Ucloudlink Group Inc (UCL) 2025 Q1 法說會逐字稿

Good day and welcome to the Ucloudlink Group Inc. First quarter of 2025 earnings conference call.

大家好，歡迎參加 Ucloudlink Group Inc. 2025 年第一季財報電話會議。

(Operator Instructions) I would now like to turn the conference over to Daniel Gao, Director of IR for the company. Please go ahead.

（操作員指示）現在，我想將會議交給公司的投資者關係總監 Daniel Gao。請繼續。

Hello everyone and thank you for joining us on Ucloudlink's fourth quarter, 2025 earnings call. The earnings release and our earnings presentation are now available on our IR website at ir.ucloudlink.com. Joining me on today's call are Mr. Zhiping Peng, Co-Founder and the Chairman of the Board of the Directors. Mr. Chaohui Chen, Co-Founder, Director, and the Chief Executive Officer, and Mr. Yimeng Shi, Chief Financial Officer.

大家好，謝謝您參加 Ucloudlink 2025 年第四季財報電話會議。收益報告和收益介紹現已在我們的 IR 網站 ir.ucloudlink.com 上發布。參加今天電話會議的還有共同創辦人兼董事會主席彭志平先生。共同創辦人、董事兼執行長陳朝暉先生和財務長史一萌先生。

Mr. Chen will begin with an overview of our recent business highlights. Mr. Shi will then discuss our financial and operational highlights for the quarter. They will all be available to take your questions in the QA section that follows.

陳先生首先會概述我們近期的業務亮點。隨後，史先生將討論本季的財務和營運亮點。他們將在接下來的問答環節中回答您的問題。

Before we proceed, please note that this call we contend for looking statements made pursued to save hard convergence of the previous Securities Litigation Reform Act of 1995. These forward-looking statements are based on measurements current expedition and observations that involve known and unknown risk, uncertain, and other factors, not under the components control.

在我們繼續之前，請注意，我們主張的這項呼籲是為了維護 1995 年《證券訴訟改革法案》的嚴格一致性而做出的聲明。這些前瞻性陳述是基於目前的探險測量和觀察，涉及已知和未知的風險、不確定因素和其他不受組件控制的因素。

Which may cause actual results, performance, or treatments of the component to be naturally different from the results, performance or expectation implied by these forward-looking statements. All forward-looking statements are expressly qualified in their entity by the catenary statements, risk factors, and details of the component feelings with the SEC.

這可能導致組件的實際結果、效能或處理與這些前瞻性陳述所暗示的結果、效能或預期自然不同。所有前瞻性陳述均在其整體上受到美國證券交易委員會 (SEC) 的信用報告、風險因素和成分情緒詳情的明確限制。

The component does not assume any obligation to reverse or update any forward-looking statements as a result of new information, future events change in market conditions or otherwise, except as recorded by law.

該組件不承擔因新資訊、未來事件、市場條件變化或其他原因而撤銷或更新任何前瞻性聲明的義務，除非法律另有規定。

Please also note that your colleagues, earnings press release, and this conference call include discussions of an audited the GAAP financial information and audited non-GAAP financial matters. Your cloud links press release contains a re reconciliation of the unnoticed non-GAAP methods to the most directly comparable and audited GAAP methods. I will now turn the call over to Mr. Chen. Please go ahead.

另請注意，您的同事、收益新聞稿和本次電話會議包括對經審計的 GAAP 財務資訊和經審計的非 GAAP 財務事項的討論。您的雲端連結新聞稿包含未被注意到的非 GAAP 方法與最直接可比較和審計的 GAAP 方法的重新協調。現在我將把電話轉給陳先生。請繼續。

Thanks, Daniel, and good morning or evening, everyone. We kick off 2025 with a solid performance as our expanding global eco ecosystem continues to gain traction and build momentum. Total revenues during a quarter was USD18.7 million in line with the guidance representing an increase of 3.4% year over year.

謝謝，丹尼爾，大家早安或晚上好。隨著我們不斷擴大的全球生態系統繼續獲得關注並積聚動力，我們以穩健的業績開啟了 2025 年。本季總營收為 1,870 萬美元，符合預期，年增 3.4%。

Despite a significant and increased investments in new product marketing and sales initiatives, we maintain a strong finance position. Delivering the net of USD0.4 million and a positive operating cash flow of USD0.2 million.

儘管我們在新產品行銷和銷售計劃上的投資大幅增加，但我們仍然保持著強勁的財務狀況。實現淨利 40 萬美元，營運現金流為 20 萬美元。

Our 1.0 international data connectivity services business continue its robust growth with the full speed 5G network coverage now available in 90 countries and regions. This expansion further strengthen our market share and reinforce our leading position in looming markets.

我們的1.0國際數據連接服務業務持續強勁成長，全速5G網路覆蓋目前已覆蓋90個國家和地區。此次擴張進一步增強了我們的市場份額，鞏固了我們在新興市場的領先地位。

A notable highlight this quarter was the showcasing of our newest innovative solutions for people, IoT and pets at MWC Barcelona 2025., including the eSIM Trio, CloudSIM Kit, PetPhone, MeowGo G50 Max and the [G40 Pro].

