迅雷 (XNET) 2026年第二季度财报电话会议：营收增长38.9%

核心要点

• 受订阅服务、海外语音直播以及虎扑广告收入增长的推动，2026年第二季度营收同比增长38.9%至1.027亿美元。
• 订阅服务营收增长22.6%至4450万美元。直播及其他服务营收增长54.8%至5820万美元。
• 毛利润增长23.1%至5730万美元，但由于毛利率较低的直播业务在营收结构中的占比上升，毛利率从63.0%降至55.8%。
• 迅雷录得2.185亿美元的持续经营业务净亏损，主要归因于与其持有的影石创新（Arashi Vision Inc.）投资相关的公允价值波动所产生的2.138亿美元其他净亏损。
• 非通用会计准则（Non-GAAP）下持续经营业务净亏损为210万美元，而2025年第二季度Non-GAAP净利润为720万美元。
• 根据其2000万美元的股票回购计划，截至2026年8月12日，迅雷已斥资约590万美元回购了约107万股美国存托股份（ADS）。

主要财务数据

业务与运营表现

订阅服务仍是迅雷稳定的现金流基础。在优质产品需求、韧性留存和稳定变现的支撑下，营收达到4450万美元。环比增速略有放缓。

公司继续推出AI驱动的功能，优化现有功能，并扩大与国内智能手机厂商的合作。管理层表示，计划精细化会员权益并拓宽终端设备合作伙伴关系，以支持2026年下半年的用户获取和营收增长。

海外语音直播是主要的增长引擎。迅雷继续加大对东南亚、中东和土耳其的投资，同时进一步拓展拉丁美洲市场。产品研发重点放在本土化运营、一对一社交互动和多用户聊天室上。

得益于广告旺季及全球重大体育赛事，虎扑在本季度贡献了910万美元的营收。管理层表示，新的AI功能提升了整个平台的关用参与度和互动率。

管理层意图深化在既有海外市场的渗透，选择性地进入其他地区，并保持成本纪律。同时，公司旨在将消费级产品创新和国际化增长放在首位，进一步提升各业务的利润率。

风险与关注领域

• 毛利率有所下降，原因是毛利率低于订阅和广告业务的直播业务在总营收中的占比有所提高。
• 海外娱乐市场的竞争依然激烈。管理层表示，公司将优先考虑长期的本土化运营，而非追求近期的规模扩张。
• 随着迅雷加大对订阅服务和海外语音直播服务的用户获取及品牌知名度推广的投资，销售与营销支出有所增加。
• 一般及行政费用增加，部分归因于针对未决诉讼计提的准备金以及员工相关成本的上升。
• 对影石创新的投资带来了显著的业绩波动，因为在该公司于2025年6月完成IPO后，该投资按公开市场价格进行计量。
• 受经营现金流出、偿还银行贷款、股票回购及收购虎扑的延期付款影响，现金及短期投资较上一季度有所减少。

问答环节要点

迅雷董事会于6月底批准了一项新的2000万美元股票回购计划，并于7月1日开始实施回购。截至8月12日，公司已以约590万美元回购了约107万股ADS。该计划目前仍在进行中。

迅雷目前持有影石创新（Arashi Vision Inc.）7.8%的股份。管理层表示，公司正在办理相关手续以准备减持股份，但在电话会议召开时尚无具体的处置计划。

关于1940年美国《投资公司法》，管理层表示迅雷正在咨询顾问并监控其资产构成。如有需要，可能会逐渐调整持仓，以便在扣除政府证券和现金项目后，投资证券占总资产的比例不超过45%。管理层强调，迅雷意图继续专注于面向消费者的实体运营业务，而不是成为一家投资公司。

业绩电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

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.