Group 1 - Meitu Company (01357) saw its stock price rise over 7% in early trading, currently at 11.33 HKD with a trading volume of 1 billion HKD [1] - MSCI announced that Meitu will be included in the MSCI China Index, effective after market close today, August 26 [1] - For the first half of the year, Meitu reported revenue of 1.821 billion RMB, a year-on-year increase of 12.34%, and a net profit attributable to shareholders of 397 million RMB, up 30.84% year-on-year [1] Group 2 - The revenue growth is primarily driven by the rapid increase in subscription-based imaging and design products [1] - Morgan Stanley's report indicates that Meitu aims to increase its total paid ratio to 8-10% from 2025 to 2028, suggesting a potential doubling of subscription revenue compared to 4.7% in 2024 [1] - The company is also rebuilding its overseas lifestyle product line to target the US and EU markets, with a current paid ratio of about 50% in the US market [1] Group 3 - Morgan Stanley is optimistic about Meitu's long-term growth potential, citing clear development paths, focused strategic positioning, and the use of generative AI [1] - The firm reiterated its "Overweight" rating and raised the target price from 14.4 HKD to 15.7 HKD, reflecting an expected dynamic P/E ratio of 1.6 times for next year [1] - This adjustment is based on management's upward revision of the 2025 net profit guidance by approximately 11% [1]

Core Insights - Meitu aims to double its overall paid user rate from 4.7% in 2024 to 8-10% within three years, which could significantly boost its subscription revenue [1][2] - The company is shifting its overseas strategy to focus on both user growth and monetization, particularly in the US and EU markets, leveraging the popularity of TikTok [1][10] - Morgan Stanley has raised Meitu's target price by 9% to HKD 15.7, maintaining an "overweight" rating due to the company's potential for long-term growth [1] Financial Goals - Meitu's management has set a clear financial target to increase the overall paid user rate to 8-10% by 2025-2028, a significant increase from the current 4.7% [2] - Long-term goals include achieving over 10% paid rate for leisure products and over 20% for productivity tools [2] Cost Management and Investment - The company plans to maintain sales and marketing expenses at around 16% of its revenue from images, videos, design, and advertising while increasing R&D spending by approximately 15% annually over the next three years [4] User Growth Strategy - Meitu's product strategy is characterized by a "dual engine" approach: driving user growth in overseas markets while maximizing user value domestically [5] - The domestic market focuses on increasing paid rates and average revenue per paying user (ARPPU), while the overseas market aims to boost monthly active users (MAU) [10] AI Integration - The AI tool RoboNeo is expected to enhance personalized recommendations, thereby accelerating the increase in paid user rates [8] - RoboNeo will be launched as an independent productivity application and integrated into other Meitu applications starting September 2025 [8] Strategic Partnerships - Collaboration with Alibaba is seen as a key to unlocking new revenue streams, with projects like AI Try-on set to launch in late 2025 [9] - The partnership will allow users to make purchases on Alibaba's platform after using Meitu's applications, generating revenue through a revenue-sharing model [9] Market Dynamics - The report highlights that the acceptance of image and video editing among the younger generation in the West is increasing, which could drive MAU growth for Meitu's applications [10] - The company is restructuring its core applications in the US and EU to focus on MAU growth rather than just paid users [10]

香港联交所最新数据显示，8月21日，董事长吴泽源增持美图公司(01357)70万股，每股作价10港元，总 金额为700万港元。增持后最新持股数目约5.89亿股，持股比例为12.89%。 ...

智通财经APP获悉，香港联交所最新数据显示，8月21日，董事长吴泽源增持美图公司(01357)70万股， 每股作价10港元，总金额为700万港元。增持后最新持股数目约5.89亿股，持股比例为12.89%。 ...

Group 1 - Morgan Stanley's long position in Meitu increased from 5.72% to 6.29% as of August 20, 2025 [1]

| 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： 2025-08-25 | | | | [Table_BaseData] 收盘价（港元） | 10.63 | | | 近 12 个月最高/最低（港元） 12.08/1.95 | | | | 总股本（百万股） | | 4,566 | | 流通股本（百万股） | | 4,566 | | 流通股比例（%） | 100.00 | | | 总市值（亿港元） | | 485 | | 流通市值（亿港元） | | 485 | [公司价格与恒生指数走势比较 Table_Chart] [Table_Author] 分析师：金荣 执业证书号：S0010521080002 邮箱：jinrong@hazq.com -34% -14% 7% 27% 8/23 2/24 8/24 美图公司 恒生指数 -50% 0% 50% 100% 24/03 24/07 24/11 25/03 美图公司 恒生指数 -50% 0% 50% 100% 24/03 24/07 24/11 25/03 美图公司 恒生指数 -50% 150% ...

