8月18日，声网母公司Agora, Inc. （NASDAQ: API ）发布2025年第二季度财报。 此外，第二季度的运营费用为2650万美元，同比下降18.7%。其中，研发费用为1400万美元，同比下降23.0%；销售和营销费用为 650万美元，同比增长4.0%；一般和管理费用为600万美元，同比下降26.6%。 Agora, Inc.预计，2025年第二季度的总营收将在3400万美元至3600万美元之间，同比增幅在7.6%至13.9%之间。 财报显示，第二季度 Agora, Inc.实现总营收3426万美元，同比增长11.0%（不含已终止的低毛利业务）。在美国通用会计准则 （GAAP）下，Agora, Inc.第二季度净利润为146万美元（合人民币1050万元），超第一季度三倍以上。净利润率为4.3%。 业务聚焦在中国市场的声网实现第二季度营收1.16亿人民币；聚焦非中国市场的Agora实现营收1820万美元，同比增长16.7%。 在客户规模方面，截至2025年6月30日，声网活跃客户数量达1997个，同比增长1.4%；Agora活跃客户数量达1880个，同比增长 12.4%。 "自今年三月发布对话式A ...

（来源：BBW咏竹坊） 实时互动技术服务商声网（API.US）周一报告称，二季度营收同比持平，主要是其全球业务超越下滑 的中国业务，成公司最大营收来源。 声网报告称，二季度营收达3,430万美元，较上年同期微增0.1%。其国际业务收入同比增长16.7%，达 1,820万美元；声网中国业务收入下滑12.4%至1.16亿元。公司国际业务活跃客户数同比增长12.4%，增 至1,880家；中国业务活跃客户数微增1.4%，达到1,997家。 二季度实现盈利150万美元，标志着连续第三个季度实现盈利。声网预计三季度营收将在3,400万至3,600 万美元间，意味同比增幅处于7.6%至13.9%。 声网股价于报告发布后次日（周二）下跌7.8%，收于每股3.67美元；年内股价累计跌幅达13%。 来源：市场资讯 ...

Core Insights - The article highlights Agora's leadership in the real-time interactive cloud service market, with a market share of 43.4% in the RTC sector, and its advancements in multimodal AI technology that enhances user interaction experiences [1][3]. Group 1: Multimodal AI Advancements - The new generation of conversational AI has evolved from simple text responses to emotional and multimodal interactions, integrating voice, visual, and text inputs [2]. - Agora's latest AI engine supports real-time visual understanding, allowing AI to interpret user gestures and respond accordingly [2]. - The AI system features context memory through voice recognition, enabling personalized interactions based on user history, particularly in educational settings [2]. Group 2: Technical Advantages - Agora's RTC business achieved 675 billion minutes of usage in 2021, leading the market with a 28.5% global share and 43.4% in China [3]. - The proprietary SD-RTN™ network offers low latency with a median end-to-end delay of 76ms and maintains voice quality even with an 80% packet loss [4]. - Advanced noise reduction technology can eliminate 95% of background noise, enhancing conversation accuracy in noisy environments [4]. Group 3: Developer Ecosystem - Agora provides a simplified SDK that allows developers to integrate AI voice capabilities with just two lines of code, enabling deployment of multimodal dialogue features in 15 minutes [5]. - The cost structure based on usage (0.098 yuan per minute) makes it affordable for small and medium enterprises, significantly increasing their decision-making flexibility [5]. Group 4: Application Scenarios - In smart customer service, Agora's engine enables highly realistic 24/7 service, with AI sales assistants recognizing returning customers and providing personalized recommendations, resulting in a threefold increase in customer engagement time [6]. - In AI education, the built-in pronunciation scoring system quantifies speech metrics, leading to a 20% increase in course completion rates and an average of 30,000 daily practice sessions per student [7]. - The integration of emotional interaction capabilities in virtual companionship applications has shown a 35% conversion rate at exhibitions, enhancing user engagement [8]. Group 5: Challenges and Future Directions - Despite its advantages, the industry faces challenges such as data privacy compliance and semantic understanding issues [9]. - The company plans to focus on "perceptive real-time internet" technologies, utilizing federated learning for localized AI model deployment to ensure data security and improve interaction experiences [9]. Group 6: Institutional Perspectives - Goldman Sachs notes significant synergy between Agora's RTC and AI capabilities, projecting a 30% increase in target price [10]. - IDC forecasts that by 2026, multimodal conversational AI will account for 25% of enterprise intelligence budgets [10].

