BEIJING, Nov. 26, 2025 /PRNewswire/ — Cheetah Mobile Inc. (NYSE: CMCM) (“Cheetah Mobile” or the “Company”), a China-based IT company, today announced its unaudited consolidated financial results for the quarter ended September 30, 2025.
Management Commentary
Mr. Sheng Fu, Cheetah Mobile’s Chairman and Chief Executive Officer, remarked, “We are pleased to see continued momentum in our turnaround journey. In the third quarter of 2025, we delivered our first quarterly operating profit in six years—reaching this milestone ahead of expectations. Total revenue grew 49.6% year over year, with the AI and others segment increasing 150.8% and contributing half of total revenue, reflecting the emergence of our next growth engine. Within the AI and others segment, our AI robot business continued to perform well, supported by solid demand for our voice-enabled wheel robots and robotic arms. In parallel, we are developing AI-native tools across PC and mobile, while enhancing existing products with new AI features. Looking ahead, we remain focused on driving growth by building new growth engines through continued investment in AI robots and AI tools.”
Mr. Thomas Ren, Chief Financial Officer of Cheetah Mobile, commented: “Our consistent improvement on bottom-line reflects our disciplined execution and operational improvements. Operating profit was about RMB3.9 million, increasing from an operating loss of RMB72.0 million in the year ago quarter and an operating loss of RMB11.1 million in the previous quarter. Non-GAAP operating profit reached RMB15.1 million, compared with a non-GAAP operating loss of RMB60.5 million in the same period last year and RMB2.1 million in Q2. Our Internet business segment generated RMB68.2 million in adjusted operating profit in the first nine months of 2025, exceeding full-year 2024 levels and growing 86.2% year over year. Meanwhile, adjusted operating loss in our AI and others segment narrowed meaningfully in this quarter. In addition, our balance sheet remains healthy.“
Third Quarter 2025 Financial Highlight
Total revenues grew by 49.6% year-over-year to RMB287.4 million (US$40.4 million) in the third quarter of 2025, driven by the 150.8% year-over-year increase in AI and others revenues, which already accounted for 50.4% of Cheetah Mobile’s third quarter revenues, up from 30.1% in the same period last year.
Gross profit increased by 64.4% year-over-year to RMB214.4 million (US$30.1 million) in the third quarter of 2025. Non-GAAP gross profit rose by 64.3% year-over-year to RMB214.4 million (US$30.1 million) in the third quarter of 2025. Gross margin was 74.6% in the third quarter of 2025, up from 67.9% in the year-ago quarter. Non-GAAP gross margin was 74.6% in the third quarter of 2025, up from 67.9% in the year-ago quarter.
Operating profit was RMB3.9 million (US$0.6 million) in the third quarter of 2025, improving from operating loss of RMB72.0 million in the same period last year. Non-GAAP operating profit was RMB15.1 million (US$2.1 million) in the third quarter of 2025, improving from non-GAAP operating loss of RMB60.5 million in the same period last year.
Net loss attributable to Cheetah Mobile Shareholders was RMB11.0 million (US$1.5 million) in the third quarter of 2025, improving from net loss attributable to Cheetah Mobile Shareholders of RMB 46.9 million in the year ago quarter. Non-GAAP net income attributable to Cheetah Mobile Shareholders was RMB0.2 million (US$0.03 million) in the third quarter of 2025, improving from non-GAAP net loss attributable to Cheetah Mobile Shareholders of RMB35.4 million in the same period last year.
As of September 30, 2025, the Company had cash and cash equivalents of RMB1,597.3 million (US$224.4 million), ensuring strong liquidity.
As of September 30, 2025, the Company had long-term investments of RMB761.4 million (US$107.0 million).
Conference Call Information
The Company will hold a conference call on November 26, 2025, at 6:00 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: 4896015
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: 4165222
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 RMB7.1190 to US$1.00, the exchange rate in effect as of September 30, 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 attracted hundreds of millions of users through an array of internet products and services on PCs and mobile devices. At the same time, it actively engages in the independent research and development of AI technologies, including LLM technologies. 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 AI service robots and robotic arms to international clients. Cheetah Mobile is also committed to leveraging its cutting-edge AI technologies, including LLM technologies, to empower its products and make the world smarter. It 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 and impairment of goodwill 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 and 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 and impairment of goodwill resulting from business acquisitions;
Non-GAAP net income/loss attributable to Cheetah Mobile shareholders excludes share-based compensation expenses, amortization of intangible assets and impairment of goodwill resulting from business acquisitions;
Non-GAAP diluted earnings/losses per ADS excludes share-based compensation expenses, amortization of intangible assets and impairment of goodwill 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 and impairment of goodwill 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
CHEETAH MOBILE INC.
