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： 2026年3月31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 。 FF305 確認 不適用 第一章節註釋： 若股份曾以超過一個每股價格發行/出售/購回/贖回，則須提供每股成交量加權平均價格。 若購回/贖回股份將於期終結存日期之後購回/贖回結算完成之時予以註銷，則該等購回/贖回股份仍屬A部所述期終結存當日的已發行股份的一部分。該等購回/贖回股份的詳情應在B部作 出披露。 第 2 頁 共 6 頁 v 1.3.0 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | ...

Investment Rating - The report maintains a "Buy" rating for Meitu, indicating a positive outlook for the company's performance in the market [5][10]. Core Insights - The company achieved a revenue of HKD 3.86 billion for the fiscal year ending March 2025, representing a year-on-year growth of 28.8% from its continuing operations [10]. - Adjusted net profit for the same period was HKD 965 million, reflecting a significant increase of 64.7% year-on-year, aligning with market expectations [10]. - The company announced a share buyback plan of up to HKD 300 million and a final dividend of HKD 0.05 per share, resulting in a total payout ratio of 40% [10]. - The AI-driven core imaging business saw revenue growth of 42% to HKD 2.95 billion, now accounting for 77% of total revenue from continuing operations [10]. - The number of paying users increased by 34% to 16.91 million, with an improved payment rate of 6.1% [10]. - The company is focusing on productivity and globalization strategies, with a 67% increase in productivity paying users [10]. - The report suggests that the market's negative sentiment regarding competition in large models is overly pessimistic, as Meitu's technology and operational capabilities remain strong [10]. - The adjusted net profit forecasts for 2026 and 2027 have been slightly raised to HKD 13.46 billion and HKD 16.90 billion, respectively, with a new forecast for 2028 set at HKD 20.29 billion [10]. Financial Data and Profit Forecast - Projected revenues for the next five years are as follows: - 2024: HKD 2.996 billion - 2025: HKD 3.859 billion - 2026E: HKD 4.965 billion - 2027E: HKD 5.990 billion - 2028E: HKD 7.025 billion [9][11] - Adjusted net profit projections are: - 2024: HKD 586 million - 2025: HKD 965 million - 2026E: HKD 1.346 billion - 2027E: HKD 1.690 billion - 2028E: HKD 2.029 billion [9][11] - The report indicates a consistent increase in return on equity (ROE), projected to reach 21% by 2027 and 2028 [9].

Investment Rating - The report maintains a "Buy" rating for Meitu Company (01357.HK) with a current price of 4.32 HKD and a target value of 6.70 HKD [4][31]. Core Insights - The company is experiencing high-quality growth driven by AI Agent and globalization strategies, with a focus on enhancing product capabilities and expanding its user base [1][8]. - In 2025, Meitu's revenue reached 38.59 billion RMB, a year-on-year increase of 28.8%, while adjusted net profit was 9.65 billion RMB, up 64.7% year-on-year, exceeding expectations [8][14]. - The company is transitioning its business model towards a subscription and usage-based payment system, significantly enhancing product value and commercialization [8][23]. Financial Performance - Revenue Forecast: - 2024A: 3,341 million RMB - 2025A: 3,859 million RMB - 2026E: 4,973 million RMB - 2027E: 6,081 million RMB - 2028E: 7,294 million RMB - Growth Rates: 23.9% (2024A), 15.5% (2025A), 28.9% (2026E), 22.3% (2027E), 19.9% (2028E) [2][28]. - Non-GAAP Net Profit Forecast: - 2024A: 586 million RMB - 2025A: 965 million RMB - 2026E: 1,352 million RMB - 2027E: 1,689 million RMB - 2028E: 2,087 million RMB - Growth Rates: 59.3% (2024A), 64.7% (2025A), 40.1% (2026E), 24.9% (2027E), 23.5% (2028E) [2][28]. Business Segments - Core Design Business: - Revenue from imaging and design products reached 29.5 billion RMB in 2025, a 41.6% increase year-on-year, contributing 76.6% of total revenue [15]. - Advertising Business: - Revenue from advertising was 8.43 billion RMB, a slight decline of 1.3% year-on-year [15]. - Other Business: - Other business segments contribute minimally to total revenue and are being gradually reduced [27]. Strategic Initiatives - AI Integration: - The launch of the AI-native platform RoboNeo in July 2025 has integrated AI capabilities into core products, significantly boosting paid subscription user growth [16]. - Global Expansion: - The overseas MAU surpassed 100 million in 2025, with international market revenue growing by 37.4% year-on-year, now accounting for 38% of total revenue [20]. - Product Development: - New AI features such as "AI Photo" and "AI Snow Scene" have driven user growth and enhanced brand visibility globally [19]. Valuation - The report suggests a target price of 6.70 HKD per share based on a 20X PE ratio for 2026, considering the conservative market pricing for Hong Kong-listed consumer software [31][29].

