Sixth earnings webinar. I'm Hanyu Liu from the HUYA's Investor Relations. At this time, all participants are in listen only mode. Please be advised that today's webinar is being recorded. The company's financial and operational results were issued earlier today and are posted online. You can also view the earnings press release by visiting the IR website at ir.huya.com. A replay of the call will be available on the IR website soon. Participants of management on today's call will be Mr. Vincent Junhong Huang, our Acting CEO, Mr. Raymond Peng Lei, our CFO, and Ms. Margaret Shi, Head of Capital Markets. Management will begin with prepared remarks, and the call will conclude with a Q&A session. Before we continue, please note that today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. 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 reports 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 Mr. Huang. Please go ahead. 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 RMB 1.73 billion, primarily driven by continuous strong growth from game-related services, advertising and other businesses. Game-related services, advertising and other revenues reached RMB 627 million, up 69% year-over-year, and further increased to record 36% of total net revenues. Live streaming revenues were RMB 1.1 billion for the quarter, underpinned by our vibrant, diversified and high-quality live streaming content ecosystem. With the integration of AI, we are able to offer an enriched, more creative experiences to our users. Our ecosystem of game content live streamer is becoming increasingly influential across the broader social platforms. While our own channels, including the HUYA Live app, continue to enjoy a stable user base. Our estimated reach across external platforms doubled from last year, exceeding 200 million users, including those on Douyin and WeChat platforms. According to our internal data, HUYA is the largest gaming MCN on WeChat channels and remain among the top three on Douyin. Across multiple leading game titles, nearly half of the core streamer are connected to HUYA. This broad content network enables us to provide games with strong content-driven marketing and user reach, which is what's driving our growth in our collaboration with game developers in game item sales and advertising, as well as game publishing. On the game publishing front, Goose Goose Duck Mobile continued to deliver impressive results. Since its launch on January 7th, 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, 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. 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. Looking ahead, we will further enrich the game's content and social environment with new features such as party mode and a home decoration system, and introduce more IP collaborations to meet players' growing demand for role-playing experiences. Meanwhile, we are working on the WeChat mini game version, which is currently scheduled for launch this summer. By integrating Goose Goose Duck Mobile more deeply with the WeChat user ecosystem, we hope to leverage WeChat social graph to further reactivate existing users and attract new ones. With the successful debut of Goose Goose Duck Mobile, we are gaining more recognition from game developers of our publishing capabilities through our content ecosystem. We now have a handful of new titles in the pipeline to launch this year across various genres, including casual, SLG, and MMO. For in-game item sales, revenues continue to grow solidly year-over-year. On the domestic front, item for titles including Peacekeeper Elite, Honor of Kings, and CrossFire continue to contribute incremental growth. For example, our large-scale outdoor live-streaming event for Peacekeeper Elite Journey Season Two, not only effectively drove in-game item sales, but also generated strong social buzz for the game IP. On the overseas front, in-game item sales for PUBG Mobile, Genshin Impact, and Arena Breakout also delivered impressive performance. On the advertising side, leveraging our influence across streamer networks, tournament production capabilities, and UGC creation know-how, we provide fully integrated content marketing solution for game developers. Some of our earlier advertising campaign have proven very effective, gaining further recognition from leading advertisers, including Tencent, NetEase, and Hypergryph. For example, for Hypergryph recognized Arknights: Endfield open beta campaign in the first quarter. We connected multiple top streamers to generate in-depth live-streaming content, generating more than 70 million views across the internet. This not only drove strong live-streaming traction on HUYA Live app, but also sparked extensive UGC content across all social platforms, broadening the game's user reach. In terms of our content offerings on our own platform, we continue to enhance our live-streaming tournament ecosystem, introducing 55 licensed tournaments, as well as more than 20 self-produced tournaments and variety shows. In late March, we created UZI Cup, named after esports legend UZI, attracting more than 200 League of Legends teams across China. The event generated more than 100 million views across the internet and appeared on Weibo's trending list 22 times. Building on this momentum, we hosted additional self-produced events, including the Delta Force Qijia Cup and Dota 2 Immortal Cup Season two. We have also become the official production partner for multiple top-tier game tournaments, such as VALORANT 2026 National Tournament and 2026 Jiangsu Esports Super League. Hosting and producing these events creates organic synergies with our live-streaming content, in-game item sales, and other businesses. On the product side, we remain committed to upgrading our platform ecosystem through game