
HUYA launches VAM 1.0, an AI-powered digital human model, signaling a strategic pivot into China's fast-growing virtual persona market. We reiterate a bullish BUY rating on HUYA, citing a compelling 12.3x forward P/E, a net cash valuation cushion, and a 50% upside to a 20x multiple. VAM 1.0 enables scalable, high-margin, proprietary content, reducing dependence on costly top-tier streamers and capital-intensive production.









