Agora Inc (API) 2026 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Agora, Inc., first-quarter 2026 financial results conference call.

各位好，感謝您稍候。歡迎參加 Agora, Inc. 2026 年第一季財務業績電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（接線員指示）請注意，今天的會議將被錄音。

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.

本公司的財報結果、新聞稿、財報簡報、向 SEC 提交的文件，以及今日電話會議的重播，皆可於其投資人關係網站 investor.agora.io 查閱。

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

今天與我一同出席的有創辦人、董事長兼執行長趙斌（Tony Zhao），以及公司財務長王京波（Jingbo Wang）。

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. The actual results may differ materially.

在本次電話會議中，公司將就其未來財務表現以及其他未來事件與趨勢作出前瞻性陳述。這些陳述僅為基於公司目前所相信情況的預測，實際結果可能存在重大差異。

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 in which the company discuss in details in its filings with the SEC, including today's call, earnings press release, and the risk factors and other information contained in a final prospectus relating to its initial public offering.

這些前瞻性陳述受到風險、不確定性、假設及其他因素影響，可能影響公司的財務結果與業務表現；公司已在其向 SEC 提交的文件中（包括與今日電話會議、財報新聞稿，以及與首次公開發行相關之最終招股說明書中所載的風險因素及其他資訊）對此作出詳細說明。

Agora, Inc., remains no obligations to update any forward-looking statements the company may make on today's call.

Agora, Inc. 不承擔更新公司在今日電話會議中可能作出的任何前瞻性陳述之義務。

Now, with that, let me turn it over to Tony. Hi, Tony.

那麼，接下來我把時間交給 Tony。Tony，你好。

Thank you, operator. Welcome, everyone, to our earnings call.

謝謝接線員。歡迎各位參加我們的財報電話會議。

I'll start with a review of our operating results for the quarter. I'm pleased to report our sixth consecutive quarter of GAAP profitability, alongside another quarter of strong top-line growth.

我先回顧本季的營運成果。我很高興向各位報告，我們已連續第六個季度實現 GAAP 獲利，同時也再次達成強勁的營收成長。

Total revenue for the first quarter of 2026 reached $37.7 million, up 13.5%, year over year -- growth further accelerating our prior quarters. GAAP net profit was $1.1 million, more than double the level of Q1 last year.

2026 年第一季總營收達 3,770 萬美元，年增 13.5%——成長動能較前幾季進一步加速。GAAP 淨利為 110 萬美元，較去年第一季水準增加逾一倍。

These results reflect the continued expansion of our Real-Time Engagement use cases globally, as well as the increasing contribution from AI-related applications and products built with our solutions.

這些成果反映我們的即時互動（Real-Time Engagement）應用情境在全球持續擴張，以及以我們解決方案打造的 AI 相關應用與產品貢獻度日益提升。

Let me turn to our business product and technology update for the quarter:

接下來我更新本季的業務、產品與技術進展：

Over the past several months, we continue to make progress in bringing Conversational AI to real-world production, deepening the capabilities with our Real-Time Engagement infrastructure and expanding our ecosystem partnerships.

過去幾個月，我們持續推進將對話式 AI（Conversational AI）導入真實世界的量產環境，並結合我們的即時互動基礎設施深化能力，同時擴大生態系夥伴合作。

In March, we officially launched Agent Studio, a visual no-code environment that enables developers and enterprises to rapidly build, test, and deploy voice AI agents at scale.

3 月，我們正式推出 Agent Studio——一個可視化的無程式碼環境，讓開發者與企業能夠快速建置、測試並大規模部署語音 AI 代理（voice AI agents）。

We also introduced Conversational AI agents for inbound use cases, such as customer service; as well as outbound use cases focused on sales and marketing.

我們也推出適用於來電（inbound）情境的對話式 AI 代理，例如客服；以及聚焦於銷售與行銷的外呼（outbound）情境。

The market opportunity here is enormous. According to Gartner, conversational agents are expected to automate 70% of customer interactions by 2027. By 2028, AI agents are projected to outnumber human sellers by 10:1.

此處的市場機會極為龐大。根據 Gartner，至 2027 年，對話式代理預計將自動化 70% 的客戶互動。到 2028 年，AI 代理的數量預計將以 10:1 超過人類銷售人員。

At the same time, many enterprises still struggle to deploy voice AI in production environments. The challenge is not simply the AI model itself but the complexity of orchestrating multiple technology layers, while maintaining low latency, reliability, and the natural conversational experience at scale.

