Aurora Mobile Ltd (JG) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the Aurora Mobile first quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your host today, [Renee van Gestel.] Thank you. Please go ahead, sir.

女士們，先生們，感謝大家的支持，歡迎參加 Aurora Mobile 2025 年第一季財報電話會議。 （操作員指示）請注意，今天的會議正在錄音。現在，我想將會議交給今天的主持人 [Renee van Gestel]。謝謝。先生，請繼續。

Hello, everyone, and thank you for joining us today. Aurora Mobile earning 3D was distributed earlier today and is available on the IR website at ir.gwang.cn. On the call today, I'm Mr. Weidong Luo, Chairman and Chief Executive Officer, Mr. Shan-Nen Bong, Chief Financial Officer, and Mr. Guan Yan Chen, General Manager.

大家好，感謝大家今天加入我們。 Aurora Mobile 獲利 3D 已於今日稍早發布，並可在 IR 網站 ir.gwang.cn 上查閱。今天參加電話會議的有董事長兼執行長羅偉東先生、財務長邦善能先生和總經理陳冠彥先生。

Following their prepared remarks, they will be available to answer your questions during the Q&A session that follows. Before we begin, I'd like to remind you that this conference call contains forward-looking statements within the meaning of Section 21 E of the Securities and Exchange Act of 1934 as amended and is defined in the US Private Securities Litigation Reform Act of 1,995.

在發表準備好的發言後，他們將在接下來的問答環節中回答您的問題。在我們開始之前，我想提醒您，本次電話會議包含經修訂的 1934 年證券交易法第 21E 條規定範圍內的前瞻性陳述，並在 1995 年美國私人證券訴訟改革法案中定義。

These forward-looking statements are based upon management's current expectations, and current market and operating conditions, which are difficult to predict and may cause the company's actual results, performance, or achievements to differ materially from those in the forward-looking statements.

這些前瞻性陳述是基於管理階層目前的預期以及目前的市場和營運條件，這些預期和條件難以預測，並可能導致本公司的實際結果、績效或成就與前瞻性陳述中的結果、績效或成就有重大差異。

Further information regarding these and other risks, uncertainties and other factors are included in the company's filings with the US Securities and Exchange Commission. The company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law. With that, I would now like to turn the conference over to Mr. Luo. Please go ahead.

有關這些和其他風險、不確定性和其他因素的更多資​​訊包含在公司向美國證券交易委員會提交的文件中。除適用法律要求外，本公司不承擔因新資訊、未來事件或其他原因而更新任何前瞻性聲明的義務。現在，我想把會議交給羅先生。請繼續。

Thanks Renee. Greeting to all. Welcome to our mobile 2025 first quarter earnings call. Before I comment on our Q1 results, I would like to remind everyone that the quarterly earning that is available on our IR website. You may refer to the deck as we proceed with the call today.

謝謝蕾妮。向大家問好。歡迎參加我們的行動 2025 第一季財報電話會議。在我對我們的第一季業績發表評論之前，我想提醒大家，我們的 IR 網站上提供了季度收益資訊。當我們今天進行電話會議時，您可以參考這份簡報。

As we did in the past, based on the Q1 numbers, I have a suitable description for the first quarter results, which is a quarter of a access rate growth driven by globalization for the following reasons. Firstly, our engage that this is our master quarter where we close out more than RMB63 million worth of contract value in just one quarter.

正如我們過去所做的那樣，基於第一季的數據，我對第一季的業績有一個合適的描述，這是一個由全球化推動的接取率成長的季度，原因如下。首先，我們承諾這是我們的主要季度，僅在一個季度內我們就完成了價值超過 6,300 萬元人民幣的合約。

This is unprecedented in our history. This brings the total cumulative engagement of contract value in excess of RMB110 million by March 31,2025. Secondly, the group's revenue this quarter of RMB89 million, achieving a remarkable 48% growth year over year. This RMB89 million was the highest Q1 quarterly revenue we had since the transition to pure SARS.

這在我們的歷史上是前所未見的。截至2025年3月31日，累計合約總額超過1.1億元。其次，集團本季營業收入達8,900萬元人民幣，較去年同期實現48%的顯著成長。這8900萬元人民幣是我們自轉為純SARS以來第一季的最高收入。

Engages recognized revenue also grew by 127% year over year. This Q1 revenue number, here is what we have previously guided in Q4 of 2024. Finally, our financial risk management business here is best quarter in his history, recording highest quarter revenue of RMB22.2 million.

