Cheetah Mobile Inc (CMCM) 2025 Q4 法說會逐字稿

Good day, and welcome to the Cheetah Mobile fourth-quarter 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

各位好，歡迎參加獵豹移動 2025 年第四季度業績電話會議。（接線員提示）請注意，本次活動正在錄音。

I would now like to turn the conference over to Helen Jing Zhu, Investor Relations of Cheetah Mobile. Please go ahead.

現在我想把電話會議交給獵豹移動投資者關係 Helen Jing Zhu。請開始。

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

謝謝接線員。歡迎參加獵豹移動 2025 年第四季度業績電話會議。今天與會的有公司董事長兼執行長傅盛先生，以及公司董事兼財務長 Thomas Ren 先生。

Following management's prepared remarks, we will conduct the Q&A section. Please note that the management's prepared remarks are presented by 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.

在管理層的事先準備發言之後，我們將進入問答環節。請注意，管理層的事先準備發言由 AI 代理呈現。在開始之前，請參閱我們業績新聞稿中的「安全港」聲明；該聲明同樣適用於今天的電話會議，因為我們將作出前瞻性陳述。

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

現在我想把電話會議交給我們的董事長兼執行長傅盛先生。傅盛，請開始。

Good evening, everyone. Thank you for joining us. In 2025, we finished stabilizing the business and built a stronger foundation for Cheetah Mobile. During the year, our total revenue grew 43% year over year, driven by continued growth in both our Internet business and AI and Others segments. In the fourth quarter, AI and Others already accounted for half of total revenues, reflecting the increasing contribution of our new growth initiatives.

各位晚上好，感謝大家參加。2025 年，我們完成了業務的穩定並為獵豹移動建立了更堅實的基礎。全年總收入同比增長 43%，主要由我們的互聯網業務以及 AI 與其他板塊的持續增長所帶動。第四季度，AI 與其他板塊已佔總收入的一半，反映出我們新成長舉措的貢獻正在提升。

More importantly, we achieved full year non-GAAP operating profitability, our first time in six years. Our Internet business remained resilient in 2025, generating approximately RMB460,000 in adjusted operating profit every working day. This consistent operating cash flow forms the financial backbone of the company and allows us to invest in robotics and AI in a disciplined and sustainable way. Our second highlight is robotics, which is emerging as a key structural growth driver.

更重要的是，我們實現了全年非 GAAP 口徑的經營盈利，這是六年來首次。2025 年我們的互聯網業務保持韌性，每個工作日可產生約人民幣 46 萬元的調整後經營利潤。這種穩定的經營現金流構成公司的財務支柱，使我們能以審慎且可持續的方式投資機器人與 AI。第二個亮點是機器人業務，正逐步成為關鍵的結構性成長驅動力。

For full year, robotics revenue grew approximately 31%. In the fourth quarter alone, robotics revenue reached about RMB60 million, up 94% year over year and 43% quarter over quarter.

全年機器人收入約增長 31%。僅第四季度，機器人收入約達人民幣 6,000 萬元，同比增長 94%，環比增長 43%。

A voice robot in China achieved 100% year-over-year growth for three consecutive quarters, accounting for high single digits of the fourth quarter's total revenues. This progress is driven by our strategic focus on core strength in voice robotics and the integration of AI agent technology to enhance product experience. We are now seeing our voice robot become a must-have solution in receptions, guided tours, retail environment, hospitals, and service halls as they deliver proven measurable value.

我們在中國的語音機器人連續三個季度實現 100% 的同比增長，第四季度收入佔比達到總收入的高個位數。這一進展得益於我們聚焦語音機器人核心優勢的戰略，以及整合 AI 代理技術以提升產品體驗。我們正看到語音機器人在接待、導覽、零售場景、醫院與服務大廳等場景中成為必備解決方案，因為它們能帶來可驗證、可量化的價值。

We recently introduced a new version of our voice robots, which comes with built-in skills like guiding, patrolling, and advertising, enabling end customers to start using them right away, our robotic arm business mainly in serving overseas markets is making up high single digit of the first quarter's total revenues.

