Agora Inc (API) 2024 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the Agora Inc. 4th quarter and fiscal year 2024 financial results conference call. During the presentation, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question.

您好，感謝您的支持。歡迎來到 Agora Inc.2024財年第四季及財務業績電話會議。在演示過程中，所有參與者都處於只聽模式。演講者演講結束後，將有問答環節。提出一個問題。

Please press 11 on your telephone. If your question has been answered and you wish to remove yourself from the queue, simply press 11 again. Please be advised that today's conference is being recorded. The company's earnings results press release, earnings presentation, SEC filings, and a replay of today's call can be found on its IR website at investor.

請在電話上按 11。如果您的問題已得到解答，並且您希望退出隊列，只需再次按 11 即可。請注意，今天的會議正在錄音。該公司的收益結果新聞稿、收益介紹、 SEC 文件以及今天電話會議的重播可在投資者關係網站的投資者關係頁面找到。

Agora.io.

Agora.io。

Joining me today are Tony Zao, founder, Chairman. And CEO and Jing Bo Wang, the company's CFO, reconciliations between the company's GAAP and non-gap results can be found in its earnings press release. During this call, the company will make forward-looking statements about its future financial performance and other future events and trends. These statements are only predictions that are based on what the company believes today, and actual results may differ materially. These forward-looking statements are subject to risks, uncertainties, assumptions, and other factors that could affect the company's financial results and the performance of its business. And which the company discussed in detail in its filings with the SEC, including today's earnings press release and the risk factors and other information contained in the final prospectus relating to its initial public offering. Agora Inc. Has no obligation to update any forward-looking statements the company may make on today's call. With that, let me turn the call over to Tony. Tony, you may begin.

今天與我一起出席的還有創辦人兼董事長 Tony Zao。該公司執行長兼財務長王靜波在收益新聞稿中可以找到公司 GAAP 和非差距結果之間的對帳。在本次電話會議中，本公司將對其未來財務表現以及其他未來事件和趨勢做出前瞻性陳述。這些聲明僅是基於公司目前的看法而做出的預測，實際結果可能存在重大差異。這些前瞻性陳述受可能影響公司財務表現和業務表現的風險、不確定性、假設和其他因素的影響。該公司在提交給美國證券交易委員會的文件中對此進行了詳細討論，包括今天的收益新聞稿以及首次公開募股最終招股說明書中包含的風險因素和其他資訊。Agora 公司沒有義務更新公司在今天的電話會議上做出的任何前瞻性陳述。說完這些，讓我把電話轉給東尼。東尼，你可以開始了。

All right, thank you, operator, and welcome everyone to our earnings call. I'll first review our operating results from the past quarter.

好的，謝謝接線員，歡迎大家參加我們的財報電話會議。我將首先回顧我們上個季度的經營業績。

This quarter, we achieved GAAP profitability, a significant milestone for our company. This success is a result of strong revenue growth from new use cases and disciplined cost management.

本季度，我們實現了 GAAP 盈利，這對我們公司來說是一個重要的里程碑。這一成功是新用例帶來的強勁收入成長和嚴格的成本管理的結果。

While we faced challenges over the past few years, from the pandemic to regulatory changes and macroeconomic pressures, our team's hard work, innovation and focus have brought us back to profitability.

雖然我們在過去幾年中面臨著從疫情到監管變化和宏觀經濟壓力等挑戰，但我們團隊的辛勤工作、創新和專注使我們恢復了盈利能力。

As we look ahead to 2025, we remain committed to driving operational efficiency and delivering sustainable, profitable growth.

展望 2025 年，我們將持續致力於提高營運效率並實現永續的獲利成長。

Total revenue in the fourth quarter was $34.5 million up 4% year over year, excluding revenues from certain end of sales, low margin products, mainly driven by business expansion in certain use cases such as live shopping and entertainment.

第四季總營收為 3,450 萬美元，年增 4%，不包括某些銷售終端、低利潤產品的收入，主要受直播購物和娛樂等某些用例的業務擴展所推動。

As of the end of 2024, we had over 1,700 active customers for Aurora and close to 2000 for show on excluding Isov, an increase of 2% and 8% respectively compared to one year ago.

截至 2024 年底，Aurora 活躍客戶超過 1,700 個，不包括 Isov 的活躍客戶接近 2000 個，與一年前相比分別成長了 2% 和 8%。

Now, let's turn to our business product and technology updates for the quarter.

現在，讓我們來看看本季的業務產品和技術更新。

The generative AI revolution is advancing at incredible pace over the past few months. We've seen groundbreaking developments from OpenAI's reasoning model 1 to Google's multi-modal, multimodal Gemini 2.0, as well as remarkable open source innovations like Disick.

