Q4 2025 JOYY Inc Earnings Call

March 11, 2026

Speaker #1: After the management's prepared remarks, there will be a question-and-answer session. I'd now like to hand the conference over to your host today, Jane Shear, the company's Senior Manager of Investor Relations.

Jane Xie: Thank you, operator. Hello, everyone. Welcome to JOYY's Q4 and full year 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. The 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 including, but not limited to, the future development of our products and businesses, the expected future financial performance of the company, our share repurchases, and other future events, which are inherently subject to risks and uncertainties that may cause actual results to differ from our current expectations.

Speaker #1: Please go ahead, Jane.

Speaker #2: Thank you, Operator. Hello, everyone. Welcome to JOYY's fourth quarter and full year 2025 earnings conference call. Joining us today are Ms. Tingley, Chairperson and CEO of JOYY, and Mr. Alex Liu, Vice President of Finance.

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 iron.joyy.com.

Speaker #2: The replay of this call will also be available on our website in a few hours. Before we continue, I'd like to remind you that we may make forward-looking statements, including but not limited to the future development of our products and businesses, the expected future financial performance of the company, our share repurchases, and other future events, which are inherently subject to risks and uncertainties that may cause actual results to differ from our current expectations.

Jane Xie: 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. We will also discuss certain non-GAAP financial measures that are included as additional clarifying items to aid investors in further understanding the company's performance and the impact that these items and events had on the financial results. The non-GAAP financial measures provided above should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with GAAP. You may find a reconciliation of 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 U.S. dollars. I will now turn the call over to our Chairperson and CEO, Ms. Ting Li. Please go ahead.

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.

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

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

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

Ting Li: Hello, everyone. I'm Ting Li. Thank you for joining us today. In 2025, our group revenue and the social entertainment business regained growth momentum since Q2. We saw meaningful progress in our second growth curve of EdTech and other emerging areas. Together, these results are shaping our clear strategic framework as a global technology company with multiple growth engines. Let me start with the overview of our results. In Q4, live streaming maintained its sequential recovery trend, while our advertising platform saw accelerated top-line growth. Meanwhile, non-GAAP operating profit and cash flow remained robust. In Q4, total revenue reached $581.9 million, up 7.7% QOQ and 5.9% year-over-year, representing our fourth positive year-over-year growth since the second half of 2024.

Speaker #3: Hello, everyone. I'm Li Ting. Thank you for joining us today. In 2025, our group revenue and the social entertainment business regained growth momentum since Q2.

Speaker #3: And we saw meaningful progress in our second growth curve of ad tech and other emerging areas. Together, these results are shaping our clear strategic framework as a global technology company with multiple growth engines.

Speaker #3: Let me start with the overview of our results. In Q4, live streaming maintained a sequential recovery trend. Meanwhile, our advertising platform saw solid, record top-line growth.

Speaker #3: Meanwhile, non-GAAP operating profit and cash flow remained robust. In the fourth quarter, total revenue reached $581.9 million, up 7.7% quarter-over-quarter and 5.9% year-on-year, representing our first positive year-on-year growth since the second half of 2024.

Ting Li: Live streaming revenue was $394.4 million, up 1.5% QOQ, marking three consecutive quarters of sequential growth. BIGO Ads, including both first- and third-party ads, generated $128.1 million in revenue, up 61.5% year-over-year, with third-party audience network revenue growth accelerating to 82.5% year-over-year. Overall, non-live streaming business contributed 32.2% of total group revenue. Non-GAAP operating profit stood at $40.8 million, and operating cash flow totaled $116 million. For the full year, total revenue was $2.12 billion. Live streaming contributed $1.53 billion, while Bigo contributed $398.5 million, up 38.5% year-over-year. In particular, Bigo third-party ads revenue, Audience Network, delivered 56.3% year-over-year growth.

Speaker #3: Live streaming revenue was $394.4 million, up 1.5% quarter-over-quarter in Q2, marking three consecutive quarters of sequential growth. Bigger eighths, including both first- and third-party eighths, generated $128.1 million in revenue.

Speaker #3: Up 61.5% year-on-year, with third-party audience network revenue growth accelerating to 82.5% year-on-year. Overall, non-live streaming business contributed 32.2% of total group revenue. Non-GAAP operating profit stood at $40.8 million, and operating cash flow totaled $116 million.

Speaker #3: For the full year, total revenue was $2.12 billion. Live streaming contributed $1.53 million. While BIGO Eighths contributed $398.5 million, up 38.5% year-on-year. In particular, BIGO Eighths third-party Eighths revenue audience network delivered 56.3% year-on-year growth.

Ting Li: Non-live streaming businesses represented 28% of total revenue, an increase of 7.9 percentage points compared with 2024. In 2025, non-GAAP operating income and non-GAAP EBITDA were $150.8 million and $189.8 million, up 10.8% and 10.9% year-over-year, respectively. As of December 31, we held $3.26 billion in net cash. Our strong operating cash flow and balance sheet continue to support consistent shareholder returns. In 2025, we returned $332 million through share repurchases and dividends. With improved business visibility and ongoing operational optimization, we are confident we will continue to deliver solid performance.

Speaker #3: Non-live streaming businesses represented 28% of total revenue, an increase of 7.9 percentage points compared with Q4 2024. In Q4 2025, non-GAAP operating income and non-GAAP EBITDA were $150.8 million and $189.8 million, respectively.

Speaker #3: Up 10.8% and 10.9% year-on-year, respectively. As of December 31, we held $3.26 billion in net cash. Our strong operating cash flow and balance sheet continue to support consistent shareholder returns.

Speaker #3: In 2025, we returned $332 million through share repurchases and dividends. With improved business visibility and ongoing operational optimization, we are confident we will continue to deliver solid performance.

Ting Li: In light of our strong performance and continued double-digit non-GAAP operational profitability improvements in 2025, the board has approved additional cash dividend of approximately $20 million, representing approximately 10% of the total cash dividends declared for the year of 2025. On top of company's regular quarter dividend schedule, this demonstrates our ongoing commitment to drive operational improvement and enhance shareholder returns. Next, let me share our strategic forecast on outlook. We are currently evaluating refinements to our segment report structure, and we are considering to report our result on the three major business segments, social entertainment, ad tech, and e-commerce SaaS, beginning since Q1 2026. This new structure will make it easier to see and understand the progress we make within each business. Our social entertainment business remains the cornerstone of our profitability and cash flow.

Speaker #3: In light of our strong performance and continued double-digit non-GAAP operational profitability improvements in 2025, the Board has approved an additional cash dividend of approximately $20 million.

Speaker #3: Representing approximately 10% of the total cash dividends declared for the year of 2025. On top of the company's regular quarterly dividend schedule, this demonstrates our ongoing commitment to drive operational improvement and enhance shareholder returns.

Speaker #3: Next, let me share our strategy forecast on outlook. We are currently evaluating refinements to our segment reporter structure, and we are considering reporting our results on the three major business segments.

Speaker #3: Social engagement, ad tech, and e-commerce (SaaS) beginning since the fourth quarter of 2026. This new structure will make it easier to see and understand the progress we make within each business.

Speaker #3: Our social entertainment business remains the cornerstone of our profitability and cash flow. Meanwhile, Bigger Eighths and Shoplife are filling our next stage of growth with improving mid- to long-term economics and expanding profitability potential.

Ting Li: Meanwhile, BIGO Ads and Shopline are fueling our next stage of growth with improving mid to long-term economics and expanding profitability potential. Together, these businesses position JOYY for a return to sustainable and profitable growth. From a long-term perspective, their combined strengths and synergies will serve as the fueled engine through which we can eventually penetrate addressable market beyond what would be possible for each business individually. We believe 2026 will be a landmark year for JOYY, marking the resolute beginning of our renewed growth journey and a defining step toward becoming a global diversified multi-engine technology company. Now, let's turn to our operating update. In Q4, our core social entertainment business achieved its third consecutive quarter of sequential recovery. Global social MAUs reached 272.1 million, up 2.2% quarter-over-quarter.

Speaker #3: Together, these businesses position JOYY for a return to sustainable and profitable growth. From a long-term perspective, their combined strengths and synergies will serve as an unfiltered engine through which we can eventually penetrate addressable markets beyond what would be possible for each business individually.

Speaker #3: We believe 2026 will be a landmark year for JOYY, marking the resolute beginning of our renewed growth journey and the defining step toward becoming a global, diversified, multi-engine technology company.

Speaker #3: Now, let's turn to our operating updates. In Q4, our core social entertainment business achieved its third consecutive quarter of sequential recovery. Global social MLS reached $272.1 million, up 2.2% quarter over quarter.

Ting Li: Traffic from our instant message increased 4.5% QOQ, driven by high user stickiness and user organic growth. Both average user time spent and retention improved year-over-year. On the revenue side, live streaming revenue rose to $394.4 million, up 1.5% QOQ. The developer market recorded a strong recovery, with revenue climbing 3.4% QOQ. BIGO's total paying users rose 1.5% QOQ. Okay. On our current four flagship products, we further enhanced our streamer incentive structure and integrated AI-driven features across critical stage of the user journey, boosting both engagement and payment efficiency. For example, by integrating LLM architecture and incorporating multi-modal information into our recommendation systems, we improved our ability to understand both live streaming content and user interest.

