Core Viewpoint - The company reported a revenue of 1.82 billion RMB for H1 2025, a year-on-year increase of 12.3%, which was below market expectations primarily due to a significant contraction in beauty industry solutions [1] - The adjusted net profit attributable to the parent company reached 467 million RMB, reflecting a year-on-year growth of 71.3%, indicating the effectiveness of the company's "productivity and globalization" strategy [1] Revenue Performance - The imaging and design products generated 1.35 billion RMB in revenue, a year-on-year increase of 45.2%, driven by the growth in paid subscription users [1] - The total number of paid subscription users reached 15.4 million, a year-on-year increase of 42%, with a penetration rate of 5.5% [1] - Advertising revenue grew by 5% to 430 million RMB, while revenue from beauty industry solutions declined by 88.9% to 30.1 million RMB due to the company's strategic contraction in this area [1][2] Cost Management - Sales expenses increased by 43.1% to 293 million RMB, primarily directed towards overseas lifestyle products and domestic productivity and lifestyle product promotions [2] - R&D expenses saw a slight increase of 6.1% to 451 million RMB, focusing on a combination of open-source model fine-tuning and self-developed vertical models [2] - Management expenses rose by 23.2% to 219 million RMB, attributed to increased equity incentive costs [2] Strategic Collaborations - The company is focusing on the commercialization progress of RoboNeo and its collaboration with Alibaba, which includes optimizing product effects and launching AI fitting features [3] - RoboNeo achieved over one million MAU shortly after its launch, with plans to introduce a complete subscription and purchase mechanism by late August or early September [3] Investment Outlook - The company is focusing on subscription growth, with high-margin subscription business increasing its share, and effective cost management leading to revised profit forecasts for 2025-2027 [4] - The adjusted net profit estimates for 2025, 2026, and 2027 have been raised to 960 million, 1.24 billion, and 1.52 billion RMB respectively, reflecting increases of 13%, 9%, and 7% [4]
美图公司(1357.HK)：订阅收入增长强劲 关注AI新品及功能推出