Core Points - The 2025 Service Trade Fair (STF) will be held exclusively at the Shougang Park, marking a shift from the previous dual-venue format [1] - The STF has significantly contributed to the transformation of Shougang Park from an "industrial rust belt" to a "city showcase" [1][2] - Shougang Park has attracted 941 enterprises, with 683 being industrial companies, accounting for 73% of the total [2] - The annual output value of enterprises in the park has reached 73 billion yuan, moving towards a trillion-level technology innovation industry cluster [2] - Shougang Park has hosted nearly 1,000 events, attracting over 31 million visitors, and is expected to rank among the top ten tourist destinations in Beijing [3] Industry Impact - The STF has accelerated industrial aggregation, transforming the venue into an industrial hub [2] - The park is developing a digital space industry matrix, including sectors like sci-fi, metaverse, gaming, esports, and virtual reality [2] - The integration of industrial heritage with modern exhibitions has created a vibrant urban space, with over 1.2 million visitors attending the STF over four sessions [2][3] - The park has become a permanent venue for various events, including international competitions and cultural festivals, enhancing its profile as a key location for major activities in Beijing [3]

Core Viewpoint - The successful hosting of the fourth ministerial meeting of the China-Latin America and Caribbean Countries Community Forum marks the official operation of the second phase of the National Conference Center, symbolizing China's commitment to openness and inclusivity in the new era [1][3]. Group 1: National Conference Center Phase II - The National Conference Center Phase II, known as the "National Reception Hall," features a design resembling "Kunpeng spreading its wings," showcasing China's grand vision and cultural heritage [1][4]. - The project has a total construction area of approximately 780,000 square meters, including an 8,000 square meter column-free conference hall and a 20,000 square meter single-layer column-free exhibition hall, capable of hosting various events for 30 to 50,000 participants simultaneously [6]. Group 2: Operational Capacity and Economic Impact - The National Conference Center will enhance Beijing's exhibition capacity, with the combined area of both phases exceeding 1.3 million square meters, positioning it as a key platform for international exchanges [6]. - The project aims to stimulate the exhibition economy through a "Exhibition + X" integration model, creating a super complex that combines meetings, exhibitions, business offices, commercial consumption, and cultural experiences, thereby driving regional economic growth [6].

Core Viewpoint - The company aims to enhance its core business and expand its market presence through strategic initiatives, focusing on high-quality development in the exhibition and event industry, while also emphasizing digital transformation and international expansion [1][12][17]. Financial Performance - In 2024, the company achieved a revenue of 1.643 billion yuan, representing a year-on-year growth of 15.58%, and a net profit of 307 million yuan, up 11.44% from the previous year [1]. - The company’s earnings per share reached 0.49 yuan, with a return on equity of 7.58% [1]. Exhibition and Event Management - The company hosted 59 exhibition projects in 2024, an increase of 18% year-on-year, with a total exhibition area of 1.24 million square meters and serving 1.91 million visitors [2]. - The Shanghai World Artificial Intelligence Conference was rebranded to enhance its global influence, achieving record attendance and engagement [3]. Strategic Initiatives - The company is focusing on two main strategies: "Exhibition China" and "Digital Exhibition," driving growth through both internal development and external acquisitions [1][6]. - Plans for 2025 include enhancing the company's core business ecosystem centered around major events like the World Artificial Intelligence Conference and Shanghai Marathon [12][13]. Digital Transformation - The company is advancing its digital capabilities by developing a comprehensive digital exhibition management system and enhancing its digital service offerings [6][7]. - The "Digital Expo" platform has been revamped to improve interaction between enterprises and audiences, integrating online and offline experiences [7]. Governance and Shareholder Engagement - The company has maintained a cash dividend ratio exceeding 50% for five consecutive years, with a proposed cash dividend of 2.20 yuan per 10 shares for 2024 [8][26]. - The company has implemented a share buyback plan, repurchasing 11.35 million shares, totaling over 100 million yuan [8][26]. ESG and Compliance - The company is committed to enhancing its ESG framework, integrating sustainability into its management practices, and has established a dedicated ESG management structure [9][15]. - The company has received recognition for its governance practices, including an A-level rating for information disclosure from the Shanghai Stock Exchange [8].