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Cheetah Mobile Announces Fourth Quarter and Fiscal Year 2025

Unaudited Consolidated Financial Results

 

AI and Others revenue grew 84.7% year over year

and accounted for 46.5% of total revenue in 2025

BEIJING, March 24, 2026 — Cheetah Mobile Inc. (“Cheetah Mobile” or the “Company”) (NYSE: CMCM), a China-based IT company with a commitment to AI innovation, today announced its unaudited consolidated financial results for the fourth quarter and full year ended December 31, 2025.

 

Full Year 2025 Financial Highlights

 

Total revenues increased by 42.6% year over year to RMB 1,150.4 million (US$164.5 million) in 2025, driven by strong expansion across business segments.

•
Revenue from the Internet business increased by 19.0% year over year to RMB 615.3 million (US$88.0 million) .

 

•
Revenue from the AI and Others segment increased by 84.7% year over year to RMB 535.2 million (US$76.5 million), reflecting continued scaling of the Company’s emerging initiatives. The AI and Others segment accounted for 46.5% of total revenues in 2025, compared with 35.9% in 2024.

Gross profit increased by 53.0% year over year to RMB 834.0 million (US$119.3 million). Gross margin improved to 72.5% in 2025 from 67.6% in 2024. On a non-GAAP basis, gross profit was RMB 834.0 million (US$119.3 million), and non-GAAP gross margin was 72.5%.

Operating loss decreased by 59.0% year over year to RMB 179.4 million (US$25.7 million) in 2025. On a non-GAAP basis, operating profit was RMB 14.2 million (US$2.0 million), compared with a non-GAAP operating loss of RMB 231.8 million in 2024.

•
The Internet business generated adjusted operating profit of approximately RMB 114.9 million in 2025, representing a 82.8% year-over-year increase and reflecting improving profitability and strong cash flow generation. Adjusted operating margin for this segment was 18.7% in 2025, compared with 12.1% in 2024.

•
The AI and Others segment reported an adjusted operating loss of approximately RMB 274.5 million in 2025, representing a 42.1% year-over-year reduction, as the Company continued improving operating efficiency while scaling emerging initiatives.

Cash and cash equivalents were RMB 1,506.6 million (US$215.4 million) as of December 31, 2025.

 

 

 

1

Fourth Quarter 2025 Financial Highlights

 

Total revenues increased by 30.3% year over year and 7.5% quarter over quarter to RMB 308.9 million (US$44.2 million) in the fourth quarter of 2025.

•
Revenue from the Internet business was RMB 155.9 million (US$22.3 million) in the fourth quarter of 2025. While Internet business revenue declined slightly year over year, it increased 9.5% quarter over quarter.

 

•
Revenue from the AI and Others segment reached RMB 153.0 million (US$21.9 million), representing a 98.8% year-over-year increase and a 5.5% quarter-over-quarter increase, reflecting continued growth momentum of the Company’s emerging initiatives. The AI and Others segment accounted for 49.5% of total revenues in the fourth quarter of 2025, compared with 32.5% in the same period last year, representing nearly half of total revenue.

Gross profit increased by 18.9% year over year to RMB 205.4 million (US$29.4 million) in the fourth quarter of 2025. On a non-GAAP basis, gross profit increased by 19.2% year over year to RMB 205.4 million (US$29.4 million).

 

Operating loss decreased by 29.6% year over year to RMB 145.8 million (US$20.8 million) in the fourth quarter of 2025. On a non-GAAP basis, operating profit was RMB 15.5 million (US$2.2 million), compared with a non-GAAP operating loss of RMB 42.5 million in the fourth quarter of 2024.

•
The Internet business generated adjusted operating profit of approximately RMB 46.7 million in the fourth quarter of 2025, representing a 78.1% year-over-year increase, and continued to serve as a stable profit contributor to the Company.

•
The AI and Others segment reported an adjusted operating loss of approximately RMB 183.3 million in the fourth quarter of 2025, representing a 19.7% year-over-year reduction in operating loss.

