Cover Page
Cover Page - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Document Information [Line Items] | ||
Document Type | 20-F | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | FY | |
Document Registration Statement | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Shell Company Report | false | |
Entity File Number | 001-36427 | |
Entity Registrant Name | Cheetah Mobile Inc. | |
Entity Central Index Key | 0001597835 | |
Entity Address, Address Line One | Building No. 11 | |
Entity Address, Address Line Two | Wandong Science and Technology Cultural Innovation Park | |
Entity Address, Address Line Three | No.7 Sanjianfangnanli | |
Entity Address, City or Town | Beijing | |
Entity Incorporation, State or Country Code | E9 | |
Entity Address, Country | CN | |
Entity Well-known Seasoned Issuer | No | |
Current Fiscal Year End Date | --12-31 | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Accounting Standard | U.S. GAAP | |
Document Financial Statement Error Correction [Flag] | false | |
ICFR Auditor Attestation Flag | false | |
Entity Address, Postal Zip Code | 100024 | |
Auditor Name | Marcum Asia CPAs LLP | Ernst & Young Hua Ming LLP |
Auditor Firm ID | 5395 | 1408 |
Auditor Location | Beijing, China | Beijing, The People’s Republic of China |
Business Contact [Member] | ||
Document Information [Line Items] | ||
Entity Address, Address Line One | Building No. 11 | |
Entity Address, Address Line Two | Wandong Science and Technology Cultural Innovation Park | |
Entity Address, Address Line Three | No.7 Sanjianfangnanli | |
Entity Address, City or Town | Beijing | |
Entity Address, Country | CN | |
Contact Personnel Name | Thomas Jintao Ren | |
Entity Address, Postal Zip Code | 100024 | |
Local Phone Number | 6292-7779 | |
Country Region | 86 | |
City Area Code | 10 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 487,212,501 | |
Title of 12(b) Security | Class A ordinary shares, par value US$0.000025 per share* | |
No Trading Symbol Flag | true | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 1,006,956,885 | |
American Depositary Shares [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | CMCM | |
Title of 12(b) Security | American depositary shares, each representing fifty Class A ordinary shares | |
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Current assets | |||
Cash and cash equivalents | ¥ 2,020,191 | $ 284,538 | ¥ 1,515,799 |
Restricted cash | 696 | ||
Short-term investments | 1,023 | 144 | 156,182 |
Accounts receivable (net of allowance for credit losses of RMB102,161 and RMB132,881 (US$18,716) as of December 31, 2022 and 2023, respectively) | 401,064 | 56,489 | 283,774 |
Prepayments and other current assets, net | 973,127 | 137,062 | 968,145 |
Total current assets | 3,466,910 | 488,304 | 3,123,695 |
Non-current assets | |||
Property and equipment, net | 53,884 | 7,589 | 58,727 |
Operating lease right-of-use assets | 30,451 | 4,289 | 39,579 |
Intangible assets, net | 218,559 | 30,783 | 8,430 |
Goodwill | 576,989 | 81,267 | |
Long-term investments | 937,460 | 132,038 | 1,792,331 |
Deferred tax assets | 188,503 | 26,550 | 19,337 |
Other non-current assets | 160,428 | 22,597 | 93,480 |
Total non-current assets | 2,166,274 | 305,113 | 2,015,724 |
Total assets | 5,633,184 | 793,417 | 5,139,419 |
Current liabilities (including current liabilities of the VIEs and VIEs' subsidiaries without recourse to the Company amounting to RMB226,846 and RMB247,735 (US$34,893) as of December 31, 2022 and 2023, respectively) (Note 1) | |||
Bank Loans | 5,000 | 704 | |
Accounts payable | 170,185 | 23,970 | 132,994 |
Accrued expenses and other current liabilities | 2,437,210 | 343,273 | 1,586,769 |
Income tax payable | 31,603 | 4,451 | 35,135 |
Total current liabilities | 2,728,145 | 384,250 | 1,778,527 |
Non-current liabilities (including non-current liabilities of the VIEs and VIEs' subsidiaries without recourse to the Company amounting to RMB2,339 and RMB 2,837(US$400) as of December 31, 2022 and 2023, respectively) (Note 1) | |||
Deferred tax liabilities | 54,540 | 7,682 | 55,770 |
Other non-current liabilities | 189,943 | 26,753 | 200,336 |
Total non-current liabilities | 244,483 | 34,435 | 256,106 |
Total liabilities | 2,972,628 | 418,685 | 2,034,633 |
Commitments and contingencies | |||
Mezzanine equity: | |||
Redeemable noncontrolling interests | 105,978 | 14,927 | |
Shareholders' equity | |||
Additional paid-in capital | 2,711,875 | 381,960 | 2,688,571 |
Accumulated losses | (613,102) | (86,354) | (9,424) |
Accumulated other comprehensive income | 356,854 | 50,262 | 353,948 |
Total shareholders' equity | 2,455,871 | 345,902 | 3,033,331 |
Noncontrolling interests | 98,707 | 13,903 | 71,455 |
Total shareholders' equity | 2,554,578 | 359,805 | 3,104,786 |
Total liabilities, mezzanine equity and shareholder's equity | 5,633,184 | 793,417 | 5,139,419 |
Related Party [Member] | |||
Current assets | |||
Due from related parties, net | 71,505 | 10,071 | 199,099 |
Non-current assets | |||
Due from related parties, net | 3,840 | ||
Current liabilities (including current liabilities of the VIEs and VIEs' subsidiaries without recourse to the Company amounting to RMB226,846 and RMB247,735 (US$34,893) as of December 31, 2022 and 2023, respectively) (Note 1) | |||
Due to related parties | 84,147 | 11,852 | 23,629 |
Common Class A [Member] | |||
Shareholders' equity | |||
Ordinary shares | 81 | 11 | 80 |
Common Class B [Member] | |||
Shareholders' equity | |||
Ordinary shares | ¥ 163 | $ 23 | ¥ 156 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 CNY (¥) shares |
Allowance for credit losses | ¥ 132,881 | $ 18,716 | ¥ 102,161 |
Current liabilities of the VIEs and VIE's subsidiaries without recourse to the Company | 2,728,145 | 384,250 | 1,778,527 |
Non-current liabilities of the VIEs and VIE's subsidiaries without recourse to the Company | 244,483 | 34,435 | 256,106 |
Variable Interest Entity Primary Beneficiary Aggregated Disclosure Non-recourse [Member] | |||
Current liabilities of the VIEs and VIE's subsidiaries without recourse to the Company | 247,735 | 34,893 | 226,846 |
Non-current liabilities of the VIEs and VIE's subsidiaries without recourse to the Company | ¥ 2,837 | $ 400 | ¥ 2,339 |
Common Class A [Member] | |||
Ordinary shares, par value | $ / shares | $ 0.000025 | ||
Ordinary shares, shares authorized | 7,600,000,000 | 7,600,000,000 | 7,600,000,000 |
Ordinary shares, shares issued | 493,104,900 | 493,104,900 | 480,604,900 |
Ordinary shares, shares outstanding | 487,212,501 | 487,212,501 | 479,458,004 |
Common Class B [Member] | |||
Ordinary shares, par value | $ / shares | $ 0.000025 | ||
Ordinary shares, shares authorized | 1,400,000,000 | 1,400,000,000 | 1,400,000,000 |
Ordinary shares, shares issued | 1,006,956,885 | 1,006,956,885 | 970,015,685 |
Ordinary shares, shares outstanding | 1,006,956,885 | 1,006,956,885 | 970,015,685 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) ¥ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | |
Revenues (a) | ||||
Total Revenues | ¥ 669,503 | $ 94,298 | ¥ 884,066 | ¥ 784,616 |
Cost of revenues (a) | (231,940) | (32,668) | (252,561) | (257,656) |
Gross profit | 437,563 | 61,630 | 631,505 | 526,960 |
Operating income and expenses (a) | ||||
Research and development | (178,207) | (25,100) | (180,957) | (211,594) |
Selling and marketing | (242,511) | (34,157) | (476,853) | (370,274) |
General and administrative | (229,549) | (32,331) | (214,337) | (191,868) |
Other operating income, net | 2,867 | 404 | 15,051 | 17,205 |
Total operating expenses | (647,400) | (91,184) | (857,096) | (756,531) |
Operating loss | (209,837) | (29,554) | (225,591) | (229,571) |
Other income (expenses) | ||||
Interest income, net | 60,978 | 8,589 | 35,710 | 25,391 |
Foreign exchange (losses) gains, net | (11,421) | (1,609) | (95,434) | 24,288 |
Other income | 96,765 | 13,630 | 101,265 | 252,998 |
Other expense | (574,135) | (80,866) | (361,730) | (412,677) |
Loss before taxes | (637,650) | (89,810) | (545,780) | (339,571) |
Income tax (expenses) benefits | 43,781 | 6,166 | 25,089 | (13,633) |
Net loss | (593,869) | (83,644) | (520,691) | (353,204) |
Less: net (loss)/ income attributable to noncontrolling interests | 9,029 | 1,272 | (7,216) | (2,078) |
Net loss | ¥ (602,898) | $ (84,916) | ¥ (513,475) | ¥ (351,126) |
Losses per share | ||||
Basic | (per share) | ¥ (0.4095) | $ (0.0577) | ¥ (0.3617) | ¥ (0.2469) |
Diluted | (per share) | (0.41) | (0.0577) | (0.3619) | (0.2469) |
Basic | (per share) | (20.474) | (2.8837) | (18.0854) | (12.3469) |
Diluted | (per share) | ¥ (20.4977) | $ (2.887) | ¥ (18.0954) | ¥ (12.3469) |
Weighted average number of shares used in computation of ordinary shares: | ||||
Basic | 1,472,615,281 | 1,472,615,281 | 1,443,682,305 | 1,430,052,602 |
Diluted | 1,472,615,281 | 1,472,615,281 | 1,443,682,305 | 1,430,052,602 |
Other comprehensive (loss) income, net of tax of nil | ||||
Foreign currency translation adjustments | ¥ 45,769 | $ 6,446 | ¥ 271,640 | ¥ (75,536) |
Unrealized losses on available-for-sale securities, net | (43,494) | (6,126) | (8,269) | |
Other comprehensive (loss) income | 2,275 | 320 | 263,371 | (75,536) |
Total comprehensive loss | (591,594) | (83,324) | (257,320) | (428,740) |
Less: total comprehensive (loss)/ income attributable to noncontrolling interests | 8,398 | 1,183 | (9,531) | (2,536) |
Total comprehensive loss attributable to Cheetah Mobile Inc. | (599,992) | (84,507) | (247,789) | (426,204) |
Cost of Sales [Member] | ||||
Related party Transactions | ||||
Amount of transactions with related parties | (29,367) | (4,136) | (41,102) | (61,429) |
Research and development | ||||
Related party Transactions | ||||
Amount of transactions with related parties | (8,632) | (1,216) | (4,143) | (2,557) |
Selling and Marketing Expense [Member] | ||||
Related party Transactions | ||||
Amount of transactions with related parties | (1,419) | (200) | (89) | (1,178) |
General and Administrative Expense [Member] | ||||
Related party Transactions | ||||
Amount of transactions with related parties | (7,292) | (1,027) | (3,441) | (5,303) |
Related Party [Member] | ||||
Related party Transactions | ||||
Revenues | 52,663 | 7,417 | 53,706 | 70,444 |
Internet Business [Member] | ||||
Revenues (a) | ||||
Total Revenues | 450,134 | 63,400 | 697,387 | 653,759 |
AI and Others [Member] | ||||
Revenues (a) | ||||
Total Revenues | ¥ 219,369 | $ 30,898 | ¥ 186,679 | ¥ 130,857 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) U_pure in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Conversion ratio, ADS to Class A ordinary share | 50 | 50 | 50 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Cash flows from operating activities | ||||
Net loss | ¥ (593,869) | $ (83,644) | ¥ (520,691) | ¥ (353,204) |
Adjustments to reconcile net loss to net cash from operating activities | ||||
Depreciation of property and equipment | 27,842 | 3,921 | 49,208 | 45,751 |
Amortization of intangible assets | 7,420 | 1,045 | 3,817 | 5,071 |
Non-cash operating lease expense | 319 | 45 | 6,393 | 18,533 |
Provision for credit losses | 12,363 | 1,741 | 29,556 | 13,688 |
Impairment of assets | 534,826 | 75,329 | 261,835 | 394,979 |
Foreign currency exchange (gains) losses | 11,421 | 1,609 | 95,434 | (29,799) |
Losses (Gains) on disposal of property and equipment and intangible assets | (31,751) | (4,472) | (7,257) | 447 |
Losses (Gains) on disposal/deemed disposal of businesses and subsidiaries/VIEs | (254) | 2,487 | ||
Gains on disposal of investments | (21,676) | (3,053) | (32,536) | (92,143) |
Changes in fair value of financial assets | (116) | (16) | 25,658 | (90,606) |
Share of (income) losses from equity method investments | 2,564 | 361 | 12,143 | (60,992) |
Deferred income tax expenses (benefits) | (44,631) | (6,286) | (12,881) | 920 |
Share-based compensation expenses | 33,554 | 4,726 | 7,863 | 7,150 |
Changes in operating assets and liabilities | ||||
Accounts receivable | (122,478) | (17,251) | (103,567) | 56,990 |
Prepayments and other current assets | 9,360 | 1,318 | (447,179) | 315,614 |
Due from related parties | (24,520) | (3,454) | 17,736 | 68,753 |
Other non-current assets | (54,900) | (7,733) | 9,225 | 979 |
Accounts payable | 9,701 | 1,366 | (10,391) | 31,272 |
Accrued expenses and other current liabilities | 791,702 | 111,509 | 236,332 | (201,293) |
Operating lease liabilities | 1,178 | 166 | (4,335) | (37,770) |
Due to related parties | 6,684 | 941 | (15,054) | (10,518) |
Income tax payable | (3,532) | (497) | (11,776) | 17,954 |
Other non-current liabilities | (999) | (141) | (13,528) | (1,452) |
Net cash provided by (used in) operating activities | 550,462 | 77,530 | (424,249) | 102,811 |
Cash flows from investing activities | ||||
Purchases of property, plant and equipment and intangible assets | (9,680) | (1,363) | (6,783) | (46,818) |
Purchase of long-term investments | (23,707) | (3,339) | (69,581) | (9,500) |
Purchase of short-term investments | (1,176,030) | (165,640) | (1,005,110) | (3,630,357) |
Proceeds from maturity of short-term investments | 1,332,544 | 187,685 | 1,111,461 | 3,726,028 |
Proceeds from disposal of businesses and subsidiaries/VIE's subsidiaries, net of cash acquired | 45,043 | |||
Proceeds from disposal of property and equipment and intangible assets | 31,751 | 4,472 | 7,516 | 199 |
Proceeds from disposals and distributions of long-term investments | 36,556 | 5,149 | 153,549 | 188,193 |
Loans to related parties | (100,000) | |||
Loans to third parties | (3,000) | (423) | (5,000) | (600) |
Repayment of loans from related parties | 38,848 | |||
Repayment of loans from third parties | 653 | 92 | 3,000 | 9,800 |
Purchase of subsidiaries, net of cash acquired | (238,148) | (33,542) | ||
Net cash provided by (used in) investing activities | (49,061) | (6,909) | 189,052 | 220,836 |
Cash flows from financing activities | ||||
Purchase of share awards and shares from noncontrolling shareholders | (5,869) | (827) | (4,866) | (4,620) |
Payment of dividends to noncontrolling shareholders and owners of share awards | (909) | (128) | (5,020) | |
Net cash used in financing activities | (6,778) | (955) | (4,866) | (9,640) |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | 9,073 | 1,278 | 171,851 | (29,755) |
Net increase (decrease) in cash and cash equivalents and restricted cash | 503,696 | 70,944 | (68,212) | 284,252 |
Cash and cash equivalents and restricted cash at beginning of the year | 1,516,495 | 213,594 | 1,584,707 | 1,300,455 |
Cash and cash equivalents and restricted cash at end of the year | 2,020,191 | 284,538 | 1,516,495 | 1,584,707 |
Supplemental disclosures | ||||
Cash payments for income taxes | (1,752) | (247) | (12,365) | (5,974) |
Cash payments for interest expenses | (8) | |||
Cash payments for operating leases | (14,925) | (2,102) | (15,446) | (37,448) |
Right-of-use assets (released) obtained in exchange for operating lease liabilities-Non-cash | 10,032 | 1,413 | 9,768 | 52,338 |
Non-cash investing and financing activities: | ||||
Acquisition of property and equipment and intangible assets included in accrued expenses and other current liabilities | ¥ 664 | $ 94 | 5,896 | 3,917 |
Disposal of investment, businesses and subsidiaries included in prepayments and other current assets | ¥ 9,348 | ¥ 57,611 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) | Common Stock [Member] Common Class A [Member] CNY (¥) shares | Common Stock [Member] Common Class A [Member] USD ($) shares | Common Stock [Member] Common Class B [Member] CNY (¥) shares | Common Stock [Member] Common Class B [Member] USD ($) shares | Additional Paid-in Capital [Member] CNY (¥) | Additional Paid-in Capital [Member] USD ($) | AOCI Attributable to Parent [Member] CNY (¥) | AOCI Attributable to Parent [Member] USD ($) | Retained Earnings/Accumulated Losses [Member] CNY (¥) | Retained Earnings/Accumulated Losses [Member] USD ($) | Parent [Member] CNY (¥) | Parent [Member] USD ($) | Noncontrolling Interest [Member] CNY (¥) | Noncontrolling Interest [Member] USD ($) | Contingently Redeemable Noncontrolling Interests [Member] CNY (¥) | Contingently Redeemable Noncontrolling Interests [Member] USD ($) |
Balance at Dec. 31, 2020 | ¥ 3,788,392 | ¥ 78 | ¥ 156 | ¥ 2,726,619 | ¥ 163,340 | ¥ 857,188 | ¥ 3,747,381 | ¥ 41,011 | ||||||||||
Balance (in shares) at Dec. 31, 2020 | shares | 482,113,756 | 482,113,756 | 945,496,827 | 945,496,827 | ||||||||||||||
Net loss | (353,204) | ¥ 0 | (351,126) | (351,126) | (2,078) | |||||||||||||
Share-based compensation | 6,248 | 6,248 | 6,248 | 0 | ||||||||||||||
Exercise and vesting of share-based awards, including subsidiaries' awards , shares | shares | 5,120,766 | 5,120,766 | ||||||||||||||||
Exercise and vesting of share-based awards, including subsidiaries' awards | ¥ 1 | (46,432) | (46,431) | 46,431 | ||||||||||||||
Other comprehensive income (loss) | (75,536) | (75,078) | (75,078) | (458) | ||||||||||||||
Disposal of subsidiaries | 130 | 130 | 130 | |||||||||||||||
Dividends declared on share awards of consolidated subsidiaries | (2,994) | (1,107) | (1,107) | (1,887) | ||||||||||||||
Change in equity interest of consolidated subsidiaries | (2,893) | (891) | (2,002) | |||||||||||||||
Balance at Dec. 31, 2021 | 3,360,143 | ¥ 79 | ¥ 156 | 2,685,544 | 88,262 | 505,085 | 3,279,126 | 81,017 | ||||||||||
Balance (in shares) at Dec. 31, 2021 | shares | 487,234,522 | 487,234,522 | 945,496,827 | 945,496,827 | ||||||||||||||
Net loss | (520,691) | (513,475) | (513,475) | (7,216) | ||||||||||||||
Share-based compensation | 7,863 | 7,863 | 7,863 | |||||||||||||||
Exercise and vesting of share-based awards, including subsidiaries' awards , shares | shares | (7,776,518) | (7,776,518) | 24,518,858 | 24,518,858 | ||||||||||||||
Exercise and vesting of share-based awards, including subsidiaries' awards | ¥ 1 | (4,836) | (4,835) | 4,835 | ||||||||||||||
Other comprehensive income (loss) | 263,371 | 265,686 | 265,686 | (2,315) | ||||||||||||||
Disposal of subsidiaries | (139) | (139) | (139) | |||||||||||||||
Dividends declared on share awards of consolidated subsidiaries | (895) | (895) | (895) | |||||||||||||||
Change in equity interest of subsidiaries | (4,866) | (4,866) | ||||||||||||||||
Balance at Dec. 31, 2022 | 3,104,786 | ¥ 80 | ¥ 156 | 2,688,571 | 353,948 | (9,424) | 3,033,331 | 71,455 | ||||||||||
Balance (in shares) at Dec. 31, 2022 | shares | 479,458,004 | 479,458,004 | 970,015,685 | 970,015,685 | ||||||||||||||
Net loss | (593,869) | $ (83,644) | (602,898) | (602,898) | 9,029 | |||||||||||||
Share-based compensation | 27,685 | 27,685 | 27,685 | |||||||||||||||
Exercise and vesting of share-based awards, including subsidiaries' awards , shares | shares | 7,754,497 | 7,754,497 | 36,941,200 | 36,941,200 | ||||||||||||||
Exercise and vesting of share-based awards, including subsidiaries' awards | ¥ 1 | ¥ 7 | (4,129) | (4,121) | 4,121 | |||||||||||||
Other comprehensive income (loss) | 2,275 | 320 | 2,906 | 2,906 | (631) | |||||||||||||
Accretion of redeemable noncontrolling interests | (252) | (252) | (252) | ¥ 252 | ||||||||||||||
Dividends declared on share awards of consolidated subsidiaries | (909) | (780) | (780) | (129) | ||||||||||||||
Noncontrolling interest in connection with business acquisitions | 14,862 | 14,862 | 105,726 | |||||||||||||||
Balance at Dec. 31, 2023 | ¥ 2,554,578 | $ 359,805 | ¥ 81 | $ 11 | ¥ 163 | $ 23 | ¥ 2,711,875 | $ 381,960 | ¥ 356,854 | $ 50,262 | ¥ (613,102) | $ (86,354) | ¥ 2,455,871 | $ 345,902 | ¥ 98,707 | $ 13,903 | ¥ 105,978 | $ 14,927 |
Balance (in shares) at Dec. 31, 2023 | shares | 487,212,501 | 487,212,501 | 1,006,956,885 | 1,006,956,885 |
Organization and Principal Acti
Organization and Principal Activities | 12 Months Ended |
Dec. 31, 2023 | |
Organization and Principal Activities | 1. O RGANIZATION AND PRINCIPAL ACTIVITIES Cheetah Mobile Inc. (formerly known as Kingsoft Internet Security Software Holdings Limited) (the “Company”) is a limited company incorporated in the Cayman Islands under the laws of Cayman Islands on July 30, 2009. The Company and its consolidated subsidiaries and variable interest entities (“VIEs”) (collectively referred to the “Group”) are principally engaged in the provision of internet services and artificial intelligence (“AI”) and other services. The Company conducts its primary business operations through its subsidiaries, VIEs and subsidiaries of VIEs. Details of the Company’s principal subsidiaries and VIEs as of December 31, 2023 are as follows: Company Date of Place of Percentage Principal activities Principal subsidiaries of the Company: Cheetah Technology Corporation Limited (“Cheetah Technology”) August 26, 2009 Hong Kong 100 % Investment holding, provision of internet products and related services Beijing Kingsoft Internet Security Software Co., Ltd. (“Beijing Security”) November 30, 2009 The PRC 100 % Provision of internet products and related services, sale of AI products Conew Network Technology (Beijing) Co., Ltd. (“Conew Network”) March 19, 2009 The PRC 100 % Provision of internet products and related services Hongkong Zoom Interactive Network Marketing Technology Limited (“HK Zoom”) July 4, 2014 Hong Kong 100 % Provision of AI and other services Cheetah Information Technology Company Limited (“Cheetah Information”) March 9, 2015 Hong Kong 100 % Investment holding Cheetah Mobile Singapore Pte. Ltd. (“Cheetah Mobile Singapore”) May 27, 2015 Singapore 100 % Provision of internet products and related services Multicloud Limited July 20, 2017 Hong Kong 100 % Provision of internet products and related services Beijing Kingsoft Cheetah Technology Co., Ltd. April 30, 2015 The PRC 100 % Provision of internet products and related services Jingdezhen Jibao Information Service Co., Ltd. August 10, 2017 The PRC 100 % Provision of internet products and related services, sale of AI products Japan Kingsoft Inc. (“Kingsoft Japan”) March 9, 2005 Japan 40.2 % Provision of internet products and related services Zhuhai Baoqu Technology Co., Ltd. July 18, 2018 The PRC 75.0 % Provision of internet products and related services Zhuhai Baobaohong Technology Co., Ltd February 20,2019 The PRC 75.0 % Provision of internet products and related services Zhuhai Baohaowan Technology Co., Ltd. July 17, 2018 The PRC 75.0 % Provision of internet products and related services Beijing Orion Star Technology Co., Ltd. September 19, 2016 The PRC 72.1 % Provision of AI solution, sale and rental of service robot Hongkong Cheetah Mobile Technology Limited(Hong Kong) March 9, 2015 Hong Kong 100.0 % Investment holding Conew.com Corporation (BVI) October 6,2008 British Virgin Islands 100.0 % Investment holding Cheepop Inc.(Cayman) May 26, 2017 Cayman 100.0 % Investment holding Cheetah Mobile Seal Inc. (Cayman) July 24, 2018 Cayman 75.0 % Investment holding Cheetah Mobile Calls Hong Kong Limited July 24, 2018 Hong Kong 75.0 % Investment holding, provision of internet products and related services Zhuhai Juntian Electronic Technology Co., Ltd. September 28, 2000 The PRC 100.0 % Investment holding, provision of internet products and related services VIEs: Beijing Conew Technology Development Co., Ltd. (“Beijing Conew”) December 22, 2005 The PRC Nil Dormant Beijing Cheetah Mobile Technology Co., Ltd. (“Beijing Mobile”) April 15, 2009 The PRC Nil Provision of internet products and related services Beijing Cheetah Network Technology Co., Ltd. (“Beijing Network”) July 18, 2012 The PRC Nil Provision of internet products and related services (i) Percentage of ownership is calculated on fully diluted basis. VIE arrangements Foreign ownership of internet-based and mobile-based businesses is subject to significant restrictions under current PRC laws and regulations. The PRC government regulates internet access, distribution of internet information services and value-added telecommunication services through strict business licensing requirements and other government regulations. These laws and regulations also limit foreign ownership of PRC companies that provide internet information services to no more than 50 %. In addition, foreign investors are prohibited from investing in or operating, among other things, any entities that operate internet cultural activities such as online games. As a Cayman Islands company, in order for the Group to be able to carry out its business in China, the Group conducts part of its operations in China through the VIEs including but not limited to Beijing Mobile, Beijing Network, and Beijing Conew. Each of Beijing Mobile (which is owned as to 35 % by Mr. Sheng Fu and 65 % by Ms. Weiqin Qiu), Beijing Network (which is owned as to 50 % by Mr. Kun Wang and 50 % by Mr. Wei Liu), and Beijing Conew (which is owned as to 62.73 % by Mr. Sheng Fu and 37.27 % by Mr. Kun Wang) holds the requisite ICP Licenses. The Group has been and is expected to continue to be dependent on the VIEs to operate its business in China if the then PRC law does not allow it to directly operate such business in China. The Group believes that under these contractual arrangements, it has sufficient control over the VIEs and their respective shareholders to renew, revise or enter into new contractual arrangements prior to the expiration of the current arrangements on terms that would enable the Group to continue to operate our business in China validly and legally. The Group’s contractual arrangements with each of the VIEs and their shareholders enable the Group to: • exercise effective control over the VIEs; • receive substantially all of the economic benefits of the VIEs in consideration for the services provided by Beijing Security and Conew Network, the Company’s wholly-owned subsidiaries in China; and • have an exclusive option to purchase all of the equity interests in the VIEs, when and to the extent permitted under PRC law, regulations or legal proceedings. The following is a summary of the Contractual Agreements amongst the Company, Beijing Security, Beijing Mobile (as the VIE), and Beijing Mobile’s Nominee Shareholders. Contractual agreements entered with other VIEs, including but not limited to Beijing Network and Beijing Conew, are substantially similar: Exclusive technology development, support, and consulting agreements Pursuant to the exclusive technology development, support and consulting agreement entered into between Beijing Security and the VIE, the VIE engaged the Beijing Security as its exclusive provider of management consulting services, technical development and support services in return for service fees of not less than 30% of the VIE’s pre-tax revenue. Beijing Security has the sole right to adjust the services fees upon written request and shall exclusively own any intellectual property arising from the performance of this agreement. The agreements will remain effective unless terminated upon mutual agreement by both parties. During the term of the agreement, the VIE may not enter into any agreement with third parties for the provision of any technical or management consulting services without the consent of Beijing Security. Loan agreements Pursuant to the loan agreements among Beijing Security, the Nominee Shareholders and the VIE, Beijing Security granted loans to the Nominee Shareholders for their sole purpose of contributing to the registered capital of the VIE or in certain cases directly to the VIE under the VIE arrangements. As of December 31, 2023, the aggregate amount of these loans was RMB 16,800 (US$ 2,366 ). At the option of Beijing Security, repayment may be requested at any time, which may be in the form of transferring the VIE’s equity interest to Beijing Security or its designees. The nominee shareholders may offer to repay part or the entire loans at any time, to the extent permitted by PRC laws, in the form of transferring the VIE’s equity interest to Beijing Security or its designees. Exclusive equity option agreements Under the exclusive equity option agreement by and among the Company, the VIE, and its nominee shareholders, the company was granted an irrevocable exclusive option to acquire, or designate a third party to acquire, all or part of the equity interest owned by the nominee shareholders in the VIE or to acquire, all or part of the assets owned by the VIE at any time at an exercise price that is equal to the minimum price permitted under the PRC laws or is equal to the entire principal and interest (including all principal and interest under the existing loan agreement) owed by the nominee shareholders to Beijing Security due to the fulfillment of the registered capital paid obligations in the VIE. In addition, this agreement stipulates that the Company can provide financial support to the VIE to the extent permissible under the applicable PRC laws and regulations, regardless of whether the VIE has incurred an operational loss. The form of financial support includes but is not limited to entrusted loans and borrowings. The Company will not request repayment of any outstanding loans or borrowings from the VIE if the VIE does not have sufficient funds or is unable to repay such loans or borrowings. Unless terminated according to the agreement itself, the agreement has a term of ten years, which will automatically extend on a decadely basis. Equity pledge agreements Pursuant to the equity pledge agreement entered into among the nominee shareholders, the VIE and Beijing Security, the nominee shareholders pledged all of their equity interest in the VIE to Beijing Security as collateral for all of their payments due to Beijing Security and to secure their obligations under the above agreements. Without the prior written consent of Beijing Security, the nominee shareholders may not assign or transfer to any third party or create or cause any equity interest in whatsoever form to be created on, all or any part of the equity interest they hold in the VIE. Beijing Security is entitled to transfer or assign in full, or in part, the equity interest pledged. In the event of default, Beijing Security as the pledgee, has first priority to be compensated through the sale or auction of the pledged equity interest. The nominee shareholders agree to waive their dividend rights in relation to all of the pledged equity interest until such pledge has been lawfully discharged. The equity pledge agreement will remain effective until all the obligations under these agreements have been satisfied in full or all of the guaranteed liabilities have been repaid. Shareholder voting proxy agreements Pursuant to the shareholder voting proxy agreement signed among the Nominee Shareholders, the VIE and the Company, each of the nominee shareholders irrevocably nominates, appoints and constitutes any person designated by the Company as its attorney-in-fact to exercise on such shareholder’s behalf any and all rights that such shareholder has in respect of its equity interest in the VIE (including but not limited to the voting rights and the right to nominate executive directors of the VIE). The shareholder voting proxy agreement is effective for an initial ten years and will be automatically renewed on an annual basis thereafter if the Company does not provide notice of termination to the Nominee Shareholders thirty days prior to expiration. Business operation agreements Pursuant to the business operations agreement entered into among the nominee shareholders, the VIE and Beijing Security, the nominee shareholders must appoint candidates designated by Beijing Security as the members of the board of the VIE and Beijing Security has the right to appoint senior executives of the VIE. In addition, the VIE agrees not to engage in any transaction that may materially affect its assets, obligations, rights or operation without the prior written consent of Beijing Security. The nominee shareholders also agree to unconditionally pay or transfer to Beijing Security any bonus, dividends or any other profits or interest (in whatever form) that they are entitled to as shareholders of the VIE, and waive any consideration connected therewith. The agreement has a term of ten years , unless otherwise terminated by Beijing Security. Neither the VIE nor the nominee shareholders may terminate this agreement. Spousal consent letters The spouse of certain nominee shareholder of the VIE has executed spousal consent letter. Pursuant to such letter, the spouses of certain shareholder of the VIE acknowledged that certain equity interest in the VIE held by and registered in the name of her spouse will be disposed pursuant to relevant arrangements under the shareholder voting proxy agreement, the exclusive equity option agreement, the equity pledge agreement and the loan agreement. This spouse undertakes not to take any action to interfere with the disposition of such equity interest, including, without limitation, claiming that such equity interest constitutes communal marital property. Despite the lack of technical majority ownership, there exists a parent-subsidiary relationship between the Company and the VIEs through the irrevocable shareholder voting proxy agreements, whereby the nominee shareholders effectively assigned all of the voting rights underlying their equity interest in the VIEs to the Company. Furthermore, pursuant to the exclusive equity option agreements, which include a substantive kick-out right, the Company has the power to control the nominee shareholders, and therefore the power to govern the activities that most significantly impact the economic performance of the VIEs. In addition, through the contractual agreements, the Company demonstrates its ability and intention to continue to exercise the ability to absorb substantially all of the expected losses and the majority of the profits of the VIEs, and therefore has the rights to the economic benefits of the VIEs. Normally, the shareholders of the VIEs have the right to elect and terminate the executive directors of the VIEs, approve the annual budget, financial statements and significant investing and financing activities of the VIEs. However, pursuant to the shareholder voting proxy agreements, the shareholders of the VIEs have assigned all of their voting rights underlying the equity interest in the VIEs to any person(s) nominated, appointed or designated by the Company. Senior management of the Company, all employees of the Company's subsidiaries, are generally responsible for the review and approval of sales contracts, credit approval policies, pricing policies, significant marketing promotions, product development, research and development, bandwidth and traffic expenditures, as well as the appointments and terminations of personnel. Therefore, the Company has the power to direct the activities of the VIEs that most significantly impact their economic performance. Thus, the Company is considered as the primary beneficiary of the VIEs. As a result of the above, the Company, through its subsidiaries, consolidate the VIEs in accordance with SEC Regulation S-X 3A-02 and Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”). The Company, in consultation with its PRC legal counsel, believes that (i) the ownership structure of the Group, including its subsidiaries in the PRC and VIEs does not result in any violation of all existing PRC laws and regulations; (ii) each of the contractual agreements amongst the Company, its subsidiaries, the VIEs and the nominee shareholders of the VIEs governed by PRC laws, are legal, valid and binding, enforceable against such parties, and will not result in any violation of PRC laws or regulations currently in effect; and (iii) each of the Company’s PRC subsidiaries, VIEs and subsidiary of VIEs have the necessary corporate power and authority to conduct its business as described in its business scope under its business license, which is in full force and effect, and does not violate the articles of association. However, uncertainties in the PRC legal system could cause the relevant regulatory authorities to find the current contractual agreements and businesses to be in violation of any existing or future PRC laws or regulations. If the Company, the Company’s PRC subsidiaries or any of its current or future VIEs are found in violation of any existing or future laws or regulations, or fail to obtain or maintain any of the required permits or approvals, the relevant PRC regulatory authorities would have broad discretion in dealing with such violations, including levying fines, confiscating the income of the Company’s PRC subsidiaries, and the VIEs, revoking the business licenses or operating licenses of the Company’s PRC subsidiaries, and VIEs, shutting down the Group’s servers or blocking the Group’s websites, discontinuing or placing restrictions or onerous conditions on the Group’s operations, requiring the Group to undergo a costly and disruptive restructuring, restricting the Group’s rights to use the proceeds from this offering to finance the Group’s business and operations in PRC, or enforcement actions that could be harmful to the Group’s business. Any of these actions could cause significant disruption to the Group’s business operations and severely damage the Group’s reputation, which would in turn materially and adversely affect the Group’s business and results of operations. In addition, if the imposition of any of these penalties causes the Company to lose the rights to direct the activities of VIEs or the right to receive their economic benefits, the Company would no longer be able to consolidate the VIEs. In addition, if the VIEs or the nominee shareholders fail to perform their obligations under the contractual agreements, the Group may have to incur substantial costs and expend resources to enforce the Company’s rights under the contracts. The Group may have to rely on legal remedies under PRC laws, including seeking specific performance or injunctive relief and claiming damages, which may not be effective. All of these contractual agreements are governed by PRC laws and provide for the resolution of disputes through arbitration in the PRC. Accordingly, these contracts would be interpreted in accordance with PRC laws and any disputes would be resolved in accordance with PRC legal procedures. Uncertainties regarding the interpretation and application of current and future PRC laws, regulations and rules in the PRC legal system could limit the Group’s ability to enforce these contractual arrangements. Under PRC laws, rulings by arbitrators are final, parties cannot appeal the arbitration results in courts, and prevailing parties may only enforce the arbitration awards in PRC courts through arbitration award recognition proceedings, which would incur additional expenses and delay. In the event the Group is unable to enforce these contractual agreements, the Company may not be able to exert effective control over its VIEs, and the Group’s ability to conduct its business may be negatively affected. The assets and liabilities of the VIEs and subsidiaries of VIEs are as follows: As of December 31, 2022 2023 RMB RMB US$ Cash and cash equivalents 221,732 176,711 24,889 Short-term investments 63,035 — — Accounts receivable, net 14,050 28,918 4,073 Prepayments and other current assets, net 28,364 29,929 4,215 Due from related parties, net (i) 762,835 894,583 125,999 Total current assets 1,090,016 1,130,141 159,176 Property and equipment, net 19,008 12,590 1,773 Operating lease right-of-use assets 2,837 2,164 305 Intangible assets, net 4,077 1,550 218 Long-term investments 288,826 207,614 29,242 Other non-current assets 43,836 44,723 6,299 Deferred tax assets 4,435 5,218 735 Total non-current assets 363,019 273,859 38,572 Total assets 1,453,035 1,404,000 197,748 Accounts payable 15,911 33,603 4,733 Accrued expenses and other current liabilities 195,917 205,266 28,911 Due to related parties (i) 1,157,428 1,155,052 162,686 Income tax payable 738 1,032 145 Total current liabilities 1,369,994 1,394,953 196,475 Other non-current liabilities 2,339 2,837 400 Total non-current liabilities 2,339 2,837 400 Total liabilities 1,372,333 1,397,790 196,875 (i) The balances due from and due to related parties of the VIEs and subsidiaries of VIEs mainly represented amounts due from and due to subsidiaries of the Group. As of December 31, 2022, and 2023, amounts due from subsidiaries of the Group were RMB 737,129 and RMB 888,050 (US$ 125,079 ), respectively, while amounts due to subsidiaries of the Group were RMB 1,143,148 and RMB 1,147,218 (US$ 161,582 ), respectively, which were eliminated upon consolidation by the Company. The carrying amounts of the assets, liabilities and the results of operations of the VIEs and their subsidiaries are presented in aggregate due to the similarity of the purpose and design of the VIEs and their subsidiaries, the nature of the assets in these VIEs and their subsidiaries and the type of the involvement of the Company in these VIEs and their subsidiaries. The financial performance and cash flows of the VIEs and subsidiaries of VIEs are as follows: For the year ended December 31, 2021 2022 2023 RMB RMB RMB US$ Revenues 320,942 344,288 348,433 49,076 Cost of revenues 205,955 224,726 199,185 28,055 Net (loss) income ( 8,489 ) 3,792 ( 64,999 ) ( 9,155 ) Net cash provided by (used in) operating activities 209,357 154,403 ( 31,775 ) ( 4,475 ) Net cash (used in) provided by investing activities ( 255,027 ) ( 98,598 ) 8,765 1,235 Net cash provided by (used in) financing activities 91,093 128,461 ( 22,223 ) ( 3,130 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash ( 35,987 ) 868 212 30 The revenue producing assets that are held by the VIEs and subsidiaries of VIEs primarily comprise of leasehold improvements, servers, licensed software, network equipment, acquired trade name and acquired domain name. Substantially all of such assets are recognized in the Group’s consolidated financial statements, except for certain Internet Content Provider Licenses, internally developed software, trademarks and patent applications which were not recorded in the Company’s consolidated balance sheets as they do not meet all the capitalization criteria. The VIEs and subsidiaries of VIEs also hire assembled work force on sales, research and development and operations whose costs are expensed as incurred. As of December 31, 2023, there was no pledge or collateralization of the VIEs’ and their subsidiaries’ assets that can only be used to settle the obligations of the VIEs and their subsidiaries, other than aforementioned pledges in the equity pledge agreements and restricted cash. The creditors of the VIEs and subsidiaries of VIEs have no recourse to the general credit of the Company |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The consolidated financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). Principles of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, VIEs and subsidiaries of VIEs. All significant intercompany transactions and balances between the Company, its subsidiaries, VIEs and subsidiaries of VIEs are eliminated upon consolidation. Results of subsidiaries, businesses acquired from other parties, VIEs and subsidiaries of VIEs are consolidated from the date on which control is transferred to the Company. On May 26, 2011, the board of directors of the Company approved and adopted a share award scheme (the “2011 Share Award Scheme”) in which selected employees of the Group are entitled to participate. The Group has set up a trust (the “Share Award Scheme Trust”) for the purpose of administering the 2011 Share Award Scheme and holding shares awarded to the employees before they vest and are transferred to the employees as instructed by employees. As the Group has the power to govern the financial and operating policies of the Share Award Scheme Trust and derives benefits from the contributions of the employees who have been awarded the shares of the Company through their continued employment with the Group, the Share Award Scheme Trust are included in the consolidated financial statements and any ungranted and unvested shares held by the Share Award Scheme Trust not transferred to grantees are not considered legally issued and outstanding ordinary shares of the Company. Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the year. Management evaluates estimates, including but not limited to those related to the standalone selling prices of performance obligation of revenue contracts, the allowance for credit losses, the average paying user lives of online games, useful lives of long-lived assets and intangible assets, impairment of long-lived assets and intangible assets, impairment of investments and goodwill, net realizable value of inventories, valuation allowance for deferred tax assets, uncertain tax positions, share-based compensation, fair values of investments, purchase price allocation relating to business combination and loss contingencies, among others. Foreign currency translation and transactions The functional currency of the Company is the US$. The Company’s subsidiaries, VIEs and subsidiaries of VIEs determined their functional currency based on the criteria of ASC 830, Foreign Currency Matters . The Group uses RMB as its reporting currency. The Group uses the monthly average exchange rate for the year and the exchange rate at the balance sheet date to translate the operating results and financial position, respectively. Translation differences are recorded in accumulated other comprehensive income, a component of shareholders’ equity. Transactions denominated in foreign currencies are remeasured into the functional currency at the exchange rates prevailing on the transaction dates. Foreign currency denominated financial assets and liabilities are remeasured at the exchange rates prevailing at the balance sheet date. Exchange gains and losses are included as a component of “Foreign exchange gains/(losses), net” in the consolidated statements of comprehensive loss. Convenience translation Amounts in US$ are presented for the convenience of the reader and are translated at the noon buying rate of RMB 7.0999 to US$ 1.00 on December 29, 2023 in the City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate. Business combinations and noncontrolling interests Business combinations are recorded using the purchase method of accounting, and the cost of an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred, and equity instruments issued as well as the contingent considerations and all contractual contingencies as of the acquisition date. The costs directly attributable to the acquisition are expensed as incurred. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of the (i) the total of consideration paid, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the subsidiary acquired over (ii) the fair value of the identifiable net assets of the subsidiary acquired is recorded as goodwill. If the consideration of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated statements of comprehensive loss. In a business combination achieved in stages, the Group re-measures the previously held equity interest in the acquiree immediately before obtaining control at its acquisition date fair value and the re-measurement gain or loss, if any, is recognized in the consolidated income statements. For the Company’s majority-owned subsidiaries and VIEs, a noncontrolling interest is recognized to reflect the portion of their equity which is not attributable, directly or indirectly, to the Company. When the noncontrolling interest is contingently redeemable upon the occurrence of a conditional event, which is not solely within the control of the Group, the noncontrolling interest is classified as mezzanine equity. The Group accretes changes in the redemption value over the period from the date that it becomes probable that the mezzanine equity will become redeemable to the earliest redemption date using the effective interest method. Consolidated net income (loss) on the consolidated statements of comprehensive loss includes the net income (loss) attributable to noncontrolling interests and mezzanine equity holders (when applicable). The cumulative results of operations attributable to noncontrolling interests are recorded as noncontrolling interests and mezzanine equity holders (when applicable) in the Group’s consolidated balance sheets. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. Under this new standard, deferred revenue acquired in a business combination is measured pursuant to ASC 606, Revenue from Contracts with Customers, rather than its assumed acquisition date fair value under the current guidance. The Group adopted this guidance for the fiscals year beginning after December 15, 2022 and it did not have an impact on the Group’s financial position, results of operations and cash flows and was applied to our acquisition of Beijing OrionStar. Refer to Note 3-Business combinations. Cash and cash equivalents Cash and cash equivalents consists of cash on hand, current and time deposits placed with financial institutions, which have original stated maturity of three months or less and unrestricted as to withdrawal and use. Allowance for credit losses The Group maintains an allowance for credit losses in accordance with ASC 326 and records the allowance for credit losses as an offset to assets such as accounts receivable, prepayments and other current assets and due from related parties, etc. and the estimated credit losses charged to the allowance is classified as “General and administrative” and “Other expenses” in the consolidated statements of comprehensive loss. The Group assesses collectability by reviewing assets on a collective basis where similar characteristics exist, primarily based on similar business line, service or product offerings and on an individual basis when the Group identifies specific customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, the Group considers historical collectability based on past due status, the age of the balances, credit quality of the Group’s customers based on ongoing credit evaluations, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect the Group’s ability to collect from customers. Account receivables, net Accounts receivable is recognized and carried at the original invoiced amount less an allowance for credit losses. Bad debts are written off as incurred. The Group generally does not require collateral from its customers. Inventories Inventories, primarily consisting of raw materials and products available for sale, are stated at the lower of cost or net realizable value, and are recorded in “Prepayments and other current assets”. Cost of inventories is determined using the weighted average cost method. Adjustments are recorded to write down the cost of inventories to the estimated net realizable value due to slow-moving and damaged inventories, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. Write downs of inventories are recorded in cost of revenues in the consolidated statements of comprehensive loss. Short-term investments Investments with original maturities of greater than three months, but less than 12 months, are classified as short-term investments. Investments that are expected to be realized in cash during the next 12 months are also included in short-term investments. Long-term investments Debt Investments The Group's debt investments include convertible bonds and preferred stock redeemable merely at the option of the Group as a holder. The Group accounts for such debt investments in accordance with ASC 320-10, Investments-Debt Securities: Overall . The Group classifies the debt investments as “held-to-maturity”, “trading” or “available-for-sale”, whose classification determines the respective accounting methods stipulated by ASC 320-10. Dividend and interest income, including amortization of the premium and discount arising at acquisition, for all categories of investments in securities are included in earnings. Any realized gains or losses on the sale of the debt investments are determined on a specific identification method, and such gains and losses are reflected in earnings during the period in which gains, or losses are realized. The debt investments that the Group has positive intent and ability to hold to maturity are classified as held-to-maturity securities and stated at amortized cost. The allowance for credit losses of the held-to-maturity debt securities reflects the Group’s estimated expected losses over the contractual lives of the held-to-maturity debt securities and is charged to “Other expense” in the consolidated statements of comprehensive loss. Estimated allowances for credit losses are determined by considering reasonable and supportable forecasts of future economic conditions in addition to information about past events and current conditions. Debt investments that are bought and held principally for the purpose of selling them in the near term are classified as trading securities. Unrealized holding gains and losses for trading securities are included in earnings. Debt investments not classified as trading or as held-to-maturity are classified as available-for-sale securities. Available-for-sale debt securities are reported at fair value, with unrealized gains and losses recorded in other comprehensive (loss) income. Certain debt investment is accounted under fair value option model, which permits the irrevocable election on an instrument-by-instrument basis at initial recognition or upon an event that gives rise to a new basis of accounting for that instrument. The investment accounted for under the fair value option model are carried at fair value with unrealized gains and losses recorded in the consolidated statements of comprehensive loss. Equity Method Investments The Group accounts for its investments in common stock or in-substance common stock in entities in which it can exercise significant influence but does not own a majority equity interest or control using the equity method in accordance with ASC 323-10, Investments-Equity Method and Joint Ventures: Overall unless the Group elects to account for the investment using the fair value option in accordance with ASC 825-10, Financial Instruments: Fair Value Option (“ASC 825”). The Group applies the equity method of accounting that is consistent with ASC 323-10 in limited partnership in which the Group holds a three percent or greater interest. Where the equity method is used, the Group initially records its investment at cost and the difference between the cost of the equity investee and the fair value of the underlying equity in the net assets of the equity investee is accounted for as if the investee were a consolidated subsidiary. The Group subsequently adjusts the carrying amount of the investment to recognize the Group’s proportionate share of each equity investee’s net income or loss into earnings after the date of investment. The Group evaluates the equity method investments for impairment under ASC 323-10. An impairment loss on the equity method investments is recognized in earnings when the decline in value is determined to be other-than-temporary. The Group has elected the fair value option when it initially recognizes an equity method investment as the Group determined the fair value of this investment better represents the value of the underlying assets. Such election is irrevocable and can be applied to financial assets on an individual basis at initial recognition. Any changes in fair value are recognized in earnings in the consolidated statements of comprehensive loss. Equity Investments with Readily Determinable Fair Values Equity investments with readily determinable fair value, except for those accounted for under the equity method, those that result in consolidation of the investee and certain other investments, are measured at fair value, and any changes in fair value are recognized in earnings. Equity Investments without Readily Determinable Fair Values For equity securities without readily determinable fair value and do not qualify for the existing practical expedient in ASC 820, Fair Value Measurements and Disclosures (“ASC 820”) to estimate fair value using the net asset value per share (or its equivalent) of the investment, the Group elected to use the measurement alternative to measure those investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer, if any. The Group makes a qualitative assessment of whether the investment is impaired at each reporting date. If a qualitative assessment indicates that the investment is impaired, the Group has to estimate the investment’s fair value in accordance with the principles of ASC 820. If the fair value is less than the investment’s carrying value, the Group recognizes an impairment loss in earnings equal to the difference between the carrying value and fair value. Fair value measurements of financial instruments Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value. Financial instruments primarily consist of cash and cash equivalents, restricted cash, short-term investments, accounts receivable, due from and due to related parties, other receivables, long-term investments, accounts payable and other current liabilities. The carrying amounts of these financial instruments, except for long-term investments approximate their fair values because of their generally short-term maturities. The Group, with the assistance of independent third-party valuation firms, determined the estimated fair value of its equity investments using the measurement alternative based on observable price changes, investment with fair value option elected and long-term available for sale debt securities and determined the fair value of long-term investments, including equity investments using the measurement alternative and equity method investments upon impairment occurrence. Property and equipment Property and equipment are stated at cost, less accumulated depreciation and impairment loss, if any. Property and equipment are depreciated primarily using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: Estimated useful life Electronic equipment 2 - 3 years AI related equipment 3 years Office equipment and fixtures 5 years Motor vehicles 4 - 5 years Leasehold improvements Lesser of term of the lease or the estimated useful lives of the assets Depreciation for mold and tooling is computed using the units-of-production method whereby capitalized costs are amortized over the total estimated productive units of the related assets. Repair and maintenance costs are charged to expense as incurred, whereas the cost of renewals and betterment that extends the useful lives of plant and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the assets and accumulated depreciation accounts with any resulting gain or loss reflected in the consolidated statements of comprehensive loss. All direct and indirect costs that are related to the construction of fixed assets and incurred before the assets are ready for their intended use are capitalized as construction in progress. Construction in progress is transferred to specific fixed assets items and depreciation of these assets commences when they are ready for their intended use. Goodwill Goodwill represents the excess of the purchase price over the amounts assigned to the fair value of the identifiable assets acquired and the liabilities assumed of acquired businesses (Note 3). Goodwill is not amortized but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that it might be impaired. In accordance with ASC 350, the Group may first assess qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. In the qualitative assessment, the Company considers factors such as macroeconomic conditions, industry and market considerations, overall financial performance of the reporting unit, and other specific information related to the operations, business plans and strategies of the reporting unit. Based on the qualitative assessment, if it is more likely than not that the fair value of a reporting unit is less than the carrying amount, the quantitative impairment test is performed. The Group may also bypass the qualitative assessment and proceed directly to perform the quantitative impairment test. When the Group performs the quantitative impairment test, the Group compares the fair value of each reporting unit to its carrying amount, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, goodwill is not considered to be impaired. If the carrying amount of a reporting unit exceeds its fair value, the amount by which the carrying amount exceeds the reporting unit’s fair value is recognized as impairment. Application of a goodwill impairment test requires significant management judgment, including the identification of reporting units, allocation of assets, liabilities and goodwill to reporting units, and determination of the fair value of each reporting unit. Intangible assets Intangible assets are carried at cost less accumulated amortization and any recorded impairment. Intangible assets acquired in a business combination were recognized initially at fair value at the date of acquisition. Intangible assets with finite useful lives are amortized using a straight-line method of amortization that reflects the estimated pattern in which the economic benefits of the intangible asset are to be consumed. The estimated useful life for the intangible assets is as follows: Estimated Customer relationship 2 - 6 years Trademarks 3 - 10 years Technology 1 - 11 years Online game licenses 1 - 5 years User base 1 year Domain names 1 - 10 years Platform 5 - 6 years If an intangible asset is determined to have an indefinite life, it should not be amortized until its useful life is determined to be no longer indefinite. As of December 31, 2022 and 2023, net carrying value of the Group's intangible assets with indefinite life is nil. Impairment of long-lived assets and intangible assets The Group evaluates its long-lived assets or asset group, including intangible assets with indefinite and finite lives, for impairment. Intangible assets with indefinite lives that are not subject to amortization are tested for impairment at least annually or more frequently if events or changes in circumstances indicate that the assets might be impaired in accordance with ASC 350-30, Intangibles-Goodwill and Other: General Intangibles Other than Goodwill . Such impairment test compares the fair values of assets with their carrying values with an impairment loss recognized when the carrying values exceed fair values. For long-lived assets and intangible assets with finite lives that are subject to depreciation and amortization are tested for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying amount of an asset or a group of long-lived assets may not be recoverable. When these events occur, the Group evaluates impairment by comparing the carrying amount of the assets to future undiscounted net cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the assets, the Group would recognize an impairment loss based on the excess of the carrying amount of the asset group over its fair value. Revenue recognition The Group generates its revenues primarily through internet business, AI and others. Pursuant to ASC 606-10-32-2A, the Group elected to exclude sales taxes and other similar taxes from the measurement of the transaction price. Therefore, revenues are recognized net of value added taxes (“VAT”). The following table presents the Company’s revenues disaggregated by revenue source: For the year ended December 31, 2021 2022 2023 RMB RMB RMB US$ Revenues: Internet business Online advertising 354,604 355,289 109,339 15,400 Internet value-added services 299,155 342,098 340,795 48,000 AI and others Advertising agency services 61,588 83,111 89,275 12,574 Multi-cloud Management Services 41,443 77,956 87,747 12,359 Sale and rental of robots and other AI hardware products 10,590 5,289 22,034 3,103 Technical consulting service and others 17,236 20,323 20,313 2,862 Total consolidated revenues 784,616 884,066 669,503 94,298 (1) Internet business Online advertising Online advertising revenue is primarily derived from displaying advertisements for the Group’s customers on its online platforms including duba.com and other websites, browsers, PC and mobile applications, and to a lesser extent, on third-party advertising publishers’ websites or mobile applications. The Group has three general pricing models for its advertising products: cost over a time period, cost for performance basis and cost per impression basis. For advertising contracts over a time period, the Group generally recognizes revenue ratably over time, because the customer simultaneously receives and consumes the benefits as the Group performs throughout a fixed contract term. For contracts that are charged on the cost for performance basis, the Group charges an agreed-upon fee to its customers determined based on the effectiveness of advertising links, which is typically measured by clicks, transactions, installations, user registrations, and other actions. Revenue is recognized at a point in time when there is an effective click, transaction, installations, user registrations, and other actions. For advertising contracts that charged on cost per impression basis, the Group recognizes the revenue at a point in time when the impressions are delivered based on the mutual agreement formed with customers. For online advertising services arrangement involving third-party advertising publishers’ websites or mobile publications, the Group recognizes gross revenue the amount of fees received or receivable from customers as the Group has control over the advertising services before they are transferred to the customer, and therefore, the Group is not arranging for the advertising services to be provided by third parties on their internet properties. Revenue for online advertising services involving third-party advertising publishers’ websites or mobile publications is recognized at a point in time when all the revenue recognition criteria are met. Payments made to the third-party advertising publishers or content providers are included in cost of revenues. Internet value-added services The Group generates value-added services revenue principally from fee-based services, mainly including VIP membership, software subscription, and game-related services. VIP membership and software subscription. The Group provides various online software as well as on-premise software such as anti-virus, security protection, immediate communication and others to individual and enterprise customers. While providing online software services, the customers do not take possession of the software. The software license, when-and-if-available updates and related services are accounted for as a single performance obligation as the license, updates and services are inputs to a combined items in the contract. VIP membership services primarily include the right to get access to advertising-free and value-added services such as file and data recovery, malicious pop-up interception, PDF converting etc. VIP membership service and hosted software subscription service fees are paid for a specific contracted service period, which is normally no more than 12 months. Certain services have contracts with no fixed duration. For these indefinite term subscriptions, the Group estimated the expected contract period based on historical usage pattern and recognizes related revenue over the expected contract period. Upfront payment is generally required and upon the receipt of membership fees and software subscription fees, the Group recognizes the excess of payment received as compared to the recognized revenue as deferred revenue in “Accrued expenses and other liabilities” and revenue is recognized ratably over the membership period or the subscription period as services are rendered. While providing on-premise software, the license provides the customer with a right to use the software as it exists when made available to the customer. The Group sells specific version of the software to the customer, and provides post-contract services such as post-delivery telephone support and post-contract customer support for the customer. The on-premise software licence and the post-contract services are accounted for a single performance obligation as post-contract services are mainly provided to answer questions about the use and the installation of the software which would not constitute a promise to a customer. Revenue is recognized upfront at the point in time when the software is made available to the customer. Software upgrades, such as version iteration, are additionally charged. Game-related services. The Group sells both perpetual and consumable in-game virtual items. Perpetual in-game virtual items represent items that are accessible to the paying users as long as the users continue to play. Consumable virtual items represent items that can be consumed by specific user actions. The Group recognizes revenues from the perpetual in-game virtual items over the estimated average paying users’ life, and revenues from the consumable in-game virtual items at a point in time when specific user actions are taken by paying users. The Group tracks the in-game virtual item purchases and log-in history of the paying users to calculate the retention of game users based on a statistical model in order to arrive at the best estimate of the average paying users’ life of each game. For newly launched games with a limited period of paying users’ data available for the estimate, the Group considers the estimated average paying users’ life of other recently launched games with similar characteristics. (2) AI and others Advertising agency services The Group provides advertising agency services by arranging advertisers to purchase various advertisement products from certain online networks. The Group receives from the online network performance-based commissions, which are determined based on a pre-specified percentage of the payment by the advertisers for the online network’s various advertisement products. The Group acts as an agent to arrange for the advertising services to be provided by third parties on their internet properties and incentives provided to the end customers are typically market-wide promotions that result in lower fee earned by the Group, and therefore are recorded as a reduction of revenue at the date the Group records the corresponding revenue transaction. Revenue from advertising agency services is recognized on a net basis at a point in time when the advertisement products are delivered by the online networks. The revenue is estimated by the Group based on the real-time advertising performance results provided by the online networks and the commission rates pre-determined in contracts signed with relevant online networks. There was no significant difference between the Group’s estimates and the subsequent periodic invoices provided by the online network for all the periods presented. Receivables from advertising agency services were included in other receivables from advertisers in “Prepayments and other current assets” and payable to online networks were included in payable to online advertising platforms as agency in “Accrued expenses and other current liabilities” on the consolidated balance sheets. Multi-Cloud Management services The Group provides multi-cloud management services through cloud management platform. The nature of the Group’s performance obligation is a single performance obligation to stand ready to provide integrated technical cloud-based solution or sell cloud resources to customers. Revenue is recognized over time when related solutions or resources are provided to customers. The Group evaluates whether it is appropriate to record the revenue on gross or net basis based on whether it acts as a principal or as an agent. This determination is reviewed for each specified service provided to the customer and may involve significant judgment. In certain cases, the Group concludes that it controls the solutions and resources before they are transferred to end customers, as the Group integrates the cloud resources with its technical expertise to provide ongoing customized cloud-based solutions, is primarily responsible for the fulfillment, and has inventory risk before the specified solutions and resources have been transferred to the customers and revenue is recognized on a gross basis. In other cases, the Group acts as a reseller of cloud resources and during which the Group acts as an agent to arrange for the resources to be provided by third parties and revenue is recognized on a net basis. Sale and rental of robot and other AI hardware products The Group generates revenue from sales and rental of robots and sale of other AI hardware products. The Group recognizes |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Business Combinations | 3. BUSINESS COMBINATIONS Business combination in 2023 Acquisition of Beijing OrionStar On November 30, 2023, as part of the Group's efforts to venture into AI-powered business chain and facilitate its transition from the mobile era to artificial general intelligence ("AGI") era , the Group acquired an additional 35.17 % equity interest of Beijing OrionStar, an AI solution and service robot provider headquartered in Beijing focusing on the research and development of AI, for a total cash consideration of RMB 268,724 (US$ 37,849 ). Taking into account its existing shareholding of 37.74 %, the Group held a total of 72.91 % of Beijing OrionStar’s equity interest and consolidated the financial results of Beijing OrionStar since November 30, 2023. The Group recognized a remeasurement gain of RMB 6,036 (US$ 850 ) associated with the previously held equity interests of Beijing OrionStar in “other income”. Further, the acquisition effectively settled preexisting receivables and payables between the Group and the acquired entities. The following is a reconciliation of purchase price consideration for the acquirers: Amount RMB US$ Cash consideration 268,724 37,849 Fair value of previously held equity interests 316,672 44,602 Settlement of convertible loan provided to Beijing Orionstar 118,091 16,633 Settlement of amounts due from Beijing Orionstar Group 69,648 9,810 Total 773,135 108,894 The Group, with the assistance of an independent third-party valuation firm, measure the fair value of the acquired identifiable assets and liabilities assumed. The following table summarizes the fair values of the assets acquired and liabilities assumed from Beijing OrionStar as of the acquisition date: Amount RMB US$ Net assets acquired (i) 136,534 19,230 Amortizable intangible assets (ii) Robot technology 140,000 19,719 Large language model (LLM) technology 57,000 8,028 Trademark 15,000 2,113 Goodwill (iii) 576,989 81,267 Deferred tax liabilities ( 31,800 ) ( 4,479 ) Non-controlling interests and mezzanine equity(iv) ( 120,588 ) ( 16,984 ) Total 773,135 108,894 (i) Net assets acquired primarily consists of cash and cash equivalent, inventories, equity method investment and deferred tax assets of RMB 221,898 (US$ 31,254 ) and accounts payable, deferred revenue, due to related parties of RMB 121,366 (US$ 17,094 ) as of the date of acquisition. (ii) Acquired amortizable intangible assets had an amortization period of 8.0 years. The fair value estimate of technology was estimated using the multi-period excess earnings method. Key assumptions and estimates used in deriving the projected cash flows are forecasted revenue, EBIT margin, and discount rate. The fair value estimate of trademark was estimated using the relief-from-royalty method. Key assumptions and estimates used are forecasted revenue and discount rate. (iii) Goodwill arising from the acquisition of Beijing OrionStar was attributable to the benefit of expected synergies, the assembled workforce, revenue growth and future market development as of the date of acquisition and assigned to AI and others segment. Goodwill arising from the acquisition is not expected to be deductible for tax purposes. (iv) According to the articles of association of Beijing OrionStar, equity interests held by two shareholders are preferred shares and was contingently redeemable upon the occurrence of a conditional event, which is not solely within the control of the Group and was classified as mezzanine equity. Detailed description of mezzanine equity is disclosed in Note 19. Fair value of the non-controlling interests and mezzanine equity, as well as the previous held equity interests mentioned above was determined with the assistance of an independent valuation firm using discount cash flow method. Key assumptions and estimates used are forecasted revenue, EBIT margin, discount rate and volatility. Since the acquisition, Beijing OrionStar contributed RMB 14,810 (US$ 2,086 ) revenues and RMB 4,738 (US$ 667 ) losses to the Group for the year ended 2023. Had the acquisition date of Beijing OrionStar been January 1, 2022, the revenue and net loss of the Group would have been RMB 1,063,970 and RMB 652,497 in 2022, respectively, and the revenue and net loss of the Group would have been RMB 768,152 (US$ 108,192 ) and RMB 728,995 (US$ 102,677 ) in 2023,respectively. The pro-forma results have been prepared for comparative purposes only and do not purport to be indicative of the results of operations which actually would have resulted had the acquisition occurred as of January 1, 2022, nor is it indicative of future operating results. The pro-forma amounts have been calculated after adjusting the results of Beijing OrionStar to reflect the additional amortization that would have been charged assuming the fair value adjustments to intangible assets had been applied from January 1, 2022. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
Investments | 4. INVESTMENTS (a) Short-term investments As of December 31, 2022, and 2023, short-term investments included time deposits, and wealth management products in commercial banks of RMB 156,182 and RMB 1,023 (US$ 144 ), respectively. For the years ended December 31, 2021, 2022 and 2023, the Group recognized interest income from its short-term investments of RMB 12,687 , RMB 23,088 and RMB 6,668 (US$ 939 ), respectively . For the years ended December 31, 2021, 2022 and 2023 the Group recognized a credit loss on short-term investments of RMB 715 , reversed RMB 714 and RMB 548 (US$ 77 ) in “other expense” in the consolidated comprehensive loss, respectively. (b) Long-term investments The Group’s long-term investments include equity investments accounted for using the measurement alternative, equity investments with readily determinable fair value, equity investments accounted for using equity method, equity method investment accounted for using fair value option and available-for-sale debt securities. Equity investments accounted for using the measurement alternative In accordance with ASC 321, the Group elected to use the measurement alternative to measure such investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer, if any. As of December 31, 2022 and 2023, the carrying amount of the Group’s equity investments accounted for using the alternative measurement was RMB 1,141,207 and RMB 539,433 (US$ 75,978 ), including RMB 1,257,876 and RMB 697,633 (US$ 98,260 ) accumulated impairment, and RMB 331,566 and RMB 193,668 (US$ 27,278 ) accumulated upward adjustment, respectively. During the years ended December 31, 2022 and 2023, certain equity investments were remeasured based on observable price changes in orderly transactions for an identical or similar investment of the same issuer, the aggregate carrying amount of these investments was RMB 106,662 and RMB 16,090 (US$ 2,266 ) as of December 31, 2022 and 2023, respectively. Total unrealized and realized gains and losses of equity securities without readily determinable fair values for the years ended December 31, 2021, 2022 and 2023 were as follows: For the year ended December 31, 2021 2022 2023 RMB RMB RMB US$ Gross unrealized gains (upward adjustments) 82,504 33,346 501 71 Gross unrealized losses (impairment) ( 351,380 ) ( 287,005 ) ( 168,759 ) ( 23,769 ) Net unrealized losses on equity securities held ( 268,876 ) ( 253,659 ) ( 168,258 ) ( 23,698 ) Net realized gains on equity securities sold 67,105 32,536 6,117 862 Total net losses recognized in other income, net ( 201,771 ) ( 221,123 ) ( 162,141 ) ( 22,836 ) In 2023, the Group: i) acquired equity interests in one equity investee for a total consideration of RMB 6,000 (US$ 845 ). ii) acquired control stake of Beijing OrionStar and derecognized the previous held equity interest in Beijing OrionStar as disclosed in Note 3. In 2022, the Group: i) acquired equity interests in three equity investees for a total consideration of RMB 59,581 . ii) disposed certain equity interest in equity investees and recognized a disposal gain of RMB 32,536 in “Other income”. In 2021, the Group: i) acquired equity interests in two equity investees for a total consideration of RMB 7,000 . ii) disposed certain equity interest in equity investees and recognized a disposal gain of RMB 67,105 in “Other income”. The Group received dividends from investees of RMB 2,558 , nil and RMB 5,598 (US$ 788 ) which were recorded in “Other income” in the consolidated comprehensive loss for the years ended December 31, 2021, 2022 and 2023, respectively. Equity investments with readily determinable fair value The Group purchased equity interest of a company listed on the HK Stock Exchange in 2019 and disposed all the equity interest of the Company in 2021. Realized gains were RMB 767 and nil and nil , which were recorded in “Other income” in the consolidated comprehensive loss for years ended December 31, 2021, 2022 and 2023, respectively. Investment accounted for using fair value option The Group owned 49.6 % equity interest of Live.me on a fully dilutive basis and the Group elected to account the equity investment in Live.me under the fair value option model. In January 2023, Live.me modified its share capital by dividing ordinary shares into Class A ordinary shares and Class B ordinary shares with different voting rights, T he Group’s voting rights of Live.me thus were diluted to be 17.25 % and the Group lost significant influence in Live.Me. In December 2023, the preferred shares held by the Group was reclassified and accounted for as available-for-sale debt securities since the Group has a put option to request Live.me to redeem the Group’s related equity interests at the Group's option. The Group continues to measure Live.me’s equity interest under fair value option model. The fair value of the equity interest held by the Group was RMB 370,162 and RMB 43,333 (USD$ 6,103 ) as of December 31, 2022 and 2023, respectively. For the years ended December 2021, 2022 and 2023, the Group recorded unrealized gain of RMB 6,537 , unrealized losses of RMB 25,601 and RMB 334,921 (USD$ 47,173 ) for equity investment accounted for using fair value option in “Other income” and “Other expense” in the consolidated comprehensive loss, respectively. Equity investments accounted for using equity method The carrying amount of the Company’s equity method investments were RMB 238,591 and RMB 242,997 (US$ 34,225 ) as of December 31, 2022 and 2023, respectively. In 2023, the Group acquired certain equity method investments with total costs of RMB 23,454 (US$ 3,303 ), and during which RMB 17,707 (US$ 2,494 ) was in cash consideration and another was acquired through business combination as set out in Note 3. In 2022, the Group acquired an equity method investment with total consideration of RMB 10,000 . In 2021, the Group acquired an equity method investment with total consideration of RMB 2,500 . The Group recorded its share of income of RMB 60,992, share of loss of RMB 12,143 and RMB 2,564 (US$ 361 ) from equity investments accounted for using equity method for the years ended December 31, 2021, 2022 and 2023, respectively. For the years ended December 31, 2021, 2022 and 2023, nil and nil and RMB 5,339 (US$ 752 ) impairment losses were recorded for the equity investments accounted for using equity method. None of equity method investments, including the equity method investment that the Group elects to account for using the fair value option, was considered individually material for the years ended December 31, 2021, 2022 and 2023. The Group summarized the unaudited condensed financial information of the Group’s equity method investments as a group below in accordance with Rule 4-08 of Regulation S-X: As of December 31, 2022 2023 RMB RMB US$ Balance sheet data: Current assets 463,921 514,186 72,422 Non-current assets 1,404,594 1,298,749 182,925 Current liabilities 173,776 89,210 12,565 Non-current liabilities 13,249 5,843 823 Redeemable preferred shares 1,059,852 — — For the year ended December 31, 2021 2022 2023 RMB RMB RMB US$ Operating data: Revenues 925,020 755,532 156,948 22,106 Gross profit 407,487 285,140 19,206 2,705 Operating income (loss) 459,079 ( 10,022 ) ( 64,535 ) ( 9,090 ) Net income (loss) 464,352 ( 8,133 ) ( 60,929 ) ( 8,582 ) Available-for-sale debt securities Available-for-sale debt securities in long-term investments primarily represent investments in preferred shares that are redeemable at the Group’s option, which are measured at fair value. In 2021, the Group sold part of equity interest of an investment previously accounted for using the measurement alternative and the remaining equity interest held was reclassified and accounted for as available-for-sale debt securities since the Group has a put option to require the equity investee to redeem the Group’s equity interest at the Group’s option. The Group remeasured the fair value of the investment upon the reclassification with a remeasurement loss of RMB 42,883 recorded in “Other expense” in the consolidated comprehensive loss. In 2023, preferred shares held by the Group of an investment previously accounted for using the measurement alternative was reclassified and accounted for as available-for-sale debt securities since the preferred shares are redeemable at the Group’s option. The Group remeasured the fair value of the investment upon the reclassification with a remeasurement loss of RMB 25,808 (US$ 3,635 ) recorded in “Other expense” in the consolidated comprehensive loss. As of December 31, 2022, and 2023, long-term available-for-sale debt securities other than the investment in preferred shares of Live.me that classified as available-for-sale debt securities accounted for under fair value option model were RMB 42,371 and RMB 111,697 (US$ 15,732 ), respectively. For the years ended December 31, 2021, 2022 and 2023, the Group recognized fair value loss on long-term available-for-sale debt securities of nil , RMB 8,270 and RMB 43,494 (US$ 6,126 ) respectively in other comprehensive loss. |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2023 | |
