According to a report released by Morgan Stanley on June 24th, multiple product metrics demonstrate that AI is accelerating the monetization of Meitu's productivity-focused applications, with newly launched AI products achieving a higher average revenue per user (ARPU).

Specifically, MVLAND's monthly average revenue per paying user (ARPPU) can reach $50. For Meitu Design Studio, some users have spent up to 16,000 yuan within a 60-day period. Furthermore, Vmake's annual recurring revenue (ARR) for the first quarter of 2026 has already surpassed $4 million.

The report indicates that Meitu is progressively demonstrating that it is a beneficiary of AI technology rather than facing the risk of disruption. Morgan Stanley's analysis suggests that by focusing on a product strategy for vertical scenarios and the rapid monetization of native AI applications, Meitu has avoided direct competition with general-purpose AI platforms.