Aurora Mobile Ltd (JG) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Aurora Mobile first quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位女士、先生，感謝您稍候，歡迎參加極光移動（Aurora Mobile）2026年第一季度業績電話會議。（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. Thank you. Please go ahead, sir.

現在我想把會議交給今天的主持人 Christian Arnell。謝謝。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. Following their prepared remarks, they will be available to answer your questions during the Q&A session that follows.

謝謝。各位好，感謝大家今天加入我們。極光移動的業績新聞稿已於今日稍早發布，並可在投資者關係網站 ir.jiguang.cn 查閱。今天出席電話會議的有羅偉東先生（董事長兼首席執行官）、Bong Shan-Nen 先生（首席財務官）以及陳光彥先生（總經理）。在他們的事先準備發言之後，將進入問答環節回答各位的提問。

Before we begin, I'd like to remind you that this conference call contains forward-looking statements 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. 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.

在開始之前，我想提醒各位，本次電話會議包含《1934年證券交易法》（經修訂）第21E條所界定、以及《1995年美國私人證券訴訟改革法》所定義的前瞻性陳述。這些前瞻性陳述基於管理層目前的預期以及當前的市場與經營狀況；上述狀況難以預測，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/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 statements 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，否則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 2026 first quarter earnings call. Before I comment on our Q1 results, I would like to remind everyone that we have uploaded the quarterly earnings deck on our IR website. You may refer to the deck as we proceed with the call today.

謝謝，Christian。各位好。歡迎參加極光移動2026年第一季度業績電話會議。在我評論我們第一季度業績之前，我想提醒大家，我們已將季度業績簡報上傳至投資者關係網站。今天會議進行期間，您可參考該簡報。

As we've done in the past, the simple description that I would give to the first quarter of 2026 is a good spring brings a good year. Within this first quarter of 2026, our achievements are as follows: Firstly, in this quarter, the group recorded revenue of RMB93.3 million, representing a solid 5% year-over-year growth. Secondly, our global flagship product, EngageLab, continues to shine. The EngageLab ARR for March 2026 surged to a record high of $11.7 million, representing 172% year-over-year growth. Thirdly, gross profit grew by 13% year over year. Gross margin improved by 490 basis points between the year. Along the way, we delivered the fourth consecutive quarter of US GAAP net profit.

如同以往，我對2026年第一季度的簡單描述是：春好則年景好。在2026年第一季度，我們的成果如下：第一，本季度集團錄得收入人民幣9,330萬元，同比穩健增長5%。第二，我們的全球旗艦產品 EngageLab 持續亮眼。2026年3月 EngageLab 的 ARR（年度經常性收入）飆升至創紀錄的1,170萬美元，同比增長172%。第三，毛利同比增長13%。毛利率同比提升490個基點。同時，我們實現了連續第四個季度的美國通用會計準則（US GAAP）淨利潤。

Trust you would agree with me, the Q1 that we have delivered was indeed a fairly good set of financials, and this is a great way to kick off a brand-new 2026 financial year.

相信各位會同意，我們交出的第一季度成績確實相當不錯，這也為全新的2026財年打下了良好開局。

Let me now share more on the business aspects. Q1 of each year is always the tough quarter for majority, if not all of businesses. Just to share, within the first quarter of the year, we have the shorter month of February, coupled with the long Chinese New Year holidays, business activities tend to be slower at this time of the year.

接下來我分享更多業務層面的情況。每年的第一季度對大多數（如果不是所有）企業而言通常都是較艱難的一季。簡單說明一下，年初第一季度包含較短的2月，加上較長的春節假期，這段時間的商業活動往往會較為放緩。

Despite the slower quarter of the year, we worked harder and smarter and managed to pull through with relative excellent results. Our total Q1 group revenue reached RMB93.3 million, representing a solid 5% year-over-year growth. In this quarter, Developer Services recorded great 15% revenue growth year over year, but Vertical Applications revenue dipped 19% year over year. Developer Service revenues, which consists of subscription service and value-added services delivered strong performance with 15% growth year over year but decreased 6% quarter over quarter.

儘管是一年中較慢的一季，我們仍更努力、更聰明地工作，並成功取得相對優異的成果。我們第一季度集團總收入達人民幣9,330萬元，同比穩健增長5%。本季度，開發者服務收入同比大幅增長15%，但垂直應用收入同比下降19%。開發者服務收入（包括訂閱服務與增值服務）同比增長15%，但環比下降6%。

Our core business, Developer Subscription Services, delivered another quarter of excellent revenue number of RMB64.9 million, representing growth of 21% year over year and 5% quarter over quarter. The year-over-year revenue growth was mainly driven by increases in both customer number and ARPU.

