Ucloudlink Group Inc (UCL) 2026 Q1 法說會逐字稿

Thank you for standing by, and welcome to the uCloudlink Group, Inc. first-quarter 2026 earnings conference call. (Operator Instructions)

感謝您耐心等候，歡迎參加 uCloudlink Group, Inc. 2026 年第一季財報電話會議。（接線員指示）

I would now like to hand the call over to Mr. Xi Chao Gao, Company Investor Relations. Please go ahead.

現在我想把電話交給公司投資人關係的高熙超先生。請開始。

Thank you, operator. Hello, everyone, and thank you for joining us on uCloudlink's first quarter 2023 earnings call. The earnings release and our earnings presentation are now available on our IR website at ir.ucloudlink.com.

謝謝接線員。各位好，感謝大家參加 uCloudlink 2023 年第一季財報電話會議。新聞稿與財報簡報現已公布於我們的投資人關係網站 ir.ucloudlink.com。

Joining me on today's call are Mr. Zhiping Peng, Co-Founder and Chairman of the Board of Directors; Mr. Chaohui Chen, Co-Founder, Director and Chief Executive Officer; and Mr. Yimeng Shi, Chief Financial Officer. 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 Q&A section that follows.

今天與我一同出席電話會議的有：共同創辦人暨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；以及財務長史一萌先生。陳先生將先概述近期業務亮點，接著史先生將說明本季的財務與營運重點。隨後的問答環節，他們也都將出席並回答各位提問。

Before we proceed, please note that this call may contain forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and observations that involve known and unknown risks uncertainties and other factors not under the company's control, which may cause actual results, performance or achievements of the company to be materially different from the results, performance or expectations projected or implied by these forward-looking statements.

在開始之前，請注意本次電話會議可能包含依據 1995 年《私人證券訴訟改革法》安全港條款所作之「前瞻性陳述」。這些前瞻性陳述係基於管理層目前的預期與觀察，並涉及公司無法控制的已知與未知風險、不確定性及其他因素，可能導致公司實際結果、表現或成就與該等前瞻性陳述所預測或暗示的結果、表現或預期存在重大差異。

All forward-looking statements are expressly qualified in their entity by the cautionary statements, risk factors and details of the company's filings with the SEC. The company 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 required by law.

所有前瞻性陳述均在其整體範圍內明確受公司向美國證券交易委員會（SEC）提交文件中的警示性聲明、風險因素及相關細節所限制。除法律要求外，公司不承擔因新資訊、未來事件、市場狀況變化或其他原因而撤回或更新任何前瞻性陳述之義務。

Please also note that uCloudlink's earnings press release and this conference call include discussions of unaudited GAAP financial information and unaudited non-GAAP financial measures. uCloudlink's press release contains regulations of the unaudited non-GAAP measures to the most directly comparable unaudited GAAP measures. I will now turn the call over to Mr. Chen. Please go ahead.

另請注意，uCloudlink 的財報新聞稿與本次電話會議包含對未經審計的 GAAP 財務資訊及未經審計的非 GAAP 財務衡量指標之討論。uCloudlink 的新聞稿載有未經審計之非 GAAP 指標與最直接可比之未經審計 GAAP 指標的調節表。現在我把電話交給陳先生。請開始。

Thank you, Daniel, and good morning or evening. We delivered total revenues of USD16.9 million in the first quarter of 2026. These results come despite significant external headwinds, including macroeconomic volatility, weak travel demand, rising energy prices, memory chipset cost increase and the conflict-related supply chain disruption.

謝謝 Daniel，大家早安或晚安。我們在 2026 年第一季實現總營收 1,690 萬美元。儘管面臨顯著的外部逆風，包括宏觀經濟波動、旅遊需求疲弱、能源價格上升、記憶體晶片組成本增加，以及衝突相關的供應鏈中斷，我們仍取得上述成果。

More importantly, our new product lines have continued to warm up and scale, gradually offsetting the negative impact on our traditional business for these external headwinds. With the continued ramp-up of new products such as the PetPhone and UniCord Pro, revenues from our new business lines are increasing following an initial market run-up period over the past two quarters. Each of these new products continue to make significant strategic progress during the quarter, laying the groundwork for accelerated commercial momentum going forward.

