Yesterday, Meitu released its 2020 financial report with total revenue of RMB 1.194 billion, a year-on-year increase of 22.1%. For the first time since its establishment, it has achieved full-year profitability.
Moreover, in November 2018, Meitu signed a partnership with Xiaomi that would see both companies co-develop smartphones. Its phones are designed, developed, manufactured, marketed, and sold by Xiaomi but they have the Meitu brand and feature Meitu’s imaging technology and algorithms.
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Meanwhile, just a little over two years after this agreement was signed, the partnership has ended. According to the Beijing News, at the annual results conference, Wu Xinhong, the CEO of Meitu said that Meitu will no longer enter the mobile phone manufacturing and sales industry in the future.
These two companies were partners with not only phones but other Meitu branded products too. Since the launch of the Xiaomi Mi CC9 Meitu Custom Edition in 2019, no other devices were co-developed by the two companies.
Aside from this, in the past, it was reported that Meitu-branded phones will arrive in 2020 but that never happened. We believe that the pandemic must have affected the plans and Xiaomi decided to focus on its own brands.
With no devices manufactured which means no share of the profits for Meitu. However, it makes sense that an end is put to the partnership which was supposed to last for 30 years.
