Q1 2026 HUYA Inc Earnings Call

May 12, 2026

Speaker #1: At this time, all participants are in lesson-only mode. Please be advised that today's webinar is being recorded. The accompanying financial and operational results were issued earlier today and are posted online.

Margaret Shi: At this time, all participants are in listen-only mode. Please be advised that today's webinar is being recorded. The company's financial and operational results were issued earlier today and are posted online. You can also view the earnings press release by visiting the IR website at ir.huya.com. A replay of the call will be available on the IR website soon. Participants of management on today's call will be Mr. Vincent Junhong Huang, our acting CEO, Mr. Raymond Peng Lei, our CFO, and Ms. Margaret Shi, head of capital markets. Management will begin with prepared remarks, and the call will conclude with a Q&A session. Before we continue, please note that today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties.

Operator: At this time, all participants are in listen-only mode. Please be advised that today's webinar is being recorded. The company's financial and operational results were issued earlier today and are posted online. You can also view the earnings press release by visiting the IR website at ir.huya.com. A replay of the call will be available on the IR website soon. Participants of management on today's call will be Mr. Vincent Junhong Huang, our acting CEO, Mr. Raymond Peng Lei, our CFO, and Ms. Margaret Shi, head of capital markets. Management will begin with prepared remarks, and the call will conclude with a Q&A session. Before we continue, please note that today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties.

Speaker #1: You can also view the earnings press release by visiting the IR website at ir.huya.com. A replay of the call will be available on the IR website soon.

Speaker #1: Participants of management on today's call will be Mr. Vincent Junhong Huang, our acting CEO; Mr. Raymond Peng Lei, our CFO; and Ms. Margaret Shi, Head of Capital Markets.

Speaker #1: Management will begin with prepared remarks, and the call will conclude with a Q&A session. Before we continue, please note that today's discussion will contain forward-looking statements made under the Safe Harbor Provisions of the U.S.

Speaker #1: Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties; as such, the company's results may be materially different from the views expressed today.

Margaret Shi: As such, the company's results may be materially different from the views expressed today. Further information regarding this and other risks and uncertainties is included in the company's latest annual report on Form 20F and other public filings as filed with the U.S. Securities and Exchange Commission. The company does not assume any obligation to update any forward-looking statements except as required under applicable law. Please also note that HUYA's earnings press release and this conference call include discussions of unaudited GAAP financial information as well as unaudited non-GAAP financial measures. HUYA's press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited most directly comparable GAAP measures. With that, I'm pleased to turn the call over to Mr. Huang. Please go ahead.

Operator: As such, the company's results may be materially different from the views expressed today. Further information regarding this and other risks and uncertainties is included in the company's latest annual report on Form 20F and other public filings as filed with the U.S. Securities and Exchange Commission. The company does not assume any obligation to update any forward-looking statements except as required under applicable law. Please also note that HUYA's earnings press release and this conference call include discussions of unaudited GAAP financial information as well as unaudited non-GAAP financial measures. HUYA's press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited most directly comparable GAAP measures. With that, I'm pleased to turn the call over to Mr. Huang. Please go ahead.

Speaker #1: Further information regarding this and other risks and uncertainties is included in the company's latest annual report on Form 20-F and other public filings, as filed with the U.S.

Speaker #1: Securities and Exchange Commission. The company does not assume any obligation to update any forward-looking statements, except as required under applicable law. Please also note that HUYA's earnings press release and this conference call include discussions of unaudited GAAP financial information, as well as unaudited non-GAAP financial measures.

Speaker #1: HUYA's press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited, most directly comparable GAAP measures. With that, I'm pleased to turn the call over to Mr. Huang.

Speaker #1: Please go ahead.

Speaker #2: Okay. Hello, everyone, and thank you for joining our earnings call today. First, I would like to share our overall performance for the quarter in the first quarter.

Junhong Huang: Okay. Hello, everyone, and thank you for joining our earnings call today. First, I would like to share our overall performance for the quarter. In Q1, total net revenues grew by 15% year-over-year to CNY 1.73 billion, primarily driven by continuous strong growth from game-related services, advertising, and other businesses. Game-related services, advertising, and other revenues reached CNY 627 million, up 69% year-over-year, and further increased to a record 36% of total net revenues. Live streaming revenues were CNY 1.1 billion for the quarter, underpinned by our vibrant, diversified, and high-quality live streaming content ecosystem. With the integration of AI, we are able to offer an enriched, more creative experiences to our users. Our ecosystem of game content live streamer is becoming increasingly influential across the broader social platforms.

Speaker #2: Total net revenues grew by 15% year over year. Through R&B 1.73 billion, primarily driven by continuous strong growth from game-related services advertising and other businesses.

Speaker #2: Game-related services, advertising, and other revenues reached RMB 627 million, up 69% year over year, and further increased to a record 66% of total net revenues.

Speaker #2: Live streaming revenues were RMB 1.1 billion for the quarter, underpinned by our vibrant, diversified, and high-quality live streaming content ecosystem. Firstly, in integration of AI, we are able to offer and enrich more creative experiences through our users.

Speaker #2: Our ecosystem of game content live streamers is becoming increasingly influential across the broader social platforms. While our own channels, including the HUYA Live app, continue to enjoy a stable user base, our estimated reach across external platforms doubled from last year.

Junhong Huang: While our own channels, including the HUYA Live app, continue to enjoy a stable user base. Our estimated reach across external platforms doubled from last year, exceeding 200 million users, including those on Douyin and WeChat platforms. According to our internal data, HUYA is the largest gaming MCN on WeChat channels and remain among the top 3 on Douyin. Across multiple leading game titles, nearly half of the core streamers are connected to HUYA. This broad content network enables us to provide games with strong content-driven marketing and user reach, which is what's driving our growth in our collaboration with game developers in game item sales and advertising, as well as game publishing. On the game publishing front, Goose Goose Duck Mobile continued to deliver impressive results.

Speaker #2: Exceeding 200 million users, including those on Douyin and WeChat platforms. According to our internal data, HUYA is the largest gaming MCN on WeChat Channels and remains among the top three on Douyin.

Speaker #2: Across multiple leading game titles, nearly half of the core streamers are connected to HUYA. This broad content network enables us to provide games with strong content-driven marketing and user reach.

Speaker #2: Which is what's driving our growth in our collaboration with game developers in game item sales and advertising, as well as game publishing. On the game publishing front, Goose Goose Duck Mobile continued to deliver impressive results.

Speaker #2: Since its launch on January 7, the game ranked number one on the iOS free games chart for most of the first quarter. We have been accelerating the pace of content updates since March.

Junhong Huang: Since its launch on 7 January, the game ranked number 1 on the iOS free games chart for most of the Q1. We have been accelerating the pace of content updates since March. On 1 April, we launched season 2, introducing a new map, Ancient Sands, as well as new roles including Daring Dudu and Raven. At the same time, we continue to work on our UGC mechanism, which we believe will be an important driver of player engagement, social interaction, and long-term content vitality for the game. Building on this foundation, we launched our first PGC gameplay mode, Goose Hunt, on 29 April, which received positive feedback from players and further expanded the game's content ecosystem. As we continue to focus on building a healthy user ecosystem with robust and fun game content, we are also ramping up its monetization gradually.

Speaker #2: And on April 1, we launched Season Two, introducing a new map, Ancient Desert, as well as new laws, including Doodle and Raven. At the same time, we continue to work on our UGC mechanism, which we believe will be an important driver of player engagement, social interaction, and long-term content vitality for the game.

Speaker #2: Building on this foundation, we launched our first PGC gameplay mode, Goose Hunt, on April 29, which received positive feedback from players and further expanded the game's content ecosystem.

Speaker #2: As we continue to focus on building a healthy user ecosystem, with robust and fun game content, we are also ramping up its modernization gradually.

Speaker #2: In April, Goose Goose Duck Mobile reached the top five on the iOS top grossing game chart. With new skin offered, validating its monetization potential.

Junhong Huang: In April, Goose Goose Duck Mobile reached the top 5 on the iOS top-grossing game chart with new skin offered, validating its monetization potential. Looking ahead, we will further enrich the game's content and social environment with new features such as party mode and a home decoration system, and introduce more IP collaborations to meet players' growing demand for role-playing experiences. Meanwhile, we are working on the WeChat mini game version, which is currently scheduled for launch this summer. By integrating Goose Goose Duck Mobile more deeply with the WeChat user ecosystem, we hope to leverage WeChat social graph to further reactivate existing users and attract new ones. With the successful debut of Goose Goose Duck Mobile, we are gaining more recognition from game developers of our publishing capabilities through our content ecosystem.

Speaker #2: Looking ahead, we will further enrich the game's content and social environment with new features such as Party Mode and a home decoration system. And introduce more IP collaborations to meet players' growing demand for role-playing experiences.

Speaker #2: Meanwhile, we are working on the WeChat mini game version, which is currently scheduled for launch this summer. By integrating Goose Goose Duck Mobile more deeply with the WeChat user ecosystem, we hope to leverage WeChat's social graph to further reactivate existing users and attract new ones.

