0001104659-26-050304 | 20-F | XBRL Viewer

Cash and cash equivalents

12 Months Ended

Dec. 31, 2025

4. Cash and cash equivalents

Cash and cash equivalents represent cash on hand, cash held at bank, and time deposits placed with banks or other financial institutions, which have original maturities of three months or less. Cash and cash equivalents balance as of December 31, 2024 and 2025 primarily consist of the following currencies:


		December 31, 2024				December 31, 2025
				US$				US$
(In thousands)		Amount		equivalent		Amount		equivalent
RMB		585,376		81,434		613,776		87,323
US$		89,514		89,514		65,847		65,847
SGD		7,327		5,437		4,769		3,704
Hong Kong Dollar		7,296		940		992		128
Others		Not applicable		4		Not applicable		18
Total		—		177,329		—		157,020

As of December 31, 2024 and 2025, included in the cash and cash equivalents are time deposits with original maturities of three months or less of US$70,860,000 and US$42,600,000, respectively.

Other income, net (Tables)

12 Months Ended

Dec. 31, 2025

Other income, net

Schedule of other income, net


	Years ended December 31,
(In thousands)	2023	2024	2025
Fair value changes on long-term investments	—	—	1,032,989
Investment income from short-term investments (note)	4,354	4,413	4,133
Gains from reversal of long outstanding payables	6,831	3,549	—
Government subsidy income	2,360	1,057	1,160
Gains from the disposal of long-term investments and subsidiaries	—	862	1,128
Exchange gains/(losses), net	1,693	216	(1,206)
VAT deduction	840	—	—
Impairment on long-term investments	—	(1,407)	(996)
Others	826	493	923
Total	16,904	9,183	1,038,131

Note:

For the years ended December 31, 2023, 2024 and 2025, investment income from short-term investments comprised interest income of US$1,389,000, US$2,247,000 and US$1,564,000 from time deposits with original maturities of more than three months but within one year, and investment income of US$2,965,000, US$2,166,000 and US$2,569,000 from investments in financial instruments, respectively.

Accounts receivable, net - Additional Information (Details) - customer	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Accounts receivable, net
Number of top customers	10	10
Credit concentration risk \| Accounts receivable \| Top 10 customers
Accounts receivable, net
Accounts receivable, percentage	64.00%	68.00%
Credit concentration risk \| Accounts receivable \| Customer A
Accounts receivable, net
Accounts receivable, percentage	24.00%	35.00%
Credit concentration risk \| Accounts receivable \| Customer B
Accounts receivable, net
Accounts receivable, percentage	11.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Consolidated Statements of Comprehensive Income/(Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net revenues
Total revenues, net of rebates and discounts (including transactions with related parties of US$17,270, US$15,963 and US$16,309 for the years ended December 31, 2023, 2024 and 2025, respectively)	$ 462,410	$ 324,405	$ 364,911
Taxes and surcharges	(1,982)	(1,265)	(1,189)
Net revenues	460,428	323,140	363,722
Costs of revenues (including transactions with related parties of US$39, nil and nil for the years ended December 31, 2023, 2024 and 2025, respectively)	(242,886)	(155,567)	(200,649)
Gross profit	217,542	167,573	163,073
Operating expenses
Research and development expenses	(80,040)	(71,572)	(74,201)
Sales and marketing expenses	(86,260)	(44,842)	(43,509)
General and administrative expenses	(44,874)	(45,827)	(46,875)
Impairment of goodwill		(20,748)
Credit loss (expenses)/write-back, net	262	(288)	(100)
Total operating expenses	(210,912)	(183,277)	(164,685)
Operating (loss)/income	6,630	(15,704)	(1,612)
Interest income	3,262	4,892	4,619
Interest expense	(1,698)	(728)	(1,514)
Other income, net	1,038,131	9,183	16,904
Income/(loss) before income taxes	1,046,325	(2,357)	18,397
Income tax (expenses)/benefits	1,285	3,020	(4,131)
Net income for the year	1,047,610	663	14,266
Less: net income/(loss) attributable to the non-controlling interests	(655)	(552)	41
Net income attributable to Xunlei Limited	1,048,265	1,215	14,225
Net income for the year	1,047,610	663	14,266
Other comprehensive (loss)/income: Currency translation adjustments, net of tax	4,233	(2,749)	(4,203)
Comprehensive income/(loss)	1,051,843	(2,086)	10,063
Less: comprehensive income/(loss) attributable to non-controlling interests	(703)	(520)	83
Comprehensive income/(loss) attributable to Xunlei Limited	$ 1,052,546	$ (1,566)	$ 9,980
Income per share for common shares
Basic (in dollars per share)	$ 3.3659	$ 0.0038	$ 0.0436
Diluted (in dollars per share)	$ 3.3125	$ 0.0038	$ 0.0435
Weighted average number of common shares used in calculating
Basic (in shares)	311,440,748	318,758,374	326,390,687
Diluted (in shares)	316,458,713	319,146,281	326,849,502

Bank borrowings - Additional information (Details)	1 Months Ended			12 Months Ended
Bank borrowings - Additional information (Details)	May 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	May 31, 2024 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2025 CNY (¥)	Aug. 31, 2025 CNY (¥)	Apr. 30, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Oct. 31, 2024 CNY (¥)
Bank borrowings
Proceeds from bank borrowings \| $				$ 62,537,000		$ 33,387,000		$ 4,254,000
Line of credit													¥ 50,000,000
Borrowings utilized				$ 7,114,000	¥ 50,000,000	$ 1,391,000	¥ 10,000,000
Short term debt, interest rate						1.70%						1.70%
Short term debt, Weighted average				2.00%		1.70%			2.00%			1.70%
Bank borrowings				$ 41,970,000		$ 27,823,000			¥ 295,000,000			¥ 200,000,000
Minimum
Bank borrowings
Short term debt, interest rate				1.60%					1.60%
Maximum
Bank borrowings
Short term debt, interest rate				2.20%					2.20%
Short-term loan facility
Bank borrowings
Face value											¥ 100,000,000
Proceeds from bank borrowings				$ 12,311,000	86,534,600
Short-term loan facility guaranteed
Bank borrowings
Face value										¥ 100,000,000
Proceeds from bank borrowings				$ 14,227,000	¥ 100,000,000
Long term loan facility
Bank borrowings
Face value	¥ 365,000,000		¥ 300,000,000
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			xnet:ChinaLoanPrimeRateMember
Spread on variable basis rate			40.00%
Issuance of secured debt drawn down	¥ 100,000,000	¥ 100,000,000	¥ 100,000,000
Due to term				3 years	3 years
Debt instrument repayment, Percentage				5.00%	5.00%
Debt instrument undrawn amount									¥ 65,000,000			¥ 100,000,000

Taxation - Summary of Changes in Deferred Tax Asset and Liability Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating losses carried forward	$ 57,572	$ 57,516
Investment loss in a liquidating subsidiary of the VIE		9,598
Allowance for current expected credit losses	978	1,201
Impairment of long-term equity investments	443	485
Accruals and others	2,952	1,609
Valuation allowance	(51,340)	(59,421)	$ (51,868)	$ (47,223)
Total deferred tax assets, net of valuation allowance	10,605	10,988
Set-off provisions	(522)	(460)
Deferred tax assets, net	10,083	10,528
Deferred tax liabilities:
Acquired intangible assets	(5,851)	(905)
Others	(809)	(709)
Total deferred tax liabilities	(6,660)	(1,614)
Set-off provisions	522	460
Deferred tax liabilities, net	$ (6,138)	$ (1,154)

Bank borrowings - Maturity of bank borrowings (Details)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 USD ($)	Dec. 31, 2024 CNY (¥)
Maturity of bank borrowings
Within 1 year	$ 3,557,000
Between 1 to 2 years	4,197,000
Between 2 to 3 years	34,216,000
Long-term Debt, Total	$ 41,970,000	¥ 295,000,000	$ 27,823,000	¥ 200,000,000

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4

+ Details

Commitments and contingencies - Future Minimum Payments under Non-Cancellable Leases (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Future minimum payments under non-cancellable
2026	$ 1,016
Bandwidth purchase commitments
Future minimum payments under non-cancellable
2026	$ 39

Share-based compensation

12 Months Ended

Dec. 31, 2025

Share-based compensation

Share-based compensation

19. Share-based compensation

2020 share incentive plan

In June 2020, the Group terminated its share incentive plan adopted in December 2010, November 2013, April 2014 (the “Terminated Plans”) and adopted a 2020 share incentive plan, which is referred to as the 2020 Share Incentive Plan (the “2020 Plan”). The awards that are granted and outstanding under the Terminated Plans remain effective under the 2020 Plan, subject to any amendment and modification to the original award agreements that the Company shall determine.

During the years ended December 31, 2023, 2024 and 2025, the number of vested shares relating to the Terminated Plans was 320,000, nil and nil, and no share was forfeited relating to the Terminated Plans. As of December 31, 2025, the number of unvested shares relating to the Terminated Plans was nil.

Under the 2020 Plan, the maximum aggregate number of shares of the Company that may be granted is 31,000,000, which consists of (i) 21,039,742 common shares reserved for issuance, which were previously reserved under the Terminated Plans but not granted under the Terminated Plans, (ii) 9,667,230 common shares repurchased pursuant to the share repurchase programs authorized by the Company, and (iii) 293,028 common shares reserved for issuance under the 2020 Plan.

In March 2023 and April 2024, the Board of Directors of the Company amended and restated the 2020 Plan, the maximum aggregate number of shares of the Company available for grant of awards was increased to 46,561,200 and 61,525,345, respectively. The number of shares available for such grants as of December 31, 2025 is 9,435,550 (2024: 16,581,260).

As of December 31, 2025, the restricted shares units (“RSUs”) granted to employees and officers (excluding those forfeited) under the 2020 Plan are only subject to service conditions, and follow various vesting schedules including: (i) one-half of the RSUs shall be vested on each anniversary of the vesting commencement date for two years thereafter; (ii) one-third of the RSUs shall be vested on each anniversary of the vesting commencement date for three years thereafter; (iii) two-third of the RSUs shall be vested on the second anniversary and one-third of the RSUs shall be vested on the third anniversary of the vesting commencement date; (iv) one-fifth of the RSUs shall be vested on each anniversary of the vesting commencement date for five years thereafter; (v) one-sixth of the RSUs shall be vested on the grant date, and the remaining RSUs shall be vested equally on each anniversary of the vesting commencement date for three years thereafter; (vi) the RSUs shall be vested immediately. Certain of the awarded shares were vested in an accelerated manner after grant.

19. Share-based compensation (Continued)

2020 share incentive plan (Continued)

A summary of the RSU activities under the 2020 Plan for the years ended December 31, 2023, 2024 and 2025 is presented below:


				Weighted-average
		Number of		grant-date fair
		restricted shares		value (US$)
Unvested as of January 1, 2023		16,858,050
Granted		12,485,750		0.36
Vested		(11,195,165)
Forfeited		(491,670)
Unvested as of December 31, 2023		17,656,965
Expected to vest as of December 31, 2023		13,242,724
Unvested as of January 1, 2024		17,656,965
Granted		3,764,500		0.32
Vested		(4,684,535)
Forfeited		(1,226,170)
Unvested as of December 31, 2024		15,510,760
Expected to vest as of December 31, 2024		11,633,070
Unvested as of January 1, 2025		15,510,760		0.78
Granted		8,910,710
Vested		(9,100,500)
Forfeited		(1,765,000)
Unvested as of December 31, 2025		13,555,970
Expected to vest as of December 31, 2025		10,166,978

Based upon the Company’s historical and expected forfeitures for restricted share units granted, the directors of the Company estimated that its future forfeiture rate would be 25% for employees and management.

Shenzhen Onething 2024 share incentive plan

On April 26, 2024, the Group adopted a share incentive plan for Shenzhen Onething (the “Shenzhen Onething 2024 Plan”), in order to provide incentives for employees contributing to the Group’s cloud computing business. In December 2024, 30% equity interest of Shenzhen Onething was transferred to certain plan participants or share incentive awards holding platforms established and controlled by the Group, at a nominal price, to facilitate the grant of RSUs under the Shenzhen Onething 2024 plan.

The awards granted under the Shenzhen Onething 2024 Plan are subject to both service conditions and performance conditions. Performance conditions include the occurrence of change of control of Shenzhen Onething or the successful completion of an initial public offering of Shenzhen Onething (“Liquidity Event”).

For the years ended December 31, 2024 and 2025, no share-based compensation expense was recognized in connection with the Shenzhen Onething 2024 Plan, as the satisfaction of the performance conditions was not considered probable as of the reporting date.

As of December 31, 2024 and 2025, although the aforementioned 30% equity interest had been transferred to plan participants or share incentive award holding platforms, the shares remained unvested and subject to forfeiture due to the unsatisfied vesting conditions. As a result, the Group continued to fully consolidate Shenzhen Onething, and no non-controlling interest was recognized in respect of the 30% equity interest.

19. Share-based compensation (Continued)

Shenzhen Onething 2024 share incentive plan (Continued)

Total compensation costs recognized for the years ended December 31, 2023, 2024 and 2025 are as follows:


	Years ended December 31,
(In thousands)	2023	2024	2025
Sales and marketing expenses	48	19	—
General and administrative expenses	8,113	1,768	2,727
Research and development expenses	1,515	666	1,113
Total	9,676	2,453	3,840

Notes:

(i)	For the years ended December 31, 2023, 2024 and 2025, the compensation costs recognized in relation to the shares awarded under the Terminated Plans amounted to US$352,000, nil and nil, respectively.

(ii)	As of December 31, 2025, the total unrecognised share-based compensation amounted to US$18,960,000 (2024: US$11,132,100).

Goodwill

12 Months Ended

Dec. 31, 2025

Goodwill.

Goodwill

13. Goodwill


		December 31,		December 31,
(In thousands)		2024		2025
Beginning balance		20,826		—
Goodwill arising from the acquisition (Note 3)		—		38,454
Impairment of goodwill (Notes a and b)		(20,748)		—
Foreign currency translation adjustment		(78)		710
Ending balance		—		39,164

Notes:

(a)

The goodwill impairment of US$20,748,000 was recognized for the year ended December 31, 2024, primarily because the financial performance of the Company’s cloud computing business declined significantly in late 2024, which was assessed to be a sustained trend that has been reflected in the estimated future results from this business in the annual impairment test performed as of December 31, 2024.

(b)	As of December 31, 2025, the goodwill balance was entirely associated with the acquisition of Hupu (Note 3). The Group determined that Hupu constitutes a single reporting unit for purposes of goodwill impairment testing.

The Group performed a quantitative goodwill impairment assessment for the Hupu reporting unit as of December 31, 2025.

13. Goodwill (Continued)

The fair value of the Hupu reporting unit was estimated using an income approach, specifically a discounted cash flow (“DCF”) model. The DCF model is based on management’s cash flow projections over a five-year forecast period, with cash flows beyond the forecast period extrapolated using a terminal growth rate. The significant assumptions used in the DCF model include revenue forecast, operating margins, the discount rate, and the terminal growth rate. Revenue projections were developed based on the historical operating performance of Hupu, expected trends in the online advertising market, and management’s expectations regarding user engagement initiatives and business synergies with the Group. Operating margin projections were based on Hupu’s historical cost structure and anticipated operating efficiencies over the forecast period. A weighted average cost of capital (“WACC”) of 19.0% was used as the discount rate, which was estimated using market participant data including an analysis of comparable companies in the technology, media, and telecommunications sector, and reflects the risk profile of the Hupu reporting unit’s expected cash flows. A terminal growth rate of 2.0% was applied, determined with reference to the long-term expected inflation rate in the People’s Republic of China.

Based on the quantitative assessment, the estimated fair value of the Hupu reporting unit exceeded its carrying amount by approximately 7.5% as of December 31, 2025. As the Company’s market capitalization was below its consolidated net book value as of December 31, 2025, management also performed a reconciliation of the aggregate estimated fair values of the Company’s reporting units to the Company’s market capitalization. Based on the results of the impairment test and related reconciliation, the Group concluded that the estimated fair value of the Hupu reporting unit exceeded its carrying amount and no goodwill impairment was recognized for the year ended December 31, 2025.

Given that the estimated fair value of the Hupu reporting unit is not substantially in excess of its carrying amount, the Group performed a sensitivity analysis on the key assumptions used in the DCF model. An increase in the discount rate of 1.5%, with all other assumptions held constant, would result in the estimated fair value being approximately equal to the carrying amount of the reporting unit. Similarly, a reduction in projected revenue growth rates of 2.0% across the forecast period, with all other assumptions held constant, would also result in the estimated fair value approximating the carrying amount. Because the acquisition of Hupu was completed only seven months prior to the impairment testing date, the cash flow projections are based on limited operating history under the Group’s ownership and are subject to inherent uncertainty.

The estimation of fair value requires significant management judgment. Changes in circumstances or in management’s estimates and assumptions, including but not limited to revenue or operating margin underperformance relative to projected results, or unfavorable changes in market-based discount rates, could cause the estimated fair value of the Hupu reporting unit to fall below its carrying amount, and a material goodwill impairment charge may need to be recognized in future periods.

(c)	As of December 31, 2025, the accumulated goodwill impairment was US$20,748,000 (2024: US$20,748,000).

- Definition

The entire disclosure for goodwill.

+ References + Details

Common shares - Additional Information (Details)	12 Months Ended
Common shares - Additional Information (Details)	Dec. 31, 2025 Vote $ / shares shares	Dec. 31, 2024 shares
Common shares.
Common stock, shares authorized	1,000,000,000
Common stock, par value \| $ / shares	$ 0.00025
Number of votes per common share \| Vote	1
Common stock, shares outstanding	314,277,001	307,351,196

Accounts receivable, net (Tables)

12 Months Ended

Dec. 31, 2025

Accounts receivable, net

Schedule of accounts receivable


(In thousands)		December 31, 2024		December 31, 2025
Accounts receivable		33,920		69,884
Less: Allowance for current expected credit losses		(1,258)		(1,471)
Accounts receivable, net		32,662		68,413

Schedule of movement in the allowance for current expected credit loss


(In thousands)		2023		2024		2025
Balance at beginning of the year		1,429		1,022		1,258
Additions		213		261		430
Reversals		(189)		—		(19)
Write-off		(408)		(8)		(228)
Exchange difference		(23)		(17)		30
Balance at end of the year		1,022		1,258		1,471

Schedule of summarizes customers with balances of accounts receivable


		December 31, 2024		December 31, 2025
Customer A		35	%	24	%
Customer B		*		11	%

*Less than 10%.

Short-term investments

12 Months Ended

Dec. 31, 2025

Short-term investments

Short-term investments

5. Short-term investments


(In thousands)		December 31, 2024		December 31, 2025
Time deposits		38,159		82,638
Investments in financial instruments		72,050		65,517
Total		110,209		148,155

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Allowance for credit losses of accounts receivable	$ 1,471	$ 1,258
Allowance for current expected credit losses of due from related parties	334	691
Allowance for credit losses of prepayments and other current assets	5,516	6,223
Allowance for current expected credit losses of Due from related parties	174	0
Current liabilities	$ 208,450	$ 126,736
Common stock, shares issued	375,001,940	375,001,940
Common stock, shares outstanding	314,277,001	307,351,196
Treasury stock, shares	60,724,939	67,650,744
VIEs
Current liabilities	$ 256,407	$ 185,762
VIEs \| Nonrecourse
Current liabilities	256,407	185,762
Non-current liabilities	$ 119,707	$ 97,997

Intangible assets, net (Details) - USD ($)	12 Months Ended
Intangible assets, net (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Intangible assets, net
Total original costs	$ 48,666,000	$ 18,089,000
Less: Accumulated amortization	(13,429,000)	(9,779,000)
Less: Accumulated impairment	(2,515,000)
Total	32,722,000	8,310,000
Intangible assets acquired	29,672,000	3,869,000
Impairment charge	2,515,000
Customer relationships
Intangible assets, net
Total original costs	17,698,000
Brand name
Intangible assets, net
Total original costs	10,201,000
Technology
Intangible assets, net
Total original costs	6,189,000	3,869,000
Impairment charge	2,515,000
Land use rights
Intangible assets, net
Total original costs	5,044,000	4,932,000
Audio - visual license
Intangible assets, net
Total original costs	5,579,000	5,456,000
Acquired computer software
Intangible assets, net
Total original costs	3,953,000	3,662,000
Others
Intangible assets, net
Total original costs	$ 2,000	$ 170,000

Long-term investments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Long-term investments
Equity investments with readily determinable fair values	$ 1,050,633
Equity investments without readily determinable fair values	19,963	$ 30,599
Long-term Investments, Total	$ 1,070,596	$ 30,599

Organization and nature of operations (Tables)

12 Months Ended

Dec. 31, 2025

Organization and nature of operations

Schedule of consolidated financial statements include the financial statements of the Company, its subsidiaries, the variable interest entity ("VIE") and VIE's subsidiaries (collectively referred to as the "Group")

These consolidated financial statements include the financial statements of the Company, its subsidiaries, the variable interest entities (“VIEs”) and VIEs’ subsidiaries (collectively referred to as the “Group”). As of December 31, 2025, the Company’s major subsidiaries, VIEs and VIEs’ subsidiaries are as follows:


								% of direct
								or indirect
		Place of		Period of				economic
Name of entities		incorporation		incorporation		Relationship		ownership		Principal activities
Xunlei Network Technologies Limited		British Virgin Islands		February 2011		Subsidiary		100	%	Investment holding

Xunlei Network Technologies Limited		Hong Kong		March 2011		Subsidiary		100	%	Investment holding

Giganology (Shenzhen) Co., Ltd. (“Giganology Shenzhen”)		PRC		June 2005		Subsidiary		100	%	Investment holding

Xunlei Computer (Shenzhen) Co., Ltd. (“Xunlei Computer”)		PRC		November 2011		Subsidiary		100	%	Investment holding

Shenzhen Xunlei Networking Technologies Co., Ltd. (“Shenzhen Xunlei”)		People’s Republic of China (“PRC”)		January 2003		VIE		100	%	Membership subscription and investment holding

Shenzhen Suqu Network Technology Co., Ltd. (“Shenzhen Suqu”)		PRC		October 2021		VIE		100	%	Investment holding

Shenzhen Onething Technologies Co., Ltd. (“Shenzhen Onething”)		PRC		September 2013		VIE’s subsidiary		70 (Note b, 28)	%	Cloud computing services

Jiangxi Node Technology Service Co., Ltd. (“Jiangxi Node”)		PRC		July 2020		VIE’s subsidiary		100	%	Cloud computing services

Shanghai Kuanghui Network Technology Co., Ltd. (“Shanghai Kuanghui”) (Note 3)		PRC		June 2013		VIE’s subsidiary		100	%	Online advertising

Hupu (Shanghai) Information Technology Co., Ltd. (“Hupu Information”)		PRC		September 2021		VIE’s subsidiary		100	%	Online advertising

Funi. Pte. Ltd.		Singapore		April 2021		Subsidiary		100	%	Live streaming

Fuconnect. Pte. Ltd.		Singapore		February 2022		Subsidiary		100	%	Live streaming

Note:

(a)	The English names of the PRC companies represent management’s translation of the Chinese names of these companies as they have not adopted formal English names.

(b)	As of December 31, 2025, the remaining 30% of the equity interest was owned by certain plan participants or share incentive awards holding platforms under the employee share incentive plan, see Note 19 for details.

Schedule of consolidated financial information of VIEs and VIE's subsidiaries


	As of December 31,
(In thousands)	2024	2025
Current assets:
Cash and cash equivalents	42,514	38,892
Short-term investments	14,484	18,229
Accounts receivable, net	27,221	59,970
Amount due from group companies	5,500	3,941
Due from related parties	11,532	12,531
Inventories	1,251	401
Prepayments and other current assets	3,810	6,912
Total current assets	106,312	140,876
Non-current assets:
Long-term investments	6,570	7,104
Property and equipment, net	55,307	54,579
Operating lease assets	450	1,943
Intangible assets, net	4,901	32,722
Deferred tax assets	9,873	8,666
Goodwill	—	39,164
Long-term prepayments and other assets	2,532	2,317
Restricted cash	218	806
Total assets	186,163	288,177
Current liabilities:
Accounts payable	19,330	37,365
Due to related parties	17	8
Amount due to group companies	84,476	83,918
Contract liabilities	36,827	41,662
Income tax payable	6,430	815
Accrued liabilities and other payables	36,342	54,943
Short-term borrowings and current portion of long-term borrowings	2,087	37,209
Lease liabilities, current portion	253	487
Total current liabilities	185,762	256,407
Non‑current liabilities:
Contract liabilities	458	1,624
Deferred tax liabilities	870	5,991
Amount due to group companies	68,901	68,898
Long-term borrowings	27,127	38,413
Lease liabilities	161	1,251
Other long-term payables	480	3,530
Total liabilities	283,759	376,114


	Years ended December 31,
(In thousands)	2023	2024	2025
Inter-company revenues	—	294	2,416
Third-party revenues	330,860	256,150	336,047
Third-party costs of revenues	(177,060)	(113,684)	(161,678)
Inter-company operating expenses	(12,896)	(12,695)	(11,558)
Third-party operating expenses	(139,613)	(146,261)	(161,111)
Net income/(loss) attributable to Xunlei Limited	6,995	(8,532)	7,658


	Years ended December 31,
(In thousands)	2023	2024	2025
Purchases of goods and services from group companies	—	—	(29,486)
Sales of goods and services to group companies	217	504	2,913
Other operating activities with external parties	27,634	29,803	28,942
Net cash generated from operating activities	27,851	30,307	2,369
Repayment of loans from group companies	—	342	—
Other investing activities with external parties	(21,985)	(10,433)	(70,526)
Net cash used in investing activities	(21,985)	(10,091)	(70,526)
Loans from group companies	437	7,003	60,248
Repayment of loans to group companies	(19,285)	(28,028)	(42,164)
Other financing activities with external parties	(8,837)	6,768	46,431
Net cash (used in)/generated financing activities	(27,685)	(14,257)	64,515

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Commitments and contingencies

12 Months Ended

Dec. 31, 2025

Commitments and contingencies

Commitments and contingencies

26. Commitments and contingencies

Bandwidth purchase commitments

The Group purchase bandwidth in the PRC under non-cancellable contract expiring on different dates. Payments under purchase of bandwidth are expensed on a straight-line basis over the duration of the respective periods.

As of December 31, 2025, future minimum payments under non-cancellable bandwidth contracts consist of the following:


(In thousands)		December 31, 2025
2026		39

26. Commitments and contingencies (Continued)

Legal proceedings

The Group is involved in a number of cases pending in various courts and arbitrations. These cases are related to alleged infringement of intellectual property rights, labor disputes and other routine and incidental matters to its business, among others. Adverse results in these cases may include awards of damages and may also result in, or even compel, a change in the Group’s business practices, which could impact the Group’s future financial results. The Group has not recorded any material liabilities in this regard as of December 31, 2024 and 2025.

Business combinations

12 Months Ended

Dec. 31, 2025

Business combinations

Business combinations

3. Business combinations

Acquisition of Hupu in 2025

On January 26, 2025, the Group entered into a definitive agreement to acquire 100% of equity interest of Shanghai Kuanghui for a total cash consideration of RMB500.0 million (approximately US$68,730,000).

Shanghai Kuanghui and its subsidiaries mainly focus on the operation of Hupu, which is a sports media and data platform in the PRC. The Group believes that the acquisition will enhance the Group’s long-term value by leveraging Xunlei’s user base and content transmission technology to monetize Hupu’s premium sports content and engaged community, while expanding Xunlei’s content ecosystem and diversifying revenue beyond its core content transmission business.

