Summary of the Conference Call for Miao Exhibition Industry and Company Overview - The conference call focuses on Miao Exhibition, a company involved in organizing trade shows and exhibitions, particularly in emerging markets like India, Southeast Asia, and the Middle East [2][3][4]. Key Points and Arguments 1. **Impact of Indian Visa Policy**: The reopening of Indian tourist visas is expected to facilitate business visas, providing Miao Exhibition with opportunities to host events in India, which was the company's second-largest revenue source before the pandemic [2][3]. 2. **Upcoming Events in India**: Miao Exhibition plans to host a major event in December 2025 with 1,000 booths, with the potential to expand to 2,000 booths. The company has secured venues and established good relationships with local suppliers [2][3][4]. 3. **Performance in Q2 2025**: The company completed approximately 4,450 booths across events in Japan, Vietnam, Indonesia, and Dubai. However, a planned event in the U.S. was canceled due to tariff issues, leaving around 2,800 booths in Brazil, Mexico, and South Africa for Q3 [2][5]. 4. **Significance of Q4 2025**: The success of the Indian event in Q4 is crucial, as it is expected to account for over 60% of the company's annual revenue [2][5]. 5. **Shift in Market Focus**: Due to U.S.-China trade tensions, companies are increasingly looking towards emerging markets in the Middle East, ASEAN, and Latin America. The number of booths planned for Saudi Arabia has increased from 1,000 to 1,500-1,600, indicating a strategic shift [2][6]. 6. **AI Exhibition Product**: The AI exhibition product launched in January 2025 has improved visitor experience and efficiency, with expectations of significant revenue growth from its application this year [2][7]. 7. **Sales Performance**: In Q2 2025, the company achieved a significant onsite transaction amount of $90 million at the Vietnam exhibition, despite overall sales being under pressure due to a shift in focus towards profitability [2][8][9]. 8. **Future Plans for 2026**: Miao Exhibition aims to expand its exhibition scale in existing countries, particularly in the industrial machinery sector, with a focus on Indonesia, Saudi Arabia, Brazil, and Mexico [2][10][12]. 9. **Vietnam Exhibition Strategy**: In 2025, exhibitions in Vietnam will focus on consumer trade, while the industrial machinery exhibition will move to Hanoi in 2026 due to the concentration of factories in that area [2][11]. 10. **Middle East Market Development**: The company plans to expand its exhibition scale in Dubai and aims to host 1,500-1,600 booths in Saudi Arabia in 2025, increasing to at least 2,500 booths by 2026 [2][12]. 11. **Global Development Focus**: The company's global strategy for the next two years will concentrate on Southeast Asia and the Middle East, with plans to diversify and increase the number of exhibitions in these regions [2][13][14]. Other Important Insights - The company has established a mature buyer network pre-pandemic and has maintained connections through online exhibitions during the pandemic, which is expected to help in recovering and expanding its buyer base [2][4]. - The cost structure in India is favorable, with higher profit margins compared to Dubai, making successful exhibitions in India critical for overall profitability [2][4].

Investment Rating - The report maintains an "Outperform" rating for the social services industry, expecting it to perform better than the benchmark index in the next 6-12 months [2][48]. Core Insights - The social services sector saw a 3.18% increase in the last two trading weeks, ranking 9th among 31 sectors in the Shenwan classification, outperforming the CSI 300 index by 1.26 percentage points [2][13]. - The competitive "involution" in the food delivery market has negatively impacted retail sales in June, but the summer travel market is expected to remain robust, indicating potential for growth in related industries [2][5]. - The report highlights the significant impact of visa-free policies on inbound tourism, with a notable increase in inbound travel expected during the summer season [5][41]. Market Review & Industry Dynamics - The social services sector's performance was strong, with sub-sectors like professional services (+7.53%) and tourism retail (+2.85%) leading the gains, while hotel and catering services saw a slight decline of -0.17% [17][20]. - The report notes that from July 1 to August 31, the national railway is expected to send 953 million passengers, a year-on-year increase of 5.8% [5][30]. - The inbound tourism market has shown a strong recovery, with 33.3 million inbound travelers in the first half of 2025, a 15.8% increase year-on-year [5][30]. Investment Recommendations - The report suggests focusing on companies with strong growth potential in the travel and related industries, including Huangshan Tourism, Lijiang Co., Songcheng Performance, and others [5][41]. - It also recommends monitoring hotel brands like Junting Hotel and Jinjiang Hotel, which are expected to benefit from the recovery in business travel [5][41]. - Companies involved in the recovery of the duty-free market, such as China Duty Free Group and Wangfujing, are also highlighted as potential investment opportunities [5][41].

