Core Viewpoint - Miao Exhibition plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy and improve overseas business layout, financing capabilities, and brand image [1] Group 1: Company Strategy and Development - The company aims to accelerate its internationalization strategy and enhance its core competitiveness through the H-share listing [1] - Miao Exhibition's chairman highlighted the efficiency bottlenecks faced by domestic companies in international exhibitions, including language barriers and inadequate customer management [1] - The company is leveraging digital technology and its "AI Hui Exhibition" system to innovate the exhibition industry and address these challenges [1][2] Group 2: Technological Innovations - The "AI Hui Exhibition" system has achieved breakthroughs in six areas, including intelligent matching, translation, and record-keeping, utilizing a database of over 30 million global buyers [2] - Collaboration with Li Weike Technology has led to the development of AI glasses that integrate behavior sensing, multi-modal interaction, and data management capabilities [2] - The future of the exhibition industry is envisioned as being driven by data and AI, with the company aiming to enhance communication for all exporting enterprises [2] Group 3: Financial Performance - In the first half of 2025, Miao Exhibition reported a revenue of 241 million yuan, a year-on-year decrease of 7.43%, and a net profit of 15.54 million yuan, down 61.84% [2] - In the second quarter, the company achieved a revenue of 224 million yuan, a year-on-year increase of 21.5%, and a net profit of 5.23 million yuan, up 45.7% [2] - The company focuses on providing planning, organization, promotion, and operational services for overseas exhibitions, supporting domestic enterprises in their international endeavors [3]

Core Viewpoint - Miao Exhibition plans to issue shares overseas (H-shares) and list on the Hong Kong Stock Exchange to enhance its international strategy and optimize overseas business layout [2] Group 1: Company Strategy and Development - The company aims to accelerate its internationalization strategy, enhance overseas financing capabilities, and improve brand image through the H-share listing [2] - Miao Exhibition's chairman highlighted the core pain points for domestic companies in international exhibitions, including language barriers, inefficient customer management, and lack of overseas experience [2] Group 2: Technological Innovation - The self-developed "AI Hui Exhibition" system has achieved breakthroughs in six areas, including intelligent matching and translation, leveraging a database of 30 million global buyers [3] - The company collaborates with Li Weike Technology to develop AI glasses that integrate behavior sensing, multi-modal interaction, and data management capabilities, breaking down language and information processing barriers [3] Group 3: Financial Performance - In the first half of 2025, Miao Exhibition reported a revenue of 241 million yuan, a year-on-year decrease of 7.43%, and a net profit of 15.54 million yuan, down 61.84% [3] - In the second quarter, the company achieved a revenue of 224 million yuan, a year-on-year increase of 21.5%, and a net profit of 5.23 million yuan, up 45.7% [3] Group 4: Business Focus - The company focuses on planning, organizing, promoting, and operating overseas exhibitions, aiming to support domestic enterprises in going global [4]

Group 1 - The company plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy and optimize overseas business layout [1] - The chairman highlighted the core pain points for domestic companies in international exhibitions, including language barriers and inefficient customer management [1] - The company aims to innovate the exhibition industry through digital technology and the "AI Hui Exhibition" system, moving away from traditional exhibition models [1] Group 2 - The "AI Hui Exhibition" system has achieved breakthroughs in six areas, including intelligent matching and translation, leveraging a database of 30 million global buyers [2] - The company collaborates with Li Weike Technology to develop AI glasses that integrate various AI functionalities, breaking down language and information processing barriers [2] - The company reported a revenue of 241 million yuan in the first half of 2025, a year-on-year decrease of 7.43%, while the second quarter showed a revenue increase of 21.5% [2][3] Group 3 - The company focuses on planning, organizing, promoting, and operating overseas exhibitions, aiming to support domestic enterprises in going global [3] - It is building a global digital exhibition service platform with independent intellectual property and brand, as well as a platform for domestic brand exhibitions to go abroad [3]

