Core Viewpoint - Meitu Inc. has seen a nearly 4% increase in stock price, attributed to the global popularity of its "AI Snow Scene" feature in the Meitu Xiuxiu app, which has topped app store charts in 29 countries and regions as of November 13 [1] Group 1: Company Performance - As of the latest report, Meitu's stock price rose by 3.65% to HKD 8.52, with a trading volume of HKD 373 million [1] - The Meitu Xiuxiu app has achieved the top position in app store rankings in countries including Germany, Switzerland, Austria, Poland, Russia, Turkey, South Korea, and Kazakhstan [1] Group 2: Market Analysis - Dongfang Securities believes that Meitu will continue to benefit from advancements in underlying technology and the iterative development of AI features, enhancing its creative capabilities rather than being replaced by general-purpose models [1] - Guojin Securities asserts that tools like Meitu, which possess deep functionality and national recognition, maintain significant value in the AI era [1] Group 3: Growth Potential - The company is expected to have substantial long-term growth potential, with opportunities in overseas markets and productivity tools likely to initiate a second growth curve [1] - The combination of overseas expansion and productivity tools is anticipated to contribute to future Monthly Active Users (MAU) growth, while AI-enhanced features and changes in MAU structure may increase Average Revenue Per User (ARPU) [1] - The "functional depth and social attributes" of tool-based apps could push the payment rate ceiling above 10% [1]

Core Viewpoint - Meitu Inc. has seen a nearly 4% increase in stock price, attributed to the global popularity of its "AI Snow Scene" feature in the Meitu Xiuxiu app, which has topped app store charts in 29 countries and regions as of November 13 [1] Group 1: Company Performance - As of the latest report, Meitu's stock price rose by 3.65% to HKD 8.52, with a trading volume of HKD 373 million [1] - The Meitu Xiuxiu app has achieved the top position in app store rankings in Germany, Switzerland, Austria, Poland, Russia, Turkey, South Korea, Kazakhstan, and others [1] Group 2: Market Analysis - Dongfang Securities believes that Meitu will continue to benefit from advancements in underlying technology and the iterative development of AI features, enhancing its creative capabilities [1] - Guojin Securities asserts that tools like Meitu, which possess "functional depth and deep national recognition," will maintain significant value in the AI era [1] Group 3: Growth Potential - The company is expected to have substantial long-term growth potential, with opportunities in overseas markets and productivity tools likely to initiate a second growth curve [1] - The combination of overseas expansion and productivity tools is projected to contribute to future Monthly Active Users (MAU) growth, while AI-enhanced features and changes in MAU structure may increase Average Revenue Per User (ARPU) [1] - The "functional depth and social attributes" of tool-based apps could elevate the payment rate ceiling to over 10% [1]

Core Viewpoint - Guojin Securities initiates coverage on Meitu Inc. (01357) with a "Buy" rating and a target price of HKD 11.73, emphasizing the company's strong core value derived from its "functional depth + national recognition" in the AI era, which is difficult to disrupt [1] Group 1: Misconceptions in the Market - The market holds four major misconceptions about Meitu's products: 1. Error tolerance misconception: Scenarios involving face editing and character consistency generation have standard answers, but current multi-modal base model capabilities yield unstable results [1] 2. Efficiency in aesthetic activities misconception: Editing images is a self-pleasure activity, and while AI can solve accuracy issues, one-click editing may diminish user experience and satisfaction [1] 3. Natural language interaction misconception: The transition from command line to GUI means that functional buttons represent know-how, and the accuracy of natural language interaction is lower than the drag-and-drop interaction of Meitu's graphical interface [1] 4. Point function misconception: Meitu's products encapsulate a mature workflow in image tools, providing a comprehensive suite of features that meet user needs 100% [1] Group 2: Growth Potential and Revenue Model - The company has a broad long-term growth space, with the potential for a second growth curve driven by international expansion and productivity tools. Since launching Meitu Xiuxiu in 2008, the company has explored various business models, ultimately returning to subscription-based monetization for image editing software [2] - Subscription revenue has grown from CNY 50 million in 2018 to CNY 2.09 billion in 2024, with MAU, ARPU, and payment rate increasing approximately 2%, 25%, and 519% respectively from 2020 to 2024 [2] - Looking ahead, the combination of international expansion and productivity tools is expected to contribute to future MAU growth, while AI-enhanced features and changes in MAU structure may increase ARPU, pushing the payment rate ceiling for tool-based apps above 10% [2]