更重要的是，我們的新產品線持續升溫並擴大規模，逐步抵消上述外部逆風對傳統業務造成的負面影響。隨著 PetPhone 與 UniCord Pro 等新產品持續放量，在過去兩個季度初期市場導入期之後，新業務線營收正持續提升。本季各項新產品亦持續取得重大的策略性進展，為未來加速商業動能奠定基礎。

Overall, our three new growth engine, GlocalMe Life, GlocalMe IoT, and GlocalMe SIM, delivered remarkable year-over-year revenue growth of over 400%, 300% and 170%, respectively, to accelerate commercialization and capture early market leadership, we strategically increased marketing spending during the quarter on the platform and broader PetPogo ecosystem.

整體而言，我們三大新成長引擎——GlocalMe Life、GlocalMe IoT 與 GlocalMe SIM——分別實現超過 400%、300% 與 170% 的年增營收成長。為加速商業化並搶占早期市場領導地位，我們在本季策略性提高了對平台及更廣泛 PetPogo 生態系的行銷投入。

While these investments will attempt near-term profitability and cash flow, we are confident they will yield substantial long-term payoffs and contribute to sustainable growth going forward. I will now review the highlights for each of our key business lines. I will start with the PetPogo ecosystem.

雖然這些投資將在短期內對獲利能力與現金流造成壓力，但我們有信心其將帶來可觀的長期回報，並在未來推動可持續成長。接下來我將回顧各主要業務線的亮點，先從 PetPogo 生態系開始。

Building on the exceptional global media attention and the market validation received at NWC 2026 and CX 2026 with the unveiling of our PetPogo ecosystem and all-new PetCam. We launched the beta version of the PetPogo app during the quarter. This differentiated and pioneering AI-powered plus social platform for the pet technology industry leverages AI technologies and the platform to enable pets and their owners to communicate seamlessly by effectively transforming the pet ownership experience into an interactive social and connected community.

在 NWC 2026 與 CX 2026 上揭示 PetPogo 生態系與全新 PetCam 後，我們獲得了卓越的全球媒體關注與市場驗證。在此基礎上，我們於本季推出 PetPogo App 的 Beta 版本。這是一個差異化且具開創性的 AI 驅動加社交平台，面向寵物科技產業，運用 AI 技術與平台能力，讓寵物與飼主能順暢溝通，並有效將養寵體驗轉化為互動式的社交與連結社群。

We are fostering unparalleled engagement and continuous interaction. PetPogo also allow pet owners to manage their pet care journey across three stages. Before, during and after activities. This social platform is expected to complete commercial validation in Q2 2026 and begin driving growth, starting in Q3 2026.

我們正打造前所未有的高黏著度與持續互動。PetPogo 亦讓飼主可在三個階段管理其寵物照護旅程：活動前、活動中與活動後。預期該社交平台將於 2026 年第二季完成商業驗證，並自 2026 年第三季起開始帶動成長。

During the quarter, average monthly active user MAU reached 1,397 and early better feedback has been overwhelmingly positive, reinforcing our confidence in its user adoption and strong growth potential.

本季平均月活躍用戶（MAU）達到 1,397 人，早期 Beta 回饋極為正面，進一步強化我們對其用戶採用度與強勁成長潛力的信心。

Moving on to our GlocalMe Life business line. We continue to drive exponential growth with industry-first innovations. Our UniCord Pro gained strong traction during the quarter with the sales volume and the market adoption accelerating rapidly by enabling a lighter, more convenient lifestyle with secure and reliable connectivity, freeing users from cumbersome device while ensuring seamless protective experience. GlocalMe Life solutions saw average daily active user DAU during the quarter increased 559.9% year-over-year.

