其中，该行指出，公司预计截至2月国内生活类场景下付费渗透率达到5.2%，突破此前5%的目标，主要 系生成式AI对传统功能的重构，比如用AI去双下巴功能取代传统的手动推图，实现对体验和效果的更 好满足，从而促进订阅转化率的提升。该行认为，公司基于长期沉淀的人像修图场景数据，通过低频功 能迭代+高频体验升级的模式，有利于用户留存与回流维持在健康水平。公司预计25年生活类付费会员 增长有望提供订阅收入弹性，维持生活类产品10%的长期订阅渗透率目标。 该行续指，根据SensorTower，1Q以来，定位欧美日韩市场的Airbrush、BeautyPlus MAU较为稳定；AI 换装等功能在东南亚出圈，带动海外版Wink、美颜相机MAU环比大幅增长。受益于较高付费意愿和高 级产品定位，公司预计截至24年Airbrush付费率远高于国内，而其他出海产品还在积极扩张新市场阶 段，短期尚未激进变现，对比成熟市场，远期付费率还有较大提升空间。 智通财经APP获悉，美图公司(01357)涨近3%，截至发稿，涨2.74%，报4.88港元，成交额9258.87万港 元。 中金发布研报称，近期，该行邀请美图管理层在2H24业绩后与投资 ...

Core Viewpoint - The report from CICC indicates an upward revision of Meitu's revenue forecast for 2025 by 2% to 4.3 billion yuan, driven by better-than-expected growth in paid users and subscription business, with adjusted net profit forecast maintained at 850 million yuan [1] Group 1: Subscription Revenue Growth - The company expects a more than 40% year-on-year increase in subscription revenue for 2025, driven by both payment rate and user growth [2] - The domestic life scenario payment penetration rate is projected to reach 5.2% by February, surpassing the previous target of 5%, largely due to generative AI enhancing traditional functions [2] - The company aims to maintain a long-term subscription penetration rate target of 10% for life products, supported by user retention strategies [2] Group 2: Overseas Market Expansion - The user base for overseas life scenarios is accelerating, with stable MAU for Airbrush and BeautyPlus in the US and Europe, and significant growth in Southeast Asia for AI dressing features [3] - The company anticipates that the payment rate for Airbrush will be significantly higher than in the domestic market by 2024, with other overseas products still in the expansion phase [3] Group 3: Productivity Scene Revenue Contribution - The number of paid subscribers for Meitu Design Studio is expected to reach 1.13 million in 2024, contributing to a revenue increase to 200 million yuan, doubling year-on-year [4] - The company plans to focus on enhancing product capabilities in core e-commerce sectors, with an expected 2 percentage point increase in domestic product penetration over the next two years [4] - The company is optimistic about the overseas productivity market and has launched two new productivity tools, Vmake and X-design, while monitoring user growth [4]

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