新浪科技讯 8月27日下午消息，美图引入MoE混合专家模型的思想，推出全能修复功能，一键解决演唱 会、夜景、高糊图等10大场景存在的噪声、掉帧、抖动、分辨率低等14项画质问题。 "画质修复技术的突破，是为了让更多瞬间被真实、清晰、完整地保留下来。"美图技术团队负责人表 示，在影像生活愈加重要的今天，美图关注的始终是用户最本质的需求，希望为用户解决每一个"小问 题"，并创造真正有生命力的影像体验。 近年来，美图持续推进画质修复技术。资料显示，2019年，美图推出第一代人像修复算法BeautyGAN； 2022年，美图在Wink上线视频画质修复技术；2023年，生成式AI带来新一轮技术变革，美图将 Diffusion架构引入视频画质修复，作为业内首创实现视频修复效果的升级。 责任编辑：何俊熹 ...

丨证券研究报告丨 联合研究丨港股公司点评丨美图公司（1357.HK） [Table_Title] 美图公司 25H1 业绩点评：业绩表现喜人，AI+/ 全球化/生产力布局均取得突破 报告要点 [Table_Summary] 美图公司 25H1 实现收入 18.21 亿元，yoy+12.3%，其中影像与设计产品业务实现收入 13.51 亿元，yoy+45.2%。25H1 公司实现毛利润 13.40 亿元，yoy+27.3%，毛利率 73.6%，yoy+8.7pct。 25H1 公司经调整净利润实现 4.67 亿，yoy+71.3%。 分析师及联系人 [Table_Author] 宗建树 高超 SAC：S0490520030004 SAC：S0490516080001 SFC：BUX668 SFC：BUX177 请阅读最后评级说明和重要声明 %% %% %% %% 美图公司 25H1 实现收入 18.21 亿元，yoy+12.3%，其中影像与设计产品业务实现收入 13.51 亿元，yoy+45.2%。25H1 公司实现毛利润 13.40 亿元，yoy+27.3%，毛利率 73.6%，yoy+8.7pct。 25H ...

Core Viewpoint - Meitu's stock price has increased significantly, reflecting positive market sentiment and growth potential in AI business [1] Financial Performance - As of the midday close on August 27, Meitu's stock price was HKD 11.41 per share, up 293.64% from the beginning of the year when it was HKD 2.906 per share [1] - In the first half of 2025, Meitu achieved total revenue of 1.8 billion yuan, representing a year-on-year growth of 12.3% [1] - Adjusted net profit for the same period was 467 million yuan, showing a substantial year-on-year increase of 71.3% [1] Analyst Insights - Morgan Stanley has raised its net profit forecast for Meitu by approximately 11% for 2025, citing the company's effective development strategy and the broad prospects of its AI business [1] - The firm reiterated its "overweight" rating on Meitu and increased the target price to HKD 15.7 [1]

Summary of Key Points Core Viewpoint - The report highlights the top short-selling stocks in the Hong Kong market, indicating significant investor sentiment and potential market movements for these companies [1][2]. Short Selling Ratios - AIA Group Ltd (友邦保险-R) and JD Health (京东健康-R) both have a short-selling ratio of 100.00%, indicating complete short interest [1][2]. - JD Group (京东集团-SWR) follows with a short-selling ratio of 87.80% [1][2]. Short Selling Amounts - Alibaba Group (阿里巴巴-SW) leads in short-selling amount with 19.21 billion, followed by Tencent Holdings (腾讯控股) at 18.81 billion and Sanofi (三生制药) at 14.30 billion [1][2]. - Other notable companies include Meituan (美团-W) with 13.13 billion and BYD Company (比亚迪股份) with 12.05 billion [2]. Deviation Values - The top three stocks with the highest deviation values are Hong Kong Exchanges and Clearing (香港交易所-R) at 40.73%, AIA Group (友邦保险-R) at 37.99%, and JD Group (京东集团-SWR) at 36.59% [1][2]. - This deviation indicates a significant difference between current short-selling ratios and their historical averages [2]. Additional Insights - The report provides a detailed table of the top ten stocks by short-selling amounts, ratios, and deviation values, showcasing the current market sentiment towards these companies [2].

