Xunlei Ltd (XNET) 2024 Q4 法說會逐字稿

(interpreted) Welcome, ladies and gentlemen, and thank you for your patience.

(翻譯)歡迎各位來賓，女士們，先生們，感謝各位的耐心。

You've joined Xunlei's fourth-quarter and fiscal year 2024 earnings conference call.

您已加入迅雷2024財年第四季及全年業績電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄音。

I would now like to turn the call over to the host, Investor Relations Manager, Ms. Luhan Tang.

現在，我想將電話轉給主持人、投資者關係經理唐璐涵女士。

Please go ahead.

請繼續。

Good morning, everyone, and thank you for joining Xunlei's Q4 and fiscal year 2024 earnings conference call.

大家早安，感謝大家參加迅雷第四季及2024財年財報電話會議。

With me today are Eric Zhou, CFO; and Li Li, Vice President of Finance.

今天和我一起的是財務長 Eric Zhou；以及財務副總裁李莉。

Our IR website has our earnings press release to supplement our prepared remarks during the call.

我們的 IR 網站上有我們的收益新聞稿，以補充我們在電話會議期間準備好的發言。

Today's agenda includes a prepared opening remark from Chairman and CEO, Mr. Jinbo Li, on Q4 operational highlights, followed by CFO Eric Zhou's presentation of financial results details of Q4 and fiscal year 2024 and revenue guidance for Q1 2025 before we open up the floor to your questions in the Q&A session.

今天的議程包括董事長兼首席執行官李金波先生就第四季度運營亮點發表的開場白，隨後首席財務官周志強將介紹第四季度和 2024 財年的財務業績細節以及 2025 年第一季度的收入指引，之後我們將在問答環節回答大家的提問。

Please note that this call is recorded and can be replayed on our IR website at ir.xunlei.com.

請注意，本次通話已被錄音，您可以在我們的 IR 網站 ir.xunlei.com 上重播。

Before we get started, I would like to take this opportunity to remind you that the discussion today will contain certain forward-looking statements made under the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995.

在我們開始之前，我想藉此機會提醒您，今天的討論將包含根據 1995 年美國私人證券訴訟改革法案的安全港條款做出的某些前瞻性陳述。

Such statements are based on our management's current expectations under existing market conditions and are subject to risks and uncertainties that are difficult to predict, which may cause actual results to differ materially from those made in the forward-looking statements.

此類陳述是基於我們管理階層在現有市場條件下的當前預期，並受到難以預測的風險和不確定性的影響，這可能會導致實際結果與前瞻性陳述中的結果有重大差異。

Please refer to our SEC filings for a more detailed description of the risk factors that may affect our results.

請參閱我們的美國證券交易委員會 (SEC) 文件，以獲得可能影響我們結果的風險因素的更詳細描述。

Xunlei assumes no obligation to update any forward-looking statements, except as required under applicable laws.

迅雷不承擔更新任何前瞻性聲明的義務，除非適用法律另有規定。

This call will be using both GAAP and non-GAAP financial measures.

本次電話會議將採用 GAAP 和非 GAAP 財務指標。

A reconciliation of non-GAAP to comparable GAAP measures can be found in our earnings press release.

在我們的收益新聞稿中可以找到非 GAAP 指標與可比較 GAAP 指標的對帳表。

Please note that all numbers are in US dollars, otherwise stated.

請注意，除非另有說明，所有數字均以美元為單位。

Now, the following is a prepared statement by Mr. Jinbo Li, Chairman and CEO of Xunlei Limited.

以下是迅雷有限公司董事長兼執行長李金波先生的演講稿。

(interpreted) Good morning and good evening, everyone.

（翻譯）大家早安，晚上好。

Thank you all for joining us today.

感謝大家今天的參與。

We're pleased to close 2024 with overall solid fourth-quarter operating results, and our revenue exceeded the upper end of our guidance range.

