欢聚集团在2025年第三季度财报中宣布，2025年至2027年期间计划通过回购和派息总计回馈股东约9亿 美元。截至2025年11月14日，集团已累计完成2.37亿美元的回购与派息，2026年预计将继续执行这一计 划，管理层在财报电话会上强调将加速回购以提升股东回报。 战略推进 来源：经济观察网 经济观察网 基于欢聚集团（NASDAQ: JOYY）最新公开信息，以下是在2026年可能值得关注的事件， 主要源于2025年第三季度财报及后续分析。这些事件反映了公司的战略方向和运营动态，但请注意，具 体时间表需以官方公告为准。 股东回报计划 业绩经营情况 欢聚集团通常按季度发布财报，2026年将陆续披露各季度业绩，投资者可关注直播与广告业务的分项进 展、用户指标（如MAU）以及现金流状况（截至2025年9月30日净现金为33.2亿美元），以评估多元化 转型效果。 以上内容基于公开资料整理，不构成投资建议。 公司计划在2026年重点拓展AI广告技术平台BIGO Ads在高价值市场的布局，包括北美和欧洲地区，并 优化iOS生态整合。同时，直播业务在连续两个季度环比增长后，管理层预计2026年将重回稳步增长轨 道，这可能伴 ...

Core Viewpoint - JOYY has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook based on rising earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Performance - The Zacks rating system emphasizes the correlation between changes in earnings estimates and stock price movements, suggesting that upward revisions can lead to increased buying pressure and higher stock prices [4][5]. - JOYY's earnings estimate for the fiscal year ending December 2025 is projected at $5.13 per share, remaining unchanged from the previous year, but the Zacks Consensus Estimate has increased by 9.1% over the past three months [8]. Zacks Rating System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7]. - Only the top 5% of Zacks-covered stocks receive a "Strong Buy" rating, indicating superior earnings estimate revisions, which positions JOYY favorably for potential market-beating returns [10].

Market Overview - The U.S. stock market opened mixed on February 4, with the Nasdaq down 0.87%, the Dow Jones up 0.21%, and the S&P 500 down 0.29% [1] - Major tech stocks mostly declined, with AMD dropping over 13% due to Q1 guidance falling short of some analysts' expectations [1][2] - Other notable declines included Meta down 1.86%, Nvidia down 0.9%, Amazon down 0.62%, and Microsoft down 0.29% [1] Company Performance - AMD's stock price fell to $209.22, reflecting a decrease of 13.58% [2] - Meta Platforms reported a stock price of $678.83, down 1.86% [2] - Nvidia's stock price was $178.71, down 0.90% [2] - Amazon's stock price was $237.15, down 0.62% [2] - Microsoft reported a stock price of $410.03, down 0.29% [2] - Tesla's stock price decreased by 0.14% to $421.39 [2] - Intel's stock price increased by 0.19% to $49.35, while Qualcomm rose by 2.59% to $150.99, and Apple increased by 2.98% to $XXX [2] Chinese Stocks - The Nasdaq Golden Dragon China Index fell over 2%, closing at 7457.16 points [3] - Notable declines among popular Chinese stocks included Kingsoft Cloud down 7.39%, NetEase down 6.93%, and Bilibili down 6.12% [3][4] - Baidu and Futu Holdings both dropped over 4.7%, while Tencent Music fell over 4.2% [3] Commodity Market - On February 4, spot gold rose by 0.93% to $4987.59, while spot silver increased by over 4.1%, reaching $89.57 per ounce [5][6] - Brent crude oil rose by 0.07% to $67.38 per barrel, while WTI crude oil fell to $63.19 per barrel, down 0.03% [6] Employment Data - In January, the U.S. ADP employment numbers increased by 22,000, which was below the forecast of 45,000 and the previous value of 41,000 [8]

Core Insights - The internet advertising industry is experiencing continuous growth, with platforms that possess scale and technological capabilities becoming important choices for advertisers in long-term budget allocation [1] Group 1: BIGO Ads' Market Position - BIGO Ads has received authoritative endorsements from leading attribution platform Singular and global ad traffic monitoring agency Pixalate, establishing its competitive advantage in precise customer acquisition [1][2] - In Singular's "2025 Q3 Advertising Network Comprehensive Performance" ranking, BIGO Ads ranked 9th overall and 7th on Android, indicating a growing recognition among advertisers [2] - Advertisers in key regions such as the US and Europe are increasing their budget allocations to BIGO Ads, particularly in sectors like casual gaming, tools, entertainment, e-commerce, and web [2] Group 2: Traffic Quality Enhancement - BIGO Ads is enhancing its traffic quality governance capabilities through a deepened partnership with Pixalate, aiming to provide a more reliable advertising environment for advertisers [3] - The ongoing Traffic Quality Enhancement Program is expected to significantly boost advertisers' trust in the platform, enhancing the overall attractiveness of BIGO Ads in terms of stability and predictability of ad performance [3] - The combination of industry rankings from Singular and collaboration with Pixalate positions BIGO Ads as a preferred channel for precise customer acquisition, with expectations for increased market share and revenue growth [3]

