Summary of the Conference Call Company and Industry Overview - The conference call involved **Miao Exhibition**, a leading company in the exhibition industry, particularly in overseas exhibitions. The discussion highlighted the challenges and opportunities within the **service consumption sector**, specifically focusing on the exhibition segment, which is considered a significant part of this industry [1][3]. Key Points and Arguments 1. **Economic Environment and Financial Performance**: - The overall economic environment has been challenging, leading to a slight increase in revenue but a significant decline in profit. The company reported a profit drop of over 20% when excluding non-recurring items, indicating that revenue growth does not directly translate to profit growth [3][4]. - The gross margin decreased by over 2 percentage points, reflecting the difficulties in maintaining profitability despite revenue increases [4]. 2. **AI Exhibition Launch**: - In January, the company launched an **AI Exhibition**, upgrading its previous digital exhibition services. This upgrade included significant software enhancements and the introduction of hardware like VR glasses. However, the sales performance in this area was not ideal due to delays in completing all functionalities until mid-year [4][5]. 3. **Industrial Exhibition in Indonesia**: - The company hosted an industrial exhibition in Indonesia in June, which saw a significant increase in the number of exhibition booths from 500 to nearly 1200, indicating strong growth potential in this sector [6][7]. - A new exhibition model was introduced, utilizing a "wolf-sheep" theory to attract buyers and sellers, enhancing the effectiveness of the exhibition [7][9]. 4. **Market Expansion and Future Prospects**: - The company is focusing on the industrial machinery sector, which is expected to grow rapidly, particularly in the context of China's foreign trade [6][10]. - The company plans to leverage its recent listing on the Hong Kong Stock Exchange to enhance its international market presence and capitalize on the growing demand for exhibitions in emerging markets [10][11]. 5. **Geopolitical Risks**: - The ongoing geopolitical tensions, particularly between the U.S. and Iran, pose significant risks to the company's operations in the Middle East. The potential for prolonged conflict could severely impact exhibition attendance and revenue [24][30]. - The company is monitoring the situation closely, with contingency plans in place should the conflict escalate [24][33]. 6. **Government Support and Subsidies**: - There is limited government support for exhibition companies compared to domestic events, where subsidies are more common. The focus is primarily on supporting participating enterprises rather than the exhibition companies themselves [39][40]. - The overall subsidy landscape is stable, with some adjustments based on geopolitical factors and market conditions [41][42]. 7. **Future Events and Strategic Adjustments**: - The company is preparing for upcoming exhibitions, including a major event in Dubai, while also considering the implications of current geopolitical tensions on attendance and participation [26][30]. - There is a recognition of the need to adapt to changing market conditions, including the potential for online exhibitions if necessary [37][38]. Additional Important Content - The company has established a supply chain company to address challenges faced by small buyers in developing countries, facilitating their ability to purchase products showcased at exhibitions [14][16]. - The recent exhibition in Saudi Arabia set a record with over 1500 booths, indicating strong market potential in the region [17][18]. - The company is exploring the possibility of online exhibitions as a contingency plan, although it acknowledges the challenges in achieving the same scale and profitability as physical events [37][38].

Core Viewpoint - The 22nd China-ASEAN Expo and Business and Investment Summit will leverage artificial intelligence to enhance exhibition experiences and services, marking a significant step towards digital transformation in the exhibition industry [10][11][12]. Group 1: AI Exhibition Features - The "AI Exhibition" intelligent system integrates advanced technologies such as large models and intelligent recommendations, offering personalized services across 24 application scenarios, including smart customer service and itinerary planning, supporting eight ASEAN languages for seamless communication [10][11]. - The system addresses traditional exhibition pain points like information matching and service efficiency, transforming short-term exhibitions into ongoing trade platforms [11][12]. - A specialized knowledge base, termed the "Economic and Trade Brain," contains over 2 million data entries related to industry policies and regulations across ASEAN countries, facilitating quick access to relevant information for businesses [13][14]. Group 2: Enhanced Visitor Experience - The intelligent navigation feature allows users to locate specific areas within the exhibition center easily, enhancing the overall visitor experience [15]. - Augmented reality (AR) features enable attendees to scan exhibits for real-time digital content, significantly improving engagement [16]. - The system provides comprehensive itinerary planning services, integrating transportation and accommodation information for participants [16]. Group 3: Intelligent Matching and Legal Services - The intelligent matching feature helps businesses quickly identify optimal partners among thousands of exhibitors, utilizing a dual-mode approach for precise partner selection [18][19]. - The system offers a comprehensive legal service module that addresses common legal risks in cross-border trade, providing real-time compliance information and necessary documentation [20][21]. Group 4: Smart Media and Future Prospects - The intelligent media system streamlines the process of creating and publishing promotional materials, significantly reducing the time required for content generation and approval [22][23]. - The successful implementation of the "AI Exhibition" model is expected to serve as a replicable example for digital transformation in the exhibition industry, contributing to regional economic integration as the China-ASEAN Free Trade Area 3.0 is developed [24].

