Operator
Good day, and welcome to the Cheetah Mobile 4th Quarter 2025 Earnings Conference Call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then 1, on a touch-tone phone. To withdraw your question, please press star, then 2. Please note this event is being recorded. I would now like to turn the conference over to Helen Jingxu, Investor Relations of Cheetah Mobile. Please go ahead.
Thank you, Operator. Welcome to Cheetah Mobile's fourth quarter 2025 earnings conference call. With us today are our company's chairman and CEO, Mr. Fusheng, and our company's director and CFO, Mr. Thomas Jien. Following management's prepared remarks, we will conduct the Q&A section. Please note that the management's prepared remarks are presented by AI agents.
Speaker 15
Before we begin, I refer you to the Safe Harbor Statement in our earnings release, which also is applied to our conference call today. as we will make forward-looking statements at this time i would now like to turn the conference call over to our chairman and ceo mr fuzhong please go ahead fuzhong good evening everyone thank you for joining us in 2025 we finished stabilizing the business and built a stronger foundation for cheetah mobile during the year our total revenue grew 43 percent year over year driven by continued growth in both our internet business and AI and other segments. In the first quarter, AI and others already accounted for half of total revenues, reflecting the increasing contribution of our new growth initiatives. More importantly, we achieved four-year non-GAAP operating profitability, our first time in six years. Our internet business remained resilient in 2025, generating approximately RMB $460,000 in adjusted operating profit every working day. This consistent operating cash flow forms the financial backbone of the company and allows us to invest in robotics and AI in a disciplined and sustainable way. Our second highlight is robotics, which is emerging as a key structural growth driver. For a four-year, robotics revenue grew approximately 31%. In the full quarter alone, robotics revenue reached about 60 million RMB, up 94% year-over-year and 43% quarter-over-quarter. A voice robot in China achieved 100% year-over-year growth for three consecutive quarters, accounting for high single digits of the fourth quarter's total revenues. This progress is driven by our strategic focus on core strength in voice robotics and the integration of AI agent technology to enhance product experience. We are now seeing our voice robots become a must-have solution in resection, guided tours, retail environments, hospitals, and service halls as they deliver proven measurable value. We recently introduced a new version of our voice robot, which comes with building skills like guiding, patrolling, and advertising, enabling end customers to start using them right away. Our robotic car business, mainly in serving overseas markets, is making up higher single digits of the first quarter's total revenues. We focus on long-term demands from research institutions and the R&D teams that value openness and the customization. This customer base is sticky and repeatable, supporting long-term demand. Building on our proven indoor autonomous mobility technologies, we are introducing a smart wheelchair targeting developed regions such as Western Europe and North America. This product is positioned as a premium solution for users who value safety, independence, and confidence in daily mobility. We are seeing a clear shift in demand as users increasingly value safety, assistance, and intelligent features in mobility products, while scalable solutions in the market remain limited. By applying our experience in service robots, we are able to meaningfully improve the user experience. During my own recent recovery, I personally used our smart wheelchair and felt a clear improvement in safety and convenience. Importantly, we can deliver these benefits without significantly increasing the cost compared to traditional high-end electric wheelchairs, making this a more practical and accessible product for users. We have entered into framework agreements with established mobility brands who will manage branding, distribution, and after-sale services. Initial shipments are expected to begin in the second quarter of 2026, representing an early stage commercial validation of this product category. Across the industry, more companies are starting to test and deploy service robots. We believe the next one to two years will be a validation phase where ROI and reliability will matter most. You don't need a robot that looks like a human. You need a robot that works every day, delivers measurable value, and is easy to operate at scale. This is exactly where our current products are positioned. Our internet business remains strong, generating steady cash flow, which allows us to invest in AI in a disciplined and sustainable way. For more than a decade, we have built utility applications serving hundreds of millions of users. This product DNA shapes how we approach AI. Rather than competing in model development, we focused on turning AI capabilities into practical tools that help users complete real tasks. During the Chinese New Year, I spent a lot of efforts experimenting with an AI agent system built on the open cloud framework. Starting from a single agent that could barely complete basic tasks, the system evolved into a multi-agent team capable of running tasks continuously. In one scenario, the system generated personalized New Year messages for more than 600 colleagues and managed the entire sending workflow automatically. What we see emerging is not simply a new AI tool, but a new way to organize digital work. AI agents can automate entire workflows from information gathering to processing and distribution, significantly improving productivity. Building on these learnings, we introduced EasyClaw, based on OpenClaw, an open source agent framework for both domestic and overseas markets. EasyClaw is our AI co-worker platform that helps users create and deploy task-oriented AI agents capable of executing real-world tasks autonomously. At this stage, we focus on execution capability rather than scale. We are already seeing a continued increase in user engagement, as reflected in the rapid growth of our total token usage. We are building EasyClo into an agentic operating system that changes how users interact with software and machines. By integrating EasyClo into our PC products, we are improving user experience and driving higher conversion and ALTU. In robotics, EasyClo allows users to program and customize their robots using natural language, lowering customization barriers. This helps us deploy faster, reduce costs, and scale more easily, making