Please be advised that today’s webcast is being recorded. HUYA’s financial and operational results were issued earlier today and are available online, including the earnings press release on the IR website at ir.huya.com. Management participating on today’s call includes Mr. Vincent Junhong Huang, Acting Co-CEO and SVP, Mr. Raymond Peng Lei, Acting Co-CEO and CFO, and Ms. Marguerite Xu, Head of Capital Markets. The call will begin with prepared remarks followed by a Q&A session. Please note that today’s discussion includes forward-looking statements under the U.S. Private Securities Litigation Reform Act of 1995, involving risks and uncertainties. Actual results may differ materially. Additional information on risks is included in HUYA’s latest Form 20-F and other public filings. The company assumes no obligation to update forward-looking statements, except as required by law. HUYA’s press release and this call include unaudited GAAP and non-GAAP measures, with reconciliations provided. I now turn the call over to Co-CEO and SVP, Mr. Huang. Please proceed. As such, the company's result 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 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 our Co-CEO and SVP, Mr. Huang. Please go ahead. Hello everyone, and thank you for joining our earnings call. I’m pleased to report that total net revenues for Q3 reached approximately RMB 1.7 billion, the highest level in the past nine quarters, with year-over-year growth of about 10%. Non-GAAP operating profit was approximately RMB 6.3 million, reflecting a meaningful improvement over the same period last year. This encouraging performance was mainly driven by strong growth in game-related services, advertising, and other revenues, while our live streaming revenues remained stable. Revenues from game-related services, advertising, and others have now surpassed 30% of total net revenues for the first time this quarter. Our platform ecosystem and user base remained resilient in the third quarter, with total MAUs stable at around 162 million. The influence of our streamer ecosystem continues to expand as more top streamers are returning to HUYA, and many of our streamers are also gaining recognition across other platforms, including WeChat channels, Douyin, and beyond. Across all major competitive titles, including Honor of Kings, League of Legends, Delta Force, and Peacekeeper Elite, our top-tier streamers consistently rank among the leading creators in their respective categories. In addition to our own products and app, we estimate through our top creators we are able to reach over 100 million users across other platforms, expanding our audience influence and monetization opportunities across the wider gaming and streaming landscape. This impact is reflected in our third-quarter performance, where our game-related service, advertising, and other segments grew 30% year-over-year, reaching CNY 532 million in revenue. We think this segment in game item sales has become a significant growth driver as we deepen our collaboration with game developers, expand our SKU offerings, and leverage the increasing synergy between our live streaming and gaming ecosystems. In game item sales revenue grew by more than 200% year-over-year in the third quarter. Partnerships with flagship titles in both China and abroad, including Peacekeeper Elite, League of Legends, Arena Breakout, and PUBG Mobile, delivered short-lived results. Looking ahead, we are confident that in game item sales will maintain robust growth momentum as we continue to broaden partnerships and enhance operations. In terms of game publishing, we are thrilled to announce the upcoming launch of our first title, Goose Goose Duck Mobile, a social deduction game centered on teamwork and strategic gameplay. The game has gone through its second round of testing throughout October, with pre-registration quickly surpassing 10 million during that period, leveraging our powerful streamer influence and stronger content-driven marketing capabilities. In October, we created a live streaming variety show, A SIKA ZIYE, which brought together top streamers for a group gaming session. The show attracted strong players' engagement and broad market attention. We view Goose Goose Duck Mobile as a key step in our strategy to diversify into game publishing, an important milestone that will not only validate our