缘何圈粉广告主？据悉，欢聚旗下多元产品矩阵覆盖全球超2.6亿的用户群体，拥有优质自有流量。在 此基础上，BIGO Ads更聚合了全球头部开发者的第三方流量池，覆盖了许多垂类广告的核心目标人 群。此外，欢聚广告业务也深度融合行业前沿的生成式AI技术。 欢聚集团董事会主席兼首席执行官李婷表示，2025年是欢聚集团成立以来的第二十个年份，也将是见证 公司多元增长战略初步落地的一年。目前，欢聚的多元增长战略成效显现，一方面，核心直播业务持续 盈利；另一方面，非直播业务上，BIGO Ads广告平台凭借AI驱动的用户洞察、智能创意和精准投放能 力，增长迅猛。期待这些创新进一步巩固欢聚的竞争优势，助力非直播业务成为新的增长引擎。 值得注意的是，一季度欢聚BIGO 毛利率和经营利润率均明显增长，非直播收入增长驱动所有其他业务 毛利率提升至42.1%。展望今年二季度，随着BIGO板块收入环比恢复增长，预计BIGO non-GAAP经营 利润额恢复环比增长。全年来看，预期今年BIGO板块整体non-GAAP经营利润额将保持稳定，并有望实 现增长，公司整体non-GAAP 的经营利润额会呈改善趋势。 直播创收3.713亿美元 第二 ...

在全球娱乐直播行业红利见顶、增长承压之际，老牌社交娱乐平台JOYY（纳斯达克：JOYY，以下简 称"欢聚"）正试图寻找新增长引擎。 根据公司披露的2025年第一季度未经审计财报，公司该季度营收为4.94亿美元，较2024年同期的5.65亿 美元下降12.4%。这一变化主要受到直播业务收入锐减的影响。核心直播业务收入为3.71亿美元，较去 年同期下降逾20%。 欢聚在2025年第一季度完成出售YY直播（互动直播平台），确认收益约为18.76亿美元，使得归属于公 司股东的净利润达到19.2亿美元。非GAAP（通用会计准则）营业利润为3100万美元，同比增长 24.9%。 不过，在直播业务增长失速的同时，欢聚的广告业务表现亮眼，成为推动非直播业务增长的关键因素。 2025年是李婷担任欢聚首席执行官的第一个完整财年，面对此份财报，她表示："期待非直播业务成为 欢聚时代的第二增长引擎。" 娱乐直播业绩承压，行业龙头纷纷寻求转型 今年2月25日，欢聚宣布与百度达成收购协议，百度以21亿美元（折合人民币约152.3亿元）总价收购欢 聚在国内的视频娱乐直播业务，即YY直播。 剥离YY直播后，欢聚核心业务聚焦海外，包含Bigo ...

一季度，集团直播板块以更具本土特色的运营手段增强区域用户活跃度，产品用户黏性提升也进一步促 进了付费转化。直播板块核心产品Bigo Live北美区域月活用户同比增长超7%，付费用户数环比增长约 4%。截至2025年第一季度，欢聚集团非直播收入同比增长25.3%，占整体收入比例首次达24.9%，成为 内生性增长的第二增长曲线。 新华财经广州5月27日电 欢聚集团27日发布2025年第一季度财报。第一季度，欢聚集团收入4.944亿美 元，其中，非直播收入达到1.23亿美元，同比增长25.3%。 第一季度，欢聚集团直播收入3.713亿美元，其中BIGO直播收入3.516亿美元。长期以来，欢聚集团在直 播、短视频、即时通讯等垂直领域部署多元产品矩阵，并构建了具有全球影响力的用户社区，持续为用 户提供价值和成长空间。 （文章来源：新华财经） 非直播业务方面，BIGO Ads广告平台凭借AI驱动的用户洞察、智能创意和精准投放能力，增长较快。 BIGO Ads基于场景数据训练专属模型，并深度融合行业前沿的生成式AI技术，构建了智能化全链路AI 广告平台。得益于集团本土化运营、自有流量资源及前沿算法模型等多方面的优势，BIG ...

