Form 6-K Cheetah Mobile Inc. For: Mar 31

March 23, 2015 8:56 AM

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of March 2015

 


 

Commission File Number: 001-36427

 


 

CHEETAH MOBILE INC.

 

12/F, Fosun International Center Tower

No. 237 Chaoyang North Road

Chaoyang District, Beijing 100022

People’s Republic of China

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F x  Form 40-F o

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o

 

 

 



 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 

CHEETAH MOBILE INC.

 

 

 

 

 

 

 

 

 

By

:

/s/ Sheng Fu

 

Name

:

Sheng Fu

 

Title

:

Chief Executive Officer and Director

 

 

 

 

Date: March 23, 2015

 

 

2



 

Exhibit Index

 

Exhibit 99.1 — Press Release

 

3


Exhibit 99.1

 

Cheetah Mobile Announces Fourth Quarter and

Fiscal Year 2014 Unaudited Financial Results

 

·                      Mobile monthly active users increased by 138% YoY to 395 million

·                      Mobile revenues up 610% YoY and 97% QoQ in 4Q 2014, accounting for 38% of total revenues.

·                      Overseas revenues accounted for 24% of total 4Q 2014 revenues and 63% of mobile revenues.

 

Beijing, China, March 20, 2015 — Cheetah Mobile Inc. (NYSE: CMCM) (“Cheetah Mobile” or the “Company”), a leading mobile Internet company that provides mission critical applications to help make the Internet and mobile experience speedier, simpler, and safer for users worldwide, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2014.

 

Fourth Quarter 2014 Financial Highlights

 

·                  Total revenues increased by 118.8% year-over-year and 23.0% quarter-over-quarter to RMB588.9 million (US$94.9 million).

·                  Mobile revenues1 increased by 610.2% year-over-year and 96.6% quarter-over-quarter to RMB 222.1 million (US$35.8 million), led by a significant growth of mobile advertising revenues. Mobile accounted for 38% of total revenues.

·                  Overseas revenues increased by 156.5% quarter-over-quarter to RMB139.1 million (US$22.4 million), led by a significant ramp-up of mobile advertising revenues in the overseas market. Overseas accounted for 24% of total revenues and 63% of mobile revenues.

·                  GAAP net income attributable to Cheetah Mobile shareholders increased by 23.8% year-over-year and 780.6% quarter-over-quarter to RMB32.2 million (US$5.2 million).

·                  Non-GAAP net income attributable to Cheetah Mobile shareholders2 (which excludes share-based compensation expenses) increased by 132.4% year-over-year and 37.3% quarter-over-quarter to RMB82.7 million (US$13.3 million).

 

Fourth Quarter 2014 Key Operating Metrics

 

·                  Total global mobile user installations increased by 26.3% quarter-over-quarter to 1,089.1 million as of December 31, 2014.

·                  Mobile monthly active users (“Mobile MAUs”) increased by 137.9% year-over-year to 395.4 million as of December 31, 2014. Mobile MAUs from overseas markets were 69.0% of total mobile MAUs in December 2014.

 

Fiscal Year 2014 Financial Highlights

 

·                  Total revenues increased by 135.2% year-over-year to RMB1,763.6 million (US$284.2 million).

·                  Mobile revenues increased by 741.3% year-over-year to RMB465.0 million (US$74.9 million). Mobile accounted for 26% of total revenues.

·                  Overseas revenues were RMB221.9 million (US$35.8 million). Overseas accounted for 13% of total revenues and 48% of mobile revenues.

·                  GAAP net income attributable to Cheetah Mobile shareholders increased by 9.6% year-over-year to RMB67.9 million (US$11.0 million).

·                  Non-GAAP net income attributable to Cheetah Mobile shareholders (which excludes share-based compensation expenses) increased by 142.6% year-over-year to RMB241.2 million (US$38.9 million).

 


1  Mobile revenues included revenues from HongKong Zoom Interactive, which was acquired by Cheetah Mobile in July 2014.

2  Non-GAAP net income attributable to Cheetah Mobile shareholders is a non-GAAP financial measure, which is defined as net income to Cheetah Mobile Inc. excluding share-based compensation expenses.

 

1



 

Mr. Sheng Fu, Cheetah Mobile’s Chief Executive Officer, stated, “2014 was a break-through year for our mobile and global businesses and we finished on a high note with our mobile monthly active users quickly approaching the impressive 400 million users mark.  Led by the success of Clean Master, we have built a strong product matrix of mobile apps in 2014 with four of our apps each accumulating more than 100 million downloads on Google Play.  According to App Annie, Cheetah Mobile was the No. 2 publisher for non-game apps globally on Google Play, and the No. 1 publisher in the tools category for December 2014.  This success helped drive mobile revenues to increase more than six times year over year and nearly double quarter over quarter in the fourth quarter, demonstrating our significant progress in mobile monetization.  In addition, since we began our overseas monetization efforts in the second quarter of 2014, our overseas revenues have increased significantly and now account for 24% of our total revenues and 63% of mobile revenues in the fourth quarter.  Given these strong secular trends, mobile will remain the key growth driver for our company and will account for more than 50% of total revenues by the end of the first half 2015. Additionally, our acquisition of MobPartner, when completed, will further enhance our global mobile monetization capabilities and expand our advertising footprint globally. Going forward, we remain focused on building one of the world’s leading mobile advertising platforms.”

 

Mr. Andy Yeung, Cheetah Mobile’s Chief Financial Officer, commented, “Robust mobile performance again drove our strong topline growth this quarter. Total revenues grew 119% year-over-year and 23% quarter-over-quarter to RMB588.9 million, exceeding the high end of our previous guidance.  The strong ramp-up in our mobile revenues, particularly in overseas markets, clearly validates our investments in the mobile and global arenas.  In 2015, we will continue to invest aggressively in our mobile business and strengthen our foundation for continued success in this rapidly developing market.

