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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Meitu, Inc.    1357   KYG5966D1051

MEITU, INC.

(1357)
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Meitu : Interim Results Announcement For The Six Months Ended June 30, 2017

08/28/2017 | 08:23am EST

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

Meitu, Inc.

美圖公司

(Incorporated in the Cayman Islands with limited liability and carrying on business in Hong Kong as " 美圖之家 ")

(Stock Code: 1357) INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED JUNE 30, 2017

The board of directors (the "Board") of Meitu, Inc. (the "Company") is pleased to announce the unaudited consolidated results of the Company, its subsidiaries and Xiamen Meitu Networks Technology Co., Ltd and its subsidiaries (collectively, the "Group") for the six months ended June 30, 2017 ("Period"). These interim results have been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and reviewed by PricewaterhouseCoopers, the independent auditor of the Company (the "Auditor"), in accordance with International Standard on Review Engagements 2410 "Review of interim financial information performed by the independent auditor of the entity" issued by the International Auditing and Assurance Standards Board, and by the audit committee of the Company (the "Audit Committee").

In this announcement, "we", "us", and "our" refer to the Company (as defined above) and where the context otherwise requires, the Group (as defined above).

KEY HIGHLIGHTS
  • For the six months ended June 30, 2017, total revenues increased by 272.3% year on year to RMB2,179.8 million; revenues from Internet services and others segment grew 762.0% year on year to RMB246.8 million. This segment's revenue accounted for 11.3% of total revenues for the six months ended June 30, 2017, compared to 4.9% for the six months ended June 30, 2016.

  • Adjusted Net Loss* for the six months ended June 30, 2017 decreased significantly by 87.0% year on year to RMB33.2 million, mainly due to strong revenue growth and associated operating leverage. Net loss for the six months ended June 30, 2017 also decreased significantly by 94.0% year on year to RMB131.8 million, mainly because we did not have any fair value loss from convertible redeemable preferred shares in the first half of 2017 following their conversion to ordinary shares in December 2016.

  • According to unaudited monthly management accounts, the Group generated positive net profits in two of the six months during the first half of 2017, namely March and May, demonstrating our ability to achieve profitability.

KEY FINANCIAL DATA Six months ended June 30, Year on year 2017 2016

change (%)

(RMB'000)

Revenue 2,179,791 585,477 272.3%

  • Internet Services and Others 246,790 28,630 762.0%

    - Smart Hardware 1,933,001 556,847 247.1%

    Gross Profit 435,252 74,481 484.4%

  • Internet Services and Others 38,918 (34,227) N/A

    - Smart Hardware 396,334 108,708 264.6%

    Gross Margin 20.0% 12.7% +7.3 p.p.

  • Internet Services and Others 15.8% -119.5% N/A

    - Smart Hardware 20.5% 19.5% +1.0 p.p.

    Adjusted Net Loss* (33,176) (255,190) -87.0%

    Note: * For details of Adjusted Net Loss, please refer to the section headed "Management Discussion and Analysis - Loss for the Period and Non-IFRS Measure: Adjusted Net Profit/(Loss)"

    BUSINESS REVIEW AND OUTLOOK

    In the first half of 2017, we continued to carry out our mission to empower our users to become more beautiful. We are making progress in our platformization effort, as reflected by growing our accumulated unified registered accounts, MTid, to approximately 200 million as of June 30, 2017. In addition, we have also rolled out a unique device identifier system that enables us to gain better insight into our users' preferences across different apps, whether or not they are logged in with the MTid.

    On the technology side, we have started to incorporate our artificial intelligence ("AI") technologies into various products. For example, the "Creative Backdrop" ( 百變背景 ) filter on Meipai employed an AI-based video segmentation technology to remove the background from a user-generated video

    in real-time. This not only empowered user to create a lot of fun and creative videos, but also opened doors for Meipai to work with advertisers in creating branded backdrop filters for more interactive marketing. In addition, we upgraded our recommendation algorithms in early 2017, which were one of the key drivers for Meipai's significantly increased in-app traffic. We also plan to apply this recommendation engine to serve targeted advertisements in the future.

