{ "schema_version": "seed.company-research-source-ledger.v1", "company": { "name_zh": "美图公司", "name_en": "Meitu, Inc.", "ticker": "01357.HK" }, "research_snapshot_at": "2026-08-08", "market_data_cutoff": "2026-08-07", "rolling_update_cutoff": "2026-08-26T10:25:00+08:00", "rolling_market_data_cutoff": "2026-08-25", "ledger_scope": "2026-08-08 frozen package plus explicitly dated rolling-update sources", "policy": { "facts": "Audited filings and exchange announcements take precedence.", "management_claims": "Speeches, press releases and company rankings are labeled as management claims unless independently corroborated.", "public_proxies": "Store ratings, chart snapshots, install bands and website visits are not treated as MAU, paying users or audited revenue.", "hashes": "snapshot_sha256 is supplied where a local research snapshot was frozen; null means a live web page was cited without a tracked local copy.", "investment_boundary": "Scenario analysis is not a target price or buy/sell instruction." }, "sources": [ { "id": "F01", "tier": "A", "kind": "audited_annual_report", "title": "Meitu, Inc. 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users should open the exact dated filing when verifying a claim." }, { "id": "M01", "tier": "B", "kind": "management_speech", "title": "Meitu's 17th Anniversary: Full Text of Wu Xinhong's Speech", "publisher": "Meitu", "published_at": "2025-10-10", "retrieved_at": "2026-07-27", "url": "https://www.meitu.com/en/media/421", "snapshot_sha256": null, "used_for": [ "management assessment of model competition", "RoboNeo launch claims", "AI coding and organizational claims" ], "limitations": "Management narrative and internally measured claims; not independent product-quality evidence." }, { "id": "M02", "tier": "B", "kind": "management_product_event", "title": "2026 Meitu Multimedia Festival", "publisher": "Meitu", "published_at": "2026-06-17", "retrieved_at": "2026-07-27", "url": "https://www.meitu.com/en/media/438", "snapshot_sha256": null, "used_for": [ "apps-to-agents strategy", "subscriptions-to-credits strategy", "MiracleVision V6 utilization claim", "RMB100 million incubation fund" ], "limitations": "Product launch and management claims; the 96.3% call-share figure is not independently audited." }, { "id": "M03", "tier": "B", "kind": "management_product_event", "title": "2024 Meitu Multimedia Festival", "publisher": "Meitu", "published_at": "2024", "retrieved_at": "2026-07-27", "url": "https://www.meitu.com/en/media/413", "snapshot_sha256": null, "used_for": [ "management view that AI technology advances faster than applications", "focus on user value and monetizable workflows" ], "limitations": "Strategic framing, not a measured financial result." }, { "id": "M04", "tier": "B", "kind": "company_press_release", "title": "Meitu and Alibaba Tongyi Strategic Cooperation", "publisher": "Meitu", "published_at": "2025", "retrieved_at": "2026-07-27", "url": "https://www.meitu.com/en/media/420", "snapshot_sha256": null, "used_for": [ "evidence of model-supplier partnership and dependency" ], "limitations": "Company-authored description of a partnership; product and economics are not fully disclosed." }, { "id": "M05", "tier": "B", "kind": "company_press_release", "title": "Meitu Launches MiracleVision", "publisher": "Meitu", "published_at": "2023", "retrieved_at": "2026-07-27", "url": "https://www.meitu.com/en/media/393", "snapshot_sha256": null, "used_for": [ "existence and intended positioning of Meitu's vertical model" ], "limitations": "No independent benchmark in this source establishes frontier-model quality." }, { "id": "M06", "tier": "B", "kind": "company_results_release", "title": "Meitu 2025 Annual Results Release", "publisher": "Meitu", "published_at": "2026-03-27", "retrieved_at": "2026-07-27", "url": "https://www.meitu.com/en/media/436", "snapshot_sha256": null, "used_for": [ "management explanation of paid growth", "historical campaign chart claims" ], "limitations": "Company-selected narrative; audited figures are taken from F01 instead." }, { "id": "M07", "tier": "B", "kind": "company_results_release", "title": "Meitu 2024 Annual Results Release", "publisher": "Meitu", "published_at": "2025-03-18", "retrieved_at": "2026-07-27", "url": "https://www.meitu.com/en/media/415", "snapshot_sha256": null, "used_for": [ "2024 paying subscribers, MAU and overseas MAU" ], "limitations": "Includes beauty-industry revenue later classified as discontinued; use F01 for continuing-operation comparisons." }, { "id": "M08", "tier": "B", "kind": "company_results_release", "title": "Meitu 2023 Annual Results Release", "publisher": "Meitu", "published_at": "2024-03-15", "retrieved_at": "2026-07-27", "url": "https://www.meitu.com/en/media/411", "snapshot_sha256": null, "used_for": [ "2023 core revenue and paid subscriber history" ], "limitations": "Company-selected narrative; audited historical totals are taken from F01." }, { "id": "M09", "tier": "B", "kind": "company_results_release", "title": "Meitu 2022 Annual Results Release", "publisher": "Meitu", "published_at": "2023", "retrieved_at": "2026-07-27", "url": "https://www.meitu.com/en/media/390", "snapshot_sha256": null, "used_for": [ "2022 paying subscriber and MAU history" ], "limitations": "Historical adjusted-profit definitions differ from later five-year restatement." }, { "id": "M10", "tier": "B", "kind": "company_results_release", "title": "Meitu 2021 Annual Results Release", "publisher": "Meitu", "published_at": "2022", "retrieved_at": "2026-07-27", "url": "https://www.meitu.com/en/media/366", "snapshot_sha256": null, "used_for": [ "2021 paid subscriber history" ], "limitations": "Historical adjusted-profit definitions differ from later five-year restatement." }, { "id": "A01", "tier": "B-", "kind": "app_store_search_api", "title": "Apple iTunes Search API — Meitu portfolio, CN and US", "publisher": "Apple", "published_at": null, "retrieved_at": "2026-07-27", "url": "https://itunes.apple.com/search?term=meitu&country=cn&entity=software&limit=200", "snapshot_sha256": { "cn": "58961a1389e2340c2b0e28a7eeed51c356012aa5e74670f02b6ed4e36bce58ec", "us": "9d4bc9899e648d4c5873de83e84503a174026d62cbc57817e0965cee1ba19007" }, "used_for": [ "public ratings, rating counts, seller and app IDs" ], "limitations": "Cumulative storefront metadata, not MAU, paying users, downloads or retention." }, { "id": "A02", "tier": "B-", "kind": "app_store_chart_api", "title": "Apple Top Free Apps — 15 Storefront Snapshot", "publisher": "Apple", "published_at": null, "retrieved_at": "2026-07-27", "url": "https://rss.marketingtools.apple.com/api/v2/cn/apps/top-free/100/apps.json", "snapshot_sha256": { "au": "ba9c690eddb83a91d5add46219a34c69e94da0d9dd3d61eabef92a8b2d3a3be0", "br": "ac94e66187a2fd5b87bc834af7410c50b08c45e913b6fc56cb2db09685be5bd8", "ca": "c40e95cb9114434c6d1c5fffaabc59dd8e5398831d008fbdedbae706fe12c896", "cn": "ac39432e9b711f73eef282de99e061652d4ee519148e5d181c0f0f0d2307ae42", "de": "c73cd450a423db5aca0bfeb220c40ffab0e3633acc02cceb70613262244ab0cf", "fr": "35c87b8954843571456cd7553160a0282729c86dc5722346fd0ad69ce613530d", "gb": "168ed8474df3b234f288a1b4310103e47ec615b3db7136f7a79ed306c6b193e2", "hk": "841f626361fd5ee54e307f38576f3bb32bd0f8eefd18b09cc86334c59ef7d5bd", "id": "232b0ded0d32448814e6ca37854d6ec3a7f529d3a87881b09481eeec31ce7edd", "jp": "6c5903d4ce8d1fa5da248f0e3e96a31ba6b57f44d847ab530a5a9cc6f1ec57b6", "kr": "b1c6d88fb5b94bb8c8f01c906522cf864e10f2b9a31d1ffa3e82de0e8c6c240f", "sg": "4671c8347e6ed07f4a3c5ac5c43bf5797b96716a313e7995383858ccb37cae6d", "th": "5259b304af177de15b5c6f7f546e0e36df4892e79cafdf87bcfe2f16134eb48f", "tw": "62be4472741fbf7d201baa4e0a348d901592f090cc61a21ce54373dd110168de", "us": "baa3cab1b7d470dd77708d861c85183e188ce0e2833de51ef46a4308e760f157" }, "used_for": [ "current overall top-free-100 presence test" ], "limitations": "One-day overall chart snapshot. It does not refute temporary historical campaign peaks or category-chart positions." }, { "id": "A03", "tier": "B-", "kind": "app_store_page", "title": "Meitu — US App Store", "publisher": "Apple", "published_at": null, "retrieved_at": "2026-07-27", "url": "https://apps.apple.com/us/app/meitu-ai-photo-video-editor/id416048305", "snapshot_sha256": null, "used_for": [ "visible US Photo & Video category rank", "rating and subscription pricing" ], "limitations": "Mutable live page and single-storefront snapshot." }, { "id": "A04", "tier": "B-", "kind": "app_store_page", "title": "BeautyCam — US App Store", "publisher": "Apple", "published_at": null, "retrieved_at": "2026-07-27", "url": "https://apps.apple.com/us/app/beautycam-digicam-photo-editor/id592331499", "snapshot_sha256": null, "used_for": [ "visible US Photo & Video category rank" ], "limitations": "Mutable live page and single-storefront snapshot." }, { "id": "A05", "tier": "B-", "kind": "google_play_page", "title": "Meitu — Google Play", "publisher": "Google", "published_at": null, "retrieved_at": "2026-07-27", "url": "https://play.google.com/store/apps/details?id=com.mt.mtxx.mtxx", "snapshot_sha256": null, "used_for": [ "public install band and rating" ], "limitations": "Install band is a threshold, not exact installs; rating is mutable." }, { "id": "A06", "tier": "B-", "kind": "google_play_page", "title": "Wink — Google Play", "publisher": "Google", "published_at": null, "retrieved_at": "2026-07-27", "url": "https://play.google.com/store/apps/details?id=com.meitu.wink", "snapshot_sha256": null, "used_for": [ "public install band and rating" ], "limitations": "Install band is a threshold, not exact installs; rating is mutable." }, { "id": "A07", "tier": "B-", "kind": "google_play_page", "title": "RoboNeo — Google Play", "publisher": "Google", "published_at": null, "retrieved_at": "2026-07-27", "url": "https://play.google.com/store/apps/details?id=com.meitu.roboneo", "snapshot_sha256": null, "used_for": [ "public install band, rating and review count" ], "limitations": "Low review count and storefront mix prevent extrapolation to the full user base." }, { "id": "A08", "tier": "C", "kind": "industry_ranking", "title": "Top 100 Gen AI Consumer Apps, 6th Edition", "publisher": "Andreessen Horowitz", "published_at": "2026-03-09", "retrieved_at": "2026-07-27", "url": "https://a16z.com/100-gen-ai-apps-6/", "snapshot_sha256": null, "used_for": [ "independent evidence that several Meitu-related apps remain material in mobile GenAI usage" ], "limitations": "Mobile list uses Sensor Tower January 2026 MAU and a broadened definition that includes AI-powered incumbents; exact chart positions were not independently extracted." }, { "id": "W01", "tier": "C", "kind": "estimated_web_traffic", "title": "meitu.com Traffic Analytics", "publisher": "Similarweb", "published_at": "2026-04", "retrieved_at": "2026-07-27", "url": "https://www.similarweb.com/website/meitu.com/", "snapshot_sha256": null, "used_for": [ "estimated visits and country mix" ], "limitations": "Third-party modeled estimate; not company-reported app usage or paying traffic." }, { "id": "W02", "tier": "C", "kind": "estimated_web_traffic", "title": "designkit.com Traffic Analytics", "publisher": "Similarweb", "published_at": "2026-06", "retrieved_at": "2026-07-27", "url": "https://www.similarweb.com/website/designkit.com/", "snapshot_sha256": null, "used_for": [ "estimated visits and country mix" ], "limitations": "Third-party modeled estimate; not company-reported app usage or paying traffic." }, { "id": "W03", "tier": "C", "kind": "estimated_web_traffic", "title": "roboneo.com Traffic Analytics", "publisher": "Similarweb", "published_at": "2026-06", "retrieved_at": "2026-07-27", "url": "https://www.similarweb.com/website/roboneo.com/", "snapshot_sha256": null, "used_for": [ "estimated visits, direction and country mix" ], "limitations": "Third-party modeled estimate; a 50.26% monthly drop can reflect campaign timing, measurement changes or seasonality." }, { "id": "W04", "tier": "C", "kind": "estimated_web_traffic", "title": "wink.ai Traffic Analytics", "publisher": "Similarweb", "published_at": "2026-06", "retrieved_at": "2026-07-27", "url": "https://www.similarweb.com/website/wink.ai/", "snapshot_sha256": null, "used_for": [ "estimated visits, direction and country mix" ], "limitations": "Third-party modeled estimate; web traffic is not app MAU or paid conversion." }, { "id": "W05", "tier": "C", "kind": "estimated_web_traffic", "title": "zcool.com.cn Traffic Analytics", "publisher": "Similarweb", "published_at": "2026-06", "retrieved_at": "2026-07-27", "url": "https://www.similarweb.com/website/zcool.com.cn/", "snapshot_sha256": null, "used_for": [ "estimated visits and China concentration" ], "limitations": "Third-party modeled estimate; ZCOOL community traffic is not equivalent to Meitu app usage." }, { "id": "S01", "tier": "A-", "kind": "vendor_product_announcement", "title": "Introducing ChatGPT Images 2.0", "publisher": "OpenAI", "published_at": "2026-04-21", "retrieved_at": "2026-07-27", "url": "https://openai.com/index/introducing-chatgpt-images-2-0/", "snapshot_sha256": null, "used_for": [ "foundation-model vendor moving directly into image generation and editing" ], "limitations": "Vendor-authored product announcement." }, { "id": "S02", "tier": "A-", "kind": "vendor_product_announcement", "title": "New ChatGPT Images Is Here", "publisher": "OpenAI", "published_at": "2025-12-16", "retrieved_at": "2026-07-27", "url": "https://openai.com/index/new-chatgpt-images-is-here/", "snapshot_sha256": null, "used_for": [ "direct distribution to ChatGPT users and API availability" ], "limitations": "Vendor-authored product announcement." }, { "id": "S03", "tier": "A-", "kind": "vendor_product_announcement", "title": "Updated Image Editing in Gemini", "publisher": "Google", "published_at": "2025-08-26", "retrieved_at": "2026-07-27", "url": "https://blog.google/products-and-platforms/products/gemini/updated-image-editing-model/", "snapshot_sha256": null, "used_for": [ "Nano Banana integration directly inside Gemini" ], "limitations": "Vendor-authored product announcement." }, { "id": "S04", "tier": "A-", "kind": "vendor_product_announcement", "title": "Canva Create 2026: AI and Visual Suite 2.0", "publisher": "Canva", "published_at": "2026", "retrieved_at": "2026-07-27", "url": "https://www.canva.com/newsroom/news/canva-create-2026-ai/", "snapshot_sha256": null, "used_for": [ "design incumbent bundling a foundation model, editable objects and agentic workflow" ], "limitations": "Vendor-authored product announcement." }, { "id": "S05", "tier": "A-", "kind": "vendor_product_announcement", "title": "Adobe Unveils Major Expansion of Creative Agent", "publisher": "Adobe", "published_at": "2026-06", "retrieved_at": "2026-07-27", "url": "https://news.adobe.com/news/2026/06/adobe-unveils-major-expansion", "snapshot_sha256": null, "used_for": [ "workflow incumbent distributing agents across Creative Cloud and third-party assistants" ], "limitations": "Vendor-authored product announcement." }, { "id": "S06", "tier": "A-", "kind": "vendor_product_announcement", "title": "Adobe Introduces New Creative Agent", "publisher": "Adobe", "published_at": "2026-04", "retrieved_at": "2026-07-27", "url": "https://news.adobe.com/news/2026/04/adobe-new-creative-agent", "snapshot_sha256": null, "used_for": [ "multi-model creative workflow bundling" ], "limitations": "Vendor-authored product announcement." }, { "id": "P01", "tier": "B-", "kind": "market_data", "title": "Tencent qfq Daily Market Snapshots", "publisher": "Tencent", "published_at": "2026-07-24", "retrieved_at": "2026-07-27", "url": "https://web.ifzq.gtimg.cn/appstock/app/fqkline/get?param=hk01357,day,2023-01-01,2026-07-24,1000,qfq", "benchmark_url": "https://web.ifzq.gtimg.cn/appstock/app/fqkline/get?param=hkHSTECH,day,2023-01-01,2026-07-24,1000,qfq", "snapshot_sha256": { "01357.HK": "dd23814f21d1fde7ee59729dcb00d2623f6fd9861ef3bac9a86ec097d7c04675", "HSTECH": "89d8dd50ea933e02302a60dc3da54b2d7ab77a985100139f8b952bb731aef1c8", "09988.HK": "5b125d18a9d8bad67b4f2569c31f2f1905ec4bba817f9d6702dd428a0eec3be7", "00700.HK": "d2f5cc53682cc32b9a3921f90c9733edb36ad144161a98ead2e2db588ffcdb87", "01024.HK": "84318e108a82e88016f4cb4c687d734325977bf11d2c87df7cd918de399fae8f", "688111.SH": "4e0e8623e8454b22b91d1b4b5a40bc40b42bd09b2564464718f9915cca1c040b", "300624.SZ": "ed13afadd5f58aa251e3c493132062bea5962171073a0bba2db7845af3a34fe3", "002230.SZ": "3a180639db3f132997a1bee88cdf29420ab22662692b365c69e7520199d6867d", "300418.SZ": "fe6ec2ddd1c85124dfeaafea91a778f2751f9423bc48adb09ef61ec7aa6a6e68" }, "used_for": [ "5/20/60-trading-day and YTD returns", "Meitu 52-week range and drawdown", "AI-application rotation breadth", "T-1/T0/T+5 event-reaction windows", "same-date Hang Seng TECH benchmark and abnormal-return calculation" ], "limitations": "Vendor qfq market data through 2026-07-24; adjusted-return and event-window calculations are deterministic but not exchange-certified. HSTECH is a risk-sentiment benchmark, not a direct peer portfolio." }, { "id": "P02", "tier": "A-", "kind": "official_fx_quote", "title": "Bank of China Foreign Exchange Rates", "publisher": "Bank of China", "published_at": "2026-07-24", "retrieved_at": "2026-07-27", "url": "https://www.boc.cn/sourcedb/whpj/enindex.html", "snapshot_sha256": null, "used_for": [ "HKD/CNY middle-rate conversion" ], "limitations": "Valuation uses CNY 86.64 per HKD 100 as the selected 24 July middle-rate snapshot." }, { "id": "P03", "tier": "B-", "kind": "market_data", "title": "Tencent qfq Daily Market Snapshot through 3 August 2026", "publisher": "Tencent", "published_at": "2026-08-03", "retrieved_at": "2026-08-04", "url": "https://web.ifzq.gtimg.cn/appstock/app/fqkline/get?param=hk01357,day,2023-01-01,2026-08-04,1000,qfq", "benchmark_url": "https://web.ifzq.gtimg.cn/appstock/app/fqkline/get?param=hkHSTECH,day,2023-01-01,2026-08-04,1000,qfq", "snapshot_sha256": { "01357.HK": "accbada4fecae5bfce2499a5695cbf8f527a5c1b053d15a65f1e6c72e2f53ae6", "HSTECH": "16fe8a77dc813c3e8c413544e44344983498ef01bf92d3244319209fcece00f1" }, "used_for": [ "3 August 2026 completed close and valuation anchor", "H1 preliminary-update event reaction", "20/60/200-session market state", "52-week drawdown and 60-session volatility" ], "limitations": "Vendor qfq data are not exchange-certified. The 4 August bar was incomplete at the 10:18 retrieval time and is excluded from completed-session calculations." }, { "id": "P04", "tier": "A-", "kind": "official_fx_quote", "title": "Bank of China Foreign Exchange Rates — 4 August 2026 10:15:36", "publisher": "Bank of China", "published_at": "2026-08-04", "retrieved_at": "2026-08-04", "url": "https://www.bankofchina.com/sourcedb/whpj/", "snapshot_sha256": "a47231bbd2757283e08941ba246a28e5bc964f2920ddaceb29052e920792b1b8", "used_for": [ "CNY 86.60 per HKD 100 middle-rate conversion for the updated valuation" ], "limitations": "The selected FX snapshot is one business day after the 3 August price anchor; the difference from the prior 0.8664 input is immaterial but the dates are disclosed separately." }, { "id": "B01", "tier": "A", "kind": "methodology_primary", "title": "Berkshire Hathaway Owner's Manual", "publisher": "Berkshire Hathaway", "published_at": "1996", "retrieved_at": "2026-07-26", "url": "https://www.berkshirehathaway.com/ownman.pdf", "snapshot_sha256": null, "used_for": [ "owner orientation", "per-share intrinsic value", "capital allocation" ], "limitations": "Method principle, not company evidence." }, { "id": "B02", "tier": "A", "kind": "methodology_primary", "title": "1986 Chairman's Letter", "publisher": "Berkshire Hathaway", "published_at": "1987", "retrieved_at": "2026-07-26", "url": "https://www.berkshirehathaway.com/letters/1986.html", "snapshot_sha256": null, "used_for": [ "owner earnings and maintenance-capex uncertainty" ], "limitations": "Method principle, not company evidence." }, { "id": "B03", "tier": "A", "kind": "methodology_primary", "title": "1996 Chairman's Letter", "publisher": "Berkshire Hathaway", "published_at": "1997", "retrieved_at": "2026-07-26", "url": "https://www.berkshirehathaway.com/letters/1996.html", "snapshot_sha256": null, "used_for": [ "circle of competence and predictable long-term economics" ], "limitations": "Method principle, not company evidence." }, { "id": "B04", "tier": "A", "kind": "methodology_primary", "title": "2005 Chairman's Letter", "publisher": "Berkshire Hathaway", "published_at": "2006", "retrieved_at": "2026-07-26", "url": "https://www.berkshirehathaway.com/letters/2005ltr.pdf", "snapshot_sha256": null, "used_for": [ "moat direction" ], "limitations": "Method principle, not company evidence." }, { "id": "B05", "tier": "A", "kind": "methodology_primary", "title": "2007 Chairman's Letter", "publisher": "Berkshire Hathaway", "published_at": "2008", "retrieved_at": "2026-07-26", "url": "https://www.berkshirehathaway.com/letters/2007ltr.pdf", "snapshot_sha256": null, "used_for": [ "durable moat and capital-light economics" ], "limitations": "Method principle, not company evidence." }, { "id": "B06", "tier": "A", "kind": "methodology_primary", "title": "2023 Chairman's Letter", "publisher": "Berkshire Hathaway", "published_at": "2024", "retrieved_at": "2026-07-26", "url": "https://www.berkshirehathaway.com/letters/2023ltr.pdf", "snapshot_sha256": null, "used_for": [ "Munger's quality-business contribution" ], "limitations": "Method principle, not company evidence." }, { "id": "F12", "tier": "A", "kind": "interim_report", "title": "Meitu, Inc. Interim Report 2024", "publisher": "Meitu / HKEX", "published_at": "2024-09-25", "retrieved_at": "2026-07-27", "url": "https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0925/2024092501058.pdf", "snapshot_sha256": "bfa8690851a038de0f8f96b8d66128b5f7d547d12598ef1cfe9dc35b11db2065", "used_for": ["H1 2024 financial and operating comparison"], "limitations": "Interim report; 2025 accounts later reclassified the beauty business as discontinued." }, { "id": "F13", "tier": "A", "kind": "interim_results", "title": "Meitu, Inc. 2023 Interim Results", "publisher": "Meitu / HKEX", "published_at": "2023-08-28", "retrieved_at": "2026-07-27", "url": "https://www1.hkexnews.hk/listedco/listconews/sehk/2023/0828/2023082800511.pdf", "snapshot_sha256": "566c8f865ec8476cd404d40c291be4c7fab0048592c91f02883bdadc7f7c89aa", "used_for": ["H1 2022 and H1 2023 financial comparison"], "limitations": "Historical presentation predates the discontinued-operation reclassification." }, { "id": "F14", "tier": "A", "kind": "convertible_bond_terms", "title": "Subscription of US$250 Million Convertible Bonds by Alibaba", "publisher": "Meitu / HKEX", "published_at": "2025-05-20", "retrieved_at": "2026-07-27", "url": "https://www.hkexnews.hk/listedco/listconews/sehk/2025/0520/2025052001407.pdf", "snapshot_sha256": "87f27e999e523ddfc074850b561371783ff14e92891f20c2d100bdd8becec47f", "used_for": ["conversion option", "maturity repayment", "adjustments", "relevant events", "debt ranking"], "limitations": "HK$6 is the initial conversion price and may be adjusted under the terms." }, { "id": "M11", "tier": "B", "kind": "management_interview", "title": "From Beauty Apps to AI Agents: Meitu CFO Gary Ngan", "publisher": "AI Proem Podcast / Apple Podcasts", "published_at": "2026-07-14", "retrieved_at": "2026-07-27", "url": "https://podcasts.apple.com/us/podcast/ai-proem-podcast/id1838832643", "snapshot_sha256": null, "used_for": ["latest CFO strategy", "product portfolio", "ARPU and overseas thesis", "own-model output claim"], "limitations": "Management interview; Apple states that its transcript is AI-generated and for reference only." }, { "id": "W06", "tier": "C", "kind": "estimated_web_traffic", "title": "vmake.ai Traffic Analytics", "publisher": "Similarweb", "published_at": "2026-06", "retrieved_at": "2026-07-27", "url": "https://www.similarweb.com/website/vmake.ai/", "snapshot_sha256": null, "used_for": ["estimated visits", "monthly direction", "three-month rank direction"], "limitations": "Third-party modeled estimate; not app MAU, paying users or audited revenue." }, { "id": "W07", "tier": "C", "kind": "estimated_web_traffic", "title": "designkit.cn Traffic Analytics", "publisher": "Similarweb", "published_at": "2026-06", "retrieved_at": "2026-07-27", "url": "https://www.similarweb.com/website/designkit.cn/", "snapshot_sha256": null, "used_for": ["primary China web-entry traffic", "monthly direction", "three-month rank direction"], "limitations": "Third-party modeled estimate; exact three-month visit series is not visible on the public page." }, { "id": "R01", "tier": "A", "kind": "stock_connect_rule", "title": "SSE Shanghai-Hong Kong Stock Connect Measures (2024 Revision)", "publisher": "Shanghai Stock Exchange", "published_at": "2024-06-14", "retrieved_at": "2026-07-27", "url": "https://www.sse.com.cn/lawandrules/sselawsrules2025/global/hkexsc/c/c_20251017_10795123.shtml", "snapshot_sha256": null, "used_for": ["SmallCap entry/exit thresholds", "periodic review timing", "sell-only treatment after removal"], "limitations": "Eligibility also depends on index membership/category and other exclusions; a point-in-time market cap is not the 12-month average." }, { "id": "R02", "tier": "A", "kind": "stock_connect_eligible_list", "title": "SSE Southbound Eligible Securities", "publisher": "Shanghai Stock Exchange", "published_at": "2026-08-04", "retrieved_at": "2026-08-04", "url": "https://www.sse.com.cn/services/hkexsc/disclo/eligible/", "snapshot_sha256": null, "used_for": ["current Shanghai Southbound eligibility of Meitu; exact official query match 01357 / MEITU / 美图公司; UPDATE_DATE 2026-08-04; TRADE_FLAG 1"], "limitations": "Live list; eligibility can change." }, { "id": "R03", "tier": "A", "kind": "stock_connect_eligible_list", "title": "SZSE Southbound Eligible Securities", "publisher": "Shenzhen Stock Exchange", "published_at": "2026-08-04", "retrieved_at": "2026-08-04", "url": "https://www.szse.cn/szhk/hkbussiness/underlylist/", "snapshot_sha256": null, "used_for": ["current Shenzhen Southbound eligibility of Meitu; exact official query match 01357 / MEITU / 美图公司; list_as_of 2026-08-04"], "limitations": "Live list; eligibility can change." }, { "id": "R04", "tier": "A", "kind": "short_position_report", "title": "Reportable Short Position Aggregated Data — 17 July 2026", "publisher": "Hong Kong Securities and Futures Commission", "published_at": "2026-07-17", "retrieved_at": "2026-07-27", "url": "https://www.sfc.hk/-/media/EN/pdf/spr/2026/07/17/Short_Position_Reporting_Aggregated_Data_Eng_20260717.pdf?rev=869a1316d1014119b9546416126e2f89", "snapshot_sha256": null, "used_for": ["Meitu reportable net short position and trend"], "limitations": "Reportable net short positions are not total market short interest and may include hedges; motive is unknown." }, { "id": "R05", "tier": "A", "kind": "governance_announcement", "title": "Investigation and Remedial Actions for Premature Publicity Video", "publisher": "Meitu / HKEX", "published_at": "2026-06-18", "retrieved_at": "2026-07-27", "url": "https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0618/2026061801536.pdf", "snapshot_sha256": "3293a73366f9ab64bdbfa66a670ad2a1aa531c367fbd5cd6e9b3e97133c5bca8", "used_for": ["disclosure-control incident", "remediation", "delayed fund-subscription disclosure"], "limitations": "Company investigation and remediation disclosure; future control effectiveness is not yet proven." }, { "id": "R06", "tier": "A", "kind": "trading_suspension", "title": "Suspension of Trading in Meitu Shares", "publisher": "HKEX", "published_at": "2026-03-26", "retrieved_at": "2026-07-27", "url": "https://www.hkexnews.hk/listedco/listconews/sehk/2026/0326/2026032600217.htm", "snapshot_sha256": null, "used_for": ["actual suspension event and event-gap risk"], "limitations": "The later R05 announcement explains the cause and remediation." }, { "id": "R07", "tier": "A", "kind": "market_structure_rule", "title": "Volatility Control Mechanism FAQ", "publisher": "Hong Kong Exchanges and Clearing", "published_at": null, "retrieved_at": "2026-07-27", "url": "https://www.hkex.com.hk/Global/Exchange/FAQ/Securities-Market/Trading/VCM", "snapshot_sha256": null, "used_for": ["Hong Kong event-gap and no-daily-price-limit context"], "limitations": "VCM is a cooling-off mechanism, not a daily price limit." }, { "id": "E01", "tier": "A", "kind": "confirmed_event_calendar", "title": "Microsoft FY2026 Q4 Earnings Date", "publisher": "Microsoft", "published_at": "2026-07-08", "retrieved_at": "2026-07-27", "url": "https://news.microsoft.com/source/2026/07/08/microsoft-announces-quarterly-earnings-release-date-68/", "snapshot_sha256": null, "used_for": ["near-term US platform event calendar"], "limitations": "Date only; no result is assumed." }, { "id": "E02", "tier": "A", "kind": "confirmed_event_calendar", "title": "Meta Q2 2026 Earnings Date", "publisher": "Meta", "published_at": "2026", "retrieved_at": "2026-07-27", "url": "https://investor.atmeta.com/investor-news/press-release-details/2026/Meta-to-Announce-Second-Quarter-2026-Results/default.aspx", "snapshot_sha256": null, "used_for": ["near-term US advertising/platform event calendar"], "limitations": "Date only; no result is assumed." }, { "id": "E03", "tier": "A", "kind": "confirmed_event_calendar", "title": "Figma Q2 2026 Earnings Date", "publisher": "Figma", "published_at": "2026", "retrieved_at": "2026-07-27", "url": "https://investor.figma.com/news-events/news/news-details/2026/Figma-to-Announce-Second-Quarter-2026-Financial-Results-on-August-5-2026/default.aspx", "snapshot_sha256": null, "used_for": ["creative-SaaS lead-lag event"], "limitations": "Figma is a business read-through, not a direct valuation comparable." }, { "id": "E04", "tier": "A", "kind": "confirmed_event_calendar", "title": "Hang Seng Indexes Quarterly Review Calendar", "publisher": "Hang Seng Indexes", "published_at": "2026", "retrieved_at": "2026-07-27", "url": "https://www.hsi.com.hk/en-hk/media-room/", "snapshot_sha256": null, "used_for": ["21 August 2026 review-result event"], "limitations": "The calendar is confirmed; no Meitu constituent change is assumed." }, { "id": "E05", "tier": "A", "kind": "confirmed_event_calendar", "title": "Apple FY2026 Q3 Earnings Call", "publisher": "Apple", "published_at": "2026", "retrieved_at": "2026-07-27", "url": "https://www.apple.com/investor/earnings-call/", "snapshot_sha256": null, "used_for": ["platform distribution and on-device AI event calendar"], "limitations": "Date only; no result is assumed." }, { "id": "E06", "tier": "A", "kind": "confirmed_event_calendar", "title": "Amazon Q2 2026 Earnings