JOYY Inc (JOYY) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to JOYY Inc.'s third-quarter 2025 earnings call. (Operator Instructions) I'd now like to hand the conference over to your host today, Jane Xie, the company's Senior Manager of Investor Relations. Please go ahead, Jane.

女士們、先生們，感謝各位的耐心等待，歡迎參加 JOYY 公司 2025 年第三季財報電話會議。（操作員指示）現在，我將把會議交給今天的主持人，公司投資者關係高級經理簡·謝女士。請繼續，簡。

Thank you, operator. Hello, everyone. Welcome to JOYY's third-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. 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.

謝謝接線生。大家好。歡迎參加 JOYY 2025 年第三季財報電話會議。今天到場的有JOYY董事長兼執行長李婷女士，以及財務副總裁劉先生。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和網路直播可在ir.joyy.com上查看。幾個小時後，本次電話會議的錄音回放也將在我們的網站上提供。

Before we continue, I'd like to remind you that we may make forward-looking statements, including, but not limited to, the future development of our products and businesses, expected financial performance, our share repurchases and other future events, 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，我想提醒各位，我們可能會做出一些前瞻性聲明，包括但不限於我們產品和業務的未來發展、預期財務業績、我們的股票回購以及其他未來事件，這些聲明本身就存在風險和不確定性，可能導致實際結果與我們目前的預期有所不同。有關風險和不確定性的詳細討論，請參閱我們最新的 20-F 表格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 that 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. You may find a reconciliation of the differences between GAAP and non-GAAP financial measures in our earnings release. Finally, please note that unless otherwise stated, all figures we mentioned during this conference call are in US dollars.

我們還將討論一些非GAAP財務指標，這些指標作為額外的說明項目包含在內，以幫助投資者進一步了解公司的業績以及這些項目和事件對財務結果的影響。以上提供的非GAAP財務指標不應被視為替代或優於依照GAAP編製的財務績效指標。您可以在我們的獲利報告中找到 GAAP 和非 GAAP 財務指標之間差異的調整表。最後請注意，除非另有說明，我們在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.

現在我將把電話交給我們的董事長兼執行長李婷女士。請繼續，李女士。

Hello, everyone. I'm Li Ting. Thank you for joining us today. This quarter, we have taken another [full step] towards becoming a global technology company powered by multiple growth engines and a strong [synergetic] ecosystem.

大家好。我是李婷。感謝您今天蒞臨。本季度，我們朝著成為一家由多個成長引擎和強大的協同生態系統驅動的全球科技公司又邁出了[完整的一步]。

Starting with our Q3 results, live streaming revenues sustained steady sequential recovery, while our ad tech platform, BIGO Ads accelerated top line growth with its total ad revenue growing over 19.7% quarter over quarter. Meanwhile, we maintain a robust cash flow generation and continue to actively return value to shareholders.

從我們第三季的業績來看，直播收入持續穩定復甦，而我們的廣告科技平台 BIGO Ads 的營收成長加速，其廣告總營收季增超過 19.7%。同時，我們保持了強勁的現金流，並繼續積極為股東創造價值。

Last quarter, I expressed our long-term commitment to building a meaningful and lasting presence in the ad tech industry. This quarter, we made concrete progress towards that goal. BIGO Ads daily growth revenue grew aggressively and reached new heights. As we further (inaudible) in scale and continuously engage our AI algorithm, we are confident we will soon reach new milestones.

上個季度，我表達了我們致力於在廣告科技產業建立有意義且持久的影響力的長期承諾。本季度，我們朝著這個目標取得了實質進展。BIGO 廣告每日成長收入大幅成長，並達到了新的高度。隨著我們進一步擴大規模並不斷改進我們的人工智慧演算法，我們有信心很快就能達到新的里程碑。

We achieved total revenue of $540 million in the third quarter, up 6.4% quarter over quarter. Our live streaming revenue was $388 million, up 3.5% QoQ, making two consecutive quarters of sequential growth. Meanwhile, BIGO Ads recorded $104 million in revenue, with a year-over-year growth of 33.1%, bringing total non-live streaming revenues, including ad revenues and others to 28.1% of group revenues.

第三季總營收達 5.4 億美元，季增 6.4%。我們的直播收入為 3.88 億美元，季增 3.5%，連續兩季實現季增。同時，BIGO Ads 錄得 1.04 億美元的收入，年增 33.1%，使包括廣告收入和其他收入在內的非直播收入總額佔集團收入的 28.1%。

Non-GAAP operating income reached $41 million, up 16.6% year on year. Non-GAAP EBITDA reached to $51 million, up [16.8%] year on year and 4.9% QoQ. Operating cash flow for the quarter reached $73 million. As of September 30, we had $3.3 billion in net cash.

非GAAP營業收入達4,100萬美元，較去年成長16.6%。非GAAP EBITDA達到5,100萬美元，年成長16.8%，季增4.9%。本季經營現金流達 7,300 萬美元。截至9月30日，我們擁有33億美元的淨現金。

This provides strong support for our ongoing competitive shareholders' returns. We will continue actively executing our share repurchase program. As we advance our strategic priorities alongside strong acquisitional momentum, we are positioned to deliver long-term value for our shareholders.

這為我們持續為股東帶來具競爭力的回報提供了強而有力的支持。我們將繼續積極執行股票回購計畫。隨著我們推進策略重點並保持強勁的收購勢頭，我們有能力為股東創造長期價值。

As we approach year-end, I would like to outline our overall [strategic] direction for year 2026. In short, we will focus on three key priorities: strengthening ecosystem synergies, reporting organized vision, vitality and (inaudible) growth.

在即將結束之際，我想概述我們 2026 年的整體[策略]方向。簡而言之，我們將重點放在三個關鍵優先事項：加強生態系統協同作用、報告有組織的願景、活力和（聽不清楚的）成長。

Beginning in 2022, we accelerated the diversification of our revenue stream, cultivating our [2B] initial case in ad tech and SaaS. We have made daily progress advancing towards our strategic positioning as a global tech company powered by multiple growth engines in the past several years. Today, our live streaming business serves as a reliable cash cost, providing a solid foundation for profitable growth. In the meantime, our advertising platform and the e-commerce SaaS businesses have completed initial vitalization of their business models and are rapidly emerging as our net growth curve.

從 2022 年開始，我們加快了收入來源多元化的步伐，在廣告技術和 SaaS 領域培養了我們最初的 [2B] 案例。過去幾年，我們每天都在進步，朝著成為由多個成長引擎驅動的全球科技公司的策略定位邁進。如今，我們的直播業務已成為可靠的現金流來源，為獲利成長奠定了堅實的基礎。同時，我們的廣告平台和電子商務 SaaS 業務已完成其商業模式的初步活化，並迅速成為我們淨成長曲線的一部分。

In Q3, our total non-live streaming revenues exceeded 28.1% of group revenues. We have created a highly synergistic system while our global traffic, advertising, and e-commerce businesses reinforce each other. The [IT] capabilities network infrastructure, local [efficient] expertise and first-party data assets, we communicate through global social live streaming and now empowering our rapid [2B] expansion.

