JOYY Inc (JOYY) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the JOYY Inc.'s second-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 年第二季財報電話會議。（操作員指示）

I would now like to turn the conference call over to your host for today, Ms. Jane Xie, the company's Senior Manager of Investor Relations. Please go ahead, Jane.

現在，我想將電話會議交給今天的主持人，公司投資者關係高級經理 Jane Xie 女士。請繼續，簡。

Thank you operator. Hello, everyone. Welcome to JOYY second-quarter 2025 earnings conference call. Joining us today are Ms. Ting Li, Chairperson and CEO of JOYY; and Mr. Alex Liu, the Vice President of Finance.

謝謝接線生。大家好。歡迎參加歡聚時代2025年第二季財報電話會議。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。

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.joy.com. A replay of this call will also be available on our website in a few hours.

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.joy.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 20-F 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 20-F 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 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.

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。

The non-GAAP financial measures provided above should not be considered as a substitute for or superior to the measures of financial performance preferred in accordance with GAAP. You may find a reconciliation of the differences between GAAP and non-GAAP financial measures in our earnings release.

上述非公認會計準則 (non-GAAP) 財務指標不應被視為替代或優於根據公認會計準則 (GAAP) 優先考慮的財務績效指標。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。

Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in U.S. dollars. I will now turn the call over to our Chairperson and CEO, Ms. Ting Li. Please go ahead.

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。現在我將電話轉給我們的董事長兼執行長李婷女士。請繼續。

Hello, everyone, and greetings. Thank you for joining us today. This call marks my first anniversary as CEO, and I'm excited to share some of our latest progress with you. With stable and light our livestreaming business, while driving robust growth in our non-livestreaming businesses, particularly, our AdTech business. We continue our transformation into a global tech company powered by multiple growth entries.

大家好，大家好。感謝您今天加入我們。這次電話會議標誌著我擔任執行長一周年，我很高興與大家分享我們的一些最新進展。我們的直播業務穩定且輕鬆，同時推動非直播業務，特別是廣告科技業務的強勁成長。我們繼續轉型成為一家由多項成長動力驅動的全球科技公司。

Today, I will first briefly summarize our Q2 results followed by a review of our progress over the past year to highlight the key pillars that will guide our growth. Finally, I will share detailed updates on each of our business units.

今天，我將首先簡要總結我們的第二季業績，然後回顧我們過去一年的進展，以強調指導我們成長的關鍵支柱。最後，我將分享我們每個業務部門的詳細最新情況。

Starting with our Q2 results, we delivered a solid performance as our livestreaming business reached a stable footing, while our advertising business achieved robust and accelerated growth. We recorded total revenue of $508 million, representing 2.7% QoQ growth.

從第二季業績來看，我們的直播業務表現穩健，廣告業務實現強勁加速成長。我們的總收入為 5.08 億美元，環比成長 2.7%。

Our non-GAAP operating profit reached $38 million, with year-on-year growth of 27.9%. Non-GAAP EBITDA reached $48 million, growing 25.7% year over year. To break this down, livestreaming revenue grew 1.1% QoQ, while non-livestreaming revenue achieved 25.6% year-on-year growth, contributing 26.1% of total revenues. Meanwhile, our operating cash flow reached $58 million. As of June 30, we maintained $3.3 billion in net cash on our balance sheet, a sign of our strong financial resilience.

我們的非公認會計準則營業利潤達到 3,800 萬美元，年增 27.9%。非公認會計準則 EBITDA 達 4,800 萬美元，年增 25.7%。其中，直播收入較上季成長1.1%，非直播收入較去年同期成長25.6%，佔總營收的26.1%。同時，我們的經營現金流達到了5,800萬美元。截至 6 月 30 日，我們的資產負債表上維持著 33 億美元的淨現金，這表明我們擁有強大的財務韌性。

Next, I want to highlight the four keywords that have driven our progress in the past year and will continue to guide our growth. High-quality operation, sustainable growth, AI-driven innovation and organizational vitality.

接下來，我想強調過去一年推動我們進步並將繼續指導我們發展的四個關鍵字。高品質營運、永續成長、AI驅動創新、組織活力。

First, high-quality operations, temporary app removals in late 2024 prompted us to take decisive actions to further enhance our community safety in restructure and proactively strengthen our business ecosystem by turning adverting into community opportunity.

首先，高品質的運營，2024年末的臨時應用程式下架促使我們採取果斷行動，在重組中進一步加強社區安全，並透過將廣告轉化為社區機會，積極加強我們的商業生態系統。

We have emerged more reliant and better positioned for the future. We are committed to continue improvement as the cornerstone of our competitive advantage, building a robust business that delivers long-term value while pursuing our vision of creating a great enterprise.

我們變得更加依賴並且為未來做好了更充分的準備。我們致力於持續改進，將其作為我們競爭優勢的基石，打造一個能夠提供長期價值的強勁企業，同時追求創造偉大企業的願景。

Next, sustainable growth, our strong operational foundation has allowed us to calculate our huge growth engine and achieve sustainable growth, building on a diverse product portfolio, localized operations and enhanced global market penetration.

其次，可持續成長，我們強大的營運基礎使我們能夠計算出巨大的成長引擎，並在多樣化的產品組合、在地化營運和增強的全球市場滲透率的基礎上實現永續成長。

Our livestreaming operation continues to generate reliable profit and cash flows, leveraging our operational strengthen and technology expertise or community in the 2C sectors, we accelerated our expansion into the 2B sectors, and we have seen huge progress in our Adtech business in the past year.

我們的直播業務繼續產生可靠的利潤和現金流，利用我們在2C領域的營運優勢和技術專長或社區，我們加速向2B領域的擴張，並且在過去的一年裡，我們的廣告技術業務取得了巨大進步。

Thirdly, AI-driven innovation, we believe that AI holds tremendous potential to empower our business today. we are applying AI extensively in our recommendation systems and advertising algorithm. In livestreaming, our AI usage is all about boosting user engagement. Early this year, for scans, we launched multilingual real-time voice recognition and translation function for our products.

