Group 1: Meituan (3690 HK) - The report maintains a "Buy" rating for Meituan, with a target price adjusted to HKD 165.00, indicating a potential upside of 27.5% from the closing price of HKD 129.40 [1] - In Q1 2025, Meituan's revenue grew by 18% year-on-year, with core business and new business revenues increasing by 18% and 19% respectively. The adjusted operating profit margin for the core business improved by 3.2 percentage points to 21% [1][2] - The report anticipates that increased competition in the food delivery sector may impact revenue and profit growth in Q2 2025, projecting a revenue growth of 4% for food delivery and 30% for flash purchase services [2] Group 2: Huya Group (YY US) - The report maintains a "Buy" rating for Huya Group, with a target price of USD 60.00, suggesting a potential upside of 29.9% from the closing price of USD 46.19 [3] - In Q1 2025, Huya's revenue was USD 490 million, a year-on-year decline of 12%. Live streaming revenue decreased by 20%, while non-live streaming revenue increased by 25%, raising its revenue share to 25% [3] - The report expects Huya's BIGO live streaming segment to stabilize and recover in Q2 2025, with advertising revenue anticipated to accelerate in growth [3] Group 3: China Power (2380 HK) - The report maintains a "Buy" rating for China Power, with an increased target price of HKD 3.77, reflecting an 18.2% potential upside from the closing price of HKD 3.19 [6] - For the first four months of 2025, China Power's total electricity generation increased slightly by 0.3% year-on-year, with wind and solar power generation rising by 32.1% and 13.6% respectively [6] - The report notes that the domestic coal prices have dropped over 7% since the end of March 2025, leading to an expected improvement in the fire power price differential for the first half of the year [6]

Core Insights - The company reported Q1 2025 revenue of $494 million, a year-over-year decline of 12.4%, primarily due to a significant drop in live streaming revenue [1] - Core live streaming revenue was $371 million, down over 20% compared to the same period last year [1] - The sale of YY Live was completed in this quarter, resulting in a confirmed gain of approximately $1.876 billion, leading to a net profit attributable to shareholders of $1.92 billion [1] Live Streaming Business Challenges - The company is focusing on overseas markets, including BigoLive, Likee, and Hago, but the live streaming segment is experiencing a downturn [1] - BIGO's paid user count decreased by 13.2% to 1.45 million, with average revenue per user dropping by about 5.8% to $221.6 [1] - Average monthly active users for BigoLive fell to 28.9 million from 37.1 million in the same quarter last year [1] - The company is adjusting the interactive features of non-core audio live streaming products and optimizing revenue-sharing mechanisms [1] Advertising Business Growth - In contrast to the decline in live streaming, the advertising and smart business platform is entering a rapid growth phase, with non-live revenue increasing by 25.3% to $12.3 million [3] - BIGO's non-live revenue grew by 27.3% to $8.026 million, accounting for over 60% of total non-live revenue [3] - The advertising segment, BIGOAds, is expanding due to multi-channel budget allocation and demand based on return on investment [3] - The company has seen significant improvements in gross margin and operating margin for the BIGO segment, with Q1 gross margin at 35.5% and operating margin at 13.3% [3]

Group 1 - The core revenue for the company in Q1 2025 was $49.44 million, with non-live streaming revenue reaching $12.3 million, representing a year-on-year growth of 25.3% [2] - Live streaming revenue amounted to $37.13 million, with BIGO Live contributing $35.16 million. The company has established a diverse product matrix in live streaming, short videos, and instant messaging, creating a globally influential user community [2] - The live streaming segment enhanced regional user engagement through localized operational strategies, leading to increased user stickiness and improved paid conversion rates. Monthly active users for Bigo Live in North America grew over 7% year-on-year, with paid user numbers increasing approximately 4% quarter-on-quarter [2] Group 2 - In the non-live business segment, the BIGO Ads advertising platform experienced rapid growth, driven by AI-powered user insights, smart creativity, and precise targeting capabilities. The advertising business grew approximately 27% year-on-year in Q1 [3] - The company's chairperson and CEO, Li Ting, stated that 2025 marks the 20th anniversary of the company, and the results of its diversified growth strategy are becoming evident. The company plans to further advance its diversification strategy with the steady development of live streaming and the expansion of advertising and other business scales [3]

