Can’t cryptocurrency be saved? Capital does not believe in Meitu’s tears

There is not much time left for Meitu.

Xiamen has two Internet companies that were once popular, one is Qudian and the other is Meitu. The two listed companies listed on the New York Stock Exchange and the Hong Kong Stock Exchange in October 2017 and December 2016, respectively, have had stories about the market value of 100 billion yuan, and now they are all struggling in the quagmire. , Life is not easy.

The latest store with a market value of less than 400 million U.S. dollars, which has obviously fallen even worse, is not included in our report. Meitu, which started from the image processing software Meitu Xiuxiu, is not at the business level even though it is on a different track. Comparability, and the market value is more than 6 billion Hong Kong dollars, but its old problems and new problems, the current difficulty of survival will not be less.

How do tool apps make money? In addition to traffic business, what else can be derived? This is obviously not a problem encountered by a Meitu company. Over the years, 360, Sogou, Thunder, Baofeng, Netease Youdao, etc. have done a lot of exploration on this road, but these explorations are not very successful, let alone sexy, and Meitu’s attempts have not jumped out of this framework, such as Do hardware, do community, do value-added services, etc.

Selling ads based on traffic, although it works, the threshold is not high after all, and in the final analysis, this sells the attention of users. If users run out and leave, to a large extent, the starting point does not exist, so how to stick to users It does not cause disturbance to the user, which in itself is extremely thought-provoking.

Meitu’s exploration of user attention and monetization possibilities for the C-side is not without efforts in recent years, but the objective presentation effect is not ideal.

To build a community along the tools, the purpose is to retain users, and then it is best to precipitate a business model against Xiaohongshu. But it turns out that this is a self-assurance. No matter what kind of content you provide on the site, users basically have no interest in consumption. His just need is to efficiently solve the problem at hand, fast in and out, as for interactive social interaction, it is impossible to talk about it.

Meitu tried social products earlier than Doxan, Toilet, and Chat, but failed. This product is called Mei Mo, Meitu + Mo Mo. Its Slogan, if you don’t think about it, is not really outrageous: meet the most beautiful stranger.

Making hardware starts with making mobile phones. High hopes were placed on Meitu mobile phones, but after the mobile phones were made, they did not sell well and the inventory was serious. In the end, this business was cut off as a whole. The 30-year brand licensing cooperation reached with Xiaomi was also within one year. After that, it hastily ended.

The short video platform Meipai was born in May 2014. It originally had the opportunity to compete with Kuaishou and rank among the duo of Chinese short video, but its path dependence went in the wrong direction, and it not only failed to create a powerful time-killing content ecology. It was a sharp weapon, and was overtaken by Douyin, a late entrant who appeared more than two years late, and became almost silent with Miaopai after being removed from the shelves twice, although it still has dozens of employees working on it.

Online advertising, premium subscription services and in-app purchases, Internet value-added services, and others. These are the four major segments of Meitu’s revenue. Online advertising has always been its largest source of revenue. Previously, it accounted for about 80%. Recently, premium subscription services and applications Although there has been rapid growth in in-app purchases, the changes are far from structural. The financial report shows that for the whole year of 2020, Meitu’s revenue is 1.194 billion yuan, of which online advertising revenue is 681 million yuan, still accounting for 57.0%.

The biggest risk besides force majeure is that, as a tool application, if Meitu cannot decisively extend its new business with ample space based on its existing advantages, then as alternative functions and alternative products increase and become popular, its current business The closing capital may be difficult to sustain.

It is not difficult for us to draw this judgment from the trajectory of the Meitu Monthly Alive Data (MAU). When the prospectus was submitted in November 2016, Meitu had 456 million monthly livelihoods, which decreased year by year. By the end of December 2020, this figure had fallen to 261 million. The fact that several apps have been blocked by the Indian government due to geopolitical factors cannot explain all the problems. Users are definitely voting with their feet.

