2026 年 04 月 01 日 看 AI 时代续写审美经济新竞争力 买入(维持) 事件 分析师：朱珠 S1050521110001 zhuzhu@cfsc.com.cn 基本数据 | 当前股价（港元） | 4.29 | | --- | --- | | 总市值（亿港元） | 196.7 | | 总股本（百万股） | 4,586.2 | | 流通股本（百万股） | 338.0 | | 52 周价格范围（港元） | 4.12-12.56 | | 日均成交额（百万港元） | 634.1 | 市场表现 -70% -60% -50% -40% -30% -20% -10% 0% 10% 20% 美图公司 恒生指数 资料来源：Wind，华鑫证券研究 相关研究 1、《美图公司（1357）：AI 时代美 图有望再上新台阶》2025-03-27 —美图公司（1357.HK）公司事件点评报告 美图发布公告：2025 年公司营收 38.59 亿元，同比+28.8%， 归母净利润 6.98 亿元，同比-12.7%，主因 2024 年加密货币 一次性收益拉高基数，经调整归母净利润 9.65 亿元（同比 +64.7%）； 投资要点 ▌ ...

25 年费用总体可控。销售费用同比增加25.5%至6 亿元，主要投向中国内地生产力工具及海外生活场景 应用推广。研发费用同比微增3.8%至9.45 亿元，增幅降低主要由于基础模型训练开支减少，若剔除基 础模型训练相关成本，研发费用同比增加14.5%，表明研发资源正进一步向垂直模型训练与应用层优化 倾斜。 影像与设计产品为收入核心增长引擎。1、分地区看：25 年公司全系产品MAU达2.76 亿，同比增长 3.8%，中国内地市场MAU 为1.75 亿（yoy+2.3%），海外市场MAU 达1.01 亿（yoy+6.4%），突破1 亿 里程碑。25 年付费订阅用户总数达1691 万（yoy+34.1%），对应付费渗透率提升至6.1%，新增国际付 费订阅用户在25H2 加速增长，且多数来自包括欧洲、美洲及东亚在内的高 ARPU地区，进一步提升了 公司在全球市场商业化的可持续性。2、分场景看：1）25年生产力工具收入占比影响与设计产品收入的 19%，付费订阅用户达到216 万（yo+67.4%），付费渗透同比率提升3.1pct 至9.0%。公司于25 年7 月推 出AI 原生平台RoboNeo，自7 月起公司已将AI ...

点击注册小程序 查看完整报告 25年分业务来看 1）影像与设计产品实现收入29.5亿元，同比增长41.6%，收入占比提升至76.6%，主要由全球付费订阅用 户显著增长带动；2）广告收入8.4亿，同比下降1.3%；3）其他收入（包括美业解决方案重新分类至其他 的AI测肤业务）同比增长8.8%至6211万元。 影像与设计产品为收入核心增长引擎 1、分地区看：25年公司全系产品MAU达2.76亿，同比增长3.8%，中国内地市场MAU为1.75亿 （yoy+2.3%），海外市场MAU达1.01亿（yoy+6.4%），突破1亿里程碑。25年付费订阅用户总数达1691万 （yoy+34.1%），对应付费渗透率提升至6.1%，新增国际付费订阅用户在25H2加速增长，且多数来自包括 欧洲、美洲及东亚在内的高 ARPU地区，进一步提升了公司在全球市场商业化的可持续性。2、分场景 看：1）25年生产力工具收入占比影响与设计产品收入的19%，付费订阅用户达到216万（yo+67.4%），付 费渗透同比率提升3.1pct至9.0%。公司于25年7月推出AI原生平台RoboNeo，自7月起公司已将AI agent能 力接入大部分产品中 ...

