Agora Inc (API) 2025 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to Agora Inc., fourth-quarter and fiscal year 2025 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加Agora公司2025財年第四季及全年財務業績電話會議。 （操作說明）請注意，本次會議正在錄音。

The company's earning 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. Joining me today are Tony Zhou, Founder, Chairman and CEO; Jingbo Wang, the company's CFO.

公司財報、新聞稿、財報簡報、提交給美國證券交易委員會（SEC）的文件以及今天電話會議的錄音回放，都可以在其投資者關係網站 investor.agora.io 上找到。今天與我一同出席會議的有公司創辦人、董事長兼執行長週東尼先生，以及公司財務長王景波先生。

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.

在本次電話會議中，本公司將就其未來的財務表現及其他未來事件和趨勢作出前瞻性陳述。這些陳述僅為基於公司目前判斷的預測，實際結果可能與預測有重大差異。

These forward-looking statements are subject to risk, uncertainties, assumptions, and other factors that could affect the company's financial results and the performance of its business and of 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.

這些前瞻性聲明受到風險、不確定性、假設和其他因素的影響，這些因素可能會影響公司的財務業績和業務表現，公司已在提交給美國證券交易委員會的文件中詳細討論了這些因素，包括今天的盈利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 obligations to update any forward-looking statements the companies may take on today's call. With that, let me turn the call over to Tony. Please go ahead.

Agora Inc. 不承擔更新公司在今天電話會議上可能發表的任何前瞻性聲明的義務。接下來，我將把電話會議交給Tony。請開始吧。

Thanks, operator, and welcome, everyone, to our earnings call. I will begin by reviewing our operational performance for the past quarter.

謝謝接線員，歡迎各位參加我們的財報電話會議。我首先將回顧我們上個季度的營運表現。

We are pleased to report our fifth consecutive quarter of GAAP profitability in Q4, marking our first full year of GAAP profitability since 2018, driven by sustained double-digit revenue growth, improved operating leverage, and disciplined cost management.

我們很高興地宣布，我們在第四季度實現了連續第五個季度的 GAAP 盈利，這是自 2018 年以來我們首次實現全年 GAAP 盈利，這得益於持續的兩位數收入增長、改善的運營槓桿和嚴格的成本管理。

Total revenue for the fourth quarter was $38.2 million, representing 10.7% year-over-year growth. Our GAAP net profit for the quarter was $4.9 million, with a GAAP net margin of 12.9%. Next, I would like to share with you our recent business update, which highlights both the strength of our core real-time engagement business and the accelerating momentum of our conversational AI initiatives.

第四季總營收為3,820萬美元，較去年同期成長10.7%。本季GAAP淨利為490萬美元，GAAP淨利率為12.9%。接下來，我想與大家分享我們近期發布的業務更新，其中重點介紹了我們核心即時互動業務的強勁表現以及對話式人工智慧專案加速發展的勢頭。

Our platform scalability and reliability were recently validated during a high-profile live streaming event over the Super Bowl weekend. MrBeast, the world's most followed content creator, hosted a forecast session on OneNote, the leading video-based shopping platform and a long-standing customer of Agora. We delivered high-quality full HD video to nearly 600,000 peak concurrent viewers worldwide, while enabling their interactions at sub-second latency.

在超級盃週末期間一場備受矚目的直播活動中，我們平台的可擴展性和可靠性得到了充分驗證。全球粉絲最多的內容創作者MrBeast在OneNote（領先的視訊購物平台，也是Agora的長期客戶）上主持了一場預測會議。我們為全球近60萬峰值並發觀眾提供了高品質的全高清視頻，並確保了他們之間亞秒級的互動延遲。

To quote our customer's own words from their technical blog, on event day, Agora's real-time media pipeline performed reliably at peak. Time to first frame stayed under one second. Latency remained consistently low, and video quality held stable throughout the stream, even as we pushed systems to their limits at extreme load.

正如我們客戶在其技術部落格中所述，在活動當天，Agora 的即時媒體傳輸管道在峰值負載下表現穩定可靠。首幀載入時間保持在 1 秒以內。延遲始終保持在較低水平，視訊串流品質在整個傳輸過程中保持穩定，即使在我們以極高的負載將系統推向極限的情況下也是如此。

We believe this is the largest live video shopping event in US history. Events of this magnitude are the ultimate stress test for real-time infrastructure. Our ability to deliver stable, high-quality video with ultra-low latency and at a global scale demonstrates our leadership in network resilience, distributed architecture, and real-time routing. This event was powered exclusively by our platform, as no competitors can match our performance and the scale. This is why industry leaders in e-commerce, social entertainment, and education continue to trust our infrastructure for their most critical moments.

