AI极速进化的2025年，模型和应用站上对垒的两端。通用模型的快速迭代和功能内化，让率先实现商业化 落地的垂类AI应用遭遇"模型吞噬"的叙事压制，下半年在资本市场表现不佳，板块整体遇冷，个股估值下 滑。 一个最典型的例子是美图。这家经移动互联网时代而来的影像公司，近两年抓住AI风口成功转型AI应用公 司，商业化表现不俗，成为港股AI应用的明星标的，上半年股价一度暴涨超300%。然而，AI影像爆发的当 下，在国内字节推出豆包、海外谷歌发布Nano Banana等标志性节点，每一次巨头厂商的技术溢出，都让作 为垂类应用代表的美图遭遇价值"拷打"。 在垂直赛道具备先发优势的中小型应用公司，究竟有没有护城河？它们怎么应对巨头模型厂商的攻城掠 地？全球竞争下要如何存活并活得更好？以美图为切口，我们试图捕捉垂类应用在AI时代的更多机会与可 能。 01 香蕉豆包，蚕食美图？ 谷歌"香蕉"（Nano Banana大模型）的横空出世，是2025年大模型技术溢出的一个标志性事件。它几乎集合 了AI竞技场所有的噱头：由全球领先的科技巨头开发，杀入大众感知度最强的影像赛道，靠创意玩法掀起 全球浪潮，乃至一举超越霸榜App Store ...

美图的发展史，是一部互联网小垂类的"折腾史"。从美颜修图起家，做过手机、炒过币、冲过短视频，在经历了长达三年的业务失焦与股价低迷后，这家 公司终于在2022年借着AI东风找回了自己的灵魂——工具。 但这已不再是当年的"傻瓜式修图"。如今的美图，to C端有美图秀秀2亿流量底座，to B端，通过 "美图设计室+开拍"做起来轻生产力工具；而另外一脚则 踏上了出海之路。 但同时，SaaS应用层正面临前所未有的"被集成"焦虑：通用大模型+Agentic是否会吞噬垂直软件的生存空间？正值市场游移之际，海豚君决定带大家来看 看美图公司是否还具备投资价值？报告将围绕以下六个问题： 一、做生态不易，回归软件工具 美图的发展史几经波折，"美颜修图"的工具软件起家，流量积累后还顺势涉猎手机硬件，同时也是最早一批推出短视频的平台，由此发展出一个围绕用户 拍摄修图需求的垂类小生态。 而垂类生态能够苟活，需要抵挡住大厂的连番竞争冲击。当"美颜修图"逐渐成为手机软件的刚需功能，美图的竞争密度一下子增强了。 2018年之后，美图开始了持续3年的生态破裂、业务失焦的混沌期。直到2022年美图找回了自己的"工具"主线，叠加AI赋能，多年积累的 ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [4][10] Core Viewpoints - The AI competition landscape is deepening in multiple dimensions, accelerating the evolution of ecological applications [2] - AI creative and reasoning applications are entering a high growth phase, with programming and role-playing becoming core scenarios [7] - The report highlights the significant user growth and engagement in the AI creative sector, with active users exceeding one million for leading products [7] Summary by Relevant Sections Industry Performance - The relative return over 1 month is -0.86%, over 3 months is -7.8%, and over 12 months is -4.17% [6] - The absolute return over 1 month is -3.01%, over 3 months is -7.71%, and over 12 months is 9.95% [6] AI Creative Sector Insights - In November 2025, over 200 AI creative web products had a total visit count exceeding 27 million, with independent visitors surpassing 7.7 million [7] - Leading products like Jimeng AI and Gaoding AI have over one million active users, with significant growth in independent visitor numbers for Canva and Keling AI [7] - The average usage time for several products exceeds 8 minutes, indicating strong user engagement [7] AI Development Trends - The AI development is entering a "great divergence" phase, with open-source models capturing 30% of traffic globally, and Chinese open-source models leading in specific scenarios [7] - The report notes a shift from generating text to problem-solving capabilities in AI, with programming requests increasing from 11% to over 50% [7] - The multi-model ecosystem is becoming clearer, with closed-source models handling high-value tasks and open-source models focusing on low-cost, high-concurrency needs [7] Investment Recommendations - The report suggests focusing on companies such as BlueFocus, Kunlun Wanwei, Tianyu Digital Science, Yinsai Group, Visual China, and HuiLiang Technology as potential investment opportunities [7]

通过"美图中国传统文化传播工程",美图公司以AI推动影像玩法创新,向全球用户传播中国之美。依托美 图秀秀、美颜相机等产品的亿级用户基础，美图以AI技术为转化工具，打造"国潮纹样""中国潮色""华 服美学"三大国潮IP，通过数字化传承、跨界共创、校企合作等方式，将中国传统色彩、中国传统纹 样、中国传统服饰文化转化为大众可感知、可参与的影像创意产品，打开传统文化传承新路径。 来源：环球网 摘要：本案例描述了美图公司响应2025年政府工作报告中"发展新型文化业态、推进文化遗产保护利 用"的号召，以"美图中国传统文化传播工程"为核心载体，以数字化形式呈现中华民族深厚的文化底蕴 与独特的审美意趣的创新实践。 关键词：美图公司；AI赋能；传统文化数字化；国潮IP；文化传承 案例正文： 2025年政府工作报告中指出，健全文化产业体系和市场体系，加快发展新型文化业态，推进文化遗产系 统性保护。在数字浪潮与文化自信的双重驱动下，传统文化的传承已从单一的"保护留存"转向"创新活 化"。 以AI科技打破边界，推动文化从"地域符号"走向全球 作为国内首家开启中国传统文化数字传播系统工程的企业，美图公司以AI影像科技对传统文化进行了 ...

