Cheetah Mobile Inc (CMCM) 2025 Q2 法說會逐字稿

Good day, and welcome to the Cheetah Mobile second quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Ms. Helen Zhu, Investor Relations of Cheetah Mobile. Please go ahead.

大家好，歡迎參加獵豹移動2025年第二季財報電話會議。 （操作員指示）請注意，本次會議正在錄製中。現在，我想將會議交給獵豹行動投資者關係部門的朱海倫女士。請繼續。

Thank you, operator. Welcome to Cheetah Mobile's second quarter 2025 earnings conference call. With us today are our Chairman and CEO, Mr. Fu Sheng; and our Director and CFO, Mr. Thomas Ren.

謝謝接線生。歡迎參加獵豹移動2025年第二季財報電話會議。今天與我們一起出席的有：獵豹移動董事長兼首席執行官傅盛先生；以及獵豹移動董事兼首席財務官任正非先生。

Following management's prepared remarks, we will conduct the Q&A section. Please note that the management's script will be presented by an AI agent. Before we begin, I refer you to the safe harbor statement in our earnings release, which also applies to our conference call today as we will make forward-looking statements.

在管理階層準備好的發言稿之後，我們將進行問答環節。請注意，管理階層的發言稿將由人工智慧代理呈現。在開始之前，請參閱我們收益報告中的安全港聲明，該聲明也適用於我們今天的電話會議，因為我們將做出前瞻性陳述。

At this time, I would now like to turn the conference call over to our Chairman and CEO, Mr. Fu Sheng. Please go ahead.

現在，我想將電話會議交給我們的董事長兼執行長傅盛先生。請您開始。

Thank you, everyone, for joining us today. In the second quarter, we delivered our best results since Q1 2021. Revenue grew 58% year over year, driven by a 39% year over year increase in Internet business and an 86% year over year increase in AI and other segments. Our operating loss decreased 86% year over year, while non-GAAP operating loss was down 97% from last year, almost breakeven. In the first half of 2025, our revenue grew by 47% year over year.

感謝各位今天與我們分享。第二季度，我們取得了自2021年第一季以來的最佳業績。營收年增58%，這得益於網路業務年增39%以及人工智慧及其他業務年增86%。我們的營運虧損年減86%，非公認會計準則營運虧損較去年同期下降97%，幾乎達到損益兩平。 2025年上半年，我們的營收年增47%。

We believe we can maintain fast growth in the second half of 2025, driven by about 100% year over year revenue growth in our AI and other segments, along with a stable Internet business. This shows our turnaround is working and gaining momentum. What is even more important is how we work today. We have made AI a core part of our process working in an AI native way. Our R&D teams are small and flexible using AI every day to design, test and build products, much like open source developers.

我們相信，在人工智慧和其他業務板塊約100%的年成長以及網路業務的穩定發展推動下，我們能夠在2025年下半年保持快速成長。這表明我們的轉型正在奏效，並且正在累積動力。更重要的是我們目前的工作方式。我們已將人工智慧作為我們流程的核心部分，並以人工智慧原生的方式運作。我們的研發團隊規模小且靈活，每天都在使用人工智慧進行產品設計、測試和構建，就像開源開發者一樣。

This helps us move faster and use fewer resources, ensures AI allows one person to do what once took a whole team. We have been investing in AI since 2016. And at the intersection of AI and robotics today, we now have advantages and experience that are hard to replicate. For example, GreetBot, our AI tool that turns video, audio and documents into summaries and apps runs with only three full-time employees. Our core Internet business remains solid, thanks to our shift from advertising to a subscription model, which has improved user engagement and retention.