Core Viewpoint - The Hong Kong stock market is experiencing a strong performance in artificial intelligence stocks, with notable gains among several companies [2] Group 1: Company Performance - Dreamland (01119.HK) has seen an increase of over 7% [2] - Meitu (01357.HK) has risen nearly 5% [2] - Reading Group (00772.HK) and GDS Holdings (09698.HK) have both increased by over 4% [2] - Baidu (09888.HK) has also experienced a rise of over 4% [2]

Group 1 - AI application concept stocks have mostly risen, with notable increases in companies such as Innovent Biologics (6.85%), Alibaba (4.54%), Kuaishou (4.38%), Meitu (3.21%), and Yuedu Group (3.56%) [1] - Recent positive developments in the AI application field include Google's release of Gemini3 and Nano Banana Pro, which have significantly outperformed previous models [1] - Alibaba's AI assistant Qianwen App has surpassed 10 million downloads within a week of its public testing, becoming the fastest-growing AI application, outpacing ChatGPT and others [1] Group 2 - Bohai Securities notes that leading model manufacturers like Baidu, Alibaba, and Google are continuously iterating their AI large model products, intensifying global competition and accelerating technological innovation and application [2] - Domestic large models in China are making steady progress in technical iterations, successfully entering the global first tier of large models [2] - The compatibility between domestic large models and local accelerated computing chips is improving, creating a synergistic advantage for algorithm and hardware, which lays a solid foundation for large-scale implementation across various industries [2]

每经AI快讯，港股AI应用概念股多数走高，截至发稿，创新奇智(02121.HK)涨6.85%，报5.93港元；阿 里巴巴-W(09988.HK)涨4.54%，报154.3港元；快手-W(01024.HK)涨4.38%，报66.8港元；美图公司 (01357.HK)涨3.21%，报8.04港元；阅文集团(00772.HK)涨3.56%，报36.1港元。 ...

Group 1 - AI application concept stocks have mostly risen, with notable increases in companies such as Innovusion (6.85%), Alibaba-W (4.54%), Kuaishou-W (4.38%), Meitu (3.21%), and Yuedu Group (3.56%) [1] - Recent positive developments in the AI application field include Google's release of Gemini3 and Nano Banana Pro, which have significantly outperformed previous models [1] - Alibaba's AI assistant Qianwen App has surpassed 10 million downloads within a week of its public testing, becoming the fastest-growing AI application, outpacing ChatGPT and others [1] Group 2 - Baidu, Alibaba, and Google are intensifying competition in the global large model sector, which is expected to accelerate technological innovation and application deployment [2] - Domestic large models in China are continuously breaking through in technology iterations, establishing themselves in the global first tier of large models [2] - The compatibility between domestic large models and local accelerated computing chips is improving, creating a synergistic advantage for widespread application across various industries [2]

Investment Rating - The report maintains a "Positive" outlook for the media industry [5] Core Insights - The official release of Nano banana2 marks a significant breakthrough by introducing a reasoning-based visual generation approach, transitioning from diffusion-based generation to reasoning-driven visual intelligence generation, which is closer to a reasoning engine with image generation capabilities [2] - The report highlights the importance of hardware-research-model-application integration in technology companies, recommending Alibaba-W (09988, Buy) and Google (ALPHABET)-A (GOOGL.O, Not Rated) as key investment targets [3] - The consistency of image generation is beneficial for maintaining video consistency, with AI video applications expected to accelerate penetration, suggesting a focus on Kuaishou-W (01024, Buy) and Meitu (01357, Buy) [3] - The report emphasizes the significance of companies with model capabilities and related industry chains, as well as those benefiting from foundational model iterations and improved downstream application experiences, recommending Tencent Holdings (00700, Buy) and others [3] Summary by Sections - **Technological Advancements**: Nano2's advancements include enhanced world understanding capabilities, improved text rendering, and increased image clarity up to 2K and 4K levels, which are crucial for professional outputs [8] - **Investment Recommendations**: The report suggests focusing on technology giants with a full-stack AI approach and highlights specific companies for investment based on their capabilities and market positioning [3] - **Market Trends**: The report notes that the integration of Gemini 3 Pro and NanoBanana 2 is expected to drive further growth in Google AI applications, indicating a positive trend in multi-modal investment opportunities [8]

