Core Insights - The Hong Kong Internet ETF (159568) has shown a significant increase, with a 1.44% rise recently and a 73.33% increase over the past year, ranking in the top 4.18% among comparable funds [5][6] Group 1: Market Performance - The CSI Hong Kong Internet Index (931637) rose by 0.90%, with notable increases in constituent stocks such as Meitu Inc. (12.13%) and Huya Inc. (11.00%) [3] - The Hong Kong Internet ETF has seen a trading volume of 8501.42 million, indicating active market participation [3] - Over the past two weeks, the Hong Kong Internet ETF has accumulated a 1.80% increase [3] Group 2: Financial Metrics - Meitu Inc. expects a 65% to 72% year-on-year increase in adjusted net profit, with total revenue projected to grow by 25% to 2 billion RMB [3] - The Hong Kong Internet ETF has a management fee of 0.50% and a custody fee of 0.10%, which are among the lowest in comparable funds [5] - The ETF's tracking error over the past three months is 0.051%, indicating high tracking precision [5] Group 3: Institutional Interest - The media sector's allocation in heavy stocks has increased to 4.11%, with a notable focus on the gaming sector, reflecting optimism in AI-enhanced content industries [4] - The latest net inflow for the Hong Kong Internet ETF is 182.33 million, with a total of 1089.70 million net inflow over the last five trading days [4] Group 4: Index Composition - The CSI Hong Kong Internet Index comprises 30 companies, with the top ten stocks accounting for 72.11% of the index [7] - Major constituents include Xiaomi Corp., Tencent Holdings, and Alibaba Group, highlighting their core positions in the industry [7]

智通财经7月31日电，截至发稿，美图公司(01357.HK)涨12.50%、汇量科技(01860.HK)涨9.85%、金蝶国 际(00268.HK)涨8.96%、金山云(03896.HK)涨7.97%。 港股AI概念股走强 美图公司涨超12% ...

机构：国泰海通证券 研究员：陈筱/孙小雯/陈俊希 本地化产品开发，全球化战略有效执行，高毛利"影像与设计产品"业务持续呈现高增长。公司2024 年 总营收33.4 亿元（同比+23.9%），毛利率68.7%（同比+7.2pct），年内利润8.06 亿元（同比+120%）。 影像与设计产品业务为公司第一大主营，2024 年收入实现20.86 亿元（同比+57.1%），占收入比重 62.4%（同比+13.2pct）。2024 年12 月，公司总MAU 达2.66 亿人（同比+6.7%），中国内地MAU 达 1.71 亿人，中国内地以外MAU 达9450.5 万人（同比+21.7%）。截至2024 年底，公司总付费订阅用户超 过1261 万人，订阅渗透率稳步提升1pct 至4.7%。 AI 赋能，提升产品能力和拓展生产力场景新应用场景。2024 年，公司研发费用9.1 亿元（同比 +43.3%），主要由于视觉大模型训练增加带来；算力、宽带及存储相关成本3.4 亿元（同比+84.1%）。 公司结合AI 技术持续打造创新功能及玩法，比如"AI 捏脸"、"AI 长头发"、"AI 换装"。 2022 年3 月，公司推出AI ...

Core Viewpoint - Meitu has successfully transitioned through three technological revolutions: from PC internet to mobile internet, and now to the AI era, enhancing its product offerings and user engagement [1] Group 1: Development Stages - The initial phase involved the launch of Meitu Xiuxiu in 2008, which simplified photo editing and attracted a large user base, reaching over 200 million users across PC and mobile by 2012 [1] - The company shifted focus to a subscription model starting in 2018, moving away from a traffic-based revenue model to enhance quality and user experience [1] - In the AI era, Meitu has integrated AI capabilities across all its products, resulting in increased monthly active users and improved payment rates [1] Group 2: Competitive Advantages - Meitu's strong channel capabilities and centralized operational system have allowed it to adapt to market changes and maintain a leading position in the beauty app sector [2] - The brand recognition and user loyalty built through Meitu Xiuxiu serve as a competitive advantage, enabling the company to quickly respond to market trends and consumer preferences [2] - The company leverages insights from its existing user base to innovate new products, such as Wink and Meitu Design Studio, which are informed by user needs [2] Group 3: Future Growth Strategies - Future growth for Meitu is centered around three main areas: global expansion, development of productivity tools, and ongoing investment in AI [3] - Meitu's products have strong competitive advantages in overseas markets, with clear operational strategies for international versions of its core products [3] - The company is expanding its productivity tools, like Meitu Design Studio, which targets the "communicator" user group and aims to democratize technology for consumers [3]

格隆汇7月31日丨根据联交所最新权益披露资料显示，2025年7月24日，美图公司(01357.HK)获Morgan Stanley在场内以每股均价10.9941港元增持好仓156.65 万股，涉资约1722.24万港元。 | 麦格序號 | 大股東/董事/最高行政人員名稱作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | | --- | --- | --- | --- | --- | --- | --- | | | 股份數目 | 原因 | | | ( 語参関 菰 * 註 | 有投票權股 (日 / 月 / 年) | | | | | | | | 份百分比 | | | | | | | | ( % | | CS20250729E00403 | Morgan Stanley | 1001(L) | 1.566,515(L | HKD 10.9941 | 228,852,022(L) | 5.01(L)24/07/2025 | | | | | | | 78.454.826(S) | 1.71(S) | | | | | | | (P) | 0.00(P) ...

