研究员：金荣/赵亮 机构：华安证券 AI 赋能产品创新，付费订阅提升 AI 技术深度赋能产品矩阵，有效提升了用户付费意愿和盈利能力。 截至2025 年6 月，美图付费订阅用户数达约1540 万，同比增长超过42.0%，创下历史新高，付费订阅渗 透率提升至5.5%。Wink 的"画质修复"、美图秀秀的"AI 闪光灯"等AI 功能，通过优化核心用户体验，直 接带动了付费转化。公司业务结构持续优化，高毛利率的影像与设计产品业务成为增长核心，同时公司 在2025 年7 月正式推出AI 设计助手RoboNeo，在没有美图产品矩阵导流下MAU 快速突破百万，预计8 月底或9 月初上线完整的订阅和单购付费机制，有望打开新的增长空间。 投资建议 在AI 加持下，我们看好公司付费率转化进一步提升。我们预计公司2025-2027 年营业收入分别为 40.16/50.53/61.05 亿元(25-26 年前值41.05/49.85 亿元)，同比增长20.2%、25.8%%、20.8%， NON-IFRS 归母净利润为9.50/11.89/15.58 亿元(25-26 年前值9.04/11.95 亿元)，同比增长62.1%、25.1 ...

摘要 美图公司管理层变更，吴泽源上任后，公司战略从互联网产品运营转向 SaaS 模式，专注于提高付费率，并逐步增加付费墙比例，旨在提升盈 利能力。 公司大力投入 AI 技术研发，美图秀秀、美颜相机、Wink 三款核心产品 在 2024 年下半年 AI 功能推出频率显著增长，推动流水增速大幅提升， 全球流水同比增长 40%至 50%。 美图通过 AI 技术升级基础修图修容功能，如 AI 减肥功能，提升用户体 验，驱动付费率明显提升。Robonew 作为 agent 类产品，未来可能按 天收费，有望显著提升 ARPU 水平。 公司积极拓展国际市场，尤其在东南亚市场，美颜相机等产品通过与网 红合作，下载量显著增长。针对不同市场需求优化产品，增强用户粘性， 提高付费率。 美图与阿里巴巴合作，在模型训练、产品更新（如 AI 试衣功能）和云服 务采购等方面展开合作，旨在提高销售转化率和满足日益增长的算力需 求。 Q&A 美图 20250826 美图公司在 2025 年的股价表现如何？其背后的原因是什么？ 2025 年，美图公司的股价表现显著，主要受到多个因素的推动。首先，2 月份 Deepseek 提升了国内 AI 应用 ...

大摩称，美图一方面利用AI技术深化产品功能以提高国内用户付费意愿，设定未来三年内总付费率翻倍至8-10%的目标； 另一方面调整海外策略，从单纯追求付费用户转向并重月活跃用户增长，意图打开欧美等市场的新增长空间。而AI工具 RoboNeo被视为提升个性化推荐和加速付费率增长的关键，计划9月开始商业化。 硬·AI 作者 | 龙 玥 编辑 | 硬 AI 据追风交易台消息，摩根士丹利8月25日发布的研报，美图管理层提出了一个关键目标：在未来三年内， 将公司产品的总付费率从2024年的4.7%提升至8-10%。这一目标若能实现，意味着其核心的订阅业务收 入将有翻倍的潜力。 同时，公司调整海外策略，从单纯追求付费用户转向并重月活跃用户增长，意图在欧美市场打开新的增长 空间，抓住TikTok普及带来的新机遇。 基于这一增长路线图，摩根士丹利将美图的目标价上调9%至15.7港元，并维持"增持"评级。该行分析师 Lydia Lin和Yang Liu在报告中指出，美图在利用生成式AI、专注核心业务以及审慎划定业务边界方面展现 出的能力，使其长期增长潜力值得看好。 投资者正密切关注即将到来的2025年9月，届时美图计划启动其AI工 ...

大摩称，美图一方面利用AI技术深化产品功能以提高国内用户付费意愿，设定未来三年内总付费率翻倍至8-10%的目标；另一方面 调整海外策略，从单纯追求付费用户转向并重月活跃用户增长，意图打开欧美等市场的新增长空间。而AI工具RoboNeo被视为提 升个性化推荐和加速付费率增长的关键，计划9月开始商业化。 投资者正密切关注即将到来的2025年9月，届时美图计划启动其AI工具RoboNeo的商业化，并开始将其整合入其他应用，同时与 阿里巴巴的合作也将有实质性进展，这些举措被视为检验其新战略成效的关键节点。 核心目标：三年内付费率翻倍 据摩根士丹利报告，美图管理层给出了明确的财务指引，其增长战略的核心是提升用户的付费意愿。 公司设定的首个里程碑是，在三年内（2025-2028年）将整体付费率提升至8-10%。报告指出，这是在2024年4.7%基础上的巨大 飞跃。长期来看，美图的目标更为远大：休闲类产品付费率达到10%以上，生产力工具付费率达到20%以上。 在生成式AI浪潮和全球化布局的交汇点上，美图公司正向市场描绘一幅清晰的增长蓝图。 摩根士丹利8月25日发布的研报，美图管理层提出了一个关键目标：在未来三年内，将公司产 ...

