Cheetah Mobile Inc (CMCM) 2026 Q1 法說會逐字稿

Good day, and welcome to the Cheetah Mobile first-quarter 2026 earnings call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加獵豹移動 2026 年第一季度業績電話會議。（接線員指示）請注意，本次活動將被錄音。

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

現在我想把會議交給獵豹移動投資者關係部。Helen，請開始。

Thank you, operator. Welcome to Cheetah Mobile's first-quarter 2026 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 2026 年第一季度業績電話會議。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任先生（Thomas Ren）。

Following management's prepared remarks, we will conduct the Q&A section. Please note that the management of [Transcendence Crate] will be presented by an AI agent.

在管理層的事先準備發言之後，我們將進行問答環節。請注意，[Transcendence Crate] 的管理層內容將由 AI 代理呈現。

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.

在開始之前，我提醒各位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.

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。請開始。

2026 remains an important transition year for Cheetah Mobile. We are continuing to evolve from a traditional Internet company into a company focused on the AI-enabled applications for AI agents and robotics. More importantly, we believe we are gradually moving from capability building into early-stage commercial validation. Our focus is not only on developing AI capabilities but on turning these capabilities into practical products for real business scenarios, helping customers deliver better ROI. Starting from this quarter, we are separating our robotics and others business into an independent reportable segment.

2026 年仍是獵豹移動重要的轉型之年。我們正持續從傳統網際網路公司演進為專注於 AI 代理與機器人之 AI 賦能應用的公司。更重要的是，我們相信公司正逐步從能力建設走向早期商業驗證。我們的重點不僅在於打造 AI 能力，更在於將這些能力轉化為可落地於真實商業場景的產品，協助客戶取得更佳的投資報酬率（ROI）。自本季度起，我們將機器人及其他業務拆分為獨立的可報告分部。

In the first quarter, revenue from Robotics and Others business increased 176% year over year to RMB51 million, approaching 20% of total revenue. And at the same time, adjusted operating loss from this segment narrowed by 57% year over year. Customer demand remained strong, and we expect Robotics and Others revenue to grow strongly in 2026. In Q2, our Robotics and Other revenue will continue growing both year-over-year and quarter-over-quarter basis.

第一季度，機器人及其他業務收入同比增長 176% 至人民幣 5,100 萬元，接近總收入的 20%。同時，該分部的經調整經營虧損同比收窄 57%。客戶需求依然強勁，我們預期 2026 年機器人及其他業務收入將保持強勁增長。在第二季度，我們的機器人及其他收入將在同比與環比兩個維度持續增長。

Today, our Robotics business mainly focuses on commercial scenarios with real customer demand and clear long-term value, including reception, guided tours, and intelligent service applications. Our smart personal mobility is another important step for us. This product extends our Robotics and AI capabilities into personal mobility and healthcare-related scenarios. More importantly, it further validates that our Robotics platform can expand beyond commercial service robots into broader consumer applications. We are encouraged to see recognition from leading industry partners.

目前，我們的機器人業務主要聚焦於具備真實客戶需求且長期價值清晰的商業場景，包括接待、導覽與智慧服務等應用。我們的智慧個人移動產品是另一個重要里程碑。該產品將我們的機器人與 AI 能力延伸至個人出行與健康照護相關場景。更重要的是，它進一步驗證了我們的機器人平台可從商用服務機器人拓展至更廣泛的消費級應用。我們很高興看到來自領先產業合作夥伴的認可。

During the second quarter, we started initial product shipments to a top global designer and manufacturer of mobility products as well as the leading elderly mobility scooter manufacturer in China. We are seeing encouraging early market feedback and initial commercial traction.

在第二季度，我們開始向全球頂尖的移動產品設計與製造商，以及中國領先的老年人代步車製造商進行首批產品出貨。我們看到令人鼓舞的早期市場回饋與初步商業進展。

Moving to our agents, we're seeing strong customer adoption. We worked closely with Google Cloud and AWS, helping enterprises serving international markets access AI models and use multi-cloud environments more efficiently. In 1Q '26, revenue from our cloud and AI infrastructure services as part of global enterprise services revenue increased 68% year over year, contributing 18% of total revenue.

轉到我們的代理（agents）業務，我們看到客戶採用情況強勁。我們與 Google Cloud 和 AWS 緊密合作，協助服務國際市場的企業更便捷地接入 AI 模型，並更高效地使用多雲環境。2026 年第一季度，作為全球企業服務收入一部分的雲與 AI 基礎設施服務收入同比增長 68%，貢獻了總收入的 18%。

Daily token usage has increased more than 20 times since January 2026 exceeding RMB400 million in May. We expect this revenue growth to continue. We also kept building EasyClaw -- so early, but we believe it will help customers deploy AI [agents] and boost productivity. The two fast-growing businesses, namely Robotics and Others as well as Cloud and AI Infrastructure already accounted for 38% of our first quarter revenue. And we expect their revenue growth and revenue contribution to continue growing in the coming quarter and to exceed more than 50% of our total revenue in the second half of this year.