Core Viewpoint - Agora, Inc. reported a total revenue of $34.26 million for Q2 2025, marking an 11.0% year-over-year increase, excluding low-margin businesses terminated since Q3 2024 [1] - The company provided guidance for Q3 revenue in the range of $34 million to $36 million, representing a year-over-year growth of 7.6% to 13.9% [1] Financial Performance - For Q2 2025, Agora, Inc. achieved a net profit of $1.46 million under GAAP, which is over three times the profit from Q1 2025, continuing a trend of profitability for three consecutive quarters [1] - As of June 30, 2025, the company had cash and cash equivalents totaling $377 million [2] Product Development and Innovation - The company launched a conversational AI engine in March 2025, enabling developers to create conversational AI agents quickly [2] - At the 2025 World Artificial Intelligence Conference, Agora introduced an upgraded version of its conversational AI engine, featuring voiceprint recognition, digital human interaction, and visual understanding [2] - Agora also released the world's first AI model evaluation platform for conversational AI, allowing developers to compare performance metrics of various suppliers [3] Market Applications and Future Outlook - The conversational AI capabilities are being integrated into various sectors, including customer service, education, and smart hardware, showcasing the potential for industry transformation [1][3] - The company aims to enhance real-time interaction experiences between humans and AI agents, driving deeper integration of AI across multiple industries [3]

Group 1 - The core viewpoint of the article is that Agora, Inc. has shown significant growth in its Q2 2025 financial results, with total revenue reaching $34.26 million, representing an 11.0% year-over-year increase, excluding low-margin businesses terminated since Q3 2024 [1] - The company achieved a net profit of $1.46 million under GAAP for Q2 2025, marking its third consecutive quarter of profitability, with profits exceeding three times that of Q1 2025 [1] - Revenue from the Chinese market was 115.5 million RMB, while revenue from non-Chinese markets was $18.2 million, reflecting a 16.7% year-over-year growth [1] Group 2 - As of June 30, 2025, the number of active customers for Agora reached 1,880, a 12.4% year-over-year increase, while the number of active customers for the Chinese market was 1,997, growing by 1.4% [1] - The company reported cash reserves of $377.3 million, including cash, cash equivalents, bank deposits, and bank wealth management products as of June 30, 2025 [1] - Looking ahead, the company expects total revenue for Q3 2025 to be between $34 million and $36 million, indicating a year-over-year growth of 7.6% to 13.9% [2]

Financial Data and Key Metrics Changes - Total revenue in Q2 reached $34.3 million, up 11% year over year, with GAAP net profit of $1.5 million, more than triple the previous quarter, resulting in a GAAP net margin of 4.3% [2][16] - Core revenues reached $18.2 million in Q2, representing 16.7% year over year growth, while Shenglong revenues grew 6.7% year over year [13][14] - Gross margin for Q2 was 66.8%, with a slight decrease of 1.2% year over year and sequentially [14] Business Line Data and Key Metrics Changes - The conversational AI engine has seen rapid iteration and upgrades, with new features aimed at enhancing user interaction [3][4] - The company reported a dollar-based net retention rate of 97% for Agora and 87% for Shenglong, marking improvements for both businesses [14] Market Data and Key Metrics Changes - The company has observed significant growth in active customers, with approximately 1,900 for Agora and 2,000 for Shenglong, representing a 121% increase year over year [2] - The conversational AI solution is gaining traction in various industries, with successful deployments in call centers, education, and companionship toys [24] Company Strategy and Development Direction - The company is focused on enhancing its conversational AI capabilities, with a strategic emphasis on high-growth verticals such as live shopping and entertainment [13] - The pricing for the conversational AI solution is expected to be significantly higher than standard RTC audio products, unlocking substantial revenue potential [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continuing to improve GAAP profitability through the remainder of the year, citing strong business momentum and visibility [2][16] - The company anticipates total revenues for Q3 2025 to be between $34 million and $36 million, reflecting a year-over-year growth rate of 7.6% to 13.9% [18] Other Important Information - The company announced the resignation of its CTO due to personal reasons, with operational responsibilities being taken over by the CEO [9] - The company has repurchased $127.2 million worth of shares since the approval of the share repurchase program in February 2025 [17] Q&A Session Summary Question: What application areas will see fast adoption and revenue contribution? - Management highlighted three advanced use cases for conversational AI: call centers, education, and companionship toys, expecting further adoption driven by customer success [24] Question: What are the trends for gross profit margin and net operating margin? - Management indicated that gross margins for the RTC business have been stable, with expectations for continued stability, while new conversational AI products may initially have lower margins but are expected to improve over time [25][26] Question: What is the market reception of the newly launched features? - Management noted positive early adoption trends and client feedback for the advanced attention locking and avatar features, emphasizing their importance in noisy environments and engaging interactions [30]

