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A research report from Goldman Sachs indicates that Meitu's revenue generated from imaging and design products witnessed a significant 34% year-on-year surge, amounting to RMB 852 million. During the first quarter, the revenue streams from productivity tools and leisure tools experienced respective year-on-year growths of 45% and 36%, largely attributable to an uptick in the count of paying subscribers. By the end of March 2026, the tally of paying subscribers had climbed to 17.9 million. Goldman Sachs is of the view that Meitu is reaping the rewards of its bolstered AI capabilities and the integration of AI agents, and expresses optimism regarding the expansion in its paying user base and the average revenue per user. The investment bank retains a 'Buy' rating for the stock, setting a target price of HKD 14.3.
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