自 2026 年 1 月以來，每日 token 使用量已增長超過 20 倍，並於 5 月超過人民幣 4 億。我們預期該收入增長將持續。我們也持續建設 EasyClaw——雖然仍處於早期階段，但我們相信它將幫助客戶部署 AI [agents] 並提升生產力。兩項快速增長的業務，即機器人及其他，以及雲與 AI 基礎設施，已合計佔我們第一季度收入的 38%。我們預期其收入增長與收入貢獻將在下一季度持續提升，並在今年下半年超過我們總收入的 50%。

During the quarter, revenue from our Advertising Agency business within the Global Enterprise Services segment was affected by policy changes from certain overseas advertising platforms. We believe this revenue decline was primarily driven by external factors rather than changes in customer demand. This was the primary reason for the company's widening year-over-year operating loss in the first quarter.

本季度，全球企業服務分部中的廣告代理業務收入受到部分海外廣告平台政策變動的影響。我們認為該收入下滑主要由外部因素驅動，而非客戶需求的變化。這也是公司第一季度經營虧損同比擴大的主要原因。

Our Internet services business continues to provide important profit and cash flow support for the company. In the first quarter of 2026, our Internet service business generated approximately RMB15 million in adjusted operating profit in 2026.

我們的網際網路服務業務持續為公司提供重要的利潤與現金流支持。2026 年第一季度，我們的網際網路服務業務在 2026 年產生約人民幣 1,500 萬元的經調整經營利潤。

(technical difficulty)

（技術故障）

Excuse me, there has been an interruption. Just one moment, please.

不好意思，通話中斷了。請稍等片刻。

(technical difficulty) profit and cash, while agency revenue was hit by policy changes, which impacts our financial results in the near term due to a stronger base for growth. Moreover, our USD186 million that also supports our AI agents and robotics. Thank you.

（技術故障）利潤與現金，而代理收入受到政策變動衝擊，因成長基礎更強，短期內將影響我們的財務結果。此外，我們的 1.86 億美元也為我們的 AI 代理與機器人提供支持。謝謝。

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

謝謝，傅盛。各位好，感謝大家參加。除非另有說明，所有財務數據均以人民幣呈列。

During the first quarter of 2026, we continue focusing on operating discipline, improving revenue quality and maintaining financial flexibility as we invest in AI and robotics initiatives. Total revenue remained relatively stable year over year at RMB259 million during the quarter, while Internet service revenue declined due to continued weakness in online advertising. The quality of our revenue mix continued improving.

在2026年第一季，我們持續聚焦於營運紀律、提升營收品質並在投資AI與機器人計畫的同時維持財務彈性。本季總營收為人民幣2.59億元，與去年同期相比維持相對穩定；而由於線上廣告持續疲弱，網際網路服務營收有所下滑。我們的營收組合品質持續改善。

Within the Internet Services segment, revenue from Internet value-added services continue to grow steadily and 8.2% year over year, contributing 72.8% of segment revenue. Given a larger portion of Internet value-added services, our Internet service revenue is becoming increasingly predictable. More importantly, the Internet service business remained profitable and continue generating stable cash, which provides an important financial foundation for our long-term AI and robotics investment.

在網際網路服務分部內，網際網路增值服務收入持續穩健成長，年增8.2%，並貢獻該分部收入的72.8%。隨著網際網路增值服務占比提高，我們的網際網路服務營收正變得愈加可預測。更重要的是，網際網路服務業務於本季仍維持獲利並持續產生穩定現金流，為我們長期AI與機器人投資提供重要的財務基礎。

Turning to our Robotics and Other segments. Starting from this quarter, we began recording the Robotics and Others business as a separate segment to present the operating progress of this business. Historical results previously reported on AI and Others are now presented as Robotics and Others as well as Global Enterprise Services.

接著談我們的機器人及其他分部。自本季起，我們開始將機器人及其他業務作為獨立分部列示，以呈現該業務的營運進展。過去在AI及其他項下揭露的歷史結果，現改以機器人及其他以及全球企業服務呈列。

During the first quarter, revenue from Robotics and Others increased significantly year over year with revenue increasing 175.9% year over year to RMB51.2 million, accounting for 19.8% of total revenue. Adjusted operating loss from this segment narrowed by 57.1% year over year, reflecting continued improvement in operating efficiency and commercial execution.

本季，機器人及其他分部收入年增顯著，收入年增175.9%至人民幣5,120萬元，占總營收的19.8%。該分部的調整後營業虧損年減57.1%，反映營運效率與商業執行力持續改善。

Turning to Global Enterprise Services. This business remains strategically important to the company. In addition to profitability contribution, it provides us with valuable enterprise customer relationships, overseas operating experience and real-world deployment scenarios for AI-related services.

