Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $494 million, with non-live streaming revenue reaching $123 million, a year-over-year increase of 25.3% [8][29] - Non-GAAP operating profit was $31 million, reflecting a year-over-year increase of 25% [9][35] - Operating cash flow was strong at $58 million, with dividends distributed amounting to approximately $49.1 million and share repurchases of about $22.5 million [9][36] Business Line Data and Key Metrics Changes - Live streaming revenue was $351.3 million, with Bigo contributing $352 million, aligning with expectations [30] - Non-live streaming revenue accounted for 24.9% of total group revenues, up from 17.4% in the same period last year [31] - Bigo's non-live streaming revenues, primarily from advertising, increased by 27.3% year-over-year to $80.3 million [32] Market Data and Key Metrics Changes - In developed countries, live streaming revenue increased, with North America seeing a 7% year-over-year growth in MAUs [16] - The Middle East market remains a strategic priority due to strong monetization potential and high engagement [18] - Bigo achieved approximately $18 million in advertising revenue, a year-over-year growth of about 27% [20] Company Strategy and Development Direction - The company is focusing on diversifying its revenue streams, with non-live streaming businesses expected to become a second growth engine [12][26] - A multi-agent approach is being adopted to establish a sustainable long-term growth roadmap [12] - The advertising platform, Bigo Ads, is being enhanced through AI technologies to improve targeting and ROI for advertisers [23][24] Management's Comments on Operating Environment and Future Outlook - Management anticipates stabilization in live streaming revenue starting in Q2 2025, with positive quarter-over-quarter growth expected [45] - Non-live streaming businesses are projected to accelerate revenue growth in the second half of the year [46] - The company remains committed to delivering sustainable, profitable growth and long-term value for shareholders [38][62] Other Important Information - The company has a healthy balance sheet with a strong net cash position of $3.4 billion as of March 31, 2025 [36] - Shareholder returns are a key component of the capital allocation strategy, with consistent dividends and share repurchases [37][60] Q&A Session Summary Question: Can management comment on the overall monetization trend in the second half, particularly for Bigo Life? - Management expects live streaming revenue to stabilize and resume positive growth in Q2, driven by high-quality user acquisition strategies [45] Question: What are the trends in operating expenses and margin outlook for 2025? - Management noted improvements in gross margins for both Bigo and other segments, with expectations for continued positive trends in operating profit for the full year [48] Question: Can management share updates on new initiatives in 2025 and the reasons behind Bigo Ads' accelerating growth? - Management highlighted the need for advertisers to diversify their placement budgets and the advantages of Bigo Ads' extensive user base and AI capabilities for effective targeting [53][56] Question: What are the insights on shareholder return policies and capital return strategies? - Management reiterated the commitment to shareholder returns through dividends and share repurchases, while also focusing on resource allocation to support growth in non-live streaming businesses [60][62]

Financial Data and Key Metrics Changes - Total revenue for the first quarter of 2025 was $494 million, with non-live streaming revenue reaching $123 million, a year-over-year increase of 25.3% [7][30] - Non-GAAP operating profit was $31 million, reflecting a year-over-year increase of 25% [8][36] - Operating cash flow was strong at $58 million, and the company distributed approximately $49.1 million in dividends to shareholders [8][39] Business Line Data and Key Metrics Changes - Live streaming revenue was $351.3 million, with Bigo contributing $350.1 million, in line with expectations [31] - Non-live streaming revenue accounted for 24.9% of total group revenues, up from 17.4% in the same period last year [32] - Bigo's non-live streaming revenues, primarily from advertising, increased by 27.3% year-over-year to $80.3 million [33] Market Data and Key Metrics Changes - In developed countries, live streaming revenue increased, with Bigo Life's North American region seeing MAU growth exceeding 7% year-over-year [16] - The Middle East market remains a strategic priority due to strong monetization potential and high engagement [17] Company Strategy and Development Direction - The company is focusing on diversifying its revenue streams, particularly through its advertising and smart commerce platforms, which are expected to become significant growth engines [12][26] - A strategic transition is underway to prioritize high-quality organic growth and operational efficiency [28][40] Management's Comments on Operating Environment and Future Outlook - Management expects live streaming revenue to stabilize and resume positive growth in the second quarter of 2025 [47] - The advertising business is anticipated to accelerate in the second half of the year, driven by increased demand and improved monetization strategies [48] Other Important Information - The company has maintained a healthy balance sheet with a strong net cash position of $3.4 billion as of March 31, 2025 [38] - Shareholder returns remain a key focus, with ongoing dividends and share repurchases [39][61] Q&A Session Summary Question: Insights on the second half business outlook and cost optimization - Management noted that adjustments made to the live streaming business are expected to stabilize revenue and improve user acquisition strategies [44][46] - Cost optimization efforts have led to improved margins and a positive outlook for operating expenses in 2025 [48][50] Question: Updates on new initiatives and reasons behind advertising growth - Management highlighted the need for advertisers to diversify their placement strategies, which has driven growth in Bigo Ads [52][54] - The advertising business benefits from a large user base and advanced AI capabilities, contributing to profitability [56][58] Question: Shareholder return policies and capital return strategies - The company remains committed to shareholder returns through dividends and share repurchases while optimizing resource allocation for growth [60][62]

