Meitu released its financial report for the first half of 2024, and the data showed that the company's performance has increased significantly. Total revenue reached 1.62 billion yuan, a year-on-year increase of 28.6%; the adjusted net profit attributable to the parent reached 270 million yuan, a year-on-year increase of 80.3%. This outstanding performance is mainly attributed to the application of generative AI technology, especially the strong growth of paid subscription business of imaging and design products. Revenue reached 930 million yuan, a year-on-year increase of 54.5%, accounting for 57.4% of total revenue. The number of paid subscription users exceeded 10.81 million, a record high.
Recently, Meitu officially released its financial report for the first half of 2024, and the data performance is quite impressive. In the first half of the year, Meitu's total revenue reached 1.62 billion yuan, an increase of 28.6% compared with the same period last year. What’s even more surprising is that their adjusted net profit attributable to the parent company also reached 270 million yuan, a year-on-year increase of 80.3%.
The financial report mentioned that the growth in revenue and net profit was mainly due to the continued improvement of generative AI technology, especially its outstanding performance in imaging and design products. Meitu’s paid subscription business in this area achieved revenue of 930 million yuan, a growth rate of 54.5%, accounting for 57.4% of total revenue.
As of June 30, 2024, the number of paid subscribers of Meitu exceeded 10.81 million, a record high, and the paid penetration rate was approximately 4.2%. It can be said that the paid subscription model has given Meitu a big breakthrough in revenue.
In terms of market segments, Meitu has also continued to deepen its services. For example, Meitu Design Studio focuses on e-commerce design AI workflow, and its revenue increased by more than 152% year-on-year. In addition, Meitu also released and upgraded six productivity tools at the 3rd Image Festival in June, continuing to expand its product matrix.
In terms of R&D investment, Meitu has not been idle either. In the first half of the year, their R&D investment was 430 million yuan, a year-on-year increase of 44.5%. This was mainly due to the company's increased investment in large model computing power related to generative AI.
Specifically, in the field of AI, Meitu continues to explore and deploy, and currently has registered 484 patents and holds 266 software product copyrights. In the first half of 2024, Meitu MiracleVision passed the "Interim Measures for Generative Artificial Intelligence Service Management" registration, upgraded to the V5 version, and was fully used in Meitu's imaging and design products to help e-commerce, advertising, games, Improve workflow efficiency in the film, television and animation industries, while opening up large model capabilities to industry customers and partners.
Yan Jinliang, Chief Financial Officer and Company Secretary of Meitu, said, “Driven by generative AI, we have once again achieved gratifying results. The number of global monthly active users and paid subscription users has maintained double growth, and the adjusted net profit attributable to the parent company has continued to grow. It hit a new high.”
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All in all, Meitu’s outstanding performance in the first half of the year demonstrates its technical strength and business model success in the field of AI. Its future development is worth looking forward to.