our products more competitive. Some investors may ask how we compete with our training foundation models. We believe the real advantage in the agent's error lies not in the model itself, but in the systems built on top of it, including task orchestration, tool usage, and cost management. By leveraging open ecosystems and leading APIs, our products can evolve as models continue to improve. Finally, our global DNA remains a core competitive advantage. We're continuing to expand both our AI tools and robotics businesses internationally with a disciplined approach. Looking ahead to 2026, we do not provide specific financial guidance, but we see continued structural improvements. We believe our robotics business will maintain strong growth momentum as commercial validation deepens and become a more important part of our revenue niche. At the same time, AI-enabled products will gradually enhance engagement and monetization efficiency across our software ecosystem. We will increasingly apply it internally to accelerate development aiming to further improve operational efficiency. As we grow, we will continue improving transparency and disclosure. Credibility is built to data and our focus remains clear. Execute discipline and net results compound over time. JITAR is entering its next phase of development, combining digital co-workers through AI agents and physical co-workers through service robots, supported by real operating cash flow and disciplined financial management. We are building a foundation for our next stage of growth. Thank you.
Thank you, Shok. Hello, everyone, and thank you for tuning in. Next, otherwise stated, all financial figures are presented in R&B. 2025 marks a year of meaningful operational recovery and improved financial history for Chita Mobile. During the year, we continued improving operating discipline and cost structure across the company. We concentrated resources on commercially validated use cases in robotic products and practical AI applications while leveraging open source ecosystems and third-party models to improve warranty efficiency and optimize infrastructure costs. This approach allows us to accelerate iteration without significantly increasing fixed costs for the full year 2025. Total revenue grew approximately 48% year-over-year to 1,150 million. Although we recorded a JAP operating allowance of $179 million for the year, This represented a substantial improvement compared with operating loss of $437 million in 2024 on a non-GAP basis. Operating profit reached $14 million compared with a non-GAP operating loss of $232 million in a prior year, reflecting improved operating leverage. We ended the year with $215 million, United States dollars, cash and cash equipment on Turning to our segment performance, our internet business continued to serve as a stable cash generating platform for the company in 2025. Revenue from the internet business increased 19% year-over-year to $615 million, waiting In Internet revenues, Internet value-added services revenue increased 21% year-over-year in 2025, contributing 65% of segment revenue supported by both paying user growth and ARPU expansion. In addition, we observed that many users subscribe for periods longer than 12 months, reflecting the recovery nature of our utility applications and strengthening revenue usability. In terms of profitability, the internet business generated approximately RMB $115 million in adjusted operating profit in 2025, maintaining healthy margins and strong operating cash flows. As Prashan mentioned earlier, the internet business generates roughly RMB $460,000 in adjusted operating profit per working day, which provides predictable cash flow to support strategic investments in new initiatives. Looking ahead, we expect the internet business to remain stable and profitable while continuing to provide financial flexibility for the company to invest in long-term growth opportunities. Turning to our I and other segments, Revenue from this event increased 85% year-over-year to $535 million in 2025. As a result, this segment accounted for 46.5% of total revenue compared with 35.9% in 2024, reflecting the growing contribution from our emerging businesses. Within this segment, the robotics business continues to scale since the second half of 2025, making up 27% of this segment's revenue and 13% of total revenue in 2025. Robotics' revenue increased 31% in 2025, driven by deployments of voice robots in China and continued demand for robotic arms in overseas markets. Other businesses, namely Overtis's advertising agency service and multi-cloud management platform within this segment, also contributed significantly to revenue growth, benefiting from increasing overseas expansion by Chinese enterprises. At the same time, we continue to improve operating efficiency to more selective investment and disciplined cost control for the full year, adjusted operating lots from the AI and other segments reduced by 42% year-over-year to $274 million. As we continue scaling the business while maintaining disciplined investments, turning briefly to the first quarter performance, total revenue reached $309 million RMB, representing a 30% year-over-year increase and a 7% quarter-over-quarter increase. While the internet revenue declined slightly year-over-year, in the fourth quarter, It increased quarter over quarter as we continue the shifting toward a subscription-driven business fall. In addition, user subscription revenue within the Internet segment increased 32% year over year and 16% quarter over quarter as we chose to focus on subscription business model, which supports a healthier product and user experience. Revenue from the AI and other segments reached 153 million IRB, accounting for nearly half of total revenue in a quarter. With this segment, robotic revenues increased by 94% year-over-year and 43% quarter-over-quarter to about 19% of the fourth quarter's total revenue. Other than that, our revenues from overseas advertising agency service and multi-cloud management platform also contributed to this segment year-over-year growth on a non-GAAP basis. The company generated operating profits of $15 million in the fourth quarter compared to $42 million operating losses in the same period last year. We believe the improvement we achieved in 2025 reflected structural improvement in both our cost structure and revenue mix. Looking ahead, our priorities remain clear. Disciplined growth, continued improvement in operating efficiency, balanced and disciplined capital allocation. With stronger financial discipline, clearer strategic focus, and increasing contribution from our emerging businesses, we believe the company is entering a more stable and predictable operating phase. Thank you.