第三季度，我們的非直播收入總額超過了集團收入的 28.1%。我們創建了一個高度協同的系統，我們的全球流量、廣告和電子商務業務相互促進。憑藉 [IT] 能力網路基礎設施、本地 [高效] 專業知識和第一方數據資產，我們透過全球社交直播進行交流，現在正助力我們快速 [20億] 擴張。

In turn, our [2B] progress strengthens our competitive moat in both data and technology. We are just beginning to unlock the full strategic value of this integrated business ecosystem.

反過來，我們的[2B]進展增強了我們在數據和技術方面的競爭優勢。我們才剛開始釋放這一一體化商業生態系統的全部戰略價值。

We are transforming our high growth ad tech business by establishing BIGO Ads as the AI-powered global platform for performance-driven, multichannel advertising across the venture verticals. In 2026, we expect to substantially expand our traffic coverage.

我們正在透過打造 BIGO Ads，將我們高速成長的廣告科技業務轉型為以人工智慧驅動的全球平台，為各個風險垂直領域提供以效果為導向的多通路廣告服務。預計到 2026 年，我們的交通覆蓋範圍將大幅擴大。

On mobile traffic, we are exploring partnerships with Asian platform and developers like Google add more to accelerate traffic expansion. On red traffic, we are extending traffic coverage through partnerships with channels like Microsoft Entra and Google AdX.

在行動流量方面，我們正在探索與亞洲平台和開發者（如Google）建立合作關係，以加速流量成長。對於紅色流量，我們正在透過與 Microsoft Entra 和 Google AdX 等管道的合作來擴大流量覆蓋範圍。

On the demo side, as we establish web-to-rep advertising capabilities and to reach our rep models, we expect to capture continued growth from web-based advertised. For mobile-based advertising, we are enhancing our IAA 7D ROAS product to improve advertiser ROI for IAA while advancing the optimization of our target CTE and other products for AEP to expand into area.

在演示方面，隨著我們建立網路到代理商的廣告能力並接觸到我們的代理商模型，我們期望從基於網路的廣告中獲得持續成長。對於行動廣告，我們正在增強 IAA 7D ROAS 產品，以提高 IAA 廣告主的投資報酬率，同時推進目標 CTE 和其他 AEP 產品的最佳化，以擴展到該區域。

Finally, on platform technology, we expect to establish and strengthen our iOS ecosystem in 2026, which will enable us to unlock substantial incremental growth potential from ILS high-quality traffic. We will also continue investing in AI, building our team and resources to accelerate model investment and optimization. These enhanced models will leverage deep user behavior and conversion data across channels and verticals, enabling more precise targeting and a better performance for our advertisers.

最後，在平台技術方面，我們預計將在 2026 年建立並加強我們的 iOS 生態系統，這將使我們能夠從 ILS 的高品質流量中釋放出巨大的增量成長潛力。我們將繼續投資人工智慧，擴充團隊和資源，以加速模型投資和優化。這些增強型模型將利用跨渠道和垂直領域的深度用戶行為和轉換數據，從而實現更精準的定位，並為我們的廣告商帶來更好的效果。

We have clear strategies in place to drive continued growth in 2026 across all damaged dimensions, including multichannels, traffic expansion, vertical [setting space, diamond development] and enhanced AI modeling capabilities. These initiatives will create powerful flying view effects, which will compound enabling us to deliver increasing value to advertisers, while accelerating our own growth. We believe 2026 will be a milestone year for JOYY Inc. ad tech business, and we are excited about the positivities ahead.

我們已製定明確的策略，以推動 2026 年在各個受損維度上持續成長，包括多通道、流量擴張、垂直領域（鑲嵌空間、鑽石開發）和增強的 AI 建模能力。這些舉措將產生強大的飛行視角效應，這種效應將不斷累積，使我們能夠為廣告商提供越來越大的價值，同時加速我們自身的成長。我們相信 2026 年將是 JOYY Inc. 廣告科技業務的里程碑之年，我們對未來的積極前景感到興奮。

Turning to Shopline. We remain bullish on the long-term prospects of the SaaS-based e-commerce sector. Unlike [world garden] marketplace platform, Shopline provides an open and extendable solution to merchants, through which merchants have brought data on ship for advanced operations.

轉向 Shopline。我們依然看好基於SaaS的電子商務產業的長期前景。與 [世界花園] 市場平台不同，Shopline 為商家提供了一個開放且可擴展的解決方案，商家透過該方案將資料帶入船上，以進行高級操作。

For the past several years, Shopline's commission has been product excellence. We have made a substantial investment in R&D to involve from softbank builder into a full stake e-commerce [section] seamlessly, combining SaaS infrastructure, payments, and integrated making tools into one part of close loop. With this (inaudible) of AI, we are now embedding advanced AI capabilities deeply into every part of merchant's journey, continuously sharpening our product age to drive real business success for our customers.

過去幾年，Shopline 的佣金一直都來自於卓越的產品品質。我們已投入大量研發資金，將軟銀建構器無縫整合到完整的電子商務[部分]中，將 SaaS 基礎設施、支付和整合製造工具結合成一個閉環的一部分。借助人工智慧技術，我們現在將先進的人工智慧功能深度融入商家旅程的每個環節，並不斷改進我們的產品，從而為客戶帶來真正的業務成功。

Since last year, we have seen accelerated growth in certain key regions with steady expansion and gross margins. This is an important strategic milestone for Shopline. Our long-standing commitment to R&D, talent and talent recruitment has built the deep technological (inaudible) that puts our success across all business segments. Through our modular organizational structure, we enhanced synergies by sharing resources and capabilities across business lines. Our approach enables us to remain agile and the execution forecast while giving new ventures competitive advantages from day one and creating significant operating leverage as we scale.

自去年以來，我們看到某些重點地區實現了加速成長，並維持了穩定的擴張和毛利率。這是Shopline發展歷程中的重要策略里程碑。我們長期以來對研發、人才和人才招募的投入，建構了深厚的技術實力（聽不清楚），使我們在所有業務領域都取得了成功。透過模組化的組織結構，我們實現了跨業務線的資源和能力共享，從而增強了協同效應。我們的方法使我們能夠保持敏捷性，並預測執行情況，同時從一開始就為新企業提供競爭優勢，並在我們擴大規模的過程中創造顯著的營運槓桿。

As we expand and diversify into new initiatives, our results-driven incentive merchanting provide our top talent with equitable opportunities and broader career development pathways. By forcing a interpret new year spread and branching innovation and leveraging competitive incentives to attract and retain excellent talent, while ensuring high strategic goal (inaudible) between management and the core team members, we drive more efficient corporate development.

