Ucloudlink Group Inc (UCL) 2026 Q2 法說會逐字稿

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

感謝您耐心等候，歡迎參加 uCloudlink 2026 年第二季財報電話會議。(接線員指示)

I would now like to hand the conference over to Mr. Daniel Gao, Company IR. Please go ahead.

現在我想把會議交給公司投資人關係（IR）的 Daniel Gao 先生。請開始。

Thank you. Hello, everyone, and thank you for joining us on uCloudlink's second quarter 2026 earnings call. The earnings release and our earnings presentation are now available on our IR website at ir.ucloudlink.com.

謝謝。各位好，感謝各位參加 uCloudlink 2026 年第二季財報電話會議。新聞稿與財報簡報現已發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；以及財務長施一萌先生。陳先生將先概述近期業務亮點。接著施先生將說明本季的財務與營運重點。在隨後的問答環節，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 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之已知與未知風險、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之結果、表現或預期存在重大差異。

All forward-looking statements are expressly qualified in their entirety 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上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陳述、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 audited non-GAAP financial measures. uCloudlink's press release contains regulations of their unaudited non-GAAP measures to their most directly comparable unaudited GAAP measures.

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之 GAAP 財務資訊以及經審計之非 GAAP 財務衡量指標的討論。uCloudlink 的新聞稿載有其未經審計之非 GAAP 指標與最直接可比之未經審計 GAAP 指標之對照調節。

I will now turn the call over to Mr. Chen. Please go ahead.

現在我把電話會議交給陳先生。請開始。

Thank you, Daniel. Good morning or good evening, everyone. Total revenues for the quarter were USD 18.2 million, reflecting the continued impact of macroeconomic headwinds, geopolitical tensions affecting outbound travel from China and a significant surge in memory chip costs. Our uCloudlink 1.0 international data connectivity services remained under pressure from these factors.

謝謝你，Daniel。各位早安或晚安。本季總營收為 1,820 萬美元，反映宏觀經濟逆風持續、中國出境旅遊受地緣政治緊張影響，以及記憶體晶片成本大幅飆升的顯著衝擊。我們的 uCloudlink 1.0 國際數據連線服務在上述因素下仍承受壓力。

However, this impact is increasingly being offset by the rapid scaling of our uCloudlink 2.0 local data connectivity business, which delivered strong growth, particularly from our GlocalMe IoT business. We expect our uCloudlink 2.0 and the new business lines to fully offset the continued contraction in our 1.0 international business by the third quarter as we continue to execute on our strategic priorities.

然而，這些影響正逐步被我們 uCloudlink 2.0 本地數據連線業務的快速擴張所抵消，該業務實現強勁成長，尤其來自 GlocalMe IoT 業務。隨著我們持續落實策略重點，我們預期 uCloudlink 2.0 及新業務線將在第三季完全抵消 1.0 國際業務持續收縮的影響。

We continue to see strong momentum across our new product portfolio during the second quarter. GlocalMe IoT and UniCord Pro, in particular, gained solid traction with revenue contribution steadily increasing as the transition out of the initial market ramp-up phase, each with key strategic milestones during the quarter, positioning us well for accelerated commercialization going forward.

第二季我們的新產品組合持續展現強勁動能。其中 GlocalMe IoT 與 UniCord Pro 尤其獲得良好市場牽引，隨著逐步走出初期市場導入爬坡階段，營收貢獻穩定提升；兩者在本季均達成關鍵策略里程碑，為未來加速商業化奠定良好基礎。

Across our new growth engine, revenues from GlocalMe IoT and SIM increased by 392.4% and 78% year-over-year, respectively. To drive early adoption and fuel market leadership, we maintained an elevated level of investment in market for the PetPhone and PetPhone ecosystem during the quarter.

在我們新的成長引擎中，GlocalMe IoT 與 SIM 的營收分別年增 392.4% 與 78%。為推動早期採用並鞏固市場領先地位，本季我們維持對 PetPhone 及 PetPhone 生態系的較高市場投入水準。

I will now review the highlights for each of our key business lines. I will start with the GlocalMe IoT, which saw its installed base expanded further with month reorder now contributing meaningfully to revenue and business operating profitability on a consistent basis. In the second quarter, revenue from the GlocalMe IoT grew 392.4% year-over-year.

