Helport AI Ltd (HPAI) 2025 Q2 法說會逐字稿

Greetings and welcome to Helport's first-half fiscal year 2025 financial and business update conference call. (Operator Instructions) And as a reminder, this conference is being recorded.

各位好，歡迎參加 Helport 2025 財政年度上半年財務與業務更新電話會議。(接線員指示) 並提醒各位，本次會議將被錄音。

I would now like to hand the call over to Ethan Devine, Helport AI's Director of Investor Relations. Please go ahead, sir.

現在我想把電話交給 Helport AI 投資人關係總監 Ethan Devine。先生，請開始。

Thank you, operator. Before we begin the formal presentation, I would like to remind everyone that statements made on the call and webcast may include predictions, estimates, or other information that might be considered forward-looking. While these forward-looking statements represent our current judgment on what the future holds, they are subject to risks and uncertainties that could cause actual results to differ materially.

謝謝，接線員。在我們開始正式簡報之前，我想提醒各位，本次電話會議與網路直播中的陳述可能包含預測、估計或其他可能被視為前瞻性陳述的資訊。雖然這些前瞻性陳述代表我們目前對未來的判斷，但仍受風險與不確定性影響，可能導致實際結果與預期存在重大差異。

We are cautioned not to place undue reliance on these forward-looking statements which reflect our opinions only as of the date of this presentation. Please keep in mind that we are not obligating ourselves to update, revise, or publicly release the results of any revision to these forward-looking statements in light of new information or future events.

我們提醒各位不要過度依賴這些前瞻性陳述，因其僅反映截至本簡報日期我們的觀點。請注意，我們不承擔因新資訊或未來事件而更新、修訂或公開發布任何對這些前瞻性陳述之修訂結果的義務。

Throughout today's discussion, you will attempt to present some important factors relating to our business that may affect our predictions. We should also review our most recent Form 6-K and other public filings with the US Securities and Exchange Commission for a more complete discussion of these factors and other risks, particularly under the heading risk factors.

在今天的討論中，我們將嘗試說明一些與我們業務相關、可能影響我們預測的重要因素。我們也應查閱我們最近提交的 Form 6-K 以及向美國證券交易委員會提交的其他公開文件，以更完整地了解這些因素與其他風險，特別是「風險因素」章節。

Your hosts today, Guanghai Li, Chief Executive Officer; and Amy Fong, President and Interim Chief Financial Officer, will present results of operations for the six months ended December 31, 2024, as well as some more recent post-first-half operational highlights. A press release detailing these results was issued earlier today and is available in the Investor Relations section of our company's website, ir.helport.ai.

今天的主持人為執行長李冠海，以及總裁兼代理財務長 Amy Fong；他們將介紹截至 2024 年 12 月 31 日止六個月的營運成果，以及上半年結束後較近期的一些營運亮點。一份詳述這些結果的新聞稿已於今日稍早發布，並可於本公司網站投資人關係專區 ir.helport.ai 查閱。

At this time, I will turn the call over to Helport AI Chief Executive Officer, Guanghai Li.

現在，我將把電話交給 Helport AI 執行長李冠海。

Thank you, Ethan, and good afternoon, everyone. It's an honor to welcome you to today's first-half fiscal year 2025 financial results and business update conference call.

謝謝你，Ethan，各位下午好。很榮幸歡迎各位參加今天的 2025 財政年度上半年財務結果與業務更新電話會議。

Before I begin, I want to take this opportunity to introduce my colleague, President, and board member, as well as our interim CFO, Amy Fong, who just joined us in January this year. Amy?

在我開始之前，我想藉此機會介紹我的同事——總裁兼董事會成員，同時也是我們的代理財務長 Amy Fong，她於今年一月剛加入我們。Amy？

Thank you, Guanghai. I'm very glad to be joining my first earnings call with Helport today. This is especially meaningful as I've had the chance to be intimately working with the company and the team for three months after observing them from the side lines since last August when the company went public. It took me four months to check them out and do my due diligence and finally deciding to join after being convinced of their potential.

謝謝你，冠海。我很高興今天能在 Helport 參加我的第一場財報電話會議。這尤其有意義，因為自公司於去年八月上市以來，我一直在旁觀察，而在過去三個月裡，我有機會與公司及團隊密切合作。我花了四個月時間了解公司並進行盡職調查，最終在確信其潛力後決定加入。

And the last three months have given me even more confidence as have watched our pipeline grow and seen first-hand how powerful our software is. As a new joiner, I'm keenly aware of how new customers and new investors may need an explanation to fully understand what our products are, what they do, and how they serve customers. I'm aware there are quite a few newcomers to our joint earnings call today, so let me quickly give an overview.