我們近期推出了新版語音機器人，內建導覽、巡邏、廣告等技能，使終端客戶可立即上手使用；我們的機械臂業務主要服務海外市場，預計將佔第一季度總收入的高個位數。

We focus on long-term demand from research institutions and the R&D teams that value openness and the customization. This customer base is sticky and repeatable, supporting long-term demand, building on our proven indoor autonomous mobility technologies. We are introducing a smart wheelchair, targeting developed regions such as Western Europe and North America. This product is positioned as a premium solution for users who value safety, independence, and confidence in daily mobility. We are seeing a clear shift in demand as users increasingly value safety, assistance, and intelligent features in mobility products, while scalable solutions in the market remain limited. By applying our experience in service robots, we are able to meaningfully improve the user experience.

我們聚焦於研究機構與研發團隊的長期需求，這些客戶重視開放性與客製化。這一客群黏性高、可重複，能支撐長期需求，並建立在我們已驗證的室內自主移動技術之上。我們正在推出智慧輪椅，目標市場為西歐與北美等發達地區。該產品定位為高端解決方案，面向重視安全、獨立性與日常移動信心的用戶。我們看到需求出現明顯轉變：用戶愈來愈重視移動產品的安全、輔助與智慧功能，而市場上可規模化的解決方案仍然有限。藉由我們在服務機器人方面的經驗，我們能顯著改善用戶體驗。

During my own recent recovery, I personally used our smart wheelchair and saw a clear improvement in safety and convenience. Importantly, we can deliver these benefits without significantly increasing the costs compared to traditional high-end electric wheelchairs, making this a more practical and accessible product for users.

在我近期自身康復期間，我親自使用了我們的智慧輪椅，明顯感受到安全性與便利性的提升。重要的是，相較於傳統高端電動輪椅，我們能在不顯著增加成本的情況下提供這些效益，使其成為對用戶更實用、更可及的產品。

We have entered into framework agreements with established mobility brands who will manage branding, distribution, and aftersales services. Initial shipments are expected to begin in the second quarter of 2026, representing an early-stage commercial validation of this product category.

我們已與成熟的移動出行品牌簽署框架協議，對方將負責品牌、分銷與售後服務。首批出貨預計於 2026 年第二季度開始，這代表該產品類別在商業化上的早期驗證。

Across the industry, more companies are starting to test and deploy service robots. We believe the next one to two years will be a validation phase, where ROI and reliability will matter most. You don't need a robot that looks like a human. You need a robot that works every day, delivers measurable value and it's easy to operate at scale. This is exactly where our current products are positioned.

在整個行業中，越來越多公司開始測試並部署服務機器人。我們認為未來一到兩年將是驗證期，投資回報率（ROI）與可靠性最為關鍵。你不需要一個看起來像人的機器人；你需要的是每天都能工作、能交付可量化價值、且易於規模化運營的機器人。這正是我們現有產品的定位所在。

Our Internet business remains strong, generating steady cash flow, which allows us to invest in AI in a disciplined and sustainable way. For more than a decade, we have built utility applications serving hundreds of millions of users. This product DNA shapes how we approach AI, rather than competing in model development we focused on turning AI capabilities into practical tools that help users complete real tasks.

我們的互聯網業務依然強勁，持續產生穩定現金流，使我們能以審慎且可持續的方式投資 AI。十多年來，我們打造了服務數億用戶的工具類應用。這種產品基因塑造了我們對 AI 的方法論：我們不與他人競逐模型研發，而是專注把 AI 能力轉化為實用工具，幫助用戶完成真實任務。

During the Chinese New Year, I spent a lot of efforts experimenting with an AI agent system built on the OpenCloud framework. Starting from a single agent that could barely complete basic tasks, the system evolved into a multi-agent team capable of running tests continuously. In one scenario, the system generated personalized New Year messages for more than 600 colleagues and managed the entire sending workflow automatically.