Management Commentary

Fu Sheng, Chief Executive Officer of Cheetah Mobile, commented: “2025 marked a turning point for Cheetah Mobile. We delivered revenue growth while meaningfully improving operating efficiency and achieved full-year non-GAAP operating profitability. Our robotics business, which represented approximately 18.9% of total revenue in the fourth quarter, increased 93.6% year over year and 42.9% quarter over quarter, showing strong growth momentum. We are expanding our robotic product portfolio with a consumer-facing smart wheelchair, leveraging our existing autonomous mobility technologies. Our internet business remained a stable cash-generating platform, supporting disciplined investment in AI-driven capabilities. Leveraging our long-standing utility product experience, we continued to enhance our AI agent products, with the introduction of EasyClaw, our AI coworker platform designed to help users create and deploy AI agents more easily. While monetization remains at an early stage, these initiatives are part of our long-term strategy to build sustainable growth engines.”

 

Thomas Ren, Chief Financial Officer of Cheetah Mobile, commented: “In 2025, we continued to strengthen operating discipline and improve cost efficiency across the

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organization. Although we reported a GAAP operating loss for the year, operating loss narrowed significantly year over year. On a non-GAAP basis, we achieved operating profitability, reflecting an improved cost structure and increasing operating leverage. Within our Internet business, internet value-added services, which contributed 74.8% of this segment’s revenues in the fourth quarter of 2025, expanded by 32.0% year over year and 16.2% quarter over quarter, enhancing earnings visibility and margin stability. In our AI and Others segment, revenue contribution increased year over year and accounted for nearly half of total revenues in the fourth quarter of 2025, while operating loss narrowed as we maintained selective investment and cost control. We ended the year with a solid cash position, providing financial flexibility to support disciplined capital allocation.”

 

Conference Call Information

The Company will hold a conference call on March 24, 2026, at 7:00 a.m. Eastern Time (or 7:00 p.m. Beijing Time) to discuss its financial results. Listeners may access the call by dialing the following numbers:

Main Line:

International: 1-412-317-6061

United States Toll Free: 1-888-317-6003

Mainland China Toll Free: +86-4001-206115

Hong Kong Toll Free: 800-963976

Conference ID: 8826704

 

English Translation:

International: 1-412-317-6061

United States Toll Free: 1-888-317-6003

Mainland China Toll Free: +86-4001-206115

Hong Kong Toll Free: 800-963976

Conference ID: 6928279

A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://ir.cmcm.com.

 

Exchange Rate

 

This press release contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars in this press release were made at a rate of RMB6.9931 to US$1.00, the exchange rate in effect as of December 31, 2025, as set forth in the H.10 statistical release of the Federal Reserve Board. Such translations should not be construed as representations that RMB amounts could be converted into U.S. dollars at that rate or any other rate, or to be the amounts that would have been reported under accounting principles generally accepted in the United States of America ("U.S. GAAP").

 

About Cheetah Mobile Inc.

 

Cheetah Mobile is a China-based IT company with a commitment to AI innovation. It has developed and launched a diversified suite of software products for PCs and mobile devices, designed to address users’ needs in document processing, system optimization, image editing

3

and web browsing, among others. Cheetah Mobile provides advertising services to advertisers worldwide, value-added services including the sale of premium membership to its users, multi-cloud management platform to companies globally, as well as robotic products to international clients. At the same time, it actively engages in research and development of advanced technologies to empower its products and services. Cheetah Mobile has been listed on the New York Stock Exchange since May 2014.

Safe Harbor Statement

 

This press release contains forward-looking statements. These statements, including management quotes and business outlook, constitute forward-looking statements under the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Such statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in the forward-looking statements, including but are not limited to the following: Cheetah Mobile's growth strategies; Cheetah Mobile's ability to retain and increase its user base and expand its product and service offerings; Cheetah Mobile's ability to monetize its platform; Cheetah Mobile's future business development, financial condition and results of operations; competition with companies in a number of industries including internet companies that provide online marketing services and internet value-added services; expected changes in Cheetah Mobile's revenues and certain cost or expense items; and general economic and business condition globally and in China. Further information regarding these and other risks is included in Cheetah Mobile's filings with the U.S. Securities and Exchange Commission. Cheetah Mobile does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

 

Use of Non-GAAP Financial Measures

 

This release contains non-GAAP financial measures, including but not limited to:

•
Non-GAAP cost of revenues excludes share-based compensation expenses;
•
Non-GAAP gross profit excludes share-based compensation expenses;
•
Non-GAAP gross margin excludes share-based compensation expenses;
•
Total non-GAAP operating expenses exclude share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, impairment of goodwill and intangible assets resulting from business acquisitions;
•
Non-GAAP research and development expenses exclude share-based compensation expenses, amortization of intangible assets resulting from business acquisitions;
•
Non-GAAP selling and marketing expenses exclude share-based compensation expenses , amortization of intangible assets resulting from business acquisitions;
•
Non-GAAP general and administrative expenses exclude share-based compensation expenses;
•
Non-GAAP operating profit/loss excludes share-based compensation expenses, amortization of intangible assets resulting from business acquisitions and impairment of goodwill and intangible assets resulting from business acquisitions;

