HSMEITU@EC2602A

Goldman Sachs Gives Meitu Buy Rating, Sets Target Price at HKD 16

Meitu Announces Earnings Forecast with No More Than 30% Year-over-Year Profit Decline

Meitu's Net Profit Adjusted Non-IFRS May Grow by 60% to 66% in 2025 Compared to 2024

Wu Xin Hong Discusses the Competition Between General Models and Applications

Fidelity Fund Increases Holding in Meitu Shares to 5.11%

Morgan Stanley: Meitu completes convertible bond issuance to Alibaba, expects deepened cooperation

Meitu completes $249.6 million convertible bond issuance

CITIC LIANON SECURITIES GIVES MEITU BUY RATING

CLSA Report: Meitu's DesignKit Maintains Competitive Edge

Meitu adjusts internal structure to support AI product innovation

JPMorgan 增持 Meitu 股票至 5.01%

CITIC Securities and UBS Maintain Buy Rating on Meitu, Target Price at HKD 14.10

Guo Jin Securities First Coverage of Meitu with a Buy Rating

Google Announces the 2025 Google Play Hong Kong Yearly Top Charts

Eastern Securities Sees Potential in Meitu's AI Function Improvement and Creative Gameplay Research

Morgan Stanley Reiterates 'Buy' Rating on Meitu

Meitu Receives Buy Rating from Zheshang Securities with Target Price of HKD 11.10

Daiwa Securities Initiates Coverage of Meitu with a 'Buy' Rating

Meitu Named as 2025 Artificial Intelligence Innovation Enterprise

Cai Wensheng: Hong Kong Needs to Optimize Central Business District Spaces to Seize AI and Web3 Development Opportunities

BOER POWER

WAI CHUN GROUP

HUAYUEXPRESSWAY

ASIA ENERGY LOG

KNOWLEDGE ATLAS

HING LEE (HK)

JH EDUCATION

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SIMPLICITY HLDG

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Goldman Sachs Starts Meitu at Buy with HK$16 Price Target

marketscreener

MEITU

Goldman Sachs Starts Meitu at Buy with HK$16 Price Target

The research report from Jefferies indicates that MEITU is expected to achieve a year-on-year growth of 60% to 66% in Non-IFRS adjusted profit attributable to shareholders by 2025, in line with market expectations. The growth is primarily driven by the rapid development of its core business, including photo, video, and design products, with overseas user growth surpassing that of the Chinese market, and gross profit growth outpacing operating expenses, creating an operational leverage effect. Jefferies has given MEITU a "Buy" rating with a target price of HKD 12.5, and is optimistic about its long-term potential in AI GC productivity tools

AASTOCKS

Credit Suisse: MEITU's adjusted profit guidance median last year met expectations, maintaining a "Buy" rating

Shares of Meitu Inc rose 6.4% to HK$6.64, marking its largest one-day percentage gain since January 12. The company anticipates a 60%-66% year-over-year increase in adjusted net profit for 2025, driven by strong revenue growth in its core photo, video, and design services, supported by a rise in global paying subscribers. Jefferies maintains a "buy" rating on the stock, noting that the guidance aligns with consensus. Year-to-date, the stock is down 5.6%, while the Hang Seng Index has risen 5.6%.

Reuters

HK-listed Meitu rises most in 4 weeks on robust earnings outlook

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Bank of America maintains a "Buy" rating and a target price of HKD 11.3 for MEITU, expecting a year-on-year adjusted net profit growth of 60%-66% in 2025. The growth in performance is mainly driven by rapid growth in product revenue and operational leverage, particularly strong growth in paid users in overseas markets. Bank of America believes that MEITU's international expansion has enhanced the attractiveness of its products, and future revenue is expected to rise further. Despite market concerns about artificial intelligence leading to a stock price correction, Bank of America believes that MEITU has strong business defensive capabilities to seize growth opportunities driven by artificial intelligence

Tasty Money

Penghua CSI Media ETF

ChinaAMC CSI Cultural Entertainment Media ETF

GF Fund CSI Media ETF

AXA SPDB CSI Hugangshen Game and Culture Media ETF

Bank of America: Maintains "Buy" rating and target price of HKD 11.3 for MEITU, with overseas higher ARPU and payment rate expected to drive revenue growth

