Goldman Sachs has released a research report noting that MEITU (01357) is seeing subscription growth supported by its AI productivity tools and overseas market presence. In the first half of this year, the subscription rate rose by 1 percentage point year-over-year to 6.5%, primarily driven by an increase in overseas paying users who generate higher average revenue per user (ARPU). The company's interim revenue and net profit broadly aligned with its guidance.

The firm maintains a "Buy" rating on MEITU. The report highlights that the company's AI productivity tools and international expansion are key to fueling subscription momentum. Looking ahead to the second half, Goldman Sachs anticipates that AI-driven productivity tools and overseas market growth—including regions such as South America, the United States, Southeast Asia, Japan, and Europe—will serve as crucial growth catalysts, projecting a 24% year-over-year increase in revenue for the period.

Compared with general-purpose models, Goldman Sachs believes MEITU's AI products are tailored to specific use cases and well-defined user segments, leading to a higher willingness to pay among users. The company's strategy of customizing product offerings for different regions or user groups supports further subscription rate improvements. The firm maintains a positive outlook on the growth potential of the company's AI-native products.