Group 1 - The core viewpoint of the news is that Meitu Inc. (01357.HK) expects a significant increase in adjusted net profit attributable to equity holders for the year ending December 31, 2025, with a projected growth of 60% to 66% year-on-year, driven by rapid revenue growth in its main business of "image and design products" [1][3] - The growth in revenue is primarily attributed to a rapid increase in the number of global paid subscription users, with international market growth outpacing that of the domestic market in China, validating the effectiveness of the company's globalization strategy [1] - The increase in profitability is further supported by a higher growth rate in gross profit compared to operating expenses, resulting in an operational leverage effect that enhances the overall profitability beyond gross profit growth [1] Group 2 - In contrast, when considering all non-cash and non-operating items under International Financial Reporting Standards (IFRS), the company anticipates a decline of no more than 30% in net profit attributable to equity holders for the fiscal year 2025, primarily due to a high base effect from a one-time net gain of approximately RMB 640 million from the sale of cryptocurrency in the previous year [2] - Additionally, the expected decline is influenced by a one-time, non-cash expense of approximately RMB 512 million related to the issuance of convertible bonds to Alibaba Group, which is recognized under IFRS as the fair value exceeding the principal amount at the delivery date [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示概不會就因本公告全部或任何部分內容而產生或因依賴該等內容而引致 的任何損失承擔任何責任。 Meitu,Inc. 美图公司 經調整歸屬母公司權益持有人淨利潤剔除若干非現金及非運營項目（如股權激勵、本 集團長期投資的公允價值變動等），因此董事會認為其更能反映本集團核心經營表 現。 在考慮所有非現金及非運營項目後，按國際財務報告準則，預期本年度歸屬母公司權 益持有人淨利潤較去年同期下降不超過 30%。該下降主要由於：（i）去年同期因售出 全部加密貨幣而獲得約人民幣 6.40 億元的一筆一次性淨收益，導致去年同期基數較高； 及（ii）本年度因完成向阿里巴巴集團發行可轉股債券而產生約人民幣 5.12 億元的一 筆一次性、非現金開支。根據國際財務報告準則第 2 號，該項開支按可轉股債券於交 割日期的公允價值超出其本金 2.5 億美元部分予以確認。以上兩項均為非運營項目， 與本集團主營業務「影像與設計產品」無關。 1 一個業內用於計量本集團經營表現的慣常指標。有關更詳細的定義，請參閱本公司 2025 年的 ...

Core Viewpoint - The chairman and CEO of Meitu, Wu Xinhong, emphasized that general large models and applications are not mutually exclusive but rather complementary, likening the general model to a "Swiss Army knife" that meets most everyday needs, while vertical applications serve specific needs in various scenarios [1] Group 1: General Model vs. Vertical Applications - Wu Xinhong believes that application developers have opportunities in every era, focusing on deeply exploring high-value vertical scenarios that have rigid demands and high costs with low efficiency, where customers are willing to pay [1] - The competitive barrier between applications and general large models lies in establishing expertise in specific vertical scenarios to address last-mile and long-tail demands [1] - Wu Xinhong noted that the conversational interaction of current general large models has limitations, and the threshold for extracting capabilities in vertical industries is high, necessitating vertical applications to unlock the potential of large models [1] Group 2: Meitu's Strategic Direction - Meitu aims to become a platform that continuously generates high-quality imaging applications, developing more vertical scenario imaging products [1] - Despite the launch of Nano Banana, Meitu's application data continues to grow rapidly [1]

FF301 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01357 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 6,000,000,000 | USD | | 0.00001 USD | | 60,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | | | 本月底結存 | | | 6,000,000,000 | USD | | 0.00001 USD | | 60,000 | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 本月底法定/註冊股本總額： USD 60,000 第 1 頁 共 10 頁 v 1.2.0 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 美图公司 (於開曼群島註冊成立的 ...

Group 1 - The core viewpoint of the article emphasizes the relationship between general large models and applications as collaborative rather than competitive, highlighting their interdependence [1] - The CEO of Meitu, Wu Xinhong, expressed a mix of despair and hope when experiencing new versions of general large models, indicating the challenges and potential in this evolving field [1] - The key competitive point between applications and large models lies in addressing complex demands in various vertical scenarios, aiming to dominate the mindset of being the most specialized in a particular scene [1]

Core Insights - The CEO of Meitu, Wu Xinhong, revealed that the company's core business is expected to see significant revenue growth by 2025, driven by innovation and new product incubation [1] - Meitu is positioning itself as a platform for high-quality imaging applications, with products like Meitu Xiuxiu, Meiyan Camera, and Wink achieving notable success globally [1] - The company is focusing on capturing commercial opportunities in vertical imaging products, leveraging AI to enhance product development and market validation [1] Group 1 - Meitu has initiated its first product challenge, encouraging global participation to create imaging productivity tools using AI, with 206 teams registered so far, including 87 one-person teams [1] - The company emphasizes that many new products are not reliant on existing major products for market traction, as demonstrated by RoboNeo's growth without any promotional support [1] - The ease of developing applications in the AI era is acknowledged, but the challenge lies in identifying high-value scenarios and fine-tuning AI effects for successful product launches [1] Group 2 - An innovative product named Artflo was introduced, designed to streamline workflows for designers and operational staff, significantly improving the efficiency of traditional demand processes [2]