 

Fourth Quarter 2014 Financial Results

 

REVENUES

 

Total revenues for the fourth quarter of 2014 increased by 118.8% to RMB588.9 million (US$94.9 million) from RMB269.2 million in the prior year period. This increase was driven by organic business growth, primarily due to substantial improvements in mobile monetization.

 

·                  Revenues from online marketing services increased by 109.9% to RMB446.1 million (US$71.9 million) in the fourth quarter of 2014 from RMB212.5 million in the prior year period. This increase was primarily driven by strong demand for our mobile advertising business in both the domestic and overseas markets as well as the rapid growth of the worldwide mobile advertising market. This increase was also due to growth in marketing revenues from key online marketing customers, driven by growth in user traffic on the Company’s online marketing platforms.

 

·                  Revenues from internet value added services (“IVAS”) increased by 226.1% to RMB137.0 million (US$22.1 million) in the fourth quarter of 2014 from RMB42.0 million in the prior year period. This increase was primarily driven by the increase in the number of PC and mobile games published by the Company, and the increase in the number of monthly paying users.

 

·                  Revenues from Internet security services and others decreased by 60.4% to RMB5.8 million (US$0.9 million) in the fourth quarter of 2014 from RMB14.6 million in the prior year period. This decrease was primarily due to the Company ceasing to promote subscriptions services to paying users in a strategic reorientation which started in 2011, resulting in a decrease in the number of paying customers.

 

By platform, revenues generated from our mobile business2 increased by 610.2% to RMB222.1 million (US$35.8 million) from RMB31.3 million in the prior year period. This increase was primarily due to the increased acceptance of the Company’s mobile marketing services in both the domestic and overseas markets, and a rapid growth of mobile advertising market globally. This increase was also driven by the growth of the Company’s mobile gaming business.

 

2



 

COST OF REVENUES AND GROSS PROFIT

 

Cost of revenues increased by 178.4% to RMB141.0 million (US$22.7 million) in the fourth quarter of 2014 from RMB50.6 million in the prior year period. The increase in cost of revenues was mainly driven by higher costs associated with the mobile game business, higher bandwidth and Internet data center (IDC) costs associated with increased user traffic, as well as higher amortization costs from acquired intangible assets.

 

Gross profit increased by 104.9% to RMB447.9 million (US$72.2 million) in the fourth quarter of 2014 from RMB218.5 million in the prior year period. Gross margin was 76.1% in the fourth quarter of 2014, compared to 81.2% in the prior year period.

 

OPERATING INCOME AND EXPENSES

 

Total operating expenses for the fourth quarter of 2014 increased by 133.6% to RMB393.2 million (US$63.4 million) from RMB168.3 million in the prior year period. Total non-GAAP operating expenses, which exclude share-based compensation expenses, for the fourth quarter of 2014 increased by 116.3% to RMB343.3 million (US$55.3 million) from RMB158.7 million in the prior year period.

 

·                  Research and development expenses increased by 106.3% to RMB120.1 million (US$19.4 million) from RMB58.2 million in the prior year period. This increase was primarily due to an increase in the number of research and development personnel as well as an increase in share-based compensation expenses. Non-GAAP research and development expenses, which exclude share-based compensation expenses, for the fourth quarter of 2014 increased by 95.7% to RMB105.3 million (US$17.0 million) from RMB53.8 million in the prior year period.

 

·                  Selling and marketing expenses increased by 111.8% to RMB184.3 million (US$29.7 million) from RMB87.0 million in the prior year period. The increase was primarily due to promotional spending for the mobile business. Non-GAAP selling and marketing expenses, which exclude share-based compensation expenses, increased by 115.1% to RMB182.0 million (US$29.3 million) from RMB84.6 million in the prior year period.

 

·                  General and administrative expenses increased by 284.6% to RMB88.8 million (US$14.3 million) from RMB23.1 million in the prior year period. This increase was primarily due to an increase in share-based compensation expenses and professional service fees as well as an increase in headcount. Non-GAAP general and administrative expenses, which exclude share-based compensation expenses, increased by 175.5% to RMB56.0 million (US$9.0 million) from RMB20.3 million in the prior year period.

 

Operating profit was RMB54.7 million (US$8.8 million) in the fourth quarter of 2014, compared to RMB50.2 million in the prior year period. Operating margin was 9.3% in the fourth quarter of 2014, compared to 18.7% in the prior year period.

 

Non-GAAP operating profit3 increased by 76.0% to RMB105.3 million (US$17.0 million) in the fourth quarter of 2014 from RMB59.8 million in the prior year period. Non-GAAP operating margin was 17.9% in the fourth quarter of 2014, compared to 22.2% in the prior year period.

 


Non-GAAP operating profit is a non-GAAP financial measure, which is defined as operating profit excluding share-based compensation expenses.

 

3



 

For the fourth quarter of 2014, share-based compensation expenses were RMB50.6 million (US$8.2 million), compared to RMB9.6 million in the fourth quarter of 2013.

 

NET INCOME ATTRIBUTABLE TO CHEETAH MOBILE SHAREHOLDERS

 

Net income attributable to Cheetah Mobile shareholders increased by 23.8% to RMB32.2 million (US$5.2 million) in the fourth quarter of 2014 from RMB26.0 million in the prior year period. Net margin was 5.5% in the fourth quarter of 2014, compared to 9.7% in the prior year period.

 

Non-GAAP net income attributable to Cheetah Mobile shareholders increased by 132.4% to RMB82.7 million (US$13.3 million) from RMB35.6 million in the prior year period. Non-GAAP net margin4 increased to 14.1% in the fourth quarter of 2014 from 13.2% in the prior year period.

