Cai Wensheng, Chairman of Meitu: Meitu's past, present and future

Someone once commented on Cai Wensheng:

"He is a very successful angel investor and a successful investor , but can he be a successful entrepreneur? When answering questions about Meitu , his logic and thinking fully reflect his clarity and determination as a second-time entrepreneur . He loves beauty, but he would rather use Meitu to make the world more beautiful."

1. Meitu, a company that aims to make the world a more beautiful place

When Meitu went public last year, there were many commentary articles in the market. At the time, most people were pessimistic. For this reason, we specially investigated the market feedback and asked everyone what they thought of Meitu. When I received feedback, many people were pessimistic, but actually at that time, I felt relieved.

This is a good thing. If everyone is optimistic, Meitu’s stock price will reach its peak. The final survey result was: 99% couldn’t understand it. Think about it, 99% of investors in the market don’t understand why Meitu will perform like this after its listing. For example, now only 1% of people can understand it. If 2% of people understand it in the future, and 3% understand it, if 2% of people understand it, the price will double, and 3% will triple. By the time 100% understand it, it may be 100 times.

What kind of company is Meitu?

When the Meitu team started our business in 2008, we did not set very ambitious goals at the beginning. However, three years ago, as we were exploring the business, we gradually became clear about what we wanted to do . Meitu is a company that aims to make the world a more beautiful place.

Meitu's earliest software was called Meitu XiuXiu , which imitated Photoshop and allowed users to edit photos. Later, we found that many girls used Meitu XiuXiu to edit their faces to make themselves more beautiful, so Meitu subsequently launched the beauty camera, which can make photos more beautiful. Later, it launched Meipai , which makes videos more beautiful. At the same time, we also launched hardware, the Meitu mobile phone, forming a mobile Internet industry chain that combines software and hardware. This is how Meitu has developed step by step.

In fact, making the world more beautiful is definitely not limited to pictures. Meitu can make your photos more beautiful at first, and then we can make you more beautiful in real life as well. Ultimately, the purpose of Meitu is to make your soul truly beautiful. The demands of today's young people are mainly: love of beauty, fear of death, and lack of love , and these are the demands that Meitu can meet.

If you are afraid of death, you will hope that you can be healthy. After users take photos with Meitu, they will find that they can become so beautiful, but when they go out, others will think they don’t look like it. What should they do? They must exercise, shape their bodies, buy cosmetics, etc. These are all areas of future development for Meitu. Meitu not only wants users to become beautiful online, but also in real life.

In addition to tools , we hope to improve users' mood through Meitu's social platform. Why are there so many things happening in China that are confusing to everyone? I personally feel that China still lacks education, especially education on beauty and aesthetics.

Why do children nowadays have to learn painting and music from a young age? Because generally speaking, people who study music, painting, and art are not too bad. If we have an aesthetic sense, of course the definition of beauty is not just the beauty of appearance, but also extends to the beauty of objects, food, art, and even the soul. If we all improve, then the world will really become more and more beautiful. The existence of Meitu is to achieve this purpose.

2. User volume is Meitu’s safety margin

Meitu has 1.1 billion users.

Many people on the Internet have questioned this number. Indeed, China has only 1.4 billion people, and there are about 1.1 billion smartphones in China. Why does Meitu have 1.1 billion users? In fact, this is not the case. Meitu does not have 1 billion users in China. Tencent and Alibaba , these two companies, own almost 90% of China's Internet users, which means more than 1 billion users.

As for Meitu, we currently have approximately 800 million smart device terminals in China, accounting for about 70% of China's smartphone users. But in addition to this, we have 500 million users overseas, so Meitu’s global activated users have now exceeded 1.3 billion, in fact, they have exceeded 1.1 billion.

Meitu has a large number of users overseas. Take Hong Kong as an example. WeChat has very few users in Hong Kong. Those who use WeChat in Hong Kong are those who do business with mainlanders. Hong Kong people usually use WhatsApp. In Taiwan, people generally use Line to communicate, but in Hong Kong and Taiwan, nearly 80% of women use Meitu products.

Meitu currently has 26 million users in Japan. Meitu's app (Beauty Plus) has been ranked first in downloads in Japan's app rankings for more than a month. About one-third of Japanese girls now use Meitu.

In addition, Meitu has more than 50 million users in Indonesia and more than 70 million in India. In this way, from a global perspective, including overseas markets and the Chinese market, Meitu has indeed already exceeded 1 billion users.

