Hello everyone, and thank you for joining our earnings call today. I'm proud to say 2025 was a record year for us.

In the fourth quarter, total net revenues grew by 16% to RMB1.74 billion, the highest in the last 10 quarters. While our live streaming business remained stable, revenues from game-related services, advertising, and other businesses grew 59% year-over-year, demonstrating our successful transformation to the gaming space.

On a full year basis, total net revenues returned to growth and reached RMB6.5 billion, up 7% year-over-year. In the fourth quarter, we recorded an one-off accounting provision.

Excluding this provision, SBC, and amortization items, we would have seen three consecutive quarters of positive growing operating profit and a full year operating profit. A robust content ecosystem and a stable user base underpinned our performance.

In Q4, HUYA's total MAUs were approximately 160 million. We are also pleased to see our platform's influence continue to grow.

In February, we welcomed the return of Uzi, one of the most legendary names in esports. His return further validated the strength of HUYA's esports content ecosystem and our ability to attract and support top-tier streamers.

The influence of our streamer ecosystem continued to expand, with more top streamers returning to HUYA and many of our streamers gaining recognition across other platforms, including WeChat Channels, Douyin, and beyond. We are no longer just a game live streaming platform, but have evolved into a content-driven integrated game services provider with broad cross-platform reach and a key strategic partner to game developers.

Since our strategic transformation into games-related services in 2023, we have expanded and deepened our footprint across the industry's value chain. We have expanded beyond live streaming into a broader range of game-related services, including game distribution, in-game item sales, and game advertising, further transforming HUYA into a more integrated game-related services provider.

Our entry into game publishing with the success of Goose Goose Duck Mobile marks another important milestone in this transformation. Unlike traditional publishing model that rely primarily on user acquisition, we leverage the strength of our content ecosystem and take a content-driven approach to publishing.

Goose Goose Duck Mobile, launched in January, delivered outstanding results, attracting over 5 million new users within the first 24 hours and surpassing 10 million within 6 days, and has ranked number one on the iOS free game chart for the most of the time since its launch. The game quickly become a market sensation and a clear validation of our strategy.

Since pre-registration stage, we have been working closely with top streamer across multiple platforms and produced two season of a live streaming variety show, Gooscar Night, which fueled strong social media buzz and anticipation prior to launch. We saw very strong user-generated content trending on social media, as the game generated hundreds of millions of impressions and sparked over 100 social media trending moments on social platforms such as Douyin and REDnote.

This content-driven marketing approach resulted in a much higher ROI that far exceed traditional traffic acquisition channels. This underscore our effectiveness in content-driven marketing for new game launches and maintaining traction over time.

We are pleased to see that two months after its launch, Goose Goose Duck Mobile continues to stay at the top of the chart and continue to outperform our expectation in terms of user retention. Most of our players for this game are college student and young working professionals, with a higher proportion of iOS and female users.

Looking ahead, we are excited to continue enhancing our social feature and building a stronger and more vibrant community. Monetization remains relatively limited for now as we focus on growing engagement, but with major game content updates scheduled for later this year, we expect monetization to increase afterwards.

The successful debut of Goose Goose Duck Mobile demonstrate the potential of our publishing strategy and give us great confidence in our next growth driver fueled by our live streaming content ecosystem. We are excited by our strong publishing pipeline with multiple new titles coming later this year.

At the same time, supported by the strength of HUYA's ecosystem, our other game-related businesses, including in-game item sales and advertising, continue to deliver solid performance. For in-game item sales, revenue continued to grow year-over-year, increasing by more than 200%, driven by new titles such as Peacekeeper Elite and CrossFire Mobile.

As the business further scales, we continue to expand and deepen our collaboration with game developers. In January, we became the first platform to secure exclusive presale rights for the MVP skin in Honor of Kings, which is rare for the industry.

We also partnered with Arena Breakout to launch a customized bundle exclusively for overseas players, which also delivered strong sales performance. Looking ahead, we will continue to expand customized rights offerings, joint marketing, and localized partnerships across more top-tier titles to further enhance user satisfaction.

On the advertising side, HUYA's content-driven marketing capabilities are also gaining broader recognition from leading game developers, including Tencent and NetEase. In the fourth quarter, we hosted NetEase Fantasy Westward Journey Mobile Wushuang Cup in collaboration with 32 top streamers.

