HUYA Inc (HUYA) 2026 Q1 法說會逐字稿

Good day, and good evening, and thank you for standing by. Welcome to HUYA's first quarter 2026 Earnings Webinar. I'm Hanyu Liu from the HUYA's Investor Relations. (Operator Instructions) 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.

各位早安、晚安，感謝您耐心等候。歡迎參加虎牙 2026 年第一季業績網路說明會。我是虎牙投資人關係部的劉涵宇。(接線員指示) 請注意，今天的網路說明會將會錄音。公司今日稍早已發布財務與營運結果，並已於線上公告。

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. Marguerite Xie, Head of Capital Markets. Management will begin with prepared remarks, and the call will conclude with a Q&A session.

您也可造訪投資人關係網站 ir.huya.com 查閱業績新聞稿。本次電話會議的重播將很快於投資人關係網站提供。今天出席的管理層包括：代理執行長 Vincent Junhong Huang 先生、財務長 Raymond Peng Lei 先生，以及資本市場負責人 Marguerite Xie 女士。管理層將先進行準備發言，隨後以問答環節作結。

Before we continue, please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties.

在我們繼續之前，請注意今天的討論將包含前瞻性陳述，該等陳述係依據 1995 年《美國私人證券訴訟改革法案》的安全港條款作出。前瞻性陳述具有固有風險與不確定性。

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 20-F and other public filings as filed with the US Securities and Exchange Commission.

因此，公司實際結果可能與今日所表達的觀點存在重大差異。有關此等及其他風險與不確定性的進一步資訊，已載於公司最新的 20-F 年度報告及其他向美國證券交易委員會提交的公開文件中。

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.

除非適用法律另有要求，公司不承擔更新任何前瞻性陳述的義務。另請注意，虎牙的業績新聞稿及本次電話會議將討論未經審計的 GAAP 財務資訊，以及未經審計的非 GAAP 財務指標。

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.

虎牙新聞稿中包含未經審計的非 GAAP 指標與最直接可比的未經審計 GAAP 指標之調節表。接下來，我很高興把電話交給黃先生。請開始。

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, total net revenues grew by 15% year-over-year to RMB1.73 billion, primarily driven by continued strong growth from game-related services, advertising and other businesses. Game-related services, advertising and other revenues reached RMB627 million, up 69% year-over-year and further increased to record 36% of total net revenues.

好的。各位好，感謝大家參加今天的業績電話會議。首先，我想分享本季度的整體表現。第一季，總淨營收年增 15% 至人民幣 17.3 億元，主要受遊戲相關服務、廣告及其他業務持續強勁成長所帶動。遊戲相關服務、廣告及其他營收達人民幣 6.27 億元，年增 69%，並進一步提升至總淨營收的 36%，創下新高。

Live streaming revenues were RMB1.1 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, while our own channels, including the HUYA Live app, continue to enjoy a stable user base.

本季度直播營收為人民幣 11 億元，得益於我們充滿活力、多元且高品質的直播內容生態。透過整合 AI，我們能為用戶提供更豐富、更具創意的體驗。我們的遊戲內容主播生態在更廣泛的社交平台上影響力日益提升，而我們自有渠道（包括虎牙直播 App）也持續擁有穩定的用戶基礎。

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 three on Douyin.

我們在外部平台的預估觸達規模較去年翻倍，超過 2 億用戶，其中包括抖音與微信平台用戶。根據內部數據，虎牙是微信視頻號最大的遊戲 MCN，並在抖音保持前三。

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.

在多款頭部遊戲中，近一半的核心主播與虎牙建立連結。這一廣泛的內容網路使我們能為遊戲提供強內容驅動的行銷與用戶觸達，並推動我們與遊戲開發商在遊戲道具銷售、廣告以及遊戲發行等方面的合作成長。

On the game publishing front, Goose Goose Duck mobile continued to deliver impressive results. 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.

