杰富瑞：美图公司2026年厦门美图多媒体节核心要点分析

Takeaways from 2026 Meitu MultimediaFestival in Xiamen Highlights (1) focused strategy makes the difference with each product targets to specific scenario; (2) transforms from single Agent to Agentteam; (3) Productivity tools Kaipai and Designkit come from featuresin matured products; (4) 8 products highlight including 4 new AI onesPicchi (photo editing), Artflo (from ideas to video), MVLand (music video)and MeituHub (custom solutions). There are 4 existing product upgrades: Focused strategies with the release of large model MiracleVision V6.Meitu highlightsittransforms from single agent to multi-agent collaboration backed by its businessdevelopments (a) from app to agent; (b) from subscription to token consumption; (c) AIinnovation team; (d) from delivering features to delivering outcomes. It released large visual Takeawaysfrom Q&A.(1) focused approach with MiracleVision V6 model targets tophoto,video and design scenario back by unique data insights; (2) Meitu has 280m MAU andZCOOL has 18m designers which lay foundation to transform from delivering features todelivering results; (3) Long history in photos, video and design and production innovation isimportant in vertical scenario; (4) Kaipai is different from CapCut satisfying different usersneeds; (5) Picchi expands users coverage with lower barrier and covers those beyond Meitu 8 new products are released.The 4 upgrades (1)ZCOOL.It empowers designers with highquality and trustworthy offerings. There are 18m designers in community and brands canbenefit from design of creators; (2)Designkit.It has 1.6m monthly paying users and generatesover 130m photos/video on monthly basis. AI compute points increased by 8x over pasteight months. It produces compliance video clips across different platforms with high ROI. Ittransforms delivery features into results with 4 agents and 70+ skills in place. These includemarketing, content planning, visual design and data analysis; (3)Kaipai.It has over 3m monthlycontent creators with a total of 446m content. AI compute points increased by 7x vs Dec 25. Itcovers over 10 industries (e.g. insurance, beauty, education, healthcare). There are a numberof agents (a) director; (b) marketing; (c) shooting; (d) editing; (4)RoboNeo.It ranked no 1 bydownloads in Brazil for 7 days and ranked top positions across 27 countries and regions. Inaddition, monthly no of content increased by 20x in 1H. There are a number of agents: (a) Thomas Chong * | Equity Analyst852 3743 8016 | thomas.chong@jefferies.com Zoey Zong * | Equity Analyst852 3743 8163 | zoey.zong@jefferies.com We would like to thank Fiona Fan, employee of Evalueserve Inc., for providing research support services to our preparation of this report.We would like to thank Han Wang, employee of Evalueserve Inc., for providing research support services to our preparation of this report. Company Description Meitu Meitu, Inc. offers mobile application software. The company researches, produces, and markets image editing, live broadcasting, and other related Company Valuation/Risks Meitu We have a Buy rating and PT of HK$7.0, which is based on 0.6x PEG and 2026E EPS at HK$0.33. We expect Meitu to capture the long-termpotential of AIGC productivity tools. Downside risks include (1) peers launch productivity tools with good feedback, which leads to the higher-than-expected churn rates of Meitu products; (2) MAU and subscription rates fall below expectations; (3) earnings come in below expectations Analyst Certification:I, Thomas Chong, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or I, Zoey Zong, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views Registration of non-US analysts:Thomas Chong is employed by Jefferies Hong Kong Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by Registration of non-US analysts:Zoey Zong is employed by Jefferies Hong Kong Limited, a non-US affiliate of Jefferies LLC and is not registered/qualifiedas a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subjectto the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trad