這有助於我們加快行動速度，減少資源投入，確保人工智慧讓一個人就能完成曾經需要整個團隊才能完成的工作。我們自2016年以來一直在人工智慧領域投入。如今，在人工智慧與機器人技術的交會點上，我們擁有難以複製的優勢與經驗。例如，我們的人工智慧工具GreetBot，可以將視訊、音訊和文件轉換為摘要和應用程序，目前只需三名全職員工即可運行。由於我們從廣告模式轉向訂閱模式，我們的核心網路業務依然穩健，這提升了用戶的參與度和留存率。

Today, subscriptions make up about 60% of our Internet revenues. This healthy base gives us the room to invest in new AI products out staying financially disciplined. We are enhancing existing apps like Duba Anti-virus Wallpaper apps and PDF tools with AI agents. For example, in Duba Anti-virus, we are testing a new AI feature that helps users fix PC issues, especially long tail problems, it couldn't solve before and early feedback is encouraging while we are still in the launch and improvement phase for most AI utilities. We believe Cheetah has a natural advantage utility applications.

如今，訂閱收入約占我們網路收入的60%。這穩健的基礎使我們有空間在保持財務自律的同時投資新的人工智慧產品。我們正在使用人工智慧代理增強現有的應用，例如金山毒霸壁紙應用和PDF工具。例如，在金山毒霸中，我們正在測試一項新的人工智慧功能，該功能可以幫助用戶修復電腦問題，尤其是長尾問題，這些問題之前是無法解決的。雖然大多數人工智慧實用程式仍處於發布和改進階段，但早期反饋令人鼓舞。我們相信獵豹行動在實用程式應用方面擁有天然的優勢。

At the end of the day, the core value of AI utilities is to help people work more efficiently and productively. If we can deliver on that, we believe users will be willing to use our products. On the service robotics side, we made solid progress. Revenues from service robots continue to contribute to growth in the AI and other segment.

歸根究底，人工智慧實用程式的核心價值在於幫助人們更有效率、更有效率地工作。如果我們能夠實現這一點，我們相信使用者會願意使用我們的產品。在服務機器人方面，我們取得了紮實的進展。服務機器人的收入持續為人工智慧及其他領域的成長做出貢獻。

In late July, we completed the acquisition of UFACTORY, one of the few robotic arm companies, that is already profitable and earns most of its revenue overseas, combining UFACTORY strengths with Cheetah's distribution network and 100-plus global partners give us a clear advantage to scale globally.

7 月下旬，我們完成了對 UFACTORY 的收購，UFACTORY 是少數幾家已經盈利且大部分收入來自海外的機械臂公司之一，將 UFACTORY 的優勢與獵豹的分銷網絡和 100 多個全球合作夥伴相結合，為我們在全球範圍內擴展提供了明顯的優勢。

UFACTORY arms are already being used at scale in real-world scenarios. From assembly picking, fixing and expensing tasks in factories, to grabbing beverages, making coffee and beers and commercial applications, strawberry harvesting in agricultural setting and even in universities for robotic research.

UFACTORY 機械手臂已在實際場景中大規模應用。從工廠中的組裝拾取、維修和費用計算任務，到抓取飲料、製作咖啡和啤酒等商業應用，再到農業環境中的草莓採摘，甚至在大學中用於機器人研究。

We now have a broad range of robots and our piloting wheel robots with arms that can handle more physical tasks in more places. We believe the true breakthrough in robotics is not just in using the most advanced lab technology, about finding technologies that match real-world use cases, which can scale and generate earnings for the company. While the future of robotics is exciting, our years of experience tell us that real commercial adoption depends on delivering sustainable ROI that customers can clearly see.

我們現在擁有種類繁多的機器人，以及配備機械手臂的駕駛輪式機器人，能夠在更多地方處理更多體力任務。我們相信，機器人技術的真正突破不僅在於運用最先進的實驗室技術，更在於找到能夠與實際用例相符、能夠擴展規模並為公司創造收益的技術。雖然機器人技術的未來令人興奮，但我們多年的經驗告訴我們，真正的商業應用取決於能否提供客戶清晰可見的永續投資報酬率。

Our strategy is to stay optimistic, yet patient, moving forward steadily. We will continue to identify scalable use cases and grow the business gradually. That said, we want to caution investors that it is not something that will reach mass deployment in the coming quarters. The service robotics market is still developing, but AI agents are making robots smarter and easier to use since adding agent OS, our next-generation voice system powered by AI agents.

