NYSE:CMCM Cheetah Mobile Q2 2025 Earnings Report $8.22 -0.14 (-1.67%) Closing price 03:59 PM EasternExtended Trading$8.21 -0.01 (-0.12%) As of 04:10 PM Eastern Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more. ProfileEarnings HistoryForecast Cheetah Mobile EPS ResultsActual EPS-$0.08Consensus EPS N/ABeat/MissN/AOne Year Ago EPSN/ACheetah Mobile Revenue ResultsActual Revenue$41.21 millionExpected RevenueN/ABeat/MissN/AYoY Revenue GrowthN/ACheetah Mobile Announcement DetailsQuarterQ2 2025Date9/11/2025TimeBefore Market OpensConference Call DateThursday, September 11, 2025Conference Call Time7:00AM ETUpcoming EarningsCheetah Mobile's Q3 2025 earnings is scheduled for Monday, December 15, 2025, with a conference call scheduled on Tuesday, December 16, 2025 at 6:00 AM ET. Check back for transcripts, audio, and key financial metrics as they become available.Conference Call ResourcesConference Call AudioConference Call TranscriptPress Release (6-K)Earnings HistoryCompany ProfilePowered by Cheetah Mobile Q2 2025 Earnings Call TranscriptProvided by QuartrSeptember 11, 2025 ShareLink copied to clipboard.Key Takeaways Positive Sentiment: In Q2 Cheetah Mobile delivered its best results since Q1 2021 with revenue up 58% YoY, internet business +39% YoY, AI/other segments +86% YoY, and operating loss narrowed 86% YoY (non‐GAAP nearly break-even). Positive Sentiment: The company has embedded AI into its development process—R&D teams now operate like small open-source groups, using tools such as DeepFlow (built by just three employees) to boost speed and cut resource needs. Positive Sentiment: A shift from ad-based to subscription models has strengthened the core internet business, with subscriptions now representing 60% of internet revenue and driving higher engagement and retention. Neutral Sentiment: In service robotics Cheetah completed the acquisition of profitable robotic-arm maker UFactory One for global scale, and voice-enabled robot revenues in China grew ~100% YoY, though mass deployment remains in early stages. Positive Sentiment: Cheetah Mobile’s strong financial position—with RMB 295 million in Q2 revenue, 76% gross margin, RMB 362 million operating cash flow, $282 million cash on hand, and zero debt—supports disciplined AI and robotics investments. AI Generated. May Contain Errors.Conference Call Audio Live Call not available Earnings Conference CallCheetah Mobile Q2 202500:00 / 00:00Speed:1x1.25x1.5x2xTranscript SectionsPresentationParticipantsPresentationSkip to Participants Operator00:00:00Okay, and welcome to the Cheetah Mobile second quarter 2025 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal our conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on a touchtone phone. To withdraw your question, please press star, then two. Please note this event is being recorded. I would now like to turn the conference over to Ms. Helen Zhu, Investor Relations of Cheetah Mobile. Please go ahead. Helen ZhuDirector - IR at Cheetah Mobile00:00:46Thank you all for your welcome to Cheetah Mobile's second quarter 2025 earnings conference call. With us today are our Chairman and CEO, Mr. Fu Sheng, and our Director and CFO, Mr. Thomas Ren. Following management's prepared remarks, we will conduct a Q&A session. Please note that the management script will be presented by an AI agent. Before we begin, I refer you to the safe harbor statement in our earnings release, which also applies to our conference call today, as we will make forward-looking statements. At this time, I would now like to turn the conference call over to our Chairman and CEO, Mr. Fu Sheng. Please go ahead, Fu Sheng. Sheng FuChairman of The Board & CEO at Cheetah Mobile00:01:36Thank you, everyone, for joining us today. In the second quarter, we delivered our best results since Q1 2021. Revenue grew 58% year-over-year, driven by a 39% year-over-year increase in the internet business and an 86% year-over-year increase in AI and other segments. Our operating loss decreased 86% year-over-year, while long-term operating loss was down 97% from last year, almost break-even. In the first half of 2025, our revenue grew by 47% year-over-year. We believe we can maintain fast growth in the second half of 2025, driven by about 100% year-over-year revenue growth in our AI and other segments, along with a stable internet business. This shows our turnaround is working and gaining momentum. What is even more important is how we work today. We have made AI a core part of our process, working in an AI-native way. Sheng FuChairman of The Board & CEO at Cheetah Mobile00:02:43Our R&D teams are small and flexible, using AI every day to design, test, and build products, much like open-source developers. This helps us move faster and use fewer resources. In short, AI allows one person to do what once took a whole team. We have been investing in AI since 2016, and at the intersection of AI and robotics today, we now have advantages and experience that are hard to replicate. For example, DeepFlow, our AI tool that turns video, audio, and documents into summaries and mind maps, runs with only three full-time employees. Our core internet business remains solid, thanks to our shift from advertising to a subscription model, which has improved user engagement and retention. Today, subscriptions make up about 60% of our internet revenues. This healthy base gives us the room to invest in new AI products, while staying financially disciplined. Sheng FuChairman of The Board & CEO at Cheetah Mobile00:03:46We are enhancing existing apps like Dubai Antivirus wallpaper apps and PDF tools with AI agents. For example, in Dubai Antivirus, we are testing a new AI feature that helps users fix PC issues, especially long-tail problems they couldn't solve before, and early feedback is encouraging. While we are still in the launch and improvement phase for most AI utilities, we believe Cheetah has a natural advantage in utility applications. At the end of the day, the core value of AI utilities is to help people work more efficiently and productively. If we can deliver on that, we believe users will be willing to use our products. On the service robotics side, we made solid progress. Revenues from service robots continue to contribute to growth in the AI and other segments. Sheng FuChairman of The Board & CEO at Cheetah Mobile00:04:43In late July, we completed the acquisition of UFactory One, of the few robotic arm companies that is already profitable and earns most of its revenue overseas. Combining UFactory's strengths with Cheetah's distribution network and 100 plus global partners gives us a clear advantage to scale globally. UFactory arms are already being used at scale in real-world scenarios, from assembly picking, printing, and dispensing tasks in factories to grabbing beverages, making coffee and beers in commercial applications, strawberry harvesting in agricultural settings, and even in universities for robotic research. We now have a broader range of robots and are piloting wheeled robots with arms that can handle more physical tasks in more places. We believe the true breakthrough in robotics is not just in using the most advanced lab technology, but about finding technologies that match real-world use cases, which can scale and generate earnings for the company. Sheng FuChairman of The Board & CEO at Cheetah Mobile00:05:50While this future of robotics is exciting, our years of experience tell us that real commercial adoption depends on delivering sustainable ROI that customers can clearly see. Our strategy is to stay optimistic, yet patient, moving forward steadily. We will continue to identify scalable use cases and grow the business gradually. That said, we want to caution investors that it is not something that will reach mass deployment in the coming quarters. The service robotics market is still developing, but AI agents are making robots smarter and easier to use, since adding AgentOS, our next generation of voice system powered by AI agents. Sheng FuChairman of The Board & CEO at Cheetah Mobile00:06:33Earlier this year, our voice-enabled robot revenue in China grew by about 100% in Q2, both driven by recurring demand from our existing channel partners, alongside expansion into new high-quality customers in healthcare, education, elder care, and cultural institutions such as the National Center for the Performing Arts. In addition, this growth does not rely on one-off large orders, but comes from steady and repeat demand, especially in use cases like poor guiding and reception, which shows it is sustainable. Two companies have both our global experience in consumer internet products and use of real-world robotics operations. This unique combination allows us to apply AI agent technology across both software and hardware, creating synergies that are hard to replicate, supporting our goal to become a leading service robot company in the coming years. Looking ahead, our core internet business remains healthy and profitable. Sheng FuChairman of The Board & CEO at Cheetah Mobile00:07:36We will keep investing in AI tools and robotics with discipline, and we are on track to reach profitability in the near term. Our strong cash position and zero debt give us the flexibility to grow while keeping our finances strong. The transformation is just getting started, but it is already producing results. We are building two growth engines: AI-powered utility apps and AI robots that work together as synergistic forces, combining software and hardware to create a stronger moat, expand our market reach, and open new growth opportunities. At the same time, our solid internet business and strong cash reserves provide a stable base. With over seven years of R&D in AI, our focused strategy, and a culture of innovation, we are confident about the road ahead. Thomas Jintao RenCFO & Director at Cheetah Mobile00:08:36Thank you, Fusha. Hello, everyone, and thank you for joining the call. Unless otherwise stated, all financial figures are presented in RMB in the second quarter of 2024. We continue to make meaningful progress in narrowing our losses and improving profitability, as we remain focused on execution efficiency and financial discipline. In fact, on a non-GAAP basis, we almost reached the break-even point on the operating level in Q2. Let me walk you through the key financial results in the quarter. Total revenue reached RMB 295 million, up 58% year-over-year and 14% quarter-over-quarter, marking a strong acceleration. Gross profit increased by 85% year-over-year and 19% quarter-over-quarter to RMB 212 million. Gross margin improved to 76%, up from 65% in the year-ago quarter and 73% in the previous quarter. Operating loss narrowed to RMB 11 million, an 86% year-over-year decrease and a 58% quarter-over-quarter decrease. Thomas Jintao RenCFO & Director at Cheetah Mobile00:09:54On a non-GAAP basis, our operating loss declined to RMB 2 million, down 97% year-over-year and 86% quarter-over-quarter. Net loss attributable to Cheetah Mobile shareholders decreased by 82% year-over-year and 32% quarter-over-quarter to RMB 23 million. Our non-GAAP net loss attributable to Cheetah Mobile shareholders narrowed by 87% year-over-year and 35% quarter-over-quarter to RMB 14 million. These profitability improvements reflect our ongoing efforts to sharpen focus, improve efficiency, and optimize our cost structure, particularly as we have switched from early-stage experimentation to ROI-focused execution in our AI initiatives. In our AI robotics business, we have exited certain compute-intensive directions, such as training our own foundation models, a strategic shift that significantly reduced infrastructure spend. At the same time, we have streamlined our R&D process by leveraging AI tools and refocused resources on AI utility applications that generate user value. Thomas Jintao RenCFO & Director at Cheetah Mobile00:11:17For example, R&D expenses accounted for 24% of our AI and other segments' revenue in the quarter, down from 39% in the year-ago quarter and 28% in the previous quarter. These efforts have materially improved the operating profit of our AI and other segments, where adjusted operating losses decreased 63% year-over-year and 32% quarter-over-quarter. Looking ahead, we remain confident in our ability