Agora Inc (API) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Agora Inc. Second Quarter 2025 Financial Results Conference Call. (Operator Instructions) 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.agora.io.

大家好，感謝您的收看。歡迎參加 Agora Inc. 2025 年第二季財務業績電話會議。 （操作員指示）請注意，今天的會議正在錄製中。本公司的獲利業績、新聞稿、獲利報告、美國證券交易委員會 (SEC) 文件以及今天電話會議的重播均可在其投資者關係 (IR) 網站 investor.agora.io 上找到。

Joining me today are Tony Zhao, Founder, Chairman and CEO; and Jingbo Wang, the company's CFO. During this call, the company will make forward-looking statements about its future financial performance and other future events and trends.

今天與我一同出席的還有公司創辦人、董事長兼執行長趙明和財務長汪靜波。在本次電話會議上，本公司將就未來財務表現以及其他未來事件和趨勢做出前瞻性陳述。

These statements are only predictions and are based on what the company believes today, the 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 in 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 in its initial public offering.

這些陳述僅為預測，基於公司目前的信念，實際結果可能有重大差異。這些前瞻性陳述受風險、不確定性、假設和其他可能影響公司財務表現和業務表現的因素影響，公司已在提交給美國證券交易委員會（SEC）的文件中詳細討論了這些因素，包括今天的收益新聞稿以及與首次公開募股相關的最終招股說明書中包含的風險因素和其他資訊。

Agora Inc. remains no obligation to update any forward-looking statements the company may make on today's call. With that, let me turn it over to Tony. Hi, Tony.

Agora Inc. 沒有義務更新公司在今天的電話會議上可能做出的任何前瞻性陳述。接下來，我將把時間交給 Tony。嗨，Tony。

Okay. Thanks, operator, and welcome, everyone, to our earnings call. I'll first review our operating results from the past quarter. We're proud to deliver our third consecutive quarter of GAAP profitability in Q2, with expanding margins driven by solid revenue growth and continued efficiency improvement. Total revenue in Q2 reached $34.3 million, up 11% year over year.

好的。謝謝接線員，歡迎大家參加我們的財報電話會議。首先，我將回顧我們上一季的營運表現。我們很榮幸地宣布，第二季我們連續第三個季度實現GAAP獲利。穩健的營收成長和持續的效率提升推動了利潤率的提升。第二季總營收達3,430萬美元，年增11%。

Excluding revenues from certain end of sales, low-margin products with healthy growth momentum from both the Agora and Shengwang site. Our GAAP net profit for the quarter was $1.5 million, more than triple the previous quarter with a GAAP net margin of 4.3%.

不包括來自某些終端銷售、低利潤產品的收入，這些產品在聲網和聲網平台均保持著健康的成長勢頭。本季，我們的GAAP淨利潤為150萬美元，較上一季成長三倍多，GAAP淨利潤率為4.3%。

Considering seasonality and our strong business outlook, we are confident in our ability to continue improving GAAP profitability through the remainder of the year. At end of Q2, we had close to 1,900 active customers for Agora and approximately 2,000 for Shengwang excluding Easemob, representing an increase of 12% and 1%, respectively, compared to one year ago.

考慮到季節性因素以及我們強勁的業務前景，我們有信心在今年剩餘時間內繼續提升 GAAP 獲利能力。截至第二季末，聲網（不包括易信）擁有近 1,900 名活躍客戶，聲網擁有約 2,000 名活躍客戶，分別較去年同期成長 12% 及 1%。

Now turning to our business product and technology updates for the quarter. Since the launch of our Conversational AI engine product a few months ago, we have rapidly iterated based on our road map and customer feedback.

現在來談談我們本季的業務產品和技術更新。自從幾個月前推出對話式人工智慧引擎產品以來，我們根據路線圖和客戶回饋進行了快速迭代。

At the World Artificial Intelligence Conference last month, we unveiled a major upgrade with three new features. First, we added an advanced attention locking feature, which allows an AI agent to focus on specific users' voice to stay on topic. Even when there are other people talking in the background, this feature is important because without it, those background voices would be fed into the large language model, confusing the model and sometimes making the conversational -- making the conversation impossible to continue.

