Aurora Mobile Ltd (JG) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Aurora Mobile fourth-quarter and fiscal year 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位女士、先生，感謝您耐心等候。歡迎參加 Aurora Mobile 2025 財年第四季及全年業績電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to hand the conference over to your host today, Christian Arnell. Please go ahead, sir.

現在我想把會議交給今天的主持人 Christian Arnell。先生，請開始。

Thank you. Hello, everyone, and thank you for joining us today. Aurora Mobile's earnings release was distributed earlier today and is available on the IR website at ir.jiguang.cn. On the call today are Mr. Weidong Luo, Chairman and Chief Executive Officer; Mr. Shan-Nen Bong, Chief Financial Officer; and Mr. Guangyan Chen, General Manager.

謝謝。各位好，感謝今天加入我們。Aurora Mobile 的業績新聞稿已於今日稍早發布，並可於投資人關係網站 ir.jiguang.cn 查閱。今天出席電話會議的有羅衛東先生（董事長兼執行長）、Bong Shan-Nen 先生（財務長）以及陳光彥先生（總經理）。

Following their prepared remarks, they will be available to take your questions and give you answers during the Q&A session that follows. Before we begin, I'd like to remind you that this conference call contains forward-looking statements made within the meaning of Section 21E of the Securities Exchange Act of 1934 as amended and as defined in the US Private Securities Litigation Reform Act of 1995.

在他們的事先準備發言之後，將在隨後的問答環節中回答各位的提問。在開始之前，我想提醒各位，本次電話會議包含前瞻性陳述，該等陳述係依據經修訂之 1934 年《證券交易法》第 21E 條，以及 1995 年《美國私人證券訴訟改革法》之定義作出。

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.

這些前瞻性陳述係基於管理層目前的預期以及當前市場與營運狀況；上述因素難以預測，且可能導致公司實際結果、表現或成就與前瞻性陳述中所述存在重大差異。

Further information regarding these and other risks, uncertainties and and/or factors are included in the company's filings with the US SEC. 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.

有關上述及其他風險、不確定性及/或因素的進一步資訊，已載於公司向美國證券交易委員會（SEC）提交的文件中。除非適用法律另有要求，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陳述的義務。

With that, I'd now like to turn the conference over to Mr. Luo. Please go ahead.

接下來，我想把會議交給羅先生。請開始。

Thanks, Christian. Hi, everyone. Welcome to Aurora Mobile's 2025 fourth quarter earnings call. Before I comment on our Q4 results, I would like to remind everyone that we have uploaded the quarterly earnings release on our IR website. You may refer to that as we proceed with the call today.

謝謝你，Christian。各位好。歡迎參加 Aurora Mobile 2025 年第四季業績電話會議。在我評論第四季業績之前，我想提醒各位，我們已將季度業績新聞稿上傳至投資人關係網站。在今天的會議進行過程中，您可參照該新聞稿。

I'm truly excited about the vesting, that are going at Aurora Mobile. Revenue is strong and our financials are as strong as ever. By the end of this call, I trust you will agree with me our 2025 and Q4 numbers are truly exceptional. As we have done in the past, we're looking at the fourth quarter and the year as a whole a single phase customer demand and a year of pure brilliance.

我對 Aurora Mobile 正在發生的（歸屬/落地）進展感到非常振奮。營收表現強勁，我們的財務狀況也一如既往地穩健。我相信在本次電話會議結束前，各位會同意我們 2025 年及第四季的數字確實非常出色。如同以往，我們將第四季與全年視為同一階段：客戶需求旺盛、全年表現卓越。

Why? Because we recorded first-ever full year net GAAP profit in our history. Not only that. While we achieved three consecutive quarters of net GAAP profit leading to this quarter, which just as importantly achieved quarterly revenue at RMB100 million mark. It's been a truly historical year.

為什麼？因為我們在公司歷史上首次錄得全年 GAAP 淨利。不僅如此。在本季之前，我們已連續三個季度實現 GAAP 淨利；同樣重要的是，本季季度營收也達到人民幣 1 億元的里程碑。這確實是具有歷史意義的一年。

Let me now dive deeper into the outstanding work and numbers that made this success possible. Firstly, the group's revenue this quarter surged to RMB105.2 million representing a marketable double-digit 13% year over year and 16% sequential growth. This performance go through the guidance we shared in our Q3 earnings call. Secondly, our global flagship product, EngageLab continues to fire on all cylinders bringing new customers across the globe. This momentum drove EngageLab's ARR for December 205 to a record high of USD10 million, representing 186% year over year growth.

