wen | qujieshangyetmtzu zhanghanjing

congjinnian9yuekaishi，bitebijiageyilubiaozhang，zai12yue5rishenzhitupole10wanmeiyuan/mei。

meitugongsi（1357.hk）chenciqijianguoduanpaoshouleshoulichiyoudequanbujiamihuobi。gonggaoxianshi，meituzi2024nian11yuekaishichushousuochiyoudejiamihuobi，jiezhi12yue4riyiquanbushouchu，gonghuoliyue7963wanmeiyuan（yue5.71yiyuanrenminbi）。

图源：公告截图

qinzixiachang“chaobi”degongsibushao，danxiangmeitugongsizheiyang，zhuyingyewuyujiamihuobihaobuxianggan，zuizhonghainengjiecidazhuanyibidequeshifengmaolinjiao。

ercong2021nianjiukaishitouzijiamihuobidemeitugongsi，weihecicipaoshoulequanbuchiyoudejiamihuobi？zheishifouyeyiweizhe，meituyaojinyibu“huiguizhuye”leni？

01.炒币四年终“解套”

meitutouzijiamihuobi，yebushiyikaishijiudazhuande。2021nian，meituhualedayue1yimeiyuangourubitebiheyitaibi，danmeiturujuhoumeiduojiu，biquanbianyinjianguan、masikechangshuaidengduozhongyuanyinyinglaileduolunbaodie。

cihou，bitebidedanjiabianzhuyaozai3wanmeiyuandao6wanmeiyuanzhijianbodong，2023nianhaicengdieluodao1.6wanmeiyuanzuoyou。

图源：coinglass截图

dangshijiuyouxingyerenshihetouzizhezhiyi，jiamihuobifengxianda，meitucijuzaiguoneideshichanghuanjingzhongxiandeguoyujijin，haiyourenzhiyimeitushi“toujichaobi”“buwuzhengye”。gaoweimairudemeituhenkuaichidaolebitebidekutou；2022shangbannian，meitujingkuisunda2.749yiyuanzhi3.499yiyuanrenminbi，zhuyaoyuanyinbianshijiamihuobidebianzhi。

zhongguoqiyezibenlianmengzhongguoqushouxijingjixuejiabowenxirenwei，jiamihuobizaizhongguobingbuhefa，er“fanqiangchaobi”maosishigehuisequ，biquanhefaxingshishouzhiyide，yincifengxiandujiaogao；lingwai，yijiagongsiguodujujiaoyuchaobi，kenenghuishigongsiguanlicengdejinglifensan，congerhushizhuyingyewudeshengengyutuozhan。

shishishang，zheibushimeitudiyici“buwuzhengye”；zaichaobizhiqian，meituzhangzhemeituxiuxiupangdadeyonghutiliang，tansuoguoduoge“fuye”。

zuichenggongdetansuoyaoshudangnianfengminvxingquntide“meitushouji”。2017nian，pingpaizhaomeiyangongnenglizudemeitushoujixiaoliangcengtupo157wantai，shourugongxianyue37yiyuan，zhanbizongyingshouyiduchaoguo90%。raner，suizhezhinengshoujishichangjingzhengyufajilie，daole2018nian，meitushoujiyewukuisunyue5yiyuan；2018nianmo，meitujiangshoujipinpaishouquanjixiaomihou，anrantuichuleshoujishichang。

图源：微博截图

chuleshouji，meituhaituichuguoshejiaochanpin“shanliao”、duanshipinchanpin“meipai”；touziguoyouxigongsi，cengtuichuh5xiuxianyouxipingtai“meituyouxihe”henvxingshouyou“meimeixiaodian”；yegaoguomeizhuangdianshangpingtai，shituzaixinxiaofeilingshoulingyufenyibeigeng。zhishi，zheixie“fuye”henshaozaimeitudecaibaozhongbeitiji，jihudoushianranshouchang。

zhihouzi2019nianqi，meituzhuyaodeyingshouzhizhucong“zhinengyingjian”zhongxinbianwei“zaixianguanggao”，zhuyaokaoqixiademeituxiuxiu、meiyanxiangjidengchanpinzhuanguanggaofeihehuiyuanfei。jucaibaoshuju，meituqixiayingyongdeyuehuoyonghushuwei2.57yi，jinnianshangbannian，meitugongsi（1357.hk）zongshouru16.2yiyuan，tongbizengzhang28.6%；qizhong，shixianguanggaoshouru4.1yiyuan，tongbizengzhang18.3%，zhanzongyingshoude25.5%。