我們很高興以整體穩健的第四季度營運業績結束 2024 年，並且我們的收入超過了指導範圍的上限。

2024 was a year of resilience and strategic transformation, and a cornerstone of our success was the record-breaking 6.38 million subscribers for our subscription business in Q4.

2024 年是韌性和策略轉型的一年，而我們成功的基石是第四季度訂閱業務訂閱用戶數量創紀錄地達到 638 萬。

I believe it is a testament of our ecosystem-driven strategy and partnerships with the industry-leading channel players in the mobile industry.

我相信這是我們生態系統驅動策略以及與行動產業領先通路參與者的合作關係的證明。

These initiatives have not only expanded our user base but also enhanced the value we deliver across platforms.

這些措施不僅擴大了我們的用戶群，也提升了我們跨平台提供的價值。

However, the Q4 of last year was not without challenges.

然而，去年第四季也並非一帆風順。

In particular, we encountered intensified competition and pricing pressure in an evolving industry environment for our cloud computing business, especially in the latter part of the year.

特別是在今年下半年，我們的雲端運算業務在不斷變化的行業環境中面臨加劇的競爭和價格壓力。

After a prudent assessment, the company booked a non-cash goodwill impairment expense for the full amount of the goodwill on the balance sheet.

經過審慎的評估，該公司在資產負債表上對商譽全額確認了非現金商譽減損費用。

I'd like to mention that the goodwill impairment does not impact our cash position, operating cash flows, or future operations of the company.

我想說的是，商譽減損不會影響我們的現金狀況、營運現金流或公司的未來營運。

Now, I'd like to share with you some insights about our operations in Q4 2024.

現在，我想與大家分享一些有關我們 2024 年第四季營運的見解。

Our subscription business continues to demonstrate its pivotal role as a core asset and growth driver of our company.

我們的訂閱業務持續展現其作為公司核心資產和成長動力的關鍵作用。

In the fourth quarter, we generated $34.4 million in revenue, representing a 9% year-over-year increase and a 12% annual growth rate from 2023 to 2024.

第四季度，我們創造了 3,440 萬美元的收入，年增 9%，2023 年至 2024 年的年增率為 12%。

This sustained momentum, now spanning two consecutive years of double-digit annual growth, is underpinned by two fundamental strengths.

這種持續的發展動能目前已連續兩年實現兩位數的年增長率，其基礎是兩大根本優勢。

First, our tightly integrated business ecosystem has achieved remarkable success, with 77 of total paying subscribers opting for our premium subscription service, the highest level of membership we offer, which fosters user engagement across content consumption, accelerating tools, and community features.

首先，我們緊密整合的商業生態系統取得了顯著的成功，77%的付費用戶選擇了我們的高級訂閱服務，這是我們提供的最高級別的會員服務，可促進用戶在內容消費、加速工具和社群功能方面的參與。

Second, strategic alliance with leading mobile maker partners has enabled us to reach over 1 million new users who were previously beyond our coverage.

其次，與領先的行動製造商合作夥伴建立策略聯盟使我們能夠覆蓋先前超出覆蓋範圍的100多萬新用戶。

In essence, we are not only acquiring users but also collaborating with our partners to share community dynamics and technology, fostering mutual success.

本質上，我們不僅在獲取用戶，還與合作夥伴合作，分享社群動態和技術，促進共同成功。

Looking forward, we will continue to integrate advanced smart features to better meet users' needs and expand our market presence in pursuit for further growth.

展望未來，我們將繼續整合先進的智慧功能，以更好地滿足用戶需求，擴大我們的市場影響力，以實現進一步成長。

As I mentioned earlier, our performance was impacted by the notable decline in our cloud computing revenue.

正如我之前提到的，我們的業績受到雲端運算收入大幅下降的影響。

In the fourth quarter of 2024, cloud computing revenue fell 25.6% year over year and 10.1% quarter over quarter due to unfavorable industry conditions.

2024年第四季，由於產業狀況不利，雲端運算營收年減25.6%，季減10.1%。

After careful assessment, we decided to write off the full amount of the goodwill asset on the balance sheet.

