We will consider the "circle of pairs" ${CP}_k$, more precisely, ${CP}_k:=\mathbb{Z}_k\times\{1,2\}$, where $k$ is some positive integer and $\mathbb{Z}_k$ is the additive cyclic group as usual.
A colouring of ${CP}_k$ is a function $f:{CP}_k\rightarrow\{0,1\}$. The size of a colouring $f$ is defined as $|f^{-1}(1)|$. Two colourings $f,g$ of ${CP}_k$ (of the same size) can be the same "by rotation", more precisely, there exists $a\in\mathbb{Z}_k$ such that $f((x+a,i))=g((x,i))$ for all $\{x,i\}\in{CP}_k$.
Note that the left hand side of the identity is exactly the number of ways to have colouring of $m$ linearly ordered circle of pairs ${CP}_{n_1},\dots,{CP}_{n_m}$ of sizes $n_1-1,\dots,n_m-1$ respectively for $n_1,\dots,n_m>0$ with $n_1+\dots+n_m=n$ up to rotation.
Before we show the right hand side of the identity is also this number, we take a more detailed look into a colouring. Let $f$ be a colouring of ${CP}_k$ of size $l$ for some $l<k$. For $x\in\mathbb{Z}_k$, we denote the pair $\{(x,1),(x,2)\}$ by $P_x$. Note that for each $x\in\mathbb{Z}_k$, $f(P_x)$ can be $\{0,1\}$, $\{0\}$ or $\{1\}$.
We now partition the pairs into $4$ types:
(i) For each $x\in\mathbb{Z}_k$, $P_x$ is of Type I if $f(P_x)=\{0,1\}$;
(ii) For each $x\in\mathbb{Z}_k$, $P_x$ is of Type II if $f(P_x)=\{1\}$;
(iii) Pairs Type III are defined in a way that each of them is one-to-one corresponded with one pair of Type II: Firstly, we mark all pairs of Type I and II. Then, for each pair $P_y$ of Type II, find the smallest $a\in\{1,\dots,k\}$ with that $P_{x+a}$ is still not marked yet, this pair $P_{x+a}$ must satisfy $f(P_{x+a})=\{0\}$, mark $P_{x+a}$;
(iv) For $x\in\mathbb{Z}_k$, $P_x$ is of Type IV if it is neither of Type I, II nor III.
The main observations are, given a colouring of ${CP}_k$ of size $l<k$, (a) although in (iii) we can pick pairs of Type II in several different orders, but it does not alter which type a pair will be assigned; (b) the total number of pairs of Types I, II and III is $l$, and the number of pairs of Type IV is $k-l$. For example, with given a colouring of ${CP}_{n_1}$ of size $n_1-1$, there is exactly one pair of Type IV and it is uniquely determined.
Back to our problem, we take a colouring $f$ of ${CP}_n$ of size $n-m$ (up to rotation). In this colouring we have exactly $m$ pairs $P_{x_1},\dots,P_{x_m}$ of Type IV. We pick one pair $P_{x_j}$ amongst these $m$ pairs. You may notice that we can have $\frac m n \binom{2n}{n-m}$ ways to do it. We now cut ${CP}_n$ into $m$ segments, namely $\{P_{x_1},\dots,P_{x_2-1}\},\{P_{x_2},\dots,P_{x_3-1}\},\dots,\{P_{x_m},\dots,P_{x_1-1}\}$, and glue them into $m$ circle of pairs in a natural way. We order the circle of pairs containing $P_{x_j}$ as the first circle of pairs, the circle of pairs containing $P_{x_{j+1}}$ as the second circle of pairs, and so on. And please excuse me for leaving the tedious detail of showing that this process does provide us a one-to-one correspondence :)