過去幾個月，生成式人工智慧革命正以驚人的速度發展。我們看到了從 OpenAI 的推理模型 1 到Google的多模態、多模式 Gemini 2.0 的突破性發展，以及像 Disick 這樣的令人矚目的開源創新。

This transformation presents extraordinary opportunity for our business.

這種轉變為我們的業務帶來了非凡的機會。

Our real-time engagement technology is uniquely positioned to enable seamless voice-based interactions between human and AI models.

我們的即時參與技術具有獨特的優勢，可以實現人與人工智慧模型之間無縫的語音互動。

By moving beyond basic text chat to multimodal conversations, we are the key technology to enable and ensure more intuitive and expressive communication experiences.

透過超越基本的文字聊天到多模式對話，我們擁有實現和確保更直觀、更富有表現力的溝通體驗的關鍵技術。

It also introduced entirely new use cases where tax input simply is not practical or efficient.

它還引入了稅收投入根本不切實際或高效的全新用例。

However, many large language models today still lack robust voice interaction capabilities.

然而，當今許多大型語言模型仍然缺乏強大的語音互動能力。

For those that do support what interaction, the experience often falls short with high latency, awkward pulses, interruptions, and sensitivity to background noises.

對於那些確實支援互動的使用者來說，體驗通常會因高延遲、尷尬的脈衝、中斷和對背景噪音的敏感度而出現缺陷。

Which can lead to fru frustrating user experience.

這可能會導致令人沮喪的用戶體驗。

To address this GAAP, we supported and contributed to an open source project in our developer community called the Transformative Extension Network or 0.

為了解決這個 GAAP，我們支持並貢獻了開發者社群中一個名為「Transformative Extension Network」或 0 的開源專案。

10 is an obtration framework that enables developers to rapidly build multimodal AI agents. It integrates building blocks for speech to text, large language models, text to speech, retrieval, argument, generation, video understanding, and many other useful models.

10 是一個輔助框架，使開發人員能夠快速建立多模式 AI 代理程式。它整合了語音到文字、大型語言模型、文字轉語音、檢索、論證、生成、視訊理解和許多其他有用模型的建構模組。

Useful modules, enabling developers to easily create real-time low latency AI experiences. Essentially, this framework can enable any text-based large language model to deliver a conversational, voice-based conversational experience.

實用的模組，使開發人員能夠輕鬆創建即時低延遲的 AI 體驗。本質上，這個框架可以使任何基於文字的大型語言模型提供對話式、基於語音的對話體驗。

For example, a developer can use 10 to quickly build a voice agent combining Microsoft STT deep 6 larger language model, and Fish audio's tact to speech, all in a matter of minutes.

例如，開發人員可以使用 10 快速建立一個語音代理，結合 Microsoft STT 深度 6 大語言模型和 Fish Audio 的語音轉語音功能，只需幾分鐘即可完成。

Since its launch, Chen has become the fast growing, fastest growing project of its kind, earning over 4,500 gig stars in just a few months.

自推出以來，Chen 已成為同類項目中發展最迅速、成長最快的項目，短短幾個月內就獲得了超過 4,500 名演出明星。

On multiple occasions, 10 topped the trending list as the number one peasant project on GitHub and remained on the list of, on the list for several days.

10 多次榮登 GitHub 熱門榜單，成為第一大農民項目，並在榜單上停留數日。

Building on 10's success. I'm excited to announce the launch of our conversational AI engine, an enterprise grade solution that empowers developers to create interactive voice experiences with any AI model.

鞏固 10 年的成功。我很高興地宣布推出我們的對話式 AI 引擎，這是一個企業級解決方案，使開發人員能夠使用任何 AI 模型創建互動式語音體驗。

Whether it's a customer built model deployed on-premise or leading large language model accessed via API, our conversational AI engine can make it talk and interact naturally with humans.

無論是在本地部署的客戶建立模型，還是透過 API 存取的領先大型語言模型，我們的對話式 AI 引擎都可以讓它與人類自然地交談和互動。

What sets this solution apart is its ability to integrate easily with new AI models. For instance, we integrated with Google Ge multimodal live API within 24 hours of its release in last December.

該解決方案的獨特之處在於它能夠輕鬆與新的 AI 模型整合。例如，我們在去年 12 月 Google Ge 多模式即時 API 發布後 24 小時內就與其進行了整合。

The same 24 hour integration was true for Deit in January.

1 月 Deit 也經歷了同樣的 24 小時積分。

Our solution is also compatible with many popular STT and TPS modules.