我們的核心業務——開發者訂閱服務——再度交出亮眼成績，收入達人民幣6,490萬元，同比增長21%，環比增長5%。同比收入增長主要由客戶數量與 ARPU（每用戶平均收入）雙雙提升所帶動。

In this quarter, subscription revenue recorded its highest level in history yet at RMB64.9 million, surpassing the RMB61.9 million high level in Q4 of 2025.

本季度，訂閱收入以人民幣6,490萬元創下歷史新高，超越2025年第四季度人民幣6,190萬元的高點。

Now let's move on to the update on our global flagship product, EngageLab. As we have seen in the past 12 to 18 months, EngageLab is now the indisputable primary driver of revenue growth for Aurora Mobile, and it is on great acceleration path.

接下來更新我們的全球旗艦產品 EngageLab。過去12至18個月的表現已顯示，EngageLab 現已成為極光移動收入增長無可爭議的首要驅動力，並正處於強勁加速的軌道上。

First, EngageLab ARR has refreshed its own record and achieved a new milestone of $11.7 million as of March 2026. For the second consecutive quarter, we recorded very remarkable year-over-year ARR growth. In this quarter, the growth was 172%.

第一，截至2026年3月，EngageLab 的 ARR 再次刷新自身紀錄，達到1,170萬美元的新里程碑。我們連續第二個季度錄得非常顯著的 ARR 同比增長；本季度增幅為172%。

Secondly, EngageLab continues to record another strong quarter. Cumulative signed contract value amounted to RMB185 million by the end of Q1 of 2026. In Q1 alone, we won and signed up about RMB28 million worth of new contracts. It has again shown the great growth momentum for this business.

第二，EngageLab 再次錄得強勁的一季。截至2026年第一季度末，累計已簽合約金額達人民幣1.85億元。僅第一季度，我們就贏得並簽署了約人民幣2,800萬元的新合約，再次展現該業務強勁的增長動能。

Thirdly, we continue to witness the influx of new global customers signing up to purchase EngageLab. In this quarter alone, we have converted and won over 223 new customers all over the world. The customer number has grown by 120% year over year to 1,864. We are very pleased with the new wins.

第三，我們持續看到新的全球客戶湧入並簽約採購 EngageLab。僅本季度，我們就在全球範圍內轉化並贏得223家新客戶。客戶數同比增長120%至1,864家。我們對這些新增簽約感到非常滿意。

Fourthly, the recognized revenue for EngageLab in Q1 of 2026 reached RMB24 million, representing an outstanding 210% growth year over year. We continue to see great strength in EngageLab business expansion. The revenue growth, new wins, and great ARR numbers were all result of the great work done by the team to meet and exceed overseas customers' needs and expectations quarter-over-quarter. We saw more customers converted to using EngageLab platform due to the superior suite of products we have to address their needs. Equally important is our service-oriented mindset to attend to and resolve customers' issues on a timely basis.

第四，2026年第一季度 EngageLab 的確認收入達人民幣2,400萬元，同比大幅增長210%。我們持續看到 EngageLab 業務拓展的強勁勢頭。收入增長、新增簽約以及亮眼的 ARR 數據，均源於團隊持續努力，在每個季度都能滿足並超越海外客戶的需求與期望。由於我們具備更優越的產品組合以滿足客戶需求，我們看到更多客戶轉而使用 EngageLab 平台。同樣重要的是，我們秉持以服務為導向的理念，及時跟進並解決客戶問題。

Let me take a few minutes to share with you on our Aurora Mobile competitive advantages based on what I have witnessed for the past 18 to 24 months and why we can grow the EngageLab revenue with strength quarter over quarter. Firstly, over the years, we have built mature, highly concurrent, and elastically scalable underlying infrastructure polished through years of commercial operation. This infrastructure supports massive data processing, real-time delivery, and global traffic scheduling for our customers.

我想用幾分鐘與各位分享，基於我在過去18至24個月的觀察，極光移動的競爭優勢是什麼，以及為何我們能夠在每個季度持續強勁推動 EngageLab 收入增長。第一，多年來，我們打造了成熟、高並發、且可彈性擴展的底層基礎設施，並在多年商業化運營中不斷打磨完善。該基礎設施可為客戶支撐海量數據處理、即時觸達以及全球流量調度。

Secondly, we have completed global market layout at an early stage and have established solid brand recognition in overseas digital service sectors. Thirdly, we possess exclusive capabilities, helping our customers to unify their full lifecycle user data, covering acquisition, activation, engagement, retention, and conversion.