接下來我將回顧各主要業務線的亮點。首先是 GlocalMe IoT，其裝機量進一步擴大，且月度續訂（reorder）已對營收與業務營運獲利能力帶來具意義的貢獻，並持續穩定發生。第二季 GlocalMe IoT 營收年增 392.4%。

Our total installed base reached 3.34 million units and MAU grew 210% year-over-year. User adoption is growing rapidly across key verticals as we further solidify our position in high-growth sectors, including in-car infotainment and security cameras.

我們的總裝機量達到 334 萬台，月活躍用戶（MAU）年增 210%。隨著我們在車載資訊娛樂與安防攝影機等高成長領域進一步鞏固地位，用戶採用在關鍵垂直領域快速成長。

Moving on to our PetPhone ecosystem, which has undergone to a comprehensive upgrade into a dedicated pet AI agent. Building on the AI-powered plus social model, we pioneered in the first quarter. This marks a major step forward in functionality and performance with redefining AI-powered communication between humans and their pets.

接著談到我們的 PetPhone 生態系，已完成全面升級，轉型為專屬的寵物 AI 代理（AI agent）。在第一季我們率先推出的「AI 驅動 + 社交」模式基礎上持續深化。這代表在功能與效能上的重大躍進，重新定義人與寵物之間的 AI 驅動溝通方式。

The agent can precisely sense pet's conditions and emotional state and intelligently support owners at every stage of care from prevention through real-time response and engagement, delivering a seamless pet care experience. This powerful agent creates enormous opportunities across pet healthy, veterinary care, pet safety and the pet data analytics, each of which we see a source of new value creation.

該代理可精準感知寵物的身體狀況與情緒狀態，並在照護的每個階段——從預防到即時回應與互動——智慧化支援飼主，提供無縫的寵物照護體驗。這一強大的代理在寵物健康、獸醫照護、寵物安全以及寵物數據分析等領域創造龐大機會；我們認為每一項都是新的價值創造來源。

As we -- as consumer acceptance of AI pet services grows, we expect to build both valuable data asset and a leading position in pet AI. We are now expanding our pet AI capabilities across communication, safety and health management. On the market front, we have made significant progress in branding and promotional efforts, generating substantial external attention with select content pieces reach tens of millions of views in major platforms such as TikTok, Instagram, et cetera. We look forward to achieving even greater breakthrough in the second half of the year.

隨著消費者對 AI 寵物服務的接受度提升，我們預期將建立具價值的數據資產，並在寵物 AI 領域取得領先地位。我們目前正將寵物 AI 能力擴展至溝通、安全與健康管理等面向。在市場端，我們在品牌與推廣方面取得顯著進展，並獲得大量外部關注；部分內容在 TikTok、Instagram 等主要平台的觀看次數達到數千萬。我們期待在下半年取得更大的突破。

Turning to our GlocalMe Life and SIM business lines where our strategy is beginning to generate results. GlocalMe Life Solutions saw DAU growth exploded, increasing by 801.6% year-over-year, reflecting strong market adoption of the new product line. GlocalMe SIM continued to steadily expand as well with DAU increasing 132% year-over-year.

再來看 GlocalMe Life 與 SIM 兩條業務線，我們的策略已開始產生成果。GlocalMe Life Solutions 的日活躍用戶（DAU）成長爆發，年增 801.6%，反映市場對新產品線的強勁採用。GlocalMe SIM 亦持續穩健擴張，DAU 年增 132%。

Our eSIM solution is gaining strong momentum, leading the market in China and building market share steadily across East Asia and wider Asia Pacific region. Together, this result shows two product lines at a different stage of maturity with GlocalMe Life growing rapidly with exceptional triple-digit growth and GlocalMe SIM scaling consistently.

我們的 eSIM 解決方案動能強勁，在中國市場領先，並在東亞及更廣泛的亞太地區穩步提升市占率。整體而言，這些結果顯示兩條產品線處於不同成熟階段：GlocalMe Life 以卓越的三位數增長快速成長，而 GlocalMe SIM 則持續穩定擴張。

Our premium MeowGo G50 Max is the world pioneer leading Sky-to-Ground integrated mobile connectivity hub, delivering seamless connectivity across satellite, flight and ground networks. It offers the broadest 5G countries coverage in the industry, spanning nearly 100 countries and have been reliable across a wide range of scenarios from the urban environment to in-flight travel.

