Core Viewpoint - Miao Exhibition, a leading player in the exhibition service industry in China, is facing declining revenues and profits despite holding over 40% market share in overseas exhibitions. The company is preparing for an A-H share listing to attract global capital and enhance its brand image [1][10]. Group 1: Company Overview - Miao Exhibition has submitted a listing application to the Hong Kong Stock Exchange, with CMB International as its sole sponsor [1]. - The company is the top overseas exhibition organizer in China, with a market share of 45.4% in the number of exhibitions and 28.2% in exhibition area as of 2024 [1][8]. - Miao Exhibition provides comprehensive services including exhibition management, booth sales, and related services, having successfully organized 77 exhibitions across various sectors [1]. Group 2: Financial Performance - The company's revenues from 2022 to the first half of 2025 were RMB 348 million, RMB 834 million, RMB 751 million, and RMB 240 million, respectively, indicating a downward trend [1][3]. - Net profits for the same period were RMB 52 million, RMB 188 million, RMB 156 million, and RMB 14 million, with a significant drop in net profit margin from 22.51% in 2023 to 5.83% [1][9]. - The company’s cash and cash equivalents stood at RMB 514 million as of June 2025 [1]. Group 3: Business Segments - Miao Exhibition's main revenue source is from exhibition hosting services, which saw a decline of 12.6% and 5.4% in 2024 and the first half of 2025, respectively, reducing its revenue share to 89.4% [2][3]. - The exhibition agency service segment, however, is growing, with its revenue share increasing to 9.5% [2][3]. Group 4: Market Position and Trends - The global exhibition market is recovering post-pandemic, with a compound annual growth rate (CAGR) of 13.9% in the number of exhibitions in China from 2020 to 2024 [6][8]. - The overseas exhibition market is experiencing even stronger growth, with specialized exhibitions showing a CAGR of 206.7% in number and 182% in area from 2020 to 2024 [8]. - Miao Exhibition has a strong brand presence and a stable customer base, with approximately 6,000 to 9,000 clients over the years [8]. Group 5: Technological Investment - The company is investing in AI and digital transformation, aiming to create integrated solutions that combine exhibition services with AI technology and supply chain services [4][5]. - Miao Exhibition has registered multiple patents and software copyrights, with its core product, AI Hui Exhibition, enhancing interaction between exhibitors and attendees [5]. Group 6: Future Outlook - Despite its leading market position, Miao Exhibition faces challenges with declining revenues and profitability due to rising costs and fluctuating core business performance [9]. - The company’s upcoming A-H share listing is seen as a strategy to attract investment and improve its financial standing, although its fundamental performance needs significant improvement [10].

Core Viewpoint - Miao Exhibition, a leading player in the exhibition service industry in China, is facing declining revenues and profits despite holding over 40% market share in overseas exhibitions. The company is preparing for an IPO in Hong Kong while its financial performance has been negatively impacted by industry conditions [1][12]. Financial Performance - Miao Exhibition's revenues from 2022 to the first half of 2025 are as follows: 348 million RMB, 835 million RMB, 751 million RMB, and 240 million RMB, indicating a downward trend [1][3]. - Net profits for the same period are 52 million RMB, 188 million RMB, 156 million RMB, and 14 million RMB, with a significant drop in net profit margin from 22.51% in 2023 to 5.83% in 2025 [1][11]. - The company had cash and cash equivalents of 514 million RMB as of June 2025 [1]. Business Segments - Miao Exhibition operates primarily in two segments: exhibition hosting services and exhibition agency services. The hosting services account for the majority of revenue but have seen a decline, with revenue shares dropping to 89.4% in 2025 [2][4]. - The exhibition hosting services include comprehensive processes from preparation to post-event services, with a focus on independent exhibitions. The company hosted 21, 26, 21, and 9 exhibitions from 2022 to the first half of 2025 [4][10]. - The exhibition agency services have shown growth, with revenue contribution increasing to 9.5% in 2025, primarily from exhibitions in the UAE and Saudi Arabia [2][4]. Market Position - Miao Exhibition holds a dominant position in the overseas exhibition market, with a market share of 45.4% in terms of the number of exhibitions and 28.2% in terms of exhibition area [1][10]. - The company has a stable customer base, with approximately 6,000 to 9,000 clients over the years, although the number of clients dropped to 3,000 in the first half of 2025 [10]. Industry Outlook - The global exhibition market is expected to see double-digit growth from 2022 to 2024, with China being a key player, accounting for 28.3% of the total exhibition numbers by 2024 [7][10]. - The overseas exhibition market is experiencing strong growth, particularly in specialized exhibitions, but is expected to slow down after 2024 due to high base effects [10]. Technological Investment - Miao Exhibition is investing in AI and digital transformation to enhance its service offerings and competitive edge, with R&D expenditure rising to 4% in the first half of the year [5][6]. - The company has registered multiple patents and software copyrights, with its core product, AI Hui Exhibition, aimed at improving interactions between exhibitors and attendees [6].

