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。 ...

Core Viewpoint - The company, Meitu Inc. (01357), announced that its founder, chairman, and CEO, Mr. Wu Zeyuan, purchased 700,000 shares at an average price of HKD 10.00 per share on August 21, 2025, indicating his confidence in the company's future prospects [1] Shareholding Activity - Mr. Wu has never sold any shares of the company and has increased his holdings multiple times since May 10, 2018 [1] - Including this recent purchase, Mr. Wu has acquired a total of 3.98 million shares [1] - Following this transaction, Mr. Wu's total shareholding increased from 588 million shares to 588.7 million shares, raising his ownership percentage from approximately 12.88% to 12.89% of the company's issued share capital [1] Future Outlook - The board was informed by Mr. Wu that he is optimistic about the company's future business outlook and does not rule out the possibility of further increasing his shareholding at an appropriate time [1]

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 ...

Summary of Meitu Company Conference Call Industry Overview - The beauty and photography enhancement industry is currently stable, characterized by a duopoly between "Byte" and "Photography" systems, with user penetration rates maintained between 20%-23% from Q1 2023 to Q1 2025, indicating a mature market with balanced competition [9][10]. Company Strategies and Developments - Meitu Company maintains a leading position in the competitive beauty enhancement sector through strong channel capabilities and a centralized system, allowing for flexibility in market response and proactive planning [2][5]. - The company has three main development strategies: 1. Core product operation in overseas markets 2. Global expansion of productivity tools like "Meitu Designer" (compared to KAVA) 3. Continuous penetration of AI technology across products to enhance subscription rates [2][5]. Financial Performance - Meitu is transitioning from traffic monetization to subscription monetization, aiming for an overall subscription rate of 4.7% by 2024, doubling from 2022. Subscription revenue is projected to become the main source of income, with gross margins recovering from 15% to 69% [2][6][7]. - Since 2019, subscription revenue has rapidly increased as a proportion of total income, becoming a key pillar of the company's revenue structure [7]. Product and Technology Advancements - AI technology is being utilized for comprehensive product upgrades, including the launch of the "Qixiang" model, which offers features like video generation and text-to-image capabilities, helping maintain market competitiveness [2][8]. - Meitu's core product, Meitu Xiuxiu, holds a dominant market share of approximately 59% in the domestic image editing sector, benefiting from a large and sticky user base [4][11]. Market Position and Competition - Meitu's ecosystem holds a market share of 55.96%, with the "Byte" system following at 22.12%, establishing a strong competitive landscape [10]. - The global creative cloud market is expected to grow significantly, reaching $91 billion by 2027, with Meitu Designer focusing on the e-commerce vertical to reduce design costs for small and medium-sized businesses [4][16]. Future Outlook - Meitu's future focus will shift from advertising to enhancing leading businesses and subscription services, with expectations of strong performance in Southeast Asia due to AI technology [17]. - Collaboration with Alibaba is anticipated to enhance Meitu's technological capabilities and market competitiveness, potentially opening new growth avenues [18]. Long-term Financial Projections - For 2024, domestic and overseas renewal rates are projected at approximately 4% and 5%, respectively, with potential revenue reaching 200 million RMB domestically and 400 million RMB overseas if renewal rates increase [19][20]. Impact of AI on Content Production - The AI era is lowering barriers in content production, and Meitu is positioned to become a significant player in the AIGC field, leveraging its product advantages and rapid response to AI feature iterations [21].

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].

Group 1 - The core viewpoint of the report is that Meitu Inc. (01357) has demonstrated effective cost control, leading to an upward revision of the adjusted net profit forecasts for 2025 and 2026 by 11% and 10%, respectively, to 900 million and 1.2 billion RMB [1] - The report indicates that Meitu's revenue for the first half of the year increased by 12.3% year-on-year to 1.82 billion RMB, while the adjusted net profit surged by 71.3% year-on-year to 470 million RMB, primarily due to a higher proportion of high-margin subscription services [1] - Meitu has historically distributed dividends at 40% of the adjusted net profit on an annual basis, but it will now maintain this payout ratio while changing to semi-annual and annual distributions, pending approval from a special shareholders' meeting [1] Group 2 - The target price for Meitu has been raised by 50% to 10.8 HKD, which corresponds to a projected adjusted price-to-earnings ratio of 36 times for the next year [1]

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。 ...

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].

Core Insights - Meitu Company reported a significant increase in revenue and profit for the first half of 2025, driven by breakthroughs in AI technology and a substantial rise in global paid subscription users [1] Financial Performance - The company achieved a revenue of 1.8 billion yuan, representing a year-on-year growth of 12.3% [1] - The net profit attributable to shareholders reached 397 million yuan, up 30.8% year-on-year [1] - Adjusted net profit attributable to shareholders was 467 million yuan, reflecting a remarkable growth of 71.3% [1] Business Segments - Revenue from imaging and design products amounted to 1.35 billion yuan, marking a year-on-year increase of 45.2%, accounting for 74.2% of total revenue [1] - As of June 2025, the number of paid subscription users reached 15.4 million, a growth of over 42% [1] - Monthly Active Users (MAU) reached 280 million, with a year-on-year growth of 8.5%, while international MAU reached 98 million, growing at 15.3% [1] Product Development - The company launched RoboNeo, a multi-modal AI assistant, which has already surpassed one million MAU and topped category charts in China, Vietnam, and Spain [2] - Future plans include integrating RoboNeo's core capabilities into other products to enhance vertical application scenarios [2] Strategic Partnerships - Meitu is collaborating with Alibaba in areas such as e-commerce, AI technology, and cloud computing [2] - The partnership aims to develop an "AI fitting" feature and enhance online shopping experiences by leveraging Meitu's AI capabilities and Alibaba's clothing resources [2] - The company is also utilizing Alibaba Cloud to meet increasing computational demands for RoboNeo, ensuring product stability [3]