我們的高階產品 MeowGo G50 Max 是全球首創、領先的「天—空—地」一體化行動連線樞紐，可在衛星、飛行與地面網路間提供無縫連線。其提供業界最廣的 5G 國家覆蓋，涵蓋近 100 個國家，並在從城市環境到機上旅行等多種情境中展現可靠性。

Powered by our AI HyperConn technology, the G50 Max has built a market-leading position in the USD 500 plus premium MiFi segment and has set a new benchmark for premium mobile connectivity solutions. While our uCloudlink 1.0 international data connectivity business has been affected by macro headwind, this same condition has created new opportunities for the G50 Max and the premium solution, driving demand from the resilient, reliable connectivity in critical environments.

在我們 AI HyperConn 技術驅動下，G50 Max 已在 500 美元以上的高階 MiFi 細分市場建立市場領先地位，並為高階行動連線解決方案樹立新標竿。儘管 uCloudlink 1.0 國際數據連線業務受到宏觀逆風影響，但同樣的環境也為 G50 Max 與高階解決方案創造新機會，推動在關鍵環境中對具韌性、可靠連線的需求。

We also made solid progress and created new and strong revenue with our newly launched 4G and 5G CPE product during the second quarter for local connectivity services. Both have demonstrated stable performance and successfully passed smaller batch market validation, receiving positive market feedback.

我們亦取得了扎實進展，並於第二季透過新推出的 4G 與 5G CPE 產品，在本地連線服務方面創造了新的且強勁的營收來源。兩者皆展現穩定表現，並已成功通過小批量市場驗證，獲得正面的市場回饋。

Several large orders are currently under negotiation, and we expect to accelerate market deployment and drive stronger growth in Q3. We also achieved notable recognition during the quarter, winning the Customer Impact Award at the MVNOs World Awards in year 2026 and being shortlisted for Leading Consumer MVNO/Sub-Brand, further validating our technological leadership and market positioning.

目前正就數筆大型訂單進行洽談，我們預期將於第三季加速市場部署並帶動更強勁的成長。我們亦於本季獲得顯著肯定，於 2026 年 MVNOs World Awards 榮獲「Customer Impact Award」，並入圍「Leading Consumer MVNO/Sub-Brand」，進一步驗證我們的技術領先地位與市場定位。

Looking ahead, we remain focused on strengthening operational management and cost discipline, with a clear priority on improving cash flow. Together, with the ongoing commercial progress of the PetPhone AI and social PetPhone, the ramp-up of MeowGo G50 Max and the continued expansion of GlocalMe IoT, CPE R50 and R55, we believe these efforts will position us to navigate the current market environment and emerge stronger.

展望未來，我們將持續聚焦於強化營運管理與成本紀律，並明確以改善現金流為優先事項。同時，隨著 PetPhone AI 與社交 PetPhone 的商業化進展持續推進、MeowGo G50 Max 的放量爬坡，以及 GlocalMe IoT、CPE R50 與 R55 的持續擴張，我們相信這些努力將使我們能夠因應當前市場環境並以更強姿態脫穎而出。

We remain committed to bridging the digital divides in cross-border connectivity as well as the emotional distance between people and their pets, while creating long-term value for our shareholders. With the disciplined optimism in mind, we are confident that we have the right strategy in place to drive sustainable growth going forward. I will now turn the call over to Mr. Shi.

我們仍致力於彌合跨境連線的數位落差，以及拉近人與其寵物之間的情感距離，同時為股東創造長期價值。秉持審慎且樂觀的態度，我們有信心已制定正確策略，以推動未來的可持續成長。接下來我將把電話會議交給施先生。

Thank you, Mr. Chen. Hello, everyone. I will go over our operational and financial highlights for the second quarter of 2026. Average daily active user, DAU, and monthly active users, MAUs, represent average number and unique users engaging with our GlocalMe service on a daily and monthly basis, respectively. Those metrics record robust growth in the second quarter.

