国盛证券研报指出，兰生股份深耕会展行业20余年，背靠上海市国资委，股东资源丰富。全球会展行业 规模不断发展，公共卫生事件受阻后，2023年全球展览业全面复苏，平均收入已恢复至2019年水平， 2024年同比增长16%。中国会展基础设施不断完善，大型展馆建设跻身全球前列，我国具备举办大规模 展会的基础条件。区域分布来看，会展分布区域集聚，一线城市占据主要地位。行业分布来看，工业占 据主导地位，同时工业与科技类展会呈现较大增幅。未来，公司继续推进会展中国、会展国际战略，复 制已经成熟的展会在国内异地办展，同时组团出海参展双轮驱动。公司为国内展会龙头企业，背靠上海 国资委，手握众多重量级政府IP，深耕上海多年，上海为我国展会中心。当前公司持续推进会展中国、 会展国际、会展数字等战略，公司壁垒较高、空间广阔。首次覆盖给予"买入"评级。 ...

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]

智通财经8月28日讯（记者 沈娇娇）今日，米奥会展（300795.SZ）发布2025年半年度报告，受到中国 外展行业整体承压的影响，报告期内，米奥会展营收下滑；同时米奥会展对外贸企业帮扶纾困进行让 利，因此导致利润大幅下降。不过，公司本次现金分红金额超出当期净利润的100%。 而米奥会展净利润大幅下降主要有以下两个原因：第一，为响应国家稳外贸政策号召，帮助外贸企业应 对当前经营压力，确保公司财务稳健的前提下，阶段性减少当期利润留存，对外贸企业境外参展实施了 阶段性的帮扶政策。该举措将通过适度让利，有效降低外贸企业参展成本，在保持基本盈利的同时维持 展会单展规模逆势增长；第二，公司增加了AI慧展方面的研发投入以及营销投入。 值得一提的是，米奥会展2025年半年度利润分配预案为每10股派发0.67元现金红利，分红总额达1979.14 万元，现金分红金额已超出当期净利润的100%，且超过当期末母公司未分配利润的50%。不过，米奥 会展指出，公司资产负债结构合理，报告期末资产负债率为29.94%，且经营性现金流状况良好，本次 利润分配的实施不会对公司偿债能力产生重大影响。 今年上半年，米奥会展实现营业收入2.41亿元 ...

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]