Generative AI has enabled Meitu to upgrade from a "Beautifying tool" to an "AI photo & video generator & editor app", expanding its market from consumer entertainment to enterprise (e.g., e-commerce, advertising) productivity tools, driving MAU, paying ratios, and ARPU. As a global leader in photo beautification, Meitu enjoys a strong brand image in aesthetics and a global database in photo editing, positioning it to capitalize on the generative AI trend: (1) in-house foundation model: MiracleVision, empowe ...

2月8日，高盛发布报告首次覆盖美图，给予"买入"评级，12个月目标价16港元。公开信息显示，这一目 标价高于大摩、瑞银、美银等大行给出的目标均价。高盛称，看好AI影像领域的高收入和美图在特定 场景下满足用户需求的竞争优势，对其未来两年的预测比市场一致预期更高。 至于与同类型AI应用的竞争，高盛认为，美图近几年推出的新品如Wink、开拍等，对收入的贡献正在 上升，这也证明美图专注AI应用和垂直场景的定位，使其能够抓住AI时代的红利。 此外，高盛在这份报告中也高度关注美图用户的付费能力与意愿。该行指出，如今消费者越来越习惯订 阅模式，在图像视频编辑工具、音乐应用、电子阅读应用、直播应用等产品中表现出较强的粘性，尤其 是当这些产品能够提供AI功能并覆盖更广泛的用户偏好时。 高盛在报告中对美图不同业务和市场对收入的贡献也作出了预测。该行指出，美图的生产力工具业务正 加速发展，预计到2030年，生产力收入贡献将达到44%；与此同时，得益于在欧洲、东南亚等地区的扩 张，美图的海外月活将加速增长；因其产品组合向生产力工具的升级及海外市场拓展，海外市场变现加 速，付费率预计到2030年达11.3% 针对近期市场关于大模型吞噬 ...

从整个市场规模来看，高盛认为，AI为影像领域带来新机遇，预计2025至2030年全球AI图像和视频市 场规模将以44%的复合年增长率增长至390亿美元。其中，美图得益于生产力工具的推广、海外市场的 拓展、付费率的上升以及持续推出的新产品，预计2025年至2030年收入复合年增长率将达到29%。 高盛在报告中对美图不同业务和市场对收入的贡献也作出了预测。该行指出，美图的生产力工具业务正 加速发展，预计到2030年，生产力收入贡献将达到44%；与此同时，得益于在欧洲、东南亚等地区的扩 张，美图的海外月活将加速增长；因其产品组合向生产力工具的升级及海外市场拓展，海外市场变现加 速，付费率预计到2030年达11.3% 2月8日，高盛发布报告首次覆盖美图公司（以下简称"美图"），给予"买入"评级，12个月目标价16港 元。公开信息显示，这一目标价高于大摩、瑞银、美银等大行给出的目标均价。高盛称，看好AI影像 领域的高收入和美图在特定场景下满足用户需求的竞争优势，对其未来两年的预测比市场一致预期更 高。 针对近期市场关于大模型吞噬应用的讨论，高盛在报告中指出，尽管通用模型和工具能够降低AI的入 门门槛并减少用户的工作量， ...

Core Insights - The CEO of Meitu, Wu Xinhong, revealed that the company's core business is expected to see significant revenue growth by 2025, driven by innovation and new product incubation [1] - Meitu is positioning itself as a platform for high-quality imaging applications, with products like Meitu Xiuxiu, Meiyan Camera, and Wink achieving notable success globally [1] - The company is focusing on capturing commercial opportunities in vertical imaging products, leveraging AI to enhance product development and market validation [1] Group 1 - Meitu has initiated its first product challenge, encouraging global participation to create imaging productivity tools using AI, with 206 teams registered so far, including 87 one-person teams [1] - The company emphasizes that many new products are not reliant on existing major products for market traction, as demonstrated by RoboNeo's growth without any promotional support [1] - The ease of developing applications in the AI era is acknowledged, but the challenge lies in identifying high-value scenarios and fine-tuning AI effects for successful product launches [1] Group 2 - An innovative product named Artflo was introduced, designed to streamline workflows for designers and operational staff, significantly improving the efficiency of traditional demand processes [2]