We are now ready to take your questions.
Operator
We will now begin the question and answer session. To ask a question, you may press star then 1 on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then 2. At this time, we will pause momentarily to assemble our roster. The first question today comes from Thomas Chong with Jefferies. Please go ahead. .
Yes, they are. I will give you a quick answer. I think we're in AI agent. Actually, in 2025, we started to do the whole thing. Because we always think AI is a big deal. It's not just a big deal. It's also a big deal. So, we're in 2025. So, we're in the 2025. This is called the AI bot. This is the open cloud. So when Open Cloud was released before, we released a new version of the agent. Then after Open Cloud was released, it was in some of the design of the design. It was a very exciting place. We also had a very interesting place to see it. So we were in the United States, it was quite early to be released in Open Cloud. I think that now, Now we have to build a new asset and really open cloud in the country started working on the team and now we have to launch we have to develop and now we have to build a new user and this has become the we can see of some of the What is the use of our users' environment? What are you asking for? This is not a good thing to talk about. Today I think in Easy Cloud, we do our users' needs to create a skill that has become a very important competition. I think we can talk a lot about this. But in these areas, we are definitely in our own to get to the place and in today's the big event in the game I think AI Agent is a very wide range it's basically it's a whole of the software and the app so the industry in the game it will be more in the wide range to get So, we have to get into the business of the user. So, our strategy is to combine the network of the new software's technology and the agent's development of the user's development. And we also have to do the business of the user's experience and the details of the user's experience. And we also have to use the same as the GY, the GY, the GY, the GY. And whether it's in the world or in the world, many of the U.S. or in the world. And we also have to do the business of the U.S. It's also the main focus on this feature of the game. The key problem is that it's true to the platform of the real-time business. It's not just for the new series of feature-time business, but it's not just for the new features of the new feature-time business, but it's for the main reason to do this feature-time business. It's also for the new feature-time business, 尤其是2B用户场景 直接能够上手的方案 这个我们在产品化方面都在不断的推进 虽然现在对三月份才还没过去 我们已经做了很多这方面场景化的探索 中长期上来看 对所以我们和大厂的 因为这个事我们自己内部也反复讨论过 我们觉得我们和大厂的优势就在于 我们应该能够更好的去针对垂直 这个场景的需求 去做出更加贴近用户的产品 对 从中长期上来看 我们定位ezy cloud在AI agent 我是比较认同 open cloud的创始人Peter的判断 就是未来80%的HC都会消失 然后open cloud类的产品 会成为agent的非常重要的一个载体 无论是叫open cloud也好 叫ezy cloud也好 或者是最近像Athropea 也推出了他们的cloud code的手机版 So this kind of product might be very key to the product So we're now all in the network of EZ Cloud Whether it's in our 2C team or 2B team And we're all in the equipment We're all in the EZ Cloud So this is our very important strategy It's not... Maybe in some companies We're trying to get better 实际上是我们做了这么多年工具,对这个行业的判断,而且提前就开始做的这么一件事,而且长期我们也会非常坚持,谢谢。 The next question comes from Nancy Lu with JP Morgan.