图源：财报截图

zhideyitideshi，meituxianqian“kuajiechaobi”，helianhechuangshirencaiwenshengmiqiexiangguan。caiwenshengzaidanrenmeitudongshizhangdetongshi，yeshihuoyuedetianshitouziren，qiezaoyiduiqukuailianheshuzihuobichanshengnonghouxingqu，qizaozai2014nianjiutouzilejiamihuobijiaoyisuookex（ouyi）。caiwenshengzai2021niancenggongkaibiaoshi，meitugongsijianghuijixubujuqukuailian，suogoumaideyitaibi、bitebidengjiamihuobijiangzuoweimeitugongsidezhangqifazhanqukuailianzhanlvedejiazhichubei。

zaicaiwenshengdeyingxiangxia，meituguanliangongsizaoyishezuqukuailianxingye，touzilequkuailianqiye，haicengjuanruicofengbo。mudebec（meibi）yidubeirenweishimeituqixiaqukuailianxiangmu。

buguo，caiwenshengzai2023nian6yueyijingxierenlemeitudesuoyouzhiwu，youchuangshirenwuxinhong（wuzeyuan）jierendongshizhang；wuxinhongrangmeituzaiaigcshidaishaozoulebushaowanlu，bingmingquetichule“shengchanliyuquanqiuhua”dezhanlvemubiao。

cicipaoshoujiamihuobihou，meitugongsidongshihuinijiangqichushouhuolijingedeyue80%，anmeiguyue0.109gangyuandejiageyongzuopaifazhifutebiexianjinguxi；ergenjumeitugongsi2024nianbannianbaoxianshi，jiezhijinnian6yuemo，dagudongcaiwenshengzhijiejiajianjiechiyoudemeitugongsigufenshuliangwei10.68yigu，ruoancijisuan，tanengfendeyue1.16yigangyuandehongli（yuewei1.08yiyuanrenminbi）。

图源：财报截图

zhideyitideshi，meitugonggaopaoshouquanbuxunihuobiyitianhou，12yue6ri，bitebidejiagexunsukaishitiaoshui，yidudiepo9wanmeiyuan/mei。

beijingshekeyuanfuyanjiuyuanwangpengrenwei，meitudangnianrujubitebidejuecezaixiandepoweidadan，zheikenengyuanyumeituduishichangqushideminruibuzhuoheduixinzengzhangdiandexunqiu；wangpenghaibiaoshi，dangbitebijiagedafushangzhangshi，meituxuanzepaoshouquanbujiamihuobi，keyilijieweigongsizaidangqianshichanghuanjingxiazuochulelixingxuanze，jijiangdilefengxian，youshixianlezijinhuiliu。

02.美图的竞对将是AI？

zaibencipaoshoujiamihuobidegonggaozhong，meituhaitidao，jiangcicijiamihuobishengyudechushouhuolijinge“zuoweiyibanyingyunzijin，yikuozhanbenjituanyifufeidingyuezhiweizhudeyingxiangyushejichanpinyewu。”

bowenxibiaoshi，zheiyiweizhemeituyaojinyibuhuiguibingjiaqiangqizhuye，jiamaqihexinyewudeyanfaheshangyehua。

shijishang，chushoudiaoshoujiyewuzhihou，meitujiuyijingzaiweizhuyetansuoxindezengzhangdianle。jinliangnian，yingxiangchanpindefufeiyewuyijingchengweilemeitudeshouruzhizhu，zhanbiyidujiejinliucheng。

qizhong，fufeishourugaosuzengzhangdebeihou，shaobuleaijishudejiachi。rujinkanlai，duiaidetouruhebuju，kongpashimeitudangchuduoyuanhuabujulizuiyoujiazhideyibitouzi。ju“qujieshangye”lejie，meituduiaishenduxuexidenenglishiyu2013nian，cengtuichuguojuyouaigcchuxingde“shouhuizipai”。zaidamoxingfengkoubaofayiqian，meitujiuzaicaibaolitidaoduiaijishufuzhuxiutugongnengdekanzhong。