Core Viewpoint - Agora, Inc. has achieved GAAP profitability for three consecutive quarters, indicating strong revenue growth and operational efficiency improvements [3]. Financial Performance - In Q2 2025, Agora, Inc. reported total revenue of $34.26 million, a year-over-year increase of 11.0%, excluding low-margin businesses terminated since Q3 2024 [3]. - The company provided guidance for Q3 revenue in the range of $34.00 million to $36.00 million, representing a year-over-year growth of 7.6% to 13.9% compared to Q3 2024 [3]. - The net profit for Q2 2025 was $1.46 million (approximately 10.5 million RMB), which is over three times the profit from Q1 2025 [3]. Cash Reserves - As of June 30, 2025, Agora, Inc. had cash, cash equivalents, bank deposits, and bank wealth management products totaling $377 million [4]. AI Product Development - Since the launch of the conversational AI engine in March 2025, Agora has collaborated with clients to develop voice dialogue agents in various scenarios, including call centers and AI companion hardware [4]. - The company has upgraded its conversational AI engine to include features such as voiceprint recognition, digital humans, and visual understanding, enhancing the audio-visual interaction experience [6][9]. Technological Advancements - The voiceprint recognition feature allows the AI to accurately identify user voice characteristics, effectively filtering out 95% of background noise for improved dialogue accuracy [8]. - The digital human interaction feature enables real-time, lifelike conversations with highly realistic digital avatars, suitable for virtual customer service, educational companionship, and social entertainment [8]. - The visual understanding capability allows the AI to interpret visual cues and respond intelligently to user gestures and environmental objects, expanding the potential for human-AI collaboration [8]. Industry Applications - Agora's conversational AI capabilities are being applied across various sectors, including AI assistants, AI companion robots, and multi-modal AI agents [11]. - The company has seen successful implementations in platforms like MiniMax, which leverages advanced multi-modal AIGC technology for real-time voice interactions [11]. - Other applications include educational robots like Miko3, which can engage in natural conversations with children and recognize their emotions [12]. Future Outlook - Agora aims to deepen its innovation in scenarios and technology iterations, enhancing real-time interaction experiences to integrate AI into various industries effectively [13].

Business Highlights - Agora's Conversational AI Engine has been upgraded with new features like Advanced Attention Locking, Real-time Vision Understanding, and Interactive Avatars[5,6] - The company launched the Convo AI Benchmark Arena to measure Overall Latency and Component Latency[18] - Agora's real-time voice recognition ranks first in voice recognition (ASR) and large language model (LLM) benchmarks, with a last word latency of 534 ms and 404 ms respectively[19] Customer Base and Revenue - The number of active customers increased from 3,731 in September 2024 to 3,877 in June 2025[23] - Total revenues for Q2 2025 were $343 million, representing an 110% year-over-year growth[27] - Agora revenues in Q2 2025 reached $182 million[31] - Shengwang revenues in Q2 2025 were $161 million, based on an exchange rate of 719 RMB per USD[33] Financial Performance - The dollar-based net retention rate for Agora was 97% in June 2025, while for Shengwang it was 87%[36] - Gross profit for Q2 2025 was $229 million, resulting in a gross margin of 668%[40] - Operating expenses for Q2 2025 were $265 million, representing 774% of total revenues[43] - Net income for Q2 2025 was $15 million, with a net income margin of 43%[47] Balance Sheet and Share Repurchase - The company's total cash, cash equivalents, bank deposits, and financial products issued by banks amounted to $377 million as of June 30, 2025[50] - A total of $1272 million worth of shares have been repurchased[54] - Cash per ADS was $415 in June 2025[56]

