米奥会展20250908

Summary of the Conference Call for Miao Exhibition Industry and Company Overview - The conference call pertains to Miao Exhibition, a company involved in organizing trade shows and exhibitions, particularly in Southeast Asia and the Middle East [2][3]. Key Points and Arguments 1. Revenue and Profit Trends: In the first half of 2025, Miao Exhibition experienced a revenue decline of approximately 7% and a significant profit drop of over 60%, primarily due to the challenging operating conditions faced by participating companies [4][4]. 2. Record Orders in Vietnam: The company secured a record order of $90 million from a Vietnam exhibition, marking a significant achievement in recent years [2][4]. 3. "Wolf-Sheep Theory" Implementation: The "Wolf-Sheep Theory" was introduced to enhance audience targeting, resulting in improved quality of industrial machinery professional attendees at the Indonesian industrial exhibition, despite a decrease in overall attendance [2][7]. 4. Future Growth Plans: Miao Exhibition plans to reduce U.S. exhibitions and increase new shows in Osaka, Tokyo, Saudi Arabia, and India in the second half of 2025, anticipating a significant revenue boost in Q4, which is expected to contribute 60% to 70% of annual performance [5][9]. 5. Exhibition Discounts: Discounts are determined at the contract signing stage and are tailored to specific customer needs, leading to an average revenue decline of 7% due to increased discount frequency in the first half of 2025 [12][12]. 6. Government Support for SMEs: The government has improved subsidies for small and medium enterprises (SMEs) going abroad, particularly related to the Belt and Road Initiative, which is expected to positively impact Miao Exhibition [13][15]. 7. AI Exhibition Product Impact: The introduction of AI exhibition products, including AI glasses, has had a temporary negative impact on sales revenue but is expected to lay a solid foundation for future growth [8][16]. 8. India Market Potential: The opening of business visas in India is seen as a critical growth point, with the potential to organize 1,500 to 2,000 exhibition booths if the situation improves [18][18]. 9. Trade War Effects: The U.S.-China trade war has led to a reduction in projects in the U.S. market, with only three projects in Q3 2025 compared to four in the previous year, affecting Chinese companies' willingness to participate [22][23]. 10. Market Expansion Strategy: In response to trade uncertainties, Miao Exhibition is actively exploring Southeast Asian and Middle Eastern markets, which are viewed as having good growth prospects [24][24]. 11. Future M&A Plans: The company is committed to pursuing mergers and acquisitions, particularly in Southeast Asia and the Middle East, which is seen as a key strategy for long-term growth without straining cash flow [25][25]. Other Important Insights - The overall number of exhibition booths is expected to be around 18,000 for the year, potentially increasing to nearly 19,000 if the Indian exhibition proceeds successfully [11][11]. - The company aims to achieve an annual sales target of $100 million, with plans to enhance the structure of existing conferences and introduce new international large-scale meetings [9][9]. - The competitive landscape in Dubai and other regions is characterized by established local exhibitions, with Miao Exhibition positioning itself based on service quality rather than price competition [24][24].