Core Insights - The company has shown a continuous improvement in revenue performance for the second consecutive quarter, with total revenue reaching RMB 1.51 billion in Q1 2025, stabilizing year-on-year and increasing quarter-on-quarter [3] - The company is advancing its strategic transformation, achieving positive progress in business diversification and strengthening strategic collaboration with the gaming industry [3] Financial Performance - Revenue from gaming-related services, advertising, and other sources amounted to RMB 413 million, a 34.1% increase compared to RMB 308 million in the same period of 2024, primarily driven by enhanced cooperation with Tencent and other gaming companies [4] - Live streaming revenue was RMB 1.153 billion, slightly down from RMB 1.233 billion in the same period of 2024 [4] - The average monthly active users for the second quarter stood at 161 million [4] Cost Structure - The revenue-sharing fees and content costs, which are the main components of the company's revenue costs, reached RMB 1.201 billion, a 2.6% increase from RMB 1.170 billion in the same period of 2024, mainly due to increased costs related to streamers, partially offset by a reduction in costs associated with licensed esports content [4] Shareholder Returns - The company has authorized a share repurchase plan of up to USD 100 million, which has been extended to March 31, 2026. As of June 30, 2025, the company has repurchased shares for a total consideration of approximately USD 75.4 million and distributed a special cash dividend totaling approximately USD 340 million in the second quarter [4]