在遊戲發行方面，《Goose Goose Duck》手遊持續交出亮眼成績。自 1 月 7 日上線以來，該遊戲在第一季大部分時間位居 iOS 免費遊戲榜第一名。自 3 月起，我們加快了內容更新節奏。

And on April 1, we launched Season two, introducing a new map, Ancient Desert as well as new roles, including Dueling Dodo 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.

並於 4 月 1 日推出第二賽季，上線新地圖「遠古沙漠」，以及包括「決鬥渡渡鳥」與「烏鴉」在內的新角色。同時，我們持續完善 UGC 機制，我們相信這將成為提升玩家參與度、社交互動以及遊戲長期內容活力的重要驅動因素。

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. 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. 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.

在此基礎上，我們於 4 月 29 日推出首個 PGC 玩法模式「Goose Hunt」，獲得玩家正面回饋，並進一步擴展了遊戲內容生態。在持續聚焦打造健康的用戶生態、提供豐富且有趣的遊戲內容的同時，我們也在逐步加速其變現。4 月，《Goose Goose Duck》手遊在推出新皮膚後進入 iOS 暢銷榜前五，驗證了其變現潛力。

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 low playing experiences. Meanwhile, we are working on the WeChat mini-game version, which is currently scheduled for launch this summer.

展望未來，我們將透過派對模式、家園裝飾系統等新功能，進一步豐富遊戲內容與社交環境，並引入更多 IP 聯動，以滿足玩家對輕度遊玩體驗日益增長的需求。同時，我們正在開發微信小遊戲版本，目前計畫於今年夏季上線。

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. We now have a handful of new titles in the pipeline to launch this year across various genres, including casual, SLG and AMO.

透過將《Goose Goose Duck》手遊更深度地融入微信用戶生態，我們希望借助微信社交關係鏈進一步喚醒存量用戶並吸引新用戶。隨著《Goose Goose Duck》手遊成功首發，我們的內容生態也讓更多遊戲開發商進一步認可我們的發行能力。目前我們已有數款新遊戲儲備，計畫於今年在多個品類陸續上線，包括休閒、SLG 與 AMO。

For in-game item sales, revenues continue to grow solidly year-over-year. On the domestic front, item four 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 two, not only effectively drop 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.

在遊戲內道具銷售方面，營收持續實現穩健的年增成長。在國內市場，包括《和平精英》、《王者榮耀》與《穿越火線》等多款頭部遊戲持續貢獻增量成長。例如，我們為《和平精英》「旅程」第二季打造的大型戶外直播活動，不僅有效帶動遊戲內道具銷售，也為該遊戲 IP 產生了強勁的社交聲量。在海外市場，《PUBG Mobile》、《原神》與《暗區突圍》的遊戲內道具銷售同樣表現亮眼。

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.

在廣告方面，憑藉我們在主播網路的影響力、賽事製作能力以及 UGC 內容創作的專業能力，我們為遊戲開發商提供一體化的內容行銷解決方案。

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 Arknights Endfield opened better campaigns 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.

我們先前的一些廣告活動已證明成效顯著，並進一步獲得包括騰訊、網易與鷹角在內的頭部廣告主認可。例如，在第一季針對鷹角《明日方舟：終末地》的相關推廣活動中，我們連結多位頭部主播產出深度直播內容，並在全網累計獲得超過 7,000 萬次觀看。

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 e-sports legend Uzi, attracting more than 200 League of Legends teams across China.

這不僅帶動 HUYA Live App 的直播流量強勁成長，也在各大社群平台引發大量 UGC 內容，進一步擴大遊戲的用戶觸及。就我們自有平台的內容供給而言，我們持續強化直播賽事生態，推出 55 場授權賽事，以及 20 多場自製賽事與綜藝節目。3 月下旬，我們打造以電競傳奇 Uzi 命名的 Uzi Cup，吸引全中國超過 200 支《英雄聯盟》戰隊參與。

The event generated more than 100 million views across the Internet and appear on Weibo's trending list 22 times. Building on this momentum, we hosted additional self-produced events, including the Delta Force Shija Cup and Dota 2 Immortal Cup Season 2. We have also become the official production partner for multiple top-tier game tournaments such as Valorant 2026 National tournament and 2026 Jiangsu E-Sports Super League.

