Welcome, ladies and gentlemen, and thank you for your patience. You've joined Xunlei's Second Quarter 2025 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I'd now like to turn the call over to the host, Investor Relations Manager, Ms. Luhan Tang.

Good morning, and good evening, everyone, and thank you for joining Xunlei's Q2 2025 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 a prepared opening remarks from Chairman and CEO, Mr. Jinbo Li on Q2 operational highlights, followed by CFO, Eric Joe's presentation of financial results details of Q2 2025 and revenue guidance for Q3 2025 before I 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 I 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 U.S. Private Securities Litigation Reform Act of 1995. 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 forward-looking statements. Please refer to our SEC filings for a more detailed description of the risk factors that may affect our results. Xunlei assume no obligations to update any forward-looking statements, except as required under applicable law. 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 U.S. dollars unless otherwise stated. Now the following is the prepared statement by Mr. Jinbo Li, Chairman and CEO of Xunlei Limited.

[Interpreted] Good morning, and good evening, everyone. Thank you for joining us today. The second quarter of 2025 marked a significant milestone for Xunlei. During this period, we achieved a series of notable achievements, the successful acquisition of Hupu, a leading online community for sport enthusiasts, expanding Xunlei's reach into new user segments and content domain. Meanwhile, the IPO of Arashi Vision Inc., one of our invested companies, highlighted our strategic investment capabilities and our ability to identify high potential ventures. Additionally, we reported year-over-year revenue growth of 30.6%, driven by strong performance across key business segments. This growth underscores the resilience of our business model and the effectiveness of our growth strategy. Just as I mentioned earlier, all of our core businesses showed robust growth during the second quarter. I'd like to take a moment to walk you through each segment and share some insights into the key drivers behind this performance. In Q2, our subscription business generated $36.4 million in revenue, reflecting a 10.5% increase compared to the same period in 2024. Notably, we achieved a new record with a number of the subscribers reaching 6.4 million. This growth was primarily driven by our continuous improvement on the existing features, our efforts to meet evolving user needs as well as more refined marketing strategies aimed at expanding our diverse user base. Additionally, the percentage of users choosing our premium subscription, our highest tier offering rose to 81%, up from 77.1% in Q2 2021. It serves as evidence that our products and services have achieved user affirmation, and we're confident that our subscription offerings will continue to gain popularity among our value user base. We're also excited to report our live streaming and other services achieved a strong year-over-year revenue growth of 85.5% in the second quarter, reaching $37.6…

Thank you, Luhan. Thank you all for participating in Xunlei's conference call to discuss the financial results of the second quarter call of 2025. In the second quarter, our total revenues were $104 million, representing an increase of 30.6% year-over-year. The increase in total revenues was mainly attributable to the increased revenues generated from our major business operations. Revenues from subscriptions were $36.4 million presenting an increase of 10.5% year-over-year. The increase in subscription revenues were mainly driven by the increase in the number of subscribers and the increased average revenue per subscriber. The number of subscribers was 6.4 million as of June 30, 2025, compared with 5.71 million on June 30, 2024. The average revenue per subscriber for the second quarter was RMB 40.8 compared with RMB 39.5 in the same period of last year. The higher average revenue per subscriber was due to the increased proportion of premium subscribers which have high average revenue per subscriber. Revenues from live streaming and other services were $37.6 million, representing an increase of 85.5% year-over-year. The increase was mainly due to the growth of our overseas audio live streaming business as well as advertising business as a result of the acquisition of Hupu in June this year. The second quarter results included 1 month financial results from Hupu. Revenues from cloud computing were $30 million, representing an increase of 13.6% year-over-year. The increase in cloud computing revenues was mainly attributable to the recoveries from previous loans and increased demand from our major customers for cloud computing services. Cost of revenues were $52.3 million, representing 50.3% of our total revenues compared with $38.6 million or 48.5% of the total revenues in the same period of 2024. The increase in cost of revenues was mainly attributable to the increase in bandwidth costs and…

[Operator Instructions] We will now take our first question from the line of [ Di Li ].

[Foreign Language].

Thank you [indiscernible] high maintenance and congrats for your good performance for the second quarter of 2025. And she mentioned that our live streaming business achieved more than 80%, quarter-on-quarter increase. And she would like to know the breakdown of the components of the live streaming and other services for the Hupu. Thanks for your question. The acquisition of Hupu completed at the end of May this year. And during the second quarter only Hupu's financial debt for the month of June was consolidated, contributing about USD 3.2 million or approximately 3.1% of our total revenues. And we expect to report more for Hupu's operational debt during the coming quarters.

[Foreign Language].

[Foreign Language].

Excluding Hupu's contribution, what would be the growth rate of our overseas live streaming business? And the revenue from live streaming and other services together were $37.6 million, representing an increase of 85.5% year-on-year. And if we exclude Hupu's contribution, the growth rate for the second quarter for overseas live streaming business alone was about 80.3%.

[Foreign Language]. [Operator Instructions] We will now take our next question from the line of [ Wei Zhou from HWS Fund ].

[Foreign Language].

Okay. Basically he would like to know the performance of each of our 3 main business segments. And he would like to also know that if our Hupu operations will make positive contributions to our total performance? Basically, as I mentioned, we have 3 main businesses. And for subscription business, basically, it contributed all our positive operating income. And for our live streaming business and it's still in the growth stage, and we're still investing heavily in this business. And so far, it's still losing money. And for our cloud computing business and recently, it had improved the performance. But overall, the sector is still losing money. So we have 1 segment making money and 2 other segments are still losing on. And for our Hupu business, and in June, it contributed to our top line and also it made positive contributions to the bottom line and though we do not provide earnings or net income guidance, but we do expect Hupu business on a yearly basis, will make positive contributions to our total performance.

[Foreign Language]. [Operator Instructions] I'm showing no further questions. I'd now like to turn the conference back to the management team for closing comments.

Thank you again for your time and participation. If you have any questions, please visit our website at ir.xunlei.com or send us e-mails to our Investor Relations. Have a good day. Operator, we conclude today's conference call. Thank you.

This concludes today's conference call. Thank you for participating. You may now disconnect your lines. [Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.