Thank you, operator. Hello, everyone.

Welcome to JOYY's Third Quarter 2025 Earnings Conference Call. Joining us today are Ms.

Ting Li, Chairperson and CEO of JOYY, and Mr. Alex Liu, the Vice President of Finance.

For today's call, management will first provide a review of the quarter, and then we will conduct a Q&A session. The financial results and webcast of this conference call are available at ir.joyy.com.

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

For detailed discussions of the risks and uncertainties, please refer to our latest annual report on Form 20-F and other documents filed with the SEC. 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 prepared in accordance with GAAP.

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

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

Please go ahead, Ms. Li.

Hello, everyone. I'm Li Ting.

Thank you for joining us today. This quarter, we have taken another firm step towards becoming a global technology company powered by multiple growth engines and a strong synergetic ecosystem.

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

Last quarter, I expressed our long-term commitment to building a meaningful and lasting presence in the ad tech industry. This quarter, we made concrete progress toward that goal.

BIGO Ads' daily gross revenues grew aggressively and reached new heights. As we further accumulate in scale and continuously integrate our AI algorithms, we are confident we will soon reach new milestones.

We achieved total revenue of $514 million in the third quarter, up 6.4% quarter-over-quarter. Our live streaming revenue was $388 million, up 3.5% QoQ, making two consecutive quarters of sequential growth.

Meanwhile, BIGO Ads recorded $104 million in revenue, with a year-over-year growth of 33.1%, bringing total non-live streaming revenues, including ad revenues and others, to 28.1% of group revenues. Non-GAAP operating income reached $41 million, up 16.6% year-over-year.

Non-GAAP EBITDA reached $51 million, up 16.8% year-over-year and 4.9% QoQ. Operating cash flow for the quarter reached $73 million.

As of September 30, we had $3.3 billion in net cash. This provide strong support for our ongoing competitive shareholders' returns.

We will continue actively executing our share repurchase program. As we advance our strategic priorities alongside strong operational momentum, we are positioned to deliver long-term value for our shareholders.

As we approach year-end, I would like to outline our overall strategic direction for year 2026. In short, we will focus on three key priorities: strengthening ecosystem synergies, reinforcing organizational vitality, and resetting growth.

Beginning in 2022, we accelerated the diversification of our revenue streams, cultivating our 2B initiatives in ad tech and SaaS. We have made steady progress advancing towards our strategic positioning as a global tech company powered by multiple growth engines in the past several years.

Today, our live streaming business serves as a reliable cash cow, providing a solid foundation for profitable growth. In the meantime, our advertising platform and e-commerce SaaS businesses have completed initial validation of their business models and are rapidly emerging as our next growth curve.

In Q3, our total non-live streaming revenues exceeded 28.1% of group revenues. We have created a highly synergetic system where our global traffic, advertising, and e-commerce SaaS businesses reinforce each other.

The R&D capabilities, network infrastructure, local operations expertise, and first-party data assets we accumulated through global social live streaming are now powering our rapid 2B expansion. In turn, our 2B progress strengthens our competitive moats in both data and technology.

We are just beginning to unlock the full strategic value of this integrated business ecosystem. We are transforming our high-growth ad tech business by establishing BIGO Ads as an AI-powered global platform for performance-driven multichannel advertising across different verticals.

In 2026, we expect to substantially expand our traffic coverage. On mobile traffic, we are exploring partnerships with mediation platforms and developers like Google AdMob to accelerate traffic expansion.

On web traffic, we are extending traffic coverage through partnerships with channels like Microsoft Entune and Google ADX. On the demand side, as we establish web-to-web advertising capabilities and iterate our web-native models, we expect to capture continued growth from web-based advertisers.

For mobile-based advertising, we are enhancing our IAA Day 7 ROAS product to improve advertiser ROI for IAA, while advancing the optimization of our Target CPA and other products for IAP to expand into earlier areas. Finally, on platform technology, we expect to establish and strengthen our iOS ecosystem in 2026, which will enable us to unlock substantial incremental growth potential from iOS high-quality traffic.