Accounts Receivable, Net | 5. ACCOUNTS RECEIVABLE, NET As of December 31, 2022 2023 RMB RMB US$ Accounts receivable 385,935 533,945 75,205 Allowance for credit losses ( 102,161 ) ( 132,881 ) ( 18,716 ) Accounts receivable, net 283,774 401,064 56,489 The movements in the allowance for credit losses were as follows: Year ended December 31, 2022 2023 RMB RMB USD Balance as of January 1 92,695 102,161 14,389 Addition 3,156 29,401 4,141 Amounts written off — — — Foreign Exchange effect 6,310 1,319 186 Balance as of December 31 102,161 132,881 18,716 |
Prepayments and Other Current A
Prepayments and Other Current Assets, Net | 12 Months Ended |
Dec. 31, 2023 | |
Prepayments and Other Current Assets, Net | 6. PREPAYMENTS AND OTHER CURRENT ASSET S, NET As of December 31, 2022 2023 RMB RMB US$ Other receivables from advertisers 857,135 878,754 123,770 Advances to suppliers 137,419 139,772 19,686 Prepaid expenses 25,506 26,144 3,682 Inventories (i) 16,695 40,573 5,715 Receivable from third-party payment platform 51,014 29,573 4,165 Convertible loans 10,093 10,465 1,474 Others 72,371 68,975 9,715 Impairment of prepayments and inventory ( 102,145 ) ( 108,003 ) ( 15,212 ) Allowance for credit losses ( 99,943 ) ( 113,126 ) ( 15,933 ) Total 968,145 973,127 137,062 (i) Inventories consist of materials and finished goods, as of December 31, 2022 and 2023, inventories net of impairment reserve were RMB 4,283 and RMB 28,042 (US$ 3,950 ). For the years ended December 31, 2021, 2022 and 2023, the group recorded impairment reserve of RMB 7,618 , nil and RMB 2,627 (US$ 370 ) , respectively. The movements in the allowance for credit losses were as follows: Year ended December 31, 2022 2023 RMB RMB USD Balance as of January 1 102,985 99,943 14,077 Addition 19,266 12,243 1,724 Amounts written off ( 27,623 ) — — Foreign Exchange effect 5,315 940 132 Balance as of December 31 99,943 113,126 15,933 Provision for credit losses and impairment of assets for the years ended December 31, 2021, 2022 and 2023 were RMB 493 , RMB 19,266 and RMB 12,243 (US$ 1,724 ), respectively. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2023 | |
Property and Equipment, Net | 7. PROPERTY AND EQUIPMENT, NET As of December 31, 2022 2023 RMB RMB US$ Electronic equipment 61,894 64,254 9,050 AI related equipment 153,580 159,898 22,521 Leasehold improvements 14,544 19,186 2,702 Office equipment and fixtures 19,532 20,881 2,941 Mold and tooling — 5,516 777 Motor vehicles 2,922 2,690 379 Construction in progress 48 119 16 Less: Accumulated depreciation ( 185,105 ) ( 211,437 ) ( 29,780 ) Less: Accumulated impairment ( 8,688 ) ( 7,223 ) ( 1,017 ) Property and equipment, net 58,727 53,884 7,589 Depreciation expense of property and equipment for the years ended December 31, 2021, 2022 and 2023 were RMB 45,751 , RMB 49,208 and RMB 27,842 (US$ 3,921 ), respectively. The impairment recognized on property and equipment were nil for the years ended December 31, 2021, 2022 and 2023, respectively. The Group recorded impairment loss in “Other operating income (expense), net”. |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2023 | |
Intangible Assets, Net | 8. INTANGIBLE ASSETS, NET Intangible assets and the related accumulated amortization were summarized as follows: As of December 31, 2023 Gross Accumulated Accumulated Net carrying value RMB RMB RMB RMB US$ Online game licenses 144,751 ( 95,886 ) ( 48,839 ) 26 4 Technology 363,466 ( 142,720 ) ( 18,367 ) 202,379 28,504 Platform 77,919 ( 42,860 ) ( 35,059 ) — — Customer relationship 49,954 ( 47,077 ) ( 2,877 ) — — User base 48,788 ( 48,788 ) — — — Trademarks 33,546 ( 15,499 ) ( 2,244 ) 15,803 2,226 Domain names 5,224 ( 4,873 ) — 351 49 Non-compete agreements 1,610 ( 1,610 ) — — — Total 725,258 ( 399,313 ) ( 107,386 ) 218,559 30,783 As of December 31, 2022 Gross Accumulated Accumulated Net carrying value RMB RMB RMB RMB Online game licenses 188,174 ( 139,536 ) ( 47,910 ) 728 Technology 155,056 ( 130,822 ) ( 18,244 ) 5,990 Platform 76,621 ( 42,146 ) ( 34,475 ) — Customer relationship 49,237 ( 46,408 ) ( 2,829 ) — User base 47,980 ( 47,980 ) — — Trademarks 18,283 ( 14,788 ) ( 2,222 ) 1,273 Domain names 4,965 ( 4,526 ) — 439 Non-compete agreements 1,610 ( 1,610 ) — — Total 541,926 ( 427,816 ) ( 105,680 ) 8,430 The Group recorded impairment loss in “Other operating income (expense), net”. The impairment recognized on intangible assets were nil , nil and RMB 412 (US$ 58 ) for the years ended December 31, 2021, 2022 and 2023, respectively. Amortization expense of intangible assets for the years ended December 31, 2021, 2022 and 2023 were RMB 5,071 , RMB 3,817 and RMB 7,420 (US$ 1,045 ), respectively. Estimated amortization expense relating to the existing intangible assets with finite lives for each of next five years and thereafter is as follows: For the year RMB US$ 2024 28,968 4,080 2025 28,674 4,039 2026 28,220 3,975 2027 28,017 3,946 2028 27,881 3,927 Thereafter 76,799 10,816 Total 218,559 30,783 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 9. GOODWILL The changes in the carrying amount of goodwill were as follows: For the year Balance as of January 1, 2023 — Goodwill acquired in business combinations (Note 3) 576,989 Balance as of December 31, 2023, in RMB 576,989 Balance as of December 31, 2023, in US$ 81,267 |
Lease
Lease | 12 Months Ended |
Dec. 31, 2023 | |
Lease | LEASE The Group’s operating leases mainly related to offices and employees’ accommodation facilities. For leases with terms greater than 12 months, the Group records the related assets and lease liabilities at the present value of lease payments over the term. Certain leases include rental-free periods and renewal options, which are factored into the Group’s determination of lease payments when appropriate. As of December 31, 2022 and 2023, the Group had no finance leases. As of December 31, 2022 and 2023, the weighted average remaining lease term was 3.4 years and 2.5 years, respectively, and the weighted average discount rate was 4.9 % and 4.9 % for the Group’s operating leases respectively. Operating lease cost for the year ended December 31, 2021, 2022 and 2023, was RMB 20,613 , RMB 16,777 and RMB 15,244 (US$ 2,147 ) respectively, which excluded cost of short-term contracts. Short-term lease cost for the year ended December 31, 2021, 2022 and 2023 was RMB 28,488 , RMB 5,062 and RMB 5,379 (US$ 758 ), respectively. For the years ended December 31, 2021, 2022 and 2023, no lease cost was capitalized. Future lease payments under operating leases as of December 31, 2023 were as follows: For the year RMB US$ 2024 14,426 2,032 2025 12,103 1,705 2026 5,969 841 2027 — — 2028 — — Total future lease payments 32,498 4,577 Less: imputed interest 1,504 212 Total lease liability balance 30,994 4,365 |
Accrued Expenses And Other Liab
Accrued Expenses And Other Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Accrued Expenses And Other Liabilities | 11. ACCRUED EXPENSES AND OTHER LIABILITIES Accrued expenses and other current liabilities As of December 31, 2022 2023 RMB RMB US$ Payable to online advertising platforms as agency 827,015 1,452,286 204,550 Accrued operating expenses 224,902 391,338 55,119 Salary and welfare payable 54,314 51,465 7,249 Advance received in advertising agency services 136,098 136,684 19,252 Accrued advertising, marketing and promotional expenses 48,389 50,082 7,054 Deferred revenue 194,542 235,520 33,172 Operating lease liabilities current portion 14,384 13,295 1,873 Other taxes payable 21,670 35,380 4,983 Accrued bandwidth and cloud service costs 1,062 2,078 293 Others 64,393 69,082 9,728 Total 1,586,769 2,437,210 343,273 Other non-current liabilities As of December 31, 2022 2023 RMB RMB US$ Uncertain tax position 161,668 159,908 22,523 Operating lease liabilities non-current portion 27,090 17,699 2,493 Others 11,578 12,336 1,737 Total 200,336 189,943 26,753 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Information | 12. SEGMENT INFORMATION The Company presents segment information after elimination of inter-company transactions. In general, revenues, cost of revenues and operating expenses are directly attributable, or are allocated, to each segment. The Company allocates cost of revenues and operating expenses that are not directly attributable to a specific segment, such as those that support infrastructure across different segments, to different segments mainly on the basis of usage, revenue or headcount, depending on the nature of the relevant cost of revenues and operating expenses. The Company’s CODM evaluates performance based on each reporting segment’s revenues and operating income (loss), furthermore, the Company does not allocate assets to its segments as the CODM does not evaluate the performance of segments using asset information. The following tables present the summary of each segment’s revenues, operating income (loss) which were considered as segment operating performance measure, for the years ended December 31, 2021, 2022 and 2023: For the year ended December 31, 2021 2022 2023 RMB RMB RMB US$ Revenues: Internet business 653,759 697,387 450,134 63,400 AI and others 130,857 186,679 219,369 30,898 Total revenues 784,616 884,066 669,503 94,298 Operating income (loss): Internet business ( 14,178 ) ( 369 ) 26,259 3,699 AI and others ( 208,243 ) ( 217,359 ) ( 202,542 ) ( 28,527 ) Unallocated expenses(i) ( 7,150 ) ( 7,863 ) ( 33,554 ) ( 4,726 ) Total operating loss ( 229,571 ) ( 225,591 ) ( 209,837 ) ( 29,554 ) (i) Share-based compensations were not allocated to segments. |
Geographical Information
Geographical Information | 12 Months Ended |
Dec. 31, 2023 | |
Geographical Information | 13. GEOGRAPHICAL INFORMATION The following tables set forth revenues and property and equipment, net by geographic area: For the year ended December 31, 2021 2022 2023 RMB RMB RMB US$ Revenues: PRC 562,464 391,652 343,119 48,327 Overseas (i) 222,152 492,414 326,384 45,971 HongKong 18,727 262,095 52,272 7,362 Japan 111,481 96,413 113,143 15,936 Rest of the world (ii) 91,944 133,906 160,969 22,673 As of December 31, 2022 2023 RMB RMB US$ Property and equipment, net: PRC 55,629 44,676 6,292 Non-PRC 3,098 9,208 1,297 (i) Overseas revenue refers to revenues generated by the Group’s operating legal entities incorporated outside mainland China or generated by our operating legal entities incorporated in mainland China but are attributable to customers located outside mainland China . Such revenues are primarily attributable to customers located outside China based on customers’ registered addresses. (ii) No individual country or area, other than disclosed above, exceeded 10% of total revenues for the years ended December 31, 2021, 2022 and 2023, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes | 14. INCOME TAXES The Company is incorporated in the Cayman Islands and conducts its primary business operations through its subsidiaries, VIEs and subsidiaries of VIEs in the PRC. It also has subsidiaries mainly in Hong Kong, Singapore and Japan. Cayman Islands and BVI Under the current laws of the Cayman Islands and BVI, the Company is not subject to tax on income or capital gain. Additionally, upon payments of dividends by the Company to its shareholders, no Cayman Islands BVI withholding tax will be imposed. Hong Kong The Company’s subsidiaries in Hong Kong are subject to Hong Kong Profits Tax rate at 16.5 % on the estimated assessable profit. For the year ended December 31, 2021, 2022 and 2023, the first HK$ 2 million of profits earned by one of the Company’s subsidiaries incorporated in Hong Kong is taxed at half the current tax rate (i.e. 8.25 %) while the remaining profits will continue to be taxed at the existing 16.5 % tax rate . There are no withholding taxes in Hong Kong on remittance of dividends. Singapore Subsidiaries in Singapore are subject to Singapore corporate income tax rate of 17 %. Japan Kingsoft Japan is incorporated in Japan with paid-in capital in excess of Japanese Yen (“JPY”) 100 million and was subject to a national corporate income tax rate of 23.2 % as of the years ended 31, 2021 and 2022. In 2023, Kingsoft Japan reduced its paid-in capital to 90 million Japanese Yen, and is taxed at a tax rate of 15 % on first JPY 8 million and at 23.2 % on the portion over JPY8 million as of the year ended 31, 2023. Local income taxes, which are local inhabitant tax and enterprise tax, are also imposed on corporate income. PRC The Company’s subsidiaries in the PRC and the VIEs are subject to the statutory rate of 25 %, unless otherwise specified, in accordance with the Enterprise Income Tax law (the “EIT Law”), which was effective since January 1, 2008. As qualified High New Technology Enterprise (“HNTE”), Beijing Security was entitled to the preferential income tax rate of 15 % from 2020 to 2021. Beijing Kingsoft Cheetah Technology Co., Ltd. is entitled to the preferential income tax rate of 15 % from 2022 to 2024. Beijing OrionStar Technology Co., Ltd. is entitled to the preferential income tax rate of 15 % from 2021 to 2023. Zhuhai Baoqu Technology Co., Ltd. are entitled to the preferential income tax rate of 15 % from 2023 to 2025. In accordance with the requirements of Cai Shui [2022] No. 19 and State Administration of Taxation Hengqin-Guangdong-Macao In-Depth Cooperation Zone Taxation Bureau Announcement [2023] No. 1, enterprises of qualified industries that met the operational substantive requirements located in Hengqin-Guangdong-Macao In-Depth Cooperation Zone , are subject to a tax rate of 15 % . Zhuhai Baohaowan Technology Co., Ltd. is entitled to the preferential income tax rate of 15 % as it is qualified with the mentioned requirements. Pursuant to Ministry of Finance and State Administration of Taxation Announcement [2019] No.68, new Software development enterprise are each entitled to a tax holiday of two-year full EIT exemption followed by three-year 50 % EIT reduction (“2+3 tax holiday”) starting from their respective first profit-making year prior to December 31, 2018. Zhuhai Baoqu Technology Co., Ltd. being qualifying as a new software development enterprise is entitled to a tax holiday of 50 % EIT exemption in 2021 and 2022. Without the tax holidays and preferential tax, the Group’s income tax expenses would have decreased by RMB 44,909 , RMB 2,232 and RMB 3,457 (US$ 487 ) for the years ended December 31, 2021, 2022 and 2023, respectively. The impacts of the tax holidays and preferential tax rates were a decrease in the loss per share of RMB 0.0314 , RMB 0.0015 and RMB 0.0023 (US$ 0.0003 ), for the year ended December 31, 2021, 2022 and 2023, respectively. Under the EIT Law, dividends paid by PRC enterprises out of profits earned post-2007 to non-PRC tax resident investors are subject to PRC dividend withholding tax of 10 %. A lower withholding tax rate may be applied based on applicable tax treaties with certain jurisdictions. L oss before income taxes consists of: Year ended December 31, 2021 2022 2023 RMB RMB RMB US$ PRC ( 490,025 ) ( 261,306 ) ( 251,578 ) ( 35,434 ) Non-PRC 150,454 ( 284,474 ) ( 386,072 ) ( 54,376 ) Total ( 339,571 ) ( 545,780 ) ( 637,650 ) ( 89,810 ) The current and deferred portions of income tax expenses included in the consolidated statements of comprehensive loss are as follows: Year ended December 31, 2021 2022 2023 RMB RMB RMB US$ Current income tax expenses (benefits) 12,713 ( 12,208 ) 850 120 Deferred income tax (benefits) expenses 920 ( 12,881 ) ( 44,631 ) ( 6,286 ) Income tax expenses (benefits) 13,633 ( 25,089 ) ( 43,781 ) ( 6,166 ) A reconciliation of the differences between the statutory tax rate and the effective tax rate for enterprise income tax is as follows: Year ended December 31, 2021 2022 2023 RMB RMB RMB US$ Loss before income tax ( 339,571 ) ( 545,780 ) ( 637,650 ) ( 89,810 ) Income tax benefits computed at the PRC statutory tax rate of 25 % ( 84,894 ) ( 136,445 ) ( 159,413 ) ( 22,453 ) Effect of different tax rates in different jurisdictions ( 16,764 ) 49,280 84,086 11,843 Effect of tax holiday and preferential tax rates 44,909 4,908 2,981 420 Research and development super-deduction ( 12,660 ) ( 9,361 ) ( 8,749 ) ( 1,232 ) Non-taxable income(i) ( 25,713 ) ( 2,809 ) ( 5,488 ) ( 773 ) Non-deductible expenses(ii) 8,614 1,783 21,538 3,034 Effect of change in tax rate ( 12,327 ) ( 106,824 ) 3,080 434 Outside basis difference on investment 63 ( 3,800 ) ( 33,413 ) ( 4,706 ) Changes in uncertain tax position ( 9,453 ) ( 11,903 ) ( 4,183 ) ( 589 ) Withholding tax and others 27,977 ( 4,345 ) 22,683 3,194 Changes in valuation allowance 93,881 194,427 33,097 4,662 Income tax expenses (benefits) 13,633 ( 25,089 ) ( 43,781 ) ( 6,166 ) (i) Non-taxable income mainly consists of gains on disposal of subsidiaries and long-term investments or upward fair value adjustment of long-term investments that are not subject to tax under the tax laws of different jurisdictions. (ii) Non-deductible expenses mainly consist of share-based compensation expenses, entertainments, disposal losses or impairment of long-term investments and other expenses that are not allowed to be deducted under the tax laws of different jurisdictions. Deferred taxes were measured using the enacted tax rates for the periods in which the temporary differences are expected to be reversed. The tax effects of temporary differences that give rise to the deferred tax balances as of December 31, 2022 and 2023 are as follows: As of December 31, 2022 2023 RMB RMB US$ Deferred tax assets: Tax losses carry forward 411,544 708,815 99,835 Equity investment loss 157,319 185,553 26,135 Allowance for credit losses 36,089 35,983 5,068 Intangible assets and accrued expenses 8,687 7,906 1,114 Share-based compensation 263 235 33 Others 33,129 42,474 5,981 Valuation allowance ( 617,264 ) ( 786,853 ) ( 110,826 ) Deferred tax assets 29,767 194,113 27,340 Deferred tax liabilities: Outside basis difference on investment 55,770 23,403 3,296 Equity method investment and unrealized gains 1,813 1,112 157 Right-of-use asset and others 8,617 4,498 633 Intangible assets acquired from business acquisition - 31,137 4,386 Deferred tax liabilities 66,200 60,150 8,472 As of December 31, 2023 RMB US$ Classification in the consolidated balance sheets: Deferred tax assets 188,503 26,550 Deferred tax liabilities 54,540 7,682 The Group operates through several subsidiaries, VIEs and subsidiaries of VIEs and the valuation allowance is considered for each subsidiary, VIE and subsidiary of VIE on an individual basis. As of December 31, 2022, and 2023, the Group’s total deferred tax assets before valuation allowances were RMB 647,031 and RMB 980,966 (US$ 138,166 ), respectively. As of December 31, 2022 and 2023, the Group recorded valuation allowances of RMB 617,264 and RMB 786,853 (US$ 110,826 ), respectively, on its deferred tax assets that are sufficient to reduce the deferred tax assets to the amounts that are more-likely-than-not to be realized. The following table sets forth the movement of the valuation allowances for deferred tax assets for the years presented: 2022 2023 RMB RMB US$ Balance at January 1 ( 422,837 ) ( 617,264 ) ( 86,940 ) Additions (1) ( 205,800 ) ( 215,340 ) ( 30,330 ) Decreases 11,373 45,751 6,444 Balance at December 31 ( 617,264 ) ( 786,853 ) ( 110,826 ) (1) RMB 136,492 (US$ 19,224 ) of which was from the business combination as set out in Note3. Undistributed earnings of certain of the Company’s PRC subsidiaries amounted to approximately RMB 795,098 and RMB 821,259 (US$ 115,672 ) on December 31, 2022 and 2023, respectively. Those earnings are considered to be indefinitely reinvested; accordingly, no provision for PRC withholding tax has been provided thereon. Upon repatriation of those earnings in the form of dividends, the Group would be subject to PRC withholding tax at 10%. The PRC withholding tax rate could be reduced to 5 % should the treaty benefit between Hong Kong and the PRC be applicable. As such, the amount of unrecognized deferred income tax liabilities is approximately ranging from RMB 39,755 to RMB 79,510 and RMB 41,063 (US$ 5,784 ) to RMB 82,126 (US$ 11,567 ) as of December 31, 2022 and 2023, respectively. As of December 31, 2023, the Group had taxable losses of approximately RMB 4,016,753 (US$ 565,748 ) primarily deriving from entities in the PRC, Hong Kong and Singapore, which can be carried forward per tax regulation to offset future net profit for income tax purposes. The PRC taxable loss RMB 3,686,876 (US$ 519,286 ) will expire from 2024 to 2033 and Hong Kong, Singapore and others taxable loss RMB 329,877 (US$ 46,463 ) can be carried forward without an expiration date. Unrecognized tax benefits As of December 31, 2022 and 2023, the Group had unrecognized tax benefits of RMB 172,557 and RMB 168,416 (US$ 23,721 ), of which RMB 17,745 and RMB 14,516 (US$ 2,045 ), respectively, were deducted against the deferred tax assets on tax losses carry forward, and the remaining amounts of RMB 154,812 and RMB 153,900 (US$ 21,676 ), respectively were presented in the other non-current liabilities in the consolidated balance sheets. The Group’s unrecognized tax benefits for the years ended December 31, 2022 and 2023 were primarily related to the tax-deduction of share-based compensation expenses and disposal of long-term investments. It is possible that the amount of unrecognized benefits will change in the next 12 months; however, an estimate of the range of the possible change cannot be made at this moment. As of December 31, 2022, and 2023, there were RMB 154,812 and RMB 153,900 (US$ 21,676 ) of unrecognized tax benefits that if recognized would impact the annual effective tax rate. A reconciliation of the beginning and ending amount of unrecognized tax benefit is as follows: 2022 2023 RMB RMB US$ Balance at January 1 177,526 172,557 24,304 Additions based on tax positions related to current year 588 3,086 435 Reversal based on tax positions related to prior years ( 17,643 ) ( 9,651 ) ( 1,359 ) Foreign exchange translation adjustments 12,086 2,424 341 Balance at December 31 172,557 168,416 23,721 The Group recognizes accrued interest related to unrecognized tax benefits in income tax expenses. As of December 31,2022 and 2023, the Group had accrued interest of RMB 6,856 and RMB 6,009 (US$ 846 ) respectively. For the year ended December 31, 2021, 2022 and 2023, the Group reversed RMB 1,449 , RMB 3,760 , and RMB 847 (US$ 119 ) in interest , respectively. The Group did no t record any penalties related to unrecognized tax benefits. As of December 31, 2023, the tax years ended December 31, 2018 through 2023 for the Group’s subsidiaries in the PRC and the VIEs are generally subject to examination by the PRC tax authorities. The tax years ended December 31, 2019 through 2023 for the Group’s subsidiary in the Singapore is generally subject to examination by the Singapore tax authorities. The tax years ended December 31, 2017 through 2023 for the Group’s subsidiaries in Hong Kong are generally subject to examination by the Hong Kong tax authorities. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions | 15. RELATED PARTY TRANSACTIONS a. Principal related parties Name of related parties Relationship with the Group Tencent and its subsidiaries (“Tencent Group”) Kingsoft and its subsidiaries (“Kingsoft Group”) OrionStar and its subsidiaries (“OrionStar Group”) (1) Pixiu Inc. and its subsidiaries (“Pixiu Group”) Live.me and its subsidiaries (“Live.me Group”) Entities controlled by a shareholder of the Group Entities controlled by a shareholder of the Group Entities controlled by a director of the Group Entities influenced materially by the Group Entities that Group owns 49.6 % shares of ownership (1) OrionStar Group became the subsidiary of the Company since November 30, 2023 as disclosed in Note 3. As a result, OrionStar Group was not considered as the Group’s related party since then. b. In addition to the transactions detailed elsewhere in these financial statements, the Group had the following material related party transactions for the years ended December 31, 2021, 2022 and 2023: For the year ended December 31, 2021 2022 2023 RMB RMB RMB US$ Services received from: (i) Kingsoft Group 19,139 15,236 14,248 2,007 Tencent Group 32,594 20,534 13,293 1,872 OrionStar Group 3,756 347 2,324 327 Services provided to: (ii) Tencent Group 40,333 12,479 9,565 1,347 OrionStar Group 3,862 2,610 2,402 338 Pixiu Group 9,614 433 972 137 Live.me Group 11,718 33,305 35,006 4,930 Purchase of products and equipment: OrionStar Group (iii) 40,290 1,130 991 140 Loans and investments provided to: OrionStar Group (iv) 100,000 — — — Pixiu Group (v) — 14,181 — — (i) The Group entered into agreements with Kingsoft Group pursuant to which Kingsoft Group provided services including cloud services, leasing, license and other miscellaneous services to the Group; The Group entered into agreements with Tencent Group pursuant to which Tencent Group provided promotion and cloud services to the Group; The Group entered into agreements with OrionStar Group pursuant to which OrionStar Group provided technical support services to the Group. (ii) The Group entered into agreement with Tencent Group to provide online marketing services to Tencent Group; The Group entered into agreement with Live.me, Pixiu Group and OrionStar Group to provide technical support, multi-cloud management and other services. (iii) The Group entered into distribution and several robotics purchase agreements with OrionStar Group, pursuant to which the Group purchased robotics products from OrionStar Group. (iv) In 2021, the Group provided a convertible loan of RMB 100,000 at an annual simple interest rate of 8 % with 2 years maturity term to Beijing OrionStar. The Group does not have right to convert all or part of the principal and accumulated unpaid interest into the Beijing OrionStar’s equity interest until a qualified equity financing occurs or upon maturity. The conversion features were considered as embedded derivatives that do not meet the criteria to be bifurcated and were accounted for together with the loan receivable. In October 2023, the group agreed to extend the maturity date by one year and it was deemed to be settled upon the completion of acquisition of Beijing OrionStar on November 30, 2023. (v) The Group entered into loan agreements with Pixiu Group including a 3-year capital allocation loan which the original expiration date was January 2022. In 2021, the remaining principal balance was revolved to January 2024. In 2023, the Group agreed to further extend the expiration date for the outstanding principal balance to December 2024. c. The balances between the Group and its related parties as of December 31, 2022 and 2023 are listed below: (1) Amount due from related parties, net As of December 31, 2022 2023 RMB RMB US$ Live.me Group 13,129 20,654 2,909 Tencent Group 4,529 5,476 771 Pixiu Group 25,104 21,097 2,971 OrionStar Group(i) 134,548 — — Kingsoft Group 5,019 4,188 590 Other related parties (ii) 20,610 20,090 2,830 Total 202,939 71,505 10,071 (i) As of December 31, 2022, the balances of due from OrionStar Group primarily included convertible loan of RMB 100,000 and prepayments made for the purchase of robotics products. (ii) As of December 31, 2022 and 2023, the amount of due from other related parties included convertible loans of RMB 21,000 to a related party, which has been fully impaired as of December 31, 2022 and 2023. Non-trading indebtedness balances with related parties included convertible and other loans of RMB 113,012 and RMB 18,981 (US$ 2,673 ) as of December 31, 2022 and 2023, respectively. The balance of RMB 3,840 and nil were long-term nature as of December 31, 2022 and 2023, respectively. The movements in the allowance for credit losses were as follows: Year ended December 31, 2022 2023 RMB RMB US$ Balance as of January 1 58,786 67,089 9,449 Addition/(reverse) 7,846 ( 30,534 ) ( 4,301 ) Amounts written off — ( 1,026 ) ( 145 ) Foreign Exchange effect 457 53 7 Total 67,089 35,582 5,010 (2) Amount due to related parties As of December 31, 2022 2023 RMB RMB US$ OrionStar Group 799 — — Tencent Group 15,132 9,776 1,377 Live.me Group 10 — — Kingsoft Group 3,969 3,597 507 Other related parties(i) 3,719 70,774 9,968 Total 23,629 84,147 11,852 (i) As of December 31, 2023, the amount of due to other related parties primarily included a one year convertible loan with principal amount of RMB 40,265 (US$ 5,671 ) due by Beijing OrionStar to Mr. Sheng Fu, chief executive officer and director of the Group. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Compensation | 16. SHARE-BASED COMPENSATION 2023 Share Incentive Plan On April 11, 2023, the board of directors of the Company approved to adopt a share incentive plan (the “2023 Incentive Plan”). The 2023 Incentive plan provides for the grant of restricted shares and share options to members of the Board, employees or consultants of the Group. The maximum aggregate number of Shares which may be issued or transferred under the 2023 incentive Plan shall be equal to 145,000,000 Shares. Unless terminated earlier, the 2023 incentive Plan will expire on the tenth anniversary of the Effective Date. Vesting conditions will be specified under each award agreement. Except for service conditions, there were no other vesting conditions for all the awards under 2023 Incentive Scheme. The following table summarizes the restricted shares activity pursuant to the 2023 Incentive Plan for the years ended December 31, 2023: Number of Shares Weighted average grant date fair value (US$) Outstanding at January 1, 2023 — — Granted 103,270,550 0.05 Vested ( 36,941,200 ) 0.05 Forfeited — — Unvested at December 31, 2023 66,329,350 0.04 The fair value of the restricted shares was determined based on the price of the Company’s publicly traded ADSs. As of December 31, 2023, the total estimated unrecognized share-based compensation expenses related to restricted shares awarded amounted to RMB 14,137 (US$ 1,991 ), and is expected to be recognized over a weighted-average period of 2.0 years. The total fair value of vested restricted shares on their respective vesting dates during the years ended December 31, 2023 was RMB 13,587 (US$ 1,914 ). 2014 Restricted Shares Plan On April 22 and April 24, 2014, the board of directors and the shareholders of the Company approved to adopt a restricted shares plan (the “2014 Restricted Shares Plan”), respectively. Under the 2014 Restricted Shares Plan, the Company is authorized to issue up to 122,545,665 Class A ordinary shares (excluding shares which have lapsed or have been forfeited) pursuant to the grant of restricted shares and restricted share units thereunder. Unless terminated earlier, the 2014 Restricted Shares Plan has a validity term of 10 years and was due to terminate in 2024. Upon approval of our board of directors, the validity term has been extended to April, 2029 . The share awards granted under 2014 Restricted Shares Plan had vesting terms of no longer than 5 years from the date of grant. Except for service conditions, there were no other vesting conditions for all the awards under 2014 Restricted Shares Plan. The following table summarizes the restricted shares activity pursuant to the 2014 Restricted Shares Plan for the years ended December 31, 2021, 2022 and 2023, respectively: Number of shares Weighted average Unvested at January 1, 2021 3,640,002 0.88 Granted 5,994,400 0.14 Vested ( 2,016,463 ) 0.78 Forfeited ( 1,055,299 ) 1.00 Unvested at December 31, 2021 6,562,640 0.22 Granted — — Vested ( 2,160,940 ) 0.36 Forfeited ( 373,150 ) 0.26 Unvested at December 31, 2022 4,028,550 0.14 Granted 31,580,058 0.04 Vested ( 6,629,200 ) 0.06 Forfeited ( 2,993,700 ) 0.05 Unvested at December 31, 2023 25,985,708 0.05 The fair value of the restricted shares was determined based on the price of the Company’s publicly traded ADSs. As of December 31, 2023, the total estimated unrecognized share-based compensation expense related to restricted shares awarded amounted to RMB 6,229 (US$ 877 ), and is expected to be recognized over a weighted-average period of 1.8 years. The total fair value of vested restricted shares on their respective vesting dates during the years ended December 31, 2021, 2022 and 2023 were RMB 2,696 , RMB 933 and RMB 2,185 (US$ 308 ), respectively. 2013 Incentive Scheme On January 2, 2014, the Company adopted an equity incentive scheme (the “2013 Incentive Scheme”). The 2013 Incentive Scheme provides for the grant of ordinary shares, restricted shares, share options and share appreciation rights to the employees, directors or non-employee consultants of the Company. The maximum number of the Company’s ordinary shares which may be issued under the 2013 Incentive Scheme is 64,497,718 (excluding shares which have lapsed or have been forfeited). The 2013 Incentive Scheme is valid and effective for a term of ten years commencing from its adoption. Except for service conditions, there were no other vesting conditions for all the awards under 2013 Incentive Scheme. As of December 31, 2023, all the share awards granted under 2013 Incentive Scheme had vesting terms of no longer than 5 years from the date of grant. The following table summarizes the restricted shares activity pursuant to the 2013 Incentive Scheme for the years ended December 31, 2021, 2022 and 2023, respectively: Number of Weighted average Outstanding at January 1, 2021 4,254,730 0.64 Granted 5,773,520 0.17 Vested ( 1,416,898 ) 0.79 Forfeited ( 1,014,882 ) 0.81 Unvested at December 31, 2021 7,596,470 0.23 Granted 469,490 0.08 Vested ( 2,350,790 ) 0.27 Forfeited ( 628,180 ) 0.50 Unvested at December 31, 2022 5,086,990 0.17 Granted 641,412 0.05 Vested ( 1,038,123 ) 0.27 Forfeited ( 975,867 ) 0.13 Unvested at December 31, 2023 3,714,412 0.12 The fair value of the restricted shares was determined based on the price of the Company’s publicly traded ADSs. As of December 31, 2023, the total estimated unrecognized share-based compensation expense related to restricted shares awarded amounted to RMB 1,024 (US$ 144 ), and is expected to be recognized over a weighted-average period of 1.5 years. The total fair value of vested restricted shares on their respective vesting dates for the years ended December 31, 2021, 2022 and 2023 were RMB 2,199 , RMB 1,409 and RMB 471 (US$ 66 ). 2011 Share Award Scheme On May 26, 2011, the board of directors of the Company approved and adopted the 2011 Share Award Scheme, as amended in September 2013 and November 2016, to recognize the contributions of certain employees and to give incentives thereto in order to retain them for the continued operation and development of the Group. Under the 2011 Share Award Scheme, the board of directors may grant restricted shares to its employees and directors to receive an aggregate of no more than 100,000,000 ordinary shares of the Company (excluding shares which have lapsed or have been forfeited) as at the date of such grant. Unless early terminated by the board of directors of the Company, the 2011 Share Award Scheme is valid and effective for a term of ten years commencing from its adoption and terminated upon its expiration in May 2021. Under the 2011 Share Award Scheme, grantees have no dividend or voting rights until the restricted shares are vested. The following table summarizes the restricted shares activity pursuant to the 2011 Share Award Scheme for the years ended December 31, 2021, 2022 and 2023, respectively: Number of shares Weighted average Unvested at January 1, 2021 1,943,725 0.64 Granted 1,596,100 0.26 Vested ( 1,687,405 ) 0.36 Forfeited ( 1,643,470 ) 0.59 Unvested at December 31, 2021 208,950 0.39 Granted — — Vested ( 121,775 ) 0.49 Forfeited — — Unvested at December 31, 2022 87,175 0.26 Granted — — Vested ( 87,175 ) 0.26 Forfeited — — Unvested at December 31, 2023 — — The fair value of the restricted shares was determined based on the price of the Company’s publicly traded ADSs. As of December 31, 2023, all of the restricted shares awarded have been vested. The total fair value of vested restricted shares on their respective vesting dates for the years ended December 31, 2021, 2022 and 2023 were RMB 2,154 , RMB 39 and RMB 23 (US$ 3 ), respectively. Share-based Awards of subsidiaries Subsidiaries of the Group also have equity incentive plans granting share-based awards. The grant date fair value of each share-based award is estimated on the date of grant using the binomial tree option pricing model with the following assumptions used for years presented: Year ended Year ended Year ended Fair value of ordinary share (US$) 4.34 ~ 4.87 — 0.81 Risk-free interest rates 0.07 % — 3.80 % Expected volatility range 52.02 % — 55.10 % Expected dividend yield — — — Fair value per option granted (US$) 2.44 ~ 2.56 — 0.81 The following table summarizes the share-based compensation expenses of subsidiaries’ share-based awards recognized by the Group: For the year ended December 31, 2021 2022 2023 RMB RMB RMB US$ Cost of revenues 858 469 251 35 Research and development 7,400 ( 675 ) ( 703 ) ( 99 ) Selling and marketing 342 209 104 15 General and administrative 361 2,225 8,372 1,179 Total 8,961 2,228 8,024 1,130 As of December 31, 2023, there was RMB 25,155 (US$ 3,543 ) unrecognized share-based compensation expenses related to incentive plans, which is expected to be recognized over a vesting period of 2.0 years. Total share-based compensation expenses recorded by the Group are as follows: For the year ended December 31, 2021 2022 2023 RMB RMB RMB US$ Cost of revenues 1,027 686 370 52 Research and development 5,996 1,580 580 82 Selling and marketing 1,339 1,899 509 72 General and administrative ( 1,212 ) 3,698 32,095 4,520 Total 7,150 7,863 33,554 4,726 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 17. COMMITMENT AND CONTINGENCIES Commitment for cloud services Future minimum payments under non-cancelable agreements for cloud services consist of the following as of December 31, 2023. Total Less than 1-3 Years More than 3 Purchase obligations 197,578 67,522 130,056 — Capital commitment As of December 31, 2023, commitments for the purchase of fixed assets are immaterial. Litigation and investigation The Staff of the Division of Enforcement of the SEC conducted an investigation relating to the Group’s disclosures for fiscal year 2015 regarding its relationship with one of its advertising business partners. The SEC investigation also relates to Rule 10b5-1 trading plans entered into by certain current and former officers and directors of the Group and sales of the Group’s ADS under those plans in 2015 and 2016. On September 21, 2022, the Group’s Chairman of the Board and Chief Executive Officer, Mr. Sheng Fu, reached a resolution with the SEC, the Group were not a party to the settlement. The SEC investigation is now closed, the Group has been informed that SEC had concluded its investigation with respect to the Group and did not intend to recommend an enforcement action. Except for the investigation mentioned above, the Group is involved in several proceedings as of December 31, 2023. The Group records a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Group reviews the need for any such liability on a regular basis. The Group has not recorded any material liabilities in this regard as of December 31, 2022 and 2023. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Shareholders' Equity | 18. SHAREHOLDERS’ EQUITY Ordinary shares Immediately following the IPO, the Memorandum and Articles of Association were amended and restated such that the authorized share capital of the Company was reclassified and redesignated into 10,000,000,000 shares comprising of (i) 7,600,000,000 Class A ordinary shares; (ii) 1,400,000,000 Class B ordinary shares; and (iii) 1,000,000,000 reserved shares at par value of US$ 0.000025 per share. The rights of the holders of Class A and Class B ordinary shares are identical, except with respect to voting and conversion rights. Each share of Class A ordinary shares is entitled to one vote per share and is not convertible into Class B ordinary shares under any circumstances. Each share of Class B ordinary shares is entitled to ten votes per share and is convertible into one Class A ordinary share at any time by the holder thereof. Upon any transfer of Class B ordinary shares by the holder thereof to any person or entity that is not an affiliate of such holder, such Class B ordinary shares would be automatically converted into an equal number of Class A ordinary shares. There were nil Class B ordinary shares transferred to Class A ordinary shares in the years ended December 31, 2022 and 2023. As of December 31, 2022, there were 479,458,004 and 970,015,685 Class A and Class B ordinary shares outstanding. As of December 31, 2023, there were 487,212,501 and 1,006,956,885 Class A and Class B ordinary shares outstanding. The vested restricted shares but have not physically been issued are considered outstanding as each period end and included in the calculation of basic losses per share. Accumulated losses In accordance with the PRC Regulations on Enterprises with Foreign Investment and their articles of association, a foreign invested enterprise established in the PRC is required to provide certain statutory reserves, namely general reserve fund, the enterprise expansion fund and staff welfare and bonus fund which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts. A foreign invested enterprise is required to allocate at least 10 % of its annual after-tax profit to the general reserve until such reserve has reached 50 % of its respective registered capital based on the enterprise’s PRC statutory accounts. Appropriations to the enterprise expansion fund and staff welfare and bonus fund are at the discretion of the board of directors for all foreign invested enterprises. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. Additionally, in accordance with the Company Law of the PRC, a domestic enterprise is required to provide statutory common reserve of at least 10 % of its annual after-tax profit until such reserve has reached 50 % of its respective registered capital based on the enterprise’s PRC statutory accounts. A domestic enterprise is also required to provide a statutory public welfare fund and a discretionary surplus reserve, at the discretion of the board of directors, from the profits determined in accordance with the enterprise’s PRC statutory accounts. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. As of December 31, 2022 2023 RMB RMB US$ PRC statutory reserve funds 60,847 67,800 9,549 Unreserved retained (losses)/earnings ( 70,271 ) ( 680,902 ) ( 95,903 ) Total accumulated losses ( 9,424 ) ( 613,102 ) ( 86,354 ) Under PRC laws and regulations, there are restrictions on the Company’s subsidiaries in the PRC and VIEs with respect to transferring certain of their net assets to the Company either in the form of dividends, loans, or advances. Such restriction amounted to RMB 2,688,615 (US$ 378,684 ) as of December 31, 2023. Furthermore, cash transfers from the Company’s subsidiaries in the PRC to its subsidiaries outside of China are subject to PRC government control of currency conversion. Shortages in the availability of foreign currency may restrict the ability of the subsidiaries in the PRC and VIEs to remit sufficient foreign currency to pay dividends or other payments to the Company, or otherwise satisfy their foreign currency denominated obligations. Accumulated other comprehensive income The components of accumulated other comprehensive income were as follows: Foreign Unrealized gains Total RMB RMB RMB Balance at January 1, 2021 163,428 ( 88 ) 163,340 Other comprehensive loss before reclassification ( 75,536 ) — ( 75,536 ) Other comprehensive income attribute to noncontrolling interests 458 — 458 Balance at December 31, 2021 88,350 ( 88 ) 88,262 Other comprehensive income before reclassification 263,371 — 263,371 Other comprehensive income attribute to noncontrolling interests 2,315 — 2,315 Balance at December 31, 2022 354,036 ( 88 ) 353,948 Other comprehensive Income (loss) before reclassification 45,769 ( 43,494 ) 2,275 Other comprehensive income attribute to noncontrolling interests 631 — 631 Balance at December 31, 2023 400,436 ( 43,582 ) 356,854 Balance at December 31, 2023, in US$ 56,400 ( 6,138 ) 50,262 There was nil tax expense or benefit recognized related to the changes of each component of accumulated other comprehensive income for the years ended December 31, 2021, 2022 and 2023. |