 

NET INCOME PER ADS

 

Diluted earnings per ADS in the fourth quarter of 2014 increased to RMB0.23 (US$0.04) from RMB0.21 in the prior year period.

 

Non-GAAP diluted earnings per ADS5 in the fourth quarter of 2014 increased to RMB0.59 (US$0.10) from RMB0.29 in the prior year period.

 

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS BALANCE

 

As of December 31, 2014, the Company had cash, cash equivalents, and short-term investments of RMB 1.6 billion (US$259.0 million).

 

SHARES ISSUED AND OUTSTANDING

 

As of December 31, 2014, the Company had a total of 1,416,602,712 Class A and Class B ordinary shares issued and outstanding. One ADS represents 10 Class A ordinary shares.

 

Fiscal Year 2014 Results

 

REVENUES

 

Total revenues for 2014 increased by 135.2% to RMB1,763.6 million (US$284.2 million) from RMB749.9 million in 2013. This increase was primarily due to growth in our user traffic and strong demand for our advertising services on both PC and mobile platforms.

 

·                  Revenues from online marketing services increased by 115.9% to RMB1,322.6 million (US$213.2 million) in 2014 from RMB612.6 million in 2013. This increase was due to growth in marketing revenues from key online marketing customers, driven by growth in user traffic on the Company’s online marketing platforms. This increase was also a result of the significant growth of our mobile advertising business.

 

·                  Revenues from internet value added services (“IVAS”) increased by 381.8% to RMB400.7 million (US$64.6 million) in 2014 from RMB83.2 million in 2013. This increase was primarily driven by the increase in the number of PC and mobile games published by the Company, and the increase in the number of monthly paying users.

 


Non-GAAP net margin is a non-GAAP financial measure, which is defined as Non-GAAP net income as a percentage of total revenues.

5 Non-GAAP diluted earnings per ADS in a non-GAAP financial measure, which is defined as non-GAAP net income divided by weighted average number of diluted ADS.

 

4



 

·                  Revenues from internet security services and others decreased by 25.6% to RMB40.3 million (US$6.5 million) in 2014 from RMB54.2 million in 2013. This decrease was primarily due to the Company ceasing to promote subscriptions services to paying users in a strategic reorientation which started in 2011, resulting in a decrease in the number of paying customers.

 

By platform, revenues generated from our mobile business increased by 741.3% to RMB465.0 million (US$74.9 million) from RMB55.3 million in 2013. This increase was primarily due to the increased acceptance of the Company’s mobile marketing services and the growth of its mobile gaming services.

 

COST OF REVENUES AND GROSS PROFIT

 

Cost of revenues increased by 187.1% to RMB403.4 million (US$65.0 million) in 2014 from RMB140.5 million in the prior year period. The increase in cost of revenues was mainly driven by higher costs associated with the mobile game business, higher VAT costs, higher bandwidth and IDC costs associated with increased user traffic, and higher amortization costs from acquired intangible assets.

 

Gross profit increased by 123.2% to RMB1,360.2 million (US$219.2 million) in 2014 from RMB609.4 million in 2013. Gross margin was 77.1% in 2014, compared to 81.3% in 2013.

 

OPERATING INCOME AND EXPENSES

 

Total operating expenses for 2014 increased by 147.0% to RMB1,277.5 million (US$205.9 million) from RMB517.2 million in 2013. Total non-GAAP operating expenses, which exclude share-based compensation expenses, for 2014 increased by 130.4% to RMB1,105.6 million (US$178.2 million) from RMB479.8 million in 2013.

 

·                  Research and development expenses increased by 100.5% to RMB436.8 million (US$70.4 million) from RMB217.8 million in 2013. This increase was primarily due to an increase in the number of research and development personnel as well as an increase in share-based compensation expenses. Non-GAAP research and development expenses, which exclude share-based compensation expenses, for 2014 increased by 89.7% to RMB385.7 million (US$62.2 million) from RMB203.3 million in 2013.

 

·                  Selling and marketing expenses increased by 188.1% to RMB580.6 million (US$93.6 million) from RMB201.5 million in 2013. The increase was primarily due to promotional spending for the mobile business. Non-GAAP selling and marketing expenses, which exclude share-based compensation expenses, increased by 188.5% to RMB573.2 million (US$92.4 million) from RMB198.7 million in 2013.

 

·                  General and administrative expenses increased by 165.9% to RMB260.0 million (US$41.9 million) from RMB97.8 million in 2013. This increase was primarily due to an increase in share-based compensation expenses and professional service fees as well as an increase in headcount. Non-GAAP general and administrative expenses, which exclude share-based compensation expenses, increased by 88.7% to RMB146.7 million (US$23.7 million) from RMB77.8 million in the prior year period.

 

Operating profit was RMB82.7 million (US$13.3 million) in 2014, compared to RMB92.2 million in 2013. Operating margin was 4.7% in 2014, compared to 12.3% in 2013.

 

Non-GAAP operating profit increased by 97.5% to RMB255.9 million (US$41.2 million) in 2014 from RMB129.6 million in 2013. Non-GAAP operating margin was 14.5% in 2014, compared to 17.4% in 2013.

 

5



 

For 2014, share-based compensation expenses were RMB173.3 million (US$27.9 million), compared to RMB37.4 million in 2013.

 

NET INCOME ATTRIBUTABLE TO CHEETAH MOBILE SHAREHOLDERS

 

Net income attributable to Cheetah Mobile shareholders increased by 9.6% to RMB67.9 million (US$11.0 million) in 2014 from RMB62.0 million in 2013. Diluted earnings per ADS for 2014 were RMB 0.51 (US$0.08).

