近日，美图公司发布公告 宣布美图公司创始人、 董事长兼首席执行官吴欣鸿 美图公司的业绩也备受关注 根据公司发布的公告 2025年上半年 于2025年8月21日 在香港联合交易所有限公司公开市场 以平均价每股10港元 公告表示： 吴欣鸿从未出售过美图公司的任何股份，并且自2018年5月10日起数次增持美图公司股份。本次增持 后，吴欣鸿拥有股份占美图公司已发行股本约12.89％。 在吴欣鸿增持背后 美图方面表示 影像与设计产品业务收入增长 截至2025年6月底 美图付费用户数达约1540万 创下历史新高 同比增长42% ※ 编辑：胡婧 ※ 校对：李嘉强 美图总收入达到18亿元 同比增长12.3% 经调整净利润为4.67亿元 同比增长幅度高达71.3% 分业务来看： 美图公司2025年上半年来自影像与设计产品收入为13.51亿元，较上年同期的9.3亿元增长45.2%；广告 收入4.34亿元，较上年同期的4.13亿元增长5%，占营收的比例为23.8%；来自美业解决方案的收入为 3007万元，较上年同期的2.71亿元下降88.9%，占营收的比例降至1.7%。 ※ 审核：郑舒平 陈祥旺 ...

机构：甬兴证券 研究员：应豪/黄伯乐 事件描述 美图公司发布2025 年中期财报。美图公司2025 年上半年营业收入为18.21 亿元，同比增长12.3%；经调 整归母净利润为4.67 亿元，同比增加71.3%。 维持公司"买入"评级。由于公司加密货币全部出售完毕，我们调整公司业绩预测，预计公司2025-2027 年经调整净利润约为9.59 亿元、11.14 亿元和13.42 亿元。对应8 月18 号收盘价10.39 港元，对应PE 分别 为45.51/39.17/32.52 倍。我们看好公司在AI 驱动下，MAU 和付费用户不断提升，维持公司"买入"评 级。 风险提示 用户拓展不及预期的风险，技术落后的风险，汇率波动风险。 MAU 和付费订阅用户同比增长，带动公司影像与设计产品业务收入高增。2025 年上半年，截至6 月30 日，月活跃用户总数达到2.8 亿，同比增长8.5%。付费订阅用户数达约1540 万，付费订阅渗透率达 5.5%。中国内地以外的市场MAU 同比增长15.3%到9800 万。美图此次业绩增长来自于核心主营业务在 AI 赋能下的快速增长：带动影像与设计产品业务营收达13.51 亿元，同比增 ...

美图公司(01357) 公司研究/公司点评 业绩表现亮眼，AI 驱动业务持续增长 ——美图（1357）2025 半年报业绩点评 ◼ 事件描述 美图公司发布 2025 年中期财报。美图公司 2025 年上半年营业收入为 18.21 亿元，同比增长 12.3%；经调整归母净利润为 4.67 亿元，同比增 加 71.3%。 ◼ 核心观点 MAU 和付费订阅用户同比增长，带动公司影像与设计产品业务收入 高增。2025 年上半年，截至 6 月 30 日，月活跃用户总数达到 2.8 亿， 同比增长 8.5%。付费订阅用户数达约 1540 万，付费订阅渗透率达 5.5%。中国内地以外的市场 MAU 同比增长 15.3%到 9800 万。美图此 次业绩增长来自于核心主营业务在 AI 赋能下的快速增长：带动影像 与设计产品业务营收达 13.51 亿元，同比增 45.2%。 广告行业保持稳健增长。2025 年上半年，公司广告业务实现收入 4.3 亿元，同比增长 5%。主要主要收入产自程序化广告和品牌广告。在程 序化广告方面，公司已与多家领先广告网络平台建立长期合作关系， 通过自主运营的竞价平台实现高效广告竞价。品牌广告方面，除传 ...