图源：财报截图

2022nian，meitujiuweiqixiade“meituxiuxiu”“meiyanxiangji”jieruleaigongneng，tongshihaituichuleduanshipinmeironggongju“wink”。jinnianshangbannian，meituhuoyuefufeiyonghushuyue1081wan，zheisankuanyingyonghuiyuanshudezengfugongxianlezhengtihuiyuanzengfude81%。

ji2023nianfabuziyandeqixiangdamoxinghou，meituyizhizaitishengzheisankuanzhuliappdeaichuangzuonengli。meitugongsichuangshirenwuxinhongcengzaiyejihuishangtidao，aigcchanpinduidingyuedezhuanhuayoumingxiandetisheng，aigcnengliyijingchengweimeituyewudehexin。

muqian，meituxiuxiukeyiyongaiyijianqingchulurenzawu、quchuwenzi、zenggaosuxing，bingkeyigenjuyonghutigongdezhaopianzhinengmeiyan，zaikoutudengfangmianyijingnenghezhuanyedugenggaodezhuanyexiuturuanjianbaibaishouwan；raner，duiyushixiaremende“wenshengtu”gongneng，meituxiuxiudetiyanqueshifenyouxian。

“qujieshangye”guanchadao，meituxiuxiuwenshengtudechicun、fenggedexuanzehenshao，ertongleiaiyingyongruzhipuqingyan、doubaodeng，wenshengtubujinkexuanfenggegengfengfu，haizhichiguangxian、jingtouhegoutudengxijiesheji。

图源：美图秀秀截图

cengyouyonghubiaoshi，meituxiuxiuaiwenzishengtu、aikuotuzhinengtixianwenzimiaoshudeyibufen，xiaoguobugouzhunque。zheiyeyiweizhe，muqiandemeituxiuxiuhenkenenghaiwufafugaishejishi、meitirendengyoudaliangzuotuxuqiudeshouzhongqunti。

chucizhiwai，haiyouhenduoyonghuduimeituxiuxiu“7tianmianfeihuiyuanhouzidongxufei”degongnengpoyouweici。bushaoyonghutucao“shiyonghuiyuanzhihoumorenkaitongbaonianhuiyuan，zhijiebeikou128yuan。”“jingtimeituzidongxufei！ruguobukanzhifuruanjian，lianzijibeikoukuanledoubuzhidao。”

图源：小红书截图

haiyoubushaoyonghutidao，meituxiuxiubuchonghuiyuanjiuwufaguanlimianbudangan，“lianzijidegerenxinxidouzuobulezhu，xiangshanchudoubuxing。”

图源：小红书截图

ju“qujieshangye”lejie，meiyanxiangjishimeituqixiayonghuliangdiergaodeyingyong，zhudapaizhao，yeyouaipipeifaxingcaizhuang、aizhinengjingxiudegongneng。jinyinianlaimeiyanxiangjizhanwaitaolunduzuigaode，shicongqunianhuoqilaide“aixiezhen”gongneng，beihenduojiyongzhengjianzhaodeyonghushizuo“shengqianjiuxing”，8.8yuanjikejiesuojingdianzhengjianzhaomoban。

raner，yeyoubushaoyonghushiyongmeiyanxiangjideqitaaixiezhenfenggeshi，juedezhenshidubugou；youwangyoubiaoshi，“meiyanxiangjiaizuizhongshengchengdezhaopianbuxiangbenren，buruqingyanhexingtu，erqiehaiyaofufei。”

keyiyujiandeshi，suizheaijishudefazhanheyingyongluodi，meitudejingzhengduishoubuzaizhishixiuturuanjian；weilai，zaiyigeyanjingdounengpaizhaodeshidai，aizhushoumenbiranhuiruqindaomeitudefudi。

bowenxirenwei，suizhewenshengtu、tushengtugongnengzhujiandiedai、wanshan，stable diffusion、midjourneydengaiwenshengtuyingyong，duimeituyizhiyilaiyinyiweihaodeshenmeigouchengletiaozhan；ciwai，doubao、zhipuqingyandengaigongju“wenshengtu”gongnengdeyouhua，kenenghuidaozhimeituxiuxiuhemeiyanxiangjideyonghuliushi。

图源：美图秀秀

genjumeitu2023nianzhongbaoshuju，meituxiuxiuhemeiyanxiangjiyuehuoyonghushufenbiewei1.3yihe0.52yi，cihou，meitubuzaidandugongbuqixiayingyongdeyuehuoshu；buguo，questmobileshujuxianshi，jinnian5yue，meituxiuxiuhemeiyanxiangjiyuehuoyonghuguimofenbiewei1yihe0.47yi，xiangjiaoqunianjunyousuoxiajiang。

