以下文章来源于并购最前线 ，作者王露 并购最前线 . 历时4年，百度拿下YY了 先来看交易细节。 投资界（PEdaily.cn）旗下，专注并购动态 尘埃落定。 作者 I 王露 报道 I 投资界-并购最前线 2月2 5日，百度宣布收购欢聚集团旗下YY直播，交易金额约2 1亿美元（约合1 52亿元人 民币）。 这笔持续四年历经波折的收购案，最终尘埃落定。而交易金额从最初的36亿美元，缩水 至1 5亿美元。"砍价"收购后，百度宣布将回流的超110亿元人民币投向AI。 值得注意的是，就在收购案前一天，并购女王刘晓丹加入百度董事会。钱多了，人来 了，或将为大厂AI竞赛添上一抹别样色彩。 一笔过气的并购？ 百度方面给出的理由是，股份购买协议规定，收购的交割须满足某些前提条件，包括获 得必要的政府监管部门批准等，且如果收购未在最终截止日前完成，买方或卖方均有权 终止协议。 港交所公告显示，百度与欢聚集团达成收购协议，百度已支付约21亿美元（约合人民币 15 2亿元）收购欢聚集团在国内的视频娱乐直播业务，即YY直播。 欢聚集团表示，公司此前于2 02 1年2月已收到约18. 6亿美元，当日，公司又收到约2. 4亿 美元现金对 ...

Group 1 - JOYY Inc. has entered into agreements with Baidu, Inc. for the sale of its video-based entertainment live streaming business in mainland China, known as YY Live, for an aggregate purchase price of approximately US$2.1 billion in cash [1] - The company previously received approximately US$1.86 billion in February 2021 and has now received an additional cash consideration of approximately US$240 million [1] Group 2 - JOYY is a leading global technology company focused on enriching lives through technology, operating several social products including Bigo Live, Likee, and Hago [2] - JOYY's American Depositary Shares (ADSs) have been listed on NASDAQ since November 2012 [2]

Financial Data and Key Metrics Changes - In Q3 2024, total net revenues were $558.7 million, a decrease from $567.1 million in the same period last year [28] - BIGO segment revenues were $496 million, showing a slight year-over-year increase [28] - Group non-GAAP operating profit was $34.9 million, up 16.4% quarter-over-quarter [6][33] - GAAP net income attributable to controlling interest was $60.6 million, down from $72.9 million in the same period of 2023 [33] - Group's non-GAAP net income margin was 10.9%, compared to 14.3% in the same period of 2023 [36] Business Line Data and Key Metrics Changes - BIGO's non-livestreaming revenue grew 15.5% quarter-over-quarter to $78.2 million, primarily driven by advertising [14] - Likee's advertising revenue increased 33.4% year-over-year, maintaining profitability [20] - Hago's total revenue grew 6.1% quarter-over-quarter, with improved monetization metrics [23] Market Data and Key Metrics Changes - Revenues from developed countries increased by 21.6% year-over-year, contributing 54.9% to group revenue [62] - Revenues from the Middle East region grew by 2.1% quarter-over-quarter, indicating a rebound [62] Company Strategy and Development Direction - The company is focused on optimizing products, deepening market penetration in developed countries, and enhancing global operational capabilities [5] - A globalization strategy is being advanced, enriching user interactions and content offerings [7] - The company aims to diversify revenue streams, with non-livestreaming revenue growing 13.1% sequentially [14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that adjustments to content costs and features of non-core products may negatively impact revenues in Q4 [38] - The company expects BIGO's paying users to gradually return to growth in 2025, alongside stabilizing ARPPU [48] - The focus on high-quality premium users is expected to enhance long-term sustainable growth [50] Other Important Information - The company repurchased approximately $117.8 million worth of shares in Q3, totaling $243.7 million for the first three quarters of 2024 [37] - The balance sheet remains healthy with a strong net cash position of $3.3 billion as of September 30, 2024 [36] Q&A Session Summary Question: 2025 outlook on user and revenue trends - Management noted that BIGO's non-livestreaming revenue continued to grow, while live streaming revenue experienced a decline due to content cost optimization and adjustments to non-core products [44][45] - They expect BIGO's paying users to return to growth in 2025, with non-livestreaming revenue maintaining double-digit growth [48][49] Question: General monetization trends across key regions in FY 2025 - Developed countries are expected to continue providing growth momentum, with a focus on high monetization potential regions [62] Question: Progress in capital return and share repurchase program - The company has been active in shareholder return initiatives, repurchasing 12% of total shares outstanding as of the end of last year [68] Question: Outlook for advertising and new initiatives into 2025 - BIGO's advertising revenue showed robust growth, with Likee's advertising revenue growing significantly [72] - Future growth will depend on expanding DAU and refining operations to increase market share [75]