謝謝您，陳先生。各位好。我將回顧我們 2026 年第二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 GlocalMe 服務互動的平均人數與不重複用戶數。這些指標在第二季錄得強勁成長。

Average DAUs in the second quarter were 376,376, representing an increase of 13.3% from 332,323 in the second quarter of 2025. GlocalMe IoT, GlocalMe SIM and GlocalMe Life all achieved substantial growth with average DAUs up 277.3%, 132% and 801.6%, respectively, for the same period last year. Average DAU from our GlocalMe MeowGo business declined by 7.3% year-over-year.

第二季平均 DAU 為 376,376，較 2025 年第二季的 332,323 成長 13.3%。GlocalMe IoT、GlocalMe SIM 與 GlocalMe Life 的平均 DAU 分別較去年同期成長 277.3%、132% 與 801.6%，皆實現大幅成長。GlocalMe MeowGo 業務的平均 DAU 則年減 7.3%。

Average MAUs were 744,966, representing an increase of 6.6% from 698,862 in the second quarter of 2025. Average MAUs from our GlocalMe IoT, GlocalMe SIM and GlocalMe Life business line saw increase of 210%, 53.8% and 599.7%, respectively, from the same period last year.

平均 MAU 為 744,966，較 2025 年第二季的 698,862 成長 6.6%。GlocalMe IoT、GlocalMe SIM 與 GlocalMe Life 業務線的平均 MAU 分別較去年同期成長 210%、53.8% 與 599.7%。

Average MAU from our GlocalMe MeowGo business decreased by 10.1% year-over-year. In the second quarter of 2026, average DATs were 341,511 with 12,763 owned by the company and 328,748 not owned by the company, representing an increase of 7.4% from the second quarter of 2025.

GlocalMe MeowGo 業務的平均 MAU 年減 10.1%。2026 年第二季平均 DAT 為 341,511，其中公司自有 12,763、非公司自有 328,748，較 2025 年第二季成長 7.4%。

During the quarter, 56.3% of DATs were from uCloudlink 1.0 international data connectivity service and 43.7% were from uCloudlink 2.0 local data connectivity service. In June 2026, the average daily data usage per terminal was 1.5 gigabyte. Average MATs in the second quarters were 306,382 (sic -- 706,382), representing an increase of 6.5% from 663,197 in the second quarter of 2025.

本季 DAT 中，56.3% 來自 uCloudlink 1.0 國際數據連線服務，43.7% 來自 uCloudlink 2.0 本地數據連線服務。2026 年 6 月，每台終端的平均每日數據用量為 1.5 GB。第二季平均 MAT 為 306,382（原文如此——706,382），較 2025 年第二季的 663,197 成長 6.5%。

Growth was driven by strong momentum across our three new growth engines with average MATs from GlocalMe IoT, GlocalMe SIM, GlocalMe Life, increasing 93.6%, 35.4% and 843.2%, respectively, from the same period last year. Average MAT from GlocalMe MeowGo business decreased by 5.7% year-over-year.

成長主要由三個新成長引擎的強勁動能所帶動：GlocalMe IoT、GlocalMe SIM、GlocalMe Life 的平均 MAT 分別較去年同期成長 93.6%、35.4% 與 843.2%。GlocalMe MeowGo 業務的平均 MAT 年減 5.7%。

Following the stable growth last year, PetPhone continued to gain traction with user adoption and engagement increasing further during the quarter. In the second quarter, average DAU and MAUs were 1,519 and 1,845, respectively, while average DATs and MATs for PetPhone reached 507 and 1,028, reflecting the growing traction of this new offering.

在去年穩定成長的基礎上，PetPhone 持續獲得市場動能，本季用戶採用與互動度進一步提升。第二季 PetPhone 的平均 DAU 與 MAU 分別為 1,519 與 1,845；平均 DAT 與 MAT 分別達到 507 與 1,028，反映此新產品的牽引力持續增強。

As of June 30, 2026, the company had 212 patents with 184 approved and 28 pending approval, and a pool of SIM cards from 398 MNOs globally. Total revenue from the second quarter 2026 were USD 18.2 million, representing a decrease of 5.9% from USD 19.4 million in the same period 2025.