接著是 GlocalMe Life 業務線。我們持續以業界首創的創新推動指數型成長。本季 UniCord Pro 取得強勁進展，銷量與市場採用快速加速；其透過安全可靠的連線能力，帶來更輕便、更便利的生活型態，使使用者擺脫笨重裝置，同時確保無縫且具防護性的體驗。本季 GlocalMe Life 解決方案的平均日活躍用戶（DAU）年增 559.9%。

Turning to GlocalMe Internet of Things, IoT. Our forward-looking strategy is already beginning to generate initial results. The business maintained its strong growth trajectory with user adoption and revenue contribution continuing to expand rapidly year-over-year. We continue to solidify our strategy position to capture additional market share in high-growth sectors such as in-car infotainment and security cameras.

再來是 GlocalMe 物聯網（IoT）。我們前瞻性的策略已開始產生初步成果。該業務維持強勁的成長軌跡，用戶採用與營收貢獻持續快速年增。我們也持續鞏固策略性定位，以在車載資訊娛樂與安防攝影機等高成長領域取得更多市占。

Average DAU for GlocalMe IoT increased by 246.5% compared to the fourth quarter of the year 2025 and as of March 31, 2026. Our total IoT solutions installed base reached 2.93 million. For our GlocalMe SIM business line, our eSIM TRIO solution continues to gain strong traction and growth momentum with average DAU increasing 193.6 year-over-year during the quarter. This validates both our carrier partnership model and its market positioning as a permanent secondary SIM for users.

GlocalMe IoT 的平均 DAU 較 2025 年第四季成長 246.5%；截至 2026 年 3 月 31 日，我們 IoT 解決方案的累計安裝量達到 293 萬。就 GlocalMe SIM 業務線而言，我們的 eSIM TRIO 解決方案持續獲得強勁採用與成長動能，本季平均 DAU 年增 193.6%。這驗證了我們的電信業者合作夥伴模式，以及其作為使用者永久第二張 SIM 的市場定位。

Furthermore, our carrier insurance program has gained pilot deployment, providing a highly effective low CapEx solutions for operators that enhance their global roaming capability. This model is gaining strong traction and is welcomed by both operators and users, confirming a robust product market fit.

此外，我們的電信業者保險計畫已取得試點部署，為營運商提供高效、低資本支出（CapEx）的解決方案，以提升其全球漫遊能力。此模式正獲得強勁採用，並受到營運商與用戶的歡迎，證實具備穩健的產品市場契合度。

Lastly, the launch of our cutting-edge MeowGo G50 Max, the world's first sky-to-ground integrated mobile connectivity hub is expected to serve as a powerful growth engine for the coming quarter. The MeowGo G50 Max is redefining the connectivity when it matter most in conflict affecting market with disruptive terrestrial network, its resilient connectivity is a critical differentiator.

最後，我們推出的尖端產品 MeowGo G50 Max——全球首款「天對地」一體化行動連線樞紐——預期將成為下一季度的強勁成長引擎。MeowGo G50 Max 正在重新定義在最關鍵時刻的連線能力；在受衝突影響、地面網路遭破壞的市場中，其韌性連線是關鍵差異化優勢。

Powered by our AI-driven HyperConn technologies is seamlessly switched between terrestrial in-flight, home Wi-Fi, creating a unique global experience. It also enables satellite-based two-way messaging and emerging SOS, extending connectivity from ocean to the earth. We expect this product to reach commercial deployment in the second quarter of year 2026.

在我們 AI 驅動的 HyperConn 技術加持下，可在地面、機上與家用 Wi‑Fi 之間無縫切換，打造獨特的全球體驗。它亦支援基於衛星的雙向訊息與新興的 SOS 功能，將連線能力從海洋延伸至地球各處。我們預期該產品將於 2026 年第二季達成商業部署。

Looking behind its market potential, the MeowGo G50 Max not only represent our high-end brand aspiration, but also focus on driving increased sales and elevating our brand across the entire portfolio of mobile connectivity solutions. Looking ahead, we remain in the early high-growth stages of our transformation. Throughout 2026, we will continue investing strategically in our new growth engines.

