JOYY Inc.

Well, our ad tech platform bigger is accelerated top line growth with its total ad revenue growing over 19.7% quarter over quarter. Meanwhile, we maintain the 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 ag-tech industry. This quarter, we made a concrete progress toward that goal. Beagle 8's daily growth revenue grew aggressively and reached new heights. As we further in scale and continuously increase our AI algorithm. We are confident we will soon reach new milestones. We achieved a total revenue of $540 million in the third quarter, up 6.4% quarter over quarter. our live streaming revenue was $388 million, up 3.5% QQ, making two consecutive quarters of sequential growth. Meanwhile, Beagle 8 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-GAG operating income reached $41 million. Of 16.6% year-to-year, Non-GAG EBITDA reached $51 million. up 16.8% year-to-year and 4.9% KOQ. Operating cash flow for the quarter reached $73 million. As of September 30, we had $3.3 billion in net cash. This provides strong support for our ongoing competitive shareholders' returns. we will continue actively executing our share repurchase program. As we advance our strategic priorities alongside strong oppositional 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 organization, vitality, and budgeting goals. Beginning in 2022, we accelerated the diversification of our revenue stream, contributing 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 call, 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 synergistic system where our global traffic, advertising, and e-commerce SaaS businesses reinforce each other. The R&D capabilities network infrastructure, local operations expertise, and fourth-party data access we commonly treat through global social live streaming are now powering our rapid 2B expansion. In turn, our 2B progress strengthens our competitive modes 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 bigger aids as an AI-powered global platform for performance-driven, multi-channel advertising across different verticals. In 2026, we expect to substantially extend our traffic coverage. On mobile traffic, we are exploring partnerships with many Asian platforms and developers like Google AdMob to accelerate traffic expansion. On web traffic, we are extending traffic coverage through partnerships with channels like Microsoft Answer and Google ADX. On the diamond side, as we establish web-to-web advertising capabilities and integrate our web models, we expect to capture continued growth from web-based advertising. For mobile-based advertising, We are enhancing our IIA Day Saving Roads product to improve advertiser ROI for IIA, while advancing the optimization of our target CPE and other products for IAP to expand into area. 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 damage dimensions, including multi-channels, traffic expansion, vertical specific diamond 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 joint ag 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 World Garden Marketplace platforms, Shopline provides an open and extensible solution to merchants, through which merchants have full data ownership for advanced operations. For the past several years, ShopLine's commission has been product excellence. We have made a substantial investment in R&D to evolve from a storefront builder into a full-state e-commerce system seamlessly, combining SaaS, infrastructure, payments, and integrated making tools into one powerful closed loop. With this rise of AI, we are now unveiling advanced AI capabilities deeply into every part of the merchant's journey, continuously sharpening our product's 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 growth margins. This is an important strategic milestone for Shopline. Our longstanding commitment to R&D, excellence, and talent recruitment has built the deep technological foundation that pours 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 the execution forecast will give 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 merchants provide 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 Insuring high strategic goal adjustment between management and the core team members, we drive more efficient corporate development. From management strategy priorities standpoint, we have a balanced framework. incorporating both operating metrics and long-term shareholders' value creation, which promotes strong augments 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 AgTech and SaaS business 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 continue into 2026 and beyond. This is not just the return to girls, 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 users' growth continued to be strong. driven by our instant manager. In Q3, IAM product admin use grew by 6,000,000 QOQ, with average time spent per user up 10.8% year-over-year. Product retention rate continued to improve year-to-year, driven by our ongoing enhancements to call IAM features. On user acquisition, we mentioned a disciplined ROI forecast, targeting users with strong monetization potential because 30-day ROI from new devices improved 6.7% quarter-over-quarter as a result. In Q3, Group live streaming revenues reached $388 million. People live streaming revenue was $368 million, up 3.5% QQ, maintaining their sequential growth trend. Because total paying users grew 0.8% QQ, while