Meitu's software now has 1.1 billion users. We now have about 1.5 million new downloads a day, and about 500 million new downloads a year, many of which are from overseas. In two years, we should be able to reach 2 billion users.

I once said that the number of users of our Meitu may reach the user scale of Facebook and Google in two years, but please note that this refers to the user scale, not the market value. Currently, there are only seven Internet companies in the world with more than 1 billion users. In the United States, they are Microsoft, Apple, Google, and Facebook , and in China, they are Alibaba, Tencent and Meitu.

The actual number of users of Baidu and Amazon is unlikely to exceed 1 billion. Amazon has approximately 700 million to 800 million users worldwide, but their customer value is high and they are all commercial users. Only Google and Facebook have reached 2 billion users in the world.

It is precisely because of this level of users that Meitu has a safety margin and we have the confidence to make the world a more beautiful place. We have replicated our successful experience in China overseas, which is even more imaginative and has more room for development than BAT .

3. Create a beautiful ecological chain so that everyone can use various Meitu products

What kind of Meitu will make you use more Meitu products? Some people see that I am still using an iPhone, so people often ask me, Mr. Cai, why don’t you use a Meitu phone?

Since the production of Meitu mobile phones began three years ago, the total sales volume has not exceeded 1.5 million units, and by the end of this year, the total sales volume may only be 2.5 million units. There are more than 400 million Meitu users on iPhone, which means that more than 400 million iPhone users around the world are using Meitu products. Do you think I should take care of the feelings of these 400 million users, or the feelings of the 1.5 million Meitu phone users?

In 2009, when we were about to start working on the mobile version of Meitu, the iPhone had just been released. At that time, I encouraged everyone in my company to use smartphones. I told them that they could buy smartphones and I would pay half and they would pay the other half.

After just two days of implementation, I called a halt to the policy because I found that everyone had bought an Apple phone. I said that this would not work because I would not be reimbursed if they bought an Apple phone. They had to buy an Android phone because I felt that Android was an open system and that the usage of Android phones would exceed that of Apple phones in the future. Meitu’s goal was to satisfy the needs of all mobile users. This is the true story of Meitu’s early days as a business owner.

Our vision is to let everyone use Meitu products, just like Facebook's vision is to connect people all over the world. Of course, our user stickiness and platform are different. Google's search can get to the bottom of everyone's needs. Facebook is a social platform. How much will Meitu's 2 billion users be worth in two years? We are very clear about this to me and Meitu. As I said, my current users are comparable to Tencent's, but there is definitely a difference in quality and activity, because WeChat is a strong social tool. Of course, this is also room for expansion for Meitu. We firmly believe that we can turn tools into social ones.

Of course, some people may ask, it is easy to say that tools have become social. Indeed, there are very few companies in the world that have transformed from tools to social ones. For example, playback software has not become social, download software has also failed, and antivirus and cleaning tools have not successfully transformed.

But don’t forget, there are two things in the world that can become social. One is communication tools. QQ and WeChat are examples of communication tools becoming social. The second is the photo tool. Instagram was sold to Facebook four years ago for 1 billion US dollars. At that time, it only had 30 million users, but now it has become the world's largest photo social networking site with 800 million users. At the time it was just a tool with eight filters.

Why can communication and pictures become social? Communication is a very frequently used tool from the beginning, and your address book will be automatically included in it. In fact, the two core functions of social networking are showing off and picking up girls. 80% of the communication on social platforms is done through pictures, just like everyone’s Moments and Weibo, which definitely requires pictures. Meitu has indeed become a must-have software for most people to post pictures.

Many people also say that after using Meitu, girls become fake. In my opinion, the world has been beautified, and it is beautiful because of beautification. For example, many celebrities, why do you think she is beautiful? It is because she wears makeup and beautiful clothes.

Beautiful pictures are tools for women to increase their sense of happiness and pleasure, and can also increase pleasure for boyfriends and people around them. If a girl is in a good mood today, her boyfriend and the people around her will also be in a good mood. Of course, some photos have been over-Photoshopped, which is an exception, just like when you put on too much makeup, it becomes fake.

But women are born to wear makeup, women are born to use Meitu XiuXiu, and women love beauty. This is women's nature.

According to our statistics, although not many men born in the 1970s and 1980s use Meitu, the proportion of men born in the 1990s and 2000s who use Meitu has been increasing. This is also why young handsome men are so popular nowadays. Young people are becoming more and more neutral, so we are more confident that Meitu can be used by everyone.

