China's internet company Meitu sees 29.3% revenue growth in 2023

Chinese Internet company Meitu generated 2.7 billion yuan (US$380.4 million) in revenue last year, up 29.3 percent year on year.

Meitu recorded an adjusted net profit attributable to the parent company of 370 million yuan, an increase of 233.2 percent year on year, according to the company's financial report disclosed on Friday.

The company, headquartered in the city of Xiamen, east China's Fujian Province, attributed the growth mainly to its surging paid subscriptions of photo, video and design products, which brought 1.33 billion yuan in revenue, a robust annual increase of 52.8 percent.

By the end of last year, Meitu registered a record high paid subscribers of more than 9.11 million. It also had 250 million monthly active users, up 2.6 percent year on year.

In 2023, the company invested 640 million yuan in research and development, which accounted for 23.6 percent of its annual revenue, continuing its exploration and layout in the field of artificial intelligence.

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