Core Insights - The exhibition industry is experiencing a resurgence with increasing market activity and favorable policies across the country, leading to a robust supply-demand dynamic in various exhibitions [1] Group 1: Upcoming Major Exhibitions - The HNC Health Nutrition Exhibition 2025 will take place from June 24 to 26 at the National Exhibition and Convention Center (Shanghai), featuring over 2,500 exhibitors and attracting more than 120,000 professional visitors [1] - The 32nd China International Musical Instruments Exhibition will be held from June 24 to 29 at the China International Exhibition Center (Chaoyang), showcasing a wide range of musical instruments and related organizations [2] - The 5th China (Xiamen) International Cross-Border E-Commerce Exhibition will occur from June 26 to 28 at the Xiamen International Convention and Exhibition Center, covering over 50,000 square meters with more than 1,500 international standard booths [3] - The 2025 Beijing International Low-Altitude Economy and Drone System Industry Exhibition will be held from June 26 to 28 at the Beijing Shougang Exhibition Center, focusing on technological innovation and industry collaboration [4] - The 30th Shanghai International Processing and Packaging Exhibition will take place from June 24 to 26 at the National Exhibition and Convention Center (Shanghai), covering 220,000 square meters and providing solutions for various industries [4] - The 2025 Shenzhen International Consumer Electronics Exhibition will be held from June 25 to 27 at the Shenzhen International Convention and Exhibition Center, featuring an exhibition area of 200,000 square meters [5] - The 16th Optoelectronic Industry Expo will take place from June 25 to 27 at the National Conference Center, showcasing various optoelectronic technologies and applications [6] - The 2025 Hangzhou International Intelligent Connected New Energy Vehicle Exhibition will be held from June 20 to 22 at the Hangzhou International Convention and Exhibition Center, focusing on smart connected vehicles and related technologies [7][8]

Core Viewpoint - The establishment of the China-Malaysia joint laboratory for oil processing and safety marks a significant collaboration under the Belt and Road Initiative, aimed at advancing key technologies in the oil industry and promoting sustainable development [1][2]. Group 1: Joint Laboratory Overview - The joint laboratory is the first of its kind between China and Malaysia, co-established by Jinan University and Universiti Putra Malaysia, serving as a national-level technology innovation platform [1]. - The laboratory focuses on four main research areas: oil bio-processing and safety, extraction of bioactive lipid molecules and their health effects, applications of healthy oils and functional foods, and the sustainability of the palm oil supply chain [1]. Group 2: Research Directions and Goals - The laboratory aims to transform palm oil from Malaysia into more nutritious and healthy glycerol diesters, representing the future of healthy oils, through methods like bio-processing and synthetic biology [1]. - Research will also focus on extracting active components such as beta-carotene from structural lipids to study their anti-inflammatory, anti-osteoporosis, and anti-cancer mechanisms, with plans to develop functional products [1]. - Collaboration with the School of Pharmacy at Jinan University will explore lipid bio-molecules from Malaysian medicinal plants [1]. Group 3: Bilateral Trade Context - By 2025, China and Malaysia will celebrate the 51st anniversary of diplomatic relations and the 12th anniversary of their comprehensive strategic partnership [2]. - China imports approximately 28 million tons of oils annually, while Malaysia exports about 15 million tons of palm oil, indicating a highly complementary supply-demand structure between the two countries [2].

Core Insights - The 2025 China Special Food Industry Conference was held in Chengdu Xinjing District, focusing on future food research, synthetic biology applications, and the concept of food as medicine [2] - Xinjing District has ranked first in Chengdu's food industry output value for two consecutive years, showcasing a robust industrial foundation and promising development prospects [2] - The establishment of the Health Food Technology Innovation Center aims to integrate resources from various universities and institutions to support technological research and innovation in the health food sector [2] Group 1 - The conference served as a platform for industry experts and representatives to discuss strategies for promoting the health and functionality of food products [2] - Xinjing District's health food industrial park was promoted during the conference, highlighting its significance in upgrading the local food industry [2] - The conference included various activities such as supply-demand matching for special foods, industry exchanges on food as medicine, and exhibitions showcasing over 20 local green food enterprises [3] Group 2 - The local government is leveraging the conference to build a comprehensive service platform that includes investment promotion, supply-demand matching, and technology collaboration [3] - The health food industrial park has developed an ecosystem that integrates research and development, production, and sales, providing essential support for innovation [3] - Notable companies such as COFCO, Hope Foods, and Yibao participated in the exhibition, covering segments like prepared dishes, health beverages, and functional foods [3]