而過去三個月也讓我更有信心，因為我看到我們的商機管線持續成長，也親眼見證我們軟體的強大。作為新加入的成員，我深知新客戶與新投資人可能需要一些說明，才能充分理解我們的產品是什麼、能做什麼，以及如何為客戶提供服務。我知道今天參加我們聯合財報電話會議的新人不少，所以我先快速做個概述。

First off, our product is not a bot. It doesn't aim to replace humans. It aims to empower them. It is designed for call centers and similar environments, and our product empowers all contact agents to perform at the level of the organization's best agents. And you would ask, why is this distinction important?

首先，我們的產品不是機器人。它並非旨在取代人類。它的目標是賦能人類。它是為呼叫中心及類似環境所設計，能讓所有聯絡中心座席的表現提升到組織內最佳座席的水準。你可能會問，為什麼這個區別很重要？

And I will share a recent Harvard study that found 30% to 50% of participants participating in a research study preferred to wait anywhere from two hours to two years for a human response or simply have their experience read by a person rather than receive an immediate AI reply. This highlights the strong value that people place on human empathy and connection, even at a significant time cost.

我想分享一項近期哈佛研究：在一項研究中，有 30% 到 50% 的受試者寧可等待從兩小時到兩年不等的時間以獲得人類回覆，或只是希望自己的經驗能被人閱讀，而不是立即收到 AI 回覆。這凸顯出人們對人類同理心與連結的高度重視，即使需要付出顯著的時間成本。

And this is exactly why our product came to be. It is designed to empower and encourage human empathy, giving people the tools to perform as experts while preserving that human touch.

而這正是我們產品誕生的原因。它旨在賦能並鼓勵人類同理心，讓人們在保有人性溫度的同時，擁有如同專家般表現的工具。

I'll now hand over the call hand the call back over to our CEO, Guanghai.

我現在把電話交回給我們的執行長冠海。

Yeah, thank you, Amy, for joining us and also for a reminder of why Helport AI's product is different and necessary in the world of AI and why our customers find it useful in serving their customers. This has translated into the great business progress we have made since our listing on Nasdaq on August 5, 2024.

好的，謝謝 Amy 加入我們，也謝謝你提醒大家 Helport AI 的產品為何與眾不同、為何在 AI 世界中既必要又重要，以及為何我們的客戶認為它有助於服務他們的客戶。自我們於 2024 年 8 月 5 日在納斯達克上市以來，這也轉化為我們所取得的卓越業務進展。

First, let's look at our global market expansions. As a profitable company with three consecutive years of earnings growth, we went public with a clear objective to scale our proven software product in key international markets, especially in the US and Southeast Asia. We remain firmly committed to this objective. Our US and Philippines operations are already seeing measurable and very promising traction, and we are actively expanding our footprint in North America and Southeast Asia to capitalize on surging demand, both from existing clients and untapped markets.

首先，讓我們看看我們的全球市場擴張。作為一家已獲利且連續三年獲利成長的公司，我們上市時就有明確目標：在關鍵國際市場擴大我們已被驗證的軟體產品規模，尤其是在美國與東南亞。我們仍堅定致力於此目標。我們在美國與菲律賓的營運已看到可衡量且非常可期的進展；我們也正積極擴大在北美與東南亞的布局，以把握來自既有客戶與尚未開發市場的激增需求。

So let me provide an update on our technological advancement. On the technology front. We have successfully harnessed the power of large language models, significantly leveraging their ability to digest the more unconstructed information, but we don't just rely on large language models, we create domain-specific small language models and knowledge bases, which are optimized for specific sectors as customer use cases.

接下來我更新一下我們的技術進展。在技術方面。我們已成功運用大型語言模型的力量，大幅發揮其消化較非結構化資訊的能力；但我們不僅依賴大型語言模型，我們也建立特定領域的小型語言模型與知識庫，並針對特定產業與客戶使用情境進行最佳化。

These small language models and knowledge bases offer advantages in accuracy, response time, cost, and contextual relevance. We are continuing to roll out new product capabilities that support our customers' needs. This includes more domain-specific language models, introducing voice cloning capabilities. And offering multilingual versions of our software to further solidify our position in the AI-driven customer contact space.

這些小型語言模型與知識庫在準確性、回應時間、成本與情境相關性方面具備優勢。我們將持續推出支援客戶需求的新產品能力。這包括更多特定領域語言模型、導入語音複製能力，並提供我們軟體的多語版本，以進一步鞏固我們在 AI 驅動客戶聯絡領域的地位。

We have invented our own tools and know-how in building and training a client AI software very quickly, usually within a few weeks by working with customers and using their proprietary knowledge materials. And the processes so as to ensure our customers can harness the true power of AI. Our in-house AI training and operation capabilities remain cornerstones of our competitive advantage. As we expand into new regions and verticals, we are significantly increasing investment in these core capabilities to deliver even faster client. Onboarding and accelerated time-to-value.