第二，我們較早完成全球市場佈局，並在海外數位服務領域建立了穩固的品牌認知。第三，我們具備獨特能力，協助客戶打通並統一全生命週期的用戶數據，涵蓋獲取、啟動、互動、留存與轉化。

Fourthly, our products are equipped with self-developed native AI technology, deeply embedded in full product scenarios together with standardized automated workflow engines. Our solutions help customers boost operational efficiency, realize intelligent management, and cut labor costs significantly.

第四，我們的產品配備自研原生 AI 技術，並與標準化的自動化工作流引擎一起深度嵌入各類產品場景。我們的解決方案可幫助客戶提升運營效率、實現智慧化管理，並顯著降低人力成本。

Fifthly, we have spent considerable effort ensuring we fully comply with global stringent data regulations, including privacy protection, cross-border data transmission and regional data residency rules, meeting market access requirements across Europe, America, Southeast Asia, and other key regions. Fifth equally important is our lightweight architecture features easy access and low development barriers, friendly to developers and enterprise technical teams for fast integration and launch.

第五，我們投入大量精力，確保全面符合全球嚴格的數據監管要求，包括隱私保護、跨境數據傳輸以及區域數據駐留規則，從而滿足歐洲、美洲、東南亞等關鍵地區的市場准入要求。同樣重要的是，我們的輕量化架構具備易接入、低開發門檻等特點，對開發者與企業技術團隊友好，可快速整合並上線。

At the same time, it lowers potential customers' reaching depletion barriers and greatly improve market replication efficiency. I believe these competitive advantages will no doubt solidify our position in the global user engagement space and market. These advantages are pivotal to long-term revenue acceleration in the years to come.

同時，它也降低了潛在客戶的接入與消耗門檻，並大幅提升市場複製效率。我相信，這些競爭優勢無疑將鞏固我們在全球用戶互動領域與市場中的地位，並將成為未來數年長期收入加速的關鍵驅動因素。

On to our global expansion road map, we made great progress in Q1 of 2026. Within the first three months of 2026, we managed to sign up and finalize nine other new overseas partners. These overseas partners will help us to sell into the local customers in their respective countries.

談到我們的全球擴張路線圖，我們在 2026 年第一季取得了重大進展。在 2026 年的前三個月內，我們成功簽約並完成了另外九家新的海外合作夥伴。這些海外合作夥伴將協助我們在其各自國家向當地客戶銷售。

As of now, we have 26 independent partners globally working together to help us further expand our reach and footprint to more overseas customers. Within subscription revenue, some of the notable wins in this quarter include, but are not limited to, the largest TV company in the world for their China operations, SF Express, Guotai Junan Securities, Somu Security, and Cheg International.

截至目前，我們在全球共有 26 家獨立合作夥伴共同合作，協助我們進一步擴大觸及範圍與版圖，服務更多海外客戶。在訂閱收入方面，本季一些值得一提的斬獲包括（但不限於）：全球最大的電視公司之其中國業務、順豐速運、國泰君安證券、Somu Security，以及 Cheg International。

Value-added services revenues were RMB6.7 million, down 53% quarter over quarter. The decrease was mainly attributable to the absence of the traditional quarterly online shopping festivals, mainly the Double 11 or Double 12 in Q1.

增值服務收入為人民幣 670 萬元，較上一季下降 53%。下降主要歸因於第一季缺少傳統的季度線上購物節，主要是雙 11 或雙 12。

Now let me pass the call over to Shan-Nen, who will take you through the metrics on Vertical Applications and financial performance for this quarter.

現在我把電話交給 Shan-Nen，他將帶各位了解本季垂直應用的指標與財務表現。

Okay. Thanks, Chris. Next, I'll go over the revenue for Vertical Applications that includes Financial Risk Management and Market Intelligence. Overall, Vertical Application revenue decreased year over year and quarter over quarter. Within Vertical Application, Financial Risk Management revenue decreased 18% year over year and 29% quarter over quarter. The recent regulatory updates within the financial industry have resulted more headwinds for this segment of the business, but we are making necessary adjustment in terms of products and go-to-market approach to move forward.

