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2月16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 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01357 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | 每股發行/出售價 ...

Core Viewpoint - Meitu's subsidiary, Kaipai, is set to integrate Seedance 2.0, with an expected launch by the end of February, enhancing its video production capabilities [1] Group 1: Company Developments - Kaipai, a video production tool launched by Meitu, will incorporate Seedance 2.0 into its workflow, allowing users to utilize advanced model capabilities without needing separate applications or additional learning [1] - The integration of Seedance 2.0 is anticipated to streamline the video production process for users, improving overall efficiency and output quality [1] Group 2: Industry Insights - There were initial concerns in the market regarding the impact of large models on applications, but industry experts suggest that advancements in foundational model capabilities will enable leading niche application companies to refine their product features [1] - The progress in AI technology is facilitating the implementation of these advancements across more specialized scenarios, indicating a positive trend for the industry [1]

Core Viewpoint - Meitu Inc. anticipates a significant increase in its net profit attributable to equity holders for the fiscal year 2025, projecting a year-on-year growth of approximately 60% to 66% based on non-International Financial Reporting Standards [1] Group 1: Financial Performance - The expected growth in net profit is primarily driven by a rapid increase in revenue from the core imaging and design products [1] - The growth in revenue is supported by a substantial rise in the number of global paid subscription users, with international market growth outpacing that of the domestic market [1] - Gross profit is expected to grow at a rate exceeding that of operating expenses, indicating the realization of operational leverage [1]

Investment Rating - The report assigns a "Buy" rating to Meitu Inc. with a target price of HKD 16, implying a projected price-to-earnings ratio of 33.1 times for 2027 [1] Core Insights - The report highlights that generative artificial intelligence has transformed Meitu from a "beautification tool" into an "AI photo and video generation and editing application," expanding its market from consumer entertainment to enterprise productivity tools, which is expected to drive growth in monthly active users, payment ratios, and average revenue per user (ARPU) [1] - Revenue for Meitu is projected to grow at a compound annual growth rate (CAGR) of 29% from 2025 to 2030, with enterprise/productivity revenue expected to account for 44% of total revenue by 2030, up from an anticipated 12% in 2025 [1] - The global AI video and image creative market is forecasted to grow at a CAGR of 44% from 2025 to 2030, reaching USD 39 billion, with Meitu's market share in AI video/image expected to rise to 2% and 17% by 2030, compared to 1% and 13% in 2025 [1]

Core Viewpoint - Meitu Inc. (01357) is projected to achieve a Non-IFRS adjusted profit growth of 60% to 66% year-on-year for 2025, aligning with market consensus, and is rated "Buy" by Jefferies with a target price of HKD 12.5 for H-shares [1] Group 1: Financial Performance - The forecasted growth is primarily driven by significant increases in global paid user numbers for core businesses such as photo, video, and design products [1] - Revenue growth is expected to be accelerated by the faster growth rate of overseas users compared to the Chinese market [1] - Gross profit is anticipated to grow at a rate faster than operating expenses, leading to operational leverage effects [1] Group 2: Market Potential - Jefferies expects Meitu to capitalize on the long-term potential of AIGC productivity tools [1]

Core Viewpoint - Meitu Inc. anticipates a significant increase in adjusted net profit attributable to equity holders for the fiscal year 2025, driven by rapid growth in its imaging and design product revenues, particularly from international subscription users [1][2]. Financial Performance - The company expects an adjusted net profit growth of approximately 60% to 66% year-on-year for 2025 [1]. - The growth in revenue is primarily attributed to a rapid increase in the number of global paid subscription users, with international market growth outpacing that of mainland China [1]. - The gross profit growth is expected to exceed the increase in operating expenses, resulting in a positive operating leverage effect that enhances profitability beyond gross profit growth [1]. IFRS Reporting - According to International Financial Reporting Standards (IFRS), the company projects a decline of no more than 30% in net profit attributable to equity holders compared to the previous year [3]. - This decline is influenced by a high base from a one-time net gain of approximately 640 million yuan from the sale of all cryptocurrencies in 2024 and a one-time, non-cash expense of about 512 million yuan related to convertible bonds issued to Alibaba in 2025 [3]. - Both of these items are classified as non-operating and are not related to the core imaging and design business, leading the board to believe that adjusted net profit better reflects the company's core operational performance [3]. Upcoming Events - Meitu Inc. is scheduled to release its full-year results for 2025 on March 27 [4].