我們已自行研發工具與專業技術（know-how），能夠與客戶合作並運用其專有知識材料，在通常僅需數週內快速建置並訓練客戶端 AI 軟體。以及相關流程，以確保客戶能夠發揮 AI 的真正威力。我們內部的 AI 訓練與營運能力仍是我們競爭優勢的基石。隨著我們擴展至新地區與新垂直領域，我們正大幅增加對這些核心能力的投資，以提供更快速的客戶導入（Onboarding）與加速價值實現時間（time-to-value）。

Next, let me give you an update of our recent progress in serving new market segments. First, in December, we formed a strategic partnership with US-based Landshare Mortgage Corporation, a wholesale lender with a network of over 100,000 loan officers. Our AI-driven software is expected to equip loan officers with the tools they need to effectively communicate with borrowers and facilitate enhanced promotion of LendSure products.

接下來，我向各位更新我們近期在服務新市場區隔方面的進展。首先，在 12 月，我們與美國的 Landshare Mortgage Corporation 建立策略合作夥伴關係；該公司為批發型放款機構，擁有超過 100,000 名貸款專員的網絡。我們的 AI 驅動軟體預期將為貸款專員提供所需工具，以有效與借款人溝通，並促進 LendSure 產品的推廣成效提升。

Second, in the insurance sector, more recently, we have secured partnerships with seven leading insurance agencies across the US with successful initial deployment and positive market feedback. These first use cases serve as a strong foundation for continued expansion and large-scale growth potential.

第二，在保險領域，近期我們已與美國七家領先保險代理機構達成合作，初期部署成功並獲得正向市場回饋。這些首批使用案例為後續持續擴張與大規模成長潛力奠定了堅實基礎。

And third, in the consumer financing market, since January, we've also made rapid progress in the debt collection space, securing partnership with three major consumer financing companies in Southeast Asia, two of which are listed in the US.

第三，在消費金融市場方面，自 1 月以來，我們在催收（debt collection）領域也取得快速進展，已與東南亞三家主要消費金融公司達成合作，其中兩家在美國上市。

And lastly, we have also achieved important milestones in the public service sector. Our technology passed Google's stringent security standards, and we successfully supported Google in delivering service to one of its key US government accounts on the West Coast. We have already entered into the next phase of collaboration with StackLine, laying a solid foundation for future growth in the public sector and the further cooperation with Google Cloud.

最後，我們在公共服務領域也達成重要里程碑。我們的技術通過 Google 嚴格的資安標準，並成功協助 Google 為其位於美國西岸的一個關鍵政府客戶提供服務。我們也已與 StackLine 進入下一階段合作，為未來公共部門成長以及與 Google Cloud 的進一步合作奠定堅實基礎。

Our successful entry into these new markets, coupled with our growing operational expertise, which has seen us rapidly deploy our software across this high-growth. Verticals make us optimistic as we look toward the future. So what are our strategy priorities? Since the end of our previous fiscal year on June 30, 2024, Helport AI has achieved remarkable progress. Looking ahead, we are focused on four high-impact strategic priorities.

我們成功切入這些新市場，加上日益增長的營運專業能力，使我們得以在這些高成長垂直領域快速部署軟體，讓我們對未來保持樂觀。那麼，我們的策略優先事項是什麼？自上一財政年度於 2024 年 6 月 30 日結束以來，Helport AI 已取得顯著進展。展望未來，我們聚焦於四項高影響力的策略優先事項。

First, we are doubling down our international expansion effort in North America and Southeast Asia with a focus on scaling operations and accelerating revenue realization in the high-growth markets.

第一，我們將加倍推進在北美與東南亞的國際擴張，重點在於擴大營運規模，並在高成長市場加速收入實現。

Second, we are continuing to expand and further monetize our AI+ BPO service model. Under this model, new customers can quickly see ROI by using our in-house AI-enabled customer contact agent. This approach provides a low-risk rapid proof of concept for customers and has been instrumental in gaining a foothold of new markets such as consumer financing.

