JOYY Inc (JOYY) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to JOYY Inc.'s first-quarter 2025 earnings call. (Operator Instructions)

女士們，先生們，感謝你們的支持，歡迎參加 JOYY Inc. 2025 年第一季財報電話會議。（操作員指示）

I want to turn the conference over to your host today, Jane Xie, the company's Senior Manager of Investor Relations. Please go ahead, Jane.

我想將今天的會議交給主持人 Jane Xie，她是公司的投資者關係高級經理。請繼續，簡。

Thank you, operator. Hello, everyone. Welcome JOYY's first-quarter 2025 earnings conference call.

謝謝您，接線生。大家好。歡迎參加歡聚時代2025年第一季財報電話會議。

Joining us today are Ms. Ting Li, Chairperson and CEO of JOYY; and Mr. Alex Liu, the Vice President of Finance. For today's call, management will first provide a review of the quarter, and then we will conduct a Q&A session. The financial results and webcast of this conference call are available at ir.joyy.com. A replay of this call will also be available on our website in a few hours.

今天與我們一起出席的有歡聚時代董事長兼執行長李婷女士和財務副總裁劉亞歷克斯先生。在今天的電話會議上，管理層將首先對本季度進行回顧，然後我們將進行問答環節。本次電話會議的財務表現及網路直播可在ir.joyy.com網站上取得。會議重播也將在幾小時後在我們的網站提供。

Before we continue, I would like to remind you that we may make forward-looking statements, which are inherently subject to risks and uncertainties that may cause actual results to differ from our current expectations. For detailed discussions of the risks and uncertainties, please refer to our latest annual report on Form 20F and other documents filed with the SEC.

在我們繼續之前，我想提醒您，我們可能會做出前瞻性陳述，這些陳述本質上受風險和不確定性的影響，可能導致實際結果與我們當前的預期不同。有關風險和不確定性的詳細討論，請參閱我們最新的 20F 表年度報告以及向美國證券交易委員會提交的其他文件。

We will also talk, discuss certain non-GAAP financial measures. They are included as additional clarifying items to aid investors in further understanding the company's performance and the impact that these items and events had on the financial results. The non-GAAP financial measures provided above should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP.

我們也將討論某些非公認會計準則財務指標。它們作為額外的澄清項目，以幫助投資者進一步了解公司的表現以及這些項目和事件對財務結果的影響。上述非公認會計準則財務指標不應被視為替代或優於依照公認會計準則編製的財務績效指標。

You may find a reconciliation of differences between GAAP and non-GAAP financial measures in our earnings release. Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in US dollar.

您可以在我們的收益報告中找到 GAAP 和非 GAAP 財務指標之間差異的對帳。最後，請注意，除非另有說明，本次電話會議中提到的所有數字均以美元為單位。

I will now turn the call over to our Chairperson and CEO, Ms. Ting Li. Please go ahead, Ms. Li.

現在我將電話轉給我們的董事長兼執行長李婷女士。李女士，請說。

Hello everyone, I'm Li Ting. Welcome to our first-quarter 2025 earnings call. 2025 marks a key milestone for both JOYY and for me personally. JOYY has just celebrated its 20th anniversary, growing into a global technology leader with a sizable, engaged user base worldwide.

大家好，我是李婷。歡迎參加我們的 2025 年第一季財報電話會議。 2025 年對 JOYY 和我個人來說都是一個重要的里程碑。JOYY 剛剛慶祝了其成立 20 週年，現已成長為全球技術領導者，在全球擁有龐大且活躍的用戶群。

Our diversified growth strategy is yielding clear results, as non-livestreaming revenue continues to expand rapidly, affirming the strength of our business model. As 2025 marks my first complete fiscal year as CEO, I am excited to outline our medium- to long-term strategic vision and operational roadmap as we advance into our next decade of growth.

我們的多元化成長策略正在取得明顯成效，非直播收入持續快速成長，證明了我們商業模式的實力。2025 年是我擔任執行長的第一個完整財政年度，我很高興能夠在我們邁向下一個十年成長之際概述我們的中長期策略願景和營運路線圖。

First, looking at our quarterly performance, we recorded total revenue of $494 million in the first quarter of 2025. Our non-livestreaming revenue reached $123 million, a year-over-year increase of 25.3%, with non-livestreaming revenue accounting for 25% of the group's total revenue for the first time.

首先，看看我們的季度業績，我們在 2025 年第一季錄得的總收入為 4.94 億美元。非直播收入達1.23億美元，年增25.3%，非直播收入首次佔集團總收入的25%。

In the first quarter, we achieved a non-GAAP operating profit of $31 million, a year-over-year increase of approximately 25%. Meanwhile, we maintained strong operating cash flow, which reached $58 million. During the first quarter, we distributed approximately $49.1 million in dividends to shareholders. On top of that, we repurchased approximately $22.5 million worth of our shares as of May 23, reinforcing our commitment to returning value to our shareholders.

第一季度，我們實現非公認會計準則營業利潤3,100萬美元，年增約25%。同時，我們維持了強勁的經營現金流，達到5,800萬美元。第一季度，我們向股東派發了約 4,910 萬美元的股息。除此之外，截至 5 月 23 日，我們回購了價值約 2,250 萬美元的股票，以強化我們對股東回報的承諾。

In the past, we've focused on expanding the global reach and influence of our user community, leveraging our diverse portfolio of products, spanning livestreaming, short videos, instant messaging, and more. We have successfully monetized our global user base through livestreaming and delivered consistent profitability, which demonstrates our industry insight, operational agility, and strong execution.

過去，我們專注於擴大用戶社群的全球影響力，利用我們多樣化的產品組合，涵蓋直播、短影片、即時通訊等。我們已成功透過直播將全球用戶群貨幣化並實現持續獲利，這體現了我們的行業洞察力、營運敏捷性和強大的執行力。

Over the past two years, we have stepped up our innovation to develop new revenue streams, achieving significant progress toward our growth objectives of cultivating a multi-faceted ecosystem. Since 2024, our global programmatic advertising platform, BIGO Ads, has achieved remarkable growth. Capitalizing on our sizable global user base of approximately 260 million users, predominantly young and middle-aged internet users with promising purchasing power, we have attracted a growing number of advertisers.

