Core Viewpoint - Miao Exhibition plans to apply for an initial public offering of H-shares and list on the Hong Kong Stock Exchange, focusing on the interests of existing shareholders and market conditions [1] Group 1: Company Overview - Miao Exhibition specializes in planning, organizing, promoting, and operating overseas exhibitions, primarily serving Chinese foreign trade enterprises and the exhibition industry [1] - The company has established a brand "Miao Lante," recognized in countries and regions involved in the Belt and Road Initiative, and operates two major brands, Homelife and Machinex, providing trade matching services for over 7,000 Chinese exhibitors annually [1][2] Group 2: International Expansion - Since 2025, Miao Exhibition has increased investment in global market expansion, establishing a wholly-owned subsidiary with an investment of 150 million yuan to focus on resource integration and business development [3] - The company has formed a joint venture with Panex WD International Limited to provide a one-stop solution for clients, including exhibition customer acquisition, overseas warehousing, local distribution, and supply chain finance [3] Group 3: Industry Trends - The Chinese exhibition industry is undergoing a deep transformation, with a slowdown in growth and structural optimization, as indicated by a survey showing a decline in companies participating in exhibitions in Germany and the U.S. [3] - Miao Exhibition has initiated an "export trade flash" action to help Chinese foreign trade enterprises reduce reliance on the U.S. market and quickly expand into non-U.S. markets [3] Group 4: Financial Performance - In the first three quarters of the year, Miao Exhibition reported revenue of 400 million yuan, a year-on-year decrease of 5.67%, and a net profit of 34.63 million yuan, down 49.17% year-on-year, impacted by canceled exhibitions and increased R&D investment in AI [4]

Core Viewpoint - The stock of Miao Exhibition has shown a slight increase of 2.07% on October 15, 2023, despite a year-to-date decline of 5.25% and a significant drop in revenue and net profit for the first half of 2025 [1][2]. Company Overview - Miao Exhibition, officially known as Zhejiang Miao Lante Business Exhibition Co., Ltd., was established on June 30, 2010, and listed on October 22, 2019. The company is headquartered at 218 Hengfeng Road, Shanghai [1]. - The main business involves planning, organizing, promoting, and operating exhibition projects, with 100% of its revenue derived from self-organized exhibitions [1]. Financial Performance - For the first half of 2025, Miao Exhibition reported a revenue of 241 million yuan, representing a year-on-year decrease of 7.43%. The net profit attributable to shareholders was 15.54 million yuan, down 61.84% compared to the previous year [1]. - Cumulative cash dividends since the A-share listing amount to 344 million yuan, with 244 million yuan distributed over the past three years [2]. Shareholder Information - As of June 30, 2025, the number of shareholders for Miao Exhibition was 12,900, a decrease of 2.16% from the previous period. The average number of circulating shares per shareholder increased by 32.06% to 13,446 shares [1]. - Among the top ten circulating shareholders, the Jiashi Theme New Power Mixed Fund (070021) ranked as the ninth largest, holding 1.5686 million shares, an increase of 424,000 shares from the previous period [2].