接著談全球企業服務。此業務對公司仍具策略性重要性。除對獲利有所貢獻外，也為我們帶來寶貴的企業客戶關係、海外營運經驗，以及AI相關服務的實際部署情境。

During the quarter, revenue from the advertising agency business was affected by policy changes from overseas advertising platforms, which impacted year-over-year segment revenue performance. However, revenue from our cloud and AI infrastructure services business increased by 68.3%, supported by increasing advertise demand for AI-related cloud and the token management services.

本季，廣告代理業務收入受到海外廣告平台政策變動影響，進而影響分部收入的年對年表現。然而，在AI相關雲端廣告需求與代幣管理服務需求增加的支持下，我們的雲端與AI基礎設施服務業務收入成長68.3%。

Moving to profitability. Operating loss was RMB28.3 million during the quarter compared with RMB26.5 million in the same period last year. The increase mainly reflected lower profitability from the Internet and Global Enterprise Services business following revenue declines in Online Advertising and Advertising Agency Services as well as our continued investments in AI and Robotic initiatives.

接著談獲利能力。本季營業虧損為人民幣2,830萬元，去年同期為人民幣2,650萬元。虧損增加主要反映：由於線上廣告與廣告代理服務收入下滑，網際網路及全球企業服務業務的獲利能力降低，以及我們持續投入AI與機器人計畫。

More importantly, the Internet service and Global Enterprise Services business remained profitable during the quarter. The Internet service business generated approximately RMB15.2 million in adjusted operating profit, while our Global Enterprise Services generated approximately RMB13.8 million in adjusted operating profit.

更重要的是，網際網路服務與全球企業服務業務於本季仍維持獲利。網際網路服務業務產生約人民幣1,520萬元的調整後營業利益，而全球企業服務則產生約人民幣1,380萬元的調整後營業利益。

We also maintained a strong balance sheet. As of March 31, 2026, we had approximately USD186 million in cash and cash equivalents as well as over USD100 million in long-term investments. We believe our financial position provides sufficient flexibility to continue investing in AI and robotics with a disciplined and sustainable approach.

我們也維持強健的資產負債表。截至2026年3月31日，我們持有約1.86億美元的現金及約當現金，以及超過1億美元的長期投資。我們相信，我們的財務狀況提供足夠彈性，使我們能以有紀律且可持續的方式持續投資AI與機器人。

Looking ahead, our financial priorities remain consistent: A, maintaining operating discipline; B, improving revenue quality and operating efficiency; C, supporting long-term investments while preserving financial flexibility. Overall, we believe the company continues moving toward a more sustainable and balanced operating structure as our AI and Robotics businesses gradually scale.

展望未來，我們的財務優先事項維持一致：A，維持營運紀律；B，提升營收品質與營運效率；C，在保留財務彈性的同時支持長期投資。整體而言，隨著AI與機器人業務逐步擴大規模，我們相信公司正持續朝向更可持續且更均衡的營運結構邁進。

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。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（接線員指示）

Thomas Chong, Jefferies.

Thomas Chong，Jefferies。

(spoken in Chinese)

（中文發言）

(spoken in Chinese)

（中文發言）

Lydia Lin, Morgan Stanley.

Lydia Lin，Morgan Stanley。

(spoken in Chinese)

（中文發言）

(spoken in Chinese)

（中文發言）

Vicki Wei, Citi Securities.

Vicki Wei，Citi Securities。

(spoken in Chinese)

（中文發言）

(spoken in Chinese)

（中文發言）

Nancy Lu, JPMorgan.

Nancy Lu，JPMorgan。

(spoken in Chinese)

（中文發言）

(spoken in Chinese)

（中文發言）

Gigi Zhao, GF Securities.

Gigi Zhao，GF Securities。

(spoken in Chinese)

（中文發言）

(spoken in Chinese)

（中文發言）

(inaudible)

（聽不清）

(spoken in Chinese)

（中文發言）

(spoken in Chinese)

（中文發言）

Qiong Yang, Guoyuan Securities.

Qiong Yang，Guoyuan Securities。

(spoken in Chinese)

（中文發言）

(spoken in Chinese)

（中文發言）

Operator, please check if there are any further questions. If not, we can end this call.

接線員，請確認是否還有其他問題。若沒有，我們可以結束本次電話會議。

Thank you. Seeing there are no further questions, this concludes both our question-and-answer session and today's conference. Thank you for attending today's presentation. You may now disconnect.

謝謝。看來沒有其他問題，本次問答環節及今天的會議到此結束。感謝各位參加今天的簡報。您現在可以掛線。

Thank you. Bye-bye.

謝謝。再見。

Thank you.

謝謝。

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逐字稿指引，僅轉錄英文片段，所有非英文發言均已省略。本檔案已完成審閱，以確保僅含英文內容之準確性與一致性。