我們相信，這將是美國史上規模最大的直播購物活動。如此規模的活動是對即時基礎設施的終極考驗。我們能夠以超低延遲在全球範圍內提供穩定、高品質的視訊服務，這充分展現了我們在網路彈性、分散式架構和即時路由方面的領先地位。本次活動完全由我們的平台提供支持，因為沒有任何競爭對手能夠匹敵我們的性能和規模。正因如此，電子商務、社交娛樂和教育等行業的領導者在最關鍵的時刻仍然信賴我們的基礎設施。

At the same time, we are witnessing rapid adoption of our conversational AI engine product. Since its launch in March 2025, usage has more than doubled each quarter. We are also encouraged to see early experimentations among our customers quickly evolve into real-world deployments across multiple verticals, including customer service, smart devices, education, and AI-powered consumer applications.

同時，我們正見證著對話式人工智慧引擎產品的快速普及。自2025年3月發布以來，其使用量每季都翻了一番以上。我們也很高興地看到，客戶早期的實驗性應用正迅速發展成為跨多個垂直領域的實際部署，包括客戶服務、智慧型裝置、教育和人工智慧驅動的消費應用。

Companionship toys powered by our solution, such as Fuzuzu, are driving accelerated shipments with high user stickiness. Validating this momentum, a leading consumer hardware giant recently launched a companionship toy built on our technology. Furthermore, our conversational AI device kit integrating a voice module and an emotion display screen has set an industry trend and is now widely adopt by manufacturers.

基於我們解決方案的陪伴玩具，例如 Fuzuzu，憑藉著極高的用戶黏性，正加速推動出貨量成長。為了驗證這一發展勢頭，一家領先的消費硬體巨頭近期推出了一款基於我們技術打造的陪伴玩具。此外，我們整合了語音模組和情緒顯示器的對話式 AI 設備套件引領了行業潮流，目前已被許多製造商廣泛採用。

We started the year with a strong reception of our conversational AI solution for physical AI at CES 2026 in January. After the event, we introduced a little upgrade of our conversational AI device kit, featuring enhanced multimodal capabilities, including vision understanding and motion control. These new capabilities enables the development of embodied AI hardware and the robotics across multiple use cases. For example, our customer Luwu Dynamics is developing a desktop embodied AI robot powered by this solution.

今年一月，我們在CES 2026上推出了實體人工智慧的對話式人工智慧解決方案，並獲得了熱烈反響。展會結束後，我們對對話式人工智慧設備套件進行了小幅升級，並增強了多模態功能，包括視覺理解和運動控制。這些新功能將協助開發具身人工智慧硬體和機器人，並應用於多種場景。例如，我們的客戶Luwu Dynamics正在開發一款基於此解決方案的桌上型具身人工智慧機器人。

Many of our customers also showcased products at CES that leverage our solutions, ranging from AI companion devices and robotics to next-generation physical AI products. The strong market interest and media coverage coming out of CES further validate the growing demand for real-time human-like interaction embedded directly into smart devices.

在CES展會上，我們的許多客戶也展示了利用我們解決方案的產品，涵蓋人工智慧伴侶設備和機器人，以及新一代實體人工智慧產品。 CES展會引發的市場濃厚興趣和媒體廣泛報道，進一步印證了市場對直接嵌入智慧型裝置的即時類人互動功能日益增長的需求。

Beyond one-on-one interactions between humans and AI agents, we are also expanding into multi-agent collaboration scenarios. During the quarter, we supported Agnes AI in launching its next-generation AI group chat and multi-agent collaboration platform. By leveraging our real-time engagement infrastructure and conversational AI capabilities, Agnes AI enables multiple AI agents and human participants to interact seamlessly. We believe multi-agent orchestration represents the next frontier of AI-driven productivity, where agents can coordinate tasks, share information, and collaborate with humans in real time.

