Cheer Holding, Inc.
Cheer Holding, Inc. is a Cayman Islands-incorporated company operating from Beijing that provides mobile internet infrastructure and platform services primarily in China. Its activities include digital advertising, the CHEERS e-Mall marketplace, and related content and platform services.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueDigital advertising services delivered through the company’s mobile internet platforms.
Marketplace services connecting users and merchants through the CHEERS e-Mall platform.
Produced media content and other platform-related activities outside advertising and marketplace services.
Products
Reported · share of revenue- Advertisingrevenue98.2 %
- Copyrightsrevenue1.8 %
Source: 20-F FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Cheer Holding sells primarily to customers located in China, with advertising customers representing substantially all disclosed revenue. The company also serves participants in its CHEERS e-Mall marketplace and counterparties connected with its platform and content activities. Customer concentration is significant: six customers each represented between 11% and 23% of first-half 2026 revenue.
Primarily China-based businesses buying digital advertising access through Cheer’s mobile platforms.
Larger counterparties purchasing mobile internet infrastructure or platform-related services.
Merchants using marketplace services to reach users and facilitate online transactions.
Partners involved in financing, co-producing, acquiring, or distributing film and television content.
Strategy
The company’s strategic direction centers on expanding mobile internet infrastructure and platform services while monetizing user engagement through digital advertising. CHEERS e-Mall and produced content provide additional platform and ecosystem offerings, although advertising remains the dominant disclosed revenue source. Broadening the customer and revenue base would be strategically important because the current model is highly dependent on a small number of Chinese customers.
Broader platform capabilities can increase user reach and advertising inventory.
Marketplace activity diversifies monetization beyond advertising.
Reducing dependence on six major customers would lower revenue and receivables concentration.
Content can support audience retention and create additional monetization opportunities.
Geography
Cheer Holding’s commercial activity is concentrated in China, and its reports identify customers as being located primarily in China. The company’s operating and shareholder communications are centered on Beijing, while the parent company is incorporated in the Cayman Islands and listed on Nasdaq. No country-level revenue percentages or absolute revenue figures were disclosed in the provided excerpts.
Risks
Cheer Holding faces substantial customer concentration, credit concentration, and dependence on the Chinese digital advertising market. Six customers accounted for all individually disclosed major revenue concentrations in the first half of 2026, while two vendors represented 86% of accounts payable. The business is also exposed to Chinese regulatory and economic conditions, advertising demand cycles, content valuation estimates, and the execution risk of developing smaller marketplace and content businesses.
Six customers represented 23%, 22%, 17%, 15%, 12%, and 11% of first-half 2026 revenue.
Exposure: Revenue and receivables
Two vendors accounted for 56% and 30% of accounts payable at June 30, 2026.
Exposure: Supplier continuity and payables
Operations and customers are primarily in China, exposing the company to policy and economic changes.
Exposure: Operations and customer demand
Advertising represents virtually all disclosed revenue, linking performance to advertiser budgets and engagement.
Exposure: Revenue generation
Content assets depend on estimates of future revenue and may require impairment if expected performance declines.
Exposure: Content assets and cost of sales
The parent reports in U.S. dollars while operating activities and customer relationships are primarily China-based.
Exposure: Translation and reported results
Accounting
Judgemental itemsAdvertising services are recognized over time, while marketplace and other revenue are generally recognized at a point in time.
Impact: Affects period-to-period revenue comparability and reported contract activity.
Content amortization is based on current revenue relative to estimated remaining ultimate revenue.
Impact: Changes in forecasts can alter amortization expense prospectively.
Content is tested when estimated future revenue or other conditions indicate fair value may be below carrying cost.
Impact: Could create an immediate charge to earnings and reduce asset values.
Six customers represented between 10% and 22% of net accounts receivable at June 30, 2026.
Impact: Defaults or delayed payments could materially affect credit-loss provisions and cash collection.
China-based operating activity is consolidated into U.S. dollar financial statements.
Impact: Currency movements can affect reported assets, liabilities, revenue, and equity.
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Last updated: 08/09/2026