Xunlei Ltd (XNET) 2025 Q3 法說會逐字稿

Welcome, ladies and gentlemen. Thank you for your patience. You’ve joined Xunlei Q3 2025 earnings conference call. (Operator Instructions)

歡迎各位女士、先生。感謝您的耐心等待。您已加入迅雷2025年第三季財報電話會議。 （操作說明）

Please be advised that today’s conference is being recorded.

請注意，今天的會議正在錄音。

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

現在我將把電話交給主持人、投資者關係經理唐璐涵女士。請您發言。

Good morning and good evening, everyone. Thank you for joining Xunlei's Q3 2025 earnings conference call.

各位早安/晚上好。感謝各位參加迅雷2025年第三季財報電話會議。

With me today are Mr. Jinbo Li, Chairman and CEO; Eric Zhou, CFO; and Li Li, Vice President of Finance. Our IR website has our earnings press release to supplement our prepared remarks during the call.

今天陪同我出席電話會議的有董事長兼執行長李金波先生、財務長周先生和財務副總裁李莉女士。我們的投資者關係網站上已發布了獲利新聞稿，以補充我們在電話會議上的演講。

Today’s agenda includes a prepared opening remark from Chairman and CEO, Mr. Jinbo Li on Q3 operational highlights, followed by CFO Eric Zhou’s presentation of financial results details of Q3 2025, and the revenue guidance for Q4 2025 before we open up the floor to questions in the Q&A session. Mr. Jinbo Li will answer 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三季度營運亮點發表的開場致辭，隨後首席財務官周先生將介紹2025年第三季度的財務業績詳情以及2025年第四季度的營收預期，之後我們將進入問答環節。李金波先生將在問答環節回答您的問題。請注意，本次電話會議將被錄音，您可以在我們的投資者關係網站ir.xunlei.com上回放。

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.

在正式開始之前，我想藉此機會提醒各位，今天的討論將包含一些根據 1995 年美國私人證券訴訟改革法案的安全港條款作出的前瞻性陳述。

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

此類聲明是基於我們管理階層在現有市場條件下的預期，但受難以預測的風險和不確定性因素的影響，實際結果可能與前瞻性聲明中的內容有重大差異。有關可能影響我們業績的風險因素的更詳細描述，請參閱我們向美國證券交易委員會提交的文件。

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

除適用法律另有規定外，迅雷不承擔更新任何前瞻性聲明的義務。本次電話會議我們將同時使用GAAP和非GAAP財務指標。非GAAP指標與可比較GAAP指標的調節表可在我們的獲利新聞稿中找到。請注意，除非另有說明，所有數字均以美元計。

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

現在，請聽聽迅雷有限公司董事長兼執行長李金波先生的聲明。

Good morning and good evening, everyone. Thank you for joining us today. We’re pleased to report that the third quarter of 2025 continues to demonstrate positive growth momentum, supported by solid performance across all of our major business operations.

各位早安/晚安。感謝各位今天蒞臨。我們很高興地宣布，2025年第三季繼續保持積極的成長勢頭，這得益於我們所有主要業務運營的穩健表現。

Our top line exceeded the upper end of our expectations, reaching total revenues of $126.4 million, representing an over-a-year increase of 57.7%. This outcome underscores the effectiveness of our initiatives to enhance user experience and deepen community engagement, as well as the further expansion of our overseas audio live streaming operations.

我們的營收超出預期上限，達到1.264億美元，年增57.7%。這項成果凸顯了我們提升用戶體驗、深化社群互動以及進一步拓展海外音訊直播業務的舉措的有效性。

Our bottom line, on the other hand, continued to benefit significantly from the increased stock price of our investing company, Arashi Vision Inc., during the third quarter, following its IPO in June this year, and reflected a gain of $545.8 million, resulting from the fair value changes in our approximately 7.8% equity stake in the company.