up increased 3.4% QQ. Big Alive delivered positive sequential growth for the second consecutive quarter. This recovery reflects our comprehensive integrated approach where we have leveraged effective streamer-inclusive 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 initial tips together drove renewed growth. Since the second half of last year, we have restructured our streamer incentive mechanisms across regions. Shifting support toward middle-tier streamers, we are now seeing significantly improved streamer engagement and content quality across platforms. In Q3, average streaming hours for newly signed streamers on BeagleLive rose 3.5% QQ and average viewer numbers increased 3.9% QQ. We continue advancing AI-powered improvement across content distribution and payment experiences by incorporating feature user signals through AI and optimizing strategies for cross-regional and in-app scenarios in bigger life. We enhanced viewing experiences and drove users' average viewing time up 3.4% QOQ. Meanwhile, our real-time translation subtitle now supports 15 languages, significantly improving users' interaction across different regions. We have also used AIGC technology to efficiently generate localized virtual gifts. In October, AI-powered interactive GIFs represented 25% of total virtual gift consumption demonstrating strong user adoption of AI-enhanced features. We have used packages' strategies to further optimize Bill of Life's tiered paying users' benefits system. In Q3, mid-tier users approved increased 2% QQ, while the total numbers of premium paying users achieved double-digit QQ growth. Looking ahead to 2026, we are confident that our streamer incentives, content contribution, and AI-driven optimization will position bigger lives 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 view will tailwind to drive payment rate improvements across all products over time. Overall, we are confident that live streaming will return to steady growth in 2026 and continue contributing sustainable cash flow for the group. Turning to figure eight. In Q3, Beagle 8 achieved $104 million in advertising revenue, up 33.1% year-to-year and 19.7% QQ. While first-party ad revenue and profit remained stable with single-digit QQ growth, our third-party Beagle audience network was particularly strong, recording mid-double-digit yield year and 25% sequential growth. On the traffic side, bigger audience network traffic continued to grow this quarter. SDK ad requests were up 228% yield year and 29% QQ, representing significant growth. On the technology front, we upgraded our IAA Day 7 rules, optimization with AI-driven real-time prediction and smart building capabilities. By leveraging cross-channel and cross-vertical user behavior and attrition data, the enhanced model delivers Significantly improved predation, equity, and generationization that enable advanced advertisers to scale budgets with greater competence, acquiring higher quality users while sustaining strong return efficiency. We saw strong growth across the board, driving the algorithm integration and featured traffic, new markets, expansion, and strong advertiser demand across multiple verticals. B2A's daily growth revenue reached new heights and continues on this upward trajectory with strong momentum. Web-based downloads primarily for lead generation maintained change growth QQ 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 QQ. During the third quarter, total spending from key cohorts increased by 30% QQ. At the same time, performance games attracted a steady influx of new advertisers, with the numbers of key cohorts up by 17% QQ. From regional perspective, we continued to depend on our penetration in the developed countries. With bigger audience, network revenue from North America grew in 22% QQ, while Western Europe grew in 41% QQ. We delivered exceptional results in Q3, driven by rapid network traffic expansion, continuous optimization, and delivery efficiency improvements and rapid growth in net verticals. As we outlined in last quarter's earnings call, bigger A's represent our second growth engine and a core long-term strategic initiative. We are committed to building a meaningful and lasting presence in this space and to see significant opportunities ahead. Turning to capital returns, as of November 14, we have reported 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 rising revenue and profit from advertising and other emerging businesses. We expect the company's consolidated operating profit to continue to improve and our shareholders to benefit from long-term profitable growth. In summary, we are optimistic about the positive change we are driving across our business units. Our core live streaming business is a trend-shattering and continued sequential growth, and we expect live streaming to gradually remain momentum for growth. BiggerAce is scaling rapidly as our second growth engine, driven by traffic, regional, and vertical expansion and algorithm optimization. And we are strengthening Shoplight's product capabilities and strategies at one stage as a fully integrated SaaS platform with anticipated synergies with our S-PAC 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 be a renewed program and serve as a jumping-off point into our next phase of growth. I will now turn the call over to Ms. Aglio, the Vice President of Finance, to provide our financial update.