Redeemable Preferred Shares
Redeemable Preferred Shares | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Redeemable Preferred Shares | 19. REDEEMABLE PREFERRE SHARES On November 30, 2023, the Group acquired additional 35.17 % equity interest of Beijing OrionStar from certain of the existing shareholders of Beijing OrionStar, including Mr. Sheng Fu, chief executive officer and director of the Company, for an aggregate cash consideration of RMB 268,724 (US$ 37,849 ). The Group held, taking into account its existing shareholding, 72.91 % of Beijing OrionStar’s equity interest and consolidated the financial results of Beijing OrionStar since November 30, 2023. According to Beijing OrionStar’s article of association after the acquisition, two shareholders of Beijing OrionStar holds Series B2 Preferred Shares of Beijing OrionStar, and the holders of Preferred shares have the right to cause the Group to purchase all (but not less than all) of the Preferred Shares at put option price. The exercise of the put option is subject to certain conditions as set out in the article of association of Beijing OrionStar, which is not solely within the control of the Beijing OrionStar. In addition, in the event of any liquidation, dissolution or winding up of Beijing OrionStar, either voluntarily or involuntarily, holders of Preferred Shares have the right to receive the certain liquidation preference price before the holders of ordinary shares, and ratably participate in distribution of the remaining assets after fully been paid of the liquidation preference price. The Group accretes changes in the redemption value over the period from the date that it becomes probable that the mezzanine equity will become redeemable to the earliest redemption date using the effective interest method. The redeemable preferred shares for the years ended December 31, 2022 and 2023 are summarized below: As of December 31, Balance at December 31, 2022 — Issuance 105,726 Accretion 252 Balance at December 31, 2023, in RMB 105,978 Balance at December 31, 2023, in US$ 14,927 |
Loss Per Share
Loss Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Loss Per Share | 20. LOSS PER SHARE Basic and diluted loss per share for each of the years presented are calculated as follows, the effect of share options and restricted share units were excluded from the computation of diluted net loss per share for the years ended December 31, 2022 and 2023, as its effect would be anti-dilutive: Year ended December 31, 2021 2022 2023 Ordinary Ordinary Class A Class A Class B Class B RMB RMB RMB US$ RMB US$ Losses per share—basic Numerator: Net loss attributable to Cheetah Mobile Inc. ( 351,126 ) ( 513,475 ) ( 197,770 ) ( 27,855 ) ( 405,128 ) ( 57,061 ) Dilution effect arising from dividends declared on share awards of consolidated subsidiaries ( 2,009 ) ( 8,715 ) ( 35 ) ( 5 ) ( 72 ) ( 10 ) Net loss attributable to Cheetah Mobile Inc. after accretion of redeemable noncontrolling interests and dilution effect arising from share-based awards issued by subsidiaries ( 353,135 ) ( 522,190 ) ( 197,805 ) ( 27,860 ) ( 405,200 ) ( 57,071 ) Denominator: Weighted average number of ordinary shares outstanding 1,430,052,602 1,443,682,305 483,066,304 483,066,304 989,548,977 989,548,977 Losses per share—basic ( 0.2469 ) ( 0.3617 ) ( 0.4095 ) ( 0.0577 ) ( 0.4095 ) ( 0.0577 ) Losses per share—diluted Numerator: Net loss attributable to Cheetah Mobile Inc. after accretion of redeemable noncontrolling interests and dilution effect arising from share-based awards issued by subsidiaries ( 353,135 ) ( 522,190 ) ( 197,805 ) ( 27,860 ) ( 405,200 ) ( 57,071 ) Dilution effect arising from share-based awards issued by subsidiaries — ( 291 ) ( 229 ) ( 32 ) ( 470 ) ( 66 ) Reallocation of net loss as a result of conversion of Class B into Class A ordinary shares — — ( 405,670 ) ( 57,137 ) — — Net loss attributable to ordinary shareholders ( 353,135 ) ( 522,481 ) ( 603,704 ) ( 85,029 ) ( 405,670 ) ( 57,137 ) Denominator: Weighted average ordinary shares outstanding 1,430,052,602 1,443,682,305 483,066,304 483,066,304 989,548,977 989,548,977 Conversion of Class B into Class A ordinary shares — — 989,548,977 989,548,977 — — Denominator used for losses per share 1,430,052,602 1,443,682,305 1,472,615,281 1,472,615,281 989,548,977 989,548,977 Losses per share—diluted ( 0.2469 ) ( 0.3619 ) ( 0.4100 ) ( 0.0577 ) ( 0.4100 ) ( 0.0577 ) Losses per ADS: Denominator used for losses per ADS—basic 28,601,052 28,873,646 29,452,306 29,452,306 Denominator used for losses per ADS—diluted 28,601,052 28,873,646 29,452,306 29,452,306 Losses per ADS—basic ( 12.3469 ) ( 18.0854 ) ( 20.4740 ) ( 2.8837 ) Losses per ADS—diluted ( 12.3469 ) ( 18.0954 ) ( 20.4977 ) ( 2.8870 ) Effective September 2, 2022, the Company effected a change of the ratio of the ADS to its Class A ordinary shares from one ADS representing ten Class A ordinary share to one ADS representing fifty Class A ordinary shares. The change in the ratio of the ADS to the Company’s Class A ordinary shares had no impact on its underlying Class A ordinary shares, and no Class A ordinary shares were issued or cancelled in connection with the change in the ratio of the ADS to its Class A ordinary shares. The number of ADSs as the denominator used for losses per ADS and losses per ADS amount have been retroactively adjusted to reflect the changes in ratio for all periods presented. |
Employee Benefit
Employee Benefit | 12 Months Ended |
Dec. 31, 2023 | |
Employee Benefit | 21. EMPLOYEE BENEFIT Full time employees of the Group participate in government mandated defined contribution plan, pursuant to which certain welfare benefits are provided to employees. The Group has no legal obligation for the benefits beyond the contributions made. The total amounts for such employee benefits, which were expensed as incurred, were approximately RMB 56,490 , RMB 54,510 and RMB 54,275 (US$ 7,644 ) for the years ended December 31, 2021, 2022 and 2023, respectively. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Measurement | 22. FAIR VALUE MEASUREMENT ASC 820-10, Fair Value Measurements and Disclosures: Overall (“ASC 820-10”), establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets Level 2 - Include other inputs that are directly or indirectly observable in the marketplace Level 3 - Unobservable inputs which are supported by little or no market activity ASC 820-10 describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. Assets and liabilities measured or disclosed at fair value on a recurring basis In accordance with ASC 820-10, the Group measures equity investments with readily determinable fair value, investment accounted for using fair value option and available-for-sale debt securities at fair value on a recurring basis. The equity investments with readily determinable fair value and short-term available-for-sale debt securities are classified within Level 1 as the fair value is measured using quoted market data, or Level 2 as the fair value is measured by using indirectly inputs observable in the marketplace. The investment accounted for using fair value option and long-term available-for-sale debt securities are classified within Level 3 in the fair value hierarchy. Assets and liabilities measured on a recurring basis or disclosed at fair value are summarized below: Total Fair Total Fair Quoted prices in Significant Significant Total gains RMB US$ RMB RMB RMB RMB Fair value measurement—Recurring: As of December 31, 2023 Short-term investment Wealth management products — — — Long-term Investment Available-for-sale debt securities 111,697 15,732 111,697 ( 43,494 ) Investments accounted for using fair value option 43,333 6,103 43,333 ( 334,921 ) As of December 31, 2022 Short-term investment Wealth management products 86,386 12,525 86,386 386 Long-term Investment Available-for-sale debt securities 42,371 6,143 42,371 ( 8,270 ) Equity investments accounted for using fair value option 370,162 53,668 370,162 ( 25,601 ) Reconciliations of assets categorized within Level 3 under the fair value hierarchy are as follow: Amounts RMB Balance as of January 1, 2021 364,298 Addition 46,339 Fair value change 6,537 Foreign exchange translation adjustments ( 8,600 ) Balance as of December 31, 2021 408,574 Addition — Fair value change ( 33,871 ) Foreign exchange translation adjustments 37,830 Balance as of December 31, 2022 412,533 Addition 111,697 Fair value change ( 378,415 ) Foreign exchange translation adjustments 9,215 Balance as of December 31, 2023 155,030 Balance as of December 31, 2023 in US$ 21,835 (i) There were no transfers of fair value measurements into or out of Level 3 for the years ended December 31, 2021, 2022 and 2023. Significant unobservable inputs used in the recurring fair value measurement for available-for-sale debt securities and investments accounted for using fair value option (level 3) are presented below: Fair value Valuation technique Unobservable inputs Range Available-for-sale debt securities 111,697 Market approach Volatility 55.5 % Investments accounted for using fair value option* 43,332 Market approach Volatility 54.1 % * As of December 31, 2023, the Group adjusted the valuation technique for investment accounts for using fair value option from discount cash flow method to market approach due to lack of the ability to obtain detailed financial information due to the loss of significant influence of such investment. Significant increases (decreases) in the assumption of volatility in isolation would have resulted in a significantly lower (higher) fair value measurement. Assets and liabilities measured or disclosed at fair value on a non-recurring basis The Group measures certain financial assets as equity investments accounted for using equity method at fair value on a nonrecurring basis only if an impairment loss were to be recognized. The Group measures equity securities accounted for using measurement alternative on a non-recurring basis only if there are observable price changes in orderly transactions for identical or similar investments of the same issuer, or an impairment loss were to be recognized. The Group also measures the remaining interests upon deconsolidation of certain businesses at fair value on a non-recurring basis. The Group’s non-financial assets, such as intangible assets and property and equipment, would be measured at fair value only if they were determined to be impaired. The following table summarizes the Group’s assets held as of December 31, 2022 and 2023 for which a non-recurring fair value measurement was recorded during the years ended December 31, 2022 and 2023: Total Total Balance Quoted prices in Significant Significant Total (losses) RMB US$ RMB RMB RMB RMB Fair value measurement—Non-Recurring: As of December 31, 2023 Equity investments accounted for using the measurement alternative 158,771 22,362 158,771 ( 121,392 ) As of December 31, 2022 Equity investments accounted for using the measurement alternative 646,577 93,745 646,577 ( 262,278 ) For equity securities accounted for under the measurement alternative, when there are observable price changes in orderly transactions for identical or similar investments of the same issuer, the investments are re-measured to fair value (Note 4). The non-recurring fair value measurements to the carrying amount of an investment usually requires management to estimate a price adjustment for the different rights and obligations between a similar instrument of the same issuer with an observable price change in an orderly transaction and the investment held by the Group. These non-recurring fair value measurements were measured as of the observable transaction dates. The valuation methodologies involved require management to use the observable transaction price at the transaction date and other unobservable inputs (level 3) such as volatility of comparable companies and probability of exit events as it relates to liquidation and redemption preferences. When there is impairment of equity securities accounted for under the measurement alternative, the non-recurring fair value measurements are measured at the date of impairment. The Group uses valuation methodologies, the market approach and income approach, which requires management to use unobservable inputs (level 3). As of December 31, 2023, the carrying value of these impaired investment measured at level 3 inputs were written down from RMB 234,503 to fair value of RMB 142,681 (US$ 20,096 ). In 2023, preferred shares held by the Group of an investment previously accounted for using the measurement alternative was reclassified and accounted for as available-for-sale debt securities since the preferred shares are redeemable at the Group’s option. The Group remeasured the fair value of the investment upon the reclassification with a remeasurement loss of RMB 25,808 (US$ 3,635 ). The significant unobservable inputs used in the fair value measurement and the corresponding impacts to the fair values are presented below: Fair value Valuation technique Unobservable inputs Range Equity investments accounted for using measurement alternative 158,771 Back-Solve method Volatility 46.2 % Market Approach Volatility 55.3 %~ 58.7 % |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 23. SUBSEQUENT EVENTS On January 9, 2024, the Group signed a share purchase agreement to further invest in Beijing OrionStar, which enables the Group to make a cash investment of US$ 16.7 million in Beijing OrionStar and exercise its right under the convertible loan with principal amount of RMB 100.0 million that the Group provided to Beijing OrionStar in 2021 to convert all of the principal and the accrued interest into Beijing OrionStar's equity interest. Additionally, Gongqingcheng Orion Industrial Investment Center (Limited Partnership) (the "Fund") made an investment of RMB 150 million, into Beijing OrionStar. Conew Network, is one of the limited partners of the Fund and currently owns 49.5 % interest in the Fund. Upon the completion of the investment, the Group's equity interest in Beijing OrionStar is expected to be 72.10 %, without taking into account the stake it holds indirectly through the Fund; The Group will hold, both directly and indirectly, 73.95 % equity interest in Beijing OrionStar, including the stake it holds indirectly through the Fund. The indirect interest held by the Group through the Fund is considered to be controlled by the Group and the indirect interests held by the other limited partner and the fund manager of the fund are recognized as mezzanine equity of the Group, and have no impact on the statement of comprehensive losses. The Group has evaluated subsequent events through the date of issuance of the consolidated financial statements and does not identify any other events that would have material financial impact on the Group’s consolidated financial statements. |
Condensed Financial Information
Condensed Financial Information of the Company | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information of the Company | 24. CONDENSED FINANCIAL INFORMATION OF THE COMPANY Balance Sheets As of December 31, 2022 2023 RMB RMB US$ ASSETS Current assets Cash and cash equivalents 130,746 202,028 28,455 Short-term investments — — — Prepayments and other current assets, net 111,986 2,715 382 Due from subsidiaries and related parties, net 2,345,588 2,604,647 366,857 Total current assets 2,588,320 2,809,390 395,694 Non-current assets Long-term investments 477,366 152,355 21,459 Contractual interests in VIEs and their subsidiaries 76,505 2,232 314 Investment in subsidiaries 397,930 251,747 35,458 Other non-current assets — — — Total non-current assets 951,801 406,334 57,231 Total assets 3,540,121 3,215,724 452,925 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Accrued expenses and other current liabilities 10,595 12,730 1,793 Due to subsidiaries and related parties 301,582 581,529 81,907 Income tax payable 13,105 14,322 2,017 Total current liabilities 325,282 608,581 85,717 Deferred tax liabilities 40,897 8,277 1,166 Other non-current liabilities 140,611 142,995 20,140 Total non-current liabilities 181,508 151,272 21,306 Total liabilities 506,790 759,853 107,023 Shareholders’ equity Class A ordinary shares (par value of US$ 0.000025 per share; 7,600,000,000 shares authorized; 480,604,900 and 493,104,900 shares issued as of December 31, 2022 and 2023, respectively; 479,458,004 and 487,212,501 shares outstanding as of December 31, 2022 and 2023, respectively) 80 81 11 Class B ordinary shares (par value of US$ 0.000025 per share; 1,400,000,000 shares authorized; 970,015,685 and 1,006,956,885 shares issued as of December 31, 2022 and 2023, respectively; 970,015,685 and 1,006,956,885 shares outstanding as of December 31, 2022 and 2023, respectively) 156 163 23 Additional paid-in capital 2,688,571 2,711,875 381,960 Accumulated losses ( 9,424 ) ( 613,102 ) ( 86,354 ) Accumulated other comprehensive income 353,948 356,854 50,262 Total shareholders’ equity 3,033,331 2,455,871 345,902 Total liabilities and shareholders’ equity 3,540,121 3,215,724 452,925 Statements of Comprehensive loss For the year ended December 31, 2021 2022 2023 RMB RMB RMB US$ Revenues — — — — Cost of revenues — — — — Gross profit — — — — Operating expenses Research and development ( 3 ) — — — General and administrative ( 21,978 ) ( 23,615 ) ( 14,013 ) ( 1,974 ) Total operating expenses ( 21,981 ) ( 23,615 ) ( 14,013 ) ( 1,974 ) Equity in loss of subsidiaries ( 352,616 ) ( 471,710 ) ( 293,917 ) ( 41,397 ) Interest (expense) income, net ( 9 ) 3,211 5,420 763 Foreign exchange gains, net 71 280 658 93 Other income (expense), net 35,537 ( 25,441 ) ( 329,592 ) ( 46,422 ) Loss before income taxes ( 338,998 ) ( 517,275 ) ( 631,444 ) ( 88,937 ) Income tax (expenses) benefits ( 12,128 ) 3,800 28,546 4,021 Net Loss ( 351,126 ) ( 513,475 ) ( 602,898 ) ( 84,916 ) Other comprehensive (loss) income, net of tax of nil Unrealized losses on available-for-sale securities, net — ( 8,269 ) ( 43,494 ) ( 6,126 ) Foreign currency translation adjustments ( 75,078 ) 273,955 46,400 6,535 Other comprehensive (loss) income ( 75,078 ) 265,686 2,906 409 Total comprehensive loss ( 426,204 ) ( 247,789 ) ( 599,992 ) ( 84,507 ) Statements of Cash Flows For the year ended December 31, 2021 2022 2023 RMB RMB RMB US$ Net cash provided by (used in) operating activities 666 ( 26,054 ) ( 12,315 ) ( 1,734 ) Net cash (used in) provided by investing activities ( 864,999 ) 137,160 82,830 11,666 Net cash provided by (used in) financing activities 891,960 — ( 2,503 ) ( 353 ) Effect of exchange rate changes on cash and cash equivalents and restricted cash ( 25,469 ) ( 761 ) 3,270 461 Net increase in cash and cash equivalents and restricted cash 2,158 110,345 71,282 10,040 Cash and cash equivalents and restricted cash at beginning of the year 18,243 20,401 130,746 18,415 Cash and cash equivalents and restricted cash at end of the year 20,401 130,746 202,028 28,455 (a) Basis of presentation For the Company only condensed financial information, the Company records its investment in its subsidiaries, VIEs and subsidiaries of VIEs under the equity method of accounting. Such investment is presented on the condensed balance sheets as “Investment in subsidiaries” and share of their income as “Equity in loss of subsidiaries” on the condensed statements of comprehensive loss. The subsidiaries, VIEs and subsidiaries of VIEs did not pay any dividends to the Company for the year ended 31, 2021 and 2022. The Company received dividends of RMB 435,055 (US$ 61,276 ) for its subsidiaries for the year ended 31, 2023. The Company only condensed financial information should be read in conjunction with the Group’s consolidated financial statements. (b) Commitments and contingencies The Company does not have any significant commitments or long-term obligations as of any of the periods presented. The Staff of the Division of Enforcement of the SEC conducted an investigation relating to the Company’s disclosures for fiscal year 2015 regarding its relationship with one of its advertising business partners. The SEC investigation also relates to Rule 10b5-1 trading plans entered into by certain current and former officers and directors of the Company and sales of the Company’s ADS under those plans in 2015 and 2016. On September 21, 2022, the Company’s Chairman of the Board and Chief Executive Officer, Mr. Sheng Fu, reached a resolution with the SEC, the Company were not a party to the settlement. The SEC investigation is now closed, the Company has been informed that SEC had concluded its investigation with respect to the Company and did not intend to recommend an enforcement action. Besides of the investigation mentioned above, there are no pending legal proceedings and litigations that would have a material adverse impact on the Company's financial positions, results of operations or cash flows as of December 31, 2023. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Basis of presentation | Basis of presentation The consolidated financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). |
Principles of consolidation | Principles of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, VIEs and subsidiaries of VIEs. All significant intercompany transactions and balances between the Company, its subsidiaries, VIEs and subsidiaries of VIEs are eliminated upon consolidation. Results of subsidiaries, businesses acquired from other parties, VIEs and subsidiaries of VIEs are consolidated from the date on which control is transferred to the Company. On May 26, 2011, the board of directors of the Company approved and adopted a share award scheme (the “2011 Share Award Scheme”) in which selected employees of the Group are entitled to participate. The Group has set up a trust (the “Share Award Scheme Trust”) for the purpose of administering the 2011 Share Award Scheme and holding shares awarded to the employees before they vest and are transferred to the employees as instructed by employees. As the Group has the power to govern the financial and operating policies of the Share Award Scheme Trust and derives benefits from the contributions of the employees who have been awarded the shares of the Company through their continued employment with the Group, the Share Award Scheme Trust are included in the consolidated financial statements and any ungranted and unvested shares held by the Share Award Scheme Trust not transferred to grantees are not considered legally issued and outstanding ordinary shares of the Company. |
Use of estimates | Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the year. Management evaluates estimates, including but not limited to those related to the standalone selling prices of performance obligation of revenue contracts, the allowance for credit losses, the average paying user lives of online games, useful lives of long-lived assets and intangible assets, impairment of long-lived assets and intangible assets, impairment of investments and goodwill, net realizable value of inventories, valuation allowance for deferred tax assets, uncertain tax positions, share-based compensation, fair values of investments, purchase price allocation relating to business combination and loss contingencies, among others. |
Foreign currency translation and transactions | Foreign currency translation and transactions The functional currency of the Company is the US$. The Company’s subsidiaries, VIEs and subsidiaries of VIEs determined their functional currency based on the criteria of ASC 830, Foreign Currency Matters . The Group uses RMB as its reporting currency. The Group uses the monthly average exchange rate for the year and the exchange rate at the balance sheet date to translate the operating results and financial position, respectively. Translation differences are recorded in accumulated other comprehensive income, a component of shareholders’ equity. Transactions denominated in foreign currencies are remeasured into the functional currency at the exchange rates prevailing on the transaction dates. Foreign currency denominated financial assets and liabilities are remeasured at the exchange rates prevailing at the balance sheet date. Exchange gains and losses are included as a component of “Foreign exchange gains/(losses), net” in the consolidated statements of comprehensive loss. |
Convenience translation | Convenience translation Amounts in US$ are presented for the convenience of the reader and are translated at the noon buying rate of RMB 7.0999 to US$ 1.00 on December 29, 2023 in the City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate. |
Business combinations and noncontrolling interests | Business combinations and noncontrolling interests Business combinations are recorded using the purchase method of accounting, and the cost of an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred, and equity instruments issued as well as the contingent considerations and all contractual contingencies as of the acquisition date. The costs directly attributable to the acquisition are expensed as incurred. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of the (i) the total of consideration paid, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the subsidiary acquired over (ii) the fair value of the identifiable net assets of the subsidiary acquired is recorded as goodwill. If the consideration of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated statements of comprehensive loss. In a business combination achieved in stages, the Group re-measures the previously held equity interest in the acquiree immediately before obtaining control at its acquisition date fair value and the re-measurement gain or loss, if any, is recognized in the consolidated income statements. For the Company’s majority-owned subsidiaries and VIEs, a noncontrolling interest is recognized to reflect the portion of their equity which is not attributable, directly or indirectly, to the Company. When the noncontrolling interest is contingently redeemable upon the occurrence of a conditional event, which is not solely within the control of the Group, the noncontrolling interest is classified as mezzanine equity. The Group accretes changes in the redemption value over the period from the date that it becomes probable that the mezzanine equity will become redeemable to the earliest redemption date using the effective interest method. Consolidated net income (loss) on the consolidated statements of comprehensive loss includes the net income (loss) attributable to noncontrolling interests and mezzanine equity holders (when applicable). The cumulative results of operations attributable to noncontrolling interests are recorded as noncontrolling interests and mezzanine equity holders (when applicable) in the Group’s consolidated balance sheets. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. Under this new standard, deferred revenue acquired in a business combination is measured pursuant to ASC 606, Revenue from Contracts with Customers, rather than its assumed acquisition date fair value under the current guidance. The Group adopted this guidance for the fiscals year beginning after December 15, 2022 and it did not have an impact on the Group’s financial position, results of operations and cash flows and was applied to our acquisition of Beijing OrionStar. Refer to Note 3-Business combinations. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents consists of cash on hand, current and time deposits placed with financial institutions, which have original stated maturity of three months or less and unrestricted as to withdrawal and use. |
Allowance for credit losses | Allowance for credit losses The Group maintains an allowance for credit losses in accordance with ASC 326 and records the allowance for credit losses as an offset to assets such as accounts receivable, prepayments and other current assets and due from related parties, etc. and the estimated credit losses charged to the allowance is classified as “General and administrative” and “Other expenses” in the consolidated statements of comprehensive loss. The Group assesses collectability by reviewing assets on a collective basis where similar characteristics exist, primarily based on similar business line, service or product offerings and on an individual basis when the Group identifies specific customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, the Group considers historical collectability based on past due status, the age of the balances, credit quality of the Group’s customers based on ongoing credit evaluations, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect the Group’s ability to collect from customers. |
Account receivables, net | Account receivables, net Accounts receivable is recognized and carried at the original invoiced amount less an allowance for credit losses. Bad debts are written off as incurred. The Group generally does not require collateral from its customers. |
Inventories | Inventories Inventories, primarily consisting of raw materials and products available for sale, are stated at the lower of cost or net realizable value, and are recorded in “Prepayments and other current assets”. Cost of inventories is determined using the weighted average cost method. Adjustments are recorded to write down the cost of inventories to the estimated net realizable value due to slow-moving and damaged inventories, which is dependent upon factors such as historical and forecasted consumer demand, and promotional environment. Write downs of inventories are recorded in cost of revenues in the consolidated statements of comprehensive loss. |
Short-term investments | Short-term investments Investments with original maturities of greater than three months, but less than 12 months, are classified as short-term investments. Investments that are expected to be realized in cash during the next 12 months are also included in short-term investments. |
Long-term investments | Long-term investments Debt Investments The Group's debt investments include convertible bonds and preferred stock redeemable merely at the option of the Group as a holder. The Group accounts for such debt investments in accordance with ASC 320-10, Investments-Debt Securities: Overall . The Group classifies the debt investments as “held-to-maturity”, “trading” or “available-for-sale”, whose classification determines the respective accounting methods stipulated by ASC 320-10. Dividend and interest income, including amortization of the premium and discount arising at acquisition, for all categories of investments in securities are included in earnings. Any realized gains or losses on the sale of the debt investments are determined on a specific identification method, and such gains and losses are reflected in earnings during the period in which gains, or losses are realized. The debt investments that the Group has positive intent and ability to hold to maturity are classified as held-to-maturity securities and stated at amortized cost. The allowance for credit losses of the held-to-maturity debt securities reflects the Group’s estimated expected losses over the contractual lives of the held-to-maturity debt securities and is charged to “Other expense” in the consolidated statements of comprehensive loss. Estimated allowances for credit losses are determined by considering reasonable and supportable forecasts of future economic conditions in addition to information about past events and current conditions. Debt investments that are bought and held principally for the purpose of selling them in the near term are classified as trading securities. Unrealized holding gains and losses for trading securities are included in earnings. Debt investments not classified as trading or as held-to-maturity are classified as available-for-sale securities. Available-for-sale debt securities are reported at fair value, with unrealized gains and losses recorded in other comprehensive (loss) income. Certain debt investment is accounted under fair value option model, which permits the irrevocable election on an instrument-by-instrument basis at initial recognition or upon an event that gives rise to a new basis of accounting for that instrument. The investment accounted for under the fair value option model are carried at fair value with unrealized gains and losses recorded in the consolidated statements of comprehensive loss. Equity Method Investments The Group accounts for its investments in common stock or in-substance common stock in entities in which it can exercise significant influence but does not own a majority equity interest or control using the equity method in accordance with ASC 323-10, Investments-Equity Method and Joint Ventures: Overall unless the Group elects to account for the investment using the fair value option in accordance with ASC 825-10, Financial Instruments: Fair Value Option (“ASC 825”). The Group applies the equity method of accounting that is consistent with ASC 323-10 in limited partnership in which the Group holds a three percent or greater interest. Where the equity method is used, the Group initially records its investment at cost and the difference between the cost of the equity investee and the fair value of the underlying equity in the net assets of the equity investee is accounted for as if the investee were a consolidated subsidiary. The Group subsequently adjusts the carrying amount of the investment to recognize the Group’s proportionate share of each equity investee’s net income or loss into earnings after the date of investment. The Group evaluates the equity method investments for impairment under ASC 323-10. An impairment loss on the equity method investments is recognized in earnings when the decline in value is determined to be other-than-temporary. The Group has elected the fair value option when it initially recognizes an equity method investment as the Group determined the fair value of this investment better represents the value of the underlying assets. Such election is irrevocable and can be applied to financial assets on an individual basis at initial recognition. Any changes in fair value are recognized in earnings in the consolidated statements of comprehensive loss. Equity Investments with Readily Determinable Fair Values Equity investments with readily determinable fair value, except for those accounted for under the equity method, those that result in consolidation of the investee and certain other investments, are measured at fair value, and any changes in fair value are recognized in earnings. Equity Investments without Readily Determinable Fair Values For equity securities without readily determinable fair value and do not qualify for the existing practical expedient in ASC 820, Fair Value Measurements and Disclosures (“ASC 820”) to estimate fair value using the net asset value per share (or its equivalent) of the investment, the Group elected to use the measurement alternative to measure those investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer, if any. The Group makes a qualitative assessment of whether the investment is impaired at each reporting date. If a qualitative assessment indicates that the investment is impaired, the Group has to estimate the investment’s fair value in accordance with the principles of ASC 820. If the fair value is less than the investment’s carrying value, the Group recognizes an impairment loss in earnings equal to the difference between the carrying value and fair value. |
