A：While the live streaming business remained stable, revenues from gaming and other services, advertising grew 59% year over year, indicating a successful transformation to the gaming space.

A：The total net revenues for the fourth quarter grew by 16% to RMB 1.74 billion, the highest in the last ten quarters. On a full-year basis, total net revenues returned to growth and reached RMB 6.5 billion, up 7% year over year.

A：The company's strategic transformation into game-related services has expanded its footprint across the industry's value chain, taking it beyond live streaming to include game distribution, in-game item sales, and game advertising. This transformation solidified Huya as a key strategic partner to game developers.

A：'Goose Goose Duck' attracted over five million new users within the first 24 hours and more than 10 million within six days, ranking number one on the iOS free game chart. This success underscores the effectiveness of Huya's content-driven marketing strategy for new game launches.

A：Although monetization remains limited as the focus is on growing engagement, with major game content updates scheduled for later this year, an increase in monetization is expected.

A：In-game item sales continue to deliver solid performance with a year-over-year growth of more than 200%, driven by new titles such as 'Peacekeeper Added' and 'Crossfire Mobile'. The business is further scaling and expanding its collaboration with game developers.

A：Huya became the first platform to secure exclusive airtime for the MVP scheme in 'Honor of Kings', partnered with 'NetEase' for 'Eastward Journey Mobile', and launched a customized bundle for overseas players, achieving strong sales performance.

A：Huya's content-driven marketing capabilities are gaining broader recognition from leading game developers, as evidenced by partnerships for events like 'In-tent and Net East' and the successful live streaming of 'Wu Shuang Cup' with 32 top streamers.

A：Huya successfully hosted the 'Damascus Cup' in December, marking the first time an official 'League of Legends' organizer granted hosting rights to a third-party live streaming platform. This reflects strong recognition of Huya's capabilities and its evolution into a full-service tournament organizer.

A：Huya has integrated AI into live streaming and e-sports programs, enabling realistic human-like avatars and professional level commentary. These AI hosts engage with viewers in real-time, enhancing audience resonance and long view income. Huya has equipped their e-sports programs with AI hosts that provide professional commentary and engage with the audience.

A：Huya's Delta Force map tool will introduce a real-time navigation feature powered by context-aware multi-model AI capabilities. This will facilitate smoother game play and more interesting interactions, improving the overall gaming experience.

A：Huya aims to improve product experiences and strengthen its content ecosystem to support steady growth in advertising and in-game item sales overseas. The company will continue to incubate new products and refine monetization strategies to further scale its overseas publishing business and other monetization opportunities. The vision includes solid strategic execution, achieving operational growth, and enhancing profit profile to embark on a new chapter of sustainable high-quality development.

A：In the fourth quarter of 2025, Huya achieved accelerated top line growth with total net revenues of RMB 1.74 billion, up 16% from the same period last year. New streaming revenues were RMB 1.15 billion, up 2% due to higher average spending per paying user. The number of domestic paying users remained stable at 4.4 million. Advertising and other revenues grew 59% to RMB 593 million. Cost of revenues decreased 30% year over year to RMB 1.49 billion, and first profit was RMB 245 million, up 44% from the prior year. Excluding share-based compensation, operating loss before share of comprehensive income attributable to Huya Inc. was RMB 36 million. Research and development expenses were RMB 123 million, and sales and marketing expenses increased 24% to RMB 780 million. Mobile, federal, and administrative expenses decreased 55% to RMB 126 million. Operating loss narrowed to RMB 65 million, and the loss attributable to Huya was RMB 1088 billion. As of December 31, 2025, the company had cash and cash equivalents, short-term deposits, and long-term deposits of RMB 3.82 billion. For the full year 2025, total net revenues were RMB 6.5 billion, and the company's operating margin remained flat at 30.6%.

A：The current performance of the game, which is focused on dark, shows high and steady usage post-launch with over 2 months at the top of the iOS free download charts. Future plans involve content updates and game events in the summer to drive DAU, keeping a conservative monetization strategy to grow the user base. Long-term strategies include a rapid pace of content updates, gaining user growth across multiple platforms, and launching the we chat mini game version later in the year.

A：In the summer, the expectation is to see a jump in DAU due to the preparation of game events and content updates. These updates and events are believed to make users respond well, leading to the rollout of more party game modes and home systems later in the year to drive daily active users.

A：The three main strategies to expand the active user base include launching the we chat mini game version later in the year, focusing on building the UGC ecosystem, and constantly upgrading the UGC editor based on user feedback to enhance the user-generated content experience within the game.

A：In terms of AI, significant progress has been made, particularly in the AI-enabled live streaming feature and AI game tools. The AI-driven live streaming channels have contributed approximately 10% to the company's overall DAU, with the top AI channels outperforming同类品类直播间 by an average of 40% across key metrics such as人均观看时长、七天留存率以及归因的DAU。今年将推出由AI驱动的直播间内容能力，以提升运营效率并进一步提高平台流量占比。在AI游戏工具服务方面，也取得了积极进展，如推出三角洲行动地图工具，受到玩家和游戏官方的欢迎，并被官方社区推荐。

A：New developments in AI include the combination of AI with IP如鸦杀 to create an AI智能硬件，以及探索将open cloud多agent能力和数字人技术融入游戏场景以提升互动体验和支持定制化玩法。未来计划将AI驱动的功能和辅助工具拓展到更多游戏，例如英雄联盟和热门IP游戏。

A：Management did not provide specific details on the future game distribution strategy, the latest pipeline, or the game launch timeline in their response. They were asked to share their growth expectations for game distribution and the overall contribution to the company's revenue, but did not comply with this request during the provided transcript excerpt.