JOYY Inc 6-K, filed Nov 20, 2025

JOYY Inc. (JOYY)

6-K 2025-11-20 For: 2025-11-20

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Added on April 04, 2026

About this 6-K

JOYY Inc filed this 6-K on November 20, 2025.

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Exhibit No.	Description

Exhibit 99.1	Press Release

JOYY INC.

By:	/s/ Ting Li
	Name:	Ting Li
	Title:	Chairman and Chief Executive Officer

United States:	1-855-883-1031
Singapore:	800-101-3223
Hong Kong:	800-930-639
Conference ID:	#10051480

	December 31,		September 30,
	2024		2025
	US$		US$
Assets
Current assets
Cash and cash equivalents		444,761		383,826
Restricted cash and cash equivalents		371,332		24,255
Short-term deposits		1,061,011		304,532
Restricted short-term deposits		20,722		18,597
Short-term investments		288,589		563,058
Accounts receivable, net		121,861		143,753
Amounts due from related parties		467		120
Prepayments and other current assets⁽¹⁾		247,538		227,777
Assets held for sale		-		7,007

Total current assets		2,556,281		1,672,925

Non-current assets
Long-term deposits and held-to-maturity investments		1,124,308		2,043,571
Deferred tax assets		2,563		2,278
Investments		530,685		537,710
Property and equipment, net		499,723		534,556
Land use rights, net		303,115		300,230
Intangible assets, net		277,257		235,650
Right-of-use assets, net		20,457		17,550
Goodwill		2,194,324		2,194,341
Other non-current assets		19,084		9,319

Total non-current assets		4,971,516		5,875,205

Total assets		7,527,797		7,548,130


Liabilities, mezzanine equity and shareholders’ equity
Current liabilities
Short-term loans		34,853		16,900
Accounts payable		84,015		76,541
Deferred revenue		66,813		62,008
Advances from customers		4,031		7,055
Income taxes payable		78,304		56,866
Accrued liabilities and other current liabilities⁽¹⁾		2,393,923		575,525
Amounts due to related parties		1,378		24,186
Lease liabilities due within one year		10,775		8,675

Total current liabilities		2,674,092		827,756

Non-current liabilities
Lease liabilities		9,948		9,111
Deferred revenue		12,635		9,665
Deferred tax liabilities		47,631		51,802

Total non-current liabilities		70,214		70,578

Total liabilities		2,744,306		898,334

	December 31,			September 30,
	2024			2025
	US$			US$
Mezzanine equity		23,733			24,933

Shareholders’ equity
Class A common shares (US$0.00001 par value; 10,000,000,000 and 10,000,000,000 shares authorized, 1,317,840,464 shares issued and 714,663,197 shares outstanding as of December 31, 2024; 1,306,734,444 shares issued and 693,061,124 shares outstanding as of September 30, 2025, respectively)		7			7
Class B common shares (US$0.00001 par value; 1,000,000,000 and 1,000,000,000 shares authorized, 326,509,555 and 326,509,555 shares issued and outstanding as of December 31, 2024 and September 30, 2025, respectively)		3			3
Treasury shares (US$0.00001 par value; 603,177,267 and 613,673,320 shares held as of December 31, 2024 and September 30, 2025, respectively)		(1,223,186	)		(1,238,309	)
Additional paid-in capital		3,345,536			3,309,785
Statutory reserves		40,500			36,148
Retained earnings		2,796,745			4,696,266
Accumulated other comprehensive loss		(247,615	)		(216,982	)

Total JOYY Inc.’s shareholders’ equity		4,711,990			6,586,918

Non-controlling interests		47,768			37,945

Total shareholders’ equity		4,759,758			6,624,863

Total liabilities, mezzanine equity and shareholders’ equity		7,527,797			7,548,130

	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
	2024			2025			2025			2024			2025
	US$			US$			US$			US$			US$
Net revenues
Live streaming⁽¹⁾		439,482			375,409			388,474			1,365,603			1,135,231
Advertising		87,107			96,125			112,516			233,443			297,288
Others		32,065			36,226			39,231			89,296			109,813

Total net revenues		558,654			507,760			540,221			1,688,342			1,542,332

Cost of revenues⁽²⁾		(350,536	)		(322,515	)		(347,090	)		(1,085,922	)		(985,341	)

