Core Viewpoint - JOYY Inc. reported strong financial results for the fourth quarter and full year of 2024, highlighting steady revenue growth and profit margins, alongside a commitment to shareholder returns through dividends and share repurchases [1][2][3]. Financial Performance - In Q4 2024, JOYY's revenue was US$549.4 million, with the BIGO segment contributing US$480.0 million [1] - For the full year 2024, total revenue reached US$2.24 billion, with BIGO generating US$1.99 billion, reflecting a year-over-year increase of 3.3% [1][8] - Non-GAAP net profit for 2024 was US$298.5 million, up 2.0% from 2023, with a non-GAAP net margin of 13.3% [2][8] - Non-GAAP operating profit for the year was US$136.1 million, a 4.2% increase year-over-year, with a non-GAAP operating margin of 6.1% [2] Shareholder Returns - In 2024, JOYY repurchased 9.21 million ADSs for US$309.2 million, representing 15.1% of total outstanding shares as of the end of 2023 [3] - The company announced a quarterly dividend policy for the next three years, expecting to pay approximately US$600 million in total cash dividends, with US$50 million per quarter [4] Operational Highlights - JOYY focused on enhancing operational efficiency and diversifying revenue streams, with non-livestreaming revenues growing by 55.9% to US$449.8 million year-over-year [6] - Bigo Live implemented a multimodal content moderation model and improved user verification processes to enhance community safety [7][9] - Likee's DAUs in Europe increased by 4.4% quarter-over-quarter, and its livestreaming revenue grew by 2.2% sequentially, marking its second consecutive profitable year [12][13] Future Outlook - JOYY aims to drive diversified growth and deepen market penetration through AI-driven innovation and operational enhancements [6] - The company plans to continue its share repurchase program, allowing for up to US$300 million in share buybacks until December 2027 [4]

Core Insights - JOYY Inc. reported its unaudited financial results for Q4 and full year 2024, highlighting a significant operational shift and financial performance amidst challenges [1] Financial Highlights - Q4 2024 net revenues were US$549.4 million, a decrease from US$569.8 million in Q4 2023 [7][8] - Full year 2024 net revenues totaled US$2,237.8 million, down from US$2,267.9 million in 2023 [20] - The company experienced a net loss attributable to controlling interest of US$304.1 million in Q4 2024, compared to a net income of US$45.8 million in Q4 2023 [15] - For the full year 2024, the net loss attributable to controlling interest was US$146.2 million, contrasting with a net income of US$301.8 million in 2023 [23] Operational Highlights - Non-GAAP operating income for the full year 2024 reached US$136.1 million, a 4.2% increase year-over-year [5][22] - Non-livestreaming revenues surged by 55.9% to US$449.8 million year-over-year [5] - Global average mobile monthly active users (MAUs) decreased to 263.1 million in Q4 2024 from 274.9 million in Q4 2023 [7] Cost and Profitability - Gross profit for Q4 2024 was US$203.8 million, with a gross margin of 37.1%, up from 35.4% in Q4 2023 [11] - Operating expenses rose to US$633.5 million in Q4 2024, compared to US$199.4 million in Q4 2023, largely due to a US$454.9 million goodwill impairment charge [12][13] - Non-GAAP net income attributable to controlling interest was US$96.1 million in Q4 2024, compared to US$64.2 million in Q4 2023 [16] Shareholder Returns - The company repurchased 9.21 million ADS for a total of US$309.2 million during 2024, representing 15.1% of total shares outstanding as of the end of 2023 [5][27] - A new share repurchase program was approved, allowing for up to US$300 million in share buybacks until the end of 2027 [28] - A quarterly dividend of US$0.93 per ADS was declared, expected to be paid on April 30, 2025 [30] Business Developments - JOYY completed the sale of its YY Live business to Baidu for approximately US$2.1 billion in cash [31] - The company will change its ticker symbol from "YY" to "JOYY" effective March 31, 2025 [32]

SINGAPORE, March 12, 2025 (GLOBE NEWSWIRE) -- JOYY Inc. (NASDAQ:YY) ("JOYY" or the "Company"), a global technology company, today announced that it plans to release its fourth quarter and full year 2024 financial results after the U.S. market closes on March 19, 2025. The Company's management will host an earnings conference call at 9:00 PM U.S. Eastern Time on Wednesday, March 19, 2025 (9:00 AM Singapore/Hong Kong Time on Thursday, March 20, 2025). Details for the conference call are as follows: Event Titl ...