高盛指出，生成式人工智能已驱动美图从一款"美化工具"升级为"AI照片与影片生成及编辑应用程式"， 将其市场从消费者娱乐，拓展至企业(如电子商务、广告)等具生产力工具，从而推动月活跃用户数、付 费比率及每用户平均收入(ARPU)增长。 高盛又预测美图2025至2030年营收年均复合增长率为29%，至2030年预计企业/生产力营收占比将升至 44%(对比2025年预期的12%)；全球AI影片与图像创意市场规模将在2025至2030年预测以44%的年均复 合增长率增至390亿美元，美图的全球AI影片/图像市占率预计将在2030年预计分别上升至2%、17%(对 比2025年预期的1%、13%)。 高盛发布研报称，首次覆盖美图公司(01357)，予"买入"评级，目标价16港元，相当于预测2027年市盈 率33.1倍，对比2027至2028年预期净利润平均同比增约44%；营运利润率预计从2025年上半年的21%上 升至2028年预测的34%。 ...

Core Viewpoint - Goldman Sachs initiates coverage of Meitu Inc. (01357) with a "Buy" rating and a target price of HKD 16, implying a projected P/E ratio of 33.1x for 2027, with an expected average net profit growth of approximately 44% year-on-year from 2027 to 2028 [1] Group 1: Financial Projections - Operating profit margin is expected to increase from 21% in the first half of 2025 to a forecasted 34% by 2028 [1] - Revenue CAGR for Meitu is projected at 29% from 2025 to 2030, with enterprise/productivity revenue share expected to rise to 44% by 2030, compared to an anticipated 12% in 2025 [1] Group 2: Market Expansion and User Growth - Generative AI has transformed Meitu from a "beautification tool" to an "AI photo and video generation and editing application," expanding its market from consumer entertainment to enterprise sectors such as e-commerce and advertising [1] - This transformation is expected to drive growth in monthly active users, payment ratios, and average revenue per user (ARPU) [1] Group 3: Market Size and Share - The global AI video and image creative market is projected to grow at a CAGR of 44% from 2025 to 2030, reaching a size of USD 39 billion [1] - Meitu's global market share in AI video/image is expected to rise to 2% and 17% by 2030, compared to 1% and 13% anticipated in 2025 [1]

Core Viewpoint - Meitu Company (01357) anticipates a significant increase in adjusted net profit for the fiscal year 2025, driven by rapid growth in its core imaging and design product revenues, particularly from international subscription users [1] Financial Performance - Meitu expects adjusted net profit attributable to equity holders to grow by approximately 60% to 66% year-on-year for the fiscal year 2025 [1] - The company's stock opened nearly 6% higher and is currently up 5.77%, trading at 6.6 HKD with a transaction volume of 5.2173 million HKD [1] Business Growth Drivers - The notable improvement in profitability is primarily attributed to a rapid increase in the number of global paid subscription users [1] - Growth in paid subscription users from international markets is outpacing that of the domestic Chinese market [1] Management Perspective - The board believes that adjusted net profit attributable to equity holders better reflects the company's core operational performance [1]

智通财经APP获悉，美银证券发布研报称，美图公司(01357)预期去年非国际准则经调整净利润增长60% 至66%，至9.38亿至9.73亿元人民币，中位数增长63%至9.55亿元，较市场预期和美银预测轻微高出 1%。主要受两大因素驱动，包括产品收入快速增长同营运杠杆效应。美银证券指，基于付费用户比例 提升与营运杠杆效应带动的强劲盈利扩张，维持对美图"买入"评级，目标价11.3港元。 ...