Ladies and gentlemen, thank you for standing by. Welcome to the Aurora Mobile Fourth Quarter and Fiscal Year 2025 Earnings Conference Call. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your host today, Christian Arnell. Please go ahead, sir.

Thank you. Hello, everyone, and thank you for joining us today. Aurora Mobile's earnings release was distributed earlier today and is available on the IR website at ir.jiguang.cn. On the call today are Mr. Weidong Luo, Chairman and Chief Executive Officer; Mr. Shan-Nen Bong, Chief Financial Officer; and Mr. Guangyan Chen, General Manager. Following their prepared remarks, they will be available to take your questions and give you answers during the Q&A session that follows. Before we begin, I'd like to remind you that this conference call contains forward-looking statements made within the meaning of Section 21E of the Securities Exchange Act of 1934 as amended and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based upon management's current expectations and current market and operating conditions, which are difficult to predict and may cause the company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties and/or factors are included in the company's filings with the U.S. SEC. The company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law. With that, I'd now like to turn the conference over to Mr. Luo. Please go ahead.

Thanks, Christian. Hi, everyone. Welcome to Aurora Mobile's 2025 Fourth Quarter Earnings Call. Before I comment on our Q4 results, I would like to remind everyone that we have uploaded the quarterly earnings deck on our IR website. You may reference the deck as we proceed with the call today. I'm truly excited about the various things that are going on here at Aurora Mobile. Revenue is surging and our financials are as strong as ever. By the end of this call, I trust you will agree with me, our 2025 and Q4 numbers are truly exceptional. As we have done in the past, when looking at the fourth quarter and the year as a whole, a single phrase comes to mind: a year of pure brilliance. Why? Because we recorded our first ever full year net GAAP profit in our history. Not only that, but we achieved three consecutive quarters of non-GAAP profit leading to this quarter, which just as importantly achieved quarterly revenue exceeding the RMB 100 million mark. It's been a truly historic year. Let me now dive deeper into the outstanding work and numbers that make this success possible. Firstly, the group's revenue this quarter surged to RMB 105.2 million, representing a remarkable double-digit 13% year-over-year and 16% sequential growth. This performance outperformed the guidance we shared in our Q3 earnings call. Secondly, our global flagship product, EngageLab, continued to fire on all cylinders, winning new customers across the globe. This momentum drove EngageLab's ARR for December 2025 to a record high of USD 10 million, representing 186% year-over-year growth. Further, gross profit grew by 23% year-over-year and by 9% quarter-over-quarter. This is the highest gross profit we have seen over the past 16 quarters. Last but not least, we delivered another standout quarter on cash management. Net operating cash inflow hit RMB 35.1 million, the highest we have seen since Q4 of 2020. With so many record highs this quarter, I am incredibly proud of what our team has managed to accomplish. It's truly gratifying to share these results with you today, and it was driven by our strategy, hard work, and passion, not by luck. Everyone in Aurora Mobile deserves the credit for the effort and energy toward our collective growth day in and day out. 2025 stands as one of our most successful years to date, the result of true commitment and strong execution. With that said, the work is not done. The solid foundation we have built over the past few years positions us to achieve even greater things. I sincerely believe we are ready to seize the next wave of global opportunities, and our track record proves we can. As we move into 2026, we will continue on our expansion path with the same discipline and focus we have shown in the past years, enhancing our products and services, accelerating growth and maintaining strong financial management. I am optimistic about what 2026 will bring. The path ahead is rich with opportunities and our brightest moments are still to come. After a year of pure brilliance, I think for 2026 is clear growth acceleration. Now let me share more on the individual business performance. Our total Q4 group revenue has exceeded the RMB 100 million