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Xunlei’s free Xunlei Accelerator brings users into its services, including Xunlei Cloud Drive. Users who want premium acceleration and storage pay subscription fees in advance. Keeping users willing to pay is central to this business, while bandwidth bought from telecommunications providers is a major delivery cost.
Digital entertainment is another substantial revenue source. On overseas audio live-streaming platforms Hiya and WeFun, listeners buy virtual gifts from Xunlei to reward broadcasters, who share in the proceeds. Xunlei has ended live-streaming in China. It also earns advertising revenue from its apps and websites, including the acquired sports community Hupu. Advertising income relies heavily on a revenue-sharing arrangement with Itui, its largest shareholder, which operates the advertising business.
Xunlei also built a cloud-computing business that sells users’ spare bandwidth and storage capacity to internet businesses. It sold control of Shenzhen Onething in March 2026, retaining a minority stake and rights to shared-cloud services rather than continuing to control that operation.
China’s foreign-ownership restrictions mean Xunlei runs most of its Chinese operations through contractual arrangements with locally owned companies rather than direct ownership. Its platforms must remove prohibited content and maintain the required operating permissions; some Hupu services may need licenses it does not hold.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Beyond subscriptions and overseas audio entertainment, watch Xunlei’s stake in Arashi Vision: gains in its share price dominated Xunlei’s 2025 net income.
Hello Group competes with Xunlei’s Hiya for users in the Middle East and North Africa who buy virtual gifts in voice-chat entertainment apps. Watch Soulchill and its newer audio-chat apps: their virtual-gift business overlaps with Hiya’s source of revenue.
Kingsoft Cloud competes with Xunlei for spending by enterprise customers in China on outsourced computing, storage and networking. Its public-cloud revenue is worth watching alongside Xunlei’s cloud revenue and gross profit, which have faced competition and pricing pressure.
Xunlei both competes with and relies on Alibaba Group’s cloud business: Alibaba Cloud sells cloud services to enterprises while supplying servers that support Xunlei’s operations. Xunlei used 3,270 Alibaba Cloud servers as of December 31, 2025, making this more than a rivalry for enterprise customers.
Xunlei Limited earningsThis company
Xunlei’s report will show whether revenue from paid acceleration subscriptions and cloud computing is growing faster than the costs of serving those users and customers.
Read subscription revenue alongside the number of paying subscribers, then compare cloud-computing revenue with gross margin. More subscribers and subscription revenue with a steady margin would show Xunlei is attracting paying users while retaining more of each sales dollar; revenue growth with a falling margin would point to bandwidth or other service costs consuming the gains.
Kingsoft Cloud Holdings Limited earningsKC
Kingsoft Cloud’s report will show how Chinese enterprise spending and pricing are shaping the public-cloud market where Xunlei also competes for customers.
Look at Kingsoft Cloud’s public-cloud revenue alongside gross profit. Revenue growth with improving gross profit would suggest enterprise demand or pricing is improving, giving Xunlei more room to grow cloud services while retaining margin; revenue growth with weak gross profit would signal continuing competitive or pricing pressure that could limit Xunlei’s ability to grow without giving up margin.
Alibaba Group Holding Limited earningsBABA
Alibaba’s report will show both the cloud market where Xunlei competes for enterprise customers and the condition of Alibaba Cloud, whose servers support Xunlei’s operations.
Read Alibaba Cloud’s customer demand and business performance alongside Xunlei’s cloud-computing revenue, gross profit and reliance on Alibaba Cloud servers. A healthy cloud business and strong demand would support the enterprise market and indicate that a key provider is operating well; weaker demand or signs of strain would sharpen competition for customers and make Xunlei’s server dependence more consequential.
Hello Group Inc. earningsMOMO
Hello Group’s report will show whether users are spending on virtual gifts in the Middle East and North Africa, where its audio-chat apps compete with Xunlei’s Hiya for users and revenue.
Look at virtual-gift spending in Hello Group’s Soulchill and other audio-chat apps, and compare it with Hiya’s reliance on users buying virtual gifts. Stronger spending would suggest continued demand for this kind of paid interaction and a more supportive market for Hiya; weaker spending, or stronger results at competing apps, would point to shrinking or diverted user spending and more pressure on Xunlei’s overseas audio revenue.