截至 2026 年 6 月 30 日，公司共擁有 212 項專利，其中 184 項已獲核准、28 項仍在審核中，並擁有來自全球 398 家行動網路營運商（MNO）的 SIM 卡資源池。2026 年第二季總營收為 1,820 萬美元，較 2025 年同期的 1,940 萬美元下降 5.9%。

Total revenue across different business lines were as follows: GlocalMe MeowGo business, USD 15.5 million (sic -- USD 15.4 million), representing a decrease of 13.1% from USD 17.9 million in the second quarter of 2025. GlocalMe SIM business, USD 1.3 million, representing an increase of 78% from USD 0.7 million in the second quarter of 2025.

各業務線營收如下：GlocalMe MeowGo 業務為 1,550 萬美元（原文如此——1,540 萬美元），較 2025 年第二季的 1,790 萬美元下降 13.1%。GlocalMe SIM 業務為 130 萬美元，較 2025 年第二季的 70 萬美元成長 78%。

GlocalMe IoT business, USD 0.8 million, representing an increase of 392.4% from USD 0.2 million in the second quarter of 2025. GlocalMe Life business, USD 0.5 million, representing a decrease of 21.1% from the USD 0.6 million in the second quarter 2025. PetPhone business, USD 0.2 million, representing an increase of 1,527.3% from USD 0.01 million in the second quarter of 2025.

GlocalMe IoT 業務為 80 萬美元，較 2025 年第二季的 20 萬美元成長 392.4%。GlocalMe Life 業務為 50 萬美元，較 2025 年第二季的 60 萬美元下降 21.1%。PetPhone 業務為 20 萬美元，較 2025 年第二季的 1 萬美元成長 1,527.3%。

Revenue from service were USD 13.3 million, representing a decrease of 9.2% from USD 14.6 million in the same period 2025. Revenue from service contributed to 72.9% of total revenue during the second quarter 2026 compared to 75.5% in the same period last year.

服務收入為 1,330 萬美元，較 2025 年同期的 1,460 萬美元下降 9.2%。2026 年第二季服務收入占總營收比重為 72.9%，去年同期為 75.5%。

Geographically speaking, during the second quarter 2026, Japan contributed 36%, mainland China contributed 30.3%, North Americas contributed 13.5% and other countries and regions contributed the remaining 20.2% compared to 33.6%, 33.2%, 15.3% and 17.9%, respectively, in the same period 2025.

以地區來看，2026 年第二季日本貢獻 36%，中國大陸貢獻 30.3%，北美貢獻 13.5%，其他國家與地區合計貢獻其餘 20.2%；相較之下，2025 年同期分別為 33.6%、33.2%、15.3% 與 17.9%。

Our gross profit was USD 9.2 million compared to USD 10.2 million in the same period of 2025. Overall gross margins in the second quarter of 2026 was 50.2% compared to 52.8% in the same period 2025. Gross margins on service were 59.1% in the second quarter 2026 compared to 56.6% in the same period 2025.

我們的毛利為 920 萬美元，2025 年同期為 1,020 萬美元。2026 年第二季整體毛利率為 50.2%，2025 年同期為 52.8%。2026 年第二季服務毛利率為 59.1%，2025 年同期為 56.6%。

Excluding share-based compensation, total operating expenses were USD 11.5 million compared to USD 10.1 million in the same period 2025. Net loss in the second quarter 2026 was USD 3 million compared to net income of USD 0.7 million in the same period 2025. Adjusted EBITDA was negative USD 1.8 million in the second quarter 2026 compared to a positive USD 1.4 million in the same period of 2025.

剔除股份基礎給付後，營業費用總額為 1,150 萬美元，2025 年同期為 1,010 萬美元。2026 年第二季淨損為 300 萬美元，2025 年同期為淨利 70 萬美元。2026 年第二季調整後 EBITDA 為負 180 萬美元，2025 年同期為正 140 萬美元。

For the second quarter of 2026, we record an operating cash outflow of USD 3 million compared to an outflow of USD 0.9 million in the same period 2025. For the same period -- second quarter 2026, our capital expenditure were USD 0.04 million compared to USD 0.2 million in the same period 2025.