Fair value measurements of financial instruments | Fair value measurements of financial instruments Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value. Financial instruments primarily consist of cash and cash equivalents, restricted cash, short-term investments, accounts receivable, due from and due to related parties, other receivables, long-term investments, accounts payable and other current liabilities. The carrying amounts of these financial instruments, except for long-term investments approximate their fair values because of their generally short-term maturities. The Group, with the assistance of independent third-party valuation firms, determined the estimated fair value of its equity investments using the measurement alternative based on observable price changes, investment with fair value option elected and long-term available for sale debt securities and determined the fair value of long-term investments, including equity investments using the measurement alternative and equity method investments upon impairment occurrence. |
Property and equipment | Property and equipment Property and equipment are stated at cost, less accumulated depreciation and impairment loss, if any. Property and equipment are depreciated primarily using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: Estimated useful life Electronic equipment 2 - 3 years AI related equipment 3 years Office equipment and fixtures 5 years Motor vehicles 4 - 5 years Leasehold improvements Lesser of term of the lease or the estimated useful lives of the assets Depreciation for mold and tooling is computed using the units-of-production method whereby capitalized costs are amortized over the total estimated productive units of the related assets. Repair and maintenance costs are charged to expense as incurred, whereas the cost of renewals and betterment that extends the useful lives of plant and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the assets and accumulated depreciation accounts with any resulting gain or loss reflected in the consolidated statements of comprehensive loss. All direct and indirect costs that are related to the construction of fixed assets and incurred before the assets are ready for their intended use are capitalized as construction in progress. Construction in progress is transferred to specific fixed assets items and depreciation of these assets commences when they are ready for their intended use. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price over the amounts assigned to the fair value of the identifiable assets acquired and the liabilities assumed of acquired businesses (Note 3). Goodwill is not amortized but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that it might be impaired. In accordance with ASC 350, the Group may first assess qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. In the qualitative assessment, the Company considers factors such as macroeconomic conditions, industry and market considerations, overall financial performance of the reporting unit, and other specific information related to the operations, business plans and strategies of the reporting unit. Based on the qualitative assessment, if it is more likely than not that the fair value of a reporting unit is less than the carrying amount, the quantitative impairment test is performed. The Group may also bypass the qualitative assessment and proceed directly to perform the quantitative impairment test. When the Group performs the quantitative impairment test, the Group compares the fair value of each reporting unit to its carrying amount, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, goodwill is not considered to be impaired. If the carrying amount of a reporting unit exceeds its fair value, the amount by which the carrying amount exceeds the reporting unit’s fair value is recognized as impairment. Application of a goodwill impairment test requires significant management judgment, including the identification of reporting units, allocation of assets, liabilities and goodwill to reporting units, and determination of the fair value of each reporting unit. |
Intangible assets | Intangible assets Intangible assets are carried at cost less accumulated amortization and any recorded impairment. Intangible assets acquired in a business combination were recognized initially at fair value at the date of acquisition. Intangible assets with finite useful lives are amortized using a straight-line method of amortization that reflects the estimated pattern in which the economic benefits of the intangible asset are to be consumed. The estimated useful life for the intangible assets is as follows: Estimated Customer relationship 2 - 6 years Trademarks 3 - 10 years Technology 1 - 11 years Online game licenses 1 - 5 years User base 1 year Domain names 1 - 10 years Platform 5 - 6 years If an intangible asset is determined to have an indefinite life, it should not be amortized until its useful life is determined to be no longer indefinite. As of December 31, 2022 and 2023, net carrying value of the Group's intangible assets with indefinite life is nil. |
Impairment of long-lived assets and intangible assets | Impairment of long-lived assets and intangible assets The Group evaluates its long-lived assets or asset group, including intangible assets with indefinite and finite lives, for impairment. Intangible assets with indefinite lives that are not subject to amortization are tested for impairment at least annually or more frequently if events or changes in circumstances indicate that the assets might be impaired in accordance with ASC 350-30, Intangibles-Goodwill and Other: General Intangibles Other than Goodwill . Such impairment test compares the fair values of assets with their carrying values with an impairment loss recognized when the carrying values exceed fair values. For long-lived assets and intangible assets with finite lives that are subject to depreciation and amortization are tested for impairment whenever events or changes in circumstances (such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying amount of an asset or a group of long-lived assets may not be recoverable. When these events occur, the Group evaluates impairment by comparing the carrying amount of the assets to future undiscounted net cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the assets, the Group would recognize an impairment loss based on the excess of the carrying amount of the asset group over its fair value. |
Revenue recognition | Revenue recognition The Group generates its revenues primarily through internet business, AI and others. Pursuant to ASC 606-10-32-2A, the Group elected to exclude sales taxes and other similar taxes from the measurement of the transaction price. Therefore, revenues are recognized net of value added taxes (“VAT”). The following table presents the Company’s revenues disaggregated by revenue source: For the year ended December 31, 2021 2022 2023 RMB RMB RMB US$ Revenues: Internet business Online advertising 354,604 355,289 109,339 15,400 Internet value-added services 299,155 342,098 340,795 48,000 AI and others Advertising agency services 61,588 83,111 89,275 12,574 Multi-cloud Management Services 41,443 77,956 87,747 12,359 Sale and rental of robots and other AI hardware products 10,590 5,289 22,034 3,103 Technical consulting service and others 17,236 20,323 20,313 2,862 Total consolidated revenues 784,616 884,066 669,503 94,298 (1) Internet business Online advertising Online advertising revenue is primarily derived from displaying advertisements for the Group’s customers on its online platforms including duba.com and other websites, browsers, PC and mobile applications, and to a lesser extent, on third-party advertising publishers’ websites or mobile applications. The Group has three general pricing models for its advertising products: cost over a time period, cost for performance basis and cost per impression basis. For advertising contracts over a time period, the Group generally recognizes revenue ratably over time, because the customer simultaneously receives and consumes the benefits as the Group performs throughout a fixed contract term. For contracts that are charged on the cost for performance basis, the Group charges an agreed-upon fee to its customers determined based on the effectiveness of advertising links, which is typically measured by clicks, transactions, installations, user registrations, and other actions. Revenue is recognized at a point in time when there is an effective click, transaction, installations, user registrations, and other actions. For advertising contracts that charged on cost per impression basis, the Group recognizes the revenue at a point in time when the impressions are delivered based on the mutual agreement formed with customers. For online advertising services arrangement involving third-party advertising publishers’ websites or mobile publications, the Group recognizes gross revenue the amount of fees received or receivable from customers as the Group has control over the advertising services before they are transferred to the customer, and therefore, the Group is not arranging for the advertising services to be provided by third parties on their internet properties. Revenue for online advertising services involving third-party advertising publishers’ websites or mobile publications is recognized at a point in time when all the revenue recognition criteria are met. Payments made to the third-party advertising publishers or content providers are included in cost of revenues. Internet value-added services The Group generates value-added services revenue principally from fee-based services, mainly including VIP membership, software subscription, and game-related services. VIP membership and software subscription. The Group provides various online software as well as on-premise software such as anti-virus, security protection, immediate communication and others to individual and enterprise customers. While providing online software services, the customers do not take possession of the software. The software license, when-and-if-available updates and related services are accounted for as a single performance obligation as the license, updates and services are inputs to a combined items in the contract. VIP membership services primarily include the right to get access to advertising-free and value-added services such as file and data recovery, malicious pop-up interception, PDF converting etc. VIP membership service and hosted software subscription service fees are paid for a specific contracted service period, which is normally no more than 12 months. Certain services have contracts with no fixed duration. For these indefinite term subscriptions, the Group estimated the expected contract period based on historical usage pattern and recognizes related revenue over the expected contract period. Upfront payment is generally required and upon the receipt of membership fees and software subscription fees, the Group recognizes the excess of payment received as compared to the recognized revenue as deferred revenue in “Accrued expenses and other liabilities” and revenue is recognized ratably over the membership period or the subscription period as services are rendered. While providing on-premise software, the license provides the customer with a right to use the software as it exists when made available to the customer. The Group sells specific version of the software to the customer, and provides post-contract services such as post-delivery telephone support and post-contract customer support for the customer. The on-premise software licence and the post-contract services are accounted for a single performance obligation as post-contract services are mainly provided to answer questions about the use and the installation of the software which would not constitute a promise to a customer. Revenue is recognized upfront at the point in time when the software is made available to the customer. Software upgrades, such as version iteration, are additionally charged. Game-related services. The Group sells both perpetual and consumable in-game virtual items. Perpetual in-game virtual items represent items that are accessible to the paying users as long as the users continue to play. Consumable virtual items represent items that can be consumed by specific user actions. The Group recognizes revenues from the perpetual in-game virtual items over the estimated average paying users’ life, and revenues from the consumable in-game virtual items at a point in time when specific user actions are taken by paying users. The Group tracks the in-game virtual item purchases and log-in history of the paying users to calculate the retention of game users based on a statistical model in order to arrive at the best estimate of the average paying users’ life of each game. For newly launched games with a limited period of paying users’ data available for the estimate, the Group considers the estimated average paying users’ life of other recently launched games with similar characteristics. (2) AI and others Advertising agency services The Group provides advertising agency services by arranging advertisers to purchase various advertisement products from certain online networks. The Group receives from the online network performance-based commissions, which are determined based on a pre-specified percentage of the payment by the advertisers for the online network’s various advertisement products. The Group acts as an agent to arrange for the advertising services to be provided by third parties on their internet properties and incentives provided to the end customers are typically market-wide promotions that result in lower fee earned by the Group, and therefore are recorded as a reduction of revenue at the date the Group records the corresponding revenue transaction. Revenue from advertising agency services is recognized on a net basis at a point in time when the advertisement products are delivered by the online networks. The revenue is estimated by the Group based on the real-time advertising performance results provided by the online networks and the commission rates pre-determined in contracts signed with relevant online networks. There was no significant difference between the Group’s estimates and the subsequent periodic invoices provided by the online network for all the periods presented. Receivables from advertising agency services were included in other receivables from advertisers in “Prepayments and other current assets” and payable to online networks were included in payable to online advertising platforms as agency in “Accrued expenses and other current liabilities” on the consolidated balance sheets. Multi-Cloud Management services The Group provides multi-cloud management services through cloud management platform. The nature of the Group’s performance obligation is a single performance obligation to stand ready to provide integrated technical cloud-based solution or sell cloud resources to customers. Revenue is recognized over time when related solutions or resources are provided to customers. The Group evaluates whether it is appropriate to record the revenue on gross or net basis based on whether it acts as a principal or as an agent. This determination is reviewed for each specified service provided to the customer and may involve significant judgment. In certain cases, the Group concludes that it controls the solutions and resources before they are transferred to end customers, as the Group integrates the cloud resources with its technical expertise to provide ongoing customized cloud-based solutions, is primarily responsible for the fulfillment, and has inventory risk before the specified solutions and resources have been transferred to the customers and revenue is recognized on a gross basis. In other cases, the Group acts as a reseller of cloud resources and during which the Group acts as an agent to arrange for the resources to be provided by third parties and revenue is recognized on a net basis. Sale and rental of robot and other AI hardware products The Group generates revenue from sales and rental of robots and sale of other AI hardware products. The Group recognizes revenue generally at a point in time when the robots and other AI hardware products are delivered to customers. The Group provides standard warranty on all robots sold, which is not a separate performance obligation as it is intended to provide greater quality assurance to customers. Accordingly, standard warranty is accounted for in accordance with ASC 460, Guarantees, and the estimated costs are recorded as a liability when the Group transfers the control of robots to a customer. The consideration for sale of robots are normally paid in advance, which means the payments received are prior to the transfer of goods or services by the Group, the Group records a contract liability (deferred revenue) for the amount relating to those unperformed obligations. As set out in Note 2 “Lease, as of a Lessor”, robot rental revenue is recognized under ASC 842. Technical consulting services and others The group provides other services including technical consulting, technical support, extended time warranty, maintenance service etc to customers. Such revenue are recognized ratably over the term of the arrangement. The Group also sell food products and coupons which can be consumed for food services in the restaurants, such revenue is recognized when the products and services are delivered to customers. (3) Other revenue recognition related policies For arrangements that include multiple performance obligations, the Group would evaluate all the performance obligations in the arrangement to determine whether each performance obligation is distinct in the context of contract. Consideration is allocated to each performance obligation based on its standalone selling price. If a promised good or service does not meet the criteria to be considered distinct in the context of contract, it is combined with other promised goods or services until a distinct bundle of goods or services exists. The Group provides sales incentives to customers which entitle them to receive reductions in the price. The Group accounts for these incentives granted to customers as variable consideration and records it as reduction of revenue. The amount of variable consideration is measured based on the most likely amount of incentives to be provided to customers. The Group believes that there will not be significant changes to its estimate of variable consideration. |
Deferred revenue | Deferred revenue The contract liabilities consist of deferred revenue, which represent the cash received for services in advance of revenue recognition and is recognized as revenue when all of the Group’s revenue recognition criteria are met. Balances of deferred revenue, which included in “Accrued expenses and other liabilities”, were RMB 205,320 and RMB 247,855 (US$ 34,910 ) as of December 31, 2022 and December 31, 2023, respectively. The increase in deferred revenue as compared to the year ended December 31, 2023 is a result of the increase in fees received from membership services, as well as the deferred revenue assumed from the acquisition of Beijing OrionStar. Revenue recognized that was included in deferred revenue balance at the beginning of year were RMB 74,996 , RMB 123,809 and RMB 106,333 (US$ 14,977 ) for the years ended December 31, 2021, 2022 and 2023, respectively. |
Cost of revenues | Cost of revenues Cost of revenues primarily consists of traffic acquisition cost, bandwidth and cloud service costs, channel costs, royalty fees, salaries and benefits, share-based compensation expenses, depreciation of equipment, amortization of intangible assets and cost of robots and other products sold, including direct materials, external processing fee, depreciation and amortization of assets associated with the production and reserves for estimated warranty expenses. |
Selling and marketing expenses | Selling and marketing expenses Selling and marketing expenses consist primarily of advertising and promotional expenses, staff costs, share-based compensation expenses and other related incidental expenses that are incurred directly to attract or retain users and customers for the Group’s websites, applications, software, online platforms and products. Advertising and promotional expenses are expensed when incurred. For the years ended December 31, 2021, 2022 and 2023, advertising and promotional expenses were RMB 242,354 , RMB 361,363 and RMB 127,790 (US$ 17,999 ), respectively. |
Research and development expenses | Research and development expenses Research and development (“R&D”) consist primarily of employee costs and rental expenses related to personnel engaged in R&D activities, design and development expenses with new technology, materials and supplies and other R&D related expenses. The Group expenses these costs as incurred, unless such costs qualify for capitalization as software development costs, including (i) preliminary project is completed, (ii) management has committed to funding the project and it is probable that the project will be completed and the software will be used to perform the function intended, and (iii) they result in significant additional functionality in the Group’s products. Capitalized software development costs were not material for all periods presented. |
Government subsidies | Government subsidies Government subsidies primarily consist of financial subsidies received from provincial and local governments, for operating a business in their jurisdictions or conducting research and development projects pursuant to specific policies promoted by the local governments. There are no defined rules and regulations to govern the criteria necessary for companies to receive such benefits, and the amount of financial subsidy is determined at the discretion of the relevant government authorities. For the government subsidies with non-operating feature and with no further conditions to be met, the amounts are recorded in “Other income” when received; for the government subsidies with operating feature and with no further conditions or specific use requirements to be met, the amount are recorded in “Other operating income” when received; and for the government subsidies related to research and development projects, the amounts are recorded in others in “Accrued expenses and other liabilities” when received and will be offset against “Research and development” expenses over the project period when no further conditions are to be met. |
Leases | Leases As a lessee The Group recognizes in the balance sheet a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, the Group elected the practical expedient not to separate lease and non-lease components for certain classes of underlying assets and the short-term lease exemption, lease expenses for such lease is recorded on a straight-line basis over the lease term. For operating leases, the Group recognizes right-of-use assets and lease liabilities based on the present value of the lease payments over the lease term on the consolidated balance sheets at commencement date. For finance leases, assets are included in property and equipment on the consolidated balance sheets. As most of the Group’s leases do not provide an implicit rate, the Group estimates its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. The Group’s leases often include options to extend and lease terms include such extended terms when the Group is reasonably certain to exercise those options. Lease terms also include periods covered by options to terminate the leases when the Group is reasonably certain not to exercise those options. As a lessor The Group provides robot leasing services to customers under operating lease. The Group recognizes the lease payments as robot leasing income in profit or loss over the lease term on a straight-line basis. The robot leasing income was immaterial for the years ended December 31, 2021, 2022 and 2023, respectively. |
Comprehensive income | Comprehensive income Comprehensive income is defined to include all changes in shareholders’ equity except those resulting from investments by owners and distributions to owners. Among other disclosures, ASC 220-10, Comprehensive Income: Overall requires that all items that are required to be recognized under current accounting standards as components of comprehensive income be reported in a financial statement that is displayed with the same prominence as other financial statements. |
Income taxes | Income taxes The Group accounts for income taxes using the liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. The Group records a valuation allowance against deferred tax assets netted off by deferred tax liability if, based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. The Group applies ASC 740, Accounting for Income Taxes , to account for uncertainty in income taxes. ASC 740 prescribes a recognition threshold a tax position is required to meet before being recognized in the financial statements. The Group has recorded unrecognized tax benefits in the other non-current liabilities in the accompanying consolidated balance sheets. The Group has elected to classify interest and penalties related to unrecognized tax benefits, if and when required, as part of “Income tax expenses”, in the consolidated statements of comprehensive loss. The Group’s estimated liability for unrecognized tax benefits and the related interest and penalties are periodically assessed for adequacy and may be affected by changing interpretations of laws, rulings by tax authorities, changes and/or developments with respect to tax audits, and expiration of the statute of limitations. The actual benefits ultimately realized may differ from the Group’s estimates. As each audit is concluded, adjustments, if any, are recorded in the Group’s consolidated financial statements. Additionally, in future periods, changes in facts and circumstances, and new information may require the Group to adjust the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement estimates are recognized in the period in which they occur. |
Share-based compensation | Share-based compensation The Group accounts for share-based compensation in accordance with ASC 718, Compensation-Stock Compensation: Overall . In accordance with ASC 718, the Group determines whether an award should be classified and accounted for as a liability award or equity award. All grants of share-based awards to employees and non-employees classified as equity awards are recognized in the financial statements based on their grant date fair values. The Group has elected to recognize share-based compensation using the accelerated method, for all share-based awards granted with graded vesting based on service conditions and for awards with performance conditions if it is probable that the performance condition will be achieved. The Group account for forfeitures as they occur, if required vesting conditions are not met and the share-based awards are forfeited, previously recognized compensation expenses relating to those awards are reversed. The Group, with the assistance of an independent third-party valuation firm determined the fair value of the share-based awards granted to employees and non-employees, if applicable. The binomial tree option pricing model was applied in determining the estimated fair value of the awards. A change in any of the terms or conditions of share options is accounted for as a modification of share-based awards. The Group calculates the incremental compensation cost of a modification as the excess of the fair value of the modified option over the fair value of the original option immediately before its terms are modified, measured based on the share price and other pertinent factors at the modification date. For vested share-based awards, the Group recognizes incremental compensation cost in the period the modification occurred. For unvested share-based award, the Group recognizes, over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award on the modification date. |
Earnings (loss) per share | Earnings (loss) per share Earnings (Loss) per share are calculated in accordance with ASC 260-10, Earnings per Share: Overall . Basic earnings per share are computed by dividing net income (loss)attributable to holders of ordinary shares by the weighted average number of ordinary shares outstanding during the year using the two-class method. Under the two-class method, net income (loss), accretion of the redeemable noncontrolling interests and dilution effect arising from share-based awards issued by subsidiaries are allocated to ordinary shares based on their participating rights in the undistributed earnings as if all the earnings for the reporting period had been distributed. Diluted earnings (loss) per share is calculated by dividing net income (loss) attributable to ordinary shareholders by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of the vesting of restricted shares and the exercising of option using the treasury stock method. The computation of the dilutive earnings (loss) per share of Class A ordinary share assumes the conversion of Class B ordinary shares. Ordinary share equivalents are excluded from the computation of diluted loss per share if their effects are anti-dilutive. |
Contingencies | Contingencies The Group records accruals for certain of its outstanding legal proceedings or claims when it is probable that a liability will be incurred, and the amount of loss can be reasonably estimated. The Group evaluates the developments in legal proceedings or claims that could affect the amount of any accrual, as well as any developments that would make a loss contingency both probable and reasonably estimable. The Group discloses the amount of the accrual if it is material. |
Segment reporting | Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker (the “CODM”), which is the chief executive officer. Since 2020, the Group started to report its revenues and operating profits by two segments: internet business and AI and others. In 2021, the Group realigned its segments as the CODM changed how he manages and assesses the Group’s segment performance. The Group’s overseas advertising agency services, which assists domestic companies to launch advertisement on overseas advertising platforms, are changed from the Internet business into AI and others due to the synergies created between the Group’s advertising agency services and global multi-cloud management services. The Group has retrospectively revised segment information for the comparative periods. The Group consolidated Beijing OrionStar since November 30, 2023 and reported the results of Beijing OrionStar in the AI and others segment based on the information reviewed by CODM. |
Concentration of risks | Concentration of risks Concentration of credit risk Financial instruments that are potentially subject to credit risk consist of cash and cash equivalents, restricted cash, short-term investments, available-for-sale debt securities, accounts receivable and other receivables. The carrying amounts of these financial instruments represent the maximum amount of loss due to credit risk. As of December 31, 2023, the Group has RMB 2,021,214 (US$ 284,682 ) in cash and cash equivalents, restricted cash and short-term investments, and 22.2 % and 77.8 % of which are held by financial institutions in the PRC and international financial institutions outside of the PRC, respectively. Deposits held with financial institutions were not protected by statutory or commercial insurance. In the event of bankruptcy of one of these financial institutions, the Group may be unlikely to claim its deposits back in full. Management believes that these financial institutions are of high credit quality and continually monitors the credit worthiness of these financial institutions. Under PRC law, it is generally required that a commercial bank in the PRC that holds third-party cash deposits protect the depositors’ rights over principal and interests in their deposited money; PRC banks are subject to a series of risk control regulatory standards; and PRC bank regulatory authorities are empowered to take over the operation and management of any PRC bank that faces a material credit crisis. Accounts receivable and other receivables are both typically unsecured and are derived from revenue earned from customers or cash receivables due from advertisers. The risk is mitigated by credit evaluations the Group performs on its ongoing credit evaluations of its customers’ financial conditions and ongoing monitoring process of outstanding balances. The Group maintains reserves for estimated credit losses and these losses have generally been within expectations. Business, customer, political, social and economic risks The Group participates in a dynamic high technology industry and believes that changes in any of the following areas could have a material adverse effect on the Group’s future financial position, results of operations or cash flows: changes in the overall demand for services and products; competitive pressures due to new entrants; advances and new trends in new technologies and industry standards; changes in bandwidth suppliers; changes in certain strategic relationships or customer relationships; regulatory considerations; copyright regulations; and risks associated with the Group’s ability to attract and retain employees necessary to support its growth and risks related to outbreaks of epidemics, such as COVID-19. On February 21, 2020, the Company’s Google Play Store, Google AdMob, and Google AdManager accounts had been disabled, which adversely affected its ability to attract new users and generate revenue from Google. For the year ended December 31, 2021, no individual customer accounted for over 10 % of the Group’s total revenue. For the year ended December 31, 2022 and 2023, approximately 24 % and 13 % of the Group’s total revenue was derived from a third-party advertising agent and a third-party advertising platform, respectively. The Group’s operations could be adversely affected by significant political, economic and social uncertainties. Internet related businesses are subject to significant restrictions under current PRC laws and regulations. Specifically, foreign investors are not allowed to own more than 50 % equity interests in any Internet Content Provider (“ICP”) business. Currency convertibility risk A significant portion of the Group’s operating activities as well as the assets and liabilities are denominated in RMB which is not freely convertible into foreign currencies. The Group’s financing activities are denominated in US$. On January 1, 1994, the PRC government abolished the dual rate system and introduced a single rate of exchange as quoted daily by the People’s Bank of PRC (the “PBOC”). However, the unification of the exchange rates does not imply that the RMB may be readily convertible into US$ or other foreign currencies. All foreign exchange transactions continue to take place either through the PBOC or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the PBOC. Approval of foreign currency payments by the PBOC or other institutions requires submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts. Additionally, the value of the RMB is subject to changes in central government policies and international economic and political developments affecting supply and demand in the PRC foreign exchange trading system market. Foreign currency exchange rate risk While the Group’s reporting currency is RMB, a portion of the Group’s revenues and costs are generated and denominated in US$. As a result, the Group is exposed to foreign exchange risk as its revenues and results of operations may be affected by fluctuations in the exchange rate between U.S. dollar and RMB. If the US$ depreciates against the RMB, the value of the Group’s US$ revenues expressed in the RMB financial statements will decline. On June 19, 2010, the People’s Bank of China announced the end of the RMB’s de facto peg to US$, a policy which was instituted in late 2008 in the face of the global financial crisis, to further reform the RMB exchange rate regime and to enhance the RMB exchange rate flexibility. The appreciation of the RMB against US$ was approximately 2.34 % for the year ended December 31,2021, the depreciation of the RMB against US$ was approximately 8.23 % and 2.94 % for the years ended December 31, 2022 and 2023 . It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between the RMB and the US$ in the future. |
Recently issued accounting pronouncements | Recently issued accounting pronouncements In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. This guidance also requires certain disclosures for equity securities subject to contractual sale restrictions. The new guidance is required to be applied prospectively with any adjustments from the adoption of the amendments recognized in earnings and disclosed on the date of adoption. This guidance is effective for the Group for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted. The Group does not expect that the adoption of this guidance will have a material impact on its financial position, results of operations and cash flows. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280)- Improvements to Reportable Segment Disclosures. ASU No. 2023-07 requires an enhanced disclosure of significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss, on an annual and interim basis. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of this guidance should be applied retrospectively to all prior periods presented. Early adoption is permitted. The Group does not expect to adopt ASU No. 2023-07 early and is currently evaluating the impact of adopting this standard on its consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740)- Improvements to Income Tax Disclosures. ASU No. 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. The Group does not expect to adopt ASU No. 2023-09 early and is currently evaluating the impact of adopting this standard on its consolidated financial statements. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Group does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its consolidated financial condition, results of operations, cash flows or disclosures. |
Organization and Principal Ac_2
Organization and Principal Activities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of percentage of ownership in subsidiaries, its VIEs and its equity investees | Details of the Company’s principal subsidiaries and VIEs as of December 31, 2023 are as follows: Company Date of Place of Percentage Principal activities Principal subsidiaries of the Company: Cheetah Technology Corporation Limited (“Cheetah Technology”) August 26, 2009 Hong Kong 100 % Investment holding, provision of internet products and related services Beijing Kingsoft Internet Security Software Co., Ltd. (“Beijing Security”) November 30, 2009 The PRC 100 % Provision of internet products and related services, sale of AI products Conew Network Technology (Beijing) Co., Ltd. (“Conew Network”) March 19, 2009 The PRC 100 % Provision of internet products and related services Hongkong Zoom Interactive Network Marketing Technology Limited (“HK Zoom”) July 4, 2014 Hong Kong 100 % Provision of AI and other services Cheetah Information Technology Company Limited (“Cheetah Information”) March 9, 2015 Hong Kong 100 % Investment holding Cheetah Mobile Singapore Pte. Ltd. (“Cheetah Mobile Singapore”) May 27, 2015 Singapore 100 % Provision of internet products and related services Multicloud Limited July 20, 2017 Hong Kong 100 % Provision of internet products and related services Beijing Kingsoft Cheetah Technology Co., Ltd. April 30, 2015 The PRC 100 % Provision of internet products and related services Jingdezhen Jibao Information Service Co., Ltd. August 10, 2017 The PRC 100 % Provision of internet products and related services, sale of AI products Japan Kingsoft Inc. (“Kingsoft Japan”) March 9, 2005 Japan 40.2 % Provision of internet products and related services Zhuhai Baoqu Technology Co., Ltd. July 18, 2018 The PRC 75.0 % Provision of internet products and related services Zhuhai Baobaohong Technology Co., Ltd February 20,2019 The PRC 75.0 % Provision of internet products and related services Zhuhai Baohaowan Technology Co., Ltd. July 17, 2018 The PRC 75.0 % Provision of internet products and related services Beijing Orion Star Technology Co., Ltd. September 19, 2016 The PRC 72.1 % Provision of AI solution, sale and rental of service robot Hongkong Cheetah Mobile Technology Limited(Hong Kong) March 9, 2015 Hong Kong 100.0 % Investment holding Conew.com Corporation (BVI) October 6,2008 British Virgin Islands 100.0 % Investment holding Cheepop Inc.(Cayman) May 26, 2017 Cayman 100.0 % Investment holding Cheetah Mobile Seal Inc. (Cayman) July 24, 2018 Cayman 75.0 % Investment holding Cheetah Mobile Calls Hong Kong Limited July 24, 2018 Hong Kong 75.0 % Investment holding, provision of internet products and related services Zhuhai Juntian Electronic Technology Co., Ltd. September 28, 2000 The PRC 100.0 % Investment holding, provision of internet products and related services VIEs: Beijing Conew Technology Development Co., Ltd. (“Beijing Conew”) December 22, 2005 The PRC Nil Dormant Beijing Cheetah Mobile Technology Co., Ltd. (“Beijing Mobile”) April 15, 2009 The PRC Nil Provision of internet products and related services Beijing Cheetah Network Technology Co., Ltd. (“Beijing Network”) July 18, 2012 The PRC Nil Provision of internet products and related services (i) Percentage of ownership is calculated on fully diluted basis. |