Core Viewpoint - Oriental Securities believes that Meitu's (01357) AI features and creative gameplay are frequently iterating, enhancing its global aesthetic appeal, and that the company will continue to benefit from improvements in foundational technology and AI gameplay development efficiency. The firm maintains a "Buy" rating with a target price of HKD 13.33, highlighting the unique value and growth prospects of Meitu's vertical applications [1]. Group 1: Lifestyle Scene - AI features are frequently updated, with global performance proving strong, and the sustainability of aesthetic and creative output is validated. As of October 2025, Meitu Xiuxiu has launched 51 new features, nearing the 55 new features launched in 2024, with AI features (excluding collage and cropping) accounting for nearly 96% (up from 78% in 2024) [2]. - The company's sensitivity to common trends and refined local operations strategies have increased the probability of new features gaining global traction. For instance, in October, the "AI Group Photo" feature topped the iOS download charts in 14 European countries and 30 country category charts, while in November, the "AI Snow Scene" feature topped the overall app store charts in 29 countries and regions, including Germany, Turkey, and South Korea [2]. Group 2: Productivity Scene - Attention is focused on the progress of Meitu Design Studio's collaboration with Alibaba. The Meitu Design Studio has integrated with Alibaba's business management platform, providing "AI Product Image" services for Taobao and Tmall merchants. This collaboration is expected to enhance Meitu's product capabilities by leveraging its traditional image strengths and gaining insights from the e-commerce sector [3]. Group 3: Investment Recommendations - The firm projects adjusted net profits for Meitu to be CNY 9.43 billion, CNY 12.34 billion, and CNY 15.93 billion for the years 2025 to 2027. Using a PE valuation approach, the average valuation level of comparable companies suggests a 45x PE for Meitu in 2026, corresponding to a market value of CNY 55.5 billion. At an exchange rate of 0.911 HKD/CNY, this translates to HKD 60.9 billion, leading to a target price of HKD 13.33 per share, with a "Buy" rating maintained [4].

Core Viewpoint - Oriental Securities expresses optimism about Meitu's (01357) growth prospects, highlighting the company's continuous iteration of AI features and creative applications, which enhance its global aesthetic influence and productivity expansion. The target price is set at HKD 13.33, maintaining a "Buy" rating [1][3]. Group 1: Lifestyle Scene - Meitu's AI features have seen significant updates, with 51 new functionalities introduced by October 2025, nearing the 55 new features launched in 2024. AI functionalities account for approximately 96% of these updates, up from 78% in 2024 [1]. - The company has effectively captured global trends and localized operations, leading to increased visibility. Notably, the "AI Group Photo" feature topped the iOS download charts in 14 European countries, while the "AI Snow Scene" feature led the app store rankings in 29 countries, including Germany and Turkey [1]. Group 2: Productivity Scene - Meitu's design studio has partnered with Alibaba, integrating with the Alibaba Business Manager's QianNiu backend. The "AI Product Image" feature provides AI visual generation services for Taobao and Tmall merchants, leveraging Meitu's traditional image capabilities to gain insights into the e-commerce sector [2]. Group 3: Investment Recommendations - The company is projected to achieve adjusted net profits of CNY 9.43 billion, CNY 12.34 billion, and CNY 15.93 billion for the years 2025 to 2027. A PE valuation approach is applied, with a target valuation of CNY 555 billion for 2026, translating to HKD 609 billion at an exchange rate of 0.911 HKD/CNY, leading to a target price of HKD 13.33 per share and a "Buy" rating [3].