我們的解決方案還相容於許多流行的 STT 和 TPS 模組。

But broad compatibility is not only advantage. Our conversational AI engine eos, elevates the conversation experience in three key areas. First, conversation dynamics.

但廣泛的兼容性不僅僅是優勢。我們的對話式 AI 引擎 eos 在三個關鍵領域提升了對話體驗。首先，對話動態。

To create natural human-like interactions. The engine intelligently detects and pulses for user interactions within 350 milliseconds, ensuring conversations feel smooth and intuitive.

創造自然的類似人類的互動。該引擎可在 350 毫秒內智慧檢測並脈衝用戶交互，確保對話流暢且直覺。

Second, voice processing. Our selective attentional algorithm enables the AI models to focus solely on the prime speaker, primary speaker and topic, filtering out distractions from irrelevant speakers in the background. Additionally, our advanced noise suppression and echo cancellation algorithms ensure that the AI model receives crystal clear human inputs necessary for generating high quality responses.

第二，語音處理。我們的選擇性注意力演算法使人工智慧模型能夠專注於主要發言人、主要發言人和主題，過濾掉背景中不相關發言人的干擾。此外，我們先進的噪音抑制和迴聲消除演算法可確保 AI 模型接收產生高品質反應所需的清晰的人工輸入。

Lastly, latency.

最後，延遲。

Leveraging our global infrastructure, the engine responds to queries in as little as 500 milliseconds.

利用我們的全球基礎設施，該引擎可在短短 500 毫秒內回應查詢。

Dynamically handling packet loss and minimize delays across different network conditions.

動態處理資料包遺失並最大限度地減少不同網路條件下的延遲。

We have been working closely with customers to build in the past conversational AI applications across various use cases.

我們一直與客戶密切合作，建立涵蓋各種用例的對話式 AI 應用程式。

From virtual companions and live language tutoring to smart IOT devices, virtual shopping assistant and customer support.

從虛擬伴侶和現場語言輔導到智慧物聯網設備、虛擬購物助理和客戶支援。

We believe this innovation will accelerate the adoption of conversational AI across industries and become a key driver of our future growth.

我們相信，這項創新將加速對話式人工智慧在各行業的應用，並成為我們未來成長的關鍵驅動力。

Before I wrap up, I want to take a moment to set incredible teams and Aurora and so on. Our dedication, your dedication and hard work in this fast evolving environment have been nothing short of inspiring.

在結束之前，我想花點時間來設定令人難以置信的團隊和 Aurora 等等。在這個快速發展的環境中，我們的奉獻、您的奉獻和努力工作無不鼓舞人心。

Today, we are pushing the boundary of real-time AI interactions and unlocking new possibilities for human AI communication.

今天，我們正在突破AI即時互動的界限，為人類AI交流解鎖新的可能性。

I'm excited about what what lies ahead, and I look forward to sharing more updates with you soon.

我對未來充滿期待，並期待很快與大家分享更多最新消息。

With that, let me turn things over to Jimbo, who will review our financial results.

說完這些，讓我把事情交給 Jimbo，他將審查我們的財務結果。

Thank you, Tony. Hello, everyone. Let me start by first reviewing financial results for the fourth quarter of 2024. And then I will discuss Outlook for the first quarter of 2025.

謝謝你，托尼。大家好。首先，我來回顧一下 2024 年第四季的財務表現。然後我將討論 2025 年第一季的展望。

Total revenues were 34.5 million in the fourth quarter, excluding revenues from certain end of sale, low margin products, total revenuees increased 9.1% quarter over quarter and 3.6% year over year.

第四季總收入為 3,450 萬美元，不包括某些銷售末期、低利潤產品的收入，總收入較上季成長 9.1%，較去年同期成長 3.6%。

A core revenues for 17.4 million in the fourth quarter, an increase of 10.8% quarter over quarter, and an increase of 13.7% year over year.

第四季核心營收為1,740萬美元，季增10.8%，較去年同期成長13.7%。

The increase was primarily due to business expansion and usage growth in certain verticals, such as live shopping and entertainment.

成長主要歸因於直播購物和娛樂等某些垂直領域的業務擴張和使用量成長。

Show on revenues or RMB122.2 million in the fourth quarter, excluding revenues from certain end of sale low margin products. She revenues increased 8.2% quarter to quarter and decreased 5.4% year over year.

第四季營收為1.222億元人民幣，不包括某些終端銷售低利潤產品的收入。她的營收季增8.2%，年減5.4%。

The quarter over quarter increase was primarily due to an increase in revenues from digital transformation customers.