美图公司(01357) 公司研究/公司点评 业绩表现亮眼，AI 驱动业务持续增长 ——美图（1357）2025 半年报业绩点评 ◼ 事件描述 美图公司发布 2025 年中期财报。美图公司 2025 年上半年营业收入为 18.21 亿元，同比增长 12.3%；经调整归母净利润为 4.67 亿元，同比增 加 71.3%。 ◼ 核心观点 MAU 和付费订阅用户同比增长，带动公司影像与设计产品业务收入 高增。2025 年上半年，截至 6 月 30 日，月活跃用户总数达到 2.8 亿， 同比增长 8.5%。付费订阅用户数达约 1540 万，付费订阅渗透率达 5.5%。中国内地以外的市场 MAU 同比增长 15.3%到 9800 万。美图此 次业绩增长来自于核心主营业务在 AI 赋能下的快速增长：带动影像 与设计产品业务营收达 13.51 亿元，同比增 45.2%。 广告行业保持稳健增长。2025 年上半年，公司广告业务实现收入 4.3 亿元，同比增长 5%。主要主要收入产自程序化广告和品牌广告。在程 序化广告方面，公司已与多家领先广告网络平台建立长期合作关系， 通过自主运营的竞价平台实现高效广告竞价。品牌广告方面，除传 ...

机构：申万宏源研究 研究员：林起贤/夏嘉励 事件： 公司25H1 实现营收18.2 亿元，同比增长12.3%；调整后归母净利润4.7 亿元，同比增长71.3%（此前预 告为65-72%增长，接近预告区间上限）。 增设中期分红，现金派发每股0.045 港元中期股息。 投资要点： 从MAU 看，当前重点拓展的生产力场景及海外增长较快。根据公司财报，25H1 整体MAU为2.8 亿，同 比增长8.5%；分场景，生活场景应用（toC）同比增长7.5%，生产力工具（toB）同比增长21.1%；分区 域，国内同比增长5.2%，海外同比增长15.3%。 付费用户增长加速。根据公司财报，25H1 期末付费用户1540 万，同比增长42%；本期净增280 万 （24H1/24H2 净增分别为170 万/180 万）。对应付费率5.5%，环比提升0.8pct（24H1/H2 均环比提升 0.5pct）。分场景，生活付费率5.3%，生产力付费率7.8%。基于期初期末付费用户算，月ARPPU 为 16.1%，同比增长3%。 聚焦核心业务，非核心业务收缩。根据公司财报，25H1 影像与设计产品收入同比增长45%，收入占比 已提升至74 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a revenue of 1.82 billion RMB for H1 2025, representing a year-on-year growth of 12.3%, and an adjusted net profit of 470 million RMB, which is a 71.3% increase [7] - The company has initiated a mid-term dividend, distributing 0.045 HKD per share [7] - The company is focusing on core business areas, with significant growth in paid user numbers and improvements in profitability [7] Financial Data and Profit Forecast - Revenue projections are as follows: - 2023: 2,696 million RMB - 2024: 3,341 million RMB - 2025E: 3,899 million RMB - 2026E: 4,792 million RMB - 2027E: 5,628 million RMB - Year-on-year growth rates for revenue are projected at 29% for 2023, 24% for 2024, 17% for 2025, 23% for 2026, and 17% for 2027 [3] - Adjusted net profit forecasts are as follows: - 2023: 368 million RMB - 2024: 586 million RMB - 2025E: 942 million RMB - 2026E: 1,330 million RMB - 2027E: 1,685 million RMB - Year-on-year growth rates for adjusted net profit are projected at 233% for 2023, 59% for 2024, 61% for 2025, 41% for 2026, and 27% for 2027 [3] User Growth and Market Performance - The company reported a total MAU of 280 million for H1 2025, with a year-on-year growth of 8.5% [7] - The number of paid users reached 15.4 million, a 42% increase year-on-year, with a net increase of 2.8 million users [7] - The company’s focus on productivity tools and overseas growth is yielding positive results, with overseas MAU growth at 15.3% [7] Business Structure and Profitability - The company has seen a 45% increase in revenue from imaging and design products, which now account for 74% of total revenue [7] - The overall gross margin is reported at 74%, with adjusted net profit margin at 26% [7] - The company is experiencing scale effects, with operating expenses growing at a slower rate than core business revenue [7] Management and Governance - The chairman of the company has increased his shareholding by acquiring 700,000 shares, maintaining a consistent trend of share accumulation since 2018 [7] - The company is viewed as a strong player in AI applications, with improvements in governance and product capabilities [7]

Macro Insights - The economic growth rate in August is expected to be supported by exports and consumption policies, despite a significant slowdown in the real estate sector, with a target of 5% annual growth remaining achievable [1][15][12] - The industrial added value in July grew by 5.7% year-on-year, with the manufacturing sector showing resilience, particularly in high-tech products and equipment manufacturing [12][13] - Fixed asset investment growth slowed to 1.6% year-on-year in the first seven months, primarily due to a decline in real estate investment, which fell by 12% [13][14] Strategy Insights - Current channels for resident capital entering the market include increasing financing balances and active personal investor accounts, leading to a positive feedback loop in the market [2] - The "anti-involution" market trend can be analyzed through policy expectations and real-world transmission, indicating a shift from theme-driven to profit-driven market dynamics [2] - The technology and small-cap sectors are expected to continue outperforming as more external funds enter the market [2] Industry Reports - The consumer electronics sector is anticipated to see significant opportunities with the upcoming release of new products, particularly in AI-related applications [8] - The coal mining industry is experiencing a continuous improvement in fundamentals, with the price of thermal coal expected to rise [8] - The healthcare sector, particularly innovative drugs, is projected to maintain a positive outlook due to improved profitability [8]