Yanyan Xiao • China International Capital Corporation

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Margaret Shi, Head of Capital Markets, stated that overseas initiatives are gaining momentum, reaching tens of millions of monthly active users internationally. She noted that HUYA is building local gamer communities and marketing capabilities, especially in FPS and mobile genres, to capture growth in the overseas game-related services market. The change in MAU definition this quarter was made to reflect this progress.

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Junhong Huang, Acting Co-CEO and SVP, explained that future profitability will rely more on operational results, as interest income is expected to be significantly lower due to recent dividend payments. He noted that while the company will moderately increase investment in self-produced content, it also expects further improvements in copyright content costs. Overall, Mr. Huang anticipates that the company's non-GAAP operating results will show 'notable improvement' this year.

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