Speaker #3: Traffic from our instant message increased 4.5% QQ. Driven by high user stickiness and user organic growth, both average user time spent and retention improved year-on-year.

Speaker #3: On our revenue side, group live streaming revenue rose to $394.4 million, up 1.5% quarter-over-quarter. Developed market recorded strong recovery, with revenue climbing 3.54% quarter-over-quarter.

Speaker #3: Bigger total paying user rose 1.5% quarter-over-quarter. On our current four flagship products, we further enhanced our streamer incentive structure and integrated AI-driven features across critical stages of the user journey.

Speaker #3: Boosting both engagement and payment efficiency—for example, by integrating LLM architecture and incorporating multimodal information into our recommendation systems—we improved our ability to

Speaker #1: To understand both less content and user interest, the optimized recommendation precision and distribution efficiency led to a 5.6% increase in bigger lives.

Ting Li: The optimized recommendation precision and distribution efficiency led to a 5.6% QOQ increase in BIGO LIVE's average viewing time per user in Q4. Furthermore, user adoption of AI-generated vertical gifts continues to grow. As of January 2026, the consumption of AI interactive gifts on BIGO LIVE has surpassed 30% of total vertical gift consumption. We are making solid progress on our new product lineup, leveraging our established capabilities in product development, content, payments, infrastructure, and local operations. We are expanding new product incubation and growth. In Q4, revenue from new products increased 37.9% QOQ, setting new monthly records. In 2026, we expect continued recovery in the paying users or ARPU for our flagship products, driven by ongoing operational refinements. Meanwhile, we anticipate our new product lineup will sustain robust growth and bring further incremental live streaming revenue.

Speaker #1: Average will win time for user in Q4. Furthermore, user adoption of AI-generated vertical GIFs continues to grow. As of January 2026, the construction of AI interactive GIFs on BIGO Live has surpassed 30% of total vertical GIFs consumption.

Speaker #1: We are making solid progress on our new product line up , leveraging our established capabilities in product development , content payment and infrastructure , and local operations .

Speaker #1: We are expediting new product incubation and growth in Q4. Revenue from new products increased 37.9% quarter-over-quarter, setting new monthly records in 2026.

Speaker #1: We expect continued recovery. The paying users of approved for our flagship products, Jaden. By ongoing observational refinements. Meanwhile, we anticipate our new product lineup will sustain growth and bring further incremental streaming revenue.

Ting Li: We are confident our social entertainment segment will regain growth momentum, delivering healthy profitability, and cash flow for the group. Turning to BIGO Ads. In Q4, BIGO Ads delivered $128.1 million in advertising revenue, up 51.5% year-over-year and 23.3% QOQ. Third-party ads revenue on BIGO's network grew 82.5% year-over-year and 27.3% QOQ, demonstrating accelerated growth momentum on a sequential basis for the third consecutive quarter. We fueled this growth through broader traffic coverage, multi-vertical advertiser expansion, and ongoing algorithm optimization. First-party traffic expanded steadily, supported by higher MAUs and ad fill rates that drove sequential revenue and profit growth. Third-party traffic also increased, with ad request growing by 166% year-over-year and 23% QOQ.

Speaker #1: We are confident our social entertainment segment will regain growth momentum, deliver healthy profitability, and cash flow for the group. Turning to figure eight.

Speaker #1: In Q4, Figure Eight delivered $128.1 million in advertising revenue, up 61.5% year over year and 23.3% quarter over quarter. Third-party revenue from Audience Network grew 82.5% year over year and 27.3% quarter over quarter, demonstrating growth momentum on a sequential basis.

Speaker #1: For the third quarter We filled this growth through border traffic coverage , multi vertical advertising expansion and ongoing algorithm optimization First party traffic is bending steadily , supported by higher Maus and AD fill rates that drove the sequential revenue and profit growth Third party traffic also increased with SDK requests growing by 166% year on year , and 23% QOQ Our diversified verticals across entrance , e-commerce and i.a.a guns broadened market coverage and allowed us to capture seasonal advertising demands .

Ting Li: Our diversified vertical strategy across insurance, e-commerce, and IAA games broadened market coverage and allowed us to capture seasonal advertising demands more effectively. Q4 was a peak season for US insurance, advertising, and prime, outright for e-commerce campaigns, such as Black Friday, web-based demand, primarily from insurance. D2C e-commerce advertisers grew 20%, contributing to a boost in revenue. Enhanced placement performance led the IAA vertical, primarily casual games, to a 39% sequential increase. Overall, the number of key cohorts increased by 29%, and the total spending of key cohort climbed 34%. By region, we believe the market continued to be our priority, with North America up over 21% QOQ, and Western Europe rising 46% QOQ. To take advantage of exciting momentum, we will deepen our presence in key verticals, including lead generation ads, e-commerce, and games.

Speaker #1: More effectively Therefore , was peak season for us . Endurance advertising and the prime project for e-commerce campaigns such as Black Friday . Web based demand , primarily from insurance and day to C e-commerce advertisers , grew 20% , contributing to a boost in revenue Enhanced placement performance led the IAEA vertical primarily casual games , to a 39% sequential increase Overall , the number of key cohorts increased by 29% and total spending of key cohorts climbed 34% .

Speaker #1: By writing , we delivered market continued to be our priority with not American up over 21% . And Western Europe rising 46% . QQ To take advantage of existing momentum , we will depend our presence in key verticals , including lead generation aid , e-commerce and games .

Ting Li: This multi-vertical approach will serve as our structure and a differentiated competitive edge over the mid to long term. Concurrently, we will expand our advertiser base and penetrate deeper into developing countries, while continuously optimizing our algorithms. We have established a 3-year roadmap for the BIGO Audience Network, targeting a revenue milestone of $1 billion by 2028, accompanied by steady improvements in economics. Finally, a word on Shopline. Beginning in 2026, we are considering to report Shopline as a separate business segment to reflect our confidence in its growth prospects. Over the past year, Shopline maintained double-digit revenue growth, driven by the cross-border merchant base, its YoY double-digit expansion, and its rising contributions to revenue.

Speaker #1: This vertical approach will serve as our structure and deep-rooted competitive edge over the mid to long term. Concurrently, we will expand our advertiser base and penetrate deeper into developing countries.

Speaker #1: Well continuously optimizing our algorithm . We have established a three year roadmap for the bigger audience network targeting a revenue milestone of 1 billion by 2028 , accompanied by steady improvements in economics Finally , a word on shop line Beginning in 2026 , we are considering to report shop line as a separate , separate business segment to the reflect our confidence in its growth prospects .

Speaker #1: Over the past years, Shop Line maintained double-digit revenue growth, driven by the cross-border merchant base's share double-digit expansion and its rising contribution to revenue.

Ting Li: While we have normalized the Shopline's R&D spending, backed by steady top line and gross profit gains, we see a clear and achievable path for Shopline to reach break-even while sustaining its double-digit revenue growth trajectory. Turning to capital return. In Q4, we repurchased $67.4 million of shares. For the full year, total repurchases reached $134.6 million, with momentum accelerating in the second half. We believe our current valuation does not fully reflect our intrinsic value. We remain committed to actively utilizing our buyback programs. Looking ahead, as we continue to scale our business and strengthen our operating profitability, we will work closely with the board to explore possible measures to further enhance our shareholder return mechanisms. In summary, our strategic blueprint and ecosystem potential are only beginning to unfold.

Speaker #1: While we have normalized shop lines up , disbanded , backed by steady top line and gross profit gains , we see a clear and achievable path for short line to reach break even where sustaining a double digit revenue growth trajectory Turning to capital return improved .

Speaker #1: For Q4, we repurchased 67.4 million shares for the full year. Total repurchases reached $160.34 million, with momentum accelerating in the second half.

Speaker #1: We believe our current valuation does not fully reflect our intrinsic value We remain committed to actively analyzing our buyback programs Looking ahead as we continue to scale our business and strengthen our operating profitability , we will work closely with the board to explore possible measures to further enhance our shareholders return mechanism In summary , our strategic blueprint and ecosystem potential are only beginning in unfold We view 2026 as a fresh start toward our next phase of growth We remain focused on execution , and we are confident that sustained growth and profitability improvements will demonstrate our true value Leveraging our integrated ecosystem , we remain committed to strengthening joint position and delivery long term value for our shareholders Now let's beginning from Alex Liu

Ting Li: We view 2026 as a fresh start toward our next phase of growth. We remain focused on execution, and we are confident that sustained growth and profitability improvements will demonstrate our true value. Leveraging our integrated ecosystem, we remain committed to strengthening joint position and delivering long-term value for our shareholders. Now let's begin with Alex Liu.

Alex Liu: Thanks, Miss Li. Hello, everyone. In Q4 2025, we recorded total net revenues of $581.9 million, securing a year-over-year growth of 5.9% and quarter-over-quarter growth of 7.7%. This marks an inflection point of our top line trend on a year-over-year basis since Q3 2024. Our live streaming business delivered its third sequential recovery, with its live streaming revenue increasing by 1.5% quarter-over-quarter. Our advertising business, in particular, BIGO Ads, continued to deliver exceptional growth, with its revenue up by 61.5% year-over-year and 23.3% quarter-over-quarter. Our operating cash flow remains strong at $160 million in Q4, and we ended the quarter with roughly $3.26 billion in net cash.

