Core Viewpoint - The company, Miao Exhibition, has submitted its prospectus to the Hong Kong Stock Exchange for a main board listing, with a total market capitalization exceeding 4 billion RMB as of December 25, 2025. The company is a mature exhibition service provider with a decline in revenue and net profit in the first half of 2025 compared to the previous year [1][27]. Financial Performance - For the year ending December 31, 2024, the company reported revenues of approximately 751.37 million RMB, with a net profit of 163 million RMB and a gross margin of 49.71%. In the first half of 2025, revenues were 241 million RMB, net profit was 21 million RMB, and gross margin was 50.54%, showing a year-on-year decline in both revenue and net profit [9][32]. - The financial performance over the past three years shows revenues of 348.31 million RMB in 2022, 834.97 million RMB in 2023, and 751.37 million RMB in 2024, with a significant drop in the first half of 2025 compared to the same period in 2024 [30][32]. Industry Overview - According to Frost & Sullivan, the total number of overseas exhibitions is expected to increase from 216 in 2024 to 315 in 2029, with specialized exhibitions projected to grow from 177 to 255 during the same period [13][35]. - The company ranks first among all Chinese overseas exhibition organizations in terms of the number and area of self-organized exhibitions held in 2024 [2][27]. Service Offerings - The company's services are categorized into three main types: exhibition hosting services, exhibition agency services, and other income sources. Exhibition hosting services involve managing the entire process of exhibitions, while agency services include purchasing exhibition space and reselling it to exhibitors [5][6][29]. Market Position - The company holds a market share of 45.4% in the industry, significantly leading over other competitors [16][38].

Company Overview - Miao Exhibition has submitted a listing application to the Hong Kong Stock Exchange, with China Merchants Securities International as its sole sponsor [1] - The company's business is primarily divided into exhibition organizing services, exhibition agency services, and other services such as online marketing, with exhibition organizing being the core [1] Market Position - Miao Exhibition ranks first among all overseas exhibition organizations in China based on the number and area of self-organized overseas exhibitions planned for 2024, according to Frost & Sullivan [1] - The company has successfully organized 77 exhibitions, attracting tens of thousands of exhibitors and incubating over ten industry-specific exhibition brands covering areas such as home goods and consumer electronics [1] Industry Growth - From 2020 to 2024, the Chinese exhibition industry has shown significant recovery in terms of the number and area of exhibitions, with the number of exhibitions increasing from 5,408 in 2020 to 9,110 in 2024 [1] - It is projected that the number of exhibitions will further increase from 10,385 in 2025 to 15,693 in 2029, representing a compound annual growth rate of 11.5% during the forecast period [1] International Market Expansion - The overseas exhibition market continues to grow robustly, supported by national initiatives to help Chinese enterprises expand into international markets, diversify trade partners, and enhance the global competitiveness of Chinese products [1] - The total number of overseas exhibitions is expected to rise from 216 in 2024 to 315 in 2029 [1]

Company Overview - Zhejiang Miaolante Business Exhibition Co., Ltd. (Miaohui Exhibition) has submitted its listing application to the Hong Kong Stock Exchange, with China Merchants Securities International as its sole sponsor [1] - The company is a mature exhibition service provider, offering three main types of services: exhibition hosting, exhibition agency, and other services [3] - Miaohui Exhibition ranks first among all Chinese overseas exhibition institutions in terms of the number and area of self-organized exhibitions held abroad in 2024, according to Frost & Sullivan [3][20] Financial Performance - The company's revenue for the fiscal years 2022, 2023, 2024, and the six months ending June 30, 2025, were approximately RMB 348.31 million, RMB 834.97 million, RMB 751.37 million, and RMB 240.78 million respectively [6] - The net profit for the same periods was approximately RMB 51.15 million, RMB 197.26 million, RMB 163.05 million, and RMB 20.59 million [7] - The gross profit margin for the fiscal years 2022, 2023, 2024, and the six months ending June 30, 2025, were 48.1%, 49.4%, 49.7%, and 50.5% respectively [9] Industry Overview - The global exhibition industry is expected to enter a phase of steady and structural expansion from 2024 to 2029, with the number of exhibitions projected to grow from 32,214 in 2024 to 49,921 in 2029, representing a compound annual growth rate (CAGR) of approximately 9.2% [12] - The Chinese exhibition industry is also experiencing significant recovery, with the number of exhibitions expected to increase from 9,110 in 2024 to 15,693 in 2029, with a forecasted CAGR of 11.5% [14] - The overseas exhibition market is showing strong growth, driven by national support for Chinese enterprises to expand into international markets and enhance the global competitiveness of Chinese products [18] Competitive Landscape - Miaohui Exhibition holds a market share of 45.4% in the overseas exhibition sector, making it the leading institution in this space among Chinese companies [22]