在春節期間，我投入大量精力試驗一套基於 OpenCloud 框架構建的 AI 代理系統。從一個幾乎只能完成基本任務的單一代理開始，系統逐步演進為能夠持續運行測試的多代理團隊。在其中一個場景中，系統為 600 多位同事生成個性化的新年祝福，並自動管理整個發送工作流。

What we see emerging is not simply a new AI tool but a new way to organize digital work. AI agents can automate entire workflows from information gathering to processing and distribution, significantly improving productivity.

我們看到正在形成的，不僅是一個新的 AI 工具，而是一種組織數位工作的全新方式。AI 代理可以從資訊收集到處理與分發，自動化整個工作流，顯著提升生產力。

Building on these learnings, we introduced EasyClaw based on OpenCloud and open source agent framework for both domestic and overseas markets. EasyClaw is our AI coworker platform that helps users create and deploy task-oriented AI agents capable of executing real-world tasks autonomously.

基於這些學習，我們推出了 EasyClaw，面向國內與海外市場，並基於 OpenCloud 及開源代理框架。EasyClaw 是我們的 AI 協作夥伴平台，幫助用戶創建並部署面向任務的 AI 代理，使其能自主執行真實世界的任務。

At this stage, we focus on execution capability rather than scale. We are already seeing a continued increase in user engagement as reflected in the rapid growth of our total token usage. We are building EasyClaw into an agentic operating system that changes how users interact with software and machines. By integrating EasyClaw into our PC products, we are improving user experience and driving higher conversion and ARPU.

在現階段，我們更聚焦於執行能力而非規模。我們已看到用戶參與度持續提升，體現在總 token 使用量的快速增長上。我們正把 EasyClaw 打造成一個代理式作業系統（agentic operating system），改變用戶與軟體及機器的互動方式。透過將 EasyClaw 整合進我們的 PC 產品，我們正在改善用戶體驗，並推動更高的轉化率與 ARPU（每用戶平均收入）。

In robotics, EasyClaw allows users to program and customize robots using natural language, lowering customization barriers. This helps us deploy faster, reduce cost, and scale more easily, making our products more competitive. Some investors may ask how we compete with our training foundation models. We believe the real advantage in the agent era lies not in the model itself, but in the systems built on top of it, including task orchestration, tool usage, and cost management. By leveraging open ecosystems and leading APIs, our product can evolve as models continue to improve.

在機器人領域，EasyClaw 讓用戶可用自然語言對機器人進行編程與客製化，降低客製化門檻。這有助於我們更快部署、降低成本並更容易規模化，從而提升產品競爭力。有些投資者可能會問，我們如何與自研基礎模型競爭。我們認為在代理時代，真正的優勢不在模型本身，而在其上層構建的系統，包括任務編排、工具使用與成本管理。透過利用開放生態與領先的 API，我們的產品可隨著模型持續進步而不斷演進。

Finally, our global DNA remains a core competitive advantage. We continue to expand both our AI tools and robotics businesses internationally with a disciplined approach. Looking ahead to 2026, we do not provide specific financial guidance, but we see continued structural improvements. We believe our robotics business will maintain strong growth momentum as commercial validation deepens and become a more important part of our revenue mix. At the same time, AI-enabled products will gradually enhance engagement and monetization efficiency across our software ecosystem.

最後，我們的全球化基因仍是核心競爭優勢。我們將以審慎的方式持續在國際市場拓展 AI 工具與機器人業務。展望 2026 年，我們不提供具體財務指引，但我們看到結構性改善將持續。我們相信，隨著商業驗證加深，我們的機器人業務將保持強勁成長動能，並在收入結構中變得更為重要。同時，AI 賦能產品將逐步提升我們軟體生態的參與度與變現效率。

We will increasingly apply AI internally to accelerate the development, aiming to further improve operational efficiency. As we grow, we will continue improving transparency and disclosure, credibility to data, and our focus remains clear. Execute with discipline and net results compound over time. Cheetah is entering its next phase of development, combining digital coworkers through AI agents and physical coworkers through service robots, supported by real operating cash flow and disciplined financial management. We are building the foundation for our next stage of growth.