同時，許多企業仍難以在量產環境中部署語音 AI。挑戰不僅在於 AI 模型本身，更在於需要協同多個技術層，同時在大規模下維持低延遲、可靠性，以及自然的對話體驗。

In addition, effective enterprise deployment require domain-specific expertise. A successful voice AI agent must do more than respond accurately. It must reflect the tone, personality, and workflow of the industry it serves.

此外，有效的企業部署需要具備特定領域的專業知識。成功的語音 AI 代理不僅要回應準確，還必須反映其所服務產業的語氣、個性與工作流程。

For example, a car sales assistant and a debt collection agent need very different conversational styles, compliance guidelines, and customer engagement approaches.

例如，汽車銷售助理與催收代理需要截然不同的對話風格、合規指引與客戶互動方式。

Our solution is designed to eliminate this complexity through a fully integrated stack that combines three core components:

我們的解決方案旨在透過一個完整整合的技術堆疊消除這些複雜性，該堆疊結合三個核心組件：

(technical difficulty) -- that allows enterprise to design, test, and deploy AI agent in minutes, rather than weeks or months.

（technical difficulty）——讓企業能在數分鐘內（而非數週或數月）設計、測試並部署 AI 代理。

Second, our Conversational AI agent orchestrates ASR, large language model, and TTS capabilities with intelligent interaction handling, noise suppression, multilingual support, and domain-aware conversation design, enabling more natural and human-like interactions.

第二，我們的對話式 AI 代理可協同 ASR（自動語音辨識）、大型語言模型與 TTS（文字轉語音）能力，並具備智慧互動處理、降噪、多語言支援與具領域感知的對話設計，從而實現更自然、更接近真人的互動。

Third, our global real-time network infrastructure delivers sub-second latency and carrier-grade reliability, worldwide. We are already seeing strong early validation from real-world deployments.

第三，我們的全球即時網路基礎設施可在全球範圍提供次秒級延遲與電信級可靠性。我們已從真實部署中看到強勁的早期驗證。

In Q1, one customer implemented a survey and polling agent that matched 10% conversion rate of human agents. This allowed them to scale data collection and reward distribution far more cost effectively without adding operational headcount.

在第一季，一位客戶導入了一個調查與投票代理，其轉換率達到人工代理的 10%。這使其能以更具成本效益的方式擴大資料蒐集與獎勵發放規模，而無需增加營運人力編制。

Overall, enterprise feedback has been highly encouraging. Customers increasingly recognize that scalable Conversational AI requires not only powerful models but also real-time infrastructure's capability of delivering (technical difficulty) -- seamless interaction and integration.

整體而言，企業回饋非常令人鼓舞。客戶日益認知到，可擴展的對話式 AI 不僅需要強大的模型，也需要即時基礎設施具備交付（technical difficulty）——無縫互動與整合的能力。

We believe we are uniquely positioned at the intersection of these capabilities.

我們相信，我們在這些能力的交會點上具備獨特優勢。

Last month, we also strengthened our position in the enterprise collaboration market with the launch of our [Intelligent Meeting Engine] product. Intelligent Meeting Engine offers end-to-end encryption; flexible deployment options, including on-premises and private cloud; and a full data solution to help ensure that customer meeting content remains entirely within their controlled infrastructure.

上個月，我們也透過推出 <xml>[Intelligent Meeting Engine]</xml> 產品，強化我們在企業協作市場的地位。Intelligent Meeting Engine 提供端到端加密；彈性的部署選項（包括地端部署與私有雲）；以及完整的資料解決方案，以協助確保客戶的會議內容完全保留在其可控的基礎設施內。

At the same time, it integrates AI-powered capabilities, such as real-time transcription, translation, intelligent meeting summaries, and automated follow-up workflows that can connect with customers' existing business system.

同時，它也整合 AI 驅動能力，例如即時轉錄、翻譯、智慧會議摘要，以及可與客戶既有業務系統連接的自動化後續工作流程。

This solution addresses growing enterprise demand around content, data sovereignty, and intelligent workflow automation; and has been well received in industries, including finance, government, and healthcare.

此解決方案回應企業對內容、資料主權與智慧工作流程自動化日益增長的需求；並在金融、政府與醫療等產業獲得良好反響。

Turning to ecosystem partnerships, we continue to integrate the latest AI models, such as Google's Gemini and xAI's Grok models into our Conversational AI solutions. In particular, Google has featured Agora as a recommended partner for building real-time Conversational AI, validating our technology leadership in this space.

在生態系合作方面，我們持續將最新的 AI 模型（例如 Google 的 Gemini 與 xAI 的 Grok 模型）整合至我們的對話式 AI 解決方案中。特別是，Google 已將 Agora 列為建置即時對話式 AI 的推薦合作夥伴，驗證我們在此領域的技術領先地位。

In addition, we recently entered a strategic partnership with [NetEase Enterprise's Service's] division, [NetEase Smart Enterprise]. Together, we will provide integrated solutions, spanning real-time video, content moderation, and AI agents.