該活動在全網累計帶來超過 1 億次觀看，並 22 次登上微博熱搜榜。在此動能基礎上，我們舉辦了更多自製賽事，包括《三角洲行動》Shija Cup 與《Dota 2》Immortal Cup 第二季。我們亦成為多項頂級遊戲賽事的官方製作合作夥伴，例如《Valorant》2026 全國賽與 2026 江蘇電競超級聯賽。

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.

承辦與製作這些賽事，能與我們的直播內容、遊戲內道具銷售及其他業務形成自然協同效應。在產品端，我們仍致力於透過遊戲服務升級平台生態，並以一系列遊戲工具豐富用戶的娛樂體驗。

In March, we officially launched the real-time navigation feature for our Delta Force Map Tool as well as the League of Legends Hextech ARAM assistant tool, helping players make better in-game decisions. Beyond this, we are actively developing assistant tools for more titles, including Golden Special and Goose Goose Duck mobile, further establishing game tools as a differentiated product gateway.

3 月，我們正式上線《三角洲行動》地圖工具的即時導航功能，以及《英雄聯盟》Hextech ARAM 助手工具，協助玩家做出更佳的遊戲內決策。此外，我們正積極為更多遊戲開發助手工具，包括《Golden Special》與《Goose Goose Duck》手機版，進一步將遊戲工具打造為差異化的產品入口。

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.

我們也正圍繞《Goose Goose Duck》的吸引力開發實體 AI 夥伴，創造更豐富且差異化的遊戲玩法與陪伴價值。整體而言，我們在第一季於多條業務線均取得穩健進展。遊戲發行、遊戲內道具銷售、廣告行銷與賽事營運皆實現具意義的突破。

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 and our revenue mix continue to improve.

HUYA 正加速從遊戲直播平台向全方位遊戲服務平台的策略演進，遊戲相關收入占總收入比重創歷史新高，收入結構亦持續改善。

We will continue to deepen our game content ecosystem and focus on high-value opportunities across the game industry value chain. While scaling the business, we will continue to enhance earnings quality and strive to deliver resilient and sustainable growth for our shareholders.

我們將持續深化遊戲內容生態，聚焦遊戲產業價值鏈中的高價值機會。在擴大業務規模的同時，我們也將持續提升獲利品質，並力求為股東帶來具韌性且可持續的成長。

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.

接下來，我把電話會議交給我們的財務長 Raymond Lei。他將分享更多關於我們業績的細節。Raymond，請開始。

Thank you, Vincent, and hello, everyone. I'll start with an 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.

謝謝 Vincent，大家好。我先概述我們的財務表現。第一季，我們實現營收穩健成長，同時收入結構與營運表現持續改善。

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% this quarter. Furthermore, we achieved a non-GAAP net income of RMB21 million for the quarter despite lower interest income.

值得注意的是，高毛利業務的收入貢獻提升，帶動本季毛利率較去年同期及上一季均擴張至 14.6%。此外，儘管利息收入下降，我們本季仍實現非 GAAP 淨利人民幣 2,100 萬元。

Let's move on to more details of our Q1 financial results. Total net revenues were RMB1.73 billion for Q1, up 15% from the same period last year. Live streaming revenues were RMB1.1 billion for Q1 compared with RMB1.14 billion from the same period last year, primarily reflecting the live streaming industry's current environment.

接下來說明第一季財務結果的更多細節。第一季總淨營收為人民幣 17.3 億元，較去年同期成長 15%。第一季直播收入為人民幣 11.0 億元，去年同期為人民幣 11.4 億元，主要反映直播行業當前的市場環境。

Game-related services, advertising and other revenues were RMB627 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.