我們將愈來愈多地在內部應用 AI 以加速研發，目標是進一步提升營運效率。隨著業務成長，我們將持續提升透明度與資訊披露、提高數據可信度，而我們的聚焦方向依然清晰：以紀律執行，淨成果將隨時間複利累積。獵豹正進入下一階段的發展：以 AI 代理打造數位同事，以服務機器人打造實體同事，並由真實的經營現金流與審慎的財務管理提供支撐。我們正在為下一階段的成長奠定基礎。

Thank you.

謝謝。

Thank you, Fu Sheng. Hello, everyone, and thank you for joining us. Unless otherwise stated, all financial figures are presented in RMB. 2025 marked a year of meaningful operational recovery and improved financial discipline for Cheetah Mobile. During the year, we continued improving operating discipline and cost structure across the company.

謝謝你，傅盛。各位好，感謝大家參加我們的會議。除非另有說明，所有財務數據均以人民幣呈列。2025 年對獵豹移動而言，是營運顯著復甦且財務紀律改善的一年。年內，我們持續在全公司範圍內提升營運紀律並優化成本結構。

We concentrated resources on commercially validated use cases in robotic products and practical AI applications while leveraging open source ecosystem and third-party models to improve R&D efficiency and optimize infrastructure costs. This approach allows us to accelerate iteration without significantly increasing fixed costs. For the full year 2025, total revenue grew approximately 43% year over year to RMB1,150 million.

我們將資源集中於機器人產品中已獲商業驗證的使用場景與實用型 AI 應用，同時利用開源生態與第三方模型提升研發效率並優化基礎設施成本。此策略使我們能在不顯著增加固定成本的情況下加速迭代。2025 全年，總收入同比增長約 43%，達人民幣 11.50 億元。

Although we reported a GAAP operating loss of RMB179 million for the year, this represented a substantial improvement compared with operating loss of RMB437 million in 2024. On a non-GAAP basis, operating profit reached RMB14 million compared with a non-GAAP operating loss of RMB232 million, in the prior year, reflecting improved operating leverage. We ended the year with USD215 million cash and cash equivalents on hand.

儘管我們全年錄得 GAAP 口徑營運虧損人民幣 1.79 億元，但相較 2024 年營運虧損人民幣 4.37 億元已有大幅改善。按非 GAAP 口徑，營運利潤達人民幣 1,400 萬元，而上年為非 GAAP 口徑營運虧損人民幣 2.32 億元，反映營運槓桿改善。年末我們持有現金及現金等價物 2.15 億美元。

Turning to our segment performance. Our Internet business continued to serve as a stable cash generating platform for the company in 2025. Revenue from Internet business increased 19% year over year to RMB615 million with Internet revenue, Internet value-added services revenue increased 21% year over year in 2025, contributing 65% of segment revenue, supported by both paying user growth and ARPU expansion.

接下來看分部表現。2025 年，我們的互聯網業務持續作為公司穩定的現金產生平台。互聯網業務收入同比增長 19% 至人民幣 6.15 億元；其中，互聯網增值服務收入於 2025 年同比增長 21%，貢獻分部收入的 65%，主要受付費用戶增長與 ARPU 提升帶動。

In addition, we observed that many users subscribe for periods longer than 12 months, reflecting the recurring nature of our utility applications and strengthening revenue visibility. In terms of profitability, the Internet business generated approximately RMB115 million in adjusted operating profit in 2025, maintaining healthy margins and strong operating cash flow.

此外，我們觀察到許多用戶的訂閱期限超過 12 個月，反映我們工具類應用的經常性特徵，並提升收入可見度。在盈利方面，互聯網業務於 2025 年產生約人民幣 1.15 億元的調整後營運利潤，維持健康的利潤率與強勁的營運現金流。

As Fu Sheng mentioned earlier, the Internet business generates roughly RMB460,000 in adjusted operating profit per working day, which provides predictable cash flow to support strategic investments in new initiatives. Looking ahead, we expect the Internet business to remain stable and profitable while continuing to provide financial flexibility for the company to invest in long-term growth opportunities.

