Huya's Strategic Turnaround and Modest Growth Lead to Hold RatingWe expect 2H25 to be flat HoH, 3% YoY. Management sees 2025 as a normalizing year for the live- streaming business and expects largely stable performance for the coming years. Huya is well positioned for further expanding game-related business: As the go- to platform for most hard-core game users and flagship E-sports events in China, Huya has greater value in maintaining and developing evergreen titles and it's delivered strong growth in game-related business since 2023. It aims to be an all- round game-related entertainment and services provider, Huya see further revenue upside from: 1) game item sales thanks to closer cooperation with Tencent (Huya's largest shareholder); 2) PC/mobile game distribution for Tencent and non-Tencent games; 3) overseas markets with similar new business. We forecast 42% and 25% game-related revenue growth in 2025-26, respectively.