第一季遊戲相關服務、廣告及其他收入為人民幣 6.27 億元，較去年同期成長 69%。增長主要由遊戲內道具銷售與廣告收入提升所帶動，主要歸因於公司與遊戲廠商合作的深化與拓展。

Cost of revenues increased by 12% year-over-year to RMB1.48 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 the content costs rose by 7% year-over-year to RMB1.23 billion, mainly reflecting growth in our top line.

第一季營收成本較去年同期增加 12% 至人民幣 14.8 億元，主要由遊戲內虛擬道具成本上升，以及分成費用與內容成本增加所致。其中，分成費用與內容成本較去年同期上升 7% 至人民幣 12.3 億元，主要反映我們營收規模的成長。

Gross profit was RMB253 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 RMB256 million and non-GAAP gross margin was 14.8% for Q1.

第一季毛利為人民幣 2.53 億元，較去年同期成長 34%。第一季毛利率為 14.6%，較去年同期的 12.5% 提升。剔除股份基礎薪酬費用後，第一季非 GAAP 毛利為人民幣 2.56 億元，非 GAAP 毛利率為 14.8%。

Research and development expenses increased by 2% year-over-year to RMB132 million for Q1. Sales and the marketing expenses increased by 45% year-over-year to RMB88 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 RMB65 million for Q1, primarily due to increased share-based compensation expenses.

第一季研發費用較去年同期增加 2% 至人民幣 1.32 億元。第一季銷售與行銷費用較去年同期增加 45% 至人民幣 8,800 萬元，主要由《Goose Goose Duck》手機版上線相關的行銷與推廣投入所致。第一季一般及行政費用較去年同期增加 6% 至人民幣 6,500 萬元，主要由股份基礎薪酬費用增加所致。

Other income was RMB3 million for Q1 compared with RMB4 million for the same period last year, primarily due to lower government subsidies. Operating loss narrowed to RMB29 million for Q1 compared with a loss of RMB60 million for the same period last year.

第一季其他收入為人民幣 300 萬元，去年同期為人民幣 400 萬元，主要由政府補助減少所致。第一季營業虧損收窄至人民幣 2,900 萬元，去年同期虧損為人民幣 6,000 萬元。

Excluding share-based compensation expenses and amortization of intangible assets from business acquisition, non-GAAP operating loss narrowed to RMB3 million for Q1 compared with a loss of RMB36 million in the same period last year. Interest income was RMB30 million for Q1, down from RMB65 million for the same period last year, primarily due to a lower time deposit balance following the payment of special cash dividends.

剔除股份基礎薪酬費用及企業併購所產生無形資產攤銷後，第一季非 GAAP 營業虧損收窄至人民幣 300 萬元，去年同期虧損為人民幣 3,600 萬元。第一季利息收入為人民幣 3,000 萬元，低於去年同期的人民幣 6,500 萬元，主要由於支付特別現金股利後，定期存款餘額下降所致。

Net loss attributable to HUYA Inc. was RMB4 million for Q1 compared with net income attributable to HUYA Inc. of RMB1 million for the same period last year.

第一季歸屬於 HUYA Inc. 的淨虧損為人民幣 400 萬元，去年同期歸屬於 HUYA Inc. 的淨利為人民幣 100 萬元。

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 RMB21 million for Q1 compared with RMB24 million for the same period last year. Diluted net loss per ADS was approximately RMB0.02 for Q1. Non-GAAP diluted net income per ADS was RMB0.09 for Q1.

剔除股份基礎薪酬費用及企業併購所產生無形資產攤銷（扣除所得稅影響）後，第一季歸屬於 HUYA Inc. 的非 GAAP 淨利為人民幣 2,100 萬元，去年同期為人民幣 2,400 萬元。第一季每股 ADS 稀釋後淨虧損約為人民幣 0.02 元。第一季每股 ADS 稀釋後非 GAAP 淨利為人民幣 0.09 元。

As of March 31, 2026, the company had cash and cash equivalents, short-term deposits and long-term deposits of RMB3.46 billion compared with RMB3.82 billion as of December 31, 2025.

