xn90z22rcv1puz60

·

美图继续押注加密货币 despite $45.6M loss in 2025

美图加密货币投资风波：亏损加剧，但长期信心未减

In early July 2025, Meitu Inc. (HK1357) found itself once again at the center of public scrutiny—this time due to significant losses tied to its cryptocurrency holdings. The company announced an expected impairment loss of approximately $45.6 million—around 306 million RMB—on its previously acquired Bitcoin (BTC) and Ethereum (ETH) assets. This marks yet another turbulent chapter in Meitu’s bold foray into digital asset investment.

Despite the financial setback, the company remains steadfast in its long-term outlook on blockchain technology and digital currencies. In its official statement, Meitu expressed that recent price fluctuations in Bitcoin and Ethereum are temporary, reaffirming its optimism about the long-term value of these assets.

👉 Discover how companies are navigating crypto volatility while building future financial strategies.

The $100 Million Crypto Gamble

Back in March 2021, Meitu made headlines by becoming one of the first Hong Kong-listed companies to purchase Bitcoin and Ethereum as part of its corporate treasury strategy. Over three transactions in March and April 2021, the company invested a total of $100 million, acquiring roughly 940.89 BTC and 31,000 ETH.

At the time, Meitu’s chairman, Cai Wensheng, proudly proclaimed on social media:

“Someone has to be the first to eat the crab. This might be the first Hong Kong-listed company to buy BTC—and possibly the first globally to hold ETH as a reserve asset.”

However, the aftermath has been less celebratory. By mid-2025, the market value of these holdings had dropped sharply, triggering a non-cash impairment charge under International Financial Reporting Standards (IFRS). According to its preliminary financial update, Meitu expects to report a net loss between 274.9 million and 349.9 million RMB for the first half of 2025—nearly double the loss from the same period last year.

This crypto-related loss represents about 40% of Meitu’s 2021 online advertising revenue (766 million RMB), underscoring the scale of risk involved in such speculative investments.

A Rollercoaster Ride: From Losses to Gains and Back

Meitu’s journey with cryptocurrency has been nothing short of a financial rollercoaster.

Yet now, in 2025, falling crypto markets have reignited concerns about the sustainability of this strategy. While the impairment is a non-cash accounting adjustment, it affects investor sentiment and raises questions about capital allocation priorities.

When asked about the renewed losses, Meitu stated it fully complies with all regulatory requirements as a Hong Kong-listed Chinese enterprise and directed inquiries to its official disclosures.

Core Keywords Driving Meitu’s Strategy

The key themes shaping Meitu’s current narrative include:

These keywords reflect both the risks and ambitions behind Meitu’s dual focus: leveraging digital assets while transforming its core business model.

Shifting Gears: From Beauty Apps to B2B SaaS

While crypto grabs headlines, Meitu’s real strategic pivot lies in its transition from consumer-facing apps to a B2B software-as-a-service (SaaS) model.

Historically reliant on online advertising—which accounted for 57% of revenue in 2020—Meitu has seen this segment decline to just 46% in 2021. Meanwhile, its VIP subscription and imaging SaaS services surged, generating 520 million RMB in revenue with a remarkable 146.9% year-on-year growth, now contributing over 31% of total income.

This shift signals a deliberate move toward more stable, recurring revenue streams. In March 2025 alone, Meitu launched four new B2B-focused products:

👉 Explore how emerging tech firms are monetizing AI and SaaS tools in competitive markets.

Navigating Competitive Threats

Despite early momentum, Meitu faces growing competition:

Moreover, SaaS development is capital-intensive. In 2021, Meitu spent 391 million RMB on sales and marketing (+35% YoY) and 545 million RMB on R&D (+36% YoY). These rising costs pressure profitability at a time when investors demand clearer paths to sustained earnings.

As of July 4, 2025, Meitu’s share price stood at HK$0.93**, down 10.58% on the day, with a market cap of **HK$4.1 billion—a far cry from its peak valuation years ago.

Frequently Asked Questions (FAQ)

Why did Meitu incur such a large crypto loss?

Under IFRS accounting rules, when the market value of held digital assets falls below acquisition cost, companies must recognize an impairment loss—even if they don’t sell. Meitu bought BTC and ETH at higher prices during the 2021 bull run; subsequent price drops triggered this $45.6 million write-down.

Has Meitu sold any of its cryptocurrency?

As per public disclosures, Meitu has not sold any of its Bitcoin or Ethereum holdings. The loss is purely due to accounting valuation changes, not realized sales.

Is Meitu still investing in crypto?

While no new purchases have been announced since 2021, Meitu maintains a positive long-term view on blockchain and digital currencies. It continues to hold its original BTC and ETH positions.

Can SaaS save Meitu from ongoing losses?

Imaging SaaS shows strong growth potential and could become a major revenue pillar. However, profitability depends on scaling efficiently amid rising R&D and marketing costs—and fending off increasing competition.

How does Meitu compare to other tech firms investing in crypto?

Unlike MicroStrategy or Tesla, which made larger or more frequent crypto moves, Meitu’s $100 million investment was relatively modest but high-profile given its status as a Hong Kong-listed firm. Its continued holding strategy reflects a niche blend of tech innovation and financial risk-taking.

What’s next for Meitu in 2025?

The company is expected to double down on AI-powered imaging tools and expand its B2B offerings globally. Its ability to achieve consistent profitability—without relying on volatile crypto valuations—will be critical for regaining investor confidence.

👉 See how innovators are combining AI, SaaS, and blockchain for next-gen business models.

Final Outlook: Betting on Tech Transformation

Meitu’s story is no longer just about beauty filters or celebrity endorsements—it's about survival through transformation. The company is navigating two high-stakes bets: one on the future of digital assets, and another on its ability to evolve into a sustainable SaaS enterprise.

While the $45.6 million crypto loss stings, it hasn't shaken Meitu’s belief in blockchain’s long-term promise. At the same time, its push into B2B imaging solutions reveals a pragmatic effort to build durable revenue beyond app downloads and ads.

Whether this dual strategy will pay off remains uncertain—but one thing is clear: Meitu is determined not to fade into irrelevance. As markets evolve, so too must legacy tech players—and Meitu appears willing to take bold steps, even if it means riding another rollercoaster along the way.