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 ...

ca 广大大 COL中文在线 2025H1/AIGC 移动网 : [ 全 | 链 | 路 | 数 | 据 | 洞 | 察 | 广大大数据研究院 About 合广大 全球Al应用营销创意洞察神器, 全方位剖析Al产品营销思路 使用广大大洞察爆款AI产品的市场营销策略，通过全球渠道、媒体、广告主等不同维度的广告数据获取信息和灵 感。 日 灵 ETHOO STN 哈 广大大 01. AIGC应用全球市场现状 02. AIGC应用海外营销观察 03. AIGC爆款案例观察 广大大/SocialPeta 针对AIGC出海行业，汇聚了最新的广告创意、AI工具榜单和深度行业洞察，我们覆盖超80个 国家/地区，80+全球广告渠道。比如Facebook，Google，X, YouTube, TikTok, Unity等知名广告渠道, 全部 广告创意已经达到16亿级别，并保持小时级别更新频率。广大大作为全球领先的广告营销平台，凭借庞大的数据 库和服务上千家VIP客户的经验，为移动AIGC从业者提供更切实可行的方法论，助力打造出更受用户喜爱的产品。 APP厂音手 官网: www.guangdada.net 04. AIGC出海未来 ...

| 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% ...

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]

Core Insights - Meitu's total revenue for the first half of 2025 reached 1.8 billion yuan, marking a year-on-year increase of 12.3% [1] - Adjusted net profit attributable to equity holders of the parent company was 467 million yuan, reflecting a significant year-on-year growth of 71.3% [1] - The company's image and design product business saw a robust growth of 45.2%, generating 1.35 billion yuan, which accounted for 74.2% of total revenue [1] - Meitu's global monthly active users reached 280 million, an increase of 8.5% year-on-year, with users outside mainland China accounting for 98 million, up 15.3% [1] Revenue and Profitability - The strong revenue growth is attributed to the record high of 15.4 million paid subscription users [1] - The company's localization strategy has shown initial success, particularly in overseas markets where productivity tool MAUs grew by over 90% year-on-year [1] Globalization Strategy - Meitu's globalization efforts have made significant progress, with the company emphasizing the potential of the global productivity market [1] - The company has been expanding its product offerings in overseas markets, including the launch of design tools and RoboNeo, which has gained popularity globally [5] AI and Product Innovation - The introduction of AI features has driven significant user engagement, with various apps achieving top rankings in multiple countries [2] - The AI-driven transformation is seen as a catalyst for the second wave of growth, enhancing user experience and commercializing the product offerings [7] Market Trends - The demand for productivity tools in overseas markets is described as rigid, with a strong willingness to pay, indicating a favorable environment for Meitu's expansion [5] - Analysts suggest that the combination of mature markets in Europe and North America, along with the rise of Southeast Asia, presents new opportunities for Meitu's global strategy [6]

Core Viewpoint - The article discusses the remarkable turnaround of Meitu, a Chinese beauty app company, highlighting its significant revenue growth and successful integration of AI technology into its products, which has led to a resurgence in its stock price and market presence [1][3][44]. Group 1: Company Performance - Meitu's total revenue reached 3.34 billion yuan in 2024, marking a year-on-year increase of 23.9%, the highest revenue since its peak in 2018 [5]. - The adjusted net profit for Meitu reached an unprecedented 586 million yuan [5]. - After a high point in December, Meitu netted 79.63 million USD, approximately 570 million yuan [7]. Group 2: Business Strategy - The company has shifted its focus to two main strategies: aggressively developing AI technology and expanding its international market presence [10]. - Meitu has launched seven new applications with AI features in the past year, enhancing its product offerings significantly [18]. - The introduction of AI functionalities has allowed Meitu to monetize its services more effectively, with many features requiring a subscription for access [27]. Group 3: Market Expansion - Meitu's overseas revenue now accounts for 32% of its total revenue, with higher user spending rates in international markets compared to domestic ones [43]. - The company has successfully gained traction in Southeast Asia, with its AI features leading to a significant increase in user engagement and downloads [41]. - Meitu received a 250 million USD investment from Alibaba, which will support its expansion efforts in Europe and the Americas [44].