如傅盛先前提到，互聯網業務每個工作日約產生人民幣 46 萬元的調整後營運利潤，為支持新項目的策略性投資提供可預期的現金流。展望未來，我們預期互聯網業務將保持穩定且盈利，並持續為公司投資長期成長機會提供財務彈性。

Turning to our AI and Others segment. Revenue from this segment increased 85% year over year to RMB535 million in 2025. As a result, this segment accounted for 46.5% of our total revenue compared with 35.9% in 2024, reflecting the growing contribution from our emerging businesses. Within the segment, the robotics business continued to scale since the second half of 2025, making up 27% of the segment's revenue and 13% of total revenue in 2025.

接下來看 AI 及其他分部。2025 年該分部收入同比增長 85% 至人民幣 5.35 億元。因此，該分部佔總收入的比重由 2024 年的 35.9% 提升至 46.5%，反映新興業務貢獻提升。在該分部內，機器人業務自 2025 年下半年起持續擴張，2025 年佔分部收入的 27%，佔總收入的 13%。

Robotics revenue increased 31% in 2025 driven by deployment of voice robot in China and continued demand for robotic arms in overseas markets. Other businesses, namely overseas advertising agencies, service, and multi-cloud management platform within this segment also contributed significantly to revenue growth, benefiting from increasing overseas expansion by Chinese enterprises.

2025 年機器人收入增長 31%，主要由語音機器人在中國的部署以及海外市場對機械臂的持續需求所帶動。該分部內的其他業務（即海外廣告代理服務與多雲管理平台）亦對收入增長作出顯著貢獻，受益於中國企業加速海外擴張。

At the same time, we continued to improve operating efficiency to more selective investment and disciplined cost control. For the full year, adjusted operating loss from the AI and Others segments reduced by 42% year over year to RMB274 million as we continued scaling the business while maintaining disciplined investments.

同時，我們透過更具選擇性的投資與嚴格的成本控制，持續提升營運效率。全年 AI 及其他分部的調整後營運虧損同比收窄 42% 至人民幣 2.74 億元，我們在擴大業務規模的同時保持審慎投資。

Turning briefly to the first quarter performance. Total revenue reached RMB309 million representing a 30% year-over-year increase and a 7% quarter-over-quarter increase, while Internet revenue declined slightly year over year, in the fourth quarter it increased quarter-over-quarter as we continue shifting toward a subscription-driven business model.

簡要回顧第一季度表現。總收入達人民幣 3.09 億元，同比增長 30%，環比增長 7%。互聯網收入同比小幅下降；而在第四季度，隨著我們持續向訂閱驅動的商業模式轉型，互聯網收入環比有所增長。

In addition, user subscription revenue within the Internet segment increased 32% year over year and 16% quarter over quarter as we chose to focus on subscription business model, which supports a healthier product and user experience.

此外，互聯網分部內的用戶訂閱收入同比增長 32%，環比增長 16%，因我們選擇聚焦訂閱商業模式，以支持更健康的產品與用戶體驗。

Revenue from the AI and Others segment reached RMB153 million, accounting for nearly half of total revenue in the quarter. With this segment, robotics revenues increased by 94% year over year and 43% quarter over quarter to about 19% of the fourth quarter's total revenue. Other than that, our revenues from overseas advertising agency service and multi cloud management platform also contributed to this segment's year-over-year growth.

AI 及其他分部收入達人民幣 1.53 億元，佔該季度總收入近一半。在該分部中，機器人收入同比增長 94%，環比增長 43%，約佔第四季度總收入的 19%。此外，我們來自海外廣告代理服務與多雲管理平台的收入亦推動該分部同比增長。

On a non-GAAP basis, the company generated operating profit of RMB15 million in the fourth quarter compared to RMB42 million operating losses in the same period last year. We believe the improvement we achieved in 2025 reflected structural improvements in both our cost structure and revenue mix.