Engages 確認的收入也較去年同期成長了 127%。這個第一季的營收數字，是我們先前對2024年第四季的預測。最後，我們的金融風險管理業務是其歷史上最好的季度，創下了最高季度收入2,220萬元。

Revenue grew by 64% year over year. Fourthly, gross profit goes strongly by 27% year over year while achieving the highest gross profit for the past nine quarters. Gross margin has also improved 5,000 basis point quarter on quarter. This we record and another are just EBITDA profit in this quarter.

營收年增64%。四是毛利年增27%，創九季以來最高毛利。毛利率也比上一季提高了 5,000 個基點。我們記錄的這個和另一個只是本季的 EBITDA 利潤。

This marks the seventh consecutive quarter quarterly perceive adjust that we have had. Overall, it was a great quarter where all the business lines have outperformed the targets we have set for them. This is no doubt so great momentum for the rest of 2025.

這是我們連續第七個季度出現季度感知變化。總體而言，這是一個出色的季度，所有業務線都超出了我們為其設定的目標。毫無疑問，這將為 2025 年剩餘時間帶來巨大的發展動力。

Equally important, the progress in our performance and our solid financial position enable us to invest more resources into the development of our enterprise AI agent platform and its global expansion. Now, let me share more on the individual basis performance.

同樣重要的是，我們業績的進步和穩固的財務狀況使我們能夠投入更多資源用於企業AI代理平台的開發及其全球擴張。現在，讓我分享更多有關個人表現的資訊。

Our total revenue has grown 38% year over year driven by the great numbers from developer services within the group revenue of business segments, many developers subscription services, value add services, and financial risk management all our preferred and record significantly year over year revenue growth.

我們的總收入年增 38%，這得益於集團業務部門收入中的開發者服務的大幅增長，許多開發者訂閱服務、增值服務和金融風險管理都是我們的首選，並創下了同比大幅收入增長的記錄。

Developer services revenues which consists of subscription services and services increased by a strong 39% year after year and decrease to 12% quarter of quarter. Subscription revenue has been recording great number where it increased by 26% year after year and decreased 2% quarter after quarter.

開發者服務收入（包括訂閱服務和服務）較去年同期強勁成長39%，季減12%。訂閱收入連續多年創下新高，較去年同期成長26%，但季減2%。

Fed services revenue grew by an incredible 269% year over year and decreased 46% quarter of quarter. Our copy subscription services revenue of RMB53.5 million record growth of 26% year over year and decrease 2% quarter of quarter. The year after year revenue growth was mainly driven by a 22% increase in Apple, carrying on the great momentum we get in Q4 of 2024.

聯準會服務收入年增了驚人的269%，但環比下降了46%。我們的影印訂閱服務收入為人民幣5,350萬元，較去年同期成長26%，較上季下降2%。營收連年成長主要得益於蘋果 22% 的成長，延續了 2024 年第四季的強勁勢頭。

Our subscription revenue record for consecutive quarter of RMB150 million post revenue. For subscription services, we can work at year over year revenue growth in both the domestic and overseas markets. In particular, I engage that revenue growth by 127% year over year. This remarkable number was a result of the hard work by the team to convert many notable wins in the overseas markets.

我們的訂閱收入連續一個季度創下1.5億元人民幣的訂閱收入紀錄。對於訂閱服務，我們可以努力實現國內和海外市場收入的逐年增長。具體來說，我預計營收將年增 127%。這一驕人的數字是團隊辛勤工作的成果，在海外市場取得了許多顯著的勝利。

Both the customer numbers and Apple have a solid growth year over year. With the great products and services we have, I believe we can scale this business globally to get more customers and new wins in many quarterly, in many quarters to come. Next, I shall elaborate more on I'll engage the business this quarter.

客戶數量和蘋果數量都逐年穩定成長。憑藉我們擁有的優質產品和服務，我相信我們可以在全球範圍內擴展這項業務，從而在未來的許多季度中獲得更多客戶和新的勝利。接下來我將更詳細地闡述我本季將從事的業務。

This business is always gets me very pumped out when showing with you. Firstly, the total contract value we have sign has broken the maybe RMB110 million milestone in Q1 of 2025. Just to recap, the total contract value was only maybe RMB10 million at Q3 of 2023. Six quarters later, this amount has grown 10 times. This is a remarkable achievement by the team.