Core Viewpoint - Meitu, once considered a "tear of the times" due to continuous losses and business retreats, has managed to turn around its fortunes through AI, projecting a net profit growth of approximately 65% to 72% year-on-year for the first half of 2025 [6][8]. Group 1: Financial Performance - In 2024, Meitu achieved a profit of 3.3 billion, with monthly active users reaching 266 million, marking it as one of the first domestic applications to profit from AI [6]. - The company's revenue increased from nearly 2.1 billion in 2022 to 2.7 billion in 2023, with net profit rising by 233.2% to 370 million [8][9]. - By 2024, net profit is expected to further increase to 586 million [8]. Group 2: AI Integration - Since late 2022, Meitu has launched a series of AIGC products, forming a three-layer architecture that includes a visual model, AI open platform, and various user-facing applications [9][11]. - The introduction of AI features has significantly boosted user engagement and revenue, with the design studio generating over 200 million in revenue in 2024, doubling year-on-year [9][12]. Group 3: Business Model Transformation - Meitu's revenue sources have shifted, with online advertising previously accounting for 76.9% in 2019, now being surpassed by VIP subscription services, which made up 37.5% of revenue in 2022 [11][12]. - The number of paid subscription users increased from 9.11 million in 2023 to 12.61 million in 2024, with a penetration rate rising from 3.7% to 4.7% [12]. Group 4: Market Position and Competition - Despite a stock price increase of over 300% in 2023, Meitu's market capitalization remains less than one-sixth of Figma's, indicating a need for improved user payment willingness and commercial stickiness [7][23]. - Meitu's AI tools are primarily focused on lightweight applications, lacking the depth of competitors like Figma and MasterGo, which cover full-process creation [11][25]. Group 5: Future Growth Potential - Meitu aims to expand into B-end productivity scenarios, with tools for content creation and commercial design, targeting a new growth curve [13][12]. - The company has formed a strategic partnership with Alibaba, which may help penetrate the B-end market and transition from a "traffic player" to a "value platform" [26].

Investment Rating - The report assigns a "Buy" rating for Meitu Company (1357.HK) [13] Core Insights - Meitu Company has successfully transformed from a traffic-based business model to a subscription-based model, leveraging its strong aesthetic know-how and technological foundation [3][9] - The company has experienced three technological transformations: from PC internet to mobile internet, and now to the AI era, which has enhanced its product capabilities and user engagement [9][20] - Meitu's growth strategy focuses on three main lines: globalization, expansion of productivity tools, and continuous investment in AI [11][20] Summary by Sections Company Overview - Founded in 2008, Meitu has evolved through significant technological changes, initially launching the PC version of Meitu Xiuxiu, which simplified photo editing for users [20] - The company shifted its focus back to software tools and began transitioning from a traffic monetization model to a subscription model starting in 2018 [9][20] Competitive Advantages - Meitu's strong channel capabilities and accumulated user aesthetic recognition have allowed it to maintain a leading position in the competitive beauty app market [10][57] - The company has built a robust product matrix that includes both lifestyle and productivity tools, with flagship products like Meitu Xiuxiu and BeautyCam leading their respective categories [27][93] AI Integration - All of Meitu's products have integrated AI capabilities, which have driven new growth in key metrics such as monthly active users (MAU) and payment rates [9][11] - The launch of the MiracleVision AI model in 2023 has provided a foundation for enhancing the AI capabilities across Meitu's product ecosystem [66] Market Position - Meitu holds a dominant market share of approximately 55.96% in the photo editing software sector, significantly ahead of its closest competitor [67] - The company has successfully expanded its user base internationally, particularly in Southeast Asia, where its products have gained substantial traction [93][104] Financial Performance - The subscription revenue has become a major pillar of Meitu's total income, with the subscription rate doubling from the initial phase of the transition [33][39] - The gross margin has improved significantly, rising from 15% to 69% by the end of 2024, reflecting the successful shift away from low-margin hardware businesses [39][41]