Core Insights - The meeting held on February 4-5, 2026, focused on the development of service consumption and service trade in China, guided by Xi Jinping's thoughts on socialism with Chinese characteristics [2] - The meeting emphasized the transition from goods consumption to service consumption, highlighting the need for high-level openness and innovation in service trade [2] Summary by Categories Economic Development - The year 2025 marks the end of the 14th Five-Year Plan, with a focus on high-quality development in service consumption and trade, contributing positively to economic recovery [2] - The service trade is expected to reach new heights, building on a trillion-dollar foundation [2] Policy and Strategy - The meeting called for a dual approach of "policy + activities" to drive new growth points in service consumption and support service exports [2] - There is a strong emphasis on promoting digital trade and enhancing the quality of the exhibition industry [2] Participation and Representation - Representatives from provincial, autonomous region, and municipal commerce departments, as well as relevant officials from the Ministry of Commerce, attended the meeting [2]

Investment Rating - The report indicates a positive outlook for the exhibition industry in China for 2025, with expectations of growth and increased internationalization [6]. Core Insights - The overall industry is progressing steadily, with the number and area of trade exhibitions in China reaching historical highs in 2025, and the level of internationalization continuing to improve [6]. - The regional distribution of exhibitions is optimizing, with an increased share of exhibitions in the central and western regions, while the Yangtze River Delta, Pearl River Delta, and Beijing-Tianjin-Hebei remain major hubs [6]. - The structure of overseas exhibitions is improving, with significant growth in projects in Asia, Latin America, and Africa, while the share of traditional markets in Europe and America has slightly decreased [6]. - The acceleration of green and digital transformation in exhibition venues is notable, with a significant increase in the number of operational exhibition venues and the implementation of green venue standards, alongside widespread use of technologies like AI and VR [6]. - There is a clear policy drive, with local governments introducing special policies to support the integration of the exhibition industry with consumption, cultural tourism, and industry [6]. - Major exhibition platforms such as the Chain Expo, China International Import Expo, and Canton Fair are highlighted as important windows for opening up to the outside world [6]. - The outlook for 2026 is optimistic, with the exhibition industry expected to continue playing a significant role in the construction of a modern industrial system, leading new consumption, and empowering the digital economy [6]. Summary by Relevant Sections Market Performance - In 2025, the number of domestic trade exhibitions is projected to be 4,095, covering an area of 1.59 million square meters, marking a historical high [7]. - The central and western regions are expected to see an increase in exhibition share, indicating a trend towards regional balance [7]. - The number of UFI-certified members in China (excluding Hong Kong, Macau, and Taiwan) is 258, with overseas exhibitions covering 57 countries [7]. Technological and Policy Environment - The implementation of AI, VR, and green venue standards is expected to enhance the digitalization and sustainability of the exhibition industry [7]. - Various local governments are expected to continue introducing supportive policies for the exhibition industry [7].

Core Insights - The Chinese exhibition industry is transitioning from scale expansion to quality enhancement, playing an increasingly significant role in empowering industrial upgrades and promoting international economic and trade cooperation [1][2]. Group 1: Industry Growth - In 2025, the number of trade exhibitions in China is expected to exceed 4,000, with a total exhibition area nearing 160 million square meters, achieving a "double growth" target [2]. - The exhibition industry demonstrates strong resilience, maintaining steady growth in the context of the "14th Five-Year Plan" [1]. Group 2: International Influence - The international influence of China's exhibition industry continues to rise, with the China Council for the Promotion of International Trade approving 1,259 exhibitions in 57 countries, covering a net exhibition area of 684,000 square meters and involving 47,700 participating companies, marking a year-on-year growth of 7.98% [3]. Group 3: Regional Development - The share of exhibitions in the central and western regions of China has increased to 30%, with events like the Wuhan Optics Valley Expo and Chengdu Western Expo becoming new engines for regional economic development [2]. Group 4: Government Support - Local governments are actively implementing policies to support the exhibition industry, enhancing financial support, industry linkage, brand cultivation, and standardized management to stimulate market vitality and promote social consumption [2]. Group 5: Major Exhibition Platforms - National-level large exhibition platforms are becoming significant windows for international engagement, with the third China International Supply Chain Promotion Expo attracting participation from 75 countries and regions, showcasing concentrated innovative achievements and highlighting the collaborative effects of the industrial chain [2].

Core Insights - The "China Exhibition Economy Development Report 2025" indicates that the domestic exhibition industry in China continues to show steady progress, with record highs in both the number and area of exhibitions [1][4]. Group 1: Exhibition Statistics - In 2025, China hosted a total of 4,095 trade exhibitions, covering an exhibition area of 15.9 million square meters, representing year-on-year growth of 6.53% and 2.5% respectively [4][10]. - The eastern region of China accounts for over 60% of the total number and area of trade exhibitions, with the Beijing-Tianjin-Hebei, Yangtze River Delta, and Pearl River Delta regions contributing 53.85% of the total number and 62.48% of the total area of exhibitions [3][9]. Group 2: Regional Growth Trends - The central and western regions of China are experiencing rapid growth in the number of exhibitions, with year-on-year increases of 11.51% and 14.94% respectively [5][9]. Group 3: Digital and Green Transformation - The exhibition industry is undergoing significant digital and green transformation, with advancements in technologies such as artificial intelligence and digital twins driving improvements in digitalization levels [7][12]. - The overseas exhibition sector is characterized by overall stability and structural optimization, with mechanical and transportation logistics being the most represented industries among Chinese enterprises participating in international exhibitions [12].