Speaker #2: Thanks , Misty . Hello everyone In the fourth quarter of 2025 , we recorded total net revenues of 581.9 million , securing a year over year growth of 5.9% and quarter over quarter growth of 7.7% .

Speaker #2: This marks an inflection point of our top line trend on a year over year basis . Since the third quarter of 2020 . For our livestreaming business delivered a third sequential recovery with its live streaming revenue increasing by 1.5% quarter over quarter Our advertising business in particular , edge , continued to deliver exceptional growth with its revenue up by 69.5% year over year and 23.3% quarter over quarter Our operating cash flow remained strong at 160 million in Q4 , and we ended the quarter with roughly 3.26 billion in net cash As previously communicated with accelerated share buyback during the quarter , buying back 67.4 million worth of our shares , nearly doubling our Q3 share repurchase volume .

Alex Liu: As previously communicated, we accelerated share buyback during the quarter, buying back $67.4 million worth of our shares, nearly doubling our Q3 share repurchase volume. For the full year of 2025, we booked total net revenues of $2.12 billion. In particular, BIGO Ads booked $398.5 million in total revenue, delivering 38.5% year-over-year growth. Third-party BIGO Audience Network achieved impressive growth of 56.3% while sustaining profitability. Our non-GAAP operating income was $150.8 million, up by 10.8% year-over-year, and our operating cash flow was $305 million. After the year of 2025, our total capital return to shareholders, including cash dividends, reached $332 million, which represents 108.8% of our operating cash flow.

Speaker #2: For the full year of 2025 , we booked total net revenues of 2.12 billion . In particular , Big Ass took 398.5 million in total revenue , delivering 38.5% year over year growth Third party big audience network achieved impressive growth of 56.3% , while sustaining profitability .

Speaker #2: Our non-GAAP operating income was 150.8 million , up by 10.8% year over year , and our operating cash flow was 305 million . Soon after the year of 2025 , our total capital return to shareholders , including dividends , reached 332 million , which represents 108.8% of our operating cash flow .

Alex Liu: I will now dive deeper into our detailed financial performance. Looking at our live streaming business, our total live streaming revenues was $394.4 million for Q1, $331.8 million of which was from BIGO segment, both up quarter-over-quarter. Our refined streamer initiatives and continued AI-driven optimization of our content distribution and paying user experience have contributed to improved paying sentiment. The BIGO's total paying users increased by 1.5%. Live streaming revenue from developed countries increased by 3.4% quarter-over-quarter. Our total non-live streaming revenues were $187.1 million during Q1, up by 47.6% year-over-year.

Speaker #2: As now , dive deeper into our detailed financial performance Looking at our streaming business , our total live streaming revenues was 294 point 4 million for the fourth quarter , 371.8 million of which was from Bigo segment , both up quarter over quarter Our refined streamer incentive and continued AI drive optimization of our content distribution and paying user experience have contributed to improved patient sentiment .

Speaker #2: With Eagles, total users increased by 1.5%. Live streaming revenue from developed countries increased by 3.4% quarter over quarter. Our total non-live streaming...

Speaker #2: Revenues were 187.5 million . During the fourth quarter , up by 47.6% year over year Now , now live streaming now contributes 32.2% of our total gross revenues , up from only 23.1% contribution in the same period last year Eagles advertising revenues increased by 69.5% year over year , and 23.3% quarter over quarter to 128.1 million .

Alex Liu: Non-live streaming now contributes 32.2% of our total group revenues, up from only 23.1% contribution in the same period last year. BIGO's advertising revenues increased by 61.5% year-over-year and 23.3% quarter-over-quarter to $128.1 million. In particular, our third-party ad revenue, BIGO Audience Network, delivered exceptional results recording 82.5% year-over-year and 27.3% sequential growth. On the traffic front, SPK network ad request was up by 166% year-over-year and 23% quarter-over-quarter in Q4. We continued to tune and optimize our algo reserve to further improve our campaign performance, which saw advertiser spending.

Speaker #2: In particular , our third party ads revenue because all these network delivered exceptional results recording 82.5% year over year and 27.3% sequential growth on the traffic front , SDK network ad request was up by 166% year over year , and 23% quarter in Q4 .

Speaker #2: We continued to train and optimize our algorithm to further improve our campaign performance, which drove advertiser spending in Q4. The number of key cohorts was up by 29% quarter over quarter, with total spending from three cohorts up by 34% quarter over quarter. Our multi-industry strategy helped us capture broader market opportunities.

Alex Liu: In Q4, the number of key cohorts was up by 29% quarter-over-quarter, with total spending from key cohorts up by 34% quarter-over-quarter. Our multi-industry strategy has helped us capture broader market opportunities. Web-based demand was up by 20% quarter-over-quarter. Mobile-based demand continued to be strong, with a spending up by 39% quarter-over-quarter. We have outlined our three-year strategic goal for BIGO Audience Network, which is maintaining high velocity growth and reaching three-year revenue milestone of $1 billion. In the near term, this means that we need to invest in the expansion of our R&D and shows capabilities as well as our network and computing infrastructure.

Speaker #2: Web based demand was up by 20% quarter over quarter . Mobile based demand continued to strong , with air spending up by 39% quarter on quarter We have outlined our three year strategic goal for bigger audience network , which is maintaining high velocity growth and reaching three .

Speaker #2: Year revenue milestone of 1 billion in the near term . This means that we need to invest in the expansion of our R&D and shows capabilities , as well as our network and computing infrastructure But given the health economics of all this network at this stage , they are confident that as we scale , we will remain profitable and potentially further enhance all this has network economics in the mid-term Group's gross profit was be 205.6 million in the quarter , with a gross margin of 35.3% .

Alex Liu: Given the healthy economics of all this network at this stage, we are confident that as we scale, we will remain profitable and potentially further enhance all this network economics in the mid-term. Group's gross profit was $205.6 million in the quarter, with a gross margin of 35.3%. Gross margin was down quarter-over-quarter due to a shift in our revenue mix, which saw an increased contribution from our lower-margin network ad revenues. All other segments' gross margin was up by 5.1 percentage points year-over-year to 46.7%, primarily due to growth in high-margin non-live streaming revenues. Our group's operating expenses for the quarter were $187.8 million. Our operating expenses were higher last year due to certain non-cash goodwill impairment charges.

Speaker #2: Gross margin was down quarter over quarter due to a shift in our revenue mix, which saw an increased contribution from our lower-margin network and revenues.

Speaker #2: All other segments' gross margin was up by 5.1 percentage points year over year to 46.7%, primarily due to growth in high-margin non-live streaming revenues. Our group's operating expenses for the quarter were $187.8 million.

Speaker #2: Our operating expenses were higher last year due to certain non-cash goodwill impairment charges. Sales and marketing expenses were higher year over year as our ROI-focused user acquisition returned to a normalized level.

Alex Liu: Sales and marketing expenses were higher year-over-year as our ROI-focused user acquisition returned to normalized level following one-off advertising savings associated with temporary App Store interruption in Q4 last year. For our R&D and G&A expenses, we maintained prudent and disciplined in our total spending through enhanced resources sharing and operating synergy across different business units. While strategically allocating incremental share of our R&D resources towards BIGO Ads, our group's non-GAAP operating income for the quarter was $40.8 million. Our non-GAAP operating income was lower this year, primarily due to the impact of one-off advertising savings last year. Non-GAAP net income attributable to controlling interest of JOYY Inc. in the quarter was $30.3 million. The group's non-GAAP net income margin was 12.1% in the quarter.

Speaker #2: Following one off advertising savings with temporary app Store interruptions in Q4 last year For our R&D and G&A expenses , we maintained prudent and disciplined in our total spending through enhanced resource sharing and operating synergy across different business units while strategically allocated incremental share of our R&D resources towards bigger ads Our group's non-GAAP operating income for the quarter was 40.8 million .

Speaker #2: Our non-GAAP operating income was lower this year, primarily due to the impact of advertising savings last year. Non-GAAP net income attributable to controlling interest of JOYY in the quarter was $70.3 million.

Speaker #2: The group's non-GAAP net income margin was 12.1% in the quarter. Our non-GAAP net income was lower due to the impact of one-off advertising savings last year and higher FX loss due to the weakening dollar this year. For the fourth quarter of 2025, we booked net cash inflows from operating activities of $160 million.

Alex Liu: Our non-GAAP net income was lower due to the impact of one-off advertising savings last year, and higher FX loss due to weakening dollar this year. For Q4 2025, we booked net cash inflows from operating activities of $160 million. Our balance sheet remains healthy, with a strong net cash position of $3.26 billion as of 31 December 2025. Shareholder return continued to be an important component of our capital allocation strategy. We have returned $197.3 million to our shareholders through dividends, and then repurchased $134.6 million worth of our shares during the year. We believe we are still sustainably undervalued. We will continue to actively utilize our buyback program in 2026.

Speaker #2: Our balance sheet remains healthy with a strong net cash position of $3.26 billion as of December 31st, 2025. Shareholder return continued to be an important component of our capital allocation strategy. We have returned $197.3 million to shareholders through dividends and repurchased $134.6 million worth of our shares during the year.

