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    Maggie Ye • CLSA

    Maggie Ye's questions to HUYA Inc (HUYA) leadership

    Maggie Ye's questions to HUYA Inc (HUYA) leadership • Q2 2025

    Question

    Maggie Ye from CLSA asked about the outlook for the live streaming business, the overall revenue trend for 2025, and the expected margin performance.

    Answer

    Margaret Shi, Head of Capital Markets, stated that live streaming revenue has stabilized and is expected to remain broadly steady. She anticipates overall revenue growth for the full year 2025, driven by the game-related services segment. While gross margin improved to 13.5%, she guided for meaningful improvement in non-GAAP operating profit for the full year but cautioned that interest income will be significantly lower in the second half due to the recent special dividend.

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    Maggie Ye's questions to Tencent Music Entertainment Group (TME) leadership

    Maggie Ye's questions to Tencent Music Entertainment Group (TME) leadership • Q2 2025

    Question

    Maggie Ye of CLSA inquired about the online music subscription business, specifically asking about SVIP penetration, ARPU trends, retention rates, and the sustainability of its growth drivers.

    Answer

    Management clarified that the primary drivers for SVIP growth are fundamental benefits like premier sound quality, long-form audio, and digital items, not just event-driven activities. They confirmed that SVIP penetration, ARPPU, and retention are all increasing in line with expectations. Regarding the fan economy's sustainability, they emphasized that events are planned 6-12 months in advance to ensure a robust and steady business pipeline, supporting consistent growth in merchandise sales.

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    Maggie Ye's questions to iQIYI Inc (IQ) leadership

    Maggie Ye's questions to iQIYI Inc (IQ) leadership • Q4 2024

    Question

    Maggie Ye of CLSA requested an update on the core strategy for iQIYI's overseas business in 2025, noting the encouraging performance in international membership revenue and subscriber numbers.

    Answer

    Xianghua Yang, SVP of Overseas Business, outlined the 2025 strategy as pursuing rapid revenue growth while maintaining profitability. This involves a differentiated approach: focusing on profit and revenue in mature markets like Thailand and North America, prioritizing revenue growth in newer markets like Indonesia, and exploring new regions such as the Middle East and Latin America. The plan includes strengthening drama programming, investing in local content, and increasing investment in promotion and channel partnerships to maximize content value. He added that growth has accelerated since December 2024, increasing confidence for 2025.

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