隨著我們業務拓展和多元化發展，我們以結果為導向的激勵機制為頂尖人才提供公平的機會和更廣闊的職業發展道路。透過推動新年擴張和分支創新，並利用競爭性激勵措施來吸引和留住優秀人才，同時確保管理層和核心團隊成員之間有高度的策略目標（聽不清楚），我們推動了更有效率的企業發展。

From management (inaudible) standpoint, we have a balanced framework incorporating both operating metrics and long-term shareholders' value accretion, which promotes strong argument with shareholders' interest. After several quarters of adjustment, our live streaming business has returned to a sequential recovery trajectory. We believe it is positioned for steady year-on-year growth in 2026. Meanwhile, we expect our ad tech and SaaS business will sustain robust double-digit revenue growth year on year in the coming year.

從管理角度來看，我們擁有一個平衡的框架，其中既包括營運指標，也包括長期股東價值成長，這有利於維護股東利益。經過幾季的調整，我們的直播業務已經恢復到穩定復甦的軌道上。我們認為該公司預計在 2026 年逐年穩定成長。同時，我們預計我們的廣告技術和 SaaS 業務在未來一年將保持強勁的兩位數營收將年成長。

This sets the stage for year-over-year group revenue grow starting in Q4 2025 as reflected in our newly announced guidance and continue into 2026 and beyond. This is not just a return to growth but rather the test for unlocking large, addressable market.

這為集團從 2025 年第四季開始實現逐年成長奠定了基礎，正如我們最新公佈的業績指引所反映的那樣，並將持續到 2026 年及以後。這不僅是恢復成長，更是能否開啟龐大潛在市場的考驗。

Next, let me share with you our latest operational update and our outlook for the future. In the third quarter, our global average mobile MAUs reached 266 million, up 1.4% quarter over quarter. Our organic user growth continued to be strong, driven by our instant managers. In Q3, (inaudible) product MAUs grew by [800 million] QoQ, with average time spent per user up 10.8% year over year. Product retention rate continued to improve year on year, driven by our ongoing enhancements to core and features.

接下來，我將與大家分享我們最新的營運情況以及我們對未來的展望。第三季度，我們的全球平均行動月活躍用戶數達到 2.66 億，較上季成長 1.4%。在即時管理工具的推動下，我們的自然用戶成長持續強勁。第三季度，（聽不清楚）產品月活躍用戶數季增[8億]，每位用戶的平均使用時間年增10.8%。由於我們對核心功能和特性的不斷改進，產品留存率逐年提高。

On user acquisition, we mentioned a decline in [ROI] forecast, targeting users with strong monetization potential [because last] 30-day [ROI] from new devices and brought -- improved 6.7% quarter over quarter as a result. In Q3, group live streaming revenues reached $388 million. Bigo Live streaming revenue was [$358 million], up 3.5% QoQ, maintaining their sequential growth trend because total paying users grew 0.8% QoQ, while it increased 3.4% QoQ.

在用戶獲取方面，我們提到了[ROI]預測的下降，目標是具有強大變現潛力的用戶[因為]過去30天來自新設備的[ROI]有所下降，結果環比增長了6.7%。第三季度，集團直播收入達3.88億美元。Bigo Live 直播收入為 3.58 億美元，環比增長 3.5%，保持了連續增長的趨勢，因為付費用戶總數環比增長 0.8%，而環比增長 3.4%。

Bigo Live delivered positive sequential growth for the second consecutive quarter. This recovery reflects our comprehensive integrated approach, where we have leveraged effective streamer increasing program, a healthy and diverse high-quality content ecosystem, AI powered user touchpoint enhancements, which improved content discovery and payment experiences and a strong local operational campaigns, with initial test better job renewed growth.

Bigo Live連續第二季實現季比正成長。這項復甦反映了我們全面的綜合方法，我們利用了有效的串流媒體用戶增長計劃、健康且多樣化的高品質內容生態系統、人工智慧驅動的用戶觸點增強功能（改善了內容髮現和支付體驗）以及強大的本地運營活動，初步測試結果更好地實現了重新增長。

Since the second half of last year, we have restructured our streamer incentive mechanism across regions, shifting support towards mid-tier streamers. We are now seeing significantly in group streamers engagement and content quality across the platform. In Q3, average streaming hours for newly signed streamers on Bigo Live grew 3.5% QoQ and the average viewer numbers increased 3.9% QoQ.

自去年下半年以來，我們調整了各地區的直播主激勵機制，將支援力度轉向中等規模的直播主。我們現在看到平台上的群組主播參與度和內容品質都有了顯著提升。第三季度，Bigo Live 新簽約主播的平均直播時長較上季成長 3.5%，平均觀眾人數較上季成長 3.9%。

We continue advancing AI-powered improvement across content, distribution and payment experiences by incorporating future user signals through AI and optimizing strategy for cross retinal and in-app scenarios in Bigo Live. We enhanced viewing experiences and drove users' average viewing time up 3.4% QoQ. Meanwhile, our real-time transition, the title now supports 15 languages, significantly improving user interaction across different regions.

我們透過人工智慧將未來的使用者訊號融入 Bigo Live 的內容、分發和支付體驗，並優化跨視網膜和應用程式內場景的策略，從而不斷推進人工智慧驅動的改進。我們提升了觀看體驗，用戶平均觀看時間較上季成長了 3.4%。同時，隨著我們即時過渡，該標題現在支援 15 種語言，顯著改善了不同地區用戶的互動。

We are also using AIGC technology to efficiently generate localized virtual gifts. In October, AI-powered interactive gifts represented 25% with total virtual gift consumption, demonstrating strong user adoption of AI-enhanced features. We have used packages strategy to further optimize Bigo Live to paying users benefit system. In Q3, mid-tier user approved increased 2% QoQ, while the total number of premium paying users achieved double-digit QoQ growth.

我們也利用AIGC技術高效地產生在地化的虛擬禮物。10 月份，人工智慧互動禮品佔虛擬禮品總消費量的 25%，顯示用戶對人工智慧增強功能的接受度很高。我們採用方案策略，進一步優化了 Bigo Live 的付費用戶福利體系。第三季度，中等用戶數量較上季成長 2%，而高級付費用戶總數則較上季成長兩位數。

Looking ahead to 2026, we are confident that our streamer incentives, content contribution, and AI-driven optimization will position Bigo Live to regain momentum for growth. We are also advancing payment infrastructure improvements to deliver more diverse, localized payment options of global users. We believe this will be tailwind to drive payment rate improvements across all products over time. Overall, we are confident that live streaming will return to steady growth in 2026 and continue contributing sustainable cash flow for the group.

展望 2026 年，我們相信，我們的主播激勵措施、內容貢獻和人工智慧驅動的優化將使 Bigo Live 重獲成長動力。我們也正在推動支付基礎設施的改進，以便為全球用戶提供更多樣化、在地化的支付選擇。我們相信，隨著時間的推移，這將有助於提升所有產品的支付率。總體而言，我們有信心直播業務將在 2026 年恢復穩定成長，並繼續為集團貢獻可持續的現金流。

Turning to BIGO Ads. In Q3, BIGO Ads achieved $104 million in advertising revenue, up 33.1% year on year and 19.7% QoQ, while first-party ad revenue and profit remained stable with single-digit QoQ growth. Our third-party BIGO audience network was (inaudible) strong, recording mid-double-digit year on year and 25% sequential growth.