回顧其市場潛力，MeowGo G50 Max 不僅代表我們對高端品牌的追求，也著重於推動銷售成長，並在整個行動連線解決方案產品組合中提升我們的品牌影響力。展望未來，我們仍處於轉型的早期高速成長階段。於 2026 年全年，我們將持續對新的成長引擎進行策略性投資。

The strong market validation from MWC 2026 and CES 2026, positive PetPogo beta feedback and the sustained momentum in GlocalMe IoT demonstrate how our diversified business strategy remains firmly on track. Looking at the coming quarters, we expect our traditional business to gradually stabilize, reaching a level where further downside is limited.

MWC 2026 與 CES 2026 所帶來的強勁市場驗證、PetPogo 測試版的正面回饋，以及 GlocalMe IoT 的持續動能，皆顯示我們多元化的業務策略仍穩健推進。展望未來幾個季度，我們預期傳統業務將逐步趨於穩定，達到下行空間有限的水準。

At the same time, our new business line will continue to grow, driven by ongoing product ramp-ups and the market adoption. Together, if this momentum, our traditional business stabilizing and our new business scaling up continues as we expect. It is expected to further offset the external headwinds that had impacted our performance. As a result, we believe the second quarter of 2026 will be a turning point in our overall business trajectory with a return to positive year-over-year growth.

同時，在持續的產品放量與市場採用的帶動下，我們的新業務線將持續成長。綜合而言，若此動能、我們傳統業務的穩定，以及新業務的規模化如我們預期般延續，預計將進一步抵銷先前影響我們表現的外部逆風。因此，我們相信 2026 年第二季將成為整體業務走勢的轉折點，並恢復年對年正成長。

We are building towards sustainable growth by scaling our user base globally and bridging the digital device in cross-border connectivities as well as the emotional distance between people and their pets while creating long-term value for our shareholders. With that disciplined optimism in mind, we are confident that we have the right strategy in place to drive sustainable growth going forward. For the second quarter of 2026, we expect total revenues to be between USD19.5 million and USD22.5 million, representing an increase of 0.5% to 16% compared to the same period of year 2021.

我們正透過在全球擴大用戶基礎、縮短跨境連線中的數位裝置落差，以及拉近人與寵物之間的情感距離，來打造可持續成長，同時為股東創造長期價值。秉持審慎而樂觀的態度，我們有信心已具備正確的策略以推動未來的可持續成長。就 2026 年第二季而言，我們預期總營收介於 1,950 萬美元至 2,250 萬美元之間，較 2021 年同期成長 0.5% 至 16%。

I will now turn the call over to Mr. Shi.

我現在把電話會議交給施先生。

Thank you, Mr. Chen, and hello, everyone. I will go over our operational and financial highlights for the first quarter 2026. Average daily active user DAU and monthly active user MAU represents the average number of unique users engaging with our Global Me service on a daily and a monthly basis, respectively.

謝謝陳先生，大家好。我將回顧我們 2026 年第一季的營運與財務重點。平均日活躍用戶（DAU）與月活躍用戶（MAU）分別代表每日與每月與我們 Global Me 服務互動的獨立用戶平均數。

Both metrics show strong growth momentum in the first quarter. Average DAU in the first quarter were 354,789, representing an increase of 10.2% from 321,836 in the first quarter of 2025. GlocalMe IoT, GlocalMe SIM and GlocalMe Life all delivered significant gains with average DAU up 246.5%, 193.6% and 559.9%, respectively, from the same period last year.

兩項指標在第一季皆展現強勁成長動能。第一季平均 DAU 為 354,789，較 2025 年第一季的 321,836 成長 10.2%。GlocalMe IoT、GlocalMe SIM 與 GlocalMe Life 皆取得顯著增長，平均 DAU 分別較去年同期成長 246.5%、193.6% 與 559.9%。

Average DAUs from our GlocalMe MeowGo business declined by 5.8% year-over-year. Average MAUs were 337, 274, representing an increase of 6% from 695, 599 in the first quarter of 2025. Average MAUs from our GlocalMe IoT, GlocalMe SIM and GlocalMe Life business saw increase of 142.1%, 76.8% and 609%, respectively, from the same period last year.