We will also continue investing in AI, building our team and resources to accelerate model development and optimization. These enhanced models will leverage deep user behavior and conversion data across channels and verticals, enabling more precise targeting and better performance for our advertisers.

We have clear strategies in place to drive continued growth in 2026 across all dimensions, including multi-channels, traffic expansion, vertical-specific demand development, and enhanced AI modeling capabilities. These initiatives will create powerful flywheel effects, which will compound, enabling us to deliver increasing value to advertisers while accelerating our own growth.

We believe 2026 will be a milestone year for JOYY's ad tech business, and we are excited about the possibilities ahead. Turning to SHOPLINE, we remain bullish on the long-term prospects of the SaaS-based e-commerce sector.

Unlike walled garden marketplace platforms, SHOPLINE provides an open and extendable solution to merchants, through which merchants have full data ownership for advanced operations. For the past several years, SHOPLINE's core mission has been product excellence.

We have made substantial investment in R&D to evolve from storefront builder into a full-stack e-commerce system seamlessly combining SaaS, infrastructure, payments, and integrated marketing tools into one powerful closed loop. With this rise of AI, we are now embedding advanced AI capabilities deeply into every part of merchant journey, continuously sharpening our product edge to drive real business success for our customers.

Since last year, we've seen accelerated growth in certain key regions, with steady expansion in gross margins. This is an important strategic milestone for SHOPLINE.

Our long-standing commitment to R&D excellence and talent recruitment has built the deep technical foundation that powers our success across all business segments. Through our modular organizational structure, we enhance synergies by sharing resources and capabilities across business lines.

Our approach enables us to remain agile and execution-focused, while giving new ventures competitive advantages from day one and creating significant operating leverage as we scale. As we expand and diversify into new initiatives, our results-driven incentive mechanism provides our top talent with equitable opportunities and broader career development pathways.

By fostering an entrepreneurial spirit, embracing innovation, and leveraging competitive incentives to attract and retain excellent talents, while ensuring high strategic goal alignment between management and core team members, we drive more efficient corporate development. From management strategic priorities standpoint, we have a balanced framework incorporating both operating metrics and long-term shareholders' value creation, which promotes strong alignment with shareholders' interest.

After several quarters of adjustments, our live streaming business has returned to a sequential recovery trajectory. We believe it is positioned for steady year-over-year growth in 2026.

Meanwhile, we expect our ad tech and SaaS businesses will sustain robust double-digit revenue growth year-over-year in the coming year. This sets the stage for year-over-year group revenue growth starting in Q4 2025, as reflected in our newly announced guidance, and continuing into 2026 and beyond.

This is not just a return to growth, but rather the launchpad for unlocking vastly large addressable markets. Next, let me share with you our latest operational updates and our outlook for the future.

In the third quarter, our global average mobile MAUs reached 266 million, up 1.4% quarter-over-quarter. Our organic user growth continued to be strong, driven by our instant messenger.

In Q3, IM product MAUs grew by 50 million QoQ, with average time spent per user up 10.8% year-over-year. Product retention rate continued to improve year-over-year, driven by our ongoing enhancements to core IM features.

On user acquisition, we maintained a disciplined ROI focus, targeting users with strong monetization potential. Bigo Live's 30-day ROI from new devices improved 6.7% quarter-over-quarter as a result.

In Q3, group live streaming revenues reached $388 million. BIGO live streaming revenue was $368 million, up 3.5% QoQ, maintaining their sequential growth trend.

BIGO's total paying users grew 0.8% QoQ, while ARPU increased 3.4% QoQ. Bigo Live delivered positive sequential growth for the second consecutive quarter.

This recovery reflects our comprehensive integrated approach, where we have leveraged effective streamer incentive programs, a healthy and diverse high-quality content ecosystem, AI-powered user touchpoint enhancements which improve content discovery and payment experiences, and strong local operational campaigns. These initiatives together drove renewed growth.

Since the second half of last year, we have restructured our streamer incentive mechanism across regions, shifting support toward mid-tier streamers. We are now seeing significantly improved streamer engagement and content quality across platform.

