Welcome to the 82nd Emerging Growth Conference and day one of our two-day Virtual Investor Conference. I'm Anna Berry. Just a few notes. Today we're running until 5:00 P.M. Eastern. When we switch to the next company, you'll see a black screen for a moment. Don't go anywhere. That's just us moving over to the next presenter. If you do experience downtime for more than a minute or two, refresh your browser. Everything should work properly once you do that. Our platform does work best on Google Chrome. If you're watching from an Apple device, you have to hit the play button to start the session. During each company's presentation, you can submit questions through the webcast module, and the presenters will attempt to address as many of these at the end of their presentation.
All of our conferences, they're uploaded to our Emerging Growth Conference YouTube channel. Please subscribe, youtube.com/emerginggrowthconference. Let's jump right in. We have Aurora Mobile Limited, trades on the NASDAQ under the symbol JG, and is a leading provider of customer engagement and marketing technology services, providing stable and efficient messaging services to enterprises, and has grown to be a leading mobile messaging service provider with its first mover advantage. Happy to welcome its CFO, Shan-Nen Bong. Welcome to the conference today, Shan-Nen. Nice to see you.
Hey, thanks, Anna. Hey, welcome everybody to this Thursday morning, listening to this 30-minute session on Aurora Mobile. I guess before I go on to the deck, let me take two minutes to introduce myself. My name is Shan-Nen Bong, the CFO of Aurora Mobile. I started my career as an auditor with EY, one of the big four accounting firms in Singapore. I moved on to New Zealand in EY as well to get my chartered accountant qualification. After four years in New Zealand, I moved on to San Jose, California, actually, with EY too. I'm living every minute that I spend in California. I moved on to EY Beijing. I was promoted to the audit partner in EY in Beijing. After 16 years with EY, I thought it's time to change. I moved on to corporate.
In late 2017, I joined Aurora Mobile as CFO for their IPO project. In July 2018, we managed to list ourselves on NASDAQ. Here we are today for me to have the pleasure of sharing Aurora Mobile on who we are and what we do. Let's move on to the deck. Okay. This is where we are. We are the leading provider of customer engagement and marketing technology company in China. This is the agenda for my presentation or my sharing today. First, I'll go through the company profile, and I'll move on to the global business. The third part, I'll move on to artificial intelligence, fourth, on other services that we provide. Lastly, but not least, the financial KPI that we have. Company profile. Yeah, we're based in Shenzhen, in the southern part of China.
We started our business in 2011. It is now 14 years that we are in this business. Our service is fairly straightforward. We provide push notification for our app developer using the SDK technology. If you look at the numbers on the right, as of now, we have accumulated 1.96 million app downloads, which means that there are 1.96 million apps that work with us since the inception of our company. In totality, it is close to 78.6 billion SDK installations. The monthly active device is about 1.46 billion. It is covering almost more than 90% of the devices in China. In China, the push-to-market share that we have is close to more than 55%. That is where we are in terms of numbers. This is a snapshot of what we do, of our services.
On your left, you can see these are the companies that we service. We have Tesla China, Binance, Muji, and DeepSeek, BYD. These are the companies who need to engage with their users on the right. We provide various services, be it app push, web push, SMS, email, WhatsApp, or OTP. These are the critical multi-channel engagement that we can help these companies on your left to reach their customers or their users on the right. Next is our businesses. This is for the numbers as of the last quarter, December 31, 2024. You can see 76% of our revenue is deriving from developer service. And 24% is from vertical application. By definition, developer service is revenue that we derive from developers. Of that, you can see 59% are from subscription business. I'll go into the details of what subscription business services is.
Of the 76%, 17% is from value-added service. I'll go into the detail of each service. Next is the company highlight. This is where I'd like to introduce our company using four diagrams. Firstly, the iron grip on the China domestic market. We have more than 55% on the third-party push notifications market share in China. On the top right-hand side, you can see we have great growth in the global market. I'll go into the detail of how we do and where we are right now. At the bottom left, you can see we have launched an AI platform in 2023, and we're having great success. Fourth, on the right-hand bottom, you can see the solid set of financials that we have. We have revenue growing quarter over quarter and year over year. For 2024, we achieved full-year profitability.
