北京时间2025年8月27日，欢聚集团（NASDAQ:JOYY）发布2025年第二季度财报。财报显示，集团总 收入达5.078亿美元，环比增长2.7%，其中直播业务收入3.75亿美元，环比增长1.1%；非直播业务表现 亮眼，同比增长25.6%，占总收入比重提升至26.1%。 调整后EBITDA达4820万美元，同比增长25.7%；调整后净利润7700万美元，同比增长3.9%。截至6月30 日，集团净现金储备达33亿美元，经营性现金流5760万美元，展现出强劲财务韧性。 展望未来，欢聚集团表示将继续深化AI技术应用，优化全球流量运营，推动直播业务与广告技术的协 同发展。 采写：南都·湾财社记者陈盈珊 AI技术已成为欢聚业务增长的核心驱动力。在直播场景，多语种实时语音识别和翻译技术显著提升跨 语言沟通效率；LLM模型赋能直播间内容理解和互动优化；AIGC技术则提升礼物和表情包生成的个性 化水平。 在广告业务方面，BIGO Ads平台通过AI技术实现了用户意图深度识别与动态建模，以及全链路自动化 决策，显著提升了广告投放效率。 BIGO Ads也在本季度表现亮眼：收入同比增长约29%，环比增长约9%；开发者SDK接 ...

新华财经广州8月27日电 27日，欢聚集团发布2025年第二季度财报。第二季度，欢聚集团收入5.08亿美 元，环比增长2.7%。其中，非直播收入同比增长25.6%，占集团营收总比例增长至26.1%。调整后净利 润达7700万美元，同比增长3.9%，环比增长21.8%。 目前，欢聚集团直播业务回归增长轨道，广告技术平台规模加速扩张，为企业发展注入动能。李婷表 示，展望未来，欢聚将继续依托多元化增长引擎，推动集团实现高质量、可持续的长期发展。 欢聚集团董事会主席兼首席执行官李婷表示，欢聚的多元增长引擎战略取得成效。第二季度，BIGO广 告业务在多渠道流量覆盖等方面均取得了实质性进展。 BIGO Ads用户画像构建和定向能力不断提升，BIGO Ads全球多区域市场增长迅速。作为集团第二增长 曲线，BIGO Ads已经形成长期战略布局，并通过数据体系和算法优化，持续提升平台能力，逐步建立 差异化竞争优势。 获益于丰富应用场景和高质量数据积累，欢聚集团加速AI应用模型的训练和优化。从直播场景应用来 看，直播产品通过多语种的实时语音识别和多语言翻译技术，促进跨语言用户的沟通，提高用户和资源 的跨区匹配和深度互动。 李婷表 ...

报告期内，欢聚集团调整后EBITDA（息税折旧摊销前利润）达4820万美元，同比增长25.7%，环比增 长19.3%；调整后净利润达7700万美元，同比增长3.9%，环比增长21.8%。同时，集团本季度经营性现 金流达5760万美元，截至6月30日，净现金为33亿美元。 欢聚集团董事会主席兼首席执行官李婷表示，欢聚的多元增长引擎战略正在逐步取得成效。第二季度， BIGO广告技术平台增长强劲，在多渠道流量覆盖以及各垂类广告预算获取等方面均取得了实质性进 展。随着规模的积累，欢聚正在加速算法的训练和优化，以进一步提升广告投放效率，这也将反过来推 动广告主预算需求和流量的加速增长，形成正向战略飞轮效应。凭借欢聚的全球运营能力、技术积累、 基础设施和生态布局，集团有信心在广阔的广告科技赛道占据重要的一席，为股东带来持续的长期价值 增长。 责任编辑：郭栩彤 新浪科技讯 8月27日上午消息，欢聚集团发布2025年第二季度财报。第二季度，欢聚集团收入5.08亿美 元，环比增长2.7%。其中，直播业务收入3.75亿美元，环比增长1.1%；非直播收入同比增长25.6%，占 集团营收总比例增长至26.1%，作为欢聚长期布局的战略 ...