Speaker #2: We believe there are still sustainably undervalued We will continue to actively utilize our buyback program in 2026 . Additionally , in light of our strong performance and continued double digit non-GAAP operating profitability improvements in 2025 , the board has approved a additional cash dividend of approximately 20 million , representing approximately 10% of the total cash dividends declared for the year of 2025 .

Alex Liu: Additionally, in light of our strong performance and the continued double digit non-GAAP operating profitability improvements in 2025, the board has approved an additional cash dividend of approximately $20 million, representing approximately 10% of the total cash dividends declared for the year of 2025. On top of the company's regular quarterly dividend schedule. This demonstrates our ongoing commitment to drive operational improvement and enhance shareholder returns. Turning now to our business outlook. At the group level, we expect our net revenues for Q1 2026 to be between $538 million and $548 million.

Speaker #2: On top of the company's regular quarterly dividend schedule, this demonstrates our ongoing commitment to drive operational improvement and enhance shareholder returns. Turning now to our business outlook at the group level, we expect our net revenues for the quarter of 2026 to be between $538 million and $548 million.

Alex Liu: This implies 8.8% to 10.9% year-over-year growth for the group's revenue in Q1, with live streaming revenues back to positive year-over-year growth, while BIGO Ads delivered mid-double digits year-over-year growth in Q1 despite the impact of seasonality. As Mr. Ting Li just mentioned, beginning in Q1 2026, we are evaluating certain refinements to our segment reporting, and we are considering to report our results in the three business segments, which includes social entertainment, BIGO Ads, and E-commerce SaaS. We believe the new segments will make it easier to see and understand our operational progress, particularly our new initiatives. Looking ahead, we are extremely excited about their tremendous synergy potential and the powerful flywheel momentum that our business segments will deliver in the medium to long term. That concludes our prepared remarks.

Speaker #2: This implies a 8.8% to 10.9% year over year growth for the group's revenue in quarter one , with live streaming revenues back to positive year over year growth While video ads delivered made double digits year over year .

Speaker #2: Growth in the first quarter . Despite the impact of seasonality As Miss Kim Li just mentioned Beginning in the first quarter of 2026 , were evaluated 30 refinements to our segment reporting , and they are considering to report our results and three business segments with include social entertainment , big ads , and e-commerce sites .

Speaker #2: We believe the new segment will make it easier to see and understand our operational progress, particularly our new initiatives. Looking ahead, we are extremely excited about the tremendous synergy and the powerful momentum that our business segments will deliver in the medium to long term.

Alex Liu: Operator, we would now like to open up the call to questions. Thanks.

Speaker #2: That concludes our prepared remarks, operator. We would now like to open up the call to questions. Thanks.

Operator: Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. 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. Your first question today comes from Thomas Chong with Jefferies. Please go ahead.

Speaker #3: Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced.

Speaker #3: If you wish to cancel your request , please press star two . If you're on a speakerphone , please pick up the handset to ask your question 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 Your first question today comes from Thomas Chong with Jefferies .

Thomas Chong: Good morning. Thanks, management, for taking my question. I have two questions. The first one is about the live streaming business. Can management talk about the key factors for recovery and how should we think about the long-term trend? My second question is about the 2026 outlook. Can management talk about the full year revenue and profit guidance? Thank you.

Speaker #3: Please go ahead

Speaker #4: Your he The You can chang the You Good morning . Thanks . For taking my question . I have two questions . The first one is about the live streaming business Can management talk about the key factors for recovery ?

Speaker #4: And how should we think about the long-term trend? And my second question is about the 2026 outlook. Can management talk about the full year, and revenue and profit guidance?

Ting Li: 所以在运营层面的话，四季度我们持续在主播的激励机制、内容的生态搭建，还有AI在内容分发和用户内容消费，以及VIP付费用户的体验改善等多个方面进行了优化。那这些AI驱动的用户体验的改善，也进一步推动了付费转化率的持续提升。从区域来看的话，这轮的复苏主要是由发达国家的市场营收的复苏来驱动的。在新产品的整个的矩阵上，其实也实现了不错的这个环比增长。展望2026年，如此前所提到的，一次性的运营调整已经到位，不会再影响2026年。所以在这个基础上，我们将继续推进精细化用户的分层运营和激励体系的升级，以及全球优质内容的供给进一步丰富，还有支付基础设施的持续完善，包括新产品矩阵的增量贡献的逐步释放。我们预期2026年直播收入将实现稳健的同比正增长。

Speaker #4: Thank you

Speaker #1: Thomas H., I, too, thank you. Thomas, this is Li Ting. I will take your first question in the fourth quarter.

Ting Li: Thank you Thomas. This is Ting Li. I will take your first question. In Q4 our live streaming business continued its sequential recovery with both paying users in our pool are up sequentially. On operational side, we continue to make progress across several areas, including refining our streamer incentive system, strengthening our content offerings and also applying AI optimizations across content distribution, content consumption, and also the overall paying experience of our VIP. These AI driven optimizations have continued to translate into meaningful and sustainable improvements in our paying conversion efficiency. Geographically speaking, this recovery has been primarily driven by the developed market. Our new product line up continue to grow at a healthy rate and deliver solid QOQ growth, and we expect these products to continue to bring in incremental revenue as well.

[Translator]: Thank you Thomas. This is Ting Li. I will take your first question. In Q4 our live streaming business continued its sequential recovery with both paying users in our pool are up sequentially. On operational side, we continue to make progress across several areas, including refining our streamer incentive system, strengthening our content offerings and also applying AI optimizations across content distribution, content consumption, and also the overall paying experience of our VIP. These AI driven optimizations have continued to translate into meaningful and sustainable improvements in our paying conversion efficiency. Geographically speaking, this recovery has been primarily driven by the developed market. Our new product line up continue to grow at a healthy rate and deliver solid QOQ growth, and we expect these products to continue to bring in incremental revenue as well.

Speaker #1: Our live streaming business continued its sequential recovery with both paying users and our pool are up sequentially on operational side . We continue to make progress across several areas , including refining our streamer incentive system , strengthening our content offerings , and also applying AI optimizations across content distribution .

Speaker #1: Content consumption and also the overall paying experience of our VIP. And these AI-driven optimizations have continued to translate into meaningful and sustainable improvements in our paying conversion efficiency. Geographically speaking, this recovery has been primarily driven by the developed market.

Speaker #1: Our new product lineup continues to grow at a healthy rate, and deliver solid growth. And we expect these products to continue to bring in incremental revenue as well.

Jane Xie: Looking ahead, as we have mentioned, these one-off operational adjustments had been fully implemented, and we no longer expect they to have any negative impact on our performance for the new year. We will continue to advance our refined user segmentation and also incentive upgrades to expand our high quality content, global content offerings, and also better strengthen our global payment infrastructure. We also expect growing incremental contributions from our new product line up. On this basis, we expect our live streaming revenue to be back to steady positive year-over-year growth in the year 2026.

[Translator]: Looking ahead, as we have mentioned, these one-off operational adjustments had been fully implemented, and we no longer expect they to have any negative impact on our performance for the new year. We will continue to advance our refined user segmentation and also incentive upgrades to expand our high quality content, global content offerings, and also better strengthen our global payment infrastructure. We also expect growing incremental contributions from our new product line up. On this basis, we expect our live streaming revenue to be back to steady positive year-over-year growth in the year 2026.

Speaker #1: Looking ahead, as we have mentioned, these one-off operational adjustments have been fully implemented and we no longer expect them to have any negative impact on our performance for the new year.

Speaker #1: And we will continue to advance and refine our user segmentation and also incentivize upgrades, expand our high-quality content, global content offerings, and also better strengthen our global payment infrastructure.

Speaker #1: And we also expect growing incremental contribution from our new product lineup . So on these basis , we expect our live streaming revenue to be back to steady year over year growth in the year 2026 .

Alex Liu: 嗨，早上好，Thomas。对于您的第二个问题我来回答一下。四季度其实我们可以看到集团收入实现了同比、环比的双增长，直播业务延续了环比增长的势头，已经连续三个季度环比增长。广告业务的增长呢是进一步加速的。展望26年的一季度，目前我们的集团收入指引是实现同比8.8%到10.9%的增长。首先，直播业务是我们预期一季度将恢复同比的正增长。但从环比角度来讲，今年的Lunar New Year和三月都集中在一季度，和去年Q1情况是比较类似的。我们预期今年Q1还是会有季节性的影响。另外，Q1同样是广告业务的传统淡季，但我们仍然预期BIGO Ads将表现强劲，继续实现中双位数的同比增长。展望全年的话，我们对26年的收入增长是非常有信心的。三条业务线的增长路径都非常清晰。首先，直播业务。正如我们前面提到的，去年一次性的调整已经基本到位了，我们预期直播业务会重新回到同比稳健增长的趋势上。其次，在广告业务方面，进入到26年，流量规模在持续地扩张，多个垂类的广告主的覆盖也是在持续地加深。算法模型也在不断地迭代优化。这几个维度的改善其实是相互叠加的，会让我们BIGO Ads全年保持强劲的两位数的同比增长。那么电商SaaS方面，随着产品能力的持续完善，重点市场跨境商户的快速渗透以及新市场的逐步拓展，SaaS业务也将维持两位数的营收增长，共同推动集团收入重回稳定的同比增长的轨道，并打开更广阔的赛道空间。利润方面，直播业务增长的同时，其实我们的成本结构也在持续地优化。直播整体的利润将保持平稳的增长，但我们也会把其中一部分的利润投入到新的产品矩阵中来。第三方广告目前是处在一个高速扩张的阶段，今年在研发和销售团队的建设以及基建、带宽的投入上都会更加持续、更多地投入。但考虑在当前阶段，我们的盈利模型其实已经非常健康，我们有信心在保持盈利的基础上，随着规模的进一步提升，第三方广告的盈利能力在中期可以持续地增加。In revenue growth driven by SaaS can continue to narrow the losses, and the trend of reduction is also clear.