3. Business combinations (Continued)

Acquisition of Hupu in 2025 (Continued)

On May 31, 2025 (the “Acquisition Date”), the acquisition was completed. From the Acquisition Date, the financial results of Shanghai Kuanghui have been included in the Company’s consolidated financial statements.

The total consideration comprised (i) cash consideration of RMB400.0 million payable at closing, and (ii) deferred cash consideration of RMB100.0 million in nominal value, payable in two installments after closing: RMB80.0 million on the first anniversary of the closing date, and RMB20.0 million on the second anniversary of the closing date. The following table summarizes the fair value of the consideration transferred as of the Acquisition Date:


(In thousands)
Cash consideration paid at closing		55,876
Fair value of deferred consideration		12,854
Total consideration transferred		68,730

The deferred consideration is not subject to interest. The Acquisition Date fair value of the deferred consideration was estimated using the present value of expected future payments at a discount rate of 2.5%.

The deferred consideration is subject to a post-closing adjustment based on the net working capital of Shanghai Kuanghui as of the Acquisition Date. As of December 31, 2025, the carrying amount of the deferred consideration was US$12,598,000, of which US$9,850,000 was classified in the current portion and US$2,748,000 in the non-current portion of “Accrued expenses and other payables” (Note 15).

The following table summarizes the allocation of the consideration to the estimated fair values of assets acquired and liabilities assumed as of the Acquisition Date:


(In thousands)
Net assets acquired (including the cash acquired of US$3,742,000)		6,044
Intangible assets (Note 12):
- Customer relationships		17,379
- Brand name		10,016
- Technology		2,277
Deferred tax liabilities		(5,440)
Goodwill (Note 13)		38,454
Total purchase price		68,730

The Group used the multi-period excess earnings method to estimate the fair value of acquired customer relationships, which was determined as the present value of the excess earnings attributable to the asset at a discount rate of 19.5%. For the acquired brand name and technology, the relief-from-royalty method was applied, using royalty rates of 5.0% and 3.0%, respectively, and the fair values were estimated as the present value of the after-tax royalty savings at discount rates of 19.5%. Other key assumptions included forecasted revenue growth rates ranging from 2.0% to 6.8% and a customer attrition rate of approximately 10.0%.

Goodwill is calculated as the excess of the purchase price over the fair value of the identifiable net assets acquired. The goodwill of US$38,454,000 was assigned to the Hupu reportable segment and is primarily attributable to expected synergies from the assembled workforce and the anticipated benefits of post-acquisition business cooperation with Xunlei. Goodwill is not expected to be deductible for income tax purposes.

3. Business combinations (Continued)

Acquisition of Hupu in 2025 (Continued)

Direct acquisition-related costs were immaterial and expensed as incurred within “General and administrative expenses” in the consolidated statements of comprehensive income for the year ended December 31, 2025.

Pro forma revenue data and pro forma earnings data were not disclosed because the impact was immaterial.

Acquisition of Billionaire Pte. Ltd. (“Billionaire”) in 2024

In April 2024, the Group acquired 55% of equity interest of Billionaire for a total consideration of USD2,156,000.

Billionaire engages primarily in the development and operation of overseas live streaming platforms in the overseas market. The purpose of this acquisition is mainly to acquire Billionaire’s technology and the assembled workforce to further enhance the Group’s overseas audio live streaming business.

Upon the acquisition, Billionaire was accounted for as a business combination and represents a consolidated subsidiary of the Company. The following table summarizes the estimated fair values of assets acquired and liabilities assumed at the date of acquisition:


(In thousands)
Fair value of total consideration transferred:
Cash consideration		2,156
Recognized amounts of identifiable assets acquired and liability assumed:
Current assets		1,424
Intangible assets (Note 12)		3,869
Current liabilities		(841)
Deferred tax liabilities		(658)
Non-controlling interests		(1,638)
Total identifiable net assets acquired, net of non-controlling interests		2,156

Pro forma revenue data and pro forma earnings data were not disclosed because the impact was immaterial.

- Definition

The entire disclosure for business combination.

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+ Details

Operating lease assets (excluding land use rights) and lease liabilities

12 Months Ended

Dec. 31, 2025

Operating lease assets (excluding land use rights) and lease liabilities

Operating lease assets (excluding land use rights) and lease liabilities

11. Operating lease assets (excluding land use rights) and lease liabilities

(a)	The Group as a lessee

The operating lease assets, represented the leased offices of the Group, are amortized over the lease terms, which are greater than 1 year but less than 3 years. Operating leases are as below:


(In thousands)		Office leases
Net book amount as of January 1, 2024		575
Additions		324
Amortization		(434)
Effect of foreign currency exchange differences		(15)
Net book amount as of December 31, 2024		450
Additions		2,706
Amortization		(1,046)
Modification		(217)
Effect of foreign currency exchange differences		50
Net book amount as of December 31, 2025		1,943

The amortization expenses for long-term operating leases were US$551,000, US$434,000 and US$1,046,000 for the years ended December 31, 2023, 2024 and 2025, respectively.

11. Operating lease assets (excluding land use rights) and lease liabilities (Continued)

(a)The Group as a lessee (Continued)

A charge of US$1,645,000, US$1,504,000 and US$780,000 was recognized in relation to short-term leases for the years ended December 31, 2023, 2024 and 2025, respectively.

As of December 31, 2025, the future minimum payment under non-cancellable short-term operating leases was US$151,000.

The weighted average discount rate related to operating leases was 5.1%, 3.7% and 3.0% as of December 31, 2023, 2024 and 2025, respectively. The weighted average remaining lease term were 2.0 years, 1.5 years and 2.0 years as of December 31, 2023, 2024 and 2025, respectively.

The total cash payments in respect of operating lease were US$2,386,000, US$1,407,000 and US$2,360,000 for the years ended December 31, 2023, 2024 and 2025, respectively.

The undiscounted cash payments for the next five years as of December 31, 2025 is:


(In thousands)
2026		1,016
2027		696
2028		143
Total undiscounted payments		1,855
Less: effect of discounting		(117)
Discounted lease liabilities		1,738

(b)	The Group as a lessor

The Group’s operating lease arrangements as lessor expire at various dates through August 2040. The rental income was nil, US$2,511,000 and US$4,133,000 for the years ended December 31, 2023, 2024 and 2025, respectively.

Maturities of undiscounted lease payments to be received were as follows:


(In thousands)
2026		3,667
2027		3,865
2028		3,881
2029		4,128
2030		4,073
Thereafter		27,983
Total undiscounted payments		47,597

Commitments and contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and contingencies

Schedule of undiscounted cash payments

The undiscounted cash payments for the next five years as of December 31, 2025 is:


(In thousands)
2026		1,016
2027		696
2028		143
Total undiscounted payments		1,855
Less: effect of discounting		(117)
Discounted lease liabilities		1,738

Bandwidth purchase commitments

Commitments and contingencies

Schedule of undiscounted cash payments


(In thousands)		December 31, 2025
2026		39

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Basic and diluted net income per share (Tables)

12 Months Ended

Dec. 31, 2025

Basic and diluted net income per share

Schedule of basic and diluted net income per share


(Amounts expressed in thousands of US$, except	Years ended December 31,
for number of shares and per share data)	2023	2024	2025
Numerator:
Net income	14,266	663	1,047,610
Less: Net (loss)/income attributable to the non-controlling interest	41	(552)	(655)
Net income attributable to Xunlei Limited’s common shareholders for basic/dilutive net income per share calculation	14,225	1,215	1,048,265
Denominator:
Weighted average number of common shares outstanding, basic	326,390,687	318,758,374	311,440,748
Dilutive effect of restricted share units	458,815	387,908	5,017,965
Weighted average number of common shares outstanding, diluted	326,849,502	319,146,281	316,458,713
Basic net income per share	0.0436	0.0038	3.3659
Diluted net income per share	0.0435	0.0038	3.3125

Short-term investments - Schedule of Short-Term Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Short-term investments
Short-term investments	$ 148,155	$ 110,209
Time deposits
Short-term investments
Short-term investments	82,638	38,159
Investments in financial instruments
Short-term investments
Short-term investments	$ 65,517	$ 72,050

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Share-based compensation (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of recognized compensation costs


	Years ended December 31,
(In thousands)	2023	2024	2025
Sales and marketing expenses	48	19	—
General and administrative expenses	8,113	1,768	2,727
Research and development expenses	1,515	666	1,113
Total	9,676	2,453	3,840

2020 Incentive Plan

Summary of restricted shares activities


				Weighted-average
		Number of		grant-date fair
		restricted shares		value (US$)
Unvested as of January 1, 2023		16,858,050
Granted		12,485,750		0.36
Vested		(11,195,165)
Forfeited		(491,670)
Unvested as of December 31, 2023		17,656,965
Expected to vest as of December 31, 2023		13,242,724
Unvested as of January 1, 2024		17,656,965
Granted		3,764,500		0.32
Vested		(4,684,535)
Forfeited		(1,226,170)
Unvested as of December 31, 2024		15,510,760
Expected to vest as of December 31, 2024		11,633,070
Unvested as of January 1, 2025		15,510,760		0.78
Granted		8,910,710
Vested		(9,100,500)
Forfeited		(1,765,000)
Unvested as of December 31, 2025		13,555,970
Expected to vest as of December 31, 2025		10,166,978

Taxation - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
Taxation - Additional Information (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Taxation
Income tax rate		25.00%	25.00%
Accumulated net operating loss which can be carried forward indefinitely		$ 9,546,000
Accumulated net operating loss which can be carried forward and will expire during the period from 2026 to 2035		$ 263,669,000
Giganology Shenzhen and Xunlei Computer
Taxation
Withholding tax rate on foreign enterprises		10.00%
China
Taxation
Income tax rate		25.00%
Withholding tax rate on foreign enterprises		10.00%
Withholding tax accrued or required to be accrued		$ 0	$ 0	$ 0
China \| High And New Technology Enterprises
Taxation
Preferential tax rate (as a percent)		15.00%
China \| Research And Development Enterprise Activities
Taxation
Portion of research and development expenses incurred that are allowable as tax deductible expenses (as a percent)	200.00%	175.00%
China \| Shenzhen Xunlei Wangwenhua Co., Ltd. \| High And New Technology Enterprises
Taxation
Preferential tax rate (as a percent)		15.00%
Cayman Islands
Taxation
Withholding taxes on dividends paid		$ 0
British Virgin Islands
Taxation
Withholding taxes on dividends paid		$ 0
Hong Kong
Taxation
Income tax rate		16.50%	16.50%	16.50%
Singapore
Taxation
Income tax rate		17.00%

Property and equipment, net (Tables)

12 Months Ended

Dec. 31, 2025

Property and equipment, net

Schedule of property and equipment


(In thousands)		December 31, 2024		December 31, 2025
Office building		47,154		47,419
Servers and network equipment		15,326		16,913
Furniture, fixtures and office equipment		2,001		2,074
Computer equipment		1,966		2,951
Motor vehicles		450		468
Building decoration and leasehold improvements		9,231		9,513
Total original costs		76,128		79,338
Less: Accumulated depreciation		(19,491)		(23,320)
Less: Accumulated impairment		(1,207)		(1,234)
Total		55,430		54,784

Summary of depreciation expense


		Years ended December 31,
(In thousands)		2023		2024		2025
Costs of revenues		740		1,346		2,064
Research and development expenses		390		158		260
Sales and marketing expenses		7		—		2
General and administrative expenses		3,290		3,182		2,644
Total		4,427		4,686		4,970

Other income, net

12 Months Ended

Dec. 31, 2025

Other income, net

Other income, net

21. Other income, net


	Years ended December 31,
(In thousands)	2023	2024	2025
Fair value changes on long-term investments	—	—	1,032,989
Investment income from short-term investments (note)	4,354	4,413	4,133
Gains from reversal of long outstanding payables	6,831	3,549	—
Government subsidy income	2,360	1,057	1,160
Gains from the disposal of long-term investments and subsidiaries	—	862	1,128
Exchange gains/(losses), net	1,693	216	(1,206)
VAT deduction	840	—	—
Impairment on long-term investments	—	(1,407)	(996)
Others	826	493	923
Total	16,904	9,183	1,038,131

Note:

Additional information: condensed financial statements of the Company - Schedule of Condensed Statement of Cash Flows (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from financing activities
Net (decrease)/increase in cash, cash equivalents and restricted cash	$ (21,137)	$ 8,138	$ (11,706)
Cash and cash equivalents at beginning of the year	177,329	170,802	177,154
Effect of exchange rates on cash and cash equivalents	1,416	(1,393)	(2,300)
Cash and cash equivalents at end of the year	157,020	177,329	170,802
Xunlei Limited
Cash flows from operating activities
Other operating activities with external parties	(1,848)	1,143	(391)
Net cash (used in)/generated from operating activities	(1,848)	1,143	(391)
Cash flows from investing activities
Loan to a related party	(5,710)	(7,081)	(188)
Repayment of loans from group companies	2,365	23
Other investing activities with external parties	6,425	15,464	2,031
Net cash (used in)/generated from investing activities	3,080	8,406	1,843
Cash flows from financing activities
Loans from group companies			3,150
Repayment of loans due to a related party arising from a business combination		(500)
Other financing activities with external parties	(951)	(7,693)	(4,687)
Net cash (used in)/generated financing activities	(951)	(8,193)	(1,537)
Net (decrease)/increase in cash, cash equivalents and restricted cash	281	1,356	(85)
Cash and cash equivalents at beginning of the year	33,275	31,919	32,004
Effect of exchange rates on cash and cash equivalents	0	0	0
Cash and cash equivalents at end of the year	$ 33,556	$ 33,275	$ 31,919

Business combinations - Acquisition of Hupu (Details)					12 Months Ended
Business combinations - Acquisition of Hupu (Details)	May 31, 2025 USD ($)	May 31, 2025 CNY (¥)	Jan. 26, 2025 USD ($)	Jan. 26, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2023 USD ($)
Fair value of total consideration transferred:
Current portion of Accrued expenses and other payables					$ 9,850,000
Non-current portion of Accrued expenses and other payables					2,748,000
Recognized amounts of identifiable assets acquired and liability assumed:
Goodwill					39,164,000	$ 20,826,000
Shanghai Kuanghui
Fair value of total consideration transferred:
Cash consideration	$ 55,876,000	¥ 400,000,000
Deferred cash consideration of nominal value \| ¥		¥ 100,000,000
Number of installments \| ¥		2
Fair value of deferred consideration	12,854,000
Total consideration transferred	$ 68,730,000		$ 68,730,000,000,000	¥ 500,000,000
Present value of expected future payments at a discount rate	2.5
Carrying amount of the deferred consideration					12,598,000
Current portion of Accrued expenses and other payables					9,850,000
Non-current portion of Accrued expenses and other payables					$ 2,748,000
Recognized amounts of identifiable assets acquired and liability assumed:
Net assets acquired (including the cash acquired of US$3,742,000)	$ 6,044,000
Cash acquired	3,742,000
Deferred tax liabilities	(5,440,000)
Goodwill	38,454,000
Total identifiable net assets acquired, net of non-controlling interests	68,730,000
Goodwill expected to be deductible for income tax purposes	0
Shanghai Kuanghui \| First anniversary of the closing date
Fair value of total consideration transferred:
Deferred cash consideration of nominal value \| ¥		¥ 80,000,000
Shanghai Kuanghui \| Second anniversary of the closing date
Fair value of total consideration transferred:
Deferred cash consideration of nominal value \| ¥		¥ 20,000,000
Shanghai Kuanghui \| Customer relationships
Recognized amounts of identifiable assets acquired and liability assumed:
Intangible assets	$ 17,379,000
Shanghai Kuanghui \| Customer relationships \| Discount rate \| Multi-Period Excess Earnings Method (MPEEM)
Recognized amounts of identifiable assets acquired and liability assumed:
Value of input used to measure acquired intangible assets	19.5
Shanghai Kuanghui \| Customer relationships \| Revenue growth rate \| Minimum
Recognized amounts of identifiable assets acquired and liability assumed:
Value of input used to measure acquired intangible assets	2
Shanghai Kuanghui \| Customer relationships \| Revenue growth rate \| Maximum
Recognized amounts of identifiable assets acquired and liability assumed:
Value of input used to measure acquired intangible assets	6.8
Shanghai Kuanghui \| Customer relationships \| Customer Attrition Rate \| Multi-Period Excess Earnings Method (MPEEM)
Recognized amounts of identifiable assets acquired and liability assumed:
Value of input used to measure acquired intangible assets	10
Shanghai Kuanghui \| Brand name
Recognized amounts of identifiable assets acquired and liability assumed:
Intangible assets	$ 10,016,000
Shanghai Kuanghui \| Brand name \| Discount rate \| Relief-from-Royalty Method (RFR)
Recognized amounts of identifiable assets acquired and liability assumed:
Value of input used to measure acquired intangible assets	19.5
Shanghai Kuanghui \| Brand name \| Royalty \| Relief-from-Royalty Method (RFR)
Recognized amounts of identifiable assets acquired and liability assumed:
Value of input used to measure acquired intangible assets	5
Shanghai Kuanghui \| Brand name \| Revenue growth rate \| Minimum
Recognized amounts of identifiable assets acquired and liability assumed:
Value of input used to measure acquired intangible assets	2.0
Shanghai Kuanghui \| Brand name \| Revenue growth rate \| Maximum
Recognized amounts of identifiable assets acquired and liability assumed:
Value of input used to measure acquired intangible assets	6.8
Shanghai Kuanghui \| Technology
Recognized amounts of identifiable assets acquired and liability assumed:
Intangible assets	$ 2,277,000
Shanghai Kuanghui \| Technology \| Discount rate \| Relief-from-Royalty Method (RFR)
Recognized amounts of identifiable assets acquired and liability assumed:
Value of input used to measure acquired intangible assets	19.5
Shanghai Kuanghui \| Technology \| Royalty \| Relief-from-Royalty Method (RFR)
Recognized amounts of identifiable assets acquired and liability assumed:
Value of input used to measure acquired intangible assets	3
Shanghai Kuanghui \| Technology \| Revenue growth rate \| Minimum
Recognized amounts of identifiable assets acquired and liability assumed:
Value of input used to measure acquired intangible assets	2.0
Shanghai Kuanghui \| Technology \| Revenue growth rate \| Maximum
Recognized amounts of identifiable assets acquired and liability assumed:
Value of input used to measure acquired intangible assets	6.8

Organization and nature of operations - Schedule of Consolidated Financial Information of VIEs and VIE's Subsidiaries - Income Statement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Certain risks and concentration
Revenues	$ 460,428	$ 323,140	$ 363,722
Cost of revenues	(242,886)	(155,567)	(200,649)
Operating expenses	(210,912)	(183,277)	(164,685)
Net income attributable to Xunlei Limited	1,048,265	1,215	14,225
VIEs
Certain risks and concentration
Net income attributable to Xunlei Limited	7,658	(8,532)	6,995
VIEs \| Inter-company
Certain risks and concentration
Revenues	2,416	294
Operating expenses	(11,558)	(12,695)	(12,896)
VIEs \| Third-party
Certain risks and concentration
Revenues	336,047	256,150	330,860
Cost of revenues	(161,678)	(113,684)	(177,060)
Operating expenses	$ (161,111)	$ (146,261)	$ (139,613)

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

+ References

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Fair value measurements

12 Months Ended

Dec. 31, 2025

Fair value measurements

Fair value measurements

25. Fair value measurements

ASC 820-10 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets

Level 2 — Include other inputs that are directly or indirectly observable in the marketplace or based on quoted price in markets that are not active

Level 3 — Unobservable inputs which are supported by little or no market activity and are significant to the overall fair value measurement

ASC 820-10 describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.

25. Fair value measurements (Continued)

The following table sets forth the financial instruments, measured at fair value on a recurring basis, by level within the fair value hierarchy as of December 31, 2024 and 2025.


	Fair value measurements as of December 31, 2024
		Quoted prices	Significant
		in active market	other	Significant
		for identical	observable	unobservable
		assets	inputs	inputs
(In thousands)	Total	(Level 1)	(Level 2)	(Level 3)
Short-term investments:
Investments in structured deposits and wealth management products	72,050	—	72,050	—


	Fair value measurements as of December 31, 2025
		Quoted prices	Significant
		in active market	other	Significant
		for identical	observable	unobservable
		assets	inputs	inputs
(In thousands)	Total	(Level 1)	(Level 2)	(Level 3)
Short-term investments:
Investments in structured deposits and wealth management products	65,517	—	65,517	—
Long-term investments:
Equity investments with readily determinable fair values	1,050,633	1,050,633	—	—

Investments in privately held companies for which the Company elected to record using the measurement alternative are re-measured on a non-recurring basis, using a market approach by adopting a back-solve method through comparison to a recent transaction and applied significant unobservable inputs and assumptions, these investments are categorized within Level 3 under the fair value hierarchy.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 157,020	$ 177,329
Short-term investments	148,155	110,209
Accounts receivable, net (Allowance for current expected credit losses of US$1,258 and US$1,471 as of December 31, 2024 and 2025, respectively)	68,413	32,662
Inventories	403	1,255
Due from related parties (Allowance for current expected credit losses of US$691 and US$334 as of December 31, 2024 and 2025, respectively)	12,832	31,519
Prepayments and other current assets (Allowance for current expected credit losses and impairment of US$6,223 and US$5,516 as of December 31, 2024 and 2025, respectively)	12,850	10,058
Total current assets	399,673	363,032
Non-current assets:
Long-term investments	1,070,596	30,599
Deferred tax assets	10,083	10,528
Property and equipment, net	54,784	55,430
Operating lease assets	1,943	450
Intangible assets, net	32,722	8,310
Goodwill	39,164
Due from a related party (Allowance for current expected credit losses of nil and US$174 as of December 31, 2024 and 2025, respectively)	19,826
Long-term prepayments and other assets	2,326	5,334
Restricted cash	806	218
Total assets	1,631,923	473,901
Current liabilities (including amounts of the consolidated variable interest entity and its subsidiaries ("VIEs") without recourse to the Company of US$185,762 and US$256,407 as of December 31, 2024 and 2025, respectively)
Accounts payable	41,965	22,964
Due to related parties	8	17
Contract liabilities, current portion	43,107	39,936
Income tax payable	4,340	9,386
Accrued liabilities and other payables	81,334	52,093
Short-term borrowings and current portion of long-term borrowings	37,209	2,087
Lease liabilities	487	253
Total current liabilities.	208,450	126,736
Non-current liabilities (including amounts of the consolidated VIEs without recourse to the Company of US$97,997 and US$119,707 as of December 31, 2024 and 2025, respectively)
Contract liabilities	1,624	458
Deferred tax liabilities	6,138	1,154
Long-term borrowings	38,413	27,127
Other long-term payables	3,530	480
Lease liabilities	1,251	161
Total liabilities	259,406	156,116
Commitments and contingencies
Equity
Common shares (375,001,940 shares issued and 307,351,196 shares outstanding as of December 31, 2024; 375,001,940 shares issued and 314,277,001 shares outstanding as of December 31, 2025)	78	77
Treasury shares (67,650,744 shares and 60,724,939 shares as of December 31, 2024 and 2025, respectively)	15	16
Additional paid-in-capital	480,133	477,244
Statutory reserves	9,687	8,718
Accumulated other comprehensive loss	(17,413)	(21,694)
(Accumulated deficits)/retained earnings	900,991	(146,305)
Total Xunlei Limited's shareholders' equity	1,373,491	318,056
Non-controlling interests	(974)	(271)
Total liabilities and shareholders' equity	$ 1,631,923	$ 473,901

Cash and cash equivalents (Tables)

12 Months Ended

Dec. 31, 2025

Cash and cash equivalents

Schedule of cash on hand and cash held at bank


		December 31, 2024				December 31, 2025
				US$				US$
(In thousands)		Amount		equivalent		Amount		equivalent
RMB		585,376		81,434		613,776		87,323
US$		89,514		89,514		65,847		65,847
SGD		7,327		5,437		4,769		3,704
Hong Kong Dollar		7,296		940		992		128
Others		Not applicable		4		Not applicable		18
Total		—		177,329		—		157,020

Inventories

12 Months Ended

Dec. 31, 2025

Inventories

Inventories

7. Inventories


(In thousands)		December 31, 2024		December 31, 2025
Hardware devices		1,077		995
Others		401		364
Less: Impairment		(223)		(956)
Total		1,255		403

Note:

The inventories written down were US$25,000 and US$470,000 for the years ended December 31, 2024 and 2025, respectively.

Prepayments and other assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
Advances to suppliers	$ 3,094	$ 2,726
Receivable related to an asset disposal in 2019	3,257	3,199
Loans to employees	2,800	2,941
Rental and other deposits	784	2,589
Rent receivables	3,297	1,841
Others	5,134	2,985
Less: Allowance for current expected credit losses and impairment	(5,516)	(6,223)	$ (6,186)	$ (10,667)
Total	12,850	10,058
Non-current:
Loans to employees, non-current portion	1,832	2,216
Prepayments for acquisition of long-term investments		2,400
Advances to suppliers, non-current portion	494	718
Total	$ 2,326	$ 5,334

Intangible assets, net - Amortization expense recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Intangible assets, net
Amortization expense	$ 3,519	$ 1,808	$ 1,101
Costs of revenues
Intangible assets, net
Amortization expense	1,161	781	53
Selling and distribution expenses
Intangible assets, net
Amortization expense	1,407
Research and development expenses
Intangible assets, net
Amortization expense	8
General and administrative expenses
Intangible assets, net
Amortization expense	$ 943	$ 1,027	$ 1,048

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

Summary of significant accounting policies - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Summary of significant accounting policies
External advertising and market promotion expenses from continuing operations	$ 63,338,000	$ 29,783,000	$ 29,140,000
Value added tax rate from product revenue	13.00%
Value added tax on sub-licensing revenues	6.00%
VAT payable incurred as tax credit			105.00%
Employee benefit costs	$ 19,505,000	$ 16,809,000	$ 16,656,000
Number of reportable segments not reported	false
Statutory general reserve rate	10.00%
Statutory general reserve rate of registered capital	50.00%
Dividends declared	$ 0	$ 0	$ 0
Minimum
Summary of significant accounting policies
Term of time-based subscriptions	1 month
Maximum
Summary of significant accounting policies
Term of time-based subscriptions	12 months
Net revenues \| Geographic Concentration Risk \| China \| Minimum
Summary of significant accounting policies
Percentage of revenue derived from mainland china	79.00%	79.00%	91.00%

Prepayments and other assets- Movement in allowance for current expected credit loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Prepayments and other assets
Balance at beginning of the year	$ 6,223	$ 6,186	$ 10,667
Additions	49	299
Reversals	(112)	(169)	(100)
Write-off	(758)	(34)	(4,234)
Exchange difference	114	(59)	(147)
Balance at end of the year	$ 5,516	$ 6,223	$ 6,186

Basic and diluted net income per share (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net income	$ 1,047,610	$ 663	$ 14,266
Less: net income/(loss) attributable to the non-controlling interests	(655)	(552)	41
Net income attributable to Xunlei Limited's common shareholders for basic net income per share calculation	1,048,265	1,215	14,225
Net income attributable to Xunlei Limited's common shareholders for dilutive net income per share calculation	$ 1,048,265	$ 1,215	$ 14,225
Denominator:
Weighted average number of common shares outstanding, basic (in shares)	311,440,748	318,758,374	326,390,687
Dilutive effect of restricted share units	5,017,965	387,908	458,815
Weighted average number of common shares outstanding, diluted (in shares)	316,458,713	319,146,281	326,849,502
Basic net income per share (in dollars per share)	$ 3.3659	$ 0.0038	$ 0.0436
Diluted net income per share (in dollars per share)	$ 3.3125	$ 0.0038	$ 0.0435

Goodwill (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill.

