第一次去到中东的外国人，或多或少会对这里经常满座的咖啡馆感到奇怪。深夜十一点，走进沙特利 雅得的商场，中庭咖啡区依然人声鼎沸，头巾裹发、长袍及地的当地人三五一桌聚在这里，什么也不 做，只为了聊天。 "只要咖啡馆开门，晚上基本满座。"常驻迪拜的Chainbridge CTO李伟发现，中东人对于聊天的热 情远远超乎外来者的想象，他们经常和家族以及朋友在晚上聚在一起聊天。也有当地从业者感慨，这 里的线下实体店，如果不带点社交属性都不好做生意。 炎热的气候塑造了这里独特的作息。夏季白天温度可达四五十度，当地人一般在日落才外出活动，晚 上九点至十二点是商场、咖啡馆最热闹的时段。由于宗教文化影响，线下娱乐选择有限，聚会聊天成 了最主流的社交方式。 大约十年前，一些中国企业敏锐地捕捉到中东北非（MENA）地区这种旺盛的社交需求，并将其迁移 至线上，打造出语音房、游戏社交等产品，构筑起社交娱乐帝国。雅乐(YALA.US)和赤子城 （09911.HK）是做得较大的两家。 作者 | 第一财经 刘晓洁 2025.12. 24 本文字数：4240，阅读时长大约6分钟 "遍地是黄金"是中东市场广为人知的标签，但赤子城科技高级副总裁宋朋 ...

中东"遍地是黄金"，但黄金"埋得很深"。 第一次去到中东的外国人，或多或少会对这里经常满座的咖啡馆感到奇怪。深夜十一点，走进沙特利雅得的商场，中庭咖啡区依然人声鼎沸，头巾裹发、长 袍及地的当地人三五一桌聚在这里，什么也不做，只为了聊天。 "只要咖啡馆开门，晚上基本满座。"常驻迪拜的Chainbridge CTO李伟发现，中东人对于聊天的热情远远超乎外来者的想象，他们经常和家族以及朋友在晚 上聚在一起聊天。也有当地从业者感慨，这里的线下实体店，如果不带点社交属性都不好做生意。 炎热的气候塑造了这里独特的作息。夏季白天温度可达四五十度，当地人一般在日落才外出活动，晚上九点至十二点是商场、咖啡馆最热闹的时段。由于宗 教文化影响，线下娱乐选择有限，聚会聊天成了最主流的社交方式。 大约十年前，一些中国企业敏锐地捕捉到中东北非（MENA）地区这种旺盛的社交需求，并将其迁移至线上，打造出语音房、游戏社交等产品，构筑起社交 娱乐帝国。雅乐(YALA.US)和赤子城（09911.HK）是做得较大的两家。 "遍地是黄金"是中东市场广为人知的标签，但赤子城科技高级副总裁宋朋亮认为，这里的"黄金埋得很深"，对于习惯高举高打、追求速成 ...

资料显示，雅乐集团有限公司是中东和北非地区最大的以语音为中心的社交网络和娱乐平台。该公司运 营两款旗舰移动应用程序,Yalla,一个以语音为中心的群聊平台,Yalla Ludo,一个休闲游戏应用程序,以在线 桌面游戏为特色,在中东地区很受欢迎,具有内置语音聊天和本地化的Majlis功能。在Yalla和Yalla Ludo成 功的基础上,该公司扩展了其内容,创建了一个以区域为重点的综合生态系统,致力于满足中东和北非地区 用户不断发展的在线社交网络和娱乐需求。该生态系统包括YallaChat,一款专为阿拉伯用户定制的即时 通讯产品;Waha是为元宇宙设计的社交网络产品;以及诸如Yalla Baloot和101 Okey Yalla等游戏,这些游戏 旨在维持该地区充满活力的本地游戏社区。Yalla也积极开拓中东地区以外的市场,推出了一款针对南美 市场的Ludo游戏Yalla Parchis。Yalla的移动应用程序提供无缝体验,培养忠诚度和归属感,通过密切关注细 节和本地化吸引力,建立高度投入和参与的用户社区,与用户产生深刻共鸣。此外,通过其控股子公司Yalla Game Limited,扩大了在中东和北非地区的中 ...

