根据《证券期货投资者适当性管理办法》及配套指引，本资料仅面向华创证券客户中的金融机构专业投资者，请勿对本资料进行任何形式的 转发。若您不是华创证券客户中的金融机构专业投资者，请勿订阅、接收或使用本资料中的信息。 投资建议： 我们预计公司25-27年营收分别为 10.11、12.86、15.88 亿元，同比增长 32.9%、27.3%、 23.5% ；净利润分别为 0.39、0.83、1.41 亿元，同比增长 186%、111%、69% 。考虑到国内第三方医 学影像市场仍有广阔渗透空间，公司作为国内龙头，三大业务相互协同的商业模式具有稀缺性，并且 在AI影像领域具备领先的数据、场景优势。我们选取PS估值法，参考可比公司2025年PS，我们给予公 司 25年10倍PS ，对应目标市值 110 亿港元，对应目标价约 27.4 港元。首次覆盖，给予" 强推 "评级。 风险提示： 1、医学影像服务收费降价；2、数据合规风险；3、并购整合不及预期；4、AI医学影像落 地不及预期；5、行业竞争加剧。 本资料难以设置访问权限，若给您造成不便，敬请谅解。感谢您的理解与配合。 摘要 行业：第三方医学影像服务潜力巨大，AI全面赋能 ...

6 证券研究报告 点评报告 2025 年 9 月 2 日 晨会纪要 分析师：刘笑瑜 证书编号： S1080525070001 电话：0755-23838239 邮箱：liuxiaoyu@fcsc.com 8 月份国内 65%钨精矿涨幅 32.3%，至 26.25 万元/吨、APT 涨幅 31.6%、碳化钨涨 幅 35.7%、钨粉涨幅 36%，二季度国内 65%钨精矿涨幅超过 80%。我们认为与中国 稀土管制的效果一样，中国对钨金属的管控也将对钨价产生长期的正向刺激。同 时在市场几乎一致预测美联储将在九月份开启降息趋势的前提下，我们认为有色 金属，特别是供给受严格管控的有色金属将长期维持较好的价格趋势，产业链景 气度改善趋势明确。 风险提示： 对上述事件发展趋势的点评，存在由于经济增长、行业竞争、销售不及预期等变 化，而不如预期的可能。 核[心Ta观bl点e_：Summary] 第一创业证券研究所 第 1 页 共 3 页 一、产业综合组： 请务必阅读正文后免责条款部分 晨会纪要 二、先进制造组： 一、比亚迪发布半年报，报告期内，比亚迪实现营收 3713 亿元，同比增长 23%；归母净利润达 155 亿元，同比 ...

8月18日盘后，港股美图公司披露2025年上半年业绩，与往年相比，报告期内，美图的营收增速出现较为明显的放缓。 财报数据显示，今年上半年，美图再度实现营利双增，公司实现营业收入18.21亿元，较上年同期增长12.3%；净利润达3.97亿元，同比增幅为30.8%；经 调整净利润4.67亿元，同比增长71.3％。 | | | 截至6月30日止六個月 | | | | --- | --- | --- | --- | --- | | | 2025年 | | 2024年 | | | | 金和 | 佔總收入 | 金額 | 佔總收入 | | | 人民幣千元 | 百分比 人民幣千元 | | 百分比 | | 影像與設計產品 | 1,351,353 | 74.2% | 930,573 | 57.4% | | 廣告 | 433,549 | 23.8% | 412,914 | 25.5% | | 美業解決方案 | 30,065 | 1.7% | 270.574 | 16.7% | | 其他 | 6,221 | 0.3% | 7.098 | 0.4% | | 위원 글 | 1,821,188 | 100.0% | 1,621,159 | ...

