主流判断认为，这场由Adobe、字节跳动、美图等头部厂商主导的技术博弈，正推动行业从"大模型军 备竞赛"向"场景落地决胜局"的关键转折。 据测算，2025—2029年中国AI产业将保持32.1%的年均复合增长率，在2029年有望突破一万亿元市场规 模。从产业竞争格局来看，2025年起，AI应用厂商侧"跑马圈地"态势渐起，价格与流量成为核心竞争策 略。 实际上，模型落地能力一直是业界关注的焦点。前述AI行业分析人士提到，2025年，如何整合不同模 型的能力，持续提升场景落地价值至关重要。从厂商的实际探索看，2024—2025年，凭借多款AI应用 出圈的美图公司提出的"模型容器"概念就是这一趋势的典型案例。 这可以视为此前大模型竞逐模式的变革。2024年前后，百度李彦宏、三六零（601360）周鸿祎等一众互 联网平台掌舵者不断强调"相较于卷模型，AI应用更重要"。此后，国内主流AI选手们逐渐从卷模型、卷 技术，开始向"大模型价格战"转移，后来陆续演进至狂"卷"AI应用。 5月6日，艾瑞咨询发布2024年中国人工智能产业研究报告，Adobe、字节、快手、美图成为AI效率工具 领域的代表。 区分来看，视觉模态类产品的 ...

Group 1 - Morgan Stanley raised the target price for Meitu to HKD 6, with over 20 brokerage firms adjusting their target prices to around HKD 6-7, reflecting a 32-35 times PE for 2025 [1] - The maturity of Meitu's product matrix and business model, along with the promising prospects for productivity tools overseas, contribute to the positive outlook from institutions [1][2] - Meitu has conducted over 20 AI feature updates for its main lifestyle products in 2023, integrating AI technology with basic imaging functions to enhance user engagement and increase paid user rates [1][2] Group 2 - Goldman Sachs noted Meitu's expansion from lifestyle products to productivity tools, with a growing number of global paid subscribers expected to reach 12.61 million in 2024, resulting in a 4.7% penetration rate [2] - Huatai Securities highlighted that the overseas image market is approximately seven times larger than that of China, indicating significant potential for Meitu's international growth [2] - CICC projected that Meitu's subscription revenue will grow by over 40% year-on-year by 2025, driven by increased paid penetration and user growth [3]

Group 1 - The Hang Seng Index closed up by 0.51% [1] - The Hang Seng Tech Index increased by 1.35% [1] - The Hong Kong Tech ETF (159751) rose by 1.44% [1] - The Hang Seng Hong Kong Stock Connect ETF (159318) gained 0.58% [1] Group 2 - Meitu Inc. saw a rise of over 10% [1] - Chow Tai Fook Jewelry Group increased by over 8% [1] - Lao Poo Gold experienced a decline of over 5% [1] - Genscript Biotech Corporation (B) fell by over 4% [1]