在過去的兩年裡，我們加強創新力度，開發新的收入來源，在培育多方面生態系統的成長目標方面取得了重大進展。自 2024 年以來，我們的全球程式化廣告平台 BIGO Ads 取得了顯著成長。我們擁有約 2.6 億龐大的全球用戶群，其中主要為具有良好購買力的年輕和中年互聯網用戶，憑藉這一優勢，我們吸引了越來越多的廣告商。

BIGO Ads has further expanded its traffic pool by integrating premium publisher traffic with our first-party traffic, consistently delivering strong, measurable results for our advertisers. This success has fueled the rapid expansion of our advertising revenue, reinforcing our confidence to further diversifying and expanding our ecosystem.

BIGO Ads 透過將優質發布商流量與我們的第一方流量相結合，進一步擴大了其流量池，持續為我們的廣告商提供強勁、可衡量的結果。這項成功推動了我們廣告收入的快速成長，增強了我們進一步多樣化和擴大生態系統的信心。

Looking at the full picture of our non-livestreaming businesses, we believe that our advertising platform and smart commerce SaaS platform are also strategically complimentary, driving synergy across our ecosystem. As BIGO Ads expands its traffic pool and enhances its data-driven targeting capabilities, it will empower merchants to scale their market presence through precise and efficient customer targeting. This integrated approach generates significant value across our ecosystem and creates a virtuous cycle of growth for both BIGO Ads and our smart commerce platform.

綜觀我們非直播業務的整體情況，我們認為我們的廣告平台和智慧商務SaaS平台在策略上也是互補的，從而推動整個生態系統的協同效應。隨著 BIGO Ads 擴大其流量池並增強其數據驅動的定位能力，它將使商家能夠透過精準、高效的客戶定位來擴大其市場影響力。這種綜合方法為我們的生態系統創造了巨大的價值，並為 BIGO Ads 和我們的智慧商務平台創造了良性成長循環。

Looking forward, we anticipate our non-livestreaming businesses, including our advertising and smart commerce platform, will emerge as JOYY's second growth engine. Our initial accomplishments in these areas have been encouraging, and I am confident that this multi-engine approach will establish a sustainable, long-term growth road map for JOYY that will deliver major lasting value and enhanced returns for our shareholders.

展望未來，我們預期包括廣告和智慧商務平台在內的非直播業務將成為歡聚時代的第二成長引擎。我們在這些領域取得的初步成就令人鼓舞，我相信這種多引擎方法將為歡聚時代建立可持續的長期成長路線圖，為我們的股東帶來持久的價值和更高的回報。

Next, let me share with you our latest business updates and operational strategies. First, our livestreaming business. In the first quarter, the group's livestreaming revenue was $371 million, with Bigo contributing $352 million, in line with our expectations. At present, we observe distinct regional divergences in online entertainment spending. Especially users in developed markets have shown resilience, while those in emerging economies and long-tail paying users have reduced spending due to economic headwinds.

接下來，我來跟大家分享我們最新的業務動態和營運策略。首先是我們的直播業務。第一季度，該集團的直播收入為 3.71 億美元，其中 Bigo 貢獻了 3.52 億美元，符合我們的預期。目前，我們觀察到線上娛樂支出有明顯的地區差異。尤其是已開發市場的用戶表現出了韌性，而新興經濟體和長尾付費用戶則因經濟逆風而減少了支出。

To address such trends, we've adopted prudent strategies and efficient operational resource allocation. First, we are continuously optimizing our user acquisition strategy by prioritizing advertising spend on higher quality paying users in core markets. Second, we are finetuning our revenue-sharing mechanisms, particularly by streamlining underperforming agencies and channels that fail to deliver positive ROI. And third, we continue to strengthen our community content safety measures while improving content operations to boost user engagement.

為了因應這種趨勢，我們採取了審慎的策略和高效率的營運資源配置。首先，我們不斷優化用戶獲取策略，優先將廣告支出用於核心市場的高品質付費用戶。其次，我們正在完善收入分享機制，特別是精簡那些未能帶來正投資報酬率的表現不佳的機構和管道。第三，我們持續加強社群內容安全措施，同時改善內容營運以提高用戶參與度。

These strategic changes have already brought constructive results. While livestreaming revenue has fluctuated temporarily, we have achieved a significant improvement in operating profit from our flagship product Bigo Live. Despite this transitional phase, we remain confident in the fundamental interactive value that livestreaming can offer to users and its monetization growth potential.

這些策略轉變已經帶來建設性成果。雖然直播收入暫時出現波動，但我們的旗艦產品 Bigo Live 的營業利潤實現了顯著提升。儘管處於過渡階段，我們仍然對直播能夠為用戶提供的基本互動價值及其貨幣化成長潛力充滿信心。

To re-accelerate growth, our strategy focuses on two actionable points. First, we will continue to optimize resource allocation based on ROI and improve traffic quality, prioritizing user growth in core markets such as developed countries and the Middle East. Second, we will drive content, product features, and operational innovations to boost user engagement, improve paying users' experiences, and increase conversion rates. By better identifying quality users and improving payment conversion, we expect a resurgence in high-quality paying users, stabilizing livestreaming revenue and driving renewed growth.

為了重新加速成長，我們的策略重點是兩個可行的要點。一是持續圍繞投資報酬率優化資源配置，提升流量質量，優先發展已開發國家、中東等核心市場的用戶。其次，我們將推動內容、產品功能和營運創新，以提高用戶參與度、改善付費用戶的體驗並提高轉換率。透過更好地識別優質用戶和提高支付轉換率，我們預計優質付費用戶將復甦，穩定直播收入並推動新的成長。

Next, let's look at the performance of our core products across key markets. First, the Developed Countries region. In the first quarter, livestreaming revenue in developed countries continued to outperform. In particular, Bigo Live's North American region saw Q1 MAU growth exceeding 7% year-over-year. At the same time, the number of paying users in the region increased by approximately 4% QoQ.

接下來，我們來看看我們核心產品在主要市場的表現。第一，已開發國家地區。一季度，已開發國家直播收入持續表現優異。其中，Bigo Live 北美地區第一季 MAU 年增超過 7%。同時，該地區付費用戶數量較上季成長約4%。

Next, the Middle East region. Ramadan in 2025 started earlier this year, with the entire month falling within the first quarter, which caused expected seasonal impacts. Even so, our products actively promoted a series of operational activities which drove regional user activity and helped boost our brand influence among our users.