Core Insights - The company reported a total revenue of 1.821 billion yuan for the first half of 2025, representing a year-on-year growth of 12.3%. Adjusted net profit attributable to the parent company reached 467 million yuan, up 71.3% year-on-year, with a gross margin of 73.6%, an increase of 8.7 percentage points, indicating a significant enhancement in profitability [1]. Business Performance - The imaging and design product business generated revenue of 1.351 billion yuan, a year-on-year increase of 45.2%, accounting for 74.2% of total revenue. The advertising business revenue was 434 million yuan, up 5.0% year-on-year. However, the beauty solutions business saw a revenue decline of 88.9% to 30 million yuan, as the company strategically focused on core businesses and reduced low-margin operations [1]. - As of June 2025, the company's global monthly active users (MAU) reached 280 million, a year-on-year growth of 8.5%. Notably, overseas users grew significantly, reaching 98 million (35% of total MAU), with a year-on-year increase of 15.3%, outpacing domestic market growth [1]. Product Innovation and User Engagement - The newly launched "AI Flashlight" feature reached approximately 1.9 million users globally in its first month, with particularly strong responses in Southeast Asia and Europe. The company has also localized features for markets like Indonesia and Japan, leading to over 90% year-on-year growth in overseas productivity tool MAU [2]. - AI technology has significantly enhanced the product matrix, improving user willingness to pay and profitability. By June 2025, the number of paid subscription users reached approximately 15.4 million, a year-on-year increase of over 42.0%, with a subscription penetration rate of 5.5% [2]. Future Outlook - The company anticipates further improvement in conversion rates due to AI integration. Projected revenues for 2025-2027 are 4.016 billion yuan, 5.053 billion yuan, and 6.105 billion yuan, representing year-on-year growth rates of 20.2%, 25.8%, and 20.8%, respectively. Non-IFRS net profit attributable to the parent company is expected to be 950 million yuan, 1.189 billion yuan, and 1.558 billion yuan for the same period, with growth rates of 62.1%, 25.1%, and 31.1% [2].

Core Viewpoint - Meitu's revenue for the first half of 2025 reached 1.821 billion yuan, a year-on-year increase of 12.3%, with adjusted net profit rising by 71.3% to 467 million yuan [1] Group 1: User Growth and Revenue - Monthly Active Users (MAU) reached 280 million, an increase of 8.5% year-on-year, with paid subscription users totaling approximately 15.4 million and a penetration rate of 5.5% [1] - MAU outside mainland China grew by 15.3% to 98 million [1] - Revenue from imaging and design products reached 1.351 billion yuan, a year-on-year increase of 45.2%, driven by rapid growth in core business enabled by AI [1] Group 2: Advertising Business - Advertising revenue for the first half of 2025 was 430 million yuan, a year-on-year increase of 5%, primarily from programmatic and brand advertising [2] - The company has established long-term partnerships with leading advertising networks and operates an efficient bidding platform for programmatic ads [2] - AI-enabled advertising formats, such as "AI Brainstorming Effects" and "AI Formulas," enhance user interaction with advertisers [2] Group 3: AI Strategy - AI is a key driver of the company's strategic goals, with a comprehensive matrix of AI tools covering image, video, and design fields [2] - The launch of the AI Agent product RoboNeo in July 2025 has gained popularity globally, ranking in the top ten in app stores across multiple countries [2] Group 4: Investment Outlook - The company maintains a "Buy" rating, with adjusted net profit forecasts for 2025-2027 at approximately 959 million yuan, 1.114 billion yuan, and 1.342 billion yuan [2] - Corresponding PE ratios based on the closing price of 10.39 HKD on August 18 are projected at 45.51, 39.17, and 32.52 times [2]