Group 1 - The core point of the article is that Meitu Inc. (01357) announced a share buyback plan, committing to repurchase 4.651 million shares at a total cost of HKD 20.0015 million [1] - The buyback will occur on March 30, 2026, with a price range of HKD 4.12 to HKD 4.48 per share [1]

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： 2026年3月30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 。 第一章節註釋： 若股份曾以超過一個每股價格發行/出售/購回/贖回，則須提供每股成交量加權平均價格。 若購回/贖回股份將於期終結存日期之後購回/贖回結算完成之時予以註銷，則該等購回/贖回股份仍屬A部所述期終結存當日的已發行股份的一部分。該等購回/贖回股份的詳情應在B部作 出披露。 第 2 頁 共 6 頁 v 1.3.0 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 ...

Summary of Meitu Company Conference Call Company Overview - **Company**: Meitu - **Industry**: Technology and Software, focusing on productivity tools and subscription services Key Points Revenue and Growth Projections - Revenue for 2026 is expected to remain stable compared to 2025, with productivity tools' share increasing, maintaining a gross margin above 70% [2][4] - Productivity tools currently account for approximately 19% of revenue and are projected to surpass leisure tools in the next five years, becoming the primary growth driver for the company [2][4] AI Integration and User Engagement - AI Agent is identified as a core driver for Average Revenue Per User (ARPU) enhancement, with some new tools achieving a monthly ARPU of $50, significantly higher than traditional subscription levels [2][4] - The company is transitioning to a "subscription + token consumption" model, which is expected to facilitate user upgrades to higher-tier packages [2][7] User Metrics and Seasonal Trends - As of December 2025, paid subscription users numbered 16.91 million, and monthly active users (MAU) were 276 million, showing a slight decline attributed to seasonal factors [3] - The decrease in MAU is linked to the absence of major feature launches in December, reflecting typical seasonal usage patterns [3] AI Agent's Role and Market Position - AI Agent addresses long-tail consumer needs, particularly in e-commerce, enhancing product descriptions and visual presentations [4][5] - The company emphasizes its competitive edge in vertical market understanding compared to general models, leading to higher user engagement [4][5] Business Model Evolution - The shift from subscription to token consumption is seen as an opportunity, with users willing to pay for high-quality tools that yield significant results [7][8] - The company plans to offer differentiated pricing for AI Agents based on industry-specific needs, enhancing revenue potential [5][8] Cost Management and Profitability - AI is expected to optimize operational costs, reducing traditional service costs to 10%-20% of previous levels [2][4] - Despite a slight decline in gross margin due to the decreasing share of high-margin advertising revenue, the overall margin is projected to remain stable above 70% in 2026 [5][9] Global Strategy and User Preferences - The global strategy has shifted from a "China model" to localized customization, with overseas female user engagement exceeding expectations [2][6] - Cultural differences in user preferences are acknowledged, with tailored content strategies for different regions, such as language support and design preferences [8] API Usage and Development Strategy - The company maintains a low reliance on third-party APIs, focusing on quality and effectiveness, with a dedicated team for model evaluation [9] - The approach involves rigorous testing of multiple models to ensure optimal performance, with a preference for in-house development when external options do not meet standards [9] Additional Insights - The company is actively exploring vertical applications in high-cost service areas, leveraging AI to provide competitive quality at reduced costs [8] - The collaboration with Alibaba is noted for enhancing user entry points, with ongoing efforts to adapt to evolving user habits in both domestic and international markets [6][8]