經過仔細評估後，我們決定在資產負債表上全額註銷商譽資產。

The cloud computing sector has been encountering challenges such as heightened competition and pricing pressures, among other things.

雲端運算產業一直面臨競爭加劇、價格壓力等挑戰。

Moreover, macroeconomic factors, including industry development and changes in regulatory environment, have exacerbated these difficulties.

此外，產業發展、監管環境變化等宏觀經濟因素也加劇了這些困難。

These external pressures have made it challenging for the business to sustain previous growth rates, and we are exploring various options to mitigate its impact on our overall operations.

這些外部壓力使得業務維持先前的成長率變得十分困難，我們正在探索各種選擇來減輕其對我們整體營運的影響。

Now, let's move to our live streaming and IVAS business.

現在，我們來談談直播和 IVAS 業務。

In Q4, we generated $27.2 million in revenue, representing an 80.7% year-over-year increase.

第四季度，我們的營收為 2,720 萬美元，年增 80.7%。

This growth reflects our strategic decision on exit low-margin and volatile domestic markets towards the end of 2023 and pivot to emerging regions such as Southeast Asia and MENA.

這一成長反映了我們所做的策略決策，即在 2023 年底退出低利潤和動盪的國內市場並轉向東南亞和中東和北非等新興地區。

The year-over-year rebound in the business validated our efforts to cope with these challenges.

業務的同比反彈驗證了我們應對這些挑戰的努力。

By leveraging our capabilities in product refinement, user engagement, and monetization, we have achieved organic growth in our overseas audio live streaming business.

透過利用我們在產品改進、用戶參與和貨幣化方面的能力，我們實現了海外音訊直播業務的有機成長。

We expect this positive trend to continue and gain further traction among users.

我們預計這種積極趨勢將持續下去並在用戶中獲得進一步的關注。

To conclude, I'd like to say that 2025 will be a pivotal year for Xunlei.

最後我想說，2025年對迅雷來說將是關鍵的一年。

We will continue to implement growth initiatives as well as explore corporate restructuring moves to make the company more focused and dynamic.

我們將繼續實施成長計畫並探索企業重組舉措，使公司更加專注和充滿活力。

In January, we announced the acquisition of Hupu.

今年一月，我們宣布收購虎撲。

Hupu brings with it a vibrant community and diverse content offerings that align seamlessly with our existing portfolio.

虎撲帶來了一個充滿活力的社區和多樣化的內容產品，與我們現有的產品組合無縫銜接。

This strategic acquisition is expected to unlock significant cross-platform synergies, enabling us to deliver more comprehensive and engaging experiences to our users.

此次策略性收購預計將產生重大的跨平台綜效應，使我們能夠為用戶提供更全面、更具吸引力的體驗。

Furthermore, I believe we will be well positioned to continue to make targeted R&D investments in emerging technologies to strengthen our core competencies and explore new growth opportunities.

此外，我相信我們將有能力繼續對新興技術進行有針對性的研發投資，以增強我們的核心競爭力並探索新的成長機會。

We will harness our deep-rooted technical expertise to strategically integrate emerging technologies across our operations, product development, and user engagement efforts, thereby creating sustainable value for our shareholders.

我們將利用我們根深蒂固的技術專長，將新興技術策略性地融入我們的營運、產品開發和用戶參與工作中，為我們的股東創造可持續的價值。

With that, I'll now pass the call over to Eric.

說完這些，我現在將電話轉給 Eric。

Eric will give a detailed review of our Q4 and fiscal year financial results and provide revenue guidance for the first quarter of 2025.

Eric 將詳細回顧我們第四季和財年的財務業績，並提供 2025 年第一季的營收指引。

Thank you, Luhan, and thank you all again for participating in Xunlei's conference call today to discuss the financial results of the fourth quarter and the fiscal year of 2024.

