Hanyu Liu

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. 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.

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 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.