接下來是中東地區。2025 年的齋戒月開始得比較早，整個月都處於第一季度，這會帶來預期的季節性影響。即便如此，我們的產品積極推動了一系列營運活動，推動了區域用戶活躍度，並幫助提升了我們在用戶中的品牌影響力。

In the long run, the Middle East market continues to be one of our strategic priorities, given its strong monetization potential as demonstrated by top-tier ARPPU and users' strong affinity for interactive livestreaming and high engagement. We have remained a leader in the market, and we are committed to deepening our penetration in the Middle East through our expanding, diverse product portfolio.

從長遠來看，中東市場仍然是我們的策略重點之一，因為其頂級的 ARPPU 以及用戶對互動直播和高參與度的強烈喜愛，具有強大的貨幣化潛力。我們始終保持著市場領先地位，並致力於透過不斷擴大的多樣化產品組合深化我們在中東的滲透。

Looking at product improvements, our teams have made important product feature updates that are creating clear operational benefits. In the first quarter, Bigo Live launched an entirely redesigned VIP benefits system and improved its gifting experience, upgrading gift features for high-value users. These efforts delivered a 3% QoQ increase in ARPPU among Bigo Live's high-end user cohort.

從產品改進來看，我們的團隊對產品功能進行了重要的更新，帶來了明顯的營運效益。第一季度，Bigo Live 推出了全新設計的 VIP 福利體系，並提升了贈送體驗，為高價值用戶升級了贈送功能。這些舉措使得 Bigo Live 高階用戶群的 ARPPU 則是季增了 3%。

Likee also advanced its content strategy by building a more diverse and engaging content library. This led to impressive engagement metrics during the quarter. Videos viewed per user rose by 7% compared to the previous quarter, with overall video consumption time increasing by 10% over the same period.

Likee 還透過建立更加多樣化和更具吸引力的內容庫來改進其內容策略。這使得本季的參與度指標令人印象深刻。每位用戶觀看的影片數量與上一季相比成長了 7%，同期整體影片消費時間增加了 10%。

Our refined approach to top streamer management and development also produced a notable 3% QoQ increase in Likee's average paying ratio during the quarter. In the first quarter, Bigo achieved approximately $80 million in advertising revenue, a year-over-year growth of about 27%. Here, I would like to share my insights into the macro and industry changes in the advertising business and how we plan to establish our long-term competitive advantage in advertising in the current environment.

我們對頂級主播管理和發展的精細化方法也使 Likee 的平均付費率在本季度環比增長了 3%。第一季度，Bigo實現廣告收入約8,000萬美元，年增約27%。在這裡，我想分享我對廣告業務宏觀和行業變化的見解，以及我們如何在當前環境下建立我們在廣告領域的長期競爭優勢。

As you'll see, we believe JOYY is uniquely positioned to take advantage of current conditions in the advertising space to drive our long-term growth. First, the global macro landscape is highly dynamic, with major shifts taking place to advertising placement channels across key markets.

如您所見，我們相信 JOYY 擁有獨特的優勢，可以利用廣告領域的當前條件來推動我們的長期成長。首先，全球宏觀格局高度動態，主要市場的廣告投放管道正發生重大轉變。

Advertisers need placement strategies spanning both domestic and international channels to maintain and grow their market share. This change actually favors organizations with our unique profile, specifically those with both strong localized operations and extensive global reach.

廣告商需要跨越國內和國際管道的投放策略來維持和擴大其市場份額。這種變化實際上有利於具有我們獨特特徵的組織，特別是那些既具有強大的本地化運作又具有廣泛的全球影響力的組織。

As such, we believe JOYY benefits clearly from these recent shifts in the advertising landscape. Our market insight, premium global traffic, and localized operations have helped us build strong credibility with advertisers. This trust has allowed our BIGO Ads platform to grow quickly, which has increased both our managed traffic volume and overall platform scale.

因此，我們相信歡聚時代將從近期廣告格局的變化中明顯受益。我們的市場洞察力、優質的全球流量和在地化營運幫助我們在廣告商中建立了良好的信譽。這種信任使我們的 BIGO Ads 平台快速發展，增加了我們的管理流量和整體平台規模。

Second, in this evolving landscape, advertisers now demand better returns from their placements, along with clearer measurement and proof of placement impact. Specifically, they want to directly connect their ad costs to revenue and profit growth. This means that more than ever before, platforms must find and engage specific audience segments and efficiently turn these interactions into measurable new customers.

其次，在這種不斷變化的情況下，廣告商現在要求從投放中獲得更好的回報，以及更清晰的投放影響衡量和證明。具體來說，他們希望將廣告成本與收入和利潤成長直接掛鉤。這意味著，平台比以往任何時候都更需要找到並吸引特定的受眾群體，並有效地將這些互動轉化為可衡量的新客戶。

JOYY is uniquely positioned to meet these changing needs with our large user base of 260 million people worldwide. Our users include the key target groups for many important advertising categories, and we understand their behaviors and preferences deeply. This creates an advertising system with detailed user profiles that helps advertisers consistently reach their most valuable customers.

JOYY 擁有全球 2.6 億龐大的用戶群，因此具有獨特的優勢來滿足這些不斷變化的需求。我們的用戶涵蓋了許多重要廣告類別的關鍵目標群體，我們深刻了解他們的行為和偏好。這創建了一個具有詳細使用者資料的廣告系統，可幫助廣告商持續接觸最有價值的客戶。

Third, we are leveraging AI to transform our advertising strategy. The rapid advancement of AI technologies and infrastructure have greatly enhanced JOYY's capabilities, enabling us to capitalize on our diverse application scenarios and proprietary data assets. BIGO Ads uses our extensive global audience and years of quality data to build its own vertical model, integrating cutting-edge generative AI technologies. This has helped us build an intelligent, end-to-end advertising platform that covers user insights, creative development, precise targeting, and real-time optimization.

