Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][7][16] Core Viewpoints - The company is continuously enhancing its vertical functionalities, with AI significantly improving product capabilities and a smooth development of paid user growth [1][6][16] - The recent launch of the MOKI marketing video function on the Meitu video creation platform has introduced a vast library of trending templates, reducing operational barriers and increasing production efficiency by 200% [4][9] - The company is focusing on deepening its expertise in the AIGC sector, with significant user growth in AI image, design, and video applications, ranking high in user growth metrics [5][10][12] Summary by Sections User Growth and Product Development - In Q1 2025, the company saw a 33.1% increase in monthly active users in AI image processing, 24.8% in AI design, and 14.5% in AI video applications, ranking 2nd, 5th, and 6th respectively in user growth [5][10] - The company is extending its product offerings from lifestyle applications to productivity scenarios, building a "tools + services" ecosystem [5][12] Paid User Growth and Revenue Projections - The company expects to add 12.61 million paid users in 2024, with a quarterly increase of approximately 2.92 million, and anticipates over 3 million new paid users in Q1 2025 [6][15] - Subscription revenue is projected to grow by 45% in 2025, driven primarily by an increase in paid penetration rate, expected to reach 6% [6][15] Investment Recommendations - The company is well-positioned for future growth, particularly in productivity scenarios and overseas markets, with a restructured overseas team expected to yield noticeable growth by 2026 [6][16] - Adjusted net profit forecasts for 2025-2027 are 0.89 billion, 1.19 billion, and 1.43 billion respectively, reflecting year-on-year growth of 51%, 35%, and 32% [7][16]

2025 年 5 月 14 日 公司研究 AI 提升产品力，精细化运营促进用户付费 ——美图公司（1357.HK）产品更新点评 要点 美图公司通过 AI 持续构建强大的产品力，旗下部分产品上榜 AI 相关产品榜单： 1）Wink：5 月 7 日，2025 年中国创新力 AI 产品和解决方案 TOP50 出炉，公 司旗下视频编辑产品 Wink 排名 15 位。Wink 主打视频人像超清美颜、具备丰富 的视频和图片美化功能，凭借 AI 特效、AI 动图、转 Live 实况、画质修复等创新 AI 玩法，MAU 实现跨越式增长，截至 24 年 12 月，Wink 全球月活跃用户数突 破约3000万，成长为美图产品矩阵中仅次于美图秀秀和美颜相机的第三大应用。 2）美图设计室：25 年 4 月 AI 产品榜中，美图公司旗下的美图设计室 4 月网站 Web 访问量同比增速达 42.53%，位列国内增速第三，全球增速第六。作为面向 电商场景推出的 AI 设计工具，美图设计室聚焦于电商场景商品营销的各个环节 物料设计，从商品图、模特图生成，到海报设计、修图改图，帮助用户一站式智 能生成商品物料，截至 24 年 12 月，美图设 ...

Group 1 - The current technological revolution and industrial transformation are deepening, with a focus on image and graphics technology as a core technology for smart manufacturing and economic development in China [1][3] - Meitu Inc. won two gold awards in the 2025 image and graphics field rankings, including the Pioneer Enterprise Award and the Innovative Technology Award [1][3] - The rankings aim to identify potential sci-tech enterprises and cutting-edge technological achievements in the image and graphics field, establishing industry benchmarks and promoting innovation and industrial development [3] Group 2 - Meitu Inc. integrates its long-accumulated AI imaging capabilities with user demand, transforming AI technology into tools for daily life and productivity through various products like Meitu Xiuxiu and Meiyan Camera [3] - Industry experts indicate that global technological innovation is accelerating, significantly promoting the commercialization of image and graphics technology, with Meitu leading the rapid development in vertical scenarios [3]

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 ...

智通财经APP获悉，中金发布研报称，考虑到付费用户增长好于预期，上调美图公司(01357)25年收入预 测2%至43亿元，考虑到收入结构占比变化，维持经调整净利润预测8.5亿元;考虑到订阅业务增长好于预 期，且有望带动毛利率提升，以及经营杠杆释放，上调26年收入和经调整净利润7%和13%至50和11亿 元。维持"跑赢行业"评级，给予31倍/24倍25和26年Non-IFRS P/E，维持目标价6.3港元。 中金主要观点如下： 近期，该行邀请美图管理层在2H24业绩后与投资人进行非交易性路演，公司分享了近期核心产品运营 情况，以及对长期业务发展的展望。该行预计25年订阅收入同增40%以上，系付费率和用户增长双轮驱 动： 1)国内生活类场景付费渗透好于预期 2)海外生活类场景用户规模增长加速 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 ...

AI原生应用正迎来爆发式增长， 并逐渐成为各场景应用体验的核心要素。 AI原生时代正在到来。 最终，经过多轮筛选与综合评审，45个优秀AI原生应用创新案例脱颖而出，成功入围。 「2025 AI原生应用创新案例」评选结果 （排名不分先后） 随着DeepSeek等开源框架的突破，AI原生应用创新迭代速度与落地广度显著提升。数据显示，去年12月国内AI原生APP月活已突破1.2亿，同比增长232%。 此外市场对生成式AI（GenAI）的发展前景也十分看好，据Gartner预测，2025年全球生成式AI（GenAI）支出将达6440亿美元，同比增长76.4%。 当前，AI原生应用正迎来爆发式增长，并逐渐成为各场景应用体验的核心要素。从医疗诊断到工业制造，从个人助手到全球产业链升级，AI原生正以惊人 的速度重塑产业格局。 基于此，今年1月，36氪主办发起「2025 AI原生应用创新案例」评选活动，希望 聚焦那些真正能够提质增效、引领行业变革的AI原生产品及应用，寻找那 些率先将AI技术落地于实际场景、创造实际价值的创新实践案例， 为行业提供可参考和借鉴的应用经验。 评选启动后，引起业界的广泛关注，陆续收到近百个申报案例 ...

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]