03.美图加速“出海”

chulemeituxiuxiuhemeiyanxiangji，zhudaduanshipinmeirongde“wink”，yezaijinnianchengweilemeituqixiadedisandatiliangdeyingyong，shangbannianshixianletongbi99%deyuehuozengzhang。

winkshimeitu2022niantuichudeshipingongju，tongyangshitongguoguanggaohehuiyuanbianxian。winkdejichujianjihediaosegongnengkeyimianfeishiyong，danjingxidugenggaodekouxiang、fenbianlvxiufuzexuyaokaitonghuiyuanshiyong；winkdehuiyuanjiageyumeituxiuxiuxiangdang，lianxubaoniandoushi168yuan。

zhideyitideshi，jinnian9yue，weixinpengyouquanzhengshizhichiliveshikuangzhaopianhou，winkhenkuaidengshangleapp storezhongguoqudisanming。zaiguoneihenduoyonghudeyanzhong，winkjiushi“shipinbandemeituxiuxiu”；haiyouyonghubiaoshi，winkduijiandanderenxiangmeirong、huazhixiufukeyishengren，danruguoyaozuogengjingxihuadechuli，winkjiuyouxiebugouyongle，zuihouhaishiyaoyongaedenggengzhuanyedejianjiruanjian。

ciwai，winkdeyuehuozengzhanghaiyoubushaolaizihaiwai。meituzaicaibaozhongtidao，winkzaizhongguoyiwaideqitaguojiahediqudeyuehuozengsu，yijingyuanchaoguozhongguoneidi。zuijin，meituxiuxiuyezaiyinni、taiguodenghaiwaiguojiadeapp storebangdanshangluxudengding，zhuyaoyuanziaigongnengzaishejiaomeitishangdezouhong。

ju“qujieshangye”lejie，jinnianshangbannian，meitugongsiyuehuoyueyonghushuda2.58yi，tongbizengzhang4.3%；qizhong，neidiyuehuotongbixiajiangle0.2%，danzaineidiyiwaideguojiahediquyuehuowei0.84yi，tongbizengzhang15%，zhanzhengtiyuehuoyueyonghushude32.9%。

zhejiangchengshixueyuanwenhuachuangyiyanjiusuomishuzhanglinxianpingrenwei，meituzaihaiwainengfoubaochixianzaidezengzhangsudu，qujueyuduozhongyinsu。shouxian，quanqiuhuaheshuzijingjidefazhanqushijiangjixuyingxiangshuzigongjudeshiyongxiguanheshichangxuqiu；qici，jingzhengduishoudeshiliheshichangcelvekenenghuiduimeitudehaiwaizengzhangchanshengyingxiang；ciwai，yonghuduiyushoujisheyinghetuxiangchulidexuqiuhepianhaoyekenenghuifashengbianhua。“weilaiyiduanshijiannei，womenhaixuyaoguanchashichanghuanjingheyonghuxuqiudebianhua，yiquedingmeituzaihaiwaishifounenggoubaochixianzaidezengzhangsudu。”

zaicduanyewuzhiwai，meitujinliangniandeto byewuyezaifali。yifangmian，meitumianxiangyimeipinpaitigongaipifufenxijiejuefanganheerpxitong；ciwai，meituzhenduidianshangheyouxiguanggaoxingyefenbietuichulezhizuogongju“meitushejishi”he“qimi”，chuleneirongzhizuo，qimihainengyizhanshijiejueyonghucongzhizuodaotoufangdequanguocheng。jinnianshangbannian，meitushejishideng“shengchanli”leigongjudeyuehuo，tongbizengzhangle42%，yuangaoyumeituxiuxiudeng“shenghuo”leimeitugongjudezengsu。

rujindemeitugengjiazhuanzhuhexinyewu，yibuzaishineige“buwuzhengye”demeitule。meitugongsijituangaojifuzongcaichenjianyicengbiaoshi，“meituyouduanshijianzaizhuigezhongfengkou,zuoleyidaduiwomenbushanzhangdeyewu,birudianshang、yimei、qukuailian，duigongsideshanghaihaishibijiaodade。”

chenjianyirenwei，congguowangxiqudaodezuidajiaoxunshiyaozuozijishanzhangdeshi，“jiranmeitushanzhangzuogongju，neijiubaaigongjuzuodaojizhi。”zaichenjianyikanlai，aizhishaonengjigongsidailaibaiyiyuanrenminbiguimodeshouru；muqianlaikan，meitulizheigemubiaohaiyouyidingjuli。xinjishudailaixinjiyudetongshi，yehuidailaixintiaozhan，jiexialai，meituruhefahuizijide“zhangban”，manzugengduoquancengyonghudexifenxuqiu，bingyingduigeleiaiyingyongde“tiaozhan”，zhidejixuguanzhu。