環比成長主要由於數位轉型客戶收入的增加。

The year over year decrease was primarily due to slowing demand from social and entertainment verticals due to regulation and general economic conditions.

年比下降主要是由於監管和總體經濟狀況導致社交和娛樂垂直行業的需求放緩。

The dollar-based net retention rate is 95% for Aurora and 79% for Shenhuang, excluding revenues from certain end of sale products and it continued business.

不包括某些終止銷售產品和持續經營業務的收入，奧羅拉（Aurora）的美元淨留存率為 95%，神皇的美元淨留存率為 79%。

Moving on to cost and expenses, gross margin for the fourth quarter was 66.6%. If we exclude gross profit from certain enough sale products, gross margin of continuing business slightly decreased 0.1% over quarter over quarter and 0.8% year over year.

談到成本和費用，第四季的毛利率為 66.6%。若剔除部分足夠銷售產品的毛利，持續經營業務毛利率較上月下降0.1%，年減0.8%。

As we mentioned in the last earnings call, we restructured and reduced our global workforce in November 2024.

正如我們在上次財報電話會議上所提到的，我們在 2024 年 11 月進行了重組並裁減了全球員工隊伍。

Operating expenses were 28.5 million in the fourth quarter decreased.

第四季營運支出減少了2850萬美元。

4.1 million from 32.6 million in Q2 2024 as a baseline.

以 2024 年第二季的 3,260 萬為基準，成長 410 萬。

We expect to see additional savings on operating expenses in Q1 2025.

我們預計 2025 年第一季的營運費用將進一步節省。

Are the expenses?

有花費嗎？

Or 14.8 million in Q4, decreased 9.3% year over year. Earnings represented 42.9% of total revenue in the quarter compared to 45.3% in Q4 last year.

第四季為1480萬，年減9.3%。本季獲利佔總營收的 42.9%，去年第四季為 45.3%。

So the marketing expenses were 7.3 million in Q4, increased 3.1% year over year.

因此第四季的行銷費用為 730 萬美元，年增 3.1%。

So the marketing expenses represented 21.1% of total revenues in the quarter compared to 19.6% in Q4 last year.

因此，本季行銷費用佔總營收的 21.1%，而去年第四季為 19.6%。

Yeah, they're expensive.

是的，它們很貴。

Or 6.4 million in Q4, decreased 18.4% year over year.

第四季為 640 萬，年減 18.4%。

GNA expenses represented 18.6% of total revenues in the quarter compared to 21.9% in Q4 last year.

GNA 支出佔本季總營收的 18.6%，去年第四季為 21.9%。

Moving on to the bottom line, net income was 0.2 million in Q4, translating to a 0.5% net margin fourth quarter compared to a net loss margin of 7.2% in Q4 last year.

談到底線，第四季淨收入為 20 萬美元，相當於第四季度淨利潤率為 0.5%，而去年第四季的淨虧損率為 7.2%。

As Tony just mentioned, we achieved a significant milestone this quarter profitability on GAAP basis for the first time in several years.

正如托尼剛才提到的，本季我們首次在 GAAP 基礎上實現了重要的獲利里程碑。

This not only demonstrates our ability to deliver our commitments, but also reflects on revering's focus on creating long-term value for shareholders.

這不僅證明了我們履行承諾的能力，也體現了我們致力於為股東創造長期價值的決心。

Looking ahead, we remain committed to driving innovation, optimizing our operations, and maintaining the financial discipline necessary to ensure continued success.

展望未來，我們將繼續致力於推動創新、優化營運並維持必要的財務紀律，以確保持續成功。

Now turning to cash flow, operating cash flow was 4.5 million in Q4, compared to 3.7 million last year.

現在談到現金流，第四季的營運現金流為 450 萬美元，而去年同期為 370 萬美元。

Free cash flow was 4.3 million compared to 3.4 million last year.

自由現金流為 430 萬美元，去年同期為 340 萬美元。

Moving on the balance sheet, we ended Q4 with 363.8 million in cash equivalents, bank deposits, and financial products issued by banks.

從資產負債表來看，截至第四季末，我們擁有 3.638 億美元的現金等價物、銀行存款和銀行發行的金融產品。

That cash inflow in the quarter was mainly due to free cash flow of 4.3 million, which was offset in part by share repurchase of 1.4 million.

本季的現金流入主要來自 430 萬的自由現金流，但被 140 萬的股票回購部分抵銷。

Since the board approved our share repurchase program in February 2022, and as of the end of 2024, we have completed 58% of our $200 million share repurchase program.

