Group 1 - The core viewpoint of the article highlights JOYY Inc.'s (欢聚集团) Q2 2025 financial performance, showcasing a revenue of $508 million, with live streaming business showing positive growth and significant improvement in advertising revenue [1] - The company's BIGO segment generated $443 million in revenue, with BIGO live streaming revenue reaching $355 million, marking the first quarter of sequential growth after a strategic transformation [1] - The number of paying users for BIGO increased to 1.5 million in Q2 from 1.45 million in Q1, indicating a focus on high-quality user engagement [1] Group 2 - The advertising business has seen substantial growth, with a year-on-year increase exceeding 40% in the first half of the year, driven by multi-channel traffic access and continuous algorithm optimization [1] - Revenue projections for JOYY from 2025 to 2027 are estimated at $2.087 billion, $2.195 billion, and $2.303 billion respectively, reflecting a positive outlook for the company's financial performance [2] - The valuation multiple has been adjusted upwards to a PE of 14.1x for 2025, with a target price set at $71.9, up from the previous $60.1, due to an increase in comparable company valuation benchmarks [2]