Group 1 - The core viewpoint of the report is that Citigroup maintains a "Buy" rating for JOYY Inc. and raises the target price from $70 to $78, driven by strong growth momentum in its advertising business and upward valuation potential [1] Group 2 - JOYY is expected to report its Q4 2025 earnings in March, with overall revenue and profit levels anticipated to meet market expectations, particularly with a significant acceleration in advertising revenue driven by increased third-party ad demand and growth in the financial and gaming sectors [2] Group 3 - Citigroup has raised its advertising revenue growth forecast for JOYY for 2026, believing that the existing verticals will continue to grow strongly, while new verticals will provide additional growth opportunities [3] - The revenue forecasts for JOYY from 2025 to 2027 have been adjusted upward, and the price-to-sales (PS) multiple for the advertising business in 2026 has been increased from 1.0x to 1.5x, reflecting enhanced growth momentum and alignment with industry peers [3] - JOYY has been placed on Citigroup's "90-day positive catalyst watchlist," indicating expectations for a more positive outlook on advertising performance in the upcoming earnings report, which could further boost market confidence [3]

Group 1: JOYY Inc. - JOYY Inc. has seen a 16.9% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - The company has a Zacks Rank of 1 (Strong Buy) [1] - JOYY Inc. offers a dividend yield of 5.9%, significantly higher than the industry average of 0.0% [1] Group 2: Seagate Technology Holdings plc - Seagate Technology has experienced a 7% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - The company holds a Zacks Rank of 1 [2] - Seagate offers a dividend yield of 1.0%, compared to the industry average of 0.0% [2] Group 3: Rockwell Automation, Inc. - Rockwell Automation has seen a 4% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [3] - The company is also ranked 1 by Zacks [3] - Rockwell Automation provides a dividend yield of 1.4%, above the industry average of 0.0% [3]

Group 1 - JOYY Inc. has attracted market attention following the release of its Q3 2025 earnings, with strong growth in its advertising business being a key focus [1][2] - Several international investment banks have raised their target prices for JOYY, reflecting optimism about the company's growth potential in the coming years [1] - Notable target price increases include Huatai Securities raising it from $71.9 to $84.2, and Citi from $59 to $70, among others [1] Group 2 - JOYY's advertising revenue has become a market highlight, with BIGO Ads achieving 33% year-over-year growth and 19.7% quarter-over-quarter growth in Q3 2025 [2] - The third-party advertising revenue saw a significant quarter-over-quarter increase of 25%, outpacing major competitors in the global ad tech sector [2] - Investment firms are recognizing the independent value of JOYY's advertising business by incorporating it into their SOTP (Sum of the Parts) valuation models [2] Group 3 - Citi's latest report emphasizes the exceptional performance of JOYY's advertising business, driven by traffic expansion and market development, with expectations for continued double-digit growth [3] - Forecasts for JOYY's revenue have been raised by 2%/4%/6% for 2025-2027 due to strengthened advertising momentum and improved revenue structure [3] - Analysts predict that JOYY's advertising business will achieve over 30% year-over-year growth in FY 2026 [3] Group 4 - JOYY's stable live streaming business continues to provide cash profits, supporting the company's revenue growth alongside its accelerating advertising business [4] - The company has maintained a strong financial position with a net cash reserve of $3.3 billion, facilitating future business expansion and shareholder returns [4] - In Q3 2025, JOYY executed approximately $240 million in buybacks and dividends, resulting in a shareholder return rate of 7.7% [4] Group 5 - Analysts from Lyon highlight JOYY's dual attributes of "yield + growth," maintaining an "outperform" rating due to the combined effects of stable live streaming and growing advertising revenue [5] - The overall profitability of JOYY is expected to improve as the advertising business grows and the revenue structure evolves, leading to a positive long-term outlook [5]

Core Viewpoint - Multiple investment banks have updated their target prices for JOYY Inc. based on its strong Q3 2025 earnings report, highlighting robust growth in advertising revenue and better-than-expected business guidance [1] Group 1: Target Price Adjustments - CITIC Securities raised its target price from $70 to $86 [1] - Deutsche Bank significantly increased its target price from $60 to $85 [1] - Lyon raised its target price from $58 to $80 [1] - Huatai Securities increased its target price from $71.9 to $84.2 [1] - Citigroup raised its target price from $59 to $70 [1] - Bank of China International increased its target price from $63 to $74 [1] - CICC raised its target price from $64 to $79 [1] - GF Securities adjusted its target price to $78.44 [1] Group 2: Financial Performance - JOYY's overall advertising revenue grew by 29.2% year-over-year [1] - Revenue from the core advertising platform, BIGO Ads, reached $10.4 million, representing a year-over-year growth of 33.1% and a quarter-over-quarter growth of 19.7% [1] - BIGO Ads has achieved three consecutive quarters of accelerating year-over-year growth, with third-party advertising revenue increasing by 25% quarter-over-quarter, significantly outpacing peers [1] Group 3: Future Outlook - JOYY's management indicated a clear path to positive revenue growth for the full year of 2025 [1] - BIGO Ads is expected to continue strong double-digit growth in 2026 [1] - The AI-driven advertising business shows high growth potential, with future business guidance exceeding market expectations, which is a key factor for the recent target price increases by institutions [1]

