Core Viewpoint - Miao Exhibition, a leading player in the exhibition service industry in China, is facing declining revenues and profits despite holding over 40% market share in overseas exhibitions. The company is preparing for an A-H share listing to attract global capital and enhance its brand image [1][10]. Group 1: Company Overview - Miao Exhibition has submitted a listing application to the Hong Kong Stock Exchange, with CMB International as its sole sponsor [1]. - The company is the top overseas exhibition organizer in China, with a market share of 45.4% in the number of exhibitions and 28.2% in exhibition area as of 2024 [1][8]. - Miao Exhibition provides comprehensive services including exhibition management, booth sales, and related services, having successfully organized 77 exhibitions across various sectors [1]. Group 2: Financial Performance - The company's revenues from 2022 to the first half of 2025 were RMB 348 million, RMB 834 million, RMB 751 million, and RMB 240 million, respectively, indicating a downward trend [1][3]. - Net profits for the same period were RMB 52 million, RMB 188 million, RMB 156 million, and RMB 14 million, with a significant drop in net profit margin from 22.51% in 2023 to 5.83% [1][9]. - The company’s cash and cash equivalents stood at RMB 514 million as of June 2025 [1]. Group 3: Business Segments - Miao Exhibition's main revenue source is from exhibition hosting services, which saw a decline of 12.6% and 5.4% in 2024 and the first half of 2025, respectively, reducing its revenue share to 89.4% [2][3]. - The exhibition agency service segment, however, is growing, with its revenue share increasing to 9.5% [2][3]. Group 4: Market Position and Trends - The global exhibition market is recovering post-pandemic, with a compound annual growth rate (CAGR) of 13.9% in the number of exhibitions in China from 2020 to 2024 [6][8]. - The overseas exhibition market is experiencing even stronger growth, with specialized exhibitions showing a CAGR of 206.7% in number and 182% in area from 2020 to 2024 [8]. - Miao Exhibition has a strong brand presence and a stable customer base, with approximately 6,000 to 9,000 clients over the years [8]. Group 5: Technological Investment - The company is investing in AI and digital transformation, aiming to create integrated solutions that combine exhibition services with AI technology and supply chain services [4][5]. - Miao Exhibition has registered multiple patents and software copyrights, with its core product, AI Hui Exhibition, enhancing interaction between exhibitors and attendees [5]. Group 6: Future Outlook - Despite its leading market position, Miao Exhibition faces challenges with declining revenues and profitability due to rising costs and fluctuating core business performance [9]. - The company’s upcoming A-H share listing is seen as a strategy to attract investment and improve its financial standing, although its fundamental performance needs significant improvement [10].

Core Viewpoint - Miao Exhibition, a leading player in the exhibition service industry in China, is facing declining revenues and profits despite holding over 40% market share in overseas exhibitions. The company is preparing for an IPO in Hong Kong while its financial performance has been negatively impacted by industry conditions [1][12]. Financial Performance - Miao Exhibition's revenues from 2022 to the first half of 2025 are as follows: 348 million RMB, 835 million RMB, 751 million RMB, and 240 million RMB, indicating a downward trend [1][3]. - Net profits for the same period are 52 million RMB, 188 million RMB, 156 million RMB, and 14 million RMB, with a significant drop in net profit margin from 22.51% in 2023 to 5.83% in 2025 [1][11]. - The company had cash and cash equivalents of 514 million RMB as of June 2025 [1]. Business Segments - Miao Exhibition operates primarily in two segments: exhibition hosting services and exhibition agency services. The hosting services account for the majority of revenue but have seen a decline, with revenue shares dropping to 89.4% in 2025 [2][4]. - The exhibition hosting services include comprehensive processes from preparation to post-event services, with a focus on independent exhibitions. The company hosted 21, 26, 21, and 9 exhibitions from 2022 to the first half of 2025 [4][10]. - The exhibition agency services have shown growth, with revenue contribution increasing to 9.5% in 2025, primarily from exhibitions in the UAE and Saudi Arabia [2][4]. Market Position - Miao Exhibition holds a dominant position in the overseas exhibition market, with a market share of 45.4% in terms of the number of exhibitions and 28.2% in terms of exhibition area [1][10]. - The company has a stable customer base, with approximately 6,000 to 9,000 clients over the years, although the number of clients dropped to 3,000 in the first half of 2025 [10]. Industry Outlook - The global exhibition market is expected to see double-digit growth from 2022 to 2024, with China being a key player, accounting for 28.3% of the total exhibition numbers by 2024 [7][10]. - The overseas exhibition market is experiencing strong growth, particularly in specialized exhibitions, but is expected to slow down after 2024 due to high base effects [10]. Technological Investment - Miao Exhibition is investing in AI and digital transformation to enhance its service offerings and competitive edge, with R&D expenditure rising to 4% in the first half of the year [5][6]. - The company has registered multiple patents and software copyrights, with its core product, AI Hui Exhibition, aimed at improving interactions between exhibitors and attendees [6].

