Q2 2025 JOYY Inc Earnings Call

August 27, 2025

Missy: Ladies and gentlemen, thank you for standing by. Welcome to the JOYY Inc.'s Q2 2025 Earnings Call. At this time, all participants are in a listen-only mode. After the management's prepared remarks, there will be a question-and-answer session. I'd 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.

Operator: Ladies and gentlemen, thank you for standing by. Welcome to the JOYY Inc.'s Q2 2025 Earnings Call. At this time, all participants are in a listen-only mode. After the management's prepared remarks, there will be a question-and-answer session. I'd 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.

Operator: Ladies and gentlemen, thank you for standing by and welcome to the JOYY Inc.'s second quarter 2025 earnings call. At this time, all participants are in a listen-only mode. After the management prepared remarks, there will be a question-and-answer session. I'll now like to turn the conference call over to your host for today, Ms. Jane Sciah, the company's senior manager of investor relations. Please go ahead, Jane.

Speaker #1: After the management's prepared remarks, there will be a question-and-answer session. I'll now turn the conference call over to your host for today, Ms. Jane C.A., the company's Senior Manager of Investor Relations.

Speaker #1: Please go ahead, Jane.

Speaker #2: Thank you, operator. Hello, everyone. Welcome to JOYY's second quarter 2025 earnings conference call. Joining us today are Ms. Ting Lee, Chairperson and CEO of JOYY, and Mr. Alex Liao, Vice President of Finance.

Jane Xie: Thank you, operator. Hello, everyone. Welcome to JOYY's Q2 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 webcasts 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. 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.

Jane Xie: Thank you, operator. Hello, everyone. Welcome to JOYY's 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. 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 webcasts 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. Before we continue, I would like to remind you that we may make forward-looking statements, which are inherently subject to risk uncertainties that may cause actual results to differ from our current expectations. For detailed discussions of the risk uncertainties, please refer to our latest annual report on Form 20F and other documents filed with the SEC. We will also discuss certain non-GAAP financial measures.

Speaker #2: 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.

Speaker #2: A replay of this call will also be available on our website in a few hours. 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.

Speaker #2: 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.

Speaker #2: 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.

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

Jane Xie: 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 preferred 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 mentioned during this conference call are in US dollars. I will now turn the call over to our chairperson and CEO, Ms. Ting Li. Please go ahead, Ms. Li.

Speaker #2: The non-GAAP financial measures provided above should not be considered a substitute for, or superior to, the measures of financial performance preferred in accordance with GAAP.

Speaker #2: You may find the reconciliation of the differences between GAAP and non-GAAP financial measures in our earnings release. Finally, please note that unless otherwise stated, all figures measured during this conference call are in U.S. dollars.

Speaker #2: I will now turn the call over to our Chairperson and CEO, Ms. Ting Lee. Please go ahead, Ms. Lee.

Speaker #3: Hello, everyone. I'm Lee Ting. 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.

Ting Li: Hello, everyone. I'm Li Ting. Thank you for joining us today. This call marks my fourth anniversary as CEO, and I'm excited to share some of our latest progress with you. We've stabilized our live streaming business while driving robust growth in our non-live streaming businesses, particularly our Ad Tech business. We continue our transformation into a global tech company powered by multiple growth engines. 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. Starting with our Q2 results. We delivered a solid performance as our live streaming business reached a stable footing, while our advertising business achieved robust and accelerated growth.

Ting Li: Hello, everyone. I'm Li Ting. Thank you for joining us today. This call marks my fourth anniversary as CEO, and I'm excited to share some of our latest progress with you. We've stabilized our live streaming business while driving robust growth in our non-live streaming businesses, particularly our ad tech business. We continue our transformation into a global tech company powered by multiple growth engines. Today, I will first briefly summarize our Q2 results, followed by a full 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. Starting with our Q2 results, we delivered a solid performance as our live streaming business reached a stable footing, while our advertising business achieved robust and accelerated growth. We recorded total revenue of 508 million, representing 2.7% Q2 growth.

Speaker #3: We've stabilized our live streaming business while driving robust growth in our non-live streaming businesses, particularly our ad tech business. We continue our transformation into a global tech company powered by multiple growth engines.

Speaker #3: 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.

Speaker #3: Finally, I will share detailed updates on each of our business units. Starting with our Q2 results, we delivered a solid performance as our live streaming business reached a stable 14.

Speaker #3: While our advertising business achieved robust and accelerated growth, we recorded total revenue of $580 million, representing 2.7% Q2 growth. Our non-GAAP operating profit reached $38 million, with year-on-year growth of 27.9%.

Ting Li: We recorded total revenue of $508 million, representing 2.7% QOQ growth. Our non-GAAP operating profit reached $38 million, with year-over-year growth of 27.9%. Non-GAAP EBITDA reached $48 million, growing 25.7% year-over-year. To break this down, live streaming revenue grew 1.1% QoQ, while non-live streaming revenue achieved 25.6% year-over-year growth, contributing 26.1% of total revenues. Meanwhile, our operating cash flow reached $58 million. As of 30 June, we maintained $3.3 billion in net cash on our balance sheet, a sign of our strong financial resilience. 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 operations, sustainable growth, AI-driven innovation, and organizational vitality. First, high quality operations.

Ting Li: Our non-GAAP operating profit reached 38 million, with year-to-year growth of 27.9%. Non-GAAP EBITDA reached 48 million, growing 25.7% year-to-year. To break this down, live streaming revenue grew 1.1% Q2, while non-live streaming revenue achieved 25.6% year-to-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. 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 operations, sustainable growth, AI-driven innovation, and organizational vitality. First, high-quality operations. Temporary APP removals in late 2024 prompted us to take decisive actions to further enhance our community's safety, infrastructure, and proactively strengthen our business ecosystem.

Speaker #3: Non-GAAP EBITDA reached $48 million, growing 25.7% year-on-year. To break this down, live streaming revenue grew 1.1% in Q2, while non-live streaming revenue achieved 25.6% year-on-year growth.

Speaker #3: 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.

Speaker #3: Next, I want to highlight the four key words that have driven our progress in the past year and will continue to guide our growth.

Speaker #3: High-quality operations, sustainable growth, AI-driven innovation, and organizational vitality. However, high-quality operations, temporary app removals, and late 2024 prompted us to take decisive actions to further enhance our community safety and infrastructure and proactively strengthen our business ecosystem.

Ting Li: Temporary app removals in late 2024 prompted us to take decisive actions to further enhance our community safety infrastructure and proactively strengthen our business ecosystem. By turning advertising into community opportunity, we have emerged more resilient and better positioned for the future. We are committed to continuous improvement as a cornerstone of our competitive advantage, building a robust business that delivers long-term value while pursuing our vision of creating a great enterprise. Next, sustainable growth. Our strong operational foundation has allowed us to cultivate our huge growth engine and achieve sustainable growth. Building on a diverse product portfolio, localized operations, and enhanced global market penetration. Our live streaming operations continues to generate reliable profits and cash flows.

Speaker #3: By turning advertising, community, and opportunity, we have immersed ourselves more deeply and become better positioned for the future. We are committed to continuous improvement as a cornerstone of our competitive advantage.

Ting Li: By turning adversity into community opportunity, we have emerged more resilient and better positioned for the future. We are committed to continuous improvement as a cornerstone of our competitive advantage, building a robust business that delivers long-term value while pursuing our vision of creating a great enterprise. Next, sustainable growth. Our strong operational foundation has allowed us to cultivate our huge growth engine and achieve sustainable growth, building on a diverse product portfolio, localized operations, and enhanced global market penetration. Our live streaming operations continue to generate reliable profits and cash flows, leveraging our operational strength and technological expertise accumulated in the 2C sector. We accelerated our expansion into the 2B sector, and we have seen huge progress in our BIGO Ads business in the past year. Thirdly, AI-driven innovation. We believe that AI holds tremendous potential to empower our business.

Speaker #3: Building a robust business that delivers long-term value while pursuing our vision of creating a great enterprise. Next, sustainable growth: our strong operational foundation has allowed us to cultivate our huge growth engine and achieve sustainable growth.

Speaker #3: Building on a diverse product portfolio, localized operations, and enhanced global market penetration, our live streaming operations continue to generate reliable profits and cash flows.

Speaker #3: Leveraging our operational strengths and technological expertise, our community in the 2C sector, we accelerated our expansion into the 2B sector, and we have seen huge progress in our ad tech business in the past year.

Ting Li: Leveraging our operational strength and technology expertise accumulated in the B2C sector, we accelerated our expansion into the B2B sector. We have seen huge progress in our Ad Tech business in the past year. 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 live streaming, our AI usage is all about boosting user engagement. Early this year, for instance, we launched multilingual real-time voice recognition and translation function for our products. This enables users across languages to interact in real time, strengthening relationship between people from vastly different backgrounds and driving monetization. We have merged large language models with multimodal content understanding to create dynamic topic summaries and interactive comments that deepen the user-streamer connection. Our use of AIGC has transformed how we produce virtual items and emojis.

Speaker #3: 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 algorithms.

Ting Li: Today, we are applying AI extensively in our recommendation systems and advertising algorithm. In live streaming, our AI usage is all about boosting user engagement. Early this year, for instance, we launched multilingual real-time voice recognition and translation function for our products. This enables users across languages to interact in real time, strengthening relationships between people from vastly different backgrounds and driving monetization. We emerged large language models with multimodal content, understanding to create dynamic topic summaries and interactive comments that deepen the user-streamer connection. Our use of AIGC has transformed how we produce virtual items and emojis. We are able to create personalized, localized items in a much shorter time span. In advertising, we leverage AI to deeply analyze and dynamically model user intentions, interests, and behavioral patterns. This allows us to precisely perform mid to long-tail traffic segments, greatly enhancing packaging accuracy, especially in cold start scenarios.

Speaker #3: In live streaming, our AI usage is all about boosting user engagement. Early this year, for instance, we launched a multilingual real-time voice recognition and translation function for our products.

Speaker #3: This enables users across languages to interact in real time, strengthening relationships between people from vastly different backgrounds and driving monetization. We have merged large language models with multimodal content understanding to create dynamic topic summaries and interactive comments that deepen the user-streamer connection.

Speaker #3: Our use of AIGC has transformed how we produce virtual items and emojis. We are able to create personalized, localized items in a much shorter time span.

Ting Li: We are able to create personalized, localized items in a much short time span. In advertising, we leverage AI to deeply analyze and dynamically model user intentions, interests, and behavioral patterns. This allow us to precisely profile mid to long tail traffic segments, greatly enhancing targeting accuracy, especially in cold start scenarios. AI powers our entire advertising value chain from user profiling and targeting to generative ad creation, real-time bidding, and dynamic budget allocation. Our automated data-driven decision making is constantly improving, driving higher conversion rates, better third-party developer monetization, and fueling BIGO APP expansion across more verticals. Lastly, organizational vitality. After 20 years of building milestone successes, we are channeling our entrepreneurial drive into enhancing organizational execution and efficiency. By modernizing our foundational R&D and operational processes, we are building agile, scalable capabilities and empower us to replicate past wins across emerging products and businesses.

