智通财经APP获悉，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。 ...

华泰证券发表研报指，美图上半年收入18.2亿元，按年增长12.3%，核心主业影像与设计产品收入13.5 亿元，按年增长45.2%，符合预期。经调整净利润为4.7亿元，超预期10%，达到业绩预告上限。核心驱 动付费用户数达1540万，按年增长42%，付费渗透率达5.5%。该行看好美图的长期前景，目标价由7.48 港元上调至12.83港元，评级"买入"。 ...

（图片来源：摄图网） 美图CFO兼公司秘书颜劲良在业绩会上表示，生成式AI可以更高效地解决一些用户过去无法用传统影像工具 解决的痛点，大幅提升了用户的订阅意愿。未来，美图的增长战略是AI驱动的生产力和全球化。 美图的案例证明，生成式AI的真正价值不在于制造概念，而在于解决真实痛点。当传统互联网企业还在流 量红海中挣扎时，美图通过AI技术重构了用户价值曲线：将离散的编辑工具升级为智能创作平台，把一次 性软件销售转化为持续订阅服务。这种转变不仅带来财务数据的跃升，更重要的是建立了技术驱动的新型竞 争壁垒。 站在2025年的时点回望，美图的复兴之路揭示了一个深刻启示：在AI重构产业规则的时代，没有永远的"旧 时代"企业，只有不愿拥抱变革的守成者。 生成式AI产业是当今科技领域最具潜力和创新性的前沿领域之一，正以惊人的速度蓬勃发展。它通过深度 学习算法，能够生成文本、图像、音频等多种形式的内容，极大地拓展了人工智能的应用边界。从内容创作 到设计辅助，从虚拟现实到智能客服，生成式AI正在为各行业带来前所未有的变革。美图公司通过AI工具 矩阵的成功应用，不仅提升了用户体验，还实现了商业价值的飞跃，这正是生成式AI产业潜力 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3]. Core Insights - The company reported a 12.3% year-on-year revenue growth to RMB 1.821 billion and a 71.3% increase in adjusted net profit to RMB 467 million for the first half of 2025, with a mid-term dividend of HKD 0.045 per share [1][6]. - The core imaging and design products achieved a revenue of RMB 1.351 billion, a 45% year-on-year increase, driven by the growth in the number of paying users [2][6]. - The company has seen a significant increase in its global user base, with MAU outside mainland China growing by 15.3% year-on-year to 98 million, accounting for 35% of total users [2][6]. Financial Performance - The overall product paying rate reached 5.5%, up 0.8 percentage points from the end of 2024, with the number of paying users increasing by 42% to 15.4 million [2][6]. - Advertising revenue grew by 5% to RMB 434 million, primarily due to the increase in overseas programmatic advertising revenue [2][6]. - The company’s gross profit increased by 27.3% year-on-year to RMB 1.34 billion, with a gross margin rising by 8.7 percentage points to 73.6% [6][9]. Business Strategy - The company is focusing on dual growth drivers from lifestyle and productivity applications, with the launch of AI design assistant RoboNeo expected to enhance user engagement and conversion rates [7][8]. - A strategic partnership with Alibaba involves a USD 250 million investment, aiming to deepen collaboration in AI technology, e-commerce, and cloud computing [8][9]. - The report anticipates continued revenue growth, projecting total revenue of RMB 4.035 billion, RMB 4.950 billion, and RMB 5.847 billion for 2025, 2026, and 2027 respectively [9][11].

8月18日，美图公司（01357.HK）发布2025年半年度财报，公司实现营业收入18亿元，同比增长 12.3％；实现归母净利润3.97亿元，同比增长30.8%；实现经调整归母净利润4.67亿元，同比增长 71.3％。 美图公司表示，业绩增长主要得益于AI技术的突破性应用和全球付费订阅用户规模的显著提升。上半 年美图公司的影像与设计产品业务收入为13.5亿元，同比增长45.2%，占总收入的74.2%。截至2025年6 月，公司付费订阅用户数达1540万，同比增长超42%。其中180万主要来自生产力工具产品，其余1360 万来自生活场景应用产品。 美图公司创始人、董事长兼首席执行官吴欣鸿在当日举行的业绩说明会上表示，公司2025年6月的MAU 达到2.8亿，同比增长8.5%。其中，国际市场的MAU达到9800万，同比增速为15.3%。美图公司从用户 需求出发，以AI技术作为底座，在上半年推出多个在全球市场火爆的功能。 据悉，美图公司在今年7月推出了一款专注于影像领域的Agent产品——RoboNeo。 展望未来，吴欣鸿表示，RoboNeo不仅将作为独立产品持续演进，公司更计划将其核心能力深度整合至 公司其他产品 ...