to achieve profitability with a clear and disciplined strategy. We see two key drivers for this path. First, our internet business continues to deliver steady profits and serves as a solid financial foundation. In Q2, adjusted operating margin for this segment was 14%, up from 12% in the year-ago quarter. Our transition from an ad-centric model to a user-subscription-driven model is showing good momentum. We believe this momentum is sustainable, supported by loyal user cohorts and diversified distribution channels. Thomas Jintao RenCFO & Director at Cheetah Mobile00:12:30Second, in our AI and other segments, we are building for long-term profitability by growth in both our consumer-facing AI tools and enterprise-facing robotics. For our robotics business, we are prioritizing scalable use cases with clear user demand and engagement, emphasizing our core competencies in AI-powered voice interaction, including natural conversation capabilities similar to LLM-based agents, and mobile indoor mobility, which we believe offers the most reliable and cost-effective solution for scalable robot deployment. Continuously improving our robot's intelligence and product experience through AI agents and maintaining a lean and agile team structure. A recent milestone was our acquisition of UFactory, one of the few profitable robotic arm companies globally. UFactory brings a proven track record of profitable growth, clear market position, and consistent value creation, fully aligned with our vision to scale differentiated robotic solutions over time. Thomas Jintao RenCFO & Director at Cheetah Mobile00:13:41On the AI tools front, DeepFlow, an AI tool that summarizes video, audio, PDF, and other documents, leads to concise takeaways and mind maps, has shown encouraging early user adoption, validating product-market fit. Our balance sheet remains strong. As of June 30th, 2024, we held $282 million in cash and cash equivalents and $110 million in long-term investments. We generated RMB 362 million in operating cash flow during the quarter. This financial strength gives us the flexibility to continue investing in high-potential AI growth opportunities while maintaining capital discipline. We will also remain open to strategic M&A that can accelerate capability building in targeted verticals. To summarize, this was another quarter of measurable progress on our path to break-even. Thomas Jintao RenCFO & Director at Cheetah Mobile00:14:43We are encouraged by early signs of sustainable profitability, supported by: one, a profitable and resilient internet business; two, a disciplined ROI-focused AI strategy; and three, strong capital flexibility to invest in long-term growth. Thank you. We are now happy to take your questions. Operator00:15:10Thank you. We will now begin the question and answer session. To ask a question, you may press star, then one on a touchtone phone. If you are using the speaker phone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star, then two. At this time, we will pause for a moment to assemble our roster. The first question today will come from Thomas Zhang of Jefferies. Please go ahead. 00:15:52早上好,谢谢管ç†å±‚接收我的æé—®ã€‚我的问题是,我们看到上åŠå¹´äº’è”网业务æ¢å¤æ˜Žæ˜¾ï¼Œæ”¶å…¥å¢žé€Ÿä¿æŒåœ¨çº¦40%,并贡献了超过¥4,700万元的ç»è¥åˆ©æ¶¦ã€‚请问管ç†å±‚如何看待这个趋势在下åŠå¹´çš„坿Œç»æ€§ï¼Ÿæ”¶å…¥å’Œåˆ©æ¶¦çš„主è¦é©±åŠ¨å› ç´ æœ‰å“ªäº›ï¼Ÿå¦‚æžœæˆ‘ä»¬ä¸è€ƒè™‘AI工具产å“的新增贡献,管ç†å±‚如何看待互è”网业务的常æ€åŒ–的收入水平和利润率区间?谢谢。 好,谢谢Thomas,我æ¥å›žç”一下您的问题。首先感谢您对公å¸äº’è”网业务的关注。关于公å¸ä¸‹åŠå¹´äº’è”ç½‘ä¸šåŠ¡å¢žé•¿è¶‹åŠ¿çš„å¯æŒç»æ€§ï¼Œåœ¨ä¸Šä¸ªå£åº¦ï¼Œæˆ‘们也讲到过,今年æ¥å…¬å¸äº’è”网业务增长的关键是在于我们从之å‰ä»¥å¹¿å‘Šä¸ºä¸»çš„商业模å¼å…¨é¢è½¬åž‹ä¸ºä»¥ç”¨æˆ·ä»˜è´¹ä¸ºæ ¸å¿ƒï¼Œå›žå½’到产å“çš„ä»·å€¼ï¼Œé€šè¿‡åšæŒç”¨æˆ·è‡³ä¸Šï¼Œè¿˜æœ‰æŒç»æ‰“磨我们的产å“力,实现了用户规模的稳æ¥å¢žé•¿ã€‚åŒæ—¶ï¼Œæˆ‘们也建立了稳å¥çš„长期的åˆä½œä¼™ä¼´å…³ç³»ï¼Œä»¥åŠæ–°å¢žçš„æœ‰æ•ˆçš„èŽ·å®¢æ¸ é“。我们认为,由我们æŒç»æ”¹è¿›çš„产å“力,还有高质é‡çš„用户关系驱动的增长动力是稳å¥ä¸”å…·æœ‰å¯æŒç»æ€§çš„ï¼Œå¹¶ä¸æ˜¯ä¸€ä¸ªçŸæœŸçš„æ³¢åŠ¨ã€‚ 展望未æ¥ï¼Œå¢žé•¿ä¸»è¦æ˜¯ä¾èµ–于两个层é¢ã€‚ä¸€æ–¹é¢æ˜¯æˆ‘们在市场拓展上,在现有æˆåŠŸçš„åˆä½œåŸºç¡€ä¸Šè¿›ä¸€æ¥åŽ»æ‹“å±•æ–°çš„ä¼™ä¼´å’Œæ–°çš„æ¸ é“,去扩大我们用户的覆盖和收入的基础。å¦ä¸€æ–¹é¢ï¼Œæ˜¯é€šè¿‡æŠ€æœ¯èµ‹èƒ½ï¼Œå……åˆ†å‘æŒ¥AI agent技术的作用,推动我们ä¸ç®¡æ˜¯PCç«¯è¿˜æ˜¯ç§»åŠ¨ç«¯å·¥å…·äº§å“æ™ºèƒ½åŒ–å‡çº§ï¼Œç»§ç»æå‡æˆ‘们产å“çš„ç«žäº‰åŠ›å’Œç”¨æˆ·çš„ä»˜è´¹æ„æ„¿ï¼ŒåŽ»åˆ›é€ æ–°çš„ä»·å€¼ç©ºé—´ã€‚ 但是,也需è¦è·Ÿæ‚¨è¯´æ˜Žçš„æ˜¯ï¼Œå› 为我们å¯ä»¥çœ‹åˆ°æˆ‘们从下åŠå¹´å¼€å§‹ï¼Œäº’è”网业务其实实现了比较大的增长,所以收入的基础在下åŠå¹´ï¼ŒåŽ»å¹´çš„ä¸‹åŠå¹´æœ‰ä¸€ä¸ªæ¯”较显著的æå‡ã€‚所以,尽管我们预期ç»å¯¹æ”¶å…¥çš„规模和利润能力将继ç»ä¿æŒä¸€ä¸ªæ¯”较å¥åº·çš„æ°´å¹³ï¼Œä½†æ˜¯ä¸‹åŠå¹´åŒæœŸå†…我们虽然ä¸å¯¹å¤–æŠ«éœ²æ˜Žç¡®çš„è´¢åŠ¡æŒ‡å¼•ï¼Œä½†æ˜¯æˆ‘ä»¬å†…éƒ¨çš„ç›®æ ‡ï¼Œæ˜¯å¸Œæœ›äº’è”网业务收入的增速还有利润率都是å¯ä»¥é«˜äºŽåŽ»å¹´çš„æ°´å¹³ã€‚ä½†æ˜¯è¿™ä¸ªç›®æ ‡èƒ½å¦è¾¾æˆï¼Œä¸»è¦è¿˜æ˜¯å–决于在未æ¥å‡ 个å£åº¦é‡Œé¢æˆ‘们如何æŒç»çš„æ‹“å±•æ–°çš„æ¸ é“,找到更多的åˆä½œä¼™ä¼´ï¼Œå¹¶ä¸”实现AI agent技术兑现产å“的功能,或者是åšä¸€äº›æ–°çš„产å“,我们会在这些方å‘上努力的去推进,力求æŒç»åˆ›é€ 股东的长期价值。 关于您问到的利润率,我们认为2C的互è”网业务,ä¸ç®¡æ˜¯å¹¿å‘Šæ¨¡å¼è¿˜æ˜¯ç”¨æˆ·ä»˜è´¹çš„æ¨¡å¼ï¼Œå‚考一些行业的peers,还有我们过往的表现,我觉得我们的ç»è¥åˆ©æ¶¦çŽ‡è¿˜æ˜¯æœ‰ä¸€å®šçš„æå‡ç©ºé—´ã€‚但是也需è¦è¯´æ˜Žï¼Œæˆ‘们其实刚æ‰ä¹Ÿè®²è¿‡ï¼Œæˆ‘们也会æŒç»çš„对C端的互è”网产å“åšä¸€äº›AI化的å‡çº§ï¼Œæ¯”如将原有的一些工具产å“åšAIåŒ–çš„æ”¹é€ ï¼Œæˆ–è€…æŽ¨å‡ºæ–°çš„å·¥å…·ã€‚è¿™äº›æŠ•å…¥ï¼Œä¸»è¦æ˜¯ä¸ºäº†é¢å‘未æ¥çš„ç«žäº‰åŠ›çš„æŠ•å…¥ï¼ŒçŸæœŸå†…也å¯èƒ½ä¼šå¯¹åˆ©æ¶¦çŽ‡é€ æˆå½±å“ã€‚åŒæ—¶ï¼Œäº’è”网业务本身它的ç»è¥åˆ©æ¶¦çŽ‡ä¹Ÿä¼šå—到ä¸åŒäº§å“çš„ç±»åž‹ã€æ”¶å…¥çš„æ¨¡å¼æˆ–者å£èŠ‚æ€§å› ç´ æœ‰ä¸€å®šçš„æ³¢åŠ¨ã€‚æ‰€ä»¥æˆ‘ä»¬å…¶å®žæ˜¯éœ€è¦åœ¨è¿½æ±‚åˆ›æ–°ã€æœªæ¥çš„å¢žé•¿å’Œä¿æŒçŽ°æœ‰çš„å¥åº·åˆ©æ¶¦çŽ‡ä¹‹é—´ï¼Œæ‰¾åˆ°ä¸€ä¸ªå¹³è¡¡ã€‚ ç„¶åŽæ‚¨é—®åˆ°çš„就是ä¸è€ƒè™‘æ–°å…´AI工具的增é‡è´¡çŒ®ï¼Œå°±æ˜¯å¸¸æ€åŒ–的利润水平。这是一个很好的问题。我觉得我们的互è”网业务基本盘还是比较稳的,常æ€åŒ–çš„åˆ©æ¶¦æ°´å¹³åŸºæœ¬ä¸Šä¼šä¿æŒåœ¨ä¸€ä¸ªç¨³å¥çš„åŒºé—´ã€‚å¢žé•¿çš„å› ç´ ï¼Œä¸»è¦æ˜¯æ¥è‡ªäºŽæˆ‘们现有业务的å˜çŽ°ã€æ–°çš„æ¸ é“,还有è¿è¥æ•ˆçŽ‡çš„æå‡ï¼Œå½“然也会å—åˆ°åˆšæ‰æˆ‘们讲的å„ç§äº§å“组åˆã€æ¸ é“å˜åŠ¨è¿™äº›å› ç´ çš„å½±å“,还有我们å¯èƒ½åœ¨ä¸€äº›æ–°å“上åšçš„æŠ•入。但是基于这些å¯èƒ½çš„å½±å“å› ç´ ï¼Œæˆ‘è§‰å¾—æ•´ä¸ªäº’è”网业务的利润率水平在我们现在的å£åº¦çš„æ°´å¹³ä¸Šä¸‹æµ®åŠ¨å‡ ä¸ªç‚¹ï¼Œä¸€ä¸¤ä¸ªç‚¹å¯èƒ½éƒ½æ˜¯ä¸€ä¸ªæ£å¸¸çš„范围。 总之,我们对整个互è”网业务对公å¸åˆ©æ¶¦æŒç»çš„贡献还是充满信心的。它将继ç»ä½œä¸ºå…¬å¸çš„现金æµä¸šåŠ¡ï¼Œç»™æˆ‘ä»¬è´¡çŒ®å¯é åˆ©æ¶¦çš„åŒæ—¶ï¼Œä¹Ÿä¸ºæˆ‘们在其他AI或者机器人领域的战略探索æä¾›åšå®žçš„æ”¯æ’‘。谢谢。 Helen ZhuDirector - IR at Cheetah Mobile00:21:38Thank you. Operator, please move to the next question. Operator00:21:43Our next question will come from Becky Wei of Citi. Please go ahead. 00:21:50谢谢管ç†å±‚æŽ¥å—æˆ‘çš„æé—®ã€‚我想问的问题是关于我们国内云用机器人业务的,就是看到二å£åº¦å®žçŽ°äº†100%销é‡çš„增长,然åŽåŒæ—¶æˆ‘们公叿”¶è´çš„æœºæ¢°è‡‚的业务在7月交割以åŽä¼šä»Žä¸‹åŠå¹´å¼€å§‹è´¡çŒ®å¢žé‡æ”¶å…¥ã€‚能ä¸èƒ½è¯·ç®¡ç†å±‚进一æ¥ä»‹ç»å½“剿œºå™¨äººäº§å“çš„é”€å”®æƒ…å†µï¼Œå¹¶ä¸”è¯´æ˜Žäº‘åŠ å¯†æœºå™¨äººå’Œæœºæ¢°è‡‚ä¸¤æ¡äº§å“线å„è‡ªçš„æ”¶å…¥å¢žé•¿è¿˜æœ‰é©±åŠ¨å› ç´ ï¼Ÿæˆ‘ä»¬åº”è¯¥æ€Žä¹ˆçœ‹è¿™ç§é«˜å¢žé•¿åœ¨ä¸‹åŠå¹´èƒ½ä¸èƒ½å¤ŸæŒç»ï¼Ÿè°¢è°¢ã€‚ 00:22:30好,那我æ¥å›žç”一下。今年上åŠå¹´æˆ‘们在æœåŠ¡æœºå™¨äººé¢†åŸŸæœ‰ä¸€ä¸ªäº®ç‚¹ï¼Œå°±æ˜¯æˆ‘ä»¬å›½å†…çš„è¯éŸ³æœºå™¨äººçš„å¢žé•¿åŒæ¯”è¾¾åˆ°äº†ä¸‰ä½æ•°ã€‚å½“ç„¶äº†ï¼Œæˆ‘è§‰å¾—èƒ½å¤Ÿäº§ç”Ÿè¿™æ ·çš„å¢žé•¿ä¸»è¦æ¥æºäºŽå¤§æ¨¡åž‹åœ¨è¯éŸ³äº¤äº’机器人上的应用。它使得è¯éŸ³äº¤äº’,其实大家å¯èƒ½æ¯å¤©éƒ½ç”¨AI大模型,它真的ç†è§£ä½ 说什么了。哪怕由于噪音的问题,有些å—å¯èƒ½åœ¨è½¬æ–‡å—的时候错了,但是整个大模型ä¾ç„¶èƒ½å¤ŸæŠŠè¿™ä¸ªå†…容给ç†è§£ï¼Œå¹¶ä¸”ç»™ä½ å¾ˆå¥½çš„å›žç”。所以这就使得è¯éŸ³äº¤äº’机器人的应用场景,用户的满æ„度和真æ£äº§ç”Ÿçš„实效,就是效果,有了大幅度æå‡ã€‚我认为最é‡è¦çš„å¢žé•¿å› ç´ æ¥è‡ªäºŽæ¤ã€‚当然了,我得说è¯éŸ³æœºå™¨äººåœ¨æ•´ä¸ªæœåŠ¡æœºå™¨äººé‡Œé¢ä¸ç®—是一个太大的å“ç±»ï¼Œæ‰€ä»¥è¿™ä¸ªå¢žé•¿çŽ‡è™½ç„¶é«˜ï¼Œä½†æ€»çš„ç›˜åæˆ‘觉得还ä¸ç®—太大。 ç„¶åŽä½ 让我拆分一下,我先把è¯éŸ³è®²å®Œã€‚我们今年下åŠå¹´è¦åšçš„一件事情,实际上是è¦èƒ½å¤ŸåŽ»çœŸæ£çš„æŠŠè¯éŸ³äº¤äº’机器人的多è¯è¨€èƒ½åŠ›æŽ¨å¹¿åˆ°æµ·å¤–ã€‚å½“ç„¶æµ·å¤–å¤§å®¶ä¹ŸçŸ¥é“今天关于AIæ•°æ®çš„å„åœ°æ³•è§„éƒ½æ¯”è¾ƒå¤æ‚,还有å„ç§è¯è¨€ã€‚当然有了大模型以åŽï¼Œæˆ‘ä»¬ç›¸ä¿¡è¿™ä¸ªè¿›ç¨‹ä¼šåŠ å¿«ä¸€äº›ã€‚æœ€è¿‘å‰ä¸¤å¤©æˆ‘è‡ªå·±ä¹ŸåŽ»äº†æ–°åŠ å¡Google Cloudæžçš„åˆä½œä¼™ä¼´å¤§ä¼šï¼Œæˆ‘们也作为应该是在这个大会上唯一在主会场和他们的整个demo环节,去把谷æŒçš„æœ€æ–°çš„Geminiçš„Live模型æè½½åˆ°æˆ‘们è¯éŸ³äº¤äº’机器人上,在多è¯è¨€ï¼Œç„¶åŽåœ¨ä¸€äº›é—®ç”上表现都ä¸é”™ã€‚所以我觉得è¯éŸ³æœºå™¨äººçš„增长,我们内部还是比较看好的,æŒç»çš„增长。 这里é¢è¿˜æœ‰ä¸€ä¸ªå› ç´ æ˜¯ä»€ä¹ˆï¼Œå°±æ˜¯è¯éŸ³æœºå™¨äººå®ƒä¸æ˜¯ä¸€ä¸ªTo C的产å“,它是To B的产å“ã€‚æ‰€ä»¥è¿™ä¹Ÿæ˜¯è¿™å‡ å¹´çŒŽè±¹ç§»åŠ¨åœ¨ä»Žä¸€ä¸ªçº¯To Cå…¬å¸å‘To Bå…¬å¸çš„转æ¢å½“ä¸ï¼Œæˆ–者å«å»¶å±•当ä¸ï¼Œæˆ‘们也在如何去获客,如何在销售管ç†ä¸Šç§¯ç´¯äº†ä¸€å®šçš„ç»éªŒã€‚我个人认为算是入门了,所以这也å–决于我们的整个销售体系的建设。所以在下åŠå¹´æˆ‘们对è¯éŸ³æœºå™¨äººçš„æŒç»å¢žé•¿è¿˜æ˜¯æœ‰ä¿¡å¿ƒçš„。尽管å„ç§çŽ¯å¢ƒçš„å½±å“,但整体上æ¥è¯´ï¼Œæˆ‘认为è¯éŸ³äº¤äº’机器人已ç»å˜æˆäº†ä»Šå¤©æœåŠ¡æœºå™¨äººé‡Œé¢çœŸæ£èƒ½è½åœ°çš„一个å“类。 å¯èƒ½å’Œå¤§å®¶æƒ³çš„ä¸ä¸€æ ·ï¼Œå°±æ˜¯ä»Šå¤©ä½ 看真æ£åœ¨å•†ä¸šåŒ–è½åœ°çš„æœåŠ¡æœºå™¨äººé‡Œé¢ï¼Œä¸€ç§å°±æ˜¯é€’é€ï¼Œä¸€ç§æ˜¯è¯éŸ³ï¼Œå½“然还有一ç§å°±æ˜¯é€’é€ä¸Šé¢å†åŠ æ‰‹è‡‚çš„å«å±ˆä¼¸æ™ºèƒ½ã€‚但今天我们能够看到的真æ£èƒ½å¤Ÿå½¢æˆä¸€å®šå•†ä¸šåŒ–è½åœ°çš„ä¸»è¦æ˜¯é€’é€å’Œè¯éŸ³äº¤äº’。而其实递é€çš„æŠ€æœ¯å¤æ‚度相对æ¥è¯´æ²¡æœ‰é‚£ä¹ˆå¤æ‚。所以大家如果对这行业比较熟悉的知é“,其实递é€è¡Œä¸šåœ¨å›½å†…的竞争是相当激烈的。但真æ£è¦æŠŠåœ¨å™ªéŸ³å¤šäººå„ç§æƒ…况下把è¯éŸ³äº¤äº’åšåˆ°æ»¡è¶³ç”¨æˆ·ä½“éªŒï¼Œå®ƒçš„æŠ€æœ¯å¤æ‚度就å软一点,这个å¯èƒ½æ›´é€‚åˆæˆ‘们åšäº’è”网ç»è¥çš„厂商去åšã€‚所以我们当时选这个差异化市场。 è¿˜æœ‰ä½ é—®åˆ°è¿™ä¸ªä¼—ä¸ºçš„é—®é¢˜ï¼Œä¼—ä¸ºæœºæ¢°è‡‚ä¸šåŠ¡ï¼Œæˆ‘ä»¬7月份已ç»å®Œå…¨å®Œæˆäº¤å‰²äº†ã€‚我一直认为æœåŠ¡æœºå™¨äººæˆ–è€…åŒ…æ‹¬ä»Šå¤©çš„å…·èº«æ™ºèƒ½ï¼Œæœ‰ä¸¤æ¡è·¯çº¿ã€‚一æ¡è·¯çº¿å°±æ˜¯ä»¥ç‰¹æ–¯æ‹‰ä¸ºä»£è¡¨çš„,就是他è¦åšä¸€ä¸ªå…¨èƒ½åž‹çš„人形机器人,完全åƒäººï¼Œä¸€æ¥åˆ°ä½ã€‚还有一æ¡è·¯çº¿å…¶å®žæ˜¯ä»¥æˆ‘们和一些åˆä½œç«žäº‰å¯¹æ‰‹ä¸ºä»£è¡¨çš„,也å«åŒè¡Œä¸ºä»£è¡¨çš„ï¼Œå°±æ˜¯æ‰¾åˆ°ä¸€ä¸ªåœºæ™¯åŽ»å®žçŽ°ä¸€ä¸ªåœºæ™¯ï¼Œç„¶åŽæ…¢æ…¢åœ¨ä¸Šé¢å޻䏿–打磨技术,一个点一个点的åšç§¯ç´¯ã€‚ åæ£è¿™ä¸¤æ¡æŠ€æœ¯è·¯çº¿æˆ‘å°±ä¸åšè¯„价了,但我们选择的就是比如先从轮å¼çš„è¿è½½è¯éŸ³çš„交互到现在我们去收è´ä¼—ä¸ºçš„ä¸€ä¸ªæ ¸å¿ƒï¼Œå°±è®¤ä¸ºæœºæ¢°è‡‚è¿™ä»¶äº‹æƒ…ï¼Œä»Žå·¥åŽ‚åˆ°æœåŠ¡åœºæ™¯ï¼Œæˆ‘è®¤ä¸ºå·²ç»åˆ°äº†è¿™ä¹ˆä¸€ä¸ªæœºä¼šã€‚å› ä¸ºä¼—ä¸ºï¼Œæˆ‘ä»‹ç»ä¸€ä¸‹ï¼Œå®ƒå¹¶ä¸æ˜¯ä¸€ä¸ªçº¯ç²¹çš„工业臂公å¸ï¼Œè€Œæ˜¯å®ƒå«å作臂。åä½œè‡‚çš„å¾ˆå¤šåº”ç”¨åœºæ™¯ï¼Œå®ƒä¸æ˜¯å®Œå…¨åœ¨å·¥åŽ‚ï¼Œæ¯”å¦‚è¯´å¦‚æžœä½ ä»¬ä¸Šä»–ç½‘ç«™å°±çŸ¥é“,比如有的什么采摘è‰èŽ“çš„ï¼Œæœ‰ä»€ä¹ˆåŽ»æ‹¿ä¸ªæ‘„åƒæœºåŽ»æ‹æ‘„的,也还有åšå’–å•¡çš„ç‰ç‰è¿™æ ·çš„场景,它场景更丰富一些。那规模没有工业那么大,但是æ¯ä¸ªåœºæ™¯éƒ½åœ¨æˆé•¿ã€‚ ä¼—ä¸ºçš„æ”¶å…¥è§„æ¨¡ï¼Œåæ£æˆ‘ä»¬æ²¡æœ‰æŠ«éœ²ï¼Œåæ£å¤§å‡ åƒä¸‡äººæ°‘å¸ã€‚ä½†æ˜¯å®ƒæœ‰å‡ ä¸ªç‰¹ç‚¹ï¼Œç¬¬ä¸€ä¸ªç‰¹ç‚¹å°±æ˜¯å®ƒçš„æ”¶å…¥åº”è¯¥è¯´å¤§éƒ¨åˆ†æ¥è‡ªäºŽæµ·å¤–,它是ä¸å›½å作臂公å¸é‡Œæ¯”è¾ƒæ—©åšæµ·å¤–的,而且我们认为在海外形æˆäº†ä¸€å®šçš„å“牌和用户的影å“力。第二个是它也是在今天其实机械臂这个赛é“也挺å·çš„,但是它是有比较高的利润率的一家机械臂公å¸ï¼Œè€Œä¸”收入和利润过去三年都是æŒç»å¢žé•¿çš„。今天从上åŠå¹´æˆ‘ä»¬ä»Žå®ƒçš„æµ·å¤–çš„æ•°æ®æ¥çœ‹ï¼Œæˆ‘认为他们的增长还在æŒç»ã€‚ 当然未æ¥äº†ï¼Œæˆ‘们当然是希望,我也希望去把机器人这个轮åå’Œè‡‚æ”¾åœ¨ä¸€èµ·ï¼Œèƒ½å¤Ÿå¸®ä½ å¹²å®¶åŠ¡ä»€ä¹ˆçš„ï¼Œæˆ–è€…åŽ»åšåˆ†æ‹£ã€‚但是我想说的是,虽然大家å¯èƒ½çœ‹è¿‡å¾ˆå¤šè¿™æ ·çš„视频,但真æ£å˜æˆå•†ä¸šåŒ–è½åœ°ï¼Œè¿˜æœ‰æŒºé•¿çš„è·¯è¦èµ°ï¼Œéƒ½æ˜¯ç»†èŠ‚ï¼Œå°±æ˜¯çœŸæ£èƒ½å®Œæˆå¾ˆå¥½çš„æŠ•入产出比,åˆèƒ½åœ¨æˆåŠŸçŽ‡ä¸Šåšåˆ°è¶³å¤Ÿæ»¡è¶³å•†ç”¨åŒ–,我觉得我们还需è¦ä¸€äº›æ—¶é—´åŽ»æŽ¢ç´¢ã€‚ æ•´ä½“ä¸Šæ¥æˆ‘们在机器人的现在对整个行业的看法,就æœåŠ¡æœºå™¨äººä¹Ÿå¥½ï¼Œæˆ–è€…å«å…·èº«æ™ºèƒ½ä¹Ÿå¥½ï¼Œå®ƒå¾ˆçƒé—¨ï¼Œä½†æ˜¯æˆ‘们觉得还在商业化è½åœ°çš„æ—©æœŸã€‚所以我们的æ€è·¯å°±æ˜¯ä¸€ä¸ªåœºæ™¯ä¸€ä¸ªåœºæ™¯çš„æ‰“é€ï¼ŒæŠŠæ¯ä¸ªåœºæ™¯çš„体验åšå¾—足够好,然åŽå†ä¸æ–的去组åˆç”Ÿé•¿ï¼Œæ…¢æ…¢çš„实现我们最终,就是æœåŠ¡æœºå™¨äººèµ°å…¥å®¶åºè¿™ä¹ˆä¸€ä¸ªæ¢¦æƒ³ã€‚好的,谢谢。 Helen ZhuDirector - IR at Cheetah Mobile00:29:42Thank you, operator. Please move to the next question. Operator00:29:47Our next question is from Nancy Liu of JP Morgan. Please go ahead. 00:29:55喂,谢谢管ç†å±‚æŽ¥å—æˆ‘çš„æé—®ã€‚é‚£æˆ‘çš„é—®é¢˜æ˜¯ï¼Œå› ä¸ºæˆ‘ä»¬çœ‹åˆ°äºŒå£åº¦å…¬å¸å·²ç»æŽ¥è¿‘盈äºå¹³è¡¡äº†å˜›ï¼Œé‚£è¯·é—®ç®¡ç†å±‚是å¦ä¹Ÿæœ‰ä¿¡å¿ƒåœ¨ä¸‰å£åº¦å®žçŽ°æ•´ä½“ç›ˆåˆ©ï¼Ÿé‚£ä»Žç»“æž„ä¸Šçœ‹ï¼Œæˆ‘ä»¬åˆšæ‰ç®¡ç†å±‚å·²ç»è¯¦ç»†é˜è¿°äº†äº’è”网业务未æ¥çš„这个利润率水平嘛。那机器人业务如果è¦å®žçŽ°ç›ˆäºå¹³è¡¡æˆ–者未æ¥ç›ˆåˆ©çš„è¯ï¼Œé‚£æˆ‘ä»¬çœ‹åˆ°æœ€å¤§çš„éšœç¢æ˜¯ä»€ä¹ˆï¼Ÿå…¬å¸å‡†å¤‡å¦‚何应对?谢谢。 好,谢谢。我æ¥å›žç”这个问题å§ã€‚首先关于这个第三å£åº¦æ˜¯ä¸æ˜¯èƒ½ç›ˆåˆ©ï¼Œåœ¨ä¸Šä¸ªå£åº¦æˆ‘们也讲过,我们其实公å¸å†…部是éžå¸¸é‡è§†è¿™ä¸ªç›ˆåˆ©èƒ½åŠ›æå‡çš„,并且我们也是把这个尽快的实现整体盈利作为我们内部的一个é‡è¦çš„ç›®æ ‡ä¹‹ä¸€ã€‚ä»Žæˆ‘ä»¬åˆšåˆšå‘布的二å£åº¦ä¸šç»©é‡Œï¼Œä½ åº”è¯¥ä¹Ÿèƒ½çœ‹åˆ°æˆ‘ä»¬çŽ°åœ¨ç›®å‰æ£åœ¨å‘好的,目å‰å¯¹ç¬¬ä¸‰å£åº¦è¡¨çŽ°æ˜¯å……æ»¡ä¿¡å¿ƒçš„ã€‚é‚£äº’è”ç½‘çš„ä¸šåŠ¡åˆšåˆšæœ‰è®²è¿‡äº†ï¼Œå°±æ˜¯ä¸»è¦æˆ‘们也对互è”网业务的这个利润æŒç»çš„贡献也是有信心的,它是公å¸çš„一个现金æµçš„业务。 那关于您问的这个机器人业务的盈äºå¹³è¡¡è·¯å¾„å‘¢ï¼Œé¦–å…ˆå‘¢ï¼Œæœºå™¨äººä¸šåŠ¡è‚¯å®šæ˜¯æˆ‘ä»¬æ•´ä¸ªå…¨å…¬å¸æ•´ä½“实现盈利的一个关键。那么如果您想了解就是现在最大障ç¢å‘¢ï¼Œæˆ‘è§‰å¾—æ˜¯åœ¨äºŽæˆ‘ä»¬èƒ½å¦æŒç»çš„æ‰¾åˆ°å¹¶ä¸”去èšç„¦åœ¨å¯ä»¥è§„模化的这个è½åœ°å…·ä½“çš„è½åœ°çš„场景。那规模化æ„味ç€è¿™ä¸ªæŠ€æœ¯çš„需求è¦å…·å¤‡ä¸€ä¸ªå…±é€šæ€§ï¼Œå¸‚场空间è¦è¶³å¤Ÿå¤§ï¼Œå•†ä¸šæ¨¡å¼è¿˜è¦å¯å¤åˆ¶ã€‚那我们了解其实整个行业现在还都处在一个探索和验è¯çš„é˜¶æ®µã€‚é‚£ç›²ç›®çš„åŽ»è¿½æ±‚ä¸€ä¸ªæŠ€æœ¯é¢†å…ˆï¼Œå¿½è§†å•†ä¸šåº”ç”¨ï¼Œå…¶å®žéƒ½æ˜¯å¯¹å®žçŽ°å¯æŒç»ç›ˆåˆ©å…¶å®žæ˜¯æ¯”较难实现的。 é‚£æˆ‘ä»¬çš„åšæ³•呢,其实我们就是åšäº†æ¯”较深刻的战略èšç„¦äº†ã€‚第一个就是我们专注在高潜力的场景,就是ä¸åšæ³›åŒ–æŠ•å…¥ï¼ŒæŠŠèµ„æºé›†ä¸åœ¨å‡ 个我们认为最有å¯èƒ½çŽ‡å…ˆå®žçŽ°å•†ä¸šé—çŽ¯çš„é¢†åŸŸï¼Œåœ¨è¿™äº›é¢†åŸŸåŽ»åšæ·±è€•。