轉向BIGO廣告。第三季度，BIGO Ads 的廣告收入達到 1.04 億美元，年成長 33.1%，季增 19.7%，而第一方廣告收入和利潤保持穩定，環比成長為個位數。我們的第三方 BIGO 受眾網絡表現強勁，較去年同期成長兩位數，較上季成長 25%。

On the traffic side, BIGO audience network traffic continued to grow this quarter, SDK advertising requests were up 228% year over year and 29% QoQ, representing significant growth.

在流量方面，BIGO 受眾網路流量在本季持續成長，SDK 廣告請求年增 228%，季增 29%，代表顯著成長。

On the technology front, we aggregated our IAA D7 ROAS optimization with AI-driven real-time prediction and smart building capabilities. By leveraging across channel and across vertical user behavior and attrition data, the income model delivered significantly improved penetration, ad stream and the generation vision that enable advanced advertisers to scale budgets with greater confidence, accruing higher-quality users while sustaining strong return efficiency.

在技​​術方面，我們將 IAA D7 ROAS 優化與 AI 驅動的即時預測和智慧建築功能相結合。透過利用跨管道和跨垂直領域的用戶行為和流失數據，該收入模型顯著提高了滲透率、廣告流和生成願景，使高級廣告商能夠更有信心地擴大預算，積累更高質量的用戶，同時保持強勁的投資回報率。

We saw strong growth across the board, driven the algorithm, innovation, elevated traffic, new market expansion and strong advertiser demand across multiple verticals. BIGO Ads daily growth revenue reached new heights and continued on its upward trajectory with strong momentum.

我們看到各方面都實現了強勁成長，這得益於演算法的改進、創新、流量的提升、新市場的擴張以及多個垂直領域廣告商的強勁需求。BIGO Ads 的每日成長收入達到了新高，並繼續保持強勁的成長動能。

Web-based demand, primarily for lead generation, maintained growth QoQ, and we are optimizing on Q4 growth prospects as we enter into the peak season. Meanwhile, improved AI delivery and expectant (inaudible) substantially drove IAA advertisers, spending up by mid-double-digit QoQ. During the third quarter, total spending from key cohort increased by 30% QoQ. At the same time, performance gains attracted a steady influx of new advertisers, with the numbers of key cohorts up by 17% QoQ.

以網路需求為主的潛在客戶開發需求保持了季度環比增長，隨著我們進入旺季，我們正在優化第四季度的成長前景。同時，人工智慧交付的改進和預期（聽不清楚）大幅推動了 IAA 廣告商的支出，環比增長了兩位數。第三季度，重點客戶群的總支出較上季成長了 30%。同時，績效的提升吸引了大量新廣告商，關鍵群體數量較上季成長了 17%。

From regional perspective, we continue to deepen our penetration in the developed countries with BIGO audience network revenue from North America growing 22% QoQ, while Western Europe growing 41% QoQ. We delivered expansional results in Q3, driven by rapid network traffic expansion, continuous algorithm, optimization, and the delivery efficiency improvement and rapid [robust] growth in net verticals.

從區域角度來看，我們持續加深在已開發國家的滲透，BIGO 北美觀眾網路收入較上季成長 22%，西歐成長 41%。第三季度，我們取得了擴張性業績，這得益於網路流量的快速擴張、演算法的持續優化、交付效率的提高以及垂直行業的快速[穩健]成長。

As we outlined in last quarter's earnings call, BIGO Ads will present our recorded growth engine and the core long-term strategic initiative. We are committed to building a meaningful and lasting presence in this space and to see significant opportunities ahead.

正如我們在上個季度財報電話會議上所概述的那樣，BIGO Ads 將展示我們已實現的成長引擎和核心長期策略舉措。我們致力於在這個領域建立有意義且持久的地位，並看到了未來巨大的機會。

Turning to capital return. As of November 14, we have reported USD88.6 million under our share buyback program. Given our strong financial position and operating momentum, we believe our shares remain undervalued. And we will continue actively executing share repurchases as part of our commitment to returning value to shareholders. Looking forward, with our live streaming business stabilizing and driving 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 long-term profitable growth.

轉向資本回報。截至 11 月 14 日，我們已報告股票回購計畫支出 8,860 萬美元。鑑於我們強勁的財務狀況和良好的經營勢頭，我們認為我們的股票仍然被低估。我們將繼續積極執行股票回購計劃，以履行我們對股東回報價值的承諾。展望未來，隨著我們的直播業務趨於穩定，並帶動廣告和其他新興業務的收入和利潤增長，我們預計公司的合併營業利潤將繼續改善，我們的股東也將從長期盈利增長中受益。

In summary, we are optimist about the positive trends we are driving across our business units. Our core live streaming business is a trajectory and the continued sequential growth. And we expect live streaming to gradually remain momentum for growth. BIGO Ads is scaling rapidly as our second growth engine, driven by traffic, retinal, and vertical expansion and algorithm optimization. And we are strengthening Shopline's product capability and strategic advanced stages as a fully integrated SaaS platform with anticipated (inaudible) with our ad tech platform on the horizon.

總而言之，我們對各業務部門正在推動的正面趨勢持樂觀態度。我們的核心直播業務正處於發展軌跡中，並將持續穩定成長。我們預計直播將逐步保持成長動能。BIGO Ads 作為我們的第二個成長引擎，正迅速發展壯大，其成長動力來自流量、視網膜和垂直領域的擴張以及演算法優化。我們正在加強 Shopline 的產品能力和策略先進階段，使其成為一個完全整合的 SaaS 平台，預計（聽不清楚）我們的廣告技術平台也將在不久的將來推出。

As I mentioned earlier, we are just beginning to unlock the full strategic value of our integrated business ecosystem. We anticipate that 2026 will produce renewed progress and serve as a jumping off [platform] into our next phase of growth.

正如我之前提到的，我們才剛開始釋放我們一體化商業生態系統的全部策略價值。我們預計 2026 年將取得新的進展，並成為我們進入下一階段成長的跳板。

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

現在我將把電話交給財務副總裁劉先生，由他來介紹我們的財務最新情況。

Thanks, Ms. Li. Hello, everyone. In the third quarter of 2025, we recorded total net revenues of $540.2 million, securing a quarter-over-quarter growth of 6.4%. Our live streaming business delivered its second sequential recovery with its live streaming revenues increasing by 3.5% quarter over quarter.

