Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has shown a performance turning point in Q3 2025, with significant growth in its core exhibition business, driven by major events [1][2] - The company is expanding its market presence through various collaborations and is accelerating its layout in new sectors, particularly in the "pet economy" and AI services [3] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 1.025 billion yuan, a year-on-year increase of 10.00%, and a net profit attributable to shareholders of 181 million yuan, a decrease of 10.51% [1] - In Q3 2025 alone, the company reported revenue of 471 million yuan, up 38.00% year-on-year, and a net profit of 124 million yuan, an increase of 3.33% [1] - The gross margin for Q3 2025 was 26.50%, down 6.08 percentage points year-on-year, while the company effectively managed its expenses [2] Future Projections - The company is projected to achieve revenues of 1.714 billion yuan, 1.845 billion yuan, and 1.987 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 4.3%, 7.7%, and 7.7% [3] - Net profit attributable to shareholders is expected to reach 335 million yuan, 380 million yuan, and 429 million yuan for the same years, with growth rates of 9.3%, 13.2%, and 12.9% respectively [3] Market Position and Strategy - The company has established a nationwide layout through its main exhibition resources and is promoting several exhibitions to expand its reach [3] - The establishment of a specialized company for AI services indicates a strategic shift towards becoming a comprehensive service provider in the AI sector [3]

Core Viewpoint - Miao Exhibition announced the convening of its fourth board meeting for the sixth session on October 26, 2025, via video conference, where the agenda included the review of the third-quarter report for 2025 [1] Company Summary - For the first half of 2025, Miao Exhibition's revenue composition was 99.66% from the exhibition industry and 0.34% from other businesses [1] - As of the report, Miao Exhibition's market capitalization stands at 4.2 billion yuan [1]

Group 1 - The core point of the article is that Miao Exhibition (SZ 300795) announced that as of the announcement date, Fang Huansheng has pledged approximately 9.55 million shares, accounting for 13.88% of his total holdings [1] - As of the report date, Miao Exhibition's market capitalization is 4.3 billion yuan [2] - For the first half of 2025, Miao Exhibition's revenue composition is as follows: 99.66% from the exhibition industry and 0.34% from other businesses [1]

Group 1 - The article discusses tax policies related to the China International Import Expo, highlighting that imported exhibition goods sold during the event are exempt from import duties, VAT, and consumption tax, with certain exclusions [6] - Each exhibitor can enjoy tax exemptions for a limited quantity of goods, with a cap of $20,000 for other items not listed in the exemption catalog [6][7] - It clarifies that any sales exceeding the specified limits or unsold items not returned after the event will be subject to taxation according to national regulations [7] Group 2 - The article outlines various tax exemptions applicable to property division during divorce, including exemptions from VAT, additional taxes, deed tax, personal income tax, stamp duty, and land value increment tax [21][22][23][24][25][26] - Required documentation for processing these exemptions includes both parties' identification, divorce certificate, original property ownership certificate, and divorce agreement [26] - The article references multiple regulatory documents that support these tax exemption policies [27]

Group 1 - The core viewpoint of the article highlights that Miao Exhibition (300795.SZ) experienced a decline in revenue and profit due to pressures in the Chinese foreign exhibition industry, with a significant drop in net profit despite exceeding cash dividend distribution compared to net profit [1][2] Group 2 - In the first half of 2025, Miao Exhibition reported revenue of 241 million yuan, a year-on-year decrease of 7.43%, and a net profit attributable to shareholders of 15.54 million yuan, down 61.84% [1] - The decline in revenue was attributed to the cancellation of some exhibitions, reducing the number of projects from six to five [1] - The significant drop in net profit was due to two main reasons: first, the implementation of supportive policies for foreign trade enterprises to reduce their exhibition costs, and second, increased investment in AI technology and marketing [1] Group 3 - The company announced a profit distribution plan for the first half of 2025, proposing a cash dividend of 0.67 yuan per 10 shares, totaling 19.79 million yuan, which exceeds 100% of the current net profit [2] - Miao Exhibition maintains a reasonable asset-liability structure, with a debt ratio of 29.94% at the end of the reporting period, and good operating cash flow, indicating that the dividend distribution will not significantly impact its debt repayment ability [2]

Group 1 - The company, Miao Exhibition, announced the convening of its sixth second board meeting on August 27, 2025, to review the semi-annual report and its summary for 2025 [1] - For the first half of 2025, Miao Exhibition's revenue composition was 99.66% from the exhibition industry and 0.34% from other businesses [1] - As of the report, Miao Exhibition's market capitalization was 4.9 billion yuan [1]

