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美图豪赌加密货币背后的战略转型与风险博弈

美图豪赌加密货币背后的战略转型与风险博弈

In recent years, the tech landscape has seen a surge of traditional companies exploring digital asset investments as part of their broader financial and technological strategies. Among them, Meitu Inc., the Chinese photo-editing app giant, made headlines in 2021 with its bold foray into the world of cryptocurrency. With a total investment of approximately $90 million—roughly 580 million RMB—in Bitcoin (BTC) and Ethereum (ETH), Meitu's move signaled more than just a financial gamble; it reflected a deeper attempt at strategic reinvention.

But what lies beneath this high-profile crypto bet? Was it a visionary step toward blockchain integration, or a desperate play to revive a struggling business model?

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A Legacy of Innovation, Burdened by Losses

Founded in 2008, Meitu quickly became a household name thanks to flagship apps like MeituPic and BeautyCam. By December 2016, just before its Hong Kong IPO, the company boasted 456 million monthly active users. Its market valuation surpassed $4.6 billion, drawing significant investor attention.

Yet, beneath the surface, profitability remained elusive. From 2013 to 2019, Meitu accumulated losses totaling 12.126 billion RMB, with core products failing to monetize effectively. Despite dominating the image-editing space, revenue streams were narrow—relying heavily on advertising, virtual goods, and an ill-fated smartphone venture later sold to Xiaomi in 2019.

User engagement also declined. By the end of 2019, monthly active users had dropped to 282 million, down 7.8% year-on-year. Key platforms like Meipai (a short-video app) saw user numbers plummet by 45.8% over four years.

With both performance and stock price under pressure—trading near 1 HKD in late 2019—Meitu faced mounting pressure to pivot.

The Crypto Bet: Asset Diversification or Strategic Pivot?

On March 7 and March 17, 2021, Meitu announced two major cryptocurrency purchases through its subsidiary Miracle Vision:

Specifically:

The company stated these moves were part of an approved plan to allocate up to $100 million from existing cash reserves toward crypto investments.

According to Meitu’s official announcement, the rationale was twofold:

  1. Bitcoin as an asset class: Positioned as part of the company’s treasury diversification strategy, aligning with global trends where institutions like Tesla and PayPal began adopting BTC.
  2. Ethereum for blockchain readiness: Seen as strategic preparation for future blockchain integration, particularly for decentralized applications (dApps) and potential investments in Ethereum-based projects that accept ETH as payment.

Chairman Cai Wensheng, a known figure in China’s crypto circles and early investor in exchanges like OKEx, framed the move as a long-term commitment to technological evolution.

Why Now? Market Momentum Meets Internal Pressure

The timing of Meitu’s investment coincided with a bull run in crypto markets. Bitcoin surged past $60,000 in early 2021, attracting mainstream institutional interest. For Meitu, the decision wasn’t made in isolation—it came amid years of failed transformation attempts:

None delivered sustainable growth.

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Thus, entering the crypto space wasn’t merely about returns—it was a signal to investors: Meitu is innovating again.

Market reaction was mixed:

While volatile, the response suggested renewed market curiosity.

Core Keywords & Strategic Positioning

This case highlights several key themes relevant to investors and tech observers:

These keywords reflect not only Meitu’s journey but broader trends shaping how legacy tech firms adapt in a rapidly evolving digital economy.

Risks and Realities: Is This Sustainable?

Despite the optimism, experts remain cautious.

Jiang Zhaosheng, analyst at Zero One Think Tank and Digital Asset Research Institute, noted that while Meitu framed the purchase as part of a blockchain strategy, "buying ETH and BTC doesn’t equate to building real blockchain capabilities."

He emphasized three critical concerns:

  1. High Entry Point: Meitu bought near market peaks—BTC hovered around $56K–$60K. Given crypto’s volatility, downside risk is substantial.
  2. Limited Domestic Impact: In China’s regulatory environment, owning crypto does not translate into legal operation within blockchain ecosystems. The “chain” and “coin” ecosystems remain strictly separated.
  3. Speculative Perception: The move risks being seen as market manipulation or hype-driven rather than genuine innovation.

Moreover, unlike Tesla or MicroStrategy—which have clear narratives around BTC as inflation hedge or long-term reserve—Meitu lacks a robust financial foundation to absorb prolonged downturns.

FAQ: Addressing Key Questions

Q: Did Meitu actually launch its own cryptocurrency?

No. In 2018, a project called Beautychain (BEC) emerged linked to Meitu’s name, but the company clarified it neither issued nor endorsed any digital tokens. A hack shortly after launch caused BEC’s value to collapse.

Q: Can Meitu legally hold cryptocurrencies in China?

While individuals and companies cannot trade or issue cryptocurrencies in mainland China, holding overseas assets via offshore subsidiaries is not explicitly prohibited—though highly scrutinized.

Q: What percentage of Meitu’s cash reserves went into crypto?

Approximately $90M out of over $500M in cash and equivalents (as of 2020), suggesting a calculated but non-dilutive allocation.

Q: Has Meitu benefited financially from its crypto investments?

Not conclusively. While BTC and ETH spiked post-purchase, they later corrected sharply. As of 2023–2024, Meitu wrote down significant portions of its holdings due to market declines.

Q: Is Meitu still pursuing blockchain?

Public updates have slowed since 2021. No major dApp launches or blockchain integrations have materialized, indicating limited progress beyond asset acquisition.

Q: Could this strategy work for other companies?

Only if aligned with strong fundamentals. For firms with stable cash flow and clear tech roadmaps (e.g., Square, Tesla), crypto can complement strategy. For loss-making firms like pre-turnaround Meitu, it's riskier.

Final Verdict: Reinvention or Risk?

Meitu’s cryptocurrency play was less about immediate profit and more about narrative control—repositioning itself as forward-thinking in a crowded tech market.

While the investment may not have delivered lasting financial uplift, it succeeded in generating global attention and reigniting investor dialogue.

However, true innovation lies not in asset speculation but in building usable technology. To date, Meitu has yet to demonstrate meaningful blockchain integration or scalable new revenue from this initiative.

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For legacy companies facing disruption, diversification is essential—but must be grounded in execution, not just headlines.

As the digital economy evolves, Meitu’s story serves as both a cautionary tale and a case study: transformation requires more than capital—it demands vision, timing, and above all, sustainable value creation.