2024年1至12月份，兰生股份的营业收入构成为：会展占比99.35%，其他业务占比0.65%。 兰生股份（SH 600826，收盘价：11.05元）8月4日晚间发布公告称，公司第十一届第十一次董事会会议 于2025年8月4日以通讯方式召开。会议审议了《关于取消监事会并修订及其附件的议案》等文件。 （文章来源：每日经济新闻） ...

Group 1 - The 2025 Entrepreneurs' Sun Island Annual Conference was held in Harbin, focusing on "New Quality Productivity: New Intelligent Manufacturing, New Consumption, New Ecology" [1][2] - The conference emphasized the importance of developing new quality productivity as a strategic choice for gaining competitive advantages in the context of a global technological revolution [2][3] Group 2 - The concept of "localized development" was discussed, highlighting the need for local governments to reform systems based on regional characteristics to create a conducive business environment [3][4] - The development of low-altitude economy in Heilongjiang was presented as an example of localized development, leveraging the region's industrial base and application scenarios [4] Group 3 - The transition from "manufacturing" to "intelligent manufacturing" is driven by technological innovation, particularly in artificial intelligence and embodied intelligent robotics [5][6] - The integration of data and physical processes is essential for upgrading the manufacturing sector, with a focus on technology fusion and institutional innovation [6] Group 4 - New consumption patterns are reshaping the market, with a significant rise in service-oriented consumption driven by technology [7][8] - The cultural and tourism sectors are experiencing growth through the integration of technology and cultural values, promoting Chinese culture globally [7] Group 5 - The development of new quality productivity requires a collaborative ecosystem for efficient resource allocation, with stable financial support being crucial for high-risk, long-cycle investments [10] - International perspectives on China's new quality productivity highlight the shift of Chinese enterprises from "followers" to "rule definers" in the global market [10]

Economic Growth - Macau's GDP for Q2 2025 reached 100.38 billion MOP, showing a year-on-year growth of 5.1%, despite a 1.3% decline in Q1, resulting in a 1.8% growth for the first half of the year [1] - The tourism sector is a key driver of Macau's economic recovery, supported by various central government policies [2][3] Tourism Recovery - The number of inbound tourists to Macau exceeded 19.21 million in the first half of the year, marking a 14.9% increase year-on-year, with significant growth from Zhuhai (57.0%) and the Greater Bay Area [2] - The "Tourism+" initiative has diversified tourism offerings, attracting a younger and more family-oriented demographic [3] Cultural Integration - The successful application for UNESCO World Heritage status for Macau's historical district has enhanced cultural tourism, with events like the International Culinary City Carnival promoting local culture [4][5] - Various cultural events and festivals are continuously held, contributing to Macau's reputation as a "City of Events" and enhancing the tourism environment [6] Investment and Development - The development of the Hengqin Guangdong-Macau Deep Cooperation Zone is expected to attract more investment and talent, supporting Macau's economic diversification [7] - In the first five months of the year, the cooperation zone saw a 15.91% increase in VAT invoices, indicating strong growth in sectors like manufacturing and information services [7] Government Initiatives - The new government has outlined major projects aimed at long-term economic development, reinforcing confidence in Macau's stable growth trajectory [8]