Condensed Consolidated Balance Sheets
(Unaudited, amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))
As of
December 31, 2024
September 30, 2025
RMB
RMB
USD
ASSETS
Current assets:
Cash and cash equivalents
1,833,031
1,597,311
224,373
Short-term investments
335
863
121
Accounts receivable, net
473,619
443,459
62,292
Prepayments and other current assets, net
1,365,761
1,115,204
156,653
Due from related parties, net
106,934
126,801
17,812
Total current assets
3,779,680
3,283,638
461,251
Non-current assets:
Property and equipment, net
51,564
40,797
5,731
Operating lease right-of-use assets
26,323
19,067
2,678
Intangible assets, net
190,665
205,660
28,889
Goodwill
424,099
460,034
64,621
Long-term investments
817,330
761,408
106,954
Deferred tax assets
128,581
119,725
16,818
Other non-current assets
86,059
90,317
12,687
Total non-current assets
1,724,621
1,697,008
238,378
Total assets
5,504,301
4,980,646
699,629
LIABILITIES, MEZZANINE EQUITY
AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable
219,566
207,356
29,127
Accrued expenses and other current liabilities
2,756,805
2,309,513
324,415
Due to related parties
69,606
18,011
2,530
Income tax payable
35,804
50,748
7,129
Total current liabilities
3,081,781
2,585,628
363,201
Non-current liabilities:
Deferred tax liabilities
43,046
44,635
6,270
Other non-current liabilities
172,348
165,010
23,179
Total non-current liabilities
215,394
209,645
29,449
Total liabilities
3,297,175
2,795,273
392,650
Mezzanine equity:
Redeemable noncontrolling interests
189,725
196,191
27,559
Shareholders’ equity:
Ordinary shares
248
254
36
Additional paid-in capital
2,722,504
2,724,880
382,762
Accumulated deficit
(1,232,577)
(1,299,551)
(182,547)
Accumulated other comprehensive income
410,423
391,343
54,972
Total Cheetah Mobile Inc. shareholders’
equity
1,900,598
1,816,926
255,223
Noncontrolling interests
116,803
172,256
24,197
Total shareholders’ equity
2,017,401
1,989,182
279,420
Total liabilities, mezzanine equity and
shareholders’ equity
5,504,301
4,980,646
699,629
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 Nine Months Ended
September 30,
2024
September 30,
2025
September 30,
2025
September 30,
2024
September 30,
2025
September 30,
2025
RMB
RMB
USD
RMB
RMB
USD
Revenues
192,083
287,369
40,367
569,788
841,593
118,217
Internet business
134,287
142,407
20,004
357,036
459,385
64,529
AI and others
57,796
144,962
20,363
212,752
382,208
53,688
Cost of revenues (a)
(61,714)
(73,005)
(10,255)
(197,365)
(212,936)
(29,911)
Gross profit
130,369
214,364
30,112
372,423
628,657
88,306
Operating income and expenses:
Research and development (a)
(66,269)
(67,962)
(9,547)
(177,885)
(196,289)
(27,573)
Selling and marketing (a)
(89,038)
(82,806)
(11,632)
(237,570)
(290,078)
(40,747)
General and administrative (a)
(47,349)
(60,170)
(8,452)
(188,104)
(179,421)
(25,203)
Other operating income, net
278
506
71
1,014
3,465
487
Total operating income and expenses
(202,378)
(210,432)
(29,560)
(602,545)
(662,323)
(93,036)
Operating (loss)/income
(72,009)
3,932
552
(230,122)
(33,666)
(4,730)
Other income/(expenses):
Interest income, net
9,471
9,560
1,343
34,560
25,145
3,532
Foreign exchange gains
21,351
8,628
1,212
10,510
16,627
2,336
Other income/(expense), net
1,738
(12,318)
(1,730)
(57,469)
(34,171)
(4,800)
(Loss)/income before income taxes
(39,449)
9,802
1,377
(242,521)
(26,065)
(3,662)
Income tax (expenses)/benefits
(2,387)
(13,506)
(1,897)
3,806
(22,191)
(3,117)
Net loss
(41,836)
(3,704)
(520)
(238,715)
(48,256)
(6,779)
Less: net income attributable to noncontrolling
interests
5,061
7,270
1,021
12,058
18,718
2,629
Net loss attributable to Cheetah Mobile
shareholders
(46,897)
(10,974)
(1,541)
(250,773)
(66,974)
(9,408)
Net loss per share
Basic
(0.0323)
(0.0085)
(0.0012)
(0.1711)
(0.0480)
(0.0067)
Diluted
(0.0323)
(0.0086)
(0.0012)
(0.1711)
(0.0483)
(0.0067)
Net loss per ADS
Basic
(1.6150)
(0.4236)
(0.0600)
(8.5542)
(2.4019)
(0.3350)
Diluted
(1.6150)
(0.4296)
(0.0600)
(8.5569)
(2.4130)
(0.3350)
Weighted average number of shares
outstanding
Basic
1,509,057,830
1,548,248,444
1,548,248,444
1,499,799,151
1,527,699,928
1,527,699,928
Diluted
1,509,057,830
1,548,248,444
1,548,248,444
1,499,799,151
1,527,699,928
