Group 1 - Morgan Stanley's long position in Meitu increased from 5.72% to 6.29% as of August 20, 2025 [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's overall performance in H1 2025 shows total revenue of 1.821 billion HKD, a year-on-year increase of 12.3%. Adjusted net profit attributable to shareholders reached 467 million HKD, up 71.3% year-on-year, with a gross margin of 73.6%, an increase of 8.7 percentage points [4][6] - The revenue from the imaging and design product segment was 1.351 billion HKD, growing 45.2% year-on-year, accounting for 74.2% of total revenue. Advertising revenue was 434 million HKD, up 5.0%, while revenue from beauty solutions declined by 88.9% to 30 million HKD due to a strategic focus on core business [4][5] Summary by Sections Financial Performance - In H1 2025, the company achieved total revenue of 1.821 billion HKD, a 12.3% increase year-on-year. Adjusted net profit was 467 million HKD, reflecting a 71.3% year-on-year growth. The gross margin improved to 73.6%, up 8.7 percentage points [4][6] - The revenue breakdown shows imaging and design products at 1.351 billion HKD (45.2% growth), advertising at 434 million HKD (5.0% growth), and beauty solutions at 30 million HKD (88.9% decline) [4][5] User Growth and Global Strategy - As of June 2025, the company's global monthly active users (MAU) reached 280 million, a year-on-year increase of 8.5%. Notably, overseas users grew to 98 million (35% of total), up 15.3%, significantly outpacing domestic growth [5] - The introduction of AI features, such as "AI Dressing," has been well-received in markets like Southeast Asia, the US, and the UK, contributing to user growth. The "AI Flashlight" feature reached approximately 1.9 million users in its first month [5] AI-Driven Product Innovation - AI technology has significantly enhanced the product matrix, increasing user willingness to pay. By June 2025, paid subscription users reached approximately 15.4 million, a growth of over 42.0%, with a penetration rate of 5.5% [6] - The company launched the AI design assistant RoboNeo in July 2025, which quickly surpassed one million MAU without relying on the existing product matrix. A complete subscription and purchase mechanism is expected to be launched by late August or early September [6] Investment Recommendations - The report maintains a positive outlook on the company's ability to further increase its conversion rate due to AI enhancements. Projected revenues for 2025-2027 are 4.016 billion HKD, 5.053 billion HKD, and 6.105 billion HKD, representing year-on-year growth rates of 20.2%, 25.8%, and 20.8% respectively. Non-IFRS net profit is expected to be 950 million HKD, 1.189 billion HKD, and 1.558 billion HKD, with growth rates of 62.1%, 25.1%, and 31.1% respectively [6][9]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company's revenue for the first half of 2025 reached 1.821 billion CNY, a year-on-year increase of 12.3%, while the adjusted net profit attributable to shareholders was 467 million CNY, up 71.3% year-on-year [1] - Monthly active users (MAU) and paid subscription users have increased year-on-year, driving significant revenue growth in the company's imaging and design product business [2] - The advertising business has shown steady growth, with revenue of 430 million CNY in the first half of 2025, a 5% increase year-on-year [2] - AI has become a key driver of the company's strategic goals, with the launch of the AI Agent product RoboNeo, which has gained popularity globally [3] Financial Performance and Forecast - The company expects adjusted net profits of approximately 959 million CNY, 1.114 billion CNY, and 1.342 billion CNY for 2025, 2026, and 2027 respectively [4] - Revenue projections for 2025-2027 are estimated at 3.744 billion CNY, 4.207 billion CNY, and 4.812 billion CNY, with corresponding growth rates of 12% [6] - The adjusted earnings per share (EPS) are forecasted to be 0.21 CNY, 0.24 CNY, and 0.29 CNY for 2025, 2026, and 2027 respectively [6] User Growth and Market Expansion - As of June 30, 2025, the total MAU reached 280 million, a year-on-year increase of 8.5%, with paid subscription users numbering approximately 15.4 million and a penetration rate of 5.5% [2] - The MAU outside mainland China grew by 15.3% year-on-year to 98 million [2] - The company has established long-term partnerships with leading advertising networks, enhancing its programmatic advertising capabilities [2]