本季的一大亮點是在 2025 年巴塞隆納世界行動通訊大會上展示了我們針對人類、物聯網和寵物的最新創新解決方案，包括 eSIM Trio、CloudSIM Kit、PetPhone、MeowGo G50 Max 和[G40 專業版]。

This new and exciting technologies have been integrated into our broader series of GlocalMe and GlocalMe inside solutions, driving growth and increasing visibility and interest among consumers, global operators, enterprise customers, and the business partners.

這些令人興奮的新技術已融入我們更廣泛的 GlocalMe 系列和 GlocalMe 內部解決方案中，推動成長並提高消費者、全球營運商、企業客戶和業務合作夥伴的知名度和興趣。

With this strong heroine start from starting from the second quarter of this year, our emerging business GlocalMe Life, GlocalMe IoT are all projected to achieve active terminal growth. Active terminal growth rate exceeding 100%, significantly contributing to our expansion and growth going forward as we build our global market data traffic sharing marketplace. Also, we expect that our GlocalMe mobile/fixed broadband business not with steadily growth by approximately 10%.

在這位強勢女主角的帶動下，從今年第二季開始，我們的新興業務GlocalMe Life、GlocalMe IoT都有望實現積極的終端成長。活躍終端成長率超過100%，為我們建構全球市場數據流量共享市場未來的擴張和成長做出了重大貢獻。此外，我們預計我們的 GlocalMe 行動/固定寬頻業務將穩定成長約 10%。

Starting in the third quarter of the year 2025, we will begin regular disclosure of our key metrics, including user account numbers segmented by business lines to provide greater transparency and allowed investors to retract our progress in user growth.

從 2025 年第三季開始，我們將開始定期揭露我們的關鍵指標，包括按業務線細分的用戶帳戶數量，以提供更大的透明度，並允許投資者回顧我們在用戶成長方面的進展。

Following our MWC showcase, we are already capitalizing on high value opportunities by engaging in other advanced commercial discussions with multiple major operators worldwide. With the several partners you could expect to be finalized in the coming months.

繼 MWC 展示之後，我們已經透過與全球多家主要營運商進行其他高級商業討論，抓住了高價值機會。您將與幾位合作夥伴在未來幾個月內完成合作。

At a recent MVNO World Congress year 2025, the premier exhibition for the MVNO industry. Our four latest solutions are unveiled, generating widespread recognition as again changing innovations. These solutions are scheduled for commercial launch in May and June, year 2025, with scale product with the scale production expected to begin in the third quarter.

在最近舉行的 2025 年 MVNO 世界大會上，這是 MVNO 產業的首要展會。我們推出的四個最新解決方案獲得了廣泛認可，再次成為變革性的創新。該等解決方案預計於2025年5月及6月進行商業化推出，並預計第三季開始規模化生產。

In parallel, we have begun deploying AI intelligence to enhance operational efficiency and embedding it into a number of our solutions to improve the user experience and ensure seamless global connectivity. Alongside AI, our--proprietary HyperConn, CloudSIM, 6-tech Positioning technologies continue to break barriers in the connectivity, revolutionizing digital experience for IoT, people and pet worldwide.

同時，我們已經開始部署人工智慧來提高營運效率，並將其嵌入到我們的許多解決方案中，以改善用戶體驗並確保無縫的全球連接。除了人工智慧之外，我們專有的 HyperConn、CloudSIM 和 6-tech 定位技術不斷打破連接障礙，徹底改變全球物聯網、人類和寵物的數位體驗。

At CES 2025, our UniCord was honored with the best of CES year 2025 breakthrough award by Android Authority. Underscoring our commitment to innovation additionally, one of our subsidiaries hit a significant milestone as one of the first batch of 13 foreign invested companies to receive approval from China MII for pilot operations of value at telecommunication services.

在 2025 年 CES 上，我們的 UniCord 榮獲 Android Authority 頒發的 2025 年 CES 最佳突破獎。此外，為了進一步強調我們對創新的承諾，我們的一家子公司取得了重要的里程碑，成為首批 13 家獲得中國資訊產業部批准在電信服務領域開展價值營運試點的外商投資公司之一。

Our inclusion in the first batch alongside the affiliate of the renowned multinational cooperation such as the Deutsche Telekom, Siemens, Airbus, and the HSBC reflects the growing impact we are having in the sector. This will enable us to provide Chinese consumer with a more diversive range of value-added telecom services and solutions to better met growing digital lifestyle needs.

我們與德國電信、西門子、空中巴士、匯豐銀行等知名跨國公司的分行一起被列入首批名單，反映了我們在該領域日益增長的影響力。這將使我們能夠為中國消費者提供更多樣化的增值電信服務和解決方案，以更好地滿足日益增長的數位生活方式需求。

This marks a significant step into expanding our global footprint and delivering cutting edge connectivity solutions. I will now review highlight for each of our keys. I will start with GlocalMe Life, where we just unveil our first pet connectivity solution at MWCU 2025 PetPhone.

這標誌著我們向擴大全球影響力和提供尖端連接解決方案邁出了重要一步。我現在將回顧我們每個鍵的重點。我將從 GlocalMe Life 開始，我們剛剛在 MWCU 2025 PetPhone 上推出了我們的第一個寵物連接解決方案。

A revolutionary addition to the digital ecosystem. PetPhone is the world's first smartphone for pets, offering fun, a pet interaction, 6-tech global positioning for safety, and AI Smart Guardian health monitoring.

