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美图暴涨300%,风口还是虚火?
创业邦·2025-08-09 04:13

Core Viewpoint - Meitu, once considered a "tear of the times" due to continuous losses and business retreats, has managed to turn around its fortunes through AI, projecting a net profit growth of approximately 65% to 72% year-on-year for the first half of 2025 [6][8]. Group 1: Financial Performance - In 2024, Meitu achieved a profit of 3.3 billion, with monthly active users reaching 266 million, marking it as one of the first domestic applications to profit from AI [6]. - The company's revenue increased from nearly 2.1 billion in 2022 to 2.7 billion in 2023, with net profit rising by 233.2% to 370 million [8][9]. - By 2024, net profit is expected to further increase to 586 million [8]. Group 2: AI Integration - Since late 2022, Meitu has launched a series of AIGC products, forming a three-layer architecture that includes a visual model, AI open platform, and various user-facing applications [9][11]. - The introduction of AI features has significantly boosted user engagement and revenue, with the design studio generating over 200 million in revenue in 2024, doubling year-on-year [9][12]. Group 3: Business Model Transformation - Meitu's revenue sources have shifted, with online advertising previously accounting for 76.9% in 2019, now being surpassed by VIP subscription services, which made up 37.5% of revenue in 2022 [11][12]. - The number of paid subscription users increased from 9.11 million in 2023 to 12.61 million in 2024, with a penetration rate rising from 3.7% to 4.7% [12]. Group 4: Market Position and Competition - Despite a stock price increase of over 300% in 2023, Meitu's market capitalization remains less than one-sixth of Figma's, indicating a need for improved user payment willingness and commercial stickiness [7][23]. - Meitu's AI tools are primarily focused on lightweight applications, lacking the depth of competitors like Figma and MasterGo, which cover full-process creation [11][25]. Group 5: Future Growth Potential - Meitu aims to expand into B-end productivity scenarios, with tools for content creation and commercial design, targeting a new growth curve [13][12]. - The company has formed a strategic partnership with Alibaba, which may help penetrate the B-end market and transition from a "traffic player" to a "value platform" [26].