Group 1 - The core viewpoint of the report is that CICC maintains a "outperforming the industry" rating for Meitu Inc. (01357) with a target price of HKD 6.6, indicating a 40% upside potential from the current stock price, corresponding to a 22 times Non-IFRS P/E for 2026 [1] - For FY25, the company's revenue from continuing operations increased by 29% to RMB 3.9 billion, and the adjusted net profit attributable to shareholders rose by 65% to RMB 970 million, exceeding expectations due to a higher proportion of high-margin subscription business and cost reduction [1] - The company maintains its revenue and profit forecasts for 2026, while introducing new revenue and adjusted net profit forecasts for 2027 at RMB 5.6 billion and RMB 1.4 billion, respectively [1] Group 2 - Subscription revenue for FY25 increased by 42% to RMB 3 billion, with overall MAU growing by 4% to 276 million and paid users increasing by 34% to 16.91 million, while the subscription gross margin remained stable, increasing by 1.4 percentage points to 61% [1] - The company expects to control third-party API costs through its model container strategy, which accounts for only single-digit percentage of total costs, and the gross margin is projected to stabilize around 73% based on FY25 levels [1] - The company’s ARPU has improved year-on-year, primarily driven by breakthroughs in international markets and productivity product commercialization, with international market revenue increasing by 37% and accounting for 38% of total revenue [2] - The revenue share from productivity tools has increased to 19%, with productivity paid users rising by 67% to 2.16 million and the payment rate increasing by 3 percentage points to 9% [2] - The company has established a multi-role "AI team" around high-value scenarios such as e-commerce material production and video creation, with products already deployed, including the Meitu Design Studio and the Kaipai Agent [2] - The company anticipates that the consumption of tokens based on agents will enhance the long-term growth potential of ARPU [2]

Group 1 - The core announcement is that Meitu, Inc. (stock code: 01357) will resume trading of its shares on March 30, 2026, at 9:00 AM [1] - All structured products related to the company will also resume trading simultaneously [1]

Core Viewpoint - The article discusses the impact of AI on Meitu, questioning whether AI weakens or strengthens the company. The CEO emphasizes that profit growth is the key indicator of success, indicating user recognition through financial commitment [2][20]. Group 1: AI's Impact on Meitu - AI has unevenly affected Meitu's value chain, enhancing the production process while maintaining the company's distribution advantages through its large user base of 280 million monthly active users [4][25]. - The production process has been significantly transformed by AI, reducing costs and enabling greater supply capacity, allowing for more products to be offered to the market [5][21]. - The CEO highlights that while individual contributors can create high-revenue products, the company's scale and channel advantages are irreplaceable, making it difficult for individuals to replicate the success outside the company [6][25]. Group 2: Product Development and User Engagement - New products at Meitu are developed based on insights from existing user needs, with a focus on extending services to professional consumers and small to medium-sized businesses (SMBs) [7][45]. - The company avoids targeting the professional user market dominated by competitors like Adobe, as the cost of customer acquisition is higher and product requirements differ significantly [8][45]. - Meitu's strategy involves leveraging its existing user base to identify new product opportunities, ensuring low-cost customer acquisition [47]. Group 3: Revenue Model Evolution - The revenue model is shifting from advertising to subscriptions and now to token consumption, which is becoming a significant income source for Meitu [13][14]. - Token consumption is expected to grow rapidly, reflecting the increasing importance of this revenue stream in the company's future [14][41]. - The CEO notes that a healthy growth pattern includes simultaneous increases in user numbers and revenue, particularly in markets with strong payment willingness like Europe and the US [11][29]. Group 4: Future Outlook and Competitive Landscape - The company is focused on maintaining a competitive edge by continuously innovating and adapting to market demands, particularly in the AI-driven landscape [15][51]. - The CEO expresses confidence in the company's ability to enhance subscription rates and average revenue per user (ARPU) in productivity tools, indicating a strong market response to the value provided [49][50]. - The competitive landscape is seen as both crowded and open, with opportunities in less saturated vertical markets that have not been adequately addressed [52].

Group 1 - The core point of the article is that Meitu Inc. (01357.HK) announced the resumption of trading for its shares starting at 9:00 AM on March 30, 2026 [1] - All structured products related to the company will also resume trading simultaneously [1]