謝謝鹿晗，再次感謝大家參加今天迅雷的電話會議，討論第四季和2024財年的財務表現。

In the fourth quarter, our total revenues were $84.3 million, representing an increase of 9.3% year over year.

第四季度，我們的總營收為 8,430 萬美元，年增 9.3%。

The increase in total revenues was mainly attributable to the increase in our revenues from subscription and live streaming businesses.

總收入的成長主要歸因於訂閱和直播業務收入的成長。

Revenues from subscriptions were $34.4 million, representing an increase of 9% year over year.

訂閱收入為3,440萬美元，較去年同期成長9%。

The increase in subscription revenues was mainly driven by the increase in the number of subscribers.

訂閱收入的成長主要得益於訂閱用戶數量的增加。

The number of subscribers was 6.38 million as of December 31, 2024, compared with 5.99 million as of December 31, 2023.

截至 2024 年 12 月 31 日，訂閱用戶數為 638 萬，截至 2023 年 12 月 31 日為 599 萬。

The average revenue per subscriber for the fourth quarter was RMB36.6, compared with RMB36.5 in the same period of 2023.

第四季每位用戶平均收入為人民幣36.6元，2023年同期為人民幣36.5元。

Revenues from cloud computing were $22.7 million, representing a decrease of 25.6% year over year.

雲端運算收入為2,270萬美元，年減25.6%。

The decrease in cloud computing revenues was mainly due to the reduced sales of cloud computing services and hardware devices as a result of heightened competition, pricing pressure, and evolving regulatory environment.

雲端運算收入的下降主要是由於競爭加劇、價格壓力和監管環境的變化導致雲端運算服務和硬體設備銷售下降。

Revenues from live streaming and other IVAS were $27.2 million, representing an increase of 80.7% year over year.

直播及其他網路加值服務收入為 2,720 萬美元，較去年同期成長 80.7%。

The increase of live streaming and other IVAS revenues was mainly due to the increase in the revenues from our overseas audio live streaming business.

直播及其他網路加值服務收入的成長主要由於海外音訊直播業務收入的增加。

Costs of revenues were $40.4 million, representing 47.9% of our total revenues, compared with $36.8 million, or 47.7% of the total revenues in the same period of 2023.

收入成本為 4,040 萬美元，占我們總營收的 47.9%，而 2023 年同期為 3,680 萬美元，佔總營收的 47.7%。

The increase in costs of revenues was mainly attributable to the increase in revenue sharing costs for our live streaming business incurred during the quarter.

收入成本的增加主要歸因於本季我們的直播業務的收入分成成本增加。

Gross profit for the fourth quarter of 2024 was $43.6 million, representing an increase of 8.7% year over year.

2024年第四季毛利為4,360萬美元，年增8.7%。

Gross profit margin was 51.7% in the fourth quarter, compared with 51.9% in the same period of 2023.

第四季毛利率為51.7%，2023年同期為51.9%。

The increase in gross profit was mainly driven by the increased gross profit from our subscription and overseas audio live streaming businesses.

毛利的成長主要得益於我們的訂閱業務和海外音訊直播業務的毛利成長。

Research and development expenses for the fourth quarter were $18.7 million, representing 22.2% of our total revenues, compared with $19.5 million, or 25.3% of our total revenues in the same period of 2023.

第四季研發費用為 1,870 萬美元，占我們總營收的 22.2%，而 2023 年同期為 1,950 萬美元，占我們總營收的 25.3%。

Sales and marketing expenses for the fourth quarter were $12.5 million, representing 14.8% of our total revenues, compared with $9.3 million, or 12.1% of our total revenues in the same period of 2023.

第四季銷售和行銷費用為 1,250 萬美元，占我們總收入的 14.8%，而 2023 年同期為 930 萬美元，占我們總收入的 12.1%。

The increase was primarily due to the expansion of marketing campaign and related expenses incurred for our subscription and overseas audio live streaming business.

