Meitu recently published its annual results for 2019, stating that the company realized total operating revenue of CNY977.9 million, a year-on-year increase of 3.2%.
According to the report, the company's online advertising revenue increased by 21.1% year-on-year to CNY751.9 million. At the same time, its "premium subscription and in-app purchase" business became an important business model and it contributed CNY85.987 million to the company, a year-on-year increase of 518.1%.
Meitu's gross profit reached CNY699.3 million, a year-on-year increase of 42.1%; and its gross margin increased from 51.9% to 71.5%, representing a growth of 19.6 percentage points.
Cai Wensheng, chairman of Meitu, said that the company adjusted its strategy to be more focused in 2019. With business optimization and grooming, its gross profit saw a large growth.