好的，謝謝 Chris。接下來我將說明垂直應用的收入，包含金融風險管理與市場情報。整體而言，垂直應用收入同比與環比皆下降。在垂直應用中，金融風險管理收入同比下降 18%，環比下降 29%。金融行業近期的監管更新為該業務板塊帶來更多逆風，但我們正就產品與市場進入（go-to-market）策略做出必要調整，以便持續向前推進。

Despite the tough operating environment, we still managed to win new contracts as the demand for our products and services is still there. The customers that signed up or renewed in Q1 include, but not limited to, Fenqile, Xiaoying Puhui, Ping An Puhui, Zhonglian Xiaojin, and many more licensed credit for financial institutions throughout China.

儘管營運環境艱難，我們仍成功拿下新合約，因為市場對我們產品與服務的需求依然存在。於第一季簽約或續約的客戶包括（但不限於）：分期樂、小贏普惠、平安普惠、中聯小金，以及中國各地更多持牌信貸金融機構。

Market Intelligence revenue increased by 3% quarter over quarter, but decreased by 25% year-over-year due to the weak market condition and demand for Chinese app data, and this result is in line with our expectation.

市場情報收入環比成長 3%，但由於市場狀況疲弱以及對中國 App 數據的需求走弱，同比下降 25%；該結果符合我們的預期。

Coming to the other P&L items. Our gross profit recorded another good quarter with 13% year-over-year growth. The RMB66.3 million gross profit that we had in Q1 paved a great foundation for the rest of the year in 2026. Our gross margin also recorded significant improvement by 490 basis points year over year. This again signifies the healthy business model that we are operating in. With this healthy level of margin, we are poised to record good bottom line numbers going forward.

接著看其他損益表項目。我們的毛利再度交出亮眼的一季，同比成長 13%。第一季人民幣 6,630 萬元的毛利為 2026 年其餘時間奠定了良好基礎。我們的毛利率亦同比顯著提升 490 個基點。這再次表明我們所運營的商業模式相當健康。憑藉這樣健康的利潤率水準，我們有望在未來持續取得良好的淨利表現。

On net profit, following the great momentum that we have in 2025, we started the year 2026 with another GAAP net profit quarter. This is a great achievement as Q1 is a cyclically slow quarter for each year.

在淨利方面，延續我們 2025 年的良好動能，2026 年開年我們再次實現一個 GAAP 淨利季度。這是一項重要成就，因為每年的第一季在週期性上通常是較淡的季度。

On to operating expenses. Q1 OpEx was at RMB66.1 million, down 3% quarter over quarter, but up 9% year-over-year. The OpEx is within our forecast, and we are happy with the level where they are.

再看營業費用。第一季營業費用為人民幣 6,610 萬元，環比下降 3%，但同比上升 9%。營業費用符合我們的預測，我們對目前的費用水準感到滿意。

I will now dive deeper into the individual OpEx category. For R&D expenses, it increased by 17% year over year to RMB28.7 million, mainly due to the higher staff costs and associated expenses. Technical service fee also contributed to the year-over-year increase.

我接下來將更深入說明各項營業費用類別。研發費用同比增加 17% 至人民幣 2,870 萬元，主要由於員工成本及相關費用上升。技術服務費亦對同比增幅有所貢獻。

Selling and marketing expenses increased by 11% year over year to RMB25.9 million, mainly due to the higher staff costs driven by overseas business expansion. G&A expenses decreased by 9% year over year to RMB11.5 million, mainly due to the decrease in bad debt provision resulting from improved collection efficiency.

銷售與行銷費用同比增加 11% 至人民幣 2,590 萬元，主要由海外業務擴張帶動的人員成本上升所致。一般及行政費用同比下降 9% 至人民幣 1,150 萬元，主要由於收款效率提升，壞帳準備金下降。

And next, I'll share three very important KPIs that we closely monitor. Our Net Dollar Retention Rate, a commonly used KPI for SaaS company stood at 103% for the -- for our core Developer Subscription business for the trailing 12-month period ended March 31, 2026. And this is the third consecutive quarter where the NDR number has exceeded the 100% threshold. And this is the best testimony on the great products and services we are selling. In summary, customers continue to increase their spending with us over time.