截至 2026 年 3 月 31 日，公司持有的現金及現金等價物、短期存款與長期存款合計為人民幣 34.6 億元；截至 2025 年 12 月 31 日為人民幣 38.2 億元。

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

那麼，接下來我想開放電話會議，歡迎各位提問。

(Operator Instructions)

(接線員指示)

Ritchie Sun, HSBS.

Ritchie Sun，HSBS。

(spoken in foreign language) Congrats on a solid start from Goose Goose Duck. I want to ask about the latest operating and strategy and also commercialization progress for this game. And what is the -- this year's operating strategy going to be?

(以外語發言) 恭喜《Goose Goose Duck》開局表現穩健。我想請教這款遊戲最新的營運與策略，以及商業化進展。另外，今年的營運策略會是什麼？

(spoken in foreign language) Since its launch on January 7, Goose Goose Duck mobile has continued to deliver impressive results, ranking number one on the iOS free game chart for most of the quarter. This validates both the appeal of the game social gameplay and HUYA's content-driven game publishing model.

(以外語發言) 自1月7日上線以來，《Goose Goose Duck》手機版持續交出亮眼成績，在本季大部分時間位居 iOS 免費遊戲榜第一。這驗證了遊戲社交玩法的吸引力，以及虎牙以內容驅動的遊戲發行模式。

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

第一季我們主要聚焦於行銷推廣，同時完善玩法與遊戲內營運，以因應高於預期的用戶規模。截至目前，我們在變現方面仍處於早期階段，但正在逐步加速推進。對於2026年，尤其是上半年，這款遊戲的優先事項仍是擴大用戶基礎並提升用戶參與度。

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, and Goose Hunt is an early example of 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 will add more UGC gameplay and casual game modes to the game.

具體而言，我們將重點投入三個方向。第一，我們會持續建設並強化 UGC 機制；「Goose Hunt」是該框架的早期例子，目前其玩法與內容由 PGC 團隊主導。隨著我們持續強化 UGC 機制與相關方法論，我們會在遊戲中加入更多 UGC 玩法與休閒模式。

We believe this is crucial for game sustainable user engagement and the longevity. Second, we will 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.

我們認為這對於遊戲的可持續用戶參與與長生命週期至關重要。第二，我們會加入更多社交與社群功能，包括玩家之間的連結、家園裝飾系統以及組隊互動，讓遊戲演進為更深度的社交環境。

Third, we are working on the 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.

第三，我們正在開發微信小遊戲版本，目前計畫於今年夏季上線。鑑於這款遊戲強烈的派對遊戲屬性，我們相信微信生態與社交關係鏈能幫助我們進一步喚醒既有用戶並吸引新用戶。

Nelson Cheung, Citi.

Nelson Cheung，花旗。

And my question is related to your AI progress. 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 core business?

我的問題與你們的 AI 進展相關。想請管理層分享公司在 AI 方面最新的策略規劃。以及我們應該如何把 AI 應用整合進公司的核心業務？

(spoken in foreign language) Yes. So our AI initiatives are focused on four areas centered around our business. Number one, that's live streaming; number two, game tools; number three, IP-based companionship; and number four, game production. So for AI-powered live streaming, we are exploring two main parts. Firstly, that's AI-powered content creation and secondly, it's AI-native live streaming.

(以外語發言) 好的。我們的 AI 佈局聚焦於圍繞業務的四個方向。第一是直播；第二是遊戲工具；第三是基於 IP 的陪伴；第四是遊戲製作。在 AI 驅動的直播方面，我們主要探索兩個部分。第一是 AI 內容創作；第二是 AI 原生直播。

So 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 with emotional connection with users and real-time interactivity remain difficult to replicate.

這些產品仍處於產品迭代與用戶測試的早期階段。我們不預期 AI 會在短期內取代真人主播，尤其是頭部主播與用戶之間的情感連結與即時互動仍難以複製。

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. For AI-powered game tools, we are also progressing really well. In March, we launched the real-time navigation feature for our Delta Force Map tool as well as the Hextech ARAM assistant tool for League of Legends.