Speaker #2: With the successful debut of Goose Goose Duck Mobile, we are gaining more recognition from game developers for our publishing capabilities through our content ecosystem.

Speaker #2: We now have a handful of new titles in the pipeline to launch this year, across various genres including casual, SLG, and MMO. For in-game item sales, revenues continue to grow solidly year over year.

Junhong Huang: We now have a handful of new titles in the pipeline to launch this year across various genres, including Casual, SLG, and MMO. For in-game item sales, revenues continue to grow solidly year over year. On the domestic front, item for titles including Peacekeeper Elite, Honor of Kings, and CrossFire continue to contribute incremental growth. For example, our large-scale outdoor live streaming event for Peacekeeper Elite Journey Season 2, not only effectively drove in-game item sales, but also generated strong social buzz for the game IP. On the overseas front, in-game item sales for PUBG MOBILE, Genshin Impact, and Arena Breakout also delivered impressive performance. On the advertising side, leveraging our influence across streamer networks, tournament production capabilities, and UGC creation know-how, we provide fully integrated content marketing solution for game developers.

Speaker #2: On the domestic front, items for titles including Peacekeeper Elite, Honor of Kings, and Crossfire continue to contribute incremental growth. For example, our large-scale outdoor live streaming event for Peacekeeper Elite Elite Journey season two not only effectively drove in-game item sales, but also generated strong social buzz for the game IP.

Speaker #2: On the overseas front, in-game item sales for PUBG Mobile, Genshin Impact, and Arena Breakout also delivered impressive performance. On the advertising side, leveraging our influence across streamer networks, tournament production capabilities, and UGC creation know-how, we provide a fully integrated content marketing solution for game developers.

Speaker #2: Some of our earlier advertising campaigns have proven very effective, gaining further recognition from leading advertisers including Tencent, NetEase, and HyperGryph. For example, for HyperGryph's Arcanized and Field open beta campaign in the first quarter, we connected multiple top streamers to generate in-depth live streaming content, generating more than 70 million views across the internet.

Junhong Huang: Some of our earlier advertising campaign have proven very effective, gaining further recognition from leading advertisers, including Tencent, NetEase, and Hypergryph. For example, for Hypergryph, Arknights: Endfield open beta campaign in the Q1, we connected multiple top streamers to generate in-depth live streaming content, generating more than 70 million views across the internet. This not only drove strong live streaming traction on HUYA Live app, but also sparked extensive UGC content across all social platforms, broadening the game's user reach. In terms of our content offerings on our own platform, we continue to enhance our live streaming tournament ecosystem, introducing 55 licensed tournaments as well as more than 20 self-produced tournaments and variety shows. In late March, we created UZI Cup, named after esports legend UZI, attracting more than 200 League of Legends teams across China.

Speaker #2: This not only drove strong live streaming traction on the HUYA Live app, but also sparked extensive UGC content across all social platforms, broadening the game's user reach.

Speaker #2: In terms of our content offerings on our own platform, we continue to enhance our live streaming tournament ecosystem, introducing 55 licensed tournaments as well as more than 20 self-produced tournaments and variety shows.

Speaker #2: In late March, we created UGI Cup, named after eSports legend UGI, attracting more than 200 League of Legends teams across China. The event generated more than 100 million views across the internet and appeared on Weibo's trending list 22 times.

Junhong Huang: The event generated more than 100 million views across the internet and appeared on Weibo's trending list 22 times. Building on this momentum, we hosted additional self-produced events, including the Delta Force Qijia Cup and Dota 2 Immortal Cup Season Two. We have also become the official production partner for multiple top-tier game tournaments, such as VALORANT's 2026 National Tournament and 2026 Jiangsu Esports Super League. Hosting and producing these events creates organic synergies with our live streaming content, in-game item sales, and other businesses. On the product side, we remain committed to upgrading our platform ecosystem through game services and enriching users' entertainment experience with a suite of game tools. In March, we officially launched the real-time navigation feature for our Delta Force map tool, as well as the League of Legends hashtag ARAM Assistant tool, helping players make better in-game decisions.

Speaker #2: Building on this momentum, we hosted additional self-produced events, including the Delta Force Qijia Cup and Dota 2 Immortal Cup Season Two. We have also become the official production partner for multiple top-tier game tournaments.

Speaker #2: Such as Veterans 2026, National Tournament, and the 2026 Jiangsu eSports Super League. Hosting and producing these events creates organic synergies with our live streaming content.

Speaker #2: In-game item sales and other businesses. On the product side, we remain committed to upgrading our platform ecosystem through game services, and enriching users' entertainment experience with a suite of game tools.

Speaker #2: In March, we officially launched the real-time navigation feature for our Delta Force map tool, as well as the League of Legends hashtag error assistant tool, helping players make better in-game decisions.

Speaker #2: Beyond this, we are actively developing assistant tools for more titles, including Golden Special and Goose Goose Duck Mobile, further establishing game tools as differentiated product gateways.

Junhong Huang: Beyond this, we are actively developing assistant tools for more titles, including Golden Spatula and Goose Goose Duck Mobile, further establishing game tools as a differentiated products gateway. We are also developing a physical AI companion around the appeal of Goose Goose Duck, creating richer and differentiated game play and companionship value. Overall, we delivered solid progress across multiple business lines in the first quarter. Game publishing, in-game item sales, advertising, marketing, and tournament operations all achieved meaningful breakthroughs. HUYA is accelerating its strategic evolution from a game live streaming platform into a full service game services platform, with game-related revenues reaching a record high percentage of total revenues. Our revenue mix continue to improve. We will continue to deepen our game content ecosystem and focus on high-value opportunities across the game industry value chain.

Speaker #2: We are also developing a physical AI companion around the appeal of Goose Goose Duck, creating richer and differentiated gameplay and companionship value. Overall, we delivered solid progress across multiple business lines in the first quarter.

Speaker #2: Game publishing, in-game item sales, advertising, marketing, and tournament operations all achieved meaningful breakthroughs. HUYA is accelerating its strategic evolution from a game live streaming platform into a full-service game services platform.

Speaker #2: With game-related revenues reaching a record high percentage of total revenues, and our revenue mix continuing to improve, we will continue to deepen our game content ecosystem and focus on high-value opportunities across the game industry value chain.

Speaker #2: While scaling the business, we will continue to enhance earnings quality and strive to deliver resilient and sustainable growth for our shareholders. With that, I will now turn the call over to our CFO, Raymond Lei.

Junhong Huang: While scaling the business, we will continue to enhance earnings quality and strive to deliver resilient and sustainable growth for our shareholders. With that, I will now turn the call over to our CFO, Raymond Lei. He will share more details on our results. Raymond, please go ahead.

Speaker #2: He will share more details on our results. Raymond, please go ahead.

Speaker #1: Thank you, Vincent. And hello, everyone. Our star, Vincent, overview of our financial performance. In the first quarter, we delivered a steady top-line growth with continued improvement in both our revenue mix and operating performance.

Raymond Peng Lei: Thank you, Vincent, and hello, everyone. I'll start with an overview of our financial performance. In Q1, we delivered a steady top-line growth with continued improvement in both our revenue mix and operating performance. Notably, the increased revenue contribution from business with higher gross margins led to both year-over-year and the sequential gross margin expansion to 14.6% this quarter. Furthermore, we achieved a non-GAAP net income of CNY 21 million for the quarter, despite lower interest income. Let's move on to more details of our Q1 financial results. Total net revenues were CNY 1.73 billion for Q1, up 15% from the same period last year.

Speaker #1: Notably, the increased revenue contribution from business with higher gross margins led to both year-over-year and sequential gross margin expansion to 14.6. Percent this quarter.

Speaker #1: Furthermore, we achieved a non-GAAP net income of RMB 21 million for the quarter. Despite lower interest income, let's move on to more details of our Q1 financial results.

Speaker #1: Total net revenues were RMB 1.73 billion for Q1, up 15% from the same period last year. Live streaming revenues were RMB 1.1 billion for Q1, compared with RMB 1.14 billion from the same period last year, primarily reflecting the live streaming industry's current environment.

Raymond Peng Lei: Live streaming revenues were CNY 1.1 billion for Q1, compared with CNY 1.14 billion from the same period last year, primarily reflecting the live streaming industry's current environment. Game-related services, advertising and other revenues were CNY 627 million for Q1, up 69% from the same period last year. The increase was primarily driven by higher revenues from in-game item sales and advertising, mainly attributable to the company's deepened and broadened collaboration with game companies. Cost of revenues increased by 12% year-over-year to CNY 1.48 billion for Q1, primarily due to increased cost of in-game virtual items as well as increased revenue sharing fees and content costs. Within this, revenue sharing fees and content costs rose by 7% year-over-year to CNY 1.23 billion, mainly reflecting growth in our top line.

Speaker #1: Game-related services, advertising, and other revenues were RMB 627 million for Q1, up 69% from the same period last year. The increase was primarily driven by higher revenues from in-game item sales and advertising.

Speaker #1: Many attributable to the company's deepened and broadened collaboration with game companies. Cost of revenues increased by 12% year over year to $1 billion for Q1, primarily due to increased cost of in-game virtual items.