Schedule of goodwill


		December 31,		December 31,
(In thousands)		2024		2025
Beginning balance		20,826		—
Goodwill arising from the acquisition (Note 3)		—		38,454
Impairment of goodwill (Notes a and b)		(20,748)		—
Foreign currency translation adjustment		(78)		710
Ending balance		—		39,164

Notes:

(a)

(b)	As of December 31, 2025, the goodwill balance was entirely associated with the acquisition of Hupu (Note 3). The Group determined that Hupu constitutes a single reporting unit for purposes of goodwill impairment testing.

The Group performed a quantitative goodwill impairment assessment for the Hupu reporting unit as of December 31, 2025.

(c)	As of December 31, 2025, the accumulated goodwill impairment was US$20,748,000 (2024: US$20,748,000).

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Taxation - Schedule of Movement of Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Taxation
Beginning balance	$ 59,421	$ 51,868	$ 47,223
Additions	9,323	8,487	7,406
Reversals	(1,777)	(297)	(236)
Divestment of VIE's subsidiaries	(16,576)
Exchange difference	949	(637)	(2,525)
Ending balance	$ 51,340	$ 59,421	$ 51,868

Contract liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Contract liabilities

Schedule of contract liabilities


(In thousands)		December 31, 2024		December 31, 2025
Current:
Membership subscription		38,479		40,276
Live streaming		953		1,720
Others		504		1,111
Total		39,936		43,107
Non-current:
Membership subscription		458		1,624
Total		458		1,624

Bank borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Bank borrowings
Short-term bank borrowings (note a)	$ 33,652	$ 1,391
Long-term bank borrowings, current portion (note b)	3,557	696
Current Total	37,209	2,087
Long-term bank borrowings (note b) (note)	$ 38,413	$ 27,127

Consolidated Statements of Comprehensive Income/(Loss) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related party transactions
Total revenues, net of rebates and discounts (including transactions with related parties)	$ 460,428	$ 323,140	$ 363,722
Costs of revenues (including transactions with related parties)	242,886	155,567	200,649
Related parties
Related party transactions
Total revenues, net of rebates and discounts (including transactions with related parties)	16,309	15,963	17,270
Costs of revenues (including transactions with related parties)	$ 0	$ 0	$ 39

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Intangible assets, net (Tables)

12 Months Ended

Dec. 31, 2025

Intangible assets, net

Schedule of intangible assets


	December 31,	December 31,
(In thousands)	2024	2025
Customer relationships	—	17,698
Brand name	—	10,201
Technology	3,869	6,189
Land use rights	4,932	5,044
Audio - visual license	5,456	5,579
Acquired computer software	3,662	3,953
Others	170	2
Total original costs	18,089	48,666
Less: Accumulated amortization	(9,779)	(13,429)
Less: Accumulated impairment	—	(2,515)
Total	8,310	32,722

Summary of amortization expense recognized


	Years ended December 31
(In thousands)	2023	2024	2025
Cost of revenues	53	781	1,161
Selling and distribution expenses	—	—	1,407
General and administrative expenses	1,048	1,027	943
Research and development expenses	—	—	8
Total	1,101	1,808	3,519

Schedule of estimated aggregate amortization expense

The estimated aggregate amortization expense for each of the next five years as of December 31, 2025 is:


(In thousands)		Intangible assets
2026		3,879
2027		3,324
2028		3,144
2029		3,105
2030 and thereafter		19,270

Schedule of weighted average amortization periods of intangible assets


		December 31,		December 31,
(In year)		2024		2025
Customer relationships		—		10
Brand name		—		15
Technology		5		5
Land use rights		29		29
Audio-visual license		9		9
Acquired computer software		5		5
Others		3		3
Total weighted average amortization periods		10		11

Related party transactions - Schedule of Significant Related Party Transactions (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Relationship between related parties with their groups
Revenues	$ 460,428,000	$ 323,140,000	$ 363,722,000
Rental income	4,133,000	2,511,000	0
Interest income	3,262,000
Costs of revenues (including transactions with related parties)	242,886,000	155,567,000	200,649,000
Selling and Marketing Expense	86,260,000	44,842,000	43,509,000
Related parties
Relationship between related parties with their groups
Revenues	16,309,000	15,963,000	17,270,000
Costs of revenues (including transactions with related parties)	0	0	39,000
Related parties \| Xiaomi Inc \| Cloud computing services
Relationship between related parties with their groups
Revenues	5,383,000	5,924,000	7,604,000
Related parties \| Beijing Itui \| Cloud computing services
Relationship between related parties with their groups
Revenues	93,000	193,000	358,000
Related parties \| Itui Online \| Advertising
Relationship between related parties with their groups
Revenues	10,010,000	9,037,000	8,941,000
Related parties \| Shenzhen Xiaomi
Relationship between related parties with their groups
Selling and Marketing Expense	2,063,000
Related parties \| Shenzhen Xiaomi \| Advertising
Relationship between related parties with their groups
Revenues	137,000		13,000
Related parties \| Shenzhen Xiaomi \| Technical service
Relationship between related parties with their groups
Revenues	635,000	709,000	354,000
Related parties \| Shenzhen Tengtao
Relationship between related parties with their groups
Rental income	36,000	48,000
Related parties \| Shenzhen Changsheng
Relationship between related parties with their groups
Rental income	12,000	52,000
Related parties \| Chizz
Relationship between related parties with their groups
Interest income	1,020,000	$ 1,029,000	724,000
Related parties \| Beijing Xiaomi Electronics Co., Ltd. ("Beijing Xaiomi") \| Membership
Relationship between related parties with their groups
Revenues	3,000
Related parties \| Beijing Xiaobu \| Distribution costs
Relationship between related parties with their groups
Costs of revenues (including transactions with related parties)			$ 39,000
Related parties \| Shenzhen Xiaomi Jingming Technology Co., Ltd. ("Xiaomi Jingming") \| Purchase of motor vehicles
Relationship between related parties with their groups
Costs of revenues (including transactions with related parties)	$ 44,000

Property and equipment, net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property and equipment, net
Total original costs	$ 79,338	$ 76,128
Less: Accumulated depreciation	(23,320)	(19,491)
Less: Accumulated impairment	(1,234)	(1,207)
Total	54,784	55,430
Office building
Property and equipment, net
Total original costs	47,419	47,154
Servers and network equipment
Property and equipment, net
Total original costs	16,913	15,326
Furniture, fixtures and office equipment
Property and equipment, net
Total original costs	2,074	2,001
Computer equipment
Property and equipment, net
Total original costs	2,951	1,966
Motor vehicles
Property and equipment, net
Total original costs	468	450
Building decoration and leasehold improvements
Property and equipment, net
Total original costs	$ 9,513	$ 9,231

Summary of significant accounting policies - Schedule of Property and Equipment Estimated Useful Life (Details)	Dec. 31, 2025
Office building
Property and equipment, net
Estimated useful lives	20 years
Residual rate	5.00%
Building decoration
Property and equipment, net
Estimated useful lives	10 years
Residual rate	5.00%
Servers and network equipment
Property and equipment, net
Residual rate	5.00%
Servers and network equipment \| Minimum
Property and equipment, net
Estimated useful lives	2 years
Servers and network equipment \| Maximum
Property and equipment, net
Estimated useful lives	5 years
Computer equipment
Property and equipment, net
Estimated useful lives	5 years
Residual rate	5.00%
Furniture, fixtures and office equipment
Property and equipment, net
Residual rate	5.00%
Furniture, fixtures and office equipment \| Minimum
Property and equipment, net
Estimated useful lives	3 years
Furniture, fixtures and office equipment \| Maximum
Property and equipment, net
Estimated useful lives	5 years
Motor vehicles
Property and equipment, net
Estimated useful lives	5 years
Residual rate	5.00%
Leasehold improvements \| Maximum
Property and equipment, net
Estimated useful lives	3 years

Intangible assets, net - Estimated aggregate amortization expense (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Intangible assets, net
2026	$ 3,879
2027	3,324
2028	3,144
2029	3,105
2030 and thereafter	$ 19,270

Share-based compensation - Schedule of Recognized Compensation Costs (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based compensation
Total compensation costs	$ 3,840,000	$ 2,453,000	$ 9,676,000
Terminated plans
Share-based compensation
Total compensation costs	0	0	352,000
Sales and marketing expenses
Share-based compensation
Total compensation costs		19,000	48,000
General and administrative expenses
Share-based compensation
Total compensation costs	2,727,000	1,768,000	8,113,000
Research and development expenses
Share-based compensation
Total compensation costs	$ 1,113,000	$ 666,000	$ 1,515,000

Additional information: condensed financial statements of the Company - Schedule of Condensed Statements of Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating expenses
General and administrative expenses	$ (44,874)	$ (45,827)	$ (46,875)
Total operating expenses	(210,912)	(183,277)	(164,685)
Segment income from operations	6,630	(15,704)	(1,612)
Interest income	3,262	4,892	4,619
Interest expense	(1,698)	(728)	(1,514)
Other income/(loss), net	1,038,131	9,183	16,904
Income/(loss) before income taxes	1,046,325	(2,357)	18,397
Income tax (expenses)/benefits	1,285	3,020	(4,131)
Net income	1,047,610	663	14,266
Net income attributable to Xunlei Limited's common shareholders	1,048,265	1,215	14,225
Xunlei Limited
Operating expenses
General and administrative expenses	(1,424)	(1,712)	(7,931)
Total operating expenses	(1,424)	(1,712)	(7,931)
Segment income from operations	(1,424)	(1,712)	(7,931)
Interest income	1,397	1,673	1,512
Interest expense	(93)	(93)	(93)
Other income/(loss), net	(1,689)	2,083	3,928
Income/ (loss) from subsidiaries and consolidated VIEs	1,050,119	(627)	16,948
Income/(loss) before income taxes	1,048,310	1,324	14,364
Income tax (expenses)/benefits	(45)	(109)	(139)
Net income	1,048,265	1,215	14,225
Net income attributable to Xunlei Limited's common shareholders	$ 1,048,265	$ 1,215	$ 14,225

Accrued liabilities and other payables

12 Months Ended

Dec. 31, 2025

Accrued liabilities and other payables

Accrued liabilities and other payables

15. Accrued liabilities and other payables


(In thousands)		December 31, 2024		December 31, 2025
Current:
Payroll and welfare		24,821		26,951
Tax levies		9,622		17,829
Deferred consideration payable for acquisition of Hupu		—		9,850
Payables for advertisement		5,488		9,825
Payables related to share repurchase		2,867		2,961
Payables for office building		2,046		244
Professional service fees		1,235		1,492
Legal and litigation related expenses (Note 26)		671		2,723
Payables to joint membership partners		1,491		3,561
Payables for acquisition of long-term investments		696		2,350
Others		3,156		3,548
Total		52,093		81,334
Non-current:
Deferred consideration payable for acquisition of Hupu		—		2,748
Rental deposits		480		782
Total		480		3,530

Concentration and risks

12 Months Ended

Dec. 31, 2025

Concentration and risks

Concentration and risks

27. Concentration and risks

Concentration of customer risk

The top 10 customers accounted for approximately 31%, 32% and 30% of the net revenues for the years ended December 31, 2023, 2024 and 2025, respectively.

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 for approximately 15%, 14% and 15% of the Group’s total revenues, respectively. Other than this, no revenue derived from transactions with any other single customer represented 10% or more of the Group’s total revenues.

Foreign exchange risk

The Group’s financing activities are denominated mainly in US$ and RMB. The RMB is not freely convertible into foreign currencies. Remittances of foreign currencies into the PRC and exchange of foreign currencies into the RMB require approval by foreign exchange administrative authorities and certain supporting documentation. The State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into other currencies. The revenues and expenses of the Company’s subsidiaries incorporated in the PRC, the VIEs and VIEs’ subsidiaries are generally denominated in RMB and their assets and liabilities are denominated in RMB.

Credit risk

As of December 31, 2024 and 2025, substantially all of the Group’s cash and cash equivalents, restricted cash and short-term investments were held at reputable financial institutions in the jurisdictions where the Company, the Company’s subsidiaries, the VIEs and VIEs’ subsidiaries are located. The Group believes that it is not exposed to unusual risks as these financial institutions have high credit quality. The Group has not experienced any losses on its deposits of cash and cash equivalents, restricted cash and short-term investments.

Prior to entering into sales agreements, the Group performs ongoing credit assessments of its customers, taking into account their financial position, credit history and other factors such as current market conditions. Further, the Group has not experienced any significant bad debts with respect to its accounts receivable for the years ended December 31, 2023, 2024 and 2025.

The Group is exposed to credit risk in relation to other assets comprised of due from related parties and other receivables, which are typically unsecured. In evaluating the collectability of the balances, the Group considered various factors, including the related parties and third parties’ repayment history and their credit-worthiness. An allowance for credit losses is made when collection of the full amount is no longer probable.

27. Concentration and risks (Continued)

Restricted net assets

Relevant PRC laws and regulations permit payments of dividends by the Company’s subsidiaries, the VIEs and VIEs’ subsidiaries in China only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. In addition, the Company’s subsidiaries, the VIEs and VIEs’ subsidiaries in China are required to make certain appropriation of net after-tax profits or increase in net assets to the statutory surplus fund (see note 2(aa)) prior to payment of any dividends. As a result of these and other restrictions under PRC laws and regulations, the Company’s subsidiaries, the VIEs and VIEs’ subsidiaries in China are restricted in their ability to transfer their net assets to the Company in terms of cash dividends, loans or advances, which restricted portion amounted to US$174,952,000 as of December 31, 2025, or 13% of the Company’s total consolidated net assets. Even though the Company currently does not require any such dividends, loans or advances from the PRC subsidiaries, the VIEs and VIEs’ subsidiaries for working capital and other funding purposes, the Company may in the future require additional cash resources from the Company’s subsidiaries, the VIEs and VIEs’ subsidiaries in China due to changes in business conditions, to fund future acquisitions and development, or merely to declare and pay dividends to make distributions to shareholders.

Furthermore, cash transfers from the Company’s PRC subsidiaries to their parent companies outside of China are subject to PRC government control of currency conversion. Shortages in the availability of foreign currency at the time of requesting such conversion may temporarily delay the ability of the PRC subsidiaries, the VIE and VIE’s subsidiaries to remit sufficient foreign currency to pay dividends or other payments to the Company, or otherwise satisfy their foreign currency denominated obligations.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-3A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-2A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/275/tableOfContent

+ Details

Prepayments and other assets

12 Months Ended

Dec. 31, 2025

Prepayments and other assets

Prepayments and other assets

8. Prepayments and other assets


(In thousands)		December 31, 2024		December 31, 2025
Current:
Advances to suppliers		2,726		3,094
Receivable related to an asset disposal in 2019		3,199		3,257
Loans to employees (Note)		2,941		2,800
Rental and other deposits		2,589		784
Rent receivables		1,841		3,297
Others		2,985		5,134
Less: Allowance for current expected credit losses and impairment		(6,223)		(5,516)
Total		10,058		12,850
Non-current:
Loans to employees, non-current portion (Note)		2,216		1,832
Prepayments for acquisition of long-term investments		2,400		—
Advances to suppliers, non-current portion		718		494
Total		5,334		2,326

The following table presents movement in the allowance for current expected credit loss and impairment:


(In thousands)		2023		2024		2025
Balance at beginning of the year		10,667		6,186		6,223
Additions		—		299		49
Reversals		(100)		(169)		(112)
Write-off		(4,234)		(34)		(758)
Exchange difference		(147)		(59)		114
Balance at end of the year		6,186		6,223		5,516

Note:

The Group entered into loan contracts with certain employees, under which the Group provided interest-free loans or low-interest loans to these employees. The loan amounts vary amongst different employees from repayable on demand to repayable in equal installments on a monthly basis over a term of 5 to 10 years. The balances classified as current represented loan amounts that are repayable on demand or repayable within the next twelve months from the balance sheet date.

Cash and cash equivalents - Summary of Cash on Hand and Cash Held at Bank (Details) ¥ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 HKD ($)	Dec. 31, 2025 SGD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2024 HKD ($)	Dec. 31, 2024 SGD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Cash and cash equivalents
Cash on hand and cash held at bank	$ 157,020				$ 177,329				$ 170,802	$ 177,154
RMB
Cash and cash equivalents
Cash on hand and cash held at bank	87,323	¥ 613,776			81,434	¥ 585,376
US$
Cash and cash equivalents
Cash on hand and cash held at bank	65,847				89,514
SGD
Cash and cash equivalents
Cash on hand and cash held at bank	3,704			$ 4,769	5,437			$ 7,327
Hong Kong Dollar
Cash and cash equivalents
Cash on hand and cash held at bank	128		$ 992		940		$ 7,296
Others
Cash and cash equivalents
Cash on hand and cash held at bank	$ 18				$ 4

Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Goodwill
Beginning balance		$ 20,826
Goodwill arising from the acquisition	$ 38,454
Impairment of goodwill		(20,748)
Foreign currency translation adjustment	710	$ (78)
Ending balance	$ 39,164

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-41

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 740
-Name Accounting Standards Codification
-Section 55
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478064/805-740-55-13

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
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-Name Accounting Standards Codification
-Section 55
-Paragraph 39
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-39

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 8: http://www.xbrl.org/2003/role/exampleRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

+ Details

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

Intangible assets, net - Weighted average amortization periods of intangible assets (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Intangible assets, net
Total weighted average amortization periods	11 years	10 years
Customer relationships
Intangible assets, net
Total weighted average amortization periods	10 years
Brand name
Intangible assets, net
Total weighted average amortization periods	15 years
Technology
Intangible assets, net
Total weighted average amortization periods	5 years	5 years
Land use rights
Intangible assets, net
Total weighted average amortization periods	29 years	29 years
Audio-visual license
Intangible assets, net
Total weighted average amortization periods	9 years	9 years
Acquired computer software
Intangible assets, net
Total weighted average amortization periods	5 years	5 years
Others
Intangible assets, net
Total weighted average amortization periods	3 years	3 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Long-term investments - Additional information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Long-term investments
Carrying amount of equity investments with readily determinable fair values	$ 19,963,000	$ 30,599,000
Impairment of long-term investments	$ 996,000	1,407,000	$ 0
Arashi Vision Inc.
Long-term investments
Carrying amount of equity investments with readily determinable fair values		$ 20,029,000
Equity interest held (in percent)	7.80%
Threshold period for non transfer of shares upon completion of initial public offering	1 year

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Bank borrowings (Tables)

12 Months Ended

Dec. 31, 2025

Bank borrowings

Schedule of bank borrowings


		December 31,		December 31,
(In thousands)		2024		2025
Current:
Short-term bank borrowings (Note a)		1,391		33,652
Long-term bank borrowings, current portion (Note b)		696		3,557
Total		2,087		37,209
Non-current:
Long-term bank borrowings (Note b)		27,127		38,413
Total		27,127		38,413

Notes:

(a)	In April 2025, the Group entered into a short-term unsecured working capital loan facility with a bank in the PRC in the amount of RMB100,000,000. As at December 31, 2025, US$12,311,000 (RMB86,534,600) was drawn from the facility.

In August 2025, the Group entered into a short-term working capital loan facility with a bank in the PRC in the amount of RMB100,000,000, which was guaranteed by a subsidiary of the Company. As of December 31, 2025, US$14,227,000 (RMB100,000,000) was drawn from the facility.

In October 2024, the Group obtained a one-year term credit line up to RMB50,000,000 from a bank in the PRC. As of December 31, 2024 and 2025, US$1,391,000 (RMB10,000,000) and US$7,114,000 (RMB50,000,000) was drawn from the facility, respectively.

As of December 31, 2024 and 2025, the Group’s had short-term borrowings from banks with interest rates of 1.7% and 1.6% to 2.2% per annum, respectively. As of December 31, 2024 and 2025, the weighted average interest rate of these borrowings was 1.7% and 2.0% per annum, respectively.

(b)

In May 2024, the Group obtained a long-term working capital loan facility from a bank in the PRC in the amount of RMB300,000,000 priced at the 1-year China LPR less 40 basis points on the drawdown date, which was pledged by the Group’s land use rights and building of Xunlei Tower. This loan facility was supplemented in May 2025 to the amount of RMB365,000,000.

Schedule of maturity of bank borrowings

The scheduled maturities of bank long-term borrowings, including the portion due within one year which were recorded in “long-term bank borrowings, current portion”, as of December 31, 2025 are as follows:


(In thousands)		Principal amounts
Within 1 year		3,557
Between 1 to 2 years		4,197
Between 2 to 3 years		34,216
Total		41,970

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy We have implemented comprehensive cybersecurity risk assessment procedures to ensure effectiveness in cybersecurity management, strategy and governance and reporting cybersecurity risks. We have also integrated cybersecurity risk management into our overall enterprise risk management system. We have developed a comprehensive cybersecurity threat defense system to address both internal and external threats. We strive to manage cybersecurity risks and protect sensitive information through various means, such as technical safeguards, procedural requirements, an intensive program of monitoring on our corporate network, continuous testing of aspects of our security posture internally and with outside vendors, a robust incident response program and regular cybersecurity awareness training for employees. Our IT department regularly monitors the performance of our platforms, apps and infrastructure to enable us to respond quickly to potential problems, including potential cybersecurity threats. As of the date of this annual report, we have not experienced any material cybersecurity incidents or identified any material cybersecurity threats that have affected or are reasonably likely to materially affect us, our business strategy, results of operations or financial condition.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have implemented comprehensive cybersecurity risk assessment procedures to ensure effectiveness in cybersecurity management, strategy and governance and reporting cybersecurity risks. We have also integrated cybersecurity risk management into our overall enterprise risk management system. We have developed a comprehensive cybersecurity threat defense system to address both internal and external threats. We strive to manage cybersecurity risks and protect sensitive information through various means, such as technical safeguards, procedural requirements, an intensive program of monitoring on our corporate network, continuous testing of aspects of our security posture internally and with outside vendors, a robust incident response program and regular cybersecurity awareness training for employees. Our IT department regularly monitors the performance of our platforms, apps and infrastructure to enable us to respond quickly to potential problems, including potential cybersecurity threats.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our board of directors is responsible for overseeing the cybersecurity risk management and be informed on risks from cybersecurity threats.Our board of directors is responsible for maintaining oversight of the disclosure related to cybersecurity matters in the periodic reports of our company.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	board of directors
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The chief executive officer, the chief financial officer and the principal officer in charge of the cybersecurity matters are also responsible for assessing, identifying and managing material risks from cybersecurity threats to our company and monitoring the prevention, detection, mitigation and remediation of material cybersecurity incident, maintaining oversight of the disclosure in Form 6-K for material cybersecurity incidents (if any) and meeting with our board of directors in connection with (i) each quarterly earnings release, update the status of any material cybersecurity incidents or material risks from cybersecurity threats to our company, if any, and the relevant disclosure issues and (ii) each annual report, present the disclosure concerning cybersecurity matters in Form 20-F, along with a report highlighting particular disclosure issues, if any, and hold a Q&A session.
Cybersecurity Risk Role of Management [Text Block]	The chief executive officer, the chief financial officer and the principal officer in charge of the cybersecurity matters, who have extensive experience in working in the field of cybersecurity, with expertise in cybersecurity risk management and compliance, are responsible for discussing material cybersecurity incidents or threats with specific constituencies before sign - off, ensuring thorough review of information and disclosures. This involves our disclosure committee (comprising of our chief financial officer, the investor relations officer, the principal officer in charge of the cybersecurity matters and appropriate business unit heads of our company), as a whole, and the board of directors of our company; and other members of senior management and external legal counsel, to the extent appropriate. The chief executive officer, the chief financial officer and the principal officer in charge of the cybersecurity matters are also responsible for assessing, identifying and managing material risks from cybersecurity threats to our company and monitoring the prevention, detection, mitigation and remediation of material cybersecurity incident, maintaining oversight of the disclosure in Form 6-K for material cybersecurity incidents (if any) and meeting with our board of directors in connection with (i) each quarterly earnings release, update the status of any material cybersecurity incidents or material risks from cybersecurity threats to our company, if any, and the relevant disclosure issues and (ii) each annual report, present the disclosure concerning cybersecurity matters in Form 20-F, along with a report highlighting particular disclosure issues, if any, and hold a Q&A session.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The chief executive officer, the chief financial officer and the principal officer
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The chief executive officer, the chief financial officer and the principal officer in charge of the cybersecurity matters, who have extensive experience in working in the field of cybersecurity, with expertise in cybersecurity risk management and compliance, are responsible for discussing material cybersecurity incidents or threats with specific constituencies before sign - off, ensuring thorough review of information and disclosures.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Accounts receivable, net

12 Months Ended

Dec. 31, 2025

Accounts receivable, net

Accounts receivable, net

6. Accounts receivable, net


(In thousands)		December 31, 2024		December 31, 2025
Accounts receivable		33,920		69,884
Less: Allowance for current expected credit losses		(1,258)		(1,471)
Accounts receivable, net		32,662		68,413

The following table presents movement in the allowance for current expected credit losses:


(In thousands)		2023		2024		2025
Balance at beginning of the year		1,429		1,022		1,258
Additions		213		261		430
Reversals		(189)		—		(19)
Write-off		(408)		(8)		(228)
Exchange difference		(23)		(17)		30
Balance at end of the year		1,022		1,258		1,471

The accounts receivable due from the top 10 customers accounted for about 68% and 64% of the balance of accounts receivable as of December 31, 2024 and 2025, respectively. The following table summarizes customers with balances of accounts receivable which was greater than 10% of the Group’s total accounts receivable:


		December 31, 2024		December 31, 2025
Customer A		35	%	24	%
Customer B		*		11	%

*Less than 10%.

Subsequent events

12 Months Ended

Dec. 31, 2025

Subsequent events

Subsequent events

28. Subsequent events

Disposal of equity interest in Shenzhen Onething

On March 3, 2026, Shenzhen Xunlei entered into definitive agreements to transfer an aggregate 50% equity interest in Shenzhen Onething for total cash consideration of RMB125.0 million (approximately US$18.1 million), comprising (i) 20% to Wuhan Kingsoft Cloud Information Technology Co., Ltd., a variable interest entity of Kingsoft Cloud Holdings Limited (Nasdaq: KC), for RMB50.0 million (approximately US$7.2 million), and (ii) 30% to Shenzhen Xinghan Zhilian Technology Co., Ltd. (“Xinghan Zhilian”), an entity controlled by members of Shenzhen Onething’s management, for RMB75.0 million (approximately US$10.8 million). The transaction closed on March 16, 2026.

As of December 31, 2025, Shenzhen Onething had total assets of US$74.4 million and net assets of US$34.1 million, and net income of US$1.9 million for the year then ended.

As a result of the transaction, the Company’s equity interest in Shenzhen Onething decreased from 70% to 20%, and the Company lost its controlling financial interest. The Company deconsolidated Shenzhen Onething effective March 16, 2026.

The Company expects to recognize a gain or loss on the deconsolidation in the first quarter of 2026 in accordance with ASC 810-10-40. As of the date of issuance of these financial statements, the Company has not completed the fair value assessment of its retained 20% interest and therefore cannot reasonably estimate the gain or loss.

As disclosed in Note 19, in 2024 and 2025 the Company granted share-based awards covering 30% of Shenzhen Onething’s equity to employees and management under the Shenzhen Onething 2024 Plan, subject to service conditions and performance conditions — either a liquidity event (defined as a change of control or initial public offering) or, for certain awards, solely an initial public offering. No share-based compensation expense was recognized in 2024 or 2025 as the performance conditions were not considered probable. The closing of this disposal transaction constituted a change of control and satisfied the liquidity event condition. The Company expects to recognize a cumulative catch-up adjustment of approximately US$4.7 million in share-based compensation expense in the first quarter of 2026 for those awards whose performance condition was satisfied.

