Financial Performance - The company reported a basic earnings per share of -0.0300 yuan for Q1 2025, a decrease of 200% compared to -0.0100 yuan in Q1 2024 [1] - The net profit for Q1 2025 was -0.25 billion yuan, reflecting a significant decline of 400% from -0.05 billion yuan in Q1 2024 [1] - The operating revenue increased by 31.07% to 2.32 billion yuan in Q1 2025, compared to 1.77 billion yuan in Q1 2024 [1] - The return on equity was -0.60% in Q1 2025, a drop of 328.57% from -0.14% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 51,293.28 million shares, accounting for 69.73% of the circulating shares, with a decrease of 487.60 million shares from the previous period [1] - Shanghai Lansheng (Group) Co., Ltd. remains the largest shareholder with 30,682.25 million shares, representing 41.71% of the total share capital [2] - Hong Kong Central Clearing Limited reduced its holdings by 618.03 million shares, now holding 1,409.17 million shares, which is 1.92% of the total [2] Dividend Distribution - The company has announced that there will be no distribution or transfer of dividends this time [3]

证券代码：600826 证券简称：兰生股份 公告编号：2025-016 东浩兰生会展集团股份有限公司 关于召开2024年年度股东会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一)股东会类型和届次 2024年年度股东会 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方 式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 23 日 13 点 30 分 召开地点：上海市博成路 850 号上海世博展览馆 B2 层 5 号会议室 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 5 月 23 日 至2025 年 5 月 23 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东会召开日期：2025年5月23日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 东会召开当日的交易时间段，即 9 ...

证券代码：600826 证券简称：兰生股份 公告编号：临2025-014 东浩兰生会展集团股份有限公司 第十一届董事会第九次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 东浩兰生会展集团股份有限公司（以下简称"公司"）第十一届董事会第九 次会议于 2025 年 4 月 28 日以通讯方式召开，会议通知及材料于 2025 年 4 月 24 日以微信及电子邮件的方式发出。会议应出席董事 9 人，实际出席董事 9 人。会 议的召开符合《中华人民共和国公司法》和公司章程的规定。经与会董事审议， 通过如下决议： 一、同意《关于公司 2025 年第一季度报告的议案》。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 本议案于 2025 年 4 月 27 日经董事会审计委员会会议审议通过。 具体内容详见公司披露的《东浩兰生会展集团股份有限公司 2025 年第一季 度报告》。 二、同意《关于变更会计师事务所的议案》。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 本议案于 2025 年 4 月 27 日经董 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥231,649,106.43, representing a year-on-year increase of 30.98% compared to ¥176,855,498.59 in the same period last year[4] - The net profit attributable to shareholders was -¥24,589,963.50, a decrease of ¥19,352,000 compared to -¥5,236,807.38 in the previous year, indicating a significant loss[4] - The net cash flow from operating activities was -¥77,775,354.69, a decline of 226.29% from ¥61,583,798.53 in the same period last year[4] - The basic earnings per share were -¥0.03, down from -¥0.01 year-on-year[4] - The net profit for Q1 2025 was -¥18,397,701.02, compared to -¥644,492.43 in Q1 2024, indicating a significant decline in profitability[18] - The total comprehensive income for Q1 2025 was -¥59,876,157.00, compared to ¥12,356,192.39 in Q1 2024, reflecting a substantial decrease[19] - Operating cash flow for Q1 2025 was -¥77,775,354.69, a sharp decline from ¥61,583,798.53 in Q1 2024[22] - The basic and diluted earnings per share for Q1 2025 were both -¥0.03, compared to -¥0.01 in Q1 2024, indicating a worsening earnings outlook[19] Assets and Liabilities - Total assets at the end of the reporting period were ¥5,695,977,513.95, a decrease of 1.58% from ¥5,787,327,948.29 at the end of the previous year[5] - Total liabilities decreased to RMB 1,442,893,854.05 as of March 31, 2025, compared to RMB 1,473,468,131.39 at the end of 2024[14] - The company's total equity as of March 31, 2025, was RMB 4,253,083,659.90, down from RMB 4,313,859,816.90 at the end of 2024[14] - Cash and cash equivalents as of March 31, 2025, amounted to RMB 1,371,170,026.34, a decrease of 6% from RMB 1,458,148,515.24 at the end of 2024[12] - Total assets as of March 31, 2025, were RMB 5,695,977,513.95, down from RMB 5,787,327,948.29 at the end of 2024[13] Revenue and Costs - Total operating revenue for Q1 2025 reached RMB 231,649,106.43, an increase of 31% compared to RMB 176,855,498.59 in Q1 2024[17] - Total operating costs for Q1 2025 were RMB 227,038,646.64, up from RMB 182,643,551.02 in Q1 2024, reflecting a 24% increase[17] - Revenue from sales of goods and services in Q1 2025 was ¥423,082,570.16, up from ¥407,908,658.52 in Q1 2024, showing a growth of approximately 3.0%[21] Investments and Expenses - The company has maintained a stable level of long-term investments, with RMB 454,032,675.36 in long-term equity investments as of March 31, 2025[12] - Research and development expenses for Q1 2025 were ¥497,141.68, indicating ongoing investment in innovation[18] - The company incurred financial expenses of ¥169,468.96 in Q1 2025, a decrease from ¥1,706,122.88 in Q1 2024, suggesting improved cost management[18] - The company reported investment income of ¥4,033,017.54 in Q1 2025, down from ¥8,321,040.69 in Q1 2024, reflecting challenges in investment performance[18] Shareholder Information - The company had a total of 29,390 common shareholders at the end of the reporting period[8] - The equity attributable to shareholders was ¥4,121,776,008.50, also down by 1.58% from ¥4,187,844,427.98 at the end of the previous year[5] Government Support and Future Plans - The company received government subsidies amounting to ¥878,409.11 during the period, which are related to normal business operations[6] - The company plans to expand its market presence and invest in new product development in the upcoming quarters[17] Inventory and Cash Flow - The company’s inventory increased to RMB 18,942,557.81 as of March 31, 2025, compared to RMB 12,437,865.93 at the end of 2024, indicating a 52% rise[12] - The cash and cash equivalents at the end of Q1 2025 were ¥1,351,664,451.81, compared to ¥1,140,099,860.74 at the end of Q1 2024, indicating a liquidity improvement[22] Return on Equity - The weighted average return on equity increased by 0.133 percentage points, reflecting a slight improvement despite the negative net profit[7]