在上個月的世界人工智慧大會上，我們發布了一項重大升級，包含三個新功能。首先，我們加入了一個進階注意力鎖定功能，使AI代理能夠專注於特定使用者的語音，從而保持話題的連貫性。即使背景中有其他人在說話，此功能也至關重要，因為如果沒有它，這些背景聲音就會被輸入到大型語言模型中，導致模型混亂，有時甚至會使對話變得混亂——對話無法繼續。

Second, we added real-time vision-based intelligence to our conversational AI engine enabling the AI to understand visual context along with spoken conversation. For example, a user can ask about building or buildings or landmarks while targeting abroad or ask for hub with a mass problem written on a whiteboard.

其次，我們在對話式 AI 引擎中加入了基於視覺的即時智能，使 AI 能夠理解語音對話中的視覺脈絡。例如，用戶可以在國外搜尋時詢問建築物或地標訊息，或在白板上寫下大量問題並詢問 Hub。

Finally, we introduced natural interactive avatars that can synchronize lifelike facial and body movements with speech, making conversations more engaging for applications in education, customer support and beyond.

最後，我們引入了自然互動的化身，可以將逼真的臉部和身體動作與語音同步，使對話在教育、客戶支持等領域的應用中更具吸引力。

These new features are all aimed at one goal, making AI conversations as natural as human interactions. Now AI agent can log on to the user's voice, understand what the users see, and respond with facial and body movements through avatars. We believe these advancements bring us closer to that goal. We are also encouraged by an extremely warm reception from developers and the general audience at the World AI Conference.

這些新功能都致力於一個目標：讓人工智慧對話像人機互動一樣自然。現在，人工智慧代理人可以辨識使用者的聲音，理解使用者看到的內容，並透過虛擬形像做出臉部和肢體動作的回應。我們相信這些進步將使我們更接近這個目標。世界人工智慧大會上開發者和一般觀眾的熱烈歡迎也令我們倍受鼓舞。

Over the past quarter, developers and customers across various industry continue to build AI applications using our conversational AI solution. Many of them have made solid progress moving from proof of concept to real-world deployment.

在過去的一個季度，各行各業的開發者和客戶持續使用我們的對話式 AI 解決方案來建立 AI 應用。其中許多應用已從概念驗證階段邁向實際部署，並取得了顯著進展。

For example, a major food delivery platform operating in South America leverage our conversational AI engine to power an AI agent that automatically calls restaurants and local businesses. Currently, our solution supports thousands of agent calls per day, just a small friction of the total potential volume.

例如，一家在南美運營的大型外賣平台利用我們的對話式 AI 引擎，為 AI 客服人員提供支持，使其能夠自動呼叫餐廳和本地商家。目前，我們的解決方案每天支援數千個客服人員呼叫，這在潛在總呼叫量中只是很小的一部分。

As we continue to learn from real world usage, we expect to improve performance and expand into more use cases and higher volume for this customer. We also believe this success will help drive further adoption of our conversational AI solution in the customer service industry.

隨著我們不斷從實際使用中學習，我們期望能夠提升效能，並為該客戶拓展更多用例，提升業務量。我們也相信，此次成功將有助於推動我們的對話式人工智慧解決方案在客戶服務產業的進一步普及。

Another inspiring example is Fuzozo, an adorable AI companion toy developed by our customer, Robopoet. Users received the first shipment in mid-July and quickly shared their excitement on social media. Powered by our conversational AI engine, Fuzozo delivers natural and engaging conversations with users.

另一個鼓舞人心的例子是Fuzozo，這是一款由我們的客戶Robopoet開發的可愛的AI伴侶玩具。用戶在7月中旬收到了第一批貨，並迅速在社群媒體上分享了他們的興奮之情。在我們的對話式AI引擎的支持下，Fuzozo能夠與用戶進行自然而引人入勝的對話。

We have observed that a significant portion of sessions between users and Fuzozo last for more than 50 rounds of contraction.