接下來我將更深入分享促成這項成功的卓越工作與關鍵數據。首先，本季集團營收躍升至人民幣 1.052 億元，年增 13%（可觀的雙位數成長），季增 16%。此表現超越了我們在第三季業績電話會議中分享的指引。其次，我們的全球旗艦產品 EngageLab 持續全速推進，為全球帶來新客戶。在此動能帶動下，EngageLab 於 205 年 12 月的 ARR 達到 1,000 萬美元的歷史新高，年增 186%。

Further, gross profit grew by 23% year over year and by 9% quarter over quarter. This is the highest gross profit we have seen over the past 16 quarters. Last but not least, we delivered another standout quarter on cash management. Net operating cash inflow RMB35.1 million, the highest we can see since Q4 of 2020. We saw many record highs this quarter I am incredibly proud of what our team has managed to accomplish.

此外，毛利年增 23%，季增 9%。這是我們過去 16 個季度以來最高的毛利水準。最後但同樣重要的是，我們在現金管理方面再度交出亮眼成績。經營活動現金淨流入人民幣 3,510 萬元，為自 2020 年第四季以來的最高水準。本季我們創下多項新高，我為團隊所達成的成果感到無比自豪。

It's truly gratifying to share these results with you today, and it was driven by our strategy, hard work and passion, not by luck.

今天能與各位分享這些成果令人十分欣慰；這些成果來自我們的策略、努力與熱情，而非運氣。

Everyone at Aurora Mobile for real effort and energy toward our collective growth day in and day out $0.25 as one of our most successful year-to-date, the result of true commitment and strong execution. With that said, the work is not done, the solid foundation we have built over the past few years pursuing us to achieve even great things. I usually believe we are ready to lead the next wave of global opportunities and our track record focuses we can.

Aurora Mobile 的每一位同仁都日復一日地為我們的共同成長投入真正的努力與能量；2025 年迄今是我們最成功的年度之一，這是高度承諾與強力執行的結果。即便如此，工作尚未完成；我們在過去幾年建立的堅實基礎，正推動我們去達成更偉大的成就。我一向相信，我們已準備好引領下一波全球機會，而我們的過往紀錄也證明我們做得到。

As we move into 2026, we will continue on our expansion path with the planned discipline and focus we showed in the past years enhancing our products, services, accelerating growth and maintaining strong financial management. I'm opportunistic of '26 we are going. The path ahead is reached with opportunities, and our brightest moments are still to come. After a year of pure for 2026 is clear growth acceleration.

邁入 2026 年，我們將延續擴張路徑，保持過去幾年展現的規劃紀律與專注，持續強化產品與服務、加速成長，並維持強健的財務管理。我對 2026 年的發展抱持積極態度。前方道路充滿機會，而我們最耀眼的時刻仍在未來。在經歷一年的卓越表現後，2026 年的方向很清楚：加速成長。

Now let me share more on the individual business performance. Our total Q4 group revenue has exceeded RMB100 million mark for the first time in history since the transition to pure SaaS business model. It has grown both year over year and quarter over quarter. In particular, the lion's share of year over year revenue was contributed by joint numbers for developer subscription services. Our solid execution in 2025 across different market providing an excellent platform to drive our top line performance.

接下來我將分享各項業務的個別表現。本集團第四季總營收在轉型為純 SaaS 商業模式後，歷史上首次突破人民幣 1 億元大關。無論年比或季比皆實現成長。其中，年比營收成長的主要貢獻來自開發者訂閱服務的（合併/共同）數據。我們在 2025 年於不同市場的扎實執行，為推動營收表現提供了優秀的平台。

In this quarter, both developer subscription services and vertical application record solid acceleration with double digit year over year revenue growth. Developer Services revenue, which consists of subscription services and Value-Added Services delivered strong performance with 7% growth year over year and 18% growth quarter over quarter. Subscription revenue performed well increasing by 13% year over year and 7% quarter over quarter. Value-Added Services revenue grew by an impressive 101% quarter over quarter, but decreased 13% year over year. Our corporate sales business developer subscription services give a revenue of RMB61.9 million, representing growth of 13% year over year and 8% quarter over quarter.

本季，開發者訂閱服務與垂直應用業務均錄得穩健加速，年比營收皆為雙位數成長。開發者服務營收（由訂閱服務與加值服務構成）表現強勁，年增 7%，季增 18%。訂閱營收表現良好，年增 13%，季增 7%。加值服務營收季增高達 101%，但年減 13%。我們的企業銷售業務（開發者訂閱服務）營收為人民幣 6,190 萬元，年增 13%，季增 8%。

The year over year revenue growth was mainly driven by increase in both customer numbers and ROI. In this quarter, special revenue brought for the RMB60 million one quarter revenue mark and reached its highest level in history. Now it's time for what many of you have been very going for, an update on our global flash product, EngageLab, which continues its remarkable growth treasury quarter after quarter since it was launched.