成長的主要原因是行銷活動的擴展以及我們的訂閱和海外音訊直播業務產生的相關費用。

G&A expenses for the fourth quarter were $12.1 million, representing 14.4% of our total revenues, compared with $11.6 million, or 15.1% of our total revenues in the same period of 2023.

第四季的 G&A 費用為 1,210 萬美元，占我們總收入的 14.4%，而 2023 年同期為 1,160 萬美元，占我們總收入的 15.1%。

An impairment of goodwill of $20.7 million was identified and recorded in the fourth quarter of 2024, primarily due to a significant decline in the revenue of our cloud computing business in late 2024.

2024 年第四季識別並記錄了 2,070 萬美元的商譽減值，這主要是由於 2024 年末我們的雲端運算業務收入大幅下降。

And such trend was determined to have sustained impacts and, therefore, reflects in the quantitative impairment tests on goodwill performed at the end

並且該趨勢被確定為具有持續影響，因此反映在期末對商譽進行的定量減值測試中。

(technical difficulty)

（技術難度）

Ladies and gentlemen, please continue to stand by.

女士們、先生們，請繼續等候。

Your conference will resume shortly.

您的會議將很快恢復。

Thank you.

謝謝。

Operating loss was $20.5 million, compared with operating loss of $0.7 million in the same period of 2023.

營業虧損為 2,050 萬美元，而 2023 年同期的營業虧損為 70 萬美元。

The increase in operating loss was primarily attributable to the non-cash impairment of goodwill.

經營虧損的增加主要歸因於商譽的非現金減損。

Net loss was $9.9 million, compared with net income of $3.7 million in the same period of 2023.

淨虧損為 990 萬美元，而 2023 年同期的淨收入為 370 萬美元。

The increase in net loss was primarily due to the increase in operating loss, as discussed above, partially offset by the decrease in income expenses -- income tax expenses.

淨虧損的增加主要是因為營業虧損的增加，如上所述，但部分被收入費用（所得稅費用）的減少所抵銷。

Non-GAAP net income was $11.3 million in the fourth quarter of 2024, compared with $4.5 million in the same period of 2023.

2024 年第四季非公認會計準則淨收入為 1,130 萬美元，而 2023 年同期為 450 萬美元。

Diluted loss per ADS in the fourth quarter of 2024 was $0.16, compared with diluted earnings per ADS of $0.06 in the fourth quarter of 2023.

2024 年第四季每股 ADS 攤薄虧損為 0.16 美元，而 2023 年第四季每股 ADS 攤薄收益為 0.06 美元。

Non-GAAP diluted earnings per ADS was $0.18 in the fourth quarter, compared with non-GAAP diluted earnings of $0.07 in the same period of 2023.

第四季非公認會計準則每股美國存託憑證攤薄收益為 0.18 美元，而 2023 年同期非公認會計準則攤薄收益為 0.07 美元。

As of December 31, 2024, the company had cash, cash equivalents, and short-term investments of $287.5 million, compared with $272 million as of September 30, 2024.

截至 2024 年 12 月 31 日，該公司的現金、現金等價物和短期投資為 2.875 億美元，而截至 2024 年 9 月 30 日為 2.72 億美元。

The increase was mainly due to the proceeds from bank borrowings and the net cash inflow from operating activities, partially offset by spending on share buybacks and payments for long-term investments.

成長的主要原因是銀行借款收益和經營活動產生的淨現金流入，部分被股票回購支出和長期投資支付所抵銷。

Now, let's talk about the full-year 2024 financial results.

現在，我們來談談2024年全年財務表現。

Total revenues were $324.4 million, representing a decrease of 11.1% on a year-over-year basis.

總收入為3.244億美元，較上年下降11.1%。

The decrease in total revenues was mainly attributable to the decreased revenues from cloud computing and live streaming and other IVAS businesses.

總收入減少主要由於雲端運算及直播等網路增值業務收入減少。

Revenues from subscription were $133.7 million, representing an increase of 12.0% on a year-over-year basis.