第三，人工智慧驅動的創新，我們相信人工智慧在賦能我們今天的業務方面擁有巨大的潛力。我們正在將人工智慧廣泛應用於我們的推薦系統和廣告演算法中。在直播中，我們使用人工智慧是為了提高用戶參與度。今年年初，針對掃描，我們為我們的產品推出了多語言即時語音辨識和翻譯功能。

This enables users across languages interact in real time strengthening relationships between people from vastly different backgrounds and driving monetization. We have merged large language models with multimodal content and standing to create dynamic topic summarized and interactive comments that depends the user streamer connection.

這使得不同語言的使用者能夠即時互動，加強來自不同背景的人之間的關係並推動貨幣化。我們將大型語言模型與多模式內容和地位相融合，以創建依賴用戶串流媒體連接的動態主題摘要和互動式評論。

Our use of AIGC has transformed how we produce virtual items and emerges. We are able to create personalized local lived items in the March Shoptime span. In advertising, we leverage AI to deeply analyze and dynamically model user intentions, interest and behavioral patterns.

我們對 AIGC 的使用改變了我們生產和出現虛擬物品的方式。我們能夠在三月的購物時間內創造個人化的當地生活物品。在廣告方面，我們利用人工智慧深入分析並動態模擬使用者意圖、興趣和行為模式。

This allow us to previously propel mid- to long-tail traffic segments, greatly enhancing packaging, accuracy especially in code that scenarios. APRs, our entire advertising value chain from user prefiling and targeting to generate a question time building and the dynamic budget allocation.

這使我們能夠預先推動中長尾流量段，大大增強打包和準確性，尤其是在程式碼場景中。APR，我們的整個廣告價值鏈，從使用者預先分析和定位到產生問題時間建構和動態預算分配。

over automated that are driving this saving making is contently improving, driving higher conversion rates better third-party developer monetization and filling BIGO Ads expansion across more verticals.

推動這種節省的過度自動化正在使內容不斷改進，推動更高的轉換率、更好的第三方開發者貨幣化以及填補 BIGO Ads 在更多垂直領域的擴張。

Lastly, organizational vitality after 20 years of building milestone excesses, we are trending our interring drive into enhancing organizational execution and efficiency. By modular driving our foundational IMD and operational processes, we are building agile, scalable capabilities and empower us to relitigate past wins across emerging products and businesses. We are also criticizing the creation of the employer workplace for our global talents. Above all, our people are the cornerstone of our ability to achieve our strategic ambitions.

最後，組織活力經過20年的里程碑式超越，我們正將內在動力轉向提高組織執行力和效率。透過模組化驅動我們的基礎 IMD 和營運流程，我們正在建立敏捷、可擴展的功能，並使我們能夠在新興產品和業務中重現過去的勝利。我們也在批評為我們的全球人才創建的雇主工作場所。最重要的是，我們的人民是我們實現戰略目標的基石。

Next, let me share with you the latest update for the respective businesses. In the second quarter, our group's livestreaming revenue reached $375 million with BIGO livestreaming revenue at $355 million, both abolizing QoQ. During the quarter, our global average mobile MAUs grew sequentially to $263 million. We continue to refine our user acquisition with AI-driven approach. As a result, BIGO Live's user numbers grew to [3.22], while 30 days ROI from new devices improved 4.4% sequentially.

接下來，我來跟大家分享各業務的最新動態。第二季度，我們集團直播收入達3.75億美元，其中BIGO直播收入為3.55億美元，均較上季成長。本季度，我們的全球平均行動月活躍用戶數季增至 2.63 億美元。我們繼續透過人工智慧驅動的方法來改進我們的用戶獲取。結果，BIGO Live 的用戶數量增長至 [3.22]，而新設備的 30 天投資回報率則是環比提高了 4.4%。

Our organic user growth was also strong, driven by improving user experience. Today, majority of our total global MAUs are from our IM product high-frequency usage and strong user stickiness, huge by enhanced future such as HD audio video recording and rich media messaging has been pivotal to add organic expansion.

在用戶體驗改善的推動下，我們的有機用戶成長也十分強勁。今天，我們全球的月活躍用戶主要來自於即時通訊產品的高頻使用和強大的用戶黏性，而高清音訊視訊錄製和富媒體訊息傳遞等未來增強功能對於增加有機擴張至關重要。

In the second quarter, the MAUs of RM increased by [3 million], with average daily user time spent up 12.8% year on year. We are building our long-term strategy and the foundation of high-quality global traffic that drives such an monetization across livestreaming, advertising and potentially others. As we prioritize quality over volume.

第二季度，RM的MAU增加了[300萬]，平均每日用戶使用時間年增12.8％。我們正在製定長期策略和高品質全球流量的基礎，以推動直播、廣告和其他潛在領域的貨幣化。因為我們優先考慮品質而不是數量。

We will continue to closely monitor the effectiveness of our user acquisition through ROI and our long-term user bigness. We enhanced content quality and refined the paying user experience during the second quarter, which drove here user engagement and conversion efficiency. Specifically, we optimized the bigger life across regional content, distribution, algorithm and real-time AI translation.

我們將繼續密切監控透過投資報酬率 (ROI) 和長期用戶規模來獲取用戶的有效性。我們在第二季度提升了內容品質並改善了付費用戶體驗，從而提高了用戶參與度和轉換效率。具體來說，我們優化了跨區域內容、分佈、演算法和即時AI翻譯等大生活。

These changes significantly drove continued growth in cross retinal taking, particularly in Europe and the Americas. We launched the streamer academic, which provide tiered training, enhanced livestreaming tours and operational support to help streamers improve quality and reach.

這些變化極大地推動了跨視網膜拍攝的持續成長，尤其是在歐洲和美洲。我們推出了主播學術項目，提供分層培訓、強化直播巡演和營運支持，幫助主播提高品質和影響力。

This fueled a 1.6% QoQ increase in active streamers on BIGO Live. We also revamped BIGO Live premium paying user benefit system during the quarter, introducing refined tiers, incentives and executive privileges. This drove a 13% QoQ increase in premium paying units. As a result, BIGO's (inaudible) livestreaming paying yielders grew 3.7% QoQ.