Following the disposal, the Company considers Shenzhen Onething a related party due to its retained 20% equity interest and significant influence. Xinghan Zhilian is also a related party, as it is controlled by Mr. Hao Li (70%), Mr. Yingqiao Liu (13.33%), and Mr. Lei Wu (16.67%), members of Shenzhen Onething’s management.

Additional information: condensed financial statements of the Company - Schedule of Condensed Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 157,020	$ 177,329	$ 170,802	$ 177,154
Short-term investments	148,155	110,209
Due from related parties (Allowance for current expected credit losses of US$691 and US$334 as of December 31, 2024 and 2025, respectively)	12,832	31,519
Prepayments and other current assets	12,850	10,058
Total current assets	399,673	363,032
Non-current assets:
Due from a related party (Allowance for current expected credit losses of nil and US$174 as of December 31, 2024 and 2025, respectively)	19,826
Total assets	1,631,923	473,901
Current liabilities:
Accounts payable	41,965	22,964
Due to related parties	8	17
Income tax payable	4,340	9,386
Accrued liabilities and other payables	81,334	52,093
Total current liabilities.	208,450	126,736
Total liabilities	259,406	156,116
Commitments and contingencies
Shareholders' equity
Common shares	78	77
Treasury shares	15	16
Total Xunlei Limited's shareholders' equity	1,373,491	318,056
Total liabilities and shareholders' equity	1,631,923	473,901
Xunlei Limited
Current assets:
Cash and cash equivalents	33,556	33,275	$ 31,919	$ 32,004
Short-term investments	7,815	14,225
Due from related parties (Allowance for current expected credit losses of US$691 and US$334 as of December 31, 2024 and 2025, respectively)	14,581	12,646
Prepayments and other current assets	1,629	1,008
Total current assets	57,581	61,154
Non-current assets:
Due from a related party (Allowance for current expected credit losses of nil and US$174 as of December 31, 2024 and 2025, respectively)	199,576	200,855
Investments in subsidiaries and consolidated VIEs	1,124,959	67,997
Total assets	1,382,116	330,006
Current liabilities:
Due to group companies	4,840	7,651
Income tax payable	2	35
Accrued liabilities and other payables	3,783	4,264
Total current liabilities.	8,625	11,950
Total liabilities	8,625	11,950
Commitments and contingencies
Shareholders' equity
Common shares	78	77
Treasury shares	15	16
Other shareholders' equity	1,373,398	317,963
Total Xunlei Limited's shareholders' equity	1,373,491	318,056
Total liabilities and shareholders' equity	$ 1,382,116	$ 330,006

Prepayments and other assets (Tables)

12 Months Ended

Dec. 31, 2025

Prepayments and other assets

Schedule of prepayments and other assets


(In thousands)		December 31, 2024		December 31, 2025
Current:
Advances to suppliers		2,726		3,094
Receivable related to an asset disposal in 2019		3,199		3,257
Loans to employees (Note)		2,941		2,800
Rental and other deposits		2,589		784
Rent receivables		1,841		3,297
Others		2,985		5,134
Less: Allowance for current expected credit losses and impairment		(6,223)		(5,516)
Total		10,058		12,850
Non-current:
Loans to employees, non-current portion (Note)		2,216		1,832
Prepayments for acquisition of long-term investments		2,400		—
Advances to suppliers, non-current portion		718		494
Total		5,334		2,326

Note:

Schedule of movement in allowance for current expected credit loss


(In thousands)		2023		2024		2025
Balance at beginning of the year		10,667		6,186		6,223
Additions		—		299		49
Reversals		(100)		(169)		(112)
Write-off		(4,234)		(34)		(758)
Exchange difference		(147)		(59)		114
Balance at end of the year		6,186		6,223		5,516

Repurchase of shares (Details) - USD ($)	12 Months Ended
Repurchase of shares (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Share Buyback Program 2023
Equity, Class of Treasury Stock [Line Items]
Share repurchase authorized amount					$ 20,000,000
Total number of ADS Purchased		1,340,774	2,037,721
ADS repurchased		$ 2,137,000	$ 3,585,000
Share Buyback Program 2024
Equity, Class of Treasury Stock [Line Items]
Share repurchase authorized amount				$ 20,000,000
Total number of ADS Purchased	434,939	2,831,005
ADS repurchased	$ 951,000	$ 5,556,000

Contract liabilities

12 Months Ended

Dec. 31, 2025

Contract liabilities

Contract liabilities

14. Contract liabilities


(In thousands)		December 31, 2024		December 31, 2025
Current:
Membership subscription		38,479		40,276
Live streaming		953		1,720
Others		504		1,111
Total		39,936		43,107
Non-current:
Membership subscription		458		1,624
Total		458		1,624

Note:

Contract liabilities were related to unsatisfied performance obligations at the end of the year. Due to the generally short-term duration of the contracts, the majority of the performance obligations are satisfied in the following period. The amount of revenue recognized that was included in contract liabilities balance at the beginning of the year was US$38,016,000, US$36,091,000 and US$39,580,000 for the years ended December 31, 2023 and 2024 and 2025, respectively.

Bank borrowings

12 Months Ended

Dec. 31, 2025

Bank borrowings

Bank borrowings

16. Bank borrowings


		December 31,		December 31,
(In thousands)		2024		2025
Current:
Short-term bank borrowings (Note a)		1,391		33,652
Long-term bank borrowings, current portion (Note b)		696		3,557
Total		2,087		37,209
Non-current:
Long-term bank borrowings (Note b)		27,127		38,413
Total		27,127		38,413

Notes:

(a)	In April 2025, the Group entered into a short-term unsecured working capital loan facility with a bank in the PRC in the amount of RMB100,000,000. As at December 31, 2025, US$12,311,000 (RMB86,534,600) was drawn from the facility.

16. Bank borrowings (Continued)

(b)

RMB100,000,000 were drawn down in May 2024, December 2024 and May 2025, respectively, under the loan facility with three-year term, 5% of the principal shall be repaid semi-annually commencing from the 12^th month following the loan disbursement, with the remaining outstanding principal repaid in full upon expiration of the 3-year term. The undrawn amount was RMB100,000,000 and RMB65,000,000 as of December 31, 2024 and 2025, respectively.

The outstanding long-term bank borrowings were US$27,823,000 (RMB200,000,000) and US$41,970,000 (RMB295,000,000) as of December 31, 2024 and 2025, respectively.


(In thousands)		Principal amounts
Within 1 year		3,557
Between 1 to 2 years		4,197
Between 2 to 3 years		34,216
Total		41,970

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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+ Details

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2025 shares
Document and Entity Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-35224
Entity Registrant Name	Xunlei Ltd
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	3709 Baishi Road
Entity Address, Address Line Two	Nanshan District
Entity Address, City or Town	Shenzhen
Entity Address, Postal Zip Code	518000
Entity Address, Country	CN
Entity Common Stock, Shares Outstanding	314,277,001
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Auditor Firm ID	1424
Auditor Name	PricewaterhouseCoopers Zhong Tian LLP
Auditor Location	Shenzhen, the People’s Republic of China
Entity Central Index Key	0001510593
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Business Contact
Document and Entity Information
Entity Address, Address Line One	3709 Baishi Road
Entity Address, Address Line Two	Nanshan District
Entity Address, City or Town	Shenzhen
Entity Address, Postal Zip Code	518000
Entity Address, Country	CN
Contact Personnel Name	Naijiang (Eric) Zhou
Contact Personnel Email Address	zhounaijiang@xunlei.com
Country Region	+86
City Area Code	0755
Local Phone Number	61111571
ADR
Document and Entity Information
Title of 12(b) Security	American depositary shares
Security Exchange Name	NASDAQ
Trading Symbol	XNET
Common shares
Document and Entity Information
Title of 12(b) Security	Common shares, par valueUS$0.00025 per share
Security Exchange Name	NASDAQ
Trading Symbol	XNET

Concentration and risks - Additional Information (Details)	12 Months Ended
	Dec. 31, 2025 USD ($) customer	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Certain risks and concentration
Number of top customers accounted for net revenues \| customer	10
Revenues	$ 460,428,000	$ 323,140,000	$ 363,722,000
Restricted net assets	$ 174,952,000
Percentage of restricted net assets	13.00%
Net revenues \| Concentration of customer risk \| Top 10 customers
Certain risks and concentration
Percentage of net revenues accounted from customers	30.00%	32.00%	31.00%
Net revenues \| Concentration of customer risk \| Customer A
Certain risks and concentration
Percentage of net revenues accounted from customers	15.00%	14.00%	15.00%
Revenues	$ 67,129,000	$ 46,646,000	$ 53,920,000

Inventories - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Inventories
Write-downs of inventories	$ 470,000	$ 25,000

Taxation (Tables)

12 Months Ended

Dec. 31, 2025

Taxation

Schedule of current and deferred portions of income tax (benefits)/expenses


	Years ended December 31,
(In thousands)	2023	2024	2025
Current income tax expenses	4,559	7,048	1,591
Deferred income tax benefits	(428)	(10,068)	(2,876)
Income tax expenses/(benefits)	4,131	(3,020)	(1,285)

Schedule of reconciliation of total tax expenses/(benefits)


	Years ended December 31,
(In thousands)	2025
Income tax expenses at PRC statutory rate	261,581	25.0	%
Foreign tax effects
Hong Kong
Statutory tax rate difference between Hong Kong and the PRC	(87,680)	(8.4)	%
Unrealized gains from long-term investment	(170,050)	(16.3)	%
Other	(63)	—
Other tax jurisdictions	664	0.1	%
Tax credits
Effect of PRC preferential tax rates	(2,301)	(0.2)	%
Effect of Super Deduction	(3,227)	(0.3)	%
Nontaxable or nondeductible items	(304)	—
Change in valuation allowances	7,909	0.7	%
Other adjustments	(7,814)	(0.7)	%
Income tax benefits	(1,285)	(0.1)	%


	Years ended December 31,
(In thousands)	2023	2024
Income tax expenses/(benefits) at statutory rate of 25% (based on statutory tax rate applicable to enterprises in the PRC)	3,965	(589)
Effects of different tax rates in different jurisdictions	1,615	(209)
Non-deductible expenses	306	3,239
Effect of Super Deduction	(3,609)	(3,600)
Effect of tax holidays and tax concessions on taxable income of subsidiaries incorporated in the PRC	(5,121)	(484)
Tax benefit from investment loss in a liquidating subsidiary of the VIE	—	(9,706)
Change in valuation allowance of deferred tax assets	7,170	8,190
Others	(195)	139
Income tax expenses/(benefits)	4,131	(3,020)

Schedule of changes in deferred tax asset and liabilities balances


(In thousands)		December 31, 2024		December 31, 2025
Deferred tax assets:
Net operating losses carried forward		57,516		57,572
Investment loss in a liquidating subsidiary of the VIE		9,598		—
Allowance for current expected credit losses		1,201		978
Impairment of long-term equity investments		485		443
Accruals and others		1,609		2,952
Valuation allowance		(59,421)		(51,340)
Total deferred tax assets, net of valuation allowance		10,988		10,605
Set-off provisions		(460)		(522)
Deferred tax assets, net		10,528		10,083

Deferred tax liabilities:
Acquired intangible assets		(905)		(5,851)
Others		(709)		(809)
Total deferred tax liabilities		(1,614)		(6,660)
Set-off provisions		460		522
Deferred tax liabilities, net		(1,154)		(6,138)

Schedule of movement of valuation allowance


	Years ended December 31,
(In thousands)	2023	2024	2025
Beginning balance	47,223	51,868	59,421
Additions	7,406	8,487	9,323
Reversals	(236)	(297)	(1,777)
Divestment of VIE’s subsidiaries	—	—	(16,576)
Exchange difference	(2,525)	(637)	949
Ending balance	51,868	59,421	51,340

Basic and diluted net income per share

12 Months Ended

Dec. 31, 2025

Basic and diluted net income per share

Basic and diluted net income per share

23. Basic and diluted net income per share

Basic and diluted net income per share for the years ended December 31, 2023, 2024 and 2025 are calculated as follows:


(Amounts expressed in thousands of US$, except	Years ended December 31,
for number of shares and per share data)	2023	2024	2025
Numerator:
Net income	14,266	663	1,047,610
Less: Net (loss)/income attributable to the non-controlling interest	41	(552)	(655)
Net income attributable to Xunlei Limited’s common shareholders for basic/dilutive net income per share calculation	14,225	1,215	1,048,265
Denominator:
Weighted average number of common shares outstanding, basic	326,390,687	318,758,374	311,440,748
Dilutive effect of restricted share units	458,815	387,908	5,017,965
Weighted average number of common shares outstanding, diluted	326,849,502	319,146,281	316,458,713
Basic net income per share	0.0436	0.0038	3.3659
Diluted net income per share	0.0435	0.0038	3.3125

Long-term investments

12 Months Ended

Dec. 31, 2025

Long-term investments

Long-term investments

9. Long-term investments


(In thousands)		December 31, 2024		December 31, 2025
Equity investments with readily determinable fair values (Note a)		—		1,050,633
Equity investments without readily determinable fair values (Note b)		30,599		19,963
Total		30,599		1,070,596

Notes:

(a)	The balance represents the Group’s equity investment in Arashi Vision Inc. (“Arashi Vision”), a company incorporated in the PRC.

Prior to the initial public offering (“IPO”) of Arashi Vision, the investment did not have a readily determinable fair value and was accounted for under the measurement alternative in accordance with ASC 321, Investments — Equity Securities. As of December 31, 2024, the carrying amount of this investment was approximately US$20,029,000.

On June 11, 2025, Arashi Vision completed its IPO on the Shanghai Stock Exchange STAR Market (the “Listing”). Following the Listing, the investment is measured at fair value on a recurring basis, with changes in fair value recognized in “other income, net” in the consolidated statements of comprehensive income/(loss). The fair value of the investment is determined based on the closing quoted market price of Arashi Vision’s shares on the Shanghai Stock Exchange.

As of December 31, 2025, the Group held approximately 7.8% equity interest in Arashi Vision. As a pre-IPO shareholder of Arashi Vision, the Group is subject to a statutory lock-up obligation under the applicable PRC laws and regulations, pursuant to which it may not transfer its shares in Arashi Vision within one year from the date of the Listing. This lock-up obligation is attributable to the Group’s status as a pre-IPO shareholder and is not a restriction on the transferability inherent in the shares. Accordingly, this entity-specific lock-up obligation was not considered in the determination of the fair value of the investment as of December 31, 2025.

(b)

During the years ended December 31, 2023, 2024 and 2025, the Group recognized impairment losses of nil, US$1,407,000 and US$996,000, respectively, due to the deterioration of the investees’ operation performance, financial and liquidity position with no obvious upturn or potential financing solutions in the foreseeable future.

Common shares

12 Months Ended

Dec. 31, 2025

Common shares.

Common shares

17. Common shares

The Company’s Memorandum and Articles of Association authorizes the Company to issue 1,000,000,000 shares of US$0.00025 par value per common share as of December 31, 2025. Each common share is entitled to one vote. The holders of common shares are also entitled to receive dividends whenever funds are legally available and when declared by the Board of Directors, which is subject to the approval by the holders of the common shares representing a majority of the aggregate voting power of all outstanding shares. As of December 31, 2024 and 2025, there were 307,351,196 and 314,277,001 common shares outstanding, respectively.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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-Name Accounting Standards Codification
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-Subparagraph (a)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (a)
-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
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-Topic 505
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Short-term investments (Tables)

12 Months Ended

Dec. 31, 2025

Short-term investments

Schedule of short-term investments


(In thousands)		December 31, 2024		December 31, 2025
Time deposits		38,159		82,638
Investments in financial instruments		72,050		65,517
Total		110,209		148,155

Other income, net - Schedule of Other income, net (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Other income, net
Fair value changes on long-term investments	$ 1,032,989,000
Investment income from short-term investments	4,133,000	$ 4,413,000	$ 4,354,000
Gains from reversal of long outstanding payables		3,549,000	6,831,000
Government subsidy income	1,160,000	1,057,000	2,360,000
Gains from the disposal of long-term investments and subsidiaries	1,128,000	862,000
Exchange gains/(losses), net	(1,206,000)	216,000	1,693,000
VAT deduction			840,000
Impairment of long-term investments	(996,000)	(1,407,000)
Others	923,000	493,000	826,000
Total	1,038,131,000	9,183,000	16,904,000
Interest income from time deposits	1,564,000	2,247,000	1,389,000
Investment income from investments in financial instruments	$ 2,569,000	$ 2,166,000	$ 2,965,000

Cash and cash equivalents - Additional Information (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Cash and cash equivalents
Time deposits included in cash and cash equivalents	$ 42,600,000	$ 70,860,000

Fair value measurements - Schedule of financial instruments measured at fair value (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair value measurements
Equity investments with readily determinable fair values	$ 1,050,633
Recurring
Fair value measurements
Investments in structured deposits and wealth management products	65,517	$ 72,050
Equity investments with readily determinable fair values	1,050,633
Level 1 \| Recurring
Fair value measurements
Equity investments with readily determinable fair values	1,050,633
Level 2 \| Recurring
Fair value measurements
Investments in structured deposits and wealth management products	$ 65,517	$ 72,050

Taxation - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
Income tax expenses at PRC statutory rate	$ 261,581	$ (589)	$ 3,965
Statutory tax rate difference between Hong Kong and the PRC		(209)	1,615
Others		139	(195)
Tax credit, Effect of PRC preferential tax rates	(2,301)
Non-deductible expenses		3,239	306
Tax credit, Effect of Super Deduction	(3,227)	(3,600)	(3,609)
Nontaxable or nondeductible items	(304)
Effect of tax holidays and tax concessions on taxable income of subsidiaries incorporated in the PRC		(484)	(5,121)
Tax benefit from investment loss in a liquidating subsidiary of the VIE		(9,706)
Change in valuation allowance of deferred tax assets	7,909	8,190	7,170
Income tax benefits	$ (1,285)	$ (3,020)	$ 4,131
Tax Jurisdiction of Domicile [Extensible Enumeration]	PRC
Percent
Income tax rate	25.00%	25.00%
Tax credit, Effect of PRC preferential tax rates	(0.20%)
Tax credit, Effect of Super Deduction	(0.30%)
Change in valuation allowances	0.70%
Income tax benefits	(0.10%)
PRC
Amount
Others	$ (7,814)
Percent
Income tax rate	25.00%
Other	(0.70%)
Hong Kong
Amount
Statutory tax rate difference between Hong Kong and the PRC	$ (87,680)
Unrealized gains from long-term investment	(170,050)
Others	$ (63)
Percent
Income tax rate	16.50%	16.50%	16.50%
Statutory tax rate difference between Hong Kong and the PRC	(8.40%)
Unrealized gains from long-term investment	(16.30%)
Other tax jurisdictions
Amount
Others	$ 664
Percent
Other	0.10%

Share-based compensation - 2020 Plan (Details) - USD ($)	1 Months Ended		12 Months Ended
	Dec. 31, 2024	Jun. 30, 2020	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Apr. 30, 2024	Mar. 31, 2023
Share-based compensation
Number of shares repurchased under repurchase programs		9,667,230
Share-based compensation expenses			$ 3,840,000	$ 2,453,000	$ 9,676,000
Interest on equity	$ (271,000)		$ (974,000)	$ (271,000)
Terminated plans
Share-based compensation
Common shares reserved for future issuance		21,039,742
Number of restricted share vested			0	0	320,000
Number of restricted share forfeited			0	0	0
Number of restricted share unvested			0
Share-based compensation expenses			$ 0	$ 0	$ 352,000
2020 Incentive Plan
Share-based compensation
Number of shares available for grant	16,581,260	31,000,000	9,435,550	16,581,260		61,525,345	46,561,200
Common shares reserved for future issuance		293,028
Future forfeitures rate			25.00%
2020 Incentive Plan \| Tranche One \| Restricted shares units
Share-based compensation
Vesting period			2 years
Percent of Vesting			0.50%
2020 Incentive Plan \| Tranche Two \| Restricted shares units
Share-based compensation
Vesting period			3 years
Percent of Vesting			0.33%
2020 Incentive Plan \| Tranche Three \| Restricted shares units
Share-based compensation
Percent of Vesting			0.67%
2020 Incentive Plan \| Tranche Four \| Restricted shares units
Share-based compensation
Percent of Vesting			0.33%
2020 Incentive Plan \| Tranche Five \| Restricted shares units
Share-based compensation
Vesting period			5 years
Percent of Vesting			0.20%
2020 Incentive Plan \| Tranche Six \| Restricted shares units
Share-based compensation
Percent of Vesting			0.1667%
2020 Incentive Plan \| Tranche Seven \| Restricted shares units
Share-based compensation
Vesting period			3 years
Shenzhen Onething 2024 share incentive plan
Share-based compensation
Percentage of equity interest allocated	30.00%		30.00%	30.00%
Share-based compensation expenses			$ 0
Interest on equity	$ 0		0	$ 0
Total unrecognised share-based compensation	$ 11,132,100		$ 18,960,000	$ 11,132,100

Contract liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Contract liabilities
Total Current	$ 43,107	$ 39,936
Total Non-current	1,624	458
Membership subscription
Contract liabilities
Total Current	40,276	38,479
Total Non-current	1,624	458
Live streaming
Contract liabilities
Total Current	1,720	953
Others
Contract liabilities
Total Current	$ 1,111	$ 504

Intangible assets, net

12 Months Ended

Dec. 31, 2025

Intangible assets, net

Intangible assets, net

12. Intangible assets, net


	December 31,	December 31,
(In thousands)	2024	2025
Customer relationships	—	17,698
Brand name	—	10,201
Technology	3,869	6,189
Land use rights	4,932	5,044
Audio - visual license	5,456	5,579
Acquired computer software	3,662	3,953
Others	170	2
Total original costs	18,089	48,666
Less: Accumulated amortization	(9,779)	(13,429)
Less: Accumulated impairment	—	(2,515)
Total	8,310	32,722

During the years ended December 31, 2024 and 2025, the Company acquired intangible assets amounting to US$3,869,000 and US$29,672,000, respectively, in connection with a business combination, which was measured at fair value upon acquisition, details are included in Note 3.

For the year ended December 31, 2025, impairment charge of US$2,515,000 was recorded for the technology acquired from the business combination of Billionaire (Note 3). This impairment was triggered by the failure to achieve expected user acquisition targets following the acquisition, which resulted in the asset’s carrying value exceeding its recoverable amount.

Amortization expense recognized for the years ended December 31, 2023, 2024 and 2025 are summarized as follows:


	Years ended December 31
(In thousands)	2023	2024	2025
Cost of revenues	53	781	1,161
Selling and distribution expenses	—	—	1,407
General and administrative expenses	1,048	1,027	943
Research and development expenses	—	—	8
Total	1,101	1,808	3,519

The estimated aggregate amortization expense for each of the next five years as of December 31, 2025 is:


(In thousands)		Intangible assets
2026		3,879
2027		3,324
2028		3,144
2029		3,105
2030 and thereafter		19,270

12. Intangible assets, net (Continued)

The weighted average amortization periods of intangible assets as of December 31, 2024 and 2025 are as below:


		December 31,		December 31,
(In year)		2024		2025
Customer relationships		—		10
Brand name		—		15
Technology		5		5
Land use rights		29		29
Audio-visual license		9		9
Acquired computer software		5		5
Others		3		3
Total weighted average amortization periods		10		11

Summary of significant accounting policies - Intangible assets (Details)	Dec. 31, 2025
Customer relationships
Intangible assets, net
Estimated useful lives	10 years
Brand name
Intangible assets, net
Estimated useful lives	15 years
Technology
Intangible assets, net
Estimated useful lives	5 years
Land use rights
Intangible assets, net
Estimated useful lives	30 years
Audio - visual license
Intangible assets, net
Estimated useful lives	9 years
Acquired computer software
Intangible assets, net
Estimated useful lives	5 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Property and equipment, net - Impairment loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property and equipment, net
Impairment of property and equipment	$ 0	$ 0	$ 1,146

Goodwill - Additional Information (Details) - USD ($)	12 Months Ended
Goodwill - Additional Information (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Goodwill
Impairment of goodwill		$ 20,748,000
Accumulated goodwill impairment	$ 20,748,000	$ 20,748,000
Hupu reporting unit
Goodwill
Weighted average cost of capital	19.00%
Terminal growth rate	2.00%
Fair value in excess of carrying amount	7.50%
Impairment of goodwill	$ 0
Increase in discount rate	1.50%
Reduction in projected revenue growth rate	2.00%

- Definition

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Additional information: condensed financial statements of the Company

12 Months Ended

Dec. 31, 2025

Additional information: condensed financial statements of the Company

Additional information: condensed financial statements of the Company

29. Additional information: condensed financial statements of the Company

Regulation S-X requires condensed financial information as to financial position, statements of cash flows and results of operations of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented when the restricted net assets of consolidated and unconsolidated subsidiaries together exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year.

The Company records its investment in its subsidiaries, the VIEs and VIEs’ subsidiaries under the equity method of accounting.

Such investments are presented on the separate condensed balance sheets of the Company as “Investments in subsidiaries and consolidated VIEs”.

The subsidiaries did not pay any dividends to the Company for the periods presented. Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. GAAP have been condensed and omitted. The footnote disclosures represent supplemental information relating to the operations of the Company, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Group.

The Company did not have significant other commitments, long-term obligations, or guarantees as of December 31, 2025.