Thanks, Misty. 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 Beagle Edge, has demonstrated accelerating growth. Beagle Edge revenues was up by 63.1% year over year and 19.7% quarter over quarter. Our Nungat EBITDA for the quarter was $50.6 million, up by 16.8% year-over-year and 4.9% quarter-over-quarter. Upgrading 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 had bought back $1.7 million of our ADS 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 Beagle segment. Both up quarter over quarter. Global MAU was $266.2 million during the quarter. up by 1.4% quarter-over-quarter, driving by a heresy 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 payment sentiment. With Pico's total paying user and app, increasing by 0.8% and 3.4% quarter over quarter. By rating, 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 were 151.7 million during the third quarter, up by 27.3% year-over-year. Non-live streaming now contributes 28.1% of our total group revenues, up from only 21.3% contribution in the same period last year. 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. Beagle'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 big audience network delivered exceptional results, recorded made 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 250%. 28% year-over-year and 29% quarter-over-quarter in Q3, leveraging multi-channel and cross-industry user behavior and increasing data. We continued to train and optimize our algorithms to further improve our campaign performance, which drove advertiser spending. The number of key cohorts was up by 17% quarter over quarter, with total spending from key cohorts up by 30% quarter over quarter. EcoEdge has certainly emerged as our second major growth engine, and it continued to make a positive contribution to our bottom line. Groove's gross profit was 193.1 million in the quarter, with a gross margin of 35.8%, up by 4.3% quarter over quarter. Beagle's gross margin was slightly down quarter over quarter due to a safety in our revenue mix, which saw an increased contribution from our low margin network and revenues. All other segments' gross margin was upped by 3 percentage points year-over-year to 42.6% due to growth in high-margin sales revenues. Our group's operating expenses for the quarter were $134.2 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 resources sharing and operational synergy across different business units. while strategically allocating incremental share of our R&D resources towards BQX. 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 joint 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 the group level, we expect our net revenues for the fourth quarter of 2025 to be between $563 million and $578 million. This implies a 2.5% to 5.2% year-over-year growth for the group's revenue in quarter four. As Misty highlighted in her prepared remarks, We are now representing for growth. In particular, with advertising entering into the peak season of the year, we are expecting continued accelerating growth from Beagle Edge. With its total advertising revenue, potentially delivering mid-to-double digits year-over-year growth in the first 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 sensitive potential and powerful flat-wheel 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.

Thank you. If you wish to ask a question, please press star 1 on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star 2. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Zwei King Xiong from CICC. Please go ahead.

My question is about live streaming business. We have noticed the live streaming revenue grows slightly quarter-on-quarter for two consecutive quarters. How should we think about the long-term trend of the live streaming business? Thank you.

Okay, thank you for your question. I'm Vivi. I'll answer. Regarding live streaming, our live streaming revenue has continued to increase in the third quarter. Mainly due to the increase in the number of paid users and the increase in the number of apps. In terms of the region, the developed national markets and Southeast Asian markets have maintained a recovery pattern. Over the past few months, we have continued to pay attention to the encouragement mechanism of the streamer, the ecological construction of content, and the optimization of various aspects in terms of AI and content distribution and paid experience, promoting the live broadcast business back to the track of recovery. This recovery, in my opinion, is a self-reliance, a re-reliance. Looking forward to the year 2026, we expect the live broadcast industry to resume growth. On the one hand, the once-in-a-lifetime operation adjustment is basically in place, and will no longer affect the year 2026. On the other hand, we will continue to focus our operating resources on high-quality paid users and the developed national market, and at the same time further promote economic operation, including the supply of rich global diverse high-quality content, and the optimization of the distribution of users and the incentive system and payment infrastructure. Thank you for your question.

