Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2021 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2021 |
Document Fiscal Year Focus | 2021 |
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 | Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Document Accounting Standard | U.S. GAAP |
ICFR Auditor Attestation Flag | true |
Entity Address, Postal Zip Code | 100024 |
Auditor Name | Ernst & Young Hua Ming LLP |
Auditor Firm ID | 1408 |
Auditor Location | 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 | 487,234,522 |
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 | 945,496,827 |
American Depositary Shares [Member] | |
Document Information [Line Items] | |
Trading Symbol | CMCM |
Title of 12(b) Security | American depositary shares, each representing ten Class A ordinary shares |
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) |
Current assets | |||
Cash and cash equivalents | ¥ 1,583,926 | $ 248,553 | ¥ 1,299,658 |
Restricted cash | 781 | 123 | 797 |
Short-term investments | 262,813 | 41,241 | 360,803 |
Accounts receivable (net of allowance for credit losses of RMB100,020 and RMB92,695 (US$14,545) as of December 31, 2020 and 2021, respectively) | 170,305 | 26,725 | 225,586 |
Prepayments and other current assets | 479,329 | 75,217 | 835,694 |
Due from related parties | 101,333 | 15,901 | 224,323 |
Total current assets | 2,598,487 | 407,760 | 2,946,861 |
Non-current assets | |||
Property and equipment, net | 101,794 | 15,974 | 101,984 |
Operating lease right-of-use assets | 45,181 | 7,090 | 17,729 |
Intangible assets, net | 10,052 | 1,577 | 12,575 |
Long-term investments | 1,994,397 | 312,964 | 2,409,726 |
Due from related parties | 111,335 | 17,471 | 3,522 |
Deferred tax assets | 14,384 | 2,257 | 15,607 |
Other non-current assets | 102,688 | 16,112 | 105,479 |
Total non-current assets | 2,379,831 | 373,445 | 2,666,622 |
Total assets | 4,978,318 | 781,205 | 5,613,483 |
Current liabilities (including current liabilities of the VIEs and VIEs' subsidiaries without recourse to the Company amounting to RMB140,741 and RMB184,078 (US$28,886) as of December 31, 2020 and 2021, respectively) (Note 1) | |||
Accounts payable | 134,879 | 21,165 | 105,832 |
Accrued expenses and other current liabilities | 1,137,348 | 178,475 | 1,390,042 |
Due to related parties | 37,760 | 5,925 | 48,938 |
Income tax payable | 43,907 | 6,890 | 27,505 |
Total current liabilities | 1,353,894 | 212,455 | 1,572,317 |
Non-current liabilities (including non-current liabilities of the VIEs and VIEs' subsidiaries without recourse to the Company amounting to RMB22,141 and RMB7,947(US$1,247) as of December 31, 2020 and 2021, respectively) (Note 1) | |||
Deferred tax liabilities | 58,564 | 9,190 | 60,502 |
Other non-current liabilities | 205,717 | 32,281 | 192,272 |
Total non-current liabilities | 264,281 | 41,471 | 252,774 |
Total liabilities | 1,618,175 | 253,926 | 1,825,091 |
Commitments and contingencies | |||
Shareholders' equity | |||
Additional paid-in capital | 2,685,544 | 421,420 | 2,726,619 |
Retained earnings | 505,085 | 79,259 | 857,188 |
Accumulated other comprehensive income | 88,262 | 13,850 | 163,340 |
Total Cheetah Mobile Inc. shareholders' equity | 3,279,126 | 514,566 | 3,747,381 |
Noncontrolling interests | 81,017 | 12,713 | 41,011 |
Total shareholders' equity | 3,360,143 | 527,279 | 3,788,392 |
Total liabilities and shareholders' equity | 4,978,318 | 781,205 | 5,613,483 |
Common Class A [Member] | |||
Shareholders' equity | |||
Ordinary shares | 79 | 12 | 78 |
Common Class B [Member] | |||
Shareholders' equity | |||
Ordinary shares | ¥ 156 | $ 25 | ¥ 156 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands, $ in Thousands | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 CNY (¥) shares |
Allowance for credit losses | ¥ 92,695 | $ 14,545 | ¥ 100,020 |
Current liabilities of the VIEs and VIE's subsidiaries without recourse to the Company | 1,353,894 | 212,455 | 1,572,317 |
Non-current liabilities of the VIEs and VIE's subsidiaries without recourse to the Company | 264,281 | 41,471 | 252,774 |
Variable Interest Entity Primary Beneficiary Aggregated Disclosure Non-recourse [Member] | |||
Current liabilities of the VIEs and VIE's subsidiaries without recourse to the Company | 184,078 | 28,886 | 140,741 |
Non-current liabilities of the VIEs and VIE's subsidiaries without recourse to the Company | ¥ 7,947 | $ 1,247 | ¥ 22,141 |
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 | 487,234,522 | 487,234,522 | 482,113,756 |
Ordinary shares, shares outstanding | 487,234,522 | 487,234,522 | 482,113,756 |
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 | 957,465,244 | 957,465,244 | 957,465,244 |
Ordinary shares, shares outstanding | 945,496,827 | 945,496,827 | 945,496,827 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 CNY (¥) ¥ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 CNY (¥) ¥ / shares shares | Dec. 31, 2019 CNY (¥) ¥ / shares shares | |
Revenues (a) | ||||
Total Revenues | ¥ 784,616 | $ 123,123 | ¥ 1,552,645 | ¥ 3,587,695 |
Cost of revenues (a) | (257,656) | (40,432) | (475,378) | (1,241,932) |
Gross profit | 526,960 | 82,691 | 1,077,267 | 2,345,763 |
Operating income and expenses (a) | ||||
Research and development | (211,594) | (33,204) | (455,179) | (787,329) |
Selling and marketing | (370,274) | (58,104) | (766,986) | (1,558,315) |
General and administrative | (191,868) | (30,108) | (380,533) | (587,457) |
Impairment of goodwill | ¥ | (545,665) | |||
Other operating income (expenses), net | 17,205 | 2,700 | (5,684) | 22,091 |
Total operating expenses | (756,531) | (118,716) | (1,608,382) | (3,456,675) |
Operating loss | (229,571) | (36,025) | (531,115) | (1,110,912) |
Other income (expenses) | ||||
Interest income, net | 25,391 | 3,984 | 35,655 | 110,010 |
Foreign exchange gains, net | 24,288 | 3,811 | 39,393 | 49 |
Other income | 252,998 | 39,700 | 1,081,506 | 887,494 |
Other expense | (412,677) | (64,758) | (117,192) | (252,328) |
(Loss) income before income taxes | (339,571) | (53,288) | 508,247 | (365,687) |
Income tax expenses | (13,633) | (2,139) | (97,090) | (7,904) |
Net (loss) income | (353,204) | (55,427) | 411,157 | (373,591) |
Less: net loss attributable to noncontrolling interests | (2,078) | (326) | (5,575) | (59,614) |
Net (loss) income | ¥ (351,126) | $ (55,101) | ¥ 416,732 | ¥ (313,977) |
(Loss) earnings per share | ||||
Basic | (per share) | ¥ (0.2469) | $ (0.0388) | ¥ 0.2895 | ¥ (0.2514) |
Diluted | (per share) | (0.2469) | (0.0388) | 0.2857 | (0.2514) |
(Loss) earnings per ADS (1 ADS represent 10 Class A ordinary share) | ||||
Basic | (per share) | (2.4694) | (0.3875) | 2.8953 | (2.514) |
Diluted | (per share) | ¥ (2.4694) | $ (0.3875) | ¥ 2.8575 | ¥ (2.514) |
Weighted average number of shares used in computation of ordinary shares: | ||||
Basic | shares | 1,430,052,602 | 1,430,052,602 | 1,402,509,386 | 1,369,041,418 |
Diluted | shares | 1,430,052,602 | 1,430,052,602 | 1,421,067,906 | 1,369,041,418 |
Other comprehensive income (loss), net of tax of nil | ||||
Foreign currency translation adjustments | ¥ (75,536) | $ (11,853) | ¥ (167,476) | ¥ 77,097 |
Unrealized gains (losses) on available-for-sale securities, net | ¥ | (7,251) | 10,913 | ||
Other comprehensive income (loss) | (75,536) | (11,853) | (174,727) | 88,010 |
Total comprehensive (loss) income | (428,740) | (67,280) | 236,430 | (285,581) |
Less: total comprehensive (loss) income attributable to noncontrolling interests | (2,536) | (398) | (5,869) | (60,073) |
Total comprehensive (loss) income attributable to Cheetah Mobile Inc. | (426,204) | (66,882) | 242,299 | (225,508) |
Sales [Member] | ||||
Related party Transactions | ||||
Amount of transactions with related parties | 70,444 | 11,054 | 112,706 | 216,829 |
Cost of Sales [Member] | ||||
Related party Transactions | ||||
Amount of transactions with related parties | (61,429) | (9,640) | (101,250) | (113,937) |
Research and development | ||||
Related party Transactions | ||||
Amount of transactions with related parties | (2,557) | (401) | (12,173) | (14,775) |
Selling and Marketing Expense [Member] | ||||
Related party Transactions | ||||
Amount of transactions with related parties | (1,178) | (185) | (993) | (7,871) |
General and Administrative Expense [Member] | ||||
Related party Transactions | ||||
Amount of transactions with related parties | (5,303) | (832) | (4,403) | (5,148) |
Internet Business [Member] | ||||
Revenues (a) | ||||
Total Revenues | 653,759 | 102,589 | 1,380,906 | 3,370,811 |
AI and Others [Member] | ||||
Revenues (a) | ||||
Total Revenues | ¥ 130,857 | $ 20,534 | ¥ 171,739 | ¥ 216,884 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parenthetical) Unit_pure in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Conversion ratio, ADS to Class A ordinary share | 10 | 10 | 10 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) | |
Cash flows from operating activities | ||||
Net (loss) income | ¥ (353,204) | $ (55,427) | ¥ 411,157 | ¥ (373,591) |
Adjustments to reconcile net (loss) income to net cash from operating activities | ||||
Depreciation of property and equipment | 45,751 | 7,179 | 52,137 | 37,382 |
Amortization of intangible assets | 5,071 | 796 | 16,409 | 28,086 |
Non-cash operating lease expense | 18,533 | 2,908 | 44,086 | 66,609 |
Provision for credit losses | 13,688 | 2,148 | 10,607 | 68,515 |
Impairment of assets | 394,979 | 61,980 | 150,381 | 833,805 |
Foreign currency exchange losses (gains) | (29,799) | (4,676) | (40,361) | 2,074 |
Losses on disposal of property and equipment and intangible assets | 447 | 70 | 3,422 | 146 |
(Gains) losses on disposal/deemed disposal of businesses and subsidiaries/VIEs | 2,487 | 390 | (394,225) | (840,589) |
Gains on disposal of investments | (92,143) | (14,459) | (507,346) | |
Changes in fair value of financial assets | (90,606) | (14,218) | (127,739) | 35,435 |
Share of (income) losses from equity method investments | (60,992) | (9,571) | 5,231 | (7,594) |
Deferred income tax expenses (benefits) | 920 | 144 | (9,628) | 5,981 |
Share-based compensation expenses | 7,150 | 1,122 | 80,982 | 127,440 |
Changes in operating assets and liabilities | ||||
Accounts receivable | 56,990 | 8,943 | 179,223 | 163,370 |
Prepayments and other current assets | 315,614 | 49,530 | (87,319) | (198,076) |
Due from related parties | 68,753 | 10,789 | (49,380) | (33,156) |
Other non-current assets | 979 | 154 | 18,103 | (83,138) |
Accounts payable | 31,272 | 4,907 | 104,725 | (14,468) |
Accrued expenses and other current liabilities | (201,293) | (31,587) | 63,046 | 3,400 |
Operating lease liabilities | (37,770) | (5,927) | (35,532) | (71,266) |
Due to related parties | (10,518) | (1,651) | (24,650) | 59,913 |
Income tax payable | 17,954 | 2,817 | (32,437) | (53,121) |
Other non-current liabilities | (1,452) | (228) | 122,976 | 3,299 |
Net cash (used in) provided by operating activities | 102,811 | 16,133 | (46,132) | (239,544) |
Cash flows from investing activities | ||||
Purchases of property, plant and equipment and intangible assets | (46,818) | (7,346) | (59,269) | (102,173) |
Purchase of long-term investments | (9,500) | (1,490) | (185,924) | (493,665) |
Purchase of short-term investments | (3,630,357) | (569,684) | (1,375,485) | (3,510,481) |
Proceeds from maturity of short-term investments | 3,726,028 | 584,695 | 2,327,147 | 3,266,900 |
Acquisition of business, net of cash acquired | (28,443) | |||
(Cash-out) proceeds from disposal of businesses and subsidiaries/VIE's subsidiaries, net of cash acquired (disposed) | 45,043 | 7,068 | 159,817 | (233,446) |
Proceeds from disposal of property and equipment and intangible assets | 199 | 31 | 2,715 | 1,936 |
Proceeds from disposal of long-term investments | 188,193 | 29,532 | 1,021,746 | |
Loans to related parties | (100,000) | (15,692) | (15,012) | (173,703) |
Loans to third parties | (600) | (94) | (6,810) | (24,013) |
Repayment of loans from related parties | 38,848 | 6,096 | 7,608 | 186,862 |
Repayment of loans from third parties | 9,800 | 1,538 | 3,830 | 25,000 |
Net cash (used in) provided by investing activities | 220,836 | 34,654 | 1,880,363 | (1,085,226) |
Cash flows from financing activities | ||||
Proceeds for bank loans | 70,119 | |||
Repayment for bank loans | (65,423) | |||
Proceeds and advance from share-based awards | 2,511 | 17,000 | ||
Share repurchase | (175) | |||
Purchase of shares from noncontrolling shareholders | (4,620) | (725) | ||
Payment of dividends to noncontrolling shareholders | (5,020) | (788) | (22,089) | (1,298) |
Payment of dividends to Cheetah Mobile Inc. shareholders | (1,435,775) | (500,597) | ||
Net cash used in financing activities | (9,640) | (1,513) | (1,450,657) | (485,070) |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (29,755) | (4,669) | (68,761) | 5,506 |
Net (decrease) increase in cash and cash equivalents and restricted cash | 284,252 | 44,605 | 314,813 | (1,804,334) |
Cash and cash equivalents and restricted cash at beginning of year | 1,300,455 | 204,070 | 985,642 | 2,789,976 |
Cash and cash equivalents and restricted cash at end of year | 1,584,707 | 248,675 | 1,300,455 | 985,642 |
Supplemental disclosures | ||||
Cash payments for income taxes | (5,974) | (938) | (9,016) | (45,753) |
Cash payments for interest expenses | (8) | (1) | (223) | |
Cash payments for operating leases | (37,448) | (5,876) | (45,342) | (70,284) |
Right-of-use assets obtained (released) in exchange for operating lease liabilities | 52,338 | 8,213 | (113,978) | 24,079 |
Non-cash investing and financing activities: | ||||
Acquisition of property and equipment and intangible assets included in accrued expenses and other current liabilities | 3,917 | 615 | 4,547 | ¥ 7,087 |
Disposal of investment, businesses and subsidiaries included in prepayments and other current assets | ¥ 57,611 | $ 9,040 | 32,606 | |
Disposal of investment, businesses and subsidiaries included in related parties | ¥ 23,418 |
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 ($) shares | Additional Paid-in Capital [Member] CNY (¥) | Additional Paid-in Capital [Member] USD ($) | Treasury Stock [Member] CNY (¥) | AOCI Attributable to Parent [Member] CNY (¥) | AOCI Attributable to Parent [Member] USD ($) | Retained Earnings [Member] CNY (¥) | Retained Earnings [Member] USD ($) | Parent [Member] CNY (¥) | Parent [Member] USD ($) | Noncontrolling Interest [Member] CNY (¥) | Noncontrolling Interest [Member] USD ($) |
Balance at Dec. 31, 2018 | ¥ 5,594,548 | ¥ 74 | ¥ 156 | ¥ 2,742,893 | ¥ (221,932) | ¥ 249,304 | ¥ 2,705,970 | ¥ 5,476,465 | ¥ 118,083 | ||||||||
Balance (in shares) at Dec. 31, 2018 | shares | 464,526,067 | 464,526,067 | 946,017,565 | 946,017,565 | |||||||||||||
Net income (loss) | (373,591) | (313,977) | (313,977) | (59,614) | |||||||||||||
Share-based compensation | 128,011 | 126,451 | 126,451 | 1,560 | |||||||||||||
Exercise and vesting of share-based awards | 6,080 | ¥ 2 | 6,078 | 6,080 | |||||||||||||
Exercise and vesting of share-based awards,shares | shares | 12,731,989 | 12,731,989 | |||||||||||||||
Other comprehensive income (loss) | 88,010 | 88,469 | 88,469 | (459) | |||||||||||||
Accretion of redeemable noncontrolling interests | (31,662) | (29,865) | (29,865) | (1,797) | |||||||||||||
Capital contribution from noncontrolling shareholders | 4,933 | 4,933 | |||||||||||||||
Cancelation of treasury stock | ¥ (7) | (221,925) | ¥ 221,932 | ||||||||||||||
Cancellation of treasury stock, shares | shares | (45,273,040) | (45,273,040) | |||||||||||||||
Dividends declared on share awards of consolidated subsidiaries | (1,301) | (1,301) | (1,301) | ||||||||||||||
Disposal of subsidiaries | 88,913 | 82,946 | 82,946 | 5,967 | |||||||||||||
Dividend declared by the Company to Cheetah Mobile Inc. shareholders | (498,635) | (498,635) | (498,635) | ||||||||||||||
Change in equity interest of a subsidiary | (10,759) | (4,155) | (200) | (4,355) | (6,404) | ||||||||||||
Balance at Dec. 31, 2019 | 4,994,547 | ¥ 69 | ¥ 156 | 2,649,342 | 337,773 | 1,944,938 | 4,932,278 | 62,269 | |||||||||
Balance (in shares) at Dec. 31, 2019 | shares | 431,985,016 | 431,985,016 | 946,017,565 | 946,017,565 | |||||||||||||
Adoption of ASC 326 | (40,874) | (40,874) | (40,874) | ||||||||||||||
Cancellation of Class B ordinary shares | shares | (15) | (15) | |||||||||||||||
Net income (loss) | 411,157 | 416,732 | 416,732 | (5,575) | |||||||||||||
Share-based compensation | 80,974 | 63,173 | 17,293 | 80,466 | 508 | ||||||||||||
Conversion of Class B ordinary shares to Class A ordinary shares by shareholders,shares | shares | 520,723 | 520,723 | (520,723) | (520,723) | |||||||||||||
Exercise and vesting of share-based awards | 14,113 | ¥ 9 | 14,104 | 14,113 | |||||||||||||
Exercise and vesting of share-based awards,shares | shares | 49,608,017 | 49,608,017 | |||||||||||||||
Other comprehensive income (loss) | (174,727) | (174,433) | (174,433) | (294) | |||||||||||||
Dividends declared on share awards of consolidated subsidiaries | (27,296) | (27,296) | (27,296) | ||||||||||||||
Disposal of subsidiaries | (15,897) | (15,897) | |||||||||||||||
Dividend declared by the Company to Cheetah Mobile Inc. shareholders | (1,453,605) | (1,453,605) | (1,453,605) | ||||||||||||||
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 income (loss) | (353,204) | $ (55,427) | (351,126) | (351,126) | (2,078) | ||||||||||||
Share-based compensation | 6,248 | 6,248 | 6,248 | ||||||||||||||
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) | (11,853) | (75,078) | (75,078) | (458) | ||||||||||||
Dividends declared on share awards of consolidated subsidiaries | (2,994) | (1,107) | (1,107) | (1,887) | |||||||||||||
Disposal of subsidiaries | 130 | 130 | 130 | ||||||||||||||
Change in equity interest of consolidated subsidiaries | (2,893) | (891) | (891) | (2,002) | |||||||||||||
Balance at Dec. 31, 2021 | ¥ 3,360,143 | $ 527,279 | ¥ 79 | $ 12 | ¥ 156 | $ 25 | ¥ 2,685,544 | $ 421,420 | ¥ 88,262 | $ 13,850 | ¥ 505,085 | $ 79,259 | ¥ 3,279,126 | $ 514,566 | ¥ 81,017 | $ 12,713 | |
Balance (in shares) at Dec. 31, 2021 | shares | 487,234,522 | 487,234,522 | 945,496,827 | 945,496,827 |
Organization and Principal Acti
Organization and Principal Activities | 12 Months Ended |
Dec. 31, 2021 | |
Organization and Principal Activities | 1. ORGANIZATION 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 (including provision of utility products and related services and mobile entrainment 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, 2021 are as follows: Company Date of incorporation/ registration Place of incorporation/ registration Percentage of ownership (i) 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 Company Date of incorporation/ registration Place of incorporation/ registration Percentage of ownership (i) Principal activities Principal subsidiaries of the Company (continued): Cheetah Mobile Singapore Pte. Ltd. (“Cheetah Mobile Singapore”) May 27, 2015 Singapore 100 % Provision of internet products and related services Cheetah Mobile Hong Kong Limited (“Cheetah Mobile Hong Kong”) February 24, 2016 Hong Kong 100 % Investment holding 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 41.9 % 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 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 Before December 2019, in order to comply with the PRC laws and regulations which prohibit foreign control of companies involved in internet value-added business, the Group operates its website and conducts substantially the majority of its internet value-added services in the PRC through Beijing Mobile, Beijing Network, and Beijing Conew and other VIEs (collectively referred to as the “VIEs”) and its wholly-owned subsidiaries. Except for Beijing Conew, the registered capital of the VIEs was funded by Beijing Security and Conew Network (each or collectively referred to as the “Former Primary Beneficiaries”) through loans extended to the VIEs’ shareholders (the “Nominee Shareholders”), Sheng Fu, who is the Company’s director, as well as Ms. Weiqin Qiu, Kun Wang and Wei Liu. The effective control of the VIEs is held by the Former Primary Beneficiaries, through a series of contractual agreements (the “Contractual Agreements”). As a result of the Contractual Agreements, the Former Primary Beneficiaries have the power to direct the activity that most significantly impacts the economic performance of the VIEs and receive the economic benefits of the VIEs. The following is a summary of the Contractual Agreements amongst Beijing Security, as the Former Primary Beneficiary, Beijing Mobile, as the VIE and Beijing Mobile’s Nominee Shareholders before December 2019. 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 the Former Primary Beneficiary and the VIE, the VIE engaged the Former Primary Beneficiary 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 Loan agreements Pursuant to the loan agreements among the Former Primary Beneficiary, the Nominee Shareholders and the VIE, the Former Primary Beneficiary 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, 2021, the aggregate amount of these loans was RMB16,800 (US$2,636). At the option of the Former Primary Beneficiary, repayment may be requested at any time, which may be in the form of transferring the VIE’s equity interest to the Former Primary Beneficiary 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 the Former Primary Beneficiary or its designees. Exclusive equity option agreements Pursuant to the exclusive equity option agreement entered into among the Former Primary Beneficiary, the VIE and the Nominee Shareholders, the Former Primary Beneficiary was granted an exclusive and irrevocable option to purchase, or designate a third party to purchase, all or part of the equity interest of the VIE held by the Nominee Shareholders. Without the prior written consent of the Former Primary Beneficiary, the Nominee Shareholders shall 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 held in the VIE. In addition, dividends and any form of distributions are not permitted without the prior consent of the Former Primary Beneficiary. The exercise consideration is equal to the minimum price permitted under the PRC laws and any amount in excess of the corresponding loan amount shall be refunded by the Nominee Shareholders to the Former Primary Beneficiary or the Former Primary Beneficiary may deduct the excess amount upon payment of consideration. The Former Primary Beneficiary or its designee(s) may exercise such option at any time until it has acquired all the equity interest of the VIE. The agreement will remain effective until all the equity interests held by the Nominee Shareholders have been lawfully transferred to the Former Primary Beneficiary or its designee(s) pursuant to the terms of the agreement. Equity pledge agreements Pursuant to the equity pledge agreement entered into among the Nominee Shareholders, the VIE and the Former Primary Beneficiary, the Nominee Shareholders pledged all of their equity interest in the VIE to the Former Primary Beneficiary as collateral for all of their payments due to the Former Primary Beneficiary and to secure their obligations under the above agreements. Without the prior written consent of the Former Primary Beneficiary, 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. The Former Primary Beneficiary is entitled to transfer or assign in full, or in part, the equity interest pledged. In the event of default, the Former Primary Beneficiary 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 Former Primary Beneficiary, each of the Nominee Shareholders irrevocably nominates, appoints and constitutes any person designated by the Primary Former Beneficiary as its attorney-in-fact Business operation agreements Pursuant to the business operations agreement entered into among the Nominee Shareholders, the VIE and the Former Primary Beneficiary, the Nominee Shareholders must appoint candidates designated by the Former Primary Beneficiary as the members of the board of the VIE and the Former Primary Beneficiary 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 the Former Primary Beneficiary. The Nominee Shareholders also agree to unconditionally pay or transfer to the Former Primary Beneficiary 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 the Former Primary Beneficiary. Neither the VIE nor the Nominee Shareholders may terminate this agreement. Spousal consent letters The spouse of certain 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. On January 17, 2014, the Contractual Agreements were supplemented with financial support undertaking letters executed by the Former Primary Beneficiary to memorialize the Former Primary Beneficiary’s commitment to the VIEs and the commitment shall be retrospectively effective from the date the other contractual agreements were fully executed. Pursuant to the financial support undertaking letter, the Former Primary Beneficiary commits to provide unlimited financial support to the VIE to support their operations whether or not the VIE incurs any losses, and not request for repayment if the VIE is unable to do so. Despite the lack of technical majority ownership, there exists a parent-subsidiary relationship between the Former Primary Beneficiaries 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 Former Primary Beneficiaries. Furthermore, pursuant to the exclusive equity option agreements, which include a substantive kick-out 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 Former Primary Beneficiaries. Senior management of the Company, all employees of the Former Primary Beneficiaries, 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 Former Primary Beneficiaries have the power to direct the activities of the VIEs that most significantly impact their economic performance. Thus, Beijing Security and Conew Network are considered as the Former primary beneficiaries of the VIEs. As a result of the above, the Company, through the Former Primary Beneficiaries, consolidate the VIEs in accordance with SEC Regulation S-X 3A-02 Consolidation In December 2019, the following two agreements included in the Contractual Agreements for certain VIEs, including Beijing Conew, Beijing Mobile and Beijing Network, were amended and replaced to mainly include the following terms: a. Exclusive equity option agreements The Company (i) has an exclusive option to purchase, when and to the extent permitted under PRC laws, all or part of the equity interests in the VIEs or all or part of the assets held by the VIEs, (ii) has an exclusive right to cause the Nominee Shareholders to transfer their equity interests in the VIE to the Company or any designated third party and (iii) may provide financial support to the VIEs (only to the extent permitted under PRC laws) when the VIEs become in need of any form of reasonable financial support in the normal operation of business. The Company will not request repayment of any outstanding loans or borrowings from the VIEs if the VIEs do not have sufficient funds or are unable to repay such loans or borrowings. b. Proxy agreements and power of attorney The Nominee Shareholders of the VIEs agreed to irrevocably entrust all the rights to exercise their voting power and any other rights as shareholders of the VIEs to the Company or any third party designated by the Company. The Company, or any designated third party, as the Entrustee, shall have the right to exercise all the rights as shareholders of the VIEs in its sole discretion, and none of the Nominee Shareholders shall exercise any rights as shareholders of the VIEs without the prior written consent of the Company. The Nominee Shareholders of the VIEs have each executed an irrevocable power of attorney to appoint the Company as their attorney-in-fact As a result, the power and the rights pursuant to the Proxy Agreements and Power of Attorney have since been effectively reassigned from the Former Primary Beneficiaries to the Company which has the power to direct the activities of the VIEs that most significantly impact the VIEs’ economic performance. The Company is also obligated to absorb the expected losses of the VIE through the financial support as described above. Therefore, the Company has replaced the Former Primary Beneficiaries as the primary beneficiary of the VIEs, including but not limited to Beijing Conew, Beijing Mobile and Beijing Network since December 2019. As the VIEs were subject to indirect control by the Company through its PRC subsidiaries immediately before and direct control immediately after the Contractual Agreements were amended, the change of the primary beneficiary of the VIEs was accounted for as a common control transaction based on the carrying amount of the net assets transferred. Contractual Agreements for the VIEs effective since December, 2019 are substantially similar, including Exclusive equity option agreements and Proxy agreements and power of attorney with the Company and other agreements, including Exclusive technology development, support, and consulting agreements, Equity pledge agreements, Business operation agreements, with the Company’s subsidiary(ies). 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 primary beneficiary, 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 Primary Beneficiary’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. The legal system in PRC is not as developed as in other jurisdictions, such as the United States. As a result, uncertainties 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, 2020 2021 RMB RMB US$ Cash and cash equivalents 28,060 37,496 5,884 Restricted cash 144 144 23 Short-term investments 15 120,197 18,862 Accounts receivable, net 19,449 12,462 1,956 Prepayments and other current assets 72,422 21,906 3,438 Due from related parties (i) 744,930 761,270 119,460 Total current assets 865,020 953,475 149,623 Property and equipment, net 2,616 25,515 4,004 Operating lease right-of-use 20 3,529 554 Intangible assets, net 3,000 5,097 800 Long-term investments 296,801 272,169 42,709 Other non-current 667 45,990 7,217 Deferred tax assets 17,124 1,180 185 Total non-current 320,228 353,480 55,469 Total assets 1,185,248 1,306,955 205,092 Accounts payable 8,536 7,205 1,131 Accrued expenses and other current liabilities 110,065 147,097 23,083 Due to related parties (i) 948,241 1,053,536 165,323 Income tax payable 1,791 751 118 Total current liabilities 1,068,633 1,208,589 189,655 Deferred tax liabilities 16,913 — — Other non-current 5,228 7,947 1,247 Total non-current 22,141 7,947 1,247 Total liabilities 1,090,774 1,216,536 190,902 (i) The balances due from and due to related parties of the VIEs and subsidiaries of VIEs mainly represented amounts due from subsidiaries of the Group. As of December 31, 2020, and 2021, amounts due from subsidiaries of the Group were RMB684,257 and RMB706,646 (US$110,888), respectively, while amounts due to subsidiaries of the Group were RMB927,892 and RMB1,024,511 (US$160,768), respectively, which were eliminated upon consolidation by the Company. The carrying amounts of the assets, liabilities and the results of operations of the VIEs and their subsidiaries are presented in aggregate due to the similarity of the purpose and design of the VIEs and their subsidiaries, the nature of the assets in these VIEs and their subsidiaries and the type of the involvement of the Company in these VIEs and their subsidiaries. The financial performance and cash flows of the VIEs and subsidiaries of VIEs are as follows: For the year ended December 31, 2019 2020 2021 RMB RMB RMB US$ Revenues 586,404 659,626 320,942 50,363 Cost of revenues 335,912 194,103 205,955 32,319 Net loss (88,559 ) (8,825 ) (8,489 ) (1,332 ) Net cash provided by (used in) operating activities 62,401 (36,196 ) 209,357 32,853 Net cash (used in) provided by investing activities (69,386 ) 21,168 (255,027 ) (40,019 ) Net cash provided by financing activities — — 91,093 14,294 Effect of exchange rate changes on cash, cash equivalents and restricted cash 121 (53 ) (35,987 ) (5,647 ) 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, 2021, 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, 2021 | |
