Group 1 - Generative AI (GenAI) is expected to significantly reshape global productivity, industry dynamics, and regional economies over the next decade, with a focus on its impact on total factor productivity (TFP) across various sectors [1][4][22] - The healthcare sector is projected to be the largest beneficiary of GenAI, with TFP growth estimated between 1.2% and 2.5% by 2033, driven by advancements in diagnostics, patient management, and operational efficiencies [2][35] - Advanced manufacturing, particularly in computer and medical equipment, is also set to experience substantial TFP gains, estimated at 1.0% to 2.4%, as GenAI transforms production processes and supply chain management [3][35] Group 2 - Developed regions such as Asia-Pacific, Western Europe, and North America are expected to see the most significant GDP growth due to GenAI, with increases ranging from 1.0% to 2.3% in these areas by 2033 [4][22] - In contrast, regions like South Asia and Sub-Saharan Africa are anticipated to experience limited GDP growth, with TFP improvements only between 0.05% and 0.1%, due to weaker technological infrastructure and talent shortages [4][8] - The report highlights that GenAI's influence extends beyond direct productivity gains, as it also affects trade and capital flows, creating a cycle of economic expansion in regions that rapidly adopt these technologies [5][22] Group 3 - The report indicates a widening gap between industries benefiting from GenAI and those lagging behind, with sectors like education, public administration, and professional services also poised for significant productivity enhancements [6][22] - Conversely, industries such as agriculture, construction, and traditional mining are expected to see modest TFP growth, ranging from 0.2% to 1.0%, due to their lower labor cost structures and higher dependency on manual processes [6][22] - The spillover effects of GenAI are noted, where industries with limited direct application can still benefit indirectly from growth in manufacturing and services, leading to increased demand in sectors like real estate and utilities [6][8] Group 4 - The uneven distribution of GenAI's productivity benefits is reshaping global competitiveness, with Western economies likely to achieve TFP increases of 0.9% to 1.8%, primarily in healthcare and manufacturing [7][22] - Emerging markets in Central and Eastern Europe, Latin America, and ASEAN are expected to see moderate TFP growth of 0.3% to 0.7%, often through the adoption of GenAI technologies in manufacturing processes [7][8] - The report emphasizes that regions with lower capital mobility may find new opportunities in traditional sectors as demand for basic products rises in developed countries focusing on GenAI-intensive industries [8][22]

上 市 公 司 计算机 2025 年 06 月 20 日 美图公司 (01357) —— AI 与美学交融，国内影像领军新成长（GenAI 系列 之 60） 报告原因：首次覆盖 买入（首次评级） | 市场数据： | 2025 年 06 月 19 日 | | --- | --- | | 收盘价（港币） | 7.66 | | 恒生中国企业指数 | 8410.94 | | 52 周最高/最低（港币） | 8.36/2.07 | | H 股市值（亿港币） | 349.77 | | 流通 H 股（百万股） | 4,566.18 | | 汇率（人民币/港币） | 1.0944 | 一年内股价与基准指数对比走势： -21% 479% 06/19 07/19 08/19 09/19 10/19 11/19 12/19 01/19 02/19 03/19 04/19 05/19 06/19 HSCEI 美图公司 资料来源：Bloomberg 财务数据及盈利预测 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业 ...