资料显示，雅乐集团有限公司是中东和北非地区最大的以语音为中心的社交网络和娱乐平台。该公司运 营两款旗舰移动应用程序,Yalla,一个以语音为中心的群聊平台,Yalla Ludo,一个休闲游戏应用程序,以在线 桌面游戏为特色,在中东地区很受欢迎,具有内置语音聊天和本地化的Majlis功能。在Yalla和Yalla Ludo成 功的基础上,该公司扩展了其内容,创建了一个以区域为重点的综合生态系统,致力于满足中东和北非地区 用户不断发展的在线社交网络和娱乐需求。该生态系统包括YallaChat,一款专为阿拉伯用户定制的即时 通讯产品;Waha是为元宇宙设计的社交网络产品;以及诸如Yalla Baloot和101 Okey Yalla等游戏,这些游戏 旨在维持该地区充满活力的本地游戏社区。Yalla也积极开拓中东地区以外的市场,推出了一款针对南美 市场的Ludo游戏Yalla Parchis。Yalla的移动应用程序提供无缝体验,培养忠诚度和归属感,通过密切关注细 节和本地化吸引力,建立高度投入和参与的用户社区,与用户产生深刻共鸣。此外,通过其控股子公司Yalla Game Limited,扩大了在中东和北非地区的中 ...

Core Viewpoint - The article discusses the emergence of a new paradigm in globalization, characterized by "entrepreneurs going abroad" rather than traditional "enterprises going abroad," highlighting the shift in how Chinese entrepreneurs are establishing local businesses in foreign markets while leveraging Chinese resources and expertise [5][20][24]. Group 1: Case Studies of Successful Companies - "Leshu Shi" became the first Middle Eastern company to list in Hong Kong, achieving a remarkable 2358 times oversubscription and a first-day stock price surge of 35.8%, reaching a market capitalization of over 21.5 billion HKD [5][22]. - The company has a 20.3% market share in Africa's diaper market, producing 6.3 billion pieces annually, and operates eight factories across Africa [5][22]. - "Yalla," a voice social app founded by Yang Tao, has become a leading platform in the Arab world, successfully integrating local cultural preferences with Chinese internet models [12][15]. - "DOORWIN," founded by Chinese entrepreneur Lei Lili in North America, has successfully penetrated the high-end window and door market, selling to 68 countries and achieving 90% of its sales from North America [17][19]. Group 2: Factors Driving the New Paradigm - The rise of "entrepreneurs going abroad" is driven by structural opportunities in emerging markets, where local supply capabilities are limited, allowing Chinese entrepreneurs to fill market gaps [22][24]. - The outflow of Chinese advantages, including a complete manufacturing system and internet operational experience, enables entrepreneurs to leverage these strengths in global markets [23][24]. - Geopolitical factors, such as the U.S.-China rivalry, have made it beneficial for entrepreneurs to establish local entities abroad to avoid regulatory burdens associated with being identified as Chinese companies [23][24]. Group 3: The Role of Hong Kong - Hong Kong serves as a unique and critical platform for these globally-oriented companies, offering a mature regulatory framework for overseas income and facilitating access to both international and mainland investors [26][29]. - The capital market in Hong Kong is recognized for its openness, making it an ideal listing location for companies with complex identities [26][29]. - The success of companies like "Leshu Shi" in Hong Kong may signal a trend where both Chinese-founded companies abroad and foreign companies focusing on the Chinese market increasingly choose Hong Kong for their listings [29]. Group 4: Broader Implications - The new wave of "entrepreneurs going abroad" signifies a shift in the narrative of China's global presence from merely being the "world's factory" to exporting entrepreneurial spirit and operational capabilities [31][32]. - This trend is expected to reshape global business dynamics, introducing a new category of competition that includes localized enterprises with Chinese backgrounds [33]. - The article emphasizes that while challenges exist, the direction of this entrepreneurial movement is significant, indicating a more decentralized and flexible approach to globalization [35].