自董事會於 2022 年 2 月批准我們的股票回購計畫以來，截至 2024 年底，我們已完成 2 億美元股票回購計畫的 58%。

We are pleased to announce that our board has authorized authorized another 12 month extension of our shared repurchase program through February 28, 2026 with all other terms unchanged.

我們很高興地宣布，董事會已批准將我們的共享回購計畫再延長 12 個月至 2026 年 2 月 28 日，其他所有條款保持不變。

This decision reflects the board's confidence in the company's long-term growth potential and our commitment to delivering values for our shareholders.

這項決定反映了董事會對公司長期成長潛力的信心以及我們為股東創造價值的承諾。

Not turning into guidance for the first quarter of 2025. We currently expect total revenues to be between 31 and 33 million.

不會轉換為 2025 年第一季的指引。我們目前預計總收入在3100萬至3300萬之間。

Compared to 29.7 million in the first quarter of 2024.

而 2024 年第一季為 2,970 萬。

If revenues from certain of low margin products are excluded.

如果排除某些低利潤產品的收入。

Looking forward, our goal is to maintain sustained profitability through 2025.

展望未來，我們的目標是到2025年保持持續獲利。

Throughout 2025, driven by strategic initiatives, operational efficiency, and emerging market opportunities in generative A have.

在整個 2025 年，在策略性舉措、營運效率和生成性 A 的新興市場機會的推動下。

This outlook reflects our current and preliminary views on the market and operational conditions, which are subject to change.

這項展望反映了我們對市場和營運條件的當前和初步看法，這些看法可能會改變。

In closing, I'd like to express my sincere gratitude to both Aura and Shulong teams for incredible effort and commitment.

最後，我要向 Aura 和 Shulong 團隊的巨大努力和承諾表示誠摯的感謝。

It's what made these achievements possible.

這正是這些成就得以實現的原因。

And thank you to everyone for attending the call today.

並感謝大家今天參加電話會議。

Let's open it up for questions.

讓我們開始提問吧。

Certainly, ladies and gentlemen, if you do have a question at this time, please press 11 on your telephone.

當然，女士們、先生們，如果您此時確實有問題，請在電話上按 11。

And our first question comes from the line of Harry Wang from Bank of America Securities. Your question, please?

我們的第一個問題來自美國銀行證券公司的 Harry Wang。請問您的問題是什麼？

Hi. Thanks for taking my question. I'm asking on behalf of Dai Lee. I have a few questions. Firstly, on the demand side, what are the trends in overseas and China market? And what are the key sectors that are driving driving growth in 2025.

你好。感謝您回答我的問題。我代表戴李詢問。我有幾個問題。第一，需求方面，海外和中國市場的趨勢是怎麼樣的？那麼，2025 年推動成長的關鍵產業有哪些？

Secondly, on the AI side, has recently seen an increase in AI related demand and in what scenarios have we seen the application of our AI related technologies? And lastly, on the profitability side, what are the gross profit margin and GAAP profit targets for 2025.

第二，在人工智慧方面，我們最近看到與人工智慧相關的需求正在增加，我們在哪些場景看到了人工智慧相關技術的應用？最後，在獲利能力方面，2025 年的毛利率和 GAAP 利潤目標是多少。

Thank you.

謝謝。

Okay, I'll talk about the demand side. On China side, we see demand, mostly on IoT side and the digital transformation side. And of course, the AI comes in with more activities to explore the potentials on global market, we see live commerce, greater economy. And, Chinese company go overseas all driving force to to growth.

好的，我來談談需求方面。在中國方面，我們看到了需求，主要是在物聯網方面和數位轉型方面。當然，人工智慧帶來了更多的活動來探索全球市場的潛力，我們看到了現場商業和更偉大的經濟。其中，中國企業走出去是推動成長的全部動力。

After our launch of our conversational engine, we have received quite a lot of customer interest, actively exploring the opportunity to build with that.

在我們推出對話引擎之後，我們收到了相當多的客戶興趣，並積極探索利用該引擎進行構建的機會。

So that's in general on the demand side, especially around AI we see growing interest from developers and customers, particularly with the recent model launch such as Deepsick and Geline and a lot of open source model launch.

因此，總體而言，從需求方面來看，特別是在人工智慧領域，我們看到開發人員和客戶的興趣日益濃厚，尤其是最近推出的 Deepsick 和 Geline 等模型以及大量開源模型的發布。

Our conversational. AI engine product is a great fit with that time to build voice agents, with AI agent for or with AI based applications. We see some huge potentials in a couple of use cases, like companionship in apps and in both apps and IT devices. Such as companion robots and smart toys, smart choices, toys for children.