此外，我們近期與 <xml>[NetEase Enterprise's Service's]</xml> 事業群旗下的 <xml>[NetEase Smart Enterprise]</xml> 達成策略合作。雙方將共同提供整合式解決方案，涵蓋即時視訊、內容審核與 AI 代理。

This partnership combines NetEase expertise in AI and content moderation with our leadership in Real-Time Engagement infrastructure.

此合作結合網易在 AI 與內容審核方面的專長，以及我們在即時互動基礎設施方面的領先地位。

We believe this partnership is meaningful validation of our technology from one of China's leading internet companies, while also expanding our go-to-market opportunities across education, customer service, digital entertainment, and enterprise collaboration.

我們相信，這項合作不僅是中國領先網際網路公司之一對我們技術的重大肯定，也將擴大我們在教育、客服、數位娛樂與企業協作等領域的市場拓展機會。

Before I conclude, I want to thank the Agora and Shengwang teams for their continued dedication and execution; and thank our shareholders for their ongoing trust and support.

在我結語之前，我要感謝 Agora 與聲網團隊持續的投入與執行力；也感謝股東長期以來的信任與支持。

Globally, Conversational AI is rapidly moving from proof of concept to large-scale deployment. Since the official launch of our [Conversational AI Engine] product last year, usage has demonstrated remarkable momentum, with over 150% sequential growth every single quarter.

在全球範圍內，對話式 AI 正快速從概念驗證走向大規模部署。自去年我們正式推出 <xml>[Conversational AI Engine]</xml> 產品以來，使用量展現出顯著動能，每一季的環比成長皆超過 150%。

Enterprises today are no longer asking whether they should adopt Conversational AI. Instead, they are asking how to deploy it at scale, with reliability, low latency, and seamless integration.

如今企業不再詢問是否應採用對話式 AI，而是在詢問如何以可靠、低延遲且無縫整合的方式進行規模化部署。

We believe our decade of experience in Real-Time Engagement infrastructure uniquely positions us to help customers solve exactly these challenges.

我們相信，我們在即時互動基礎設施方面累積十年的經驗，使我們具備獨特優勢，能協助客戶解決這些挑戰。

With that, let me turn things over to Jingbo, who will reveal our financial results.

接下來我把時間交給京波，由他說明我們的財務結果。

Thank you, Tony. Hello, everyone.

謝謝 Tony。各位好。

Let me start by, first, reviewing financial results for the first quarter of 2026. Then, I will discuss outlook for the second quarter.

我先回顧 2026 年第一季的財務結果，接著將討論第二季展望。

Starting this quarter, we have simplified our disclosure approach for revenues and active customers. We will no longer separately disclose these metrics for Agora and Shengwang.

自本季起，我們已簡化對營收與活躍客戶的揭露方式。我們將不再分別揭露 Agora 與聲網的相關指標。

We've also refined our dollar-based net expansion rate or [DBAR] methodology. We now compare quarterly revenue from the same cohort of paying customers year over year to calculate DBAR.

我們也調整了以美元計價的淨擴張率（dollar-based net expansion rate，<xml>[DBAR]</xml>）的方法。我們現在以同一批付費客戶的季度營收進行年對年比較，以計算 DBAR。

This change aligns DBAR more closely with our quarterly revenue growth rate, making it easier for investors to compare the two.

此變更使 DBAR 與我們的季度營收成長率更為一致，讓投資人更容易比較兩者。

Total revenue for the first quarter reached $37.7 million, representing 13.5% year-over-year growth.

第一季總營收達 3,770 萬美元，年增 13.5%。

Those results exceeded the high end of our guidance range of $36 million to $37 million; and reflected continued expansion and usage growth of our Real-Time Engagement services in sectors, such as US live shopping, social and entertainment, and financial services.

上述結果超出我們 3,600 萬至 3,700 萬美元指引區間的上緣；並反映我們即時互動服務在美國直播電商、社交與娛樂、以及金融服務等產業持續擴張與使用量成長。

DBAR, first quarter, was 99% compared to 95% in the first quarter of 2025.

DBAR 第一季為 99%，相較於 2025 年第一季的 95%。

Gross profit, first quarter, was $23.9 million, representing a 5.7% year-over-year increase. Gross margin was 63.4% compared to 68% in the same period last year, mainly due to product mix change, especially Conversational AI products, remaining at a subscale stage.

