After the HK market close on Aug 26 (Beijing time), $MEITU(01357.HK) posted its 1H26 results, a mixed picture. Growth has slowed as the company tightens focus and prioritizes operating efficiency.

Given the profit alert issued on Jul 30, trading on Jul 31 suggested the market was broadly satisfied with the print. However, the subsequent re-rating lacked momentum, indicating investors remain unconvinced about the forward growth trajectory.

Before sharing Dolphin Research's view, we will first revisit the core takeaways from our FY25 review. The foundational thesis around lifestyle use cases has been challenged...

Below are Dolphin Research's notes from Meitu's FY26 interim earnings call. Section I: Core financial updates recap.

Below are Dolphin Research's compiled notes from the FY2025 earnings call for $MEITU(01357.HK).

Beijing time on Mar 27, after the HK close and before the US open, $MEITU(01357.HK) released its FY25 results. The 2H25 read-through was weak, with revenue below expectations and a sizable GP miss.

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...

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.