Ladies and gentlemen, thank you for standing by, and welcome to Aurora Mobile Fourth Quarter and Fiscal Year 2024 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I'd now like to hand the conference over to your host today, Rene Vanguestaine. Thank you. Please go ahead, sir.

Thank you, Amber. 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 answer your questions during the Q&A session that follows. Before we begin, I'd like to remind you that this conference call contains forward-looking statements 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 other factors are included in the company's filings with the U.S. Securities and Exchange Commission. 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 like to turn the conference over to Mr. Luo. Please go ahead.

Thanks, Rene. Greetings to all. Welcome to Aurora Mobile's 2024 Fourth Quarter Earnings Call. Before I comment on our Q4 results, I would like to remind everyone that the quarterly earnings deck is available on our IR website. You may refer to the deck as we proceed with the call today. As we did in the past, based on the Q4 numbers, the appropriate description I would describe for the fourth quarter result is an incredible Q4 to close out our perfect 2024 for the following reasons. Firstly, we recorded full year adjusted EBITDA positive for 2024 calendar year. This is our very first full year profitability since the inception of Aurora Mobile 14 years ago. In this quarter, we recorded the sixth consecutive quarterly positive adjusted EBITDA. Secondly, the group's revenue this quarter of RMB 93.2 million, achieving a remarkable 20% growth year-over-year, this was attributable to solid growth in all business lines within the group. Thirdly, our overseas business, EngageLab, continued its great growth momentum, recording a whopping 20% revenue growth on a year-over-year basis, and newly signed contract value grew by RMB 10 million in Q4 alone. Fourthly, we recorded net operating cash inflow of RMB 19.5 million, yet another highest quarterly number in the past 17 quarters, bringing the cash balance close to RMB 120 million as of 12/31/2024. Now let's move to the individual business performance. Our total Q4 group revenue has grown 20% year-over-year, driven by the very strong numbers from Developer Services. Within the group revenue, all revenues, mainly developer subscription services, value-added services and financial risk management, all recorded year-over-year and quarter-over-quarter revenue growth. Developer Services revenue, which consists of subscription services and value-added services, increased by a strong 28% year-over-year and 24% quarter-over-quarter. Subscription revenue has been recording great numbers where…

Thanks, Chris. Next, I'll go over the revenue for Vertical Application that includes financial risk management and market intelligence. Overall, Vertical Application had a good quarter where revenue increased by 3% quarter-over-quarter and 1% year-over-year. And within Vertical Application, financial risk management recorded a 34% growth in revenue year-over-year and 4% growth quarter-over-quarter. The 34% year-over-year revenue growth was mainly due to a strong 24% growth in customers number and 8% ARPU growth. We are very pleased with the progress made by this business. Over the past few quarters, the team has fine-tuned and upgraded the service and products. They are very well received by the market plus the revenue growth we have seen. The customers that we have signed up or renewed in Q4 include, but not limited to, [Weitonginhan], [Sunchila], [Chonbangnihan] and many other licensed credit and financial institutions throughout China. And market intelligence revenue, on the other hand, decreased by 36% year-over-year and stayed flat quarter-over-quarter due to the continued weak market demand for Chinese APP data, and this result is within our expectation. Now let me go through some of the key expenses and balance sheet items. On to operating expenses. The Q4 OpEx was at RMB 16.3 million, representing a slight 1% decrease year-over-year and a 6% increase quarter-over-quarter. The majority of the increase was attributable to our sales and marketing department. The continued increases in revenue and cash collection in this quarter resulted in additional commission and expenses. These are all within our expectation. Overall, we are very pleased to see how OpEx has been trending in view of the revenue growth we have achieved. I will now go through the individual OpEx category. For R&D expenses, it decreased 10% year-over-year to RMB 24.3 million, mainly due to reduction in personnel costs, both the…

[Operator Instructions] We will now take our first question from the line of [William Chen] from Spica Capital.

First, I want to congratulate to the management to deliver such a strong quarterly results. I think an incredible Q4 to close out a perfect 2024 is a perfect description for this quarter and the full year 2024 as a whole. So my question for the management is to achieve such a good result, what measures or actions were taken by the management?

Thanks, William. Let me take the call. Yes, you are right to point out that Chris has reiterated that in Q4, it was an incredible year -- incredible quarter for us that closed out the 2024 for a couple of reasons. Let me just recap. First, our revenue has grown strongly 20% year-over-year, and our core developer service has broke through the RMB 50 million mark revenue in 2 consecutive quarters. And of course, our overseas business continued its great momentum, and revenue increased by close to 200% year-over-year, and we signed more than RMB 10 million or close to RMB 10 million new contract value in a single quarter. And of course, we have been very diligent in our spending our money, so that's why the optimal level of OpEx. And lastly, we have 6 consecutive quarters of adjusted EBITDA, bringing the full year positive adjusted EBITDA for 2024. And probably you appreciate there are many pieces to the puzzle in order for us to have the great numbers. And one important thing that I'd like to bring out is the fact that this good result has been in the making. And we have been consistently delivering good results since Q3 of 2023 when we had our first of the 6 consecutive quarters of positive adjusted EBITDA. Therefore, I would say this is not a one-off event or by any luck. And this was purely due to hard work, dedication and commitment from our team. And also, we have also restructured the group in terms of our strategy and our execution plan by more than 2 years ago. And during the time, I think we have bit the bullet by doing a few things. One is we streamlined the product and services that we offer in the market. We…

[Operator Instructions] We will now take our next question from the line of Jack Sun from Gelonghui Research.

I got a question for management. Congratulations to management on achieving another very good quarter. One particular trend that I would like to zoom in the future is the growth of developer subscription revenue. It has surpassed RMB 50 million revenue mark in 2 consecutive quarters. I'd like to hear the management's point of view on how we should look at the trend going forward.

Jack, thanks for the question. You're right, subscription business has been the star of the business unit where it crosses RMB 50 million mark in 2 consecutive quarters. And let me share with you why is that so, and there are a couple of reasons. One, our customers -- the developer service or the developer or the enterprise are in need of this service to help them to engage their users in an effective and cost-efficient manner. So this demand has not changed. And the next is we have a suite of products that cater to their needs. And besides the traditional AppPush we offer, we now offer WebPush, we offer e-mail, WhatsApp, OTP and other communication channel. And we are seeing more and more customers are switching from their incumbent service provider to us. So if you look deeper and the growth of this business came from both the growth in the customers numbers and ARPU. And this is very important, and this is exactly what we are looking for because we want to grow the customers number while also growing the ARPU. And this is a very healthy trend to sustain the long streak of growth in the future. So in a nutshell, we see the developer service revenue, no doubt, will be very important to us and the growth trajectory will help to drive the overall group business. And with a strong demand that I talked about and a huge addressable market, we are very hopeful of the good results in the future. I hope this answers your question, Jack.

[Operator Instructions] I'm showing no further questions. I'll now turn the conference back to Rene for closing comments.

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

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.