Please go ahead. 谢谢管理层接受我的提问。 我这边有一个偏行业层面的问题。 从长期来看,在AI Agent的执行链条中,想知道管理层认为可持续的这个经济价值最终更可能集中在哪一层? 是公有云和算力平台,还是基础模型厂商,还是说更靠近用户侧的应用和工作流入口? 那么进一步结合这个我们公司来看的话 easycloud目前定位在应用层 那么在实际运行当中 公司是否有能力逐步掌握任务调度和用户入口的主导权 从而提升我们在这个价值链中的位置 还是说从行业演进来看 具备流浪入口属性的平台 更容易占据核心位置 像easycloud这样的产品
潜入到超级平台生态中 那么管理层对于 这个产业格局的眼镜路径 有怎样的判断
好的 感谢您的提问 我觉得这个产业格局的眼镜路径 可能对今天所有在这个行业人 都会是一个比较难的判断 就是毕竟AI的整个的发展速度 还有激烈的竞争程度 都是前手未有的 But I still have a few判断 First I think today The first question is Today is where one层 will be Today's economic value will be集中 in which one层 I think in a long time Maybe three to five years Whether it's a company Or a company Or a company Or a company Or a company All will be a key This is in This three years 比如三年的时间 三年的时间一定会的 因为今天你看模型的竞争也非常激烈 对吧 然后模型也体现出多样化 对吧 顶级模型像美国一些顶级模型调用率很高 但是现在由于需求的旺盛 像很多国产模型调用率也起的非常快 对吧 其实它是适合不同任务的 所以在不同任务上模型的竞争会持续很长时间 And in the process of whether the software can give the user a better experience and experience It will also be more of a partnership with the model From our company's perspective on the fact that I think I have this kind of判断 I think that in the future of the software It is very difficult to find that which will be completely controlled by the end of the world in quite a long time it will be a different industry and different customer groups and the product of the product is different so we are now able to I just talked about the last question is that today's main customer will be more popular even in the last few years for example in the海 of the customer群 The real thing is that we can try to gain knowledge in the environment So we've got a lot of valuable knowledge and we've got to save my knowledge to give away our knowledge Well, we've got the opportunity to take care of ourselves We've got to take care of ourselves And then So, for example, today you asked the company like IIM or the oil industry, it's easy to be in the core of the core, but it's more in a more broad way of the user's perspective, just as I mentioned. So today you can see, like this agent of this product, the user's difference is very clear. The user's little pay and the user's difference between the user's cost and the user's cost and the user's cost is very large. 虽然是一个产品 但是让它体现出的整个的用户的需求属性 和它的使用特点都有非常大的不同 所以我认为针对大众类的产品 在针对2B类的用户需求方面 其实它在相当长的阶段是不容易满足的 因为得考虑到无论是实施 还有权限 对吧 还有用户的这种培养教育 还有包括token成本这些 So we can still feel that we have these products We can actually see these products These products are also available The product of this product is This product is like a product It's not a good thing to use It has to be used It has to be used It has to be used to use It's a good thing It is not a good thing This is why So today the model is very strong But the user will also have a lot of opportunities Because it has a lot of experience It has a lot of experience with the user It has a lot of experience So I think EZ Cloud is So many years We've seen the best opportunity We've seen the best opportunity Of course We're going to keep our own way But you say So this will not be able to take our own ability to collaborate with the platform But this product doesn't have a very good way to work I don't think it's a good thing It's a good thing It's a good thing It's a good thing And it's a good thing It's a good thing It's a good thing The next question comes from Chen Guu-li from
Operator
Go-Yan Securities. Please go ahead.
I want to ask you a question, can you share some users'規模 or the use of the指標? For example, the number of users, the number of users, or the token of the use of the趨勢? And what do you want to do with some of the指標 to determine the AgCode? Thank you.
Yes, this question is quite intense. I think that today, with the agent-like product, I think one point is that today 去判断一个A间的产品的用户的真正的价值就在于Token使用量 这个Token使用量的数据应该是我们的核心的衡量指标 我们也看到从春节以后 尤其是我做了一些关于我自己使用Open Cloud的一些宣传以后 我们Token使用量肯定是增长的挺多的 对 我不知道能不能披露 I think that today token is used to say Because we started to go into this region So we don't have a lot of time in this region We don't have a lot of time in this region So we thought that maybe a day can reach 100亿 It's a good amount of time Even if the goal is going to be around this region But now it looks like it's already over a lot So this is one The second thing is that today's users' population It's not a total of all the users' users' population But its活跃度 is明显高 than what we've done in the past Although it looks like it's quite complicated And then it's a problem But you can see it It's not that it's related to its存在 It's in the upper hand It's the user's way of working on it It's much more than the past Like the other Like the old pdf Like the old pdf That's the traditional product So So we've got to be today Our core key Is token use of the use of And the token use of the use of Of course It's because of the product The next question comes from Yun Peng Dao with Gotai Haitong.
Operator
Please go ahead.
From the last one to two years in the future, what's the cost of the company's business in the future? Is it more likely to increase the cost and increase the cost, and increase the cost and increase the cost? Or is it possible to increase the cost and increase the cost? Or to improve the cost and increase the cost? Thank you.