第二就是我们去在æ¯ä¸ªé¡¹ç›®æˆ‘们è¦ä¸¥æ ¼è¯„估它的ROIï¼Œå°±æ˜¯æŠ•å…¥äº§å‡ºæ¯”ã€‚åœ¨å†³å®šä»»ä½•ä¸€é¡¹æŠ•å…¥çš„æ—¶å€™ï¼Œéƒ½æ›´åŠ åŽ»å®¡æ…Žçš„åŽ»è¯„ä¼°è¿™ä¸ªé¡¹ç›®çš„æŠ•èµ„çš„å›žæŠ¥çŽ‡ã€‚è™½ç„¶è¿™ä¸ªæˆ‘ä»¬AI和其他业务还是包括我们å„项To Bä¸šåŠ¡ï¼Œå…¶ä¸æœ‰æœºå™¨äººä¸šåŠ¡ï¼Œä¹Ÿæœ‰å…¶ä»–çš„To Bä¸šåŠ¡ï¼Œä½†æ˜¯è¿™ä¸ªä¸šåŠ¡çº¿çš„è¿™ä¸ªäºæŸçš„å¿«é€Ÿæ”¶çª„ï¼Œæœ‰ä¸€éƒ¨åˆ†åŽŸå› ä¹Ÿæ˜¯æˆ‘ä»¬åœ¨æœºå™¨äººä¸šåŠ¡ä¸Šåšäº†è¿™æ ·çš„æ”¹å˜ã€‚ å¦å¤–呢,刚刚副总讲到的我们对众为的这个收è´å…¶å®žä¹Ÿæ˜¯ä¸€ä¸ªæ¯”较好的例å。他这个能够æˆä¸ºå°‘æ•°æŒç»ç›ˆåˆ©çš„To Bå…¬å¸ï¼Œä¹Ÿæ˜¯å› 为他找到了éžå¸¸æ˜Žç¡®çš„场景,还有这个éžå¸¸å…·ä½“的在教育领域ã€ç ”å‘领域ã€è½»å·¥ä¸šé¢†åŸŸçš„这个,他是一个很好的开å‘者和创新者。那产å“也有很好的用户的å£ç¢‘,æé«˜äº†å¤è´çŽ‡ï¼Œè¿˜æœ‰æ¯”è¾ƒé«˜çš„ä¸€ä¸ªèŽ·å®¢çš„æ¯”ä¾‹ã€‚è¿™æ ·å‘¢ï¼Œä¼—ä¸ºçš„æœ¬èº«çš„ä¸šåŠ¡æ¨¡å¼å°±æ¯”较å¥åº·ï¼Œå®žçŽ°äº†ç›ˆåˆ©ã€‚é‚£åŒæ—¶è¿™ä¹Ÿåšå®šæˆ‘们的信念,就是我们都希望å¯ä»¥è¿™ä¸ªå¤åˆ¶ä¼—为的这个路径,以解决真实的用户需求为导å‘ï¼Œä»¥æ¸…æ™°çš„åœºæ™¯åŒ–ä¸ºç›®æ ‡ã€‚æˆ‘è®¤ä¸ºè¿™æ˜¯æœºå™¨äººä¸šåŠ¡èƒ½å¤Ÿå®žçŽ°ç›ˆåˆ©çš„æ£ç¡®çš„路径。谢谢。 æˆ‘ä¹Ÿå¸®ä½ è¡¥å……ä¸€ä¸‹å§ï¼Œå°±ä½ é—®é‚£ä¸ªæœºå™¨äººè¡Œä¸šï¼Œå› ä¸ºæˆ‘ä»¬çŒŽè±¹ç§»åŠ¨ä»Ž17å¹´å¼€å§‹å°±åšæœºå™¨äººè¿™ä¸ªï¼Œè€Œä¸”当时就是很早的喊出了AIå’Œæœºå™¨äººï¼Œå¹¶ä¸”æ˜¯è¿™ä¸ªä¸æ˜¯å·¥ä¸šåœºæ™¯çš„。我觉得这个行业真æ£çš„æœ€å¤§çš„难点其实是一个éžå¸¸æœ´ç´ çš„é“ç†ï¼Œå°±æ˜¯å«ROIï¼Œå°±æ˜¯æŠ•å…¥äº§å‡ºæ¯”ã€‚ä»Šå¤©ç”±äºŽè¿™ä¸ªå¤§æ¨¡åž‹çš„åŠ æŒï¼Œç”±äºŽäººå·¥æ™ºèƒ½åˆ°æ¥ï¼Œé‚£è¿™ä¸ªè¡Œä¸šåˆå˜å¾—很çƒäº†ã€‚但是我想说,å†çƒçš„行业最åŽåˆ°äº†å•†ä¸šåŒ–è½åœ°çš„æ—¶å€™ï¼Œå°±æ˜¯æŠ•å…¥äº§å‡ºæ¯”ã€‚é‚£ä½ èƒ½ä¸èƒ½å¤Ÿåœ¨è¿™ä¸ªå²—ä½é«˜æ•ˆçš„,然åŽè¿™ä¸ªå«åšé«˜å¯é 性,去完æˆä½Žæˆæœ¬çš„完æˆä»»åŠ¡ï¼Œè¿™å°±æ˜¯å®ƒçš„æœ€æ ¸å¿ƒçš„ç‚¹ã€‚ 那比如我们è§è¿‡å¾ˆå¤šè¿™ç§è§†é¢‘去实现抓å–也好,åšä¸œè¥¿ä¹Ÿå¥½ï¼Œé‚£ä½ ä¸€æ¬¡è¿™ä¸ªå±•ç¤ºå’Œä¸æ–çš„é‡å¤çš„劳动,但是ä¸å‡ºé”™ï¼Œè¿™é‡Œè¿˜æ˜¯æœ‰å¾ˆå¤§çš„gap的。所以我觉得今天这个机器人能够真æ£ç›ˆåˆ©ï¼Œå°±æ˜¯æ‰¾åˆ°å°±æ˜¯å½“å‰è¿™ä¸ªæŠ€æœ¯æœ€æ°å½“的去完æˆå®ƒï¼Œè€Œä¸æ˜¯å“ªä¸ªæŠ€æœ¯æœ€å…ˆè¿›çš„去完æˆå®ƒã€‚这里é¢å°±ä¸å±•开讲了。所以我觉得就是真æ£å®žçŽ°ç›ˆåˆ©ï¼Œå°±æ˜¯æ‰¾åˆ°è¿™ç§åœºæ™¯èƒ½å¤Ÿèšç„¦ï¼Œç„¶åŽè¿™ä¸ªæŠ€æœ¯çš„æŠ•å…¥åˆä¸æ˜¯ç‰¹åˆ«å¤§ï¼Œå°±èƒ½å®žçŽ°ä¸€å®šçš„è¿™ä¸ªå•†ä¸šè½åœ°çš„æ—¶å€™ï¼Œå°±æ˜¯æœ€å¥½çš„æœºä¼šã€‚应该说我们这次通过è¯éŸ³æœºå™¨äººçš„è½åœ°ï¼Œè¿™æ¬¡çš„å¢žé•¿çœ‹åˆ°äº†è¿™æ ·çš„ä¸€äº›ç‚¹ã€‚å¯èƒ½æˆ‘们在明年会有一些产å“çš„è¿™ä¸ªæŽ¨å‡ºï¼Œä¹Ÿä¼šä½“çŽ°æˆ‘ä»¬è¿™æ ·çš„ä¸€ä¸ªæ€è·¯å§ã€‚我们也当然希望机器人业务能够更快的独立盈利,对å§ï¼Ÿé‚£è¿™æ ·çŒŽè±¹å°±å…¨é¢è¿™ä¸ªè‚¯å®šå°±æ˜¯æ›´å¤§è§„模盈利了。好,谢谢。 Helen ZhuDirector - IR at Cheetah Mobile00:35:45Operator, please move to the next question. Thank you. Operator00:35:50Our next question today will come from Brenda Zhang of CICC. Please go ahead. 00:35:59哎,管ç†å±‚æ™šä¸Šå¥½ï¼Œæ„Ÿè°¢æŽ¥å—æˆ‘çš„æé—®ã€‚那之å‰å…¶å®žå…¬å¸æœ‰æåˆ°è¿‡å°†AI agent集æˆåˆ°çŽ°æœ‰çš„è¿™ä¸ªäº’è”网产å“,还有这个æœåŠ¡æœºå™¨äººå½“ä¸å˜›ã€‚那我ä¸çŸ¥é“就是现在这个阶段æ¥çœ‹ï¼Œå¼•å…¥AI功能之åŽï¼Œå’±ä»¬æœ‰è§‚察到用户行为,有没有哪些å¯ä»¥é‡åŒ–çš„å˜åŒ–,比如说在这个用户使用时长ã€ç•™å˜çŽ‡æˆ–è€…ä»˜è´¹æ„æ„¿ä¸Šé¢ï¼Œæœ‰æ²¡æœ‰ä¸€äº›æ”¹å–„?谢谢。 好,我æ¥å›žç”这个问题。第一个,我们把AI功能集æˆè¿›æ¥ï¼Œå°±æ˜¯åˆšæ‰æˆ‘å·²ç»èŠ±äº†å¾ˆå¤§ç¯‡å¹…åŽ»è®²ï¼Œå°±æ˜¯å®ƒé›†æˆåœ¨æœºå™¨äººé‡Œï¼Œè¿™ç§äº¤äº’的体验,还有交互的满æ„åº¦æ˜¯æ˜Žæ˜¾åœ¨å¢žåŠ çš„ã€‚ä»Šå¹´è¯éŸ³æœºå™¨äººä¹‹æ‰€ä»¥å¢žé•¿ï¼Œå°±æ˜Žæ˜¾çœ‹åˆ°åœ¨å¾ˆå¤šåœºæ™¯å®ƒèƒ½å¤Ÿèƒœä»»äº†ï¼Œè¿™ä¸ªæ˜¯ä¸€ä¸ªéžå¸¸æ¬£å–œçš„æ•°æ®ã€‚也就是说,包括我们在机器人的客户ã€ä»£ç†å•†çš„å¤è´çŽ‡åœ¨å¢žåŠ ï¼Œè¿™ç‚¹ä¸Šå·²ç»æ¯”è¾ƒæ˜Žæ˜¾äº†ã€‚å› ä¸ºä½œä¸ºä¸€ä¸ªè¿™æ ·çš„æœºå™¨äººï¼Œå®ƒçš„äº¤äº’èƒ½åŠ›çš„æå‡ï¼Œç”¨æˆ·æ˜¯éžå¸¸æœ‰æ„ŸçŸ¥çš„。这是第一部分。 ç„¶åŽä½ 说在互è”网产å“里é¢å¼•å…¥AI功能,用户行为有哪些å˜åŒ–?我得å¦çŽ‡è¯´ï¼ŒçŽ°åœ¨è¿™ä¸ªAI agent虽然很ç«ï¼Œä½†å¤§å®¶ä¹Ÿéƒ½æ˜¯åœ¨æ‘¸ç´¢å°è¯•这个阶段。目å‰èƒ½çœ‹åˆ°è¡Œä¸šå†…真æ£åœ¨Agentæ–¹é¢å¤§è§„æ¨¡å®žçŽ°æ”¶å…¥çš„è¿˜ä¸æ˜¯å¤ªå¤šã€‚我们现在也处在一个刚刚把一些Agent和比如说我们è€çš„一些产å“åšç»“åˆï¼Œæ¯”如说åƒé‡‘å±±æ¯’éœ¸è¿™æ ·çš„äº§å“,我们已ç»å¼€å§‹åšç»“åˆäº†ï¼Œå°±æ˜¯èƒ½å¤Ÿè®©ä½ åœ¨è°ƒæ•´ç”µè„‘è®¾ç½®çš„æ—¶å€™ï¼Œä½ ç›´æŽ¥åŽ»è·Ÿç”µè„‘è¯´å°±è¡Œäº†ï¼Œä¸éœ€è¦å†åŽ»ç‚¹æ¥ç‚¹åŽ»æ‰¾è®¾ç½®è¿™æ ·çš„ã€‚ ç„¶åŽåœ¨æˆ‘们也讲过åƒä¸€äº›ä»€ä¹ˆä¼šè®®æ€»ç»“è¿™æ ·çš„ä¸€äº›äº§å“当ä¸ï¼Œåœ¨å°‘é‡çš„æ•°æ®çš„æµ‹è¯•下,我们觉得用户的付费率还是ä¸é”™çš„,但今天还没有大规模的去在我们的产å“线当ä¸åŽ»åšæŽ¨å¹¿ä¹Ÿå¥½ï¼ŒåŽ»åšè¦†ç›–ä¹Ÿå¥½ã€‚æˆ‘ä»¬æ›´ä½†æ˜¯å¯¹ä½¿ç”¨çš„ä¸€äº›é¢‘çŽ‡å’Œæ—¶é•¿ï¼Œæˆ‘ä»¬èƒ½çœ‹åˆ°ä¸€ä»¶äº‹ï¼Œå°±æ˜¯è¯´å¦‚æžœä½ çš„è¿™ä¸ªå¤§æ¨¡åž‹å¸¦æ¥çš„è¿™ç§åˆšè®²çš„è¿™ç§äº¤äº’给它带æ¥ç»“果的效果好,用户的使用的时长和问法,都会有挺多的改å˜çš„ã€‚å½“ç„¶çŽ°åœ¨è¿˜ä¸æ˜¯å¤§è§„模的数æ®ï¼Œæ‰€ä»¥æˆ‘ä¸èƒ½å¤Ÿç‰¹åˆ«æ˜Žç¡®çš„回ç”这个问题。我觉得应该在未æ¥çš„两个å£åº¦ï¼Œæˆ‘们应该会在这方é¢åР大å°è¯•。好,谢谢。 哎,好的,谢谢,谢谢,期待未æ¥ä¸¤ä¸ªå£åº¦çš„表现。 好,谢谢。 Operator00:39:02Our next question today will come from GG Zhang of GF Securities. Please go ahead. 00:39:15感谢管ç†å±‚æŽ¥å—æˆ‘çš„æé—®ã€‚å¯¹ï¼Œå› ä¸ºå…¶å®žçŽ°åœ¨çœ‹åˆ°ä¸€äº›åº”ç”¨æ–¹å‘的这个竞争也是越æ¥è¶Šæ¿€çƒˆçš„,对,就是想问问我们在AI工具上长期的护城河是什么?是我们就是嵌入工作æµç§¯ç´¯ä¸“有的数æ®ï¼Œè¿˜æ˜¯è¯´é€šè¿‡äº§å“ä¹ æƒ¯çš„åŸ¹å…»æ‰“ç£¨æ¥å½¢æˆç”¨æˆ·ç²˜æ€§ï¼Ÿé‚£æœªæ¥å…¬å¸é‡ç‚¹ä¼šåœ¨å“ªäº›æ–¹å‘ä¸ŠåŽ»æ‰“é€ ä¸€äº›å£åž’?谢谢。 00:39:43好,那我回ç”å§ã€‚è¿™ä¸ªé—®é¢˜è¿˜æŒºå®½æ³›çš„ï¼Œå› ä¸ºä»Šå¤©çŒŽè±¹ç§»åŠ¨å·²ç»ä»Žè¿‡åŽ»ä¸€å®¶çº¯ç²¹To Cå…¬å¸å˜æˆTo CåŠ To B两å—。我讲一下,就我们今天还是认为To B的这一å—,其实我今天观点的è¯ï¼ŒTo B这个在To B市场上,销售和技术是åŒç‰é‡è¦çš„。我们一方é¢å°±æ˜¯è¦æž„建我们的整个销售网络,真æ£çŸ¥é“客户的需求在哪的时候,我们能够快速的切入。å¦ä¸€æ–¹é¢ï¼Œå°±æ˜¯ä½ 刚刚讲的,就是去嵌入他的工作æµï¼ŒåŽ»åœ¨ä»–çš„ç§æœ‰åŒ–æ•°æ®ä¸Šå޻叮他åšç§¯ç´¯ã€‚è¿™æ ·çš„ç”¨æˆ·ä¸€æ—¦ä¼šæœ‰é‡‡ç”¨æˆ‘ä»¬çš„äº§å“以åŽï¼Œä»ŽæŸç§æ„义上他的那ç§å£åž’å°±æ˜¯ç›¸å¯¹å¤©ç„¶ä¸€äº›çš„ï¼Œå› ä¸ºä½ è·Ÿç€ä¼ä¸šåœ¨èµ°ã€‚这个其实昨天我看Oracle大涨了好多,也是在这方é¢çš„ä¸€äº›ï¼Œè¿™æ–¹é¢æˆ‘们在推进。 ç¬¬äºŒï¼Œæˆ‘æƒ³æˆ‘è§‰å¾—ä½ å¯èƒ½æ›´æƒ³é—®çš„就是这ç§To Cçš„AI工具上的护城河。å¦çŽ‡çš„è®²ï¼Œæˆ‘ä»Šå¤©è®¤ä¸ºåœ¨AIç«žäº‰å¦‚æ¤æ¿€çƒˆçš„æ—¶å€™ï¼Œæ²¡æœ‰ä¸€ä¸ªå“ªå®¶å…¬å¸å¯ä»¥è¯´å®ƒæœ‰ä¸€ä¸ªå«é•¿æœŸæŠ¤åŸŽæ²³çš„ä¸œè¥¿ã€‚æˆ‘è§‰å¾—å®ƒæ›´å¤šçš„è¿˜æ˜¯ä¸€ä¸ªå¿«é€Ÿçš„æ ¹æ®ç”¨æˆ·çš„需求去推出产å“的能力,就是一个动æ€çš„æŠ¤åŸŽæ²³ã€‚å› ä¸ºåœ¨è¿™ä¸ªé˜¶æ®µï¼Œå°±æ˜¯ä½ èƒ½å¤Ÿåœ¨ç”¨æˆ·çš„éœ€æ±‚ç‚¹ä¸Šç”¨AIå¿«é€Ÿçš„åŽ»æŽ¨å‡ºï¼Œé‚£ä¹ˆå°±æ˜¯ä½ ç¬¬ä¸€é˜¶æ®µçš„æŠ¤åŸŽæ²³ã€‚æˆ‘è®¤ä¸ºæˆ‘ä»¬ä»Šå¹´åšäº†ä¸€ä»¶å¾ˆé‡è¦çš„事情,就是在改善公å¸å†…部的组织管ç†ä½“系上花了很大力气。在AI的技术在公å¸å†…部的普åŠåº¦ä¸ŠèŠ±äº†å¾ˆå¤§åŠ›æ°”ã€‚æ‰€ä»¥æˆ‘è®¤ä¸ºè¿™ä¸ªé˜¶æ®µæˆ‘ä»¬åœ¨AI工具的增长上应该会很有机会。 长期æ¥è¯´ï¼Œæˆ‘觉得其实它就有点åƒä¸€ä¸ªäº§å“去å é¢†ç”¨æˆ·å¿ƒæ™ºã€‚å½“ç”¨æˆ·è§‰å¾—ä½ è¿™ä¸œè¥¿ä¸é”™ï¼Œé‚£ä»–就会,然åŽä½ åˆå€ŸåŠ©æœ€å…ˆè¿›çš„å¤§æ¨¡åž‹åŽ»åšæ›´å¥½çš„èžåˆï¼Œåˆæ›´äº†è§£å®¢æˆ·çš„æ—¶å€™ï¼Œä»–å°±å˜æˆä¸€ä¸ªåЍæ€å£åž’。这个里é¢ï¼Œæˆ‘觉得长期的护城河æ¥è‡ªäºŽä½ 䏿–的去获å–用户,去抢å 用户心智,然åŽç”¨æˆ·çš„很多行为å哺æˆä¸ºäº†ä½ 对他们对这些工具需求的认知,形æˆè¿™ä¹ˆä¸€ä¸ªè¿ä»£ã€‚今天看起æ¥è¿™æ ·çš„è¿ä»£æ˜¯æœ‰æœºä¼šå½¢æˆçš„。我ä¸ç»™åˆ«äººæ‰“广告了,就今天海外最ç«çš„å‡ æ¬¾çš„AIçš„Agent的应用,其本质都是æ¥è‡ªäºŽè¿™æ ·çš„一些è¿ä»£ã€‚å› ä¸ºç”¨æˆ·è™½ç„¶ç”¨æˆ·æœ‰è¶³å¤Ÿçš„é€‰æ‹©æƒï¼Œä½†æ˜¯ä»–å¹¶ä¸ä¼šèŠ±é‚£ä¹ˆé«˜çš„æˆæœ¬åŽ»é€‰æ‹©ã€‚å½“ä½ èƒ½å¤Ÿæ»¡è¶³ä»–éœ€æ±‚çš„æ—¶å€™ï¼Œå…¶å®žä»–çš„è¿ç§»çš„å¯èƒ½æ€§å°±æ²¡æœ‰é‚£ä¹ˆé«˜ã€‚æ‰€ä»¥è¿™æ˜¯ä¸€ä¸ªä¸æ–动æ€åŽ»è¿ä»£çš„过程å§ã€‚这是我的回ç”,谢谢。 Helen ZhuDirector - IR at Cheetah Mobile00:43:03Our operator, please move to the next question. Thank you. Operator00:43:08Our next question today will come from Zhang Group Lee of Guotai Junan Securities. Please go ahead. 00:43:21关于江å®å¥½ï¼Œè°¢è°¢ï¼Œå°±æ˜¯æˆ‘çš„æé—®ï¼Œç„¶åŽä¹Ÿæå–œå…¬å¸åœ¨äºŒå£åº¦å®žçŽ°äº†è¿™ä¹ˆå¥½çš„å¢žé•¿ã€‚ç„¶åŽæˆ‘æœ‰ä¸¤ä¸ªé—®é¢˜ï¼Œä¸€ä¸ªæ˜¯å…³äºŽæˆ‘ä»¬æœºå™¨äººçš„ï¼Œé¦–å…ˆæ˜¯æˆ‘ä»¬çŽ°åœ¨åœ¨è½®è¶³æœºå™¨äººçš„è¿™ç§æ–°åž‹æœºå™¨äººçš„å½¢æ€å—到市场的高度关注,然åŽè¿™ä¸ªäº§å“的目å‰ç ”å‘è¿›å±•æ˜¯æ€Žæ ·çš„ï¼Œæ˜¯å¦æœªæ¥æœ‰è¿™ç§æ˜Žç¡®çš„æŠ•产时间,就是这ç§è½®è¶³æœºå™¨äººçš„è¿™ç§æ–°åž‹æœºå™¨äººçš„产å“。然åŽè¿™ç§äº§å“çš„è¯æœªæ¥è®¡åˆ’会应用在哪些具体的场景呢,这是我第一个问题。然åŽç¬¬äºŒä¸ªæ˜¯å…³äºŽå…¬å¸æ˜¯å¦è¿˜æœ‰å…¶ä»–的新产å“å½¢æ€æ£åœ¨è§„划,然åŽè¿™äº›ä»¥åŠæœªæ¥è®¡åˆ’这些产å“çš„è½åœ°çš„ä¸€äº›é€»è¾‘æ˜¯ä»€ä¹ˆï¼Œä»–ä»¬å°†åœ¨å…¬å¸æ•´ä½“战略ä¸å‘æŒ¥æ€Žæ ·çš„ä½œç”¨å‘¢ï¼Œè¿™æ˜¯æˆ‘çš„é—®é¢˜ï¼Œè°¢è°¢ã€‚ å¯¹è½®å¼æœºæ¢°è‡‚的新型机械形æ€çš„ç¡®å—到市场的高度关注,而且我们还å‘现一个有趣的现象,就是在我们众为机械臂的客户里é¢ï¼Œæˆ‘们å‘现了有ä¸å°‘å®¢æˆ·ä¼šè‡ªå·±åŽ»é€‰ç”¨ï¼ŒåŽ»è‡ªå·±ç»™è¿™ä¸ªæœºæ¢°è‡‚åŠ ä¸Šè½®åï¼ŒåŠ ä¸Šä¸€ä¸ªåº•ç›˜ã€‚æ‰€ä»¥æˆ‘ä»¬çŽ°åœ¨ä¹Ÿåœ¨çœ‹è¿™äº›ç”¨æˆ·æŠŠè¿™äº›è½®å¼æœºæ¢°è‡‚用在哪里。但是我å¦çŽ‡åœ°è¯´ï¼Œæˆ‘ä»¬ç›®å‰æ²¡æœ‰ä¸€ä¸ªç‰¹åˆ«æ˜Žç¡®çš„æ—¶é—´è¡¨ã€‚我觉得今天就是刚讲机器人的è½åœ°éš¾åº¦çš„æ—¶å€™ï¼Œå› ä¸ºå®ƒä¸æ˜¯ä¸€ä¸ªå®Œå…¨ä»Žç ”å‘端需求出现的东西,而是è¦çœŸæ£åŽ»çœ‹éœ€æ±‚ç«¯ã€‚ç„¶åŽå½“然我知é“在有一些,比如说åƒä»“åº“è¿™ä¸ªåˆ†æ‹£åœºæ™¯é‡Œï¼Œæœ‰ä¸€äº›è½®å¼æœºæ¢°è‡‚的方案已ç»å‡ºæ¥äº†ï¼Œä½†æ˜¯æˆ‘æƒ³è¯´çš„æ˜¯ï¼Œå®ƒæ˜¯ä¸æ˜¯ä¸€ä¸ªåœ¨è¿™äº›åœºæ™¯é‡Œèƒ½é«˜é€Ÿæˆé•¿çš„快速方案,得看目å‰çš„æŠ€æœ¯èƒ½å¤Ÿå®žçŽ°çš„çœŸæ£çš„è½åœ°æ•ˆæžœã€‚æ‰€ä»¥åº”è¯¥è¯´æˆ‘ä»¬ä¿æŒç€éžå¸¸é«˜åº¦å¯†åˆ‡çš„关注。应该在时机æˆç†Ÿçš„æ—¶å€™ï¼Œæˆ‘ä»¬è‚¯å®šä¹Ÿä¼šï¼Œå› ä¸ºæˆ‘ä»¬æœ¬èº«çš„åº•ç›˜çš„èƒ½åŠ›ï¼Œå°±æ˜¯æˆ‘ä»¬æŽ¨å‡ºè¿‡åƒé¤åޅ递é€ã€é…’店递é€ï¼ŒåŒ…括工厂超过100公斤到150公斤的这ç§é‡è½½ï¼Œç¨å¾®é‡è½½ä¸€ç‚¹é€’é€è¿™ç§æŠ€æœ¯äº§å“我们都是有的。然åŽè¿™ä¸ªä¼—为的机械臂在海外的å£ç¢‘也都是相当ä¸é”™çš„。我们觉得å¯èƒ½æ˜¯éœ€è¦æ ¹æ®å…·ä½“场景æ¥çœ‹å§ï¼ŒçŽ°åœ¨æˆ‘ä»¬æ²¡æœ‰ç‰¹åˆ«æ˜Žç¡®çš„æ—¶é—´è¡¨ï¼Œä½†æ˜¯æˆ‘ä¼šåœ¨åŽé¢çš„æ—¶é—´ï¼Œä¹Ÿä¼šèŠ±äº›æ—¶é—´åŽ»åœ¨è¿™äº›å¸‚åœºå’Œåœºæ™¯ä¸ŠåŽ»è·‘ä¸€ä¸‹ä¸€çº¿ã€‚ç„¶åŽæ—¢ç„¶ä½ 问到了说公å¸è¿˜æœ‰ä»€ä¹ˆæ–°çš„产å“å½¢æ€åœ¨è§„划,我们的确是有新的产å“å½¢æ€åœ¨è§„åˆ’ï¼Œåº”è¯¥ä¼šæ‰¾åˆ°ä¸€äº›æ›´å¤§çš„é€‚åˆæœºå™¨äººæŠ€æœ¯è½åœ°çš„åœºæ™¯ï¼Œæˆ‘ä»¬æœ‰è¿™æ ·çš„è®¡åˆ’å¹¶ä¸”ä¹Ÿæ£åœ¨å®žæ–½ã€‚è½åœ°çš„逻辑就是能够真æ£çš„,还是说的就是在一个被验è¯çš„需求的场景里,真æ£çš„æŠŠæ™ºèƒ½åŒ–机器人的智能化真æ£è½åœ°ä½¿ç”¨å¥½ï¼Œè®©è¿™ä¸ªç”¨æˆ·çš„使用感å—ã€ç”¨æˆ·çš„æŠ•入产出比能够æé«˜ä¸€ä¸ªæ¡£æ¬¡ã€‚这个å¯èƒ½å¾—我们æ£å¼çš„去å‘市场推出的时候,我们å†ä¼šåŽ»è·Ÿå¤§å®¶åšæ›´å¤šçš„æ²Ÿé€šå§ã€‚谢谢。 Helen ZhuDirector - IR at Cheetah Mobile00:47:02Thank you. Operator, please move to the next question. Operator00:47:07The next question today will come from Zhang Huang of Everbright Securities. Please go ahead. 00:47:16哎,副总,任总,哈喽,任总,晚上好,请问能å¬åˆ°å—?å¯ä»¥çš„è¯å°±æ˜¯å…ˆæ„Ÿè°¢æŽ¥å—我的æé—®ã€‚我是光大海外TMT的分æžå¸ˆé»„峥,首先æå–œæå–œå…¬å¸è¿™ä¸ªæ¯”è¾ƒäº®çœ¼çš„ä¸šç»©ï¼Œç„¶åŽæˆ‘è¿™è¾¹æœ‰å‡ ä¸ªå°é—®é¢˜ï¼Œä¸»è¦æ˜¯èšç„¦åœ¨AIææ•ˆæ–¹é¢ã€‚当然这部分刚æ‰å‰¯æ€»å¯èƒ½ä¹Ÿæœ‰ä¸€å®šçš„回ç”,公å¸ä¹Ÿé€šè¿‡è¿™ä¸ªå°å›¢é˜ŸåŠ AI工具去显著的æå‡ç ”å‘的效率。那请问目å‰åœ¨ç ”呿•ˆçŽ‡ä¸Šæœ‰æ²¡æœ‰ä»€ä¹ˆå¯ä»¥é‡åŒ–çš„æŒ‡æ ‡æˆ–è€…æ•°å—å¯ä»¥åˆ†äº«ï¼Œæ¯”å¦‚è¯´ç ”å‘周期,或者是我们人å‡äº§å‡ºç‰ç‰ï¼ŒåŒ…æ‹¬æœªæ¥æˆ‘ä»¬å±•æœ›è¿™ä¸ªç ”å‘费用率的角度,还有多大的一个优化的空间。然åŽå†æœ‰å‘¢ï¼Œå°±æ˜¯ä¸‹ä¸€æ¥æˆ‘们公å¸çš„è¿™ä¸ªææ•ˆçš„é‡ç‚¹å¯èƒ½ä¼šé›†ä¸åœ¨å“ªäº›çš„æ–¹é¢ã€‚ 有些特别细节的数æ®ï¼Œæˆ‘们å¯èƒ½ä¸æ˜¯ç‰¹åˆ«æ–¹ä¾¿æå‡ºï¼Œå› ä¸ºè¿™ä¸ªæˆ‘ä»¬è®¤ä¸ºä¹Ÿæ˜¯æˆ‘ä»¬çš„ä¸€ä¸ªæ ¸å¿ƒçš„ç«žäº‰åŠ›ï¼Œå°±æ˜¯æ£åœ¨æ‰“é€ çš„æ ¸å¿ƒç«žäº‰åŠ›ã€‚æˆ‘è§‰å¾—æœ‰äº›æˆ‘å¯ä»¥å¤§æ¦‚çš„è®²ï¼Œå°±åœ¨ç ”å‘æ•ˆçŽ‡ä¸Šï¼Œæˆ‘ä»¬è§‰å¾—å°å›¢é˜ŸåŠ AI工具是显著的æå‡äº†ç ”呿•ˆçŽ‡ï¼Œè€Œä¸”è¿™ä¸ªç ”å‘æ•ˆçއæå‡æ˜¯å¾ˆæ˜Žæ˜¾çš„。我å¯ä»¥ä¸¾ä¸€ä¸ªå°çš„例åï¼Œå°±æˆ‘ä»¬åœ¨æœ‰ä¸€æ¬¡è¿™ä¸ªè´¢æŠ¥ä¼šä¸Šä¸¾è¿‡ï¼Œåƒæˆ‘们åšäº†ä¸€ä¸ªè¿™ä¸ªå½•音总结的工具,åƒè¿™æ ·çš„工具在以å‰å¦‚æžœä½ æ˜¯ç”¨æœ‰ç»éªŒçš„程åºå‘˜ï¼Œå¯èƒ½éœ€è¦ä¸€ä¸ªè§„æ¨¡ä¸æ˜¯å¤ªå°çš„团队,比如5-10人团队或者更大的团队æ‰èƒ½åŽ»æŽ¨å‡ºï¼Œåˆæœ‰ç½‘ç«™åˆæœ‰APP,甚至现在还在åšç¡¬ä»¶åŽŸåž‹ç‰ç‰è¿™æ ·ã€‚但这次我们用å°å›¢é˜Ÿï¼Œæˆ‘们å¯èƒ½å¤§æ¦‚就用了两个在以å‰ä¹Ÿæ²¡æœ‰å¤ªå¤šç»éªŒçš„åŒäº‹åšå‡ºçš„很好的效果。这是一个éžå¸¸ç›´è§‚çš„æŒ‡æ ‡ã€‚ ç ”å‘费用暂时就还有一点,就是大家å¯ä»¥çŸ¥é“我们这次接近盈利,我们是在这个åˆå¹¶äº†çŒŽæˆ·æ˜Ÿç©ºä¹‹åŽï¼ŒåŽ»å¹´æˆ‘ä»¬æ”¶è´çŒŽæˆ·æ˜Ÿç©ºä¹‹åŽï¼Œæˆ‘ä»¬åŽ»å¹´çš„æ•´ä¸ªçš„äºæŸåº”该是2亿多人民å¸ï¼Œåˆ°çŽ°åœ¨æˆ‘ä»¬èƒ½å¤Ÿå·²ç»å¿«è¦å‡ 乎盈äºå¹³è¡¡äº†ï¼Œæ—¢åœ¨è¿™ä¸ªæŠ•入机器人和AIçš„ç ”å‘上,åˆåœ¨ä¸æ–çš„å°è¯•AI agentçš„ç ”å‘上。一方é¢å½“然是åƒä¸€äº›ä¸šåŠ¡çš„å¢žé•¿ï¼Œå¦ä¸€æ–¹é¢å…¶å®žå°±æ˜¯æˆ‘ä»¬çš„è¿™ä¸ªç ”å‘æ•ˆçŽ‡çš„æå‡ã€‚è¿™ä¸ªæ¯”ä¾‹å æ”¶å…¥çš„æ¯”例的空间,我的æ€è·¯æ˜¯è¿™æ ·çš„,就是说我们ä¸ä¼šåŽ»åªæ˜¯é€šè¿‡è£å‰ªç ”å‘费用去æå‡è¿™ä¸ªæˆ‘ä»¬çš„æ‰€è°“çš„ä¼˜åŒ–ç©ºé—´ï¼Œæˆ‘ä»¬ä¼šåœ¨ç ”å‘çš„è´¹ç”¨å æ¯”一定或者说整体一定的情况下,一方é¢é 更好的产å“åŽ»èµ¢å¾—æ›´å¥½çš„æ”¶å…¥ç©ºé—´ã€æ”¶å…¥è§„模,而å¦ä¸€æ–¹é¢å°±æ˜¯ç ”å‘团队的效率还是å¯ä»¥æå‡çš„。 在具体è½åœ°çš„æ—¶å€™æœ‰å“ªäº›ç“¶é¢ˆå’ŒæŒ‘æˆ˜ï¼Œæˆ‘æœ‰ä¸€æœŸåœ¨è®²è¿™ä¸ªï¼Œå› ä¸ºæˆ‘ä¹Ÿç»å¸¸ä¼šå‘一些视频,这视频我觉得我们的目的主è¦ä¸æ˜¯ä¸ºäº†å½“网红,而是为了给公å¸çš„产å“引æµã€‚我就专门讲过,就这次AI的这个深入到它本质上是个生产力工具,而生产力工具在公å¸å†…éƒ¨ä½¿ç”¨å…¶å®žæœ€å¤§çš„ç“¶é¢ˆä¸æ˜¯å·¥å…·æœ¬èº«ï¼Œè€Œæ˜¯ä½¿ç”¨å·¥å…·çš„人。就是我在那里é¢ä¸“门讲了,就今天看起æ¥å¾ˆå¤šåˆ›ä¸šå…¬å¸å«AI native组织,就是它的整个组织和大家去工作的基础是构建在AIä¹‹ä¸Šçš„ï¼Œè€Œä¸æ˜¯æ‹¿AIåšè¡¥å……çš„ã€‚æˆ‘ä»¬å…¬å¸æ¯•ç«Ÿä¸æ˜¯ä¸€ä¸ªåˆšæˆç«‹çš„创业公å¸ï¼Œä¹Ÿæœ‰ä¸€äº›åކå²ï¼Œä¹Ÿæœ‰å¾ˆå¤šå›¢é˜Ÿã€‚所以今天真æ£çš„æŒ‘战和瓶颈还是在这个人对AIçš„ç†è§£ï¼Œæˆ‘ä»¬æœ‰è¿™ä¸ªå¤§å‡ ç™¾ä¸ªå‘˜å·¥å¯¹AIçš„ç†è§£å’Œä½¿ç”¨çš„è¿™ç§èƒ½åŠ›ä¸Šã€‚ æ‰€ä»¥ï¼Œæˆ‘ä»¬çš„ææ•ˆé‡ç‚¹ï¼Œä¸‹ä¸€æ¥ææ•ˆé‡ç‚¹å°±æ˜¯åœ¨å«åšæˆ‘ä»¬å†…éƒ¨å«æž„建AI native的组织方é¢ï¼ŒèŠ±å¾ˆå¤§çš„åŠ›æ°”ï¼Œå°±å®žçŽ°è¿™ä¸ªã€‚æˆ‘ä»¬å½“ç„¶ç›®æ ‡æ˜¯ï¼Œå°±æ˜¯æŠŠå²—ä½ä¹‹é—´çš„差别这个尽å¯èƒ½çš„缩å°ï¼Œä¸€ä¸ªäººæ—¢å¯ä»¥åšäº§å“ç»ç†ï¼Œä¹Ÿå¯ä»¥åšç ”å‘,既å¯ä»¥åšAPPç ”å‘,也å¯ä»¥åšWebç ”å‘,也å¯ä»¥åšæœåŠ¡ç«¯ç ”å‘ã€‚è¿™æ˜¯æˆ‘ä»¬ä»Šå¤©åœ¨æ‰“é€ çš„è¿™ä¸ªç»„ç»‡ä½“ç³»ï¼Œç›¸ä¿¡è¿™ä¸ªæ‰“é€ è¿™ä¸ªç»„ç»‡ä½“ç³»çš„åŠªåŠ›ï¼Œå®ƒçš„é‡Šæ”¾ä¸ä¼šé‚£ä¹ˆå¿«ï¼Œä¸ä¼šåƒæ”¶å…¥çœ‹ä¸ŠåŽ»ä¸€ä¸‹å¢žé•¿é‚£ä¹ˆå¤šï¼Œä½†æˆ‘ç›¸ä¿¡è¿™æ˜¯ä¸€ä¸ªæˆ‘ä»¬é•¿æœŸçš„æ ¸å¿ƒç«žäº‰åŠ›ã€‚å¥½ï¼Œè°¢è°¢ã€‚ Helen ZhuDirector - IR at Cheetah Mobile00:52:20Thank you. Operator, please move to the next question. Operator00:52:25Our next question today will come from Guang Peng Zhang of Sealian Security. Please go ahead. 