高盛指出，生成式人工智能已驱动美图从一款"美化工具"升级为"AI照片与影片生成及编辑应用程式"， 将其市场从消费者娱乐，拓展至企业(如电子商务、广告)等具生产力工具，从而推动月活跃用户数、付 费比率及每用户平均收入(ARPU)增长。 高盛又预测美图2025至2030年营收年均复合增长率为29%，至2030年预计企业/生产力营收占比将升至 44%(对比2025年预期的12%)；全球AI影片与图像创意市场规模将在2025至2030年预测以44%的年均复 合增长率增至390亿美元，美图的全球AI影片/图像市占率预计将在2030年预计分别上升至2%、17%(对 比2025年预期的1%、13%)。 智通财经APP获悉，高盛发布研报称，首次覆盖美图公司(01357)，予"买入"评级，目标价16港元，相当 于预测2027年市盈率33.1倍，对比2027至2028年预期净利润平均同比增约44%；营运利润率预计从2025 年上半年的21%上升至2028年预测的34%。 ...

Core Viewpoint - Meitu Company (01357) anticipates a significant increase in adjusted net profit for the fiscal year 2025, driven by rapid growth in its core imaging and design product revenues, particularly from international subscription users [1] Financial Performance - Meitu expects adjusted net profit attributable to equity holders to grow by approximately 60% to 66% year-on-year for the fiscal year 2025 [1] - The company's stock opened nearly 6% higher and is currently up 5.77%, trading at 6.6 HKD with a transaction volume of 5.2173 million HKD [1] Business Growth Drivers - The notable improvement in profitability is primarily attributed to a rapid increase in the number of global paid subscription users [1] - Growth in paid subscription users from international markets is outpacing that of the domestic Chinese market [1] Management Perspective - The board believes that adjusted net profit attributable to equity holders better reflects the company's core operational performance [1]

高盛发表研报指，首次覆盖美图并予"买入"评级，目标价为16港元。生成式人工智能已驱动美图从一款 美化工具升级为AI照片与影片生成及编辑应用程序，将其市场从消费者娱乐，拓展至企业(如电子商 务、广告)等具生产力工具，从而推动月活跃用户数、付费比率及每用户平均收入(ARPU)增长。高盛预 测美图2025至2030年营收年均复合增长率为29%，至2030年预计企业/生产力营收占比将升至44%(对比 2025年预期的12%)；全球AI影片与图像创意市场规模将在2025至2030年预测以44%的年均复合增长率 增至390亿美元，美图的全球AI影片/图像市占率预计将在2030年预计分别上升至2%、17%(对比2025年 预期的1%、13%)。 ...

Core Viewpoint - Goldman Sachs initiates coverage of Meitu with a "Buy" rating and a 12-month target price of HKD 16, highlighting the transition of Meitu's products from beauty tools to AI image and video generation applications, expanding the market from consumer entertainment to productivity tools [1] Group 1: Product and Market Development - Meitu's products are evolving to incorporate AI capabilities, which is expected to drive growth in monthly active users, payment rates, and average revenue per user (ARPU) [1] - Concerns regarding large models potentially overshadowing applications are addressed, emphasizing that user choice will ultimately dictate success, with a synergy between human creativity and generative AI efficiency being the optimal outcome [1] Group 2: Brand and Competitive Advantage - Meitu possesses a strong brand identity in aesthetics and has a vast database in the global image editing sector, positioning it well to capitalize on the generative AI trend [1] - The company aims to expand from consumer (C-end) to business (B-end) markets through functional upgrades, accelerating user conversion to paid services and enhancing ARPU [1] Group 3: Financial Projections - Goldman Sachs forecasts a compound annual growth rate (CAGR) of 29% for Meitu's revenue from 2025 to 2030, with an expected average annual net profit growth of 44% from 2027 to 2028 [1] - Prior to the report, Meitu disclosed an anticipated adjusted net profit growth of approximately 60% to 66% for the fiscal year 2025 [1]

智通财经APP获悉，美银证券发布研报称，美图公司(01357)预期去年非国际准则经调整净利润增长60% 至66%，至9.38亿至9.73亿元人民币，中位数增长63%至9.55亿元，较市场预期和美银预测轻微高出 1%。主要受两大因素驱动，包括产品收入快速增长同营运杠杆效应。美银证券指，基于付费用户比例 提升与营运杠杆效应带动的强劲盈利扩张，维持对美图"买入"评级，目标价11.3港元。 ...

Core Viewpoint - Bank of America Securities reports that Meitu Inc. (01357) expects its adjusted net profit for the previous year to grow by 60% to 66%, reaching between 938 million to 973 million RMB, with a median growth of 63% to 955 million RMB, slightly exceeding market expectations and Bank of America's forecast by 1% [1] Group 1 - The growth is primarily driven by two factors: rapid growth in product revenue and operational leverage effects [1] - Bank of America maintains a "Buy" rating on Meitu, with a target price of 11.3 HKD [1]

Market Overview - The Hang Seng Index closed down 325 points, a weekly decline of 827 points, marking a 3.02% drop [3][4] - The index opened lower by 530 points, reaching a low of 26,295 points before stabilizing [3] - The total market turnover for the day was 247.865 billion HKD, with a net inflow of 14.859 billion HKD from northbound trading [3] Company News - **Xinda Biopharmaceuticals** entered a strategic partnership with Eli Lilly to advance global research and development of innovative drugs in oncology and immunology, receiving an upfront payment of 350 million USD (approximately 2.73 billion HKD) [12] - **Meitu Inc.** expects adjusted net profit growth of 60% to 66% for the fiscal year ending December 2025, driven by rapid growth in its imaging and design products segment [13] - **Jiaxin International** anticipates a turnaround with a net profit of approximately 300 to 340 million HKD for the year ending last December, compared to a loss of 173 million HKD in the previous year [14] - **Color Star Technology** expects a net loss of 15 million HKD for the year ending last December, a reversal from a net profit of 132 million HKD in 2024, primarily due to a 45% decrease in revenue [15] Economic Indicators - Hong Kong's official foreign exchange reserves increased by 7.7 billion USD to 435.6 billion USD at the end of January, equivalent to over five times the currency in circulation [8] - China's foreign exchange reserves rose for the sixth consecutive month, reaching 3.399 trillion USD, with gold reserves increasing for 15 months [10]

美银证券发表报告指，美图预期去年非国际准则经调整净利润增长60%至66%，至9.38亿至9.73亿元， 中位数较市场预期和美银预测轻微高出1%，主要受两大因素驱动，包括产品收入快速增长同营运杠杆 效应。该行指，基于付费用户比例提升与营运杠杆效应带动的强劲盈利扩张，维持对美图"买入"评级， 目标价11.3港元。 ...

每经AI快讯，美图公司(01357.HK)高开近6%，截至发稿涨5.77%，报6.6港元，成交额521.73万港元。 ...

Core Viewpoint - Meitu Inc. anticipates a significant increase in adjusted net profit attributable to equity holders for the fiscal year 2025, projecting a year-on-year growth of approximately 60% to 66% driven by rapid revenue growth in its imaging and design products [4]. Group 1 - Meitu's stock opened nearly 6% higher and is currently up 4.17%, trading at HKD 6.50 with a transaction volume of HKD 111 million [1]. - The substantial improvement in Meitu's profitability is primarily attributed to the rapid growth in revenue from its core imaging and design business [4]. - The increase in revenue is mainly driven by a significant rise in the number of global paid subscription users, with growth in international markets outpacing that in mainland China [4]. Group 2 - The board believes that the adjusted net profit attributable to equity holders better reflects the company's core operational performance [4].