吉卜力的展览会曾于2024年在上海举办，本次广州展会原计划举办至2026年10月，延期公告发布后，社 交媒体上出现不少惋惜的评论。近期，受中日两国关系紧张的影响，日本相关活动接连宣布取消…… 原定于12月25日在广东省广州市开幕的以吉卜力工作室为主题的展览会"吉卜力工作室物语·宫崎骏电影 世界的奇境漫游"已确定延期。活动官方社媒账号于12月8日发布了这一消息。近期，受中日两国关系紧 张的影响，日本相关活动接连宣布取消，此次展览会也被认为受到相关影响。 日本经济新闻（中文版：日经中文网）田边静 广州报道 版权声明：日本经济新闻社版权所有，未经授权不得转载或部分复制，违者必究。 日经中文网 https://cn.nikkei.com 2024年4月在上海举办的吉卜力工作室展会 视频号推荐内容： 官方账号发布的公告并未说明延期原因，仅表示"后后续安排，我们将第一时间通过各官方渠道向大家 发布"，同时提到"期待在不久的将来，我们能早日再见"。 吉卜力的展览会曾于2024年在上海举办。本次广州展会原计划举办至2026年10月。延期公告发布后，社 交媒体上出现不少惋惜的评论，表示"期待了好久，好可惜"等。 在中国，原定1 ...

Core Viewpoint - The Chinese government is promoting the green transformation of exhibitions as a practical measure to expand green trade and ensure high-quality development in the exhibition industry [1][2]. Group 1: Green Initiatives in Exhibitions - Key exhibitions like the Canton Fair and the China International Import Expo have achieved "two hundred percent" standards, meaning both green power supply and green standards for special exhibition booths have reached 100% [1]. - The Ministry of Commerce will focus on three main areas to further promote the green transformation of exhibitions [2]. Group 2: Strengthening Management and Monitoring - The Ministry of Commerce will enhance the management of exhibition green practices by enforcing strict rules, including a ban on non-degradable plastic bags at foreign-related economic and technical exhibitions [2]. - Since 2022, a revised statistical survey system for the exhibition industry has included green-related indicators such as green construction area, electricity consumption, and waste discharge, allowing for precise monitoring of energy consumption and emission reduction [2]. Group 3: Standardization and Guidance - The Ministry of Commerce has introduced various industry standards, including guidelines for environmentally friendly booth design and evaluation standards, to provide clear operational guidance for enterprises [2]. - Future efforts will focus on improving the standard system to make green exhibition practices a norm rather than an exception [2].