Core Viewpoint - The Hainan Free Trade Port is set to officially commence its closed operation on December 18, 2025, with the provincial commerce department actively promoting various tasks to ensure a smooth transition and enhance the business environment [9][10]. Group 1: Business Development and Policies - The provincial commerce department is focused on implementing the free trade port's closure policies, conducting pressure tests, and promoting investment attraction to ensure high-quality development in the business sector [9][10]. - The processing and value-added domestic sales tax exemption policy has led to over 10 billion yuan in domestic sales value, with 123 pilot enterprises participating [10][11]. - The "old-for-new" consumption policy has driven approximately 236 billion yuan in sales in the first half of the year, significantly boosting consumer spending [12][13]. Group 2: Trade and Investment - The fifth China International Consumer Products Expo showcased 1,767 enterprises and 4,209 brands, indicating a strong recovery and growth in the consumer market [14]. - In 2025, the Global Industry Investment Conference in Hainan signed 265 projects with a total investment of approximately 2,336 billion yuan, reflecting the province's attractiveness to foreign investment [16]. - Hainan's actual use of foreign capital reached 121.68 billion yuan in the first half of the year, a 45.36% increase year-on-year, with 907 new foreign enterprises established [18][19]. Group 3: Economic Growth and Performance - Hainan's total import and export value reached 1,222.38 billion yuan in the first half of the year, with a significant increase in service trade, which grew by 24.7% [18]. - The province's retail sales of consumer goods totaled 1,329.89 billion yuan in the first half of the year, marking an 11.2% year-on-year increase [14]. - The implementation of various policies has effectively stimulated the vitality of Hainan's outward-oriented economy, with a notable increase in both goods and service trade [18][19].

Core Insights - Shenzhen's exhibition industry is thriving, with 29 projects listed in the "Top 100 Exhibition Projects in Guangdong Province" for 2024, the highest in the province [1] - The projects include both traditional industry exhibitions and those related to Shenzhen's "20+8" strategic emerging industry clusters, showcasing the city's branding, professionalism, and internationalization in the exhibition sector [1] - Shenzhen aims to become an international exhibition capital, with significant growth in the number of exhibitions and exhibition area from 2021 to 2024, indicating a robust development trend [1] Industry Development - The development of the exhibition industry in Shenzhen is supported by optimized policy frameworks, including the "Measures for Building an International Exhibition Capital" [2] - The Shenzhen Municipal Bureau of Commerce has outlined a work plan for 2025-2027 to enhance exhibition service levels and improve the supporting environment for the exhibition industry [2] - In the first half of this year, Shenzhen hosted 218 exhibition events, covering an area of 755 million square meters, with a year-on-year increase of 17.3% [2]

Core Viewpoint - The recent 2025 Multi-Commodity Exhibition in Yiwu has significantly boosted local consumption and economic activity, showcasing the city's role as a key player in the exhibition industry and its multiplier effect on related sectors [3][4][5]. Group 1: Exhibition Impact - The 2025 Multi-Commodity Exhibition attracted over 3,000 buyers, with more than 60 buses transporting them from Shanghai, indicating strong demand and participation [3][4]. - Yiwu hosted 55 exhibitions last year, covering over 1.12 million square meters and attracting 1.783 million buyers from over 100 countries, demonstrating the city's established reputation in the exhibition sector [3][4]. - The exhibition industry in Yiwu generates over 10 billion yuan annually, positively impacting hotels, restaurants, transportation, tourism, advertising, and logistics [4]. Group 2: Accommodation and Hospitality - Over 5,000 hotel rooms were booked during the exhibition, highlighting the high demand for accommodation among exhibitors and buyers [4][5]. - The local hotel industry experiences a 25% increase in occupancy during exhibition periods compared to regular days, indicating the significant economic impact of these events [5][6]. - The exhibition's overflow effect from the 118th China Daily Goods Fair has led to increased hotel bookings and a tight accommodation market, forcing some buyers to stay further away [4][5]. Group 3: Consumer Activity - The exhibition has stimulated local consumption, with related sectors such as dining and transportation seeing substantial increases in activity [7][8]. - Restaurants near the exhibition center reported full capacity and long wait times, with daily customer traffic reaching tens of thousands during the event [8]. - The integration of exhibition and market activities, such as free shuttle services to local markets, has enhanced the purchasing experience for buyers, leading to a 30% increase in market traffic during the exhibition [6][9]. Group 4: Future Prospects - Yiwu plans to host over 120 exhibitions this year, aiming to maintain its position as a leading exhibition city in China [9]. - The city is also promoting a new experiential economy by organizing various events alongside exhibitions, which is expected to further enhance consumer engagement and spending [9].

