2024年 年報 目錄 2 公司資料 4 2024年摘要 6 主要財務數據 7 主要運營數據 8 董事長報告 11 管理層討論與分析 26 董事及高級管理層 31 董事會報告 67 企業管治報告 87 環境、社會及管治報告 140 獨立核數師報告 146 合併收入表 147 合併綜合收益表 148 合併資產負債表 150 合併權益變動表 152 合併現金流量表 154 合併財務報表附註 240 五年財務概要 241 釋義 公司 資料 董事會 執行董事 吳澤源先生 （董事長） （亦稱為：吳欣鴻先生） 非執行董事 過以宏博士 陳家荣先生 洪育鵬先生 獨立非執行董事 周浩先生 賴曉凌先生 潘慧妍女士（於2024年6月5日獲委任） 審計委員會 周浩先生 （主席） 賴曉凌先生 洪育鵬先生 薪酬委員會 授權代表 吳澤源先生 顏勁良先生 核數師 羅兵咸永道會計師事務所 執業會計師 註冊公眾利益實體核數師 註冊辦事處 The offices of Conyers Trust Company (Cayman) Limited Cricket Square, Hutchins Drive PO Box 2681 Grand Ca ...

其中，该行指出，公司预计截至2月国内生活类场景下付费渗透率达到5.2%，突破此前5%的目标，主要 系生成式AI对传统功能的重构，比如用AI去双下巴功能取代传统的手动推图，实现对体验和效果的更 好满足，从而促进订阅转化率的提升。该行认为，公司基于长期沉淀的人像修图场景数据，通过低频功 能迭代+高频体验升级的模式，有利于用户留存与回流维持在健康水平。公司预计25年生活类付费会员 增长有望提供订阅收入弹性，维持生活类产品10%的长期订阅渗透率目标。 该行续指，根据SensorTower，1Q以来，定位欧美日韩市场的Airbrush、BeautyPlus MAU较为稳定；AI 换装等功能在东南亚出圈，带动海外版Wink、美颜相机MAU环比大幅增长。受益于较高付费意愿和高 级产品定位，公司预计截至24年Airbrush付费率远高于国内，而其他出海产品还在积极扩张新市场阶 段，短期尚未激进变现，对比成熟市场，远期付费率还有较大提升空间。 智通财经APP获悉，美图公司(01357)涨近3%，截至发稿，涨2.74%，报4.88港元，成交额9258.87万港 元。 中金发布研报称，近期，该行邀请美图管理层在2H24业绩后与投资 ...

智通财经APP获悉，中金发布研报称，考虑到付费用户增长好于预期，上调美图公司(01357)25年收入预 测2%至43亿元，考虑到收入结构占比变化，维持经调整净利润预测8.5亿元;考虑到订阅业务增长好于预 期，且有望带动毛利率提升，以及经营杠杆释放，上调26年收入和经调整净利润7%和13%至50和11亿 元。维持"跑赢行业"评级，给予31倍/24倍25和26年Non-IFRS P/E，维持目标价6.3港元。 中金主要观点如下： 近期，该行邀请美图管理层在2H24业绩后与投资人进行非交易性路演，公司分享了近期核心产品运营 情况，以及对长期业务发展的展望。该行预计25年订阅收入同增40%以上，系付费率和用户增长双轮驱 动： 1)国内生活类场景付费渗透好于预期 2)海外生活类场景用户规模增长加速 根据SensorTower，1Q以来，定位欧美日韩市场的Airbrush、BeautyPlus MAU较为稳定;AI换装等功能在 东南亚出圈，带动海外版Wink、美颜相机MAU环比大幅增长。受益于较高付费意愿和高级产品定位， 公司预计截至24年Airbrush付费率远高于国内，而其他出海产品还在积极扩张新市场阶段，短期尚未激 ...