Condensed Balance Sheets


(In thousands)		December 31, 2024		December 31, 2025
Assets
Current assets:
Cash and cash equivalents		33,275		33,556
Short-term investments		14,225		7,815
Due from group companies		12,646		14,581
Prepayments and other current assets		1,008		1,629
Total current assets		61,154		57,581
Non-current assets:
Due from group companies		200,855		199,576
Investments in subsidiaries and consolidated VIEs		67,997		1,124,959
Total assets		330,006		1,382,116
Liabilities
Current liabilities:
Due to group companies		7,651		4,840
Income tax payable		35		2
Accrued liabilities and other payables		4,264		3,783
Total current liabilities		11,950		8,625
Total liabilities		11,950		8,625
Commitments and contingencies
Shareholders’ equity
Common shares		77		78
Treasury shares		16		15
Other shareholders’ equity		317,963		1,373,398
Total Xunlei Limited’s shareholders’ equity		318,056		1,373,491
Total liabilities and shareholders’ equity		330,006		1,382,116

29. Additional information: condensed financial statements of the Company (Continued)

Condensed Statements of Operations


	Years ended December 31,
(In thousands)	2023	2024	2025
Operating expenses
General and administrative expenses	(7,931)	(1,712)	(1,424)
Total operating expenses	(7,931)	(1,712)	(1,424)
Operating loss	(7,931)	(1,712)	(1,424)
Interest income	1,512	1,673	1,397
Interest expense	(93)	(93)	(93)
Other income/(loss), net	3,928	2,083	(1,689)
Income/ (loss) from subsidiaries and consolidated VIEs	16,948	(627)	1,050,119
Income before income tax	14,364	1,324	1,048,310
Income tax expenses	(139)	(109)	(45)
Net income	14,225	1,215	1,048,265
Net income attributable to Xunlei Limited’s common shareholders	14,225	1,215	1,048,265

Condensed Statements of Cash Flows


	Years ended December 31,
(In thousands)	2023	2024	2025
Other operating activities with external parties	(391)	1,143	(1,848)
Net cash (used in)/generated from operating activities	(391)	1,143	(1,848)
Loans to group companies	(188)	(7,081)	(5,710)
Repayment of loans from group companies	—	23	2,365
Other investing activities with external parties	2,031	15,464	6,425
Net cash generated from investing activities	1,843	8,406	3,080
Loans from group companies	3,150	—	—
Repayment of loans to group companies	—	(500)	—
Other financing activities with external parties	(4,687)	(7,693)	(951)
Net cash used in financing activities	(1,537)	(8,193)	(951)
Net (decrease)/increase in cash and cash equivalents	(85)	1,356	281
Cash and cash equivalents at beginning of year	32,004	31,919	33,275
Effect of exchange rates on cash and cash equivalents	—	—	—
Cash and cash equivalents at end of year	31,919	33,275	33,556

Organization and nature of operations - Schedule of Consolidated Financial Information of VIEs and VIE's Subsidiaries - Balance sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 157,020	$ 177,329	$ 170,802	$ 177,154
Short-term investments	148,155	110,209
Accounts receivable, net	68,413	32,662
Amounts due from related parties - current	12,832	31,519
Inventories	403	1,255
Prepayments and other current assets	12,850	10,058
Total current assets	399,673	363,032
Non-current assets:
Long-term investments	1,070,596	30,599
Property and equipment, net	54,784	55,430
Operating lease assets	1,943	450	575
Intangible assets, net	32,722	8,310
Deferred tax assets	10,083	10,528
Goodwill	39,164		$ 20,826
Long-term prepayments and other assets	2,326	5,334
Restricted cash	806	218
Total assets	1,631,923	473,901
Current liabilities:
Accounts payable	41,965	22,964
Due to related parties	8	17
Accrued liabilities and other payables	81,334	52,093
Short-term borrowings and current portion of long-term borrowings	37,209	2,087
Lease liabilities, current portion	487	253
Total current liabilities.	208,450	126,736
Noncurrent liabilities:
Contract liabilities	1,624	458
Deferred tax liabilities	6,660	1,614
Long-term borrowings	38,413	27,127
Lease liabilities	1,251	161
Other long-term payables	3,530	480
Total liabilities	259,406	156,116
VIEs
Current assets:
Cash and cash equivalents	38,892	42,514
Short-term investments	18,229	14,484
Accounts receivable, net	59,970	27,221
Amounts due from related parties - current	3,941	5,500
Due from related parties	12,531	11,532
Inventories	401	1,251
Prepayments and other current assets	6,912	3,810
Total current assets	140,876	106,312
Non-current assets:
Long-term investments	7,104	6,570
Property and equipment, net	54,579	55,307
Operating lease assets	1,943	450
Intangible assets, net	32,722	4,901
Deferred tax assets	8,666	9,873
Goodwill	39,164
Long-term prepayments and other assets	2,317	2,532
Restricted cash	806	218
Total assets	288,177	186,163
Current liabilities:
Accounts payable	37,365	19,330
Due to related parties	8	17
Amount due to group companies	83,918	84,476
Contract liabilities	41,662	36,827
Income tax payable	815	6,430
Accrued liabilities and other payables	54,943	36,342
Short-term borrowings and current portion of long-term borrowings	37,209	2,087
Lease liabilities, current portion	487	253
Total current liabilities.	256,407	185,762
Noncurrent liabilities:
Contract liabilities	1,624	458
Deferred tax liabilities	5,991	870
Amount due to group companies	68,898	68,901
Long-term borrowings	38,413	27,127
Lease liabilities	1,251	161
Other long-term payables	3,530	480
Total liabilities	$ 376,114	$ 283,759

Share-based compensation - Summary of Restricted Shares Activities (Details) - 2020 Incentive Plan - Restricted shares - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Number of restricted shares
Unvested at beginning of period	15,510,760	17,656,965	16,858,050
Granted	8,910,710	3,764,500	12,485,750
Vested	(9,100,500)	(4,684,535)	(11,195,165)
Forfeited	(1,765,000)	(1,226,170)	(491,670)
Unvested at end of period	13,555,970	15,510,760	17,656,965
Expected to vest	10,166,978	11,633,070	13,242,724
Weighted-Average Grant-Date Fair Value
Weighted-average grant-date fair value	$ 0.78	$ 0.32	$ 0.36

Organization and nature of operations

12 Months Ended

Dec. 31, 2025

Organization and nature of operations

Organization and nature of operations

1. Organization and nature of operations

Xunlei Limited, previously known as Giganology Limited, (the “Company”) was incorporated under the law of the Cayman Islands as a limited liability company on February 3, 2005. The Company completed its initial public offering on June 24, 2014 on the NASDAQ Global Market. Each American Depositary Shares (“ADSs”) of the Company represents five common shares.


								% of direct
								or indirect
		Place of		Period of				economic
Name of entities		incorporation		incorporation		Relationship		ownership		Principal activities
Xunlei Network Technologies Limited		British Virgin Islands		February 2011		Subsidiary		100	%	Investment holding

Xunlei Network Technologies Limited		Hong Kong		March 2011		Subsidiary		100	%	Investment holding

Giganology (Shenzhen) Co., Ltd. (“Giganology Shenzhen”)		PRC		June 2005		Subsidiary		100	%	Investment holding

Xunlei Computer (Shenzhen) Co., Ltd. (“Xunlei Computer”)		PRC		November 2011		Subsidiary		100	%	Investment holding

Shenzhen Xunlei Networking Technologies Co., Ltd. (“Shenzhen Xunlei”)		People’s Republic of China (“PRC”)		January 2003		VIE		100	%	Membership subscription and investment holding

Shenzhen Suqu Network Technology Co., Ltd. (“Shenzhen Suqu”)		PRC		October 2021		VIE		100	%	Investment holding

Shenzhen Onething Technologies Co., Ltd. (“Shenzhen Onething”)		PRC		September 2013		VIE’s subsidiary		70 (Note b, 28)	%	Cloud computing services

Jiangxi Node Technology Service Co., Ltd. (“Jiangxi Node”)		PRC		July 2020		VIE’s subsidiary		100	%	Cloud computing services

Shanghai Kuanghui Network Technology Co., Ltd. (“Shanghai Kuanghui”) (Note 3)		PRC		June 2013		VIE’s subsidiary		100	%	Online advertising

Hupu (Shanghai) Information Technology Co., Ltd. (“Hupu Information”)		PRC		September 2021		VIE’s subsidiary		100	%	Online advertising

Funi. Pte. Ltd.		Singapore		April 2021		Subsidiary		100	%	Live streaming

Fuconnect. Pte. Ltd.		Singapore		February 2022		Subsidiary		100	%	Live streaming

Note:

(a)	The English names of the PRC companies represent management’s translation of the Chinese names of these companies as they have not adopted formal English names.

(b)	As of December 31, 2025, the remaining 30% of the equity interest was owned by certain plan participants or share incentive awards holding platforms under the employee share incentive plan, see Note 19 for details.

The Group engages primarily in the provision of premium downloading services to its members, sales of bandwidth, platforms for live streaming services and other services.

To comply with the PRC laws and regulations that prohibit or restrict foreign ownership of companies that provide online services and hold Internet Content Provider (“ICP”) license, the Group mainly conducts its business through the VIEs and their subsidiaries in the PRC.

Through the various contractual agreements, the Company as the primary beneficiary received all of the economic benefits and residual interest and absorbed all of the risks and expected losses from VIEs. As such, the Company consolidates the financial statements of these VIEs. Consequently, the financial results of the VIEs were included in the Group’s consolidated financial statements in accordance with the presentation as stated in Note 2(b).

1. Organization and nature of operations (Continued)

The following is a summary of the contractual agreements entered into by and among the Company, Shenzhen Xunlei and legal registered shareholders of Shenzhen Xunlei:

—Loan Agreements between Giganology Shenzhen and the shareholders of Shenzhen Xunlei: Giganology Shenzhen provided interest-free loans of RMB9 million to the legal shareholders of Shenzhen Xunlei for them to make contributions as registered capital into Shenzhen Xunlei. The terms of these agreements last for two years from the date it was signed, and will be automatically extended afterwards on a yearly basis until each legal shareholder of Shenzhen Xunlei has repaid the loans in its entirety in accordance with the loan agreement. The legal shareholders would not be allowed to transfer their interests in Shenzhen Xunlei without prior consent of Giganology Shenzhen. According to the loan agreements, the loans can only be repaid in the form of common shares of Shenzhen Xunlei. At any time during the term of the loan agreements, Giganology Shenzhen may, at their sole discretion, requires any of the legal shareholders of Shenzhen Xunlei to repay all or any portion of their outstanding loan under the agreement.

Under a separate loan agreement between Giganology Shenzhen and Mr. Sean Shenglong Zou as a legal registered shareholder of Shenzhen Xunlei, Giganology Shenzhen made an additional interest-free loan of RMB20 million to Mr. Sean Shenglong Zou, the entire amount of which was contributed to the registered capital of Shenzhen Xunlei, increasing the registered capital of Shenzhen Xunlei to RMB30 million. The term of this agreement lasts for two years from the date it was signed, and will be automatically extended afterwards on a yearly basis until Mr. Zou has repaid the loan in its entirety in accordance with the loan agreement. This loan will be deemed to be repaid when all equity interest held by the shareholders in Shenzhen Xunlei has been transferred to Giganology Shenzhen or its designated parties. At any time during the term of this loan agreement, the Company may, at their sole discretion, require all or any portion of the outstanding loan under the agreement to be repaid.

—Business Operation Agreements between Giganology Shenzhen and Shenzhen Xunlei: Under these agreements, Giganology Shenzhen has the rights to direct the operating activities of Shenzhen Xunlei, including the appointment of senior management. The legal shareholders of Shenzhen Xunlei also transferred all their shareholders’ rights to Giganology Shenzhen. The term of this agreement may be extended with Giganology Shenzhen’s confirmation prior to the expiration date. The agreement became expired in November 2016 and has been extended to November 2026.

—Equity Pledge Agreement between Giganology Shenzhen and the legal shareholders of Shenzhen Xunlei: Under this agreement, the legal shareholders of Shenzhen Xunlei pledged all of their equity interests in Shenzhen Xunlei to Giganology Shenzhen. If Shenzhen Xunlei and/or its legal shareholders breach their contractual obligations under this agreement, Giganology Shenzhen, as pledgee, will be entitled to certain rights, including the right to sell the pledged equity interests.

—Power of Attorney: Each legal shareholder of Shenzhen Xunlei appointed Giganology Shenzhen as its attorney-in-fact to exercise their shareholders’ rights in Shenzhen Xunlei, including shareholders’ voting rights. Each power of attorney will remain in force for 10 years starting from May 2011 unless the business operation agreement among Giganology Shenzhen, Shenzhen Xunlei and the legal shareholders of Shenzhen Xunlei is terminated in advance. This period may be extended at Giganology Shenzhen’s discretion. The agreement became expired in May 2021 and has been extended to May 2031.

—Service Agreements between Giganology Shenzhen and Shenzhen Xunlei: Under various service agreements, Giganology Shenzhen will provide services including technical support, training, as well as consulting services to Shenzhen Xunlei in exchange for a service fee. These service agreements include the Exclusive Technology Support and Services Agreement, the Exclusive Technology Consulting and Training Agreement and the Software and Proprietary Technology License Contract. Giganology Shenzhen is entitled to service fees equal to 20%, 20% and 40% of the pre-tax operating profit of Shenzhen Xunlei according to the terms and provisions of these agreements, respectively (in aggregate 80% of pre-tax operating profit of Shenzhen Xunlei). In addition, these agreements also allow both parties to review and adjust the above mentioned percentage every six months according to the business operation and income of Shenzhen Xunlei so as to enable Giganology Shenzhen to extract substantially all the after tax operating profit of Shenzhen Xunlei.

1. Organization and nature of operations (Continued)

For the Exclusive Technology Support and Services Agreement and the Exclusive Technology Consulting and Training Agreement, as provided in the supplemental agreements, the term of these agreements will expire in September 2035 and will be automatically renewed for a further period of ten years thereafter. Giganology Shenzhen is entitled to terminate the agreement at any time by providing 30 days’ prior written notice to Shenzhen Xunlei.

For the Proprietary Technology License Contract, the term of this contract became expired in March 2022 and has been extended with Giganology Shenzhen to March 2032. Giganology Shenzhen grants Shenzhen Xunlei a non-exclusive and non-transferable right to use Giganology Shenzhen’s proprietary technology. Shenzhen Xunlei can only use the proprietary technology to conduct business according to its authorized business scope. Giganology Shenzhen or its designated representative(s) owns the rights to any new technology developed due to implementation of this contract.

—Intellectual Properties Purchase Option Agreement between Giganology Shenzhen and Shenzhen Xunlei: Giganology Shenzhen has an option to acquire Shenzhen Xunlei’s intellectual properties at the lowest price permissible by the then-applicable PRC laws and regulation. The term of this contract became expired in March 2022 and had been automatically extended for an additional 10 years at Giganology Shenzhen’s discretion to March 2032.

—Call Option Agreement: Giganology Shenzhen has an option to acquire all of the outstanding shares of Shenzhen Xunlei at a purchase price equal to RMB1 or the lowest price permissible by the then-applicable PRC laws and regulation. The term of the agreement became expired in March 2022 and had been automatically extended for an additional 10 years at Giganology Shenzhen’s discretion to March 2032.

The principal agreements amongst the Shenzhen Suqu, the relevant subsidiaries and VIE shareholders that provide the Company with the power to direct the activities that most significantly impact the economic performance of Shenzhen Suqu and its subsidiaries and provide the Company with economic benefits of Shenzhen Suqu and its subsidiaries contains substantially the same terms as described above other than (i) the agreements that enable the Company to direct the activities most significantly affect Shenzhen Suqu’s economic performance is limited to the Equity Pledge Agreement, and (ii) the agreements that transfer economic benefits from Shenzhen Suqu to the Company is limited to the Exclusive Business Cooperation Agreement.

Risks related to VIE structure

A significant part of the Group’s business is conducted through VIEs, of which the Company is the primary beneficiary. In the opinion of management, the contractual arrangements with the VIEs and the nominee shareholders are in compliance with PRC laws and regulations and are legally binding and enforceable. The nominee shareholders indicate they will not act contrary to the contractual arrangements. However, there are substantial uncertainties regarding the interpretation and application of PRC laws and regulations including those that govern the contractual arrangements, which could limit the Group’s ability to enforce these contractual arrangements and if the nominee shareholders of the VIEs were to reduce their interests in the Group, their interest may diverge from that of the Group and that may potentially increase the risk that they would seek to act contrary to the contractual arrangements.

If a finding was made by PRC authorities under existing laws and regulations and becomes effective, the Group’s operation of certain of its operations and businesses through VIEs, regulatory authorities with jurisdiction over the licensing and operation of such operations and businesses would have broad discretion in dealing with such a violation, including levying fines, confiscating the Group’s income, revoking the business or operating licenses of the affected businesses, requiring the Group to restructure its ownership structure or operations, or requiring the Group to discontinue all or any portion of its operations. Any of these actions could cause significant disruption to the Group’s business operations, and have a severe adverse impact on the Group’s cash flows, financial position and operating performance.

1. Organization and nature of operations (Continued)

Risks related to VIE structure (Continued)

In addition, it is possible that the contracts among the Company’s subsidiaries, the VIEs and shareholders of VIEs would not be enforceable in China if PRC government authorities or courts were to find that such contracts contravene PRC law and regulations or are otherwise not enforceable for public policy reasons. The Group’s operations also depend on the VIEs and their nominee shareholders to honor their contractual arrangements with the Group. In the event that the Group was unable to enforce these contractual arrangements, the Group would not be able to exert effective control over the affected VIEs. Consequently, such VIEs’ results of operations, assets and liabilities would not be included in the Group’s consolidated financial statements. If such were the case, the Group’s cash flows, financial position and operating performance would be severely adversely affected. The Group’s contractual arrangements with respect to VIEs are approved and in place. The Group’s management believes that such contracts constitute valid and legally binding obligations of each party to such contractual arrangements under the PRC laws, and considers the possibility remote that PRC regulatory authorities with jurisdiction over the Group’s operations and contractual relationships would find the contracts to be unenforceable.

The following financial information of the consolidated VIEs was included in the accompanying consolidated financial statements, before elimination of balances with the Company and its subsidiaries, as of and for the years ended:


	As of December 31,
(In thousands)	2024	2025
Current assets:
Cash and cash equivalents	42,514	38,892
Short-term investments	14,484	18,229
Accounts receivable, net	27,221	59,970
Amount due from group companies	5,500	3,941
Due from related parties	11,532	12,531
Inventories	1,251	401
Prepayments and other current assets	3,810	6,912
Total current assets	106,312	140,876
Non-current assets:
Long-term investments	6,570	7,104
Property and equipment, net	55,307	54,579
Operating lease assets	450	1,943
Intangible assets, net	4,901	32,722
Deferred tax assets	9,873	8,666
Goodwill	—	39,164
Long-term prepayments and other assets	2,532	2,317
Restricted cash	218	806
Total assets	186,163	288,177
Current liabilities:
Accounts payable	19,330	37,365
Due to related parties	17	8
Amount due to group companies	84,476	83,918
Contract liabilities	36,827	41,662
Income tax payable	6,430	815
Accrued liabilities and other payables	36,342	54,943
Short-term borrowings and current portion of long-term borrowings	2,087	37,209
Lease liabilities, current portion	253	487
Total current liabilities	185,762	256,407
Non‑current liabilities:
Contract liabilities	458	1,624
Deferred tax liabilities	870	5,991
Amount due to group companies	68,901	68,898
Long-term borrowings	27,127	38,413
Lease liabilities	161	1,251
Other long-term payables	480	3,530
Total liabilities	283,759	376,114

1. Organization and nature of operations (Continued)

Risks related to VIE structure (Continued)


	Years ended December 31,
(In thousands)	2023	2024	2025
Inter-company revenues	—	294	2,416
Third-party revenues	330,860	256,150	336,047
Third-party costs of revenues	(177,060)	(113,684)	(161,678)
Inter-company operating expenses	(12,896)	(12,695)	(11,558)
Third-party operating expenses	(139,613)	(146,261)	(161,111)
Net income/(loss) attributable to Xunlei Limited	6,995	(8,532)	7,658


	Years ended December 31,
(In thousands)	2023	2024	2025
Purchases of goods and services from group companies	—	—	(29,486)
Sales of goods and services to group companies	217	504	2,913
Other operating activities with external parties	27,634	29,803	28,942
Net cash generated from operating activities	27,851	30,307	2,369
Repayment of loans from group companies	—	342	—
Other investing activities with external parties	(21,985)	(10,433)	(70,526)
Net cash used in investing activities	(21,985)	(10,091)	(70,526)
Loans from group companies	437	7,003	60,248
Repayment of loans to group companies	(19,285)	(28,028)	(42,164)
Other financing activities with external parties	(8,837)	6,768	46,431
Net cash (used in)/generated financing activities	(27,685)	(14,257)	64,515

Organization and nature of operations - Accompanying Consolidated Financial Statements Include Financial Statements of Company, Subsidiaries, Variable Interest Entity ("VIE") and VIE's Subsidiaries (Details)	12 Months Ended
	Dec. 31, 2025
Xunlei Network Technologies Limited, BVI \| Subsidiary
Organization and nature of operations
Place of incorporation	British Virgin Islands
Period of incorporation	Feb. 01, 2011
Relationship	Subsidiary
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Investment holding
Xunlei Network Technologies Limited, HK \| Subsidiary
Organization and nature of operations
Place of incorporation	Hong Kong
Period of incorporation	Mar. 01, 2011
Relationship	Subsidiary
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Investment holding
Giganology (Shenzhen) Co., Ltd. ("Giganology Shenzhen") \| Subsidiary
Organization and nature of operations
Place of incorporation	PRC
Period of incorporation	Jun. 30, 2005
Relationship	Subsidiary
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Investment holding
Xunlei Computer (Shenzhen) Co., Ltd. ("Xunlei Computer") \| Subsidiary
Organization and nature of operations
Place of incorporation	PRC
Period of incorporation	Nov. 30, 2011
Relationship	Subsidiary
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Investment holding
Shenzhen Xunlei Networking Technologies Co., Ltd. ("Shenzhen Xunlei") \| VIE
Organization and nature of operations
Place of incorporation	People’s Republic of China (“PRC”)
Period of incorporation	Jan. 31, 2003
Relationship	VIE
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Membership subscription and investment holding
Shenzhen Suqu Network Technology Co., Ltd. ("Shenzhen Suqu") \| VIE
Organization and nature of operations
Place of incorporation	PRC
Period of incorporation	Oct. 31, 2021
Relationship	VIE
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Investment holding
Shenzhen Onething Technologies Co., Ltd. ("Shenzhen Onething")
Organization and nature of operations
Percentage of remaining equity interest	30.00%
Shenzhen Onething Technologies Co., Ltd. ("Shenzhen Onething") \| VIE
Organization and nature of operations
Place of incorporation	PRC
Period of incorporation	Sep. 30, 2013
Relationship	VIE’s subsidiary
Percentage of direct or indirect economic ownership	70.00%
Principal activities	Cloud computing services
Jiangxi Node Technology Service Co., Ltd. ("Jiangxi Node") \| VIE
Organization and nature of operations
Place of incorporation	PRC
Period of incorporation	Jul. 31, 2020
Relationship	VIE’s subsidiary
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Cloud computing services
Shanghai Kuanghui Network Technology Co., Ltd. ("Shanghai Kuanghui") \| VIE
Organization and nature of operations
Place of incorporation	PRC
Period of incorporation	Jun. 30, 2013
Relationship	VIE’s subsidiary
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Online advertising
Hupu (Shanghai) Information Technology Co., Ltd. ("Hupu Information")
Organization and nature of operations
Place of incorporation	PRC
Period of incorporation	Sep. 01, 2021
Relationship	VIE’s subsidiary
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Online advertising
Funi. Pte. Ltd. \| Subsidiary
Organization and nature of operations
Place of incorporation	Singapore
Period of incorporation	Apr. 30, 2021
Relationship	Subsidiary
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Live streaming
Fuconnect. Pte. Ltd. \| Subsidiary
Organization and nature of operations
Place of incorporation	Singapore
Period of incorporation	Feb. 28, 2022
Relationship	Subsidiary
Percentage of direct or indirect economic ownership	100.00%
Principal activities	Live streaming

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net income for the year	$ 1,047,610,000	$ 663,000	$ 14,266,000
Adjustments to reconcile net income to net cash generated from operating activities
Depreciation of property and equipment	4,970,000	4,686,000	4,427,000
Amortization of intangible assets	3,519,000	1,808,000	1,101,000
Amortization of operating lease assets	1,046,000	434,000	551,000
Credit loss expenses/(write-back), net	(262,000)	288,000	100,000
Losses/(gains) on disposal of property and equipment	74,000	(82,000)	1,000
Gains on modification of operating leases	(30,000)		(33,000)
Share-based compensation expenses	3,840,000	2,453,000	9,676,000
Net unrealized investment income from short-term investments	(378,000)	(1,078,000)	(1,390,000)
Impairment of property and equipment	0	0	1,146,000
Impairment of intangible assets	2,515,000
Write-downs of inventories	470,000	25,000
Impairment of goodwill		20,748,000
Impairment on long-term investments	996,000	1,407,000	0
Fair value changes on long-term investments	(1,032,989,000)
Gains from disposal of long-term investments and subsidiaries	(1,128,000)	(861,000)	(24,000)
Interest expense accrued on long-term payables	93,000	93,000	93,000
Deferred income taxes	(2,876,000)	(10,068,000)	(428,000)
Changes in operating assets and liabilities:
Accounts receivable	(27,371,000)	(2,037,000)	(1,997,000)
Prepayments and other assets	(3,945,000)	290,000	(408,000)
Due from/to related parties	(464,000)	734,000	(1,665,000)
Accounts payable	15,596,000	(1,519,000)	(598,000)
Inventories	387,000	925,000	(1,804,000)
Contract liabilities	3,564,000	3,575,000	(1,954,000)
Income tax payable	(5,706,000)	3,080,000	904,000
Accrued liabilities and other payables	22,781,000	5,437,000	3,134,000
Lease liabilities	167,000	(25,000)	618,000
Net cash generated from operating activities	32,479,000	30,976,000	25,716,000
Cash flows from investing activities
Purchase of short-term investments	(601,847,000)	(479,453,000)	(378,162,000)
Proceeds from collection upon maturities of short-term investments	566,297,000	470,245,000	360,735,000
Purchase of property and equipment	(5,349,000)	(8,026,000)	(3,992,000)
Purchase of intangible assets	(447,000)	(322,000)	(499,000)
Payments for long-term investments	(3,225,000)	(3,103,000)	(1,418,000)
Cash paid for a business combination, net of cash acquired	(52,134,000)	(2,125,000)
Proceeds from disposal of property and equipment	155,000	114,000	15,000
Proceeds from disposal of long-term investments		2,300,000	22,000
Repayment/(payment) of loans to employees	396,000	(978,000)	(599,000)
Loan to third parties		(565,000)
Payments for disposal of subsidiaries	(2,942,000)
Net cash used in investing activities	(99,096,000)	(21,913,000)	(23,898,000)
Cash flows from financing activities
Repurchase of common shares	(951,000)	(7,693,000)	(4,687,000)
Proceeds from bank borrowings	62,537,000	33,387,000	4,254,000
Repayment of bank borrowings	(16,106,000)	(26,619,000)	(13,091,000)
Net cash (used in)/generated from financing activities	45,480,000	(925,000)	(13,524,000)
Net (decrease)/increase in cash, cash equivalents and restricted cash	(21,137,000)	8,138,000	(11,706,000)
Effect of exchange rates on cash and cash equivalents, and restricted cash	1,416,000	(1,393,000)	(2,300,000)
Cash and cash equivalents at beginning of the year	177,329,000	170,802,000	177,154,000
Restricted cash at beginning of the year	218,000		7,654,000
Cash, cash equivalents and restricted cash at beginning of the year	177,547,000	170,802,000	184,808,000
Cash and cash equivalents at end of the year	157,020,000	177,329,000	170,802,000
Restricted cash at end of year	806,000	218,000
Cash, cash equivalents and restricted cash at end of the year	157,826,000	177,547,000	170,802,000
Supplemental disclosure of cash flow information
Income tax paid	4,221,000	4,200,000	2,532,000
Interest paid	1,178,000	578,000	1,376,000
Non-cash investing and financing activities
Purchase of property and equipment in form of other payables	130,000	32,000	148,000
Acquisition of operating lease assets	1,586,000	324,000	$ 275,000
Addition of long-term investments in form of other payables	2,350,000	$ 696,000
Unpaid cash consideration for acquisition	$ 12,733,000

Organization and nature of operations - Additional Information (Details) ¥ / shares in Units, ¥ in Millions	12 Months Ended
	Dec. 31, 2025 CNY (¥) ¥ / shares
Organization and nature of operations
Number of year's power of attorney retained	10 years
Percentage of pre-tax operating profit	80.00%
Giganology Shenzhen
Organization and nature of operations
Termination of agreement, notice period	30 days
Agreement expiration date	2022
Automated extended period of agreement	10 years
Agreement expiration extended date	2032
Agreement between Giganology Shenzhen and Shareholders of Shenzhen Xunlei
Organization and nature of operations
Interest-free loans	¥ 9
Agreement between Giganology Shenzhen and Mr. Sean Shenglong Zou
Organization and nature of operations
Additional interest-free loans	20
Increase in registered capital	¥ 30
Call Option Agreement \| Giganology Shenzhen
Organization and nature of operations
Agreement expiration date	2022
Outstanding share, purchase price per share \| ¥ / shares	¥ 1
Exclusive Technology Support and Services Agreement
Organization and nature of operations
Percentage of pre-tax operating profit	20.00%
Exclusive Technology Support and Services Agreement \| Giganology Shenzhen
Organization and nature of operations
Term agreement expiration year	2035
Agreement renewal term	10 years
Exclusive Technology Consulting and Training Agreement
Organization and nature of operations
Percentage of pre-tax operating profit	20.00%
Software and Proprietary Technology License Contract
Organization and nature of operations
Percentage of pre-tax operating profit	40.00%