2025年，AI技术在细分领域加速落地，视频编辑赛道也告别单纯功能叠加的粗放竞争，进入以"生产力 重塑"为核心的新阶段。近日，Wink连续登上多个行业榜单，成为影像领域值得关注的案例。 作为美图公司旗下视频编辑制作工具，Wink靠视频与动态影像优化、画质修复、Live美颜等功能，与 剪映等其他产品打出了差异化。 行业观察人士称，AI技术加速迭代的背景下，通过持续的技术创新与场景深耕实现差异化突围，深度 助力用户年轻化、创意化表达是趋势所向。依托美图在AI影像领域的先发优势，Wink这类聚焦细分场 景且易用的影像工具想象力值得期待。 近日，凭借创新功能打法，Wink入选2025年度AI 100创新产品榜，突显了垂直赛道深耕对于创新产品突 围的关键作用。同时，Wink还入选七麦数据发布的2025年度实力AI产品App榜单Top100和2025年度iOS 实力应用榜单Top100，印证了其在图像视频赛道的核心竞争力。 2025年，Wink海外用户下载量与活跃度呈现攀升态势，多次登顶印度尼西亚、泰国、越南、缅甸、菲 律宾、老挝等国家和地区的应用商店榜单，并先后入选点点数据发布的2025年度实力出海应用和七麦数 据发布 ...

Summary of Meitu (1357.HK) Conference Call Company Overview - **Company**: Meitu (1357.HK) - **Industry**: Software, focusing on image production, design tools, and beauty solutions - **User Metrics**: 280 million Monthly Active Users (MAU) as of end of 1H25, with a blended paying ratio of 5.5% (up from 4.7% by end of 2024) [3][4] Key Developments - **AI Product Launch**: In December 2025, Meitu launched the Kaipai AI Agent, which allows users to generate promotional videos and images easily. This product aims to enhance user experience by saving time and effort [1][4]. - **New Features**: The introduction of the "Material Editor" on WHEE is designed to improve user engagement and efficiency [1]. Monetization Strategy - **Revenue Opportunities**: Management highlighted potential revenue from charging users through a token fee based on AI usage, which could enhance the Average Revenue Per User (ARPU) [4]. - **Subscription Model**: In addition to monthly and annual subscription fees, the company is exploring new monetization avenues through AI-driven services [4]. Market Outlook - **Positive Sentiment**: Management expressed optimism regarding the increasing paying ratio and expanding MAU base, indicating a favorable outlook for AI software in the Chinese market [2][4]. - **Integration of AI**: The expectation is that application vendors will integrate AI models to cater to both consumer (ToC) and business (ToB) users, streamlining workflows on a single platform [2]. Competitive Advantage - **Unique Offerings**: Meitu's AI applications and agents are tailored to meet specific user needs, such as helping merchants create marketing materials and enabling fans to produce supporting content, which drives user adoption and willingness to pay [1][2]. Conclusion - Meitu is strategically positioning itself in the AI software market with innovative products and a focus on user engagement and monetization, which could lead to significant growth in both user base and revenue in the coming years [1][2][4].

Core Insights - The article discusses the significant trends and developments in the social media industry, particularly focusing on the globalization of social applications and the integration of AI technology in 2025 [5][10][21]. Group 1: Social Media Trends - In 2025, social media expansion saw major events, including the surge of users on platforms like Xiaohongshu following the TikTok ban in the U.S., with over 700,000 new users in just two days [5]. - The Middle East has emerged as a lucrative market for social media, with 74,256 new social apps launched in countries like Saudi Arabia and the UAE in 2025 [12]. - The average monthly active users for BIGO reached 260.4 million globally, with Bigo Live having 28.9 million monthly active users, indicating strong engagement in the Middle East [12]. Group 2: AI Integration in Social Media - The integration of AI in social applications has become a focal point, with significant commercial success stories emerging, such as Meitu's BeautyCam topping app charts in 119 countries [21][23]. - AI-driven applications accounted for over 75% of growth in the social sector, with notable examples including Talkie, which reached 34.89 million monthly active users [23]. - The AI social landscape is characterized by a mix of opportunities and challenges, with many applications struggling to maintain user engagement after initial success [25][26]. Group 3: Marketing and User Acquisition - The cost of customer acquisition has doubled in regions like the Middle East, with average costs reaching around $3 per user, indicating a shift from explosive growth to a focus on sustainable user retention [34]. - There is a notable trend towards precision marketing, with a 12.43% decrease in the number of social applications investing in advertising, while the average monthly material volume per advertiser increased by 47.37% [35]. - Influencer marketing has gained traction as a key strategy for connecting brands with users, particularly in markets where safety and community trust are paramount [36][38]. Group 4: Localization Strategies - Localization has become a critical strategy for social media companies, focusing on product design, user experience, and brand engagement to resonate with local cultures [40][41]. - The emergence of "invisible" localization strategies, where local companies act as intermediaries while leveraging Chinese expertise, has been observed, exemplified by the app JACO achieving top rankings in Saudi Arabia and the UAE [42]. - Companies are increasingly recognizing the importance of integrating into local communities and creating value to enhance user trust and engagement [45]. Group 5: Regulatory Challenges - The social media landscape in 2025 is marked by stricter regulatory scrutiny, with numerous applications facing bans due to compliance issues, particularly concerning child safety [46][48]. - The rise in regulatory challenges has led to a significant number of applications being removed from markets, prompting a shift in resources towards more compliant platforms [49]. - Companies are advised to diversify their market presence and focus on both global and local strategies to mitigate risks associated with regulatory changes [49].