00:52:34好的,感谢管ç†å±‚æŽ¥å—æˆ‘çš„æé—®ã€‚å› ä¸ºåœ¨æœºå™¨äººé¢†åŸŸçš„è¯ï¼Œå…¶å®žç«žå“å„自都采å–了ä¸åŒçš„æŠ€æœ¯è·¯çº¿å’Œäº§å“å½¢æ€ã€‚è¯·é—®ä½ ä»¬å’ŒåŒè¡Œç›¸æ¯”çš„è¯ï¼ŒçŒŽè±¹ç§»åŠ¨åœ¨æœºå™¨äººä¸šåŠ¡ä¸Šé¢æœ‰å“ªäº›å·®å¼‚化的战略路径和商业模å¼ï¼Œå¹¶ä¸”å…¬å¸çš„æŠ€æœ¯é‡ç‚¹å’Œç›ˆåˆ©æ¨¡å¼æœ‰ä½•ä¸åŒï¼Ÿæˆ‘们将在竞争ä¸å¦‚何体现自身的独特优势?感谢。 好的,这个问题其实在å‰é¢æˆ‘å·²ç»å›žç”了挺多的。我å†åšä¸€ä¸ªæ€»ç»“ï¼Œå°±æ˜¯è¯´ï¼Œä»Šå¤©æœºå™¨äººé¢†åŸŸï¼Œå› ä¸ºæœºå™¨äººè¿™ä¸ªè¯æ˜¯éžå¸¸å¤§çš„一个è¯ï¼Œå…¶å®žæåˆ°æœºå™¨äººï¼Œå…¶å®žå¯èƒ½å¤§å®¶çš„定义都ä¸å¤ªä¸€æ ·ã€‚所以今天也有éžå¸¸å¤šçš„产å“å½¢æ€ã€‚我觉得我们最大的差异化æ¥è‡ªäºŽé¦–先考虑机器人的è½åœ°åœºæ™¯ï¼Œå°±æ˜¯å®ƒèƒ½ä¸èƒ½å¤ŸçœŸæ£å®žçŽ°åˆšè®²çš„å«åšæŠ•å…¥äº§å‡ºæ¯”æ˜¯æœ‰æ•ˆçš„ã€‚å®ƒçš„ç”¨æˆ·çš„æŽ¥å—åº¦æ˜¯çœŸçš„è§‰å¾—èƒ½å¤ŸåŽ»å¸®åŠ©å®ƒèŠ‚çœæˆæœ¬çš„ï¼Œå› ä¸ºæœºå™¨äººçš„ä¸Šå²—æœ¬è´¨ä¸Šæ˜¯èŠ‚çœæˆæœ¬ï¼Œè€Œä¸æ˜¯å¸å¼•眼çƒã€‚ç„¶åŽï¼Œèƒ½ä¸èƒ½æŒç»åœ¨è¿™ä¸ªåœºæ™¯å†…æŒç»çš„å¤è´ï¼Œäº§ç”Ÿå¤è´ï¼Œäº§ç”Ÿè¿™ä¸ªè§„æ¨¡çš„ä¸æ–æ‰©å¤§ï¼Œå°±æ˜¯ä»¥ç»ˆä¸ºå§‹çš„åŽ»è€ƒè™‘ï¼ŒåŒ…æ‹¬åœ¨æ‰¾åˆ°è¿™æ ·åœºæ™¯é‡Œé¢æŠ€æœ¯æŠ•å…¥çš„æˆæœ¬åˆ°åº•有多高。这是今天我们éžå¸¸éžå¸¸é‡è§†è€ƒæ ¸çš„。我们并ä¸è®¤ä¸ºåŽ»æžä¸€ä¸ªè‡ªç”±çš„大模型或者æžä¸€ä¸ªè‡ªç”±çš„æŠ€æœ¯æ˜¯æˆ‘ä»¬çš„æ ¸å¿ƒç«žäº‰åŠ›ï¼Œè€Œæ˜¯çœŸæ£çš„以终为始的考虑这个场景的投入产出比是我们的战略路径和商业模å¼ã€‚当然了,也有å¯èƒ½æœ‰é‚£æ ·çš„å…¬å¸ï¼Œä»–通过特别大规模的投入,最åŽç»ˆäºŽèµ°å‡ºäº†ä¸€æ¡å®Œå…¨é™ç»´æ‰“击的技术路线。但是以今天我们对AIçš„ç†è§£æ¥è¯´ï¼Œæˆ‘è§‰å¾—è¿™ä¸ªéš¾åº¦å’Œé£Žé™©éƒ½æ˜¯ç›¸å½“ç›¸å½“å¤§çš„ã€‚å¯¹äºŽæˆ‘ä»¬è¿™æ ·çš„å…¬å¸ï¼Œè¿™ä¸é€‚åˆæˆ‘们的å‘展é“è·¯ã€‚æˆ‘ä»¬æ•´ä¸ªåœ¨æœºå™¨äººçš„ç‹¬ç‰¹ä¼˜åŠ¿å°±æ˜¯è¯´ï¼Œç¬¬ä¸€ä¸ªå°±æ˜¯æˆ‘ä»¬è‡ªå·±è¿‡åŽ»è¿™ä¹ˆå¤šå¹´ç§¯ç´¯ï¼Œæœ€æ ¸å¿ƒçš„æŠ€æœ¯ä¼˜åŠ¿åœ¨å“ªé‡Œï¼Ÿæˆ‘ä»¬è®¤ä¸ºé™¤äº†æŠŠä¸€äº›ç¡¬ä»¶çš„è¿™äº›èƒ½åŠ›ç”Ÿé•¿å‡ºæ¥ä»¥åŽï¼Œæˆ‘ä»¬å…¶å®žæœ€æ ¸å¿ƒçš„ç‹¬ç‰¹ä¼˜åŠ¿æ˜¯åœ¨äºŽå’Œè½¯ä»¶ç›¸å…³çš„ç”¨æˆ·ä½“éªŒä¸Šï¼Œå’Œç”¨æˆ·äº¤äº’çš„ç›¸å…³çš„ç”¨æˆ·ä½“éªŒä¸Šã€‚æ‰€ä»¥æˆ‘ä»¬åœ¨è¯éŸ³æœºå™¨äººä¸Šï¼Œåº”该说从今年上åŠå¹´åšäº†éžå¸¸é‡è¦çš„æˆ˜ç•¥çš„调整,就是全力的去åšè¯éŸ³ç±»çš„交互类的机器人。这个è¯éŸ³ç±»ä»Šå¤©æ˜¯å¯¼è§ˆï¼Œä»Šå¤©æ˜¯å¼•领讲解,而未æ¥å¯èƒ½ä¼šå˜æˆé™ªä¼´ï¼Œç”šè‡³åœ¨ä¸€äº›å®¶åºåœºæ™¯é‡Œéƒ½æ˜¯æœ‰å¯èƒ½ä¼šè¿›åŽ»çš„ã€‚è€Œè¿™ä¸ªï¼Œå› ä¸ºæˆ‘ä»¬æœ¬èº«å°±æ˜¯åšäº’è”网工具出身的,所以这是我们的一个在能够拿æä½æˆ–者å«èƒ½å¤ŸåŽ»ä½“ä¼šç”¨æˆ·åœ¨è¿™äº›ç‚¹ä¸Šçš„ä¸€äº›ç”¨æˆ·ä½“éªŒã€‚ç„¶åŽåœ¨ç¡¬ä»¶é¢†åŸŸï¼Œæˆ‘们一方é¢è‡ªå·±ç§¯ç´¯ï¼Œå¦ä¸€æ–¹é¢ä¹Ÿæ”¶è´äº†åƒä¼—ä¸ºè¿™æ ·çš„å…¬å¸åŽ»æŠŠæˆ‘ä»¬åœ¨ç¡¬ä»¶çš„è¿™ç§æ‰“ç£¨çš„èƒ½åŠ›ä¸Šä¸æ–çš„å¢žå¼ºã€‚æˆ‘è§‰å¾—æœ€åŽæœºå™¨äººçœŸæ£èƒ½å¤Ÿä½“现出å«è½åœ°ï¼Œå°±æ˜¯ä»–è¦æ‰¾åˆ°é‚£ä¸ªç¡¬ä»¶ã€è½¯ä»¶å’Œåœºæ™¯ç›¸åŒ¹é…的那个点,然åŽè¿™ä¸ªå¸‚åœºï¼Œè¿™ä¸ªå¸‚åœºåˆæœ‰è§„模åˆä¸æ–çš„åœ¨å¢žå¤§ï¼Œè¶³å¤Ÿå¤§ã€‚æˆ‘è§‰å¾—è¿™æ‰æ˜¯æœºå™¨äººçœŸæ£èƒ½èµ°å‡ºæ¥çš„一个é‡è¦çš„路径å§ã€‚我觉得我们应该æ¥è¯´ä»Žä»Šå¹´çš„表现æ¥è¯´ï¼Œæˆ‘ä»¬åº”è¯¥æ‰¾åˆ°äº†ä¸€ç‚¹ç‚¹è¿™æ ·çš„ä¼˜åŠ¿å’Œè‡ªå·±çš„ç‹¬ç‰¹çš„å‘展路线,所以我们会沿ç€è¿™æ¡è·¯ç»§ç»èµ°ä¸‹åŽ»ã€‚å¥½ï¼Œè°¢è°¢ã€‚ Helen ZhuDirector - IR at Cheetah Mobile00:56:57Thank you. Operator, please move to the next question. Operator00:57:01Our next question today will come from Yan Peng Zhao of Guotai Haitong Securities. Please go ahead. 00:57:11哎,谢谢管ç†å±‚给我æé—®çš„æœºä¼šå•Šã€‚首先æå–œå…¬å¸å–å¾—ä¼˜ç§€çš„ä¸šç»©ï¼Œå› ä¸ºæˆ‘ä»¬è®°å¾—CFO上一个å£åº¦ä»‹ç»è¿‡ï¼ŒçŒŽè±¹çš„æŠ•资部门在机器人方é¢çš„这个产业链上下游都有了比较多的布局,然åŽè¿™ä¸ªå£åº¦å‘¢ï¼ŒçŒŽè±¹ä¹Ÿå®Œæˆäº†å¯¹ä¼—为的收è´ï¼Œä¼°å€¼æ°´å¹³æ¯”è¾ƒç†æƒ³å•Šã€‚åŒæ—¶æˆ‘们也注æ„到公å¸çš„这个资产负债表上还有1亿多美元的长期投资,想请教管ç†å±‚ï¼Œè¿™å…¶ä¸æ˜¯å¦è¿˜æœ‰ç±»ä¼¼ä¼—ä¸ºè¿™æ ·çš„èµ„äº§ï¼Œç„¶åŽå¯ä»¥é€šè¿‡æ”¶è´å¤–å»¶çš„æ–¹å¼æ¥è¿›ä¸€æ¥æŽ¨åŠ¨å•Šï¼Œå…¬å¸åœ¨æœºå™¨äººä¸šåŠ¡æˆ–è€…AI工具业务上的å‘展。谢谢。 好,谢谢您的问题。我æ¥å›žç”这个关于投资并è´çš„问题。首先确实如您所说,我们资产负债表上的长期投资金é¢ä¹Ÿæ¯”较高,那其ä¸ç¡®å®žæœ‰ä¸€éƒ¨åˆ†æ˜¯æˆ‘们围绕机器人和AI的生æ€è¿›è¡Œçš„æˆ˜ç•¥æ€§çš„布局。投资这些公å¸ï¼Œæœ€ä¸»è¦æˆ‘们是通过早期投资和这些创新的公å¸åŽ»å»ºç«‹æ·±åŽšçš„å…³ç³»ï¼ŒåŠ å¼ºç›¸äº’çš„äº†è§£ï¼Œç”šè‡³å»ºç«‹ä¸€äº›åˆæœŸé€šè¿‡ä¸šåŠ¡åˆä½œå»ºç«‹è”ç³»ã€‚é‚£åŒæ—¶ï¼Œè¿™äº›æŠ•资也给我们æä¾›äº†éžå¸¸æœ‰ä»·å€¼çš„æœ€æ–°çš„行业动æ€å’Œå¯¹AI行业的洞察。 但是,上个å£åº¦æˆ‘其实也讲过,就是其实从我们内部æ¥çœ‹ï¼Œè€ƒé‡æ˜¯ä¸æ˜¯å޻并è´ä¸€å®¶å…¬å¸ï¼Œæˆ‘们è¦ä»Žå‡ 个方é¢ï¼ŒåŒ…括技术和业务的ååŒã€æˆ˜ç•¥ä»·å€¼æå‡ã€æ–‡åŒ–和价值观,还有财务估值,这多个方é¢åŽ»è¿›è¡Œç³»ç»Ÿæ€§çš„è¯„ä¼°ã€‚é‚£åŽ»è¯„ä»·ä¸€ä¸ªå¹¶è´æ˜¯ä¸æ˜¯æˆåŠŸçš„ï¼Œå¹¶è´æ˜¯ä¸æ˜¯èƒ½å¤ŸæˆåŠŸçš„åŽ»æ•´åˆæ ‡çš„å…¬å¸çš„æ ¸å¿ƒçš„能力和团队,åšä¸€ä¸ªæˆåŠŸçš„æˆ˜ç•¥æ€§å¹¶è´ï¼Œæˆ‘们觉得最é‡è¦çš„一个关键在于文化愿景和人的高度契åˆã€‚ 那以我们刚刚收è´çš„众为举个例å,我们之所以能够æˆåŠŸçš„å®Œæˆè¿™æ¬¡å¹¶è´ï¼Œå¹¶ä¸”éžå¸¸å…´å¥‹çš„ï¼Œä¹Ÿæ˜¯å› ä¸ºåœ¨è·Ÿä¼—ä¸ºå¤šå¹´çš„ä¸šåŠ¡çš„åˆä½œä¸ï¼Œæˆ‘ä»¬ç¡®ä¿¡åŒæ–¹çš„å›¢é˜Ÿæ˜¯æœ‰é«˜åº¦ä¸€è‡´çš„åŸºå› ã€‚æˆ‘ä»¬åŒæ–¹éƒ½æ˜¯åšä¿¡æœºå™¨äººæŠ€æœ¯åº”当去用æ¥è§£å†³çœŸå®žä¸–界ã€çœŸå®žåœºæ™¯çš„问题,去追求åšçœŸæ£æœ‰ç”¨çš„æœºå™¨äººï¼Œæ˜¯æˆ‘们的共åŒçš„使命。那这ç§åº•层ç†å¿µçš„一致性,是我们åŽç»èƒ½å¤Ÿå®Œæˆä¸ç®¡æ˜¯ä¸šåŠ¡çš„æ•´åˆååŒï¼Œè¿˜æœ‰å›¢é˜Ÿçš„èžåˆï¼Œæ˜¯ä¸æ˜¯èƒ½å¤Ÿé¡ºç•…进行的基石和催化剂。 所以,总结一下,就是虽然我们的长期组åˆä¸ºæˆ‘们æä¾›äº†å¾ˆå®è´µçš„æˆ˜ç•¥é€‰æ‹©æƒï¼Œå¦‚æžœæœ‰ç±»ä¼¼ä¼—ä¸ºè¿™æ ·å’Œæˆ‘ä»¬ç†å¿µé«˜åº¦ä¸€è‡´çš„åˆé€‚æ ‡çš„ï¼Œé‚£æˆ‘ä»¬ä¹Ÿæ˜¯éœ€è¦é€šè¿‡å®¡æ…Žå’Œä¸¥è°¨çš„评估æµç¨‹ä¹‹åŽåŽ»åšå‡ºå¯¹æˆ‘们能够æå‡æ•´ä½“股东价值最有利的决ç–。谢谢。 Helen ZhuDirector - IR at Cheetah Mobile01:00:32Thank you. Operator, please move to the next question. Operator01:00:37Our next question today will come from Johanna Ma of CMBI. Please go ahead. 01:00:46关于åŒè¡Œé•¿å¥½ï¼Œæ„Ÿè°¢æŽ¥å—我的æé—®ï¼Œç„¶åŽæˆ‘这边是想请教一下关于这个AIå·¥å…·æˆæœ¬çš„问题,就是我们看到您æåˆ°äº†AI工具的开å‘å’Œç»´æŠ¤æˆæœ¬æ˜¾è‘—下é™ï¼Œä½†æ˜¯æ¶‰åŠAI产å“呢,就是需è¦è°ƒç”¨å¤§æ¨¡åž‹çš„产å“,我们ç†è§£å‘¢ï¼Œå…¶æˆæœ¬å¯èƒ½æ˜¯ä¼šé«˜äºŽä¼ 统的互è”网产å“的。能å¦è¯·æ‚¨å¸®æˆ‘们ç†è§£ä¸€ä¸‹AIå·¥å…·å’Œä¼ ç»Ÿå·¥å…·çš„è¿™ä¸ªæˆæœ¬ç»“构差异会在哪里呢?然åŽå“ªäº›æˆæœ¬æ˜¾è‘—下é™ï¼Œå“ªäº›çŽ¯èŠ‚æœ‰ä¸€äº›æ–°å¢žå‘¢ï¼Ÿç„¶åŽè¿˜æœ‰æ•´ä½“çš„ROI,我们应该如何ç†è§£ï¼Ÿè°¢è°¢ã€‚ 好的,这个先我æ¥å›žç”ï¼Œå°±ä½ é‚£ä¸ªæ•´ä½“ROIï¼Œè¿™ä¸ªå› ä¸ºæˆ‘ä»¬çŽ°åœ¨åˆšæˆ‘å·²ç»è¯´è¿‡äº†ï¼Œæˆ‘们现在还没有åšç‰¹åˆ«å¤§è§„模的这个投入和测试,所以现在还ä¸èƒ½å®Œå…¨æ‹¿å‡ºä¸€ä¸ªå¾ˆæ¸…晰的数æ®ã€‚ä½ å…¶å®žåˆšè®²çš„è¿™ä¸ªå°±æ˜¯ä»Šå¤©ç”±äºŽç”¨AI的,大家å¯èƒ½éƒ½çŸ¥é“,最近åƒå›½å¤–çš„åƒAnthropic的这个最新一轮èžèµ„,它的估值已ç»åˆ°äº†$1,800多亿美金,它的整个年度收入从这个年åˆçš„预测的$10亿美金到现在已ç»åˆ°äº†$90亿美金,而基本上没有太多销售团队的情况下,这说明什么呢?说明就我认为,就今天AI在整个这个生产力的工具渗é€é‡Œé¢ï¼Œç¬¬ä¸€ä¸ªæœ€å¤§è§„模渗é€å°±æ¥è‡ªäºŽç¼–程这个市场,就是写程åºè¿™ä¸ªå¸‚场。所以它带æ¥çš„就是我们今天写程åºä»¥å‰å¤§é‡è¦äººå†™çš„代ç ,AIå·²ç»å¯ä»¥å®Œæˆå¾—éžå¸¸å¥½äº†ã€‚所以这就带æ¥äº†ä½ åœ¨å¼€å‘æ–°å·¥å…·çš„æ—¶å€™ï¼Œçš„ç¡®ç ”å‘æˆæœ¬ï¼Œç ”å‘çš„é€Ÿåº¦ï¼ŒåŒ…æ‹¬æŽ¨å‡ºæ–°åŠŸèƒ½çš„è¿™ä¸ªé€Ÿåº¦éƒ½æ˜¯å¤§å¹…åº¦çš„ï¼Œè¿™ä¸ªå°±ç ”å‘æˆæœ¬å¤§å¹…度é™ä½Žï¼Œç„¶åŽé€Ÿåº¦å¤§å¹…度æå‡ï¼Œè¿™æ˜¯ä¸€ä¸ªæˆæœ¬æ˜¾è‘—下é™çš„åœ°æ–¹ã€‚ä½ åˆšè®²çš„é‚£ä¸ªè°ƒç”¨å¤§æ¨¡åž‹äº§å“çš„æˆæœ¬çš„确是高于互è”网产å“ï¼Œå› ä¸ºç”¨æˆ·è¶Šç”¨è¿™ä¸ªToken,对å§ï¼Œè¿™ä¸ªç”¨çš„å¤šï¼Œå®ƒçš„ç¡®æˆæœ¬å°±é«˜ã€‚但今天我们å¯ä»¥çœ‹åˆ°ä¸¤ä¸ªè¶‹åŠ¿ï¼Œæˆ–è€…ä¸‰ä¸ªå§ï¼Œç¬¬ä¸€ä¸ªå°±æ˜¯è¯´è¿™ä¸ªToken的这个费用在全行业下é™éžå¸¸éžå¸¸ä¹‹å¿«ï¼Œæˆ‘没有具体算过,但今天比GPT-3.5的时候应该下é™è‡³å°‘90%多。而且我们å¯ä»¥é¢„è§è¿™ä¸ªä¸‹é™è¿˜ä¼šæŒç»ï¼Œåœ¨æœªæ¥çš„å¯è§çš„两三年内一定会æŒç»ï¼Œå› 为通过架构的优化也好,这个ç‰ç‰å§ï¼Œå„ç§èŠ¯ç‰‡çš„è¿™ä¸ªç«žäº‰å¼•å…¥ä¹Ÿå¥½ï¼Œå®ƒä¼šæŒç»çš„下é™ã€‚ç„¶åŽï¼Œè¿™ç¬¬ä¸€ä¸ªç‰¹ç‚¹å°±æ˜¯è¿™ä¸ªæˆæœ¬è°ƒç”¨Tokençš„æˆæœ¬ä¼šæŒç»ä¸‹é™ã€‚ç„¶åŽç¬¬äºŒä¸ªï¼Œå°±æ˜¯è¯´ä»Šå¤©ç”¨æˆ·åœ¨AI产å“ä¸Šçš„ä»˜è´¹æ„æ„¿æ˜¯å¾ˆå¼ºçš„,是éžå¸¸éžå¸¸æ˜Žæ˜¾çš„,也就是它自带了一ç§å•†ä¸šæ¨¡å¼ï¼Œå°±ç”¨æˆ·æ„¿æ„为它付费,这在很多产å“上已ç»å¾—åˆ°ä½“çŽ°äº†ã€‚ç¬¬ä¸‰ä¸ªæˆ‘æƒ³è¯´çš„å°±æ˜¯ä»Šå¤©è¿™ä¸ªåŒ…æ‹¬å®ƒçš„æ”¶è´¹çš„è¿™ç§æ–¹å¼ï¼Œæˆ‘çœ‹è¿™ä¸ªè¡Œä¸šä¹Ÿåœ¨ä¸æ–的摸索,对å§ã€‚从工具的包月制到现在有的按é‡è®¡è´¹ã€‚ 有的这个ç‰ç‰å§ã€‚我想说的是什么呢?我想说的就是今天的AI产å“的商业模å¼å’Œä¸Šä¸ªæ—¶ä»£å·¥å…·äº§å“也会有一些ä¸åŒå•Šã€‚所以它会就商业模å¼çš„é‡å¡‘,然åŽè¿™ä¸ªç”¨æˆ·ä½¿ç”¨ä¹ 惯或者è¦ä»˜è´¹ä¹ 惯的é‡å¡‘,å†åŠ ä¸Šæˆæœ¬çš„䏿–的调整。所以我对这个AIå·¥å…·çš„å°±æ˜¯æ‰€è°“å®ƒçš„è°ƒç”¨å¤§æ¨¡åž‹çš„æˆæœ¬è¿™ä»¶äº‹æ˜¯å¹¶ä¸æ‹…心的啊。如果我们用å‘展的眼光看,对å§ï¼Œåªè¦ä½ èƒ½å¤Ÿæœ‰ç”¨æˆ·æ›´å¤šçš„ä½¿ç”¨ï¼Œä½ è°ƒç”¨çš„tokenè¶Šå¤šï¼Œå¯¹ä½ å而是好事情啊。这就有点åƒå½“年的最早的这ç§åœ¨çº¿è§†é¢‘网站,对å§ï¼Œå½“æ—¶å¸¦å®½æˆæœ¬æ˜¯å®ƒæœ€é‡æœ€å¤§çš„æˆæœ¬ã€‚å½“è¿™ä¸ªæˆæœ¬éƒ½ä½¿å¾—很多网站都å¯èƒ½ä¸ç›ˆåˆ©ï¼Œä½†æ˜¯åˆ°ä»Šå¤©å¸¦å®½æˆæœ¬å·²ç»å˜å¾—éžå¸¸éžå¸¸ï¼Œå°±å®ƒæˆæœ¬å 比éžå¸¸å°‘了。当然å¦ä¸€ä¸ªè§’åº¦ï¼Œç‰ˆæƒæˆæœ¬å¤šäº†ï¼Œè¿™æ˜¯å¦å¤–一回事啊。所以我想说的就是,我们看这个AI工具类的产å“的商业模å¼ä¸€å®šå¾—用å‘å±•çœ¼å…‰çœ‹å•Šï¼Œä¸æ˜¯çŽ°åœ¨çœ¼å…‰çœ‹å•Šã€‚ç„¶åŽæ•´ä½“的这个ROIå°±æ˜¯åˆšè®²äº†ï¼Œå°±è‡³å°‘ä»Žä»˜è´¹æ„æ„¿ä¸Šæ¥è¯´ï¼Œç”¨æˆ·æ˜¯ä½“现的挺明显的啊。我相信这个平衡线在很多领域会很快到æ¥ï¼Œè‡³å°‘今天我认为在编程领域已ç»åˆ°æ¥äº†å•Šã€‚å°±æ˜¯ä½ ä¼šå‘çŽ°ä½ å……ç»™å¤§æ¨¡åž‹çš„é’±ï¼Œæ¯”ä½ åŽ»é›‡ä¸€ä¸ªç¨‹åºå‘˜å¯èƒ½è¦ä¾¿å®œå¤šçš„æ—¶å€™ï¼Œé‚£è¿™ä¸ªå¸‚场就éžå¸¸å¿«å°±è¢«å¼•爆了啊。所以这是我对AIå·¥å…·çš„è¿™ä¸ªæˆæœ¬å’Œå¼€å‘çš„ç”¨æˆ·ä½¿ç”¨æˆæœ¬çš„一个看法。所以我们也会åšå®šä¸ç§»çš„在这ç§AI的软工具上åšå°è¯•ï¼Œå¹¶ä¸”åŽ»ä¸æ–的去推出我们的产å“。谢谢。 Helen ZhuDirector - IR at Cheetah Mobile01:05:55Thank you, operator. Please move to the next question. Operator01:06:00Our next question will come from Jack Yang of Mizuho. Please go ahead. 01:06:08感谢管ç†å±‚æŽ¥å—æˆ‘çš„æé—®ã€‚之å‰åœ¨å¬åˆ°ä¸€ç§è¯´æ³•,在国内AIå·¥å…·é‡‡ç”¨ç”¨æˆ·ä»˜è´¹è¿™ç§æ¨¡å¼å•†ä¸šåŒ–难度大,这å¯èƒ½å’Œæµ·å¤–市场ä¸åŒã€‚基于贵报在国内的实际ç»éªŒï¼Œæ‚¨æ€Žä¹ˆçœ‹å¾…è¿™ç§å•†ä¸šåŒ–路径的å¯èƒ½æ€§å’Œå¤§æ¦‚的时间表?谢谢。 ç¬¬ä¸€ä¸ªï¼Œæˆ‘è§‰å¾—å°±æ˜¯ä½ åˆšåˆšé—®é¢˜é‡Œé¢çš„那个å‰åŠæ®µçš„这个å‡è®¾ï¼Œæœ‰ä¸€éƒ¨åˆ†æ˜¯å¯¹çš„ï¼Œå°±æ˜¯è¯´ä»Šå¤©å›½å†…ç”¨æˆ·å’Œæµ·å¤–ç”¨æˆ·ä»˜è´¹ï¼Œä½†æ˜¯æˆ‘ä¹Ÿå¾—è¯´ï¼Œä¹Ÿä¸æ˜¯æ‰€æœ‰æµ·å¤–用户,一定是海外å‘è¾¾å›½å®¶ç”¨æˆ·ä»˜è´¹çš„èƒ½åŠ›ä¸Šæ˜¯æœ‰åŒºåˆ«çš„ï¼Œè¿™ä¸ªæ˜¯æ¯«æ— ç–‘é—®çš„ã€‚ä½†æ˜¯ä»Šå¤©æˆ‘æƒ³è¯´çš„æ˜¯ï¼Œä¸å›½ç”¨æˆ·å¯¹å¥½çš„工具ã€å¥½çš„产å“çš„ä»˜è´¹æ„æ„¿ï¼Œé‚£å’Œå‡ å¹´å‰ä¹Ÿæ˜¯ä¸å¯åŒæ—¥è€Œè¯çš„。所以我认为就在今天国内的用户付费模å¼è¿™æ¡è·¯æ˜¯ä¸€å®šå¯ä»¥èµ°å¾—é€šçš„ï¼Œå› ä¸ºä½ ä¹Ÿçœ‹åˆ°æˆ‘ä»¬çš„è´¢æŠ¥é‡Œé¢æŠ«éœ²äº†ï¼Œå°±æˆ‘ä»¬çš„æ•´ä¸ªè¿™ä¸ªç”¨æˆ·ï¼Œå°±æˆ‘ä»¬äº’è”网产å“的用户付费收入是应该是60%多了。我们其实通过我们在没有AI的时候,当时我们就æ„è¯†åˆ°ä¸€ä»¶äº‹æƒ…ï¼Œå°±æ˜¯å·¥å…·è½¯ä»¶çš„å¹¿å‘Šæ¨¡å¼æ—¶ä»£å·²ç»è¿‡åŽ»äº†ã€‚æ‰€ä»¥é‚£æ—¶å€™æˆ‘ä»¬å°±å…¨åŠ›åŽ»æŽ¨è¿›äº†å«ç”¨æˆ·ä»˜è´¹æ¨¡å¼ã€‚到今天我们éžAI类的工具的用户付费已ç»è¶…过了一åŠã€‚è¿™å过æ¥ä¹Ÿè¯æ˜Žäº†å…¶å®žåœ¨å›½å†…ç”¨æˆ·ä¸æ˜¯æ²¡æœ‰ä»˜è´¹æ„æ„¿ï¼Œè€Œæ˜¯ä½ çœŸæ£è¿™ä¸ªç»™ä»–æä¾›ä»·å€¼å¤Ÿä¸å¤Ÿã€‚æˆ‘ä»¬è¿™å‡ å¹´ä¹Ÿæ˜¯å¾ˆæŠ“äº†è¿™ä¸ªåœ¨å·¥å…·ä¸Šï¼Œæ¯”å¦‚ç”¨æˆ·çš„ä½¿ç”¨çš„è¿™ä¸ªä½“éªŒï¼ŒæŠŠè¿™ä¸ªæˆ‘ä»¬çœŸæ£å¯¹ç”¨æˆ·è¿™ä¸ªå…³æ³¨ï¼Œä»Žå¯èƒ½æœ‰æ®µæ—¶é—´ï¼Œæˆ‘们å¯èƒ½å…³æ³¨ä»€ä¹ˆç®€å•çš„å…³æ³¨æŠ•å…¥äº§å‡ºï¼Œè¿™ä¸ªç”¨æˆ·çš„å¹¿å‘Šæ¬¡æ•°çš„è¿™ä¸ªäº§å‡ºï¼Œè¿™äº›å›žåˆ°äº†ç”¨æˆ·æ˜¯ä¸æ˜¯çœŸçš„å¯¹ä½ çš„äº§å“æ»¡æ„,那退付费以åŽçš„退费率,使用以åŽçš„这个长期留å˜ã€æŒç»ä½¿ç”¨è¿™äº›æ–¹é¢ï¼Œè¿™æ ·çœ‹èµ·æ¥å–得了很好的效果。所以我觉得就基于我们国内ç»éªŒæ¥çœ‹ï¼Œæˆ‘觉得这个用户为好的产å“付费的这件事在ä¸å›½æ˜¯ä¸€æ ·è¡Œå¾—通的。这点上我们是有足够的这个确信的。所以我们也会沿ç€è¿™æ¡è·¯èµ°ã€‚当然了,å¦ä¸€æ¡å°±æ˜¯æˆ‘ä»¬åœ¨æµ·å¤–ï¼Œä¹Ÿåœ¨ä¸æ–çš„åšå°è¯•,这个机会也是很大的。好,谢谢。 谢谢。 Helen ZhuDirector - IR at Cheetah Mobile01:08:52Operator, can you? Yeah, operator, can you please check if we have any further questions? Thank you. Operator01:09:03Certainly. Again, if you would like to ask a question, please press star and then one to join the queue. At this time, I am not showing any additional questions in the question queue. Helen ZhuDirector - IR at Cheetah Mobile01:09:38Okay. And then, we can just end the call. Operator01:09:43Thank you. Okay. Thank you, ladies and gentlemen. Helen ZhuDirector - IR at Cheetah Mobile01:09:46Thank you so much for joining us. Thank you so much for joining our conference call today. If you have any specific questions, please just let us know. You can send us an email or just give us a call. Thank you so much. Operator01:10:11The conference is now concluded. We do thank you for attending today's presentation, and you may now disconnect your lines and have a nice day.Read moreParticipantsExecutivesHelen ZhuDirector - IRSheng FuChairman of The Board & CEOThomas Jintao RenCFO & DirectorAnalystsPowered by Earnings DocumentsEarnings Release(6-K) Cheetah Mobile Earnings HeadlinesCheetah Mobile Inc (CMCM) Q2 2025 Earnings Call Highlights: Record Revenue Growth and Strategic ...September 12, 2025 | finance.yahoo.comCheetah Mobile Inc. (CMCM) Q2 2025 Earnings Call TranscriptSeptember 11, 2025 | seekingalpha.comAn $8 trillion-dollar discovery 17,000 ft underwater A strange rock pulled from the ocean floor may hold the key to a $16 trillion resource boom. Inside it: materials critical for AI chips, EV batteries, smartphones, and advanced weapons systems. While few people know about these metals, global powers—including the U.S., China, and Russia—are racing to secure them. And one tiny public company, recently backed by the U.S. government, holds mining rights to over 340 million tons… and near-monopoly access to the richest zone.October 3 at 2:00 AM | Porter & Company (Ad)Cheetah Mobile Announces Second Quarter 2025 Unaudited Consolidated Financial ResultsSeptember 11, 2025 | prnewswire.comCheetah Mobile To Report Second Quarter 2025 Financial Results on September 11, 2025September 4, 2025 | prnewswire.comCheetah Mobile To Report Second Quarter 2025 Financial Results on September 11, 2025September 4, 2025 | prnewswire.comSee More Cheetah Mobile Headlines Get Earnings Announcements in your inboxWant to stay updated on the latest earnings announcements and upcoming reports for companies like Cheetah Mobile? Sign up for Earnings360's daily newsletter to receive timely earnings updates on Cheetah Mobile and other key companies, straight to your email. Email Address About Cheetah MobileCheetah Mobile (NYSE:CMCM) operates as a mobile internet