Yes, that's the question. In the last year, we've got a lot of investment in the past. We've already seen that some of the equipment have been growing. Yes, I've already mentioned that we've got a lot of investment in the past. And then, according to the environment, to make some ROI better products. So, we don't have a lot of热潮 in today's business. In 2016, we think, first, we're in the business environment. It's focused on the語音機器人. On the other hand, it's the same thing. On the other hand, The main thing is that we think that including the龍蝦 or Open Cloud of this product, this could be like the using the語音交互機器人 to be able to increase the speed of the speed of the technology. It could also increase the speed of the regular customers using them to reduce the speed of the technology to reduce the speed of the technology. In the past, we saw the speed of the technology Actually, the most difficult point is to make some of the people who don't have a lot of technology, such as a restaurant or a restaurant, or a restaurant, or a restaurant, to be able to really deal with this product. In the past, it was very expensive to use. And it was very difficult to use. This is a very difficult thing for us. Now in the open cloud, we can use the communication of the natural language to help us with the same work We believe this will continue to grow The second one is the machine We think that the machine is a machine and the machine is also in the machine We think that the machine is in the machine and the VLA machine is in the way We will continue to move forward The machine is in the market It is still growing We think that it will continue to grow 第三个就是我们今年推了一款智能轮椅这个产品 应该下个季度就开始正式出货了 这个也打磨了一年多的时间 因为我们认为这类产品实际上是用我们的 在机器人上的一些技术的积累 把轮椅这样的产品真正的能够去避障 能够去方便的通行 能够把智能化水平提高一个档次 这类产品我们也做了很长时间的市场调研 然后这个技术方案 现在看起来在市场上得到的反馈还是可以的 但这类产品因为它第一个就是整个的周期比较长 我们研发加量产化的时间要一年多 第二个它也有很多法律法规 尤其是在出口的时候 It's about some health care products and medical care It's all needed for some time So in this part, we will have a lot of investment in 2016 We have a lot of investment in this part We have a lot of investment in this year Yeah, in the short period, it's probably going to be a lot of investment in the future It will be a lot of investment in this year It's also a lot of investment in this product But we still have a lot of investment in this product And now the users' feedback is not good And I'm not a hit by the way I'm a member of the personal personal user I'm not a member of the personal user I'm not a member of the company I'm not a member of the company I'm also a member of the company And I'm a member of the local city And I'm a member of the personal user So, in a way, we're going to look at our entire system in 2016 It's probably still in the first time The next question comes from Guang Pan Zhang
Operator
with GoTai Securities.
Please go ahead. 效率的提升,比如说在人效,还有研发周期,或者成本结构之类的,社会可以有一些具体的一些改善的一个方向可以分享一下,谢谢。
对,因为这里涉及到我们内部的一些研发的一些内容,我可能有些具体数据我就不披露了,就是有几个点吧,第一个点就是我们的整个的公司, 对 就十几年的历史 我们在去年开始第一次 实现了水平均年龄下降 就是的确是由于有了AI以后 在以前很多需要多年 工作经验的岗位 已经开始有年轻人 可以去实现结构 甚至更高效的产出了 我们应该在以前说过 We opened up like C&M In the past year, we opened up in成都 on the研发中心 The entire研发 rate is a lot This is a lot of increase in the development We think the development效率 is a lot of increase You can see that we don't know if the EZ Cloud product has been released Or like the equipment in the machine Like the輪椅, this project has been released This is what we have not been able to increase in the development of research and research. For example, the previous product is that we can continue to grow. On the other hand, we can still have the power to grow. I think this is what we have for AI. And in this year, we have some specific changes. We're doing EZ Cloud, we're doing EZ Cloud, and we're doing EZ Cloud. We're doing EZ Cloud. We're doing EZ Cloud. We're doing EZ Cloud. We're doing the real-time business to take care of the management and management. Now, the result is very clear.
Operator
The next question comes from Gigi Zhu with GF Securities. Please go ahead.
Thank you. so that we can help the product and the product to help the product Thank you I think this is the agent product of the product
It's a very clear feature It's a very clear feature It's also a easy cloud We don't use our product We're just using the use of the product We're working with different companies We're working with different companies and in other countries, like Google and Amazon, we also have the total of the雲 of the network, so we work with them a bit more closely. So we have both in the international version, and we also have a global version of the world. And we have a global version of the world, which is on the same kind of exchange for us. The global version is also used to be transferred to the token. So today is our business development, And it's a kind of a kind of an online model So EZ Cloud is a good revenue Today is the opening of the model The model of the model is more than two years In the early-seed episode we won't be able to use the token As for the token, we can use the token 但是我们也没有用补贴的模式,或者说送你太多的token,让你去实行用,然后去抢用户的模式,因为我们觉得用户真正用起来的时候,像它的token消耗是很大的,我们其实也就是这种补贴模式不太适合这类产品,还是真正找到用户能够给它服务好,给它提供更好的产品能力,这样的话它在里面去实现它的效率提升的时候,它是非常愿意为此付费的 So I think EZ Cloud is a real kind of method.
We need to take a lot of time to consider. Thank you.
Operator
The next question comes from Wei Feng with Mizuho Securities. Please go ahead.