This helped the game to further expand its brand awareness to younger audience through live streaming. In our esports ecosystem, we delivered solid result across both licensed and self-produced events in Q4.

During the quarter, we offered users close to 100 licensed tournaments as well as around 40 self-produced tournaments and a variety shows. One key highlight came in December when we hosted the Demacia Cup for the first time, one of the core professional tournaments in the League of Legends ecosystem.

This also marked the first time that the official League of Legends organizer had granted hosting rights to a third-party live streaming platform. It reflects strong recognition of HUYA's event planning, operational, and content production capabilities and marks our evolution from an exclusive live streaming partner to a full-service tournament organizer.

Building on our summer success, we hosted Delta Force Diamond Champions Autumn Season. The event set new bars for the game in terms of both scale and viewership in Delta Force esports circuit.

On the product side, we see great opportunities in the AI wave today. We have made meaningful progress in AI-powered live streaming, with a growing number of production featuring prominently on viewership charts.

We have integrated AI host into our esports programs, who are equipped with realistic human-like avatars and capable of professional-level commentary and interaction. This visual host engaged with viewer comment in real times, fostering strong audience resonance.

This has been particularly well received among users of leading game categories such as League of Legends and CS:GO, driving longer viewing time and deeper community engagement. We are thrilled to continue exploring the latest technologies and integrating them directly into our game tools and products, creating richer and more engaging experience for our players that were not possible before.

For example, in March, our Delta Force map tool will introduce a real-time navigation feature powered by our context-aware multimodal AI capabilities, enabling smoother gameplay and more intuitive interactions. Beyond this, we are actively exploring ways to embed these technologies across additional titles, including Golden Spatula and Goose Goose Duck Mobile.

On the overseas front, we remain focused on improving the product experiences and strengthening our content ecosystem, which supported steady growth in both advertising and in-game item sales. We will continue to incubate new products in a flexible manner and evolve our monetization strategies.

We believe this will further strengthen our capabilities and momentum for scaling our overseas publishing business as well as other monetization opportunities. Overall, [2025?]

marked a pivotal year for HUYA, defined by solid strategic execution and impactful milestones. From an operational perspective, we return to growth and further enhanced our profit profile.

Looking ahead, we will further scale our footprint across the entire gaming value chain. With our growth momentum on a robust and sustained upward trajectory, we are poised to embark on an ambitious new chapter of sustainable, high-quality development for HUYA.

With that, I will now turn the call over to our co-acting CEO and CFO, Raymond Lei. He will share more details on our results.

Raymond, please go ahead.

Thank you, Vincent. Hello everyone.

I'll start with our fourth quarter results, followed by our full year financial highlights and an update on our shareholder returns. In the fourth quarter, we delivered accelerated top-line growth, driven by robust expansion in our game-related services and advertising businesses.

However, our operating results were impacted by a one-time RMB66 million provision, which led to a non-GAAP operating loss of RMB36 million for the quarter. Excluding the impact of this one-time item, we continued to see improvement in our core operating performance and overall earning profile.

Let's move on to more details of our Q4 financial results. Total net revenues were RMB1.74 billion for Q4, up 16% from the same period last year.

Live streaming revenues were RMB1.15 billion for Q4, up 2% from the same period last year, primarily due to higher average spending per paying user for live streaming services. The number of domestic paying users remained stable at 4.4 million for Q4.

This figure excludes users who made in-game purchases through our game distribution business, but didn't complete payments through our platform or related services, as well as overseas paying users. Game-related services, advertising, and other revenues were RMB593 million for Q4, up 59% from the same period last year.

The increase was primarily due to higher revenue from game-related services and advertising, which were mainly attributable to our deepened cooperation with game companies in China and overseas. Cost of revenues increased by 13% year-over-year to RMB1.49 billion for Q4, primarily due to increased revenue sharing fees and content costs, as well as increased costs related to in-game items.

Within this, revenue sharing fees and content costs rose by 10% year-over-year to RMB1.28 billion, reflecting growth in our top line. Gross profit was RMB245 million for Q4, up 44% from the same period last year.