Speaker #1: As well as increased revenue sharing fees and content costs. Within this, revenue sharing fees and content costs rose by 7% year over year to RMB 1.23 billion.

Speaker #1: We are seeing many signs reflecting growth in our top line. Gross profit was RMB 253 million for Q1, up 34% from the same period last year. Gross margin was 14.6% for Q1, improving from 12.5% in the same period last year.

Raymond Peng Lei: Gross profits was CNY 253 million for Q1, up 34% from the same period last year. Gross margin was 14.6% for Q1, improving from 12.5% from the same period last year. Excluding share-based compensation expenses, non-GAAP gross profit was CNY 256 million, and the non-GAAP gross margin was 14.8% for Q1. Research and development expenses increased by 2% year-over-year to CNY 132 million for Q1. Sales and marketing expenses increased by 45% year-over-year to CNY 88 million for Q1, primarily due to marketing and the promotion efforts related to the launch of Goose Goose Duck Mobile. General and administrative expenses increased by 6% year-over-year to CNY 65 million for Q1, primarily due to increased share-based compensation expenses.

Speaker #1: Excluding share-based compensation expenses, non-gap gross profit was R&B 256 million, and non-gap gross margin was 14.8% for Q1. Research and development expenses increased by 2% year over year to R&B 132 million for Q1.

Speaker #1: Sales and marketing expenses increased by 45% year over year to RMB 88 million for Q1, primarily due to marketing and promotion efforts related to the launch.

Speaker #1: Of Goose Goose Duck Mobile. General and administrative expenses increased by 6% year over year to RMB 65 million for Q1, primarily due to increased share-based compensation expenses.

Speaker #1: Other income was RMB 3 million for Q1, compared with RMB 4 million for the same period last year, primarily due to lower government subsidies.

Raymond Peng Lei: Other income was CNY 3 million for Q1, compared with CNY 4 million for the same period last year, primarily due to lower government subsidies. Operating loss narrowed to CNY 29 million for Q1, compared with a loss of CNY 60 million for the same period last year. Excluding share-based compensation expenses and amortization of intangible assets from business acquisition, non-GAAP operating loss narrowed to CNY 3 million for Q1, compared with a loss of CNY 36 million in the same period last year. Interest income was CNY 30 million for Q1, down from CNY 65 million for the same period last year, primarily due to a lower time deposit balance following the payment of special cash dividends. Net loss attributable to Huya Inc. was CNY 4 million for Q1, compared with a net income attributable to Huya Inc. of CNY 1 million for the same period last year.

Speaker #1: Operating loss narrowed to RMB 29 million for Q1 compared with a loss of RMB 60 million for the same period last year. Excluding share-based compensation expenses and amortization of intangible assets from business acquisition, non-GAAP operating loss narrowed to RMB 3 million for Q1 compared with a loss of RMB 36 million in the same period last year.

Speaker #1: Interest income was RMB 30 million for Q1, down from RMB 65 million for the same period last year, primarily due to a lower time deposit balance.

Speaker #1: Following the payment of special cash dividends, net loss attributable to HUYA Inc. was RMB 4 million for Q1, compared with a net income attributable to HUYA Inc. of RMB 1 million for the same period last year.

Raymond Peng Lei: Excluding share-based compensation expenses and the amortization of intangible assets from business acquisitions, net of income tax, non-GAAP net income attributable to HUYA Inc. was CNY 21 million for Q1, compared with CNY 24 million for the same period last year. Diluted net loss per ADS was approximately CNY 0.02 for Q1. Non-GAAP diluted net income per ADS was CNY 0.09 for Q1. As of 31 March 2026, the company had a cash and cash equivalent, short-term deposits, and a long-term deposit of CNY 3.46 billion, compared with CNY 3.82 billion as of 31 December 2025. With that, I'd like to open the call to your questions.

Speaker #1: Excluding share-based compensation expenses and amortization of intangible assets from business acquisitions, net of income tax, non-GAAP net income attributable to HUYA Inc. was RMB 21 million for Q1, compared with RMB 24 million for the same period last year.

Speaker #1: Diluted net loss per ADS was approximately R&B 0.02 for Q1, non-gap diluted net income per ADS was R&B 0.09 for Q1. As of March 31, 2026, the company had a cash and cash equivalent short-term deposits and a long-term deposit of R&B 3.46 billion.

Speaker #1: Compared with R&B $3.82 billion as of December 31, 2025. With that, I'd like to open the call to your questions.

Speaker #2: Thanks, Raymond. And hello, everyone. If you are dialing in by phone, please press 5 to ask a question. Then press 6 to unmute yourself.

Margaret Shi: Thanks, Raymond. Hello, everyone. For the benefit of all participants on today's call, if you wish to ask your question to management in Chinese, please immediately repeat your question in English. Today's first question comes from Ritchie Sun from HSBC. Hello, Ritchie, your line is open. Please go ahead.

Operator: Thanks, Raymond. Hello, everyone. If you are dialing in by phone please press five to ask a question, then press six to unmute yourself. If you are accessing the call from tencent meeting or both meeting applications, please click the raise button at the bottom left. For the benefit of all participants on today's call, if you wish to ask your question to management in Chinese, please immediately repeat your question in English. Today's first question comes from Ritchie Sun from HSBC. Hello, Ritchie, your line is open. Please go ahead.

Speaker #2: If you are accessing the call from Tencent Meeting or both meeting applications, please click the 'Raise Hand' button at the bottom left. For the benefit of all participants on today's call, if you wish to ask your question to management in Chinese, please immediately repeat your question in English.

Speaker #2: Today's first question comes from Richie Soon from HSBC. Hello, Richie, your line is open. Please go ahead.

Ritchie Sun: Vincent, Raymond, Margaret, thank you management for taking my questions. Congrats on a solid start from Goose Goose Duck. I wanted to ask about, the latest operating and strategy, then also commercialization progress for this game. What is the this year's operating strategy going to be? Thank you.

Speaker #3: Vincent, Raymond, Margaret, Hanyu Liu, 感谢你们给我提问的机会。首先恭喜 AYASHA 有非常好的表现。那我想问一下，对于这个游戏最新的运营和商业化进展，有什么样的更新吗？然后对这个游戏今年的运营策略会有什么方向呢？Thank you, management, for taking my questions. Congrats on a solid start from Goose Goose Duck. I want to ask about the latest operating and strategy, and also the commercialization progress for this game.

Speaker #3: And what is this year's operating strategy going to be? Thank you.

Speaker #4: Okay, 感谢那个 Richie 的提问。那这个问题由我来回答。那 AYASHA 手游呢，自从 1 月 7 号我们上线以来，我们整体整个表现非常好。在一季度的整个大部分时间里，我们可以看到在 iOS 的免费版第一的位置，我们保持了非常长的时间。这也验证了我们游戏本身社交玩法的吸引力，同时也验证了虎牙在内容生态赋能和游戏发行这样的商业模式。一季度我们主要还是聚焦在游戏的营销推广上，同时也在持续打磨玩法和游戏内容运营。也希望通过这种方式来承接超预期的用户表现。目前来看，游戏的商业化我们还是处在非常早期的阶段，我们也在逐步推进。展望 2026 年上半年，我们的重点仍然是在做大整个游戏用户规模以及提升游戏活跃度上。

Junhong Huang: Okay.

Junhong Huang: 那这也验证了我们游戏本身的这种社交玩法的这个吸引力，那同时也验证了虎牙在内容、生态、赋能和游戏发行这样的商业模式。那一季度呢，我们主要还是聚焦在游戏的这个营销推广上面，那同时我们也在持续地去打磨这个玩法，还有游戏内容的这个运营。那也希望通过这种方式来承接超预期的，来承接整个超预期的整个用户的表现。那目前来看呢，游戏的商业化我们还是处在一个非常早期的一个阶段，我们也在逐步推进。那展望我们整个2026年的，尤其在上半年，我们的重点仍然是在做大整个游戏用户的规模，以及提升整个游戏的活跃度上面。

Junhong Huang: [Foreign language]

Speaker #2: Hi, this is Margaret. Let me just translate. Since its launch on January 7, Goose Goose Duck Mobile has continued to deliver impressive results, ranking number one on the iOS free games chart for most of the quarter.

Margaret Shi: Hi, this is Margaret. Let me just translate. Since its launch on 7 January, Goose Goose Duck Mobile has continued to deliver impressive results, ranking number 1 on the iOS free games chart for most of the quarter. This validates both the appeal of the game's social gameplay and the HUYA content-driven game publishing model. In Q1, we have been mainly focused on marketing and promoting the game, as well as perfecting our gameplay and in-game operations to keep up with the better-than-expected user numbers. As of now, we're still at an early stage in terms of monetization, but we're ramping it up gradually. For 2026, especially H1, our priority for this game remains to be growing the user base and user engagement.

Speaker #2: This validates both the appeal of the game's social gameplay and HUYA's content-driven game publishing model. In the first quarter, we have been mainly focused on marketing and promoting the game, as well as perfecting our gameplay and in-game operations to keep up with the better-than-expected user numbers.