第三，我們正在利用人工智慧來改變我們的廣告策略。人工智慧技術和基礎設施的快速發展極大地增強了歡聚時代的能力，使我們能夠充分利用多樣化的應用場景和專有數據資產。BIGO Ads 利用我們廣泛的全球受眾和多年的優質數據來建立自己的垂直模型，並整合尖端的生成式 AI 技術。這幫助我們建立了一個智慧的、端到端的廣告平台，涵蓋用戶洞察、創意開發、精準定位和即時優化。

Our AI usage improves ad performance and ad returns while creating better revenue opportunities for our publisher partners. This success attracts both more advertiser spending and more publisher traffic, helping the BIGO Ads platform grow quickly. Fourth, our advertising business enjoys significant economic advantages, thanks to our established global operational team, R&D capabilities, and our network infrastructure.

我們使用人工智慧來提高廣告成效和廣告回報，同時為我們的出版商合作夥伴創造更好的收入機會。這項成功吸引了更多的廣告商支出和更多的發布商流量，幫助 BIGO Ads 平台快速發展。第四，由於我們成熟的全球營運團隊、研發能力和網路基礎設施，我們的廣告業務享有顯著的經濟優勢。

In particular, bandwidth and network related expenses, a key component of operating costs for advertising platforms, are optimized through our global network infrastructure, originally built for our social and entertainment products. This allows BIGO Ads to enjoy significant cost savings. As our advertising business scales, our server costs per unit decrease across the company, steadily enhancing overall operational efficiency.

特別是，頻寬和網路相關費用（廣告平台營運成本的關鍵組成部分）透過我們最初為社交和娛樂產品構建的全球網路基礎設施進行了優化。這使得 BIGO Ads 可以節省大量成本。隨著我們廣告業務的規模擴大，我們整個公司的單位伺服器成本不斷下降，從而穩步提高整體營運效率。

In summary, our advertising business has delivered consistently strong growth in past quarters and then continues to be profitable to the company. This success comes from our local operations, our advertisers and user base, our industry-leading algorithms, and our global network infrastructure. Given these proven strengths and our growing market position, we are confident our advertising business will continue to contribute to growth in our revenue and profitability over the long term.

總而言之，我們的廣告業務在過去幾季一直保持強勁成長，並繼續為公司帶來獲利。這項成功來自於我們的本地營運、我們的廣告商和用戶群、我們領先業界的演算法以及我們的全球網路基礎設施。鑑於這些已證實的優勢和我們不斷增長的市場地位，我們相信我們的廣告業務將繼續為我們長期的收入和獲利成長做出貢獻。

Now, moving to our thoughts on capital allocation. With the preliminary progress that we made in diversifying our businesses, we are actively monitoring our business development and resources and carefully assessing long-term capital allocation opportunities to support our non-livestreaming business. In the short term, we expect to prudently expand headcounts and the marketing resources to support our advertising business while maintaining healthy profit margins.

現在，我們來談談對資本配置的看法。隨著我們在業務多元化方面取得的初步進展，我們正在積極監控我們的業務發展和資源，並仔細評估長期資本配置機會，以支持我們的非直播業務。短期內，我們預計將謹慎擴大員工人數和行銷資源，以支持我們的廣告業務，同時保持健康的利潤率。

In the medium to long term, once our non-livestreaming businesses reach a certain scale, investments in infrastructure upgrades, technology development, talent expansion, and the marketing efforts are all potentially high-return capital allocation options. We aim to extend our competitive advantages through efficient capital use.

從中長期來看，當我們的非直播業務達到一定規模時，對基礎設施升級、技術開發、人才擴張和行銷方面的投資都是潛在高回報的資本配置選擇。我們的目標是透過有效的資本利用來擴大我們的競爭優勢。

On shareholder returns, JOYY has established a consistent track record of delivering returns to our investors. Looking forward, with our livestreaming business stabilizing and the rising revenue and profit from advertising and other emerging businesses, we expect the company's consolidated operating profit to continue to improve, and our shareholders to benefit from our long-term profitable growth. We remain deeply committed to disciplined capital allocation that balances strategic reinvestment with competitive shareholder returns.

在股東回報方面，歡聚時代一直致力於為投資人帶來豐厚的回報。展望未來，隨著直播業務的穩定以及廣告等新興業務收入和利潤的不斷增長，我們預計公司綜合營業利潤將持續改善，股東也將受益於公司長期的獲利成長。我們始終堅定地致力於嚴格的資本配置，以平衡策略再投資和有競爭力的股東回報。

In short, we are currently experiencing a strategic transition in JOYY's business structure and reshaping our resource allocation, focusing on high-quality organic growth. With the rapid advancement in our non-livestreaming businesses, we expect 2025 will be a year of implementation and validation of our multi-growth-engine strategy. I'm confident that our focus on value-accretive organic growth will drive expanding business and financial benefits, ultimately creating lasting values for our shareholders.

簡而言之，我們目前正在經歷歡聚時代業務結構的策略轉型，重塑資源配置，專注於高品質的有機成長。隨著我們非直播業務的快速發展，我們預計2025年將是我們多成長引擎策略實施和驗證的一年。我相信，我們對價值增值的有機成長的關注將推動業務和財務效益的擴大，最終為我們的股東創造持久的價值。

I will now turn the call over to Mr. Alex Liu, the Vice President of Finance, to provide our financial updates.

現在，我將把電話轉給財務副總裁 Alex Liu 先生，以提供我們的財務最新情況。

Thanks, Ms. Li. Hello, everyone. Please note that the financial information mentioned during this conference call is presented on a continuing operations basis, unless otherwise specifically stated.

謝謝李女士。大家好。請注意，除非另有明確說明，本次電話會議中提到的財務資訊均以持續經營為基礎。

In the first quarter of 2025, we recorded total net revenues of $494.4 million, delivering the higher end of our previous guidance. Our non-GAAP operating profit was $31.0 million, also exceeding market expectations.

2025 年第一季度，我們的總淨收入為 4.944 億美元，達到了我們先前預期的較高水準。我們的非公認會計準則營業利潤為 3,100 萬美元，也超出了市場預期。

Building on Ms. Li's inspiring presentation of our strategy, we have made significant strides in diversifying our revenue streams and fostering a dynamic, multi-faceted ecosystem. I will now dive deeper into our financial performance for the first quarter. Our livestreaming revenues were $371.3 million for the first quarter, $351.6 million of which was from Bigo segment, in line with our expectations.

