Core Viewpoint - The Hong Kong Stock Exchange has launched the Technology 100 Index, which includes Meitu Inc. as a representative of AI applications in Hong Kong stocks [1] Group 1: Index Overview - The Technology 100 Index is the first index launched by the Hong Kong Stock Exchange, tracking the performance of the 100 largest technology companies listed on the exchange [1] - To be included in the index, companies must have an average daily trading volume of at least 20 million HKD over the past six months and either invest more than 3% of their revenue in R&D or achieve a revenue growth of over 5% in the past two years [1] Group 2: Industry Coverage - The index covers six major themes in technology and innovation: artificial intelligence, biotechnology and pharmaceuticals, electric vehicles and smart driving, information technology, internet, and robotics [1] Group 3: Company Spotlight - Meitu Inc. has gained significant attention in the capital markets this year, receiving "buy" ratings from major international banks such as Morgan Stanley and UBS [1] - Other notable companies included in the index are Tencent Holdings, Alibaba Group, and Xiaomi Corporation [1]

来源：格隆汇APP 格隆汇12月8日丨根据联交所最新权益披露资料显示，2025年12月2日，美图公司(01357.HK)获JPMorgan Chase & Co.以每股均价7.7128港元增持好仓599.72万股，涉资约4625.52万港元。 增持后，JPMorgan Chase & Co.最新持好仓数目为232,775,864股，持好仓比例由4.96%上升至5.09%。 | 股份代號: | 01357 | | --- | --- | | 上市法國名稱: | 美图公司 | | 日期(日/月/年): | 08/11/2025 - 08/12/2025 | | 爱情感影 | 文研制度申博里行较人员名 申博民族的 NY人就出成修及的 申发的平均 | | | | | 於其國國際發展的設計為國際國家教學國教學院學院學。因義學院就讀題國 | | --- | --- | --- | --- | --- | --- | --- | | | | FIGH | 成分彩官 | | ( ( ) | 第三章 (日)日/日) 福昌 | | | | | | | | 19 12 11 11 | | CS20251205E00155 | UP ...

FF301 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 截至月份: 2025年11月30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3日 I. 法定/註冊股本變動 | 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 | | ...

Core Viewpoint - Meitu Inc. (01357.HK) continues to experience a downward trend in its stock price, with concerns about AI models impacting its market position, yet analysts believe the company has significant long-term growth potential [1][3]. Group 1: Stock Performance - As of December 3, Meitu's stock price fell by 4.69% to HKD 7.31 per share, marking a cumulative decline of nearly 17% over four consecutive trading days [1][2]. - The stock reached a high of HKD 7.69 and a low of HKD 7.20 during the trading session, with a trading volume of 51.77 million shares and a total transaction value of HKD 381 million [2]. Group 2: Analyst Insights - Guojin Securities released a report stating that Meitu should not be overshadowed by the narrative of "AI swallowing software," emphasizing the company's broad long-term growth space and potential for a second growth curve through international expansion and productivity tools [1][2]. - The report highlights that in the AI era, software like Meitu, which possesses "functional depth and national recognition," retains significant value that is difficult to disrupt [3].

Core Points - The mainland consumer electronics index (983105) closed at 4679.66 points, down 0.04%, with a trading volume of 75.462 billion yuan and a turnover rate of 1.56% [1] - Among the index constituents, 20 stocks rose while 29 fell, with AAC Technologies leading the gainers at 3.95% and Meitu leading the decliners at 6.0% [1] Index Constituents Summary - The top ten constituents of the mainland consumer electronics index are as follows: - Luxshare Precision (sz002475) holds a weight of 12.51%, latest price at 60.00 yuan, with a market cap of 436.926 billion yuan and a rise of 2.37% [1] - SMIC (hk00981) has a weight of 12.37%, latest price at 62.39 yuan, with a market cap of 499.131 billion yuan and a decline of 1.15% [1] - Other notable constituents include BOE Technology (sz000725) with a weight of 5.67% and a market cap of 145.166 billion yuan, and Xiaomi (hk01810) with a weight of 5.56% and a market cap of 963.341 billion yuan [1] Capital Flow Analysis - The net inflow of main funds into the index constituents totaled 775 million yuan, while retail funds saw a net outflow of 347 million yuan [3] - Key stocks with significant fund flows include: - Luxshare Precision with a net inflow of 604 million yuan, accounting for 5.53% of the main funds [3] - Other stocks like GoerTek (sz002241) and Shenghong Technology (300476) also experienced notable fund movements [3]