Speaker #3: In advertising, we leverage AI to display, analyze, and model user intentions, interests, and behavioral patterns. This allows us to precisely profile the mid- to long-tail traffic segments, greatly enhancing targeting accuracy, especially in cold start scenarios.

Speaker #3: AI powers our entire advertising value chain, from user profiling and targeting to generative ad creation, real-time building, and dynamic budget allocation. Our automated, data-driven decision-making is condensed, improving.

Ting Li: AI powers our entire advertising value chain from user profiling and targeting to generative ad creation, real-time bidding, and dynamic budget allocation. Our automated data-driven decision-making is constantly improving, driving higher conversion rates, better third-party developer monetization, and fueling BIGO Ads expansion across more verticals. Lastly, organizational vitality. After 20 years of building milestone successes, we are channeling our entrepreneurial drive into enhancing organizational execution and efficiency. By modernizing our foundational R&D and operational processes, we are building agile, scalable capabilities and empower us to replicate past wins across emerging products and businesses. We are also prioritizing the creation of the employer's workplace for our global talents. Above all, our people are the cornerstone of our ability to achieve our strategic ambitions. Next, let me share with you the latest updates for the respective businesses.

Speaker #3: Driving higher conversion rates, leveraging third-party developers for monetization, and fueling bigger ad expansion across more verticals. Lastly, organizational vitality; after 20 years of building milestone successes, we are channeling our entrepreneurial drive into enhancing organizational execution and efficiency.

Speaker #3: By modeling our foundational R&D and operational processes, we are building agile, scalable capabilities that empower us to replicate past wins across emerging products and businesses.

Speaker #3: We are also prioritizing the creation of the employee workplace for our global talents. Above all, our people are the cornerstone of our ability to achieve our strategic ambitions.

Ting Li: We are also prioritizing the creation of the empowering workplace for our global talents. Above all, our people are the cornerstone of our ability to achieve our strategic ambitions. Next, let me share with you the latest updates for the respective businesses. In Q2, our group's live streaming revenue reached $375 million, with BIGO Live streaming revenue at $355 million, both stabilizing QOQ. During Q2, our global average mobile MAUs grew sequentially to 263 million. We continued to refine our user acquisition with ROI-driven approach. As a result, BIGO Live user numbers grew 2.3% QOQ, while 30 days ROI from new devices improved 4.4% sequentially. Our organic user growth was also strong, driven by improving user experience.

Speaker #3: Next, let me share with you the latest update for the respective businesses. In the second quarter, our group's live streaming revenue reached $375 million.

Ting Li: In the second quarter, our group's live streaming revenue reached 375 million, with bigger live streaming revenue at 355 million, both stabilizing Q2. During the quarter, our global average mobile MAOs grew sequentially to 253 million. We continued to refine our user acquisition with our AI-driven approach. As a result, bigger live user numbers grew 2.3.2Q, while 30-day AI from new devices improved 4.4% sequentially. Our organic user growth was also strong, driven by improving user experience. Today, the majority of our total global MAOs are from our AI product. High-frequency usage and strong user stickiness, fueled by enhanced features such as HD audio/video calling and rich media messaging, have been pivotal to end organic expansion. In the second quarter, the MAOs of our AI increased by 3 million, with the average daily user time spiked up 12.8% year-to-year.

Speaker #3: With bigger live streaming revenue at $350 million, both stabilizing in Q2, our global average mobile MAUs grew sequentially to $263 million during the quarter. We continue to refine our user acquisition with our AI-driven approach.

Speaker #3: As a result, bigger live user numbers grew 2.3% in Q2, while 30-day AI from new devices improved 4.4% sequentially. Our organic user growth was also strong.

Speaker #3: Driven by improving user experience, today, the majority of our total global MAOs are from our IAM products. High-frequency usage and strong user stickiness, fueled by enhanced filters such as H2 audio video calling and rich media messaging, have been pivotal to our organic expansion.

Ting Li: Today, majority of our total global MAUs are from our IM product. High-frequency usage and strong user stickiness fueled by enhanced features such as HD audio/video calling and rich media messaging, have been pivotal to IM's organic expansion. In Q2, the MAUs of our IM increased by 3 million, with average daily user time spent up 12.8% year-over-year. We are building our long-term strategy on the foundation of high quality global traffic that drives sustained monetization across live streaming, advertising, and potentially others. As we prioritize quality over volume, we will continue to closely monitor the effectiveness of our user acquisition through ROI and our long-term user stickiness. We enhanced content quality and refined the paying user experience during Q2, which drove higher user engagement and conversion efficiency.

Speaker #3: In the second quarter, the MAUs of our IAM increased by 3 million, with the average daily user time spent up 12.8% year-on-year. We are building our long-term strategy on the foundation of high-quality global traffic that drives sustained monetization across live streaming advertising and potentially others.

Ting Li: We are building our long-term strategy on the foundation of high-quality global traffic that drives sustained monetization across live streaming, advertising, and potentially others. As we prioritize quality over volume, we will continue to closely monitor the effectiveness of our user acquisition through AI and our long-term user stickiness. We enhanced content quality and refined the paying user experience during the second quarter, which drove higher user engagement and conversion efficiency. Specifically, we optimized the bigger live cross-regional content distribution algorithm and real-time AI translation. These changes significantly drove continued growth in cross-regional tapping, particularly in Europe and the Americas. We launched the Streamer Academy, which provides tiered training, enhanced live streaming tools, and operational support to help streamers improve quality and reach. This fueled a 1.6% Q2 increase in active streamers on bigger live.

Speaker #3: As we prioritize quality over volume, we will continue to closely monitor the effectiveness of our user acquisition through our AI and our long-term user sickness.

Speaker #3: We enhanced content quality and refined the paying user experience during the second quarter. We drove higher user engagement and conversion efficiency. Specifically, we optimized the bigger live cross-regional content distribution algorithm and real-time AI translation.

Ting Li: Specifically, we optimized the Bigo Live cross-regional content distribution algorithm and real-time AI translation. These changes significantly drove continued growth in cross-regional tipping, particularly in Europe and the Americas. We launched the Streamer Academy, which provide tiered training, enhanced live streaming tools, and operational support to help streamers improve quality and reach. This fueled a 1.6% QOQ increase in active streamers on Bigo Live. We also revamped Bigo Live premier paying user benefit system during the quarter, introducing refined tiered incentives and exclusive privileges. This drove a 13% QOQ increase in premier paying users. As a result, BIGO's overall live streaming paying users grew 3.7% QOQ. Looking at our performance by region. In Q2, our live streaming revenue in developed countries returned to positive QOQ growth.

Speaker #3: These changes significantly drove continued growth in cross-regional tapping, particularly in Europe and the Americas. We launched the Streamer Academy, which provides tiered training and enhanced live streaming tools.

Speaker #3: And operational support to help streamers improve quality and reach. This fueled a 1.6% Q2 increase in active streamers on Bigger Live. We also revamped the Bigger Live premium paying user benefits system during the quarter.

Ting Li: We also revamped bigger live premium paying user benefits system during the quarter, introducing refined tiered incentives and exclusive privileges. This drove a 13% Q2 increase in premium paying users. As a result, bigger overall live streaming paying users grew 3.7% Q2. Looking at our performance by rating, in the second quarter, our live streaming revenue in development countries returned to positive Q2 growth. In particular, bigger live revenue in Europe drove 6.5% Q2, marking a first significant rebound in the region since we implemented a series of content strategy optimizations in the second half of last year. Our live streaming revenue in Southeast Asia was also up Q2, with bigger live revenue in these markets rising 3.9%.

Speaker #3: Introducing refined tiered incentives and exclusive privileges drove a 13% increase in premium paying users for Q2. As a result, the overall number of live streaming paying users grew by 3.7% in Q2.

Speaker #3: Looking at our performance by rating, in the second quarter, our live streaming revenue and development countries returned to positive Q2 growth. In particular, bigger live revenues in Europe rose 6.5% in Q2.

Ting Li: In particular, Bigo Live revenue in Europe rose 6.5% QOQ, marking the first significant rebound in the region since we implemented a series of content strategy optimizations in the second half of last year. Our live streaming revenue in Southeast Asia was also up QOQ, with Bigo Live revenue in this market rising 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, LightOn, in the Middle East. We are confident that our live streaming business will regain momentum and continue to deliver sustainable cash flow. In Q2, BIGO Ads achieved $87 million in ad revenue, representing a quarter-over-quarter 29% year-over-year growth and a 9% QOQ growth.

Speaker #3: Marking the fourth significant rebound in the rating since we implemented a series of content strategy optimizations in the second half of last year. Our live streaming revenue in Southeast Asia was also up in Q2.

Speaker #3: With bigger live revenue in these markets, rising 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 lineup in the Middle East.

Ting Li: 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 Lion in the Middle East. We are confident that our live streaming business will regain momentum and continue to deliver sustainable cash flow. In the second quarter, bigger AIs achieved 87 million in ad revenue, representing approximately 29% year-to-year growth and 9% Q2 growth. In particular, revenues from our ad network recorded mid double-digit year-to-year growth. Last quarter, I outlined our strategic rationale for entering into the ad tech business and how we can utilize our inherent advantages to build a sustainable competitive edge. Today, I want to focus on where we stand in this trillion-dollar market and the bigger AI strategic positioning for long-term growth. We are building significant scale on the traffic side.

Speaker #3: We are confident that our live streaming business will regain momentum and continue to deliver sustainable cash flow. In the second quarter, bigger ads achieved $87 million in ad revenue, representing a cosmetic 29% year-on-year growth and 9% growth compared to Q2.

Speaker #3: In particular, revenues from our ad network recorded mid double-digit year-on-year growth. Last quarter, I outlined our strategic rationale for entering into the ad tech business and how we can utilize our inherent advantages to build a sustainable competitive edge.

Ting Li: In particular, revenues from our ad network recorded mid-double digit year-over-year growth. Last quarter, I outlined our strategic rationale for entering into the Ad Tech business and how we can utilize our inherent advantages to build a sustainable competitive edge. Today, I want to focus on where we stand in this trillion-dollar market and the BIGO Ads strategic positioning for long-term growth. We are building significant scale on the traffic side. Our reach spans roughly 263 million users through our own social apps. We extend this reach substantially by seamlessly integrating developer traffic across major channels. Our first party traffic monetization remains stable. We believe steady first party ads revenue with strong profitability. We expect to maintain growth through improved user engagement and ad fill rates.

Speaker #3: Today, I want to focus on where we stand in this trillion-dollar market and the bigger ad strategic positioning for long-term growth. We are building significant scale on the traffic side.

Speaker #3: Our rate stands roughly $263 million, with users coming through our own social app. We extend this reach sustainably by seamlessly integrating developer traffic across major channels.