Core Viewpoint - Yalla Technology (YALA.US) reported its Q3 2025 financial results, showing limited revenue growth but exceeding market expectations, yet the stock price fell significantly post-announcement, indicating investor concerns about user retention and overall market confidence [1][4]. Financial Performance - In Q3 2025, Yalla achieved revenue of $89.636 million, a year-on-year increase of 0.8%, and net profit of $40.7 million, up 3.9% year-on-year, with a net profit margin of 45.4%, an increase of 1.4 percentage points [1]. - Following the Q3 report, Yalla's stock price dropped by 8.24%, continuing a downward trend since reaching a yearly high on August 5, with a current price of $6.95, down 25.20% from that peak [1][4]. User Metrics - The average monthly active users (MAU) in Q3 2025 grew by 8.1% to 43.4 million, but the number of paying users decreased by 9.7% year-on-year to 1.137 million, indicating a concerning trend in user monetization [4][5]. - In Q4 2024, Yalla had a MAU of 41.445 million, a 14.4% increase, and paying users increased by 3.2% to 12.309 million, suggesting a previous improvement in user conversion rates [4][5]. Market Sentiment - The fluctuations in paying user numbers appear to correlate with stock price movements, suggesting that investor sentiment is closely tied to the company's ability to retain and grow its paying user base [4][5]. - Despite a 71.18% increase in stock price earlier this year, the recent performance has raised questions about how to regain investor confidence [1][4]. Strategic Initiatives - Yalla plans to launch two self-developed games in 2025 and has accelerated its stock buyback program, aiming to double the buyback target to at least $28 million [2][8]. - The company has soft-launched a new game, "Turbo Match," which has received positive initial feedback, and is also set to release another game, "Boom Survivor," later this month [7][8]. Business Segments - The gaming segment has shown stronger growth compared to the chat service, with Q1 2025 gaming revenue increasing by 13.6% to $30.1 million, while chat service growth was only 2.5% [6][7]. - The company is focusing on new game iterations to drive overall performance growth, with plans to increase marketing budgets in successful markets [7][8].

Core Viewpoint - Yala Technology has successfully launched its first self-developed mid-core game, "Turbo Match," in the third quarter, aiming to activate growth engines and expand into the mid-core gaming sector, which is expected to contribute significantly to revenue by mid-2026 [2][3][5]. Financial Performance - Yala Technology reported a quarterly revenue growth, maintaining its record of growth since its listing in 2020, with total revenue reaching $89.6 million, a 0.8% increase year-over-year [5][8]. - The company has a strong cash reserve of $740 million as of September, up from $660 million at the end of the previous year, and continues to maintain a high profit margin of 45.4% [5][8]. - The company has repurchased $51.9 million in stock this year, exceeding its annual target of $50 million, which supports its stock price [8]. Market Strategy - The launch of "Turbo Match" has received positive feedback in core markets, including the Middle East, North America, and Europe, with plans to increase marketing budgets in strong-performing markets [3][7]. - Yala Technology is transitioning from a focus on voice social services to the more profitable mid-core gaming sector, leveraging its large casual gaming user base [5][7]. - The company plans to release additional games, including a "Roguelike" game titled "Boom Survivor" and a strategy game through partnerships with leading game studios [7]. User Metrics - Monthly active users increased by 8.1% year-over-year to 43.4 million, although the number of paying users slightly declined compared to the previous year [8].

Core Viewpoint - Yalla Group, the largest online social and gaming company in the MENA region, reported strong financial performance for Q3 2025, with revenues exceeding expectations and a focus on high-quality growth through operational efficiency and product optimization [1][2]. Financial Performance - For Q3 2025, Yalla Group achieved total revenue of $89.636 million, with social services contributing $55.459 million and gaming services contributing $33.798 million [1]. - The company reported a net profit of $40.724 million, reflecting a year-on-year growth of 3.9%, with a net profit margin of 45.4%, an increase of 1.4 percentage points from the previous year [1][2]. Shareholder Returns - As of November 7, 2025, Yalla Group returned approximately $51.90 million to shareholders through a stock buyback program, exceeding its initial target of $50 million for the year [2]. - The company is continuing its $150 million buyback plan and plans to establish a new long-term shareholder return strategy after its completion [2]. Business Expansion - The gaming segment is identified as a key driver for market expansion, with the soft launch of the first match-3 game, Turbo Match, on Android showing promising initial user acquisition and retention [2]. - Yalla Group plans to release additional games, including a self-developed roguelike game and strategy games in collaboration with top studios, to strengthen its presence in the MENA gaming market [2]. Future Outlook - Yalla Group anticipates Q4 2025 revenues to be between $78 million and $85 million [3].

