从运营数据来看，公司月活用户数和付费用户增长顺利。2025H1 美图MAU 2.8 亿，同比+9%。VIP 付 费会员达到1540 万，同比+42%，付费渗透率为5.5%，同比+1.3pct。测算ARRPU 为193 元，同比+3%。 拆分来看，生产力场景进展良好。1）生活场景用户数2.57 亿，同比+8%，订阅用户数1360 万，同比 +30%，付费渗透率5.3%，同比+0.9pct。2）生产力场景用户数2300 万，同比21%，订阅用户180 万，同 比大幅增长90%，付费渗透率7.8%，同比+2.9pct。生产力场景中，开拍进展良好，开拍的订阅用户增速 超过330%；美图设计室的订阅用户同比增长56%。除此以外，开拍在海外MAU 超过国内，但是在商业 化方面，开拍国内付费渗透率达到14%，国外还未大力做变现。 后续观察Agent 变现、阿里合作、海外等商业化进展。1）与阿里合作AI换装功能有望带来收入增量， 通过AI 换衣对淘宝等进行导流。美图与阿里巴巴合作包含①大模型方面，基于通义多模态，万象视频 大模型等基础模型，提升垂类的训练效果；②电商方面，计划联合推出AI 试衣功能，结合美图AI 能力 以及阿 ...

机构：光大证券 研究员：付天姿/杨朋沛 （yoy+39%），"AI 换装""AI 闪光灯"等功能效果进一步提升用户付费意愿；生产力工具付费用户约180 万（yoy+69%），增速更为亮眼，尤其是口播视频产品开拍付费用户同比增长超330%。2）广告收入同 比增长5%至4.3 亿元。3）美业解决方案收入同比下滑88.9%至3010 万元，系公司主动收缩了化妆品供 应链解决方案的业务。 1H25 费用管控良好。1）销售费用同比增长43.1%至2.93 亿元，主要投向海外生活产品及国内生产力与 生活产品推广。2）研发费用同比微增6.1%至4.51 亿元，主要系基础模型训练投入减少，公司聚焦"模 型容器"策略，将开源模型的微调第三方 API 及自研垂直模型结合的组合方式应用到APP 上；若剔除基 础模型训练相关成本，研发费用同比增加14.4%，主要为研发人才投入。3）管理费用同比增长23.2%至 2.19 亿元，系股权激励费用增长。 关注RoboNeo 商业化进展及与阿里合作。阿里合作包括：1）基于通义万相大模型等基础模型优化产品 效果，例如新版动态Emoji；2）电商方面，计划联合推出AI 试衣功能（结合美图AI 识 ...

Core Viewpoint - The company has frequently launched new AI features in the first half of the year, driving significant growth in core C-end product downloads, especially in overseas markets [1][5] - The introduction of the AI agent product RoboNeo aligns with the trend of AI agent applications, providing growth potential for long-term ARPPU [1][5] - The company maintains a positive outlook on AI-driven operational data and performance growth [1][5] Financial Performance - In the first half of 2025, the company achieved revenue of 1.82 billion yuan, a year-on-year increase of 12.3%, with the imaging and design product business generating 1.35 billion yuan, up 45.2% [4] - Adjusted net profit attributable to the parent company reached 460 million yuan, a year-on-year increase of 71.3%, meeting the upper limit of performance forecasts [4] - Gross margin improved significantly to 73.6%, an increase of 8.7 percentage points, primarily due to the higher revenue share from high-margin imaging and design products [4] User Engagement Metrics - The company reported a total MAU of 280 million as of June 2025, a 6.7% increase from December 2024, with domestic MAU at 182 million (up 6.2%) and overseas MAU at 98 million (up 3.7%) [2][3] - The paid membership reached 15.4 million, with a payment rate of 5.5%, an increase of 0.8 percentage points from December 2024 [2][3] AI Product Development - The AI agent product RoboNeo entered the testing phase for C-end users by the end of June, achieving over one million MAU without cross-promotion from other Meitu products [2] - Future integration of RoboNeo into other Meitu products is anticipated as the product matures [2] Strategic Partnerships - The collaboration with Alibaba is progressing in three main areas: model cooperation, e-commerce integration, and cloud service collaboration [3] - The partnership aims to enhance product iteration speed and meet the growing computational demands of AI applications [3] Dividend Announcement - The company plans to distribute an interim dividend of 0.45 HKD per share, totaling approximately 206 million HKD, which represents about 40% of the adjusted net profit for the first half of 2025 [4]

美图公司(01357)发布公告，公司董事会获本公司创始人、董事长及首席执行官吴泽源先生(亦称为：吴 欣鸿先生)(吴先生)告知，吴先生于2025年8月21日于香港联合交易所有限公司公开市场以平均价每股 10.00港元购入本公司股份(股份)70万股(本次增持事项)。 紧接本次增持事项后，吴先生于本公司的合共权益由5.88亿股股份增加至5.887亿股股份，占本公司已发 行股本由约12.88%上升至约12.89%。 董事会获吴先生告知，他对本公司未来业务展望充满信心，且不排除会于适当时候进一步增持本公司股 份。 吴先生从未出售过本公司的任何股份，并且自2018年5月10日起数次增持本公司的股份。连同本次增持 事项，吴先生合共购买了398万股股份。 ...

