Core Insights - The company reported a revenue of 1.025 billion yuan for Q1-Q3 2025, reflecting a year-on-year increase of 10.00%, while the net profit attributable to shareholders decreased by 10.51% to 181 million yuan [1] - In Q3 2025, the company achieved a revenue of 471 million yuan, a significant year-on-year growth of 38.00%, with a net profit of 124 million yuan, up 3.33% [1] Revenue and Profit Analysis - The core exhibition business entered a peak season in Q3, contributing to rapid revenue growth, driven by increased exhibition organization income [1] - The company organized 17 exhibitions covering over 1.237 million square meters and hosted 8 events with over 37,000 participants in the first three quarters of 2025 [1] - The gross profit margin for Q3 2025 was 26.50%, a decrease of 6.08 percentage points year-on-year [2] Cost Management - The company demonstrated effective cost control, with sales, management, and R&D expense ratios of 3.06%, 10.27%, and 0.10%, respectively, showing year-on-year decreases [2] - The significant difference between net profit and adjusted net profit was primarily due to non-recurring gains from changes in the fair value of financial assets amounting to 88.998 million yuan [2] Investment Strategy - The company is expanding its market through various collaborations, including project, equity, and strategic partnerships, achieving a nationwide layout [3] - It is accelerating into new sectors, such as the pet economy, with significant growth in the scale of exhibitions and strategic acquisitions [3] - The company has a strong dividend policy, with a mid-2025 dividend payout ratio of 76.32% of the first half's net profit, and has outlined a shareholder return plan for 2025-2027 [3] - Revenue projections for 2025-2027 are 1.714 billion, 1.845 billion, and 1.987 billion yuan, with corresponding net profits of 335 million, 380 million, and 429 million yuan, indicating growth rates of 4.3%, 7.7%, and 7.7% respectively [3]

9月19日下午，兰生股份（600826.SH）参加主题为"沟通传递价值 信心共筑未来"——2025年上海辖区 上市公司集体接待日暨中报业绩说明会活动。 公司业务不仅仅为会展，体育赛事也是公司业务的重要组成部分。公司积极构建上马、上艇、上帆"三 上"城市自主IP赛事矩阵，承办国际体育赛事，以体育为载体融合文商体旅，展现城市风貌。 会上，问及会展业务恢复情况，公司并购的纺织企业整合情况和盈利贡献如何、未来是聚焦会展还是多 元化发展以及是否有数字化转型计划，兰生股份董事长陈小宏表示，2025年上半年，公司会展业务表现 平稳。公司目前也在积极布局海外市场，工博会、世界人工智能大会、广印展、它博会等核心IP项目积 极推进出海探索，为业务发展注入新动能。新设的香港子公司将以"走出去，引进来"等方式，积极拓展 海外业务。 公司并未并购纺织企业，公司旗下它博会于今年上半年收购成都宠博会。今年TOPS成都宠博会于9月18 日盛大开幕，展览面积约5万平方米，参展商超500家。它博会与成都宠博会将在展会品牌、行业资源、 策展内容、媒体宣传等方面全力协作，打造中西部第一宠物展。 公司积极推动数字化能力建设、流程机制重塑、系统平台建设 ...

Core Viewpoint - The company, Donghao Lansheng Exhibition Group Co., Ltd., has announced its 2025 semi-annual report, highlighting its financial performance and future development plans, including a cash dividend distribution proposal for shareholders [4][19]. Company Overview - The company is focused on enhancing its core business and competitiveness in the exhibition industry, aiming to become a world-renowned exhibition service brand [24][25]. - The company has established a comprehensive strategy to leverage opportunities in Shanghai's development as an "International Exhibition Capital" [24]. Financial Data - For the first half of 2025, the company reported a net profit attributable to shareholders of 56,932,390.35 yuan, with undistributed profits amounting to 2,337,557,239.95 yuan as of June 30, 2025 [19]. - The proposed cash dividend is 0.60 yuan per 10 shares, amounting to a total distribution of 43,451,014.08 yuan, which represents 76.32% of the net profit for the period [19][20]. Important Matters - The company has actively engaged in various strategic partnerships and market expansions, including the establishment of a wholly-owned subsidiary in Hong Kong to enhance international business operations [25]. - The company is committed to maintaining a high dividend payout ratio, with plans to distribute at least 50% of its distributable profits in cash annually from 2025 to 2027 [27][28]. Governance and Compliance - The board of directors has ensured compliance with legal and regulatory requirements, holding meetings to review and approve the semi-annual report and dividend proposals [6][21]. - The company has implemented a robust governance framework to enhance operational efficiency and regulatory adherence [30]. ESG Initiatives - The company has published its first ESG report, achieving improved ratings and recognition for its sustainability efforts [30]. - ESG principles are integrated into the company's operations and investor relations activities, reflecting its commitment to sustainable development [30].

Core Viewpoint - The company is committed to enhancing operational quality and investor returns through a comprehensive action plan for 2025, focusing on core business development, technological innovation, and sustainable practices [1][6]. Group 1: Business Development and Strategy - The company aims to enhance its core competitiveness by restructuring and driving growth through both internal development and external acquisitions, aspiring to become a globally recognized exhibition service brand [1]. - The company is expanding into the "pet economy" sector, achieving record attendance and participation at its exhibitions, and has made strategic acquisitions to penetrate the southwestern market [2]. - The establishment of a wholly-owned subsidiary in Hong Kong is part of the company's international strategy to integrate domestic and overseas business operations [1]. Group 2: Technological Innovation - The company is advancing its "digital exhibition" transformation, focusing on agile iterations and local innovations to enhance service capabilities [2]. - The company is developing a technology service platform aimed at becoming a global leader in artificial intelligence ecosystem services, with various sub-brands to cover diverse needs [2][3]. - The company is enhancing its exhibition services through the construction of smart exhibition facilities, thereby increasing both social and economic value [3]. Group 3: Investor Returns - The company has established a long-term cash dividend policy, committing to distribute at least 50% of its distributable profits as cash dividends from 2025 to 2027 [4]. - In 2024, the cash dividend is projected to account for 51.92% of the net profit attributable to shareholders, continuing the tradition of high dividend payouts [4]. Group 4: Investor Communication - The company has actively engaged in investor relations, conducting nearly 30 events in the first half of the year, including roadshows and performance briefings, reaching over 170 investors [5]. - A live-streamed annual performance briefing attracted over 100,000 views, reflecting a 30% increase in engagement compared to the previous year [5]. Group 5: Governance and Compliance - The company is reinforcing its governance framework by adhering to legal and regulatory requirements, ensuring efficient operation of governance meetings, and enhancing the capabilities of key personnel through training [5]. - The company is actively monitoring regulatory developments and optimizing its decision-making processes to ensure compliance and effective governance [5]. Group 6: ESG Initiatives - The company has released its first ESG report, achieving significant improvements in ESG ratings, and has been recognized for its supply chain impact [6]. - The company integrates ESG principles into its operations and investor relations, promoting sustainability and value creation through various communication channels [6].