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 third 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. Comparative information Certain items in prior years’ consolidated financial statements have been reclassified to conform to the current year’s presentation to facilitate comparison. 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 those related to the standalone selling prices of performance obligation of revenue contracts, the allowance for credit losses, weighted average unit price of virtual currencies of LiveMe, the average paying user lives of online games, the purchase price allocation with respect to business combinations, useful lives of long-lived assets and intangible assets, impairment of long-lived assets, impairment of investments, net realizable value of inventories, impairment of goodwill, valuation allowance for deferred tax assets, uncertain tax positions, share-based compensation, fair values of investments, and loss contingencies, among others. Foreign currency translation and transactions The functional currency of the Company is the US$. The Company’s subsidiaries, VIEs and subsidiaries of VIEs determined their functional currency based on the criteria of ASC 830, Foreign Currency Matters Transactions denominated in foreign currencies are remeasured into the functional currency at the exchange rates prevailing on the transaction dates. Foreign currency denominated financial assets and liabilities are remeasured at the exchange rates prevailing at the balance sheet date. Exchange gains and losses are included as a component of “Foreign exchange gains, net” in the consolidated statements of comprehensive (loss) income. Convenience translation Amounts in US$ are presented for the convenience of the reader and are translated at the noon buying rate of RMB6.3726 to US$1.00 on December 30, 2021 in the City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate. Business combinations and noncontrolling interests Except for business combination under common control, the Group accounts for its business combinations using the purchase method of accounting in accordance with ASC 805, Business Combinations In a business combination achieved in stages, the Group remeasures its previously held equity interest in the acquiree immediately before obtaining control at its acquisition-date fair value and the re-measurement The determination and allocation of fair values to the identifiable assets acquired, liabilities assumed and noncontrolling interests is based on various assumptions and valuation methodologies requiring considerable judgment from management. The most significant variables in these valuations are discount rates, terminal values, the number of years on which to base the cash flow projections, as well as the assumptions and estimates used to determine the cash inflows and outflows. The Group determines discount rates to be used based on the risk inherent in the related activity’s current business model and industry comparisons. Terminal values are based on the expected life of assets, forecasted life cycle and forecasted cash flows over that period. 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. Consolidated net (loss) income on the consolidated statements of comprehensive (loss) income includes the net (loss) income attributable to noncontrolling interests. The cumulative results of operations attributable to noncontrolling interests are recorded as noncontrolling interests in the Group’s consolidated balance sheets. Cash and cash equivalents Cash consists of cash on hand and bank deposits, which are unrestricted to withdrawal and use. All highly liquid investments with original stated maturity of three months or less are classified as cash equivalents and are stated at cost which approximates their fair value. Accounts receivable and allowance for credit losses Prior to the adoption of ASC 326, accounts receivable is recognized and carried at original invoiced amount less an allowance for any potential uncollectible amounts. An estimate for doubtful debts is made when collection of the full amount is no longer probable. Bad debts are written off as incurred. The Group generally does not require collateral from its customers. The Group maintains allowances for doubtful accounts for estimated losses resulting from the failure of customers to make payments on time. The Group reviews the accounts receivable on a periodic basis and makes specific allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual receivable balances, the Group considers many factors, including the customer’s payment history, its current creditworthiness and current economic trends. Upon adoption of ASC 326 on January 1, 2020, the Group maintains an allowance for credit losses in accordance with ASC 326 and records the allowance for credit losses as an offset to accounts receivable, and the estimated credit losses charged to the allowance is classified as “General and administrative” in the consolidated statements of comprehensive (loss) income. The Group assesses collectability by reviewing accounts receivable 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 accounts receivable 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. Bad debts are written off as incurred. The Group generally does not require collateral from its customers. Inventories Inventories, consisting of products available for sale, are stated at the lower of cost and 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 merchandise and damaged goods, 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) income. 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. Investment in debt securities The Group accounts for its investments in debt securities in accordance with ASC 320-10, Investments-Debt Securities: Overall “held-to-maturity”, “available-for-sale”, 320-10. The debt securities that the Group has positive intent and ability to hold to maturity are classified as held-to-maturity held-to-maturity 320-10. more-likely-than-not Upon the adoption of ASC 326 on January 1, 2020, the allowance for credit losses of the held-to-maturity held-to-maturity Debt securities 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 available-for-sale Available-for-sale Investment in equity securities The Group accounts for its investments in common stock or in-substance 323-10, Investments-Equity Method and Joint Ventures: Overall 825-10, Financial Instruments: Fair Value Option 323-10 323-10. 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) income. 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. 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 For equity investments measured at fair value with changes in fair value recorded in earnings, the Group does not assess whether those securities are impaired. For those equity investments that the Group elects to use the measurement alternative, 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 entity 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. In January 2020, the FASB issued ASU No. 2020-01, 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 an independent third-party valuation firm, determined the estimated fair value of its equity investments using the alternative measurement based on observable price changes and equity method investment with fair value option elected. For business disposed during the year, the Group measured fair value upon deconsolidation using the discounted cash flow approach. The Group also, with the assistance of an independent third-party valuation firm, determined the fair value of long-term investments, including equity investments using the alternative measurement, equity method investments and long-term debt securities upon impairment occurrence. Property and equipment Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, as follows: Estimated useful life Electronic equipment 2-3 AI related equipment 2-3 Office equipment and fixtures 5 years Motor vehicles 4 years Leasehold improvements Lesser of term of the lease or the estimated useful lives of the 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) income. 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 The Group assesses goodwill for impairment in accordance with ASC 350, Intangibles-Goodwill and Other: Goodwill 350-20”), two-step 350-20. more-likely-than-not two-step two-step two-step On disposal of a portion of reporting unit that constitutes a business, the attributable amount of goodwill is included in the determination of the amount of profit or loss on disposal. When the Group disposes of a business within the reporting unit, the amount of goodwill disposed is measured based on the relative fair value of the business disposed and the portion of the reporting unit retained. This relative fair value approach is not used when the business to be disposed was not integrated into the reporting unit after its acquisition, in which case the current carrying amount of the acquired goodwill should be included in the carrying amount of the business to be disposed. 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 Online game licenses 1-5 User base 1 year Domain names 1-10 Platform 5-6 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, 2020 and 2021, the Group did not have any intangible assets with an indefinite life. 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 Treasury stock Treasury stock represents ordinary shares repurchased by the Company that are no longer outstanding and are held by the Group. Treasury stock is accounted for under the cost method. Under this method, repurchase of ordinary shares was recorded as treasury stock at historical purchase price. At retirement, the ordinary shares account is charged only for the aggregate par value of the shares. The excess of the acquisition cost of treasury shares over the aggregate par value is allocated between additional paid-in paid-in Revenue recognition The Group generates its revenues primarily through internet business, AI and others. The Group recognizes revenue when it has approval and commitment from the customer, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Pursuant to ASC 606-10-32-2A, The following table presents the Company’s revenues disaggregated by revenue source: For the year ended December 31, 2019 2020 2021 RMB RMB RMB US$ Revenues: Internet business Online advertising 2,074,256 855,430 354,604 55,645 Internet value-added services 1,296,555 525,476 299,155 46,944 AI and others Advertising agency services(i) 73,762 84,993 61,588 9,665 Multi-cloud Management Services — 3,501 41,443 6,503 Technical consulting and other services 58,607 35,504 17,236 2,704 Sale of AI hardware products 84,515 47,741 10,590 1,662 Total consolidated revenues 3,587,695 1,552,645 784,616 123,123 (i) As disclosed under Segment reporting, the Group realigned its segments as CODM changed how it manages and assesses the Group’s segment performance. business. As such, the Group has retrospectively revised disaggregated revenue disclosure accordingly. Please refer to Note 2 Segment reporting for more information. (1) Internet business Online advertising Online advertising revenue is primarily derived from displaying advertising customer’s advertisements on the Group’s 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 originating from the Group’s online platforms. Revenue is recognized at a point in time when there is an effective click, transaction, installations, user registrations, and other actions originating from the Group’s online platforms. For contracts that are charged on the cost per impression basis, the Group recognizes the revenue at a point in time when the impressions are delivered. 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, game-related and live streaming services. VIP membership and software subscription. Game-related services. in-game in-game in-game in-game The Group tracks the in-game log-in Live streaming services. (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 pre-determined 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 sale 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 of AI hardware products, technical consulting service and others The Group recognizes revenue generally at a point in time for the sale of AI hardware products when the products are delivered to customers. Technical consulting services are recognized over time because the customer simultaneously receives and consumes the benefits as the Group performs throughout a fixed term. (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 The Group recognizes a contract liability in the consolidated balance sheets for the contracts where the Group received the payments but have not satisfied the related performance obligation. Contract liabilities were mainly related to advance from customers in online advertising services and internet value-added services to be provided over a period of time and purchase of virtual currencies from users in mobile game and live broadcast application, which were included in “Accrued expenses and other liabilities”. Balances of contract liabilities were Cost of revenues Cost of revenues primarily consists of traffic acquisition cost, bandwidth and cloud service costs, content and channel costs, royalty fees, salaries and benefits, share-based compensation expenses, depreciation of equipment, amortization of intangible assets and cost of products sold. 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 , Research and development expenses Research and development consist primarily of employee costs and rental expenses related to personnel involved in the development and enhancement of the Group’s service offerings on its websites, PC software, mobile applications and products and amortization of intangible assets used in research and development. 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 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 Leases Prior to the adoption of ASC 842, Leases The Group adopted ASC 842 on January 1, 2019 using the modified retrospective method and did not restate the comparable periods. The Group elected the package of practical expedients, which allow the Group to carry forward the historical lease classification, not to reassess whether a contract is or contains a lease and initial direct costs for any leases that exist prior to adoption of the new standard. The Group also elected the practical expedient not to separate lease and non-lease The Group determines if an arrangement is a lease or contains a lease at lease inception. For operating leases, the Group recognizes right-of-use 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 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 if, based on the weight of available evidence, it is more-likely-than-not The Group applies ASC 740, Accounting for Income Taxes non-current 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 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. (Loss) earnings per share (Loss) earnings per share are calculated in accordance with ASC 260-10, Earnings per Share: Overall two-class two-class Diluted earnings per share is calculated by dividing net (loss) income 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 (loss) earnings 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 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. S |
Business Combinations and Decon
Business Combinations and Deconsolidations | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations and Decosolidations | 3. BUSINESS COMBINATIONS AND DECONSOLIDATIONS Deconsolidation in 2020 During the year ended December 31, 2020, the Group disposed certain gaming related business and one utility product in its Internet Business segment to a third party and a related party. Consequently, the Group lost control over such businesses and deconsolidated their financial results from the Group’s financial statements from the date of disposal with total consideration of RMB202,275 and contingency consideration of RMB11,745. The Group recognized a total gain of RMB226,502 from these transactions in “Other income” in the consolidated statements of comprehensive income for the year ended December 31, 2020. The Group further disposed its major gaming related business to certain investees. Consequently, the Group lost control over such businesses and deconsolidated their financial results from the Group’s financial statements from the date of disposal. The Group measured shares acquired during the disposal from certain investees at fair value and recognized a total gain of RMB182,550 from the transactions in “Other income” in the consolidated statements of comprehensive income for the year ended December 31, 2020. The Group owns 36% voting rights of these investees, which might be further increased to a higher percentage, expecting 75% as the highest subject to further adjustments as share split, share combination, etc. in some of the investees, provided that the Group chooses to convert its preferred shares into ordinary shares in full or in part upon certain conversion events. As the Group’s equity interests are not in-substance The Group also disposed its partial interest in an entity operating utility related business through the sale of shares. Consequently, the Group lost control over such businesses and deconsolidated their financial results from the Group’s financial statements from the date of disposal. The Group measured the remaining interests at fair value upon deconsolidation and recognized a total loss of RMB14,827 from the transactions in “Other expenses” in the consolidated statements of comprehensive income for the year ended December 31, 2020. Subsequent to the deconsolidation, the Group owns 47.1% voting rights and the remaining interests are accounted for as equity method. These equity investees will be considered related parties after deconsolidation. The deconsolidation of these businesses did not meet the definition of a discontinued operation in accordance with ASC 205-20, 205-20”), Business combination in 2019 In June 2019, the Group completed a business combination, which the Group expected to enhance the Group’s expertise in hardware services. The total purchase consideration was RMB25,000. The acquired entity was considered insignificant. The results of the acquired entity’s operations have been included in the Group’s consolidated financial statements since June 2019. Deconsolidation in 2019 In September 2019, Live.me Inc (“Live.me”), a former subsidiary of the Company, amended its share incentive plan to increase the number of shares to be issued under the current plan, and issued certain number of new shares into a trust under the plan for the benefit of current and future recipients of Live.me’s share incentive awards. Consequently, the Company was no longer a majority shareholder of Live.me and deconsolidated Live.me’s financial results from the Company’s financial statements from September 30, 2019. The Group recognized a total gain of from the transaction in “Other income” in the consolidated statements of comprehensive loss for the year ended December 31, 2019. The deconsolidation of Live.me did not meet the definition of a discontinued operation in accordance with ASC 205-20 as the disposal of Live.me did not represent a shift in the Group’s strategy that has (or will have) a major effect on an entity’s operations and financial results. Subsequent to the deconsolidation, the Group owns voting rights of Live.me. The remaining interests is accounted for equity investment using the fair value option in accordance with ASC 825 and Live.me was considered a related party after deconsolidation. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Investments | 4. INVESTMENTS (a) Short-term investments As of December 31, 2020, and 2021, short-term investments included time deposits, and structured notes in commercial banks which are classified as available-for-sale 320-10, For the years ended December 31, 2019, 2020 and 2021, the Group recognized interest income from its short-term investments of RMB45,993, RMB23,780 and RMB12,687 (US$1,991), respectively. For the years ended December 31, 2019, 2020 and 2021, the Group recognized fair value gains (losses) on available-for-sale For the years ended December 31, 2019, 2020 and 2021, the Group recognized a credit loss on short-term investments of RMB3,506, RMB7,096 and RMB715 (US$112) in “other expense” in the consolidated comprehensive income (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 investments accounted for using fair value option and available-for-sale 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, 2020 and 2021, the carrying amount of the Group’s equity investments accounted for using the alternative measurement was RMB1,817,891 and RMB1,349,272 (US$211,731), including RMB641,969 and RMB942,605 (US$147,915) accumulated impairment, and RMB231,092 and RMB287,339 (US$45,090) accumulated upward adjustment, respectively. During the years ended December 31, 2020 and 2021, 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 RMB243,525 and RMB154,488 (US$24,243) as of December 31, 2020 and 2021, respectively. Total unrealized and realized gains and losses of equity securities without readily determinable fair values for the years ended December 31, 2019,2020 and 2021 were as follows: For the year ended December 31 2019 2020 2021 RMB RMB RMB US$ Gross unrealized gains (upward adjustments) 78,321 121,555 82,504 12,947 Gross unrealized losses (impairment) (180,913 ) (66,063 ) (351,380 ) (55,139 ) Net unrealized (losses) gains on equity securities held (102,592 ) 55,492 (268,876 ) (42,192 ) Net realized gains on equity securities sold — 482,202 67,105 10,530 Total net (losses) gains recognized in other income, net (102,592 ) 537,694 (201,771 ) (31,662 ) In 2021, the Group: i) acquired equity interests in two equity investees for a total consideration of RMB7,000 (US$1,098). ii) disposed certain equity interest in equity investees and recognized a disposal gain of RMB67,105 (US$10,530) in “Other income”. In 2020, the Group: i) acquired equity interests in three equity investees for a total consideration of RMB20,000. ii) disposed the remaining portion of equity ownership of Bytedance and recognized a disposal gain of RMB465,877 in “Other income” In 2019, the Group: i) acquired additional preferred shares of Beijing OrionStar Technology Co., Ltd. (“Beijing OrionStar”) with a cash consideration of RMB262,072. Subsequent to the transaction, the Group owned 38.7% equity interests not qualified as in-substance The Group received dividends from investees of RMB13,217, RMB4,002 and RMB2,558 (US$401) which were recorded in “Other income” in the consolidated comprehensive income (loss) for the years ended December 31, 2019, 2020 and 2021, 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. The fair value of the share interests was RMB11,411 and nil as of December 31, 2020 and 2021. Unrealized gains for the equity investments with readily determinable fair value were RMB Equity investment accounted for using fair value option In September 2019, the Group owned 49.6% equity interest of Live.me on a fully dilutive basis after deconsolidation (Note 3). The fair value of the remaining share interests was RMB388,581, RMB364,298 and RMB362,235 (USD$56,843) as of December 31, 2019, 2020 and 2021, respectively. Unrealized (losses) gain for Equity investments accounted for using fair value option were RMB(102,555), RMB857 and RMB6,537 (US$1,026), which were recorded in “Other income” in the consolidated comprehensive (loss) income for the years ended December 31, 2019, 2020 and 2021, respectively. Equity investments accounted for using equity method The carrying amount of the Company’s equity method investments were RMB216,126 and RMB236,552 (US$37,120) as of December 31, 2020 and 2021, respectively. In 2021, the Group acquired an equity method investment with total consideration of RMB2,500 (US$392). In 2020, the Group acquired equity method investments with aggregate consideration of RMB15,040, and recognized RMB18,000 of equity method investments as result of the deconsolidation of a business in the Group’s Internet Business segment. In 2019, the Group acquired: i) equity interests in Ziniu Fund, L.P. with a cash consideration of RMB30,000; and ii) other equity method investments with aggregate consideration of RMB4,026. The Group recorded its share of income of share of loss of and share of income of None of equity method investments, including the investment that the Group elects to account for using the fair value option, was considered individually material for the years ended December 31, 2019, 2020 and 2021. The Group summarized the unaudited condensed financial information of the Group’s equity method investments as a group below in accordance with Rule 4-08 of Regulation S-X: As of December 31, 2020 2021 RMB RMB US$ Balance sheet data: Current assets 452,904 520,871 81,736 Non-current 1,072,284 1,798,402 282,208 Current liabilities 220,499 182,176 28,587 Non-current 7,771 7,746 1,216 Redeemable preferred shares 875,199 906,420 142,237 For the year ended December 31, 2019 2020 2021 RMB RMB RMB US$ Operating data: Revenues 970,017 944,974 925,020 145,156 Gross profit 223,883 307,531 407,487 63,944 Operating (loss) income (66,751 ) 109,456 459,079 72,039 Net (loss) income (78,146 ) 115,962 464,352 72,867 Available-for-sale Available-for-sale 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 RMB42,883 (US$6,729) recorded in “Other expense” in the consolidated comprehensive (loss) income. As of December 31, 2020, and 2021, long-term available-for-sale debt securities were nil and RMB46,339 (US$7,272), respectively. For the years ended December 31, 2019, 2020 and 2021, the Group recognized fair value (loss) gain on long-term available-for-sale |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2021 | |
Accounts Receivable, Net | 5. ACCOUNTS RECEIVABLE, NET As of December 31, 2020 2021 RMB RMB US$ Accounts receivable 325,606 263,000 41,270 Allowance for credit losses (100,020 ) (92,695 ) (14,545 ) Accounts receivable, net 225,586 170,305 26,725 The movements in the allowance for credit losses were as follows: Year ended December 31 2020 2021 RMB RMB USD Balance as of January 1 109,315 100,020 15,695 Adoption of ASC 326 9,053 — — Amounts charged to expenses (2,973 ) (1,462 ) (230 ) Amounts written off (10,099 ) (3,951 ) (620 ) Disposal of a subsidiary (68 ) — — Foreign Exchange effect (5,208 ) (1,912 ) (300 ) Balance as of December 31 100,020 92,695 14,545 |
Prepayments and Other Current A
Prepayments and Other Current Assets | 12 Months Ended |
Dec. 31, 2021 | |
Prepayments and Other Current Assets | 6. PREPAYMENTS AND OTHER CURRENT ASSETS As of December 31, 2020 2021 RMB RMB US$ Other receivables from advertisers 726,945 397,700 62,408 Advances to suppliers 110,816 108,263 16,989 Prepaid expenses 42,464 29,592 4,644 Inventories (i) 24,062 15,415 2,419 Receivable from third-party payment platform 14,848 16,785 2,634 Convertible loans (ii) 83,357 8,240 1,293 Others 113,560 104,324 16,371 Impairment of prepayments and inventory (108,739 ) (98,005 ) (15,379 ) Allowance for credit losses (171,619 ) (102,985 ) (16,162 ) Total 835,694 479,329 75,217 (i) Inventory consists of finished goods, as of December 31, 2020 and 2021, inventories net of impairment reserve were RMB1,465 and RMB265 (US$42). Reserve for inventory for the years ended December 31, 2019, 2020 and 2021 were RMB2,800, RMB23,694 and RMB7,618 (US$1,195), respectively. (ii) As of December 31, 2020 and 2021, convertible loans were fully impaired. The movements in the allowance for credit losses were as follows: Year ended December 31 2020 2021 RMB RMB USD Balance as of January 1 144,622 171,619 26,932 Adoption of ASC 326 19,765 — — Amounts charged to expenses 10,862 (696 ) (109 ) Amounts written off — (66,658 ) (10,460 ) Disposal of a subsidiary (11 ) (1 ) — Foreign Exchange effect (3,619 ) (1,279 ) (201 ) Balance as of December 31 171,619 102,985 16,162 Provision for credit losses and impairment of assets for the years ended December 31, 2019, 2020 and 2021 were RMB109,408, RMB32,999 and RMB493 (US$77), respectively. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2021 | |
Property and Equipment, Net | 7. PROPERTY AND EQUIPMENT, NET As of December 31, 2020 2021 RMB RMB US$ Electronic equipment 86,602 64,420 10,109 AI related equipment 118,039 152,177 23,880 Leasehold improvements 60,392 14,522 2,279 Office equipment and fixtures 26,039 20,867 3,274 Motor vehicles 4,176 4,045 635 Less: Accumulated depreciation 184,038 145,529 22,837 Less: Accumulated impairment 9,226 8,708 1,366 Property and equipment, net 101,984 101,794 15,974 Depreciation expense of property and equipment for the years ended December 31, 2019, 2020 and 2021 were RMB37,382, RMB52,137 and RMB45,751 (US$7,179), respectively. The impairment recognized on property and equipment were nil, RMB9,226 and nil for the years ended December 31, 2019, 2020 and 2021, respectively. The Group recorded impairment loss in “Other operating income (expense), net”. |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2021 | |