mark for the first time in history since the transition to a pure SaaS business model. It has grown both year-over-year and quarter-over-quarter. In particular, the lion's share of year-over-year revenue was contributed by strong numbers from developer subscription services. Our solid execution in 2025 across different markets provided an excellent platform to drive our top line performance. In this quarter, both developer subscription services and vertical applications recorded solid acceleration with double-digit year-over-year revenue growth. Developer Services revenue, which consists of subscription services and Value-Added Services, delivered strong performance with 7% growth year-over-year and 18% growth quarter-over-quarter. Subscription revenue performed well, increasing by 13% year-over-year and 7% quarter-over-quarter. Value-Added Services revenue grew by an impressive 101% quarter-over-quarter, but decreased 13% year-over-year. Our core business developer subscription services gave revenue of RMB 61.9 million, representing growth of 13% year-over-year and 8% quarter-over-quarter. The year-over-year revenue growth was mainly driven by increases in both customer number and ARPU. In this quarter, subscription revenue broke the RMB 60 million quarter revenue mark and reached its highest level in history. Now it's time for what many of you have been waiting for: an update on our global flagship product, EngageLab, which continued its remarkable growth trajectory quarter after quarter since it was launched. First, EngageLab's ARR has achieved a new and important milestone of USD 10 million as of December 2025. Following triple-digit growth in Q3, we recorded 186% year-over-year ARR growth this quarter. Secondly, we delivered another very strong quarter of EngageLab. Cumulative signed contract value amounted to RMB 157 million by the end of Q4 of 2025. In Q4 alone, we signed up more than RMB 29 million worth of new contracts. This, in our view, is simply outstanding. We expect this revenue growth momentum to continue for the next 24 months. Thirdly, we secured new wins from global customers across all corners of the world, and our number of customers increased by 142% year-over-year, reaching 1,641. Our global go-to-market initiatives are proving highly effective in driving this growth. Fourthly, our EngageLab products and services are now sold to customers in more than 70 different countries and regions globally. We expanded our footprint into 18 new countries in Q4 alone. Ultimately, the rollout of EngageLab into the global market has been a resounding success. Looking back to 2025, we are immensely pleased with the expansion of our global flagship product. We have come a long way since we launched EngageLab in Q4 of 2022. In a nutshell, EngageLab provides a suite of products and services for omnichannel infrastructure, helping our customers to strengthen engagement with their users in an efficient and effective manner. The customers of EngageLab come from various industry verticals, with no specific industry concentration risk. The very strong numbers we have recorded in 2025 have given us great confidence in the acceleration profit of this business. Historical 2025 numbers aside, in the beginning of 2026, we have seen healthy signs from the overseas markets in terms of potential needs and customers. Let me also touch on the excellent partners we have globally. As of December 2025, within our EngageLab ecosystem, we have 17 partners in different countries and regions. These partners are selected through a rigorous and often multistage process. We think that our representation in different markets means we have high expectations for the contribution from this partner in the overseas market in the future. They are another important driver of our sustainable long-term growth. We will continue to work and engage with more local partners to better utilize their resources and local networks. Within subscription revenue, notable wins in this quarter include, but are not limited to, Kimi large language model, J&T Express, Citibank, and China Unicom. Value-Added Services revenue was RMB 14.2 million, up 101% quarter-over-quarter. The solid revenue quarter-over-quarter growth was mainly due to the significant increase in spend by advertisers. The traditional quarterly online shopping festival in Q4 also contributed to significant revenue growth sequentially. Now let me pass the call over to Shan-Nen, who will take you through the metrics of vertical applications and financial performance for this quarter. Take it away.