Ting Li: Our reach spans roughly 263 million users through our own social apps, and we extend this reach substantially by seamlessly integrating the vertical traffic across major channels. Our first-party traffic monetization remains stable. We believed that the first-party AI revenue with strong profitability, and we expect to maintain growth through improved user engagement and ads view rates. In the meantime, we have significantly scaled our third-party network traffic through successful integrations with uploading maps and unity-level play mediation platforms. Growing developer SDK adoption has driven nearly 80% traffic growth versus the second half of 2024, while new integrations with multi-channel platforms further expanded our traffic reach, including CTV. Meanwhile, we saw robust growth across AAP, AIA, and web-based channels, with daily transaction volumes reaching recorded levels. We based lead generation, continued to post double-digit gains, powered by pixel features, optimization, enriched customer data feedback, and improved building strategies.

Speaker #3: Our first-party traffic monetization remains stable. We believe in steady first-party ad revenue with strong positivity, and we expect to maintain growth through improved user engagement and ad fill rates.

Speaker #3: In the meantime, we have significantly scaled our third-party network traffic through successful integrations with uploading max and Unity level play mediation platforms. Growing developer SDK adoption has driven nearly 80% traffic growth versus the second half of 2024.

Ting Li: In the meanwhile, meantime, we have significantly scaled our third-party network traffic through successful integrations with AppLovin MAX and Unity LevelPlay mediation platforms. Growing developer SDK adoption has driven nearly 80% traffic growth versus 2024, where new integrations with multi-channel platform for the expanded our traffic reach, including CTV. Meanwhile, we saw robust growth across IAP, IAA, and web-based channels, with daily transaction volumes reaching recorded levels. Web-based lead generation continued to post double-digit gains, powered by pixel features, optimization, engaged customer data feedback, and improved bidding strategies. In IAA, we expanded partnerships with top gaming campaigns, with firms including Tripledot, PeopleFun, and BIGO expanding their campaigns on BIGO Ads, which contributed to faster sequential growth. Geographically speaking, we are seeing strong performance in multiple regions. In the first half of 2025, North America delivered approximately 24.2% sequential growth.

Speaker #3: While new integrations with multi-channel platforms are expanding our traffic reach, including CTV, we saw robust growth across IAP, IAA, and web-based channels.

Speaker #3: With daily transaction volume reaching record levels, we based lead generation continued to post double-digit gains, powered by pixel features optimization. We reached customer data feedback and improved building strategies.

Speaker #3: In IAA, we expanded partnerships with top gaming campaigns with firms including Triple Dot, PeopleFun, and Fugo, expanding their campaigns on bigger ads, which contributed to fast sequential growth.

Ting Li: In AIA, we expanded partnerships with top gaming campaigns, with forms including Triple Dot, PeopleFun, and Fugo, expanding their campaigns on bigger AI, which contributed to faster sequential growth. Graphically speaking, we are seeing strong performance in multiple regions. 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 Q2. Finally, our proprietary user data assets, enhanced by customer feedback and multi-channel attribution, continuously improved our profiling and packaging precision. Deep synergies across our business segments, including accumulated vertical insights, data assets, established algorithm capabilities, and relevant experiences in cold start scenarios, have given us a head start in developing specialized models tailored to each vertical. Additionally, our global network infrastructure and tech capabilities originally built for our live streaming businesses offer significant cost advantages.

Speaker #3: Graphically speaking, we are seeing strong performance in multiple regions. In the fourth quarter of 2025, North America delivered approximately 24.2% sequential growth, while in Europe, where we kicked off our expansion during the second quarter, revenue grew by a high single-digit percentage in Q2.

Ting Li: In Europe, where we kicked off our expansion during the Q2, revenue grew by a high single-digit percentage QOQ. Finally, our proprietary user data asset, enhanced by customer feedback and multi-channel attribution, continuously improves our profiling and targeting precision. Deep synergies across our business segments, including accumulated vertical insights, data assets, established algorithm capabilities, and relevant experiences in cold start scenarios, have given us a head start in developing specialized models tailored to each vertical. Additional, our global network infrastructure and tech capabilities originally built for our live streaming businesses offer significant cost advantages. In summary, our 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, rising advertiser demand across channels and verticals, and quickly evolving algorithms supported by our global tech and network infrastructure, fostering a self-reinforcing strategic flywheel.

Speaker #3: Finally, our preparatory user data asset enhanced by customer feedback and multi-channel attribution continuously improved our profiling and targeting position. Deep signatures across our business segments included accommodated vertical insights, data assets, established algorithm capabilities, and relevant experiences in cold start scenarios.

Speaker #3: We have been given a head start in developing specialized models tailored to each vertical. Additionally, our global network infrastructure and tech capabilities are built for our live streaming businesses.

Speaker #3: Our significant cost advantages. In summary, our advertising business has delivered consistent sequential growth and profitability for multiple consecutive quarters. This success stems from a number of key strengths including the expansion of our traffic, rising advertisers, and demand across channels and verticals.

Ting Li: In summary, our advertising business has delivered consistent sequential growth and profitability for multiple consecutive quarters. This success stems from the number of key strengths, including expansion of our traffic, rising advertiser demand across channels and verticals, and quickly evolving algorithms supported by our global tech and network infrastructure, fostering a self-reinforcing strategic flywheel. Bigger AI 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 JOYY's ecosystem and deep insights into e-commerce and social media verticals. We are accelerating the training and optimization of AI-driven models to establish a distinct competitive advantage. On our product front, we are enriching our ad formats, strengthening integration with attribution platforms, enhancing advertisers, data feedback, and advancing algorithms to maximize packaging precision and drive long-term ROI.

Speaker #3: And quickly evolving algorithms supported by our global tech and network infrastructure, fostering a self-reporting strategic flywheel. Bigger ads have emerged as our second major growth engine.

Ting Li: BIGO 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 JOYY's ecosystem and deep insights into e-commerce and social media verticals. We are accelerating the training and optimization of AI-driven models to establish a distinct competitive advantage. On our product front, we are enriching our ad formats, strengthening integration with attribution platforms, enhancing advertisers data feedback, and advancing algorithms to maximize targeting precision and drive long-term ROI. BIGO structural advantages, combined with our proven execution capabilities and the vast market opportunity ahead, reinforce our commitment to building a meaningful and lasting presence in the Ad Tech industry. We are determined to execute on our strategic plan and retain full confidence in our team and ability to drive long-term success. Finally, let's turn to capital allocation.

Speaker #3: Representing a strategic long-term priority for the group, we are pursuing expansion in North America, Japan, and Europe, unlocking substantial new opportunities. We are leveraging JOYY's ecosystem and deep insights into e-commerce and social media verticals.

Speaker #3: We are accelerating the training and optimization of AI-driven models to establish a distinct competitive advantage. On our product front, we are enriching our ad formats.

Speaker #3: Strengthening and calibrating with attribution platforms. Enhancing advertisers' data feedback and advancing algorithms to maximize targeting precision and drive long-term ROI. Bigger ad structural advantages combined with our proven execution.

Ting Li: Bigger AI's structural advantages, combined with our proven execution capabilities and the vast market opportunity ahead, reinforce our commitment to building a meaningful and lasting presence in the ad tech industry. We are determined to execute on our strategic plan and retain full confidence in our team and ability to drive long-term success. 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 potentially expand headquarters and marketing resources to support our ad tech business while maintaining healthy profit margins. In the medium to long term, once our non-live streaming businesses reach a certain scale, investments, infrastructure upgrades, tech development, talent expansion, and marketing efforts are all potentially high-return capital allocation options.

Speaker #3: Capabilities and advanced market opportunities lie ahead. We 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 restore full confidence in our team and our ability to drive long-term success.

Speaker #3: 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 potentially expand headquarters and marketing resources to support our ad tech business while maintaining healthy profit margins.

Ting Li: 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 margins. In the mid-year to long term, once our non-live streaming businesses reach a certain scale, investments in infrastructure upgrades, tech development, talent expansion, and marketing efforts are all potentially high return capital allocation options. From 1 January through 30 June, we have distributed $135 million to our shareholders through dividends and share buybacks. We view our shares as substantially undervalued and remain committed to actively utilize buybacks under the previous approached program.

Speaker #3: In the medium to long term, once our non-live streaming businesses reach a certain scale, investments in infrastructure upgrades, tech development, talent expansion, and marketing efforts are all potentially high-return capital allocation options.

Speaker #3: From January 1 through June 30, we have distributed $135 million to our shareholders through dividends and share buybacks. We view our share as substantially undervalued and remain committed to actively utilizing buybacks.

Ting Li: From January 1 through June 30, we have distributed 135 million to our shareholders through dividends and share buybacks. We view our share as substantially undervalued and remain committed to actively utilize buybacks under the previous approached program. Looking forward with our live streaming 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 long-term profitable growth. In closing, our core live streaming business has stabilized in Q2, positioning us for sustained growth. Our ad tech platform is rapidly scaling as our second growth engine, and we are building our long-term capabilities, particularly in our data and operations, and establishing our differential competitive advantages across markets and verticals. We look forward to sharing ongoing positive developments in the coming quarters. I will now turn the call over to Mr.

Speaker #3: On the previous approach, our program is looking forward with our live streaming business, stabilizing and the rising revenue and profit from advertising and other emerging businesses.

Ting Li: Looking forward, with our live streaming 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 long-term profitable growth. In closing, our core live streaming business has stabilized in Q2, positioning us for sustained growth. Our Ad Tech platform is rapidly scaling as our second growth engine, and we are building our long-term capabilities, particularly in our data and algorithms, and establishing our differential competitive advantages across markets and verticals. We look forward to sharing ongoing positive developments in the coming quarters. I will now turn the call over to Mr. S. Liu, the Vice President of Finance, to provide our financial update.

Ting Li: Looking forward, with our live streaming 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 long-term profitable growth. In closing, our core live streaming business has stabilized in Q2, positioning us for sustained growth. Our Ad Tech platform is rapidly scaling as our second growth engine, and we are building our long-term capabilities, particularly in our data and algorithms, and establishing our differential competitive advantages across markets and verticals. We look forward to sharing ongoing positive developments in the coming quarters. I will now turn the call over to Mr. Alex Liu, the Vice President of Finance, to provide our financial update.

Speaker #3: We expect the company's consolidated operating profit to continue to improve, and our shareholders to benefit from long-term profitable growth. In closing, our core live streaming business has stabilized in Q2.

Speaker #3: Positioning us for sustained growth. Our ad tech platform is rapidly scaling as our second growth engine. We are building our long-term capabilities, particularly in our data and algorithms, and establishing our differential competitive advantages across markets and verticals.

Speaker #3: We look forward to sharing ongoing positive developments in the coming quarters. I will now turn the call over to Mr. Attlee, the Vice President of Finance.

Ting Li: X. Liu, the vice president of finance, to provide our financial updates.

Speaker #3: To provide our financial updates.

Speaker #4: Thanks, Ms. Lee. 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 revenues of $57.8 million.

Alex Liu: Thanks, Missy. Hello, everyone. I will now dive deeper into our financial performance for Q2. In Q2 2025, we recorded total net revenues of $507.8 million, securing a quarter-over-quarter growth of 2.7%. This was achieved as our live streaming reached a stable footing and delivered our first sequential recovery in the past several quarters. Our non-live streaming business, particularly advertising business, sustained strong growth momentum in the past consecutive quarters. We expect our live streaming business to gradually re-regain momentum and our non-live streaming 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 Q2 was $48.2 million, up by 25.7% year-over-year.