Core Viewpoint - The discourse surrounding large models consuming applications has raised market concerns, leading to a collective setback in the AI application sector. Despite the release of Nano Banana, Meitu's application data continues to grow rapidly, indicating a synergistic effect between general large models and applications [1][3]. Group 1: Insights from CEO Wu Xinhong - Wu Xinhong, CEO of Meitu, acknowledges that while general large models are "omnipotent," the space left for application layers is diminishing. However, the efficiency of general large models in specific vertical scenarios is not very high [1][3]. - He compares large models to a "Swiss Army knife," capable of handling general needs and daily tasks, while vertical applications are likened to specialized tools that meet specific demands in various scenarios [1][3]. - Wu emphasizes that application developers always have opportunities at different stages, with the key being the deep exploration of high-value vertical scenarios that exhibit rigid demand and high costs, where customers are willing to pay, thus creating high elastic growth potential [1][3]. Group 2: Limitations and Focus Areas - Wu believes that the conversational interaction of current general large models has limitations, and the threshold for extracting vertical industry capabilities is high, necessitating vertical applications to unleash the potential of large models [2][4]. - Specific vertical application scenarios such as industry SOPs, vertical creator communities, high-precision editors, consistent batch outputs, material asset management, and team collaboration are areas where general large models may not perform well [2][4]. - Meitu is committed to becoming a platform that continuously generates high-quality imaging applications, focusing on creating more vertical scenario imaging products [2][4].

Core Viewpoint - HBN, a popular domestic skincare brand, is set to go public, aiming to become "China's first effective skincare stock" [1]. Company Overview - HBN is recognized as a leading dermatological skincare brand in China and is one of the first domestic brands to propose the "Morning C, Evening A" skincare concept [2]. - According to ZhiShi Consulting, HBN is the youngest among the top ten domestic skincare brands in China by retail sales in 2024 and is the largest domestic brand in the improving skincare market [2]. Founder Background - The founder, Yao Zhenan, is an 80s generation entrepreneur who studied in the UK and has a background in design and animation [4][5]. - Yao Zhenan has been a lecturer and graduate advisor at Shenzhen University from 2009 to 2023 while also founding HBN [5][6]. Business Evolution - HBN was established after Yao Zhenan pivoted from a previous venture in women's care products to focus on effective skincare in 2019 [7][8]. - The brand quickly gained market traction by launching products like retinol serums and α-arbutin essence, leveraging the rise of live-stream e-commerce [9]. Financial Performance - The company's total revenue increased from RMB 1.949 billion in 2023 to RMB 2.083 billion in 2024, marking a 6.9% growth [10]. - Net profit surged by 232.5% from RMB 0.388 billion in 2023 to RMB 1.291 billion in 2024, with net profit margins rising from 1.9% to 6.2% [11]. - Adjusted net profits for 2023, 2024, and the first three quarters of 2025 were RMB 0.923 billion, RMB 1.294 billion, and RMB 1.453 billion, respectively [11]. Product Contribution - The majority of revenue comes from improving skincare products, accounting for 81.8%, 78.3%, and 78.6% of total revenue in the respective years [11]. - Gross profit for 2023, 2024, and the first three quarters of 2025 was RMB 14.93 billion, RMB 15.30 billion, and RMB 11.39 billion, with gross margins of 76.6%, 73.4%, and 75.3% [12]. Strategic Partnerships - Meitu, a significant shareholder, plays a crucial role in HBN's growth by providing advantages in traffic and brand operation [13][15]. - Meitu's investment in HBN aligns with its strategic transformation and has contributed to its profitability, with a reported fair value gain from investments between RMB 4.85 billion and RMB 5.65 billion in 2022 [16]. Shareholding Structure - Prior to the IPO, Yao Zhenan holds 35.08% of the shares, his wife holds 13.6%, and Meitu is the largest institutional shareholder with 23.81% [18].

Group 1 - A-shares and Hong Kong stocks related to AI applications experienced a collective decline [1] - In the A-share market, companies such as Gravity Media (603598) hit the daily limit down, while Tian Di Online (002995), Zhi De Mai (300785), InSai Group (300781), Yi Dian Tian Xia (301171), and Sheng Guang Group (002400) saw significant declines [1] - In the Hong Kong market, Meitu Company dropped over 10%, while Zhi Pu and MINIMAX-WP fell more than 5%, with Kingsoft, Tencent Holdings, and Alibaba-W also declining [1]

Group 1 - The AIGC concept stocks in the Hong Kong market experienced a collective decline, with Meitu Inc. falling over 10% [1] - Other companies such as Zhihui, MINIMAX-WP, Kingsoft Cloud, Tencent Holdings, and Alibaba-W also saw declines, with Zhihui and MINIMAX-WP dropping over 5% [1]