數位生態系統的革命性補充。PetPhone 是世界上第一款寵物智慧型手機，提供樂趣、寵物互動、6 重技術全球安全定位和 AI Smart Guardian 健康監測。

Pett is receiving exceptional market validation in the pet care market indicating that it will attract more users in the future. It enable pet owner to communicate with their pets while GlocalMe up allowing them to call, send a voice message, playing music, even set routines like set in times.

Pett 在寵物護理市場中獲得了卓越的市場認可，表明它未來將吸引更多用戶。它使寵物主人能夠透過 GlocalMe 與他們的寵物進行交流，允許他們撥打電話、發送語音訊息、播放音樂，甚至設定例行時間等。

Playing reminders, pet can even initiate call. This device check exercise, running distance, calorie burning. And activity levels fostering a healthy lifestyle for pets.

玩耍提醒，寵物甚至可以發起呼叫。該設備可以檢查運動量、跑步距離、卡路里燃燒情況。活動量可以促進寵物的健康生活方式。

Pet owner can also join and create a com community globally to engage with others like never before. This innovative groundbreaking devices redefine the bond between pets and their owners and we enhance [MMO] and mobile network operators, subscribers, acquisition, and the revenue growth going forward alongside PetPhone, our UniCord long [path] solutions provide additional secure and unreliable connectivity for daily life, freeing users from cumbersome devices while ensuring seamless and convenient experience.

寵物主人還可以加入並創建全球社區，以前所未有的方式與他人互動。這種創新的突破性設備重新定義了寵物和主人之間的聯繫，我們增強了[MMO]和行動網路營運商、用戶、收購以及未來的收入成長，與PetPhone一起，我們的UniCord長[路徑]解決方案為日常生活提供了額外的安全和不可靠的連接，將用戶從笨重的設備中解放出來，同時確保無縫和便捷的體驗。

Turn into the global commi IoT business where we introduced The cloud in and all in one game changing IoT solution. This this revolutionary plug and play IoT solutions was designed to deliver instant global full speed 4G and 5G connectivity for IoT and smart devices. This innovative solution can be similarly integrated into existing devices with the same [carlos] such as smartphone, CPE and the other IT enable hardware.

轉向全球通訊物聯網業務，我們引入了雲端運算和一體化改變遊戲規則的物聯網解決方案。這款革命性的即插即用物聯網解決方案旨在為物聯網和智慧型裝置提供即時全球全速 4G 和 5G 連線。這種創新解決方案可以同樣整合到具有相同[carlos]的現有設備中，例如智慧型手機、CPE和其他IT支援硬體。

It is cost effect, enterprise great and offer superior network quality, ensuring the best coverage without the need for any hardware or software modifications. The plot and play nature of our cloud technologies transform ordinary devices into enhanced kinetic assets. It offers globally scalable assets with flexible carrier switching and a competitive economic.

它具有成本效益，非常適合企業，並提供卓越的網路質量，確保最佳覆蓋範圍，而無需任何硬體或軟體修改。我們的雲端技術的情節和遊戲性質將普通設備轉變為增強的動能資產。它提供全球可擴展的資產，具有靈活的承運商轉換和具有競爭力的經濟性。

Empowering the IoT ecosystem with seamless and reliable connectivity. We have already achieved significant penetration in the automotive, in fundament and camera markets, especially among the mainstream Chinese vehicle brands which are advancing breakthrough in specialized segments like security and dashboard cameras. Daily active IoT terminal daily active IoT terminals increased 12 fold year over year in year [2025] Q1 with positive user feedback.

透過無縫可靠的連接增強物聯網生態系統。我們已在汽車、基礎和攝影機市場取得了顯著的滲透，尤其是在中國主流汽車品牌中，這些品牌正在安全、行車記錄器等專業領域取得突破。2025年第一季度，物聯網日活躍終端較去年同期成長12倍，用戶回饋良好。

Our GlocalMe SIM business just on another game change revolutionary leap in same technology is true position as the best second thing and you can have. It enhance both domestic and international coverages by providing consumer with a single the solutions for seamless local and global connectivity.

我們的 GlocalMe SIM 業務只是同一技術領域的另一個遊戲變革革命性飛躍，真正成為您可以擁有的最佳第二件事。它透過為消費者提供單一解決方案來實現無縫的本地和全球連接，從而增強國內和國際覆蓋範圍。

It addresses core challenges faced by MVNO and mobile network operators such as poor network performance and limited international learning. And the empowers tier 2 and tier 3 operator and MVNO that are able to build independent network widely to deliver superior services and expand their market research, a market rich.

它解決了 MVNO 和行動網路營運商面臨的核心挑戰，例如網路效能不佳和國際學習有限。並且授權二級和三級營運商和MVNO能夠廣泛建立獨立網絡，以提供優質服務並擴大市場研究，市場豐富。

It seems to offer enterprise great security, global coverage and at the best price eliminate costly international roaming, delivery reliable high-speed connectivity across multiple networks. Lastly, our people centric GlocalMe mobile/fixed broadband business just unveiled the MeowGo G50 Max, a HyperConn 5G mobile Wifi hotspot with AI-driven sky to ground connectivity.