1,527,699,928
Weighted average number of ADSs
outstanding
Basic
30,181,157
30,964,969
30,964,969
29,995,983
30,553,999
30,553,999
Diluted
30,181,157
30,964,969
30,964,969
29,995,983
30,553,999
30,553,999
Other comprehensive income/(loss) , net of tax
of nil
Foreign currency translation adjustments
(32,036)
(16,996)
(2,387)
(2,622)
(24,911)
(3,499)
Unrealized gains/(losses) on available-for-sale
securities, net
2,799
3,814
536
(4,635)
6,662
936
Other comprehensive loss
(29,237)
(13,182)
(1,851)
(7,257)
(18,249)
(2,563)
Total comprehensive loss
(71,073)
(16,886)
(2,371)
(245,972)
(66,505)
(9,342)
Less: Total comprehensive income attributable
to noncontrolling interests
7,346
5,774
811
11,890
19,549
2,746
Total comprehensive loss attributable to
Cheetah Mobile shareholders
(78,419)
(22,660)
(3,182)
(257,862)
(86,054)
(12,088)
For The Three Months Ended
For The Nine Months Ended
September 30,
2024
September 30,
2025
September 30,
2025
September 30,
2024
September 30,
2025
September 30,
2025
(a) Share-based compensation expenses
RMB
RMB
USD
RMB
RMB
USD
Cost of revenues
92
4
1
541
14
2
Research and development
236
(172)
(24)
644
186
26
Selling and marketing
(277)
183
26
(167)
483
68
General and administrative
4,863
2,714
381
19,939
9,991
1,403
Total
4,914
2,729
384
20,957
10,674
1,499
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 September 30, 2025
For The Nine Months Ended September 30, 2025
GAAP
Share-based
Amortization
of
Non-GAAP
GAAP
Share-based
Amortization
of
Non-GAAP
Result
Compensation
intangible
assets*
Result
Result
Compensation
intangible
assets*
Result
RMB
RMB
RMB
RMB
USD
RMB
RMB
RMB
RMB
USD
Revenues
287,369
–
–
287,369
40,367
841,593
–
–
841,593
118,217
Cost of revenues
(73,005)
4
–
(73,001)
(10,254)
(212,936)
14
–
(212,922)
(29,909)
Gross profit
214,364
4
–
214,368
30,113
628,657
14
–
628,671
88,308
Research and development
(67,962)
(172)
6,388
(61,746)
(8,674)
(196,289)
186
18,700
(177,403)
(24,920)
Selling and marketing
(82,806)
183
2,070
(80,553)
(11,315)
(290,078)
483
3,008
(286,587)
(40,257)
General and administrative
(60,170)
2,714
–
(57,456)
(8,071)
(179,421)
9,991
–
(169,430)
(23,800)
Other operating income, net
506
–
–
506
71
3,465
–
–
3,465
487
Total operating income and expenses
(210,432)
2,725
8,458
(199,249)
(27,989)
(662,323)
10,660
21,708
(629,955)
(88,490)
Operating income/(loss)
3,932
2,729
8,458
15,119
2,124
(33,666)
10,674
21,708
(1,284)
(182)
Net (loss)/income attributable to Cheetah Mobile
shareholders
(10,974)
2,729
8,458
213
31
(66,974)
10,674
21,708
(34,592)
(4,860)
Diluted losses per ordinary share (RMB)
(0.0086)
0.0018
0.0054
(0.0014)
(0.0483)
0.0070
0.0141
(0.0272)
Diluted losses per ADS (RMB)
(0.4296)
0.0900
0.2696
(0.0700)
(2.4130)
0.3500
0.7030
(1.3600)
Diluted losses per ADS (USD)
(0.0600)
0.0126
0.0376
(0.0098)
(0.3350)
0.0492
0.0948
(0.1910)
For The Three Months Ended September 30, 2024
For The Nine Months Ended September 30, 2024
GAAP
Share-based
Amortization of
Non-GAAP
GAAP
Share-based
Amortization of
Non-GAAP
Result
Compensation
intangible
assets*
Result
Result
Compensation
intangible
assets*
Result
RMB
RMB
RMB
RMB
RMB
RMB
RMB
RMB
Revenues
192,083
–
–
192,083
569,788
–
–
569,788
Cost of revenues
(61,714)
92
–
(61,622)
(197,365)
541
–
(196,824)
Gross profit
130,369
92
–
130,461
372,423
541
–
372,964
Research and development
(66,269)
236
6,156
(59,877)
(177,885)
644
18,468
(158,773)
Selling and marketing
(89,038)
(277)
469
(88,846)
(237,570)
(167)
1,407
(236,330)
General and administrative
(47,349)
4,863
–
(42,486)
(188,104)
19,939
–
(168,165)
Other operating income, net
278
–
–
278
1,014
–
–
1,014
Total operating income and expenses
(202,378)
4,822
6,625
(190,931)
(602,545)
20,416
19,875
(562,254)
Operating loss
(72,009)
4,914
6,625
(60,470)
(230,122)
20,957
19,875
(189,290)
Net loss attributable to Cheetah Mobile shareholders
(46,897)
4,914
6,625
(35,358)
(250,773)
20,957
19,875
(209,941)
Diluted losses per ordinary share (RMB)
(0.0323)
0.0033
0.0044
(0.0246)
(0.1711)
0.0140
0.0132
(0.1439)
Diluted losses per ADS (RMB)
(1.6150)
0.1650
0.2200
(1.2300)
(8.5569)
0.7000
0.6619
(7.1950)
* This represents amortization of intangible assets resulting from business acquisitions.