Thanks, Chris. And next, I'll go over the revenue for vertical applications that include financial risk management and market intelligence. Overall, vertical applications had a good quarter, where revenue grew both year-over-year and quarter-over-quarter. Within vertical applications, financial risk management recorded a strong 43% growth in revenue year-over-year and 12% quarter-over-quarter. Financial Risk Management delivered another excellent performance. We recorded robust revenue growth of 43% year-over-year and 11% quarter-over-quarter. Notably, this segment achieved revenue of more than RMB 22 million in each of the four quarters of 2025. In particular, the strong year-over-year performance was driven by impressive 20% growth in customer number and a 20% increase in ARPU. The customers that we signed up or renewed in Q4 include, but are not limited to, ChongXiing, Xiao, Chengduinhang, and many more licensed credit or financial institutions throughout China. Market Intelligence revenue, on the other hand, decreased by 24% year-over-year and 3% quarter-over-quarter due to the continued weak market demand for Chinese APP data. This result is in line with our expectation. Next, I'll go over some of the profit and loss items. Our gross profit delivered another exceptional quarter, growing 23% year-over-year and 9% quarter-over-quarter. The RMB 69.7 million gross profit we had was also the highest gross profit recorded among any of the past 16 quarters. In this quarter, our revenue grew 13% year-over-year, yet our gross profit grew by 23% year-over-year. Notably, we saw this trend in Q3 as well. This tells a clear story: We are strengthening our ability to generate high-quality revenue with higher margins. Our strong gross profit number has proven instrumental in bringing us to a full year profitability in 2025. On net profit, after three consecutive profitable quarters, we have landed ourselves in a new territory: our first ever full year GAAP net profit for 2025. This is a great conclusion for us to conclude our brilliant Q4 and full year 2025 story on a high note. On to operating expenses. Q4 operating expenses were at RMB 68.2 million, up 13% year-over-year and 6% quarter-over-quarter. Overall, we are pleased with the trending of OpEx to support revenue and profitability growth. I'll now dive deeper into the individual OpEx category. R&D expenses increased 16% year-over-year to RMB 28.3 million, mainly due to higher staff costs and associated expenses. Technical service fees also contributed to the year-over-year increase in R&D expenses. Selling and marketing expenses increased by 16% as well year-over-year to RMB 28.4 million, mainly due to the higher sales commission in line with the revenue growth and cash collection recorded in this quarter. Marketing expenses for investment in global business expansion also contributed to the year-over-year increase in selling and marketing expenses. G&A expenses remained flat at RMB 11.4 million, representing no change from the same quarter of last year. Next, I will share three very important KPIs that we closely monitor. Our net dollar retention rate, NDR, a commonly used KPI for SaaS companies, stood at 103% for our core developer subscription business for the trailing 12-month period ended December 31, 2025. This is the second consecutive quarter where the NDR number has exceeded the 100% threshold. We are proud of this number as it demonstrates how our SaaS business model is widely accepted by the market. Customers have increased their spending on our platform over time. Secondly, another financial KPI for tracking the performance of SaaS companies is the total deferred revenue. This represents cash collected in advance from customers for future contract performance, which exceeded the historical high we had last quarter and stood at RMB 178.7 million in Q4 of 2025. This historical high deferred revenue balance is a hallmark of a high-quality, scalable business. It signifies strong customer loyalty, predictable future revenues, healthy cash flow, and effective sales strategies. Thirdly, we continue to maintain a healthy level of AR turnover days at 37 days. This number is simply fantastic. It shows we are collecting cash quickly and effectively. And this has really improved our financial liquidity while mitigating the risk of bad and doubtful debts. And there was no shortcut to achieving this; it was simply due to the result of our team's diligence, hard work, and timely effort to engage with customers. On to cash flow: We recorded yet another great number this quarter. For the quarter ended December 31, we recorded a net operating activity cash inflow of RMB 35.1 million. This exceeds the last quarter and is now our best quarterly cash flow result since Q4 of 2020. Another metric to share with you: between the years, our cash and cash equivalent balance has increased by RMB 53.8 million. It represents a whopping 45% increase to RMB 173 million as of December 31, 2025. This reflects not only the significant step-up in our financial results but also a meaningful improvement in the overall quality of our operations. Now let me take a few minutes here to recap. As you have heard Chris mention, a year of pure brilliance at the beginning of this call. Throughout the entire 12 months of 2025, we have been operating under a high level of focus and rigor, together with financial discipline. Our financial profile has fundamentally improved and is moving in the right direction. We closed a very strong and exceptional fiscal 2025. The numbers we have presented today speak for themselves. In this quarter, we achieved many historical milestones, each one a strong statement about the exceptional 2025 we have had, and each one building momentum as we look forward to the next 12 months ahead of 2026. First, we achieved our very first full-year GAAP net profit in history. Number two, the group quarterly revenue exceeded the RMB 100 million mark, a historical first since we transitioned to the pure SaaS business model. Third, our core developer subscription business achieved a record of RMB 61.9 million in revenue this quarter, breaking through the RMB 60 million threshold for the first time. Our flagship product, EngageLab, continues to shine. Our EngageLab business reached another very important key milestone: ARR of USD 10 million in December 2025. This represents a stunning 186% year-over-year growth. Number five, gross profit grew significantly at 23% year-over-year, the highest it has been for the past 16 quarters. Number six, operating activities brought in a net cash flow of RMB 35.1 million. Our net dollar retention, NDR, for core developer service surpassed 100%, reaching 103%. The 2025 numbers demonstrate our excellent execution, and we have exceeded most, if not all, of our targets. With this in mind, Chris and I believe we are exceptionally well positioned to continue this momentum into 2026. Now let's turn to the business outlook. Based on the current available information, the company sees the 2026 full year revenue guidance to be in the range of RMB 450 million to RMB 480 million, representing a very solid and strong growth of 20% to 28% year-over-year compared to 2025. This outlook is based on current market conditions and reflects the company's current and preliminary estimate of the market and operating conditions and customer demand, which are all subject to change. Lastly, before I conclude, I'll give a quick update on the share repurchase plan. In this quarter ended December 31, 2025, we repurchased 73,000 ADSs. Cumulatively, we have repurchased a total of 400,000 ADS since the start of our repurchase program. This concludes our prepared remarks. We're happy to take your questions now.

