近日，谷歌发布Gemini3及Nano Banana Pro大模型，再次引发市场担忧AI通用模型能力会逐渐外溢到应 用层，从而颠覆原本AI应用厂商的产业卡位与商业模式。围绕通用模型与垂类应用之争，以美图为代 表的影像AI应用厂商如何应对挑战，引发广泛讨论。 国金证券认为，AI 时代，美图这类"功能厚度+国民认知"足够深的工具软件仍具备难以颠覆的价值。其 最新报告指出，市场对美图产品存在四大认知误区：一是容错率误区，人像场景容错率低，人脸的五官 比例、动态表情等需契合用户审美预期，美图产品在人像场景的专业能力构成有效壁垒；二是审美提效 误区，用户修图行为本质上是自我愉悦的审美活动，自动修图、一键修图难以替代第三方APP的"审美 创作价值"；三是自然语言交互误区，美颜类APP常涉及人脸五官、轮廓、肤质等精细调整需求，借助 功能按钮界面往往能更快速、高效且精准地完成调整任务；四是点状功能误区，美图产品类似封装了成 熟工作流的影像类工具箱，裁切、调整、滤镜、人像美容、贴纸、社交分享等功能场景环环相扣，能够 满足用户各类深浅需求。 国金证券11月21日发布报告，首次给予美图"买入"评级，目标价11.73港元。国金认为， ...

Core Viewpoint - Meitu Inc. has seen a nearly 4% increase in stock price, attributed to the global popularity of its "AI Snow Scene" feature in the Meitu Xiuxiu app, which has topped app store charts in 29 countries and regions as of November 13 [1] Group 1: Company Performance - As of the latest report, Meitu's stock price rose by 3.65% to HKD 8.52, with a trading volume of HKD 373 million [1] - The Meitu Xiuxiu app has achieved the top position in app store rankings in countries including Germany, Switzerland, Austria, Poland, Russia, Turkey, South Korea, and Kazakhstan [1] Group 2: Market Analysis - Dongfang Securities believes that Meitu will continue to benefit from advancements in underlying technology and the iterative development of AI features, enhancing its creative capabilities rather than being replaced by general-purpose models [1] - Guojin Securities asserts that tools like Meitu, which possess deep functionality and national recognition, maintain significant value in the AI era [1] Group 3: Growth Potential - The company is expected to have substantial long-term growth potential, with opportunities in overseas markets and productivity tools likely to initiate a second growth curve [1] - The combination of overseas expansion and productivity tools is anticipated to contribute to future Monthly Active Users (MAU) growth, while AI-enhanced features and changes in MAU structure may increase Average Revenue Per User (ARPU) [1] - The "functional depth and social attributes" of tool-based apps could push the payment rate ceiling above 10% [1]

Core Viewpoint - Meitu Inc. has seen a nearly 4% increase in stock price, attributed to the global popularity of its "AI Snow Scene" feature in the Meitu Xiuxiu app, which has topped app store charts in 29 countries and regions as of November 13 [1] Group 1: Company Performance - As of the latest report, Meitu's stock price rose by 3.65% to HKD 8.52, with a trading volume of HKD 373 million [1] - The Meitu Xiuxiu app has achieved the top position in app store rankings in Germany, Switzerland, Austria, Poland, Russia, Turkey, South Korea, Kazakhstan, and others [1] Group 2: Market Analysis - Dongfang Securities believes that Meitu will continue to benefit from advancements in underlying technology and the iterative development of AI features, enhancing its creative capabilities [1] - Guojin Securities asserts that tools like Meitu, which possess "functional depth and deep national recognition," will maintain significant value in the AI era [1] Group 3: Growth Potential - The company is expected to have substantial long-term growth potential, with opportunities in overseas markets and productivity tools likely to initiate a second growth curve [1] - The combination of overseas expansion and productivity tools is projected to contribute to future Monthly Active Users (MAU) growth, while AI-enhanced features and changes in MAU structure may increase Average Revenue Per User (ARPU) [1] - The "functional depth and social attributes" of tool-based apps could elevate the payment rate ceiling to over 10% [1]

Core Viewpoint - Guojin Securities initiates coverage on Meitu Inc. (01357) with a "Buy" rating and a target price of HKD 11.73, emphasizing the company's strong core value derived from its "functional depth + national recognition" in the AI era, which is difficult to disrupt [1] Group 1: Misconceptions in the Market - The market holds four major misconceptions about Meitu's products: 1. Error tolerance misconception: Scenarios involving face editing and character consistency generation have standard answers, but current multi-modal base model capabilities yield unstable results [1] 2. Efficiency in aesthetic activities misconception: Editing images is a self-pleasure activity, and while AI can solve accuracy issues, one-click editing may diminish user experience and satisfaction [1] 3. Natural language interaction misconception: The transition from command line to GUI means that functional buttons represent know-how, and the accuracy of natural language interaction is lower than the drag-and-drop interaction of Meitu's graphical interface [1] 4. Point function misconception: Meitu's products encapsulate a mature workflow in image tools, providing a comprehensive suite of features that meet user needs 100% [1] Group 2: Growth Potential and Revenue Model - The company has a broad long-term growth space, with the potential for a second growth curve driven by international expansion and productivity tools. Since launching Meitu Xiuxiu in 2008, the company has explored various business models, ultimately returning to subscription-based monetization for image editing software [2] - Subscription revenue has grown from CNY 50 million in 2018 to CNY 2.09 billion in 2024, with MAU, ARPU, and payment rate increasing approximately 2%, 25%, and 519% respectively from 2020 to 2024 [2] - Looking ahead, the combination of international expansion and productivity tools is expected to contribute to future MAU growth, while AI-enhanced features and changes in MAU structure may increase ARPU, pushing the payment rate ceiling for tool-based apps above 10% [2]