services and enriching users' e-entertainment experience with a suite of game tools. In March, we officially launched the real-time navigation feature for our Delta Force map tool, as well as the League of Legends Hextech ARAM assistant tool, helping players make better in-game decisions. Beyond this, we are actively developing assistant tools for more titles, including Golden Spatula and Goose Goose Duck Mobile, further establishing game tools as differentiated products gateway. We are also developing a physical AI companion around the appeal of Goose Goose Duck, creating richer and differentiated game play and companionship value. Overall, we deliver solid progress across multiple business lines in the first quarter. Game publishing, in-game item sales, advertising, marketing, and tournament operations all achieved meaningful breakthroughs. HUYA is accelerating its strategic evolution from a game live-streaming platform into a full service game services platform, with game-related revenues reaching a record high percentage of total revenues, and our revenue mix continue to improve. We will continue to deepen our game content ecosystem and focus on high-value opportunities across the game industry value chain. While scaling the business, we will continue to enhance earnings quality and strive to deliver resilient and sustainable growth for our shareholders. With that, I will now turn the call over to our CFO, Raymond Lei. He will share more details on our results. Raymond, please go ahead. 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. Notably, the increased revenue contribution from business with higher gross margins led to both year-over-year and the sequential gross margin expansion to 14.6% this quarter. Furthermore, we achieved a non-GAAP net income of RMB 21 million for the quarter, despite lower interest income. Let's move on to more details of our Q1 financial results. Total net revenues were RMB 1.73 billion for Q1, up 15% from the same period last year. Live streaming revenues were RMB 1.1 billion for Q1, compared with RMB 1.14 billion from the same period last year, primarily reflecting the live streaming industry's current environment. Game-related services, advertising and other revenues were RMB 627 million for Q1, up 69% from the same period last year. The increase was primarily driven by higher revenues from in-game item sales and advertising, mainly attributable to the company's deepened and broadened collaboration with game companies. Cost of revenues increased by 12% year-over-year to RMB 1.48 billion for Q1, primarily due to increased cost of in-game virtual items, as well as increased revenue sharing fees and content costs. Within this, revenue sharing fees and content costs rose by 7% year-over-year to RMB 1.23 billion, mainly reflecting growth in our top line. Gross profits was RMB 253 million for Q1, up 34% from the same period last year. Gross margin was 14.6% for Q1, improving from 12.5% from the same period last year. Excluding share-based compensation expenses, non-GAAP gross profit was RMB 256 million, and the non-GAAP gross margin was 14.8% for Q1. Research and development expenses increased by 2% year-over-year to RMB 132 million for Q1. Sales and marketing expenses increased by 45% year-over-year to RMB 88 million for Q1, primarily due to marketing and the promotion efforts related to the launch of Goose Goose Duck Mobile. General and administrative expenses increased by 6% year-over-year to RMB 65 million for Q1, primarily due to increased share-based compensation expenses. Other income was RMB 3 million for Q1, compared with RMB 4 million for the same period last year, primarily due to lower government subsidies. Operating loss narrowed to RMB 29 million for Q1, compared with a loss of RMB 60 million for the same period last year. Excluding share-based compensation expenses and amortization of intangible assets from business acquisition, non-GAAP operating loss narrowed to RMB 3 million for Q1, compared with a loss of RMB 36 million in the same period last year. Interest income was RMB 30 million for Q1, down from RMB 65 million for the same period last year, primarily due to a lower time deposit balance following the payment of special cash dividends. Net loss attributable to Huya Inc. was RMB 4 million for Q1, compared with a net income attributable to Huya Inc. of RMB 1 million for the same period last year. Excluding share-based compensation expenses and the amortization of intangible assets from business acquisitions, net of income tax, non-GAAP net income attributable to Huya Inc. was CNY 21 million for Q1, compared with CNY 24 million for the same period last year. Diluted net loss per ADS was approximately CNY 0.02 for Q1. non-GAAP diluted net income per ADS was CNY 0.09 for Q1. As of March 31, 2026, the company had a cash and cash equivalent, short-term deposits, and a long-term deposit of CNY 3.46 billion, compared with CNY 3.82 billion as of December 31, 2025. With that, I'd like to open the call to your questions. Thanks, Raymond, and hello, everyone. If you are dialing in by phone, please press five to ask a question, then press six to unmute yourself. If you are accessing the call from the Tencent Meeting or both meeting applications, please click the raise hand button at the bottom left. For the benefit of all participants on today's call, if you wish to ask your question to management in Chinese, please immediately repeat your question in English. Today's first question comes from Ritchie Sun from HSBC. Hello, Ritchie, your line is open. Please go ahead. Vincent, Raymond, Margaret, [Non- English content] Thank you management for taking my questions. Congrats on a solid start from Goose Goose Duck. I want to ask about the latest operating and strategy and also commercialization