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【海外TMT】猎豹移动2Q25营收再创新高,AI与机器人协同驱动增长——海外机器人系列跟踪报告(九)(付天姿/黄铮)
光大证券研究· 2025-09-14 23:03
Core Viewpoint - Cheetah Mobile reported a significant revenue growth of 57.5% year-on-year in Q2 2025, driven by the rapid expansion of its AI and robotics business, as well as a successful transition to a subscription model in its internet business [4][5]. Financial Performance - In Q2 2025, Cheetah Mobile's revenue reached 295 million yuan, marking a 57.5% increase year-on-year and a 14.0% increase quarter-on-quarter, achieving the highest quarterly revenue since 2021 [5]. - The company's gross profit for Q2 2025 was 225 million yuan, up 85.0% year-on-year and 18.6% quarter-on-quarter, with a gross margin of 76.1%, significantly higher than 64.8% in the same period last year and 73.2% in the previous quarter [5]. Business Development - The company has established a dual-engine growth model, with the internet business successfully transitioning to a subscription model, generating 157.8 million yuan in revenue, a 38.8% year-on-year increase, with subscription services now accounting for approximately 60% of internet revenue [6]. - The AI and robotics business saw revenue of 137.4 million yuan in Q2 2025, representing an impressive year-on-year growth of 86.4%, making it the core driver of the company's growth [6][7]. - Cheetah Mobile's strategic acquisition of UFACTORY, where it now holds 80% of the shares, enhances its capabilities in lightweight collaborative robotics, filling technological gaps and expanding product applications [7].