HUYA // HUYA Inc. each representing one Class A ordinary share

DES <GO> NYSE RQD COCKPIT → CIK 0001728190 ↗

Technology • Computer Software: Programming Data Processing

$2.08 ▼ -0.03 (-1.42%)

MKT CAP: $475.0M • VOL: 1.33M

52W L $2 52W H $5

ROARABLE / RQD

E • 34/100

ALTMAN Z

2.11 GREY

PIOTROSKI

2 / 9

HUYA // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

PRIOR: RQD 34/100 [E] (+0 PT) • UNCHANGED AS OF 2026-11-01

ROARABLE E

RQD CONFIDENCE

34 / 100 +0D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Strong Sell — Forensic Risk / Avoid

01 MASSIVE / SEC XBRL

Forensic Fundamentals

5 / 20

CRITICAL

FCF -120% vs NI -120% • ROIC-WACC -11.6% • Z 2.11

02 INSTITUTIONAL TAPE & TREND

Whale & Options Flow

9 / 20

WARNING

52W RANGE 66% • VS 200D +5.6% • RSI 50.1

03 SEC XBRL CAPITAL ALLOCATION

Insider & Capital Conviction

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

04 FRED 90D r-MATRIX

Macro Regime Fit

10 / 20

NEUTRAL

NEUTRAL • r(10Y)=+0.00 (+23bp) • r(OAS)=+0.00

05 10-K REDLINE AUDIT

Forensic 10-K Risk

[LOCKED] FLAGGED

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ALERT

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HUYA // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -33.76%▼ DESCENDING CHANNEL

2026-10-30O $2.05H $2.09L $1.97C $2.08VOL 780.3K

RES: $2.29SUP: $1.93SMA50: $2.20SMA200: $2.83

HUYA // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

UNDERWEIGHT CONVICTION: 42/100

BEAR 0

100 BULL

HUYA Inc. each representing one Class A ordinary share (HUYA) exhibits 13.4% gross margins and -3.0% return on invested capital within Technology (Computer Software: Programming Data Processing), balanced against a 24.0x enterprise multiple and 4.8% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 13.4% gross profitability converts into -2.5% operating margin and -3.0% ROIC, outpacing sector cost of capital.

ROIC: -3.0% // GM: 13.4%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of +11.6% paired with -10.36% free cash flow yield supports self-funded R&D and capital return.

REV YOY: +11.6% // FCF YLD: -10.36%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 2.11 and Piotroski F-Score of 2/9 indicate low near-term refinancing stress.

ALTMAN Z: 2.11 // F-SCORE: 2/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 24.0x trailing P/E (— Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 24.0x // EV/EBITDA: —

02. Options Skew & Event Volatility Risk

Options market prices a ±5.2% implied move with a 0.85 put/call ratio around $2.08 max pain.

IMPL MOVE: ±5.2% // P/C: 0.85

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Computer Software: Programming Data Processing require continuous execution to defend -1.7% net margins.

NET MARGIN: -1.7% // D/E: 0.45x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs — forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 1.10).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E —

FORWARD P/E —

EV / EBITDA —

FCF YIELD -10.36%

GROSS MARGIN 13.4%

OPERATING MARGIN -2.5%

NET MARGIN -1.7%

ROIC % -3.0%

REV GROWTH YOY +11.6%

DILUTED EPS TTM —

DEBT / EQUITY —

DIVIDEND YIELD 0.00%

RSI-14 MOMENTUM 28.7

5Y EQUITY BETA —

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // HUYAPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $1.90

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for HUYA & activate live FRED threshold breach alerts.

HEAD-TO-HEAD PEER COMPARISONS COMP <GO>

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