Inventories (Details) - USD ($) $ in Thousands	12 Months Ended
Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Inventories
Less: Impairment	$ (956)	$ (223)
Inventories	403	1,255
Hardware devices
Inventories
Inventories	995	1,077
Others
Inventories
Inventories	$ 364	$ 401

Accounts receivable, net - Allowance for current expected credit loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts receivable, net
Balance at beginning of the year	$ 1,258	$ 1,022	$ 1,429
Additions	430	261	213
Reversals	(19)		(189)
Write-off	(228)	(8)	(408)
Exchange difference	30	(17)	(23)
Balance at end of the year	$ 1,471	$ 1,258	$ 1,022

Additional information: condensed financial statements of the Company (Tables)

12 Months Ended

Dec. 31, 2025

Additional information: condensed financial statements of the Company

Schedule of condensed balance sheets

Condensed Balance Sheets


(In thousands)		December 31, 2024		December 31, 2025
Assets
Current assets:
Cash and cash equivalents		33,275		33,556
Short-term investments		14,225		7,815
Due from group companies		12,646		14,581
Prepayments and other current assets		1,008		1,629
Total current assets		61,154		57,581
Non-current assets:
Due from group companies		200,855		199,576
Investments in subsidiaries and consolidated VIEs		67,997		1,124,959
Total assets		330,006		1,382,116
Liabilities
Current liabilities:
Due to group companies		7,651		4,840
Income tax payable		35		2
Accrued liabilities and other payables		4,264		3,783
Total current liabilities		11,950		8,625
Total liabilities		11,950		8,625
Commitments and contingencies
Shareholders’ equity
Common shares		77		78
Treasury shares		16		15
Other shareholders’ equity		317,963		1,373,398
Total Xunlei Limited’s shareholders’ equity		318,056		1,373,491
Total liabilities and shareholders’ equity		330,006		1,382,116

Schedule of condensed statements of operations

Condensed Statements of Operations


	Years ended December 31,
(In thousands)	2023	2024	2025
Operating expenses
General and administrative expenses	(7,931)	(1,712)	(1,424)
Total operating expenses	(7,931)	(1,712)	(1,424)
Operating loss	(7,931)	(1,712)	(1,424)
Interest income	1,512	1,673	1,397
Interest expense	(93)	(93)	(93)
Other income/(loss), net	3,928	2,083	(1,689)
Income/ (loss) from subsidiaries and consolidated VIEs	16,948	(627)	1,050,119
Income before income tax	14,364	1,324	1,048,310
Income tax expenses	(139)	(109)	(45)
Net income	14,225	1,215	1,048,265
Net income attributable to Xunlei Limited’s common shareholders	14,225	1,215	1,048,265

Schedule of condensed statements of cash flows

Condensed Statements of Cash Flows


	Years ended December 31,
(In thousands)	2023	2024	2025
Other operating activities with external parties	(391)	1,143	(1,848)
Net cash (used in)/generated from operating activities	(391)	1,143	(1,848)
Loans to group companies	(188)	(7,081)	(5,710)
Repayment of loans from group companies	—	23	2,365
Other investing activities with external parties	2,031	15,464	6,425
Net cash generated from investing activities	1,843	8,406	3,080
Loans from group companies	3,150	—	—
Repayment of loans to group companies	—	(500)	—
Other financing activities with external parties	(4,687)	(7,693)	(951)
Net cash used in financing activities	(1,537)	(8,193)	(951)
Net (decrease)/increase in cash and cash equivalents	(85)	1,356	281
Cash and cash equivalents at beginning of year	32,004	31,919	33,275
Effect of exchange rates on cash and cash equivalents	—	—	—
Cash and cash equivalents at end of year	31,919	33,275	33,556

Business combinations - Acquisition of Billionaire Pte. Ltd (Details) - Billionaire $ in Thousands	1 Months Ended
	Apr. 30, 2024 USD ($)
Fair value of total consideration transferred:
Cash consideration	$ 2,156
Recognized amounts of identifiable assets acquired and liability assumed:
Current assets	1,424
Intangible assets	3,869
Current liabilities	(841)
Deferred tax liabilities	(658)
Non-controlling interests	(1,638)
Total identifiable net assets acquired, net of non-controlling interests	$ 2,156

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 1,048,265	$ 1,215	$ 14,225

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Long-term investments (Tables)

12 Months Ended

Dec. 31, 2025

Long-term investments

Schedule of long-term investments


(In thousands)		December 31, 2024		December 31, 2025
Equity investments with readily determinable fair values (Note a)		—		1,050,633
Equity investments without readily determinable fair values (Note b)		30,599		19,963
Total		30,599		1,070,596

Notes:

(a)	The balance represents the Group’s equity investment in Arashi Vision Inc. (“Arashi Vision”), a company incorporated in the PRC.

(b)

Property and equipment, net - Depreciation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property and equipment, net
Total	$ 4,970	$ 4,686	$ 4,427
Costs of revenues
Property and equipment, net
Total	2,064	1,346	740
Research and development expenses
Property and equipment, net
Total	260	158	390
Sales and marketing expenses
Property and equipment, net
Total	2		7
General and administrative expenses
Property and equipment, net
Total	$ 2,644	$ 3,182	$ 3,290

Taxation

12 Months Ended

Dec. 31, 2025

Taxation

Taxation

22. Taxation

(i) Cayman Islands

Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gains. Additionally, upon payment of dividends by the Company to its shareholders, no Cayman Islands withholding tax will be imposed.

(ii) British Virgin Islands (“BVI”)

Subsidiaries in the BVI are exempted from income tax on its foreign-derived income in the BVI. There are no withholding taxes in the BVI.

(iii) Hong Kong

Subsidiaries in Hong Kong are subject to 16.5% income tax on their taxable income generated from operations in Hong Kong for the years ended December 31, 2023, 2024 and 2025, respectively.

(iv) Singapore

Subsidiaries incorporated in Singapore were subject to 17% of their taxable income.

22. Taxation (Continued)

(v) PRC Enterprise Income Tax (“EIT”)

The EIT is calculated based on the taxable income determined under the PRC laws and accounting standards.

Under the EIT Law, foreign invested enterprises and domestic enterprises are subject to a unified EIT rate of 25%. In accordance with the implementation rules of the EIT Law, a qualified “High and New Technology Enterprise” (“HNTE”) is eligible for a preferential tax rate of 15%.

The qualification as an HNTE is subject to annual evaluation and a three-year review by the relevant authorities in China. Shenzhen Xunlei, Shenzhen Onething, Xunlei Computer, Shenzhen Xunlei Wangwenhua Co., Ltd. and Hupu Information were qualified as an HNTE, and enjoyed the preferential tax rate of 15% for the year ended December 31, 2025.

The majority of the remaining subsidiaries of the Group or VIEs’ subsidiaries in the PRC were qualified for small scale entities and have been granted certain tax concessions by tax authorities in the PRC for the year ended December 31, 2025.

According to a policy issued by the PRC State Tax Bureau, enterprises engaged in research and development activities are entitled to claim a super deduction of 175% of eligible research and development expenses incurred in a year as tax deductible expenses when calculating taxable income (“Super Deduction”), effective from January 1, 2018. Furthermore, beginning October 1, 2022, the super deduction rate was increased to 200%, allowing qualified enterprises to deduct 200% of eligible research and development expenses from taxable income for expenses incurred on or after that date.

In addition, according to the EIT Law and its implementation rules, foreign enterprises, which have no establishment or place in the PRC but derive dividends, interest, rents, royalties and other income (including capital gains) from sources in the PRC are subject to PRC withholding tax, or WHT, at 10% (a further reduced WHT rate may be available according to the applicable double tax treaty arrangement). The 10% WHT is generally applicable to any dividends to be distributed from Giganology Shenzhen and Xunlei Computer to the Company out of any profits of Giganology Shenzhen and Xunlei Computer derived after January 1, 2008. Up to December 31, 2025, both Giganology Shenzhen and Xunlei Computer did not declare any dividend to the parent company and have determined that they have no present plan to declare and pay any dividends. The Group currently plans to continue to reinvest its subsidiaries’ undistributed earnings, if any, in its operations in China indefinitely. Accordingly, no withholding income tax was accrued or required to be accrued for the years ended December 31, 2023, 2024 and 2025.

Moreover, the current EIT Law treats enterprises established outside of China with “effective management and control” located in the PRC as PRC resident enterprises for tax purposes. The term “effective management and control” is generally defined as exercising overall management and control over the business, personnel, accounting, properties etc. of an enterprise. The Company, if considered a PRC resident enterprise for tax purposes, would be subject to the PRC EIT at the rate of 25% on its worldwide income for the period after January 1, 2008. As of December 31, 2024 and 2025, the Company has not accrued for PRC tax on such basis. The Company will continue to monitor its tax status.

The current and deferred portions of income tax expenses/(benefits) included in the consolidated statements of operations are as follows:


	Years ended December 31,
(In thousands)	2023	2024	2025
Current income tax expenses	4,559	7,048	1,591
Deferred income tax benefits	(428)	(10,068)	(2,876)
Income tax expenses/(benefits)	4,131	(3,020)	(1,285)

22. Taxation (Continued)

(v) PRC Enterprise Income Tax (“EIT”) (Continued)

After the prospective adoption of ASU 2023-09 for the year ended December 31, 2025, the reconciliation of the Group’s reported income tax benefits to the theoretical tax amount that would arise using the statutory tax rate of the Company against the Group’s income before income taxes is as follows.


	Years ended December 31,
(In thousands)	2025
Income tax expenses at PRC statutory rate	261,581	25.0	%
Foreign tax effects
Hong Kong
Statutory tax rate difference between Hong Kong and the PRC	(87,680)	(8.4)	%
Unrealized gains from long-term investment	(170,050)	(16.3)	%
Other	(63)	—
Other tax jurisdictions	664	0.1	%
Tax credits
Effect of PRC preferential tax rates	(2,301)	(0.2)	%
Effect of Super Deduction	(3,227)	(0.3)	%
Nontaxable or nondeductible items	(304)	—
Change in valuation allowances	7,909	0.7	%
Other adjustments	(7,814)	(0.7)	%
Income tax benefits	(1,285)	(0.1)	%

The reconciliation of total tax expenses/(benefits) computed by applying the respective statutory income tax rates to pre-tax income is as follows:


	Years ended December 31,
(In thousands)	2023	2024
Income tax expenses/(benefits) at statutory rate of 25% (based on statutory tax rate applicable to enterprises in the PRC)	3,965	(589)
Effects of different tax rates in different jurisdictions	1,615	(209)
Non-deductible expenses	306	3,239
Effect of Super Deduction	(3,609)	(3,600)
Effect of tax holidays and tax concessions on taxable income of subsidiaries incorporated in the PRC	(5,121)	(484)
Tax benefit from investment loss in a liquidating subsidiary of the VIE	—	(9,706)
Change in valuation allowance of deferred tax assets	7,170	8,190
Others	(195)	139
Income tax expenses/(benefits)	4,131	(3,020)

22. Taxation (Continued)

(v) PRC Enterprise Income Tax (“EIT”) (Continued)

The tax effects of temporary differences that give rise to the deferred tax assets and liabilities balances of December 31, 2024 and 2025 are as follows:


(In thousands)		December 31, 2024		December 31, 2025
Deferred tax assets:
Net operating losses carried forward		57,516		57,572
Investment loss in a liquidating subsidiary of the VIE		9,598		—
Allowance for current expected credit losses		1,201		978
Impairment of long-term equity investments		485		443
Accruals and others		1,609		2,952
Valuation allowance		(59,421)		(51,340)
Total deferred tax assets, net of valuation allowance		10,988		10,605
Set-off provisions		(460)		(522)
Deferred tax assets, net		10,528		10,083

Deferred tax liabilities:
Acquired intangible assets		(905)		(5,851)
Others		(709)		(809)
Total deferred tax liabilities		(1,614)		(6,660)
Set-off provisions		460		522
Deferred tax liabilities, net		(1,154)		(6,138)

Valuation allowance was provided for net operating loss carryforwards from certain subsidiaries, the VIEs and VIEs’ subsidiaries because it was more likely than not that such deferred tax assets will not be realized based on the Group’s estimate of future taxable income of those companies. Movement of valuation allowance is as follows:


	Years ended December 31,
(In thousands)	2023	2024	2025
Beginning balance	47,223	51,868	59,421
Additions	7,406	8,487	9,323
Reversals	(236)	(297)	(1,777)
Divestment of VIE’s subsidiaries	—	—	(16,576)
Exchange difference	(2,525)	(637)	949
Ending balance	51,868	59,421	51,340

As of December 31, 2025, the accumulated net operating loss of US$9,546,000 arising from the Group’s subsidiaries incorporated in Hong Kong can be carried forward indefinitely to offset future taxable income. The remaining accumulated net operating loss of US$263,669,000, mainly arose from the Company’s subsidiaries, the VIEs and VIEs’ subsidiaries established in the PRC, can be carried forward to offset future taxable income and will expire during the period from 2026 to 2035.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Related party transactions

12 Months Ended

Dec. 31, 2025

Related party transactions

Related party transactions

24. Related party transactions

The table below sets forth the related parties and their relationships with the Group:

Related party		Relationship with the Group
Xiaomi Inc.		(Note a)
Shenzhen Xiaomi Information Technology Co., Ltd. (“Shenzhen Xiaomi”)		(Note a)
Shenzhen Xiaomi Jingming Technology Co., Ltd. (“Xiaomi Jingming”)		(Note a)
Beijing Xiaomi Electronics Co., Ltd. (“Beijing Xaiomi”)		(Note a)
Beijing Itui Technology Co., Ltd. (“Beijing Itui”)		(Note b)
Beijing Itui Online Network Technology Co., Ltd. (“Itui Online”)		(Note b)
Shenzhen Tengtao Technology Co., Ltd. (“Shenzhen Tengtao”)		(Note b)
Shenzhen Changsheng Chang Technology Co., Ltd. (“Shenzhen Changsheng”)		(Note b)
Chizz (HK) Limited (“Chizz”)		(Note b)
Beijing Xiaobu Technology Co., Ltd. (“Beijing Xiaobu”)		(Note b)

Notes:

(a)

In April 2020, Best Ventures Limited (“Best Ventures”, formerly known as Xiaomi Ventures Limited) ceased to be the shareholder of the Company as Best Ventures together with certain shareholders of the Company exchanged their common shares of the Company for the shares of Itui International Inc. (“Itui”). In addition, Best Ventures is entitled to certain veto rights in determining Itui’s voting on the Company. As a result, Best Ventures and the companies controlled by Best Ventures continued to be related parties of the Company.

(b)	A company controlled by Itui, the principal shareholder of the Company.

24. Related party transactions (Continued)

During the years ended December 31, 2023, 2024 and 2025, significant related party transactions were as follows:


	Years ended December 31,
(In thousands)	2023	2024	2025
Revenue from cloud computing services
Xiaomi Inc.	7,604	5,924	5,383
Beijing Itui	358	193	93
Revenue from advertising
Itui Online (note)	8,941	9,037	10,010
Shenzhen Xiaomi	13	—	137
Revenue from technical services
Shenzhen Xiaomi	354	709	635
Revenue from membership
Beijing Xiaomi	—	—	3
Rental income
Shenzhen Tengtao	—	48	36
Shenzhen Changsheng	—	52	12
Interest income
Chizz	724	1,029	1,020
Distribution costs
Beijing Xiaobu	39	—	—
Purchase of motor vehicles
Xiaomi Jingming	—	—	44
Marketing expenses
Shenzhen Xiaomi	—	—	2,063

Note:

Itui Online has been handling a majority of the Group’s advertising resources since May 2020, including negotiation and entering into contract with advertisers, matching the requirements of advertisers and dispatching the advertising content to Xunlei’s platforms, accordingly advertisers or advertising agencies are considered as customers of Itui Online and Itui Online is viewed as the customer of the Group.

24. Related party transactions (Continued)

As of December 31, 2024 and 2025, the amounts due from/to related parties were as follows:


(In thousands)		December 31, 2024		December 31, 2025
Amounts due from related parties - current
Accounts receivable
Itui Online		9,268		10,403
Shenzhen Xiaomi		577		430
Xiaomi Inc.		1,493		1,593
Beijing Itui		177		87
Beijing Xiaomi		—		4
Other receivables
Chizz (note)		19,973		302
Other related parties (individual balance was less than US$10)		31		13
Total		31,519		12,832
Amounts due from a related party - non-current
Other receivables
Chizz (note)		—		19,826
Total		—		19,826
Amounts due to related parties
Other payables
Other related parties (individual balance was less than US$10)		17		8
Total		17		8

Note:

In September 2021, Xunlei Network provided a loan amounted to US$20 million to Chizz at an interest rate of 3% per annum for a term of 2 years. The loan was extended for another 2 years at an interest rate of 5.10% per annum in September 2023 and September 2025, respectively. Itui has been a co-debtor since the loan was extended in September 2025.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Related party transactions - Schedule of Relationship Between Related Parties with their Groups (Detail) - Related parties	12 Months Ended
	Dec. 31, 2025
Xiaomi Inc
Relationship between related parties with their groups
Relationship with the Group	(Note a)
Shenzhen Xiaomi Information Technology Co., Ltd. ("Shenzhen Xiaomi")
Relationship between related parties with their groups
Relationship with the Group	(Note a)
Shenzhen Xiaomi Jingming Technology Co., Ltd. ("Xiaomi Jingming")
Relationship between related parties with their groups
Relationship with the Group	(Note a)
Beijing Xiaomi Electronics Co., Ltd. ("Beijing Xaiomi")
Relationship between related parties with their groups
Relationship with the Group	(Note a)
Beijing Itui Technology Co., Ltd. ("Beijing Itui")
Relationship between related parties with their groups
Relationship with the Group	(Note b)
Shenzhen Changsheng Chang Technology Co., Ltd. ("Shenzhen Changsheng")
Relationship between related parties with their groups
Relationship with the Group	(Note b)
Shenzhen Tengtao Technology Co., Ltd. ("Shenzhen Tengtao")
Relationship between related parties with their groups
Relationship with the Group	(Note b)
Chizz (HK) Limited ("Chizz")
Relationship between related parties with their groups
Relationship with the Group	(Note b)
Beijing Xiaobu Technology Co., Ltd. ("Beijing Xiaobu")
Relationship between related parties with their groups
Relationship with the Group	(Note b)

Repurchase of shares

12 Months Ended

Dec. 31, 2025

Repurchase of shares

Repurchase of shares

18. Repurchase of shares

In June 2023, the Board of Directors of the Company authorized a share repurchase program (the “2023 Share Buyback Program”), whereby the Company may repurchase up to US$20 million of common shares or ADSs over the next twelve months through various legally permissible means, including open market purchases at prevailing prices and algorithmic trading, privately negotiated transactions, block trades, or other methods depending on market conditions and in compliance with applicable regulations. During the year ended December 31, 2024, 1,340,774 ADSs (2023: 2,037,721) were purchased at an aggregate consideration of approximately US$2,137,000 (2023: US$3,585,000) under the 2023 Share Buyback Program.

In June 2024, the Board of Directors of the Company authorized another share repurchase program (the “2024 Share Buyback Program”), whereby the Company may repurchase up to US$20 million of common shares or ADSs over the next twelve months through various legally permissible means, including open market purchases at prevailing prices and algorithmic trading, privately negotiated transactions, block trades, or other methods depending on market conditions and in compliance with applicable regulations. During the year ended December 31, 2024, 2,831,005 ADSs were purchased at an aggregate consideration of approximately US$5,556,000 under the 2024 Share Buyback Program. During the year ended December 31, 2025, 434,939 ADSs (2024: 2,831,005) were purchased at an aggregate consideration of approximately US$951,000 (2024: US$5,556,000) under the 2024 Share Buyback Program.

Costs of revenues

12 Months Ended

Dec. 31, 2025

Costs of revenues.

Costs of revenues

20. Costs of revenues


	Years ended December 31,
(In thousands)	2023	2024	2025
Bandwidth costs	112,522	101,632	142,827
Revenue-sharing costs	67,302	26,797	57,282
Payment handling charges	8,494	12,741	18,025
Cost of inventories sold	5,911	4,162	918
Impairment loss on intangible assets	—	—	2,515
Service fees	868	1,885	5,425
Depreciation and amortization	793	2,127	3,225
Other costs	4,759	6,223	12,669
Total	200,649	155,567	242,886

Business combinations (Details) ¥ in Millions				1 Months Ended
Business combinations (Details) ¥ in Millions	May 31, 2025 USD ($)	Jan. 26, 2025 USD ($)	Jan. 26, 2025 CNY (¥)	Apr. 30, 2024 USD ($)
Shanghai Kuanghui
Business combination
Acquisition Percentage (%)		100.00%	100.00%
Total consideration	$ 68,730,000	$ 68,730,000,000,000	¥ 500.0
Billionaire
Business combination
Acquisition Percentage (%)				55.00%
Total consideration				$ 2,156,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Prepayments and other assets - Additional information (Details) - Employees	12 Months Ended
	Dec. 31, 2025
Minimum
Schedule Of Long Term Prepayment Deposits And Other Assets [Line Items]
Term of interest-free loans to employees	5 years
Maximum
Schedule Of Long Term Prepayment Deposits And Other Assets [Line Items]
Term of interest-free loans to employees	10 years

Accrued liabilities and other payables (Detail) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current:
Payroll and welfare	$ 26,951	$ 24,821
Tax levies	17,829	9,622
Deferred consideration payable for acquisition of Hupu	9,850
Payables for advertisement	9,825	5,488
Payables related to share repurchase	2,961	2,867
Payables for office building	244	2,046
Professional service fees	1,492	1,235
Legal and litigation related expenses (Note 26)	2,723	671
Payables to joint membership partners	3,561	1,491
Payables for acquisition of long-term investments	2,350	696
Others	3,548	3,156
Total	81,334	52,093
Non-current:
Deferred consideration payable for acquisition of Hupu	2,748
Rental deposits	782	480
Total	$ 3,530	$ 480

Inventories (Tables)

12 Months Ended

Dec. 31, 2025

Inventories

Schedule of inventories


(In thousands)		December 31, 2024		December 31, 2025
Hardware devices		1,077		995
Others		401		364
Less: Impairment		(223)		(956)
Total		1,255		403

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Operating lease assets (excluding land use rights) and lease liabilities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Right-of-use assets and lease liabilities
Amortization	$ 1,046,000	$ 434,000	$ 551,000
Charge recognized in relation to short-term lease	780,000	$ 1,504,000	$ 1,645,000
Future minimum payments under non-cancellable short-term operating leases	$ 151,000
Discount rate related to operating lease (as a percent)	3.00%	3.70%	5.10%
Weighted average remaining lease term (in years)	2 years	1 year 6 months	2 years
Cash payments in respect of operating lease	$ 2,360,000	$ 1,407,000	$ 2,386,000
Rental income	$ 4,133,000	$ 2,511,000	$ 0
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Net revenues	Net revenues	Net revenues
Minimum
Right-of-use assets and lease liabilities
Operating lease, term of contract (in years)	1 year
Maximum
Right-of-use assets and lease liabilities
Operating lease, term of contract (in years)	3 years

Summary of significant accounting policies

12 Months Ended

Dec. 31, 2025

Summary of significant accounting policies

Summary of significant accounting policies

2. Summary of significant accounting policies

(a) Basis of presentation and use of estimates

The consolidated financial statements of the Group have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and related disclosures. Actual results could differ materially from these estimates. Significant accounting estimates reflected in the Group’s consolidated financial statements mainly include allowance for credit losses, valuation allowance of deferred tax assets, impairment assessment of goodwill and valuation of intangible assets acquired in business combination.

Management bases the estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from these estimates.

(b) Consolidation

The consolidated financial statements include the financial statements of the Company, its subsidiaries, VIEs for which the Company is the primary beneficiary and its subsidiaries. All transactions and balances among the Company, its subsidiaries, the VIEs and VIEs’ subsidiaries have been eliminated upon consolidation.

2. Summary of significant accounting policies (Continued)

(b) Consolidation (Continued)

A subsidiary is an entity in which the Company, directly or indirectly, controls more than one-half of the voting power, or has the power to appoint or remove the majority of the members of the board of directors to cast majority of votes at meetings of the board of directors or to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.

An entity is considered to be a VIE if the entity’s equity holders do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties.

The Group consolidates entities for which the Company is the primary beneficiary if the entity’s other equity holders do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties.

Non-controlling interests represent the portion of the net assets of a subsidiary attributable to interests that are not owned by the Company. The non-controlling interests are presented in the consolidated balance sheets, separately from equity attributable to the shareholders of the Company. Non-controlling interests in the results of the Group are presented on the face of the consolidated statements of comprehensive income/(loss) as an allocation of the total income or loss for the year between non-controlling shareholders and the shareholders of the Company.

The Group accounts for acquisitions of entities that include inputs and processes and have the ability to generate economic benefit as business combinations. The Group allocates the purchase price of the acquisition to the tangible assets and identifiable intangible assets acquired based on their estimated fair values as of the acquisition date, irrespective of the extent of any noncontrolling interests. The excess of the purchase price over those fair values is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated statements of operations and comprehensive loss. During the measurement period, which can be up to one year from the acquisition date, the Group may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded on the consolidated statements of operations and comprehensive income/(loss). Acquisition-related costs are expensed as incurred.

(d) Foreign currency translation

The Company’s reporting and functional currency is the United States Dollar (“US$”). The functional currency of other subsidiaries, the VIEs and VIEs’ subsidiaries located in the Mainland China is the Renminbi (“RMB”), and the functional currency of other subsidiaries located outside the Mainland China is the US$. Transactions denominated in foreign currencies are remeasured into the functional currency at the exchange rates prevailing on the transaction dates. Financial assets and liabilities denominated in foreign currencies are remeasured into the functional currency using the applicable exchange rates prevailing at the balance sheet date. The resulting exchange gains and losses from foreign currency transactions are included in “Other income, net” within the consolidated statements of comprehensive income/(loss).

The Company uses the monthly average exchange rate for the year and the exchange rates at the balance sheet date to translate the operating results and financial position, respectively, of its subsidiaries whose functional currency is other than the US$. The resulting translation differences are recorded in cumulated translation adjustments, a component of shareholders’ equity.

The exchange rate used is based on the rates released by Chinese State Administration of Foreign Exchange.

2. Summary of significant accounting policies (Continued)

(e) Cash and cash equivalents and restricted cash

Cash and cash equivalents include cash on hand, cash in bank and time deposits placed with banks or other financial institutions, which have original maturities of three months or less and are readily convertible to known amounts of cash.

Cash that is restricted as to withdrawal or for use or pledged as security is reported separately on the face of the consolidated balance sheets, and is included in the total cash, cash equivalents, and restricted cash in the consolidated statements of cash flows. The Group’s restricted cash represented the cash balance on deposit as required by the court for ongoing litigations as of December 31, 2025.

(f) Short-term investments

Short-term investments include deposits placed with banks with original maturities of more than three months but within one year and investments in wealth management products.

Wealth management products are certain deposits with variable interest rates or principal not guaranteed with certain financial institutions. In accordance with ASC 825 Financial Instruments, for investments in financial instruments with a variable interest rate indexed to performance of underlying assets, the Group elected the fair value method at the date of initial recognition and carried these investments subsequently at fair value. Changes in the fair value are reflected in the consolidated statements of comprehensive income/(loss). Interest generated from short-term investments are recorded when interest payments are received at the maturity date. It is recorded as “Other income, net” on the consolidated statements of comprehensive income/(loss) and measured based on the actual amount of interest the Group received.

(g) Allowance for expected credit losses

The current expected credit losses methodology requires that the full amount of expected credit losses for the lifetime of the financial instrument be recorded at the time it is originated or acquired, considering relevant historical experience, current conditions and reasonable and supportable macroeconomic forecasts that affect the collectability of financial assets, and adjusted for changes in expected lifetime credit losses subsequently, which may require earlier recognition of credit losses. The Group’s accounts receivable, due from related parties and other current assets (including other receivables) and other non-current assets (including other long-term receivables) are within the scope of ASC Topic 326.

