米奥会展20250427

Summary of Conference Call Notes Company Overview - The company discussed is 米奥会展 (Miao Exhibition), which operates in the exhibition industry. Key Points and Arguments Financial Performance - In 2024, exhibition revenue decreased by 10% to 751 million yuan, primarily due to strategic misalignment and reduced financial subsidies, although the digital exhibition model showed significant cost reduction and efficiency improvements, leading to a slight increase in gross margin [2][3] - In Q1 2025, revenue dropped significantly to over 10 million yuan, resulting in a loss of 37 million yuan, aligning with market expectations due to seasonal factors [2][6] - The company plans to host 17 exhibitions across 11 countries in 2025, with Q4 expected to contribute over half of the annual revenue and profit [2][8] Strategic Positioning - The company is focusing on refined management and cost control to navigate the economic downturn, while also increasing R&D investment, with Q1 R&D expenses rising over 30% year-on-year [2][7][10] - The introduction of the AI-based online exhibition product "AI 慧展" aims to create a new growth point with a target sales revenue of 100 million yuan and a gross margin of 60%-70% [2][12] Market Expansion and Opportunities - The company invested 25 million yuan for a 6% stake in 李维克 (Liweike) and plans to purchase 30,000 AI glasses for 30 million yuan, gaining exclusive sales rights for these glasses at domestic and international exhibitions [2][11] - The Saudi Arabian market is highlighted as having significant exhibition potential, with an increase in planned exhibition booths from 1,000 to 1,500 due to its affluent population [2][9][13] - The Indian market is also crucial, with plans for 2,000 booths, although current geopolitical tensions may hinder execution [2][14] Digital Transformation and AI Integration - The digital exhibition model has shown resilience, with a 20% year-on-year increase in booth sales, indicating strong market demand [2][4][15] - AI tools are being integrated to enhance participant experience and efficiency, with applications such as AI glasses for recording discussions and AI translation services under development [2][16][17] Government Support and Market Dynamics - Financial support from local governments is expected to boost participation in international exhibitions, alleviating the financial burden on companies [2][28][30] - The impact of the US-China tariff conflict has led many companies to shift focus from the US market to emerging markets, enhancing the attractiveness of participating in exhibitions in Southeast Asia and the Middle East [2][26][27] Future Outlook - The company remains optimistic about its performance in 2025, despite the challenges faced in Q1, and is focused on optimizing arrangements for better outcomes [2][6] - The development of a smart exhibition management system is underway, which will provide business functionalities and leverage a precise buyer database for market expansion [2][18][25] Additional Important Content - The company is differentiating its AI exhibition offerings from traditional O2O products, aiming for a 50% coverage rate among the expected 10,000 participating companies in 2025 [2][19] - The exclusive agency for AI glasses will be managed separately to ensure focused promotion and development [2][21][24]