Core Insights - JOYY Inc. reported a revenue of US$494.4 million for Q1 2025, with non-livestreaming revenue at US$123.0 million, marking a 25.3% year-over-year increase [2][10] - The company achieved significant growth in operating profits, with GAAP operating profit increasing by 244.5% to US$12.2 million and non-GAAP operating profit rising by 24.9% to US$31.0 million [2][10] - JOYY distributed US$49.1 million in dividends and repurchased US$22.5 million worth of shares, demonstrating a commitment to returning value to shareholders [3] Financial Highlights - Total revenue for Q1 2025 was US$494.4 million, with operating income at US$12.2 million, a 244.5% increase from the previous year [10] - Non-GAAP operating income was US$31.0 million, up 24.9% year-over-year [10] - Net income from continuing operations attributable to controlling interest was US$45.4 million, slightly up from US$45.3 million in Q1 2024 [10] Business Highlights - Livestreaming revenue reached US$371.3 million, with BIGO contributing US$351.6 million [6] - Bigo Live's North American region saw a 7% year-over-year growth in monthly active users (MAU) and a 4% quarter-over-quarter increase in paying users [7] - JOYY's products engaged users through operational activities related to Ramadan, boosting brand influence and user activity [8] Product and Advertising Developments - JOYY enhanced its user experience on Bigo Live, leading to a 4% quarter-over-quarter increase in average viewing time per user and a 3% increase in ARPPU among high-end users [9][11] - BIGO Ads revenue grew by 27% in Q1 2025, supported by the company's strengths in local operations and advanced algorithms [12] - The integration of premium publisher traffic with first-party traffic in BIGO Ads has created a robust advertising system, leveraging AI technologies to improve ad performance and revenue opportunities [13]

Financial Highlights - The company reported net revenues of $494.4 million for Q1 2025, a decrease from $564.6 million in Q1 2024 [5] - Non-livestreaming revenues reached $123.0 million, marking a year-over-year increase of 25.3% and accounting for 24.9% of total net revenues for the first time [4][8] - Live streaming revenues were $371.3 million, down from $466.4 million in the same period last year, attributed to a decline in paying users and ARPPU [6][5] - GAAP operating profit was $12.2 million, a 244.5% increase year-over-year, while non-GAAP operating profit was $31.0 million, up 24.9% [12][13] - The company distributed approximately $49.1 million in dividends and repurchased $22.5 million worth of shares from January 1, 2025, to May 23, 2025 [4] Operational Highlights - The global average mobile MAUs decreased to 260.4 million from 277.3 million year-over-year, primarily due to optimized sales and marketing strategies [7] - The average mobile MAUs for Bigo Live, Likee, and Hago were 28.9 million, 30.2 million, and 3.3 million, respectively, all showing declines compared to the previous year [7] - The total number of paying users for BIGO was 1.45 million, down from 1.67 million in the same period last year [7] Cost and Profitability - Cost of revenues decreased by 14.5% to $315.7 million, leading to a gross profit of $178.6 million, with a gross margin of 36.1% [9][10] - Operating expenses were reduced to $167.2 million, down from $195.4 million in Q1 2024, with significant decreases in sales and marketing expenses [11] - Non-GAAP net income from continuing operations was $63.2 million, compared to $67.2 million in Q1 2024, with a non-GAAP net income margin of 12.8% [15] Balance Sheet and Cash Flow - As of March 31, 2025, the company had net cash of $3,385.9 million, an increase from $3,275.9 million at the end of 2024 [17] - Net cash from operating activities for Q1 2025 was $58.0 million [17] Business Outlook - For Q2 2025, the company expects net revenues to be between $499 million and $519 million, reflecting current market conditions and operational strategies [20] Shareholder Returns - The company has authorized a quarterly dividend program, with a total of approximately $600 million to be distributed over three years, declaring a dividend of $0.94 per ADS for Q2 2025 [22]