Group 1: Core Views - The recent upgrades in stock ratings by brokerages are primarily concentrated in sectors with significant performance growth, rising industry sentiment, or turnaround situations, particularly in AI and robotics [2][5] - The number of stocks downgraded by brokerages has reached a year-to-date high, with notable downgrades in the coal and tourism sectors [5][6] Group 2: Upgraded Stocks - Multiple stocks in the AI and robotics sectors have received rating upgrades, including: - Platinum New Materials, with a projected net profit of 376 million yuan for 2024, a year-on-year increase of 46.9% [2] - Huichang Communications, expected to achieve a net profit of 29 million yuan in 2024, turning profitable with a 12.28% year-on-year revenue growth in Q1 [2] - Beijing Junzheng, with Q1 revenue of 1.06 billion yuan, a 5.3% year-on-year increase, and anticipated market recovery [3] - Keli Sensor, reporting a net profit of 76 million yuan in Q1, a nearly 76% year-on-year increase [3] - Nanshan Zhishang, recognized for its leading position in domestic wool spinning and new materials applications [3][4] Group 3: Downgraded Stocks - Several coal stocks have been downgraded, including: - Shanxi Coking Coal and Pingmei Shenma, downgraded to "overweight" due to weak coking coal prices [5] - Shanmei International, also downgraded to "overweight" despite low mining costs and potential production increases [5] - The tourism sector has seen downgrades, such as: - Jinjiang Hotels, with a Q1 net profit of 36 million yuan, down 81% year-on-year [5] - Miao Exhibition, downgraded due to declining revenue amid intensified competition [6] Group 4: Market Outlook - Brokerages are optimistic about AI and high-dividend sectors for May, with expectations of a continued oscillating market [7] - Recommendations include focusing on three main directions: financial dividends, self-sufficiency in industries like military, and domestic consumption [7] - The market is expected to follow a gentle recovery path, with attention on cyclical sectors and growth styles, particularly in AI and robotics [7]

Core Viewpoint - The company reported a decline in total revenue and net profit for 2024, attributing the decrease to intensified competition in overseas exhibitions, particularly in Southeast Asia, and insufficient government subsidies [1] Group 1: Financial Performance - Total revenue for 2024 was 751 million yuan, a year-over-year decrease of 10% [1] - Net profit attributable to shareholders for 2024 was 155 million yuan, down 18% year-over-year [1] - For Q1 2025, total revenue was 17 million yuan, reflecting a significant year-over-year decline of 77% [1] - Net profit for Q1 2025 was 37 million yuan, showing an extraordinary year-over-year increase of 864% [1] - Contract liabilities for Q1 2025 amounted to 193 million yuan, a year-over-year increase of 13.5% [1] Group 2: Exhibition Strategy - The company hosted 14 exhibitions across nine countries in 2024, with 7,500 participating enterprises and nearly 300,000 square meters of exhibition space [1] - The company is transitioning to specialized exhibitions while leveraging "AI + data" to enhance trade show formats [1] - In 2025, the company plans to hold nine industrial machinery exhibitions across eight countries, focusing on key markets such as the Belt and Road Initiative, RCEP, and BRICS countries [2] Group 3: Digitalization and Localization - The company is accelerating its digital transformation by integrating AI technology into exhibition services, launching the world's first AI-driven exhibition solution [2] - The company has established strategic points in Dubai, Indonesia, and Osaka, forming an initial overseas exhibition system [2] - Efforts are being made to localize exhibitor sources in overseas markets, with professional teams set up in Dubai and Indonesia for exhibitor recruitment [2] Group 4: Platform Development - The company aims to create a comprehensive exhibition service platform by deepening strategic partnerships with existing exhibition platforms and seeking collaboration opportunities with domestic platforms [3] - The company is focused on incubating more specialized exhibition projects by leveraging its strong exhibition platform [3] Group 5: Profit Forecast and Investment Rating - Due to trade pressures, the company has revised its net profit forecasts for 2025 and 2026 to 266 million yuan and 340 million yuan, respectively, down from previous estimates [3] - A new net profit forecast of 400 million yuan for 2027 has been introduced, with an adjusted investment rating of "Accumulate" based on the closing price on April 28 [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's sales performance met expectations, with a focus on new opportunities arising from geopolitical and foreign trade environment changes [4] - The company experienced a decline in revenue and net profit in 2024 due to the rescheduling of exhibitions, but there is a positive trend in booth sales [4][6] - The company is expected to benefit from strategic transformations and cost control measures, enhancing profitability in the coming years [5][6] Financial Performance Summary - In 2024, the company reported revenue of 751 million yuan, a year-over-year decrease of 10.1%, and a net profit of 155 million yuan, down 17.6% [4][7] - The company anticipates a recovery in revenue, projecting 947 million yuan in 2025, representing a year-over-year increase of 26.1% [7] - The gross margin for 2024 was 50.8%, with a net margin of 20.7%, showing slight improvements in profitability metrics [5][10] Business Segment Performance - Revenue from self-organized exhibitions, agency exhibitions, and digital exhibitions in 2024 was 680 million yuan, 60 million yuan, and 16 million yuan respectively, with year-over-year changes of -12.6%, +50.9%, and -25.4% [5] - The gross margins for these segments were 51.98%, 38.2%, and 48.6% respectively, indicating a mixed performance across different business lines [5] Future Outlook - The company plans to host 17 exhibitions in 11 countries in 2025, including new events in India and Saudi Arabia, although the feasibility of the Indian exhibitions remains uncertain [6] - The introduction of AI-driven exhibition products is expected to enhance participation effectiveness and boost revenue [6] - Profitability is projected to improve further due to scale effects, increased venue utilization, and refined operations [6]