相反地，我們認為 AI 在直播的真正價值，是幫助我們在中腰部與長尾直播內容、24 小時陪伴以及某些互動形式上探索更多機會。在 AI 驅動的遊戲工具方面，我們也取得了很好的進展。3 月，我們為《Delta Force》地圖工具上線了即時導航功能，並推出《英雄聯盟》的 Hextech ARAM 助手工具。

These tools are not just static guide for players, instead they combine AI capabilities with HUYA's 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.

這些工具不只是給玩家的靜態攻略，而是把 AI 能力與虎牙對遊戲的深度理解結合，提供更即時、具情境感知的決策支援。例如，我們的《Delta Force》地圖工具可幫助玩家快速識別資源點、路線與高風險區域，降低學習門檻。

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 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 chat games.

Hextech ARAM 工具可在每場對局提供英雄推薦、出裝建議與玩法思路。由於每場對局都需要玩家做出新的決策，這類以對局為單位的助手工具具有很強的重複使用價值。展望未來，我們將把遊戲工具擴展到更多遊戲與品類，包括《金鏟鏟之戰》、《Goose Goose Duck》手機版、卡牌與桌遊、策略遊戲以及自動聊天遊戲。

AI-enabled companionship were exploring IP-based smart hardware, including physical AI companion products embedded with the 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.

在 AI 賦能的陪伴方面，我們正在探索基於 IP 的智慧硬體，包括內建多模態 AI 能力的實體 AI 陪伴產品。根據我們從《Goose Goose Duck》用戶回饋得到的觀察，我們認為該產品可超越情感陪伴，並與遊戲本體形成更深度的整合，包括遊戲內互動與賽後回顧。這將進一步延伸 IP 與玩家之間的連結。

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 to replace large-scale AAA type of games in the near future, but we do see a lot of opportunities improving R&D efficiencies in casual games, web-based games or more interactive games.

在 AI 輔助遊戲製作方面，我們也在探索 AI 如何更高效地生成並測試休閒遊戲內容。我們不預期短期內能取代大型 AAA 類遊戲，但我們確實看到在提升休閒遊戲、網頁遊戲或更具互動性的遊戲研發效率方面存在大量機會。

Wei Meng, CICC.

Wei Meng，中金公司。

Just want to ask about the game publishing pipeline. 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?

我想問一下遊戲發行的產品管線。管理層能否分享一下管線的更多細節、各款遊戲大致的上線時間表，以及我們可以期待它們帶來何種程度的營收貢獻？

(spoken in foreign language) 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. 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. The next in our pipeline is the casual 3D puzzle matching game that we licensed, which is scheduled for launch for the summer holidays.

(以外語發言) 目前我們擁有相當充實的發行管線，預計今年將上線多款新遊戲。其中包括與騰訊、金山等頭部遊戲公司合作的產品。管線涵蓋多種品類，包括休閒、策略、SLG、MMO 等。我們會根據產品測試情況、版號審批進度以及合適的市場窗口來安排上線節奏。管線中下一款是我們引進授權的休閒 3D 解謎消除遊戲，計畫在暑假檔期上線。

We have exclusive publishing rights for Mainland China, Hong Kong, and Macau. 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.

我們擁有中國大陸、香港與澳門地區的獨家發行權。該遊戲在海外市場已在用戶吸引力與變現能力方面得到驗證。根據第三方估算，其累計下載量已超過 1,000 萬，並長期位居海外 3D 解謎消除品類的暢銷榜前列。

In terms of publishing strategy, we're 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 exceed 200 million users, including those on Douyin and WeChat platforms.

在發行策略方面，我們將利用主播網絡影響力、跨平台分發能力以及玩家社群。如同我們在事先準備的發言中提到的，我們在外部平台的預估觸達規模目前已超過 2 億用戶，其中包括抖音與微信平台的用戶。

This extensive user reach allows us to target core players more efficiently, create more appealing content and enhance game longevity.