這推動 BIGO Live 上的活躍主播數量較上季成長 1.6%。我們也在本季改善了 BIGO Live 高級付費用戶福利系統，引進了完善的等級、激勵措施和高階主管特權。這推動保費支付單位環比增長 13%。結果，BIGO 的（聽不清楚）直播付費用戶較上季成長了 3.7%。

Looking at our performance by rating. In the second quarter, our livestreaming revenue in development countries returned to positive QoQ growth. In particular, BIGO Live's revenue in Europe grew 6.5% QoQ. Marking further significant rebond in rating since we implemented a series of content strategy, optimization in the second half of last year. Cover livestreaming revenue in Southeast Asia was also up QoQ, with BIGO Live's revenue in this market, raising 3.9%.

透過評級來查看我們的表現。第二季度，我們在發展中國家的直播收入恢復了環比成長。其中，BIGO Live 在歐洲的營收季增 6.5%。標誌著我們自去年下半年實施一系列內容策略、優化以來，收視率進一步顯著回升。東南亞地區的封面直播收入也較上季成長，其中 BIGO Live 在該市場的營收成長了 3.9%。

We anticipate continued growth in paying users in the second half from heightened localized campaigns, enhanced content and payment experiences and the incremental contribution from our new audio product line amp in the Middle East.

我們預計，透過加強在地化活動、增強內容和支付體驗以及我們在中東的新音訊產品線放大器的增量貢獻，下半年付費用戶將繼續成長。

We are confident that our livestreaming business will regain momentum and continue to deliver sustainable cash flow. In the second quarter, BIGO Ads achieved $87 million in ad revenue, representing approximately 29% year-on-year growth and 9% QoQ growth.

我們相信，我們的直播業務將恢復動力並繼續帶來可持續的現金流。第二季度，BIGO Ads 實現廣告收入 8,700 萬美元，較去年同期成長約 29%，較上季成長 9%。

In particular, revenues from our ad network recorded mid double-digit year-on-year growth. One quarter, I outlined our strategic rationale for entering into the ad tech business and how we can utilize our inherent adverted to build a sustainable competitive edge.

尤其是我們的廣告網路收入實現了中兩位數的年增長。其中一個季度，我概述了我們進入廣告科技業務的策略理由，以及我們如何利用我們固有的廣告來建立可持續的競爭優勢。

Today, I want to focus on where we stand in this trading dollar market and the BIGO Ads strategic positioning for long-term growth. We are building significant scale and the traffic side. Our rate spend roughly 263 million users through our own social apps and we extend this reach subsidiary by seamlessly integrating develop traffic across major channels.

今天，我想重點談談我們在這個交易美元市場中的地位以及 BIGO Ads 的長期成長策略定位。我們正在建設具有相當規模的交通方面。我們透過自己的社交應用程式覆蓋了大約 2.63 億用戶，並且我們透過無縫整合主要管道的流量擴展了這一覆蓋範圍。

Our first-party traffic monetization remains stable. We believe that first-party ad revenue with strong profitability, and we expect to maintain growth through improved user engagement and a few rigs. In the meanwhile -- meantime, we have significantly scaled our third-party network traffic through successful integrations with along mix and unit level play mediation platform, growing developer as decay adoption has driven nearly traffic growth versus the second half of 2024, where new integration with multichannel platform for the expanding our traffic reach, including CTV.

我們的第一方流量貨幣化保持穩定。我們相信第一方廣告收入具有強勁的獲利能力，我們期望透過提高用戶參與度和一些鑽孔機來保持成長。同時，我們透過與混合和單元級播放中介平台的成功集成，顯著擴大了我們的第三方網路流量，隨著開發者的採用，流量增長與 2024 年下半年相比有所增加，其中與多通路平台的新集成擴​​大了我們的流量覆蓋範圍，包括 CTV。

Meanwhile, we some robust growth across IAP, IAA and web-based channels with daily transaction volumes reaching recorded levels.

同時，IAP、IAA 和基於網路的管道也實現了強勁增長，每日交易量達到創紀錄的水平。

With based lead generation continued to post double-digit gains powered by pixel features, optimization engaged customer data feed back and improved building strategies. In IAA, we expanded partnerships with top gaming campaigns. -- which forms including taped, people phone and (inaudible) expanding their campaigns on BIGO Ads, which contributed to faster sequential growth.

透過像素功能、最佳化、客戶資料回饋和改進的建置策略，基於潛在客戶的生成繼續實現兩位數的成長。在 IAA 方面，我們擴大了與頂級遊戲活動的合作夥伴關係——包括錄音、電話和（聽不清楚）在 BIGO Ads 上擴大他們的活動，這有助於更快的連續成長。

Graphically speaking, we are seeing strong performance in multiple bridging. In the fourth half of 2025, North America delivered approximately 24.2% sequential growth in Europe, where we kicked off our expansion during the second quarter, revenue grew by a high single-digit percentage QoQ.

從圖形上看，我們看到多重橋接表現強勁。2025 年第四半年，北美地區較上季成長約 24.2%；我們在第二季開始擴張的歐洲地區，營收季增了高個位數百分比。

Finally, our proprietary user data asset enhanced by customer feedback and multichannel attribution, continuously improved our prefiling and targeting protection, deep measures across our business segments, including amenity vertical insights data asset, establish algorithm capabilities and relevant experiences in cold start scenarios has given us ahead of starch and developing special live models tailored to each vertical additional our global network, infrastructure, and tech capabilities originally built for our livestreaming businesses offer significant cost advantages.

最後，我們專有的用戶數據資產透過客戶反饋和多渠道歸因得到增強，不斷改進了我們的預歸檔和定位保護，在我們業務部門中採取了深入措施，包括便利設施垂直洞察數據資產，建立算法能力和在冷啟動場景中的相關經驗，使我們領先於澱粉並開發針對每個垂直設施的特殊能力構建，我們最初為直播業務的全球優勢、基礎設施提供了能力。

In summary, our other advertising business has delivered consistent sequential growth and profitability for multiple consecutive quarter. This success stems from the number of key strengths, including expansion of our traffic, raising advertiser demand across channels and verticals and quickly involving algorithms supported by our global tech and the network infrastructure, fostering a sales reforcing strategic line well.