In Q3, average streaming hours for newly signed streamers on Bigo Live rose 3.5% QoQ, and average viewer numbers increased 3.9% QoQ. We continue advancing AI-powered improvement across content distribution and payment experiences.

By incorporating richer user signals through AI and optimizing strategies for cross-regional and in-app scenarios in Bigo Live, we enhanced viewing experiences and drove users' average viewing time up 3.4% QoQ. Meanwhile, our real-time translation subtitles now support 15 languages, significantly improving user interaction across different regions.

We have also used AIGC technology to efficiently generate localized virtual gifts. In October, AI-powered interactive gifts represented 25% of total virtual gift consumption, demonstrating strong user adoption of AI-enhanced features.

We have used packaged strategies to further optimize Bigo Live's tiered paying users benefit system. In Q3, mid-tier user ARPU increased 2% QoQ, while the total number of premium paying users achieved double-digit QoQ growth.

Looking ahead to 2026, we are confident that our streamer incentives, content cultivation, and AI-driven optimization will position Bigo Live to regain momentum for growth. We are also advancing payment infrastructure improvements to deliver more diverse, localized payment options for global users.

We believe this will a tailwind to drive payment rate improvements across all product over time. Overall, we are confident that live streaming will return to steady growth in 2026 and continue contributing sustainable cash flow for the group.

Turning to BIGO Ads, in Q3, BIGO Ads achieved $104 million in advertising revenue, up 33.1% year-over-year and 19.7% QoQ. While first-party ad revenue and profit remained stable with single-digit QoQ growth, our third-party BIGO Audience Network was particularly strong, recording mid-double-digit year-over-year and 25% sequential growth.

On the traffic side, BIGO Audience Network traffic continued to grow this quarter. SDK ad requests were up 228% year-over-year and 29% QoQ, representing significant growth.

On the technology front, we upgraded our IAA Day 7 ROAS optimization with AI-driven real-time prediction and smart bidding capabilities. By leveraging cross-channel and cross-vertical user behavior and acquisition data, the enhanced model delivers significantly improved prediction accuracy and generalization that enable advanced advertisers to scale budgets with greater confidence, acquiring higher quality users while sustaining strong return efficiency.

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

Web-based demand, primarily for lead generation, maintained its growth QoQ, and we are optimistic on its Q4 growth prospects as we enter into the peak season. Meanwhile, improved IAA delivery and effectiveness substantially drove IAA advertisers' spending up by mid-double-digit QoQ.

During the third quarter, total spending from key cohorts increased by 30% QoQ. At the same time, performance gains attracted a steady influx of new advertisers, with the numbers of key cohorts up by 17% QoQ.

From regional perspective, we continued to deepen our penetration in the developed countries, with BIGO Audience Network revenue from North America growing 22% QoQ, while Western Europe growing 41% QoQ. We delivered exceptional results in Q3, driven by rapid network traffic expansion, continuous algorithm optimization, and delivery efficiency improvements, and rapid breakthroughs in net verticals.

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

Turning to capital return, as of November 14, we have repurchased US $88.6 million under our share buyback program. Given our strong financial position and operating momentum, we believe our shares remain undervalued, and we will continue actively executing share repurchases as part of our commitment to returning value to shareholders.

Looking forward, with our live streaming business stabilizing and the driving revenue and profit from advertising and other emerging businesses, we expect the company's consolidated operating profit to continue to improve and our shareholders to benefit from long-term profitable growth. In summary, we are optimistic about the positive trends we are driving across our business units.

Our core live streaming business is on trajectory and continued sequential growth, and we expect live streaming to gradually regain momentum for growth. BIGO Ads is scaling rapidly as our second growth engine, driven by traffic, regional, and vertical expansion, and algorithm optimization.

We are strengthening SHOPLINE's product capabilities and strategic advantages as a fully integrated SaaS platform, with anticipated synergies with our ad tech platform on the horizon. As I mentioned earlier, we are just beginning to unlock the full strategic value of our integrated business ecosystem.

We anticipate that 2026 will bring renewed progress and serve as a jumping-off point into our next phase of growth. I will now turn the call over to Mr.

