机构：中银国际 研究员：Raphael CHEN/Dolores Tang We forecast 6% YoY inline topline contributed by mixed -14% YoY game, +23% YoY online ad and +5% YoY VAS. ~RMB850m forcasted adj. operating profit (10.4% adj. OPM) beat consensus. We believe the Co. is committed to executing its high quality growth strategy on healthy user growth and richer mid-to-long content ecosystems in 2026. Despite dynamic game especially Ncard, we deem strong online ad momentum empowered by accelerated AI on the acquisitions of high LTV users wil ...