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 | | | | ...

证券代码：300795 证券简称：米奥会展 公告编号：2025-013 浙江米奥兰特商务会展股份有限公司 关于续聘会计师事务所的公告 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 特别提示： 1、拟续聘的审计机构名称：天健会计师事务所（特殊普通合伙）， 本次续聘会计师事务所事项符合财政部、国务院国资委、证监会印发 的《国有企业、上市公司选聘会计师事务所管理办法》（财会〔2023〕 4 号）的规定； 2、本事项尚需提交公司 2024 年年度股东大会审议。 一、拟续聘会计师事务所事项的情况说明 天健会计师事务所（特殊普通合伙）（以下简称"天健"）在 2024 年度的审计工作中，遵循诚信独立、客观公正的原则，较好地 完成了浙江米奥兰特商务会展股份有限公司（以下简称"公司"） 2024 年度财务报告等工作，表现了良好的职业操守和专业的业务能 力。为保持审计工作的连续性和稳定性，经公司董事会审计委员会提 议，董事会同意续聘天健为公司 2025 年度的审计机构，聘期一年。 公司董事会提请公司股东大会授权公司经营管理层根据公司 2025 年 度的具体审计要求和审计范围与天健 ...

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 ...

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 2024 年年度报告及其摘要的议案》。 为使投资者全面了解公司的经营情况、财务状况等，公司 2024 年年 度报告全文及摘要将于 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！ 证券代码：300795 证券简称：米奥会展 公告编号：2025-010 浙江米奥兰特商务会展股份有限公司 2024年年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董事会 2025 年 4 月 26 日 ...

证券代码：300795 证券简称：米奥会展 公告编号：2025-021 浙江米奥兰特商务会展股份有限公司 关于拟变更公司注册资本及修订《公司章程》的公告 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《关于拟变更公司注册资本及修订<公 司章程>的议案》，董事会提请股东大会授权董事会或其授权人士办 理后续变更登记、章程备案等相关事宜，授权有效期限自公司股东大 会审议通过之日起至本次相关工商变更登记及章程备案办理完成之 日止。现将有关情况公告如下： 一、公司注册资本拟变更情况 1、2024 年 9 月 6 日公司召开了第五届董事会第二十八次会议、 第五届监事会第二十五次会议，审议通过了《关于 2021 年限制性股 票激励计划首次授予部分第三个归属期及预留授予部分第二个归属 期归属条件成就的议案》，同意向首次授予与预留授予部分共计 129 名激励对象定向发行公司 A 股普通股股票 834,122 股。本次归属 ...