港股 · 01357 · 公司研究

美图公司

提供影像产品及服务。该公司营运三个分部。影像与设计产品分部提供证件照自助制作服务,其人工智慧(AI)应用包括美图秀、美颜相机、Wink、美图设计室、开拍、MOKI等。广告分部向广告主提供广告投放、行动增值服务产品及广告代理商服务。美业解决方案分部从事向经销商及零售商出售化妆品,向化妆品门市提供企业资源管理软体即服务(SaaS)系统,以及销售一系列智慧硬体产品。其他分部主要从事内容行销解决方案业务。该公司主要在中国国内和海外市场开展业务。

最新数据 2026-10-26依据仍在补充 历次记录 13

最近记录价 3.91 港元 · 2026-10-26

观察,不追高

营收同比保持两位数增长;利润增速明显高于营收,盈利弹性较强

市盈率 19.1倍;市销率(历史口径) 4.14倍;近60日价格波动较大,年化波动率55.9%

仍需警惕:60日年化波动较高,价格可能大幅震荡

近期变化:首次进入当前观察名单

一种可能的解释是:利润增速显著高于收入,可能来自利润率改善、低基数、费用变化或非经常项目;聚合数据无法区分。

对应的原始观察

最新报告期营收同比22.1%、利润同比56.0%;0个可比期的财务持续性为50.0分。

什么会改变看法:下一可比报告期营收增速低于10%;财务持续性分数降至50以下;利润保持增长但经营现金流转负

以前怎么看这家公司

2026-10-22 曾以“谨慎观察”进入观察;20 日结果:积累中,还需18个有效快照。

暂无经过同口径核验的产业周期相似案例;同公司以前进入观察不等于处于相似历史情景。

核对财务数字与统计期
营收同比22.1%
利润同比56.0%
经营现金流同比20.2%
ROE10.7%
PE / PS19.1 / 4.1
数据日期2026-10-26

回到财报核对

研究时点 2026-10-16 · 原文核验于 2026-10-26。可逐项展开查阅。这些事实不改变此前记录,也不能单独证明选股方法有效。

收入与利润 · 2026-09-24
– Non-controlling interests (2,003) (17,776) Non-IFRSs measure: Adjusted Net Profit for the Period 650,165 450,339 Adjusted Net Profit/(Loss) attributable to – Owners of the Company(1) 652,043 467,429

来源发布时间 2026-09-24T00:00:00+08:00 · 核对原文

现金流及变动原因 · 2026-09-24

2026年上半年经营活动产生的现金由2025年同期的506,377千元增至628,195千元,利息收入3,408千元,支付所得税25,782千元。

Note 2026 2025 RMB’000 RMB’000 Cash flows from operating activities Cash generated from operations 628,195 506,377 Interest received 3,408 2,531 Interest paid (287) (287) Income tax paid (25,782) (5,058)

来源发布时间 2026-09-24T00:00:00+08:00 · 核对原文

财报数据与说明 · 2026-09-24
2026 2025 RMB’000 RMB’000 Cash and cash equivalents 1,359,983 3,514,504 Short-term and long-term bank deposits 2,982,327 497,562 Short-term investments 442,000 884,146 Long-term treasury investments 34,572 40,556

来源发布时间 2026-09-24T00:00:00+08:00 · 核对原文

财报数据与说明 · 2026-09-24
Net cash used in financing activities (597,141) (783,648) Net decrease in cash and cash equivalents (2,109,408) (264,543) Cash and cash equivalents at the beginning of the period 3,514,504 1,301,412 Effects of exchange rate changes on cash and cash equivalents (45,113) (1,515)

来源发布时间 2026-09-24T00:00:00+08:00 · 核对原文

主营业务与经营情况 · 2026-09-24
revenue contribution from brand advertisement and other legacy advertising formats, partially offset by the growth in programmatic advertisement. Others Other businesses are mainly legacy products and services that are not relevant to our principal business of Photo, video and design products. On November 1, 2025, we discontinued the cosmetic supply chain management services previously included under the Solutions for beauty industry business, and recategorised the remaining AI skin analysis solutions business under the Others segment.

来源发布时间 2026-09-24T00:00:00+08:00 · 核对原文

财报数据与说明 · 2026-09-24

公司聚焦照片与视频行业,为包括日常用户、KOL、专业设计师及小企业在内的创作者群体提供应用组合;除免费功能外,用户可付费订阅、按使用需求购买AI点数包或对单项功能一次性付费。产品分为生产力应用与休闲应用,其中生产力应用面向电商、口播视频、音乐视频及线下零售等垂直领域;2026年上半年生产力应用付费订阅用户持续强劲增长(尤其在中国大陆以外市场),并开始观察到部分应用ARPPU改善及高ARPPU用户群扩大,显示进一步变现潜力。

