Core Viewpoint - Meitu has experienced a remarkable resurgence, with its stock price soaring 22 times from a historical low of 0.385 HKD to 9 HKD, outperforming even global AI leader Nvidia [4][5][6] Group 1: Company Performance - Meitu's revenue has consistently grown by over 20% annually, with projected revenue of 3.34 billion CNY in 2024, reflecting a year-on-year increase of 23.9% [8] - The company's net profit growth has significantly outpaced revenue growth, with a 233% increase in 2023 and a projected 59.2% increase in 2024 [9] - Meitu's gross margin improved from 56.9% in 2023 to 73.6% in the first half of 2025, surpassing even Microsoft [10] Group 2: AI Transformation - The shift in Meitu's revenue structure is attributed to the rise of AI, with the revenue share from imaging and design products increasing from 49.3% in 2023 to over 74.2% in the first half of 2025 [11] - The company's AI-driven products, such as Meitu Design Studio and BeautyCam, have become key revenue drivers, with Meitu Design Studio alone generating 200 million CNY in 2024 [23] Group 3: Market Position and Trends - The visual tools segment within AI applications is identified as the most lucrative, with 21 out of the top 50 AI applications being visual tools, generating significant revenue [26] - Meitu's historical success in the mobile internet era, driven by its photo editing capabilities, has parallels with its current AI-driven resurgence, although it faces similar risks of rapid market changes [28][29]