Summary of Conference Call Notes Company and Industry Involved - **Company**: Meige Intelligent (美格智能) - **Industry**: Edge AI Modules and IoT (Internet of Things) Core Points and Arguments 1. **Shift in AI Application**: The evolution of AI applications, exemplified by OpenClaw, is transitioning from "dialogue tools" to "task executors," which is driving the demand for computing power from cloud to local terminals. This shift indicates that AI capabilities are moving from conceptual stages to practical applications, with edge communication and computing modules becoming essential connectors between computing power and real-world scenarios. The company, being one of the earliest entrants in the smart module sector, has successfully completed local deployment and invocation of OpenClaw based on the MT200 platform and AIMO series products, positioning itself to benefit directly from the acceleration of AI application implementation [2][5]. 2. **Enhancement of Edge Computing Capabilities**: The improvement in edge computing capabilities, combined with the adaptation of operating systems and application ecosystems, is enabling local deployment of AI inference. The industry trend indicates that edge AI is becoming a significant incremental direction following cloud computing, highlighting the value of module manufacturers in terms of communication capabilities, computing power integration, and system adaptation. As a module manufacturer deeply embedded in the Qualcomm ecosystem, the company is expected to fully benefit from the hardware upgrade cycle in edge AI [2][5]. 3. **Hong Kong Stock Listing Progress**: The company is actively advancing its listing process on the Hong Kong Stock Exchange, with funds raised expected to be allocated towards high-performance module R&D, overseas market expansion, and supply chain capability enhancement. Establishing a presence on the Hong Kong platform will not only strengthen the company's financing capabilities but also enhance international customer recognition and brand influence, aiding in the further expansion of global AI IoT and smart terminal customer resources. In the context of the accelerating industrial phase of edge AI, the company's capital strength and R&D capabilities will be enhanced, allowing it to better seize structural opportunities arising from AI application implementation [3][5]. Other Important but Possibly Overlooked Content 1. **Emerging Market Opportunities**: The AI wave is expected to create new incremental market opportunities in areas such as vector databases and AI-native databases. The company is leveraging its strong database technology foundation to promote the integration of traditional relational databases with vector retrieval and large model adaptation. Collaborations with various domestic universities, research institutions, independent software vendors (ISVs), and industry channel partners are being pursued to provide underlying data support for AI application scenarios like retrieval-augmented generation (RAG), potentially capturing incremental market share in the AI infrastructure construction wave [5]. 2. **Domestic Market Trends**: The company primarily serves government agencies and large enterprises, and the ongoing implementation of domestic innovation policies is accelerating the replacement of foreign products with domestic databases. According to performance forecasts, the company is expected to continue expanding its software product licensing business, with a significant increase in gross margin driven by the growth of high-margin licensing revenue [5]. 3. **Strategic Partnerships**: The company has signed a significant six-year contract worth 1.6 billion yuan with Bayer, recognizing its leading position and reliability in supplying fungicides like mancozeb. The company holds a production capacity of 45,000 tons per year for mancozeb, with a domestic market share of 70-80%, and is the second-largest producer globally. This partnership is expected to significantly increase the supply volume to Bayer, ensuring stable pricing and profit margins [5]. 4. **Product Price Trends**: Several products have seen price increases from previous lows, with the core product, Bacillus thuringiensis, rising from 18,000 yuan/ton to 28,000 yuan/ton due to strong demand influenced by factors such as soybean rust in South America. Other products like methyl isothiocyanate and abamectin have also experienced price increases, indicating potential for further price recovery [5]. 5. **AI Technology Integration**: The company's subsidiary, Deyanzhichuang, is focused on creating a global pesticide innovation platform and is applying AI technology to enhance drug development efficiency. Recent strategic cooperation agreements with major companies aim to advance the development, registration, and commercialization of new pesticides in China, which could lead to high-barrier new products and growth points for the company [5]. Conclusion The conference call highlights significant developments in the edge AI module sector, with the company poised to capitalize on emerging trends and opportunities through strategic partnerships, technological advancements, and market expansions.

证券研究报告 | 公司点评 gszqdatemark 2026 02 27 年 月 日 美格智能（002881.SZ） 端侧 AI 起势，物联网黑马迎来重估 事件：近期 OpenAI Operator、Clawdbot 等 AI Agent 应用引发市场高度 关注，终端算力需求正从"云端"向"端侧"迁移，Mac mini 类边缘服务 器及各类智能终端有望迎来部署浪潮，美格智能作为端侧 AI 模组龙头将 核心受益。公司 2026 年 2 月 11 日通过港交所聆讯，A+H 双平台上市将 助力其全球化战略与高端市场突破。 AI Agent 加速落地，端侧算力需求被重新激活。AI 应用形态持续升级， 以 OpenClaw 为代表，模型从"对话工具"向"任务执行体"进化，推动 算力需求由云端向本地终端延伸。随着本地部署、安全性及实时性需求提 升，小型服务器及边缘算力设备需求被带动，类似 Mac mini 等轻量化终 端算力载体有望成为 AI Agent 落地的核心载体。我们认为，AI 能力向端 侧渗透已从概念阶段进入应用验证阶段，端侧通信与算力模组成为连接算 力与场景的核心载体，美格智能作为国内最早切入智能模组赛道的 ...