progress for this game. What is the this year's operating strategy going to be? Thank you. [Non-English content] Hi, Ritchie. Ritchie. This is Margaret. Let me just translate. Since its launch on January 7, Goose Goose Duck Mobile has continued to deliver impressive results ranking number one on the iOS free games chart for most of the quarter. This validates both the appeal of the game social gameplay and HUYA's content-driven game publishing model. In the first quarter, we have been mainly focused on marketing and promoting the game, as well as perfecting our gameplay and in-game operations to keep up with the better-than-expected user numbers. As of now, we're still at an early stage in terms of monetization, but we're ramping it up gradually. For 2026, especially the first half, our priority for this game remains to be growing the user base and user engagement. [Non-English content] In particular, there are three things we will be focusing our efforts on. Number one, we'll continue to build and strengthen our UGC mechanism. Goose Hunt is an early example of this work, this framework with its gameplay and content currently led by a PGC team. As we continue to enhance our UGC mechanism and related know-how, we will add more UGC gameplay and casual game modes to the game. We believe this is crucial for game sustainable user engagement and the longevity. Second, we will add more social and community features including inter-player connections, the home decoration system, and team up interactions so the game can evolve into a deeper social environment. 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. Thank you. We will take our next question from Nelson Cheung from Citi. Hi, Nelson, please go ahead. [Non-English content] Let me translate the questions. Thanks management for taking my questions. My question is related to your AI progress. Wondering if management can share your latest strategic planning on AI for the company, and how should we integrate your AI applications into the company core business? Thank you. [Non-English content] Our AI initiatives are focused on four areas centered around our business. Number one, that's the live streaming. Number two, game tools. Number three, IP based companionship. Number four, game production. For AI powered live streaming, we are exploring two main paths. Firstly, that's AI powered content creation and secondly, AI native live streaming. These products are still in early stages product iteration and user testing. We do not expect AI to replace real life streamers anytime soon, especially top ones whose emotional connection with users and real time interactivity remain difficult to replicate. Instead, we think the real value of AI in live streaming is to help us explore more opportunities in mid tier and long tail live streaming content, 24-hour companionship, and certain interactive formats. [Non-English content] 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. These tools are not just static guides for players. Instead, they combine AI capabilities with HUYA's deep understanding of games to provide more real-time and context-aware decision support. For example, our Delta Force map tool helps players quickly identify resource points, routes and high-risk areas, lowering their learning curve. The Hextech ARAM tool can provide champion recommendations, item build suggestions, and gameplay ideas for each match. Since every match requires players to make new decisions, this kind of match-based assistant tool has very strong repeat user value. Going forward, we'll expand game tools to more titles and categories, including Golden Spatula, Goose Goose Duck Mobile, card and board games, strategy games and auto chess games. [Non-English content] AI enabled companionship. We're 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 these products 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 the IP and the players. [Non-English content] For AI assisted game production, we are also exploring how AI can help us generate and test casual game content more efficiently. We do not expect it to replace large scale Triple-A type of games in near future, we do see a lot of opportunities improving R&D efficiencies in casual games, web-based games, or small interactive games. Thank you. Our next question comes from Weimeng from CICC. Hi Weimeng, please go ahead. [Non-English content] So let me translate myself. Just want to ask about the game publishing pipelines. Could management maybe share some colors on those pipelines and what's the rough timeline for those releases and what kind of revenue contribution should we expect from them? Thank you. [Non-English content] 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 the product testing, license approval progress and the right market windows. [Non-English content] The next in our pipeline is a casual 3D puzzle matching game that we licensed, which is scheduled for launch for the summer holidays. We have exclusive publishing rights for Mainland China, Hong Kong and Macao. The game is already proven in overseas markets in terms of user appeal and monetization. Based on third-party estimates, its cumulative downloads exceed 10 million, and the title has remained among the top grossing titles in the overseas 3D puzzle matching category. [Non-English content] In terms of publishing strategy, we're leveraging our influence in streaming 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. This extensive user reach allows us to target core players more efficiently, create more appealing content, and enhance game longevity. Thank you. We will take next question from Maggie Ye from CLSA. Hi Maggie, please go ahead. Hey, thanks management for taking my question. [Non-English content] 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 stability in