Core Insights - Yalla Group reported strong Q3 2025 performance with revenues of $89.64 million, exceeding guidance [1] - The company achieved a net profit of $40.72 million, a year-on-year increase of 3.9%, with a net profit margin of 45.4% [1] - The gaming segment is a key driver for market expansion, with new game releases planned to enhance user engagement [1] Financial Performance - Q3 2025 revenue breakdown: social services revenue was $55.46 million, and gaming services revenue was $33.80 million [1] - The net profit margin increased by 1.4 percentage points year-on-year, reaching 45.4% [1] - The company returned approximately $51.90 million to shareholders through a stock buyback program, exceeding its initial target of $50 million [1] Future Outlook - Yalla Group expects Q4 2025 revenue to be between $78 million and $85 million [2] - The company plans to continue executing its $150 million stock buyback program and aims to create sustainable long-term value for investors [1]

Financial Data and Key Metrics Changes - Total revenues grew to $89.6 million, a 0.8% increase from $88.9 million in the same period last year [16] - Net income increased by 3.9% year-over-year to $40.7 million, with a net margin of 45.4%, up 1.4 percentage points year-over-year [5][15] - Total costs and expenses decreased by 1% to $55.9 million from $56.4 million in the same period last year [16] - Cost of revenues as a percentage of total revenues decreased to 31.7% from 35.8% in the same period last year [17] Business Line Data and Key Metrics Changes - Average monthly active users (MAUs) increased by 8.1% year-over-year to 43.4 million [12] - Selling and marketing expenses rose by 30.3% to $9.6 million, primarily due to higher advertising and marketing promotion expenses [17] - Technology and product development expenses increased by 21.4% to $8.6 million, driven by increased salaries and benefits for staff [18] Market Data and Key Metrics Changes - The Middle East digital economy is expected to reach around $7.1 billion in 2025, with 75% year-over-year growth in the gaming market [5] - The company is focusing on expanding its presence in both the MENA region and new markets, leveraging its gaming titles to penetrate diverse regional markets [29] Company Strategy and Development Direction - The company aims to capture the growing digital entertainment ecosystem in the MENA region and enhance its product portfolio [6] - A dual-track strategy focusing on self-developed titles and game distribution has been established to build a competitive edge in mid-core and hardcore games [33] - The company plans to maintain a similar level of share repurchases in 2026 as in 2025, with a commitment to maximizing shareholder value [41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of the gaming market in the MENA region and the company's ability to innovate and adapt [5][11] - The outlook for Q4 2025 anticipates revenues between $78 million and $85 million, with expectations for new business initiatives to become more visible in the coming quarters [21][43] - Full-year 2025 net margin is expected to reach about 40%, with R&D spending trends remaining similar to 2025 [43] Other Important Information - The company has repurchased over 7.7 million ADS for an aggregate amount of $51.9 million as of November 7, 2025, achieving its full-year repurchase commitment ahead of schedule [9][41] - The company celebrated its fifth anniversary of public listing, highlighting its growth and leading position in the online social networking and gaming market [10] Q&A Session Summary Question: Can Management brief us on the advancements in mid-core and hardcore games? - Management highlighted the soft-launch of two match-three titles, Turbo Match and a roguelike product, with plans for further investment based on positive test results [24][25] Question: How should we think about the strategic role of our match game? - Management indicated that match-three games serve as an entry point for exploring diversified regional markets, with plans to increase marketing budgets in strong-performing areas [29][30] Question: Could Management share the company's upcoming gaming strategy? - Management outlined a dual-track strategy focusing on self-developed casual and mid-core games, alongside partnerships for game distribution to enhance the product pipeline [33][34] Question: Can we get Management's view on the quarterly performance of flagship products? - Management reported significant breakthroughs in product innovation for Yalla and Yalla Ludo, with expectations for stable growth and new feature introductions [37][38] Question: Could Management outline the plans for future shareholder returns? - Management confirmed the completion of the 2025 repurchase commitment and plans to maintain a similar level of share repurchases in 2026 [41][42] Question: What is the revenue and profitability outlook for Q4 and 2026? - Management expects limited contribution from new business initiatives in Q4, with full-year 2025 revenue anticipated to be broadly in line with 2024 [43]