Core Viewpoint - Oriental Securities believes that Meitu's (01357) AI features and creative gameplay are frequently iterating, enhancing its global aesthetic appeal, and that the company will continue to benefit from improvements in foundational technology and AI gameplay development efficiency. The firm maintains a "Buy" rating with a target price of HKD 13.33, highlighting the unique value and growth prospects of Meitu's vertical applications [1]. Group 1: Lifestyle Scene - AI features are frequently updated, with global performance proving strong, and the sustainability of aesthetic and creative output is validated. As of October 2025, Meitu Xiuxiu has launched 51 new features, nearing the 55 new features launched in 2024, with AI features (excluding collage and cropping) accounting for nearly 96% (up from 78% in 2024) [2]. - The company's sensitivity to common trends and refined local operations strategies have increased the probability of new features gaining global traction. For instance, in October, the "AI Group Photo" feature topped the iOS download charts in 14 European countries and 30 country category charts, while in November, the "AI Snow Scene" feature topped the overall app store charts in 29 countries and regions, including Germany, Turkey, and South Korea [2]. Group 2: Productivity Scene - Attention is focused on the progress of Meitu Design Studio's collaboration with Alibaba. The Meitu Design Studio has integrated with Alibaba's business management platform, providing "AI Product Image" services for Taobao and Tmall merchants. This collaboration is expected to enhance Meitu's product capabilities by leveraging its traditional image strengths and gaining insights from the e-commerce sector [3]. Group 3: Investment Recommendations - The firm projects adjusted net profits for Meitu to be CNY 9.43 billion, CNY 12.34 billion, and CNY 15.93 billion for the years 2025 to 2027. Using a PE valuation approach, the average valuation level of comparable companies suggests a 45x PE for Meitu in 2026, corresponding to a market value of CNY 55.5 billion. At an exchange rate of 0.911 HKD/CNY, this translates to HKD 60.9 billion, leading to a target price of HKD 13.33 per share, with a "Buy" rating maintained [4].

Core Viewpoint - Oriental Securities expresses optimism about Meitu's (01357) growth prospects, highlighting the company's continuous iteration of AI features and creative applications, which enhance its global aesthetic influence and productivity expansion. The target price is set at HKD 13.33, maintaining a "Buy" rating [1][3]. Group 1: Lifestyle Scene - Meitu's AI features have seen significant updates, with 51 new functionalities introduced by October 2025, nearing the 55 new features launched in 2024. AI functionalities account for approximately 96% of these updates, up from 78% in 2024 [1]. - The company has effectively captured global trends and localized operations, leading to increased visibility. Notably, the "AI Group Photo" feature topped the iOS download charts in 14 European countries, while the "AI Snow Scene" feature led the app store rankings in 29 countries, including Germany and Turkey [1]. Group 2: Productivity Scene - Meitu's design studio has partnered with Alibaba, integrating with the Alibaba Business Manager's QianNiu backend. The "AI Product Image" feature provides AI visual generation services for Taobao and Tmall merchants, leveraging Meitu's traditional image capabilities to gain insights into the e-commerce sector [2]. Group 3: Investment Recommendations - The company is projected to achieve adjusted net profits of CNY 9.43 billion, CNY 12.34 billion, and CNY 15.93 billion for the years 2025 to 2027. A PE valuation approach is applied, with a target valuation of CNY 555 billion for 2026, translating to HKD 609 billion at an exchange rate of 0.911 HKD/CNY, leading to a target price of HKD 13.33 per share and a "Buy" rating [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 13.33 per share, based on a 45x PE valuation for 2026, corresponding to a market capitalization of RMB 555 billion [3][5]. Core Insights - The company is expected to benefit from the rapid iteration of AI features and creative functionalities, enhancing its global influence and brand effect, particularly in lifestyle applications [8]. - The company has introduced 51 new features in its flagship app, with 96% of these being AI-related, indicating a strong focus on innovation and user engagement [8]. - The collaboration with Alibaba is anticipated to enhance the company's product capabilities in the e-commerce sector, leveraging its image processing strengths [8]. Financial Projections - Adjusted net profit forecasts for the company from 2025 to 2027 are RMB 610 million, RMB 936 million, and RMB 1.314 billion, respectively, with significant growth rates [3]. - Revenue projections for the same period are RMB 3.902 billion, RMB 4.859 billion, and RMB 5.995 billion, reflecting a compound annual growth rate [3][11]. - The gross margin is expected to improve from 61.4% in 2023 to 75.8% in 2027, indicating enhanced operational efficiency [11]. Market Performance - The company's stock price as of November 14, 2025, was HKD 8.38, with a 52-week high of HKD 12.5 and a low of HKD 2.6, suggesting volatility in market performance [5]. - The report highlights the company's relative performance against the Hang Seng Index, showing a significant increase of 181.26% over the past year [6].

