Welcome back, everyone. We have an update from Aurora Mobile Limited, trades on the Nasdaq under the symbol JG. It is a leading provider of customer engagement and marketing technology services, providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. They provided us with a video, so let's roll it. Welcome to Aurora Mobile's 2025 quarter four earnings presentation. Today, we'll walk through the major business and financial developments that shaped a very strong finish to the year. Quarter four was marked by accelerating international growth, new product launches, continued AI recognition, and multiple financial records, including full-year profitability and a third consecutive quarter of GAAP net income. March twelfth, 2026. In part one, we'll focus on Aurora Mobile's business highlights for the fourth quarter. This includes the continued global expansion of EngageLab, growth in customer count and annual recurring revenue, the launch of new products, deeper channel development, and ongoing recognition for GPTBots.ai in the enterprise AI market. EngageLab continued to deliver strong international momentum in quarter four. The number of customers this quarter increased by 142% year-over-year and 25% quarter-over-quarter, reflecting continued customer acquisition across a growing number of countries and regions. At the same time, annual recurring revenue reached a new high of $10 million in December 2025, representing 186% growth from the prior year. These results highlight EngageLab's growing traction as Aurora Mobile's global flagship product. They also reinforce the quality of this growth because ARR expansion points to a stronger recurring revenue foundation and greater long-term visibility. Aurora Mobile's global footprint continued to expand meaningfully in quarter four. EngageLab's customers now come from 70 countries and regions around the world. That broadening customer base provides a solid foundation for continued revenue growth and validates the company's strategy of deepening its presence in international markets. Looking ahead, Aurora Mobile plans to continue expanding its new customer base globally and strengthening its position in overseas markets. This slide reflects not just customer reach, but the company's ongoing transition into a more internationally diversified SaaS business. In quarter four, EngageLab launched a new product called LiveDesk. LiveDesk is built around the concept of deep collaboration between AI agents and human agents. The product is designed to help enterprises manage multi-channel customer communication more efficiently, improve customer service responsiveness, and enhance the overall customer experience. This launch is significant because it expands EngageLab beyond engagement infrastructure and further into intelligent operations. It shows Aurora Mobile continuing to build practical software that helps enterprises modernize customer communications in a more automated and scalable way. Aurora Mobile also launched EngageLab CAPTCHA, another new product introduced in quarter four. This solution provides advanced bot detection powered by AI behavior analysis. It is designed to combine strong security with a seamless user experience, helping businesses block automated abuse, secure critical workflows, and maintain reliable user operations across a wide range of business scenarios. The product is intended to deliver precise bot detection and smooth verification experiences across key user touch points. Taken together with LiveDesk, this launch shows EngageLab broadening its product portfolio and increasing its value proposition for enterprise customers. Aurora Mobile continued to strengthen its customer mix through new partnerships with high-quality enterprises across multiple sectors. During the quarter, the company entered into collaborations with brands including GP Batteries, Tuniu, HashNut, Fenbeitong, and HelloRide. These partnerships span important sectors such as consumer electronics, mobility services, and enterprise services. This cross-industry diversification helps refine Aurora Mobile's customer base and supports more resilient growth over time. It also demonstrates the broad applicability of the company's products and services across different enterprise use cases. Aurora Mobile is also building out its international channel network. The company has now established partnerships with ISVs and SIs across seven countries and regions, creating a more efficient global channel structure to support overseas customer expansion. The slide highlights 12 partners in Southeast Asia, four in Hong Kong and Taiwan, and one global partner. This channel build-out is important because it helps Aurora Mobile scale more efficiently in international markets by combining direct product strengths with local service, implementation, and support capabilities. Aurora Mobile's AI platform, GPTBots.ai, also received further third-party recognition in quarter four. According to the G2 Winter 2026 report, GPTBot s.ai secured three core category badges: High Performer for Enterprise, Momentum Leader for Global, and Best Relationship for Global. These recognitions reflect both product strength and customer reputation. The company noted that it will continue to deepen its focus on AI agent technology and enterprise-grade service capabilities, with the goal of delivering more intelligent and reliable AI transformation solutions to customers worldwide. This reinforces GPTBots.ai's position as a growing enterprise AI asset within the broader Aurora Mobile platform. In part two, we turn to Aurora Mobile's quarter four financial highlights. This quarter featured record revenue, record subscription revenue, record deferred revenue, strong operating cash inflow, and continued profitability. Together, these metrics show a company that is not only growing, but doing so with improving financial quality and greater operating discipline. Aurora Mobile organizes its business into two primary revenue pillars. The first is developer services, which includes subscription and value-added services. The second is vertical applications, which includes market intelligence and financial risk management. This structure reflects a balanced business model. Developer services provides recurring SaaS-style revenue and scale, while vertical applications adds industry-specific solutions that can deepen customer value and improve monetization. Quarter four was one of Aurora Mobile's strongest quarters on record. Total revenue reached RMB 105.2 million, exceeding company guidance and increasing 13% year-over-year and 16% quarter-over-quarter. Developer services subscription revenue reached a historic high of RMB 61.9 million, the best quarterly figure to date. EngageLab, the company's global flagship product, delivered especially impressive momentum. Recognized revenue increased 145% year-over-year and 40% quarter-over-quarter. ARR reached $10 million with explosive year-over-year growth of 186%. The company also achieved full-year profitability for the first time in its history and recorded GAAP net income for the third consecutive quarter. This slide captures the central story of the quarter: strong growth, improving