Financial Performance - In 2024, net profit attributable to equity holders increased by 112.8% to approximately RMB 806.16 million, while adjusted net profit rose by 59.2% to approximately RMB 586.17 million[12]. - Total revenue for 2024 reached RMB 3.34 billion, representing a year-on-year growth of 23.9%, driven by a 57.1% increase in revenue from image and design products to RMB 2.09 billion[13]. - Operating profit before tax for the year was RMB 822.85 million, compared to RMB 438.09 million in 2023[27]. - The company reported a net profit of RMB 806.16 million for the year, up from RMB 366.42 million in 2023[27]. - Adjusted net profit for the fiscal year ending December 31, 2024, increased to RMB 806.2 million, compared to RMB 366.4 million in the previous year, driven by strong growth in core business and cryptocurrency sales[51]. - Adjusted net profit attributable to equity holders of the parent for the fiscal year ending December 31, 2024, was RMB 586.2 million, up from RMB 368.3 million in the previous year, reflecting growth in high-margin core business[53]. User Engagement - Monthly Active Users (MAU) reached approximately 266.82 million by December 2024, a 6.7% increase year-on-year, with MAU from markets outside mainland China growing by 21.7% to 94.51 million[12]. - The number of monthly active users (MAU) outside mainland China grew by 22% year-on-year to 94.51 million, accounting for 36% of total MAU[21]. - The AI video editing tool Wink achieved a MAU of approximately 30 million within two years of its launch[20]. - The AI-driven Meitu Design Studio's paid subscription users reached 1.13 million as of December 31, 2024, up from 870,000 in 2023[22]. Revenue Breakdown - Revenue from AI-driven productivity tools, specifically Meitu Design Studio, doubled year-on-year to approximately RMB 200 million in 2024[12]. - Revenue from advertising increased by 12.5% to RMB 853.47 million, while revenue from beauty solutions decreased by 32.4% to RMB 384.57 million[13]. - Revenue from image and design products accounted for 62.4% of total revenue in 2024, up from 49.2% in 2023[31]. - The advertising business saw a revenue increase of 12.5% year-on-year, totaling RMB 853.5 million for the year ending December 31, 2024, compared to RMB 758.8 million for the previous year[38]. Cost and Expenses - The overall gross margin improved to 68.7%, up 7.2 percentage points from the previous year, due to the increasing contribution of high-margin image and design products[13]. - Operating costs increased to RMB 1.0466 billion, a 0.6% rise from RMB 1.0399 billion, with the largest cost being paid channel sharing, which grew by 46.4% to approximately RMB 430 million[40]. - Sales and marketing expenses rose by 12.9% year-on-year to RMB 483.4 million, driven by increased marketing spending for imaging and design products domestically and internationally[44]. - Research and development expenses increased by 43.3% year-on-year to RMB 910.7 million, primarily due to costs associated with generative AI training[43]. Strategic Investments and Acquisitions - The company agreed to acquire all issued shares of Zcool for a total consideration of up to $39.64 million, with part of the payment being in shares and the remainder in cash[85]. - The completion of the Zcool acquisition occurred on March 27, 2024, making Zcool an indirect wholly-owned subsidiary, with its financial performance consolidated into the group's financial statements[87]. - The company plans to continue seeking strategic investment opportunities to enhance synergies in technology development, product research, and market expansion[83]. Cryptocurrency and Financial Assets - The company recognized an impairment loss reversal of RMB 68.1 million for purchased cryptocurrencies, specifically Bitcoin, for the fiscal year ending December 31, 2024[46]. - Total cash proceeds from the sale of approximately 31,000 units of Ethereum and 940 units of Bitcoin amounted to approximately USD 100 million and USD 80 million, respectively, resulting in a profit of USD 79.63 million (approximately RMB 571 million)[46]. - The company held approximately 31,000 units of Ethereum and 940 units of Bitcoin, selling them for total proceeds of approximately $100 million and $80 million respectively, representing about 10.20% and 8.16% of total assets as of December 31, 2024[77]. Dividends and Shareholder Returns - The proposed final dividend for the year ended December 31, 2024, is HKD 0.0552 per share, totaling approximately HKD 251.8 million (equivalent to about RMB 234.2 million), up from HKD 0.036 per share in 2023[66]. - The company plans to distribute a special dividend of HKD 0.109 per share, amounting to approximately HKD 496.8 million (equivalent to about RMB 458.6 million), subject to shareholder approval at the special general meeting on February 11, 2025[115]. - The company will use 80% of the net proceeds from cryptocurrency sales for special dividends to shareholders, with the remaining funds allocated for general operating expenses[77]. Employee and Management Information - The company employed 2,416 full-time employees as of December 31, 2024, an increase from 1,968 employees in 2023, representing a growth of approximately 22.7%[73]. - The company’s executive director and CEO received a discretionary bonus totaling RMB 1,923,000 for the year ending December 31, 2024[128]. Share Options and Incentive Plans - The total number of shares available for the pre-IPO employee stock option plan is limited to 116,959,070 shares, with 12,051,469 shares of unexercised options granted to eligible participants as of December 31, 2024[132]. - The company has adopted a post-IPO stock option plan, which was terminated at the shareholders' annual general meeting on June 5, 2024, with no further options to be presented or granted under this plan[141]. - The 2024 Share Award Plan was adopted based on the resolution passed at the company's annual general meeting on June 5, 2024[165]. - A total of 33,035,856 shares were granted under the 2024 share incentive plan, with 4,500,000 shares allocated to the chairman and key executives[180].

其中，该行指出，公司预计截至2月国内生活类场景下付费渗透率达到5.2%，突破此前5%的目标，主要 系生成式AI对传统功能的重构，比如用AI去双下巴功能取代传统的手动推图，实现对体验和效果的更 好满足，从而促进订阅转化率的提升。该行认为，公司基于长期沉淀的人像修图场景数据，通过低频功 能迭代+高频体验升级的模式，有利于用户留存与回流维持在健康水平。公司预计25年生活类付费会员 增长有望提供订阅收入弹性，维持生活类产品10%的长期订阅渗透率目标。 该行续指，根据SensorTower，1Q以来，定位欧美日韩市场的Airbrush、BeautyPlus MAU较为稳定；AI 换装等功能在东南亚出圈，带动海外版Wink、美颜相机MAU环比大幅增长。受益于较高付费意愿和高 级产品定位，公司预计截至24年Airbrush付费率远高于国内，而其他出海产品还在积极扩张新市场阶 段，短期尚未激进变现，对比成熟市场，远期付费率还有较大提升空间。 智通财经APP获悉，美图公司(01357)涨近3%，截至发稿，涨2.74%，报4.88港元，成交额9258.87万港 元。 中金发布研报称，近期，该行邀请美图管理层在2H24业绩后与投资 ...

