meitu's revenue in the first half of the year was 1.62 billion yuan, with imaging and design products accounting for more than half of the revenue
2024-08-29
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on august 28, 2024, meitu inc. disclosed its 2024 first-half financial report: total revenue of 1.62 billion yuan, a year-on-year increase of 28.6%; adjusted net profit attributable to parent company equity holders was 270 million yuan, a year-on-year increase of 80.3%.
driven by ai technology, meitu's imaging and design products performed well, with revenue of 930 million yuan, a year-on-year increase of 54.5%. not only did it maintain its position as the largest source of revenue, it also accounted for nearly 60% of total revenue.
at the earnings conference, meitu said that the historic achievement was due to the generative ai technology that improved the effects of imaging products, provided users with better image and video processing, visual creative design and other functions, and continued to drive user payments. the financial report shows that as of june 30, 2024, the number of meitu's paid subscribers exceeded 10.81 million, a record high.
as a leading company in the domestic image design industry, meitu has been deeply involved in the image editing track for many years. its products are divided into two categories: one is life scene products represented by meitu xiuxiu, beauty camera, and wink, and the other is productivity scene products represented by meitu design studio, kaipai, and meitu cloud repair. official data shows that both types of products have performed well in the first half of 2024.
at present, meitu xiuxiu has repeatedly won the first place in the app store overall rankings in many countries including the united states, japan, thailand, and south korea. while maintaining the first place in user scale in the picture beautification track for a long time, in the first half of 2024, meitu xiuxiu's paid penetration rate also maintained a steady upward trend.
beauty camera has long occupied the first place in terms of user scale in the domestic photo and photography track. in the first half of 2024, driven by the pan-ai functions, beauty camera also achieved the first place in the domestic app store overall ranking.
in addition, wink, a video editing product launched by meitu in 2022, also performed well. according to questmobile data, wink is currently the second in china's video editing track, and is also the third largest application in meitu's product matrix after meitu xiuxiu and beauty camera.
for the imaging and design industry where meitu is located, ai is an important force in promoting innovation and improving efficiency. the implementation of meitu's ai technology has also expanded to productivity scenarios, creating ai workflows around vertical scenario needs such as "e-commerce design" and "voice-over video".
meitu's financial report shows that the meitu design studio, which was built around the needs of "e-commerce design", saw its revenue increase by more than 152% year-on-year in the first half of 2024; and the kaipai, which was built around "voice-over video", has currently generated more than 50 million pieces of content created by users.
in order to layout the downstream ecology in the field of imaging, in early 2024, meitu also acquired the leading domestic visual creative community "zuo cool", and quickly launched a new designer service platform at the 3rd meitu imaging festival in june 2024. the subsequent collaboration between the zuo cool community and meitu's imaging and design products will further deepen user stickiness and strengthen brand awareness through generative ai education and other methods.
industry analysts pointed out that from a series of actions, meitu's strategy and business are further focused, and it is focusing on creating imaging and design products. its applications cover life scenarios and productivity scenarios, and its user base is expanding from c-end to "big c (such as kol) small b (such as e-commerce sellers)", from mass users to communicators. this is also one of the reasons why meitu's monthly active users and paid subscribers have both increased: small and medium-sized enterprises are cost-sensitive and have a more accurate perception of ai's cost-reduction and efficiency-enhancing results, which will undoubtedly accelerate the penetration rate and drive paid growth.
guolian securities pointed out that as meitu continues to focus on ai, accelerates its expansion into productivity scenarios and deepens its globalization strategy, its imaging and design product business is expected to maintain rapid growth.
