CTMEITU@EC2611A

2026 China AI Application Report Shows 449% YoY Growth in AI Creation Daily Active Users

Visual AI Company Chance AI Secures Millions in Funding Led by Meitu

Meitu Stock Surges, Goldman Sachs Maintains Buy Rating and Optimizes AI Integration Outlook

April 2026 China Non-Game App Overseas Revenue Ranking Released: ByteDance First, Meitu Fourth

Meitu Discloses Q1 2026 Performance: AI Computing Power Consumption Surges 59%

Meitu Imaging Research Institute Unveils the New RoboNeo 'Imaging Creation Agent Teams' Mode

Huachuang Securities Maintains Positive Rating for Meitu, Analyzes Business Growth

East Securities Analyst Maintains Buy Rating on Meitu with a Target Price of HKD6.53

BofA Securities Maintains Buy Rating on Meitu with Price Target at HKD 7.40

Goldman Sachs Report: Meitu Sees Revenue and Paid User Growth, Maintains Buy Rating

Meitu's stock price rises at open, CLSA maintains 'outperform' rating

Meitu's Imaging Research Institute Publishes 6 Academic Papers in Top Conferences

Meitu Announces Q1 2026 Paid Subscription User Growth of 30.2%

Meitu Upgrades RoboNeo Image Creation Agent Teams

Meitu repurchased 2.4195 million shares for HKD 10.0011 million

Meitu's AI Agent RoboNeo Integrates HappyHorse Model and Seedance 2.0

Meitu Proposes Charter Revision and Plans for Shareholder Vote at Annual General Meeting

BlackRock Reduces Position in Meitu

Guotai Junan Maintains Buy Rating and Sets Target Price for Meitu

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MEITUshares rose by 5.1% following a report from G Sachs, which stated that AI integration is expected to enhance the company's average revenue per user. The stock opened 1.55% higher, reaching a peak of HKD4.86, and is currently trading at HKD4.75. G Sachs maintained a 12-month target price of HKD14.3 and reiterated a Buy rating on the stock.

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MEITU  Gains Over 5% as G Sachs Says AI Integration Supports Paid Revenue

MEITU's first-quarter report shows that with the increase in demand for AI product images, short videos, and commercial content generation, revenue grew by 34.3% year-on-year. The annual recurring revenue (ARR) from AI productivity applications increased by 56.2%, with the number of paid subscription users reaching 17.9 million, a year-on-year increase of 30.2%. MEITU is gradually transforming into a usage-based AI content platform, and the market is re-evaluating its valuation logic, with the stock price rising by 11.2% after the announcement

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AI productivity demand explodes, MEITU accelerates commercialization

In a report released on May 6, from Bank of America Securities maintained a Buy rating on Meitu, with a price target of HK$7.40. The company’s shares closed last Wednesday at HK$4.66.Claim 55% Off TipRanksUnlock hedge fund-level data and powerful investing tools for smarter, sharper decisions Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks Currently, the analyst consensus on Meitu is a Strong Buy with an average price target of HK$7.76.

Tip Ranks

Bank of America

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Bank of America Corp

Meitu (MEIUF) Gets a Buy from Bank of America Securities

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During intraday trading on May 8, Hong Kong's three major indices fluctuated lower, with both the Hang Seng Index and the Hang Seng Tech Index falling more than 1%. Affected by the sharp drop in US chip stocks overnight and geopolitical risks, Hong Kong's semiconductor sector plunged collectively, with HUA HONG SEMI and SMIC seeing significant declines. Meanwhile, market funds showed a clear shift from high to low valuations and structural gaming. AI application concept stocks performed actively, with MEITU surging more than 14%; toy trend leader POP MART rose more than 5% against the trend, driven by position adjustments by well-known investors, with extremely active trading

- On May 8, Hong Kong's major stock indices experienced declines, with the Hang Seng Index reflecting overall weakness.  
- Semiconductor stocks were heavily impacted following a drop in the Philadelphia semiconductor index and concerns over AI chip supply, while companies like Meitu and Pop Mart saw significant gains.  
- The lithium battery sector also faced downward pressure, with notable drops from Tianqi Lithium and Ganfeng Lithium, despite Xiaomi's stock rising amid strong profit expectations.

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Hong Kong Stocks Intraday | Three Major Indices Fluctuate and Weaken, Semiconductor Sector Plunges, AI Applications and POP MART Buck the Trend

MEITUshares rose by 10.38% following a CLSA report highlighting positive 1Q operating data and growth in overseas markets. The stock peaked at HKD5.25, with a turnover of HKD497 million. CLSA noted MEITU's valuation at approximately 14x 2026 adjusted PE and a projected 18% EPS CAGR over three years. While a re-rating may take time, strong growth momentum suggests a potential rebound as investor focus shifts back to the software sector. CLSA maintains an Outperform rating on MEITU.