Core Insights - The report "2025 Insights into the Silver Economy Consumer Group" highlights the growth of China's silver economy, focusing on individuals aged 55 and above, with a current population of 280 million aged 60 and above, accounting for 22% of the total population, driving market expansion [1][17][18] - The government has introduced policies to promote the development of the silver economy, including the "Opinions on Developing the Silver Economy to Enhance the Well-being of the Elderly," which supports various sectors such as elderly care services, age-friendly products, and health industries [1][8][12] Consumer Behavior - The silver demographic prioritizes health-conscious diets, favoring fresh, low-salt, low-oil, low-sugar, and easily digestible foods, with a significant demand for functional foods aimed at gastrointestinal health and nutritional supplementation [1][32][36] - Travel preferences include short-distance trips, natural landscapes, and ancient towns, with self-driving and wellness travel favored by younger seniors [1][2] - Shopping habits emphasize health safety and practicality, with increasing penetration of online channels, where short videos and social platforms serve as key consumption entry points [1][2] Aging Care Models - Over 90% of the elderly prefer home-based care, with community home care and the 90-7-3 model (90% home, 7% community, 3% institutional) being mainstream, while younger and older seniors show high concern for medical care and age-friendly facilities in institutional settings [2][12] - Different age groups exhibit distinct needs: younger seniors focus on travel and health management, middle-aged seniors prioritize safety and medical services, while older seniors emphasize dignified care and convenient medical access [2][12] Market Potential - The silver economy is projected to reach a market size of 8 trillion yuan, reflecting the vast potential of this demographic as a core consumer force across various sectors, including health, leisure, and education [17][20] - The industry chain encompasses upstream (biological and textile materials), midstream (smart healthcare and rehabilitation aids), and downstream (consumption, cultural tourism, and elderly care services) [21][22] Policy Support - National and local governments are implementing policies to support the silver economy, addressing the need for improved quality in elderly services and products, and fostering a more comprehensive elderly care system [12][13][14]

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 18.18 CNY [3] Core Views - The company is experiencing short-term profit pressure due to rapid store expansion and integration, with a focus on expanding into provinces outside of its traditional markets and into county-level cities [7] - The company reported a revenue of 18.00 billion CNY in 2024, a year-on-year increase of 3.57%, but a significant decline in net profit attributable to the parent company, which was 114 million CNY, down 79.23% year-on-year [7] - The company aims to enhance its operational efficiency as it expands its store network, which totaled 11,498 stores by the end of 2024, with a net increase of 1,243 stores during the year [7] Financial Information Summary - Revenue projections for the company are as follows: - 2023A: 17,380 million CNY - 2024A: 18,000 million CNY (3.6% growth) - 2025E: 19,512 million CNY (8.4% growth) - 2026E: 21,476 million CNY (10.1% growth) - 2027E: 23,919 million CNY (11.4% growth) [2] - The company's net profit attributable to the parent company is projected to recover significantly by 2025, reaching 594 million CNY, a 420.4% increase from 2024 [2] - The earnings per share (EPS) forecast is as follows: - 2023A: 0.94 CNY - 2024A: 0.19 CNY - 2025E: 1.01 CNY - 2026E: 1.28 CNY - 2027E: 1.39 CNY [2] - The company’s gross margin is expected to stabilize around 33.0% by 2027, with a slight dip to 31.8% in 2024 [2] Market Performance - The company's stock price as of May 21, 2025, was 17.19 CNY, with a 52-week high of 22.73 CNY and a low of 10.84 CNY [3] - The company has shown a strong absolute performance over the past week and month, with increases of 24.03% and 31.72% respectively [4]

Group 1 - The NHNE China International Health Nutrition Expo 2025 will take place from May 21 to 23, showcasing over 40,000 square meters of exhibition space with participation from 1,200 leading global brands and thousands of health nutrition products [1][3] - The expo serves as a platform for health nutrition companies to adjust strategies and expand into the domestic market, facilitating deep exchanges and cooperation with over 100,000 domestic distributors, retailers, and e-commerce platforms [3][5] - The event marks the 10th anniversary of NHNE, reflecting on its commitment to making nutrition accessible and its service to over 5,000 quality brands [5] Group 2 - The number of health nutrition companies focusing on weight management has significantly increased, with around 300 companies participating in the expo, offering over 1,000 SKUs across various sectors [7] - The expo will feature a focus on global health nutrition industry trends, including the launch of over 50 innovative products and industry white papers, driving the industry towards clinical evidence and international standards [9] - NHNE emphasizes the importance of technology in driving industry innovation, hosting a series of scientific conferences to discuss cutting-edge research and technology applications [11] Group 3 - Digital marketing strategies, including live broadcasts and private domain influencers, are becoming essential for companies to enhance brand awareness and attract consumer attention [13] - The expo aims to meet consumer demand for health nutrition products and promote industry upgrades under national strategic guidance, while also fostering innovation through technological advancements [15]