Goldman Sachs initiates coverage on MEITU with a "Buy" rating and a target price of 16 yuan. The report points out that generative artificial intelligence is driving MEITU's transformation from a "beautification tool" to an "AI photo and video generation and editing application," expanding its market to enterprise applications. It is expected that the compound annual growth rate of revenue from 2025 to 2030 will be 29%, with the proportion of enterprise revenue rising to 44% by 2030. Meanwhile, the operating profit margin is expected to increase from 21% in the first half of 2025 to 34% in 2028

Goldman Sachs initiates coverage on MEITU with a "Buy" rating and a target price of 16 yuan

Meitu (HK:1357) forecasts a 60%-66% increase in adjusted net profit for 2025, driven by revenue growth in its core products and a rise in global paying subscribers. However, IFRS net profit is expected to decline by up to 30% due to a high comparison base from a one-off cryptocurrency gain in 2024 and non-cash expenses related to convertible bonds. Analysts rate the stock as a Buy with a target price of HK$8.00. Meitu focuses on photo, video, and design products, emphasizing international market growth.

Tip Ranks

Meitu Forecasts Strong 2025 Adjusted Profit Growth Despite IFRS Net Profit Decline

Meitu Inc :SEES 2025 NET PROFIT BETWEEN 60-66% Y/Y BY IFRS

Meitu Sees 2025 Net Profit Between 60-66% Y/Y By IFRS

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XXF(02473) fell 21%, with a trading turnover 1.4 Billion HKD, and a year-to-date fell 70.3%. KINGDEE INT'L(00268) fell 12.64%, with a trading turnover 1.6 Billion HKD, and a year-to-date fell 16.8%. JST GROUP(06687) fell 11.6%, with a trading turnover 11.1 Million HKD, and a year-to-date fell 29.7%.

Top Gainers & Losers

KINGDEE INT'L

JST GROUP

INSPUR DIGI ENT

NEWBORNTOWN

UNISOUND

INNOGEN-B

MINIMAX-WP

Medtide Inc.

Top 10 HK Stock Losers (2.4)

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Hong Kong stocks fluctuated during the session, with the Hang Seng Index and the National Enterprises Index turning from decline to rise at midday, while the Hang Seng TECH Index faced pressure. Popular leading stocks in hydrogen energy, energy, and high-growth sectors were all active, with Zhongfu Hydrogen Energy, SPT ENERGY, and Drinda leading the gains, strongly attracting funds in the market. The market is focused on the momentum of macroeconomic recovery, with a clear structural differentiation in institutional trading

- The Hong Kong stock market saw stabilizing three major indices, with the Hang Seng Index up 0.25% at 26,903.13 points, while the Tech Index fell by 1.31%.  
- The retail sector improved in the afternoon, influenced by leading firms like JD and Miniso, although technology stocks faced declines.  
- Notable stocks included JunDa Holdings, rising by 10.07%, and a significant rise of 24.49% for Hua You Energy, indicating strong market interest in high-volatility, low-market-cap stocks.

Market Heartbeat

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KUAISHOU-W

BABA-W

JD-SW

MNSO

XIAOMI-W

LENOVO GROUP

LONGCHEER

DRINDA

GUOFUHEE

REFIRE

SPT ENERGY

MODERN LAND

SMIC

MEITUAN

Drinda

HSTECH ETF

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

Hang Seng TECH Index

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CSOP HS TECH

Hong Kong Stock Market Update | The Hang Seng Index turned positive at noon, Hengke's decline narrowed, Drinda led the strong sector, and Guofu Hydrogen Energy rose by 20.27%

As of noon, all three major indices of the Hong Kong stock market are down, with the Hang Seng Index falling by 0.41%, the Hang Seng Tech Index declining by 2.2%, and the National Enterprises Index weakening. Sectors such as internet content and information, retailers, and hardware storage are under collective pressure, with leading funds active but generally declining. Tencent Holdings fell by 3.36%, Xiaomi Group -W dropped by 2.60%, Alibaba -W decreased by 0.93%, and Meitu Inc. plummeted by 12.10%. Overall market sentiment is cautious, with technology and consumption under pressure, leading to a divergence in fund preferences. JunDa Co., Ltd. had high trading volume and rose by 8.27%, becoming a highlight of the market

- As of midday, the Hang Seng Index decreased by 0.41% to 26,724.94 points, while the Hang Seng Tech Index dropped 2.19% to 5,347.3 points.  
- Major sectors faced declines, particularly in internet content, with Tencent Holdings falling 3.36%, reflecting market concerns over regulatory pressures on WeChat’s ecosystem.  
- Some stocks, such as Yancoal Energy, rose significantly due to the global commodity price recovery, showcasing selective market resilience amidst overall caution.