MEITU  Jumps 10% as CLSA Says 1Q Data Supports Valuation

G Sachs maintains a Buy rating on MEITU, citing strong demand driven by AI agent integration. The company reported a 34% YoY increase in image and design product revenue to RMB852 million. Productivity tools revenue rose 45% YoY, and leisure tools revenue increased by 36%. The number of paying subscribers grew to 17.9 million, up from 16.9 million last year. G Sachs remains optimistic about user growth and average revenue per user, keeping the target price at HKD14.3.

G Sachs Maintains MEITU  Buy Rating on AI Agent Integration Driving Demand

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NEW VISION CO(02632) rose 21.88%, with a trading turnover 41.7 Million HKD, and a year-to-date rose 137.6%. MONTAGE TECH(06809) rose 16.78%, with a trading turnover 1.9 Billion HKD, and a year-to-date rose 200.9%. DELTON(01989) rose 14.5%, with a trading turnover 657.1 Million HKD, and a year-to-date rose 198.8%.

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Top 10 HK Stock Gainers (5.6)

Shares of Meitu surged 16% to 4.86 Hong Kong dollars following a strong quarterly update. The company reported a 34% increase in first-quarter revenue from its core business, while AI credit consumption rose 59% in March. Meitu's annual recurring revenue for AI applications reached approximately 580 million yuan, up 56% year-over-year. Jefferies maintained a buy rating with a target price of HK$7.00, citing increased user engagement with AI features as a key driver of demand.

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Jefferies Financial

Meitu Shares Jump After Quarterly Update

MEITUreported a 30.2% YoY increase in paying subscribers, reaching over 17.9 million in 1Q26. Revenue from core Imaging and Design Products rose 34.3% YoY to RMB852 million, with productivity applications growing 45.4% and lifestyle applications increasing 35.5%. The annual recurring revenue (ARR) for AI productivity applications reached approximately RMB580 million, up 56.2% YoY. The Group's AI computing credit consumption surged, indicating enhanced user engagement and driving revenue growth.

MEITU  1Q26 Paying Subscribers +30.2% YoY, AI Productivity Apps ARR +56.2% YoY

美图公司

Conference Minutes

Below are Dolphin Research's compiled notes from the FY2025 earnings call for $MEITU(01357.HK). For our earnings analysis, please see 'Meitu: In the AI agent era, is there a future for small, niche SaaS?'.I. Key takeaways. 1) Shareholder returns: announced a HK$300 mn buyback as management sees the shares undervalued.Maintains an approx. 40% payout ratio; with buybacks, overall cash return on operating cash flows is ~60–70%. 2) Guidance: 2026 revenue growth should be broadly in line with 2025...

Meitu (Trans): Models to Power Apps Long Term

Financial Analysis

Beijing time on Mar 27, after the HK close and before the US open, $MEITU(01357.HK) released its FY25 results. The 2H25 read-through was weak, with revenue below expectations and a sizable GP miss.Expense control beat by a wide margin, keeping OP roughly in line. That said, the subscription user ecosystem that underpins recurring revenue is under heavy pressure, so Dolphin Research’s overall take is negative.On the earnings call, management addressed the 'AI will eat software' narrative, stressing that models are infrastructure while applications are the value-delivery layer. The two are complementary rather than substitutes...

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Meitu: AI Agent Era — Can Niche SaaS Survive?

Meitu 2H25 First Take: Overall results came in below expectations, and an accidental early leak of the report may trigger a sharp market reaction. Revenue missed, GP missed materially, but disciplined opex delivery beat, leaving OP roughly in line. The user ecosystem underpinning subscriptions is under clear pressure, so Dolphin Research’s overall take is negative. 1) Overall MAUs fell by 4 mn vs. 1H. YoY growth slowed to 3.83%, missing Bloomberg consensus of 4.3%. By use case, consumer-life scenarios lost 5 mn users vs. 1H. Dolphin Research attributes this to both measurement effects and a lack of year-end breakout features to drive acquisition.AI foundation models may also have siphoned off some C-end users. The productivity scenario was broadly in line. Ex-China, YoY growth dropped sharply to 6.9% from 15.7% in 1H, missing the 8.7% consensus. The overseas MAU shortfall likely caps overall ARPPU and subscription penetration upside. On conversion, both subscriber count and penetration saw small misses and were basically in line. In terms of growth volume, net new subscribers rose by 2.8 mn in 1H but slowed to just 1.5 mn in 2H. With total MAUs declining, the in-line penetration rate is partly a passive uplift from a smaller denominator, implying lower-quality conversion. 2) Core subscription revenue grew 38.8% YoY, still a strong pace. It reached RMB 1.603 bn, 1.3% above expectations. 3) Cost disciplineGP growth slowed to 20.8% YoY, with GPM flat vs. 1H. The GP miss mainly reflects two factors: a lower mix of high-margin advertising and the strategy of bundling compute costs into subscription plans to attract users, which drove a sharp increase in compute and API-related expenses. Despite the GP miss, core OP was RMB 466 mn (+82.6% YoY), basically in line. The key driver was tight control across selling, G&amp;A and R&amp;D, delivering an across-the-board beat. - On selling expenses, Dolphin Research had assumed intl expansion would require higher spend. In 2H, sales expense as a % of subscription revenue stayed at 16%. - On R&amp;D, the Model Container strategy curtailed base-model training spend. Full-year R&amp;D grew just 3.8%. Dolphin Research believes that, given the weak user ecosystem and especially the miss in overseas expansion, the company may still need to step up promotion to acquire users. Also note that R&amp;D savings are coming at the expense of GP.For more, including management’s view on AI cannibalizing software and the outlook for B-end and overseas businesses, see the earnings call. Dolphin Research will share further views on Meitu; stay tuned.$MEITU(01357.HK)