Group 1 - The fourth China (Macau) International High-Quality Consumption Expo and the Hengqin World Bay Area Forum will be held from September 3 to 7, featuring an innovative "one exhibition, two locations" format [2] - The event aims to enhance its influence and professionalism, integrating the "Dali's Shape" Dali China Touring Exhibition at the Hengqin Zhenlin Hotel, creating a deep fusion of surrealist art and high-quality consumption [2] - Salvador Dali, a prominent surrealist artist, is recognized alongside Picasso and Matisse as one of the most representative modern abstract art masters of the 20th century, with his works spanning various art forms [2] Group 2 - The Dali exhibition will showcase 142 valuable exhibits, including 23 sculptures, 95 prints, 6 art installations, 9 jewelry art pieces, and 9 fashion artworks created by renowned designers in tribute to Dali, with a total exhibit value exceeding 100 million RMB [3] - The cultural atmosphere created by the Dali exhibition is expected to enhance the audience's experience and promote the diversified empowerment of industries in Hengqin and Macau [3] - The introduction of Dali as a super art IP is anticipated to attract a large number of art enthusiasts, high-end consumers, and cultural tourism professionals, thereby increasing the popularity and influence of the expo [3]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but expects recovery in the second half due to an increase in exhibition projects and the implementation of AI technologies [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 241 million yuan, a year-on-year decrease of 7.43%, and a net profit attributable to shareholders of 16 million yuan, down 61.84% [1]. - In Q2 2025, the company reported revenue of 224 million yuan, an increase of 21.49% year-on-year, and a net profit of 52 million yuan, up 45.74% year-on-year [1]. Project and Revenue Outlook - The decline in revenue and profit in H1 2025 was primarily due to a reduction in the number of projects from 6 to 5, as well as increased investments in AI and foreign trade support policies [2]. - The company anticipates a total of 10 exhibitions in the second half of 2025, an increase of 2 from the previous year, which is expected to drive revenue and profit recovery [2]. AI Integration and Innovation - The company has developed the "AI Hui Zhan" system, which integrates intelligent matching algorithms and wearable AI glasses to enhance the exhibition experience for buyers and exhibitors [3]. - The AI glasses, developed in collaboration with Li Weike Technology Co., incorporate behavior sensing, multi-modal interaction, and data management capabilities, aiming to break down language barriers and facilitate cross-border trade [3]. Data Strategy and Ecosystem Development - The company is focusing on a three-pronged approach involving data standardization, dedicated operational platforms for VIP clients, and localized operational centers to enhance service delivery and reduce communication costs [4]. - The strategy aims to transition the exhibition industry from a "traffic economy" to an "algorithm economy," leveraging technology, data, and practical scenarios [4]. Dividend Policy - The company announced a profit distribution plan for H1 2025, proposing a cash dividend of 0.67 yuan per 10 shares, totaling approximately 19.79 million yuan, which represents 100% of the distributable profit [5]. - The company operates on a light asset model, ensuring sufficient cash flow and maintaining a high dividend payout ratio since 2023 [5]. Investment Forecast - The company maintains its previous profit forecast, expecting revenues of 1.06 billion yuan, 1.39 billion yuan, and 1.58 billion yuan for 2025 to 2027, with net profits of 270 million yuan, 370 million yuan, and 430 million yuan respectively [6]. - The earnings per share (EPS) are projected to be 0.91, 1.24, and 1.44 yuan for the same period [6]. Valuation Metrics - As of August 29, 2025, the closing price was 15.99 yuan per share, corresponding to a price-to-earnings (PE) ratio of 18x, 13x, and 11x for the years 2025, 2026, and 2027 respectively [7].

Core Viewpoint - The China International Candy Season is set to take place from September 5 to November 16, 2025, at Shougang Park, offering a unique blend of exhibitions, events, cultural tourism, and consumer experiences [2][14]. Group 1: Event Overview - The event will cover significant occasions such as the 2025 China International Fair for Trade in Services and the 2025 WTT China Grand Slam, providing a comprehensive experience [2]. - The main venue will be at the Shougang Ski Jump, featuring various themed spaces including brand displays, interactive workshops, and cultural markets [4][14]. Group 2: Interactive Experiences - Attendees can engage in immersive activities such as a Disco carousel, pirate ship rides, and VR experiences, catering to both children and adults [6][14]. - A "Sweet Passport" initiative will allow visitors to collect stamps across different locations, redeeming them for exclusive gifts [6][12]. Group 3: Cultural and Economic Impact - The event aims to promote the rich history of Chinese sugar-making, integrating traditional craftsmanship with modern cultural development [14]. - A new "multi-dimensional ticketing mechanism" will facilitate access to various attractions, enhancing consumer engagement and promoting a "ticket root economy" [12][14]. Group 4: Marketing and Promotion - The event will feature a dual-direction flow between the main venue and sub-venues, enhancing regional interaction and cultural exchange [8][10]. - The event will also include themed parades and original IP characters, creating a vibrant atmosphere and attracting diverse audiences [10][14]. Group 5: Practical Information - The event will take place at Shougang Park and the 798·751 Art District, with various ticket purchasing options available through platforms like Douyin and Meituan [15]. - Attendees are encouraged to plan their visits in advance to fully enjoy the experiences offered [15].

