Xunlei Ltd (XNET) 2025 Q1 法說會逐字稿

Welcome, ladies and gentlemen, and thank you for the patience. You've joined Xunlei's first-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to turn the call over to the host, Investor Relations Manager, Ms. Luhan Tang. Please go ahead.

歡迎各位來賓，女士們，先生們，感謝你們的耐心。您已加入迅雷2025年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。現在我想將電話轉給主持人、投資者關係經理唐璐涵女士。請繼續。

Good morning, everyone, and thank you for joining Xunlei's Q1 2025 earnings conference call. With me today are Eric Zhou, CFO; and (inaudible), Vice President of Finance. Our IR website has our earnings press release to supplement our prepared remarks during the call. Today's agenda includes a prepared opening remark from Chairman and CEO, Mr. Jinbo Li, on Q1 operational highlights; followed by CFO, Eric Zhou's presentation of financial results, details of Q1 2025, and the revenue guidance for the Q2 2025, before we open up the floor to your questions in the Q&A session. Please note that this call is recorded and can be replayed on our investor relations website at ir.xunlei.com.

大家早安，感謝大家參加迅雷2025年第一季財報電話會議。今天和我一起的有財務長 Eric Zhou；以及財務副總裁（聽不清楚）。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中準備好的發言。今天的議程包括董事長兼首席執行官李金波先生就第一季營運亮點發表的開場白；隨後首席財務官周小川介紹財務業績、2025 年第一季度的細節以及 2025 年第二季度的收入指引，然後我們將在問答環節回答大家的提問。請注意，本次電話會議已被錄音，您可以在我們的投資者關係網站 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 U.S. Private Securities Litigation Reform Act of 1995. Such statements are based on our amendments, 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. Please refer to our SEC filings for a more detailed description of the risk factors that may affect our results. Xunlei assumes no obligations to update any forward-looking statements except as required under applicable laws.

在我們開始之前，我想藉此機會提醒大家，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。該等聲明是基於我們的修訂、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。這可能導致實際結果與前瞻性陳述的結果有重大差異。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。除適用法律要求外，迅雷不承擔更新任何前瞻性聲明的義務。

On this call, we'll be using both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to comparable GAAP measures can be found in our earnings press release. Please note that our numbers are in U.S. dollar unless otherwise stated.

在本次電話會議上，我們將同時使用 GAAP 和非 GAAP 財務指標。在我們的收益新聞稿中可以找到非 GAAP 與可比較 GAAP 指標的對帳。請注意，除非另有說明，我們的數字均以美元計算。

Now the following is the 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. Thank you all for joining us today. We're delighted to report that we have successfully delivered an expected quarterly revenue in Q1 to kick off 2025, marking a year-over-year top line growth of 10.5% to $88.8 million. This positive outcome reflects the hard work and dedication of our team, as well as the trust and support from our valued users and clients.

（翻譯）大家早安，晚上好。感謝大家今天的參與。我們很高興地報告，我們已成功實現 2025 年第一季預期的季度收入，年增 10.5%，達到 8,880 萬美元。這項正面成果體現了我們團隊的辛勤工作和奉獻精神，以及我們尊貴的使用者和客戶的信任和支持。

The growth we achieved is primarily attributable to two key areas, our subscription business and our overseas audio live streaming operations. Specifically, subscription revenue increased by 7.7% year-over-year to $35.7 million, while the total number of subscribers grew by 5% year-over-year to $6.04 million. This robust growth can be attributed to our intensified efforts in diversifying marketing channels for new user acquisition.

我們實現的成長主要歸功於兩個關鍵領域：我們的訂閱業務和我們的海外音訊直播業務。具體而言，訂閱收入年增7.7%至3,570萬美元，訂閱用戶總數較去年同期成長5%至604萬美元。這一強勁成長歸功於我們為獲取新用戶而大力拓展行銷管道。

Through innovative strategies such as targeted advertising, enhanced social media engagement, and strategic partnerships with well-known mobile phone manufacturers, we successfully expanded our reach to a broader audience. Moreover, we will continue to focus on creating more convenient and innovative features while enhancing service efficiency. Our goal is to ultimately elevate the overall user experience and strengthen user retention, thereby ensuring long-term sustainability.

透過定向廣告、加強社交媒體參與以及與知名手機製造商建立策略合作夥伴關係等創新策略，我們成功地將影響力擴展到了更廣泛的受眾。此外，我們將持續致力於創造更便利、更創新的功能，同時提高服務效率。我們的目標是最終提升整體用戶體驗並增強用戶保留率，從而確保長期可持續性。

In addition to our subscription business, we observed a significant 66% year-over-year growth in revenue from live streaming and other services. Notably, overseas audio live streaming revenue increased by 79.2% year-over-year, reflecting the recovery from the downsizing of our domestic audio live streaming business. And the significant increase in overseas revenue demonstrates that our efforts to adapt to international markets are yielding tangible results.

