【美图公司（1357.HK）】应用与模型同步迭代，关注海外市场及Agent进展——投资者日点评（付天姿/杨朋沛）

Core Viewpoint - The article discusses the recent developments and strategic direction of Meitu, particularly focusing on its product capabilities and market performance in the overseas market, as well as its approach to AI integration and business model evolution [4][5][6]. Group 1: Product Development and Market Performance - Meitu has demonstrated its ability to develop popular features, such as the "AI Group Photo" function, which led to Meitu Xiuxiu ranking first in the App Store overall in 14 European countries and first in category rankings in 28 countries [6]. - The company believes that the success of new features relies on two main factors: the inherent shareability and playability of the function, and collaboration with creators to develop specific gameplay that drives user engagement [6]. Group 2: AI Integration and Competitive Landscape - The company maintains a positive view on the relationship between models and applications, asserting that both will evolve in tandem. In vertical scenarios, model companies struggle to provide comprehensive services, which necessitates deep integration and the establishment of an open ecosystem [5]. - Meitu's strategy includes a phased approach to integrating AI capabilities into its main app, with the first phase focusing on basic agent integration to enhance functionality and material retrieval efficiency, expected to be completed by the end of 2025 [7]. Group 3: Future Business Model - The company plans to maintain a subscription model as the primary revenue stream, emphasizing long-term value for users' imaging needs across both lifestyle and productivity scenarios. The subscription model is expected to remain dominant over the next five years, although the proportion of one-time purchases may gradually increase [7].