我們 GlocalMe MeowGo 業務的平均 DAU 年對年下降 5.8%。平均 MAU 為 337,274，較 2025 年第一季的 695,599 成長 6%。我們 GlocalMe IoT、GlocalMe SIM 與 GlocalMe Life 業務的平均 MAU 分別較去年同期成長 142.1%、76.8% 與 609%。

Average MAUs from our GlocalMe MeowGo business decreased by 7.3% year-over-year. In the first quarter 2026, average DATs were 327,615 with 13,414 owned by the company and 314,201 not owned by the company, representing an increase of 6.1% for the first quarter 2025. During the quarter, 58.6% of DATs were from uCloudlink 1.0 international data connectivity service and 41.4% were from uCloudlink 2.0 local data connectivity service.

我們 GlocalMe MeowGo 業務的平均 MAU 年對年下降 7.3%。2026 年第一季，平均 DAT 為 327,615，其中公司自有 13,414、非公司自有 314,201，較 2025 年第一季成長 6.1%。本季 DAT 中，58.6% 來自 uCloudlink 1.0 國際數據連線服務，41.4% 來自 uCloudlink 2.0 本地數據連線服務。

In March 2026, the average daily data usage per terminal was 1.57 gigabyte. Average MATs in the first quarter were 702, 805, representing an increase of 7.7% from 652,810 in the first quarter of 2025. Growth was driven by strong momentum across our three new growth engines with average MAD for GlocalMe IoT, GlocalMe SIM and GlocalMe Live increasing 135%, 74.1% and 806.1%, respectively.

2026 年 3 月，每個終端的平均每日數據用量為 1.57GB。第一季平均 MAT 為 702,805，較 2025 年第一季的 652,810 成長 7.7%。成長主要由三個新成長引擎的強勁動能帶動，其中 GlocalMe IoT、GlocalMe SIM 與 GlocalMe Live 的平均 MAD 分別成長 135%、74.1% 與 806.1%。

From the same period last year, average MAD from GlocalMe MeowGo business, which we previously referred to as GlocalMe mobile fixed broadband business decreased by 4.1% year-over-year. Our platform is a newly launched service, we only just began to see user adoption and engagement grow during the quarter. In the first quarter, average DAU and MAUs were 1,097 and 1,397, respectively, while average DATs and MATs for platform reached 368 and 789, reflecting the growing traction of this new offering.

相較去年同期，GlocalMe MeowGo 業務（我們先前稱為 GlocalMe 行動固定寬頻業務）的平均 MAD 年對年下降 4.1%。我們的平台為新推出的服務，本季才剛開始看到用戶採用與互動提升。第一季，平均 DAU 與 MAU 分別為 1,097 與 1,397；而平台的平均 DAT 與 MAT 分別達到 368 與 789，反映此新產品的牽引力正在增強。

As of March 31, 2026, the company had 212 patents with 183 approved and 29 pending approval and a pool of SIM card from 397 MNOs globally. Total revenue for the first quarter of 2026 were USD69.9 million, representing a decrease of 10.1% from USD18.7 million in the same period 2025.

截至 2026 年 3 月 31 日，公司共擁有 212 項專利，其中 183 項已獲核准、29 項待核准，並擁有來自全球 397 家行動網路營運商（MNO）的 SIM 卡資源池。2026 年第一季總營收為 6,990 萬美元，較 2025 年同期的 1,870 萬美元下降 10.1%。

Revenue from service were USD13.3 million, representing a decrease of 6.3% from USD14.2 million in the same period 2025. Revenue from service contributed 79.9% of total revenue during the first quarter of 2026 compared to 75.7% in the same period last year. Geographically speaking, during the first quarter 2026, Japan contributed 32% Mainland China contributed 30.3%.

