where automated systems operate independently with minimal human intervention, ensuring continuous production even in low-light conditions [2] Group 2: Supply Chain and Data-Driven Solutions - AI and big data are becoming core drivers for upgrading intelligent manufacturing systems, facilitating the creation of data-driven marketing and supply chain systems [3][4] - The implementation of a data-driven intelligent manufacturing system has resulted in a 78% improvement in planning accuracy and a 32% reduction in production cycle time [3] Group 3: AI in Design and Fashion - AI is significantly enhancing design efficiency, allowing designers to generate multiple clothing styles in minutes, thus increasing the speed of new product launches [5][8] - The use of AI in fashion design has led to a tenfold increase in the efficiency of launching new clothing styles, with the ability to produce up to 50,000 new styles monthly [8][9] - Companies like SHEIN are leveraging AI to create flexible supply chain systems that align production with real-time consumer demand, reducing waste and improving efficiency [9]