我們的策略是保持樂觀，同時保持耐心，並且穩定地前進。我們將繼續探索可擴展的用例，並逐步發展業務。不過，我們想提醒投資人，未來幾季內，服務機器人市場尚無法實現大規模部署。服務機器人市場仍在發展中，但自從我們推出由AI代理驅動的下一代語音系統Agent OS以來，AI代理正在使機器人變得更加聰明和易於使用。

Earlier this year, our voice enabled robot revenue in China grew by about 100% in Q2, both driven by recurring demand from our existing channel partners alongside expansion into new high-quality customers in health care, education, elder care and cultural institutions, such as the national center for the performing arts.

今年早些時候，我們在中國語音機器人的收入在第二季度增長了約 100%，這既得益於我們現有通路合作夥伴的經常性需求，也得益於我們向醫療保健、教育、老年護理和文化機構（如國家大劇院）等新的高品質客戶的擴展。

In addition, this growth does not rely on two of large orders, but comes from steady and repeat demand, especially in use cases like poor guiding and reception, which shows it is sustainable. Few companies have both our global experience in consumer Internet products and use of real-world robotics operations.

此外，這種成長並非依賴兩筆大筆訂單，而是來自穩定且重複的需求，尤其是在引導和接收能力較差等用例中，這表明其可持續性。很少有公司能夠同時擁有我們在消費網路產品的全球經驗，以及在現實世界中運用機器人技術的經驗。

This unique combination allows us to apply AI agent technology across both software and hardware, creating synergies that are hard to replicate, supporting our goal to become a leading service robot company in the coming years. Looking ahead, our core Internet business remains healthy and profitable. We will keep investing in AI tools and robotics with discipline, and we are on track to reach profitability in the near term.

這種獨特的組合使我們能夠將AI代理技術應用於軟體和硬件，創造難以複製的協同效應，支持我們在未來幾年成為領先服務機器人公司的目標。展望未來，我們的核心網路業務保持健康且獲利良好。我們將繼續有計劃地投資於AI工具和機器人技術，並有望在短期內獲利。

Our strong cash position and zero debt give us the flexibility to grow while keeping our finances strong. The transformation is just getting started, but it is already producing results. We are building two growth engines, AI-powered utility apps and AI robots that work together as synergistic forces, combining software and hardware to create a stronger moat, expand our market reach and open new growth opportunities. At the same time, our solid Internet business and strong cash resource provides a stable base with over seven years of R&D in AI focused strategy and a culture of innovation, we are confident about the road ahead.

我們雄厚的現金狀況和零負債使我們在保持財務穩健的同時，擁有實現成長的靈活性。轉型才剛開始，但已初見成效。我們正在建構兩大成長引擎：人工智慧驅動的實用應用程式和人工智慧機器人，它們協同作用，將軟體和硬體結合，打造更強大的護城河，擴大我們的市場覆蓋範圍，並開闢新的成長機會。同時，我們穩健的網路業務和雄厚的現金資源，加上我們七年多來專注於人工智慧的研發策略和創新文化，為我們奠定了堅實的基礎，我們對未來充滿信心。

Thank you, Fu Sheng. Hello, everyone, and thank you for joining the call. Unless otherwise stated, all financial figures are presented in RMB.

謝謝傅盛。大家好，感謝大家參加電話會議。除非另有說明，所有財務數據均以人民幣計算。

In the second quarter of 2025, we continue to make meaningful progress narrowing our losses and improving probability as we remain focused on execution, efficiency and financial discipline. In fact, on a non-GAAP basis, we almost reached a breakeven point on the operating level in Q2. Let me walk you through the key financial results in the quarter. Total revenue reached RMB295 million, up 58% year over year and 14% quarter over quarter, marking a strong acceleration. Gross profit increased by 85% year over year and 19% quarter over quarter to RMB225 million.