它似乎為企業提供了極高的安全性、全球覆蓋範圍，並以最優惠的價格消除了昂貴的國際漫遊，並在多個網路之間提供了可靠的高速連接。最後，我們以人為本的 GlocalMe 行動/固定寬頻業務剛剛推出了 MeowGo G50 Max，這是一款 HyperConn 5G 行動 Wifi 熱點，具有人工智慧驅動的天地連線。

This device enhance network quality through AI power real-time congestion detection. Ensuring seamless connection regardless of where you are. Our other advanced hypercontact technology, delivery hyperlocal global international access, ensuring that user have high speed connections and reliable network wherever they go without the limitation of traditional loaming and or carrier restrictions.

本設備透過AI電源即時擁塞檢測來提高網路品質。無論您身在何處，都能確保無縫連接。我們的另一項先進的超接觸技術提供超本地化的全球國際接入，確保用戶無論身在何處都能擁有高速連接和可靠的網絡，而不受傳統承載和/或運營商限制的限制。

The upgrading G4G model, supposed to speak three times faster than the traditional 4G device. Is the world that enabled in flight Wi Fi connectivity. And the integrating Wifi network across various environments such as homes, airports, office, and the cafes.

升級後的 G4G 型號，其語速據稱比傳統 4G 設備快三倍。是世界上第一個實現飛行中 Wi-Fi 連線的國家。並可在家庭、機場、辦公室、咖啡館等各種環境中整合Wifi網路。

All four business lines are now market ready, which will be commercially available in Q2 year 2025 and attracting strong interest from partners, including global pet stock chains. Signaling significant market expansion potential as we engage in commercial discussions.

所有四條業務線目前均已做好上市準備，預計將於 2025 年第二季度投入商業運營，並吸引包括全球寵物庫存連鎖店在內的合作夥伴的濃厚興趣。當我們進行商業討論時，這標誌著巨大的市場擴張潛力。

As we innovative business lines increasingly diversify our revenue streams to a mix of value added services and mobile data traffic solutions, let's fed into our marketplace. Our user base is gradually diversifying and scaling up with our expanding product portfolio, depending a partnership and AI integration. We are confident in driven growth through the reminder of the year, remainder of the year as the mature regular disclosures of key metrics that we began in 2025, Q3.

隨著我們創新的業務線日益使我們的收入來源多樣化，包括增值服務和行動數據流量解決方案，讓我們融入我們的市場。隨著我們產品組合的不斷擴大，我們的用戶群正在逐漸多樣化和擴大，這取決於合作夥伴關係和人工智慧的整合。我們有信心，隨著我們從 2025 年第三季開始定期揭露關鍵指標，我們將在今年剩餘時間內推動成長。

We are better reflect the direction our business is heading and provide the investors with a clear understanding of the strategic progress we are making in building comprehension, comprehensive global mobile data traffic sharing marketplace.

我們更清楚地反映了我們業務的發展方向，並讓投資者清楚地了解我們在建立全面、全面的全球行動數據流量共享市場方面所取得的策略進展。

Year 2025 marks our transformation year during which our business expanded from one thing from a single line to four (inaudible) And the user figures to be released in Q3 will be crucial indicators of this transformation. With the--optimism for the future in the mind. I will conclude with our guidance for the next quarter.

2025年是我們的轉型年，在此期間，我們的業務將從一件事擴展到四件事（聽不清楚），第三季發布的用戶數據將是這項轉型的關鍵指標。心中充滿對未來的樂觀。我將以我們對下一季的指導作為結束語。

For the second quarter of the year 2025, we expect the total revenue will be between USD23 million to USD25 million representing an increasing of 2.7% to 11.6% compared to the same period of year 2024. I will now turn the call over to Mr. Shi.

對於 2025 年第二季度，我們預計總營收將在 2,300 萬美元至 2,500 萬美元之間，與 2024 年同期相比成長 2.7% 至 11.6%。現在我將電話轉給史先生。

Thank you, Mr. Chen. Hello everyone, I will go over our operational and financial highlights for the first quarter of 2025. Average daily active terminal is an important operating matrix for us as it measures customer usage trends over the period and is reflective of business performance.

謝謝陳先生。大家好，我將介紹我們 2025 年第一季的營運和財務亮點。平均每日活躍終端對我們來說是一個重要的營運矩陣，因為它可以衡量一段時間內的客戶使用趨勢並反映業務績效。

In the first quarter of 2025 average DAT was 308,863, of which 17,803 owned by the company and 29,1060 owned by our business partners, representing a decrease of 0.3% from the 309,906 in the first quarter of 2024.

2025 年第一季度，平均 DAT 為 308,863，其中公司擁有 17,803 個，我們的業務合作夥伴擁有 29,1060 個，比 2024 年第一季的 309,906 個減少了 0.3%。

The average daily active terminal in the first quarter comp comprise 296,597 from GlocalMe mobile and fixed broadband business. 621 from GlocalMe Life business, 5,219 from GlocalMe SIM business and 6,426 from GlocalMe IoT business compared to 308,375, 201, 829 and 501 respectively in the first quarter 2024.

