【美图公司（1357.HK）】AI提升产品力，精细化运营促进用户付费——产品更新点评（付天姿/杨朋沛）

Core Viewpoint - Meitu is leveraging AI to enhance its product capabilities, resulting in significant user growth and revenue increases across its product offerings [3][5]. Group 1: Product Performance - Meitu's video editing product Wink ranked 15th in the 2025 China Innovation AI Products and Solutions TOP 50, achieving a global monthly active user count of approximately 30 million by December 2024 [3]. - The Meitu Design Studio saw a 42.53% year-over-year increase in web traffic as of April 2025, ranking third in domestic growth and sixth globally, with subscription users reaching 1.13 million, a 30% increase year-over-year [3]. - WHEE, an AI visual creation tool, achieved the highest user growth in the AI image processing sector, with a compound growth rate of 26.01% in weekly active users for Q1 2025 [4]. Group 2: Subscription Growth - As of December 2024, Meitu had 12.61 million paid subscribers, a net increase of 3.5 million subscribers year-over-year, with a subscription penetration rate of 4.7% [5]. - The company anticipates a net growth of over 300,000 subscribers across all products in Q1 2025, driven by innovative features and marketing strategies [5]. - Traditional features enhanced by generative AI have contributed significantly to user acquisition, with 72% of new members coming from older paid features [5].