Core Viewpoint - Baidu has completed the acquisition of YY Live for approximately $2.1 billion, significantly lower than the initial $3.6 billion agreement, reflecting the declining value of YY Live and Baidu's strategic shift towards AI [2][5][14]. Acquisition Background - The acquisition process began in 2020, with Baidu initially agreeing to pay $3.6 billion for YY Live, but the deal faced delays and scrutiny due to market conditions and regulatory challenges [3][10][12]. - The deal was postponed multiple times, with the final agreement reached in early 2024, after Baidu's interest in the live streaming sector diminished [4][14]. Financial Implications - Baidu's final payment of $2.1 billion represents a significant discount from the original price, indicating a strategic retreat from the live streaming market [5][14]. - The funds from the acquisition are intended for investment in Baidu's cloud and AI infrastructure, raising questions about the future of YY Live within Baidu's ecosystem [6][32]. Market Context - At the time of the initial acquisition discussions, YY Live was a leading platform in the entertainment live streaming sector, holding a 40% market share [18]. - However, the live streaming industry has faced challenges, with YY Live's revenue declining from 100.8 billion yuan in 2018 to 96.64 billion yuan in 2020, indicating a downward trend in its financial performance [19][20]. Strategic Shift - Baidu's focus has shifted towards AI technologies, with significant investments in AI applications and models, which may overshadow the potential integration of YY Live into its business strategy [31][32]. - Despite the acquisition, YY Live's integration into Baidu's operations has been slow, with reports of employee dissatisfaction and limited synergy between the two platforms [22][23]. Future Potential - YY Live still possesses valuable resources, including a mature user base and operational framework, which could be leveraged for new revenue streams such as e-commerce and brand partnerships [33][34]. - The potential for integrating AI technologies into YY Live's operations could enhance user engagement and content personalization, positioning it as a complementary asset to Baidu's AI initiatives [35][36].

Core Insights - JOYY (NASDAQ: YY) has experienced a rapid transition from a tumultuous period to a positive outlook in recent months, supporting the investment strategy of not overreacting to short-term fluctuations [1] Company Summary - JOYY's recent performance indicates a significant recovery, suggesting potential investment opportunities as the company stabilizes [1]

Investment Rating - The report upgrades the investment rating for the company to "Buy" [2][4][12] Core Views - The completion of the YY Live sale transaction is a significant event, with a total consideration of $2.1 billion, which includes $1.86 billion received in 2021 and an additional $240 million from the recent transaction [7] - The company has over $3.3 billion in net cash on hand, translating to a cash value of $58 per share [7] - The impact of product delisting on Q4 revenue is expected to be limited, with a forecast of a 3% year-on-year decline in revenue and a 10% increase in adjusted operating profit for Q4 [7] - The revenue forecast for Q1 2025 and the full year has been reduced by 7% and 5% respectively due to seasonal impacts and adjustments in non-core voice live streaming business [7] - The valuation has been adjusted to a Sum-of-the-Parts (SOTP) method, raising the target price to $63, indicating a potential upside of 21% from the current price [7] Financial Overview - Revenue is projected to decline from $2,412 million in 2022 to $2,268 million in 2023, with a slight recovery to $2,376 million by 2026 [3][14] - Net profit is expected to increase from $199 million in 2022 to $293 million in 2023, with a gradual increase to $282 million by 2026 [3][14] - The earnings per share (EPS) is forecasted to rise from $2.54 in 2022 to $4.16 in 2023, reaching $5.84 by 2026 [3][14] - The company maintains a healthy balance sheet with a projected cash and cash equivalents of $1,597 million in 2025 [14][15] Market Performance - The stock closed at $52.08 with a target price of $63.00, reflecting a potential upside of 21% [1][12] - The stock has shown a year-to-date change of 24.44% [6]

