FIGm（FIG）：AI产品矩阵重塑增长路径，战略性投入着眼长期价值

Investment Rating - The report maintains a "Recommended" investment rating for the industry [10]. Core Insights - Figma's revenue for Q2 2025 reached $249.6 million, representing a 41% year-over-year growth, with a GAAP net profit of $28.2 million [3][4]. - The company is focusing on long-term value through strategic investments in AI products, which are expected to reshape its growth trajectory [3][8]. - Figma's Non-GAAP gross margin for Q2 2025 was 90%, a slight decrease of 2% quarter-over-quarter, attributed to increased costs from new AI products and seasonal marketing expenses [3][4]. Revenue and Profit Performance - The company achieved a quarterly revenue of $249.6 million, a 41% increase year-over-year [3]. - Non-GAAP operating profit for Q2 2025 was $11.5 million, with a gross margin of 5% [3]. - The adjusted free cash flow was $60.6 million, corresponding to a profit margin of 24% [3]. - For Q3 2025, Figma projects revenue between $263 million and $265 million, with an expected year-over-year growth rate of approximately 33% [3]. Customer Metrics and Platform Progress - Figma's annual recurring revenue (ARR) customers exceeding $100,000 grew to 1,119, a 42% increase year-over-year [3]. - The number of customers with ARR over $10,000 reached 11,906, indicating strong customer retention and expansion capabilities [3]. - The net revenue retention rate for customers with ARR greater than $10,000 was 129% [3]. Product Innovation and AI Strategy - Figma launched four new products during the annual Config conference, doubling its product matrix and expanding its platform capabilities [6][7]. - New products include Figma Make, Figma Draw, Figma Sites, and Figma Buzz, aimed at enhancing user experience and collaboration [6][7]. - The integration of AI into these products is expected to lower technical barriers and improve workflow efficiency [6][7]. Investment Recommendations - The report suggests that Figma's long-term growth logic is clear, driven by continuous product innovation and the integration of AI into workflows [8]. - It is recommended to monitor the user adoption rates of new AI products and the progress of the platform strategy in expanding new user groups [8].