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 September 30, 2025
For The Nine Months Ended September 30, 2025
Internet
Business
AI and
others
Consolidated
Internet
Business
AI and
others
Consolidated
RMB
RMB
RMB
USD
RMB
RMB
RMB
USD
Revenues
142,407
144,962
287,369
40,367
459,385
382,208
841,593
118,217
Operating Costs and expenses
Cost of revenues(i)
25,999
47,002
73,001
10,254
75,306
137,616
212,922
29,909
Selling and marketing(i)
45,371
37,252
82,623
11,606
174,986
114,609
289,595
40,679
Research and development(i)
33,441
34,693
68,134
9,571
99,693
96,410
196,103
27,547
Other segment items(i)
16,252
40,698
56,950
8,000
41,199
124,766
165,965
23,313
Adjusted operating income/(loss)
21,344
(14,683)
6,661
936
68,201
(91,193)
(22,992)
(3,231)
Unallocated amounts-share based
compensations
(2,729)
(384)
(10,674)
(1,499)
Operating income/(loss)
3,932
552
(33,666)
(4,730)
Reconciliation of segment profit/(loss)
Interest income, net
9,560
1,343
25,145
3,532
Foreign exchange gains, net
8,628
1,212
16,627
2,336
Other expense , net
(12,318)
(1,730)
(34,171)
(4,800)
Income/(loss) before income taxes
9,802
1,377
(26,065)
(3,662)
For The Three Months Ended September 30, 2024
For The Nine Months Ended September 30, 2024
Internet
Business
AI and others
Consolidated
Internet
Business
AI and others
Consolidated
RMB
RMB
RMB
RMB
RMB
RMB
Revenues
134,287
57,796
192,083
357,036
212,752
569,788
Operating Costs and expenses
Cost of revenues(i)
19,687
41,935
61,622
58,638
138,186
196,824
Selling and marketing(i)
53,113
36,202
89,315
130,702
107,035
237,737
Research and development(i)
32,594
33,439
66,033
84,825
92,416
177,241
Other segment items(i)
15,088
27,120
42,208
46,245
120,906
167,151
Adjusted operating income/(losses)
13,805
(80,900)
(67,095)
36,626
(245,791)
(209,165)
Unallocated amounts-share based
compensations
(4,914)
(20,957)
Operating loss
(72,009)
(230,122)
Reconciliation of segment profit/(loss)
Interest income, net
9,471
34,560
Foreign exchange gains, net
21,351
10,510
Other income/(expense), net
1,738
(57,469)
Loss before income taxes
(39,449)
(242,521)
(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.
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 Nine Months Ended
September 30,
2024
September 30,
2025
September 30,
2025
September 30,
2024
September 30,
2025
September 30,
2025
RMB
RMB
USD
RMB
RMB
USD
Net loss attributable to Cheetah Mobile
shareholders
(46,897)
(10,974)
(1,541)
(250,773)
(66,974)
(9,408)
Add:
Income tax expenses/(benefits)
2,387
13,506
1,897
(3,806)
22,191
3,117
Interest income, net
(9,471)
(9,560)
(1,343)
(34,560)
(25,145)
(3,532)
Depreciation and other amortization
12,205
12,270
1,724
36,834
32,809
4,609
Net income attributable to noncontrolling
interests
5,061
7,270
1,021
12,058
18,718
2,629
Other (income)/ expense, net
(23,089)
3,690
518
46,959
17,544
2,464
Share-based compensation
4,914
2,729
384
20,957
10,674
1,499
Adjusted EBITDA
(54,890)
18,931
2,660
(172,331)
9,817
1,378