business quality, and consistent profitability. The momentum continued across several other key financial indicators. Gross profit increased 23% year-over-year and 9% quarter-over-quarter to RMB 69.7 million, the highest level in the past 16 quarters. Deferred revenue reached another record high at RMB 178.7 million. Operating cash inflow came in at RMB 35.1 million, the highest level in the past 22 quarters. Net dollar retention for developer services subscription remained strong at 103%. Taken together, these numbers point to a business with stronger cash generation, strong retention, improving revenue visibility, and a higher quality financial profile overall. A major milestone for Aurora Mobile in 2025 was full-year profitability. The company states that it successfully achieved its 2025 full-year profitability target, supported by robust revenue growth, continued expansion of its cross-industry customer base, and operating expenses maintained at an optimal level to support business growth and expansion. In addition, Q4 marked the company's third consecutive quarter of US GAAP profitability. This is a meaningful achievement because it reflects consistency, not just a one-time profitable quarter. It signals that Aurora Mobile's business model is becoming more scalable and more durable. Aurora Mobile delivered total Q4 revenue of RMB 105.2 million, the highest level in the past 20 quarters and a record high since the company's transition to a pure SaaS business model. This represented 13% growth year-over-year and 16% growth quarter-over-quarter. Developer services revenue grew 7% year-over-year and 18% quarter-over-quarter. Vertical applications revenue grew 31% year-over-year and 10% quarter-over-quarter. The company also notes that quarter four revenue exceeded the guidance it had previously provided. This is an important signal of execution strength, especially as both revenue pillars contributed to the upside. Within developer services, the subscription revenue reached RMB 61.9 million in quarter four, a historic high and the first quarterly breakthrough above RMB 60 million. Subscription revenue increased 13% year-over-year and 8% quarter-over-quarter, mainly driven by robust growth in overseas revenue. Value-added services revenue increased 101% quarter-over-quarter, although it declined 13% year-over-year, largely due to the timing of online shopping festivals in quarter four, such as 11/11 and 12/12. This slide is particularly important because it shows the strength of the subscription core while also illustrating how seasonal campaign activity can provide additional upside within value-added services. Vertical applications also delivered a strong quarter. Revenue increased 31% year-over-year and 10% quarter-over-quarter, primarily attributable to customer growth and higher ARPU. This segment includes both market intelligence and financial risk management. Within the segment, financial risk management revenue increased 43% year-over-year due to the increase in customer numbers. This performance shows that Aurora Mobile is expanding not just through its core developer tools, but also through higher value vertical solutions that can deepen customer relationships and support stronger monetization. Gross profit reached RMB 69.7 million in quarter four, up 23% year-over-year and 9% quarter-over-quarter. This is the highest level in the past 16 quarters. Gross margin reached 66.3%, including 540 basis points year-over-year. While the prior quarter margin was higher, this quarter still maintained a strong gross margin profile alongside significantly higher revenue and gross profit dollars. This slide underscores the company's ability to grow revenue while still preserving an attractive margin structure. Aurora Mobile continued to manage operating expenses with discipline in quarter four. The company states that it strictly reviewed and controlled all expense outlays, ensuring reasonableness. Sales and marketing expenses increased 16% year-over-year and 7% quarter-over-quarter due to the global expansion of EngageLab, which management says was in line with expectations. Research and development expenses also increased 16% year-over-year, primarily due to continued investment in product development, improvements, and iterations. This reflects a balanced approach, continuing to invest in growth and product innovation while maintaining overall operating expense control. Deferred revenue reached RMB 178.7 million in quarter four, setting another all-time record. Management notes that this high balance reflects three important factors: strong cash flows from customer prepayments, high customer demand, and strong revenue visibility. The deferred revenue trend shown on the chart has been moving steadily upward through 2025, reinforcing the company's narrative of improving quality and predictability of revenue. Aurora Mobile ended the year with a healthy balance sheet. Accounts receivable turnover days were just 37 days, the best level in the past two years, reflecting efficient capital turnover and stronger operating capability. Cash, cash equivalents, restricted cash, and short-term investments totaled RMB 173.4 million as of December 31st, 2025, providing sufficient liquidity to support continued business growth. Deferred revenue remained at a high level at RMB 178.7 million, marking the 23rd consecutive quarter above RMB 100 million and establishing a new all-time high. Net dollar retention for developer services subscription came in at 103%, indicating strong revenue visibility, customer loyalty, and stickiness. As part of its reporting approach, Aurora Mobile also uses non-GAAP financial measures, including adjusted net income or loss and adjusted EBITDA as supplemental tools to assess operating performance. These measures are intended to help identify underlying business trends that may otherwise be affected by certain expenses included under US GAAP. At the same time, the company emphasizes that these non-GAAP metrics should not be viewed in isolation or as a substitute for GAAP financial results. They are best used alongside the full financial picture. Before we conclude, please note that this presentation contains forward-looking statements made under the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Aurora Mobile encourages investors to review its SEC filings for a fuller discussion of those risks and other relevant disclosures. Thank you for joining us for Aurora Mobile's 2025 Q4 earnings presentation. Q4 capped off a year of strong execution, accelerating international growth, broader product expansion, record financial performance, and full-year profitability. We appreciate your continued interest and support, and we look forward to sharing more progress in the quarters ahead. In a moment, you'll be redirected to the registration page for our next conference, so reserve your spot early. On behalf of all of us at Emerging Growth, we want to thank our presenters and our attendees for making this such a great success. Remember, a complete replay of the conference is on our YouTube channel, youtube.com/emerginggrowthconference, and follow us on X at EmergingGrowthC. We'll see you next month