除了人與人工智慧代理之間的一對一互動之外，我們也在拓展多代理協作場景。本季度，我們協助 Agnes AI 推出了其新一代人工智慧群聊和多代理協作平台。透過我們的即時互動基礎設施和對話式人工智慧能力，Agnes AI 實現了多個人工智慧代理商和人類參與者之間的無縫互動。我們相信，多代理編排代表了人工智慧驅動生產力的下一個前沿領域，在這個領域中，代理可以協調任務、共享資訊並與人類即時協作。

Across this development, a clear theme is emerging. As AI becomes more interactive and multimodal, the technological complexity behind delivering a seamless interaction experience between a human and an AI agent increases significantly. Real-time conversational AI requires not only powerful foundation models but also advanced audio processing, ultra-low latency networking, global scalability, interruption handling, turn-taking management, and device level optimization.

在這發展過程中，一個清晰的主題正在浮現。隨著人工智慧變得更加互動和多模態，實現人與人工智慧代理之間無縫互動體驗的技術複雜性顯著增加。即時對話式人工智慧不僅需要強大的基礎模型，還需要先進的音訊處理、超低延遲網路、全球可擴展性、中斷處理、輪流管理以及設備級優化。

These are areas where we have made substantial investments and have built a strong competitive edge. Our deep expertise in real-time infrastructure uniquely positions us to bridge the gap between AI model capabilities and production-grade user experiences.

我們在這些領域投入了大量資金，並建立了強大的競爭優勢。我們在即時基礎設施方面的深厚專業知識使我們能夠獨樹一幟地彌合人工智慧模型能力與生產級用戶體驗之間的差距。

Looking ahead, we remain focused on driving revenue growth and advancing conversational AI innovation throughout 2026. We entered the new year with strong momentum, supported by an expanding customer pipeline, growing production deployments, and increasing ecosystem partnerships. We believe we are well positioned to capture this transformation and create long-term value for our shareholders.

展望未來，我們將持續專注於推動營收成長，並在2026年持續推動對話式人工智慧創新。新年伊始，我們便保持強勁的發展勢頭，這得益於不斷擴大的客戶通路、日益增長的生產部署以及不斷深化的生態系統合作夥伴關係。我們相信，我們已做好充分準備，把握這項變革機遇，並為股東創造長期價值。

Before I conclude, I would like to thank our customers, developers, partners, and shareholders for their continued trust and support, and our global team for their dedication and innovation. With that, let me turn things over to Jingbo who will reveal our financial results.

在結束演講之前，我要感謝我們的客戶、開發人員、合作夥伴和股東們一直以來的信任和支持，以及我們全球團隊的奉獻和創新。接下來，我將把發言權交給京波，由他來公佈我們的財務表現。

Thank you, Tony. Hello, everyone. Let me start by first reviewing financial results for the fourth quarter of 2025, and then I will discuss outlook for the [first] quarter of 2026.

謝謝托尼。大家好。首先，我將回顧2025年第四季的財務業績，然後再討論2026年第一季的展望。

Total revenues for the fourth quarter reached $38.2 million, representing a 10.7% year-over-year increase and exceeding the high end of our revenue guidance. This marks our fourth consecutive quarter of double-digit organic growth.

第四季總營收達3,820萬美元，年增10.7%，超出我們先前的營收預期上限。這標誌著我們連續第四個季度實現兩位數的內生成長。

If we look at the two business divisions, our core revenues reached $19.9 million in Q4, representing 14.4% year-over-year growth and 9.3% quarter-over-quarter growth. The strong growth reflects our successful market penetration and growing adoption in verticals such as live shopping.

從兩大業務部門來看，我們第四季的核心營收達到1,990萬美元，年增14.4%，季增9.3%。強勁的成長反映了我們成功的市場滲透以及在直播購物等垂直領域日益增長的用戶接受度。

Shengwang revenues reached RMB129.2 million in Q4, up 5.7% year over year and 5.6% sequentially, driven by continued business expansion and adoption in key verticals such as social, entertainment, and IoT. Dollar-based net retention rate is 109% for Agora and 89% for Shengwang.

盛望第四季營收達人民幣1.292億元，年增5.7%，季增5.6%，主要得益於業務持續擴張以及在社交、娛樂和物聯網等關鍵垂直領域的應用。以美元計價的淨留存率，Agora為109%，盛望為89%。

Gross margin for the quarter was 65.1%, down 1.5 percentage points year over year and 0.9 percentage points sequentially. The slight decline was primarily driven by the lower margin profile of our conversational AI-related products as usage is still ramping up and remains at a subscale level.

本季毛利率為65.1%，年減1.5個百分點，季減0.9個百分點。毛利率小幅下降的主要原因是對話式人工智慧相關產品的利潤率較低，因為這些產品的使用量仍在成長階段，規模仍然較小。

Turning to expenses, R&D expenses were $13.6 million in Q4, down 7.7% year over year, reflecting our continued cost discipline. R&D expenses accounted for 35.8% of total revenues, compared to 42.9% in the same period last year.

