Analysis of B-end Commercialization Revenue Growth from Meitu's AI Photo Retouching Technology

Based on the information I have obtained, below I will systematically analyze how Meitu’s AI photo retouching technology is transformed into B-end revenue growth.

Meitu’s B-end business is mainly commercialized through

:

• Revenue of 1.35 billion yuan in H1 2025, up 45.2% YoY, accounting for 74.2% of total revenue [1]
• Includes subscription-based SaaS services, targeting mixed C-end and B-end user groups

• Revenue of 30.1 million yuan in H1 2025 [1]
• Provides technical services such as AI skin testing and AR try-on for the beauty and hairdressing industry

• Meitu Design Studio: Approximately 200 million yuan in revenue in 2024, doubling YoY, with 1.13 million subscribed users [2]
• Kaipai: AI tool for voiceover videos
• Target customers: e-commerce merchants, content creators, commercial photographers

C-end user base (266 million monthly active users)
    ↓
AI technology refinement and function iteration
    ↓
Paid conversion (subscription penetration rate 5.5%)
    ↓
Emergence of enterprise-level functional needs
    ↓
Incubation of B-end product matrix
    ↓
Large-scale commercial implementation

: Intelligent design tool for e-commerce merchants

:

Function	Technical Implementation	B-end Value
Intelligent Image Matting	AI Semantic Segmentation	Reduces manual matting time by 80%
AI Product Images	Generative AI	Reduces e-commerce shooting costs by over 50%
AI Clothing Color Change	Image Generation	Reduces SKU shooting costs for clothing merchants
AI Shoe Try-on	AR+AI	Improves conversion rate for shoe e-commerce

:

• SaaS subscription model: mainly annual subscription
• Pay-as-you-go: some functions are charged separately
• Single product revenue exceeded 200 million yuan in 2024 [2]

:

• AI skin testing technology: skin texture detection, skincare recommendation
• AR try-on: real-time virtual makeup effects
• Intelligent recommendation: beauty product recommendation based on user portraits

:

• Beauty chain institutions (skin management stores, beauty salons)
• Beauty brands (virtual try-on experience)
• Retail channels (smart beauty mirrors)

:

• Wink
  : Video editing tool with 30 million global monthly active users [2]
• Kaipai
  : AI tool for voiceover videos
• RoboNeo
  : AI avatar generation, popular on overseas social platforms

:

• Commercial photography: photo studios, photography workshops
• Professional design: advertising agencies, design studios
• Video production: MCN institutions, content studios

:

• 15+ years of image processing algorithm accumulation
• Processes billions of image data monthly
• Collaborative optimization of self-developed large models and open-source models [1]

:

• Effect-driven product strategy: AI functions significantly improve photo retouching efficiency
• Multimodal capabilities: full coverage of images, videos, and design
• Global adaptation: localized optimization for different markets

┌─────────────────────────────────────────────┐
│           Meitu User Pyramid Model           │
├─────────────────────────────────────────────┤
│  Top: Enterprise Customers (Customized Services, SaaS Subscriptions) │ Revenue Contribution: High Unit Price, Low Frequency
├─────────────────────────────────────────────┤
│  Middle: Professional Creators (SaaS Subscriptions, Pay-as-you-go) │ Revenue Contribution: Medium Unit Price, Medium Frequency
├─────────────────────────────────────────────┤
│  Bottom: C-end Users (Subscription Penetration) │ Revenue Contribution: Low Unit Price, High Frequency
└─────────────────────────────────────────────┘

:

• 94.51 million monthly active users outside mainland China, up 21.7% YoY [2]
• Overseas monthly active users of productivity tools increased by over 90% YoY [1]

:

• Establish localized teams on the U.S. West Coast and in Sydney
• Launch differentiated products for different markets
• Launch of overseas commercial shooting design products

:

• Meitu Design Studio continues to double growth
• Expansion of Beauty Industry Solutions customers
• Development of overseas B-end markets

:

• Opening of enterprise-level API services
• Customization of industry solutions
• Commercialization of AI Agent products

• Deeply cultivate vertical industries
  : core scenarios such as e-commerce, beauty, and photography
• Increase customer unit price
  : upgrade from tool subscription to solution
• International expansion
  : replicate domestic B-end success model
• Technical moat
  : continue to invest in AI large model research and development

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Meitu has achieved effective transformation of AI photo retouching technology into B-end revenue through the path of

. Its core logic lies in:

1. Train AI models with massive C-end user data
2. Support subscription revenue with a high-stickiness user base
3. Develop B-end market with mature technical solutions
4. Increase customer unit price with vertical industry solutions

Currently, B-end business is in a rapid growth period and is expected to become Meitu’s most important growth engine in the next 3-5 years.

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[1] Meitu 2025 H1 Financial Report: AI Applications Achieve Breakthroughs (https://www.meitu.com/zh/media/416)
[2] Meitu Releases 2024 Annual Results (https://www.meitu.com/zh/media/415)
[3] Maigao Securities Research Report - Meitu In-depth Report (https://pdf.dfcfw.com/pdf/H3_AP202502201643300475_1.pdf)
[4] Yahoo Finance - Meitu Reports Strong First Half 2025 Financial Results (https://finance.yahoo.com/news/meitu-reports-strong-first-half-040900434.html)
[5] Meitu Inc. Company Overview - Financial Data (Jinling API Data)