Thank you. Thank you for your question. I want to ask you for your question. I saw that the company has a great success. And you know, your machine, your easy cloud, you know, all over the world and over the world. I want to ask you a question, is there a few of these things that have become more effective? If you want to go ahead and look at it, in this process, is it more likely to use a single product to overcome it? Or is it hoping to build up a more product with this kind of system?
If it's such a way to go ahead, 公司管理层怎么看这种协同效用在中长期怎么样去转化成一个公司的竞争壁垒或者是增长的驱动? 谢谢 我是这么觉得可能大家都觉得生态是一个更好的词汇 但是我是觉得如果没有单点的产品突破是谈不上生态体系的 We're in the first time in the world We thought about the EZ Cloud This product is a good thing If it is a good thing It will create a lot of products Because EZ Cloud is not a simple product It is more than a product of a product When you have a product of this product Or this product can be used to accept the user That's the whole thing The entire system is just a product So today we don't know whether it's 2C of the traditional tools and software and also the other team they're doing 2C or 2B or the other team and the other team and the other team we're doing all our services to集成 EZ Cloud because it's the performance of the user It's a different skill or a different agent This is our idea of today's thinking So, if we're able to to make EZ Cloud to do different users and to do their own and to do their own and to do their own and to do their own and to do their own So this is a If we say this stage Actually in the end of the course is a single-tier But the single-tiered system will build different agents and skills And the different agents and skills Is for the Whether it's in the online marketing Or in the online marketing They can get a good service in such a product This is a very good service This is the one that is a very difficult thing Because the online marketing team And online marketing team and you know in C-line, whether it's a company or a company, or a company, all different. But it's a very difficult thing to say. It's over a bit too散. But now it's able to be able to make a company's system and just build a different skill. So this is our whole idea. The other thing is, you can do that. I think we're in the process of having some unique unique features.
Operator
The next question comes from Lydia Lynn with Morgan Stanley.
Please go ahead. 郭一诚您好 感谢你们接受我的提问 我这边有三个问题 第一个呢就是 其实公司2025年的这个收入较24年实现了一个加速的增长 那想请教一下这个趋势在26年是否具备一个可持续性 以及背后的这个核心的驱动因素有哪些 那第二个问题呢是分业务来看的话 机器人业务是当前市场关注的一个重点 那能不能请管理层进一步的拆解 就是26年的机械人的收入 增长的主要来源会是哪些 应该会不会是像这个语音机器人的放量 或者说机械B产品 还是说有一些新的应用场景 还是新的产品拓展 那最后一个问题呢 是也是关于语音机器人的 因为语音机器人在国内 已经有了比较快的落地 未来在海外的市场是否能够具备这种复制或者说去规模化的一个入境 那目前公司在海外拓展的这个进展怎么样 谢谢管理层 我是公司CFO Thomas 我先来回答看副总有没有补充 先说第一个问题就是我们回顾一下25年的收入的增长
我觉得这是体现了我们在过去一年 公司整体战略聚焦 还有业务的结构优化的一个结果 具体看呢 包括我们在我们的讲告里也有讲 一方面是我们在互联网的业务上 是持续去推进订阅化的转型 提升了收入的稳定性和可见性 那一方面呢 在AI和其他板块这里面 既包括机器人业务 也包括出海2B服务的业务 那几乎呢 我们是所有的业务线在25年 都是实现了一个较快的增长 这不同的业务线的共同是推动了 整体收入的一个提升 那我们觉得从现在的业务结构上来讲 我们现在的一个业务的组合 是比较健康的 那新业务的贡献是在持续提升的 也为我们长期的发展打下基础 那关于26年机器人收入增长主要来源 其实刚刚副总在前面的题里 大概讲到了包括语音机器人 总结一下我们把机器人这几条业务线分开来看,首先是机械臂的业务,我们其实在25年并表之后,运营一直是很稳定的,同时来自工业化场景,或者是科研机构,或者研发团队的需求是持续,而且复工率比较高的, 预计在26年机械币业务还是会保持它稳健的贡献 并且有少量的增长 其次我们在国内的语音服务的机器人是已经进入到了一个规模化部署阶段 在各种各样的场景包括接待 讲解 养老 医院各个场景去落地 同时我们在近期还会推出一款我们新的这个叫报小明Live的产品 也是结合了一些agent技术 可以开箱即用的新款的语音服务机器人 预计在国内的语音服务机器人市场 我们也会继续保持一个增长 第三也是副总刚刚讲过的 包括我们在讲稿里讲的 我们新推出的智能轮椅的产品 也会在今年实现商业化的落地 实际上这个产品 我们在过去是没有任何收入的 我们在现在是已经和海外成熟的 移动出行的品牌签署了框架的合作的协议啊 预计我们在第二季度开始将成为机器人业务一个新的增量的收入的来源 那现在已有的这个框架合作协议已经有一定规模的订单的基础 而首批的出货呢主要也是集中在海外 对 关于这个语音机器人在这个海外市场上 我了解我们其实在去年是主打国内的语音机器人的场景 基本上在国内场景我们认为成熟之后 其实现在已经在做一些海外特别是高端零售场景的一些尝试