Core Viewpoint - The report from CICC indicates an upward revision of Meitu's revenue forecast for 2025 by 2% to 4.3 billion yuan, driven by better-than-expected growth in paid users and subscription business, with adjusted net profit forecast maintained at 850 million yuan [1] Group 1: Subscription Revenue Growth - The company expects a more than 40% year-on-year increase in subscription revenue for 2025, driven by both payment rate and user growth [2] - The domestic life scenario payment penetration rate is projected to reach 5.2% by February, surpassing the previous target of 5%, largely due to generative AI enhancing traditional functions [2] - The company aims to maintain a long-term subscription penetration rate target of 10% for life products, supported by user retention strategies [2] Group 2: Overseas Market Expansion - The user base for overseas life scenarios is accelerating, with stable MAU for Airbrush and BeautyPlus in the US and Europe, and significant growth in Southeast Asia for AI dressing features [3] - The company anticipates that the payment rate for Airbrush will be significantly higher than in the domestic market by 2024, with other overseas products still in the expansion phase [3] Group 3: Productivity Scene Revenue Contribution - The number of paid subscribers for Meitu Design Studio is expected to reach 1.13 million in 2024, contributing to a revenue increase to 200 million yuan, doubling year-on-year [4] - The company plans to focus on enhancing product capabilities in core e-commerce sectors, with an expected 2 percentage point increase in domestic product penetration over the next two years [4] - The company is optimistic about the overseas productivity market and has launched two new productivity tools, Vmake and X-design, while monitoring user growth [4]

Core Insights - The article emphasizes the explosive growth of AI-native applications, which are becoming core elements in various application scenarios [1][3] - The arrival of the AI-native era is marked by significant advancements, such as OpenAI's release of GPT-4o's native image generation capabilities, which allows for integrated text-to-image processing without external API calls [3] - The market outlook for generative AI (GenAI) is optimistic, with Gartner predicting global spending on GenAI to reach $644 billion by 2025, a year-on-year growth of 76.4% [3] Group 1: AI Native Application Growth - AI-native applications have seen a remarkable increase, with monthly active users of domestic AI-native apps surpassing 120 million in December last year, representing a year-on-year growth of 232% [3] - The AI-native applications are reshaping industry landscapes at an astonishing pace, impacting sectors from medical diagnostics to industrial manufacturing and personal assistance [3] Group 2: Innovation and Evaluation - The "2025 AI Native Application Innovation Case" selection event initiated by 36Kr has garnered widespread attention, receiving nearly a hundred submissions across various application scenarios, showcasing the extensive deployment and deep penetration of AI-native applications [4] - A panel of industry experts, seasoned investors, and scholars was invited to ensure a professional, rigorous, and fair evaluation process, assessing cases based on technical innovation, application effectiveness, demonstration effects, and social value [4] Group 3: Selected Cases and Characteristics - After multiple rounds of screening and comprehensive evaluation, 45 outstanding AI-native application innovation cases were selected [5] - The selected cases exhibit characteristics such as accelerated cross-domain integration, deep engagement with industry pain points, enhanced user experience and personalized services, and strong technological support and innovation ecosystem construction [67][68]

Core Insights - Meitu's MT Lab has achieved significant recognition with five research outcomes selected for the prestigious CVPR 2025 conference, which received over 13,000 submissions and has a low acceptance rate of 22.1% [2] - The lab also had two projects accepted at the AAAI 2025 conference, which had an acceptance rate of 23.4% from 12,957 submissions [2] - The seven research outcomes focus on image editing, including three generative AI technologies, three segmentation technologies, and one 3D reconstruction technology [2] Generative AI Technologies - GlyphMastero has been implemented in Meitu's app Meitu Xiuxiu, providing users with a seamless text modification experience [3] - MTADiffusion is integrated into Meitu's AI material generator WHEE, allowing for efficient image editing with simple commands [3] - StyO is utilized in Meitu Xiuxiu's AI creative and beauty camera features, enabling users to explore different dimensions easily [4] Segmentation and 3D Reconstruction Technologies - The segmentation breakthroughs include interactive segmentation and cutout technologies, which are applied in e-commerce design, image editing, and portrait beautification [4] - EVPGS represents advancements in 3D reconstruction, with increasing demand in new perspective generation, augmented reality (AR), 3D content generation, and virtual digital humans [4] Industry Position and Future Potential - Meitu's long-term investment in AI capabilities has allowed the company to integrate cutting-edge technologies into practical applications, enhancing its competitive edge in the core visual field [4] - The continuous iteration of product capabilities has led to increased user engagement and willingness to pay, indicating promising growth potential and expansion opportunities for the company [4]