年對年營收成長主要由客戶數量與投資報酬率（ROI）雙雙提升所帶動。本季度，特殊收入推動單季營收突破人民幣6,000萬元門檻，並創下歷史新高。現在進入許多人一直非常期待的部分：我們全球閃訊產品 EngageLab 的最新進展。自推出以來，EngageLab 持續在每個季度展現亮眼成長。

First, EngageLab's ARR has achieved a new and important milestone, USD10 million as of December 2025. Following triple digit growth in Q3 with a record 186% year over year ARR growth this quarter. Secondly, we delivered another very strong quarter at EngageLab, cumulative contract value among to RMB157 million by end of Q4 of 2025. In Q4, although we signed up more than RMB29 million worth of new contracts. This, in our view, is simply outstanding. We expect this revenue momentum to continue for the next 24 months.

首先，截至2025年12月，EngageLab 的年度經常性收入（ARR）達成一項新的重要里程碑：1,000萬美元。在第三季出現三位數成長之後，本季度 ARR 年對年成長再創紀錄，達186%。其次，EngageLab 本季度同樣表現強勁，截至2025年第四季末，累計合約價值達人民幣1.57億元。第四季我們新簽合約金額超過人民幣2,900萬元。我們認為這樣的表現非常出色。我們預期這股營收動能將在未來24個月持續。

Further, we secured new wins on global customers across all corners of the world. Our number of customers increased by 143% year over year to reaching 1,641. Our global go-to-market initiatives are proving highly effective in driving this growth. Firstly, our EngageLab product and services are now sold to customers in more than 70 different countries and regions globally, we expand our footprint into 18 new countries in Q4 alone. Ultimately, the rollout of EngageLab into global market has been a resulting success.

此外，我們在全球各地的新客戶拓展也取得新的勝利。客戶數年對年成長143%，達到1,641家。我們的全球市場進入（go-to-market）策略正被證明在推動此成長方面極為有效。首先，我們的 EngageLab 產品與服務目前已銷售至全球70多個國家與地區，僅在第四季就新增拓展18個新國家。總體而言，EngageLab 進軍全球市場的推廣已取得成功。

Looking back to 2025, we are immensely pleased with the expansion of our global flash product. We have come a long way since we launched EngageLab in Q4 of 2022. In a nutshell, EngageLab provides a product services for omnichannel infrastructure having our customers to strengthen engagement with their users in an efficient and effective manner. The customers at EngageLab are from various industry verticals with no specialty industry concentration risk. The very strong number we have record in 2025 have given us great confidence in the acceleration part of this business.

回顧2025年，我們對全球閃訊產品的擴張感到非常滿意。自2022年第四季推出 EngageLab 以來，我們已走過很長一段路。簡而言之，EngageLab 提供全通路（omnichannel）基礎設施的產品與服務，協助客戶以高效率且有效的方式強化與其使用者的互動。EngageLab 的客戶來自多元產業垂直領域，並無特定產業集中風險。我們在2025年所創下的強勁數據，讓我們對此業務加速成長充滿信心。

Historical 2025 numbers aside in the beginning from '26, we have seen healthy signs for the overseas markets in terms of potential lease and project. Let me also touch on the excellent products we have globally. As of December 2025, within our EngageLab ecosystem, we have 17 partners in different countries and regions. These partners are selective groups strengthened there and often manage stage process. Within that, our representative in different market which means we have high expectation of the contribution from this partner in overseas market in the future.

撇開2025年的歷史數據不談，自2026年初以來，我們已在海外市場看到在潛在線索與專案方面的健康跡象。我也想談談我們在全球的優秀產品。截至2025年12月，在 EngageLab 生態系內，我們在不同國家與地區共有17家合作夥伴。這些合作夥伴是經過篩選的團隊，能強化在地能力，且往往負責管理分階段流程。其中，我們在不同市場的代表性夥伴，意味著我們對其未來在海外市場的貢獻抱持高度期待。

They are another important driver of our sustainable long-term growth. We will continue to work and engage with more local partners to better utilize their resources and local networks. Within subscription revenue, some of the notable green in this quarter include but are not limited to Kimi large language model, J&T Express, Citi Bank and China Unicorn. Value-Added Services revenue were RMB14.2 million, up 101% quarter over quarter. The solid revenue for the quarter growth was mainly due to the significant increase in spend by advertisers. The traditional quarterly online shopping festival in Q4 also contributed to significant revenue growth sequentially.