And our first question is going to come from Calvin Wong with Spica Capital.

First of all, congrats to you guys for delivering a year of pure brilliant financials today. Both the Q4 and full year 2025 numbers have been very impressive. One question for me, if I may. Can the management shed some light on the top three things that you have done well to deliver this set of such good financials?

Calvin, good to hear from you, and thanks for the kind words. Let me take this question. Yes, we are very proud of ourselves to be able to share such a wonderful set of financials earlier on during the call. And to get to where we are, it is by no means easy, and we work very hard and smart to navigate the volatile business environment globally. As for the three things that we have done well, let me have a go. First, it has to be the courage to venture outside our comfort zone. Looking back in 2022, when the idea of going overseas was first brought up by Chris as the next important strategic initiative for Aurora Mobile, at that time, we didn't have any single overseas employees nor did we have any partners outside of China. But that forward-looking vision was a brief one. Making the right decision to go overseas would be my number one thing that we have done right. If we did not make such brave and bold decisions, we would not have this conversation today. Secondly, making the monumental shift of the product service offering outside of China has been another game changer. We would not be as successful as we are today if we simply made lip service of going overseas. Over the past two to three years, we have made considerable investments and resources to develop a brand-new EngageLab product specifically for our overseas market with its own distinct specs and features for global customers, along with the overseas data centers catering to the needs of our global customers. If we were lazy or took a shortcut of simply using what we had before in China for the overseas market, it would not have worked. The third factor would be the commitment to excel throughout the organization to support this going overseas initiative that Chris introduced. When we started, there was no how-to-go-overseas guide book to show us the way. We took the hard way by figuring everything out ourselves and doing it all ourselves. I still remember at the early stage when we started EngageLab, Chris and I were standing at our booth in the Singapore Tech Expo to introduce EngageLab and to answer questions from potential customers, and we have since come a long way. To recap, looking back: one, we made the right decision to venture overseas. Two, we made serious commitments in terms of investment in the right product offerings. Three, the entire organization was in sync and aligned to this strategic initiative. I hope I answered your question, Calvin.

And our next question will come from Jack Sun with Gelonghui Research.

I'm Jack Sun from Gelonghui Research. Congratulations to the management team on another quarter with good numbers. In particular, a full year GAAP net profit is a really great turning point. My question for the management is, how should we look at Aurora's financials for the first quarter of 2026 and beyond?

Jack, thanks for the question. You're right; we had a great 2025 when we achieved our very first GAAP profit for the year. Equally important was the spectacular Q4 numbers that we presented earlier today. In Q4, our total revenue exceeded RMB 100 million and surpassed the revenue guidance we provided in Q3, marking the best quarter revenue in our history. All the KPIs we have achieved have shown meaningful and significant growth year-over-year and quarter-over-quarter, be it ARR, customer numbers, total contract value signed, or revenue recognized. They just exceeded all our internal targets. Of course, all these were the fruit of hard labor that we started three years back. Results like this do not happen overnight or over one quarter. We sowed the seeds of EngageLab growth when we committed to venture overseas in late 2022. We invested the appropriate resources in terms of capital and infrastructure while balancing expansion without reckless spending. Now that we have laid a solid foundation for EngageLab, the growth prospect is very certain. We have presented and delivered such sequential growth without fear in the past. If I may summarize how one should view Aurora Mobile: one, we have proven that we can achieve a full year net profit with positive cash inflow; two, the domestic business continued its solid and relatively stable growth; three, our global flagship product, EngageLab, will provide the lion's share of the growth momentum for the next three years; four, our AI strategy will provide the next phase of growth momentum. Therefore, management as a whole is very confident in the business prospects for 2026 and beyond. I hope this answers your question, Jack.

And I'm showing no further questions at this time. I would now like to turn the call back over to Christian for closing remarks.

Thank you, everyone, for joining the call tonight. If you have any further questions or comments, please don't hesitate to reach out to the Jiguang IR team. This concludes the call. Have a great evening or morning. Thank you.

This does conclude the conference call. Thank you for participating, and you may now disconnect.