Gross margin was 14.1% for Q4, improving from 11.4% from the same period last year. Excluding share-based compensation expenses, non-GAAP gross profit was RMB248 million, and non-GAAP gross margin was 14.3% for Q4.

Research and development expenses were RMB123 million for Q4, largely flat year-over-year. Sales and marketing expenses increased by 24% year-over-year to RMB78 million for Q4, primarily due to increased marketing and promotional efforts, including pre-launch preparations for Goose Goose Duck Mobile.

General and administrative expenses increased by 55% year-over-year to RMB136 million for Q4, primarily due to a RMB66 million provision related to a receivable arising from a 2021 arrangement with a broadcaster, which was deemed to have a heightened risk of non-recoverability. Other income was RMB18 million for Q4, compared with RMB4 million for the same period last year, primarily due to increased government subsidies.

Operating loss narrowed to RMB65 million for Q4, compared with a loss of RMB93 million for the same period last year. Excluding share-based compensation expenses and amortization of intangible assets from business acquisitions, non-GAAP operating loss narrowed to RMB36 million for Q4, compared with a loss of RMB69 million in the same period last year.

Interest income was RMB32 million for Q4, down from RMB75 million for the same period last year, primarily due to a lower time deposit balance following the payment of special cash dividends. Impairment loss of investments was RMB81 million for Q4, compared with RMB151 million for the same period last year, primarily due to the recognition of impairment charges on the company's investments attributable to the weak financial performance of certain investees.

Net loss attributable to HUYA Inc. narrowed to RMB118 million for Q4, compared with loss of RMB172 million for the same period last year.

Excluding share-based compensation expenses, impairment loss of investment, and amortization of intangible assets from business acquisitions, net of income taxes, non-GAAP net loss attributable to HUYA Inc. was RMB8 million for Q4, compared with non-GAAP net income attributable to HUYA Inc.

of RMB1 million for the same period last year, primarily due to the provision item and lower interest income, as explained earlier. Diluted net loss per ADS was approximately RMB0.51 for Q4.

Non-GAAP diluted net loss per ADS was RMB0.04 for Q4. As of December 31, 2025, the company had cash and cash equivalents, short-term deposits, and long-term deposits of RMB3.82 billion, largely flat compared to September 30, 2025.

Moving on to our full year 2025 results. Total net revenues were RMB6.5 billion for 2025, increasing by 7% from the prior year.

Live streaming revenues were RMB4.59 billion for 2025, compared with RMB4.75 billion for the prior year. Game-related services, advertising, and other revenues were RMB1.91 billion for 2025, compared with RMB1.33 billion for the prior year.

Non-GAAP gross profit was RMB884 million for 2025, up 7% from the prior year. Non-GAAP gross margin remained flat at 13.6% for 2025.

Non-GAAP net income attributable to HUYA Inc. was RMB99 million for 2025, compared with RMB269 million for the prior year.

Non-GAAP net margin was 1.5% for 2025, compared with 4.4% for the prior year. To reiterate, the decline was largely due to the provision we discussed and lower interest income, rather than any change in our core business performance.

Non-GAAP diluted net income per ADS was RMB0.43 for 2025, compared with RMB1.15 for the prior year. Net cash used in operating activities was RMB176 million for 2025, compared with net cash provided by operating activities of RMB94 million for the prior year, primarily due to decreased interest income and increased amounts due from related parties.

For additional details on our full year 2025 financial results, I encourage listeners to refer to our earnings press release issued earlier today. Finally, let me provide an update on our shareholder returns.

To implement our 2025 to 2027 dividend plan adopted in March 2025, we are pleased to declare a 2026 special cash dividend of US$0.135 per ordinary share, or US$0.135 per ADS, for a total amount of approximately US$31 million. In addition, under our up to US$100 million share repurchase program, we had repurchased 22.9 million HUYA shares with an aggregate consideration of US$75.5 million as of the end of December 2025.

With that, I'd like to open the call to your questions.

Hi, 感谢管理层接受我的提问。能听到吗？ 可以的。

可以。 太好了，谢谢。感谢管理层接受我的提问。我的问题是关于拨备计提以及投资减值部分。看起来这也是利润端波动的主要的原因了。是否可以请管理层分享一下这些项目的具体的构成以及背后的原因？那么也想请教就是类似的处理是否未来还会再出现，那么会对运营利润还有净利润的影响可能会持续多久？I'll translate for myself.