Financial Data and Key Metrics Changes - The company recorded a gross booking value of $9.8 billion for fiscal year 2025, representing a year-on-year growth rate of 25.9% in constant currency terms [6] - Adjusted operating profit reached an all-time high of $167.3 million, with a year-on-year growth of 34.7% [6][27] - For Q4, gross booking value growth accelerated to 30.4% year-on-year in constant currency terms, while adjusted operating profit grew at a rate of 37.9% year-on-year [6][29] Business Line Data and Key Metrics Changes - The international air ticketing revenue grew by over 33% year-on-year, significantly outpacing industry growth [10] - The international hotels revenue grew by over 65% year-on-year, making it one of the fastest-growing segments [10] - The air ticketing business gross booking value grew by 24.3% year-on-year in constant currency terms for Q4 [11] - The hotels and packages business gross booking value grew by 27.7% year-on-year in constant currency terms for Q4 [12] Market Data and Key Metrics Changes - International air ticketing revenue now contributes 25% to overall revenue, up from 22% in fiscal year 2024 [10] - Domestic departures crossed pre-pandemic levels, while international departures grew by 18.5% year-on-year [11] - The online penetration in international air ticketing is steadily increasing, aiding gross booking value growth [11] Company Strategy and Development Direction - The company is focusing on enhancing customer experience through generative AI innovations and a connected trip strategy [8][10] - The introduction of Myra.ai, a trip planning chatbot, aims to simplify trip discovery and booking [7] - The company is targeting the underpenetrated international outbound market as a growth opportunity [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about recovering lost momentum following recent geopolitical disruptions [23] - The company remains focused on driving growth in the twenties and does not foresee a slowdown in growth trajectory [40][41] - Management emphasized the importance of agility in responding to macroeconomic changes [24] Other Important Information - The company added over 9 million customers during the year, bringing the lifetime transacted user base to 82 million [6] - The corporate travel business is witnessing strong growth, with active corporate customer counts increasing significantly [22] - The company has deployed approximately $21.7 million in a share repurchase program [33] Q&A Session Summary Question: Selling and marketing expenses strategy - Management plans to maintain marketing expenses around 5% of GMV while investing in ancillary travel services and geographic expansion [36][38] Question: Industry growth rate outlook - The company aims to continue growing faster than the industry, targeting a similar growth trajectory in the coming years despite temporary macro-related impacts [40][41] Question: Competition from generative AI - Management is confident in leveraging their rich data and speed to stay ahead of potential competition in the AI space [44][45] Question: Competition landscape in India - The company views the overall travel market as large with significant headroom for growth, and does not see direct bookings as competition [62][63] Question: Margin guidance and buyback strategy - The company aims to stabilize margins in the 1.8% to 2% range and will continue to be opportunistic with buybacks based on market conditions [72][78]

Core Insights - The report emphasizes the urgent need for communications service providers (CSPs) to transition from network-centric to service-centric operations to enhance customer experience and operational efficiency [1][17][29] - Autonomous operations (AO) and autonomous networks (AN) are identified as foundational elements for this transformation, enabling CSPs to automate processes and improve service delivery [18][37] - The integration of new technologies such as AI, digital twins, and generative AI (GenAI) is crucial for driving this transformation and measuring service value [2][25][60] Industry Landscape - CSPs are facing increased complexity in network and service operations, necessitating a shift in business models to meet evolving customer expectations [17][50] - The report outlines a six-step maturity model for assessing the progress of CSPs in adopting autonomous networks, which is essential for achieving service-centric operations [38][42] - Market challenges include rising operational costs, regulatory pressures, and the need for cultural shifts within organizations to embrace digital transformation [46][50] Defining New Values and Metrics - The report proposes a framework for establishing new value metrics that focus on customer experience and operational efficiency, moving beyond traditional network performance indicators [24][94] - The Evaluate, Operate, and Transfer (E.O.T.) model is introduced as a roadmap for CSPs to align their transformation efforts with business objectives and measure outcomes effectively [109][110] - New value metrics are categorized into service availability, SLA compliance, and customer satisfaction, providing a comprehensive approach to measuring service performance [2][24][94] Transformation Approaches - A suggested transformation framework emphasizes the need for CSPs to adopt a holistic approach that integrates technology, processes, and organizational culture [3][14] - The report highlights successful case studies from CSPs like Orange and China Mobile, showcasing how they have leveraged new technologies to enhance service delivery and operational efficiency [2][15][31] - The importance of collaboration between network operations centers (NOCs) and service operations centers (SOCs) is stressed to improve customer experience and operational outcomes [20][21][35] Technology Evolution - The report identifies six dimensions of technology evolution necessary for supporting service-centric operations, including AI-driven automation and intent-based management [54][60] - Digital twins are highlighted as a powerful tool for real-time monitoring and predictive analysis, enabling CSPs to enhance service quality and operational resilience [83][85] - The integration of AI and GenAI is positioned as a key driver for operational efficiency, allowing CSPs to proactively address service issues and optimize resource allocation [62][66][74]