謝謝李女士。大家好。2025 年第三季度，我們錄得淨收入總額 5.402 億美元，季增 6.4%。我們的直播業務實現了連續第二季復甦，直播收入較上季成長3.5%。

Our advertising business, in particular, BIGO Ads, has demonstrated accelerating growth. BIGO Ads revenues was up by 33.1% year-over-year and 19.7% quarter over quarter. Our non-GAAP EBITDA for the quarter was $50.6 million, up by 16.8% year over year and 4.9% quarter over quarter. Operating cash flow remained strong at $73.4 million in quarter three and we ended the quarter with $3.3 billion in net cash.

我們的廣告業務，特別是BIGO Ads，已經展現出加速成長的態勢。BIGO 廣告收入較去年同期成長 33.1%，較上季成長 19.7%。本季非GAAP EBITDA為5,060萬美元，年增16.8%，季增4.9%。第三季經營現金流保持強勁，達到 7,340 萬美元，季末淨現金為 33 億美元。

We accelerated share buyback during the quarter. In quarter three, we bought back $30.8 million worth of our shares. Between January 1 and November 14, we had bought back 1.7 million of our [ADI] for $88.6 million in 2025.

本季我們加快了股票回購步伐。第三季度，我們回購了價值 3,080 萬美元的股票。從 1 月 1 日到 11 月 14 日，我們已於 2025 年以 8,860 萬美元的價格回購了 170 萬股 [ADI]。

I will now dive deeper into our detailed financial performance. Looking at our live streaming business, our total live streaming revenue were $388.5 million for the third quarter. $367.7 million of which was from BIGO segment, both up quarter over quarter. Global MAU was $266.2 million during the quarter, up by 1.4% quarter over quarter, driven by a healthy growth of the user pool of our estate messenger.

接下來，我將深入分析我們詳細的財務表現。從我們的直播業務來看，第三季直播業務總收入為3.885億美元，其中BIGO板塊貢獻了3.677億美元，兩項數據均較上季成長。本季全球月活躍用戶數為 2.662 億美元，季增 1.4%，主要得益於我們房產資訊服務用戶群的健康成長。

Our ROI-oriented user acquisition continued AI driving optimization of our content quality and paying user experience has contributed to improved paid user sentiment. With BIGO's total paying user in-app increasing by 0.8% and 3.4% quarter over quarter. By region, group's total live streaming revenues from developed countries increased by 7.6% quarter over quarter, while live streaming revenues from Southeast Asia increased by 4.4% quarter over quarter.

我們以投資報酬率為導向的用戶獲取策略，以及人工智慧持續推動的內容品質和付費用戶體驗優化，都有助於提升付費用戶的滿意度。BIGO 的應用程式內付費用戶總數較上季成長 0.8%，較上季成長 3.4%。按地區劃分，該集團來自已開發國家的直播收入較上季成長7.6%，而來自東南亞的直播收入較上季成長4.4%。

Our total net -- non-live streaming revenues were $151.7 million during the third quarter, up by 27.3% year over year. Non-live streaming now contributes 28.1% of our total group revenues, up from only 21.3% contribution in the same period last year.

第三季度，我們的淨收入（非直播收入）為 1.517 億美元，年增 27.3%。非直播業務目前佔集團總營收的 28.1%，高於去年同期的 21.3%。

We are presenting advertising revenues as a separate line item in the financial statement in this quarter to help investors better understand the performance of our emerging business. BIGO's advertising revenues increased by 33.5% year over year and 19.7% quarter over quarter to $103.9 million. In particular, our third-party BIGO audience network delivered exceptional results, recorded mid-double-digit year over year and 25% sequential growth. We are making substantial progress on our front.

本季度，我們將廣告收入作為單獨的項目列入財務報表，以幫助投資者更了解我們新興業務的表現。BIGO 的廣告收入年增 33.5%，季增 19.7%，達到 1.039 億美元。尤其值得一提的是，我們的第三方 BIGO 受眾網絡取得了卓越的成果，同比增長兩位數，環比增長 25%。我們在前線取得了實質進展。

On the traffic front, SDK ad request was up by 228% year over year and 29% quarter on quarter in quarter three, leveraging multichannel and cross-industry user behavior and attrition data. We continued to train and optimize our algorithms to further improve our campaign performance, which drove advertiser spending.

在流量方面，第三季 SDK 廣告請求年增 228%，環比成長 29%，這得益於多通路和跨行業的用戶行為和流失數據。我們不斷訓練和優化演算法，以進一步提高廣告活動效果，從而推動廣告商支出。

In Q3, the number of key cohorts was up by 17% quarter on quarter, with total spending from key cohorts up by 30% quarter on quarter. BIGO Ads has certainly emerged as our second major growth engine, and it continued to make a positive contribution to our bottom line.

第三季度，重點客戶群數量較上季成長 17%，重點客戶群的總支出較上季成長 30%。BIGO Ads 無疑已成為我們的第二大成長引擎，並持續為我們的獲利做出積極貢獻。

Group's gross profit was $193.1 million in the quarter with a gross margin of 35.8%, up by 4.3% quarter over quarter. BIGO's gross margin was slightly down quarter over quarter due to a cyclical revenue mix. We saw an increased contribution from our low-margin network added revenues.

該集團本季毛利為 1.931 億美元，毛利率為 35.8%，季增 4.3%。由於週期性收入結構的影響，BIGO 的毛利率較上季略有下降。我們看到，來自低利潤網路的新增收入貢獻增加。

Our Other segment gross margin was up by 3 percentage points year over year to 42.6% due to growth in higher margin SaaS revenues. Our group's operating expenses for the quarter were $174.2 million compared with $192 million in the same period of 2024. For our sales and marketing expenses, we are consistently optimizing our user acquisition expenses to enhance ROI for our R&D and G&A expenses. We maintain prudent and disciplined in our total spending through enhanced resources selling and operational synergy across different business units, while strategically allocating incremental share of our R&D resources towards BIGO Ads.

由於高利潤率的 SaaS 營收成長，我們其他業務部門的毛利率年增 3 個百分點，達到 42.6%。本季我們集團的營運費用為 1.742 億美元，而 2024 年同期為 1.92 億美元。在銷售和行銷費用方面，我們不斷優化用戶獲取費用，以提高研發和一般管理費用的投資報酬率。我們透過加強資源銷售和不同業務部門之間的營運協同作用，在總支出方面保持謹慎和自律，同時策略性地將研發資源的增量份額分配給 BIGO Ads。

Our group's non-GAAP operating income for the quarter was $40.7 million, up by 16.6% year over year. Non-GAAP net income attributable to controlling interest of JOYY in the quarter was $72.4 million, up by 18.4% year over year. The group's non-GAAP net income margin was 13.4% in the quarter. For the third quarter of 2025, we booked net cash inflows from operating activities of $73.4 million. Our benefit remains healthy with a strong net cash position of $3.3 billion as of September 30, 2025.