Alex Liu: In revenue growth driven by SaaS can continue to narrow the losses, and the trend of reduction is also clear. In summary, we expect 2026 year group non-GAAP operating profit and EBITDA to continue the improvement trend of 2025 and achieve a stable improvement in the mid-single digits year-over-year.

Speaker #2: Hi , Thomas . Do you Thank you Do the Big The One . To the other To the other woman at the Center .

Speaker #2: Since the woman in the—for the—the woman in the—in on EBITDA.

Alex Liu: In summary, we expect 2026 year group non-GAAP operating profit and EBITDA to continue the improvement trend of 2025 and achieve a stable improvement in the mid-single digits year-over-year.

Alex Liu: This is Alex. I will take your second question. Let's first take a quick recap of Q4. Our group revenue in Q4 deliver a very solid growth both year-over-year and quarter-over-quarter, with live streaming continuing its sequential recovery for third consecutive quarters and our ad tech business continuing, like, accelerating its year-over-year growth. For Q1, our current guidance implies a year-over-year growth rate of 8.8% to 10.9% for group's total revenue. Looking at live streaming, we expect live streaming revenue to be back to positive year-over-year growth since Q1.

[Translator]: This is Alex. I will take your second question. Let's first take a quick recap of Q4. Our group revenue in Q4 deliver a very solid growth both year-over-year and quarter-over-quarter, with live streaming continuing its sequential recovery for third consecutive quarters and our ad tech business continuing, like, accelerating its year-over-year growth. For Q1, our current guidance implies a year-over-year growth rate of 8.8% to 10.9% for group's total revenue. Looking at live streaming, we expect live streaming revenue to be back to positive year-over-year growth since Q1.

Speaker #1: And this is Alex . I will take your second question . Let's first take a quick look . Recap of Q4 . Our group revenue in Q4 delivered a very solid growth both year over year and shock with live streaming continuing its sequential recovery for third consecutive quarters .

Speaker #1: And our ad tech business continuing accelerating its year over year growth for Q1 . Our current guidance implies a year over year growth rate of 8.8 to 10.9% for group's total revenue .

Speaker #1: Looking at live streaming , we expect live streaming revenue to be back to positive year over year growth since Q1 But on a sequential basis , considering that the Lunar New Year and Ramadan both forward and Q1 this year Similarly , as last year , we expect there will be a similar seasonal softness for live streaming on a sequential basis for advertising , Q1 is also usually a soft quarter for advertising as well , but we still expect very robust performance from ads .

Jane Xie: On a sequential basis, considering that the Lunar New Year and Ramadan both fall into Q1 this year, similarly as last year, we expect there will be a similar seasonal softness for live streaming on a sequential basis. For advertising, Q1 is also usually a softer quarter for advertising as well, but we still expect very robust performance from BIGO Ads. Our current guidance implies mid-double-digit year-over-year growth for BIGO Ads. For the full year, based on the current momentum that we're observing across the three business units, we are very confident that we'll be able to achieve positive year-over-year revenue growth for the group in 2026.

[Translator]: On a sequential basis, considering that the Lunar New Year and Ramadan both fall into Q1 this year, similarly as last year, we expect there will be a similar seasonal softness for live streaming on a sequential basis. For advertising, Q1 is also usually a softer quarter for advertising as well, but we still expect very robust performance from BIGO Ads. Our current guidance implies mid-double-digit year-over-year growth for BIGO Ads. For the full year, based on the current momentum that we're observing across the three business units, we are very confident that we'll be able to achieve positive year-over-year revenue growth for the group in 2026.

Speaker #1: Our current guidance implies mid double digit year over year growth , for Google Ads for the full year , based on the current momentum that we're observing across the three business units , we're very confident that we'll be able to achieve positive year over year revenue growth for the group in 2026 .

Jane Xie: On live streaming, as we previously mentioned, those one-off adjustments from last year have been fully implemented and we expect our revenues to return to steady year-over-year growth. On ad tech, entering into the year 2026, we continue to see traffic expansion, deepening penetration across multi verticals and also ongoing model optimization to drive our revenue growth in year 2026. These drivers are mutually reinforcing. Together, we believe that they support our expectation for a very strong double-digit year-over-year growth for BIGO Ads for the full year of 2026.

[Translator]: On live streaming, as we previously mentioned, those one-off adjustments from last year have been fully implemented and we expect our revenues to return to steady year-over-year growth. On ad tech, entering into the year 2026, we continue to see traffic expansion, deepening penetration across multi verticals and also ongoing model optimization to drive our revenue growth in year 2026. These drivers are mutually reinforcing. Together, we believe that they support our expectation for a very strong double-digit year-over-year growth for BIGO Ads for the full year of 2026.

Speaker #1: On live streaming . As we previously mentioned , those one off adjustments from last year have been fully implemented , and we expect our revenues to return to steady year over year growth on uptake entering into the year 26 .

Speaker #1: We continue to see traffic expansion, deepening penetration across multiple verticals, and also ongoing model optimization to drive our revenue growth in year 26.

Speaker #1: And these drivers are mutually reinforcing and together we believe that they support our expectation for a very strong double digit year over year growth for bigger ads for the full year of 26 on our e-commerce SaaS business , we product capability development , rapid penetration in cross-border merchants in key markets , and also our graduate expansion into certain new markets in in the new year , we expect our revenue to sustain its double digit growth as well .

Jane Xie: On our e-commerce SaaS business, with continued product capability development, rapid penetration in cross-border merchants in key markets and also our gradual expansion into certain new markets in the new year, we expect our SaaS revenue to sustain its double-digit growth as well. Taken together, we believe that these three engines will put our top line back to a very stable and positive year-over-year growth trajectory, and enabling us to tap into the massively broader long-term market opportunities as well. Looking at our profitability outlook for the year 2026, we expect stable operating profit contribution from live streaming. With live streaming now returns to growth, along with continued cost optimization, we expect live streaming continue to generate a stable, improving profit.

[Translator]: On our e-commerce SaaS business, with continued product capability development, rapid penetration in cross-border merchants in key markets and also our gradual expansion into certain new markets in the new year, we expect our SaaS revenue to sustain its double-digit growth as well. Taken together, we believe that these three engines will put our top line back to a very stable and positive year-over-year growth trajectory, and enabling us to tap into the massively broader long-term market opportunities as well. Looking at our profitability outlook for the year 2026, we expect stable operating profit contribution from live streaming. With live streaming now returns to growth, along with continued cost optimization, we expect live streaming continue to generate a stable, improving profit.

Speaker #1: Taken together , we believe that these three engines will put our top line back to very stable and positive year over year growth trajectory and enabling us to tap into the massively broader long term market opportunities as well Looking at our profitability outlook for the year 26 , we expect stable operating profit contribution from live streaming with live streaming now returns to growth along with continued cost optimization .

Speaker #1: We expect live streaming to continue to generate a stable, improving profit, although we do expect to selectively reinvest some of our incremental profit into the new social product lines.

Jane Xie: Although we do expect to selectively reinvest some of our incremental profits into the new social product lines. Our ad tech business, particularly our third-party ad revenue audience network, is still in a high-velocity growth phase. In the near term, this means that we will need to invest in the expansion of our R&D and sales capabilities in addition to our network and computing infrastructure. Given the healthy unit economics of audience network at this stage, we are very confident that we will remain profitable. As we scale, we believe that we can potentially further enhance audience network's economics in the mid-term.

[Translator]: Although we do expect to selectively reinvest some of our incremental profits into the new social product lines. Our ad tech business, particularly our third-party ad revenue audience network, is still in a high-velocity growth phase. In the near term, this means that we will need to invest in the expansion of our R&D and sales capabilities in addition to our network and computing infrastructure. Given the healthy unit economics of audience network at this stage, we are very confident that we will remain profitable. As we scale, we believe that we can potentially further enhance audience network's economics in the mid-term.

Speaker #1: Our our our adtech business particularly our third party app revenue audience network is still in a in a high velocity growth phase . And in the near term , this means that we will need to invest in the expansion of our R&D and sales capabilities .

Speaker #1: In addition to our network and computing infrastructure. But given the healthy unit economics of Audience Network at this stage, we are very confident that we will remain profitable.

Speaker #1: And as we scale , we believe that we can potentially further enhance audience networks . Economics in the mid-term , looking at our e-commerce sites , we expect as revenue continue to grow , we can continue to narrow its operating losses and that it's it's loss reduction trajectory .