Intangible Assets, Net | 8. INTANGIBLE ASSETS, NET Intangible assets and the related accumulated amortization were summarized as follows: As of December 31, 2021 Gross Carrying value Accumulated Accumulated Net carrying value RMB RMB RMB RMB US$ Online game licenses 174,252 (128,035 ) (45,331 ) 886 139 Technology 131,664 (106,928 ) (17,631 ) 7,105 1,115 Platform 70,142 (38,582 ) (31,560 ) — — Customer relationship 45,665 (43,076 ) (2,589 ) — — User base 43,954 (43,954 ) — — — Trademarks 16,974 (13,437 ) (2,114 ) 1,423 223 Domain names 4,860 (4,222 ) — 638 100 Non-compete 1,610 (1,610 ) — — — Total 489,121 (379,844 ) (99,225 ) 10,052 1,577 As of December 31, 2020 Gross value Accumulated Accumulated Net carrying RMB RMB RMB RMB Online game licenses 179,843 (122,515 ) (54,238 ) 3,090 Technology 139,367 (118,478 ) (12,069 ) 8,820 Platform 71,783 (39,485 ) (32,298 ) — Customer relationship 46,570 (43,920 ) (2,650 ) — User base 45,321 (45,321 ) — — Trademarks 15,820 (13,674 ) (2,142 ) 4 Domain names 4,576 (3,915 ) — 661 Non-compete 1,610 (1,610 ) — — Total 504,890 (388,918 ) (103,397 ) 12,575 The Group recorded impairment loss in “Other operating income (expense), net”. The impairment recognized on intangible assets were Amortization expense of intangible assets for the years ended December 31, 2019, 2020 and 2021 were RMB28,086, RMB16,409 and RMB5,071 (US$796), respectively. Estimated amortization expense relating to the existing intangible assets with finite lives for each of next five years and thereafter is as follows: For the year ending December 31, RMB US$ 2022 1,975 310 2023 1,574 247 2024 1,357 213 2025 1,314 206 2026 1,258 197 Thereafter 2,574 404 Total 10,052 1,577 |
Lease
Lease | 12 Months Ended |
Dec. 31, 2021 | |
Lease | 9. 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, 2020 and 2021, the Group had no finance leases. As of December 31, 2020 and 2021, the weighted average remaining lease term was 3.0 years and 4.0 years, respectively, and the weighted average discount rate was 4.7% and 4.9% for the Group’s operating leases respectively. Operating lease cost for the year ended December 31, 2019, 2020 and 2021, was RMB66,609, RMB50,035 and RMB20,613 (US$3,235) respectively, which excluded cost of short-term contracts. Short-term lease cost for the year ended December 31, 2019, 2020 and 2021 was RMB7,039, RMB9,864 and RMB28,488 (US$4,470), respectively. For the years ended December 31, 2019, 2020 and 2021, no lease cost was capitalized. Future lease payments under operating leases as of December 31, 2021 were as follows: For the year ending December 31, RMB US$ 2022 17,906 2,810 2023 11,485 1,802 2024 8,627 1,354 2025 8,615 1,352 2026 6,277 985 Total future lease payments 52,910 8,303 Less: imputed interest 4,781 751 Total 48,129 7,552 |
Accrued Expenses And Other Liab
Accrued Expenses And Other Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Accrued Expenses And Other Liabilities | 10. ACCRUED EXPENSES AND OTHER LIABILITIES Accrued expenses and other current liabilities As of December 31, 2020 2021 RMB RMB US$ Payable to online advertising platforms as agency 744,314 495,875 77,814 Accrued operating expenses 203,820 148,863 23,360 Salary and welfare payable 104,716 56,073 8,799 Advance received in advertising agency services 73,034 137,267 21,540 Accrued advertising, marketing and promotional expenses 48,027 51,193 8,033 Deferred revenue 108,376 156,994 24,636 Operating lease liabilities current portion 6,876 17,452 2,739 Other taxes payable 23,468 17,678 2,774 Accrued bandwidth and cloud service costs 1,853 363 57 Others 75,558 55,590 8,723 Total 1,390,042 1,137,348 178,475 Other non-current As of December 31, 2020 2021 RMB RMB US$ Uncertain tax position 174,113 161,485 25,341 Operating lease liabilities non-current 11,957 30,677 4,814 Others 6,202 13,555 2,126 Total 192,272 205,717 32,281 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Information | 11. 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 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, 2019, 2020 and 2021: For the year ended December 31, 2019 2020 2021 RMB RMB RMB US$ Revenues: Internet business 3,370,811 1,380,906 653,759 102,589 AI and others 216,884 171,739 130,857 20,534 Total revenues 3,587,695 1,552,645 784,616 123,123 Operating (loss) income: Internet business (74,406 ) 147,070 (14,178 ) (2,225 ) AI and others (363,401 ) (597,203 ) (208,243 ) (32,678 ) Unallocated expenses(i) (673,105 ) (80,982 ) (7,150 ) (1,122 ) Total operating loss (1,110,912 ) (531,115 ) (229,571 ) (36,025 ) (i) Unallocated items include share-based compensation and goodwill impairment which were not allocated to segments. |
Geographical Information
Geographical Information | 12 Months Ended |
Dec. 31, 2021 | |
Geographical Information | 12. GEOGRAPHICAL INFORMATION The following tables set forth revenues and property and equipment, net by geographic area: For the year ended December 31, 2019 2020 2021 RMB RMB RMB US$ Revenues: PRC 1,388,107 698,910 562,464 88,263 Overseas (i) 2,199,588 853,735 222,152 34,860 United States 1,342,021 437,262 32,646 5,123 Japan 139,290 138,918 111,481 17,494 Rest of the world (ii) 718,277 277,555 78,025 12,243 A s 2020 2021 RMB RMB US$ Property and equipment, net: PRC 98,438 99,133 15,556 Non-PRC 3,546 2,661 418 (i) Overseas revenue refers to revenues generated by the Group’s operating legal entities incorporated outside China. Such revenues are primarily attributable to customers located outside China based on customers’ registered addresses. (ii) No individual country, other than disclosed above, exceeded 10% of total revenues for the years ended December 31, 2019, 2020 and 2021, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes | 13. 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 Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain arising in Cayman Islands. Additionally, upon payments of dividends by the Company to its shareholders, no Cayman Islands withholding tax will be imposed. Hong Kong Subsidiaries in Hong Kong are subject to Hong Kong Profits Tax rate at 16.5%, and foreign-derived income is exempted from income tax. 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% for the year ended December 2019, 2020 and 2021. Japan Kingsoft Japan is incorporated in Japan with paid-in paid-in 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. Beijing Security, being qualified as High New Technology Enterprise (“HNTE”), is entitled to the preferential income tax rate of 15% from 2020 to 2022. As qualified HNTEs, Beijing Kingsoft Cheetah Technology Co., Ltd. is entitled to the preferential income tax rate of 15% from 2019 to 2021; Antutu is entitled to the preferential income tax rate of 15% from 2020 to 2022. 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 Without the tax holidays and preferential tax, the Group’s income tax expenses would have increased by RMB84,520 for the year ended December 31, 2019 and decreased by RMB18,671 and RMB44,909 (US$7,047) for the years ended December 31, 2020 and 2021, respectively. The impacts of the tax holidays and preferential tax rates were an increase in the basic earnings per share of RMB0.0617 for the year ended December 31, 2019 and a decrease in the loss per share of RMB0.0133 and RMB0.0314 (US$0.0049), for the year ended December 31, 2020 , and 2021, respectively. Under the EIT Law, dividends paid by PRC enterprises out of profits earned post-2007 to non-PRC Income (loss) before income taxes consists of: Year ended December 31, 2019 2020 2021 RMB RMB RMB US$ PRC (589,752 ) (325,686 ) (490,025 ) (76,897 ) Non-PRC 224,065 833,933 150,454 23,609 Total (365,687 ) 508,247 (339,571 ) (53,288 ) The current and deferred portions of income tax expenses included in the consolidated statements of comprehensive (loss) income Year ended December 31 , 2019 2020 2021 RMB RMB RMB US$ Current income tax expenses 1,923 106,718 12,713 1,995 Deferred income tax expenses (benefits) 5,981 (9,628 ) 920 144 Income tax expenses 7,904 97,090 13,633 2,139 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, 2019 2020 2021 RMB RMB RMB US$ (Loss) income before income tax (365,687 ) 508,247 (339,571 ) (53,288 ) Income tax expense computed at the PRC statutory tax rate of 25% (91,423 ) 127,062 (84,894 ) (13,322 ) Effect of different tax rates in different jurisdictions (178,059 ) (150,466 ) (16,764 ) (2,631 ) Effect of tax holiday and preferential tax rates 84,520 18,671 44,909 7,047 Research and development super-deduction (105,443 ) (46,153 ) (12,660 ) (1,987 ) Non-taxable (15,804 ) (44,177 ) (25,713 ) (4,035 ) Non-deductible 165,580 21,681 8,614 1,352 Effect of change in tax rate (7,991 ) — (12,327 ) (1,934 ) Outside basis difference on investment (30,681 ) (17,482 ) 63 10 Withholding tax and others (5,470 ) 97,270 18,524 2,907 Changes in valuation allowance 192,675 90,684 93,881 14,732 Income tax expenses 7,904 97,090 13,633 2,139 (i) Non-taxable (ii) Non-deductible 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, 2020 and 2021 are as follows: As of December 31, 2020 2021 RMB RMB US$ Deferred tax assets: Tax losses carry forward 257,328 316,845 49,720 Equity investment loss 45,958 73,035 11,461 Allowance for credit losses 22,435 28,476 4,469 Intangible assets and accrued expenses 7,952 8,953 1,405 Deferred revenue 2,153 — — Share-based compensation 3,223 1,654 260 Fixed assets depreciation 4,414 235 37 Intercompany transfer of long-lived assets 2,921 1,181 185 Others 5,306 9,562 1,500 Valuation allowance (328,956 ) (422,837 ) (66,353 ) Deferred tax assets 22,734 17,104 2,684 Deferred tax liabilities: Outside basis difference on investment 57,341 54,893 8,614 Equity method investment and unrealized gains 6,063 6,322 992 Right-of-use 4,225 69 11 Deferred tax liabilities 67,629 61,284 9,617 As of December 31, 2021 RMB US$ Classification in the consolidated balance sheets: Deferred tax assets 14,384 2,257 Deferred tax liabilities 58,564 9,190 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, 2020, and 2021, the Group’s total deferred tax assets before valuation allowances were RMB351,690 and RMB439,941 (US$69,037) respectively. As of December 31, 2020 and 2021, the Group recorded valuation allowances of RMB328,956 and RMB422,837 (US$66,353), respectively, on its deferred tax assets that are sufficient to reduce the deferred tax assets to the amounts that are more-likely-than-not Undistributed earnings of certain of the Company’s PRC subsidiaries amounted to approximately RMB781,772 and RMB741,272 (US$116,322) on December 31, 2020 and 2021, 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 RMB39,089 to RMB78,177 and RMB37,064 (US$5,816) to RMB74,127 (US$11,632) as of December 31, 2020 and 2021, respectively. As of December 31, 2021, the Group had taxable losses of approximately RMB2,105,820 (US$330,449 ) Unrecognized tax benefits As of December 31, 2020 and 2021, the Group had unrecognized tax benefits of RMB179,492 and RMB177,526 (US$27,858), of which RMB17,445 and RMB26,657 (US$4,183), respectively, were deducted against the deferred tax assets on tax losses carry forward, and the remaining amounts of RMB162,047 and RMB150,869 (US$23,675), respectively were presented in the other non-current tax-deduction 2020 2021 RMB RMB US$ Balance at January 1 65,936 179,492 28,166 Additions based on tax positions related to current year 138,583 2,040 320 Reversal based on tax positions related to prior years (25,027 ) (4,006 ) (628 ) Balance at December 31 179,492 177,526 27,858 The Group recognizes accrued interest related to unrecognized tax benefits in income tax expenses. For the year ended December 31, 2020 and 2021, the Group reversed RMB9,099, and RMB1,449 (US$227) in interest, respectively. The Group did not record any penalties related to unrecognized tax benefits. As of December 31, 2021, the tax years ended December 31, 2016 through 2021 for the Group’s subsidiaries in the PRC and the VIEs are generally subject to examination by the PRC tax authorities. The tax years ended December 31, 2016 through 2021 for the Group’s subsidiary in the Singapore is generally subject to examination by the Singapore tax authorities. The tax years ended December 31, 2015 through 2021 for the Group’s subsidiaries in Hong Kong are generally subject to examination by the Hong Kong tax authorities. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions | 14. RELATED PARTY TRANSACTIONS a. Principal related parties Name of related parties Relationship with the Group Tencent and its subsidiaries (“Tencent Group”) Kingsoft and its subsidiaries (“Kingsoft Group”) OrionStar and its subsidiaries (“OrionStar Group”) Shenzhen Feipai Technology Co., Ltd. (“Shenzhen Feipai”) Pixiu Inc. and its subsidiaries (“Pixiu Group”) Live.me and its subsidiaries (“Live.me Group”) Entities controlled by a shareholder of the Group Entities controlled by a shareholder of the Group Entities controlled by a director of the Group Entities influenced materially by the Group Entities influenced materially by the Group Entities influenced materially by the Group b. In addition to the transactions detailed elsewhere in these financial statements, the Group had the following material related party transactions for the years ended December 31, 2019, 2020 and 2021: For the year ended December 31, 2019 2020 2021 RMB RMB RMB US$ Services received from: (i) Kingsoft Group 23,804 23,897 19,139 3,003 Tencent Group 73,655 51,147 32,594 5,115 OrionStar Group 16,857 10,793 3,756 589 Services provided to: (ii) Tencent Group 176,099 73,462 40,333 6,329 OrionStar Group 20,242 4,207 3,862 606 Pixiu Group 13,450 2,033 9,614 1,509 Live.me Group 4,796 27,376 11,718 1,839 Purchase of products and equipment: OrionStar Group (iii) 98,197 87,090 40,290 6,322 Loans and investments provided to: OrionStar Group (iv) 450,486 — 100,000 15,692 Pixiu Group (v) 69,402 7,085 — — Shenzhen Feipai (vi) 3,000 2,500 — — Others 59,816 — — — Selling business to : Live.me Group — 11,060 — — (i) The Group entered into agreements with Kingsoft Group pursuant to which Kingsoft Group provided services including promotion, technical support services and other services to the Group; The Group entered into agreements with Tencent Group pursuant to which Tencent Group provided promotion and technical support 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 a distributorship and cooperation agreement with OrionStar Group, pursuant to which the Group purchased robotics products from OrionStar Group. (iv) In 2019, the Group acquired additional preferred shares of Beijing OrionStar by virtue of the exercise of warrants during Beijing OrionStar’s series B corporate financing transactions. In 2021, the Group provided a convertible loan of RMB100,000 (US$15,692) at an annual simple interest rate of 8% with 2 years maturity term to Beijing OrionStar. The Group does not have right to convert all or part of the principal and accumulated unpaid interest into the Beijing OrionStar’s equity interest until a qualified equity financing occurs or upon maturity. The conversion features were considered as embedded derivatives that do not meet the criteria to be bifurcated and were accounted for together with the loan receivable. (v) The Group entered into loan agreements with Pixiu Group including a 3-year (vi) The Group entered into convertible loans agreements with Shenzhen Feipai which were fully impaired in 2020. Except for the above-mentioned related parties, the Group also provided investments to several investees with investment agreements. c. The balances between the Group and its related parties as of December 31, 2020 and 2021 are listed below: (1) Amount due from related parties As of December 31, 2020 2021 RMB RMB US$ Live.me Group 78,008 7,334 1,151 Tencent Group 49,474 15,995 2,510 Pixiu Group 50,674 26,625 4,178 OrionStar Group(i) 26,280 137,157 21,523 Kingsoft Group 3,150 8,164 1,281 Other related parties (ii) 20,259 17,393 2,729 Total 227,845 212,668 33,372 (i) As of December 31, 2021, the balances of due from OrionStar Group primarily included convertible loan of RMB100,000 (US$15,692) and prepayments made for the purchase of robotics products. (ii) As of December 31, 2020 and 2021, the amount of due from related parties included convertible loans of RMB21,000 to a related party , which h 1. Balances with related parties that were unsecured and repayable on demand, including non-trading The movements in the allowance for credit losses were as follows: Year ended December 31, 2020 2021 RMB RMB USD Balance as of January 1 34,027 46,204 7,250 Adoption of ASC 326 12,056 — — Amounts charged to expenses 128 15,563 2,442 Amounts written off — (2,917 ) (458 ) Foreign Exchange effect (7 ) (64 ) (10 ) Total 46,204 58,786 9,224 (2) Amount due to related parties As of December 31, 2020 2021 RMB RMB US$ OrionStar Group 8,752 811 127 Tencent Group 22,573 24,944 3,914 Live.me Group 662 1,431 225 Kingsoft Group 6,811 6,372 1,000 Other related parties 10,140 4,202 659 Total 48,938 37,760 5,925 |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-Based Compensation | 15. SHARE-BASED COMPENSATION 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 will terminate automatically in 2024. 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 Company’s option activity under the 2014 Restricted Shares Plan during the years ended December 31, 2019, 2020 and 2021, respectively: Number of Weighted Weighted Weighted Aggregate Outstanding at January 1, 2019 30,652,305 0.22 1.15 5.31 11,835 Granted 6,820,900 0.03 0.60 Forfeited (7,159,989 ) 0.13 0.81 Exercised (4,950,497 ) 0.10 1.08 Modified in August 2019 (18,835,215 ) 0.17 0.98 Outstanding at December 31, 2019 6,527,504 0.34 1.50 4.31 150 Exercised (1,001,674 ) 0.34 1.91 Modified in June 2020 (5,525,830 ) 0.34 1.42 Outstanding at December 31, 2020 — Exercised — Outstanding at December 31, 2021 — Vested and expected to vest at December 31, 2021 — Exercisable as at December 31, 2021 — The weighted-average grant-date fair value of options granted during the year 2019 was US$0.60. The grant date fair value of each option before modification is estimated on the date of grant using the binomial tree option pricing model with the following assumptions used for years presented: Year ended Fair value of ordinary share (US$) 0.36~0.68 Risk-free interest rates 1.70%~3.25 % Expected volatility range 57.1%~62.9 % Expected dividend yield 0 % Expected exercise multiple 2.2 Fair value per option granted (US$) 0.36~0.68 The risk-free interest rate for periods within the contractual life of the options is based on the U.S. Treasury yield curve in effect at the time of grant for a term consistent with the contractual term of the awards. Expected volatility is estimated based on the historical volatility ordinary shares of several comparable companies in the same industry. The dividend yield is estimated based on expected dividend policy over the expected term of the options. The expected exercise multiple is based on management’s estimation, which the Company believes is representative of the future. On August 1, 2019 and June 23, 2020, the Company’s compensation committee approved to reduce the exercise price to nil for all unvested and vested options, respectively, granted by the Company under the 2014 Restricted Shares Plan. Accordingly, the awards were considered in-substance restricted shares for all grantees. Such exercise price cancellation was accounted by the Company as a share option modification and required remeasurement at the time of the modification . The total incremental cost as a result of the modification were RMB12,510 and RMB4,770, respectively. The following table summarizes the restricted shares activity pursuant to the 2014 Restricted Shares Plan for the years ended December 31, 2019, 2020 and 2021, respectively: Number of shares Weighted average grant date fair value (US$) Unvested at January 1, 2019 Modified in August 2019 18,835,215 0.97 Vested (2,164,800 ) 1.31 Forfeited (221,450 ) 1.36 Unvested at December 31, 2019 16,448,965 0.92 Modified in June 2020 5,525,830 1.62 Vested (12,272,973 ) 1.32 Forfeited (6,061,820 ) 0.77 Unvested at December 31, 2020 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 The fair value of the restricted shares was determined based on the price of the Company’s publicly traded ADSs. As of December 31, 2021, the total estimated unrecognized share-based compensation expenses related to restricted shares awarded amounted to RMB5,238 (US$822), and is expected to be recognized over a weighted-average period of 2.2 years. The total fair value of vested restricted shares on their respective vesting dates during the years ended December 31, 2020 and 2021 were RMB18,263 and RMB2,696 (US$423), respectively. 2013 Incentive Scheme On January 2, 2014, the Company adopted an equity incentive scheme (the “2013 Incentive Scheme”). The 2013 Incentive Scheme provides for the grant of ordinary shares, restricted shares, share options and share appreciation rights to the employees, directors or non-employee The following table summarizes the Group’s options activity under the 2013 Incentive Scheme during the years ended December 31, 2019, 2020 and 2021, respectively: Number of Weighted Weighted Weighted Aggregate Outstanding at January 1, 2019 44,791,941 0.33 1.13 5.01 12,546 Granted — — — Forfeited (3,417,123 ) 0.34 1.02 Exercised (2,111,674 ) 0.15 1.59 Modified in August 2019 (5,990,119 ) 0.33 1.06 Outstanding at December 31, 2019 33,273,025 0.34 1.13 4.01 765 Exercised (4,852,510 ) 0.34 1.10 Modified in June 2020 (28,420,515 ) 0.34 1.13 Outstanding at December 31, 2020 — — — — — Exercised Outstanding at December 31, 2021 — — — — — Vested and expected to vest at December 31, 2021 — Exercisable as at December 31, 2021 — Year ended Fair value of ordinary share (US$) 1.06~1.43 Risk-free interest rates 2.97%~3.58 % Expected volatility range 56.3%~57.2 % Expected dividend yield 0 % Expected exercise multiple 2.2 Fair value per option granted (US$) 0.79~1.15 On August 1, 2019 and June 23, 2020, the Company’s compensation committee approved to cancel the exercise price for all unvested and vested options previously granted by the Company under the 2013 Incentive Scheme Plan. Such exercise price cancellation was accounted by the Company as a share option modification and required remeasurement at the time of the modification. The total incremental cost as a result of the modification were RMB7,588 and RMB24,860, respectively. The following table summarizes the restricted shares activity pursuant to the 2013 Incentive Scheme for the years ended December 31, 2019, 2020 and 2021, respectively: Number of Weighted average grant date fair value (US$) Unvested at January 1, 2019 — — Modified in August 2019 5,990,119 1.15 Vested (1,052,547 ) 1.02 Forfeited (28,515 ) 1.33 Outstanding at January 1, 2020 4,909,057 1.06 Modified in June 2020 28,420,515 1.33 Granted 1,600,000 0.21 Vested (30,310,465 ) 1.33 Forfeited (364,377 ) 0.90 Unvested at December 31, 2020 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 The fair value of the restricted shares was determined based on the price of the Company’s publicly traded ADSs. The weighted-average grant-date fair value of restricted share granted during the years 2021 was US$0.17. As of December 31, 2021, the total estimated unrecognized share-based compensation expenses related to restricted shares awarded amounted to RMB6,111 (US$959), and is expected to be recognized over a weighted-average period of 2.1 years. The total fair value of vested restricted shares on their respective vesting dates for the years ended December 31, 2020 and 2021 were RMB46,906 and RMB2,199 (US$345). 2011 Share Award Scheme On May 26, 2011, the board of directors of the Company approved and adopted the 2011 Share Award Scheme, as amended in September 2013 and November 2016, to recognize the contributions of certain employees and to give incentives thereto in order to retain them for the continued operation and development of the Group. Under the 2011 Share Award Scheme, the board of directors may grant restricted shares to its employees and directors to receive an aggregate of no more than 100,000,000 ordinary shares of the Company (excluding shares which have lapsed or have been forfeited) as at the date of such grant. Unless early terminated by the board of directors of the Company, the 2011 Share Award Scheme is valid and effective for a term of ten years commencing from its adoption. Under the 2011 Share Award Scheme, grantees have no dividend or voting rights until the restricted shares are vested. The Group has set up the Share Award Scheme Trust for the purpose of administering the 2011 Share Award Scheme and holding shares awarded to the employees before they vest. As of December 31, 2021, 1,331,999 (2020: 1,284,629) forfeited and ungranted restricted shares are held by the Share Award Scheme and available to be granted in the future. The fair value of the restricted shares was determined based on the price of the Company’s publicly traded ADSs. The following table summarizes the restricted shares activity pursuant to the 2011 Share Award Scheme for the years ended December 31, 2019, 2020 and 2021, respectively: Number of shares Weighted average grant date fair value (US$) Unvested at January 1, 2019 5,739,320 1.06 Granted 2,189,310 0.37 Vested (2,452,468 ) 1.08 Forfeited (1,409,359 ) 1.05 Unvested at December 31, 2020 4,066,803 0.69 Granted 596,920 0.21 Vested (1,170,395 ) 0.68 Forfeited (1,549,603 ) 0.57 Unvested at December 31, 2020 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 As of December 31, 2021, the total estimated unrecognized share-based compensation expenses related to restricted shares awarded amounted to RMB166 (US$26), and is expected to be recognized over a weighted-average period of 1.2 years. The total fair value of vested restricted shares on their respective vesting dates for the years ended December 31, 2019, 2020 and 2021 were RMB9,357, RMB1,697 and RMB2,154 (US$338), respectively. Share-based Awards of subsidiaries Subsidiaries of the Group also have equity incentive plans granting share-based awards. The grant date fair value of each share-based award is estimated on the date of grant using the binomial tree option pricing model with the following assumptions used for years presented: Year ended Year ended Year ended Fair value of ordinary share (US$) 0.42~0.94 0.09 4.34~4.87 Risk-free interest rates 2.57%~3.73 % 0.66 % 0.07 % Expected volatility range 57.2%~59.2 % 59.2 % 52.02 % Expected dividend yield 8.61%~8.72 % 0.82 % 0.00 % Fair value per option granted (US$) 0.22~0.27 0.02 2.44~2.56 The following table summarizes the share-based compensation expenses of subsidiaries’ share-based awards recognized by the Group: For the years ended December 31, 2019 2020 2021 RMB RMB RMB US$ Cost of revenues — 728 858 135 Research and development 31,907 20,376 7,400 1,161 Selling and marketing 1,479 996 342 54 General and administrative 15,286 11,879 361 57 Total 48,672 33,979 8,961 1,407 As of December 31, 2021, there was RMB4,863 (US$763) unrecognized share-based compensation expenses related to incentive plans, which is expected to be recognized over a vesting period of 1.4 years. Total share-based compensation expenses recorded by the Group are as follows: For the years ended December 31, 2019 2020 2021 RMB RMB RMB US$ Cost of revenues 524 1,044 1,027 161 Research and development 59,771 29,091 5,996 941 Selling and marketing 3,818 (1,087 ) 1,339 210 General and administrative 63,327 51,934 (1,212 ) (190 ) Total 127,440 80,982 7,150 1,122 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 16. 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, 2021. Total Less than 1 Year 1-3 Years More than 3 Purchase obligations 108,334 54,167 54,167 — Capital commitment As of December 31, 2021, commitments for the purchase of fixed assets are immaterial. Litigation and investigation The Group and certain of its current and former officers have been named as defendants in two putative securities class actions filed on June 25, 2020 and July 31, 2020 respectively in the U.S. District Court for the Central District of California. On August 24, 2020, the Court consolidated the two cases under the caption In Re: Cheetah Mobile, Inc. Securities Litigation The Staff of the Division of Enforcement of the SEC is conducting 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. The Company and its current and former officers and directors have been fully cooperating with the SEC and are in discussions with the SEC concerning the potential outcome of the investigation. While the Group believe the SEC investigation is nearing conclusion, the exact duration and outcome of the SEC matter cannot be predicted at this time. A settlement or litigation with the SEC could include allegations by the SEC of violations of the U.S. securities laws against the Company and/or the current and former officers and directors of the Company involved, seeking various remedies, including penalties, fines, injunctive relief, a cease and desist order, officer and director bars, certain compliance undertakings and other limitations or sanctions under the U.S. securities laws. The Company recorded a loss contingency amounting to US $1.5 million as of December 31, 2020. Based on recent developments, in the opinion of management and based on advice of the Company’s legal counsel, the Company is currently unable to ascertain the ultimate outcome, including an estimate of the amount of the loss or a range of loss, if any, in connection with the SEC investigation or any potential litigation. Therefore, the amount of loss cannot be reasonably estimated, and the Company reversed the Except for the class actions and investigation mentioned above, the Group is involved in several other proceedings as of December 31, 2021 which are either immaterial, or the Group does not believe that a reasonable possibility of loss has been incurred as the proceedings are in the early stages, and/or there is a lack of clear or consistent interpretation of laws specific to the industry-specific complaints among different jurisdictions. As a result, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, which includes eventual loss, fine, penalty or business impact, if any, and therefore, an estimate for the reasonably possible loss or a range of reasonably possible losses cannot be made. However, the Group believes that such matters, individually and in the aggregate, when finally resolved, are reasonably likely not to have a material adverse effect on the Group’s consolidated results of operations, financial position and cash flows. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Shareholders' Equity | 17. 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$0.000025 per share. The rights of the holders of Class A and Class B ordinary shares are identical, except with respect to voting and conversion rights. Each share of Class A ordinary shares is entitled to one vote per share and is not convertible into Class B ordinary shares under any circumstances. Each share of Class B ordinary shares is entitled to ten votes per share and is convertible into one Class A ordinary share at any time by the holder thereof. Upon any transfer of Class B ordinary shares by the holder thereof to any person or entity that is not an affiliate of such holder, such Class B ordinary shares would be automatically converted into an equal number of Class A ordinary shares. There were 520,723 and nil Class B ordinary shares transferred to Class A ordinary shares in the years ended December 31, 2020 and 2021, respectively. As of December 31, 2020, there were 482,113,756 and 945,496,827 Class A and Class B ordinary shares outstanding. As of December 31, 2021, there were 487,234,522 and 945,496,827 Class A and Class B ordinary shares outstanding. The vested restricted shares but have not physically been issued are considered outstanding as each period end and included in the calculation of basic (loss) earning per share. Retained earnings In accordance with the PRC Regulations on Enterprises with Foreign Investment and their articles of association, a foreign invested enterprise established in the PRC is required to provide certain statutory reserves, namely general reserve fund, the enterprise expansion fund and staff welfare and bonus fund which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts. A foreign invested enterprise is required to allocate at least 10% of its annual after-tax Additionally, in accordance with the Company Law of the PRC, a domestic enterprise is required to provide statutory common reserve of at least 10% of its annual after-tax As of December 31, 2020 2021 RMB RMB US$ PRC statutory reserve funds 54,992 57,616 9,041 Unreserved retained earnings 802,196 447,469 70,218 Total retained earnings 857,188 505,085 79,259 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 RMB1,399,065 (US$219,544) as of December 31, 2021. Furthermore, cash transfers from the Company’s subsidiaries in the PRC to its subsidiaries outside of China are subject to PRC government control of currency conversion. Shortages in the availability of foreign currency may restrict the ability of the subsidiaries in the PRC and VIEs to remit sufficient foreign currency to pay dividends or other payments to the Company, or otherwise satisfy their foreign currency denominated obligations. Accumulated other comprehensive income The components of accumulated other comprehensive income were as follows: Foreign currency translation adjustment Unrealized gains on available- for sale Securities Total RMB RMB RMB Balance at January 1, 2019 253,054 (3,750 ) 249,304 Other comprehensive income before reclassification 77,097 10,913 88,010 Other comprehensive income attribute to noncontrolling interests 459 — 459 Balance at December 31, 2019 330,610 7,163 337,773 Other comprehensive loss before reclassification (167,476 ) (7,251 ) (174,727 ) Other comprehensive income attribute to noncontrolling interests 294 — 294 Balance at December 31, 2020 163,428 (88 ) 163,340 Other comprehensive loss before reclassification (75,536 ) — (75,536 ) Other comprehensive income attribute to noncontrolling interests 458 — 458 Balance at December 31, 2021 88,350 (88 ) 88,262 Balance at December 31, 2021, in US$ 13,864 (14 ) 13,850 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, 2019, 2020 and 2021. |