Thanks management for taking my question. We see profit fluctuations mainly driven by provisioning and investment impairments.

Could management share the composition and underlying reasons for these items? How should we think of the future trend on OP and net profit?

Thank you. 感谢

Rebecca。我解释一下。本季度利润端波动主要来自两项因素。一是因为与某主播 2021 年的合作安排在那个应收账款项有关，我们在本季度计提了人民币 6,600 万元的一次性拨备，这也是拖累本季度经营利润的主要因素之一，造成 Non-GAAP 的运营亏损了大概 3,600 万元。第二项是我们确认了大概 8,100 万元的投资减值，主要是与被投资企业的表现偏弱有关，这也对我们的净利润造成了影响。总体来看，这两项都属于管理层经过审慎评估并通盘考虑后做的非现金会计处理，不代表公司核心经营利润趋势的变化，更偏向是一次性影响。公司仍会遵照会计准则的要求对长期投资等进行定期评估。根据管理层的判断，目前并没有其他需要进一步减值的大额资产。

Thank you for the question. The fluctuation in our profit this quarter was mainly driven by two items.

First, we recorded a 66 million RMB one-off provision related to a receivable arising from 2021 arrangement with broadcaster. This was recorded in G&A and contributed materially to our non-GAAP operating loss of RMB36 million for the fourth quarter.

Secondly, we recorded impairment loss of investments of 81 million RMB related to companies that were previously invested in and as underperforming. This contributed to our net loss.

Overall, these two items are non-cash accounting adjustments based on management's highly prudent and critical evaluation. From our perspective, these are more like one-off impacts that do not reflect our corporate trends.

Going forward, we'll still continue to perform regular impairment review in accordance to accounting standards, but right as of now, based on management's current judgment, we don't see any additional impairment required at the moment. Thank you.

DAU、留存、ARPU、流水这些等等的情况，以及说我们对于这个游戏今年有什么推广的 KPI？另外的话就是想问一下公司打算如何去延长这个游戏的一个生命周期？So let me translate myself. Thanks for taking my question.

My question is about Goose Goose Duck. Could you maybe share some color on the current metrics like DAU, retention, ARPU, and revenue, etc.?

Also what's the KPIs for 2026? Secondly, how does the management think about extending the game lifecycle from here?

Great. Thank you.

感谢

Weimeng 的这个提问，我来简要的汇报一下鹅鸭杀的核心数据，还有我们的一些未来规划吧。首先我们从核心的数据表现来看，我们可以看到现在游戏的日常的 DAU 都一直保持在一个比较高的一个水平，并且我们也看到说它的表现还是非常稳健的。那另外我们也可以关注到说从游戏上线到现在大概两个月的时间左右，我们可以看到我们依旧在整个 iOS 的免费下载榜处在一个前列这样的水平，那我们整个的长线的留存也是超出我们的预期的。那往后面来看，我们随着暑期旺季的到来，还有我们在产品端运营的持续的深化，我们也预计我们的 DAU 仍然有进一步持续提升的空间。那另外一方面在商业化方面，这个阶段我们还是保持了一个相对比较克制的策略。商业化释放的内容我们目前也比较有限，那因此我们看到日常的 ARPU 还是处在一个比较低的水平，但是在一些活动的节点，ARPU 也会有一个大幅的增长。那后续随着我们整个派对的玩法还有家园系统的陆续上线，我们也会逐步的把日常的 ARPU 给拉起来。关于挖掘长期的潜力还有延长生命周期这个，我们的主要的战略主要是围绕三个点来展开的。那第一方面我们前面讲到我们会保持一个紧凑的内容的持续的迭代。那第二方面我们会多端的去寻找新的增量，那包括我们微信小游戏的版本预计也会在今年的年内我们会上到线上，那我们也有望能够为我们整个活跃用户的提升带来一个非常显著的增长。第三个就是稳步的去构建我们整个游戏的 UGC 生态的系统。那目前我们也具备了 UGC 编辑器的基础能力，那后续我们也持续的会去完善相关的这个功能，来进一步的把用户卷进来之后来丰富我们整个游戏的玩法。好，谢谢。

Thank you for the question. Let me briefly walk you through the current performance and our future plans for Goose Goose Duck.

