美图：开拍 AI 代理上线；特色 AI 产品推动应用普及

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].