AI技术正持续助力美图公司升级全线产品力、提升用户体验和付费订阅收入。 其中，1360万付费订阅用户来自生活场景应用。作为生活场景应用中的核心产品，2025年上半年，美图 秀秀、美颜相机连续19个半年周期夺得中国图片美化赛道和拍照摄影赛道用户规模第一名，Wink在中 国内地以及全球市场实现月活跃用户和付费订阅用户的高速增长。以美图设计室、开拍为代表的生产力 工具，亦在全球范围内加速增长，付费订阅用户数达180万。 从付费渗透率看，美图的订阅商业模式增速强劲。2025年上半年，美图产品的付费订阅渗透率达 5.5%，印证了AI功能对用户黏性的显著提升。 行业人士分析称，美图付费订阅商业模式跑通，缘于对核心优势的精准把握，形成竞争壁垒。 二是高频AI功能构筑了动态护城河。2022年至今，美图秀秀、美颜相机、Wink等核心产品完成数十次 AI功能更新，从文生图到图生视频持续响应用户需求变化。这种敏捷性使其在AI影像赛道始终保持领 先：当竞品还在打磨基础修图功能时，美图已形成差异化优势。 一是垂直场景的深度渗透。不同于通用大模型的"广而不精"，美图深耕熟悉的影像领域与AI技术深度融 合。例如，其AI修图功能能精准识别不 ...

Summary of Meitu Company Conference Call Industry and Company Overview - The conference call focuses on Meitu Company, which operates in the image processing and design industry, particularly leveraging AI technology for various applications in both consumer (C-end) and business (B-end) markets [2][3][16]. Core Points and Arguments 1. **AI Agent Product Launch**: Meitu launched the AI agent product on July 9, 2025, aimed at enhancing image production efficiency through natural language interaction, allowing users to perform tasks like photo editing, poster design, and promotional video generation [3][15]. 2. **Image Processing Efficiency**: The AI agent significantly improves image processing efficiency and quality, especially in portrait processing, where it can accurately identify facial features and make detailed adjustments [2][4]. 3. **Brand Design Capabilities**: The AI can create high-quality logos and design plans for interior scenes based on minimal user input, showcasing its strong aesthetic capabilities and intelligence [2][7]. 4. **E-commerce Material Production**: The AI enhances the efficiency of producing e-commerce materials, generating high-quality images and videos quickly, which has been applied in women's clothing stores using AI models for product displays [2][11]. 5. **Home Renovation Design**: The AI can design home interiors starting from floor plans, effectively managing functional zoning and lighting systems, although it requires clearer user instructions for detailed adjustments [2][12][13]. 6. **User Experience Advantages**: The AI agent offers a fast response time for image generation, with initial processing times of 3 to 4 seconds per image, even under increased user load [5][8]. 7. **Competitive Landscape**: Despite concerns about increased competition in the image processing sector due to AI advancements, Meitu continues to demonstrate its deep commitment to the field by consistently launching leading products and enhancing its product capabilities [16][17]. 8. **C-end and B-end Market Performance**: Meitu has seen significant growth in the C-end market with popular AI features leading to high conversion rates and increased monthly active users. In the B-end market, strategic partnerships, such as with Alibaba, are expected to drive further growth [18][19]. Other Important but Overlooked Content 1. **Limitations in Detail Adjustments**: While the AI performs well overall, there are minor issues in detail adjustments, such as inconsistencies in body line adjustments, indicating room for improvement in natural language processing [8]. 2. **Future B-end Market Potential**: The shift towards template-based design in the B-end market presents opportunities for growth, with expectations that Meitu can capitalize on this trend to achieve significant market and performance ceilings [19].

Investment Rating - The report does not provide a specific investment rating for the industry as a whole, but it highlights several companies with "Recommended" ratings, including Lante Optics, Sunny Optical Technology, and Hengxuan Technology [4][35]. Core Insights - The report emphasizes the leadership of Insta360 in the global panoramic camera market, with a market share of 67.2% in the consumer-grade segment, significantly ahead of competitors like Ricoh and GoPro [2][21]. - The growth of the outdoor sports and social media sharing trends is driving the demand for action cameras, with the global action camera market experiencing a CAGR of 21.2% from 2017 to 2023 [19]. - The report identifies the rise of AR glasses and panoramic cameras as emerging markets, with key players in the supply chain expected to benefit from this growth [2][30]. Summary by Sections 1. Industry Overview - The panoramic camera market is expanding, with Insta360 leading the consumer-grade segment and a significant portion of its revenue coming from overseas sales, accounting for over 70% in the past three years [1][16]. - The report notes that the global market for panoramic cameras reached 5.03 billion yuan in 2023, with a projected growth to 7.85 billion yuan by 2027 [20]. 2. Company Performance - Insta360's revenue and net profit have shown rapid growth, with a projected revenue of 5.574 billion yuan in 2024, reflecting a year-on-year increase of 53.3% [24]. - The company has established a strong supply chain, with key suppliers like Hongjing Optoelectronics and Sunny Optical Technology benefiting from its growth [30][33]. 3. Investment Recommendations - The report suggests focusing on the AR glasses and panoramic camera supply chain, highlighting brands like Xiaomi and Insta360, as well as manufacturers like Longqi Technology and Lixun Precision [34]. - The report indicates that the integration of AI and AR technologies in smart glasses presents significant long-term growth potential [34].