綜上所述，我們的其他廣告業務連續多個季度實現了持續成長和獲利。這項成功源於一系列關鍵優勢，包括擴大我們的流量、提高跨通路和垂直領域的廣告商需求以及快速採用由我們的全球技術和網路基礎設施支援的演算法，從而很好地培育銷售強化戰略路線。

BIGO Ads has emerged as our second major growth engine, representing a strategic long term priority for the group. We are pursuing expansion in North America, Japan, and Europe, unlocking substantial new opportunities leveraging joint ecosystem and deep insights into e-commerce and social major verticals.

BIGO Ads 已成為我們的第二大成長引擎，代表了集團的長期策略重點。我們正在北美、日本和歐洲擴張，利用聯合生態系統和對電子商務和社交主要垂直領域的深刻洞察，釋放大量新機會。

We are accelerating the training and optimize vision of AI-driven models to establish a distinct competitive advantage. On our product front, we are engaging our ad only, strengthening in calibration with attribution platforms, enhancing advertisers, data feedback and advancing algorithm to maximize targeting, precision, and drive long-term online BIGO Ads structural advantages combined with our proven execution capabilities and the vast market opportunity ahead.

我們正在加速訓練並優化人工智慧驅動模型的願景，以建立獨特的競爭優勢。在我們的產品方面，我們只參與我們的廣告，加強與歸因平台的校準，增強廣告商、數據反饋和推進演算法，以最大限度地提高定位和精準度，並結合我們經過驗證的執行能力和未來廣闊的市場機會，推動長期在線 BIGO 廣告的結構優勢。

Reform our commitment to building a meaningful and lasting presence in the ad tech industry. We are determined to execute on our strategic plan and return phone confidence in our team and ability to drive long-term success.

改革我們的承諾，在廣告科技產業建立有意義且持久的存在。我們決心執行我們的策略計劃，並讓大家對我們團隊和推動長期成功的能力充滿信心。

Finally, let's turn to capital allocation. As discussed previously, we are actively exploring new growth engines and have already seen promising initial results. In the short term, we expect to prudentially expand headquarters and marketing resources to support our ad tech business while maintaining healthy profit margin.

最後，讓我們來談談資本配置。正如之前所討論的，我們正在積極探索新的成長引擎，並且已經看到了有希望的初步成果。短期內，我們預計將謹慎擴大總部和行銷資源，以支持我們的廣告科技業務，同時保持健康的利潤率。

In the mid to long term, when our non-leading businesses reach a certain scale, investments infrastructure upgrades tax development, talent, expansion and marketing efforts are all potentially high-return capital allocation options.

從中長期來看，當我們的非龍頭業務達到一定規模時，投資基礎設施升級、稅務開發、人才、擴張和行銷工作都是潛在高回報的資本配置選擇。

From January 1 through June 30, we have distributed $135 million to our shareholders through dividends and share buybacks. We view our share as sentry undervalued and remain committed to actively utilize buybacks under the previous approached program.

從 1 月 1 日到 6 月 30 日，我們透過股利和股票回購向股東分配了 1.35 億美元。我們認為我們的股票被低估了，並將繼續致力於積極利用先前實施的計劃進行回購。

Looking forward with our livestreaming business, stabilizing and the rising revenue and profit from advertising and other emerging businesses. We expect the company's (inaudible) operating profit to continue to improve and our shareholders to benefit from long-term profitable growth. In closing, our core livestreaming business has stabilized in Q2, positioning us for sustained growth.

展望未來，我們將持續關注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。我們預期公司的（聽不清楚）營業利潤將持續提高，我們的股東將從長期獲利成長中受益。最後，我們的核心直播業務在第二季已經趨於穩定，為我們實現持續成長奠定了基礎。

Our ad tech platform is exactly scaling as our second growth engine, and we are building our long-term capabilities particularly in our data and algorithms and establishing of differential competitive advantages across markets and verticals. We look forward to sharing ongoing positive developments in the coming quarters.

我們的廣告科技平台正作為我們的第二成長引擎不斷擴展，我們正在建立我們的長期能力，特別是在數據和演算法方面，並建立跨市場和垂直領域的差異化競爭優勢。我們期待在未來幾季分享持續的正面發展。

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

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. I will now dive deeper into our financial performance for the second quarter. In the second quarter of 2025, we recorded total net revenue of $507.8 million, securing a quarter-over-quarter growth of 2.7%.

謝謝李女士。大家好。現在我將更深入地探討我們第二季的財務表現。2025年第二季度，我們的總淨收入為5.078億美元，較上季成長2.7%。

This was achieved as our livestreaming risk stable footing and delivered our first sequential recovery in the past several quarters. Our non-livestreaming business, particularly advertising business, sustained strong growth momentum in the past consecutive quarters.

這是因為我們的直播風險基礎穩定，並在過去幾季中首次實現連續復甦。我們的非直播業務，特別是廣告業務，在過去連續幾季保持了強勁的成長勢頭。

We expect our livestreaming business to gradually regain momentum and other non-livestreaming revenues to continue to deliver impressive growth in the following quarters. Our non-GAAP operating income was $38.3 million, up by 27.9% year over year, beating market expectations. Non-GAAP EBITDA for the quarter was $48.2 million, up by 25.7% year over year.

我們預計我們的直播業務將逐步恢復勢頭，其他非直播收入將在接下來的幾季繼續實現令人矚目的成長。我們的非公認會計準則營業收入為 3,830 萬美元，年增 27.9%，超過市場預期。本季非公認會計準則 EBITDA 為 4,820 萬美元，年增 25.7%。

We are disclosing our non-GAAP EBITDA metric since this quarter as we believe it's a standard measure of regional performance, which stretch out in operating sectors like interest tax and noncash expenses. Risks could help our shareholders better assess the performance of our core business.

自本季以來，我們開始揭露非公認會計準則 (non-GAAP) EBITDA 指標，因為我們認為這是衡量區域績效的標準指標，涵蓋利息稅和非現金支出等營運領域。風險可以幫助我們的股東更好地評估我們核心業務的表現。

Our total livestreaming revenues were $375.4 million for the second quarter, $355.3 million, of which was from BIGO segment, both are quarter over quarter. Our ROI driving user acquisition and continued optimization of our content quality and paying user experience have contributed to improve the PAM conversation. The BIGO's total paying users increased by 3.7% quarter over quarter.