除了訂閱業務外，我們還發現直播和其他服務的收入比去年同期成長了 66%。值得注意的是，海外音訊直播收入較去年同期成長79.2%，反映出我們已從國內音訊直播業務的萎縮中復甦。海外收入的大幅成長，顯示我們適應國際市場的努力正在取得實質的成效。

Over the past year, we have intensified our focus on expanding and strengthening our presence in overseas regions. A key component of this strategy has been the implementation of a more refined and targeted marketing approach. By customizing our service to align with the specific preferences and the cultural nuances of users in different regions, we have been able to effectively engage with the broader and more diverse user base. However, our cloud computing business has been facing significant challenges due to intensified competition and pricing pressures within the rapid evolving industry environment since the latter part of 2024. As a result, in Q1, revenue from the cloud computing business declined by 18% year-over-year to $24.7 million.

過去一年，我們更加重視擴大和加強海外地區的業務。該策略的關鍵組成部分是實施更精細、更有針對性的行銷方法。透過客製化我們的服務以適應不同地區用戶的特定偏好和文化差異，我們能夠有效地與更廣泛、更多樣化的用戶群互動。然而，自 2024 年下半年以來，由於快速發展的產業環境中競爭加劇和價格壓力，我們的雲端運算業務面臨重大挑戰。因此，第一季雲端運算業務營收年減18%至2,470萬美元。

Looking ahead, we intend to proactively address these challenges. We will explore all viable options to minimize the impact of the cloud computing business on the company's overall performance.

展望未來，我們打算積極應對這些挑戰。我們將探討一切可行的選擇，盡量減少雲端運算業務對公司整體績效的影響。

To conclude, I think this year will be a pivotal year for Xunlei. Our strategic priorities are centered on fostering growth through innovation while exploring business restructuring opportunities to enhance focus and operational dynamism.

總而言之，我認為今年對迅雷來說將是關鍵的一年。我們的策略重點是透過創新促進成長，同時探索業務重組機會以增強重點和營運活力。

In January, we announced the acquisition of Hupu with the aim of expanding our market presence and diversifying our service offerings. Additionally, we are actively developing AI-driven applications, leveraging large language models to broaden our product portfolio and unlock new growth opportunities. Supported by strong capital structure and robust financial liquidity, our objectives are to deliver enhanced user value, capitalize on our technological expertise, and generate sustainable long-term value for shareholders.

今年 1 月，我們宣布收購虎撲，旨在擴大我們的市場份額並實現服務產品的多樣化。此外，我們正在積極開發人工智慧驅動的應用程序，利用大型語言模型來拓寬我們的產品組合併釋放新的成長機會。在強大的資本結構和強勁的財務流動性的支持下，我們的目標是提供更高的用戶價值，利用我們的技術專長，並為股東創造可持續的長期價值。

With that, I'll now pass the call over to Eric. Eric will give a detailed review of our Q1 2025 financial results and provide revenue guidance for the second quarter of 2025.

說完這些，我現在將電話轉給 Eric。Eric 將詳細回顧我們 2025 年第一季的財務業績，並提供 2025 年第二季的營收指引。

Thank you, Luhan. Thank you all again for participating in Xunlei's conference call to discuss the financial results of the first quarter of 2025.

謝謝你，鹿晗。再次感謝大家參加迅雷2025年第一季財務業績電話會議。

In the first quarter, our total revenues were $88.8 million, representing an increase of 10.5% year-over-year. The increase in total revenues was mainly attributable to the increased revenues from our subscription business as well as overseas audio live streaming business.

第一季度，我們的總營收為 8,880 萬美元，年增 10.5%。總收入的成長主要歸因於我們的訂閱業務以及海外音訊直播業務收入的成長。

Revenues from subscription were $35.7 million, representing an increase of 7.7% year-over-year. The increase in subscription revenues was mainly driven by the increase in the number of subscribers. The number of subscribers was 6.04 million as of March 31, 2025, compared with 5.76 million as of March 31, 2024. The average revenue per subscriber for the first quarter of 2025 was RMB14.9 compared with RMB39.5 in the same period last year. The higher average revenue per subscriber was due to the increased proportion of premium subscribers which have higher average revenue per subscriber.