服務收入為 1,330 萬美元，較 2025 年同期的 1,420 萬美元下降 6.3%。2026 年第一季服務收入占總營收的 79.9%，去年同期為 75.7%。以地區來看，2026 年第一季日本貢獻 32%，中國大陸貢獻 30.3%。

North America contributed 70.3% and other countries and regions contributed the remaining 20.4% compared to 40.4%, 31.2%, 12.9% and 15.5%, respectively, in the same period 2025. Our gross profit was USD8.3 million compared to USD9.7 million in the same period 2025. Overall gross margin in the first quarter of 2026 was 49.1% compared to 51.7% in the same period 2025.

北美貢獻 70.3%，其他國家與地區合計貢獻其餘 20.4%；而 2025 年同期上述占比分別為 40.4%、31.2%、12.9% 與 15.5%。我們的毛利為 830 萬美元，2025 年同期為 970 萬美元。2026 年第一季整體毛利率為 49.1%，2025 年同期為 51.7%。

Gross margins on service was 54.5% in the first quarter 2026 compared to 57.3% in the same period 2025. Excluding share-based compensations, total operating expenses were USD10.8 million compared to USD9.9 million in the same period 2025. Net loss in the first quarter of 2026 was USD3.5 million compared to a net loss of USD0.6 million in the same period 2025.

2026 年第一季服務毛利率為 54.5%，2025 年同期為 57.3%。剔除股份基礎薪酬後，總營運費用為 1,080 萬美元，2025 年同期為 990 萬美元。2026 年第一季淨虧損為 350 萬美元，2025 年同期淨虧損為 60 萬美元。

Adjusted EBITDA was negative USD2.0 million in the first quarter 2026 compared to a positive USD1.4 million in the same period 2025. For the first quarter of 2026, we record an operating cash outflow of USD8.7 million compared to an inflow of USD0.2 million in the same period of 2025. For the first quarter 2026, our capital expenditure were USD30,000 compared to USD300,000 in the same period 2025.

2026 年第一季調整後 EBITDA 為負 200 萬美元，2025 年同期為正 140 萬美元。2026 年第一季，我們錄得經營活動現金流出 870 萬美元，2025 年同期為流入 20 萬美元。2026 年第一季資本支出為 3 萬美元，2025 年同期為 30 萬美元。

Turning to balance sheet items. Our cash and cash equivalents were USD28 million as of March 31, 2026, compared to USD32.8 million as of December 31, 2025. We continue to strengthen our financial position and believe we are well positioned to drive continued growth in our business.

接下來談談資產負債表項目。截至2026年3月31日，我們的現金及現金等價物為2,800萬美元，較截至2025年12月31日的3,280萬美元有所下降。我們持續強化財務狀況，並相信我們已做好充分準備，能推動業務持續成長。

So operator, let's open it up for Q&A. Thanks.

那麼，接線員，讓我們開放進入問答環節。謝謝。

(Operator Instructions)

（接線員指示）

Theodore O'Neill, Litchfield Hills Research.

Theodore O'Neill，Litchfield Hills Research。

Thank you for taking my questions. My first question is about the G50 MAX. And in your prepared remarks, you're talking about this being interesting to the market that's in conflict zones. And I'm hoping that it's a shrinking market, not a growing market. So could you talk about some other markets where this G50 Max would be appropriate? And I think you mentioned SC, and I'm thinking perhaps very remote rural areas as well.

謝謝讓我提問。我的第一個問題是關於G50 MAX。在你們的事先準備發言中，你們提到這款產品對處於衝突地帶的市場很有吸引力。我希望那是一個正在縮小、而不是正在擴大的市場。所以你們能否談談還有哪些市場適合這款G50 Max？我想你們提到了SC，我也在想也許非常偏遠的鄉村地區也適用。

Yes. So our GMAX is our high-end product. It's 5G. We can roll out 5G in over 100 countries. That's most popular, we can offer 5G in the world. So compare like the other -- our competitors like AT&T, maybe just 75. So the first advantage is we can provide a maximized coverage of 5G worldwide. That's first.