Deep Research

Appraisal value

In the prior piece, Dolphin Research reviewed Meitu's history, product suite, and competitive landscape in depth. This follow-up focuses on Meitu's growth potential.1) Will large models eat Meitu's lunch? To evaluate its growth, we must ask how vertical platforms defend against general-purpose platforms.As seen across internet cycles, a few lucky players evolved into 'small but mighty' vertical champions. Tencent Music, Kanzhun, and even Bilibili endure thanks to distinctive attributes. Most others faded into the background, becoming stepping stones as tech giants broadened their ecosystems...

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Meitu: A bumpy 'small‑but‑beautiful' story — where is the bottom?

Meitu’s evolution is the tale of a niche internet player constantly reinventing itself. It began with beauty filters, then ventured into smartphones, dabbled in crypto, and chased short video. After three years of strategic drift and a languishing share price, it finally rediscovered its core in 2022—tools—riding AI tailwinds.This is no longer the old one-tap retouching. On the consumer side, Meitu Xiuxiu offers a 200 mn traffic base. On the enterprise side, the 'Meitu Design Studio' and 'Kaipai' suites are positioning as lightweight productivity tools.Meanwhile, it has also stepped up overseas expansion. Yet at the same time...

Meitu: Can Vertical SaaS Survive the AI Wave?

Didi 3Q25 Quick Interpretation: In early November, Didi updated the market with guidance on its 3Q performance, mainly mentioning two issues: 1. The investment in the food delivery business in Brazil (to gain a first-mover advantage over Meitu Keeta) will lead to a significant expansion of losses in overseas business; 2. The guidance also indicated that domestic subsidies and other investments would be concentrated in the second half of the year, resulting in a decline in the domestic business's adj. EBITA profit margin compared to the high point in the first half.As this unfavorable guidance was digested by the market, Didi's stock price subsequently retreated by nearly 20%. The actual performance this quarter was largely in line with the previous guidance, with Bloomberg's consensus expectations being somewhat high due to untimely updates, while major banks have made corresponding adjustments. Therefore, overall, Didi's performance this season was expectedly poor.Specifically:1) In terms of core growth indicators, the domestic travel segment's GTV grew by approximately 10% year-on-year, slightly slowing down by about 2 percentage points quarter-on-quarter. The domestic business growth remains generally stable and largely in line with expectations. Meanwhile, the GTV growth rate of overseas business significantly increased to 31%, reflecting that the overseas investment indeed accelerated business growth, and it was notably higher than Bloomberg's consensus expectations.2) In terms of profit, the domestic business adj. EBITA profit was 2.98 billion, slightly higher than the November guidance of 2.7-2.8 billion. However, the trend shows that this quarter's profit margin fell significantly from over 4% in the first two quarters of this year (based on GTV) to 3.5% this quarter, indicating a considerable decline. Dolphin Research preliminarily judges that this is more due to the drag of weakening overall domestic ride-hailing demand (macro factors), while Didi's competitive landscape remains stable or further improved.3) The overseas business's loss this quarter expanded significantly to nearly 1.8 billion, with the loss rate doubling quarter-on-quarter to 5.6%, which is generally in line with the updated expectations of major banks. As mentioned earlier, this is mainly due to the impact of investment in Brazil's food delivery. $DiDi(DIDIY.US)

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Genetic Technologies Limited

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$KUAISHOU-W(01024.HK) This should be released by Goldman Sachs. Keling's monthly revenue declined, and the AI concept $MEITU(01357.HK) also retreated.

CTMEITU@EC2611A(29572.HK)

MEITU Gains Over 5% as G Sachs Says AI Integration Supports Paid Revenue

AI productivity demand explodes, MEITU accelerates commercialization

Meitu (MEIUF) Gets a Buy from Bank of America Securities

Hong Kong Stocks Intraday | Three Major Indices Fluctuate and Weaken, Semiconductor Sector Plunges, AI Applications and POP MART Buck the Trend

MEITU Jumps 10% as CLSA Says 1Q Data Supports Valuation