证券代码：600826 证券简称：兰生股份 公告编号：临2025-015 东浩兰生会展集团股份有限公司 关于变更会计师事务所的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 变更会计师事务所的简要原因及前任会计师的异议情况：鉴于上会会计师 事务所（特殊普通合伙）（以下简称"上会"）已经连续多年为公司提供审计服 务并已满规定年限，根据中华人民共和国财政部、国务院国有资产监督管理委员 会和中国证券监督管理委员会印发的《国有企业、上市公司选聘会计师事务所管 理办法》相关规定和监管要求，同时为保证审计报告的质量，维护公司及全体股 东的利益，保障选聘工作的公平公正，经公开招标比选，公司拟聘请立信会计师 事务所（特殊普通合伙）（以下简称"立信"）为 2025 年度审计机构。公司已就 本次改聘有关事宜与前后任会计师事务所进行了充分沟通，前后任会计师事务所 均已知悉本事项并对本次变更无异议。 本次变更会计师事务所事项尚需提交公司股东会审议。 一、拟聘任会计师事务所的基本情况 （一）机构信息 1.基本信息 立信于 1 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 8.35 [1][8]. Core Insights - The company achieved a revenue of 1.643 billion yuan in 2024, representing a year-on-year growth of 15.58%. The net profit attributable to shareholders reached 306.84 million yuan, an increase of 11.44% compared to the previous year [4][8]. - The company has demonstrated strong capabilities in the exhibition industry, with a significant increase in revenue from supporting services, which grew by 62.87% year-on-year, accounting for 21.71% of total revenue [5][6]. - The company is accelerating its international expansion, having registered a subsidiary in Hong Kong and exploring integrated operations in the Expo Exhibition Hall [7][8]. Financial Performance - The company reported a gross margin of 32.58% for 2024, a slight increase of 0.68 percentage points year-on-year. The net profit margin was 18.67%, showing a minor decline of 0.69 percentage points due to increased management expenses [6][9]. - The company plans to distribute a cash dividend of 2.2 yuan per 10 shares for 2024, with a cash dividend payout ratio of 52.86% [7][8]. - Forecasts indicate that the company will achieve net profits of 351 million yuan, 398 million yuan, and 452 million yuan for 2025, 2026, and 2027, respectively, with growth rates of 14.3%, 13.6%, and 13.5% [8][9]. Market Position and Strategy - The company organized and participated in 59 exhibition projects in 2024, an increase of 18% from the previous year, with a total exhibition area of 1.24 million square meters [5][6]. - The sports segment generated revenue of 189 million yuan, reflecting a year-on-year growth of 21.7%, although the gross margin decreased due to high costs associated with new events [5][6]. - The company is investing 50 million yuan to establish an AI ecosystem service platform, enhancing its digital capabilities and exploring value-added services [6][7].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 8.35 [1][8]. Core Insights - The company achieved a revenue of 1.643 billion yuan in 2024, representing a year-on-year growth of 15.58%. The net profit attributable to shareholders reached 306.84 million yuan, an increase of 11.44% compared to the previous year [4][8]. - The company has significantly enhanced its exhibition service capabilities, with a notable increase in revenue from supporting services, which grew by 62.87% year-on-year, accounting for 21.71% of total revenue [5][6]. - The company is accelerating its international expansion, having registered a subsidiary in Hong Kong and exploring integrated operations in the Expo Exhibition Hall [7][8]. Financial Performance - The company reported a gross profit margin of 32.58% in 2024, a slight increase of 0.68 percentage points year-on-year. The net profit margin was 18.67%, showing a minor decline of 0.69 percentage points due to increased management expenses [6][9]. - The company plans to distribute a cash dividend of 2.2 yuan per 10 shares for 2024, with a cash dividend payout ratio of 52.86% [7][8]. - Forecasts indicate that the company will achieve net profits of 351 million yuan, 398 million yuan, and 452 million yuan for 2025, 2026, and 2027, respectively, with growth rates of 14.3%, 13.6%, and 13.5% [8][9]. Market Position and Strategy - The company organized and participated in 59 exhibition projects in 2024, an increase of 18% from the previous year, with a total exhibition area of 1.24 million square meters [5][6]. - The sports segment generated revenue of 189 million yuan, reflecting a year-on-year growth of 21.7%, although the gross margin decreased due to high costs associated with new events [5][6]. - The company is investing 50 million yuan to establish an AI ecosystem service platform, enhancing its digital capabilities and exploring value-added services [6][7].