Core Viewpoint - JOYY Inc. reported strong financial results for Q2 2025, showcasing growth in both livestreaming and non-livestreaming revenues, alongside a robust cash position and shareholder returns strategy [2][3][4]. Financial Performance - JOYY's revenue for Q2 2025 was US$507.8 million, reflecting a 2.7% increase quarter-over-quarter [2][8]. - Livestreaming revenue reached US$375.4 million, with BIGO livestreaming contributing US$355.3 million, both showing sequential growth [6]. - Non-GAAP EBITDA was US$48.2 million, marking a 25.7% year-over-year increase [8]. - GAAP net profit was US$60.8 million, up 16.8% year-over-year, while non-GAAP net profit was US$77.0 million, a 3.9% increase year-over-year [2][8]. - Operating cash flow for the quarter was US$57.6 million, and the company maintained US$3.3 billion in net cash as of June 30, 2025 [2]. Shareholder Returns - From January 1, 2025, to June 30, 2025, JOYY allocated US$135 million to dividends and share buybacks [3]. - The company has a three-year quarterly dividend policy totaling approximately US$600 million and a share repurchase program of up to US$300 million from 2025 to 2027 [3]. Business Highlights - The non-livestreaming revenue segment accounted for 26.1% of total revenues, with BIGO Ads growing approximately 29% year-over-year [10]. - JOYY's global average mobile MAUs were 262.5 million, with Bigo Live's MAUs increasing by 2.3% quarter-over-quarter [7][11]. - The number of paying users for BIGO's livestreaming grew by 3.7% quarter-over-quarter, driven by enhanced content quality and user experience [9]. Advertising Business - BIGO Ads demonstrated significant growth potential, with daily transaction volumes reaching record levels across various channels [12]. - North America saw approximately 24.2% growth in the first half of 2025 compared to the second half of 2024, while Europe experienced high single-digit percentage growth quarter-over-quarter [13]. - JOYY's proprietary user data and algorithm capabilities provide a competitive advantage in developing specialized models tailored to different markets [14][15].

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 was $132.4 million, up 25.6% year-over-year, now contributing 26.1% of total revenues, compared to 18.7% in the same period last year [34] - BIGO's non-live streaming revenues, primarily from advertising, increased by 29% year-over-year and 8.9% quarter-over-quarter [34] Market Data and Key Metrics Changes - Live streaming revenue from developed countries increased by 3.4% quarter-over-quarter, while revenue from Southeast Asia rose by 2.1% [33] - The advertising business achieved $87 million in revenue, representing 29% year-over-year growth and 9% quarter-over-quarter growth [21] 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 AI to enhance user engagement and improve advertising algorithms [12][13] 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 [48] - The advertising segment is anticipated to maintain double-digit year-over-year growth, particularly as it enters a peak season [50] - Overall, the company expects consolidated operating profit to continue improving, 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 sequential recovery driven by growth in paying users, particularly in developed countries [45][46] - For the second half, management expects continued recovery in live streaming revenue and strong growth in non-live streaming revenue due to advertising peak season [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, with overall non-GAAP operating profit and EBITDA showing an improving trend [56] Question: Drivers behind the robust growth of the advertising business - Management highlighted technical optimizations in algorithms and market opportunities as key drivers, along with proprietary data assets and synergies across business segments [58][62]

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]

