Core Viewpoint - The company reported better-than-expected adjusted net profit for 1H25, driven by a significant increase in high-margin subscription business, despite a sharp decline in beauty solutions revenue [1][2]. Financial Performance - 1H25 revenue increased by 12.3% to 1.82 billion, lower than expectations due to an 89% drop in beauty solutions revenue [1]. - Adjusted net profit rose by 71.3% to 470 million, attributed to a higher proportion of high-margin subscription services [1]. - Subscription revenue grew by 45.2% to 1.35 billion, driven by an increase in paying users [2]. - The company maintained a dividend payout ratio of 40% of adjusted net profit, transitioning to semi-annual distributions [1]. User Growth and Engagement - The company’s MAU increased by 8.5% to 280 million, with overseas MAU growing by 15.3% to 98 million [1]. - The number of paying members rose by 42.5% to 15.4 million, with a slight increase in the paying rate to 5.5% [1]. - The launch of the AI Agent product, RoboNeo, achieved over 1 million MAU in its first month [1]. Revenue Quality and Cost Management - Gross margin reached 73.6%, up 8.7 percentage points, due to a higher share of high-margin imaging business [2]. - The company expects to maintain a 15% annual growth rate in R&D expenses over the next three years, while sales expenses are projected to stabilize around 16% of core revenue [2]. Profit Forecast and Valuation - Revenue forecasts for 2025 and 2026 were adjusted down by 8% and 4% to 3.9 billion and 4.8 billion, respectively, while adjusted net profit forecasts were raised by 11% and 10% to 900 million and 1.2 billion [2]. - The target price was increased by 50% to 10.8 HKD, reflecting a 4% upside from the current stock price, with the stock trading at 45/35 times 2025 and 2026 Non-IFRS P/E [2].
美图公司(01357.HK)：订阅保持高速增长 AI持续赋能