Brian Gong: Thanks, Misty. 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 revenues of 507.8 million, securing a quarter-over-quarter growth of 2.7%. This was achieved as our live streaming reached a stable footing and delivered our first sequential recovery in the past several quarters. Our non-live streaming business, particularly the advertising business, sustained strong growth momentum in the past consecutive quarters. We expect our live streaming business to gradually regain momentum and our non-live streaming revenues to continue to deliver impressive growth in the following quarters. Our non-GAAP operating income was 28.3 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.

Speaker #4: Securing a quarter-over-quarter growth of 2.7%. This was achieved as our live streaming reached a stable 14 and delivered our first sequential recovery in the past several quarters.

Speaker #4: Our non-live streaming business, particularly the advertising business, sustained strong growth momentum in the past consecutive quarters. We expect our live streaming business to gradually regain momentum, and our non-live streaming revenues to continue to deliver impressive growth in the following quarters.

Speaker #4: 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 $488.2 million, up by 25.7% year-over-year.

Speaker #4: We are disclosing our non-GAAP EBITDA metric since this quarter, as we believe it's a standard measure of operational performance. This metric excludes operating factors such as interest, taxes, and non-cash expenses.

Alex Liu: We are disclosing our non-GAAP EBITDA metric since this quarter, as we believe it's a standard measure of operational performance, which strikes out non-operating factors like interest, tax, and non-cash expenses, which could help our shareholders better assess the performance of our core business. Our total live streaming revenues were $375.4 million for Q2. $355.3 million of which was from BIGO segment, both up quarter-over-quarter. Our ROI-driving user acquisition and continued optimization of our content quality and paying user experience have contributed to improved paying conversation. With BIGO's total paying users increasing by 3.7% quarter-over-quarter. By region, total live streaming revenue from developed countries increased by 3.4% quarter-over-quarter, while live streaming revenues from Southeast Asia increased by 2.1% quarter-over-quarter.

Brian Gong: We are disclosing our non-GAAP EBITDA metrics for this quarter as we believe it's a standard measure of operational performance, which stretch out non-operating sectors like interest, tax, and non-GAAP expenses, which could help our shareholders better assess the performance of our core business. Our total live streaming revenues were 375.4 million for the second quarter, 355.3 million of which was from bigger segment, both are quarter-over-quarter. Our ROI-driven user acquisition and continued optimization of our content quality and paying user experience have contributed to improved paying conversation, with fixed total paying users increasing by 3.7% quarter-over-quarter. By region, total live streaming revenue from developed countries increased by 3.4% quarter-over-quarter, while live streaming revenues from Southeast Asia increased by 2.1% quarter-over-quarter. Our non-live streaming revenues were 132.4 million during the second quarter, up by 25.6% year-over-year.

Speaker #4: Rates could help our shareholders better assess the performance of our core business. Our total live streaming revenues were $375.4 million for the second quarter.

Speaker #4: $375.3 million, of which $X million was from the bigger segment. Both our quarter-over-quarter ROI driving user acquisition and continued optimization of our content quality and paying user experience have contributed to improved paying conversion.

Speaker #4: With total paying users increasing by 3.7% quarter-over-quarter, total live streaming revenue from developed countries increased by 3.4% quarter-over-quarter. Meanwhile, live streaming revenues from Southeast Asia increased by 2.1% quarter-over-quarter.

Speaker #4: Our non-live streaming revenues were $132.4 million during the second quarter, up by 25.6% year-over-year. Non-live streaming now contributes 26.1% of our total group revenues.

Alex Liu: Our non-live streaming revenues were $132.4 million during Q2, up by 25.6 year-over-year. Non-live streaming now contributes 26.1% of our total group revenues, up from only 18.7% contribution in the same period last year. In particular, BIGO's non-live streaming revenues, primary advertising revenues, increased by 29% year-over-year and 8.9% quarter-over-quarter to $87.4 million. As Missy just shared, BIGO Ads has emerged as our second major growth engine with exceptional momentum. We are making substantial progress on all fronts, including expansion of our traffic and rising advertiser demand across different channels and verticals. As we accumulate each skill, we are accelerating the training and optimization of our algorithm to further improve our campaign performance and ROI.

Brian Gong: Non-live streaming now contributes 26.1% of our total group revenues, up from only 18.7% contribution in the same period last year. In particular, bigger non-live streaming revenues, primarily advertising revenues, increased by 29% year-over-year and 8.9% quarter-over-quarter to 87.4 million. As Misty just shared, bigger AI has emerged as our second major growth engine with exceptional momentum. We are making substantial progress on all fronts, including expansion of our traffic and rising advertiser demand across different channels and verticals. As we accumulate each skill, we are accelerating the training and optimization of our algorithm to further improve our campaign performance and ROI. We believe in turning real-time accelerating growth in advertisers' demand and publisher traffic, fostering a sharp reinforcing strategic flywheel. As present, bigger AI has made a positive contribution to our bottom line. We expect it to be increasingly meaningful over time.

Speaker #4: Up from only 18.7% contribution in the same period last year. In particular, bigger non-live streaming revenues, primarily advertising revenues, increased by 29% year-over-year and 8.9% quarter-over-quarter.

Speaker #4: To $87.4 million. As Ms. Lee just shared, bigger ads have emerged as our second major growth engine with exceptional momentum. We are making substantial progress on all fronts, including expansion of our traffic and racking advertiser demand across different channels and verticals.

Speaker #4: As we accumulate each Q, we are accelerating the training and optimization of our algorithm to further improve our campaign performance and ROI. We believe in turning real-time accelerating growth in advertiser demand and publisher traffic.

Alex Liu: This we believe in turn will drive accelerating growth in advertisers demand and publisher traffic, fostering a self-reinforcing strategic flywheel. At present, BIGO Ads has made a positive contribution to our bottom line. We expect it to be increasingly meaningful over time. All other segments, non-live streaming revenues was $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, all other segments gross margin was substantially up by 9.5 percentage year-over-year to 43.5% due to growth in high-margin SaaS revenues.

Speaker #4: Fostering a self-reinforcing strategic flywheel. At present, bigger ads have made a positive contribution to our bottom line. We expect it to be increasingly meaningful over time.

Speaker #4: All other segments' non-live streaming 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%.

Brian Gong: All other segments' non-live streaming 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 Google's gross margin was relatively stable. All other segments' gross margin was substantially up by 9.5% year-over-year to 43.5% due to growth in high-margin SaaS revenues. Our group's operating expenses for the quarter were 169.8 million, compared with 198.7 million in the same period of 2024. Our GA expenses were higher during the quarter due to a non-operational impairment of certain 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 strategies across both live streaming and non-live streaming business. For our live streaming business, we are consistently optimizing our user acquisition expenses to enhance ROI.

Speaker #4: Up from 35.2% last year, while bigger gross margin was relatively stable. All other segments' gross margin was substantially up by 9.5% year-over-year to 43.5% due to growth in high-margin sales revenues.

Speaker #4: Our group's operating expenses for the quarter were $139.8 million, compared with $198.7 million in the same period of 2024. Our GAAP G&A expenses were higher during the quarter due to a non-operational impairment of $30.8 million in investments.

Alex Liu: Our group's operating expenses for the quarter were $159.8 million, compared with $198.7 million in the same period of 2024. Our GAAP G&A expenses was higher during the quarter due to a non-operational impairment of certain equity investments, while we saw a decline in other operating expenses. The decline in our other operating expenses was aligned with our current operating strategy across both live streaming and non-live streaming business. For our live streaming business, we are consistently optimizing our user acquisition expenses to enhance ROI. For our non-live streaming business, while it has seen robust revenue growth, we maintained prudent and disciplined in spending, with our operating expenses rising at a slower rate than revenue.

Speaker #4: While we saw a decline in other operating expenses, the decline in our other operating expenses was in line with our current operating strategy across both live streaming and non-live streaming businesses.

Speaker #4: For our live streaming business, we are consistently optimizing our user acquisition expenses to enhance ROI. For our non-live streaming business, while it has seen robust revenue growth, we maintained prudent and disciplined spending.

Brian Gong: For our non-live streaming business, while it has seen robust revenue growth, we maintained prudent and disciplined ease of spending, with our operating expenses rising at a slower rate than revenue. Our group's 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. The group's non-GAAP net income margin was 15.2% in the quarter. For the second quarter of 2025, we booked net cash inflows from operating activities of 57.6 million. Our balance sheet remains healthy with a strong net cash position of 3.3 billion as of June 30, 2025. Now, moving to capital allocation, shareholder return continued to be an important component of our capital allocation strategy.

Speaker #4: With our operating expenses rising at a slower rate than revenue, our group’s non-GAAP operating income for the quarter was $38.3 million.

Alex Liu: Our group's 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. The group's non-GAAP net income margin was 15.2% in the quarter. For Q2 2025, we booked net cash inflows from operating activities of $57.6 million. Our balance sheet remains healthy with a strong net cash position of $3.3 billion as of 13 June 2025. Now moving to capital allocation. Shareholder return continued to be an important component of our capital allocation strategy.

Speaker #4: Up by 27.9% from $30 million year-over-year. Non-GAAP net income attributable to controlling interest of JOY in the quarter was $77.7 million, up by 3.9% year-over-year.

Speaker #4: The group's non-GAAP net income margin was 50.2% in the quarter. For the second quarter of 2025, we booked net cash inflows from operating activities of $57.6 million.

Speaker #4: Our balance sheet remains healthy, with a strong net cash position of $3.3 billion as of June 30, 2025. Now, moving to capital allocation, shareholder return continues to be an important component of our capital allocation strategy.

Speaker #4: We have returned $49.4 million to our shareholders through dividends during the second quarter and repurchased $36.5 million worth of our shares during the year as of June 30, 2025.

Brian Gong: We have returned 49.4 million to our shareholders through dividends during the second quarter and repurchased 36.5 million worth of our shares during the year as of June 30, 2025. We remain firmly committed to actively utilize our outstanding share repurchase program. Turning now to our business outlook, at a 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 seasonality fluctuations and reflects our preliminary views on the current market, operational conditions, and business adjustment decisions, which are subject to changes. In conclusion, our efforts to cultivate new growth engines continue to bear fruits, as evidenced by the impressive revenue growth of bigger AI and our live streaming business reaching a stable footing and continue to contribute strong operating profits.

Alex Liu: We have returned $49.4 million to our shareholders through dividends during Q2, and repurchased $36.5 million worth of our shares during the year as of 13 June 2025. We remain firmly committed to actively utilize our outstanding share repurchase program. Turning now to our business outlook. At group level, we expect our net revenues for Q3 2025 to be between $525 million and $539 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. In conclusion, our efforts to cultivate dual growth engines continue to bear fruits, as evidenced by the impressive revenue growth of BIGO Ads and our live streaming business reaching a stable footing and continue to contribute strong operating profits.

Speaker #4: We remain firmly committed to actively utilizing our outstanding share repurchase program. 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.