是的。我們的GMAX是高階產品，支援5G。我們可以在超過100個國家提供5G服務。這是最受歡迎的——我們能提供全球範圍內的5G。相比之下，我們的競爭對手例如AT&T，可能只能覆蓋約75個國家。所以第一個優勢是，我們能提供全球最大化的5G覆蓋。這是第一點。

And the second, we can provide about certified airline for the in-cabin 4G, 5G connection. The second, that means the business traveler in the air cabin, they can serve. And then it's about the satellite SOS and the messaging. So no matter you are in the outdoor or in the conflict area, you can get -- you never lost the connection.

第二，我們可以提供已通過航空公司認證的機艙內4G、5G連線。這意味著商務旅客在機艙內也能使用。再來是衛星SOS與訊息功能。所以不論你在戶外或在衝突地區，你都能保持——永遠不會失去連線。

And number four is if you are in the office and at home, of course, you can get WiFi available. But WiFi sometimes is not reliable, sometimes is unreliable -- during this case, we can backup by the 5G and 4G with the multi-carrier that enable your remote work and remote study and remote meeting network fell down. So we balance the best coverage and the best tariff.

第四，如果你在辦公室或在家，當然也可以使用Wi‑Fi。但Wi‑Fi有時不可靠，有時會不穩定——在這種情況下，我們可以透過多電信商的5G與4G作為備援，讓你的遠端工作、遠端學習、遠端會議在網路掉線時仍可運作。所以我們在最佳覆蓋與最佳資費之間取得平衡。

So that means one device and one account, you can enjoy the global best coverage and the best tariff. So that's why we believe that one device for every scenario. Not only at home at all base, so the people have to bring the multi-device, multi-package home WiFi in-cabin WiFi, we have leveraging eSim or local multi-carrier tariff, then you can get the similar coverage and solution. And now with our solution one device, simply one device, one account, you can get the best coverage and the tariff. That's our purpose.

這表示只要一台裝置、一個帳號，你就能享有全球最佳覆蓋與最佳資費。這也是為什麼我們相信一台裝置可應對所有情境。不只是家中或各種場景，人們不必攜帶多台裝置、購買多種方案（家用Wi‑Fi、機艙Wi‑Fi等）。我們運用eSIM或本地多電信商資費，你就能獲得類似的覆蓋與解決方案。而現在透過我們的一體化方案——一台裝置、簡單一台裝置、一個帳號——你就能得到最佳覆蓋與資費。這就是我們的目標。

Okay. My next question is about the in-car infotainment and security cameras. Can you give us any more detail about the actual market share or the growth of that exposure of that business?

好的。我的下一個問題是關於車載資訊娛樂與安防攝影機。你們能否提供更多細節，例如實際市占率或該業務曝險的成長情況？

Yes. I think that's about our IoT business. We embed our cloud SIM and HyperConn solution into the in-car infotainment and that's CarPlay. Majorly CarPlay devices -- major car play devices come from China. Major top 10, the partners all embed our solution. That means plug our -- this CarPlay device not only can get the entertainment in the car, but also can get the network in the car. So almost the top 10 these providers all use our solution. So that's for car infotainment.

是的。我認為這屬於我們的IoT業務。我們把雲SIM與HyperConn解決方案嵌入到車載資訊娛樂，也就是CarPlay。主要的CarPlay裝置——主要的車載CarPlay裝置來自中國。前十大合作夥伴都嵌入了我們的解決方案。這意味著插上我們的——這些CarPlay裝置不僅能在車內提供娛樂，也能在車內提供網路連線。幾乎前十大供應商都使用我們的方案。這就是車載資訊娛樂部分。

And for the camera, so I think now more and more 4G camera, they use -- in the traditional, they need a SIM card inside. That means if the carrier network has some problem or coverage adjustment, you have to go to the high place to replace SIM card for the camera is very uncommon. But with our solutions, because 4G is more popular, the price is similar like Wi-Fi camera. You can see the 4G camera, the volume of the market share in the camera market is bigger and bigger.