机构：申万宏源研究 研究员：林起贤/夏嘉励 事件： 公司25H1 实现营收18.2 亿元，同比增长12.3%；调整后归母净利润4.7 亿元，同比增长71.3%（此前预 告为65-72%增长，接近预告区间上限）。 增设中期分红，现金派发每股0.045 港元中期股息。 投资要点： 从MAU 看，当前重点拓展的生产力场景及海外增长较快。根据公司财报，25H1 整体MAU为2.8 亿，同 比增长8.5%；分场景，生活场景应用（toC）同比增长7.5%，生产力工具（toB）同比增长21.1%；分区 域，国内同比增长5.2%，海外同比增长15.3%。 付费用户增长加速。根据公司财报，25H1 期末付费用户1540 万，同比增长42%；本期净增280 万 （24H1/24H2 净增分别为170 万/180 万）。对应付费率5.5%，环比提升0.8pct（24H1/H2 均环比提升 0.5pct）。分场景，生活付费率5.3%，生产力付费率7.8%。基于期初期末付费用户算，月ARPPU 为 16.1%，同比增长3%。 聚焦核心业务，非核心业务收缩。根据公司财报，25H1 影像与设计产品收入同比增长45%，收入占比 已提升至74 ...

上 市 公 司 计算机 ——25H1 付费用户数增长加速，董事长增持 报告原因：有业绩公布需要点评 事件： 投资要点： 财务数据及盈利预测 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2,696 | 3,341 | 3,899 | 4,792 | 5,628 | | 同比增长率（%） | 29% | 24% | 17% | 23% | 17% | | 调整后归母净利润（百万元） | 368 | 586 | 942 | 1,330 | 1,685 | | 同比增长率（%） | 233% | 59% | 61% | 41% | 27% | | 每股收益（元/股） | 0.08 | 0.13 | 0.21 | 0.29 | 0.37 | | 净资产收益率（%） | 9% | 12% | 16% | 19% | 19% | | 市盈率 | 120 | 75 | 47 | 33 | 26 | | 市净率 | 11 | 9 | 7 | 6 | 5 | 注："每股收益"为归属于母公 ...

Group 1: Key Insights on Xtep International - The main brand performance is stable, with significant growth in the professional sports segment, achieving a total revenue of 6.84 billion yuan in H1 2025, a year-on-year increase of 7.1% [3][4] - The professional sports revenue increased by 32.5% to 785 million yuan, contributing to a notable improvement in operating profit margin, which rose by 6.1 percentage points to 10% [4][5] - The company maintains a strong cash position, with net cash increasing by 94.3% to 1.913 billion yuan, indicating stable overall operations [5][6] Group 2: Key Insights on Meitu Inc. - Meitu Inc. reported a revenue of 1.82 billion yuan in H1 2025, reflecting a year-on-year growth of 12.3%, with a gross profit of 1.34 billion yuan and a gross margin of 73.6% [8][9] - The revenue from AI-driven imaging and design products grew by 45.2% to 1.35 billion yuan, driven by an increase in active user base and payment penetration [10] - The company is successfully advancing its globalization strategy, with a 15% year-on-year increase in monthly active users outside mainland China [10] Group 3: Key Insights on Wavelength Optoelectronics - Wavelength Optoelectronics achieved a revenue of 220 million yuan in H1 2025, a year-on-year increase of 17.8%, although net profit decreased by 50.6% to 14 million yuan [12][13] - The company is focusing on the semiconductor and optoelectronic markets, with a significant revenue increase of 99% in semiconductor-related products [14] - The company is expanding its consumer optical products, with AR/VR optical product revenue increasing by 470% [14] Group 4: Key Insights on Dongfang Wealth - Dongfang Wealth reported a total revenue of 6.856 billion yuan in H1 2025, a year-on-year increase of 38.65%, with net profit growing by 35.38% [16][17] - The brokerage and margin financing businesses are the main growth drivers, benefiting from a significant market recovery with a daily average trading volume increase of 61% [17][18] - The company has a solid traffic foundation, with its brokerage, margin financing, and fund distribution businesses showing strong resilience [18] Group 5: Key Insights on Zhongke Feicai - Zhongke Feicai achieved a revenue of 700 million yuan in H1 2025, reflecting a year-on-year growth of 51.4%, with a gross margin of 54.3% [22][23] - The company is expanding its order scale, with inventory and contract liabilities increasing, indicating a positive future performance trend [23][24] - The company is focusing on the development of seven series of equipment, with steady growth in market share for its detection devices [25] Group 6: Key Insights on Tongcheng Travel - Tongcheng Travel reported a revenue of 4.7 billion yuan in Q2 2025, a year-on-year increase of 10%, with adjusted net profit rising by 18% [26][27] - The core online travel platform showed robust growth, with a revenue increase of 14% in transportation ticketing and 15% in accommodation bookings [27][28] - The company is focusing on expanding its user base in lower-tier cities, with a significant portion of new paid users coming from these regions [28] Group 7: Key Insights on Limin Co. - Limin Co. achieved a revenue of 2.452 billion yuan in H1 2025, with a remarkable net profit increase of 747.13% [30][31] - The company is consolidating its position as a leading pesticide manufacturer, with significant price and sales increases for its main products [32][34] - The company is advancing its research and development capabilities, with ongoing collaborations for innovative product development [34][35]