接下來我將分享三項我們密切監控、非常重要的 KPI。首先，我們的淨美元留存率（Net Dollar Retention Rate），這是 SaaS 公司常用的 KPI，在截至 2026 年 3 月 31 日的過去 12 個月期間，我們核心開發者訂閱業務的該指標為 103%。這是 NDR 連續第三個季度超過 100% 的門檻，也是對我們所提供優質產品與服務的最佳證明。總結而言，客戶隨時間推移持續增加在我們這裡的支出。

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 and it stood at RMB173.9 million as of March 31, 2026. And this high deferred revenue balance is the best proof that SaaS business model that we are in is working well. In short, we have secured RMB173.9 million worth of future revenue as of March 31, 2026.

第二，衡量 SaaS 公司表現的另一項財務 KPI 是遞延收入總額。這代表我們向客戶預先收取、用於未來履約的現金；截至 2026 年 3 月 31 日，遞延收入為人民幣 1.739 億元。如此高的遞延收入餘額，是我們所處 SaaS 商業模式運作良好的最佳證據。簡言之，截至 2026 年 3 月 31 日，我們已鎖定人民幣 1.739 億元的未來收入。

Thirdly, we continue to maintain a healthy level of AR turnover days at 42 days. And these low turnover days ensure we have great cash liquidity while mitigating the risk of bad and doubtful debts. Cash collection is one of the key KPIs that we have for our sales team.

第三，我們持續維持健康的應收帳款周轉天數（AR turnover days）為 42 天。較低的周轉天數可確保我們擁有良好的現金流動性，同時降低壞帳與呆帳風險。現金回收是我們對銷售團隊所設定的關鍵 KPI 之一。

Let us now recap on Chris' comment on a good spring brings a good year at the beginning of this call. In view of the slower quarter in Q1 of each year, we have achieved and delivered a terrific set of Q1 numbers. Firstly, we achieved GAAP net profit in the very first quarter of 2026, and this marks our fourth consecutive quarter of net profit. Secondly, our core developer subscription business achieved a historical record high of RMB64.9 million revenue this quarter.

現在讓我們回顧 Chris 在本次電話會議開頭提到的「春天好，一年就好」。鑑於每年第一季通常較為放緩，我們仍取得並交付了一組非常出色的第一季數據。第一，我們在 2026 年第一個季度即實現 GAAP 淨利，這也標誌著我們連續第四個季度實現淨利。第二，我們核心開發者訂閱業務本季收入達到人民幣 6,490 萬元，創下歷史新高。

Third, our flagship product, EngageLab, continued to scale rapidly across the globe. Our EngageLab business exceeded its own past record in this quarter. The ARR in March reached USD11.7 million. This represents a stunning 172% year-over-year growth.

第三，我們的旗艦產品 EngageLab 持續在全球快速擴張。本季 EngageLab 業務超越了其過往紀錄。3 月的 ARR 達到 1,170 萬美元，同比大幅成長 172%。

Fourth, gross margin grew by 490 basis points year over year, the highest it has been for the past eight quarters, and the gross profit grew by 13% year over year. Last but not least, our Net Dollar Retention for core Developer Service stood strongly at 103%.

第四，毛利率同比提升 490 個基點，為過去八個季度以來最高；毛利同比成長 13%。最後但同樣重要的是，我們核心開發者服務的淨美元留存率穩健維持在 103%。

Although Q1 has been a tough quarter, but we have been resilient and managed to navigate through these rough quarters. In Q1 '26 results that we have presented today's big volume, we delivered revenue growth, and our EngageLab business continued to scale new highs. And this lays solid foundation for the rest of 2026. And we are very committed to expanding the business on a global level and continue to be highly disciplined in our spending. We believe this combination is the appropriate strategy to bring the business forward.

雖然第一季是一個艱難的季度，但我們展現韌性並成功度過這些艱困時期。在今天呈現的 2026 年第一季成果中，儘管內容量很大，我們仍實現了收入成長，且 EngageLab 業務持續攀升至新高，為 2026 年其餘時間奠定堅實基礎。我們也非常致力於在全球層面擴張業務，並在支出上持續保持高度紀律。我們相信這樣的組合是推動業務向前的適當策略。

Lastly, before I conclude, I'll give a quick update on the share repurchase plan. In this quarter ended March 31, 2026, we repurchased 42,000 ADS. Cumulatively, we have repurchased a total of 441,000 ADS since the start of our repurchase program.

最後，在我結束之前，快速更新一下股份回購計畫。截至 2026 年 3 月 31 日止的本季度，我們回購了 42,000 份 ADS。自回購計畫啟動以來，我們累計已回購 441,000 份 ADS。

And this concludes our prepared remarks. We are happy to take the questions now. Operator, please proceed.