第二，我們將持續擴展並進一步變現我們的 AI+ BPO 服務模式。在此模式下，新客戶可透過使用我們內部的 AI 賦能客戶聯絡專員（customer contact agent）快速看到投資報酬率（ROI）。此作法為客戶提供低風險、快速的概念驗證（proof of concept），並在我們切入消費金融等新市場方面發揮了關鍵作用。

Third, we will continue to invest in R&D and innovation to further strengthen our technological leadership and competitive edge, our industry is at the critical juncture in which enterprises are actively looking for AI solutions to automate tasks, gain productivity, lower cost, and drive revenue. Our unwavering commitment to our customers is based on our ability to continuously innovate.

第三，我們將持續投入研發與創新，以進一步強化我們的技術領先地位與競爭優勢；我們所處產業正處於關鍵轉折點，企業正積極尋找 AI 解決方案，以自動化任務、提升生產力、降低成本並帶動營收。我們對客戶堅定不移的承諾，建立在我們持續創新的能力之上。

Finally, we will focus our resources and prioritize expansion in five high-growth verticals: BPO contact centers, insurance, mortgage sales, consumer financing, and public sector. By tailoring our AI solutions to each vertical, including knowledge-based generation, AI training, and IT integration, we aim to build category leadership and accelerate adoption in these high-potential markets, which are primed for disruptive technologies such as ours.

最後，我們將集中資源，並優先在五個高成長垂直領域擴張：BPO 聯絡中心、保險、房貸銷售、消費金融，以及公共部門。透過針對各垂直領域量身打造 AI 解決方案（包括知識生成、AI 訓練與 IT 整合），我們目標是建立類別領導地位，並加速在這些具高潛力、且已準備好迎接如我們這類顛覆性技術的市場中的採用。

As we look ahead to the remainder of fiscal year '25, these four strategy priorities reflect our focus on execution, scalability, and technology leadership. We believe these initiatives will position Helport AI for sustainable long-term growth across both developed and emerging markets.

展望 2025 財政年度剩餘期間，這四項策略優先事項反映了我們對執行力、可擴展性與技術領導力的聚焦。我們相信，這些舉措將使 Helport AI 在已開發與新興市場皆具備可持續的長期成長動能。

I thank you for your attention. I will now pass it over to our President and the interim CFO, Amy, for our financial overview. Amy?

感謝各位的聆聽。接下來我將把時間交給我們的總裁兼代理財務長 Amy，為各位進行財務概覽。Amy？

Thank you, Guanghai. As a newcomer to Helport AI, I'm glad to see the continuous and consecutive revenue growth on a half-yearly basis since 2023. This healthy trajectory gives me confidence that we have a solid product and proven ability to track further progress in the future.

謝謝你，Guanghai。作為 Helport AI 的新加入成員，我很高興看到自 2023 年以來，我們的營收以半年為週期持續且連續成長。這樣健康的走勢讓我有信心，相信我們擁有扎實的產品，並具備在未來持續追蹤並推進進展的已驗證能力。

Now, let me walk you through our financial performance for the first half of fiscal year 2025. For the six months ended December 31, 2024, Helport AI recorded a revenue of $16.4 million, reflecting a 13.1% period over period increase. This growth was driven by continuous demand for our AI-powered communication tools, particularly within enterprise sales and contact centers.

現在，讓我帶各位回顧我們 2025 財政年度上半年的財務表現。截至 2024 年 12 月 31 日止的六個月，Helport AI 錄得營收 1,640 萬美元，較前期成長 13.1%。此成長主要由對我們 AI 驅動溝通工具的持續需求所帶動，尤其是在企業銷售與聯絡中心領域。

We also saw a 29.1% increase in average monthly subscribed fees, what we see as a clear signal that our platform continues to resonate with customers seeking scalable, intelligent AI solutions. And I know many of you on the call are experts in SaaS business models. Indeed, while our company has a demonstrated track record of success in Asia for a number of years, our deliberate pivot to global markets since last year requires us to power through sales cycles with new customers that typically need at least six months and sometimes more with larger customers.

我們也看到平均每月訂閱費用成長 29.1%，我們將其視為明確訊號，顯示我們的平台持續獲得尋求可擴展、智慧型 AI 解決方案的客戶青睞。我也知道，參與本次電話會議的許多各位都是 SaaS 商業模式的專家。確實，雖然我們公司多年來在亞洲已展現成功實績，但自去年起我們有意轉向全球市場，這要求我們在與新客戶推進銷售週期時持續投入；新客戶通常至少需要六個月，而面對更大型客戶有時需要更久。

What attracts me to this company is its SaaS model, which has already demonstrated strong revenue stickiness in Asia. In the US, we are now seeing green sprouts growing with more and more pilots and proof of concept happening with new customers. While the revenue contributions are still small, they are promising and represent important steps. The build-up of a robust long-term SaaS model.

