Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company reported a revenue of 471 million RMB in Q3 2025, representing a year-on-year increase of 38.00%. The net profit attributable to shareholders was 124 million RMB, up 3.33% year-on-year, while the net profit excluding non-recurring items was 56 million RMB, reflecting a 20.59% increase year-on-year [3][8] - As a leading state-owned enterprise in the exhibition industry, the company has shown steady growth in its existing business and continues to contribute to performance growth through both organic development and external acquisitions [5][8] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 1.025 billion RMB, a 10.00% increase year-on-year. The net profit attributable to shareholders was 181 million RMB, down 10.51% year-on-year, while the net profit excluding non-recurring items was 117 million RMB, down 15.85% year-on-year [8] - The company hosted 17 exhibitions and 8 events in the first three quarters, with a total exhibition area exceeding 1.237 million square meters [8] Growth Drivers - The Q3 performance was driven by the peak season for exhibitions, with significant increases in revenue from exhibition organization. Notably, the World Artificial Intelligence Conference held in July set historical records for exhibition area and number of participating companies, increasing by 34.6% and 60% respectively [8] - The company is focusing on high-growth sectors and continues to pursue external acquisitions, including a strategic acquisition of Tianyi Zhixun Cultural Communication Chengdu Co., Ltd., which will enhance its presence in the pet economy sector [8] Valuation - The company is projected to have earnings per share (EPS) of 0.43, 0.46, and 0.49 RMB for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 24.8, 23.2, and 21.5 [5][7]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has shown a performance turning point in Q3 2025, with significant growth in its core exhibition business, driven by major events [1][2] - The company is expanding its market presence through various collaborations and is accelerating its layout in new sectors, particularly in the "pet economy" and AI services [3] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 1.025 billion yuan, a year-on-year increase of 10.00%, and a net profit attributable to shareholders of 181 million yuan, a decrease of 10.51% [1] - In Q3 2025 alone, the company reported revenue of 471 million yuan, up 38.00% year-on-year, and a net profit of 124 million yuan, an increase of 3.33% [1] - The gross margin for Q3 2025 was 26.50%, down 6.08 percentage points year-on-year, while the company effectively managed its expenses [2] Future Projections - The company is projected to achieve revenues of 1.714 billion yuan, 1.845 billion yuan, and 1.987 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 4.3%, 7.7%, and 7.7% [3] - Net profit attributable to shareholders is expected to reach 335 million yuan, 380 million yuan, and 429 million yuan for the same years, with growth rates of 9.3%, 13.2%, and 12.9% respectively [3] Market Position and Strategy - The company has established a nationwide layout through its main exhibition resources and is promoting several exhibitions to expand its reach [3] - The establishment of a specialized company for AI services indicates a strategic shift towards becoming a comprehensive service provider in the AI sector [3]