this segment moving forwards? Thank you. [Non-English content] Yeah. Live streaming remains a core part of HUYA's business. In the first quarter, live streaming revenue was CNY 1.1 billion, but we do feel the business may still be under some pressure due to the overall market environment. Therefore, we'll be more focused on improving ROI, cross content cost, which includes streamer cost and licensing cost. We believe one of HUYA's key differentiator versus any other live streaming platform is our ability to consistently create influential gaming content and leverage that content to better support game publishing and distribution. This capability is backed by our close relationships with top streamers, our know-how in tournament production and our cross-platform game distribution capabilities. In the first quarter of 2026, we offered around 55 licensed tournaments and more than 20 self-produced tournaments and variety shows. Among them, our self-producer UZI Cup generated over 100 million views across the internet, demonstrating the value of our streamer IP plus self-produced tournament model. Also, during the quarter, we partnered with the top entertainment live streamer for a collaboration at a major tourist attractions in Luoyang, generating strong online engagement and attracting over 100,000 peak concurrent viewers. [Non-English content] The key game titles will continue to build self-produced content around them. For example, Dota 2 Immortal Cup Season two is currently one of the largest third-party Dota 2 tournaments in China. For CrossFire, we recently worked with CF team on live streaming campaigns around the Kung Fu IP collaboration, including Crossfire Kung Fu HUYA Duel Night. These campaigns helped generate significant social buzz for the new update and further improve user engagement. For Peacekeeper Elite, we launched Elite Journey Season two in the first quarter, which is a live streaming show that generated solid user participation that creatively combined game content, streamer influence, and outdoor scenarios. We think it's a great way to improve user engagement and help game content reach a broader audience. [Non-English content] HUYA also offers a broad range of highly engaging sports content. We have already secured full rights to 2026 Badminton World Federation events and 2026 World Snooker Tour, and will provide viewers with high definition live broadcasts of these events. The recently concluded 2026 World Snooker Championship generated more than 150 million total views on HUYA. In particular, the match between the two Chinese players, Ding Junhui and Zhao Xintong, reached a peak of nearly 20 million viewers in a single live streaming room. Thank you. We will take next question from Yiw en Zhang from China Renaissance. Hi Yi wen, please go ahead. [Non-English conent] Thanks company for taking my question. My question is on the advertising in-game item sales. Can you share some operation color on that? Thank you. [Non-English content] In the first quarter, game-related services, advertising, and other revenues reached RMB 226 million, up 69% year-over-year, and increased to 36% of the total net revenue. The growth was mainly driven by the continued expansion in in-game item sales, advertising, while game publishing also contributed incremental growth. This shows that HUYA's revenue mix is continuing to improve, and non-live streaming game services have become an important growth driver. [Non-English content] For in-game item sales, revenue continued to grow rapidly year-over-year. In the domestic market, growth was mainly driven by leading titles such as Peacekeeper Elite and Honor of Kings. More specifically, Honor of Kings benefited from the exclusive skin sales and the Chinese New Year skin events, while Peacekeeper Elite saw better sales conversion as we continue to optimize item offering and content quality through our content ecosystem. CrossFire and other titles also benefited from key sales windows and tournament-related resources. Overseas, titles such as PUBG Mobile, Genshin Impact, and Arena Breakout continue to contribute incremental growth. We will continue to expand our overseas in-game items 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. [Non-English content] On advertising, HUYA continues to strengthen content-driven integrated game marketing solutions. By combining stream, streamer network, tournament integrations, UGC co-creation, and other core capabilities, we provide game developers with end-to-end marketing solutions. Our ROI performance on these advertising campaigns continue to earn recognition from leading advertisers such as Tencent, NetEase, and Hypergryph. Thank you. We will take our last question today from Rebecca Xu from Morgan Stanley. Rebecca, please go ahead. Hi. Thank you for taking my question. 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? Yeah, I will translate for myself. [Non-English content] [Non-English content] Our margins will continue to see improvement in the first quarter, with non-GAAP operating margin approaching break even. This improvement was mainly driven by continued revenue mix optimization with higher contributions from relatively higher margin business such as advertising, game items and game publishing. We also continue to strengthen cost and expense management and improve operating efficiency. Looking ahead, as these higher margin businesses continue to scale and operating leverage gradually comes through, we expect further room for improvement in our overall gross margin operating margin for the full year. In addition, given the pace of investment related to Goose Goose Duck and other games, we expect improvement in both margins to become more visible in the second half of the year. Okay, 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.