以上為我們的事先準備發言。我們現在很樂意回答提問。接線員，請繼續。

(Operator Instructions) [William Chan], (inaudible) Capital.

（接線員指示）[William Chan]，（聽不清）Capital。

Based on the Q1 numbers you have released earlier today, it is a really good set of financial statements. We have revised and reanalyzed the company ER for the past five quarters, and it appears that things are moving to the right direction operationally and financially. The revenue, I mean, especially the EngageLab has been showing great growth momentum. Gross profit and margins are pretty solid. Most importantly, the company has turned full year profit in 2025 and again in this quarter.

根據你們今天稍早發布的第一季數據，這是一份非常漂亮的財務報表。我們已對公司過去五個季度的財報（ER）進行修訂與重新分析，看起來公司在營運與財務上都正朝正確方向前進。營收方面，尤其是 EngageLab 展現了很強的成長動能。毛利與毛利率相當穩健。最重要的是，公司在 2025 年已實現全年獲利，並且在本季度再次獲利。

So my question for the management is, how we should look at the Aurora Mobile for the financial year 2026?

因此我對管理層的問題是，我們應該如何看待 Aurora Mobile 在 2026 財年的表現？

Let me take this call -- take this question. Yes, you are right, we are very pleased with the Q1 results for the beginning of 2026. And you are right to point out, too, for the entire financial year of 2025 and Q1 of 2026, we have been consistently delivering solid financial numbers quarter over quarter without fail. And this has proven that the business model and the execution capability of the management are standing up to the test quarter over quarter and year over year.

我來接這通——回答這個問題。是的，你說得對，我們對 2026 年開局的第一季業績非常滿意。你也指出得很對，無論是 2025 全年還是 2026 年第一季，我們都持續、穩定地逐季交付扎實的財務數字，從未失手。這證明了我們的商業模式以及管理層的執行能力，能夠在逐季與逐年比較中經得起考驗。

And in the call earlier, you have heard Chris share on Aurora Mobile's competitive advantages in the market that propel the growth that we have seen today. And these competitive advantages are real and continue to fuel our growth acceleration in the future. And customers are switching to us and buy our services because of these advantages that we have in the marketplace.

在先前的電話會議中，您已聽到 Chris 分享極光移動在市場上的競爭優勢，這些優勢推動了我們今天所看到的成長。而這些競爭優勢是真實存在的，並將持續在未來為我們的成長加速提供動能。客戶正因為我們在市場上具備這些優勢而轉向我們並購買我們的服務。

At this point, I would like to add that maybe it is time now to relook at Aurora Mobile and why it is time to invest right now. And there's no doubt that the current valuation is at the low side, but let me share with you on our long-term valuation logic. I believe our valuation logic includes the following aspect. One, our solid and foundational domestic core business delivers stable cash flow and strong cyclical resilience. Secondly, through our global flagship product, EngageLab, our scalable global SaaS expansion brings clear predictable long-term growth curves. And through GPTBots.ai, the in-depth native AI integration empower us and our business to gain high premium and valuation rerating upside.

在這個時間點，我想補充的是，也許現在是時候重新審視極光移動，以及為什麼現在正是投資的時機。毫無疑問，目前的估值偏低，但我想與各位分享我們的長期估值邏輯。我認為我們的估值邏輯包含以下幾個面向：第一，我們穩健且具基礎性的國內核心業務帶來穩定現金流與強韌的週期抗壓性。第二，透過我們的全球旗艦產品 EngageLab，可擴展的全球 SaaS 擴張帶來清晰且可預期的長期成長曲線。第三，透過 GPTBots.ai，深度的原生 AI 整合賦能我們及我們的業務，帶來更高溢價與估值重評的上行空間。

Our exclusive full scenario contextual platform builds you replicable competitive moat and operational defensibility. And equally important is the alignment of outcome-based enterprise software trend. And this significantly enhance our long-term monetization capability and profit elasticity.

我們獨家的全場景情境化平台，為我們建立可複製的競爭護城河與營運防禦力。同樣重要的是，這也契合以成果為導向的企業軟體趨勢，並顯著提升我們的長期變現能力與利潤彈性。

And what all this means is I think Aurora Mobile should not be valued purely as a traditional infrastructure company nor as a purely as a single point AI tool. Our corporate framework should reflect platform synergy, global SaaS growth and AI upside altogether. I believe the above is a better way to view and value Aurora Mobile as a whole for now.