Core Viewpoint - The company reported lower-than-expected annual performance for 2024, while Q1 2025 results met expectations, primarily due to seasonal adjustments in exhibition scheduling [1] Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 17.27 million yuan, a year-on-year decline of 77.32%, and a net profit attributable to shareholders of -36.79 million yuan, a year-on-year decrease of 864.17% [1] - For the full year 2024, the company reported revenue of 751 million yuan, a decrease of 10.01% year-on-year, and a net profit of 155 million yuan, down 17.55% year-on-year [1] Group 2: Cost and Order Status - In Q1 2025, sales expenses increased by 12% to 36.04 million yuan, management expenses rose by 18% to 10.79 million yuan, and R&D expenses surged by 37% to 4.35 million yuan, reflecting increased investment in digitalization and AI-related initiatives [2] - As of March 2025, the company's contract liabilities reached 193 million yuan, a significant increase of 116.22% from the beginning of the year, indicating a strong order backlog and assurance of future revenue recognition [2] Group 3: Product Development and Market Expansion - The company launched the AI Hui Exhibition 1.0 product in January 2025, enhancing its O2O platform with AI capabilities and smart glasses, aiming to improve efficiency in connecting exhibitors and buyers [2] - The company plans to host exhibitions in 11 countries in 2025, with significant contributions expected from new markets like Saudi Arabia and the recovery of the Indian market, despite some uncertainties regarding Indian visas [3] Group 4: Investment Outlook - Despite Q1 losses due to seasonal effects, the substantial growth in contract liabilities indicates a positive outlook for future exhibitions [3] - The company has revised its profit forecasts downward for 2025-2026, now expecting net profits of 284 million yuan and 352 million yuan, respectively, while introducing a new forecast for 2027 at 426 million yuan [3]

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]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a significant increase in contract liabilities, indicating strong future performance expectations [7] - The launch of the AI Hui Exhibition product is anticipated to enhance operational efficiency and revenue growth [7] - The company plans to host exhibitions in 11 countries in 2025, with new markets and professional transformation expected to drive growth [7] - Despite a seasonal decline in Q1 performance, the increase in contract liabilities suggests a solid order backlog for future revenue recognition [7] Financial Data and Earnings Forecast - Total revenue is projected to grow from 751 million in 2024 to 1,107 million in 2025, with a year-on-year growth rate of 47.3% [6] - The net profit attributable to shareholders is expected to rise from 155 million in 2024 to 284 million in 2025, reflecting an 82.9% increase [6] - The company’s gross margin is forecasted to improve from 50.8% in 2024 to 56.1% in 2025 [6] - The price-to-earnings ratio is projected to decrease from 29 in 2024 to 16 in 2025, indicating a more attractive valuation [6]