Financial Performance - Net revenues for the third quarter of 2024 were US$558.7 million, a decrease of 1.4% from US$567.1 million in the same period of 2023[9]. - Gross profit was US$208.1 million with a gross margin of 37.3%, compared to US$209.2 million and 36.9% respectively in the third quarter of 2023[2]. - Non-GAAP net income attributable to controlling interest was US$61.2 million, down from US$81.2 million in the same period of 2023, resulting in a non-GAAP net income margin of 10.9%[6]. - Operating income was US$16.4 million, with an operating income margin of 2.9%, compared to US$12.0 million and 2.1% in the same period of 2023[16]. - JOYY reported a net income of $63,279,000 for the three months ended September 30, 2024, compared to a net loss of $7,325,000 for the same period in 2023[71]. - JOYY's diluted net income per ADS for the three months ended September 30, 2024, was $1.05, down from $1.86 in the same period of 2023[67]. User Metrics - Average mobile MAUs for Bigo Live decreased to 36.5 million from 40.3 million year-over-year, while Likee's MAUs fell to 33.9 million from 41.0 million[10]. - The total number of paying users for BIGO was 1.62 million, slightly up from 1.61 million in the corresponding period of 2023[10]. - The number of paying users is calculated based on cumulative registered user accounts that have made purchases on Bigo Live, Likee, or imo at least once during the relevant period[43]. Revenue Breakdown - Other revenues increased by 67.2% to US$119.2 million, driven by substantial growth in advertisement revenues[13]. - Live streaming revenues increased to $495.801 million for the three months ended September 30, 2023, compared to $439.482 million in the same period of 2024, reflecting a growth of 12.8%[47]. - Total net revenues for JOYY in the three months ended September 30, 2024, were $558,654,000, with live streaming contributing $439,482,000[71]. Cash and Assets - As of September 30, 2024, the company had net cash of US$3,302.1 million, down from US$3,357.9 million at the end of 2023[17]. - As of September 30, 2024, total current assets decreased to US$3,287.2 million from US$4,072.6 million as of December 31, 2023, representing a decline of approximately 19.3%[45]. - Cash and cash equivalents decreased to US$481.8 million as of September 30, 2024, down from US$1,064.0 million as of December 31, 2023, a decline of approximately 54.7%[45]. - Total liabilities decreased to US$2,770.1 million as of September 30, 2024, from US$3,171.7 million as of December 31, 2023, a reduction of about 12.6%[46]. - The Company’s total assets decreased to US$8,080.1 million as of September 30, 2024, from US$8,483.9 million as of December 31, 2023, reflecting a decline of approximately 4.8%[45]. Strategic Plans and Future Outlook - The Company has ongoing strategic plans that include potential market expansion and new product development, although specific details were not disclosed in the call[39]. - The Company emphasized the importance of user monetization and growth in active users as part of its future business development strategy[39]. - Future outlook includes continued investment in research and development, particularly in new technologies and products to enhance user engagement[78]. - The company is focusing on market expansion strategies, particularly in the live streaming segment, to drive revenue growth[78]. Shareholder Actions - The company repurchased US$117.8 million worth of shares during the quarter as part of its share repurchase program[11]. - During Q3 2024, the Company repurchased 3.43 million ADSs for a total of US$117.8 million, bringing the total repurchased in the first three quarters of 2024 to 7.31 million ADSs for US$243.7 million[35]. - JOYY's shareholders' equity as of September 30, 2024, was $23,333,000, compared to $22,133,000 as of December 31, 2023[64]. Research and Development - Research and development expenses for the three months ended September 30, 2023, were $71.608 million, slightly down from $72.360 million in the same period of 2024[47]. - Research and development expenses for the three months ended September 30, 2024, totaled $72,360,000, reflecting an increase in investment in new technologies[71].