如此廣泛的用戶觸達，使我們能更高效地觸達核心玩家、打造更具吸引力的內容，並提升遊戲的長生命週期。

Maggie Ye, CLSA.

Maggie Ye，CLSA。

Could 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 a stability in this segment moving forward?

管理層能否分享您對近期直播業務趨勢以及未來展望的看法？此外，公司未來要在此分部維持穩定，核心策略槓桿與關鍵驅動因素是什麼？

(spoken in foreign language) So live streaming remains a core part of HUYA's business. In the first quarter, the live streaming revenue was RMB1.1 billion, but we do feel this business may still be under some pressure due to the overall market environment. Therefore, we'll be more focused on improving ROI across content cost, which includes streamer costs and licensing costs.

（以外語發言）直播仍然是虎牙的核心業務。第一季直播收入為人民幣11億元，但我們確實感受到在整體市場環境影響下，該業務可能仍面臨一定壓力。因此，我們將更聚焦於提升內容成本的投資報酬率（ROI），其中包括主播成本與版權授權成本。

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.

我們認為，虎牙相較於其他直播平台的一項關鍵差異化優勢，在於我們能持續打造具影響力的遊戲內容，並運用這些內容更好地支持遊戲發行與分發。這項能力來自於我們與頭部主播的緊密合作關係、我們在賽事製作方面的專業能力，以及我們的跨平台遊戲分發能力。

In the third quarter 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.

在2026年第三季，我們提供約55場授權賽事，以及超過20場自製賽事與綜藝節目。其中，我們自製的Uzi盃在全網累計播放量超過1億次，展現了「主播IP＋自製賽事」模式的價值。

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

同季，我們也與一位頭部娛樂直播主播合作，在洛陽主要旅遊景點進行聯動，帶來強勁的線上互動，並吸引單場峰值同時在線觀眾超過10萬人。我們將持續圍繞重點遊戲品類打造自製內容。例如，Dota 2不朽盃第二季目前是中國規模最大的第三方Dota 2賽事之一。

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 new updates and further improve user engagement.

在《穿越火線》方面，我們近期與CF團隊圍繞功夫IP聯動開展直播活動，包括「穿越火線功夫虎牙對決之夜」。這些活動為新版本更新帶來了顯著的社群聲量，並進一步提升用戶參與度。

For Peacekeeper Elite, we launched Elite Journey Season 2 in the third quarter, which is a live streaming show that generated solid user participation that creatively combines game content, streamer influence and outdoor scenarios. We think this is a great way to improve user engagement and help game content reach a broader audience. HUYA also offers a broad range of highly-engaging sports content.

在《和平精英》方面，我們於第三季推出「精英之旅」第二季，這是一檔直播節目，透過創意方式將遊戲內容、主播影響力與戶外場景結合，帶來良好的用戶參與。我們認為這是提升用戶黏著度、並讓遊戲內容觸達更廣泛受眾的有效方式。虎牙也提供多元且高度吸引人的體育內容。

We have already secured full rights for 2026 Badminton World Federation events and 2026 World Snooker Tour and will provide viewers with high-definition live broadcast 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 2 Chinese players, Ding Junhui and Zhao Xintong reached a peak of nearly 20 million viewers in a single live streaming room.

我們已取得2026年世界羽聯（BWF）賽事及2026年世界司諾克巡迴賽（World Snooker Tour）的全量轉播權，並將為觀眾提供高清直播。剛結束的2026年世界司諾克錦標賽在虎牙累計播放量超過1.5億次。其中，兩位中國選手丁俊暉與趙心童的對決，在單一直播間的峰值觀眾接近2,000萬。

Yiwen Zhang, China Renaissance.

張逸雯，中金公司（China Renaissance）。

My question is on the advertising and in-game item sales. Can you share some operational color on that?

我的問題關於廣告與遊戲內道具銷售。能否分享一些營運層面的補充說明？

(spoken in foreign language) In third quarter, game-related services, advertising and other revenues reached RMB226 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.