Core Insights - The company achieved a revenue of 1.82 billion yuan in H1 2025, representing a year-on-year growth of 12.3%, with adjusted net profit increasing by 71.3% to 470 million yuan, nearing the upper limit of the previously forecasted growth range of 65-72% [1] - A mid-term dividend was announced, with a cash distribution of 0.045 HKD per share [1] User Growth and Engagement - The overall Monthly Active Users (MAU) reached 280 million, growing by 8.5% year-on-year, with productivity tools (toB) growing by 21.1% and lifestyle applications (toC) by 7.5% [1] - Paid user growth accelerated, with 15.4 million paid users at the end of H1 2025, a 42% increase year-on-year, and a net increase of 2.8 million users [1] - The paid user rate improved to 5.5%, up by 0.8 percentage points from the previous half [1] Revenue Composition and Profitability - Revenue from imaging and design products grew by 45%, now accounting for 74% of total revenue, while advertising revenue increased by 5% [2] - The overall gross margin reached 74%, with all operating expenses growing at a slower rate than core paid business revenue, indicating scale effects [2] - The adjusted net profit margin stood at 26% [2] Management and Strategic Developments - The chairman and CEO, Wu, increased his shareholding by acquiring 700,000 shares, maintaining a continuous increase since 2018, with a current holding of 12.89% [2] - The company is seen as a strong candidate for AI application, with improved governance and enhanced product capabilities driven by GenAI [2] Profit Forecasts - The profit forecast for the company has been raised for 2025-2027, with adjusted net profit estimates now at 942 million, 1.33 billion, and 1.685 billion yuan respectively [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a revenue of 1.82 billion RMB for H1 2025, representing a year-on-year growth of 12.3%, and an adjusted net profit of 470 million RMB, which is a 71.3% increase [7] - The company has initiated a mid-term dividend, distributing 0.045 HKD per share [7] - The company is focusing on core business areas, with significant growth in paid user numbers and improvements in profitability [7] Financial Data and Profit Forecast - Revenue projections are as follows: - 2023: 2,696 million RMB - 2024: 3,341 million RMB - 2025E: 3,899 million RMB - 2026E: 4,792 million RMB - 2027E: 5,628 million RMB - Year-on-year growth rates for revenue are projected at 29% for 2023, 24% for 2024, 17% for 2025, 23% for 2026, and 17% for 2027 [3] - Adjusted net profit forecasts are as follows: - 2023: 368 million RMB - 2024: 586 million RMB - 2025E: 942 million RMB - 2026E: 1,330 million RMB - 2027E: 1,685 million RMB - Year-on-year growth rates for adjusted net profit are projected at 233% for 2023, 59% for 2024, 61% for 2025, 41% for 2026, and 27% for 2027 [3] User Growth and Market Performance - The company reported a total MAU of 280 million for H1 2025, with a year-on-year growth of 8.5% [7] - The number of paid users reached 15.4 million, a 42% increase year-on-year, with a net increase of 2.8 million users [7] - The company’s focus on productivity tools and overseas growth is yielding positive results, with overseas MAU growth at 15.3% [7] Business Structure and Profitability - The company has seen a 45% increase in revenue from imaging and design products, which now account for 74% of total revenue [7] - The overall gross margin is reported at 74%, with adjusted net profit margin at 26% [7] - The company is experiencing scale effects, with operating expenses growing at a slower rate than core business revenue [7] Management and Governance - The chairman of the company has increased his shareholding by acquiring 700,000 shares, maintaining a consistent trend of share accumulation since 2018 [7] - The company is viewed as a strong player in AI applications, with improvements in governance and product capabilities [7]

Meitu, Inc. （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） 美图公司 （股份代號：1357） 於2025年9月10日（星期三）舉行之 特別股東大會（或其任何續會）的代表委任表格 本人╱吾等 （附註1） 地址為 日期： 簽署 （附註6） ： 附註： 1. 請用正楷填上全名及地址。 2. 請填上以 閣下名義登記的每股面值0.00001美元的股份的數目。倘未有填上數目，則本代表委任表格將被視為與所有登記於 閣下名下之本公司股份有關。 3. 凡有權出席本公司大會並於會上發言及投票之本公司任何股東均有權委任另一名人士作為其受委代表出席大會及於會上發言，並代其投票。持有兩股或以上股份 的本公司股東可委任一名以上受委代表代其出席大會，並於會上投票。受委代表毋須為本公司股東，但須親身出席大會以代表 閣下。 為美图公司（「本公司」）股本中 股 （附註2） 每股面值0.00001美元普通股股份的登記持有人， 茲委任 地址為 而倘彼未能出席，則委任大會主席為本人╱吾等之受委代表，代表本人╱吾等出席本公司於2025年9月10日（星期 三）上午11時正（香港日期及時間）假座香港九龍柯士甸道西1號環球貿 ...

