Cheetah Mobile Q2 revenue falls, loss widens

Cheetah Mobile shifts further toward AI and robotics growth, but Q2 2026 losses deepen amid a sharp decline in advertising agency services.

Rhea-AI Filing Summary

Cheetah Mobile Inc. (CMCM) reported Q2 2026 revenue of RMB266.1 million, down 9.9% year over year but up 2.7% sequentially, while remaining loss-making. Revenue mix continued to shift toward AI-driven businesses: services of cloud and AI infrastructure rose 83.1% year over year and 26.2% quarter over quarter to RMB59.1 million, reaching 22.2% of total revenue, and Robotics and others grew 72.5% year over year to RMB54.5 million, or 20.5% of revenue. Internet value-added services revenue increased 6.7% year over year to RMB101.2 million, but advertising agency services collapsed 70.0% year over year to RMB22.0 million, driving segment profit pressure. Operating loss widened to RMB33.6 million and non-GAAP operating loss to RMB25.6 million; net loss attributable to shareholders was RMB94.9 million. Adjusted operating profit in Internet Services improved to RMB25.4 million with a 19.4% margin, while Global Enterprise Services and Robotics and others posted weaker profitability. The company ended June 30, 2026 with RMB1,271.0 million in cash and cash equivalents. Cheetah Mobile also raised its effective stake in Beijing OrionStar slightly, via a RMB90.8 million acquisition of remaining interests in an investment partnership, and agreed to sell a 36.0% stake in a gaming-related company for approximately US$41.3 million in cash.

Positive

• AI infrastructure and robotics revenues grew strongly, with services of cloud and AI infrastructure up 83.1% year over year and Robotics and others up 72.5%, increasing their combined share of total revenue.
• Internet Services profitability improved, as adjusted operating profit in the segment reached RMB25.4 million with a 19.4% margin, up from 14.1% a year earlier.
• Liquidity remains strong with RMB1,271.0 million (US$187.3 million) in cash and cash equivalents as of June 30, 2026.
• Portfolio moves may unlock value, including a RMB90.8 million acquisition to consolidate control over an OrionStar investment vehicle and an agreement to sell a 36.0% gaming-related stake for about US$41.3 million.

Negative

• Total revenue declined 9.9% year over year to RMB266.1 million, reflecting weakness in legacy businesses despite growth in AI-related lines.
• Profitability deteriorated substantially, with operating loss widening to RMB33.6 million versus RMB11.1 million a year earlier and net loss attributable to shareholders reaching RMB94.9 million.
• Adjusted EBITDA turned more negative, falling from RMB2.1 million in Q2 2025 to a loss of RMB20.9 million in Q2 2026.
• Advertising agency services revenue plunged 70.0% year over year to RMB22.0 million, significantly reducing Global Enterprise Services profitability.

Filing Explained

Beijing OrionStar ownership is now 75.83%; the gaming-investment sale remains subject to closing conditions.

The company completed its August acquisition of the remaining interests in Orion Partnership, raising its aggregate interest in Beijing OrionStar from 73.95% to 75.83% for approximately RMB90.8 million.

Wholly owned subsidiaries now hold 100% of Orion Partnership, which directly owns the Beijing OrionStar interest; the disclosed consequence is greater company ownership of that operating investment.

Separately, the company agreed on September 11, 2026 to sell its 36.0% gaming-related investment, but the closing is expected later in September and remains subject to customary conditions, so the disposal is not yet completed.

Key Figures

Total revenues: RMB266.1 million Operating loss: RMB33.6 million Net loss attributable to shareholders: RMB94.9 million +5 more

8 metrics

Total revenues RMB266.1 million Quarter ended June 30, 2026; -9.9% year over year, +2.7% quarter over quarter

Operating loss RMB33.6 million Quarter ended June 30, 2026; versus RMB11.1 million a year earlier

Net loss attributable to shareholders RMB94.9 million Quarter ended June 30, 2026; versus RMB22.6 million in Q2 2025

Cash and cash equivalents RMB1,271.0 million (US$187.3 million) Balance as of June 30, 2026

Cloud and AI infrastructure services revenue RMB59.1 million Q2 2026; up 83.1% year over year and 26.2% quarter over quarter

Robotics and others revenue RMB54.5 million Q2 2026; up 72.5% year over year and 6.4% quarter over quarter