Now we are making everyone beautiful in the virtual world first, and in the future we will really make them beautiful in real life. In the future, Meitu will launch more products to make everyone more beautiful. For example: Meitu mobile phone, Meitu e-commerce , Meitu customization , Meitu camera, Meitu magic mirror, Meitu cosmetics, etc.

From virtual to reality, from tools to social networking, this has formed Meitu's powerful beauty industry chain.

4. Only the power of the brand can make Meitu mobile phones successful

Meitu mobile phone is actually an experiment of Meitu Company in its development from Internet to offline.

Why do we make Meitu phones? If you remember, four years ago, the most popular selfie gadget in China was the Casio selfie gadget. Many women bought it and took selfies every day. But can you still see it today? I can't see it anymore because it was defeated by the Meitu phone.

The fact is, our original intention in launching this mobile phone was to make a real product that meets the needs of users. One of the most core factors for Meitu's success is that we always meet user needs, just like Google. The reason why Google is successful is that they are always doing things that have market demand, and when the needs of users are met, the company will naturally make money. This is also Meitu’s logic. We made mobile phones at that time because there was a market demand for selfie phones, and we went to meet the market demand. The results confirmed that our development ideas were very correct.

Why did you choose a mobile phone instead of cosmetics at that time?

At that time, we chose to make mobile phones because mobile phones are the most difficult to make in the world. The high-tech content, brand, financial support, supply chain, sales channels and other aspects involved in mobile phones are very challenging. We chose to do the most difficult one.

The sales volume of Meitu smartphones in 2016 was approximately 750,000 units. What did we achieve? We made a profit . This is almost impossible to happen in the mobile phone industry. In the traditional mobile phone industry, it is impossible to make a profit unless the sales volume exceeds 2 million. Last year, Meitu made a profit with sales of 750,000 phones. This year, we will sell even more phones.

Why are Meitu phones so popular?

A very important reason is that Meitu already has a very large user base, and users are very loyal to and identify with the Meitu brand. When the quality of Meitu mobile phones also satisfies users like Meitu XiuXiu, Meitu's online brand value will be successfully transferred offline.

The success of Meitu mobile phones has made Meitu believe that if we continue to launch other related Meitu products in the future, the probability of success will be very high.

However, we still made a small mistake in the process, because Meitu phones are positioned for mid- to high-end users. For example, in 2016, we estimated that the demand for this selfie phone would be about 1 million units, but we only produced 750,000 units. The actual demand far exceeded our expectations, so there was a shortage of supply. The market therefore drove up prices, which led to some people thinking that we were using hunger marketing . We are not stupid. If we have mobile phones, why not sell them? Why do we use hunger marketing?

Although the production volume of Meitu phones is not large, the gross profit margin is very high because we believe that good products should have a premium and brand premium. This is also the value of Meitu.

Three years ago, the price of Meitu mobile phone was 2199, and this year's lowest price is 2699. You will find that Meitu phones are becoming more and more popular and their prices are getting higher and higher. In fact, a successful business model will only become stronger if it sells products at higher and higher prices. It will not become stronger if it sells products at lower and lower prices. If you sell products at lower and lower prices, you will eventually sell yourself to death.

The Sailor Moon Meitu phone is very popular recently. We only launched 10,000 limited editions. Our original intention was to cooperate with the Sailor Moon IP to satisfy people who are interested in both the Meitu and Sailor Moon brands. We didn't expect it to be so popular. But we limited the production to 10,000 units at the beginning, and we must keep our word.

But this also gave us an inspiration. In the future, Meitu phones may cooperate with more brands, such as Sailor Moon, Hello Kitty, Chanel, Tiffany and other brands. There is definitely a huge market space for this.

In fact, not only smart hardware, but also beauty-related products in real life can be explored after Meitu. However, Meitu's products all revolve around several characteristics, focusing on beauty, being feminine, and being high-end.

The products produced by Meitu are not necessarily the best-selling ones in the market in each category, because Meitu’s business model is different from that of most companies. It is not about monetizing the entire industry, but only monetizing in the niche market that is most capable of paying a high premium to become more beautiful. Maybe each market segment accounts for only 10% or even 1% of the entire industry. But the advantages of Meitu products are high gross profit margin, high brand premium, and such markets can be replicated countless times.

Because the pursuit of beauty is universal regardless of age, gender, nationality or region, and more importantly, beauty is a purely subjective concept and a process of continuous evolution and progress. This means that the market demand for beauty is a high-frequency consumption that is sustainable over time.

