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]