    Our Internet services and others segment generated RMB246.8 million of revenues for the six months ended June 30, 2017, representing growth of 762.0% year on year. Online advertising and Internet value-added services ("IVAS") were the two primary growth drivers for this segment. We are pleased to report that the Internet services and others segment has turned profitable at the gross level, generating a gross profit margin of 15.8% for the six months ended June 30, 2017, compared to a gross loss margin of 119.5% for the six months ended June 30, 2016. Operating leverage was the main reason for the quick turnaround in profitability and gross margin expansion.

    In addition, according to our unaudited monthly management accounts, we generated positive net profits in two of the six months during the first half of 2017, namely March and May, demonstrating our ability to achieve profitability. However, we believe that in order to maximize long-term shareholder value, it is necessary to accelerate investment, mostly in terms of expenses, in the second half of 2017, of our people, technology and user growth. As a result, we expect to incur a net loss for the year ending December 31, 2017, an outlook that is unchanged from what we have discussed in the prospectus of the Company dated December 5, 2016 (the "Prospectus").

    KEY OPERATIONAL DATA As at June 30, Year on year 2017 2016

    change (%)

    (in '000 unless otherwise specified)

    Total MAUs

    481,344

    446,359

    7.8%

    MAU1 breakdown by product:

    Meitu

    112,570

    102,618

    9.7%

    BeautyCam

    114,320

    112,862

    1.3%

    Meipai2

    152,129

    141,037

    7.9%

    Others

    102,325

    89,842

    13.9%

    MAU breakdown by geography:

    Mainland China

    387,601

    377,369

    2.7%

    Overseas

    93,743

    68,990

    35.9%

    1. MAU of apps other than Meipai include in-app users only.

    2. As at June 30, 2017, the MAU of Meipai includes in-app users of 32.8 million (as at June 30, 2016: 24.6 million) and mobile web users of 119.3 million (as at June 30, 2016: 116.4 million).

    The user trend of our first platform product, Meipai, was encouraging. As at June 30, 2017, in- app MAU grew 33.3% year on year, indicating much higher user engagement. We have been very focused on building Meipai's ecosystem, aiming at incentivizing content creators to produce more videos. Firstly, we have upgraded our recommendation algorithms to not only match user with videos of their interests, but also to predict and cultivate new interests for them. Secondly, we have also rolled out a number of initiatives to help content creators to monetize their talents. This in turn starts a virtuous cycle to incentivize them financially to create more contents. For example, through the launch of the "Project M" platform, KOLs (or key opinion leaders, i.e. content creators with a large number of followers) are efficiently matched with brand advertisers, so they can earn money by producing videos that incorporate marketing elements from those brand advertisers.

    For our photo apps, we have focused most of our product development resources in preparation of their platformization, as opposed to launching multiple utility features to fuel user growth in the first half of 2017. As a result, MAU growth rate of Meitu and BeautyCam has moderated to 9.7% and 1.3% year on year, respectively. However, we see this as a necessary investment phase for the long-term prospects of these apps. By transforming these photo apps into platforms, we will be able to increase the engagement and retention of users, as well as generate more monetization opportunities through better understanding of our user preferences.

    MANAGEMENT DISCUSSION AND ANALYSIS

    Six months ended June 30, 2017 Compared to six months ended June 30, 2016

    Unaudited

    Audited

    Six months

    ended June 30,

    2017

    RMB'000

    Six months

    ended June 30,

    2016

    RMB'000

    Revenue 2,179,791

    585,477

    Cost of sales (1,744,539)

    (510,996)

    Gross profit 435,252

    74,481

    Selling and marketing expenses (240,398)

    (196,760)

    Administrative expenses (95,175)

    (70,424)

    Research and development expenses (199,133)

    (90,511)

    Other income 18,322

    4,498

    Other gains/(losses), net (65,122)

    (418)

    Finance income/(costs), net 47,811

    2,069

    Fair value loss of convertible redeemable preferred shares -

    Share of profits/(losses) of investments accounted for

    using the equity method 302

    (1,912,208)

