Xunlei Ltd (XNET) 2025 Q2 法說會逐字稿

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

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年第二季財報電話會議。（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。

Good morning, and good evening, everyone, and thank you for joining Xunlei's Q2 2025 earnings conference call. With me today are Eric Zhou, CFO; and Lee Li, Vice President of Finance. Our IR website has our earnings press release to supplement our prepared remarks during the call.

大家早安，晚上好，感謝大家參加迅雷2025年第二季財報電話會議。今天和我一起的有財務長 Eric Zhou 和財務副總裁 Lee Li。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。

Today's agenda includes a prepared opening remarks from Chairman and CEO, Mr. Jinbo Li on Q2 operational highlights, followed by CFO, Eric Zhou's presentation of financial results details of Q2 2025 and revenue guidance for Q3 2025, before I 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.

今天的議程包括董事長兼首席執行官李金波先生就第二季度營運亮點發表的開場白，隨後首席財務官周小川介紹 2025 年第二季度的財務業績詳情和 2025 年第三季度的收入指引，然後我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 I 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. 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 forward-looking statements.

在我開始之前，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. Xunlei assume no obligations to update any forward-looking statements, except as required under applicable law.

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。迅雷不承擔更新任何前瞻性聲明的義務，除非適用法律要求。

On this call, we will 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 all numbers are in US dollars 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，所有數字均以美元為單位。

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 for joining us today. The second quarter of 2025 marked a significant milestone for Xunlei.

（翻譯）大家早安，晚上好。感謝您今天加入我們。2025年第二季對於迅雷來說是一個重要的里程碑。

During this period, we achieved a series of notable achievements, the successful acquisition of Hupu, a leading online community for sport enthusiasts, expanding Xunlei's reach into new user segments and content domain. Meanwhile, the IPO of Arashi Vision Inc., one of our invested companies, highlighted our strategic investment capabilities and our ability to identify high potential ventures.

在此期間，我們取得了一系列令人矚目的成就，成功收購領先的運動愛好者線上社群虎撲，拓展了迅雷在新的用戶群和內容領域的影響力。同時，我們投資的公司之一Arashi Vision Inc.的首次公開募股（IPO）凸顯了我們的策略投資能力以及識別高潛力企業的能力。

Additionally, we reported year-over-year revenue growth of 30.6%, driven by strong performance across key business segments. This growth underscores the resilience of our business model and the effectiveness of our growth strategy.

此外，受主要業務部門強勁表現的推動，我們報告營收年增 30.6%。這一成長凸顯了我們商業模式的彈性和成長策略的有效性。

Just as I mentioned earlier, all of our core businesses showed robust growth during the second quarter. I'd like to take a moment to walk you through each segment and share some insights into the key drivers behind this performance.

正如我之前提到的，我們所有核心業務在第二季都實現了強勁成長。我想花點時間帶您了解每個部分，並分享一些關於這項表現背後的關鍵驅動因素的見解。

In Q2, our Subscription business generated $36.4 million in revenue, reflecting a 10.5% increase compared to the same period in 2024. Notably, we achieved a new record with a number of the subscribers reaching 6.4 million. This growth was primarily driven by our continuous improvement on the existing features, our efforts to meet evolving user needs, as well as more refined marketing strategies aimed at expanding our diverse user base.

第二季度，我們的訂閱業務創造了 3,640 萬美元的收入，與 2024 年同期相比成長了 10.5%。值得一提的是，我們的用戶數創下了新紀錄，達到640萬人。這一成長主要得益於我們對現有功能的不斷改進、我們為滿足不斷變化的用戶需求所做的努力，以及旨在擴大多樣化用戶群的更精細的營銷策略。

Additionally, the percentage of users choosing our premium subscription, our highest tier offering, rose to 81%, up from 77.1% in Q2 2021. It serves as evidence that our products and services have achieved user affirmation, and we're confident that our Subscription offerings will continue to gain popularity among our value user base.