The game's DAU has consistently stood high and steady since its launch, with user retention also exceeding our expectations. As mentioned earlier, we are very proud that two months after its launch, the game is still at the very top of iOS free download charts.

We expect to see another DAU jump in the summer as we prepare a number of game events and content updates for that season. On monetization, we have been quite conservative with only very limited monetization content introduced at this stage as we focus on growing the user base.

As a result, our baseline daily ARPU is still at relatively low level. Having said that, whenever we push out a new event or a new update, we do see significant ARPU growth.

This reiterates our belief that our users respond well to these content updates, and we will roll out more party game modes and home systems later this year, which we hope will be meaningful in driving daily ARPU. In terms of longer-term potential and lifecycle extension, we are focused on three things.

First, keeping a rapid pace of content updates. Second, gaining active user growth across multiple platforms.

We expect to launch WeChat mini game version later this year, which could further expand our overall active user base. Third, building our UGC ecosystem.

We are currently working on a UGC editor, and we will keep upgrading these functions to give our users an enriched UGC experience within the game. Thank you.

游戏工具，还有内部的降本增效方面取得了哪些比较有实质性的成果？Thank management for taking my questions. I want to ask about AI.

What has been the progress in terms of the AI, especially in AI live streaming, AI game tools, and internal organizational improvement in terms of efficiency, and what are the tangible results over there? Thank you.

感谢

Ritchie 的提问，由我来回答这个问题。确实现在整个大环境来看，AI 是每个公司都是需要去思考的一个问题。那我们在 AI 战略的主要也分为赋能我们整个现有业务，还有就是我们怎么样去探索一些新的赛道，这两个方向。那在赋能我们这个自有业务方面，我们前面也有提到说 AI 的直播间，包括我们 AI 工具的表现还是非常的亮眼的。那目前我们 AI 直播间已经贡献了我们公司整体 DAU 的 10% 左右这样的一个水平，而且头部的 AI 直播间在人均的观看时长、7 天的留存，还有归因的 DAU 这些核心的指标上面，平均都较同类的直播间都高出了 40%。表现最突出的一些直播间最高可以高到 80% 左右。那今年我们也将继续推出纯 AI 驱动的直播间的内容能力，还有提升我们整个运营的效率，来进一步提高我们在平台整体流量中这样的一个占比。那另外一方面在 AI 的游戏工具服务方面，我们也取得一个比较积极的进展。那上个季度我们也推出了三角洲行动的地图这样的工具，为玩家提供更加丰富的沉浸式的 3D 跑图这样的环境，来帮助他们更快的去熟悉和更好的去探索整个游戏。那我们也把这个工具放到海外，结果发现也大受欢迎，也得到了游戏官方的关注，并且他们在官方的社区也对我们整个游戏工具做了一个推荐。因此我觉得对于 AI 技术的持续的迭代，我们也致力于说相当于在今年的 3 月份，我们还会出一个 AI 实时驱动的实时导航的版本来放到整个游戏工具里面来，来辅助整个用户在整个打游戏的过程，来进一步来提高我们整个获客的能力，包括我们用户的活跃度。另外在新赛道方面，我们也在布局 AI 的硬件和 AI 的互动产品。比如说我们结合鹅鸭杀这个 IP，我们也会即将推出一个 AI 的智能的硬件。与此同时，大家也都知道最近 OpenClaw 也非常火，那我们也在探索将 OpenClaw 包括这种多 Agent 的能力和虎牙前面积累的整个数字人的技术的这个能力来相结合，来融入到我们整个游戏场景里面来，来提升整个的互动体验，并且能够支持更多的定制化这些玩法。那展望未来，我们还计划将这些 AI 驱动的功能和辅助的工具可以拓展到更多的游戏里面，比如金铲铲之战，包括前面讲到的鹅鸭杀这些热门的 IP 游戏里面来。

Thank you for the question. AI is something every company should think about.

For us, it's about two things: one is empowering our existing business, and two is exploring new opportunities. For our existing business, both AI-powered live streaming channels and AI game tools continue to deliver very strong momentum.