在李女士對我們策略的鼓舞人心的介紹的基礎上，我們在實現收入來源多元化和培育充滿活力的多方面生態系統方面取得了重大進展。現在我將更深入地探討我們第一季的財務表現。我們第一季的直播收入為 3.713 億美元，其中 3.516 億美元來自 Bigo 部門，符合我們的預期。

In the past few quarters, we have been continuously optimizing our user acquisition strategy by prioritizing advertising spend on higher quality paying users in core markets and simultaneously finetuning our revenue-sharing mechanisms by streamlining underperforming agencies and channels that fail to deliver positive ROI. This, together with the impact of weak seasonality, has led to short-term fluctuations of our livestreaming revenue and user metrics.

在過去的幾個季度中，我們一直在不斷優化我們的用戶獲取策略，優先將廣告支出用於核心市場的高品質付費用戶，同時透過精簡未能實現正投資回報率的表現不佳的代理商和管道來微調我們的收入分享機制。再加上季節性疲軟的影響，導致我們的直播收入和用戶指標出現短期波動。

Our prudent and efficient operational resource allocation have yielded positive measurable results. The percentage of total livestreaming revenues from Developed Countries have increased by 2.8 percentage points year-over-year to 47.4%. The operating margin of our flagship product Bigo Live has also been substantially improved year-over-year. Our non-livestreaming revenues were $123 million during the first quarter, contributing 24.9% of our total group revenues, up from only 17.4% contribution in the same period last year. This marks a strategic transition in our revenue mix.

我們審慎高效率的營運資源配置已取得積極可衡量的成果。已開發國家直播收入佔比去年同期成長2.8個百分點至47.4%。我們的旗艦產品 Bigo Live 的營業利潤率也比去年同期大幅提高。我們第一季的非直播收入為 1.23 億美元，佔集團總收入的 24.9%，高於去年同期的 17.4%。這標誌著我們的收入結構的策略轉變。

In particular, Bigo's non-livestreaming revenues, primarily advertising revenues, increased by 27.3% year-over-year to $80.3 million. As Ms. Li mentioned earlier, built on our high-quality first party global user traffic, technology and then network infrastructure, as well as AI capabilities, BIGO Ads has emerged as a competitive programmatic advertising platform and attracted a meaningful base of global advertisers and publisher traffic.

其中，Bigo的非直播收入（主要是廣告收入）年增27.3%，達到8,030萬美元。正如李女士之前提到的，基於我們高品質的第一方全球用戶流量、技術和網路基礎設施以及人工智慧能力，BIGO Ads 已經成為一個具有競爭力的程式化廣告平台，並吸引了大量全球廣告商和出版商流量。

As we are currently accumulating in scale and enhancing our algorithm, we expect to further improve campaign performance and ROI for our advertisers, which in turn will drive accelerating growth in our advertiser's base and publisher traffic pool. At present, BIGO Ads has made a positive contribution to our bottom-line. We expect it to be increasingly meaningful and eventually become another growth engine for our profit over time.

隨著我們目前正在累積規模並增強我們的演算法，我們期望進一步提高廣告活動的績效和廣告客戶的投資報酬率，這反過來將推動我們的廣告客戶群和發布商流量池的加速成長。目前，BIGO Ads 對我們的獲利做出了積極的貢獻。我們期望它會變得越來越有意義，並最終成為我們利潤的另一個成長引擎。

All other segment's non-livestreaming revenues was $43.2 million, increasing by 21.6% year-over-year. Group's gross profit was $178.6 million in the quarter, with a gross margin of 36.1%. While Bigo's gross margin was relatively stable, all other segment's gross margin was substantially up by 9.8 percentage points year over year to 41.7%, due to segment's enhanced monetization, particularly growth in non-livestreaming revenues.

所有其他部門的非直播收入為 4,320 萬美元，年增 21.6%。本季集團毛利為1.786億美元，毛利率為36.1%。雖然 Bigo 的毛利率相對穩定，但其他所有部門的毛利率則是年比大幅上升 9.8 個百分點至 41.7%，這得益於部門貨幣化能力的增強，尤其是非直播收入的增長。

Our group's operating expenses for the quarter were $167.2 million compared with $195.4 million in the same period of 2024. The decline in our operating expenses was in line with our current operating strategies across both livestreaming and non-livestreaming businesses. For our livestreaming business, we have consistently optimized our sales and marketing expenses to enhance ROI.

我們集團本季的營運費用為 1.672 億美元，而 2024 年同期為 1.954 億美元。我們的營運費用的下降與我們目前在直播和非直播業務上的營運策略一致。對於我們的直播業務，我們不斷優化銷售和行銷費用，以提高投資報酬率。

For our non-livestreaming business, while it has seen robust revenue growth, we have maintained prudent and disciplined in spending, with operating expenses rising at a slower rate than revenue. Our disciplined execution has driven enhanced operational efficiency. Our group's non-GAAP operating income for the quarter was $31 million in this quarter, up by 24.9% from $24.8 million year-over-year.

對於我們的非直播業務，雖然收入成長強勁，但我們在支出方面保持審慎和自律，營運費用的成長速度低於收入的成長速度。我們的嚴格執行提高了營運效率。本季度，我們集團的非 GAAP 營業收入為 3,100 萬美元，較去年同期的 2,480 萬美元成長 24.9%。

Non-GAAP net income attributable to controlling interest of JOYY in the quarter was $63.2 million. The group's non-GAAP net income margin was 12.8% in the quarter. Our non-GAAP net income was lower this year primarily due to lower interest income due to a decrease in our cash balance as we fully repaid our CB in June last year at lower interest rates. For the first quarter of 2025, we booked net cash inflows from operating activities of $58.0 million. Our balance sheet remains healthy with a strong net cash position of $3.4 billion as of March 31, 2025.