香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表明概不就因本申請版本全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Zhejiang Meorient Commerce & Exhibition Inc.* 浙 江 米 奧 蘭 特 商 務 會 展 股 份 有 限 公 司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 之申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的 要求而刊發，僅用作提供資料予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代 表 閣下知悉、接納並向本公司、本公司的獨家保薦人、整體協調人、顧問或包銷團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，準投資者務請僅依據與香港公司註冊處處長註冊的 本公司招股章程作出投資決定，招股章程的文本將於發售期內向公眾派發。 * 僅供識別。 (a) 本文件僅為向香港公眾提供有關本公司的資料，概無任何其他目的。投資者不應根據本 ...

Core Viewpoint - The company reported its Q3 2025 results, which met expectations, with a significant increase in contract liabilities indicating a promising Q4 peak season [1] Financial Performance - In Q3, the company achieved revenue of 160 million yuan, a year-on-year decrease of 2.89%, and a net profit attributable to shareholders of 19.09 million yuan, down 30.36% year-on-year [1] - For the first three quarters, total revenue was 401 million yuan, a decline of 5.67%, with a net profit of 34.63 million yuan, down 49.17% year-on-year [1] - R&D expenses increased by 37.43% year-on-year, primarily due to heightened investment in the "AI Hui Zhan" platform [1] Contract Liabilities and Q4 Outlook - As of the end of September, contract liabilities reached 242 million yuan, a substantial increase of 171.07% from the beginning of the year, mainly due to pre-received payments for Q4 exhibitions [1] - The Q4 is expected to be the company's most critical operational quarter, contributing a significant portion of annual revenue and profit [2] - The company has scheduled several exhibitions in Q4, including new events in Saudi Arabia, Indonesia, Japan, and Dubai, which are anticipated to drive revenue growth [2] New Business Initiatives - The company is launching a new overseas warehouse business, with initial operations in Indonesia and Brazil, which is expected to create new growth opportunities [2] - A joint venture with Panex WD International Limited will focus on supply chain management and international logistics, potentially generating significant revenue in the coming year [2] Profit Forecast Adjustments - Due to delays in the Indian exhibition and the impact of new business on average profit margins, the company has revised its profit forecasts downward for 2025-2027 [3] - The new projections for net profit attributable to shareholders are 144 million yuan, 203 million yuan, and 227 million yuan for 2025, 2026, and 2027 respectively, reflecting declines of 49%, 42%, and 47% from previous estimates [3] - The current stock price corresponds to a PE ratio of 29, 20, and 18 for 2025-2027, with a target market value of 5.5 billion yuan, indicating a potential upside of 34% from the current market value [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance expectation relative to the market [2]. Core Insights - The company reported a significant increase in contract liabilities, suggesting a strong performance in the fourth quarter, which is typically the peak season for the company [7]. - The company has faced challenges due to external factors, including the cancellation of a trade show in the U.S., but this has been seen as a strategic move to optimize profit margins [7]. - The introduction of overseas warehouse operations in Indonesia and Brazil is expected to create new growth opportunities for the company [7]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a total revenue of 401 million yuan, a year-on-year decrease of 5.67%, and a net profit attributable to shareholders of 34.63 million yuan, down 49.17% year-on-year [7]. - The company’s total revenue is projected to reach 855 million yuan in 2025, with a year-on-year growth rate of 13.7% [6]. - The net profit for 2025 is estimated at 144 million yuan, reflecting a decrease of 7.2% compared to the previous year [6]. Revenue and Profit Forecast - The company’s revenue is expected to grow significantly in the coming years, with projections of 1.239 billion yuan in 2026 and 1.462 billion yuan in 2027 [9]. - The gross profit margin is anticipated to be 53.4% in 2025, with a slight decline to 47.4% in 2026 [6]. - The return on equity (ROE) is projected to be 21.4% in 2025, increasing to 25.7% in 2026 [6]. Market Comparison - The current stock price corresponds to a price-to-earnings (PE) ratio of 29 for 2025, 20 for 2026, and 18 for 2027 [7]. - The target market capitalization for the company is set at 5.5 billion yuan, indicating a potential upside of 34% from the current market value [7].