當我和你一起展示這項業務時，我總是會感到非常興奮。首先，我們簽訂的合約總金額在2025年第一季就突破了1.1億元的大關。簡單回顧一下，2023年第三季的合約總金額可能只有1,000萬元。六個季度後，這個數字增加了10倍。這是該團隊取得的一項了不起的成就。

Secondly, customer acquisition continues to be the driving force of the success of this species. The customer number has increased by 25%, reaching 848. Firstly, the revenue recognized for the engagement again record rate growth of 127% year over year. Firstly, our engage the products and services are also sold to customers in more than 40 different countries and regions globally.

其次，客戶獲取繼續成為該物種成功的驅動力。客戶數量增加了25%，達到848家。首先，業務確認的收入再次創下年增127%的紀錄。首先，我們的產品和服務也銷往全球40多個不同國家和地區的客戶。

I'm truly pleased with the team's execution effort, results, and the momentum of the engage it up. I believe that it's the engine of growth for us in the next 24 months. Within subscription revenue, some of the notable new and renewable customers in this quarter include anonymity to. DeepSeek, [BID], SF Express, Moonshot AI and Hangzhou ban just to name a few.

我對團隊的執行努力、成果以及參與的勢頭感到非常滿意。我相信這是我們未來 24 個月的成長引擎。在訂閱收入中，本季一些值得注意的新客戶和可續訂客戶包括匿名客戶。舉幾例，DeepSeek、[BID]、順豐速運、Moonshot AI 和杭州禁令。

Add additional services revenue will be RMB8.9 million, increased by 269% year over year, but decreased by 46% of quarter. The huge revenue year over year growth we have seen was many due to the recovery of the advertised spending we have seen in Q1. For the same period, the advertiser spending has increased more than 200%, we should feel the revenues by every year.

增加附加服務收入為890萬元人民幣，年增269%，但季減46%。我們看到的收入同比增長幅度很大，這在很大程度上是由於第一季廣告支出的復甦。在同一時期，廣告商的支出增加了200％以上，我們每年都應該感受到收入的成長。

The sequential revenue decline was mainly due to the double11 to online shopping festival in Q4 but was not existence in Q1. Let me pass the call over to Shan-Nen, who will share more about the vertical application and other aspects of our financial performance of this quarter.

環比收入下降主要由於第四季的雙十一等網路購物節，但第一季並不存在這一現象。讓我把電話轉給 Shan-Nen，她將分享更多有關垂直應用以及本季財務表現的其他方面的資訊。

Thanks, Chris. Next, I'll go over the revenue for vertical application that includes financial risk management and market intelligence. Overall, vertical application had a very strong quarter where revenue increased by 35% year over year and 20% quarter over quarter. And within vertical application, financial risk management recorded a 64% growth in revenue, year over year and 36% growth quarter over quarter.

謝謝，克里斯。接下來，我將介紹包括金融風險管理和市場情報在內的垂直應用的收入。整體而言，垂直應用本季表現非常強勁，營收年增 35%，季增 20%。在垂直應用領域，金融風險管理收入較去年同期成長64%，較上季成長36%。

Financial risk management has its best and biggest quarter ever, recorded Q1 revenue in excess of RMB22 million. This 64% year over year revenue growth was mainly due to the strong 19% customer number growth and 38% are full growth. As I mentioned in the prior quarter that our team has fine-tuned and upgraded the service and products.

金融風險管理迎來了史上最好、最大的一個季度，第一季收入超過2,200萬元。營收年增 64% 主要得益於客戶數量強勁成長 19%，其中 38% 為全面成長。正如我在上一季提到的，我們的團隊已經對服務和產品進行了微調和升級。

The result is simply stunning, to say the least. The upgraded products and services were in high demand amongst the financial industry vertical. The new and existing licensed financial institution for buying and consuming our products and services. Apart from developer subscription revenue that Chris mentioned earlier, financial risk management presented itself as the next growth engine in early 2025.

至少可以說，結果簡直令人震驚。升級後的產品和服務在金融業垂直領域需求旺盛。購買和消費我們產品和服務的新、現有持牌金融機構。除了 Chris 先前提到的開發者訂閱收入之外，金融風險管理將成為 2025 年初的下一個成長引擎。

We are certainly very pleased to see the resurgence of this business in this quarter and beyond. The customers that we have signed up or renew in Q1 include but not limited to [Fen Chia Ibohang, Xiayinghui uou Hui] and many more license credit and financial institutions throughout China.