Core Insights - JOYY Inc. reported strong financial results for Q3 2024, with total revenue of US$558.7 million and significant growth in both GAAP and non-GAAP operating income [2][5] - The company's core business segment, BIGO, generated revenues of US$496.0 million, contributing to overall profitability and positive cash flow [2][4] Financial Performance - JOYY's GAAP operating income was US$16.4 million, reflecting a 623.5% increase quarter-over-quarter, while non-GAAP operating income reached US$34.9 million, up 16.4% [2][4] - The net profit for the quarter was US$60.6 million, with a non-GAAP net profit of US$61.2 million, resulting in net margins of 10.8% and 10.9% respectively [2][5] - BIGO's GAAP and non-GAAP operating income were US$62.7 million and US$72.9 million, marking increases of 8.2% and 5.0% sequentially [2][4] Shareholder Returns - The company repurchased US$117.8 million worth of its shares in Q3 2024, totaling US$243.7 million for the first three quarters, indicating confidence in long-term prospects [3] Business Highlights - BIGO Live focused on advertising investments in developed countries, resulting in a 3.4% year-over-year growth in MAUs and a 9.1% increase in paying users [6] - The platform implemented upgrades to enhance content quality and user engagement, including improved content recommendation algorithms [7][10] - Bigo Live hosted the third season of "BIGO's Most Talented," attracting 5.79 million audience votes, showcasing its community engagement efforts [8] Likee and Hago Performance - Likee's advertising revenue grew by 33.4% year-over-year, maintaining profitability while enhancing user experience through community-building initiatives [11][12] - Hago's revenue increased by 6.1% quarter-over-quarter, driven by targeted incentive strategies, with positive operating cash flow and improved social engagement metrics [13]

Core Viewpoint - JOYY Inc. reported a decline in net revenues and net income for the third quarter of 2024 compared to the same period in 2023, while showing growth in non-livestreaming revenues and operational efficiency improvements. Financial Highlights - Net revenues for Q3 2024 were US$558.7 million, down from US$567.1 million in Q3 2023 [2][5] - Net income attributable to controlling interest was US$60.6 million, compared to US$72.9 million in Q3 2023 [2][13] - Non-GAAP net income attributable to controlling interest was US$61.2 million, down from US$81.2 million in Q3 2023 [2][14] - Live streaming revenues decreased to US$439.5 million from US$495.8 million year-over-year [5] - Other revenues increased by 67.2% to US$119.2 million, driven by significant growth in advertisement revenues [6] Operational Highlights - Average mobile MAUs for Bigo Live were 36.5 million, down from 40.3 million in Q3 2023 [3] - Average mobile MAUs for Likee were 33.9 million, down from 41.0 million, attributed to disciplined spending on user acquisition [3] - Average mobile MAUs for Hago decreased to 4.3 million from 5.0 million [3] - Total global average mobile MAUs were 272.4 million, down from 276.8 million [3] - Total paying users for BIGO increased slightly to 1.62 million from 1.61 million [3] Cost and Profitability - Cost of revenues decreased by 2.1% to US$350.5 million [8] - Gross profit was US$208.1 million, slightly down from US$209.2 million, with a gross margin of 37.3% [9] - Operating expenses were US$192.0 million, a slight increase from US$191.3 million [10] - Operating income rose to US$16.4 million from US$12.0 million, with an operating income margin of 2.9% [11] Shareholder Returns - The company repurchased US$117.8 million worth of shares during Q3 2024, reaffirming its commitment to shareholder returns [4][20] - The total share repurchase program allows for up to US$400 million until November 2025 [21] Business Outlook - For Q4 2024, JOYY expects net revenues to be between US$546 million and US$563 million, reflecting current market conditions and strategies [19]