第一季毛利為 2,390 萬美元，年增 5.7%。毛利率為 63.4%，相較於去年同期的 68%，主要由於產品組合變化，尤其是對話式 AI 產品仍處於規模尚小的階段。

Turning to expenses, R&D expenses were $14.4 million in Q1, up 2.9%, year over year. R&D expenses accounted for 38.1% of total revenues compared to 42.1% in the same period last year. The increase was primarily due to continued investment in Conversational AI products.

接著看費用，第一季研發費用為 1,440 萬美元，年增 2.9%。研發費用占總營收 38.1%，相較於去年同期的 42.1%。增加主要來自於持續投資對話式 AI 產品。

The marketing expenses were $5.9 million in Q1, down 4.8%, year over year. The marketing expenses represented 15.6% of total revenues in the quarter compared to 18.7% in Q1 last year. The decrease was primarily due to disciplined expense management, including lower personnel and promotion expenses.

第一季行銷費用為 590 萬美元，年減 4.8%。本季行銷費用占總營收 15.6%，相較於去年第一季的 18.7%。下降主要由於嚴謹的費用管理，包括較低的人員與推廣費用。

General and administrative expenses were $6 million in Q1, down 6.4%, year over year. G&A expenses represented 15.9% of total revenues compared to 18.8% in Q1 last year. The decrease was primarily due to a lower allowance for current expected credit losses, mainly as a result of improved customer credit conditions and collection outcomes.

第一季一般及行政費用為 600 萬美元，年減 6.4%。一般及行政費用占總營收 15.9%，相較於去年第一季的 18.8%。下降主要由於當期預期信用損失準備較低，主要是因客戶信用狀況與收款成果改善所致。

Moving on to the bottom line, we delivered net income of $1.1 million in Q1, more than double the net income in the first quarter last year, representing a 2.9% net income margin. This marks our sixth consecutive quarter of GAAP profitability and reflects continued improvement in our operating leverage.

再看獲利表現，我們第一季實現淨利 110 萬美元，較去年第一季淨利增加逾一倍，淨利率為 2.9%。這是我們連續第六個季度達成 GAAP 獲利，並反映我們營運槓桿持續改善。

Now, turning to cash flow, operating cash flow was $5.7 million in Q1, including interest received of $4.3 million, compared to $17.6 million in Q1 last year, which included interest received of $17.8 million.

接著看現金流，第一季營運現金流為 570 萬美元，其中包含 430 萬美元的利息收入；相較之下，去年第一季為 1,760 萬美元，其中包含 1,780 萬美元的利息收入。

Moving on to balance sheet, we ended Q1 with $366.1 million in cash, cash equivalents, cash deposits, and financial products issued by banks.

再看資產負債表，我們在第一季末持有現金、現金等價物、現金存款以及銀行發行的金融產品合計 3.661 億美元。

Net cash outflow in the quarter was mainly due to share repurchase.

本季淨現金流出主要由股份回購所致。

During the quarter, we repurchased approximately 12.5 million class A ordinary shares or 3.1 million ADS, representing approximately 3.6% of our total outstanding shares at the beginning of the quarter, for approximately $13.1 million.

本季我們回購約 1,250 萬股 A 類普通股（或 310 萬股 ADS），約占本季初已發行在外總股數的 3.6%，回購金額約 1,310 萬美元。

As of March 31, 2026, we had repurchased 174.7 million class A ordinary shares or [43.7] million ADS for approximately $156.2 million under our share repurchase program, which represented 78.1% of our $200 million share repurchase program.

截至 2026 年 3 月 31 日，我們在股份回購計畫下已回購 1.747 億股 A 類普通股（或 [43.7] 百萬股 ADS），金額約 1.562 億美元，約占 2 億美元股份回購計畫的 78.1%。

The current program will expire at the end of February 2027.

目前的計畫將於 2027 年 2 月底到期。

Now, turning to guidance, based on currently available information, we expect total revenues for the second quarter of 2026 to be between $39 million and $40 million compared to $34.3 million in the second quarter of 2025, representing year-over-year growth of 13.7% to 16.6%.

接著談指引，基於目前可得資訊，我們預期 2026 年第二季總營收介於 3,900 萬至 4,000 萬美元之間；相較於 2025 年第二季的 3,430 萬美元，年增 13.7% 至 16.6%。

Notably, even at the low end of this range, we expect to deliver faster revenue growth than we did in the first quarter.

值得注意的是，即使在此區間的低端，我們也預期營收成長將快於第一季。

In closing, I want to thank our teams for their focused execution in the first quarter. We beat revenue guidance. Net [income] more than doubled, year over year. Our second -quarter outlook also points to a further acceleration in revenue growth.