2025年第二季度，我們繼續在縮小虧損和提高獲利機率方面取得顯著進展，因為我們始終專注於執行力、效率和財務紀律。事實上，以非公認會計準則計算，我們在第二季的營運水準幾乎達到損益平衡點。讓我為您介紹本季的主要財務表現。總收入達人民幣2.95億元，較去年成長58%，較上季成長14%，成長強勁。毛利較去年同期成長85%，達到人民幣2.25億元，較上季成長19%。

Gross margin improved to 76%, up from 65% in the year ago quarter and 73% in the previous quarter. Operating loss narrowed to RMB11 million, an 86% year over year decreased and 58% quarter over quarter decrease. On a non-GAAP basis, our operating loss declined RMB2 million, down 97% year over year and 86% quarter over quarter. Net loss attributable to Cheetah Mobile shareholders decreased by 82% year over year and 32% quarter over quarter to RMB23 million. Non-GAAP net loss attributable to Cheetah Mobile Shareholders now by 87% year over year and 35% quarter over quarter to RMB14 billion.

毛利率提升至76%，高於去年同期的65%和上一季的73%。營運虧損收窄至1,100萬元人民幣，較去年同期減少86%，較上季減少58%。非美國通用會計準則下，營運虧損減少200萬元人民幣，較去年同期減少97%，較上季減少86%。歸屬於獵豹移動股東的淨虧損為2,300萬元人民幣，較去年同期減少82%，較上季減少32%。非美國通用會計準則下，歸屬於獵豹移動股東的淨虧損為140億元人民幣，較去年同期減少87%，較上季減少35%。

These probability improvements reflect our ongoing efforts to sharpen the focus, improve the efficiency and optimize our cost structure, particularly as we attribute from early-stage experimentation to ROI, focused execution in our AI initiatives, in our AI robotics business, we have exited certain compute-intensive directions, such as creating our own foundation models, a strategic shift that significantly reduced infrastructure spend.

這些機率的提高反映了我們不斷努力集中註意力、提高效率和優化成本結構，特別是當我們將早期實驗歸因於投資回報率、專注於我們的人工智慧計劃的執行時，在我們的人工智慧機器人業務中，我們已經退出了某些計算密集型方向，例如創建我們自己的基礎模型，這一戰略轉變顯著降低了基礎設施支出。

At the same time, we have streamlined our R&D process by levering AI tools and refocused resources on AI utility applications that generate user value. For example, R&D expenses accounted for 24% of our AI and other segment revenue in the quarter, down from 39% in the year ago quarter and 28% in the previous quarter. These efforts have materially improved the operating profit of our AI and other segments where adjusted operating losses decreased 63% year over year and 32% quarter over quarter.

同時，我們利用人工智慧工具精簡了研發流程，並將資源重新聚焦於能夠創造使用者價值的人工智慧實用應用。例如，本季研發支出佔人工智慧及其他部門營收的24%，低於去年同期的39%和上一季的28%。這些措施顯著提升了人工智慧及其他部門的營運利潤，調整後營運虧損年減63%，較上季下降32%。

Looking ahead, we remain confident in our ability to achieve profitability with a clear and disciplined strategy. We see two key drivers for this path. First, our Internet business continues to deliver steady profits and serves as a solid financial foundation in Q2. Adjusted operating margin for this segment was 14%, up from 12% in the year ago quarter. Our transition from an app-centric model for user subscription-driven model is showing good momentum.