 

Non-GAAP net income attributable to Cheetah Mobile shareholders increased by 142.6% to RMB241.2 million (US$38.9 million) from RMB99.4 million in 2013. Non-GAAP diluted earnings per ADS for 2014 were RMB 1.80 (US$0.29).

 

Business Outlook

 

For the first quarter of 2015, the Company expects its total estimated revenues to be between RMB640 million (US$103 million) and RMB650 million (US$105 million), representing a year-over-year growth of approximately 103% to 106%. The forecast reflects the Company’s current and preliminary view, which is subject to change.

 

Conference Call Information

 

Company will hold a conference call on Friday, March 20, 2015 at 8:00 am Eastern Time or 8:00 pm Beijing Time to discuss the financial results. Listeners may access the call by dialing the following numbers:

 

International:

+1-412-902-4272

United States Toll Free:

+1-888-346-8982

China Toll Free:

4001-201203

Hong Kong Toll Free:

800-905945

Conference ID:

Cheetah Mobile

 

A live and archived webcast of the conference call will also be available at the Companys investor relations website at http://ir.cmcm.com/.

 

Exchange Rate

 

This press release contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars, in this press release, were made at a rate of RMB6.2046 to US$1.00, the noon buying rate in effect on December 31, 2014 in the City of New York for cable transfers in Renminbi per U.S. dollar as certified for customs purposes by the Federal Reserve Bank of New York. Such translations should not be construed as representations that RMB amounts could be converted into U.S. dollars at that rate or any other rate, or to be the amounts that would have been reported under accounting principles generally accepted in the United States of America (“U.S. GAAP”).

 

About Cheetah Mobile Inc.

 

Cheetah Mobile is a leading mobile internet company with approximately 395.4 million mobile monthly active users in December 2014. Its mission critical applications, including Clean Master, CM Security, Battery Doctor and Duba Anti-virus, help make the internet and mobile experience speedier, simpler, and safer for users worldwide. Cheetah Mobile is the publisher of Clean Master, the #1 mobile app in the Google Play Tools category worldwide by monthly downloads in December 2014, according to App Annie.

 

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The Company also provides various platform products such as Duba.com, Cheetah browser, game centers, and mobile app stores to provide multiple user traffic entry points and global content distribution channels for its business partners.

 

Safe Harbor Statements

 

This press release contains forward-looking statements.  These statements, including management quotes and business outlook, constitute forward-looking statements under the U.S. Private Securities Litigation Reform Act of 1995.  These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements.  Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements.  These forward-looking statements include, but are not limited to, statements about: Cheetah Mobile’s growth strategies; Cheetah Mobile’s ability to retain and increase its user base and expand its product and service offerings; Cheetah Mobile’s ability to monetize its platform; Cheetah Mobile’s future business development, financial condition and results of operations; competition from companies in a number of industries including internet companies that provide online marketing services and internet value-added services; expected changes in Cheetah Mobile’s revenues and certain cost or expense items; and general economic and business condition globally and in China. Further information regarding these and other risks is included in Cheetah Mobile’s filings with the U.S. Securities and Exchange Commission. Cheetah Mobile does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

 

Use of Non-GAAP Financial Measures

 

To supplement Cheetah Mobile’s consolidated financial information presented in accordance with U.S. GAAP, Cheetah Mobile uses adjusted operating profit, adjusted operating margin, adjusted net income, adjusted net margin and adjusted diluted earnings per ADS, which are non-GAAP financial measures.

 

Adjusted operating profit and adjusted operating margin reflects operating profit excluding share-based compensation costs. Adjusted net income is net income excluding share-based compensation costs. Adjusted net margin is adjusted net income as a percentage of total revenues. Adjusted diluted earnings per ADS is adjusted net income or loss attributable to ordinary shareholders divided by weighted average number of diluted ADS.

 

The Company believes that separate analysis and exclusion of the non-cash impact of share-based compensation costs adds clarity to the constituent parts of its performance from the cash perspective. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measure for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measure is useful supplemental information for investors and analysts to assess its operating performance without the effect of non-cash share-based compensation costs, which have been and will continue to be significant recurring expenses in its business. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measure in isolation from or as an alternative to the financial measure prepared in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Cheetah Mobile Inc. Reconciliations of GAAP and Non-GAAP Results” at the end of this release.

 

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Investor Relations Contact

Cheetah Mobile Inc.

Helen Jing Zhu

Tel: +86 10 6292 7779

Email: IR@cmcm.com

 

ICR, Inc.

Calvin Jiang

Tel: +1 (646) 417-5395

Email: IR@cmcm.com

 

8



 

Cheetah Mobile Inc.

Condensed Consolidated Balance Sheet

(In '000, except for per share data)

 

 

 

As of

 

 

 

December 31, 2013

 

December 31, 2014

 

December 31, 2014

 

 

 

RMB

 

RMB

 

USD

 

 

 

(Audited)

 

(Unaudited)

 

(Unaudited)

 

ASSETS

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

 

530,536

 

1,093,285

 

176,206

 

Short-term investments

 

55,780

 

513,621

 

82,781

 

Accounts receivable

 

100,428

 

260,347

 

41,960

 

Prepayments and other current assets

 

63,037

 

180,029

 

29,015

 

Due from related parities

 

12,868

 

43,570

 

7,022

 

Deferred tax assets

 

1,913

 

2,693

 

434

 

Total current assets

 

764,562

 

2,093,545

 

337,418

 

 

 

 

 

 

 

 

 

Non-current assets:

 

 

 

 

 

 

 

Property and equipment , net

 

31,326

 

45,905

 

7,399

 

Intangible assets, net

 

32,850

 

199,616

 

32,172

 

Goodwill

 

52,819

 

261,686

 

42,177

 

Long-term investments

 

12,054

 

338,842

 