最後，我要感謝我們的團隊在第一季專注執行。我們超越了營收指引。淨利年增逾一倍。我們對第二季的展望也顯示營收成長將進一步加速。

We will continue to invest in AI with discipline. We are confident that it will become an increasingly important driver of long-term growth.

我們將持續以紀律投資 AI。我們有信心，AI 將成為長期成長日益重要的驅動力。

Thank you, all, for joining today's call. Let's open it up for questions.

感謝各位參加今天的電話會議。現在我們開放提問。

Thank you.

謝謝。

(Operator Instructions)

（接線員指示）

Harry Zhuang, Bank of America Securities.

美國銀行證券 Harry Zhuang。

Hi. Thanks, management, for taking my questions. Congratulations on the strong first-quarter results and solid two-year guidance. I have three questions here.

嗨，謝謝管理層回答我的問題。恭喜第一季表現強勁以及穩健的兩年指引。我這裡有三個問題。

The first one: Since the company did not disclose the revenue breakdowns by region, we would like to know the growth trend in overseas and China market; and what are the verticals driving the growth behind?

第一個：由於公司未披露按地區劃分的營收拆分，我們想了解海外與中國市場的成長趨勢；以及背後是哪些垂直領域在驅動成長？

Secondly, in terms of the Conversational AI, we would like to know the primary application scenarios at current stage and what revenue scale could the company achieve by the end of this year.

第二個，關於對話式 AI，我們想了解目前階段的主要應用場景，以及公司在今年年底前可達到的營收規模。

Thirdly is about the profit guidance. What is the operating profit target for FY26? Any timeline for operating level of break-even?

第三個是關於獲利指引。FY26 的營業利益目標是什麼？營運層面達到損益兩平的時間表為何？

Thank you.

謝謝。

Thank you.

謝謝。

On the first question, first of all, in this quarter, both the China business and the US international business are growing very rapidly.

先回答第一個問題。首先，本季中國業務與美國的國際業務都成長非常快速。

The growth rate: The US business is still a little bit faster. But the two are approaching, also, at very healthy rates.

成長率方面：美國業務仍然稍微快一些，但兩者正在接近，而且都維持在非常健康的成長速度。

In terms of the demand in both markets, I'll talk about the demand in the RTE market first and Tony will talk about demand in the AI market.

就兩個市場的需求而言，我先談 RTE 市場的需求，Tony 會談 AI 市場的需求。

For RTE, in China, demand for the traditional verticals -- social, entertainment, education -- from all these verticals, demand continued to recover.

就 RTE 而言，在中國，傳統垂直領域——社交、娛樂、教育——來自這些垂直領域的需求持續復甦。

In the US international markets, demand from live shopping, financial services, and gaming scales are among the strongest. We have a very healthy pipeline of new customers in these verticals, as well.

在美國等國際市場，直播電商、金融服務與遊戲等領域的需求規模名列前茅。我們在這些垂直領域也有非常健康的新客戶管線。

Overall, RTE demand looks quite healthy.

整體而言，RTE 的需求看起來相當健康。

About the demand on AI side, from the beginning of this (technical difficulty) -- closely watching the progress on all front.

關於 AI 端的需求，從一開始（技術問題）——我們一直密切關注各方面的進展。

We were the first to introduce AI into the whole RTE [talent] stack and offer the first generation of products empowered by those capabilities. Since then, we've been closely working with customers on practical demand.

我們是第一家將 AI 引入整個 RTE [talent] 技術堆疊並推出第一代由這些能力賦能的產品的公司。自那之後，我們一直與客戶緊密合作，聚焦於實際需求。

The thing is, in the last few years, there has been a lot of hype around how AI can change people's lives. Those claims are not fake. But many of those claims are overstatements that far ahead of what's happening on the ground; mostly oversimplifies the practical challenge and actual adoption process.

問題在於，過去幾年市場對 AI 如何改變人們生活有很多炒作。那些說法並非虛假，但其中許多主張被誇大，遠遠超前於落地現況；多半也過度簡化了實務挑戰與實際採用流程。

Since early last year, we've been seeing demand from call center (technical difficulty) -- education, digital avatar, et cetera. I think we talked about that last year.

自去年年初以來，我們看到來自呼叫中心（技術問題）——教育、數位分身等——的需求。我想我們去年也談過。

This is happening, over the past few quarters, in different regions. In each of those areas, we actually have certain partners and customers to work with them to go into real production.

過去幾個季度，這些情況在不同地區發生。在每個領域，我們實際上都有特定的合作夥伴與客戶，與他們一起推進到真正的量產落地。

With them, we made progress in the overall experience: practical token economy and customer use case adoption. At this moment, we see fairly large demand from the call center side.