Core Insights - Meitu's MT Lab has achieved significant recognition with five research outcomes selected for the prestigious CVPR 2025 conference, which received over 13,000 submissions and has a low acceptance rate of 22.1% [2] - The lab also had two projects accepted at the AAAI 2025 conference, which had an acceptance rate of 23.4% from 12,957 submissions [2] - The seven research outcomes focus on image editing, including three generative AI technologies, three segmentation technologies, and one 3D reconstruction technology [2] Generative AI Technologies - GlyphMastero has been implemented in Meitu's app Meitu Xiuxiu, providing users with a seamless text modification experience [3] - MTADiffusion is integrated into Meitu's AI material generator WHEE, allowing for efficient image editing with simple commands [3] - StyO is utilized in Meitu Xiuxiu's AI creative and beauty camera features, enabling users to explore different dimensions easily [4] Segmentation and 3D Reconstruction Technologies - The segmentation breakthroughs include interactive segmentation and cutout technologies, which are applied in e-commerce design, image editing, and portrait beautification [4] - EVPGS represents advancements in 3D reconstruction, with increasing demand in new perspective generation, augmented reality (AR), 3D content generation, and virtual digital humans [4] Industry Position and Future Potential - Meitu's long-term investment in AI capabilities has allowed the company to integrate cutting-edge technologies into practical applications, enhancing its competitive edge in the core visual field [4] - The continuous iteration of product capabilities has led to increased user engagement and willingness to pay, indicating promising growth potential and expansion opportunities for the company [4]

证券研究报告 | 2025年04月05日 总收入同比增长 20%，经调整利润同比增长 44%。24H2，美图实现总收入 17.2 亿元，同比+20%，影像产品收入增长强劲带动。24H2，影像与设计产品业务 /广告业务/美业解决方案业务收入同比增长 59%/8%/-60%，占收入比 67%/26%/7%。24H2 公司毛利润 12.4 亿元，同比+38%，毛利率 72%，同比+9pct。 毛利率提升主要系高毛利的影像与设计产品业务和广告业务占比提升。24H2 公司总体费用同比+40%，公司持续对 AI 投入，其中研发费用同比+42%。 2024H2，公司经调整归母利润 3.1 亿元，同比提升 44%，经调整归母利润率 18%，同比提升 3pct。预计 25 年持续释放经营杠杆，利润侧继续高增长。24 年在视觉大模型的训练费用约为 1.4 亿元，25 年预计持平。站酷并购使得 24 年研发费用有 2000 万元一次性增加，25 年费用增长一次性影响会减少。 付费渗透率提升驱动影像设计产品收入高速增长。1）24H2，美图影像设计 产品收入 11.55 亿元，同比+59%。运营数据来看，24H2MAU 2.66 亿， ...

Group 1 - The core theme of the 2025 China Internet Media Forum was the integration of art and technology, with Meitu showcasing its image and design products [1] - Meitu's founder, Wu Xinhong, emphasized the company's mission to promote traditional culture and Chinese aesthetics globally through its products [1] - The "Meitu AI Universal Project" and "Meitu Chinese Traditional Culture Dissemination Project" are key initiatives aimed at leveraging AI for positive creative expression and cultural promotion [1] Group 2 - The "AI Universal Project" focuses on using AI to assist agriculture, education, and small enterprises, demonstrating the widespread application of AI technology [2] - The "Chinese Traditional Culture Dissemination Project" transforms traditional patterns and ethnic costumes into digital assets, revitalizing cultural heritage through technology [2] - These initiatives reflect a commitment to social responsibility and provide replicable digital upgrade solutions for the industry [2]

消息面上，近日，美图公司披露2024年业绩，公司2024年实现收入33.41亿元，同比增长23.9%，经调整 归母净利润5.86亿元(预告区间为5.6-5.89亿元)，接近预告区间上限，同比增长59.2%。华鑫证券指出， 美图影像与设计产品业务驱动公司再下一城。美图商业化持续优化，公司毛利率从2023年的61.4%提升 至2024年的68.7%得益于高毛利率业务影像与设计产品收入占比提升；主业端，2024年公司影像与设计 产品收入20.9亿元(同比+57.1%)，占比62.4%，AI技术赋能影像与设计产品的快速发展，"AI捏捏"等提 升用户体验增强用户黏性，进而推动付费订阅用户数达1261万，同比+38.4%，订阅渗透率约为4.7%)。 智通财经APP获悉，美图公司(01357)涨超3%，截至发稿，涨2.08%，报5.4港元，成交额3642.82万港 元。 招商证券认为，公司利润端维持高增，主要来自以下几点：1)AI技术驱动的高毛利核心业务"影像与设 计产品"收入快速增长，24年全年该分部收入达20.86亿元，同比增长57.1%，占总收入比重达62%；此 外广告业务收入达8.53亿元，同比增长12.5%，其中 ...

