Meitu's 2022 interim results: MAU up 4.5% to 240.9M, revenue continues 20.5% yearly increase to RMB 971.2M2022-08-31
On August 31, 2022, Meitu officially disclosed its 2022 interim results. During the reporting period, Meitu reached RMB 971.2 million of revenue, a year-on-year increase of 20.5%. The adjusted net profit attributable to the owners of the parent company was RMB 36 million, a year-over-year increase of 7.9%, achieving its fifth consecutive period of semi-annual adjusted net profit. Its Monthly Active Users (“MAU”) grew to 240.9 million in June 2022, 4.5% higher than that of December 2021.
The VIP subscription business became the company's largest revenue contributor with RMB 339.2 million, a 61.4% year-over-year growth, demonstrating successful development and scaling of a new monetization model. Furthermore, its revenue from SaaS and related services grew by 1,542.3% year-over-year reaching RMB 226.6 million, showing a rapid and stable growth.
The VIP subscription business became Meitu's largest revenue contributor with RMB 339.2 million, a 61.4% year-over-year growth
In the first half of 2022, the VIP subscription business revenue increased by 61.4% year-over-year to RMB 339.2 million, surpassing the online advertising business for the first time and becoming Meitu's largest revenue contributor. Revenue of SaaS and related business increased by 1542.3% year-over-year reaching RMB 226.6 million from 13.8 million yuan in the first half of 2021.
The online advertising revenue is RMB 254.7 million; the revenue from IMS (Influencer Marketing Solutions) and others added up to RMB 109.0 million, with IMS business made up 94.0% of this revenue line; the revenue from the company's IVAS (Internet Value-Added Services) increased by 11.7% year-over-year to RMB 41.72 million.
Imaging application scenarios expanded, with more than 5 million active paying subscribers
As of June 2022, Meitu apps had more than 5 million active paying subscribers. Based on a large and stable user base, the conversion rate of paying subscribers of Meitu's products has significantly increased, and it is expected to continue growing in the future.
Since 2020, Meitu apps have released VIP subscription businesses, including the Meitu App and BeautyCam. Supported by its leading AI imaging technology, Meitu is able to continuously update product features to satisfy users' needs in capturing and editing images and videos, driving a steady increase in VIP users.
Currently, Meitu is expanding its VIP subscription business from life to work scenarios to meet various needs such as influencer marketing, event promotion, product display, and brand promotion.
SaaS and related business revenue increased by 1542.3% year-over-year, pushing the digital transformation of the real economy
With leading imaging technology, Meitu continues to expand product application scenarios and empower the digital transformation of the real economy with SaaS and related business.
In the first half of 2022, Meitu's SaaS and related business revenue rose by 1,542.3% year-over-year, an increase of RMB 226.6 million.
From January 2022, Meidd's financial results have been consolidated into Meitu's financial statements. Meitu provides ERP service and supply chain management SaaS for their cosmetic retailers under the brand of Meidd. As of the first half of 2022, Meidd has served over 10,000 cosmetic businesses in over 250 locations across China, and its supply chain business has achieved rapid revenue.
The MeituEve business provides an AI skin analysis and related SaaS solutions for skincare brands, medical aesthetic clinics and beauty salons. At present, MeituEve has been applied in 2,826 brick-and-mortar stores around the world, and has reached strategic cooperations with many well-known brands such as Dior, Shiseido and Fawa. The newly launched MeituEve V will provide users with better skin analysis services and experiences.
Meitu AI Photo Editing provides professional photo studios with a one-stop intelligent photo editing solution based on AI image technology, greatly improving the quality and efficiency of image editing.
Two of Meitu's flagship products maintain top ranks in the industry, with an MAU growth 4.5% higher than that of December 2021
Thanks to constant product innovation, Meitu's MAU reached 240.9 million in June 2022, an increase of 4.5% from December 2021, among them, the number of MAU of the Meitu App reached 124.7 million, an increase of 8.7% from December 2021.
In the first half of 2022, Meitu launched 6 image products including Wink, Chic, Meitu Mac Version, Posters, Meitu AI Photo Editing and Meitu ID Photo, meeting users' imaging needs for both work and life scenarios.
According to the 2022 China Mobile Internet Value List released by QuestMobile, BeautyCam and the Meitu App ranked #1 in the Camera and Photo Beautification categories, respectively.
With investments of RMB 265.5 million in R&D, a number of its scientific and technological achievements have been acknowledged by experts
Continuing its mission to "make beauty accessible through technology", Meitu is devoted to image technology innovation. Its R&D expenses increased by 2.3% year-over-year, reaching RMB 265.5 million.
In the first half of 2022, Meitu partnered with ACM Multimedia 2022 in hosting the 4th Person In Context (PIC) Competition; Meitu Imaging & Vision Lab (MT Lab) published several academic papers and took part in multiple international conferences including CVPR 2022, ECCV 2022, and AAAI 2022, among others.
While MeituEve, a professional skin analysis brand under Meitu, collaborated with experts from the Shanghai Institute of Nutrition and Health, CAS, the achievements were published in Society for Investigative Dermatology (SID) and International Society for Biophysics and Imaging of the Skin (ISBS), and widely acknowledged by the academic community.
In addition, the Meitu AI Open Platform has been further improved to continue providing the industry with market-proven professional AI algorithm services and solutions.
Gary Ngan, Chief Financial Officer and Corporate Secretary of Meitu, said, "In a slowing economic growth environment in the first half of 2022, we continued to achieve solid growth in total revenue and adjusted net income attributable to owners of the parent company. The VIP subscription service became the largest revenue contributor in aligning the interest between us and our users. Additionally, SaaS related businesses grew rapidly and contributed significantly to the improvement in total revenue. As our VIP subscription service, a high margin business, grows further, we are confident that we will continue to create value for our shareholders. "