Advertising agency services revenue RMB22.0 million Q2 2026; down 70.0% year over year and 15.0% quarter over quarter

Adjusted EBITDA RMB-20.955 million Quarter ended June 30, 2026; versus RMB2.055 million in Q2 2025

Key Terms

Global Enterprise Services, Internet value-added services, Adjusted EBITDA, non-GAAP operating loss, +1 more

5 terms

Global Enterprise Services financial

"In the Global Enterprise Services segment, revenues from services of cloud and AI infrastructure"

Internet value-added services financial

"Internet value-added services revenue, which is included in the Internet Services segment"

Adjusted EBITDA financial

"Reconciliation from Net Loss Attributable to Cheetah Mobile Shareholders to Adjusted EBITDA"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

non-GAAP operating loss financial

"Non-GAAP operating loss was RMB25.6 million, compared with RMB2.1 million"

Non-GAAP operating loss is a company's reported operating loss after management removes certain items they consider unusual, one-time, or not part of regular business (for example, restructuring charges, stock-based compensation, or asset write-downs). Investors care because it reflects management’s view of the business’s ongoing operating performance—like looking at a car’s speed after smoothing out bumps—but it can be shaped differently by each company and so is less standardized than GAAP figures.

gross billings financial

"Gross billings from services of cloud and AI infrastructure exceeded RMB500 million"

Gross Billings is the total amount of money a company earns from selling its products or services before any expenses or discounts are taken out. It shows how much business the company is doing overall and helps investors understand its growth or size. Think of it as the total sales receipt before deducting costs or returns.

Earnings Snapshot

Total revenues: RMB266.1 million

Quarter ended June 30, 2026

Total revenues RMB266.1 million -9.9% year over year; +2.7% quarter over quarter

Operating loss RMB33.6 million Widened from RMB11.1 million in Q2 2025 and RMB28.3 million in Q1 2026

Non-GAAP operating loss RMB25.6 million Widened from RMB2.1 million in Q2 2025 and RMB22.5 million in Q1 2026

Net loss attributable to shareholders RMB94.9 million More than quadrupled from RMB22.6 million in Q2 2025

Adjusted EBITDA RMB-20.955 million Declined from RMB2.055 million in Q2 2025

Cloud and AI infrastructure services revenue RMB59.1 million +83.1% year over year; +26.2% quarter over quarter

Robotics and others revenue RMB54.5 million +72.5% year over year; +6.4% quarter over quarter

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did Cheetah Mobile (CMCM) perform financially in Q2 2026?

Cheetah Mobile reported Q2 2026 revenue of RMB266.1 million, down 9.9% year over year but up 2.7% quarter over quarter, with an operating loss of RMB33.6 million and a net loss attributable to shareholders of RMB94.9 million.

What drove Cheetah Mobile’s revenue mix shift in Q2 2026?

Revenue shifted toward AI and robotics: cloud and AI infrastructure services revenue rose to RMB59.1 million, up 83.1% year over year, and Robotics and others revenue increased to RMB54.5 million, up 72.5% year over year.

How weak was Cheetah Mobile’s advertising agency services business in Q2 2026?

Advertising agency services revenue was RMB22.0 million in Q2 2026, a 70.0% year-over-year and 15.0% quarter-over-quarter decline, and its share of total revenue fell to 8.3% from 24.9% a year earlier.

What was Cheetah Mobile’s cash position at June 30, 2026?

As of June 30, 2026, Cheetah Mobile held RMB1,271.0 million (US$187.3 million) in cash and cash equivalents, providing financial flexibility for ongoing investment in AI and robotics initiatives.

What strategic transactions did Cheetah Mobile announce in this 6-K?

Cheetah Mobile acquired remaining interests in an OrionStar-related partnership for about RMB90.8 million, raising its equity interest in Beijing OrionStar to about 75.83%, and agreed to sell a 36.0% equity stake in a gaming-related company for approximately US$41.3 million.

How did Cheetah Mobile’s Internet Services segment perform in Q2 2026?

Internet Services revenue was RMB130.5 million, down 17.3% year over year, but internet value-added services within it rose 6.7% to RMB101.2 million. Adjusted operating profit for the segment reached RMB25.4 million with a 19.4% margin.

What was Cheetah Mobile’s Adjusted EBITDA in Q2 2026?

