Xunlei Ltd
xunlei.comWhat Do They Do?
Provides internet users with digital media acceleration, storage and entertainment services, and supplies cloud computing services to businesses.
20-F for FY2025, filed Apr 28, 2026We are a leading technology company providing distributed cloud services in China. We operate a powerful internet platform in China based…View ↗
We provide users with quick and easy access to online digital media content through (i) our core product, Xunlei Accelerator, a free…View ↗
Cloud computing services and products. We offer cloud computing services by crowdsourcing idle bandwidth capacity and potential storage…View ↗
How Do They Make Money?
Subscribers pay membership fees up front for access over a chosen term; live-streaming users buy virtual items, and cloud customers are charged monthly for bandwidth delivered.
20-F for FY2025, filed Apr 28, 2026The Group operates a VIP membership program where VIP members can have access to high - speed online acceleration services, online…View ↗
The Group designs, creates and offers various virtual items for sales to users with pre-determined selling price. The Group evaluates and…View ↗
On a monthly basis, the Group records the bandwidth it delivers and recognizes revenue from customers under contractual rates applied…View ↗
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20-F for FY2025, filed Apr 28, 2026
FY2025 revenue by product or service (Segment total revenues) ↗
$460.4M
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20-F for FY2025, filed Apr 28, 2026
$460.4M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Subscription revenue
Recurring
20-F for FY2025, filed Apr 28, 2026 |
33%
FY2022: 29%
|
Subscription revenue, FY2025
$154.8M Sources
|
Recurring |
|
Live streaming revenue and others
Sold outright
20-F for FY2025, filed Apr 28, 2026 |
37%
FY2022: 36%
|
Live streaming revenue and others, FY2025
$170.2M Sources
|
Sold outright |
|
Cloud computing services and product revenue
Usage-based
20-F for FY2025, filed Apr 28, 2026 |
30%
FY2022: 35%
|
Cloud computing services and product revenue, FY2025
$137.5M Sources
|
Usage-based |
Who Are Their Customers?
Individual users access acceleration subscriptions and live-streaming services through Xunlei products and its platform, while businesses such as internet content providers use its cloud services.
20-F for FY2025, filed Apr 28, 2026We provide users with quick and easy access to online digital media content through (i) our core product, Xunlei Accelerator, a free…View ↗
The Group operates live streaming platforms and provides an internet infrastructure where users can access the platform, interact with the…View ↗
Cloud computing services and products. We offer cloud computing services by crowdsourcing idle bandwidth capacity and potential storage…View ↗
20-F for FY2025, filed Apr 28, 2026
For the years ended December 31, 2023, 2024 and 2025, revenue from Customer A was US$53,920,000, US$46,646,000 and US$67,129,000, accounted…View ↗
Do Revenues Turn Into Profits?
Yes. Its net income in FY2025 was larger than its revenue and turned 6 cents into free cash flow.
20-F for FY2025, filed Apr 28, 2026
$6.6MView ↗
20-F for FY2025, filed Apr 28, 2026
$1BView ↗
20-F for FY2025, filed Apr 28, 2026
$27.1MView ↗
How Are They Changing?
Growing. Revenue grew 93% in 4 years, from $238.8M in FY2021 to $460.4M in FY2025, about 18% a year.
Live-streaming services
The earlier report described domestic video and audio live streaming and audio products for overseas markets; the latest says both live-streaming formats ended in China, while overseas audio continues.
20-F for FY2022, filed Apr 26, 2023 20-F for FY2025, filed Apr 28, 2026Beside our core digital media transmission product and services, we launched our video live streaming business in 2016 and audio live…View ↗
Apart from our core digital media transmission product and services, we launched our video live-streaming business in 2016 and audio…View ↗
Cloud computing ownership
The earlier report described shared cloud computing as a company strategy and enterprise offering; the latest says Xunlei sold part of its interest in Shenzhen Onething, no longer consolidates its results, and retains shared-cloud service rights.
20-F for FY2022, filed Apr 26, 2023 20-F for FY2025, filed Apr 28, 2026
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