Core Insights - Meitu aims to double its overall paid user rate from 4.7% in 2024 to 8-10% within three years, which could significantly boost its subscription revenue [1][2] - The company is shifting its overseas strategy to focus on both user growth and monetization, particularly in the US and EU markets, leveraging the popularity of TikTok [1][10] - Morgan Stanley has raised Meitu's target price by 9% to HKD 15.7, maintaining an "overweight" rating due to the company's potential for long-term growth [1] Financial Goals - Meitu's management has set a clear financial target to increase the overall paid user rate to 8-10% by 2025-2028, a significant increase from the current 4.7% [2] - Long-term goals include achieving over 10% paid rate for leisure products and over 20% for productivity tools [2] Cost Management and Investment - The company plans to maintain sales and marketing expenses at around 16% of its revenue from images, videos, design, and advertising while increasing R&D spending by approximately 15% annually over the next three years [4] User Growth Strategy - Meitu's product strategy is characterized by a "dual engine" approach: driving user growth in overseas markets while maximizing user value domestically [5] - The domestic market focuses on increasing paid rates and average revenue per paying user (ARPPU), while the overseas market aims to boost monthly active users (MAU) [10] AI Integration - The AI tool RoboNeo is expected to enhance personalized recommendations, thereby accelerating the increase in paid user rates [8] - RoboNeo will be launched as an independent productivity application and integrated into other Meitu applications starting September 2025 [8] Strategic Partnerships - Collaboration with Alibaba is seen as a key to unlocking new revenue streams, with projects like AI Try-on set to launch in late 2025 [9] - The partnership will allow users to make purchases on Alibaba's platform after using Meitu's applications, generating revenue through a revenue-sharing model [9] Market Dynamics - The report highlights that the acceptance of image and video editing among the younger generation in the West is increasing, which could drive MAU growth for Meitu's applications [10] - The company is restructuring its core applications in the US and EU to focus on MAU growth rather than just paid users [10]

| 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： 2025-08-25 | | | | [Table_BaseData] 收盘价（港元） | 10.63 | | | 近 12 个月最高/最低（港元） 12.08/1.95 | | | | 总股本（百万股） | | 4,566 | | 流通股本（百万股） | | 4,566 | | 流通股比例（%） | 100.00 | | | 总市值（亿港元） | | 485 | | 流通市值（亿港元） | | 485 | [公司价格与恒生指数走势比较 Table_Chart] [Table_Author] 分析师：金荣 执业证书号：S0010521080002 邮箱：jinrong@hazq.com -34% -14% 7% 27% 8/23 2/24 8/24 美图公司 恒生指数 -50% 0% 50% 100% 24/03 24/07 24/11 25/03 美图公司 恒生指数 -50% 0% 50% 100% 24/03 24/07 24/11 25/03 美图公司 恒生指数 -50% 150% ...

今天分享的是：广大大&中文在线：2025H1全球AIGC移动应用营销观察报告 报告共计：32页 2025H1全球AIGC移动应用营销观察报告总结 本报告由广大大与中文在线联合发布，依托广大大覆盖超80个国家/地区、80+全球广告渠道及16亿级广告创意的数据库，从全球市场现状、海外营销观察、 爆款案例及未来趋势四方面，剖析2025年上半年AIGC移动应用领域情况。 全球AIGC应用市场区域差异显著。北美市场2025年规模达3270亿美元，年增28.6%，占全球38%，OpenAI、英伟达等企业主导，55%美国人常用AI；欧洲年 增24.3%，本土企业与美科技巨头竞争，44%消费者认可AI积极作用但37%存担忧；亚太年增24%，占全球34%，中日科技企业与新兴初创企业发力，63%中 国网民定期用AI；巴西、中东等新兴市场增速快，非洲移动应用用户规模大，潜力十足。 海外营销方面，2025H1全球AI应用月均在投广告主2041家，同比降47.07%，但单广告主月均素材416条，同比增84.22%。欧洲广告主数量最多但降幅大，北 美总素材量最高，日韩素材涨幅显著。投放以视频为主（84.05%），15-30秒视频占比超5 ...