而這一切所代表的意義是：我認為極光移動不應僅被視為傳統基礎設施公司，也不應僅被視為單點式 AI 工具。我們的公司框架應同時反映平台協同、全球 SaaS 成長與 AI 上行空間。我相信以上是目前更好的方式來整體看待並評價極光移動。

And I hope this answers your question, William.

希望這回答了您的問題，William。

Jack Sun, Gelonghui Research.

Jack Sun，格隆匯研究。

I'm Jack from Gelonghui Research. I look at the Q1 earnings with one particular focus on EngageLab. We have been seeing on EngageLab growing every quarter with good numbers from customer numbers. Contract value signed to impressive ARR growth. My question for management is how much fuel is left in the tank for EngageLab? In other words, how long can this EngageLab growth can be sustained?

我是格隆匯研究的 Jack。我在看第一季財報時，特別聚焦在 EngageLab。我們看到 EngageLab 每一季都在成長，客戶數的數據表現良好，簽約合約金額也帶動了令人印象深刻的 ARR 成長。我想請教管理層：EngageLab 的成長動能還剩多少？換句話說，EngageLab 的成長還能持續多久？

Hi, Jack. Let me take this question, too. This is a good question, but it's a very tough one that you have for us today. And my short answer to your question is, yes, we still have a long way to go in terms of the growth of EngageLab. You're right. And a lot of people have been saying our EngageLab business has been growing from day one of its launch about three years ago. And as of now, after three years, we're still growing, but we are only gaining a fraction of the market globally. And let me share a view on your question on -- let me answer your question in two aspects.

嗨，Jack。我也來回答這個問題。這是個好問題，但也是今天你給我們的一個非常難的問題。對你的問題，我的簡短回答是：是的，EngageLab 的成長我們仍然還有很長的路要走。你說得沒錯。很多人都在說，我們的 EngageLab 業務自大約三年前推出第一天起就一直在成長。而到目前為止，三年後我們仍在成長，但我們在全球市場中只取得了很小的一部分份額。針對你的問題，我想從兩個面向來回答。

Firstly, let's look at the geography. If we zoom further into Southeast Asia market, where we generate about 40% of EngageLab business, we are nowhere near market dominant position. What that means is the room for growth even in just Southeast Asia itself is huge. Overall, the global user engagement market is vast. Besides Southeast Asia, the other markets are sizable, too.

第一，從地理區域來看。如果我們進一步聚焦東南亞市場——我們約 40% 的 EngageLab 業務來自該地區——我們距離市場主導地位還差得很遠。這意味著，即便只看東南亞本身，成長空間也非常巨大。整體而言，全球用戶互動市場規模龐大。除了東南亞之外，其他市場也同樣可觀。

For example, Asia Pacific includes Australia and New Zealand, Middle East, and European market. Right now, we are just at the tip of the iceberg. The market is so huge that we believe it can provide many years of growth to come.

例如，亞太地區包含澳洲與紐西蘭、中東以及歐洲市場。就目前而言，我們仍只是冰山一角。市場如此龐大，我們相信它能在未來多年提供成長動能。

The second aspect is the industry that we are selling into. Again, as of now, we have not dominated any particular industry vertical at all. As a matter of fact, majority, if not all businesses in all industry verticals have needs to engage with their users. Let me share with you on the actual examples.

第二個面向是我們所銷售的產業。同樣地，截至目前，我們尚未在任何特定產業垂直領域取得主導地位。事實上，幾乎所有產業垂直領域中的大多數（甚至全部）企業，都有與其用戶互動的需求。我來分享一些實際例子。

One, all apps, will need to send notification to its user, be it promotional or simply inform its user to update the latest version of app. A second example is online merchants would like to send notification to its user on the timing of the merchant delivery and coffee apps such as Starbucks and Cotti Coffee both our clients, informing customers that the lattes or Americanos are ready to pick up.

第一，所有 App 都需要向用戶發送通知，不論是促銷訊息，或只是提醒用戶更新到最新版本。第二個例子是，線上商家希望向用戶通知配送時間；而像 Starbucks 與 Cotti Coffee 這類咖啡 App（兩者都是我們的客戶），會通知顧客拿鐵或美式已可取餐。

And fourthly, airline companies needing to inform their passengers on upcoming flight, the check-in date or the boarding date. So these are just some of the real-life examples that notification are being deployed in a daily life. And I'm sure you can appreciate this application. The notification or user engagement are simply omnipresent for most, if not all enterprise in all industry. Therefore, the market is there for us to capture with both hands.