4

•
Non-GAAP net income/loss attributable to Cheetah Mobile shareholders excludes share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, impairment of goodwill and intangible assets resulting from business acquisitions;
•
Non-GAAP diluted earnings/losses per ADS excludes share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, impairment of goodwill and intangible assets resulting from business acquisitions.

The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measures for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measures are useful supplemental information for investors and analysts to assess its operating performance without the effect of share-based compensation expenses, amortization of intangible assets, amortization of intangible assets resulting from business acquisitions, impairment of goodwill and intangible assets resulting from business acquisitions, which have been and will continue to be significant recurring expenses in its business. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measure in isolation from or as an alternative to the financial measure prepared in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the tables captioned “Cheetah Mobile Inc. Reconciliation of GAAP and non-GAAP Results”.

 

 

 

Investor Relations Contact

 

Helen Jing Zhu

Cheetah Mobile Inc.

Tel: +86 10 6292 7779

Email: ir@cmcm.com

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CHEETAH MOBILE INC.

Condensed Consolidated Balance Sheets

(Unaudited, amounts in thousands of Renminbi ("RMB") and US dollars ("US$"))

 

 

As of

 

December 31, 2024

 

December 31, 2025

 

RMB

 

RMB

 

USD

ASSETS

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

1,833,031

 

1,506,625

 

215,445

Short-term investments

335

 

9,527

 

1,362

Accounts receivable, net

473,619

 

468,058

 

66,931

Prepayments and other current assets, net

1,365,761

 

1,154,774

 

165,132

Due from related parties, net

106,934

 

94,821

 

13,559

Total current assets

3,779,680

 

3,233,805

 

462,429

 

 

 

 

 

 

Non-current assets:

 

 

 

 

 

Property and equipment, net

51,564

 

40,238

 

5,754

Operating lease right-of-use assets

26,323

 

16,833

 

2,407

Intangible assets, net

190,665

 

54,069

 

7,732

Goodwill

424,099

 

460,034

 

65,784

Long-term investments

817,330

 

688,459

 

98,448

Deferred tax assets

128,581

 

112,913

 

16,146

Other non-current assets

86,059

 

77,521

 

11,085

Total non-current assets

1,724,621

 

1,450,067

 

207,356

 

 

 

 

 

 

Total assets

5,504,301

 

4,683,872

 

669,785

 

 

 

 

 

 

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

219,566

 

211,689

 

30,271

Accrued expenses and other current liabilities

2,756,805

 

2,264,659

 

323,842

Due to related parties

69,606

 

18,613

 

2,662

Income tax payable

35,804

 

54,430

 

7,783

Total current liabilities

3,081,781

 

2,549,391

 

364,558

 

 

 

 

 

 

Non-current liabilities:

 

 

 

 

 

Deferred tax liabilities

43,046

 

21,711

 

3,105

Other non-current liabilities

172,348

 

154,422

 

22,082

Total non-current liabilities

215,394

 

176,133

 

25,187

 

 

 

 

 

 

Total liabilities

3,297,175

 

2,725,524

 

389,745

 

 

 

 

 

 

Mezzanine equity:

 

 

 

 

 

Redeemable noncontrolling interests

189,725

 

197,560

 

28,251

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

Ordinary shares

248

 

254

 

36

Additional paid-in capital

2,722,504

 

2,736,117

 

391,260

Accumulated deficit

(1,232,577)

 

(1,490,947)

 

(213,203)

Accumulated other comprehensive income

410,423

 

362,245

 

51,800

Total Cheetah Mobile Inc. shareholders’ equity

1,900,598

 

1,607,669

 

229,893

Noncontrolling interests

116,803

 

153,119

 

21,896

 

 

 

 

 

 

Total shareholders’ equity

2,017,401

 

1,760,788

 

251,789

 

 

 

 

 

 

Total liabilities, mezzanine equity and shareholders’ equity

5,504,301

 

4,683,872

 

669,785

 

6

 

CHEETAH MOBILE INC.