These AI-powered channels now contribute nearly 10% of our overall DAU, and the performance continues to stand out across the platform. On average, they outperformed their real-life peers by 40% across key metrics such as viewing time, retention, and attributed DAU.

That number goes up to 80% for the very best AI live streaming channels. This year, we'll continue to enhance content capabilities and operating efficiency of fully AI-powered live streaming channels and further increase their traffic contribution.

AI game tools are also very promising. Last quarter, we launched Delta Force map tool, which provided very rich, immersive 3D environment for players to quickly get familiar and better navigate the game.

We also launched this tool to overseas markets, and it was very well received by international users. It drew great attention from game's official team and was recommended on many of their official community channels.

As we continue to iterate our AI capabilities, we are working on applying AI-powered real-time navigation into this map tool this month, further expand user reach and engagement. Additionally, we are developing AI hardware and AI interactive products, including AI-enabled smart hardware based on Goose Goose Duck IP.

At the same time, we're exploring different ways to integrate new technologies, such as OpenClaw multi-agent systems, virtual live streamers, into party game scenarios to enhance interactivity and support more customized gameplay experiences for Goose Goose Duck. Going forward, we also plan to create more AI-driven companion tools for other popular titles, such as Battle of Golden Spatula.

Thank you.

let me translate myself. Thanks management for taking my question.

Can management share your future strategy of your game publishing business, the latest publishing pipeline, and the release schedule? Can management share your view on the growth expectation for the game distribution business and overall contribution to the group revenue as a whole?

Thank you. 感谢

Nelson 的提问，由我来回答这个问题。前面也讲到说鹅鸭杀已经在游戏发行上面给了我们一次更有力的信心，还有一个证明。那关于游戏的发行业务方面，我们也坚定的推进以内容营销为驱动的整个战略。当前行业也正在快速的向内容营销这个方向来转变，那这也是完美的契合了我们整个生态的优势，是我们入局的一个最佳的窗口。那我们不单纯的去依靠买量，而是依托我们在短视频、直播还有社区构建一个完整的宣发的网络。那合作上我们坚持以独代为核心，这样能精准的验证我们整个转化的效率，并且沉淀出可以复制的长线的发行的方论。在产品的储备和运筹上面，我们后续的为多个产品的推进我们也提供了有力的一个支撑。基于这些情况，我们预计今年有多款小游戏还有手游的陆续上线。那选品上我们也会高度聚焦内容属性强、具备电竞还有综艺潜力的这些游戏，以此来最大化的去发挥我们整个平台的优势，来实现长线的运营。从战略看，随着我们公司持续的去推动我们业务多元化，突破传统直播业务的边界，那游戏发行也会成为驱动我们增长的关键引擎。尽管具体的收入贡献还需要等待产品上线后我们才能够有一个更加清晰的预判，但是我们也相信从长远的角度来看，发行业务必然成为虎牙公司未来我们公司营收的一个重要组成部分。 On game publishing, we remain firmly committed to a content-driven strategy.

The industry is rapidly shifting towards content-driven publishing, which fits very well with HUYA's strength in live streaming, short-form video content, and community engagement. Rather than relying mainly on traditional user acquisition, we're building a more integrated publishing model driven by content.

Having publishing rights help us to better measure user conversion efficiency and build a scalable publishing capability. From a pipeline perspective, we have a number of mini games and mobile games in the pipeline for the year.

Most of them either have very strong content appeal or clear esports and entertainment potential. This is where HUYA's strength in live streaming and esports content can be fully leveraged.

We see game publishing as the most important driver of our growth as we continue to diversify beyond our traditional live streaming business. While we might have better visibility into revenue contribution after the games are launched, we do have a very strong conviction that our publishing business will be an important part of our revenue mix over time.

Q4 咱们的一个净利润率受到一些减值跟拨备的影响，但本季度毛利还是有不错的增长。想问一下管理层怎么看待公司未来毛利率的一个趋势，还有改善的空间？谢谢。So thanks for taking my question. The question is on margin.

We note despite some net impact from provision and impairment in Q4, there was notable improvement on our gross profit margin during the quarter. What is management view on future gross profit margin trend and room for improvement?

