上 市 公 司 社会服务 2025 年 10 月 31 日 兰生股份 (600826) ——业绩符合预期，核心 IP 势能强劲 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 10 月 30 日 | | --- | --- | | 收盘价（元） | 11.03 | | 一年内最高/最低（元） | 15.48/6.52 | | 市净率 | 1.9 | | 股息率%（分红/股价） | 3.08 | | 流通 A 股市值（百万元） | 8,113 | | 上证指数/深证成指 | 3,986.90/13,532.13 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 5.84 | | 资产负债率% | 26.24 | | 总股本/流通 A 股（百万） | 736/736 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 10-30 11-30 12-31 01-31 02-28 03-31 04-30 05-31 06-30 07-31 0 ...

Core Insights - The article highlights the integration of cultural, tourism, and commercial activities in Shanghai's Xuhui District, showcasing its transformation into a vibrant economic hub driven by events and new business models [3][4][7]. Group 1: Economic Impact of Events - The hosting of major events, such as the concerts by the Times Youth League, attracted over 300,000 attendees, significantly boosting local commerce with a total revenue exceeding 145 million yuan [4]. - The Xuhui District's sports events, including the UFC Fight Night, have contributed to a total consumption increase of 2.686 billion yuan, with direct economic impacts nearing 3 billion yuan [7][8]. Group 2: Development of New Business Models - The district is evolving from traditional retail to a model focused on content operation, as seen in the transformation of shopping centers into experiential venues for IPs like "Butter Bear" [11][12]. - The introduction of the "Meta World Neo" district aims to enhance the appeal of the area by integrating various popular IPs and creating immersive experiences for visitors [9][10]. Group 3: Seasonal Economic Strategies - Xuhui's "Four Seasons Economy" strategy includes seasonal events that stimulate different aspects of the economy, such as spring fashion weeks and summer international consumption seasons [14]. - The district is leveraging its cultural and commercial resources to create a year-round vibrant economic environment, with plans for various events throughout the year [14].

Summary of Conference Call for Lansheng Co., Ltd. Company Overview - **Company**: Lansheng Co., Ltd. - **Industry**: Exhibition and Event Management Key Points Financial Performance - In the first half of 2025, revenue decreased by 17.22% year-on-year, primarily due to the cancellation of the China Brand Expo project [2][4] - Event organization revenue fell by 17.22% to 263 million yuan, impacted by the cancellation of the China Brand Expo [4] - Sports events revenue increased by 39.06% to 62 million yuan, driven by the Shanghai Sailing Open and the addition of a women's night run project [4] - Venue operations revenue decreased by 6.93% to 148 million yuan, attributed to the loss of major exhibitions and relocation of other events [4] - Supporting services revenue grew by 24.61% to 72 million yuan, reflecting an increase in conference services [4] Event Management - The company hosted 11 exhibitions covering a total area of 684,000 square meters and organized 5 running and water sports events with approximately 35,000 participants [2][5] - The Expo Center hosted 35 events with a total rental area of 4.27 million square meters [2][5] Strategic Initiatives - The company is actively preparing for the 48th World Skills Competition in 2026 and the 8th China International Import Expo [6] - Participation in national-level exhibitions such as the 5th Consumer Expo and the Shanghai Trade Delegation for the Canton Fair [6] Regional Expansion - The company is expanding regionally through project collaborations, including the Chengdu, Xiamen, and South China Shenzhen Industrial Expos, creating a network of linked exhibitions [7] - In the pet industry, the company has established a biannual exhibition pattern in both eastern and western regions [7] International Expansion - Following the success of the Guangying Exhibition in South America, the company is extending its reach to the Thailand Expo and participating in the Bologna Pet Exhibition in Italy [8] - A subsidiary in Hong Kong was established with a registered capital of 10 million USD to facilitate international operations [8] ESG and Shareholder Returns - The company released its first ESG report, achieving an improved rating [9] - A three-year shareholder return plan was disclosed, maintaining a high cash dividend tradition with a mid-year dividend payout of 76.32% [9] Challenges and Market Conditions - The cancellation of the China Brand Expo, which previously contributed significantly to revenue, is a major factor affecting performance [11] - The overall exhibition and venue operations have been impacted by macroeconomic conditions, leading to a decrease in the number of events and total area utilized [10] Future Plans in Sports Industry - The sports industry is identified as a core growth area, with plans to increase investment and develop peripheral merchandise sales [18] - The company aims to integrate resources and collaborate with state-owned enterprises to bring in more international IP, such as F1 and ATP events [18] Acquisition Strategy - The company plans to acquire quality exhibitions with proprietary IP, focusing on the pet economy sector, including the acquisition of the Chengdu Pet Expo [20] - Challenges in acquisition decision-making are noted due to the constraints of being a state-owned enterprise, impacting efficiency compared to private firms [21] Emerging Trends - The company is exploring the potential of stablecoin-related business, although current regulations in mainland China restrict such activities [22] Additional Insights - The Shanghai Marathon has seen a significant increase in pre-registration, reaching 356,000 participants, with a rise in international participants [15][16] - The company is optimistic about maintaining growth in sports events despite the overall revenue challenges [14]

Core Viewpoint - The New Fortune Golden Secretary Award has become a benchmark in China's capital market, reflecting the significant development and transformation of the industry over the past 21 years, with award-winning secretaries playing a crucial role in enhancing corporate governance and investor relations management [1] Group 1: Company Overview - Donghao Lansheng Exhibition Group Co., Ltd. (600826.SH) is a comprehensive state-controlled listed company that integrates industrial operations and capital operations, focusing on the entire industry chain of the exhibition industry [3] - The company actively supports national strategies and urban development by hosting significant exhibitions, conferences, and events, such as the China International Industry Fair and the World Artificial Intelligence Conference [3] Group 2: Leadership and Management - Zhang Rongjian, the Secretary of the Board and Vice President, emphasizes his role as a strategic advisor and value enhancer for the company, aiming to solidify the foundation for high-quality development [3][5] - Under Zhang's leadership, the company has implemented effective governance, capital operations, and investor relations management, earning the title of "New Fortune Golden Secretary" [3] Group 3: Financial Performance - In 2024, the company achieved a revenue of 1.643 billion yuan, a year-on-year increase of 15.58%, and a net profit attributable to shareholders of 307 million yuan, up 11.44% [6] Group 4: Investor Relations Management - The company prioritizes investor relations, utilizing various platforms to communicate its value to the capital market, including innovative activities that align with its business characteristics [10] - The annual performance briefing combined with a newly acquired pet exhibition received positive feedback from investors, showcasing the company's commitment to transparency and engagement [10] Group 5: Value Return and Shareholder Engagement - The company has adopted a "investor-centric" approach, implementing measures such as cash dividends, share buybacks, and high-quality information disclosure to protect investor rights [12] - In 2024, the cash dividend ratio reached 66.08%, with a commitment to maintain a minimum of 50% in the next three years [12] Group 6: ESG Initiatives - The company integrates ESG principles into its development strategy, establishing a clear management framework and disclosing its first ESG report in 2025, which highlights its governance and social responsibility practices [13] - The company's ESG rating improved from B to A, indicating its leading position in the industry [13] Group 7: Future Outlook - The company aims to deepen its focus on the exhibition and event sectors, particularly in artificial intelligence, sports events, and the pet economy, to enhance its core competitiveness [15] - The company is committed to becoming an internationally recognized exhibition service brand, contributing to Shanghai's development as a global exhibition city [15]

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].