Summary of Meitu's Conference Call Company Overview - **Company**: Meitu - **Industry**: AI-driven image editing and design software Key Points User Metrics - Total monthly active users reached **145 million**, with significant contributions from Meitu Xiuxiu due to comprehensive AI technology applications [2][3] - Monthly active users for Meiyan Camera approximately **80 million**, showing a slight decline but maintaining market competitiveness through innovative AI features [2][3] - WINK, a dynamic video editing software, has **15 million** monthly active users, catering to the short video era's demand for video editing and beautification [2][3] - Meitu Design Studio (formerly Weike) has around **10 million** monthly active users, attracting numerous enterprise clients, especially in e-commerce material design [2][4] AI Technology Impact - AI technology has significantly enhanced Meitu's product lines, with Meitu Xiuxiu's monthly active users increasing from around **100 million** to **145 million** due to AI-driven features [7] - Meiyan Camera improved photo quality through AI lighting and flash features, while WINK utilizes AI for frame-by-frame video refinement [7] Competitive Landscape - Meitu faces competition from emerging photo editing software like Xinktu, but leverages over a decade of industry experience and a vast user data pool for a technological edge [8] - Unique advantages include a focus on Eastern aesthetics and a strong ability to capture trends, contributing to a high competitive moat [8] To B Business Model - Meitu's To B business, primarily through Meitu Design Studio, provides material design services for e-commerce, with over **100,000** users and rapid revenue growth [5][14] - Major clients include large enterprises like Uniqlo and Anta, with service packages ranging from **10,000 to 1.5 million** yuan [14] Revenue and R&D Strategy - Meitu adopts a long-term strategy, investing **30%** of its revenue annually into R&D to solidify its technological and patent position [5][11] Membership and Pricing - Meitu's membership fees are approximately **15 yuan** per month for basic VIP and around **100 yuan** annually, with advanced features requiring additional fees [13] Market Positioning - In the domestic market, Meitu differentiates itself from competitors like Deepseek and Doubao by offering one-click generation of multiple scene images [15] - Internationally, it competes with traditional design software like Photoshop and emerging applications like Google AI and Banana [16] Unique Features - Meitu's AI technology includes unique features like automatic headgear adaptation, enhancing user experience and reducing complaints during ad collaborations [12] Conclusion - Meitu's strategic focus on AI technology, user engagement, and a robust To B business model positions it well within the competitive landscape of image editing and design software, while its commitment to R&D ensures ongoing innovation and market relevance [5][11][12]

Core Viewpoint - Guojin Securities has initiated a "Buy" rating for Meitu with a target price of HKD 11.73, believing that the company has significant long-term growth potential despite concerns over AI general models overshadowing its narrative [2]. Group 1: Market Concerns and Company Response - The release of Google's Gemini 3 and Nano Banana Pro has raised market fears that AI general models may disrupt the positioning and business models of application vendors like Meitu [2]. - Meitu's management has expressed confidence in their ability to leverage vertical scenarios and user experience, asserting that they possess advantages over general model companies [2]. - Meitu's founder, Wu Xinhong, stated that their products will continue to evolve alongside large models, emphasizing that general models may not meet end-to-end needs in vertical scenarios like e-commerce design [2]. Group 2: Misconceptions About Meitu Products - The report identifies four major misconceptions about Meitu products: 1. Tolerance Rate Misconception: Meitu's expertise in portrait scenarios creates a barrier due to low tolerance for human facial features and expressions [3]. 2. Aesthetic Efficiency Misconception: Automatic and one-click editing cannot replace the creative value of third-party apps in self-pleasure aesthetic activities [3]. 3. Natural Language Interaction Misconception: Fine adjustments in beauty apps are more efficiently completed through functional buttons rather than natural language [3]. 4. Point Function Misconception: Meitu's products function as a comprehensive toolbox, integrating various features to meet diverse user needs [3]. Group 3: Growth Potential - Meitu's products, including Meitu Xiuxiu, Meiyan Camera, and RoboNeo, are expanding their reach across lifestyle and productivity tools [3]. - The combination of international expansion and productivity tools is expected to initiate a second growth curve for Meitu, enhancing ARPU through AI value-added features and changes in MAU structure [3]. - The company aims to increase the payment rate for tool-based apps to over 10% by leveraging their functional depth and social attributes [3].

Core Viewpoint - Guojin Securities has initiated a "Buy" rating for Meitu with a target price of HKD 11.73, believing that the company has significant long-term growth potential despite concerns over AI models overshadowing software applications [1][2]. Group 1: Market Perception and Misconceptions - The market holds four major misconceptions about Meitu's products: 1. Tolerance Rate Misconception: Low tolerance rates in portrait scenarios create effective barriers due to the need for aesthetic alignment with user expectations [2]. 2. Aesthetic Efficiency Misconception: Automatic and one-click editing cannot replace the "creative value" of third-party apps in self-pleasure aesthetic activities [2]. 3. Natural Language Interaction Misconception: Fine adjustments in beauty apps are more efficiently completed through functional buttons rather than natural language interfaces [2]. 4. Point Function Misconception: Meitu's products function as a comprehensive toolbox for image editing, integrating various features to meet diverse user needs [2]. Group 2: Growth Potential and Strategy - Meitu's products cover both lifestyle and productivity tools, with flagship products like Meitu Xiuxiu, Beauty Camera, and RoboNeo expanding their reach [2]. - The company is expected to initiate a second growth curve through international expansion and productivity tools, enhancing ARPU by leveraging AI value-added features and changes in MAU structure [2]. - The company aims to increase the payment rate for tool-based apps to over 10% due to its functional depth and social attributes [2].

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]