Financial Highlights - The company reported net revenues of $494.4 million for Q1 2025, a decrease from $564.6 million in Q1 2024 [5] - Non-livestreaming revenues reached $123.0 million, marking a year-over-year increase of 25.3% and accounting for 24.9% of total net revenues for the first time [4][8] - Live streaming revenues were $371.3 million, down from $466.4 million in the same period last year, attributed to a decline in paying users and ARPPU [6][5] - GAAP operating profit was $12.2 million, a 244.5% increase year-over-year, while non-GAAP operating profit was $31.0 million, up 24.9% [12][13] - The company distributed approximately $49.1 million in dividends and repurchased $22.5 million worth of shares from January 1, 2025, to May 23, 2025 [4] Operational Highlights - The global average mobile MAUs decreased to 260.4 million from 277.3 million year-over-year, primarily due to optimized sales and marketing strategies [7] - The average mobile MAUs for Bigo Live, Likee, and Hago were 28.9 million, 30.2 million, and 3.3 million, respectively, all showing declines compared to the previous year [7] - The total number of paying users for BIGO was 1.45 million, down from 1.67 million in the same period last year [7] Cost and Profitability - Cost of revenues decreased by 14.5% to $315.7 million, leading to a gross profit of $178.6 million, with a gross margin of 36.1% [9][10] - Operating expenses were reduced to $167.2 million, down from $195.4 million in Q1 2024, with significant decreases in sales and marketing expenses [11] - Non-GAAP net income from continuing operations was $63.2 million, compared to $67.2 million in Q1 2024, with a non-GAAP net income margin of 12.8% [15] Balance Sheet and Cash Flow - As of March 31, 2025, the company had net cash of $3,385.9 million, an increase from $3,275.9 million at the end of 2024 [17] - Net cash from operating activities for Q1 2025 was $58.0 million [17] Business Outlook - For Q2 2025, the company expects net revenues to be between $499 million and $519 million, reflecting current market conditions and operational strategies [20] Shareholder Returns - The company has authorized a quarterly dividend program, with a total of approximately $600 million to be distributed over three years, declaring a dividend of $0.94 per ADS for Q2 2025 [22]

Group 1 - JOYY Inc. plans to release its first quarter 2025 financial results after the U.S. market closes on May 26, 2025 [1] - An earnings conference call will be hosted by the company's management at 9:00 PM U.S. Eastern Time on May 26, 2025 [1] - Participants can pre-register for the conference call and will receive dial-in numbers and a unique PIN via email [1][2] Group 2 - JOYY is a leading global technology company with a mission to enrich lives through technology [3] - The company has a diversified product portfolio that includes live streaming, short-form videos, casual games, instant messaging, and advertising initiatives [3] - JOYY has been listed on NASDAQ since November 2012 and operates globally with a focus on localized strategies [3]

Core Viewpoint - JOYY Inc. has filed its annual report on Form 20-F for the fiscal year ended December 31, 2024, with the SEC, indicating ongoing compliance and transparency in financial reporting [1]. Company Overview - JOYY Inc. is a leading global technology company focused on enriching lives through technology, with a diversified product portfolio that includes live streaming, short-form videos, casual games, instant messaging, and advertising initiatives [3]. - The company operates globally and has established a vibrant user community through localized strategies, showcasing its adaptability in various markets [3]. - JOYY's American Depositary Shares (ADSs) have been listed on NASDAQ since November 2012, reflecting its established presence in the financial markets [3]. Investor Relations - The company offers a hard copy of its annual report containing audited consolidated financial statements free of charge to shareholders and ADS holders upon request [2]. - Requests for the annual report can be directed to the Investor Relations Department via email [2][4].