Speaker #2: As of now, we're still at an early stage in terms of monetization, but we're ramping it up gradually. For 2026, especially the first half, our priority for this game remains growing the user base and user engagement.

Junhong Huang: [Foreign language]

Speaker #3: 那具体来看呢，我们后续会重点围绕三个方面来进行发力。第一是我们会继续完善 UGC 的这个机制，比如说像猎儿行动，就是基于这样的一个机制做的一次早期的尝试。目前先由专业团队来设计和创作，随着我们相关能力的逐步成熟，也会继续加入更多类似的内容和轻量的小游戏，进一步带动玩家的参与和社交的互动，并丰富游戏长期的内容生态。第二，我们也会加强社交和社区的属性，包括社交关系、家园的专办、组队互动这些功能，让 AYASHA 能够逐步沉淀成为更强的社交场景。第三，小游戏版本我前面也说了，我们正在积极开发推进，并将在这个暑假上线。由于 AYASHA 本身具有很强的 party game 属性，我们也希望能够借助微信的生态和社交链路，进一步促活和拉新。

Junhong Huang: 那具体来看呢，我们后续会重点围绕三个方面来进行发力。那第一是我们会继续完善UGC的这个机制，比如说像猎鹅行动，就是基于这样的一个机制做的一次早期的一个尝试。那目前先由专业团队来设计和创作，那随着我们相关能力的逐步成熟，我们也会继续加入更多的这种类似的内容和轻量的小游戏，来进一步带动玩家的参与，还有社交的一个互动，并且来丰富游戏长期的整个的内容生态。那第二呢，我们也会加强社交和社区的这个属性，包括社交关系、家园的这个装扮、组队互动这些功能，让鹅鸭杀能够逐步沉淀成为更强的整个的社交的这个场景。那第三呢，小游戏版本，我前面也说了，我们也在积极的这个开发推行当中，并且将于我们这个暑假会进行上线。那由于这个鹅鸭杀本身也具有很强的这种party game的这个属性，我们也希望能够借助微信的生态，还有社交的这个链路来进一步的激活和拉新。

Speaker #2: In particular, there are three things we'll be focusing our efforts on. Number one, we'll continue to build and strengthen our UGC mechanism. Goose Hunt is an early example of this framework, with its gameplay and content currently led by a PGC team.

Margaret Shi: In particular, there are three things we'll be focusing our efforts on. Number one, we'll continue to build and strengthen our UGC mechanism. Goose Hunt is an early example of this work, this framework with its gameplay and content currently led by a PGC team. As we continue to enhance our UGC mechanism and related know-how, we'll add more UGC gameplay and casual game modes to the game. We believe this is crucial for game sustainable user engagement and the longevity. Second, we'll add more social and community features including interplay, interplayer connections, the home decoration system, and team up interactions so the game can evolve into a deeper social environment. Third, we are working on a WeChat mini-game version, which is currently scheduled for launch this summer.

Speaker #2: As we continue to enhance our UGC mechanism and related know-how, we'll add more UGC gameplay and casual game modes to the game. We believe this is crucial for the game's longevity.

Speaker #2: Second, we'll add more social and community features, including interplayer connections, the home decoration system, and team-up interactions, so the game can evolve into a deeper social environment.

Speaker #2: Third, we are working on a WeChat mini-game version, which is currently scheduled for launch this summer. Given the game's strong party game nature, we believe the WeChat ecosystem and social graph can help us further reactivate existing users and attract new ones.

Margaret Shi: Given the game's strong party game nature, we believe the WeChat ecosystem and social graph can help us further reactivate existing users and attract new ones.

Speaker #2: Thank you. And we will take our next question from Nelson Chong from Citi. Hi, Nelson, please go ahead.

Margaret Shi: Thank you. We will take our next question from Nelson Cheung from Citi. Hi, Nelson. Please go ahead.

Operator: Thank you. We will take our next question from Nelson Cheung from Citi. Hi, Nelson. Please go ahead.

Speaker #5: Hey, Vincent, Raymond, Margaret, Hanyu, 晚上好。我的问题是关于我们公司目前的一个 AI 相关的一个进展。不知道能否请管理层分享一下虎牙最新的一些 AI 布局呢？我们如何把这些 AI 的应用应用到公司以及一些核心的业务中呢？So, let me translate the questions. Thanks, management, for taking my questions. And then my question is related to your AI progress.

Nelson Cheung: Hey, Vincent 总, Raymond 总, Margaret, 汉雨, 晚上好. 我的问题是关于我们公司目前的一个 AI 相关的一个进展, 不知道能否请管理层分享一下 HUYA 最新的一些 AI 布局呢? 我们如何把这些 AI 的应用, 应用到公司以及一些核心的业务中呢? Let me translate the questions. Thanks management for taking my questions. My question is related to your AI progress. Wondering if management can share your latest strategic planning on AI for the company. How should we integrate your AI applications into the company core business?

Nelson Cheung: Hey, Vincent 总, Raymond 总, Margaret, [Foreign language] Let me translate the questions. Thanks management for taking my questions. My question is related to your AI progress. Wondering if management can share your latest strategic planning on AI for the company. How should we integrate your AI applications into the company core business? Thank you.

Speaker #5: Wondering if management can share your latest strategic planning on AI for the company, and how should we integrate your AI applications into the company's core business.

Speaker #5: Thank you.

Nelson Cheung: Thank you.

Speaker #4: Okay, 感谢那个 Nielsen 的一个提问。那我们虎牙的整个 AI 布局呢，主要还是围绕着我们的具体业务场景来进行展开。那具体主要有四个方面，我们主要还是围绕像 AI 加直播、AI 加游戏工具、AI 加 IP 陪伴以及 AI 加游戏制作这几个方向来进行布局。那在 AI 加直播方面呢，我们也在探索两条路，一个是 AI 的二创内容和 AI 的这个原生直播。那目前这些产品还处在一个相对比较早期的迭代和用户测试阶段。我们也认为说短期内，AI 可能无法替代真人主播，特别是一些头部主播，他们的情绪价值和即时互动相对是比较难以复制的。但我们看中的一个机会点是，AI 能够帮助我们在中腰部和长尾部的直播内容、24 小时的陪伴以及一些互动玩法上，可以发掘出更多的机会点。

Junhong Huang: [Foreign language]

Junhong Huang: 感谢Nelson的提问。虎牙的整个AI布局，主要还是围绕着我们的具体的业务场景来进行展开。具体主要有四个方面，我们主要还是围绕着像AI加直播、AI加游戏工具、AI加IP陪伴，以及AI加游戏制作这几个方向来进行布局。在AI加直播方面，我们也在探索两条路，一个是AI的二创的内容和AI的原生的直播。目前这些产品，还处在一个相对比较早期的迭代和用户测试的阶段。我们也认为短期内，AI可能无法替代真人的主播，特别是一些头部的主播，他们的情绪价值和即时互动相对是比较难复制的。我们看中的一个机会点是，AI能够帮助我们在中腰部和长尾部的直播内容、二十四小时的陪伴，以及一些互动的玩法上面，可以发掘出更多的机会点出来。

Speaker #2: Um, yeah, so our AI initiatives are focused on four areas centered around our business. Number one, that's the live streaming. Number two, game tools. Number three, IP-based companionship.

Margaret Shi: Our AI initiatives are focused on four areas centered around our business. 1, that's the live streaming. 2, game tools. 3, IP-based companionship. 4, game production. For AI-powered live streaming, we are exploring two main paths. firstly, that's AI-powered content creation and secondly, it's AI-native live streaming. These products are still in early stages of product iteration and user testing. We do not expect AI to replace real live streamers anytime soon, especially top ones, whose emotional connection with users and real-time interactivity remain difficult to replicate. Instead, we think the real value of AI in live streaming is to help us explore more opportunities in mid-tier and long-tail live streaming content, 24-hour companionship, and certain interactive formats.

Speaker #2: And number four, game production. So, for AI-powered live streaming, we are exploring two main paths. Firstly, that's AI-powered content creation and AI, and secondly is AI-native live streaming.

Speaker #2: So, these products are still in the early stages of product iteration and user testing. We do not expect AI to replace real live streamers anytime soon, especially the top ones.

Speaker #2: We see that emotional connection with users and real-time interactivity remain difficult to replicate. Instead, we think the real value of AI in live streaming is to help us explore more opportunities in mid-tier and long-tail live streaming content, 24-hour companionship, and certain interactive formats.