我們非常高興看到本季及以後該業務的復甦。我們在第一季簽約或續約的客戶包括但不限於【Fen Chia Ibohang、Xiayinghui uou Hui】以及中國各地的多家持牌信貸和金融機構。

Market intelligence revenue, on the other hand, decreased by 26% year over year and managed to record a modest 4% growth quarter over quarter due to the continued weakness in the market demand for Chinese's APP data. And this result is in line with our expectation.

另一方面，由於市場對中國APP數據的需求持續疲軟，市場情報收入較去年同期下降26%，季減4%。這個結果符合我們的預期。

Next, I'll go through some of the key expenses and balance sheet items. Onto operating expenses, the Q1 operating expenses was at RMB60.6 million, representing a 14% increase year over year and remained flat quarter over quarter. The majority of the increase was attributable to our sales and marketing department.

接下來，我將介紹一些關鍵的支出和資產負債表項目。營業費用方面，第一季營業費用為6,060萬元人民幣，較去年同期成長14%，較上季持平。大部分成長歸功於我們的銷售和行銷部門。

In a snapshot, our Q1 revenue grew by 38% year over year. Gross profit grew by 27% while OpEx only grew by 14%. Overall, we are very pleased to see how OpEx has been trending in view of the revenue and gross profit growth we have achieved. And this is a sustainable growth model for long-term basis.

總體而言，我們的第一季營收年增了 38%。毛利成長了27%，而營運支出僅成長了14%。總體而言，我們很高興看到營運支出相對於我們實現的收入和毛利的成長趨勢。這是一個長期可持續的成長模式。

I now go over the individual OpEx category. For R&D expenses, increased 8% year over year to RMB24.6 million, mainly due to the increase in staff costs and associated expenses. Car cost has also contributed to the year over year increase in R&D expenses.

我現在來介紹一下個人營運支出類別。研發費用年增8%至人民幣2,460萬元，主要由於員工成本及相關費用的增加。汽車成本也導致研發費用逐年增加。

Selling and marketing expenses increased by 34% year over year to RMB33.3 million, mainly due to the increase in sales commission and traveling expenses in line with our revenue growth and cash collection recorded in this quarter. G&A expenses decreased by 2% year over year to RMB12.7 million, mainly due to the reduction in professional fees as a result of our continuous disciplined management of expenses.

銷售及行銷費用年增34%至人民幣3,330萬元，主要是由於本季銷售佣金及差旅費的增加，與營收成長及現金回籠同步增加。一般及行政費用年減 2% 至人民幣 1,270 萬元，主要因為我們持續嚴格費用管理導致專業費用減少。

Next, I'll share three very important KPIs that we closely monitor. For net dollar retention rate, a commonly used KPI for SARS company is stood at 96% for our core developer subscription business for the trailing 12 months ended March 31, 2025. And this high NDR percentage reflecting that we have high customer retention rate, coupled with the ability to increase revenue to up sales through upgrades and expansion.

接下來，我將分享我們密切監控的三個非常重要的KPI。對於淨美元留存率，SARS 公司常用的 KPI 是，截至 2025 年 3 月 31 日的過去 12 個月，我們的核心開發者訂閱業務的淨美元留存率為 96%。如此高的 NDR 百分比反映出我們擁有較高的客戶留存率，同時有能力透過升級和擴展來增加收入，從而提高銷售額。

And this is another great quarter with such an impressive number. Secondly, another financial KPI for tracking the performance of SARS company is the total deferred revenue, which represents cash collected in advance from customers for future contract performance, which at a record high of RMB156.9 million, and this is the historical record where our deferred revenue balance has exceeded RMB150 million.

這又是一個偉大的季度，取得瞭如此令人印象深刻的數字。其次，追蹤SARS公司業績的另一個財務KPI是遞延收入總額，即為未來合約履行而從客戶處預收的現金，該總額創下了1.569億元人民幣的歷史新高，這是我們遞延收入餘額超過1.5億元人民幣的歷史記錄。

Thirdly, we continue to maintain healthy eight-hour turnover days level at 53 days, and these are slightly higher than what we had in Q4, simply due to the extended holiday during the Chinese New Year period, where collection is typically slower than other quarters. We will continue to work hard to ensure we collect cash from customer actively and at the same time, mitigating the risk of bad and awful deaths.