從費用方面來看，第四季研發費用為1,360萬美元，年減7.7%，反映了我們持續的成本控制。研發費用佔總營收的35.8%，去年同期為42.9%。

Sales and marketing expenses were $7.1 million in Q4, down 2.1% year over year. Sales and marketing expenses represented 18.7% of total revenues in the quarter, compared to 21.1% in Q4 last year.

第四季銷售和行銷費用為710萬美元，年減2.1%。該季度銷售和行銷費用佔總收入的18.7%，而去年同期為21.1%。

G&A expenses were $5.4 million in Q4, a decrease of 16.5% year over year, primarily due to lower provisions for credit losses following improved customer collections. G&A expenses represented 14.1% of total revenues, compared to 18.7% in Q4 last year.

第四季一般及行政費用為540萬美元，年減16.5%，主因是客戶收款狀況改善，導致信貸損失準備減少。一般及行政費用佔總收入的14.1%，去年同期為18.7%。

Moving on to the bottom line, we delivered net income of $4.9 million in Q4, representing a 12.9% net income margin. As Tony just mentioned, this marks our fifth consecutive quarter of GAAP profitability and our first full year of GAAP profitability since 2018. Based on current business momentum and visibility into 2026, we expect net income to grow compared to 2025.

最後來看最終業績，我們第四季淨利為490萬美元，淨利率為12.9%。正如Tony剛才所提到的，這是我們連續第五季實現GAAP獲利，也​​是自2018年以來首次實現全年GAAP獲利。基於目前的業務發展動能和2026年的展望，我們預期淨利將比2025年有所成長。

Now turning to cash flow, operating cash flow was $9.3 million in Q4, compared to $4.5 million in Q4 last year. Moving on to balance sheet, we ended Q4 with $374.9 million in cash, cash equivalents, bank deposits, and financial products issued by banks. Net cash outflow in the quarter was mainly due to share repurchase of $10.9 million.

接下來來看現金流，第四季經營活動產生的現金流為930萬美元，去年同期為450萬美元。再來看資產負債表，第四季末，我們持有現金、現金等價物、銀行存款、銀行發行的金融產品共3.749億美元。本季淨現金流出主要由於回購股票1,090萬美元。

In the fourth quarter, we repurchased 12,000,000 ordinary shares, or 3,000,000 ADS, representing 3.3% of our outstanding shares at the beginning of the quarter. Since our Board approved the share repurchase program in February 2022, we have repurchased $143.1 million worth of shares through December 31, 2025, which represented 71.6% of our $200 million share repurchase program.

第四季度，我們回購了1,200萬股普通股，或300萬股美國存託股份，佔季度初已發行股份總數的3.3%。自董事會於2022年2月批准股票回購計畫以來，截至2025年12月31日，我們已回購價值1.431億美元的股票，占我們2億美元股票回購計畫的71.6%。

We are pleased to announce that our Board has authorized a 12-month extension of our share repurchase program to February 28, 2027, with all other terms unchanged. This reflects the Board's confidence in our long-term growth prospects and our continued commitment to delivering shareholder value.

我們很高興地宣布，董事會已批准將股票回購計畫延長12個月至2027年2月28日，其他條款保持不變。這反映了董事會對公司長期成長前景的信心，以及我們對持續提升股東價值的承諾。

Now turning to guidance. For the first quarter of 2026, we currently expect total revenues to be between $36 million and $37 million, compared with $33.3 million in 2025, representing year-over-year growth rate of 8.1% to 11.1%. This outlook reflects our current and preliminary views on the market and operational conditions, which are subject to change.

現在談談業績展望。我們目前預計2026年第一季總營收將在3,600萬美元至3,700萬美元之間，而2025年同期為3,330萬美元，年增8.1%至11.1%。這一預期反映了我們目前對市場和營運狀況的初步看法，但這些看法可能會改變。

In closing, I want to extend my sincere gratitude for exceptional teams in Shengwang and Agora. Our sustained double-digit revenue growth and double-digit net income margin are a direct result of your dedication and execution.

最後，我要衷心感謝盛旺和Agora的優秀團隊。我們持續兩位數的營收成長和兩位數的淨利潤率，正是你們的奉獻和執行力的直接成果。

Let us remain focused on driving revenue growth and advancing conversational AI innovation throughout 2026. To our shareholders, thank you for your continued trust and partnership.

