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Xueying Yan

Managing Director and Senior Analyst at CICC

Xueying Yan is a Managing Director and Senior Analyst at CICC, specializing in the coverage of Chinese internet and technology companies including Tencent, Alibaba, and Meituan. Renowned for her in-depth sector expertise and data-driven approach, she has been consistently recognized among leading analysts for accuracy and actionable insights, with a strong track record reflected in high success rates and above-benchmark returns on her investment recommendations. Yan began her career at investment banks including J.P. Morgan, where she honed her research skills before joining CICC, and she has over a decade of experience in equity research and analysis. She holds certifications in securities and investment analysis, and has frequently been acknowledged in industry rankings including top analyst awards from regional investor polls.

Xueying Yan's questions to JOYY (JOYY) leadership

Question · Q3 2025

Xueying Yan asked about the long-term trend of JOYY's live streaming business, noting its sequential revenue growth for two consecutive quarters.

Answer

Jane Xie, Senior Manager of Investor Relations, explained that the live streaming business continued its steady sequential recovery in Q3, driven by growth in paying users and ARPU, particularly in developed countries and Southeast Asia. She highlighted structural enhancements like refined streamer incentives, diversified content, and AI optimization. For 2026, JOYY expects year-over-year growth, attributing it to the completion of one-off operational adjustments, a focus on high-value paying users, improved global operations, and new product initiatives in the Middle East.

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