Meitu has taken a script of rebirth similar to Pop Mart. Meitu's stock peaked at HKD 11.96, dropping 96%, and is now at HKD 10.6. Based on the lowest point in 2022 of HKD 0.46, it has already seen a 23-fold increase, while Pop Mart rose from its lowest point of HKD 8.8 to HKD 266, a 30-fold increase. Meitu has 266 million monthly active users. It has 14 million paying users, with a revenue growth rate of 30%. Meitu's AI tools are among the top in the market, focusing on solving the issues of e-commerce product images, providing essential solutions for product conversion rates and bulk image generation, making commercialization easier. Additionally, it is backed by Alibaba's server computing resources, creating a certain moat. Even if other companies level the playing field with Meitu in terms of algorithms, without the advantage in computing power, they still cannot shake Meitu's position. Moreover, Meitu consistently ranks in the top 5 for overseas revenue in China, with its ranking relying on some overseas hit features like AI dressing and portrait photography. Long-term competitiveness will depend on the global penetration of AI productivity tools and the deepening of paid conversions. Meitu's moat lies in: the ability to solve essential needs in vertical scenarios (such as e-commerce design) + Alibaba's computing power positioning + the potential for global paid deep exploration. If it continues to fulfill the explosive expectations of "productivity tools going overseas," it may replicate Pop Mart's trajectory to a market value of hundreds of billions.