Investment Rating - The report assigns a "Buy" investment rating for the company, marking the first coverage of the stock [7]. Core Insights - The company is expected to achieve significant growth driven by its image and design product business, with projected revenue of 2.09 billion yuan in 2024, representing a year-on-year increase of 57.1% [2]. - The company's gross margin is anticipated to improve from 61.4% in 2023 to 68.7% in 2024, benefiting from a higher proportion of high-margin image and design product revenues [2]. - The company is focusing on "productivity and globalization" as its core strategies, leveraging AI technology to enhance product applications and meet diverse local needs [3]. - The company aims to replicate its domestic market strategies in overseas markets, with a strong emphasis on AI-driven tools that lower creative barriers and create new value increments [4]. Financial Projections - Revenue projections for the company are as follows: 4.25 billion yuan in 2025, 5.11 billion yuan in 2026, and 6.05 billion yuan in 2027, with corresponding net profits of 815 million yuan, 1.07 billion yuan, and 1.39 billion yuan respectively [7][9]. - The earnings per share (EPS) are projected to be 0.18 yuan in 2024, 0.24 yuan in 2026, and 0.31 yuan in 2027, indicating a positive growth trajectory [9][10]. - The company is expected to maintain a robust return on equity (ROE) of 16.0% in 2024, improving to 17.1% by 2027 [10].

Investment Rating - The report assigns a "Buy" investment rating for the company, marking the first coverage of the stock [1][7]. Core Insights - The company's gross margin is expected to improve from 61.4% in 2023 to 68.7% in 2024, driven by the increasing revenue share from high-margin imaging and design products [2]. - The revenue from imaging and design products is projected to reach 2.09 billion yuan in 2024, representing a year-on-year growth of 57.1% and accounting for 62.4% of total revenue [2]. - The number of paid subscription users is anticipated to grow by 38.4% year-on-year, reaching 12.61 million, with a subscription penetration rate of approximately 4.7% [2]. - The advertising revenue is expected to be 853 million yuan in 2024, showing a steady growth of 12.5% year-on-year, although its proportion of total revenue is declining as the company shifts towards a subscription model [2]. - The company aims to focus on "productivity and globalization" as its core strategies, enhancing product application capabilities in vertical scenarios and leveraging AI technology for product development [3]. - The company is positioned to replicate its domestic market strategies in overseas markets, with a focus on user acquisition and profitability [4]. Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are 4.253 billion yuan, 5.109 billion yuan, and 6.054 billion yuan, respectively, with corresponding net profits of 815 million yuan, 1.073 billion yuan, and 1.391 billion yuan [7][9]. - The earnings per share (EPS) are projected to be 0.18 yuan, 0.24 yuan, and 0.31 yuan for the years 2025, 2026, and 2027, respectively [7][9]. - The current stock price corresponds to price-to-earnings (P/E) ratios of 32.63, 24.79, and 19.13 for the years 2025, 2026, and 2027 [7][9].

Core Insights - The article discusses how Meitu, a company focused on image technology, is leveraging AI to explore new growth opportunities in productivity tools, particularly in commercial design and video creation [1][2][3]. Group 1: AI and Productivity Tools - The "AI+" policy is driving the development of AI productivity tools, which are becoming a crucial part of the digital economy [2][5]. - Meitu is expanding its AI applications from image aesthetics to productivity tools, including commercial design and video production, creating a new growth curve [1][3]. - The company has launched the Meitu Design Studio, an AI-driven online design tool that helps users generate high-quality visual content efficiently [3]. Group 2: Business Growth and User Engagement - In 2024, Meitu's productivity tools saw significant growth, with the Meitu Design Studio reaching 1.13 million subscription users and generating over 200 million yuan in revenue, doubling year-on-year [1]. - The "Kaipai" video creation tool achieved over 1 million monthly active users within a year, becoming the leading product in the Chinese market for video production [4]. Group 3: Global Expansion and Market Strategy - Meitu is accelerating its international expansion, with a 22% year-on-year increase in monthly active users outside mainland China, reaching 94.51 million [6]. - The company employs a "Product-Led Growth + Social Media Amplification" strategy to effectively reach target users in overseas markets [6]. - The willingness to pay for productivity tools is stronger in international markets, providing Meitu with greater growth potential in commercial design and video creation [6]. Group 4: Future Outlook - Analysts predict that Meitu will benefit from AI-driven growth, with expected revenues of 4.2 billion yuan, 5 billion yuan, and 5.9 billion yuan for the years 2025 to 2027 [7]. - The ongoing evolution of AI technology and continuous policy support are expected to create new development opportunities for Meitu, positioning it as a significant player in the global AI productivity tools market [7].