Alex Liu, the Vice President of Finance, to provide our financial updates.

Thanks, Ms. Li.

Hello, everyone. In the third quarter of 2025, we recorded total net revenues of $540.2 million, securing a quarter-over-quarter growth of 6.4%.

Our live streaming business delivered its second sequential recovery, with its live streaming revenues increasing by 3.5% quarter-over-quarter. Our advertising business, in particular BIGO Ads, has demonstrated accelerating growth.

BIGO Ads revenues was up by 33.1% year-over-year and 19.7% quarter-over-quarter. Our non-GAAP EBITDA for the quarter was $50.6 million, up by 16.8% year-over-year and 4.9% quarter-over-quarter.

Operating cash flow remained strong at $73.4 million in Q3, and we ended the quarter with $3.3 billion in net cash. We accelerated share buyback during the quarter.

In Q3, we bought back $30.8 million worth of our shares. Between January 1st and November 14th, we have bought back 1.7 million of our ADSs for $88.6 million in 2025.

I will now dive deeper into our detailed financial performance. Looking at our live streaming business, our total live streaming revenue were $388.5 million for the third quarter, $367.7 million of which was from BIGO segment, both up quarter-over-quarter.

Global MAU was 266.2 million during the quarter, up by 1.4% quarter-over-quarter, driven by a healthy growth of the user pool of our instant messenger. Our ROI-oriented user acquisition, continued AI-driven optimization of our content quality, and paying user experience have contributed to improved paying sentiment, with BIGO's total paying user and ARPU increasing by 0.8% and 3.4% quarter-over-quarter.

By region, group's total live streaming revenues from developed countries increased by 7.6% quarter-over-quarter, while live streaming revenues from Southeast Asia increased by 4.4% quarter-over-quarter. Our total net non-live streaming revenues was $151.7 million during the third quarter, up by 27.3% year-over-year.

Non-live streaming now contributes 28.1% of our total group revenues, up from only 21.3% contribution in the same period last year. We are presenting advertising revenues as a separate line item in the financial statements in this quarter to help investors better understand the performance of our emerging business.

BIGO's advertising revenues increased by 33.1% year-over-year and 19.7% quarter-over-quarter to $103.9 million. In particular, our third-party BIGO Audience Network delivered exceptional results, recording mid-double-digit year-over-year and 25% sequential growth.

We are making substantial progress on all fronts. On the traffic front, SDK network ad request was up by 228% year-over-year and 29% quarter-over-quarter in Q3.

Leveraging multichannel and cross-industry user behavior and acquisition data, we continued to train and optimize our algorithms to further improve our campaign performance, which drove advertiser spending. In Q3, the number of key cohorts was up by 17% quarter-over-quarter, with total spending from key cohorts up by 30% quarter-over-quarter.

BIGO Ads has certainly emerged as our second major growth engine, and it continued to make a positive contribution to our bottom line. Group's gross profit was $193.1 million in the quarter, with a gross margin of 35.8%, up by 4.3% quarter-over-quarter.

BIGO's gross margin was slightly down quarter-over-quarter due to a 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 3 percentage points year-over-year to 42.6%, due to growth in higher-margin SaaS revenues.

Our group's operating expenses for the quarter was $174.2 million, compared with $192 million in the same period of 2024. For our sales and marketing expenses, we are consistently optimizing our user acquisition expenses to enhance ROI.

For our R&D and G&A expenses, we maintained prudent and disciplined in our total spending through enhanced resource sharing and operational 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 $40.7 million, up by 16.6% year-over-year.

Non-GAAP net income attributable to controlling interest of JOYY in the quarter was $72.4 million, up by 18.4% year-over-year. The group's non-GAAP net income margin was 13.4% in the quarter.

For the third quarter of 2025, we booked net cash inflows from operating activities of $73.4 million. Our balance sheet remains healthy, with a strong net cash position of $3.3 billion as of September 30, 2025.

Shareholder return continued to be an important component of our capital allocation strategy. We have returned $147.9 million to our shareholders through dividends and repurchased $88.6 million worth of our shares during the year as of November 14, 2025.

