China's Meitu sees 29.8% revenue increase in H1

XIAMEN - Chinese internet company Meitu generated 1.26 billion yuan ($175 million) in revenue in the first half of 2023, an increase of 29.8 percent year-on-year.

The company recorded an adjusted net profit of 151 million yuan in the first six months, up 320.4 percent year-on-year, according to the company's financial report disclosed on Monday.

The surge was mainly the result of subscription revenues related to photo, video and design products powered by AI-generated content, with the number of VIP app users reaching a record high of 7.2 million by June 30.

The total number of monthly active users reached 247 million by the end of June.

Research and development (R&D) expenses increased by 10.8 percent to 294 million yuan during the period.

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