AI极速进化的2025年，模型和应用站上对垒的两端。通用模型的快速迭代和功能内化，让率先实现商业化 落地的垂类AI应用遭遇"模型吞噬"的叙事压制，下半年在资本市场表现不佳，板块整体遇冷，个股估值下 滑。 一个最典型的例子是美图。这家经移动互联网时代而来的影像公司，近两年抓住AI风口成功转型AI应用公 司，商业化表现不俗，成为港股AI应用的明星标的，上半年股价一度暴涨超300%。然而，AI影像爆发的当 下，在国内字节推出豆包、海外谷歌发布Nano Banana等标志性节点，每一次巨头厂商的技术溢出，都让作 为垂类应用代表的美图遭遇价值"拷打"。 在垂直赛道具备先发优势的中小型应用公司，究竟有没有护城河？它们怎么应对巨头模型厂商的攻城掠 地？全球竞争下要如何存活并活得更好？以美图为切口，我们试图捕捉垂类应用在AI时代的更多机会与可 能。 01 香蕉豆包，蚕食美图？ 谷歌"香蕉"（Nano Banana大模型）的横空出世，是2025年大模型技术溢出的一个标志性事件。它几乎集合 了AI竞技场所有的噱头：由全球领先的科技巨头开发，杀入大众感知度最强的影像赛道，靠创意玩法掀起 全球浪潮，乃至一举超越霸榜App Store ...

Core Insights - Meitu's revenue for the first half of 2025 reached 1.82 billion RMB, a year-on-year increase of 12.3%, while adjusted net profit attributable to shareholders was 467 million RMB, up 71.3% [1][3] - The company's stock price has surged over 280% year-to-date, reflecting strong market performance [1] Revenue Breakdown - The imaging and design products segment generated 1.35 billion RMB, accounting for 74.2% of total revenue, with a year-on-year growth of 45.2% [4][5] - Advertising revenue was 434 million RMB, making up 23.8% of total revenue, while beauty solutions contributed 30 million RMB, or 1.7% [5] Subscription Growth - As of June 30, 2025, Meitu had approximately 15.4 million paid subscribers, with a penetration rate of 5.5%, marking an over 8-fold increase from 1.7 million in 2020 [4][7] - The rapid growth in paid subscribers is attributed to the increasing acceptance of paid services among Chinese users and the introduction of AI features that enhance user experience [7][8] AI and Product Strategy - Meitu's subscription strategy focuses on delivering core functionalities that meet user needs, leveraging AI to improve user experience and drive subscription growth [9][10] - The company emphasizes the importance of staying alert to rapid changes in AI technology, with a need for continuous innovation [11] Market Positioning - Meitu aims to capture the "big C, small B" market, targeting non-professional users who require efficient design solutions, such as e-commerce sellers [18] - The introduction of products like RoboNeo, which integrates various functionalities, is expected to enhance user experience and drive subscription rates [18][19] Global Expansion - Meitu's localized strategies have contributed to its success in international markets, with a focus on understanding regional aesthetic preferences [14] - The company is positioned to unlock significant growth in the productivity tools market, with expectations of accelerated monetization starting in 2026 [16][17]