此外，選擇我們最高等級服務高級訂閱的用戶比例從 2021 年第二季的 77.1% 上升至 81%。這證明我們的產品和服務已經獲得了用戶的肯定，我們相信我們的訂閱服務將繼續受到我們價值用戶群的歡迎。

We're also excited to report our Live-Streaming and Other Services achieved a strong year-over-year revenue growth of 85.5% in the second quarter, reaching $37.6 million, This growth was largely fueled by the expansion of our overseas Audio Live-Streaming business, as well as Advertising revenue from the recent acquisition of Hupu. We remain committed to deepening our presence in international markets by improving user engagement and continuously enhancing our features and services.

我們也很高興地報告，我們的直播和其他服務在第二季度實現了 85.5% 的同比強勁增長，達到 3760 萬美元，這一增長主要得益於我們海外音頻直播業務的擴張，以及最近收購虎撲帶來的廣告收入。我們將繼續致力於透過提高用戶參與度和不斷增強我們的功能和服務來深化我們在國際市場上的地位。

Additionally, we are pleased to welcome Hupu to our Xunlei family. We expect integration of Hupu will bring valuable complementary strengths and synergies, particularly in the areas of community-driven content, sports, and lifestyle sectors , as well as in advertising resources and strategies. We believe this collaboration will create promising new opportunities for future growth.

此外，我們很高興歡迎虎撲加入我們的迅雷大家庭。我們預期虎撲的整合將帶來寶貴的互補優勢和協同效應，特別是在社群驅動的內容、運動和生活方式領域，以及廣告資源和策略方面。我們相信，此次合作將為未來的發展創造新的希望。

Additionally, our Cloud Computing business brought in $30 million in revenue, marking a 13.6% increase compared to the same period in 2024. This growth is largely due to the recovery from previous setbacks and a rising demand from our major clients, as we focus on providing cost-effective, scalable, and secure solutions that meet the diverse needs of our enterprise clients.

此外，我們的雲端運算業務帶來了 3,000 萬美元的收入，與 2024 年同期相比成長了 13.6%。這一成長很大程度上歸功於我們擺脫了先前的挫折，並且主要客戶的需求不斷增長，因為我們專注於提供經濟高效、可擴展且安全的解決方案，以滿足企業客戶的多樣化需求。

At the same time, we actively tackled ongoing challenges such as competition and market uncertainties, turning them into opportunities for innovation and expansion. Our team's acute business sense and agile approach helps to strengthen our market position and capacity to explore future options.

同時，我們積極應對競爭、市場不確定性等持續的挑戰，並將其轉化為創新和擴張的機會。我們團隊敏銳的商業意識和敏捷的方法有助於加強我們的市場地位和探索未來選擇的能力。

During the second quarter, we booked approximately $720 million on realized pretax capital gains on our investment in our Arashi Vision Inc. I believe that the future returns on this investment will provide a solid foundation for our sustained efforts to enhance operational efficiency and pursue innovative growth opportunities in the emerging industries.

在第二季度，我們對 Arashi Vision Inc. 的投資實現了約 7.2 億美元的稅前資本利得。我相信，這項投資的未來回報將為我們持續努力提高營運效率和尋求新興產業的創新成長機會奠定堅實的基礎。

Looking ahead, I'm confident that the financial flexibility gained from this success will enable us to further strengthen our core business, invest in cutting-edge technologies, and expand into high-growth markets. We intend to explore all options to create value for our shareholders as well as all stakeholders.

展望未來，我相信，此次成功所帶來的財務靈活性將使我們能夠進一步加強核心業務，投資尖端技術，並擴展到高成長市場。我們打算探索一切選擇，為我們的股東以及所有利害關係人創造價值。

With that, I'll now pass the call over to Eric. Eric will give a detailed review of our Q2 2025 financial results and provide revenue guidance for the third 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 年第二季的財務業績，並提供 2025 年第三季的營收指引。

Thank you, Luhan. Thank you all again for participating in Xunlei's conference call to discuss the financial results of the second quarter call of 2025. In the second quarter, our total revenues were $104 million, representing an increase of 30.6% year-over-year. The increase in total revenues was mainly attributable to the increased revenues generated from our major business operations.

謝謝你，鹿晗。再次感謝大家參加迅雷電話會議，討論2025年第二季的財務表現。第二季度，我們的總營收為 1.04 億美元，年增 30.6%。總收入的成長主要歸因於主營業務收入的增加。

Revenues from Subscriptions were $36.4 million presenting an increase of 10.5% year-over-year. The increase in Subscription revenues were mainly driven by the increase in the number of subscribers and the increased average revenue per subscriber.