Did you know that the sales performance of Meitu phones during Taobao ’s Double 11 and JD’s 618 shopping festival exceeded everyone’s expectations?

5. Data is everything

From the beginning, Meitu positioned itself as a company born for beauty, and we have always been working in the direction of "beauty".

How many images does Meitu process every day ? 200 million . 68 billion photos are processed every year, and more than 60% of them are selfies. We can accurately know where the photo was taken, when it was taken, who took it with, etc. On a deeper level, through image processing, we can know what hairstyle the person in the photo has, what glasses he wears, what watch he wears, what jewelry he wears, and even what brand of clothes he wears, etc. This is the value of data.

Now everyone is talking about artificial intelligence . In addition to technology and algorithms, what is more important for artificial intelligence is how much data it has. The so-called deep learning and artificial intelligence are actually the integrated analysis of data.

There are two very famous facial recognition companies in the market, face++ and SenseTime. Both companies have a great connection with Meitu. It can be said that Meitu has been cooperating with them and providing them with image data support.

The reason why we have to cooperate with Meitu, and we can only cooperate with Meitu, is because Meitu has a large amount of image data. But I have to say that two years ago, Meitu was very clear about the importance of facial recognition technology . We now have a facial recognition technology team of more than 150 people, and it is still expanding.

In the evaluation of the famous University of Massachusetts Vision Laboratory, Meitu's facial recognition technology is the world leader in several key indicators. The product evaluation of this laboratory includes companies such as SenseTime, Face++, Google , and Facebook.

At this stage, Meitu’s facial recognition technology is still unknown to the public, mainly because our technology is serving Meitu’s own products. We hope to use such technology to make products and serve everyone. For example, in the future, Meitu will launch a product that allows users to know the dryness or wetness of their skin by taking a photo, what kind of skin care products and cosmetics are more suitable, what kind of hairstyle and jewelry are suitable for their face shape, etc. This way, users' needs for beauty can be met at one time.

Because Meitu is a company with huge image data, in the future, Meitu's facial recognition technology may be applied to other fields, such as finance, security, autonomous driving, artificial intelligence image entry, etc.

Looking at Meitu from the perspective of image data, the data and technology accumulated by Meitu over the years will help Meitu become a leader in the future AI world.

6. Meitu’s competitive barriers

Three aspects constitute Meitu’s barriers.

The first is brand . Some people in the market asked, if Tencent develops a beauty function and Baidu also makes one, will Meitu be overthrown in one fell swoop? Meitu was founded in 2008. Who were our competitors at that time? Photoscape was later sold to Thunder , which was our first competitor.

Later, our competitors were Baidu Magic Photo, camera360, Beauty Camera, and later there was Butter Camera, Play Picture, and Watermark Camera and Tiantian Ptu produced by Tencent.

From 2008 to now, many competitors have appeared in the market, but Meitu has always been the market leader. So it’s not to say that Baidu and Tencent have not done anything. Meitu has always been growing in competition because images are a huge market. There will be more competitors in the future, but Meitu has formed a very solid product matrix. It has formed a leading position in brand and technology.

Think about it from another perspective. Is it easy to build a search engine now? If you just want to make a program, it won’t cost much money, and it’s also easy to make a communication software like WeChat. But can you replicate its success?

Barriers are formed through three aspects: first, users; second, brands; and third, the accumulation of technology and experience. It is not that you can just copy what you have copied and it will become a real tiger.

To be honest, we are quite grateful to our competitors. It is competition that drives Meitu to continuously improve its technology and products and grow faster. The Internet is a winner-takes-all society, and there are countless cases to prove this.

The second is data . Meitu’s image data is among the best in the world, and most importantly, Meitu has opened up the connection between mainland China and overseas. For example, Google and Facebook have a large amount of data overseas, but they cannot enter China, and BAT has not really gone out of China. Coincidentally, Meitu is a company that can span the Chinese and overseas markets and has a large amount of user and image data. Meitu has its own uniqueness.

The third is technology . What is awesome technology? In fact, technological barriers are a process of accumulation. Just like Tencent, it was composed of only a few technicians at the beginning, and just like Alibaba, it only had 18 Arhats at the beginning. However, as their users accumulated and technology improved, Tencent and Alibaba gradually became China's top technology companies.