Gross profit		208,118			185,245			193,131			602,420			556,991

Operating expenses⁽²⁾
Research and development expenses		(72,360	)		(60,075	)		(63,094	)		(211,255	)		(185,595	)
Sales and marketing expenses		(83,524	)		(71,852	)		(72,072	)		(266,294	)		(216,055	)
General and administrative expenses		(36,073	)		(47,922	)		(39,050	)		(108,502	)		(119,662	)

Total operating expenses		(191,957	)		(179,849	)		(174,216	)		(586,051	)		(521,312	)

Gain on disposal of subsidiary		-			-			-			1,643			-
Other income		255			400			637			4,216			1,876

Operating income		16,416			5,796			19,552			22,228			37,555

Interest expenses		(535	)		(151	)		(97	)		(4,535	)		(354	)
Interest income and investment income		41,067			40,799			41,548			136,696			121,734
Foreign currency exchange (losses) gains, net		(10,742	)		1,191			(6,370	)		(8,849	)		(5,940	)
Gain on fair value change of investments		9,281			17,633			4,102			9,647			22,440

Income before income tax expenses		55,487			65,268			58,735			155,187			175,435

Income tax expenses		(6,279	)		(6,066	)		(3,784	)		(13,444	)		(15,061	)

Income before share of income (loss) in equity method investments, net of income taxes		49,208			59,202			54,951			141,743			160,374

Share of income (loss) in equity method investments, net of income taxes		6,746			(1,176	)		4,236			2,156			(258	)

Net income from continuing operations		55,954			58,026			59,187			143,899			160,116

Gain on disposal of YY Live⁽³⁾		-			-			-			-			1,875,921

Net income		55,954			58,026			59,187			143,899			2,036,037

Net loss attributable to the non-controlling interest shareholders and the mezzanine equity classified non-controlling interest shareholders		4,603			2,799			2,773			14,010			8,071

Net income attributable to controlling interest of JOYY Inc.		60,557			60,825			61,960			157,909			2,044,108

Including：
Net income from continuing operations attributable to controlling interest of JOYY Inc.		60,557			60,825			61,960			157,909			168,187
Gain on disposal of YY Live⁽³⁾		-			-			-			-			1,875,921

Accretion of subsidiaries’ redeemable convertible preferred shares to redemption value		(347	)		(347	)		(347	)		(1,041	)		(1,041	)

Net income attributable to common shareholders of JOYY Inc.		60,210			60,478			61,613			156,868			2,043,067

Including：
Net income from continuing operations attributable to common shareholders of JOYY Inc.		60,210			60,478			61,613			156,868			167,146
Gain on disposal of YY Live⁽³⁾		-			-			-			-			1,875,921

JOYY INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)
(All amounts in thousands, except share, ADS and per ADS data)

JOYY INC.
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except share, ADS and per ADS data)

JOYY INC.
UNAUDITED SEGMENT REPORT
(All amounts in thousands, except share, ADS and per ADS data)

	Three Months Ended
	September 30, 2025
	BIGO			All other			Elimination⁽¹⁾			Total
	US$			US$			US$			US$
Net revenues
Live streaming		367,744			20,730			-			388,474
Advertising		103,942			8,574			-			112,516
Others		749			38,785			(303	)		39,231

Total net revenues		472,435			68,089			(303	)		540,221

Cost of revenues⁽²⁾		(308,107	)		(39,051	)		68			(347,090	)

Gross profit		164,328			29,038			(235	)		193,131

Operating expenses⁽²⁾
Research and development expenses		(40,950	)		(22,331	)		187			(63,094	)
Sales and marketing expenses		(51,832	)		(20,263	)		23			(72,072	)
General and administrative expenses		(18,385	)		(20,690	)		25			(39,050	)

Total operating expenses		(111,167	)		(63,284	)		235			(174,216	)

Other income		270			367			-			637

Operating income (loss)		53,431			(33,879	)		-			19,552

Interest expenses		(826	)		(22	)		751			(97	)
Interest income and investment income		14,305			27,994			(751	)		41,548
Foreign currency exchange losses, net		(6,085	)		(285	)		-			(6,370	)
Gain on fair value change of investments		91			4,011			-			4,102

Income (loss) before income tax (expenses) benefits		60,916			(2,181	)		-			58,735

Income tax (expenses) benefits		(5,626	)		1,842			-			(3,784	)

Income (loss) before share of income in equity method investments, net of income taxes		55,290			(339	)		-			54,951