他們也是我們可持續長期成長的另一項重要驅動力。我們將持續與更多在地合作夥伴合作並深化互動，以更好地運用其資源與在地網路。在訂閱收入方面，本季度一些值得關注的新增客戶包括但不限於 Kimi 大型語言模型、J&T Express、花旗銀行以及中國獨角獸等。加值服務收入為人民幣1,420萬元，較上季成長101%。本季度穩健的營收成長主要來自廣告主投放支出的顯著增加。第四季傳統的季度線上購物節也對營收的環比大幅成長有所貢獻。

Now let me pass the call over to Shan-Nen, who will take you through the measures of vertical applications and financial performance for this quarter. Take it away.

接下來我把電話交給 Shan-Nen，他將帶大家了解本季度垂直應用的衡量指標與財務表現。請開始。

Thanks, Chris. And next, I'll go over the revenue for our vertical application that includes financial risk management and market intelligence. Overall, Vertical Applications had a good quarter, revenue grew both year over year and quarter over quarter. And within vertical application, financial risk management recorded a strong 43% growth in revenue year over year and 12% quarter over quarter. Financial Risk Management delivered another performance, has recorded a robust revenue growth of 43% year over year and 11% quarter over quarter.

謝謝你，Chris。接下來我將說明我們垂直應用的營收情況，涵蓋金融風險管理與市場情報。整體而言，垂直應用本季度表現良好，營收年對年與季對季皆成長。在垂直應用中，金融風險管理營收年對年強勁成長43%，季對季成長12%。金融風險管理再次交出亮眼表現，營收年對年成長43%，季對季成長11%。

Notably, this segment achieved revenue of more than RMB22 million in each of the four quarters in 2025. In particular, the strong year over year performance was driven by impressive 20% in customer number growth and a 20% increase in ARPU. The customer that we signed up all renewed in Q4 include but not limited to and many more licensed credit or financial institutions of China. Market Intelligence revenue, on the other hand decreased 24% year over year and 3% quarter over quarter due to the continued weak market demand for Chinese EPP data. This result is in line with our expectations.

值得注意的是，該分部在2025年的四個季度中，每一季的營收均超過人民幣2,200萬元。尤其是，強勁的年對年表現主要由客戶數成長20%以及每用戶平均收入（ARPU）提升20%所帶動。我們在第四季簽約並完成續約的客戶包括但不限於中國多家持牌信貸或金融機構等，還有更多。另一方面，由於中國 EPP 數據的市場需求持續疲弱，市場情報營收年對年下降24%，季對季下降3%。此結果符合我們的預期。

Next, our goal of the profit and loss items. Our gross profit delivered another exceptional quarter, growing 23% year over year and 9% quarter over quarter. The RMB69.7 million gross profit we had also was the highest gross profit recorded among any of the 16 quarters. In this quarter, our revenue grew 13% year over year, yet our gross profit grew by 23% year over year. Notably, we saw this trend in Q3 as well.

接下來看損益表項目。我們的毛利再度交出卓越的一季，年對年成長23%，季對季成長9%。本季度毛利為人民幣6,970萬元，亦為16個季度以來的最高毛利紀錄。本季度營收年對年成長13%，但毛利年對年成長23%。值得注意的是，我們在第三季也看到同樣的趨勢。

This tells a clear story. We are strengthening our ability to get high-quality revenue with higher margins. Our strong gross profit number has proven instrumental in bringing us to a full year profitability in '25. On net profit, after three consecutive profitable quarters, we have landed ourselves in new territory, our first ever full year GAAP net profit for 2025. This is a great way for us to complement our brilliant Q4 and full year 2025 story on a high note.

這清楚地說明了一件事。我們正在強化獲取高品質、且具更高毛利率收入的能力。強勁的毛利表現已被證明是推動我們在2025年實現全年獲利的關鍵。在淨利方面，經過連續三個季度獲利後，我們進入新的里程碑：2025年首次實現全年 GAAP 淨利。這也讓我們以高點為2025年第四季與全年表現畫下亮眼句點。

On to operating expenses. Q4 operating expenses was at RMB68.2 million, up 13% year over year and 6% quarter over quarter. Overall, we are pleased with the trending of OpEx to support revenue and profitability growth. I'll now dive deeper into the individual OpEx category. R&D expenses increased 16% year over year to RMB28.3 million, mainly due to the higher stock of and associated expenses. Technical service fee also contributed to the year over year increase in R&D expenses.