publishing capabilities but also position us for sustainable growth in this space. As we continue to step up our efforts in key areas, including in-game item sales, game publishing, and advertising, we believe this segment will remain a sustainable driver of our revenue growth. Let's move on to live streaming, where revenues increased by about 3% year-over-year, making our first quarter a positive year-over-year growth since the third quarter of 2021. Our content mix has become more balanced and vibrant, with the outdoor live streaming category delivering solid gains in both viewing hours and monetization this quarter. At the same time, we continue to enhance both our mobile and PC platform to ensure users enjoy a truly best-in-class live streaming and e-sports experience. Our latest updates introduce a new short-form video hub, an interactive 3D game map tool of Delta Force, and other cool features. The short-form video hub enables users to conveniently discover short clips from live streams directly within the HUYA Live app, enhancing our content ecosystem and driving a notable increase in short video daily active users and time spent. Meanwhile, the Delta Force map tool provides rich, immersive 3D environments for Delta Force players to quickly get familiar and better navigate the game, attracting more hardcore players to our platform. E-sports live streaming remains a crucial part of our content offerings. We streamed nearly 100 live stream tournaments and hosted around 40 self-produced events in the third quarter of 2025. During the recently concluded League of Legends World Championships, one of the most-watched live stream e-sports events in China, HUYA remained the top live streaming platform in terms of average concurrent users. Building on our fan base, we hosted the 2025 League of Legends Asia Invitational, the first-ever LOL international professional tournament produced by a live streaming platform. This event was an important milestone for us, attracting massive viewership outside of China and significantly enhancing our international brand recognition. We are also excited to announce that we will be hosting the Demacia Cup for League of Legends later this year. Again, we are privileged to be the first live streaming platform ever to be hosting this flagship official event for this game. Additionally, we have a strong lineup of other highly anticipated e-sports tournaments that we will be hosting, including the Delta Force Diamond Champions Autumn season, following the success we had in the summer. On the international expansion front, our user base continued to grow steadily during the quarter through our overseas platforms. We are deepening our presence in key geographic markets by focusing on user experience and the content ecosystem to enhance engagement and retention. We have also built closer partnerships with popular game partners and diversified monetization strategies, driving sustainable growth and improving profitability. To sum up, we made solid progress expanding our content ecosystem, unlocked new monetization opportunities, and advanced our emerging business models in a disciplined and sustainable manner. Looking ahead, we will remain focused on long-term development, deepening collaboration with partners, improving monetization efficiency and product experience, strengthening our content and technology capabilities, and steadily expanding internationally to deliver sustainable, high quality growth. With that, I will now turn the call over to our Acting Co-CEO and CFO, Raymond Lei. He will share more details on our results. Raymond, please go ahead. Thank you, Vincent, and hello everyone. I'll start with an overview of our financial performance. Our total net revenues for the third quarter reached approximately RMB 1.69 billion, increasing 10% year-over-year. Of this, live streaming revenues have resumed growth at 3% year-over-year to RMB 1.16 billion, and game-related services, advertising, and other revenues grew around 30% year-over-year to RMB 532 million, accounting for 31.5% of total net revenues. We also achieved a non-GAAP operating income of RMB 6.3 million, another quarter of solid improvement since we first broke even at the operating level last quarter. Furthermore, we still achieved a positive net income for the quarter with non-GAAP net income of RMB 36 million, despite a substantial decrease