Summary of Meitu Company Conference Call Company Overview - **Company**: Meitu - **Industry**: Image processing and entertainment software Key Points and Arguments 1. **Response to AI Challenges**: Meitu enhances product precision and stability through image data accumulation and personal image archives, increasing user engagement to counter AI challenges [2][5][11] 2. **Market Expansion**: The company actively expands into Southeast Asia, Northeast Asia, and Western markets, collaborating with Alibaba to create new growth opportunities [2][5] 3. **Positioning**: Meitu positions itself as a lifestyle and entertainment tool rather than a pure efficiency tool, attracting users by providing enjoyment, participation, and a sense of achievement [2][5] 4. **User Engagement**: The company has a complex workflow for image editing, which includes various steps that enhance user retention and satisfaction, differentiating it from purely AI-driven solutions [2][9][10] 5. **Subscription Growth**: Since 2018, Meitu's subscription revenue has grown at a compound annual growth rate (CAGR) of 85%, with the paid user rate increasing from 0.8% in 2020 to 5.5% in the first half of 2025 [2][13] 6. **Future Projections**: By 2030, Meitu expects its monthly active users (MAU) to grow from 280 million in 2025 to 500 million, with a projected paid user rate of 13% [3][14] 7. **Revenue Forecast**: For the first half of 2025, total revenue is expected to reach 4 billion RMB, with a net profit guidance of 940 million RMB for the year [3][15][16] 8. **Valuation**: Meitu's current valuation is below 30 times earnings, but with a growth rate of over 45%, it is expected to achieve a higher valuation multiple, targeting a market value of approximately 49 billion RMB or 50 billion HKD [3][17] Additional Important Insights 1. **B2B and B2C Segmentation**: Meitu differentiates between consumer (C-end) lifestyle applications and business (B-end) productivity tools, with significant growth potential in overseas markets for C-end applications [2][11] 2. **Local Adaptation**: The company has strong capabilities in developing localized features that resonate with regional aesthetics, particularly in Northeast Asia [2][10] 3. **SaaS Market Dynamics**: The impact of AI on the software industry is complex, with B-end SaaS companies like Meitu maintaining control over data and entry points, reducing the risk of being overtaken by AI [3][5] 4. **User Experience**: The GUI (Graphical User Interface) is emphasized as more effective for high-precision tasks compared to natural language interfaces, which can be ambiguous [6][8][9] This summary encapsulates the essential insights from the conference call, highlighting Meitu's strategies, market positioning, and future growth potential in the face of evolving technological challenges.

Group 1 - Morgan Stanley increased its stake in Meitu Inc. (01357) by acquiring 9.772165 million shares at a price of HKD 7.7549 per share, totaling approximately HKD 75.7822 million [1] - Following the acquisition, Morgan Stanley's total shareholding in Meitu is approximately 229 million shares, representing a holding percentage of 5.01% [1]

Core Viewpoint - Morgan Stanley has increased its stake in Meitu Inc. to approximately 5.01% by acquiring 9.772165 million shares at a price of HKD 7.7549 per share, totaling around HKD 75.7822 million [1] Company Summary - Morgan Stanley's latest shareholding in Meitu Inc. amounts to approximately 229 million shares [1] - The increase in shareholding reflects a strategic investment decision by Morgan Stanley in Meitu Inc. [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 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]