Core Viewpoint - The recent launch of the MOKI marketing video feature by Meitu significantly enhances user experience and productivity, with a reported efficiency increase of 200% through a vast library of creative video templates [1]. Group 1: Product Development and User Engagement - MOKI provides a wide range of creative video templates that allow users to easily create personalized marketing videos by simply replacing product images, thus improving content dissemination efficiency [1]. - The platform is applicable in various scenarios, including e-commerce advertising, brand IP development, and social media operations, enabling users to generate short videos suitable for platforms like Douyin and Xiaohongshu [1]. - Meitu's AI image, creative design, and video sectors have shown strong user growth, with monthly active users increasing by 33.1%, 24.8%, and 14.5% respectively as of March 2025 [1]. Group 2: User Growth and Monetization - Meitu's Whee ranks first in user growth for AI image processing, with a compound weekly active user growth of 26% in Q1 [2]. - The company is expanding from lifestyle applications to productivity tools, enhancing its "tools + services" ecosystem, which is driven by long-term user behavior data [2]. - The introduction of new features in Meitu Xiuxiu, such as facial reshaping and 3D body modeling, is expected to drive paid user growth, with an anticipated increase of 3 million paid users in Q1 2025 [2]. Group 3: Financial Projections and Market Position - The company expects a 45% increase in subscription revenue for the year, primarily driven by an increase in paid user penetration, projected to reach 6% in 2025, up 1.3 percentage points year-on-year [2]. - The anticipated net profits for the company from 2025 to 2027 are projected to be 890 million, 1.19 billion, and 1.43 billion yuan respectively, reflecting year-on-year growth rates of 51%, 35%, and 32% [3]. - The company is expected to see significant growth in overseas productivity business, particularly in Southeast Asia, where user growth is occurring with minimal sales expenses [3].
美图公司(01357.HK)：不断深耕垂类功能 AI持续提升产品力 付费用户发展顺利