Core Viewpoint - Meitu Inc. is experiencing a decline in stock price while maintaining a strong user base and financial performance, indicating potential investment opportunities and market challenges [1][2]. Group 1: Company Overview - Meitu Inc. is an AI-driven technology company focused on image and design product development, as well as digital solutions for the beauty industry [1]. - As of June 2024, the company has 258 million monthly active users, with 84.73 million users outside mainland China [1]. Group 2: Financial Performance - For the fiscal year ending 2024, Meitu Inc. reported total revenue of 3.341 billion yuan and a net profit of 805 million yuan [2]. - The company is set to disclose its mid-year report for the fiscal year 2025 on August 18 [2].

Core Insights - Meitu Inc. is a technology company driven by artificial intelligence, focusing on image and design product development as well as digital solutions for the beauty industry [1][3] Financial Performance - As of the latest annual report for 2024, Meitu Inc. reported total revenue of 3.341 billion yuan and a net profit of 805 million yuan [2] - The company is set to disclose its mid-year report for the fiscal year 2025 on August 18 [2] User Engagement - By June 2024, Meitu Inc. had 258 million monthly active users, with 84.73 million users located outside mainland China [1]

Investment Rating - The report assigns a "Buy" rating for Meitu Company (1357.HK) [13] Core Insights - Meitu Company has successfully transformed from a traffic-based business model to a subscription-based model, leveraging its strong aesthetic know-how and technological foundation [3][9] - The company has experienced three technological transformations: from PC internet to mobile internet, and now to the AI era, which has enhanced its product capabilities and user engagement [9][20] - Meitu's growth strategy focuses on three main lines: globalization, expansion of productivity tools, and continuous investment in AI [11][20] Summary by Sections Company Overview - Founded in 2008, Meitu has evolved through significant technological changes, initially launching the PC version of Meitu Xiuxiu, which simplified photo editing for users [20] - The company shifted its focus back to software tools and began transitioning from a traffic monetization model to a subscription model starting in 2018 [9][20] Competitive Advantages - Meitu's strong channel capabilities and accumulated user aesthetic recognition have allowed it to maintain a leading position in the competitive beauty app market [10][57] - The company has built a robust product matrix that includes both lifestyle and productivity tools, with flagship products like Meitu Xiuxiu and BeautyCam leading their respective categories [27][93] AI Integration - All of Meitu's products have integrated AI capabilities, which have driven new growth in key metrics such as monthly active users (MAU) and payment rates [9][11] - The launch of the MiracleVision AI model in 2023 has provided a foundation for enhancing the AI capabilities across Meitu's product ecosystem [66] Market Position - Meitu holds a dominant market share of approximately 55.96% in the photo editing software sector, significantly ahead of its closest competitor [67] - The company has successfully expanded its user base internationally, particularly in Southeast Asia, where its products have gained substantial traction [93][104] Financial Performance - The subscription revenue has become a major pillar of Meitu's total income, with the subscription rate doubling from the initial phase of the transition [33][39] - The gross margin has improved significantly, rising from 15% to 69% by the end of 2024, reflecting the successful shift away from low-margin hardware businesses [39][41]

Investment Rating - The report assigns a rating of "Buy" for the company [1]. Core Insights - The company is experiencing high growth in its imaging product business, driven by AI capabilities and a successful global expansion strategy [2][10]. - The projected revenue for 2024 is 3.34 billion RMB, representing a year-on-year increase of 23.9%, with a gross margin of 68.7% [10]. - The company has a total MAU of 266 million as of December 2024, with a significant increase in paid subscription users [10]. Financial Summary - Total revenue is expected to grow from 2.696 billion RMB in 2023 to 6.013 billion RMB by 2027, with a compound annual growth rate (CAGR) of approximately 19% [4]. - Net profit is projected to increase from 378 million RMB in 2023 to 1.302 billion RMB in 2027, reflecting a substantial growth trajectory [4]. - The company’s PE ratio is expected to decrease from 40.00 in 2023 to 37.23 in 2027, indicating a potential increase in valuation [4]. Business Segment Projections - The imaging and design products segment is anticipated to generate revenue of 2.088 billion RMB in 2024, with a year-on-year growth of 57.1% [14]. - The beauty solutions segment is expected to decline, with revenues projected to decrease by 32.4% in 2024 [14]. - Advertising revenue is forecasted to grow steadily at 10% annually from 2024 to 2027 [14]. User Growth and Engagement - The company aims to increase its global paid user base to 15.76 million by 2025, with a subscription penetration rate of 5.9% [13]. - The average annual revenue per subscription user is projected to rise gradually, reaching 215 RMB by 2027 [13]. - The company has launched several AI-driven features, enhancing user engagement and expanding its product offerings [10][13]. Strategic Partnerships - The company has secured a $250 million convertible bond investment from Alibaba, which will facilitate strategic cooperation in e-commerce, AI, and cloud computing [10][13]. - Alibaba will prioritize promoting the company's AI e-commerce tools on its platforms, providing essential technical support [10].

Core Viewpoints - The company is expected to achieve better-than-expected performance growth in the first half of 2025, driven by AI's effective acceleration of the payment rate and significant growth in overseas downloads [1][2] - Key areas to monitor include the Q4 holiday season for C-end AI entertainment features and the progress of B-end collaboration with Alibaba [1] Company Product Development - The company's imaging and design AI Agent RoboNeo has recently entered the testing phase for C-end users, offering features that compete with Meitu and Wink for C-end and Meitu Design Studio for B-end [2] - The integration of AI into core products is anticipated to enhance payment rates and solidify the company's leading position in the market [2] Financial Projections - The adjusted net profit for the company is projected to be 825 million, 1.126 billion, and 1.463 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 40.78%, 36.50%, and 29.91% [2] - The price-to-earnings ratio corresponding to the closing price on July 23, 2025, is expected to be 54.16, 39.68, and 30.54 times for the respective years [2]