The so-called awesome technology is not awesome from the beginning. Technology is accumulated through continuous modification, refinement, integration and improvement of user experience when encountering errors. After 9 years of development, Meitu is currently serving more than 1 billion users. Our technological accumulation is no less than that of other leading technology companies.

Meitu currently has more than 1,400 employees, more than 65% of whom are technical and R&D engineers. This proportion is probably very high among all Internet companies in China. Currently, there are no more than 10 companies in the world capable of serving more than 1 billion users, and Meitu is one of them. This is our technological barrier.

7. Strategy

For Meitu, as we said during our IPO , our grand vision is to have the whole world use Meitu products, but our short-term strategy will revolve around three plans: internationalization, platformization, and commercialization.

The first is internationalization. The reason why we put internationalization first is that for Meitu, we already have 70% market share of smart devices in China, so user growth in China is already limited.

But what about overseas? Especially in emerging countries overseas, such as Southeast Asia, the Middle East, or South American countries, they are like China three years ago. We will focus on short-term user growth overseas because overseas is still in a stage of rapid growth. Currently, we have become the most popular imaging software in Japan, South Korea, and Southeast Asia, and we hope to continue to expand Meitu's market share in the United States and Europe.

The second is platformization. Although Meitu already has a huge number of users, if compared with Snapchat , it has 150 million users, but its valuation is more than 20 billion US dollars, just because it is a social network and a higher frequency platform. We are very aware that Meitu is still a tool-oriented application, so we are transforming it into a social platform.

In fact, Meipai is the first step in our successful transformation. Meipai's MAU has now reached 150 million, which is actually comparable to Snapchat's user level. Meitu's goal is to build a social platform with 500 million users.

If we look at the value of Meitu from this perspective, even if Meitu does not have Meitu XiuXiu, Meitu Beauty Camera, or Meitu mobile phone, and only has a Meipai short video platform, it is still of great value. Meipai has become a leader in the short video field.

Several competing short video products on the market each have their own advantages and disadvantages. Kuaishou has the largest traffic , but its users are mostly from third- and fourth-tier cities. Miaopai is more media-oriented because it is deeply integrated with Weibo, and some celebrities and gossip will be on it. Meipai focuses on white-collar workers in first- and second-tier cities, and is more life-oriented, talent-oriented, and educational. Many users display their talents on Meipai, including life highlights, experience exchanges, live broadcasts, etc. We have always believed that in the context of consumption upgrading, the user value at this level is the highest.

Meitu also has live streaming, and the income from live streaming is also tens of millions, and it is steadily increasing. However, the income from Meitu's live streaming is different from other live show cultures. We hope that such income comes from teaching people how to put on makeup, how to dress, and how to cook. These entertaining and educational contents will be rewarded by users, but the income from such rewards will not increase so quickly, but it will increase steadily. This is the characteristic of our Meipai.

The success of Meipai has given us more confidence that Meitu's other products, such as Meitu XiuXiu and Meitu Beauty Camera, can also develop into platforms. As a further strategy, we are also considering connecting the various Meitu products to form a large, comprehensive "beauty" platform.

The third point is about commercialization.

Our CFO will share the details later. I will just talk about a few major concepts here.

What is the big logic? You can make money if you have users. This has been proven by Tencent, Google, and Facebook, not just Meitu. In the future, if you see a company with a large number of users, you should quickly buy its stock. Of course, there are two prerequisites for this?

One is the user scale and the other is the customer acquisition cost.

8. Prerequisites for commercial success

What is user scale?

If a company or a software works hard to develop, but the industry ceiling is only a few million, it will be difficult to succeed. For example, why can't the Hong Kong and Taiwan markets produce great Internet companies? The technological foundations of Hong Kong and Taiwan are actually not worse than China, but because Hong Kong has only 7 million people and Taiwan has only 20 million people, even if all local people use a certain product, it is difficult for Internet companies to make a profit at this scale.

Japan and Germany are places with the strongest technological reserves in the world, so why can't they produce great Internet companies? Because these two countries are very nationalistic, it would be difficult for people who don't understand German and Japanese to use their Internet products, and their own markets are not large enough, so it is difficult to expand outward, and ultimately fail to reach scale.

Therefore, the industry ceiling, that is, the scale should be as high as possible. At least you should be able to be the first or second in this industry. However, this also depends on the industry. For example, if you want to do social networking, it will be difficult to make a profit without a user base of hundreds of millions. But if you go into a certain vertical industry, if you can be the absolute leading number one, you can also succeed. For example, Groonghui has a great influence now because it has covered the majority of users in this professional financial field.