我們觀察到，使用者與 Fuzozo 之間的相當一部分會話持續超過 50 輪收縮。

Based on our internal assessment, Fuzozo is a top performer among AI companion toys on the market in terms of stability, response, quality, and human-like emotional expressions. Venturing into untargeted territory means solving complex problems every day. Our solution is still being optimized and requires ongoing improvement to provide the best performance in some corner cases. That said, we've never been more confident in the transformative potential of human AI conversation.

根據我們的內部評估，Fuzozo 在穩定性、反應速度、品質和類人情感表達方面，在市面上的 AI 伴侶玩具中表現最佳。涉足未開發的領域意味著每天都要解決複雜的問題。我們的解決方案仍在優化中，需要持續改進，才能在某些特殊情況下提供最佳效能。即便如此，我們對人機對話的變革潛力從未如此充滿信心。

In addition, given the greater value and higher technical complexity of our conversational AI solution, we expect its pricing to be an order of magnitude higher than our standard RTC audio product, unlocking significant revenue potential ahead.

此外，鑑於我們的對話式 AI 解決方案具有更大的價值和更高的技術複雜性，我們預計其定價將比我們的標準 RTC 音訊產品高出一個數量級，從而釋放巨大的收入潛力。

Today, we also announced the resignation of Sheng Zhong from his position as our Director, Chief Technology Officer, and Chief Scientist due to personal reasons. I'll personally take over his operational responsibilities to strengthen our technology leadership and drive conversational AI innovations.

今天，我們也宣布鐘勝先生因個人原因辭去公司董事、技術長和首席科學家職務。我將親自接手他的營運職責，以加強我們的技術領導力，並推動對話式人工智慧的創新。

I would like to thank Sheng for his dedicated service and contribution over the past seven years. Tony Wang, founding member and currently Chief Revenue Officer of the Agora division and Jingbo Wang, our Chief Financial Officer, have been appointed as directors of the Board.

我要感謝盛先生過去七年來的辛勤服務和貢獻。聲網（Agora）創始成員、現任首席營收長王志強（Tony Wang）和財務長王靜波（Jingbo Wang）已被任命為董事會成員。

I'm pleased to welcome Tony and Jingbo to the Board. Their strategic vision and operational expertise will be invaluable to the Board as we continue to drive innovation and deliver long-term value for our shareholders.

我很高興歡迎Tony和Jingbo加入董事會。他們的策略眼光和營運專長將對董事會發揮不可估量的作用，協助我們繼續推動創新，為股東創造長期價值。

Before I continue, I want to express my appreciation to our leadership team for driving transformation and to every member of the Agora and Shengwang team for your dedication. I also want to thank our shareholders for your continued trust and support. And for believing in our long-term vision and the significant market opportunity ahead.

在繼續之前，我想感謝我們領導團隊推動的轉型，以及聲網和聲網團隊每一位成員的奉獻。我還要感謝股東們一直以來的信任與支持，以及對我們長期願景和未來巨大市場機會的信心。

Together, we are shaping the future of human AI interaction and engagement. With that, let me turn things over to Jingbo, who will review our financial results.

我們攜手塑造人類人工智慧互動與參與的未來。接下來，我將把時間交給景波，他將負責審核我們的財務表現。

Thank you, Tony. Hello, everyone. Let me start by first reviewing financial results for the second quarter of 2025. And then I will discuss outlook for the third quarter. Total revenues for the second quarter reached $34.3 million.

謝謝托尼。大家好。首先，我來回顧一下2025年第二季的財務表現。然後，我會討論一下第三季的展望。第二季的總收入達到了3,430萬美元。

Excluding revenues from certain end-of-sale low-margin products, revenues grew 11% year over year, representing our second consecutive quarter of double-digit organic growth. Agora revenues reached $18.2 million in Q2, representing 16.7% year-over-year growth and 2.2% quarter-over-quarter decline.