另一方面，由於我們投資的公司 Arashi Vision Inc. 在今年 6 月上市後，其股價在第三季度持續上漲，我們的盈利也因此大幅增長，並反映了 5.458 億美元的收益，這源於我們持有該公司約 7.8% 的股權的公允價值變動。

We believe that future realization of investment gains will drastically strengthen our balance sheet and provide strategic flexibility to pursue opportunities in research and development of new technologies, pursuing industry collaboration, selected investments, as well as more options for the shareholder return.

我們相信，未來投資收益的實現將大大增強我們的資產負債表，並為我們提供策略靈活性，以尋求新技術研發、產業合作、精選投資以及更多股東回報方面的機會。

Now, let me take a moment to walk you through each segment and share some insights into the key drivers behind this performance. In Q3, our subscription business achieved significant milestones, generating $40.7 million in revenue, a 22.3% increase compared to the same period in 2024.

現在，我將花一點時間帶您了解各個部分，並分享一些關於推動業績成長的關鍵因素的見解。第三季度，我們的訂閱業務取得了顯著的里程碑式成就，營收達到 4,070 萬美元，比 2024 年同期成長 22.3%。

This sustained growth underscored the strength and resilience of our business model, as well as the increased trust users place on our product offerings. A key highlight was the subscription revenue reached a record high, reflecting strong market demand for our services. This upward trajectory is attributable to several strategic initiatives driven by continuous product integration and the integration of the user feedback, which enhanced user satisfaction and fueled organic growth. We developed more refined strategies tailored to various platforms, enabling effective engagement with diverse audience segments across demographics.

這項持續成長凸顯了我們商業模式的穩健性和韌性，以及使用者對我們產品日益增長的信任。值得一提的是，訂閱收入創下歷史新高，反映出市場對我們服務的強勁需求。這一成長動能歸功於多項策略舉措，這些舉措以持續的產品整合和用戶回饋的採納為驅動，從而提升了用戶滿意度並推動了自然成長。我們針對不同平台製定了更精細的策略，以便能夠有效地與不同人口統計特徵的各類使用者群體互動。

Furthermore, our live streaming and other services achieved robust year-over-year revenue growth of 127.1% in the third quarter, reaching $49.1 million. The growth was primarily driven by the rapid expansion of our overseas audio live streaming operations, which have gained strong traction in multiple international markets.

此外，我們的直播及其他服務在第三季度實現了強勁的同比增長，達到127.1%，收入達4,910萬美元。這一成長主要得益於海外音訊直播業務的快速擴張，該業務已在多個國際市場中獲得廣泛認可。

In addition, the acquisition of Hupu significantly contributed to our advertising revenue, bringing in high-quality monetization opportunities through its established platform and audience reach. Hupu’s strong presence in the sports digital space has allowed us to tap into the highly engaged community of sports enthusiasts, enabling more effective ad targeting and higher advertiser satisfaction.

此外，收購虎撲大大提升了我們的廣告收入，其成熟的平台和龐大的用戶群為我們帶來了高品質的變現機會。虎撲在運動數位領域的強大影響力使我們能夠觸及高度活躍的運動愛好者社群，從而實現更精準的廣告投放，並提升廣告主的滿意度。

Finally, our cloud computing business generated $36.6 million in revenue, representing a significant year-over-year increase of 44.9% compared to the same period in 2024. This notable growth reflected a strong recovery from earlier setbacks, with a rebound in client demand, particularly among large enterprise customers, who have successfully capitalized on emerging opportunities by enhancing our service offerings to provide more tailored, cost-effective, scalable, and secure solutions. Despite the increased revenues, our cloud computing business still faces challenges and headwinds.

