Cheetah Mobile (NYSE: CMCM) turns non-GAAP profit on 2025 AI growth

Rhea-AI Filing Summary

Cheetah Mobile reported strong 2025 growth with total revenue rising 42.6% to RMB 1,150.4 million (US$164.5 million). The AI and Others segment grew 84.7% to RMB 535.2 million and made up 46.5% of revenue, showing the shift toward newer businesses.

Gross profit climbed 53.0% to RMB 834.0 million and gross margin improved to 72.5%. GAAP operating loss narrowed 59.0% to RMB 179.4 million, while non-GAAP operating profit reached RMB 14.2 million, reversing a large non-GAAP loss in 2024. Net loss attributable to shareholders shrank to RMB 257.7 million.

In the Internet business, adjusted operating profit was about RMB 114.9 million, up 82.8%. The AI and Others segment still posted an adjusted operating loss of roughly RMB 274.5 million, but this loss was reduced by 42.1%. Cash and cash equivalents were RMB 1,506.6 million (US$215.4 million) at year-end.

Positive

• Strong top-line growth and margin expansion: 2025 revenue rose 42.6% to RMB 1,150.4 million, gross profit increased 53.0% to RMB 834.0 million, and gross margin improved to 72.5%, indicating better profitability on each unit of revenue.
• Transition toward profitability on an adjusted basis: GAAP operating loss narrowed 59.0% to RMB 179.4 million, while non-GAAP operating profit reached RMB 14.2 million and adjusted EBITDA improved from a RMB 206.8 million loss in 2024 to a RMB 29.2 million gain in 2025.

Negative

• Continued GAAP losses and investment drag from AI: Net loss attributable to shareholders remained sizable at RMB 257.7 million in 2025, and the AI and Others segment still recorded an adjusted operating loss of about RMB 274.5 million despite narrowing year over year.

Insights

Equity research analyst

High-growth year with clear margin recovery and early-stage AI investments still weighing on GAAP earnings.

Cheetah Mobile delivered a notable turnaround in 2025. Revenue rose 42.6% to RMB 1,150.4 million, led by the AI and Others segment growing 84.7% to RMB 535.2 million, nearly half of total sales. Gross margin expanded to 72.5%, indicating healthier unit economics.

Operating metrics improved sharply: GAAP operating loss fell 59.0% to RMB 179.4 million, while non-GAAP operating profit reached RMB 14.2 million after a prior-year non-GAAP loss. Adjusted EBITDA swung from a RMB 206.8 million loss in 2024 to a RMB 29.2 million gain in 2025, showing better cost control and operating leverage.

The Internet business generated adjusted operating profit of about RMB 114.9 million, up 82.8%, acting as a cash engine. The AI and Others segment still lost roughly RMB 274.5 million on an adjusted basis, though losses narrowed by 42.1%. Cash and cash equivalents of RMB 1,506.6 million on December 31, 2025 provide room to keep funding AI and robotics while management focuses on further narrowing GAAP losses.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of March 2026

Commission File Number: 001-36427

CHEETAH MOBILE INC.

Building No. 11

Wandong Science and Technology Cultural Innovation Park

No.7 Sanjianfangnanli, Chaoyang District

Beijing 100024

People’s Republic of China

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  Form 40-F 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

CHEETAH MOBILE INC.
By:	/s/ Thomas Jintao Ren
Name:	Thomas Jintao Ren
Title:	Chief Financial Officer

Date: March 24, 2026

Exhibit Index

Exhibit 99.1 — Cheetah Mobile Announces Fourth Quarter and Fiscal Year 2025 Unaudited Consolidated Financial Results

Exhibit 99.1

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.

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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

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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;

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•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

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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

FAQ

How did Cheetah Mobile (CMCM) perform financially in full-year 2025?

Cheetah Mobile grew total revenue 42.6% to RMB 1,150.4 million (US$164.5 million) in 2025. Gross profit rose 53.0% to RMB 834.0 million and gross margin improved to 72.5%, while net loss attributable to shareholders narrowed to RMB 257.7 million.

What drove Cheetah Mobile’s AI and Others segment growth in 2025?

The AI and Others segment’s revenue increased 84.7% to RMB 535.2 million (US$76.5 million) in 2025, making up 46.5% of total revenue. Management highlighted strong momentum in robotics and AI agent products as key contributors, even though this segment still posted an adjusted operating loss.

Did Cheetah Mobile achieve profitability on a non-GAAP basis in 2025?

Yes. In 2025 Cheetah Mobile reported non-GAAP operating profit of RMB 14.2 million (US$2.0 million), compared with a non-GAAP operating loss of RMB 231.8 million in 2024. Adjusted EBITDA also improved to RMB 29.2 million from a RMB 206.8 million loss.

How did Cheetah Mobile’s Internet business segment perform in 2025?

The Internet business generated revenue of RMB 615.3 million (US$88.0 million), up 19.0% year over year in 2025. Adjusted operating profit from this segment reached about RMB 114.9 million, an 82.8% increase, underscoring its role as a stable profit and cash contributor.

What were Cheetah Mobile’s key fourth quarter 2025 results?

In Q4 2025, Cheetah Mobile’s revenue rose 30.3% year over year to RMB 308.9 million (US$44.2 million). The company delivered non-GAAP operating profit of RMB 15.5 million, while the AI and Others segment accounted for 49.5% of quarterly revenue with 98.8% year-over-year growth.

What is Cheetah Mobile’s cash position as of December 31, 2025?

As of December 31, 2025, Cheetah Mobile held RMB 1,506.6 million (US$215.4 million) in cash and cash equivalents. This balance supports ongoing investment in AI, robotics, and internet services while the company works to further reduce GAAP operating and net losses.

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