扣除某些低利潤產品的收入，收入年增11%，連續第二季實現兩位數有機成長。 Agora第二季營收達1820萬美元，年增16.7%，季減2.2%。

The strong year-over-year growth reflects our successful market penetration and growing adoption, particularly in high-growth verticals such as live shopping and entertainment. A marginal sequential decrease is mainly due to usage fluctuation of customers.

強勁的同比成長反映了我們成功的市場滲透和日益增長的市場應用，尤其是在直播購物和娛樂等高成長垂直領域。環比小幅下降主要由於客戶使用量波動。

Shengwang revenues reached RMB115.5 million in Q2. Excluding certain end of sale low margin products, Shengwang revenues grew 6.7% year over year and 9.5% sequentially, driven by continued business expansion and adoption in key verticals such as digital transformation and IoT. Dollar-based net retention rate is 97% for Agora and 87% for Shengwang, marking the second consecutive quarter of improvement for both businesses.

聲網第二季度營收達人民幣1.155億元。剔除部分銷售末期低利潤產品，聲網營收年增6.7%，季增9.5%，這得益於業務的持續擴張以及在數位化轉型和物聯網等關鍵垂直領域的應用。聲網的美元淨留存率為97%，聲網為87%，標誌著兩家公司業務連續第二季實現成長。

Gross margin for the second quarter was 66.8%. If we exclude gross profit from certain end-of-sale low-margin products, gross margin of continuing business slightly decreased 1.2% year over year and sequentially.

第二季毛利率為66.8%。若剔除部分已停售的低利潤產品，持續經營業務毛利率較去年同期及較上季均小幅下降1.2%。

Moving on to expenses. R&D expenses were $14 million in Q2, decreased 23% year over year. R&D expenses represented 40.8% of total revenues in the quarter compared to 53% in Q2 last year. Sales and marketing expenses were $6.5 million in Q2, increased 4% year over year. Sales and marketing expenses represented 19% of revenues in the quarter, compared to 18.3% in Q2 last year.

再來看看費用方面。第二季研發費用為1,400萬美元，較去年同期下降23%。研發費用佔本季總營收的40.8%，去年同期為53%。第二季銷售和行銷費用為650萬美元，年增4%。銷售和行銷費用佔本季總收入的19%，而去年同期為18.3%。

G&A expenses were $6 million in Q2, decreased 26.6% year over year. G&A expenses represented 17.6% of total revenues in the quarter compared to 24% in Q2 last year.

第二季的一般及行政管理費用為 600 萬美元，年減 26.6%。本季度，一般及行政管理費用佔總營收的 17.6%，而去年同期為 24%。

Moving on to the bottom line. We delivered net income of $1.5 million in Q2, more than triple the previous quarter, representing a 4.3% net income margin. This result represents a significant improvement from 23% net loss margin in Q2 last year and marks our third consecutive quarter of GAAP profitability. Based on our current business momentum and visibility into the second half, we expect net income to grow sequentially throughout 2025.

再來說說業績。我們第二季的淨利為150萬美元，是上一季的三倍多，淨利率為4.3%。這一業績較去年第二季23%的淨虧損率顯著改善，標誌著我們連續第三季實現GAAP獲利。基於我們目前的業務發展勢頭以及對下半年前景的展望，我們預計2025年全年淨利潤將實現環比成長。

Now turning to cash flow. Operating cash flow was negative $0.4 million in Q2 compared to negative $7.6 million last year. Moving on to balance sheet. We ended Q1 with $277 million in cash, cash equivalents, bank deposits, and financial products issued by banks.

現在談談現金流。第二季的經營現金流為負40萬美元，去年同期為負760萬美元。接下來是資產負債表。截至第一季末，我們的現金、現金等價物、銀行存款以及銀行發行的金融產品總額為2.77億美元。

Net cash flow in the quarter was mainly due to share repurchase of $10.9 million. In the second quarter, we repurchased 13.1 million ordinary shares or 3.3 million ADSs, representing 3.5% of our entire outstanding shares at the beginning of the quarter.

