Group 1: Event Overview - The 21st China (Shenzhen) International Cultural Industries Fair (CICIF) opened on May 22, showcasing the theme "Innovation Leads Trends, Creativity Lights Up Life" [1] - Liard Lifen Culture participated in the Guangdong Pavilion, presenting new scenarios of cultural and technological integration [1] Group 2: Exhibits and Innovations - Last year's highlight was the "Future Eye" exhibit featuring AI explanations and immersive digital content [2] - This year, Liard Lifen Culture introduced the "Immersive Interactive Time Tunnel," utilizing naked-eye 3D, motion interaction, and LED immersive space technologies, becoming a popular attraction [2][3] - The design of the Time Tunnel involved five large LED screens to create a fully immersive interactive experience, blending Guangdong's cultural heritage with futuristic concepts [5][7] Group 3: Technological Advancements - The company emphasized upgrades in "immersion," "interactivity," and "intelligence" compared to last year, moving from mere technology display to a participatory experience [8][9] - The integration of AI recognition and audience behavior analysis allows for dynamic content adaptation based on visitor interactions [9][13] Group 4: Cultural and Technological Integration - The fair highlighted the trend of deep integration between culture and technology, with Liard Lifen Culture leading in this area [5] - The company aims to create a cultural ecosystem that enhances local culture and drives economic growth through technology [12][14] Group 5: Future Plans and Global Outreach - Liard Lifen Culture is focused on building an "AI + Display + Cultural Tourism" ecosystem, aiming for sustainable operations and cultural dissemination [13][14] - The company is committed to promoting traditional Chinese culture globally through innovative technological means, ensuring that cultural elements resonate with international audiences [15]

Core Insights - The demand for unique cultural experiences among global tourists is growing at an annual rate of 15%, significantly outpacing traditional sightseeing tourism [1] - The integration of culture and tourism is creating opportunities for innovative products that provide consumers with meaningful emotional experiences [1] Group 1: Cultural and Tourism Integration - The return of "The House of Dancing Water" marks a new chapter in the cross-industry integration of tourism and culture in Macau [1][3] - The performance combines water ballet, aerial stunts, and dramatic storytelling, catering to the modern tourist's desire for immersive experiences [3] Group 2: Technological Innovation - The new chapter of "The House of Dancing Water" features significant technological innovations, including a massive water pool equivalent to five Olympic-sized swimming pools and 13 new stage design elements [5] - The performance is enhanced by a newly arranged orchestral score and custom costumes, creating a fully immersive sensory experience [5] Group 3: Artistic Expression and Global Appeal - The new production incorporates Eastern aesthetic elements and employs a "global language, local narrative" strategy to meet the aesthetic expectations of international audiences [7] - The chairman of the parent company emphasizes that the performance is not only an artistic innovation but also a crucial step in promoting the integration of Macau's tourism and cultural industries [7]

Group 1 - The core viewpoint of the report is that due to the continuous increase in market share, the adjusted EBITDA forecasts for Melco International Development for 2025 and 2026 have been raised by 2% to HKD 14.01 billion and HKD 13.45 billion respectively [1] - The current stock price corresponds to a 5x EV/adjusted EBITDA for 2025, indicating a potential upside of 48% compared to the current stock price [1] Group 2 - In Q1 2025, Melco Resorts reported net revenue of USD 1.232 billion, an increase of 11% year-on-year and 3% quarter-on-quarter, recovering to 89% of Q1 2019 levels [2] - The adjusted property EBITDA for Q1 2025 was USD 341 million, up 14% year-on-year and 15% quarter-on-quarter, exceeding Bloomberg's consensus estimate of USD 315 million [2] - The performance is attributed to the increase in market share at City of Dreams and Studio City in Macau [2] Group 3 - Management indicated that the market share in Macau reached 15.7% in April 2025, with high-end mass gaming continuing to drive performance growth [3] - The show "The House of Dancing Water" premiered at City of Dreams on May 7, 2025 [3] - Management expects the reinvestment rate in the Macau gaming industry to stabilize compared to a year ago [3] Group 4 - During the May Day Golden Week in 2025, the betting volume in Macau properties was strong, with a 20% year-on-year increase in mass gaming at City of Dreams, supported by a 30% increase in property foot traffic [4] - The win amount from rated customers in Macau properties increased by 12% year-on-year [4]