Speaker #4: Our guidance accounts for 36 seasonality fluctuations and reflects our preliminary views on the current market, operational conditions, and business adjustment decisions. With our subjective changes, in conclusion, our efforts to cultivate growth engines continue to bear fruit.

Speaker #4: As evidenced by the impressive revenue growth of bigger ads and our live streaming business reaching a stable 14%, we continue to contribute strong operating profits.

Speaker #4: With our global operational capabilities, targeted infrastructure, and vibrant ecosystem where we are present, we aim to establish a distinguished competitive edge and build a meaningful and lasting presence in the tech industry.

Alex Liu: With our global operational capabilities, tech infrastructure, and vibrant ecosystem, we are well-positioned to establish a distinguished competitive edge and build a meaningful and lasting presence in the tech industry, while delivering sustainable profitable growth and long-term value for our shareholders. That concludes our prepared remarks. Operator, we would now like to open up the call to questions.

Brian Gong: With our global operational capabilities, tech infrastructure, and vibrant ecosystem, we are now present to establish a distinguished competitive edge and build a meaningful and lasting presence in the tech industry while delivering sustainable, profitable growth and long-term value for our shareholders. That concludes our prepared remarks. Operator, we would now like to open up the call to questions.

Speaker #4: While delivering sustainable, profitable growth and long-term value for our shareholders, that concludes our preparatory remarks. Operator, we would now like to open up the call to questions.

Speaker #1: Hey, thank you, sir. If you wish to ask a question, please press the star key on your telephone and wait for your name to be announced.

Missy: Hey, thank you, sir. If you wish to ask a question, please press the star key on your telephone. Wait for your name to be announced. Star then 1 to ask a question. If you wish to cancel your request, please press star then 2. If you are on a speakerphone, please pick up your handset to ask your question. Again, add a star then 1 to ask a question. Additionally, when asking a question, please state your question in Chinese first, then repeat your question in English for the convenience of everyone on the call. At this time, we will just pause momentarily to assemble our roster. The first question we have will come from Thomas Chong of Jefferies. Please go ahead.

Operator: Hey, thank you, sir. If you wish to ask a question, please press the star key on your telephone. Wait for your name to be announced. Star then 1 to ask a question. If you wish to cancel your request, please press star then 2. If you are on a speakerphone, please pick up your handset to ask your question. Again, add a star then 1 to ask a question. Additionally, when asking a question, please state your question in Chinese first, then repeat your question in English for the convenience of everyone on the call. At this time, we will just pause momentarily to assemble our roster. The first question we have will come from Thomas Chong of Jefferies. Please go ahead.

Operator: And thank you, sir. If you wish to ask a question, please press the star key on your telephone and wait for your name to be announced. Star is the one to ask a question. If you wish to cancel your request, please press star then two. If you are on a speakerphone, please pick up your headset to ask your question. Again, that is star than one to ask a question. Additionally, when asking a question, please state your question in Chinese first, then repeat your question in English for the convenience of everyone on the call. At this time, we will just pause momentarily to assemble our roster. The first question we have will come from Thomas Chong of Jefferies. Please go ahead.

Speaker #1: Stars don't want to ask you questions. If you wish to cancel your request, please press star, then 2. If you are on a speakerphone, please pick up your headset to ask your question.

Speaker #1: Again, that is star then one to ask a question. Additionally, when asking a question, please state your question in Chinese first, then repeat your question in English for the convenience of everyone on the call.

Speaker #1: At this time, we will just pause momentarily to assemble our roster. Hey, the first question we have will come from Thomas Chong of Jefferies.

Speaker #1: Please go ahead.

Speaker #5: 早上好, 谢谢管理层接受我的提问。我有两个问题。第一个是关于现在我们看到Q2的直播的收入环比已经是相对比较起稳。我们应该如何看待直播的长期的一个发展的一个趋势? 我另外一个问题是关于我们下半年的一个展望的。我们应该怎么去看从集团收入下半年的一个趋势? Fans management for taking my question, my first question is about the live streaming business. As we have seen the Q2 live streaming revenue is already stabilizing in on a sequential basis in Q2, how should we think about the long-term development trend for the live streaming business?

Thomas Chong: Thanks management for taking my question. My first question is about the live streaming business. As we are seeing the Q2 live streaming revenue is already stabilizing in Q2, on a sequential basis in Q2. How should we think about the long-term development trend for the live streaming business? My second question is about the second half outlook. Can management comment about the group level revenue in the second half? Thank you.

Thomas Chong: 早上好, 谢谢管理层接受我的提问。我有两个问题, 第一个是关于现在我们看到Q2的直播的收入环比已经是相对比较企稳, 我们应该如何看待呢? 直播的长期的一个发展的一个趋势。啊, 我另外一个问题呢, 是关于我们下半年的一个展望的, 啊, 我们应该怎么去看从集团收入啊, 下半年的一个趋势。Fence management for taking my question. My first question is about the live streaming business. As we are seeing, the Q2 live streaming revenue is already stabilizing on a sequential basis in Q2, but how should we think about the long-term development trend for the live streaming business? And my second question is about the second half outlook. Can management comment about the group level revenue in the second half? Thank you.

Speaker #5: And my second question is about the second half outlook. Can management comment on the group-level revenue in the second half? Thank you.

Speaker #3: ????? Thomas??????????????????????????????????????Q1 ???????????????????????????????? Q2 ?????????????????Bigger ??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

Jane Xie: Thank you, Thomas. This is Li Ting. I will take your 2 questions. We see Q1 as a clear bottom while BIGO's live streaming revenue was negatively impacted due to seasonality factors and also the temporary app removal in Q1. In Q2, we've seen sequential recovery with revenue from BIGO's core global product, all 3 global products delivering sequential growth in their live streaming revenue. 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.

Ting Li: Okay, 谢谢Thomas, 我是李婷。那这两个问题呢, 都由我来回答。首先我们来回答第一个问题。那首先的话, Q1是我们明确过的底部, 它主要受的是季节性的因素和当时下架的双重影响。在Q2的时候, 我们实现了环比的企稳回升。Bigger的三款的核心产品的直播收入其实都实现了环比的增长。从具体的驱动因素来讲, 主要是以付费用户的环比增长为主。那么我们分区域来看, 发达国家市场的整体表现, 呃, 会更加的有强韧性, 尤其是欧洲区域的内容成本策略优化后, 收入重回正增长。东南亚和其他地区也在同步的回暖。总的来说, 当前的直播的环比企稳不仅是触底回升, 而是建立在我们过去几个季度在内容的生态优化和运营管理效率提升的扎实的基础上。这些结构性的优化的成果也会在未来持续释放增长的势能。

Speaker #2: Thank you, Thomas. This is Li Ting. I will take your two questions. We see Q1 as a clear bottom, while bigger live streaming revenue was negatively impacted due to seasonality factors and also the temporary app removal in the first quarter.

Ting Li: Thank you, Thomas. This is Li Ting, and we'll take your two questions. We see Q1 as a clear bottom on when, while bigger live streaming 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 Bigger's core global product, all three global products delivering sequential growth in their live streaming revenue. 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.

Speaker #2: In Q2, we've seen a sequential recovery, with revenue from Bigger's core global product and all three global products delivering sequential growth in their live streaming revenue.

Speaker #2: 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.

Speaker #2: Southeast Asia and other regions are also showing signs of recovery. All in all, I would like to say the sequential recovery in Q2 is built on solid improvements that we made in the past few quarters, including content optimization, the optimization of the content offering system, and also the enhancement of operating efficiency.

Jane Xie: 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.

Ting Li: 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.

Speaker #2: We believe that these efforts will continue to drive growth of our live streaming revenue in the upcoming quarters.

Speaker #3: 那我们继续展望下半年。我们预期环比的复苏趋势将得到延续。一方面, 伴随年度盛典等重点运营活动将会有助于提升区域的主播和用户的活跃度。带动区域直播变现的增长。从Bigger Live最新的数据来看, 7月年度盛典等活动有效带动了收入的环比增长。同时, 我们将持续推动内容精细化运营, 尤其是腰部主播的激励。聚焦高质量获客和产品体验优化。预期我们的付费用户将持续增长。我们相信随着更优质、更多元的内容生态体系形成, 以及中东新语音产品矩阵逐步贡献增量, 我们有信心在2026年将直播业务重新带回到增长的轨道。

Thomas Chong: Looking ahead to our live streaming performance in the second half of the year, we expect the sequential recovery trend to continue. Our highlighted operational activities, such as our galas, 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 gala has driven a MOM revenue increase in live streaming. We will continue optimizing our content operations, focusing on refined content management and enhancing our incentives for mid-tier streamers, together with our ROI-driven user acquisition, which focus on higher quality users and also overall product experience optimization.

Ting Li: 那我们继续展望下半年, 我们预期环比的复苏趋势将得到延续。一方面, 伴随年度盛典等重点运营活动, 将会有助于提升区域的主播和用户的活跃度, 带动区域直播变现的增长。从Bigger Live最新的数据来看, 7月年度盛典等活动有效带动了收入的环比增长。同时, 我们将持续推动内容精细化运营, 尤其是腰部主播的激励, 聚焦高质量获客和产品体验优化。预期我们的付费用户将持续增长。我们相信, 随着更优质、更多元的内容生态体系形成, 以及中东新语音产品矩阵逐步贡献增量, 我们有信心在2026年将直播业务重新带回到增长的轨道。

Speaker #2: While looking ahead to our live streaming performance in the second half of the year, we expect the sequential recovery trend to continue. Our highlighted operational activities, such as our galas, 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 Bigger Live shows that our July gala has driven a month-over-month revenue increase in live streaming.

Ting Li: Looking ahead to our live streaming performance in the second half of the year, we expect this sequential recovery trend to continue. Our highlighted operational activities, such as our galas, 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 Bigger Live shows that our July gala has driven an MOM revenue increase in live streaming. We will continue optimizing our content operations, focusing on refined content management and enhancing our incentives for mid-tier streamers. Together with our ROI-driven user acquisition, which focuses on higher quality users and also overall product experience optimization, we expect sustained growth in Bigger'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.

Speaker #2: We will continue optimizing our content operations, focusing on refining content management and enhancing our incentives for mid-tier streamers. Together with our ROI-driven user acquisition, which focuses on higher-quality users and overall product experience optimization, we expect sustained growth in bigger's paying users in the second half.

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

Speaker #2: With a much more diversified content ecosystem and better quality, we expect incremental contributions from our new audio social products in the MENA region.

Speaker #2: Based on those factors, we are confident that our live streaming revenue will return to a steady year-over-year growth trajectory in 2026.