I will take your questions. In the third quarter, our live streaming business continued its steady sequential recovery, supported by growth in both our paying users and our pool. Across regions, developed countries and Southeast Asia maintained resilience 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 a more diversified content supply and distribution, and expanding the use of AI for content distribution and also paying experience optimization. And those have reinforced one another and also help live streaming back to healthier growth. Looking ahead to 2026, we expect live streaming to return to year-over-year growth. First of all, the one-off operational adjustments that we made earlier this year are now largely behind us. And then we expect are now largely behind us and going forward we will continue to focus our resources on high value paying users and developed countries while further enhancing refined operations globally through expanding higher quality content supply, improving user segmentation and incentive existence while strengthening our global payment infrastructure. We expect these to improve our paying conversion and also our pool. 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.

Thank you. Your next question comes from Yuan Liao from Citix. Please go ahead.

Hi, Mr. Li, Ms. Alex, Ms. Jane. Good morning. Thank you for accepting my question. Congratulations on your very strong performance this week. My question is about your advertising business. We also saw that I'll translate myself. Thanks, management, for taking my questions and congrats for the strong quarter results. My question is regarding your advertising business. Management, please share the long-term strategic goals for your advertising business and also your operation plans for 2026. Thank you.

Okay, thank you for your question. Regarding the advertising business, I will answer it. In the long-term strategic planning of the advertising business, we will strive to become an effective advertising network platform that covers multi-channel and multi-industrial trends. In terms of channels, we will implement multi-channel layout. which includes open web, mobile app developers, and so on, to increase our supply base. In terms of budget, we will implement a diversified hammer layout, and implement more types of cover for advertisers. For example, for the app development IA industry, we will continue to infiltrate leisure games and hammer tools. In the IAP industry, we will accelerate the layout of heavy games, medium games, content and social platforms, e-commerce and other core categories. In the online industry, we will also realize the layout of finance, DTC e-commerce and other categories. So, based on these comprehensive layout and progress, with the continuous improvement of the diversification and coverage of advertising hammer types, then here will also be accompanied by the continuous diversification of the flow size, type, and flow channels, we will get more and more data to better build up the picture of all users, and based on these data, better optimize our technical model, product model. Of course, at the regional level, our business will also spread all over the world. Currently, our core area is still concentrated in some developed countries in North America and Europe. With the launch and expansion of our platform, globalization is still a very clear goal. At the same time, let's talk about the key points of the 26-year plan. In 2026, BeagleAid's plan can be summarized in four aspects. The first is the continuous expansion of traffic size. The second is the rapid growth of IAA and online advertising budget and the expansion of new categories. The third is the construction of a perfect advertising data system, including continuous promotion of advertising data transmission, iOS system construction, and acceleration of model optimization and efficiency. Thank you, Liao Lin. This is Li Ting.

I will take your question. We are transforming our high-growth ad tech business by establishing Beagle 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 supply base. And in terms of industry vertical coverage, we expect our advertiser base to become much, much more diversified and cover a much broader range of advertiser types. For example, for in-app advertising segments, we will continue to deepen penetration into casual games and tool and utility apps. And for the in-app purchase segment, we expect to explore penetration into core vehicles such as mid- to hardcore games, content and social, as well as e-commerce marketplace. And on web-based advertising, we will also expect to penetrate into verticals such as finance, direct-to-customer, e-commerce, et cetera. So building on this foundation, as our advertising verticals become much, much more diversified and much more expanded, advertising coverage, together with rising traffic and diversifying traffic channels, we will accumulate an increasing volume of data, and this will empower our full domain user profiling and consequently enable us to further optimize the performance and efficiency of our model. And geographically speaking, BeagleS 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. And as for our specific plan for BeagleAds for year 2026, we expect our growth drivers to come from the below four areas. First of all, continued expansion of our traffic, Second, a strong growth in the number of IAA and web-based advertisers together with their advertising spending and together with our expansion into new verticals. And thirdly, improvement of our advertising data infrastructure, including continuously enhancing data feedback, strengthening our iOS ecosystem, which we believe will accelerate our model optimization and efficiency and force geographic market 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.

Thank you. Your next question comes from Thomas Cheung from Jefferies. Please go ahead.