2025年4月26日，米奥会展(300795.SZ)发布2025年一季报。 公司营业总收入为1726.73万元，在已披露的同业公司中排名第20，较去年同报告期营业总收入减少 5886.36万元，同比较去年同期下降77.32%。归母净利润为-3679.13万元，在已披露的同业公司中排名第 19，较去年同报告期归母净利润减少4160.58万元，同比较去年同期下降864.17%。经营活动现金净流入 为-1267.42万元，在已披露的同业公司中排名第11，较去年同报告期经营活动现金净流入减少3230.24万 元，同比较去年同期下降164.57%。 公司摊薄每股收益为-0.16元，在已披露的同业公司中排名第19，较去年同报告期摊薄每股收益减少0.18 元，同比较去年同期下降900.00%。 公司最新总资产周转率为0.02次，在已披露的同业公司中排名第20，较去年同期总资产周转率减少0.07 次，同比较去年同期下降76.05%。最新存货周转率为1.14次，在已披露的同业公司中排名第16。 | 序号 | 股东名称 | 持股比例 | | --- | --- | --- | | I | 方欢胜 | 22.95% | | 2 | ...

| 代码 | 简称 | 每10股送转 | 每10股派现 | 派现金额（万 | | 派现占净利润比例 | 股息率 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | （股） | （元） | 元） | | （%） | （%） | | 600662 | 外服控 股 | 0.00 | 2.4 | 54803.92 | 50.44 | | 5.11 | | 300144 | 宋城演 艺 | 0.00 | 2 | 52452.01 | 50.01 | | 2.12 | | 600754 | 锦江酒 店 | 0.00 | 3.8 | 40586.98 | 44.55 | | 1.40 | | 600258 | 首旅酒 | 0.00 | 3.6 | 40197.71 | 49.85 | | 2.52 | | | 店 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 002033 | 丽江股 | 0.00 | 3.5 | 19232.17 | 91.20 | 3.76 | | | 份 | | | | ...

浙江米奥兰特商务会展股份有限公司全体股东： 根据财政部、证监会等部门联合发布的《企业内部控制基本规范》和深圳证券交易所《上 市公司内部控制指引》的规定，以及相关法律、法规的具体要求，浙江米奥兰特商务会展股 份有限公司（以下简称"公司"或"本公司"）遵循客观、独立和公正性原则，对本公司 2024 年年度内部控制情况进行了全面的检查，在查阅公司各项管理制度、了解公司有关单 位和部门在内部控制方面所做工作的基础上，对本公司内部控制建立的合理性、完整性及实 施有效性进行了全面的评估。 一、重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并 如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行 监督。经营管理层负责组织领导企业内部控制的日常运行。 公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存在任何虚假记载、 误导性陈述或重大遗漏，并对本报告内容的真实性、准确性和完整性承担个别及连带法律责 任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真 实完整，提高经营效率和效果，促进实现发展战略。由于内部控制存在固有局 ...

证券代码：300795 证券简称：米奥会展 公告编号：2025-024 浙江米奥兰特商务会展股份有限公司 2025年第一季度报告披露提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 浙江米奥兰特商务会展股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召开了第五届董事会第三十二次会议和第五届监事会第 二十九次会议，审议通过了《关于 2025 年第一季度报告的议案》。为 使投资者全面了解公司的经营情况、财务状况等，公司 2025 年第一 季度报告将于 2025 年 4 月 26 日在中国证监会指定创业板信息披露网 站巨潮资讯网（www.cninfo.com.cn）上披露，敬请投资者注意查阅。 特此公告！ 浙江米奥兰特商务会展股份有限公司董事会 2025 年 4 月 26 日 ...