Schedule of carrying amounts and classifications of the assets and liabilities of the VIEs and subsidiaries of VIEs | The assets and liabilities of the VIEs and subsidiaries of VIEs are as follows: As of December 31, 2022 2023 RMB RMB US$ Cash and cash equivalents 221,732 176,711 24,889 Short-term investments 63,035 — — Accounts receivable, net 14,050 28,918 4,073 Prepayments and other current assets, net 28,364 29,929 4,215 Due from related parties, net (i) 762,835 894,583 125,999 Total current assets 1,090,016 1,130,141 159,176 Property and equipment, net 19,008 12,590 1,773 Operating lease right-of-use assets 2,837 2,164 305 Intangible assets, net 4,077 1,550 218 Long-term investments 288,826 207,614 29,242 Other non-current assets 43,836 44,723 6,299 Deferred tax assets 4,435 5,218 735 Total non-current assets 363,019 273,859 38,572 Total assets 1,453,035 1,404,000 197,748 Accounts payable 15,911 33,603 4,733 Accrued expenses and other current liabilities 195,917 205,266 28,911 Due to related parties (i) 1,157,428 1,155,052 162,686 Income tax payable 738 1,032 145 Total current liabilities 1,369,994 1,394,953 196,475 Other non-current liabilities 2,339 2,837 400 Total non-current liabilities 2,339 2,837 400 Total liabilities 1,372,333 1,397,790 196,875 (i) The balances due from and due to related parties of the VIEs and subsidiaries of VIEs mainly represented amounts due from and due to subsidiaries of the Group. As of December 31, 2022, and 2023, amounts due from subsidiaries of the Group were RMB 737,129 and RMB 888,050 (US$ 125,079 ), respectively, while amounts due to subsidiaries of the Group were RMB 1,143,148 and RMB 1,147,218 (US$ 161,582 ), respectively, which were eliminated upon consolidation by the Company. |
Schedule of financial performance and cash flows of the VIEs and subsidiaries of VIEs | The financial performance and cash flows of the VIEs and subsidiaries of VIEs are as follows: For the year ended December 31, 2021 2022 2023 RMB RMB RMB US$ Revenues 320,942 344,288 348,433 49,076 Cost of revenues 205,955 224,726 199,185 28,055 Net (loss) income ( 8,489 ) 3,792 ( 64,999 ) ( 9,155 ) Net cash provided by (used in) operating activities 209,357 154,403 ( 31,775 ) ( 4,475 ) Net cash (used in) provided by investing activities ( 255,027 ) ( 98,598 ) 8,765 1,235 Net cash provided by (used in) financing activities 91,093 128,461 ( 22,223 ) ( 3,130 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash ( 35,987 ) 868 212 30 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of estimated useful lives of property and equipment | The estimated useful lives are as follows: Estimated useful life Electronic equipment 2 - 3 years AI related equipment 3 years Office equipment and fixtures 5 years Motor vehicles 4 - 5 years Leasehold improvements Lesser of term of the lease or the estimated useful lives of the assets |
Schedule of estimated useful lives of intangible assets | The estimated useful life for the intangible assets is as follows: Estimated Customer relationship 2 - 6 years Trademarks 3 - 10 years Technology 1 - 11 years Online game licenses 1 - 5 years User base 1 year Domain names 1 - 10 years Platform 5 - 6 years |
Schedule of Revenue Disaggregated by Revenue Source | The following table presents the Company’s revenues disaggregated by revenue source: For the year ended December 31, 2021 2022 2023 RMB RMB RMB US$ Revenues: Internet business Online advertising 354,604 355,289 109,339 15,400 Internet value-added services 299,155 342,098 340,795 48,000 AI and others Advertising agency services 61,588 83,111 89,275 12,574 Multi-cloud Management Services 41,443 77,956 87,747 12,359 Sale and rental of robots and other AI hardware products 10,590 5,289 22,034 3,103 Technical consulting service and others 17,236 20,323 20,313 2,862 Total consolidated revenues 784,616 884,066 669,503 94,298 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Summary of reconciliation of purchase price consideration | The following is a reconciliation of purchase price consideration for the acquirers: Amount RMB US$ Cash consideration 268,724 37,849 Fair value of previously held equity interests 316,672 44,602 Settlement of convertible loan provided to Beijing Orionstar 118,091 16,633 Settlement of amounts due from Beijing Orionstar Group 69,648 9,810 Total 773,135 108,894 |
Summary of fair values of assets acquired and liabilities assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed from Beijing OrionStar as of the acquisition date: Amount RMB US$ Net assets acquired (i) 136,534 19,230 Amortizable intangible assets (ii) Robot technology 140,000 19,719 Large language model (LLM) technology 57,000 8,028 Trademark 15,000 2,113 Goodwill (iii) 576,989 81,267 Deferred tax liabilities ( 31,800 ) ( 4,479 ) Non-controlling interests and mezzanine equity(iv) ( 120,588 ) ( 16,984 ) Total 773,135 108,894 (i) Net assets acquired primarily consists of cash and cash equivalent, inventories, equity method investment and deferred tax assets of RMB 221,898 (US$ 31,254 ) and accounts payable, deferred revenue, due to related parties of RMB 121,366 (US$ 17,094 ) as of the date of acquisition. (ii) Acquired amortizable intangible assets had an amortization period of 8.0 years. The fair value estimate of technology was estimated using the multi-period excess earnings method. Key assumptions and estimates used in deriving the projected cash flows are forecasted revenue, EBIT margin, and discount rate. The fair value estimate of trademark was estimated using the relief-from-royalty method. Key assumptions and estimates used are forecasted revenue and discount rate. (iii) Goodwill arising from the acquisition of Beijing OrionStar was attributable to the benefit of expected synergies, the assembled workforce, revenue growth and future market development as of the date of acquisition and assigned to AI and others segment. Goodwill arising from the acquisition is not expected to be deductible for tax purposes. (iv) According to the articles of association of Beijing OrionStar, equity interests held by two shareholders are preferred shares and was contingently redeemable upon the occurrence of a conditional event, which is not solely within the control of the Group and was classified as mezzanine equity. Detailed description of mezzanine equity is disclosed in Note 19. Fair value of the non-controlling interests and mezzanine equity, as well as the previous held equity interests mentioned above was determined with the assistance of an independent valuation firm using discount cash flow method. Key assumptions and estimates used are forecasted revenue, EBIT margin, discount rate and volatility. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Unrealized and Realized Gains and Losses of Equity Securities | Total unrealized and realized gains and losses of equity securities without readily determinable fair values for the years ended December 31, 2021, 2022 and 2023 were as follows: For the year ended December 31, 2021 2022 2023 RMB RMB RMB US$ Gross unrealized gains (upward adjustments) 82,504 33,346 501 71 Gross unrealized losses (impairment) ( 351,380 ) ( 287,005 ) ( 168,759 ) ( 23,769 ) Net unrealized losses on equity securities held ( 268,876 ) ( 253,659 ) ( 168,258 ) ( 23,698 ) Net realized gains on equity securities sold 67,105 32,536 6,117 862 Total net losses recognized in other income, net ( 201,771 ) ( 221,123 ) ( 162,141 ) ( 22,836 ) |
Summary of unaudited condensed financial information of the Group's equity investments | The Group summarized the unaudited condensed financial information of the Group’s equity method investments as a group below in accordance with Rule 4-08 of Regulation S-X: As of December 31, 2022 2023 RMB RMB US$ Balance sheet data: Current assets 463,921 514,186 72,422 Non-current assets 1,404,594 1,298,749 182,925 Current liabilities 173,776 89,210 12,565 Non-current liabilities 13,249 5,843 823 Redeemable preferred shares 1,059,852 — — For the year ended December 31, 2021 2022 2023 RMB RMB RMB US$ Operating data: Revenues 925,020 755,532 156,948 22,106 Gross profit 407,487 285,140 19,206 2,705 Operating income (loss) 459,079 ( 10,022 ) ( 64,535 ) ( 9,090 ) Net income (loss) 464,352 ( 8,133 ) ( 60,929 ) ( 8,582 ) |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of accounts receivable | As of December 31, 2022 2023 RMB RMB US$ Accounts receivable 385,935 533,945 75,205 Allowance for credit losses ( 102,161 ) ( 132,881 ) ( 18,716 ) Accounts receivable, net 283,774 401,064 56,489 |
Schedule of movement in the allowance for credit losses | The movements in the allowance for credit losses were as follows: Year ended December 31, 2022 2023 RMB RMB USD Balance as of January 1 92,695 102,161 14,389 Addition 3,156 29,401 4,141 Amounts written off — — — Foreign Exchange effect 6,310 1,319 186 Balance as of December 31 102,161 132,881 18,716 |
Prepayments and Other Current_2
Prepayments and Other Current Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of prepayments and other current assets, net | As of December 31, 2022 2023 RMB RMB US$ Other receivables from advertisers 857,135 878,754 123,770 Advances to suppliers 137,419 139,772 19,686 Prepaid expenses 25,506 26,144 3,682 Inventories (i) 16,695 40,573 5,715 Receivable from third-party payment platform 51,014 29,573 4,165 Convertible loans 10,093 10,465 1,474 Others 72,371 68,975 9,715 Impairment of prepayments and inventory ( 102,145 ) ( 108,003 ) ( 15,212 ) Allowance for credit losses ( 99,943 ) ( 113,126 ) ( 15,933 ) Total 968,145 973,127 137,062 (i) Inventories consist of materials and finished goods, as of December 31, 2022 and 2023, inventories net of impairment reserve were RMB 4,283 and RMB 28,042 (US$ 3,950 ). For the years ended December 31, 2021, 2022 and 2023, the group recorded impairment reserve of RMB 7,618 , nil and RMB 2,627 (US$ 370 ) , respectively. |
Schedule of movement in the allowance for credit losses | The movements in the allowance for credit losses were as follows: Year ended December 31, 2022 2023 RMB RMB USD Balance as of January 1 102,985 99,943 14,077 Addition 19,266 12,243 1,724 Amounts written off ( 27,623 ) — — Foreign Exchange effect 5,315 940 132 Balance as of December 31 99,943 113,126 15,933 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of property and equipment, net | As of December 31, 2022 2023 RMB RMB US$ Electronic equipment 61,894 64,254 9,050 AI related equipment 153,580 159,898 22,521 Leasehold improvements 14,544 19,186 2,702 Office equipment and fixtures 19,532 20,881 2,941 Mold and tooling — 5,516 777 Motor vehicles 2,922 2,690 379 Construction in progress 48 119 16 Less: Accumulated depreciation ( 185,105 ) ( 211,437 ) ( 29,780 ) Less: Accumulated impairment ( 8,688 ) ( 7,223 ) ( 1,017 ) Property and equipment, net 58,727 53,884 7,589 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of intangible assets and accumulated amortization | Intangible assets and the related accumulated amortization were summarized as follows: As of December 31, 2023 Gross Accumulated Accumulated Net carrying value RMB RMB RMB RMB US$ Online game licenses 144,751 ( 95,886 ) ( 48,839 ) 26 4 Technology 363,466 ( 142,720 ) ( 18,367 ) 202,379 28,504 Platform 77,919 ( 42,860 ) ( 35,059 ) — — Customer relationship 49,954 ( 47,077 ) ( 2,877 ) — — User base 48,788 ( 48,788 ) — — — Trademarks 33,546 ( 15,499 ) ( 2,244 ) 15,803 2,226 Domain names 5,224 ( 4,873 ) — 351 49 Non-compete agreements 1,610 ( 1,610 ) — — — Total 725,258 ( 399,313 ) ( 107,386 ) 218,559 30,783 As of December 31, 2022 Gross Accumulated Accumulated Net carrying value RMB RMB RMB RMB Online game licenses 188,174 ( 139,536 ) ( 47,910 ) 728 Technology 155,056 ( 130,822 ) ( 18,244 ) 5,990 Platform 76,621 ( 42,146 ) ( 34,475 ) — Customer relationship 49,237 ( 46,408 ) ( 2,829 ) — User base 47,980 ( 47,980 ) — — Trademarks 18,283 ( 14,788 ) ( 2,222 ) 1,273 Domain names 4,965 ( 4,526 ) — 439 Non-compete agreements 1,610 ( 1,610 ) — — Total 541,926 ( 427,816 ) ( 105,680 ) 8,430 |
Schedule of future amortization expense | Estimated amortization expense relating to the existing intangible assets with finite lives for each of next five years and thereafter is as follows: For the year RMB US$ 2024 28,968 4,080 2025 28,674 4,039 2026 28,220 3,975 2027 28,017 3,946 2028 27,881 3,927 Thereafter 76,799 10,816 Total 218,559 30,783 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of changes in the carrying amount of goodwill | The changes in the carrying amount of goodwill were as follows: For the year Balance as of January 1, 2023 — Goodwill acquired in business combinations (Note 3) 576,989 Balance as of December 31, 2023, in RMB 576,989 Balance as of December 31, 2023, in US$ 81,267 |
Lease (Tables)
Lease (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Future lease Payments under Operating Leases | Future lease payments under operating leases as of December 31, 2023 were as follows: For the year RMB US$ 2024 14,426 2,032 2025 12,103 1,705 2026 5,969 841 2027 — — 2028 — — Total future lease payments 32,498 4,577 Less: imputed interest 1,504 212 Total lease liability balance 30,994 4,365 |
Accrued Expenses And Other Li_2
Accrued Expenses And Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of accrued expenses and other current liabilities | Accrued expenses and other current liabilities As of December 31, 2022 2023 RMB RMB US$ Payable to online advertising platforms as agency 827,015 1,452,286 204,550 Accrued operating expenses 224,902 391,338 55,119 Salary and welfare payable 54,314 51,465 7,249 Advance received in advertising agency services 136,098 136,684 19,252 Accrued advertising, marketing and promotional expenses 48,389 50,082 7,054 Deferred revenue 194,542 235,520 33,172 Operating lease liabilities current portion 14,384 13,295 1,873 Other taxes payable 21,670 35,380 4,983 Accrued bandwidth and cloud service costs 1,062 2,078 293 Others 64,393 69,082 9,728 Total 1,586,769 2,437,210 343,273 |
Summary of other non-current liabilities | Other non-current liabilities As of December 31, 2022 2023 RMB RMB US$ Uncertain tax position 161,668 159,908 22,523 Operating lease liabilities non-current portion 27,090 17,699 2,493 Others 11,578 12,336 1,737 Total 200,336 189,943 26,753 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Revenue from Each Segment, Income from Operations | The following tables present the summary of each segment’s revenues, operating income (loss) which were considered as segment operating performance measure, for the years ended December 31, 2021, 2022 and 2023: For the year ended December 31, 2021 2022 2023 RMB RMB RMB US$ Revenues: Internet business 653,759 697,387 450,134 63,400 AI and others 130,857 186,679 219,369 30,898 Total revenues 784,616 884,066 669,503 94,298 Operating income (loss): Internet business ( 14,178 ) ( 369 ) 26,259 3,699 AI and others ( 208,243 ) ( 217,359 ) ( 202,542 ) ( 28,527 ) Unallocated expenses(i) ( 7,150 ) ( 7,863 ) ( 33,554 ) ( 4,726 ) Total operating loss ( 229,571 ) ( 225,591 ) ( 209,837 ) ( 29,554 ) (i) Share-based compensations were not allocated to segments. |
Geographical Information (Table
Geographical Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of revenues by geographical area | The following tables set forth revenues and property and equipment, net by geographic area: For the year ended December 31, 2021 2022 2023 RMB RMB RMB US$ Revenues: PRC 562,464 391,652 343,119 48,327 Overseas (i) 222,152 492,414 326,384 45,971 HongKong 18,727 262,095 52,272 7,362 Japan 111,481 96,413 113,143 15,936 Rest of the world (ii) 91,944 133,906 160,969 22,673 |
Schedule of property and equipment, net by geographical area | As of December 31, 2022 2023 RMB RMB US$ Property and equipment, net: PRC 55,629 44,676 6,292 Non-PRC 3,098 9,208 1,297 (i) Overseas revenue refers to revenues generated by the Group’s operating legal entities incorporated outside mainland China or generated by our operating legal entities incorporated in mainland China but are attributable to customers located outside mainland China . Such revenues are primarily attributable to customers located outside China based on customers’ registered addresses. (ii) No individual country or area, other than disclosed above, exceeded 10% of total revenues for the years ended December 31, 2021, 2022 and 2023, respectively. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of loss before income taxes | oss before income taxes consists of: Year ended December 31, 2021 2022 2023 RMB RMB RMB US$ PRC ( 490,025 ) ( 261,306 ) ( 251,578 ) ( 35,434 ) Non-PRC 150,454 ( 284,474 ) ( 386,072 ) ( 54,376 ) Total ( 339,571 ) ( 545,780 ) ( 637,650 ) ( 89,810 ) |
Schedule of current and deferred portions of income tax expenses | The current and deferred portions of income tax expenses included in the consolidated statements of comprehensive loss are as follows: Year ended December 31, 2021 2022 2023 RMB RMB RMB US$ Current income tax expenses (benefits) 12,713 ( 12,208 ) 850 120 Deferred income tax (benefits) expenses 920 ( 12,881 ) ( 44,631 ) ( 6,286 ) Income tax expenses (benefits) 13,633 ( 25,089 ) ( 43,781 ) ( 6,166 ) |
Reconciliation of the differences between the statutory tax rate and the effective tax rate for enterprise income tax | A reconciliation of the differences between the statutory tax rate and the effective tax rate for enterprise income tax is as follows: Year ended December 31, 2021 2022 2023 RMB RMB RMB US$ Loss before income tax ( 339,571 ) ( 545,780 ) ( 637,650 ) ( 89,810 ) Income tax benefits computed at the PRC statutory tax rate of 25 % ( 84,894 ) ( 136,445 ) ( 159,413 ) ( 22,453 ) Effect of different tax rates in different jurisdictions ( 16,764 ) 49,280 84,086 11,843 Effect of tax holiday and preferential tax rates 44,909 4,908 2,981 420 Research and development super-deduction ( 12,660 ) ( 9,361 ) ( 8,749 ) ( 1,232 ) Non-taxable income(i) ( 25,713 ) ( 2,809 ) ( 5,488 ) ( 773 ) Non-deductible expenses(ii) 8,614 1,783 21,538 3,034 Effect of change in tax rate ( 12,327 ) ( 106,824 ) 3,080 434 Outside basis difference on investment 63 ( 3,800 ) ( 33,413 ) ( 4,706 ) Changes in uncertain tax position ( 9,453 ) ( 11,903 ) ( 4,183 ) ( 589 ) Withholding tax and others 27,977 ( 4,345 ) 22,683 3,194 Changes in valuation allowance 93,881 194,427 33,097 4,662 Income tax expenses (benefits) 13,633 ( 25,089 ) ( 43,781 ) ( 6,166 ) (i) Non-taxable income mainly consists of gains on disposal of subsidiaries and long-term investments or upward fair value adjustment of long-term investments that are not subject to tax under the tax laws of different jurisdictions. (ii) Non-deductible expenses mainly consist of share-based compensation expenses, entertainments, disposal losses or impairment of long-term investments and other expenses that are not allowed to be deducted under the tax laws of different jurisdictions. |
Schedule of deferred tax assets and deferred tax liabilities | Deferred taxes were measured using the enacted tax rates for the periods in which the temporary differences are expected to be reversed. The tax effects of temporary differences that give rise to the deferred tax balances as of December 31, 2022 and 2023 are as follows: As of December 31, 2022 2023 RMB RMB US$ Deferred tax assets: Tax losses carry forward 411,544 708,815 99,835 Equity investment loss 157,319 185,553 26,135 Allowance for credit losses 36,089 35,983 5,068 Intangible assets and accrued expenses 8,687 7,906 1,114 Share-based compensation 263 235 33 Others 33,129 42,474 5,981 Valuation allowance ( 617,264 ) ( 786,853 ) ( 110,826 ) Deferred tax assets 29,767 194,113 27,340 Deferred tax liabilities: Outside basis difference on investment 55,770 23,403 3,296 Equity method investment and unrealized gains 1,813 1,112 157 Right-of-use asset and others 8,617 4,498 633 Intangible assets acquired from business acquisition - 31,137 4,386 Deferred tax liabilities 66,200 60,150 8,472 As of December 31, 2023 RMB US$ Classification in the consolidated balance sheets: Deferred tax assets 188,503 26,550 Deferred tax liabilities 54,540 7,682 The Group operates through several subsidiaries, VIEs and subsidiaries of VIEs and the valuation allowance is considered for each subsidiary, VIE and subsidiary of VIE on an individual basis. As of December 31, 2022, and 2023, the Group’s total deferred tax assets before valuation allowances were RMB 647,031 and RMB 980,966 (US$ 138,166 ), respectively. As of December 31, 2022 and 2023, the Group recorded valuation allowances of RMB 617,264 and RMB 786,853 (US$ 110,826 ), respectively, on its deferred tax assets that are sufficient to reduce the deferred tax assets to the amounts that are more-likely-than-not to be realized. The following table sets forth the movement of the valuation allowances for deferred tax assets for the years presented: 2022 2023 RMB RMB US$ Balance at January 1 ( 422,837 ) ( 617,264 ) ( 86,940 ) Additions (1) ( 205,800 ) ( 215,340 ) ( 30,330 ) Decreases 11,373 45,751 6,444 Balance at December 31 ( 617,264 ) ( 786,853 ) ( 110,826 ) (1) RMB 136,492 (US$ 19,224 ) of which was from the business combination as set out in Note3. |
Reconciliation of the beginning and ending amount of unrecognized tax benefit | A reconciliation of the beginning and ending amount of unrecognized tax benefit is as follows: 2022 2023 RMB RMB US$ Balance at January 1 177,526 172,557 24,304 Additions based on tax positions related to current year 588 3,086 435 Reversal based on tax positions related to prior years ( 17,643 ) ( 9,651 ) ( 1,359 ) Foreign exchange translation adjustments 12,086 2,424 341 Balance at December 31 172,557 168,416 23,721 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of material related party transactions | For the year ended December 31, 2021 2022 2023 RMB RMB RMB US$ Services received from: (i) Kingsoft Group 19,139 15,236 14,248 2,007 Tencent Group 32,594 20,534 13,293 1,872 OrionStar Group 3,756 347 2,324 327 Services provided to: (ii) Tencent Group 40,333 12,479 9,565 1,347 OrionStar Group 3,862 2,610 2,402 338 Pixiu Group 9,614 433 972 137 Live.me Group 11,718 33,305 35,006 4,930 Purchase of products and equipment: OrionStar Group (iii) 40,290 1,130 991 140 Loans and investments provided to: OrionStar Group (iv) 100,000 — — — Pixiu Group (v) — 14,181 — — (i) The Group entered into agreements with Kingsoft Group pursuant to which Kingsoft Group provided services including cloud services, leasing, license and other miscellaneous services to the Group; The Group entered into agreements with Tencent Group pursuant to which Tencent Group provided promotion and cloud services to the Group; The Group entered into agreements with OrionStar Group pursuant to which OrionStar Group provided technical support services to the Group. (ii) The Group entered into agreement with Tencent Group to provide online marketing services to Tencent Group; The Group entered into agreement with Live.me, Pixiu Group and OrionStar Group to provide technical support, multi-cloud management and other services. (iii) The Group entered into distribution and several robotics purchase agreements with OrionStar Group, pursuant to which the Group purchased robotics products from OrionStar Group. (iv) In 2021, the Group provided a convertible loan of RMB 100,000 at an annual simple interest rate of 8 % with 2 years maturity term to Beijing OrionStar. The Group does not have right to convert all or part of the principal and accumulated unpaid interest into the Beijing OrionStar’s equity interest until a qualified equity financing occurs or upon maturity. The conversion features were considered as embedded derivatives that do not meet the criteria to be bifurcated and were accounted for together with the loan receivable. In October 2023, the group agreed to extend the maturity date by one year and it was deemed to be settled upon the completion of acquisition of Beijing OrionStar on November 30, 2023. (v) The Group entered into loan agreements with Pixiu Group including a 3-year capital allocation loan which the original expiration date was January 2022. In 2021, the remaining principal balance was revolved to January 2024. In 2023, the Group agreed to further extend the expiration date for the outstanding principal balance to December 2024. |
Summary Of Accounts Receivable Related Party Debt Allowance For Credit Loss | The movements in the allowance for credit losses were as follows: Year ended December 31, 2022 2023 RMB RMB US$ Balance as of January 1 58,786 67,089 9,449 Addition/(reverse) 7,846 ( 30,534 ) ( 4,301 ) Amounts written off — ( 1,026 ) ( 145 ) Foreign Exchange effect 457 53 7 Total 67,089 35,582 5,010 |
Amount due from related parties | |
Schedule of material related party transactions | As of December 31, 2022 2023 RMB RMB US$ Live.me Group 13,129 20,654 2,909 Tencent Group 4,529 5,476 771 Pixiu Group 25,104 21,097 2,971 OrionStar Group(i) 134,548 — — Kingsoft Group 5,019 4,188 590 Other related parties (ii) 20,610 20,090 2,830 Total 202,939 71,505 10,071 (i) As of December 31, 2022, the balances of due from OrionStar Group primarily included convertible loan of RMB 100,000 and prepayments made for the purchase of robotics products. (ii) As of December 31, 2022 and 2023, the amount of due from other related parties included convertible loans of RMB 21,000 to a related party, which has been fully impaired as of December 31, 2022 and 2023. |
Amount due to related parties | |
Schedule of material related party transactions | As of December 31, 2022 2023 RMB RMB US$ OrionStar Group 799 — — Tencent Group 15,132 9,776 1,377 Live.me Group 10 — — Kingsoft Group 3,969 3,597 507 Other related parties(i) 3,719 70,774 9,968 Total 23,629 84,147 11,852 (i) As of December 31, 2023, the amount of due to other related parties primarily included a one year convertible loan with principal amount of RMB 40,265 (US$ 5,671 ) due by Beijing OrionStar to Mr. Sheng Fu, chief executive officer and director of the Group. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of assumptions used for grant date fair value under binomial tree option pricing model | The grant date fair value of each share-based award is estimated on the date of grant using the binomial tree option pricing model with the following assumptions used for years presented: Year ended Year ended Year ended Fair value of ordinary share (US$) 4.34 ~ 4.87 — 0.81 Risk-free interest rates 0.07 % — 3.80 % Expected volatility range 52.02 % — 55.10 % Expected dividend yield — — — Fair value per option granted (US$) 2.44 ~ 2.56 — 0.81 |
Schedule of share-based compensation expenses by function | The following table summarizes the share-based compensation expenses of subsidiaries’ share-based awards recognized by the Group: For the year ended December 31, 2021 2022 2023 RMB RMB RMB US$ Cost of revenues 858 469 251 35 Research and development 7,400 ( 675 ) ( 703 ) ( 99 ) Selling and marketing 342 209 104 15 General and administrative 361 2,225 8,372 1,179 Total 8,961 2,228 8,024 1,130 |
Schedule of share-based compensation expense by function | Total share-based compensation expenses recorded by the Group are as follows: For the year ended December 31, 2021 2022 2023 RMB RMB RMB US$ Cost of revenues 1,027 686 370 52 Research and development 5,996 1,580 580 82 Selling and marketing 1,339 1,899 509 72 General and administrative ( 1,212 ) 3,698 32,095 4,520 Total 7,150 7,863 33,554 4,726 |
2023 Incentive Plan [Member] | |
Restricted shares activity | The following table summarizes the restricted shares activity pursuant to the 2023 Incentive Plan for the years ended December 31, 2023: Number of Shares Weighted average grant date fair value (US$) Outstanding at January 1, 2023 — — Granted 103,270,550 0.05 Vested ( 36,941,200 ) 0.05 Forfeited — — Unvested at December 31, 2023 66,329,350 0.04 |
2014 Restricted Share Plan | |
Restricted shares activity | The following table summarizes the restricted shares activity pursuant to the 2014 Restricted Shares Plan for the years ended December 31, 2021, 2022 and 2023, respectively: Number of shares Weighted average Unvested at January 1, 2021 3,640,002 0.88 Granted 5,994,400 0.14 Vested ( 2,016,463 ) 0.78 Forfeited ( 1,055,299 ) 1.00 Unvested at December 31, 2021 6,562,640 0.22 Granted — — Vested ( 2,160,940 ) 0.36 Forfeited ( 373,150 ) 0.26 Unvested at December 31, 2022 4,028,550 0.14 Granted 31,580,058 0.04 Vested ( 6,629,200 ) 0.06 Forfeited ( 2,993,700 ) 0.05 Unvested at December 31, 2023 25,985,708 0.05 |
2013 Incentive Scheme | |
Restricted shares activity | The following table summarizes the restricted shares activity pursuant to the 2013 Incentive Scheme for the years ended December 31, 2021, 2022 and 2023, respectively: Number of Weighted average Outstanding at January 1, 2021 4,254,730 0.64 Granted 5,773,520 0.17 Vested ( 1,416,898 ) 0.79 Forfeited ( 1,014,882 ) 0.81 Unvested at December 31, 2021 7,596,470 0.23 Granted 469,490 0.08 Vested ( 2,350,790 ) 0.27 Forfeited ( 628,180 ) 0.50 Unvested at December 31, 2022 5,086,990 0.17 Granted 641,412 0.05 Vested ( 1,038,123 ) 0.27 Forfeited ( 975,867 ) 0.13 Unvested at December 31, 2023 3,714,412 0.12 |
2011 Share Award Scheme | |
Restricted shares activity | The following table summarizes the restricted shares activity pursuant to the 2011 Share Award Scheme for the years ended December 31, 2021, 2022 and 2023, respectively: Number of shares Weighted average Unvested at January 1, 2021 1,943,725 0.64 Granted 1,596,100 0.26 Vested ( 1,687,405 ) 0.36 Forfeited ( 1,643,470 ) 0.59 Unvested at December 31, 2021 208,950 0.39 Granted — — Vested ( 121,775 ) 0.49 Forfeited — — Unvested at December 31, 2022 87,175 0.26 Granted — — Vested ( 87,175 ) 0.26 Forfeited — — Unvested at December 31, 2023 — — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary Of Commitment For Cloud Services | Future minimum payments under non-cancelable agreements for cloud services consist of the following as of December 31, 2023. Total Less than 1-3 Years More than 3 Purchase obligations 197,578 67,522 130,056 — |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of retained earnings | As of December 31, 2022 2023 RMB RMB US$ PRC statutory reserve funds 60,847 67,800 9,549 Unreserved retained (losses)/earnings ( 70,271 ) ( 680,902 ) ( 95,903 ) Total accumulated losses ( 9,424 ) ( 613,102 ) ( 86,354 ) |
Schedule of components of accumulated other comprehensive income | The components of accumulated other comprehensive income were as follows: Foreign Unrealized gains Total RMB RMB RMB Balance at January 1, 2021 163,428 ( 88 ) 163,340 Other comprehensive loss before reclassification ( 75,536 ) — ( 75,536 ) Other comprehensive income attribute to noncontrolling interests 458 — 458 Balance at December 31, 2021 88,350 ( 88 ) 88,262 Other comprehensive income before reclassification 263,371 — 263,371 Other comprehensive income attribute to noncontrolling interests 2,315 — 2,315 Balance at December 31, 2022 354,036 ( 88 ) 353,948 Other comprehensive Income (loss) before reclassification 45,769 ( 43,494 ) 2,275 Other comprehensive income attribute to noncontrolling interests 631 — 631 Balance at December 31, 2023 400,436 ( 43,582 ) 356,854 Balance at December 31, 2023, in US$ 56,400 ( 6,138 ) 50,262 |
Redeemable Preferred Shares (Ta
Redeemable Preferred Shares (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Summary of Redeemable Preferred Shares | The redeemable preferred shares for the years ended December 31, 2022 and 2023 are summarized below: As of December 31, Balance at December 31, 2022 — Issuance 105,726 Accretion 252 Balance at December 31, 2023, in RMB 105,978 Balance at December 31, 2023, in US$ 14,927 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of computation of basic and diluted Loss per share | Basic and diluted loss per share for each of the years presented are calculated as follows, the effect of share options and restricted share units were excluded from the computation of diluted net loss per share for the years ended December 31, 2022 and 2023, as its effect would be anti-dilutive: Year ended December 31, 2021 2022 2023 Ordinary Ordinary Class A Class A Class B Class B RMB RMB RMB US$ RMB US$ Losses per share—basic Numerator: Net loss attributable to Cheetah Mobile Inc. ( 351,126 ) ( 513,475 ) ( 197,770 ) ( 27,855 ) ( 405,128 ) ( 57,061 ) Dilution effect arising from dividends declared on share awards of consolidated subsidiaries ( 2,009 ) ( 8,715 ) ( 35 ) ( 5 ) ( 72 ) ( 10 ) Net loss attributable to Cheetah Mobile Inc. after accretion of redeemable noncontrolling interests and dilution effect arising from share-based awards issued by subsidiaries ( 353,135 ) ( 522,190 ) ( 197,805 ) ( 27,860 ) ( 405,200 ) ( 57,071 ) Denominator: Weighted average number of ordinary shares outstanding 1,430,052,602 1,443,682,305 483,066,304 483,066,304 989,548,977 989,548,977 Losses per share—basic ( 0.2469 ) ( 0.3617 ) ( 0.4095 ) ( 0.0577 ) ( 0.4095 ) ( 0.0577 ) Losses per share—diluted Numerator: Net loss attributable to Cheetah Mobile Inc. after accretion of redeemable noncontrolling interests and dilution effect arising from share-based awards issued by subsidiaries ( 353,135 ) ( 522,190 ) ( 197,805 ) ( 27,860 ) ( 405,200 ) ( 57,071 ) Dilution effect arising from share-based awards issued by subsidiaries — ( 291 ) ( 229 ) ( 32 ) ( 470 ) ( 66 ) Reallocation of net loss as a result of conversion of Class B into Class A ordinary shares — — ( 405,670 ) ( 57,137 ) — — Net loss attributable to ordinary shareholders ( 353,135 ) ( 522,481 ) ( 603,704 ) ( 85,029 ) ( 405,670 ) ( 57,137 ) Denominator: Weighted average ordinary shares outstanding 1,430,052,602 1,443,682,305 483,066,304 483,066,304 989,548,977 989,548,977 Conversion of Class B into Class A ordinary shares — — 989,548,977 989,548,977 — — Denominator used for losses per share 1,430,052,602 1,443,682,305 1,472,615,281 1,472,615,281 989,548,977 989,548,977 Losses per share—diluted ( 0.2469 ) ( 0.3619 ) ( 0.4100 ) ( 0.0577 ) ( 0.4100 ) ( 0.0577 ) Losses per ADS: Denominator used for losses per ADS—basic 28,601,052 28,873,646 29,452,306 29,452,306 Denominator used for losses per ADS—diluted 28,601,052 28,873,646 29,452,306 29,452,306 Losses per ADS—basic ( 12.3469 ) ( 18.0854 ) ( 20.4740 ) ( 2.8837 ) Losses per ADS—diluted ( 12.3469 ) ( 18.0954 ) ( 20.4977 ) ( 2.8870 ) |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of assets and liabilities measured or disclosed at fair value | Assets and liabilities measured on a recurring basis or disclosed at fair value are summarized below: Total Fair Total Fair Quoted prices in Significant Significant Total gains RMB US$ RMB RMB RMB RMB Fair value measurement—Recurring: As of December 31, 2023 Short-term investment Wealth management products — — — Long-term Investment Available-for-sale debt securities 111,697 15,732 111,697 ( 43,494 ) Investments accounted for using fair value option 43,333 6,103 43,333 ( 334,921 ) As of December 31, 2022 Short-term investment Wealth management products 86,386 12,525 86,386 386 Long-term Investment Available-for-sale debt securities 42,371 6,143 42,371 ( 8,270 ) Equity investments accounted for using fair value option 370,162 53,668 370,162 ( 25,601 ) The following table summarizes the Group’s assets held as of December 31, 2022 and 2023 for which a non-recurring fair value measurement was recorded during the years ended December 31, 2022 and 2023: Total Total Balance Quoted prices in Significant Significant Total (losses) RMB US$ RMB RMB RMB RMB Fair value measurement—Non-Recurring: As of December 31, 2023 Equity investments accounted for using the measurement alternative 158,771 22,362 158,771 ( 121,392 ) As of December 31, 2022 Equity investments accounted for using the measurement alternative 646,577 93,745 646,577 ( 262,278 ) |
Reconciliation of the assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs | Reconciliations of assets categorized within Level 3 under the fair value hierarchy are as follow: Amounts RMB Balance as of January 1, 2021 364,298 Addition 46,339 Fair value change 6,537 Foreign exchange translation adjustments ( 8,600 ) Balance as of December 31, 2021 408,574 Addition — Fair value change ( 33,871 ) Foreign exchange translation adjustments 37,830 Balance as of December 31, 2022 412,533 Addition 111,697 Fair value change ( 378,415 ) Foreign exchange translation adjustments 9,215 Balance as of December 31, 2023 155,030 Balance as of December 31, 2023 in US$ 21,835 |
Fair Value, Measurements, Recurring [Member] | |
Schedule of significant unobservable inputs used in the fair value measurement | Significant unobservable inputs used in the recurring fair value measurement for available-for-sale debt securities and investments accounted for using fair value option (level 3) are presented below: Fair value Valuation technique Unobservable inputs Range Available-for-sale debt securities 111,697 Market approach Volatility 55.5 % Investments accounted for using fair value option* 43,332 Market approach Volatility 54.1 % * As of December 31, 2023, the Group adjusted the valuation technique for investment accounts for using fair value option from discount cash flow method to market approach due to lack of the ability to obtain detailed financial information due to the loss of significant influence of such investment. |
Fair Value, Measurements, Nonrecurring [Member] | |
Schedule of significant unobservable inputs used in the fair value measurement | The significant unobservable inputs used in the fair value measurement and the corresponding impacts to the fair values are presented below: Fair value Valuation technique Unobservable inputs Range Equity investments accounted for using measurement alternative 158,771 Back-Solve method Volatility 46.2 % Market Approach Volatility 55.3 %~ 58.7 % |
Condensed Financial Informati_2
Condensed Financial Information of the Company (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Balance Sheet | Balance Sheets As of December 31, 2022 2023 RMB RMB US$ ASSETS Current assets Cash and cash equivalents 130,746 202,028 28,455 Short-term investments — — — Prepayments and other current assets, net 111,986 2,715 382 Due from subsidiaries and related parties, net 2,345,588 2,604,647 366,857 Total current assets 2,588,320 2,809,390 395,694 Non-current assets Long-term investments 477,366 152,355 21,459 Contractual interests in VIEs and their subsidiaries 76,505 2,232 314 Investment in subsidiaries 397,930 251,747 35,458 Other non-current assets — — — Total non-current assets 951,801 406,334 57,231 Total assets 3,540,121 3,215,724 452,925 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Accrued expenses and other current liabilities 10,595 12,730 1,793 Due to subsidiaries and related parties 301,582 581,529 81,907 Income tax payable 13,105 14,322 2,017 Total current liabilities 325,282 608,581 85,717 Deferred tax liabilities 40,897 8,277 1,166 Other non-current liabilities 140,611 142,995 20,140 Total non-current liabilities 181,508 151,272 21,306 Total liabilities 506,790 759,853 107,023 Shareholders’ equity Class A ordinary shares (par value of US$ 0.000025 per share; 7,600,000,000 shares authorized; 480,604,900 and 493,104,900 shares issued as of December 31, 2022 and 2023, respectively; 479,458,004 and 487,212,501 shares outstanding as of December 31, 2022 and 2023, respectively) 80 81 11 Class B ordinary shares (par value of US$ 0.000025 per share; 1,400,000,000 shares authorized; 970,015,685 and 1,006,956,885 shares issued as of December 31, 2022 and 2023, respectively; 970,015,685 and 1,006,956,885 shares outstanding as of December 31, 2022 and 2023, respectively) 156 163 23 Additional paid-in capital 2,688,571 2,711,875 381,960 Accumulated losses ( 9,424 ) ( 613,102 ) ( 86,354 ) Accumulated other comprehensive income 353,948 356,854 50,262 Total shareholders’ equity 3,033,331 2,455,871 345,902 Total liabilities and shareholders’ equity 3,540,121 3,215,724 452,925 |
Statements of Comprehensive loss | Statements of Comprehensive loss For the year ended December 31, 2021 2022 2023 RMB RMB RMB US$ Revenues — — — — Cost of revenues — — — — Gross profit — — — — Operating expenses Research and development ( 3 ) — — — General and administrative ( 21,978 ) ( 23,615 ) ( 14,013 ) ( 1,974 ) Total operating expenses ( 21,981 ) ( 23,615 ) ( 14,013 ) ( 1,974 ) Equity in loss of subsidiaries ( 352,616 ) ( 471,710 ) ( 293,917 ) ( 41,397 ) Interest (expense) income, net ( 9 ) 3,211 5,420 763 Foreign exchange gains, net 71 280 658 93 Other income (expense), net 35,537 ( 25,441 ) ( 329,592 ) ( 46,422 ) Loss before income taxes ( 338,998 ) ( 517,275 ) ( 631,444 ) ( 88,937 ) Income tax (expenses) benefits ( 12,128 ) 3,800 28,546 4,021 Net Loss ( 351,126 ) ( 513,475 ) ( 602,898 ) ( 84,916 ) Other comprehensive (loss) income, net of tax of nil Unrealized losses on available-for-sale securities, net — ( 8,269 ) ( 43,494 ) ( 6,126 ) Foreign currency translation adjustments ( 75,078 ) 273,955 46,400 6,535 Other comprehensive (loss) income ( 75,078 ) 265,686 2,906 409 Total comprehensive loss ( 426,204 ) ( 247,789 ) ( 599,992 ) ( 84,507 ) |
Condensed Cash Flow Statement | Statements of Cash Flows For the year ended December 31, 2021 2022 2023 RMB RMB RMB US$ Net cash provided by (used in) operating activities 666 ( 26,054 ) ( 12,315 ) ( 1,734 ) Net cash (used in) provided by investing activities ( 864,999 ) 137,160 82,830 11,666 Net cash provided by (used in) financing activities 891,960 — ( 2,503 ) ( 353 ) Effect of exchange rate changes on cash and cash equivalents and restricted cash ( 25,469 ) ( 761 ) 3,270 461 Net increase in cash and cash equivalents and restricted cash 2,158 110,345 71,282 10,040 Cash and cash equivalents and restricted cash at beginning of the year 18,243 20,401 130,746 18,415 Cash and cash equivalents and restricted cash at end of the year 20,401 130,746 202,028 28,455 |
Organization and Principal Ac_3
Organization and Principal Activities - Additional Information (Detail) - 12 months ended Dec. 31, 2023 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) | |