We believe we are still substantially undervalued, and we will remain firmly committed to actively utilize our outstanding share repurchase program. Turning now to our business outlook.

At group level, we expect our net revenues for the fourth quarter of 2025 to be between $563 million and $578 million. This implies a 2.5% to 5.2% year-over-year growth for the group's revenue in Quarter 4.

As Ms. Li highlighted in her prepared remarks, we are now repositioned for growth.

In particular, with advertising entering into the peak season of the year, we are expecting continued accelerating growth from BIGO Ads, with its total advertising revenue potentially delivering mid-double-digit year-over-year growth in the fourth quarter. Based on the trends we are seeing across our business, we have clear visibility for the group to year-over-year revenue growth in year 2026, and we are extremely excited about the tremendous synergies potential and powerful flywheel momentum that our business segments will deliver in the medium to long term.

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

Thanks.

谢谢管理层接受我的提问。恭喜这个季度强劲的一个业绩表现。那我的问题是关于直播业务的。我们是看到直播业务的收入已经两个季度环比小幅增长，那如何看待直播业务的一个长期发展趋势？谢谢。Thanks, management, for taking my question and congratulations on the strong quarter. My question is about live streaming business.

We have noticed the live streaming revenue grew slightly quarter-on-quarter for two consecutive quarters. How should we think about the long-term trend of the live streaming business?

Thank you. 好的，谢谢您的问题。那我是李婷，我来回答。关于直播呢，三季度我们的直播收入继续实现了环比的增长，主要是由于付费的用户数和

ARPPU 的环比提升在驱动。那从区域上来看呢，是发达国家市场和东南亚市场都保持了环比复苏的态势。这几个季度以来，我们持续在关注主播的激励机制、内容的生态搭建，还有 AI 和内容分发和付费体验上在多个方面的进行优化，推动了直播业务回到环比修复的轨道上。这个修复在我看来是自下而上、环环相扣实现的。展望2026年，我们预计直播业务将恢复同比增長。一方面，一次性的运营调整已经基本到位，不再影响2026年；另一方面，我们将继续把运营资源聚焦在优质付费用户和发达国家市场，同时进一步推进精细化运营，包括丰富全球多元优质内容的供给，优化用户分层和激励体系以及支付基建的完善。我们还预计这个将推动付费转化率和 ARPPU 的改善。此外，我们在中东的新产品矩阵的布局也将逐步贡献增量。所以总体来看，我们非常有信心在2026年，直播收入将重回稳健增长的轨道。

Thank you for your question. This is Li Ting.

I will take your question. In the third quarter, our live streaming business continued its steady sequential recovery, supported by growth in both our paying users and ARPU.

Across regions, developed countries and Southeast Asia maintained resilient and continued the improving trends we've seen in the recent quarters. Over the past several quarters, we've been focusing and executing a series of structural enhancements across our ecosystem, including refining streamer incentive programs, strengthening and more diversifying content supply and distribution, and extending the use of AI for content distribution and also paying experience optimization.

Those have reinforced one another, and also helped live streaming back to healthier growth. Looking ahead to 2026, we expect live streaming to return to year-over-year growth.

The one-off operational adjustments that we made earlier this year are now largely behind us. Then we expect...

are now largely behind us, and going forward, we will continue to focus our resources on high-value paying users and developed countries, while further enhancing refined operations globally through extending higher-quality content supply, improving user segmentation and incentive systems, while strengthening our global payment infrastructure. We expect these to improve our paying conversion and also ARPU.

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

Thank you. Next question, please.

Hey, 李婷总、Alex 总、Jane, 早上好。感谢接受我的提问。也恭喜这个季度非常强劲的一个业绩啊。我的问题呢是关于你们的这个广告业务啊。我们也看到 BIGO Ads 的话其实它的一个同比增速也是连续几个季度都在加速啊。那管理层能否分享一下你们广告业务的一个长期战略的一个目标，以及2026年的一个规划？I'll translate myself. Thanks, management, for taking my questions and congrats for the strong quarter results.