(Loss) Earnings Per Share
(Loss) Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
(Loss) Earnings Per Share | 18. (LOSS) EARNINGS PER SHARE Basic and diluted earnings 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, 2019 and 2021, as its effect would be anti-dilutive: Year ended December 31 2019 2020 2021 Ordinary shares Ordinary shares Class A Ordinary shares Class A Ordinary shares Class B Ordinary shares Class B Ordinary shares RMB RMB RMB US$ RMB US$ (Loss) earnings per share—basic Numerator: Net (loss) income attributable to Cheetah Mobile Inc. (313,977 ) 416,732 (118,975 ) (18,670 ) (232,151 ) (36,430 ) Accretion of redeemable noncontrolling interests (29,865 ) — — — — — Dilution effect arising from dividends declared on share (326 ) (10,669 ) (681 ) (107 ) (1,328 ) (208 ) Net (loss) income attributable to Cheetah Mobile Inc. after (344,168 ) 406,063 (119,656 ) (18,777 ) (233,479 ) (36,638 ) Denominator: Weighted average number of ordinary shares outstanding 1,369,041,418 1,402,509,386 484,555,775 484,555,775 945,496,827 945,496,827 (Loss) earnings per share—basic (0.2514 ) 0.2895 (0.2469 ) (0.0388 ) (0.2469 ) (0.0388 ) (Loss) earnings per share—diluted Numerator: Net (loss) income attributable to Cheetah Mobile Inc. after (344,168 ) 406,063 (119,656 ) (18,777 ) (233,479 ) (36,638 ) Reallocation of net income as a result of conversion of — — (233,479 ) (36,638 ) — — Net (loss) income attributable to ordinary shareholders (344,168 ) 406,063 (353,135 ) (55,415 ) (233,479 ) (36,638 ) Denominator: Weighted average ordinary shares outstanding 1,369,041,418 1,402,509,386 484,555,775 484,555,775 945,496,827 945,496,827 Dilutive effect of Share-based awards — 18,558,520 — — — — Conversion of Class B into Class A ordinary shares — — 945,496,827 945,496,827 — — Denominator used for (loss) earnings per share 1,369,041,418 1,421,067,906 1,430,052,602 1,430,052,602 945,496,827 945,496,827 (Loss) earnings per share—diluted (0.2514 ) 0.2857 (0.2469 ) (0.0388 ) (0.2469 ) (0.0388 ) (Loss) earnings per ADS: Denominator used for (loss) earnings per ADS—basic 136,904,142 140,250,939 48,455,578 48,455,578 Denominator used for (loss) earnings per ADS—diluted 136,904,142 142,106,791 143,005,260 143,005,260 (Loss) earnings per ADS—basic (2.5140 ) 2.8953 (2.4694 ) (0.3875 ) (Loss) earnings per ADS—diluted (2.5140 ) 2.8575 (2.4694 ) (0.3875 ) |
Employee Benefit
Employee Benefit | 12 Months Ended |
Dec. 31, 2021 | |
Employee Benefit | 19. 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 RMB193,990, RMB93,658 and RMB56,490 (US$8,865) for the years ended December 31, 2019, 2020 and 2021, respectively. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Measurement | 20. FAIR VALUE MEASUREMENT ASC 820-10, 820-10”), Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets Level 2 — Include other inputs that are directly or indirectly observable in the marketplace Level 3 — Unobservable inputs which are supported by little or no market activity ASC 820-10 Assets and liabilities measured or disclosed at fair value on a recurring basis In accordance with ASC 820-10, available-for-sale available-for-sale Assets and liabilities measured on a recurring basis or disclosed at fair value are summarized below: Total Fair Value Total Fair Value Quoted prices in active markets for identical assets (Level 1) Significant other observable Significant unobservable inputs (Level 3) Total gains (losses) RMB US$ RMB RMB RMB RMB Fair value measurement—Recurring: As of December 31, 2021 Short-term investment Available-for-sale 262,169 41,140 262,169 1,441 Long-term Investment Available-for-sale debt securities 46,339 7,272 46,339 Equity investments accounted for using fair value option 362,235 56,843 362,235 6,537 As of December 31, 2020 Short-term investment Available-for-sale 1,830 1,830 (7,365 ) Long-term Investment Equity investments with readily determinable fair value 11,411 11,411 5,327 Equity investments accounted for using fair value option 364,298 364,298 857 Reconciliations of assets categorized within Level 3 under the fair value hierarchy are as follow: Amounts RMB Balance as of January 1, 2019 — Addition 497,796 Fair value change (102,555 ) Foreign exchange translation adjustments (6,660 ) Balance as of December 31, 2019 388,581 Addition — Fair value change 857 Foreign exchange translation adjustments (25,140 ) Balance as of December 31, 2020 364,298 Addition 46,339 Fair value change 6,537 Foreign exchange translation adjustments (8,600 ) Balance as of December 31, 2021 408,574 Balance as of December 31, 2021 in US$ 64,114 (i) There were no transfers of fair value measurements into or out of Level 3 for the years ended December 31, 2019, 2020 and 2021. The Group measured equity investment accounted for using fair value option and available-for-sale Fair value Valuation technique Unobservable inputs Range Equity investments accounted for using fair value option 362,235 Discount cash flow method • Weighted average cost of capital (“WACC”) 17.5% • Compound Annual Growth Rate (“CAGR”) 16.4% • EBIT Margin 7.7%~16.2% A sensitivity analysis of the investment in equity investment accounted for using fair value option shows that, with all other variables hold constant, an increase/decrease of 0.5% in the CAGR would cause the fair value of the investment increase/decrease by 1.8% and 1.7%, respectively; an increase/decrease of 0.5% in the WACC would cause the fair value of the investment decrease/increase by 5.4% and 5.8%, respectively; and an increase/decrease of 5% in the EBIT margin would cause the fair value of the investment increase/decrease by 9.0% and 8.8%, respectively. Assets and liabilities measured or disclosed at fair value on a non-recurring 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 non-recurring non-financial The following table summarizes the Company’s assets held as of December 31, 2020 and 2021 for which a non-recurring Total Balance Total Balance Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Total (losses) gains RMB US$ RMB RMB RMB RMB Fair value measurement—Non-Recurring: As of December 31, 2021 Equity investments accounted for using the measurement alternative 738,292 115,854 738,292 (284,736 ) As of December 31, 2020 Property and equipment, net 85,094 85,094 (9,226 ) Intangible assets, net — — (17,746 ) Equity investments accounted for using the measurement alternative 585,958 585,958 55,942 Equity investments accounted using equity method 18,000 18,000 — 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 non-recurring non-recurring non-recurring were Fair value Valuation technique Unobservable inputs Range Equity investments accounted for using measurement alternative 738,292 Black-Scholes method • IPO Probability 30% to 40 % • Volatility 49% to 54 % Market Approach • IPO Probability 25 % • Volatility 57 % • DLOM 10 % Discount cash flow method • WACC 19.50 % • CAGR 32.9 % • EBIT Margin -33.2%~29.2 % A sensitivity analysis of the fair value including the impairment of the equity investments accounted for using the measurement alternative shows in the IPO probability would cause the fair value of the investments , respectively; an increase/decrease of in the volatility would cause the fair value of the investments increase/decrease by 0.3% and respectively; an increase/decrease in the DLOM would cause the fair value of the investments decrease/increase by , 0.5% in the CAGR would cause the fair value of the investment increase/decrease by 1% , respectively; an 3 , of 5% in the EBIT margin would cause the fair value of the investment increase/decrease by 4 , |
Condensed Financial Information
Condensed Financial Information of the Company | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information of the Company | 2 1 CONDENSED FINANCIAL INFORMATION OF THE COMPANY Balance Sheets As of December 31, 2020 2021 RMB RMB US$ ASSETS Current assets Cash and cash equivalents 18,243 20,401 3,201 Short-term investments — — — Prepayments and other current assets 131,128 147,396 23,130 Due from subsidiaries and related parties 1,429,987 3,124,311 490,273 Total current assets 1,579,358 3,292,108 516,604 Non-current Long-term investments 492,714 446,969 70,139 Investment in subsidiaries 2,625,791 897,699 140,869 Other non-current — 2,881 450 Total non-current 3,118,505 1,347,549 211,458 Total assets 4,697,863 4,639,657 728,062 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Accrued expenses and other current liabilities 22,893 19,110 2,999 Due to subsidiaries and related parties 754,136 1,159,795 181,997 Income tax payable 2,769 11,997 1,883 Total current liabilities 779,798 1,190,902 186,879 Deferred tax liabilities 39,830 40,908 6,419 Other non-current 130,854 128,721 20,199 Total non-current 170,684 169,629 26,618 Total liabilities 950,482 1,360,531 213,497 Shareholders’ equity Class A ordinary shares (par value of US$0.000025 per share; 7,600,000,000 shares authorized; 482,113,756 and 487,234,522 shares issued as of December 31, 2020 and 2021, respectively; 482,113,756 and 487,234,522 shares outstanding as of December 31, 2020 and 2021, respectively) 78 79 12 Class B ordinary shares (par value of US$0.000025 per share; 1,400,000,000 shares authorized; 957,465,244 and 957,465,244 shares issued as of December 31, 2020 and 2021, respectively; 945,496,827 and 945,496,827 shares outstanding as of December 31, 2020 and 2021, respectively) 156 156 24 Additional paid-in 2,726,619 2,685,544 421,420 Retained earnings 857,188 505,085 79,259 Accumulated other comprehensive income 163,340 88,262 13,850 Total shareholders’ equity 3,747,381 3,279,126 514,565 Total liabilities and shareholders’ equity 4,697,863 4,639,657 728,062 Statements of Comprehensive (loss) income For the years ended December 31, 2019 2020 2021 RMB RMB RMB US$ Revenues — — — — Cost of revenues (5 ) — — — Gross profit (5 ) — — — Operating expenses Research and development (858 ) (482 ) (3 ) — General and administrative (41,872 ) (45,159 ) (21,978 ) (3,449 ) Impairment of goodwill (64,154 ) — — — Total operating expenses (106,884 ) (45,641 ) (21,981 ) (3,449 ) Equity in loss of subsidiaries (495,735 ) (168,217 ) (352,616 ) (55,336 ) Interest income (expense), net 21,677 2,325 (9 ) (1 ) Foreign exchange gains (loss), net 152 (315 ) 71 11 Other income, net 306,006 711,629 35,537 5,577 (Loss) income before income taxes (274,789 ) 499,781 (338,998 ) (53,198 ) Income tax expense s (39,188 ) (83,049 ) (12,128 ) (1,903 ) Net ( l (313,977 ) 416,732 (351,126 ) (55,101 ) Other comprehensive income (loss), net of tax of nil Unrealized gains (losses) on available-for-sale 10,913 (7,250 ) — — Foreign currency translation adjustments 77,556 (167,183 ) (75,078 ) (11,781 ) Other comprehensive income (loss) 88,469 (174,433 ) (75,078 ) (11,781 ) Total comprehensive ( l (225,508 ) 242,299 (426,204 ) (66,882 ) Statements of Cash Flows For the years ended December 31, 2019 2020 2021 RMB RMB RMB US$ Net cash (used in) provided by operating activities (15,258 ) (2,186 ) 666 105 Net cash provided (used in) by investing activities 375,584 1,345,523 (864,999 ) (135,737 ) Net cash (used in) provided by financing activities (494,055 ) (1,453,285 ) 891,960 139,968 Effect of exchange rate changes on cash and cash equivalents and restricted cash 64,769 (121,395 ) (25,469 ) (3,997 ) Net (decrease) increase in cash and cash equivalents and restricted cash (68,960 ) (231,343 ) 2,158 339 Cash and cash equivalents and restricted cash at beginning of the year 318,546 249,586 18,243 2,863 Cash and cash equivalents and restricted cash at end of the year 249,586 18,243 20,401 3,202 (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 profit (loss) of subsidiaries” on the condensed statements of comprehensive (loss) income. The subsidiaries VIEs and subsidiaries of VIEs did not pay any dividends to the Company for any of the years presented. 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 Company and certain of its current and former officers have been named as defendants in two putative securities class actions filed on June 25, 2020 and July 31, 2020 respectively in the U.S. District Court for the Central District of California. On August 24, 2020, the Court consolidated the two cases under the caption In Re: Cheetah Mobile, Inc. Securities Litigation 2:20-cv-05696). 10b-5 The Staff of the Division of Enforcement of the SEC is conducting 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 million as of December 31, 2020. Based on recent developments, in the opinion of management and based on advice of the Company’s legal counsel, the Company is currently unable to ascertain the ultimate outcome, including an estimate of the amount of the loss or a range of loss, if any, in connection with the SEC investigation or any potential litigation. Therefore, the amount of loss cannot be reasonably estimated, and the Company the Except for the class action and investigation mentioned above, the Company is involved in several other proceedings as of December 31, 2021 which are either immaterial, or the Company does not believe that a reasonable possibility of loss has been incurred as the proceedings are in the early stages, and/or there is a lack of clear or consistent interpretation of laws specific to the industry-specific complaints among different jurisdictions. As a result, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, which includes eventual loss, fine, penalty or business impact, if any, and therefore, an estimate for the reasonably possible loss or a range of reasonably possible losses cannot be made. However, the Company believes that such matters, individually and in the aggregate, when finally resolved, are reasonably likely not to have a material adverse effect on the Company’s consolidated results of operations, financial position and cash flows. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
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 third 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. |
Comparative Information | Comparative information Certain items in prior years’ consolidated financial statements have been reclassified to conform to the current year’s presentation to facilitate comparison. |
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 those related to the standalone selling prices of performance obligation of revenue contracts, the allowance for credit losses, weighted average unit price of virtual currencies of LiveMe, the average paying user lives of online games, the purchase price allocation with respect to business combinations, useful lives of long-lived assets and intangible assets, impairment of long-lived assets, impairment of investments, net realizable value of inventories, impairment of goodwill, valuation allowance for deferred tax assets, uncertain tax positions, share-based compensation, fair values of investments, and loss contingencies, among others. |
Foreign currency translation and transactions | Foreign currency translation and transactions The functional currency of the Company is the US$. The Company’s subsidiaries, VIEs and subsidiaries of VIEs determined their functional currency based on the criteria of ASC 830, Foreign Currency Matters Transactions denominated in foreign currencies are remeasured into the functional currency at the exchange rates prevailing on the transaction dates. Foreign currency denominated financial assets and liabilities are remeasured at the exchange rates prevailing at the balance sheet date. Exchange gains and losses are included as a component of “Foreign exchange gains, net” in the consolidated statements of comprehensive (loss) income. |
Convenience translation | Convenience translation Amounts in US$ are presented for the convenience of the reader and are translated at the noon buying rate of RMB6.3726 to US$1.00 on December 30, 2021 in the City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate. |
Business combinations and noncontrolling interests | Business combinations and noncontrolling interests Except for business combination under common control, the Group accounts for its business combinations using the purchase method of accounting in accordance with ASC 805, Business Combinations In a business combination achieved in stages, the Group remeasures its previously held equity interest in the acquiree immediately before obtaining control at its acquisition-date fair value and the re-measurement The determination and allocation of fair values to the identifiable assets acquired, liabilities assumed and noncontrolling interests is based on various assumptions and valuation methodologies requiring considerable judgment from management. The most significant variables in these valuations are discount rates, terminal values, the number of years on which to base the cash flow projections, as well as the assumptions and estimates used to determine the cash inflows and outflows. The Group determines discount rates to be used based on the risk inherent in the related activity’s current business model and industry comparisons. Terminal values are based on the expected life of assets, forecasted life cycle and forecasted cash flows over that period. 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. Consolidated net (loss) income on the consolidated statements of comprehensive (loss) income includes the net (loss) income attributable to noncontrolling interests. The cumulative results of operations attributable to noncontrolling interests are recorded as noncontrolling interests in the Group’s consolidated balance sheets. |
Cash and cash equivalents | Cash and cash equivalents Cash consists of cash on hand and bank deposits, which are unrestricted to withdrawal and use. All highly liquid investments with original stated maturity of three months or less are classified as cash equivalents and are stated at cost which approximates their fair value. |
Accounts receivable and allowance for credit losses | Accounts receivable and allowance for credit losses Prior to the adoption of ASC 326, accounts receivable is recognized and carried at original invoiced amount less an allowance for any potential uncollectible amounts. An estimate for doubtful debts is made when collection of the full amount is no longer probable. Bad debts are written off as incurred. The Group generally does not require collateral from its customers. The Group maintains allowances for doubtful accounts for estimated losses resulting from the failure of customers to make payments on time. The Group reviews the accounts receivable on a periodic basis and makes specific allowances when there is doubt as to the collectability of individual balances. In evaluating the collectability of individual receivable balances, the Group considers many factors, including the customer’s payment history, its current creditworthiness and current economic trends. Upon adoption of ASC 326 on January 1, 2020, the Group maintains an allowance for credit losses in accordance with ASC 326 and records the allowance for credit losses as an offset to accounts receivable, and the estimated credit losses charged to the allowance is classified as “General and administrative” in the consolidated statements of comprehensive (loss) income. The Group assesses collectability by reviewing accounts receivable 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 accounts receivable 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. Bad debts are written off as incurred. The Group generally does not require collateral from its customers. |
Inventories | Inventories Inventories, consisting of products available for sale, are stated at the lower of cost and 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 merchandise and damaged goods, 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) income. |
Investments | 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. Investment in debt securities The Group accounts for its investments in debt securities in accordance with ASC 320-10, Investments-Debt Securities: Overall “held-to-maturity”, “available-for-sale”, 320-10. The debt securities that the Group has positive intent and ability to hold to maturity are classified as held-to-maturity held-to-maturity 320-10. more-likely-than-not Upon the adoption of ASC 326 on January 1, 2020, the allowance for credit losses of the held-to-maturity held-to-maturity Debt securities 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 available-for-sale Available-for-sale Investment in equity securities The Group accounts for its investments in common stock or in-substance 323-10, Investments-Equity Method and Joint Ventures: Overall 825-10, Financial Instruments: Fair Value Option 323-10 323-10. 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) income. 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. 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 For equity investments measured at fair value with changes in fair value recorded in earnings, the Group does not assess whether those securities are impaired. For those equity investments that the Group elects to use the measurement alternative, 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 entity 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. In January 2020, the FASB issued ASU No. 2020-01, |
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 an independent third-party valuation firm, determined the estimated fair value of its equity investments using the alternative measurement based on observable price changes and equity method investment with fair value option elected. For business disposed during the year, the Group measured fair value upon deconsolidation using the discounted cash flow approach. The Group also, with the assistance of an independent third-party valuation firm, determined the fair value of long-term investments, including equity investments using the alternative measurement, equity method investments and long-term debt securities upon impairment occurrence. |
Property and equipment | Property and equipment Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, as follows: Estimated useful life Electronic equipment 2-3 AI related equipment 2-3 Office equipment and fixtures 5 years Motor vehicles 4 years Leasehold improvements Lesser of term of the lease or the estimated useful lives of the 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) income. 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 The Group assesses goodwill for impairment in accordance with ASC 350, Intangibles-Goodwill and Other: Goodwill 350-20”), two-step 350-20. more-likely-than-not two-step two-step two-step On disposal of a portion of reporting unit that constitutes a business, the attributable amount of goodwill is included in the determination of the amount of profit or loss on disposal. When the Group disposes of a business within the reporting unit, the amount of goodwill disposed is measured based on the relative fair value of the business disposed and the portion of the reporting unit retained. This relative fair value approach is not used when the business to be disposed was not integrated into the reporting unit after its acquisition, in which case the current carrying amount of the acquired goodwill should be included in the carrying amount of the business to be disposed. |
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 Online game licenses 1-5 User base 1 year Domain names 1-10 Platform 5-6 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, 2020 and 2021, the Group did not have any intangible assets with an indefinite life. |
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 |
Treasury stock | Treasury stock Treasury stock represents ordinary shares repurchased by the Company that are no longer outstanding and are held by the Group. Treasury stock is accounted for under the cost method. Under this method, repurchase of ordinary shares was recorded as treasury stock at historical purchase price. At retirement, the ordinary shares account is charged only for the aggregate par value of the shares. The excess of the acquisition cost of treasury shares over the aggregate par value is allocated between additional paid-in paid-in |
Revenue recognition | Revenue recognition The Group generates its revenues primarily through internet business, AI and others. The Group recognizes revenue when it has approval and commitment from the customer, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Pursuant to ASC 606-10-32-2A, The following table presents the Company’s revenues disaggregated by revenue source: For the year ended December 31, 2019 2020 2021 RMB RMB RMB US$ Revenues: Internet business Online advertising 2,074,256 855,430 354,604 55,645 Internet value-added services 1,296,555 525,476 299,155 46,944 AI and others Advertising agency services(i) 73,762 84,993 61,588 9,665 Multi-cloud Management Services — 3,501 41,443 6,503 Technical consulting and other services 58,607 35,504 17,236 2,704 Sale of AI hardware products 84,515 47,741 10,590 1,662 Total consolidated revenues 3,587,695 1,552,645 784,616 123,123 (i) As disclosed under Segment reporting, the Group realigned its segments as CODM changed how it manages and assesses the Group’s segment performance. business. As such, the Group has retrospectively revised disaggregated revenue disclosure accordingly. Please refer to Note 2 Segment reporting for more information. (1) Internet business Online advertising Online advertising revenue is primarily derived from displaying advertising customer’s advertisements on the Group’s 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 originating from the Group’s online platforms. Revenue is recognized at a point in time when there is an effective click, transaction, installations, user registrations, and other actions originating from the Group’s online platforms. For contracts that are charged on the cost per impression basis, the Group recognizes the revenue at a point in time when the impressions are delivered. 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, game-related and live streaming services. VIP membership and software subscription. Game-related services. in-game in-game in-game in-game The Group tracks the in-game log-in Live streaming services. (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 pre-determined 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 sale 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 of AI hardware products, technical consulting service and others The Group recognizes revenue generally at a point in time for the sale of AI hardware products when the products are delivered to customers. Technical consulting services are recognized over time because the customer simultaneously receives and consumes the benefits as the Group performs throughout a fixed term. (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 Group recognizes a contract liability in the consolidated balance sheets for the contracts where the Group received the payments but have not satisfied the related performance obligation. Contract liabilities were mainly related to advance from customers in online advertising services and internet value-added services to be provided over a period of time and purchase of virtual currencies from users in mobile game and live broadcast application, which were included in “Accrued expenses and other liabilities”. Balances of contract liabilities were |