Core Insights - In the first half of 2025, China Youth Travel Holdings Co., Ltd. (CYTS) reported a revenue of 4.866 billion yuan, an increase of 11.84% year-on-year, while the net profit attributable to shareholders decreased by 7.88% to 66.853 million yuan [1] - The tourism consumption demand has become increasingly diverse, with intensified market competition presenting both opportunities and challenges for the industry [1] - CYTS is leveraging its advantages as a comprehensive cultural tourism service provider by exploring both existing and new business opportunities while controlling costs and enhancing management efficiency [1] Group 1: Business Performance - In Q2 2025, CYTS achieved a revenue of 2.812 billion yuan, a year-on-year increase of 15.80%, with a net profit of 101 million yuan, remaining stable compared to the same period last year [1] - The Wuzhen scenic area received 3.3712 million visitors in the first half of the year, a decrease of 11.92% year-on-year, with revenue of 742 million yuan, down 13.56% [2] - The Gubei Water Town scenic area saw a visitor decline of 18.37% to 490,100, with revenue falling by 25.29% to 205 million yuan [2] Group 2: Strategic Initiatives - Wuzhen scenic area is focusing on integrating traditional culture with contemporary art and enhancing its competitive edge through core IPs like the "Wuzhen Theatre Festival" and the "World Internet Conference" [1][2] - Gubei Water Town is working on internal growth by leveraging unique resources and enhancing product offerings, aiming for improved operational performance in Q2 [2] - The travel agency segment of CYTS is adapting to changing consumer demands and maintaining stable growth through product innovation and channel development, achieving a year-on-year revenue increase and turning net profit positive [3]

Core Viewpoint - The series of regional expos in China are becoming vital platforms for global business opportunities, international cooperation, and sharing China's economic prospects, contributing significantly to the recovery and development of the world economy [1][4]. Group 1: Regional Expos Overview - China has hosted various regional expos this year, including the 15th China-Northeast Asia Expo and the 7th China-Arab States Expo, showcasing a vibrant "exhibition matrix" that spans from north to south and east to west [1]. - These expos serve as innovative platforms that go beyond traditional trade, integrating new technologies and business models, exemplified by the establishment of the "Silk Road E-commerce" cooperation conference at the China-Arab Expo [3]. Group 2: Market Potential and Opportunities - China's large population of over 1.4 billion and the expanding middle-income group position it as a significant market with immense potential, further enhanced by the ongoing digital, intelligent, and green consumption transformations [2]. - The expos provide valuable opportunities for foreign enterprises to explore the Chinese market and share in its development dividends, as highlighted by various international media [2]. Group 3: Economic Impact and Cooperation - The 9th China-South Asia Expo signed 31 investment cooperation projects with a total investment of 13.609 billion yuan, marking a 33% increase from the previous session [4]. - The 4th China-Central and Eastern Europe Expo facilitated over 80 procurement and trade promotion activities, with import orders amounting to 10.98 billion yuan [4]. - These events exemplify a collaborative approach to overcoming global economic challenges, emphasizing China's commitment to open cooperation and mutual benefits [4][5].

Core Points - A new individual business named Lianxi District Shuiyuan Wanxiang Jiuyue Ting has been established with a registered capital of 40,000 RMB [1] - The legal representative of the business is Xiong Xiong [1] Business Scope - The business is authorized to operate drinking water production and sales, subject to relevant approvals [1] - General business activities include technology services, development, consulting, and promotion, as well as supply chain management and water resource management [1] - The business also engages in the sale of first-class medical devices, internet sales (excluding licensed goods), conference and exhibition services, economic consulting, and the sale of pre-packaged food and health products [1] - Additional activities include marketing planning and leasing services (excluding licensed leasing services) [1]

Economic Overview - Macau's economy is experiencing strong momentum across multiple sectors, driven by efforts to boost economic growth, promote diversification, enhance livelihoods, and pursue development [1] Tourism Sector - The tourism market in Macau has shown significant recovery, with over 22 million inbound travelers in the first seven months of the year, a year-on-year increase of 14.9% [2] - Non-gaming tourist spending reached 18.25 billion MOP in the second quarter, reflecting a 4.6% increase compared to the previous year [2] - Macau has been recognized for having the highest number of five-star hotels according to Forbes Travel Guide for three consecutive years and ranked first in the "Top Ten Destinations for Chinese Tourists" by the China Tourism Academy [2] - The "Tourism+" strategy is expected to enhance the multiplier effect of the tourism industry, with upcoming events like the National Games and the International Fireworks Display further boosting tourism [2] Exhibition Sector - Macau has been awarded "Best Asian Conference Destination" by M&C Asia, highlighting its competitive advantages in hosting events [3] - In the first half of the year, there were 918 exhibition activities, a 29.3% increase year-on-year, with a focus on trade and management themes [3] - The government’s support for the "1+4" industry development strategy has positively impacted the exhibition sector, which is expected to continue growing with upcoming major events [3] Community Economy - Community events, such as the recent food market, have successfully attracted both residents and tourists, increasing sales by approximately 15% for local vendors [4] - The government has funded 21 projects that have engaged over 520,000 participants and approximately 900 businesses, aiming to stimulate local economies [4] Consumer Stimulus Initiatives - Macau will host the 15th National Games in November, and the government plans to distribute 485 million MOP in consumer vouchers from September 1 to November 30 to stimulate local consumption [5] - This initiative is expected to enhance community economic vitality and stabilize the overall economic environment in Macau [5]