最後，我們的雲端運算業務創造了3,660萬美元的收入，與2024年同期相比，年增44.9%，增幅顯著。這一顯著成長反映了我們從早期的挫折中強勁復甦，客戶需求，尤其是大型企業客戶的需求反彈，成功掌握了新興機遇，透過增強我們的服務產品，提供更具客製化、成本效益更高、可擴展性和安全性的解決方案。儘管收入有所成長，但我們的雲端運算業務仍面臨挑戰和不利因素。

Looking ahead, we intend to foster innovation, enhance operational resilience, and capitalize on emerging opportunities to drive long-term growth and deliver durable value to our shareholders. With that, I will now pass the call over to Eric. Eric will give a detailed review of our Q3 2025 financial results and provide revenue guidance for Q4 of 2025. Thank you.

展望未來，我們將致力於促進創新，增強營運韌性，並掌握新興機遇，以推動長期成長，為股東創造持久價值。接下來，我將把電話交給艾瑞克。艾瑞克將詳細回顧我們2025年第三季的財務業績，並提供2025年第四季的營收預期。謝謝。

Thank you, Luhan. Thank you all again for participating in Xunlei’s conference call to discuss the financial results of Q3 2025. In Q3, our total revenues were $126.4 million, representing an increase of 57.7% year-over-year. The increase in total revenues was mainly attributable to the increased revenue generated from our major business operations.

謝謝鹿晗。再次感謝各位參加迅雷的財務電話會議，共同探討2025年第三季的財務表現。第三季度，我們的總營收為1.264億美元，年增57.7%。總收入的成長主要歸功於我們主要業務營運收入的成長。

Revenues from subscription were $14.7 million, representing an increase of 22.3% year over year. The increase in subscription revenues was driven by the increase in the number of subscribers and the increased average revenue per subscriber. The number of subscribers was 6.56 million as of September 30, 2025, compared with 5.51 million as of September 30, 2024. The average revenue per subscriber for Q3 was RMB44.2, compared with RMB40.9 in the same period of 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1,470萬美元，較去年同期成長22.3%。訂閱收入的成長主要得益於訂閱用戶數量的增加以及每位用戶平均收入的增加。截至2025年9月30日，訂閱用戶數為656萬，截至2024年9月30日為551萬。第三季每位用戶的平均收入為人民幣44.2元，去年同期為人民幣40.9元。每位用戶平均收入的增加主要歸功於高級訂閱用戶比例的增加，而高級訂閱用戶的平均收入通常較高。

Revenues from live streaming and other services were $49.1 million, representing an increase of 127.1% year over year. The increase was mainly due to the growth of our overseas audio live streaming business, as well as advertising business. Revenues from cloud computing were $36.6 million, representing an increase of 44.9% year-over-year. The increase in cloud computing revenues was mainly attributable to the increased demand from major customers for cloud computing services. Cost of revenues were $65.4 million, representing 51.7% of our total revenues, compared with $39.4 million, or 49.1% of the total revenues in the same period of 2024.

直播及其他服務收入為4,910萬美元，較去年同期成長127.1%。成長主要得益於海外音訊直播業務和廣告業務的成長。雲端運算收入為3,660萬美元，年增44.9%。雲端運算收入的成長主要歸功於主要客戶對雲端運算服務需求的增加。營業成本為6,540萬美元，佔總營收的51.7%，而2024年同期為3,940萬美元，佔總營收的49.1%。

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, especially generally in line with the growth in revenues. Bandwidth costs as included in cost of revenues were $38.3 million, representing 30.3% of our total revenues, compared with $24.8 million, or 31% of the total revenues in the same period of 2024. The increase in bandwidth costs was primarily due to the increased sales of our cloud computing services.

收入成本的增加主要歸因於海外音訊直播業務頻寬成本和收入分成費用的增加，尤其與收入成長基本一致。計入收入成本的頻寬成本為3,830萬美元，佔總收入的30.3%，而2024年同期為2,480萬美元，佔總收入的31%。頻寬成本的增加主要源自於雲端運算服務銷售額的成長。

Gross profit for Q3 2025 was $60.5 million, representing an increase of 49.6% year over year. Gross profit margin was 47.9% in Q3 2025, compared with 15.5% in the same period of 2024. The increase in gross profit was mainly contributed by our online advertising business, overseas audio live streaming business, and subscription business.