Cost of revenues | Cost of revenues Cost of revenues primarily consists of traffic acquisition cost, bandwidth and cloud service costs, content and channel costs, royalty fees, salaries and benefits, share-based compensation expenses, depreciation of equipment, amortization of intangible assets and cost of products sold. |
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 , |
Research and development expenses | Research and development expenses Research and development consist primarily of employee costs and rental expenses related to personnel involved in the development and enhancement of the Group’s service offerings on its websites, PC software, mobile applications and products and amortization of intangible assets used in research and development. 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 |
Leases | Leases Prior to the adoption of ASC 842, Leases The Group adopted ASC 842 on January 1, 2019 using the modified retrospective method and did not restate the comparable periods. The Group elected the package of practical expedients, which allow the Group to carry forward the historical lease classification, not to reassess whether a contract is or contains a lease and initial direct costs for any leases that exist prior to adoption of the new standard. The Group also elected the practical expedient not to separate lease and non-lease The Group determines if an arrangement is a lease or contains a lease at lease inception. For operating leases, the Group recognizes right-of-use |
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 |
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 if, based on the weight of available evidence, it is more-likely-than-not The Group applies ASC 740, Accounting for Income Taxes non-current 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. |
(Loss) earnings per share | (Loss) earnings per share (Loss) earnings per share are calculated in accordance with ASC 260-10, Earnings per Share: Overall two-class two-class Diluted earnings per share is calculated by dividing net (loss) income 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 (loss) earnings 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. Starting from 2017, the Group reorganized its operation into three segments: utility products and related services, mobile entertainment business and AI and others. In 2020, the Group disposed certain gaming-related businesses in the overseas markets. As a result, the Group expects the revenue contribution from the mobile game business to decrease in the foreseeable future. Therefore, the Group started reporting 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 to conform to the current period. |
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 available-for-sale 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 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 on behalf of publishers. 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. For the year ended December 31, 2019, approximately 13.8%, and 8.1% of the Group’s total revenue were derived from Google and consumption of virtual items by users via Google, respectively. For the year ended December 31, 2020 and 2021, no individual customer accounted for over 10% of the Group’s total revenue. The Group’s operations could be adversely affected by significant political, economic and social uncertainties in the PRC. 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 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 4.1% for the year ended December 31, 2019, the appreciation of the RMB against US$ was approximately 6.27% for the years ended December 31, 2020 and the appreciation of the RMB against US$ was approximately 2.34% for the years ended December 31, 2021. 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. |
Impact of COVID-19 | Impact of COVID-19 The COVID-19 COVID-19’s COVID-19, COVID-19 COVID-19, |
Recently issued accounting pronouncements | Recently issued accounting pronouncements In October 2021, the FASB issued ASU 2021-08, In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. This update requires certain annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. This update is effective for annual periods beginning after December 15, 2021, and early application is permitted. This guidance should be applied either prospectively to all transactions that are reflected in financial statements at the date of initial application and new transactions that are entered into after the date of initial application or retrospectively to those transactions. The Group is currently evaluating the impact on our consolidated financial statements of adopting this guidance. |
Organization and Principal Ac_2
Organization and Principal Activities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 are as follows: Company Date of incorporation/ registration Place of incorporation/ registration Percentage of ownership (i) 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 Company Date of incorporation/ registration Place of incorporation/ registration Percentage of ownership (i) Principal activities Principal subsidiaries of the Company (continued): Cheetah Mobile Singapore Pte. Ltd. (“Cheetah Mobile Singapore”) May 27, 2015 Singapore 100 % Provision of internet products and related services Cheetah Mobile Hong Kong Limited (“Cheetah Mobile Hong Kong”) February 24, 2016 Hong Kong 100 % Investment holding 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 41.9 % 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 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, 2020 2021 RMB RMB US$ Cash and cash equivalents 28,060 37,496 5,884 Restricted cash 144 144 23 Short-term investments 15 120,197 18,862 Accounts receivable, net 19,449 12,462 1,956 Prepayments and other current assets 72,422 21,906 3,438 Due from related parties (i) 744,930 761,270 119,460 Total current assets 865,020 953,475 149,623 Property and equipment, net 2,616 25,515 4,004 Operating lease right-of-use 20 3,529 554 Intangible assets, net 3,000 5,097 800 Long-term investments 296,801 272,169 42,709 Other non-current 667 45,990 7,217 Deferred tax assets 17,124 1,180 185 Total non-current 320,228 353,480 55,469 Total assets 1,185,248 1,306,955 205,092 Accounts payable 8,536 7,205 1,131 Accrued expenses and other current liabilities 110,065 147,097 23,083 Due to related parties (i) 948,241 1,053,536 165,323 Income tax payable 1,791 751 118 Total current liabilities 1,068,633 1,208,589 189,655 Deferred tax liabilities 16,913 — — Other non-current 5,228 7,947 1,247 Total non-current 22,141 7,947 1,247 Total liabilities 1,090,774 1,216,536 190,902 (i) The balances due from and due to related parties of the VIEs and subsidiaries of VIEs mainly represented amounts due from subsidiaries of the Group. As of December 31, 2020, and 2021, amounts due from subsidiaries of the Group were RMB684,257 and RMB706,646 (US$110,888), respectively, while amounts due to subsidiaries of the Group were RMB927,892 and RMB1,024,511 (US$160,768), respectively, which were eliminated upon consolidation by the Company. |
Schedule of financial performance and cash flows of the VIEs and subsidiaries of VIEs | The financial performance and cash flows of the VIEs and subsidiaries of VIEs are as follows: For the year ended December 31, 2019 2020 2021 RMB RMB RMB US$ Revenues 586,404 659,626 320,942 50,363 Cost of revenues 335,912 194,103 205,955 32,319 Net loss (88,559 ) (8,825 ) (8,489 ) (1,332 ) Net cash provided by (used in) operating activities 62,401 (36,196 ) 209,357 32,853 Net cash (used in) provided by investing activities (69,386 ) 21,168 (255,027 ) (40,019 ) Net cash provided by financing activities — — 91,093 14,294 Effect of exchange rate changes on cash, cash equivalents and restricted cash 121 (53 ) (35,987 ) (5,647 ) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of estimated useful lives of property and equipment | Property and equipment Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, as follows: Estimated useful life Electronic equipment 2-3 AI related equipment 2-3 Office equipment and fixtures 5 years Motor vehicles 4 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 Online game licenses 1-5 User base 1 year Domain names 1-10 Platform 5-6 |
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, 2019 2020 2021 RMB RMB RMB US$ Revenues: Internet business Online advertising 2,074,256 855,430 354,604 55,645 Internet value-added services 1,296,555 525,476 299,155 46,944 AI and others Advertising agency services(i) 73,762 84,993 61,588 9,665 Multi-cloud Management Services — 3,501 41,443 6,503 Technical consulting and other services 58,607 35,504 17,236 2,704 Sale of AI hardware products 84,515 47,741 10,590 1,662 Total consolidated revenues 3,587,695 1,552,645 784,616 123,123 (i) As disclosed under Segment reporting, the Group realigned its segments as CODM changed how it manages and assesses the Group’s segment performance. business. As such, the Group has retrospectively revised disaggregated revenue disclosure accordingly. Please refer to Note 2 Segment reporting for more information. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2019,2020 and 2021 were as follows: For the year ended December 31 2019 2020 2021 RMB RMB RMB US$ Gross unrealized gains (upward adjustments) 78,321 121,555 82,504 12,947 Gross unrealized losses (impairment) (180,913 ) (66,063 ) (351,380 ) (55,139 ) Net unrealized (losses) gains on equity securities held (102,592 ) 55,492 (268,876 ) (42,192 ) Net realized gains on equity securities sold — 482,202 67,105 10,530 Total net (losses) gains recognized in other income, net (102,592 ) 537,694 (201,771 ) (31,662 ) |
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, 2020 2021 RMB RMB US$ Balance sheet data: Current assets 452,904 520,871 81,736 Non-current 1,072,284 1,798,402 282,208 Current liabilities 220,499 182,176 28,587 Non-current 7,771 7,746 1,216 Redeemable preferred shares 875,199 906,420 142,237 For the year ended December 31, 2019 2020 2021 RMB RMB RMB US$ Operating data: Revenues 970,017 944,974 925,020 145,156 Gross profit 223,883 307,531 407,487 63,944 Operating (loss) income (66,751 ) 109,456 459,079 72,039 Net (loss) income (78,146 ) 115,962 464,352 72,867 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of accounts receivable | As of December 31, 2020 2021 RMB RMB US$ Accounts receivable 325,606 263,000 41,270 Allowance for credit losses (100,020 ) (92,695 ) (14,545 ) Accounts receivable, net 225,586 170,305 26,725 |
Schedule of movement in the allowance for credit losses | The movements in the allowance for credit losses were as follows: Year ended December 31 2020 2021 RMB RMB USD Balance as of January 1 109,315 100,020 15,695 Adoption of ASC 326 9,053 — — Amounts charged to expenses (2,973 ) (1,462 ) (230 ) Amounts written off (10,099 ) (3,951 ) (620 ) Disposal of a subsidiary (68 ) — — Foreign Exchange effect (5,208 ) (1,912 ) (300 ) Balance as of December 31 100,020 92,695 14,545 |
Prepayments and Other Current_2
Prepayments and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of prepayments and other current assets | As of December 31, 2020 2021 RMB RMB US$ Other receivables from advertisers 726,945 397,700 62,408 Advances to suppliers 110,816 108,263 16,989 Prepaid expenses 42,464 29,592 4,644 Inventories (i) 24,062 15,415 2,419 Receivable from third-party payment platform 14,848 16,785 2,634 Convertible loans (ii) 83,357 8,240 1,293 Others 113,560 104,324 16,371 Impairment of prepayments and inventory (108,739 ) (98,005 ) (15,379 ) Allowance for credit losses (171,619 ) (102,985 ) (16,162 ) Total 835,694 479,329 75,217 (i) Inventory consists of finished goods, as of December 31, 2020 and 2021, inventories net of impairment reserve were RMB1,465 and RMB265 (US$42). Reserve for inventory for the years ended December 31, 2019, 2020 and 2021 were RMB2,800, RMB23,694 and RMB7,618 (US$1,195), respectively. (ii) As of December 31, 2020 and 2021, convertible loans were fully impaired. |
Schedule of movement in the allowance for credit losses | The movements in the allowance for credit losses were as follows: Year ended December 31 2020 2021 RMB RMB USD Balance as of January 1 144,622 171,619 26,932 Adoption of ASC 326 19,765 — — Amounts charged to expenses 10,862 (696 ) (109 ) Amounts written off — (66,658 ) (10,460 ) Disposal of a subsidiary (11 ) (1 ) — Foreign Exchange effect (3,619 ) (1,279 ) (201 ) Balance as of December 31 171,619 102,985 16,162 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of property and equipment, net | As of December 31, 2020 2021 RMB RMB US$ Electronic equipment 86,602 64,420 10,109 AI related equipment 118,039 152,177 23,880 Leasehold improvements 60,392 14,522 2,279 Office equipment and fixtures 26,039 20,867 3,274 Motor vehicles 4,176 4,045 635 Less: Accumulated depreciation 184,038 145,529 22,837 Less: Accumulated impairment 9,226 8,708 1,366 Property and equipment, net 101,984 101,794 15,974 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of intangible assets and accumulated amortization | Intangible assets and the related accumulated amortization were summarized as follows: As of December 31, 2021 Gross Carrying value Accumulated Accumulated Net carrying value RMB RMB RMB RMB US$ Online game licenses 174,252 (128,035 ) (45,331 ) 886 139 Technology 131,664 (106,928 ) (17,631 ) 7,105 1,115 Platform 70,142 (38,582 ) (31,560 ) — — Customer relationship 45,665 (43,076 ) (2,589 ) — — User base 43,954 (43,954 ) — — — Trademarks 16,974 (13,437 ) (2,114 ) 1,423 223 Domain names 4,860 (4,222 ) — 638 100 Non-compete 1,610 (1,610 ) — — — Total 489,121 (379,844 ) (99,225 ) 10,052 1,577 As of December 31, 2020 Gross value Accumulated Accumulated Net carrying RMB RMB RMB RMB Online game licenses 179,843 (122,515 ) (54,238 ) 3,090 Technology 139,367 (118,478 ) (12,069 ) 8,820 Platform 71,783 (39,485 ) (32,298 ) — Customer relationship 46,570 (43,920 ) (2,650 ) — User base 45,321 (45,321 ) — — Trademarks 15,820 (13,674 ) (2,142 ) 4 Domain names 4,576 (3,915 ) — 661 Non-compete 1,610 (1,610 ) — — Total 504,890 (388,918 ) (103,397 ) 12,575 |
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 ending December 31, RMB US$ 2022 1,975 310 2023 1,574 247 2024 1,357 213 2025 1,314 206 2026 1,258 197 Thereafter 2,574 404 Total 10,052 1,577 |
Lease (Tables)
Lease (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Future lease Payments under Operating Leases | Future lease payments under operating leases as of December 31, 2021 were as follows: For the year ending December 31, RMB US$ 2022 17,906 2,810 2023 11,485 1,802 2024 8,627 1,354 2025 8,615 1,352 2026 6,277 985 Total future lease payments 52,910 8,303 Less: imputed interest 4,781 751 Total 48,129 7,552 |
Accrued Expenses And Other Li_2
Accrued Expenses And Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of accrued expenses and other current liabilities | Accrued expenses and other current liabilities As of December 31, 2020 2021 RMB RMB US$ Payable to online advertising platforms as agency 744,314 495,875 77,814 Accrued operating expenses 203,820 148,863 23,360 Salary and welfare payable 104,716 56,073 8,799 Advance received in advertising agency services 73,034 137,267 21,540 Accrued advertising, marketing and promotional expenses 48,027 51,193 8,033 Deferred revenue 108,376 156,994 24,636 Operating lease liabilities current portion 6,876 17,452 2,739 Other taxes payable 23,468 17,678 2,774 Accrued bandwidth and cloud service costs 1,853 363 57 Others 75,558 55,590 8,723 Total 1,390,042 1,137,348 178,475 |
Summary of other non-current liabilities | Other non-current As of December 31, 2020 2021 RMB RMB US$ Uncertain tax position 174,113 161,485 25,341 Operating lease liabilities non-current 11,957 30,677 4,814 Others 6,202 13,555 2,126 Total 192,272 205,717 32,281 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2019, 2020 and 2021: For the year ended December 31, 2019 2020 2021 RMB RMB RMB US$ Revenues: Internet business 3,370,811 1,380,906 653,759 102,589 AI and others 216,884 171,739 130,857 20,534 Total revenues 3,587,695 1,552,645 784,616 123,123 Operating (loss) income: Internet business (74,406 ) 147,070 (14,178 ) (2,225 ) AI and others (363,401 ) (597,203 ) (208,243 ) (32,678 ) Unallocated expenses(i) (673,105 ) (80,982 ) (7,150 ) (1,122 ) Total operating loss (1,110,912 ) (531,115 ) (229,571 ) (36,025 ) (i) Unallocated items include share-based compensation and goodwill impairment which were not allocated to segments. |
Geographical Information (Table
Geographical Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2019 2020 2021 RMB RMB RMB US$ Revenues: PRC 1,388,107 698,910 562,464 88,263 Overseas (i) 2,199,588 853,735 222,152 34,860 United States 1,342,021 437,262 32,646 5,123 Japan 139,290 138,918 111,481 17,494 Rest of the world (ii) 718,277 277,555 78,025 12,243 |
Schedule of property and equipment, net by geographical area | A s 2020 2021 RMB RMB US$ Property and equipment, net: PRC 98,438 99,133 15,556 Non-PRC 3,546 2,661 418 (i) Overseas revenue refers to revenues generated by the Group’s operating legal entities incorporated outside China. Such revenues are primarily attributable to customers located outside China based on customers’ registered addresses. (ii) No individual country, other than disclosed above, exceeded 10% of total revenues for the years ended December 31, 2019, 2020 and 2021, respectively. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of income (loss) before income taxes | Year ended December 31, 2019 2020 2021 RMB RMB RMB US$ PRC (589,752 ) (325,686 ) (490,025 ) (76,897 ) Non-PRC 224,065 833,933 150,454 23,609 Total (365,687 ) 508,247 (339,571 ) (53,288 ) |
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) income Year ended December 31 , 2019 2020 2021 RMB RMB RMB US$ Current income tax expenses 1,923 106,718 12,713 1,995 Deferred income tax expenses (benefits) 5,981 (9,628 ) 920 144 Income tax expenses 7,904 97,090 13,633 2,139 |
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, 2019 2020 2021 RMB RMB RMB US$ (Loss) income before income tax (365,687 ) 508,247 (339,571 ) (53,288 ) Income tax expense computed at the PRC statutory tax rate of 25% (91,423 ) 127,062 (84,894 ) (13,322 ) Effect of different tax rates in different jurisdictions (178,059 ) (150,466 ) (16,764 ) (2,631 ) Effect of tax holiday and preferential tax rates 84,520 18,671 44,909 7,047 Research and development super-deduction (105,443 ) (46,153 ) (12,660 ) (1,987 ) Non-taxable (15,804 ) (44,177 ) (25,713 ) (4,035 ) Non-deductible 165,580 21,681 8,614 1,352 Effect of change in tax rate (7,991 ) — (12,327 ) (1,934 ) Outside basis difference on investment (30,681 ) (17,482 ) 63 10 Withholding tax and others (5,470 ) 97,270 18,524 2,907 Changes in valuation allowance 192,675 90,684 93,881 14,732 Income tax expenses 7,904 97,090 13,633 2,139 (i) Non-taxable (ii) Non-deductible |
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, 2020 and 2021 are as follows: As of December 31, 2020 2021 RMB RMB US$ Deferred tax assets: Tax losses carry forward 257,328 316,845 49,720 Equity investment loss 45,958 73,035 11,461 Allowance for credit losses 22,435 28,476 4,469 Intangible assets and accrued expenses 7,952 8,953 1,405 Deferred revenue 2,153 — — Share-based compensation 3,223 1,654 260 Fixed assets depreciation 4,414 235 37 Intercompany transfer of long-lived assets 2,921 1,181 185 Others 5,306 9,562 1,500 Valuation allowance (328,956 ) (422,837 ) (66,353 ) Deferred tax assets 22,734 17,104 2,684 Deferred tax liabilities: Outside basis difference on investment 57,341 54,893 8,614 Equity method investment and unrealized gains 6,063 6,322 992 Right-of-use 4,225 69 11 Deferred tax liabilities 67,629 61,284 9,617 As of December 31, 2021 RMB US$ Classification in the consolidated balance sheets: Deferred tax assets 14,384 2,257 Deferred tax liabilities 58,564 9,190 |
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: 2020 2021 RMB RMB US$ Balance at January 1 65,936 179,492 28,166 Additions based on tax positions related to current year 138,583 2,040 320 Reversal based on tax positions related to prior years (25,027 ) (4,006 ) (628 ) Balance at December 31 179,492 177,526 27,858 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of material related party transactions | For the year ended December 31, 2019 2020 2021 RMB RMB RMB US$ Services received from: (i) Kingsoft Group 23,804 23,897 19,139 3,003 Tencent Group 73,655 51,147 32,594 5,115 OrionStar Group 16,857 10,793 3,756 589 Services provided to: (ii) Tencent Group 176,099 73,462 40,333 6,329 OrionStar Group 20,242 4,207 3,862 606 Pixiu Group 13,450 2,033 9,614 1,509 Live.me Group 4,796 27,376 11,718 1,839 Purchase of products and equipment: OrionStar Group (iii) 98,197 87,090 40,290 6,322 Loans and investments provided to: OrionStar Group (iv) 450,486 — 100,000 15,692 Pixiu Group (v) 69,402 7,085 — — Shenzhen Feipai (vi) 3,000 2,500 — — Others 59,816 — — — Selling business to : Live.me Group — 11,060 — — (i) The Group entered into agreements with Kingsoft Group pursuant to which Kingsoft Group provided services including promotion, technical support services and other services to the Group; The Group entered into agreements with Tencent Group pursuant to which Tencent Group provided promotion and technical support 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 a distributorship and cooperation agreement with OrionStar Group, pursuant to which the Group purchased robotics products from OrionStar Group. (iv) In 2019, the Group acquired additional preferred shares of Beijing OrionStar by virtue of the exercise of warrants during Beijing OrionStar’s series B corporate financing transactions. In 2021, the Group provided a convertible loan of RMB100,000 (US$15,692) at an annual simple interest rate of 8% with 2 years maturity term to Beijing OrionStar. The Group does not have right to convert all or part of the principal and accumulated unpaid interest into the Beijing OrionStar’s equity interest until a qualified equity financing occurs or upon maturity. The conversion features were considered as embedded derivatives that do not meet the criteria to be bifurcated and were accounted for together with the loan receivable. (v) The Group entered into loan agreements with Pixiu Group including a 3-year (vi) The Group entered into convertible loans agreements with Shenzhen Feipai which were fully impaired in 2020. Except for the above-mentioned related parties, the Group also provided investments to several investees with investment agreements. |
Summary Of Accounts Receivable Related Party Debt Allowance For Credit Loss | The movements in the allowance for credit losses were as follows: Year ended December 31, 2020 2021 RMB RMB USD Balance as of January 1 34,027 46,204 7,250 Adoption of ASC 326 12,056 — — Amounts charged to expenses 128 15,563 2,442 Amounts written off — (2,917 ) (458 ) Foreign Exchange effect (7 ) (64 ) (10 ) Total 46,204 58,786 9,224 |
Amount due from related parties | |
Schedule of material related party transactions | As of December 31, 2020 2021 RMB RMB US$ Live.me Group 78,008 7,334 1,151 Tencent Group 49,474 15,995 2,510 Pixiu Group 50,674 26,625 4,178 OrionStar Group(i) 26,280 137,157 21,523 Kingsoft Group 3,150 8,164 1,281 Other related parties (ii) 20,259 17,393 2,729 Total 227,845 212,668 33,372 (i) As of December 31, 2021, the balances of due from OrionStar Group primarily included convertible loan of RMB100,000 (US$15,692) and prepayments made for the purchase of robotics products. (ii) As of December 31, 2020 and 2021, the amount of due from related parties included convertible loans of RMB21,000 to a related party , which h 1. |
Amount due to related parties | |
Schedule of material related party transactions | As of December 31, 2020 2021 RMB RMB US$ OrionStar Group 8,752 811 127 Tencent Group 22,573 24,944 3,914 Live.me Group 662 1,431 225 Kingsoft Group 6,811 6,372 1,000 Other related parties 10,140 4,202 659 Total 48,938 37,760 5,925 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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$) 0.42~0.94 0.09 4.34~4.87 Risk-free interest rates 2.57%~3.73 % 0.66 % 0.07 % Expected volatility range 57.2%~59.2 % 59.2 % 52.02 % Expected dividend yield 8.61%~8.72 % 0.82 % 0.00 % Fair value per option granted (US$) 0.22~0.27 0.02 2.44~2.56 |
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 years ended December 31, 2019 2020 2021 RMB RMB RMB US$ Cost of revenues — 728 858 135 Research and development 31,907 20,376 7,400 1,161 Selling and marketing 1,479 996 342 54 General and administrative 15,286 11,879 361 57 Total 48,672 33,979 8,961 1,407 |
Schedule of share-based compensation expense by function | Total share-based compensation expenses recorded by the Group are as follows: For the years ended December 31, 2019 2020 2021 RMB RMB RMB US$ Cost of revenues 524 1,044 1,027 161 Research and development 59,771 29,091 5,996 941 Selling and marketing 3,818 (1,087 ) 1,339 210 General and administrative 63,327 51,934 (1,212 ) (190 ) Total 127,440 80,982 7,150 1,122 |
2014 Restricted Share Plan | |
Restricted shares activity | The following table summarizes the Company’s option activity under the 2014 Restricted Shares Plan during the years ended December 31, 2019, 2020 and 2021, respectively: Number of Weighted Weighted Weighted Aggregate Outstanding at January 1, 2019 30,652,305 0.22 1.15 5.31 11,835 Granted 6,820,900 0.03 0.60 Forfeited (7,159,989 ) 0.13 0.81 Exercised (4,950,497 ) 0.10 1.08 Modified in August 2019 (18,835,215 ) 0.17 0.98 Outstanding at December 31, 2019 6,527,504 0.34 1.50 4.31 150 Exercised (1,001,674 ) 0.34 1.91 Modified in June 2020 (5,525,830 ) 0.34 1.42 Outstanding at December 31, 2020 — Exercised — Outstanding at December 31, 2021 — Vested and expected to vest at December 31, 2021 — Exercisable as at December 31, 2021 — The following table summarizes the restricted shares activity pursuant to the 2014 Restricted Shares Plan for the years ended December 31, 2019, 2020 and 2021, respectively: Number of shares Weighted average grant date fair value (US$) Unvested at January 1, 2019 Modified in August 2019 18,835,215 0.97 Vested (2,164,800 ) 1.31 Forfeited (221,450 ) 1.36 Unvested at December 31, 2019 16,448,965 0.92 Modified in June 2020 5,525,830 1.62 Vested (12,272,973 ) 1.32 Forfeited (6,061,820 ) 0.77 Unvested at December 31, 2020 3,640,002 0.88 Granted 5,994,400 0.14 Vested (2,016,463 ) 0.78 Forfeited (1,055,299 ) 1.00 Unvested at December 31, 2021 6,562,640 0.22 |
2013 Incentive Scheme | |
Restricted shares activity | The following table summarizes the Group’s options activity under the 2013 Incentive Scheme during the years ended December 31, 2019, 2020 and 2021, respectively: Number of Weighted Weighted Weighted Aggregate Outstanding at January 1, 2019 44,791,941 0.33 1.13 5.01 12,546 Granted — — — Forfeited (3,417,123 ) 0.34 1.02 Exercised (2,111,674 ) 0.15 1.59 Modified in August 2019 (5,990,119 ) 0.33 1.06 Outstanding at December 31, 2019 33,273,025 0.34 1.13 4.01 765 Exercised (4,852,510 ) 0.34 1.10 Modified in June 2020 (28,420,515 ) 0.34 1.13 Outstanding at December 31, 2020 — — — — — Exercised Outstanding at December 31, 2021 — — — — — Vested and expected to vest at December 31, 2021 — Exercisable as at December 31, 2021 — The following table summarizes the restricted shares activity pursuant to the 2013 Incentive Scheme for the years ended December 31, 2019, 2020 and 2021, respectively: Number of Weighted average grant date fair value (US$) Unvested at January 1, 2019 — — Modified in August 2019 5,990,119 1.15 Vested (1,052,547 ) 1.02 Forfeited (28,515 ) 1.33 Outstanding at January 1, 2020 4,909,057 1.06 Modified in June 2020 28,420,515 1.33 Granted 1,600,000 0.21 Vested (30,310,465 ) 1.33 Forfeited (364,377 ) 0.90 Unvested at December 31, 2020 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 |
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, 2019, 2020 and 2021, respectively: Number of shares Weighted average grant date fair value (US$) Unvested at January 1, 2019 5,739,320 1.06 Granted 2,189,310 0.37 Vested (2,452,468 ) 1.08 Forfeited (1,409,359 ) 1.05 Unvested at December 31, 2020 4,066,803 0.69 Granted 596,920 0.21 Vested (1,170,395 ) 0.68 Forfeited (1,549,603 ) 0.57 Unvested at December 31, 2020 1,943,725 0.64 Granted 1,596,100 0.26 Vested (1,687,405 ) 0.36 Forfeited (1,643,470 ) 0.59 Unvested at December 31, 2021 208,950 0.39 |
Restricted shares with an option feature | 2014 Restricted Share Plan | |
Summary of assumptions used in calculating fair value of options | The grant date fair value of each option before modification is estimated on the date of grant using the binomial tree option pricing model with the following assumptions used for years presented: Year ended Fair value of ordinary share (US$) 0.36~0.68 Risk-free interest rates 1.70%~3.25 % Expected volatility range 57.1%~62.9 % Expected dividend yield 0 % Expected exercise multiple 2.2 Fair value per option granted (US$) 0.36~0.68 |