訂閱收入為 3,640 萬美元，年增 10.5%。訂閱收入的成長主要得益於訂閱用戶數量的增加和每訂閱用戶平均收入的增加。

The number of subscribers was 6.4 million as of June 30, 2025, compared with 5.71 million on June 30, 2024. The average revenue per subscriber for the second quarter was CNY40.8 compared with CNY39.5 in the same period of last year. The higher average revenue per subscriber was due to the increased proportion of premium subscribers, which have high average revenue per subscriber.

截至 2025 年 6 月 30 日，訂閱用戶數為 640 萬，而 2024 年 6 月 30 日為 571 萬。第二季每用戶平均收入為40.8元人民幣，去年同期為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，高級用戶的平均每位用戶收入較高。

Revenues from Live-Streaming and Other Services were $37.6 million, representing an increase of 85.5% year-over-year. The increase was mainly due to the growth of our overseas Audio Live-Streaming business, as well as Advertising business as a result of the acquisition of Hupu in June this year. The second quarter results included one month financial results from Hupu.

直播及其他服務收入為 3,760 萬美元，年增 85.5%。這一成長主要得益於我們海外音訊直播業務的成長，以及今年 6 月收購虎撲帶來的廣告業務的成長。第二季業績包括虎撲一個月的財務表現。

Revenues from Cloud Computing were $30 million, representing an increase of 13.6% year-over-year. The increase in Cloud Computing revenues was mainly attributable to the recoveries from previous loans and increased demand from our major customers for Cloud Computing services.

雲端運算收入為 3,000 萬美元，年增 13.6%。雲端運算收入的成長主要歸因於先前貸款的回收以及主要客戶對雲端運算服務的需求增加。

Cost of revenues were $52.3 million, representing 50.3% of our total revenues, compared with $38.6 million or 48.5% of the total revenues in the same period of 2024. The increase in cost of revenues was mainly attributable to the increase in bandwidth costs and revenue sharing expenses in our overseas Audio Live-Streaming operations generally in line with the growth in revenues.

收入成本為 5,230 萬美元，佔總收入的 50.3%，而 2024 年同期為 3,860 萬美元，佔總收入的 48.5%。收入成本的增加主要歸因於我們海外音訊直播業務的頻寬成本和收入分成費用的增加，與收入的成長基本一致。

Gross profit for the second quarter of 2025 was $51.2 million, representing an increase of 25.9% year-over-year. Gross profit margin was 49.3% in the second quarter of 2025 compared with 51.1% in the same period of 2024. The increase in gross profit was mainly driven by our overseas Audio Live-Streaming business, Subscription business, and Advertising business. The decrease in gross profit margin was mainly attributable to the decreased gross profit margin of our Cloud Computing business.

2025年第二季毛利為5,120萬美元，較去年同期成長25.9%。2025 年第二季毛利率為 49.3%，而 2024 年同期為 51.1%。毛利的成長主要得益於我們海外的音訊直播業務、訂閱業務和廣告業務。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 second quarter of 2025 were $18.4 million, representing 17.7% of our total revenues, compared with $17.5 million or 21.9% of our total revenues in the same period of 2024. The increase in R&D spending was primarily due to the increased labor costs incurred during the quarter.

2025 年第二季的研發費用為 1,840 萬美元，占我們總營收的 17.7%，而 2024 年同期為 1,750 萬美元，占我們總營收的 21.9%。研發支出的增加主要是由於本季勞動成本的增加。

Sales and marketing expenses for the second quarter of 2025 were $21.6 million, representing 20.8% of our total revenues, compared with $10.9 million or 13.7% of our total revenues in the same period of 2024. The increase was primarily due to more marketing expenses incurred during the quarter for our Subscription and overseas Audio Live-Streaming business as part of our ongoing efforts on acquisition.

2025 年第二季的銷售和行銷費用為 2,160 萬美元，占我們總收入的 20.8%，而 2024 年同期為 1,090 萬美元，占我們總收入的 13.7%。成長的主要原因是，作為我們持續收購的一部分，本季我們的訂閱和海外音訊直播業務產生了更多的行銷費用。

G&A expenses for the second quarter of 2025 were $9.8 million, representing 9.4% of our total revenues, compared with $11.2 million or 14.1% of our total revenues in the same period of 2024. The decrease was primarily due to the decrease in provision for the litigation, depreciation expenses, and labor costs during the second quarter of 2025.