展望未來，我們堅信憑藉著清晰嚴謹的策略，我們得以實現獲利。我們認為實現這一目標的關鍵驅動因素有兩個。首先，我們的網路業務持續保持穩定的獲利，為第二季奠定了堅實的財務基礎。該業務部門的調整後營業利益率為14%，高於去年同期的12%。我們從以應用程式為中心的模式向用戶訂閱驅動模式的轉型正展現出良好的勢頭。

We believe this momentum is sustainable, supported by loyal user cohorts and diversified distribution channels, particularly in RA and Other segment. We are building for long-term probability by growth in both our consumer-facing AI tools and enterprise-facing robotics.

我們相信，這一勢頭將持續下去，這得益於忠實的用戶群和多元化的分銷管道，尤其是在 RA 和其他細分市場。我們正透過面向消費者的 AI 工具和企業導向的機器人技術的成長，為長期發展奠定基礎。

For our robotics business, we are prioritizing salable use cases with clear user demand and engagement, emphasizing our core competence in AI powered voice interaction, including natural conversation capabilities similar to our LLM-based agents and AI-based indoor mobility, which we believe offers the most reliable and cost-effective solution for scalable robot deployment, continuously improving our robot intelligence and product experience through AI agents maintaining a lean and agile team structure.

對於我們的機器人業務，我們優先考慮具有明確用戶需求和參與度的可銷售用例，強調我們在人工智慧語音交互方面的核心競爭力，包括類似於我們基於 LLM 的代理的自然對話功能和基於人工智能的室內移動性，我們相信這為可擴展的機器人部署提供了最可靠、最具成本效益的解決方案，通過保持人工智能和智能團隊結構的精益配置的人工智能和智能團隊結構的精益配置。

A recent milestone was our acquisition of UFACTORY, one of the few profitable robotic arm companies globally. UFACTORY brings a proven track record of profitable growth, clear market position and consistent value creation, fully aligned with our vision to scale differentiated robotic solutions over time.

我們最近的一個里程碑是收購了UFACTORY，它是全球少數幾家獲利的機械手臂公司之一。 UFACTORY擁有良好的獲利成長記錄、清晰的市場定位和持續的價值創造，與我們持續擴展差異化機器人解決方案的願景完全一致。

On the AI tools front, GreetBot, an AI tool that summarizes video, audio, PDF and other documents into concise takeaways and mind maps, has shown encouraging early user adoption, validating product market fit. Our balance sheet remains strong. As of the June 30, 2025, we have USD282 million in cash and cash equivalents and USD110 million in long-term investments.

在人工智慧工具方面，GreetBot 是一款能夠將影片、音訊、PDF 和其他文件匯總為簡潔易懂的要點和心智圖的人工智慧工具，其早期用戶採用情況令人鼓舞，驗證了產品市場契合度。我們的資產負債表依然強勁。截至 2025 年 6 月 30 日，我們擁有 2.82 億美元的現金及現金等價物，以及 1.1 億美元的長期投資。

We generated RMB362 million in operating cash flow during the quarter. This financial strength gives us the flexibility to continue investing in high potential AI growth opportunities while maintaining capital discipline.

本季度，我們實現了3.62億元人民幣的營運現金流。強大的財務實力使我們能夠靈活地繼續投資於具有高潛力的人工智慧成長機會，同時保持資本紀律。

We will also remain open to strategic M&A that can accelerate capability building in targeted verticals. To summarize, this was another quarter of measurable progress on our path to breakeven. We are encouraged by early signs of sustainable profitability supported by: one, our profitable and resilient Internet business; two, a disciplined ROI focused AI strategy; and three, strong capital flexibility to invest in long-term growth. Thank you. We are now happy to take your questions.

我們將繼續對能夠加速目標垂直領域能力建構的策略性併購保持開放態度。總而言之，本季我們在實現損益平衡的道路上又取得了可衡量的進展。我們很高興地看到，一些早期跡象表明我們已取得可持續盈利，這些跡象主要源於：第一，我們盈利且富有韌性的互聯網業務；第二，我們嚴謹的、以投資回報率為導向的人工智能戰略；第三，我們擁有強大的資本靈活性，可用於投資長期增長。謝謝。現在，我們很樂意回答您的問題。

(Operator Instructions) Thomas Chong, Jefferies.

