Financial Data and Key Metrics Changes - Total net revenues for the third quarter reached approximately RMB 1.7 billion, marking a year-over-year growth of around 10% [3][12] - Non-GAAP operating profit was approximately RMB 6.3 million, showing a significant improvement compared to the same period last year [3][12] - Live streaming revenues increased by 3% year-over-year to RMB 1.16 billion, while 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 [12][13] Business Line Data and Key Metrics Changes - Game-related services, advertising, and other revenues reached RMB 532 million, driven by strong growth in in-game item sales, which grew over 200% year-over-year [5][12] - Live streaming revenues resumed growth for the first time since Q3 2021, with a more balanced content mix and solid gains in outdoor live streaming [7][12] Market Data and Key Metrics Changes - The platform maintained a stable user base with total MAUs around 162 million, and the streamer ecosystem expanded its influence, reaching over 100 million users across other platforms [4][29] - The company is deepening its presence in key geographic markets, focusing on user experience and content ecosystem to enhance engagement and retention [9] Company Strategy and Development Direction - The company aims to diversify into game publishing, with the upcoming launch of "Goose Goose Duck Mobile" as a key step in this strategy [6][30] - Future focus includes enriching item categories, expanding game partnerships, and improving the overall purchase experience for users [22][30] - The company plans to enhance monetization efficiency and product experience while steadily expanding internationally [10] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining robust growth momentum in in-game item sales and expects overall revenue growth to accelerate in 2026 [5][26] - Live streaming revenues are expected to remain stable, while non-live streaming businesses should continue to grow strongly due to deeper game collaborations [26] Other Important Information - Cost of revenues increased by 10% to RMB 1.46 billion, primarily due to increased revenue sharing fees and content costs [14] - The company achieved a positive net income for the quarter with non-GAAP net income of RMB 36 million, despite a decrease in interest income [16] Q&A Session Summary Question: Updates on in-game item sales business and future outlook - In-game item sales revenue grew over 200% year-over-year, supported by strong live streaming ecosystem and deeper partnerships with flagship titles [21][22] Question: Overall revenue growth and future expectations - Live streaming revenue has returned to growth, while non-live streaming businesses are expected to continue growing at a strong pace, driven by in-game item sales [26] Question: Strategy and outlook for Goose Goose Duck Mobile and game publishing - The mobile version of Goose Goose Duck is the first full-fledged publishing effort, with pre-registrations surpassing 10 million [30] Question: Collaboration with Delta Force and ongoing partnerships - The company is building a vibrant community engagement and e-sports tournament ecosystem around Delta Force, with successful events planned [34] Question: Financial impact of new business and profitability trends - Gross profit grew over RMB 23 million, leading to further improvement at the operating level, with expectations for gradual margin improvement over time [37]