54,612

 

Deferred tax assets

 

7,178

 

6,384

 

1,029

 

Other non-current assets

 

8,804

 

55,197

 

8,896

 

Total non-current assets

 

145,031

 

907,630

 

146,285

 

 

 

 

 

 

 

 

 

Total assets

 

909,593

 

3,001,175

 

483,703

 

 

 

 

 

 

 

 

 

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable

 

23,439

 

61,793

 

9,959

 

Accrued expenses and other current liabilities

 

181,551

 

481,694

 

77,635

 

Redemption right liabilities

 

5,711

 

520

 

84

 

Deferred revenue

 

7,840

 

44,180

 

7,121

 

Due to related parties

 

31,893

 

29,885

 

4,817

 

Income tax payable

 

13,534

 

3,584

 

578

 

Deferred tax liability

 

 

 

 

Total current liabilities

 

263,968

 

621,656

 

100,194

 

 

 

 

 

 

 

 

 

Non-current liabilities:

 

 

 

 

 

 

 

Deferred revenue

 

2,866

 

1,134

 

183

 

Deferred tax liability

 

39,206

 

65,991

 

10,636

 

Other non-current liabilities

 

9,485

 

29,525

 

4,759

 

Total non-current liabilities

 

51,557

 

96,650

 

15,578

 

 

 

 

 

 

 

 

 

Total liabilities

 

315,525

 

718,306

 

115,772

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mezzanine equity:

 

 

 

 

 

 

 

Series A convertible preferred shares

 

119,976

 

 

 

Series B convertible preferred shares

 

321,965

 

 

 

Total mezzanine equity

 

441,941

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

Ordinary shares

 

150

 

222

 

36

 

Additional paid-in capital

 

63,919

 

2,059,983

 

332,007

 

Retained earnings

 

74,819

 

142,760

 

23,009

 

Accumulated other comprehensive income

 

13,239

 

3,373

 

544

 

Total Cheetah Mobile shareholders’ equity

 

152,127

 

2,206,338

 

355,596

 

Non-controlling interests

 

 

76,531

 

12,335

 

Total equity

 

152,127

 

2,282,869

 

367,931

 

 

 

 

 

 

 

 

 

Total liabilities, mezzanine equity and shareholders’ equity

 

909,593

 

3,001,175

 

483,703

 

 



 

Cheetah Mobile Inc.

Condensed Consolidated Statements of Comprehensive Income

(In '000, except for per share data and number of shares and ADSs)

 

 

 

For The Three Month Ended

 

 

 

December 31, 2013

 

September 30, 2014

 

December 31, 2014

 

December 31, 2014

 

 

 

RMB

 

RMB

 

RMB

 

USD

 

 

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

Revenues

 

269,179

 

478,678

 

588,888

 

94,912

 

Online marketing services

 

212,532

 

360,942

 

446,122

 

71,902

 

Internet value-added services

 

42,004

 

107,331

 

136,968

 

22,075

 

Internet security services and others

 

14,643

 

10,405

 

5,798

 

935

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues (a)

 

(50,630

)

(110,250

)

(140,973

)

(22,721

)

Gross profit

 

218,549

 

368,428

 

447,915

 

72,191

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Research and development (a)

 

(58,214

)

(135,658

)

(120,086

)

(19,354

)

Selling and marketing (a)

 

(87,012

)

(167,154

)

(184,287

)

(29,702

)

General and administrative (a)

 

(23,095

)

(70,368

)

(88,822

)

(14,316

)

Total operating expenses

 

(168,321

)

(373,180

)

(393,195

)

(63,372

)

 

 

 

 

 

 

 

 

 

 

Operating profit(loss)

 

50,228

 

(4,752

)

54,720

 

8,819

 

Other income (expenses):

 

 

 

 

 

 

 

 

 

Interest income

 

2,549

 

11,245

 

9,678

 

1,560

 

Changes in fair value of redemption right granted to a non-controlling shareholder

 

6,593

 

1

 

(2

)

(0

)

Changes in fair value of contingent consideration

 

(425

)

(1,516

)

(11,271

)

(1,817

)

Changes in fair value of put options granted to employees

 

 

(47

)

374

 

60

 

Foreign exchange gain (loss), net

 

(402

)

(221

)

129

 

21

 

Impairment loss of available for sale investment

 

 

 

(8,664

)

(1,397

)

Other income, net

 

220

 

2,107

 

811

 

131

 

Gains (losses) from equity method investments

 

721

 

(2,070

)

(524

)

(84

)

 

 

 

 

 

 

 

 

 

 

Income before tax

 

59,484

 

4,747

 

45,251

 

7,293

 

Income tax benefit (expense)

 

(33,490

)

(1,229

)

(13,968

)

(2,251

)

Net income

 

25,994

 

3,518

 

31,283

 

5,042

 

Less: net loss attributable to non-controlling interests

 

 

(136

)

(894

)

(144

)

Net income attributable to Cheetah Mobile Shareholders

 

25,994

 

3,654

 

32,177

 

5,186

 

 

 

 

 

 

 

 

 

 

 

Earnings per share

 

 

 

 

 

 

 

 

 

Basic

 

0.02

 

0.00

 

0.02

 

0.00

 

Diluted

 

0.02

 

0.00

 

0.02

 

0.00

 

 

 

 

 

 

 

 

 

 

 

Earnings per ADS

 

 

 

 

 

 

 

 

 

Basic

 

0.22

 

0.03

 

0.24

 

0.04

 

Diluted

 

0.21

 

0.03

 

0.23

 

0.04

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares outstanding

 

 

 

 

 

 

 

 

 

Basic

 

937,219,852

 

1,354,042,944

 

1,354,673,777

 

1,354,673,777

 

Diluted

 

