2026 Multimedia Festival and CFO Call Takeaways

Research evidence excerpt

2026 Multimedia Festival and CFO Call Takeaways

Idea

June 21, 2026 04:13 PM GMT

Morgan Stanley Asia Limited+MMeitu Inc | Asia Pacific Lydia Lin

Equity Analyst

2026 Multimedia Festival and Lydia.Lin@morganstanley.comYang Liu +852 2239-1572

Yang.Liu@morganstanley.com +852 2239-1911

CFO Call Takeaways

Meitu is halfway to demonstrating that it is an AI beneficiary

rather than at risk of disruption. Its rapid monetization ramp-up

in AI-native applications and vertical-focused strategy that avoids

Meitu Inc (1357.HK, 1357 HK)

direct competition with general AI platforms increase our Greater China IT Services and Software | China

confidence. Reiterate OW. Stock Rating Overweight

Industry View In-Line

Agent teams – AI strategy upgrade: Management consistently emphasizes Meitu’s Price target HK$10.50

Up/downside to price target (%) 140

expansion: (1) from apps to AI agents, (2) from subscriptions to AI compute-based Shr price, close (Jun 18, 2026) HK$4.38

consumption, (3) from feature delivery to result delivery, and (4) from a mature 52-Week Range HK$12.56-4.10

Sh out, dil, curr (mn) 4,611

organization to an AI-driven innovative organization. We believe the company no Mkt cap, curr (mn) Rmb17,444

Avg daily trading value (mn) HK$627

longer focuses on isolated content; it delivers end-to-end business outputs through

Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

coordinated agent teams.

EPS (Rmb)** 0.21 0.29 0.38 0.49

Deepening vertical offerings: The company introduced four new products: Picchi Revenue, net (Rmb mn) 3,859 4,943 6,359 7,802

EBITDA (Rmb mn) 915 1,558 1,980 2,545

(AI portrait editing), Artflo (concept visualization), MVland (music video creation), ModelWare net inc 965 1,356 1,743 2,268

and Meituhub (AI production infrastructure).