Thank you. 谢谢

Yiwen。2025 年公司的全年毛利率为 13.4%，同比小幅提升 0.1 个百分点。从季度表现来看，2025 年第四季度毛利率同比提升了 2.7 个百分点，主要受两方面带动。第一，四季度的广告收入占比有所提升，而广告业务毛利率相对较高。第二，道具业务延续较快增长，也对整体毛利率形成了积极的贡献。往前看，尽管我们的直播业务的毛利率面临一定的压力，但高毛利业务占比提升带来的正面影响正日益显现，这在我们第四季度的业绩中已经得到了体现。随着游戏发行、游戏道具等高毛利业务规模的持续扩大，以及经营杠杆的逐步改善，我们预计毛利率将呈现温和改善的趋势。

For the full year 2025, our gross margin was 13.4%, up 0.1 percentage points year-over-year. In Q4 2025, gross margin however improved 2.7% percentage points year-over-year, mainly driven by two factors.

First, advertising accounted for a high percentage of total revenue and carries a relatively higher gross margin. Second, our in-game item business maintained very strong growth and also contributed positively to the margin improvement.

Looking ahead, while gross margin of our live streaming business might be facing a bit of pressure, the benefits from our higher-margin businesses are becoming much more visible, as reflected in our fourth quarter performance. As game publishing and in-game items sales business continue to grow, and as operating leverage gradually improve, we expect to see continued gross margin improvement.

晚上好，感谢管理层接受我的提问。我的问题是关于游戏道具业务的。那本季度咱们在看到收入增长之外，想请教一下在利润率、渠道结构或独家权益这几个方面是否有那些实质性的进展？管理层如何看待这些业务未来几个季度的增长的可持续性，以及他们的盈利提升的空间？Thanks for taking my question. My question is related to game virtual item sales.

Beyond the top-line growth this quarter, could management share any material progress regarding this segment's margin profile, channel mix, and any exclusive partnership initiatives? Furthermore, how should we think about the sustainability of this growth and the potential for future margin expansion over the coming quarters?

Thank you. 感谢

Maggie 的这个提问，最后一道题我来回答这个问题。这个季度我们可以看到整个道具的业务表现还是非常的健康的，总体实现了规模还有利润质量的双重的提升。那我们从数据来看，2025 年第四季度我们道具销售的收入继续保持同比 200% 以上的高速的增长。那同时随着我们道具业务规模化的效应的释放，我们也进一步优化我们整个成本的结构，带来了我们整个盈利质量的一个显著改善。业务的亮点方面主要体现在三个方面。第一个是我们独家权益的突破，我们也首次拿下了王者荣耀的王昭君 FMVP 的皮肤，并且能够享受这种独家超前预售的权益。那上线首个小时我们就得到了一个近千万的流水，并且能显著带动新增道具付费用户的增长，也充分验证了我们整个商业化的转化能力。其次我们在整个渠道结构的优化，那预计未来我们虎牙站内的商城的交易的占比也将进一步的提升，那我们也会将更多的交易沉淀到我们自己自有的场景中来。第三个是我们重点品类的合作拓展，目前我们也逐步去覆盖腾讯、网易这些头部厂商的重点项目，那我们整个的产品矩阵也在持续的丰富。好，谢谢。

Thank you for the question. Overall, our in-game item business delivered a very solid quarter with a very strong growth and improved profitability.

In the fourth quarter of 2025, revenue from in-game item sales continued to grow by over 200% year-over-year. As the business scaled, we also further optimized our cost structure, which translated into meaningful improvement in earnings quality.

There were three key highlights during the quarter. First, we achieved a meaningful milestone in exclusive rights partnership.

For the first time, we secured exclusive presale rights for Wang Zhaojun's FMVP skin in Honor of Kings. The launch generated close to 10 million RMB in gross billings within the first hour and drove very strong growth in new paying users, demonstrating our monetization capability.

Second, we continue to improve our channel mix. We expect more transactions to be completed in our proprietary in-game item mall over time, which will further improve monetization efficiency.

Third, we continue to work with some of the largest game companies in China, working on their key titles, including those from Tencent, NetEase. We hope to further expand our portfolio of games and continue to grow our presence in industry.

Thank you.