本季歸屬於歡聚時代控股股東的非公認會計準則淨利潤為 6,320 萬美元。該集團本季非公認會計準則淨利率為12.8%。我們今年的非公認會計準則淨收入較低，主要是由於我們去年 6 月以較低的利率全額償還了 CB，導致現金餘額減少，從而導致利息收入減少。2025 年第一季度，我們的經營活動淨現金流入為 5,800 萬美元。我們的資產負債表依然健康，截至 2025 年 3 月 31 日，淨現金狀況強勁，為 34 億美元。

Now moving to capital allocation. Shareholders return continued to be an important component of our capital allocation strategy. We have returned $49.1 million to our shareholders through dividends during the first quarter and then repurchased $22.5 million worth of our shares during the year as of May 23, 2025. Going forward, we remain firmly committed to unlocking shareholder value through our capital return initiatives.

現在轉向資本配置。股東回報仍然是我們資本配置策略的重要組成部分。我們在第一季透過股利向股東返還了 4,910 萬美元，並在截至 2025 年 5 月 23 日的年度內回購了價值 2,250 萬美元的股票。展望未來，我們將繼續堅定致力於透過資本回報計畫釋放股東價值。

Turning now to our business outlook. At group level, we expect our net revenues for the second quarter of 2025 to be between $499 million and $519 million. Our guidance accounts for certain seasonality fluctuations and reflects our preliminary views on the current market, operational conditions, and business adjustment decisions, which are subject to changes.

現在談談我們的業務展望。在集團層面，我們預計 2025 年第二季的淨收入將在 4.99 億美元至 5.19 億美元之間。我們的指引考慮了一定的季節性波動，反映了我們對當前市場、營運狀況和業務調整決策的初步看法，這些看法可能會改變。

In conclusion, the rapid growth of BIGO Ads and our other non-livestreaming businesses has driven substantial progress in building a dynamic, global multi-faceted ecosystem. As we strategically realign our resource allocation to prioritize high-quality organic growth and operational efficiency, we remain confident in our ability to deliver sustainable, profitable growth, and long-term value for our shareholders.

總而言之，BIGO Ads 和我們其他非直播業務的快速成長推動了建立充滿活力的全球多面向生態系統的實質進展。當我們策略性地重新調整資源配置以優先考慮高品質的有機成長和營運效率時，我們仍然有信心為股東實現可持續的、獲利的成長和長期價值。

That concludes our prepared remarks. Operator, we would now like to open up the call to questions. Thanks.

我們的準備好的演講到此結束。接線員，我們現在想開始問答環節。謝謝。

(Operator Instructions) Thomas Chong, Jefferies.

（操作員指示）Thomas Chong，Jefferies。

I have two questions about the second half business outlook. Can management comment about the overall monetization trend in the second half, in particular for Bigo Live. And my second question is about cost optimization and the trend in operating expenses and the margin outlook in 2025.

我對下半年的業務前景有兩個問題。管理階層能否評論下半年的整體貨幣化趨勢，尤其是 Bigo Live。我的第二個問題是關於成本優化、營運費用趨勢以及 2025 年的利潤率前景。

(interpreted) Thank you, Thomas, for your question. This is Ting Li. I will take your first question. First of all, you may notice that in our communication, in our recent communications, we will be giving updates based on revenue types, live streaming and nonliving rather than the previous Bigo and all other segments. This is mainly because our live streaming and non-livestreaming businesses are currently quite distinct in terms of momentum and pace of development and updating by revenue type would make it easier for everyone to understand the trends and changes that is happening in our current business mix.

（翻譯）托馬斯，謝謝你的提問。我是李婷。我來回答你的第一個問題。首先，您可能會注意到，在我們最近的溝通中，我們將根據收入類型、直播和非生活而不是之前的 Bigo 和所有其他細分市場提供更新。這主要是因為我們的直播和非直播業務目前在發展勢頭和速度上有很大不同，按收入類型更新可以讓每個人更容易了解我們當前業務組合的趨勢和變化。

So I'll try to answer your question in line with the previous mentioned framework and category. First, regarding our live streaming business. Overall, since the third quarter of last year, we have rolled out a series of adjustments, including changes to the future of our noncore audio live streaming product, optimizing revenue sharing mechanism, phasing out negative ROI channels and upgrading the content, safety mechanism and systems. As a result, our live streaming revenue has indeed experienced some fluctuations.

因此，我會嘗試按照前面提到的框架和類別來回答您的問題。首先，關於我們的直播業務。總體而言，自去年第三季以來，我們推出了一系列調整，包括對非核心音訊直播產品未來的改變、優化收入分成機制、逐步淘汰投資回報率為負的管道以及升級內容、安全機制和系統。因此，我們的直播收入確實出現了一些波動。

From a QoQ perspective, we believe that these adjustments have largely been fully implemented. Therefore, we expect livestreaming revenue to likely stabilize starting in second quarter and resume a positive quarter-over-quarter growth. When you look at our user acquisition strategy for live streaming, we will continue to allocate or prioritize our budget towards high-quality users in developed countries based on real-time ROI.

從環比來看，我們認為這些調整基本上已經全面實施。因此，我們預計直播收入可能會從第二季開始趨於穩定，並恢復環比成長。當您查看我們的直播用戶獲取策略時，我們將繼續根據即時投資回報率將預算分配或優先分配給已開發國家的高品質用戶。

Simultaneously, we will continue to optimize the design of paid features and user benefits systems tailored to different user segments to improve our paying conversion efficiency. We've seen some encouraging data from Bigo Live in February and March that the revenues in certain developed countries, such as North American countries have already resumed to positive month-over-month growth driven by increase in the number of paying users.

同時，我們也會針對不同用戶群不斷優化付費功能與用戶權益體系的設計，提升付費轉換效率。我們在 2 月和 3 月看到了 Bigo Live 的一些令人鼓舞的數據，在付費用戶數量的推動下，某些已開發國家（例如北美國家）的收入已經恢復環比增長。

And looking at non-live streaming businesses, our advertising revenue from Bigo segment and our SARS revenue from all other segments, both maintaining year-over-year or exceeding 20% in Q1. As our lives non-livestreaming businesses, particularly advertising enters into its busier season. In the second half of the year, we expect our revenue sequential growth for both non-livestreaming businesses to accelerate in the following quarters.

