中证报中证网讯(记者王辉)11月20日，美股中概股欢聚集团发布2025年第三季度财报。第三季度，欢聚 集团收入5.4亿美元，环比增长6.4%。其中，直播业务收入3.88亿美元，环比增3.5%，连续两个季度环 比增长。广告收入同比增长29.2%，推动非直播收入占集团整体营收比例提升至28.1%。 在非美国通用会计准则下，公司第三季度经营利润达4100万美元，同比增长16.6%，环比增长6.1%； EBITDA(息税折旧摊销前利润)达5100万美元，同比增长16.8%，环比增长4.9%。公司第三季度经营性现 金流达7300万美元，截至9月30日的净现金达33.2亿美元。2025年1月1日至11月14日，公司累计回购及 派息金额达2.37亿美元。 ...

新浪科技讯 11月20日午间消息，欢聚集团发布2025年第三季度财报。第三季度，欢聚集团收入5.4亿美 元，环比增长6.4%。其中，直播业务收入3.88亿美元，环比增3.5%，连续两个季度环比增长；集团广告 收入同比增长29.2%，推动非直播收入占集团整体营收比例提升至28.1%，其中，BIGO Ads收入达1.04 亿美元，同比增长33.1%，环比增长19.7%。 欢聚集团此前宣布，2025年到2027年回购及派息总计约9亿美元。2025年1月1日至11月14日，集团累计 回购及派息金额达2.37亿美元。 责任编辑：杨赐 在非美国通用会计准则下，欢聚集团第三季度经营利润达4100万美元，同比增长16.6%，环比增长 6.1%；EBITDA（息税折旧摊销前利润）达5100万美元，同比增长16.8%，环比增长4.9%。集团第三季 度经营性现金流达7300万美元，截至9月30日，净现金达33.2亿美元。 欢聚集团董事会主席兼首席执行官李婷表示，第三季度，集团业绩延续良好势头，直播业务连续两个季 度实现环比增长，广告业务平台加速发展，在区域扩张、垂类拓展及流量渠道多元化全面推进。欢聚将 致力于构建一家多元增长引擎驱 ...

人民财讯11月20日电，11月20日，欢聚集团发布财报显示，2025年第三季度总收入5.4亿美元，其中， 直播业务收入3.88亿美元，广告收入同比增长29.2%，非直播收入占总营收28.1%；广告技术平台BIGO Ads收入同比增长33.1%，环比增长19.7%。在非美国通用会计准则下，该公司第三季度经营利润为4100 万美元，同比增16.6%，截至9月30日，其净现金为33.2亿美元，2025年1月1日至11月14日，其累计回购 及派息约2.37亿美元。 ...

Core Insights - JOYY Inc. reported strong Q3 2025 performance with total revenue of $540 million, a 6.4% increase quarter-over-quarter [1] - The live streaming business generated $388 million, reflecting a 3.5% quarter-over-quarter growth, marking two consecutive quarters of growth [1] - BIGO Ads, the company's advertising technology platform, achieved $104 million in revenue, a 33.1% year-over-year increase and a 19.7% quarter-over-quarter increase [1] Financial Performance - Operating profit for Q3 reached $41 million, a 16.6% year-over-year increase and a 6.1% quarter-over-quarter increase [1] - EBITDA for the quarter was $51 million, showing a 16.8% year-over-year growth and a 4.9% quarter-over-quarter growth [1] - Operating cash flow for Q3 was $73 million, with net cash standing at $3.32 billion as of September 30 [1] Shareholder Returns - From January 1 to November 14, 2025, the company repurchased and distributed approximately $237 million to shareholders [2] - Management expressed high certainty regarding the company's growth in 2026 and plans to continue share buybacks to reward shareholders [2] - The market has increased confidence in JOYY's prospects for 2026, positioning it as a "low-risk + high-potential" value stock [2]

Group 1: Company Research - SUTENG JUCHUANG (2498) - SUTENG JUCHUANG's Q2 revenue reached 455 million RMB, a year-on-year increase of 24.4%[6] - ADAS product sales decreased by 6.4% year-on-year, while robot business sales surged by 631.9% to 34,000 units, driving a 184.8% increase in revenue for the robot segment to 220 million RMB[6] - The company's gross margin has improved for six consecutive quarters, reaching 27.7%, and net loss narrowed significantly by 63.6%[6] - The target price for SUTENG JUCHUANG is set at 47.43 HKD, representing a potential upside of 23% from the current price[10] Group 2: Company Research - Lianyi Rong Technology (9959) - Lianyi Rong Technology's revenue for H1 2025 was 375 million RMB, a year-on-year decrease of 9.3% due to pressures from supply chain asset securitization[16] - The company reported an adjusted net loss of 372 million RMB, with impairment losses increasing to 270 million RMB[16] - The core business, multi-level circulation cloud, processed supply chain assets totaling 1,332 million RMB, showing a year-on-year growth of 54.4%[17] - The target price for Lianyi Rong Technology has been raised to 4.0 HKD, reflecting a 45% upside potential[19]

Core Viewpoint - JOYY Inc. reported a strong financial performance in Q2 2025, with significant growth in both revenue and profit metrics, while also returning substantial value to shareholders through buybacks and dividends [1] Financial Performance - In Q2 2025, JOYY's revenue reached $508 million, representing a quarter-over-quarter increase of 2.7% [1] - Live streaming revenue was $375.4 million, showing a quarter-over-quarter growth of 1.1% [1] - Non-live streaming business revenue grew by 25.6% year-over-year, contributing to 26.1% of total revenue, an increase of 7.4 percentage points year-over-year [1] - Adjusted EBITDA for Q2 was $48.2 million, reflecting a year-over-year increase of 25.7% and a quarter-over-quarter increase of 19.3% [1] - Adjusted net profit for the quarter was $77 million, up 3.9% year-over-year [1] - Operating cash flow was $57.6 million, indicating stable financial health [1] Shareholder Returns - From January 1 to June 30, 2025, JOYY returned a total of $135 million to shareholders through buybacks and dividends [1]

Core Insights - JOYY Inc. reported Q2 2025 revenue of $508 million, a quarter-over-quarter increase of 2.7% [1] - Live streaming revenue reached $375.4 million, with a quarter-over-quarter growth of 1.1% [1] - Non-live business revenue grew significantly, with a year-over-year increase of 25.6%, now accounting for 26.1% of total revenue, up 7.4 percentage points year-over-year [1] Financial Performance - Adjusted EBITDA for Q2 2025 was $48.2 million, reflecting a year-over-year growth of 25.7% and a quarter-over-quarter increase of 19.3% [1] - Adjusted net profit for the quarter was $77 million, showing a year-over-year increase of 3.9% [1] - Operating cash flow for the quarter amounted to $57.6 million [1] Shareholder Returns - The company returned $135 million to shareholders through buybacks and dividends from January 1 to June 30, 2025 [1]