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Nancy Liu

Vice President and Equity Research Analyst at JPMorgan Chase & Co.

Nancy Liu is a Vice President and Equity Research Analyst at JPMorgan Chase & Co., specializing in coverage of the consumer discretionary sector, including key companies such as Nike, Under Armour, and Foot Locker. She has built a reputation for delivering accurate stock recommendations and generating competitive investment returns, with a documented success rate exceeding 65% and consistently outperforming sector benchmarks. Nancy began her finance career in 2014 at Barclays, transitioned to JPMorgan Chase in 2017, and holds the Series 7 and Series 63 registrations and is a FINRA-registered securities professional. She has been recognized for her rigorous analysis and has appeared among the top consumer sector analysts in industry rankings.

Nancy Liu's questions to Cheetah Mobile (CMCM) leadership

Question · Q2 2025

Nancy Liu asked if Cheetah Mobile is confident in achieving overall profitability in Q3, given its near break-even status in Q2. She also inquired about the biggest obstacles to the robot business achieving break-even or future profitability and how the company plans to address them.

Answer

CFO and Director Thomas Ren stated confidence in Q3 performance, reiterating the internet business's role as a reliable cash flow generator. He identified the main obstacle for the robot business as consistently finding and focusing on scalable, commercially viable application scenarios with common technical requirements, large market potential, and replicable business models. He emphasized strategic focus on high-potential scenarios, strict ROI evaluation for projects, and the successful acquisition of UFactory as an example of a profitable, scenario-focused B2B company. Chairman and CEO Fu Sheng added that the core challenge in robotics is achieving a positive return on investment (ROI) through high efficiency, reliability, and low cost in specific tasks, rather than solely pursuing advanced technology.

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