Accounts receivable consist primarily of receivables from cloud computing customers, third-party payment channels and advertising customers. To estimate expected credit losses, the Group has identified the relevant risk characteristics of its customers and the related receivables and other receivables which include size, type of the services or the products the Group provides, or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools and assessed on a pool basis. The credit loss assessment for each pool was mainly based on past collection experience, consideration of current and future economic conditions and changes in the Group’s collection trends. Other key factors that influence the expected credit loss analysis include credit rating, payment terms offered in the normal course of business to customers, and industry-specific factors that could impact the Group’s receivables. Additionally, external data and macroeconomic factors are also considered.

(h) Inventories

Inventories are stated at the lower of cost or net realizable value. Cost is determined using actual cost on a weighted average basis. Net realizable value is the amount that can be realized from the sale of the inventory in the normal course of business after allowing for the costs of realization.

2. Summary of significant accounting policies (Continued)

(i) Long-term investments

The Group holds investments in publicly traded companies, privately-held companies and private equity funds.

Equity investments in publicly traded companies are reported at fair value as equity investment with readily determinable fair value. Unrealized gains and losses for the years ended December 31, 2023, 2024 and 2025 are recognized in “Other income, net”.

For investments in common stock or in-substance common stock issued by privately-held companies over which the Group does not have significant influence and without readily determinable fair value, the Group has elected to record these investments at cost, less impairment, and plus or minus subsequent adjustments for observable price changes. Under this measurement alternative, changes in the carrying value of equity investments will be required to be made whenever there are observable price changes in orderly transactions for the identical or similar investment of the same issuer. Management evaluates the impairment of long-term equity investments at the end of each reporting period based on performance and financial position of the investee as well as other evidence of market value. Such evaluation includes, but is not limited to, reviewing the investee’s cash position, recent financing, projected and historical financial performance, cash flow forecasts and financing needs. An impairment loss is recognized in earnings when the evaluation indicates that the investment is impaired, and the fair value is less than the carrying amount. The impairment amount equals the difference between the carrying amount and its fair value, and the fair value becomes the new cost basis of investment.

Equity investments in private equity funds, over which the Group does not have the ability to exercise significant influence, are measured using the net asset value per share based on the practical expedient in ASC Topic 820 (“NAV practical expedient”).

(j) Property and equipment

Property and equipment are stated at historical cost less accumulated depreciation and impairment loss, if any. Depreciation is calculated using the straight-line method over their estimated useful lives. Residual rate is determined based on the economic value of the asset at the end of the estimated useful life as a percentage of the original cost. If the Group commits to a plan to abandon a long-lived asset before the end of its previous estimated useful life, depreciation shall be revised to reflect a shortened useful life.


		Estimated useful lives		Residual rate
Office building		20 years		5	%
Building decoration		10 years		5	%
Servers and network equipment		2-5 years		5	%
Computer equipment		5 years		5	%
Furniture, fixtures and office equipment		3-5 years		5	%
Motor vehicles		5 years		5	%
Leasehold improvements		Shorter of lease term or 3 years		—

Repair and maintenance costs are expensed as incurred. Expenditures that substantially increase an asset’s useful life are capitalized. Upon sale or disposal, gain or loss on the disposal of property and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the consolidated statements of comprehensive income/(loss), the cost and related accumulated depreciation are removed from the consolidated balance sheets.

2. Summary of significant accounting policies (Continued)

(k) Goodwill

Goodwill represents the excess of the purchase consideration over the fair value of net assets acquired in a business combination. Goodwill is not amortized but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that it might be impaired.

The Group first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. In the qualitative assessment, the Group considers primary factors such as industry and market considerations, overall financial performance of the reporting unit, and other specific information related to the operations. If the Group decides, as a result of its qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is mandatory. Otherwise, no further testing is required. The quantitative impairment test consists of a comparison of the fair value of each reporting unit with its carrying amount. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss equal to the difference will be recorded. Application of a goodwill impairment test requires significant management judgment, including the identification of reporting units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units, and determining the fair value of each reporting unit. The judgment in estimating the fair value of reporting units includes estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit. The Group performs goodwill impairment testing at the reporting unit level on December 31 annually and more frequently if indicators of impairment exist.

(l) Intangible assets

Intangible assets are carried at cost less accumulated amortization with no residual value and impairment loss, if any. The Group performs valuation of the intangible assets arising from business combination to determine the fair value to be assigned to each asset acquired. The Group determines the fair value using the appropriate approach which requires management to make significant estimates and assumptions. The acquired intangible assets are recognized and measured at fair value.

Amortization of intangible assets is computed using the straight-line method over the estimated useful lives of the assets as follows:


		Estimated useful lives
Customer relationships		10 years
Brand name		15 years
Technology		5 years
Land use rights		30 years
Audio-visual license		9 years
Acquired computer software		5 years

Land use rights represent lease prepayments to the local government authorities, which were identified as operating lease assets upon adoption of ASC 842 on January 1, 2019.

(m) Impairment of long-lived assets

Long-lived assets include property, plant and equipment, definite lived intangible assets and operating lease assets. The Group evaluates its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. The Group assesses the recoverability of the long-lived assets by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to be received from use of the assets and their eventual disposition at the lowest level of identifiable cash flows. Such assets are considered to be impaired if the sum of the expected undiscounted cash flows is less than the carrying amount of the assets. If the Group identifies an impairment, the carrying value of the asset will be reduced to its estimated fair value based on a discounted cash flow approach or, when available and appropriate, to comparable market values.

2. Summary of significant accounting policies (Continued)

(n) Commitments and contingencies

In the normal course of business, the Group is subject to contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters. Liabilities for such contingencies are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. In regard to legal cost, the Group recorded such costs as incurred.

Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Group, but which will only be resolved when one or more future events occur or fail to occur. The Group’s management and its legal counsel assess such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Group or unasserted claims that may result in such proceedings, the Group, in consultation with its legal counsel, evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.

If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Group’s financial statements. If the assessment indicates that a potentially material loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss, if determinable and material, would be disclosed.

(o) Operating leases

(i) The Group as a lessee

Lessees are required to recognize an operating lease asset and a lease liability, initially measured at the present value of the lease payments, in its balance sheet under ASC Topic 842.

Lessees shall follow the requirements to classify most leases as either financing or operating using principles similar to previous lease accounting. In the statement of comprehensive income/(loss), a lessee shall present both of the following: a) for finance leases, the interest expense on the lease liability and amortization of the operating lease asset are not required to be presented as separate line items and shall be presented in a manner consistent with how the entity presents other interest expense and depreciation or amortization of similar assets, respectively; b) for operating leases, lease expense shall be included in the lessee’s income from operations.

The Group have elected the short-term lease exemption for all leases with a lease term of 12 months. Payments associated with short-term leases are recognized on a straight-line basis as an expense in profit or loss.

The standard also requires a lessee to recognize a single lease cost related to operating lease, calculated so that the cost of the lease is allocated over the lease term, on a generally straight-line basis.

The Group assesses, at contract inception, whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

In determining the appropriate discount rate to use in calculating the present value of contractual lease payments, management regularly evaluates the lessee’s incremental borrowing rate, as the rate implicit in the lease cannot be readily determined.

(ii) The Group as a lessor

The Group leases office building. The arrangements are in the nature of operating lease which is neither a sales-type nor direct-financing lease. As such, the underlying assets remain on the Group’s balance sheet at their carrying value and continue to depreciate based on the estimated useful life. Rental income is recognized on a straight-line basis over the rental period and recorded as “total revenues, net of rebates and discounts” in the consolidated statements of comprehensive income/(loss). The Group records an unbilled rent receivable, which is the amount by which straight-line rental income exceeds rents currently billed in accordance with the lease.

2. Summary of significant accounting policies (Continued)

(p) Revenue recognition

Revenue is recognized when or as the control of the services or goods is transferred to the customer. Depending on the terms of the contract and the laws that apply to the contract, control of the services and goods may be transferred over time or at a point in time.

A contract liability is the Group’s obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. Contract costs include incremental costs of obtaining a contract and costs to fulfil a contract.

The Group generates revenues from various streams. Net revenues presented in the consolidated statements of comprehensive income/(loss) represent revenues from service and product sales net off sales discounts and rebates, value-added tax and related surcharges.

(I) Subscription revenues

The Group operates a VIP membership program where VIP members can have access to high - speed online acceleration services, online streaming and other access privileges. The membership fee is time-based and is collected up-front from subscribers. The terms of time-based subscriptions range from one month to twelve months, with the subscribers having the option to renew the contract. The receipts of subscription fees are initially recorded as contract liabilities. The Group satisfies its various performance obligations by providing services throughout the subscription period and revenue is recognized rateably over the period of subscription as services are rendered. Unrecognized portion beyond 12 months from balance sheet date is classified as a long-term liability. The Group evaluated whether it acts as a principal or an agent in these transactions. The Group concluded it is the principal and accordingly presents revenue on a gross basis, as it controls the specified services before they are transferred to customers, establishes prices, bears credit risk, and is primarily responsible for fulfilling the performance obligations. Service fees levied by online system and mobile payment channels are recorded as the cost of revenues in the same period as the revenue for the membership fee is recognized.

(II) Live streaming revenues

The Group operates live streaming platforms and provides an internet infrastructure where users can access the platform, interact with the streamers, and purchase virtual items which they can reward to streamers in the live streaming platform to show support or enhance communication and interaction with streamers.

The Group designs, creates and offers various virtual items for sales to users with pre-determined selling price. The Group evaluates and determines that it is the principal to fulfill all obligations related to the sales of virtual items, and views users to be its customers. The Group shares a proportion of proceeds from sales of virtual items with streamers and talent agencies based on revenue sharing arrangements, mainly to attract user traffic on the platform. The Group recognizes revenue from sales of virtual items to the users on a gross basis when the relevant virtual items are presented to the streamers or over the duration of stated period of the time-based virtual items. The Group does not have further obligations to the users after the virtual items are consumed immediately or after the stated period for time-based virtual items. The revenue sharing with streamers and talent agencies is accounted for as costs of revenues.

(III) Cloud computing revenues

On a monthly basis, the Group records the bandwidth it delivers and recognizes revenue from customers under contractual rates applied (price per Gigabyte (“GB”) of bandwidth multiplies total GBs of bandwidth per month).

2. Summary of significant accounting policies (Continued)

(p) Revenue recognition (Continued)

(IV) Other internet value-added services revenues

(i) Advertising revenues

The Group derives advertising revenues from online advertising. The contracts with customers may include combinations of various advertising formats to allow advertisers to place advertisements on different areas of the Group’s platforms. Each format of advertisements is considered as a distinct performance obligation. Consideration is allocated to each performance obligation based on its standalone selling price. The Group recognizes revenue on a pro-rata basis for each performance obligation, ratably over the agreed period of display or upon the specified actions as requested by the customers are delivered.

When the Group has the latitude in establishing the price and is primarily responsible for delivering the advertising services by itself, the Group acts as the principal and recognizes revenue on a gross basis for the advertising contracts. Conversely, when the Group is not primarily responsible for the advertising arrangements by itself, it acts as an agent. In such cases, the Group recognizes its entitled share of the revenues in accordance with the cooperation agreements.

The Group provides sales rebates to customers, which are negotiated on a contract-by-contract basis. These sales rebates are accounted for as variable considerations and are estimated based on the most likely amount to be provided to customers.

(ii) Online games distribution services

The Group enters into cooperation agreements with third party online game operators. The Group provides the third-party online game operators with platforms, which the online game operators can host the online games and users can purchase virtual currencies that can be used in games. The third-party online game operators are the principal in the provision of games to users, and the Group is mainly responsible for the provision of platforms, payment collection and market promotion services to the game operators.

Accordingly, the Group views the game operators to be its customers, revenue from such online games distribution services are recognized on a net basis based on a pre-determined portion of proceeds earned from users purchase virtual currencies, when the performance obligations are satisfied, which is generally when the users purchase the virtual currencies.

(q) Sales and marketing expenses

Sales and marketing expenses comprise primarily salaries and benefits of sales and marketing personnel and external advertising and market promotion expenses. The external advertising and market promotion expenses from operations amounted to approximately US$29,140,000, US$29,783,000 and US$63,338,000 for the years ended December 31, 2023, 2024 and 2025, respectively.

(r) General and administrative expenses

General and administrative expenses consist primarily of salaries and benefits (including related share-based compensation), depreciation of property and equipment, professional service fees and other administrative expenses.

(s) Research and development costs

Research and development expenses consist primarily of staff costs and share-based compensation expense for research and development personnel, bandwidth and server related costs incurred by research and development functions and other expenses that are directly attributable to the development of new technologies and products for the businesses of the Company. The Group expenses all research and development expenses as incurred.

2. Summary of significant accounting policies (Continued)

(t) Taxation and uncertain tax positions

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements’ carrying amounts of existing assets and liabilities and their respective tax bases and tax loss carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which the difference is expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the consolidated statement of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the carrying amount of deferred tax assets if it is considered more likely than not that some portion, or all, of the deferred tax assets will not be realized. The estimation of future taxable income involves significant judgement and estimates. Based on management’s estimated future taxable income, management concluded that it is more likely than not that the net operating losses carried forward cannot be utilized prior to their respective expiration dates. The Group applied the ASC 740 “Income Taxes” regarding uncertain tax positions and evaluated its open tax positions that exist in each jurisdiction for each reporting period. If an uncertain tax position is taken or expected to be taken in a tax return, the tax benefit from that uncertain position is recognized in the Group’s consolidated financial statements if it is more likely than not that the position is sustainable upon examination by the relevant taxing authority. The Group did not have any significant uncertain tax position and there was no effect on its financial condition or results of operations as a result of applying the ASC 740 “Income Taxes”. The Group recognizes interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense, if any.

PRC Value-added Tax (“VAT”)

VAT payable on goods sold or taxable labor services provided by a general VAT taxpayer for a taxable period is the net balance of the output VAT for the period after crediting the input VAT for the period. In addition to the product revenues currently subject to VAT at a rate of 13%, the Group’s revenue from subscription, live streaming, cloud computing services and other internet value-added services are subject to VAT at a rate of 6%.

According to the policy of the PRC State Tax Bureau, taxpayers in the productive service industry are entitled to claim 105% of the input tax incurred as tax credit in determining VAT payable for the year ended December 31, 2023. There was no similar policy for the years ended December 31, 2024 and 2025.

(u) Employee benefits

Full-time employees of the Company’s subsidiaries, VIEs and VIEs’ subsidiaries in the PRC participate in a government mandated defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to employees. Chinese labor regulations require that the subsidiaries, VIEs and VIEs’ subsidiaries of the Company make contributions to the government for these benefits based on certain percentages of the employees’ salaries. The Group has no legal obligation for the benefits beyond the contributions made. The total amounts from operations for such employee benefits, which are expensed as incurred, were US$16,656,000, US$16,809,000 and US$19,505,000 for the years ended December 31, 2023, 2024 and 2025, respectively.

(v) Share-based compensation

Share-based awards granted are measured at fair value on grant date. For share-based awards granted with service-only condition, the Group elected to recognize compensation costs net of estimated forfeitures on a straight-line basis over the requisite service period, which is generally the same as the vesting period. The amount of compensation cost recognized at any date is at least equal to the portion of the grant-date value of the award that is vested at that date. For awards with performance conditions, compensation cost is recognized on an accelerated basis if it is probable that the performance condition will be achieved. The Group reassesses the probability of vesting at each reporting period for awards with performance conditions and adjusts compensation cost based on its probability assessment, unless in certain situations, the Group may not be able to determine that it is probable that a performance condition will be satisfied until the event occurs.

2. Summary of significant accounting policies (Continued)

(w) Government subsidies

The Group receives subsidies from the local PRC government for general use or purchase of equipment. General-use subsidies which are not subject to any conditions or specific use requirements are recorded as subsidy income in the consolidated statements of comprehensive income/(loss). Subsidies for purchase of equipment are recorded as deferred government grant when received, and are recorded as other income over the expected useful life of the assets after the related equipment has been purchased.

For the years ended December 31, 2023, 2024 and 2025, the Group’s government grants were in the form of cash and recognized upon receipt as further performance by the Group was not required.

(x) Segment reporting

The Group’s Chief Executive Officer has been identified as the chief operating decision maker (“CODM”), who reviews consolidated operating results of the Group when making decisions about allocating resources and assessing performance of the Group.

Upon completion of the acquisition of Hupu in May 2025, the Group started to report results of operations in two segments: (i) Xunlei, for the pre-existing business, and (ii) Hupu, for the newly acquired business.

The CODM changed to assess performance for each of the reportable segments and decide how to allocate resources based on segment total revenues and segment income from operations. The CODM uses segment total revenues and segment income from operations to monitor budget versus actual results and in competitive analysis by benchmarking to the Group’s competitors. The competitive analysis along with the monitoring of budgeted versus actual results are used in assessing performance of each segment and in establishing management’s compensation. Bandwidth costs, employee benefits expenses, advertising and market promotion expenses, revenue-sharing costs and share-based compensation expenses are significant segment expenses identified by the Group.

No asset information is provided for reportable segments as no such information is provided to the CODM to evaluate the segment performance.

The accounting policies of the segment are the same as those described in the summary of significant accounting policies.

2. Summary of significant accounting policies (Continued)

(x) Segment reporting (Continued)

The table below provides a summary of the Group’s reportable segment results and the reconciliation from the segment income from operations to the consolidated income before income taxes for the year ended December 31, 2025. There were no material transactions between reportable segments for the year ended December 31, 2025.




(In thousands)		Xunlei		Hupu		Total
Subscription revenue		154,801		—		154,801
Live streaming revenue and others (Note a)		150,037		20,121		170,158
Cloud computing services and product revenue		137,451		—		137,451
Segment total revenues		442,289		20,121		462,410
Less:
Bandwidth costs		(141,866)		(961)		(142,827)
Employee benefits expenses		(107,594)		(7,010)		(114,604)
Advertising and market promotion expenses		(63,263)		(75)		(63,338)
Revenue-sharing costs		(57,282)		—		(57,282)
Share-based compensation expenses		(3,840)		—		(3,840)
Other expenses (Note b)		(66,837)		(7,052)		(73,889)
Segment income from operations		1,607		5,023		6,630
Interest income						3,262
Interest expense						(1,698)
Other income, net						1,038,131

Income before income taxes						1,046,325

Notes:

(a)	Others mainly comprised online advertising, online games and related distribution services, technical services and rental services.

(b)	Other expenses mainly comprised payment handling charges, depreciation and amortization charges, labor outsourcing expenses and professional service fees.

2. Summary of significant accounting policies (Continued)

(x) Segment reporting (Continued)

Pursuant to ASC 280, the Company has retrospectively recast the segment financial information for the years ended December 31, 2023 and 2024 to conform to the new segment structure as below. The Group operated under a single reportable segment in prior periods, the retrospective recast primarily involves reclassifying significant segment expenses and updating usage metrics. No changes were made to consolidated financial statements.


	Years ended December 31,
(In thousands)	2023	2024
Subscription revenue	119,343	133,680
Live streaming revenue and others (Note a)	122,157	86,141
Cloud computing services and product revenue	123,411	104,584
Segment total revenues	364,911	324,405
Less:
Bandwidth costs	(112,522)	(101,632)
Employee benefits expenses	(101,373)	(106,541)
Advertising and market promotion expenses	(29,140)	(29,783)
Revenue-sharing costs	(67,302)	(26,797)
Share-based compensation expenses	(9,676)	(2,453)
Other expenses (Note b)	(46,510)	(52,155)
Segment income from operations	(1,612)	5,044
Impairment of goodwill	—	(20,748)
Interest income	4,619	4,892
Interest expense	(1,514)	(728)
Other income, net	16,904	9,183

Income/(loss) before income taxes	18,397	(2,357)

Notes:

(a)	Others mainly comprised online advertising, online games and related distribution services, technical services and rental services.

(b)	Other expenses mainly comprised payment handling charges, depreciation and amortization charges, labor outsourcing expenses and professional service fees.

During the years ended December 31, 2023, 2024 and 2025, around 91%, 79% and 79% of total revenues of the Group were derived from mainland China, respectively. In addition, the Group’s long-lived assets are substantially located in the PRC, the amount of long-lived assets attributable to any other individual country was not material as of December 31, 2023, 2024 and 2025. Therefore, no geographical segments are presented.

(y) Net income per share

Net basic income per share is computed by dividing net income attributable to holders of common shares by the weighted - average number of common shares outstanding during the year.

Net diluted income per share is calculated by dividing net income attributable to common shareholders as adjusted for the effect of dilutive common equivalent shares, if any, by the weighted - average number of common and dilutive common equivalents shares outstanding during the year. Dilutive equivalent shares are excluded from the computation of diluted income per share if their effects would be anti-dilutive. Common share equivalents are included for the unvested stock under the treasury stock method.

2. Summary of significant accounting policies (Continued)

(z) Comprehensive income/ (loss)

Comprehensive income/ (loss) is defined as the change in equity of the Group during the period from transactions and other events and circumstances excluding transactions resulting from investments from shareholders and distributions to shareholders. Accumulated other comprehensive loss, as presented on the accompanying consolidated balance sheets, consists of cumulative translation adjustments.

(aa) Profit appropriation and statutory reserves

The Group’s subsidiaries, the VIEs and VIEs’ subsidiaries incorporated in the PRC are required on an annual basis to make appropriations of retained earnings set at certain percentage of after-tax profit determined in accordance with PRC accounting standards and regulations. Appropriation to the statutory general reserve should be at least 10% of the after-tax net income determined in accordance with the legal requirements in the PRC until the reserve is equal to 50% of the entities’ registered capital. The Group is not required to make appropriation to other reserve funds and the Group does not have any intentions to make appropriations to any other reserve funds.

The general reserve fund can only be used for specific purposes, such as setting off the accumulated losses, enterprise expansion or increasing the registered capital. Appropriations to the general reserve funds are classified in the consolidated balance sheets as statutory reserves.

There are no legal requirements in the PRC to fund these reserves by transfer of cash to restricted accounts, and the Group does not do so.

(bb) Dividends

Dividends are recognized when declared. No dividends were declared for the years ended December 31, 2023, 2024 and 2025. The Group does not have any present plan to pay any dividends on common shares in the foreseeable future. The Group currently intends to retain the available funds and any future earnings to operate and expand its business.

(cc) Recent accounting pronouncements

Recently adopted accounting pronouncements

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This guidance is effective for periods beginning after December 15, 2024, with early adoption permitted. The Company adopted this guidance as of January 1, 2025, and the adoption did not have a material impact on its consolidated financial statements (Note 22).

2. Summary of significant accounting policies (Continued)

(cc) Recent accounting pronouncements (Continued)

Recently issued accounting pronouncements not yet adopted

In November 2024, the FASB issued ASU No. 2024-03, Income Statement (Topic 220)- Reporting Comprehensive Income- Expense Disaggregation Disclosures (Subtopic 220-40). ASU No. 2024-03 requires publicly-traded business entities to disclose specified information about the components of certain costs and expenses that are currently disclosed in the financial statements. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted.

In May 2025, the FASB issued ASU 2025-03, “Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity,” which requires an entity involved in an acquisition transaction effected primarily by exchanging equity interests when the legal acquiree is a VIE that meets the definition of a business to consider specific factors to determine the accounting acquirer and removes the requirement that the primary beneficiary always is the acquirer for certain transactions. Under the amendments, acquisition transactions in which the legal acquiree is a VIE will, in more instances, result in the same accounting outcomes as economically similar transactions in which the legal acquiree is a voting interest entity. The amendments do not change the accounting for a transaction determined to be a reverse acquisition or a transaction in which the legal acquirer is not a business and is determined to be the accounting acquiree. The new guidance is required to be applied prospectively to any acquisition transaction that occurs after the initial application date. This guidance is effective for the Company for the year ending March 31, 2028. Early adoption is permitted.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other - Internal-Use Software (Subtopic 350-40). ASU No. 2025-06 modernizes the accounting for internal-use software to reflect current development practices, clarifies when to begin capitalizing costs, and enhances disclosure requirements. The guidance is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted.

In December 2025, the FASB issued ASU No. 2025-10, Government Grants (Topic 832). ASU No. 2025-10 establishes guidance on the recognition, measurement, and presentation of government grants received by business entities. The guidance is effective for annual reporting periods beginning after December 15, 2028, and interim reporting periods within those annual reporting periods. Early adoption is permitted.

The Group is currently evaluating the impact of the above new accounting pronouncements or guidance on the consolidated financial statements.

Summary of significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2025

Summary of significant accounting policies

Basis of presentation and use of estimates

(a) Basis of presentation and use of estimates

Consolidation

(b) Consolidation

Business combinations

Foreign currency translation

(d) Foreign currency translation

The exchange rate used is based on the rates released by Chinese State Administration of Foreign Exchange.

Cash and cash equivalents and restricted cash

(e) Cash and cash equivalents and restricted cash

Short-term investments

(f) Short-term investments

Short-term investments include deposits placed with banks with original maturities of more than three months but within one year and investments in wealth management products.

Allowance for expected credit losses

(g) Allowance for expected credit losses

Inventories

(h) Inventories

Long-term investments

(i) Long-term investments

The Group holds investments in publicly traded companies, privately-held companies and private equity funds.

Property and equipment

(j) Property and equipment


		Estimated useful lives		Residual rate
Office building		20 years		5	%
Building decoration		10 years		5	%
Servers and network equipment		2-5 years		5	%
Computer equipment		5 years		5	%
Furniture, fixtures and office equipment		3-5 years		5	%
Motor vehicles		5 years		5	%
Leasehold improvements		Shorter of lease term or 3 years		—

Goodwill

(k) Goodwill

Intangible assets

(l) Intangible assets

Amortization of intangible assets is computed using the straight-line method over the estimated useful lives of the assets as follows:


		Estimated useful lives
Customer relationships		10 years
Brand name		15 years
Technology		5 years
Land use rights		30 years
Audio-visual license		9 years
Acquired computer software		5 years

Land use rights represent lease prepayments to the local government authorities, which were identified as operating lease assets upon adoption of ASC 842 on January 1, 2019.

Impairment of long-lived assets

(m) Impairment of long-lived assets

Commitments and contingencies

(n) Commitments and contingencies

Operating leases

(o) Operating leases

(i) The Group as a lessee

Lessees are required to recognize an operating lease asset and a lease liability, initially measured at the present value of the lease payments, in its balance sheet under ASC Topic 842.

(ii) The Group as a lessor

Revenue recognition

(p) Revenue recognition

(I) Subscription revenues

(II) Live streaming revenues

(III) Cloud computing revenues

(IV) Other internet value-added services revenues

(i) Advertising revenues

(ii) Online games distribution services

Sales and marketing expenses

(q) Sales and marketing expenses

General and administrative expenses

(r) General and administrative expenses

Research and development costs

(s) Research and development costs

Taxation and uncertain tax positions

(t) Taxation and uncertain tax positions

PRC Value-added Tax (“VAT”)

Employee benefits

(u) Employee benefits

Share-based compensation

(v) Share-based compensation

Government subsidies

(w) Government subsidies

For the years ended December 31, 2023, 2024 and 2025, the Group’s government grants were in the form of cash and recognized upon receipt as further performance by the Group was not required.

Segment reporting

(x) Segment reporting

No asset information is provided for reportable segments as no such information is provided to the CODM to evaluate the segment performance.

The accounting policies of the segment are the same as those described in the summary of significant accounting policies.