Group 1 - The core viewpoint of the news is that Guangzhou Huaduo Network Technology Co., Ltd. (Joyy Inc.) reported strong financial performance in Q1 2025, with significant revenue growth and profitability, indicating a robust development trend [1][2] - In Q1 2025, the company's revenue reached $494.4 million, with GAAP and non-GAAP operating profits of $12.2 million and $31 million, reflecting year-on-year growth of 244.5% and 24.9% respectively [1] - The company returned value to shareholders by distributing $49.1 million in dividends and repurchasing approximately $22.5 million in stock from January 1 to May 23, 2025 [1] Group 2 - The live streaming segment generated $371.3 million in revenue, with BIGO Live contributing $351.6 million, and the average viewing time per user for BigoLive increased by approximately 4% quarter-on-quarter [2] - Non-live revenue reached $123 million in Q1 2025, marking a year-on-year growth of 25.3% and accounting for 24.9% of total revenue, with BIGOAds advertising business growing by about 27% [2][3] - The company is leveraging AI to enhance advertising effectiveness, which has led to a continuous increase in both advertisers and developers, driving the rapid growth of the BIGOAds platform [3]

Core Insights - JOYY Inc. reported a revenue of US$494.4 million for Q1 2025, with non-livestreaming revenue at US$123.0 million, marking a 25.3% year-over-year increase [2][10] - The company achieved significant growth in operating profits, with GAAP operating profit increasing by 244.5% to US$12.2 million and non-GAAP operating profit rising by 24.9% to US$31.0 million [2][10] - JOYY distributed US$49.1 million in dividends and repurchased US$22.5 million worth of shares, demonstrating a commitment to returning value to shareholders [3] Financial Highlights - Total revenue for Q1 2025 was US$494.4 million, with operating income at US$12.2 million, a 244.5% increase from the previous year [10] - Non-GAAP operating income was US$31.0 million, up 24.9% year-over-year [10] - Net income from continuing operations attributable to controlling interest was US$45.4 million, slightly up from US$45.3 million in Q1 2024 [10] Business Highlights - Livestreaming revenue reached US$371.3 million, with BIGO contributing US$351.6 million [6] - Bigo Live's North American region saw a 7% year-over-year growth in monthly active users (MAU) and a 4% quarter-over-quarter increase in paying users [7] - JOYY's products engaged users through operational activities related to Ramadan, boosting brand influence and user activity [8] Product and Advertising Developments - JOYY enhanced its user experience on Bigo Live, leading to a 4% quarter-over-quarter increase in average viewing time per user and a 3% increase in ARPPU among high-end users [9][11] - BIGO Ads revenue grew by 27% in Q1 2025, supported by the company's strengths in local operations and advanced algorithms [12] - The integration of premium publisher traffic with first-party traffic in BIGO Ads has created a robust advertising system, leveraging AI technologies to improve ad performance and revenue opportunities [13]

Group 1 - The core point of the article is that Huya Inc. reported a first-quarter net revenue of $494.4 million, which represents a year-over-year decline of 12% [1] - The adjusted earnings per ADS for the first quarter were $1.18, exceeding the forecast of $0.94 [1] - For the second quarter, the company expects net revenue to be between $499 million and $519 million, while the market estimate is $511.2 million [1]

Core Viewpoint - The article emphasizes the importance of identifying high-quality businesses with strong fundamentals and fair valuations for investment opportunities [1]. Group 1: Company Characteristics - The focus is on companies that possess wide moats, high efficiency, strong cash flows, and healthy balance sheets [1]. - The writer seeks to find "wonderful companies" that are available at fair prices, indicating a value-oriented investment approach [1]. Group 2: Investment Philosophy - The article invites opposing views to refine investment ideas, highlighting the importance of critical analysis in investment decision-making [1]. - The writer expresses a commitment to independent analysis and transparency regarding personal investment positions [2].