希望在今年可以在海外拓展更多的客户 带来新的收入的增长 这是我的回答 看看副总有没有补充 我来补充一下 Let me say that I am going to talk about this I want to talk about this I want to talk about this This is how we have seen so many tools we have developed in the community and we have identified the market where we have made it and we need to see the software because we have been seeing The key to the software was a lot of people with the app, and they were very good at this time. But this product is the problem in terms of what? It's about to be a better user than the use of the app, and this is the special option of using the app. This is actually today. It's that the software's equipment, whether it's a hotline or the接触度, it's a good way to go to the world. So this is a situation. I always think the company's product is called a double-down It's a double-down You need to set up a good new product Or a different type of product It's a good thing It's a good thing It's not a good thing It's not a good thing It's not a good thing So you need to design the product The other part You need to use the previous work to put a company in the past that's enough to grow quickly Computer makers, that's right That's when we went to a to hear a kind of That's that's game that's that's game game game game and he will change the whole of his work model So this is what we thought after we thought about what kind of products can be used to be able to use the technology and can be able to get the users more quickly So we chose the technology in this market because we thought the technology in this market it actually is a machine that is a machine You can understand that before the delivery is a machine this is a machine that is a machine that is a machine So it's the technology network Just that the tools and technology put all the time in the data, also even the equipment that is based on the technology tool. Also, the space of the sphinx and the different response. The software path is very close to the technology. And the application to the application is high. The second thing is it is pretty large about this. This is a big market. It is a big kind of technology. The technology in the entire world is based on the technology in the world many as the mundo market And every year's in GRP Especially the smart board market Milk market market market is so slowly ормally The three article 交出 total rate It actually is a high-end NEStay process So this market company Because variety in the industry It's much less eyebrows 未来的技术路径 在智能化的水平上是较落后的 所以我们认为 这款产品是非常能够去把我们的技术路径 整个对这个机器人的技术理解 包括我们过去擅长用户体验这一点 能结合在一起 而且应该可以有比较稳定的 and then I will not say that actually our understanding is that we can't get into a can't be in the market this is why we are doing a business like this from now this year I think you know now there are a lot of companies and now to do 已经开始有这样的一些公司存在了 但是我想说正是因为我们过去 有上万台的包括出口的这种机器人 在各个场景里去移动导航 所以我们积累了非常多 关于场景的数据也好 场景的各种实力也好 所以我们能够用非常较高性价比的方案 去把整个轮椅的智能化提到一个非常高的水平 这个和过去这么多年积累是分不开的 所以我对这个赛道的产品的增长是挺有信心的 当然了由于这个产品的 刚刚我讲过它的生产周期 它的整个认证什么的 我们真正出货是到了年中的时候开始出货 现在已经在供应商 在我们的渠道商里面已经开始有样机 I think the first one is going to go to the next question.
Operator
The next question comes from Vicky Wei with Citi.
Please go ahead. 还有我有个小问题就是考虑到公司在easycloud等AI agent方面人在加大投入行业也处于一个早期阶段竞争比较激烈管理层如何在持续投入以盈利能力之间做平衡能不能给我们分享一个具体的框架比如说在当前阶段我们公司是更优先考虑利润率收入增长还是市场份额谢谢
Thank you, Vicky. 但是在2026年的预期上我需要说明的是因为我们的有一部分是2B业务的有利能力实际上在一定程度上取决于包括我们和各种云场商也好广告平台也好合作的相关的政策 那平台政策的调整变化也是我们必须要考量的一个外部的变量之一也是我们在制定26年年度规划时会重点跟踪的一个因素 从内部的管理的角度呢 关于EZ Cloud 我们其实在历史上不同的产品其实已经形成了一套相对成熟的新业务的促化和投资的方法 我们呢就像刚才讲的不会先做大规模投入再看结果 而是在投入的同时去持续验证我们的商业逻辑和投入产出比 that EZ Cloud this kind of product, we actually are on a嚴格 on this kind of framework for推進 and we won't be able to use the way to use the way to use the way to use it from the EZ Cloud this kind of product of business it is a product of the product that is the first product of the product that from the entire business of business we will be依赖 a two-way model Thank you That's why the company will be able to use the interest of the current business and interest in the future to support the development of the new business, and will not be able to promote a large-scale investment in the future. So, in general, we will still use this way through the history of the effective way of doing this, to continue to look at AI long-term opportunities, and to maintain a healthy development and development. Thank you.