Many brands of mobile phones are now embedded with features such as beauty, and tools such as B612 Kaji, Faceu, Wuta Camera and other tools are gaining momentum, not to mention that large traffic platforms such as Douyin, Kuaishou, and Haokan Video are all Similar image processing functions have been developed and launched online one after another, and some of them have even been introduced to a wider audience in the form of independent APPs.

The market value and Yuehuo’s turbulent decline reflects the dilemma of the business. So far, Meitu has not been able to come up with absolutely convincing countermeasures that can fundamentally reverse the decline, including its To B business. For this reason, its recent large-scale investment of about 100 million U.S. dollars in cryptocurrencies such as Ethereum and Bitcoin and the so-called announcement of the so-called block chain layout have caused a lot of ridicule on the Internet. To put it mildly.

Meitu has come to a critical moment when it needs to prove itself again.

What we want to understand is how and where it will go. On a rainy afternoon, a reporter from Heike Finance met Meitu founder and CEO Wu Xinhong as scheduled. In this conversation, Wu Xinhong talked about his helplessness, confusion, reflection, and his own uncertain solution.

The following is an exclusive interview with Wu Xinhong by Heike Finance (abridged).

Cai Wensheng and cryptocurrency

Heike Finance: How do you and Cai Wensheng divide the work now?

Wu Xinhong: In 2013, I started the Meitu mobile phone business. At that time, mobile phones required a lot of funds, and the entire company needed financing because he was an investor at first, and then I asked him to be the company’s chairman to help with financing. The division of labor has always been that he is responsible for capital and I am responsible for all specific businesses. In terms of capital, it was financing at the beginning and then IPO. After the IPO is over, there is not much to do. I mean his side.

Heike Finance: Who is in charge of Meitu now?

Wu Xinhong: I am basically in charge now.

Heike Finance: Cai Wensheng turned behind the scenes?

Wu Xinhong: This is hard to describe. Let’s put it this way, I am in charge now, both in front of the stage and behind the scenes.

Haike Finance: But Cai Wensheng obviously holds more shares than you and has a greater right to speak.

Wu Xinhong: Yes. He is about 26%, and mine is a little more than 13%. He is about twice mine.

Heike Finance: How do you take the initiative?

Wu Xinhong: I can’t talk about these operational issues.

Heike Finance: Do you two have a lot of discussions at the company level?

Wu Xinhong: To be honest, not too much. The company is now in charge of me and my core team.

Heike Finance: You and Cai Wensheng are very similar to Chen Rui and Xu Yi. Station B later became Chen Rui’s company.

Wu Xinhong: Chen Rui and Xu Yi are both my friends. I will know Xu Yi better. I don’t really comment on the things at station B, but I am gradually walking from behind the scenes to the front of the stage.

Heike Finance: When did it start?

Wu Xinhong: Probably from 2019 until now, gradually. I have participated in more and more external activities, including government-related activities, including interaction with the capital market, such as some small road shows or regular communication, etc. This is all I do.

Heike Finance: What happened to make you gradually replace Cai Wensheng?

Wu Xinhong: This involves some of his own personal interests and arrangements. You know, he invested a lot in large and small projects.

Heike Finance: Including some blockchain projects.

Wu Xinhong: Yes, he has invested in a lot of blockchain projects.

Heike Finance: This has affected his public evaluation, right?

Wu Xinhong: To be honest, I am not very clear. But Meitu is just one of the companies he invested in. How should I put it, investment and entrepreneurship are not the same, investment will always pay attention to some new hot spots.

Heike Finance: What does Meitu think about investing in cryptocurrency?

Wu Xinhong: This is the decision of the board of directors.

Heike Finance: Cai Wensheng is interested, right?

Wu Xinhong: I can only say that this is a decision made by the board of directors.

Heike Finance: Have you seen the ridicule of you on the Internet?