Date", "publisher": "Amazon", "published_at": "2026", "retrieved_at": "2026-07-27", "url": "https://ir.aboutamazon.com/news-release/news-release-details/2026/Amazon-com-to-Webcast-Second-Quarter-2026-Financial-Results-Conference-Call/default.aspx", "snapshot_sha256": null, "used_for": ["commerce creative-demand and cloud-inference event calendar"], "limitations": "Date only; no result is assumed." }, { "id": "E07", "tier": "A", "kind": "confirmed_event_calendar", "title": "Snap Q2 2026 Earnings Date", "publisher": "Snap", "published_at": "2026", "retrieved_at": "2026-07-27", "url": "https://investor.snap.com/news/news-details/2026/Snap-Inc--Announces-Date-of-Second-Quarter-2026-Results-Conference-Call/default.aspx", "snapshot_sha256": null, "used_for": ["consumer-application and advertising event calendar"], "limitations": "Secondary business read-through; no result is assumed." }, { "id": "E08", "tier": "A", "kind": "confirmed_event_calendar", "title": "AppLovin Q2 2026 Earnings Date", "publisher": "AppLovin", "published_at": "2026", "retrieved_at": "2026-07-27", "url": "https://investors.applovin.com/news/news-details/2026/AppLovin-to-Announce-Second-Quarter-2026-Results/default.aspx", "snapshot_sha256": null, "used_for": ["application acquisition and advertising-economics event calendar"], "limitations": "Advertising/CAC proxy, not a direct Meitu business comparable." }, { "id": "E09", "tier": "A", "kind": "confirmed_event_calendar", "title": "Tencent Investor Calendar", "publisher": "Tencent", "published_at": "2026", "retrieved_at": "2026-07-27", "url": "https://www.tencent.com/en-us/investors.html", "snapshot_sha256": null, "used_for": ["China platform/distribution event calendar"], "limitations": "Platform read-through, not a direct Meitu earnings proxy." }, { "id": "E10", "tier": "A", "kind": "confirmed_event_calendar", "title": "NVIDIA FY2027 Q2 Earnings Date", "publisher": "NVIDIA", "published_at": "2026", "retrieved_at": "2026-07-27", "url": "https://investor.nvidia.com/events-and-presentations/events-and-presentations/event-details/2026/NVIDIA-2nd-Quarter-FY27-Financial-Results/default.aspx", "snapshot_sha256": null, "used_for": ["indirect hardware/cost/risk-appetite event calendar"], "limitations": "Hardware is an indirect proxy; weakness does not imply application rotation." }, { "id": "E11", "tier": "A", "kind": "confirmed_event_calendar", "title": "Adobe Investor Relations Calendar", "publisher": "Adobe", "published_at": "2026", "retrieved_at": "2026-07-27", "url": "https://www.adobe.com/investor-relations.html", "snapshot_sha256": null, "used_for": ["creative-workflow AI earnings event"], "limitations": "Adobe is a competitive read-through, not a like-for-like valuation comparable." }, { "id": "R08", "tier": "A", "kind": "designated_short_selling_list", "title": "Designated Securities Eligible for Short Selling — 27 July 2026", "publisher": "Hong Kong Exchanges and Clearing", "published_at": "2026-07-27", "retrieved_at": "2026-07-27", "url": "https://www.hkex.com.hk/eng/market/sec_tradinfo/ds20260727.htm", "snapshot_sha256": null, "used_for": ["confirmation that Meitu is eligible for short selling"], "limitations": "Eligibility does not measure actual short interest." }, { "id": "R09", "tier": "A", "kind": "short_position_report", "title": "Reportable Short Position Aggregated Data — 24 April 2026", "publisher": "Hong Kong Securities and Futures Commission", "published_at": "2026-04-24", "retrieved_at": "2026-07-27", "url": "https://www.sfc.hk/-/media/EN/pdf/spr/2026/04/24/Short_Position_Reporting_Aggregated_Data_Eng_20260424.pdf?rev=dd1a7af1d99a4fe3acb2bcdcaf70a4bc", "snapshot_sha256": null, "used_for": ["comparison of Meitu reportable net short-position trend"], "limitations": "Reportable net short positions are not total market short interest and may include hedges." }, { "id": "T01", "tier": "A-", "kind": "official_index_commentary", "title": "Software Selloff and AI Commoditisation Risk — February 2026", "publisher": "Nasdaq Global Indexes", "published_at": "2026-03", "retrieved_at": "2026-07-27", "url": "https://www.nasdaq.com/docs/NYGBIG-software-selloff_article_final", "snapshot_sha256": null, "used_for": ["historical US software-versus-hardware regime and AI replacement-risk framing"], "limitations": "Index-provider commentary; sector baskets include many companies that are not direct Meitu comparables." }, { "id": "T02", "tier": "A-", "kind": "official_index_commentary", "title": "Nasdaq-100 2Q2026 Performance Commentary", "publisher": "Nasdaq", "published_at": "2026-07-13", "retrieved_at": "2026-07-27", "url": "https://www.nasdaq.com/videos/nasdaq-100-weekly-nasdaq-100r-index-2q2026-performance-commentary", "snapshot_sha256": null, "used_for": ["evidence that 2Q2026 AI leadership remained semiconductor-led with widening software divergence"], "limitations": "Nasdaq-100 large-cap commentary, not a pure AI-application index." }, { "id": "T03", "tier": "A", "kind": "sec_earnings_release", "title": "Adobe Reports Record Q2 FY2026 Results", "publisher": "Adobe / SEC", "published_at": "2026-06-11", "retrieved_at": "2026-07-27", "url": "https://www.sec.gov/Archives/edgar/data/796343/000079634326000109/adbeex991q226.htm", "snapshot_sha256": null, "used_for": ["US creative-workflow monetisation proof", "AI-first ARR", "direct incumbent and bundling-risk mapping"], "limitations": "Adobe is a larger enterprise creative suite with different customer mix and economics; it is not a valuation comparable." }, { "id": "T04", "tier": "B-", "kind": "reported_market_catalyst", "title": "Meitu Rose 26% as Reported April App Revenue and Agent Narratives Drove AI-Application Rotation", "publisher": "Sina Finance", "published_at": "2026-06-01", "retrieved_at": "2026-07-27", "url": "https://finance.sina.com.cn/wm/2026-06-01/doc-inhzwyqm5155141.shtml", "snapshot_sha256": null, "used_for": ["June 1 AI-application basket rally and reported app-revenue catalyst"], "limitations": "Secondary report citing UBS and Goldman without the underlying reports; April app-revenue and ARPU claims are reported broker estimates, not company filings." }, { "id": "T05", "tier": "B", "kind": "market_wrap", "title": "Hong Kong Technology and AI-Application Selloff — 17 July 2026", "publisher": "JRJ", "published_at": "2026-07-17", "retrieved_at": "2026-07-27", "url": "https://stock.jrj.com.cn/2026/07/17161357834603.shtml", "snapshot_sha256": null, "used_for": ["July 17 broad HK technology/application risk-off breadth"], "limitations": "Secondary market wrap; price calculations use the separately frozen Tencent qfq series." }, { "id": "F15", "tier": "A-", "kind": "official_investor_archive", "title": "Meitu Financial Results and Business Updates", "publisher": "Meitu", "published_at": null, "retrieved_at": "2026-07-27", "url": "https://www.meitu.com/en/investor", "snapshot_sha256": null, "used_for": [ "historical 2017-2026 reporting cadence", "distinction between regular Q2/Q4 results and the 2026 Q1 voluntary update" ], "limitations": "Live company archive can change; exact announcement dates and wording should be verified against HKEX filings." }, { "id": "F16", "tier": "A-", "kind": "voluntary_business_and_financial_performance_update", "title": "Business and Financial Performance Update for the Six Months Ended June 30, 2026", "publisher": "Meitu / HKEX", "published_at": "2026-07-30", "retrieved_at": "2026-08-04", "url": "https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0730/2026073001140.pdf", "snapshot_sha256": "e9c590ec0e950cc14a279c84a4cccfc72b0a5c11e14f1ad8593ff4d54ec6c5d3", "used_for": [ "June 2026 MAU and paying-subscriber counts", "productivity and leisure payer growth", "AI productivity ARR and credits consumption", "H1 core revenue and business mix", "preliminary adjusted and IFRS profit growth", "management explanation of ARPU, international growth and operating leverage" ], "limitations": "Based on unaudited and unreviewed management accounts. Core revenue is rounded, adjusted profit excludes SBC and investment fair-value items, and gross margin, cash flow, balance sheet and exact statutory bridge remain undisclosed until the formal interim results." }, { "id": "AI01", "tier": "A-", "kind": "vendor_model_release", "title": "Introducing Claude Sonnet 5", "publisher": "Anthropic", "published_at": "2026-06-30", "retrieved_at": "2026-08-04", "url": "https://www.anthropic.com/news/claude-sonnet-5", "snapshot_sha256": null, "used_for": [ "evidence that Claude development remains active", "frontier-model capability and introductory price competition" ], "limitations": "Vendor-authored capability and benchmark claims do not establish independent market share or a durable lead." }, { "id": "AI02", "tier": "A-", "kind": "vendor_product_commercialization", "title": "Claude Code and New Admin Controls for Business Plans", "publisher": "Anthropic", "published_at": null, "retrieved_at": "2026-08-04", "url": "https://www.anthropic.com/news/claude-code-on-team-and-enterprise", "snapshot_sha256": null, "used_for": [ "foundation-model vendor moving into coding workflows and enterprise seats" ], "limitations": "Product availability does not establish adoption, retention, market share or profitability." }, { "id": "AI03", "tier": "A-", "kind": "vendor_model_release_and_pricing", "title": "Previewing GPT-5.6 Sol", "publisher": "OpenAI", "published_at": "2026-07-09", "retrieved_at": "2026-08-04", "url": "https://openai.com/index/previewing-gpt-5-6-sol/", "snapshot_sha256": null, "used_for": [ "frontier-model price and performance competition", "multi-tier model supply" ], "limitations": "Vendor-authored benchmark and price claims do not prove equivalent task quality or permanent prices." }, { "id": "AI04", "tier": "A-", "kind": "vendor_developer_product_announcement", "title": "Google I/O 2026 Developer Highlights", "publisher": "Google", "published_at": null, "retrieved_at": "2026-08-04", "url": "https://blog.google/innovation-and-ai/technology/developers-tools/google-io-2026-developer-highlights/", "snapshot_sha256": null, "used_for": [ "Gemini capability competition", "Antigravity and managed-agent application-layer integration" ], "limitations": "Vendor-authored product descriptions do not establish independent adoption or economic returns." }, { "id": "AI05", "tier": "A-", "kind": "vendor_open_source_product_announcement", "title": "Announcing