迅雷 (XNET) 2026 年第二季法說會：營收成長 38.9%

重點摘要

• 在訂閱服務、海外語音直播以及虎撲廣告收入強勁增長的推動下，2026 年第二季營收年增 38.9% 至 1.027 億美元。
• 訂閱收入成長 22.6% 至 4,450 萬美元。直播及其他服務收入成長 54.8% 至 5,820 萬美元。
• 毛利成長 23.1% 至 5,730 萬美元，但毛利率從 63.0% 降至 55.8%，主因毛利率較低的直播業務在營收結構中占比上升。
• 迅雷錄得 2.185 億美元的持續經營淨虧損，主要歸因於其持有的影石創新 (Arashi Vision Inc.) 投資公允價值波動導致 2.138 億美元的淨其他損失。
• 非 GAAP 持續經營淨虧損為 210 萬美元，而 2025 年第二季非 GAAP 淨利潤為 720 萬美元。
• 截至 2026 年 8 月 12 日，在 2,000 萬美元的庫藏股買回計畫下，迅雷已斥資約 590 萬美元回購約 107 萬股 ADS。

重要財務數據

業務與營運績效

訂閱服務仍是迅雷穩定的現金流支柱。在付費產品需求、強韌的留存率和穩定變現的支撐下，營收達到 4,450 萬美元。季增率略有放緩。

公司持續推出 AI 功能、優化現有功能並擴大與中國國內智慧型手機廠商的合作。管理層表示，計畫在 2026 年下半年優化會員權益並拓寬終端設備合作夥伴關係，以支持用戶獲取與營收成長。

海外語音直播是主要的成長引擎。迅雷持續投資東南亞、中東及土耳其市場，並進一步擴展至拉丁美洲。產品開發聚焦於在地化營運、一對一社交互動與多人聊天室。

受益於廣告旺季與全球重大體育賽事，虎撲在本季貢獻了 910 萬美元的營收。管理層表示，全新的 AI 功能提升了整個平台的用戶參與度和互動性。

管理層意圖深化在既有海外市場的滲透率，選擇性進入其他地區，並保持成本紀律。此外，管理層目標是在優先推進消費端產品創新與國際化成長的同時，擴大各業務的利潤率。

風險與關注領域

• 毛利率下滑是因為毛利率較訂閱與廣告業務低的直播業務，在營收中所占比重有所增加。
• 海外娛樂市場競爭依然激烈。管理層表示，將優先推動長期的在地化營運，而非追求短期規模擴張。
• 銷售與行銷支出增加，主因迅雷加大投資於訂閱服務及海外語音直播服務的用戶獲取與品牌曝光度。
• 一般及管理費用上升，部分原因是提列未結訴訟準備金以及員工相關成本增加。
• 對影石創新的投資造成了顯著的盈餘波動，因為在該公司於 2025 年 6 月 IPO 後，該投資以公開市場價格進行計量。
• 受營運現金流出、銀行貸款償還、股份回購以及虎撲收購案的延期付款影響，現金及短期投資較上季下滑。

法說會問答重點

迅雷董事會於 6 月底批准了新的 2,000 萬美元股份回購計畫，並於 7 月 1 日開始實施回購。截至 8 月 12 日，公司已斥資約 590 萬美元回購約 107 萬股 ADS。該計畫目前仍在進行中。

迅雷目前持有影石創新 7.8% 的股權。管理層表示，公司正在完成減持相關準備程序，但截至法說會舉行時，尚無具體的處置計畫。

關於美國《1940 年投資公司法》(U.S. Investment Company Act of 1940)，管理層表示迅雷正在諮詢顧問並密切監控其資產結構。如有需要，公司可能會逐步調整持股，使投資證券在扣除政府證券和現金項目後不超過總資產的 45%。管理層強調，迅雷意圖繼續專注於其面向消費者的營運業務，而非轉型為投資公司。

法說會逐字稿全文

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管理層陳述

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.