company primarily focused on developing and distributing utility and entertainment applications for smartphones and tablets. Its portfolio includes well-known security and optimization products such as Clean Master, Security Master and Battery Doctor, alongside consumer-oriented offerings in mobile gaming and content discovery. The company’s software solutions are designed to enhance device performance, improve privacy protection and deliver engaging digital experiences for end users. Founded as the mobile internet division of Kingsoft in 2010, Cheetah Mobile spun off as an independent, publicly traded company in late 2014. Headquartered in Beijing, it maintains additional offices in North America, Europe and Asia to support local marketing, product development and customer service efforts. Over the years, Cheetah Mobile has expanded its footprint to serve more than 200 markets worldwide, with a reported global monthly active user base in the hundreds of millions. Cheetah Mobile generates revenue through a blend of in-app advertising, strategic partnerships and premium content offerings, leveraging its sizable user community to attract advertisers and developers. The company continues to invest in research and development initiatives, exploring areas such as artificial intelligence, cloud gaming and personalized content delivery. Its management team, supported by seasoned executives in product, engineering and commercial operations, focuses on sustaining growth through innovation, user engagement and geographic expansion.View Cheetah Mobile ProfileRead more More Earnings Resources from MarketBeat Earnings Tools Today's Earnings Tomorrow's Earnings Next Week's Earnings Upcoming Earnings Calls Earnings Newsletter Earnings Call Transcripts Earnings Beats & Misses Corporate Guidance Earnings Screener Earnings By Country U.S. Earnings Reports Canadian Earnings Reports U.K. Earnings Reports Latest Articles Tesla Earnings Loom: Bulls Eye $600, Bears Warn of $300Spotify Could Surge Higher—Here’s the Hidden Earnings SignalBerkshire-Backed Lennar Slides After Weak Q3 EarningsWall Street Eyes +30% Upside in Synopsys After Huge Earnings FallRH Stock Slides After Mixed Earnings and Tariff ConcernsCelsius Stock Surges After Blowout Earnings and Pepsi DealWhy DocuSign Could Be a SaaS Value Play After Q2 Earnings Upcoming Earnings PepsiCo (10/9/2025)Fastenal (10/13/2025)BlackRock (10/14/2025)Citigroup (10/14/2025)The Goldman Sachs Group (10/14/2025)Johnson & Johnson (10/14/2025)JPMorgan Chase & Co. (10/14/2025)Wells Fargo & Company (10/14/2025)ASML (10/15/2025)Abbott Laboratories (10/15/2025) Get 30 Days of MarketBeat All Access for Free Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools. Start Your 30-Day Trial MarketBeat All Access Features Best-in-Class Portfolio Monitoring Get personalized stock ideas. Compare portfolio to indices. Check stock news, ratings, SEC filings, and more. Stock Ideas and Recommendations See daily stock ideas from top analysts. Receive short-term trading ideas from MarketBeat. Identify trending stocks on social media. Advanced Stock Screeners and Research Tools Use our seven stock screeners to find suitable stocks. Stay informed with MarketBeat's real-time news. Export data to Excel for personal analysis. Sign in to your free account to enjoy these benefits In-depth profiles and analysis for 20,000 public companies. Real-time analyst ratings, insider transactions, earnings data, and more. Our daily ratings and market update email newsletter. Sign in to your free account to enjoy all that MarketBeat has to offer. Sign In Create Account Your Email Address: Email Address Required Your Password: Password Required Log In or Sign in with Facebook Sign in with Google Forgot your password? Your Email Address: Please enter your email address. Please enter a valid email address Choose a Password: Please enter your password. Your password must be at least 8 characters long and contain at least 1 number, 1 letter, and 1 special character. Create My Account (Free) or Sign in with Facebook Sign in with Google By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
PresentationSkip to Participants Operator00:00:00Okay, and welcome to the Cheetah Mobile second quarter 2025 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal our conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on a touchtone phone. To withdraw your question, please press star, then two. Please note this event is being recorded. I would now like to turn the conference over to Ms. Helen Zhu, Investor Relations of Cheetah Mobile. Please go ahead. Helen ZhuDirector - IR at Cheetah Mobile00:00:46Thank you all for your welcome to Cheetah Mobile's second quarter 2025 earnings conference call. With us today are our Chairman and CEO, Mr. Fu Sheng, and our Director and CFO, Mr. Thomas Ren. Following management's prepared remarks, we will conduct a Q&A session. Please note that the management script will be presented by an AI agent. Before we begin, I refer you to the safe harbor statement in our earnings release, which also applies to our conference call today, as we will make forward-looking statements. At this time, I would now like to turn the conference call over to our Chairman and CEO, Mr. Fu Sheng. Please go ahead, Fu Sheng. Sheng FuChairman of The Board & CEO at Cheetah Mobile00:01:36Thank you, everyone, for joining us today. In the second quarter, we delivered our best results since Q1 2021. Revenue grew 58% year-over-year, driven by a 39% year-over-year increase in the internet business and an 86% year-over-year increase in AI and other segments. Our operating loss decreased 86% year-over-year, while long-term operating loss was down 97% from last year, almost break-even. In the first half of 2025, our revenue grew by 47% year-over-year. We believe we can maintain fast growth in the second half of 2025, driven by about 100% year-over-year revenue growth in our AI and other segments, along with a stable internet business. This shows our turnaround is working and gaining momentum. What is even more important is how we work today. We have made AI a core part of our process, working in an AI-native way. Sheng FuChairman of The Board & CEO at Cheetah Mobile00:02:43Our R&D teams are small and flexible, using AI every day to design, test, and build products, much like open-source developers. This helps us move faster and use fewer resources. In short, AI allows one person to do what once took a whole team. We have been investing in AI since 2016, and at the intersection of AI and robotics today, we now have advantages and experience that are hard to replicate. For example, DeepFlow, our AI tool that turns video, audio, and documents into summaries and mind maps, runs with only three full-time employees. Our core internet business remains solid, thanks to our shift from advertising to a subscription model, which has improved user engagement and retention. Today, subscriptions make up about 60% of our internet revenues. This healthy base gives us the room to invest in new AI products, while staying financially disciplined. Sheng FuChairman of The Board & CEO at Cheetah Mobile00:03:46We are enhancing existing apps like Dubai Antivirus wallpaper apps and PDF tools with AI agents. For example, in Dubai Antivirus, we are testing a new AI feature that helps users fix PC issues, especially long-tail problems they couldn't solve before, and early feedback is encouraging. While we are still in the launch and improvement phase for most AI utilities, we believe Cheetah has a natural advantage in utility applications. At the end of the day, the core value of AI utilities is to help people work more efficiently and productively. If we can deliver on that, we believe users will be willing to use our products. On the service robotics side, we made solid progress. Revenues from service robots continue to contribute to growth in the AI and other segments. Sheng FuChairman of The Board & CEO at Cheetah Mobile00:04:43In late July, we completed the acquisition of UFactory One, of the few robotic arm companies that is already profitable and earns most of its revenue overseas. Combining UFactory's strengths with Cheetah's distribution network and 100 plus global partners gives us a clear advantage to scale globally. UFactory arms are already being used at scale in real-world scenarios, from assembly picking, printing, and dispensing tasks in factories to grabbing beverages, making coffee and beers in commercial applications, strawberry harvesting in agricultural settings, and even in universities for robotic research. We now have a broader range of robots and are piloting wheeled robots with arms that can handle more physical tasks in more places. We believe the true breakthrough in robotics is not just in using the most advanced lab technology, but about finding technologies that match real-world use cases, which can scale and generate earnings for the company. Sheng FuChairman of The Board & CEO at Cheetah Mobile00:05:50While this future of robotics is exciting, our years of experience tell us that real commercial adoption depends on delivering sustainable ROI that customers can clearly see. Our strategy is to stay optimistic, yet patient, moving forward steadily. We will continue to identify scalable use cases and grow the business gradually. That said, we want to caution investors that it is not something that will reach mass deployment in the coming quarters. The service robotics market is still developing, but AI agents are making robots smarter and easier to use, since adding AgentOS, our next generation of voice system powered by AI agents. Sheng FuChairman of The Board & CEO at Cheetah Mobile00:06:33Earlier this year, our voice-enabled robot revenue in China grew by about 100% in Q2, both driven by recurring demand from our existing channel partners, alongside expansion into new high-quality customers in healthcare, education, elder care, and cultural institutions such as the National Center for the Performing Arts. In addition, this growth does not rely on one-off large orders, but comes from steady and repeat demand, especially in use cases like poor guiding and reception, which shows it is sustainable. Two companies have both our global experience in consumer internet products and use of real-world robotics operations. This unique combination allows us to apply AI agent technology across both software and hardware, creating synergies that are hard to replicate, supporting our goal to become a leading service robot company in the coming years. Looking ahead, our core internet business remains healthy and profitable. Sheng FuChairman of The Board & CEO at Cheetah Mobile00:07:36We will keep investing in AI tools and robotics with discipline, and we are on track to reach profitability in the near term. Our strong cash position and zero debt give us the flexibility to grow while keeping our finances strong. The transformation is just getting started, but it is already producing results. We are building two growth engines: AI-powered utility apps and AI robots that work together as synergistic forces, combining software and hardware to create a stronger moat, expand our market reach, and open new growth opportunities. At the same time, our solid internet business and strong cash reserves provide a stable base. With over seven years of R&D in AI, our focused strategy, and a culture of innovation, we are confident about the road ahead. Thomas Jintao RenCFO & Director at Cheetah Mobile00:08:36Thank you, Fusha. Hello, everyone, and thank you for joining the call. Unless otherwise stated, all financial figures are presented in RMB in the second quarter of 2024. We continue to make meaningful progress in narrowing our losses and improving profitability, as we remain focused on execution efficiency and financial discipline. In fact, on a non-GAAP basis, we almost reached the break-even point on the operating level in Q2. Let me walk you through the key financial results in the quarter. Total revenue reached RMB 295 million, up 58% year-over-year and 14% quarter-over-quarter, marking a strong acceleration. Gross profit increased by 85% year-over-year and 19% quarter-over-quarter to RMB 212 million. Gross margin improved to 76%, up from 65% in the year-ago quarter