Wu Xinhong: I read everything, it’s very depressing. First of all, I have never expressed my opinion on the matter of digital currency. I have my interest, and my interest is the main business of Meitu. In addition, this is a decision made by the board of directors, and I cannot say exactly how this decision was made. I think it’s great for a company to do one thing well. Meitu is a company that takes beauty as its core. No matter our past imaging products, Meitu Xiuxiu, and beauty cameras are all beautiful, virtual becomes beautiful, or Our current cosmetics and medical cosmetology have become beautiful in real life. It would be nice to be able to do these well. I really don’t have any ideas about other things.

Heike Finance: Is it because there is too much money to invest abroad and you feel that the return of investing in cryptocurrency is higher?

Wu Xinhong: The money is not too much. The cash on our account is more than two billion. Of course, there is no debt. It’s 278 billion yuan. Once there is a breakthrough in the business, we have to invest the money, so the money is not too much, you know now that you have to raise a lot of money at every turn.

Anyway, I personally think that the best investment is to invest in the main business of the company, which is to do a good job in the company. I have never made other investments, such as being an angel outside, setting up an investment company, buying stock funds, etc. Doing a good job of beautiful pictures can definitely get rich returns. This is my value.

Get closer and go far with Xiaomi

Heike Finance: Seeing that you have laid off a lot of people in the past two years.

Wu Xinhong: The company had the largest number of employees in 2018, with more than 3,000 employees. Later, it experienced several relatively large layoffs and gradually reduced to the current 1,300 employees. The drastic layoffs occurred at the end of 2018 and the first half of 2019. Although there were still later, the action was not that big. At the time, for example, the entire team was laid off.

Heike Finance: I gave up the mobile phone business because I really couldn’t play it, right?

Wu Xinhong: Because it has reached the scale of competition, every aspect of it, from the supply chain, such as the procurement of parts and components, to the investment in software research and development, and marketing, all need scale to be shared. We as a family Small companies cannot carry the full link of mobile phones.

Heike Finance: But when you first decided to do it, the competition was fierce.

Wu Xinhong: We decided to make mobile phones in 2012. At that time, the competition was not so fierce, and after we released it in 2013, in the following years, 2015, 2016, and 2017, the mobile phone business was profitable and very profitable. It was not until 2018 that it entered a fierce competition of scale. So look at the timing.

Why can’t it survive to the back, including the hammer, including a bunch of small and medium mobile phone brands? Your hardware is indeed the same, but for the same thing, for example, a camera module, a small company can only invest more than a dozen people, and a large company invests more than 1,000 people, which is not an order of magnitude at all. Such a gap in scale will lead to extreme and stable performance of large companies.

Another example is ROM. At that time, there were three to four thousand people in MIUI as I knew it. We only made ROM in the early 100s, which was a gap of thirty or forty times. It is conceivable that the ROM made by a small team must be incomparable in terms of stability and ease of use.

For example, the most terrible thing about Android phones is fever and lag. At the time, it was only a large team that was able to really solve it, because it involved a lot of investment. The cost of a large company will be reduced a lot because of the larger sales volume. If you want to sell 100 million units a year and sell more than 1 million units a year, how can the cost of components be the same.

Heike Finance: How big is the gap?

Wu Xinhong: We may be more than 50% higher. This involves all aspects, because the mobile phone may have more than 1,000 components.

Heike Finance: And you are not learning this.

Wu Xinhong: I studied art.

Heike Finance: How did you think of making a mobile phone?

Wu Xinhong: The original intention was very simple. At that time, I saw that Casio made a self-portrait artifact, which was very popular. It was called the TR series at the time. I’m thinking, it’s just a camera, but it’s inconvenient to share with the camera after taking pictures, because in 2012, smartphones only started not long ago. From the camera to the smartphone, it may be copied to the computer first, and then copied from the computer. To the phone. I want to simply make a mobile phone, which is very good at taking pictures and can share directly. The ignorant is fearless. I was in such a state at the time. I didn’t think too much about it, but I thought it could make money.

Heike Finance: But the iPhone came out early then.