Financial Performance - JOYY Inc. reported net revenues of US$507.8 million for Q2 2025, a decrease from US$565.1 million in Q2 2024 [5][6] - Live streaming revenue was US$375.4 million, down from US$459.7 million year-over-year, while non-livestreaming revenue increased by 25.6% to US$132.4 million [4][6][7] - Operating income rose to US$5.8 million from US$2.3 million in the same period last year, marking a 155.4% year-over-year increase [11] - Non-GAAP EBITDA reached US$48.2 million, up 25.7% year-over-year from US$38.4 million [12] User Metrics - Global average mobile monthly active users (MAUs) decreased to 262.5 million from 275.2 million year-over-year [5] - Average mobile MAUs for Bigo Live, Likee, and Hago were 29.6 million, 28.5 million, and 3.0 million respectively, all showing declines compared to the previous year [5] - The total number of paying users for BIGO was 1.50 million, down from 1.66 million in Q2 2024 [5] Cost and Profitability - Cost of revenues decreased by 11.9% to US$322.5 million, primarily due to a reduction in the BIGO segment [8] - Gross profit was US$185.2 million, with a gross margin of 36.5%, compared to 35.2% in Q2 2024 [9] - Operating expenses fell to US$179.8 million from US$198.7 million, with significant reductions in sales and marketing expenses [10] Shareholder Returns - The company distributed US$98.5 million in dividends and repurchased US$36.5 million worth of shares in the first half of 2025 [4] - A quarterly dividend of US$0.95 per ADS has been declared for Q3 2025, expected to be paid on October 10, 2025 [20] Business Outlook - For Q3 2025, JOYY expects net revenues to be between US$525 million and US$539 million, reflecting current market conditions and business strategies [18]

Core Insights - JOYY Inc. reported Q1 2025 revenue of $494.4 million, with non-live revenue reaching $123 million, a year-over-year increase of 25.3% [2] - The company's GAAP and non-GAAP operating profits for Q1 were $12.2 million and $31 million, reflecting year-over-year growth of 244.5% and 24.9% respectively [2] - JOYY's cash flow from operations for the quarter was $58 million, and the company returned $49.1 million to shareholders through dividends and stock buybacks [2] Group 1: Live Streaming Business - JOYY's live streaming revenue for Q1 was $371.3 million, with BIGO Live contributing $351.6 million [3] - The monthly active users in North America for BIGO Live grew over 7% year-over-year, while the number of paying users increased approximately 4% quarter-over-quarter [3] - The company is deploying a diverse product matrix in verticals such as live streaming, short videos, and instant messaging to build a globally influential user community [3] Group 2: Non-Live Revenue Growth - Non-live revenue accounted for 24.9% of total revenue in Q1, marking its first significant contribution as a second growth curve for the company [4] - BIGO Ads experienced a year-over-year growth of approximately 27%, driven by localized operations, proprietary traffic resources, and advanced algorithm models [4] - The gross margin and operating margin for BIGO improved significantly, with non-live revenue growth driving overall business gross margin up to 42.1% [4] Group 3: Future Outlook - The company anticipates a recovery in BIGO's revenue in Q2, with expectations for non-GAAP operating profit to stabilize and potentially grow throughout the year [4] - JOYY's diverse product matrix covers over 260 million users globally, enhancing its appeal to advertisers and integrating cutting-edge generative AI technology into its advertising business [4]

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 - The core revenue for the company in Q1 2025 was $49.44 million, with non-live streaming revenue reaching $12.3 million, representing a year-on-year growth of 25.3% [2] - Live streaming revenue amounted to $37.13 million, with BIGO Live contributing $35.16 million. The company has established a diverse product matrix in live streaming, short videos, and instant messaging, creating a globally influential user community [2] - The live streaming segment enhanced regional user engagement through localized operational strategies, leading to increased user stickiness and improved paid conversion rates. Monthly active users for Bigo Live in North America grew over 7% year-on-year, with paid user numbers increasing approximately 4% quarter-on-quarter [2] Group 2 - In the non-live business segment, the BIGO Ads advertising platform experienced rapid growth, driven by AI-powered user insights, smart creativity, and precise targeting capabilities. The advertising business grew approximately 27% year-on-year in Q1 [3] - The company's chairperson and CEO, Li Ting, stated that 2025 marks the 20th anniversary of the company, and the results of its diversified growth strategy are becoming evident. The company plans to further advance its diversification strategy with the steady development of live streaming and the expansion of advertising and other business scales [3]