Jane Xie: Looking at our e-commerce SaaS, we expect, as its revenue continue to grow, we can continue to narrow its operating losses and that its loss reduction trajectory is very clear on track. Put it all together, we expect the group non-GAAP operating income and EBITDA to continue our improving trend similarly as 25 and deliver a steady year-over-year growth in the teens in 2026. Thank you. Next question, please.

[Translator]: Looking at our e-commerce SaaS, we expect, as its revenue continue to grow, we can continue to narrow its operating losses and that its loss reduction trajectory is very clear on track. Put it all together, we expect the group non-GAAP operating income and EBITDA to continue our improving trend similarly as 25 and deliver a steady year-over-year growth in the teens in 2026. Thank you. Next question, please.

Speaker #1: It is very clear we're on track and putting it all together. We expect the group non-GAAP operating income and EBITDA to continue our improving trend.

Speaker #1: Similarly , as 25 and deliver a steady year over year growth in the teens in 2026 . Thank you . Next question please .

Operator: Your next question comes from Yiwen Zhang with China Renaissance. Please go ahead.

Speaker #3: Your next question comes from Yuan Liao with Citi CS. Please go ahead.

Yiwen Zhang: Thanks for taking my questions. Congratulations on the strong results. My question is regarding your advertising business. In last quarter, both your first-party and third-party advertising business achieved accelerated growth. You also guided that in Q1 2026, you will realize mid-double-digit growth rate in your advertising business. Could management elaborate on the key drivers of your advertising growth rate in Q1 2026? Thank you.

Speaker #5: You I Are Now . A woman , Liu in the And thanks for taking my questions . Congratulations on the strong results and my question is regarding your advertising business .

Speaker #5: So in last quarter , both our first party and third party advertising business achieved accelerated growth . And you also guided that in the first quarter of 2026 , you will realize double digit growth rate in your advertising business .

Speaker #5: So could management elaborate on the key drivers of your advertising growth rate in the first quarter of 2026? Thank you.

Ting Li: 好的，谢谢您的问题。那这个问题先由我来回答。正如在prepared remarks里面所提到的，我们的广告预算组，它的预算结构是多元化的，包括保险为主的线索类广告、垂类的、独立站电商垂类的、IAA垂类的这些客户。那这样的一个结构其实使我们的广告业务呈现了更加明显的季节性特征，所以体现在Q4的电商线索广告，环增其实更强。而Q1的环比对比Q4来讲，其实是有一定的这个基数压力的。但是我们持续升级了我们整个广告系统的核心算法。在4Q的时候，我们重点优化的是ROAS、CVR等核心模型，融入了AI的标签、全渠道的用户行为等多元特征，并且加速了优化的投放策略。在这个同时，我们还推进了线索类、IAA、电商等多场景的算法适配，提高了算法效率，算法和策略的优化，使得Q4的广告主在留存和平均的投放预算上都不断地增加，并且不断地吸引了更多的新进的广告主。在这个同时，也使得我们的流量触达和变现效率有了持续的提升，形成了飞轮效应。所以这使得我们在淡季的时候依然可以期待比较好的表现。目前我们的指引含了BIGO Ads将保持中双位数的同比增长。

Speaker #6: How are I prepared remarks today I you I U.S. CV motion I I Xiaolu. For you should you Xiaoyi Zhang.

Ting Li: Thank you for your question. This is Ting Li. As we mentioned in the prepared remarks, our advertiser mix is well diversified across different industries, including lead generation ads for insurance, direct to customer e-commerce, and also IAA, etc. Our current advertiser mix means that seasonality pattern could be very obvious, as shown in our sequentially very robust ad spend from e-commerce and insurance lead generation ads in Q4, while Q1 is typically sequentially softer, particularly due to our Q4 high comparison base. That said, we kept upgrading our core algorithms in Q4. We focused on improving our ROAS and CVR models by adding additional AI signals and also multi-channel user behavior data while refining our targeting and delivery strategies.

[Translator]: Thank you for your question. This is Ting Li. As we mentioned in the prepared remarks, our advertiser mix is well diversified across different industries, including lead generation ads for insurance, direct to customer e-commerce, and also IAA, etc. Our current advertiser mix means that seasonality pattern could be very obvious, as shown in our sequentially very robust ad spend from e-commerce and insurance lead generation ads in Q4, while Q1 is typically sequentially softer, particularly due to our Q4 high comparison base. That said, we kept upgrading our core algorithms in Q4. We focused on improving our ROAS and CVR models by adding additional AI signals and also multi-channel user behavior data while refining our targeting and delivery strategies.

Speaker #1: Thank you for your question . This is Li Ting . As as we mentioned in the prepared remarks , our advertising mix is well diversified across different industries , including lead generation ads for insurance direct to customer e-commerce and also IAA , etc.

Speaker #1: Our current advertising mix means that the seasonality pattern could be very obvious. As shown in our sequentially, very robust spend from e-commerce and interim lead generation ads in Q4.

Speaker #1: While Q1 is typically typically sequentially softer , particularly due to our Q4 . Hi comparison base . That said , we have upgrading our core algorithms in Q4 , we focus on improving our Roas and CVR models by adding additional AI signals and also multi-channel user behavior data while refining our targeting and and delivery strategies .

Jane Xie: We also expanded our algorithm optimization across specific industries, across lead gen, IAA, and also e-commerce to boost efficiency. These improvements have lifted our advertiser retention rate, our average ad spend per advertiser, and also attracted new advertisers during the quarter. Such optimizations also enabled us to effectively reach more traffic and also increase our monetization capability for publishers, which creates a flywheel effect. We believe that creates a solid foundation for Q1. That's why even in a seasonally softer quarter, we still expect BIGO Ads to deliver mid-double digit year-over-year growth as implied in our current Q1 guidance.

[Translator]: We also expanded our algorithm optimization across specific industries, across lead gen, IAA, and also e-commerce to boost efficiency. These improvements have lifted our advertiser retention rate, our average ad spend per advertiser, and also attracted new advertisers during the quarter. Such optimizations also enabled us to effectively reach more traffic and also increase our monetization capability for publishers, which creates a flywheel effect. We believe that creates a solid foundation for Q1. That's why even in a seasonally softer quarter, we still expect BIGO Ads to deliver mid-double digit year-over-year growth as implied in our current Q1 guidance.

Speaker #1: We also expanded our algorithm optimization across specific industries within Legion, and also e-commerce, to boost efficiency. These improvements have lifted our advertising retention rate.

Speaker #1: Our average ad spend per advertiser, and also attracted new advertisers during the quarter. Such optimization also enabled us to effectively reach more traffic and also increase our monetization capability for publishers, which creates a flywheel effect.

Speaker #1: And we believe that that creates a solid foundation for Q1 . That's why even in a seasonally soft quarter , we still expect Bigo ads to deliver mid double digit year over year growth as implied in our current Q1 guidance Thank you .

Ting Li: Thank you. Next question, please.

[Translator]: Thank you. Next question, please.

Operator: Your next question comes from Brian Gong with Citi. Please go ahead.

Speaker #1: Next question please .

Brian Gong: 谢谢管理层接受我提问。首先恭喜非常不错的业绩。那管理层好像有提到这个2028年公司期待第三方广告收入规模超过十亿美金，这是一个相当正面的信号和数字。想问一下这个驱动因素是怎么样的？然后呢，管理层如何看待这个，如何展望这个业务的未来的盈利潜力，长期的一个盈利潜力。谢谢。I will first state myself.

Brian Gong: 谢谢管理层接受我提问。首先恭喜非常不错的业绩。那管理层好像有提到这个2028年公司期待第三方广告收入规模超过十亿美金，这是一个相当正面的信号和数字。想问一下这个驱动因素是怎么样的？然后呢，管理层如何看待这个，如何展望这个业务的未来的盈利潜力，长期的一个盈利潜力。谢谢。

[Translator]: I will first state myself. Thanks, management, for taking my question, and congratulations on solid results. I think management mentioned that 3P ads scale is expected to reach over $1 billion in 2028, which is a very, very positive number. What are the drivers behind these numbers? How should we think about long-term profitability of 3P ads business? Thank you.

Speaker #3: Your next question comes from Brian Gong with Citi. Please go ahead.

Speaker #7: The Myself . Thanks , management , for taking my question . And congratulations on solid results . I think management mentioned that three EPs scale is is expected to reach over 1 billion USD in 2028 , which is a very positive number .

Brian Gong: Thanks, management, for taking my question, and congratulations on solid results. I think management mentioned that 3P ads scale is expected to reach over $1 billion in 2028, which is a very, very positive number. What are the drivers behind these numbers? How should we think about long-term profitability of 3P ads business? Thank you.

Speaker #7: What are drivers behind? Are these numbers, and how should we think about long-term profitability of the three PS business? Thank you.