與他們合作下，我們在整體體驗上取得進展：可行的 token 經濟，以及客戶使用案例的採用。在此刻，我們看到呼叫中心端有相當大的需求。

As the technology of voice agent is increasingly able to communicate and resolve many communication tasks, leveraging large language model intelligence is improving day by day.

隨著語音代理技術越來越能夠溝通並解決許多交流任務，結合大型語言模型的智慧也在日益提升。

On IoT side, after successfully helping to launch the companion toy, Fuzozo, similar demand is expanding. Fuzozo's growth, itself, is also very promising.

在 IoT 端，在成功協助推出陪伴玩具 Fuzozo 之後，類似需求正在擴大。Fuzozo 本身的成長也非常可期。

It can get enough monthly subscription revenue from the most sticky user group every month. It's not just a one-time sale of the hardware toy.

它每個月都能從黏著度最高的用戶群獲得足夠的月訂閱收入；不只是一次性的硬體玩具銷售。

We're seeing a similar trend in other use cases of Conversational AI.

我們在其他對話式 AI 的使用案例中也看到類似趨勢。

Yeah. Tony just talked about the demand for Conversational AI. That should also answer, partly, the second question.

是的。Tony 剛才談到對話式 AI 的需求，這也應該部分回答了第二個問題。

Yes. For revenue contribution this year, we believe call center and IoT will be the biggest contributors.

是的。就今年的營收貢獻而言，我們認為呼叫中心與 IoT 將是最大的貢獻來源。

I think Tony also talked about that in his opening remarks: that since we released our Conversational AI Engine product in March last year, its usage has been growing at more than 150% sequential growth rate every single quarter.

我想 Tony 也在開場致詞中提到：自我們去年 3 月發布對話式 AI 引擎產品以來，其使用量每一季的季增率都超過 150%。

Also, the revenue contribution, at the moment, is still relatively low. We expect to see its revenue to quickly ramp up -- and towards the summer, around 5% revenue contribution by then.

此外，目前其營收貢獻仍相對較低。我們預期其營收將快速爬坡——並在接近夏季時，貢獻約 5% 的營收。

In terms of the 2026 operating target, given the current growth trajectory and seasonality, we expect operating income and net income to both grow sequentially every quarter, from Q1 to Q4.

就 2026 年的營運目標而言，考量目前的成長軌跡與季節性因素，我們預期營業收入與淨利將在每一季皆呈現季增，從第一季到第四季逐季成長。

In terms of the full-year profit, we expect the GAAP net income will be significantly higher than last year.

就全年獲利而言，我們預期 GAAP 淨利將顯著高於去年。

Our goal is to achieve GAAP operating profit in the second half of this year.

我們的目標是在今年下半年達成 GAAP 營業獲利。

Yeah. Thanks, management. Very clear. Thank you.

好的。謝謝管理層。非常清楚。謝謝。

[Rachel Han, CICC].

[韓瑞秋，CICC]。

Thanks. Hi. This is (inaudible) -- Rachel, from CICC. Thanks for taking my questions. Congrats on another solid quarter, especially with revenue coming above the high end of guidance.

謝謝。嗨。我是（聽不清）——來自 CICC 的 Rachel。謝謝讓我提問。恭喜又一個穩健的季度，尤其是營收高於指引區間上緣。

My first question is on e-commerce overseas. Last quarter, I remember you highlighted Whatnot and the Super Bowl live shopping events.

我的第一個問題是關於海外電商。上個季度，我記得你們提到 Whatnot 以及超級盃的直播帶貨活動。

Could you give us an update on how this vertical has been developing since then? How should we think about the potential revenue contribution from overseas e-commerce for the rest of 2026?

能否更新一下自那之後這個垂直領域的發展情況？我們應該如何看待 2026 年剩餘時間海外電商可能帶來的營收貢獻？

My second question is on domestic China business. I know we share some color on the growth drivers for the domestic business this year. But I noticed we announced NetEase Smart Enterprise partnership this quarter.

我的第二個問題是關於中國國內業務。我知道我們今年已分享了一些國內業務的成長驅動因素。但我注意到我們本季度宣布了與網易智慧企業的合作夥伴關係。

How should we think about its potential impact on our Shengwang's growth in 2026? Thank you.

我們應該如何看待其對我們聲網 2026 年成長的潛在影響？謝謝。

Sure. The first question, on commerce use case: I want to say that, in the US market and in probably all developed markets, in general, video-based live shopping is still very new thing. We mentioned one, last quarter.

