Xunlei（XNET）2026年第2四半期決算電話会議：売上高38.9％増

主要なポイント

• 2026年第2四半期の売上高は、サブスクリプションサービス、海外向け音声ライブ配信、および虎撲（Hupu）の広告収入の伸びが牽引し、前年同期比38.9%増の1億270万ドルとなりました。
• サブスクリプション収入は22.6%増の4,450万ドル、ライブ配信およびその他サービスの収入は54.8%増の5,820万ドルとなりました。
• 売上総利益は23.1%増の5,730万ドルとなったものの、利益率の低いライブ配信が売上構成比を高めたことで、売上総利益率は前年同期の63.0%から55.8%に低下しました。
• 迅雷（Xunlei）は継続事業からの純損失2億1,850万ドルを計上しました。これは主に、Arashi Vision Inc.への投資に係る公正価値の変動に伴うその他損失（純額）2億1,380万ドルによるものです。
• 継続事業からのNon-GAAP純損失は210万ドルとなり、前年同期（2025年第2四半期）のNon-GAAP純利益720万ドルから赤字に転落しました。
• 2,000万ドルの自社株買いプログラムに基づき、迅雷は2026年8月12日時点で約107万株のADSを約590万ドルで買い戻しました。

主要財務データ

事業・営業パフォーマンス

サブスクリプションサービスは、引き続き迅雷（Xunlei）の安定したキャッシュフロー基盤となりました。有料プロダクトへの需要、堅調な顧客維持率、順調な収益化に支えられ、売上高は4,450万ドルに達しました。前期比での成長はやや減速しました。

同社はAI搭載機能の導入、既存機能の改善、ならびに中国国内のスマートフォンメーカーとの連携拡大を継続しました。経営陣は、2026年後半におけるユーザー獲得と売上成長を支援するため、会員特典の拡充とエンドデバイスとのパートナーシップ拡大を計画していると述べました。

海外向け音声ライブ配信が主な成長エンジンとなりました。迅雷は東南アジア、中東、トルコへの投資を継続しつつ、中南米へもさらに事業を拡大しました。プロダクト開発では、ローカライズされた運用、1対1のソーシャルインタラクション、マルチユーザーチャットルームに注力しました。

虎撲（Hupu）は広告の繁忙期と世界的な主要スポーツイベントの恩恵を受け、当四半期に910万ドルの売上高をもたらしました。経営陣によると、新たなAI機能によりプラットフォーム全体でユーザーエンゲージメントと相互作用が高まったとのことです。

経営陣は、進出済みの海外市場での浸透を深め、新たな地域へ厳選して参入するとともに、コスト規律を維持する意向です。また、コンシューマー向けプロダクトの革新と国際的な成長を優先しつつ、全事業で利益率の拡大を目指しています。

リスクと注目点

• サブスクリプションや広告よりも利益率の低いライブ配信が売上高に占める割合を高めたため、売上総利益率が低下しました。
• 海外のエンターテインメント市場における競争は依然として激しい状況です。経営陣は、短期的な規模拡大を追求するよりも、長期的かつローカライズされた運用を優先すると説明しました。
• サブスクリプションおよび海外向け音声ライブ配信サービスにおけるユーザー獲得とブランド認知度向上のための投資を行った結果、販売・マーケティング費用が増加しました。
• 進行中の訴訟に対する引当金および従業員関連費用の増加などが要因となり、一般管理費が増加しました。
• Arashi Visionへの投資は、同社の2025年6月の新規公開株（IPO）以降、公開市場価格を用いて測定されているため、損益に大幅な変動をもたらしています。
• 営業キャッシュ・アウトフロー、銀行借入金の返済、自社株買い、虎撲（Hupu）買収に伴う繰延支払の発生により、現金および短期投資は前期比で減少しました。

質疑応答のハイライト

迅雷の取締役会は6月末に新たに2,000万ドルの自社株買いプログラムを承認し、7月1日に買戻しを開始しました。8月12日時点で、同社は約107万株のADSを約590万ドルで買い戻しました。本プログラムは現在も継続中です。

迅雷は現在、Arashi Vision Inc.の株式7.8%を保有しています。経営陣は、保有比率の引き下げに向けた準備手続きを進めているものの、電話会議の時点では具体的な売却計画はないと述べました。

米国1940年投資会社法（Investment Company Act of 1940）に関して、経営陣はアドバイザーと協議のうえ資産構成をモニタリングしていると述べました。必要に応じて、政府有価証券および現金項目を除いた総資産の45%を投資有価証券が超えないよう、保有資産を段階的に調整する可能性があります。経営陣は、迅雷が投資会社になるのではなく、コンシューマー向け事業に引き続き注力する意向であることを強調しました。

業績説明会（トランスクリプト全文）

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Welcome, ladies and gentlemen, and thank you for your patience. You've joined Xunlei's Second Quarter 2026 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 your host, Investor Relations Manager, Ms. Luhan Tang.