Junhong Huang: [Foreign language]

Speaker #3: 嗯，在 AI 加游戏工具方面呢，我们也可以看到三月份我们也正式推出了三角洲行动的这个地图工具的实时的这种地图的导航的这个功能。还有英雄联盟海克斯大乱斗的这个辅助的工具。那这类工具的核心不是简单的给玩家一个固定的攻略，而是将这个 AI 的能力和虎牙长期积累的这个游戏理解结合起来，给玩家提供一个更加实时的、更加贴合场景的这种决策的这个支持。比如说三角洲行动的地图工具能够帮助玩家快速的去摸清资源点在哪里、路线怎么走，以及高风险的这个区域来降低用户的这种上手门槛，海克斯大乱斗的这个辅助工具呢，能够根据每一局的对局提供英雄的这个推荐、出装的这个建议，还有打法的这个思路。那由于每一场的对局中都需要重新的来决策，所以这类的对局型的这个辅助工具的持续的使用价值会更加强。那接下来我们也会把游戏的工具拓展到更多的游戏的品类里面，比如说像经常场之战和压杀的这个手游以及棋牌，还有策略这种棋这些品类。

Junhong Huang: 在AI加游戏工具方面，我们也看到三月份我们正式推出了三角洲行动的地图工具的实时地图导航功能，还有英雄联盟海克斯大乱斗的辅助工具。那这类工具的核心不是简单地给玩家一个固定的攻略，而是将AI的能力和虎牙长期积累的游戏理解结合起来，给玩家提供一个更加实时的、更加贴合场景的决策支持。比如说三角洲行动的地图工具能够帮助玩家快速地去摸清资源点在哪里，路线怎么走，以及高风险的区域，来降低用户的上手门槛。海克斯大乱斗的辅助工具能够根据每一局的对局提供英雄的推荐、出装的建议，还有打法的思路。由于每一场的对局中都需要重新地来决策，所以这类对局型的辅助工具的持续使用价值会更加强。那接下来我们也会把游戏工具拓展到更多的游戏品类里面，比如说像金铲铲之战、鹅鸭杀的手游，以及棋牌，还有策略、自走棋这些品类。

Speaker #2: So for AI-powered game tools, we are also progressing really well. In March, we launched a real-time navigation feature for our Delta Force map tool, as well as the Hextech ARAM assistant tool for League of Legends.

Margaret Shi: For AI-powered game tools, we are also progressing really well. In March, we launched a real-time navigation feature for our Delta Force map tool, as well as the Hextech ARAM assistant tool for League of Legends. These tools are not just static guides for players; instead, they combine AI capabilities with a deep understanding of games to provide more real-time and context-aware decision support. For example, our Delta Force map tool helps players quickly identify resource points, routes, and high-risk areas, lowering their learning curve. The Hextech ARAM tool can provide champion recommendations, item build suggestions, and gameplay ideas for each match. Since every match requires players to make new decisions, this kind of match-based assistant tool has very strong repeat usage-use value.

Speaker #2: These tools are not just static guides for players. Instead, they combine AI capabilities with HUYA's deep understanding of games to provide more real-time and context-aware decision support.

Speaker #2: For example, our Delta Force map tool helps players quickly identify resource points, routes, and high-risk areas, lowering their learning curve. The Hextech ARAM tool can provide champion recommendations, item build suggestions, and gameplay ideas for each match.

Speaker #2: Since every match requires players to make new decisions, this kind of match-based assistant tool has very strong repeat use value. Going forward, we'll expand game tools to more titles and categories, including Golden Spatula, Goose Goose Duck Mobile, card and board games, strategy games, and auto chess games.

Margaret Shi: Going forward, we'll expand game tools to more titles and categories, including Golden Spatula, Goose Goose Duck Mobile, card and board games, strategy games, and auto chess games.

Junhong Huang: [Foreign language]

Speaker #3: That AI IP 陪伴方面呢，我们也在探索 IP 化的这个智能的硬件，比如说内置多模态 AI 时的实体的 AI 陪伴产品。那从鹅鸭杀的用户反馈来看呢，我们认为说这类产品呢，除了情绪陪伴之外呢，还可以跟游戏本身形成更深度的这个联动，比如说支持游戏的这个互动、复盘，还有这些功能。还有进一步的去衍生 IP 和玩家之间的这个连接。

Junhong Huang: 在AI加IP陪伴方面，我们也在探索IP化的智能硬件，比如说内置多模态AI的实体AI陪伴产品。从鹅鸭杀的用户反馈来看，我们认为这类产品除了情绪陪伴之外，还可以跟游戏本身形成更深度的联动，比如说支持游戏的互动、复盘还有这些功能，还有进一步地去延伸IP和玩家之间的连接。

Speaker #2: AI-enabled companionship—we're exploring IP-based smart hardware, including physical AI companion products embedded with multimodal AI capabilities. Based on our user feedback from Goose Goose Duck, we believe these products can go beyond emotional companionship and create deeper integration with the game itself, including in-game interactions and post-game reviews.

Margaret Shi: AI-enabled companionship while exploring IP-based smart hardware, including physical AI companion products embedded with multimodal AI capabilities. Based on our user feedback from Goose Goose Duck, we believe this product can go beyond emotional companionship and create deeper integration with the game itself, including in-game interactions and post-game reviews. This can further extend the connection between IP and the players.

Speaker #2: This can further extend the connection between IP and the players.

Junhong Huang: [Foreign language]

Junhong Huang: 在AI辅助游戏制作方面，我们也在探索，就AI如何帮助我们更高效地去生成和测试这些休闲类的这种游戏内容。我们认为AI在短期内可能不会去取代大型的这种3A的这种游戏的制作，但是在休闲类、网页类，还有轻量的这种互动小游戏方面，AI会有很大的机会能够帮助我们去提高我们的研发和分发的效率。

Speaker #3: 在 AI 辅助游戏制作方面呢，我们也在探索 AI 如何帮助我们更高效地生成和测试这些休闲类的游戏内容。我们认为，AI 在短期内可能不会取代大型 3A 游戏的制作，但是在休闲类、网页类，还有轻量的互动小游戏方面，AI 会有很大的机会帮助我们提高研发和分发的效率。

Speaker #2: For AI-assisted game production, we are also exploring how AI can help us generate and test casual game content more efficiently. We do not expect it to replace large-scale AAA-type games in the near future, but we do see a lot of opportunities to improve R&D efficiencies in casual games, web-based games, or small interactive games.

Margaret Shi: For AI-assisted game production, we are also exploring how AI can help us generate and test casual game content more efficiently. We do not expect it to replace large scale triple-A type of games in near future, but we do see a lot of opportunities improving R&D efficiencies in casual games, web-based games, or small interactive games.

Speaker #2: Thank you. And our next questions come from 魏萌 from CICC. Hi 魏萌, please go ahead.

Margaret Shi: Thank you. Our next question comes from Wei Meng from CICC. Hi Wei Meng, please go ahead.

Operator: Thank you. Our next question comes from Wei Meng from CICC. Hi Wei Meng, please go ahead.

[Analyst] (CICC): [Foreign language] Just want to ask about the game publishing pipelines. Could management maybe share some colors on those pipelines and what's the rough timeline for those releases and what kind of revenue contribution should we expect from them?

Speaker #4: 感谢管理层接受我的提问。我这边呢，想问一下公司的这个游戏发行业务后面一个产品储备的情况，然后能不能跟大家分享接下来还会有哪些游戏我们可以期待一下，大概的发布节奏，以及说能否前置预期一下它的大概贡献量级。So let me translate myself. Just want to ask about the game publishing pipelines. Can management maybe share some color on those pipelines and what the rough timeline for those releases is, and what kind of revenue contribution should we expect from them?

Wei Meng: 感谢管理层接受我提问。我这边呢，想问一下公司的这个游戏发行业务后面的一个产品储备的情况，然后能不能跟大家分享，就是接下来还会有哪些游戏可以期待一下的，然后大概的这个发布的节奏，以及说可能是否可以就是前置地去预期一下它的这个大概的贡献量级。Just want to ask about the game publishing pipelines. Could management maybe share some colors on those pipelines and what's the rough timeline for those releases and what kind of revenue contribution should we expect from them?

Speaker #4: Thank you.

Wei Meng: Thank you.

[Analyst] (CICC): Thank you.

Speaker #3: OK，感谢魏的这个提问。那目前我们在游戏的这个发行的产品的储备来看，我们还是非常的丰富的。那我们今年内也会陆续的去上线多款的这个新游戏，包括像腾讯呢，还有金山这些头部的这个游戏厂商的合作。从产品的类型来看呢，也会覆盖像休闲类的、策略类的，还有像 MMO 的这样的这种多个品类。那接下来呢，我们也会结合产品的测试啊，还有版号的这个进展，还有市场的这个窗口来有节奏的来去推进上线。

Junhong Huang: 感谢Wei的提问。目前我们在游戏发行的产品储备来看，我们还是非常丰富的，我们今年也会陆续地上线多款新游戏，包括像腾讯、还有Kingsoft这些头部游戏厂商的合作。从产品的类型来看，也会覆盖像休闲类的、策略类的，还有像MMO这样的多个品类。接下来，我们也会结合产品的测试、版号的进展，还有市场的窗口，来有节奏地推进上线。

Junhong Huang: [Foreign language]

Speaker #2: Currently, we have a robust publishing pipeline, and we expect to launch multiple new games this year. These include collaborations with leading game companies such as Tencent and Kingsoft.

Margaret Shi: Currently, we have a robust publishing pipeline, and we expect to launch multiple new games this year, and these include collaborations with leading game companies such as Tencent and Kingsoft. The pipeline covers multiple genres, including casual, strategy, SLG, MMO, and others. We will pace the launches based on the product testing, license approval progress, and the right market windows.