我們的談話。AI 引擎產品非常適合當時建立語音代理、使用 AI 代理或基於 AI 的應用程式。我們在一些用例中看到了巨大的潛力，例如應用程式內的陪伴以及應用程式和 IT 設備內的陪伴。例如伴侶機器人和智慧玩具、智慧選擇、兒童玩具。

And with AI can also be widely applied in education platform, especially for language learning and practicing. In enterprise levels such as call center or, customer service, there's a clear demand and a lot of experimental activities on those areas, we actually see many similarities in all major markets. So it happens in parallel in different markets at this moment.

而且人工智慧還可以廣泛應用於教育平台，特別是語言的學習和練習。在企業層面，例如呼叫中心或客戶服務，這些領域存在著明確的需求和大量的實驗活動，我們實際上在所有主要市場都看到許多相似之處。因此，目前這種情況在不同的市場同時發生。

In general, we see a lot of interest in exploring all kinds of use cases based on large model, but our view is the methodologies and tools to build agents are far from mature. So it will still take a long time for sophisticated agents to be built and launched. In the long term, those agents will be disruptive and create huge volume for us. However, given the reality that the whole technology community is still actively improving the foundation models, infrastructures, tools, and frameworks to upstate agents. We expect current AI adoption to be faster in existing mature use cases where with AI agent could be used to only replace a segment of whole customer experience.

總的來說，我們看到人們對探索基於大型模型的各種用例很感興趣，但我們認為建立代理的方法和工具還遠未成熟。因此，建立和推出成熟的代理商仍需要很長時間。從長遠來看，這些代理商將對我們造成破壞並為我們創造巨大的業務量。然而，考慮到整個技術社群仍在積極改進基礎模型、基礎設施、工具和框架以向上州代理的現實情況。我們預計，在現有的成熟用例中，人工智慧的採用將會更快，其中人工智慧代理僅可用於取代整個客戶體驗的一部分。

That kind of, experience have a much higher chance to success and especially those replacements focused on replacing some of the human functions. So to improve the productivity or increase the efficiency rather than creating a whole new use case or whole new user experience. That's a more, successful path. We are seeing, in the whole, experiment of new AI based use case.

這種經驗的成功率更高，尤其是那些專注於取代某些人類功能的替代品。因此，提高生產力或提高效率而不是創造全新的用例或全新的使用者體驗。這是一條更成功的道路。總體而言，我們看到了基於新 AI 用例的實驗。

We are working closely with a group of customers and the POC at the POC stage and hope we can see some application launch in the coming months. .

我們正在 POC 階段與一組客戶和 POC 密切合作，希望能夠在未來幾個月內看到一些應用程式的推出。 。

Sure, I'll talk about the gross profit and net profit outlook.

當然，我會談談毛利和淨利潤前景。

So in terms of the gross margin, we expect it to maintain at a cost level around 67%, as we saw in the fourth quarter. We think that's the right balance between profitability and also competitiveness.

因此，就毛利率而言，我們預計其成本水準將維持在 67% 左右，就像我們在第四季度看到的那樣。我們認為這是獲利能力和競爭力之間的適當平衡。

Pressure, peer competitors.

壓力，同行的競爭對手。

So in terms of the bottom line, I want to start with the revenue, right. So if you look at our revenue guidance for Q1, the at mid point, it implies a year on year growth rate of 7.7% and our plan certainly need to maintain this growth rate throughout the year, if not accelerate.

因此，就底線而言，我想從收入開始，對吧。因此，如果你看一下我們第一季的收入預期，中間值意味著同比增長率為 7.7%，而我們的計劃肯定需要全年保持這一增長率，如果不加速的話。

And on the other hand, we don't expect any significant increase in terms of operating expenses. So as a result, we expect to see a stronger growth, on the bottom line compared to the top line.

另一方面，我們預計營運費用不會大幅增加。因此，我們預期獲利成長將比營收成長更強勁。

Okay thanks management.

好的，謝謝管理層。

Thank you.

謝謝。

Thank you. And our next question comes from the line of Li Ping Zhao from CICC. Your question, please?

謝謝。我們的下一個問題來自中金公司的趙李平。請問您的問題是什麼？

Good morning, Tony and JingBo. Thanks for taking my questions and congratulations, for the, GAAP profitable quarter. And I got two questions here. First is that, I noticed that Agora growth. Rating for Q reached 13.7% year over year. And could you give more color on the strong recovery of the growth rate and should we expect the growth momentum of Aurora to continue in 2025? And the second question is about the Dis impact, as we see that Dis has significantly boosted adoption in both enterprise side and also consumer side. How do you view the demand for Voice and multimodal interaction in next 2 years and which scenarios will be prioritized for Agora and Sheng Wang to focus on in the next 2 years.