2025 年第二季的 G&A 費用為 980 萬美元，占我們總收入的 9.4%，而 2024 年同期為 1,120 萬美元，占我們總收入的 14.1%。減少的主要原因是2025年第二季訴訟、折舊費用和勞動成本準備金減少。

Operating income was $1.1 million compared with an operating income of $1 million in the same period of 2024. Other income, net was $721.8 million at compared with other income, net of $2.5 million in the same period of 2024. The increase was primarily attributable to the fair value changes in our long-term investment in Arashi Vision Inc., which completed its IPO in June 2025.

營業收入為 110 萬美元，而 2024 年同期的營業收入為 100 萬美元。其他淨收入為 7.218 億美元，而 2024 年同期的其他收入淨額為 250 萬美元。成長主要歸因於我們對 Arashi Vision Inc. 的長期投資的公允價值變動，該公司於 2025 年 6 月完成 IPO。

Net income was $727.4 million compared with net income of $2.5 million in the same period of 2024. The increase in net income was primarily due to the increase in other income. Non-GAAP net income was $8.3 million in the second quarter of 2025, compared with $3.2 million in the same period of 2024. The increase in non-GAAP income was primarily due to the increase in operating income and income tax benefits.

淨收入為 7.274 億美元，而 2024 年同期的淨收入為 250 萬美元。淨收入增加主要是由於其他收入增加。2025 年第二季非公認會計準則淨收入為 830 萬美元，而 2024 年同期為 320 萬美元。非公認會計準則收入的成長主要由於營業收入和所得稅收益的增加。

Diluted income per ADS in the second quarter of 2025 was $11.48, compared with diluted earnings per ADS of $0.04 in the second quarter of 2024. Non-GAAP diluted earnings per ADS was $0.13 in the second quarter, compared with non-GAAP diluted earnings per ADS of $0.05 in the same period of 2024.

2025 年第二季每股美國存託憑證攤薄收益為 11.48 美元，而 2024 年第二季每股美國存託憑證攤薄收益為 0.04 美元。第二季非公認會計準則每股美國存託憑證攤薄收益為 0.13 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 0.05 美元。

As of June 30, 2025, the company had cash, cash equivalents, and short-term investments of $275.6 million, compared with $274.6 million as of March 31, 2025. The increase was mainly due to the increase in proceeds from bank borrowings and net cash inflow from operating activities, partially offset by the payment for acquisition of Hupu.

截至 2025 年 6 月 30 日，該公司擁有現金、現金等價物和短期投資為 2.756 億美元，而截至 2025 年 3 月 31 日為 2.746 億美元。此成長主要由於銀行借款所得款項及經營活動產生的淨現金流入增加，但被收購虎撲的付款部分抵銷。

On June 4, 2024, Xunlei announced that its Board of Directors authorized a new plan for the purchase of up to $20 million of its stock over the 12 months that followed. As of June 4, 2025. The company had spent $6.5 million on share buybacks under the new share repurchase program. No shares were purchased during the second quarter of 2025.

2024 年 6 月 4 日，迅雷宣布董事會批准了一項新計劃，計劃在接下來的 12 個月內購買高達 2,000 萬美元的股票。截至 2025 年 6 月 4 日。根據新的股票回購計劃，該公司已花費 650 萬美元回購股票。2025 年第二季未買進任何股票。

Now, let's turn to the guidance for the third quarter of 2025. For the third quarter of 2025, Xunlei estimates total revenues would be between $116 million and $124 million. And the midpoint of the range presents a quarter-over-quarter increase of approximately 15.4%. This estimate represents management's preliminary view as of the date of this press release, which is substituting and any change could be material.

現在，讓我們來看看 2025 年第三季的指引。迅雷預計 2025 年第三季總營收將在 1.16 億美元至 1.24 億美元之間。該範圍的中間值環比增長約為 15.4%。該估計代表了管理層截至本新聞稿發布之日的初步看法，具有替代性，任何變化都可能是重大的。

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演講。接線員，我們準備好回答問題了。

(Operator Instructions) [Dee Lee].