Ting Li: 谢谢您的问题，那我还继续回答这个部分。是的，我刚才有明确提到我们广告的这样一个长期的目标。因为在刚刚展望一季度业绩的时候，我有提到飞轮效应、流量、预算以及广告技术和策略的相互之间的促进，它们之间的相互的持续的优化和增长，这些都将贯穿BIGO Ads业务发展的全周期。所以具体来看，在流量侧，首先是需要接入更多的SDK流量和聚合平台，将推动我们整个流量规模内生性的这样的增长。同时我们将持续地拓展多渠道流量以及iOS流量的扩张。再其次呢，我们也会加速在美国、欧洲、日本市场的渗透以及潜在新市场的拓展。在整体的预算侧，除了现有的垂类外，我们还会持续探索更多的线索类广告的细分垂类，IAP和电商等，进一步提升各个垂类客户的数量和密度。在平台侧呢，随着流量和预算侧的扩张，我们也将持续地迭代算法和数据，细化垂类的模型，优化投放策略。那所有上述的这些措施都在并行地推进，而且相互推动和相互之间有所促进。同时这也是我们第一次对外公布公开我们对BIGO Ads的中期战略目标。团队非常的优秀，那公司也集中了合力，都一起在努力。所以在2025年的交付，我们的成绩非常好。那现在的团队和公司正在为2026年以及后续的增长目标全力地推进中。我们对BIGO Ads的第三方广告业务持续保持高速增长非常有信心。

Speaker #6: Now You Xiao Ying , Liu Liang Jin Zhang An eight year SDK The Major . Also . Urban The IP . The The middle The .

Speaker #6: To the machine . You Also talking The bigger the mobile . So now How Are . How the mobile woman . Big age .

Speaker #6: The . You . You

Ting Li: Thank you, Brian. This is Ting Li. I will take your question. Yes, I just mention our mid-term strategic goal for BIGO Ads as we when we were talking about our Q1 outlook earlier, I mentioned the flywheel effect and the mutual reinforcement and continuous improvement across traffic, advertiser demand, and algorithm, and also our monetization strategies will continue to be long term drivers throughout the entire development of BIGO Ads. To be specific, on traffic side, first we expect further organic traffic growth as we are being integrated with the rising number of SDK publisher partners and also mediation platforms. We will also continue to expand multi-channel traffic and also iOS traffic. Second, we will accelerate our penetration into US, Europe, and Japan and also potentially other new regions.

[Translator]: Thank you, Brian. This is Ting Li. I will take your question. Yes, I just mention our mid-term strategic goal for BIGO Ads as we when we were talking about our Q1 outlook earlier, I mentioned the flywheel effect and the mutual reinforcement and continuous improvement across traffic, advertiser demand, and algorithm, and also our monetization strategies will continue to be long term drivers throughout the entire development of BIGO Ads. To be specific, on traffic side, first we expect further organic traffic growth as we are being integrated with the rising number of SDK publisher partners and also mediation platforms. We will also continue to expand multi-channel traffic and also iOS traffic. Second, we will accelerate our penetration into US, Europe, and Japan and also potentially other new regions.

Speaker #1: Thank you . Brian , this is Li Ting . I will take your question . Yes , I just mentioned our mid-term strategic goal for bigger ads .

Speaker #1: As we... When we were talking about our Q1 outlook earlier, I mentioned the flywheel effect and the mutual reinforcement and continuous improvement across traffic.

Speaker #1: Advertiser demand and algorithm, and also our monetization strategies, will continue to be long-term drivers throughout the entire development of a bigger ads.

Speaker #1: And to be specific on the traffic side, first, we expect further organic traffic growth as we are being integrated with the rising number of SDK publisher partners and also mediation platforms. We'll also continue to expand multi-channel traffic and also iOS traffic.

Speaker #1: And second, we will accelerate our penetration into the US, Europe, and Japan and also potentially other new regions on the demand side. In addition to our current verticals, we will simultaneously explore new verticals, including sub-verticals of lead generation ads, IAP, and e-commerce.

Jane Xie: On demand side, in addition to our current verticals, we're simultaneously exploring new verticals, including sub verticals of lead generation ads, IAP, and e-commerce, and we expect to further increase both the number of clients and also our customer density within each vertical. On platform side, with the rapid expansion in traffic and also in demand, we are continuously iterating and optimizing our algorithm and data capabilities, driving more vertical specific optimizations and enhancing our bidding and delivery strategies. We believe that all of these initiatives are moving forward in parallel, and they reinforce each other. This is the first time we are disclosing our mid-term strategic goals for BIGO Ads. The team is exceptionally talented, and also the company has dedicated additional resources, to work together to that goal as well.

[Translator]: On demand side, in addition to our current verticals, we're simultaneously exploring new verticals, including sub verticals of lead generation ads, IAP, and e-commerce, and we expect to further increase both the number of clients and also our customer density within each vertical. On platform side, with the rapid expansion in traffic and also in demand, we are continuously iterating and optimizing our algorithm and data capabilities, driving more vertical specific optimizations and enhancing our bidding and delivery strategies. We believe that all of these initiatives are moving forward in parallel, and they reinforce each other. This is the first time we are disclosing our mid-term strategic goals for BIGO Ads. The team is exceptionally talented, and also the company has dedicated additional resources, to work together to that goal as well.

Speaker #1: And we expect to further increase both the number of clients and also our customer density within each vertical on the platform side. With the rapid expansion in traffic and also in demand, we are continuously iterating and optimizing our algorithm and data capabilities, driving more vertical-specific optimizations and enhancing our bidding and delivery strategies.

Speaker #1: We believe that all of these initiatives are moving forward in parallel, and they reinforce each other. So this is the first time we are disclosing our mid-term strategic goals for bigger ads.

Speaker #1: The team is exceptionally talented, and also the company has dedicated additional resources to work together toward that goal as well. And we delivered outstanding results in the year '25.

Jane Xie: We deliver outstanding results in the year 2025. Right now, the team and the company is fully committed and pushing forward aggressively toward our strategic targets for the year 2026 and beyond. We remain highly confident in the continued high velocity growth of BIGO Ads, particularly the third-party audience network proportion. Thank you. Next question, please.

[Translator]: We deliver outstanding results in the year 2025. Right now, the team and the company is fully committed and pushing forward aggressively toward our strategic targets for the year 2026 and beyond. We remain highly confident in the continued high velocity growth of BIGO Ads, particularly the third-party audience network proportion. Thank you. Next question, please.

Speaker #1: Right now, the team and the company are fully committed and pushing forward aggressively toward our strategic targets for the year '26 and beyond.

Speaker #1: We remain highly confident in the continued high velocity growth of vehicle ads , particularly the third party audience network proportion . Thank you .

Operator: The next question comes from Xueqing Zhang with CICC. Please go ahead.

Speaker #1: Next question please

Speaker #3: The next question comes from Suqing Zhang with CI. Please go ahead.

Xueqing Zhang: 感谢管理层接受我的提问，我的问题是关于Shopline的。管理层能否展开讲一下目前Shopline业务的状态以及增长的驱动力，那我们该如何展望Shopline逐步扭亏，最终达到盈亏平衡的路径和时间表。谢谢。Thanks management for taking my question. My question is on Shopline. Can management provide more color on the current business momentum of Shopline and the key drivers behind its growth? How should we think about the path towards narrowing losses and eventually achieving breakeven, both in terms of strategy and the timeline? Thank you.

Xueqing Zhang: 感谢管理层接受我的提问，我的问题是关于Shopline的。管理层能否展开讲一下目前Shopline业务的状态以及增长的驱动力，那我们该如何展望Shopline逐步扭亏，最终达到盈亏平衡的路径和时间表。谢谢。

[Translator]: Thanks management for taking my question. My question is on Shopline. Can management provide more color on the current business momentum of Shopline and the key drivers behind its growth? How should we think about the path towards narrowing losses and eventually achieving breakeven, both in terms of strategy and the timeline? Thank you.

Speaker #8: With supply, thanks for taking my question. My question is on supply management. Could you provide more color on the current business momentum of supply and the key drivers behind its growth?

Speaker #8: And how should we think about the path towards narrowing losses and eventually achieving breakeven, both in terms of strategy and timeline? Thank you.

Ting Li: 谢谢您的问题，那这个关于Shopline的问题继续由我来回答。关于Shopline，它所在的服务型的电商SaaS一直是我们坚定看好的赛道。那不同于整个平台类电商的这种流量的封闭性，服务型电商开放可连接，数据由卖家拥有，并且可以持续地去运营和营销。并且它和传统的SaaS去卖这种座位席的这种收费方式不同，Shopline的收入模式更多地来自于为卖家提供了GMV的增长动力所带来的GMV take rate。所以在过去几年，Shopline的核心命题一直是产品能力，我们投入了优质的研发，将我们整个产品的厚度升级到电商的整个的生态系统，成为电商SaaS加支付解决方案，再加营销整合的这样一个完整的GMV的可以去驱动的闭环。从去年开始，我们整个的这个研发投入已经非常的稳定，由品牌客户主导的跨境电商客户等区域的经营快速地增长。这里我们看到收入和毛利的增长，推动了真正的经营杠杆，带来了Shopline亏损的大幅减少。那整个商业模式的验证，以及目前经营毛利的增长，让Break Even的这个趋势是非常的清晰，而且可持续的。所以我们期待并且全力地在推进Shopline会在2028年实现盈亏平衡。

Speaker #6: Supply for the For for Xiao Supply. The take rate, so for the Shanghai fast Xiao. Zhang. One of the—In the supply, break even the—

Ting Li: Thank you, this is Ting Li, I will take this question. We remain optimistic on the long term prospects of the SaaS based e-commerce sector. Unlike walled garden marketplace platforms, Shopline provides an open and extensive solution to merchants through which the merchants can have full data ownership for advanced operations, and also quite distinctive to traditional SaaS monetization model. We don't charge by usage per person. We realize our values through empowering our merchants to capitalize GMV growth, and our monetization is based on the take rate of that growing GMV. In the past several years, Shopline's core mission has been product excellence, and we've made substantial investments in our R&D to evolve from a storefront builder to a full stack e-commerce ecosystem, seamlessly combining SaaS infrastructure, payment, and also integrates marketing tools into one powerful closed loop. Since last year, our R&D investment have greatly stabilized our cross-border merchants, particularly brand customers have grown rapidly, and our revenue and gross profit growth have driven improving operating leverage, resulting in our significant reduction of Shopline's operating losses. We believe that we are past the stage of business model validation, and now our rising gross profit has put us on a clear and sustainable path to break even. We look forward to and remain fully committed to achieving break even for Shopline in 2028. One last question, please. Thank you.