第三，我們繼續將八小時週轉天數保持在健康的 53 天水平，略高於第四季度的水平，這僅僅是由於農曆新年期間假期延長，而農曆新年期間的收款速度通常比其他季度慢。我們將繼續努力，確保積極向客戶收取現金，同時降低嚴重死亡事件的風險。

Onto balance sheet. Next, total assets were RMB376 million as of March 31, 2025. This includes cash and cash equivalent of 113.6 million, accounts receivable of RMB54.1 million, pre-payments and other except of RMB17.4 million, operating expenses, operating lease right of use assets of RMB15.9 million, fixed assets of 4.3 million, long-term assets of RMB113.5 million, goodwill of RMB37.8 million, and intangible assets of RMB12.8 million resulting from the same cloud acquisition in March 2022.

進入資產負債表。其次，截至 2025 年 3 月 31 日，總資產為 3.76 億元。其中包括現金及現金等價物 1.136 億元人民幣、應收帳款 5,410 萬元人民幣、預付款項及其他除外款項 1,740 萬元人民幣、營業費用、長期資產資產 1,590 萬元人民幣、固定資產 430 萬元人民幣、長期資產 1.135 億元人民幣月同一雲收購產生的無形資產 1,280 萬元人民幣。

And total liabilities were RMB 261.6 million as of March 21. This includes accounts payable of RMB34.1 million. Current operating this liability of RMB4.2 million, deferred revenue of RMB156.9 million, and accrued liabilities of RMB66.4 million. And now let me take a few minutes here to recap the description, a quarter of accelerated growth driven by globalization that Chris used at the beginning of this call.

截至3月21日，總負債為2.616億元人民幣，其中應付帳款3,410萬元人民幣。本期經營負債420萬元，遞延收入1.569億元，應計負債6640萬元。現在，請容許我花幾分鐘時間回顧克里斯在本次電話會議開始時所說的「全球化推動四分之一加速成長」這一描述。

In this quarter, our revenue year over year grew strongly by 38%, reaching RMB89 million. This was the highest Q1 revenue since the transition into pure SARS model. Our developer sufficient service had another RMB50 million revenue quarter with RMB53.5 million.

本季度，我們的營收年增38%，達到人民幣8,900萬元。這是自轉向純 SARS 模式以來第一季的最高收入。我們的開發者充足服務再創佳績，當季收入達5,350萬元。

Secondly, our English left had a very strong quarter. Revenue grew by close to RMB127 million on year over year basis and Cumulative contract value increased by more than RMB63 million in Q1 alone, bringing the total signed contract value to exceed RMB110 million.

其次，我們的英格蘭左翼在本季表現非常強勁。營業收入較去年同期成長近1.27億元，僅第一季累計新增合約金額6,300多萬元，累計簽訂合約金額超過1.1億元。

Both the gross profit and gross margin has improved along with our global expansion effort. We have a seven consecutive quarter of positive adjusted EBITDA. And this is no doubt a very strong growth quarter for Aurora Mobile. We started the year with a great quarter one and we believe the momentum will carry on to the other quarters of 2025.

隨著我們全球擴張的努力，毛利和毛利率都有所提高。我們的調整後 EBITDA 已連續七季呈現正值。毫無疑問，這對 Aurora Mobile 來說是一個非常強勁的成長季度。我們以第一季的出色表現開啟了新的一年，我們相信這種勢頭將延續到 2025 年的其他季度。

Now, let's turn to the business outlook and based on the current available information, the company sees the Q2 2025 revenue guidance to be in the range of RMB87.5 million to RMB90.5 million, representing a solid 10% to 14% year over year compared to same quarter of 2004.

現在，讓我們來看看業務前景，根據目前可用的信息，該公司預計 2025 年第二季度的收入預期將在 8750 萬元人民幣至 9050 萬元人民幣之間，與 2004 年同期相比，同比增長 10% 至 14%。

And the birth outlook is based on the current market conditions and reflects the company's current and preliminary estimate of the market and operating conditions and customer demands, which are all subject to change. Lastly, before I conclude, I'll give a quick update on the share repurchase plan.

並且，該出生前景是基於當前市場狀況而做出的，反映了公司對市場和經營狀況以及客戶需求的當前和初步估計，這些都可能發生變化。最後，在結束之前，我將簡要介紹股票回購計畫。

In the quarter ended March 21, 2025, we repurchased 16,000 ADS, cumulatively, we have repurchased a total of 295,000 ADS since the start of our repurchase program. And this concludes our prepared remarks. We're happy to take the question now. Operator, please proceed.