Luhan Tang

Good morning, and good evening, everyone, and thank you for joining Xunlei's Q2 2026 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. Today's agenda includes 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 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.

Before we get started, I'd 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 management's current expectations under existing market conditions that 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 obligation to update any forward-looking statements, except as required under applicable law. 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 all numbers are in U.S. dollars unless otherwise stated.

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

Good morning, and good evening, everyone. Thank you for joining our Q2 2026 earnings call. We're pleased to report continued top line growth this quarter, building on the solid consumer-focused growth foundations we established in Q1. These results serve as clear validation that our strategic pivot towards a consumer-centric business model is delivering tangible results. Our 2 primary growth drivers, subscription services and overseas audio live streaming, each posted steady year-over-year increase in revenue. Let me walk you through the performance of these core consumer-facing businesses individually.

First, our subscription business remains our stable cash flow foundation and reliable growth anchor. Q2 subscription revenue reached $44.5 million, up 22.6% year-over-year, while the growth rate softened marginally on the sequential basis. This segment maintained resilient user retention and steady monetization performance. During the quarter, we continued upgrading premium user experiences by rolling out new AI-powered features, optimizing existing functionality, deepening long-term cooperation with leading domestic smartphone partners and scaling our ecosystem user acquisition channels as planned. Looking ahead, we will continue refining our differentiated member perks to boost user penetration and expand end device cooperation coverage, capturing incremental user acquisition and revenue growth in the second half of the year.

Second, our overseas audio live streaming business once again emerged as our primary growth engine. In Q2, this segment generated $58.2 million in revenue, representing a significant 54.8% year-over-year increase. We continued deploying targeted investments in high-potential emerging markets, including Southeast Asia, the Middle East, Turkey and further expansion into Latin America. Concurrently, we enhanced localized product iteration and operational capabilities, optimizing our product matrix across one-on-one social interaction scenarios and multi-person chat rooms.

Additionally, we saw notable quarterly momentum for our Hupu business, which contributed $9.1 million in Q2 revenue, benefiting from the peak advertising season and the slate of major global sporting events. User discussion activity across the platform reached new highs. Our newly rolled out AI-powered features also meaningfully boosted user engagement and deepened interactive activity, creating an additional stream of incremental revenue across our consumer ecosystem.

As we communicated in our previous quarterly reports, competition in the overseas entertainment market remains intense. Accordingly, we will stick to our long-term localized operational and marketing strategies instead of chasing near-term scale expansion, fostering sustainable business growth across all our core consumer verticals. Beyond operational performance, to further reinforce market confidence and deliver long-term shareholder returns, we announced a new $20 million share repurchase program at the end of June. We believe that this initiative demonstrates our unwavering confidence in the company's solid fundamentals and long-term growth potential. We will maintain disciplined capital allocation, prioritizing investment in core consumer product innovation and international market expansion while returning excess capital to shareholders when appropriate.

Looking ahead, we will stay firmly committed to our user-centric development strategy. We will further accelerate feature iteration for our subscription offerings, deepen market penetration within our established overseas markets, selectively pursue new regional growth opportunities and uphold strict cost discipline to expand profit margins across all business lines.

By balancing growth with profitability and through rigorous capital and operational management, we aim to promote balanced and sustainable corporate development. Against the backdrop of an evolving global market landscape, our targeted consumer positioning, 2 core business structure, advanced technological strength and localized operations serve as our key competitive edges. We are optimistic about delivering sustained long-term value to our users and shareholders alike.

With that overview, I will now turn the call over to our CFO, Eric Zhou, who will walk you through our Q2 financial metrics in detail.

Eric Zhou

Thank you, Luhan, and thank you all for participating in today's conference call. I will now walk you through our financial results for the second quarter of 2026. For Q2 2026, total revenues came in at $102.7 million, up 38.9% year-over-year. This steady top line growth was primarily driven by rising revenues from our subscription business and our overseas audio live streaming business as well as improved Hupu's advertising business.

Breaking down our revenue performance. Subscription revenues reached $44.5 million, a 22.6% year-over-year increase. This performance reflected the sustained user demand for a full suite of our premium product offerings. Revenue from live streaming and other services totaled $58.2 million, representing a 54.8% year-over-year increase. This strong performance was driven chiefly by rapid expansion of our overseas audio live streaming operations alongside the growth in advertising revenue from our sports community during the peak sports season.

Cost of revenues was $44.8 million during the quarter, accounting for 43.6% of total revenues. By comparison, in Q2 2025, cost of revenues came to $27 million, or 36.6% of total revenues. The uptick in our cost base largely aligned with the expansion of our live streaming revenue, driven mainly by increased revenue sharing expenses for our overseas audio live streaming operations.

Turning to profitability. We generated $57.3 million in gross profit during the second quarter of 2026, up 23.1% year-over-year. Gross margin stood at 55.8%, compared with 63% in the prior year period. The gross profit improvement was fueled by both our subscription business and the Hupu advertising revenue. The notable margin decline stems from a structural revenue mix shift. Since live streaming carries a lower gross margin than subscription and advertising business, its larger share of total revenue mix modestly compressed our overall gross margin.