YANKUANG ENERGY

Sunac China

CHINA EAST AIR

COSCO SHIP ENGY

Hong Kong Stock Midday Review | Hang Seng Index down 0.41%, technology sector leads the decline, JunDa Holdings rises 8.27% against the trend

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In the Hong Kong stock market, the three major indices collectively weakened. The Hang Seng Index fell slightly by 0.26%, the Hang Seng TECH Index dropped by 1.87%, and the National Enterprises Index decreased by 0.35%. There was significant sector differentiation, with the internet content and information sector rising slightly; leading company Tencent Holdings increased by 1.2%, and CHINA LIT rose against the trend, boosting the sector's atmosphere, with some funds flowing into leading tech stocks. The hardware, storage, and peripherals sectors performed steadily, with BYD ELECTRONIC rising by 2.1%. The energy and hydrogen energy sectors experienced significant fluctuations, with stocks like Yanzhou Coal Mining, Guofu Hydrogen Energy, and Longguang Group showing strength. The market exhibited clear structural opportunities and a preference for growth sectors, while remaining sensitive to macro liquidity and the RMB exchange rate, resulting in high short-term market volatility

- The Hong Kong stock market is displaying overall weakness, with the Hang Seng Index down 0.26% to 26,765.35 points, and the Hang Seng Technology Index falling 1.87%.  
- Notable declines are observed in major tech and retail stocks, including Tencent, Alibaba, and Xiaomi, attributed to market concerns regarding economic recovery and potential tax increases on gaming revenues.  
- Contrarily, certain stocks like Yancoal Energy and China Cosco Shipping are seeing significant gains, driven by favorable market conditions and heightened investor interest in the energy and shipping sectors.

Hang Seng Index

CHINA LIT

FI CSOP HSI

BYD ELECTRONIC

FL2 CSOP HSI

LOGAN GROUP

JINGCHENG MAC

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Tencent Holdings Limited

BYD COMPANY

Tencent

Hong Kong Stock Market Update | The Hang Seng Index is weak, and the Technology Index has seen consecutive significant declines, with mainland internet companies under collective pressure

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The enterprise internal legal AI tool launched by AI startup Anthropic has led to a collective decline in SaaS and software stocks. KINGDEE INT'L fell 14% to HKD 10.9, with a transaction volume of HKD 585 million. MEITU dropped 10.99%, Zhongruan International fell 5.1%, and MOBVISTA decreased by 8.65%. Other related stocks such as Kingsoft Cloud, Mingyuan Cloud, and Weimob also experienced varying degrees of decline

MOBVISTA

Anthropic launches internal legal AI tools; SaaS and software stocks collectively decline, KINGDEE INT'L drops 14%

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The market overview of Hong Kong stocks in the past hour shows a clear divergence in market sentiment, with some stocks performing actively while others are under pressure. The strong rise of PAK TAK INT'L attracted significant capital inflow, with an increase of 12.96%, indicating a rise in short-term enthusiasm. Meanwhile, stocks like GLORY FLAME and FINSOFT FIN experienced significant declines, suggesting that capital is choosing to withdraw from these stocks, resulting in increased overall volatility and a faster market pace. The standout performer in the past hour was PAK TAK INT'L, which rose by 12.96%, attracting a large number of buyers in a short time, reflecting the market's optimistic expectations for its future development. The rapid inflow of funds made the stock's performance particularly strong, boosting the activity of related sectors. 

Strong stocks:
1. PAK TAK INT'L: Up 12.96%, with active short-term capital involvement and high market sentiment.
2. Other stocks show no significant strong performance.

