Agora Inc (API) 2026 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Agora Inc. second-quarter 2026 financial results conference call. (Operator Instructions)

各位好，感謝您稍候等候。歡迎參加 Agora Inc. 2026 年第二季財務業績電話會議。（接線員指示）

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

請注意，今天的會議將被錄音。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，可於其投資人關係網站 investor.agora.io 查閱。今天與我一同出席的有：創辦人、董事長兼執行長 Tony Zhao；以及公司財務長 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 we 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 press release and the risk factors of other information contained in the final prospectus relating to the initial public offering. Agora, Inc. remains (sic - assumes) no obligation to update any forward-looking statements the company may make on today's call.

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。這些陳述僅為預測，係基於公司目前所相信的情況，實際結果可能存在重大差異。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 提交的文件中就此作出詳細討論，包括今日新聞稿，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。Agora, Inc. 不承擔（原文如此—推定為）更新公司於今日電話會議中可能作出的任何前瞻性陳述之義務。

With that, let me turn the call over to Tony. Hi, Tony.

接下來，讓我把電話交給 Tony。嗨，Tony。

Hey, thanks, operator, and welcome, everyone, to our earnings call. Let me begin with a review of our operating results for the quarter. I'm pleased to report another quarter of accelerating top-line growth, as well as our seventh consecutive quarter of GAAP profitability.

嗨，謝謝接線員，也歡迎各位參加我們的財報電話會議。我先從本季的營運成果回顧開始。我很高興向各位報告，我們再度交出營收加速成長的一季，同時也達成連續第七季的 GAAP 獲利。

Total revenues for the second quarter of 2026 reached $40.4 million, an increase of 18% year over year. This performance reflects both the continued strength of our core Real-Time Engagement business and the growing contribution from our Conversational AI products as more customers move from proof of concept to commercial production. Our GAAP net profit for the quarter was $2.2 million, up 50% year over year, which demonstrates improved operating leverage and disciplined cost management across organizations.

2026 年第二季總營收達 4,040 萬美元，年增 18%。此表現反映了我們核心即時互動（Real-Time Engagement）業務的持續強勁，以及隨著更多客戶從概念驗證走向商業化量產，我們對話式 AI 產品貢獻度的提升。本季 GAAP 淨利為 220 萬美元，年增 50%，顯示營運槓桿改善，以及各組織在成本管理上的紀律。

Our most important progress this quarter occurred in call center across the globe. We are seeing strong momentum in adoption of our voice AI agents trained on the best sales and customer service playbooks. These agents deliver consistent high-quality performance across every conversation. They do not experience fatigue, lose focus, or vary in performance based on workload or time of day.

本季我們最重要的進展發生在全球各地的呼叫中心領域。我們看到以最佳銷售與客服作業手冊訓練的語音 AI 代理（voice AI agents）在採用上展現強勁動能。這些代理能在每一次對話中提供一致的高品質表現。它們不會疲勞、不會分心，也不會因工作量或一天中的時間不同而出現表現波動。

They also maintain calm and steady interactions even during challenging calls. Further, customers are now seeing substantial cost savings from deploying our voice AI agents. Indeed, we are beginning to see them match or even surpass human performance in an increasing number of tasks in achieving targeted business outcomes.

即使在具挑戰性的通話中，它們也能維持冷靜且穩定的互動。此外，客戶現在也正看到部署我們語音 AI 代理所帶來的可觀成本節省。事實上，我們開始看到在越來越多任務上，它們在達成目標業務成果方面已能追平甚至超越人類表現。

The first example is outbound marketing and buyer interest capture. Our voice AI agents are now being used to initiate calls, qualifying leads, collect information, and schedule meetings with prospect customers. At a similar [conversation] with human [reps], our voice AI agent also outperform in two other important areas: the volume of calls they can handle and the unit economics they deliver.

第一個例子是外呼行銷與買方興趣捕捉。我們的語音 AI 代理目前已被用於主動發起通話、篩選潛在客戶、蒐集資訊，並為潛在客戶安排會議。在與人工客服代表進行類似的[對話]情境下，我們的語音 AI 代理在另外兩個重要面向也表現更佳：可處理的通話量，以及所帶來的單位經濟效益。

The second example is market survey. Our voice AI agent can conduct in-depth interviews for consumer insights and product feedbacks while capturing structured data throughout each conversation. The high concurrency of our solution compresses the time it takes to conduct large-scale surveys that traditionally takes weeks or days into just a few hours. Marketing and surveying are only two examples of how voice AI agents can reshape call center worldwide.