and 73% in the previous quarter. Operating loss narrowed to RMB 11 million, an 86% year-over-year decrease and a 58% quarter-over-quarter decrease. Thomas Jintao RenCFO & Director at Cheetah Mobile00:09:54On a non-GAAP basis, our operating loss declined to RMB 2 million, down 97% year-over-year and 86% quarter-over-quarter. Net loss attributable to Cheetah Mobile shareholders decreased by 82% year-over-year and 32% quarter-over-quarter to RMB 23 million. Our non-GAAP net loss attributable to Cheetah Mobile shareholders narrowed by 87% year-over-year and 35% quarter-over-quarter to RMB 14 million. These profitability improvements reflect our ongoing efforts to sharpen focus, improve efficiency, and optimize our cost structure, particularly as we have switched from early-stage experimentation to ROI-focused execution in our AI initiatives. In our AI robotics business, we have exited certain compute-intensive directions, such as training our own foundation models, a strategic shift that significantly reduced infrastructure spend. At the same time, we have streamlined our R&D process by leveraging AI tools and refocused resources on AI utility applications that generate user value. Thomas Jintao RenCFO & Director at Cheetah Mobile00:11:17For example, R&D expenses accounted for 24% of our AI and other segments' revenue in the quarter, down from 39% in the year-ago quarter and 28% in the previous quarter. These efforts have materially improved the operating profit of our AI and other segments, where adjusted operating losses decreased 63% year-over-year and 32% quarter-over-quarter. Looking ahead, we remain confident in our ability to achieve profitability with a clear and disciplined strategy. We see two key drivers for this path. First, our internet business continues to deliver steady profits and serves as a solid financial foundation. In Q2, adjusted operating margin for this segment was 14%, up from 12% in the year-ago quarter. Our transition from an ad-centric model to a user-subscription-driven model is showing good momentum. We believe this momentum is sustainable, supported by loyal user cohorts and diversified distribution channels. Thomas Jintao RenCFO & Director at Cheetah Mobile00:12:30Second, in our AI and other segments, we are building for long-term profitability by growth in both our consumer-facing AI tools and enterprise-facing robotics. For our robotics business, we are prioritizing scalable use cases with clear user demand and engagement, emphasizing our core competencies in AI-powered voice interaction, including natural conversation capabilities similar to LLM-based agents, and mobile indoor mobility, which we believe offers the most reliable and cost-effective solution for scalable robot deployment. Continuously improving our robot's intelligence and product experience through AI agents and maintaining a lean and agile team structure. A recent milestone was our acquisition of UFactory, one of the few profitable robotic arm companies globally. UFactory brings a proven track record of profitable growth, clear market position, and consistent value creation, fully aligned with our vision to scale differentiated robotic solutions over time. Thomas Jintao RenCFO & Director at Cheetah Mobile00:13:41On the AI tools front, DeepFlow, an AI tool that summarizes video, audio, PDF, and other documents, leads to concise takeaways and mind maps, has shown encouraging early user adoption, validating product-market fit. Our balance sheet remains strong. As of June 30th, 2024, we held $282 million in cash and cash equivalents and $110 million in long-term investments. We generated RMB 362 million in operating cash flow during the quarter. This financial strength gives us the flexibility to continue investing in high-potential AI growth opportunities while maintaining capital discipline. We will also remain open to strategic M&A that can accelerate capability building in targeted verticals. To summarize, this was another quarter of measurable progress on our path to break-even. Thomas Jintao RenCFO & Director at Cheetah Mobile00:14:43We are encouraged by early signs of sustainable profitability, supported by: one, a profitable and resilient internet business; two, a disciplined ROI-focused AI strategy; and three, strong capital flexibility to invest in long-term growth. Thank you. We are now happy to take your questions. Operator00:15:10Thank you. We will now begin the question and answer session. To ask a question, you may press star, then one on a touchtone phone. If you are using the speaker phone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star, then two. At this time, we will pause for a moment to assemble our roster. The first question today will come from Thomas Zhang of Jefferies. Please go ahead. 00:15:52早上好,谢谢管ç†å±‚接收我的æé—®ã€‚我的问题是,我们看到上åŠå¹´äº’è”网业务æ¢å¤æ˜Žæ˜¾ï¼Œæ”¶å…¥å¢žé€Ÿä¿æŒåœ¨çº¦40%,并贡献了超过¥4,700万元的ç»è¥åˆ©æ¶¦ã€‚请问管ç†å±‚如何看待这个趋势在下åŠå¹´çš„坿Œç»æ€§ï¼Ÿæ”¶å…¥å’Œåˆ©æ¶¦çš„主è¦é©±åŠ¨å› ç´ æœ‰å“ªäº›ï¼Ÿå¦‚æžœæˆ‘ä»¬ä¸è€ƒè™‘AI工具产å“的新增贡献,管ç†å±‚如何看待互è”网业务的常æ€åŒ–的收入水平和利润率区间?谢谢。 好,谢谢Thomas,我æ¥å›žç”一下您的问题。首先感谢您对公å¸äº’è”网业务的关注。关于公å¸ä¸‹åŠå¹´äº’è”ç½‘ä¸šåŠ¡å¢žé•¿è¶‹åŠ¿çš„å¯æŒç»æ€§ï¼Œåœ¨ä¸Šä¸ªå£åº¦ï¼Œæˆ‘们也讲到过,今年æ¥å…¬å¸äº’è”网业务增长的关键是在于我们从之å‰ä»¥å¹¿å‘Šä¸ºä¸»çš„商业模å¼å…¨é¢è½¬åž‹ä¸ºä»¥ç”¨æˆ·ä»˜è´¹ä¸ºæ ¸å¿ƒï¼Œå›žå½’到产å“çš„ä»·å€¼ï¼Œé€šè¿‡åšæŒç”¨æˆ·è‡³ä¸Šï¼Œè¿˜æœ‰æŒç»æ‰“磨我们的产å“力,实现了用户规模的稳æ¥å¢žé•¿ã€‚åŒæ—¶ï¼Œæˆ‘们也建立了稳å¥çš„长期的åˆä½œä¼™ä¼´å…³ç³»ï¼Œä»¥åŠæ–°å¢žçš„æœ‰æ•ˆçš„èŽ·å®¢æ¸ é“。我们认为,由我们æŒç»æ”¹è¿›çš„产å“力,还有高质é‡çš„用户关系驱动的增长动力是稳å¥ä¸”å…·æœ‰å¯æŒç»æ€§çš„ï¼Œå¹¶ä¸æ˜¯ä¸€ä¸ªçŸæœŸçš„æ³¢åŠ¨ã€‚ 展望未æ¥ï¼Œå¢žé•¿ä¸»è¦æ˜¯ä¾èµ–于两个层é¢ã€‚ä¸€æ–¹é¢æ˜¯æˆ‘们在市场拓展上,在现有æˆåŠŸçš„åˆä½œåŸºç¡€ä¸Šè¿›ä¸€æ¥åŽ»æ‹“å±•æ–°çš„ä¼™ä¼´å’Œæ–°çš„æ¸ é“,去扩大我们用户的覆盖和收入的基础。å¦ä¸€æ–¹é¢ï¼Œæ˜¯é€šè¿‡æŠ€æœ¯èµ‹èƒ½ï¼Œå……åˆ†å‘æŒ¥AI agent技术的作用,推动我们ä¸ç®¡æ˜¯PCç«¯è¿˜æ˜¯ç§»åŠ¨ç«¯å·¥å…·äº§å“æ™ºèƒ½åŒ–å‡çº§ï¼Œç»§ç»æå‡æˆ‘们产å“çš„ç«žäº‰åŠ›å’Œç”¨æˆ·çš„ä»˜è´¹æ„æ„¿ï¼ŒåŽ»åˆ›é€ æ–°çš„ä»·å€¼ç©ºé—´ã€‚ 但是,也需è¦è·Ÿæ‚¨è¯´æ˜Žçš„æ˜¯ï¼Œå› 为我们å¯ä»¥çœ‹åˆ°æˆ‘们从下åŠå¹´å¼€å§‹ï¼Œäº’è”网业务其实实现了比较大的增长,所以收入的基础在下åŠå¹´ï¼ŒåŽ»å¹´çš„ä¸‹åŠå¹´æœ‰ä¸€ä¸ªæ¯”较显著的æå‡ã€‚所以,尽管我们预期ç»å¯¹æ”¶å…¥çš„规模和利润能力将继ç»ä¿æŒä¸€ä¸ªæ¯”较å¥åº·çš„æ°´å¹³ï¼Œä½†æ˜¯ä¸‹åŠå¹´åŒæœŸå†…我们虽然ä¸å¯¹å¤–æŠ«éœ²æ˜Žç¡®çš„è´¢åŠ¡æŒ‡å¼•ï¼Œä½†æ˜¯æˆ‘ä»¬å†…éƒ¨çš„ç›®æ ‡ï¼Œæ˜¯å¸Œæœ›äº’è”网业务收入的增速还有利润率都是å¯ä»¥é«˜äºŽåŽ»å¹´çš„æ°´å¹³ã€‚ä½†æ˜¯è¿™ä¸ªç›®æ ‡èƒ½å¦è¾¾æˆï¼Œä¸»è¦è¿˜æ˜¯å–决于在未æ¥å‡ 个å£åº¦é‡Œé¢æˆ‘们如何æŒç»çš„æ‹“å±•æ–°çš„æ¸ é“,找到更多的åˆä½œä¼™ä¼´ï¼Œå¹¶ä¸”实现AI agent技术兑现产å“的功能,或者是åšä¸€äº›æ–°çš„产å“,我们会在这些方å‘上努力的去推进,力求æŒç»åˆ›é€ 股东的长期价值。 关于您问到的利润率,我们认为2C的互è”网业务,ä¸ç®¡æ˜¯å¹¿å‘Šæ¨¡å¼è¿˜æ˜¯ç”¨æˆ·ä»˜è´¹çš„æ¨¡å¼ï¼Œå‚考一些行业的peers,还有我们过往的表现,我觉得我们的ç»è¥åˆ©æ¶¦çŽ‡è¿˜æ˜¯æœ‰ä¸€å®šçš„æå‡ç©ºé—´ã€‚但是也需è¦è¯´æ˜Žï¼Œæˆ‘们其实刚æ‰ä¹Ÿè®²è¿‡ï¼Œæˆ‘们也会æŒç»çš„对C端的互è”网产å“åšä¸€äº›AI化的å‡çº§ï¼Œæ¯”如将原有的一些工具产å“åšAIåŒ–çš„æ”¹é€ ï¼Œæˆ–è€…æŽ¨å‡ºæ–°çš„å·¥å…·ã€‚è¿™äº›æŠ•å…¥ï¼Œä¸»è¦æ˜¯ä¸ºäº†é¢å‘未æ¥çš„ç«žäº‰åŠ›çš„æŠ•å…¥ï¼ŒçŸæœŸå†…也å¯èƒ½ä¼šå¯¹åˆ©æ¶¦çŽ‡é€ æˆå½±å“ã€‚åŒæ—¶ï¼Œäº’è”网业务本身它的ç»è¥åˆ©æ¶¦çŽ‡ä¹Ÿä¼šå—到ä¸åŒäº§å“çš„ç±»åž‹ã€æ”¶å…¥çš„æ¨¡å¼æˆ–者å£èŠ‚æ€§å› ç´ æœ‰ä¸€å®šçš„æ³¢åŠ¨ã€‚æ‰€ä»¥æˆ‘ä»¬å…¶å®žæ˜¯éœ€è¦åœ¨è¿½æ±‚åˆ›æ–°ã€æœªæ¥çš„å¢žé•¿å’Œä¿æŒçŽ°æœ‰çš„å¥åº·åˆ©æ¶¦çŽ‡ä¹‹é—´ï¼Œæ‰¾åˆ°ä¸€ä¸ªå¹³è¡¡ã€‚ ç„¶åŽæ‚¨é—®åˆ°çš„就是ä¸è€ƒè™‘æ–°å…´AI工具的增é‡è´¡çŒ®ï¼Œå°±æ˜¯å¸¸æ€åŒ–的利润水平。这是一个很好的问题。我觉得我们的互è”网业务基本盘还是比较稳的,常æ€åŒ–çš„åˆ©æ¶¦æ°´å¹³åŸºæœ¬ä¸Šä¼šä¿æŒåœ¨ä¸€ä¸ªç¨³å¥çš„åŒºé—´ã€‚å¢žé•¿çš„å› ç´ ï¼Œä¸»è¦æ˜¯æ¥è‡ªäºŽæˆ‘们现有业务的å˜çŽ°ã€æ–°çš„æ¸ é“,还有è¿è¥æ•ˆçŽ‡çš„æå‡ï¼Œå½“然也会å—åˆ°åˆšæ‰æˆ‘们讲的å„ç§äº§å“组åˆã€æ¸ é“å˜åŠ¨è¿™äº›å› ç´ çš„å½±å“,还有我们å¯èƒ½åœ¨ä¸€äº›æ–°å“上åšçš„æŠ•入。但是基于这些å¯èƒ½çš„å½±å“å› ç´ ï¼Œæˆ‘è§‰å¾—æ•´ä¸ªäº’è”网业务的利润率水平在我们现在的å£åº¦çš„æ°´å¹³ä¸Šä¸‹æµ®åŠ¨å‡ ä¸ªç‚¹ï¼Œä¸€ä¸¤ä¸ªç‚¹å¯èƒ½éƒ½æ˜¯ä¸€ä¸ªæ£å¸¸çš„范围。 总之,我们对整个互è”网业务对公å¸åˆ©æ¶¦æŒç»çš„贡献还是充满信心的。它将继ç»ä½œä¸ºå…¬å¸çš„现金æµä¸šåŠ¡ï¼Œç»™æˆ‘ä»¬è´¡çŒ®å¯é åˆ©æ¶¦çš„åŒæ—¶ï¼Œä¹Ÿä¸ºæˆ‘们在其他AI或者机器人领域的战略探索æä¾›åšå®žçš„æ”¯æ’‘。谢谢。 Helen ZhuDirector - IR at Cheetah Mobile00:21:38Thank you. Operator, please move to the next question. Operator00:21:43Our next question will come from Becky Wei of Citi. Please go ahead. 00:21:50谢谢管ç†å±‚æŽ¥å—æˆ‘çš„æé—®ã€‚我想问的问题是关于我们国内云用机器人业务的,就是看到二å£åº¦å®žçŽ°äº†100%销é‡çš„增长,然åŽåŒæ—¶æˆ‘们公叿”¶è´çš„æœºæ¢°è‡‚的业务在7月交割以åŽä¼šä»Žä¸‹åŠå¹´å¼€å§‹è´¡çŒ®å¢žé‡æ”¶å…¥ã€‚能ä¸èƒ½è¯·ç®¡ç†å±‚进一æ¥ä»‹ç»å½“剿œºå™¨äººäº§å“çš„é”€å”®æƒ…å†µï¼Œå¹¶ä¸”è¯´æ˜Žäº‘åŠ å¯†æœºå™¨äººå’Œæœºæ¢°è‡‚ä¸¤æ¡äº§å“线å„è‡ªçš„æ”¶å…¥å¢žé•¿è¿˜æœ‰é©±åŠ¨å› ç´ ï¼Ÿæˆ‘ä»¬åº”è¯¥æ€Žä¹ˆçœ‹è¿™ç§é«˜å¢žé•¿åœ¨ä¸‹åŠå¹´èƒ½ä¸èƒ½å¤ŸæŒç»ï¼Ÿè°¢è°¢ã€‚ 00:22:30好,那我æ¥å›žç”一下。今年上åŠå¹´æˆ‘们在æœåŠ¡æœºå™¨äººé¢†åŸŸæœ‰ä¸€ä¸ªäº®ç‚¹ï¼Œå°±æ˜¯æˆ‘ä»¬å›½å†…çš„è¯éŸ³æœºå™¨äººçš„å¢žé•¿åŒæ¯”è¾¾åˆ°äº†ä¸‰ä½æ•°ã€‚å½“ç„¶äº†ï¼Œæˆ‘è§‰å¾—èƒ½å¤Ÿäº§ç”Ÿè¿™æ ·çš„å¢žé•¿ä¸»è¦æ¥æºäºŽå¤§æ¨¡åž‹åœ¨è¯éŸ³äº¤äº’机器人上的应用。它使得è¯éŸ³äº¤äº’,其实大家å¯èƒ½æ¯å¤©éƒ½ç”¨AI大模型,它真的ç†è§£ä½ 说什么了。哪怕由于噪音的问题,有些å—å¯èƒ½åœ¨è½¬æ–‡å—的时候错了,但是整个大模型ä¾ç„¶èƒ½å¤ŸæŠŠè¿™ä¸ªå†…容给ç†è§£ï¼Œå¹¶ä¸”ç»™ä½ å¾ˆå¥½çš„å›žç”。所以这就使得è¯éŸ³äº¤äº’机器人的应用场景,用户的满æ„度和真æ£äº§ç”Ÿçš„实效,就是效果,有了大幅度æå‡ã€‚我认为最é‡è¦çš„å¢žé•¿å› ç´ æ¥è‡ªäºŽæ¤ã€‚当然了,我得说è¯éŸ³æœºå™¨äººåœ¨æ•´ä¸ªæœåŠ¡æœºå™¨äººé‡Œé¢ä¸ç®—是一个太大的å“ç±»ï¼Œæ‰€ä»¥è¿™ä¸ªå¢žé•¿çŽ‡è™½ç„¶é«˜ï¼Œä½†æ€»çš„ç›˜åæˆ‘觉得还ä¸ç®—太大。 ç„¶åŽä½ 让我拆分一下,我先把è¯éŸ³è®²å®Œã€‚我们今年下åŠå¹´è¦åšçš„一件事情,实际上是è¦èƒ½å¤ŸåŽ»çœŸæ£çš„æŠŠè¯éŸ³äº¤äº’机器人的多è¯è¨€èƒ½åŠ›æŽ¨å¹¿åˆ°æµ·å¤–ã€‚å½“ç„¶æµ·å¤–å¤§å®¶ä¹ŸçŸ¥é“今天关于AIæ•°æ®çš„å„åœ°æ³•è§„éƒ½æ¯”è¾ƒå¤æ‚,还有å„ç§è¯è¨€ã€‚当然有了大模型以åŽï¼Œæˆ‘ä»¬ç›¸ä¿¡è¿™ä¸ªè¿›ç¨‹ä¼šåŠ å¿«ä¸€äº›ã€‚æœ€è¿‘å‰ä¸¤å¤©æˆ‘è‡ªå·±ä¹ŸåŽ»äº†æ–°åŠ å¡Google Cloudæžçš„åˆä½œä¼™ä¼´å¤§ä¼šï¼Œæˆ‘们也作为应该是在这个大会上唯一在主会场和他们的整个demo环节,去把谷æŒçš„æœ€æ–°çš„Geminiçš„Live模型æè½½åˆ°æˆ‘们è¯éŸ³äº¤äº’机器人上,在多è¯è¨€ï¼Œç„¶åŽåœ¨ä¸€äº›é—®ç”上表现都ä¸é”™ã€‚所以我觉得è¯éŸ³æœºå™¨äººçš„增长,我们内部还是比较看好的,æŒç»çš„增长。 这里é¢è¿˜æœ‰ä¸€ä¸ªå› ç´ æ˜¯ä»€ä¹ˆï¼Œå°±æ˜¯è¯éŸ³æœºå™¨äººå®ƒä¸æ˜¯ä¸€ä¸ªTo C的产å“,它是To B的产å“ã€‚æ‰€ä»¥è¿™ä¹Ÿæ˜¯è¿™å‡ å¹´çŒŽè±¹ç§»åŠ¨åœ¨ä»Žä¸€ä¸ªçº¯To Cå…¬å¸å‘To Bå…¬å¸çš„转æ¢å½“ä¸ï¼Œæˆ–者å«å»¶å±•当ä¸ï¼Œæˆ‘们也在如何去获客,如何在销售管ç†ä¸Šç§¯ç´¯äº†ä¸€å®šçš„ç»éªŒã€‚我个人认为算是入门了,所以这也å–决于我们的整个销售体系的建设。所以在下åŠå¹´æˆ‘们对è¯éŸ³æœºå™¨äººçš„æŒç»å¢žé•¿è¿˜æ˜¯æœ‰ä¿¡å¿ƒçš„。尽管å„ç§çŽ¯å¢ƒçš„å½±å“,但整体上æ¥è¯´ï¼Œæˆ‘认为è¯éŸ³äº¤äº’机器人已ç»å˜æˆäº†ä»Šå¤©æœåŠ¡æœºå™¨äººé‡Œé¢çœŸæ£èƒ½è½åœ°çš„一个å“类。 å¯èƒ½å’Œå¤§å®¶æƒ³çš„ä¸ä¸€æ ·ï¼Œå°±æ˜¯ä»Šå¤©ä½ 看真æ£åœ¨å•†ä¸šåŒ–è½åœ°çš„æœåŠ¡æœºå™¨äººé‡Œé¢ï¼Œä¸€ç§å°±æ˜¯é€’é€ï¼Œä¸€ç§æ˜¯è¯éŸ³ï¼Œå½“然还有一ç§å°±æ˜¯é€’é€ä¸Šé¢å†åŠ æ‰‹è‡‚çš„å«å±ˆä¼¸æ™ºèƒ½ã€‚但今天我们能够看到的真æ£èƒ½å¤Ÿå½¢æˆä¸€å®šå•†ä¸šåŒ–è½åœ°çš„ä¸»è¦æ˜¯é€’é€å’Œè¯éŸ³äº¤äº’。而其实递é€çš„æŠ€æœ¯å¤æ‚度相对æ¥è¯´æ²¡æœ‰é‚£ä¹ˆå¤æ‚。所以大家如果对这行业比较熟悉的知é“,其实递é€è¡Œä¸šåœ¨å›½å†…的竞争是相当激烈的。但真æ£è¦æŠŠåœ¨å™ªéŸ³å¤šäººå„ç§æƒ…况下把è¯éŸ³äº¤äº’åšåˆ°æ»¡è¶³ç”¨æˆ·ä½“éªŒï¼Œå®ƒçš„æŠ€æœ¯å¤æ‚度就å软一点,这个å¯èƒ½æ›´é€‚åˆæˆ‘们åšäº’è”网ç»è¥çš„厂商去åšã€‚所以我们当时选这个差异化市场。 è¿˜æœ‰ä½ é—®åˆ°è¿™ä¸ªä¼—ä¸ºçš„é—®é¢˜ï¼Œä¼—ä¸ºæœºæ¢°è‡‚ä¸šåŠ¡ï¼Œæˆ‘ä»¬7月份已ç»å®Œå…¨å®Œæˆäº¤å‰²äº†ã€‚我一直认为æœåŠ¡æœºå™¨äººæˆ–è€…åŒ…æ‹¬ä»Šå¤©çš„å…·èº«æ™ºèƒ½ï¼Œæœ‰ä¸¤æ¡è·¯çº¿ã€‚一æ¡è·¯çº¿å°±æ˜¯ä»¥ç‰¹æ–¯æ‹‰ä¸ºä»£è¡¨çš„,就是他è¦åšä¸€ä¸ªå…¨èƒ½åž‹çš„人形机器人,完全åƒäººï¼Œä¸€æ¥åˆ°ä½ã€‚还有一æ¡è·¯çº¿å…¶å®žæ˜¯ä»¥æˆ‘们和一些åˆä½œç«žäº‰å¯¹æ‰‹ä¸ºä»£è¡¨çš„,也å«åŒè¡Œä¸ºä»£è¡¨çš„ï¼Œå°±æ˜¯æ‰¾åˆ°ä¸€ä¸ªåœºæ™¯åŽ»å®žçŽ°ä¸€ä¸ªåœºæ™¯ï¼Œç„¶åŽæ…¢æ…¢åœ¨ä¸Šé¢å޻䏿–打磨技术,一个点一个点的åšç§¯ç´¯ã€‚ åæ£è¿™ä¸¤æ¡æŠ€æœ¯è·¯çº¿æˆ‘å°±ä¸åšè¯„价了,但我们选择的就是比如先从轮å¼çš„è¿è½½è¯éŸ³çš„交互到现在我们去收è´ä¼—ä¸ºçš„ä¸€ä¸ªæ ¸å¿ƒï¼Œå°±è®¤ä¸ºæœºæ¢°è‡‚è¿™ä»¶äº‹æƒ…ï¼Œä»Žå·¥åŽ‚åˆ°æœåŠ¡åœºæ™¯ï¼Œæˆ‘è®¤ä¸ºå·²ç»åˆ°äº†è¿™ä¹ˆä¸€ä¸ªæœºä¼šã€‚å› ä¸ºä¼—ä¸ºï¼Œæˆ‘ä»‹ç»ä¸€ä¸‹ï¼Œå®ƒå¹¶ä¸æ˜¯ä¸€ä¸ªçº¯ç²¹çš„工业臂公å¸ï¼Œè€Œæ˜¯å®ƒå«å作臂。åä½œè‡‚çš„å¾ˆå¤šåº”ç”¨åœºæ™¯ï¼Œå®ƒä¸æ˜¯å®Œå…¨åœ¨å·¥åŽ‚ï¼Œæ¯”å¦‚è¯´å¦‚æžœä½ ä»¬ä¸Šä»–ç½‘ç«™å°±çŸ¥é“,比如有的什么采摘è‰èŽ“çš„ï¼Œæœ‰ä»€ä¹ˆåŽ»æ‹¿ä¸ªæ‘„åƒæœºåŽ»æ‹æ‘„的,也还有åšå’–å•¡çš„ç‰ç‰è¿™æ ·çš„场景,它场景更丰富一些。那规模没有工业那么大,但是æ¯ä¸ªåœºæ™¯éƒ½åœ¨æˆé•¿ã€‚ ä¼—ä¸ºçš„æ”¶å…¥è§„æ¨¡ï¼Œåæ£æˆ‘ä»¬æ²¡æœ‰æŠ«éœ²ï¼Œåæ£å¤§å‡ åƒä¸‡äººæ°‘å¸ã€‚ä½†æ˜¯å®ƒæœ‰å‡ ä¸ªç‰¹ç‚¹ï¼Œç¬¬ä¸€ä¸ªç‰¹ç‚¹å°±æ˜¯å®ƒçš„æ”¶å…¥åº”è¯¥è¯´å¤§éƒ¨åˆ†æ¥è‡ªäºŽæµ·å¤–,它是ä¸å›½å作臂公å¸é‡Œæ¯”è¾ƒæ—©åšæµ·å¤–的,而且我们认为在海外形æˆäº†ä¸€å®šçš„å“牌和用户的影å“力。第二个是它也是在今天其实机械臂这个赛é“也挺å·çš„,但是它是有比较高的利润率的一家机械臂公å¸ï¼Œè€Œä¸”收入和利润过去三年都是æŒç»å¢žé•¿çš„。今天从上åŠå¹´æˆ‘ä»¬ä»Žå®ƒçš„æµ·å¤–çš„æ•°æ®æ¥çœ‹ï¼Œæˆ‘认为他们的增长还在æŒç»ã€‚ 当然未æ¥äº†ï¼Œæˆ‘们当然是希望,我也希望去把机器人这个轮åå’Œè‡‚æ”¾åœ¨ä¸€èµ·ï¼Œèƒ½å¤Ÿå¸®ä½ å¹²å®¶åŠ¡ä»€ä¹ˆçš„ï¼Œæˆ–è€…åŽ»åšåˆ†æ‹£ã€‚但是我想说的是,虽然大家å¯èƒ½çœ‹è¿‡å¾ˆå¤šè¿™æ ·çš„视频,但真æ£å˜æˆå•†ä¸šåŒ–è½åœ°ï¼Œè¿˜æœ‰æŒºé•¿çš„è·¯è¦èµ°ï¼Œéƒ½æ˜¯ç»†èŠ‚ï¼Œå°±æ˜¯çœŸæ£èƒ½å®Œæˆå¾ˆå¥½çš„æŠ•入产出比,åˆèƒ½åœ¨æˆåŠŸçŽ‡ä¸Šåšåˆ°è¶³å¤Ÿæ»¡è¶³å•†ç”¨åŒ–,我觉得我们还需è¦ä¸€äº›æ—¶é—´åŽ»æŽ¢ç´¢ã€‚ æ•´ä½“ä¸Šæ¥æˆ‘们在机器人的现在对整个行业的看法,就æœåŠ¡æœºå™¨äººä¹Ÿå¥½ï¼Œæˆ–è€…å«å…·èº«æ™ºèƒ½ä¹Ÿå¥½ï¼Œå®ƒå¾ˆçƒé—¨ï¼Œä½†æ˜¯æˆ‘们觉得还在商业化è½åœ°çš„æ—©æœŸã€‚所以我们的æ€è·¯å°±æ˜¯ä¸€ä¸ªåœºæ™¯ä¸€ä¸ªåœºæ™¯çš„æ‰“é€ï¼ŒæŠŠæ¯ä¸ªåœºæ™¯çš„体验åšå¾—足够好,然åŽå†ä¸æ–的去组åˆç”Ÿé•¿ï¼Œæ…¢æ…¢çš„实现我们最终,就是æœåŠ¡æœºå™¨äººèµ°å…¥å®¶åºè¿™ä¹ˆä¸€ä¸ªæ¢¦æƒ³ã€‚好的,谢谢。 