訂閱收入為1.337億美元，年增12.0%。

The increase was mainly due to the increased number of total subscribers, which was increased from 5.99 million as of December 31, 2023, to 6.38 million as of December 31, 2024.

成長的主要原因是總訂閱用戶數量增加，從截至 2023 年 12 月 31 日的 599 萬增加至截至 2024 年 12 月 31 日的 638 萬。

Revenues from cloud computing were $104.6 million, representing a decrease of 15.3% on a year-over-year basis.

雲端運算收入為1.046億美元，年減15.3%。

The decrease was mainly attributable to the reduced sales of our cloud computing services and hardware devices as a result of heightened competition, pricing pressure, and evolving regulatory environment.

下降的主要原因是競爭加劇、價格壓力和監管環境不斷變化的導致我們的雲端運算服務和硬體設備銷售下降。

Revenues from live streaming and other IVAS were $86.1 million, representing a decrease of 29.5% on a year-over-year basis.

直播及其他網路加值服務收入為 8,610 萬美元，年減 29.5%。

The decrease in live streaming and other IVAS was mainly due to the downsizing of our domestic audio live streaming operations since June 2023.

直播及其他網路加值服務的減少主要由於我們自 2023 年 6 月以來縮減國內音訊直播業務規模。

Costs of revenues were $155.6 million, representing 48% of our total revenues, compared with $200.6 million, or 55% of the total revenues in 2023.

收入成本為 1.556 億美元，占我們總收入的 48%，而 2023 年為 2.006 億美元，佔總收入的 55%。

The decrease in costs of revenues was mainly due to the decreased demand for our cloud computing services and reduced revenue-sharing costs resulting from the downsizing of our domestic audio live streaming business.

收入成本的下降主要是由於我們雲端運算服務的需求下降，以及國內音訊直播業務規模縮小導致的收入分成成本減少。

Gross profit for the year was $167.6 million, representing an increase of 2.8% on a year-over-year basis.

全年毛利為1.676億美元，年增2.8%。

Gross profit margin was 51.7%, compared with 44.7% in the previous year.

毛利率為51.7%，上年度為44.7%。

The increase in gross profit was mainly driven by the increase in gross profit from our subscription business.

毛利的成長主要得益於我們訂閱業務毛利的成長。

The increase in gross profit margin was mainly attributable to the impact from the downsizing of our domestic live streaming business, which had a lower gross profit margin, and an increased portion of subscription revenues in the company's total revenues, which has a higher gross profit margin.

毛利率的增加主要歸因於我們國內直播業務規模的縮小的影響，該業務的毛利率較低，以及訂閱收入在公司總收入中的佔比增加，該業務的毛利率較高。

Research and development expenses for the year were $71.6 million, representing 22.1% of our total revenues, compared with $74.2 million, or 20.3% of our total revenues in the previous year.

本年度的研發費用為 7,160 萬美元，占我們總收入的 22.1%，而前一年的研發費用為 7,420 萬美元，占我們總收入的 20.3%。

The decrease was primarily due to the decreased labor costs and share-based competition as compared with the previous year.

下降的主要原因是與前一年相比勞動成本下降以及股權競爭加劇。

Sales and marketing expenses for the year were $44.8 million, representing 13.8% of total revenues, compared with $43.5 million, or 11.9% of our total revenues in the previous year.

全年銷售和行銷費用為 4,480 萬美元，佔總收入的 13.8%，而前一年為 4,350 萬美元，佔總收入的 11.9%。

The increase was primarily driven by the expansion of marketing campaign and related expenses incurred for subscription, live streaming business, and increased labor costs.

成長主要由於行銷活動的擴大以及訂閱、直播業務產生的相關費用以及勞動成本的增加。

G&A expenses for the year were $45.8 million, representing 14.1% of our total revenues, compared with $46.9 million, or 12.8% of our total revenues in the previous year.

