{ "schema_version": "seed.company-research-rolling-update.v1", "company": { "name_zh": "美图公司", "name_en": "Meitu, Inc.", "ticker": "01357.HK" }, "as_of": "2026-08-26T10:25:00+08:00", "market_data_cutoff": "2026-08-25", "stale_after": "2026-08-26T23:59:59+08:00", "stale_trigger": "2026H1 results announcement or a later HKEX filing, whichever occurs first", "next_expected_event": { "event": "2026H1 results publication and dividend decision", "date": "2026-08-26", "status": "in_progress_pending_publication", "source_ids": [ "F08", "ROLL_HKEX_INDEX_20260826" ] }, "base_artifact_audit": { "base_as_of": "2026-08-08", "base_market_data_cutoff": "2026-08-07", "base_stale_after": "2026-08-26", "lifecycle_fields_missing_from_base_json": [ "stale_after", "next_expected_event", "change_log" ], "handling": "The base combined artifact remains a frozen pre-results research snapshot. This rolling layer supersedes its current reading layer without rewriting historical expectations." }, "timeline_range": { "start": "2026-08-26", "end": "2027-04-30", "policy": "minimum 12-week active window plus FY2026 preliminary-results and annual-report regulatory windows", "horizon_start": "2026-08-26", "minimum_12_week_end": "2026-11-18", "extended_through": "2027-04-30", "timezone_default": "Asia/Shanghai", "method": "Company-direct events and required filings cover at least 12 weeks; the axis then continues to the next preliminary annual-results and annual-report regulatory windows. Exact dates are used only when confirmed by a primary source." }, "result_availability": { "formal_2026_h1_results": "not_published_at_cutoff", "hkex_title_search_checked_at": "2026-08-26T10:25:00+08:00", "do_not_infer": [ "gross margin", "operating cash flow", "share-based compensation", "working capital", "net cash", "basic or diluted EPS", "interim dividend" ] }, "frozen_pre_event_baseline": { "published_at": "2026-07-30", "source_id": "F16", "assurance": "unaudited_and_unreviewed_management_accounts", "metrics": { "june_mau_approx_million": 282, "paying_subscribers_more_than_million": 18.44, "productivity_payers_approx_million": 2.35, "productivity_payers_yoy_percent": 29.8, "leisure_payers_approx_million": 16.09, "leisure_payers_yoy_percent": 18.8, "ai_productivity_arr_approx_rmb_million": 620, "ai_productivity_arr_yoy_percent": 47.8, "core_imaging_video_design_revenue_approx_rmb_million": 1800, "core_revenue_yoy_percent": 30.9, "adjusted_parent_profit_yoy_range_percent": [ 36, 40 ], "ifrs_parent_profit_yoy_at_least_percent": 35 }, "actual_validation_status": "pending_formal_results" }, "market_state": { "price_date": "2026-08-25", "close_hkd": 4.335, "open_hkd": 4.265, "high_hkd": 4.37, "low_hkd": 4.18, "volume_shares": 74087917, "change_vs_2026_08_07_close_percent": -8.74, "change_vs_2026_07_30_close_percent": 1.29, "source_tier": "B-", "interpretation_boundary": "Price is market-state evidence, not proof of business quality, causality or intrinsic value." }, "event_status_changes": [ { "event": "monday.com, Tencent Music and Tencent Q2 read-through window", "prior_status": "confirmed_future", "current_status": "completed", "outcome": "All three released formal results; the evidence is thematic only and does not establish Meitu actuals.", "source_ids": [ "ROLL_MNDY_Q2_2026", "ROLL_TME_Q2_2026", "ROLL_TENCENT_Q2_2026" ] }, { "event": "Meitu 2026H1 results", "prior_status": "confirmed_future", "current_status": "in_progress_pending_publication", "outcome": "Board date is confirmed; no results announcement was visible on HKEX at the cutoff.", "source_ids": [ "F08", "ROLL_HKEX_INDEX_20260826" ] }, { "event": "July 2026 share-supply check", "prior_status": "expected", "current_status": "completed_no_change", "outcome": "Issued shares excluding treasury 4,523,176,780; treasury shares 63,002,500; total issued 4,586,179,280; options 1,351,948.", "source_ids": [ "F17" ] }, { "event": "August 2026 Hang Seng index-series review", "prior_status": "expected", "current_status": "completed_broad_review", "outcome": "Official review completed. A Meitu-specific addition/removal or Stock Connect consequence was not established from the reviewed headline material.", "source_ids": [ "ROLL_HSI_REVIEW_20260821" ] } ], "forward_timeline": [ { "event_id": "MEITU_H1_2026", "event_type": "earnings_release", "event": "Meitu 2026H1 formal results and dividend decision", "scheduled_at_original": "2026-08-26 date only", "scheduled_at_current": "2026-08-26 date only", "event_timezone": "Asia/Hong_Kong", "beijing_time": "2026-08-26 date only", "date_status": "confirmed", "status": "in_progress_pending_publication", "directness": "company_direct", "importance": "high", "source_ids": [ "F08", "ROLL_HKEX_INDEX_20260826" ], "source_gap": "Release clock time and actual filing remained unavailable at the cutoff.", "baseline_snapshot_at": "2026-07-30", "pre_event_questions": [ "Do formal revenue and segment actuals reconcile to the July 30 baseline?", "What are gross margin, model and channel costs, SBC, CFO, working capital, net cash, diluted EPS and dividend?" ], "actual": {}, "post_event_review": { "status": "pending", "market_windows": [ "T+1", "T+5", "T+20" ] }, "next_check": "On filing: capture announcement time, append actuals and preserve the frozen baseline.", "last_checked_at": "2026-08-26T10:25:00+08:00", "key_metrics": [ "Do formal revenue and segment actuals reconcile to the July 30 baseline?", "What are gross margin, model and channel costs, SBC, CFO, working capital, net cash, diluted EPS and dividend?" ], "actual_results": null, "next_check_at": "On filing: capture announcement time, append actuals and preserve the frozen baseline." }, { "event_id": "NVIDIA_Q2_FY2027", "event_type": "earnings_release", "event": "NVIDIA FY2027 Q2 results read-through", "scheduled_at_original": "2026-08-26T13:20:00-07:00", "scheduled_at_current": "2026-08-26T13:20:00-07:00", "event_timezone": "America/Los_Angeles", "beijing_time": "2026-08-27T04:20:00+08:00; conference call 05:00+08:00", "date_status": "confirmed", "status": "confirmed_thematic_peer", "directness": "upstream_thematic_only", "importance": "low", "source_ids": [ "ROLL_NVIDIA_Q2_FY2027_SCHEDULE" ], "source_gap": "No direct Meitu revenue, cost, customer or valuation mapping.", "pre_event_questions": [ "Does the release change the broad AI-compute supply or inference-cost backdrop?", "Is any transmission to application economics explicit rather than narrative?" ], "actual": {}, "post_event_review": { "status": "pending" }, "next_check": "2026-08-27T05:30:00+08:00 after the conference call.", "last_checked_at": "2026-08-26T10:25:00+08:00", "key_metrics": [ "Does the release change the broad AI-compute supply or inference-cost backdrop?", "Is any transmission to application economics explicit rather than narrative?" ], "actual_results": null, "next_check_at": "2026-08-27T05:30:00+08:00 after the conference call." }, { "event_id": "VOBILE_H1_2026", "event_type": "earnings_release", "event": "Vobile 2026H1 results", "scheduled_at_original": "2026-08-28 date only", "scheduled_at_current": "2026-08-28 date only", "event_timezone": "Asia/Hong_Kong", "beijing_time": "2026-08-28 date only", "date_status": "confirmed", "status": "confirmed_comparison_peer", "directness": "comparison_peer_only", "importance": "medium", "source_ids": [ "ROLL_VOBILE_BOARD_20260813" ], "source_gap": "Release clock time is not confirmed; Vobile is a comparison company rather than a direct Meitu actual.", "pre_event_questions": [ "After both H1 releases are available, can revenue quality, cash conversion and fully diluted per-share economics be compared on the same cutoff?" ], "actual": {}, "post_event_review": { "status": "pending" }, "next_check": "On Vobile filing and after both H1 actuals are available.", "last_checked_at": "2026-08-26T10:25:00+08:00", "key_metrics": [ "After both H1 releases are available, can revenue quality, cash conversion and fully diluted per-share economics be compared on the same cutoff?" ], "actual_results": null, "next_check_at": "On Vobile filing and after both H1 actuals are available." }, { "event_id": "MEITU_AUG_MONTHLY_RETURN", "event_type": "filing_due", "event": "Meitu August monthly return", "scheduled_at_original": "After 2026-08-31 month-end", "scheduled_at_current": "By the fifth Hong Kong business day after 2026-08-31", "event_timezone": "Asia/Hong_Kong", "beijing_time": "Date-only statutory window in Asia/Shanghai", "date_status": "tba", "status": "TBA", "directness": "company_direct", "importance": "medium", "source_ids": [ "F17", "ROLL_HKEX_MONTHLY_RETURN_RULE_1325B" ], "source_gap": "The rule provides an outer deadline but the issuer has not announced an exact filing date.", "pre_event_questions": [ "Did issued non-treasury shares, treasury shares, options, awards, convertibles or public-float disclosures change?" ], "actual": {}, "post_event_review": { "status": "pending" }, "next_check": "Check HKEX title search each Hong Kong business day until filed.", "last_checked_at": "2026-08-26T10:25:00+08:00", "key_metrics": [ "Did issued non-treasury shares, treasury shares, options, awards, convertibles or public-float disclosures change?" ], "actual_results": null, "next_check_at": "Check HKEX title search each Hong Kong business day until filed." }, { "event_id": "MEITU_INTERIM_REPORT_2026", "event_type": "filing_due", "event": "Meitu 2026 interim report", "scheduled_at_original": "H1 period ended 2026-06-30", "scheduled_at_current": "By 2026-09-30 regulatory outer deadline", "event_timezone": "Asia/Hong_Kong", "beijing_time": "By 2026-09-30 date only", "date_status": "tba", "status": "TBA", "directness": "company_direct", "importance": "high", "source_ids": [ "F08", "ROLL_HKEX_PERIODIC_REPORTING_RULES" ], "source_gap": "No company-confirmed publication date is available; 2026-09-30 is an HKEX outer deadline.", "pre_event_questions": [ "Do full notes change segment definitions, SBC, cash flow, working capital, commitments, contingencies or fully diluted share assumptions?" ], "actual": {}, "post_event_review": { "status": "pending" }, "next_check": "On publication or 2026-09-30 at the latest.", "last_checked_at": "2026-08-26T10:25:00+08:00", "key_metrics": [ "Do full notes change segment definitions, SBC, cash flow, working capital, commitments, contingencies or fully diluted share assumptions?" ], "actual_results": null, "next_check_at": "On publication or 2026-09-30 at the latest." }, { "event_id": "MEITU_SEP_MONTHLY_RETURN", "event_type": "filing_due", "event": "Meitu September monthly return", "scheduled_at_original": "After 2026-09-30 month-end", "scheduled_at_current": "By the fifth Hong Kong business day after 2026-09-30", "event_timezone": "Asia/Hong_Kong", "beijing_time": "Date-only statutory window in Asia/Shanghai", "date_status": "tba", "status": "TBA", "directness": "company_direct", "importance": "medium", "source_ids": [ "ROLL_HKEX_MONTHLY_RETURN_RULE_1325B" ], "source_gap": "Exact filing date and Hong Kong holiday-adjusted deadline are not pre-announced.", "pre_event_questions": [ "Did post-results awards, options, treasury-share use, repurchases or other supply alter the fully diluted bridge?" ], "actual": {}, "post_event_review": { "status": "pending" }, "next_check": "Check HKEX title search after 2026-09-30 until filed.", "last_checked_at": "2026-08-26T10:25:00+08:00", "key_metrics": [ "Did post-results awards, options, treasury-share use, repurchases or other supply alter the fully diluted bridge?" ], "actual_results": null, "next_check_at": "Check HKEX title search after 2026-09-30 until filed." }, { "event_id": "MEITU_OCT_MONTHLY_RETURN", "event_type": "filing_due", "event": "Meitu October monthly return", "scheduled_at_original": "After 2026-10-31 month-end", "scheduled_at_current": "By the fifth Hong Kong business day after 2026-10-31", "event_timezone": "Asia/Hong_Kong", "beijing_time": "Date-only statutory window in Asia/Shanghai", "date_status": "tba", "status": "TBA", "directness": "company_direct", "importance": "medium", "source_ids": [ "ROLL_HKEX_MONTHLY_RETURN_RULE_1325B" ], "source_gap": "Exact filing date and Hong Kong holiday-adjusted deadline are not pre-announced.", "pre_event_questions": [ "Has the share-supply bridge changed during the 12-week post-H1 validation window?" ], "actual": {}, "post_event_review": { "status": "pending" }, "next_check": "Check HKEX title search after 2026-10-31 until filed.", "last_checked_at": "2026-08-26T10:25:00+08:00", "key_metrics": [ "Has the share-supply bridge changed during the 12-week post-H1 validation window?" ], "actual_results": null, "next_check_at": "Check HKEX title search after 2026-10-31 until filed." }, { "event_id": "MEITU_FY2026_RESULTS", "event_type": "filing_due", "event": "Meitu FY2026 preliminary annual results", "scheduled_at_original": "FY2026 