Photo, video and design products • Advertising • Others Photo, Video and Design Products With a focus on the photo and video industry, we have created a comprehensive portfolio of applications to meet the diverse demands of the creator community, including everyday users, KOLs, professional designers, small businesses and others. We have also accumulated profound insights into users’ aesthetic needs and the forefront trend of photo and video development, with which we endeavour to provide top-performance products for a variety of vertical use cases. As a result, we have built up a large and highly valuable user base, who actively utilises our products for both productivity and leisure purposes. In addition to a suite of free features, our users may choose to pay for subscription plans, purchase AI credit packages based on their usage needs, and make one-off payments for individual features and functions. Our Photo, video and design products can be grouped under Applications for Productivity and Applications for Leisure: Applications for Productivity For Applications for Productivity, we focus on verticals where efficiency gains and cost savings can be clearly demonstrated, and build our products around vertical-specific, end-to-end workflows to deliver high-quality outcomes for users. We offer various products to cater to distinctive needs from various industries, including e-commerce, talking video, music video, and offline retail. We enable both everyday users and professional designers to efficiently produce professional-grade outputs. In the six months ended June 30, 2026, we continued to see strong growth in paying subscribers for our Applications for Productivity, particularly in markets outside of Mainland China. At the same time, we have begun to observe ARPPU improvement and an expansion of high-ARPPU user cohorts in selected Applications for Productivity, indicating potential for deeper monetisation over time. We continued to deepen the application of AI agents across our Applications for Productivity. By integrating our aesthetic know-how and industry-specific expertise into repeatable workflows, our AI agents are designed to operate both as domain specialists and coordinated agent teams within specific use cases. They can decompose user requests, orchestrate the appropriate AI models, agentic workflows and manual editing capabilities, and generate context-aware outputs aligned with industry standards, user intent and commercial scenarios. This integrated architecture enhances precision, consistency and controllability across the end-to-end design process, enabling users to produce high-quality outputs more efficiently and with less reliance on repetitive manual work. MEITU, INC. Interim Report 2026 11 Management Discussion and Analysis

来源发布时间 2026-09-24T00:00:00+08:00 · 核对原文

财报数据与说明 · 2026-09-24
IMPORTANT EVENTS AFTER THE REPORTING DATE Save as disclosed in this interim report, there were no important events affecting the Company which occurred after June 30, 2026 and up to the Latest Practicable Date. MEITU, INC. Interim Report 2026 37 Report on Review of Interim Financial Information To the Board of Directors of Meitu, Inc. (incorporated in the Cayman Islands with limited liability) Introduction We have reviewed the interim financial information set out on pages 39 to 67, which comprises the interim condensed consolidated balance sheet of

来源发布时间 2026-09-24T00:00:00+08:00 · 核对原文

财报数据与说明 · 2026-09-24
Net cash used in financing activities (597,141) (783,648) Net decrease in cash and cash equivalents (2,109,408) (264,543) Cash and cash equivalents at the beginning of the period 3,514,504 1,301,412 Effects of exchange rate changes on cash and cash equivalents (45,113) (1,515)

来源发布时间 2026-09-24T00:00:00+08:00 · 核对原文

财报数据与说明 · 2026-09-24

现金及现金等价物由期初3,514,504千元降至1,359,983千元,短期及长期银行存款增至2,982,327千元,短期投资降至442,000千元。

2026 2025 RMB’000 RMB’000 Cash and cash equivalents 1,359,983 3,514,504 Short-term and long-term bank deposits 2,982,327 497,562 Short-term investments 442,000 884,146 Long-term treasury investments 34,572 40,556

来源发布时间 2026-09-24T00:00:00+08:00 · 核对原文

财报数据与说明 · 2026-09-24
Borrowings and Gearing Ratio As of June 30, 2026, we made bank borrowings of RMB60.0 million at an annualised interest rate of 1.75% (as of December 31, 2025: RMB20.0 million at an annualised interest rate of 2.80%). The bank borrowings are denominated in RMB, unsecured and have a maturity profile of less than 12 months. Therefore, the gearing ratio of the Group was 1.03% as of June 30, 2026 (as of December 31, 2025: 0.35%). The gearing ratio was calculated as the total borrowings divided by the total equity on the respective reporting date. For this purpose, total debt is defined as bank loan as shown in the consolidated balance sheet. The Group’s gearing ratio remained at a relatively low level as the Group did not place material reliance on borrowings to finance the Group’s operations. Employee and Remuneration Policy The Group had a total of 1,974(1) full-time employees as of June 30, 2026 (as of June 30, 2025: 2,261(1)), a majority of whom were based in various cities in the PRC, including Xiamen (headquarters), Beijing, Shenzhen and Shanghai. Remuneration is determined with re