Group 1: Private Economy Promotion Law - The draft of the Private Economy Promotion Law has been submitted for the second review, aiming to address key concerns of private enterprises, including prohibiting illegal fees and fines against them [1][2] - The law reflects a social consensus on the importance of private economy and aims to boost confidence by providing substantial regulations for the protection of private enterprises [2] Group 2: Real Estate Market in Hangzhou - Hangzhou's recent land auction saw an average premium rate of 45.6%, with significant interest from developers, indicating a strong recovery in the real estate market [3][4] - The increase in housing transactions, both new and second-hand, suggests a growing market confidence, supported by favorable policies and strong demand for quality properties [4] Group 3: Baidu's Acquisition of YY Live - Baidu has completed the acquisition of YY Live for approximately $2.1 billion, significantly lower than the initial offer, reflecting changes in the live streaming industry [5][6] - The acquisition aims to fill a gap in Baidu's live streaming business and enhance its monetization channels, despite challenges faced by YY Live in recent years [6] Group 4: iQIYI's Financial Performance - iQIYI reported a revenue decline of 14% year-on-year for Q4 2024, marking its first quarterly loss since Q1 2022, indicating pressure on its business model [7][8] - The platform's strategy of restricting user access to content has drawn criticism, highlighting the challenges faced in user growth and retention amid fierce competition [8] Group 5: Apple CEO Tim Cook's Compensation - Tim Cook's total compensation for 2024 is set at $74.61 million, an 18% increase from 2023, primarily driven by stock awards linked to Apple's performance [9][10] - Apple's strong market position and consistent growth have justified the high compensation, reflecting a strategy to align executive pay with long-term shareholder value [10] Group 6: Hong Kong Disneyland's Financial Recovery - Hong Kong Disneyland reported its first profit since 2015, with a net profit of HKD 838 million, driven by a significant increase in visitor numbers and spending [11][12] - The recovery is closely tied to the overall revival of Hong Kong's tourism sector, aided by the easing of travel restrictions and new attractions [12] Group 7: China Southern Airlines' IPO Withdrawal - China Southern Airlines' logistics subsidiary has withdrawn its IPO application due to market conditions, despite being the most profitable airline logistics company in China [13][14] - The decision reflects a strategic move in light of tightened regulatory scrutiny and the need to reassess capital operations [14] Group 8: Stock Market Performance - The stock market experienced a rebound with the Shanghai Composite Index rising over 1%, driven by active trading and sector rotation [15][16] - The market's performance indicates a mixed sentiment, with some sectors like steel and brokerage stocks showing strength, while others lag behind [16]

以下文章来源于并购最前线 ，作者王露 并购最前线 . 历时4年，百度拿下YY了 先来看交易细节。 投资界（PEdaily.cn）旗下，专注并购动态 尘埃落定。 作者 I 王露 报道 I 投资界-并购最前线 2月2 5日，百度宣布收购欢聚集团旗下YY直播，交易金额约2 1亿美元（约合1 52亿元人 民币）。 这笔持续四年历经波折的收购案，最终尘埃落定。而交易金额从最初的36亿美元，缩水 至1 5亿美元。"砍价"收购后，百度宣布将回流的超110亿元人民币投向AI。 值得注意的是，就在收购案前一天，并购女王刘晓丹加入百度董事会。钱多了，人来 了，或将为大厂AI竞赛添上一抹别样色彩。 一笔过气的并购？ 百度方面给出的理由是，股份购买协议规定，收购的交割须满足某些前提条件，包括获 得必要的政府监管部门批准等，且如果收购未在最终截止日前完成，买方或卖方均有权 终止协议。 港交所公告显示，百度与欢聚集团达成收购协议，百度已支付约21亿美元（约合人民币 15 2亿元）收购欢聚集团在国内的视频娱乐直播业务，即YY直播。 欢聚集团表示，公司此前于2 02 1年2月已收到约18. 6亿美元，当日，公司又收到约2. 4亿 美元现金对 ...