第二個例子是市場調查。我們的語音 AI 代理可進行深入訪談以取得消費者洞察與產品回饋，同時在每段對話中持續擷取結構化資料。我們解決方案的高併發能力，能將傳統上需要數週或數天才能完成的大規模調查，壓縮到僅需數小時。行銷與調查只是語音 AI 代理如何重塑全球呼叫中心的兩個例子。

We see similar opportunities in financial services outreach, gaming user acquisition and retention, debt collection, and many other areas. We are already working with customers across these sectors, and we expect several of them to move from proof of concept to large-scale deployment in the coming quarters.

我們也在金融服務外聯、遊戲用戶獲取與留存、債務催收，以及許多其他領域看到類似機會。我們已與這些產業的客戶合作，並預期其中有數家將在未來幾季從概念驗證轉向大規模部署。

At the same time, we continue to invest in our developer ecosystem. This quarter, we launched Agora Skills and Agora CLI. Agora Skills package our platform knowledge so that AI coding assistants, including Claude Code, Cursor, or Codex, can work with our latest SDKs and best practices when building Real-Time Engagement or Conversational AI applications.

同時，我們也持續投資於開發者生態系。本季我們推出了 Agora Skills 與 Agora CLI。Agora Skills 將我們的平台知識打包，使 AI 程式碼助理（包括 Claude Code、Cursor 或 Codex）在建置即時互動或對話式 AI 應用時，能配合我們最新的 SDK 與最佳實務。

The Agora CLI complements this with a simple command line interface for coding agents to do their work. Together, these tools make it easier for both human developers and AI coding agents to build and deploy Real-Time Engagement applications with us.

Agora CLI 則以簡單的命令列介面補足，讓編碼代理能完成其工作。這些工具結合後，能讓人類開發者與 AI 編碼代理更容易與我們一起建置並部署即時互動應用。

We're also continuing to strengthen our technology ecosystem through strategic partnerships. This quarter, we announced a partnership with Gradient, a leading voice AI platform recently founded by the research team behind Moshi and Hibiki, two speech models with strong recognition in the open source community.

我們也透過策略合作夥伴關係持續強化技術生態系。本季我們宣布與 Gradient 建立合作夥伴關係；Gradient 是領先的語音 AI 平台，近期由 Moshi 與 Hibiki 背後的研究團隊創立，這兩個語音模型在開源社群中享有高度認可。

Through our partnership, developers can enable Gradium TTS within our Conversational AI Engine through a simple configuration without introducing additional latency hops. Looking ahead, we will first remain laser-focused on accelerating the transition of our Conversational AI solutions from pilot to production across use cases. Each use case will present its own set of challenges, but each will also help us refine our technology. We believe that continued improvements in our solutions will unlock additional demand and drive the industry shift towards AI-led workflows in call centers.

透過本次合作，開發者可在我們的對話式 AI 引擎中，透過簡單設定啟用 Gradium TTS，而無需引入額外的延遲跳點。展望未來，我們將首先持續高度聚焦，加速我們的對話式 AI 解決方案在各種使用情境中從試點走向正式上線。每個使用情境都會帶來其獨特挑戰，但也都將協助我們精進技術。我們相信，解決方案的持續改進將釋放更多需求，並推動產業朝向以 AI 主導的呼叫中心工作流程轉型。

Second, we will continue to invest in our real-time infrastructure. Our software-defined real-time network, or SDRTN, has long been a foundational advantage for us. As we expand into human to AI interactions, the importance of this infrastructure does not diminish.

第二，我們將持續投資於即時基礎設施。我們的軟體定義即時網路（software-defined real-time network，SDRTN）長期以來一直是我們的基礎性優勢。隨著我們擴展至人與 AI 的互動，這項基礎設施的重要性不但不會降低。

On the contrary, it becomes more critical because smooth conversations require ultra-low latency inference and transmission. We are confident that our investment in real-time inference and the communication infrastructure will serve as a decisive factor in our ability to compete and succeed in the Conversational AI arena.

相反地，它變得更為關鍵，因為順暢的對話需要超低延遲的推論與傳輸。我們有信心，對即時推論與通訊基礎設施的投資，將成為我們在對話式 AI 領域競爭並取得成功的決定性因素。

And third, we will continue to strengthen our partner ecosystem and build our developer motion. On October 23 and 24, we will host our iconic annual conference, IRTE, or Intelligent Real-Time Engagement, in Beijing. We look forward to bringing together developers, partners, enterprises, and industry leaders to explore the next phase of Real-Time Engagement and Conversational AI.