Adjusted EBITDA for Q2 2026 was negative RMB20.955 million, compared with positive RMB2.055 million in Q2 2025, reflecting weaker overall profitability despite growth in certain AI-related revenues.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/11/2026 - 06:56 AM Accepted by SEC EDGAR 09/11/2026 - 06:55 AM Learn about SEC filing dates

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 September 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 

Second quarter 2026 Unaudited Consolidated Financial Results

On September 11, 2026, Cheetah Mobile Inc. ("Cheetah Mobile" or the "Company") issued a press release announcing its unaudited consolidated financial results for the quarter ended June 30, 2026 and the press release is attached as Exhibit 99.1.

Recent Corporate Updates

Increase in Ownership Interest of Beijing OrionStar

In August 2026, Cheetah Mobile Inc. (the “Company”), through its wholly-owned subsidiaries, acquired the remaining partnership interests in Gongqingcheng Orion Industrial Investment Center (Limited Partnership) ("Orion Partnership"), comprising a 1% general partnership interest and a 49.5% limited partnership interest, for aggregate cash consideration of approximately RMB90.8 million. Prior to the transaction, the Company held a 49.5% limited partnership interest in Orion Partnership through a wholly-owned subsidiary. Following the completion of the transaction, the Company holds 100% of the partnership interests in Orion Partnership through its wholly-owned subsidiaries.

Orion Partnership directly holds an equity interest in Beijing OrionStar Technology Co., Ltd. ("Beijing OrionStar"). Following the Company’s acquisition of the remaining partnership interests in Orion Partnership, the Company's aggregate equity interest in Beijing OrionStar increased from approximately 73.95% to approximately 75.83%.

Disposal of an Equity Investment

On September 11, 2026, the Company entered into a share repurchase agreement to dispose of its entire 36.0% equity interest in a company that mainly engages in the gaming-related business, for an aggregate cash consideration of approximately US$41.3 million. The closing of the transaction is expected to occur in September 2026, subject to the satisfaction of customary closing conditions.

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: September 11, 2026

Exhibit Index

Exhibit 99.1 — Cheetah Mobile Announces Second Quarter 2026 Unaudited Consolidated Financial Results

Exhibit 99.1

Cheetah Mobile Announces Second Quarter 2026

Unaudited Consolidated Financial Results

•Services of cloud and AI infrastructure revenue increased 83.1% year over year and 26.2% quarter over quarter, accounting for 72.8% of Global Enterprise Services revenue and 22.2% of total revenues and making a positive contribution to the adjusted operating results of Global Enterprise Services.

•Robotics and others revenue increased 72.5% year over year and 6.4% quarter over quarter, accounting for 20.5% of total revenues.

BEIJING, September 11, 2026 /PRNewswire/ -- 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 quarter ended June 30, 2026.

Financial Highlights

•Total revenues were RMB266.1 million (US$39.2 million) in the second quarter of 2026, representing a decrease of 9.9% year over year and an increase of 2.7% quarter over quarter.

•Advertising agency services revenue, which is included in the Global Enterprise Services segment, decreased 70.0% year over year and 15.0% quarter over quarter to RMB22.0 million, primarily due to changes in rebate policies implemented by a major global advertising platform. Its contribution to total revenues declined to 8.3% from 24.9% in the same period last year. Revenues excluding advertising agency services were RMB244.1 million, increasing approximately 10.1% year over year and 4.7% quarter over quarter. The decline in advertising agency services revenue was a significant factor in the year-over-year increase in the Company’s operating loss in the second quarter of 2026.

•In the Global Enterprise Services segment, revenues from services of cloud and AI infrastructure increased 83.1% year over year and 26.2% quarter over quarter to RMB59.1 million, accounting for 72.8% of Global Enterprise Services revenue and 22.2% of total revenues, compared with approximately 10.9% of total revenues in the same period last year. The increase was driven by growing demand from enterprises expanding overseas for cloud resources, computing power and AI model services.

•Robotics and others revenue increased 72.5% year over year and 6.4% quarter over quarter to RMB54.5 million, accounting for 20.5% of total revenues, driven by an increase in sales volume of our robotic products. The year-over-year increase benefited from the contribution of UFACTORY, a provider of lightweight robotic arms acquired by the Company on July 29, 2025.

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•Internet value-added services revenue, which is included in the Internet Services segment, increased 6.7% year over year and 2.9% quarter over quarter to RMB101.2 million, accounting for 77.6% of segment revenue, and 38.0% of total revenues, due to increase in user base and distribution channels.