Company Overview - Zhejiang Miaolante Business Exhibition Co., Ltd. (Miaohui Exhibition) has submitted its listing application to the Hong Kong Stock Exchange, with China Merchants Securities International as its sole sponsor [1] - Miaohui Exhibition is a mature exhibition service provider, offering three main types of services: exhibition hosting, exhibition agency, and other services [3] - The company ranks first among all Chinese overseas exhibition institutions in terms of the number and area of self-organized exhibitions held abroad in 2024 [4][19] Financial Performance - The company's revenue for the fiscal years 2022, 2023, 2024, and the six months ending June 30, 2025, were approximately RMB 348.31 million, RMB 834.97 million, RMB 751.37 million, and RMB 240.78 million respectively [6][8] - The net profit for the same periods was approximately RMB 51.15 million, RMB 197.26 million, RMB 163.05 million, and RMB 20.59 million [7][8] - The gross profit margin for the fiscal years 2022, 2023, 2024, and the six months ending June 30, 2025, were 48.1%, 49.4%, 49.7%, and 50.5% respectively [9][10] Industry Overview - The exhibition industry is a highly organized segment of the modern service economy, facilitating efficient information exchange and business interactions [11] - The global exhibition industry is expected to experience robust and structural growth from 2024 to 2029, with the number of exhibitions projected to increase from 32,214 in 2024 to 49,921 in 2029, representing a compound annual growth rate (CAGR) of approximately 9.2% [12] - The Chinese exhibition industry is also expected to see significant recovery, with the number of exhibitions increasing from 5,408 in 2020 to 9,110 in 2024, and further projected to reach 10,385 by 2025 [14] Competitive Landscape - Miaohui Exhibition holds a market share of 45.4% among Chinese overseas exhibition institutions for self-organized exhibitions in 2024 [20]

Core Viewpoint - Zhejiang Miaolante Business Exhibition Co., Ltd. (Miaolante Exhibition) is planning to list on the Hong Kong main board after submitting its application to the Hong Kong Stock Exchange, with CMB International as the sole sponsor for the IPO [1]. Group 1: Business Overview - The main business line of Miaolante Exhibition involves acting as the organizer of exhibitions, overseeing the entire process including preparation, implementation, on-site operations, and post-event services [4][7]. - The company hosts exhibitions in various countries and regions, including the UAE, Indonesia, Japan, Mexico, Brazil, Vietnam, and mainland China, and also acts as an agent for other organizers by purchasing exhibition space and reselling it to exhibitors [4][7]. Group 2: Financial Performance - Revenue increased significantly from RMB 348.3 million in 2022 to RMB 835.0 million in 2023, driven by a strong market demand rebound [5][8]. - Revenue is projected to decrease to RMB 751.4 million in 2024 due to a market correction [5][8]. - For the six months ending June 30, 2024, revenue is expected to decline from RMB 260.1 million to RMB 240.8 million by June 30, 2025, attributed to a reduction in exhibitions and increased promotional activities [5][8]. - The annual profits for 2022, 2023, and 2024 were RMB 51.1 million, RMB 197.3 million, and RMB 163.0 million, respectively, with interim profits of RMB 45.8 million and RMB 20.6 million for the respective six-month periods ending June 30, 2024, and June 30, 2025 [5][8].