Group 1 - JOYY Inc. has entered into agreements with Baidu, Inc. for the sale of its video-based entertainment live streaming business in mainland China, known as YY Live, for an aggregate purchase price of approximately US$2.1 billion in cash [1] - The company previously received approximately US$1.86 billion in February 2021 and has now received an additional cash consideration of approximately US$240 million [1] Group 2 - JOYY is a leading global technology company focused on enriching lives through technology, operating several social products including Bigo Live, Likee, and Hago [2] - JOYY's American Depositary Shares (ADSs) have been listed on NASDAQ since November 2012 [2]

Financial Data and Key Metrics Changes - In Q3 2024, total net revenues were $558.7 million, a decrease from $567.1 million in the same period last year [28] - BIGO segment revenues were $496 million, showing a slight year-over-year increase [28] - Group non-GAAP operating profit was $34.9 million, up 16.4% quarter-over-quarter [6][33] - GAAP net income attributable to controlling interest was $60.6 million, down from $72.9 million in the same period of 2023 [33] - Group's non-GAAP net income margin was 10.9%, compared to 14.3% in the same period of 2023 [36] Business Line Data and Key Metrics Changes - BIGO's non-livestreaming revenue grew 15.5% quarter-over-quarter to $78.2 million, primarily driven by advertising [14] - Likee's advertising revenue increased 33.4% year-over-year, maintaining profitability [20] - Hago's total revenue grew 6.1% quarter-over-quarter, with improved monetization metrics [23] Market Data and Key Metrics Changes - Revenues from developed countries increased by 21.6% year-over-year, contributing 54.9% to group revenue [62] - Revenues from the Middle East region grew by 2.1% quarter-over-quarter, indicating a rebound [62] Company Strategy and Development Direction - The company is focused on optimizing products, deepening market penetration in developed countries, and enhancing global operational capabilities [5] - A globalization strategy is being advanced, enriching user interactions and content offerings [7] - The company aims to diversify revenue streams, with non-livestreaming revenue growing 13.1% sequentially [14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that adjustments to content costs and features of non-core products may negatively impact revenues in Q4 [38] - The company expects BIGO's paying users to gradually return to growth in 2025, alongside stabilizing ARPPU [48] - The focus on high-quality premium users is expected to enhance long-term sustainable growth [50] Other Important Information - The company repurchased approximately $117.8 million worth of shares in Q3, totaling $243.7 million for the first three quarters of 2024 [37] - The balance sheet remains healthy with a strong net cash position of $3.3 billion as of September 30, 2024 [36] Q&A Session Summary Question: 2025 outlook on user and revenue trends - Management noted that BIGO's non-livestreaming revenue continued to grow, while live streaming revenue experienced a decline due to content cost optimization and adjustments to non-core products [44][45] - They expect BIGO's paying users to return to growth in 2025, with non-livestreaming revenue maintaining double-digit growth [48][49] Question: General monetization trends across key regions in FY 2025 - Developed countries are expected to continue providing growth momentum, with a focus on high monetization potential regions [62] Question: Progress in capital return and share repurchase program - The company has been active in shareholder return initiatives, repurchasing 12% of total shares outstanding as of the end of last year [68] Question: Outlook for advertising and new initiatives into 2025 - BIGO's advertising revenue showed robust growth, with Likee's advertising revenue growing significantly [72] - Future growth will depend on expanding DAU and refining operations to increase market share [75]