Investment Rating - The report maintains a "Buy" rating for JOYY Inc. with a target price of $84.20 [6][11]. Core Insights - JOYY's Q3 revenue reached $540 million, slightly exceeding the expected $532 million, with a year-over-year decline of 3.3%. The adjusted net profit attributable to shareholders was $72 million, also above the consensus estimate of $70 million [1][6]. - The acceleration in BIGO's advertising revenue is a key driver for the company's performance, with a significant year-over-year growth of 33.1% in Q3 [2][3]. - The company is focusing on optimizing its advertising algorithms and expanding its client base, which is expected to further enhance advertising revenue growth in the future [1][2]. Revenue and Profitability - For 2025-2027, the projected revenues are $2.11 billion, $2.29 billion, and $2.42 billion, respectively, reflecting slight upward adjustments from previous forecasts [5][11]. - The adjusted net profit estimates for the same period are $275 million, $277 million, and $303 million, indicating a stable profit margin [5][11]. - The advertising business is anticipated to become a significant growth driver, with expectations of continued expansion in the coming years [11][12]. Segment Performance - The BIGO segment generated $470 million in revenue for Q3, with a notable recovery in advertising revenue, which grew by approximately 50% year-over-year [2][3]. - The live streaming business showed signs of recovery, achieving a 3.5% quarter-over-quarter growth, although it still faced a year-over-year decline of 12% [3][4]. - The "All other" segment reported revenues of $68 million, with a year-over-year increase of 9%, and is expected to narrow its operating loss significantly [4][11]. Valuation - The report adjusts the valuation method to a sum-of-the-parts (SOTP) approach, estimating a total market value of $4.5 billion for JOYY, corresponding to a target price of $84.20 per share [11][13]. - The valuation multiples for the BIGO live streaming and advertising businesses are set at 12.4x PE and 3.1x PS, respectively, aligning with comparable companies [13][14].

Core Viewpoint - The article emphasizes a shift in market sentiment towards AI applications that can demonstrate tangible performance, particularly in the advertising sector, where companies like JOYY (欢聚集团) are showing significant growth in their AI-driven advertising business, BIGO Ads [3][10]. Group 1: Market Sentiment and Performance - Since October, the US tech sector has experienced significant volatility, with a shift from blind faith in AI to a focus on performance metrics [3]. - Investors are increasingly favoring companies with a safety margin, steady profitability, and clear evidence of AI adding value [3]. - The advertising technology sector is highlighted as a mature field within AI applications, with companies like JOYY entering a profit realization phase [3]. Group 2: JOYY's Performance and Growth - JOYY reported a revenue of $540 million in Q3, with BIGO Ads contributing $104 million, marking a 33.1% year-over-year growth and a 19.7% quarter-over-quarter increase [3][12]. - Following the Q3 report, JOYY's stock surged over 12%, reaching a peak of $67.85 [5]. - The company’s advertising revenue now constitutes 28.1% of total revenue, reflecting a fundamental shift in its revenue structure [12]. Group 3: Competitive Landscape in AI Advertising - The AI advertising landscape is becoming increasingly differentiated, with companies like AppLovin showing strong growth but limited valuation flexibility due to high market expectations [7]. - JOYY, categorized previously as a "live streaming platform," is now being recognized for its potential in the AI advertising space, with its stock price not yet fully reflecting its growth potential [7][14]. Group 4: BIGO Ads' Growth Dynamics - BIGO Ads has shown consistent acceleration in its advertising business, with a 30% increase in core advertiser budgets quarter-over-quarter [8]. - The platform's advertising request volume has surged, with a 228% year-over-year increase, indicating strong demand and effective scaling [9]. - BIGO Ads is expanding its verticals beyond gaming into tools, finance, and e-commerce, positioning itself as a global advertising network [10]. Group 5: Financial Health and Valuation - JOYY's financial structure is supported by its stable live streaming business, which provides a "cash cow" effect, while BIGO Ads contributes high growth momentum [12]. - The company has a net cash position of $3.32 billion, with a market capitalization of approximately $3.2 billion, indicating that its cash alone covers its market value [13]. - The current market valuation does not fully reflect JOYY's intrinsic value, suggesting a potential revaluation as the market recognizes its growth and profitability [14].