Speaker #2: The pipeline covers multiple genres, including casual, strategy, SLG, MMO, and others. We will pace the launches based on product testing, license approval progress, and the right market windows.

Junhong Huang: [Foreign language]

Speaker #3: 那接下来呢，我们发行储备中的一款重点的产品就是我们代理的一款 3D 的这个碟销类的这个玩法的休闲游戏。那我们也计划在暑期档能够上线。我们拥有这款游戏在中国大陆和港澳台地区的这个独家的发行权。那这款产品呢，在海外市场已经跑通了，用户吸引力和商业化的这个能力方面都得到了一个比较充分的一个验证。那我们也根据公开的第三方数据的这个估算，它的累计的这个下载量已经是千万级别了。在海外 3D 碟销品类的这个收入搒上面也一直保持在前列。

Junhong Huang: 那接下来呢，我们发行储备中的一款重点的产品，就是我们代理的一款3D的这个叠削类的这个玩法的休闲游戏，那我们也计划在暑期档能够上线。我们拥有这款游戏在中国大陆和港澳台地区的这个独家的发行权。那这款产品呢，在海外市场已经跑通了，用户吸引力和商业化的这个能力方面都得到了一个比较充分的一个验证。那我们也根据公开的第三方数据的这个估算，它的累计的这个下载量已经是千万级别了，在海外3D叠削品类的这个收入榜上面也一直保持在前列。

Speaker #2: The next in our pipeline is a casual 3D puzzle matching game that we licensed, which is scheduled for launch during the summer holidays. We have exclusive publishing rights for mainland China, Hong Kong, and Macau.

Margaret Shi: The next in our pipeline is a casual 3D puzzle matching game that we licensed, which is scheduled for launch for the summer holidays. We have exclusive publishing rights for Mainland China, Hong Kong, and Macao. The game is already proven in overseas markets in terms of user appeal and monetization. Based on third-party estimates, its cumulative downloads exceed 10 million and the title has remained among the top grossing titles in overseas 3D puzzle matching category.

Speaker #2: The game is already proven in overseas markets in terms of user appeal and monetization. Based on third-party estimates, its cumulative downloads exceed 10 million, and the title has remained among the top grossing titles in the overseas 3D puzzle matching category.

Junhong Huang: [Foreign language]

Speaker #3: 在发行的整个打法上面，我们也会充分的发挥虎牙在主播的这网络，全域的这分发，还有玩家社区方面的这个影响力。正如我们前面我们发言里面提到的，说目前虎牙我们在站外呢，可以触达的用户规模整整超过了两个亿，也覆盖了像抖音、视频号等多个的平台。那基于这样的用户的这个触达能力呢，我们也有信心可以更加高效的去触达到核心的这个玩家，来打造更有吸引力的这个内容，并且能够进一步的去延长整个游戏的这个生命周期。

Junhong Huang: 在发行的整个打法上面，我们也会充分地发挥虎牙在主播的这个网络、全域的这个分发，还有玩家社区方面的这个影响力。这是我们前面我们发言里面提到的，说目前虎牙我们的站外呢可以触达的用户规模整整超过了两个亿，也覆盖了像抖音、视频号等多个的平台。那基于这样的用户的这个触达能力呢，我们也有信心可以更加高效地去触达到核心的这个玩家，来打造更有吸引力的这个内容，并且能够进一步地去延长整个游戏的这个生命周期。

Speaker #2: In terms of publishing strategy, we're leveraging our influence in streaming networks, cross-platform distribution, and the player communities. As mentioned in our prepared remarks, our estimated reach across external platforms now exceeds 200 million users, including those on Douyin and WeChat platforms.

Margaret Shi: In terms of publishing strategy, we are leveraging our influence in streamer networks, cross-platform distribution, and player communities. As mentioned in our prepared remarks, our estimated reach across external platforms now exceeds 200 million users, including those on Douyin and WeChat platforms. This extensive user reach allows us to target core players more efficiently, create more appealing content, and enhance game longevity.

Speaker #2: This extensive user reach allows us to target core players more efficiently, create more appealing content, and enhance game longevity. Thank you. We'll take the next question.

Margaret Shi: Thank you. We will take next question from Maggie Ye from CLSA. Hi Maggie, please go ahead.

Operator: Thank you. We will take next question from Maggie Ye from CLSA. Hi Maggie, please go ahead.

Speaker #2: From Maggie Yeah, from CLSA. Hi Maggie, please go ahead.

Maggie Ye: Thanks management for taking my question. 我先用中文问一下，想请教一下管理层对我们直播业务近期的趋势以及未来这个展望的一个整体的看法。此外呢，就是在现在的这个市场环境下，公司想要维持直播板块这个规模上的稳定，主要的这个战略的抓手有哪一些？ Could management share your perspective on the recent trends and future outlook for the live streaming business? What are the core strategic levers and key drivers for the company to maintain stability in this segment moving forward? Thank you.

Maggie Ye: Thanks management for taking my question. [Foreign language] Could management share your perspective on the recent trends and future outlook for the live streaming business? What are the core strategic levers and key drivers for the company to maintain stability in this segment moving forward? Thank you.

Speaker #4: Okay, thanks management for taking my question. 我先用中文问一下。想请教一下管理层对我们直播业务近期的趋势以及未来这个展望的一个整体的看法。此外呢，就是在现在的这个市场环境下，公司想要维持直播板块这个规模上的稳定，主要的这个战略的抓手有哪些？Can management share your perspective on the recent trends and future outlook for the live streaming business? In addition to that, what are the core strategic levers and key drivers for the company to maintain stability in this segment moving forward?

Speaker #4: Thank you.

Junhong Huang: [Foreign language]

Speaker #3: OK，感谢Maggie的提问。那直播呢，客观讲仍然是我们非常重要的一个基本盘。那第一季度呢，直播的收入是11个亿，不过我们也注意到说当前整个市场的环境还是会给直播的这个业务带来一定的压力。所以我们也会更加看重我们在内容投入方面的一个ROI，包括主播的成本，还有版权采买的这个成本。我们认为呢，虎牙区别于其他直播平台一个很关键的优势，就是我们能够持续的产出有影响力的这个游戏内容，并且通过这些内容能够更好的去带动游戏的发行。那这些背后也是一托我们跟头部主播的这种深度合作的关系，赛事的这种制作的经验，以及跨平台的这种游戏分发的这个能力。那在2026年的第一季度，我们也为用户提供了超过55个版权的赛事，还有超过20个的自制赛事及综艺。那其中呢，虎牙的自制的这个UGI的这个杯赛呢，在全平台都获得了超过1亿次的这个观看。这就能体现主播IP加自制赛事这种模式的这个价值。那这个季度呢，我们还携手一位头部的这个娱乐主播，在洛阳的多个知名的景区开展这种联动直播，也取得了非常良好的这种线上互动的这个效果。那最高同时的在线观众数呢，超过了10万人。

Junhong Huang: 感谢Maggie的提问。直播客观讲仍然是我们非常重要的一个基本盘。第一季度直播的收入是11亿元。不过我们也注意到当前整个市场的环境还是会给直播的业务带来一定的压力，所以我们也会更加看重我们在内容投入方面的ROI，包括主播的成本，还有版权采买的成本。我们认为虎牙区别于其他直播平台一个很关键的优势，就是我们能够持续地产出有影响力的游戏内容，并且通过这些内容能够更好地去带动游戏的发行。那这背后也是依托我们跟头部主播的这种深度合作的关系、赛事的制作经验，以及跨平台的游戏分发的能力。在2026年第一季度，我们也为用户提供了超过55个版权赛事，还有超过20个的自制赛事及综艺。其中虎牙自制的Uzi Cup在全平台都获得了超过1亿次的观看，这就能体现主播IP加自制赛事这种模式的价值。这个季度我们还携手一位头部的娱乐主播，在洛阳的多个知名景区开展这种联动直播，也取得了非常良好的线上互动效果，最高同时在线观众数超过了10万人。

Speaker #2: Yeah, so live streaming remains a core part of Huya's business. In the first quarter, live streaming revenue was RMB 1.1 billion, but we do feel the business may still be under some pressure due to the overall market environment.

Margaret Shi: Yeah. Live streaming remains a core part of our business.

Margaret Shi: In Q1, live streaming revenue was CNY 1.1 billion. We do feel this business may still be under some pressure due to the overall market environment. Therefore, we will be more focused on improving our ROI across content cost, which includes streamer cost and licensing cost. We believe one of HUYA's key differentiator versus any other live streaming platform is our ability to consistently create influential gaming content and leverage that content to better support game publishing and distribution. This capability is backed by our close relationships with top streamers, our know-how in tournament production, and our cross-platform game distribution capability. In Q1 of 2026, we offered around 55 licensed tournaments and more than 20 self-produced tournaments and variety shows. Among them, our self-produced UZI Cup generated over 100 million views across the Internet, demonstrating the value of our streamer IP plus self-produced tournament model. During the quarter, we partnered with a top entertainment live streamer for a collaboration at a major tourist attractions in Luoyang, generating strong online engagement and attracting over 100,000 peak concurrent viewers.