吸引我加入這家公司的，是其 SaaS 模式，且該模式已在亞洲展現出強勁的營收黏著度。在美國，我們現在看到越來越多的新芽萌發，愈來愈多新客戶正在進行試點（pilot）與概念驗證（proof of concept）。雖然目前的營收貢獻仍小，但前景可期，並代表重要的步伐。也就是建立一個強健的長期 SaaS 模式。

On the earnings front, we remained profitable during the period with net income of $1.1 million and non-GAAP adjusted net income of $1.6 million. Gross margin came in at 54.6%, reflecting elevated amortization costs from software R&D, increased outsourcing operation fees. And expanded cloud infrastructure spending. Of course, this is not the same profit level as we saw previously.

在獲利方面，我們在本期間仍維持獲利，淨利為 110 萬美元，非 GAAP 調整後淨利為 160 萬美元。毛利率為 54.6%，反映軟體研發帶來較高的攤銷成本、外包營運費用增加，以及雲端基礎設施支出擴大。當然，這並非我們先前所見的同等獲利水準。

But as a growing AI tech company, we're strategically prioritizing expansion into new markets and investing in additional R&D, as well as in our sales team and G&A to support our continued growth. We believe that these efforts are crucial in helping us compete effectively and capitalize on our technological strengths.

但作為一家正在成長的 AI 科技公司，我們正以策略性方式優先推動拓展新市場，並加碼投入研發，同時也投資於我們的銷售團隊與一般及行政（G&A）以支持持續成長。我們相信，這些努力對於協助我們有效競爭並發揮我們的技術優勢至關重要。

Since I joined in January, I've been talking to many large potential customers across industries as well as across geographic regions. What excites me tremendously is the receptiveness and enthusiasm for our products. Time and again, after seeing our demo in action, the prospective customers ask for a second meeting with us together with their technology team. Within weeks, they're often ready for a pilot. This has translated into a strong and robust pipeline so far.

自我在一月加入以來，我已與跨產業、跨地理區域的許多大型潛在客戶交流。令我非常振奮的是，市場對我們產品的接受度與熱情。一次又一次，在看到我們的展示實際運作後，潛在客戶會要求與我們再安排第二次會議，並帶上他們的技術團隊一同參與。通常在數週內，他們就準備好進行試點（pilot）。截至目前，這已轉化為強勁且穩健的商機管線（pipeline）。

The challenge now is to guide many of our customers through this space quickly and effectively, accelerating the path to revenue conversion. Simply put, our focus going forward is clear, execute with determination, scale responsibly, and deliver sustained growth. In the second-half of fiscal year 2025, we aim to build on the foundation already laid in the fiscal first half by emphasizing on three focus areas.

目前的挑戰是，如何快速且有效地引導眾多客戶在這個領域前進，加速邁向營收轉換。簡而言之，我們接下來的重點很清楚：以決心執行、負責任地擴張規模，並實現持續成長。在 2025 財政年度下半年，我們將在上半年已奠定的基礎上，聚焦三大重點領域。

One, turning pipeline into performance, particularly in North America and Southeast Asia. Two, improving profitability through operational efficiency and margin discipline. And three, investing in long-term value, including further development of our products and operations.

第一，將商機管線轉化為業績表現，特別是在北美與東南亞。第二，透過營運效率與毛利紀律提升獲利能力。第三，投資長期價值，包括進一步發展我們的產品與營運。

With growing customer engagement, support from strategic partners, and our expanding international presence, we see meaningful tailwinds heading into second-half. I'm sure many of you on today's call are curious about our 2025 remaining of the year's outlook. While I'm extremely excited about the promising developments in our technology, partnerships, and customers, many of the contributions from recently signed partnerships and penetration in the US and Southeast Asia are just beginning to materialize.

隨著客戶互動增加、策略夥伴支持，以及我們國際布局擴大，我們看到進入下半年有顯著的順風動能。我相信今天參與電話會議的各位，很多人都關心我們 2025 年剩餘期間的展望。儘管我對我們在技術、合作夥伴與客戶方面的正向進展感到非常振奮，但近期簽署的合作夥伴關係，以及在美國與東南亞的滲透所帶來的貢獻，才剛開始逐步顯現。

With that in mind, we're forecasting 15% to 20% top-line growth. For the full first fiscal year. Growth, margin, and net income will remain under pressure in the short-term as we continue to execute on our international expansion efforts and invest in our core technologies, which is essential for us to stay competitive in enterprise AI.