讓我們繼續專注於在2026年推動營收成長和推動對話式人工智慧創新。感謝各位股東一直以來的信任與支持。

Thank you all for joining the call today. Let us open it up for questions.

感謝各位今天參加電話會議。現在開始接受提問。

(Operator Instructions) Dillon Lee, Bank of America Securities.

（操作員說明）美國銀行證券 Dillon Lee。

Hi management. Thanks for taking my question. Firstly, congrats on the strong Q4 results. And I have two questions here. Firstly, could you update us on the overall RTE demand trend in China and overseas, and what industries are the key demand drivers?

親愛的管理層：感謝您回答我的問題。首先，恭喜貴公司第四季業績表現強勁。我有兩個問題。首先，能否介紹一下中國及海外即食食品的整體需求趨勢，以及哪些產業是主要的需求驅動因素？

Secondly, you have released the Convo AI Device Kit. And could you please share more color on the conversational AI applications and what industries and applications are the key drivers? And besides, I am not sure, could you share some color about your targeted revenue for the conversational AI this year? Thank you.

其次，你們發布了對話式人工智慧設備套件。能否請您詳細介紹對話式人工智慧的應用，以及哪些產業和應用是其主要驅動力？另外，我不太確定，能否請您透露今年對話式人工智慧的預期收入？謝謝。

Okay. For the real-time engagement market trend, in China, demand from social entertainment and education customers continues to grow at a modest rate, while we remain optimistic on the [last] growth potential of IoT and digital transformation customers to drive our China revenue in recent months. Competitive pressure for the base, and we believe the industry will continue to consolidate.

好的。就即時互動市場趨勢而言，在中國，社交娛樂和教育客戶的需求持續溫和成長，同時我們仍然看好物聯網和數位轉型客戶的成長潛力，認為他們將在近幾個月推動我們在中國的營收成長。基礎市場競爭壓力較大，我們認為產業整合將持續進行。

In US and international markets, as I mentioned earlier, our success in one of the massive single-channel live streaming events solidifies our position and brand awareness among live shopping customers, which will bring more business opportunities for us. We are confident that we will gain more market share in this vertical.

正如我之前提到的，我們在美國和國際市場上，在一次大型單頻道直播活動中取得的成功，鞏固了我們在直播購物用戶中的地位和品牌知名度，這將為我們帶來更多商機。我們有信心在這個領域獲得更大的市場份額。

And for Convo AI Device Kit, we do expect our conversational AI revenue to continue to grow. The use cases are not just the companionship toys. As I mentioned also, physical AI equipment are all happening. For the --

至於 Convo AI 設備套件，我們預期對話式 AI 的營收將持續成長。其應用場景不僅限於陪伴玩具。正如我之前提到的，實體 AI 設備也正在蓬勃發展。

For the revenue, so as you know, we released our conversational AI engine in March last year. And since its release, as Tony just talked about, its usage has more than doubled every single quarter. Its revenue contribution is still relatively low at the moment because a lot of customers are in POC stage, so the revenue growth lags behind usage growth. But we do see a healthy pipeline of customers.

關於營收方面，如您所知，我們去年三月發布了對話式人工智慧引擎。自發布以來，正如托尼剛才提到的，它的使用量每個季度都翻了一番以上。目前，它的營收貢獻仍然相對較低，因為許多客戶仍處於概念驗證階段，所以營收成長落後於使用量成長。但我們確實看到客戶儲備充足。

So based on that, we expect to see revenue contribution from conversational AI to ramp up throughout this year. And our goal is for conversational AI to approach 5% of ARR contribution towards end of this year.

基於上述分析，我們預期對話式人工智慧的收入貢獻將在今年持續成長。我們的目標是到今年年底，對話式人工智慧的收入貢獻佔年度經常性收入（ARR）的5%左右。

Tony, do you want to talk more about the use cases?

東尼，你想再詳細談談應用案例嗎？

For sure. We have been talking about the conversational AI use cases before. It is still focused on customer service, companionship devices, education, and interactive [authors]. We are now also focusing closely with global customers from the US, Europe, South America, Asia-Pacific region, and inside China to implement our solution in a couple of customer service scenarios, such as outbound marketing, market calling, appointment scheduling, order confirmation, and so on.