    (351)

    Loss before income tax (98,141)

    (2,189,624)

    Income tax expense (33,640)

    (115)

    Loss for the period (131,781)

    (2,189,739)

    Loss attributable to:

    - Owners of the Company (131,781)

    (2,189,739)

    Non-IFRS measure:

    Adjusted Net Loss (33,176)

    (255,190)

    Revenue

    Total revenue increased by 272.3% year on year to RMB2,179.8 million for the six months ended June 30, 2017, compared to RMB585.5 million for the six months ended June 30, 2016. Revenue growth of the Internet services and others segment greatly exceeded that of the smart hardware business, as a result, the Internet services and others segment accounted for 11.3% of total revenues in the first half of 2017, compared to 4.9% in the first half of 2016.

    Six months ended June 30, 2017 2016 Amount

    RMB'000

    % of total revenues

    Amount

    RMB'000

    % of total revenues

    Internet services and others 246,790 11.3% 28,630 4.9%

    Smart hardware 1,933,001 88.7% 556,847 95.1%

    Total 2,179,791 100.0% 585,477 100.0%

    Internet services and others

    The breakdown of segment revenue of Internet services and others is as follows:

    Six months ended June 30, Year on year

    (RMB'000)

    2017

    2016

    change (%)

    Online advertising

    82,630

    25,903

    219.0%

    Internet value-added services and others

    164,160

    2,727

    5,919.8%

    Total

    246,790

    28,630

    762.0%

    Online advertising

    Although the most important factor driving advertising revenue growth was an increase in the number of brand advertisers, we are still adopting the strategy of quality over quantity, prioritizing large brand advertisers to launch innovative marketing campaigns over driving the business through high volume of advertisers. We aim to further grow our advertising business through (i) increasing our advertising inventory fill rate through bringing in more quality advertisers; (ii) launching new advertising format such as branded filters and stickers; (iii) introducing promoted feed advertisements to Meipai, and other products after platformization; and (iv) introducing targeted advertisement products to enable advertisers to reach specific audience group base on their demographics or preferences.

    Internet value-added services and others

    Revenue from IVAS and others increased by more than 59 times year on year to RMB164.2 million for the six months ended June 30, 2017. Our IVAS business mainly composes of sales of virtual items on Meipai's live streaming. Such revenue growth was driven by both an increase of

    (i) average monthly paying users, which increased to 324,773 for the first half of 2017, compared to 58,000 for the first half of 2016; as well as (ii) an increase in average revenue per paying user. Meipai's live streaming continued to differentiate itself from other live streaming products through its diversified, lifestyle-related content offerings.

    We have also launched a beta test of our ecommerce platform in the second quarter of 2017, gaining tremendous insight into our users' spending preferences and experience in e-commerce operations such as logistics, sourcing and marketing.

    Smart hardware

    Revenue from the smart hardware segment increased by 247.1% year on year to RMB1,933.0 million for the six months ended June 30, 2017, from RMB556.8 million for the six months ended June 30, 2016 due to an increase in both volume and average selling price ("ASP"). The number of smartphone units sold was 847,090 for the six months ended June 30, 2017, as compared to 289,079 for the six months ended June 30, 2016. Timing of new product launch significantly impacts the sales volume of our smartphones in a particular financial period, as typically the monthly sales volume of a new model will be highest in the few months immediately after its launch, and gradually decreases over its product lifecycle. In the first half of 2017, we launched two new models, Meitu T8 and Meitu M8 in February and May respectively. We currently do not expect to launch as many new models in the second half of 2017.

    ASP was RMB2,272 for the six months ended June 30, 2017, as compared to RMB1,903 for the six months ended June 30, 2016. Product mix is a key factor that drives ASP. In February 2017, we introduced Meitu T8, a model with a suggested retail price of RMB3,299, which is higher priced compare to the M Series. Meitu T8 accounted for a meaningful portion of revenues for the first half of 2017. We expect the proportion of sales of the higher priced Meitu T8 model to reduce in the second half of 2017 as compared to the first half of 2017.