Balance Sheet

•As of June 30, 2026, the Company had RMB1,271.0 million (US$187.3 million) in cash and cash equivalents.

Management Commentary

Fu Sheng, Chief Executive Officer of Cheetah Mobile, commented: "During the second quarter, we continued to evolve our business mix, with revenue from services of cloud and AI infrastructure within Global Enterprise Services growing 83.1% year over year, driven by demand from enterprises expanding overseas for cloud and AI infrastructure services, accounting for 22.2% total revenues in the quarter. Gross billings[1] from services of cloud and AI infrastructure exceeded RMB500 million during the quarter, compared with about RMB200 million in the same period last year and about RMB300 million in the previous quarter, reflecting the rapid expansion of customer demand and business scale. Robotics and others revenue increased 72.5% year over year and accounted for 20.5% of total revenues in the quarter, with new initiatives such as smart mobility beginning to contribute revenue. The growth of these AI-related businesses underscores the progress of our AI-driven transformation.

Internet Services remained a stable foundation for our business. Internet value-added services revenue increased both year over year and sequentially and represented 77.6% of segment revenue. While advertising agency services revenue within Global Enterprise Services remained under pressure, growth in services of cloud and AI infrastructure and Robotics and others supported the Company’s return to sequential revenue growth while strengthening our foundation for future growth."

[1] Gross billings from services of cloud and AI infrastructure is an operating metric representing the aggregate monetary value of customers’ consumption of public cloud resources and AI model tokens provided or arranged by the Company during the relevant period.

Thomas Ren, Chief Financial Officer of Cheetah Mobile, commented: "Second-quarter revenue increased 2.7% sequentially. Operating loss was RMB33.6 million, compared with RMB28.3 million in the previous quarter, while non-GAAP operating loss remained relatively stable at RMB25.6 million, compared with RMB22.5 million in the previous quarter.

The sequential movement in non-GAAP operating loss reflected higher adjusted operating profit in Internet Services, offset by lower adjusted operating profit in Global Enterprise Services resulting from lower advertising agency services revenue, as well as a wider adjusted operating loss in Robotics and others. Adjusted operating profit from Internet Services increased 14.2% year over year and 67.2% sequentially, with adjusted operating margin improving to 19.4%. Services of cloud and AI infrastructure continued to scale rapidly. However, the growth of cloud and AI infrastructure services partially offset the negative impact of lower advertising agency services revenue on the segment’s adjusted operating profit. We ended the quarter with US$187.3 million in cash and cash equivalents, providing us with the flexibility to invest prudently in our AI and robotics businesses."

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Second Quarter 2026 Financial Results

Total revenues decreased 9.9% year over year and increased 2.7% quarter over quarter to RMB266.1 million (US$39.2 million).

•Internet Services revenue decreased 17.3% year over year and 3.4% quarter over quarter to RMB130.5 million (US$19.2 million).

▪Within the segment, internet value-added services revenue increased 6.7% year over year and 2.9% quarter over quarter to RMB101.2 million, accounting for 77.6% of segment revenue.

▪Online advertising revenue decreased 53.5% year over year and 20.2% quarter over quarter to RMB29.3 million, accounting for 22.4% of segment revenue.

•Global Enterprise Services revenue decreased 23.3% year over year and increased 11.5% quarter over quarter to RMB81.1 million (US$12.0 million).

▪Services of cloud and AI infrastructure revenue, which is included in this segment, increased 83.1% year over year and 26.2% quarter over quarter to RMB59.1 million, accounting for 72.8% of segment revenue.

▪Advertising agency services revenue decreased 70.0% year over year and 15.0% quarter over quarter to RMB22.0 million, accounting for 27.2% of segment revenue.

•Robotics and others revenue increased 72.5% year over year and 6.4% quarter over quarter to RMB54.5 million (US$8.0 million).

Operating loss was RMB33.6 million (US$5.0 million), compared with RMB11.1 million in the same period last year and RMB28.3 million in the first quarter of 2026.

Non-GAAP operating loss was RMB25.6 million (US$3.8 million), compared with RMB2.1 million in the same period last year and RMB22.5 million in the first quarter of 2026. The year-over-year increase primarily reflected lower advertising agency services revenue within the Global Enterprise Services segment.