2026 年第二季，我們錄得營運現金流出 300 萬美元，相較於 2025 年同期流出 90 萬美元。同一期間——2026 年第二季，我們的資本支出為 0.04 百萬美元，相較於 2025 年同期的 0.2 百萬美元。

Turning to balance sheet items. Our cash and cash equivalents were USD 25.2 million as of June 30, 2026, compared to USD 28 million as of March 31, 2026. We continue strengthening our financial position, and we believe we're well positioned to drive growth in our business.

接著看資產負債表項目。截至 2026 年 6 月 30 日，我們的現金及現金等價物為 2,520 萬美元，相較於截至 2026 年 3 月 31 日的 2,800 萬美元。我們持續強化財務狀況，並相信我們已具備良好條件推動業務成長。

Turning to our outlook. For the third quarter 2026, we expect total revenue to be between USD 19 million and USD 22 million, representing a decreased of 10.4% to an increase of 3.8% compared to same period of 2025. For the full year 2026, we now expect total revenue to be in the range of USD 75 million to USD 85 million compared with the range of USD 85 million to USD 100 million we previously announced.

接著談我們的展望。對於 2026 年第三季，我們預期總營收介於 1,900 萬至 2,200 萬美元之間，較 2025 年同期下降 10.4% 至成長 3.8%。對於 2026 全年，我們目前預期總營收將落在 7,500 萬至 8,500 萬美元區間，相較於我們先前公布的 8,500 萬至 1 億美元區間。

We are revising our full year's guidance in line of persistent macroeconomic challenge and global trade headwinds, which have had and may continue to have a broader impact across industries. These estimates reflect our current view on market and operating conditions and customer demand, which are subject to change. With that, operator, let's open it for Q&A.

鑑於持續的總體經濟挑戰與全球貿易逆風（已對各產業造成影響且可能持續擴大影響），我們正在下修全年指引。這些估計反映我們目前對市場與營運狀況及客戶需求的看法，且可能隨時變動。接下來，接線員，讓我們開放問答。

(Operator Instructions)

(接線員指示)

Thank you for taking my questions. I have two questions this morning. The first is about memory chips and sort of the supply chain and semiconductors in general. You cited here, which everyone has been seeing is memory chip cost increases. So what are you doing to ameliorate that? And are you seeing other issues in -- other supply chain issues in the semiconductor area as well?

感謝讓我提問。我今天早上有兩個問題。第一個是關於記憶體晶片，以及供應鏈與半導體整體情況。你們在此提到、也是大家都看到的，是記憶體晶片成本上升。所以你們正在採取哪些措施來緩解？另外，你們是否也在半導體領域看到其他供應鏈問題？

Yes, I think there are several impacts because I think the supply chain for chipset and AI volume demand for supply chain in China. For the memory chip, everyone know it's almost 5 to 10x increase. It impacts our sales price for our consumers -- our customers. So in the early quarter, we had -- we increased more storage, try to offset the price increasing first. That -- you can see that's why our cash flow was somewhat impact -- somehow impacted because we increased the memory chip storage first.

是的，我認為有幾個層面的影響，因為我認為晶片組的供應鏈，以及中國 AI 量產需求對供應鏈的拉動。就記憶體晶片而言，大家都知道幾乎上漲了 5 到 10 倍。這會影響我們對消費者——也就是我們客戶——的銷售價格。因此在前幾個季度，我們先增加了更多庫存（更多儲存容量/記憶體晶片備貨），嘗試先抵消價格上漲。你們也可以看到，這就是為什麼我們的現金流在某種程度上受到影響——因為我們先增加了記憶體晶片的備貨。

And the second, you can see we have to cover some cost -- chipset costs increasing. I think also in the second half year, we -- just about several months later, we increased our sale price, but we have to consider I think the customer, I think, acceptance for the price. That's number two.

第二點，你可以看到我們必須吸收部分成本——晶片組成本上升。我認為在下半年——大約幾個月之後——我們提高了售價，但我們必須考量客戶對價格的接受度。這是第二點。

And number three, and also, we have R&D revised for some large memory and expensive memory, we try to, I think, revise our hardware, try to minimize, I think, to reduce the memory requirements, it's number three.