本季淨現金流主要來自1,090萬美元的股票回購。第二季度，我們回購了1,310萬股普通股，即330萬股美國存託憑證，佔本季初我們全部流通股的3.5%。

Since our Board approved the share repurchase program in February 2025, we have repurchased $127.2 million worth of shares through June 30, 2025. We are fully committed to creating shareholder value through this program, while keeping the financial flexibility to invest in growth opportunities such as conversational AI.

自董事會於 2025 年 2 月批准股票回購計畫以來，截至 2025 年 6 月 30 日，我們已回購了價值 1.272 億美元的股票。我們完全致力於透過該計劃創造股東價值，同時保持財務靈活性以投資對話式 AI 等成長機會。

Now turning to guidance. For the third quarter of 2025, we currently expect total revenues to be between $34 million and $36 million compared to $31.6 million in the third quarter last year, representing a year-over-year growth rate of 7.6% to 13.9%. This outlook reflects our current and preliminary views on the market and operational conditions, which are subject to change.

現在談談業績指引。我們目前預計2025年第三季的總營收將在3,400萬美元至3,600萬美元之間，而去年第三季的總營收為3,160萬美元，較去年同期成長7.6%至13.9%。此預期反映了我們對市場和營運狀況的當前和初步看法，這些看法可能會有所調整。

In closing, I want to take a moment to recognize the exceptional work of the Agora and Shengwang teams. Our double-digit revenue growth and improving profits are a direct result of the effort and focus. To our shareholders, thank you for your trust and support. Together, we are building a lasting company at forefront of AI innovation. Thank you all for joining the call today.

最後，我想藉此機會表彰聲音網和聲網團隊的傑出工作。我們兩位數的營收成長和利潤的提升，正是我們努力和專注的直接成果。對於我們的股東，感謝你們的信任與支持。我們將攜手打造一家在人工智慧創新領域屹立不搖的持久公司。感謝各位今天參加電話會議。

Let's open it up for questions.

讓我們開始提問吧。

(Operator Instructions) David Lee, BofA.

（操作員指示）美國銀行 David Lee。

Firstly, congrats on the strong results and solid growth. And I have two questions. Number one, regarding the AI-related business. You mentioned like for the downstream demand from the IoT and also the AI companion toys. Do we expect which application area will see the faster application and the potential revenue contribution to us going forward?

首先，恭喜您取得的強勁業績和穩健成長。我有兩個問題。第一，關於人工智慧相關業務。您提到了物聯網和人工智慧伴侶玩具的下游需求。我們預期哪個應用領域的應用會更快，未來對收入的貢獻會更大？

My second question is about the gross profit margin in Q2 achieved of 4.8 percentage points year-over-year expansion. Well, quarter on quarter, see some -- suddenly drop. And is this a seasonality or any other reasons? How do you see the future trend for gross profit margin and net profit margin?

我的第二個問題是關於第二季毛利率年增4.8個百分點的問題。但是，季度環比來看，毛利率突然下降了。這是季節性因素還是其他原因？您如何看待毛利率和淨利率的未來趨勢？

Thank you for the question. So for AI use cases, in conversational AI applications, currently, three use cases have progressed to a more advanced stage, namely call centers, education, and companionship toys. For these use cases, we already see some customers have moved from proof-of-concept phase to real world production. Given the vast scale and potential usage of those verticals, we expect the success then of those customers will drive broader adoption.

謝謝你的提問。就AI用例而言，在對話式AI應用中，目前有三個用例已經發展到更高階的階段，分別是呼叫中心、教育和陪伴玩具。對於這些用例，我們已經看到一些客戶已經從概念驗證階段轉向實際生產。鑑於這些垂直領域的巨大規模和潛在用途，我們預計這些客戶的成功將推動更廣泛的應用。

Okay. So in terms of margins, so the gross margin of the current RDCO RTE business has been quite stable in the past year, fluctuating between 66% and 68%. And I expect this to continue in the coming quarters, and the sequential and year-over-year decline of 1% in this quarter is more due to like normal fluctuation.