Summary of Conference Call for Miao Exhibition Industry Overview - The conference call pertains to the exhibition industry, specifically focusing on Miao Exhibition's operations and strategies in various markets, including India, the Middle East, and Southeast Asia [2][10]. Key Points and Arguments 1. **Exhibition Performance in 2025**: - Five exhibitions were held in the first half of 2025, primarily in Q2, providing approximately 4,500 exhibition spaces, a year-on-year increase of 30% [2][9]. - The absence of exhibitions in Q1 led to a decline in performance, but significant revenue and profit growth were observed in Q2 [2][9]. 2. **Future Exhibition Plans**: - Q3 will focus on exhibitions in Brazil, Mexico, and South Africa, totaling around 3,000 exhibition spaces [2][9]. - Q4 will feature major exhibitions in Osaka, Tokyo, Poland, Indonesia, Dubai, Saudi Arabia, and India, with over 11,000 exhibition spaces planned [2][9]. 3. **Importance of the Indian Market**: - The Indian market is highlighted for its high gross margin and low costs, with a strong willingness to participate in exhibitions [3][4]. - The company plans to increase exhibition spaces in India to 2,000 by December 2025, capitalizing on the post-visa opening demand [3][4]. 4. **Impact of Visa Openings**: - The opening of Indian visas is expected to have a positive impact, with a projected increase in exhibition spaces and participation [3][5]. - The company has a strong foundation in India, having hosted multiple exhibitions and built a substantial buyer database [5][6]. 5. **AI Technology Integration**: - AI technology has improved buyer search efficiency, increasing database coverage from 20%-30% to over 50% [7]. - The company has reintroduced its AI-enabled exhibition product, "AI Exhibition," which has seen sales exceeding 40 million yuan in the past two years [11]. 6. **Sales Expectations for 2025**: - The company is optimistic about sales in the second half of 2025, particularly with over 50% of participating companies expected to purchase AI products [13]. - The success of the Indian exhibition is crucial, with expectations to achieve over 18,000 exhibition spaces sold if it proceeds as planned [9][13]. 7. **Strategic Expansion Plans**: - The company aims to establish offices in emerging markets, particularly in Southeast Asia and the Middle East, to support growth in industrial machinery and equipment sectors [4][16]. - Plans include setting up financial companies in Dubai and Saudi Arabia to enhance local business operations [16]. Other Important Insights - The cancellation of exhibitions in the U.S. has led companies to shift focus towards the Middle East and Southeast Asia, aligning with global economic trends [10]. - The company has accumulated a wealth of buyer resources during the pandemic through online exhibitions, which will aid in recruitment and operational challenges post-visa opening [6][8]. - The company is committed to enhancing its AI product offerings, with a focus on improving user experience and service quality [12][11].

Core Viewpoint - The integration of digital and physical exhibition formats is providing Chinese companies with new opportunities in overseas exhibitions, with Miao Exhibition leading the way in this transformation [1][2]. Group 1: Company Overview - Miao Exhibition is the first listed company in China to engage in overseas exhibition operations, collaborating with Hannover Milan (Shanghai) to host the Indonesia Industrial Exhibition, marking a significant milestone in the industry [2]. - The company aims to transform Chinese exhibition brands from domestic organizers to global exhibition operators through innovative collaboration with top overseas exhibition brands [1][2]. Group 2: Business Model Innovation - Miao Exhibition has developed an "Exhibition Going Out Incubation Platform" to address challenges faced by domestic exhibition companies, such as high costs of organizing overseas buyers and lack of local operational experience [2][3]. - The collaboration with Hannover Milan employs a business model based on brand co-branding, resource exchange, and revenue sharing, enhancing the overall exhibition experience [2][3]. Group 3: Performance Metrics - The 2025 Indonesia Industrial Exhibition attracted over 1,000 exhibitors from China and other countries, with more than 90,000 pre-registered professional buyers and over 35,000 attendees, resulting in trade cooperation exceeding 100 million yuan [3]. - Miao Exhibition aims to establish 30-50 industry-specific Chinese brand exhibition platforms in the top ten global markets by 2025, increasing China's share in the global exhibition market [3]. Group 4: Technological Advancements - Miao Exhibition has developed the "AI Hui Zhan" system, integrating AI and big data to enhance overseas exhibition operations, making it a leader in the domestic exhibition industry [4][5]. - The AI system addresses common pain points in foreign trade exhibitions, such as memory confusion and language barriers, by automating information management and communication [5]. Group 5: Support for First-Time Exporting Companies - Miao Exhibition provides comprehensive support for first-time exporting companies, including market research, AI technology empowerment, and ongoing market development assistance [6][7]. - The company has assisted over 1.5 million Chinese enterprises in their first overseas exhibition, with significant reductions in customer acquisition costs and increased success rates in securing overseas orders [7][8].