Core Viewpoint - The company YingShi Innovation (688775.SH) made a remarkable debut on the STAR Market, with a first-day surge of 274.44%, closing at 177 CNY per share, resulting in a market capitalization of 70.977 billion CNY [2]. Company Overview - YingShi Innovation, founded in 2015, specializes in the research and sales of smart imaging devices, including panoramic cameras, action cameras, wearable mini cameras, and professional VR equipment, targeting various scenarios such as outdoor sports, short video creation, VR content production, and conference live streaming [4]. - The company is led by its founder and chairman Liu Jingkang, born in 1991, making him the first "post-90s" founder of a STAR Market company, attracting significant attention from investors [4]. Market Position - YingShi Innovation achieved a global market share of 67.2% in the panoramic camera market as of 2023, establishing itself as a market leader [4]. - The company gained initial recognition in 2016 with the launch of its first consumer-grade panoramic camera, Nano, which became popular due to its user-friendly features [4]. Financial Performance - The company reported revenues of 2.041 billion CNY, 3.636 billion CNY, and 5.574 billion CNY for the years 2022 to 2024, with corresponding net profits of 407 million CNY, 830 million CNY, and 995 million CNY, indicating consistent growth [5]. - In the first quarter of the current year, YingShi Innovation achieved a revenue of 1.355 billion CNY and a net profit of 176 million CNY [5]. Funding and Investment - The company has undergone multiple rounds of financing, attracting investments from notable firms such as IDG Capital, Qiming Venture Partners, and others, resulting in a strong shareholder base [5]. - YingShi Innovation raised 1.938 billion CNY through its STAR Market listing, marking the highest fundraising amount for a company on the STAR Market this year, with funds allocated for the development of a research center in Shenzhen and a smart manufacturing base in Zhuhai [5].

Core Viewpoint - Insta360, a leading smart imaging device company, successfully debuted on the STAR Market with a stock price surge of 276.56%, achieving a market capitalization of 71.38 billion yuan, positioning itself among the top tier of hard tech companies globally [1][3]. Company Overview - Insta360 specializes in consumer and professional smart imaging devices and accessories, expanding its market from extreme sports to mainstream applications like vlogging and live streaming [1]. - The company holds a 67.2% market share in the global panoramic camera sector, maintaining its position as the number one player for six consecutive years, with 2024 H1 revenue surpassing GoPro [3]. Technological Innovation - Insta360 has accumulated over 800 patents, including 155 invention patents, covering key technologies such as image stitching, stabilization, and AI editing [4]. - The company has made significant strides in AI imaging, launching products that integrate AI editing and scene recognition capabilities, transitioning from a hardware manufacturer to an intelligent imaging platform [4]. Financial Performance - From 2021 to H1 2024, Insta360's revenue figures were 1.328 billion yuan, 2.041 billion yuan, 3.636 billion yuan, and 2.428 billion yuan, reflecting a compound annual growth rate of 65.46% [4]. - The company has invested a total of 854 million yuan in R&D over three years, consistently allocating more than 12% of its revenue to R&D, with a team of over 800 researchers [4]. Market Strategy - Insta360 has established a global presence with five offices and a sales network covering over 60 countries, selling products in more than 200 countries and regions [4]. - The company has partnered with major online platforms like Amazon and JD, as well as offline retailers such as Best Buy and Apple Store, to enhance its market reach [4]. Founder and Vision - The founder, Liu Jingkang, born in 1991, is a representative of the new generation of tech entrepreneurs, known for innovative features like the "invisible selfie stick" and the "time capsule" concept, which adds emotional value to smart imaging [5][6].