Revenue and Operations - The company's operations in mainland China accounted for 19.7%, 15.3%, and 10.4% of total net revenues for the years ended December 31, 2022, 2023, and 2024, respectively[163]. - Revenues from variable interest entities in mainland China contributed 19.8%, 13.3%, and 9.9% of total net revenues for the years ended December 31, 2022, 2023, and 2024, respectively[170]. Taxation and Financial Risks - The company is subject to a corporate income tax rate of 17% in Singapore, with a preferential tax rate of 5% for Bigo Singapore from 2023 to 2027[161]. - The company may incur financial losses from derivatives transactions intended to manage exchange rate risk if local currencies increase in value[157]. - The company is exposed to potential unfavorable tax consequences if classified as a tax resident in certain jurisdictions, which could materially reduce net income[158]. - Changes in tax laws, such as the OECD's announcement of a global minimum tax of 15%, could adversely impact the company's financial results[162]. - The company may be classified as a Passive Foreign Investment Company (PFIC) for U.S. federal income tax purposes, which could lead to adverse tax consequences for U.S. holders of its ADSs[181]. - The company faces potential adverse tax consequences if the contracts with variable interest entities are deemed not to be on an arm's length basis by mainland China tax authorities[174]. Regulatory and Legal Risks - The legal system in mainland China presents uncertainties that could materially affect the company's business operations and legal rights[164]. - The company must comply with evolving internet-related regulations in mainland China, which may require additional licenses or permits[166]. - The company faces risks related to its corporate structure in mainland China, which could lead to severe penalties if deemed non-compliant with local laws[171]. - The company relies on contractual arrangements with variable interest entities in mainland China, which may not be as effective as direct ownership and could lead to legal complications[173]. Market and Shareholder Risks - The trading prices of the company's ADSs ranged from US$27.88 to US$42.88 in 2024, indicating potential volatility in the market[176]. - The stock market has experienced extreme price and volume fluctuations, which may adversely affect the market price of the company's ADSs[182]. - The company may face substantial losses due to volatility in trading prices influenced by various market and industry factors[178]. - The perception of substantial sales of the company’s ADSs could adversely affect their market price and impair future capital raising efforts[197]. - The trading market for the company’s ADSs could decline if securities analysts downgrade their recommendations or cease coverage[196]. Corporate Governance and Control - As of March 31, 2025, Mr. David Xueling Li and his affiliates held 86.1% of the total voting power, significantly influencing corporate decisions[186]. - Mr. Jun Lei, a major shareholder, beneficially owned 11.9% of the outstanding shares as of March 31, 2025, and has delegated voting rights to Mr. Li[189]. - The company’s articles of association contain anti-takeover provisions that may adversely affect shareholders' rights and the market price of its ADSs[198]. - The company is exempt from certain U.S. securities regulations, which may result in less extensive and timely information being available to investors compared to U.S. domestic issuers[210]. - The company has relied on exemptions available to foreign private issuers, which may afford shareholders less protection than under Nasdaq corporate governance requirements applicable to U.S. domestic issuers[212]. - The company may face difficulties in enforcing judgments obtained against it in the U.S. due to its incorporation under Cayman Islands law and the location of its assets and directors[207]. - The company’s memorandum and articles of association provide for exclusive judicial forums in the U.S., which may limit shareholders' ability to bring claims in preferred jurisdictions[200]. - The company does not provide general rights under Cayman Islands law for shareholders to inspect corporate records, making it difficult for shareholders to obtain necessary information[204]. Share Repurchase and Dividends - The board of directors authorized a share repurchase program of approximately US$530 million for a 12-month period starting from the end of November 2023[219]. - In August 2024, the board extended the share repurchase program for another 12-month period, allowing for the repurchase of up to US$400 million of shares until the end of November 2025[219]. - A new share repurchase program was approved in March 2025, authorizing the repurchase of up to US$300 million of shares until the end of 2027[219]. - The share repurchase program does not obligate the company to repurchase any specific dollar amount or acquire any specific number of shares[219]. - The specific timing and amount of share repurchases will depend on prevailing share prices, general economic conditions, and company performance[219]. - The company cannot guarantee that the share repurchase program will be fully consummated, which may affect the trading price of its ADSs[219]. - The share repurchase program and future dividend payments could increase the volatility of the trading price of the ADSs[219]. - The company may not be able to distribute dividends or other distributions if it is illegal or impractical to do so[216]. - Holders of ADSs may not have the same rights as registered shareholders, including limitations on voting rights[215]. - The depositary may close its books at any time, which could limit the transferability of ADSs[217]. Reputation and Public Perception - Negative media reports and adverse publicity regarding user metrics and revenue authenticity could harm the company's reputation and affect the trading price of its ADSs[190]. - The company is currently facing scrutiny and negative publicity due to allegations of ineffective internal control over financial reporting, leading to financial irregularities and potential fraud investigations[193]. - The company may incur significant costs and time defending against government investigations or shareholder lawsuits resulting from third-party conduct[191].