•Adjusted operating profit from Internet Services was RMB25.4 million, increasing by 14.2% year over year and 67.2% quarter over quarter. Adjusted operating margin for the segment expanded to 19.4%, compared with 14.1% in the same period last year and 11.3% in the first quarter of 2026.

•Adjusted operating profit from Global Enterprise Services was RMB9.3 million, decreasing by 80.7% year over year and 32.0% quarter over quarter, primarily reflecting lower advertising agency services revenue. The continued strong growth of services of cloud and AI infrastructure provided a positive contribution to the segment’s adjusted operating results.

•Adjusted operating loss from Robotics and others was RMB34.0 million, narrowing by 35.5% from RMB52.7 million in the same period last year, but widening from RMB26.9 million in the first quarter of 2026, as the Company continued to invest in the development and commercialization of its robotics businesses.

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Conference Call Information

Cheetah Mobile's management will hold an earnings conference call at 11:30 AM on Friday, September 11, 2026, Beijing Time (11:30 PM on Thursday, September 10, 2026, U.S. Eastern Time).

Main Conference:

Tencent Meeting ID: 175-882-665

Meeting Link: https://cmcm.meeting.tencent.com/dm/3QuXIZPgSezq

Dial-in Numbers:

United States: +1 4153389272

Mainland China: +86 (0)755 36550000

Hong Kong: +852 30088359

English Interpretation:

Tencent Meeting ID: 845-329-676

Meeting Link: https://cmcm.meeting.tencent.com/dm/t07drnN5B7fM

Dial-in Numbers:

United States: +1 4153389272

Mainland China: +86 (0)755 36550000

Hong Kong Toll Free: +852 30088359

Exchange Rate

Unless otherwise noted, all translations from Renminbi to U.S. dollars were made at a rate of RMB6.7851 to US$1.00, the exchange rate in effect as of June 30, 2026, 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.

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 and web browsing, AI agent products, among others. Cheetah Mobile provides advertising services to advertisers worldwide, value-added services including the sale of premium membership to its users, services of cloud and AI infrastructure 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

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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 the Company's growth strategies, ability to retain and increase its user base, expand its offerings, monetize its platform, and future business development, financial condition and results of operations; competition; expected changes in revenues and expenses; and general economic and business conditions globally and in China. Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement, except as required by 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;

•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;

•Non-GAAP net income/loss attributable to Cheetah Mobile shareholders excludes share-based compensation expenses, amortization of 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.

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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 resulting from business acquisitions, which have been and will continue to be significant recurring expenses in its business, as well as impairment of goodwill and intangible assets resulting from business acquisitions. 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 13811591550

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, 2025		June 30, 2026
	RMB		RMB		USD
ASSETS
Current assets:
Cash and cash equivalents	1,506,625		1,270,969		187,318
Short-term investments	9,527		445		66
Accounts receivable, net	468,058		689,708		101,650
Prepayments and other current assets, net	1,154,774		1,170,431		172,498
Due from related parties, net	94,821		134,754		19,860
Total current assets	3,233,805		3,266,307		481,392
Non-current assets:
Property and equipment, net	40,238		40,730		6,003
Operating lease right-of-use assets	16,833		17,828		2,628
Intangible assets, net	54,069		48,191		7,102
Goodwill	460,034		460,034		67,801
Long-term investments	688,459		600,054		88,437
Deferred tax assets	112,913		117,674		17,343
Other non-current assets	77,521		89,403		13,176
Total non-current assets	1,450,067		1,373,914		202,490
Total assets	4,683,872		4,640,221		683,882
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY
Current liabilities:
Bank Loans	-		2,900		427
Accounts payable	211,689		413,198		60,898
Accrued expenses and other current liabilities	2,264,659		2,163,995		318,933
Due to related parties	18,613		25,199		3,714
Income tax payable	54,430		56,356		8,306
Total current liabilities	2,549,391		2,661,648		392,278
Non-current liabilities:
Deferred tax liabilities	21,711		20,555		3,029
Other non-current liabilities	154,422		155,175		22,870
Total non-current liabilities	176,133		175,730		25,899
Total liabilities	2,725,524		2,837,378		418,177
Mezzanine equity:
Redeemable noncontrolling interests	197,560		200,903		29,609
Shareholders’ equity:
Ordinary shares	254		257		38
Additional paid-in capital	2,736,117		2,739,942		403,817
Accumulated deficit	(1,490,947)		(1,603,338)		(236,303)
Accumulated other comprehensive income	362,245		297,692		43,874
Total Cheetah Mobile Inc. shareholders’ equity	1,607,669		1,434,553		211,426
Noncontrolling interests	153,119		167,387		24,670
Total shareholders’ equity	1,760,788		1,601,940		236,096
Total liabilities, mezzanine equity and shareholders’ equity	4,683,872		4,640,221		683,882

