Recently, Meitu Inc. officially released its financial report for the first half of 2024, showcasing impressive figures. The company's total revenue reached 1.62 billion yuan, a 28.6% increase compared to the same period last year. Even more remarkably, their adjusted net profit attributable to the parent company hit 270 million yuan, marking an 80.3% year-on-year increase.
The report highlighted that the growth in revenue and net profit is primarily due to the continuous enhancement of generative AI technology, particularly in image and design products which have performed exceptionally well. Meitu's paid subscription business in this area achieved revenue of 930 million yuan, a staggering 54.5% increase, accounting for 57.4% of the total revenue.
As of June 30, 2024, Meitu had over 10.81 million paid subscribers, a record high, with a paid penetration rate of approximately 4.2%. It can be said that the paid subscription model has significantly boosted Meitu's revenue.
In terms of market segmentation, Meitu continues to deepen its services. For instance, Meitu's Design Studio focuses on AI workflow for e-commerce design, with revenue growing by over 152% year-on-year. Additionally, Meitu released and upgraded six productivity tools at the third Image Festival in June, further expanding its product portfolio.
In terms of R&D investment, Meitu has not been idle. The company's R&D spending for the first half of the year was 430 million yuan, a 44.5% increase, primarily due to increased investment in large model computing power related to generative AI.
Specifically, in the AI field, Meitu continues to explore and layout, currently holding 484 patents and 266 software product copyrights. In the first half of 2024, Meitu's MiracleVision model passed the recordal of the "Interim Measures for the Administration of Generative Artificial Intelligence Services," upgraded to version V5, and was fully applied to Meitu's image and design products, enhancing workflow efficiency in e-commerce, advertising, gaming, film and television, and animation industries, while also opening up the model's capabilities to industry clients and partners.
Cai Wensheng, CFO and Company Secretary of Meitu Inc., stated, "Under the impetus of generative AI, we have once again achieved gratifying results, with both global monthly active users and paid subscription users showing double-digit growth, and the adjusted net profit attributable to the parent company reaching a new high."
Key Points:
- 📊 Double-digit growth: Meitu's net profit for the first half of the year increased by 80.3%, showcasing impressive performance.
- 💡 AI technology driving force: Generative AI technology has significantly improved product effectiveness, leading to a substantial increase in revenue from image and design products.
- 💻 Increased R&D investment: R&D expenses for the first half of the year increased by 44.5%, focusing on investment in AI large model computing power.