Summary of Meitu Company Conference Call Company Overview - **Company**: Meitu - **Industry**: Technology, specifically in AI and SaaS applications Key Points and Arguments 1. **Management Change and Strategic Shift**: Under the new leadership of Wu Zeyuan, Meitu has shifted its strategy from internet product operations to a SaaS model, focusing on increasing the payment rate and gradually raising the proportion of paid features to enhance profitability [2][5][6] 2. **Investment in AI Technology**: Meitu is heavily investing in AI technology, with a significant increase in the frequency of AI feature launches for its core products (Meitu Xiuxiu, Beauty Camera, Wink) expected in the second half of 2024, leading to a projected global revenue growth of 40% to 50% year-on-year [2][8][12] 3. **International Market Expansion**: The company is actively expanding into international markets, particularly Southeast Asia, where collaboration with influencers has significantly boosted download numbers. Meitu is optimizing products to meet diverse market demands, enhancing user engagement and payment rates [2][4][12][21] 4. **Collaboration with Alibaba**: Meitu has partnered with Alibaba for model training, product updates (such as AI fitting features), and cloud service procurement, aiming to improve sales conversion rates and meet increasing computational demands [2][20] Financial Performance and Projections 1. **Stock Performance in 2025**: Meitu's stock performance in 2025 is expected to be strong, driven by factors such as increased attention on AI applications, significant growth in downloads in Southeast Asia, and strategic partnerships. However, stock price fluctuations were noted due to shareholder actions and market conditions [3] 2. **Monthly Active Users (MAU)**: As of the end of 2024, Meitu's total MAU is 270 million, with expectations for slight growth in the domestic market and significant growth in overseas markets, particularly Southeast Asia and Japan [4][14] 3. **Payment Rate**: The overall payment rate as of mid-2025 is 5.5%, with a target of reaching 10% globally over the next five years, reflecting a strategic focus on monetization through paid features [4][15][18] Product Development and Innovation 1. **AI Features and User Experience**: Meitu has introduced various AI-based entertainment features, significantly enhancing user experience and driving up payment rates. The company plans to continue this trend with more innovative features [6][10][12] 2. **Robonew Product**: Robonew, an agent-type product launched in June 2025, is currently in testing and may charge daily fees, potentially increasing the average revenue per user (ARPU) significantly [11] Market Strategy 1. **Differentiated Pricing Strategy**: Meitu employs a mid-to-high pricing strategy in overseas markets, with prices in Southeast Asia being 2.5 times higher than in China. The company aims to gradually increase ARPU as user numbers grow [19] 2. **Addressing Regional User Needs**: Meitu recognizes the varying preferences across different regions and is optimizing its products accordingly to enhance market penetration and attract new users [16][17] Future Directions 1. **Focus on AI and International Growth**: Over the next two years, Meitu will prioritize international market expansion, particularly in North America, and continue to develop AI entertainment features to boost downloads and payment rates [21] 2. **Strategic Collaborations**: The ongoing collaboration with Alibaba will be crucial in various areas, including model training and product updates, to support Meitu's growth strategy [20]

Investment Rating - The report maintains a "Positive" outlook for the media industry [4] Core Insights - The recent policy document from the State Council emphasizes the implementation of "Artificial Intelligence +" actions, which is expected to significantly boost the AI industry chain, similar to the "Internet +" policy in 2015 [7] - The report anticipates a fourfold increase in AI penetration rate within three years, aiming for 70% by 2027 and 90% by 2030, indicating substantial growth potential in AI user base [7][8] - The demand for AI computing power is projected to surge, with major players like Alibaba, Baidu, Tencent, and Huawei expected to benefit from this trend [7] - The report highlights the strategic importance of AI applications, suggesting that new "killer apps" may emerge as AI penetration increases [7] Summary by Sections Investment Recommendations and Targets - Focus on AI applications in two key areas: AI + video/image (Kuaishou-W, Meitu) and AI + recruitment (BOSS Zhipin-W, Tongdao Liepin, Beisen Holdings) [2] - Major companies to watch include Alibaba-W, Tencent Holdings, Kuaishou-W, Baidu Group-SW, and ByteDance [2] - Companies involved in data and copyright in the industry include People’s Daily, Zhejiang Shuzhi Culture, Vision China, and Zhongwen Online [2] Policy and Market Dynamics - The policy document outlines a three-step strategy for AI penetration, with specific targets for 2027 and 2030 [8] - Key areas of focus include AI integration in science and technology, industrial development, and consumer quality enhancement [8][9] - The report emphasizes the need for a supportive environment for AI applications, including the establishment of national AI application pilot bases [7][8] AI Ecosystem Development - The report discusses the importance of fostering an open-source ecosystem for AI, which is seen as crucial for rapid advancements in domestic AI models [7] - It highlights the need for enhanced data supply, intelligent computing power coordination, and talent development to support AI growth [12]