當然。我們之前曾討論過對話式人工智慧的應用案例。目前主要集中在客戶服務、陪伴設備、教育和互動式創作等領域。現在，我們也正與來自美國、歐洲、南美、亞太地區以及中國境內的全球客戶緊密合作，將我們的解決方案應用於一些客戶服務場景，例如外呼行銷、市場推廣、預約安排、訂單確認等等。

For companionship devices, the number of device shipments and activations are promising. And more importantly, our solution is becoming the de facto industry standard or best practice. We expect to see more customers launch their products throughout the year, including some -- based on well-known IP with the potential to become a global hit.

對於陪伴設備而言，設備出貨量和啟動量都呈現良好動能。更重要的是，我們的解決方案正逐漸成為事實上的行業標準或最佳實踐。我們預計今年將有更多客戶推出他們的產品，其中一些產品基於知名智慧財產權，預計將成為全球爆款。

[Ruhann], CICC.

[Ruhann]，CICC。

Hi. This is [Rihan] from CICC. Can you hear me?

您好，我是中金公司的Rihan。請問您聽得到我說話嗎？

Yeah. Yes, I can.

是的，我可以。

Okay. Thanks for taking my question. Sure. And congrats on another solid quarter, especially with revenue coming above the high end of guidance.

好的。謝謝你回答我的問題。當然。恭喜你又一個季度業績穩健，尤其是營收超過了預期上限。

My first question is on gross margin. We noticed that gross margin declined slightly year over year to 65%, just as Jingbo said. Can you walk us through the key factors behind that decline? Should we view this as mix-driven and temporary or more structural given AI ramp-up cost? How should we think about margin trend into 2026?

我的第一個問題是關於毛利率的。我們注意到，如景波所說，毛利率較去年同期略微下降至65%。能否詳細解釋一下導致毛利率下降的關鍵因素？我們應該將其視為產品組合變化導致的暫時性下降，還是考慮到人工智慧部署成本等結構性因素？我們該如何看待2026年的毛利率趨勢？

My second question is on profitability for 2026. After achieving full-year GAAP profitability in 2025, how do you think about operating income and operating margin next year? What are the main drivers that could support further margin expansion? Yeah, that's it. Thank you.

我的第二個問題是關於2026年的獲利能力。在2025年實現全年GAAP獲利後，您如何看待明年的營業收入和營業利益率？哪些主要因素可能推動利潤率進一步提升？好的，就這些。謝謝。

Sure. I will talk about gross margin first. As I said, the slight decrease in gross margin was mainly due to the impact of conversational AI-related products because some of the customers are still in early pilot stage. We don't charge customers for pilot POC experimentations, so revenue ramp-up lags behind usage growth.

當然。我先談談毛利率。正如我所說，毛利率略有下降主要是由於對話式人工智慧相關產品的影響，因為部分客戶仍處於早期試點階段。我們不向客戶收取試點概念驗證實驗的費用，因此收入成長落後於用戶成長。

And also, the Convo AI infrastructure is currently running at a very small scale, subscale levels. So that's why the -- if we only look at the margin of that particular product, it is very, very low at the moment. And that drags down the overall margin slightly. We do expect this to improve as usage and revenue ramp up, but it might take a couple of quarters to fully recover. So when we [look] at our internal forecast and give guidance for 2026 profitability, we are essentially forecasting flat gross margins compared to Q4 2025.

此外，Convo AI 基礎設施目前規模非常小，甚至低於預期規模。因此，如果我們只看該產品的利潤率，目前確實非常低。這會略微拉低整體利潤率。我們預計隨著使用量和收入的成長，這種情況會有所改善，但可能需要幾個季度才能完全恢復。因此，當我們查看內部預測並給出 2026 年獲利能力指引時，我們預計毛利率將與 2025 年第四季持平。

So in terms of operating income, so we expect operating income to improve significantly -- further improve significantly compared to 2025. It is driven by revenue growth, improved operating leverage, and our goal is to achieve GAAP operating profit in Q4 2026.

因此，就營業收入而言，我們預計營業收入將大幅改善——與 2025 年相比將進一步大幅改善。這主要得益於營收成長和經營槓桿的提高，我們的目標是在 2026 年第四季實現 GAAP 營業利潤。

Please note, this is after taking into consideration about $6 million of share-based compensation in 2026 and also just $4 million of amortization related to the headquarters project. So after these two items, we expect to significantly improve the operating income.