My question is regarding your advertising business. Could management please share the long-term strategic goals for your advertising business and also your operation plans for 2026?

Thank you. 好的，谢谢您的问题。那关于广告业务的话也是由我这边来回答。广告业务的这个长期战略规划上，我们会致力于成为覆盖多渠道、多行业垂类的效果广告网络平台。在渠道方面的话，我们将实现多渠道的布局，这里面就包括了

Web 端的开放网络、移动应用开发者等进行变现，从而增加我们的 supply base。在预算方面，我们将实现多元化的垂类布局，实现更多类型广告主的覆盖。比如说针对应用内的变现 IAA 的行业，我们将继续渗透休闲游戏、工具垂类。在 IAP 的行业上呢，我们将加速对重度游戏、中度游戏、内容和社交、平台类电商等核心垂类的布局。那么在网页端呢，我们也将实现金融、D2C 电商等垂类的布局。所以基于这些综合的这个布局和这个进展，随着广告垂类的多元化和广告主覆盖的不断提升，那么这里也会伴随着流量的规模、类型、流量的渠道的持续多元化，我们就会得到越来越多的数据，更好的进行全域用户的画像的构建，并且基于这些数据更好的优化我们的技术模型、产品模型。当然在区域层面，我们的业务也将遍布全球，目前我们的核心区域依然集中在北美和欧洲一些发达国家，随着我们平台的推出和拓展，全球化依然是非常明确的目标。那么这里同时也是说一下26年的规划重点。在26年，BIGO Ads 的规划可以总结为四个方面。第一点就是流量规模的持续扩张；第二呢就是 IAA 和网页端广告预算的快速增长和新的垂类拓展；第三呢就是完善广告数据体系的构建，包括持续推动广告主数据回传、iOS 体系建设、加速模型的优化和效率；那第四呢就是区域市场扩张。所以基于25年在以上四个方面打下的坚实的基础，我们对26年 BIGO Ads 的发展充满了高度的期待和信心。

Thank you, Liu Yuan. This is Li Ting.

I will take your question. We are transforming our high-growth ad tech business by establishing BIGO Ads as a global platform for performance-driven multi-channel advertising across different verticals.

In terms of our channels, we expect to establish a multi-channel layout, enabling monetization for a wide range of suppliers, including web open networks, mobile app developers, and others, thereby significantly expand our supplies base. In terms of industry vertical coverage, we expect our advertiser base to become much, much more diversify and cover a much broader range of advertiser types.

For example, for in-app advertising segment, we will continue to deepen penetration into casual games and tool and utility apps. For the in-app purchase segment, we expect to explore penetration into core verticals such as mid-to-hardcore games, content and social, as well as e-commerce marketplace.

On web-based advertising, we will also expect to penetrate to verticals such as finance, direct-to-customer e-commerce, etc. Building on this foundation, as our advertising verticals become much, much more diversify and much more expanded advertiser coverage, together with rising traffic and diversifying traffic channels, we will accumulate an increasing volume of data, and this will empower our full-domain user profiling and consequently enable us to further optimize the performance and efficiency of our model.

Geographically speaking, BIGO Ads will continue to have a global footprint, while our core regions will still be concentrated in developed countries such as North America and Europe. Globalization remains a clear path as we continue to expand our platform.

As for our specific plan for BIGO Ads for year 2026, we expect our growth drivers to come from the below four areas: Continued expansion of our traffic. Second, a strong growth in the number of IAA and web-based advertisers, together with their advertising spending, and together with our expansion into new verticals.

Thirdly, improvements of our advertising data infrastructure, including continuously enhancing data feedback, strengthening our iOS ecosystem, which we believe will accelerate our model optimization and efficiency. Fourth, geographic markets expansion.

Building on our solid results and foundation that we have achieved regarding these four aspects that has already been achieved in the year 2025, we have a very, very strong confidence in the development, and we really look forward to what we can achieve in the year '26. Thank you.

Next question, please.

早上好，谢谢管理层接受我的提问。我的问题是关于我们2026年，我们怎么看我们总用户数还有营收的一个趋势？另外的话呢，我们应该怎么去看明年在费用端还有利润端的一个展望？谢谢。I will translate myself. Hi, good morning.