至於攝影機方面，我認為現在越來越多4G攝影機在使用——傳統上它們需要在裡面放一張SIM卡。這表示如果電信商網路出現問題或覆蓋調整，你就得爬到高處去更換攝影機的SIM卡，這非常不方便。但使用我們的方案，因為4G更普及、價格也與Wi‑Fi攝影機相近，你會看到4G攝影機在整體攝影機市場中的出貨占比越來越大。

So for this -- for the 4G camera, I think the currently, more and more support from China provider embed our software solution into their camera. That means the user -- end user still can use the SIM slot to put into SIM card. But it's expensive and coverage is good. But use our solution not only get a benefit from the better tariff, but also can get cross-carrier coverage.

因此，對於這——對於4G攝影機，我認為目前越來越多來自中國的供應商把我們的軟體解決方案嵌入到他們的攝影機中。這表示使用者——終端使用者仍然可以使用SIM卡槽插入SIM卡。但那樣成本較高，且覆蓋雖好；而使用我們的方案不僅能享有更好的資費，也能獲得跨電信商的覆蓋。

And that -- you can see our market share in this market grows dramatically. So you can see that our installation volume is about 3.9 million pieces for shipment. In the six months later, they will turn into the package and with our -- in operation about from shipment to the user and adopt our solution needs six months. So you can see six months later, we will get more user -- far more users than currently.

而且——你可以看到我們在這個市場的市占率成長非常顯著。我們的安裝量（出貨量）約為390萬台。大約六個月後，這些出貨會轉化為方案用戶；從出貨到終端用戶使用並採用我們的解決方案，通常需要六個月。因此你可以看到，六個月後，我們的用戶數將遠高於目前。

And my last question is about supply chain issues. You mentioned in the prepared remarks about memory prices being a headwind. But I was also wondering, are you seeing any supply chain issues in terms of availability?

我最後一個問題是關於供應鏈問題。你們在事先準備發言中提到記憶體價格上漲是一個逆風。但我也想問，你們在供應可得性方面是否也看到任何供應鏈問題？

Yes, I think compared to last year, memory chip is almost 5 to 10 times higher. So that's heavy impact -- I think the cost of the device. So we have many -- we think a lot of ways. One side, we have a lot of deficit, we have -- but also we try to redesign to reduce the memory size and to lower the cost.

是的。我認為與去年相比，記憶體晶片價格幾乎高了5到10倍。這對——我認為對裝置成本造成很大影響。所以我們採取了很多——我們想了很多方法。一方面，我們有很多缺口，我們有——但同時我們也嘗試重新設計，以降低記憶體容量並降低成本。

And also, we're looking the instead of the Chinese local memory. So all these, we can overcome some part of the memory price going up, but we can't offset the total because the price is too high. That's definitely with some impact to our selling price. You can see our -- not only 2B and 2C selling price for the device is higher, about 20%, 30% up than compared last year.

另外，我們也在評估改用中國本地記憶體。透過這些方式，我們可以在一定程度上克服記憶體價格上漲的影響，但無法完全抵消，因為價格實在太高。這確實會對我們的售價造成影響。你可以看到，我們——不僅是2B與2C端，裝置的售價都更高，較去年上漲約20%到30%。

Thank you very much.

非常感謝。

(Operator Instructions)

（接線員指示）

As there are no further questions at this time, I would like to hand the call back over to Mr. Gao for any closing remarks. Please go ahead.

由於目前沒有進一步的提問，我想把電話交回給高先生，請他做結語。請開始。

Thank you once again for joining us today. If you have further questions, please feel free to contact uCloudlink's Investor Relations through the contact information provided on our website or speak to our Investor Relations firm. Persistent Advisory. We look forward to speaking with you all again on our next quarterly call. Thank you.

再次感謝各位今天參與。如果您有進一步問題，歡迎透過我們網站所提供的聯絡資訊聯繫uCloudlink投資人關係部門，或與我們的投資人關係顧問公司Persistent Advisory聯繫。我們期待在下一次季度電話會議再與各位交流。謝謝。

That does conclude our conference for today. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。