证券代码：600826 股票简称：兰生股份 公告编号：临 2025-013 东浩兰生会展集团股份有限公司 关于办公地址信息更新的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假 记载、误导性陈述或者重大遗漏负连带责任。 东浩兰生会展集团股份有限公司（以下简称"公司"）办公地址门牌号信息 更新，地理位置不变，现将相关事项公告如下： 除上述变更外，邮政编码、公司网址、投资者热线、电子邮箱等均保持不变， 具体如下： 邮编：200011 公司网址：www.dlg-expo.com 投资者热线：021-63366287、021-63366275 变更前： 办公地址：上海市黄浦区会馆街 55 号绿地外滩中心 T3 栋 15-16 楼 变更后： 办公地址：上海市黄浦区董家渡路 200 号董家渡外滩中心 T3 栋 15-16 楼 电子邮箱：stock@dlg-expo.com 敬请广大投资者注意上述变更事项。由此给大家带来的不便，敬请谅解。 特此公告。 东浩兰生会展集团股份有限公司董事会 2025 年 4 月 25 日 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][5][7] Core Views - The company achieved a revenue of RMB 1.643 billion in 2024, representing a year-on-year growth of 15.58%, and a net profit of RMB 307 million, up 11.44% year-on-year [5][10] - As a leading state-owned enterprise in the exhibition industry, the company continues to grow its existing business steadily through both organic growth and acquisitions [5][7] - The company is focusing on new growth areas such as artificial intelligence, low-altitude economy, sports events, pet economy, and health [10] Financial Summary - The company’s revenue projections for 2025-2027 are RMB 1.812 billion, RMB 1.989 billion, and RMB 2.152 billion, with growth rates of 10.3%, 9.8%, and 8.2% respectively [9][11] - The expected EPS for 2025-2027 is RMB 0.43, RMB 0.46, and RMB 0.49, with corresponding P/E ratios of 19.0, 17.8, and 16.5 [7][9] - The company plans to distribute a cash dividend of RMB 2.2 per 10 shares for 2024, totaling RMB 159 million, which represents 66.08% of the net profit [10]

Core Insights - The establishment of Weike Yili Company is based on the rapid development of artificial intelligence technology and the company's extensive experience and resources accumulated from the World Artificial Intelligence Conference (WAIC) [1][2] - The company aims to create a globally influential comprehensive ecological service provider for AI conferences, marking a significant step in the AI exhibition field [1] Group 1: Company Strategy and Development - The company has officially set up a wholly-owned subsidiary, Shanghai Donghao Lansheng Weike Yili Information Technology Co., Ltd., to operate the WAIC project [1] - Weike Yili's mission is to "link the global AI ecosystem" by integrating resources and innovative services to promote collaborative development in the global AI industry [1] Group 2: Business Model and Future Plans - The company adheres to a "one chain, two circles" development model, focusing on professional operation across the entire exhibition chain and creating a technology exhibition and AI ecosystem [1] - Future initiatives will revolve around a 1+6 product line, including the WAIC conference, WAIC UP consulting platform, WAIC Future Tech incubation platform, and WAIC Connect matching platform, aimed at empowering AI enterprise development [1][2] Group 3: Data-Driven Approach - Weike Yili plans to leverage the WAIC conference to build a digital middle platform for data-driven insights and analysis, aiming to become an industry data benchmark [2]