Group 1 - The company plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy and optimize overseas business layout [1] - The chairman highlighted the core pain points for domestic companies in international exhibitions, including language barriers and inefficient customer management [1] - The company aims to innovate the exhibition industry through digital technology and the "AI Hui Exhibition" system, moving away from traditional exhibition models [1] Group 2 - The "AI Hui Exhibition" system has achieved breakthroughs in six areas, including intelligent matching and translation, leveraging a database of 30 million global buyers [2] - The company collaborates with Li Weike Technology to develop AI glasses that integrate various AI functionalities, breaking down language and information processing barriers [2] - The company reported a revenue of 241 million yuan in the first half of 2025, a year-on-year decrease of 7.43%, while the second quarter showed a revenue increase of 21.5% [2][3] Group 3 - The company focuses on planning, organizing, promoting, and operating overseas exhibitions, aiming to support domestic enterprises in going global [3] - It is building a global digital exhibition service platform with independent intellectual property and brand, as well as a platform for domestic brand exhibitions to go abroad [3]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but expects recovery in the second half due to an increase in exhibition projects and the implementation of AI technologies [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 241 million yuan, a year-on-year decrease of 7.43%, and a net profit attributable to shareholders of 16 million yuan, down 61.84% [1]. - In Q2 2025, the company reported revenue of 224 million yuan, an increase of 21.49% year-on-year, and a net profit of 52 million yuan, up 45.74% year-on-year [1]. Project and Revenue Outlook - The decline in revenue and profit in H1 2025 was primarily due to a reduction in the number of projects from 6 to 5, as well as increased investments in AI and foreign trade support policies [2]. - The company anticipates a total of 10 exhibitions in the second half of 2025, an increase of 2 from the previous year, which is expected to drive revenue and profit recovery [2]. AI Integration and Innovation - The company has developed the "AI Hui Zhan" system, which integrates intelligent matching algorithms and wearable AI glasses to enhance the exhibition experience for buyers and exhibitors [3]. - The AI glasses, developed in collaboration with Li Weike Technology Co., incorporate behavior sensing, multi-modal interaction, and data management capabilities, aiming to break down language barriers and facilitate cross-border trade [3]. Data Strategy and Ecosystem Development - The company is focusing on a three-pronged approach involving data standardization, dedicated operational platforms for VIP clients, and localized operational centers to enhance service delivery and reduce communication costs [4]. - The strategy aims to transition the exhibition industry from a "traffic economy" to an "algorithm economy," leveraging technology, data, and practical scenarios [4]. Dividend Policy - The company announced a profit distribution plan for H1 2025, proposing a cash dividend of 0.67 yuan per 10 shares, totaling approximately 19.79 million yuan, which represents 100% of the distributable profit [5]. - The company operates on a light asset model, ensuring sufficient cash flow and maintaining a high dividend payout ratio since 2023 [5]. Investment Forecast - The company maintains its previous profit forecast, expecting revenues of 1.06 billion yuan, 1.39 billion yuan, and 1.58 billion yuan for 2025 to 2027, with net profits of 270 million yuan, 370 million yuan, and 430 million yuan respectively [6]. - The earnings per share (EPS) are projected to be 0.91, 1.24, and 1.44 yuan for the same period [6]. Valuation Metrics - As of August 29, 2025, the closing price was 15.99 yuan per share, corresponding to a price-to-earnings (PE) ratio of 18x, 13x, and 11x for the years 2025, 2026, and 2027 respectively [7].