Qwen Code", "publisher": "Qwen / Alibaba", "published_at": "2026-01-30", "retrieved_at": "2026-08-04", "url": "https://qwenlm.github.io/qwen-code-docs/en/blog/quickstart/thinks-like-a-programmer/", "snapshot_sha256": null, "used_for": [ "open-source and free-access Chinese model application competition", "protocol compatibility and developer distribution" ], "limitations": "Free quotas and product claims may change and do not establish long-term unit economics." }, { "id": "AI06", "tier": "A-", "kind": "vendor_release_log", "title": "Qwen Code Feature Updates", "publisher": "Qwen / Alibaba", "published_at": "2026-07-31", "retrieved_at": "2026-08-04", "url": "https://qwenlm.github.io/qwen-code-docs/en/blog/updates/", "snapshot_sha256": null, "used_for": [ "2026 weekly product-release cadence", "evidence for a conditional Chinese model and agent iteration flywheel" ], "limitations": "Release cadence is not model-quality CAGR and cannot prove that acceleration will persist for years." }, { "id": "T06", "tier": "A", "kind": "official_model_pricing", "title": "OpenAI API Pricing", "publisher": "OpenAI", "published_at": null, "retrieved_at": "2026-07-27", "url": "https://developers.openai.com/api/docs/pricing", "snapshot_sha256": null, "used_for": [ "GPT Image 2 and GPT Image 1.5 public image-token prices", "standard versus batch pricing" ], "limitations": "Public list prices are not Meitu contract prices; token usage, resolution, quality and task complexity vary." }, { "id": "T07", "tier": "A", "kind": "official_model_pricing", "title": "Gemini Developer API Pricing", "publisher": "Google", "published_at": null, "retrieved_at": "2026-07-27", "url": "https://ai.google.dev/gemini-api/docs/pricing", "snapshot_sha256": null, "used_for": [ "Gemini 3.1 Flash Lite Image public standard and batch prices" ], "limitations": "Different resolution and quality tiers are not directly comparable; prices can change." }, { "id": "T08", "tier": "A", "kind": "official_model_pricing", "title": "Alibaba Cloud Model Studio Pricing", "publisher": "Alibaba Cloud", "published_at": null, "retrieved_at": "2026-07-27", "url": "https://help.aliyun.com/zh/model-studio/model-pricing", "snapshot_sha256": null, "used_for": [ "Qwen Image generation and editing public price progression", "Z-Image Turbo public price" ], "limitations": "Promotional free access, free quotas and model tiers should not be treated as permanent unit cost." }, { "id": "T09", "tier": "A", "kind": "official_model_pricing", "title": "DeepSeek API Pricing", "publisher": "DeepSeek", "published_at": null, "retrieved_at": "2026-07-27", "url": "https://api-docs.deepseek.com/quick_start/pricing/", "snapshot_sha256": null, "used_for": [ "current DeepSeek text and reasoning API prices", "broad agent-workflow cost trend" ], "limitations": "Text and reasoning prices are not a direct proxy for image inference cost." }, { "id": "T10", "tier": "A", "kind": "official_model_release", "title": "DeepSeek-R1 Release", "publisher": "DeepSeek", "published_at": "2025-01-20", "retrieved_at": "2026-07-27", "url": "https://api-docs.deepseek.com/news/news250120/", "snapshot_sha256": null, "used_for": [ "historical R1 launch price benchmark" ], "limitations": "Historical launch price is a broad text/reasoning benchmark, not an image-model price series." }, { "id": "T11", "tier": "A", "kind": "official_open_model_repository", "title": "Qwen-Image", "publisher": "Qwen / Alibaba", "published_at": null, "retrieved_at": "2026-07-27", "url": "https://github.com/QwenLM/Qwen-Image", "snapshot_sha256": null, "used_for": [ "official weight availability", "Apache 2.0 repository license", "generation and editing capability" ], "limitations": "Repository evidence applies only to released artifacts; it does not prove every newer Qwen Image service model is open-weight or identically licensed." }, { "id": "T12", "tier": "A", "kind": "official_open_model_repository", "title": "FLUX.2", "publisher": "Black Forest Labs", "published_at": null, "retrieved_at": "2026-07-27", "url": "https://github.com/black-forest-labs/flux2", "snapshot_sha256": null, "used_for": [ "FLUX.2 klein 4B Apache 2.0 availability", "vendor-reported consumer-GPU and latency characteristics", "license segmentation across model variants" ], "limitations": "Performance claims are vendor-reported; some larger variants use non-commercial licences, and self-hosting still incurs compute and engineering cost." }, { "id": "R10", "tier": "A", "kind": "official_short_position_series", "title": "Aggregated Reportable Short Positions of Specified Shares", "publisher": "Hong Kong Securities and Futures Commission", "published_at": "2026-07-17", "retrieved_at": "2026-07-27", "url": "https://www.sfc.hk/en/Regulatory-functions/Market/Short-position-reporting/Aggregated-reportable-short-positions-of-specified-shares", "latest_csv_url": "https://www.sfc.hk/-/media/EN/pdf/spr/2026/07/17/Short_Position_Reporting_Aggregated_Data_20260717.csv?rev=76131f683e7240c3ade786261a04ff24", "snapshot_sha256": "22e97934c1fa5fb99b869f691b9df9c76c632c23c567ed4b3668fb9fb56942a1", "used_for": [ "2026 weekly Meitu reportable net short-position series", "short-position trend relative to non-treasury issued shares" ], "limitations": "SFC data include only positions meeting the reporting threshold, are published with a lag, and may include hedges. They are not total short interest, borrow utilisation or a statement of investor motive. Exact weekly CSV URLs are retained in price-short-positioning.csv." }, { "id": "R11", "tier": "B", "kind": "daily_short_selling_turnover", "title": "Meitu Daily Short-selling Activity", "publisher": "ET Net", "published_at": "2026-07-27", "retrieved_at": "2026-07-27", "url": "https://www.etnet.com.hk/www/tc/stocks/realtime/quote_shortsell.php?code=01357", "snapshot_sha256": "edd09f8c2cb6474f508abf0e7ac8860973791c8e0ecb8e8387e124ec994b7f6a", "used_for": [ "daily short-selling turnover ratios sourced by ET Net from HKEX market information", "June versus July short-selling turnover intensity", "27 July incomplete half-day short-selling observation and intraday quote" ], "limitations": "Secondary presentation of HKEX-sourced market data. Short-selling turnover is gross trading activity, not the weekly change in reportable net short positions. The 27 July 30.503% observation was marked as half-day data and must not be compared directly with completed sessions." }, { "id": "R12", "tier": "A", "kind": "official_short_position_snapshot", "title": "Reportable Short Position Aggregated Data — 24 July 2026", "publisher": "Hong Kong Securities and Futures Commission", "published_at": "2026-07-24", "retrieved_at": "2026-08-04", "url": "https://www.sfc.hk/-/media/EN/pdf/spr/2026/07/24/Short_Position_Reporting_Aggregated_Data_20260724.csv", "snapshot_sha256": "92109739c714d3e69497b1eaf5b8190d260cfef6c6e7b8f6713134fe3f1b045b", "used_for": [ "latest available Meitu reportable net short position of 347,837,738 shares", "7.69% proxy versus 26 June non-treasury issued shares" ], "limitations": "Thresholded and lagged reportable net short positions may include hedges. They are not total short interest, free-float short interest, borrow utilisation or investor motive." }, { "id": "PEER_ADBE_FY2025", "tier": "A", "kind": "sec_10k", "title": "Adobe FY2025 Form 10-K", "publisher": "SEC / Adobe", "published_at": null, "retrieved_at": "2026-07-27", "url": "https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbe-20251128.htm", "snapshot_sha256": "05096f93de2ef568d1c47955dd58800d7d24a3c771514c6d49402c43bcbf6158", "locator": "Part II, Item 8, Consolidated Statements of Income, diluted EPS row", "used_for": ["peer_eligibility", "fy2025_gaap_eps", "revenue_growth"], "limitations": "Adobe is a limited mature creative-software anchor, not a direct match for Meitu's consumer/productivity app mix." }, { "id": "PEER_FIG_FY2025", "tier": "A", "kind": "sec_10k", "title": "Figma FY2025 Form 10-K", "publisher": "SEC / Figma", "published_at": null, "retrieved_at": "2026-07-27", "url": "https://www.sec.gov/Archives/edgar/data/1579878/000162828026009228/fig-20251231.htm", "snapshot_sha256": "6b98194140ed0aa4919bc9903ebd0f836fddf68b5e18a576ad28a20c7373140c", "locator": "Part II, Item 8 EPS table and non-GAAP reconciliation", "used_for": ["peer_exclusion", "fy2025_gaap_and_non_gaap_eps", "revenue_growth"], "limitations": "GAAP loss and IPO-related share-based compensation make Figma ineligible for a positive-PE median." }, { "id": "PEER_CN_APPS_20260726", "tier": "B", "kind": "frozen_secondary_quote_snapshot", "title": "Eastmoney A-share valuation-field snapshots for 300624 and 688111", "publisher": "Eastmoney", "published_at": "2026-07-26", "retrieved_at": "2026-07-27", "url": "https://quote.eastmoney.com/center/gridlist.html", "snapshot_sha256": null, "component_sha256": { "300624.SZ": "b03500da176d1fe361cb231fc63f9bebc2953269b4645a86ab19e81c964946f9", "688111.SH": "54cf481ba0e542217d7594b0aedb80261c76717c8abfa649f5c03828f01aae75" }, "locator": "Eastmoney quote snapshot fields f9 (provider dynamic PE) and f23 (P/B), source pages 0023 and 0051", "used_for": ["peer_exclusion", "provider_dynamic_pe", "provider_pb"], "limitations": "Provider dynamic PE does not disclose the EPS period and cannot be relabeled reported TTM. Negative earnings are N/M." }, { "id": "HKEX_DI_CAI", "tier": "A", "kind": "official_disclosure_of_interests", "title": "Disclosure of Interests filing for Cai Wensheng in Meitu, Inc.", "publisher": "HKEX Disclosure of Interests", "published_at": "2025-09-18", "retrieved_at": "2026-07-28", "url": "https://di.hkex.com.hk/di/NSForm1.aspx?cid=0&cn=1&corpn=Meitu%2C+Inc.