第一季GlocalMe行動及固定寬頻業務日均活躍終端數為296,597個。 GlocalMe Life 業務新增用戶 621 人，GlocalMe SIM 業務新增用戶 5,219 人，GlocalMe IoT 業務新增用戶 6,426 人，而 2024 年第一季度，GlocalMe Life 業務新增用戶數分別為 308,375 人、201 客戶、8829975 人、201 名用戶、8829425 375 人、201 名用戶、829375 人。

During the first quarter of 2025, 56.2% of DAT were from equaling 1.0 in international data connectivity service and the 43.8 were attribute to equaling 2.0 local data connectivity service. In March 2025, the average daily data usage per terminal was 1.59 gigabytes.

2025 年第一季度，56.2% 的 DAT 來自等於 1.0 的國際資料連線服務，43.8% 的 DAT 來自等於 2.0 的本地資料連線服務。2025年3月，每終端每日平均資料使用量為1.59千兆位元組。

As of March 31, 2025, the company had served 2,878 business partners in 63 countries and regions. The company has 183 patent applications with 169 approved and 14 pendings approval while the pools of the SIM card was from 391 MNOs globally as of March 31, 2025.

截至2025年3月31日，本公司已服務於63個國家和地區的2,878家業務合作夥伴。截至 2025 年 3 月 31 日，該公司擁有 183 項專利申請，其中 169 項已獲批准，14 項待批准，而 SIM 卡池來自全球 391 個 MNO。

Total revenue for the first quarter of 2025 was USD18.6 million, representing an increase of 3.4% from USD18.1 million in the same period of 2024. Revenue from service in the first quarter of 2025 was USD14.2 million representing an increase of 4.9% from USD13.5 million in the same period of 2024.

2025年第一季總營收為1,860萬美元，較2024年同期的1,810萬美元成長3.4%。2025年第一季服務營收為1,420萬美元，較2024年同期的1,350萬美元成長4.9%。

Revenue from service as a percentage total revenue was 75.7% during the first quarter of 2025, slightly up from 74.7% during the same period last year. Geographically speaking, during the first quarter of 2025, Japan contributed 40.4% of our total revenue.

2025年第一季，服務收入佔總營收的75.7%，略高於去年同期的74.7%。從地理上看，2025 年第一季度，日本貢獻了我們總收入的 40.4%。

Mainland China contributed 31.2%, North America contributed 12.9%, and other regions and countries contributed the remaining 15.5% compared to 40.9%, 25.3%, 15.8%, and 17% respectively in the first quarter of 2024.

中國大陸貢獻了 31.2%，北美貢獻了 12.9%，其他地區和國家貢獻了剩餘的 15.5%，而 2024 年第一季分別為 40.9%、25.3%、15.8% 和 17%。

Overall gross profit was USD9.7 million in the first quarter of 2025, representing a decrease of 3.1% from USD10 million in the first quarter of 2024. Overall gross margin in the first quarter of 2025 was 51.7% compared to 55.2% in the same period of 2024.

2025年第一季整體毛利為970萬美元，較2024年第一季的1000萬美元下降3.1%。2025 年第一季整體毛利率為 51.7%，而 2024 年同期為 55.2%。

The gross margin on service was 57.3% in the first quarter of 2025 compared to 65% in the same period of 2024. The gross margins on sales of products was 34.3% in the first quarter of 2025 compared to 26.2% in the same period of 2024.

2025 年第一季服務毛利率為 57.3%，而 2024 年同期為 65%。2025 年第一季產品銷售毛利率為 34.3%，而 2024 年同期為 26.2%。

Excluding share-based compensations, total operating expenses were USD9.9 million or 53% of the total revenue in the first quarter of 2025 compared to USD8.5 million or 47% of total revenues in the same period in 2024.

不包括股權激勵費用，2025 年第一季的總營運費用為 990 萬美元，佔總收入的 53%，而 2024 年同期的總營運費用為 850 萬美元，佔總收入的 47%。

We record an adjusted net income non-GAAP USD0.4 million compared to USD1.3 million in the first quarter of 2024. Adjusted EBITDA was USD1.4 million in the first quarter of 2025 compared to USD1.7 million in the same period of 2024.

我們記錄的調整後非公認會計準則淨收入為 40 萬美元，而 2024 年第一季為 130 萬美元。2025 年第一季調整後 EBITDA 為 140 萬美元，而 2024 年同期為 170 萬美元。

For the first quarter of 2025, we achieved an operating cash inflow of USD0.2 million compared to USD1.9 million in the same period of 2024.

2025 年第一季度，我們實現經營現金流入 20 萬美元，而 2024 年同期為 190 萬美元。

For the first quarter of 2025, our capital expenditure was USD0.3 million compared to USD0.6 million in the same period in 2024. We maintained a solid balance sheet with a cash equivalent of USD31.1 million as of March 31, 2025, up from USD30.1 million on December 31, 2024, with operators, this open up for Q&A.

2025 年第一季度，我們的資本支出為 30 萬美元，而 2024 年同期為 60 萬美元。我們維持了穩健的資產負債表，截至 2025 年 3 月 31 日，現金等價物為 3,110 萬美元，高於 2024 年 12 月 31 日的 3,010 萬美元，對營運商來說，這可以作為問答。

Thank you. We will now begin the question-and-answer session.

