值得一提的是，美图公司有5款产品入选全球移动应用Top50榜单，除了第9名的美图秀秀（Meitu）外，还有第17名的Wink、第32名的BeautyPlus、第34 名的美颜相机（BeautyCam）和第49名的Airbrush。 在移动应用Top50榜单中，来自中国企业的产品在前10名中拿到4个席位，分别是第4名豆包、第7名百度AI，第8名DeepSeek，第9名美图秀秀。 近日，科技投资公司a16z发布《Top100消费级生成式AI应用》榜单，来自中国的科技公司贡献多款上榜产品，主打AI应用的美图公司有5款产品上榜。 | | | | The Top 50 Gen AI Mobile App | | | | --- | --- | --- | --- | --- | --- | | 1. | ChatGPT | 11. | FaceApp | 21. | Photoroom | | ਪ | Gemini | 12. | + B617 | 22. | YouCut | | 3. | Al Gallery | 13. | : B Facemoji | 23. | 1 Grok | | 4. | Doubao | ...

江苏 Jiang Su 8月28日，在苏州市十梓街一家鲜花店，花艺师正在赶制包装顾客预订的七夕花束。七夕将至， 苏州鲜花市场不少商家精心准备花卉产品 吸引顾 客选购。 杭兴微 摄 视觉江苏网供图 股市 Equity Market 8月28日，市场午后V型反弹，创业板指涨近4%，科创50指数涨超7%，寒武纪、中芯国际双双创历史新高。沪深两市全天成交额达2.97万亿 元，较上个交易日缩量1948亿元。盘面上，市场热点集中在算力和芯片方向，个股涨多跌少，全市场超过2800只个股上涨。CPO、半导体、 铜箔、PCB等板块涨幅居前，农业、减肥药、服装、白酒等板块跌幅居前。截至收盘，沪指涨1.14%，深成指涨2.25%，创业板指涨3.82%。 国内 Domestic Global 在特朗普解雇美联储理事丽莎·库克后，对美联储独立性的担忧持续存在，美元下跌。欧洲央行管委雷恩表示，特朗普对美联储独立性的压 力可能会对全球金融市场和实体经济产生重大影响。 8月28日，全国工商联发布"2025中国民营企业500强"榜单及调研分析报告，京东、阿里巴巴、恒力集团位列前三。江苏90家民营企业上榜， 较去年净增1家，其中2家企业跻身前十 ...

Core Objective - The company aims to double its overall payment rate from 4.7% in 2024 to a target of 8-10% within three years, indicating significant potential for subscription revenue growth [2][6]. Growth Strategy - The company is adjusting its overseas strategy to focus on both user growth and payment user acquisition, particularly in the European and American markets, leveraging opportunities presented by the popularity of TikTok [3][9]. - The growth strategy is characterized by a "dual-drive" model: expanding user growth in overseas markets while maximizing user value in the domestic market [10]. AI Integration - The AI tool RoboNeo is expected to enhance personalized recommendations and accelerate payment rate growth, with plans for commercialization starting in September 2025 [2][13]. - RoboNeo will serve as both an independent productivity application and be integrated into other applications, potentially driving significant revenue growth by enhancing recommendation mechanisms [16]. Financial Management - The company plans to maintain sales and marketing expenses at around 16% of revenue from images, videos, design, and advertising, while R&D spending is projected to grow by approximately 15% annually over the next three years [8]. Collaboration with Alibaba - The partnership with Alibaba is seen as a key to unlocking new business models, with significant projects including AI Try-on and integration of DesignKit functionalities into Alibaba's merchant platform [17][20].

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]

从运营数据来看，公司月活用户数和付费用户增长顺利。2025H1 美图MAU 2.8 亿，同比+9%。VIP 付 费会员达到1540 万，同比+42%，付费渗透率为5.5%，同比+1.3pct。测算ARRPU 为193 元，同比+3%。 拆分来看，生产力场景进展良好。1）生活场景用户数2.57 亿，同比+8%，订阅用户数1360 万，同比 +30%，付费渗透率5.3%，同比+0.9pct。2）生产力场景用户数2300 万，同比21%，订阅用户180 万，同 比大幅增长90%，付费渗透率7.8%，同比+2.9pct。生产力场景中，开拍进展良好，开拍的订阅用户增速 超过330%；美图设计室的订阅用户同比增长56%。除此以外，开拍在海外MAU 超过国内，但是在商业 化方面，开拍国内付费渗透率达到14%，国外还未大力做变现。 后续观察Agent 变现、阿里合作、海外等商业化进展。1）与阿里合作AI换装功能有望带来收入增量， 通过AI 换衣对淘宝等进行导流。美图与阿里巴巴合作包含①大模型方面，基于通义多模态，万象视频 大模型等基础模型，提升垂类的训练效果；②电商方面，计划联合推出AI 试衣功能，结合美图AI 能力 以及阿 ...

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]