来源发布时间 2026-09-24T00:00:00+08:00 · 核对原文

收入与利润 · 2026-09-24

美图公司2026年上半年净利润为人民币617.5百万元,较2025年同期的379.2百万元增长62.8%,主要由于核心业务毛利贡献增加、经营杠杆提升及金融资产公允价值变动收益增加。

six months ended June 30, 2025, mainly due to the increase in relevant deferred tax liabilities recognised in relation to the fair value increases of financial assets at fair value through profit or loss. Excluding tax impact mainly related to fair value changes in investments, income tax expenses would have been RMB63.1 million. Profit for the Period and Non-IFRSs Measure: Adjusted Net Profit Net profit for the six months ended June 30, 2026 increased to RMB617.5 million, representing an increase of 62.8% from RMB379.2 million for the six months ended June 30, 2025, primarily due to: (i) increased gross profit contribution from the Group’s core businesses; (ii) an increase in operating leverage as the growth in operating expenses was lower than the growth in gross profit; and (iii) the increase in fair value changes of financial assets at fair value through profit or loss.

来源发布时间 2026-09-24T00:00:00+08:00 · 核对原文

收入与利润 · 2026-09-24
Loss from discontinued operations – (62,748) Profit for the Period 617,459 379,244 Profit/(Loss) attributable to: – Owners of the Company 619,462 397,020

来源发布时间 2026-09-24T00:00:00+08:00 · 核对原文

收入与利润 · 2026-09-18
Revenue 1,155,542 938,111 23.2% Net Revenue(1) 308,458 253,903 21.5% Gross Profit 247,896 201,125 23.3% Profit for the Period 46,732 32,284 44.8% Adjusted Net Profit(2) 52,107 37,361 39.5% Adjusted EBITDA(3) 96,456 88,188 9.4% Notes:

来源发布时间 2026-09-18T00:00:00+08:00 · 核对原文

收入与利润 · 2026-08-25
Operating profit 134,651 117,670 14% Profit for the period 117,369 105,769 11% Profit attributable to equity holders of the Company 114,115 103,449 10%

来源发布时间 2026-08-25T00:00:00+08:00 · 核对原文

当时的研究结论与后续表现

谨慎观察

确定性候选排名、风险门禁、财务质量和估值条件

依据仍在补充
当前最需要警惕

60日年化波动较高,价格可能大幅震荡

公开依据3项可回查 · 基础依据
证据完整性依据仍在补充
20日结果积累中,还需20个有效快照
60日结果积累中,还需60个有效快照
历次研究与结果(13次)

保留每次发布时的结论,不用后续结果改写旧判断。

日期当时结论 20日60日记录
2026-10-26谨慎观察积累中,还需20个有效快照积累中,还需60个有效快照固定研究 · 当日汇总
策略命中:中小盘成长
2026-10-22谨慎观察积累中,还需18个有效快照积累中,还需58个有效快照固定研究 · 当日汇总
策略命中:中小盘成长
2026-10-21谨慎观察积累中,还需17个有效快照积累中,还需57个有效快照固定研究 · 当日汇总
策略命中:中小盘成长
2026-10-16谨慎观察积累中,还需15个有效快照积累中,还需55个有效快照固定研究 · 当日汇总
策略命中:中小盘成长
2026-10-12谨慎观察积累中,还需11个有效快照积累中,还需51个有效快照固定研究 · 当日汇总
策略命中:中小盘成长
2026-10-05谨慎观察积累中,还需6个有效快照积累中,还需46个有效快照固定研究 · 当日汇总
策略命中:中小盘成长
2026-09-29谨慎观察积累中,还需3个有效快照积累中,还需43个有效快照固定研究 · 当日汇总
策略命中:中小盘成长
2026-09-28谨慎观察积累中,还需2个有效快照积累中,还需42个有效快照固定研究 · 当日汇总
策略命中:中小盘成长
2026-09-23谨慎观察-5.56%,相对恒生指数 +1.45%积累中,还需39个有效快照固定研究 · 当日汇总
策略命中:中小盘成长
2026-09-22谨慎观察-15.83%,相对恒生指数 -7.25%积累中,还需38个有效快照固定研究 · 当日汇总
策略命中:中小盘成长
2026-09-21谨慎观察-12.62%,相对恒生指数 -7.07%积累中,还需37个有效快照固定研究 · 当日汇总
策略命中:中小盘成长
2026-09-18谨慎观察-8.18%,相对恒生指数 -4.61%积累中,还需36个有效快照固定研究 · 当日汇总
策略命中:中小盘成长
2026-09-14谨慎观察-11.49%,相对恒生指数 -9.07%积累中,还需33个有效快照固定研究 · 当日汇总
策略命中:中小盘成长
查看内部排序与完整指标
同市场综合分44.6 · 有条件研究
财务持续性50.0 · 样本不足
研究置信度54.0 · 低
营收同比22.1%
利润同比56.0%
经营现金流同比20.2%
ROE10.7%
PE / PS19.1 / 4.1
20日动量4.0%

内部排序只说明同市场同日的相对位置,不代表上涨概率。