Core Insights - 2025 is marked as a significant year for social media expansion, with major events impacting the industry, including user migration from TikTok to Xiaohongshu and the introduction of AI-driven applications [1][2]. Group 1: Social Media Trends - The influx of "TikTok refugees" to Xiaohongshu resulted in over 700,000 new users within two days, indicating a shift in user engagement between platforms [1]. - In the Middle East, social media applications are increasingly focusing on attracting high-value streamers, with some platforms offering over 100% revenue share to secure talent [6][8]. - The number of new social apps launched in the Middle East reached 74,256, highlighting the region's growing importance in the social media landscape [9]. Group 2: Market Dynamics - The average monthly active users for BIGO reached 260.4 million globally, with Bigo Live accounting for 28.9 million, demonstrating the platform's strong market presence [7]. - The competitive landscape in the Middle East is characterized by a significant presence of Chinese companies, which dominate the social media sector [8]. - The cost of customer acquisition in the Middle East has doubled, with current costs around $3 per user, indicating a shift towards a more competitive market environment [32][33]. Group 3: AI Integration - AI technologies are increasingly integrated into social media applications, with AI-driven features contributing to over 75% of growth in the sector [21]. - Successful AI applications, such as BeautyCam, have achieved significant global downloads and revenue, showcasing the potential for AI in enhancing user engagement [21]. - The combination of AI and social interaction is still evolving, with many companies exploring new ways to integrate AI into social experiences [32]. Group 4: Localization Strategies - Localization has become a critical strategy for social media companies, particularly in the Middle East, where adapting to local cultures and user preferences is essential for success [37][39]. - Companies are increasingly employing local teams to enhance their understanding of regional markets, which helps in building trust and user loyalty [41][43]. - The trend of "invisible localization," where local companies act as intermediaries while leveraging Chinese expertise, is gaining traction in the Middle East [42]. Group 5: Regulatory Environment - The global social media market is facing stricter regulatory scrutiny, with multiple platforms being banned for violations related to child safety and content moderation [46][49]. - New regulations in various countries, including the U.S. and Australia, are imposing restrictions on social media usage among minors, impacting user demographics [47][48]. - The increasing number of app removals due to compliance issues is reshaping the competitive landscape, favoring established platforms with robust compliance measures [49][50].

Core Insights - 2025 is marked as a significant year for social media expansion, with notable events such as the influx of users from TikTok to Xiaohongshu and the launch of AI-driven social applications [1][2][6] Group 1: Social Media Trends - The year saw a surge in social media applications, particularly in the Middle East, with 74,256 new social apps launched in countries like Saudi Arabia and the UAE [7] - Southeast Asia is emerging as a new growth area for social media, with platforms integrating local influencers to enhance user engagement [14][16] - The competitive landscape in the Middle East is intensifying, with many new entrants struggling to gain traction against established players [11][12] Group 2: AI Integration - The integration of AI in social applications has become a focal point, with significant advancements leading to a surge in user engagement and monetization opportunities [17][20] - Successful AI-driven applications, such as BeautyCam, have achieved top rankings in multiple countries, showcasing the potential of AI in enhancing user experience [21][23] - The AI social sector is characterized by a mix of opportunities and challenges, with many new entrants failing to sustain their growth [28][26] Group 3: Marketing Strategies - The marketing approach for social media applications is shifting from aggressive user acquisition to more refined strategies focusing on brand value and user retention [35][36] - Influencer marketing has gained prominence as a key strategy for connecting brands with users, particularly in markets where user safety and community trust are paramount [38] Group 4: Localization Efforts - Localization remains a critical strategy for social media companies, particularly in the Middle East, where adapting to local cultures and user preferences is essential for success [39][41] - The concept of "invisible localization" is emerging, where local companies act as intermediaries while leveraging the expertise of Chinese firms in technology and operations [42][45] Group 5: Regulatory Challenges - The social media landscape is facing increased regulatory scrutiny, leading to the shutdown of numerous applications due to compliance issues [48][49] - Companies are urged to diversify their market presence and enhance local operations to mitigate risks associated with regulatory changes [50]

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].