吴先生从未出售过本公司的任何股份，并且自2018年5月10日起数次增持本公司的股份。连同本次增持 事项，吴先生合共购买了398万股股份。 智通财经APP讯，美图公司(01357)发布公告，公司董事会获本公司创始人、董事长及首席执行官吴泽源 先生(亦称为：吴欣鸿先生)(吴先生)告知，吴先生于2025年8月21日于香港联合交易所有限公司公开市场 以平均价每股10.00港元购入本公司股份(股份)70万股(本次增持事项)。 董事会获吴先生告知，他对本公司未来业务展望充满信心，且不排除会于适当时候进一步增持本公司股 份。 紧接本次增持事项后，吴先生于本公司的合共权益由5.88亿股股份增加至5.887亿股股份，占本公司已发 行股本由约12.88%上升至约12.89%。 ...

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，並明確表示概不會就因本公告全部或任何部分內容而產生或因依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 （於開曼群島註冊成立的有限公司，並以「美圖之家」名稱於香港經營業務） (股份代號:1357) 自願性公告 本公司創始人、董事長及首席執行官增持股份 本公告乃由美图公司（「本公司」）自願作出。 本公司董事會（「董事會」）獲本公司創始人、董事長及首席執行官吳澤源先生（亦稱為：吳 欣鴻先生）（「吳先生」）告知，吳先生於二零二五年八月二十一日於香港聯合交易所有限公司 公開市場以平均價每股10.00港元購入本公司股份（「股份」）700,000股（「本次增持事項」）。 吳先生從未出售過本公司的任何股份，並且自二零一八年五月十日起數次增持本公司的股份。 連同本次增持事項，吳先生合共購買了3,980,000股股份。 緊接本次增持事項後，吳先生於本公司之合共權益由587,996,670股股份增加至588,696,670 股股份，佔本公司已發行股本由約12.88%上升至約12.89％。 董 ...

Group 1: Key Insights on Xtep International - The main brand performance is stable, with significant growth in the professional sports segment, achieving a total revenue of 6.84 billion yuan in H1 2025, a year-on-year increase of 7.1% [3][4] - The professional sports revenue increased by 32.5% to 785 million yuan, contributing to a notable improvement in operating profit margin, which rose by 6.1 percentage points to 10% [4][5] - The company maintains a strong cash position, with net cash increasing by 94.3% to 1.913 billion yuan, indicating stable overall operations [5][6] Group 2: Key Insights on Meitu Inc. - Meitu Inc. reported a revenue of 1.82 billion yuan in H1 2025, reflecting a year-on-year growth of 12.3%, with a gross profit of 1.34 billion yuan and a gross margin of 73.6% [8][9] - The revenue from AI-driven imaging and design products grew by 45.2% to 1.35 billion yuan, driven by an increase in active user base and payment penetration [10] - The company is successfully advancing its globalization strategy, with a 15% year-on-year increase in monthly active users outside mainland China [10] Group 3: Key Insights on Wavelength Optoelectronics - Wavelength Optoelectronics achieved a revenue of 220 million yuan in H1 2025, a year-on-year increase of 17.8%, although net profit decreased by 50.6% to 14 million yuan [12][13] - The company is focusing on the semiconductor and optoelectronic markets, with a significant revenue increase of 99% in semiconductor-related products [14] - The company is expanding its consumer optical products, with AR/VR optical product revenue increasing by 470% [14] Group 4: Key Insights on Dongfang Wealth - Dongfang Wealth reported a total revenue of 6.856 billion yuan in H1 2025, a year-on-year increase of 38.65%, with net profit growing by 35.38% [16][17] - The brokerage and margin financing businesses are the main growth drivers, benefiting from a significant market recovery with a daily average trading volume increase of 61% [17][18] - The company has a solid traffic foundation, with its brokerage, margin financing, and fund distribution businesses showing strong resilience [18] Group 5: Key Insights on Zhongke Feicai - Zhongke Feicai achieved a revenue of 700 million yuan in H1 2025, reflecting a year-on-year growth of 51.4%, with a gross margin of 54.3% [22][23] - The company is expanding its order scale, with inventory and contract liabilities increasing, indicating a positive future performance trend [23][24] - The company is focusing on the development of seven series of equipment, with steady growth in market share for its detection devices [25] Group 6: Key Insights on Tongcheng Travel - Tongcheng Travel reported a revenue of 4.7 billion yuan in Q2 2025, a year-on-year increase of 10%, with adjusted net profit rising by 18% [26][27] - The core online travel platform showed robust growth, with a revenue increase of 14% in transportation ticketing and 15% in accommodation bookings [27][28] - The company is focusing on expanding its user base in lower-tier cities, with a significant portion of new paid users coming from these regions [28] Group 7: Key Insights on Limin Co. - Limin Co. achieved a revenue of 2.452 billion yuan in H1 2025, with a remarkable net profit increase of 747.13% [30][31] - The company is consolidating its position as a leading pesticide manufacturer, with significant price and sales increases for its main products [32][34] - The company is advancing its research and development capabilities, with ongoing collaborations for innovative product development [34][35]