Condensed Consolidated Statements of Comprehensive Loss

(Unaudited, amounts in thousands of Renminbi ("RMB") and US dollars ("US$"), except for number of shares and per share(or ADS) data)

 

 

 

For The Three Months Ended

 

For The Year Ended

 

 

December 31, 2024

 

December 31, 2025

 

December 31, 2025

 

December 31, 2024

 

December 31, 2025

 

December 31, 2025

 

 

RMB

 

RMB

 

USD

 

RMB

 

RMB

 

USD

Revenues

 

237,089

 

308,851

 

44,165

 

806,877

 

1,150,444

 

164,511

     Internet business

 

160,152

 

155,896

 

22,293

 

517,188

 

615,281

 

87,984

     AI and others

 

76,937

 

152,955

 

21,872

 

289,689

 

535,163

 

76,527

Cost of revenues (a)

 

(64,317)

 

(103,475)

 

(14,797)

 

(261,682)

 

(316,411)

 

(45,246)

Gross profit

 

172,772

 

205,376

 

29,368

 

545,195

 

834,033

 

119,265

 

 

 

 

 

 

 

 

 

 

 

 

Operating income and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development (a)

 

(65,506)

 

(149,863)

 

(21,430)

 

(243,391)

 

(346,152)

 

(49,499)

Selling and marketing (a)

 

(104,851)

 

(72,657)

 

(10,390)

 

(342,421)

 

(362,735)

 

(51,870)

General and administrative (a)

 

(56,281)

 

(87,101)

 

(12,455)

 

(244,385)

 

(266,522)

 

(38,112)

Impairment of goodwill and intangible assets

 

(152,890)

 

(41,563)

 

(5,943)

 

(152,890)

 

(41,563)

 

(5,943)

Other operating (expense)/income

 

(377)

 

31

 

4

 

637

 

3,496

 

500

Total operating income and expenses

 

(379,905)

 

(351,153)

 

(50,214)

 

(982,450)

 

(1,013,476)

 

(144,924)

 

 

 

 

 

 

 

 

 

 

 

 

Operating loss

 

(207,133)

 

(145,777)

 

(20,846)

 

(437,255)

 

(179,443)

 

(25,659)

Other income/(expenses):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income, net

 

9,862

 

5,484

 

784

 

44,422

 

30,629

 

4,380

Foreign exchange (losses)/gains

 

(32,236)

 

14,156

 

2,024

 

(21,726)

 

30,783

 

4,402

Other expense, net

 

(82,300)

 

(74,481)

 

(10,651)

 

(139,769)

 

(108,652)

 

(15,537)

 

 

 

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

(311,807)

 

(200,618)

 

(28,689)

 

(554,328)

 

(226,683)

 

(32,414)

Income tax (expenses)/benefits

 

(51,064)

 

13,722

 

1,962

 

(47,258)

 

(8,469)

 

(1,211)

Net loss

 

(362,871)

 

(186,896)

 

(26,727)

 

(601,586)

 

(235,152)

 

(33,625)

Less: net income attributable to noncontrolling interests

 

3,913

 

3,843

 

550

 

15,971

 

22,561

 

3,226

Net loss attributable to Cheetah Mobile shareholders

 

(366,784)

 

(190,739)

 

(27,277)

 

(617,557)

 

(257,713)

 

(36,851)

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

(0.2438)

 

(0.1262)

 

(0.0180)

 

(0.4161)

 

(0.1754)

 

(0.0251)

Diluted

 

(0.2439)

 

(0.1262)

 

(0.0180)

 

(0.4162)

 

(0.1764)

 

(0.0252)

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per ADS

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

(12.1907)

 

(6.3082)

 

(0.9000)

 

(20.8042)

 

(8.7724)

 

(1.2550)

Diluted

 

(12.1947)

 

(6.3082)

 

(0.9000)

 

(20.8097)

 

(8.8185)

 

(1.2600)

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

1,512,707,145

 

1,550,604,238

 

1,550,604,238

 

1,503,054,847

 

1,533,473,068

 

1,533,473,068

Diluted

 

1,512,707,145

 

1,550,604,238

 

1,550,604,238

 

1,503,054,847

 

1,533,473,068

 

1,533,473,068

Weighted average number of ADSs outstanding

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

30,254,143

 

31,012,085

 

31,012,085

 

30,061,097

 

30,669,461

 

30,669,461

Diluted

 

30,254,143

 

31,012,085

 

31,012,085

 

30,061,097

 

30,669,461

 