Variable Interest Entity [Line Items] | |||
Loans granted to nominee shareholders and VIEs by primary beneficiaries | ¥ 16,800 | $ 2,366 | |
Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | |||
Variable Interest Entity [Line Items] | |||
Maximum limit of foreign ownership of PRC companies that provide internet information services | 50% | 50% | |
Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | Shareholder voting proxy agreements | |||
Variable Interest Entity [Line Items] | |||
Period of notice to terminate the agreement | 30 days | 30 days | |
Term of business operation agreement | 10 years | 10 years | |
Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | Business operation agreements | |||
Variable Interest Entity [Line Items] | |||
Term of business operation agreement | 10 years | 10 years | |
Beijing Mobile | |||
Variable Interest Entity [Line Items] | |||
Percentage of ownership | [1] | 0% | 0% |
Beijing Mobile | Mr. Sheng Fu | |||
Variable Interest Entity [Line Items] | |||
Percentage of ownership | 35% | 35% | |
Beijing Mobile | Ms. Weiqin Qiu | |||
Variable Interest Entity [Line Items] | |||
Percentage of ownership | 65% | 65% | |
Beijing Network | |||
Variable Interest Entity [Line Items] | |||
Percentage of ownership | [1] | 0% | 0% |
Beijing Network | Mr. Kun Wang | |||
Variable Interest Entity [Line Items] | |||
Percentage of ownership | 50% | 50% | |
Beijing Network | Mr. Wei Liu | |||
Variable Interest Entity [Line Items] | |||
Percentage of ownership | 50% | 50% | |
Beijing Conew | |||
Variable Interest Entity [Line Items] | |||
Percentage of ownership | [1] | 0% | 0% |
Beijing Conew | Mr. Sheng Fu | |||
Variable Interest Entity [Line Items] | |||
Percentage of ownership | 62.73% | 62.73% | |
Beijing Conew | Mr. Kun Wang | |||
Variable Interest Entity [Line Items] | |||
Percentage of ownership | 37.27% | 37.27% | |
[1] Percentage of ownership is calculated on fully diluted basis. |
Organization and Principal Ac_4
Organization and Principal Activities - Principal subsidiaries of Vies and Equity investees (Detail) | 12 Months Ended | |
Dec. 31, 2023 | [1] | |
Cheetah Technology | ||
Percentage of ownership | 100% | |
Beijing Security | ||
Percentage of ownership | 100% | |
Conew Network | ||
Percentage of ownership | 100% | |
HK Zoom | ||
Percentage of ownership | 100% | |
Cheetah Information | ||
Percentage of ownership | 100% | |
Cheetah Mobile Singapore | ||
Percentage of ownership | 100% | |
Multicloud Limited | ||
Percentage of ownership | 100% | |
Beijing Kingsoft Cheetah Technology | ||
Percentage of ownership | 100% | |
Jingdezhen Jibao Information | ||
Percentage of ownership | 100% | |
Kingsoft Japan | ||
Percentage of ownership | 40.20% | |
Zhuhai Baoqu Technology | ||
Percentage of ownership | 75% | |
Zhuhai Baobaohong Technology Co., Ltd | ||
Percentage of ownership | 75% | |
Zhuhai Baohaowan Technology Co., Ltd. | ||
Percentage of ownership | 75% | |
Beijing Orion Star Technology Co.,Ltd. | ||
Percentage of ownership | 72.10% | |
Hongkong Cheetah Mobile Technology Limited | ||
Percentage of ownership | 100% | |
Conew.com Corporation | ||
Percentage of ownership | 100% | |
Cheepop Inc. | ||
Percentage of ownership | 100% | |
Cheetah Mobile Seal Inc. | ||
Percentage of ownership | 75% | |
Cheetah Mobile Calls Hong Kong Limited | ||
Percentage of ownership | 75% | |
Zhuhai Juntian Electronic Technology Co., Ltd. | ||
Percentage of ownership | 100% | |
Beijing Conew | ||
Percentage of ownership | 0% | |
Beijing Mobile | ||
Percentage of ownership | 0% | |
Beijing Cheetah Network Technology Co Ltd. | ||
Percentage of ownership | 0% | |
[1] Percentage of ownership is calculated on fully diluted basis. |
Organization and Principal Ac_5
Organization and Principal Activities - VIE Arrangements (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Variable Interest Entity [Line Items] | |||
Cash and cash equivalents | ¥ 2,020,191 | $ 284,538 | ¥ 1,515,799 |
Restricted cash | 696 | ||
Short-term investments | 1,023 | 144 | 156,182 |
Accounts receivable, net | 401,064 | 56,489 | 283,774 |
Prepayments and other current assets, net | 973,127 | 137,062 | 968,145 |
Total current assets | 3,466,910 | 488,304 | 3,123,695 |
Property and equipment, net | 53,884 | 7,589 | 58,727 |
Operating lease right-of-use assets | 30,451 | 4,289 | 39,579 |
Intangible assets, net | 218,559 | 30,783 | 8,430 |
Long-term investments | 937,460 | 132,038 | 1,792,331 |
Other non-current assets | 160,428 | 22,597 | 93,480 |
Deferred tax assets | 188,503 | 26,550 | 19,337 |
Total non-current assets | 2,166,274 | 305,113 | 2,015,724 |
Total assets | 5,633,184 | 793,417 | 5,139,419 |
Accounts payable | 170,185 | 23,970 | 132,994 |
Accrued expenses and other current liabilities | 2,437,210 | 343,273 | 1,586,769 |
Income tax payable | 31,603 | 4,451 | 35,135 |
Total current liabilities | 2,728,145 | 384,250 | 1,778,527 |
Deferred tax liabilities | 54,540 | 7,682 | 55,770 |
Other non-current liabilities | 189,943 | 26,753 | 200,336 |
Total non-current liabilities | 244,483 | 34,435 | 256,106 |
Total liabilities | 2,972,628 | 418,685 | 2,034,633 |
Related Party [Member] | |||
Variable Interest Entity [Line Items] | |||
Due from related parties, net | 71,505 | 10,071 | 199,099 |
Due to related parties | 84,147 | 11,852 | 23,629 |
Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | |||
Variable Interest Entity [Line Items] | |||
Cash and cash equivalents | 176,711 | 24,889 | 221,732 |
Short-term investments | 63,035 | ||
Accounts receivable, net | 28,918 | 4,073 | 14,050 |
Prepayments and other current assets, net | 29,929 | 4,215 | 28,364 |
Total current assets | 1,130,141 | 159,176 | 1,090,016 |
Property and equipment, net | 12,590 | 1,773 | 19,008 |
Operating lease right-of-use assets | 2,164 | 305 | 2,837 |
Intangible assets, net | 1,550 | 218 | 4,077 |
Long-term investments | 207,614 | 29,242 | 288,826 |
Other non-current assets | 44,723 | 6,299 | 43,836 |
Deferred tax assets | 5,218 | 735 | 4,435 |
Total non-current assets | 273,859 | 38,572 | 363,019 |
Total assets | 1,404,000 | 197,748 | 1,453,035 |
Accounts payable | 33,603 | 4,733 | 15,911 |
Accrued expenses and other current liabilities | 205,266 | 28,911 | 195,917 |
Income tax payable | 1,032 | 145 | 738 |
Total current liabilities | 1,394,953 | 196,475 | 1,369,994 |
Other non-current liabilities | 2,837 | 400 | 2,339 |
Total non-current liabilities | 2,837 | 400 | 2,339 |
Total liabilities | 1,397,790 | 196,875 | 1,372,333 |
Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | Related Party [Member] | |||
Variable Interest Entity [Line Items] | |||
Due from related parties, net | 894,583 | 125,999 | 762,835 |
Due to related parties | ¥ 1,155,052 | $ 162,686 | ¥ 1,157,428 |
Organization and Principal Ac_6
Organization and Principal Activities - VIE Arrangements (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Variable Interest Entity [Line Items] | |||
Total current liabilities | ¥ 2,728,145 | $ 384,250 | ¥ 1,778,527 |
Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | |||
Variable Interest Entity [Line Items] | |||
Total current liabilities | 1,394,953 | 196,475 | 1,369,994 |
Due to Subsidiaries | Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | |||
Variable Interest Entity [Line Items] | |||
Total current liabilities | 1,147,218 | 161,582 | 1,143,148 |
Affiliated Entity [Member] | Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | |||
Variable Interest Entity [Line Items] | |||
Amounts due from subsidiaries | ¥ 888,050 | $ 125,079 | ¥ 737,129 |
Organization and Principal Ac_7
Organization and Principal Activities - Financial Performance and Cash flows of the Vies and subsidiaries of Vies (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Revenues | ¥ 669,503 | $ 94,298 | ¥ 884,066 | ¥ 784,616 |
Cost of revenues | 231,940 | 32,668 | 252,561 | 257,656 |
Net (loss) income | (602,898) | (84,916) | (513,475) | (351,126) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 9,073 | 1,278 | 171,851 | (29,755) |
Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | ||||
Revenues | 348,433 | 49,076 | 344,288 | 320,942 |
Cost of revenues | 199,185 | 28,055 | 224,726 | 205,955 |
Net (loss) income | (64,999) | (9,155) | 3,792 | (8,489) |
Net cash provided by (used in) operating activities | (31,775) | (4,475) | 154,403 | 209,357 |
Net cash (used in) provided by investing activities | 8,765 | 1,235 | (98,598) | (255,027) |
Net cash provided by (used in) financing activities | (22,223) | (3,130) | 128,461 | 91,093 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ¥ 212 | $ 30 | ¥ 868 | ¥ (35,987) |
Summary of Significant of Accou
Summary of Significant of Accounting Policies - Additional Information (Detail) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 29, 2023 ¥ / shares | Dec. 29, 2023 $ / shares | |
Advertising and promotional expenses | ¥ 127,790 | $ 17,999 | ¥ 361,363 | ¥ 242,354 | |||
Cash and cash equivalents, restricted cash and short-term investments | ¥ 2,021,214 | $ 284,682 | |||||
Concentration risk percentage | 10% | ||||||
Maximum ownership percentage in ICP business | 50% | 50% | |||||
Depreciation Rate Of Foreign Currency Exchange | 2.94% | 2.94% | 8.23% | ||||
Appreciation Depreciation Rate Of Foreign Currency Exchange | 2.34% | ||||||
Deferred Revenue, Revenue Recognized | ¥ 106,333 | $ 14,977 | ¥ 123,809 | ¥ 74,996 | |||
Contract liabilities | ¥ 247,855 | ¥ 205,320 | $ 34,910 | ||||
PRC | |||||||
Cash and cash equivalents, restricted cash and short-term investments held percentage | 22.20% | 22.20% | |||||
Non-PRC | |||||||
Cash and cash equivalents, restricted cash and short-term investments held percentage | 77.80% | 77.80% | |||||
Third-party advertising agents | Total Revenue [Member] | |||||||
Concentration risk percentage | 13% | 13% | 24% | ||||
Cross Currency Interest Rate Contract [Member] | |||||||
Noon buying rate | (per share) | ¥ 7.0999 | $ 1 |
Summary of Significant of Acc_2
Summary of Significant of Accounting Policies - Estimated Useful Lives of Asset (Detail) | Dec. 31, 2023 |
AI related equipment [Member] | |
Estimated useful life of the property and equipment | 3 years |
Office equipment and fixtures [Member] | |
Estimated useful life of the property and equipment | 5 years |
Minimum [Member] | Electronic equipment [Member] | |
Estimated useful life of the property and equipment | 2 years |
Minimum [Member] | Motor vehicles [Member] | |
Estimated useful life of the property and equipment | 4 years |
Maximum [Member] | Electronic equipment [Member] | |
Estimated useful life of the property and equipment | 3 years |
Maximum [Member] | Motor vehicles [Member] | |
Estimated useful life of the property and equipment | 5 years |
Summary of Significant of Acc_3
Summary of Significant of Accounting Policies - Estimated Useful Lives of Intangible Asset (Detail) | Dec. 31, 2023 |
User base [Member] | |
Finite Lived Intangible Asset useful life | 1 year |
Minimum [Member] | Customer relationship [Member] | |
Finite Lived Intangible Asset useful life | 2 years |
Minimum [Member] | Trademarks [Member] | |
Finite Lived Intangible Asset useful life | 3 years |
Minimum [Member] | Technology [Member] | |
Finite Lived Intangible Asset useful life | 1 year |
Minimum [Member] | Online game licenses [Member] | |
Finite Lived Intangible Asset useful life | 1 year |
Minimum [Member] | Domain names [Member] | |
Finite Lived Intangible Asset useful life | 1 year |
Minimum [Member] | Platform [Member] | |
Finite Lived Intangible Asset useful life | 5 years |
Maximum [Member] | Customer relationship [Member] | |
Finite Lived Intangible Asset useful life | 6 years |
Maximum [Member] | Trademarks [Member] | |
Finite Lived Intangible Asset useful life | 10 years |
Maximum [Member] | Technology [Member] | |
Finite Lived Intangible Asset useful life | 11 years |
Maximum [Member] | Online game licenses [Member] | |
Finite Lived Intangible Asset useful life | 5 years |
Maximum [Member] | Domain names [Member] | |
Finite Lived Intangible Asset useful life | 10 years |
Maximum [Member] | Platform [Member] | |
Finite Lived Intangible Asset useful life | 6 years |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Revenue by Revenue Source (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Revenues: | ||||
Revenues | ¥ 669,503 | $ 94,298 | ¥ 884,066 | ¥ 784,616 |
Al And Other Segments [Member] | ||||
Revenues: | ||||
Revenues | 219,369 | 30,898 | 186,679 | 130,857 |
Al And Other Segments [Member] | Advertising agency services | ||||
Revenues: | ||||
Revenues | 89,275 | 12,574 | 83,111 | 61,588 |
Al And Other Segments [Member] | Multi-cloud Management Services | ||||
Revenues: | ||||
Revenues | 87,747 | 12,359 | 77,956 | 41,443 |
Al And Other Segments [Member] | Sale and rental of robots and other AI hardware products | ||||
Revenues: | ||||
Revenues | 22,034 | 3,103 | 5,289 | 10,590 |
Al And Other Segments [Member] | Technical consulting service and others | ||||
Revenues: | ||||
Revenues | 20,313 | 2,862 | 20,323 | 17,236 |
Internet Services | Online Advertising | ||||
Revenues: | ||||
Revenues | 109,339 | 15,400 | 355,289 | 354,604 |
Internet Services | Internet value-added services | ||||
Revenues: | ||||
Revenues | ¥ 340,795 | $ 48,000 | ¥ 342,098 | ¥ 299,155 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) - Beijing OrionStar [Member] ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Nov. 30, 2023 CNY (¥) | Nov. 30, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | |
Business Acquisition [Line Items] | |||||
Percentage on additional equity shares acquired | 35.17% | 35.17% | |||
Total cash consideration | ¥ 268,724 | $ 37,849 | ¥ 268,724 | $ 37,849 | |
Remeasurement gain | 6,036 | 850 | |||
Existing shareholding percentage before acquisition | 37.74% | 37.74% | |||
Percentage of equity interest held on acquisition | 72.91% | 72.91% | |||
Business combination revenues | 14,810 | 2,086 | |||
Business combination losses | 4,738 | 667 | |||
Business combination expected revenues | 768,152 | 108,192 | ¥ 1,063,970 | ||
Business combination expected losses | ¥ 728,995 | $ 102,677 | ¥ 652,497 |
Business Combinations - Summary
Business Combinations - Summary of reconciliation of purchase price consideration (Details) - Beijing OrionStar [Member] ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Nov. 30, 2023 CNY (¥) | Nov. 30, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | |
Business Acquisition [Line Items] | ||||
Cash consideration | ¥ 268,724 | $ 37,849 | ¥ 268,724 | $ 37,849 |
Fair value of previously held equity interests | 316,672 | 44,602 | ||
Settlement of convertible loan provided to Beijing Orionstar | 118,091 | 16,633 | ||
Settlement of amounts due from Beijing Orionstar Group | 69,648 | 9,810 | ||
Total | ¥ 773,135 | $ 108,894 |
Business Combinations - Summa_2
Business Combinations - Summary of fair values of assets acquired and liabilities assumed (Details) - Dec. 31, 2023 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Business Acquisition [Line Items] | ||
Goodwill | ¥ 576,989 | $ 81,267 |
Beijing OrionStar [Member] | ||
Business Acquisition [Line Items] | ||
Net assets acquired | 136,534 | 19,230 |
Goodwill | 576,989 | 81,267 |
Deferred tax liabilities | (31,800) | (4,479) |
Non-controlling interests and mezzanine equity | (120,588) | (16,984) |
Total | 773,135 | 108,894 |
Robot technology [Member] | Beijing OrionStar [Member] | ||
Business Acquisition [Line Items] | ||
Amortizable intangible assets | 140,000 | 19,719 |
Large language model (LLM) technology [Member] | Beijing OrionStar [Member] | ||
Business Acquisition [Line Items] | ||
Amortizable intangible assets | 57,000 | 8,028 |
Trademark [Member] | Beijing OrionStar [Member] | ||
Business Acquisition [Line Items] | ||
Amortizable intangible assets | ¥ 15,000 | $ 2,113 |
Business Combinations - Summa_3
Business Combinations - Summary of fair values of assets acquired and liabilities assumed (Parenthetical) (Details) - Beijing OrionStar [Member] ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Nov. 30, 2023 CNY (¥) | Nov. 30, 2023 USD ($) | |
Business Acquisition [Line Items] | |||
Business combination cash and cash equivalent, inventories, equity method investment, deferred tax assets and investment in equity investees | ¥ 221,898 | $ 31,254 | |
Business combination accounts payable, deferred revenue, due to related parties | ¥ 121,366 | $ 17,094 | |
Business combination amortization period | 8 years |
Investments - Additional Inform
Investments - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Jan. 31, 2023 | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | |
Investment [Line Items] | ||||||
Short-term investments | ¥ 1,023 | ¥ 156,182 | $ 144 | |||
Interest income, net | ¥ 6,668 | $ 939 | ¥ 23,088 | ¥ 12,687 | ||
Investment, Type [Extensible Enumeration] | Short-Term Investments [Member] | Short-Term Investments [Member] | Short-Term Investments [Member] | Short-Term Investments [Member] | ||
Equity investments accounted for at fair value using the alternative measurement | ¥ 539,433 | ¥ 1,141,207 | $ 75,978 | |||
Accumulated impairment of equity investments without readily determinable fair value | 697,633 | 1,257,876 | 98,260 | |||
Equity investments measured at fair value using the measurement alternative | 16,090 | 2,266 | 106,662 | |||
Investment in equity investees | 242,997 | 238,591 | 34,225 | |||
Aggregate costs for equity method investments | 23,454 | 10,000 | ¥ 2,500 | 3,303 | ||
Equity method investment cash consideration | 17,707 | 2,494 | ||||
Purchase of short-term investments | 1,176,030 | 165,640 | 1,005,110 | 3,630,357 | ||
Gains (losses) from equity method investments, net | (2,564) | (361) | (12,143) | 60,992 | ||
Impairment loss of equity method investments | 5,339 | 752 | 0 | 0 | ||
Fair value (loss) gain on the long-term available-for-sale debt security | 43,494 | 6,126 | 8,270 | 0 | ||
Unrealized gains for the Equity investments with readily determinable fair value | 501 | 71 | 33,346 | 82,504 | ||
Realized gains for equity investments with readily determinable fair value | 193,668 | 331,566 | 27,278 | |||
Debt securities available for sale Noncurrent | 111,697 | ¥ 42,371 | 15,732 | |||
Deconsolidation of Subsidiaries [Member] | Live.me.Inc | ||||||
Investment [Line Items] | ||||||
Ownership interest, subsequent to transaction | 17.25% | 49.60% | ||||
Equity investments accounted for using fair value option [Member] | Live.me.Inc | ||||||
Investment [Line Items] | ||||||
Investment in fair value method investment | 43,333 | ¥ 370,162 | $ 6,103 | |||
Other Income [Member] | ||||||
Investment [Line Items] | ||||||
Purchase of short-term investments | 59,581 | 7,000 | ||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 32,536 | 67,105 | ||||
Realized gains for equity investments with readily determinable fair value | 0 | 0 | 767 | |||
Other Expense [Member] | ||||||
Investment [Line Items] | ||||||
Impairment of investment | ¥ 548 | 77 | ¥ 714 | ¥ 715 | ||
Investment, Type [Extensible Enumeration] | Short-Term Investments [Member] | Short-Term Investments [Member] | Short-Term Investments [Member] | Short-Term Investments [Member] | ||
Other Income and Other Expense [Member] | ||||||
Investment [Line Items] | ||||||
Unrealized Gain (Loss) on Equity Investments using fair value option | ¥ (334,921) | (47,173) | ¥ (25,601) | ¥ 6,537 | ||
Other Nonoperating Income [Member] | ||||||
Investment [Line Items] | ||||||
Gain on dividends received from long-term investment investees | 5,598 | 788 | ¥ 0 | 2,558 | ||
Other Nonoperating Income [Member] | Available-for-sale Securities [Member] | ||||||
Investment [Line Items] | ||||||
Remeasurement loss | 25,808 | 3,635 | ¥ 42,883 | |||
Beijing OrionStar [Member] | Other Income [Member] | ||||||
Investment [Line Items] | ||||||
Purchase of short-term investments | ¥ 6,000 | $ 845 |
Investments - Schedule of Unrea
Investments - Schedule of Unrealized and Realized Gains and Losses of Equity Securities (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Investment [Line Items] | ||||
Gross unrealized gains (upward adjustments) | ¥ 501 | $ 71 | ¥ 33,346 | ¥ 82,504 |
Gross unrealized losses (impairment) | (168,759) | (23,769) | (287,005) | (351,380) |
Net unrealized losses on equity securities held | (168,258) | (23,698) | (253,659) | (268,876) |
Net realized gains on equity securities sold | 6,117 | 862 | 32,536 | 67,105 |
Total net losses recognized in other income, net | ¥ (162,141) | $ (22,836) | ¥ (221,123) | ¥ (201,771) |
Investments - Unaudited Condens
Investments - Unaudited Condensed Financial Information Equity Investments (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | |
Balance sheet data: | |||||
Current assets | ¥ 3,466,910 | ¥ 3,123,695 | $ 488,304 | ||
Non-current assets | 2,166,274 | 2,015,724 | 305,113 | ||
Current liabilities | 2,728,145 | 1,778,527 | 384,250 | ||
Non-current liabilities | 244,483 | 256,106 | 34,435 | ||
Operating data: | |||||
Gross profit | 437,563 | $ 61,630 | 631,505 | ¥ 526,960 | |
Net income (loss) | (593,869) | (83,644) | (520,691) | (353,204) | |
Equity Method Investment, Nonconsolidated Investee, Other [Member] | |||||
Balance sheet data: | |||||
Current assets | 514,186 | 463,921 | 72,422 | ||
Non-current assets | 1,298,749 | 1,404,594 | 182,925 | ||
Current liabilities | 89,210 | 173,776 | 12,565 | ||
Non-current liabilities | 5,843 | 13,249 | $ 823 | ||
Redeemable preferred shares | 1,059,852 | ||||
Operating data: | |||||
Revenues | 156,948 | 22,106 | 755,532 | 925,020 | |
Gross profit | 19,206 | 2,705 | 285,140 | 407,487 | |
Operating income (loss) | (64,535) | (9,090) | (10,022) | 459,079 | |
Net income (loss) | ¥ (60,929) | $ (8,582) | ¥ (8,133) | ¥ 464,352 |
Accounts Receivable, Net (Detai
Accounts Receivable, Net (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Accounts receivable | ¥ 533,945 | $ 75,205 | ¥ 385,935 |
Allowance for credit losses | (132,881) | (18,716) | (102,161) |
Accounts receivable, net | ¥ 401,064 | $ 56,489 | ¥ 283,774 |
Accounts Receivable, Net - Sche
Accounts Receivable, Net - Schedule of movement in the allowance for credit losses (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | |
Allowance for Credit Loss [Abstract] | |||
Beginning balance | ¥ 102,161 | $ 14,389 | ¥ 92,695 |
Addition | 29,401 | 4,141 | 3,156 |
Foreign Exchange effect | 1,319 | 186 | 6,310 |
Ending balance | ¥ 132,881 | $ 18,716 | ¥ 102,161 |
Prepayments and Other Current_3
Prepayments and Other Current Assets, Net (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | |
Other receivables from advertisers | ¥ 878,754 | $ 123,770 | ¥ 857,135 | |
Advances to suppliers | 139,772 | 19,686 | 137,419 | |
Prepaid expenses | 26,144 | 3,682 | 25,506 | |
Inventories | 40,573 | 5,715 | 16,695 | [1] |
Receivable from third-party payment platform | 29,573 | 4,165 | 51,014 | |
Convertible loans | 10,465 | 1,474 | 10,093 | |
Others | 68,975 | 9,715 | 72,371 | |
Impairment of prepayments and inventory | (108,003) | (15,212) | (102,145) | |
Allowance for credit losses | (113,126) | (15,933) | (99,943) | |
Total | ¥ 973,127 | $ 137,062 | ¥ 968,145 | |
[1] Inventories consist of materials and finished goods, as of December 31, 2022 and 2023, inventories net of impairment reserve were RMB 4,283 and RMB 28,042 (US$ 3,950 ). For the years ended December 31, 2021, 2022 and 2023, the group recorded impairment reserve of RMB 7,618 , nil and RMB 2,627 (US$ 370 ) , respectively. |
Prepayments and Other Current_4
Prepayments and Other Current Assets, Net (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) |
Inventories net of impairment reserve | ¥ 28,042 | $ 3,950 | ¥ 4,283 | |
Reserve for inventory | ¥ 2,627 | $ 370 | ¥ 0 | ¥ 7,618 |
Prepayments and Other Current_5
Prepayments and Other Current Assets, Net - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Prepaid Expenses and Other Current Assets [Member] | ||||
Addition/(reverse) | ¥ 12,243 | $ 1,724 | ¥ 19,266 | ¥ 493 |
Prepayments and Other Current_6
Prepayments and Other Current Assets, Net - Schedule of movement in the allowance for credit losses (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning balance | ¥ 102,161 | $ 14,389 | ¥ 92,695 |
Addition | 29,401 | 4,141 | 3,156 |
Foreign Exchange effect | (1,319) | (186) | (6,310) |
Ending balance | 132,881 | 18,716 | 102,161 |
Prepaid Expenses and Other Current Assets [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning balance | 99,943 | 14,077 | 102,985 |
Addition | 12,243 | 1,724 | 19,266 |
Amounts written off | 0 | 0 | (27,623) |
Foreign Exchange effect | 940 | 132 | 5,315 |
Ending balance | ¥ 113,126 | $ 15,933 | ¥ 99,943 |
Property and Equipment, Net (De
Property and Equipment, Net (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Property, Plant and Equipment [Line Items] | |||
Less: Accumulated depreciation | ¥ (211,437) | $ (29,780) | ¥ (185,105) |
Less: Accumulated impairment | (7,223) | (1,017) | (8,688) |
Property and equipment, net | 53,884 | 7,589 | 58,727 |
Electronic equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment, gross | 64,254 | 9,050 | 61,894 |
AI related equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment, gross | 159,898 | 22,521 | 153,580 |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment, gross | 19,186 | 2,702 | 14,544 |
Office equipment and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment, gross | 20,881 | 2,941 | 19,532 |
Mold and tooling | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment, gross | 5,516 | 777 | |
Motor vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment, gross | 2,690 | 379 | 2,922 |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment, gross | ¥ 119 | $ 16 | ¥ 48 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation expenses | ¥ 27,842 | $ 3,921 | ¥ 49,208 | ¥ 45,751 |
impairment recognized on property and equipment | ¥ 0 | ¥ 0 | ¥ 0 |
Intangible Assets and Related A
Intangible Assets and Related Accumulated Amortization (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Intangible Assets [Line Items] | |||
Gross carrying value, finite-lived | ¥ 725,258 | ¥ 541,926 | |
Accumulated amortization | (399,313) | (427,816) | |
Accumulated impairment | (107,386) | (105,680) | |
Net carrying value, finite-lived | 218,559 | $ 30,783 | 8,430 |
Online game licenses | |||
Intangible Assets [Line Items] | |||
Gross carrying value, finite-lived | 144,751 | 188,174 | |
Accumulated amortization | (95,886) | (139,536) | |
Accumulated impairment | (48,839) | (47,910) | |
Net carrying value, finite-lived | 26 | 4 | 728 |
Technology | |||
Intangible Assets [Line Items] | |||
Gross carrying value, finite-lived | 363,466 | 155,056 | |
Accumulated amortization | (142,720) | (130,822) | |
Accumulated impairment | (18,367) | (18,244) | |
Net carrying value, finite-lived | 202,379 | 28,504 | 5,990 |
Platform | |||
Intangible Assets [Line Items] | |||
Gross carrying value, finite-lived | 77,919 | 76,621 | |
Accumulated amortization | (42,860) | (42,146) | |
Accumulated impairment | (35,059) | (34,475) | |
Customer relationship | |||
Intangible Assets [Line Items] | |||
Gross carrying value, finite-lived | 49,954 | 49,237 | |
Accumulated amortization | (47,077) | (46,408) | |
Accumulated impairment | (2,877) | (2,829) | |
User base | |||
Intangible Assets [Line Items] | |||
Gross carrying value, finite-lived | 48,788 | 47,980 | |
Accumulated amortization | (48,788) | (47,980) | |
Trademarks | |||
Intangible Assets [Line Items] | |||
Gross carrying value, finite-lived | 33,546 | 18,283 | |
Accumulated amortization | (15,499) | (14,788) | |
Accumulated impairment | (2,244) | (2,222) | |
Net carrying value, finite-lived | 15,803 | 2,226 | 1,273 |
Domain names | |||
Intangible Assets [Line Items] | |||
Gross carrying value, finite-lived | 5,224 | 4,965 | |
Accumulated amortization | (4,873) | (4,526) | |
Net carrying value, finite-lived | 351 | $ 49 | 439 |
Noncompete Agreements | |||
Intangible Assets [Line Items] | |||
Gross carrying value, finite-lived | 1,610 | 1,610 | |
Accumulated amortization | ¥ (1,610) | ¥ (1,610) |
Intangible Assets Net - Additio
Intangible Assets Net - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Intangible Assets [Line Items] | ||||
Impairment loss on intangible assets | ¥ 412 | $ 58 | ¥ 0 | ¥ 0 |
Amortization expense of intangible assets | ¥ 7,420 | $ 1,045 | ¥ 3,817 | ¥ 5,071 |
Intangible Assets Estimated Amo
Intangible Assets Estimated Amortization Expense (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Finite-Lived Intangible Assets [Line Items] | |||
2024 | ¥ 28,968 | $ 4,080 | |
2025 | 28,674 | 4,039 | |
2026 | 28,220 | 3,975 | |
2027 | 28,017 | 3,946 | |
2028 | 27,881 | 3,927 | |
Thereafter | 76,799 | 10,816 | |
Net carrying value, finite-lived | ¥ 218,559 | $ 30,783 | ¥ 8,430 |
Goodwill - Schedule of changes
Goodwill - Schedule of changes in the carrying amount of goodwill (Details) - 12 months ended Dec. 31, 2023 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill acquired in business combinations | ¥ 576,989 | |
Ending balance | ¥ 576,989 | $ 81,267 |
Lease - Additional Information
Lease - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Lease, weighted average remaining lease term | 2 years 6 months | 2 years 6 months | 3 years 4 months 24 days | |
Lease, weighted average discount rate | 4.90% | 4.90% | 4.90% | |
Operating lease cost | ¥ 15,244 | $ 2,147 | ¥ 16,777 | ¥ 20,613 |
Cost of short-term lease contracts | 5,379 | $ 758 | 5,062 | 28,488 |
Operating or finance leases capitalized | ¥ 0 | ¥ 0 | ¥ 0 |
Lease - Summary of Future lease
Lease - Summary of Future lease Payments under Operating Leases (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) |
2024 | ¥ 14,426 | $ 2,032 |
2025 | 12,103 | 1,705 |
2026 | 5,969 | 841 |
Total future lease payments | 32,498 | 4,577 |
Less: Imputed interest | 1,504 | 212 |
Total lease liability balance | ¥ 30,994 | $ 4,365 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Total lease liability balance | Total lease liability balance |
Accrued Expenses And Other Li_3
Accrued Expenses And Other Liabilities - Schedule of Accrued Expenses and Other Liabilities (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Payable to online advertising platforms as agency | ¥ 1,452,286 | $ 204,550 | ¥ 827,015 |
Accrued operating expenses | 391,338 | 55,119 | 224,902 |
Salary and welfare payable | 51,465 | 7,249 | 54,314 |
Advance received in advertising agency services | 136,684 | 19,252 | 136,098 |
Accrued advertising, marketing and promotional expenses | 50,082 | 7,054 | 48,389 |
Deferred revenue | ¥ 235,520 | $ 33,172 | ¥ 194,542 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Total | Total | Total |
Operating lease liabilities current portion | ¥ 13,295 | $ 1,873 | ¥ 14,384 |
Other taxes payable | 35,380 | 4,983 | 21,670 |
Accrued bandwidth and cloud service costs | 2,078 | 293 | 1,062 |
Others | 69,082 | 9,728 | 64,393 |
Total | ¥ 2,437,210 | $ 343,273 | ¥ 1,586,769 |
Accrued Expenses And Other Li_4
Accrued Expenses And Other Liabilities - Summary of Other Non-current Liabilities (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Uncertain tax position | ¥ 159,908 | $ 22,523 | ¥ 161,668 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent |
Operating lease liabilities non-current portion | ¥ 17,699 | $ 2,493 | ¥ 27,090 |
Others | 12,336 | 1,737 | 11,578 |
Total | ¥ 189,943 | $ 26,753 | ¥ 200,336 |
Segment Information - Summary o
Segment Information - Summary of Revenue from Each Segment, Income (Loss) from Operations (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | ||
Revenues: | |||||
Revenues | ¥ 669,503 | $ 94,298 | ¥ 884,066 | ¥ 784,616 | |
Operating income (loss): | |||||
Total operating loss | (209,837) | (29,554) | (225,591) | (229,571) | |
Corporate, Non-Segment [Member] | |||||
Operating income (loss): | |||||
Unallocated expenses | [1] | (33,554) | (4,726) | (7,863) | (7,150) |
Internet Business [Member] | |||||
Revenues: | |||||
Revenues | 450,134 | 63,400 | 697,387 | 653,759 | |
Internet Business [Member] | Operating Segments [Member] | |||||
Operating income (loss): | |||||
Total operating loss | 26,259 | 3,699 | (369) | (14,178) | |
Al And Other Segments [Member] | |||||
Revenues: | |||||
Revenues | 219,369 | 30,898 | 186,679 | 130,857 | |
Al And Other Segments [Member] | Operating Segments [Member] | |||||
Operating income (loss): | |||||
Total operating loss | ¥ (202,542) | $ (28,527) | ¥ (217,359) | ¥ (208,243) | |
[1] Share-based compensations were not allocated to segments. |
Geographical Information - Sche
Geographical Information - Schedule of Revenues and Property and Equipment (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Revenues | ¥ 669,503 | $ 94,298 | ¥ 884,066 | ¥ 784,616 | ||
PRC | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Revenues | 343,119 | 48,327 | 391,652 | 562,464 | ||
Property and equipment, net | 44,676 | 55,629 | $ 6,292 | |||
Overseas | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Revenues | [1] | 326,384 | 45,971 | 492,414 | 222,152 | |
Property and equipment, net | 9,208 | 3,098 | $ 1,297 | |||
HongKong | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Revenues | 52,272 | 7,362 | 262,095 | 18,727 | ||
Japan | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Revenues | 113,143 | 15,936 | 96,413 | 111,481 | ||
Rest of the world | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Revenues | [2] | ¥ 160,969 | $ 22,673 | ¥ 133,906 | ¥ 91,944 | |
[1] Overseas revenue refers to revenues generated by the Group’s operating legal entities incorporated outside mainland China or generated by our operating legal entities incorporated in mainland China but are attributable to customers located outside mainland China . Such revenues are primarily attributable to customers located outside China based on customers’ registered addresses. No individual country or area, other than disclosed above, exceeded 10% of total revenues for the years ended December 31, 2021, 2022 and 2023, respectively. |
Geographical Information - Sc_2
Geographical Information - Schedule of Revenues and Property and Equipment (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
Total Revenue [Member] | Geographic Concentration Risk [Member] | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |
Concentration risk, description | No individual country or area, other than disclosed above, exceeded 10% of total revenues for the years ended December 31, 2021, 2022 and 2023, respectively. |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) ¥ / shares in Units, $ / shares in Units, $ in Thousands, ¥ in Millions, $ in Millions | 12 Months Ended | ||||||||||
Dec. 31, 2023 CNY (¥) ¥ / shares | Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2023 HKD ($) | Dec. 31, 2022 CNY (¥) ¥ / shares | Dec. 31, 2022 HKD ($) | Dec. 31, 2021 CNY (¥) ¥ / shares | Dec. 31, 2021 HKD ($) | Dec. 31, 2018 | Dec. 31, 2023 USD ($) | Dec. 31, 2023 JPY (¥) | Dec. 31, 2022 USD ($) | |
Income Taxes [Line Items] | |||||||||||
Non-PRC | ¥ (386,072,000) | $ (54,376) | ¥ (284,474,000) | ¥ 150,454,000 | |||||||
Paid-in capital | 2,711,875,000 | 2,688,571,000 | $ 381,960 | ||||||||
Total deferred tax assets before valuation allowances | 980,966,000 | 647,031,000 | 138,166 | ||||||||
Valuation allowances | 786,853,000 | 617,264,000 | 422,837,000 | 110,826 | $ 86,940 | ||||||
Undistributed earnings | 821,259,000 | 795,098,000 | 115,672 | ||||||||
Taxable losses | 4,016,753,000 | 565,748 | |||||||||
Unrecognized tax benefit | 168,416,000 | 172,557,000 | 177,526,000 | 23,721 | $ 24,304 | ||||||
Unrecognized tax benefit net against deferred tax loss carryforwards | 14,516,000 | 2,045 | 17,745,000 | ||||||||
Unrecognized tax benefit presented in the other non-current liabilities line item | 153,900,000 | 21,676 | 154,812,000 | ||||||||
Amount of unrecognized tax benefits that if recognized would impact the annual effective tax rate | 153,900,000 | 154,812,000 | 21,676 | ||||||||
Interest accrued related to unrecognized tax benefits | 6,009,000 | 6,856,000 | 846 | ||||||||
Interest related to unrecognized tax benefits | 847,000 | 119 | 3,760,000 | 1,449,000 | |||||||
Penalties related to unrecognised tax benefits | ¥ | 0 | ||||||||||
Income tax holiday, aggregate dollar amount | (2,981,000) | $ (420) | (4,908,000) | ¥ (44,909,000) | |||||||
Maximum [Member] | |||||||||||
Income Taxes [Line Items] | |||||||||||
Unrecognized deferred income tax liabilities | 82,126,000 | 79,510,000 | 11,567 | ||||||||
Minimum [Member] | |||||||||||
Income Taxes [Line Items] | |||||||||||
Unrecognized deferred income tax liabilities | ¥ 41,063,000 | ¥ 39,755,000 | $ 5,784 | ||||||||
HNTE | Reduction in Taxes [Member] | |||||||||||
Income Taxes [Line Items] | |||||||||||
Exemption period for income tax | 3 years | 3 years | 3 years | ||||||||
New Software Development Enterprise | Reduction in Taxes [Member] | |||||||||||
Income Taxes [Line Items] | |||||||||||
Exemption period for income tax | 2 years | 2 years | 2 years | ||||||||
HONG KONG | HK Zoom | |||||||||||
Income Taxes [Line Items] | |||||||||||
Foreign statutory tax rate | 16.50% | 16.50% | 16.50% | 16.50% | 16.50% | 16.50% | 16.50% | ||||
HONG KONG | HK Zoom | First HK$2 Million of Profits Earned | |||||||||||
Income Taxes [Line Items] | |||||||||||
Foreign statutory tax rate | 8.25% | 8.25% | 8.25% | 8.25% | 8.25% | 8.25% | 8.25% | ||||
Non-PRC | $ | $ 2 | $ 2 | $ 2 | ||||||||
Japan | Japan Kingsoft | |||||||||||
Income Taxes [Line Items] | |||||||||||
Foreign statutory tax rate | 23.20% | 23.20% | 23.20% | 23.20% | 23.20% | 23.20% | 23.20% | ||||
Reduction in tax rate for stated period following the exemption period | 23.20% | 23.20% | 23.20% | ||||||||
Paid-in capital | ¥ 90,000,000 | ¥ 8 | |||||||||
Foreign statutory tax rate over stated taxable income level | 15% | 15% | 15% | ||||||||
PRC | |||||||||||
Income Taxes [Line Items] | |||||||||||
Statutory rate | 25% | 25% | 25% | 25% | 25% | 25% | 25% | ||||
Withholding income tax rate for dividend paid to foreign tax resident investors (as a percent) | 10% | 10% | 10% | ||||||||
Taxable losses | ¥ 3,686,876,000 | $ 519,286 | |||||||||
PRC | Reduction in Taxes [Member] | |||||||||||
Income Taxes [Line Items] | |||||||||||
Withholding tax, reduction | 5% | 5% | 5% | ||||||||
PRC | Maximum [Member] | |||||||||||
Income Taxes [Line Items] | |||||||||||
Taxable loss expiration Year | 2033 | 2033 | 2033 | ||||||||
PRC | Minimum [Member] | |||||||||||
Income Taxes [Line Items] | |||||||||||
Taxable loss expiration Year | 2024 | 2024 | 2024 | ||||||||
PRC | New Software Development Enterprise | |||||||||||
Income Taxes [Line Items] | |||||||||||
Reduction in tax rate for stated period following the exemption period | 50% | 50% | 50% | 50% | 50% | ||||||
Income tax holiday, aggregate dollar amount | ¥ 3,457,000 | $ 487 | ¥ 2,232,000 | ¥ 44,909,000 | |||||||
Income tax holiday and preferential tax rates, income tax benefits per share | (per share) | ¥ 0.0023 | $ 0.0003 | ¥ 0.0015 | ¥ 0.0314 | |||||||
PRC | Beijing Security | HNTE | |||||||||||
Income Taxes [Line Items] | |||||||||||
Preferential tax rate | 15% | 15% | 15% | ||||||||
PRC | Beijing Kingsoft Cheetah Technology Co | HNTE | |||||||||||
Income Taxes [Line Items] | |||||||||||
Preferential tax rate | 15% | 15% | 15% | ||||||||
PRC | Zhu Hai Heng Qin New Area | |||||||||||
Income Taxes [Line Items] | |||||||||||
Preferential tax rate | 15% | 15% | 15% | ||||||||
PRC | Zhuhai Baohaowan Technology Co., Ltd. | |||||||||||
Income Taxes [Line Items] | |||||||||||
Preferential tax rate | 15% | 15% | 15% | ||||||||
PRC | Beijing OrionStar Technology Co. Ltd | HNTE | |||||||||||
Income Taxes [Line Items] | |||||||||||
Preferential tax rate | 15% | 15% | 15% | ||||||||
PRC | Zhuhai Baoqu Technology | HNTE | |||||||||||
Income Taxes [Line Items] | |||||||||||
Preferential tax rate | 15% | 15% | 15% | ||||||||
SINGAPORE | Cheetah Mobile Singapore | |||||||||||
Income Taxes [Line Items] | |||||||||||
Foreign statutory tax rate | 17% | 17% | 17% | ||||||||
Hong Kong, Singapore And Others | |||||||||||
Income Taxes [Line Items] | |||||||||||
Taxable losses | ¥ 329,877,000 | $ 46,463 |
Income Taxes - Current and Defe
Income Taxes - Current and Deferred Portions of Income Tax Expense (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
PRC | ¥ (251,578) | $ (35,434) | ¥ (261,306) | ¥ (490,025) |
Non-PRC | (386,072) | (54,376) | (284,474) | 150,454 |
Loss before taxes | (637,650) | (89,810) | (545,780) | (339,571) |
Current income tax expenses (benefits) | 850 | 120 | (12,208) | 12,713 |
Deferred income tax (benefits) expenses | (44,631) | (6,286) | (12,881) | 920 |
Income tax expenses (benefits) | ¥ (43,781) | $ (6,166) | ¥ (25,089) | ¥ 13,633 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the Differences (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | ||
Loss before income tax | ¥ (637,650) | $ (89,810) | ¥ (545,780) | ¥ (339,571) | |
Income tax benefits computed at the PRC statutory tax rate of 25% | (159,413) | (22,453) | (136,445) | (84,894) | |
Effect of different tax rates in different jurisdictions | 84,086 | 11,843 | 49,280 | (16,764) | |
Effect of tax holiday and preferential tax rates | 2,981 | 420 | 4,908 | 44,909 | |
Research and development super-deduction | (8,749) | (1,232) | (9,361) | (12,660) | |
Non-taxable income | [1] | (5,488) | (773) | (2,809) | (25,713) |
Non-deductible expenses | [2] | 21,538 | 3,034 | 1,783 | 8,614 |
Effect of change in tax rate | 3,080 | 434 | (106,824) | (12,327) | |
Outside basis difference on investment | (33,413) | (4,706) | (3,800) | 63 | |
Changes in uncertain tax position | (4,183) | (589) | (11,903) | (9,453) | |
Withholding tax and others | 22,683 | 3,194 | (4,345) | 27,977 | |
Changes in valuation allowance | 33,097 | 4,662 | 194,427 | 93,881 | |
