米奥会展作为展览主办方，提供全面的展览管理、展位销售及相关服务，其举办的展览覆盖五大洲的多 个国家和地区。根据弗若斯特沙利文的资料，按2024年举办的境外自办展览数量及面积计，米奥会展在 中国所有境外展览机构中位列第一。公司已成功举办77场展览，吸引数万家参展商，并孵化了十多个行 业专题展览品牌，涵盖家居用品、消费电子等领域。 2020年至2024年，中国会展行业在展览数量和面积上显著复苏，展览数量从2020年的5408场增至2024年 的9110场。预计2024年至2029年，展览数量将从2025年的10385场进一步增至2029年的15693场（预测期 内复合年增长率为11.5%）。 米奥会展向港交所主板递交上市申请，招商证券国际为其独家保荐人。公司业务主要分为展览主办服 务、展览代理服务及其他（如线上营销服务），其中展览主办服务是核心。 境外展览市场持续强劲增长，得益于国家支持中国企业拓展国际市场、贸易伙伴多元化战略以及中国产 品全球竞争力提升。预计境外展览总数将从2024年的216场增至2029年的315场。 ...

在规模化的赛道上一路狂奔后，航班管家母公司活力集团有限公司(以下简称"活力集团")在求解资本化 的同时，也开始不得不面对自己的后遗症——毛利率下跌。活力集团于11月30日再度更新了其港交所上 市申请文件，补充披露了截至2025年6月30日的最新财务及运营数据。从数据来看，今年上半年，活力 集团的用户规模、收入与总GMV持续增长，业绩整体向好。但在数据增长背后，销售成本增加，毛利 率出现下滑，企业差旅GMV下降明显。今年以来，机票销售市场竞争激烈，市场份额从1.2%提升到 1.4%的活力集团突围之路仍不平坦。 注册用户数达2.17亿人 根据最新招股书数据，活力集团的用户规模不断攀升。截至2024年12月31日，活力集团所有平台的累计 注册用户数为1.97亿人，这一数值在2025年6月30日增长到2.17亿人，自2022年1月1日起增加56.5%。 从经营能力来看，活力集团的收入、净利润都出现明显增长。2025年上半年，活力集团实现收入3.51亿 元，同比增长24.8%；净利润为4710万元，同比增长48.5%。对于收入增长的原因，活力集团在招股书 中表示，主要是旅行相关服务收入增加3650万元以及线上营销服务收 ...

Core Insights - The core issue for the company is the decline in gross margin despite overall revenue growth, attributed to rising sales costs and increased competition in the flight ticket market [1][5]. User Growth and Financial Performance - As of June 30, 2025, the total registered users of the company reached 217 million, a 56.5% increase since January 1, 2022 [3]. - For the first half of 2025, the company reported revenue of 351 million yuan, a year-on-year increase of 24.8%, and a net profit of 47.1 million yuan, up 48.5% [3]. - The growth in revenue is primarily driven by an increase in travel-related services revenue by 36.5 million yuan and online marketing services revenue by 30.1 million yuan [3]. Revenue Composition - Travel-related services still dominate revenue but their share decreased from 89.5% in the first half of 2024 to 82.1% in the first half of 2025, indicating a diversification of revenue sources [4]. - Online marketing services revenue has significantly increased, reflecting the company's efforts to reduce reliance on a single business line [4]. Cost and Margin Analysis - The company's gross margin slightly declined from 58.6% to 57.1% due to a 29.3% increase in sales costs, which outpaced revenue growth [5]. - Increased costs were attributed to higher expenses paid to service providers and increased marketing and promotional activities [5][6]. Market Dynamics and Challenges - The total GMV (Gross Merchandise Volume) for the company has shown significant growth, but the GMV for corporate travel services decreased from 41.7 million yuan to 36.8 million yuan, indicating potential customer loss or challenges in acquiring new clients [6]. - The company holds approximately 0.7% of the corporate travel management service market, which was valued at around 13.8 billion yuan in 2024 [6]. Competitive Landscape - The online travel market is becoming increasingly competitive, with airlines enhancing their direct sales efforts through various platforms [7]. - The company is encouraged to explore additional value in travel management and destination services while leveraging AI to enhance its technological capabilities [7].