全年一般及行政開支為 4,580 萬美元，佔總收入的 14.1%，而前一年的一般及行政開支為 4,690 萬美元，佔總收入的 12.8%。

The decrease was primarily due to the decrease in share-based competition expenses during the year, partially offset by the increase in labor costs, as compared with the previous year.

下降的主要原因是本年度股權競爭費用較上年同期減少，但被勞動成本增加部分抵銷。

An impairment of goodwill of $20.7 million was identified and recorded in the fourth quarter of 2024, primarily due to a significant decline in the revenue of our cloud computing business in late 2024, and such trend was determined to have sustained impacts and therefore reflects in the quantitative impairment test on goodwill performed at the end of 2024.

2024 年第四季度識別並記錄了 2,070 萬美元的商譽減值，主要由於 2024 年末我們的雲端運算業務收入大幅下降，並且這種趨勢被確定為具有持續影響，因此反映在 2024 年底進行的商譽定量減損測試中。

Operating loss was $15.7 million in 2024, compared with operating loss of $1.6 million in the previous year.

2024 年營業虧損為 1,570 萬美元，而前一年的營業虧損為 160 萬美元。

The increase in operating loss was primarily attributed to the impairment of goodwill, partially offset by the increase in gross profits from our subscription business and the decrease in operating expenses during the year, as discussed above.

營業虧損的增加主要歸因於商譽減值，但如上所述，該增長被訂閱業務毛利的增加和年內營業費用的減少部分抵銷。

Net income was $0.7 million in 2024, compared with net income of $14.3 million in the previous year.

2024 年淨收入為 70 萬美元，而前一年的淨收入為 1,430 萬美元。

The decrease in net income was primarily driven by the impairment of goodwill, partially offset by the decrease in income tax expenses during the year.

淨收入的減少主要由於商譽減損，部分被年內所得稅費用的減少所抵銷。

Non-GAAP net income was $23.9 million in 2024, the same as the previous year.

2024年非GAAP淨收入為2,390萬美元，與前一年相同。

Diluted earnings per ADS was $0.02, compared with diluted earnings per ADS of $0.22 in the previous year.

每股美國存託憑證攤薄收益為 0.02 美元，去年同期每股美國存託憑證攤薄收益為 0.22 美元。

Non-GAAP diluted earnings per ADS were $0.38, compared with non-GAAP diluted earnings per ADS of $0.37 in the previous year.

非公認會計準則下每股美國存託憑證攤薄收益為 0.38 美元，去年同期非公認會計準則下每股美國存託憑證攤薄收益為 0.37 美元。

As of December 31, 2024, the company had cash, cash equivalents, and short-term investments of $287.5 million, compared with $271.9 million as of December 31, 2023.

截至 2024 年 12 月 31 日，該公司的現金、現金等價物和短期投資為 2.875 億美元，而截至 2023 年 12 月 31 日為 2.719 億美元。

The increase in cash and cash equivalents was mainly attributable to the net cash inflow from operating activities, partially offset by the spending on share buybacks, expenditures on long-term investments, and payments for the construction of Xunlei headquarters.

現金及現金等價物增加主要歸因於經營活動產生的淨現金流入，部分被股票回購支出、長期投資支出以及迅雷總部建設支付所抵銷。

On share buybacks, during the year ended December 31, 2024, the company spent approximately $7.7 million and repurchased about 4.17 million ADSs.

在股票回購方面，在截至 2024 年 12 月 31 日的年度內，該公司花費約 770 萬美元並回購了約 417 萬股 A​​DS。

Let's turn to the guidance for the first quarter of 2025.

讓我們來看看 2025 年第一季的指引。

For the first quarter of 2025, Xunlei estimates total revenues to be between $85 million and $89 million, and the midpoint of range represents a quarter-over-quarter increase of approximately 3.2%.

對於 2025 年第一季度，迅雷預計總收入在 8,500 萬美元至 8,900 萬美元之間，區間中間值環比增長約 3.2%。

These estimates represent management's preliminary view as of the date of this press release, which is subject to change, and any changes could be material.

