Meitu deploys AI ahead of schedule, and the value of the industry needs to be re-evaluated during the artificial intelligence dividend period

AI is an emerging disruptive technology that is releasing the huge energy accumulated by the scientific and technological revolution and industrial transformation. It is profoundly changing human production, lifestyle and thinking, and has a major and far-reaching impact on economic development, social progress and other aspects. In recent years, artificial intelligence has made remarkable breakthroughs and applications in various fields, such as image classification, speech recognition, knowledge question and answer, human-machine chess, driverless driving, etc. These technologies not only promote the improvement of production efficiency and service quality, but also bring about many emerging business forms and market demands, injecting new vitality into economic growth.

According to ARK Invest, AI will increase the productivity of mental workers by more than four times in 2030. Under the assumption that the AI ​​penetration rate reaches 100%, AI technology worth US$41 trillion will increase output. Worth $200 trillion. If AI technology suppliers can obtain 10% of the value of their output, it will correspond to approximately US$14 trillion in revenue and US$90 trillion in enterprise value in 2030.

Obviously, artificial intelligence has brought challenges and changes to traditional industries, prompting enterprises to carry out digital transformation and innovation and upgrading to adapt to the competitive environment in the intelligent era. This also applies to the beauty industry.

As a leading company in the beauty industry, Meitu Corporation (1357.HK) has continued to explore artificial intelligence since the establishment of Meitu Imaging Research Institute (MT Lab) in 2010. In 2016, "hand-painted selfies" became popular all over the world. In 2017, "Painting Robot Andy" was used a total of 280 million times in three months after it was launched. In 2019, "AI Anime Avatar" saved 46.8 million pictures in a single month.

In 2022, Meitu has made multiple breakthroughs in the AIGC field. "AI Painting" propelled Meitu Xiuxiu to the top of the app store rankings in many countries. The "Various AI Avatar" feature hit the screen on New Year's Eve. "AI Simple Drawing" generated over 1 million pictures per day. "AI Animation" further improved animation. Video creation productivity. Meitu ranked seventh among the 2022 AIGC Application Innovation TOP30 selected by Internet Weekly.

The focus of R&D on AIGC stems from Meitu’s unique judgment that AIGC will profoundly change the beauty industry. Meitu believes that AIGC will reshape the industry’s production and consumption methods in three directions: First, human-computer interaction will be more Convenient and diversified; secondly, it can provide more inspiration for professional content producers, such as designers and artists; thirdly, it can help corporate customers reduce costs and increase efficiency.

Meitu disclosed at the financial report analysis meeting: With the support of AIGC technology, the revenue of VIP subscription business, a high-margin business, has reached a new high, making a huge contribution to profit improvement. With the help of the AIGG product line, Meitu's product matrix and member payment go in both directions; the continuously enriched product line increases the number of active users and member retention. These two data further help the AIGC ecosystem, ultimately forming a positive cycle.

In the B-side market, according to the latest annual report, SaaS and related business revenue increased by 1093.2% year-on-year to RMB 463 million, showing a rapid and stable growth trend. Such a growth rate is still inseparable from the implementation of its AI reserve scenarios.

Meitu provides AI skin testing and related SaaS solutions to global skin care brands, medical beauty institutions and beauty salon businesses through its Meitu Yifu. It has been deployed in more than 2,900 offline stores around the world. It also provides AI skin testing and related SaaS solutions through its Meitu Yifu. Tuyunxiu helps commercial photography agencies - AI photo editing can reduce costs and improve efficiency. It has currently served more than 10,000 stores across the country.

As AI is improving content productivity at an unprecedented rate, Meitu has also gained more connotation and room for imagination. In the foreseeable future, it will bring new business efficiency to both ends of the American industry B and C. From this perspective, the value of Meitu to the beauty industry should be re-evaluated.

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