在规模化的赛道上一路狂奔后，航班管家母公司活力集团有限公司（以下简称"活力集团"）在求解资本 化的同时，也开始不得不面对自己的后遗症——毛利率下跌。活力集团于11月30日再度更新了其港交所 上市申请文件，补充披露了截至2025年6月30日的最新财务及运营数据。从数据来看，今年上半年，活 力集团的用户规模、收入与总GMV持续增长，业绩整体向好。但在数据增长背后，销售成本增加，毛 利率出现下滑，企业差旅GMV下降明显。今年以来，机票销售市场竞争激烈，市场份额从1.2%提升到 1.4%的活力集团突围之路仍不平坦。 平台累计注册用户数达2.17亿人 根据最新招股书数据，活力集团的用户规模不断攀升。截至2024年12月31日，活力集团所有平台的累计 注册用户数为1.97亿人，这一数值在2025年6月30日增长到2.17亿人，自2022年1月1日起增加56.5%。 从经营能力来看，活力集团的收入、净利润都出现明显增长。2025年上半年，活力集团实现收入3.51亿 元，同比增长24.8%；净利润为4710万元，同比增长48.5%。对于收入增长的原因，活力集团在招股书 中表示，主要是旅行相关服务收入增加3650万元以及线上营 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 84.3 HKD, while the current price is 63.5 HKD [4]. Core Insights - The company's total revenue for Q3 2025 reached 356 billion RMB, a year-on-year increase of 14.2%, slightly exceeding the consensus expectation of 353 billion RMB. The core business revenue grew by 19.2% year-on-year [1][2]. - The gross profit margin was reported at 54.7%, which is below the expected 55.2% due to a 24% increase in revenue-sharing costs. However, it improved by 0.4 percentage points compared to Q3 2024 [1]. - Operating profit increased by 69.9% year-on-year to 53 billion RMB, while adjusted net profit rose by 26.3% to 49.9 billion RMB, surpassing the consensus estimate of 48.3 billion RMB [1][3]. Revenue Breakdown - Online marketing services revenue for Q3 2025 was 201 billion RMB, up 14% year-on-year, exceeding the consensus of 198.7 billion RMB. The introduction of AI-driven models contributed approximately 4-5% incremental revenue [2]. - Other services, including e-commerce, generated 59 billion RMB in revenue, a 41.3% increase year-on-year, also surpassing expectations [2]. - E-commerce GMV reached 3,850 billion RMB, reflecting a 15.2% year-on-year growth, aligning closely with the consensus of 3,839 billion RMB [2]. - Live streaming revenue was 95.7 billion RMB, a modest 2.5% increase year-on-year, falling short of the expected 97.9 billion RMB [2]. Profitability Forecast and Valuation - The company is expected to benefit from optimized advertising and enhanced AI capabilities, with adjusted net profit forecasts for 2025-2027 slightly raised to 207.0 billion, 244.2 billion, and 277.7 billion RMB respectively [3]. - The projected revenue growth rates for the upcoming years are 20.5% for 2023, 11.8% for 2024, and 12.1% for 2025 [3][7].

Core Insights - Kuaishou Technology reported a revenue of 103.21 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 12.8%, with an adjusted net profit of 15.18 billion yuan, up 16.7% [2] - In Q3 2025, Kuaishou achieved a revenue of 35.55 billion yuan, a 14.2% increase year-on-year, and an adjusted net profit of 4.99 billion yuan, reflecting a 26.3% growth [2] - The CEO emphasized the integration of AI capabilities across various business scenarios, aiming for higher operational efficiency and long-term value creation for shareholders [2] Business Performance - Online marketing services, Kuaishou's main business, generated 20.1 billion yuan in Q3 2025, a 14% year-on-year increase [3] - The UniversalAuto X (UAX) solution achieved over 70% penetration in external marketing, while internal marketing consumption from site-wide promotion products exceeded 65% [3] - Average daily active users reached 416 million, and monthly active users were 731 million, with daily usage time averaging 134.1 minutes, a 3.6% increase year-on-year [3] Live Streaming and E-commerce - Live streaming revenue grew by 2.5% year-on-year to 9.6 billion yuan in Q3 2025, with a significant increase in signed guilds and streamers [3] - E-commerce GMV reached 385 billion yuan, up 15.2% year-on-year, with over 32% of GMV coming from general merchandise e-commerce [4] AI Business Development - Kuaishou launched the Keling AI 2.5 Turbo model, enhancing text response and dynamic effects, with over 45 million global users and more than 2 billion videos generated [6] - The AI model reduced video generation costs by nearly 30%, contributing over 300 million yuan in revenue for Q3 2025 [6] - The application of OneRec in online marketing services improved revenue by approximately 4% to 5% in Q3 2025 [6][7] Strategic Outlook - Kuaishou's AI business is positioned as a key variable in transforming its commercial engine, with a focus on reducing inference costs and expanding enterprise services [7] - The integration of AI into marketing and e-commerce is expected to drive future growth, establishing a second growth curve for the company [7]