從非直播業務來看，Bigo 部門的廣告收入以及所有其他部門的 SARS 收入在第一季均與去年同期持平或超過 20%。隨著我們生活中非直播業務，特別是廣告進入更加繁忙的季節。下半年，我們預計非直播業務的營收季增將在接下來的幾季加速。

(interpreted) And this is Alex. I will take your second question. First, let's have a quick look at our Q1 performance. For the Bigo segment alone, our non-GAAP gross margin for Q1 for the Bigo segment was 35.5% with a non-GAAP OP of 13.3%, both showing improvement compared to our Q1 level last year. This was primarily due to live streaming business, where we optimize our content case mechanism and also upgraded our user acquisition strategy to enhance ROI, leading to significant improvement in Bigo Live's gross margin and non-GAAP OP margins in Q1.

（翻譯）這是亞歷克斯。我來回答你的第二個問題。首先，讓我們快速回顧一下我們第一季的表現。僅就 Bigo 部門而言，Bigo 部門第一季的非 GAAP 毛利率為 35.5%，非 GAAP 營業利潤率為 13.3%，與去年第一季的水準相比均有所提高。這主要得益於直播業務，我們優化了內容案例機制，並升級了用戶獲取策略以提高投資回報率，導致 Bigo Live 第一季的毛利率和非 GAAP 營運利潤率顯著提高。

For all other segment, our non-GAAP gross margin also was substantially improved year-over-year, rising from 32.4% last year to 42.1% in Q1 this year, which was 9.7 percentage points increase, mainly driven by strong growth in our non-livestreaming revenue in the segment. The non-GAAP operating loss for Q1 was $26.5 million, which despite being in off-season, was narrowed by 23% compared to the previous quarter, and this was primarily due to our disciplined spending in our non-livestreaming businesses with a noticeable QoQ decline in our operating expenses together with the impact of certain seasonality fluctuations in certain expenses.

對於所有其他部門，我們的非 GAAP 毛利率也比去年同期大幅提高，從去年的 32.4% 上升到今年第一季的 42.1%，增加了 9.7 個百分點，這主要得益於該部門非直播收入的強勁增長。第一季非美國通用會計準則營運虧損為 2,650 萬美元，儘管處於淡季，但與上一季相比仍收窄了 23%，這主要得益於我們在非直播業務方面的嚴格支出，營運費用環比明顯下降，以及某些費用受到某些季節性波動的影響。

While looking ahead to Q2, with Bigo segment's revenue resuming to positive QoQ growth. We also anticipate Bigo's non-GAAP operating profit will also return the amount of Bigo's non-GAAP operating profit will also return to positive QoQ growth. For the full year of '25, excluding the impact that we that we -- of the adjustment that we made to the noncore audio live streaming product features in Bigo since Q3 last year. We expect Bigo's overall non-GAAP operating profit out to remain stable with certain potential for growth in the full year.

展望第二季度，Bigo 部門的營收將恢復季增。我們也預期 Bigo 的非 GAAP 營業利潤也將恢復正向環比成長。就 25 年全年而言，不包括我們自去年第三季以來對 Bigo 非核心音訊直播產品功能所做調整的影響。我們預期 Bigo 的整體非 GAAP 營業利潤將保持穩定，並具有全年一定的成長潛力。

And for all other segments, we expect that with improving monetization and disciplined spending, its R&D expenses as a percentage of total revenue will continue to decline, and we foresee a meaningful reduction in its amount of non-GAAP operating loss in '25 compared to the previous year. At group level, we do believe that our group's non-GAAP operating profit amount will show an improving trend for the full year of '25.

對於所有其他部門，我們預計，隨著貨幣化的改善和支出的規範，其研發費用佔總收入的百分比將繼續下降，並且我們預計 25 年其非 GAAP 營業虧損金額將與前一年相比大幅減少。從集團層級來看，我們確實相信，我們集團的非公認會計準則營業利潤金額將在 25 年全年呈現改善趨勢。

(inaudible), Goldman Sachs.

（聽不清楚），高盛。

Can management share more updates on initiatives aimed in 2025? Also, can management give us more color on the underwriting regions behind Bigo advertising growth and also the outlook for BIGO advertising?

管理階層能否分享更多 2025 年計畫的最新進展？此外，管理層能否為我們提供更多有關 Bigo 廣告成長背後的承保區域以及 BIGO 廣告前景的資訊？

(interpreted) Thank you, (inaudible), for your question. This is Mr. Li Ting. I will take your question. why BIGO can accelerate growth?

（翻譯）謝謝（聽不清楚）您的提問。這位是李婷先生。我來回答你的問題。為什麼BIGO可以加速成長？

First of all, when we talk about BIGO Ads, we refer to both its in-house first-party traffic and also the third-party traffic advertising revenue. And when we look at that, we look at it from both the advertiser's perspective, our traffic pool and also the embedded advantage that we empower as a platform.

首先，當我們談到BIGO Ads時，我們既指其內部第一方流量，也指第三方流量廣告收入。當我們看待這個問題時，我們會從廣告商的角度、我們的流量池以及我們作為平台所賦予的嵌入式優勢來看待它。

First of all, let's look at advertising side, we believe that it's an answer to the growing advertiser needs. We've noticed that advertisers need to allocate their placement budgets across multiple channels, and they demand a high ROI for their ad investment. Factors such as geopolitical tensions and antimonopoly measures have led to changes in the advertising market that cause advertisers to demand further diversification over their replacement channels.

首先，讓我們看看廣告方面，我們相信這是對日益增長的廣告商需求的回應。我們注意到，廣告主需要在多個管道上分配他們的投放預算，並且他們要求他們的廣告投資獲得較高的投資報酬率。地緣政治緊張局勢和反壟斷措施等因素導致廣告市場變化，促使廣告主要求其替代管道進一步多樣化。

And second, because we have those existing relations with the advertisers, such relation has driven publishers and aggregation platforms to join our network, leading to a platform growth, rapid growth in our traffic of BIGO Ads. And thirdly, because of those extensive user base and years of quality data and also our deep expertise and knowledge in user profiling. That was the foundation of effective and precise targeting and enabled us to deliver a positive ROI for advertisers.