Wu Xinhong: Our positioning at the time was complementary to that of the iPhone.

Heike Finance: How to complement each other?

Wu Xinhong: iPhone is a global product, and the iPhone sold in each country has a unified standard. In the United States, people are not so keen on selfies with the front camera. The pixels are good for all kinds of effects, but in fact, the iPhone cannot meet the needs of many beauty students for selfie cameras. The iPhone’s rear is very strong and the front is mediocre, but it has gotten better and better later.

We decided to give up because we were the first to play beauty phones, but many mobile phone brands behind, Huawei, Xiaomi, OPPO, and vivo are all playing, constantly squeezing our space.

Heike Finance: When you did it, did users have strong demands?

Wu Xinhong: We did an investigation on this. Among Meitu users, women account for a high proportion, and women account for more than 80% of active users. Take Casio’s self-portrait artifact as an example. Girls are eager for a camera that can only take pictures. Those with better photo effects and instant sharing will be more willing to pay. Our 2015-2017 performance also proves this. . When we were the highest, we sold more than 1.6 million mobile phones a year, with sales of more than 4 billion.

Heike Finance: What is the price?

Wu Xinhong: From more than 2,000 to more than 4,000. It’s actually quite expensive.

Heike Finance: Is the target user relatively sinking?

Wu Xinhong: Actually, the sinking is not much. The first and second lines are more, because the first and second lines may be more concerned about the effects of photos, or the effects of shooting videos and live broadcasts, and are more willing to invest.

Heike Finance: Since it’s so easy to sell, why did you cut it off later?

Wu Xinhong: It’s a huge loss. In fact, there are many problems. First of all, our mobile phone business has three series of M, T, and V. Each series has several corresponding products. The product line is too long. At that time, our mobile phone team only had more than 300 people, and we needed to do things that could be done by companies with tens of thousands of people. Every sub-project was underinvested, quality was not high, and resources were seriously scattered. Anyway, there are many internal reasons, and there is a problem with the strategy.

The mobile phone industry must be very accurate, otherwise it is easy to make mistakes one step at a time. If you do not take a few steps well, it may be dangerous. Because it has a huge inventory pressure, it is not a pre-sale system, but is produced and then sold, so once the strategy is wrong, it will lead to the failure to sell, the formation of inventory, and then a vicious circle.

Heike Finance: It will take up a lot of funds.

Wu Xinhong: Not only funds, but also across channels, many offline stores, national and provincial generations. For example, if your popularity drops, product power drops, or external competition increases, alternative products increase, etc., it will lead to inventory and pressure on channel partners, which will easily collapse.

Heike Finance: Why not sell to Xiaomi but brand authorization?

Wu Xinhong: Actually, it was decided internally to cut off the entire business first, and then to discuss cooperation with Xiaomi. The order was like this. This business has to be cut off anyway, I will cut it off first. Before contacting Xiaomi, we internally decided to cut it off.

Heike Finance: Have you talked to Xiaomi about the possibility of selling to it?

Wu Xinhong: I didn’t talk about it at the time, and Xiaomi didn’t mention it. Maybe it was because I thought it was a simple cooperation to see if it could be done.

Heike Finance: But the cooperation didn’t come to an end. Isn’t it costless for you to spend the time?

Wu Xinhong: We are a maintenance team, video debugging and so on.

Heike Finance: Then how do you compensate for the loss of space consumption without the authorization?

Wu Xinhong: We and Mr. Lei have no way to make this request, because the size of our two companies is quite different, and our relationship with Mr. Lei is also very good.

Heike Finance: Is this so-called authorized cooperation itself, even if Lei Jun gives you face?

Wu Xinhong: At that time, he was very supportive of us when he came to sign this brand authorization cooperation.

Heike Finance: During this period of time, Xiaomi did not make a new Meitu mobile phone, and you did not get any return from it.

Wu Xinhong: Yes.

Heike Finance: Is the loss large?