我們第二季的直播總收入為 3.754 億美元，其中 3.553 億美元來自 BIGO 部門，均比上一季成長。我們的投資報酬率推動了用戶獲取，並且持續優化了內容品質和付費用戶體驗，從而改善了 PAM 對話。BIGO總付費用戶數較上季成長3.7%。

By reaching total livestreaming revenue from the best countries increased by 3.4% quarter over quarter, while livestreaming revenues from Southeast Asia increased by 2.1% quarter over quarter. Our non-livestreaming revenues were $132.4 million during the second quarter, up by 25.6% year over year.

截至目前，來自最佳國家的直播總收入較上季成長3.4%，其中來自東南亞的直播收入較上季成長2.1%。我們第二季的非直播收入為 1.324 億美元，年增 25.6%。

Non-livestreaming now contributes 36.1% of our total group revenues up from only 18.7% contribution in the same period last year. In particular, BIGO's non-livestreaming revenues, primarily advertising revenues increased by 29% year over year and 8.9% quarter over quarter to $87.4 million.

目前，非直播業務佔集團總收入的 36.1%，而去年同期僅為 18.7%。其中，BIGO非直播收入（主要為廣告收入）較去年同期成長29%，較上季成長8.9%，達到8,740萬美元。

As Ms. Li just shared, BIGO Ads has emerged as our second major growth engine with exceptional momentum. We are making substantial progress on our branch, including expansion of our traffic and using advertiser demand across different channels and verticals.

正如李女士剛才分享的，BIGO Ads已成為我們第二大成長引擎，並且發展勢頭強勁。我們在我們的分支上取得了實質的進展，包括擴大我們的流量和利用不同管道和垂直領域的廣告商需求。

As we accumulate is still, we are accelerating the training and optimization of our algorithm to further improve our complete performance, and we believe in total will drive accelerating growth in advertiser demand and publisher traffic posting a self reinforcing strategic level. At present, BIGO Ads has made a positive contribution to our bottom line. We expect it to be increasingly meaningful over time.

隨著我們仍在積累，我們正在加速訓練和優化我們的演算法，以進一步提高我們的整體效能，我們相信這將推動廣告商需求和發布商流量的加速成長，從而達到自我強化的策略水平。目前，BIGO Ads 對我們的獲利做出了積極的貢獻。我們期望隨著時間的推移它會變得越來越有意義。

Our other segment non-listing revenues were $45.2 million, increasing by 19% year over year. Group's gross profit was $185.2 million in the quarter, with a gross margin of 36.5%, up from 35.2% last year. while BIGO's gross margin was relatively stable.

我們其他部門非上市收入為 4,520 萬美元，年增 19%。該集團本季毛利為1.852億美元，毛利率為36.5%，高於去年的35.2%。而BIGO的毛利率相對穩定。

Our other segment gross margin was substantially up by 9.5 percentage year over year to 43.5% due to growth in high-margin SaaS revenues. Our group's operating expenses for the quarter were $179.8 million compared with $198.7 million in the same period of 2024.

由於高利潤率的 SaaS 營收成長，我們其他部門的毛利率較去年同期大幅成長 9.5 個百分點，達到 43.5%。我們集團本季的營運費用為 1.798 億美元，而 2024 年同期為 1.987 億美元。

Our G&A expenses was higher during the quarter due to an non-operational impairment of 30 equity investments, while we saw a decline in other operating expenses. The decline in our other operating expenses was in line with our current operating structure across both livestreaming and non-livestreaming business.

由於 30 項股權投資的非經營性減值，本季我們的一般及行政費用較高，而其他經營費用則有所下降。我們其他營運費用的下降與我們目前的直播和非直播業務的營運結構一致。

For our livestreaming business, we are consistently optimizing our user acquisition expenses to enhance ROI for our non-livestreaming business. While it has seen robust revenue growth, we maintained prudent and (inaudible) plan expanding, with our operating expenses rising at a slower rate than revenue.

對於我們的直播業務，我們不斷優化用戶獲取費用，以提高非直播業務的投資報酬率。雖然營收成長強勁，但我們仍保持審慎和（聽不清楚）計畫擴張，營運費用的成長速度低於收入的成長速度。

Our gross non-GAAP operating income for the quarter was $38.3 million in this quarter, up by 27.9% from $30 million year over year. Non-GAAP net income attributable to controlling interest of JOYY in the quarter was $77 million, up by 3.9% year over year.

本季度，我們的非公認會計準則總營業收入為 3,830 萬美元，較去年同期的 3,000 萬美元成長 27.9%。本季非美國通用會計準則下歸屬於歡聚時代控股股東的淨利為7,700萬美元，較去年同期成長3.9%。

The gross non-GAAP net income budget was 50.2% in the quarter. For the second quarter of 2025, we booked net cash inflows from operating activities of $57.6 million. Our benefit remains healthy with a strong net cash producing of $3.3 billion as of June 30, 2025.

本季度非公認會計準則淨收入總額預算為 50.2%。2025 年第二季度，我們的經營活動淨現金流入為 5,760 萬美元。我們的獲利狀況依然良好，截至 2025 年 6 月 30 日，淨現金產量強勁，達到 33 億美元。

Now moving to capital allocation. Shareholder return continued to be an important component of our capital allocation strategy. We have returned $49.4 million to our shareholders through dividends during the second quarter and repurchased $36.5 million, most of our shares during the year as of June 30, 2025. We remain firmly committed to actively utilize our outstanding share repurchase program.

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。我們在第二季透過股利向股東返還了 4,940 萬美元，並回購了 3,650 萬美元，佔截至 2025 年 6 月 30 日年度內的大部分股份。我們仍然堅定地致力於積極利用我們的未償還股票回購計劃。

Turning now to our business outlook. At the group level, we expect our net revenues for the third quarter of 2025 to be between $525 million and $539 million. Our guidance accounts for certain season negative fluctuations and reflect our preliminary views on the current market of regional 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 年第三季的淨收入將在 5.25 億美元至 5.39 億美元之間。我們的指引考慮了某些季節性的負面波動，並反映了我們對當前市場、區域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, our efforts to cultivate new growth engines continue to bear fruit, addressed by the impressive revenue growth of BIGO Ads and other livestreaming business, reaching a stable footing and continue to contribute strong operating profits, with other global regional capabilities, type infrastructure and vibrant ecosystem where we are present to expand the distinctive competitive edge and build up minimal and lasting projects in the tech industry, while delivering sustainable profitable growth and long-term value for our shareholders.