Restricted shares with an option feature | 2013 Incentive Scheme | |
Summary of assumptions used in calculating fair value of options | Year ended Fair value of ordinary share (US$) 1.06~1.43 Risk-free interest rates 2.97%~3.58 % Expected volatility range 56.3%~57.2 % Expected dividend yield 0 % Expected exercise multiple 2.2 Fair value per option granted (US$) 0.79~1.15 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary Of Commitment For Cloud Services | Future minimum payments under non-cancelable agreements for cloud services consist of the following as of December 31, 2021. Total Less than 1 Year 1-3 Years More than 3 Purchase obligations 108,334 54,167 54,167 — |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of retained earnings | As of December 31, 2020 2021 RMB RMB US$ PRC statutory reserve funds 54,992 57,616 9,041 Unreserved retained earnings 802,196 447,469 70,218 Total retained earnings 857,188 505,085 79,259 |
Schedule of components of accumulated other comprehensive income | The components of accumulated other comprehensive income were as follows: Foreign currency translation adjustment Unrealized gains on available- for sale Securities Total RMB RMB RMB Balance at January 1, 2019 253,054 (3,750 ) 249,304 Other comprehensive income before reclassification 77,097 10,913 88,010 Other comprehensive income attribute to noncontrolling interests 459 — 459 Balance at December 31, 2019 330,610 7,163 337,773 Other comprehensive loss before reclassification (167,476 ) (7,251 ) (174,727 ) Other comprehensive income attribute to noncontrolling interests 294 — 294 Balance at December 31, 2020 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 Balance at December 31, 2021, in US$ 13,864 (14 ) 13,850 |
(Loss) Earnings Per Share (Tabl
(Loss) Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of computation of basic and diluted earnings (Losses) per share | Basic and diluted earnings 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, 2019 and 2021, as its effect would be anti-dilutive: Year ended December 31 2019 2020 2021 Ordinary shares Ordinary shares Class A Ordinary shares Class A Ordinary shares Class B Ordinary shares Class B Ordinary shares RMB RMB RMB US$ RMB US$ (Loss) earnings per share—basic Numerator: Net (loss) income attributable to Cheetah Mobile Inc. (313,977 ) 416,732 (118,975 ) (18,670 ) (232,151 ) (36,430 ) Accretion of redeemable noncontrolling interests (29,865 ) — — — — — Dilution effect arising from dividends declared on share (326 ) (10,669 ) (681 ) (107 ) (1,328 ) (208 ) Net (loss) income attributable to Cheetah Mobile Inc. after (344,168 ) 406,063 (119,656 ) (18,777 ) (233,479 ) (36,638 ) Denominator: Weighted average number of ordinary shares outstanding 1,369,041,418 1,402,509,386 484,555,775 484,555,775 945,496,827 945,496,827 (Loss) earnings per share—basic (0.2514 ) 0.2895 (0.2469 ) (0.0388 ) (0.2469 ) (0.0388 ) (Loss) earnings per share—diluted Numerator: Net (loss) income attributable to Cheetah Mobile Inc. after (344,168 ) 406,063 (119,656 ) (18,777 ) (233,479 ) (36,638 ) Reallocation of net income as a result of conversion of — — (233,479 ) (36,638 ) — — Net (loss) income attributable to ordinary shareholders (344,168 ) 406,063 (353,135 ) (55,415 ) (233,479 ) (36,638 ) Denominator: Weighted average ordinary shares outstanding 1,369,041,418 1,402,509,386 484,555,775 484,555,775 945,496,827 945,496,827 Dilutive effect of Share-based awards — 18,558,520 — — — — Conversion of Class B into Class A ordinary shares — — 945,496,827 945,496,827 — — Denominator used for (loss) earnings per share 1,369,041,418 1,421,067,906 1,430,052,602 1,430,052,602 945,496,827 945,496,827 (Loss) earnings per share—diluted (0.2514 ) 0.2857 (0.2469 ) (0.0388 ) (0.2469 ) (0.0388 ) (Loss) earnings per ADS: Denominator used for (loss) earnings per ADS—basic 136,904,142 140,250,939 48,455,578 48,455,578 Denominator used for (loss) earnings per ADS—diluted 136,904,142 142,106,791 143,005,260 143,005,260 (Loss) earnings per ADS—basic (2.5140 ) 2.8953 (2.4694 ) (0.3875 ) (Loss) earnings per ADS—diluted (2.5140 ) 2.8575 (2.4694 ) (0.3875 ) |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 Value Total Fair Value Quoted prices in active markets for identical assets (Level 1) Significant other observable Significant unobservable inputs (Level 3) Total gains (losses) RMB US$ RMB RMB RMB RMB Fair value measurement—Recurring: As of December 31, 2021 Short-term investment Available-for-sale 262,169 41,140 262,169 1,441 Long-term Investment Available-for-sale debt securities 46,339 7,272 46,339 Equity investments accounted for using fair value option 362,235 56,843 362,235 6,537 As of December 31, 2020 Short-term investment Available-for-sale 1,830 1,830 (7,365 ) Long-term Investment Equity investments with readily determinable fair value 11,411 11,411 5,327 Equity investments accounted for using fair value option 364,298 364,298 857 The following table summarizes the Company’s assets held as of December 31, 2020 and 2021 for which a non-recurring Total Balance Total Balance Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Total (losses) gains RMB US$ RMB RMB RMB RMB Fair value measurement—Non-Recurring: As of December 31, 2021 Equity investments accounted for using the measurement alternative 738,292 115,854 738,292 (284,736 ) As of December 31, 2020 Property and equipment, net 85,094 85,094 (9,226 ) Intangible assets, net — — (17,746 ) Equity investments accounted for using the measurement alternative 585,958 585,958 55,942 Equity investments accounted using equity method 18,000 18,000 — |
Reconciliation of the assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs | Amounts RMB Balance as of January 1, 2019 — Addition 497,796 Fair value change (102,555 ) Foreign exchange translation adjustments (6,660 ) Balance as of December 31, 2019 388,581 Addition — Fair value change 857 Foreign exchange translation adjustments (25,140 ) Balance as of December 31, 2020 364,298 Addition 46,339 Fair value change 6,537 Foreign exchange translation adjustments (8,600 ) Balance as of December 31, 2021 408,574 Balance as of December 31, 2021 in US$ 64,114 |
Fair Value, Measurements, Recurring [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 fair value option 362,235 Discount cash flow method • Weighted average cost of capital (“WACC”) 17.5% • Compound Annual Growth Rate (“CAGR”) 16.4% • EBIT Margin 7.7%~16.2% |
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 738,292 Black-Scholes method • IPO Probability 30% to 40 % • Volatility 49% to 54 % Market Approach • IPO Probability 25 % • Volatility 57 % • DLOM 10 % Discount cash flow method • WACC 19.50 % • CAGR 32.9 % • EBIT Margin -33.2%~29.2 % |
Condensed Financial Informati_2
Condensed Financial Information of the Company (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Balance Sheet | Balance Sheets As of December 31, 2020 2021 RMB RMB US$ ASSETS Current assets Cash and cash equivalents 18,243 20,401 3,201 Short-term investments — — — Prepayments and other current assets 131,128 147,396 23,130 Due from subsidiaries and related parties 1,429,987 3,124,311 490,273 Total current assets 1,579,358 3,292,108 516,604 Non-current Long-term investments 492,714 446,969 70,139 Investment in subsidiaries 2,625,791 897,699 140,869 Other non-current — 2,881 450 Total non-current 3,118,505 1,347,549 211,458 Total assets 4,697,863 4,639,657 728,062 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Accrued expenses and other current liabilities 22,893 19,110 2,999 Due to subsidiaries and related parties 754,136 1,159,795 181,997 Income tax payable 2,769 11,997 1,883 Total current liabilities 779,798 1,190,902 186,879 Deferred tax liabilities 39,830 40,908 6,419 Other non-current 130,854 128,721 20,199 Total non-current 170,684 169,629 26,618 Total liabilities 950,482 1,360,531 213,497 Shareholders’ equity Class A ordinary shares (par value of US$0.000025 per share; 7,600,000,000 shares authorized; 482,113,756 and 487,234,522 shares issued as of December 31, 2020 and 2021, respectively; 482,113,756 and 487,234,522 shares outstanding as of December 31, 2020 and 2021, respectively) 78 79 12 Class B ordinary shares (par value of US$0.000025 per share; 1,400,000,000 shares authorized; 957,465,244 and 957,465,244 shares issued as of December 31, 2020 and 2021, respectively; 945,496,827 and 945,496,827 shares outstanding as of December 31, 2020 and 2021, respectively) 156 156 24 Additional paid-in 2,726,619 2,685,544 421,420 Retained earnings 857,188 505,085 79,259 Accumulated other comprehensive income 163,340 88,262 13,850 Total shareholders’ equity 3,747,381 3,279,126 514,565 Total liabilities and shareholders’ equity 4,697,863 4,639,657 728,062 |
Condensed Comprehensive Income | Statements of Comprehensive (loss) income For the years ended December 31, 2019 2020 2021 RMB RMB RMB US$ Revenues — — — — Cost of revenues (5 ) — — — Gross profit (5 ) — — — Operating expenses Research and development (858 ) (482 ) (3 ) — General and administrative (41,872 ) (45,159 ) (21,978 ) (3,449 ) Impairment of goodwill (64,154 ) — — — Total operating expenses (106,884 ) (45,641 ) (21,981 ) (3,449 ) Equity in loss of subsidiaries (495,735 ) (168,217 ) (352,616 ) (55,336 ) Interest income (expense), net 21,677 2,325 (9 ) (1 ) Foreign exchange gains (loss), net 152 (315 ) 71 11 Other income, net 306,006 711,629 35,537 5,577 (Loss) income before income taxes (274,789 ) 499,781 (338,998 ) (53,198 ) Income tax expense s (39,188 ) (83,049 ) (12,128 ) (1,903 ) Net ( l (313,977 ) 416,732 (351,126 ) (55,101 ) Other comprehensive income (loss), net of tax of nil Unrealized gains (losses) on available-for-sale 10,913 (7,250 ) — — Foreign currency translation adjustments 77,556 (167,183 ) (75,078 ) (11,781 ) Other comprehensive income (loss) 88,469 (174,433 ) (75,078 ) (11,781 ) Total comprehensive ( l (225,508 ) 242,299 (426,204 ) (66,882 ) |
Condensed Cash Flow Statement | Statements of Cash Flows For the years ended December 31, 2019 2020 2021 RMB RMB RMB US$ Net cash (used in) provided by operating activities (15,258 ) (2,186 ) 666 105 Net cash provided (used in) by investing activities 375,584 1,345,523 (864,999 ) (135,737 ) Net cash (used in) provided by financing activities (494,055 ) (1,453,285 ) 891,960 139,968 Effect of exchange rate changes on cash and cash equivalents and restricted cash 64,769 (121,395 ) (25,469 ) (3,997 ) Net (decrease) increase in cash and cash equivalents and restricted cash (68,960 ) (231,343 ) 2,158 339 Cash and cash equivalents and restricted cash at beginning of the year 318,546 249,586 18,243 2,863 Cash and cash equivalents and restricted cash at end of the year 249,586 18,243 20,401 3,202 |
Organization and Principal Ac_3
Organization and Principal Activities - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | |
Variable Interest Entity [Line Items] | ||
Loans granted to nominee shareholders and VIEs by primary beneficiaries | ¥ 16,800 | $ 2,636 |
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 |
Organization and Principal Ac_4
Organization and Principal Activities - Principal subsidiaries of Vies and Equity investees (Detail) | 12 Months Ended | |
Dec. 31, 2021 | [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% | |
Beijing Kingsoft Cheetah Technology | ||
Percentage of ownership | 100% | |
Jingdezhen Jibao Information | ||
Percentage of ownership | 100% | |
Kingsoft Japan | ||
Percentage of ownership | 41.90% | |
Zhuhai Baoqu Technology | ||
Percentage of ownership | 75% | |
Cheetah Mobile Hong Kong | ||
Percentage of ownership | 100% | |
Multicloud Limited | ||
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, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) |
Variable Interest Entity [Line Items] | |||
Cash and cash equivalents | ¥ 1,583,926 | $ 248,553 | ¥ 1,299,658 |
Restricted cash | 781 | 123 | 797 |
Short-term investments | 262,813 | 41,241 | 360,803 |
Accounts receivable, net | 170,305 | 26,725 | 225,586 |
Prepayments and other current assets | 479,329 | 75,217 | 835,694 |
Due from related parties | 101,333 | 15,901 | 224,323 |
Total current assets | 2,598,487 | 407,760 | 2,946,861 |
Property and equipment, net | 101,794 | 15,974 | 101,984 |
Operating lease right-of-use assets | 45,181 | 7,090 | 17,729 |
Intangible assets, net | 10,052 | 1,577 | 12,575 |
Long-term investments | 1,994,397 | 312,964 | 2,409,726 |
Other non-current assets | 102,688 | 16,112 | 105,479 |
Deferred tax assets | 14,384 | 2,257 | 15,607 |
Total non-current assets | 2,379,831 | 373,445 | 2,666,622 |
Total assets | 4,978,318 | 781,205 | 5,613,483 |
Accounts payable | 134,879 | 21,165 | 105,832 |
Accrued expenses and other current liabilities | 1,137,348 | 178,475 | 1,390,042 |
Due to related parties | 37,760 | 5,925 | 48,938 |
Income tax payable | 43,907 | 6,890 | 27,505 |
Total current liabilities | 1,353,894 | 212,455 | 1,572,317 |
Deferred tax liabilities | 58,564 | 9,190 | 60,502 |
Other non-current liabilities | 205,717 | 32,281 | 192,272 |
Total non-current liabilities | 264,281 | 41,471 | 252,774 |
Total liabilities | 1,618,175 | 253,926 | 1,825,091 |
Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | |||
Variable Interest Entity [Line Items] | |||
Cash and cash equivalents | 37,496 | 5,884 | 28,060 |
Restricted cash | 144 | 23 | 144 |
Short-term investments | 120,197 | 18,862 | 15 |
Accounts receivable, net | 12,462 | 1,956 | 19,449 |
Prepayments and other current assets | 21,906 | 3,438 | 72,422 |
Due from related parties | 761,270 | 119,460 | 744,930 |
Total current assets | 953,475 | 149,623 | 865,020 |
Property and equipment, net | 25,515 | 4,004 | 2,616 |
Operating lease right-of-use assets | 3,529 | 554 | 20 |
Intangible assets, net | 5,097 | 800 | 3,000 |
Long-term investments | 272,169 | 42,709 | 296,801 |
Other non-current assets | 45,990 | 7,217 | 667 |
Deferred tax assets | 1,180 | 185 | 17,124 |
Total non-current assets | 353,480 | 55,469 | 320,228 |
Total assets | 1,306,955 | 205,092 | 1,185,248 |
Accounts payable | 7,205 | 1,131 | 8,536 |
Accrued expenses and other current liabilities | 147,097 | 23,083 | 110,065 |
Due to related parties | 1,053,536 | 165,323 | 948,241 |
Income tax payable | 751 | 118 | 1,791 |
Total current liabilities | 1,208,589 | 189,655 | 1,068,633 |
Deferred tax liabilities | 16,913 | ||
Other non-current liabilities | 7,947 | 1,247 | 5,228 |
Total non-current liabilities | 7,947 | 1,247 | 22,141 |
Total liabilities | ¥ 1,216,536 | $ 190,902 | ¥ 1,090,774 |
Organization and Principal Ac_6
Organization and Principal Activities - VIE Arrangements (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) |
Variable Interest Entity [Line Items] | |||
Total current liabilities | ¥ 1,353,894 | $ 212,455 | ¥ 1,572,317 |
Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | |||
Variable Interest Entity [Line Items] | |||
Total current liabilities | 1,208,589 | 189,655 | 1,068,633 |
Amounts due from subsidiaries | 706,646 | 110,888 | 684,257 |
Due to Subsidiaries | Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | |||
Variable Interest Entity [Line Items] | |||
Total current liabilities | ¥ 1,024,511 | $ 160,768 | ¥ 927,892 |
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, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) | |
Revenues | ¥ 784,616 | $ 123,123 | ¥ 1,552,645 | ¥ 3,587,695 |
Cost of revenues | 257,656 | 40,432 | 475,378 | 1,241,932 |
Net income (loss) | (351,126) | (55,101) | 416,732 | (313,977) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (29,755) | (4,669) | (68,761) | 5,506 |
Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | ||||
Revenues | 320,942 | 50,363 | 659,626 | 586,404 |
Cost of revenues | 205,955 | 32,319 | 194,103 | 335,912 |
Net income (loss) | (8,489) | (1,332) | (8,825) | (88,559) |
Net cash provided by (used in) operating activities | 209,357 | 32,853 | (36,196) | 62,401 |
Net cash (used in) provided by investing activities | (255,027) | (40,019) | 21,168 | (69,386) |
Net cash provided by financing activities | 91,093 | 14,294 | ||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ¥ (35,987) | $ (5,647) | ¥ (53) | ¥ 121 |
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, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 30, 2021 ¥ / shares | Dec. 30, 2021 $ / shares | |
Advertising and promotional expenses | ¥ 242,354 | $ 38,031 | ¥ 550,566 | ¥ 1,305,720 | |||
Cash and cash equivalents, restricted cash, short-term investments and available-for-sale debt security | ¥ 1,847,520 | $ 289,917 | |||||
Maximum ownership percentage in ICP business | 50% | 50% | |||||
Appreciation (depreciation) rate of foreign currency exchange (as a percent) | (2.34%) | (2.34%) | (6.27%) | 4.10% | |||
Deferred Revenue, Revenue Recognized | ¥ 74,996 | $ 11,769 | ¥ 94,056 | ¥ 84,703 | |||
Goodwill, Impairment Loss | ¥ 545,665 | ||||||
Contract liabilities | ¥ 164,749 | ¥ 112,016 | $ 25,853 | ||||
Total Revenue [Member] | |||||||
Concentration risk percentage | 10% | 10% | 10% | ||||
PRC | |||||||
Cash and cash equivalents, restricted cash, short-term investments and available-for-sale debt security held percentage | 64.30% | 64.30% | |||||
Non-PRC | |||||||
Cash and cash equivalents, restricted cash, short-term investments and available-for-sale debt security held percentage | 35.70% | 35.70% | |||||
Baidu | Total Revenue [Member] | |||||||
Concentration risk percentage | 8.10% | ||||||
Google | Total Revenue [Member] | |||||||
Concentration risk percentage | 13.80% | ||||||
Cross Currency Interest Rate Contract [Member] | |||||||
Noon buying rate | (per share) | ¥ 6.3726 | $ 1 |
Summary of Significant of Acc_2
Summary of Significant of Accounting Policies - Estimated Useful Lives of Asset (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Office equipment and fixtures [Member] | |
Estimated useful life of the property and equipment | 5 years |
Motor vehicles [Member] | |
Estimated useful life of the property and equipment | 4 years |
Minimum [Member] | Electronic equipment [Member] | |
Estimated useful life of the property and equipment | 2 years |
Minimum [Member] | AI related equipment [Member] | |
Estimated useful life of the property and equipment | 2 years |
Maximum [Member] | Electronic equipment [Member] | |
Estimated useful life of the property and equipment | 3 years |
Maximum [Member] | AI related equipment [Member] | |
Estimated useful life of the property and equipment | 3 years |
Summary of Significant of Acc_3
Summary of Significant of Accounting Policies - Estimated Useful Lives of Intangible Asset (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) | |
Revenues: | ||||
Revenues | ¥ 784,616 | $ 123,123 | ¥ 1,552,645 | ¥ 3,587,695 |
Al And Other Segments [Member] | ||||
Revenues: | ||||
Revenues | 130,857 | 20,534 | 171,739 | 216,884 |
Al And Other Segments [Member] | Advertising agency services | ||||
Revenues: | ||||
Revenues | 61,588 | 9,665 | 84,993 | 73,762 |
Al And Other Segments [Member] | Sale of AI hardware products | ||||
Revenues: | ||||
Revenues | 10,590 | 1,662 | 47,741 | 84,515 |
Al And Other Segments [Member] | Technical consulting and other services | ||||
Revenues: | ||||
Revenues | 17,236 | 2,704 | 35,504 | 58,607 |
Al And Other Segments [Member] | Multi-cloud Management Services | ||||
Revenues: | ||||
Revenues | 41,443 | 6,503 | 3,501 | |
Internet Services | Online Advertising | ||||
Revenues: | ||||
Revenues | 354,604 | 55,645 | 855,430 | 2,074,256 |
Internet Services | Internet valueadded services | ||||
Revenues: | ||||
Revenues | ¥ 299,155 | $ 46,944 | ¥ 525,476 | ¥ 1,296,555 |
Business Combinations and Dec_2
Business Combinations and Deconsolidations - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Income [Member] | |||
Business Acquisition [Line Items] | |||
Deconsolidation gain | ¥ 182,550 | ||
News Republic | |||
Business Acquisition [Line Items] | |||
Deconsolidation gain | ¥ 839,834 | ||
Live me [Member] | Deconsolidation of Subsidiaries [Member] | |||
Business Acquisition [Line Items] | |||
Ownership interest, subsequent to transaction | 49.60% | ||
Business combination in 2019 [Member] | |||
Business Acquisition [Line Items] | |||
Cash consideration | ¥ 25,000 | ||
Gaming And Utility Related Businesses [Member] | |||
Business Acquisition [Line Items] | |||
Total consideration from disposal | ¥ 202,275 | ||
Ownership interest, subsequent to transaction | 75% | ||
Deconsolidation gain | ¥ 226,502 | ||
contingency cash consideration | ¥ 11,745 | ||
Sale of Stock, Percentage of Ownership before Transaction | 36% | ||
Gaming And Utility Related Businesses [Member] | Deconsolidation of Subsidiaries [Member] | |||
Business Acquisition [Line Items] | |||
Ownership interest, subsequent to transaction | 47.10% | ||
Deconsolidation gain | ¥ 14,827 |
Investments - Additional Inform
Investments - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Sep. 30, 2019 | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) Business | Dec. 31, 2019 CNY (¥) | Dec. 31, 2021 USD ($) | |
Investment [Line Items] | ||||||
Short-term investments | ¥ 262,813 | ¥ 360,803 | $ 41,241 | |||
Equity investments accounted for at fair value using the alternative measurement | 1,349,272 | 1,817,891 | 211,731 | |||
Accumulated impairment of equity investments without readily determinable fair value | 942,605 | 641,969 | 147,915 | |||
Equity investments measured at fair value using the measurement alternative | 154,488 | $ 24,243 | 243,525 | |||
Investment in equity investees | 236,552 | 216,126 | 37,120 | |||
Aggregate consideration for equity method investments | 2,500 | 15,040 | ¥ 4,026 | 392 | ||
Purchase of short-term investments | 3,630,357 | 569,684 | 1,375,485 | 3,510,481 | ||
Gains (losses) from equity method investments, net | 60,992 | 9,571 | (5,231) | 7,594 | ||
Impairment loss of equity method investments | 0 | 0 | 0 | |||
Fair value (loss) gain on the long-term available-for-sale debt security | 0 | 0 | 4,864 | |||
Unrealized gains for the Equity investments with readily determinable fair value | 82,504 | 12,947 | 121,555 | 78,321 | ||
Realized gains for equity investments with readily determinable fair value | 287,339 | 231,092 | 45,090 | |||
Debt securities available for sale Noncurrent | 46,339 | 0 | 7,272 | |||
Internet Business Segment [Member] | ||||||
Investment [Line Items] | ||||||
Equity method investments as result of the deconsolidation of a business | 18,000 | |||||
Deconsolidation of Subsidiaries [Member] | Live.me.Inc | ||||||
Investment [Line Items] | ||||||
Ownership interest, subsequent to transaction | 49.60% | |||||
Equity investments accounted for using fair value option [Member] | Live.me.Inc | ||||||
Investment [Line Items] | ||||||
Investment in fair value method investment | 362,235 | 364,298 | 388,581 | 56,843 | ||
Equity investments accounted for using fair value option [Member] | Deconsolidation of Subsidiaries [Member] | Gaming And Utility RelatedBusinesses [Member] | ||||||
Investment [Line Items] | ||||||
Investment in fair value method investment | 342,433 | |||||
Other Income [Member] | ||||||
Investment [Line Items] | ||||||
Purchase of short-term investments | 7,000 | 1,098 | ||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 67,105 | 10,530 | ||||
Unrealized gains for the Equity investments with readily determinable fair value | 0 | 5,327 | 2,853 | |||
Unrealized Gain (Loss) on Equity Investments using fair value option | 6,537 | 1,026 | 857 | (102,555) | ||
Realized gains for equity investments with readily determinable fair value | 767 | 18,488 | 0 | $ 120 | ||
Other Nonoperating Income [Member] | ||||||
Investment [Line Items] | ||||||
Gain on dividends received from long-term investment investees | 2,558 | 401 | ¥ 4,002 | 13,217 | ||
Other Nonoperating Income [Member] | Available-for-sale Securities [Member] | ||||||
Investment [Line Items] | ||||||
Remeasurement loss | 42,883 | 6,729 | ||||
Beijing OrionStar | ||||||
Investment [Line Items] | ||||||
Investment in fair value method investment | ¥ 262,072 | |||||
Fair value method investment ownership percentage | 38.70% | |||||
Fourteen Equity Investees [Member] | ||||||
Investment [Line Items] | ||||||
Equity investments measured at fair value using the measurement alternative | ¥ 172,033 | |||||
Number of Businesses Acquired | Business | 14 | |||||
Equity investments with readily determinable fair value | ||||||
Investment [Line Items] | ||||||
Investment in fair value method investment | 0 | ¥ 11,411 | ||||
Bytedance Ltd. | Other Income [Member] | ||||||
Investment [Line Items] | ||||||
Purchase of short-term investments | 20,000 | |||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 465,877 | |||||
Ziniu Fund L.P. | ||||||
Investment [Line Items] | ||||||
Aggregate consideration for equity method investments | 30,000 | |||||
Short-term Investments [Member] | ||||||
Investment [Line Items] | ||||||
Interest income, net | 12,687 | 1,991 | 23,780 | 45,993 | ||
Other Comprehensive Income Unrealized Holding Gain Loss On Securities | 0 | 0 | 6,049 | |||
Short-term Investments [Member] | Other Expense [Member] | ||||||
Investment [Line Items] | ||||||
Impairment of investment | ¥ 715 | $ 112 | ¥ 7,096 | ¥ 3,506 |
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, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) | |
Investment [Line Items] | ||||
Gross unrealized gains (upward adjustments) | ¥ 82,504 | $ 12,947 | ¥ 121,555 | ¥ 78,321 |
Gross unrealized losses (impairment) | (351,380) | (55,139) | (66,063) | (180,913) |
Net unrealized (losses) gains on equity securities held | (268,876) | (42,192) | 55,492 | (102,592) |
Net realized gains on equity securities sold | 67,105 | 10,530 | 482,202 | |
Total net (losses) gains recognized in other income, net | ¥ (201,771) | $ (31,662) | ¥ 537,694 | ¥ (102,592) |
Investment - Unaudited Condense
Investment - Unaudited Condensed Financial Information Equity Investments (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) | Dec. 31, 2021 USD ($) | |
Balance sheet data: | |||||
Current assets | ¥ 2,598,487 | ¥ 2,946,861 | $ 407,760 | ||
Non-current assets | 2,379,831 | 2,666,622 | 373,445 | ||
Current liabilities | 1,353,894 | 1,572,317 | 212,455 | ||
Non-current liabilities | 264,281 | 252,774 | 41,471 | ||
Operating data: | |||||
Gross profit | 526,960 | $ 82,691 | 1,077,267 | ¥ 2,345,763 | |
Net (loss) income | (353,204) | (55,427) | 411,157 | (373,591) | |
Equity Method Investment, Nonconsolidated Investee, Other [Member] | |||||
Balance sheet data: | |||||
Current assets | 520,871 | 452,904 | 81,736 | ||
Non-current assets | 1,798,402 | 1,072,284 | 282,208 | ||
Current liabilities | 182,176 | 220,499 | 28,587 | ||
Non-current liabilities | 7,746 | 7,771 | 1,216 | ||
Redeemable preferred shares | 906,420 | 875,199 | $ 142,237 | ||
Operating data: | |||||
Revenues | 925,020 | 145,156 | 944,974 | 970,017 | |
Gross profit | 407,487 | 63,944 | 307,531 | 223,883 | |
Operating (loss) income | 459,079 | 72,039 | 109,456 | (66,751) | |
Net (loss) income | ¥ 464,352 | $ 72,867 | ¥ 115,962 | ¥ (78,146) |
Accounts Receivable, Net (Detai
Accounts Receivable, Net (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) |
Accounts receivable | ¥ 263,000 | $ 41,270 | ¥ 325,606 |
Allowance for credit losses | (92,695) | (14,545) | (100,020) |
Accounts receivable, net | ¥ 170,305 | $ 26,725 | ¥ 225,586 |
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, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | |
Allowance for Credit Loss [Abstract] | |||
Beginning balance | ¥ 100,020 | $ 15,695 | ¥ 109,315 |
Adoption of ASC 326 | 9,053 | ||
Amounts charged to expenses | (1,462) | (230) | (2,973) |
Amounts written off | (3,951) | (620) | (10,099) |
Disposal of a subsidiary | (68) | ||
Foreign Exchange effect | (1,912) | (300) | (5,208) |
Ending balance | ¥ 92,695 | $ 14,545 | ¥ 100,020 |
Prepayments and Other Current_3
Prepayments and Other Current Assets (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | |
Other receivables from advertisers | ¥ 397,700 | $ 62,408 | ¥ 726,945 | |
Advances to suppliers | 108,263 | 16,989 | 110,816 | |
Prepaid expenses | 29,592 | 4,644 | 42,464 | |
Inventories | [1] | 15,415 | 2,419 | 24,062 |
Receivable from third-party payment platform | 16,785 | 2,634 | 14,848 | |
Convertible loans | [2] | 8,240 | 1,293 | 83,357 |
Others | 104,324 | 16,371 | 113,560 | |
Impairment of prepayments and inventory | (98,005) | (15,379) | (108,739) | |
Allowance for credit losses | (102,985) | (16,162) | (171,619) | |
Total | ¥ 479,329 | $ 75,217 | ¥ 835,694 | |
[1]Inventory consists of finished goods, as of December 31, 2020 and 2021, inventories net of impairment reserve were RMB1,465 and RMB265 (US$42). Reserve for inventory for the years ended December 31, 2019, 2020 and 2021 were RMB2,800, RMB23,694 and RMB7,618 (US$1,195), respectively.[2]As of December 31, 2020 and 2021, convertible loans were fully impaired. |
Prepayments and Other Current_4
Prepayments and Other Current Assets (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) |
Inventories net of impairment reserve | ¥ 265 | $ 42 | ¥ 1,465 | |
Reserve for inventory | ¥ 7,618 | $ 1,195 | ¥ 23,694 | ¥ 2,800 |
Prepayments and Other Current_5
Prepayments and Other Current Assets - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) | |
Prepaid Expenses and Other Current Assets [Member] | ||||
Provision for doubtful accounts receivable | ¥ 493 | $ 77 | ¥ 32,999 | ¥ 109,408 |
Prepayments and Other Current_6
Prepayments and Other Current Assets - Schedule of movement in the allowance for credit losses (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning balance | ¥ 100,020 | $ 15,695 | ¥ 109,315 |
Adoption of ASC 326 | (9,053) | ||
Amounts charged to expenses | 1,462 | 230 | 2,973 |
Amounts written off | (3,951) | (620) | (10,099) |
Disposal of a subsidiary | 68 | ||
Foreign Exchange effect | 1,912 | 300 | 5,208 |
Ending balance | 92,695 | 14,545 | 100,020 |
Prepaid Expenses and Other Current Assets [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Beginning balance | 171,619 | 26,932 | 144,622 |
Adoption of ASC 326 | 19,765 | ||
Amounts charged to expenses | (696) | (109) | 10,862 |
Amounts written off | (66,658) | (10,460) | |
Disposal of a subsidiary | (1) | (11) | |
Foreign Exchange effect | (1,279) | (201) | (3,619) |
Ending balance | ¥ 102,985 | $ 16,162 | ¥ 171,619 |
Property and Equipment, Net (De
Property and Equipment, Net (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) |