2025年第三季毛利為6,050萬美元，較去年同期成長49.6%。毛利率為47.9%，而2024年同期為15.5%。毛利成長主要得益於我們的線上廣告業務、海外音訊直播業務和訂閱業務。

The decrease in gross profit margin was mainly attributable to the decreased gross profit margin of our cloud computing business and a higher proportion of revenues derived from our audio live streaming business, which has a lower gross profit margin. Our energy expenses for Q3 2025 were $21 million, representing 16.6% of our total revenues, compared with $17.7 million, or 22.1% of our total revenues in the same period of 2024.

毛利率下降主要歸因於雲端運算業務毛利率的降低，以及音訊直播業務收入佔比上升，而音訊直播業務的毛利率較低。 2025年第三季能源支出為2,100萬美元，佔總營收的16.6%，而2024年同期為1,770萬美元，佔總營收的22.1%。

The increased expenses were primarily due to the increase in labor costs as compared with the same period of 2024. Sales and marketing expenses for Q3 2025 were $25.8 million, representing 20.4% of our total revenues, compared with $11.5 million, or 14.3% of our total revenues in the same period of 2024.

與 2024 年同期相比，支出增加主要是因為勞動成本增加。 2025 年第三季的銷售和行銷費用為 2,580 萬美元，佔總收入的 20.4%，而 2024 年同期為 1,150 萬美元，佔總收入的 14.3%。

The increases were 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 user acquisition. G&A expenses for Q3 2025 were $10.9 million, representing 8.6% of our total revenues, compared with $11.4 million, or 14.2% of our total revenues in the same period of 2024. The decreased expenses were primarily due to the decrease in labor costs, partially offset by the increase in provision for litigations and share-based compensation expenses during Q3 2025.

成長的主要原因是本季為拓展用戶群體，我們在訂閱服務和海外音訊直播業務方面增加了行銷支出。 2025年第三季的管理費用為1,090萬美元，佔總營收的8.6%，而2024年同期為1,140萬美元，佔總營收的14.2%。費用下降的主因是勞動成本降低，但部分被2025年第三季訴訟準備金和股權激勵費用的增加所抵銷。

Operating income was $2.7 million, compared with an operating loss of $0.2 million in the same period of 2024. The increase in operating income was primarily attributable to the increase in gross profit, partially offset by the increase in marketing and other operating expenses during the quarter.

營業收入為 270 萬美元，而 2024 年同期營業虧損為 20 萬美元。營業收入的成長主要歸功於毛利的成長，但部分被本季行銷和其他營運費用的增加所抵銷。

Other income net was $547.7 million, compared with other income net of $4.8 million in the same period of 2024. The increase was primarily due to the fair value changes in Q3 for our long-term investment in Arashi Vision Inc., which completed its IPO in June 2025.

其他淨收入為 5.477 億美元，而 2024 年同期其他淨收入為 480 萬美元。成長的主要原因是第三季我們對 Arashi Vision Inc. 的長期投資的公允價值變動，該公司已於 2025 年 6 月完成首次公開募股。

Net income was $550.1 million, compared with net income of $4.4 million in the same period of 2024. The increase in net income was primarily due to the increase in other income, as mentioned above. Non-GAAP net income was $5.3 million in Q3 2025, compared with $4.9 million in the same period of 2024. The increase in Non-GAAP net income was primarily due to the increase in operating income. Diluted income per ADS in Q3 2025 was $8.60, compared with diluted earnings per ADS of $0.07 in Q3 2024.