On the expense front, R&D expenses were $21.4 million in Q2 2026, representing 20.8% of total revenues compared with $16.6 million or 22.4% of total revenues in Q2 2025. The year-over-year increase was mainly due to higher labor costs. Sales and marketing expenses rose to $27.9 million during the second quarter of 2026, representing 27.2% of revenue compared with $20.7 million or 28% of total revenues in Q2 2025. The increase in absolute marketing spending reflected ramp-up promotional investment across our subscription and overseas audio live streaming operations as we continued to proactively prioritize acquisition and brand visibility.

G&A expenses came in at $12.7 million, equal to 12.4% of total revenues, versus $8.5 million or 11.6% of total revenue in Q2 2025. The increase was primarily driven by provision for ongoing legal litigations and higher employee-related costs year-over-year. At the operating level, we posted an operating loss of $4.8 million this quarter, a reversal from operating income of $0.3 million in the same period last year. This swing was largely due to the sequential and year-over-year rise in our selling, marketing and general and administrative expenses outlined above.

We posted a net other loss of $213.8 million for the quarter versus net income of $721.5 million in Q2 2025. The dramatic swing was mainly driven by fair value volatility on our long-term investment in Arashi Vision Inc., which is accounted for on a mark-to-market basis using public stock prices after the company's IPO in June 2025. Unlike Q1, there were no discontinued operations to report for Q2 2026, following the disposal of our Shenzhen Onething business last quarter. Our net loss from continuing operations was $218.5 million this quarter compared with net income of $726.4 million in Q2 2025.

The net loss was mainly due to the material net other loss just mentioned, partially offset by positive gross profit growth in our core consumer-facing business. On a non-GAAP basis, we posted a non-GAAP net loss from continuing operations of $2.1 million, down from non-GAAP net income of $7.2 million in the prior year period. On a per share basis, diluted loss per ADS from continuing operations was $3.43 for the quarter compared with diluted EPS of $11.47 in Q2 2025. Our non-GAAP diluted loss per ADS from continuing operations came to $0.03 versus non-GAAP diluted earnings of $0.12 per ADS in the same period last year.

Finally, on our balance sheet. As of June 30, 2026, cash, cash equivalents and short-term investments totaled $276.9 million, down from $303.6 million as of March 31, 2026. The sequential decrease was primarily driven by net operating cash outflows, bank loan repayments, disbursements related to our newly announced share repurchase program and deferred consideration payments related to our Hupu acquisition.

This concludes our prepared remarks. Operator, we are now ready to open the line for questions.

Operator

[Operator Instructions] First question comes from the line of [ Zoe Zhang ], retail investor.

Unknown Attendee

[Foreign Language]

Eric Zhou

The question is the company announced a share repurchase program at the end of June, but she didn't see any share repurchase information in our press release and she'd like to know what's going on with the buyback program.

Thanks for asking. The Board of Directors of the company approved a new share repurchase program of $20 million at the end of June, and the repurchase officially commenced on July 1. And as of August 12, we bought back approximately 1.07 million shares of ADS and spent approximately $5.9 million, and the repurchase program remains ongoing, and more details will be disclosed in our third quarter financial report. Thank you.

Luhan Tang

[Foreign Language]

Operator

[Operator Instructions] Next, we have [ X. J. ], individual shareholder.

Unknown Attendee

[Foreign Language]

Eric Zhou

Okay. Basically, his question is surrounding our stake in [indiscernible] Arashi Vision Inc. And he'd like to know our progress in reducing our stake in this investment and what our plans for the proceeds for the future. And thank you for the question. And currently, we hold more than 5% of shareholders or exactly 7.8% of Vision's equity stake. And we need to follow certain regulatory rules and regulations when we began to sell the stock and do it in an ordinary manner and make timely disclosure. And for the time being, we are following -- going through certain procedures to get ready to reduce our stake in the company. But at this time, we have no specific plans for the share disposal for the time being.

And he also asked a question regarding the 1940 Investment Company Act. And according to that, 1940 Investment Act, a listed company needs to follow certain regulations to be in compliance with the requirements of the Investment Act. And we will continue to monitor our holdings of our operated assets, and we've been consulting with relevant advisers. And if needed, we will gradually seek to adjust our holdings so that Xunlei holds investment securities with a value not exceeding 45% of the company's total assets, excluding government securities and cash items. In line with the company's intention to mainly engage in the core business, which is the consumer-facing business, 2C business, we never intend to be an investment company. Thank you.

Luhan Tang

[Foreign Language]

Operator

Thank you. I see no further questions at this time. I will now turn the conference back to Eric for closing remarks.

Eric Zhou

Thank you again your time and participation. For any follow-up inquiries, please visit our website at ir.xunlei.com or contact our Investor Relations team. Have a good day.

Operator, we conclude today's conference call. Thank you.

Operator

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