總而言之，我們培育新成長引擎的努力繼續取得成果，BIGO 廣告和其他直播業務的收入取得了令人矚目的增長，站穩了腳跟並繼續貢獻強勁的營業利潤，憑藉其他全球區域能力、基礎設施和充滿活力的生態系統，我們擴大了獨特的競爭優勢，在科技行業建立了微小而持久的項目，同時為股東帶來了可持續的盈利增長和長期價值。

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

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。

(Operator Instructions) Thomas Chong, Jefferies.

（操作員指示）Thomas Chong，Jefferies。

(spoken in Chinese) Thanks management for taking my question. My first question is about the live streaming business. As we are seeing the Q2 livestreaming revenue is already stabilizing on a sequential basis. How should we think about the long-term development trend for the livestreaming business? And my second question is about the second half outlook. Can management comment about the group level revenue in the second half?

（中文）感謝管理層回答我的問題。我的第一個問題是關於直播業務的。正如我們所見，第二季的直播收入已經環比穩定。我們該如何看待直播產業的長期發展趨勢？我的第二個問題是關於下半年的展望。管理階層能否評論一下下半年集團層級的收入？

(interpreted) Thank you, Thomas. This is Li Ting. I will take your two questions. We see Q1 as a clear bottom when -- while BIGO's livestreaming revenue was negatively impacted due to seasonality factors and also the temporary app removal in the first quarter. In Q2, we've seen sequential recovery with revenue from BIGO's core global products, all three global products delivering sequential growth in their live streaming revenue.

（翻譯）謝謝你，托馬斯。我是李婷。我來回答你的兩個問題。我們認為第一季是明顯的底部——而 BIGO 的直播收入因季節性因素以及第一季應用程式的暫時下架而受到負面影響。在第二季度，我們看到 BIGO 核心全球產品的營收出現連續復甦，所有三款全球產品的直播收入均持續成長。

The key driver for the recovery was mainly driven by growth in paying users. Geographically speaking, we've seen stronger resilience from developed countries, especially in Europe, where our live streaming revenues rebound after our earlier content cost optimization in the previous quarters. Southeast Asia and other regions are also showing signs of recovery.

復甦的關鍵驅動力主要是付費用戶的成長。從地理上看，我們看到已開發國家，尤其是歐洲的韌性更強，在我們前幾季進行內容成本優化之後，我們的直播收入出現反彈。東南亞等地區也出現復甦跡象。

All in all, I would like to say the sequential recovery in Q2 is built on solid improvements that we've made in the past few quarters, both including content optimization, the optimization of the content offering system and also the enhancement of operating efficiency. We believe that these efforts will continue to drive growth of our live streaming revenue in the upcoming quarters.

總而言之，我想說第二季的連續復甦建立在過去幾季我們所取得的堅實改進之上，包括內容優化、內容提供系統的最佳化以及營運效率的提升。我們相信，這些努力將在未來幾季繼續推動我們的直播收入成長。

Looking ahead to our livestreaming performance in the second half of the year, we expect a sequential recovery trend to continue our highlight operational activities such as our Gallus are expected to enhance streamer and user engagement in the second half of the year, driving regional monetization to pick up some preliminary data from BIGO Live shows that our July game has driven an MOM revenue increase in livestreaming.

展望下半年的直播表現，我們預計連續復甦趨勢將持續，我們的重點營運活動，例如我們的Gallus預計將在下半年增強串流媒體和用戶的參與度，推動區域貨幣化，從BIGO Live獲得一些初步數據顯示，我們7月份的遊戲推動了直播收入的MOM成長。

We will continue optimizing our content operations focusing on refined content management and enhancing our incentives for mid-tier streamers, together with our Ally driven use acquisition, which focused on higher-quality users and also overall product experience optimization. We expect sustained growth in BIGO's paying users in the second half with a much more diversified content ecosystem and better quality, we expect also incremental contributions from our new audio social products in the MENA region.

我們將繼續優化內容運營，專注於精細化內容管理，加強對中階主播的激勵，同時透過 Ally 驅動的使用收購，專注於更高品質的用戶和整體產品體驗的優化。我們預計下半年 BIGO 的付費用戶數量將持續成長，內容生態系統將更加多樣化，品質也將更高，我們也預計我們的新音訊社交產品將在中東和北非地區帶來增量貢獻。

Based on those factors, we are confident that our live streaming revenue will return to a steady year-over-year growth trajectory in 2026.

基於這些因素，我們有信心到 2026 年，我們的直播收入將恢復穩定的年成長軌跡。

And I will now move on to your second question. In the second quarter, you can see that our total revenue was up 2.7% to $507.8 million up QoQ. This growth was driven by stabilizing and recovery in our livestreaming revenue while our non-livestreaming revenue, sustaining a strong momentum, growing by 25% to 26% year over year and now contributing 26.1% to the group's total revenue.

現在我將回答您的第二個問題。在第二季度，您可以看到我們的總收入環比增長 2.7%，達到 5.078 億美元。這一增長得益於我們直播收入的穩定和復甦，而非直播收入保持強勁勢頭，同比增長 25% 至 26%，目前對集團總收入的貢獻率為 26.1%。

Looking ahead to Q3, we expect our live streaming revenue to continue its sequential recovery. And on the non-livestreaming revenue side, as our advertising entered into a peak season, we anticipate continued double-digit year-over-year growth from AdTech, supporting further QoQ revenue growth at the group level.

展望第三季度，我們預期直播營收將持續季比回升。在非直播收入方面，隨著我們的廣告進入旺季，我們預計廣告技術收入將繼續保持兩位數的同比增長，從而支持集團層面收入進一步環比增長。

You can see that since Q2, our top line -- our group's top line has entered into a phase of sequential recovery with livestreaming, stabilizing and back to growth and also non-livestreaming accelerating growth and becoming a new growth engine. We expect both year over year and QoQ growth in Q4.

您可以看到，自第二季以來，我們集團的營收進入了連續復甦階段，直播業務趨於穩定並恢復成長，非直播業務也加速成長並成為新的成長引擎。我們預計第四季同比和環比均將實現成長。

Xueqing Zhang, CICC.