接著看營業費用。第四季營業費用為人民幣6,820萬元，年對年增加13%，季對季增加6%。整體而言，我們對營業費用（OpEx）的走勢感到滿意，能支持營收與獲利成長。接下來我將更深入說明各項營業費用類別。研發費用年對年增加16%至人民幣2,830萬元，主要由於較高的股票薪酬及其相關費用所致。技術服務費亦對研發費用的年對年增加有所貢獻。

Selling and marketing expenses increased by 16% as well year over year and to RMB28.4 million, mainly due to the higher sales commission in line with the revenue growth and cash collection recorded in this quarter. Marketing expenses for investment in global business expansion also contributed to the year over year increase in SMS, in selling and marketing expenses. G&A expenses remained flat at RMB11.4 million, representing a change from the same quarter of last year.

銷售及行銷費用亦同比增加16%至人民幣2,840萬元，主要由於本季度隨收入增長及現金回收而相應提高的銷售佣金所致。用於全球業務擴張的行銷投入亦推動了銷售及行銷費用的同比增加。一般及行政（G&A）費用維持在人民幣1,140萬元不變，與去年同期相比變動不大。

Next, I will share three very important KPIs that we closely monitor. Our net dollar retention, NDR, a commonly used KPI for SaaS companies stood at 103% for our core developer subscription business for the trailing 12-months period ended December 31, 2025. This is the second consecutive quarter where the NDR number has exceeded the 100% threshold. We are proud of this number as this demonstrates how our SaaS business model is widely accepted by the market. Customers have increased their spending on our platform over time.

接下來，我將分享三項我們密切監控的非常重要的KPI。我們的淨美元留存率（NDR）——SaaS公司常用的KPI——在截至2025年12月31日的過去12個月期間，我們核心開發者訂閱業務為103%。這是NDR連續第二個季度超過100%的門檻。我們為這一數字感到自豪，因為這表明我們的SaaS商業模式已被市場廣泛接受。客戶隨時間在我們平台上的支出有所增加。

Secondly, another financial KPI for tracking the performance of SaaS company is the total deferred revenue. This represents cash collected in advance from customers for future contract performance. We exceeded the historical high we had last quarter and stood at RMB178.7 million in Q4 of 2025. The historical high deferred revenue balance is a hallmark of high-quality scalable business. This signifies strong commonality, predictable future revenues, healthy cash flow and an effective sales strategy.

第二，另一項用於追蹤SaaS公司表現的財務KPI是遞延收入總額。這代表我們從客戶預先收取、用於未來履約的現金。我們超過了上季度創下的歷史高點，於2025年第四季度達到人民幣1.787億元。遞延收入餘額創歷史新高，是高品質、可擴展業務的標誌。這意味著強勁的共通性、可預測的未來收入、健康的現金流以及有效的銷售策略。

Thirdly, we continue to maintain a healthy level of AR turnover days at 37 days. This number is simply fantastic. It shows we are collecting cash quickly and effectively. And this has greatly improved our financial liquidity while mitigating the risk of bad and doubtful debts. There was no shortcut to achieving this.

第三，我們持續維持健康的應收帳款（AR）周轉天數，為37天。這個數字非常出色。它顯示我們能快速且有效地回收現金。這也大幅提升了我們的財務流動性，同時降低壞帳及呆帳風險。達成這一點並沒有捷徑。

It was simply due to the result of our team's diligence, hard work and timely effort to engage with customers.

這完全是我們團隊勤勉、努力，以及及時與客戶互動所帶來的成果。

On to the cash flow. We recorded yet another great number this quarter. For the quarter ended December 31, we recorded net operating activity cash inflow of RMB35.1 million. This exceeds the last quarter and it's now our best quarterly cash flow results since Q4 of 2020. Another metric to share with you, between the years, our cash and cash equivalent balance has increased by RMB53.8 million.

接下來談現金流。本季度我們再次錄得一個非常亮眼的數字。截至12月31日止季度，我們錄得經營活動現金淨流入人民幣3,510萬元。這超過了上季度，並且是自2020年第四季度以來我們最佳的單季現金流表現。再與各位分享一項指標：在年度期間，我們的現金及現金等價物餘額增加了人民幣5,380萬元。

This represents a whopping 45% increase to RMB173 million as of December 31, 2025. This reflects not only the significant step-up in our financial results, but also a meaningful improvement in the overall quality of our options.