    The ASP of a smartphone is calculated by dividing the total revenue from smartphone sales by the number of units sold during the period. Suggested prices aforementioned include applicable value- added taxes.

    Cost of Sales

    Our cost of sales increased by 241.4% year on year to RMB1,744.5 million for six months ended June 30, 2017, compared to RMB511.0 million for the six months ended June 30, 2016.

    Internet services and others

    Segment cost for Internet services and others increased by 230.7% year on year to RMB207.9 million for the six months ended June 30, 2017, primarily due to (i) revenue-sharing of RMB115.7 million with content creators on the sale of virtual gifts on Meipai, a business which we commenced in June 2016; and (ii) an increase in bandwidth and storage related costs by 28.6% to RMB58.5 million, which is primarily correlated to the size and engagement level of our user base on Meipai.

    Smart hardware

    Segment cost for smart hardware increased by 242.9% to RMB1,536.7 million for the six months ended June 30, 2017, from RMB448.1 million ended June 30, 2016, primarily due to the increase in the number of smartphone units sold. The average cost per smartphone, calculated by dividing the total cost of smartphone components by the number of units sold during the period, increased to RMB1,717 for the six months ended June 30, 2017 from RMB1,518 for the six months ended June 30, 2016. The increase was mainly due to introduction of the more premium priced model Meitu T8 into the business mix which used higher-priced key components as compared to the phones launched in the first half of 2016.

    Gross Profit and Margin

    Our gross profit increased by 484.4% to RMB435.3 million for the six months ended June 30, 2017, from RMB74.5 million for the six months ended June 30, 2016. Our overall gross margin increased to 20.0% for the six months ended June 30, 2017, from 12.7% for the six months ended June 30, 2016.

    Six months ended June 30, 2017 2016 Amount

    RMB'000

    Gross margin %

    Amount

    RMB'000

    Gross margin %

    Internet services and others 38,918 15.8% (34,227) (119.5%)

    Smart hardware 396,334 20.5% 108,708 19.5%

    Total 435,252 20.0% 74,481 12.7%

    Internet services and others

    Our Internet services and others segment has achieved profitability at the gross level for the first time since our initial public offering ("IPO"), generating a gross profit of RMB38.9 million for the six months ended June 30, 2017, compared to a gross loss of RMB34.2 million for the six months ended June 30, 2016.

    Gross profit margin was at 15.8% for the six months ended June 30, 2017, compared to gross loss margin of 119.5% for the six months ended June 30, 2016. Operating leverage was the primary reason for the fast expansion of gross margin. Two of the major costs items for this segment, (i) bandwidth and storage related costs and (ii) video content monitoring fee, were primarily correlated to the size and engagement of the user base of Meipai. As a result, when revenues ramped up during the first half of 2017, these costs did not grow as fast, thereby generating strong operating leverage.

    Smart hardware

    Gross profit and margin of our smart hardware segment increased to RMB396.3 million and 20.5% for the six months ended June 30, 2017, from RMB108.7 million and 19.5% for the six months ended June 30, 2016, respectively. Similar to ASP, gross margin of this segment is primarily driven by product mix. The introduction of our higher-priced Meitu T8, which also carried a higher gross margin, was the main driver for margin expansion of this segment.

    Selling and Marketing Expenses

    Selling and marketing expenses increased by 22.2% to RMB240.4 million for the six months ended June 30, 2017, from RMB196.8 million for the six months ended June 30, 2016, primarily due to an increase in personnel related expenses which include share-based compensation. There was no significant fluctuation in the overall promotion and advertising expenses between the two periods.

    Research and Development Expenses

    Research and development expenses increased by 120.0% to RMB199.1 million for the six months ended June 30, 2017, from RMB90.5 million for the six months ended June 30, 2016, primarily due to an increase in personnel related expenses which include share-based compensation.

    Administrative Expenses

    Administrative expenses increased by 35.1% to RMB95.2 million for the six months ended June 30, 2017, from RMB70.4 million six months ended June 30, 2016, primarily due to an increase in personnel related expenses which include share-based compensation.