Group 1: Key Trends in the German Exhibition Industry - The German exhibition industry is undergoing significant transformation driven by technology, with AI application rates expected to reach 70% by 2025, a 40% increase from 2022 [3] - The hybrid exhibition model is evolving into a 2.0 phase, exemplified by the Frankfurt Exhibition Group's "Content-Hubs," which has seen a 120% annual growth in non-exhibitor paid memberships [3] - Sustainability has become a strategic core, with the implementation of the "2040 Carbon Neutral Roadmap" leading to historic investments in green venue renovations and innovative material recycling systems [4] Group 2: Globalization and Market Adjustments - The German exhibition market is experiencing a shift in globalization strategies, with a regional center strategy replacing single expansion, resulting in a 37% annual growth in exhibitors in the Middle East [5] - Visa facilitation has become a competitive key, with 28% of Indian and Brazilian exhibitors abandoning participation due to visa issues, prompting the introduction of a "Fast Track" visa program [5] - Data sovereignty challenges are emerging with the implementation of the EU Data Act, necessitating local data storage solutions for German organizers in markets like China [5] Group 3: Infrastructure and Economic Challenges - Aging infrastructure is constraining the growth of the German exhibition industry, with international flight numbers at Frankfurt Airport still 18% below pre-pandemic levels, impacting attendance at major events [8] - Economic uncertainties are reshaping participation decisions, with 57% of companies maintaining their exhibition budgets while 21% express growth intentions and 18% plan reductions [9] - The decision-making cycle for exhibitors has shortened from 12-18 months to 6-9 months, with 35% of companies adopting a "rolling assessment" mechanism [9] Group 4: Talent and Workforce Transformation - The digital transformation of the industry is creating a skills gap, with demand for data analysts increasing by 170% while qualified talent supply only grows by 40% [10] - Organizational resistance is evident as traditional sales roles transition to "digital consultants," with 43% of employees facing adaptability challenges [10] - The need for inclusivity is highlighted, with only 31% of the work environment being suitable for neurodiverse individuals, despite their representation being 12% in the industry [10] Group 5: Insights for the Chinese Exhibition Industry - The German experience suggests the development of an OMO collaborative system, extending the operational period of major exhibitions to a year-round service [12] - Establishing green exhibition standards through lifecycle assessments and financial incentives for sustainable practices is recommended [13] - Optimizing international strategies, particularly in Asia, by enhancing visa facilitation and fostering talent exchange programs is crucial [14] Group 6: Overall Industry Perspective - The AUMA report indicates a critical transition in the global exhibition industry from scale expansion to quality enhancement, emphasizing that technological innovation should reinforce the core value of exhibitions as trust-based economic hubs [16]

Core Insights - The establishment of the Guangdong-Hong Kong-Macao Greater Bay Area Exhibition Industry Alliance and the release of the "2024 Guangdong-Hong Kong-Macao Greater Bay Area Exhibition Industry Development Report" highlight the strategic importance of the exhibition industry in driving economic growth in the region [1][3]. Group 1: Economic Significance - The Greater Bay Area is recognized as one of the most open and economically vibrant regions in China, playing a crucial role in the national development strategy [3]. - The exhibition industry is identified as a key driver of urban economic development, facilitating the aggregation of innovative elements such as people, logistics, and information from both domestic and international sources [3][4]. Group 2: Development Trends - The exhibition industry in the Greater Bay Area has shown a robust development trend over the past decade, with a significant recovery in 2023, surpassing the scale of exhibitions held in 2019 [5][14]. - In 2024, a total of 924 exhibitions are scheduled, representing a year-on-year increase of 1.32% compared to 2023, indicating strong market vitality and growth potential [5][14]. Group 3: Structural Analysis - The internal structure of the Greater Bay Area's exhibition industry shows significant regional differences, with the nine mainland cities hosting 718 exhibitions (77.71%), Hong Kong 145 exhibitions (15.70%), and Macau 61 exhibitions (6.60%) [5][6]. - The report highlights that while the Greater Bay Area excels in resource integration in the upstream and midstream supply chain, there is a need for improvement in downstream market expansion and brand building [9]. Group 4: Competitive Advantages - The Greater Bay Area boasts a high number of large exhibition venues and indoor exhibition space, significantly exceeding the national average, with Guangzhou and Shenzhen ranking first and third globally in indoor exhibition area [11][13]. - Macau's competitive edge in the exhibition market is attributed to its advantageous location, leading hardware facilities, and high international service standards [13]. Group 5: Collaborative Dynamics - The exhibition industry in the Greater Bay Area is characterized by a strong collaboration between private enterprises and industry associations, with over 75% of exhibitions organized by enterprises, predominantly private ones [14]. - The establishment of the Greater Bay Area Exhibition Industry Alliance is expected to enhance collaboration and vitality within the exhibition sector, contributing to the achievement of strategic goals for the region [14].