按非 GAAP 口徑，公司第四季度實現營運利潤人民幣 1,500 萬元，而去年同期為營運虧損人民幣 4,200 萬元。我們認為 2025 年取得的改善反映了成本結構與收入組合兩方面的結構性優化。

Looking ahead, our priorities remain clear, disciplined growth, continued improvement in operating efficiency, balanced and disciplined capital allocation with stronger financial discipline, clearer strategic focus, and increasing contribution from our emerging businesses, we believe the company is entering a more stable and predictable operating phase.

展望未來，我們的優先事項依然清晰：有紀律的成長、持續提升營運效率、在更強財務紀律下進行平衡且審慎的資本配置、更明確的策略聚焦，以及新興業務貢獻持續提升。我們相信公司正進入更穩定且更可預期的營運階段。

Thank you. We are now ready to take your questions.

謝謝。我們現在準備回答各位的提問。

(Operator Instructions) Thomas Chong, Jefferies.

（接線員指示）Jefferies 的 Thomas Chong。

(spoken in Chinese)

（中文發言）

(spoken in Chinese)

（中文發言）

Operator, can we move to the next question?

接線員，我們可以進入下一個問題嗎？

Nancy Liu, JPMorgan.

摩根大通的 Nancy Liu。

(spoken in Chinese)

（中文發言）

(spoken in Chinese)

（中文發言）

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

接線員，請進入下一個問題。謝謝。

Cheng Ru Li, Guoyuan Securities.

國元證券的 Cheng Ru Li。

(spoken in Chinese)

（中文發言）

(spoken in Chinese)

（中文發言）

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

接線員，請進入下一個問題。謝謝。

(inaudible), Guotai Haitong.

（聽不清），國泰海通。

(spoken in Chinese)

（中文發言）

(spoken in Chinese)

（中文發言）

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

謝謝你，接線員。請進入下一個問題。

[Jie Zhu], GF Securities.

GF 證券的 [Jie Zhu]。

(spoken in Chinese)

（中文發言）

(spoken in Chinese)

（中文發言）

Operator, please move to the next question.

接線員，請進入下一個問題。

Wei Fang, Mizuho Securities.

瑞穗證券的 Wei Fang。

(spoken in Chinese)

（中文發言）

(spoken in Chinese)

（中文發言）

Operator, please move to the next question.

接線員，請進入下一個問題。

Lydia Lin, Morgan Stanley.

摩根士丹利的 Lydia Lin。

(spoken in Chinese)

（中文發言）

(spoken in Chinese)

（中文發言）

Operator, please move to the next question.

接線員，請進入下一個問題。

Vicky Wei, Citi.

花旗的 Vicky Wei。

(spoken in Chinese)

（中文發言）

(spoken in Chinese)

（中文發言）

Operator, please move to the next question.

接線員，請進入下一個問題。

Zeping Zhao, ICBC.

工商銀行的 Zeping Zhao。

(spoken in Chinese)

（中文發言）

(spoken in Chinese)

（中文發言）

Yes. Thank you. Operator, please check if we have any further questions.

好的，謝謝。接線員，請確認是否還有其他問題。

We have no further questions at this time, which concludes our question-and-answer session. I would like to turn the conference back over to management for any closing remarks.

目前沒有其他問題，本次問答環節到此結束。我想把電話會議交回管理層，請其作任何結語。

Thank you so much for joining our conference call today. And if you have any further questions, please do not hesitate to let us know. Thank you so much.

非常感謝大家今天參加我們的電話會議。如有任何進一步問題，請隨時告知我們。非常感謝。

The Q&A portion of this call was delivered entirely in a foreign language. In accordance with LSEG transcription guidelines, only the English segments have been transcribed, and all non-English speech has been omitted. This file has been reviewed to ensure accuracy and consistency within the English-only content.

本次電話會議的問答部分全程以外語進行。依據 LSEG 轉錄指引，僅轉錄英文部分，所有非英文發言均已省略。本檔案已完成審閱，以確保英文內容的準確性與一致性。