Core Insights - The report highlights a significant shift in mobile photography, with 77.2% of photography enthusiasts using smartphones as their primary shooting device, indicating a deep integration of mobile photography into daily life [1][22][23] - The mobile photography market is experiencing a "arms race" among manufacturers, with 95% of consumers considering imaging capabilities as essential for high-end smartphones, driving continuous technological advancements [2][4] - User behavior is evolving, with 71.8% of users engaging in daily mobile photography, and 61.3% actively exploring professional shooting modes, reflecting a democratization of photography [3][22][24] Market Trends and User Behavior - The global smartphone market saw a 3.049% year-on-year increase in Q1 2025, with the domestic market growing by 3.3% to 71.6 million units, driven by policy and consumer stimulus [2][14] - On the Zhihu platform, mobile photography discussions account for one-third of professional photography content, with a single article on mobile camera selection receiving over 2,900 approvals, showcasing the high consumer interest [2][16][18] - The report indicates that mobile photography has become a fundamental part of life, with users increasingly sharing their images on social media [3][22] Technological Advancements - The report identifies key technological trends, such as the introduction of 1-inch sensors and floating telephoto modules, which are now common in flagship models, reflecting the industry's response to consumer demands [2][4] - AI is emerging as a critical factor in enhancing the mobile photography experience, with 58.6% of users expecting AI to optimize the entire imaging process, from shooting to post-processing [5][6][7] - The demand for advanced features like RAW processing and efficient cross-device transfer is growing among professional users, indicating a need for manufacturers to redefine "professional" in the mobile context [7][10] User Pain Points and Expectations - Despite advancements, professional photographers face challenges when transitioning to mobile, with 53.3% citing exposure adjustments as a hindrance to efficiency, and 28.3% finding mobile controls complex [4][6] - The report highlights a gap in user expectations, with professional users desiring camera-like controls while general users prefer simplified operations [4][10] - Users express a strong desire for improved color accuracy and faster focusing capabilities, with 53% prioritizing light sensitivity as a key improvement area [8][9][10] Future Outlook - The next generation of imaging smartphones is expected to focus on addressing specific user pain points, such as long-range capabilities and multi-spectral sensors to tackle traditional challenges like backlighting [5][6] - The report suggests that the future of mobile photography will involve a balance between portability and professional features, with 40% of professional photographers considering high-end imaging smartphones as backup devices under certain conditions [7][10] - The establishment of dedicated categories for mobile photography in international competitions could help bridge the gap between traditional and mobile photography, enhancing credibility and acceptance [7][10]

Investment Rating - The report assigns a target valuation of 36.6 billion yuan to the company based on its earnings forecasts and comparable company analysis [6]. Core Viewpoints - The company, Yingshi Innovation, is a leader in panoramic camera technology and has a significant market share in the global smart imaging device market, with a 67.2% share in the panoramic camera segment and ranking second in the action camera market [6][42]. - The smart imaging device market is experiencing growth driven by differentiated consumer demands, with products like action cameras and drones becoming increasingly popular for both professional and everyday use [6][15]. - The company is expected to achieve substantial revenue growth, with projected revenues of 7.76 billion yuan in 2025, increasing to 14.41 billion yuan by 2027, reflecting a compound annual growth rate (CAGR) of 36.6% [2][6]. Summary by Sections 1. Smart Imaging Devices: From Extreme Sports to Everyday Use - The decline of traditional digital cameras has led to the rise of smart imaging devices, which cater to diverse consumer needs and are more adaptable to various shooting scenarios [11][15]. - The global market for handheld smart imaging devices has grown from 16.43 billion yuan in 2017 to 36.47 billion yuan in 2023, with a CAGR of 14.3% [19][23]. 2. Yingshi Innovation's Vision: Becoming a World-Class Smart Imaging Brand - The company aims to leverage its panoramic technology to establish a competitive advantage in the smart imaging market [71]. - Yingshi Innovation has a diverse product lineup, including consumer-grade and professional-grade smart imaging devices, with continuous upgrades planned for its product lines [71][75]. 3. Profit Forecast and Valuation - The company is projected to generate revenues of 7.76 billion yuan in 2025, 10.55 billion yuan in 2026, and 14.41 billion yuan in 2027, with net profits of 1.14 billion yuan, 1.64 billion yuan, and 2.65 billion yuan respectively [2][6]. - The report indicates that the company's IPO price corresponds to a price-to-earnings (PE) ratio of 17x for 2025 and 12x for 2026, suggesting a favorable valuation compared to peers [6].