BIMEITU@EC2705A

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.

0825 | Dolphin Research Focus: Macro/Industry — 1) The U.S. Treasury Secretary said on Mon (local time) that a new round of long-bond buybacks will be executed on Sep 9, and the tool will remain active. The operations will cover 10–30Y USTs to address the recent spike in long-end yields.