转自：北京日报客户端 8月18日，美图公司披露2025上半年财报，总收入18亿元，同比增长12.3％，经调整后归属于母公司权 益持有人净利润4.67亿元，同比增长71.3％。其中总收入与净利润的增长主要得益于AI应用取得突破， 全球付费订阅用户数量提升，以订阅为主的影像与设计产品业务收入快速增长。 财报数据显示，上半年该公司18亿元的总收入包括几项：影像与设计产品业务收入13.5亿元，同比增长 45.2％；广告业务收入4.3亿元，同比增长5％；美业解决方案业务收入3010万元；其他业务收入620万 元。其中影像与设计产品业务收入占总收入的74.2％，是美图公司最大的收入来源。这部分收入增长， 归因于付费订阅用户数的提升。截至2025年6月30日，美图付费订阅用户数达约1540万，创历史新高， 同比增长超42％。 在其所有的付费用户中，约1360万付费订阅用户来自生活场景应用。作为生活场景应用中的核心产品， 上半年美图秀秀、美颜相机持续位居中国图片美化赛道和拍照摄影赛道用户规模第一名，Wink在全球 市场实现月活跃用户和付费订阅用户的高速增长。 中国AI出海大潮下，作为美图核心战略之一的"全球化"也取得显著进展 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責 ， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明 ， 並 明 確 表 示 ， 概 不 對 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任 。 Meitu,Inc. 美图公司 (於開曼群島註册成立的有限公司，並以「美圖之家」名稱於香港經營業務) (股份代號: 1357) | | 董事委員會 | | | | | --- | --- | --- | --- | --- | | 董事 | | 審計委員會 | 提名委員會 | 薪酬委員會 | | 執行董事 | | | | | | 吳澤源先生(主席) | | — | C | — | | （亦稱為：吳欣鴻先生） | | | | | | 非執行董事 | | | | | | 陳家荣先生 | | — | — | — | | 洪育鵬先生 | | M | — | — | | 獨立非執行董事 | | | | | | 周浩先生 ...

Core Viewpoint - Meitu's revenue growth has significantly slowed in the first half of 2025 compared to previous years, despite still achieving double-digit growth in both revenue and net profit [2][3]. Financial Performance - In the first half of 2025, Meitu reported a revenue of 1.82 billion RMB, a year-on-year increase of 12.3%, and a net profit of 397 million RMB, reflecting a 30.8% growth [3][5]. - Adjusted net profit reached 467 million RMB, marking a substantial increase of 71.3% compared to the previous year [3]. Revenue Breakdown - The revenue from imaging and design products was 1.35 billion RMB, showing a significant increase of 45.2% year-on-year, while advertising revenue grew by 5% to 433 million RMB [3][4]. - Revenue from beauty industry solutions plummeted by 88.9% to 30 million RMB, and other revenues decreased by 12.4% to 6 million RMB [3][4]. Business Focus and Strategy - Meitu has shifted its focus towards core imaging and design products, which accounted for 74.2% of total revenue in the first half of 2025, up from 57.4% in the previous year [4][5]. - The company has reduced its non-core business activities, particularly in the beauty industry solutions segment, which saw a significant decline in revenue [4][6]. User Engagement and Growth - As of June 30, 2025, Meitu's global monthly active users reached 280 million, an increase of 8.5% year-on-year, with paid subscription users growing over 42% to 15.4 million [6]. - The paid user penetration rate stands at 5.5%, contributing to the overall revenue growth [6]. Profitability Metrics - Meitu's gross profit for the first half of 2025 was 1.34 billion RMB, a year-on-year increase of 27.3%, with the gross margin rising from 64.9% to 73.6% [6].

Core Insights - AI technology is continuously enhancing Meitu's product capabilities, improving user experience and subscription revenue [1] - The subscription-based business model is showing strong growth, with a significant increase in paid user numbers and revenue contribution [2][3] Revenue Growth - In the first half of 2025, Meitu's subscription-based image and design product revenue grew by 45.2% year-on-year to 1.35 billion yuan, accounting for 74.2% of total revenue [1] - The number of paid subscription users reached approximately 15.4 million, a historical high, with a year-on-year increase of over 42% [1] User Engagement - The paid subscription penetration rate reached 5.5% in the first half of 2025, indicating a significant enhancement in user stickiness due to AI features [2] - Meitu's core products, such as Meitu Xiuxiu and Meiyan Camera, have maintained the top user scale in the Chinese image beautification and photography sectors for 19 consecutive half-year periods [1] Competitive Advantages - Meitu's success in the subscription model is attributed to its deep understanding of core advantages, creating competitive barriers [3] - The company has focused on vertical scene penetration, integrating AI technology deeply into the image field, which is difficult for cross-industry competitors to replicate [3] - Frequent AI feature updates have established a dynamic moat, allowing Meitu to maintain a leading position in the AI imaging sector [3] Global Reach - As of June 30, 2025, Meitu's global monthly active users reached 280 million, a year-on-year increase of 8.5% [4] - The company is expanding its application scenarios from lifestyle to productivity tools, with increasing awareness of paid tools among domestic and international users [4]