1,203,409,240

 

1,418,624,992

 

1,410,449,593

 

1,410,449,593

 

Weighted average number of ADSs used in computation

 

 

 

 

 

 

 

 

 

Basic

 

93,721,985

 

135,404,294

 

135,467,378

 

135,467,378

 

Diluted

 

120,340,924

 

141,862,499

 

141,044,959

 

141,044,959

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

(3,087

)

(316

)

(9,118

)

(1,470

)

Unrealized gains on available-for-sale securities, net

 

20,960

 

(6,387

)

17,651

 

2,845

 

Other comprehensive income (loss)

 

17,873

 

(6,703

)

8,533

 

1,375

 

Total comprehensive income (loss)

 

43,867

 

(3,185

)

39,816

 

6,417

 

Less: Total comprehensive loss attributable to non-controlling interests

 

 

(136

)

(894

)

(144

)

Total comprehensive income (loss) attributable to Cheetah Mobile Shareholders

 

43,867

 

(3,049

)

40,710

 

6,561

 

 


(a) Share-based compensation expenses

 

 (In '000)

 

For The Three Month Ended

 

 

 

December 31, 2013

 

September 30, 2014

 

December 31, 2014

 

December 31, 2014

 

 

 

RMB

 

RMB

 

RMB

 

USD

 

 

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

Cost of revenues

 

2

 

715

 

677

 

109

 

Research and development

 

4,432

 

15,598

 

14,809

 

2,387

 

Selling and marketing

 

2,399

 

2,382

 

2,249

 

362

 

General and administrative

 

2,775

 

37,902

 

32,834

 

5,292

 

Total

 

9,608

 

56,597

 

50,569

 

8,150

 

 



 

Cheetah Mobile Inc.

Condensed Consolidated Statements of Comprehensive Income

(In '000, except for per share data and number of shares and ADSs)

 

 

 

Year Ended December 31,

 

 

 

2013

 

2014

 

2014

 

 

 

RMB

 

RMB

 

USD

 

 

 

(Audited)

 

(Unaudited)

 

(Unaudited)

 

Revenues

 

749,911

 

1,763,579

 

284,237

 

Online marketing services

 

612,565

 

1,322,612

 

213,166

 

Internet value-added services

 

83,155

 

400,671

 

64,576

 

Internet security services and others

 

54,191

 

40,296

 

6,495

 

 

 

 

 

 

 

 

 

Cost of revenues (a)

 

(140,526

)

(403,412

)

(65,018

)

Gross profit

 

609,385

 

1,360,167

 

219,219

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

Research and development (a)

 

(217,846

)

(436,840

)

(70,406

)

Selling and marketing (a)

 

(201,504

)

(580,610

)

(93,577

)

General and administrative (a)

 

(97,817

)

(260,047

)

(41,912

)

Total operating expenses

 

(517,167

)

(1,277,497

)

(205,895

)

 

 

 

 

 

 

 

 

Operating profit (loss)

 

92,218

 

82,670

 

13,324

 

Other income (expenses):

 

 

 

 

 

 

 

Interest income

 

7,077

 

28,216

 

4,548

 

Changes in fair value of redemption right granted to a non-controlling shareholder

 

11,146

 

3,576

 

576

 

Changes in fair value of contingent consideration

 

(1,067

)

(13,749

)

(2,216

)

Changes in fair value of put options granted to employees

 

 

799

 

129

 

Foreign exchange gain (loss), net

 

920

 

16

 

3

 

Impairment loss of available for sale investment

 

 

(8,664

)

(1,397

)

Other income, net

 

2,243

 

3,487

 

562

 

Losses from equity method investments

 

(1,849

)

(5,447

)

(878

)

 

 

 

 

 

 

 

 

Income before tax

 

110,688

 

90,904

 

14,651

 

Income tax expenses

 

(48,670

)

(23,993

)

(3,867

)

Net income

 

62,018

 

66,911

 

10,784

 

Less:net loss attributable to non-controlling interests

 

 

(1,030

)

(166

)

Net income attributable to Cheetah Mobile Shareholders

 

62,018

 

67,941

 

10,950

 

 

 

 

 

 

 

 

 

Earnings per share

 

 

 

 

 

 

 

Basic

 

0.06

 

0.05

 

0.01

 

Diluted

 

0.05

 

0.05

 

0.01

 

 

 

 

 

 

 

 

 

Earnings per ADS

 

 

 

 

 

 

 

Basic

 

0.57

 

0.53

 

0.08

 

Diluted

 

0.54

 

0.51

 

0.08

 

 

 

 

 

 

 

 

 

Weighted average number of shares outstanding

 

 

 

 

 

 

 

Basic

 

929,119,153

 

1,210,501,020

 

1,210,501,020

 

Diluted

 

1,135,982,953

 

1,341,732,457

 

1,341,732,457

 

Weighted average number of ADSs used in computation

 

 

 

 

 

 

 

Basic

 

92,911,915

 

121,050,102

 

121,050,102

 

Diluted

 

113,598,295

 

134,173,246

 

134,173,246

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

(6,087

)

(6,864

)

(1,106

)

Unrealized losses on available-for-salesecurities, net

 

20,929

 

(3,002

)

(484

)

Other comprehensive income (loss)

 

14,842

 

(9,866

)

(1,590

)

Total comprehensive income (loss)

 

76,860

 

57,045

 

9,194

 

Less: Total comprehensive income attributable to non-controlling interests

 

 

(1,030

)

(166

)

Total comprehensive income attributable to Cheetah Mobile Shareholders

 

76,860

 

58,075

 

9,360

 

 


(a) Share-based compensation expenses

 

 

 

Year Ended December 31,

 

 

 

2013

 

2014

 

2014

 

 

 

RMB

 

RMB

 

USD

 

(In '000) 

 

(Audited)

 

(Unaudited)

 

(Unaudited)

 

Cost of revenues

 

10

 

1,393

 

225

 

Research and development

 

14,520

 

51,176

 

8,248

 

Selling and marketing

 

2,835

 

7,407

 

1,194

 

General and administrative

 

20,031

 

113,298

 

18,260

 

Total

 

37,396

 

173,274

 

27,927

 

 



 

Cheetah Mobile Inc.