[Translator]: Thank you, this is Ting Li, I will take this question. We remain optimistic on the long term prospects of the SaaS based e-commerce sector. Unlike walled garden marketplace platforms, Shopline provides an open and extensive solution to merchants through which the merchants can have full data ownership for advanced operations, and also quite distinctive to traditional SaaS monetization model. We don't charge by usage per person. We realize our values through empowering our merchants to capitalize GMV growth, and our monetization is based on the take rate of that growing GMV. In the past several years, Shopline's core mission has been product excellence, and we've made substantial investments in our R&D to evolve from a storefront builder to a full stack e-commerce ecosystem, seamlessly combining SaaS infrastructure, payment, and also integrates marketing tools into one powerful closed loop.

Speaker #1: Thank you . This is Li Jing . I will take this question . We remain optimistic on the long term prospects of the SaaS based e-commerce sector Unlike walled garden marketplace platforms , shop Line provides an open and extensive solution to merchants through which the merchants can have full data ownership for advanced operations and also quite distinctive to traditional SARS monetization model .

Speaker #1: We don't charge by usage per person . We we charge by . We realize our value through empowering our merchants to capitalize GMV , growth and our monetization is based on the take rate of that growing GMV in the past several years , shop lines core mission has been product excellence , and we've made substantial investments in our R&D to evolve from a storefront builder to a full stack e-commerce ecosystem seemingly seamlessly combining SaaS infrastructure payment and also integrates marketing tools into one powerful closed loop .

[Translator]: Since last year, our R&D investment have greatly stabilized our cross-border merchants, particularly brand customers have grown rapidly, and our revenue and gross profit growth have driven improving operating leverage, resulting in our significant reduction of Shopline's operating losses. We believe that we are past the stage of business model validation, and now our rising gross profit has put us on a clear and sustainable path to break even. We look forward to and remain fully committed to achieving break even for Shopline in 2028. One last question, please. Thank you.

Speaker #1: And since last year , our R&D investments have greatly stabilized our cross-border merchants , particularly brand customers , have grown rapidly , and our revenue and gross profit growth have driven improving operating leverage , resulting in our significant reduction of in shop lines operating losses .

Speaker #1: We believe that we are past the stage of business model validation. And now our rising gross profit has put us on a clear and sustainable path to break even.

Speaker #1: We look forward to and remain fully committed to achieving break-even for Shop Line in 2028. One last question, please. Thank you.

Operator: Your final question today comes from Raphael Chen with BOCI Research. Please go ahead.

Speaker #3: Your final question today comes from Raphael Chen with BOCI Research. Please go ahead.

Raphael Chen: 早上好。感谢管理层接受我的提问，恭喜强劲的一个业绩啊。看到这个季度公司在原有的基础上新增了派息，能否请管理层分享这一决策背后的考量，以及考虑到当前的一个估值水平，公司是否有意愿进一步提速股票的回购？我来翻译一下。We notice that company distributed an additional cash dividend this quarter. Could management share the underlying considerations behind this? Also, given current valuation, does company intend to further accelerate share buyback? Thank you.

Raphael Chen: 早上好。感谢管理层接受我的提问，恭喜强劲的一个业绩啊。看到这个季度公司在原有的基础上新增了派息，能否请管理层分享这一决策背后的考量，以及考虑到当前的一个估值水平，公司是否有意愿进一步提速股票的回购？我来翻译一下。

Raphael Chen: We notice that company distributed an additional cash dividend this quarter. Could management share the underlying considerations behind this? Also, given current valuation, does company intend to further accelerate share buyback? Thank you.

Speaker #5: We noticed that the company distributed an additional cash dividend this quarter. Could management share the underlying considerations behind this? Also, given the current valuation, does the company intend to further accelerate its share repurchase program?

Alex Liu: Raphael，感谢你的提问，我是Alex。我们先回顾一下2025年。2025年其实我们的股东回馈是非常非常积极的。在现有的股东回报的计划下，全年累计派息是$1.97亿，回购了$1.35亿，合计超过了$3.3亿。这大概占到了我们当前市值的10.9%，哪怕放在整个行业内，其实也是非常非常有竞争力的一个水平了。除此以外，考虑到2025年的经营利润是两位数的增长，那么在现有的季度分红计划以外，董事会又批准了额外派发一笔现金分红，总金额是$2,000万。这体现了公司对经营成果的坚定信心，以及伴随着经营改善，持续提升股东回报的长期承诺。关于回购，四季度我们的力度其实接近翻倍。你们能看到我们四季度单季就回购了$6,740万。其实当前股价尚处低位，所以我们将持续地积极地推进回购。那么展望未来的话，随着公司迈入新的成长周期，集团营收重回增长的轨道，业务经营利润也将持续地提升。我们相信股东可以期待分享更多的回报。谢谢。

Speaker #5: Thank you

Speaker #2: Raphael . Alex on the Image To To the Why don't you For the To the To the

Alex Liu: Thank you, Raphael. This is Alex. I will take your question. First, looking back at 2025, our capital return execution has been very robust. Under our current shareholder return program, we paid out approximately $197 million in dividends and repurchased approximately $135 million worth of shares throughout the year, bringing our total shareholder returns to surpassing $330 million. That represents around 10.9% of our current market cap, which we believe is a very competitive level within the industry. Additionally, in light of our strong operating performance and double-digit improvement in our non-GAAP OP in 2025, the board has approved an additional cash dividend of approximately $20 million on top of our regular quarterly dividend schedule. This demonstrates our strong confidence in operating performance and also our ongoing commitment to drive operational improvements and enhance shareholder returns. On buyback, we nearly doubled our repurchase in Q4, buying back additional $67.4 million in one quarter, in Q4.

[Translator]: Thank you, Raphael. This is Alex. I will take your question. First, looking back at 2025, our capital return execution has been very robust. Under our current shareholder return program, we paid out approximately $197 million in dividends and repurchased approximately $135 million worth of shares throughout the year, bringing our total shareholder returns to surpassing $330 million. That represents around 10.9% of our current market cap, which we believe is a very competitive level within the industry.

Speaker #1: Thank you . Raphael . This is Alex . I will take your question first . Looking back at 2025 , our capital return execution has been very , very robust under our current shareholder return program , we paid out approximately $197 million in dividends and repurchased approximately 135 million worth of shares throughout the year , bringing our total shareholder returns to surpassing 330 million .

Speaker #1: That represents around 10.9% of our current market cap , which we believe is a very , very competitive level within the industry . Additionally , in line with our strong operating performance and double digit improvement in our non-GAAP op in 25 , the board has approved an additional cash dividend dividend of approximately 20 million .

[Translator]: Additionally, in light of our strong operating performance and double-digit improvement in our non-GAAP OP in 2025, the board has approved an additional cash dividend of approximately $20 million on top of our regular quarterly dividend schedule. This demonstrates our strong confidence in operating performance and also our ongoing commitment to drive operational improvements and enhance shareholder returns. On buyback, we nearly doubled our repurchase in Q4, buying back additional $67.4 million in one quarter, in Q4.

Speaker #1: On top of our regular quarterly dividend schedule, this demonstrates our strong confidence in operating performance and also our ongoing commitment to drive operational improvement and enhance shareholder returns.

Speaker #1: And on buyback, we nearly doubled our research execution in Q4, buying back an additional $67.4 million in one quarter in Q4. We believe we are still undervalued, and we will continue to actively execute our buybacks going forward.

Jane Xie: We believe we are still undervalued, and we will continue to actively execute our buybacks going forward. Looking forward, we are entering into the new phase of growth with our revenue back to growth and also operating profits continuing to improve. We believe that our shareholders can look forward to sharing even greater returns. Okay, that was the last question. Thank you so much for joining this call. We look forward to speaking with everyone next quarter. Thank you.

[Translator]: We believe we are still undervalued, and we will continue to actively execute our buybacks going forward. Looking forward, we are entering into the new phase of growth with our revenue back to growth and also operating profits continuing to improve. We believe that our shareholders can look forward to sharing even greater returns. Okay, that was the last question. Thank you so much for joining this call. We look forward to speaking with everyone next quarter. Thank you.

Speaker #1: So looking forward, we are entering into a new phase of growth, with our revenue back to growth and also operating profits continuing to improve.

Speaker #1: We believe that our shareholders can look forward to sharing an even greater returns . Okay . So that was the last question . Thank you so much for joining this call .

Speaker #1: We look forward to speaking with everyone next quarter. Thank you.

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

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