張學慶，中金公司。

(spoken in Chinese) I have two questions on your financials. First, you have added disclosure of non-GAAP EBITDA in this quarter, what's your consideration behind the dilation? My second question is about the trend in OpEx traffic outlook for the second half of this year?

（用中文說）我對您的財務狀況有兩個問題。第一，本季你們增加了非GAAP EBITDA的揭露，請問這樣做的考量是什麼？我的第二個問題是關於今年下半年OpEx流量前景的趨勢？

(interpreted) Thank you, Xueqing, for the question. This is Alex. First of all, we believe that EBITDA is a core operating metric that we've always closely monitored internally. As EBITDA excludes interest, depreciation, amortization and taxes, which are all nonoperational factors we believe that it is a better proxy of our capability to generate cash flow through our core operations. it's also a better metric for peers comparison as well, given the differences that lie in the capital structure, the differences in our applicable tax rate and also depreciation policies, et cetera.

(翻譯)謝謝雪晴的提問。這是亞歷克斯。首先，我們認為 EBITDA 是我們一直在內部密切監控的核心營運指標。由於 EBITDA 不包括利息、折舊、攤提和稅金（這些都是非營運因素），我們認為它更能代表我們透過核心營運產生現金流的能力。考慮到資本結構的差異、適用稅率的差異以及折舊政策等方面的差異，它也是同業比較的更好指標。

We believe that EBITDA eliminates all of these external factors and enable us to better compare our operating efficiency with our peers. In brief, we believe that the trend of our EBITDA can better reflect the improvement of our -- or the trend of our operating efficiency under the current dual growth engine strategy and it will help us better evaluate our capital allocation in a more prudent and comprehensive manner in the future.

我們相信，EBITDA 消除了所有這些外部因素，使我們能夠更好地與同行比較我們的營運效率。簡而言之，我們認為EBITDA的走勢能夠更好地反映我們在當前雙引擎成長策略下的經營效率的提升趨勢，也有助於我們在未來更加審慎、全面地評估我們的資本配置。

Moving to your next question about expenses and margins for the second half of the year. Let's first quickly review our second quarter performance. In Q2, we definitely delivered better-than-expected profitability, both in terms of our gross margin, OP margin and net margin.

轉到您關於下半年費用和利潤的下一個問題。讓我們先快速回顧一下我們第二季的表現。在第二季度，我們的毛利率、營業利益率和淨利率都明顯優於預期。

Our non-GAAP operating profit was up by 23.6% QoQ to $38.3 million, and our non-GAAP EBITDA rose by 19.3% to $48.2 million. And to look at it by segment for the BC segment, our non-GAAP gross margin was 35.6% and our operating margin was 14% in Q2, both are up improving QoQ.

我們的非公認會計準則營業利潤季增 23.6% 至 3,830 萬美元，非公認會計準則 EBITDA 成長 19.3% 至 4,820 萬美元。從 BC 部門來看，第二季我們的非 GAAP 毛利率為 35.6%，營業利潤率為 14%，均比上一季增加。

And these gains were driven by our continued efforts in refined operations, our content ecosystem and also enhanced operational efficiency, which better improved the gross and operating margins in our live streaming business.

這些成長得益於我們在精細化營運、內容生態系統以及營運效率方面的持續努力，從而更好地提高了我們直播業務的毛利率和營業利潤率。

For the all other segment, the Q2 non-GAAP gross margin was up significantly from the previous quarter, rising from 42.1% in Q2 to 43.8% in Q2, primarily driven by increased contribution from our higher-margin non-live streaming revenue. Meanwhile, non-GAAP operating loss was narrowed to $23.6 million from $26.5 million in Q1, a 10.8% QoQ decrease mainly due to our disciplined spending and a lower margin ratio of our operating expenses.

對於所有其他部門，第二季非 GAAP 毛利率較上一季大幅上升，從第二季的 42.1% 上升至第二季的 43.8%，這主要得益於利潤率更高的非直播收入貢獻的增加。同時，非公認會計準則營業虧損從第一季的 2,650 萬美元收窄至 2,360 萬美元，季減 10.8%，主要原因是我們控制支出，且營業費用的利潤率較低。

Looking ahead to Q3, with our revenue growth in the Vega segment, and we expect BIGO's non-GAAP operating profits to continue steady improvement. For the all other segments due to the seasonal fluctuations in certain expenses, we expect its non-GAAP operating losses might slightly widen compared to Q2, but will still show significant year-over-year improvement compared to '24. For the full year of '25, we're expecting our overall non-GAAP operating profit amount and non-GAAP EBITDA to show an improving trend.

展望第三季度，隨著 Vega 部門營收的成長，我們預期 BIGO 的非 GAAP 營業利潤將繼續穩定改善。對於所有其他部門，由於某些費用的季節性波動，我們預計其非 GAAP 營業虧損可能與第二季相比略有擴大，但與 24 年相比仍將出現顯著的同比改善。對於 25 年全年，我們預計整體非 GAAP 營業利潤和非 GAAP EBITDA 將呈現改善趨勢。

Cici Cheng, CLSA.

鄭茜茜，里昂證券。

(spoken in Chinese) Our advertising business has consistently maintained a robust growth rate in this year, which is highly in industry average. Could you please share the main driver and the unique advantage behind the growth of our advertising revenue? And how do we view the potential synergy between different business segments?

（中文）我們的廣告業務今年以來一直保持著強勁的成長勢頭，處於行業平均水平。您能否分享一下我們廣告收入成長的主要驅動力和獨特優勢？我們如何看待不同業務板塊之間潛在的綜效？

Thank you, Cici. I'm Li Ting. I will take this question. for the growth driver of our ad tech business, we can look at it from both the technical and also a market opportunity perspective. From the tech side, as we continue to optimize our algorithm, we are delivering better campaign performance for our advertisers, and this has driven further advertiser demand.