We're net cash inflow of $19.5 million on the last quarter. The NDR, net dollar retention, at 95%. This is very remarkable. Next, this is some of the key customers we have that we are serving right now. Again, you can see we have Tesla, we have NVIDIA, we have all the EV companies in China. On the right-hand side, top right, you can see DeepSeek and all the brand name customers, or the very recently popular DHGate is also our customer. At the bottom, you can see all the airlines. At the bottom right, you can see some of the banks or financial institutions in China. Next, again, you can see we have almost a dominant position in the Web3 space. These are our customers who are using our multi-channel user engagement services throughout the world.
This is a three-pillar that we have for Aurora Mobile. We have global business, we have AI, and we have other services that consist of our operation and our revenue contribution. Global business is one of the two growth engines for Aurora Mobile, the other being the GPT Bots business that I'll go over later. Engage Lab is a brand name for our global service. We're helping, again, we're helping customers on a global basis to engage with our users in an efficient and effective manner. We launched this Engage Lab in year 2022. As of last quarter, we have customers coming from more than 37 countries. We are providing services in these six key areas. We're having App Push, we have Web Push, we have SMS, email, WhatsApp, and OTP.
All these are channels that we are helping our customers to engage with their users. Next is the financials that we have achieved since the launch of our Engage Lab business. As you can see on the left, the customers' numbers have grown 6x in six quarters. We started with 100 customers in the third quarter of 2023. It grew all the way to more than 678 customers in the last quarter of 2024. On the right, you can see the revenue, the contract value that we have signed cumulatively has also grown more than four times. More importantly, you can look at the bottom bar. Engage Lab revenue has grown more than close to 200% year over year. This is driven by the growth of both the customers' numbers and our pool. This is a footprint of our Engage Lab business.
You can see our customers are coming from 37 countries and regions. We have data centers around the world to cater for different customers across the region. Next is artificial intelligence. Probably everyone should know OpenAI launched ChatGPT in November 2022. It took the world by storm. To me, AI has never been the same ever since. At Aurora Mobile, we launched GPT Bots in September of 2023. We created an easy-to-use, easy-to-create AI platform, enabling enterprises to better use the power of large language models into their existing business processes and to take advantage of the intelligence and the power of AI. What it means, let's take a look. This is our brand, GPT Bots.ai.
What we do is we have this efficient way of helping companies to create their own enterprise-level AI agents to help them to improve their efficiency in terms of processes. I will go on into greater detail later. This is our vision and our mission. This page, yes, we do not have our own large language model, but we are the enabler for our customers to use AI beyond simply writing a query or creating a PPT or drafting an email. For our customers, if they are using our GPT Bots, they are free to choose any of the large language models of their choice and to see which is best to suit their needs. We are there to help them to do that. This is the main scenario of GPT Bots. I will go on to greater detail later.
You can see they are used in the pre-sales SOP, standard operating procedure. The majority of them are using it for after-sales data analysis and SEO as well. Let me take a share of view on this illustration on the customer service SOP. Right now, we have seen the majority of the adoption of all the inquiries are for customer service SOP within an organization. It can be for e-commerce companies, online gaming companies, or even the more traditional enterprise where their customers would make inquiries to solve various issues. If you look at this graph, that's how we help the enterprises is we work with them on their customer service SOP. In this case, in particular, this slide, we look at each critical point of the SOP and identify the process where AI agents can be deployed to increase efficiency.
One of the most successful GPT Bots deployments we have had was one that after deployment, we helped our customers to reduce more than 50% of the customer service team headcount. To them, this is a very big savings. The return on investment is great. In summary, we are really helping customers to embrace AI, to embrace large language models in their real-life situation. More importantly, to achieve cost savings by doing so. We believe that this segment of the business will have great success in the near future when enterprises have no choice but to look at AI in their own SOP. The question is simply when. This is just some of the slides in terms of why they choose GPT Bots. Next, I'll talk about other services that we have for Aurora Mobile.