Core Insights - The 2025 Beijing-Tianjin-Hebei International Auto Exhibition successfully filled the gap of specialized auto exhibitions in Beijing, becoming one of the most influential automotive events in the region [1][4] Group 1: Event Overview - The exhibition was held over four days at the National Convention Center Phase II, utilizing a modern exhibition space of 22,000 square meters to create an immersive viewing experience [2] - A total of 45 domestic and international automotive brands participated, showcasing their products [2] - The event resulted in over 3,500 vehicle orders, generating more than 525 million RMB in consumer spending [2] Group 2: Industry Impact - The exhibition featured 35 automotive manufacturers with high-standard displays, highlighting their brand strength and commitment to the northern market [2] - The event attracted over 78,000 families, indicating strong public interest and engagement [2] - The exhibition received extensive media coverage from mainstream and automotive-focused outlets, with attendance from leaders of automotive circulation associations and local government departments [2] Group 3: Future Prospects - The organizing committee, Beijing Banyang Roulette Cultural Communication Co., Ltd., aims to establish the exhibition as a key industrial platform for coordinated development in the Beijing-Tianjin-Hebei region and as an annual barometer for the northern automotive market [4] - The exhibition showcased popular and cutting-edge models across luxury, joint venture, independent, and new energy sectors, with a focus on electric vehicle core components and innovative aftermarket services [5] - Preparations for the second edition of the exhibition in 2026 are already underway, indicating a commitment to ongoing development and growth [5]

Core Viewpoint - The stock price of Donghao Lansheng Exhibition Group Co., Ltd. has experienced an abnormal fluctuation, with a cumulative closing price increase exceeding 20% over three consecutive trading days (July 10, July 11, and July 14, 2025) [1][2] Group 1: Stock Price Abnormal Fluctuation - The company's stock price has deviated significantly, with a cumulative increase of over 20% in closing prices over three trading days [1] - This situation is classified as an abnormal fluctuation according to the Shanghai Stock Exchange trading rules [1] Group 2: Company Operations and Major Events - The company has confirmed that its production and operational conditions are normal, with no significant changes in daily operations or external business environment [2] - There are no undisclosed major events or transactions involving the company, including asset restructuring, share issuance, or significant business collaborations [2] - No media reports or market rumors have been identified that could significantly impact the company's stock price [2] Group 3: Insider Trading and Sensitive Information - During the period of stock price fluctuation, there were no stock trades by the company's directors, supervisors, senior management, or controlling shareholders [2] - The company has not discovered any other significant events that could impact its stock price [2]

Group 1 - The 2025 Osaka Expo China-Japan Exhibition Industry Economic and Trade Cooperation Exchange event was successfully held in Japan, with participation from 15 representatives of 13 companies [1] - The event was organized by the China International Chamber of Commerce Exhibition Working Committee and Reed Exhibitions Japan, highlighting the importance of the exhibition industry as a window for foreign trade and economic development [1] - Key speakers included Yang Ming, Executive Secretary-General of the China International Chamber of Commerce Exhibition Working Committee, who emphasized the need for mechanism construction, complementary advantages, and regional collaboration to enhance the high-quality development of the China-Japan exhibition industry [1] Group 2 - During the event, representatives visited several pavilions at the Osaka Expo, including the China Pavilion, USA Pavilion, Italy Pavilion, and Singapore Pavilion, and engaged in discussions with executives from Nissin Corporation [2] - The delegation also attended the Japan Mechanical Elements Exhibition, which showcased top global companies and innovative technologies, facilitating further exchanges with the event organizers [2] - Participants expressed that the China International Chamber of Commerce Exhibition Working Committee provided a valuable platform for communication and cooperation, aiding exhibition companies in learning advanced industry concepts and promoting domestic industry chains internationally [2]