截至2025年12月31日，這相當於大幅增加45%至人民幣1.73億元。這不僅反映我們財務業績的顯著躍升，也反映我們整體選擇權品質的實質改善。

And let me take a few minutes here to recap. And we have heard Chris mention a year of pure brilliance at the beginning of this call. And throughout the entire 12 months of 2025, we have been operating under a high level of focus and rigor together with financial discipline, our financial profile has fundamentally improved and moving in the right direction. We closed a very strong and exceptional fiscal 2025. The numbers we have presented today speak for themselves. In this quarter, we achieved many historical milestone.

讓我花幾分鐘在此做個回顧。我們在本次電話會議一開始也聽到Chris提到「純粹卓越的一年」。在2025年整整12個月中，我們在高度專注與嚴謹、並結合財務紀律的運作下，我們的財務面貌已從根本上改善，並朝正確方向前進。我們以非常強勁且卓越的表現結束了2025財年。今天呈現的數字不言自明。本季度我們達成了多項歷史里程碑。

Each one, a strong statement about the exceptional 2025 we have had and each one building momentum as we look forward to the next 12 months ahead of 2026. And first, we achieved our very first full year GAAP net profit in history. Number two, the good quarterly revenue exceeded RMB100 million mark, a historical first since we transitioned to the pure SaaS business model that our core developer subscription business achieved a record of RMB61.9 million in revenue this quarter, breaking through the RMB60 million threshold for the first time.

每一項都強而有力地印證了我們非凡的2025年，也在我們展望2026年前的未來12個月時持續累積動能。第一，我們歷史上首次實現全年GAAP淨利潤。第二，單季收入突破人民幣1億元大關；這是我們轉型為純SaaS商業模式以來的歷史首次。同時，我們核心開發者訂閱業務本季度收入達人民幣6,190萬元，首次突破人民幣6,000萬元門檻。

Our flagship product, EngageLab, continues to shine. Our EngageLab business reached another very important key milestone. ARR of USD10 million in December 2025. This represents a stunning 186% of year over year growth. Number five, gross profit grew significantly at 23% year over year and the highest it has been for the past 16 quarters. Number six. Operating activities brought a net cash flow of RMB35.1 million.

我們的旗艦產品EngageLab持續表現亮眼。EngageLab業務達成另一項非常重要的關鍵里程碑。於2025年12月，ARR達到1,000萬美元。這代表同比增長高達186%，令人驚艷。第五，毛利同比大幅增長23%，並創下過去16個季度以來的最高水準。第六。經營活動帶來人民幣3,510萬元的淨現金流。

Our net dollar retention, NDR, for core developer service surpassed 100%, reaching 103%. The 2025 numbers demonstrate our excellent execution. We have exceeded most, if not all, of our targets. With this in mind, Chris and I believe we are exceptionally well positioned to continue this momentum into 2026. Now let's turn to the business outlook.

我們核心開發者服務的淨美元留存率（NDR）超過100%，達到103%。2025年的數字展現了我們卓越的執行力。我們已超越大多數（若非全部）的目標。基於此，Chris和我相信，我們具備極佳的條件在2026年延續這股動能。現在讓我們轉向業務展望。

Based on the current available information, the company sees the 2026 full year revenue guidance to be in range of RMB450 million to RMB480 million, representing a very solid and strong growth of 20% to 28% year over year compared to 2025.

基於目前可得資訊，公司預期2026年全年收入指引區間為人民幣4.5億元至人民幣4.8億元，較2025年同比增長20%至28%，增長非常穩健且強勁。

And the above outlook is based on current market condition and reflects the company's current and preliminary estimate of the market and operating conditions and the customer demand, which are all subject to change.

上述展望基於當前市場狀況，並反映公司對市場與營運環境及客戶需求的目前與初步估計；上述因素均可能發生變化。

Lastly, before I conclude, I'll give a quick update on the share repurchase plan. In this quarter ended December 31, 2025, we repurchased 73,000 ADSs. Cumulatively, we have repurchased a total of 400,000 ADS since the start of our repurchase program.

最後，在我總結之前，我將快速更新股份回購計畫。在截至2025年12月31日止的本季度，我們回購了73,000份ADS。累計而言，自回購計畫啟動以來，我們已回購合計400,000份ADS。

And this concludes our prepared remarks. We're happy to take your questions now. Operator, please proceed.

以上為我們的準備發言。我們現在很高興回答各位的提問。接線員，請繼續。

(Operator Instructions)

（接線員指示）

Calvin Wong, SIA Capital.

Calvin Wong，SIA Capital。

Good evening management.

管理層晚上好。

Thank you for taking my question. First of all, congrats to you guys for delivering a year of pure brilliant financials today. Both the Q4 and the full year 2025 numbers have been very, very impressive. One question for me, if I may. Can the management shed some light on the top three things that you have done well to deliver these set of such good financials.