好的。第一個問題，關於電商使用情境：我想說，在美國市場以及可能所有已開發市場，整體而言，以影片為基礎的直播購物仍然是非常新的事物。我們上季提到過一個案例。

After that event -- very successful event -- actually, it did perform well, in terms of new user acquisition and customer user stickiness. We continue to see growing demand from that customer.

在那次活動之後——非常成功的活動——實際上在新用戶獲取與客戶用戶黏著度方面表現都很好。我們持續看到該客戶的需求在成長。

In addition, we recently won over another fast-growing video-based e-commerce customer in US market from a competitor.

此外，我們最近也從競爭對手手中贏得了美國市場另一家成長迅速的影片型電商客戶。

On top of that, the last quarter was a milestone in the industry. Now, everybody in the industry is watching.

除此之外，上個季度也是產業的一個里程碑。現在，整個產業都在關注。

Several other players are trying to host similar events in the future. We are discussing with a few of them, already.

還有幾個其他玩家正嘗試在未來舉辦類似活動。我們已經在與其中幾家進行討論。

We do expect this vertical to have a lot of room for growth. We are making solid progress on that front.

我們確實預期這個垂直領域有很大的成長空間。我們在這方面正取得扎實進展。

In terms of the business in China, as I said earlier, demand from these Internet-based use cases -- social, entertainment, education -- we see demand recovery, also, still, at a moderate rate (inaudible) -- from verticals, such as IoT, cameras, doorbells, cars; from wearable devices.

至於中國的業務，如我先前所說，來自這些網際網路型使用情境——社交、娛樂、教育——我們看到需求回升，同時也仍以溫和速度（聽不清）——來自 IoT、攝影機、門鈴、汽車等垂直領域；以及來自穿戴式裝置。

Demand from IoT is growing very fast. It has been very fast in the past two, three years.

來自 IoT 的需求成長非常快。過去兩、三年一直都很快。

Also, digital transformation customers, with additional AI features. We also see renewed demand growth from digital transformation; traditional enterprise customers.

另外，數位轉型客戶在加入更多 AI 功能後，我們也看到數位轉型、傳統企業客戶的需求成長再度回升。

In terms of the pace, I think it's certainly very helpful on its own. But, also, it reflected further consolidation of the market in China, right?

就節奏而言，我認為這本身當然很有幫助。但同時也反映了中國市場的進一步整合，對吧？

Recently -- to just give some more examples (inaudible) -- a private competitor in this market repurchased all of its venture capital [investors] and started to focus more on profitability, rather than scale, right? That used to be a competitor. Now, it is a partner.

最近——再舉一些例子（聽不清）——這個市場的一家民營競爭對手回購了其所有創投[投資人]的股份，並開始更聚焦於獲利能力，而非規模，對吧？它過去是競爭對手，現在成了合作夥伴。

We also see, another large public cloud competitor has further reduced its staff on the RTE business.

我們也看到，另一家大型公有雲競爭對手進一步縮減了其 RTE 業務的人員編制。

We do believe this trend of consolidation will gradually help our revenue growth, as well.

我們相信這種整合趨勢也將逐步有助於我們的營收成長。

Okay. Thanks, Jingbo. That's very helpful. All the best, going forward. Thanks.

好的。謝謝，Jingbo。非常有幫助。祝未來一切順利。謝謝。

Yue Xu, China Securities.

徐悅，中國證券。

Hi, management. Thanks for taking my question. Congrats on the strong results. Just two quick ones.

嗨，管理層。謝謝讓我提問。恭喜強勁的業績。兩個簡短問題。

First, are we seeing further improvement in the domestic competitive landscape? How should that translate into pricing power and revenue growth? Also, excluding the initial gross margin drag from Con AI, what is the online gross margin trend for our core business?

第一，我們是否看到國內競爭格局進一步改善？這將如何轉化為定價能力與營收成長？另外，若排除 Con AI 初期對毛利率的拖累，我們核心業務的線上毛利率趨勢如何？

Second question: As for Con AI scale, how are its unit economics trending? If AI progression comes in below expectation, how should we think about our target of turning operating margin-positive by Q4 of 2026?

第二個問題：關於 Con AI 的規模，其單位經濟效益（unit economics）趨勢如何？如果 AI 的進展低於預期，我們應如何看待在 2026 年第四季實現營業利潤率轉正的目標？

Sure. First question, on competition and the margin -- I will talk about RTE and Tony will talk about AI.

好的。第一個問題，關於競爭與毛利——我會談 RTE，Tony 會談 AI。

Actually, I just talk a little bit about the competition in the China market. We see that the market is moving into further consolidation.

其實我剛才已稍微談到中國市場的競爭。我們看到市場正在進一步整合。

There was more players to no longer going after scale, right? We do believe that will help with revenue growth, as well as margin improvement, in the coming quarters.