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

Speaker #3: 那第二个问题是关于下半年集团的收入的趋势。这个问题由我来回答。首先我们回顾一下Q2的表现。在第二季度, 集团收入5.078亿美金, 环比增长了2.7%。这是主要得益于直播收入的环比企稳恢复增长。非直播收入继续保持强劲的增长势头, 同比增长了25.6%, 占总收入比例达到26.1%。所以展望Q3, 我们预期直播收入将延续环比复苏的趋势。非直播板块方面, 广告业务进入传统旺季, 预计将继续保持两位数的同比增长, 推动集团整体收入继续环比增长。所以从第二季度起, 集团整体步入企稳的回升通道。伴随着直播业务的稳定, 非直播业务的快速增长, 正逐步成为集团收入增长的重要引擎。我们预计集团的收入有望在第四季度实现同比和环比的双增长。

Ting Li: 呃那第二个问题是关于下半年集团的收入的趋势，啊这个问题由我来回答。首先我们回顾一下 Q2 的表现。在第二季度，集团收入五点零七八亿美金，环比增长了百分之二点七，这是主要得益于直播收入的环比企稳恢复增长。非直播收入继续保持强劲的增长势头，同比增长了百分之二十五点六，占总收入比例达到百分之二十六点一。所以展望 Q3，我们预期直播收入将延续环比复苏的趋势。非直播板块方面，广告业务进入传统旺季，预计将继续保持两位数的同比增长，推动集团整体收入继续环比增长。所以从第二季度起，集团整体步入企稳的回升通道。伴随着直播业务的稳定，非直播业务的快速增长，正逐步成为集团收入增长的重要引擎。呃我们预计集团的收入有望在第四季度实现同比和环比的双增长。

Ting Li: [Foreign]呃那第二个问题是关于下半年集团的收入的趋势，啊这个问题由我来回答。首先我们回顾一下 Q2 的表现。在第二季度，集团收入五点零七八亿美金，环比增长了百分之二点七，这是主要得益于直播收入的环比企稳恢复增长。非直播收入继续保持强劲的增长势头，同比增长了百分之二十五点六，占总收入比例达到百分之二十六点一。所以展望 Q3，我们预期直播收入将延续环比复苏的趋势。非直播板块方面，广告业务进入传统旺季，预计将继续保持两位数的同比增长，推动集团整体收入继续环比增长。所以从第二季度起，集团整体步入企稳的回升通道。伴随着直播业务的稳定，非直播业务的快速增长，正逐步成为集团收入增长的重要引擎。呃我们预计集团的收入有望在第四季度实现同比和环比的双增长。

Ting Li: 那第二个问题是关于下半年集团的收入的趋势, 这个问题由我来回答。首先我们回顾一下Q2的表现。在第二季度, 集团收入5.078亿美金, 环比增长了2.7%。这是主要得益于直播收入的环比企稳恢复增长。非直播收入继续保持强劲的增长势头, 同比增长了25.6%, 占总收入比例达到26.1%。所以展望Q3, 我们预期直播收入将延续环比复苏的趋势。非直播板块方面, 广告业务进入传统旺季, 预计将继续保持两位数的同比增长, 推动集团整体收入继续环比增长。所以从第二季度起, 集团整体步入企稳的回升通道。伴随着直播业务的稳定, 非直播业务的快速增长正逐步成为集团收入增长的重要引擎。我们预计集团的收入有望在第四季度实现同比和环比的双增长。

Speaker #2: 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 $57.8 million.

Jane Xie: I will now move on to your second question. In the Q2, you can see that our total revenue was up 2.7%, to $507.8 million QOQ. This growth was driven by stabilizing and recovery in our live streaming revenue, while our non-live streaming revenue sustaining a strong momentum, growing by 25.6% year-over-year, and now contributing 26.1% to the group's total revenue. Looking ahead to Q3, we expect our live streaming revenue to continue its sequential recovery. On the non-live streaming revenue side, as our advertising enter into a peak season, we anticipate continued double-digit year-over-year growth from ad tech, supporting a further QOQ revenue growth at the group level.

Ting Li: And I will now move on to your second question. In the second quarter, I can see that our total revenue was up 2.7% to 507.8 million up Q2. This growth was driven by stabilizing and recovery in our live streaming revenue, while our non-live streaming revenue sustained a strong momentum, growing by 25.6% year-over-year and now contributing 26.1% to the group's total revenue. Looking ahead to Q3, we expect our live streaming revenue to continue its sequential recovery. And on the non-live streaming revenue side, as our advertising entered into a peak season, we anticipate continued double-digit year-over-year growth from ad tech, supporting a further Q2 revenue growth at the group level.

Speaker #2: Up QOQ. This growth was driven by stabilizing and recovering our live streaming revenue, while our non-live streaming revenue sustained a strong momentum, growing by 26% year-over-year and now contributing 26.1% to the group's total revenue.

Speaker #2: Looking ahead to Q3, we expect our live streaming revenue to continue its sequential recovery. On the non-live streaming revenue side, as our advertising entered into a peak season, we anticipate continued double-digit year-over-year growth from ad tech, supporting further quarter-over-quarter revenue growth at the group level.

Speaker #2: You can see that since Q2, our group's top line has entered into a phase of sequential recovery. With live streaming stabilizing and returning to growth, as well as non-live streaming accelerating growth and becoming a new growth engine, we expect both year-over-year and quarter-over-quarter growth in Q4.

Jane Xie: You can see that, since Q2, our top line, our group's top line has entered into a phase of sequential recovery with live streaming stabilizing and back to growth, and also non-live streaming accelerating growth and becoming a new growth engine. We expect both year-over-year and QOQ growth in Q4. Thank you. Next question, please.

Ting Li: You can see that since Q2, our top line, our group's top line has entered into a phase of sequential recovery, with live streaming stabilizing and back to growth, and also non-live streaming accelerating growth and becoming a new growth engine. We expect both year-over-year and Q2 growth.INQ4.

Speaker #2: Thank you. Next question, please.

Alex Liu: Thank you. Next question, please.

Speaker #1: The next question will come from Xu Zheng Zhang.

[Operator 2]: The next question will come from Xuejing Zhang of CICC.

Operator: The next question will come from Xuejing Zhang of CICC.

Operator: The next question will come from Xu Zhengzheng of CICG.

Speaker #2: ?????????????????????????? ???????? non-GAAP EBITDA ?????????????????????????????????????????????????????Fans management for taking my question, I have two questions on your financials. First, you have added disclosure of non-GAAP EBITDA in this quarter.

Jane Xie: 谢谢管理层接收我的提问。我有两个关于财务的问题。首先的话, 公司本季度增加了non-GAAP EBITDA的一个披露, 想请教一下是基于什么的考量? 然后我第二个问题是关于公司如何展望下半年的费用和利润趋势的。谢谢。 Thanks, management, for taking my question. I have two questions on your financials. First, you have added the disclosure of non-GAAP EBITDA in this quarter. What's your consideration behind this decision? My second question is about the change in OPEX and the profit outlook for the second half of this year. Thank you.

Xuejing Zhang: 感谢管理层接受我提问，我有两个关于财务的问题。首先的话，公司本季度增加了 non-GAAP EBITDA 的一个披露，想请教一下是基于什么的考量。然后我第二个问题是关于公司如何展望下半年的费用和利润趋势的。谢谢。 Since management for taking my question. I have two questions on your financials. First, you have added the disclosure of non-GAAP EBITDA in this quarter. What's your consideration behind this decision? My second question is about the trend in OpEx and the profit outlook for the second half of this year.

Xuejing Zhang: [Foreign]感谢管理层接受我提问，我有两个关于财务的问题。首先的话，公司本季度增加了 non-GAAP EBITDA 的一个披露，想请教一下是基于什么的考量。然后我第二个问题是关于公司如何展望下半年的费用和利润趋势的。谢谢。 Since management for taking my question. I have two questions on your financials. First, you have added the disclosure of non-GAAP EBITDA in this quarter. What's your consideration behind this decision? My second question is about the trend in OpEx and the profit outlook for the second half of this year.

Xuejing Zhang: Thank you.

Alex Liu: [Foreign]哎薛晴，谢谢你的问题，我是 Alex，我来回答一下。呃那么对于第一个问题，EBITDA 这个事情啊，其实 EBITDA 是公司内部经营关注的一个核心指标。首先从经营能力方面来看的话，EBITDA 是排除了利息、折旧、摊销、税收这些与公司核心经营关联度比较弱的因素，它能更加纯粹地去体现公司通过主营业务产生现金流的能力。另外的话，从行业对比方面来看，考虑到不同公司的资本结构、税收政策、资本折旧政策都是有差异的，那么 EBITDA 可以减少这些外部因素的干扰，使我们可以更直观地进行横效 -- 横向的一个呃经营效率的比较。所以我们相信啊，E-EBITDA 可以更真实地去反映我们集团多元化战略所带来的经营效率的提升，也有利于我们更加谨慎地、全面地去评估资本配置计划。

Ting Li: 嘿, 雪晴, 谢谢你的问题。我是Alex, 我来回答一下。那么对于第一个问题, EBITDA这个事情, 其实EBITDA是公司内部经营关注的一个核心指标。首先从经营能力方面来看的话, EBITDA是排除了利息、折旧、摊销、税收这些与公司核心经营关联度比较弱的因素, 它能更加纯粹地去体现公司通过主营业务产生现金流的能力。另外的话, 从行业对比方面来看, 考虑到不同公司的资本结构、税收政策、资本折旧政策都是有差异的。那么EBITDA可以减少这些外部因素的干扰, 使我们可以更直观地进行横向的一个呃, 经营效率的比较。所以我们相信, EBITDA可以更真实地去反映我们集团多元化战略所带来的经营效率的提升, 也有利于我们更加谨慎地全面地去评估资本配置计划。

Alex Liu: 哎薛晴，谢谢你的问题，我是 Alex，我来回答一下。呃那么对于第一个问题，EBITDA 这个事情啊，其实 EBITDA 是公司内部经营关注的一个核心指标。首先从经营能力方面来看的话，EBITDA 是排除了利息、折旧、摊销、税收这些与公司核心经营关联度比较弱的因素，它能更加纯粹地去体现公司通过主营业务产生现金流的能力。另外的话，从行业对比方面来看，考虑到不同公司的资本结构、税收政策、资本折旧政策都是有差异的，那么 EBITDA 可以减少这些外部因素的干扰，使我们可以更直观地进行横效 -- 横向的一个呃经营效率的比较。所以我们相信啊，E-EBITDA 可以更真实地去反映我们集团多元化战略所带来的经营效率的提升，也有利于我们更加谨慎地、全面地去评估资本配置计划。

Jane Xie: Thank you, Xuejing, for 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 non-operational 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 rates, and also depreciation policies, et cetera. We believe that EBITDA eliminates all of these external factors and enable us to better compare Operating efficiency with our peers.

Alex Liu: Thank you, Xu Zheng, for your 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 non-operational 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 rates, and also depreciation policies, etc. We believe that EBITDA eliminates all of these external factors and enables us to better compare our operating efficiency with our peers.

Jane Xie: In brief, we believe that the trend of our EBITDA can better reflect the trend of our operating efficiency under the current dual growth engine strategy. It will help us better evaluate our capital allocation in a more prudent and comprehensive manner in the future.

Alex Liu: 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.