Investment Rating - The report maintains a rating of "Overweight" for the industry [4]. Core Insights - The AI Agent has reached a critical point of explosive growth, with all necessary components now integrated, leading to enhanced user experience and accelerated penetration into various sectors [5][10]. Summary by Sections Industry Overview - The industry comprises 131 listed companies with a total market value of 15,067.40 billion and a circulating market value of 13,714.81 billion [2]. Key Companies and Financials - Notable companies include: - Southern Media: Stock price 16.43, EPS 1.06 for 2022, projected EPS of 1.15 for 2026, rating "Buy" [4]. - Kaiying Network: Stock price 16.45, EPS 0.49 for 2022, projected EPS of 1.00 for 2026, rating "Buy" [4]. - Century Tianhong: Stock price 10.76, EPS 0.17 for 2022, projected EPS of 0.21 for 2026, rating "Overweight" [4]. Technological Evolution - The development of AI Agents is likened to building blocks, where previously isolated technologies are now integrated, enabling AI Agents to operate autonomously [5][10]. - Key advancements include: - Enhanced coding capabilities of large models, allowing for industry-level applications [5]. - The introduction of standardized tool invocation protocols like MCP, which simplifies the integration of various tools and data sources [31][32]. Market Dynamics - The report anticipates a surge in the availability of tools and software interfaces for large models, driven by the decreasing costs of token usage [5][20]. - The MCP platform has launched over 3,500 servers across multiple fields, indicating a robust ecosystem for AI Agents [5]. Computational Demand - A global AI Agent application with 1 billion daily active users is estimated to require approximately 141,500 NVIDIA H100 SXM GPUs for daily operations [66]. - The report provides a detailed sensitivity analysis on token consumption and computational needs based on user interaction patterns [54][60]. Investment Recommendations - The report suggests focusing on companies across various segments of the AI ecosystem, including hardware (NVIDIA, AMD), model development (Alphabet, Microsoft), and applications (Tesla, Salesforce) [9].

Investment Rating - The investment rating for the company is "Outperform the Market" [7][25]. Core Insights - The company achieved a total revenue of 1.72 billion RMB in 2024H2, representing a year-on-year growth of 20%, with adjusted profit increasing by 44% [1][11]. - The paid penetration rate reached 4.7%, with significant growth in the imaging and design product revenue, which increased by 59% year-on-year [2][16]. - The company is expanding its productivity and overseas scenarios, with international market revenue growth reaching 42%, higher than domestic growth [3][20]. Summary by Sections Financial Performance - In 2024H2, the company reported total revenue of 1.72 billion RMB, a 20% increase year-on-year, driven by strong growth in imaging products [1][11]. - The adjusted net profit for 2024H2 was 310 million RMB, reflecting a 44% year-on-year increase, with a profit margin of 18% [1][11]. - The gross profit was 1.24 billion RMB, with a gross margin of 72%, up 9 percentage points year-on-year [1][11]. Revenue Breakdown - Imaging and design product revenue reached 1.155 billion RMB in 2024H2, up 59% year-on-year, while advertising revenue grew by 8% to 440 million RMB [2][19]. - The beauty industry solutions revenue decreased by 60% to 110 million RMB, with expectations of continued contraction in 2025 [2][19]. User Metrics - The monthly active users (MAU) reached 266 million, a 7% increase year-on-year, with VIP paid members totaling 12.61 million, up 38% [2][16]. - The average revenue per user (ARRPU) was 197 RMB, reflecting an 11% increase year-on-year [2][16]. Future Projections - The company expects to continue releasing operational leverage, with adjusted net profits projected at 850 million RMB, 1.13 billion RMB, and 1.43 billion RMB for 2025, 2026, and 2027, respectively [4][24]. - The target price has been adjusted to 6.4-7.0 HKD, reflecting an increase of 42-46% [4][25].