Core Insights - Meitu Company reported a revenue of 1.821 billion yuan for the six months ending June 30, 2025, representing a year-on-year growth of 12.3% [1] - The adjusted net profit reached 467 million yuan, showing a significant year-on-year increase of 71.3% [1] - Monthly active users reached 280 million, reflecting a year-on-year growth of 8.5% [1] - The number of paid subscription users reached approximately 15.4 million, with around 13.6 million coming from lifestyle applications and 1.8 million from productivity tools [1]

Core Insights - Meitu reported a revenue of 1.8 billion yuan for the first half of 2025, representing a year-on-year growth of 12.3% [1] - The adjusted net profit reached 467 million yuan, showing a significant year-on-year increase of 71.3% [1] - The growth in revenue and net profit is attributed to breakthroughs in AI applications and an increase in global paid subscription users [1] Revenue Breakdown - Revenue from imaging and design products amounted to 1.351 billion yuan, marking a year-on-year growth of 45.2% and accounting for 74.2% of total revenue [1] - Advertising revenue was 434 million yuan, reflecting a year-on-year growth of 5% [1] - Revenue from beauty industry solutions decreased significantly to 30.065 million yuan, down 88.9% year-on-year [1] - Other revenue sources contributed 6.221 million yuan [1]

截至2025年6月，月活跃用户（MAU）达到2.80亿，同比增长8.5%。付费订阅用户总数约为1540万，其 中生活场景应用占1360万，生产力工具占180万。 美图公司公布截至2025年6月30日的上半年业绩。公司收入同比增长12.3%至人民币18亿元，归母净利 润同比增长30.8%至人民币3.97亿元，经调整归母净利润同比增长71.3%至人民币4.67亿元。董事会建议 派发每股0.045港元中期股息。 同期，公司毛利增长27.3%至人民币13.4亿元，毛利率由64.9%提升至73.6%，主要得益于高毛利率的影 像与设计产品业务占比提升。 全球化方面，中国内地以外市场MAU同比增长15.3%至9800万，其中生产力工具业务MAU实现超过 90%的同比增长。 展望未来，美图公司将持续加大AI研发投入，特别是在垂直模型领域，以推动产品创新和业务增长， 并认为AI技术将降低创意表达的门槛。 生产力业务表现强劲，MAU和付费订阅用户数均实现高增长。公司于2025年7月推出了AI设计助手 RoboNeo，旨在通过生成式AI自动化设计流程，提升视觉内容创作效率。 ...

Core Insights - Meitu Company reported total revenue of 1.8 billion yuan for the first half of 2025, representing a year-on-year growth of 12.3% [1] - The net profit for the same period was 397 million yuan, showing a year-on-year increase of 30.8% [1]