in interest income compared with previous periods, primarily due to a special dividends payout. Let's move on to more details of our Q3 financial results. Live streaming revenues were RMB 1.16 billion for Q3, up 3% from the same period last year, primarily due to the improvement of average spending per paying user for live streaming services. The number of domestic paying users remained stable at 4.4 million in the third quarter. This figure excludes users who made in-game purchases through our game distribution business but did not pay via our platform or related services, as well as overseas paying users. Game-related services, advertising, and other revenues were RMB 532 million for Q3, up 30% from the same period last year. The increase was primarily due to higher revenues from game-related services and advertising, which were mainly attributable to our deepened cooperation with game companies in China and abroad. Cost of revenues increased by 10% to RMB 1.46 billion for Q3, primarily due to increased revenue sharing fees and content costs, as well as cost of in-game items. Within this, revenue sharing fees and content costs rose by 8% year-over-year to RMB 1.26 billion, reflecting growth in our top line. Gross profit was RMB 227 million for Q3, up 11% from the same period last year. Gross margin was 13.4% for Q3, also an improvement from 13.2% from the same period last year. Excluding share-based compensation expenses, non-GAAP gross profit was RMB 228 million, and the non-GAAP gross margin was 13.5% for Q3. Research and development expenses decreased by 3% year-over-year to RMB 122 million for Q3, primarily due to decreased staff costs as a result of enhanced efficiency. Sales and marketing expenses decreased by 4% year-over-year to RMB 70 million for Q3, primarily due to decreased shadow promotion fees. General and administrative expenses increased by 15% year-over-year to RMB 58 million for Q3, primarily due to increased professional service fees and staff costs. Other income was RMB 9 million for Q3, compared with RMB 13 million for the same period last year, primarily due to lower government subsidies. As a result, operating loss narrowed significantly to RMB 40 million for Q3, compared with a loss of RMB 32 million for the same period last year. Excluding share-based compensation expenses and the amortization of intangible assets from business acquisitions, non-GAAP operating income reached RMB 6 million for Q3, a meaningful improvement from non-GAAP operating loss of RMB 13 million in the same period last year. Interest income was RMB 35 million for Q3, reduced from RMB 97 million for the same period last year, primarily due to a lower time deposit balance as a result of the special cash dividends paid. Net income attributable to HUYA was RMB 10 million for Q3, compared with RMB 24 million for the same period last year. Excluding share-based compensation expenses, gain arising from disposal of an equity investment, net of income taxes, impairment loss of investments, and amortization of intangible assets from business acquisitions, net of income taxes, non-GAAP net income attributable to HUYA was RMB 36 million for Q3, compared with RMB 78 million for the same period last year. The decrease was mainly due to the lower interest income as an expanded area. Diluted net income per ADS was approximately RMB 0.04 for Q3. Non-GAAP diluted net income per ADS was RMB 0.16 for Q3. As of September 30, 2025, the company had cash and cash equivalents, short-term deposit and long-term deposits of RMB 3.83 billion, compared with RMB 3.77 billion as of June 30, 2025. With that, I'd like to open the call to your questions. Thanks, Raymond. Hello everyone. If you are dialing in by phone, please press 5 to ask a question, then press 6 to unmute yourself. If you are accessing the call from the Tencent Meeting or VoLTE 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. Today's first question comes from Rebecca Xun from Morgan Stanley. Your line is open. Please go ahead. 好的，谢谢管理层给我这个机会。我的问题是关于道具售卖业务的。我想请管理层跟我们详细分解一下这个业务本个季度的表现，以及是否可以展望一下道具售卖业务未来的一个发展的方向。 Thank you, management. My question is regarding the in-game item sales business. Could you please share some color on the updates from the past quarter, as well as the future outlook for this segment? Thank you very much. 感谢 Rebecca 的这个提问。那这个问题由我来回答。