Core Insights - The emergence of Doubao P-Photo has created significant competition for Meitu, particularly among young users seeking free photo editing options [1][10][12] - Doubao's popularity stems from its free features, including celebrity photo merging and background changes, which attract users looking for cost-effective solutions [1][5][10] - Meitu has seen a resurgence in its business model by focusing on paid services and AI-enhanced features, leading to a substantial increase in user subscriptions and revenue [12][13][15] Doubao's Features and Appeal - Doubao P-Photo gained traction through three main features: celebrity photo merging, background changes, and enhancing personal images [1][3][5] - Users appreciate Doubao's ability to fulfill creative requests without cost, contrasting with Meitu's paid services [5][9] - The platform has become a popular tool for social media users, allowing them to explore creative possibilities with AI [9][10] Meitu's Business Model and Performance - Meitu has shifted back to its core business of photo editing, integrating AI features to enhance user experience and drive revenue [12][15] - The company reported a 200% increase in stock price and a 71.3% rise in net profit year-on-year, indicating a successful turnaround [12][13] - Meitu's subscription model includes various paid features, which have proven attractive to users willing to pay for enhanced photo editing capabilities [13][15] Competitive Landscape - Doubao and Meitu are in direct competition, with Doubao's free model posing a threat to Meitu's revenue streams [10][12] - ByteDance's "Xingtu" is also a competitor, offering similar features at a lower price point, intensifying the competitive dynamics in the market [10][12][16] - While Doubao targets casual users seeking entertainment, Meitu focuses on users with specific needs, such as professional photo editing [9][17] User Sentiment and Market Trends - Users express a preference for Doubao's free services, with some indicating they would uninstall other photo editing apps in favor of Doubao [10][12] - The market is witnessing a shift towards AI-driven applications, with both Doubao and Meitu leveraging large models to enhance their offerings [16][17] - There remains a segment of users who prefer minimal editing, indicating a potential market for authenticity in photography amidst the rise of AI [17]

Core Viewpoint - The article focuses on evaluating 21 AI image editing tools across six real-life scenarios to determine their effectiveness in understanding and executing user requests for image modifications [4][11][141]. Group 1: Evaluation Methodology - The evaluation consists of six rounds, each using the same prompt for image editing, with all models set to their latest default configurations [11][12]. - Three general evaluation dimensions are used: visual consistency, local quality, and content consistency [12][13][14]. Group 2: Performance Results - Top performers include Tencent Yuanbao, Meitu Xiu Xiu, and Qwen Image Edit, scoring 15 points for effectively meeting user prompts without noticeable discrepancies [23]. - Nano Banana, Sora, Lovart, Manus, and Runway scored 14 points, with minor issues in image retrieval capabilities [28]. - Tools like Jiemeng 4.0, Wake Map, and Pixel Cake scored around 10 points, showing significant errors despite being dedicated image editing software [30]. Group 3: Specific Findings - In the first round, Tencent Yuanbao and Meitu Xiu Xiu excelled in removing unwanted elements while enhancing image clarity [23]. - The second round highlighted Qwen Image Edit and Genspark as top performers in foreground extraction, maintaining original details [41]. - The third round saw Jiemeng 4.0 and Tencent Yuanbao achieving high scores for effectively replacing elements while preserving the original image's integrity [65]. Group 4: Future Directions - The article indicates plans for future evaluations of AI tools in areas such as game development, knowledge bases, and companionship products [7].

Core Insights - Meitu has launched the "Digital Communication Project for Chinese Traditional Culture," aiming to enhance young people's recognition and participation in traditional culture through digital technology [1] - The project has achieved over 2 billion transmissions and created more than 100 sets of "Guochao" (national trend) patterns [1] - The "Meitu Guochao Pattern Plan" revitalizes traditional patterns, infusing new vitality into Guochao culture among the younger generation [1] Summary by Categories - **Project Overview** - Meitu's initiative focuses on transforming traditional patterns into creative materials such as filters and stickers using digital technology [1] - **Impact and Reach** - The project has reached over 2 billion transmissions, indicating significant engagement and interest [1] - More than 100 sets of Guochao pattern materials have been developed, showcasing the breadth of the project [1] - **Cultural Significance** - The initiative aims to foster a sense of identity and participation in traditional culture among young people, thereby revitalizing Guochao culture [1]