Thanks management for taking my question. My question is about the 2026 outlook.

Can management comment about the user and revenue trend? On the cost side, can management comment about the expenses trend and profitability outlook?

Thank you. 谢谢

Thomas。那您的第一个问题呢还是由我来回答，对。我们展望在2026年，我们还在制定整个这个扎实的经营计划当中，暂时不会给量化的指引，但是全年实现营收正增长路径非常的清晰，这一点我们非常有信心。首先直播业务，正如我前面所提到的，经过过去几个季度持续的调整，现在已经回到了一个比较稳定的环比修复轨道，我们预计2026年直播业务会重新回到同期的稳健增长。其次在广告技术和电商 SaaS 业务方面，今年前三季度，BIGO Ads 的同比增速都接近了30%，而电商 SaaS 也实现两位数的营收增长。我们预计这两块业务在2026年将继续强劲的双位数营收增长。广告方面也正如我前面提到的，无论是在流量的规模、模型的能力还是广告主的预算上，具备高确定性的增长动力。在电商的 SaaS 方面，随着产品能力的增强，重点区域的快速增长也为2026年加速增长带来了动能。所以整体来说，随着直播恢复同比增長，广告和电商 SaaS 的高增速持续，将共同推动集团重新进入一个新的成长周期，集团营收重回稳定的同比增长轨道，并打开更加广阔的赛道空间。接下来再讲讲用户侧。我们还是强调全球流量池的质量。那目前在我们大盘的 MAU 里，78% 来自即时通讯 IM 的流量，这部分的用户高黏性，而且是纯自然有机获客。过去三个季度都实现了环比的正增长。我们预计未来将继续保持温和的增长势态。那么其他的社交娱乐产品呢，我们将继续以 ROI 为导向，聚焦高质量的全球流量获取。综合来看，我们预计整体集团的 MAU 在2026年将维持大体的稳定，质量持续提升，为直播变现奠定坚实的基础，也持续为特别是一方广告等其他变现方式贡献动能。

Thank you, Thomas. This is Li Ting.

I will take your first question. Looking ahead to the year 2026, we're still in the process of finalizing detailed operational plans, and therefore we will not provide a quantitative guidance at this stage.

That said, based on the trends we are already observing across our major businesses, we have very clear visibility into 2026 for the group to return to positive year-over-year revenue growth, and we have very strong confidence in that. On live streaming, as I mentioned earlier, the business has returned to relatively stable sequential growth trajectory following the adjustments that we made in the previous quarters, and we expect live streaming to resume steady year-over-year growth in the year 2026.

Secondly, for advertising and e-commerce SaaS, they have shown very strong momentum this year. BIGO Ads delivered approximately 30% year-over-year growth in the first three quarters of '25, and our e-commerce SaaS business also achieved double-digit growth.

Looking into 2026, we expect both businesses to deliver very strong double-digit growth. For advertising, we continue to see high visibility across traffic expansion, our model capabilities, and our advertiser coverage and regional penetration.

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

On the user front, we will continue to focus on traffic quality. In Q3, our overall MAU base, still around 78% came from our instant messenger product, which is highly sticky and purely organically acquired.

Our IM product has delivered sequential growth for the past three quarters when it comes to MAU, and we expect this steady momentum to continue. For our broader social entertainment product portfolio, we expect to remain ROI-oriented and focus on acquiring high-quality global users.