（以外語發言）第三季，遊戲相關服務、廣告及其他收入達人民幣2.26億元，同比增長69%，並提升至總淨收入的36%。增長主要由遊戲內道具銷售與廣告的持續擴張所帶動，同時遊戲發行也貢獻了增量成長。

This shows that HUYA's revenue mix is continuing to improve and non-live streaming game services have become an important growth driver. 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.

這顯示虎牙的收入結構持續改善，非直播的遊戲服務已成為重要的成長驅動力。在遊戲內道具銷售方面，收入同比仍保持快速增長。在國內市場，增長主要由《和平精英》與《王者榮耀》等頭部遊戲帶動。

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.

更具體而言，《王者榮耀》受益於獨家皮膚銷售與春節皮膚活動；而《和平精英》則因我們持續透過內容生態優化道具供給與內容品質，帶來更好的銷售轉化。《穿越火線》及其他遊戲也受益於關鍵銷售窗口與賽事相關資源。

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

在海外市場，《PUBG Mobile》、《原神》與《暗區突圍》等遊戲持續貢獻增量成長。我們將持續擴充海外遊戲內道具供給，並強化本地化服務能力。展望未來，我們將持續開發更多客製化組合包與基於權益的合作，同時把更多交易導入虎牙自有平台生態。

On advertising, we have continued to strengthen content-driven integrated game marketing solutions. By combining streamer network, tournament integrations, UGC co-creation, 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.

在廣告方面，我們持續強化以內容驅動的一體化遊戲行銷解決方案。透過結合主播矩陣、賽事整合、UGC共創等核心能力，我們為遊戲開發商提供端到端的行銷方案。我們在這些廣告活動上的ROI表現，持續獲得騰訊、網易與鷹角（Hypergryph）等頭部廣告主的認可。

Rebecca Xu, Morgan Stanley.

Rebecca Xu，摩根士丹利。

I'm honored to be the last to raise question. My question is about margin and net profit trend. Can management share some color on the margin and net profit trend maybe in the full year basis?

很榮幸作為最後一位提問者。我的問題關於利潤率與淨利潤的趨勢。管理層能否從全年角度分享一些利潤率與淨利潤趨勢的補充說明？

(spoken in foreign language) Our margins will continue to see improvement in the third quarter with non-GAAP operating margin approaching breakeven. This improvement was mainly driven by continued revenue mix optimization with higher contributions from relatively high-margin business such as advertising, game items and game publishing. We also continue to strengthen cost and expense management and improve operating efficiency.

（以外語發言）我們的利潤率在第三季將持續改善，非GAAP營業利潤率接近損益兩平。這項改善主要由收入結構持續優化所帶動，來自廣告、遊戲道具與遊戲發行等相對高毛利業務的貢獻提升。我們也持續加強成本與費用管理，提升營運效率。

Looking ahead, as this margin -- as the higher-margin businesses continue to scale and operating leverage gradually come through, we expect further improvement in our overall gross margin and operating margin for the full year. In addition, given the pace of investments related to Goose Goose Duck and other games, we expect improvement in both margins to become more visible in the second half of the year.

展望未來，隨著高毛利業務持續擴張、營運槓桿逐步釋放，我們預期全年整體毛利率與營業利潤率將進一步改善。此外，考量《Goose Goose Duck》及其他遊戲相關投資的節奏，我們預期利潤率改善在下半年將更為明顯。

Thank you once 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 of Piacente Financial Communications. This concludes today's call, and we look forward to speaking to you again next quarter. Thank you.

再次感謝各位今天參與。如有進一步問題，歡迎透過我們網站上Piacente Financial Communications所提供的聯絡資訊，聯繫虎牙投資者關係部門。本次電話會議到此結束，我們期待在下個季度再次與各位交流。謝謝。

Portions of this transcript that are marked (spoken in foreign language) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本逐字稿中標註為（以外語發言）的部分，為現場電話會議中由在場口譯員所翻譯的內容。該口譯員由本活動的主辦公司提供。