基於此，我們預估營收（top-line）成長為 15% 至 20%。以整個第一個財政年度而言。在短期內，隨著我們持續推進國際擴張並投資核心技術（這對於我們在企業級 AI 領域保持競爭力至關重要），成長、毛利率與淨利仍將承受壓力。

Looking ahead, we remain focused on balancing top-line growth with profitability to set ourselves up for innovation, leadership, and success long-term. That concludes our financial update. Before we move to the Q&A section, I'd like to take this opportunity to welcome investors, analysts, and our shareholders to visit us in San Diego, experience a live product demo, and get a closer look at what's ahead.

展望未來，我們仍將專注於在營收成長與獲利能力之間取得平衡，為長期的創新、領導地位與成功奠定基礎。以上為我們的財務更新。在進入問答環節之前，我想藉此機會歡迎投資人、分析師以及股東蒞臨我們位於聖地牙哥的據點，體驗現場產品展示，並更深入了解未來規劃。

It's an exciting time at Helport AI, and we're thrilled to have you with us on this journey. We'll now open the floor for questions. Thank you.

對 Helport AI 而言，這是一個令人振奮的時刻，我們很高興各位與我們一同踏上這段旅程。現在我們開放提問。謝謝。

(Operator instructions)

（接線員指示）

Ladies and gentlemen, I have nothing coming in over the phones at this time.

各位女士、先生，目前電話端沒有收到任何提問。

And it appears we have no further questions over the phone. [Mr. Hallub], I'll turn the call to you for any webcast questions.

看起來電話端沒有進一步的問題。[Hallub 先生]，我把會議交給您處理網路直播（webcast）提問。

Our first webcast question asks, it appears that your top-line growth is slow compared to previous periods. Why are you confident in your future growth?

我們第一個網路直播問題是：看起來你們的營收成長相較於先前期間偏慢。為什麼你們對未來成長有信心？

Thank you. That's a great question. As we mentioned when we went public last August, we aspired to becoming a leading global company, tapping into high-growth new markets, such as North America and Southeast Asia. To that end, we have intentionally shifted efforts and resources to these new markets, away from where we used to generate the bulk of our revenues.

謝謝。這是個很好的問題。正如我們在去年八月上市時提到的，我們的目標是成為全球領先企業，切入北美與東南亞等高成長新市場。為此，我們有意識地將努力與資源轉向這些新市場，並從過去貢獻我們大部分營收的市場移出部分資源。

While we have sowed seeds in the new markets, as you can imagine, we need to work through normal sales cycle, which is typically six months and longer with larger customers. This has translated into slower revenue growth for the time being as expected. We believe this is a necessary transitional phase of our company's evolution as we prove ourselves with new customers in new markets.

雖然我們已在新市場播下種子，但如各位所能想像，我們需要走完正常的銷售週期；對於較大型客戶，通常為六個月甚至更長。因此，如預期般，短期內營收成長放緩。我們相信，這是公司演進過程中必要的過渡階段，因為我們需要在新市場、面對新客戶證明自己。

There is certainly a trade-off in terms of short-term revenue, but we believe such trade-offs are necessary for us to tap into bigger market opportunities globally. Most importantly, we're now seeing some very promising early signs from our efforts. Truly, we're very pleased with our success working with Google within a few months of meeting them.

短期營收確實存在取捨，但我們相信，為了把握全球更大的市場機會，這些取捨是必要的。更重要的是，我們現在已從這些努力中看到一些非常令人鼓舞的早期跡象。坦白說，我們對於在與 Google 會面後短短幾個月內就能成功合作感到非常滿意。

Signing up more and more users such as large insurance broker and mortgage brokers such as LendSure in the US, as well as large consumer lending companies in Southeast Asia doing debt collection. Time and again, these new customers have told us that our mature and easily deployable product is best in class. And as evidence. Their endorsements are substantiated by the robust pipeline that we are seeing, which is very encouraging.

我們也持續吸引更多用戶，例如美國的大型保險經紀商與房貸經紀商（如 LendSure），以及東南亞從事債務催收的大型消費金融放貸公司。一次又一次，這些新客戶告訴我們，我們成熟且易於部署的產品是同級最佳（best in class）。而作為佐證。他們的背書也由我們所看到的強勁商機管線所支持，這非常令人振奮。

Now, the challenge for us is to power through the space of proof of concepts, pilots, to convert these into sustainable revenues. Given our track record in doing so in our original market, we're confident that we can replicate that success in these markets, especially given these promising signs.

現在，我們的挑戰是要全力推進概念驗證（POC）與試點（pilot）階段，將其轉化為可持續的營收。鑑於我們在原有市場的成功經驗，我們有信心能在這些市場複製同樣的成功，尤其是在看到這些正向訊號的情況下。

The next question asks, this is more of a macro question. There are so many AI companies out there with more appearing almost daily. How are you different?