Group 1: JOYY Overview - JOYY (YY) shares increased by 6.2% to $35.81 in the last trading session, with a higher-than-average trading volume, contrasting with a 0.9% loss over the past four weeks [1] - JOYY benefits from a global user base and a strong portfolio of interactive platforms, including Bigo Live, Likee, and Hago, positioning the company for future growth through innovation and expansion into global commerce SaaS [1] Group 2: Earnings Expectations - JOYY is expected to report quarterly earnings of $0.88 per share, reflecting a year-over-year decline of 27.9%, with revenues projected at $559.97 million, down 1.3% from the previous year [2] - The consensus EPS estimate for JOYY has remained unchanged over the last 30 days, indicating that stock price movements may not sustain without trends in earnings estimate revisions [3] Group 3: Industry Comparison - JOYY is part of the Zacks Internet - Services industry, where another company, 21Vianet (VNET), closed 1.7% lower at $3.42, but has returned 4.2% over the past month [3] - For 21Vianet, the consensus EPS estimate has increased by 25% over the past month to $0.03, representing a 150% change from the previous year, and it currently holds a Zacks Rank of 2 (Buy) [4]

Group 1 - JOYY Inc. plans to release its third quarter 2024 financial results after the U.S. market closes on November 26, 2024 [1] - The earnings conference call will be held at 9:00 PM U.S. Eastern Time on November 26, 2024 [1] - Participants can pre-register for the conference call using a provided link and will receive dial-in numbers and a unique PIN via email [2] Group 2 - JOYY is a leading global technology company focused on enriching lives through technology [3] - The company operates several social products, including Bigo Live, Likee, and Hago, creating a vibrant user community globally [3] - JOYY's American Depositary Shares (ADSs) have been listed on NASDAQ since November 2012 [3]

Core Viewpoint - JOYY's stock remains stagnant in the mid $30s, with investor impatience growing due to lack of dividends and updates on the YY Live sale reversal by Baidu [1][2] - The company has a strong cash position, with $2.7 billion in assets exceeding liabilities, which is favorable compared to its $2 billion market cap [1] Financial Performance - JOYY reported a non-GAAP diluted EPS of $1.17, beating estimates by $0.25, although it was down from $1.29 in Q2 2023 [4] - The company generated $71.1 million in net cash from operating activities, an increase from $61.8 million year-over-year but a decrease from $75 million in Q1 [4] - Operating expenses rose to $198.7 million, primarily due to increased general and administrative costs [4] Share Buyback and Debt Management - JOYY increased its share buyback from $54.5 million to $71.4 million, representing 3.9% of ADS, which is significant for shareholder value [8] - The company bought back a $500 million convertible note for $405 million, reducing both cash and debt [3] Regional Performance - Developed markets showed a 32% year-over-year sales increase, now accounting for 54% of overall sales, indicating a shift in focus towards higher-quality earnings [6] - Sales in mainland China decreased by 23% year-over-year, highlighting the challenges in that market [6] New Business Developments - The BIGO Audience Network emerged as a significant growth area, with non-livestreaming BIGO sales increasing by 162% year-over-year [7] - Shopline, an e-commerce platform, is underperforming and lacks growth, leading to a reassessment of its valuation [7] Future Guidance - JOYY guided for Q3 sales between $555 million and $569 million, with expectations to meet the higher end of this range [11] - The company anticipates a slight decline in non-GAAP BIGO operating profits due to adjustments in its audio livestreaming product [11]

交银国际研究 财务模型更新 互联网 2024 年 8 月 28 日 收盘价 目标价 潜在涨幅 美元 33.57 美元 33.00 -1.7% 欢聚集团 (YY US) 2 季度利润超预期；非核心业务调整拖累下半年收入预期 欢聚2季度利润超预期，主要因费用控制好于预期。海外核心产品收入维持同 比增长趋势，短期部分区域内容政策优化及非核心语音业务调整或拖累下半 年收入增长，我们小幅下调 2024 年收入预测，基于好于预期的费用控制，微 调 2024/25 年经调整净利润预期。基于 10 年 DCF，维持 33 美元目标价及中性 评级。 费用优化带动 2 季度利润超预期。欢聚 2024 年 2 季度收入为 5.7 亿美元， 同比+3%/环比持平，略超我们预期2%。BIGO收入同比+8%，直播同比-1%， 核心产品维持同比增长，主要受 MPU 增长驱动。非直播收入中，广告收 入维持快速增长，2 季度 BIGO 收入占比提升至 13.4%。经调整运营利润 3000 万美元，好于我们预期的 2100 万美元，主要因费用控制好于预期。 展望及估值：我们预计 2024 年 BIGO 收入同比+5%，受广告业务拉动延续 增长趋 ...