Group 1 - The core viewpoint of the report is that China's exhibition industry is set to achieve record growth in 2025, with 4,095 trade exhibitions and a total exhibition area of 159 million square meters, representing year-on-year increases of 6.53% and 2.5% respectively [1] - The report attributes the robust development of the exhibition industry to several supporting factors, including the transition of the Chinese economy towards higher quality, which lays a solid foundation for the industry's high-quality growth [1] - The "Three New" economy, focusing on new industries, new business formats, and new models, continues to inject momentum into the exhibition industry [1] Group 2 - Local government support for the exhibition industry has been increasing, further promoting quality upgrades within the sector [1] - National-level large exhibitions are playing a significant role as open windows for international cooperation, exemplified by the third China International Supply Chain Promotion Expo, which attracted participation from 75 countries and regions [1] - The China Pavilion at the Osaka Expo received nearly 2 million visitors and won a gold award for large self-built pavilion displays, highlighting the international influence of China's exhibitions [1][2] Group 3 - The overseas exhibition market is also experiencing stable development and structural optimization, significantly contributing to the high-quality development of foreign trade [2] - In 2025, the China Council for the Promotion of International Trade approved 1,259 exhibitions in 57 countries, with a net exhibition area of 684,000 square meters and participation from 47,700 enterprises [2] - The China International Cooperation Forum on Exhibition Economy, established in 2005, has been held in 20 cities, with the current forum themed "Transformative Era: Co-creating Links, Innovating the Future" [2]

Core Insights - The "China Exhibition Economy Development Report 2025" highlights the significant role of the exhibition industry in optimizing economic structure and facilitating high-quality development in China by 2025 [1][4][5]. Group 1: Industry Overview - The report emphasizes that Wuhan is positioned as a key city in the exhibition industry, aiming to become an international exhibition center and leveraging exhibition economy as a driver for open economic development and consumption upgrade [5]. - In the first ten months of 2025, Wuhan hosted 278 exhibition events, marking a year-on-year increase of 38.3% [5]. Group 2: International Influence and Events - Wuhan achieved 26 certifications from international organizations for its projects, successfully attracting nine international exhibitions, including the World Digital Education Conference and the 32nd International Technology Exhibition on Household Paper [5]. - The report cites the "China Optics Valley" International Optoelectronic Expo as an example of innovation, showcasing new applications of optoelectronic technology in various emerging fields [8]. Group 3: Economic Impact and Integration - The report indicates that Wuhan is accelerating the integration of exhibitions with cultural, tourism, and sports sectors, creating a "conference + exhibition" ecosystem that boosts related industries such as transportation, dining, and accommodation [12]. - The 2025 Wuhan International Auto Show, featuring cross-industry integration, generated nearly 3 billion yuan in on-site transactions and has cumulatively driven over 13 billion yuan in consumption over the last three sessions [12].

Group 1 - The 2026 Guangdong Quality Products Exhibition is scheduled to take place from July 24 to 26 at the A Zone of the Canton Fair Complex, following the successful first edition in 2025, which achieved an intended transaction amount of 6.962 billion yuan and attracted 82,500 visitors [1] - The 2026 exhibition aims for multi-dimensional upgrades, including an expanded exhibition area of 70,000 square meters, an increase in the number of exhibition halls to seven, and the introduction of a provincial quality products pavilion [1] - The event plans to invite 1,500 enterprises and 3,000 professional buyers, marking an increase of 500 and 1,000 respectively compared to the first edition, focusing on industry leaders and emerging companies for precise supply-demand matching [1] Group 2 - The upgrade and innovation of the 2026 Guangdong Quality Products Exhibition have received positive responses from various enterprises, with companies like Guangzhou Fuguang Wanjia Intelligent Technology Co., Ltd. and Shenzhen Guoci Yongfengyuan Ceramics Co., Ltd. expressing their intent to participate and highlighting the alignment with their development needs [2] - The Guangdong Provincial Commercial Association emphasizes that the launch of the Guangdong Quality Products Exhibition is a concrete action for the Guangdong business community to integrate into the national development framework and promote the integration of domestic and foreign trade [2] - Over 500 enterprises have already expressed their intention to participate in the 2026 exhibition, with many well-known buyers securing cooperation slots in advance, indicating a larger, more innovative, and effective event is anticipated [2]

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].

Core Points - The Ghibli exhibition originally scheduled to open on December 25 in Guangzhou has been postponed due to the tense relations between China and Japan, which have led to the cancellation of several related events [1][3] - The exhibition was initially planned to run until October 2026, and its postponement has elicited disappointment on social media, with many expressing their regret over the delay [1][3] Summary by Sections - **Exhibition Details**: The Ghibli exhibition was set to take place in Guangzhou, following a previous successful event in Shanghai in 2024. The new exhibition was expected to showcase the world of Miyazaki's films [1][3] - **Impact of Relations**: The postponement is attributed to the recent deterioration in Sino-Japanese relations, which has affected various cultural events, including a concert by Ayumi Hamasaki that was also canceled [1][3] - **Official Communication**: The official announcement did not specify the reasons for the postponement but indicated that further arrangements would be communicated through official channels [3]