下一個問題是，這比較偏向總體（macro）問題。市面上有非常多 AI 公司，而且幾乎每天都有新的出現。你們有何不同？

I'm glad you asked this question. That was also my question when I considered joining this company. Indeed, there's a proliferation of AI companies out there, each offering a different proposition to customers hungry for AI solutions. And as you and I know, many of them do not yet have a product and are still in a product development stage.

很高興你問到這個問題。這也是我當初考慮加入這家公司時的疑問。確實，市場上 AI 公司大量湧現，各自向渴求 AI 解決方案的客戶提供不同的價值主張。而且如你我所知，其中許多公司尚未有產品，仍處於產品開發階段。

We're different. We have a proven product, a SaaS application, which has already been deployed with over 30,000 users. We also have a proven SaaS business model, already revenue-generating and profitable for a few years. Our founding team has worked together for decades for call center businesses, knowing intimately the challenges and pain points of call centers, therefore developed a product that is highly fit for purpose, immediately usable by call agents.

我們不一樣。我們擁有經驗證的產品——一套 SaaS 應用，已部署給超過 30,000 名用戶使用。我們也擁有經驗證的 SaaS 商業模式，已經創造營收，並且已連續數年維持獲利。我們的創辦團隊在呼叫中心（call center）業務領域合作數十年，對呼叫中心的挑戰與痛點有深刻理解，因此打造出高度符合需求、可讓客服坐席（call agents）立即上手使用的產品。

And we're not everything to everyone. Our product is focused in call center and call center-like settings, giving call agents the tools. To do their jobs effectively and accurately, and allowing their supervisors to do their job efficiently and in full compliance with relevant rules and regulations. We do not replace humans, but empower humans.

而且我們不可能滿足所有人的所有需求。我們的產品聚焦於呼叫中心及類似的應用場景，為客服座席提供工具，讓他們能有效且準確地完成工作，並讓其主管能高效率且完全遵循相關規則與法規地履行職責。我們不取代人類，而是賦能人類。

We're also very focused on specific sectors, such as insurance, mortgage, consumer finance, and public sector. This allows us to be laser-focused on developing in-depth knowledge in these sectors, which will ultimately be the barrier of entry to new competitors, which we have yet to see in the future. We have a clear idea of who we are, what we provide, and who we aim to serve, allowing us to focus deeply on what we do best. I believe this is what sets us apart from other companies out there.

我們也非常專注於特定產業，例如保險、房貸、消費金融以及公共部門。這使我們能夠高度聚焦於在這些產業建立深度知識，而這最終將成為新競爭者進入的門檻；就我們目前所見，未來也尚未看到這樣的競爭者。我們清楚知道自己是誰、提供什麼，以及我們希望服務誰，讓我們能深度聚焦於最擅長的事情。我相信這就是我們與其他公司不同之處。

Our next question asks, you mentioned some of your new US customers like LendSure and insurance brokerages. Why do you think these accounts are promising and helpful for your long-term growth?

下一個問題是：您提到一些新的美國客戶，例如 LendSure 和保險經紀公司。您為什麼認為這些客戶具有潛力，並且有助於公司的長期成長？

North America is the world's largest customer contact market. We know this market's high purchasing power and widespread SaaS and AI adoption makes it a prime market for scalable, rapid growth of our product and services. Within this large market, there are particularly attractive verticals, like mortgage sales and insurance sales, where AI-driven sales tools can deliver maximum impact. These are highly regulated sectors with large numbers of workers and acute needs for productivity, compliance, and revenue growth.

北美是全球最大的客戶聯絡市場。我們知道該市場具備高購買力，且 SaaS 與 AI 的採用相當普及，使其成為我們產品與服務可規模化、快速成長的首要市場。在這個龐大市場中，還有特別具吸引力的垂直領域，例如房貸銷售與保險銷售，AI 驅動的銷售工具能在其中發揮最大影響力。這些產業高度受監管，從業人數眾多，且對生產力、合規與營收成長有迫切需求。

Requirements that our products address perfectly. Knowing how these sectors work will allow us to build a long-term barrier of entry, giving us an advantage vis-a-vis our competition in the long run. Of course, the relatively high value of the products being sold, mortgages and insurance, is very attractive. This means our software's ability to drive outbound sales can yield meaningful gains in revenue for customers and for ourselves.

這些需求正是我們產品能完美對應的。了解這些產業如何運作，將使我們建立長期的進入門檻，從長期來看讓我們相較競爭對手更具優勢。當然，所銷售產品（房貸與保險）本身的價值相對較高，也非常具有吸引力。這意味著我們的軟體在推動外呼銷售方面的能力，能為客戶以及我們自身帶來具實質意義的營收增長。

Our next question asks, GAAP net income really took a hit. What was the main component? R&D, cost of being a public company, global expansion, what drove these decline?