Wu Xinhong: It’s okay. Our imaging technology team has only a few dozen people.

Heike Finance: Are these dozens of people also serving other businesses of Meitu?

Wu Xinhong: Very few. We did wait for Xiaomi for a while. After we withdrew the authorization, we decided not to make mobile phones again, and may not do it through cooperation in the short term.

Short video is defeated by “blind command”

Heike Finance: Why didn’t Meipai make it?

Wu Xinhong: It’s the internal reason. Making mobile phones at that time took up a lot of my energy, and my knowledge was actually very limited at the time. Because I started as an imaging tool, I lack Know-How for products that require high content operation and recommendation algorithms like short videos. There may be a lot of inertia in making tool products. These inertia make me Some wrong strategies have been produced. For example, when we were making tools, we would always pursue making explosive models, developing new functions and new effects. However, as a short video platform, the core of Meipai was content, not cool effects.

Content operation and recommendation algorithms are both to make short videos more valuable for consumption, and these effects I have been doing along inertia are actually just momentary new for users, not really focusing on short video content consumption. I think it was my personal cognition or my huge tool-making inertia at the time that led to blind command.

Heike Finance: Have you thought about what you want to make it?

Wu Xinhong: What I have always thought about is that beautiful shots, as the name suggests, are to make beautiful shots, which would be more tool-oriented. The success of Meipai is also because of its tools. We launched a 10-second MV in 2014, which is the template, which allows users to easily shoot a good effect. This is the key to our success, but it also caused us to bump into the back, which is too inertial and old. I want to use tools to invigorate new life.

Heike Finance and Economics: Have you ever done similar horizontal comparisons, such as Miaopai.

Wu Xinhong: Our two companies have about the same time to go online, but our scale is larger than that. At that time, Kuaishou and Tencent Weishi were also making short videos . There have been horizontal comparisons, but to be honest, the analysis of this competitive landscape is not thorough enough, it is just the alignment of some functions on the surface, in fact, there are limitations in my understanding behind it. The more limited the cognition, the more superficial the problem will be. For example, when you look at Kuaishou, you may feel that it is low and rustic, and you don’t see the real vitality of Kuaishou.

Heike Finance: Meipai and Miaopai look relatively close.

Wu Xinhong: There are similarities, but I personally don’t go to Miao Pai, because I don’t think it has much to learn from in the product.

Heike Finance: Miaopai was tied to Weibo to allow popular stars to drive traffic. It was once very successful.

Wu Xinhong: Maybe I had a high spirit at the time. After all, success came too quickly, and I didn’t settle down to study, such as content ecology, how to operate, how to recommend, how to figure out the real needs of users in lower-tier cities in China. Looking back now, it was indeed my own problem.

Heike Finance: I have regrets, right?

Wu Xinhong: Of course I’m sorry. There are many things, such as mobile phones, will you do it again when you go back? Won’t do it. Will Meipai use that kind of tool inertia? Not anymore. But it was too late.

Heike Finance: If you come back, what will you do with Meipai?

Wu Xinhong: All In. Because we used to have the best chance to become one of the short video duo. In fact, we were duo with Kuaishou at the time. Our traffic momentum at the time was bigger than Miaopai and Weishi. Douyin has not yet come out. .

Can't cryptocurrency be saved? Capital does not believe in Meitu's tears

Heike Finance: What is the highest number of users?

Wu Xinhong: I remember that the highest MAU was over 100 million, but DAU is not that high. Our tool attributes will be larger, so the gap between MAU and DAU will be relatively large.

Heike Finance: What is the current situation of Meipai?

Wu Xinhong: Still doing it. We have found a new position for Meipai, and now we are focusing on this position and making the content well.

Heike Finance: Do you want to be a short video community?

Wu Xinhong: Yes, to be a community, but it is a community where women help each other.

Heike Finance: The audience is half narrow.