Property, Plant and Equipment [Line Items] | |||
Less: Accumulated depreciation | ¥ 145,529 | $ 22,837 | ¥ 184,038 |
Less: Accumulated impairment | 8,708 | 1,366 | 9,226 |
Property and equipment, net | 101,794 | 15,974 | 101,984 |
Electronic equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment, gross | 64,420 | 10,109 | 86,602 |
AI related equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment, gross | 152,177 | 23,880 | 118,039 |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment, gross | 14,522 | 2,279 | 60,392 |
Office equipment and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment, gross | 20,867 | 3,274 | 26,039 |
Motor vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment, gross | ¥ 4,045 | $ 635 | ¥ 4,176 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation expenses | ¥ 45,751 | $ 7,179 | ¥ 52,137 | ¥ 37,382 |
impairment recognized on property and equipment | ¥ 0 | ¥ 9,226 | ¥ 0 |
Intangible Assets and Related A
Intangible Assets and Related Accumulated Amortization (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) |
Intangible Assets [Line Items] | |||
Gross carrying value, finite-lived | ¥ 489,121 | ¥ 504,890 | |
Accumulated amortization | (379,844) | (388,918) | |
Accumulated impairment | (99,225) | (103,397) | |
Net carrying value, finite-lived | 10,052 | $ 1,577 | 12,575 |
Online game licenses | |||
Intangible Assets [Line Items] | |||
Gross carrying value, finite-lived | 174,252 | 179,843 | |
Accumulated amortization | (128,035) | (122,515) | |
Accumulated impairment | (45,331) | (54,238) | |
Net carrying value, finite-lived | 886 | 139 | 3,090 |
Technology | |||
Intangible Assets [Line Items] | |||
Gross carrying value, finite-lived | 131,664 | 139,367 | |
Accumulated amortization | (106,928) | (118,478) | |
Accumulated impairment | (17,631) | (12,069) | |
Net carrying value, finite-lived | 7,105 | 1,115 | 8,820 |
Platform | |||
Intangible Assets [Line Items] | |||
Gross carrying value, finite-lived | 70,142 | 71,783 | |
Accumulated amortization | (38,582) | (39,485) | |
Accumulated impairment | (31,560) | (32,298) | |
Net carrying value, finite-lived | 0 | ||
Customer relationship | |||
Intangible Assets [Line Items] | |||
Gross carrying value, finite-lived | 45,665 | 46,570 | |
Accumulated amortization | (43,076) | (43,920) | |
Accumulated impairment | (2,589) | (2,650) | |
User base | |||
Intangible Assets [Line Items] | |||
Gross carrying value, finite-lived | 43,954 | 45,321 | |
Accumulated amortization | (43,954) | (45,321) | |
Trademarks | |||
Intangible Assets [Line Items] | |||
Gross carrying value, finite-lived | 16,974 | 15,820 | |
Accumulated amortization | (13,437) | (13,674) | |
Accumulated impairment | (2,114) | (2,142) | |
Net carrying value, finite-lived | 1,423 | 223 | 4 |
Domain names | |||
Intangible Assets [Line Items] | |||
Gross carrying value, finite-lived | 4,860 | 4,576 | |
Accumulated amortization | (4,222) | (3,915) | |
Net carrying value, finite-lived | 638 | $ 100 | 661 |
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, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) | |
Intangible Assets [Line Items] | ||||
Impairment loss on intangible assets | ¥ 0 | ¥ 17,746 | ¥ 8,800 | |
Amortization expense of intangible assets | ¥ 5,071 | $ 796 | ¥ 16,409 | ¥ 28,086 |
Intangible Assets Estimated Amo
Intangible Assets Estimated Amortization Expense (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) |
Finite-Lived Intangible Assets [Line Items] | |||
2022 | ¥ 1,975 | $ 310 | |
2023 | 1,574 | 247 | |
2024 | 1,357 | 213 | |
2025 | 1,314 | 206 | |
2026 | 1,258 | 197 | |
Thereafter | 2,574 | 404 | |
Total | ¥ 10,052 | $ 1,577 | ¥ 12,575 |
Lease - Additional Information
Lease - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) | |
Lease, weighted average remaining lease term | 4 years | 4 years | 3 years | |
Lease, weighted average discount rate | 4.90% | 4.90% | 4.70% | |
Operating lease cost | ¥ 20,613 | $ 3,235 | ¥ 50,035 | ¥ 66,609 |
Cost of short-term lease contracts | 28,488 | $ 4,470 | 9,864 | 7,039 |
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, 2021 CNY (¥) | Dec. 31, 2021 USD ($) |
2022 | ¥ 17,906 | $ 2,810 |
2023 | 11,485 | 1,802 |
2024 | 8,627 | 1,354 |
2025 | 8,615 | 1,352 |
2026 | 6,277 | 985 |
Total future lease payments | 52,910 | 8,303 |
Less: Imputed interest | 4,781 | 751 |
Total lease liability balance | ¥ 48,129 | $ 7,552 |
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, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) |
Payable to online advertising platforms as agency | ¥ 495,875 | $ 77,814 | ¥ 744,314 |
Salary and welfare payable | 56,073 | 8,799 | 104,716 |
Accrued operating expenses | 148,863 | 23,360 | 203,820 |
Advance received in advertising agency services | 137,267 | 21,540 | 73,034 |
Accrued advertising, marketing and promotional expenses | 51,193 | 8,033 | 48,027 |
Deferred revenue | 156,994 | 24,636 | 108,376 |
Operating lease liabilities current portion | 17,452 | 2,739 | 6,876 |
Other taxes payable | 17,678 | 2,774 | 23,468 |
Accrued bandwidth and cloud service costs | 363 | 57 | 1,853 |
Others | 55,590 | 8,723 | 75,558 |
Total | ¥ 1,137,348 | $ 178,475 | ¥ 1,390,042 |
Accrued Expenses And Other Li_4
Accrued Expenses And Other Liabilities - Summary of Other Non-current Liabilities (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) |
Uncertain tax position | ¥ 161,485 | $ 25,341 | ¥ 174,113 |
Operating lease liabilities non-current portion | 30,677 | 4,814 | 11,957 |
Others | 13,555 | 2,126 | 6,202 |
Total | ¥ 205,717 | $ 32,281 | ¥ 192,272 |
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, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) | ||
Revenues: | |||||
Revenues | ¥ 784,616 | $ 123,123 | ¥ 1,552,645 | ¥ 3,587,695 | |
Operating (loss) income: | |||||
Total operating loss | (229,571) | (36,025) | (531,115) | (1,110,912) | |
Corporate, Non-Segment [Member] | |||||
Operating (loss) income: | |||||
Unallocated expenses | [1] | (7,150) | (1,122) | (80,982) | (673,105) |
Internet Business [Member] | |||||
Revenues: | |||||
Revenues | 653,759 | 102,589 | 1,380,906 | 3,370,811 | |
Internet Business [Member] | Operating Segments [Member] | |||||
Operating (loss) income: | |||||
Total operating loss | (14,178) | (2,225) | 147,070 | (74,406) | |
Al And Other Segments [Member] | |||||
Revenues: | |||||
Revenues | 130,857 | 20,534 | 171,739 | 216,884 | |
Al And Other Segments [Member] | Operating Segments [Member] | |||||
Operating (loss) income: | |||||
Total operating loss | ¥ (208,243) | $ (32,678) | ¥ (597,203) | ¥ (363,401) | |
[1]Unallocated items include share-based compensation and goodwill impairment which 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, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) | Dec. 31, 2021 USD ($) | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Revenue | ¥ 784,616 | $ 123,123 | ¥ 1,552,645 | ¥ 3,587,695 | ||
PRC | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Revenue | 562,464 | 88,263 | 698,910 | 1,388,107 | ||
Property and equipment, net | 99,133 | 98,438 | $ 15,556 | |||
Overseas | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Revenue | [1] | 222,152 | 34,860 | 853,735 | 2,199,588 | |
Property and equipment, net | 2,661 | 3,546 | $ 418 | |||
UNITED STATES | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Revenue | 32,646 | 5,123 | 437,262 | 1,342,021 | ||
JAPAN | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Revenue | 111,481 | 17,494 | 138,918 | 139,290 | ||
Rest of the world | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Revenue | [2] | ¥ 78,025 | $ 12,243 | ¥ 277,555 | ¥ 718,277 | |
[1]Overseas revenue refers to revenues generated by the Group’s operating legal entities incorporated outside China. Such revenues are primarily attributable to customers located outside China based on customers’ registered addresses.[2]No individual country, other than disclosed above, exceeded 10% of total revenues for the years ended December 31, 2019, 2020 and 2021, respectively. |
Geographical Information - Sc_2
Geographical Information - Schedule of Revenues and Property and Equipment (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Total Revenue [Member] | Geographic Concentration Risk [Member] | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |
Concentration risk, description | No individual country, other than disclosed above, exceeded 10% of total revenues for the years ended December 31, 2019, 2020 and 2021, respectively. |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) ¥ / shares in Units, $ / shares in Units, $ in Thousands, ¥ in Millions | 12 Months Ended | ||||||||
Apr. 01, 2018 JPY (¥) | Apr. 01, 2016 | Dec. 31, 2021 CNY (¥) ¥ / shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 CNY (¥) ¥ / shares | Dec. 31, 2019 CNY (¥) ¥ / shares | Dec. 31, 2018 | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Income Taxes [Line Items] | |||||||||
Paid-in capital | ¥ 2,685,544,000 | ¥ 2,726,619,000 | $ 421,420 | ||||||
Total deferred tax assets before valuation allowances | 439,941,000 | 351,690,000 | 69,037 | ||||||
Valuation allowances | 422,837,000 | 328,956,000 | 66,353 | ||||||
Undistributed earnings | 741,272,000 | 781,772,000 | 116,322 | ||||||
Taxable losses | 2,105,820,000 | $ 330,449 | |||||||
Unrecognized tax benefit | 177,526,000 | 179,492,000 | ¥ 65,936,000 | 27,858 | $ 28,166 | ||||
Unrecognized tax benefit net against deferred tax loss carryforwards | 26,657,000 | 4,183 | 17,445,000 | ||||||
Unrecognized tax benefit presented in the other non-current liabilities line item | 150,869,000 | 23,675 | 162,047,000 | ||||||
Amount of unrecognized tax benefits that if recognized would impact the annual effective tax rate | 150,869,000 | 162,047,000 | 23,675 | ||||||
Interest accrued related to unrecognized tax benefits | 1,449,000 | 9,099,000 | 227 | ||||||
Penalties related to unrecognised tax benefits | 0 | ||||||||
Income tax holiday, aggregate dollar amount | (44,909,000) | $ (7,047) | (18,671,000) | ¥ (84,520,000) | |||||
Maximum [Member] | |||||||||
Income Taxes [Line Items] | |||||||||
Unrecognized deferred income tax liabilities | 74,127,000 | 78,177,000 | 11,632 | ||||||
Minimum [Member] | |||||||||
Income Taxes [Line Items] | |||||||||
Unrecognized deferred income tax liabilities | ¥ 37,064,000 | ¥ 39,089,000 | $ 5,816 | ||||||
HNTE | Reduction in Taxes [Member] | |||||||||
Income Taxes [Line Items] | |||||||||
Exemption period for income tax | 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 | |||||||
Cheetah Mobile Singapore | |||||||||
Income Taxes [Line Items] | |||||||||
Foreign statutory tax rate | 17% | 17% | |||||||
HONG KONG | HK Zoom | |||||||||
Income Taxes [Line Items] | |||||||||
Foreign statutory tax rate | 16.50% | 16.50% | |||||||
JAPAN | Japan Kingsoft | |||||||||
Income Taxes [Line Items] | |||||||||
Foreign statutory tax rate | 23.20% | 23.40% | |||||||
Reduction in tax rate for stated period following the exemption period | 23.20% | ||||||||
Paid-in capital | ¥ 8 | ||||||||
Foreign statutory tax rate over stated taxable income level | 15% | ||||||||
JAPAN | Japan Kingsoft | Maximum [Member] | |||||||||
Income Taxes [Line Items] | |||||||||
Paid-in capital | ¥ 100 | ||||||||
PRC | |||||||||
Income Taxes [Line Items] | |||||||||
Statutory rate | 25% | 25% | 25% | 25% | 25% | ||||
Withholding income tax rate for dividend paid to foreign tax resident investors (as a percent) | 10% | 10% | |||||||
PRC | Reduction in Taxes [Member] | |||||||||
Income Taxes [Line Items] | |||||||||
Withholding tax, reduction | 5% | 5% | |||||||
PRC | Maximum [Member] | |||||||||
Income Taxes [Line Items] | |||||||||
Taxable loss expiration Year | 2031 | 2031 | |||||||
PRC | Minimum [Member] | |||||||||
Income Taxes [Line Items] | |||||||||
Taxable loss expiration Year | 2022 | ||||||||
PRC | New Software Development Enterprise | |||||||||
Income Taxes [Line Items] | |||||||||
Reduction in tax rate for stated period following the exemption period | 50% | ||||||||
Income tax holiday, aggregate dollar amount | ¥ (44,909,000) | $ (7,047) | ¥ (18,671,000) | ¥ 84,520,000 | |||||
Income tax holiday and preferential tax rates, income tax benefits per share | (per share) | ¥ (0.0314) | $ (0.0049) | ¥ (0.0133) | ¥ 0.0617 | |||||
PRC | Beijing Security | HNTE | |||||||||
Income Taxes [Line Items] | |||||||||
Preferential tax rate | 15% | ||||||||
PRC | Beijing Kingsoft Cheetah Technology Co | HNTE | |||||||||
Income Taxes [Line Items] | |||||||||
Preferential tax rate | 15% | ||||||||
PRC | Antutu | HNTE | |||||||||
Income Taxes [Line Items] | |||||||||
Preferential tax rate | 15% |
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, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) | |
PRC | ¥ (490,025) | $ (76,897) | ¥ (325,686) | ¥ (589,752) |
Non-PRC | 150,454 | 23,609 | 833,933 | 224,065 |
(Loss) income before income taxes | (339,571) | (53,288) | 508,247 | (365,687) |
Current income tax expenses | 12,713 | 1,995 | 106,718 | 1,923 |
Deferred income tax expenses (benefits) | 920 | 144 | (9,628) | 5,981 |
Income tax expenses | ¥ 13,633 | $ 2,139 | ¥ 97,090 | ¥ 7,904 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the Differences (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) | ||
Income (loss) before income tax | ¥ (339,571) | $ (53,288) | ¥ 508,247 | ¥ (365,687) | |
Income tax expense computed at the PRC statutory tax rate of 25% | (84,894) | (13,322) | 127,062 | (91,423) | |
Effect of different tax rates in different jurisdictions | (16,764) | (2,631) | (150,466) | (178,059) | |
Effect of tax holiday and preferential tax rates | 44,909 | 7,047 | 18,671 | 84,520 | |
Research and development super-deduction | (12,660) | (1,987) | (46,153) | (105,443) | |
Non-taxable income | [1] | (25,713) | (4,035) | (44,177) | (15,804) |
Non-deductible expenses | [2] | 8,614 | 1,352 | 21,681 | 165,580 |
Effect of change in tax rate | (12,327) | (1,934) | (7,991) | ||
Outside basis difference on investment | 63 | 10 | (17,482) | (30,681) | |
Withholding tax and others | 18,524 | 2,907 | 97,270 | (5,470) | |
Changes in valuation allowance | 93,881 | 14,732 | 90,684 | 192,675 | |
Income tax expenses | ¥ 13,633 | $ 2,139 | ¥ 97,090 | ¥ 7,904 | |
[1]Non-taxable income mainly consists of gains on disposal of subsidiaries and long-term investments that are not subject to tax under the tax laws of different jurisdictions.[2]Non-deductible expenses mainly consist of share-based compensation expenses, entertainments 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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
PRC | ||||
Statutory rate | 25% | 25% | 25% | 25% |
Income Taxes - Tax Effects of T
Income Taxes - Tax Effects of Temporary Differences (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) |
Deferred tax assets: | |||
Tax losses carry forward | ¥ 316,845 | $ 49,720 | ¥ 257,328 |
Equity investment loss | 73,035 | 11,461 | 45,958 |
Allowance for credit losses | 28,476 | 4,469 | 22,435 |
Intangible assets and accrued expenses | 8,953 | 1,405 | 7,952 |
Deferred revenue | 2,153 | ||
Share-based compensation | 1,654 | 260 | 3,223 |
Fixed assets depreciation | 235 | 37 | 4,414 |
Long-lived assets arising from deconsolidation | 1,181 | 185 | 2,921 |
Others | 9,562 | 1,500 | 5,306 |
Valuation allowance | (422,837) | (66,353) | (328,956) |
Deferred tax assets | 17,104 | 2,684 | 22,734 |
Deferred tax liabilities: | |||
Outside basis difference on investment | 54,893 | 8,614 | 57,341 |
Equity method investment and unrealized gains | 6,322 | 992 | 6,063 |
Right-of-use asset and others | 69 | 11 | 4,225 |
Deferred tax liabilities | 61,284 | 9,617 | ¥ 67,629 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | |||
Classification in the consolidated balance sheets: | |||
Deferred tax assets | 14,384 | 2,257 | |
Deferred tax liabilities | ¥ 58,564 | $ 9,190 |
Income Taxes - Reconciliation_3
Income Taxes - Reconciliation of Unrecognized Tax Benefit (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | |
Balance, beginning | ¥ 179,492 | $ 28,166 | ¥ 65,936 |
Additions based on tax positions related to current year | 2,040 | 320 | 138,583 |
Reversal based on tax positions related to prior years | (4,006) | (628) | (25,027) |
Balance, ending | ¥ 177,526 | $ 27,858 | ¥ 179,492 |
Related Party Transactions (Det
Related Party Transactions (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) | Dec. 31, 2021 USD ($) | ||
Related Party Transaction [Line Items] | ||||||
Amount due from related parties | ¥ 212,668 | ¥ 227,845 | $ 33,372 | |||
Amount due to related parties | 37,760 | 48,938 | 5,925 | |||
Kingsoft Group | ||||||
Related Party Transaction [Line Items] | ||||||
Amount due from related parties | 8,164 | 3,150 | 1,281 | |||
Amount due to related parties | 6,372 | 6,811 | 1,000 | |||
Kingsoft Group | Services received from | ||||||
Related Party Transaction [Line Items] | ||||||
Amount | [1] | 19,139 | $ 3,003 | 23,897 | ¥ 23,804 | |
Tencent Group | ||||||
Related Party Transaction [Line Items] | ||||||
Amount due from related parties | 15,995 | 49,474 | 2,510 | |||
Amount due to related parties | 24,944 | 22,573 | 3,914 | |||
Tencent Group | Services received from | ||||||
Related Party Transaction [Line Items] | ||||||
Amount | [1] | 32,594 | 5,115 | 51,147 | 73,655 | |
Tencent Group | Services provided to | ||||||
Related Party Transaction [Line Items] | ||||||
Amount | [2] | 40,333 | 6,329 | 73,462 | 176,099 | |
OrionStar Group | ||||||
Related Party Transaction [Line Items] | ||||||
Amount due from related parties | 137,157 | 26,280 | 21,523 | |||
Amount due to related parties | 811 | 8,752 | 127 | |||
OrionStar Group | Services received from | ||||||
Related Party Transaction [Line Items] | ||||||
Amount | [1] | 3,756 | 589 | 10,793 | 16,857 | |
OrionStar Group | Services provided to | ||||||
Related Party Transaction [Line Items] | ||||||
Amount | [2] | 3,862 | 606 | 4,207 | 20,242 | |
OrionStar Group | Loans and investments provided to/(received from) | ||||||
Related Party Transaction [Line Items] | ||||||
Amount | [3] | 100,000 | 15,692 | 450,486 | ||
OrionStar Group | Purchase of products | ||||||
Related Party Transaction [Line Items] | ||||||
Amount | [4] | 40,290 | 6,322 | 87,090 | 98,197 | |
Pixiu Group | ||||||
Related Party Transaction [Line Items] | ||||||
Amount due from related parties | 26,625 | 50,674 | 4,178 | |||
Pixiu Group | Services provided to | ||||||
Related Party Transaction [Line Items] | ||||||
Amount | [2] | 9,614 | 1,509 | 2,033 | 13,450 | |
Pixiu Group | Loans and investments provided to/(received from) | ||||||
Related Party Transaction [Line Items] | ||||||
Amount | [5] | 7,085 | 69,402 | |||
Shenzhen Feipai | Loans and investments provided to/(received from) | ||||||
Related Party Transaction [Line Items] | ||||||
Amount | [6] | 2,500 | 3,000 | |||
Other Related Parties | ||||||
Related Party Transaction [Line Items] | ||||||
Amount due from related parties | 17,393 | 20,259 | 2,729 | |||
Amount due to related parties | 4,202 | 10,140 | 659 | |||
Liveme Group | ||||||
Related Party Transaction [Line Items] | ||||||
Amount due from related parties | 7,334 | 78,008 | 1,151 | |||
Amount due to related parties | 1,431 | 662 | $ 225 | |||
Liveme Group | Services provided to | ||||||
Related Party Transaction [Line Items] | ||||||
Amount | [2] | ¥ 11,718 | $ 1,839 | 27,376 | 4,796 | |
Liveme Group | Selling business to | ||||||
Related Party Transaction [Line Items] | ||||||
Amount | ¥ 11,060 | |||||
Others | Loans and investments provided to/(received from) | ||||||
Related Party Transaction [Line Items] | ||||||
Amount | ¥ 59,816 | |||||
[1]The Group entered into agreements with Kingsoft Group pursuant to which Kingsoft Group provided services including promotion, technical support services and other services to the Group; The Group entered into agreements with Tencent Group pursuant to which Tencent Group provided promotion and technical support services to the Group; The Group entered into agreements with OrionStar Group pursuant to which OrionStar Group provided technical support services to the Group.[2]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.[3]In 2019, the Group acquired additional preferred shares of Beijing OrionStar by virtue of the exercise of warrants during Beijing OrionStar’s series B corporate financing transactions. In 2021, the Group provided a convertible loan of RMB100,000 (US$15,692) 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.[4]The Group entered into a distributorship and cooperation agreement with OrionStar Group, pursuant to which the Group purchased robotics products from OrionStar Group.[5]The Group entered into loan agreements with Pixiu Group including a 3-year capital allocation loan which latest termination date is January 2022 and the remaining principal balance is revolved to January 2024 in 2021.[6]The Group entered into convertible loans agreements with Shenzhen Feipai which were fully impaired in 2020. Except for the above-mentioned related parties, the Group also provided investments to several investees with investment agreements. |
Related Party Transactions (Par
Related Party Transactions (Parenthetical) (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | |
Related Party Transaction [Line Items] | ||||
Convertible loan | [1] | ¥ 8,240 | $ 1,293 | ¥ 83,357 |
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] | ||||
Debt Instrument, Face Amount | ¥ 100,000 | $ 15,692 | ||
[1]As of December 31, 2020 and 2021, convertible loans were fully impaired. |
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, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance as of January 1 | ¥ 100,020 | ||
Adoption of ASC 326 | ¥ (9,053) | ||
Amounts written off | (3,951) | $ (620) | (10,099) |
Foreign Exchange effect | 1,912 | 300 | 5,208 |
Total | 92,695 | 14,545 | 100,020 |
Account Receivable Related Party [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance as of January 1 | 46,204 | 7,250 | 34,027 |
Adoption of ASC 326 | 12,056 | ||
Amounts charged to expenses | 15,563 | 2,442 | 128 |
Amounts written off | (2,917) | (458) | 0 |
Foreign Exchange effect | (64) | (10) | (7) |
Total | ¥ 58,786 | $ 9,224 | ¥ 46,204 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) |
Selling business and providing loans | ¥ 110,289 | $ 17,307 | ¥ 58,068 |
Due from Related Party Noncurrent | ¥ 110,073 | $ 17,273 | ¥ 3,784 |
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, 2021 CNY (¥) shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 CNY (¥) $ / shares shares | Dec. 31, 2020 CNY (¥) shares | Dec. 31, 2019 $ / shares | Dec. 31, 2019 CNY (¥) | Dec. 31, 2021 USD ($) 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 | ¥ 4,863 | $ 763 | ||||||||
Expected period over which unamortized compensation costs is to be recognized | 1 year 4 months 24 days | 1 year 4 months 24 days | ||||||||
Share-based Payment Arrangement, Option [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock options, incremental cost as a result of modification | ¥ | ¥ 4,770 | ¥ 12,510 | ||||||||
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 | $ 0.14 | $ 0.6 | ||||||||
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 | 2 years 2 months 12 days | 2 years 2 months 12 days | ||||||||
Total fair value of vested shares | ¥ 2,696 | $ 423 | 18,263 | |||||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | ¥ 5,238 | 822 | ||||||||
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 | $ 0.17 | $ 0.21 | ||||||||
Award scheme term | 10 years | 10 years | ||||||||
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 | 2 years 1 month 6 days | 2 years 1 month 6 days | ||||||||
Total fair value of vested shares | ¥ 2,199 | $ 345 | 46,906 | 2,020 | ||||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 6,111 | 6,111 | $ 959 | |||||||
2013 Incentive Scheme | Share-based Payment Arrangement, Option [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock options, incremental cost as a result of modification | ¥ | ¥ 24,860 | 7,588 | ||||||||
2011 Share Award Scheme | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award scheme term | 10 years | 10 years | ||||||||
Shares available to be granted in the future | 1,331,999 | 1,284,629 | 1,284,629 | 1,331,999 | ||||||
2011 Share Award Scheme | Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Granted | $ / shares | $ 0.26 | $ 0.21 | $ 0.37 | |||||||
Expected period over which unamortized compensation costs is to be recognized | $ 166 | ¥ 166 | $ 26 | |||||||
Expected period over which unamortized compensation costs is to be recognized | 1 year 2 months 12 days | 1 year 2 months 12 days | ||||||||
Total fair value of vested shares | ¥ 2,154 | $ 338 | ¥ 1,697 | ¥ 9,357 | ||||||
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 - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2020 | Aug. 31, 2019 | |
Number of shares | ||||||
Outstanding at the beginning of the year | 0 | 6,527,504 | 30,652,305 | |||
Granted | 6,820,900 | |||||
Forfeited | (7,159,989) | |||||
Exercised | 0 | (1,001,674) | (4,950,497) | |||
Outstanding Modified | (5,525,830) | (18,835,215) | ||||
Outstanding at the end of the year | 0 | 0 | 6,527,504 | 30,652,305 | ||
Vested and expected to vest at end of year | 0 | |||||
Exercisable | 0 | |||||
Weighted Average Exercise Price | ||||||
Outstanding at the beginning of the year (in dollars per share) | $ 0.34 | $ 0.22 | ||||
Granted (in dollars per share) | 0.03 | |||||
Forfeited (in dollars per share) | 0.13 | |||||
Exercised (in dollars per share) | 0.34 | 0.1 | ||||
Outstanding at the end of the year Modified (in dollars per share) | $ 0.34 | $ 0.17 | ||||
Outstanding at the end of the year (in dollars per share) | 0.34 | $ 0.22 | ||||
Weighted Average Grant Date Fair Value | ||||||
Outstanding at beginning of year (in dollars per share) | 1.5 | 1.15 | ||||
Granted (in dollars per share) | $ 0.14 | 0.6 | ||||
Forfeited (in dollars per share) | 0.81 | |||||
Exercised (in dollars per share) | $ 1.91 | 1.08 | ||||
Outstanding at end of year Modified (in dollars per share) | $ 1.42 | $ 0.98 | ||||
Outstanding at end of year (in dollars per share) | $ 1.5 | $ 1.15 | ||||
Weighted Average Remaining Contractual Term | ||||||
Outstanding | 4 years 3 months 21 days | 5 years 3 months 21 days | ||||
Aggregate Intrinsic Value | ||||||
Outstanding at the end of the year | $ 150 | $ 11,835 | ||||
Number of ordinary shares, Granted | 5,994,400 | |||||
Number of ordinary shares, Vested | (2,016,463) | (12,272,973) | (2,164,800) | |||
Number of ordinary shares, Forfeited | (1,055,299) | (6,061,820) | (221,450) | |||
Unvested Modified | 5,525,830 | 18,835,215 | ||||
Unvested at end of year | 6,562,640 | 3,640,002 | 16,448,965 | |||
Granted (in dollars per share) | $ 0.14 | $ 0.6 | ||||
Vested (in dollars per share) | 0.78 | $ 1.32 | 1.31 | |||
Forfeited (in dollars per share) | 1 | 0.77 | 1.36 | |||
Unvested at end of year Modified (in dollars per share) | $ 1.62 | $ 0.97 | ||||
Unvested at end of year (in dollars per share) | $ 0.22 | $ 0.88 | $ 0.92 | |||
Restricted shares with an option feature | ||||||
Aggregate Intrinsic Value | ||||||
Expected dividend yield | 0% | |||||
Expected exercise multiple | 2.2 | |||||
Restricted shares with an option feature | Minimum [Member] | ||||||
Aggregate Intrinsic Value | ||||||
Fair value of ordinary share (US$) | $ 0.36 | |||||
Risk-free interest rates, minimum | 1.70% | |||||
Expected volatility range, minimum | 57.10% | |||||
Fair value per option granted (US$) | $ 0.36 | |||||
Restricted shares with an option feature | Maximum [Member] | ||||||
Aggregate Intrinsic Value | ||||||
Fair value of ordinary share (US$) | $ 0.68 | |||||
Risk-free interest rates, maximum | 3.25% | |||||
Expected volatility range, maximum | 62.90% | |||||
Fair value per option granted (US$) | $ 0.68 |
Share-Based Compensation - 2013
Share-Based Compensation - 2013 Incentive Scheme (Detail) - 2013 Incentive Scheme ¥ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2021 $ / shares shares | Dec. 31, 2020 $ / shares shares | Dec. 31, 2019 CNY (¥) $ / shares shares | Dec. 31, 2018 $ / shares shares | Jun. 30, 2020 $ / shares shares | Aug. 31, 2019 $ / shares shares | Dec. 31, 2018 CNY (¥) | |
Number of shares | |||||||
Outstanding at the beginning of the year | shares | 0 | 33,273,025 | 44,791,941 | ||||
Granted | shares | 0 | ||||||
Forfeited | shares | (3,417,123) | ||||||
Exercised | shares | (4,852,510) | (2,111,674) | |||||
Outstanding Modified | shares | (28,420,515) | (5,990,119) | |||||
Outstanding at the end of the year | shares | 0 | 33,273,025 | 44,791,941 | ||||
Vested and expected to vest at end of year | shares | shares | 0 | ||||||
Exercisable | shares | shares | 0 | ||||||
Weighted Average Exercise Price | |||||||
Outstanding at the beginning of the year (in dollars per share) | $ 0.34 | $ 0.33 | |||||
Granted (in dollars per share) | 0 | ||||||
Forfeited (in dollars per share) | 0.34 | ||||||
Exercised (in dollars per share) | 0.34 | 0.15 | |||||
Outstanding at the end of the year Modified (in dollars per share) | $ 0.34 | $ 0.33 | |||||
Outstanding at the end of the year (in dollars per share) | 0.34 | $ 0.33 | |||||
Weighted Average Grant Date Fair Value | |||||||
Outstanding at beginning of year (in dollars per share) | 1.13 | 1.13 | |||||
Granted (in dollars per share) | 0 | ||||||
Forfeited (in dollars per share) | 1.02 | ||||||
Exercised (in dollars per share) | $ 1.1 | 1.59 | |||||
Outstanding at end of year Modified (in dollars per share) | $ 1.13 | $ 1.06 | |||||
Outstanding at end of year (in dollars per share) | $ 1.13 | $ 1.13 | |||||
Weighted Average Remaining Contractual Term | |||||||
Outstanding | 4 years 3 days | 5 years 3 days | |||||
Aggregate Intrinsic Value | |||||||
Aggregate Intrinsic Value | ¥ | $ 765 | ¥ 12,546 | |||||
Unvested at beginning of year | shares | 4,254,730 | 4,909,057 | 0 | ||||
Number of ordinary shares, Granted | shares | 5,773,520 | 1,600,000 | |||||
Number of ordinary shares, Vested | shares | (1,416,898) | (30,310,465) | (1,052,547) | ||||
Number of ordinary shares, Forfeited | shares | (1,014,882) | (364,377) | (28,515) | ||||
Unvested Modified | shares | 28,420,515 | 5,990,119 | |||||
Unvested at end of year | shares | 7,596,470 | 4,254,730 | 4,909,057 | 0 | |||
Unvested at beginning of year (in dollars per share) | $ 0.64 | $ 1.06 | $ 0 | ||||
Granted (in dollars per share) | 0.17 | 0.21 | |||||