&ed=23%2F01%2F2026&fn=IS20250918E00245&lang=EN&sa2=cs&sced=23%2F01%2F2026&scsd=23%2F01%2F2025&sd=23%2F01%2F2025&sid=146166&src=Main&srchCorpName=Meitu%2C+Inc.", "snapshot_sha256": null, "locator": "HKEX DI filing IS20250918E00245; event date 2025-09-15", "used_for": ["observable_tradable_float_proxy", "beneficial_ownership"], "limitations": "Latest filing located in this research pass; later changes below disclosure thresholds may not appear." }, { "id": "AWARD_20260701", "tier": "A", "kind": "official_share_award_announcement", "title": "Grant of Share Awards Pursuant to Share Award Scheme", "publisher": "Meitu / HKEX", "published_at": "2026-07-01", "retrieved_at": "2026-07-28", "url": "https://www.hkexnews.hk/listedco/listconews/sehk/2026/0701/2026070100103.pdf", "snapshot_sha256": null, "locator": "Grant quantity, vesting schedule and settlement-source decision", "used_for": ["share_supply_calendar", "share_award_overhang"], "limitations": "Grant is not registration, listing or disposal; overlap with trust or treasury holdings must be reconciled before aggregation." }, { "id": "F17", "tier": "A", "kind": "official_monthly_return", "title": "Monthly Return of Equity Issuer for July 2026", "publisher": "Meitu / HKEX", "published_at": "2026-08-05", "retrieved_at": "2026-08-07", "url": "https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0805/2026080501298.pdf", "snapshot_sha256": "81437b32837f382e5f7e8a51e9cdbe8704034a2da587cb7ce04b91053e428487", "locator": "Issued shares and treasury shares at 31 July 2026", "used_for": ["checking for disclosed share-count changes during the Figma read-through window"], "limitations": "A monthly return is not an operating update and cannot prove that no undisclosed information exists." }, { "id": "PEER_FIG_Q1_2026", "tier": "A", "kind": "sec_8k_earnings_release", "title": "Figma First Quarter 2026 Financial Results", "publisher": "SEC / Figma", "published_at": "2026-05-14", "retrieved_at": "2026-08-07", "url": "https://www.sec.gov/Archives/edgar/data/1579878/000162828026035087/q126pressrelease.htm", "snapshot_sha256": "bc0995bdb3ee9e4150751dc1727ad48d89e17e41cd2fd5a77dddebc47013cdc7", "locator": "Q2 and FY2026 outlook in the Q1 press release", "used_for": ["freezing Figma Q2 company-guidance baseline before comparing the Q2 actual"], "limitations": "Company guidance is not a sell-side consensus estimate." }, { "id": "PEER_FIG_Q2_2026", "tier": "A", "kind": "sec_8k_earnings_release", "title": "Figma Second Quarter 2026 Financial Results", "publisher": "SEC / Figma", "published_at": "2026-08-05", "retrieved_at": "2026-08-07", "url": "https://www.sec.gov/Archives/edgar/data/1579878/000162828026053331/q226pressrelease.htm", "snapshot_sha256": "ac4e894ec66ad06ab3c4918f1547f280239a61de97078da3338ee4a372b5b275", "locator": "Second Quarter 2026 Financial Highlights, Recent Business & Product Highlights, Outlook and GAAP/non-GAAP reconciliations", "used_for": ["Figma revenue, NDR, AI-credit adoption, guidance, gross margin, free-cash-flow margin and SBC read-through"], "limitations": "Figma is a thematic creative-workflow peer, not an economic equivalent to Meitu. The release does not isolate AI inference cost as the sole cause of gross-margin movement." }, { "id": "P06", "tier": "B-", "kind": "market_data", "title": "Meitu and HSTECH daily/intraday snapshots through 7 August 2026 11:46 HKT", "publisher": "Tencent", "published_at": "2026-08-07", "retrieved_at": "2026-08-07", "url": "https://web.ifzq.gtimg.cn/appstock/app/fqkline/get?param=hk01357,day,2026-07-24,2026-08-08,30,qfq", "benchmark_url": "https://web.ifzq.gtimg.cn/appstock/app/fqkline/get?param=hkHSTECH,day,2026-07-24,2026-08-08,30,qfq", "snapshot_sha256": { "01357.HK": "89f4ce9d4adca0a4ade7960648744e1e809a586334d27c42f0403741bb79a0ab", "HSTECH": "bf6be37a69b40c2ffd7b472db709909c04ed9d1451effe176d7420073da45232" }, "used_for": ["6 August completed Meitu/HSTECH returns", "7 August 11:46 Meitu/HSTECH intraday read-through"], "limitations": "Vendor data are not exchange-certified. The 7 August session was incomplete at retrieval and is not used as a completed close or T+1/T+5 result." }, { "id": "P08", "tier": "B-", "kind": "market_data", "title": "Meitu and HSTECH completed daily closing snapshots through 7 August 2026", "publisher": "Tencent", "published_at": "2026-08-07", "retrieved_at": "2026-08-08", "url": "https://web.ifzq.gtimg.cn/appstock/app/fqkline/get?param=hk01357,day,2026-07-24,2026-08-08,30,qfq", "benchmark_url": "https://web.ifzq.gtimg.cn/appstock/app/fqkline/get?param=hkHSTECH,day,2026-07-24,2026-08-08,30,qfq", "snapshot_sha256": { "01357.HK": "b662db4b5dfd29d38ca8fe7c20cdbc2660fa41d147e686e7a62e14c586a2da64", "HSTECH": "df762e0bd7832f045fa039094c64959f8c67bf0c2d7fcad5fdcc0512a1450e67" }, "used_for": [ "7 August completed Meitu close and market-cap anchor", "completed H1 preliminary-update T+5 window", "20/60/200-session moving averages and 52-week drawdown" ], "limitations": "Vendor data are not exchange-certified; 7 August is the latest completed session available in this snapshot and no weekend price is used." }, { "id": "P07", "tier": "B-", "kind": "market_data_aggregator", "title": "6 August 2026 completed US software and benchmark closes", "publisher": "Public market-data aggregation", "published_at": "2026-08-06", "retrieved_at": "2026-08-07", "url": "https://finance.yahoo.com/quote/FIG/history/", "component_urls": { "FIG": "https://finance.yahoo.com/quote/FIG/history/", "APP": "https://finance.yahoo.com/quote/APP/history/", "DDOG": "https://finance.yahoo.com/quote/DDOG/history/", "HUBS": "https://finance.yahoo.com/quote/HUBS/history/", "IGV": "https://finance.yahoo.com/quote/IGV/history/", "QQQ": "https://finance.yahoo.com/quote/QQQ/history/" }, "snapshot_sha256": null, "used_for": ["Figma good-news-sold classification", "software earnings-cluster price breadth versus IGV and QQQ"], "limitations": "Secondary market data, not exchange-certified. Different companies reported different financial outcomes; the same-session returns are a breadth signal, not one common surprise." }, { "id": "P09", "tier": "B-", "kind": "daily_short_selling_turnover", "title": "Meitu daily short-selling turnover through 7 August 2026", "publisher": "ET Net", "published_at": "2026-08-07", "retrieved_at": "2026-08-08", "url": "https://www.etnet.com.hk/www/tc/stocks/realtime/quote_shortsell.php?code=01357", "snapshot_sha256": "e9a64089f5d7b5724e003b7dd4ac65bbcd0c73305b2e0e5eb892110e9a7a8062", "used_for": [ "7 August daily short-selling volume and turnover ratio", "comparison with 3 to 6 August daily short-selling ratios" ], "limitations": "Daily short-selling turnover is a flow measure, not the SFC reportable net short position, total short interest, holder identity, borrow utilisation or directional conviction." }, { "id": "P10", "tier": "B-", "kind": "market_data_aggregator", "title": "7 August 2026 completed US software and benchmark closes", "publisher": "Public market-data aggregation", "published_at": "2026-08-07", "retrieved_at": "2026-08-08", "url": "https://finance.yahoo.com/quote/FIG/history/", "component_urls": { "FIG": "https://finance.yahoo.com/quote/FIG/history/", "APP": "https://finance.yahoo.com/quote/APP/history/", "DDOG": "https://finance.yahoo.com/quote/DDOG/history/", "HUBS": "https://finance.yahoo.com/quote/HUBS/history/", "MNDY": "https://finance.yahoo.com/quote/MNDY/history/", "IGV": "https://finance.yahoo.com/quote/IGV/history/", "QQQ": "https://finance.yahoo.com/quote/QQQ/history/" }, "snapshot_sha256": null, "used_for": [ "second-session software earnings-cluster follow-through", "separating broad software rebound from persistent Figma-specific weakness" ], "limitations": "Secondary market data, not exchange-certified. Price divergence supports an attribution boundary but does not by itself prove which accounting or operating factor caused each stock move." }, { "id": "CAL_AI_APPS_20260807", "tier": "A/B", "kind": "earnings_calendar_bundle", "title": "Confirmed and secondary AI-application earnings calendar after 7 August 2026", "publisher": "monday.com / Tencent Music / Tencent / Meitu / Adobe / Nasdaq", "published_at": null, "retrieved_at": "2026-08-07", "url": "https://ir.monday.com/news-and-events/news-releases/news-details/2026/monday-com-to-Announce-Second-Quarter-2026-Financial-Results-on-Monday-August-10-2026/default.aspx", "component_urls": { "monday.com": "https://ir.monday.com/news-and-events/news-releases/news-details/2026/monday-com-to-Announce-Second-Quarter-2026-Financial-Results-on-Monday-August-10-2026/default.aspx", "Tencent Music": "https://ir.tencentmusic.com/2026-07-14-Tencent-Music-Entertainment-Group-to-Report-Second-Quarter-2026-Financial-Results-on-August-11,-2026", "Tencent": "https://www.tencent.com.cn/en-us/investors/", "Meitu": "https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0715/2026071500702.pdf", "Adobe": "https://www.adobe.com/investor-relations.html", "Nasdaq secondary calendar": "https://www.nasdaq.com/market-activity/earnings" }, "snapshot_sha256": null, "used_for": [ "future AI-application earnings timeline and Beijing-time conversion", "AI-application catalyst radar and confirmation windows" ], "limitations": "Company IR/HKEX dates are confirmed. The 25 August to 3 September SaaS cluster remains reported_secondary until each company IR date is checked." }, { "id": "HIST_PRICE_FULL", "tier": "B-", "kind": "full_listing_price_history", "title": "Meitu qfq daily history from listing through 7 August 2026", "publisher": "Tencent market-data API", "published_at": "2026-08-07", "retrieved_at": "2026-08-08", "url": "https://web.ifzq.gtimg.cn/appstock/app/fqkline/get?param=hk01357,day,2016-12-15,2020-12-31,1000,qfq", "component_urls": { "2016_to_2020": "https://web.ifzq.gtimg.cn/appstock/app/fqkline/get?param=hk01357,day,2016-12-15,2020-12-31,1000,qfq", "2020_to_2023": "https://web.ifzq.gtimg.cn/appstock/app/fqkline/get?param=hk01357,day,2020-01-01,2023-12-31,1000,qfq", "2023_to_2026": "https://web.ifzq.gtimg.cn/appstock/app/fqkline/get?param=hk01357,day,2023-01-01,2026-08-08,1000,qfq" }, "snapshot_sha256": "4675d55282814b033008e61323cb5b0398c352afddeb675638f91856a98233fc", "used_for": ["all historical rally windows", "one-day return scan", "post-peak 20-session return and drawdown"], "limitations": "Secondary vendor data, not exchange-certified. Local troughs and peaks are identified ex post and are not executable signals." }, { "id": "HIST_HSI_FULL", "tier": "B-", "kind": "benchmark_price_history", "title": "Hang Seng Index qfq daily history through 7 August 2026", "publisher": "Tencent market-data