Core Insights - Morgan Stanley has raised its target price for JOYY to US$62 from US$40, indicating improving fundamentals in JOYY's core business, accelerating advertising growth, and attractive shareholder returns [1] Business Performance - JOYY's live-streaming business may have bottomed out since 2Q25, with a reported 1% quarter-over-quarter growth and positive management comments on revenue growth, expecting further improvement in 2H25 and more growth in 2026-2027 [2] - The advertising business is projected to be the main growth driver in 2026-2027, with strong revenue momentum in the first half of 2025, following over 175% year-over-year growth in 2024. Forecasts include 26% year-over-year growth in 2H25 and 20% in 2026 [3] Shareholder Returns - JOYY has announced a three-year quarterly dividend policy totaling approximately US$600 million, along with a share repurchase program of up to US$300 million during 2025-2027. In 1H25, JOYY allocated US$135 million to dividends and share buybacks, with Morgan Stanley assuming US$300 million in annual investor returns [4]

Group 1 - The establishment of Tengchong City Anshixinpin Food Store, a sole proprietorship, has been registered with a legal representative named Yang Qinghao and a registered capital of 10,000 RMB [1] - The business scope includes general projects such as the sale of food detergents, sales of pre-packaged food, delivery services, internet sales (excluding items requiring permits), and personal internet live streaming services [1] - The store is also authorized to engage in licensed projects including catering services and food sales, which require approval from relevant authorities before operation [1]