第四，航空公司需要通知乘客即將起飛的航班、報到日期或登機日期。以上只是一些日常生活中通知被使用的真實例子，我相信你也能理解這些應用。通知或用戶互動幾乎無所不在，對於大多數（甚至所有）產業中的企業皆是如此。因此，市場就在那裡，等待我們全力去抓住。

So back to your question, there's still a lot of fuel left in the tank for our EngageLab business. The EngageLab market landscape remains vast, which equips us with a substantial multiyear growth headroom for further penetrate for more markets and drive steady revenue growth.

回到你的問題，我們的 EngageLab 業務仍然有大量「燃料」可用。EngageLab 的市場版圖依然廣闊，這讓我們在未來多年仍有可觀的成長空間，能進一步滲透更多市場並推動穩健的營收成長。

And I hope this answers your question.

希望這回答了你的問題。

(Operator Instructions) [Mike Tang], (inaudible) Research.

（接線員指示）[Mike Tang]，（聽不清）研究。

Congratulations on a great quarter. Just a quick question from me. I've noticed that from a year-over-year perspective, both revenue and gross profit seems to have -- in terms of the growth rate seems to have fallen a bit compared to fourth quarter. Can you just maybe talk about some of the reasons behind that?

恭喜本季表現出色。我這邊有個簡短問題。我注意到從年對年角度來看，營收與毛利的成長率似乎相較第四季略有下滑。你能否談談背後的一些原因？

Sure, Michael. Thanks for your interest on Aurora Mobile and your question. Let me take this call. And probably you appreciate Q1 is a traditionally slow quarter amongst the four quarters within a year. We still managed to see good results from our core Developer Subscription business, where year-over-year revenue achieved a solid 21% growth that I talk about, Chris talked about, too, and reaching an all-time high of RMB64.9 million. And also in this quarter, gross profit rose by 13% year over year.

當然可以，Michael。感謝你對極光移動的關注與提問。我來回答這個問題。你可能也知道，第一季在一年四季中傳統上是較淡的季度。我們仍在核心的開發者訂閱業務上取得了不錯的成果，年對年營收實現了我提到、Chris 也提到的 21% 穩健成長，並達到人民幣 6,490 萬的歷史新高。此外，本季度毛利也年對年成長 13%。

The overall slow growth that you mentioned was mainly attributable to the revenue from other sector, which is the Value-Added Service and Vertical Application. And let me share with you the reason. And one is the fact that advertising business was pressured by the seasonality, and Q1 is traditionally a slow season in the industry. And without the traffic catalysts such as e-commerce shopping festival and coupled with the long Chinese New Year holidays, marketing spending by brand clients remain slow and leading to the current market condition that you have seen in Q1.

你提到的整體成長放緩，主要歸因於其他板塊的收入，也就是增值服務與垂直應用。我來分享原因：第一，廣告業務受到季節性影響，第一季在行業中傳統上屬於淡季。缺少電商購物節等流量催化因素，再加上較長的春節假期，品牌客戶的行銷投放仍偏慢，導致你在第一季看到的市場狀況。

And secondly, the slower demand for Vertical Application. The macroeconomic headwinds have softened our overall client demand, in particular, the Financial Risk Management business were also impacted by the recent regulatory adjustment that I shared earlier on. But for the remaining three quarters of 2026, our core Developer Subscription business is poised for substantial growth with meaningful revenue expansion. And meanwhile, our overseas business, EngageLab, is expected to accelerate and benefit from our global footprint will further be unlocked and realized.

第二，垂直應用需求較為放緩。宏觀經濟逆風使我們整體客戶需求走弱，尤其是金融風險管理業務也受到我先前提到的近期監管調整影響。不過，對於 2026 年剩餘三個季度，我們的核心開發者訂閱業務有望實現顯著成長並帶來有意義的營收擴張。同時，我們的海外業務 EngageLab 預期將加速成長，並受益於我們的全球佈局，進一步釋放並實現其價值。

I hope we answered your question, Michael.

希望我們回答了你的問題，Michael。

There are no further questions for today. I will now hand the call back to Christian Arnell for closing remarks.

今天沒有進一步的提問。我現在把電話交回 Christian Arnell 作結語。

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 evening, and thank you.

感謝各位今晚參與我們的電話會議。如有任何進一步的問題或意見，請隨時聯繫投資者關係團隊。本次電話會議到此結束。祝各位晚安，謝謝。

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

謝謝。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。