訂閱收入為 3,570 萬美元，較去年同期成長 7.7%。訂閱收入的成長主要得益於訂閱用戶數量的增加。截至 2025 年 3 月 31 日，訂閱用戶數為 604 萬，截至 2024 年 3 月 31 日為 576 萬。2025年第一季每用戶平均收入為人民幣14.9元，去年同期為人民幣39.5元。每位用戶平均收入的增加是由於高級用戶比例的增加，而高級用戶的平均每位用戶收入更高。

Revenues from live streaming and other services were $28.4 million, representing an increase of 66% year-over-year. The increase in live streaming and other services revenues was mainly due to the increase in revenues from our overseas audio live streaming business. Revenues from cloud computing were $24.7 million, representing a decrease of 18% year-over-year. The decrease in cloud computing revenues was mainly due to the reduced sales of cloud computing services and hardware services as a result of heightened competition, pricing pressure, and evolving regulatory environment.

直播及其他服務收入為2840萬美元，年增66%。直播及其他服務收入的成長主要由於我們海外音訊直播業務收入的成長。雲端運算收入為2,470萬美元，年減18%。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變化導致雲端運算服務和硬體服務銷售減少。

Costs of venues were $44.4 million, representing 50% of our total revenues, compared with $37.1 million or 46.2% of the total revenues in the same period of 2024. The increase in cost of revenues was mainly attributable to the increase in revenue sharing expenses in our overseas audio live streaming operations which were consistent with the growth in live streaming and other services revenues.

場館成本為 4,440 萬美元，占我們總收入的 50%，而 2024 年同期為 3,710 萬美元，佔總收入的 46.2%。收入成本的增加主要歸因於我們海外音訊直播業務的收入分成費用的增加，這與直播和其他服務收入的成長一致。

Gross profit for the first quarter of 2025 was $44.1 million, representing an increase of 2.9% year-over-year. Gross profit margin was 49.7% in the first quarter, compared with 53.3% in the same period of 2024. The increase in gross profit was mainly driven by the increase in gross profit generated from our overseas live streaming business and subscription business. The decrease in gross profit margin was mainly attributable to the decreased gross profit margin of our cloud computing business.

2025年第一季毛利為4,410萬美元，較去年同期成長2.9%。第一季毛利率為49.7%，2024年同期為53.3%。毛利的成長主要得益於我們海外直播業務和訂閱業務所產生的毛利的成長。毛利率下降主要由於雲端運算業務毛利率下降所致。

Research and development expenses for the first quarter of 2025 were $18.7 million, representing 21.1% of our total revenues compared with $17.6 million or 22% of our total revenues in the same period of 2024. The increase was primarily due to the increased labor costs incurred during the quarter.

2025 年第一季的研發費用為 1,870 萬美元，占我們總營收的 21.1%，而 2024 年同期為 1,760 萬美元，占我們總營收的 22%。成長的主要原因是本季勞動成本增加。

Sales and marketing expenses for the first quarter were $18.5 million, representing 17.5% of our total revenues, compared with $10.1 million or 12.5% of our total revenues in the same period of 2024. The increase was primarily due to more marketing expenses included during the first quarter of 2025 for our subscription and overseas audio live streaming business as part of our ongoing efforts on user acquisition.

第一季的銷售和行銷費用為 1,850 萬美元，占我們總收入的 17.5%，而 2024 年同期為 1,010 萬美元，占我們總收入的 12.5%。成長的主要原因是，作為我們持續努力獲取用戶的一部分，我們在 2025 年第一季為訂閱和海外音訊直播業務增加了更多的行銷費用。

G&A expenses for the first quarter of 2025 were $11.8 million, representing 13.3% of our total revenues, compared with $11.1 million or 13.9% of our total revenues in the same period of 2024.

2025 年第一季的一般及行政費用為 1,180 萬美元，占我們總收入的 13.3%，而 2024 年同期為 1,110 萬美元，占我們總收入的 13.9%。

Operating loss was $1.9 million, compared with an operating income of $4 million in the same period of 2024. The decrease in operating income was primarily attributable to the decrease in gross profit margin and the increase in sales and marketing expenses during the quarter. Net loss was $0.9 million compared with net income of $3.6 million in the same period of 2024. The net loss was primarily due to the increasing operating loss, partially offset by the increased other income.

營業虧損為 190 萬美元，而 2024 年同期的營業收入為 400 萬美元。營業收入的減少主要由於本季毛利率下降以及銷售和行銷費用的增加。淨虧損為 90 萬美元，而 2024 年同期的淨收入為 360 萬美元。淨虧損主要是由於經營虧損增加，但其他收入增加部分抵消了這種影響。

Non-GAAP net income was $0.1 million in the first quarter of 2025, compared with $4.5 million in the same period of 2024. Diluted loss per ADS in the first quarter of 2025 was $0.01, compared with diluted earnings per ADS of $0.06 in the first quarter of 2024. Non-GAAP diluted earnings per ADS was $0.004 in the first quarter, compared with non-GAAP diluted earnings of $ 0.07 per ADS in the same period of 2024.