We have two other services, namely MoonFox and FinTech related business. For this part of the business, the MoonFox business, the business is where we provide the industry trend analysis and operational data of app, helping companies to gain insights and identify opportunities. The target customers are the market investors, some PE or VC funds or enterprises. Our revenue model is charging by subscription model. On the right, we have the FinTech business. This is where we help our customers to better identify credit risk or fraud risk. Our target customers are the financial institutions and FinTech companies. We charge them by the number of consultations and the risk factor by the number of features. Next is the financial KPI that we have achieved.
On the left, you can see we have six consecutive quarters of positive adjusted EBITDA since quarter three of 2023. By that, the entire 2024 calendar year, we have achieved adjusted EBITDA positive profitability. On the right, you can see the subscription service revenue. This is our core subscription service revenue. We have recorded two consecutive quarters of more than $15 million revenue per quarter. This is a great achievement. Next is the net operating cash flow. You can see for Q4 of 2024, we have recorded a huge 19.5% cash inflow. On the right, you can see the gross profit and gross margin has been hovering. The margin has been hovering between 60%-70%. The gross profit has been on the rise, more than $56 million per quarter in the last quarter.
This is just a comparison in terms of where we are compared to the A-shares, the Chinese-listed SaaS company, some of the Hong Kong-listed company, and also some of the US-listed companies. We are in the right bucket. On average, our margins are slightly higher than them. Next is to compare to the gross margin of other global SaaS companies. We are hovering at 66%, not far from the global large SaaS company. Next is our call. I guess based on what I have shared today, if there's one key message I would like you to bring home today, it's this page. For Aurora Mobile, next time when you see a notification on your smartphone, do think of us, Aurora Mobile. We are the invisible hand behind all this notification.
On the core business and revenue growth, what we have is for Engage Lab business, our quarterly revenue grew 200% year over year. Our customers' number grew 32% quarter over quarter, and contract value grew 28% quarter over quarter. All our business lines have achieved year over year and quarter over quarter growth. Developer service achieved a new milestone, reaching revenue of CNY 54.7 million in a single quarter. The net dollar retention and NDR for developer service at 95% is pretty high. On the right, just to recap, we have six consecutive quarters of positive adjusted EBITDA and full-year profitability in 2024. Quarterly revenue reaching record high of CNY 93.2 million. Our operating net cash inflow of CNY 19.5 million.
For those of you who are interested in Aurora Mobile, we'd like to invite you to listen to our Q1 earnings call, which will be on next Thursday, May 29 at 7:30 A.M. Eastern Time. Lastly, for those who are interested, please do follow us at X, Facebook, LinkedIn, StockTwit, and Reddit. That's all I have, Anna. Back to you. All right, wonderful.
Thank you so much for this presentation. A very basic question for the company, I would say, why do companies and enterprises need to outsource their user engagement service to a third party like Aurora Mobile? Can you explain that?
Sure, Anna. Yeah, to be frank and honest, many companies can build their own push notification system. This is factually correct. The real question is, at what cost? You see, we have started the business since 2011, and it is now 2025.
We have 14 years of operational experience under our belt. I guess in the lack of better words, we have seen it all. We know and have the experiences on how to deal with different problems that our customers face and what is the best solution under different scenarios. Let me take one example. The largest market cap EV companies, yeah, I guess you know who they are, for their Chinese operation. For their hot-selling Model 3 and Model Y, which are sold to the entire China from the northern part of China, say like the city of Haoping, to the southern part of China where we are, Shenzhen, is more than 3,000 km apart.
For Tesla to build an efficient push notification for them to reach their car owner through the app, they have to invest a considerable amount of servers and broadband just to have their app running smoothly. This investment in servers and broadband is not immaterial. Therefore, they came to us because we are the expert in the field. We helped them to solve this issue because we already have infrastructure ready for the entire China from north to south, from east to west. We know all the complexity in the push ecosystem that the world-renowned EV company might not know. In short, we can deliver the service in a more efficient way. For Tesla, by engaging us, they can better spend their time, energy, and money in building EVs.