第三點，我們也在研發上做了調整，針對一些大容量且昂貴的記憶體，我們嘗試調整硬體設計，盡量降低記憶體需求，這是第三點。

And finally, and also we -- also like PCB, like all these components extend -- I think the period and the cost also is going up. I think, indeed, this year is worse in supply chain for our product, for like MiFi, like our PetPhone to the -- and our [pet care] to the customer.

最後，像 PCB 等各種零組件，交期拉長——我認為週期延長且成本也在上升。我認為確實，今年我們產品的供應鏈情況更糟，像 MiFi、像我們的 PetPhone，以及我們的 [pet care] 產品交付給客戶方面。

My other question is about GlocalMe Life business. The -- here in the prepared remarks here, GlocalMe Life business revenue decreased year-over-year, but the average daily active users increased over the same period. So were they spending this money? I was wondering if you could explain why one is down, the other one is up.

我另一個問題是關於 GlocalMe Life 業務。在你們的事先準備講稿中，GlocalMe Life 業務營收年減，但同期間平均日活躍用戶數卻增加。所以他們有在花錢嗎？我想請你們解釋一下，為什麼一個下降、另一個上升。

Yes, sure. Yes, as this second quarter's figures, the Life's revenues increased in two parts. One part is the hardware's Life delivery to our customer. So that hardware's -- the volume of hardware delivery in the second quarter is a little bit down a bit. So that account for the total revenues a little bit down. But we delivered Life products in the past series quarters on a stable growth volume.

好的，當然可以。以第二季的數據來看，Life 的營收由兩部分構成。其中一部分是 Life 硬體交付給客戶。第二季硬體交付量略有下降。因此使得總營收略為下滑。但我們在過去幾個季度以穩定成長的交付量出貨 Life 產品。

And this Life product used to the local scenarios, local mobile broadband scenarios like our product charge cables that were very well welcome in Japan's local market. So the MAU figures reflect a cumulative active historical sold hardware of Life. So that cumulative MAU metrics has increased dramatically compared with last year. The two figures -- two metrics, one's revenue reflects the second quarter scenarios. The MAUs reflects the cumulative, the whole historical selling stories. Yes.

而這個 Life 產品主要用於本地情境、本地行動寬頻情境，例如我們的充電線產品在日本本地市場非常受歡迎。因此，MAU 數據反映的是 Life 歷史累計已售硬體所帶來的累積活躍量。所以相較去年，這個累積 MAU 指標大幅增加。這兩個數字——兩個指標——其中營收反映的是第二季的情境。MAU 反映的是累積的、整體歷史銷售的存量。是的。

Yes. I have more comment about this because for Life, on this product, I think because I just mentioned, as you mentioned, the supply chain impact by the AI industry because of the memory chip and the PCB, et cetera. That's why in the first quarter, before the price increase, we asked our customers to give more order.

是的。我還想補充一點，因為對於 Life 這個產品，我認為如我剛才提到、也如你所提到的，供應鏈受到 AI 產業影響，包含記憶體晶片與 PCB 等。因此在第一季、在漲價之前，我們請客戶下更多訂單。

And so far, I think this is why in the first quarter, we got more bigger order and the second quarter order is a little bit lower. In the second quarter, you can see the order is a little bit lower. That's because of the supply chain impact and the price increase. But the total first half year, we compared to the first half last year, it's increased dramatically.

到目前為止，我認為這就是為什麼第一季我們拿到更大的訂單，而第二季的訂單略低一些。第二季你可以看到訂單稍微少一點。這是因為供應鏈影響以及漲價。但就上半年整體而言，與去年上半年相比，成長非常顯著。

(Operator Instructions) There are no further questions at this time. I'll now hand back to Daniel Gao for closing remarks.

(接線員指示) 目前沒有進一步提問。我現在把電話交回給 Daniel Gao 作結語。

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

好的。再次感謝各位今天參與。若您有進一步問題，歡迎透過我們網站所提供的聯絡資訊與 uCloudlink 投資人關係部門聯繫，或與我們的投資人關係顧問公司 Christensen Advisory 聯絡。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 participating. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。

Thank you.

謝謝。