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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 Six Months Ended
		June 30, 2025		June 30, 2026		June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2026
		RMB		RMB		USD		RMB		RMB		USD
Revenues		295,218		266,115		39,220		554,224		525,108		77,391
Internet Services		157,837		130,474		19,229		316,978		265,479		39,127
Global Enterprise Services		105,788		81,134		11,958		187,085		153,884		22,680
Robotics and others		31,593		54,507		8,033		50,161		105,745		15,584
Cost of revenues (a)		(70,426)		(97,490)		(14,368)		(139,931)		(189,921)		(27,991)
Gross profit		224,792		168,625		24,852		414,293		335,187		49,400
Operating income and expenses:
Research and development (a)		(67,083)		(58,764)		(8,661)		(128,327)		(116,486)		(17,168)
Selling and marketing (a)		(102,434)		(74,654)		(11,003)		(207,272)		(146,368)		(21,572)
General and administrative (a)		(66,627)		(68,735)		(10,130)		(119,251)		(134,871)		(19,878)
Other operating income/(expense)		289		(67)		(10)		2,959		655		97
Total operating income and expenses		(235,855)		(202,220)		(29,804)		(451,891)		(397,070)		(58,521)
Operating loss		(11,063)		(33,595)		(4,952)		(37,598)		(61,883)		(9,121)
Other income/(expenses):
Interest income, net		9,980		3,201		472		15,585		6,623		976
Foreign exchange gains		6,349		20,764		3,060		7,999		40,016		5,898
Other expense, net		(17,844)		(68,707)		(10,126)		(21,853)		(67,386)		(9,931)
Loss before income taxes		(12,578)		(78,337)		(11,546)		(35,867)		(82,630)		(12,178)
Income tax expenses		(3,865)		(8,199)		(1,208)		(8,685)		(15,822)		(2,332)
Net loss		(16,443)		(86,536)		(12,754)		(44,552)		(98,452)		(14,510)
Less: net income attributable to noncontrolling interests		6,200		8,375		1,234		11,448		13,939		2,054
Net loss attributable to Cheetah Mobile shareholders		(22,643)		(94,911)		(13,988)		(56,000)		(112,391)		(16,564)
Net loss per share
Basic		(0.0162)		(0.0619)		(0.0091)		(0.0397)		(0.0745)		(0.0110)
Diluted		(0.0163)		(0.0620)		(0.0091)		(0.0398)		(0.0747)		(0.0110)
Net loss per ADS
Basic		(0.8116)		(3.0927)		(0.4550)		(1.9861)		(3.7245)		(0.5500)
Diluted		(0.8152)		(3.1003)		(0.4550)		(1.9923)		(3.7337)		(0.5500)
Weighted average number of shares outstanding
Basic		1,518,381,903		1,553,878,937		1,553,878,937		1,517,084,516		1,552,927,613		1,552,927,613
Diluted		1,518,381,903		1,553,878,937		1,553,878,937		1,517,084,516		1,552,927,613		1,552,927,613
Weighted average number of ADSs outstanding
Basic		30,367,638		31,077,579		31,077,579		30,341,690		31,058,552		31,058,552
Diluted		30,367,638		31,077,579		31,077,579		30,341,690		31,058,552		31,058,552
Other comprehensive loss , net of tax of nil
Foreign currency translation adjustments		(7,643)		(31,282)		(4,610)		(7,915)		(62,442)		(9,203)
Unrealized gains/(loss) on available-for-sale securities, net		188		(4,348)		(641)		2,848		(3,763)		(555)
Other comprehensive loss		(7,455)		(35,630)		(5,251)		(5,067)		(66,205)		(9,758)
Total comprehensive loss		(23,898)		(122,166)		(18,005)		(49,619)		(164,657)		(24,268)
Less: Total comprehensive income attributable to noncontrolling interests		7,113		7,556		1,114		13,775		12,287		1,811
Total comprehensive loss attributable to Cheetah Mobile shareholders		(31,011)		(129,722)		(19,119)		(63,394)		(176,944)		(26,079)

