Core Viewpoint - JOYY is seeking new growth engines amid a peak in global entertainment live streaming industry and declining growth rates [1][2] Financial Performance - In Q1 2025, JOYY reported revenue of $494 million, a decrease of 12.4% from $565 million in Q1 2024, primarily due to a sharp decline in live streaming revenue [1] - Core live streaming revenue was $371 million, down over 20% year-on-year [1][3] - The sale of YY Live generated a confirmed gain of approximately $1.876 billion, leading to a net profit of $1.92 billion attributable to shareholders [1] - Non-GAAP operating profit was $31 million, an increase of 24.9% year-on-year [1] Business Segments - JOYY's advertising business has shown strong performance, becoming a key driver for non-live business growth, with non-live revenue increasing by 25.3% to $123 million [2][6] - The non-live revenue from BIGO Ads grew by 27.3% to $80.26 million, accounting for over 60% of total non-live revenue [6] - The number of paying users in the BIGO segment decreased by 13.2%, with average revenue per paying user (ARPPU) declining by approximately 5.8% to $221.6 [2][3] Market Trends - The global live streaming market has seen a decline in user conversion rates since 2021, with high content investment and subsidy costs making profitability more challenging [3] - The industry is experiencing a shift as platforms seek new directions, with JOYY focusing on overseas markets and optimizing its revenue-sharing mechanisms [3][4] - Despite the decline in live streaming revenue, JOYY's live streaming income in developed markets increased by 2.8 percentage points to 47.4% [4] Strategic Focus - JOYY is shifting its strategic focus towards "tooling + advertising platform," moving towards B2B services [7] - The company aims to prioritize user growth in developed countries and the Middle East, responding to regional differences in online entertainment spending [3][7] - The market remains cautious about JOYY's transformation path, as balancing profitability and investment amid ongoing live streaming business fatigue is a key challenge for the upcoming quarters [7]

Group 1 - Wang Jianlin sells 48 Wanda Plaza locations to a joint venture involving multiple companies including Tencent [1][2] - The acquisition includes 100% equity of the target companies, which are located in major cities such as Beijing, Guangzhou, Chengdu, Hangzhou, Nanjing, and Wuhan [2] - The transaction has been approved unconditionally by the State Administration for Market Regulation, but specific financial details were not disclosed [2] Group 2 - The number of ATMs in China has decreased to approximately 802,700, down from a peak of 1,097,700 five years ago, representing a reduction of 26.87% [3] - The decline in ATM machines is attributed to the rise of mobile payment methods, with a loss of around 300,000 ATMs over the past five years [3] Group 3 - Reports indicate that over 10 provinces in China are encouraging a 2.5-day weekend model, combining Friday afternoons with weekends [6] - The initiative is part of a broader effort to boost consumption and is not mandatory, allowing regions to implement it based on their conditions [6] Group 4 - The milk tea brand "Grandpa Does Not Brew Tea" faced complaints regarding underfilled drinks, with customers reporting that the cups were not filled to the expected level [7] - The company acknowledged the issue and stated that it is being investigated, emphasizing that such occurrences are not representative of all products [7] Group 5 - Apple is reportedly planning to adjust its iPhone release strategy, aiming to launch two new models each year starting in 2025 [10] - This change is intended to better compete with domestic smartphone manufacturers and fill the sales gap in the first half of the year [10] Group 6 - RT-Mart is planning to dissolve its Central China region headquarters, merging its operations with other regions, with the restructuring expected to be completed by the end of June [11] - The restructuring will see stores in the Sichuan-Chongqing market integrated into the South China region, while stores in Hunan and Hubei will move to the East China region [11] Group 7 - Geely's chairman Li Shufu stated that nearly all new car manufacturers in China are recruiting talent from Geely, highlighting the company's role in nurturing automotive talent [12][14] - Geely's investment and acquisition strategies have allowed it to attract global talent and advanced technologies, contributing to its competitive edge in the automotive industry [12][14] Group 8 - Builder.ai, an AI programming company, has filed for bankruptcy due to fraudulent practices, with its valuation previously reaching $1.5 billion [21] - The company misrepresented its operations, claiming to use AI when much of the work was done manually by Indian developers, leading to significant financial losses for investors like Amazon and Microsoft [21]

以下文章来源于深蓝财经 ，作者深蓝财经 深蓝财经 . 影响价值圈层！创立于2011年，关注中国最具价值公司，是新中产的财富顾问。 同年6月，席薇开始用微信、电话联系客户，说自己手头有保本保息、收益超高还特别安全稳定 的 "内部" 理财产品。 那些客户，好多都是老年人，一听 "银行内部"" 保本保息"，立马信了，就这么被她骗到银行办 公区域，签了伪造的理财产品协议书。 作者： 王鑫 来源： 深蓝财经 2022年4月21日，郑州市公安局金水分局来了两位特殊的 "访客"。 一位受害者自称被金融诈骗200万，但有意思的是， 旁边跟着的中年女人 席薇， 不仅主动自 首，还对自己的罪行供认不讳。 谁能想到，在接下来的查证中，这个看起来老老实实的银行客户经理，竟在 13年间骗了31位客 户近1.6亿元，其中6100万 被她拿去打赏了主播 ，简直 "壕无人性"。 席薇是怎么做到的呢？ 故事得从2009年说起。 那时的席薇，已经在光大银行郑州 纬二路支行干了5年客户经 理，每天看着经手的钱流来流去， 心里的邪念就冒出来了。 "为了让自己过得好一点"，她琢磨出个惊天骗局。 为了不穿帮，她还在协议书上盖了 私刻的银行业务专用章 。 ...