机构：中金公司 研究员：肖俨衍/白洋/魏萌 1H25 经调整归母净利润好于我们预期 公司公布1H25 业绩：1H25 收入同增12.3%至18.2 亿元，低于我们预期，主因美业解决方案收入锐减 89%，公司主动收缩化妆品供应链业务以聚焦影像核心赛道；经调整归母净利润同增71.3%至4.7 亿元， 主要系高毛利订阅业务占比提升。公司过去以年度为单位，按调整后归母净利润的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。 发展趋势 付费率超预期提升，生产力海内外均有突破。1H25 公司MAU 同增8.5%至2.8 亿，海外MAU（同增 15.3%至0.98 亿）、生产力MAU（同增21.1%至0.23 亿）延续高增趋势。1H25 公司付费会员数同增 42.5%至1,540 万，付费率环比提升0.8ppt 至5.5%，其中，生产力场景订阅渗透率达8%，开拍、美图设 计室订阅用户延续高增趋势，同时，公司7 月发布的AI Agent产品RoboNeo 首月MAU 破百万，公司预 计3Q 将上线包括订阅、单购的完整的付费机制；海外生产力产品Vmake（专注口播视频 ...

付费率持续提升，全球化及生产力场景打开增量空间，维持"买入"评级影像产品付费订阅率持续提升驱 动增长，毛利率有望持续改善，研发端广泛整合内外部垂类及基础模型，训练成本下降，我们上调公司 2025-2027 年经调整净利润至8.9/11.5/15.1 亿元（ 前值： 8.5/11.4/14.6 亿元）， 对应同比增速 50.7%/29.7%/31.1% ， 对应摊薄后EPS 0.20/0.26/0.34 元， 当前股价对应48.6/37.4/28.5 倍PE。C 端具备 庞大用户基础，影像产品丰富度及易用性抢占心智，B 端切入垂直场景布局，AI 深化驱动付费率持续 提升，积极布局全球扩张，维持"买入"评级。 2025H1 业务调整致收入低于预期，利润高于预期2025H1 公司收入18.2 亿元，YOY+12.3%，低于彭博 一致预期（YOY+24.8%）,源于公司主动收缩低毛利的化妆品供应链业务；经调整归母净利润4.7 亿 元，YOY+71.3%，高于彭博一致预期（YOY+50.9%），源于影像产品业务收入占比提升及引入第三方 模型后训练成本下降带动研发费用率好于预期。（1）收入端： 2025H1 影像与设计产 ...

