Core Viewpoint - The company, Miao Exhibition, has submitted its prospectus to the Hong Kong Stock Exchange for a main board listing, with a total market capitalization exceeding 4 billion RMB as of December 25, 2025. The company is a mature exhibition service provider with a decline in revenue and net profit in the first half of 2025 compared to the previous year [1][27]. Financial Performance - For the year ending December 31, 2024, the company reported revenues of approximately 751.37 million RMB, with a net profit of 163 million RMB and a gross margin of 49.71%. In the first half of 2025, revenues were 241 million RMB, net profit was 21 million RMB, and gross margin was 50.54%, showing a year-on-year decline in both revenue and net profit [9][32]. - The financial performance over the past three years shows revenues of 348.31 million RMB in 2022, 834.97 million RMB in 2023, and 751.37 million RMB in 2024, with a significant drop in the first half of 2025 compared to the same period in 2024 [30][32]. Industry Overview - According to Frost & Sullivan, the total number of overseas exhibitions is expected to increase from 216 in 2024 to 315 in 2029, with specialized exhibitions projected to grow from 177 to 255 during the same period [13][35]. - The company ranks first among all Chinese overseas exhibition organizations in terms of the number and area of self-organized exhibitions held in 2024 [2][27]. Service Offerings - The company's services are categorized into three main types: exhibition hosting services, exhibition agency services, and other income sources. Exhibition hosting services involve managing the entire process of exhibitions, while agency services include purchasing exhibition space and reselling it to exhibitors [5][6][29]. Market Position - The company holds a market share of 45.4% in the industry, significantly leading over other competitors [16][38].