Core Insights - The article highlights the significant transformation of Meitu, which has successfully leveraged AI technology to achieve substantial profitability, marking its "rebirth" in the competitive landscape of AI applications [1][2][3] Financial Performance - In the first half of 2025, Meitu reported total revenue of 1.8 billion yuan, a year-on-year increase of 12.3%, and an adjusted net profit of 467 million yuan, up 71.3% [1] - For the year 2022, Meitu's total revenue was 2.085 billion yuan with a net profit of 111 million yuan. In 2023, revenue grew to 2.7 billion yuan and net profit surged to 370 million yuan, reflecting a year-on-year growth of 233.2% [2] - By 2024, Meitu's revenue reached 3.34 billion yuan with a net profit of 590 million yuan [2] Business Model Transformation - Meitu has shifted its business model from primarily advertising-based to a subscription-based model, aligning user needs with paid services [2][3] - As of June 2025, Meitu had 15.4 million paid subscription users, with a penetration rate of approximately 5.5% [2] AI Development Strategy - Meitu's unique approach to AI development involves focusing on optimizing open-source models and developing proprietary models, rather than creating a general-purpose large model [2][3] - The company has introduced several native AI applications, such as Wink and Meitu Design Studio, targeting more vertical markets with higher user value [3] Market Opportunities - Meitu's growth is attributed to capturing AI-related opportunities, maintaining a strong focus on its core business, and pursuing global market expansion [3] - Analysts from Zheshang Securities and UBS highlight that the expansion into overseas markets and productivity tools will enhance Meitu's monthly active users (MAU) and average revenue per paying user (ARPPU), driving revenue growth in imaging and design products [4]
美图“重生”的背后：抓住AI红利 聚焦优势赛道 打通订阅模式