第三，我們將持續強化合作夥伴生態系並建立開發者動能。10 月 23 日與 24 日，我們將在北京舉辦具代表性的年度大會 IRTE（Intelligent Real-Time Engagement，智慧即時互動）。我們期待匯聚開發者、合作夥伴、企業與產業領袖，共同探索即時互動與對話式 AI 的下一階段。

In summary, we believe the center of gravity in the AI industry is increasingly shifting from model capabilities towards infrastructure and harness layer required to operate with AI agents reliably at scale. At the intersection of Real-Time Engagement, AI, and global infrastructure, we believe Agora is uniquely positioned to help enterprise make this transition and create sustainable long-term value for both our customers and shareholders.

總結而言，我們認為 AI 產業的重心正日益從模型能力轉向基礎設施，以及在大規模情境下可靠運行 AI 代理所需的整合與調度層（harness layer）。在即時互動、AI 與全球基礎設施的交會點上，我們相信 Agora 具備獨特定位，能協助企業完成此一轉型，並為客戶與股東創造可持續的長期價值。

Before I conclude, I would like to thank our customers, developers, partners, and shareholders for their continued trust and support, and our global Agora and Shengwang teams for their dedication and innovation.

在我結束之前，我想感謝我們的客戶、開發者、合作夥伴與股東持續的信任與支持，也感謝我們遍布全球的 Agora 與聲網團隊的投入與創新。

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

接下來，我把時間交給景波，他將公布我們的財務業績。

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

謝謝你，Tony。各位好。我先從回顧 2026 年第二季的財務業績開始。接著我將討論第三季的展望。

Total revenue for the second quarter reached $40.4 million, above the high end of the guidance range and representing 18% year-over-year growth. This marks our third consecutive quarter of accelerating growth, driven by continued expansion of our Real-Time Engagement services across sectors such as e-commerce, as well as growing customer adoption of our Conversational AI solutions. Our dollar-based net retention rate for the quarter was 104%, compared to 94% in the second quarter of 2025. This represents a meaningful improvement and moves us back above 100%.

第二季總營收達到 4,040 萬美元，高於指引區間上緣，年增 18%。這是我們連續第三個季度成長加速，主要受惠於我們的即時互動（Real-Time Engagement）服務在電商等多個產業持續擴張，以及客戶對我們對話式 AI 解決方案的採用增加。本季以美元計的淨留存率為 104%，相較於 2025 年第二季的 94%。這代表顯著改善，並使我們回到 100% 以上。

Gross profit for the quarter was $25.7 million, representing 12.5% increase year over year. Gross margin was 63.7%, compared to 66.8% in the same period last year, and 63.4% in the first quarter of 2026.On a year-over-year basis, the decline was primarily due to product mix change, as Conversational AI products continue to see growing usage during the quarter, but has remained at a subscale stage. On the sequential basis, the increase was mainly driven by technical optimization.

本季毛利為 2,570 萬美元，年增 12.5%。毛利率為 63.7%，相較去年同期為 66.8%，2026 年第一季為 63.4%。按年比較，下降主要由於產品組合變化，因為對話式 AI 產品在本季持續看到使用量成長，但仍處於規模尚未成形的階段。按季比較，提升主要由技術優化所帶動。

Turning to expenses, R&D expenses were $15.4 million in Q2, up 10.2% year over year. R&D expenses represented 38.1% of total revenue in the quarter, compared to 40.8% in the same period last year. The increase was primarily due to our continued investment in Conversational AI products.

接著看費用，第二季研發費用為 1,540 萬美元，年增 10.2%。研發費用占本季總營收的 38.1%，去年同期為 40.8%。增加主要因我們持續投資於對話式 AI 產品。

Sales and marketing expenses were $6.4 million in Q2, down 1.5% year over year. Sales and marketing expenses represented 15.9% of total revenue in the quarter, compared to 19% in the same period last year. The decrease was primarily due to disciplined expense management.

第二季銷售與行銷費用為 640 萬美元，年減 1.5%。銷售與行銷費用占本季總營收的 15.9%，去年同期為 19%。下降主要由於嚴謹的費用管理。

General and administrative expenses were $5.5 million in Q2, down 9.5% year over year. G&A expenses represented 13.5% of total revenue in the quarter, compared to 17.6% in the same period last year. The decrease was primarily due to a lower allowance for current expected credit loss as customer credit conditions and collection outcomes improved.