本季集團非GAAP營業收入為4,070萬美元，較去年同期成長16.6%。本季歸屬於 JOYY 控股股東的非 GAAP 淨利潤為 7,240 萬美元，較去年同期成長 18.4%。該集團本季的非GAAP淨利潤率為13.4%。2025 年第三季度，我們確認經營活動產生的淨現金流入量為 7,340 萬美元。截至 2025 年 9 月 30 日，我們的淨現金部位強勁，達 33 億美元，財務狀況依然良好。

Shareholder return continues to be an important component of our capital allocation strategy. We have retained $147.9 million to our shareholders through dividends and repurchased $88.6 million worth of our shares during the year as of November 14, 2025. We believe we are still substantially undervalued, and we will remain firmly committed to actively utilize our outstanding share repurchase program.

股東回報仍然是我們資本配置策略的重要組成部分。截至 2025 年 11 月 14 日，我們透過分紅向股東保留了 1.479 億美元，並回購了價值 8,860 萬美元的股票。我們認為公司目前仍被嚴重低估，並將繼續堅定地積極利用我們卓越的股票回購計畫。

Turning now to our business outlook. At the group level, we expect our net revenues for the fourth quarter of 2025 to be between $563 million and $578 million. This implies a 2.5% to 5.2% year over year growth for the group's revenue in quarter four.

現在來談談我們的業務前景。集團層面，我們預計 2025 年第四季的淨收入將在 5.63 億美元至 5.78 億美元之間。這意味著該集團第四季的營收年增2.5%至5.2%。

As Ms. Li highlighted in her prepared remarks, we have now represented for growth, in particular, with advertising entering into the peak season of the year, we are expecting continued accelerating growth from BIGO Ads, with its total advertising revenue potentially delivering mid-double-digit year over year growth in the fourth quarter. Based on the trends we are seeing across our business, we have clear visibility for the group to year-over-year revenue growth in year 2026, and we are extremely excited about the tremendous synergy potential and powerful [margin] momentum that our business segments will deliver in the medium to long term.

正如李女士在事先準備好的發言稿中所強調的那樣，我們現在已經實現了增長，特別是隨著廣告進入一年中的旺季，我們預計BIGO廣告將繼續加速增長，其第四季度廣告總收入有望實現兩位數的同比增長。根據我們業務的趨勢，我們清楚地看到集團在 2026 年將逐年營收成長，我們對各業務部門在中長期內將帶來的巨大協同效應和強勁的利潤成長勢頭感到非常興奮。

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

我們的發言稿到此結束。接線員，我們現在開放問答環節。謝謝。

(Operator Instructions) Xueqing Zhang, CICC.

（操作說明）張雪晴，中金公司。

(spoken in foreign language) Congratulations on the strong quarter. My question is about the live streaming business. We have noticed the live streaming growth slightly quarter on quarter for two consecutive quarters. How should we think about the long-term trend of the live streaming business? Thank you.

（用外語說）恭喜貴公司本季業績優異。我的問題是關於直播行業的。我們注意到，直播業務已連續兩季較上季略有成長。我們該如何看待直播產業的長期發展趨勢？謝謝。

(spoken in foreign language)

（用外語說）

(interpreted) Thank you for your question. This is Li Ting. I will take your question.

（翻譯）謝謝你的提問。這是李婷。我會回答你的問題。

In the third quarter, our live streaming business continued its steady sequential recovery, supported by growth in both our paying users and ARPPU. Across regions, developed countries in Southeast Asia maintain resilient and continue the improving trend we've seen in the recent quarters. Over the past several quarters, we've been focusing and executing a series of structural enhancements across our ecosystem, including refining streamer incentive programs, strengthening a more diversified content supply and distribution and expanding the use of AI for content distribution and also paying experience optimization. And those have reinforced one another and also help live streaming back to healthier growth.

第三季度，在付費用戶和每用戶平均收入 (ARPPU) 成長的支持下，我們的直播業務持續穩定復甦。從各地區來看，東南亞已開發國家保持了韌性，並延續了近幾個季度以來的改善趨勢。在過去的幾個季度裡，我們一直致力於在整個生態系統中開展一系列結構性改進，包括完善串流媒體激勵計劃、加強內容供應和分發的多元化，以及擴大人工智慧在內容分發和付費體驗優化方面的應用。這些因素相互促進，也有助於直播產業恢復健康發展。

Looking ahead to 2026, we expect live streaming to return to year-over-year growth. First of all, the one-off operational adjustments that we made earlier this year are now largely behind us, and then we expect -- are now largely behind us. And going forward, we will continue to focus our resources on high-value paying users and developed countries while further enhancing refined operations globally through expanding higher-quality content supply, improving user segmentation and incentive existence while strengthening our global payment infrastructure. We expect these to improve our paying conversion and also ARPPU.

展望 2026 年，我們預計直播將恢復年成長。首先，我們今年稍早進行的一次性營運調整現在基本上已經完成，其次，我們預計——現在也基本上完成了。展望未來，我們將持續將資源集中投入高價值付費用戶和已開發國家，同時透過擴大更高品質的內容供應、改善用戶細分和激勵機制，以及加強全球支付基礎設施，進一步提升全球營運的精細化水準。我們預期這些措施能提高我們的付費轉換率和每位用戶平均收入 (ARPPU)。

Additionally, we will also expect some incremental revenue contribution from our new product initiatives in the Mid-East region in year 2026. With these drivers, we remain confident that live streaming is well positioned to resume steady year-over-year growth in the new year. Thank you.

此外，我們也預計在 2026 年，我們在中東地區的新產品計畫將帶來一些額外的收入貢獻。基於這些因素，我們仍然相信直播產業在新的一年裡能夠恢復穩定成長。謝謝。

Yuan Liao, CITIC.

袁廖，中信集團。

(spoken in foreign language) I'll translate myself. Thanks, management for taking my questions and congrats for the strong quarter results. My question is regarding your advertising business. Can management please share the long-term strategic goals for your advertising business and also your operation plans for 2026? Thank you.

（用外語說）我來翻譯。感謝管理層抽空回答我的問題，並祝賀公司取得了強勁的季度業績。我的問題是關於貴公司的廣告業務。管理階層能否分享一下貴公司廣告業務的長期策略目標以及2026年的營運計畫？謝謝。

(spoken in foreign language)

（用外語說）

(interpreted) Thank you, Yuan. This is Li Ting. I will take your question.

（翻譯）謝謝你，袁。這是李婷。我會回答你的問題。

We are transforming our high-growth ad tech business by establishing BIGO Ads as a global platform for performance-driven, multichannel advertising across different verticals. In terms of our channels, we expect to establish a multi-channel layout, enabling monetization for a wide range of suppliers, including web open networks, mobile app developers and others, thereby significantly expand our supply base.