美图公司通过强大的渠道能力和中台体系，在竞争激烈的美颜赛道保持 领先地位，能够灵活应对市场变化并前瞻布局，持续挖掘新的付费功能。 美图区分的三大发展策略包括：海外市场核心产品力运营、生产力工具 "美图设计师"的全球拓展（对标 KAVA）、以及 AI 技术在产品各方面 的持续渗透，提升付费率。 美图区分从流量变现转型为订阅变现，推动整体付费率在 2024 年达到 4.7%，较 2022 年翻倍，订阅收入成为公司收入的主要来源，同时毛利 率从 15%回升至 69%。 美图区分利用 AI 技术进行全线产品升级，如发布"奇想"大模型，提供 视频生成、文生图片等功能，并通过快速实现前沿影像功能保持市场竞 争力。 拍摄美化行业呈现双寡头格局，即"字节系"和"拍摄系"，市场稳定， 用户渗透率维持在 20%-23%之间，美图系在生态链方面占据 55.96% 的市场份额。 Q&A 美图公司 20250820 摘要 从流量变现转型为订阅变现对美图区分带来了显著影响。早期依靠广告流量模 式变现，如售卖手机开瓶广告等形式，而近年来主推订阅付费模式，与用户核 心需求一致，因此用户愿意为好的付费权益买单。截至 2024 年整体付费率达 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][32]. Core Views - The company achieved a total revenue of 1.82 billion yuan in H1 2025, representing a year-on-year growth of 12%, driven by strong growth in imaging product revenue [2][10]. - Adjusted net profit for H1 2025 reached 470 million yuan, a significant increase of 71% year-on-year, with an adjusted net profit margin of 26% [2][10]. - The paid penetration rate reached 5.5%, up 1.3 percentage points year-on-year, indicating successful growth in paid user subscriptions [3][18]. Summary by Sections Financial Performance - Total revenue for H1 2025 was 1.82 billion yuan, with imaging products accounting for 74% of revenue, and a strong growth of 45% in imaging and design product revenue [2][10]. - Gross profit was 1.34 billion yuan, with a gross margin of 74%, an increase of 9 percentage points year-on-year [2][10]. - The company maintained good cost control, with overall expenses increasing by 19% year-on-year, primarily due to continued investment in AI and marketing [2][10]. User Metrics - Monthly active users (MAU) reached 280 million, a 9% increase year-on-year, while VIP paid members grew to 15.4 million, up 42% [3][18]. - The average revenue per paying user (ARRPU) was 193 yuan, reflecting a 3% year-on-year increase [3][18]. Business Segments - Imaging and design product revenue was 1.351 billion yuan, up 45% year-on-year, while advertising revenue grew by 5% to 430 million yuan [2][21]. - The beauty solutions business saw a significant decline of 89%, generating only 30 million yuan in revenue [23]. Future Outlook - The company is focusing on monetization strategies for its AI agent product, roboneo, which has exceeded one million MAU without any marketing [4][22]. - Collaboration with Alibaba on AI fitting features is expected to drive additional revenue through e-commerce integration [4][22]. - The company anticipates continued growth in paid penetration rates, projecting an increase to over 10% in the long term [5][8].

中金发布研报称，考虑美图公司(01357)成本费用控制较好，上调2025/2026年经调整净利润预测11%及 10%，至9亿及12亿元;维持"跑赢行业"评级，上调目标价50%至10.8港元，相当于预测明年经调整市盈 率36倍。 报告指，美图公司上半年收入同比增12.3%至18.2亿元人民币(下同)，经调整净利润同比增71.3%至4.7亿 元，主要因高毛利订阅业务占比提升。美图过去以年度为单位，按经调整净利润的40%分红，公司业绩 会表示，此次将保持该分红比例，但改为中期+年度两次派发，后续需经特别股东大会通过。 ...