21世纪经济报道记者骆轶琪 直播业务恢复正向增长叠加广告业务支撑，欢聚集团正走向新的转折。 对于直播业务的展望，在业绩交流会上公司方面表示，一方面，此前一次性的运营调整已基本完成；另 一方面，集团继续将运营资源聚焦在优质付费用户和发达国家市场，深化精细化运营，包括丰富全球内 容供给，优化用户分层和激励体系，完善支付基建等，预计将进一步提升付费转化率和ARPPU。综合 来看，欢聚预计其直播业务将在2026年重回同比稳健增长的轨道。 在广告业务BIGO Ads方面，将主要围绕四个维度开展2026年战略规划：一是流量规模的持续扩张；二 是IAA（应用内广告）和网页端广告预算的快速增长和新垂类拓展；三是完善广告数据体系的构建，加 速模型的优化和效率提升；四是区域市场扩张。今年前三季度，BIGO Ads同比增速接近30%，预期 2026年将继续双位数营收增长。 综合来看，李婷指出，经过几个季度的调整，集团直播业务已重回环比复苏轨道，该业务在2026年有望 保持稳健利润。同时，预计广告业务将贡献增量利润，其他业务板块盈利能力持续改善。这为集团从 2025年第四季度开始实现同比收入增长奠定基础，并将持续到2026年及以后。 ...

Group 1 - Xinjiang Altay region's education department announced a snow holiday for students from December 1 to 5, allowing for a maximum of 9 consecutive days off, benefiting 73,000 students [1] - The snow holiday aims to encourage students to participate in cultural and sports activities, as well as outdoor excursions, aligning with local climate conditions [1] Group 2 - Huanyou Group reported total revenue of $540 million for Q3 2025, with live streaming revenue at $388 million and advertising revenue increasing by 29.2% year-over-year [2] - Non-live streaming revenue accounted for 28.1% of total revenue, indicating a diversification in the company's revenue structure [2] - The company's operating profit for Q3, according to non-GAAP measures, was $41 million, reflecting a year-over-year increase of 16.6% [2] - As of September 30, Huanyou Group had net cash of $3.32 billion [2] Group 3 - The wedding of Zhang Junjie, founder of Bawang Chaji, and Gao Haichun, co-chairman of Trina Solar, has been confirmed, highlighting the intersection of the tea and photovoltaic industries [3] - The marriage may lead to resource, technology, and market expansion synergies between the two sectors [3] Group 4 - Domestic gold jewelry prices have risen again, with several brands reporting prices above 1300 yuan per gram, including Zhou Shengsheng at 1307 yuan and Zhou Dafu at 1305 yuan [4] - Recent fluctuations in the gold market are attributed to factors such as declining expectations for Federal Reserve interest rate cuts and uncertainties in economic data and trade situations [4]

Core Insights - JOYY's stock surged nearly 12% to $67.08 following the announcement of its Q3 2025 earnings, which totaled $540 million, slightly above analyst expectations of $532.3 million, reflecting a quarter-over-quarter growth of 6.4% [1] Financial Performance - The live streaming business generated $388 million in revenue, marking a quarter-over-quarter increase of 3.5%, achieving consecutive growth for two quarters [1] - BIGO Ads, the advertising technology platform, saw accelerated revenue growth, reaching $104 million, which represents a year-over-year increase of 33.1% and a quarter-over-quarter increase of 19.7% [1] - Under non-GAAP measures, JOYY reported an operating profit of $41 million for Q3, reflecting a year-over-year increase of 16.6% and a quarter-over-quarter increase of 6.1% [1] - EBITDA for the third quarter was $51 million, showing a year-over-year growth of 16.8% and a quarter-over-quarter growth of 4.9% [1] - The company generated operating cash flow of $73 million in Q3, and as of September 30, it held net cash of $3.32 billion [1]

Core Viewpoint - JOYY Inc. (欢聚) experienced a nearly 12% increase in stock price, reaching $67.08, following the announcement of its Q3 2025 earnings report, which showed strong revenue growth and profitability metrics [1] Financial Performance - Total revenue for Q3 2025 was $540 million, slightly below analyst expectations of $532.3 million, with a quarter-over-quarter growth of 6.4% [1] - Live streaming revenue amounted to $388 million, reflecting a quarter-over-quarter increase of 3.5%, marking the second consecutive quarter of growth [1] - Revenue from the advertising technology platform, BIGO Ads, accelerated to $104 million, showing a year-over-year growth of 33.1% and a quarter-over-quarter growth of 19.7% [1] Profitability Metrics - Under non-GAAP measures, operating profit for Q3 reached $41 million, representing a year-over-year increase of 16.6% and a quarter-over-quarter increase of 6.1% [1] - EBITDA for the quarter was $51 million, with a year-over-year growth of 16.8% and a quarter-over-quarter growth of 4.9% [1] - The company reported operating cash flow of $73 million for the third quarter, and as of September 30, net cash stood at $3.32 billion [1]