2025 年第一季非公認會計準則淨收入為 10 萬美元，而 2024 年同期為 450 萬美元。2025 年第一季每股美國存託憑證攤薄虧損為 0.01 美元，而 2024 年第一季每股美國存託憑證攤薄收益為 0.06 美元。第一季非公認會計準則每股美國存託憑證攤薄收益為 0.004 美元，而 2024 年同期非公認會計準則每股美國存託憑證攤薄收益為 0.07 美元。

As of March 31, 2025, the company had cash, cash equivalents, and short-term investments of $274.6 million, compared with $287.5 million as of March 31, 2024. The decrease in cash, cash equivalents, and short-term investments was mainly due to the first tranche of payment for the acquisition of Hupu, spending on share of repurchase, and repayment of bank loans during the quarter, partially offset by the net income inflow from operating activities.

截至 2025 年 3 月 31 日，該公司擁有現金、現金等價物和短期投資為 2.746 億美元，而截至 2024 年 3 月 31 日為 2.875 億美元。現金、現金等價物及短期投資的減少主要由於本季度支付了收購虎撲的首筆款項、回購股份的支出以及償還銀行貸款，但被經營活動淨收入流入部分抵銷。

On June 4, 2024, Xunlei announced that its Board of Directors had authorized a new plan for the repurchase of up to $20 million of its ADS or shares of the 12 months that followed. As of March 31, 2025, the company had spent $6.5 million on share buybacks under the new share repurchase program, of which, about $0.9 million was spent in the first quarter of 2025.

2024年6月4日，迅雷宣布董事會已批准一項新計劃，在未來12個月內回購最多2,000萬美元的美國存託憑證或股票。截至2025年3月31日，公司已根據新的股票回購計畫花費650萬美元用於股票回購，其中2025年第一季花費約90萬美元。

Now, let's turn to the guidance for the second quarter of 2025. For the second quarter of 2025, Xunlei estimates total revenues to be between $91 million and $96 million, and the midpoint of the range represents a quarter-over-quarter increase of approximately 5.3%. This estimates represents management's preliminary view as of the date of this press release, which is subject to change and any change could be material.

現在，讓我們來看看 2025 年第二季的指引。對於2025年第二季度，迅雷預計總收入將在9,100萬美元至9,600萬美元之間，該範圍的中間值代表環比增長約5.3%。此估計代表管理層截至本新聞稿發布之日的初步看法，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. Operator, we are ready to take questions.

現在我們結束電話會議的準備好的發言。接線員，我們準備好回答問題了。

(Operator Instructions)

（操作員指示）

(spoken in foreign language)

（用外語說）

And the caller said, she learned from the company's press release that Xunlei is developing some AI products. She would like to know what they are and what's the status of this exploration.

而該網友稱，她從迅雷的新聞稿中得知，迅雷正在開發一些人工智慧產品。她想知道它們是什麼以及這次探索的進展如何。

Thanks for asking. Currently, our team is engaged in developing and testing several AI-driven application products. Leveraging mainstream large language models. The products under development include an AI-powered photo editing tool and effective AI-containing (inaudible) as well as an AI-integrated toolbar solution. These products are currently under development and testing. We will launch them when ready. And we will keep you updated. We appreciate your interest and encourage you to stay tuned for further upgrades.

謝謝你的詢問。目前，我們的團隊正在開發和測試多個由人工智慧驅動的應用產品。利用主流的大型語言模型。正在開發的產品包括基於人工智慧的照片編輯工具和有效的人工智慧（聽不清楚）以及人工智慧整合的工具列解決方案。這些產品目前正在開發和測試中。一旦準備就緒，我們就會啟動它們。我們將及時向您更新最新情況。我們感謝您的關注並鼓勵您繼續關注進一步的升級。

(spoken in foreign language)

（用外語說）

(Operator Instructions) There are no further questions at this time, so I will hand the conference back to the speakers.

（操作員指示）目前沒有其他問題，因此我將把會議交還給發言者。

Thank you again for your time and participation. If you have any questions, please feel free to visit our website at ir.xunlei.com or send e-mails to our Investor Relations. Have a good day. Operator, we conclude this conference call. Thank you.

再次感謝您的時間和參與。如果您有任何疑問，請隨時造訪我們的網站ir.xunlei.com或發送電子郵件至我們的投資者關係部門。祝你有美好的一天。接線員，我們結束本次電話會議。謝謝。

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

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

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。翻譯由贊助此活動的公司提供。