机构：长江证券 研究员：宗建树/高超 互联网到AI，美图完成新时代的轻盈转型 美图之所以能够在竞争激烈的美颜赛道中持续独占鳌头，主要是因为公司构建的中台体系和美图运营多 年所积累的强渠道属性。公司在上市前核心产品美图秀秀就一直维持着亮眼的成绩，在垂类产品中构建 了强大的品牌声量，获得了大量的用户认可。多年来，随着众多用户高频使用美图秀秀这一产品，美图 得以成功积累数量庞大的用户群体，并因此积累了强大的用户的审美认知。对于美图公司来说，美图秀 秀不仅仅是一款成功的产品，更是公司对市场变化和用户喜好最精准、前沿的探测器。正因为美图拥有 如此前瞻的"探测器"，其在打造新产品和应对市场新出现的竞争时就有天然的优势和先机：从应对竞争 角度，美图得以快速吸纳市场上最潮流的创意；从打造新品的角度，Wink 的创意即来自美图秀秀的视 频美容模块，而美图设计室又来源于美图秀秀电商用户的海报设计和抠图需求。 全球化、生产力工具拓展和AI 的全面赋能，美图正式开启进击三角 未来美图的增长可以分为三条核心主线：全球化进展、生产力工具的拓展和AI 的持续投入。 1）全球化方面，美图的产品在海外具备强劲的核心竞争力，核心产品均有对应的海 ...

格隆汇7月31日丨根据联交所最新权益披露资料显示，2025年7月24日，美图公司(01357.HK)获Morgan Stanley在场内以每股均价10.9941港元增持好仓156.65 万股，涉资约1722.24万港元。 | 麦格序號 | 大股東/董事/最高行政人員名稱作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | | --- | --- | --- | --- | --- | --- | --- | | | 股份數目 | 原因 | | | ( 語参関 菰 * 註 | 有投票權股 (日 / 月 / 年) | | | | | | | | 份百分比 | | | | | | | | ( % | | CS20250729E00403 | Morgan Stanley | 1001(L) | 1.566,515(L | HKD 10.9941 | 228,852,022(L) | 5.01(L)24/07/2025 | | | | | | | 78.454.826(S) | 1.71(S) | | | | | | | (P) | 0.00(P) ...

7月30日，美图公司(01357)盘中下跌2.02%，截至13:53，报10.66元/股，成交8.22亿元。 本文源自：金融界 作者：行情君 截至2024年年报，美图公司营业总收入33.41亿元、净利润8.05亿元。 8月18日，美图公司将披露2025财年中报。 美图公司是一家以人工智能驱动的科技公司，专注于影像与设计类产品的开发及美业数字化解决方案。 截止2024年6月，公司月活跃用户数达2.58亿，其中中国内地以外用户为8473万。 ...

格隆汇7月30日｜QuestMobile发布2025半年度中国移动互联网实力价值榜，美图公司旗下美图秀秀蝉联 中国图片美化用户规模第一名，美颜相机蝉联中国拍照摄影赛道用户规模第一名。自2016年 QuestMobile发布相关榜单以来，美图秀秀和美颜相机已经连续19个半年周期取得所在赛道用户规模第 一名。 ...

7月30日，美图公司(01357)盘中上涨2.02%，截至10:50，报11.1元/股，成交4.67亿元。 本文源自：金融界 截至2024年年报，美图公司营业总收入33.41亿元、净利润8.05亿元。 8月18日，美图公司将披露2025财年中报。 美图公司是一家以人工智能驱动的科技公司，专注于影像与设计类产品的开发及美业数字化解决方案。 截止2024年6月，公司月活跃用户数达2.58亿，其中中国内地以外用户为8473万。 作者：行情君 ...

Investment Rating - The report assigns a "Buy" rating for Meitu Company (1357.HK) [13] Core Insights - Meitu Company has successfully transformed from a traffic-based business model to a subscription-based model, leveraging its strong aesthetic know-how and technological foundation [3][9] - The company has experienced three technological transformations: from PC internet to mobile internet, and now to the AI era, which has enhanced its product capabilities and user engagement [9][20] - Meitu's growth strategy focuses on three main lines: globalization, expansion of productivity tools, and continuous investment in AI [11][20] Summary by Sections Company Overview - Founded in 2008, Meitu has evolved through significant technological changes, initially launching the PC version of Meitu Xiuxiu, which simplified photo editing for users [20] - The company shifted its focus back to software tools and began transitioning from a traffic monetization model to a subscription model starting in 2018 [9][20] Competitive Advantages - Meitu's strong channel capabilities and accumulated user aesthetic recognition have allowed it to maintain a leading position in the competitive beauty app market [10][57] - The company has built a robust product matrix that includes both lifestyle and productivity tools, with flagship products like Meitu Xiuxiu and BeautyCam leading their respective categories [27][93] AI Integration - All of Meitu's products have integrated AI capabilities, which have driven new growth in key metrics such as monthly active users (MAU) and payment rates [9][11] - The launch of the MiracleVision AI model in 2023 has provided a foundation for enhancing the AI capabilities across Meitu's product ecosystem [66] Market Position - Meitu holds a dominant market share of approximately 55.96% in the photo editing software sector, significantly ahead of its closest competitor [67] - The company has successfully expanded its user base internationally, particularly in Southeast Asia, where its products have gained substantial traction [93][104] Financial Performance - The subscription revenue has become a major pillar of Meitu's total income, with the subscription rate doubling from the initial phase of the transition [33][39] - The gross margin has improved significantly, rising from 15% to 69% by the end of 2024, reflecting the successful shift away from low-margin hardware businesses [39][41]