截至 2025 年 3 月 21 日的季度中，我們回購了 16,000 股 ADS，自回購計劃開始以來，我們累計已回購了 295,000 股 ADS。我們的準備好的演講到此結束。我們很高興現在回答這個問題。接線員，請繼續。

(Operator Instructions)

（操作員指示）

Calvin Wong, Spicer Capital.

Calvin Wong，Spicer Capital。

Good evening management. Thank you for taking my question. I have one question related to the EngageLab. First of all, congrats on the engaged lab business. It has achieved breakthrough contract value of RMB110 million in Q1. So if I would back the calculation correctly, so that's the total newly signed contract value was more than RMB160 Million in Q1.

管理層晚上好。感謝您回答我的問題。我有一個與 EngageLab 相關的問題。首先，恭喜實驗室業務順利開展。一季合約額突破1.1億元。因此，如果我的計算正確的話，那麼第一季新簽署的合約總價值將超過 1.6 億元。

So, I would appreciate if management could provide some guidance outlook of the engaged that business going forward. Thanks.

因此，如果管理層能夠為未來從事該業務提供一些指導展望，我將不勝感激。謝謝。

Okay, thanks, Calvin. Let me take this call. This question. I guess your calculation is spot on. So at the back of achieving this RMB60 million contract in single quarter. There are a few matters that I want to share with you and everyone on the call.

好的，謝謝，卡爾文。讓我接聽這通電話。這個問題。我想你的計算是正確的。那麼單季達成6000萬合約的背後。有一些事情我想與你們以及電話會議中的每個人分享。

One is the fact that we have proven to have the ability to win big contracts in global stage. Just to clarify, this newly signed RMB60 million contract in Q1 2025 were from different customers outside of China. And second, our products and services are indeed meeting the needs of global customers.

一是我們已經證明有能力在全球舞台上贏得大合約。需要澄清的是，2025 年第一季新簽署的這份價值 6,000 萬元人民幣的合約來自中國以外的不同客戶。其次，我們的產品和服務確實滿足了全球客戶的需求。

Customers are willing to sign a multi-year contract with us is another testament of the superior quality of our service and product. And these customers have shown great long-term commitment towards our product and services. And if you ask me whether we'll get another RMB 60 million New signed contract in Q2. I guess my friend and honest question is unlikely at this stage, which is a realistic expectation.

客戶願意與我們簽訂多年合同，這再次證明了我們服務和產品的卓越品質。這些客戶對我們的產品和服務表現出了極大的長期承諾。如果你問我我們是否會在第二季再獲得一份價值 6,000 萬元人民幣的新簽約合約。我想我的朋友和誠實的問題在現階段不太可能出現，這是一個現實的期望。

But this RMB60 million a quarter taught us a few very useful lessons to make significant wins going forward. It shows that we have the technical capability and the know-how to win big contracts. Our products are superior to competitors in the market.

但這每季 6000 萬元人民幣為我們帶來了一些非常有用的經驗教訓，使我們在未來能夠取得重大勝利。這表明我們擁有贏得大合約的技術能力和專業知識。我們的產品優於市場上的競爭對手。

So we, our growing presence in the global stage, other overseas customers will start to look at EngageLab differently. And maybe this RMB60 million new contracts of quarter is not too far away after all. I hope this answer your question, Calvin.

因此，隨著我們在全球舞台上的影響力不斷擴大，其他海外客戶將開始以不同的眼光看待 EngageLab。也許這個季度6000萬人民幣的新合約距離我們並不遙遠。我希望這能回答你的問題，卡爾文。

Very clear. Thanks.

非常清楚。謝謝。

(Operator Instructions)

（操作員指示）

Marco Zhang, Gelonghui Research

Marco 張，格隆匯研究中心

Hi, this is Marco from, Gelonghui Research. Congrats to the company on another strong quarters. I have one question for the management. So, this quarter, your revenue grew 38% year over year, gross profit grew 27 year over year and your adjusted EBITDA is on the seventh consecutive quarter of positive number.

大家好，我是格隆匯研究公司的 Marco。恭喜公司又一個季度取得強勁業績。我有一個問題想問管理階層。因此，本季度，您的營收年增 38%，毛利年增 27%，調整後的 EBITDA 連續第七個季度為正數。

However, the company is still recording net loss. So my question is that when do you think we can expect your quarterly net profit? Thanks.