Speaker #2: Therefore, we'll be more focused on improving ROI across content cost, which includes streamer cost and licensing cost. We believe one of Huya's key differentiators versus any other live streaming platform is our ability to consistently create influential gaming content and leverage that content to better support game publishing and distribution.

Speaker #2: This capability is backed by our close relationships with top streamers, our know-how in tournament production, and our cross-platform game distribution capabilities. In the first quarter of 2026, we offered around 55 licensed tournaments and more than 20 self-produced tournaments in the variety shows.

Speaker #2: Among them, our self-produced You Like Cup generated over 100 million views across the internet, demonstrating the value of our streamer IP plus self-produced tournament model.

Speaker #2: Also, during the quarter, we partnered with a top entertainment live streamer for a collaboration at a major tourist attraction in Luoyang, generating strong online engagement and attracting over 100,000 concurrent viewers.

Junhong Huang: [Foreign language]

Speaker #3: 在重点的游戏品类上面呢，我们也会继续的围绕平台优势的整个品类来打造我们整个自制的内容，比如说像DOTA2、不朽杯、第二赛季，就是我们国内当前最大规模最大的第三方的这个DOTA2的这个赛事之一。在穿越火线方面呢，我们近期我们也和CF的官方围绕的功夫IP这个联动版本推出了这个火线功夫虎牙决斗夜这样的一个PGC的这个直播营销节目，来进一步提升了整个新版本内容的热度还有用户的互动。在和平精英方面呢，我们也在一季度推出了精英环游记S2第二季。这档直播的这个综艺创新性的结合了游戏的内容，主播的影响力还有户外的场景，带给用户带来的比较好的这种参与度吧，还有内容的热度。我们认为呢，这些提升用户互动、帮助游戏内容触达到更广泛的受众的是一种非常有效的方式。

Junhong Huang: 在重点的游戏品类上面，我们也会继续地围绕平台优势的整个品类来打造我们整个自制的内容，比如说像Dota 2固守杯第二赛季，就是我们国内当前最大、规模最大的第三方的这个Dota 2的赛事之一。在穿越火线方面，我们近期也和CF的官方围绕着功夫IP这个联动版本推出了这个火线功夫虎牙决斗夜这样的一个PGC的直播营销节目，来进一步提升了整个新版本内容的热度，还有用户的互动。在和平精英方面，我们也在一季度推出了精英环游记S2第二季，而这档直播的综艺创新性地结合了游戏的内容、主播的影响力，还有户外的场景，给用户带来了比较好的参与度，还有内容的热度。我们认为，这些提升用户互动、帮助游戏内容触达到更广泛的受众的是一种非常有效的方式。

Speaker #2: As a key game title, we'll continue to build self-produced content around them. For example, DOTA2: Immortal Cup Season 2 is currently one of the largest third-party DOTA2 tournaments in China.

Margaret Shi: The key game titles will continue to build self-produced content around them. For example, Dota 2 Immortal Cup Season 2 is currently one of the largest third-party Dota 2 tournaments in China. For CrossFire, we recently worked with CF team on live streaming campaigns around the Kung Fu IP collaboration, including CrossFire Kung Fu Huya Duel Night. These campaigns helped generate significant social buzz for the new update and further improve user engagement. For Peacekeeper Elite, we launched Elite Journey Season 2 in Q1, which is a live streaming show that generated solid user participation that creatively combined game content, streaming influence, and outdoor scenarios. We think this is a great way to improve user engagement and help game content reach a broader audience.

Speaker #2: For Crossfire, we recently worked with the CF team on live streaming campaigns around the Kung Fu IP collaboration, including Crossfire Kung Fu Huya Duel Night.

Speaker #2: These campaigns help generate significant social buzz for new updates and further improve user engagement. For Peacekeeper Elite, we launched Elite Journey Season 2 in the first quarter, which is a live streaming show that generated solid user participation and creatively combined game content, streamer influence, and outdoor scenarios.

Speaker #2: We think this is a great way to improve user engagement and help game content reach a broader audience.

Junhong Huang: [Foreign language]

Speaker #3: Huya也提供了丰富多样用户参与度比较高的这个体育赛事的内容。我们已经拿下了2026年的世界的这个羽联赛事，还有2026年世界斯诺克巡回赛的这个全部的版权，也为观众提供了全程蓝光高清直播。在刚刚结束的2026年的斯诺克世锦赛方面，虎牙平台总观看的人次超过了1.5亿，尤其是丁俊晖对阵那个赵心童的中国德比。单个直播间的最高接近2,000万人的观看。

Junhong Huang: 虎牙也提供了丰富多样、用户参与度比较高的这个体育赛事的内容。我们已经拿下了2026年的世界的这个羽联赛事，还有2026年世界斯诺克巡回赛的这个全部的版权，也为观众提供了全程蓝光高清直播。在刚刚结束的2026年的斯诺克世锦赛方面，虎牙平台总观看的人次超过了1.5亿，尤其是丁俊晖对阵那个赵心童的中国德比，单个直播间的最高接近2000万人的观看。

Margaret Shi: HUYA also offers a broad range of highly engaging sports content. We have already secured full rights to 2026 Badminton World Federation Events and 2026 World Snooker Tour, and will provide viewers with high definition live broadcasts of these events. The recently concluded 2026 World Snooker Championship generated more than 150 million total views on HUYA. In particular, the match between the two Chinese players, Ding Junhui and Zhao Xintong, reached a peak of nearly 20 million viewers in a single live streaming room.

Speaker #2: Huya also offered a broad range of highly engaging sports content. We have already secured four rights for 2026: badminton, world snooker events, and the 2026 World Snooker Tour.

Speaker #2: And we'll provide viewers with a high-definition live broadcast of these events. The recently concluded 2026 World Snooker Championship generated more than 150 million total views on Huya.

Speaker #2: In particular, the match between the two Chinese players Ding Junhui and Zhao Xintong reached a peak of nearly 20 million viewers in a single live streaming room.

Speaker #4: Thank you. We will take the next question from Yi Wenjiang from China Reliance. Hi, Yi Wen, please go ahead.

Margaret Shi: Thank you. We will take the next question from Yiwen Zhang from China Renaissance. Hi Yiwen, please go ahead.

Operator: Thank you. We will take the next question from Yiwen Zhang from China Renaissance. Hi Yiwen, please go ahead.

Yiwen Zhang: [Foreign language] Thanks company for taking my question. My question is on the advertising in-game item sales. Can you share some operation color on that? Thank you.

Yiwen Zhang: 谢谢公司接受我的提问，我想问一下公司咱们那个广告跟道具销售业务在本季度的一个经营情况是怎么样的？谢谢。Thanks company for taking my question. My question is on the advertising in-game item sales. Can you share some operation color on that? Thank you.

Speaker #5: 谢谢公司接受我的提问。我想问一下，公司咱们那个广告跟道具销售业务在本季度的一个经营情况是怎么样的？谢谢。So, thanks, company, for taking my question. My question is on the advertising and in-game item sales. Can you share some operation color on that? Thank you.

Junhong Huang: [Foreign language]

Speaker #3: OK，感谢Yi Wen的这个提问。那第一季度呢，虎牙公司游戏相关的这个服务广告还有其他收入达到了6.27个亿，同比增长了69%。占我们整个收入总收入比的比例也在进一步的提升到了36%。那增长主要来自于道具销售还有广告业务的这个持续拉动。那同时有一部分来自是来自游戏发行这些新业务的这个贡献。那这也反映出我们整个虎牙的收入结构在持续的这个优化，非直播的游戏服务已经成为我们公司增长的一个重要驱动力。

Junhong Huang: 感谢义文的这个提问。第一季度，虎牙公司游戏相关的服务、广告还有其他收入达到了6.27亿，同比增长了69%，占我们整个收入总收入比的比例也在进一步提升到了36%。增长主要来自于道具销售还有广告业务的持续拉动，同时有一部分来自游戏发行这些新业务的贡献，这也反映出我们整个虎牙的收入结构在持续优化，非直播的游戏服务已经成为我们公司增长的一个重要驱动力。

Speaker #2: In the first quarter, game-related services, advertising, and other revenues reached RMB 266 million, up 69% year over year, and increased to 36% of total net revenue.

Margaret Shi: In Q1, game-related services, advertising, and other revenues reached CNY 262.26 million, up 69% year-over-year, and increased to 36% of the total net revenue. The growth was mainly driven by the continued expansion in in-game item sales, advertising, while game publishing also contributed incremental growth. This shows that HUYA's revenue mix is continuing to improve, and non-live streaming game services have become an important growth driver.

Speaker #2: The growth was mainly driven by the continued expansion in in-game item sales and advertising, while game publishing also contributed incremental growth. This shows that Huya's revenue mix is continuing to improve, and non-live streaming game services have become an important growth driver.