Hello. Thank you for accepting my question. My question is about our year 2026. How do we see the trend of our number of users and revenue? 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 the revenue trend? And on the cost side, can management comment about the expenses trend and profitability outlook? Thank you.

Thank you, Thomas. I will answer your first question. We are looking forward to the year 2026. We are still designing the full-fledged business plan, which will not give a bright future. However, we are very confident that we will achieve a positive growth in revenue all year round. 我们预计2026年直播业务会重新回到同比的稳健增长。 Secondly, in terms of advertising technology and e-commerce SaaS business, in the first three seasons of this year, the same increase in BGO AIDs has been close to 30%, and e-commerce SaaS has also achieved a two-digit revenue growth. We expect that these two businesses will continue to have a strong two-digit revenue growth in 2026. In terms of advertising, as I mentioned earlier, whether it is in terms of the size of the traffic, the ability of the model, or the budget of the advertiser, it has high-certainty growth power. In terms of e-commerce SaaS, with the increase of product capacity, the rapid growth of the focus area also brought dynamic energy for the 26-year acceleration growth. So overall, as the live broadcast restores the same growth, the high increase in advertising and e-commerce SaaS will jointly promote the group to enter a new growth cycle, the group's revenue will return to a stable same growth track and open a wider track space. Next, let's talk about the user side. We still emphasize the quality of the global flow rate pool. Currently, in our large-scale MAU, 78% of the flow is from instant communication M. This part of the user is high-density and is a pure natural organic customer. In the past three seasons, the positive growth has been achieved. We expect that the future will continue to maintain a mild growth state. 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 the 2026 for the groups to return to positive year-over-year revenue growth, and we have very strong confidence in that. First of all, on live streaming, as I mentioned earlier, the business has returned to relatively stable sequential growth trajectory following the adjustments that we made in the previous quarters. And we expect live streaming to resume steady year-over-year growth in the year 26. And secondly, for advertising and e-commerce SaaS, they have shown very strong momentum this year. Beagle ads deliver approximately 30% year-over-year growth in the first three quarters of 25, and our e-commerce SaaS business also achieved double-digit growth. Looking into 2026, we expect both businesses to deliver very strong double-digit growth. And for advertising, we continue to see high visibility across traffic, extensions, model our model capabilities and our advertiser coverage and regional penetration. For SaaS, enhanced product capabilities and rapid growth in key markets, we will continue to contribute to top-line expansion. Taken together, as live streaming returns to year-over-year growth, while both advertising and SaaS maintaining strong performance, we believe that the group is entering into a new growth cycle with our top-line returning to positive stable year-over-year growth trajectory and broader long-term opportunities ahead. Well, on the user front, we will continue to focus on traffic quality. In Q3, our overall MAU base is still around 78% coming from our instant messenger product, which is highly sticky and purely organically acquired. And our IAM product has delivered sequential growth for the past three courses when it comes to MAU. And we expect this steady momentum to continue. For our broader social entertainment portfolio, product portfolio, we expect to remain ROI-oriented and focus on acquiring high-quality global users. Overall speaking, at group level, we expect our group MAU to remain broadly stable in the year 2026 with continued improvement in our user community, which we believe will provide a solid foundation for live streaming monetization and other monetization opportunities, particularly our first-party ads.