Operator, please move to the next question.
Operator
The next question comes from Ziping Zhao with ICBC. Please go ahead.
Thank you. Thank you for this question. I have a question about the cost of international trade. We see that in the year-old company, the cost of international trade and the cost of international trade and the cost of international trade. Operating margin also increased to 30%. 能不能看到盈利能力是得到选择提升 那么在已经进行分布披露的一个基础上 我们也想知道管理层如何将如何进一步 推动互联网业务的一个价值 在公司整体布置中的一个更好的一个体现了 谢谢 好 谢谢您的提问 我来回答您的问题 那确实呢 从我们第四季度表现来看 互联网业务的盈利能力确实有明显的提升 但是更重要的是呢
我们其实看到的是在 我们持续推进用户付费模式 这样的大背景之下 互联网业务在收入的可见性 业务的可持续性 以及费用结构方面都在持续的优化 这也是推动整个互联网业务 它的运营利润率去提升了一个核心的原因 从业务定位上来看 刚刚我也讲过互联网业务 继续作为公司稳定的利润和现金流的来源 为整体的经营提供一个坚实的基础 去支持新业务的发展 从估值的角度来看 其实我们一直希望引导大家去用一个 片分布的方式来理解公司的价值结构 以我们的理解 通常对于互联网业务这种收入稳定盈利能力 比较精细的成熟的业务 通常应该是参考PE这样的盈利 倍数的方式来做估值 那我们自己的互联网业务在25年其实是实现了大概1.1亿元人民币的这个non-time经营的利润 同比增长也达到了83% 我们认为呢这一部分的价值仍有待进一步被市场认知的一个空间 那对于如何进一步推动包括互联网业务 包括其他板块的价值释放呢 其实我们始终是保持一个开放的态度 但我们还是要强调的是我们核心的判断始终没有变,我们业务本身不管是某一个业务,其实业务本身的持续发展是价值释放的前提,只有业务基本面不断的改善,价值才具备一个长期的支撑,所以从这个角度来看呢,我们也希望市场不仅把互联网业务看作一个稳定器,同时呢,由于新的这个AI agent的产品的发展, 我们也希望大家来关注 公司在AI方向上长期的机会 像EV Cloud这样的新的产品 虽然现在还是处于早期的阶段 但其实是代表了 公司在下一阶段增长上 去探索的一个方向 所以总结来说 整体看呢 我们会在保持 业务稳健发展的基础上 持续的提升我们 各方面披露的透明度吧 引导市场更全面的理解 我们公司的长期价值 谢谢
Thomas, I want to add a few words Okay I think everybody is very concerned many questions are asked if we're going to continue I think because of the news we've been through so many years and we've had some problems in the future now we have a network network we have 2B and we have a machine we're now the whole idea we're talking about Thomas I think we've got a lot of different things that we're talking about. We've got a lot of different types of online media. So we've got a better level of marketing and maintaining equity. This is what we can do. This is a good point that we're doing with this time. This is a good point that we're doing with this. The software we're still doing is very much. And we're getting to grow with the users. We've responded to the market. We won't push our products to do the software. We need to get a digital technology to go back. We need to go back to our management business. It's the first thing. The second thing is there are some things that could affect some of the other income earnings. Actually, we don't need to really focus on it. We're focused on the bigger part of this business. Although we have done it many years ago, this is how we launched a new product. We still hope we can really tackle this kind of a supply chain. 因为今天AI的成长 看到给机器人赋能就是越来越快 我们肯定不想起个大早赶个万机 所以我们在整个26年制定策略的时候 说实话我们也不是把所谓的 一定要变成盈利 变成我们的核心的考核点的 而是一方面就在软件业务上 一定是我们非常重要的基本盘 然后在机器人业务上 我们也会根据市场的形式 考虑一定的如果机会不错的情况下 We have some投入 I don't know about the money about the company's business I think the company's business is the level of the level and the growth of the growth especially the AI is so hot at this point I think the company's business will be able to get to the point of time so this is our whole idea 因为毕竟列宝移动今天还有账上的现金都有2亿多美金 对 我记得 2亿多美金 所以我们这个更多的是会去考虑长期的经营发展问题
也就是说在AI这一波我们一定要抓住这个机会的问题 好吧 特曼斯你还补充吗 没有了 谢谢 好 谢谢 Thank you.
Operator, please check if we have any further questions.
Operator
We have no further questions at this time, which concludes our question and answer session. I would like to turn the conference back over to management for any closing remarks.
Thank you so much for joining our conference call today. And if you have any further questions, please do not hesitate to let us know. Thank you so much.