period ends 2026-12-31", "scheduled_at_current": "By 2027-03-31 regulatory outer deadline", "event_timezone": "Asia/Hong_Kong", "beijing_time": "By 2027-03-31 date only", "date_status": "tba", "status": "TBA", "directness": "company_direct", "importance": "high", "source_ids": [ "ROLL_HKEX_PERIODIC_REPORTING_RULES" ], "source_gap": "No company-confirmed board or release date; this is only the HKEX three-month outer deadline.", "pre_event_questions": [ "Did H2 sustain payer, ARR, revenue, margin and cash conversion?", "How did SBC, working capital, net cash, dividend and diluted per-share economics evolve?" ], "actual": {}, "post_event_review": { "status": "pending" }, "next_check": "When a board-meeting notice appears; otherwise by 2027-03-31.", "last_checked_at": "2026-08-26T10:25:00+08:00", "key_metrics": [ "Did H2 sustain payer, ARR, revenue, margin and cash conversion?", "How did SBC, working capital, net cash, dividend and diluted per-share economics evolve?" ], "actual_results": null, "next_check_at": "When a board-meeting notice appears; otherwise by 2027-03-31." }, { "event_id": "MEITU_FY2026_ANNUAL_REPORT", "event_type": "filing_due", "event": "Meitu FY2026 annual report", "scheduled_at_original": "FY2026 period ends 2026-12-31", "scheduled_at_current": "By 2027-04-30 regulatory outer deadline", "event_timezone": "Asia/Hong_Kong", "beijing_time": "By 2027-04-30 date only", "date_status": "tba", "status": "TBA", "directness": "company_direct", "importance": "high", "source_ids": [ "ROLL_HKEX_PERIODIC_REPORTING_RULES" ], "source_gap": "No company-confirmed publication date; this is only the HKEX four-month outer deadline.", "pre_event_questions": [ "Do audited notes alter owner earnings, net cash, fully diluted shares, related parties, commitments or risk disclosures?" ], "actual": {}, "post_event_review": { "status": "pending" }, "next_check": "On publication or 2027-04-30 at the latest.", "last_checked_at": "2026-08-26T10:25:00+08:00", "key_metrics": [ "Do audited notes alter owner earnings, net cash, fully diluted shares, related parties, commitments or risk disclosures?" ], "actual_results": null, "next_check_at": "On publication or 2027-04-30 at the latest." } ], "excluded_timeline_candidates": [ { "event": "Adobe FY2026 Q3 single-day earnings date", "handling": "excluded_from_primary_timeline", "reason": "No official Adobe IR notice confirming the previously used 2026-09-10 date was found at the cutoff." }, { "event": "September 2026 Hang Seng index-series implementation", "handling": "excluded_from_company_timeline", "reason": "The official broad review did not establish a Meitu-specific constituent or Stock Connect change." } ], "source_gaps": [ "Formal 2026H1 results and interim-report notes were not published at the cutoff.", "No company-disclosed product or geographic retention cohort, CAC, credit unit margin or model/API cost bridge is available.", "A Meitu-specific index-review or Stock Connect change was not established from the broad official review headline.", "A point-in-time direct peer valuation set with comparable earnings and cash-flow definitions remains unavailable.", "Adobe FY2026 Q3 had no primary-source confirmed single-day date at the cutoff, so it is not shown as a confirmed event.", "The broad Hang Seng review had no established Meitu-specific constituent or Stock Connect effect, so its implementation is not treated as a company catalyst." ], "change_log": [ { "at": "2026-08-26T10:25:00+08:00", "change": "Audited lifecycle fields, froze the July 30 pre-event baseline, recorded completed peer events and the July share count, refreshed market state through August 25, and extended the forward event timeline.", "authoring_boundary": "No formal H1 actuals or buy/sell recommendation were added." }, { "at": "2026-08-26T10:25:00+08:00", "change": "Expanded the forward axis through the 2026-11-18 minimum horizon and onward to the FY2026 annual-report outer window on 2027-04-30; added original timezone, Beijing display, date status, source gaps, pre-event questions, actual placeholders and next checks.", "authoring_boundary": "Regulatory outer windows remain TBA; unverified Adobe and company-unlinked index dates were removed from the primary company timeline." } ] }