我們正在透過將 BIGO Ads 打造成一個面向不同垂直領域的、以效果為導向的多通路廣告的全球平台，來轉型我們高速成長的廣告科技業務。在通路方面，我們希望建立多通路佈局，使包括網路開放平台、行動應用程式開發商等在內的眾多供應商能夠實現盈利，從而顯著擴大我們的供應基礎。

And in terms of industry vertical coverage, we expect our advertiser base to become much, much more diversified and cover a much broader range of advertiser types. For example, for In-app Advertising segment, we will continue to deepen penetration into casual games and tour and utility apps. And for the In-app Purchase segment, we expect to explore penetration into core vertical such as mid to hardcore games, content and social as well as e-commerce marketplace. And on web-based advertising, we will also expect to penetrate to verticals such as finance, direct-to-customer, e-commerce, et cetera.

在行業垂直覆蓋方面，我們預計我們的廣告客戶群將變得更加多元化，覆蓋更廣泛的廣告客戶類型。例如，在應用程式內廣告領域，我們將持續加深對休閒遊戲、旅遊和實用工具類應用的滲透。至於應用程式內購買領域，我們希望探索滲透到核心垂直領域，例如中硬核遊戲、內容和社交以及電子商務市場。在網路廣告方面，我們也希望能夠滲透到金融、直接面向消費者、電子商務等垂直領域。

So building on this foundation, as our advertising verticals become much, much more diversified and much more expanded advertiser coverage together with rising traffic and diversifying traffic channels, we will accumulate an increasing volume of data. And this will empower our full domain user profiling and consequently enable us to further optimize the performance and efficiency of our model. And geographically speaking, BIGO Ads will continue to have a global footprint, while our core regions will still be concentrated in developed countries such as North America and Europe. Globalization remains a clear path as we continue to expand our platform.

因此，在此基礎上，隨著我們的廣告垂直領域變得更加多元化，廣告商覆蓋範圍更加廣泛，流量不斷增長，流量管道也更加多樣化，我們將累積越來越多的數據。這將增強我們對整個領域的使用者畫像能力，從而使我們能夠進一步優化模型的性能和效率。從地理上看，BIGO Ads 將繼續保持全球佈局，而我們的核心區域仍將集中在北美和歐洲等已開發國家。隨著我們平台的不斷擴展，全球化仍然是一條清晰的發展道路。

And as for our specific plan for BIGO Ads for full-year 2026, we expect our growth drivers to come from the below four areas: first of all, continued expansion of our traffic; second, a strong growth in the number of IAA and web-based advertisers together with their advertiser spending and together with our expansion into new verticals; and thirdly, improvement of our advertising data infrastructure including continuously enhancing the feedback, strengthening our iOS ecosystem, which we believe will accelerate our model optimization and efficiency; and fourth, geographic market expansion and building on our solid results and foundation that we have achieved regarding these four aspects, that has already been achieved in the year 2025, we have a very, very strong confidence in the development. And we really look forward to what we can achieve in the year '26.

至於我們針對 BIGO Ads 2026 年全年的具體計劃，我們預計增長動力將來自以下四個方面：首先，流量持續增長；其次，IAA 和網絡廣告商數量及其廣告支出將強勁增長，同時我們也會拓展到新的垂直領域；第三，改進廣告數據基礎設施，包括不斷增強反饋機制，強化 iOS 生態系統，我們相信這將加速基於我們在 2025 年已在上述四個面向所取得的堅實成果和基礎，我們對未來的發展充滿信心。我們非常期待在 2026 年能有怎樣的成就。

Thomas Chong, Jefferies.

Thomas Chong，傑富瑞集團。

(spoken in foreign language) I will translate myself. Thanks, management for taking my question. My question is about the 2026 outlook. Can management comment about the user and the revenue trend. And on the cost side, can management comment about the expenses trend and profitability outlook. Thank you.

（用外語說）我會自己翻譯。謝謝管理層回答我的問題。我的問題是關於2026年的展望。管理階層能否就用戶和收入趨勢發表一下看法？成本方面，管理階層能否就費用趨勢和獲利前景發表一些看法？謝謝。

(spoken in foreign language)

（用外語說）

(intepreted) Thank you, Thomas. This is Li Ting. I will take your first question.

（翻譯）謝謝你，托馬斯。這是李婷。我先回答你的第一個問題。

Looking ahead to the year 2026, we're still in the process of finalizing detailed operational plan, and therefore, we will not provide a quantitative guidance at this stage. That said, based on the trends we are already observing across our major businesses, we have very clear visibility into the '26 for the group's return to positive year-over-year revenue growth, and we have very strong confidence in that.

展望 2026 年，我們仍在製定詳細的營運計劃，因此，現階段我們不會提供量化指導。也就是說，根據我們目前在各大業務領域觀察到的趨勢，我們對集團在 2026 年恢復同比增長的收入前景非常清晰，並且對此充滿信心。

First of all, on live streaming, as I mentioned earlier, the business has returned to relatively stable sequential growth trajectory following the adjustments that we made in the previous quarters. And we expect live streaming to resume steady year-over-year growth in the year '26.

首先，關於直播業務，正如我之前提到的，經過前幾季的調整，該業務已恢復到相對穩定的連續成長軌跡。我們預計直播將在 2026 年恢復穩定年成長。

And for -- secondly, for advertising and e-commerce SaaS, they have shown very strong momentum this year. BIGO Ads deliver approximately 30% year-over-year growth in the first three quarters of '25, and our e-commerce SaaS business also achieved double-digit growth. Looking into 2026, we expect both businesses to deliver very strong double-digit growth.

其次，在廣告和電子商務 SaaS 領域，它們今年展現了非常強勁的發展勢頭。BIGO 廣告業務在 2025 年前三個季度實現了約 30% 的同比增長，我們的電子商務 SaaS 業務也實現了兩位數的成長。展望 2026 年，我們預計這兩家企業都將實現非常強勁的兩位數成長。

And for advertising, we continue to see high visibility across traffic, expansion model, our model capabilities and our advertiser coverage and regional penetration. For SaaS, enhanced product capabilities and rapid growth in key markets, we will continue to contribute to top line expansion. Taken together as live streaming returns to year-over-year growth, while both advertising and SaaS maintaining strong performance, we believe that the group is entering into a new growth cycle, with our top line returning to positive stable year-over-year growth trajectory and broader long-term opportunities ahead.

在廣告方面，我們繼續看到流量、擴張模式、我們的模式能力、廣告商覆蓋範圍和區域滲透率都處於較高水平。對於 SaaS 業務，我們將繼續透過增強產品功能和在關鍵市場實現快速成長來推動營收成長。綜合來看，隨著直播業務恢復同比增長，廣告和 SaaS 業務也保持強勁表現，我們認為集團正在進入一個新的增長週期，營收將恢復到穩定的同比增長軌道，未來將迎來更廣泛的長期機遇。

Well, on the user front, we will continue to focus on traffic quality. In Q3, our overall MAU base is still around 78% came from our Instant Messenger product, which is highly sticky and purely organically acquired. And our Ion product has delivered sequential growth for the past three quarters when it comes to MAU. And we expect this steady momentum to continue.