Group 1 - Linyi ranked second among China's prefecture-level cities in the exhibition industry comprehensive index according to the 2024 China Exhibition Data Statistical Report [1] - From January to July 2025, Linyi hosted a total of 101 various exhibition events, including 54 professional exhibitions, covering a total exhibition area of 998,000 square meters, with 15,000 participating enterprises and 1.344 million visitors [1] - The wood industry is a key sector for Linyi, with the Wood Expo being a significant event that has transitioned from government-hosted to market-driven operations, becoming one of the most successful market-oriented exhibitions in the province [1] Group 2 - Linyi has increased its efforts to invite overseas buyers, achieving a 180% year-on-year growth in the number of overseas buyers invited to participate in exhibitions, reaching over 2,400 by the end of July [2] - The city has implemented a "Exhibition and Tourism" integration development plan, which has generated over 1.2 billion yuan in tourism consumption through exhibitions this year [2] - Linyi plans to host over 150 exhibition events throughout the year, with a total exhibition area expected to exceed 1.6 million square meters [2]

Group 1 - The core viewpoint of the news is that Linyi has achieved significant recognition in the exhibition industry, ranking second among prefecture-level cities in China according to the 2024 China Exhibition Data Statistical Report [1] - In the first seven months of 2025, Linyi hosted a total of 101 various exhibition events, including 54 professional exhibitions, covering a total exhibition area of 998,000 square meters, with 15,000 participating enterprises and 1.344 million visitors [1] - Linyi's wood industry is highlighted as a key sector, with the Wood Expo being a flagship event that has transitioned from government-led to market-driven operations, becoming one of the most successful market transformation exhibitions in the province [1] Group 2 - The city has made efforts to internationalize its marketplace, inviting over 2,400 overseas buyers to participate in exhibitions, marking a 180% increase compared to the same period last year [2] - The implementation of the "Exhibition and Cultural Tourism Integration Development Plan" has successfully driven cultural tourism consumption exceeding 1.2 billion yuan through various exhibition activities [2] - Linyi plans to host over 150 exhibition events throughout the year, with a total exhibition area expected to exceed 1.6 million square meters, including key events like the 74th Autumn National Hardware Commodity Fair [2]

Group 1 - The first offline "Ugly Things" exhibition in Hangzhou has seen a daily footfall of over 3,000 people, doubling on weekends, indicating strong public interest in unconventional art [3] - The exhibition features popular "ugly" items such as the "Frog Spoon" and "Green Horse Headgear," attracting young visitors who engage with the installations and express their enjoyment of the "liveliness" these items represent [3][4] - The concept of "liveliness" reflects a generational shift among young people, emphasizing authenticity and imperfection in contrast to traditional beauty standards [4] Group 2 - The rise of "liveliness" in consumer culture is evident in various cultural and tourism activities, which increasingly incorporate elements that resonate with public emotions and participation [5] - The animated film "Wang Wang Mountain Little Monster," which has gained popularity this summer, tells a relatable story that emphasizes the value of living authentically, further illustrating the appeal of "liveliness" in contemporary narratives [5]

Group 1: Retail and Exhibition Industry in Guangzhou - Guangzhou's total retail sales of social consumer goods reached 291.27 billion yuan, with a year-on-year growth of 3.5% [1] - The number of economic and trade exhibitions held in Guangzhou's professional exhibition venues reached 60, marking a year-on-year increase of 36.4%, with an exhibition area of 2.402 million square meters, up 14.2% [1] - The cumulative number of exhibitors and visitors reached 2.484 million, reflecting a year-on-year growth of 9.3% [1] Group 2: Miniso's Strategic Initiatives - Miniso is focusing on transforming into quality retail and enhancing interest consumption, with 2025 marking the second year of this transition [1] - The company has launched over 90 new IP events this year, including collaborations with major franchises like Harry Potter and "Black Myth: Wukong" [1] - Miniso has established a robust supply chain with over 1,400 quality suppliers globally, with approximately 50% of suppliers located in the Pearl River Delta [1] Group 3: SHEIN's Innovations in Fashion Industry - SHEIN's innovation research center in Panyu integrates cutting-edge technology exploration, quality testing, and supply chain training [2] - The company is promoting digital and green upgrades in the fashion industry, with nearly 80% of its green electricity usage coming from rooftop solar projects [2] - SHEIN is committed to driving carbon reduction through technology innovation and sustainable practices across the product lifecycle [2] Group 4: Exhibition Growth in Guangzhou - In 2024, Guangzhou's exhibition industry is expected to reach a new scale with 358 exhibitions and an exhibition area of 11.86 million square meters, reflecting an 8.9% growth [3] - The number of attendees for exhibitions is projected to reach 23.13 million, a significant increase of 30.7% [3] - Guangzhou's conference industry is also growing, with 6,406 meetings expected to be held, marking a 13.7% increase in participation [3]