謝謝你，Cici。我是李婷。我來回答這個問題。對於我們的廣告科技業務的成長動力，我們可以從技術和市場機會的角度來看待它。從技術方面來看，隨著我們不斷優化演算法，我們正在為廣告主提供更好的廣告活動效果，這進一步推動了廣告商的需求。

And secondly, we are making progress in vertical models, and we believe that this has opened up new opportunities across verticals as well. At this moment, our advertising algorithm, it's still in its early stage of development, and it's continuously declining and optimizing based on self-learning, while our team continued to look for practical ways to improve our algorithm efficiency and effectiveness in full-stack services of advertising, such as estimated fitting, dynamic budget allocation.

其次，我們在垂直模式方面取得了進展，我們相信這也為各個垂直領域開闢了新的機會。目前我們的廣告演算法還處於早期發展階段，在自學習的基礎上不斷優化，同時我們的團隊也在持續尋找切實可行的方法來提升演算法在廣告全端服務中的效率和效果，例如預估擬合、動態預算分配等。

We believe that when there are certain innovations or breakthroughs in these models, our ad tech business will continue to grow by a major amount. . Secondly, we are not restricted to web advertising and IAA game advertising.

我們相信，當這些模式出現一定的創新或突破時，我們的廣告科技業務將會持續大幅成長。。其次，我們不限於網頁廣告和IAA遊戲廣告。

We are also training and optimizing our IAP advertising models in verticals such as social entertainment and e-commerce. Geographically speaking, we are continuing to penetrate North America and Japan and also actively exploring new markets such as Europe. And I want to summarize our competitive batch with proprietary data assets due to our first-party traffic and also ecosystem synergies.

我們也在社交娛樂和電子商務等垂直領域訓練和優化我們的 IAP 廣告模式。從地理上看，我們正在持續滲透北美和日本，同時也積極開拓歐洲等新市場。我想總結一下我們憑藉第一方流量和生態系統協同效應而擁有的專有資料資產的競爭優勢。

We have exclusive access to JOYY's 263 million users and additionally, leveraging on our group's diverse ecosystem, BIGO Ads has enjoyed inherent advantages over technology data and also advertise outreach, and that is laying a very solid foundation for its business expansion and then establishing unique advantages in certain verticals. For example, our e-commerce staff business has clear synergies with BIGO Ads in terms of advertiser resources and also business scenarios.

我們擁有JOYY 2.63億用戶的獨家訪問權，此外，依托集團多元化的生態系統，BIGO Ads在技術數據和廣告推廣方面享有先天優勢，這為其業務擴展奠定了非常堅實的基礎，並在某些垂直領域建立了獨特的優勢。例如我們的電商人員業務，在廣告主資源和業務場景上，和BIGO Ads有明顯的綜效。

While we continue to accelerate the growth of our advertising business, we will also be building up our user insights and efficient targeting technology, and that is likely going to empower our livestreaming other businesses as well and continue to strengthen the flywheel effect.

在我們持續加速廣告業務成長的同時，我們還將建立用戶洞察力和高效的定位技術，這也可能增強我們的直播等業務，並持續加強飛輪效應。

Overall, BIGO Ads has emerged as one of our strategic focus, we remain confident in our growth prospects and also our ability to build our differentiated competitive edge in this $1 trillion market over time. . And now moving on to your next question on our synergy. I'd like to first come to the conclusion and highlight that there are obviously very strong synergies among our businesses.

總體而言，BIGO Ads 已成為我們的策略重點之一，我們對我們的成長前景以及隨著時間的推移在這個 1 兆美元的市場中建立差異化競爭優勢的能力充滿信心。。現在我們來回答有關我們協同作用的下一個問題。我想首先得出結論並強調的是，我們的業務之間顯然存在著非常強大的協同效應。

And I believe that the benefits of our synergies and operating leverage will increase with the growth of scale and the improvement of our Czech capability. First of all, our current progress in our attack business is still on top of our established operational capabilities in light streaming. In the past, we have accumulated a massive user base through our social entertainment products.

而且我相信，隨著規模的成長和捷克能力的提高，我們的綜效和經營槓桿的優勢將會增強。首先，我們目前在攻擊業務方面的進展仍然建立在我們已建立的輕流作戰能力之上。過去，我們透過社交娛樂產品累積了龐大的用戶群。

And along the way, we figured that traffic and monetization efficiency is very different among different regions. In some -- in certain regions, advertising came out to be a better monetization tool than like time. And it's based on this observation that we and BIGO Ads.

在這個過程中，我們發現不同地區的流量和貨幣化效率有很大差異。在某些特定地區，廣告成為了比同類產品更好的獲利工具。正是基於這項觀察，我們和 BIGO Ads 合作。

And secondly, as I mentioned earlier, referring to our competitive edge in ad tech, our ad tech business has inherent resources and tax capabilities, leveraging on the group's massive user data established advertiser outreach as well as our network and tech infrastructure. And therefore, BIGO Ads has got the right ingredients to sustain growth.

其次，正如我之前提到的，我們在廣告科技領域的競爭優勢是，我們的廣告科技業務擁有固有的資源和稅收能力，利用集團龐大的用戶資料建立了廣告客戶拓展網路以及我們的網路和技術基礎設施。因此，BIGO Ads 擁有維持成長的正確要素。

And as we grow our ad tech business, we expect our achievements in ad tech will also, in the end, empower our livestreaming business as well further enhancing our synergy benefits and also our operating leverage. While we remain confident that as we continue to grow our ad tech business we will evolve beyond our current stage and transition into a diversified, high-growth tech company.

隨著我們廣告科技業務的成長，我們預期我們在廣告科技領域的成就最終也將增強我們的直播業務，並進一步增強我們的協同效益和經營槓桿。我們仍然相信，隨著我們的廣告科技業務的不斷發展，我們將超越目前的階段，轉型為多元化、高成長的科技公司。

So that's the -- and that was the last question. Thank you so much for joining this call. We look forward to speaking with everyone next quarter. Thank you.

這就是——這是最後一個問題。非常感謝您參加本次電話會議。我們期待下個季度與大家交談。謝謝。

Thank you also, ma'am, for your time and to the rest of the management team. The conference call has now concluded. Again, we thank you all for attending today's presentation. At this time, you may disconnect. Thank you.

女士，也感謝您和管理團隊的其他成員抽出時間。電話會議現已結束。再次感謝大家參加今天的演講。這時，您可以斷開連線。謝謝。

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。