Helen ZhuDirector - IR at Cheetah Mobile00:29:42Thank you, operator. Please move to the next question. Operator00:29:47Our next question is from Nancy Liu of JP Morgan. Please go ahead. 00:29:55喂,谢谢管ç†å±‚æŽ¥å—æˆ‘çš„æé—®ã€‚é‚£æˆ‘çš„é—®é¢˜æ˜¯ï¼Œå› ä¸ºæˆ‘ä»¬çœ‹åˆ°äºŒå£åº¦å…¬å¸å·²ç»æŽ¥è¿‘盈äºå¹³è¡¡äº†å˜›ï¼Œé‚£è¯·é—®ç®¡ç†å±‚是å¦ä¹Ÿæœ‰ä¿¡å¿ƒåœ¨ä¸‰å£åº¦å®žçŽ°æ•´ä½“ç›ˆåˆ©ï¼Ÿé‚£ä»Žç»“æž„ä¸Šçœ‹ï¼Œæˆ‘ä»¬åˆšæ‰ç®¡ç†å±‚å·²ç»è¯¦ç»†é˜è¿°äº†äº’è”网业务未æ¥çš„这个利润率水平嘛。那机器人业务如果è¦å®žçŽ°ç›ˆäºå¹³è¡¡æˆ–者未æ¥ç›ˆåˆ©çš„è¯ï¼Œé‚£æˆ‘ä»¬çœ‹åˆ°æœ€å¤§çš„éšœç¢æ˜¯ä»€ä¹ˆï¼Ÿå…¬å¸å‡†å¤‡å¦‚何应对?谢谢。 好,谢谢。我æ¥å›žç”这个问题å§ã€‚首先关于这个第三å£åº¦æ˜¯ä¸æ˜¯èƒ½ç›ˆåˆ©ï¼Œåœ¨ä¸Šä¸ªå£åº¦æˆ‘们也讲过,我们其实公å¸å†…部是éžå¸¸é‡è§†è¿™ä¸ªç›ˆåˆ©èƒ½åŠ›æå‡çš„,并且我们也是把这个尽快的实现整体盈利作为我们内部的一个é‡è¦çš„ç›®æ ‡ä¹‹ä¸€ã€‚ä»Žæˆ‘ä»¬åˆšåˆšå‘布的二å£åº¦ä¸šç»©é‡Œï¼Œä½ åº”è¯¥ä¹Ÿèƒ½çœ‹åˆ°æˆ‘ä»¬çŽ°åœ¨ç›®å‰æ£åœ¨å‘好的,目å‰å¯¹ç¬¬ä¸‰å£åº¦è¡¨çŽ°æ˜¯å……æ»¡ä¿¡å¿ƒçš„ã€‚é‚£äº’è”ç½‘çš„ä¸šåŠ¡åˆšåˆšæœ‰è®²è¿‡äº†ï¼Œå°±æ˜¯ä¸»è¦æˆ‘们也对互è”网业务的这个利润æŒç»çš„贡献也是有信心的,它是公å¸çš„一个现金æµçš„业务。 那关于您问的这个机器人业务的盈äºå¹³è¡¡è·¯å¾„å‘¢ï¼Œé¦–å…ˆå‘¢ï¼Œæœºå™¨äººä¸šåŠ¡è‚¯å®šæ˜¯æˆ‘ä»¬æ•´ä¸ªå…¨å…¬å¸æ•´ä½“实现盈利的一个关键。那么如果您想了解就是现在最大障ç¢å‘¢ï¼Œæˆ‘è§‰å¾—æ˜¯åœ¨äºŽæˆ‘ä»¬èƒ½å¦æŒç»çš„æ‰¾åˆ°å¹¶ä¸”去èšç„¦åœ¨å¯ä»¥è§„模化的这个è½åœ°å…·ä½“çš„è½åœ°çš„场景。那规模化æ„味ç€è¿™ä¸ªæŠ€æœ¯çš„需求è¦å…·å¤‡ä¸€ä¸ªå…±é€šæ€§ï¼Œå¸‚场空间è¦è¶³å¤Ÿå¤§ï¼Œå•†ä¸šæ¨¡å¼è¿˜è¦å¯å¤åˆ¶ã€‚那我们了解其实整个行业现在还都处在一个探索和验è¯çš„é˜¶æ®µã€‚é‚£ç›²ç›®çš„åŽ»è¿½æ±‚ä¸€ä¸ªæŠ€æœ¯é¢†å…ˆï¼Œå¿½è§†å•†ä¸šåº”ç”¨ï¼Œå…¶å®žéƒ½æ˜¯å¯¹å®žçŽ°å¯æŒç»ç›ˆåˆ©å…¶å®žæ˜¯æ¯”较难实现的。 é‚£æˆ‘ä»¬çš„åšæ³•呢,其实我们就是åšäº†æ¯”较深刻的战略èšç„¦äº†ã€‚第一个就是我们专注在高潜力的场景,就是ä¸åšæ³›åŒ–æŠ•å…¥ï¼ŒæŠŠèµ„æºé›†ä¸åœ¨å‡ 个我们认为最有å¯èƒ½çŽ‡å…ˆå®žçŽ°å•†ä¸šé—çŽ¯çš„é¢†åŸŸï¼Œåœ¨è¿™äº›é¢†åŸŸåŽ»åšæ·±è€•。第二就是我们去在æ¯ä¸ªé¡¹ç›®æˆ‘们è¦ä¸¥æ ¼è¯„估它的ROIï¼Œå°±æ˜¯æŠ•å…¥äº§å‡ºæ¯”ã€‚åœ¨å†³å®šä»»ä½•ä¸€é¡¹æŠ•å…¥çš„æ—¶å€™ï¼Œéƒ½æ›´åŠ åŽ»å®¡æ…Žçš„åŽ»è¯„ä¼°è¿™ä¸ªé¡¹ç›®çš„æŠ•èµ„çš„å›žæŠ¥çŽ‡ã€‚è™½ç„¶è¿™ä¸ªæˆ‘ä»¬AI和其他业务还是包括我们å„项To Bä¸šåŠ¡ï¼Œå…¶ä¸æœ‰æœºå™¨äººä¸šåŠ¡ï¼Œä¹Ÿæœ‰å…¶ä»–çš„To Bä¸šåŠ¡ï¼Œä½†æ˜¯è¿™ä¸ªä¸šåŠ¡çº¿çš„è¿™ä¸ªäºæŸçš„å¿«é€Ÿæ”¶çª„ï¼Œæœ‰ä¸€éƒ¨åˆ†åŽŸå› ä¹Ÿæ˜¯æˆ‘ä»¬åœ¨æœºå™¨äººä¸šåŠ¡ä¸Šåšäº†è¿™æ ·çš„æ”¹å˜ã€‚ å¦å¤–呢,刚刚副总讲到的我们对众为的这个收è´å…¶å®žä¹Ÿæ˜¯ä¸€ä¸ªæ¯”较好的例å。他这个能够æˆä¸ºå°‘æ•°æŒç»ç›ˆåˆ©çš„To Bå…¬å¸ï¼Œä¹Ÿæ˜¯å› 为他找到了éžå¸¸æ˜Žç¡®çš„场景,还有这个éžå¸¸å…·ä½“的在教育领域ã€ç ”å‘领域ã€è½»å·¥ä¸šé¢†åŸŸçš„这个,他是一个很好的开å‘者和创新者。那产å“也有很好的用户的å£ç¢‘,æé«˜äº†å¤è´çŽ‡ï¼Œè¿˜æœ‰æ¯”è¾ƒé«˜çš„ä¸€ä¸ªèŽ·å®¢çš„æ¯”ä¾‹ã€‚è¿™æ ·å‘¢ï¼Œä¼—ä¸ºçš„æœ¬èº«çš„ä¸šåŠ¡æ¨¡å¼å°±æ¯”较å¥åº·ï¼Œå®žçŽ°äº†ç›ˆåˆ©ã€‚é‚£åŒæ—¶è¿™ä¹Ÿåšå®šæˆ‘们的信念,就是我们都希望å¯ä»¥è¿™ä¸ªå¤åˆ¶ä¼—为的这个路径,以解决真实的用户需求为导å‘ï¼Œä»¥æ¸…æ™°çš„åœºæ™¯åŒ–ä¸ºç›®æ ‡ã€‚æˆ‘è®¤ä¸ºè¿™æ˜¯æœºå™¨äººä¸šåŠ¡èƒ½å¤Ÿå®žçŽ°ç›ˆåˆ©çš„æ£ç¡®çš„路径。谢谢。 æˆ‘ä¹Ÿå¸®ä½ è¡¥å……ä¸€ä¸‹å§ï¼Œå°±ä½ é—®é‚£ä¸ªæœºå™¨äººè¡Œä¸šï¼Œå› ä¸ºæˆ‘ä»¬çŒŽè±¹ç§»åŠ¨ä»Ž17å¹´å¼€å§‹å°±åšæœºå™¨äººè¿™ä¸ªï¼Œè€Œä¸”当时就是很早的喊出了AIå’Œæœºå™¨äººï¼Œå¹¶ä¸”æ˜¯è¿™ä¸ªä¸æ˜¯å·¥ä¸šåœºæ™¯çš„。我觉得这个行业真æ£çš„æœ€å¤§çš„难点其实是一个éžå¸¸æœ´ç´ çš„é“ç†ï¼Œå°±æ˜¯å«ROIï¼Œå°±æ˜¯æŠ•å…¥äº§å‡ºæ¯”ã€‚ä»Šå¤©ç”±äºŽè¿™ä¸ªå¤§æ¨¡åž‹çš„åŠ æŒï¼Œç”±äºŽäººå·¥æ™ºèƒ½åˆ°æ¥ï¼Œé‚£è¿™ä¸ªè¡Œä¸šåˆå˜å¾—很çƒäº†ã€‚但是我想说,å†çƒçš„行业最åŽåˆ°äº†å•†ä¸šåŒ–è½åœ°çš„æ—¶å€™ï¼Œå°±æ˜¯æŠ•å…¥äº§å‡ºæ¯”ã€‚é‚£ä½ èƒ½ä¸èƒ½å¤Ÿåœ¨è¿™ä¸ªå²—ä½é«˜æ•ˆçš„,然åŽè¿™ä¸ªå«åšé«˜å¯é 性,去完æˆä½Žæˆæœ¬çš„完æˆä»»åŠ¡ï¼Œè¿™å°±æ˜¯å®ƒçš„æœ€æ ¸å¿ƒçš„ç‚¹ã€‚ 那比如我们è§è¿‡å¾ˆå¤šè¿™ç§è§†é¢‘去实现抓å–也好,åšä¸œè¥¿ä¹Ÿå¥½ï¼Œé‚£ä½ ä¸€æ¬¡è¿™ä¸ªå±•ç¤ºå’Œä¸æ–çš„é‡å¤çš„劳动,但是ä¸å‡ºé”™ï¼Œè¿™é‡Œè¿˜æ˜¯æœ‰å¾ˆå¤§çš„gap的。所以我觉得今天这个机器人能够真æ£ç›ˆåˆ©ï¼Œå°±æ˜¯æ‰¾åˆ°å°±æ˜¯å½“å‰è¿™ä¸ªæŠ€æœ¯æœ€æ°å½“的去完æˆå®ƒï¼Œè€Œä¸æ˜¯å“ªä¸ªæŠ€æœ¯æœ€å…ˆè¿›çš„去完æˆå®ƒã€‚这里é¢å°±ä¸å±•开讲了。所以我觉得就是真æ£å®žçŽ°ç›ˆåˆ©ï¼Œå°±æ˜¯æ‰¾åˆ°è¿™ç§åœºæ™¯èƒ½å¤Ÿèšç„¦ï¼Œç„¶åŽè¿™ä¸ªæŠ€æœ¯çš„æŠ•å…¥åˆä¸æ˜¯ç‰¹åˆ«å¤§ï¼Œå°±èƒ½å®žçŽ°ä¸€å®šçš„è¿™ä¸ªå•†ä¸šè½åœ°çš„æ—¶å€™ï¼Œå°±æ˜¯æœ€å¥½çš„æœºä¼šã€‚应该说我们这次通过è¯éŸ³æœºå™¨äººçš„è½åœ°ï¼Œè¿™æ¬¡çš„å¢žé•¿çœ‹åˆ°äº†è¿™æ ·çš„ä¸€äº›ç‚¹ã€‚å¯èƒ½æˆ‘们在明年会有一些产å“çš„è¿™ä¸ªæŽ¨å‡ºï¼Œä¹Ÿä¼šä½“çŽ°æˆ‘ä»¬è¿™æ ·çš„ä¸€ä¸ªæ€è·¯å§ã€‚我们也当然希望机器人业务能够更快的独立盈利,对å§ï¼Ÿé‚£è¿™æ ·çŒŽè±¹å°±å…¨é¢è¿™ä¸ªè‚¯å®šå°±æ˜¯æ›´å¤§è§„模盈利了。好,谢谢。 Helen ZhuDirector - IR at Cheetah Mobile00:35:45Operator, please move to the next question. Thank you. Operator00:35:50Our next question today will come from Brenda Zhang of CICC. Please go ahead. 00:35:59哎,管ç†å±‚æ™šä¸Šå¥½ï¼Œæ„Ÿè°¢æŽ¥å—æˆ‘çš„æé—®ã€‚那之å‰å…¶å®žå…¬å¸æœ‰æåˆ°è¿‡å°†AI agent集æˆåˆ°çŽ°æœ‰çš„è¿™ä¸ªäº’è”网产å“,还有这个æœåŠ¡æœºå™¨äººå½“ä¸å˜›ã€‚那我ä¸çŸ¥é“就是现在这个阶段æ¥çœ‹ï¼Œå¼•å…¥AI功能之åŽï¼Œå’±ä»¬æœ‰è§‚察到用户行为,有没有哪些å¯ä»¥é‡åŒ–çš„å˜åŒ–,比如说在这个用户使用时长ã€ç•™å˜çŽ‡æˆ–è€…ä»˜è´¹æ„æ„¿ä¸Šé¢ï¼Œæœ‰æ²¡æœ‰ä¸€äº›æ”¹å–„?谢谢。 好,我æ¥å›žç”这个问题。第一个,我们把AI功能集æˆè¿›æ¥ï¼Œå°±æ˜¯åˆšæ‰æˆ‘å·²ç»èŠ±äº†å¾ˆå¤§ç¯‡å¹…åŽ»è®²ï¼Œå°±æ˜¯å®ƒé›†æˆåœ¨æœºå™¨äººé‡Œï¼Œè¿™ç§äº¤äº’的体验,还有交互的满æ„åº¦æ˜¯æ˜Žæ˜¾åœ¨å¢žåŠ çš„ã€‚ä»Šå¹´è¯éŸ³æœºå™¨äººä¹‹æ‰€ä»¥å¢žé•¿ï¼Œå°±æ˜Žæ˜¾çœ‹åˆ°åœ¨å¾ˆå¤šåœºæ™¯å®ƒèƒ½å¤Ÿèƒœä»»äº†ï¼Œè¿™ä¸ªæ˜¯ä¸€ä¸ªéžå¸¸æ¬£å–œçš„æ•°æ®ã€‚也就是说,包括我们在机器人的客户ã€ä»£ç†å•†çš„å¤è´çŽ‡åœ¨å¢žåŠ ï¼Œè¿™ç‚¹ä¸Šå·²ç»æ¯”è¾ƒæ˜Žæ˜¾äº†ã€‚å› ä¸ºä½œä¸ºä¸€ä¸ªè¿™æ ·çš„æœºå™¨äººï¼Œå®ƒçš„äº¤äº’èƒ½åŠ›çš„æå‡ï¼Œç”¨æˆ·æ˜¯éžå¸¸æœ‰æ„ŸçŸ¥çš„。这是第一部分。 ç„¶åŽä½ 说在互è”网产å“里é¢å¼•å…¥AI功能,用户行为有哪些å˜åŒ–?我得å¦çŽ‡è¯´ï¼ŒçŽ°åœ¨è¿™ä¸ªAI agent虽然很ç«ï¼Œä½†å¤§å®¶ä¹Ÿéƒ½æ˜¯åœ¨æ‘¸ç´¢å°è¯•这个阶段。目å‰èƒ½çœ‹åˆ°è¡Œä¸šå†…真æ£åœ¨Agentæ–¹é¢å¤§è§„æ¨¡å®žçŽ°æ”¶å…¥çš„è¿˜ä¸æ˜¯å¤ªå¤šã€‚我们现在也处在一个刚刚把一些Agent和比如说我们è€çš„一些产å“åšç»“åˆï¼Œæ¯”如说åƒé‡‘å±±æ¯’éœ¸è¿™æ ·çš„äº§å“,我们已ç»å¼€å§‹åšç»“åˆäº†ï¼Œå°±æ˜¯èƒ½å¤Ÿè®©ä½ åœ¨è°ƒæ•´ç”µè„‘è®¾ç½®çš„æ—¶å€™ï¼Œä½ ç›´æŽ¥åŽ»è·Ÿç”µè„‘è¯´å°±è¡Œäº†ï¼Œä¸éœ€è¦å†åŽ»ç‚¹æ¥ç‚¹åŽ»æ‰¾è®¾ç½®è¿™æ ·çš„ã€‚ ç„¶åŽåœ¨æˆ‘们也讲过åƒä¸€äº›ä»€ä¹ˆä¼šè®®æ€»ç»“è¿™æ ·çš„ä¸€äº›äº§å“当ä¸ï¼Œåœ¨å°‘é‡çš„æ•°æ®çš„æµ‹è¯•下,我们觉得用户的付费率还是ä¸é”™çš„,但今天还没有大规模的去在我们的产å“线当ä¸åŽ»åšæŽ¨å¹¿ä¹Ÿå¥½ï¼ŒåŽ»åšè¦†ç›–ä¹Ÿå¥½ã€‚æˆ‘ä»¬æ›´ä½†æ˜¯å¯¹ä½¿ç”¨çš„ä¸€äº›é¢‘çŽ‡å’Œæ—¶é•¿ï¼Œæˆ‘ä»¬èƒ½çœ‹åˆ°ä¸€ä»¶äº‹ï¼Œå°±æ˜¯è¯´å¦‚æžœä½ çš„è¿™ä¸ªå¤§æ¨¡åž‹å¸¦æ¥çš„è¿™ç§åˆšè®²çš„è¿™ç§äº¤äº’给它带æ¥ç»“果的效果好,用户的使用的时长和问法,都会有挺多的改å˜çš„ã€‚å½“ç„¶çŽ°åœ¨è¿˜ä¸æ˜¯å¤§è§„模的数æ®ï¼Œæ‰€ä»¥æˆ‘ä¸èƒ½å¤Ÿç‰¹åˆ«æ˜Žç¡®çš„回ç”这个问题。我觉得应该在未æ¥çš„两个å£åº¦ï¼Œæˆ‘们应该会在这方é¢åР大å°è¯•。好,谢谢。 哎,好的,谢谢,谢谢,期待未æ¥ä¸¤ä¸ªå£åº¦çš„表现。 好,谢谢。 Operator00:39:02Our next question today will come from GG Zhang of GF Securities. Please go ahead. 00:39:15感谢管ç†å±‚æŽ¥å—æˆ‘çš„æé—®ã€‚å¯¹ï¼Œå› ä¸ºå…¶å®žçŽ°åœ¨çœ‹åˆ°ä¸€äº›åº”ç”¨æ–¹å‘的这个竞争也是越æ¥è¶Šæ¿€çƒˆçš„,对,就是想问问我们在AI工具上长期的护城河是什么?是我们就是嵌入工作æµç§¯ç´¯ä¸“有的数æ®ï¼Œè¿˜æ˜¯è¯´é€šè¿‡äº§å“ä¹ æƒ¯çš„åŸ¹å…»æ‰“ç£¨æ¥å½¢æˆç”¨æˆ·ç²˜æ€§ï¼Ÿé‚£æœªæ¥å…¬å¸é‡ç‚¹ä¼šåœ¨å“ªäº›æ–¹å‘ä¸ŠåŽ»æ‰“é€ ä¸€äº›å£åž’?谢谢。 00:39:43好,那我回ç”å§ã€‚è¿™ä¸ªé—®é¢˜è¿˜æŒºå®½æ³›çš„ï¼Œå› ä¸ºä»Šå¤©çŒŽè±¹ç§»åŠ¨å·²ç»ä»Žè¿‡åŽ»ä¸€å®¶çº¯ç²¹To Cå…¬å¸å˜æˆTo CåŠ To B两å—。我讲一下,就我们今天还是认为To B的这一å—,其实我今天观点的è¯ï¼ŒTo B这个在To B市场上,销售和技术是åŒç‰é‡è¦çš„。我们一方é¢å°±æ˜¯è¦æž„建我们的整个销售网络,真æ£çŸ¥é“客户的需求在哪的时候,我们能够快速的切入。å¦ä¸€æ–¹é¢ï¼Œå°±æ˜¯ä½ 刚刚讲的,就是去嵌入他的工作æµï¼ŒåŽ»åœ¨ä»–çš„ç§æœ‰åŒ–æ•°æ®ä¸Šå޻叮他åšç§¯ç´¯ã€‚è¿™æ ·çš„ç”¨æˆ·ä¸€æ—¦ä¼šæœ‰é‡‡ç”¨æˆ‘ä»¬çš„äº§å“以åŽï¼Œä»ŽæŸç§æ„义上他的那ç§å£åž’å°±æ˜¯ç›¸å¯¹å¤©ç„¶ä¸€äº›çš„ï¼Œå› ä¸ºä½ è·Ÿç€ä¼ä¸šåœ¨èµ°ã€‚这个其实昨天我看Oracle大涨了好多,也是在这方é¢çš„ä¸€äº›ï¼Œè¿™æ–¹é¢æˆ‘们在推进。 ç¬¬äºŒï¼Œæˆ‘æƒ³æˆ‘è§‰å¾—ä½ å¯èƒ½æ›´æƒ³é—®çš„就是这ç§To Cçš„AI工具上的护城河。å¦çŽ‡çš„è®²ï¼Œæˆ‘ä»Šå¤©è®¤ä¸ºåœ¨AIç«žäº‰å¦‚æ¤æ¿€çƒˆçš„æ—¶å€™ï¼Œæ²¡æœ‰ä¸€ä¸ªå“ªå®¶å…¬å¸å¯ä»¥è¯´å®ƒæœ‰ä¸€ä¸ªå«é•¿æœŸæŠ¤åŸŽæ²³çš„ä¸œè¥¿ã€‚æˆ‘è§‰å¾—å®ƒæ›´å¤šçš„è¿˜æ˜¯ä¸€ä¸ªå¿«é€Ÿçš„æ ¹æ®ç”¨æˆ·çš„需求去推出产å“的能力,就是一个动æ€çš„æŠ¤åŸŽæ²³ã€‚å› ä¸ºåœ¨è¿™ä¸ªé˜¶æ®µï¼Œå°±æ˜¯ä½ èƒ½å¤Ÿåœ¨ç”¨æˆ·çš„éœ€æ±‚ç‚¹ä¸Šç”¨AIå¿«é€Ÿçš„åŽ»æŽ¨å‡ºï¼Œé‚£ä¹ˆå°±æ˜¯ä½ ç¬¬ä¸€é˜¶æ®µçš„æŠ¤åŸŽæ²³ã€‚æˆ‘è®¤ä¸ºæˆ‘ä»¬ä»Šå¹´åšäº†ä¸€ä»¶å¾ˆé‡è¦çš„事情,就是在改善公å¸å†…部的组织管ç†ä½“系上花了很大力气。在AI的技术在公å¸å†…部的普åŠåº¦ä¸ŠèŠ±äº†å¾ˆå¤§åŠ›æ°”ã€‚æ‰€ä»¥æˆ‘è®¤ä¸ºè¿™ä¸ªé˜¶æ®µæˆ‘ä»¬åœ¨AI工具的增长上应该会很有机会。 长期æ¥è¯´ï¼Œæˆ‘觉得其实它就有点åƒä¸€ä¸ªäº§å“去å é¢†ç”¨æˆ·å¿ƒæ™ºã€‚å½“ç”¨æˆ·è§‰å¾—ä½ è¿™ä¸œè¥¿ä¸é”™ï¼Œé‚£ä»–就会,然åŽä½ åˆå€ŸåŠ©æœ€å…ˆè¿›çš„å¤§æ¨¡åž‹åŽ»åšæ›´å¥½çš„èžåˆï¼Œåˆæ›´äº†è§£å®¢æˆ·çš„æ—¶å€™ï¼Œä»–å°±å˜æˆä¸€ä¸ªåЍæ€å£åž’。这个里é¢ï¼Œæˆ‘觉得长期的护城河æ¥è‡ªäºŽä½ 䏿–的去获å–用户,去抢å 用户心智,然åŽç”¨æˆ·çš„很多行为å哺æˆä¸ºäº†ä½ 对他们对这些工具需求的认知,形æˆè¿™ä¹ˆä¸€ä¸ªè¿ä»£ã€‚今天看起æ¥è¿™æ ·çš„è¿ä»£æ˜¯æœ‰æœºä¼šå½¢æˆçš„。我ä¸ç»™åˆ«äººæ‰“广告了,就今天海外最ç«çš„å‡ æ¬¾çš„AIçš„Agent的应用,其本质都是æ¥è‡ªäºŽè¿™æ ·çš„一些è¿ä»£ã€‚å› ä¸ºç”¨æˆ·è™½ç„¶ç”¨æˆ·æœ‰è¶³å¤Ÿçš„é€‰æ‹©æƒï¼Œä½†æ˜¯ä»–å¹¶ä¸ä¼šèŠ±é‚£ä¹ˆé«˜çš„æˆæœ¬åŽ»é€‰æ‹©ã€‚å½“ä½ èƒ½å¤Ÿæ»¡è¶³ä»–éœ€æ±‚çš„æ—¶å€™ï¼Œå…¶å®žä»–çš„è¿ç§»çš„å¯èƒ½æ€§å°±æ²¡æœ‰é‚£ä¹ˆé«˜ã€‚æ‰€ä»¥è¿™æ˜¯ä¸€ä¸ªä¸æ–动æ€åŽ»è¿ä»£çš„过程å§ã€‚这是我的回ç”,谢谢。 Helen ZhuDirector - IR at Cheetah Mobile00:43:03Our operator, please move to the next question. Thank you. Operator00:43:08Our next question today will come from Zhang Group Lee of Guotai Junan Securities. Please go ahead. 00:43:21关于江å®å¥½ï¼Œè°¢è°¢ï¼Œå°±æ˜¯æˆ‘çš„æé—®ï¼Œç„¶åŽä¹Ÿæå–œå…¬å¸åœ¨äºŒå£åº¦å®žçŽ°äº†è¿™ä¹ˆå¥½çš„å¢žé•¿ã€‚ç„¶åŽæˆ‘æœ‰ä¸¤ä¸ªé—®é¢˜ï¼Œä¸€ä¸ªæ˜¯å…³äºŽæˆ‘ä»¬æœºå™¨äººçš„ï¼Œé¦–å…ˆæ˜¯æˆ‘ä»¬çŽ°åœ¨åœ¨è½®è¶³æœºå™¨äººçš„è¿™ç§æ–°åž‹æœºå™¨äººçš„å½¢æ€å—到市场的高度关注,然åŽè¿™ä¸ªäº§å“的目å‰ç ”å‘è¿›å±•æ˜¯æ€Žæ ·çš„ï¼Œæ˜¯å¦æœªæ¥æœ‰è¿™ç§æ˜Žç¡®çš„æŠ•产时间,就是这ç§è½®è¶³æœºå™¨äººçš„è¿™ç§æ–°åž‹æœºå™¨äººçš„产å“。然åŽè¿™ç§äº§å“çš„è¯æœªæ¥è®¡åˆ’会应用在哪些具体的场景呢,这是我第一个问题。然åŽç¬¬äºŒä¸ªæ˜¯å…³äºŽå…¬å¸æ˜¯å¦è¿˜æœ‰å…¶ä»–的新产å“å½¢æ€æ£åœ¨è§„划,然åŽè¿™äº›ä»¥åŠæœªæ¥è®¡åˆ’这些产å“çš„è½åœ°çš„ä¸€äº›é€»è¾‘æ˜¯ä»€ä¹ˆï¼Œä»–ä»¬å°†åœ¨å…¬å¸æ•´ä½“战略ä¸å‘æŒ¥æ€Žæ ·çš„ä½œç”¨å‘¢ï¼Œè¿™æ˜¯æˆ‘çš„é—®é¢˜ï¼Œè°¢è°¢ã€‚ å¯¹è½®å¼æœºæ¢°è‡‚的新型机械形æ€çš„ç¡®å—到市场的高度关注,而且我们还å‘现一个有趣的现象,就是在我们众为机械臂的客户里é¢ï¼Œæˆ‘们å‘现了有ä¸å°‘å®¢æˆ·ä¼šè‡ªå·±åŽ»é€‰ç”¨ï¼ŒåŽ»è‡ªå·±ç»™è¿™ä¸ªæœºæ¢°è‡‚åŠ ä¸Šè½®åï¼ŒåŠ ä¸Šä¸€ä¸ªåº•ç›˜ã€‚æ‰€ä»¥æˆ‘ä»¬çŽ°åœ¨ä¹Ÿåœ¨çœ‹è¿™äº›ç”¨æˆ·æŠŠè¿™äº›è½®å¼æœºæ¢°è‡‚用在哪里。但是我å¦çŽ‡åœ°è¯´ï¼Œæˆ‘ä»¬ç›®å‰æ²¡æœ‰ä¸€ä¸ªç‰¹åˆ«æ˜Žç¡®çš„æ—¶é—´è¡¨ã€‚我觉得今天就是刚讲机器人的è½åœ°éš¾åº¦çš„æ—¶å€™ï¼Œå› ä¸ºå®ƒä¸æ˜¯ä¸€ä¸ªå®Œå…¨ä»Žç ”å‘端需求出现的东西,而是è¦çœŸæ£åŽ»çœ‹éœ€æ±‚ç«¯ã€‚ç„¶åŽå½“然我知é“在有一些,比如说åƒä»“åº“è¿™ä¸ªåˆ†æ‹£åœºæ™¯é‡Œï¼Œæœ‰ä¸€äº›è½®å¼æœºæ¢°è‡‚的方案已ç»å‡ºæ¥äº†ï¼Œä½†æ˜¯æˆ‘æƒ³è¯´çš„æ˜¯ï¼Œå®ƒæ˜¯ä¸æ˜¯ä¸€ä¸ªåœ¨è¿™äº›åœºæ™¯é‡Œèƒ½é«˜é€Ÿæˆé•¿çš„快速方案,得看目å‰çš„æŠ€æœ¯èƒ½å¤Ÿå®žçŽ°çš„çœŸæ£çš„è½åœ°æ•ˆæžœã€‚æ‰€ä»¥åº”è¯¥è¯´æˆ‘ä»¬ä¿æŒç€éžå¸¸é«˜åº¦å¯†åˆ‡çš„关注。应该在时机æˆç†Ÿçš„æ—¶å€™ï¼Œæˆ‘ä»¬è‚¯å®šä¹Ÿä¼šï¼Œå› ä¸ºæˆ‘ä»¬æœ¬èº«çš„åº•ç›˜çš„èƒ½åŠ›ï¼Œå°±æ˜¯æˆ‘ä»¬æŽ¨å‡ºè¿‡åƒé¤åޅ递é€ã€é…’店递é€ï¼ŒåŒ…括工厂超过100公斤到150公斤的这ç§é‡è½½ï¼Œç¨å¾®é‡è½½ä¸€ç‚¹é€’é€è¿™ç§æŠ€æœ¯äº§å“我们都是有的。然åŽè¿™ä¸ªä¼—为的机械臂在海外的å£ç¢‘也都是相当ä¸é”™çš„。我们觉得å¯èƒ½æ˜¯éœ€è¦æ ¹æ®å…·ä½“场景æ¥çœ‹å§ï¼ŒçŽ°åœ¨æˆ‘ä»¬æ²¡æœ‰ç‰¹åˆ«æ˜Žç¡®çš„æ—¶é—´è¡¨ï¼Œä½†æ˜¯æˆ‘ä¼šåœ¨åŽé¢çš„æ—¶é—´ï¼Œä¹Ÿä¼šèŠ±äº›æ—¶é—´åŽ»åœ¨è¿™äº›å¸‚åœºå’Œåœºæ™¯ä¸ŠåŽ»è·‘ä¸€ä¸‹ä¸€çº¿ã€‚ç„¶åŽæ—¢ç„¶ä½ 问到了说公å¸è¿˜æœ‰ä»€ä¹ˆæ–°çš„产å“å½¢æ€åœ¨è§„划,我们的确是有新的产å“å½¢æ€åœ¨è§„åˆ’ï¼Œåº”è¯¥ä¼šæ‰¾åˆ°ä¸€äº›æ›´å¤§çš„é€‚åˆæœºå™¨äººæŠ€æœ¯è½åœ°çš„åœºæ™¯ï¼Œæˆ‘ä»¬æœ‰è¿™æ ·çš„è®¡åˆ’å¹¶ä¸”ä¹Ÿæ£åœ¨å®žæ–½ã€‚è½åœ°çš„逻辑就是能够真æ£çš„,还是说的就是在一个被验è¯çš„需求的场景里,真æ£çš„æŠŠæ™ºèƒ½åŒ–机器人的智能化真æ£è½åœ°ä½¿ç”¨å¥½ï¼Œè®©è¿™ä¸ªç”¨æˆ·çš„使用感å—ã€ç”¨æˆ·çš„æŠ•入产出比能够æé«˜ä¸€ä¸ªæ¡£æ¬¡ã€‚这个å¯èƒ½å¾—我们æ£å¼çš„去å‘市场推出的时候,我们å†ä¼šåŽ»è·Ÿå¤§å®¶åšæ›´å¤šçš„æ²Ÿé€šå§ã€‚谢谢。 Helen ZhuDirector - IR at Cheetah Mobile00:47:02Thank you. Operator, please move to the next question. Operator00:47:07The next question today will come from Zhang Huang of Everbright Securities. Please go ahead. 00:47:16哎,副总,任总,哈喽,任总,晚上好,请问能å¬åˆ°å—?å¯ä»¥çš„è¯å°±æ˜¯å…ˆæ„Ÿè°¢æŽ¥å—我的æé—®ã€‚我是光大海外TMT的分æžå¸ˆé»„峥,首先æå–œæå–œå…¬å¸è¿™ä¸ªæ¯”è¾ƒäº®çœ¼çš„ä¸šç»©ï¼Œç„¶åŽæˆ‘è¿™è¾¹æœ‰å‡ ä¸ªå°é—®é¢˜ï¼Œä¸»è¦æ˜¯èšç„¦åœ¨AIææ•ˆæ–¹é¢ã€‚当然这部分刚æ‰å‰¯æ€»å¯èƒ½ä¹Ÿæœ‰ä¸€å®šçš„回ç”,公å¸ä¹Ÿé€šè¿‡è¿™ä¸ªå°å›¢é˜ŸåŠ AI工具去显著的æå‡ç ”å‘的效率。那请问目å‰åœ¨ç ”呿•ˆçŽ‡ä¸Šæœ‰æ²¡æœ‰ä»€ä¹ˆå¯ä»¥é‡åŒ–çš„æŒ‡æ ‡æˆ–è€…æ•°å—å¯ä»¥åˆ†äº«ï¼Œæ¯”å¦‚è¯´ç ”å‘周期,或者是我们人å‡äº§å‡ºç‰ç‰ï¼ŒåŒ…æ‹¬æœªæ¥æˆ‘ä»¬å±•æœ›è¿™ä¸ªç ”å‘费用率的角度,还有多大的一个优化的空间。然åŽå†æœ‰å‘¢ï¼Œå°±æ˜¯ä¸‹ä¸€æ¥æˆ‘们公å¸çš„è¿™ä¸ªææ•ˆçš„é‡ç‚¹å¯èƒ½ä¼šé›†ä¸åœ¨å“ªäº›çš„æ–¹é¢ã€‚ 有些特别细节的数æ®ï¼Œæˆ‘们å¯èƒ½ä¸æ˜¯ç‰¹åˆ«æ–¹ä¾¿æå‡ºï¼Œå› ä¸ºè¿™ä¸ªæˆ‘ä»¬è®¤ä¸ºä¹Ÿæ˜¯æˆ‘ä»¬çš„ä¸€ä¸ªæ ¸å¿ƒçš„ç«žäº‰åŠ›ï¼Œå°±æ˜¯æ£åœ¨æ‰“é€ çš„æ ¸å¿ƒç«žäº‰åŠ›ã€‚æˆ‘è§‰å¾—æœ‰äº›æˆ‘å¯ä»¥å¤§æ¦‚çš„è®²ï¼Œå°±åœ¨ç ”å‘æ•ˆçŽ‡ä¸Šï¼Œæˆ‘ä»¬è§‰å¾—å°å›¢é˜ŸåŠ AI工具是显著的æå‡äº†ç ”呿•ˆçŽ‡ï¼Œè€Œä¸”è¿™ä¸ªç ”å‘æ•ˆçއæå‡æ˜¯å¾ˆæ˜Žæ˜¾çš„。我å¯ä»¥ä¸¾ä¸€ä¸ªå°çš„例åï¼Œå°±æˆ‘ä»¬åœ¨æœ‰ä¸€æ¬¡è¿™ä¸ªè´¢æŠ¥ä¼šä¸Šä¸¾è¿‡ï¼Œåƒæˆ‘们åšäº†ä¸€ä¸ªè¿™ä¸ªå½•音总结的工具,åƒè¿™æ ·çš„工具在以å‰å¦‚æžœä½ æ˜¯ç”¨æœ‰ç»éªŒçš„程åºå‘˜ï¼Œå¯èƒ½éœ€è¦ä¸€ä¸ªè§„æ¨¡ä¸æ˜¯å¤ªå°çš„团队,比如5-10人团队或者更大的团队æ‰èƒ½åŽ»æŽ¨å‡ºï¼Œåˆæœ‰ç½‘ç«™åˆæœ‰APP,甚至现在还在åšç¡¬ä»¶åŽŸåž‹ç‰ç‰è¿™æ ·ã€‚但这次我们用å°å›¢é˜Ÿï¼Œæˆ‘们å¯èƒ½å¤§æ¦‚就用了两个在以å‰ä¹Ÿæ²¡æœ‰å¤ªå¤šç»éªŒçš„åŒäº‹åšå‡ºçš„很好的效果。这是一个éžå¸¸ç›´è§‚çš„æŒ‡æ ‡ã€‚ ç ”å‘费用暂时就还有一点,就是大家å¯ä»¥çŸ¥é“我们这次接近盈利,我们是在这个åˆå¹¶äº†çŒŽæˆ·æ˜Ÿç©ºä¹‹åŽï¼ŒåŽ»å¹´æˆ‘ä»¬æ”¶è´çŒŽæˆ·æ˜Ÿç©ºä¹‹åŽï¼Œæˆ‘ä»¬åŽ»å¹´çš„æ•´ä¸ªçš„äºæŸåº”该是2亿多人民å¸ï¼Œåˆ°çŽ°åœ¨æˆ‘ä»¬èƒ½å¤Ÿå·²ç»å¿«è¦å‡ 乎盈äºå¹³è¡¡äº†ï¼Œæ—¢åœ¨è¿™ä¸ªæŠ•入机器人和AIçš„ç ”å‘上,åˆåœ¨ä¸æ–çš„å°è¯•AI agentçš„ç ”å‘上。一方é¢å½“然是åƒä¸€äº›ä¸šåŠ¡çš„å¢žé•¿ï¼Œå¦ä¸€æ–¹é¢å…¶å®žå°±æ˜¯æˆ‘ä»¬çš„è¿™ä¸ªç ”å‘æ•ˆçŽ‡çš„æå‡ã€‚è¿™ä¸ªæ¯”ä¾‹å æ”¶å…¥çš„æ¯”例的空间,我的æ€è·¯æ˜¯è¿™æ ·çš„,就是说我们ä¸ä¼šåŽ»åªæ˜¯é€šè¿‡è£å‰ªç ”å‘费用去æå‡è¿™ä¸ªæˆ‘ä»¬çš„æ‰€è°“çš„ä¼˜åŒ–ç©ºé—´ï¼Œæˆ‘ä»¬ä¼šåœ¨ç ”å‘çš„è´¹ç”¨å æ¯”一定或者说整体一定的情况下,一方é¢é 更好的产å“åŽ»èµ¢å¾—æ›´å¥½çš„æ”¶å…¥ç©ºé—´ã€æ”¶å…¥è§„模,而å¦ä¸€æ–¹é¢å°±æ˜¯ç ”å‘团队的效率还是å¯ä»¥æå‡çš„。 