其次，由於我們與廣告商已經建立了關係，這種關係推動了出版商和聚合平台加入我們的網絡，從而帶來了平台的成長，BIGO 廣告流量的快速成長。第三，由於我們擁有廣泛的用戶基礎和多年的優質數據，以及我們在用戶分析方面的深厚專業知識和知識。這是有效和精準定位的基礎，使我們能夠為廣告商帶來積極的投資報酬率。

And as we continue to roll out a deeper training of our model. We expect our specific user scenario is going to improve our model, which is going to further improvements in our delivery results to the advertisers. And you also may notice that we mentioned that Bigo in general, as a whole, has already begun to make a positive contribution in terms of operating profits.

隨著我們繼續對我們的模型進行更深入的訓練。我們期望我們的特定使用者場景能夠改善我們的模型，從而進一步改善我們向廣告商的投放結果。您可能還注意到，我們提到 Bigo 總體上已經開始在營業利潤方面做出積極貢獻。

And we believe that the reason that we can achieve profitability at such a scale is due to a few reasons. First of all, it's always about ROI. Because of the fact that we have approximately 250 million first-party user traffic together with third-party traffic that is accumulating and that we have the AI-empowered user targeting model enabled us to deliver a positive ROI for advertisers. And together with an in-house algorithms such as our pacing strategies, which can optimize our ad delivery to balance advertiser's goals.

我們認為，我們能夠實現如此規模的獲利，有幾個原因。首先，它始終與投資報酬率有關。由於我們擁有約 2.5 億第一方用戶流量以及正在累積的第三方流量，並且我們擁有人工智慧賦能的用戶定位模型，這使我們能夠為廣告商帶來積極的投資回報率。並結合我們的節奏策略等內部演算法，可以優化我們的廣告投放，以平衡廣告商的目標。

For example, they have a higher goals, but we can balance it between their goal with our platform revenue. And that actually, as we continue to improve our vertical model, we expect that our algorithm is going to help us efficiently balance our advertisers' needs and our own revenue growth. And thirdly, BIGO Ads obviously benefits from the group's prior investments in our global infrastructure, network infrastructure and also our R&D infrastructure.

例如他們有更高的目標，但我們可以在他們的目標和我們的平台收入之間取得平衡。實際上，隨著我們不斷改進垂直模型，我們預計我們的演算法將幫助我們有效地平衡廣告商的需求和我們自己的收入成長。第三，BIGO Ads 顯然受惠於集團先前對全球基礎設施、網路基礎設施以及研發基礎設施的投資。

And that enables Bigo to enjoy strong economic advantages with lower cost per unit. So in summary, our advertising business has delivered consistently strong growth in the past quarters. and continue to be profitable for the company. And this success actually comes from our localized operations, our existing advertisers and traffic for our industry-leading algorithm and also our global network infrastructure.

這使得 Bigo 能夠以更低的單位成本享受強大的經濟優勢。總而言之，我們的廣告業務在過去幾季一直保持強勁成長，並繼續為公司帶來獲利。而這項成功實際上來自於我們的在地化營運、我們現有的廣告商和我們行業領先演算法的流量以及我們的全球網路基礎設施。

Given this proven strength in our growing market position, we are confident that our advertising business is going to contribute to long-term growth to our revenue and profitability.

鑑於我們不斷增長的市場地位已得到證實，我們相信我們的廣告業務將為我們的收入和盈利能力的長期增長做出貢獻。

Raphael Chen, BOCI Research.

中銀國際研究部陳偉雄（Raphael Chen）

Congrats on the solid quarter. Could management give us some insights about shareholder return, policies and other techniques and strategies?

恭喜本季業績穩健。管理階層能否為我們提供一些有關股東回報、政策和其他技術和策略的見解？

(interpreted) Thank you, Raphael. This is Alex. I will take your questions on capital allocation. First of all, shareholder returns remain a key component of our capital allocation strategy. In the first quarter, we continue to execute our commitment to our shareholders, distributing $49.1 million in dividends and repurchasing 22.5 million versus our shares as of May 23, consistently fulfilling our commitment to provide a competitive return to our shareholders.

（翻譯）謝謝你，拉斐爾。這是亞歷克斯。我將回答您關於資本配置的問題。首先，股東回報仍然是我們資本配置策略的關鍵組成部分。第一季度，我們繼續履行對股東的承諾，截至5月23日，已派發4910萬美元股息，併回購2250萬股股票，始終如一地履行為股東提供有競爭力的回報的承諾。

Additionally, as Ms. Li just shared, we are also actively monitoring our business development and resources and carefully assessing long-term capital allocation opportunities based on the current stage and performance of our respective businesses. Currently speaking, the live streaming business maintained a relatively stable growth in cash flow, and we are actively optimizing our resource allocation to improve its ROI.

另外，正如李女士剛才分享的，我們也在積極監控我們的業務發展和資源，並根據各自業務的當前階段和表現，謹慎評估長期資本配置機會。目前來看，直播業務現金流保持較穩定的成長，我們也積極優化資源配置，提升直播業務的投資報酬率。

Meanwhile, for our non-livestreaming business, such as advertising and SaaS in the face of accelerated growth. In the short term, we expect to prudently expand our headcount and marketing resources to these non-life dreaming businesses to support their growth while maintaining improving trends in their respective economics. In the long term, we will continue to enhance our competitive advantage through prudent and efficient resource allocation. We remain confident in our ability to drive sustained, diversify growth in our global revenue and operating profit while maintaining competitive shareholder results.

同時，我們的非直播業務，例如廣告和SaaS業務也面臨加速成長。短期內，我們預計將審慎地擴大這些非壽險夢想業務的員工數量和行銷資源，以支持它們的成長，同時保持各自經濟狀況的改善趨勢。長期來看，我們將持續透過審慎、高效率的資源配置來提升競爭優勢。我們仍然有信心，我們有能力推動全球收入和營業利潤的持續、多樣化成長，同時保持具有競爭力的股東績效。

And that was the last question. Thank you so much for joining our call today. We look forward to speaking with everyone next quarter. Thank you.

這是最後一個問題。非常感謝您今天參加我們的電話會議。我們期待下個季度與大家交談。謝謝。

Thank you for attending today's presentation. You may now disconnect.

感謝您參加今天的演講。您現在可以斷開連線。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中標記（翻譯）的部分是由現場通話中的翻譯人員說的。翻譯由贊助此活動的公司提供。