30,669,461

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income/(loss) , net of tax of nil

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

51,667

 

(25,511)

 

(3,648)

 

49,045

 

(50,422)

 

(7,210)

Unrealized gains/(losses) on available-for-sale securities, net

 

7,277

 

(5,541)

 

(792)

 

2,642

 

1,121

 

160

Other comprehensive income/(loss)

 

58,944

 

(31,052)

 

(4,440)

 

51,687

 

(49,301)

 

(7,050)

Total comprehensive loss

 

(303,927)

 

(217,948)

 

(31,167)

 

(549,899)

 

(284,453)

 

(40,675)

Less: Total comprehensive income attributable to noncontrolling interests

 

2,199

 

1,889

 

270

 

14,089

 

21,438

 

3,066

Total comprehensive loss attributable to Cheetah Mobile shareholders

 

(306,126)

 

(219,837)

 

(31,437)

 

(563,988)

 

(305,891)

 

(43,741)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For The Three Months Ended

 

For The Year Ended

 

 

December 31, 2024

 

December 31, 2025

 

December 31, 2025

 

December 31, 2024

 

December 31, 2025

 

December 31, 2025

(a) Share-based compensation expenses

 

RMB

 

RMB

 

USD

 

RMB

 

RMB

 

USD

Cost of revenues

 

(460)

 

2

 

-

 

81

 

16

 

2

Research and development

 

1,280

 

1,007

 

144

 

1,924

 

1,193

 

171

Selling and marketing

 

(495)

 

290

 

41

 

(662)

 

773

 

111

General and administrative

 

4,819

 

7,867

 

1,125

 

24,758

 

17,858

 

2,554

Total

 

5,144

 

9,166

 

1,310

 

26,101

 

19,840

 

2,838

 

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CHEETAH MOBILE INC.

Reconciliation of GAAP and Non-GAAP Results

(Unaudited, amounts in thousands of Renminbi ("RMB") and US dollars ("US$"), except for per share data )

 

 

For The Three Months Ended December 31, 2025

 

For The Year Ended December 31, 2025

 

GAAP

Share-based

Amortization of

Impairment

Non-GAAP

 

GAAP

Share-based

Amortization of

Impairment

Non-GAAP

 

Result

Compensation

intangible assets*

of goodwill and
intangible assets

Result

 

Result

Compensation

intangible assets*

of goodwill and
intangible assets

Result

 

RMB

RMB

RMB

RMB

RMB

USD

 

RMB

RMB

RMB

RMB

RMB

USD

Revenues

308,851

-

-

-

308,851

44,165

 

1,150,444

-

-

-

1,150,444

164,511

Cost of revenues

(103,475)

2

-

-

(103,473)

(14,797)

 

(316,411)

16

-

-

(316,395)

(45,244)

Gross profit

205,376

2

-

-

205,378

29,368

 

834,033

16

-

-

834,049

119,267

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

(149,863)

1,007

108,471

-

(40,385)

(5,775)

 

(346,152)

1,193

127,171

-

(217,788)

(31,143)

Selling and marketing

(72,657)

290

2,070

-

(70,297)

(10,053)

 

(362,735)

773

5,078

-

(356,884)

(51,033)

General and administrative

(87,101)

7,867

-

-

(79,234)

(11,330)

 

(266,522)

17,858

-

-

(248,664)

(35,558)

Impairment of goodwill and intangible assets

(41,563)

-

-

41,563

-

-

 

(41,563)

-

-

41,563

-

-

Other operating income, net

31

-

-

-

31

4

 

3,496

-

-

-

3,496

500

Total operating income and expenses

(351,153)

9,164

110,541

41,563

(189,885)

(27,154)

 

(1,013,476)

19,824

132,249

41,563

(819,840)

(117,234)

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating (loss)/income

(145,777)

9,166

110,541

41,563

15,493

2,214

 

(179,443)

19,840

132,249

41,563

14,209

2,033

Net loss attributable to Cheetah Mobile shareholders

(190,739)

9,166

110,541

41,563

(29,469)

(4,217)

 

(257,713)

19,840

132,249

41,563

(64,061)

(9,159)

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted losses per ordinary share (RMB)

(0.1262)

0.0059

0.0714

0.0268

(0.0221)

 

 

(0.1764)

0.0129

0.0863

0.0271

(0.0501)

 

Diluted losses per ADS (RMB)

(6.3082)

0.2950

3.5682

1.3400

(1.1050)