感謝讓我提問。首先，恭喜各位今天交出一份極為亮眼的年度財務成績。無論是2025年第四季度還是2025年全年數據都非常、非常令人印象深刻。如果可以的話，我有一個問題。管理層能否分享一下，你們做得最好的三件事是什麼，從而帶來這一組如此優異的財務表現？

Hey, hi, Calvin, good to hear from you, and thanks for the kind words. Let me take this question. Yes, we are very proud of ourselves to be able to share such a wonderful set of financials earlier on during the call. And to get to where we are, it is by no means easy, and we work very hard and smart to navigate the volatile business environment globally. As on the three things that we have done well, let me have a go.

嗨，你好，Calvin，很高興收到你的消息，也謝謝你的讚美之詞。我來回答這個問題。是的，我們非常自豪能在本次電話會議較早的時段就與大家分享這麼亮眼的一組財務數據。而能走到今天絕非易事；我們非常努力且以更聰明的方式，在全球波動的商業環境中前行。至於我們做得好的三件事，我來試著回答。

First, it has to be the courage to venture outside our comfort zone. And looking back into 2022, when the idea of going overseas was first brought up by Chris as the next important strategic initiative for Aurora Mobile. At that time, I think we didn't have any single overseas employees nor did we have any partners outside of China. But then forward-looking vision was a brief one.

第一，必須是勇於走出我們的舒適圈。回顧2022年，當Chris首次提出「出海」作為極光（Aurora Mobile）下一項重要的策略性舉措時。當時，我想我們在海外沒有任何員工，也沒有任何中國以外的合作夥伴。但那個前瞻性的願景是關鍵。

So making, I think, making the right decision to go overseas would be my number one thing that we have done right. If we did not make such brief or bold decision, we will not have this conversation today. And secondly, making the monumental shift of product service offering outside of China is another game changer. We will not be as successful as we are today if we're simply making slip service of going overseas.

因此，我認為，做出出海這個正確決策，是我們做對的第一件事。如果當初沒有做出這樣果斷或大膽的決定，今天我們也不會有這段對話。第二，把產品與服務供給重心大幅轉向中國以外市場，是另一個改變遊戲規則的關鍵。如果我們只是表面上出海、做做樣子，我們不可能像今天這樣成功。

Over the course of the past, I think, two to three or three to four years, we have made considerable amount of investment and resources to actually having a brand-new EngageLab product, specifically for our overseas market with its own distinct specs and features for global customers, along with the overseas data centers catering for the needs of our global customers. If you were lazy or took a shortcut of simply using what we had before in China for overseas market, it will not work.

在過去兩到三年、或三到四年的時間裡，我們投入了相當可觀的資金與資源，打造全新的EngageLab產品，專為海外市場設計，具備面向全球客戶的獨立規格與功能，同時也建置海外資料中心以滿足全球客戶需求。如果你偷懶或走捷徑，只是把我們在中國原有的東西直接拿去海外市場使用，是行不通的。

The third factor would be the commitment to excel throughout the organization to support this going overseas initiatives that Chris brought up. When we started, there was no how to go overseas guide book to show us the way. We took the hard way by figuring out all ourselves and doing it all ourselves. I still remember at the early stage when we started EngageLab, Chris and I were standing at our booth in Singapore Tech Expo to introduce EngageLab and to answer a questions from potential customers, and we have since come a long way.

第三個因素，是全組織上下追求卓越、以支持Chris提出的出海策略的承諾。我們剛開始時，並沒有一本「如何出海」的指南告訴我們該怎麼做。我們選擇走更難的路：所有事情都靠自己摸索、自己完成。我仍記得在早期我們啟動EngageLab時，Chris和我站在新加坡科技展的攤位上介紹EngageLab、回答潛在客戶的問題，而我們一路走來已經走了很遠。

Just to recap. Looking back, one, we made the right decision to venture overseas. Two, we make serious commitment in terms of investment in the right product offering. Third, the entire organization was in sync and aligned to this strategic initiative. And this took us back a little bit to the memory lane.

簡單總結一下。回頭看，第一，我們做出了走向海外的正確決策。第二，我們在正確的產品供給上做出了嚴肅且重大的投資承諾。第三，全公司上下步調一致、對這項策略性舉措高度對齊。這也讓我們稍微回到記憶的長廊。

I hope I answered your question, Calvin.

希望我已回答你的問題，Calvin。

Very clear. Great. Thanks.

非常清楚。很好。謝謝。

Jack Sun, Gelonghui Research.