API", "published_at": "2026-08-07", "retrieved_at": "2026-08-08", "url": "https://web.ifzq.gtimg.cn/appstock/app/fqkline/get?param=hkHSI,day,2016-12-15,2020-12-31,1000,qfq", "component_urls": { "2016_to_2020": "https://web.ifzq.gtimg.cn/appstock/app/fqkline/get?param=hkHSI,day,2016-12-15,2020-12-31,1000,qfq", "2020_to_2023": "https://web.ifzq.gtimg.cn/appstock/app/fqkline/get?param=hkHSI,day,2020-01-01,2023-12-31,1000,qfq", "2023_to_2026": "https://web.ifzq.gtimg.cn/appstock/app/fqkline/get?param=hkHSI,day,2023-01-01,2026-08-08,1000,qfq" }, "snapshot_sha256": "7521461bf9ea76993f67a1a1b3a53448067c181d5fbbaf24c7354ca5a429d17d", "used_for": ["same-window benchmark return", "Meitu excess-return calculation across the full listing history"], "limitations": "Secondary vendor data, not exchange-certified; HSI is used for full-history consistency and is not a perfect sector benchmark." }, { "id": "HIST_2017_CONNECT", "tier": "B", "kind": "contemporaneous_market_report", "title": "Meitu volatility and Southbound participation after Stock Connect inclusion", "publisher": "People's Daily Online / Securities Times", "published_at": "2017-03-22", "retrieved_at": "2026-08-08", "url": "https://money.people.com.cn/stock/n1/2017/0322/c67815-29160748.html", "snapshot_sha256": null, "used_for": ["2017 Stock Connect catalyst", "HK$23.05 intraday peak", "Southbound turnover participation"], "limitations": "Contemporaneous reporting supports flow attribution but cannot identify every buyer or prove one-cause price formation." }, { "id": "HIST_2017_H1", "tier": "B", "kind": "contemporaneous_results_report", "title": "Meitu H1 2017 revenue growth and loss profile", "publisher": "Jiemian", "published_at": "2017-08-25", "retrieved_at": "2026-08-08", "url": "https://m.jiemian.com/article/1575897.html", "snapshot_sha256": null, "used_for": ["2017 H1 revenue growth", "continuing loss and revenue-mix boundary"], "limitations": "Secondary report; the rally began before the results and therefore the full wave is classified as mixed rather than results-only." }, { "id": "HIST_2017_HOLDER", "tier": "B", "kind": "contemporaneous_ownership_report", "title": "Strategic holder purchases and subsequent founder purchase in Meitu", "publisher": "Yicai", "published_at": "2017-11-01", "retrieved_at": "2026-08-08", "url": "https://www.yicai.com/news/5386737.html", "snapshot_sha256": null, "used_for": ["July and August 2017 strategic-holder purchases", "positioning context for the 2017 rebound"], "limitations": "Reported ownership changes are positioning signals, not proof that purchases caused the whole rally." }, { "id": "HIST_2018_SOCIAL", "tier": "A", "kind": "interim_results_announcement", "title": "Meitu 2018 interim results and Beauty plus Social strategy", "publisher": "Meitu / HKEX", "published_at": "2018-08-21", "retrieved_at": "2026-08-08", "url": "https://www.hkexnews.hk/listedco/listconews/sehk/2018/0821/ltn20180821322_c.pdf", "snapshot_sha256": null, "used_for": ["September 2018 social-platform launch plan", "weak H1 financial and MAU counter-evidence"], "limitations": "Official strategy and operating facts do not prove that the market assigned the same weight to each item." }, { "id": "HIST_2019_MA", "tier": "A", "kind": "acquisition_announcement", "title": "Acquisition of 31% of Dreamscape Horizon", "publisher": "Meitu / HKEX", "published_at": "2019-02-20", "retrieved_at": "2026-08-08", "url": "https://www1.hkexnews.hk/listedco/listconews/sehk/2019/0220/ltn20190220020_c.pdf", "snapshot_sha256": null, "used_for": ["2019 gaming acquisition catalyst", "Digital Extremes exposure", "share-issuance dilution boundary"], "limitations": "The agreement is a hard catalyst, but the full December-to-March wave also reflected strategic-reset expectations." }, { "id": "HIST_2019_MAGIC", "tier": "B", "kind": "contemporaneous_product_report", "title": "Magic Photo overseas virality and Meitu share-price reaction", "publisher": "HK01", "published_at": "2019-07-23", "retrieved_at": "2026-08-08", "url": "https://www.hk01.com/%E8%B2%A1%E7%B6%93%E5%BF%AB%E8%A8%8A/355121/%E7%BE%8E%E5%9C%96%E7%A7%80%E7%A7%80%E6%96%B0%E5%8A%9F%E8%83%BD-%E9%AD%94%E6%B3%95%E7%85%A7%E7%89%87-%E5%8F%97%E6%8D%A7-%E7%BE%8E%E5%9C%96%E5%85%AC%E5%8F%B8%E7%8F%BE%E5%8D%87%E8%BF%9113", "snapshot_sha256": null, "used_for": ["July 2019 product-virality catalyst", "reported India DAU growth"], "limitations": "Reported app-growth figures are not audited and do not establish retention or monetisation." }, { "id": "HIST_2020_CRYPTO_PROXY", "tier": "B", "kind": "contemporaneous_market_daily", "title": "7 February 2020 Hong Kong market daily — Bitcoin and blockchain concept rotation", "publisher": "Bank of China", "published_at": "2020-02-10", "retrieved_at": "2026-08-08", "url": "https://pic.bankofchina.com/bocappd/rareport/202002/P020200210430657590269.pdf", "snapshot_sha256": null, "used_for": ["February 2020 Bitcoin price context", "Meitu and blockchain-concept same-day moves"], "limitations": "Daily market commentary supports sector co-movement; Meitu had not disclosed a crypto purchase at that time." }, { "id": "HIST_2021_CRYPTO_PROXY", "tier": "B", "kind": "contemporaneous_market_daily", "title": "17 February 2021 Hong Kong market daily — Bitcoin above US$51,000", "publisher": "Bank of China", "published_at": "2021-02-18", "retrieved_at": "2026-08-08", "url": "https://pic.bankofchina.com/bocappd/rareport/202102/P020210218370527956765.pdf", "snapshot_sha256": null, "used_for": ["February 2021 crypto-sector breadth", "Meitu same-day price move"], "limitations": "Sector co-movement does not prove investor identity; the company's actual crypto purchase was announced later." }, { "id": "HIST_2021_CRYPTO_PURCHASE", "tier": "A", "kind": "crypto_purchase_announcement", "title": "Further Bitcoin purchase and cumulative US$100 million cryptocurrency investment", "publisher": "Meitu / HKEX", "published_at": "2021-04-08", "retrieved_at": "2026-08-08", "url": "https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0408/2021040802162_c.pdf", "snapshot_sha256": null, "used_for": ["actual cryptocurrency-purchase chronology", "separating the February proxy rally from March-April company actions"], "limitations": "The announcement documents the investment, not its causal share of subsequent price changes." }, { "id": "HIST_2021_H2_SOURCE_GAP", "tier": "C", "kind": "source_gap_log", "title": "August 2021 rally attribution gap", "publisher": "Seed research note", "published_at": null, "retrieved_at": "2026-08-08", "url": "https://www1.hkexnews.hk/search/titlesearch.xhtml?category=0&lang=EN&market=SEHK&stockId=148851", "snapshot_sha256": null, "used_for": ["documenting the lack of a sufficient hard company catalyst for the full August-September 2021 rebound"], "limitations": "This is an explicit evidence gap, not an affirmative causal source." }, { "id": "HIST_2022_POLICY_REBOUND", "tier": "A-", "kind": "contemporaneous_market_report", "title": "Hong Kong rebound after Financial Stability and Development Committee meeting", "publisher": "Xinhua", "published_at": "2022-03-16", "retrieved_at": "2026-08-08", "url": "https://www.news.cn/fortune/2022-03/16/c_1128477016.htm", "snapshot_sha256": null, "used_for": ["March 2022 broad Hong Kong technology rebound", "policy and short-covering attribution"], "limitations": "Broad-market evidence does not establish Meitu-specific alpha." }, { "id": "HIST_2022_JUNE_SOURCE_GAP", "tier": "C", "kind": "source_gap_log", "title": "June 2022 Meitu price-spike attribution gap", "publisher": "Seed research note", "published_at": null, "retrieved_at": "2026-08-08", "url": "https://www1.hkexnews.hk/search/titlesearch.xhtml?category=0&lang=EN&market=SEHK&stockId=148851", "snapshot_sha256": null, "used_for": ["documenting that no sufficient contemporaneous hard catalyst was established for the 16 June 2022 spike"], "limitations": "This is an explicit evidence gap, not an affirmative causal source." }, { "id": "HIST_2022_AIGC", "tier": "B", "kind": "contemporaneous_product_market_report", "title": "Meitu AI-painting product virality and 7 December 2022 share-price reaction", "publisher": "CLS", "published_at": "2022-12-07", "retrieved_at": "2026-08-08", "url": "https://www.cls.cn/detail/1205389", "snapshot_sha256": null, "used_for": ["AI-painting overseas virality", "December 2022 AIGC price catalyst"], "limitations": "Contemporaneous product heat and price reaction do not prove long-term retention or unit economics." }, { "id": "HIST_2023_MV_REACTION", "tier": "B", "kind": "contemporaneous_product_market_report", "title": "MiracleVision launch and 19 June 2023 share-price reaction", "publisher": "CLS", "published_at": "2023-06-19", "retrieved_at": "2026-08-08", "url": "https://m.cls.cn/detail/1382475", "snapshot_sha256": null, "used_for": ["MiracleVision event-day price reaction", "seven-product release context"], "limitations": "Secondary market report; the official product description is separately recorded as M05." }, { "id": "HIST_2023_H1_REACTION", "tier": "B", "kind": "contemporaneous_results_market_report", "title": "Meitu H1 2023 results, AIGC paid conversion and post-results share reaction", "publisher": "Yicai", "published_at": "2023-08-31", "retrieved_at": "2026-08-08", "url": "https://www.yicai.com/news/101850354.html", "snapshot_sha256": null, "used_for": ["management explanation of AIGC paid conversion", "post-results price context"], "limitations": "Management attribution is a company claim; official financial figures are separately recorded as F13." }, { "id": "HIST_2024_RESULTS", "tier": "A", "kind": "annual_results_announcement", "title": "Meitu 2023 annual results announcement", "publisher": "Meitu / HKEX", "published_at": "2024-03-15", "retrieved_at": "2026-08-08", "url": "https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0315/2024031501100_c.pdf", "snapshot_sha256": null, "used_for": ["FY2023 revenue and adjusted-profit growth", "subscriber growth and AIGC commercialisation"], "limitations": "Official results support the earnings catalyst; they do not by themselves prove the whole February-March price wave was results-driven." }, { "id": "HIST_2024_STIMULUS", "tier": "A-", "kind": "contemporaneous_policy_market_report", "title": "September 2024 financial-support package and Hong Kong market reaction", "publisher": "Xinhua", "published_at": "2024-09-27", "retrieved_at": "2026-08-08", "url": "https://www.news.cn/20240927/c2676c277f2943a4a8d3e3c4965c36f4/c.html", "snapshot_sha256": null, "used_for": ["September 