Financial Performance and Revenue Sources - 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% to total net revenues for the years ended December 31, 2022, 2023, and 2024, respectively[170]. - The company may incur financial losses from derivatives transactions intended to manage exchange rate risk if local currencies increase in value instead of decreasing[157]. - 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]. Taxation and Compliance Risks - The company is subject to a potential income tax rate of 17% if classified as a tax resident in Singapore, with a preferential tax rate of 5% applicable from 2023 to 2027 for qualifying projects[160][161]. - 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 may incur adverse tax consequences if the contracts with variable interest entities are deemed not to be on an arm's length basis by tax authorities[174]. - The company must comply with evolving internet-related regulations in mainland China, which may require additional licenses or permits[166]. Legal and Regulatory Environment - The legal system in mainland China presents uncertainties that could materially affect the company's business operations and legal protections[164]. - 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 faces risks related to potential litigation and regulatory investigations that could materially impact its financial condition and reputation[180]. Market and Shareholder Dynamics - 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]. - 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 trading market for the company's American Depositary Shares (ADSs) could decline if analysts downgrade their recommendations or cease coverage[196]. Share Repurchase and Dividend Policies - The board of directors authorized the continued use of the unutilized quota under the pre-existing 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 authorized the extension of 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, replacing the previous plan extended in August 2024[219]. - The specific timing and amount of share repurchases and future dividend payments will depend on prevailing share prices, general economic conditions, company performance, and other considerations[219]. Shareholder Rights and Limitations - The company is exempt from certain U.S. securities regulations, which may result in less timely and extensive disclosures 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 U.S. domestic issuers under Nasdaq corporate governance requirements[212]. - Holders of ADSs may not receive dividends or other distributions if it is illegal or impractical to make them available[216]. - Shareholders of the company have no general rights under Cayman Islands law to inspect corporate records, which may hinder their ability to obtain necessary information[204]. Corporate Governance and Control - The company’s articles of association contain anti-takeover provisions that may adversely affect shareholders' rights and could prevent them from selling shares at a premium[198]. - The depositary is not responsible for failing to carry out voting instructions or for their manner of carrying out voting instructions, which may limit shareholders' ability to influence management[215]. - The discretionary proxy given to the company by the depositary may make it more difficult for shareholders to influence management if they do not vote at shareholders' meetings[215]. - Judgments obtained against the company by shareholders may not be enforceable in the U.S. due to the majority of assets being located outside the United States[207].

[Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) This section provides an overview of JOYY's key financial and operational performance for Q4 and full year 2024 [Fourth Quarter 2024 Financial Highlights](index=1&type=section&id=Fourth%20Quarter%202024%20Financial%20Highlights) JOYY reported a significant GAAP net loss in Q4 2024 due to goodwill impairment, despite strong non-GAAP net income growth Q4 2024 Key Financial Metrics (vs. Q4 2023) | Metric | Q4 2024 | Q4 2023 | Change | | :--- | :--- | :--- | :--- | | Net Revenues | US$549.4 M | US$569.8 M | -3.6% | | Net (Loss)/Income (GAAP) | (US$304.1 M) | US$45.8 M | -763.9% | | Non-GAAP Net Income | US$96.1 M | US$64.2 M | +49.7% | - The significant GAAP net loss was primarily due to a one-time, non-cash