Financial Data and Key Metrics Changes - The company recorded total revenue of $507.8 million, representing a quarter-over-quarter growth of 2.7% [31] - Non-GAAP operating profit reached $38.3 million, up 27.9% year-over-year, while non-GAAP EBITDA was $48.2 million, growing 25.7% year-over-year [32][38] - The company maintained a strong net cash position of $3.3 billion as of June 30, 2025 [39] Business Line Data and Key Metrics Changes - Live streaming revenue was $375.4 million, with BIGO's segment contributing $355.3 million, both stabilizing quarter-over-quarter [33] - Non-live streaming revenue reached $132.4 million, up 25.6% year-over-year, now contributing 26.1% to total revenues, compared to 18.7% in the same period last year [34] - BIGO's advertising revenue was $87.4 million, reflecting a 29% year-over-year growth and 9% quarter-over-quarter growth [21] Market Data and Key Metrics Changes - Live streaming revenue from developed countries increased by 3.4% quarter-over-quarter, while Southeast Asia saw a 2.1% increase [33] - The advertising business is expanding in North America and Europe, with significant growth in daily transaction volumes and advertiser demand [22][24] Company Strategy and Development Direction - The company is focusing on high-quality operations, sustainable growth, AI-driven innovation, and organizational vitality as key pillars for future growth [10] - The advertising business is positioned as a second major growth engine, with plans for expansion in North America, Japan, and Europe [25][26] - The company aims to leverage its tech infrastructure and data capabilities to establish a competitive edge in the ad tech industry [40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of the live streaming business, expecting continued sequential growth in the second half of the year [49] - The advertising segment is anticipated to maintain double-digit year-over-year growth, particularly as it enters a peak season [50] - The company expects consolidated operating profit to improve, benefiting shareholders with long-term profitable growth [28][40] Other Important Information - The company returned $49.4 million to shareholders through dividends and repurchased $36.5 million of shares during the year [39] - The introduction of non-GAAP EBITDA is aimed at providing a clearer picture of operational performance and cash flow generation [54] Q&A Session Summary Question: Long-term development trend for the live streaming business and second half outlook - Management noted that Q1 was a bottom for live streaming revenue, with Q2 showing recovery driven by growth in paying users, particularly in developed countries [45][46] - They expect continued sequential recovery in the second half, supported by operational activities and new product contributions [48][50] Question: Consideration behind the addition of non-GAAP EBITDA - Management explained that EBITDA is a core operating metric that excludes non-operational factors, providing a better proxy for cash flow generation and peer comparison [53] Question: Trend in operating expenses and profit outlook for the second half - Management indicated that while operating expenses may slightly widen, significant year-over-year improvement is expected [56] Question: Drivers behind the robust growth of the advertising business - Management highlighted technical optimizations and market opportunities as key drivers, along with proprietary data assets and synergies across business segments [58][62]