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.