此乃要件 請即處理 Meitu, Inc. （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） 美图公司 （股份代號：1357） 建議自股份溢價賬宣派及派付中期股息、 採納新組織章程細則、 暫停辦理股份過戶登記手續 及 特別股東大會通告 美图公司（「本公司」）謹訂於2025年9月10日（星期三）上午11時正（香港時間）假座香港九龍柯 士甸道西1號環球貿易廣場香港麗思卡爾頓酒店8樓碧玉廳舉行特別股東大會（「特別股東大 會」）。大會通告載於本通函第15至18頁。本通函亦隨附特別股東大會使用之代表委任表格。 該代表委任表格亦於香港交易及結算所有限公司之網站(www.hkexnews.hk)及本公司之網站 (www.meitu.com)刊發。 不論 閣下是否擬出席特別股東大會，務請 閣下按代表委任表格印備之指示填妥代表委任 表格，並盡快且無論如何不遲於特別股東大會或任何續會既定舉行時間的48小時前將其交回 本公司香港證券登記分處香港中央證券登記有限公司（地址為香港灣仔皇后大道東183號合和 中心17M樓）。填妥及交回代表委任表格後， 閣下仍可依願親身出席特別股東大會或任何續 會，並於會上投票，而在此 ...

1. 審議及（如認為適當）通過下列決議案（無論是否經修訂）為本公司普通決議案： 「動議： 1 (a) 批准自本公司股份溢價賬以現金方式向本公司股東宣派及派付中期股息每股普通股 （本公司股本中每股面值0.00001美元）0.045港元（「中期股息」）；及 (b) 授權本公司任何董事（「董事」）在其絕對酌情認為就落實派付中期股息之目的或與 此有關而屬必要或合宜的情況下，採取有關行動、進行有關事宜以及簽立有關進一 步的文件。」 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。 （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） Meitu, Inc. 美图公司 （股份代號：1357） 特別股東大會通告 茲通告美图公司（「本公司」）謹訂於2025年9月10日（星期三）上午11時正（香港日期及時間） 假座香港九龍柯士甸道西1號環球貿易廣場香港麗思卡爾頓酒店8樓碧玉廳舉行特別股東大會 （「特別股東大會」），藉以處理下列事項： 普通事項 2 附註： ...

Core Viewpoint - Meitu Inc. has seen a significant stock price increase following the announcement of share purchases by its founder and CEO, indicating strong management confidence in the company's future prospects [1] Group 1: Stock Performance - On August 22, Meitu's stock rose over 7% during trading, closing up 5.5% at HKD 10.66, with a trading volume exceeding HKD 1.4 billion [1] Group 2: Management Actions - On August 21, Meitu announced that founder and CEO Wu Xinhong purchased 700,000 shares at an average price of HKD 10 per share, increasing his ownership to approximately 12.89% of the company's issued share capital [1] - Wu Xinhong has never sold any shares of Meitu and has made multiple purchases since May 10, 2018, expressing confidence in the company's future business outlook and indicating potential for further share purchases [1] Group 3: Analyst Commentary - Morgan Stanley commented that the management's actions reflect confidence in future business prospects and reiterated a buy rating [1] - UBS noted that this is a positive signal following the previous chairman's shareholding being lower than that of Wu Xinhong [1] Group 4: Financial Performance - Meitu recently released its financial report for the first half of 2025, achieving total revenue of HKD 1.8 billion, a year-on-year increase of 12.3%, and an adjusted net profit of HKD 467 million, representing a year-on-year growth of 71.3% [1]

Core Viewpoint - Meitu Company (01357) has shown a positive market response with a stock price increase of over 5%, currently trading at HKD 10.47, driven by strong interim financial results and insider buying by the CEO [1] Financial Performance - For the six months ending June 30, 2025, Meitu reported revenue of RMB 1.821 billion, a year-on-year increase of 12.34% [1] - Gross profit reached RMB 1.34 billion, reflecting a year-on-year growth of 27.26% [1] - Shareholder profit attributable to the company was RMB 397 million, up 30.84% year-on-year [1] - Basic earnings per share were RMB 0.09, with an interim dividend proposed at HKD 0.045 per ordinary share [1] Business Outlook - The revenue growth is primarily attributed to the rapid increase in the subscription-based imaging and design product business, driven by a rise in the number of paying subscribers during the reporting period [1] - The CEO, Wu Zeyuan, expressed confidence in the company's future business prospects and indicated the possibility of further share purchases at an appropriate time [1]