 

 

(8.8185)

0.6450

4.3135

1.3550

(2.5050)

 

Diluted losses per ADS (USD)

(0.9000)

0.0422

0.5082

0.1916

(0.1580)

 

 

(1.2600)

0.0922

0.6158

0.1938

(0.3582)

 

 

 

 

For The Three Months Ended December 31, 2024

 

For The Year Ended December 31, 2024

 

GAAP

Share-based

Amortization of

Impairment

Non-GAAP

 

GAAP

Share-based

Amortization of

Impairment

Non-GAAP

 

Result

Compensation

intangible assets*

of goodwill and
intangible assets

Result

 

Result

Compensation

intangible assets*

of goodwill and
intangible assets

Result

 

RMB

RMB

RMB

RMB

RMB

 

RMB

RMB

RMB

RMB

RMB

Revenues

237,089

-

-

-

237,089

 

806,877

-

-

-

806,877

Cost of revenues

(64,317)

(460)

-

-

(64,777)

 

(261,682)

81

-

-

(261,601)

Gross profit

172,772

(460)

-

-

172,312

 

545,195

81

-

-

545,276

 

 

 

 

 

 

 

 

 

 

 

Research and development

(65,506)

1,280

6,156

-

(58,070)

 

(243,391)

1,924

24,624

-

(216,843)

Selling and marketing

(104,851)

(495)

469

-

(104,877)

 

(342,421)

(662)

1,876

-

(341,207)

General and administrative

(56,281)

4,819

-

-

(51,462)

 

(244,385)

24,758

-

-

(219,627)

Impairment of goodwill and intangible assets

(152,890)

-

-

152,890

-

 

(152,890)

-

-

152,890

-

Other operating income, net

(377)

-

-

-

(377)

 

637

-

-

-

637

Total operating income and expenses

(379,905)

5,604

6,625

152,890

(214,786)

 

(982,450)

26,020

26,500

152,890

(777,040)

 

 

 

 

 

 

 

 

 

 

 

 

Operating loss

(207,133)

5,144

6,625

152,890

(42,474)

 

(437,255)

26,101

26,500

152,890

(231,764)

Net loss attributable to Cheetah Mobile shareholders

(366,784)

5,144

6,625

152,890

(202,125)

 

(617,557)

26,101

26,500

152,890

(412,066)

 

 

 

 

 

 

 

 

 

 

 

 

Diluted losses per ordinary share (RMB)

(0.2439)

0.0034

0.0044

0.1011

(0.1350)

 

(0.4162)

0.0174

0.0176

0.1017

(0.2795)

Diluted losses per ADS (RMB)

(12.1947)

0.1700

0.2200

5.0547

(6.7500)

 

(20.8097)

0.8700

0.8800

5.0847

(13.9750)

 

 

* This represents amortization of intangible assets resulting from business acquisitions.

 

8

 

CHEETAH MOBILE INC.

Information about Segment

(Unaudited, amounts in thousands of Renminbi ("RMB") and US dollars ("US$"), except for percentage)

 

 

 

 

For The Three Months Ended December 31, 2025

 

For The Year Ended December 31, 2025

 

 

Internet Business

 

AI and others

 

Consolidated

 

Internet Business

 

AI and others

 

Consolidated

 

 

RMB

 

RMB

 

RMB

 

USD

 

RMB

 

RMB

 

RMB

 

USD

Revenues

 

155,896

 

152,955

 

308,851

 

44,165

 

615,281

 

535,163

 

1,150,444

 

164,511

Operating Costs and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues(i)

 

31,300

 

72,173

 

103,473

 

14,797

 

106,606

 

209,789

 

316,395

 

45,244

Selling and marketing(i)

 

45,326

 

27,041

 

72,367

 

10,349

 

220,312

 

141,650

 

361,962

 

51,759

Research and development(i)

 

10,367

 

138,489

 

148,856

 

21,286

 

110,060

 

234,899

 

344,959

 

49,328

Other segment items(i)

 

22,237

 

98,529

 

120,766

 

17,269

 

63,436

 

223,295

 

286,731

 

41,001

Adjusted operating income/(losses)

 

46,666

 

(183,277)

 

(136,611)

 

(19,536)

 

114,867

 

(274,470)

 

(159,603)

 

(22,821)

Unallocated amounts-share based compensations

 

 

 

 

 

(9,166)

 

(1,310)

 

 

 

 