Core Insights - The article highlights the significant transformation of Meitu, which has successfully leveraged AI technology to achieve substantial profitability, marking its "rebirth" in the competitive landscape of AI applications [1][2][3] Financial Performance - In the first half of 2025, Meitu reported total revenue of 1.8 billion yuan, a year-on-year increase of 12.3%, and an adjusted net profit of 467 million yuan, up 71.3% [1] - For the year 2022, Meitu's total revenue was 2.085 billion yuan with a net profit of 111 million yuan. In 2023, revenue grew to 2.7 billion yuan and net profit surged to 370 million yuan, reflecting a year-on-year growth of 233.2% [2] - By 2024, Meitu's revenue reached 3.34 billion yuan with a net profit of 590 million yuan [2] Business Model Transformation - Meitu has shifted its business model from primarily advertising-based to a subscription-based model, aligning user needs with paid services [2][3] - As of June 2025, Meitu had 15.4 million paid subscription users, with a penetration rate of approximately 5.5% [2] AI Development Strategy - Meitu's unique approach to AI development involves focusing on optimizing open-source models and developing proprietary models, rather than creating a general-purpose large model [2][3] - The company has introduced several native AI applications, such as Wink and Meitu Design Studio, targeting more vertical markets with higher user value [3] Market Opportunities - Meitu's growth is attributed to capturing AI-related opportunities, maintaining a strong focus on its core business, and pursuing global market expansion [3] - Analysts from Zheshang Securities and UBS highlight that the expansion into overseas markets and productivity tools will enhance Meitu's monthly active users (MAU) and average revenue per paying user (ARPPU), driving revenue growth in imaging and design products [4]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company achieved a revenue of 1.82 billion RMB in 25H1, representing a year-on-year growth of 12.3%, which was below market expectations due to a significant contraction in beauty industry solutions [1] - Gross profit reached 1.34 billion RMB, up 27.3%, with a gross margin increase of 8.7 percentage points to 73.6%, driven by a higher proportion of revenue from high-margin imaging and design products [1] - Adjusted net profit attributable to the parent company was 467 million RMB, reflecting a year-on-year increase of 71.3%, aligning with the upper end of the company's mid-term performance guidance [1] Revenue Breakdown - Imaging and design products generated 1.35 billion RMB in revenue, a 45.2% increase year-on-year, primarily driven by the growth in paid subscription users [2] - The total monthly active users (MAU) reached 280 million as of June 2025, with a year-on-year growth of 8.5%, including 182 million in the domestic market (up 5.2%) and 98 million in overseas markets (up 15.3%) [2] - Paid subscription users totaled 15.4 million, a 42% increase year-on-year, with a penetration rate of 5.5% [2] - Advertising revenue grew by 5% to 430 million RMB, while beauty industry solutions revenue declined by 88.9% to 30.1 million RMB due to the company's strategic contraction in low-margin business [2] Cost Management - Sales expenses increased by 43.1% to 293 million RMB, mainly directed towards overseas lifestyle products and domestic productivity and lifestyle product promotions [3] - R&D expenses slightly increased by 6.1% to 451 million RMB, focusing on a "model container" strategy [3] - Management expenses rose by 23.2% to 219 million RMB, attributed to increased equity incentive costs [3] Strategic Partnerships - The company is focusing on the commercialization of RoboNeo and collaboration with Alibaba, which includes optimizing product effects based on foundational models and launching AI fitting features [4] - RoboNeo, launched on July 14, quickly surpassed one million MAU without direct traffic from other Meitu products, with a complete subscription and purchase mechanism expected to launch by late August or early September [4] Profit Forecast - The adjusted net profit forecasts for 2025-2027 have been revised upwards to 960 million, 1.24 billion, and 1.52 billion RMB, respectively, reflecting increases of 13%, 9%, and 7% from previous estimates [4]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has shown strong growth in productivity and globalization strategies, with a total MAU of 280 million, representing a year-over-year increase of 8.6%. The international market MAU reached 98 million, up 15.7% year-over-year, while the MAU in mainland China was 182 million, up 5.2% year-over-year [3] - The company has launched the AI Agent product RoboNeo, which achieved over 1 million MAU by August 18, 2025, without any marketing investment, indicating strong product performance [3] - The adjusted net profit forecast for 2025-2027 has been revised upwards to 943 million, 1.183 billion, and 1.515 billion yuan respectively, reflecting the company's strong core business growth and effective cost control [4] Revenue and Profitability - The company reported total revenue of 1.82 billion yuan for the first half of 2025, a year-over-year increase of 12.3%, with adjusted net profit reaching 470 million yuan, up 71.3% year-over-year [9] - The imaging and design business saw significant growth, with revenue of 1.35 billion yuan, up 45.2% year-over-year, driven by AI empowerment and productivity strategies [9] - The gross margin improved to 73.6%, an increase of 8.6 percentage points year-over-year, primarily due to the higher revenue share from the high-margin imaging and design business [9] Financial Projections - The company expects total revenue to grow from 3.34 billion yuan in 2024 to 5.65 billion yuan in 2027, with a compound annual growth rate of approximately 16.59% [1][10] - The adjusted EPS is projected to increase from 0.13 yuan in 2024 to 0.33 yuan in 2027, indicating strong earnings growth potential [1][10] - The adjusted P/E ratio is expected to decrease from 73.28 in 2024 to 28.36 in 2027, suggesting an attractive valuation as earnings grow [1][10]