Jack Sun，格隆匯研究。

Good evening, management. Thanks for taking my question. I'm Jack Sun from Gelonghui Research. Congratulations to the management team on another quarter with good numbers. in particular, a full year GAAP net profit is a really great turning point. My question for the management is, how should we look at Aurora's financials for the first quarter of 2026 and beyond? Thanks.

各位管理層晚上好。謝謝讓我提問。我是來自格隆匯研究的Jack Sun。恭喜管理團隊本季再度交出亮眼數字；尤其是全年GAAP淨利轉正，確實是一個非常重要的轉折點。我想請教管理層的是，我們應該如何看待極光在2026年第一季及之後的財務表現？謝謝。

Jack, thanks for the question. And you're right, we have a great 2025 when we achieved our very first GAAP profit for the year. And equally important was the spectacular Q4 numbers that we have presented earlier today. And in Q4, our total revenue exceeded RMB100 million and go through the revenue guidance we have provided in Q3 and marking the best quarter revenue in our history. And of course, you heard about the fact that our global flagship product, EngageLab continues its great acceleration path.

Jack，謝謝你的提問。你說得沒錯，2025年對我們而言是非常出色的一年，我們首次實現全年GAAP獲利。同樣重要的是，我們今天稍早展示的第四季數據也非常亮眼。第四季我們總營收超過人民幣1億元，達成並超越我們在第三季提供的營收指引，並創下公司史上單季營收新高。當然，你也聽到我們的全球旗艦產品EngageLab持續保持強勁的加速成長。

All the KPIs we have achieved has done through meaningful and significant growth year over year and quarter over quarter, be it ARR, customer numbers, total contract value signed or revenue recognized, they just exceeded all our internal targets.

我們達成的所有KPI都呈現有意義且顯著的年增與季增；無論是ARR、客戶數、簽約總合約價值，或已確認的營收，都超出我們所有內部目標。

And of course, all these were the fruit of a hard labor that we started three years back. Results like this will not happen overnight or over one quarter. And we sowed the seeds of EngageLab growth when we committed to venture overseas in late 2022. We invested the appropriate resources in terms of capital and infrastructure with a balance of ensuring expansion without blinding spending for sake of spending. And now that we have laid a solid foundation for EngageLab, the growth prospect is very certain.

當然，這些都是我們三年前開始辛勤耕耘所結出的成果。這樣的結果不可能一夕之間、也不可能只靠一個季度就達成。我們在2022年末承諾出海時，就已播下EngageLab成長的種子。我們在資本與基礎設施方面投入了適當資源，同時在確保擴張的前提下，避免為了花錢而盲目支出。如今我們已為EngageLab打下堅實基礎，成長前景非常明確。

We have presented and delivered such sequential growth with our fear in the past. If I may summarize on how one should view Aurora Mobile, you can think of our business as, one, we have proven to be able to achieve full year net profit with positive cash inflow. Two, domestic business continued its solid and relatively stable growth. Three, our global flagship product, EngageLab will provide the lion's share of the growth momentum for the next three years. Four, our AI strategy will provide the next phase of growth momentum.

過去我們已經展現並交付了這樣的連續性成長。如果要我總結應如何看待極光（Aurora Mobile），你可以把我們的業務理解為：第一，我們已證明能夠實現全年淨利並帶來正向現金流入。第二，國內業務持續保持穩健且相對穩定的成長。第三，我們的全球旗艦產品EngageLab將在未來三年提供主要的成長動能。第四，我們的AI策略將帶來下一階段的成長動能。

And thus, we, management as a whole are very confident on the business prospects in 2026 and beyond. And I hope this answered your question, Jack.

因此，我們整個管理團隊對2026年及之後的業務前景非常有信心。希望這回答了你的問題，Jack。

Yeah, that's very clear. Thanks a lot.

是的，非常清楚。非常感謝。

Thank you, and I'm showing no further questions at this time. I would now like to turn the call back over to Christian for closing remarks.

謝謝。目前我這邊顯示沒有進一步的提問。接下來我想把電話會議交回給Christian作結語。

Thank you, everyone, for joining the call tonight. If you have any further questions or comments, please don't hesitate to reach out to the Jiguang IR team. This concludes the call. Have a great evening or morning. Thank you.

謝謝各位今晚參與本次電話會議。若您還有任何進一步的問題或意見，請隨時聯繫極光投資人關係（IR）團隊。本次電話會議到此結束。祝各位晚上或早上愉快。謝謝。

This does conclude the conference call. Thank you for participating, and you may now disconnect.

本次電話會議至此結束。感謝各位參與，您現在可以掛線。