 

(19,840)

 

(2,838)

Operating loss

 

 

 

 

 

(145,777)

 

(20,846)

 

 

 

 

 

(179,443)

 

(25,659)

Reconciliation of segment profit/(loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income, net

 

 

 

 

 

5,484

 

784

 

 

 

 

 

30,629

 

4,380

Foreign exchange gains, net

 

 

 

 

 

14,156

 

2,024

 

 

 

 

 

30,783

 

4,402

Other expense, net

 

 

 

 

 

(74,481)

 

(10,651)

 

 

 

 

 

(108,652)

 

(15,537)

Loss before income taxes

 

 

 

 

 

(200,618)

 

(28,689)

 

 

 

 

 

(226,683)

 

(32,414)

 

 

 

 

 

For The Three Months Ended December 31, 2024

 

For The Year Ended December 31, 2024

 

 

Internet Business

 

AI and others

 

Consolidated

 

Internet Business

 

AI and others

 

Consolidated

 

 

RMB

 

RMB

 

RMB

 

RMB

 

RMB

 

RMB

Revenues

 

160,152

 

76,937

 

237,089

 

517,188

 

289,689

 

806,877

Operating Costs and expenses

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues(i)

 

21,174

 

43,603

 

64,777

 

79,812

 

181,789

 

261,601

Selling and marketing(i)

 

70,243

 

35,103

 

105,346

 

200,945

 

142,138

 

343,083

Research and development(i)

 

30,651

 

33,575

 

64,226

 

115,476

 

125,991

 

241,467

Other segment items(i)

 

11,877

 

192,852

 

204,729

 

58,122

 

313,758

 

371,880

Adjusted operating income/(losses)

 

26,207

 

(228,196)

 

(201,989)

 

62,833

 

(473,987)

 

(411,154)

Unallocated amounts-share based compensations

 

 

 

 

 

(5,144)

 

 

 

 

 

(26,101)

Operating loss

 

 

 

 

 

(207,133)

 

 

 

 

 

(437,255)

Reconciliation of segment profit/(loss)

 

 

 

 

 

 

 

 

 

 

 

 

Interest income, net

 

 

 

 

 

9,862

 

 

 

 

 

44,422

Foreign exchange gains, net

 

 

 

 

 

(32,236)

 

 

 

 

 

(21,726)

Other expense, net

 

 

 

 

 

(82,300)

 

 

 

 

 

(139,769)

Loss before income taxes

 

 

 

 

 

(311,807)

 

 

 

 

 

(554,328)

 

 

(i) Share-based compensations were not allocated to segments. Other segment items include general and administrative expenses and other operating expenses allocated to the respective segments.

9

 

CHEETAH MOBILE INC.

Reconciliation from Net Loss Attributable to Cheetah Mobile Shareholders to Adjusted EBITDA (Non-GAAP)

(Unaudited, amounts in thousands of Renminbi ("RMB") and US dollars ("US$"))

 

 

 

 

For The Three Months Ended

 

For The Year Ended

 

 

December 31, 2024

 

December 31, 2025

 

December 31, 2025

 

December 31, 2024

 

December 31, 2025

 

December 31, 2025

 

 

RMB

 

RMB

 

USD

 

RMB

 

RMB

 

USD

Net loss attributable to Cheetah Mobile shareholders

 

(366,784)

 

(190,739)

 

(27,277)

 

(617,557)

 

(257,713)

 

(36,851)

Add:

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expenses/(benefits)

 

51,064

 

(13,722)

 

(1,962)

 

47,258

 

8,469

 

1,211

Interest income, net

 

(9,862)

 

(5,484)

 

(784)

 

(44,422)

 

(30,629)

 

(4,380)

Depreciation and other amortization

 

14,619

 

114,426

 

16,363

 

51,453

 

147,235

 

21,054

Net income attributable to noncontrolling interests

 

3,913

 

3,843

 

550

 

15,971

 

22,561

 

3,226

Other expense, net

 

114,536

 

60,325

 

8,627

 

161,495

 

77,869

 

11,135

Share-based compensation

 

5,144

 

9,166

 

1,310

 

26,101

 

19,840

 

2,838

Impairment of goodwill and intangible assets

 

152,890

 

41,563

 

5,943

 

152,890

 

41,563

 

5,943

Adjusted EBITDA

 

(34,480)

 

19,378

 

2,770

 

(206,811)

 

29,195

 

4,176

 

10