Alex Liu: [Foreign]好，雪球对于你的第二个问题，下半年集团费用以及利润的一个展望。在回答这个问题之前，我们先回顾一下二季度的表现啊。二季度集团的盈利是远远好于预期的，包括这个毛利的情况，经营利润的情况，净利润的情况。那么我们 Non-GAAP 的经营利润啊环比是增长了百分之两十三点六，达到了三千八百三十万美金。Non-GAAP 的 EBITDA 环比是增长了百分之十九点三，达到了四千八百二十万美金。那分板块来看的话，BIGO 板块二季度的 Non-GAAP 毛利率是百分之三十五点六，经营利润率是百分之十四，对，环比都有提升。那么这主要是得益于我们在精细化运营和内容生态优化，以及运营效率提升上的持续努力，推动了 BIGO 直播业务的毛利率和经营利润率进一步的优化。All others 板块的话，二季度 Non-GAAP 的毛利率环比也是显著改善的，从二五年 Q1 的百分之十二点一提升到了百分之十三点八，这主要归于高毛利的非直播收入，也就是我们上市业务的占比提升。同时经营亏损啊从 Q1 的两千六百五十二万美元收窄到了两千三百六十六万美元，环比是下降了百分之四点八，主要源于支出方面，我们保持谨慎，运营费用占收入的比例环比下降。

Ting Li: 好, 雪晴, 对于你的第二个问题, 下半年集团费用以及利润的一个展望, 在回答这个问题之前, 我们先回顾一下二季度的表现。二季度集团的盈利是远远好预期的, 包括这个毛利的情况、净利润的情况、净利润的情况。那么我们 non-GAAP 的经营利润啊, 环比是增长了 23.6%, 达到了 3830 万美金。 non-GAAP 的 EBITDA 环比是增长了 19.3%, 达到了 4820 万美金。那分板块来看的话, BIG 板块二季度的 non-GAAP 毛利率是 35.6%, 经营利润率是 14%。对, 环比都有提升。那么这主要是得益于我们在精细化运营和内容生态优化以及运营效率提升上的持续努力, 推动了 BIG 直播业务的毛利率和经营利润率进一步的优化。而 R 的板块的话, 二季度 non-GAAP 的毛利率环比也是显著改善的, 从 25 年 Q1 的 12.1% 提升到了 13.8%。这主要惠于高毛利的非直播收入, 也就是我们上市业务的占比提升。同时, 经营亏损啊, 从 Q1 的 2652 万美元收窄到了 2366 万美元, 环比是下降了 10.8%。主要源于支出方面, 我们保持谨慎, 运营费用占收入的比例环比下降。

Alex Liu: 好，雪球对于你的第二个问题，下半年集团费用以及利润的一个展望。在回答这个问题之前，我们先回顾一下二季度的表现啊。二季度集团的盈利是远远好于预期的，包括这个毛利的情况，经营利润的情况，净利润的情况。那么我们 Non-GAAP 的经营利润啊环比是增长了百分之两十三点六，达到了三千八百三十万美金。Non-GAAP 的 EBITDA 环比是增长了百分之十九点三，达到了四千八百二十万美金。那分板块来看的话，BIGO 板块二季度的 Non-GAAP 毛利率是百分之三十五点六，经营利润率是百分之十四，对，环比都有提升。那么这主要是得益于我们在精细化运营和内容生态优化，以及运营效率提升上的持续努力，推动了 BIGO 直播业务的毛利率和经营利润率进一步的优化。All others 板块的话，二季度 Non-GAAP 的毛利率环比也是显著改善的，从二五年 Q1 的百分之十二点一提升到了百分之十三点八，这主要归于高毛利的非直播收入，也就是我们上市业务的占比提升。同时经营亏损啊从 Q1 的两千六百五十二万美元收窄到了两千三百六十六万美元，环比是下降了百分之四点八，主要源于支出方面，我们保持谨慎，运营费用占收入的比例环比下降。

Jane Xie: Moving to your next question about expenses and margins for the second half of the year. Let's first quickly review our Q2 performance. In Q2, we definitely delivered better than expected profitability, both in terms of our gross margin, OP margin, and net margin. 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. To look at it by segment, for the BIGO segment, our Non-GAAP gross margin was 35.6% and our operating margin was 14% in Q2. Both are up, improved in QOQ.

Alex Liu: 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. Our non-GAAP operating profit was up by 23.6% on 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 BIG segment, our non-GAAP gross margin was 35.6%, and our operating margin was 14% in Q2. Both are up, improved in QOQ. And these gains were driven by our continued efforts in refined operations, our content ecosystem, and also enhanced operational efficiency, which better improved the growth and operating margins in our live streaming business.

Jane Xie: These gains were driven by our continued efforts in refined operations, our content ecosystem, and also, enhanced operational efficiency, which better improve the gross and operating margins in our live streaming business. 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.

Alex Liu: For the all other segments, 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 discipline spending and a lower margin ratio of our operating expenses.

Ting Li: 那展望第三季度的话, 在收入环比增长的推动下, 我们预计啊, BIG 板块的 non-GAAP 的经营利润将继续稳步的提升。而 R 的板块呢, 这是因为支出的季节性的波动影响, non-GAAP 的经营亏损额呢, 可能环比 Q2 略有扩大, 但同比都将实现显著的改善。那么总的来讲, 我们认为 25 年全年整个集团 non-GAAP 的经营利润额和 EBITDA 都还是在一个持续改善的趋势上。

Alex Liu: [Foreign]那展望第三季度的话，在收入环比增长的推动下，我们预计啊 BIGO 板块的 non-GAAP 的净利润将继续稳步的提升。All others 板块呢，则是因为支出的季节性的波动影响，呃，non-GAAP 的经营亏损额呢可能环比 Q2 略有扩大，但同比都将实现显著的改善。那么总的来讲，我们认为二五年全年整个集团 non-GAAP 的经营利润额和 EBITDA 都还是在一个持续改善的趋势上。

Alex Liu: 那展望第三季度的话，在收入环比增长的推动下，我们预计啊 BIGO 板块的 Non-GAAP 的净利润将继续稳步的提升。All others 板块呢，则是因为支出的季节性的波动影响，呃，Non-GAAP 的经营亏损额呢可能环比 Q2 略有扩大，但同比都将实现显著的改善。那么总的来讲，我们认为二五年全年整个集团 Non-GAAP 的经营利润额和 EBITDA 都还是在一个持续改善的趋势上。

Jane Xie: Looking ahead to Q3 with our revenue growth in the BIGO segment, and we expect BIGO's non-GAAP operating profit to continue its steady improvement. For the all other segment, 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 2024. For the full year of 2025, we're expecting our overall non-GAAP operating profit amount and non-GAAP EBITDA to show an improving trend. Thank you. Next question please.

Alex Liu: Looking ahead to Q3, with our revenue growth in the BIG segment, and we expect BIG's non-GAAP operating profits to continue its steady improvement. For the all other segment, due to the seasonal fluctuations in certain expenses, we expect its non-GAAP operating losses might slightly widen compared to Q2, but we'll still show significant year-over-year improvements compared to Q24. For the full year of Q25, we're expecting our overall non-GAAP operating profit amount and non-GAAP EBITDA to show an improving trend. Thank you. Next question, please.

Missy: The next question will come from CC Chen of CLSA.

Operator: The next question will come from CC Chen of CLSA.

Operator: The next question will come from CC Chen of CLFA.

CC Chen: 感谢管理层接受我的提问。我是想请教一下，就是因为其实在今年整个宏观还是会稍弱的情况下，我们的广告业务一直都是维持着，高于行业水平的增速。想问一下我们广告业务增长的主要的 driver 是什么？以及我们如何看待这个广告和直播业务方面的业务协同。我很快翻译一下。Our advertising business has consistently maintained robust growth rate in this year, which is highly than industry average.

CC Chen: [Foreign]感谢管理层接受我的提问。我是想请教一下，就是因为其实在今年整个宏观还是会稍弱的情况下，我们的广告业务一直都是维持着，高于行业水平的增速。想问一下我们广告业务增长的主要的 driver 是什么？以及我们如何看待这个广告和直播业务方面的业务协同。我很快翻译一下。Our advertising business has consistently maintained robust growth rate in this year, which is highly than industry average.

Jane Xie: 感谢管理层接收我的提问。我是想请教一下, 就是因为其实在今年整个宏观还是会稍弱的情况下, 我们的广告业务一直都是维持着高于行业水平的增速。想问一下我们广告业务增长的主要的 driver 是什么, 以及我们如何看待就是广告和直播业务方面的业务协同。我很快翻译一下。 Our advertising business has consistently maintained a robust growth rate in this year, which is highly within 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 for synergy between different business segments? Thank you. 好的, 收到, 谢谢你的问题。那基于广告业务的这两个问题呢, 由我来回答。对, 呃, 广告第三方平台业务的增长, 它的关键驱动力, 呃, 我们可以从技术和市场的两个角度来看。呃, 技术方面, 关键的驱动力是算法的优化带来的投放效果的提升和垂类的模型训练带来的新的品类垂类扩张。呃, 首先, 我们的模型其实现在还处于一个非常早期的阶段, 并且基于自我学习, 持续在进行自我训练和改进。同时, 我们的团队在广告投放的全链路, 比如说预估竞价、动态的预算分配等环节, 持续的寻找切实可行的提升算法效率和效果的方法。当这些模型出现某些创新和突破时, 业务就会有跃升式的这样一个增长。

CC Chen: Could you please share the main driver and the unique advantage behind the growth of our advertising revenue? How do we view the potential for synergy between different business segments? Thank you.

Ting Li: 呃，好的，收到，谢谢你的问题。那基于广告业务的这两个问题呢，由我来回答。对。呃，广告第三方平台业务的增长，它的关键驱动力，呃，我们可以从技术和市场的两个角度来看。呃，技术方面，关键的驱动力是算法的优化带来的投放效果的提升和垂类的模型训练带来的新的品类垂类扩张。呃，首先我们的模型其实现在还处于一个非常早期的阶段，并且基于自我学习，持续在进行自我训练和改进。同时我们的团队在广告投放的全链路，比如说预估竞价、动态的预算分配等环节，持续地寻找切实可行的提升算法效率和效果的方法。当这些模型出现某些创新和突破时，业务就会有跃升式的这样的一个增长。

Ting Li: [Foreign]呃，好的，收到，谢谢你的问题。那基于广告业务的这两个问题呢，由我来回答。对。呃，广告第三方平台业务的增长，它的关键驱动力，呃，我们可以从技术和市场的两个角度来看。呃，技术方面，关键的驱动力是算法的优化带来的投放效果的提升和垂类的模型训练带来的新的品类垂类扩张。呃，首先我们的模型其实现在还处于一个非常早期的阶段，并且基于自我学习，持续在进行自我训练和改进。同时我们的团队在广告投放的全链路，比如说预估竞价、动态的预算分配等环节，持续地寻找切实可行的提升算法效率和效果的方法。当这些模型出现某些创新和突破时，业务就会有跃升式的这样的一个增长。

Jane Xie: Thank you, Cici. I'm Ting Li, 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 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. 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 is still in its early stage of development, and it's continuously refining and optimizing based on self-learning. While our team continue to look for practical ways to improve our algorithm efficiency and effectiveness in full-stack services of advertising, such as estimated bidding, dynamic budget allocation.

