机构：麦高证券 研究员：周撷 影像与设计业务收入持续增长，美业及其他业务快速战略调整优化。2025 上半年付费订阅用户数快速 增长，带动高毛利核心业务影像与设计产品收入占比持续提升，影像与设计业务营收同比+45.2%至 13.51 亿元，广告业务同比+5.1%至4.34 亿元，二者占总收入的98%。截至2025H1，公司整体毛利率环 比+4.9个百分点至73.6%，经调整归母净利润同比+71.34%达4.7 亿元，落于自愿性公告上沿 （65%-72%）。 公司注重垂类模型能力扎实发展，AI 赋能推动内地用户回升，海外用户持续增长。公司通过调用三方 多模态大模型整合自主微调的闭源模型，受益于基础大模型能力的不断提升与垂类高质量数据的长期积 累，持续沉淀AI 产品力。截至2025H1，公司MAU 同比+8.6%，较2024 年末+5.3%增长1400 万至2.8 亿。订阅用户数达1540 万，同比+42.5%，环比+22.1%，订阅渗透率自2024 年底增长0.8 个百分点至 5.5%。内地市场MAU 同比+5.2%至1.82 亿，环比+6.2%（去年同期+0.9%，前值-1%）；海外MAU 同比 +15.7%至 ...

港股公司点评| 美图公司 日期：2025 年 09 月 05 日 业务结构快速优化，AI 产品力带动用户与付费增长 美图公司（1357.HK）2025 中报点评 ⚫ 核心观点 影像与设计业务收入持续增长，美业及其他业务快速战略调整优化。2025 上半 年付费订阅用户数快速增长，带动高毛利核心业务影像与设计产品收入占比持 续提升，影像与设计业务营收同比+45.2%至 13.51 亿元，广告业务同比+5.1% 至 4.34 亿元，二者占总收入的 98%。截至 2025H1，公司整体毛利率环比+4.9 个百分点至 73.6%，经调整归母净利润同比+71.34%达 4.7 亿元，落于自愿性公 告上沿（65%-72%）。 公司注重垂类模型能力扎实发展，AI 赋能推动内地用户回升，海外用户持续增 长。公司通过调用三方多模态大模型整合自主微调的闭源模型，受益于基础大 模型能力的不断提升与垂类高质量数据的长期积累，持续沉淀 AI 产品力。截 至 2025H1，公司 MAU 同比+8.6%，较 2024 年末+5.3%增长 1400 万至 2.8 亿。订 阅用户数达 1540 万，同比+42.5%，环比+22.1%，订阅渗透率 ...

美图公司 20250902 摘要 美图公司 2024 年营收 33 亿，2025 年上半年 18 亿，分别同比增长 29%和 6%，核心业务影像与设计产品占比显著提升，2025 年上半年 达 74%，同比增长 44%，驱动整体增长。 美图公司 MAU 持续增长，从 2024 年底的 2.7 亿增至 2025 年上半年的 2.8 亿，付费人数显著提升，付费率从 2024 年的 4.7%增至 2025 年上 半年的 5.5%，表明用户付费意愿增强。 美图公司毛利率持续提升，2024 年为 69%，2025 年上半年达 74%， 预计未来将稳步提升至 80%左右，费用管控能力强，销售费用率维持在 16%左右，经营杠杆显著增强。 美图公司盈利能力显著提升，2024 年经调整归母净利润 5.9 亿元，同 比增长 59%，2025 年上半年达 4.7 亿元，同比增长 71%，净利率从 2024 年的 18%提高到 2025 年上半年的 26%。 美图公司未来发展重点在于提升国内付费率，拓展海外 MAU，以及通过 AI 技术拓展 B 端市场，尤其关注电商场景的 AI 应用，如 AI 模特和商品 图生成。 Q&A 美图公司在 ...

