Chinese internet company Meitu sees 28.6% increase in revenue in H1

XIAMEN - Chinese internet company Meitu reported on Wednesday that its revenue in the first half of 2024 increased by 28.6 percent year-on-year to 1.62 billion yuan ($227.5 million).

During the period, Meitu recorded an adjusted net profit of 270 million yuan, up 80.3 percent year-on-year.

The company, headquartered in the city of Xiamen, East China's Fujian province, said the growth was mainly due to the continuous improvement of product effects by generative AI that sustained the increase in revenue from imaging and design products based on paid subscriptions.

As the company's largest source of revenue, the imaging and design products business segment saw revenue reach 930 million yuan in the first half of the year, marking a year-on-year increase of 54.5 percent and accounting for 57.4 percent of the total revenue. As of the end of June, Meitu's paid subscribers exceeded 10.81 million, setting a new record.

The total number of monthly active users reached 258 million, up 4.3 percent year-on-year. The number of monthly active users in countries and regions outside the Chinese mainland was 84.73 million, an increase of 15 percent year-on-year.

Research and development expenses increased by 44.5 percent to 430 million yuan during the period. In the field of AI, Meitu continues to explore, with 484 patents registered and 266 software product copyrights held.

Founded in October 2008, Meitu is an AI-driven technology company that aims to "beautify" users with its image products and beauty management services.