Financial Data and Key Metrics Changes - The total revenue for the first half of 2025 reached RMB 1,820,000,000, representing a year-on-year growth of 12.3% [3][12] - The overall gross profit increased by 27.3%, with adjusted net profit attributable to owners reaching RMB 470,000,000, a year-on-year increase of 71.3% [3][20] - Operating expenses grew by 43.1% to RMB 290,000,000, while administrative expenses increased by 23.2% to approximately RMB 220,000,000 [17][20] Business Line Data and Key Metrics Changes - The photo, video, and design (PVD) products segment grew by 45.2% year-on-year to RMB 1,350,000,000, making it the largest revenue contributor [3][12] - The number of paying subscribers for leisure products increased by 42% year-on-year, reaching 15,400,000 [12] - The productivity tools segment saw a 69% year-on-year increase in paying subscribers, with KAIPEI achieving a remarkable 330% growth [14] Market Data and Key Metrics Changes - Monthly Active Users (MAU) grew by 8.5% to 280,000,000, with users outside Mainland China reaching 98,000,000, growing at 15.3% [4][16] - Revenue from outside Mainland China grew by 35.9%, accounting for 36.6% of total revenue, indicating progress in globalization initiatives [16] Company Strategy and Development Direction - The company aims to focus on productivity and globalization while embracing AI technology to enhance user experiences and accelerate growth [21] - Strategic collaboration with Alibaba is expected to enhance product capabilities, particularly in e-commerce and cloud services [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the advertising segment and emphasized the importance of core PVD products [15][21] - The collaboration with Alibaba is meeting expectations, although significant outcomes may take time to materialize [26][27] Other Important Information - The company plans to maintain a consistent dividend ratio, now distributing dividends semi-annually instead of annually [21] - The AI agent Roboneo surpassed 1,000,000 MAUs shortly after launch, indicating strong initial user engagement [8][40] Q&A Session Summary Question: What strategies are planned for the second half and adjustments for the whole year? - Management highlighted the importance of core products and the need to invest in leisure products while not fully transitioning to productivity tools [25] Question: What is the update on collaboration with Alibaba? - The collaboration is progressing positively, with ongoing efforts to build trust and find synergies [26][27] Question: How does the company define competition with generative AI companies? - The company focuses on leveraging its strengths and integrating various models to enhance product offerings [32][33] Question: What are the plans for productivity tools outside Mainland China? - The company aims to target specific verticals with productivity tools, adapting to regional needs [48][50] Question: How does the company plan to budget for R&D? - The marketing budget remains fixed at around 16% of PVD products, with a focus on optimizing resources for talent and smaller model training [35][37] Question: What is the business progress of Roboneo? - Roboneo has gained over 1,000,000 MAUs, with plans for a complete subscription model to be launched soon [40] Question: How does the company view its market value and future growth? - The company emphasizes product quality and user growth as the primary drivers of market value, rather than focusing on stock price [58]

Financial Data and Key Metrics Changes - In the first half of 2025, total revenue reached RMB 1,820 million, a year-on-year growth of 12.3% [3] - The overall gross profit increased by 27.3%, with adjusted net profit attributable to owners reaching RMB 470 million, a year-on-year increase of 71.3% [3][20] - Operating expenses grew by 43.1% to RMB 290 million, while administrative expenses increased by 23.2% to approximately RMB 220 million [17][20] Business Line Data and Key Metrics Changes - The photo, video, and design (PVD) products segment grew 45.2% year-on-year to RMB 1,350 million, making it the largest revenue contributor [3][12] - The number of paying subscribers for leisure products increased by 39% year-on-year, reaching 15.4 million [12] - Productivity tools saw a 69% year-on-year increase in paying subscribers, with KAIPEI achieving 330% year-on-year growth [14] Market Data and Key Metrics Changes - Monthly Active Users (MAU) grew by 8.5% to 280 million, with users outside Mainland China reaching 98 million, growing at 15.3% [4] - Revenue from outside Mainland China grew by 35.9%, accounting for 36.6% of total revenue [16] Company Strategy and Development Direction - The company aims to focus on productivity and globalization while embracing AI technology to enhance user experiences [21] - Strategic collaboration with Alibaba is expected to enhance product capabilities and improve training frameworks [9][21] - The company plans to integrate AI features into existing products to empower vertical use cases [8] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the advertising segment and emphasized the importance of focusing on core PVD products [15][21] - The collaboration with Alibaba is progressing positively, although immediate large profit increases are not expected [26] - The company aims to maintain a competitive edge by leveraging its strong market channel advantage and focusing on user pain points [64][66] Other Important Information - The company plans to maintain its dividend policy, distributing dividends twice a year while keeping the same ratio [21] - AI technologies are seen as a key driver for user interaction and monetization, with new features enhancing user willingness to pay [5][20] Q&A Session Summary Question: What strategies are planned for the second half regarding products for leisure? - Management indicated that products for leisure are foundational for user acquisition and will continue to invest in them while not fully transitioning to productivity tools [24][25] Question: What is the update on the collaboration with Alibaba? - The collaboration is meeting expectations, but significant outcomes will take time as both teams build trust [26][27] Question: How does the company plan to handle competition from generative AI companies? - The company focuses on leveraging its strengths and collaborating with various AI companies to enhance its product offerings [32][33] Question: What are the plans for productivity tools outside Mainland China? - The company aims to focus on targeted, vertical scenarios for productivity tools outside Mainland China, adapting to regional needs [48][50] Question: How does the company view its market value and future growth? - The company does not focus on market value but emphasizes building world-class products to drive growth [58] Question: What is the approach to R&D budgeting? - The marketing budget remains around 16% of PVD products, with a focus on optimizing resources for different markets [35][37]