美图-AI 生产力工具与海外市场驱动增长；2025 年下半年业绩基本符合指引，买入评级

31 March 2026 | 8:31AM HKT Equity Research Meitu (1357.HK): AI Productivity tools and overseas market to drive growth; 2H25 largely in line with guidance; Buy Meitu reported 2025 NI largely in line with guidance at -13% YoY (Link) due to a high base last year from a one-off gain, while the adjusted NI in 2025 was up 65% YoY. The company's MAU was up 4% YoY to 276m units by end of 2025, while lower than 280m units by end of 1H25 due to seasonality and product pipeline. With the rollout of AI features, paying ...