Group 1 - The 2026 Huashid展 will take place from March 4 to 6, 2026, at the Shanghai National Exhibition and Convention Center, showcasing the leading B2B catering ingredient exhibition in the industry [1] - The exhibition has achieved over 90% booth sales within three months of launch, indicating strong demand from exhibitors [1] - The total exhibition area will reach 150,000 square meters, a record high, with the addition of Hall 7.1 to the existing four major exhibition halls [3] Group 2 - The new Hall 7.1 will enhance the exhibition scale and attract more leading brands and regional enterprises, optimizing the exhibition layout and improving visitor experience [7] - The exhibition aims to create a seamless platform for the entire industry chain, covering various food categories and integrating processing and packaging equipment [3][7] - Huashid展 focuses on user value enhancement and supports the digital transformation of the industry, serving as a window for showcasing the development level of China's catering ingredient supply chain [7][8] Group 3 - Huamo Group, the organizer, has 22 years of experience in the exhibition industry and aims to become one of the world's top three exhibition companies [8] - The exhibition is positioned as a significant B2B event in the Chinese catering industry, facilitating efficient connections between global suppliers and the Chinese market [3][6]

Group 1 - The event "Empowering Enterprises to Go Global" was held in Zhengzhou, aiming to support local companies in understanding policies, strategic planning, and practical implementation for international market expansion [1] - Over 100 representatives from various companies, including Huatai Securities and Henan Nile River Machinery Equipment Co., gathered to discuss strategies for going global [1][2] Group 2 - He Xin, Chief Researcher at Huatai Securities, analyzed new trends and strategic choices for enterprises going global, emphasizing the importance of geopolitical factors, economic costs, cultural fit, and resource endowments [2] - He provided insights into the conditions in regions such as Latin America, Africa, Europe, the Middle East, and Southeast Asia, assisting companies in formulating effective international strategies [2] Group 3 - Zhao Bin, Deputy General Manager of Henan Nengpai Exhibition Technology Co., shared details on policies supporting foreign trade enterprises in expanding into international markets, including subsidies for participating in international exhibitions [5] - The Henan provincial government offers up to 90% subsidy on net booth fees and flight costs for companies attending first-class international exhibitions, and up to 70% for second-class exhibitions [5] Group 4 - Party Xuejiao, Deputy General Manager of Henan Nile River Machinery Equipment Co., shared practical experiences and strategies for overcoming challenges in overseas market expansion [7] - The event served as a resource platform for companies, enhancing their confidence in pursuing international opportunities and addressing real challenges faced during the process [7]

Core Viewpoint - The strategic cooperation between China Food Industry magazine and New Chenghua International Exhibition (Shandong) Group aims to enhance service quality for enterprises in the food sector and promote sustainable development in the industry [1][6]. Group 1: Cooperation Details - A cooperation framework agreement was signed to facilitate deep collaboration in various areas, including co-hosting industry conferences, creating regional brand features, joint promotion, providing digital exhibition services, organizing customized business matchmaking events, and data sharing [4]. - The partnership is based on principles of equal cooperation, complementary advantages, and mutual development [1][4]. Group 2: Organizational Background - China Food Industry magazine serves as a communication bridge between the government and food industry enterprises, assisting in planning, coordination, and promoting industry standards and technological development [3]. - New Chenghua International Exhibition (Shandong) Group is a professional exhibition service provider and a member of the Global Association of the Exhibition Industry (UFI), known for its significant presence in various sectors, hosting over 30 large expos and 240 forums annually [3]. Group 3: Industry Impact - This collaboration signifies a deep integration of the food and exhibition industries, injecting new momentum into the development of the food sector, particularly under the rural revitalization strategy [6].

6月25日，记者从深圳市商务局获悉，2025年深圳预计举办展会活动超400场，1—6月举办展会活动超 200场，包括2025国际橡塑展、2025粤港澳大湾区车展、第二十一届中国(深圳)国际文化产业博览交易 会、第二十五届中国零售业博览会、深圳国际人工智能展览会等知名展会。(人民财讯) ...

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