Investment Rating - The report assigns a rating of "Buy" for the company [1]. Core Insights - The company is experiencing high growth in its imaging product business, driven by AI capabilities and a successful global expansion strategy [2][10]. - The projected revenue for 2024 is 3.34 billion RMB, representing a year-on-year increase of 23.9%, with a gross margin of 68.7% [10]. - The company has a total MAU of 266 million as of December 2024, with a significant increase in paid subscription users [10]. Financial Summary - Total revenue is expected to grow from 2.696 billion RMB in 2023 to 6.013 billion RMB by 2027, with a compound annual growth rate (CAGR) of approximately 19% [4]. - Net profit is projected to increase from 378 million RMB in 2023 to 1.302 billion RMB in 2027, reflecting a substantial growth trajectory [4]. - The company’s PE ratio is expected to decrease from 40.00 in 2023 to 37.23 in 2027, indicating a potential increase in valuation [4]. Business Segment Projections - The imaging and design products segment is anticipated to generate revenue of 2.088 billion RMB in 2024, with a year-on-year growth of 57.1% [14]. - The beauty solutions segment is expected to decline, with revenues projected to decrease by 32.4% in 2024 [14]. - Advertising revenue is forecasted to grow steadily at 10% annually from 2024 to 2027 [14]. User Growth and Engagement - The company aims to increase its global paid user base to 15.76 million by 2025, with a subscription penetration rate of 5.9% [13]. - The average annual revenue per subscription user is projected to rise gradually, reaching 215 RMB by 2027 [13]. - The company has launched several AI-driven features, enhancing user engagement and expanding its product offerings [10][13]. Strategic Partnerships - The company has secured a $250 million convertible bond investment from Alibaba, which will facilitate strategic cooperation in e-commerce, AI, and cloud computing [10][13]. - Alibaba will prioritize promoting the company's AI e-commerce tools on its platforms, providing essential technical support [10].

资本转场：连续收购港股上市公司 近日，美图公司(01357.HK)创始人，泉州人蔡文胜在香港资本市场频频出击。 7月17日，香港上市公司中国新经济(00080.HK)公布公告称，获蔡文胜提出以每股0.106港元，向中国新经济的5名卖方收购逾6.69亿股，共约50.71%股权， 涉资共多达7093.24万港元。 | | 緊接買賣協議完成前 | | 繁隨買賣協議完成後 | | | --- | --- | --- | --- | --- | | | 股份數目 | 概約% | 股份數目 | 概約% | | 賣方 | | | | | | 賣方A | 45.485,000 | 3.45 | | | | 賣方B | 315.000.000 | 23.87 | - | | | 賣 方C | 61.150,000 | 4.63 | - | | | 賣方D | 129,640,000 | 9.82 | - | | | 賣 方E | 117.898.595 | 8.93 | | | | 要約人及其一致 | | | | | | 行動人士(附註2) | | | | | | | | | 669.173.595 | | | | | | ( ...

| 快递物流 | 33 | 0 菜鸟 | 9.263.65 | | --- | --- | --- | --- | | 心 携程旅行 | 34 在线旅游 | | 10.514.18 | | 华为运动健康 | 35 智能穿戴 | S | 6,162.38 | | 教育工具 | 36 | 学习通 RC | 2,878.51 | | 聚合靓频 | 37 | A 华为靓频 | 7,547.88 | | 图片美化 | 38 | (~) 美图秀秀 | 9.516.94 | | 王者荣耀 | 39 MOBA | | 13.041.04 | | 汽车资讯 | 40 | *** 汽车之家 | 6.153.41 | | 电子邮件 | 41 | 2 QQ出的酒 | 9.525.71 | | 5 85 | 42 主酵电商 | | 5.730.23 | | 股票交易 | 43 | 同花顺 1800 | 4,248.86 | | 同典翻译 | 44 | 和 网易有道词典 | 9,205.32 | | 车主服务 | ਥੇ ਟੇ | 平安账号 0 | 5.103.74 | | 求职招聘 | 46 | ■ Boss直聘 | 5,235.32 ...

Investment Rating - The report maintains a "Hold" rating for the industry [4] Core Insights - The upcoming release of GPT5 is expected to challenge the new heights of multimodal AI, with the potential to integrate various functionalities such as reasoning, multimodal capabilities, and programming, aiming for L5 level multimodal AI [1][9] - Global tech giants are aggressively investing in multimodal AI, which is seen as a pioneer in AI monetization, with companies like Tencent, Alibaba, and ByteDance making significant advancements in this area [1][18][21] Summary by Sections 1. GPT5 and Multimodal AI - GPT5 is anticipated to elevate multimodal AI to a new standard, with most current models still at L3 level, indicating a significant gap to L4 and L5 levels [1][12] - The General-Level framework has been established to evaluate multimodal models, categorizing them into five levels based on their capabilities [9][12] 2. Key Companies in Multimodal AI - **Meitu**: Launched RoboNeo, an AI agent that integrates image editing, video generation, and web design, showcasing strong aesthetic capabilities [2][29] - **Kuaishou**: The Keling 2.0 model has achieved an impressive annual recurring revenue (ARR) of $100 million by Q1 2025, indicating strong monetization potential [2][34] - **Wondershare**: The Tianmu 2.0 model, supported by Huawei Cloud, enhances audio and video creation capabilities, aiming to democratize content creation [2][37] - **Hehe Information**: Expanded its capabilities in AI authentication and introduced a cross-platform cloud resource management terminal [2][42] - **Foxit Software**: Developed an intelligent document solution that transforms unstructured documents into structured data, enhancing efficiency in legal applications [2][48] 3. Investment Recommendations - The report suggests focusing on companies related to multimodal AI, such as Meitu, Kuaishou, Wondershare, Hehe Information, and Foxit Software, as they demonstrate strong monetization capabilities [3][59]