那首先，依托我们在直播生态的深度的布局，以及跟游戏厂商的这种协同的运营，那我们和王者荣耀、和平精英、英雄联盟，还有像暗区突围和 PUBG Mobile 等这些多款的这个重点游戏的合作，在持续的这个深化。道具品类呢，跟运营活动也在进一步的丰富。那带动我们本个季度可以看到道具售卖收入同比增长超过 200%。那有效的提升了用户在我们平台内的这个消费的吸引力和选择的空间。 Hi, Rebecca. Let me translate for you. This quarter, in-game item sales continue to scale rapidly, supported by our strong live streaming ecosystem and deeper partnerships with flagship titles, including Honor of Kings, Peacekeeper Elite, League of Legends, Arena Breakout, and PUBG Mobile. With broader SKU offerings and more engaging in-game events, in-game item sales revenue grew over 200% year-over-year in the third quarter, giving our users a much wider and more compelling selection on our platform. 那展望未来呢，我们也将从三个方向来持续的去推进。那第一个呢，是加深我们跟现有游戏道具品类的这个建设，来提升我们内容的丰富度和吸引力。第二个呢，我们也在扩大合作游戏的这个覆盖范围，增强平台道具生态的这个广度和增长的这个韧性。那第三个呢，我们也在完善我们道具的这个销售的这个基础设施，包括呢，持续的去迭代我们整个商城的这个体验，来强化用户心智和转化的这个效率。 Looking ahead, our focus is threefold. Number one is to further enrich item categories in existing titles. Secondly, it's expanding to additional game partnerships to diversify our portfolio. The third one is to improve our storefront and merchandising systems, enhancing the overall purchase experience and making it easier for our users to discover and buy our items. 随着我们合作的这个维度不断的拓展和运营玩法的这个持续升级，我们也有信心推动我们道具的业务在未来保持健康而且快速的这个增长的趋势。 As collaboration expands and our operating model continues to mature, we expect in-game item sales to deliver sustainable, healthy, and high-quality growth. Thank you. Thank you. Our next questions come from Maggie Ye from CLSA. Hello, Maggie. Please go ahead. Please unmute yourself. Hi, Maggie. You are still muted. Okay, it is fine now. You should be connected. Hey, good evening. Can you hear me now? Yes. Thanks for taking my question. This is regarding the company's overall revenue growth. Firstly, live stream revenue has resumed positive year-over-year growth this quarter. Could you share your views on the segment's growth going forward? Secondly, for the non-live stream business, which now accounts for over 30% of total revenue, what is your expectation on this segment's future growth going forward, and what will be the primary growth driver? Thank you. 谢谢 Maggie。这个问题我来回答。本季度收入改善主要来自两个方面。第一，直播业务基本盘保持稳健，核心用户粘性和付费意愿趋于稳定，直播收入同比增长约 3%，为自 2021 年三季度以来同比增速首次转正。第二，游戏相关服务、广告及其他收入达到 RMB 530 million，同比增长约 30%，收入占比提升至 31.5%。其中，道具售卖业务表现突出，已成为公司新的重要增长引擎。在行业环境相对平稳的背景下，我们预计 2025 年 Q4 直播收入继续保持较为平稳的趋势。与此同时，游戏相关服务、广告及其他业务预计将继续保持较快的同比增长，并有望较 2025 年 Q3 进一步提速，主要受益于道具售卖业务的高增长延续，与重点游戏和厂商合作的持续深化，以及广告业务的季节性旺季。展望 2026 年，我们将更加注重收入增长与经营质量的协同提升，预计 2026 年公司整体收入增速将较 2025 年进一步加快。其中，直播业务保持稳健，游戏相关服务、广告及其他业务仍将是公司的主要增长动力。 Okay. We saw promising performance from both our live streaming business and our game-related services. Live streaming revenue has returned to growth for the first time since Q3 2021. Our game-related services, advertising, and other revenues, on the other hand, grew 30% year-over-year to RMB 530 million, now accounting for over 31.5% of the total net revenues. The growth was driven in large part by very strong in-game item sales this quarter. We expect live streaming revenues to remain stable into the fourth quarter, while non-live streaming businesses should continue growing at a very strong pace, potentially accelerating further due to in-game item sales expansion and other deeper game collaborations. Looking ahead to 2026, we expect overall revenue growth to accelerate versus 2025. Live streaming should remain stable, while game-related services, advertising, and others continue to drive the majority of our growth. Thank you. Okay, thank you. Our next question comes from Ritchie Sun from HSBC. Ritchie, your line is open. 呃，Vincent Raymond Margaret 汉语晚上好，呃，感谢给我提问的机会。我想问一下，呃，这个我们会新发行的这个游戏《Goose Goose Duck Mobile》的这个，呃，那个发行的这个策略，还有展望，还有对整体公司的游戏发行的策略和展望会是有什么，呃，一个 update 吗？ Thank you, management, for taking my questions. I would like to ask about the publishing of Goose Goose Duck Mobile and overall the game publishing business. What is our strategy as well as our outlook going forward? Thank you. 那这个问题由我来回答。感谢那个 Richard 的提问。那总体来看呢，虎牙我们也已经具备了开展游戏发行的这个业务的良好的基础。那一方面，虎牙在内容生态、主播生态和赛事生态上面，我们也形成了长期的积累。那从第三季度，呃，平台我们总的 MAU 呢，是稳定在约 162 million 的这样的一个水平。那另外一方面，我们也在坚定地推进我们多平台的这个生态的这个策略。我们预估虎牙在站外可以触达的这个用户规模，目前已经突破了 100 million 的大关。那这份，这份的积累呢，呃，多年的这个流量的这个势能，啊，正在为道具售卖、发行，还有等业务呢，提供，呃，丰沛的这个增长动能。 