Mio Exhibition 2025 Annual Report Analysis: Revenue Slightly Increased by 4.45%, Net Profit Excluding Non-Recurring Items Decreased by 23.58%

Operating Revenue: Slight Increase Supported by Emerging Markets, Significant Quarterly Performance Fluctuations

During the reporting period, the company achieved operating revenue of 784.81M yuan, a year-over-year increase of 4.45%. From a business structure perspective, self-organized exhibition revenue was 716.26M yuan, up 5.79%, accounting for 91.27% of total revenue, remaining the core pillar of income; agency exhibition revenue was 61.7M yuan, up 5.91%; digital exhibitions and other income totaled 6.85M yuan, a sharp decline of 57.32% year-over-year.
Quarterly performance shows obvious seasonal characteristics:

• | | Second Quarter | 223,514,156.81 |
• | | Third Quarter | 160,017,544.93 |
• | | Fourth Quarter | 384,013,085.56 |
• |

The fourth quarter accounted for 48.93% of the annual revenue, mainly because the company’s overseas exhibitions are concentrated in the second half of the year, especially large exhibitions in core markets such as Indonesia and Saudi Arabia contributed the majority of income.

Profitability Indicators: Net Profit Declines, Non-Operating Gains and Losses Highlighted

• Net Profit: Net profit attributable to shareholders of the listed company was 136.7139 million yuan, down 11.89% year-over-year, mainly affected by the cancellation of exhibition projects, lowered participation thresholds, and increased R&D investments.
• Net Profit after Deducting Non-Recurring Gains and Losses: The net profit attributable to the parent company’s owners after deducting non-recurring gains and losses was 111.11M yuan, a significant decrease of 23.58% YoY, with main business revenue accounting for 81.27%, indicating considerable profit pressure in core operations.
• Basic Earnings per Share: 0.46 yuan/share, down 11.54% YoY; Diluted Earnings per Share: 0.38 yuan/share, down 23.58%, consistent with the trend of net profit changes.

Cost Analysis: Significant Growth in R&D Investment, Sales Expenses Expand with Revenue

• Sales Expenses: Growth mainly due to the company’s expansion into emerging markets and increased exhibition marketing efforts, especially in new exhibition markets like Saudi Arabia and Mexico.
• Management Expenses: Slight increase mainly from routine rises in personnel salaries and office costs.
• Financial Expenses: Decreased by 26.73% YoY, mainly due to reduced interest income and exchange gains/losses.
• R&D Expenses: Significantly increased by 19.70%, mainly for projects like the AI Smart Exhibition platform and intelligent exhibitor service system, with 3 new patents and 10 software copyrights filed throughout the year.

R&D Personnel: Stable Team Size, Optimized Structure

During the reporting period, the company’s R&D team consisted of 51 people, a decrease of 1.92% YoY, accounting for 5.15% of the total staff. In terms of educational background, 37 held bachelor’s degrees (down 11.90% YoY), and 5 held master’s degrees (unchanged). Age-wise, 37 R&D staff were aged 30-40 (up 8.82%), making up 72.55% of the team, indicating a trend toward a younger, more experienced team that provides stable support for technological development.

Cash Flow Analysis: Operating Cash Flow Under Pressure, Large Increase in Investment Outflows

• Operating Cash Flow: Down 40.93% YoY mainly because the subsidiary Ningbo FanAo engaged in international logistics, generating large receivables, while cash paid for purchasing goods and services increased by 20.74%.
• Investing Cash Flow: Shifted from net inflow to net outflow, mainly due to a 102.38% YoY increase in cash paid for other investment-related activities, including new investments in Ningbo Yongyuan Wenzhong Venture Capital Partnership.
• Financing Cash Flow: Narrowed net outflow mainly because of reduced cash paid for dividends, profit distributions, interest payments, and other financing-related activities.

Potential Risks

2. Macroeconomic Fluctuation Risks: Divergence in global economic growth and intensifying trade protectionism may weaken demand in key markets, leading to reduced exhibition budgets and impacting company operations.
3. Exchange Rate Fluctuation Risks: As the company mainly organizes overseas exhibitions involving multiple currencies, exchange rate volatility could directly affect costs such as venue rentals and operations, thereby impacting performance.
4. Political and Economic Risks in Overseas Exhibition Markets: Geopolitical uncertainties in regions like the Middle East and Southeast Asia may cause delays or cancellations of exhibitions, and foreign exchange controls in some countries could also affect participation willingness.
5. Risks in M&A and Investment Projects: If performance commitments for M&A projects are not met, goodwill impairment may occur, adversely affecting current profits and losses.
6. Supply Chain Expansion Risks: The newly developed overseas supply chain services require high localization capabilities; if team capacity building and resource integration fall short of expectations, it may impact project implementation.

Senior Management Compensation

During the reporting period, the company’s core senior executives’ compensation was as follows:

• Chairman Pan Jianjun: Pre-tax remuneration of 946.1k yuan from the company;
• General Manager Fang Huansheng: Pre-tax remuneration of 1.5925 million yuan;
• Vice Presidents: Liu Feng pre-tax 946.1k yuan, Zheng Wei pre-tax 1.1445 million yuan, BINU SOMANATHAN PILLAI pre-tax 2.8023 million yuan, Deng Meng pre-tax 920,000 yuan;
• Chief Financial Officer Yao Zongxian: Pre-tax remuneration of 348.8k yuan.

Overall, senior management compensation is linked to company performance. The high salary of foreign vice president BINU SOMANATHAN PILLAI is mainly due to his responsibility for overseas core markets and major business duties.

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