		For The Three Months Ended						For The Six Months Ended
		June 30, 2025		June 30, 2026		June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2026
(a) Share-based compensation expenses		RMB		RMB		USD		RMB		RMB		USD
Cost of revenues		5		-		-		10		-		-
Research and development		62		1,197		176		358		2,129		314
Selling and marketing		229		521		77		300		1,026		151
General and administrative		2,065		3,953		583		7,277		5,997		884
Total		2,361		5,671		836		7,945		9,152		1,349

8

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 June 30, 2026						For The Six Months Ended June 30, 2026
	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	266,115	-	-	266,115	39,220		525,108	-	-	525,108	77,391
Cost of revenues	(97,490)	-	-	(97,490)	(14,368)		(189,921)	-	-	(189,921)	(27,991)
Gross profit	168,625	-	-	168,625	24,852		335,187	-	-	335,187	49,400
Research and development	(58,764)	1,197	232	(57,335)	(8,451)		(116,486)	2,129	463	(113,894)	(16,786)
Selling and marketing	(74,654)	521	2,071	(72,062)	(10,621)		(146,368)	1,026	4,141	(141,201)	(20,811)
General and administrative	(68,735)	3,953	-	(64,782)	(9,547)		(134,871)	5,997	-	(128,874)	(18,994)
Other operating (expense)/income, net	(67)	-	-	(67)	(10)		655	-	-	655	97
Total operating income and expenses	(202,220)	5,671	2,303	(194,246)	(28,629)		(397,070)	9,152	4,604	(383,314)	(56,494)
Operating loss	(33,595)	5,671	2,303	(25,621)	(3,777)		(61,883)	9,152	4,604	(48,127)	(7,094)
Net loss attributable to Cheetah Mobile shareholders	(94,911)	5,671	2,303	(86,937)	(12,813)		(112,391)	9,152	4,604	(98,635)	(14,537)
Diluted losses per ordinary share (RMB)	(0.0620)	0.0036	0.0015	(0.0569)			(0.0747)	0.0059	0.0030	(0.0658)
Diluted losses per ADS (RMB)	(3.1003)	0.1800	0.0753	(2.8450)			(3.7337)	0.2950	0.1487	(3.2900)
Diluted losses per ADS (USD)	(0.4550)	0.0265	0.0111	(0.4193)			(0.5500)	0.0435	0.0219	(0.4849)

	For The Three Months Ended June 30, 2025					For The Six Months Ended June 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		RMB	RMB	RMB	RMB
Revenues	295,218	-	-	295,218		554,224	-	-	554,224
Cost of revenues	(70,426)	5	-	(70,421)		(139,931)	10	-	(139,921)
Gross profit	224,792	5	-	224,797		414,293	10	-	414,303
Research and development	(67,083)	62	6,156	(60,865)		(128,327)	358	12,312	(115,657)
Selling and marketing	(102,434)	229	469	(101,736)		(207,272)	300	938	(206,034)
General and administrative	(66,627)	2,065	-	(64,562)		(119,251)	7,277	-	(111,974)
Other operating income, net	289	-	-	289		2,959	-	-	2,959
Total operating income and expenses	(235,855)	2,356	6,625	(226,874)		(451,891)	7,935	13,250	(430,706)
Operating loss	(11,063)	2,361	6,625	(2,077)		(37,598)	7,945	13,250	(16,403)
Net loss attributable to Cheetah Mobile shareholders	(22,643)	2,361	6,625	(13,657)		(56,000)	7,945	13,250	(34,805)
Diluted losses per ordinary share (RMB)	(0.0163)	0.0016	0.0043	(0.0104)		(0.0398)	0.0052	0.0086	(0.0260)
Diluted losses per ADS (RMB)	(0.8152)	0.0800	0.2152	(0.5200)		(1.9923)	0.2600	0.4323	(1.3000)

* This represents amortization of intangible assets resulting from business acquisitions.