請注意，以上數據已計入2026年約600萬美元的股權激勵支出以及與總部項目相關的400萬美元攤銷費用。因此，扣除這兩項後，我們預計營業收入將顯著提高。

Okay. That is very helpful. And congrats again on a strong year. All the best going forward.

好的，這很有幫助。再次恭喜你度過了碩果累累的一年。祝你未來一切順利。

Zhong Xun Yang, CITIC Securities.

楊忠訓，中信證券。

Yeah. So thanks for taking my question, and also, congrats on the last quarter's performance. So I just have one question following the first question from Bank of America regarding AI. So we can see that stock price for -- especially for those US software companies, have fluctuated recently. So the market has a lot of concern about AI software. So I just want to know that how you think of the -- maybe like infrastructure and the cybersecurity companies' position in this AI era. And then also maybe other companies' leadership on this issue and other companies' position in AI. Thank you.

是的。感謝您回答我的問題，也恭喜您上個季度的業績。我還有一個問題，是接在美洲銀行關於人工智慧的第一個問題之後。我們可以看到，尤其是美國軟體公司的股價最近波動很大。市場對人工智慧軟體非常關注。所以我想知道您如何看待基礎設施和網路安全公司在人工智慧時代的地位。以及其他公司在人工智慧領域的領導地位和其他公司在人工智慧領域的定位。謝謝。

Yeah. So SaaS service is threatened because of the drastic cost reduction in building UI/UX and application-layer logical software by web coding or AI coding. However, the system-level or infrastructure-level core services, including the [path] and API services we provided are actually facing increasing demand from web coding. And the need for even higher quality and scalable API services are actually much greater than before. And it is hard to imagine those hardcore low-level or system-level infrastructure technologies would be easily disrupted by web coding or just AI coding.

是的。 SaaS 服務之所以受到威脅，是因為透過 Web 編碼或 AI 編碼大幅降低了建構 UI/UX 和應用層邏輯軟體的成本。然而，我們提供的系統級或基礎設施級核心服務，包括路徑和 API 服務，實際上正面臨來自 Web 編碼日益增長的需求。而且，對更高品質、可擴展的 API 服務的需求實際上比以往更大。很難想像這些核心的底層或系統級基礎設施技術會輕易被 Web 編碼或 AI 編碼所顛覆。

So as demand for real-time multimodal interaction with AI engines grows, especially in this sector, we will largely benefit from the global trend of AI development. Plus who is not an AI company these days? If you are not, you are outdated.

隨著對與人工智慧引擎進行即時多模態互動的需求不斷增長，尤其是在這個領域，我們將從全球人工智慧發展趨勢中獲益匪淺。而且，如今哪家公司不是人工智慧公司呢？如果你不是，你就落伍了。

We, as a company, is the first one to introduce AI technology into RTE sector, even before the generative AI era. And we are the first one to launch AIGC RTE SDK, the first one to demo full duplex conversational AI. We provide the best AI turnkey and AI-ready models in the world, and we are one of the few to launch the real-time APIs [openly].

作為一家公司，我們率先將人工智慧技術引入即時教育（RTE）領域，甚至早於生成式人工智慧時代。我們也是首家推出AIGC RTE SDK、首家展示全雙工對話式人工智慧的公司。我們提供全球最佳的AI交鑰匙解決方案和AI就緒模型，並且是少數幾家[公開]發布即時API的公司之一。

So we are heavily invested in the AI development and the AI input front. We have also positioned the company as a leading innovator in generative AI era, and we are committed to be one in the coming decades.

因此，我們在人工智慧研發和人工智慧輸入領域投入大量資金。我們也已將公司定位為生成式人工智慧時代的領先創新者，並致力於在未來幾十年保持這一地位。

Yeah. Actually, I want to add a layman's perspective from a non-technical person. So now if you ask a coding agent, a Claude Code or OpenCode, to write an app with real-time engagement features like provide a meeting app for your own company or your team. It is most likely -- if you try, you will see that the agent will call APIs to build this instead of rebuild the entire real-time communication from the fundamental code again. So actually, we will be used by the coding agents rather than be replaced by coding agents.

是的。實際上，我想從一個非技術人員的角度補充一點。現在，如果你讓一個程式碼代理程式（例如 Claude Code 或 OpenCode）為你的公司或團隊編寫一個具有即時互動功能的應用程序，例如會議應用，那麼很可能——如果你嘗試一下——你會發現，代理會呼叫 API 來建立這些功能，而不是從頭開始重新編寫整個即時通訊系統。所以實際上，我們會被代碼代理所利用，而不是被代碼代理所取代。

Okay. Got it. So no more questions. Thank you. I will be back to the queue.