Wu Xinhong: It’s narrower. Of course, female half of the sky, in terms of absolute numbers, is not very narrow. The main reason is that the big track has no chance. It is already the world of Douyin Kuaishou. If we want to make a breakthrough in short videos, we must look for opportunities in the vertical track. Women are our advantage, and we also look at it. There are some unmet needs in the vertical field.

We have been verifying for a long time, and it is basically accessible at present, but we need to make some adjustments in product form and underlying design, so it is not so fast.

Heike Finance: Is there a high probability that users take a video with their mobile phone and then share it to Meipai?

Wu Xinhong: Not high. Meipai is now obviously not the destination for video sharing. When we talk about video sharing, we think of Shake Kuai, Station B, etc., rather than Meipai. So our entry point is not regular video sharing, but women open their hearts to chat and help each other. The aggregation based on a topic can also be regarded as a group, but it is not the kind of group chat.

Heike Finance: The group is right.

Wu Xinhong: It’s kind of like Douban, Immediately or Zhihu. For example, Zhihu is based on a problem, and we are also based on some topics that girls are interested in.

Heike Finance: When did you turn to this direction ?

Wu Xinhong: I will try it in 2020.

Heike Finance: Many people think that Meipai is long gone.

Wu Xinhong: Yes. At this stage, we also want to have a relatively high degree of popularity, but the difficulty is indeed getting bigger and bigger. In the current era of fierce competition on the Internet and so many products, the threshold of user excitement is getting higher and higher, and it is difficult for him to be moved by a simple and common thing. That kind of refreshing effect, that kind of high heat, will put forward higher requirements for your abilities in all aspects.

Heike Finance: How many people are there in Meipai?

Wu Xinhong: Dozens of people.

Heike Finance: Basically, such a small number of people don’t do it anymore.

Wu Xinhong: We are now a bit retreating. We just want to return to a small-scale, vertical positioning first, so that we can have better data feedback for some of our experiments, and then gradually increase investment.

Storytelling is useless

Heike Finance: Some people say that Meitu is too old and has been abandoned. Do you think it is old?

Wu Xinhong: The old thing is, objectively speaking, it is true, because it is a 13-year-old product, but we are not convinced by the old, and we are constantly making breakthroughs for young people. Now there is a function called Meitu Recipe. It is for users to share recipes. For example, the steps of retouching pictures, the materials used, save it as a recipe and share it with everyone, everyone can follow me The method of retouching to reproduce, go to one-click application. Many young people are playing this now.

That is to say, let young people create and design some gameplay by themselves, including the UI inside. Many things are constantly getting younger. It actually requires a process. Internally, we are also constantly emphasizing that we should not repeat the past or have inertia. At any stage, you can only have a chance if you catch young people. Young people are the most active group of people on social platforms.

Heike Finance: What do you think is the difference between Meitu Xiuxiu and other cutting-edge apps?

Wu Xinhong: There will be more and more competing products, but I think the functions of Meitu Xiuxiu are still very powerful, and many users have already formed his habits here. I think our research on portraits in the past 13 years has been very deep and there has been precipitation. This is a long board. There are indeed some shortcomings, such as not being trendy enough or young enough. In addition, from a technical point of view, our framework originated very early. Some functions are not very good in performance. We are constantly refactoring, which is the iteration of the framework. There may now be some due to performance. The lack of experience.

Heike Finance: What is the age composition of your employees now?

Wu Xinhong: The main operations are all post-90s, and now the post-95s who propose some new gameplay are basically post-95s.

Heike Finance: Is there any situation where you think the idea is too new to practice?

Wu Xinhong: We are not so aggressive in core products such as Meitu Xiuxiu, and we won’t make a big leap to make old users completely unrecognizable or completely change his habits. It won’t be that way. We are constantly iterating and will not go to mutation.

Heike Finance: Where is Meitu’s next chance of winning?