第二季一般及行政費用為 550 萬美元，年減 9.5%。一般及行政費用占本季總營收的 13.5%，去年同期為 17.6%。下降主要因客戶信用狀況與回收結果改善，使得當期預期信用損失準備較低。

Turning to operating results, we recorded GAAP operating loss of $1 million in the second quarter, compared to a loss of $3.1 million in the same period last year, thanks to continued improvement in operating leverage. Based on our current business momentum, our goal is to achieve quarterly GAAP operating profitability by the end of this year. Moving on to the bottom line, we delivered net income of $2.2 million in Q2, up 50.3% year over year, and representing a net income margin of 5.4%.

接著看營運結果，我們第二季錄得 GAAP 營業虧損 100 萬美元，相較去年同期虧損 310 萬美元，主要受惠於營運槓桿持續改善。基於目前的業務動能，我們的目標是在今年年底前達成單季 GAAP 營業獲利。再看最終盈虧，本季淨利為 220 萬美元，年增 50.3%，淨利率為 5.4%。

Now turning to cash flow. Operating cash flow was negative $2.1 million in Q2, compared to negative $0.4 million in the second quarter of 2025.

接著看現金流。第二季營運現金流為負 210 萬美元，相較於 2025 年第二季為負 40 萬美元。

Moving on to balance sheet. We ended Q2 with $361.7 million in cash equivalents, bank deposits, and financial products issued by banks. The decrease in our cash balance was mainly due to annual bonus payment as well as share repurchase during the quarter.

接著看資產負債表。第二季末，我們持有的現金等價物、銀行存款以及銀行發行的金融產品合計為 3.617 億美元。現金餘額下降主要由於年度獎金發放，以及本季進行股份回購。

During Q2, we repurchased approximately 1 million ADS for approximately $2.7 million. As of June 30, 2026, we had repurchased approximately 44.6 million ADS in total for approximately $159.9 million under the current share repurchase program. As of June 30, 2026, we had 83.8 million ADS outstanding, compared to 87.3 million ADS at the end of 2025. The current share repurchase program will expire at the end of February 2027.

第二季期間，我們回購約 100 萬股 ADS，金額約 270 萬美元。截至 2026 年 6 月 30 日，在現行股份回購計畫下，我們累計回購約 4,460 萬股 ADS，總金額約 1.599 億美元。截至 2026 年 6 月 30 日，我們流通在外 ADS 為 8,380 萬股，相較於 2025 年底的 8,730 萬股。現行股份回購計畫將於 2027 年 2 月底到期。

Now turning to guidance. Based on currently available information, we expect total revenue for the third quarter of 2026 to be between $41 million and $42 million, representing year-over-year growth of 15.8% to 18.6%. This outlook reflects our current and preliminary views on the market and operational conditions, which are subject to change.

接著看指引。根據目前可得資訊，我們預期 2026 年第三季總營收介於 4,100 萬至 4,200 萬美元之間，年增 15.8% 至 18.6%。此展望反映我們對市場與營運狀況的目前與初步看法，未來可能有所變動。

In closing, this was another strong quarter for us, both in terms of revenue growth and profitability. At the same time, we are increasingly encouraged by the usage momentum and commercial potential in Conversational AI, and we will continue to invest with discipline to support our long-term growth.

總結來說，這又是我們表現強勁的一季，無論在營收成長或獲利能力方面皆是如此。同時，我們也越來越受到對話式 AI 的使用動能與商業潛力所鼓舞，並將持續以審慎的方式投資，以支持長期成長。

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。我們現在開放提問。

(Operator Instructions)

（接線員指示）

Harry Zhuang, BofA Securities.

Harry Zhuang，美國銀行證券（BofA Securities）。

Hi, and thanks, management, for taking my questions, and congratulations on the strong results and guidance. I have three questions. The first one is regarding the demand. How is the demand trend in overseas and domestic market? And what are the keys of sectors driving the growth?

您好，感謝管理層回答我的問題，也恭喜本季業績與指引表現強勁。我有三個問題。第一個關於需求。海外與國內市場的需求趨勢如何？哪些產業板塊是帶動成長的關鍵？

Second one is regarding AI. We're happy to see that the call center application scenario is growing really fast. And what are the other potential scenarios that could drive a meaningful Conversational AI demand growth? And what will be the revenue contribution from Conversational AI by end of the year and the gross margin trend?

第二個關於 AI。我們很高興看到呼叫中心的應用場景成長非常快。還有哪些潛在場景可能帶動對話式 AI 需求的顯著成長？以及到今年年底，對話式 AI 的營收貢獻會是多少、毛利率趨勢如何？

Lastly, about the competition. Could management share the latest competitive landscape in overseas market against our major competitors? Thank you.