goodwill impairment charge of **US$454.9 million**[3](index=3&type=chunk) [Full Year 2024 Highlights](index=1&type=section&id=Full%20Year%202024%20Highlights) For the full year 2024, net revenues remained flat, with a GAAP net loss driven by impairment, while non-GAAP net income slightly increased Full Year 2024 Key Financial Metrics (vs. FY 2023) | Metric | FY 2024 | FY 2023 | Change | | :--- | :--- | :--- | :--- | | Net Revenues | US$2,237.8 M | US$2,267.9 M | -1.3% | | Net (Loss)/Income (GAAP) | (US$146.2 M) | US$301.8 M | -148.4% | | Non-GAAP Net Income | US$298.5 M | US$292.5 M | +2.1% | [Fourth Quarter 2024 Operational Highlights](index=1&type=section&id=Fourth%20Quarter%202024%20Operational%20Highlights) The company experienced a decline in user metrics in Q4 2024 due to strategic marketing optimization, impacting paying users and ARPPU - The decline in global MAUs was a result of the company's strategic optimization of sales and marketing to focus on return-on-investment and disciplined spending[6](index=6&type=chunk) Q4 2024 Average Mobile MAUs (vs. Q4 2023) | Platform | Q4 2024 MAUs | Q4 2023 MAUs | Change | | :--- | :--- | :--- | :--- | | Global | 263.1 M | 274.9 M | -4.3% | | Bigo Live | 33.4 M | 38.4 M | -13.0% | | Likee | 30.6 M | 39.1 M | -21.7% | | Hago | 3.6 M | 4.6 M | -21.7% | Q4 2024 BIGO Paying User Metrics (vs. Q4 2023) | Metric | Q4 2024 | Q4 2023 | Change | | :--- | :--- | :--- | :--- | | Paying Users | 1.54 M | 1.67 M | -7.8% | | ARPPU | US$237.1 | US$244.8 | -3.1% | [Management Commentary](index=1&type=section&id=Management%20Commentary) The CEO highlighted significant progress in operational efficiency and revenue diversification, positioning the company as a global AI-driven technology firm - Non-livestreaming revenues grew by **55.9%** to **US$449.8 million** in 2024, highlighting successful revenue diversification[10](index=10&type=chunk) - The company is committed to shareholder returns, having repurchased **US$309.2 million** in ADSs during 2024[10](index=10&type=chunk) - Future strategy involves driving diversified growth in global operations and enhancing user experiences through AI-driven innovation, following the divestiture of YY Live[10](index=10&type=chunk) [Detailed Financial Results](index=2&type=section&id=Detailed%20Financial%20Results) This section provides an in-depth analysis of JOYY's financial performance for the fourth quarter and full year 2024 [Fourth Quarter 2024 Financial Results](index=2&type=section&id=Fourth%20Quarter%202024%20Financial%20Results) Q4 2024 saw a GAAP operating and net loss due to a goodwill impairment, despite improved gross margin and strong non-GAAP performance [Revenues](index=2&type=section&id=Revenues) Q4 2024 net revenues decreased due to lower live streaming revenue, partially offset by a significant increase in other revenues from advertising Q4 2024 Revenue Breakdown (vs. Q4 2023) | Revenue Stream | Q4 2024 | Q4 2023 | Change | | :--- | :--- | :--- | :--- | | Live streaming | US$422.4 M | US$486.2 M | -13.1% | | Others | US$127.0 M | US$83.6 M | +51.9% | | **Total Net Revenues** | **US$549.4 M** | **US$569.8 M** | **-3.6%** | [Cost, Gross Profit, and Operating Expenses](index=2&type=section&id=Cost%2C%20Gross%20Profit%2C%20and%20Operating%20Expenses) Cost of revenues decreased, improving gross margin, but a significant goodwill impairment charge led to a GAAP operating loss despite controlled other expenses - Gross margin improved to **37.1%** in Q4 2024 from 35.4% in Q4 2023, despite lower revenues[16](index=16&type=chunk) - Operating expenses were significantly impacted by a **US$454.9 million** goodwill impairment[17](index=17&type=chunk) Sales and marketing expenses decreased due to reduced advertising spend[17](index=17&type=chunk) Q4 2024 Operating Income (vs. Q4 2023) | Metric | Q4 2024 | Q4 2023 | | :--- | :--- | :--- | | Operating (Loss)/Income (GAAP) | (US$427.9 M) | US$4.8 M | | Non-GAAP Operating Income | US$46.4 M | US$27.9 M | [Net Income and EPS](index=2&type=section&id=Net%20Income%20and%20EPS) The goodwill impairment resulted in a GAAP net loss, while non-GAAP net income and diluted EPS showed strong growth, reflecting underlying profitability Q4 2024 Net Income & Margin (vs. Q4 2023) | Metric | Q4 2024 | Q4 2023 | | :--- | :--- | :--- | | Net (Loss)/Income (GAAP) | (US$304.1 M) | US$45.8 M | | Non-GAAP