在具体è½åœ°çš„æ—¶å€™æœ‰å“ªäº›ç“¶é¢ˆå’ŒæŒ‘æˆ˜ï¼Œæˆ‘æœ‰ä¸€æœŸåœ¨è®²è¿™ä¸ªï¼Œå› ä¸ºæˆ‘ä¹Ÿç»å¸¸ä¼šå‘一些视频,这视频我觉得我们的目的主è¦ä¸æ˜¯ä¸ºäº†å½“网红,而是为了给公å¸çš„产å“引æµã€‚我就专门讲过,就这次AI的这个深入到它本质上是个生产力工具,而生产力工具在公å¸å†…éƒ¨ä½¿ç”¨å…¶å®žæœ€å¤§çš„ç“¶é¢ˆä¸æ˜¯å·¥å…·æœ¬èº«ï¼Œè€Œæ˜¯ä½¿ç”¨å·¥å…·çš„人。就是我在那里é¢ä¸“门讲了,就今天看起æ¥å¾ˆå¤šåˆ›ä¸šå…¬å¸å«AI native组织,就是它的整个组织和大家去工作的基础是构建在AIä¹‹ä¸Šçš„ï¼Œè€Œä¸æ˜¯æ‹¿AIåšè¡¥å……çš„ã€‚æˆ‘ä»¬å…¬å¸æ¯•ç«Ÿä¸æ˜¯ä¸€ä¸ªåˆšæˆç«‹çš„创业公å¸ï¼Œä¹Ÿæœ‰ä¸€äº›åކå²ï¼Œä¹Ÿæœ‰å¾ˆå¤šå›¢é˜Ÿã€‚所以今天真æ£çš„æŒ‘战和瓶颈还是在这个人对AIçš„ç†è§£ï¼Œæˆ‘ä»¬æœ‰è¿™ä¸ªå¤§å‡ ç™¾ä¸ªå‘˜å·¥å¯¹AIçš„ç†è§£å’Œä½¿ç”¨çš„è¿™ç§èƒ½åŠ›ä¸Šã€‚ æ‰€ä»¥ï¼Œæˆ‘ä»¬çš„ææ•ˆé‡ç‚¹ï¼Œä¸‹ä¸€æ¥ææ•ˆé‡ç‚¹å°±æ˜¯åœ¨å«åšæˆ‘ä»¬å†…éƒ¨å«æž„建AI native的组织方é¢ï¼ŒèŠ±å¾ˆå¤§çš„åŠ›æ°”ï¼Œå°±å®žçŽ°è¿™ä¸ªã€‚æˆ‘ä»¬å½“ç„¶ç›®æ ‡æ˜¯ï¼Œå°±æ˜¯æŠŠå²—ä½ä¹‹é—´çš„差别这个尽å¯èƒ½çš„缩å°ï¼Œä¸€ä¸ªäººæ—¢å¯ä»¥åšäº§å“ç»ç†ï¼Œä¹Ÿå¯ä»¥åšç ”å‘,既å¯ä»¥åšAPPç ”å‘,也å¯ä»¥åšWebç ”å‘,也å¯ä»¥åšæœåŠ¡ç«¯ç ”å‘ã€‚è¿™æ˜¯æˆ‘ä»¬ä»Šå¤©åœ¨æ‰“é€ çš„è¿™ä¸ªç»„ç»‡ä½“ç³»ï¼Œç›¸ä¿¡è¿™ä¸ªæ‰“é€ è¿™ä¸ªç»„ç»‡ä½“ç³»çš„åŠªåŠ›ï¼Œå®ƒçš„é‡Šæ”¾ä¸ä¼šé‚£ä¹ˆå¿«ï¼Œä¸ä¼šåƒæ”¶å…¥çœ‹ä¸ŠåŽ»ä¸€ä¸‹å¢žé•¿é‚£ä¹ˆå¤šï¼Œä½†æˆ‘ç›¸ä¿¡è¿™æ˜¯ä¸€ä¸ªæˆ‘ä»¬é•¿æœŸçš„æ ¸å¿ƒç«žäº‰åŠ›ã€‚å¥½ï¼Œè°¢è°¢ã€‚ Helen ZhuDirector - IR at Cheetah Mobile00:52:20Thank you. Operator, please move to the next question. Operator00:52:25Our next question today will come from Guang Peng Zhang of Sealian Security. Please go ahead. 00:52:34好的,感谢管ç†å±‚æŽ¥å—æˆ‘çš„æé—®ã€‚å› ä¸ºåœ¨æœºå™¨äººé¢†åŸŸçš„è¯ï¼Œå…¶å®žç«žå“å„自都采å–了ä¸åŒçš„æŠ€æœ¯è·¯çº¿å’Œäº§å“å½¢æ€ã€‚è¯·é—®ä½ ä»¬å’ŒåŒè¡Œç›¸æ¯”çš„è¯ï¼ŒçŒŽè±¹ç§»åŠ¨åœ¨æœºå™¨äººä¸šåŠ¡ä¸Šé¢æœ‰å“ªäº›å·®å¼‚化的战略路径和商业模å¼ï¼Œå¹¶ä¸”å…¬å¸çš„æŠ€æœ¯é‡ç‚¹å’Œç›ˆåˆ©æ¨¡å¼æœ‰ä½•ä¸åŒï¼Ÿæˆ‘们将在竞争ä¸å¦‚何体现自身的独特优势?感谢。 好的,这个问题其实在å‰é¢æˆ‘å·²ç»å›žç”了挺多的。我å†åšä¸€ä¸ªæ€»ç»“ï¼Œå°±æ˜¯è¯´ï¼Œä»Šå¤©æœºå™¨äººé¢†åŸŸï¼Œå› ä¸ºæœºå™¨äººè¿™ä¸ªè¯æ˜¯éžå¸¸å¤§çš„一个è¯ï¼Œå…¶å®žæåˆ°æœºå™¨äººï¼Œå…¶å®žå¯èƒ½å¤§å®¶çš„定义都ä¸å¤ªä¸€æ ·ã€‚所以今天也有éžå¸¸å¤šçš„产å“å½¢æ€ã€‚我觉得我们最大的差异化æ¥è‡ªäºŽé¦–先考虑机器人的è½åœ°åœºæ™¯ï¼Œå°±æ˜¯å®ƒèƒ½ä¸èƒ½å¤ŸçœŸæ£å®žçŽ°åˆšè®²çš„å«åšæŠ•å…¥äº§å‡ºæ¯”æ˜¯æœ‰æ•ˆçš„ã€‚å®ƒçš„ç”¨æˆ·çš„æŽ¥å—åº¦æ˜¯çœŸçš„è§‰å¾—èƒ½å¤ŸåŽ»å¸®åŠ©å®ƒèŠ‚çœæˆæœ¬çš„ï¼Œå› ä¸ºæœºå™¨äººçš„ä¸Šå²—æœ¬è´¨ä¸Šæ˜¯èŠ‚çœæˆæœ¬ï¼Œè€Œä¸æ˜¯å¸å¼•眼çƒã€‚ç„¶åŽï¼Œèƒ½ä¸èƒ½æŒç»åœ¨è¿™ä¸ªåœºæ™¯å†…æŒç»çš„å¤è´ï¼Œäº§ç”Ÿå¤è´ï¼Œäº§ç”Ÿè¿™ä¸ªè§„æ¨¡çš„ä¸æ–æ‰©å¤§ï¼Œå°±æ˜¯ä»¥ç»ˆä¸ºå§‹çš„åŽ»è€ƒè™‘ï¼ŒåŒ…æ‹¬åœ¨æ‰¾åˆ°è¿™æ ·åœºæ™¯é‡Œé¢æŠ€æœ¯æŠ•å…¥çš„æˆæœ¬åˆ°åº•有多高。这是今天我们éžå¸¸éžå¸¸é‡è§†è€ƒæ ¸çš„。我们并ä¸è®¤ä¸ºåŽ»æžä¸€ä¸ªè‡ªç”±çš„大模型或者æžä¸€ä¸ªè‡ªç”±çš„æŠ€æœ¯æ˜¯æˆ‘ä»¬çš„æ ¸å¿ƒç«žäº‰åŠ›ï¼Œè€Œæ˜¯çœŸæ£çš„以终为始的考虑这个场景的投入产出比是我们的战略路径和商业模å¼ã€‚当然了,也有å¯èƒ½æœ‰é‚£æ ·çš„å…¬å¸ï¼Œä»–通过特别大规模的投入,最åŽç»ˆäºŽèµ°å‡ºäº†ä¸€æ¡å®Œå…¨é™ç»´æ‰“击的技术路线。但是以今天我们对AIçš„ç†è§£æ¥è¯´ï¼Œæˆ‘è§‰å¾—è¿™ä¸ªéš¾åº¦å’Œé£Žé™©éƒ½æ˜¯ç›¸å½“ç›¸å½“å¤§çš„ã€‚å¯¹äºŽæˆ‘ä»¬è¿™æ ·çš„å…¬å¸ï¼Œè¿™ä¸é€‚åˆæˆ‘们的å‘展é“è·¯ã€‚æˆ‘ä»¬æ•´ä¸ªåœ¨æœºå™¨äººçš„ç‹¬ç‰¹ä¼˜åŠ¿å°±æ˜¯è¯´ï¼Œç¬¬ä¸€ä¸ªå°±æ˜¯æˆ‘ä»¬è‡ªå·±è¿‡åŽ»è¿™ä¹ˆå¤šå¹´ç§¯ç´¯ï¼Œæœ€æ ¸å¿ƒçš„æŠ€æœ¯ä¼˜åŠ¿åœ¨å“ªé‡Œï¼Ÿæˆ‘ä»¬è®¤ä¸ºé™¤äº†æŠŠä¸€äº›ç¡¬ä»¶çš„è¿™äº›èƒ½åŠ›ç”Ÿé•¿å‡ºæ¥ä»¥åŽï¼Œæˆ‘ä»¬å…¶å®žæœ€æ ¸å¿ƒçš„ç‹¬ç‰¹ä¼˜åŠ¿æ˜¯åœ¨äºŽå’Œè½¯ä»¶ç›¸å…³çš„ç”¨æˆ·ä½“éªŒä¸Šï¼Œå’Œç”¨æˆ·äº¤äº’çš„ç›¸å…³çš„ç”¨æˆ·ä½“éªŒä¸Šã€‚æ‰€ä»¥æˆ‘ä»¬åœ¨è¯éŸ³æœºå™¨äººä¸Šï¼Œåº”该说从今年上åŠå¹´åšäº†éžå¸¸é‡è¦çš„æˆ˜ç•¥çš„调整,就是全力的去åšè¯éŸ³ç±»çš„交互类的机器人。这个è¯éŸ³ç±»ä»Šå¤©æ˜¯å¯¼è§ˆï¼Œä»Šå¤©æ˜¯å¼•领讲解,而未æ¥å¯èƒ½ä¼šå˜æˆé™ªä¼´ï¼Œç”šè‡³åœ¨ä¸€äº›å®¶åºåœºæ™¯é‡Œéƒ½æ˜¯æœ‰å¯èƒ½ä¼šè¿›åŽ»çš„ã€‚è€Œè¿™ä¸ªï¼Œå› ä¸ºæˆ‘ä»¬æœ¬èº«å°±æ˜¯åšäº’è”网工具出身的,所以这是我们的一个在能够拿æä½æˆ–者å«èƒ½å¤ŸåŽ»ä½“ä¼šç”¨æˆ·åœ¨è¿™äº›ç‚¹ä¸Šçš„ä¸€äº›ç”¨æˆ·ä½“éªŒã€‚ç„¶åŽåœ¨ç¡¬ä»¶é¢†åŸŸï¼Œæˆ‘们一方é¢è‡ªå·±ç§¯ç´¯ï¼Œå¦ä¸€æ–¹é¢ä¹Ÿæ”¶è´äº†åƒä¼—ä¸ºè¿™æ ·çš„å…¬å¸åŽ»æŠŠæˆ‘ä»¬åœ¨ç¡¬ä»¶çš„è¿™ç§æ‰“ç£¨çš„èƒ½åŠ›ä¸Šä¸æ–çš„å¢žå¼ºã€‚æˆ‘è§‰å¾—æœ€åŽæœºå™¨äººçœŸæ£èƒ½å¤Ÿä½“现出å«è½åœ°ï¼Œå°±æ˜¯ä»–è¦æ‰¾åˆ°é‚£ä¸ªç¡¬ä»¶ã€è½¯ä»¶å’Œåœºæ™¯ç›¸åŒ¹é…的那个点,然åŽè¿™ä¸ªå¸‚åœºï¼Œè¿™ä¸ªå¸‚åœºåˆæœ‰è§„模åˆä¸æ–çš„åœ¨å¢žå¤§ï¼Œè¶³å¤Ÿå¤§ã€‚æˆ‘è§‰å¾—è¿™æ‰æ˜¯æœºå™¨äººçœŸæ£èƒ½èµ°å‡ºæ¥çš„一个é‡è¦çš„路径å§ã€‚我觉得我们应该æ¥è¯´ä»Žä»Šå¹´çš„表现æ¥è¯´ï¼Œæˆ‘ä»¬åº”è¯¥æ‰¾åˆ°äº†ä¸€ç‚¹ç‚¹è¿™æ ·çš„ä¼˜åŠ¿å’Œè‡ªå·±çš„ç‹¬ç‰¹çš„å‘展路线,所以我们会沿ç€è¿™æ¡è·¯ç»§ç»èµ°ä¸‹åŽ»ã€‚å¥½ï¼Œè°¢è°¢ã€‚ Helen ZhuDirector - IR at Cheetah Mobile00:56:57Thank you. Operator, please move to the next question. Operator00:57:01Our next question today will come from Yan Peng Zhao of Guotai Haitong Securities. Please go ahead. 00:57:11哎,谢谢管ç†å±‚给我æé—®çš„æœºä¼šå•Šã€‚首先æå–œå…¬å¸å–å¾—ä¼˜ç§€çš„ä¸šç»©ï¼Œå› ä¸ºæˆ‘ä»¬è®°å¾—CFO上一个å£åº¦ä»‹ç»è¿‡ï¼ŒçŒŽè±¹çš„æŠ•资部门在机器人方é¢çš„这个产业链上下游都有了比较多的布局,然åŽè¿™ä¸ªå£åº¦å‘¢ï¼ŒçŒŽè±¹ä¹Ÿå®Œæˆäº†å¯¹ä¼—为的收è´ï¼Œä¼°å€¼æ°´å¹³æ¯”è¾ƒç†æƒ³å•Šã€‚åŒæ—¶æˆ‘们也注æ„到公å¸çš„这个资产负债表上还有1亿多美元的长期投资,想请教管ç†å±‚ï¼Œè¿™å…¶ä¸æ˜¯å¦è¿˜æœ‰ç±»ä¼¼ä¼—ä¸ºè¿™æ ·çš„èµ„äº§ï¼Œç„¶åŽå¯ä»¥é€šè¿‡æ”¶è´å¤–å»¶çš„æ–¹å¼æ¥è¿›ä¸€æ¥æŽ¨åŠ¨å•Šï¼Œå…¬å¸åœ¨æœºå™¨äººä¸šåŠ¡æˆ–è€…AI工具业务上的å‘展。谢谢。 好,谢谢您的问题。我æ¥å›žç”这个关于投资并è´çš„问题。首先确实如您所说,我们资产负债表上的长期投资金é¢ä¹Ÿæ¯”较高,那其ä¸ç¡®å®žæœ‰ä¸€éƒ¨åˆ†æ˜¯æˆ‘们围绕机器人和AI的生æ€è¿›è¡Œçš„æˆ˜ç•¥æ€§çš„布局。投资这些公å¸ï¼Œæœ€ä¸»è¦æˆ‘们是通过早期投资和这些创新的公å¸åŽ»å»ºç«‹æ·±åŽšçš„å…³ç³»ï¼ŒåŠ å¼ºç›¸äº’çš„äº†è§£ï¼Œç”šè‡³å»ºç«‹ä¸€äº›åˆæœŸé€šè¿‡ä¸šåŠ¡åˆä½œå»ºç«‹è”ç³»ã€‚é‚£åŒæ—¶ï¼Œè¿™äº›æŠ•资也给我们æä¾›äº†éžå¸¸æœ‰ä»·å€¼çš„æœ€æ–°çš„行业动æ€å’Œå¯¹AI行业的洞察。 但是,上个å£åº¦æˆ‘其实也讲过,就是其实从我们内部æ¥çœ‹ï¼Œè€ƒé‡æ˜¯ä¸æ˜¯å޻并è´ä¸€å®¶å…¬å¸ï¼Œæˆ‘们è¦ä»Žå‡ 个方é¢ï¼ŒåŒ…括技术和业务的ååŒã€æˆ˜ç•¥ä»·å€¼æå‡ã€æ–‡åŒ–和价值观,还有财务估值,这多个方é¢åŽ»è¿›è¡Œç³»ç»Ÿæ€§çš„è¯„ä¼°ã€‚é‚£åŽ»è¯„ä»·ä¸€ä¸ªå¹¶è´æ˜¯ä¸æ˜¯æˆåŠŸçš„ï¼Œå¹¶è´æ˜¯ä¸æ˜¯èƒ½å¤ŸæˆåŠŸçš„åŽ»æ•´åˆæ ‡çš„å…¬å¸çš„æ ¸å¿ƒçš„能力和团队,åšä¸€ä¸ªæˆåŠŸçš„æˆ˜ç•¥æ€§å¹¶è´ï¼Œæˆ‘们觉得最é‡è¦çš„一个关键在于文化愿景和人的高度契åˆã€‚ 那以我们刚刚收è´çš„众为举个例å,我们之所以能够æˆåŠŸçš„å®Œæˆè¿™æ¬¡å¹¶è´ï¼Œå¹¶ä¸”éžå¸¸å…´å¥‹çš„ï¼Œä¹Ÿæ˜¯å› ä¸ºåœ¨è·Ÿä¼—ä¸ºå¤šå¹´çš„ä¸šåŠ¡çš„åˆä½œä¸ï¼Œæˆ‘ä»¬ç¡®ä¿¡åŒæ–¹çš„å›¢é˜Ÿæ˜¯æœ‰é«˜åº¦ä¸€è‡´çš„åŸºå› ã€‚æˆ‘ä»¬åŒæ–¹éƒ½æ˜¯åšä¿¡æœºå™¨äººæŠ€æœ¯åº”当去用æ¥è§£å†³çœŸå®žä¸–界ã€çœŸå®žåœºæ™¯çš„问题,去追求åšçœŸæ£æœ‰ç”¨çš„æœºå™¨äººï¼Œæ˜¯æˆ‘们的共åŒçš„使命。那这ç§åº•层ç†å¿µçš„一致性,是我们åŽç»èƒ½å¤Ÿå®Œæˆä¸ç®¡æ˜¯ä¸šåŠ¡çš„æ•´åˆååŒï¼Œè¿˜æœ‰å›¢é˜Ÿçš„èžåˆï¼Œæ˜¯ä¸æ˜¯èƒ½å¤Ÿé¡ºç•…进行的基石和催化剂。 所以,总结一下,就是虽然我们的长期组åˆä¸ºæˆ‘们æä¾›äº†å¾ˆå®è´µçš„æˆ˜ç•¥é€‰æ‹©æƒï¼Œå¦‚æžœæœ‰ç±»ä¼¼ä¼—ä¸ºè¿™æ ·å’Œæˆ‘ä»¬ç†å¿µé«˜åº¦ä¸€è‡´çš„åˆé€‚æ ‡çš„ï¼Œé‚£æˆ‘ä»¬ä¹Ÿæ˜¯éœ€è¦é€šè¿‡å®¡æ…Žå’Œä¸¥è°¨çš„评估æµç¨‹ä¹‹åŽåŽ»åšå‡ºå¯¹æˆ‘们能够æå‡æ•´ä½“股东价值最有利的决ç–。谢谢。 Helen ZhuDirector - IR at Cheetah Mobile01:00:32Thank you. Operator, please move to the next question. Operator01:00:37Our next question today will come from Johanna Ma of CMBI. Please go ahead. 01:00:46关于åŒè¡Œé•¿å¥½ï¼Œæ„Ÿè°¢æŽ¥å—我的æé—®ï¼Œç„¶åŽæˆ‘这边是想请教一下关于这个AIå·¥å…·æˆæœ¬çš„问题,就是我们看到您æåˆ°äº†AI工具的开å‘å’Œç»´æŠ¤æˆæœ¬æ˜¾è‘—下é™ï¼Œä½†æ˜¯æ¶‰åŠAI产å“呢,就是需è¦è°ƒç”¨å¤§æ¨¡åž‹çš„产å“,我们ç†è§£å‘¢ï¼Œå…¶æˆæœ¬å¯èƒ½æ˜¯ä¼šé«˜äºŽä¼ 统的互è”网产å“的。能å¦è¯·æ‚¨å¸®æˆ‘们ç†è§£ä¸€ä¸‹AIå·¥å…·å’Œä¼ ç»Ÿå·¥å…·çš„è¿™ä¸ªæˆæœ¬ç»“构差异会在哪里呢?然åŽå“ªäº›æˆæœ¬æ˜¾è‘—下é™ï¼Œå“ªäº›çŽ¯èŠ‚æœ‰ä¸€äº›æ–°å¢žå‘¢ï¼Ÿç„¶åŽè¿˜æœ‰æ•´ä½“çš„ROI,我们应该如何ç†è§£ï¼Ÿè°¢è°¢ã€‚ 好的,这个先我æ¥å›žç”ï¼Œå°±ä½ é‚£ä¸ªæ•´ä½“ROIï¼Œè¿™ä¸ªå› ä¸ºæˆ‘ä»¬çŽ°åœ¨åˆšæˆ‘å·²ç»è¯´è¿‡äº†ï¼Œæˆ‘们现在还没有åšç‰¹åˆ«å¤§è§„模的这个投入和测试,所以现在还ä¸èƒ½å®Œå…¨æ‹¿å‡ºä¸€ä¸ªå¾ˆæ¸…晰的数æ®ã€‚ä½ å…¶å®žåˆšè®²çš„è¿™ä¸ªå°±æ˜¯ä»Šå¤©ç”±äºŽç”¨AI的,大家å¯èƒ½éƒ½çŸ¥é“,最近åƒå›½å¤–çš„åƒAnthropic的这个最新一轮èžèµ„,它的估值已ç»åˆ°äº†$1,800多亿美金,它的整个年度收入从这个年åˆçš„预测的$10亿美金到现在已ç»åˆ°äº†$90亿美金,而基本上没有太多销售团队的情况下,这说明什么呢?说明就我认为,就今天AI在整个这个生产力的工具渗é€é‡Œé¢ï¼Œç¬¬ä¸€ä¸ªæœ€å¤§è§„模渗é€å°±æ¥è‡ªäºŽç¼–程这个市场,就是写程åºè¿™ä¸ªå¸‚场。所以它带æ¥çš„就是我们今天写程åºä»¥å‰å¤§é‡è¦äººå†™çš„代ç ,AIå·²ç»å¯ä»¥å®Œæˆå¾—éžå¸¸å¥½äº†ã€‚所以这就带æ¥äº†ä½ åœ¨å¼€å‘æ–°å·¥å…·çš„æ—¶å€™ï¼Œçš„ç¡®ç ”å‘æˆæœ¬ï¼Œç ”å‘çš„é€Ÿåº¦ï¼ŒåŒ…æ‹¬æŽ¨å‡ºæ–°åŠŸèƒ½çš„è¿™ä¸ªé€Ÿåº¦éƒ½æ˜¯å¤§å¹…åº¦çš„ï¼Œè¿™ä¸ªå°±ç ”å‘æˆæœ¬å¤§å¹…度é™ä½Žï¼Œç„¶åŽé€Ÿåº¦å¤§å¹…度æå‡ï¼Œè¿™æ˜¯ä¸€ä¸ªæˆæœ¬æ˜¾è‘—下é™çš„åœ°æ–¹ã€‚ä½ åˆšè®²çš„é‚£ä¸ªè°ƒç”¨å¤§æ¨¡åž‹äº§å“çš„æˆæœ¬çš„确是高于互è”网产å“ï¼Œå› ä¸ºç”¨æˆ·è¶Šç”¨è¿™ä¸ªToken,对å§ï¼Œè¿™ä¸ªç”¨çš„å¤šï¼Œå®ƒçš„ç¡®æˆæœ¬å°±é«˜ã€‚但今天我们å¯ä»¥çœ‹åˆ°ä¸¤ä¸ªè¶‹åŠ¿ï¼Œæˆ–è€…ä¸‰ä¸ªå§ï¼Œç¬¬ä¸€ä¸ªå°±æ˜¯è¯´è¿™ä¸ªToken的这个费用在全行业下é™éžå¸¸éžå¸¸ä¹‹å¿«ï¼Œæˆ‘没有具体算过,但今天比GPT-3.5的时候应该下é™è‡³å°‘90%多。而且我们å¯ä»¥é¢„è§è¿™ä¸ªä¸‹é™è¿˜ä¼šæŒç»ï¼Œåœ¨æœªæ¥çš„å¯è§çš„两三年内一定会æŒç»ï¼Œå› 为通过架构的优化也好,这个ç‰ç‰å§ï¼Œå„ç§èŠ¯ç‰‡çš„è¿™ä¸ªç«žäº‰å¼•å…¥ä¹Ÿå¥½ï¼Œå®ƒä¼šæŒç»çš„下é™ã€‚ç„¶åŽï¼Œè¿™ç¬¬ä¸€ä¸ªç‰¹ç‚¹å°±æ˜¯è¿™ä¸ªæˆæœ¬è°ƒç”¨Tokençš„æˆæœ¬ä¼šæŒç»ä¸‹é™ã€‚ç„¶åŽç¬¬äºŒä¸ªï¼Œå°±æ˜¯è¯´ä»Šå¤©ç”¨æˆ·åœ¨AI产å“ä¸Šçš„ä»˜è´¹æ„æ„¿æ˜¯å¾ˆå¼ºçš„,是éžå¸¸éžå¸¸æ˜Žæ˜¾çš„,也就是它自带了一ç§å•†ä¸šæ¨¡å¼ï¼Œå°±ç”¨æˆ·æ„¿æ„为它付费,这在很多产å“上已ç»å¾—åˆ°ä½“çŽ°äº†ã€‚ç¬¬ä¸‰ä¸ªæˆ‘æƒ³è¯´çš„å°±æ˜¯ä»Šå¤©è¿™ä¸ªåŒ…æ‹¬å®ƒçš„æ”¶è´¹çš„è¿™ç§æ–¹å¼ï¼Œæˆ‘çœ‹è¿™ä¸ªè¡Œä¸šä¹Ÿåœ¨ä¸æ–的摸索,对å§ã€‚从工具的包月制到现在有的按é‡è®¡è´¹ã€‚ 有的这个ç‰ç‰å§ã€‚我想说的是什么呢?我想说的就是今天的AI产å“的商业模å¼å’Œä¸Šä¸ªæ—¶ä»£å·¥å…·äº§å“也会有一些ä¸åŒå•Šã€‚所以它会就商业模å¼çš„é‡å¡‘,然åŽè¿™ä¸ªç”¨æˆ·ä½¿ç”¨ä¹ 惯或者è¦ä»˜è´¹ä¹ 惯的é‡å¡‘,å†åŠ ä¸Šæˆæœ¬çš„䏿–的调整。所以我对这个AIå·¥å…·çš„å°±æ˜¯æ‰€è°“å®ƒçš„è°ƒç”¨å¤§æ¨¡åž‹çš„æˆæœ¬è¿™ä»¶äº‹æ˜¯å¹¶ä¸æ‹…心的啊。如果我们用å‘展的眼光看,对å§ï¼Œåªè¦ä½ èƒ½å¤Ÿæœ‰ç”¨æˆ·æ›´å¤šçš„ä½¿ç”¨ï¼Œä½ è°ƒç”¨çš„tokenè¶Šå¤šï¼Œå¯¹ä½ å而是好事情啊。这就有点åƒå½“年的最早的这ç§åœ¨çº¿è§†é¢‘网站,对å§ï¼Œå½“æ—¶å¸¦å®½æˆæœ¬æ˜¯å®ƒæœ€é‡æœ€å¤§çš„æˆæœ¬ã€‚å½“è¿™ä¸ªæˆæœ¬éƒ½ä½¿å¾—很多网站都å¯èƒ½ä¸ç›ˆåˆ©ï¼Œä½†æ˜¯åˆ°ä»Šå¤©å¸¦å®½æˆæœ¬å·²ç»å˜å¾—éžå¸¸éžå¸¸ï¼Œå°±å®ƒæˆæœ¬å 比éžå¸¸å°‘了。当然å¦ä¸€ä¸ªè§’åº¦ï¼Œç‰ˆæƒæˆæœ¬å¤šäº†ï¼Œè¿™æ˜¯å¦å¤–一回事啊。所以我想说的就是,我们看这个AI工具类的产å“的商业模å¼ä¸€å®šå¾—用å‘å±•çœ¼å…‰çœ‹å•Šï¼Œä¸æ˜¯çŽ°åœ¨çœ¼å…‰çœ‹å•Šã€‚ç„¶åŽæ•´ä½“的这个ROIå°±æ˜¯åˆšè®²äº†ï¼Œå°±è‡³å°‘ä»Žä»˜è´¹æ„æ„¿ä¸Šæ¥è¯´ï¼Œç”¨æˆ·æ˜¯ä½“现的挺明显的啊。我相信这个平衡线在很多领域会很快到æ¥ï¼Œè‡³å°‘今天我认为在编程领域已ç»åˆ°æ¥äº†å•Šã€‚å°±æ˜¯ä½ ä¼šå‘çŽ°ä½ å……ç»™å¤§æ¨¡åž‹çš„é’±ï¼Œæ¯”ä½ åŽ»é›‡ä¸€ä¸ªç¨‹åºå‘˜å¯èƒ½è¦ä¾¿å®œå¤šçš„æ—¶å€™ï¼Œé‚£è¿™ä¸ªå¸‚场就éžå¸¸å¿«å°±è¢«å¼•爆了啊。所以这是我对AIå·¥å…·çš„è¿™ä¸ªæˆæœ¬å’Œå¼€å‘çš„ç”¨æˆ·ä½¿ç”¨æˆæœ¬çš„一个看法。所以我们也会åšå®šä¸ç§»çš„在这ç§AI的软工具上åšå°è¯•ï¼Œå¹¶ä¸”åŽ»ä¸æ–的去推出我们的产å“。谢谢。 Helen ZhuDirector - IR at Cheetah Mobile01:05:55Thank you, operator. Please move to the next question. Operator01:06:00Our next question will come from Jack Yang of Mizuho. Please go ahead. 01:06:08感谢管ç†å±‚æŽ¥å—æˆ‘çš„æé—®ã€‚之å‰åœ¨å¬åˆ°ä¸€ç§è¯´æ³•,在国内AIå·¥å…·é‡‡ç”¨ç”¨æˆ·ä»˜è´¹è¿™ç§æ¨¡å¼å•†ä¸šåŒ–难度大,这å¯èƒ½å’Œæµ·å¤–市场ä¸åŒã€‚基于贵报在国内的实际ç»éªŒï¼Œæ‚¨æ€Žä¹ˆçœ‹å¾…è¿™ç§å•†ä¸šåŒ–路径的å¯èƒ½æ€§å’Œå¤§æ¦‚的时间表?谢谢。 ç¬¬ä¸€ä¸ªï¼Œæˆ‘è§‰å¾—å°±æ˜¯ä½ åˆšåˆšé—®é¢˜é‡Œé¢çš„那个å‰åŠæ®µçš„这个å‡è®¾ï¼Œæœ‰ä¸€éƒ¨åˆ†æ˜¯å¯¹çš„ï¼Œå°±æ˜¯è¯´ä»Šå¤©å›½å†…ç”¨æˆ·å’Œæµ·å¤–ç”¨æˆ·ä»˜è´¹ï¼Œä½†æ˜¯æˆ‘ä¹Ÿå¾—è¯´ï¼Œä¹Ÿä¸æ˜¯æ‰€æœ‰æµ·å¤–用户,一定是海外å‘è¾¾å›½å®¶ç”¨æˆ·ä»˜è´¹çš„èƒ½åŠ›ä¸Šæ˜¯æœ‰åŒºåˆ«çš„ï¼Œè¿™ä¸ªæ˜¯æ¯«æ— ç–‘é—®çš„ã€‚ä½†æ˜¯ä»Šå¤©æˆ‘æƒ³è¯´çš„æ˜¯ï¼Œä¸å›½ç”¨æˆ·å¯¹å¥½çš„工具ã€å¥½çš„产å“çš„ä»˜è´¹æ„æ„¿ï¼Œé‚£å’Œå‡ å¹´å‰ä¹Ÿæ˜¯ä¸å¯åŒæ—¥è€Œè¯çš„。所以我认为就在今天国内的用户付费模å¼è¿™æ¡è·¯æ˜¯ä¸€å®šå¯ä»¥èµ°å¾—é€šçš„ï¼Œå› ä¸ºä½ ä¹Ÿçœ‹åˆ°æˆ‘ä»¬çš„è´¢æŠ¥é‡Œé¢æŠ«éœ²äº†ï¼Œå°±æˆ‘ä»¬çš„æ•´ä¸ªè¿™ä¸ªç”¨æˆ·ï¼Œå°±æˆ‘ä»¬äº’è”网产å“的用户付费收入是应该是60%多了。我们其实通过我们在没有AI的时候,当时我们就æ„è¯†åˆ°ä¸€ä»¶äº‹æƒ…ï¼Œå°±æ˜¯å·¥å…·è½¯ä»¶çš„å¹¿å‘Šæ¨¡å¼æ—¶ä»£å·²ç»è¿‡åŽ»äº†ã€‚æ‰€ä»¥é‚£æ—¶å€™æˆ‘ä»¬å°±å…¨åŠ›åŽ»æŽ¨è¿›äº†å«ç”¨æˆ·ä»˜è´¹æ¨¡å¼ã€‚到今天我们éžAI类的工具的用户付费已ç»è¶…过了一åŠã€‚è¿™å过æ¥ä¹Ÿè¯æ˜Žäº†å…¶å®žåœ¨å›½å†…ç”¨æˆ·ä¸æ˜¯æ²¡æœ‰ä»˜è´¹æ„æ„¿ï¼Œè€Œæ˜¯ä½ çœŸæ£è¿™ä¸ªç»™ä»–æä¾›ä»·å€¼å¤Ÿä¸å¤Ÿã€‚æˆ‘ä»¬è¿™å‡ å¹´ä¹Ÿæ˜¯å¾ˆæŠ“äº†è¿™ä¸ªåœ¨å·¥å…·ä¸Šï¼Œæ¯”å¦‚ç”¨æˆ·çš„ä½¿ç”¨çš„è¿™ä¸ªä½“éªŒï¼ŒæŠŠè¿™ä¸ªæˆ‘ä»¬çœŸæ£å¯¹ç”¨æˆ·è¿™ä¸ªå…³æ³¨ï¼Œä»Žå¯èƒ½æœ‰æ®µæ—¶é—´ï¼Œæˆ‘们å¯èƒ½å…³æ³¨ä»€ä¹ˆç®€å•çš„å…³æ³¨æŠ•å…¥äº§å‡ºï¼Œè¿™ä¸ªç”¨æˆ·çš„å¹¿å‘Šæ¬¡æ•°çš„è¿™ä¸ªäº§å‡ºï¼Œè¿™äº›å›žåˆ°äº†ç”¨æˆ·æ˜¯ä¸æ˜¯çœŸçš„å¯¹ä½ çš„äº§å“æ»¡æ„,那退付费以åŽçš„退费率,使用以åŽçš„这个长期留å˜ã€æŒç»ä½¿ç”¨è¿™äº›æ–¹é¢ï¼Œè¿™æ ·çœ‹èµ·æ¥å–得了很好的效果。所以我觉得就基于我们国内ç»éªŒæ¥çœ‹ï¼Œæˆ‘觉得这个用户为好的产å“付费的这件事在ä¸å›½æ˜¯ä¸€æ ·è¡Œå¾—通的。这点上我们是有足够的这个确信的。所以我们也会沿ç€è¿™æ¡è·¯èµ°ã€‚当然了,å¦ä¸€æ¡å°±æ˜¯æˆ‘ä»¬åœ¨æµ·å¤–ï¼Œä¹Ÿåœ¨ä¸æ–çš„åšå°è¯•,这个机会也是很大的。好,谢谢。 谢谢。 Helen ZhuDirector - IR at Cheetah Mobile01:08:52Operator, can you? Yeah, operator, can you please check if we have any further questions? Thank you. Operator01:09:03Certainly. Again, if you would like to ask a question, please press star and then one to join the queue. At this time, I am not showing any additional questions in the question queue. Helen ZhuDirector - IR at Cheetah Mobile01:09:38Okay. And then, we can just end the call. Operator01:09:43Thank you. Okay. Thank you, ladies and gentlemen. Helen ZhuDirector - IR at Cheetah Mobile01:09:46Thank you so much for joining us. Thank you so much for joining our conference call today. If you have any specific questions, please just let us know. You can send us an email or just give us a call. Thank you so much. Operator01:10:11The conference is now concluded. We do thank you for attending today's presentation, and you may now disconnect your lines and have a nice day.Read moreParticipantsExecutivesHelen ZhuDirector - IRSheng FuChairman of The Board & CEOThomas Jintao RenCFO & DirectorAnalystsPowered by