最後一個關於競爭。管理層能否分享海外市場相對於主要競爭對手的最新競爭態勢？謝謝。

Okay. In terms of demand, I will talk about the RTE side, and Tony can talk about the AI side. So on the RTE side, actually, things haven't changed that much. Overall, what we see this quarter in both China and US and international markets are largely the same as the last quarter.

好的。在需求方面，我會先談 RTE 這一塊，Tony 會談 AI 這一塊。就 RTE 而言，其實情況沒有太大變化。整體來看，我們本季在中國、美國以及其他國際市場看到的情況，大致與上季相同。

In China, thanks to a more stable operating environment, demand from social, entertainment, and education customers continue to recover. So we're seeing that looking pretty stable here.

在中國，受惠於更穩定的營運環境，來自社交、娛樂與教育客戶的需求持續復甦。因此我們看到這邊的表現相當穩定。

On the US and International side, demand from live shopping, financial services, gaming use cases continue to grow. So demand looks healthy on the RTE side.

在美國及國際市場方面，來自直播帶貨、金融服務、遊戲等使用情境的需求持續成長。因此在 RTE 端的需求看起來相當健康。

Yes. On AI side, I think it's fair to say our vision has been validated and reinforced on a daily basis with the rapid development and continued improvement we achieve on the ground. In call centers, as I mentioned in the remarks, with the agents matching and sometimes even surpass human reps on call and certain tasks with solid measurable business outcome for the enterprise customers. This is just the beginning of a very, very long run, and I believe we will witness the transition from human call center reps to voice AI agents around the world, just like how large language model has reshaped the software engineering.

是的。在 AI 方面，我認為可以說，隨著我們在一線持續快速開發並不斷改進，我們的願景每天都在被驗證並進一步強化。在客服中心，如我在發言中提到的，AI 代理在通話及某些任務上能與人工客服匹敵，甚至有時超越，並為企業客戶帶來扎實、可量化的商業成果。這只是非常、非常長期旅程的開始；我相信我們將見證全球客服中心從人工客服代表轉向語音 AI 代理的過程，就如同大型語言模型已重塑軟體工程一樣。

This is actually a very good thing for people and the society, because it will free people from the very tedious and stressful line of work, keep talking to different person for hours about the same task, and keeps the conversation strictly professional, is very exhausting and emotionally draining.

這其實對人們與社會是非常好的事情，因為它將把人們從非常繁瑣且壓力巨大的工作中解放出來：長時間與不同的人反覆談同一件事，並且必須讓對話始終保持專業，這非常耗費精力，也會造成情緒上的消耗。

Yep. So in term of the use case for Conversational AI, I can talk about two verticals, right? Call center and the companionship devices. But Tony already talked about, covered a lot on the call centers. But1 I want to highlight one point.

沒錯。所以就對話式 AI 的使用情境而言，我可以談兩個垂直領域，對吧？客服中心以及陪伴型裝置。不過 Tony 已經談了很多、也涵蓋了客服中心的部分。但我想強調一點。

When we talk about call centers, it's not a single-use case. It's a collection of many, many use cases, each with different features and different domain knowledge. And when we talk about these use cases, actually, in term of the difficulty for replacement by voice AI agents, actually they form a spectrum from the easy one on the left-hand side to the hard one on the right-hand side.

當我們談客服中心時，它不是單一使用情境。它是由非常非常多使用情境所組成的集合，每一個都有不同的功能需求與不同的領域知識。而當我們談這些使用情境時，實際上就被語音 AI 代理取代的難度而言，它們形成了一個光譜：左邊較容易，右邊較困難。

And now we are only beginning to explore a few use cases on the left-hand side, such as outbound marketing and survey. These are the low-hanging fruits. As we continue to refine our solutions and accumulate more experience of working with our customers, we will convert more and more use cases from impossible to proof of concept to real-world production. So it has a very long runway. It's not as you want to see one single use case we can conquer in one quarter, in one year. It's going to be a multi-year process.

目前我們才剛開始探索左側的一些使用情境，例如外呼行銷與調查。這些屬於相對容易切入的「低垂果實」。隨著我們持續打磨解決方案並累積與客戶合作的更多經驗，我們會把越來越多使用情境從「不可能」推進到概念驗證（POC），再到真實世界的正式上線（production）。因此它有非常長的成長跑道。這不是你希望看到我們在一季或一年內就攻克某一個單一使用情境的事情。這將是一個多年期的過程。

And secondly, on the companionship device, we talked about customer robots in the past. In this quarter, they actually expanded into new markets in Japan and other countries, and the initial market feedback has been quite encouraging. And we also partner with several chip makers to make our solution compatible with more chips, because these are not mobile phone chips. These are very specialized LTE chips, and this will make our solution available on a wide range of smart devices, including robots. So overall, we are still targeting 5% revenue contribution from Conversational AI by the end of this year.

