On November 29, the internationally renowned consulting firm IDC, in collaboration with Inspur Information, released the "2023-2024 China Artificial Intelligence Computing Power Development Assessment Report". Meitu, with its product and technological innovations in 2023, was selected as a prime example of best practices.

The report commends Meitu for its extensive development of generative artificial intelligence. Through strategic foresight and meticulous planning, Meitu has successfully employed AI power in its products, demonstrating it mature AIGC capacity in image, video, design, and virtual humans. This development has effectively improved the productivity for visual creation, commercial photography, video editing and graphic design.

Selection of the Report

The wave of AIGC technology, represented by large models, is driving the rapid evolution of intelligent computing technology and related applications. This is steering both science and industry into a fresh phase of profound transformation. The report shows that in the first half of 2023, the market size of China's artificial intelligence servers increased by 54.1% compared to the previous period. It is expected that by 2027, the market value will reach 13.4 billion US dollars, with a five-year compound annual growth rate of 21.8%. In the first half of 2023, the market size of China's artificial intelligence servers reached 3 billion US dollars, an increase of 55.4% year-on-year.

Since 2010, Meitu has actively pursued research and development in artificial intelligence fields, including computer vision, deep learning, and machine learning, through its Meitu Imaging & Vision Lab (MT Lab). Through effective collaboration with product and design teams, the company has successfully integrated advanced AI technology into its products, showcasing a seamless fusion of technology and business.

In 2023, in response to users' demands for enhanced imaging productivity, Meitu increased the pace of new product and feature development.

As Meitu's in-house vision model, MiracleVision carries on Meitu's profound aesthetic genes. It can not only provide users with comprehensive image processing solutions, but also effectively improve efficiency, thereby bringing new development opportunities to industries such as e-commerce, advertising, gaming, animation, and film and television. Meitu's self-developed AI vision model facilitates image production from all aspects and has achieved impressive results in AI images, AI videos, AI design, and AI virtual humans.

As the strength of its products grows and the value of AIGC applications continues to rise, Meitu has experienced a corresponding increase in revenue. The interim results reveal that in the first half of 2023, Meitu's revenue and net profit attributable to the owners of the parent company saw impressive year-on-year growth of 29.8% and 320.4%, respectively.