Reconciliation of GAAP to Non-GAAP Results

(In '000, except for per share data)

 

 

 

For The Three Months Ended December 31, 2014

 

 

 

GAAP

 

% of Net

 

Share-based

 

% of Net

 

Non-GAAP

 

% of Net

 

Non-GAAP

 

 

 

Result

 

Revenues

 

Compensation

 

Revenues

 

Result

 

Revenues

 

Result ($)

 

Revenues

 

588,888

 

 

 

 

 

 

588,888

 

 

 

94,912

 

Cost of revenues

 

(140,973

)

23.9

%

677

 

0.1

%

(140,296

)

23.8

%

(22,612

)

Gross profit

 

447,915

 

76.1

%

677

 

0.1

%

448,592

 

76.2

%

72,300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

(120,086

)

20.4

%

14,809

 

2.5

%

(105,277

)

17.9

%

(16,968

)

Selling and marketing

 

(184,287

)

31.3

%

2,249

 

0.4

%

(182,038

)

30.9

%

(29,339

)

General and administrative

 

(88,822

)

15.1

%

32,834

 

5.6

%

(55,988

)

9.5

%

(9,024

)

Total operating expenses

 

(393,195

)

66.8

%

49,892

 

8.5

%

(343,303

)

58.3

%

(55,331

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit

 

54,720

 

9.3

%

50,569

 

8.6

%

105,289

 

17.9

%

16,969

 

Net income attributable to Cheetah Mobile Shareholders

 

32,177

 

5.5

%

50,569

 

8.6

%

82,746

 

14.1

%

13,336

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ordinary share (RMB)

 

0.02

 

 

 

0.04

 

 

 

0.06

 

 

 

 

 

Diluted earnings per ADS (RMB)

 

0.23

 

 

 

0.36

 

 

 

0.59

 

 

 

 

 

Diluted earnings per ADS (USD)

 

0.04

 

 

 

0.06

 

 

 

0.10

 

 

 

 

 

 

 

 

For The Three Months Ended September 30, 2014

 

 

 

GAAP

 

% of Net

 

Share-based

 

% of Net

 

Non-GAAP

 

% of Net

 

 

 

Result

 

Revenues

 

Compensation

 

Revenues

 

Result

 

Revenues

 

Revenues

 

478,678

 

 

 

 

 

 

478,678

 

 

 

Cost of revenues

 

(110,250

)

23.0

%

715

 

0.1

%

(109,535

)

22.9

%

Gross profit

 

368,428

 

77.0

%

715

 

0.1

%

369,143

 

77.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

(135,658

)

28.3

%

15,598

 

3.2

%

(120,060

)

25.1

%

Selling and marketing

 

(167,154

)

34.9

%

2,382

 

0.5

%

(164,772

)

34.4

%

General and administrative

 

(70,368

)

14.7

%

37,902

 

7.9

%

(32,466

)

6.8

%

Total operating expenses

 

(373,180

)

77.9

%

55,882

 

11.6

%

(317,298

)

66.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit (loss)

 

(4,752

)

0.9

%

56,597

 

11.7

%

51,845

 

10.8

%

Net income attributable to Cheetah Mobile Shareholders

 

3,654

 

0.8

%

56,597

 

11.7

%

60,251

 

12.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ordinary share (RMB)

 

0.00

 

 

 

0.04

 

 

 

0.04

 

 

 

Diluted earnings per ADS (RMB)

 

0.03

 

 

 

0.40

 

 

 

0.43

 

 

 

Diluted earnings per ADS (USD)

 

0.01

 

 

 

0.06

 

 

 

0.07

 

 

 

 

 

 

For The Three Months Ended December 31, 2013

 

 

 

 

 

% of Net

 

Share-based

 

% of Net

 

Non-GAAP

 

% of Net

 

 

 

GAAP Result

 

Revenues

 

Compensation

 

Revenues

 

Result

 

Revenues

 

Revenues

 

269,179

 

 

 

 

 

 

269,179

 

 

 

Cost of revenues

 

(50,630

)

18.8

%

2

 

0.0

%

(50,628

)

18.8

%

Gross profit

 

218,549

 

81.2

%

2

 

0.0

%

218,551

 

81.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

(58,214

)

21.6

%

4,432

 

1.6

%

(53,782

)

20.0

%

Selling and marketing

 

(87,012

)

32.3

%

2,399

 

0.9

%

(84,613

)

31.4

%

General and administrative

 

(23,095

)

8.6

%

2,775

 

1.0

%

(20,320

)

7.6

%

Total operating expenses

 

(168,321

)

62.5

%

9,606

 

3.5

%

(158,715

)

59.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit

 

50,228

 

18.7

%

9,608

 

3.5

%

59,836

 

22.2

%

Net income attributable to Cheetah Mobile Shareholders

 

25,994

 

9.7

%

9,608

 

3.5

%

35,602

 

13.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ordinary share (RMB)

 

0.02

 

 

 

0.01

 

 

 

0.03

 

 

 

Diluted earnings per ADS (RMB)

 

0.21

 

 

 

0.08

 

 

 

0.29

 

 

 

Diluted earnings per ADS (USD)

 

0.03

 

 

 

0.01

 

 

 

0.04

 

 

 

Total Cheetah Mobile shareholder’s equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Cheetah Mobile Inc.