Maybe I'll start by giving you an overview of our publishing strategy. Over the years, we have built a very robust content-creating e-sports ecosystem with roughly 162 million MAUs on the platform in the third quarter. On top of that, in addition to our own apps and products, we estimate through our top creators outside of our platforms, we are able to reach another 100 million plus users across other platforms, and this gives us a natural advantage in game publishing. 在这个背景下呢，我《鹅鸭杀》手游是我们体系化发行能力的首个重点的这个实践。那这个游戏呢，我们在 10 月份期间也进行了第二轮的测试。那这个期间呢，预约人数迅速就突破了 10 million。你预计我们也会很快会上到线上。那我也为了配合这个上线的节奏，我们也推出了我们自制的这个综艺《鹅斯卡之夜》。那有多位头部的主播参与，显著提升了我们内容传播的热度和社区的活跃度。那这次发行不仅是虎牙游戏业务的首次体系化的这个验证，也为我们后续能够构建更加立体化的发行业务奠定了基础。 The mobile version of Goose Goose Duck is our very first full-fledged publishing effort. The game has gone through second rounds of testing throughout October, with pre-registrations quickly surpassing 10 million during that period. We expect the game to be ready for launch pretty soon. Now, for this game specifically, we created a dedicated live streaming variety show, Oskar Xin Yu, which brought together top streamers for group gaming sessions, helping boost social buzz and community engagement. This project serves as an important milestone in validating our publishing playbook and execution, laying the foundation for the titles to come. 那展望未来，我们也将继续围绕内容驱动发行的这样的策略，依托主播的这种内容创作、短视频传播和赛事主场的优势，重点挖掘适合直播传播和高互动性的游戏品类，为全网的玩家带来更多优质游戏的内容，同时也推动游戏相关业务的可持续的增长。 Going forward, we'll continue to follow a content-driven publishing strategy. We'll rely on our streamer network, short-form video reach, and e-sports presence to focus on titles that work well in live streaming and interactive settings. This allows us to bring more high-quality games to players and drive sustainable growth in this business. Thank you. We will take the next question from Nelson Chong from CT. Hi, Nelson, please go ahead. 哎，喂，呃，王总、雷总、呃，Marguerite 汉语，呃，你们好，呃，我的问题是关于这个三角洲行动的，因为我看到这个游戏是近年以内，呃，国内比较火爆的一个游戏之一，啊，我们也看到公司其实与之也有蛮多的一些合作嘛，所以我很想请公司能不能多分享一下我们在这个游戏的相关部署。 Thanks, management, for taking my question. With the solid momentum of Delta Force, launch this year, we also observe a lot of, like, collaboration, between HUYA and this title. May we have management elaborate more on the ongoing partnership? Thank you. 那，呃，这个问题由我来回答。感谢 Neil 先生的提问。那我们首先呢，对三角洲行动的布局主要是围绕产品生态建设和赛事体系打造两个方向来展开的。那第一，在产品生态方面，我们也在最近最新的版本中上线了三角洲行动的这个跑图工具，来帮助玩家更快地熟悉战术打法和游戏的节奏。那这个功能目前正在吸引越来越多的硬核的玩家在平台内来进行深度的这个使用，并将逐步成为游戏相关增值服务带来新的流量入口，来形成内容服务商业化的这种生态闭环。 I will focus on Delta Force. It's about building a vibrant community engagement and a sophisticated e-sports tournament ecosystem for that game. As part of the community engagement effort, we launched Delta Force Map Tool recently, which provides rich, immersive 3D environments for players to quickly get familiar and better navigate the game, attracting more hardcore players to our platform. Over time, it will serve as a new entry point for value-added services, helping us to build a more complete ecosystem around that game. 那第二，我们在赛事生态方面呢，7月我们成功主办了首届的三角洲行动电竞赛事 DDC 钻石冠军赛，验证了平台在这个品类赛事组织和内容运营上的能力。那也基于首届的这个赛事的经验和沉淀，我们也将继续主办第二届 DDC 的这个钻石的这个冠军赛，在该热门的 FPS 品类中来逐步形成持续的体系化的电竞赛事的布局。 On the e-sports side, we hosted the first DDC Diamond Championship in July for Delta Force, which was a great success. Building on that, we'll be hosting the second season in the coming months, gradually building a consistent, structured e-sports presence around that game. Thank you. Now we will take our last question, from Meng Wei from CICC. Hello, Chloe, please go ahead. reached above 30%. So let me translate myself. My question is on the new business. Can you break down their financial impact in our profitability, and how should we think about the trend for our profit of this going forward? Thank you. 谢谢魏某，这个问题我来回答吧。本季度公司毛利率整体保持稳定，目前呢，游戏相关业务仍在有序推进过程中，投入结构逐步优化。随着游戏相关服务业务逐步拓展，收入规模效应显现，以及占比进一步提升，我们预计毛利率总体将呈现逐步改善的趋势。本季度我们毛利润增长了 RMB 23 million，同比增长 11%，体现了业务增长带来的实质性利润贡献。 Our gross margin remains stable this quarter. As we further scale and expand our game-related services and optimization of our cost structures, we expect to see gradual margin improvement over time. This quarter, our gross profit actually grew over RMB 23 million, which is 11% year-over-year, which led to further improvement at operating level. Okay, thank you. 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 or PS&T Financial Communications. This concludes today's call, and we look forward to speaking to you again next quarter. Thank you.