Alex Liu: Thank you, CC. 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. 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 is still in its early stage of development, and it's continuously refining and optimizing based on self-learning, while our team continues to look for practical ways to improve our algorithm efficiency and effectiveness in full-stack services of advertising, such as estimated bidding, dynamic budget allocation.

Jane Xie: 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.

Alex Liu: 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.

Jane Xie: 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.

Ting Li: 呃，其次，我们的模型其实并不仅仅局限于 Web 端和 IA 端的游戏类广告，我们将持续训练和迭代社交娱乐、电商等 IAP 垂类的投放模型。在市场方面，关键的驱动力是区域的扩张。除了在北美、日本的持续发力，我们在欧洲等区域也加速了布局。那之后关于独特优势，我想可以概括一下，就是一方的流量和生态协同。我们拥有二点六三亿用户和最匹配的投放场景。在生态侧依托于集团广告技术业务，有先天的技术、数据和广告主等资源优势，为业务扩张奠定了好的基础，并确立了垂类的独特优势。比如我们的电商业务跟 Big8 就有明显的广告主资源和业务场景上的协同。同时，广告技术业务的高增长也会推动用户和技术的正向积累，赋能直播等业务，持续加强飞轮效应。总之，广告技术平台业务是我们的战略重点，我们也希望我们在对这个万亿规模的赛道上长期发展，逐步建立差异化的竞争优势，充满信心。

Ting Li: [Foreign]呃，其次，我们的模型其实并不仅仅局限于 Web 端和 IA 端的游戏类广告，我们将持续训练和迭代社交娱乐、电商等 IAP 垂类的投放模型。在市场方面，关键的驱动力是区域的扩张。除了在北美、日本的持续发力，我们在欧洲等区域也加速了布局。那之后关于独特优势，我想可以概括一下，就是一方的流量和生态协同。我们拥有二点六三亿用户和最匹配的投放场景。在生态侧依托于集团广告技术业务，有先天的技术、数据和广告主等资源优势，为业务扩张奠定了好的基础，并确立了垂类的独特优势。比如我们的电商业务跟 Big8 就有明显的广告主资源和业务场景上的协同。同时，广告技术业务的高增长也会推动用户和技术的正向积累，赋能直播等业务，持续加强飞轮效应。总之，广告技术平台业务是我们的战略重点，我们也希望我们在对这个万亿规模的赛道上长期发展，逐步建立差异化的竞争优势，充满信心。

Jane Xie: 其次, 我们的模型其实并不仅仅局限于 web 端和 IAA 端的游戏类广告。我们将持续训练和迭代社交娱乐、电商等 IAP 垂类的投放模型。在市场方面, 关键的驱动力是区域的扩张。除了在北美、日本的持续发力, 我们在欧洲等区域也加速了布局。那之后关于独特优势, 我想可以概括一下, 就是一方的流量和生态协同。我们拥有 2.63 亿用户和最匹配的投放场景。在生态侧依托于集团, 广告技术业务有先天的技术、数据和广告主等资源优势, 为业务扩张奠定了好的基础, 并确立了垂类的独特优势。比如我们的电商业务跟 BIG ADS 就有明显的广告主资源和业务场景上的协同。同时, 广告技术业务的高增长也会推动用户和技术的正向积累, 赋能直播等业务, 持续加强飞轮效应。总之, 广告技术平台业务是我们的战略重点。我们也希望我们在对这个万亿规模的赛道上长期发展, 逐步建立差异化的竞争优势, 充满信心。

Jane Xie: Secondly, we are not restricted to web advertising, and IAA game advertising. 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. I want to summarize our competitive edge with proprietary data assets due to our first-party traffic, and also ecosystem synergies. We have exclusive access to JOYY's 263 million users. Additionally, leveraging on our group's diverse ecosystem, BIGO Ads has enjoy inherent advantages over technology, data, and also advertiser outreach. That is laying a very solid foundation for its business expansion and establishing unique advantages in certain verticals.

Alex Liu: Secondly, we are not restricted to web advertising and IAA game advertising. 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 edge with proprietary data assets due to our first-party traffic and also ecosystem synergies. We have exclusive access to JOYY's 263 million users. And additionally, leveraging on our group's diverse ecosystem, BIG ads have enjoyed inherent advantages over technology, data, and also advertiser outreach. And that is laying a very solid foundation for its business expansion and establishing unique advantages in certain verticals. For example, our e-commerce SaaS business has clear synergies with BIG ads in terms of advertiser resources and also business scenarios.

Jane Xie: For example, our e-commerce business has clear synergies with BIGO Ads in terms of advertising resources and also business scenarios. 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 live streaming and other businesses as well, and continue to strengthen the flywheel effect. 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 trillion dollar market over time.

Alex Liu: 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 live streaming and other businesses as well, and continue to strengthen the flywheel effect. Overall, BIG 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 trillion-dollar market over time.

Ting Li: 接下来回答第二个问题，就是如何思考业务之间的协同性，还有是否存在经营杠杆。 Well, 我想先给一个结论，就是我们的各业务之间不仅有强协同性，而且在协同性和经营杠杆效应上，将会随着业务规模的增长和技术经验的积累而不断增强。首先，广告等业务拓展是基于内在资源所做的外延探索。过去我们通过社交娱乐等业务触达了全球流量，随着发展，我们发现不同区域的流量变现效率差异较大，部分地区的广告变现效率比直播更高。基于此，我们发展了 BIGO Ads。其次，如刚刚提到的广告业务的竞争优势时说的，基于海量高频用户的数据和广告主资源以及 IT 等基建，广告技术等业务有资源和技术优势，并持续反哺直播业务，推动生态协同性的增强和经营杠杆的效率提升。我们相信，随着广告等业务的高增长，公司将步入下一个快速增长的阶段，成为一个多元化的高成长科技公司。

Jane Xie: 接下来回答第二个问题, 就是如何思考业务之间的协同性, 还有是否存在经营杠杆。那我想先给一个结论, 就是我们的各业务间不仅有强协同性, 而且在协同性和经营杠杆效应上, 将会随着业务规模的增长和技术经验的积累而不断增强。首先, 广告等业务拓展是基于内在资源所做的外延探索。过去我们通过社交娱乐等业务触达了全球流量。随着发展, 我们发现不同区域的流量变现效率差异较大, 部分地区的广告变现效率比直播更高。基于此, 我们发展了 BIG ADS。其次, 如刚刚提到的广告业务的竞争优势时说的, 基于海量高频用户的数据和广告主资源以及 IT 等基建, 广告技术等业务有资源和技术优势, 并持续反哺直播业务, 推动生态协同性的增强和经营杠杆的效率提升。所以我们相信随着广告等业务的高增长, 公司将步入下一个快速增长的阶段, 成为一个多元化的高成长科技公司。

Ting Li: [Foreign]接下来回答第二个问题，就是如何思考业务之间的协同性，还有是否存在经营杠杆。 Well, 我想先给一个结论，就是我们的各业务之间不仅有强协同性，而且在协同性和经营杠杆效应上，将会随着业务规模的增长和技术经验的积累而不断增强。首先，广告等业务拓展是基于内在资源所做的外延探索。过去我们通过社交娱乐等业务触达了全球流量，随着发展，我们发现不同区域的流量变现效率差异较大，部分地区的广告变现效率比直播更高。基于此，我们发展了 BIGO Ads。其次，如刚刚提到的广告业务的竞争优势时说的，基于海量高频用户的数据和广告主资源以及 IT 等基建，广告技术等业务有资源和技术优势，并持续反哺直播业务，推动生态协同性的增强和经营杠杆的效率提升。我们相信，随着广告等业务的高增长，公司将步入下一个快速增长的阶段，成为一个多元化的高成长科技公司。

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Jane Xie: 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, and I believe that the benefits of our synergies and operating leverage will increase with the growth of scale and the improvement of our tech capability. First of all, our current progress in our Ad Tech business is built on top of our established operational capabilities in live streaming. In the past, we have accumulated a massive user base through our social entertainment products, and along the way, we figured that traffic and monetization efficiency is very different among different regions. In some, in certain regions, advertising turned out to be a better monetization tool than live streaming.

Alex Liu: 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. And I believe that the benefits of our synergies and operating leverage will increase with the growth of scale and the improvement of our tech capability. First of all, our current progress in our ad tech business is built on top of our established operational capabilities in live streaming. In the past, we have accumulated a massive user base through our social entertainment product. And along the way, we figured that traffic and monetization efficiency are very different among different regions. In certain regions, advertising turned out to be a better monetization tool than live streaming. And it's based on this observation that we launched BIG ads.

And now moving onto your next question on our synergy I'd like to first come to the conclusion of the highlight that there are obviously very strong synergies among our businesses and I believe that the benefits of our synergies and operating leverage will increase with the growth of scale and deep.

None of our tech capability.

Of all our current progress and our AD Tech business is still on top of our established operational capabilities.

On in the past, we have accumulated a massive user base through our social entertainment products and along the way we figure that traffic.

And efficiency.

Very different among different regions.

Some in southern regions advertising turned out to be a better monetization tool they'll not dreaming and it's based on this observation of innovation that we launched video ads.

Jane Xie: It's based on this observation that we launched BIGO Ads. Secondly, as I mentioned earlier, referring to our competitive edge in Ad Tech, our Ad Tech business has inherent resources and tech capabilities, leveraging on the group's massive user data, established advertiser outreach, as well as our network and tech infrastructure. Therefore, BIGO Ads has got the right ingredients to sustain growth. As we grow our Ad Tech business, we expect our achievements in Ad Tech will also, in the end, empower our live streaming business as well, further enhancing our synergy benefits and also our operating leverage.

Alex Liu: And secondly, as I mentioned earlier, referring to our competitive edge in ad tech, our ad tech business has inherent resources and tech capabilities, leveraging on the group's massive user data, established advertiser outreach, as well as our network and tech infrastructure. And therefore, BIG ads has got the right ingredients to sustain growth. And as we grow our ad tech business, we expect our achievements in ad tech will also, in the end, empower our live streaming business as well, further enhancing our synergy benefits and also our operating leverage. Well, 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. So that's the end. That was the last question. Thank you so much for joining this call. We look forward to speaking with everyone next quarter. Thank you.

And secondly, as I mentioned earlier.

Referring to our competitive edge in attack.

Our AD tech business has inherent.

Please raise it and tech capabilities leveraging on the.

Massive user data.

Establish advertiser.

Advertise the outreach as well as our network and tech infrastructure.

And therefore, a beagle ads has got the right.

Ingredients to sustained growth and as we grow our AD Tech business, we expect all of our achievements and attack will also Indiana empower our streaming business as well further enhancing our synergy benefits and also our operating leverage well.

Jane Xie: 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. That's the end. That was the last question. Thank you so much for joining this call. We look forward to speaking with everyone next quarter. Thank you.

We remain confident that as we continue to grow our <unk> business, we will evolve beyond an.

Our current stage and transition into a diversified high growth Tech company.

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.

[Operator 2]: 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.

Operator: Hey, 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.

Operator: 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.

It's like you also ma'am your time with us.

Rest of the management team.

Conference call has now concluded again, we thank you all for attending today's presentation at this time in your disconnect. Thank you.

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