有更多玩家不再追求規模，對吧？我們確實相信，這將在未來幾個季度同時有助於營收成長與毛利改善。

As you can see, overall, the gross margin this quarter was [a few] compared to the same quarter last year. That's mostly due to the initial negative gross margin on the Conversational AI business.

如你所見，本季度整體毛利率相較去年同期是[幾個]，主要是因為對話式 AI 業務初期的負毛利率所致。

If excluding Conversational AI, the gross margin of the core RTE businesses remain actually relatively stable in the first quarter.

若排除對話式 AI，我們核心 RTE 業務的毛利率在第一季其實仍相對穩定。

On the AI side, there's a lot of competition for Conversational AI in Silicon Valley and the US market. The market is still at an early stage. There are different players trying to attack it from quite diverse angles.

在 AI 方面，矽谷與美國市場對話式 AI 的競爭非常激烈。市場仍處於早期階段，有不同玩家正從相當多元的角度切入。

Because it's still a growth market, every company has a chance to attack from different angle and still making progress.

因為這仍是成長型市場，每家公司都有機會從不同角度切入並持續取得進展。

We are the ones who focus more on the fundamental technology, trying to enable the most promising use cases through the ultimate quality of conversation.

我們更專注於底層技術，試圖透過極致的對話品質來賦能最具前景的使用情境。

The customer demand is strong. As we see, the start-ups is actually adapting to those customer demands and improving the conversational quality so that it can resolve communication tasks at a higher and better level, making it more effective.

客戶需求強勁。正如我們所見，新創公司其實正在適應這些客戶需求並提升對話品質，使其能在更高、更好的層級上完成溝通任務，提升有效性。

China market is quite different. As you can see, most of the AI companies can only make a fractional of revenue in China market compared to their US peers.

中國市場則相當不同。如你所見，多數 AI 公司在中國市場能取得的營收，僅為其美國同業的一小部分。

The market is quite hard to get through, at this moment. However, there is similar demand on Conversational AI side. The technology and product progress are also similar.

目前這個市場相當難以突破。不過，在對話式 AI 方面也存在類似需求，技術與產品的進展也相近。

Okay. In terms of the unique economics of the Conversational AI product, I think it is still too early to talk about [lead].

好的。就對話式 AI 產品的單位經濟效益而言，我認為現在談[lead]仍為時過早。

For example, in first quarter, the reason we have a negative gross margin for this product is because we have a lot of [POC] customers; a lot of experimentation that basically generate no revenue but has a lot of cost.

例如，在第一季，我們之所以在這個產品上出現負毛利率，是因為我們有很多[POC]客戶；大量實驗基本上不產生營收，但成本很高。

We believe, as we continue to scale; as customers move from POC to deployment and scale usage, by the end of the year, we expect to see a meaningful revenue contribution.

我們相信，隨著我們持續擴大規模；隨著客戶從 POC 走向部署並擴大使用規模，到今年年底，我們預期將看到有意義的營收貢獻。

At that point, the gross margin will certainly turn positive and, also, will be at a healthy level.

屆時，毛利率肯定會轉正，並且也會處於健康水準。

In the long run, we actually expect the conversational revenues to generate similar, if not higher, gross margin than the current RT products because of, one, higher pricing; and, two, the more technical sophistication and value creation for customers.

長期來看，我們其實預期對話式業務的毛利率將與目前 RT 產品相近，甚至更高，原因在於：第一，定價更高；第二，技術複雜度更高，能為客戶創造更大價值。

We talk about, if the AI progress is below -- like, does not meet the expectation -- but, actually, we have considered all the investments we need to make on that front. It will not affect our goal of turning operating profitability in the second half of this year.

至於你提到如果 AI 進展低於——例如未達預期——但其實我們已把在該方向所需的所有投資都納入考量。這不會影響我們在今年下半年實現營運獲利的目標。

Thank you.

謝謝。

Thank you.

謝謝。

(Operator Instructions)

（接線員指示）

Thank you. With that, this concludes today's Q&A session and conference call.

謝謝。至此，今天的問答環節與電話會議到此結束。

Thank you again, everyone, for attending the company's call today.

再次感謝各位今天參加公司的電話會議。

As a reminder, the recording and the earning release will be available on the company's website at investor.agora.io.

提醒各位，會議錄音與財報新聞稿將公布於公司網站 investor.agora.io。

If there's any further questions, please feel free to e-mail the company.

如有任何進一步問題，歡迎隨時以電子郵件聯絡公司。

Thank you.

謝謝。

Thank you. Bye-bye.

謝謝。再見。