早安，托尼和景波。感謝您回答我的問題，並祝賀本季實現 GAAP 盈利。我這裡有兩個問題。首先，我注意到 Agora 正在成長。Q 的評級年增了 13.7%。能否詳細介紹一下成長率的強勁復甦？我們是否應該預期 Aurora 的成長勢頭將在 2025 年繼續保持？第二個問題是關於 Dis 的影響，我們看到 Dis 顯著提高了企業和消費者方面的採用率。您如何看待未來2年語音和多模態互動的需求，以及未來2年聲網和聲網會優先佈局哪些場景。

Thank you.

謝謝。

Oh, I'll take the first question. So yes, of course, delivered a very nice growth rate in the 4th quarter and as we guided the multi times in the past, so it was driven really by, expansion of usage in some novel use cases, for example, live commerce, we can talk about this many cultures I had before. 2 years ago, live commerce was virtually zero, was not a revenue contributor for us, and in less than 2 years, it grew to more than 10% of revenue globally and close to 20% of revenue for growth, and it is still growing, and we believe it's still in the early stage of.

哦，我來回答第一個問題。是的，當然，我們在第四季度實現了非常好的成長率，正如我們過去多次預測的那樣，這實際上是受到一些新用例的使用擴展所推動的，例如，現場商務，我們可以談談我之前所擁有的許多文化。兩年前，直播商務幾乎為零，沒有為我們帶來任何收入，而在不到兩年的時間裡，直播商務的營收佔比增長到了全球的10%以上，增速接近20%，並且仍在增長，我們認為它仍處於早期階段。

Video-based shopping experience, videoba live shopping experience, in the US and other Western markets.

基於視訊的購物體驗，videoba現場購物體驗，在美國和其他西方市場。

Videoba live shopping is already everywhere in all the apps in China, all the shopping apps have that functionality, but in Western markets that's still, you can only see that in some, newer generation.

Videoba直播購物已經遍布中國的所有應用程序，所有的購物應用程式都具有該功能，但在西方市場，這仍然存在，你只能在一些較新的一代中看到它。

Apps and not in the mainstream, e-commerce apps. So I believe, there's still a long way to go. And in addition to that, we have a greater economy, the san-based, social networks, which we don't really see that many in China, but, it's it's pretty interesting in case so and that has been going for well. And in this, we have some.

不是主流的應用程序，而是電子商務應用程式。所以我相信，還有很長的路要走。除此之外，我們擁有更大的經濟，以社交媒體為基礎的社交網絡，這些在中國並不常見，但是，在這種情況下，這相當有趣，而且情況一直很好。在這方面，我們有一些。

Customer with Chinese background operating completely in Western or Middle East or South Asian markets, they have also, delivered growth in in the past quarter. So overall, we still, we are still optimistic about the grow our business, and we certainly hope to see, further growth.

擁有中國背景、完全在西方、中東或南亞市場營運的客戶在過去的一個季度也實現了成長。因此總體而言，我們仍然對業務成長持樂觀態度，並且我們當然希望看到進一步的成長。

Yeah, I can add more on the growth areas for both sides. As I said, the use case of AI enabled conversational AI enabled can be divided into two categories, basically service agent for efficiency and saving time and companionship is basically for entertainment and maybe. Send people's, more time on having a better emotional support or other social demands. We see companionship apps is very active, especially with IOT devices, and, Education, use cases are also the trend. We already see a real volume start to grow on that, but we see a huge potential down down the road in the next two years to continue to grow.

是的，我可以補充更多關於雙方成長領域的資訊。正如我所說，人工智慧對話式人工智慧的用例可以分為兩類，服務代理基本上是為了提高效率和節省時間，而陪伴基本上是為了娛樂，也許。將人們更多的時間花在獲得更好的情感支持或其他社交需求上。我們看到陪伴應用程式非常活躍，尤其是物聯網設備，而且教育用例也是趨勢。我們已經看到實際銷售量開始成長，但我們也看到未來兩年持續成長的巨大潛力。

LT device as I said on comanionship, is having a clear, chance to grow into volume in the next 2 years. Customer service and call center would, transform a lot of the, initial volume, maybe, outbound calls first to, agents enabled, use case, and, some other use cases, including, for, efficiency side, helping people to run. Type of co-pilot, and those co-pilots all have a chance to turn into conversational user interactions or interface, so those are the areas we see might have a good chance. And of course, AI community development would also give some strong push like the open.

