China's Meitu sees 29.8 pct revenue increase in H1

XIAMEN, Aug. 29 (Xinhua) -- Chinese internet company Meitu generated 1.26 billion yuan (175 million U.S. dollars) 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.