Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Insights - The report highlights the rapid growth of the industry, driven by the deployment of AI capabilities and the continuous high growth of cloud services. The release of new models with enhanced multi-modal understanding capabilities is expected to further stimulate demand [8] - The report emphasizes the significant increase in token usage, indicating deepening downstream applications. As of December, the daily token usage of the Doubao large model has surpassed 50 trillion, a 67% increase from September, positioning it as the leader in China and third globally [8] - The report notes the continuous upgrade of model capabilities, including improved multi-modal understanding, enhanced agent capabilities for complex task execution, and flexible context management, which are crucial for driving demand expansion in the AI industry [8] Investment Recommendations and Targets - The report recommends investing in technology giants with a full-stack AI approach, including Alibaba (09988, Buy) and Google (ALPHABET-A, GOOGL.O, Not Rated) [3] - It suggests focusing on multi-modal products that cater to both B2B and B2C users, with clear commercialization scenarios and high growth certainty, recommending Kuaishou (01024, Buy) and Meitu (01357, Buy) [3] - The report also highlights the importance of other companies with model capabilities and related industry chains, recommending Tencent Holdings (00700, Buy), Tongdao Liepin (06100, Not Rated), and Beisen Holdings (09669, Not Rated) [3]

美图公司(01357)发布公告，于2025年12月23日根据股份奖励计划发行2000万股股份。 ...

智通财经APP讯，美图公司(01357)发布公告，于2025年12月23日根据股份奖励计划发行2000万股股份。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 美图公司 (於開曼群島註冊成立的有限公司，並以「美圖之家」名稱於香港經營業務) 呈交日期： 2025年12月23日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01357 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | 已發行股份總數 | | 事件 | | 已發行 ...

Core Viewpoint - The "Annual Outstanding CFO" award recognizes financial leaders who have made significant contributions and demonstrated exceptional leadership within their companies [4] Group 1: Award Announcement - The "Annual Outstanding CFO" award ceremony will take place during the "Technology Empowerment · Capital Breakthrough" sharing session on December 22, featuring a list of notable companies [1] - Ten individuals from various companies have been awarded the "Annual Outstanding CFO" title, including representatives from Baize Medical, Le Comfort, Quantum Song, Meitu, SF Express, Sikao Education, Four Rings Pharmaceutical, Hong Kong and China Gas, New World Development, and Starry Commercial [1] Group 2: Evaluation Criteria - The selection process for the award involved multiple indicators such as strategic contribution, capital market operations, and corporate value creation, utilizing a rigorous evaluation procedure and quantitative data analysis [4] - The award aims to create a reference list of the most valuable listed companies and unicorns in the investment community, covering all listed companies on major exchanges including the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, and NASDAQ [4]

Core Viewpoint - The "Golden Award" for annual outstanding companies was announced during the online event "Technology Empowerment · Capital Breakthrough," highlighting significant achievements in the industry [1] Group 1: Award Recognition - Meitu Inc. (1357.HK) was awarded the "Annual Outstanding CFO" award, recognizing the exceptional contributions and leadership of its CFO, Yan Jingliang [1] - The "Annual Outstanding CFO" award aims to honor financial leaders who demonstrate remarkable leadership and make significant contributions to their companies [1] Group 2: Evaluation Criteria - The selection process for the award involved multiple indicators, including strategic contribution, capital market operations, and corporate value creation [1] - A rigorous evaluation process and quantitative data analysis were employed to determine the final award recipients [1]

Core Insights - The article highlights the recent ranking of Chinese non-gaming companies' overseas revenue, with ByteDance, YY Inc., and Meitu taking the top three spots, showcasing the global competitiveness of Chinese tech firms [1] Company Performance - Meitu's newly launched "AI Snow Scene" feature has gained significant popularity among users in Europe and Asia, leading to a record high in overseas revenue for the company in November, with a year-on-year increase of over 21.4% [1] - Meitu's financial data indicates strong growth potential in overseas markets, with a 15.3% year-on-year increase in monthly active users outside mainland China and a staggering 42% year-on-year surge in paid subscription users for the first half of 2025 [1] Industry Trends - Industry analysts suggest that the focus of competition for Chinese tech companies in overseas markets is shifting from user acquisition to value extraction, driven by breakthroughs in generative AI technology, with localized operational capabilities being viewed as a key competitive factor [1]

Core Viewpoint - Despite stock price fluctuations due to competitors launching AI image generation tools, Meitu's DesignKit maintains competitive advantages in pricing, instructions and image consistency, overall workflow, and editability, with an expected net profit of 950 million RMB this year [1] Group 1 - Meitu's DesignKit shows strong performance in key areas such as pricing and workflow [1] - The company is projected to achieve a net profit of 950 million RMB in the current year [1] - Credit Suisse has set a target price of 14.1 HKD for Meitu, with an "outperform" investment rating [1]

Group 1 - The core viewpoint of the report is that despite stock price fluctuations due to competitors launching AI image generation tools, Meitu's DesignKit maintains competitive advantages in pricing, instructions, image consistency, workflow integration, and editability [1] - The report projects that Meitu will achieve a net profit of 950 million RMB this year [1] - The current target price for Meitu is set at 14.1 HKD with an "outperform" investment rating [1]

Core Insights - In November, Chinese non-gaming companies continued to show strong overseas revenue growth, with ByteDance and YY leading the rankings. Meitu's revenue surged by over 21.4% due to seasonal features, returning to the top three [2][3]. Non-Gaming Companies Revenue - ByteDance and YY maintained their positions at the top of the revenue chart for non-gaming companies in November [2]. - Meitu's application "Meitu" launched a winter-themed feature, achieving record revenue growth, particularly in Asian markets like Thailand and Japan [2][3]. - Qicheng Technology's applications "TopTop" and "DramaBite" helped the company rise into the top five, maintaining previous month's revenue momentum [3]. - iQIYI's revenue increased by over 13.3% due to promotional activities during the Double Eleven shopping festival, moving up two ranks to eighth place [3]. - Youku's application "YOUKU" saw a revenue increase of over 20.2% driven by the success of the series "暗河传" in Thailand [3]. - Xiaoying Technology reversed its revenue decline with a growth of over 21.8%, aided by its video editing app "VivaVideo" and new AI applications [4]. - Other companies like Wanjing Technology, Baidu, and Xiaomi also saw improvements in their rankings and revenue [4]. Gaming Companies Revenue - The global gaming market remained strong, with Chinese gaming companies maintaining their revenue levels from the previous month [7]. - Tencent's overseas revenue grew significantly, driven by its FPS game "GODDESS OF VICTORY: NIKKE," which achieved record revenue due to new content [7][8]. - 4399's new game "英雄來搞鬼：房間保衛戰" performed well in the Hong Kong and Taiwan markets, contributing to its improved ranking [7]. - KuLo Games' "Wuthering Waves" saw a revenue increase of over 16.1%, helping the company rise in the rankings [8]. - Iceberg Network's new game "X-Clash: Survival Challenge" achieved an estimated revenue of over $3 million, with a month-on-month growth of over 162.9% [8]. - Other companies like Lilith, Mu Tong, and BeheFun also experienced notable revenue growth and ranking improvements [8].