Reconciliation of GAAP to Non-GAAP Results

(In '000, except for per share data)

 

 

 

For The Year Ended December 31, 2014

 

 

 

GAAP

 

% of Net

 

Share-based

 

% of Net

 

Non-GAAP

 

% of Net

 

Non-GAAP

 

 

 

Result

 

Revenues

 

Compensation

 

Revenues

 

Result

 

Revenues

 

Result ($)

 

Revenues

 

1,763,579

 

 

 

 

 

 

1,763,579

 

 

 

284,237

 

Cost of revenues

 

(403,412

)

22.9

%

1,393

 

0.1

%

(402,019

)

22.8

%

(64,794

)

Gross profit

 

1,360,167

 

77.1

%

1,393

 

0.1

%

1,361,560

 

77.2

%

219,443

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

(436,840

)

24.8

%

51,176

 

2.9

%

(385,664

)

21.9

%

(62,158

)

Selling and marketing

 

(580,610

)

32.9

%

7,407

 

0.4

%

(573,203

)

32.5

%

(92,384

)

General and administrative

 

(260,047

)

14.7

%

113,298

 

6.4

%

(146,749

)

8.3

%

(23,652

)

Total operating expenses

 

(1,277,497

)

72.4

%

171,881

 

9.7

%

(1,105,616

)

62.7

%

(178,194

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit

 

82,670

 

4.7

%

173,274

 

9.8

%

255,944

 

14.5

%

41,249

 

Net income attributable to Cheetah Mobile Shareholders

 

67,941

 

3.9

%

173,274

 

9.8

%

241,215

 

13.7

%

38,877

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ordinary share (RMB)

 

0.05

 

 

 

0.13

 

 

 

0.18

 

 

 

 

 

Diluted earnings per ADS (RMB)

 

0.51

 

 

 

1.29

 

 

 

1.80

 

 

 

 

 

Diluted earnings per ADS (USD)

 

0.08

 

 

 

0.21

 

 

 

0.29

 

 

 

 

 

 

 

 

For The Year Ended December 31, 2013

 

 

 

GAAP

 

% of Net

 

Share-based

 

% of Net

 

Non-GAAP

 

% of Net

 

Non-GAAP

 

 

 

Result

 

Revenues

 

Compensation

 

Revenues

 

Result

 

Revenues

 

Result ($)

 

Revenues

 

749,911

 

 

 

 

 

 

749,911

 

 

 

120,864

 

Cost of revenues

 

(140,526

)

18.7

%

10

 

0.0

%

(140,516

)

18.7

%

(22,647

)

Gross profit

 

609,385

 

81.3

%

10

 

0.0

%

609,395

 

81.3

%

98,217

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

(217,846

)

29.0

%

14,520

 

1.9

%

(203,326

)

27.1

%

(32,770

)

Selling and marketing

 

(201,504

)

26.9

%

2,835

 

0.4

%

(198,669

)

26.5

%

(32,020

)

General and administrative

 

(97,817

)

13.0

%

20,031

 

2.7

%

(77,786

)

10.3

%

(12,537

)

Total operating expenses

 

(517,167

)

68.9

%

37,386

 

5.0

%

(479,781

)

63.9

%

(77,327

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating profit

 

92,218

 

12.4

%

37,396

 

5.0

%

129,614

 

17.4

%

20,890

 

Net income attributable to Cheetah Mobile Shareholders

 

62,018

 

8.3

%

37,396

 

5.0

%

99,414

 

13.3

%

16,023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ordinary share (RMB)

 

0.05

 

 

 

0.03

 

 

 

0.08

 

 

 

 

 

Diluted earnings per ADS (RMB)

 

0.54

 

 

 

0.33

 

 

 

0.87

 

 

 

 

 

Diluted earnings per ADS (USD)

 

0.09

 

 

 

0.05

 

 

 

0.14

 

 

 

 

 

 



 

Cheetah Mobile Inc.

Revenues Generated from PC-based and Mobile-based Applications and Services

(In '000, except for per share data)

 

 

 

For The Three Months Ended

 

 

 

December 31, 2013

 

September 30, 2014

 

December 31, 2014

 

December 31, 2014

 

 

 

RMB

 

RMB

 

RMB

 

USD

 

 

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

PC

 

237,906

 

365,710

 

366,777

 

59,114

 

Mobile

 

31,273

 

112,968

 

222,111

 

35,798

 

Total

 

269,179

 

478,678

 

588,888

 

94,912

 

 

 

 

For The Year Ended December 31,

 

 

 

2013

 

2014

 

2014

 

 

 

RMB

 

RMB

 

USD

 

 

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

PC

 

694,640

 

1,298,561

 

209,290

 

Mobile

 

55,271

 

465,018

 

74,947

 

Total

 

749,911

 

1,763,579

 

284,237

 

 



 

Cheetah Mobile Inc.

(In '000, except for per share data)

 

 

 

For The Three Months Ended

 

 

 

December 31, 2013

 

September 30, 2014

 

December 31, 2014

 

December 31, 2014

 

 

 

RMB

 

RMB

 

RMB

 

USD

 

 

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

Domestic revenues

 

263,410

 

424,452

 

449,819

 

72,498

 

Overseas revenues

 

5,769

 

54,226

 

139,069

 

22,414

 

Total

 

269,179

 

478,678

 

588,888

 

94,912

 

 

 

 

For The Year Ended December 31,

 

 

 

2013

 

2014

 

2014

 

 

 

RMB

 

RMB

 

USD

 

 

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

Domestic revenues

 

739,412

 

1,541,699

 

248,476

 

Overseas revenues

 

10,499

 

221,880

 

35,761

 

Total

 

749,911

 

1,763,579

 

284,237

 

 


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