Everbright Securities has issued a research report reiterating its "Buy" rating on MEITU (01357), maintaining its adjusted net profit forecasts for 2026-2028 at RMB 1.35 billion, RMB 1.68 billion, and RMB 2.00 billion, respectively. During the 2026 MEITU Imaging Festival, the company provided an update on its strategic direction and launched eight AI products, comprising four entirely new offerings and four upgraded versions of existing ones. MEITU is advancing the agent-based transformation of its imaging app products, shifting its service logic from delivering features to delivering outcomes. This strategy, supported by an AI computing power point-based payment business model, is expected to unlock long-term commercial growth potential. The core viewpoints from Everbright Securities are outlined below.
Imaging Festival Unveils Vision-Language Model V6
The Imaging Festival officially launched the MEITU Vision-Language Model V6, which is built on a Mixture of Experts (MoE) architecture. From January to May 2026, 96.3% of generative AI function calls within MEITU's imaging products originated from this proprietary model. The V6 model is set for deeper integration with products to accelerate the rollout of innovative features, aiming to deliver top-tier results in image and video design scenarios.
Details on the Eight AI Products
1. Picchi: Positioned as a vertical AI tool specializing in portrait retouching, it addresses pain points where general-purpose models fail to meet user aesthetic standards or require complex prompts. Its three core functions are: Learn from My Edits, Batch Refinement, and Learn from Their Edits. Picchi is now available for download on major app stores.
2. Artflo: Designed as a tool to help art enthusiasts transform inspiration fragments into conceptual imagery. It features an inspiration organization assistant and an integrated creative workspace, allowing users to build and manage their creative assets. The product is scheduled for official launch on June 30, 2026.
3. MVLand AI: A vertical tool focused on music video creation, with the core goal of enabling every song to have its own dedicated MV. In practice, the product will collaborate with independent music labels, designer community ZCOOL, and the video model Kling to launch an AI MV creation contest.
4. MeituHub: Positioned as an enterprise-grade AI imaging customization production line platform. Evolved from the MEITU AI Open Platform which provided imaging APIs, MeituHub has been refined based on actual client needs. Its AI Agent assists users in clarifying requirements, breaking down tasks, and organizing corresponding models and APIs to build complete production lines that can be adjusted as needed. Some core capabilities are currently available for trial, with the official version launching on August 5, 2026.
5. ZCOOL Designer Community Business Upgrade: The new version, besides enhancing challenge-based operations, introduces three major revisions focused on core designer needs.
6. MEITU Design Studio Upgrade: After four years in the design field, serving millions of e-commerce sellers, the platform now boasts over 1.6 million monthly active paying users and generates over 130 million AI-created content pieces monthly. Following the introduction of an AI Agent, consumption of AI computing power points increased eightfold. This upgrade incorporates an AgentTeams architecture and launches a "Design for Me" human outsourcing service, delivering complete, commercially actionable solutions.
7. New Version of Kaipai: Core operational metrics are strong, with monthly active creators on Kaipai surpassing 3 million in May 2026 and cumulative created content exceeding 400 million pieces. This upgrade introduces two core service capabilities: a full-process AI voice-over assistant and human creation services. Additionally, Kaipai will build a voice-over creator community to lower the barrier to entry for users. New features will be rolled out progressively from June to July 2026.
8. RoboNeo AI Short Drama Edition Upgrade: The new version of RoboNeo is positioned as a daily-update-level AI short drama creation team. The platform plans to connect creators, AI assets, and commercial partners, fostering a continuously evolving AI short drama ecosystem. This aims to create a positive cycle of creator experience growth, efficient asset reuse, and rich content supply for commercial partners, thereby amplifying content value. The new RoboNeo AI Short Drama version launches officially on August 5, 2026, with some features already being released.
Key Risk Factors
Potential risks include AI feature performance falling short of expectations, slower-than-anticipated growth in subscription users, and intensifying industry competition.
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