(In thousands)		Xunlei		Hupu		Total
Subscription revenue		154,801		—		154,801
Live streaming revenue and others (Note a)		150,037		20,121		170,158
Cloud computing services and product revenue		137,451		—		137,451
Segment total revenues		442,289		20,121		462,410
Less:
Bandwidth costs		(141,866)		(961)		(142,827)
Employee benefits expenses		(107,594)		(7,010)		(114,604)
Advertising and market promotion expenses		(63,263)		(75)		(63,338)
Revenue-sharing costs		(57,282)		—		(57,282)
Share-based compensation expenses		(3,840)		—		(3,840)
Other expenses (Note b)		(66,837)		(7,052)		(73,889)
Segment income from operations		1,607		5,023		6,630
Interest income						3,262
Interest expense						(1,698)
Other income, net						1,038,131

Income before income taxes						1,046,325

Notes:

(a)	Others mainly comprised online advertising, online games and related distribution services, technical services and rental services.

(b)	Other expenses mainly comprised payment handling charges, depreciation and amortization charges, labor outsourcing expenses and professional service fees.


	Years ended December 31,
(In thousands)	2023	2024
Subscription revenue	119,343	133,680
Live streaming revenue and others (Note a)	122,157	86,141
Cloud computing services and product revenue	123,411	104,584
Segment total revenues	364,911	324,405
Less:
Bandwidth costs	(112,522)	(101,632)
Employee benefits expenses	(101,373)	(106,541)
Advertising and market promotion expenses	(29,140)	(29,783)
Revenue-sharing costs	(67,302)	(26,797)
Share-based compensation expenses	(9,676)	(2,453)
Other expenses (Note b)	(46,510)	(52,155)
Segment income from operations	(1,612)	5,044
Impairment of goodwill	—	(20,748)
Interest income	4,619	4,892
Interest expense	(1,514)	(728)
Other income, net	16,904	9,183

Income/(loss) before income taxes	18,397	(2,357)

Notes:

(a)	Others mainly comprised online advertising, online games and related distribution services, technical services and rental services.

(b)	Other expenses mainly comprised payment handling charges, depreciation and amortization charges, labor outsourcing expenses and professional service fees.

Net income per share

(y) Net income per share

Net basic income per share is computed by dividing net income attributable to holders of common shares by the weighted - average number of common shares outstanding during the year.

Comprehensive income/ (loss)

(z) Comprehensive income/ (loss)

Profit appropriation and statutory reserves

(aa) Profit appropriation and statutory reserves

There are no legal requirements in the PRC to fund these reserves by transfer of cash to restricted accounts, and the Group does not do so.

Dividends

(bb) Dividends

Recent accounting pronouncements

(cc) Recent accounting pronouncements

Recently adopted accounting pronouncements

Recently issued accounting pronouncements not yet adopted

The Group is currently evaluating the impact of the above new accounting pronouncements or guidance on the consolidated financial statements.

Contract liabilities - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Contract liabilities
Contract liabilities	$ 39,580,000	$ 36,091,000	$ 38,016,000

Costs of revenues (Tables)

12 Months Ended

Dec. 31, 2025

Costs of revenues.

Schedule of costs of revenues


	Years ended December 31,
(In thousands)	2023	2024	2025
Bandwidth costs	112,522	101,632	142,827
Revenue-sharing costs	67,302	26,797	57,282
Payment handling charges	8,494	12,741	18,025
Cost of inventories sold	5,911	4,162	918
Impairment loss on intangible assets	—	—	2,515
Service fees	868	1,885	5,425
Depreciation and amortization	793	2,127	3,225
Other costs	4,759	6,223	12,669
Total	200,649	155,567	242,886

Related party transactions (Tables)

12 Months Ended

Dec. 31, 2025

Related party transactions

Schedule of relationship between related parties with their groups

Related party		Relationship with the Group
Xiaomi Inc.		(Note a)
Shenzhen Xiaomi Information Technology Co., Ltd. (“Shenzhen Xiaomi”)		(Note a)
Shenzhen Xiaomi Jingming Technology Co., Ltd. (“Xiaomi Jingming”)		(Note a)
Beijing Xiaomi Electronics Co., Ltd. (“Beijing Xaiomi”)		(Note a)
Beijing Itui Technology Co., Ltd. (“Beijing Itui”)		(Note b)
Beijing Itui Online Network Technology Co., Ltd. (“Itui Online”)		(Note b)
Shenzhen Tengtao Technology Co., Ltd. (“Shenzhen Tengtao”)		(Note b)
Shenzhen Changsheng Chang Technology Co., Ltd. (“Shenzhen Changsheng”)		(Note b)
Chizz (HK) Limited (“Chizz”)		(Note b)
Beijing Xiaobu Technology Co., Ltd. (“Beijing Xiaobu”)		(Note b)

Notes:

(a)

(b)	A company controlled by Itui, the principal shareholder of the Company.

Schedule of significant related party transactions


	Years ended December 31,
(In thousands)	2023	2024	2025
Revenue from cloud computing services
Xiaomi Inc.	7,604	5,924	5,383
Beijing Itui	358	193	93
Revenue from advertising
Itui Online (note)	8,941	9,037	10,010
Shenzhen Xiaomi	13	—	137
Revenue from technical services
Shenzhen Xiaomi	354	709	635
Revenue from membership
Beijing Xiaomi	—	—	3
Rental income
Shenzhen Tengtao	—	48	36
Shenzhen Changsheng	—	52	12
Interest income
Chizz	724	1,029	1,020
Distribution costs
Beijing Xiaobu	39	—	—
Purchase of motor vehicles
Xiaomi Jingming	—	—	44
Marketing expenses
Shenzhen Xiaomi	—	—	2,063

Schedule of amount due to from related party


(In thousands)		December 31, 2024		December 31, 2025
Amounts due from related parties - current
Accounts receivable
Itui Online		9,268		10,403
Shenzhen Xiaomi		577		430
Xiaomi Inc.		1,493		1,593
Beijing Itui		177		87
Beijing Xiaomi		—		4
Other receivables
Chizz (note)		19,973		302
Other related parties (individual balance was less than US$10)		31		13
Total		31,519		12,832
Amounts due from a related party - non-current
Other receivables
Chizz (note)		—		19,826
Total		—		19,826
Amounts due to related parties
Other payables
Other related parties (individual balance was less than US$10)		17		8
Total		17		8

Note:

Operating lease assets (excluding land use rights) and lease liabilities - Maturities of undiscounted lease payments to be received (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Undiscounted payments to be received
2026	$ 3,667
2027	3,865
2028	3,881
2029	4,128
2030	4,073
Thereafter	27,983
Total undiscounted payments	$ 47,597

Property and equipment, net

12 Months Ended

Dec. 31, 2025

Property and equipment, net

Property and equipment, net

10. Property and equipment, net

Property and equipment consist of the following:


(In thousands)		December 31, 2024		December 31, 2025
Office building		47,154		47,419
Servers and network equipment		15,326		16,913
Furniture, fixtures and office equipment		2,001		2,074
Computer equipment		1,966		2,951
Motor vehicles		450		468
Building decoration and leasehold improvements		9,231		9,513
Total original costs		76,128		79,338
Less: Accumulated depreciation		(19,491)		(23,320)
Less: Accumulated impairment		(1,207)		(1,234)
Total		55,430		54,784

The impairment loss recognized on property and equipment for the years ended December 31, 2023, 2024 and 2025 was US$1,146,000, nil and nil, respectively.

Depreciation expense recognized for the years ended December 31, 2023, 2024 and 2025 are summarized as follows:


		Years ended December 31,
(In thousands)		2023		2024		2025
Costs of revenues		740		1,346		2,064
Research and development expenses		390		158		260
Sales and marketing expenses		7		—		2
General and administrative expenses		3,290		3,182		2,644
Total		4,427		4,686		4,970

Fair value measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair value measurements

Schedule of financial instruments measured at fair value


	Fair value measurements as of December 31, 2024
		Quoted prices	Significant
		in active market	other	Significant
		for identical	observable	unobservable
		assets	inputs	inputs
(In thousands)	Total	(Level 1)	(Level 2)	(Level 3)
Short-term investments:
Investments in structured deposits and wealth management products	72,050	—	72,050	—


	Fair value measurements as of December 31, 2025
		Quoted prices	Significant
		in active market	other	Significant
		for identical	observable	unobservable
		assets	inputs	inputs
(In thousands)	Total	(Level 1)	(Level 2)	(Level 3)
Short-term investments:
Investments in structured deposits and wealth management products	65,517	—	65,517	—
Long-term investments:
Equity investments with readily determinable fair values	1,050,633	1,050,633	—	—

Subsequent events (Details) ¥ in Millions			3 Months Ended	12 Months Ended
Subsequent events (Details) ¥ in Millions	Mar. 03, 2026 USD ($)	Mar. 03, 2026 CNY (¥)	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 03, 2026 CNY (¥)
Subsequent events
Share-based compensation expenses				$ 3,840,000	$ 2,453,000	$ 9,676,000
Shenzhen Onething 2024 share incentive plan
Subsequent events
Share-based awards underlying equity percentage				30.00%	30.00%
Share-based compensation expenses				$ 0
Held for sale \| Shenzhen Onething
Subsequent events
Total assets held for sale				74,400,000
Net assets				34,100,000
Operating income				$ 1,900,000
Subsequent events \| Shenzhen Onething 2024 share incentive plan
Subsequent events
Share-based compensation expenses	$ 0
Cumulative catch up adjustment			$ 4,700,000
Subsequent events \| Shenzhen Onething
Subsequent events
Percentage of equity interest owned by parent	70.00%						70.00%
Subsequent events \| Shenzhen Onething
Subsequent events
Percent of equity interest owned	20.00%						20.00%
Subsequent events \| Xinghan Zhilian \| Related parties \| Mr. Hao Li
Subsequent events
Percentage held by related parties	70.00%						70.00%
Subsequent events \| Xinghan Zhilian \| Related parties \| Mr. Yingqiao Liu
Subsequent events
Percentage held by related parties	13.33%						13.33%
Subsequent events \| Xinghan Zhilian \| Related parties \| Mr. Lei Wu
Subsequent events
Percentage held by related parties	16.67%						16.67%
Subsequent events \| Held for sale \| Wuhan Kingsoft Cloud Information Technology Co., Ltd
Subsequent events
Percentage of interest disposed	20.00%						20.00%
Payments for disposal of subsidiaries	$ 7,200,000	¥ 50.0
Subsequent events \| Held for sale \| Xinghan Zhilian
Subsequent events
Percentage of interest disposed	30.00%						30.00%
Payments for disposal of subsidiaries	$ 10,800,000	¥ 75.0
Subsequent events \| Held for sale \| Shenzhen Onething
Subsequent events
Percentage of interest disposed	50.00%						50.00%
Sales price	$ 18,100,000						¥ 125.0

Costs of revenues - Schedule of cost of revenues (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Costs of revenues
Total	$ 242,886	$ 155,567	$ 200,649
Bandwidth costs
Costs of revenues
Total	142,827	101,632	112,522
Revenue-sharing costs
Costs of revenues
Total	57,282	26,797	67,302
Payment handling charges
Costs of revenues
Total	18,025	12,741	8,494
Cost of inventories sold
Costs of revenues
Total	918	4,162	5,911
Impairment loss on intangible assets
Costs of revenues
Total	2,515
Service fees
Costs of revenues
Total	5,425	1,885	868
Depreciation and amortization
Costs of revenues
Total	3,225	2,127	793
Other costs
Costs of revenues
Total	$ 12,669	$ 6,223	$ 4,759

Accrued liabilities and other payables (Tables)

12 Months Ended

Dec. 31, 2025

Accrued liabilities and other payables

Schedule of accrued liabilities and other payables


(In thousands)		December 31, 2024		December 31, 2025
Current:
Payroll and welfare		24,821		26,951
Tax levies		9,622		17,829
Deferred consideration payable for acquisition of Hupu		—		9,850
Payables for advertisement		5,488		9,825
Payables related to share repurchase		2,867		2,961
Payables for office building		2,046		244
Professional service fees		1,235		1,492
Legal and litigation related expenses (Note 26)		671		2,723
Payables to joint membership partners		1,491		3,561
Payables for acquisition of long-term investments		696		2,350
Others		3,156		3,548
Total		52,093		81,334
Non-current:
Deferred consideration payable for acquisition of Hupu		—		2,748
Rental deposits		480		782
Total		480		3,530

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Common shares	Treasury stock	Additional paid-in capital	Statutory reserves	Accumulated other comprehensive loss	(Accumulated deficits)/ retained earnings	Total Xunlei Limited's shareholders' equity	Non-controlling interest	Total
Beginning Balance, Amount at Dec. 31, 2022	$ 81	$ 12	$ 477,495	$ 7,036	$ (14,668)	$ (160,063)	$ 309,893	$ (1,472)	$ 308,421
Beginning Balance, Shares at Dec. 31, 2022	325,047,736
Treasury Stock, Shares, Beginning Balance at Dec. 31, 2022		49,954,204
Repurchase of common shares	$ (3)	$ 3	(4,687)				(4,687)		(4,687)
Repurchase of common shares (in shares)	(13,037,345)	13,037,345
Share-based compensation			9,676				9,676		9,676
Restricted shares vested	$ 3	$ (3)
Restricted shares vested (in shares)	11,515,165	(11,515,165)
Appropriation of statutory reserves				1,106		(1,106)
Net income						14,225	14,225	41	14,266
Currency translation adjustments					(4,245)		(4,245)	42	(4,203)
Ending Balance, Amount at Dec. 31, 2023	$ 81	$ 12	482,484	8,142	(18,913)	(146,944)	324,862	(1,389)	323,473
Ending Balance, Shares at Dec. 31, 2023	323,525,556
Treasury Stock, Shares, Ending Balance at Dec. 31, 2023		51,476,384
Repurchase of common shares	$ (5)	$ 5	(7,693)				(7,693)		(7,693)
Repurchase of common shares (in shares)	(20,858,895)	20,858,895
Share-based compensation			2,453				2,453		2,453
Restricted shares vested	$ 1	$ (1)
Restricted shares vested (in shares)	4,684,535	(4,684,535)
Appropriation of statutory reserves				576		(576)
Acquisition of a subsidiary								1,638	1,638
Net income						1,215	1,215	(552)	663
Currency translation adjustments					(2,781)		(2,781)	32	(2,749)
Ending Balance, Amount at Dec. 31, 2024	$ 77	$ 16	477,244	8,718	(21,694)	(146,305)	318,056	(271)	$ 317,785
Ending Balance, Shares at Dec. 31, 2024	307,351,196
Treasury Stock, Shares, Ending Balance at Dec. 31, 2024		67,650,744							67,650,744
Repurchase of common shares	$ (1)	$ 1	(951)				(951)		$ (951)
Repurchase of common shares (in shares)	(2,174,695)	2,174,695
Share-based compensation			3,840				3,840		3,840
Restricted shares vested	$ 2	$ (2)
Restricted shares vested (in shares)	9,100,500	(9,100,500)
Appropriation of statutory reserves				969		(969)
Net income						1,048,265	1,048,265	(655)	1,047,610
Currency translation adjustments					4,281		4,281	(48)	4,233
Ending Balance, Amount at Dec. 31, 2025	$ 78	$ 15	$ 480,133	$ 9,687	$ (17,413)	$ 900,991	$ 1,373,491	$ (974)	$ 1,372,517
Ending Balance, Shares at Dec. 31, 2025	314,277,001
Treasury Stock, Shares, Ending Balance at Dec. 31, 2025		60,724,939							60,724,939

Operating lease assets (excluding land use rights) and lease liabilities - Undiscounted cash payments (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Undiscounted cash payment
2026	$ 1,016
2027	696
2028	143
Total undiscounted payments	1,855
Less: effect of discounting	(117)
Discounted lease liabilities	$ 1,738

Taxation - Schedule of Current and Deferred Portions of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Taxation
Current income tax expenses	$ 1,591	$ 7,048	$ 4,559
Deferred income tax benefits	(2,876)	(10,068)	(428)
Income tax benefits	$ (1,285)	$ (3,020)	$ 4,131

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 32
-Subparagraph (ee)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 8: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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+ Details

Summary of significant accounting policies - Segment reporting (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Summary of significant accounting policies
Segment total revenues	$ 462,410,000	$ 324,405,000	$ 364,911,000
Bandwidth costs	(142,827,000)
Employee benefits expenses	(114,604,000)
Advertising and market promotion expenses	(63,338,000)	(29,783,000)	(29,140,000)
Revenue-sharing costs	(57,282,000)
Share-based compensation expenses	(3,840,000)	(2,453,000)	(9,676,000)
Other expenses (Note b)	(73,889,000)
Segment income from operations	6,630,000	(15,704,000)	(1,612,000)
Impairment of goodwill		(20,748,000)
Interest income	3,262,000
Interest expense	(1,698,000)
Other income, net	1,038,131,000	9,183,000	16,904,000
Net income	1,047,610,000	663,000	14,266,000
Income/(loss) before income taxes	1,046,325,000	(2,357,000)	18,397,000
Subscription revenue
Summary of significant accounting policies
Segment total revenues	154,801,000
Live streaming revenue and others
Summary of significant accounting policies
Segment total revenues	170,158,000
Cloud computing services and product revenue
Summary of significant accounting policies
Segment total revenues	137,451,000
Single reportable segment \| Subscription revenue
Summary of significant accounting policies
Segment total revenues		133,680,000	119,343,000
Single reportable segment \| Operating Segments
Summary of significant accounting policies
Segment total revenues		324,405,000	364,911,000
Bandwidth costs		(101,632,000)	(112,522,000)
Employee benefits expenses		(106,541,000)	(101,373,000)
Advertising and market promotion expenses		(29,783,000)	(29,140,000)
Revenue-sharing costs		(26,797,000)	(67,302,000)
Share-based compensation expenses		(2,453,000)	(9,676,000)
Segment income from operations		5,044,000	(1,612,000)
Impairment of goodwill		(20,748,000)
Interest income		4,892,000	4,619,000
Interest expense		(728,000)	(1,514,000)
Other income, net		9,183,000	16,904,000
Single reportable segment \| Operating Segments \| Live streaming revenue and others
Summary of significant accounting policies
Segment total revenues		86,141,000	122,157,000
Single reportable segment \| Operating Segments \| Cloud computing services and product revenue
Summary of significant accounting policies
Segment total revenues		104,584,000	123,411,000
Single reportable segment \| Inter-segment eliminations
Summary of significant accounting policies
Other expenses (Note b)		$ (52,155,000)	$ (46,510,000)
Xunlei
Summary of significant accounting policies
Segment total revenues	442,289,000
Bandwidth costs	(141,866,000)
Employee benefits expenses	(107,594,000)
Advertising and market promotion expenses	(63,263,000)
Revenue-sharing costs	(57,282,000)
Share-based compensation expenses	(3,840,000)
Other expenses (Note b)	(66,837,000)
Segment income from operations	1,607,000
Xunlei \| Subscription revenue
Summary of significant accounting policies
Segment total revenues	154,801,000
Xunlei \| Live streaming revenue and others
Summary of significant accounting policies
Segment total revenues	150,037,000
Xunlei \| Cloud computing services and product revenue
Summary of significant accounting policies
Segment total revenues	137,451,000
Hupu
Summary of significant accounting policies
Segment total revenues	20,121,000
Bandwidth costs	(961,000)
Employee benefits expenses	(7,010,000)
Advertising and market promotion expenses	(75,000)
Other expenses (Note b)	(7,052,000)
Segment income from operations	5,023,000
Hupu \| Live streaming revenue and others
Summary of significant accounting policies
Segment total revenues	$ 20,121,000

Accounts receivable, net - Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounts receivable, net
Accounts receivable	$ 69,884	$ 33,920
Less: Allowance for current expected credit losses	(1,471)	(1,258)	$ (1,022)	$ (1,429)
Accounts receivable, net	$ 68,413	$ 32,662

Operating lease assets (excluding land use rights) and lease liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Operating lease assets (excluding land use rights) and lease liabilities

Schedule of operating lease assets that are amortized over the lease term of greater than one year


(In thousands)		Office leases
Net book amount as of January 1, 2024		575
Additions		324
Amortization		(434)
Effect of foreign currency exchange differences		(15)
Net book amount as of December 31, 2024		450
Additions		2,706
Amortization		(1,046)
Modification		(217)
Effect of foreign currency exchange differences		50
Net book amount as of December 31, 2025		1,943

Schedule of undiscounted cash payments

The undiscounted cash payments for the next five years as of December 31, 2025 is:


(In thousands)
2026		1,016
2027		696
2028		143
Total undiscounted payments		1,855
Less: effect of discounting		(117)
Discounted lease liabilities		1,738

Schedule of maturities of undiscounted lease payments


(In thousands)
2026		3,667
2027		3,865
2028		3,881
2029		4,128
2030		4,073
Thereafter		27,983
Total undiscounted payments		47,597

Related party transactions - Schedule of Amount Due to from Related Party (Detail) - USD ($) $ in Thousands	1 Months Ended
	Sep. 30, 2025	Sep. 30, 2023	Sep. 30, 2021	Dec. 31, 2025	Dec. 31, 2024
Amounts due from related parties - current
Amounts due from related parties - current				$ 12,832	$ 31,519
Amounts due from a related party - non-current
Amounts due from a related party - non-current				19,826
Amounts due to related parties				8	$ 17
Interest rate					1.70%
Chizz
Amounts due from a related party - non-current
Face value			$ 20,000
Interest rate	5.10%	5.10%	3.00%
Due to term			2 years
Extended term	2 years	2 years
Related parties
Amounts due from related parties - current
Amounts due from related parties - current				12,832	$ 31,519
Amounts due from a related party - non-current
Amounts due from a related party - non-current				19,826
Amounts due to related parties				8	17
Related parties \| Itui Online
Amounts due from related parties - current
Amounts due from related parties - current				10,403	9,268
Related parties \| Shenzhen Xiaomi
Amounts due from related parties - current
Amounts due from related parties - current				430	577
Related parties \| Xiaomi Inc
Amounts due from related parties - current
Amounts due from related parties - current				1,593	1,493
Related parties \| Beijing Xiaobu
Amounts due from related parties - current
Amounts due from related parties - current				4
Related parties \| Beijing Itui
Amounts due from related parties - current
Amounts due from related parties - current				87	177
Related parties \| Chizz
Amounts due from related parties - current
Amounts due from related parties - current				302	19,973
Amounts due from a related party - non-current
Amounts due from a related party - non-current				19,826
Related parties \| Other related parties
Amounts due from related parties - current
Amounts due from related parties - current				13	31
Amounts due from a related party - non-current
Amounts due to related parties				$ 8	$ 17

Summary of significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2025

Summary of significant accounting policies

Schedule of property and equipment estimated useful life


		Estimated useful lives		Residual rate
Office building		20 years		5	%
Building decoration		10 years		5	%
Servers and network equipment		2-5 years		5	%
Computer equipment		5 years		5	%
Furniture, fixtures and office equipment		3-5 years		5	%
Motor vehicles		5 years		5	%
Leasehold improvements		Shorter of lease term or 3 years		—

Schedule of estimated useful lives of the intangible assets


		Estimated useful lives
Customer relationships		10 years
Brand name		15 years
Technology		5 years
Land use rights		30 years
Audio-visual license		9 years
Acquired computer software		5 years

Summary of segment result




(In thousands)		Xunlei		Hupu		Total
Subscription revenue		154,801		—		154,801
Live streaming revenue and others (Note a)		150,037		20,121		170,158
Cloud computing services and product revenue		137,451		—		137,451
Segment total revenues		442,289		20,121		462,410
Less:
Bandwidth costs		(141,866)		(961)		(142,827)
Employee benefits expenses		(107,594)		(7,010)		(114,604)
Advertising and market promotion expenses		(63,263)		(75)		(63,338)
Revenue-sharing costs		(57,282)		—		(57,282)
Share-based compensation expenses		(3,840)		—		(3,840)
Other expenses (Note b)		(66,837)		(7,052)		(73,889)
Segment income from operations		1,607		5,023		6,630
Interest income						3,262
Interest expense						(1,698)
Other income, net						1,038,131

Income before income taxes						1,046,325

Notes:

(a)	Others mainly comprised online advertising, online games and related distribution services, technical services and rental services.

(b)	Other expenses mainly comprised payment handling charges, depreciation and amortization charges, labor outsourcing expenses and professional service fees.


	Years ended December 31,
(In thousands)	2023	2024
Subscription revenue	119,343	133,680
Live streaming revenue and others (Note a)	122,157	86,141
Cloud computing services and product revenue	123,411	104,584
Segment total revenues	364,911	324,405
Less:
Bandwidth costs	(112,522)	(101,632)
Employee benefits expenses	(101,373)	(106,541)
Advertising and market promotion expenses	(29,140)	(29,783)
Revenue-sharing costs	(67,302)	(26,797)
Share-based compensation expenses	(9,676)	(2,453)
Other expenses (Note b)	(46,510)	(52,155)
Segment income from operations	(1,612)	5,044
Impairment of goodwill	—	(20,748)
Interest income	4,619	4,892
Interest expense	(1,514)	(728)
Other income, net	16,904	9,183

Income/(loss) before income taxes	18,397	(2,357)

Notes:

(a)	Others mainly comprised online advertising, online games and related distribution services, technical services and rental services.

(b)	Other expenses mainly comprised payment handling charges, depreciation and amortization charges, labor outsourcing expenses and professional service fees.

Business combinations (Tables)

12 Months Ended

Dec. 31, 2025

Shanghai Kuanghui Network Technology Co., Ltd. ("Shanghai Kuanghui")

Business combination

Schedule of estimated fair values of assets acquired and liabilities assumed


(In thousands)
Cash consideration paid at closing		55,876
Fair value of deferred consideration		12,854
Total consideration transferred		68,730


(In thousands)
Net assets acquired (including the cash acquired of US$3,742,000)		6,044
Intangible assets (Note 12):
- Customer relationships		17,379
- Brand name		10,016
- Technology		2,277
Deferred tax liabilities		(5,440)
Goodwill (Note 13)		38,454
Total purchase price		68,730

Billionaire Pte. Limited.

Business combination

Schedule of estimated fair values of assets acquired and liabilities assumed


(In thousands)
Fair value of total consideration transferred:
Cash consideration		2,156
Recognized amounts of identifiable assets acquired and liability assumed:
Current assets		1,424
Intangible assets (Note 12)		3,869
Current liabilities		(841)
Deferred tax liabilities		(658)
Non-controlling interests		(1,638)
Total identifiable net assets acquired, net of non-controlling interests		2,156

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Operating lease assets (excluding land use rights) and lease liabilities - Net book amount (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating lease assets and lease liabilities
Net book amount, Beginning balance	$ 450	$ 575
Additions	2,706	324
Amortization	(1,046)	(434)	$ (551)
Modification	(217)
Effect of foreign currency exchange differences	50	(15)
Net book amount, Ending balance	$ 1,943	$ 450	$ 575

Organization and nature of operations - Schedule of Consolidated Financial Information of VIEs and VIE's Subsidiaries - Cash Flow (Details) - VIEs - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Certain risks and concentration
Purchases of goods and services from group companies	$ (29,486)
Sales of goods and services to group companies	2,913	$ 504	$ 217
Other operating activities with external parties	28,942	29,803	27,634
Net cash (used in)/generated from operating activities	2,369	30,307	27,851
Repayment of loans from group companies		342
Other investing activities with external parties	(70,526)	(10,433)	(21,985)
Net cash (used in)/generated from investing activities	(70,526)	(10,091)	(21,985)
Loans from group companies	60,248	7,003	437
Repayment of loans to group companies	(42,164)	(28,028)	(19,285)
Other financing activities with external parties	46,431	6,768	(8,837)
Net cash generated from/(used in) financing activities	$ 64,515	$ (14,257)	$ (27,685)