在用戶方面，我們將繼續專注於流量品質。第三季度，我們的整體月活躍用戶數仍然有 78% 來自我們的即時通訊產品，該產品用戶黏性很高，並且完全是透過自然成長獲得的。在過去三個季度，我們的 Ion 產品在每月活躍用戶數方面實現了連續成長。我們預計這種穩定成長勢頭將會持續下去。

For our broader social entertainment portfolio -- product portfolio, we expect to remain ROI-oriented and focus on acquiring high-quality global users. Overall speaking, at group level, we expect our group MAU to remain broadly stable in the year 2026 with continued improvement in our user community, which we believe will provide a solid foundation for live streaming monetization and other monetization opportunities, particularly our first-party ads.

對於我們更廣泛的社交娛樂產品組合，我們希望繼續以投資回報率為導向，專注於獲得高品質的全球用戶。整體而言，從集團層面來看，我們預計到 2026 年，集團月活躍用戶數將保持大致穩定，用戶群也將持續改善，我們相信這將為直播變現和其他變現機會（特別是我們的第一方廣告）奠定堅實的基礎。

(spoken in foreign language)

（用外語說）

(interpreted) Thank you, Thomas. This is Alex. I will take your second question.

（翻譯）謝謝你，托馬斯。這是亞歷克斯。我來回答你的第二個問題。

First of all, let us recap our performance in the third quarter. We delivered on better-than-expected profits in this quarter with our non-GAAP operating profit, which $40.7 million, up by 16.6% year over year.

首先，讓我們回顧一下第三季的表現。本季我們的非GAAP營業利潤超出預期，達到4,070萬美元，較去年同期成長16.6%。

With our non-GAAP EBITDA increased by 16.8% year over year and 4.9% QoQ to $50.6 million. For BIGO segment, our non-GAAP gross profit margin was 35% in Q3, down slightly QoQ, mainly due to the change in our revenue mix as our rising third-party BIGO audio network has a dilution impact on our segment gross margin. This was partially offset by our ongoing content cost optimization and better efficiency in the live streaming -- in Bigo's live streaming. As a result, Bigo's non-GAAP operating margin remained stable at 14% in Q3.

我們的非GAAP EBITDA年增16.8%，季增4.9%，達到5,060萬美元。就 BIGO 業務部門而言，我們第三季的非 GAAP 毛利率為 35%，環比略有下降，這主要是由於我們收入結構的變化，因為我們不斷增長的第三方 BIGO 音訊網路對我們板塊的毛利率產生了稀釋影響。但這部分被我們持續的內容成本優化和直播效率的提高所抵消——在 Bigo 的直播中。因此，Bigo 第三季的非 GAAP 營業利潤率維持穩定在 14%。

Looking at all other segments, non-GAAP gross margin improved -- was improved from 40% to 42.9% year over year, driven by revenue growth and higher contribution from our higher-margin SaaS business. Its operating -- its non-GAAP operating loss continue to narrow further to $25.5 million, down from $38 million in Q3 last year, reflecting disciplined spending in our operating expenses.

從其他所有業務部門來看，非GAAP毛利率有所改善－年增42.9%，這主要得益於營收成長以及高利潤率的SaaS業務貢獻增加。其營運－其非GAAP營運虧損持續進一步收窄至2,550萬美元，低於去年第三季的3,800萬美元，這反映出我們在營運費用方面採取了嚴格的支出措施。

Looking into Q4, we expect the group's non-GAAP operating profit continues to improve QoQ, and this implies that for the full year of '25, our group's total non-GAAP operating profit will achieve a nearly double-digit year-over-year increase compared to the year '24. And turning to the year 2026, looking at the three driving components with live streaming returning to year-over-year growth, top line year-over-year growth and maintaining stable profitability and BIGO Ads continues to go up, contributing incremental profit and with e-commerce SaaS further narrowing its operating losses, we expect the group's total non-GAAP operating profit amount and non-GAAP EBITDA to continue the improving trends that we achieved this year and grow steadily in the year '26.

展望第四季度，我們預期集團的非GAAP營業利潤將持續較上季改善，這意味著2025年全年，集團的非GAAP營業利潤總額將比2024年實現近兩位數的年成長。展望 2026 年，考慮到三大驅動因素：直播業務恢復同比增長、營收同比增長並保持穩定的盈利能力，BIGO Ads 持續增長，貢獻增量利潤，以及電子商務 SaaS 業務進一步縮小營運虧損，我們預計集團的非 GAAP 營業利潤總額和非 GAAP EBITDA 將繼續保持今年取得的改善趨勢，並在今年 2026 年穩步增長。

Your next question comes from [Rafael Chan] from [Buchi Research].

你的下一個問題來自[Rafael Chan][布奇研究]。

(spoken in foreign language) Let me translate myself. Congrats on the third quarter. Just wondering could management share the latest store and the strategies of our shareholder return initiatives?

（用外語說）讓我自己翻譯一下。恭喜你們取得第三季佳績。請問管理階層能否分享一下最新的門市狀況以及我們股東回報計畫的策略？

(spoken in foreign language)

（用外語說）

(interpreted) Thank you, Rafael. This is Alex. I will take your question.

（翻譯）謝謝你，拉斐爾。這是亞歷克斯。我會回答你的問題。

Regarding capital return at the beginning of the year, we announced a three-year shareholder return program totaling $900 million for the year '25 to '27, and we are currently executing this plan steadily, and we are well on track to deliver the plan. As of November 14, we have already paid out a total of $148 million in dividends and repurchased $88.6 million worth of our shares with share buyback execution accelerating in the third quarter.

關於年初的資本回報，我們宣布了一項為期三年的股東回報計劃，總額為 9 億美元（2025 年至 2027 年），目前我們正在穩步執行該計劃，並且我們正按計劃順利完成。截至 11 月 14 日，我們已支付了總計 1.48 億美元的股息，並回購了價值 8,860 萬美元的股票，股票回購執行速度在第三季加快。

As Ms. Li just shared, we are entering into a new growth stage and the group's revenue will return to a growth trajectory, and we expect to open up much broader market opportunities while our share price is still at a relatively low level, we expect to actively accelerate our share buyback going forward. Looking ahead, as our operating profit continues to grow, we expect that shareholders can look forward to enhance returns over time.

正如李女士剛才所說，我們正在進入一個新的成長階段，集團收入將恢復成長軌道，我們預計將開拓更廣闊的市場機會。雖然我們的股價仍處於相對較低的水平，但我們預計將在未來積極加快股票回購。展望未來，隨著我們的營業利潤持續成長，我們預期股東可以期待隨著時間的推移獲得更高的回報。

So that was our last question. Thank you so much for joining our call, and we look forward to speaking with everyone next quarter. Thank you.

這是我們的最後一個問題。非常感謝各位參加我們的電話會議，我們期待下個季度與大家再次交流。謝謝。

Thank you. This conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝。本次會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。

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.

本記錄中標有（已翻譯）的部分是由現場通話中的翻譯人員翻譯的。本次活動的翻譯人員由活動贊助公司提供。