How important is customer acquisition cost?

As an Internet company, the cost of acquiring users must be low. For example, Youku was sold to Alibaba for US$5 billion two years ago. Youku has about 400 million users. The number of users of Youku and Tudou is equivalent to 60% of Baidu.

Why has Youku not been profitable? In fact, Youku is not unprofitable. Its advertising revenue in 2015 was RMB 7.8 billion, but the problem is that its customer acquisition cost is high. If compared with Baidu's revenue, Baidu's profit margin has always been very good.

All the information Baidu obtains on the Internet is almost free. And what about Youku? To attract users, you need to attract them with high-quality content, and all high-quality content needs to be purchased with money. For example, an episode of a TV series costs 50,000 to 60,000 yuan, and 50 episodes will cost more than 20 million yuan. An American TV series may cost millions. Nowadays, the copyright fees for this type of video websites are too high, and the corresponding customer acquisition costs are also very high. So although Youku has income, its expenses are too high and the cost of acquiring customers is too high, so it ultimately cannot make a profit.

Meitu’s customer acquisition cost is zero. Have you ever seen any girl using Meitu because we spend money on advertising or subsidies? No, all users rely on word of mouth. There are very few products like this in China. Baidu was one of them at the time, and WeChat was another. All of them grew through word of mouth. It can be said that Meitu's promotion cost to acquire users was almost zero.

From 2008 to 2013, during the first five years of its founding, Meitu spent only 50 million yuan on salaries, bandwidth, and rent. Meitu only started raising funds in 2013 in order to develop social networking and mobile phones. As of the time when Meitu went public in 2016, the total cost of Meitu in the nine years was only RMB 1.1 billion. For an Internet company with 1 billion users and more than 1,000 employees, this is a remarkable achievement.

User value determines company value.

Most of Meitu's users want to make themselves more beautiful. They can spend 300 yuan on a lipstick, 2,000 yuan on a set of cosmetics, tens of thousands of yuan on beauty treatments, and tens of thousands of yuan on luxury goods and jewelry. Therefore, Meitu's users are the highest-end in this market.

In other words, Meitu is an Internet company with the largest spending power population in China. With so many valuable users, we will monetize the Internet around three main axes.

First, Meitu has already started advertising business. Our core is not rigid advertising, but information flow advertising similar to Toutiao on Meipai.

Second, Meitu has begun to experiment with e-commerce services such as MeituPu and Meitu Customization. Meitu customization is now receiving a very good response. For example, you can customize your T-shirt, your cup, your backpack, your suitcase by taking a photo. These can all be combined with Meitu's related products.

The third is Meitu’s smart hardware. Meitu mobile phone is the first step. In the future, we can extend to all smart hardware related to "beauty" and so on. Of course, this will take some time to develop.

Meitu has unlimited room for expansion in the entire industry chain centered around "beauty."

9. Positioning of Meitu

Our positioning for Meitu is: the company that understands beauty best in the world. This understanding of beauty is not based on the natural talent of one individual, but is based on the accumulation of ten years and one billion users. Meitu is currently just a startup company accumulating resources and is far from the stage of monetizing its resources. Therefore, Meitu’s current value lies only in its users and data resources.

The future business model is: to help you become more beautiful. This "you" has two meanings: it is to help consumers show a more beautiful self, but the ways of showing are varied, free software is one, and paid hardware is another. Meitu sells mobile phones not because the mobile phone market is large, but because Meitu’s data resources and algorithm technology capabilities have now been perfected to the point where they can form photo-related data products. Meitu mobile phones are just carriers.

In the future, such products that can make people more beautiful will emerge in an endless stream with the continuous accumulation of data and the continuous maturity of technical algorithms, and all of them will come naturally. This is also the basis for the company's vertical growth in countless beauty-related segments in the e-commerce field in the future.

Human beings’ pursuit of beauty is regardless of age, gender, nationality or region. More importantly, beauty is a purely subjective concept and a process of continuous evolution. Due to differences in culture, nationality, religion, politics and ideology, it is difficult for a product to be accepted by the entire world. Only the love of beauty is human nature, and the pursuit of beauty is the common desire of all people.

Meitu was founded for this mission. Meitu’s mission is to discover and create all beautiful things and share all beautiful things! Make this world a better place!

Well, that’s all for my speech today. I hope that everyone here can have a deeper understanding of the intrinsic value and development prospects of Meitu. Thank you again to Groonghui for organizing this event.