6 证券研究报告 点评报告 2025 年 9 月 2 日 晨会纪要 分析师：刘笑瑜 证书编号： S1080525070001 电话：0755-23838239 邮箱：liuxiaoyu@fcsc.com 8 月份国内 65%钨精矿涨幅 32.3%，至 26.25 万元/吨、APT 涨幅 31.6%、碳化钨涨 幅 35.7%、钨粉涨幅 36%，二季度国内 65%钨精矿涨幅超过 80%。我们认为与中国 稀土管制的效果一样，中国对钨金属的管控也将对钨价产生长期的正向刺激。同 时在市场几乎一致预测美联储将在九月份开启降息趋势的前提下，我们认为有色 金属，特别是供给受严格管控的有色金属将长期维持较好的价格趋势，产业链景 气度改善趋势明确。 风险提示： 对上述事件发展趋势的点评，存在由于经济增长、行业竞争、销售不及预期等变 化，而不如预期的可能。 核[心Ta观bl点e_：Summary] 第一创业证券研究所 第 1 页 共 3 页 一、产业综合组： 请务必阅读正文后免责条款部分 晨会纪要 二、先进制造组： 一、比亚迪发布半年报，报告期内，比亚迪实现营收 3713 亿元，同比增长 23%；归母净利润达 155 亿元，同比 ...

Investment Rating - The report maintains an "Outperform" rating for the artificial intelligence industry [2] Core Insights - The report focuses on the progress and boundaries of model capabilities and applications, highlighting the differentiated development of overseas models and the cost-effectiveness considerations of enterprises [4][5] - Interest recommendation has emerged as the most significant application scenario for AI empowerment, particularly in advertising and gaming industries [4][6] - The competitive relationship between models and application enterprises is explored through five typical scenarios, indicating a shift in market dynamics [4][6] Summary by Sections Model Development and Market Share - Overseas models, particularly those from Google and Anthropic, dominate the market with significant shares due to their competitive pricing and advanced capabilities [9][10] - Domestic models are making steady progress, with no significant technological gaps observed among various players [9][10] Application Scenarios - Interest recommendation in advertising has shown substantial growth, with companies like Meta, Reddit, Tencent, and Kuaishou leveraging AI technologies to enhance ad performance [4][6] - The gaming sector, exemplified by platforms like Roblox, has also benefited from AI-driven recommendation algorithms, leading to increased exposure for new games [4][6] Competitive Dynamics - The report identifies five scenarios illustrating the competition between large models and traditional products, emphasizing the transformative impact of AI on existing business models [4][6] - The analysis suggests that AI products may replace traditional revenue streams, while also enhancing operational efficiency in areas like programming and customer service [4][6] Investment Recommendations - The report recommends investing in Tencent Holdings (0700.HK), Kuaishou (1024.HK), Alibaba (9988.HK), and Meitu (1357.HK) due to their potential for performance release driven by enhanced model capabilities [4]

机构：中金公司 研究员：肖俨衍/白洋/魏萌 1H25 经调整归母净利润好于我们预期 公司公布1H25 业绩：1H25 收入同增12.3%至18.2 亿元，低于我们预期，主因美业解决方案收入锐减 89%，公司主动收缩化妆品供应链业务以聚焦影像核心赛道；经调整归母净利润同增71.3%至4.7 亿元， 主要系高毛利订阅业务占比提升。公司过去以年度为单位，按调整后归母净利润的40%分红，公司业绩 会表示，此次将保持该分红比例，但改为"中期+年度"两次派发，后续需经特别股东大会通过。 发展趋势 付费率超预期提升，生产力海内外均有突破。1H25 公司MAU 同增8.5%至2.8 亿，海外MAU（同增 15.3%至0.98 亿）、生产力MAU（同增21.1%至0.23 亿）延续高增趋势。1H25 公司付费会员数同增 42.5%至1,540 万，付费率环比提升0.8ppt 至5.5%，其中，生产力场景订阅渗透率达8%，开拍、美图设 计室订阅用户延续高增趋势，同时，公司7 月发布的AI Agent产品RoboNeo 首月MAU 破百万，公司预 计3Q 将上线包括订阅、单购的完整的付费机制；海外生产力产品Vmake（专注口播视频 ...

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]

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]