謝謝。我們現在開始問答環節。

(Operator Instructions) Theodore O'Neill, Litchfield Hills Research.

（操作員指示）西奧多·奧尼爾，利奇菲爾德山研究。

Thank you and congratulations on the results for the quarter and your outlook. My first question is about about the PetPhone products, and if you could give us any highlights into the regions or the demographics of the customers you expect will be the most likely to the early adopters of this product.

謝謝您，並祝賀您本季的業績和前景。我的第一個問題是關於 PetPhone 產品的，您能否向我們介紹一下您認為最有可能成為該產品早期採用者的地區或客戶群的人口統計數據？

Yes, I think we will launch, we in Barcelona exhibition, we first, announced we will launch the PetPhone, in this industry, so it costs a lot of interesting. So, since we will launch this product in the end of the May. For commercial launch we have many products. There are 3 main types of users.

是的，我認為我們會推出，我們在巴塞隆納展覽會上首先宣布我們將推出 PetPhone，在這個行業中，這很有趣。因此，我們將在五月底推出該產品。我們有許多可供商業推出的產品。主要有 3 種類型的使用者。

The first one is, we wire the channel, while the channel or channel like a pet channel. So, we approach a lot of the pet channel like in Europe, in Asia. And also in like a cherry, so we already already on a commercial progress. So it's quite attracting and I think we will be closed recently, so in a Q2.

第一個是，我們連接通道，而通道或通道就像寵物通道。因此，我們接觸了許多寵物管道，例如歐洲和亞洲。而且就像櫻桃一樣，我們已經取得了商業進展。所以它非常有吸引力，我認為我們將在最近關閉，所以在第二季。

That fourth channel. The second channel is wire the carrier, while the mobile virtual operator or virtual mobile operator or virtual operator. So, they, we have them to promote three of sim card into our PetPhone and have the carrier to acquire pet users.

第四個通道。第二種管道是有線營運商，而行動是虛擬營運商或虛擬行動營運商或虛擬營運商。因此，我們讓他們將三張 SIM 卡推廣到我們的 PetPhone 中，並讓營運商獲取寵物用戶。

So, it can create a new, we have pet carrier not only just from the traditional people, IoT now expand to the pet users. So we already have several carrier, nearly finished the contract with us about the reset our PetPhone product.

因此，它可以創造一個新的，我們有寵物載體不僅僅是來自傳統的人，物聯網現在擴展到寵物用戶。因此，我們已經有幾家營運商幾乎與我們完成了有關重置 PetPhone 產品的合約。

This is our traditional electronic channel. So also interesting to sell our product. So, I think so far everything's progress and testing is so good. Now waiting for our commercial commercial version available and this this month.

這是我們傳統的電子通路。因此銷售我們的產品也很有趣。所以，我認為到目前為止一切進展和測試都很好。現在正在等待我們的商業版本本月上市。

Oh, that's very helpful. My second question is about sort of the tariffs that are being raised and lowered. I'm wondering if it changes all these tariffs are having any impact on your business.

噢，這很有幫助。我的第二個問題是關於提高和降低關稅的問題。我想知道這些關稅的變化是否會對您的業務產生任何影響。

So, and the question regarding the tariffs, so far we don't have, implications, by this tariff barriers between US and China. We have a stock product in US in US channel, so that's available for our sale for a while.

因此，關於關稅的問題，到目前為止，我們還沒有發現中美之間關稅壁壘的影響。我們在美國通路有庫存產品，因此可以暫時銷售。

And also we have we have outsourcing manufacturers in other say [Van] and we recruit the manufacturers outsourcing and manufactures terminal device in Mainland and other countries. We are, we have a no tariffs between the US and the countries. So, we expect, we expect that the US market is a growing market for our new business lines like pay the phone. Like it's, IoT solutions.

而且我們在其他地區（例如 Van）也有外包製造商，我們也招募製造商外包並在大陸和其他國家製造終端設備。美國和這些國家之間沒有關稅。因此，我們預計，美國市場將成為我們付費電話等新業務線的成長市場。就像它一樣，物聯網解決方案。

So, we prepare this, we prepare this solutions and the place to manufacture, our product to overcome this type barriers between the US and China.

因此，我們做好了準備，我們準備了解決方案和生產地點，我們的產品可以克服美國和中國之間的這種障礙。

Okay, thank you very much. That my questions.

好的，非常感謝。這是我的問題。

Thank you. Vivian Zong, Diamond Equity Research.

謝謝。Vivian Zong，鑽石股票研究公司。

Hello. Thank you so much. So, firstly, can you explain in detail the reason for the increase in the cost of services and whether you will take any measures to control this cost extension.

你好。太感謝了。那麼，首先，您能否詳細解釋一下服務成本增加的原因，以及您是否會採取什麼措施來控制這種成本的增加。

Yeah, you have two relevant one is regarding the cost of service, that's reflecting, you, as we discussed disclose the service cost margins a little bit lower than the same period last year, and that's because we, the.

