Core Viewpoint - Lansheng Co., Ltd. has over 20 years of experience in the exhibition industry and is backed by the Shanghai State-owned Assets Supervision and Administration Commission, providing it with rich shareholder resources [1] Industry Overview - The global exhibition industry is continuously growing, with a full recovery in 2023 after disruptions from public health events, and average revenues have returned to 2019 levels [1] - The global exhibition market is expected to grow by 16% year-on-year in 2024 [1] - China's exhibition infrastructure is improving, with large exhibition venues ranking among the best globally, providing a solid foundation for hosting large-scale events [1] - The distribution of exhibitions is concentrated in first-tier cities, which dominate the market [1] - The industrial sector is the leading segment in the exhibition industry, with significant growth observed in industrial and technology-related exhibitions [1] Company Strategy - The company is advancing its "Exhibition China" and "Exhibition International" strategies, replicating successful exhibitions in different domestic locations and organizing international exhibitions as a dual-driven approach [1] - As a leading domestic exhibition company, Lansheng Co., Ltd. has strong ties with numerous influential government IPs and has deepened its presence in Shanghai, which serves as China's exhibition hub [1] - The company is actively pursuing strategies in "Exhibition China," "Exhibition International," and "Exhibition Digital," indicating high barriers to entry and vast growth potential [1] - The initial coverage of the company has been rated as "Buy" [1]

Group 1 - The core viewpoint of the news is that Linyi has achieved significant recognition in the exhibition industry, ranking second among prefecture-level cities in China according to the 2024 China Exhibition Data Statistical Report [1] - In the first seven months of 2025, Linyi hosted a total of 101 various exhibition events, including 54 professional exhibitions, covering a total exhibition area of 998,000 square meters, with 15,000 participating enterprises and 1.344 million visitors [1] - Linyi's wood industry is highlighted as a key sector, with the Wood Expo being a flagship event that has transitioned from government-led to market-driven operations, becoming one of the most successful market transformation exhibitions in the province [1] Group 2 - The city has made efforts to internationalize its marketplace, inviting over 2,400 overseas buyers to participate in exhibitions, marking a 180% increase compared to the same period last year [2] - The implementation of the "Exhibition and Cultural Tourism Integration Development Plan" has successfully driven cultural tourism consumption exceeding 1.2 billion yuan through various exhibition activities [2] - Linyi plans to host over 150 exhibition events throughout the year, with a total exhibition area expected to exceed 1.6 million square meters, including key events like the 74th Autumn National Hardware Commodity Fair [2]

Group 1 - The core viewpoint of the article highlights that Miao Exhibition (300795.SZ) experienced a decline in revenue and profit due to pressures in the Chinese foreign exhibition industry, with a significant drop in net profit despite exceeding cash dividend distribution compared to net profit [1][2] Group 2 - In the first half of 2025, Miao Exhibition reported revenue of 241 million yuan, a year-on-year decrease of 7.43%, and a net profit attributable to shareholders of 15.54 million yuan, down 61.84% [1] - The decline in revenue was attributed to the cancellation of some exhibitions, reducing the number of projects from six to five [1] - The significant drop in net profit was due to two main reasons: first, the implementation of supportive policies for foreign trade enterprises to reduce their exhibition costs, and second, increased investment in AI technology and marketing [1] Group 3 - The company announced a profit distribution plan for the first half of 2025, proposing a cash dividend of 0.67 yuan per 10 shares, totaling 19.79 million yuan, which exceeds 100% of the current net profit [2] - Miao Exhibition maintains a reasonable asset-liability structure, with a debt ratio of 29.94% at the end of the reporting period, and good operating cash flow, indicating that the dividend distribution will not significantly impact its debt repayment ability [2]

Core Viewpoint - The competition for local investment attraction and marketing of local products will intensify in the context of stable growth and dual circulation, with multiple large-scale exhibitions planned across various regions to attract investment and promote local products [1][2]. Group 1: Upcoming Exhibitions - The 20th China Western International Expo (West Expo) will be held in Chengdu, Sichuan from May 25 to 29, featuring activities such as investment briefings and project signing ceremonies [1]. - The 9th Silk Road International Expo will take place in Xi'an, Shaanxi from May 21 to 25, approved by the Ministry of Commerce [1][2]. - The 7th China Western International Investment and Trade Fair (West Fair) is scheduled for Chongqing from May 22 to 25 [1]. - The 20th "China Optics Valley" International Optoelectronic Expo will occur in Wuhan from May 15 to 17 [1]. - The 9th China-South Asia Expo will be held in Kunming from June 19 to 24 [1]. Group 2: Importance of Exhibitions - These exhibitions serve as major platforms for local governments to enhance foreign trade cooperation and attract investment, despite previous central directives to reduce such events [2][3]. - The West Expo has evolved into a significant platform for open cooperation in the western region since its inception in 2000, with over 1,200 signed projects and investments exceeding 2 trillion yuan from previous fairs [2][3]. Group 3: Investment Promotion and Trade Cooperation - Investment promotion and trade cooperation are the two main functions of these exhibitions, aimed at attracting investment and showcasing local products [6][8]. - The 9th Silk Road Expo will feature a project signing event with over 1,000 high-quality projects identified, totaling over 200 billion yuan in investment [6]. - The West Expo plans to present over 2,000 investment cooperation projects with an investment amount exceeding 3 trillion yuan [7]. Group 4: Participation and Engagement - The West Expo will see participation from over 3,000 enterprises, including nearly 300 foreign companies from 62 countries and regions, along with significant attendance from top-tier companies and industry leaders [4][5]. - Various activities will be organized concurrently with the exhibitions to enhance product display and promotion, such as the "Quality Products of Shaanxi" and "Foreign Trade Quality Products" sections at the Silk Road Expo [8].

Group 1: Financial Performance - In 2024, the company achieved revenue of 750 million, a year-on-year decline of 10.0%, and a net profit attributable to shareholders of 160 million, down 17.6% year-on-year [1] - In Q4 2024, the company reported revenue of 330 million, a year-on-year decrease of 10.8%, and a net profit attributable to shareholders of 90 million, down 18.3% year-on-year [1] - In Q1 2025, the company experienced a significant revenue drop to 20 million, a year-on-year decline of 77.3%, with a net profit attributable to shareholders turning negative at -40 million [1][2] Group 2: Industry Challenges - The overseas exhibition industry in China faced dual pressures in 2024, including cautious decision-making by Chinese enterprises and a decrease in government subsidies [2] - The number of overseas exhibition organizers has significantly increased, contributing to the challenging external environment [2] - The company organized 97 overseas exhibitions in 2024, covering nearly 300,000 square meters, ranking first among overseas exhibition organizers in China [2] Group 3: Future Outlook - The company anticipates revenue growth from 1.01 billion in 2025 to 1.43 billion in 2027, with year-on-year growth rates of 34.2%, 19.4%, and 19.2% respectively [3] - Net profit attributable to shareholders is expected to rise from 260 million in 2025 to 390 million in 2027, with growth rates of 66.8%, 22.6%, and 22.0% respectively [3] - The company maintains a "buy" rating due to its leading growth potential and development stage [3]