Core Viewpoint - The rapid evolution of AI models and applications is leading to a narrative where vertical AI applications, like Meitu, face challenges from general models, resulting in declining valuations and poor market performance in the second half of the year [1]. Group 1: Impact of General Models on Vertical Applications - The launch of Google's Nano Banana model signifies a major event in the AI landscape, combining advanced image generation capabilities with logical reasoning, surpassing previous models like ChatGPT [3]. - Meitu, a representative of vertical applications, experienced a significant stock price drop following the rise of Nano Banana, indicating market concerns about the impact of general models on specialized applications [7][9]. - Despite the challenges posed by general models, Meitu's overseas products have seen substantial growth, with a reported 63% increase in overseas application revenue in November [9]. Group 2: Meitu's Strategic Positioning - Meitu positions itself as an AI application company, utilizing a "model container" strategy to integrate various models without developing foundational models, thus avoiding high costs [11]. - The company's competitive advantage lies in its understanding of user aesthetics and preferences, allowing it to tailor its products effectively to different markets [18][19]. - Meitu's growth strategy focuses on enhancing user engagement through core functionalities that meet specific user needs, which has proven effective in maintaining its market position [22]. Group 3: Product Development and Market Trends - Meitu's product matrix is shifting towards productivity tools, with a focus on addressing specific user pain points in design and video production [28][30]. - The introduction of AI capabilities in products like Meitu Design Studio and Kaipai reflects the company's strategy to leverage AI for enhancing user experience and operational efficiency [32]. - The competitive landscape in the productivity tools market is intensifying, with major players vying for dominance, making Meitu's ability to adapt and innovate crucial for its long-term growth [32].

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 ...

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 - Morgan Stanley's latest report indicates that Meitu's overseas revenue growth is accelerating, reaffirming a "buy" rating with a target price of HKD 15.7 [1] Group 1: Revenue Growth - According to SensorTower data, Meitu's overseas revenue year-on-year growth rate increased from 28% in September to 39% in October [1] - The report anticipates that the overseas market will gradually become Meitu's primary revenue source, supporting the company's long-term growth [1] Group 2: Market Expansion - Meitu's global expansion began in 2013, capitalizing on the rapid rise of mobile internet and smartphone penetration, as well as the growing demand for image recording and beautification [1] - The company has achieved significant user and technological experience domestically, recognizing the vast potential of overseas markets [1] Group 3: User Engagement - As of June 30, 2025, Meitu's global monthly active users reached 280 million, a year-on-year increase of 8.5%, with 98 million users outside mainland China, reflecting a 15.3% growth [2] - The introduction of the AI Agent product RoboNeo has led to significant rankings, achieving first place in the Chinese and Spanish App Store category charts and the Vietnamese Google Play category chart [2] Group 4: Product Innovation - Meitu's products have been iterated rapidly, adapting to local demands and cultural nuances, resulting in "phenomenal" applications [2] - The AI features, such as "AI dressing" in Thailand, have driven the beauty camera to the top of app store rankings in 12 countries, including Thailand, Vietnam, Japan, Singapore, and Malaysia [2]

Core Points - Xiamen Meitu Network Technology Co., Ltd. has been recognized as a "2025 Artificial Intelligence Technology Innovation Enterprise" at the 2025 International Youth Innovation Conference for its technological innovations and applications in the field of artificial intelligence [2] Group 1 - In 2025, Meitu launched several AI features including AI dressing, AI flash, AI group photo, and image quality restoration, which helped its products like Meitu Xiuxiu, Beauty Camera, and Wink to consistently top overseas app stores [2] - Meitu's AI innovations also extend to productivity scenarios, with tools such as Meitu Design Studio, Kaipai, RoboNeo, WHEE, and Meitu Cloud Repair, effectively assisting related industries in reducing costs and improving efficiency [2] - The 2025 International Youth Innovation Conference serves as a significant platform for gathering global youth innovation forces and showcasing cutting-edge technological achievements, with awards aimed at recognizing outstanding enterprises that drive technological progress and have significant social impact [2]

Core Viewpoint - Meitu Inc. (01357) has seen a nearly 4% increase in stock price, attributed to high-frequency data indicating record overseas revenue in September and the launch of an AI design tool at the 2025 Zcool Design Week [1] Group 1: Financial Performance - As of the latest report, Meitu's stock price rose by 3.71% to HKD 9.23, with a trading volume of HKD 329 million [1] - In September, the combined revenue from Meitu's three core apps (Meitu Xiuxiu, Meiyan Camera, and Wink) grew by 38% year-on-year and 1% month-on-month [1] - Overseas revenue reached a new high, with a year-on-year increase of 56% and a month-on-month increase of 9%, while domestic revenue grew by 29% [1] Group 2: Strategic Developments - The launch of an AI design tool by Zcool, announced by Meitu's founder and CEO Wu Xinhong, aims to assist designers in building AI design workflows [1] - The company is actively advancing AI integration, which has shown effective results [1] - The fourth quarter is expected to enter a peak season for overseas holidays, prompting attention to future functional innovations and changes in high-frequency data [1]

Core Viewpoint - Meitu Company (01357) has seen a nearly 4% increase in stock price, currently at HKD 9.23, with a trading volume of HKD 329 million, driven by positive developments in AI design tools and strong revenue growth in both domestic and overseas markets [1] Group 1: Company Performance - As of October 28, 2023, Meitu's stock rose by 3.71% [1] - The company reported a significant revenue increase in September, with total income from its three core apps (Meitu Xiuxiu, Meiyan Camera, and Wink) growing by 38% year-on-year and 1% month-on-month [1] - Overseas revenue reached a new high, with a year-on-year increase of 56% and a month-on-month increase of 9%, while domestic revenue grew by 29% [1] Group 2: Industry Developments - The launch of an AI design tool by Zcool, announced by Meitu's founder and CEO Wu Xinhong, aims to assist designers in building AI design workflows [1] - The fourth quarter is expected to enter a peak season for overseas holidays, indicating potential for further revenue growth [1] - The company is making significant progress in integrating AI across its platforms, which is expected to enhance functionality and user engagement [1]