Income tax expenses (benefits) | ¥ (43,781) | $ (6,166) | ¥ (25,089) | ¥ 13,633 | |
[1] Non-taxable income mainly consists of gains on disposal of subsidiaries and long-term investments or upward fair value adjustment of long-term investments that are not subject to tax under the tax laws of different jurisdictions. Non-deductible expenses mainly consist of share-based compensation expenses, entertainments, disposal losses or impairment of long-term investments and other expenses that are not allowed to be deducted under the tax laws of different jurisdictions. |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of the Differences (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
PRC | |||
Statutory rate | 25% | 25% | 25% |
Income Taxes - Tax Effects of T
Income Taxes - Tax Effects of Temporary Differences (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Deferred tax assets: | |||||
Tax losses carry forward | ¥ 708,815 | $ 99,835 | ¥ 411,544 | ||
Equity investment loss | 185,553 | 26,135 | 157,319 | ||
Allowance for credit losses | 35,983 | 5,068 | 36,089 | ||
Intangible assets and accrued expenses | 7,906 | 1,114 | 8,687 | ||
Share-based compensation | 235 | 33 | 263 | ||
Others | 42,474 | 5,981 | 33,129 | ||
Valuation allowance | (786,853) | (110,826) | (617,264) | $ (86,940) | ¥ (422,837) |
Deferred tax assets | 194,113 | 27,340 | 29,767 | ||
Deferred tax liabilities: | |||||
Outside basis difference on investment | 23,403 | 3,296 | 55,770 | ||
Equity method investment and unrealized gains | 1,112 | 157 | 1,813 | ||
Right-of-use asset and others | 4,498 | 633 | 8,617 | ||
Intangible assets acquired from business acquisition | 31,137 | 4,386 | |||
Deferred tax liabilities | 60,150 | 8,472 | ¥ 66,200 | ||
Classification in the consolidated balance sheets: | |||||
Deferred tax assets | 188,503 | 26,550 | |||
Deferred tax liabilities | ¥ 54,540 | $ 7,682 |
Income Taxes - Movement of Valu
Income Taxes - Movement of Valuation Allowances for Deferred Tax Assets (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | ||
Income Tax Disclosure [Abstract] | ||||
Beginning balance | ¥ (617,264) | $ (86,940) | ¥ (422,837) | |
Additions | [1] | (215,340) | (30,330) | (205,800) |
Decreases | 45,751 | 6,444 | 11,373 | |
Ending balance | ¥ (786,853) | $ (110,826) | ¥ (617,264) | |
[1] RMB 136,492 (US$ 19,224 ) of which was from the business combination as set out in Note3. |
Income Taxes - Movement of Va_2
Income Taxes - Movement of Valuation Allowances for Deferred Tax Assets (Parenthetical) (Detail) - Dec. 31, 2023 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Income Tax Disclosure [Abstract] | ||
Valuation allowances from business combination | ¥ 136,492 | $ 19,224 |
Income Taxes - Reconciliation_3
Income Taxes - Reconciliation of Unrecognized Tax Benefit (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | |
Balance, beginning | ¥ 172,557 | $ 24,304 | ¥ 177,526 |
Additions based on tax positions related to current year | 3,086 | 435 | 588 |
Reversal based on tax positions related to prior years | (9,651) | (1,359) | (17,643) |
Foreign exchange translation adjustments | 2,424 | 341 | 12,086 |
Balance, ending | ¥ 168,416 | $ 23,721 | ¥ 172,557 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | |
Convertible and other loans with related parties | ¥ 18,981 | $ 2,673 | ¥ 113,012 |
Due from Related Party Noncurrent | ¥ 0 | ¥ 3,840 | |
Live.me [Member] | |||
Ownership interest, subsequent to transaction | 49.60% |
Related Party Transactions (Det
Related Party Transactions (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | |
Related Party Transaction [Line Items] | |||||
Amount due from related parties | ¥ 878,754 | ¥ 857,135 | $ 123,770 | ||
Amount due to related parties | 189,943 | 200,336 | 26,753 | ||
Related Party | |||||
Related Party Transaction [Line Items] | |||||
Amount due from related parties | 71,505 | 202,939 | 10,071 | ||
Amount due to related parties | 84,147 | 23,629 | 11,852 | ||
Kingsoft Group | Services received from | |||||
Related Party Transaction [Line Items] | |||||
Amount | 14,248 | $ 2,007 | 15,236 | ¥ 19,139 | |
Kingsoft Group | Related Party | |||||
Related Party Transaction [Line Items] | |||||
Amount due from related parties | 4,188 | 5,019 | 590 | ||
Amount due to related parties | 3,597 | 3,969 | 507 | ||
Tencent Group | Services received from | |||||
Related Party Transaction [Line Items] | |||||
Amount | 13,293 | 1,872 | 20,534 | 32,594 | |
Tencent Group | Services provided to | |||||
Related Party Transaction [Line Items] | |||||
Amount | 9,565 | 1,347 | 12,479 | 40,333 | |
Tencent Group | Related Party | |||||
Related Party Transaction [Line Items] | |||||
Amount due from related parties | 5,476 | 4,529 | 771 | ||
Amount due to related parties | 9,776 | 15,132 | 1,377 | ||
OrionStar Group | Services received from | |||||
Related Party Transaction [Line Items] | |||||
Amount | 2,324 | 327 | 347 | 3,756 | |
OrionStar Group | Services provided to | |||||
Related Party Transaction [Line Items] | |||||
Amount | 2,402 | 338 | 2,610 | 3,862 | |
OrionStar Group | Loans and investments provided to/(received from) | |||||
Related Party Transaction [Line Items] | |||||
Amount | 100,000 | ||||
OrionStar Group | Purchase of products | |||||
Related Party Transaction [Line Items] | |||||
Amount | 991 | 140 | 1,130 | 40,290 | |
OrionStar Group | Related Party | |||||
Related Party Transaction [Line Items] | |||||
Amount due from related parties | 134,548 | ||||
Amount due to related parties | 799 | ||||
Pixiu Group | Services provided to | |||||
Related Party Transaction [Line Items] | |||||
Amount | 972 | 137 | 433 | 9,614 | |
Pixiu Group | Loans and investments provided to/(received from) | |||||
Related Party Transaction [Line Items] | |||||
Amount | 14,181 | ||||
Pixiu Group | Related Party | |||||
Related Party Transaction [Line Items] | |||||
Amount due from related parties | 21,097 | 25,104 | 2,971 | ||
Other Related Parties | Related Party | |||||
Related Party Transaction [Line Items] | |||||
Amount due from related parties | 20,090 | 20,610 | 2,830 | ||
Amount due to related parties | 70,774 | 3,719 | 9,968 | ||
Liveme Group | Services provided to | |||||
Related Party Transaction [Line Items] | |||||
Amount | 35,006 | $ 4,930 | 33,305 | ¥ 11,718 | |
Liveme Group | Related Party | |||||
Related Party Transaction [Line Items] | |||||
Amount due from related parties | ¥ 20,654 | 13,129 | $ 2,909 | ||
Amount due to related parties | ¥ 10 |
Related Party Transactions (Par
Related Party Transactions (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2023 | Dec. 31, 2022 CNY (¥) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2021 CNY (¥) | |
Related Party Transaction [Line Items] | |||||
Convertible loan | ¥ 10,093 | ¥ 10,465 | $ 1,474 | ||
Other Related Parties | |||||
Related Party Transaction [Line Items] | |||||
Convertible loan | 21,000 | 21,000 | |||
Beijing OrionStar [Member] | Convertible Loan [Member] | |||||
Related Party Transaction [Line Items] | |||||
Convertible loan | ¥ 40,265 | $ 5,671 | |||
Debt Instrument, Face Amount | ¥ 100,000 | ¥ 100,000 | |||
Interest rate | 8% | ||||
Maturity term | 2 years maturity term | ||||
Maturity date extension | 1 year |
Related Party Transactions - Su
Related Party Transactions - Summary Of Accounts Receivable Related Party Debt Allowance For Credit Loss (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance as of January 1 | ¥ 102,161 | ||
Foreign Exchange effect | (1,319) | $ (186) | ¥ (6,310) |
Total | 132,881 | 18,716 | 102,161 |
Account Receivable Related Party [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance as of January 1 | 67,089 | 9,449 | 58,786 |
Addition/(reverse) | (30,534) | (4,301) | 7,846 |
Amounts written off | (1,026) | (145) | |
Foreign Exchange effect | 53 | 7 | 457 |
Total | ¥ 35,582 | $ 5,010 | ¥ 67,089 |
Share-Based Compensation - 2023
Share-Based Compensation - 2023 Incentive Plan (Detail) - 2023 Incentive Plan [Member] | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Granted | shares | 103,270,550 |
Number of ordinary shares, Vested | shares | (36,941,200) |
Unvested at end of year | shares | 66,329,350 |
Share Based Compensation Arrangement By Share Based Payment Award Other Than Options Outstanding Weighted Average Exercise Price [Abstract] | |
Granted (in dollars per share) | $ / shares | $ 0.05 |
Vested (in dollars per share) | $ / shares | 0.05 |
Unvested at end of year (in dollars per share) | $ / shares | $ 0.04 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||||||||
Apr. 24, 2014 shares | Jan. 02, 2014 shares | Dec. 31, 2023 CNY (¥) shares | Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2022 $ / shares shares | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2021 $ / shares shares | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2023 USD ($) shares | Apr. 11, 2023 shares | Dec. 31, 2020 shares | May 26, 2011 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Expected period over which unamortized compensation costs is to be recognized | ¥ 25,155 | $ 3,543 | ||||||||||
Expected period over which unamortized compensation costs is to be recognized | 2 years | 2 years | ||||||||||
2014 Restricted Share Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares subject to award | 122,545,665 | |||||||||||
Granted | $ / shares | $ 0.04 | $ 0.14 | ||||||||||
Unvested | 25,985,708 | 4,028,550 | 4,028,550 | 6,562,640 | 6,562,640 | 25,985,708 | 3,640,002 | |||||
2014 Restricted Share Plan | Restricted Stock [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Expected period over which unamortized compensation costs is to be recognized | 1 year 9 months 18 days | 1 year 9 months 18 days | ||||||||||
Total fair value of vested shares | ¥ 2,185 | $ 308 | ¥ 933 | ¥ 2,696 | ||||||||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | ¥ 6,229 | $ 877 | ||||||||||
2013 Incentive Scheme | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares subject to award | 64,497,718 | |||||||||||
Granted | $ / shares | $ 0.05 | $ 0.08 | $ 0.17 | |||||||||
Award scheme term | 10 years | 10 years | ||||||||||
Unvested | 3,714,412 | 5,086,990 | 5,086,990 | 7,596,470 | 7,596,470 | 3,714,412 | 4,254,730 | |||||
2013 Incentive Scheme | Restricted Stock [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Expected period over which unamortized compensation costs is to be recognized | 1 year 6 months | 1 year 6 months | ||||||||||
Total fair value of vested shares | ¥ 471 | $ 66 | ¥ 1,409 | ¥ 2,199 | ||||||||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | ¥ 1,024 | $ 144 | ||||||||||
2011 Share Award Scheme | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Award scheme term | 10 years | 10 years | ||||||||||
2011 Share Award Scheme | Restricted Stock [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Granted | $ / shares | $ 0.26 | |||||||||||
Total fair value of vested shares | ¥ 23 | $ 3 | ¥ 39 | ¥ 2,154 | ||||||||
Unvested | 87,175 | 87,175 | 208,950 | 208,950 | 1,943,725 | |||||||
2023 Incentive Plan [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares subject to award | 145,000,000 | |||||||||||
Granted | $ / shares | $ 0.05 | |||||||||||
Unvested | 66,329,350 | 66,329,350 | ||||||||||
2023 Incentive Plan [Member] | Restricted Stock [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Expected period over which unamortized compensation costs is to be recognized | 2 years | 2 years | ||||||||||
Total fair value of vested shares | ¥ 13,587 | $ 1,914 | ||||||||||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | ¥ 14,137 | $ 1,991 | ||||||||||
Maximum [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting period | 5 years | |||||||||||
Maximum [Member] | 2014 Restricted Share Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting period | 5 years | |||||||||||
Maximum [Member] | 2011 Share Award Scheme | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares subject to award | 100,000,000 |
Share-Based Compensation - 2014
Share-Based Compensation - 2014 Restricted Shares plan (Detail) - 2014 Restricted Share Plan - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Aggregate Intrinsic Value | |||
Unvested at beginning of year | 4,028,550 | 6,562,640 | 3,640,002 |
Number of ordinary shares, Granted | 31,580,058 | 5,994,400 | |
Number of ordinary shares, Vested | (6,629,200) | (2,160,940) | (2,016,463) |
Number of ordinary shares, Forfeited | (2,993,700) | (373,150) | (1,055,299) |
Unvested at end of year | 25,985,708 | 4,028,550 | 6,562,640 |
Unvested at beginning of year (in dollars per share) | $ 0.14 | $ 0.22 | $ 0.88 |
Granted (in dollars per share) | 0.04 | 0.14 | |
Vested (in dollars per share) | 0.06 | 0.36 | 0.78 |
Forfeited (in dollars per share) | 0.05 | 0.26 | 1 |
Unvested at end of year (in dollars per share) | $ 0.05 | $ 0.14 | $ 0.22 |
Share-Based Compensation - 2013
Share-Based Compensation - 2013 Incentive Scheme (Detail) - 2013 Incentive Scheme - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Aggregate Intrinsic Value | |||
Unvested at beginning of year | 5,086,990 | 7,596,470 | 4,254,730 |
Number of ordinary shares, Granted | 641,412 | 469,490 | 5,773,520 |
Number of ordinary shares, Vested | (1,038,123) | (2,350,790) | (1,416,898) |
Number of ordinary shares, Forfeited | (975,867) | (628,180) | (1,014,882) |
Unvested at end of year | 3,714,412 | 5,086,990 | 7,596,470 |
Unvested at beginning of year (in dollars per share) | $ 0.17 | $ 0.23 | $ 0.64 |
Granted (in dollars per share) | 0.05 | 0.08 | 0.17 |
Vested (in dollars per share) | 0.27 | 0.27 | 0.79 |
Forfeited (in dollars per share) | 0.13 | 0.5 | 0.81 |
Unvested at end of year (in dollars per share) | $ 0.12 | $ 0.17 | $ 0.23 |
Share-Based Compensation - 2011
Share-Based Compensation - 2011 Share Award Scheme (Detail) - Restricted Stock [Member] - 2011 Share Award Scheme - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested at beginning of year | 87,175 | 208,950 | 1,943,725 |
Granted | 1,596,100 | ||
Vested | (87,175) | (121,775) | (1,687,405) |
Forfeited | (1,643,470) | ||
Unvested at end of year | 87,175 | 208,950 | |
Unvested at beginning of year (in dollars per share) | $ 0.26 | $ 0.39 | $ 0.64 |
Granted (in dollars per share) | 0.26 | ||
Vested (in dollars per share) | $ 0.26 | 0.49 | 0.36 |
Forfeited (in dollars per share) | 0.59 | ||
Unvested at end of year (in dollars per share) | $ 0.26 | $ 0.39 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of assumptions used for grant date fair value under binomial tree option pricing model (Detail) - Equity Incentive Plans [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2021 | |
Fair value of ordinary share (US$) | $ 0.81 | |
Risk-free interest rates | 3.80% | 0.07% |
Expected volatility range | 55.10% | 52.02% |
Expected dividend yield | 0% | 0% |
Fair value per option granted (US$) | $ 0.81 | |
Maximum [Member] | ||
Fair value of ordinary share (US$) | $ 4.87 | |
Fair value per option granted (US$) | 2.56 | |
Minimum [Member] | ||
Fair value of ordinary share (US$) | 4.34 | |
Fair value per option granted (US$) | $ 2.44 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of share-based compensation expenses of subsidiaries' share-based awards recognized by the group (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expenses | ¥ 8,024 | $ 1,130 | ¥ 2,228 | ¥ 8,961 |
Cost of revenues [member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expenses | 251 | 35 | 469 | 858 |
Research and Development Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expenses | (703) | (99) | (675) | 7,400 |
Selling and Marketing Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expenses | 104 | 15 | 209 | 342 |
General and Administrative Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expenses | ¥ 8,372 | $ 1,179 | ¥ 2,225 | ¥ 361 |
Share-Based Compensation - Expe
Share-Based Compensation - Expenses Recorded by Group (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expenses | ¥ 33,554 | $ 4,726 | ¥ 7,863 | ¥ 7,150 |
Cost of Sales [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expenses | 370 | 52 | 686 | 1,027 |
Research and Development Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expenses | 580 | 82 | 1,580 | 5,996 |
Selling and Marketing Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expenses | 509 | 72 | 1,899 | 1,339 |
General and Administrative Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expenses | ¥ 32,095 | $ 4,520 | ¥ 3,698 | ¥ (1,212) |
Commitments and Contingencies -
Commitments and Contingencies - Summary Of Commitment For Cloud Services (Detail) ¥ in Thousands | Dec. 31, 2023 CNY (¥) |
Purchase Obligation, Fiscal Year Maturity [Abstract] | |
Total | ¥ 197,578 |
Less than 1 Year | 67,522 |
1-3 Years | 130,056 |
More than 3 Years | ¥ 0 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2023 CNY (¥) shares | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2021 CNY (¥) | Dec. 31, 2019 | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 $ / shares shares | Dec. 31, 2018 $ / shares shares | Mar. 31, 2014 shares | |
Class of Stock [Line Items] | ||||||||
Ordinary shares, shares authorized | 10,000,000,000 | |||||||
Allocations to general reserve as a percentage of profit after tax | 10% | |||||||
Threshold percentage of general reserve required to be maintained threshold percentage of general reserve required to be maintained | 50% | |||||||
Appropriation to statutory common reserve | 10% | |||||||
Threshold percentage of statutory common reserve required to be maintained | 50% | |||||||
Net assets restricted to transfer | ¥ 2,688,615 | $ 378,684 | ||||||
Other comprehensive income, tax expense or benefit | ¥ | ¥ 0 | ¥ 0 | ¥ 0 | |||||
Common Class A [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Ordinary shares, shares authorized | 7,600,000,000 | 7,600,000,000 | 7,600,000,000 | 7,600,000,000 | ||||
Ordinary shares, par value (in dollars per share) | $ / shares | $ 0.000025 | $ 0.000025 | $ 0.000025 | |||||
Ordinary shares, shares outstanding | 487,212,501 | 487,212,501 | 479,458,004 | |||||
Common Class B [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Shares transferred | 0 | 0 | ||||||
Ordinary shares, shares authorized | 1,400,000,000 | 1,400,000,000 | 1,400,000,000 | 1,400,000,000 | ||||
Ordinary shares, par value (in dollars per share) | $ / shares | $ 0.000025 | $ 0.000025 | ||||||
Ordinary shares, shares outstanding | 1,006,956,885 | 1,006,956,885 | 970,015,685 | |||||
Reserved Shares | ||||||||
Class of Stock [Line Items] | ||||||||
Ordinary shares, shares authorized | 1,000,000,000 |
Shareholders' Equity - Schedule
Shareholders' Equity - Schedule of Retained Earnings (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) |
Class of Stock [Line Items] | |||
PRC statutory reserve funds | ¥ 67,800 | $ 9,549 | ¥ 60,847 |
Unreserved retained (losses)/earnings | (680,902) | (95,903) | (70,271) |
Total accumulated losses | ¥ (613,102) | $ (86,354) | ¥ (9,424) |
Shareholders' Equity - Componen
Shareholders' Equity - Components of Accumulated Other Comprehensive Income (loss) (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Class of Stock [Line Items] | ||||
Balance at the beginning of the period | ¥ 353,948 | ¥ 88,262 | ¥ 163,340 | |
Other comprehensive income (loss) before reclassification | 2,275 | 263,371 | (75,536) | |
Other comprehensive income attribute to noncontrolling interests | 631 | 2,315 | 458 | |
Balance at the end of the period | 356,854 | $ 50,262 | 353,948 | 88,262 |
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Class of Stock [Line Items] | ||||
Balance at the beginning of the period | 354,036 | 88,350 | 163,428 | |
Other comprehensive income (loss) before reclassification | 45,769 | 263,371 | (75,536) | |
Other comprehensive income attribute to noncontrolling interests | 631 | 2,315 | 458 | |
Balance at the end of the period | 400,436 | 56,400 | 354,036 | 88,350 |
Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Class of Stock [Line Items] | ||||
Balance at the beginning of the period | (88) | (88) | (88) | |
Other comprehensive income (loss) before reclassification | (43,494) | |||
Balance at the end of the period | ¥ (43,582) | $ (6,138) | ¥ (88) | ¥ (88) |
Redeemable Preferred Shares - A
Redeemable Preferred Shares - Additional Information (Details) - Nov. 30, 2023 - Beijing OrionStar [Member] ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Class of Stock [Line Items] | ||
Equity interest acquired | 35.17% | 35.17% |
Cash consideration | ¥ 268,724 | $ 37,849 |
Percentage of equity interest held on acquisition | 72.91% | 72.91% |
Redeemable Preferred Shares - S
Redeemable Preferred Shares - Summary of Redeemable Preferred Shares (Details) - 12 months ended Dec. 31, 2023 - Redeemable Preferred Shares ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Class of Stock [Line Items] | ||
Beginning Balance | ¥ 0 | |
Issuance | 105,726 | |
Accretion | 252 | |
Ending Balance | ¥ 105,978 | $ 14,927 |
Loss Per Share (Detail)
Loss Per Share (Detail) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) ¥ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | |
Numerator: | ||||
Net loss attributable to Cheetah Mobile Inc. | ¥ (602,898) | $ (84,916) | ¥ (513,475) | ¥ (351,126) |
Dilution effect arising from dividends declared on share awards of consolidated subsidiaries | ¥ | (8,715) | (2,009) | ||
Net loss attributable to Cheetah Mobile Inc. after accretion of redeemable noncontrolling interests and dilution effect arising from share-based awards issued by subsidiaries | ¥ | ¥ (522,190) | ¥ (353,135) | ||
Denominator: | ||||
Weighted average number of ordinary shares outstanding | 1,472,615,281 | 1,472,615,281 | 1,443,682,305 | 1,430,052,602 |
Losses per share-basic | ¥ / shares | ¥ (0.3617) | ¥ (0.2469) | ||
Weighted Average Number of Shares Outstanding, Basic | 1,472,615,281 | 1,472,615,281 | 1,443,682,305 | 1,430,052,602 |
Weighted Average Number of Shares Outstanding, Diluted | 1,472,615,281 | 1,472,615,281 | 1,443,682,305 | 1,430,052,602 |
Losses per share-diluted | ¥ / shares | ¥ (0.3619) | ¥ (0.2469) | ||
Numerator: | ||||
Net loss attributable to Cheetah Mobile Inc. after accretion of redeemable noncontrolling interests and dilution effect arising from share-based awards issued by subsidiaries | ¥ | ¥ (522,190) | ¥ (353,135) | ||
Dilution effect arising from share-based awards issued by subsidiaries | ¥ | (291) | |||
Net loss attributable to ordinary shareholders | ¥ | ¥ (522,481) | ¥ (353,135) | ||
ADS | ||||
Denominator: | ||||
Weighted average number of ordinary shares outstanding | 28,873,646 | 28,601,052 | ||
Losses per share-basic | ¥ / shares | ¥ (18.0854) | ¥ (12.3469) | ||
Weighted Average Number of Shares Outstanding, Basic | 28,873,646 | 28,601,052 | ||
Weighted Average Number of Shares Outstanding, Diluted | 28,873,646 | 28,601,052 | ||
Losses per share-diluted | ¥ / shares | ¥ (18.0954) | ¥ (12.3469) | ||
Common Class A [Member] | ||||
Numerator: | ||||
Net loss attributable to Cheetah Mobile Inc. | ¥ (197,770) | $ (27,855) | ||
Dilution effect arising from dividends declared on share awards of consolidated subsidiaries | (35) | (5) | ||
Net loss attributable to Cheetah Mobile Inc. after accretion of redeemable noncontrolling interests and dilution effect arising from share-based awards issued by subsidiaries | ¥ (197,805) | $ (27,860) | ||
Denominator: | ||||
Weighted average number of ordinary shares outstanding | 483,066,304 | 483,066,304 | ||
Losses per share-basic | (per share) | ¥ (0.4095) | $ (0.0577) | ||
Weighted Average Number of Shares Outstanding, Basic | 483,066,304 | 483,066,304 | ||
Conversion of Class B into Class A ordinary shares | 989,548,977 | 989,548,977 | ||
Weighted Average Number of Shares Outstanding, Diluted | 1,472,615,281 | 1,472,615,281 | ||
Losses per share-diluted | (per share) | ¥ (0.41) | $ (0.0577) | ||
Numerator: | ||||
Net loss attributable to Cheetah Mobile Inc. after accretion of redeemable noncontrolling interests and dilution effect arising from share-based awards issued by subsidiaries | ¥ (197,805) | $ (27,860) | ||
Dilution effect arising from share-based awards issued by subsidiaries | (229) | (32) | ||
Reallocation of net loss as a result of conversion of Class B into Class A ordinary shares | (405,670) | (57,137) | ||
Net loss attributable to ordinary shareholders | ¥ (603,704) | $ (85,029) | ||
Common Class A [Member] | ADS | ||||
Denominator: | ||||
Weighted average number of ordinary shares outstanding | 29,452,306 | 29,452,306 | ||
Losses per share-basic | (per share) | ¥ (20.474) | $ (2.8837) | ||
Weighted Average Number of Shares Outstanding, Basic | 29,452,306 | 29,452,306 | ||
Weighted Average Number of Shares Outstanding, Diluted | 29,452,306 | 29,452,306 | ||
Losses per share-diluted | (per share) | ¥ (20.4977) | $ (2.887) | ||
Common Class B [Member] | ||||
Numerator: | ||||
Net loss attributable to Cheetah Mobile Inc. | ¥ (405,128) | $ (57,061) | ||
Dilution effect arising from dividends declared on share awards of consolidated subsidiaries | (72) | (10) | ||
Net loss attributable to Cheetah Mobile Inc. after accretion of redeemable noncontrolling interests and dilution effect arising from share-based awards issued by subsidiaries | ¥ (405,200) | $ (57,071) | ||
Denominator: | ||||
Weighted average number of ordinary shares outstanding | 989,548,977 | 989,548,977 | ||
Losses per share-basic | (per share) | ¥ (0.4095) | $ (0.0577) | ||
Weighted Average Number of Shares Outstanding, Basic | 989,548,977 | 989,548,977 | ||
Weighted Average Number of Shares Outstanding, Diluted | 989,548,977 | 989,548,977 | ||
Losses per share-diluted | (per share) | ¥ (0.41) | $ (0.0577) | ||
Numerator: | ||||
Net loss attributable to Cheetah Mobile Inc. after accretion of redeemable noncontrolling interests and dilution effect arising from share-based awards issued by subsidiaries | ¥ (405,200) | $ (57,071) | ||
Dilution effect arising from share-based awards issued by subsidiaries | (470) | (66) | ||
Net loss attributable to ordinary shareholders | ¥ (405,670) | $ (57,137) |
Employee Benefit - Additional I
Employee Benefit - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Contributions for employee benefits | ¥ 54,275 | $ 7,644 | ¥ 54,510 | ¥ 56,490 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | |
Equity Investments Accounted For Using Fair Value Option [Member] | ||||
Fair value measurement with unobservable inputs reconciliation recurring basis asset transfers net | ¥ 0 | ¥ 0 | ¥ 0 | |
Maximum [Member] | Fair Value, Nonrecurring [Member] | ||||
Equity Method Investments | 25,808,000 | $ 3,635 | ||
Minimum [Member] | Fair Value, Nonrecurring [Member] | Level 3 [Member] | ||||
Equity Method Investments | ¥ 142,681,000 | ¥ 234,503,000 | $ 20,096 |
Fair Value Measurement - Assets
Fair Value Measurement - Assets and Liabilities Measured or Disclosed at Fair Value (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total (losses) gains, Available-for-sale debt security | ¥ 43,494 | $ 6,126 | ¥ 8,270 | ¥ 0 | ||
Total (losses) gains,Property and equipment, net | (53,884) | (58,727) | $ (7,589) | |||
Equity investments accounted using equity method | 242,997 | 238,591 | 34,225 | |||
Fair Value, Measurements, Recurring [Member] | Short-term Investments [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total (losses) gains, Wealth management products | 386 | |||||
Wealth management products | 86,386 | $ 12,525 | ||||
Fair Value, Measurements, Recurring [Member] | Long-term Investment [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total (losses) gains, Wealth management products | (43,494) | (8,270) | ||||
Total (losses) gains, Equity investments accounted for using fair value option | (334,921) | (25,601) | ||||
Equity investments accounted for using fair value option | 43,333 | 370,162 | 6,103 | 53,668 | ||
Available-for-Sale Debt Securities | 111,697 | 42,371 | 15,732 | 6,143 | ||
Fair Value, Measurements, Nonrecurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total (losses) gains,Equity investments accounted for using the measurement alternative | (121,392) | (262,278) | ||||
Equity investments accounted for using the measurement alternative | 158,771 | 646,577 | $ 22,362 | $ 93,745 | ||
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring [Member] | Short-term Investments [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Wealth management products | 86,386 | |||||
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring [Member] | Long-term Investment [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity investments accounted for using fair value option | 43,333 | 370,162 | ||||
Available-for-Sale Debt Securities | 111,697 | 42,371 | ||||
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity investments accounted for using the measurement alternative | ¥ 158,771 | ¥ 646,577 |
Fair Value Measurement - Reconc
Fair Value Measurement - Reconciliation of the Assets and Liabilities (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Fair Value Inputs Quantitative Information [Line Items] | ||||
Balance at the Beginning | ¥ 412,533 | ¥ 408,574 | ¥ 364,298 | |
Addition | ¥ 111,697 | ¥ 46,339 | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Asset at Fair Value, Changes in Fair Value Resulting from Changes in Assumptions | Asset at Fair Value, Changes in Fair Value Resulting from Changes in Assumptions | Asset at Fair Value, Changes in Fair Value Resulting from Changes in Assumptions | Asset at Fair Value, Changes in Fair Value Resulting from Changes in Assumptions |
Fair value change | ¥ (378,415) | ¥ (33,871) | ¥ 6,537 | |
Foreign exchange translation adjustments | 9,215 | 37,830 | (8,600) | |
Balance at the Ending | ¥ 155,030 | $ 21,835 | ¥ 412,533 | ¥ 408,574 |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Significant Unobservable Inputs Used in the Fair Value Measurement (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Equity Securities, FV-NI, Gain (Loss) | ¥ (162,141) | $ (22,836) | ¥ (221,123) | ¥ (201,771) |
Valuation Technique, Discounted Cash Flow [Member] | Discount Rate [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Equity Securities, FV-NI, Gain (Loss) | ¥ 43,332 | |||
Valuation Technique, Discounted Cash Flow [Member] | Volatility [member] | Fair Value, Measurements, Recurring [Member] | ||||
Equity Securities, FV-NI, Measurement Input | 0.541 | |||
Valuation Technique Black Scholes Method [Member] | Discount Rate [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Equity Securities, FV-NI, Gain (Loss) | ¥ 158,771 | |||
Valuation Technique Black Scholes Method [Member] | Volatility [member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Alternative Investment, Measurement Input | 0.462 | |||
Valuation, Market Approach [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Available-for-Sale Debt Securities | ¥ 111,697 | |||
Valuation, Market Approach [Member] | Volatility [member] | Fair Value, Measurements, Recurring [Member] | ||||
Available-for-Sale Debt Securities, Measurement Input | 0.555 | |||
Valuation, Market Approach [Member] | Volatility [member] | Maximum [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Alternative Investment, Measurement Input | 0.587 | |||
Valuation, Market Approach [Member] | Volatility [member] | Minimum [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Alternative Investment, Measurement Input | 0.553 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] ¥ in Millions, $ in Millions | Jan. 09, 2024 USD ($) | Jan. 09, 2024 CNY (¥) |
Beijing OrionStar [Member] | ||
Subsequent Event [Line Items] | ||
Cash investment in acquiree | $ | $ 16.7 | |
Principal amount on convertible loans | ¥ 100 | |
Expected ownership percentage | 72.10% | 72.10% |
Percentage of equity interest held on acquisition | 73.95% | 73.95% |
Gongqingcheng Orion Industrial Investment Center [Member] | ||
Subsequent Event [Line Items] | ||
Additional investment in acquiree | ¥ 150 | |
Percentage of equity interest held on acquisition | 49.50% | 49.50% |
Condensed Financial Informati_3
Condensed Financial Information of the Company - Consolidated Balance Sheets (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) |
Current assets | |||||
Cash and cash equivalents | ¥ 2,020,191 | $ 284,538 | ¥ 1,515,799 | ||
Short-term investments | 1,023 | 144 | 156,182 | ||
Prepayments and other current assets, net | 973,127 | 137,062 | 968,145 | ||
Total current assets | 3,466,910 | 488,304 | 3,123,695 | ||
Non-current assets | |||||
Long-term investments | 937,460 | 132,038 | 1,792,331 | ||
Other non-current assets | 160,428 | 22,597 | 93,480 | ||
Total non-current assets | 2,166,274 | 305,113 | 2,015,724 | ||
Total assets | 5,633,184 | 793,417 | 5,139,419 | ||
Current liabilities | |||||
Accrued expenses and other current liabilities | 2,437,210 | 343,273 | 1,586,769 | ||
Income tax payable | 31,603 | 4,451 | 35,135 | ||
Total current liabilities | 2,728,145 | 384,250 | 1,778,527 | ||
Deferred tax liabilities | 54,540 | 7,682 | 55,770 | ||
Other non-current liabilities | 189,943 | 26,753 | 200,336 | ||
Total non-current liabilities | 244,483 | 34,435 | 256,106 | ||
Total liabilities | 2,972,628 | 418,685 | 2,034,633 | ||
Redeemable noncontrolling interests | 105,978 | 14,927 | |||
Shareholders' equity | |||||
Additional paid-in capital | 2,711,875 | 381,960 | 2,688,571 | ||
Accumulated losses | (613,102) | (86,354) | (9,424) | ||
Accumulated other comprehensive income | 356,854 | 50,262 | 353,948 | ¥ 88,262 | ¥ 163,340 |
Total shareholders' equity | 2,455,871 | 345,902 | 3,033,331 | ||
Total liabilities, mezzanine equity and shareholder's equity | 5,633,184 | 793,417 | 5,139,419 | ||
Related Party [Member] | |||||
Current assets | |||||
Due from subsidiaries and related parties, net | 71,505 | 10,071 | 199,099 | ||
Current liabilities | |||||
Due to subsidiaries and related parties | 84,147 | 11,852 | 23,629 | ||
Common Class A [Member] | |||||
Shareholders' equity | |||||
Ordinary shares | 81 | 11 | 80 | ||
Common Class B [Member] | |||||
Shareholders' equity | |||||
Ordinary shares | 163 | 23 | 156 | ||
Parent Company [Member] | |||||
Current assets | |||||
Cash and cash equivalents | 202,028 | 28,455 | 130,746 | ||
Prepayments and other current assets, net | 2,715 | 382 | 111,986 | ||
Total current assets | 2,809,390 | 395,694 | 2,588,320 | ||
Non-current assets | |||||
Long-term investments | 152,355 | 21,459 | 477,366 | ||
Contractual interests in VIEs and their subsidiaries | 2,232 | 314 | 76,505 | ||
Investment in subsidiaries | 251,747 | 35,458 | 397,930 | ||
Total non-current assets | 406,334 | 57,231 | 951,801 | ||
Total assets | 3,215,724 | 452,925 | 3,540,121 | ||
Current liabilities | |||||
Accrued expenses and other current liabilities | 12,730 | 1,793 | 10,595 | ||
Income tax payable | 14,322 | 2,017 | 13,105 | ||
Total current liabilities | 608,581 | 85,717 | 325,282 | ||
Deferred tax liabilities | 8,277 | 1,166 | 40,897 | ||
Other non-current liabilities | 142,995 | 20,140 | 140,611 | ||
Total non-current liabilities | 151,272 | 21,306 | 181,508 | ||
Total liabilities | 759,853 | 107,023 | 506,790 | ||
Shareholders' equity | |||||
Additional paid-in capital | 2,711,875 | 381,960 | 2,688,571 | ||
Accumulated losses | (613,102) | (86,354) | (9,424) | ||
Accumulated other comprehensive income | 356,854 | 50,262 | 353,948 | ||
Total shareholders' equity | 2,455,871 | 345,902 | 3,033,331 | ||
Total liabilities, mezzanine equity and shareholder's equity | 3,215,724 | 452,925 | 3,540,121 | ||
Parent Company [Member] | Related Party [Member] | |||||
Current assets | |||||
Due from subsidiaries and related parties, net | 2,604,647 | 366,857 | 2,345,588 | ||
Current liabilities | |||||
Due to subsidiaries and related parties | 581,529 | 81,907 | 301,582 | ||
Parent Company [Member] | Common Class A [Member] | |||||
Shareholders' equity | |||||
Ordinary shares | 81 | 11 | 80 | ||
Parent Company [Member] | Common Class B [Member] | |||||
Shareholders' equity | |||||
Ordinary shares | ¥ 163 | $ 23 | ¥ 156 |
Condensed Financial Informati_4
Condensed Financial Information of the Company - Consolidated Balance Sheets (Parenthetical) (Detail) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2018 | Mar. 31, 2014 |
Ordinary shares, shares authorized | 10,000,000,000 | |||
Common Class A [Member] | ||||
Ordinary shares, par value | $ 0.000025 | $ 0.000025 | $ 0.000025 | |
Ordinary shares, shares authorized | 7,600,000,000 | 7,600,000,000 | 7,600,000,000 | |
Ordinary shares, shares issued | 493,104,900 | 480,604,900 | ||
Ordinary shares, shares outstanding | 487,212,501 | 479,458,004 | ||
Common Class B [Member] | ||||
Ordinary shares, par value | $ 0.000025 | $ 0.000025 | ||
Ordinary shares, shares authorized | 1,400,000,000 | 1,400,000,000 | 1,400,000,000 | |
Ordinary shares, shares issued | 1,006,956,885 | 970,015,685 | ||
Ordinary shares, shares outstanding | 1,006,956,885 | 970,015,685 | ||
Parent Company [Member] | Common Class A [Member] | ||||
Ordinary shares, par value | $ 0.000025 | $ 0.000025 | ||
Ordinary shares, shares authorized | 7,600,000,000 | 7,600,000,000 | ||
Ordinary shares, shares issued | 493,104,900 | 480,604,900 | ||
Ordinary shares, shares outstanding | 487,212,501 | 479,458,004 | ||
Parent Company [Member] | Common Class B [Member] | ||||
Ordinary shares, par value | $ 0.000025 | $ 0.000025 | ||
Ordinary shares, shares authorized | 1,400,000,000 | 1,400,000,000 | ||
Ordinary shares, shares issued | 1,006,956,885 | 970,015,685 | ||
Ordinary shares, shares outstanding | 1,006,956,885 | 970,015,685 |
Condensed Financial Informati_5
Condensed Financial Information of the Company - Consolidated Statement of Comprehensive loss (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Revenues | ¥ 669,503 | $ 94,298 | ¥ 884,066 | ¥ 784,616 |
Cost of revenues | (231,940) | (32,668) | (252,561) | (257,656) |
Gross profit | 437,563 | 61,630 | 631,505 | 526,960 |
Operating expenses | ||||
Research and development | (178,207) | (25,100) | (180,957) | (211,594) |
General and administrative | (229,549) | (32,331) | (214,337) | (191,868) |
Interest (expense) income, net | 60,978 | 8,589 | 35,710 | 25,391 |
Foreign exchange gains, net | (11,421) | (1,609) | (95,434) | 24,288 |
Other income (expense), net | 96,765 | 13,630 | 101,265 | 252,998 |
Loss before taxes | (637,650) | (89,810) | (545,780) | (339,571) |
Income tax (expenses) benefits | 43,781 | 6,166 | 25,089 | (13,633) |
Net loss | (602,898) | (84,916) | (513,475) | (351,126) |
Other comprehensive (loss) income, net of tax of nil | ||||
Unrealized losses on available-for-sale securities, net | (43,494) | (6,126) | (8,269) | |
Foreign currency translation adjustments | 45,769 | 6,446 | 271,640 | (75,536) |
Total comprehensive loss attributable to Cheetah Mobile Inc. | (599,992) | (84,507) | (247,789) | (426,204) |
Parent Company [Member] | ||||
Operating expenses | ||||
Research and development | (3) | |||
General and administrative | (14,013) | (1,974) | (23,615) | (21,978) |
Total operating expenses | (14,013) | (1,974) | (23,615) | (21,981) |
Equity in loss of subsidiaries | (293,917) | (41,397) | (471,710) | (352,616) |
Interest (expense) income, net | 5,420 | 763 | 3,211 | (9) |
Foreign exchange gains, net | 658 | 93 | 280 | 71 |
Other income (expense), net | (329,592) | (46,422) | (25,441) | 35,537 |
Loss before taxes | (631,444) | (88,937) | (517,275) | (338,998) |
Income tax (expenses) benefits | 28,546 | 4,021 | 3,800 | (12,128) |
Net loss | (602,898) | (84,916) | (513,475) | (351,126) |
Other comprehensive (loss) income, net of tax of nil | ||||
Unrealized losses on available-for-sale securities, net | (43,494) | (6,126) | (8,269) | |
Foreign currency translation adjustments | 46,400 | 6,535 | 273,955 | (75,078) |
Other comprehensive (loss) income | 2,906 | 409 | 265,686 | (75,078) |
Total comprehensive loss attributable to Cheetah Mobile Inc. | ¥ (599,992) | $ (84,507) | ¥ (247,789) | ¥ (426,204) |
Condensed Financial Informati_6
Condensed Financial Information of the Company - Consolidated Statement of Cash Flows (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Net cash provided by (used in) operating activities | ¥ 550,462 | $ 77,530 | ¥ (424,249) | ¥ 102,811 |
Net cash (used in) provided by investing activities | (49,061) | (6,909) | 189,052 | 220,836 |
Net cash provided by (used in) financing activities | (6,778) | (955) | (4,866) | (9,640) |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | 9,073 | 1,278 | 171,851 | (29,755) |
Net increase (decrease) in cash and cash equivalents and restricted cash | 503,696 | 70,944 | (68,212) | 284,252 |
Cash and cash equivalents and restricted cash at beginning of the year | 1,516,495 | 213,594 | 1,584,707 | 1,300,455 |
Cash and cash equivalents and restricted cash at end of the year | 2,020,191 | 284,538 | 1,516,495 | 1,584,707 |
Parent Company [Member] | ||||
Net cash provided by (used in) operating activities | (12,315) | (1,734) | (26,054) | 666 |
Net cash (used in) provided by investing activities | 82,830 | 11,666 | 137,160 | (864,999) |
Net cash provided by (used in) financing activities | (2,503) | (353) | 891,960 | |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | 3,270 | 461 | (761) | (25,469) |
Net increase (decrease) in cash and cash equivalents and restricted cash | 71,282 | 10,040 | 110,345 | 2,158 |
Cash and cash equivalents and restricted cash at beginning of the year | 130,746 | 18,415 | 20,401 | 18,243 |
Cash and cash equivalents and restricted cash at end of the year | ¥ 202,028 | $ 28,455 | ¥ 130,746 | ¥ 20,401 |
Condensed Financial Informati_7
Condensed Financial Information of the Company - Additional Information (Detail) - 12 months ended Dec. 31, 2023 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Dividends received | ¥ 435,055 | $ 61,276 |