UBS keeps Meitu (01357.HK) PT at HK$8.4 and maintains a buy rating. UBS reports
Meitu’s apps posted May revenue +40% YoY, below April’s +45% and 2025’s +44%.
China app revenue was +43% YoY in May, marginally under April’s +47% and 2025’s
+64%; overseas revenue rose +36% YoY, below April’s +42% but above 2025’s +31%,
aided by overseas expansion of Meitu, BeautyCam and Wink. Management said it
remains focused on AI-driven efficiency—AI can materially shorten R&D cycles—and
that Meitu’s value lies in post-generation optimization of images and video,
which it says is hard to express with natural-language prompts.