Junhong Huang: [Foreign language]

Speaker #3: 游戏道具销售方面呢，我收入同比继续保持一个比较快的一个增长。在国内方面呢，增长主要是由像和平精英、王者荣耀这些头部游戏来带动的。那拆开来看呢，像王者荣耀主要是靠独家皮肤的销售，还有春节的这个皮肤活动。和平精英主要原只是我们给结合我们自己的内容生态，对道具的货品内容质量做了一个持续的优化，把销售转化进一步的提了上来。那同时呢，在穿越火线这些游戏呢，我们也从重要的这个售卖节点和版权赛事资源方面获得了带动。在海外方面呢，像PUBG Mobile、原神、暗区突围这些游戏呢，也在继续的贡献我们的增量。我们也持续的去拓展海外道具的这个供给，把本地化的这个服务能力做得更加的扎实。那未来呢，我们还会继续推进更多定制化的这种礼包还有权益的合作，让更多的这个交易沉淀到虎牙自己的平台生态里面来。

Junhong Huang: 游戏道具销售方面，收入同比继续保持一个比较快的增长。在国内方面，增长主要是由像和平精英、王者荣耀这些头部游戏来带动的。拆开来看，像王者荣耀主要是靠独家皮肤的销售，还有春节的皮肤活动。和平精英主要是我们结合我们自己的内容生态，对道具的货品内容质量做了一个持续的优化，把销售转化进一步地提了上来。同时，在穿越火线这些游戏，我们也从重要的售卖节点和版权赛事资源方面获得了带动。在海外方面，像PUBG Mobile、原神、暗区突围这些游戏，也在继续地贡献我们的增量。我们也持续地去拓展海外道具的供给，把本地化的服务能力做得更加地扎实。未来，我们还会继续推进更多定制化的礼包，还有权益的合作，让更多的交易沉淀到虎牙自己的平台生态里面来。

Speaker #2: For in-game item sales, revenue continued to grow rapidly year over year. In the domestic market, growth was mainly driven by leading titles such as Peacekeeper Elite and Honor of Kings. More specifically, Honor of Kings benefited from exclusive skin sales and the Chinese New Year skin events.

Margaret Shi: For in-game item sales, revenue continued to grow rapidly year over year. In the domestic market, growth was mainly driven by leading titles such as Peacekeeper Elite and Honor of Kings. More specifically, Honor of Kings benefited from the exclusive skin sales and Chinese New Year skin events, while Peacekeeper Elite saw better sales conversion as we continue to optimize item offering and content quality through our content ecosystem. CrossFire and other titles also benefited from key sales windows and tournament-related resources. Overseas, titles such as PUBG Mobile, Genshin Impact, and Arena Breakout continue to contribute incremental growth. We will continue to expand our overseas in-game items at supply and strengthen our localized service capabilities. Looking ahead, we will continue to develop more customized bundles and rights-based partnerships while bringing more transactions into Huya's own platform ecosystem.

Speaker #2: While Peacekeeper Elite saw better sales conversion as we continue to optimize item offering and content qualities through our content ecosystem, Crossfire and other titles also benefited from key sales windows and tournament-related resources.

Speaker #2: Overseas, titles such as PUBG Mobile, Genshin Impact, and Arena Breakout continue to contribute to incremental growth. We will continue to expand our overseas in-game items supply and strengthen our localized service capabilities.

Speaker #2: Looking ahead, we will continue to develop more customized bundles and rights-based partnerships, while bringing more transactions into Huya's own platform ecosystem.

Junhong Huang: [Foreign language]

Speaker #3: 广告业务方面，本季度我们一直在加强内容驱动的这个游戏整合营销服务，主要靠的就是主播的这个矩阵联动、赛事的这个植入、UGC内容共创，还有这些核心的能力。给游戏厂商呢，提供全链路的营销方案，凭借这个较好的这种ROI的这个表现，那虎牙也在持续的获得像腾讯、网易、鹰角这些头部广告组的这个认可。

Raymond Peng Lei: 广告业务方面，本季度我们一直在加强内容驱动的游戏整合营销服务，主要靠的就是主播的矩阵联动、赛事的植入、UGC内容共创，还有这些核心的能力，给游戏厂商提供全链路的营销方案。凭借这个较好的ROI表现，虎牙也在持续地获得像腾讯、网易、鹰角这些头部广告主的认可。

Speaker #2: And on advertising, Huya continues to strengthen content-driven, integrated game marketing solutions by combining streamer network, tournament integrations, UGC co-creation, and other capabilities. We provide game developers with end-to-end marketing solutions.

Margaret Shi: On advertising, HUYA continues to strengthen content-driven integrated game marketing solutions. By combining streamer network, tournament integrations, UGC co-creation, and other core capabilities, we provide game developers with end-to-end marketing solutions. Our ROI performance on these advertising campaigns continue to earn recognition from leading advertisers such as Tencent, NetEase, and Hypergryph.

Speaker #2: Our ROI performance on these advertising campaigns continues to earn recognition from leading advertisers such as Tencent, NetEase, and HyperGryph.

Speaker #4: Thank you. Now we will take our last question today from Rebecca Xu from Morgan Stanley. Rebecca, please go ahead.

Margaret Shi: Thank you. Now we will take our last question today from Rebecca Xu from Morgan Stanley. Rebecca, please go ahead.

Operator: Thank you. Now we will take our last question today from Rebecca Xu from Morgan Stanley. Rebecca, please go ahead.

Speaker #6: Hi, and thank you for taking my question. I'm honored to be the last to raise the question. My question is about margin and net profit trend.

Rebecca Xu: Hi. Hi, and thank you for taking my question. I'm honored to be the last to raise question. My question is about margin and net profits trend. Can management share some color on the margin and net profit trend, maybe in the full year basis? Yeah, I will translate for myself. 我想请教一下管理层如何看待全年的利润率以及，全年的盈利的一个趋势。谢谢。

Raymond Peng Lei: [Foreign language]

Speaker #6: Can management share some color on the margin and net profit trend? Maybe on a full-year basis? Yeah, I'll translate for myself. 我想请教一下管理层如何看待全年的利润率以及全年的盈利的一个趋势。谢谢。

Speaker #3: 这个问题我来答吧。谢谢Rebecca。利润率方面，第一季度我们整体的利润率延续了改善的趋势，让gap经营利润率已经接近盈亏平衡。改善主要来自几个方面：收入结构在持续优化、广告、游戏道具、游戏发行这些毛利率相对更高的业务贡献在提升。同时，公司也在持续加强成本费用管理和运营效率。往后看，随着这些高毛利业务继续放量，经营杠杆逐步体现，我们预计全年整体毛利率和经营利润率还有进一步改善的空间。同时，考虑到俄亚沙等游戏相关投入的节奏影响，我们预计毛利率和经营利润率改善趋势有望在下半年进一步体现。

Raymond Peng Lei: 这个又给我来答吧。谢谢Rebecca。利润率方面，第一季度我们整体的利润率延续了改善的趋势。Non-GAAP经营利润率已经接近盈亏平衡。改善主要来自几个方面。收入结构在持续优化，广告、游戏道具、游戏发行这些毛利率相对更高的业务贡献在提升。投资公司也在持续加强成本费用管理和运营效率。往后看，随着这些高毛利业务继续放量，经营杠杆逐步体现，我们预计全年整体毛利率和经营利润率还有进一步改善的空间。同时，考虑到《鹅鸭杀》等游戏相关投入的节奏影响，我们预计毛利率和经营利润率改善趋势有望在下半年进一步体现。

Margaret Shi: Our margins will continue to see improvement in Q3, with non-GAAP operating margin approaching breakeven. This improvement was mainly driven by continued revenue mix optimization with high contributions from relatively higher margin business such as advertising, game items, and game publishing. We also continue to strengthen cost and expense management and improve operating efficiency. Looking ahead, as these higher margin businesses continue to scale and operating leverage gradually come through, we expect further improvement in our overall gross margin operating margin for the full year. In addition, given the pace of investment related to Goose Goose Duck and other games, we expect improvement in both margins to become more visible in H2 of the year.

Speaker #2: On margins, we continue to see improvement in the first quarter. With non-GAAP operating margin approaching break-even, this improvement was mainly driven by continued revenue mix optimization, with high contributions from relatively high-margin businesses such as advertising, game items, and game publishing.

Speaker #2: We also continue to strengthen cost and expense management and improve operating efficiency. Looking ahead, as these higher-margin businesses continue to scale and operating leverage gradually comes through, we expect further room for improvement in our overall gross margin and operating margin for the full year.

Speaker #2: In addition, given the pace of investment related to Google stock and other games, we expect improvement in both margins to become more visible in the second half of the year.

Speaker #4: Okay, thank you both again for joining us today. If you have further questions, please feel free to contact Huya's Investor Relations through the contact information provided on our website or PS&T Financial Communications.

Margaret Shi: Okay, thank you once again for joining us today. If you have further questions, please feel free to contact HUYA Investor Relations through the contact information provided on our website of Piacente Financial Communications. This concludes today's call, and we look forward to speaking to you again next quarter. Thank you.

Operator: Okay, thank you once again for joining us today. If you have further questions, please feel free to contact HUYA Investor Relations through the contact information provided on our website of Piacente Financial Communications. This concludes today's call, and we look forward to speaking to you again next quarter. Thank you.