Stocks under pressure:
1. GLORY FLAME: Down 11.54%, with obvious capital outflow and low market sentiment.
2. FINSOFT FIN: Down 11.43%, with continuous withdrawal of short-term funds and significant pressure.
3. MOBVISTA: Down 11.42%, with increasing market concerns about its prospects and more selling pressure.
4. MEITU: Down 10.29%, lacking positive news in the short term, leading to insufficient investor confidence

HK Stock Movers Tracker

PAK TAK INT'L

GLORY FLAME

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Hong Kong Stock Movement Quick Report: PAK TAK INT'L surged 12.96%, GLORY FLAME fell over 11% attracting attention

美图公司

Deep Research

Appraisal value

In the prior piece, Dolphin Research reviewed Meitu's history, product suite, and competitive landscape in depth. This follow-up focuses on Meitu's growth potential.1) Will large models eat Meitu's lunch? To evaluate its growth, we must ask how vertical platforms defend against general-purpose platforms.As seen across internet cycles, a few lucky players evolved into 'small but mighty' vertical champions. Tencent Music, Kanzhun, and even Bilibili endure thanks to distinctive attributes. Most others faded into the background, becoming stepping stones as tech giants broadened their ecosystems...

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Bilibili

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Tencent Music

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Kanzhun

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Tencent HK SDR 10to1

Meitu: A bumpy 'small‑but‑beautiful' story — where is the bottom?

Meitu’s evolution is the tale of a niche internet player constantly reinventing itself. It began with beauty filters, then ventured into smartphones, dabbled in crypto, and chased short video. After three years of strategic drift and a languishing share price, it finally rediscovered its core in 2022—tools—riding AI tailwinds.This is no longer the old one-tap retouching. On the consumer side, Meitu Xiuxiu offers a 200 mn traffic base. On the enterprise side, the 'Meitu Design Studio' and 'Kaipai' suites are positioning as lightweight productivity tools.Meanwhile, it has also stepped up overseas expansion. Yet at the same time...

Meitu: Can Vertical SaaS Survive the AI Wave?

Didi 3Q25 Quick Interpretation: In early November, Didi updated the market with guidance on its 3Q performance, mainly mentioning two issues: 1. The investment in the food delivery business in Brazil (to gain a first-mover advantage over Meitu Keeta) will lead to a significant expansion of losses in overseas business; 2. The guidance also indicated that domestic subsidies and other investments would be concentrated in the second half of the year, resulting in a decline in the domestic business's adj. EBITA profit margin compared to the high point in the first half.As this unfavorable guidance was digested by the market, Didi's stock price subsequently retreated by nearly 20%. The actual performance this quarter was largely in line with the previous guidance, with Bloomberg's consensus expectations being somewhat high due to untimely updates, while major banks have made corresponding adjustments. Therefore, overall, Didi's performance this season was expectedly poor.Specifically:1) In terms of core growth indicators, the domestic travel segment's GTV grew by approximately 10% year-on-year, slightly slowing down by about 2 percentage points quarter-on-quarter. The domestic business growth remains generally stable and largely in line with expectations. Meanwhile, the GTV growth rate of overseas business significantly increased to 31%, reflecting that the overseas investment indeed accelerated business growth, and it was notably higher than Bloomberg's consensus expectations.2) In terms of profit, the domestic business adj. EBITA profit was 2.98 billion, slightly higher than the November guidance of 2.7-2.8 billion. However, the trend shows that this quarter's profit margin fell significantly from over 4% in the first two quarters of this year (based on GTV) to 3.5% this quarter, indicating a considerable decline. Dolphin Research preliminarily judges that this is more due to the drag of weakening overall domestic ride-hailing demand (macro factors), while Didi's competitive landscape remains stable or further improved.3) The overseas business's loss this quarter expanded significantly to nearly 1.8 billion, with the loss rate doubling quarter-on-quarter to 5.6%, which is generally in line with the updated expectations of major banks. As mentioned earlier, this is mainly due to the impact of investment in Brazil's food delivery. $DiDi(DIDIY.US)

DiDi

Genetic Technologies Limited

Inter

$KUAISHOU-W(01024.HK) This should be released by Goldman Sachs. Keling's monthly revenue declined, and the AI concept $MEITU(01357.HK) also retreated.

KUAISHOU-WR

HSMEITU@EC2602A(19083.HK)

Goldman Sachs Starts Meitu at Buy with HK$16 Price Target

Credit Suisse: MEITU's adjusted profit guidance median last year met expectations, maintaining a "Buy" rating

HK-listed Meitu rises most in 4 weeks on robust earnings outlook

Bank of America: Maintains "Buy" rating and target price of HKD 11.3 for MEITU, with overseas higher ARPU and payment rate expected to drive revenue growth

Goldman Sachs initiates coverage on MEITU with a "Buy" rating and a target price of 16 yuan