好的，明白了。那就沒有其他問題了，謝謝。我會回到隊伍裡繼續排隊。

Thank you.

謝謝。

Xu Yue, China Securities Co.

徐躍，中國證券股份有限公司

Okay, thank you. Thanks for management for taking my question, and congrats on the solid results. So I have two questions. The first question is regarding the gross profit margin. We see this quarter the gross profit margin is kind of dropped down by AI investment. So how do you forecast it for future AI product margin trend?

好的，謝謝。感謝管理層回答我的問題，也祝賀你們取得如此優異的業績。我有兩個問題。第一個問題是關於毛利率的。我們看到本季由於人工智慧投資，毛利率有所下降。那麼，您如何預測未來人工智慧產品的毛利率趨勢？

And the second question is how do you view the growth trajectory for AI across quarters for AI toys and customer service? And have we reached the inflection point for [production] in these verticals?

第二個問題是，您如何看待人工智慧玩具和客戶服務領域人工智慧在各季度的成長軌跡？我們是否已經達到了這些垂直領域（生產）的轉折點？

Sure. So again, in terms of gross margin, we actually think the conversational AI product has greater margin potential based on our own internal estimates if we operate at normal levels, at good utilization rates, and at a decent scale. The gross margin of the AI product should be at least similar, if not higher, than the current core RTE product.

當然。所以，就毛利率而言，根據我們內部的估算，如果我們以正常的營運水平、良好的利用率和合理的規模運營，對話式人工智慧產品實際上具有更高的利潤潛力。人工智慧產品的毛利率至少應該與目前的核心即用型產品持平，甚至更高。

So the currently low margin is really due to the suboptimal scale and also a lot of POCs ongoing. So we do not have a fundamental concern on the margin. It will just take some time to ramp up to the target levels. So that's how -- on gross margin.

所以，目前較低的利潤率主要是因為規模不夠理想，以及正在進行大量概念驗證專案。因此，我們並不擔心利潤率本身的問題。只是需要一些時間才能達到目標水準。這就是毛利率方面的情況。

In terms of AI product adoption, as Tony talked about, we do expect adoption to grow throughout this year. And you talked about the performance and cost, right? I think it is not just us in terms of performance. But for all the players globally in conversational AI, there are a lot of new startups focused on this area, and I think we face the same problem.

關於人工智慧產品的普及，正如托尼所說，我們預計今年普及率將持續成長。您也談到了效能和成本問題，對嗎？我認為效能方面的問題並非我們獨有。全球所有對話式人工智慧領域的參與者都面臨著同樣的挑戰，因為有許多新興新創公司專注於這個領域。

The technology itself is fundamentally ready. But from an engineering perspective, there remain a lot of corner cases and use case adoption to be done. This will take time. But it is really just a question of time, not a question of whether it will work or not. So we'd say we've made a lot of progress already in 2025. That is why in several use cases like companionship clients and outbound calling, several use cases are already working.

技術本身已經基本成熟。但從工程角度來看，仍有許多特殊情況和應用場景需要處理。這需要時間。但這真的只是時間問題，而不是它是否有效的問題。因此，我們認為到2025年，我們已經取得了巨大的進展。正因如此，在陪伴客戶端和外呼等多個應用程式場景中，一些應用程式場景已經可以正常運作。

And we will solve more problems this year. And we do think it is not like one single turning point, but we will solve use case by use case and gradually penetrate into more verticals. And on the cost side, as we all know, model costs are coming down steadily across the model, so we do not think cost will be a blocking factor.

今年我們將解決更多問題。我們認為這並非一蹴而就，而是需要逐一解決實際應用場景，逐步滲透到更多垂直領域。至於成本方面，眾所周知，各型號的成本都在穩定下降，因此我們認為成本不會成為阻礙因素。

Thank you. There are no further questions. That concludes today's Q&A session. Thank you, everybody, for attending the company's call today. As a reminder, the recording and the earnings release will be available on the company's website at investor.agora.io. And if there are any other questions, please feel free to email the company. Thank you.

謝謝。沒有其他問題了。今天的問答環節到此結束。感謝各位參加今天的公司電話會議。提醒各位，會議錄音和財報將在公司網站 investor.agora.io 上發布。如有任何其他問題，請隨時發送電子郵件至本公司。謝謝。

Thank you. Bye-bye.

謝謝。再見。