Meitu Shares Jump After Quarterly Update
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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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