（操作員指示）Thomas Chong，Jefferies。

(spoken in foreign language)

（用外語說）

(spoken in foreign language)

（用外語說）

Thank you. Operator, please move to the next question.

謝謝。接線員，請轉到下一個問題。

Vicky Wei, Citi.

Vicky Wei，花旗銀行。

(spoken in foreign language)

（用外語說）

(spoken in foreign language)

（用外語說）

Thank you, operator. Please move to the next question.

謝謝接線生。請轉到下一個問題。

Nancy Liu, JPMorgan.

摩根大通的 Nancy Liu。

(spoken in foreign language)

（用外語說）

(spoken in foreign language)

（用外語說）

Operator, please move to the next question. Thank you.

接線員，請轉到下一個問題。謝謝。

Brenda Zhao, CICC.

中金公司 Brenda Zhao。

(spoken in foreign language)

（用外語說）

(spoken in foreign language)

（用外語說）

Our next question today will come from (inaudible) Securities.

我們今天的下一個問題來自（聽不清楚）證券。

(spoken in foreign language)

（用外語說）

(spoken in foreign language)

（用外語說）

Operator, please move to the next question. Thank you.

接線員，請轉到下一個問題。謝謝。

Our next question today will come from -- Securities.

我們今天的下一個問題來自於—證券。

(spoken in foreign language)

（用外語說）

(spoken in foreign language)

（用外語說）

Thank you. Operator, please move to the next question.

謝謝。接線員，請轉到下一個問題。

The next question today will come from -- Huang of Everbright Securities.

今天的下一個問題來自——光大證券的黃先生。

(spoken in foreign language)

（用外語說）

(spoken in foreign language)

（用外語說）

Thank you. Operator, please move to the next question.

謝謝。接線員，請轉到下一個問題。

Our next question today will come from --

我們今天的下一個問題來自——

(spoken in foreign language)

（用外語說）

(spoken in foreign language)

（用外語說）

Thank you. Operator, please move to the next question.

謝謝。接線員，請轉到下一個問題。

Our next question today will come from -- Haitong Securities.

我們今天的下一個問題來自海通證券。

(spoken in foreign language)

（用外語說）

(spoken in foreign language)

（用外語說）

Thank you. Operator, please move to the next question.

謝謝。接線員，請轉到下一個問題。

Joanna Ma, CMBI.

Joanna Ma，CMBI。

(spoken in foreign language)

（用外語說）

(spoken in foreign language)

（用外語說）

Thank you. Operator, please move to the next question.

謝謝。接線員，請轉到下一個問題。

Our next question will come from Jack Yang of Mizuho.

我們的下一個問題來自瑞穗的傑克楊。

(spoken in foreign language)

（用外語說）

(spoken in foreign language)

（用外語說）

Operator, can you please check if we have any further questions?

接線員，請問我們還有其他問題嗎？

Certainly. (Operator Instructions) At this time, I am not showing any additional questions in the question queue.

當然。 （操作員指示）目前，我沒有在問題隊列中顯示任何其他問題。

Okay. And then we can just end up the call.

好的。然後我們就可以結束通話了。

Thank you.

謝謝。

Thank you so much for joining our conference call today. So if you have any further questions, please just let us know. You can send us email or just give a call. Thank you so much.

非常感謝您今天參加我們的電話會議。如果您還有其他問題，請隨時告訴我們。您可以發送電子郵件或致電我們。非常感謝！

The conference has now concluded. We do thank you for attending today's presentation. And you may now disconnect your lines, and have a nice day.

會議現已結束。非常感謝大家參加今天的演講。現在您可以掛斷電話了，祝大家有個愉快的一天。