Core Objective - The company aims to double its overall payment rate from 4.7% in 2024 to a target of 8-10% within three years, indicating significant potential for subscription revenue growth [2][6]. Growth Strategy - The company is adjusting its overseas strategy to focus on both user growth and payment user acquisition, particularly in the European and American markets, leveraging opportunities presented by the popularity of TikTok [3][9]. - The growth strategy is characterized by a "dual-drive" model: expanding user growth in overseas markets while maximizing user value in the domestic market [10]. AI Integration - The AI tool RoboNeo is expected to enhance personalized recommendations and accelerate payment rate growth, with plans for commercialization starting in September 2025 [2][13]. - RoboNeo will serve as both an independent productivity application and be integrated into other applications, potentially driving significant revenue growth by enhancing recommendation mechanisms [16]. Financial Management - The company plans to maintain sales and marketing expenses at around 16% of revenue from images, videos, design, and advertising, while R&D spending is projected to grow by approximately 15% annually over the next three years [8]. Collaboration with Alibaba - The partnership with Alibaba is seen as a key to unlocking new business models, with significant projects including AI Try-on and integration of DesignKit functionalities into Alibaba's merchant platform [17][20].

Market Overview - US stock indices experienced adjustments, with European markets also facing challenges, particularly in France where the CAC 40 index fell over 2% [1] - Hong Kong stocks corrected after a strong rally, closing down 1.18% [1] - Optimism regarding potential Fed rate cuts was tempered by concerns over Trump's threats to dismiss Fed Governor Lisa Cook, which could undermine confidence in USD assets [1] Gold and Mining Sector - Gold stocks surged, with China Gold International reporting a turnaround in its mid-year results, showing strong growth and significant capacity expansion potential [1] - Other gold stocks like Lingbao Gold and Zhaojin Mining also saw substantial gains, reflecting a broader trend in the sector [1] Trade and Tariff Implications - Trump threatened to impose approximately 200% tariffs on rare earth magnets from China and additional tariffs on countries implementing digital taxes, impacting major US tech companies [2] - The US government proposed adding copper, silicon, and silver to a list of critical minerals, indicating a shift in tariff strategy to protect domestic industries [2] Automotive Industry Dynamics - The automotive sector is undergoing rapid changes, with Chinese electric vehicle companies and Tesla significantly shortening the development cycle for new models to about two years [3] - Traditional players like Puma are exploring strategic options, including potential sales, indicating a shift in competitive dynamics within the industry [3] AI and Technology Sector - The Chinese government announced plans to integrate AI with six key sectors by 2027, which will drive capital expenditure towards AI-related technologies [6] - Companies like SMIC and SenseTime are positioned to benefit from increased investment in AI and related technologies [6] Company Performance Highlights - Angelalign reported a 33.1% increase in revenue to $161.4 million, with a significant rise in net profit, indicating strong performance in the orthodontics market [4] - Meituan was included in the MSCI China Index, leading to an 8% increase in its stock price [5] Individual Stock Insights - SenseTime is expected to report improved financial results, with projected revenue growth and a potential narrowing of losses, reflecting a positive outlook for the company [7] - The company has a strong competitive position in AI technology, with significant advancements in model capabilities and market share in various applications [8]