Share of income in equity method investments, net of income taxes		-			4,236			-			4,236

Net income from continuing operations		55,290			3,897			-			59,187

	Three Months Ended
	June 30, 2025
	BIGO		All other		Elimination⁽¹⁾		Total
	US$		US$		US$		US$
Net revenues
Live streaming	355,318		20,091		-		375,409
Advertising	86,801		9,324		-		96,125
Others	614		35,909		(297	)	36,226

Total net revenues	442,733		65,324		(297	)	507,760

Cost of revenues⁽²⁾	(285,645	)	(36,933	)	63		(322,515	)

Gross profit	157,088		28,391		(234	)	185,245

Operating expenses⁽²⁾
Research and development expenses	(37,427	)	(22,825	)	177		(60,075	)
Sales and marketing expenses	(51,990	)	(19,883	)	21		(71,852	)
General and administrative expenses	(16,057	)	(31,901	)	36		(47,922	)

Total operating expenses	(105,474	)	(74,609	)	234		(179,849	)

Other income	56		344		-		400

Operating income (loss)	51,670		(45,874	)	-		5,796

Interest expenses	(821	)	(77	)	747		(151	)
Interest income and investment income	14,220		27,326		(747	)	40,799
Foreign currency exchange gains, net	947		244		-		1,191
Gain on fair value change of investments	822		16,811		-		17,633

Income (loss) before income tax expenses	66,838		(1,570	)	-		65,268

Income tax expenses	(5,124	)	(942	)	-		(6,066	)

Income (loss) before share of loss in equity method investments, net of income taxes	61,714		(2,512	)	-		59,202

Share of loss in equity method investments, net of income taxes	-		(1,176	)	-		(1,176	)

Net income (loss) from continuing operations	61,714		(3,688	)	-		58,026

	Three Months Ended
	September 30, 2024
	BIGO		All other		Elimination⁽¹⁾		Total
	US$		US$		US$		US$
Net revenues
Live streaming	417,762		21,720		-		439,482
Advertising	78,083		9,024		-		87,107
Others	164		32,293		(392	)	32,065

Total net revenues	496,009		63,037		(392	)	558,654

Cost of revenues⁽²⁾	(312,561	)	(38,050	)	75		(350,536	)

Gross profit	183,448		24,987		(317	)	208,118

Operating expenses⁽²⁾
Research and development expenses	(44,884	)	(27,702	)	226		(72,360	)
Sales and marketing expenses	(61,582	)	(21,968	)	26		(83,524	)
General and administrative expenses	(14,249	)	(21,889	)	65		(36,073	)

Total operating expenses	(120,715	)	(71,559	)	317		(191,957	)

Other income	6		249		-		255

Operating income (loss)	62,739		(46,323	)	-		16,416

Interest expenses	(1,335	)	(117	)	917		(535	)
Interest income and investment income	13,107		28,877		(917	)	41,067
Foreign currency exchange losses, net	(10,290	)	(452	)	-		(10,742	)
Gain on fair value change of investments	5,466		3,815		-		9,281

Income (loss) before income tax (expenses) benefits	69,687		(14,200	)	-		55,487

Income tax (expenses) benefits	(6,408	)	129		-		(6,279	)

Income (loss) before share of income in equity method investments, net of income taxes	63,279		(14,071	)	-		49,208

Share of income in equity method investments, net of income taxes	-		6,746		-		6,746

Net income (loss) from continuing operations	63,279		(7,325	)	-		55,954

	Three Months Ended						Nine Months Ended
	September 30,		June 30,		September 30,		September 30,		September 30,
	2024		2025		2025		2024		2025
	US$		US$		US$		US$		US$
Net income per ADS
——Basic		1.06		1.15		1.17		2.65		38.64
Continuing operations		1.06		1.15		1.17		2.65		3.16
Discontinued operations		-		-		-		-		35.48
——Diluted		1.05		1.13		1.15		2.55		38.20
Continuing operations		1.05		1.13		1.15		2.55		3.13
Discontinued operations		-		-		-		-		35.07

Weighted average number of ADS used in calculating net income per ADS
——Basic		56,573,411		52,788,040		52,557,478		59,287,792		52,877,958
——Diluted		57,220,581		53,353,026		53,354,913		62,803,046		53,484,775