Wu Xinhong: Meitu is a technology company with beauty as the core and artificial intelligence as the driving force. In the next 10 years, we hope to help users become beautiful in all aspects through image products and beauty management services, and to help the beauty industry through SaaS services. Digital upgrade. Doing only these two things is actually beautiful, which is divided into To C and To B.

Heike Finance: Will it directly make cosmetics or medical beauty?

Wu Xinhong: We have not yet directly provided products to users. For example, we make a skin care product ourselves or we open a medical beauty institution. Now it is still service-oriented. The users who serve the C-side become beautiful, and the customers who serve the B-side are digitally upgraded. Of course, when it comes to services, for example, B-side customers need to divert traffic to offline stores, etc. This is also part of our future commercialization.

Heike Finance: Meitu has also been a community, but it is almost the same as MojiWeather and other tool applications. It is unsuccessful. What do you think is the problem?

Wu Xinhong: We have readjusted our positioning. I wanted to build a community in the past, but it was very difficult, so now I recycle it again. After collecting it, it actually has a very good effect. In fact, it is still a community framework, but it serves Meitu’s tools. Users can find many recipes and templates here. In this way, everyone will know what Meitu Xiuxiu’s community can provide him. Worth it.

The problem in the past was that the community was separated from the tools, and it was contrary to the minds of the users. The user comes to Meitu Xiuxiu for the purpose of editing pictures and videos. You give him the content and he will not consume it. Instead, you give him these formulas and templates, which he finds very practical. That’s it, I won’t twist it.

Although we can’t compare to the ethical communities of Xiaohongshu and Zhihu, the formula we made is valuable to users, and users recognize it. We will see if there is an opportunity to further extend to user sharing and interaction through Meitu Xiuxiu. I know it’s not that easy. In many fields, users can only remember the top one. If I want to join in the fun, there is a high probability that I won’t be able to do it.

Heike Finance: Have you tried cooperation with Douyin, Kuaishou, Xiaohongshu, etc.?

Wu Xinhong: I hope that we can complement other companies in the future. Everyone can do what they like and are good at, and there will be a good synergy effect. It just means that Meitu is still in the process of transformation, and its value needs to be further verified and improved through our continuous efforts. It is now an embarrassing stage. In addition, there are indeed negatives caused by various reasons outside. During this period, I will first solve some of the core problems inside, and then at a good time to seek some relatively large external cooperation. How to put it, it needs a certain time window, not that I can do it right away if I want to.

Heike Finance: How high do you think Meitu’s threshold is?

Wu Xinhong: To be honest, we do not have a high threshold for these things. I have always told the insider that don’t even think about the moat. There is nothing to sit back and enjoy. Every year, the degree of difficulty will be greater. Only by thinking clearly in strategy, tactically fast and ruthless, and the team getting stronger and stronger can we be able to deal with it. Increasing competition. I think in the past, even if we did it for 13 years, is this the threshold? Actually not. This threshold is not high. A small team, perhaps less than 10 people, can make a hit and steal a lot of users in an instant.

Heike Finance: Big companies can do it themselves based on technology and needs.

Wu Xinhong: In theory, this is because it has more traffic, but you also know that although large companies are strong, not everything can be done successfully. There have been many examples. Our company only does this. At least it is extremely focused on the imaging field. I think it is more or less competitive. We were too scattered before, but now we are gradually sorting out our business.

Heike Finance: You don’t seem to talk much about the so-called three strategies of platformization, internationalization, and commercialization.

Wu Xinhong: That’s what we said in the past, it’s out of space. What is platformization, right, space. We will now be much clearer and focused. This is how I grew up as a fool.

I started a business after graduating from high school. In this process, I also obtained college and undergraduate diplomas through self-examination, but my ability was limited and my cognition was not high. I often look at the things I made in the past, and I find it a bit ridiculous, and of course it’s quite good, which shows that I have improved. We are now talking less and doing more. Because the capital market no longer believes in Meitu, unless we really do things and achieve good results.

Text丨Qi Jielun


Posted by:CoinYuppie,Reprinted with attribution to:
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