Overall speaking, at group level, we expect our group MAU to remain broadly stable in the year 2026, with continued improvement in our user community, which we believe will provide a solid foundation for live streaming monetization and other monetization opportunities, particularly our first-party ads. 你好

Thomas。我是 Alex。针对您的第二个问题，26年的费用以及利润的一个展望，我来回答一下。首先我们回顾一下三季度的表现啊。三季度集团的盈利表现其实是超预期的。Non-GAAP 的净利润额达到了4070万美元，同比是增长了16.6%。调整后的 EBITDA 同比是增长了16.8%，环比呢是4.9%，达到了5060万美元。分两个板板块来看的话，BIGO 板块三季度的 Non-GAAP 的毛利率是35%，环比略有下滑，这主要是受到了收入结构变化的一个影响，因为 BIGO 三方广告的业务快速的扩张，给整体的这个 BIGO 毛利率也带来了一定的稀释。但直播业务的内容成本结构优化以及运营效率的改善，部分抵消了这一稀释的压力。BIGO 整体的 Non-GAAP 的经营利润率三季度是14%，环比保持稳定。那么 All Other 板块的话，三季度 Non-GAAP 的毛利率从去年同期的40%提升到了42.9%，背后主要是得益于营收复苏以及高毛利的非直播收入，也就是我们 SaaS 业务的占比提升。同时呢，经营亏损是持续的缩窄啊，从去年同期的3800万美元缩窄到了2550万美元，亏损同比下降了32.8%。主要源于支出方面保持审慎，以及运营费用占收入的比例持续的下降。展望四季度，集团整体的经营利润环比将保持改善的一个趋势，这意味着2025年的全年，集团 Non-GAAP 的净利润对比24年同比预计会实现两位数的一个提升。展望2026年的话，我们会从三个角度来看。首先是直播收入重新回到增长的轨道，保持利润的稳健。第二是广告业务持续高速的增长，贡献增量的利润。第三呢是电商 SaaS 持续减亏。在这三个因素的共同推动下，我们预计集团的 Non-GAAP 的净利润额和 EBITDA 将延续今年改善的趋势，保持稳步的提升。谢谢。

Thank you, Thomas. This is Alex.

I will take your second question. Let us recap our performance in the third quarter.

We delivered better-than-expected profits in this quarter, with our non-GAAP operating profit reached 40.7 million, up by 16.6% year-over-year, with our non-GAAP EBITDA increased by 16.8% year-over-year and 4.9% QoQ to 50.6 million. For BIGO segment, our non-GAAP gross gross profit margin was 35% in Q3, down slightly QoQ, mainly due to the change in our revenue mix as our rising third-party BIGO Audience Network has a dilution impact on our segment gross margin.

This was partially offset by our ongoing content cost optimizations and better efficiency in the live streaming in BIGO's live streaming. As a result, BIGO's non-GAAP operating margin remained stable at 14% in Q3.

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

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

Our last question, please.

谢谢管理层接受我的提问。恭喜强劲的业绩。我的问题是想请管理层更新一下关于股东回报的考量及策略。谢谢。Let me translate myself. Congrats on solid quarter.

Just wondering, could management share the latest thoughts and strategies of our shareholder return initiatives? Cheers.

好，谢谢您的问题。我是

Alex，我来回答一下。年初的时候我们宣布了25到27三年合计9亿美金的股东回报的计划。目前来看的话，我们算按照计划稳步的推进过程中。那截止到11月14日，我们合计派息1.48亿美金，并回购了8860万美金的股票，回购的节奏是明显加速的。正如刚刚婷总给大家分享的，我们正在迈进一个新的成长周期，集团营收将重新回到同比增长的轨道，并且打开了更广阔的一个赛道空间。同时，目前股价其实还是处在低位的，我们预计将更加积极的加速回购。未来随着经营利润的持续增长，我们相信股东可以期待分享更多的回报。谢谢。

Thank you, Raphael. This is Alex.

I will take your question. Regarding capital return, at the beginning of the year, we announced a three-year shareholder return program totaling $900 million for the year 2025 to 2027, and we are currently executing this plan steadily, and we're well on track to deliver the plan.

As of November 14th, we have already paid out a total of $148 million in dividends and repurchased $88.6 million worth of our shares, with share buyback execution accelerating in the third quarter. As Ms.

Li just shared, we are entering into a new growth stage, and the group's revenue will return to a growth trajectory, and we expect to open up much broader market opportunities. While our share price is still at a relatively low level, we expect to actively accelerate our share buyback going forward.

Looking ahead, as our operating profits continues to grow, we expect that shareholders can look forward to enhanced returns over time. That was our last question.

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