Core Insights - The article emphasizes the explosive growth of AI-native applications, which are becoming core elements in various application scenarios [1][3] - The arrival of the AI-native era is marked by significant advancements, such as OpenAI's release of GPT-4o's native image generation capabilities, which allows for integrated text-to-image processing without external API calls [3] - The market outlook for generative AI (GenAI) is optimistic, with Gartner predicting global spending on GenAI to reach $644 billion by 2025, a year-on-year growth of 76.4% [3] Group 1: AI Native Application Growth - AI-native applications have seen a remarkable increase, with monthly active users of domestic AI-native apps surpassing 120 million in December last year, representing a year-on-year growth of 232% [3] - The AI-native applications are reshaping industry landscapes at an astonishing pace, impacting sectors from medical diagnostics to industrial manufacturing and personal assistance [3] Group 2: Innovation and Evaluation - The "2025 AI Native Application Innovation Case" selection event initiated by 36Kr has garnered widespread attention, receiving nearly a hundred submissions across various application scenarios, showcasing the extensive deployment and deep penetration of AI-native applications [4] - A panel of industry experts, seasoned investors, and scholars was invited to ensure a professional, rigorous, and fair evaluation process, assessing cases based on technical innovation, application effectiveness, demonstration effects, and social value [4] Group 3: Selected Cases and Characteristics - After multiple rounds of screening and comprehensive evaluation, 45 outstanding AI-native application innovation cases were selected [5] - The selected cases exhibit characteristics such as accelerated cross-domain integration, deep engagement with industry pain points, enhanced user experience and personalized services, and strong technological support and innovation ecosystem construction [67][68]

Financial Performance Highlights - The company achieved a record value of new business (VOMB) growth of 18%, reaching $4,700,000,000, driven by strong performance across all segments [2][28] - Embedded value (EV) equity increased by 9% per share to $71,600,000,000 after returning $6,500,000,000 to shareholders [3][52] - Operating profit after tax rose by 12% per share, with underlying free surplus generation (UFSG) growing by 10% per share [3][29] - The final dividend per share was increased by 10%, and a new share buyback of $1,600,000,000 was announced [3][29] Business Line Performance - The Premier Agency contributed 74% of the VOMB, with a growth of 16% driven by increased activity and productivity [4][5] - Partnerships saw a significant increase in VOMB, up 28% to $1,300,000,000, with bank assurance growing by 39% [6][8] - AIA Hong Kong delivered a record VOMB of $1,800,000,000, up 23%, supported by strong sales from both domestic and mainland Chinese visitor segments [8][10] Market Performance - AIA China achieved 20% growth in VOMB to over $1,200,000,000, demonstrating resilience in a challenging environment [10][12] - ASEAN markets collectively generated over $1,700,000,000 in VOMB, reflecting a 15% increase, with strong performances from Thailand, Singapore, and Malaysia [17][18] - The joint venture in India, Tata AIA Life, reported over 20% growth in VOMB, maintaining its position as a market leader [19][20] Company Strategy and Industry Competition - The company focuses on a premier agency strategy to enhance customer satisfaction and agent performance, creating a self-reinforcing cycle of growth [5][6] - AIA's technology investments, particularly in AI and advanced analytics, are aimed at improving operational efficiency and customer engagement [22][24] - The company is well-positioned to capture growth opportunities in Asia's dynamic insurance market, driven by rising populations and increasing wealth [20][21] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential in China, highlighting the robust demand for products and services [60][66] - The company is optimistic about sustaining growth momentum, particularly in the agency and bank assurance channels [63][66] - The strategic focus on technology and digital capabilities is expected to enhance operational efficiency and customer experience [22][24] Other Important Information - The company has established branches in five additional regions in China, significantly expanding its addressable market [15][17] - AIA's investment in technology has resulted in annual benefits of approximately $180,000,000 in claims and operational efficiencies [24][74] - The company has returned over $18,000,000,000 to shareholders since 2022 through dividends and share buybacks [77][50] Q&A Session Summary Question: Insights on China’s growth sustainability and licensing - Management indicated that the growth rate in China is expected to be significantly higher than the reported 20%, with a strong recruitment momentum in the agency channel [57][62] - The company anticipates maintaining a pace of one to two new provincial licenses per year moving forward [68] Question: Technology investment and ROI - The company has invested close to $1,000,000,000 in technology over the past few years, with plans to focus on embedding generative AI across all business aspects [69][75] - Significant operational efficiencies have been realized, with a reduction in unit costs by 43% over four years [74] Question: Shareholder capital ratio and free surplus - The decrease in shareholder capital ratio was primarily due to the buyback program, with required capital increasing due to new business growth [78][79] - Management emphasized the attractiveness of investing in new business, which continues to yield returns over 20% [79]