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Rachel Wang

Vice President and Equity Research Analyst at CICC

Rachel Wang is a Vice President and Equity Research Analyst at CICC, specializing in the coverage of China’s internet and technology sectors, with a focus on leading companies such as Tencent, Alibaba, Meituan, and JD.com. She has established a strong performance record, consistently ranking among the top sell-side analysts for new economy stocks on platforms like TipRanks and garnering recognition for her timely, high-conviction calls that have contributed to superior investment returns for clients. Wang began her financial research career at Morgan Stanley, before joining CICC in 2017, where she rapidly advanced to her current role. She holds professional credentials in securities analysis and is noted for her in-depth expertise, broad company coverage, and influential thought leadership in China’s dynamic tech industry.

Rachel Wang's questions to Agora (API) leadership

Question · Q3 2025

Rachel Wang asked for more details on the drivers behind the Q3 revenue exceeding the midpoint of guidance. She also inquired about the strongest momentum in AI downstream applications, specifically the adoption trend for AI companionship toys and their expected financial contribution timeline.

Answer

Jingbo Wang (CFO) explained that strong demand from both US/international markets (live commerce, social, fintech) and China (summer vacation impact on social/education apps, rapid growth in IoT sector including smart toys) drove the Q3 revenue performance. Tony Zhao (Founder, Chairman, and CEO) highlighted strong pipelines for call centers and impressive momentum for AI companionship toys, citing RoboPong's sales, usage, and subscription model, with other manufacturers integrating solutions in the coming months.

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Question · Q3 2025

Rachel Wang asked for more color on the drivers behind Agora's Q3 revenue exceeding guidance and sought an update on the strongest momentum in AI downstream applications, specifically regarding the adoption trend for AI companionship toys and their expected financial contribution.

Answer

CFO Jingbo Wang attributed Q3's strong performance to robust demand in US/International markets (live commerce, social, fintech) and China (summer vacation for social/education apps, rapid growth in IoT like smart cameras, wearables, and smart toys). CEO Tony Zhao highlighted strong pipelines for call centers and significant momentum from AI companionship toy customer RoboPong, noting impressive sales, usage, and a new subscription model, with other toy manufacturers expected to integrate solutions in the coming months.

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