第二，在陪伴型裝置方面，我們過去談過客戶機器人。本季他們實際上已擴展到日本及其他國家的新市場，初期市場回饋相當令人鼓舞。我們也與多家晶片廠合作，讓我們的解決方案相容於更多晶片，因為這些不是手機晶片。這些是非常專用的 LTE 晶片，這將使我們的解決方案可用於更廣泛的智慧裝置，包括機器人。總體而言，我們仍以今年年底前對話式 AI 貢獻營收達 5% 為目標。

Competition, Tony. Want to talk about competition?

競爭方面，Tony。要談談競爭嗎？

Okay. You want to talk about gross margin or not?

好。你想談毛利率嗎，還是不談？

No. That's all.

不。就這些。

Okay. So about competition, especially on Conversational AI. Conversational AI has several distinct technology layers, from agent layer that orchestrates and optimize the call center or the call experience to model layer that includes large language model and voice models such as ASR or TTS, and finally infra layer such as telecom APIs and cloud.

好。關於競爭，特別是在對話式 AI 方面。對話式 AI 有幾個明確的技術層次：從負責編排並最佳化客服中心或通話體驗的代理層（agent layer），到包含大型語言模型與語音模型（如 ASR 或 TTS）的模型層（model layer），最後是如電信 API 與雲端等基礎設施層（infra layer）。

Different players attack this market from different angles. For example, Twilio would leverage its strength in telecom APIs and phone numbers from their CPaaS business. And we are focused on the voice models, audio pre-processing and post-processing, low latency cloud infrastructure, and agent layer to deliver the best possible call experience. Given the huge potential of the Conversational AI market, it is natural to have competition. In fact, a lot of the technology in Conversational AI involves audio processing, such as handling noise, echoes, or packet loss.

不同的參與者從不同角度切入這個市場。例如，Twilio 會利用其在 CPaaS 業務中電信 API 與電話號碼方面的優勢。而我們專注於語音模型、音訊前處理與後處理、低延遲雲端基礎設施，以及代理層，以提供最佳的通話體驗。鑑於對話式 AI 市場的巨大潛力，出現競爭是很自然的。事實上，對話式 AI 的許多技術都涉及音訊處理，例如處理噪音、回音或封包遺失。

Obviously, we have a lot of experience in those areas, which can hugely improve Conversational AI experience. So we remain confident about our position in this market.

顯然，我們在這些領域有大量經驗，能大幅提升對話式 AI 的體驗。因此我們對自己在這個市場的地位仍然充滿信心。

Harry, does that answer your question?

Harry，這有回答你的問題嗎？

Yeah. Thanks. Yes, very helpful. Thanks, Tony and Jingbo. Congratulations again on the results. Thank you.

有。謝謝。是的，非常有幫助。謝謝 Tony 和 Jingbo。再次恭喜這次的業績表現。謝謝。

Yue Xu, China Security Co.

下一位，Yue Xu，中信證券。

Hi, management. Thanks for taking my question, and congrats on another strong quarter. My first question regards Conversational AI. Could you please update on Conversational AI revenue progress and its projected contribution to full-year revenue?

管理層好。感謝讓我提問，也恭喜本季再次表現強勁。我的第一個問題關於對話式 AI。能否請您更新對話式 AI 的營收進展，以及其對全年營收的預計貢獻？

My second question is the conversion cycle for AI use cases. Could you disclose the current backlog for these AI use cases or maybe just customer accounts? How would you view the trend for AI revenue for the coming quarters, maybe next year?

我的第二個問題是 AI 使用情境的轉換週期。您能否披露目前這些 AI 使用情境的在手訂單（backlog），或至少是客戶帳戶的情況？您如何看待未來幾季、甚至明年的 AI 營收趨勢？

Thank you. I will take this question. We already talked a lot about the use cases. First of all, I want to explain that it actually takes quite some time for a use case to really ramp up from the start of the POC to the point where AI agents can deliver consistent performance and can be deployed at scale. It usually takes several months.

謝謝。我來回答這個問題。我們已經談了很多使用情境。首先我想說明，從 POC 開始到某個使用情境真正放量，並達到 AI 代理能穩定輸出一致表現、且可規模化部署的程度，確實需要一段時間。通常需要數個月。

And I talked about there are many, many use cases. We need to attack them one by one, but also we can do a few in parallel. But still it is going to be a gradual process. So as I mentioned earlier, we are targeting 5% revenue contribution by the end of the year. So basically, our goal is in Q4, or in terms of the run rate, ARR run rate, we want to achieve 5% by the end of the year.

