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    Xu Zheng Zheng

    Vice President and Equity Analyst at CICC

    Xu Zheng Zheng is a Vice President and Equity Analyst at CICC, specializing in the coverage of consumer and retail sectors, with a particular focus on Chinese companies such as Alibaba Group, JD.com, and Meituan. Known for producing insightful research and actionable investment recommendations, Xu Zheng Zheng has maintained a strong forecasting accuracy with a documented success rate above 60% on major assessment platforms, generating competitive returns for investors. Xu began his equity research career in the mid-2010s and joined CICC in 2018 after holding analyst roles at Citic Securities and Guotai Junan Securities. His credentials include a Chartered Financial Analyst (CFA) designation and registration with both FINRA and China Securities Regulatory Commission, reflecting his strong professional standards and recognition in the industry.

    Xu Zheng Zheng's questions to JOYY (JOYY) leadership

    Xu Zheng Zheng's questions to JOYY (JOYY) leadership • Q2 2025

    Question

    Xu Zheng Zheng from CICC asked for the reasoning behind adding the non-GAAP EBITDA disclosure this quarter and questioned the expected trend for operating expenses and the profit outlook for the second half of 2025.

    Answer

    Alex Liu, Vice President of Finance, stated that non-GAAP EBITDA is a better proxy for core operational cash flow and facilitates peer comparisons. For the H2 outlook, he noted that BIGO's non-GAAP operating profit should continue its steady improvement in Q3. While the 'All Other' segment's loss might widen slightly quarter-over-quarter, it will show significant year-over-year improvement. He affirmed that the full-year 2025 non-GAAP operating profit and EBITDA are expected to show an improving trend.

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