Net Income | US$96.1 M | US$64.2 M | | Non-GAAP Net Income Margin | 17.5% | 11.3% | Q4 2024 Net Income per ADS (vs. Q4 2023) | Metric | Q4 2024 | Q4 2023 | | :--- | :--- | :--- | | Diluted Net (Loss)/Income per ADS (GAAP) | (US$5.67) | US$0.70 | | Non-GAAP Diluted Net Income per ADS | US$1.77 | US$0.97 | [Full Year 2024 Financial Results](index=4&type=section&id=Full%20Year%202024%20Financial%20Results) Full year 2024 net revenues slightly decreased, with a GAAP net loss due to impairment, but non-GAAP operating and net income increased Full Year 2024 Financial Summary (vs. FY 2023) | Metric | FY 2024 | FY 2023 | | :--- | :--- | :--- | | Net Revenues | US$2,237.8 M | US$2,267.9 M | | Operating (Loss)/Income (GAAP) | (US$405.6 M) | US$28.8 M | | Non-GAAP Operating Income | US$136.1 M | US$130.5 M | | Net (Loss)/Income (GAAP) | (US$146.2 M) | US$301.8 M | | Non-GAAP Net Income | US$298.5 M | US$292.5 M | | Diluted Net (Loss)/Income per ADS (GAAP) | (US$2.55) | US$4.87 | | Non-GAAP Diluted Net Income per ADS | US$4.96 | US$4.10 | [Financial Position and Corporate Actions](index=4&type=section&id=Financial%20Position%20and%20Corporate%20Actions) This section details JOYY's balance sheet, cash flows, shareholder return initiatives, and recent corporate updates [Balance Sheet and Cash Flows](index=4&type=section&id=Balance%20Sheet%20and%20Cash%20Flows) As of December 31, 2024, JOYY maintained a strong financial position with substantial net cash and positive operating cash flow - The company held net cash of **US$3,300.4 million** as of December 31, 2024[24](index=24&type=chunk) - Net cash from operating activities was **US$110.5 million** for the fourth quarter of 2024[24](index=24&type=chunk) [Shareholder Return Initiatives](index=4&type=section&id=Shareholder%20Return%20Initiatives) JOYY demonstrated strong commitment to shareholder returns through significant share repurchases and the introduction of a new quarterly dividend policy - In 2024, the company repurchased **9.21 million ADSs** for a total of **US$309.2 million**[33](index=33&type=chunk) - A new share repurchase program (2025 Program) was approved, authorizing up to **US$300 million** in buybacks until the end of 2027[34](index=34&type=chunk) - A new quarterly dividend program was authorized for 2025-2027, planning to distribute a total of approximately **US$600 million**[35](index=35&type=chunk) The first dividend is **US$0.93 per ADS**[36](index=36&type=chunk) [Update on YY Live Sale and Ticker Symbol Change](index=6&type=section&id=Update%20on%20YY%20Live%20Sale%20and%20Ticker%20Symbol%20Change) The sale of YY Live to Baidu was finalized, and JOYY will change its Nasdaq ticker symbol to reflect its global transformation - The sale of YY Live to Baidu was closed for an aggregate purchase price of approximately **US$2.1 billion** in cash[37](index=37&type=chunk) - The company will change its ticker symbol on Nasdaq from 'YY' to 'JOYY', with trading under the new symbol expected to begin on **March 31, 2025**[38](index=38&type=chunk) [Business Outlook](index=4&type=section&id=Business%20Outlook) This section provides JOYY's financial guidance for the upcoming quarter, considering macroeconomic uncertainties [First Quarter 2025 Guidance](index=4&type=section&id=First%20Quarter%202025%20Guidance) For Q1 2025, JOYY forecasts net revenues between US$482 million and US$490 million, subject to macroeconomic conditions - The company forecasts Q1 2025 net revenues to be in the range of **US$482 million** to **US$490 million**[31](index=31&type=chunk) [Financial Statements and Reconciliations](index=7&type=section&id=Financial%20Statements%20and%20Reconciliations) This section provides detailed financial statements and reconciliations of GAAP to non-GAAP results for comprehensive analysis [Use of Non-GAAP Financial Measures](index=7&type=section&id=Use%20of%20Non-GAAP%20Financial%20Measures) This section explains the company's use of non-GAAP financial measures, excluding specific items for a clearer view of operating performance [Unaudited Condensed Consolidated Balance Sheets](index=11&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) This section presents a detailed breakdown of the company's assets, liabilities, and shareholders' equity as of December 31, 2024, and 2023 [Unaudited Condensed Consolidated Statements of