	Three Months Ended						Nine Months Ended
	September 30,		June 30,		September 30,		September 30,		September 30,
	2024		2025		2025		2024		2025
	US$		US$		US$		US$		US$
Developed countries and regions		306,633		291,145		325,027		903,768		893,787
Middle East		77,152		61,268		57,404		240,140		185,323
Mainland China		57,952		51,291		49,229		180,357		148,905
Southeast Asia and others		116,917		104,056		108,561		364,077		314,317

	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
	2024			2025			2025			2024			2025
	US$			US$			US$			US$			US$
Operating income		16,416			5,796			19,552			22,228			37,555
Share-based compensation expenses		4,915			3,967			7,558			17,394			16,762
Amortization of intangible assets from business acquisitions		13,540			13,540			13,540			42,262			40,620
Impairment of investments		-			15,000			-			9,386			15,000
Gain on disposal of subsidiary		-			-			-			(1,643	)		-
Non-GAAP operating income		34,871			38,303			40,650			89,627			109,937
Depreciation and other amortization		8,419			9,891			9,905			25,807			29,198
Non-GAAP EBITDA		43,290			48,194			50,555			115,434			139,135

Net income from continuing operations		55,954			58,026			59,187			143,899			160,116
Share-based compensation expenses		4,915			3,967			7,558			17,394			16,762
Amortization of intangible assets from business acquisitions		13,540			13,540			13,540			42,262			40,620
Impairment of investments		-			15,000			-			9,386			15,000
Gain on disposal of subsidiary		-			-			-			(1,643	)		-
Gain on fair value change of investments		(9,281	)		(17,633	)		(4,102	)		(9,647	)		(22,440	)
Interest expenses related to the convertible bonds’ amortization to face value		-			-			-			435			-
Income tax effects on non-GAAP adjustments		(1,574	)		913			(1,930	)		(5,679	)		(2,421	)
Reconciling items on the share of equity method investments		(6,167	)		1,034			(4,111	)		(5,433	)		(1,190	)
Non-GAAP net income from continuing operations		57,387			74,847			70,142			190,974			206,447

Net income from continuing operations attributable to common shareholders of JOYY Inc.		60,210			60,478			61,613			156,868			167,146
Share-based compensation expenses		4,915			3,967			7,558			17,394			16,762
Amortization of intangible assets from business acquisitions		13,540			13,540			13,540			42,262			40,620
Impairment of investments		-			15,000			-			9,386			15,000
Gain on disposal of subsidiary		-			-			-			(1,643	)		-
Gain on fair value change of investments		(9,281	)		(17,633	)		(4,102	)		(9,647	)		(22,440	)
Interest expenses related to the convertible bonds’ amortization to face value		-			-			-			435			-
Accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders		347			347			347			1,041			1,041
Income tax effects on non-GAAP adjustments		(1,574	)		913			(1,930	)		(5,679	)		(2,421	)
Reconciling items on the share of equity method investments		(6,167	)		1,034			(4,111	)		(5,433	)		(1,190	)
Non-GAAP adjustments for net loss attributable to the non-controlling interest shareholders		(819	)		(690	)		(492	)		(2,574	)		(1,943	)
Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY Inc.		61,171			76,956			72,423			202,410			212,575

Non-GAAP net income from continuing operations per ADS
——Basic		1.08			1.46			1.38			3.41			4.02
——Diluted		1.07			1.44			1.36			3.26			3.97

	Three Months Ended
	September 30, 2025
	BIGO			All other			Total
	US$			US$			US$
Operating income (loss)		53,431			(33,879	)		19,552
Share-based compensation expenses		3,782			3,776			7,558
Amortization of intangible assets from business acquisitions		8,950			4,590			13,540
Non-GAAP operating income (loss)		66,163			(25,513	)		40,650
Depreciation and other amortization		4,574			5,331			9,905
Non-GAAP EBITDA		70,737			(20,182	)		50,555

Net income from continuing operations		55,290			3,897			59,187
Share-based compensation expenses		3,782			3,776			7,558
Amortization of intangible assets from business acquisitions		8,950			4,590			13,540
Gain on fair value change of investments		(91	)		(4,011	)		(4,102	)
Income tax effects on non-GAAP adjustments		(763	)		(1,167	)		(1,930	)
Reconciling items on the share of equity method investments		-			(4,111	)		(4,111	)
Non-GAAP net income from continuing operations		67,168			2,974			70,142