Group 1 - The China-ASEAN Expo has established an AI pavilion for the first time, showcasing approximately 1,200 cutting-edge AI products from both domestic and international sources [1] - The expo will host the China-ASEAN AI Ministerial Roundtable, where ministers from the AI sector will engage in discussions on regional cooperation, aiming to create a cross-border "technology fair" [1] - The "AI Dongbo" intelligent agent, the first multi-scenario AI entity in the country, was officially launched on September 13, specifically for the expo [1] Group 2 - The AI pavilion will present AI technological achievements from multiple ASEAN countries, with over 70 foreign purchasing groups confirmed to attend, aiming to organize more than 500 high-quality buyers seeking AI business opportunities [1]

Core Insights - The 22nd China-ASEAN Expo emphasizes artificial intelligence and enterprise participation, featuring an exhibition area of 160,000 square meters with around 3,200 companies from 60 countries [1][2] - The ASEAN country exhibition area has been upgraded, showcasing high-tech products with approximately 30% of new enterprises or products debuting at the expo [1][3] - The expo will host the first China-ASEAN AI Ministerial Roundtable, releasing the "Top 100 Future Unicorns in China's AI Industry" list and organizing over 10 significant events [2] Group 1 - The main venue includes a 10,000 square meter AI pavilion, the largest single-theme pavilion in the expo's history, displaying about 1,200 cutting-edge AI products from various countries [1][2] - The "AI Dongbo" intelligent system will be launched, covering 24 application scenarios to enhance the experience for exhibitors and attendees [2][3] - The expo aims to help enterprises quickly access business opportunities, focusing on enhancing their status and providing better services [2][3] Group 2 - The proportion of high-tech exhibits has significantly increased, with AI or AI-enabled products accounting for over 50%, including nearly 70 new products [3] - The expo will organize 15 premiere events to help companies increase visibility and facilitate business negotiations [3] - A blue paper titled "China-ASEAN Economic and Trade Cooperation Outlook" will be published, analyzing new business opportunities in the China-ASEAN Free Trade Area 3.0 [3]

Summary of Conference Call for Miao Exhibition Industry Overview - The conference call pertains to the exhibition industry, specifically focusing on Miao Exhibition's operations and strategies in various markets, including India, the Middle East, and Southeast Asia [2][10]. Key Points and Arguments 1. **Exhibition Performance in 2025**: - Five exhibitions were held in the first half of 2025, primarily in Q2, providing approximately 4,500 exhibition spaces, a year-on-year increase of 30% [2][9]. - The absence of exhibitions in Q1 led to a decline in performance, but significant revenue and profit growth were observed in Q2 [2][9]. 2. **Future Exhibition Plans**: - Q3 will focus on exhibitions in Brazil, Mexico, and South Africa, totaling around 3,000 exhibition spaces [2][9]. - Q4 will feature major exhibitions in Osaka, Tokyo, Poland, Indonesia, Dubai, Saudi Arabia, and India, with over 11,000 exhibition spaces planned [2][9]. 3. **Importance of the Indian Market**: - The Indian market is highlighted for its high gross margin and low costs, with a strong willingness to participate in exhibitions [3][4]. - The company plans to increase exhibition spaces in India to 2,000 by December 2025, capitalizing on the post-visa opening demand [3][4]. 4. **Impact of Visa Openings**: - The opening of Indian visas is expected to have a positive impact, with a projected increase in exhibition spaces and participation [3][5]. - The company has a strong foundation in India, having hosted multiple exhibitions and built a substantial buyer database [5][6]. 5. **AI Technology Integration**: - AI technology has improved buyer search efficiency, increasing database coverage from 20%-30% to over 50% [7]. - The company has reintroduced its AI-enabled exhibition product, "AI Exhibition," which has seen sales exceeding 40 million yuan in the past two years [11]. 6. **Sales Expectations for 2025**: - The company is optimistic about sales in the second half of 2025, particularly with over 50% of participating companies expected to purchase AI products [13]. - The success of the Indian exhibition is crucial, with expectations to achieve over 18,000 exhibition spaces sold if it proceeds as planned [9][13]. 7. **Strategic Expansion Plans**: - The company aims to establish offices in emerging markets, particularly in Southeast Asia and the Middle East, to support growth in industrial machinery and equipment sectors [4][16]. - Plans include setting up financial companies in Dubai and Saudi Arabia to enhance local business operations [16]. Other Important Insights - The cancellation of exhibitions in the U.S. has led companies to shift focus towards the Middle East and Southeast Asia, aligning with global economic trends [10]. - The company has accumulated a wealth of buyer resources during the pandemic through online exhibitions, which will aid in recruitment and operational challenges post-visa opening [6][8]. - The company is committed to enhancing its AI product offerings, with a focus on improving user experience and service quality [12][11].