Operations](index=14&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) This section presents the company's revenues, costs, expenses, and profits for Q4 and full year 2024, with comparative data [Unaudited Reconciliation of GAAP and Non-GAAP Results](index=16&type=section&id=Unaudited%20Reconciliation%20of%20GAAP%20and%20Non-GAAP%20Results) This section contains tables that reconcile the reported GAAP financial figures to the non-GAAP figures by detailing specific adjustments [Unaudited Segment Report](index=17&type=section&id=Unaudited%20Segment%20Report) This section details the financial performance of the company's primary operating segments, including GAAP to non-GAAP reconciliations

Financial Data and Key Metrics Changes - In Q4 2024, total net revenues were $549.4 million, down from $569.8 million in the same period last year [41] - Non-GAAP net income attributable to controlling interest was $96.1 million, up 49.7% from $64.2 million in Q4 2023 [48] - For the full year 2024, total net revenues were $2.24 billion, compared to $2.27 billion in 2023 [50] Business Line Data and Key Metrics Changes - The BIGO segment achieved revenues of $480 million in Q4 2024, with a non-GAAP operating profit of $81 million, up 11.2% quarter-over-quarter [16][47] - Non-livestreaming revenues for the group were $127 million, up 51.9% year-over-year, primarily due to increased BIGO advertising revenues [42] - BIGO's non-GAAP operating profit for the full year reached $286.3 million, exceeding previous expectations [17] Market Data and Key Metrics Changes - Revenue from Developed Countries increased by 24.6% year-over-year, accounting for 53.9% of total revenue [9] - Group revenues from Developed Countries and regions were up by 13.7% year-over-year [42] - The group's non-livestreaming revenue accounted for 20.1% of total group revenue, an increase of 7.4 percentage points compared to 2023 [20] Company Strategy and Development Direction - JOYY is focusing on a globalization strategy, emphasizing markets in Developed Countries for higher monetization efficiency [8] - AI is a key component of the company's strategy, aimed at enhancing product development and improving customer service [11][12] - The company aims to balance growth and efficiency while maintaining profitability and positive cash flow [10] Management's Comments on Operating Environment and Future Outlook - Management expects a stronger than usual negative seasonality impact in Q1 2025 due to Lunar New Year and Ramadan [60] - Despite recent challenges, management believes the adjustments made have provided a healthier foundation for 2025 [62] - For 2025, management anticipates continued strong growth in non-livestreaming revenue and gradual recovery in paying users for the BIGO segment [63] Other Important Information - The company announced a quarterly cash dividend program for the next three years, totaling approximately $600 million [22][52] - A new share repurchase program was approved, allowing for the repurchase of up to $300 million of shares until December 2027 [23] - The company reported a net cash position of $3.3 billion as of December 31, 2024 [22] Q&A Session Summary Question: User and revenue trends in 2025 - Management noted that non-livestreaming revenues continued to grow, while live streaming revenue declined due to adjustments and temporary platform removals [58][59] - They expect a lagging impact on monetization but do not foresee long-term growth being affected [61] Question: Outlook on 2025 experience and profitability change - Management highlighted operational efficiency improvements and expected stable non-GAAP operating profit for the BIGO segment in 2025 [70][71] - They anticipate a meaningful reduction in non-GAAP operating loss for all other segments [72] Question: Shareholder return plan rationale - The company has returned $1.684 billion to shareholders from 2020 to 2024 and plans to continue prioritizing shareholder returns [75] - The new plan represents approximately 35% of the current market cap, demonstrating commitment to sustainable shareholder returns [76] Question: Strategic priority and positioning for new initiatives - BIGO's advertising revenue is expected to maintain robust growth, driven by North America and Europe [81] - The company aims to enhance monetization efficiency and achieve positive cash flow for new initiatives [84]