Guohai Securities: Cheetah Mobile's internet business demonstrates resilience, robotics business shows impressive performance

2026year3month24On that day, Cheetah Mobile released2025Q4its performance for the year and the full year,2025Annual operating revenue was11.50billion yuan, representing a year-on-year increase of42.6%, with operating losses narrowing year-on-year59.0%to RMB1.794billion yuan)

2025The annual revenue was11.50billion yuan, representing a year-on-year increase of42.6%。Gross profit was 834 million yuan, an increase of 53.0% year-on-year. Gross margin improved from 67.6% in 2024 to 72.5% in 2025. In 2025, the company's adjusted operating profit was 14.2 million yuan, achieving a turnaround from losses.

The company's internet business has maintained its resilience.In 2025, the internet business revenue reached 615.3 million yuan, a year-on-year increase of 19%, with an adjusted operating profit of 114.9 million yuan, a year-on-year increase of 83%. Of this, internet value-added services revenue for the full year increased by 21% year-on-year, accounting for 65% of total internet revenue.

AIOther business revenues have become new growth engines, with particularly impressive growth in robotics.In 2025, AI and other business revenues amounted to 535.2 million yuan, a year-on-year increase of 84.7%, accounting for 46.5% of total annual revenue. Robotics business revenue grew by approximately 31% year-on-year, with Q4 2025 seeing a year-on-year increase of 94% and a quarter-on-quarter increase of 43%, now representing about 19% of the company’s total revenue for Q4 2025. The growth in the company’s robotics business is mainly driven by two factors: firstly, the acquisition of Shenzhen Zhongwei Chuangzao Technology Co., Ltd., a lightweight robotic arm supplier, in July 2025; secondly, organic growth, with one particular robot model achieving nearly 100% year-on-year growth for three consecutive quarters.

The company recently launchedOpenClawa zero-configuration desktop application based on-EasyClaw，Users can execute complex workflows through remote commands. The company has also significantly lowered the usage barrier for non-technical users by simplifying operational processes and providing a graphical user interface. We believe EasyClaw has the potential to help the company capture new traffic entry points in the upcoming AI era.

Profit forecast and investment rating: We estimate that Cheetah Mobile's revenues for 2026-2028 will be 1.457 billion, 1.788 billion, and 2.161 billion yuan respectively, representing year-on-year growth of 27%, 23%, and 21%. Net profits are projected to be -102 million, -66 million, and 29 million yuan respectively. Considering the high growth potential of the company’s current AI business segment, we maintain our 'Buy' rating.

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