2024 reserve-ratio, rate and capital-market support package", "broad Hong Kong market rerating"], "limitations": "Policy and index evidence explain common beta, not every point of Meitu excess return." }, { "id": "HIST_2024_CRYPTO_EXIT", "tier": "A", "kind": "crypto_disposal_announcement", "title": "Disposal of all acquired cryptocurrencies and proposed special dividend", "publisher": "Meitu / HKEX", "published_at": "2024-12-04", "retrieved_at": "2026-08-08", "url": "https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1204/2024120402121_c.pdf", "snapshot_sha256": null, "used_for": ["full cryptocurrency exit", "approximately 80% disposal-gain special-dividend plan"], "limitations": "The October-December price wave began before the final disposal announcement and also reflected AI-application sentiment." }, { "id": "HIST_2025_PROFIT_ALERT", "tier": "B+", "kind": "contemporaneous_profit_alert_report", "title": "Meitu FY2024 positive profit alert and market reaction", "publisher": "Securities Times", "published_at": "2025-02-10", "retrieved_at": "2026-08-08", "url": "https://www.stcn.com/article/detail/1521970.html", "snapshot_sha256": null, "used_for": ["FY2024 adjusted-profit growth range", "AI-driven revenue and margin attribution", "post-alert price reaction"], "limitations": "Secondary reproduction of the company alert; reported DeepSeek integrations and broker views are not audited company segment data." }, { "id": "HIST_2025_DEEPSEEK_REACTION", "tier": "B", "kind": "contemporaneous_sector_report", "title": "DeepSeek concept stocks and Meitu February 2025 rally", "publisher": "CLS", "published_at": "2025-02-18", "retrieved_at": "2026-08-08", "url": "https://www.cls.cn/detail/1945907", "snapshot_sha256": null, "used_for": ["DeepSeek sector-breadth context", "Meitu year-to-date price reaction"], "limitations": "Sector reporting supports thematic attribution, not a precise decomposition of company and macro effects." }, { "id": "HIST_2025_ROBONEO", "tier": "B", "kind": "company_product_release", "title": "Meitu launches RoboNeo AI visual-design agent", "publisher": "Meitu", "published_at": "2025-07-14", "retrieved_at": "2026-08-08", "url": "https://www.meitu.com/en/media/419", "snapshot_sha256": null, "used_for": ["RoboNeo launch timing", "target customer and workflow scope"], "limitations": "Company product release; no launch-date revenue, retention or contribution-profit figures were disclosed." }, { "id": "HIST_2025_H1_ALERT", "tier": "A", "kind": "positive_profit_alert", "title": "Meitu H1 2025 positive profit alert", "publisher": "Meitu / HKEX", "published_at": "2025-07-21", "retrieved_at": "2026-08-08", "url": "https://www.hkexnews.hk/listedco/listconews/sehk/2025/0721/2025072100684.pdf", "snapshot_sha256": null, "used_for": ["H1 2025 adjusted-profit growth of 65% to 72%", "paying-subscriber, gross-margin and operating-leverage drivers"], "limitations": "Preliminary unaudited management accounts at announcement date; the wave also contained Alibaba and product catalysts." }, { "id": "HIST_2026_AI_LISTINGS", "tier": "B", "kind": "contemporaneous_sector_report", "title": "Hong Kong AI-company and application-sector rally after major AI listings", "publisher": "Securities Times", "published_at": "2026-01-14", "retrieved_at": "2026-08-08", "url": "https://www.stcn.com/article/detail/3586433.html", "snapshot_sha256": null, "used_for": ["January 2026 AI sector breadth", "Zhipu and MiniMax listing-led risk appetite"], "limitations": "Sector report supports thematic breadth; it is not a direct Meitu operating catalyst." }, { "id": "ROLL_HKEX_INDEX_20260826", "tier": "A", "kind": "official_filings_index", "title": "HKEX Listed Company Title Search: 01357", "publisher": "HKEX", "published_at": null, "retrieved_at": "2026-08-26T10:25:00+08:00", "url": "https://www1.hkexnews.hk/search/titlesearch.xhtml?category=0&lang=EN&market=SEHK&stockId=148851", "snapshot_sha256": "5dde2e881d8146d4f366da7f3eb69ce25363ffab41831ba1bda42c2f87e2b951", "used_for": ["filing discovery", "checking whether 2026H1 results were published at the research cutoff"], "limitations": "Mutable index snapshot. It establishes only what was visible at retrieval time; the underlying filing PDF controls once published." }, { "id": "ROLL_MNDY_Q2_2026", "tier": "A", "kind": "sec_6k_earnings_exhibit", "title": "monday.com Second Quarter 2026 Financial Results", "publisher": "SEC / monday.com", "published_at": "2026-08-10", "retrieved_at": "2026-08-26", "url": "https://www.sec.gov/Archives/edgar/data/1845338/000117891326003971/exhibit_99-1.htm", "snapshot_sha256": "5abce92d01d206a5fe9abcf8878c0d8bb1cfbc4e205fcd3e67ebb68094e6a7b2", "used_for": ["AI software peer revenue and margin read-through", "cash-conversion counterevidence"], "limitations": "Thematic peer with different customers, accounting and business model. AI ARR commentary is a company claim and does not establish Meitu results." }, { "id": "ROLL_TME_Q2_2026", "tier": "A-", "kind": "company_ir_earnings_release", "title": "Tencent Music Entertainment Group Second Quarter 2026 Unaudited Financial Results", "publisher": "Tencent Music Entertainment Group", "published_at": "2026-08-11", "retrieved_at": "2026-08-26", "url": "https://ir.tencentmusic.com/2026-08-11-Tencent-Music-Entertainment-Group-Announces-Second-Quarter-2026-Unaudited-Financial-Results", "snapshot_sha256": "09348cf866168927d9a56c1cdc428c5fc8fd6db9634e2c48021cb368090ab18", "used_for": ["digital-content subscription demand read-through", "gross-margin and capital-return context"], "limitations": "Unaudited thematic peer with acquisition and business-model differences; not a direct Meitu financial comparable." }, { "id": "ROLL_TENCENT_Q2_2026", "tier": "A-", "kind": "company_official_results_release", "title": "Tencent 2026 Second Quarter Results", "publisher": "Tencent Holdings Limited", "published_at": "2026-08-12", "retrieved_at": "2026-08-26", "url": "https://www.tencent.com/wp-content/uploads/2026/08/Tencent-Announces-2026-Second-Quarter-Results.pdf", "snapshot_sha256": "64d8d2038eeef993571b96bb3361b6f1a567d6e84157eb16af20d2fd9a095f0a", "used_for": ["AI demand and advertising/cloud read-through", "AI capital-intensity and cash-flow counterevidence"], "limitations": "Large diversified thematic peer. It does not disclose Meitu model costs, demand, margins or cash flow." }, { "id": "ROLL_HSI_REVIEW_20260821", "tier": "A-", "kind": "official_index_company_update", "title": "Hang Seng Indexes August 2026 Review", "publisher": "Hang Seng Indexes Company Limited", "published_at": "2026-08-21", "retrieved_at": "2026-08-26", "url": "https://origin-www.hsi.com.hk/", "snapshot_sha256": "005c106c1ae5ce6402323cebe776bf0a146657a685ff503d2734c112970cc3c4", "used_for": ["broad August index-review completion", "September 7 implementation window"], "limitations": "The reviewed broad headline did not establish a Meitu-specific addition, removal or Stock Connect effect; absence from a headline is not proof of no effect." }, { "id": "ROLL_MEITU_MARKET_20260825", "tier": "B-", "kind": "secondary_market_data_api", "title": "Meitu adjusted daily price series through 25 August 2026", "publisher": "Tencent Market Data", "published_at": "2026-08-25", "retrieved_at": "2026-08-26", "url": "https://web.ifzq.gtimg.cn/appstock/app/fqkline/get?param=hk01357,day,2026-08-08,2026-08-26,30,qfq", "snapshot_sha256": "85fe21d9fb4089c5c502dfc5d36aa86d233bef3fdb8ea71daa6a929b629cd154", "used_for": ["2026-08-25 completed-session OHLCV", "change from prior market anchors"], "limitations": "Secondary adjusted-price feed. The 2026-08-26 intraday observation is excluded; price does not establish company quality, causality or intrinsic value." }, { "id": "ROLL_NVIDIA_Q2_FY2027_SCHEDULE", "tier": "A-", "kind": "company_ir_event_notice", "title": "NVIDIA Sets Conference Call for Second-Quarter Fiscal 2027 Financial Results", "publisher": "NVIDIA Investor Relations", "published_at": "2026-07-29", "retrieved_at": "2026-08-26", "url": "https://investor.nvidia.com/news/press-release-details/2026/NVIDIA-Sets-Conference-Call-for-Second-Quarter-Financial-Results/default.aspx", "snapshot_sha256": null, "used_for": ["preserving the original Pacific-time release schedule", "limited upstream AI-compute cost and demand read-through"], "limitations": "The release is scheduled for approximately 13:20 PT and the call for 14:00 PT on 26 August 2026. NVIDIA is an upstream thematic reference, not a direct Meitu peer or a source of Meitu operating actuals." }, { "id": "ROLL_VOBILE_BOARD_20260813", "tier": "A", "kind": "exchange_announcement", "title": "Vobile Notice of Board Meeting for 2026 Interim Results", "publisher": "Vobile / HKEX", "published_at": "2026-08-13", "retrieved_at": "2026-08-26", "url": "https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0813/2026081301558.pdf", "snapshot_sha256": null, "used_for": ["comparison-company H1 result date"], "limitations": "The notice supplies a board date, not result content; Vobile is a comparison company rather than a direct source for Meitu." }, { "id": "ROLL_HKEX_MONTHLY_RETURN_RULE_1325B", "tier": "A", "kind": "exchange_rule", "title": "Main Board Listing Rule 13.25B — Monthly Returns", "publisher": "HKEX Rulebook", "published_at": null, "retrieved_at": "2026-08-26", "url": "https://en-rules.hkex.com.hk/rulebook/1325b", "snapshot_sha256": null, "used_for": ["monthly-return outer windows after August, September and October 2026"], "limitations": "The rule sets the fifth-Hong-Kong-business-day deadline. It does not establish the issuer's exact filing date or clock time." }, { "id": "ROLL_HKEX_PERIODIC_REPORTING_RULES", "tier": "A", "kind": "exchange_rule_summary", "title": "HKEX Equity Securities — Periodic Financial Disclosure Deadlines", "publisher": "HKEX", "published_at": null, "retrieved_at": "2026-08-26", "url": "https://www.hkex.com.hk/Listing/Explore-By-Role/Listed-Issuers/Equity-Securities?sc_lang=en", "snapshot_sha256": null, "used_for": ["2026 interim-report outer window", "FY2026 preliminary annual-results outer window", "FY2026 annual-report outer window"], "limitations": "These are regulatory outer deadlines, not company-confirmed publication dates." } ] }