Core Points - The company held its first extraordinary general meeting of shareholders on August 20, 2025, with no resolutions being rejected [2][4] - The meeting was conducted in compliance with the Company Law and the company's articles of association, with a combination of on-site and online voting [2][5] - The company approved two key resolutions: the cancellation of the supervisory board and the revision of the Articles of Association, and the revision of the Fund Management Measures [4][6] Meeting Details - The meeting took place at the Shanghai Expo Exhibition Center, with attendance from board members, supervisors, and legal representatives [2][3] - The first resolution required a two-thirds majority to pass, while the second required a simple majority [5][6] Legal Verification - The meeting was witnessed by lawyers from Beijing Tongshang Law Firm, confirming that the procedures and voting results were legally valid [7] Board Meeting - The company's 12th board meeting was also held on August 20, 2025, via telecommunication, with all nine board members present [9][10] - The board approved the appointment of Li Li as the vice president of the company, effective immediately [10][11] - Li Li has a strong background in management and does not have any conflicts of interest with the company [16][17]

Core Viewpoint - The "Silk Suzhou 2025" special exhibition, celebrating its 10th anniversary, aims to showcase the cultural heritage and contemporary vitality of Chinese silk, set to take place from October 10 to 12 at the Suzhou International Expo Center [1] Group 1: Exhibition Overview - The exhibition has been a significant national platform since its inception in 2016, focusing on the achievements of the Suzhou and Chinese silk industry, promoting trade cooperation, and leading industry trends [1] - The special exhibition is co-hosted by the China Silk Association, Jiangsu Silk Association, and Suzhou Silk Industry Association, with an exhibition area of 10,000 square meters [1] Group 2: Event Features - The event will feature six themed exhibition areas and utilize diverse formats such as exhibitions, sales, roadshows, live broadcasts, and innovative experiences to create immersive communication and cooperation scenarios [1] - Collaborations with top national IPs like "Black Myth: Wukong" will result in the creation of themed co-branded products [1] - A "Silk Industry Innovation Accelerator" will be established for exhibitors, providing 12 types of specialized services including supply chain finance, cross-border logistics, and IP licensing [1]

General Principles - The rules are established to regulate the behavior of Donghao Lansheng Exhibition Group Co., Ltd. and ensure shareholders can exercise their rights according to the Company Law and Securities Law of the People's Republic of China [1][2] - The company must strictly follow legal and regulatory requirements when convening shareholder meetings, ensuring that all directors fulfill their responsibilities diligently [1][2] Shareholder Meeting Convening - The board of directors is responsible for convening the shareholder meeting within the specified timeframe, with independent directors having the right to propose a temporary meeting [3][4] - Shareholders holding more than 10% of the company's shares can request the board to convene a temporary meeting, and if the board does not respond within 10 days, they can approach the audit committee [4][5] Proposals and Notifications - Shareholders holding at least 1% of the shares can submit temporary proposals 10 days before the meeting, which must be included in the meeting notice [6][7] - The notice for the annual meeting must be sent 20 days in advance, while for temporary meetings, it should be sent 15 days prior [7][8] Meeting Procedures - The shareholder meeting must be held in Shanghai and can utilize online methods to facilitate participation [8][9] - Shareholders can attend in person or appoint proxies, and the meeting must maintain order and address any disruptions [9][10] Voting and Resolutions - Each share carries one voting right, and shareholders must declare their voting intentions as agree, disagree, or abstain [11][12] - The results of the voting must be announced immediately, and resolutions must be disclosed promptly [14][15] Record Keeping and Compliance - Meeting records must include details such as time, location, attendees, and voting results, and must be preserved for at least ten years [15][16] - Any resolutions that violate laws or regulations are deemed invalid, and shareholders can request annulment within 60 days if procedures are not followed [16][17]

General Principles - The company establishes an association transaction management system to regulate related transactions and protect the interests of the company and all shareholders [2] - The decision-making process for related transactions involves the shareholders' meeting, board of directors, and executive office according to the company's articles of association and this system [2][3] - The principles of related transactions include openness, fairness, justice, and good faith [2] Definition of Related Parties and Transactions - Related parties include both related legal entities and natural persons [6] - Legal entities are considered related if they directly or indirectly control the company or are controlled by related natural persons [7] - Natural persons are considered related if they hold more than 5% of the company's shares, are directors or senior management, or are closely related family members of such individuals [8] Approval Procedures for Related Transactions - Related transactions exceeding RMB 30 million and 5% of the latest audited net assets must be disclosed and submitted for shareholder approval [12] - Transactions with related legal entities exceeding RMB 300,000 and 0.5% of the latest audited net assets require approval from independent directors and the board [14] - Written agreements must be signed for related transactions, and the content should be clear and specific [16] Disclosure Requirements - Transactions with related legal entities over RMB 300,000 and 0.5% of the latest audited net assets must be disclosed promptly [21] - Transactions with related natural persons over RMB 30,000 must also be disclosed [22] - Disclosure announcements must include transaction pricing policies, the relationship between transaction prices and market values, and the impact of transactions on the company's financial status [24] Daily Related Transactions - Daily related transactions must follow specific disclosure and approval procedures, including annual reporting of actual performance [27] - If the terms of ongoing daily related transactions change significantly, new agreements must be submitted for approval [28] - Agreements exceeding three years must undergo re-evaluation and approval every three years [29]