The Zhitong Finance App learned that Goldman Sachs released a research report saying that Meitu (01357) AI productivity tools and overseas markets support subscription growth. The subscription rate increased by 1 percentage point to 6.5% year-on-year in the first half of this year, mainly driven by the growth of overseas paying users with high ARPU. Mid-term revenue and net profit are generally in line with the guidelines. The bank maintains Meitu's “buy” rating.
According to the bank, Meitu's AI productivity tools and overseas markets support subscription growth. The subscription rate for the first half of this year increased by 1 percentage point to 6.5% year-on-year, mainly driven by the growth of overseas paying users with high ARPU. Mid-term revenue and net profit are generally in line with the guidelines. Looking ahead to the second half of the year, the bank expects AI-driven productivity tools and overseas market expansion, such as South America, the United States, Southeast Asia, Japan, Europe, etc., to be a key growth driver, and revenue is expected to increase by 24% year on year in the second half of the year.
Compared to the general model, the bank believes that Meitu's AI products focus on specific scenarios and clear user groups, that users are more willing to pay, and that it formulates customized product strategies for different regions or user groups to support an increase in subscription rates. The bank still has a positive view on the growth potential of the company's AI-native products.