這些估計代表了管理層截至本新聞稿發布之日的初步觀點，可能會發生變化，且任何變化都可能是重大變化。

Now, we conclude prepared remarks for the conference call.

現在，我們結束電話會議的準備好的演講。

Operator, we are ready to take questions.

接線員，我們準備好回答問題了。

(Operator Instructions) [Shanelle Gu, Retail Investors].

(操作員指示)[Shanelle Gu，散戶投資者]。

(spoken in foreign language)

（用外語說）

The caller's question is on [Yingshi's] recent capital market performance.

記者：題主的問題是關於英石近期的資本市場表現。

The stock was doing well.

該股票表現良好。

And she would like to know what is the company's plan following this IPO, and she wants to know if the company wants to sell the shares.

她想知道公司這次IPO之後的計畫是什麼，以及公司是否想賣出股票。

And it's a good question, but I'm afraid it might be too early to address the question now because the company has not completed its IPO yet.

這是個好問題，但恐怕現在回答這個問題還為時過早，因為該公司尚未完成 IPO。

In any case, we have high confidence in the company and expect Yingshi Company will achieve great success in the future.

無論如何，我們對公司充滿信心，並期待英石公司未來能取得更大的成功。

Thank you for your question.

感謝您的提問。

(spoken in foreign language)

（用外語說）

The question is -- recently, the company recently acquired Hupu, and she would like to know what is the business model of Hupu and what are its revenue and profit conditions.

問題是──最近公司才剛收購了虎撲，她想了解一下虎撲的商業模式是怎麼樣的，營收、利潤狀況如何。

Thanks for the question.

謝謝你的提問。

Hupu is a sports bloc established in 2004.

虎撲是2004年成立的運動集團。

It provides comprehensive coverage of sports-related reports, including the Premier League and other top European leagues, the UEFA Champions League, the Chinese Super League, NBA, CBA, F1, NFL, et cetera.

它提供全面的體育相關報道，包括英超聯賽等歐洲頂級聯賽、歐洲冠軍聯賽、中超聯賽、NBA、CBA、F1、NFL等。

The platform offers detailed event information, expert commentary, and in-depth analysis, making it the largest sports community in China.

平台提供詳盡的賽事資訊、專家評論、深度分析，是中國最大的運動社群。

Currently, Hupu operates through its official website, hupu.com, and the Hupu mobile application.

目前，虎撲透過其官方網站hupu.com和虎撲手機應用程式運作。

But its main source of revenue comes from advertising.

但其主要收入來源仍是廣告。

We expect the deal to be immediately earnings accretive after closing, expected in the first half of this year.

我們預計交易將在完成後立即帶來收益增加，預計今年上半年完成。

Because the deal has not been closed yet, we are unable to discuss Hupu's financial numbers for the time being.

由於交易尚未完成，我們暫時無法討論虎撲的財務數據。

Thank you for your question.

感謝您的提問。

(spoken in foreign language)

（用外語說）

(Operator Instructions) We have no further questions at this time.

（操作員指示）目前我們沒有其他問題。

I would now like to hand back the call to you.

現在我想把電話交還給您。

Thank you.

謝謝。

Thank you again for your time and participation.

再次感謝您的時間和參與。

If you have any questions, please visit our website at ir.xunlei.com or send email to our investor relations.

如有任何疑問，請造訪我們的網站ir.xunlei.com或發送電子郵件至我們的投資者關係部門。

Have a good day.

祝你有美好的一天。

Operator, we conclude today's conference.

接線員，今天的會議到此結束。

Thank you.

謝謝。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you all for participating.

感謝大家的參與。

You may now disconnect your lines.

現在您可以斷開線路了。

Thank you, and have a great day.

謝謝您，祝您有愉快的一天。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call.

本記錄中標記（翻譯）的部分是由現場通話中的翻譯人員說的。

The interpreter was provided by the company sponsoring this event.

翻譯由贊助此活動的公司提供。