    Other Income

    Other income increased by 307.3% to RMB18.3 million for the six months ended June 30, 2017, from RMB4.5 million for six months ended June 30, 2016, primarily due to (i) an increase in investment income generated from short-term investments placed with banks; and (ii) an increase in the amount of government grants received during the first half of 2017. The short-term investments placed with banks are redeemable at any time and are principal-guaranteed.

    Other Gains/(Losses), Net

    Other losses for the six months ended June 30, 2017 increased to RMB65.1 million for the six months ended June 30, 2017, from RMB0.4 million for the six months ended June 30, 2016, primarily due to recognition of net unrealized fair value losses of RMB97.6 million on several early-stage investments. Their financial performances and liquidity positions were below expectation and were therefore written down to their estimated recoverable amount. Such fair value losses were partially offset by the realized gains on disposal of long-term investments of RMB32.7 million, which were also early-stage investments.

    Finance Income/(Costs), Net

    Finance income/(costs), net mainly comprised of bank interest income and foreign exchange gains/ (losses). Our net finance income increased by 2,210.8% to RMB47.8 million for the six months ended June 30, 2017, from RMB2.1 million for the six months ended June 30, 2016, primarily due to an increase in interest income to RMB38.1 million generated by the proceeds from our IPO.

    Income Tax Expense

    Income tax expenses for the six months ended June 30, 2017 were RMB33.6 million, compared to RMB115,000 for the six month ended June 30, 2016. Although the Group was loss-making on a consolidated level for the six months ended June 30, 2017, some of our entities generated positive net profits and therefore increased our income tax expenses for the Period.

    Loss for the Period and Non-IFRS Measure: Adjusted Net Profit/(Loss)

    Net loss for the six months ended June 30, 2017 decreased significantly by 94.0% year on year to RMB131.8 million, compared to RMB2,189.7 million for the six months ended June 30, 2016, mainly because a fair value loss on the convertible redeemable preferred shares of RMB1,912.2 million was recognized for the six months ended June 30, 2016, but did not recur in the six months ended June 30, 2017, as the convertible redeemable preferred shares were automatically converted into ordinary shares upon listing in December 2016.

    To supplement our consolidated financial statements which are presented in accordance with the International Financial Reporting Standards (the "IFRSs"), we also use a non-IFRS financial measure, "Adjusted Net Profit/(Loss)", as an additional financial measure, which is not required by, or presented in accordance with, IFRSs. For the purpose of this and future announcements, "Adjusted Net Profit/(Loss)" will be used interchangeably with "Non-GAAP Net Profit/(Loss)". We believe that this additional financial measure facilitates comparisons of operating performance from period to period and company to company by eliminating potential impacts of items that our management do not consider to be indicative of our operating performance. We believe that this measure provides useful information to investors and others in understanding and evaluating our consolidated results of operations in the same manner as they help our management. However, our presentation of the "Adjusted Net Profit/(Loss)" may not be comparable to a similarly titled measure presented by other companies. The use of this non-IFRS measure has limitations as an analytical tool, and you should not consider it in isolation from, or as substitute for analysis of, our results of operations or financial condition as reported under IFRSs.

    Adjusted Net Loss decreased by 87.0% to RMB33.2 million for the six months ended June 30, 2017, compared to RMB255.2 million for the six months ended June 30, 2016, primarily due to strengthening business fundamentals. The following table reconciles our Adjusted Net Profit/(Loss) for the six months ended June 30, 2017 and 2016 to the most directly comparable financial measure calculated and presented in accordance with IFRSs, which is loss for the period:

    Six months ended June 30,

    2017

    RMB'000

    2016

    RMB'000

    Loss for the period Excluding:

    Fair value loss of convertible redeemable preferred shares

    (131,781)

    -

    (2,189,739)

    1,912,208

    Share-based compensation

    33,651

    19,911

    Changes in fair value on long-term investments

    97,631

    -

    Gains on disposal of long-term investments One-off listing expenses

    (32,677)

    -

    - 2,430

    Adjusted Net Loss

    (33,176)

    (255,190)