Vested (in dollars per share) | 0.79 | 1.33 | 1.02 | ||||
Forfeited (in dollars per share) | 0.81 | 0.9 | 1.33 | ||||
Unvested at end of year Modified (in dollars per share) | $ 1.33 | $ 1.15 | |||||
Unvested at end of year (in dollars per share) | $ 0.23 | $ 0.64 | $ 1.06 | $ 0 | |||
Restricted shares with an option feature | |||||||
Aggregate Intrinsic Value | |||||||
Risk-free interest rates, minimum | 2.97% | ||||||
Risk-free interest rates, maximum | 3.58% | ||||||
Expected volatility range, minimum | 56.30% | ||||||
Expected volatility range, maximum | 57.20% | ||||||
Expected dividend yield | 0% | ||||||
Expected exercise multiple | 2.2 | ||||||
Restricted shares with an option feature | Minimum [Member] | |||||||
Aggregate Intrinsic Value | |||||||
Fair value of ordinary share (US$) | $ 1.06 | ||||||
Fair value per option granted (US$) | 0.79 | ||||||
Restricted shares with an option feature | Maximum [Member] | |||||||
Aggregate Intrinsic Value | |||||||
Fair value of ordinary share (US$) | 1.43 | ||||||
Fair value per option granted (US$) | $ 1.15 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair value of ordinary share (US$) | $ 0.09 | ||
Risk-free interest rates | 0.07% | 0.66% | |
Risk-free interest rates, minimum | 2.57% | ||
Risk-free interest rates, maximum | 3.73% | ||
Expected volatility range | 52.02% | 59.20% | |
Expected volatility range, minimum | 57.20% | ||
Expected volatility range, maximum | 59.20% | ||
Expected dividend yield | 0% | 0.82% | |
Fair value per option granted (US$) | $ 0.02 | ||
Maximum [Member] | |||
Fair value of ordinary share (US$) | $ 4.87 | $ 0.94 | |
Expected dividend yield | 8.72% | ||
Fair value per option granted (US$) | 2.56 | $ 0.27 | |
Minimum [Member] | |||
Fair value of ordinary share (US$) | 4.34 | $ 0.42 | |
Expected dividend yield | 8.61% | ||
Fair value per option granted (US$) | $ 2.44 | $ 0.22 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested at beginning of year | 1,943,725 | 4,066,803 | 5,739,320 |
Granted | 1,596,100 | 596,920 | 2,189,310 |
Vested | (1,687,405) | (1,170,395) | (2,452,468) |
Forfeited | (1,643,470) | (1,549,603) | (1,409,359) |
Unvested at end of year | 208,950 | 1,943,725 | 4,066,803 |
Unvested at beginning of year (in dollars per share) | $ 0.64 | $ 0.69 | $ 1.06 |
Granted (in dollars per share) | 0.26 | 0.21 | 0.37 |
Vested (in dollars per share) | 0.36 | 0.68 | 1.08 |
Forfeited (in dollars per share) | 0.59 | 0.57 | 1.05 |
Unvested at end of year (in dollars per share) | $ 0.39 | $ 0.64 | $ 0.69 |
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, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expenses | ¥ 8,961 | $ 1,407 | ¥ 33,979 | ¥ 48,672 |
Cost of revenues [member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expenses | 858 | 135 | 728 | |
Research and Development Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expenses | 7,400 | 1,161 | 20,376 | 31,907 |
Selling and Marketing Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expenses | 342 | 54 | 996 | 1,479 |
General and Administrative Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expenses | ¥ 361 | $ 57 | ¥ 11,879 | ¥ 15,286 |
Share-Based Compensation - Expe
Share-Based Compensation - Expenses Recorded by Group (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expenses | ¥ 7,150 | $ 1,122 | ¥ 80,982 | ¥ 127,440 |
Cost of Sales [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expenses | 1,027 | 161 | 1,044 | 524 |
Research and Development Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expenses | 5,996 | 941 | 29,091 | 59,771 |
Selling and Marketing Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expenses | 1,339 | 210 | (1,087) | 3,818 |
General and Administrative Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expenses | ¥ (1,212) | $ (190) | ¥ 51,934 | ¥ 63,327 |
Commitments & Contingencies - A
Commitments & Contingencies - Additional Information (Detail) $ in Millions | Dec. 31, 2020 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent liability | $ 1.5 |
Commitments and Contingencies -
Commitments and Contingencies - Summary Of Commitment For Cloud Services (Detail) ¥ in Thousands | Dec. 31, 2021 CNY (¥) |
Purchase Obligation, Fiscal Year Maturity [Abstract] | |
Total | ¥ 108,334 |
Less than 1 Year | 54,167 |
1-3 Years | 54,167 |
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, 2020 $ / shares shares | Dec. 31, 2019 | Dec. 31, 2018 CNY (¥) | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2021 USD ($) $ / 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 | ¥ 1,399,065 | $ 219,544 | |||||
Other comprehensive income, tax expense or benefit | ¥ | ¥ 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 | 482,113,756 | 487,234,522 | 487,234,522 | ||||
Common Class B [Member] | |||||||
Class of Stock [Line Items] | |||||||
Shares transferred | 520,723 | ||||||
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 | 945,496,827 | 945,496,827 | 945,496,827 | ||||
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, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) |
Class of Stock [Line Items] | |||
PRC statutory reserve funds | ¥ 57,616 | $ 9,041 | ¥ 54,992 |
Unreserved retained earnings | 447,469 | 70,218 | 802,196 |
Total retained earnings | ¥ 505,085 | $ 79,259 | ¥ 857,188 |
Shareholders' Equity - Componen
Shareholders' Equity - Components of Accumulated Other Comprehensive Income (loss) (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) | |
Class of Stock [Line Items] | ||||
Balance at the beginning of the period | ¥ 163,340 | ¥ 337,773 | ¥ 249,304 | |
Other comprehensive income (loss) before reclassification | (75,536) | (174,727) | 88,010 | |
Other comprehensive income (loss) attribute to noncontrolling interests | 458 | 294 | 459 | |
Balance at the end of the period | 88,262 | $ 13,850 | 163,340 | 337,773 |
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Class of Stock [Line Items] | ||||
Balance at the beginning of the period | 163,428 | 330,610 | 253,054 | |
Other comprehensive income (loss) before reclassification | (75,536) | (167,476) | 77,097 | |
Other comprehensive income (loss) attribute to noncontrolling interests | 458 | 294 | 459 | |
Balance at the end of the period | 88,350 | 13,864 | 163,428 | 330,610 |
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) | 7,163 | (3,750) | |
Other comprehensive income (loss) before reclassification | 0 | (7,251) | 10,913 | |
Balance at the end of the period | ¥ (88) | $ (14) | ¥ (88) | ¥ 7,163 |
(Loss) Earnings Per Share (Deta
(Loss) Earnings Per Share (Detail) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 CNY (¥) ¥ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 CNY (¥) ¥ / shares shares | Dec. 31, 2019 CNY (¥) ¥ / shares shares | |
Numerator: | ||||
Net (loss) income attributable to Cheetah Mobile Inc. | ¥ (351,126) | $ (55,101) | ¥ 416,732 | ¥ (313,977) |
Accretion of redeemable noncontrolling interests | ¥ | 0 | (29,865) | ||
Dilution effect arising from dividends declared on share awards of consolidated subsidiaries | ¥ | (10,669) | (326) | ||
Net (loss) income attributable to Cheetah Mobile Inc. after accretion of redeemable noncontrolling interests and dilution effect arising from share-based awards issued by subsidiaries | ¥ | ¥ 406,063 | ¥ (344,168) | ||
Denominator: | ||||
Weighted average number of ordinary shares outstanding | 1,430,052,602 | 1,430,052,602 | 1,402,509,386 | 1,369,041,418 |
(Loss) earnings per share—basic | ¥ / shares | ¥ 0.2895 | ¥ (0.2514) | ||
Weighted average ordinary shares outstanding | 1,430,052,602 | 1,430,052,602 | 1,402,509,386 | 1,369,041,418 |
Dilutive effect of Share-based awards | 18,558,520 | 0 | ||
Conversion of Class B into Class A ordinary shares | 0 | |||
Denominator used for (loss) earnings per share | 1,430,052,602 | 1,430,052,602 | 1,421,067,906 | 1,369,041,418 |
(Loss) earnings per share—diluted | ¥ / shares | ¥ 0.2857 | ¥ (0.2514) | ||
Numerator: | ||||
Net (loss) income attributable to Cheetah Mobile Inc. after accretion of redeemable noncontrolling interests and dilution effect arising from share-based awards issued by subsidiaries | ¥ | ¥ 406,063 | ¥ (344,168) | ||
Net (loss) income attributable to ordinary shareholders | ¥ | ¥ 406,063 | ¥ (344,168) | ||
ADS | ||||
Denominator: | ||||
Weighted average number of ordinary shares outstanding | 140,250,939 | 136,904,142 | ||
(Loss) earnings per share—basic | ¥ / shares | ¥ 2.8953 | ¥ (2.514) | ||
Weighted average ordinary shares outstanding | 140,250,939 | 136,904,142 | ||
Denominator used for (loss) earnings per share | 142,106,791 | 136,904,142 | ||
(Loss) earnings per share—diluted | ¥ / shares | ¥ 2.8575 | ¥ (2.514) | ||
Common Class A [Member] | ||||
Numerator: | ||||
Net (loss) income attributable to Cheetah Mobile Inc. | ¥ (118,975) | $ (18,670) | ||
Dilution effect arising from dividends declared on share awards of consolidated subsidiaries | (681) | (107) | ||
Net (loss) income attributable to Cheetah Mobile Inc. after accretion of redeemable noncontrolling interests and dilution effect arising from share-based awards issued by subsidiaries | ¥ (119,656) | $ (18,777) | ||
Denominator: | ||||
Weighted average number of ordinary shares outstanding | 484,555,775 | 484,555,775 | ||
(Loss) earnings per share—basic | (per share) | ¥ (0.2469) | $ (0.0388) | ||
Weighted average ordinary shares outstanding | 484,555,775 | 484,555,775 | ||
Dilutive effect of Share-based awards | 0 | 0 | ||
Conversion of Class B into Class A ordinary shares | 945,496,827 | 945,496,827 | ||
Denominator used for (loss) earnings per share | 1,430,052,602 | 1,430,052,602 | ||
(Loss) earnings per share—diluted | (per share) | ¥ (0.2469) | $ (0.0388) | ||
Numerator: | ||||
Net (loss) income attributable to Cheetah Mobile Inc. after accretion of redeemable noncontrolling interests and dilution effect arising from share-based awards issued by subsidiaries | ¥ (119,656) | $ (18,777) | ||
Reallocation of net income as a result of conversion of Class B into Class A ordinary shares | (233,479) | (36,638) | ||
Net (loss) income attributable to ordinary shareholders | ¥ (353,135) | $ (55,415) | ||
Common Class A [Member] | ADS | ||||
Denominator: | ||||
Weighted average number of ordinary shares outstanding | 48,455,578 | 48,455,578 | ||
(Loss) earnings per share—basic | (per share) | ¥ (2.4694) | $ (0.3875) | ||
Weighted average ordinary shares outstanding | 48,455,578 | 48,455,578 | ||
Denominator used for (loss) earnings per share | 143,005,260 | 143,005,260 | ||
(Loss) earnings per share—diluted | (per share) | ¥ (2.4694) | $ (0.3875) | ||
Common Class B [Member] | ||||
Numerator: | ||||
Net (loss) income attributable to Cheetah Mobile Inc. | ¥ (232,151) | $ (36,430) | ||
Dilution effect arising from dividends declared on share awards of consolidated subsidiaries | (1,328) | (208) | ||
Net (loss) income attributable to Cheetah Mobile Inc. after accretion of redeemable noncontrolling interests and dilution effect arising from share-based awards issued by subsidiaries | ¥ (233,479) | $ (36,638) | ||
Denominator: | ||||
Weighted average number of ordinary shares outstanding | 945,496,827 | 945,496,827 | ||
(Loss) earnings per share—basic | (per share) | ¥ (0.2469) | $ (0.0388) | ||
Weighted average ordinary shares outstanding | 945,496,827 | 945,496,827 | ||
Dilutive effect of Share-based awards | 0 | 0 | ||
Denominator used for (loss) earnings per share | 945,496,827 | 945,496,827 | ||
(Loss) earnings per share—diluted | (per share) | ¥ (0.2469) | $ (0.0388) | ||
Numerator: | ||||
Net (loss) income attributable to Cheetah Mobile Inc. after accretion of redeemable noncontrolling interests and dilution effect arising from share-based awards issued by subsidiaries | ¥ (233,479) | $ (36,638) | ||
Net (loss) income attributable to ordinary shareholders | ¥ (233,479) | $ (36,638) |
Employee Benefit - Additional I
Employee Benefit - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) | |
Contributions for employee benefits | ¥ 56,490 | $ 8,865 | ¥ 93,658 | ¥ 193,990 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) | Dec. 31, 2021 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 | 42,883 | $ 6,729 | ||
Minimum [Member] | Fair Value, Nonrecurring [Member] | ||||
Equity Method Investments | ¥ 583,804 | ¥ 908,184 | $ 91,612 | |
EBIT Margin [member] | ||||
Percent of increase in fair value investment | 9% | 9% | ||
Percent of decrease in fair value investment | 8.80% | 8.80% | ||
Sensitivity analysis of the investment in equity investment increase in EBIT margin | 5% | 5% | ||
Sensitivity analysis of the investment in equity investment decrease in EBIT margin | 5% | 5% | ||
EBIT Margin [member] | Equity Investments Accounted For Using Measurement Alternative [Member] | ||||
Percent of increase in fair value investment | 4% | 4% | ||
Percent of decrease in fair value investment | 4% | 4% | ||
EBIT Margin [member] | Fair Value, Measurements, Recurring [Member] | ||||
Sensitivity analysis of the investment in equity investment increase WACC | 5% | 5% | ||
IPO Probability [member] | ||||
Percent of increase in fair value investment | 1.20% | 1.20% | ||
Percent of decrease in fair value investment | 1.20% | 1.20% | ||
Sensitivity analysis of the investment in equity investment increase in EBIT margin | 5% | 5% | ||
Sensitivity analysis of the investment in equity investment decrease in EBIT margin | 5% | 5% | ||
Volatility [member] | ||||
Sensitivity analysis of the investment in equity investment increase Volatility | 5% | 5% | ||
Sensitivity analysis of the investment in equity investment decrease in volatility | 5% | 5% | ||
Volatility [member] | Equity Investments Accounted For Using Measurement Alternative [Member] | ||||
Percent of increase in fair value investment | 0.30% | 0.30% | ||
Percent of decrease in fair value investment | 0.20% | 0.20% | ||
DLOM [Member] | ||||
Percent of increase in fair value investment | 1.80% | 1.80% | ||
Percent of decrease in fair value investment | 1.80% | 1.80% | ||
Percentage of DLOM increases/decrease in fair value of the investments | 5% | |||
Percentage of DLOM decreases/increase in fair value of the investments | 5% | |||
WACC [Member] | ||||
Sensitivity analysis of the investment in equity investment increase WACC | 0.50% | 0.50% | ||
Percent of increase in fair value investment | 5.80% | 5.80% | ||
Sensitivity analysis of the investment in equity investment decrease WACC | 0.50% | 0.50% | ||
Percent of decrease in fair value investment | 5.40% | 5.40% | ||
WACC [Member] | Equity Investments Accounted For Using Measurement Alternative [Member] | ||||
Percent of increase in fair value investment | 3% | 3% | ||
Percent of decrease in fair value investment | 3% | 3% | ||
CARG [Member] | ||||
Percentage of CARG decreases/increase in fair value of the investments | 0.50% | 0.50% | ||
Percent of increase in fair value investment | 1.80% | 1.80% | ||
Percent of decrease in fair value investment | 1.70% | 1.70% | ||
Percentage of CARG increase/decrease in fair value of the investments | 0.50% | 0.50% | ||
CARG [Member] | Equity Investments Accounted For Using Measurement Alternative [Member] | ||||
Percent of increase in fair value investment | 1% | 1% | ||
Percent of decrease in fair value investment | 1% | 1% |
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, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) | Dec. 31, 2021 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total (losses) gains, Available-for-sale debt security | ¥ 0 | ¥ 0 | ¥ 4,864 | |
Total (losses) gains,Property and equipment, net | (101,794) | (101,984) | $ (15,974) | |
Total (losses) gains, Intangible assets, net | ¥ (545,665) | |||
Equity investments accounted using equity method | 236,552 | 216,126 | 37,120 | |
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, Available-for-sale debt security | 1,441 | (7,365) | ||
Available-for-sale debt security | 262,169 | 1,830 | 41,140 | |
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, Equity investments with readily determinable fair value | 5,327 | |||
Total (losses) gains, Equity investments accounted for using fair value option | 6,537 | 857 | ||
Equity investments with readily determinable fair value | 11,411 | |||
Equity investments accounted for using fair value option | 362,235 | 364,298 | 56,843 | |
Available-for-sale debt security | 46,339 | 7,272 | ||
Fair Value, Measurements, Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total (losses) gains,Property and equipment, net | (9,226) | |||
Total (losses) gains, Intangible assets, net | (17,746) | |||
Total (losses) gains,Equity investments accounted for using the measurement alternative | (284,736) | 55,942 | ||
Property and equipment, net | 85,094 | |||
Equity investments accounted for using the measurement alternative | 738,292 | 585,958 | $ 115,854 | |
Equity investments accounted using equity method | 18,000 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring [Member] | Long-term Investment [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity investments with readily determinable fair value | 11,411 | |||
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] | ||||
Available-for-sale debt security | 262,169 | 1,830 | ||
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 | 362,235 | 364,298 | ||
Available-for-sale debt security | 46,339 | |||
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Property and equipment, net | 85,094 | |||
Equity investments accounted for using the measurement alternative | ¥ 738,292 | 585,958 | ||
Equity investments accounted using equity method | ¥ 18,000 |
Fair Value Measurement - Reconc
Fair Value Measurement - Reconciliation of the Assets and Liabilities (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) | |
Fair Value Inputs Quantitative Information [Line Items] | ||||
Balance at the Beginning | ¥ 364,298 | ¥ 388,581 | ¥ 0 | |
Addition | 46,339 | 497,796 | ||
Fair value change | 6,537 | 857 | (102,555) | |
Foreign exchange translation adjustments | (8,600) | (25,140) | (6,660) | |
Balance at the Ending | ¥ 408,574 | $ 64,114 | ¥ 364,298 | ¥ 388,581 |
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, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) | |
Equity Securities, FV-NI, Gain (Loss) | ¥ (201,771) | $ (31,662) | ¥ 537,694 | ¥ (102,592) |
Valuation Technique, Discounted Cash Flow [Member] | Discount Rate [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Equity Securities, FV-NI, Gain (Loss) | ¥ 362,235 | |||
Valuation Technique, Discounted Cash Flow [Member] | Weighted average cost of capital [member] | Fair Value, Measurements, Recurring [Member] | ||||
Equity Securities, FV-NI, Measurement Input | 0.175 | 0.175 | ||
Valuation Technique, Discounted Cash Flow [Member] | Weighted average cost of capital [member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Equity Securities, FV-NI, Measurement Input | 0.195 | 0.195 | ||
Valuation Technique, Discounted Cash Flow [Member] | Sales Growth Rate [member] | Maximum [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Equity Securities, FV-NI, Measurement Input | 0.164 | 0.164 | ||
Valuation Technique, Discounted Cash Flow [Member] | EBIT Margin [member] | Maximum [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Equity Securities, FV-NI, Measurement Input | 0.162 | 0.162 | ||
Valuation Technique, Discounted Cash Flow [Member] | EBIT Margin [member] | Maximum [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Equity Securities, FV-NI, Measurement Input | 0.292 | 0.292 | ||
Valuation Technique, Discounted Cash Flow [Member] | EBIT Margin [member] | Minimum [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Equity Securities, FV-NI, Measurement Input | 0.077 | 0.077 | ||
Valuation Technique, Discounted Cash Flow [Member] | EBIT Margin [member] | Minimum [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Equity Securities, FV-NI, Measurement Input | (0.332) | (0.332) | ||
Valuation Technique, Discounted Cash Flow [Member] | CARG [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Equity Securities, FV-NI, Measurement Input | 0.329 | 0.329 | ||
Valuation Technique Black Scholes Method [Member] | Discount Rate [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Equity Securities, FV-NI, Gain (Loss) | ¥ 738,292 | |||
Valuation Technique Black Scholes Method [Member] | IPO Probability [member] | Maximum [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Alternative Investment, Measurement Input | 0.40 | 0.40 | ||
Valuation Technique Black Scholes Method [Member] | IPO Probability [member] | Minimum [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Alternative Investment, Measurement Input | 0.30 | 0.30 | ||
Valuation Technique Black Scholes Method [Member] | Volatility [member] | Maximum [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Alternative Investment, Measurement Input | 0.54 | 0.54 | ||
Valuation Technique Black Scholes Method [Member] | Volatility [member] | Minimum [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Alternative Investment, Measurement Input | 0.49 | 0.49 | ||
Valuation, Market Approach [Member] | IPO Probability [member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Alternative Investment, Measurement Input | 0.25 | 0.25 | ||
Valuation, Market Approach [Member] | Volatility [member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Alternative Investment, Measurement Input | 0.57 | 0.57 | ||
Valuation, Market Approach [Member] | DLOM [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Alternative Investment, Measurement Input | 0.10 | 0.10 |
Condensed Financial Informati_3
Condensed Financial Information of the Company - Consolidated Balance Sheets (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) | Dec. 31, 2018 CNY (¥) |
Current assets | |||||
Cash and cash equivalents | ¥ 1,583,926 | $ 248,553 | ¥ 1,299,658 | ||
Short-term investments | 262,813 | 41,241 | 360,803 | ||
Prepayments and other current assets | 479,329 | 75,217 | 835,694 | ||
Due from subsidiaries and related parties | 101,333 | 15,901 | 224,323 | ||
Total current assets | 2,598,487 | 407,760 | 2,946,861 | ||
Non-current assets | |||||
Long-term investments | 1,994,397 | 312,964 | 2,409,726 | ||
Other non-current assets | 102,688 | 16,112 | 105,479 | ||
Total non-current assets | 2,379,831 | 373,445 | 2,666,622 | ||
Total assets | 4,978,318 | 781,205 | 5,613,483 | ||
Current liabilities | |||||
Accrued expenses and other current liabilities | 1,137,348 | 178,475 | 1,390,042 | ||
Due to subsidiaries and related parties | 37,760 | 5,925 | 48,938 | ||
Income tax payable | 43,907 | 6,890 | 27,505 | ||
Total current liabilities | 1,353,894 | 212,455 | 1,572,317 | ||
Deferred tax liabilities | 58,564 | 9,190 | 60,502 | ||
Other non-current liabilities | 205,717 | 32,281 | 192,272 | ||
Total non-current liabilities | 264,281 | 41,471 | 252,774 | ||
Total liabilities | 1,618,175 | 253,926 | 1,825,091 | ||
Shareholders' equity | |||||
Additional paid-in capital | 2,685,544 | 421,420 | 2,726,619 | ||
Retained earnings | 505,085 | 79,259 | 857,188 | ||
Accumulated other comprehensive income | 88,262 | 13,850 | 163,340 | ¥ 337,773 | ¥ 249,304 |
Total shareholders' equity | 3,279,126 | 514,566 | 3,747,381 | ||
Total liabilities and shareholders' equity | 4,978,318 | 781,205 | 5,613,483 | ||
Common Class A [Member] | |||||
Shareholders' equity | |||||
Ordinary shares | 79 | 12 | 78 | ||
Common Class B [Member] | |||||
Shareholders' equity | |||||
Ordinary shares | 156 | 25 | 156 | ||
Parent Company [Member] | |||||
Current assets | |||||
Cash and cash equivalents | 20,401 | 3,201 | 18,243 | ||
Short-term investments | 0 | ||||
Prepayments and other current assets | 147,396 | 23,130 | 131,128 | ||
Due from subsidiaries and related parties | 3,124,311 | 490,273 | 1,429,987 | ||
Total current assets | 3,292,108 | 516,604 | 1,579,358 | ||
Non-current assets | |||||
Long-term investments | 446,969 | 70,139 | 492,714 | ||
Investment in subsidiaries | 897,699 | 140,869 | 2,625,791 | ||
Other non-current assets | 2,881 | 450 | |||
Total non-current assets | 1,347,549 | 211,458 | 3,118,505 | ||
Total assets | 4,639,657 | 728,062 | 4,697,863 | ||
Current liabilities | |||||
Accrued expenses and other current liabilities | 19,110 | 2,999 | 22,893 | ||
Due to subsidiaries and related parties | 1,159,795 | 181,997 | 754,136 | ||
Income tax payable | 11,997 | 1,883 | 2,769 | ||
Total current liabilities | 1,190,902 | 186,879 | 779,798 | ||
Deferred tax liabilities | 40,908 | 6,419 | 39,830 | ||
Other non-current liabilities | 128,721 | 20,199 | 130,854 | ||
Total non-current liabilities | 169,629 | 26,618 | 170,684 | ||
Total liabilities | 1,360,531 | 213,497 | 950,482 | ||
Shareholders' equity | |||||
Additional paid-in capital | 2,685,544 | 421,420 | 2,726,619 | ||
Retained earnings | 505,085 | 79,259 | 857,188 | ||
Accumulated other comprehensive income | 88,262 | 13,850 | 163,340 | ||
Total shareholders' equity | 3,279,126 | 514,565 | 3,747,381 | ||
Total liabilities and shareholders' equity | 4,639,657 | 728,062 | 4,697,863 | ||
Parent Company [Member] | Common Class A [Member] | |||||
Shareholders' equity | |||||
Ordinary shares | 79 | 12 | 78 | ||
Parent Company [Member] | Common Class B [Member] | |||||
Shareholders' equity | |||||
Ordinary shares | ¥ 156 | $ 24 | ¥ 156 |
Condensed Financial Informati_4
Condensed Financial Information of the Company - Consolidated Balance Sheets (Parenthetical) (Detail) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 | 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 | 487,234,522 | 482,113,756 | ||
Ordinary shares, shares outstanding | 487,234,522 | 482,113,756 | ||
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 | 957,465,244 | 957,465,244 | ||
Ordinary shares, shares outstanding | 945,496,827 | 945,496,827 | ||
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 | 487,234,522 | 482,113,756 | ||
Ordinary shares, shares outstanding | 487,234,522 | 482,113,756 | ||
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 | 957,465,244 | 957,465,244 | ||
Ordinary shares, shares outstanding | 945,496,827 | 945,496,827 |
Condensed Financial Informati_5
Condensed Financial Information of the Company - Consolidated Statement of Comprehensive (loss) income (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) | |
Revenues | ¥ 784,616 | $ 123,123 | ¥ 1,552,645 | ¥ 3,587,695 |
Cost of revenues | (257,656) | (40,432) | (475,378) | (1,241,932) |
Gross profit | 526,960 | 82,691 | 1,077,267 | 2,345,763 |
Operating expenses | ||||
Research and development | (211,594) | (33,204) | (455,179) | (787,329) |
General and administrative | (191,868) | (30,108) | (380,533) | (587,457) |
Impairment of goodwill | (545,665) | |||
Interest income (expense), net | 25,391 | 3,984 | 35,655 | 110,010 |
Foreign exchange gains (loss), net | 24,288 | 3,811 | 39,393 | 49 |
Other income, net | 252,998 | 39,700 | 1,081,506 | 887,494 |
(Loss) income before income taxes | (339,571) | (53,288) | 508,247 | (365,687) |
Income tax expenses | (13,633) | (2,139) | (97,090) | (7,904) |
Net (loss) income | (351,126) | (55,101) | 416,732 | (313,977) |
Other comprehensive income (loss), net of tax of nil | ||||
Unrealized gains (losses) on available-for-sale securities, net | (7,251) | 10,913 | ||
Foreign currency translation adjustments | (75,536) | (11,853) | (167,476) | 77,097 |
Total comprehensive (loss) income | (426,204) | (66,882) | 242,299 | (225,508) |
Parent Company [Member] | ||||
Revenues | 0 | |||
Cost of revenues | 0 | (5) | ||
Gross profit | 0 | (5) | ||
Operating expenses | ||||
Research and development | (3) | (482) | (858) | |
General and administrative | (21,978) | (3,449) | (45,159) | (41,872) |
Impairment of goodwill | (64,154) | |||
Total operating expenses | (21,981) | (3,449) | (45,641) | (106,884) |
Equity in loss of subsidiaries | (352,616) | (55,336) | (168,217) | (495,735) |
Interest income (expense), net | (9) | (1) | 2,325 | 21,677 |
Foreign exchange gains (loss), net | 71 | 11 | (315) | 152 |
Other income, net | 35,537 | 5,577 | 711,629 | 306,006 |
(Loss) income before income taxes | (338,998) | (53,198) | 499,781 | (274,789) |
Income tax expenses | (12,128) | (1,903) | (83,049) | (39,188) |
Net (loss) income | (351,126) | (55,101) | 416,732 | (313,977) |
Other comprehensive income (loss), net of tax of nil | ||||
Unrealized gains (losses) on available-for-sale securities, net | (7,250) | 10,913 | ||
Foreign currency translation adjustments | (75,078) | (11,781) | (167,183) | 77,556 |
Other comprehensive income (loss) | (75,078) | (11,781) | (174,433) | 88,469 |
Total comprehensive (loss) income | ¥ (426,204) | $ (66,882) | ¥ 242,299 | ¥ (225,508) |
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, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) | |
Net cash (used in) provided by operating activities | ¥ 102,811 | $ 16,133 | ¥ (46,132) | ¥ (239,544) |
Net cash provided (used in) by investing activities | 220,836 | 34,654 | 1,880,363 | (1,085,226) |
Net cash (used in) provided by financing activities | (9,640) | (1,513) | (1,450,657) | (485,070) |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (29,755) | (4,669) | (68,761) | 5,506 |
Net (decrease) increase in cash and cash equivalents and restricted cash | 284,252 | 44,605 | 314,813 | (1,804,334) |
Cash and cash equivalents and restricted cash at beginning of year | 1,300,455 | 204,070 | 985,642 | 2,789,976 |
Cash and cash equivalents and restricted cash at end of year | 1,584,707 | 248,675 | 1,300,455 | 985,642 |
Parent Company [Member] | ||||
Net cash (used in) provided by operating activities | 666 | 105 | (2,186) | (15,258) |
Net cash provided (used in) by investing activities | (864,999) | (135,737) | 1,345,523 | 375,584 |
Net cash (used in) provided by financing activities | 891,960 | 139,968 | (1,453,285) | (494,055) |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (25,469) | (3,997) | (121,395) | 64,769 |
Net (decrease) increase in cash and cash equivalents and restricted cash | 2,158 | 339 | (231,343) | (68,960) |
Cash and cash equivalents and restricted cash at beginning of year | 18,243 | 2,863 | 249,586 | 318,546 |
Cash and cash equivalents and restricted cash at end of year | ¥ 20,401 | $ 3,202 | ¥ 18,243 | ¥ 249,586 |
Condensed Financial Informati_7
Condensed Financial Information of the Company - Additional Information (Detail) $ in Millions | Dec. 31, 2020 USD ($) |
Contingent liability | $ 1.5 |