Core Insights - Agora (API.US) reported Q2 2025 total revenue of $34.3 million, a year-over-year increase of 0.1%, with a net profit of $1.5 million compared to a net loss of $9.2 million in the same period last year [1] - The company achieved earnings per ADS of $0.02 and $0.01 for basic and diluted respectively, compared to a loss of $0.10 in the previous year [1] - Revenue from the Chinese market decreased by 12.4% to 115.5 million RMB, while revenue from non-Chinese markets increased by 16.7% to $18.2 million [1] - As of June 30, 2025, the number of active customers reached 1,997, a 1.4% increase year-over-year, while Agora's active customer count was 1,880, up 12.4% [1] - The company's cash reserves amounted to $37.73 million as of June 30, 2025 [1] Future Outlook - The CEO, Zhao Bin, expressed pride in achieving GAAP profitability for the third consecutive quarter, attributing this to steady revenue growth and efficiency improvements [2] - The company has launched a conversational AI engine and is collaborating with multiple clients to develop voice AI solutions for various applications, including call centers and AI companion toys [2] - Looking ahead, the company projects Q3 2025 total revenue to be between $34 million and $36 million, representing a year-over-year growth of 7.6% to 13.9% [2]

Core Viewpoint - Agora, Inc. reported its third consecutive quarter of GAAP profitability in Q2 2025, driven by solid revenue growth and efficiency improvements, particularly in its Conversational AI Engine and partnerships across various applications [2][4]. Financial Performance - Total revenues for Q2 2025 were $34.3 million, a slight increase of 0.1% from $34.2 million in Q2 2024 [4][8]. - Agora's revenues were $18.2 million, reflecting a 16.7% increase from $15.6 million in the same period last year, attributed to business expansion and growth in sectors like live shopping [4][8]. - Shengwang's revenues were RMB115.5 million ($16.1 million), a decrease of 12.4% from RMB131.9 million ($18.6 million) in Q2 2024, primarily due to the decline in certain end-of-sale products [4][8]. Cost and Profitability - Cost of revenues decreased to $11.4 million, down 12.3% from $13.0 million in Q2 2024, mainly due to the end-of-sale of certain products [5]. - Gross profit increased to $22.9 million, a 7.7% rise from $21.2 million in the same period last year, with a gross margin of 66.8%, up from 62.0% [6]. Operating Expenses - Operating expenses were $26.5 million, a decrease of 18.7% from $32.6 million in Q2 2024 [7]. - Research and development expenses were $14.0 million, down 23.0% from $18.1 million in the same period last year [19]. - Sales and marketing expenses increased to $6.5 million, a 4.0% rise from $6.3 million [19]. - General and administrative expenses decreased to $6.0 million, down 26.6% from $8.2 million [19]. Customer Metrics - Active customers for Agora increased to 1,880 as of June 30, 2025, a 12.4% rise from 1,672 a year earlier [8]. - Shengwang had 1,997 active customers, an increase of 1.4% from 1,970 [8]. - Dollar-Based Net Retention Rate for Agora was 97%, while for Shengwang it was 87% for the trailing 12-month period [8]. Net Income and Cash Flow - Net income for Q2 2025 was $1.5 million, compared to a net loss of $9.2 million in Q2 2024 [12]. - Net cash used in operating activities was $0.4 million, significantly improved from $7.6 million in the same quarter last year [8]. Share Repurchase Program - The company repurchased approximately 13.1 million Class A ordinary shares for about $10.9 million during the three months ended June 30, 2025, representing 5.4% of its $200 million share repurchase program [15]. - As of June 30, 2025, the company had repurchased approximately 144.9 million Class A ordinary shares for about $127.2 million, representing 63.6% of the program [16]. Leadership Changes - The company announced the resignation of Mr. Sheng (Shawn) Zhong from his roles as Director, Chief Technology Officer, and Chief Scientist, with Tony Zhao assuming his operational responsibilities [18]. - Mr. Tony Wang and Mr. Jingbo Wang were appointed as directors of the company [20]. Equity Incentive Plan - The company adopted an Amended and Restated Global Equity Incentive Plan, increasing the number of Class A ordinary shares available for awards to 50 million [23]. Financial Outlook - The company expects total revenues for Q3 2025 to be between $34 million and $36 million, indicating year-over-year growth of 7.6% to 13.9% [25].