正如我在 comanionship 上所說，LT 設備在未來 2 年內明顯有機會大量成長。客戶服務和呼叫中心可能會將大量的初始呼叫量（可能首先是外撥電話）轉換為代理啟用的用例，以及一些其他用例，包括效率方面，幫助人們運行。副駕駛的類型，這些副駕駛都有機會轉變為對話式使用者互動或介面，所以這些是我們認為可能有很好機會的領域。當然，人工智慧社群發展也會像開放一樣給予一些強而有力的推動。

Open source community gain a stronger power, and the price is definitely the price of such a large language model, kind of keep dropping quite quickly, all hoping for to enable those growth.

開源社群獲得了更強大的力量，而如此大型語言模型的價格肯定是會迅速下降，所有人都希望能夠實現這些成長。

On the overall, over, overall trend trend size.

就整體而言，整體趨勢趨勢大小。

Okay, sir, can you repeat the second question?

好的，先生，您能重複第二個問題嗎？

Oh, the second question is about, deep seek, because, the company has like significantly boosted the adoption of AI in both enterprise side and, consumer side. So I don't know, whether like, a grand show want want to find some trends, in these areas and, which kind of like key business focused, areas for.

哦，第二個問題是關於深度探索，因為該公司已經顯著推動了企業和消費者對人工智慧的採用。所以我不知道盛大的展會是否想在這些領域找到一些趨勢，以及哪些是重點業務領域。

In the next 2 years.

在接下來的2年裡。

Yes, for, as I mentioned just now, a little bit on, it definitely give a strong push to the whole community and agent builders where it supplies a high intelligence and low cost model and open source model of, on the demand side.

是的，正如我剛才提到的，它肯定會為整個社群和代理商建立者帶來強大的推動力，在需求方面，它提供了一種高智慧、低成本的模型和開源模型。

So, and, not just on the cost side and the open source side, but also, on, intelligence side, it enhance the quality of the language model capabilities. So that will enable agent building a lot. So I, we're seeing agent building to be the new buzzword. And growing very fast. Technology innovations around building agent is kind of quite active and start to gain more developer attention and we are part of it, especially in enabling with, conversational experiences for our agents. And, in the next two years, multimodal or voice conversational. AI experience, will start to grow into more practical use cases, multimodal understanding, will also help enrich the power and, the kind of the reach of such use cases.

因此，它不僅在成本方面和開源方面，而且在智慧方面，也提高了語言模型功能的品質。這將大大促進代理建設。因此，我們看到代理建設正在成為新的流行語。而且成長非常快。圍繞構建代理的技術創新非常活躍，並開始引起更多開發人員的關注，我們是其中的一部分，特別是在為我們的代理提供對話體驗方面。並且，在未來兩年內，將實現多模式或語音對話。人工智慧經驗將開始發展成為更實際的用例，多模式理解也將有助於豐富此類用例的力量和影響力。

With interactions will be much more efficient compared to currently like tax-based interactions and will likely to become a critical capability of AI agents.

與目前基於稅收的互動相比，互動將更加高效，並可能成為人工智慧代理的關鍵能力。

As a multimodal capabilities of AI agents continue to advance, the, there are more new use cases to be unlocked. .

隨著人工智慧代理的多模式能力不斷進步，還有更多新的用例有待解鎖。。

On framework side, I think there will be more evolution around multi-agent collaboration, agent orchestration to help developers agent building activities. This will enable multi-agent coordination and data exchange, paving the way for more com complex inter interactive use case among human users and AI agents.

在框架方面，我認為圍繞多代理協作、代理編排將會有更多的發展，以幫助開發人員代理建立活動。這將實現多代理協調和資料交換，為人類用戶和人工智慧代理之間更複雜的互動用例鋪平道路。

So, those are all.

好了，就這些了。

Factors that's going to accelerate the growth of, agent, in.

加速代理商成長的因素。

In the next 2 years.

在接下來的2年裡。

Thanks, Tony and Jing Boo. That's very helpful.

謝謝，Tony 和 Jing Boo。這非常有幫助。

Thank you. And once again, if you have a question at this time, please press 11 on your telephone.

謝謝。再次強調，如果您此時有疑問，請在電話上按 11。

Thank you everyone for attending the company's call today. As a reminder, the recording in the earnings release will be available on the company's website at investor.aggora.io. And if there are any questions, please feel free to email the company.

感謝大家今天參加公司的電話會議。提醒一下，收益報告的記錄將在公司網站 investor.aggora.io 上發布。如果您有任何疑問，請隨時給公司發送電子郵件。

Thank you.

謝謝。