下一個問題是：GAAP 淨利大幅下滑。主要原因是什麼？是研發、成為上市公司的成本、全球擴張，還是哪些因素導致這些下滑？

There are four components that significantly affect our GAAP net income: the increase in amortization of intangible assets, software R&D, global expansion efforts, which saw a significant jump in headcount, particularly in sales, marketing, operations, and management as we open new offices in overseas markets, highly outsourced operation fees and elevated expenses, legal, accounting from being a public company.

有四個因素對我們的 GAAP 淨利影響顯著：無形資產攤銷增加、軟體研發、全球擴張投入（人力大幅增加，尤其是在我們於海外市場設立新辦公室時，銷售、行銷、營運與管理人員增幅明顯）、高度外包的營運費用與較高的各項支出，以及作為上市公司所產生的法律與會計等費用。

How should we think about net income going forward and the balance of fiscal year 2025? These investments will continue in the long short-term as they're critical to our R&D and expansion efforts. As such, we expect net income to remain under pressure for the balance of fiscal year 2025. As revenue begins to materialize from our pipeline in North America and Southeast Asia, we expect our profitability to rebound.

我們應該如何看待未來的淨利表現，以及 2025 會計年度剩餘期間？這些投資在短期與中期仍將持續，因為它們對我們的研發與擴張至關重要。因此，我們預期在 2025 會計年度剩餘期間，淨利仍將承受壓力。隨著北美與東南亞管線開始帶來營收，我們預期獲利能力將回升。

Last webcast question. Based on cash available and reduction in net cash provided by operating activities in the first half, it seems the company may need to raise additional capital.

網路直播的最後一個問題。根據可用現金以及上半年營運活動提供的淨現金減少的情況來看，公司似乎可能需要籌集額外資金。

Yes. Cash was $0.9 million as of December 31, 2024, as compared to $0.1 million a year earlier. However, this figure does not fully reflect the cash position available to the company. $2 million of additional cash is held on company's behalf by a contracted third-party entity that collects payments from customers. This amount is recorded as prepaid expenses and other receivables on the balance sheet. When we adjust for these funds, the company's total available cash is $2.9 million. That being said, the company is certainly open to partnering with right strategic investors to bolster our balance sheet and to provide additional cash to scale our sales and operations, invest in R&D, and pursue opportunistic M&A transactions.

是的。截至 2024 年 12 月 31 日，現金為 90 萬美元，相較一年前的 10 萬美元有所增加。然而，這個數字並未完全反映公司可動用的現金狀況。另有 200 萬美元的額外現金由受委託的第三方機構代公司持有，該機構負責向客戶收款。這筆金額在資產負債表中列為預付費用及其他應收款。在將這些資金納入調整後，公司可用現金總額為 290 萬美元。即便如此，公司當然也願意與合適的策略投資人合作，以強化資產負債表並提供額外現金，用於擴大銷售與營運規模、投入研發，以及把握機會進行併購（M&A）交易。

That concludes our webcast Q&A.

以上為本次網路直播問答環節。

Thank you, Mr. Holub. And again, ladies and gentlemen, it appears we have no further questions over the phone at this time. So, Mr. Li, I'd like to turn things back to you for any closing comments.

謝謝您，Holub 先生。再次提醒各位女士先生，目前電話線上似乎沒有其他問題。因此，李先生，我想把時間交還給您，請您做結語。

Thank you, operator. I would like to thank each of you for joining our financial results and business update conference call and look forward to continuing to update you on our ongoing progress and growth. If we were unable to answer any of our questions, please reach out to our IR firm and the group who would be more than happy to assist.

謝謝您，接線員。我要感謝各位參與我們的財務業績與業務更新電話會議，並期待持續向各位更新我們正在進行的進展與成長。若我們未能回答任何問題，請聯繫我們的投資人關係（IR）公司與團隊，他們將很樂意提供協助。

This concludes our update for this past half year. Thank you.

以上為我們過去半年的更新。謝謝。

Thank you, Mr. Li. Again, ladies and gentlemen, that will conclude today's Helport AI's first half fiscal year 2025 financial and business update call. Again, thanks so much for joining us, everyone, and we wish you all a great day. Goodbye.

謝謝您，李先生。再次提醒各位女士先生，今天 Helport AI 2025 會計年度上半年財務與業務更新電話會議到此結束。再次非常感謝各位的參與，祝各位有美好的一天。再見。