然而，該公司仍錄得淨虧損。所以我的問題是，您認為我們什麼時候可以預期您的季度淨利？謝謝。

Hi Marco. Let me take your question. I think you are right to point out a few key numbers. Let me recap in this quarter, what we have is revenue grew by 38%. Gross profit grew by 27% and our OpEx is only grew by 14%. And this business model has a perfect relationship to generate profitability. In short, you may conclude that we earn more than what we spend.

你好，馬可。我來回答你的問題。我認為你指出幾個關鍵數字是正確的。讓我回顧一下本季度，我們的營收成長了 38%。毛利成長了 27%，而我們的營運支出僅成長了 14%。而這種商業模式與產生獲利有著完美的關係。簡而言之，你可能會得出這樣的結論：我們的收入大於支出。

But if you, if I peel further deeper beyond the surface, one very important finding that I want to share with you and the others on the core is that there are certain expenses that we need to spend now in order to feel the continuous growth trajectory. Let me explain more.

但是，如果我進一步深入挖掘，我想與你們以及其他核心人士分享一個非常重要的發現，那就是我們現在需要花費一定的開支才能感受到持續的成長軌跡。讓我進一步解釋一下。

For example, R&D and it is vitally important that we continue to research and develop and continue to fine tune our product. And one great example is the financial risk management, where the business grew by 64% year over year. And this is mainly due to product upgrades that we have made. And this upgrade resulted in more customers using and consuming our products.

例如研發，至關重要的是我們要繼續研究和開發並不斷完善我們的產品。一個很好的例子就是金融風險管理，其業務年增了 64%。這主要歸功於我們所做的產品升級。此次升級使得更多的客戶使用和消費我們的產品。

Therefore, we have the 65% revenue growth. On the flip side, if we stand still and with no intention to increase our R&D activities, our product will not have evolved and we will not get a 65% revenue growth. And secondly, marketing expenses is another crucial expense for any company needing to spend in order to broaden global reach and expansion.

因此，我們的收入成長了65％。另一方面，如果我們停滯不前，不打算增加研發活動，我們的產品就不會發展，我們也不會獲得 65% 的收入成長。其次，對任何公司來說，行銷費用是另一項重要支出，用於擴大全球影響力和擴張。

We need to have Engaged lab brand name known globally. It was because the marketing campaign that we had, we were able to grow the business without borders into 40 countries and regions by March 31, 2025. As a matter of fact, if you want net profit next quarter, I think we can do that. All we need to do is just to freeze our R&D and marketing expenses.

我們需要讓 Engaged lab 品牌在全球範圍內知名。正是因為我們所進行的行銷活動，我們才得以在 2025 年 3 月 31 日之前將業務拓展到 40 個國家和地區。事實上，如果你想在下個季度實現淨利潤，我認為我們可以做到。我們需要做的只是凍結研發和行銷費用。

However, this will come at the expense of product development and continuous market spend, and this will certainly hurt our ability to grow our revenue in the near future. Therefore, we need to strike a balance between spending diligently enough so that we can have the firepower to fuel our continuous revenue growth in the next 12 or 24 months.

然而，這將以犧牲產品開發和持續的市場支出為代價，這肯定會損害我們在不久的將來增加收​​入的能力。因此，我們需要在支出和足夠努力之間取得平衡，以便我們有足夠的火力在未來 12 或 24 個月內推動收入持續成長。

And so long as we continue to scale our business, the results will come sooner or later and hope this answers your question, Marco.

只要我們繼續擴大業務，結果遲早都會出現，希望這能回答你的問題，馬可。

Okay, yeah, thanks. Congrats again, and we look forward to see another strong holder. Thanks. I have no more questions.

好的，是的，謝謝。再次祝賀，我們期待看到另一位強大的持有者。謝謝。我沒有其他問題了。

Thank you. There are no further questions, I would like to hand back to [Renee Van Gusting] for closing remarks.

謝謝。沒有其他問題了，我想把發言權交還給 [Renee Van Gusting] 做結束語。

Thank you, [Heidi].Thank you everyone for joining our call tonight. If you have any further questions and comments, please don't hesitate to reach out to the IR team. This concludes the call. Have a good night. Thank you.

謝謝你，[海蒂]。感謝大家今晚參加我們的電話會議。如果您有任何其他問題和意見，請隨時聯絡 IR 團隊。通話到此結束。祝你晚安。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。