而且我也提到，使用情境非常非常多。我們需要逐一攻克，但也可以並行推進幾個。不過整體仍會是一個逐步推進的過程。因此如我先前所說，我們目標是在今年年底前達到 5% 的營收貢獻。也就是說，在第四季，或以 run rate、ARR run rate 的角度來看，我們希望在年底前達到 5%。

Obviously, that means for the full-year of 2026, it's not going to be 5%, it's going to be smaller than that. But if we achieve 5% by the end of the year, and given the strong pipeline we already have on hand, which will only become bigger by the end of the year, we believe there will be still significant room for growth next year. So we remain quite optimistic about the outlook in this market.

顯然，這意味著 2026 全年的占比不會是 5%，而會小於 5%。但如果我們能在年底達到 5%，再加上我們目前已在手的強勁管線（pipeline），且到年底只會更大，我們相信明年仍有顯著的成長空間。因此我們對這個市場的前景仍然相當樂觀。

Zongxuan Yang, CITIC Securities.

楊宗軒，中信證券。

Okay. Thanks for taking my question. I just have one question regarding to your AI business. So have you ever given a guidance on the long term, for about three to five years, for the AI penetration rate for our total revenue and also for the gross margin guidance?

好的。謝謝讓我提問。我只有一個關於你們 AI 業務的問題。你們是否曾就長期（約三到五年）提供過指引，例如 AI 滲透率在我們總營收中的占比，以及毛利率指引？

All right. I'll take the question. In the end, the call center market will have three segments. First is the easiest tasks, such as simple notifications. This will be handled by NLP-based technology, which has no real intelligence but can understand simple keywords from human.

好的。我來回答這個問題。最終，呼叫中心市場會分成三個區隔。第一類是最簡單的任務，例如簡單通知。這將由基於 NLP 的技術處理，這種技術沒有真正的智慧，但能從人類語句中理解簡單關鍵字。

The second would be the hardest tasks or most important tasks, such as handling complaints from high-value customers or emergency situations, which will continue to be handled by human. Even if AI agent is technically able to handle the task, in some cases, only humans can take certain responsibilities, such as in a 911 call.

第二類是最困難或最重要的任務，例如處理高價值客戶的抱怨或緊急狀況，這些將持續由人工處理。即使 AI 代理在技術上能處理該任務，在某些情況下也只有人類能承擔特定責任，例如 911 來電。

The third would be everything else in the middle of the previous two. Those will be handled by voice AI agents with real intelligence. It's hard to say exactly how big this part will be, but it will be a significant portion of the entire market.

第三類是介於前兩者之間的所有其他情境。這些將由具備真正智慧的語音 AI 代理處理。很難精確說這部分會有多大，但它將占整體市場相當可觀的一部分。

Yeah. So Tony talked about the five-year outlook for the call center market, which is a huge market. There are literally close to 20 million people working in call center today in the world. And as Tony said, there will be three categories in the future, and probably the middle category will be the biggest, and that will be handled by voice AI agents.

是的。所以 Tony 談到了呼叫中心市場未來五年的展望，這是一個非常龐大的市場。目前全球實際上有接近 2,000 萬人在呼叫中心工作。如 Tony 所說，未來會有三種類別，而中間那一類可能會最大，並將由語音 AI 代理來處理。

So even taking a small part of that market, that would be transformational for our company. So at this point, it's hard to give a clear number as this market is still at a very, very early stage. And the overall penetration of voice AI agents is still very low, so it's hard to say exactly how big this will become, but it certainly will be transformational for us.

因此，即便只拿下該市場的一小部分，對我們公司而言也將是顛覆性的。但就目前而言，由於這個市場仍處於非常、非常早期的階段，很難給出明確數字。整體語音 AI 代理的滲透率仍然很低，因此很難說它最終會變得多大，但對我們而言肯定會是顛覆性的。

And in terms of the gross margin, today, the gross margin is not high for us. We talked about that last quarter. It's crossing the maximum possible line width. So it's still around there. But it's not because of any fundamental reason.

至於毛利率方面，目前我們的毛利率不高。我們在上一季談過這點。它正跨越最大可能的線寬。所以大致仍在那個水準附近。但這並不是因為任何根本性的原因。

It is because, one, we are subscale. The volume is small, and the volume happening at different geographies. So at each single geography, the volume is even smaller. So subscale.