Core Insights - The company reported a strong performance in Q3 2025, with a revenue of $540 million, reflecting a 6.4% quarter-over-quarter growth [2] - The live streaming business generated $388 million in revenue, marking a 3.5% increase from the previous quarter, continuing its growth trend for two consecutive quarters [2] - The advertising revenue saw a year-over-year increase of 29.2%, with BIGOAds achieving $104 million in ad revenue, which represents a 33.1% year-over-year and 19.7% quarter-over-quarter growth [2][3] Financial Performance - The company's operating profit for Q3 reached $41 million, a 16.6% year-over-year increase and a 6.1% quarter-over-quarter increase [3] - EBITDA for the third quarter was $51 million, showing a 16.8% year-over-year growth and a 4.9% quarter-over-quarter growth [3] - Operating cash flow for Q3 was $73 million, and as of September 30, the company had a net cash position of $3.32 billion [3] Strategic Initiatives - BIGOAds is identified as a strategic business for the company, with ongoing investments in AI technology to enhance algorithm precision and user targeting [3] - The company is focused on expanding its regional presence and diversifying traffic channels, aiming to create a multi-engine growth model [4] - The company has announced a total of approximately $900 million for share buybacks and dividends from 2025 to 2027, with $237 million already executed from January 1 to November 14, 2025 [3]

Core Insights - The core viewpoint of the article highlights the financial performance of Huya Inc. for the third quarter of 2025, showcasing growth in revenue and profitability metrics [1] Financial Performance - The company reported a revenue of $540 million for the third quarter, representing a quarter-over-quarter increase of 6.4% [1] - Live streaming revenue reached $388 million, with a quarter-over-quarter growth of 3.5%, marking two consecutive quarters of growth [1] - Advertising revenue saw a year-over-year increase of 29.2%, contributing to a rise in non-live streaming revenue's share of total revenue to 28.1% [1] Profitability Metrics - Under non-GAAP measures, the operating profit for the third quarter was $41 million, reflecting a year-over-year growth of 16.6% and a quarter-over-quarter increase of 6.1% [1] - EBITDA for the third quarter amounted to $51 million, with a year-over-year growth of 16.8% and a quarter-over-quarter increase of 4.9% [1] Cash Flow and Shareholder Returns - The operating cash flow for the third quarter was $73 million, and as of September 30, the company had a net cash position of $3.32 billion [1] - From January 1 to November 14, the total amount spent on share buybacks and dividends reached $237 million [1]

Core Insights - JOYY Inc. reported total revenue of $540 million for Q3 2025, representing a quarter-over-quarter growth of 6.4% [1] - The live streaming business generated $388 million in revenue, with a quarter-over-quarter increase of 3.5%, marking two consecutive quarters of growth [1] - Advertising revenue increased by 29.2% year-over-year, contributing to a rise in non-live streaming revenue's share of total revenue to 28.1% [1] - BIGO Ads revenue accelerated to $104 million, reflecting a year-over-year growth of 33.1% and a quarter-over-quarter growth of 19.7% [1] Financial Performance - Under non-GAAP measures, the operating profit for Q3 reached $41 million, up 16.6% year-over-year and 6.1% quarter-over-quarter [1] - EBITDA for the quarter was $51 million, showing a year-over-year increase of 16.8% and a quarter-over-quarter increase of 4.9% [1] - The operating cash flow for the third quarter amounted to $73 million, and as of September 30, the company had net cash of $3.32 billion [1] Shareholder Returns - From January 1 to November 14, 2025, JOYY repurchased and distributed approximately $237 million to shareholders [1]

Core Insights - Kuaishou's live streaming business revenue increased by 2.5% year-on-year to RMB 9.6 billion in Q3 2025 [1] - The number of signed guilds rose by over 17.0% year-on-year by the end of Q3 2025 [1] - The number of signed streamers increased by over 20.0% year-on-year by the end of Q3 2025 [1]

Core Viewpoint - Despite the suspension of trading, the company's operations continue normally across all major aspects, focusing on business development and expansion in various segments [1] Group 1: Business Operations - The gaming business remains the primary source of revenue for the company, including both traditional PC games and mobile games, particularly in the casual gaming sector [1] - The company has also expanded into live streaming services, broadcasting card games through various online channels [1] Group 2: Market Challenges and Future Plans - The company acknowledges facing multiple challenges in the market but remains committed to focusing on its business operations [1] - Plans for continuous expansion of gaming and entertainment services in mainland China, Hong Kong, Macau, and overseas markets are in place [1]

Core Viewpoint - JOYY Inc. (欢聚) has seen a significant increase in its stock price, reaching a new high since May 2021, driven by strong revenue growth in its non-live streaming business and overall positive financial performance in Q2 [1] Financial Performance - JOYY's Q2 revenue reached $508 million, reflecting a quarter-over-quarter growth of 2.7% [1] - Live streaming revenue was $375.4 million, with a quarter-over-quarter increase 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] Stock Performance - The stock closed at $62.04, up 3.62%, marking the highest closing price in over four years [1] - Pre-market trading showed a further increase to $62.66, up 1% [1] - The stock has a market capitalization of $3.187 billion [1]