Hello, Thomas. I'm Alex. For your second half of the year, 26 years of revenue and profits, Let me answer. First, let's review the performance of the third quarter. The performance of the third quarter group's profit is actually more than 7%. The net profit of Beijing reached $40.7 million, which increased by 16.6%. After adjustment, EBITDA increased by 16.8%, which increased by 4.9%, which reached $50.6 million. There are two levels. On the other hand, the non-GAAP interest rate of Beagle's third quarter fell by 35%. This is mainly due to a change in income structure. Because of the rapid expansion of Beagle's three-way advertising business, the overall interest rate of Beagle also brought a certain trend. However, the improvement of the content cost structure optimization and operation efficiency of the live broadcast business partially subsided the pressure. The overall non-GAAP operating profit rate of Beagle 3G is 14% and the return ratio is maintained. In the OR version, the non-GAAP profit rate of 3G increased from 40% in the same period last year to 42.9%. is mainly due to revenue recovery and high-performance non-直播收入, which is the net profit of our SaaS business. At the same time, the loss of business continues to shrink. From $38 million in the same period last year to $25.5 million, the loss decreased by 32.8% in the same ratio. The main reason is that the cost has remained low and the ratio of operating costs to income continues to drop. In the fourth quarter, the overall operating profit of the group will maintain a trend of improvement. This means that the operating profit of the group in the whole year of 2025 will be compared to the two-digit increase compared to the two-digit increase in 2024. In the year of 2026, we will look at it from three angles. First, live income will return to the path of growth and maintain a stable profit. Thank you, Thomas.

This is Alex. I will take your second question. First of all, let us recap our performance in the third quarter. We delivered on better than expected profits in this quarter with our non-GAAP operating profit, which 40.7 million, up by 16.6% year-over-year, with our non-GAAP EBITDA increased by 16.8% year-over-year and 4.9% 202 to 50.6 million. For Beagle's segment, our non-GAAP gross profit margin was 35% in Q3, down slightly QOQ mainly due to the change in our revenue mix as our rising third-party Beagle Audio Network has a dilution impact on our segment gross margin. This was partially offset by our ongoing content cost optimizations and better efficiency in Beagle's live streamings. As a result, Beagle's non-GAAP operating margin remained stable at 14% in Q3. Looking at all other segments, non-GAAP growth margin was improved from 40% to 42.9% year-over-year, driven by revenue growth and higher contribution from our higher margin SaaS business. Its non-GAAP operating loss continue to narrow further to $25.5 million, down from $38 million in Q3 last year, reflecting discipline spending in our operating expenses. Looking into Q4, we expect the group's non-GAAP operating profit continues to improve QOQ, and this implies that for the full year of 2025, our group's total non-GAAP operating profit will achieve a nearly double-digit year-over-year increase compared to the year 24. And turning to the year 2026, looking at the three driving components with LifeSumi returning to year-over-year growth, top-line year-over-year growth, and maintaining stable profitability, and BeagleAds continue to grow up, contributing incremental profits, and with e-commerce SaaS further narrowing its operating losses. We expect the group's total non-GAAP operating profit amount and non-GAAP EBITDA to continue the improving trend that we achieved this year and grow steadily in the year 26. Our last question, please.

Thank you. Your next question comes from Raphael Chen from Bochi Research. Please go ahead.

Thank you, Mr. Guan, for accepting my question. Congratulations on your performance. My question is that I would like to ask Mr. Guan to update the consideration and strategy of the shareholder feedback. Thank you. Let me translate myself. Congrats on the third quarter. Just wondering, could management share the latest thoughts and strategies of our shareholder return initiatives? Cheers.

Thank you for your question. I'm Alex. Let me answer it. At the beginning of the year, we announced a plan to raise $9 billion in shares in the next three years. At present, we are following the progress of the plan. Until November 14th, we raised $1.48 billion in shares and repurchased $88.6 million in shares. The pace of repurchase is obviously accelerating. As Mr. Qin shared just now, we are in the middle of a new growth cycle. Group revenue will return to the same growth track and open a wider track. At the same time, the current stock price is still in the low position. We expect to accelerate the recovery more actively. In the future, with the continuous growth of business profits, we believe that shareholders can expect to share more returns. Thank you.

Thank you, Russell. This is Alex, and we'll 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 are 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. Lee just shared, we are entering into a new growth stage, and the group's revenue will return to a growth trajectory, and we expect to open up much broader market opportunities. While our share price is still at a relatively low level, we expect to actively accelerate our share buyback going forward. looking ahead as our operating profit continues to grow, we expect that shareholders can look forward to enhanced returns over time. So that was our last question. Thank you so much for joining our call, and we look forward to speaking with everyone at SCOSA. Thank you.

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