事件：公司 25 年实现持续经营业务收入 38.6 亿元人民币，同比增长 28.8%； 实现毛利 28.4 亿元，同比增长 24.6%，对应毛利率同比下降 2.4 pct 至 73.6%， 主要由于广告业务收入占比略有下降及算力与 API 相关成本有所增加导致；经调 整归母净利润 9.65 亿元，同比增长 64.7%，反映出公司运营杠杆稳健提升。 25 年分业务来看：1）影像与设计产品实现收入 29.5 亿元，同比增长 41.6%， 收入占比提升至 76.6%，主要由全球付费订阅用户显著增长带动；2）广告收入 8.4 亿，同比下降 1.3%；3）其他收入（包括美业解决方案重新分类至其他的 AI 测肤业务）同比增长 8.8%至 6211 万元。 影像与设计产品为收入核心增长引擎。1、分地区看：25 年公司全系产品 MAU 达 2.76 亿，同比增长 3.8%，中国内地市场 MAU 为 1.75 亿（yoy+2.3%），海 外市场 MAU 达 1.01 亿（yoy+6.4%），突破 1 亿里程碑。25 年付费订阅用户总 数达 1691 万（yoy+34.1%），对应付费渗透率提升至 6.1%，新增国际付费订 阅用 ...

Meitu (SEHK:01357) H2 2025 Earnings call March 27, 2026 05:00 AM ET Company ParticipantsGary Ngan - CFO and Company SecretaryJianyi Chen - CPO and President of Imaging Products DivisionWu Xinhong - Founder, Chairman and CEOConference Call ParticipantsSara Wang - Equity Research AnalystVicky Wei - Equity Research AnalystNone - AnalystNone - AnalystNone - AnalystNone - AnalystWu XinhongToday Meitu Company leaders participating, Mr. Wu Xinhong, Founder, Chairman, CEO of Meitu. Greetings. CFO and Company Secret ...

Meitu (SEHK:01357) H2 2025 Earnings call March 27, 2026 05:00 AM ET Speaker5Today Meitu Company leaders participating: Mr. Wu Xinhong, Founder, Chairman, CEO of Meitu. Greetings. CFO and Company Secretary of Meitu, Mr. Gary Nan. CPO and President of the Imaging Products Division, Mr. Chen Jianyi. A warm reminder, we include predictive statements, and many risk factors that we may not control may influence these predictive statements. Online participants, you need to rename and add your real name and affilia ...

Core Viewpoint - Meitu Company held its 2025 Investor Day on October 10, 2025, focusing on the relationship between large models and applications, emphasizing that both are iteratively evolving together [1] Group 1: Market Insights - The company believes that model companies struggle to provide full-chain services in vertical scenarios, highlighting the need for deep integration and an open ecosystem in areas like e-commerce design [1] - Meitu's recent overseas market progress includes the successful launch of the "AI合照" feature, which led Meitu Xiuxiu to rank first in the App Store overall in 14 European countries and first in 28 countries in category rankings [2] Group 2: Product Development - In the productivity scene, Meitu Design Studio is focusing on online e-commerce product image design while exploring offline material needs to meet rapid design demands [2] - The current phase of the main app's Agent planning involves integrating basic agents to enhance functionality and material retrieval efficiency, with a completion target by the end of 2025 [2] Group 3: Future Business Model - The company intends to maintain a subscription model as the primary commercialization strategy, emphasizing long-term value for users, with a gradual increase in single purchase functionality over the next five years [2] - The company forecasts adjusted net profits of 960 million, 1.24 billion, and 1.52 billion RMB for 2025, 2026, and 2027 respectively, maintaining a "buy" rating [3]

Core Viewpoint - The article discusses the recent developments and strategic direction of Meitu, particularly focusing on its product capabilities and market performance in the overseas market, as well as its approach to AI integration and business model evolution [4][5][6]. Group 1: Product Development and Market Performance - Meitu has demonstrated its ability to develop popular features, such as the "AI Group Photo" function, which led to Meitu Xiuxiu ranking first in the App Store overall in 14 European countries and first in category rankings in 28 countries [6]. - The company believes that the success of new features relies on two main factors: the inherent shareability and playability of the function, and collaboration with creators to develop specific gameplay that drives user engagement [6]. Group 2: AI Integration and Competitive Landscape - The company maintains a positive view on the relationship between models and applications, asserting that both will evolve in tandem. In vertical scenarios, model companies struggle to provide comprehensive services, which necessitates deep integration and the establishment of an open ecosystem [5]. - Meitu's strategy includes a phased approach to integrating AI capabilities into its main app, with the first phase focusing on basic agent integration to enhance functionality and material retrieval efficiency, expected to be completed by the end of 2025 [7]. Group 3: Future Business Model - The company plans to maintain a subscription model as the primary revenue stream, emphasizing long-term value for users' imaging needs across both lifestyle and productivity scenarios. The subscription model is expected to remain dominant over the next five years, although the proportion of one-time purchases may gradually increase [7].