是的，有兩個相關的，一個是關於服務成本的，這反映出，正如我們所討論的，服務成本利潤率比去年同期略低，這是因為我們。

A mixture different sales categories across the region and country. For instance, in the first quarter of this year, our outbounding, roaming service for Chinese outbound travelers, increase significant. And this Chinese outbounding travelers rent our terminus, Wi-Fi hotspot terminals for their roaming connections that are traveling outbound.

跨地區和跨國家的不同銷售類別的混合。例如今年第一季度，我們針對中國出境旅客的出境、漫遊服務業務就大幅成長。這些中國出境旅客租用我們的終端、Wi-Fi 熱點終端，用於出境旅行時的漫遊連線。

So in that case, there's a revenue or service generated by the Chinese outbound traveler have a significant weight in the overall service. So that that's that's something impact our overall service margins a little bit lower than the same period last year.

因此，在這種情況下，中國出境旅客所產生的收入或服務在整體服務中佔有重要地位。因此，這將對我們的整體服務利潤率造成一定影響，使其比去年同期略低。

There's there's the first, answer your first questions regarding the cost, service, and the second is regarding the expenditures, related to expansion and balance. Yes, as we disclosed the first quarter of this year, we spent, more expenditure than the first quarter of last year.

首先，回答您關於成本、服務的第一個問題，其次是關於支出、擴展和平衡的問題。是的，正如我們所揭露的，今年第一季我們的支出比去年第一季要多。

The extra expenditures on sales and marketing for this new business. So we attend quite a lot of market exhibitions across the worldwide, and we invest over more than USD1 million compared to last year on this marketing and promotions. We believe this is expeditious on the marketings will bring more volumes of to our future periods.

這項新業務的銷售和行銷額外支出。因此，我們參加了世界各地的許多市場展覽會，與去年相比，我們在行銷和推廣方面的投資超過 100 萬美元。我們相信，這對行銷的快速發展將為我們未來的時期帶來更多的銷售。

So I think that's the revenues related to the new business line will come into account later this year or next year. So one other matrix, as we disclose is a daily active terminal related there's three new business line, especially for IoT daily active terminal is increased twelfth-third compared to last year's period. So this year, we expect the three new business mind IoT sim and Life series, their daily terminant number will increase over 100 time compared with last year.

因此我認為與新業務線相關的收入將在今年稍後或明年納入考慮。因此，正如我們所揭露的，另一個矩陣是與每日活躍終端相關的，有三個新的業務線，特別是物聯網每日活躍終端與去年同期相比增加了十二分之一到三分之一。因此，我們預計今年新增的三款商業思維IoT模擬和Life系列，其每日終端數量將比去年增加100倍以上。

So, we are on the right track to deploy our strategies from [one ben 9 MBB expansion to 4 ben 9] to grow, we believe that I think that we follow the right strategies to support growth.

因此，我們在部署從 [one ben 9 MBB 擴展到 4 ben 9] 的戰略以實現增長方面走在了正確的軌道上，我們相信，我認為我們遵循了正確的戰略來支持增長。

Okay, I see. Okay, I see, that makes sense. My next question is that is about the partnership you mentioned. Can you please share, like, can you please provide some information on the areas of collaboration you expect to see in the coming months?

好的，我明白了。好的，我明白了，這很有道理。我的下一個問題是關於您提到的合作夥伴關係。您能否分享一下，例如，能否提供一些有關您預計在未來幾個月內看到的合作領域的資訊？

So, in the last question, I already mentioned some partners in the past, our partners is more, like, international data and the local mobile broadband, that's more our partners in the in the airport is in the airport in the MMO. So, since we have three new products, so our partner become.

因此，在最後一個問題中，我過去已經提到過一些合作夥伴，我們的合作夥伴更多的是國際數據和本地行動寬頻，也就是我們在機場、在 MMO 中的合作夥伴。因此，由於我們有三種新產品，所以我們的合作夥伴就變成了。

And the partner become more and more partner. For example, first is our carrier customer to in our product and for example, like our mobile virtual operator and the tier 2, tier 3 carrier operator. They are now very interesting our sim case.

而合作夥伴也變得越來越多。例如，首先是我們產品的營運商客戶，例如我們的行動虛擬營運商和二級、三級營運商。他們現在對我們的模擬案例非常感興趣。

And they think this is a killer application product because we bring, international roaming to mobile virtual operator that this never happen to the to this industry for mobile operator first and the second, we have tier 2, tier 3 carrier, improve their longing buying power and their longing service quality. Normally compared with the tier 1 carrier, tier 2, tier 3 carrier, they are loaming quality and network and partner is very weak.

他們認為這是一個殺手級應用產品，因為我們為行動虛擬營運商帶來了國際漫遊功能，這在行動營運商這個行業中是從未發生過的，我們擁有二級、三級營運商，可以提高他們渴望的購買力和渴望的服務品質。通常與一級運營商、二級運營商、三級運營商相比，他們的承載品質、網路和合作夥伴都很弱。

Now, working with us, they can become the superior to the number one of the carrier for the quality of the loaming. And also that we can have the carrier and tier two and mobile operator compromise of their.