Core Viewpoint - Singapore's tourism industry is leveraging MICE (Meetings, Incentives, Conferences, and Exhibitions) to drive sustainable growth, with a focus on attracting high-spending travelers and enhancing its global position as a premier destination for events [3][7]. Group 1: Tourism Market Dynamics - Singapore welcomed 8.33 million international visitors in the first half of the year, despite its population of only 6 million [1]. - Thailand experienced a decline in inbound tourists due to safety concerns and economic uncertainties, while Malaysia saw a surge in Chinese tourists, expected to reach 5 million in 2023 compared to 1.5 million in 2022 [1][2]. - The mutual visa exemption between China and Singapore in February 2024 has made China the largest source of foreign tourists for Singapore, with 1.48 million visitors in the first half of the year [2]. Group 2: MICE Industry Development - MICE travelers in Singapore spend 1.7 to 2 times more than leisure travelers, making it a key driver for high-quality and sustainable growth in the tourism sector [3]. - Singapore's government has implemented various measures to support the MICE industry, establishing the Exhibition and Convention Bureau under the Singapore Tourism Board to integrate resources [5]. - The city-state is positioning itself as the "world's best convention city" through global marketing efforts [5]. Group 3: Infrastructure and Future Plans - Singapore plans to build a new MICE center in the city center to further strengthen its position in the regional MICE industry [6]. - The Changi Airport's fifth terminal is under construction and is expected to accommodate an additional 50 million passengers annually by the mid-2030s [7]. Group 4: Sustainability Initiatives - Singapore is transitioning from a "Garden City" to a "City in a Garden" concept, focusing on practical green spaces and vertical gardens in high-rise buildings [12]. - The MICE sector is incorporating sustainable practices, such as solar roofs and low-carbon building designs, to meet the growing demand for environmentally friendly facilities [13].

Group 1 - The core viewpoint highlights that Guangzhou's exhibition industry has achieved record highs in the first half of the year, with 155 trade exhibitions held, covering an area of 6.3 million square meters and attracting 7.52 million visitors, ranking second nationally [1] - The exhibition industry in Guangzhou is supported by high-quality projects, forming a dual-driven development pattern of scale and specialization, with 26 exhibitions exceeding 50,000 square meters, accounting for 75% of the total area [1] - Leading exhibitions such as the Canton Fair and the Guangzhou International Lighting Exhibition continue to expand their domestic and international influence, contributing to the city's exhibition development [1] Group 2 - Guangzhou has cultivated a "one industry, one exhibition" brand system to promote deep integration of the exhibition industry with upstream and downstream industries, hosting 79 industry exhibitions with a total area of 5.51 million square meters and 6.75 million attendees in the first half of the year [2] - The Guangzhou Municipal Bureau of Commerce plans to continue leveraging the exhibition industry's joint meeting mechanism and specialized teams to implement brand exhibition recognition methods and measures to accelerate the development of the exhibition industry [2]