9

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 June 30, 2026										For The Six Months Ended June 30, 2026
		Internet Services		Global Enterprise Services		Robotics and others		Consolidated				Internet Services		Global Enterprise Services		Robotics and others		Consolidated
		RMB		RMB		RMB		RMB		USD		RMB		RMB		RMB		RMB		USD
Revenues from external customers		130,474		81,134		54,507		266,115		39,220		265,479		153,884		105,745		525,108		77,391
Inter-segment revenues		347		13,324		-		13,671		2,015		347		24,454		-		24,801		3,655
Segment revenue		130,821		94,458		54,507		279,786		41,235		265,826		178,338		105,745		549,909		81,046
Elimination of inter-segment revenue								(13,671)		(2,015)								(24,801)		(3,655)
Consolidated Revenues								266,115		39,220								525,108		77,391
Operating Costs and expenses
Cost of revenues(i)		31,081		40,373		36,616						60,238		84,313		63,074
Selling and marketing(i)		33,373		17,727		19,038						73,022		26,907		38,785
Research and development(i)		29,325		1,050		28,640						58,317		1,428		55,782
Other segment items(i)		11,641		25,959		4,174						33,652		42,588		8,935
Adjusted operating income/(losses)		25,401		9,349		(33,961)		789		116		40,597		23,102		(60,831)		2,868		423
Unallocated amounts-share based compensations								5,671		836								9,152		1,349
Unallocated amounts-corporate expense								28,713		4,232								55,599		8,195
Operating loss								(33,595)		(4,952)								(61,883)		(9,121)
Reconciliation of segment profit/(loss)
Interest income, net								3,201		472								6,623		976
Foreign exchange gains, net								20,764		3,060								40,016		5,898
Other expense, net								(68,707)		(10,126)								(67,386)		(9,931)
Loss before income taxes								(78,337)		(11,546)								(82,630)		(12,178)

		For The Three Months Ended June 30, 2025								For The Six Months Ended June 30, 2025
		Internet Services		Global Enterprise Services		Robotics and others		Consolidated		Internet Services		Global Enterprise Services		Robotics and others		Consolidated
		RMB		RMB		RMB		RMB		RMB		RMB		RMB		RMB
Revenues from external customers		157,837		105,788		31,593		295,218		316,978		187,085		50,161		554,224
Inter-segment revenues		-		8,982		-		8,982		-		17,503		-		17,503
Segment revenue		157,837		114,770		31,593		304,200		316,978		204,588		50,161		571,727
Elimination of inter-segment revenue								(8,982)								(17,503)
Consolidated Revenues								295,218								554,224
Operating Costs and expenses
Cost of revenues(i)		26,315		29,119		22,046				49,307		57,436		46,532
Selling and marketing(i)		62,119		19,501		17,843				129,615		34,283		37,874
Research and development(i)		33,409		1,911		31,752				66,252		3,170		58,131
Other segment items(i)		13,744		15,841		12,626				24,947		19,238		22,971
Adjusted operating income/(losses)		22,250		48,398		(52,674)		17,974		46,857		90,461		(115,347)		21,971
Unallocated amounts-share based compensations								2,361								7,945
Unallocated amounts-corporate expense								26,676								51,624
Operating loss								(11,063)								(37,598)
Reconciliation of segment profit/(loss)
Interest income, net								9,980								15,585
Foreign exchange gains, net								6,349								7,999
Other expense, net								(17,844)								(21,853)
Loss before income taxes								(12,578)								(35,867)

(i) Share-based compensations and certain corporate expenses were not allocated to segments. Other segment items include general and administrative expenses and other operating expenses allocated to the respective segments.

10

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 Six Months Ended
		June 30, 2025		June 30, 2026		June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2026
		RMB		RMB		USD		RMB		RMB		USD
Net loss attributable to Cheetah Mobile shareholders		(22,643)		(94,911)		(13,988)		(56,000)		(112,391)		(16,564)
Add:
Income tax expenses		3,865		8,199		1,208		8,685		15,822		2,332
Interest income, net		(9,980)		(3,201)		(472)		(15,585)		(6,623)		(976)
Depreciation and other amortization		10,757		6,969		1,027		20,539		13,433		1,980
Net income attributable to noncontrolling interests		6,200		8,375		1,234		11,448		13,939		2,054
Other expense, net		11,495		47,943		7,066		13,854		27,370		4,033
Share-based compensation		2,361		5,671		836		7,945		9,152		1,349
Adjusted EBITDA		2,055		(20,955)		(3,089)		(9,114)		(39,298)		(5,792)

11

Filing Exhibits & Attachments

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