現在，透過與我們合作，他們可以成為在土壤品質方面超越第一的承運商。而且，我們可以與營運商、二級營運商和行動營運商達成妥協。

Network coverage in local. So normally they have a few investments in the base station. They have poor coverage with our solution now under their coverage they can use their original sim card, original sim information, but outside their coverage they can use our, sim card and data traffic. So let's, that's quite help them to, improve their quality for roaming and create a new revenue that's for our true.

當地網路覆蓋範圍。因此他們通常會對基地台進行一些投資。我們的解決方案對他們的覆蓋範圍很差，現在在他們的覆蓋範圍內，他們可以使用原來的 SIM 卡和原始 SIM 信息，但在他們的覆蓋範圍之外，他們可以使用我們的 SIM 卡和數據流量。因此，這有助於他們提高漫遊品質並創造真正的新收入。

But our new product for Petphone, I think it's very popular no matter tier one or tier two carrier or MMO carrier. They all like this solution because we create new revenue for this these partners. So, and that that's the fo the product in the industry, carrier promote the product is much faster than, traditional, other channels. So they can, for example, buy data and give a free, a device, etc.

但我認為，我們的新產品 Petphone 無論是一級、二級營運商還是 MMO 營運商都非常受歡迎。他們都喜歡這個解決方案，因為我們為這些合作夥伴創造了新的收入。因此，這就是行業內的產品，而營運商推廣產品的速度比傳統的其他管道要快得多。例如，他們可以購買數據並免費贈送設備等。

We have them to develop, to gain the new users from the pet market. So, also our Uni call, our life product can enhance the loyalty of the customer can the retention of customers become more loyalty. So, let's have the customer, to get more revenue from the retention also from the I think the com combining with the sim card and our life product with a bundle package has become more loyalty. So that the all these reasons that that that means in the last year we have very we have very few or this carrier partner.

我們必須開發它們，從寵物市場獲得新用戶。因此，我們的 Uni call、我們的生活產品可以提高客戶的忠誠度，可以提高客戶的保留率。所以，讓我們擁有客戶，從保留中獲得更多收入，我認為，將 com 與 SIM 卡和我們的生活產品與捆綁包相結合可以提高忠誠度。所有這些原因意味著，去年我們擁有的營運商合作夥伴非常少。

And now, since the MWC and last week, MMO Congress, so we get a lot of interesting. So recently, I think we will close some deal with this carrier. You can waiting for our IR in the coming months. And finally, so we also we have invested into still invested in our traditional mobile broadband product and our traditional product majorly is used for travel for people travel outside, but now our new product in one device, one account to let our users, not only for travel, but also in a home and office, even in the air flight, they don't need to switch the account and the and the and the device. Just one device, one account they can enjoy the best network quality worldwide and for the best connection.

現在，自從 MWC 和上週的 MMO 大會以來，我們了解到了很多有趣的事情。所以最近，我認為我們會與這家航空公司達成一些交易。您可以在接下來的幾個月內等待我們的 IR。最後，我們也對傳統的行動寬頻產品進行了投資，我們的傳統產品主要用於外出旅行，但現在我們的新產品採用一個設備、一個帳戶，讓我們的用戶不僅可以在旅行中使用，而且可以在家裡、辦公室甚至在飛行途中使用，他們無需切換帳戶和設備。只需一台設備、一個帳戶，他們就可以享受全球最佳的網路品質和最佳的連接。

And also they can get the most cost effect. So for example, like a home and office, we prefer to use the free Wi-Fi, office Wi-Fi or home Wi-Fi, but once the Wi Fi coverage is poor or coverage is bad, we can back up. By the 4G and 5G network, that means we can provide the best connection and cost the effect in the world with one device and one account.

並且能夠獲得最大的成本效益。比方說，像是家庭和辦公室，我們喜歡使用免費的Wi-Fi、辦公室Wi-Fi或家庭Wi-Fi，但一旦Wi-Fi覆蓋範圍較差或覆蓋範圍不好，我們就可以備份。透過4G和5G網絡，意味著我們只需一個設備、一個帳戶，就能提供全球最佳的連接和效果。

So here also more enterprise user now or travel users interested working with us. So I just give this information about a new partner and then new channel working with us.

因此現在也有更多的企業用戶或旅遊用戶有興趣與我們合作。因此我只是提供有關新合作夥伴以及與我們合作的新管道的資訊。

Okay. Got it. That's very helpful. Thank you. That's all my questions.

好的。知道了。這非常有幫助。謝謝。這就是我所有的問題。

Thank you. This concludes the question-and-answer session. I would like to turn the con conference back over to Daniel Gao for any closing remarks.

謝謝。問答環節到此結束。我想將會議交還給 Daniel Gao 做最後發言。

Thank you once again for joining us today. If you have further questions, please feel free to contact our colleagues, Investor Relations through the contact information provided on our website or speak to our investor relations form and adversary. We look forward to speaking to you again on our next quarterly call. Thank you.

再次感謝您今天加入我們。如果您還有其他問題，請隨時透過我們網站上提供的聯絡資訊聯絡我們的同事、投資者關係部門，或透過我們的投資者關係表格和對手交談。我們期待在下次季度電話會議上再次與您交談。謝謝。

Thank you. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your minds and have a wonderful day.

謝謝。今天的電話會議到此結束。感謝大家參加今天的演講。現在您可以放鬆心情，享受美好的一天。