华泰证券发表研报指，美图上半年收入18.2亿元，按年增长12.3%，核心主业影像与设计产品收入13.5 亿元，按年增长45.2%，符合预期。经调整净利润为4.7亿元，超预期10%，达到业绩预告上限。核心驱 动付费用户数达1540万，按年增长42%，付费渗透率达5.5%。该行看好美图的长期前景，目标价由7.48 港元上调至12.83港元，评级"买入"。 ...

Group 1 - The core viewpoint of the articles highlights that Meitu Inc. reported a total revenue of 1.8 billion yuan for the first half of 2025, representing a year-on-year growth of 12.3%, and an adjusted net profit of 467 million yuan, which increased by 71.3% [1][2] - The growth in revenue and net profit is primarily attributed to breakthroughs in AI applications and an increase in global paid subscription users, with subscription-based imaging and design product revenue growing rapidly [1][2] - The imaging and design product business generated 1.35 billion yuan in revenue, a year-on-year increase of 45.2%, accounting for 74.2% of total revenue, making it the largest revenue source for the company [1][2] Group 2 - As of June 30, 2025, the number of paid subscription users reached approximately 15.4 million, a year-on-year increase of over 42%, with a penetration rate of 5.5% [1][2] - The monthly active users in productivity scenarios reached 23 million, a year-on-year growth of 21.1%, with over 90% growth in monthly active users of productivity tools outside mainland China [1][2] - The global monthly active user count reached 280 million, reflecting an 8.5% year-on-year increase, with 98 million users outside mainland China, which grew by 15.3% [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's image product subscription rate continues to improve, driven by AI, leading to an expected increase in gross margin. The adjusted net profit forecast for 2025-2027 has been raised to 889 million, 1.15 billion, and 1.51 billion respectively, corresponding to year-on-year growth rates of 50.7%, 29.7%, and 31.1% [6] - The company reported a revenue of 1.82 billion for H1 2025, a year-on-year increase of 12.3%, which was below Bloomberg's consensus estimate of 24.8% growth. However, the adjusted net profit of 470 million was above expectations, reflecting a strong performance in the image product segment [7] - The company is focusing on AI-driven enhancements and global expansion, with a significant user base in the C-end market and plans to penetrate B-end vertical scenarios [8] Financial Summary and Valuation Metrics - Revenue projections for 2025 are estimated at 3.943 billion, with a year-on-year growth of 18.0%. Adjusted net profit is expected to reach 885 million, reflecting a year-on-year increase of 50.7% [9] - The gross margin is projected to improve to 74.1% by 2025, with a net margin of 22.5% [9] - The company’s EPS is forecasted to be 0.20, 0.26, and 0.34 for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 48.6, 37.4, and 28.5 [9]

2025.08. 19 本文字数：3309，阅读时长大约5.5分钟 作者 | 第一财经 刘晓洁 凭借AI，曾被视为 "旧时代"互联网公司的美图正回到主流视野，过去一年股价涨了近五倍。但这一 年，美图很"低调"，影像节大会停办，世界人工智能大会也不去了。 | | 未經審核 | | | --- | --- | --- | | | 截至6月30日止六個月 | | | | 2025年 | 2024年 | | | 人民幣千元 人民幣千元 | | | 收入 | 1,821,188 | 1.621.159 | | 營業成本 | (481,624) | (568.546) | | 毛利 | 1,339,564 | 1,052,613 | | 銷售及營銷開支 | (293,370) | (204,970) | | 行政開支 | (218,799) | (177.578) | | 研發開支 | (451,347) | (425,274) | | 金融資產的減值虧損淨額 | (17,201) | (2,633) | | 加密貨幣減值虧損回撥 | l | 68.145 | | 其他收入 | 14,537 | 21,500 | | 其 ...