Core Insights - Kuaishou reported a total revenue of 35.6 billion yuan for Q3 2025, representing a year-on-year growth of 14.2% [1] - The core business revenue, which includes online marketing services and e-commerce, grew by 19.2% year-on-year [1] - Operating profit increased by 69.9% year-on-year to 5.3 billion yuan, while adjusted net profit rose by 26.3% year-on-year to 5 billion yuan [1] Revenue Breakdown - Total revenue for Q3 2025 reached 35.6 billion yuan, marking a 14.2% increase compared to the same period last year [1] - Core business revenue, primarily driven by online marketing and e-commerce services, saw a significant growth of 19.2% year-on-year [1] Profitability Metrics - Operating profit for the quarter surged by 69.9% year-on-year, amounting to 5.3 billion yuan [1] - Adjusted net profit also experienced a substantial increase of 26.3% year-on-year, totaling 5 billion yuan [1]

Core Insights - Kuaishou reported a total revenue of 35.6 billion yuan for Q3 2025, representing a year-on-year growth of 14.2% [1] - The core business revenue, which includes online marketing services and e-commerce, grew by 19.2% year-on-year [1] - Operating profit increased by 69.9% year-on-year to 5.3 billion yuan, while adjusted net profit rose by 26.3% to 5 billion yuan [1] Revenue Breakdown - Total revenue reached 35.6 billion yuan, marking a 14.2% increase compared to the previous year [1] - Core business revenue, primarily driven by online marketing and e-commerce services, saw a 19.2% year-on-year growth [1] Profitability Metrics - Operating profit for the quarter was 5.3 billion yuan, reflecting a significant year-on-year increase of 69.9% [1] - Adjusted net profit stood at 5 billion yuan, which is a 26.3% increase from the same period last year [1]

Core Insights - Kuaishou's online marketing service revenue reached 20.1 billion yuan in Q3 2025, representing a year-on-year growth of 14%, with the growth rate continuing to improve compared to the previous quarter [1] Group 1: Financial Performance - The online marketing service revenue for Kuaishou in Q3 2025 was 20.1 billion yuan, showing a 14% increase year-on-year [1] - The growth rate of online marketing service revenue has continued to improve compared to the previous quarter [1] Group 2: AI Technology Impact - Kuaishou's AI capabilities, including the generative recommendation model OneRec and the generative reinforcement learning bidding model G4RL, have significantly enhanced efficiency in marketing material matching and bidding [1] - AI technology contributed approximately 4-5% of the incremental revenue for Kuaishou's domestic online marketing services in this quarter [1] - The penetration rate of AI-generated content in marketing scenarios has significantly increased, with over 3 billion yuan in online marketing service consumption attributed to AIGC marketing materials in Q3 [1]

Core Insights - Kuaishou's online marketing service revenue reached 20.1 billion yuan in Q3 2025, representing a year-on-year growth of 14%, with the growth rate continuing to improve compared to the previous quarter [1] Group 1: Revenue Performance - The online marketing service revenue for Kuaishou in Q3 2025 was 20.1 billion yuan, showing a 14% increase year-on-year [1] - The growth rate of revenue has continued to improve compared to the previous quarter [1] Group 2: AI Technology Impact - Kuaishou leveraged AI capabilities such as the generative recommendation model OneRec and the generative reinforcement learning bidding model G4RL to significantly enhance efficiency in marketing material matching and bidding [1] - AI technology contributed approximately 4-5% incremental revenue to Kuaishou's domestic online marketing service income this quarter [1] Group 3: AIGC Marketing Material - The penetration rate of AI-generated content (AIGC) in marketing scenarios has significantly increased, with online marketing service expenditures from AIGC marketing materials exceeding 3 billion yuan in Q3 [1]