2025年第三季淨利為5.501億美元，而2024年同期淨利為440萬美元。淨利潤成長主要歸因於上文所述的其他收入增加。 2025年第三季非GAAP淨利為530萬美元，而2024年同期為490萬美元。非GAAP淨利成長主要歸因於營業收入增加。 2025年第三季每股美國存託憑證（ADS）攤薄收益為8.60美元，而2024年第三季每股ADS攤薄收益為0.07美元。

Non-GAAP diluted earnings per ADS was $0.09 in Q3 2025, compared with non-GAAP diluted earnings per ADS of $0.08 in the same period of 2024. As of September 30, 2025, the company had cash, cash equivalents, and short-term investments of $284.1 million, compared with $275.6 million as of June 30, 2025. The increase was mainly due to the increase in net cash inflows from operating activities during the quarter.

2025年第三季度，以非GAAP準則計算的每股ADS攤薄收益為0.09美元，而2024年同期為0.08美元。截至2025年9月30日，本公司持有現金、現金等價物及短期投資2.841億美元，截至2025年6月30日為2.756億美元。此成長主要歸因於本季經營活動產生的淨現金流入增加。

Turning to our guidance, for Q4 2025, Xunlei estimates total revenues to be between $131 million and $139 million, and the midpoint of the range represents a quarter-over-quarter increase of approximately 6.8%. This estimate represents management’s preliminary view as of the date of this press release, which is subject to change, and any change could be material.

關於業績展望，迅雷預計2025年第四季總營收將在1.31億美元至1.39億美元之間，其中數值較上季成長約6.8%。該預測為管理層截至本新聞稿發布之日的初步意見，可能會有所變動，且任何變動都可能產生重大影響。

Now we conclude prepared remarks for the conference call. Operator, we are ready to take questions.

現在我們結束了為本次電話會議所準備的演講。接線員，我們準備接受提問。

Operator, we’re ready to take questions.

接線員，我們已準備好回答問題。

(Operator Instructions) Xiaolin Tang, BT Capital.

（操作說明）唐曉林，BT Capital。

(spoken in foreign language)

（用外語說）

The investor was asking Xunlei has not paid any dividend historically. Given the fact that the recent gain from our investment in Arashi Vision and the upcoming expiration of the lock-up period next year, does Xunlei plan to consider dividend distribution in the future?

這位投資者問，迅雷歷史上從未派發過股息。鑑於我們近期從嵐視的投資中獲利，以及明年禁售期即將結束，迅雷未來是否有計劃考慮派發股息？

Xunlei holds more than 5% of the shares. If we want to sell our shares, we have to follow certain regulatory rules and also the regulations. So far, we don’t have any plans for the share disposals or the dividend distribution.

迅雷持有超過5%的股份。如果我們想出售股份，必須遵守相關的監管規定和法規。目前，我們沒有任何出售股份或派發股息的計劃。

The investor is asking Xunlei has previously mentioned that we would embrace artificial intelligence. Are there any progress that made so far?

投資人問，迅雷之前曾提到我們會擁抱人工智慧，目前在這方面取得了哪些進展？

We’re very excited for the futures of artificial intelligence. We’re actively exploring the opportunities in this field. We look forward to sharing our progress with you in the future. Thank you.

我們對人工智慧的未來充滿期待，並正在積極探索該領域的各種機會。我們期待未來與您分享我們的進展。謝謝。

(Operator Instructions) I see no further questions at this time. I will now pass back to management.

（操作員指示）目前我沒有其他問題。現在我將把問題交還給管理階層。

Thank you again for your time and participation. If you have any questions, please visit our website at ixunlei.com or send emails to our investor relations. Have a good day. Operator, we conclude today’s conference call. Thank you.

再次感謝您抽空參與。如有任何疑問，請造訪我們的網站ixunlei.com或發送電子郵件至我們的投資者關係部門。祝您一切順利。接線員，今天的電話會議到此結束。謝謝。

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

今天的電話會議到此結束。感謝您的參與。您可以斷開連線了。

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was

本記錄稿中英文陳述由現場通話中的口譯員翻譯。該口譯員是