（操作員指示）[Dee Lee]。

(spoken in foreign language)

（用外語說）

Thank you (inaudible) high maintenance and congrats for your good performance for the second quarter of 2025. And she mentioned that our Live-Streaming business achieved more than 80% and a quarter-on-quarter increase. And she would like to know the breakdown of the components of the Live-Streaming and other services for the Hupu. Thanks for your question.

感謝（聽不清楚）高維護，並祝賀您在 2025 年第二季的出色表現。她提到，我們的直播業務實現了80%以上的成長，並且環比成長。她還想了解虎撲的直播等服務的組成部分的細目。謝謝你的提問。

The acquisition of Hupu completed at the end of May this year. And during the second quarter, only Hupu's financial debt for the month of June was consolidated, contributing about USD3.2 million or approximately 3.1% of our total revenues. And we expect to report more for Hupu's operational debt during the coming quarters.

虎撲的收購已於今年5月底完成。而第二季度，光是虎撲6月份的金融債權就被合併，貢獻了約320萬美元，約占我們總收入的3.1%。我們預計未來幾季將報告更多有關虎撲營運債務的資訊。

(spoken in foreign language)

（用外語說）

(spoken in foreign language)

（用外語說）

Excluding Hupu's contribution, what would be the growth rate of our overseas Live-Streaming business? And the revenue from Live-Streaming and Other Services together were $37.6 million, representing an increase of 85.5% year-on-year. And if we exclude Hupu's contribution, the growth rate for the second quarter for overseas Live-Streaming business alone was about 80.3%.

除去虎撲的貢獻，我們海外直播業務的成長率是多少？其中，直播及其他服務收入為3,760萬美元，較去年同期成長85.5%。而若剔除虎撲的貢獻，光是海外直播業務第二季的成長就達到了80.3%左右。

(spoken in foreign language)

（用外語說）

(Operator Instructions) [Wei Zhou, HWS Fund].

（操作員指示）[Wei Zhou，HWS Fund]。

(spoken in foreign language)

（用外語說）

Okay. Basically he would like to know the performance of each of our three main business segments. And he would like to also know that if our Hupu operations will make positive contributions to our total performance.

好的。基本上，他想了解我們三個主要業務部門各自的表現。他還想知道我們的虎撲營運是否會對我們的整體業績做出積極貢獻。

(spoken in foreign language) Basically, as I mentioned, we have three main businesses. And for Subscription business, basically, it contributed all our positive operating income.

（以外語說）基本上，正如我所提到的，我們有三個主要業務。對於訂閱業務來說，基本上它貢獻了我們所有的正營業收入。

And for our Live-Streaming business and it's still in the growth stage, and we're still investing heavily in this business. And so far, it's still losing money.

我們的直播業務仍處於成長階段，我們仍在大力投資該業務。到目前為止，它仍在虧損。

And for our Cloud Computing business and recently, it had improved the performance. But overall, the sector is still losing money. So we have one segment making money and two other segments are still losing on.

對於我們的雲端運算業務來說，最近，它的效能已經提高了。但總體而言，該行業仍在虧損。因此，我們有一個部門在賺錢，而另外兩個部門仍在虧損。

And for our Hupu business, and in June, it contributed to our top line and also it made positive contributions to the bottom line. And though we do not provide earnings or net income guidance, but we do expect Hupu business, on a yearly basis, will make positive contributions to our total performance.

就我們的虎撲業務而言，6 月它不僅為我們的營收做出了貢獻，也為我們的盈利做出了積極的貢獻。雖然我們沒有提供獲利或淨收入指引，但我們預期虎撲業務每年都會對我們的整體業績做出積極貢獻。

(spoken in foreign language)

（用外語說）

(Operator Instructions) I'm showing no further questions. I'd now like to turn the conference back to the management team for closing comments.

（操作員指示）我沒有其他問題。現在，我想將會議交還給管理團隊，請他們發表最後評論。

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

再次感謝您的時間和參與。如果您有任何疑問，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。祝你有美好的一天。接線員，今天的電話會議到此結束。謝謝。

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

謝謝。今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。

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。