    Liquidity, Financial Resources and Gearing

    Our cash and other liquid financial resources as at June 30, 2017 and December 31, 2016 were as follows:

    June 30,

    2017

    RMB'000

    December 31,

    2016

    RMB'000

    Cash and cash equivalents

    1,284,560

    4,508,522

    Short-term bank deposits

    4,008,412

    725,229

    Short-term investments placed with banks

    -

    280,820

    Cash and other liquid financial resources

    5,292,972

    5,514,571

    Cash and cash equivalents includes cash in hand, deposits held at call with banks, and other short- term highly liquid investments with original maturities of three months or less. Short-term bank deposits are bank deposits with original maturities over three months and redeemable on maturity. Short-term investments placed with banks are redeemable at any time and held with the primary objective to generate income at a yield higher than current deposit bank interest rates.

    Most of our cash and cash equivalents, short-term bank deposits and short-term investments placed with banks are denominated in the United States dollar, Renminbi and Hong Kong dollar.

    As at June 30, 2017, we did not have any outstanding borrowings. Accordingly, no gearing ratio is presented.

    Capital Expenditure Six months ended June 30, 2017 2016

    RMB'000 RMB'000

    Purchase of property and equipment

    24,163

    20,804

    Purchase of intangible assets

    650

    964

    Total 24,813 21,768

    Our capital expenditures primarily included expenditures for purchases of property and equipment such as servers and computers and intangible assets such as domain names and computer software.

    Long-term Investment Activities

    We have made minority investments that we believe have technologies or businesses that complement and benefit our business. None of these individual investments is regarded as material. Some of the investments we made were early-stage companies that do not generate meaningful revenues and profits. It is therefore difficult to determine the success of these investments at such early stage, and while successful investments could generate substantial financial returns, unsuccessful ones may need to be impaired or written-off.

    Foreign Exchange Risk

    Our Group's subsidiaries primarily operate in the People's Republic of China (the "PRC") and are exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the United States dollar. Therefore, foreign exchange risk primarily arose from recognized assets and liabilities in our Group's PRC subsidiaries when receiving or to receive foreign currencies from, or paying or to pay foreign currencies to overseas business partners. We did not hedge against any fluctuation in foreign currency for the six months ended June 30, 2017 and 2016.

    Pledge of Assets

    As at June 30, 2017, we pledged a restricted deposit of RMB1.4 million (as at December 31, 2016: RMB0.4 million) to guarantee payment of certain operating expenses.

    Contingent Liabilities

    As at June 30, 2017, we did not have any material contingent liabilities (as at December 31, 2016: nil).

    FINANCIAL INFORMATION INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME

    Note

    Unaudited Six months ended June 30, 2017

    Audited Six months

    ended June 30, 2016

    RMB'000 RMB'000

    Revenue

    4

    2,179,791

    585,477

    Cost of sales

    5

    (1,744,539)

    (510,996)

    Gross profit

    435,252

    74,481

    Selling and marketing expenses

    5

    (240,398)

    (196,760)

    Administrative expenses

    5

    (95,175)

    (70,424)

    Research and development expenses

    5

    (199,133)

    (90,511)

    Other income

    18,322

    4,498

    Other gains/(losses), net

    6

    (65,122)

    (418)

    Finance income/(costs), net

    47,811

    2,069

    Fair value loss of convertible redeemable

    preferred shares

    7

    -

    (1,912,208)

    Share of profits/(losses) of investments accounted for

    using the equity method

    302

    (351)

    Loss before income tax

    (98,141)

    (2,189,624)

    Income tax expense

    8

    (33,640)

    (115)

    Loss for the period

    (131,781)

    (2,189,739)

    Loss attributable to:

    - Owners of the Company

    (131,781)

    (2,189,739)

    Loss per share (expressed in RMB per share)

    9

    - Basic

    (0.03)

    (1.11)

    - Diluted

    (0.03)

    (1.11)

    Meitu Inc. published this content on 24 August 2017 and is solely responsible for the information contained herein.
    Distributed by Public, unedited and unaltered, on 28 August 2017 12:22:02 UTC.


    © Publicnow 2017
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