原因在於，第一，我們的規模尚小。量體不大，而且分布在不同地理區域。因此在每一個單一地區的量體就更小。也就是規模不足。

And secondly, we have not really focused that much on the technical optimization. Right now, our optimization is more focused on the experience than on the cost. So once we have a larger scale, and also be more focused on the technical optimization on cost, we believe in the end, the gross margin will be similar to, if not higher, than what we have right now in the RTE business.

第二，我們尚未真正把重心放在技術優化上。目前我們的優化更著重於體驗，而不是成本。因此一旦我們達到更大的規模，並且也更聚焦於成本面的技術優化，我們相信最終毛利率將與我們目前的 RTE 業務相近，甚至可能更高。

Great. It's very clear. Thanks. I have no more questions.

很好。非常清楚。謝謝。我沒有其他問題了。

(Operator Instructions)

（接線員指示）

Tristan Yang, DoubleLine Capital.

Tristan Yang，DoubleLine Capital。

Hey. Nice results today. Tony, regarding your announcement to purchase the additional $20 million of shares on the open market, I am wondering how much have you purchased to date, and then what valuation do you believe appropriately reflects Agora's intrinsic value?

嗨。今天的結果不錯。Tony，關於你宣布將在公開市場額外買入 2,000 萬美元的股票，我想請問截至目前你已買入多少？另外，你認為什麼樣的估值能恰當反映 Agora 的內在價值？

And then given your existing ownership stake, have you considered taking the company private? Or returning additional capital to shareholders through a special dividend or an accelerated buyback program? Thank you.

另外，考量你目前的持股比例，你是否考慮過將公司私有化？或透過特別股利或加速回購計畫向股東返還更多資本？謝謝。

Let me answer this question because it's quite technical. Tony has not started due to a certain blackout and legal restrictions. But once these are cleared, he will start repurchasing. So he is certainly, obviously an insider, and he has previous purchases in the past, beginning of this year.

我來回答這個問題，因為它相當技術性。由於某些禁售期與法律限制，Tony 尚未開始。但一旦這些限制解除，他就會開始回購。所以他當然、顯然是內部人員，而且他在過去也有買入，從今年年初開始。

There are certain legal restrictions. So as to the $20 million, that has not started yet. We have returned, up to this point, about $160 million of capital back to the shareholders through share repurchase. And that compares to, about $400 million, $350 million on market cap of the company, which is substantial and probably among the most substantial among any public company in the world.

存在一些法律限制。因此就這 2,000 萬美元而言，目前尚未開始。截至目前，我們已透過股票回購向股東返還約 1.6 億美元資本。相較於公司約 4 億美元、3.5 億美元的市值，這個比例相當可觀，可能也是全球任何上市公司中最可觀的之一。

We will continue to do that. But at this point, we have not considered a special dividend, which we might consider in the future, but not at present.

我們會持續這麼做。但目前我們尚未考慮特別股利；未來可能會考慮，但現在不會。

Yeah, I think my purchase will start in two, three weeks, right? September.

是的，我想我的買入會在兩、三週後開始，對吧？九月。

Yeah. Subject to certain conditions.

是的。視某些條件而定。

Okay. Great.

好的。很好。

Got it.

了解。

I don't think we will consider take the company off the market. We will want to keep communicated with capital market, for ourselves, focus on the business operation and improve our overall technical and operation status. We feel very confident that the future of our direction has a very big potential. We think by focus on our business operations and technical advancement, we will be able to make a lot of value for our customers, our shareholders, and our employees.

我認為我們不會考慮將公司下市。我們希望持續與資本市場溝通；對我們而言，專注於業務營運並改善整體技術與營運狀態。我們對未來方向的巨大潛力非常有信心。我們認為，透過專注於業務營運與技術進步，我們將能為客戶、股東與員工創造大量價值。

Got it. Very clear. Thank you.

了解。非常清楚。謝謝。

Showing no further questions, this will conclude today's Q&A session. Thank you everybody for attending the company's call today. As a reminder, a recording and the earnings release will be available on the company's website at investor.agora.io. And if you have any questions, please feel free to e-mail the company.

目前沒有其他問題，今天的問答環節到此結束。感謝各位參加公司今天的電話會議。提醒一下，會議錄音與財報新聞稿將公布於公司網站 investor.agora.io。若您有任何問題，歡迎隨時以電子郵件聯繫公司。

Thank you. You may now disconnect. Everyone, have a great day.

謝謝。您現在可以掛線。祝各位今天愉快。