Investment Rating - The report maintains a "Buy" rating for Meitu Inc. (1357.HK) [7] Core Insights - Meitu Inc. demonstrates a robust fundamental performance, with continuous product enhancement driven by AI, leading to accelerated growth in subscription users and advancements in productivity and globalization [4] - The company believes that the relationship between models and applications is one of synchronous iteration, where vertical applications can outperform general models in specific scenarios [2][3] - The company has shown the ability to develop popular features, as evidenced by the recent success of the "AI Group Photo" function, which topped the App Store charts in 14 European countries [3] Financial Projections - Revenue is projected to grow from 2,696 million RMB in 2023 to 5,938 million RMB in 2027, with a compound annual growth rate (CAGR) of approximately 29.3% [6] - Adjusted net profit is expected to increase from 368 million RMB in 2023 to 1,525 million RMB in 2027, reflecting a significant growth trajectory [6] - The adjusted earnings per share (EPS) is forecasted to rise from 0.08 RMB in 2023 to 0.33 RMB in 2027 [6] Product Development and Market Strategy - The first phase of the Agent planning for the main app focuses on integrating basic functionalities to enhance efficiency in feature and material retrieval, with completion expected by the end of 2025 [4] - The second phase will initiate in 2026, aiming for collaborative editing and co-creation of gameplay, allowing users to share their creations through social media [4] - The company plans to maintain a subscription model as the primary revenue stream, with single purchase options gradually increasing in proportion [4]

Core Viewpoint - The article emphasizes the transformative impact of artificial intelligence (AI) on the economy and industries in Fujian, highlighting the province's historical spirit of innovation and entrepreneurship, which is now being applied to the digital economy and AI development [1][2]. Group 1: Economic Growth and AI Integration - Fujian's GDP is projected to approach 2.8 trillion yuan by mid-2025, with a year-on-year growth of 5.7%, driven by a 16.8% increase in high-tech manufacturing value added [1]. - As of September 30, 2025, the total market capitalization of 174 listed companies in Fujian exceeded 5.22 trillion yuan, ranking sixth nationally [1]. Group 2: Historical Context and Innovation - Fujian has a long-standing tradition of technological innovation, dating back to the establishment of the Fujian Shipbuilding School in 1866, which laid the foundation for various modern industries [4]. - The province's "AI blueprint" focuses on developing a robust digital economy, with a target of reaching 3.2 trillion yuan by the end of 2024, accounting for 55% of the provincial economy [4]. Group 3: Key Companies and Their Contributions - Guotou Intelligent, based in Xiamen, aims to become a global leader in data intelligence and security services, with AI-related product revenue reaching 167 million yuan, constituting 30% of total revenue by mid-2025 [5][6]. - Kehua Data is innovating in intelligent computing and energy storage, contributing significantly to the construction of smart computing infrastructure in Fujian [6][7]. Group 4: AI Applications in Daily Life - Companies like Dineike are integrating AI into community and healthcare solutions, enhancing efficiency in clinical detection and breaking down information silos between individuals and communities [10][11]. - The application of AI in smart communities and hospitals is expected to transform urban living and healthcare management [11]. Group 5: Policy Support and Financial Infrastructure - The Fujian government is actively promoting AI applications through initiatives like the release of an AI application scenario opportunity list, which aims to accelerate technological innovation and product iteration [11]. - The establishment of a 2 billion yuan provincial fund to support specialized and innovative small and medium-sized enterprises is part of the broader strategy to enhance financing efficiency for tech companies [20][21]. Group 6: International Expansion and Market Insights - Xiamen's listed companies are increasingly focusing on international markets, with 80.9% actively pursuing overseas business, significantly above the national average [17]. - Meitu, a company that has successfully penetrated international markets, reported a global monthly active user count of 280 million, with a 15.3% year-on-year growth in overseas markets [14]. Group 7: Innovation Culture and Mechanisms - Companies in Fujian are fostering a culture of innovation that encourages experimentation and tolerates failure, exemplified by Guotou Intelligent's "Geek Model" and Meitu's internal innovation mechanisms [28][29]. - The province's supportive ecosystem for innovation includes financial incentives and a focus on nurturing technology-driven enterprises, which is crucial for transitioning from a digital economy to an innovation-driven economy [29].