好的。就利潤率而言，RDCO RTE 業務的毛利率在過去一年中相當穩定，在 66% 到 68% 之間波動。我預計未來幾季這種趨勢將持續下去，本季環比和同比分別下降 1% 則更多是由於正常的波動。

And as to the new products, the conversational AI products, I think it's still too early to say about gross margin. We might have a lower margin initially due to ramp-up and testing and prototyping cost. But once we reach a more steady state, I expect the gross margin on this product to be at least same as RTC, if not higher, because of the higher value and higher technical sophistication of this new product.

至於新產品，對話式人工智慧產品，我認為現在談論毛利率還為時過早。由於產能提升、測試和原型設計成本，我們最初的利潤率可能會較低。但一旦我們達到更穩定的狀態，我預計這款產品的毛利率至少會與RTC持平，甚至更高，因為這款新產品的價值更高，技術也更先進。

So in terms of net margin, we expect the expenses to be relatively stable. So as we ramp up on revenues, we do expect the net margin to improve in the coming quarters this year. And in the longer term, as we guided before, we do think we should be able to achieve an operating margin of between 15% and 20%, but that's for the medium to long term.

因此，就淨利潤率而言，我們預計支出將相對穩定。隨著營收的成長，我們預計今年未來幾季的淨利潤率將會提高。從長遠來看，正如我們先前的預測，我們確實認為我們的營業利潤率應該能夠達到15%到20%之間，但這只是中長期目標。

(Operator Instructions) Chenyuan Wang, CICC.

(操作員指示) 王陳遠，CICC。

I'm Chenyuan Wang from CICC. My question concerns the market reception of your newly launched the advanced attention locking and the avatar feature? So could you please share the early adoption trends and also the client feedback on these innovations.

我是中金公司的王晨遠。我的問題是，你們新推出的高階注意力鎖定和頭像功能市場反應如何？能否請您分享這些創新的早期應用趨勢以及客戶回饋？

Okay. Thank you for the question. When we initially planned and designed these features, we have already taken real-world applications and customer needs into consideration. This actually comes from some of the corner cases received we from early adoption of our conversational AI engine.

好的。謝謝你的提問。我們在最初規劃和設計這些功能時，就已經考慮了實際應用和客戶需求。這其實源自於我們在早期採用對話式AI引擎時遇到的一些特殊情況。

Advanced attention locking is an essential feature in a noisy environment, especially with other people talking in the background. For example, our customers AI companion toy, Fuzozo will naturally be carried around by users. When users want to talk to Fuzozo in a place like subway station or shopping mall, attention locking is crucial to ensure a seamless user experience.

在吵雜的環境中，尤其是在背景中有人說話的情況下，高階注意力鎖定功能至關重要。例如，我們客戶的AI伴侶玩具Fuzozo自然會被使用者隨身攜帶。當用戶想在地鐵站或購物中心等場所與Fuzozo對話時，注意力鎖定對於確保流暢的用戶體驗至關重要。

Interactive avatars, on the other hand, must-have to -- for users -- for use cases like education and customer service, as they enable more lifelike engaging interruptions. So those are all coming from demand of solving certain corner case or providing a better expense experience for certain use cases.

另一方面，互動式虛擬形象對於使用者來說，在教育和客戶服務等用例中必不可少，因為它們能夠提供更逼真、更引人入勝的打斷體驗。所以，這些都是為了解決某些特殊情況，或為某些用例提供更好的消費體驗。

(Operator Instructions) I am showing no further questions. This concludes today's question-and-answer session. Thank you, everybody, for attending the company's call today.

（操作員指示）我沒有其他問題了。今天的問答環節到此結束。感謝各位出席今天的公司電話會議。

As a reminder, the recording is in the earnings release and will be available on the company's website at investor.agora.io. And if there are any questions, feel free to e-mail the company. You may now disconnect. Everyone, have a great day.

提醒一下，錄音已包含在財報中，並將在公司網站 investor.agora.io 上發布。如有任何疑問，請隨時發送電子郵件至本公司。現在您可以斷開連線了。祝大家有美好的一天。