Also, in recent years, we have seen another trend where companies who used to have their own push notification system, and after their internal cost-benefit analysis, they have decided to outsource this service to third parties like us. The reason is simple. For them to maintain a push system, at a minimum, they need an engineer. They need to invest in service. They need to purchase broadband to cover the entire China, which has more than 9 million sq km. It is huge. This is just one country. Imagine you have users in China. You have users in Hong Kong, Singapore, Malaysia, Thailand, and Indonesia. One engineer might not be enough. The cost to maintain their own system will creep up pretty soon. I guess another competitive advantage that we have over in-house deployment is the speed of innovation.
With the advancement of AI in the past 24 months, we have incorporated AI functionality into the push system for our clients. We have AI agents available to them for various aspects. The single most important or most popular demand for the use of AI is to help their customers to craft better push notification content. Literally in seconds, the AI agent can have 20-30 examples ready for a customer to choose from without them having to even think or even think how to start a sentence. If a customer were to use our built-in AI functionality, they do not even need to spend time understanding or choosing which AI agent or large language model to use and how to use. We have everything, almost everything ready for them.
I guess at the end of the day, it is not hard for companies to come to the realization that it is more efficient and more effective to outsource that part of the operation to us. I hope this answered the question, Anna.
Yes, it did. Thank you for that. Another question. If I'm a company based in Singapore, why should I choose Engage Lab services over maybe US service providers?
Great. This is a very interesting and relevant question. Let me share with you on what we heard from the real customer in Southeast Asia. Yes, at that part of the world, or any part of the world, a customer has a choice of choosing us or other competitors. That's for sure. Recently, one sizable customer switched to us from a US service provider because of the following reasons.
One, besides the push notification or app push and web push and email, we offer WhatsApp and OTP as well. Our US competitors do not offer WhatsApp connection or OTP service. This is for one. For the second, the speed of our response is more superior. We respond to customer issues when we receive a WeChat or receive a WhatsApp. We heard from our customers, our competitors are different. They request a customer to fill in a work order, describing the issue, and submit a form online. They will respond, but they respond within 24 hours. This is something that many of the customers do not have patience on. Lastly, as you know, some of the or most of the US companies are not.
What do you mean?
We can. Imagine if you're an app developer in Singapore where you need to send push notifications to Huawei phones. Who will you choose? You will choose Aurora Mobile who can ensure all your push notifications can be sent regardless of the phone make or the operating system or another competitor who can send to all except Huawei phones. I think the answer is obvious. Anna, these are my answers to your question.
Perfect. Thank you. Very clear on that. Your company has recorded six consecutive quarters of adjusted EBITDA profit. Are we going to see the seventh?
This is a tough question. Yes, we have been very committed and responsible in managing the company. I guess this shows up in the financials that we have had in the past six quarters.
For the Q1 earnings release, which will be on next Thursday, I'm not allowed to reveal too much at this stage. What I can say is we have been on the right track in growing the top line and diligently controlling the operating expenses. I guess so long as we continue to work towards this path, the result will show itself. Now back to you.
Engage Lab business seems to be growing very well in terms of both customer number and contract value since going overseas from day one. Talk a little bit about the trajectory of this business going forward. What can investors expect?
Yes, I guess we are very pleasantly surprised with the success of Engage Lab since we ventured overseas. We saw a huge overseas market that the customer has strong demand for our services.
For the immediate, I would say close to 50% of our overseas customers are from the Southeast Asia region. That is what we have seen. The TAM, the total addressable market, is huge. Just Southeast Asia. Answering the question you have, yeah, we do expect the growth of customer number and the contract value to be very strong every quarter. If you step back to look at Aurora Mobile as a whole, I would say the growth engine in the next two years will be coming from the strong performance of Engage Lab and the following two years from our AI agent platform, GPT Bots. Anna, back to you.
Wonderful. We are out of time. I think this is fascinating. We're so glad that you joined us on the conference. Thank you for this thorough presentation. We would love to continue to follow along with your journey. We certainly hope you come back with some future updates. Thank you, Shan-Nen, for joining us today.
Thank you, everybody. All right. Goodbye. Goodbye. Thank you. Everyone, stay with us. We will be right back with our next presenter.