美图公司通过强大的渠道能力和中台体系，在竞争激烈的美颜赛道保持 领先地位，能够灵活应对市场变化并前瞻布局，持续挖掘新的付费功能。 美图区分的三大发展策略包括：海外市场核心产品力运营、生产力工具 "美图设计师"的全球拓展（对标 KAVA）、以及 AI 技术在产品各方面 的持续渗透，提升付费率。 美图区分从流量变现转型为订阅变现，推动整体付费率在 2024 年达到 4.7%，较 2022 年翻倍，订阅收入成为公司收入的主要来源，同时毛利 率从 15%回升至 69%。 美图区分利用 AI 技术进行全线产品升级，如发布"奇想"大模型，提供 视频生成、文生图片等功能，并通过快速实现前沿影像功能保持市场竞 争力。 拍摄美化行业呈现双寡头格局，即"字节系"和"拍摄系"，市场稳定， 用户渗透率维持在 20%-23%之间，美图系在生态链方面占据 55.96% 的市场份额。 Q&A 美图公司 20250820 摘要 从流量变现转型为订阅变现对美图区分带来了显著影响。早期依靠广告流量模 式变现，如售卖手机开瓶广告等形式，而近年来主推订阅付费模式，与用户核 心需求一致，因此用户愿意为好的付费权益买单。截至 2024 年整体付费率达 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3]. Core Insights - The company reported a 12.3% year-on-year revenue growth to RMB 1.821 billion and a 71.3% increase in adjusted net profit to RMB 467 million for the first half of 2025, with a mid-term dividend of HKD 0.045 per share [1][6]. - The core imaging and design products achieved a revenue of RMB 1.351 billion, a 45% year-on-year increase, driven by the growth in the number of paying users [2][6]. - The company has seen a significant increase in its global user base, with MAU outside mainland China growing by 15.3% year-on-year to 98 million, accounting for 35% of total users [2][6]. Financial Performance - The overall product paying rate reached 5.5%, up 0.8 percentage points from the end of 2024, with the number of paying users increasing by 42% to 15.4 million [2][6]. - Advertising revenue grew by 5% to RMB 434 million, primarily due to the increase in overseas programmatic advertising revenue [2][6]. - The company’s gross profit increased by 27.3% year-on-year to RMB 1.34 billion, with a gross margin rising by 8.7 percentage points to 73.6% [6][9]. Business Strategy - The company is focusing on dual growth drivers from lifestyle and productivity applications, with the launch of AI design assistant RoboNeo expected to enhance user engagement and conversion rates [7][8]. - A strategic partnership with Alibaba involves a USD 250 million investment, aiming to deepen collaboration in AI technology, e-commerce, and cloud computing [8][9]. - The report anticipates continued revenue growth, projecting total revenue of RMB 4.035 billion, RMB 4.950 billion, and RMB 5.847 billion for 2025, 2026, and 2027 respectively [9][11].

Core Insights - Meitu's revenue for the first half of 2025 reached 1.8 billion yuan, a year-on-year increase of 12.3%, driven by a 45.2% surge in imaging and design product revenue to 1.35 billion yuan, resulting in a 27.3% increase in overall gross profit [1] - The adjusted net profit attributable to shareholders grew by 71.3% year-on-year to 467 million yuan, indicating strong financial performance despite a high base [1] - The company has transitioned from an internet application company to an AI application company, with AI penetration in its products reaching approximately 90% [1][3] AI as a Growth Driver - AI is viewed as the primary driver of Meitu's current growth, with features like "AI dressing" and "AI flash" generating significant user interest and increasing the paid subscription penetration rate to 5.5% [3] - The launch of RoboNeo, an intelligent product capable of generating logos, posters, videos, and interior design sketches based on user instructions, has quickly gained traction, amassing millions of monthly active users [3] - Meitu's strategy focuses on deepening its presence in "vertical scenarios," such as the "Kaipai" tool for video production, which has successfully captured market demand by simplifying complex tasks [3][4] Business Model and Market Strategy - The company emphasizes a focused approach by identifying under-served scenarios and launching precise products, allowing for rapid market validation and iteration [4] - Meitu is particularly attentive to the e-commerce sector, leveraging high digitalization levels to offer AI automation solutions, thus positioning itself as a service provider to sellers [4] - The company aims to expand its exploration beyond e-commerce into broader commercial scenarios, maintaining its identity as an AI application company focused on imaging and design [4] Global Expansion and Localization - As of June 30, 2025, Meitu's global monthly active users reached 280 million, with a year-on-year growth of 8.5%, and 98 million users outside mainland China, reflecting a 15.3% increase [5] - The company's growth is attributed to both AI technology advancements and a localized strategy that tailors products to regional user preferences [5] - Meitu's approach to global markets varies, with Southeast Asia favoring lifestyle and social media products, while the U.S. and Europe lean towards productivity applications [5][6] Competitive Edge and Challenges - Meitu's competitive advantage lies in its aesthetic capabilities, supported by a team of over a hundred designers who continuously research design trends [6] - The company acknowledges challenges in understanding cultural needs in various countries, particularly in Western markets, which will be a focus for future efforts [6]