About Tencent Hy4
Hy4 is Tencent's new flagship model, released on November 4, 2026. It replaces Hy3 and the Hy4 preview from August
Hy4 is the first model in the Hy line that understands images. It reads screenshots, charts and scanned pages and answers questions about what it sees. It can also use a computer and work in the terminal, Blender and CAD
Hy4 has 770 billion parameters and a 1-million-token context window, so a long report or a large codebase fits in one chat
You can chat with Hy4 on Overchat AI next to Claude, GPT and Gemini and switch between them in one conversation
- Developer
- Tencent
- Released
- Nov 4, 2026
- Parameters
- 770B, mixture of experts
- Context window
- 1M tokens
- Input
- Text, images
- Weights
- Not yet released
See how Hy4 answers
This Unity script lets the player jump again in mid-air. Find the bug, explain it in one sentence and give me the fixed script. using UnityEngine; public class PlayerJump : MonoBehaviour { public float jumpForce = 7f; Rigidbody rb; bool isGrounded; void Start() { rb = GetComponent<Rigidbody>(); } void Update() { if (Input.GetKeyDown(KeyCode.Space)) rb.AddForce(Vector3.up * jumpForce, ForceMode.Impulse); } void OnCollisionEnter(Collision c) { isGrounded = true; } }
Bug: isGrounded is set by any collision but never checked before applying the jump impulse or cleared when the player leaves the ground, so Space always applies force and the flag stays true forever.
Fixed script:
using UnityEngine;
using System.Collections.Generic;
public class PlayerJump : MonoBehaviour
{
public float jumpForce = 7f;
Rigidbody rb;
readonly HashSet<Collider> groundContacts = new HashSet<Collider>();
bool jumpAllowed;
bool jumpRequested;
void Start()
{
rb = GetComponent<Rigidbody>();
}
void Update()
{
if (Input.GetKeyDown(KeyCode.Space))
jumpRequested = true;
}
void FixedUpdate()
{
if (!jumpRequested) return;
jumpRequested = false;
if (jumpAllowed && groundContacts.Count > 0)
{
rb.AddForce(Vector3.up * jumpForce, ForceMode.Impulse);
jumpAllowed = false;
}
}
void OnCollisionEnter(Collision c)
{
if (IsGroundContact(c))
AddGroundContact(c.collider);
}
void OnCollisionStay(Collision c)
{
if (IsGroundContact(c))
AddGroundContact(c.collider);
else
RemoveGroundContact(c.collider);
}
void OnCollisionExit(Collision c)
{
RemoveGroundContact(c.collider);
}
void AddGroundContact(Collider col)
{
if (groundContacts.Count == 0)
jumpAllowed = true;
groundContacts.Add(col);
}
void RemoveGroundContact(Collider col)
{
groundContacts.Remove(col);
if (groundContacts.Count == 0)
jumpAllowed = false;
}
bool IsGroundContact(Collision c)
{
foreach (ContactPoint contact in c.contacts)
{
if (contact.normal.y > 0.5f)
return true;
}
return false;
}
}Here are a company's numbers for two quarters. Work out the gross, operating and net margin for each quarter, explain in plain words why net income fell while revenue grew, and tell me what to check next. | | Q2 2026 | Q3 2026 | |---|---|---| | Revenue | $48.0M | $53.8M | | Cost of revenue | $19.2M | $23.1M | | Operating expenses | $18.5M | $21.4M | | Interest expense | $0.6M | $2.9M | | Net income | $7.4M | $5.6M |
1. The margins (and the math)
Formulas used
- Gross margin = (Revenue – Cost of revenue) ÷ Revenue
- Operating margin = (Revenue – Cost of revenue – Operating expenses) ÷ Revenue
(Interest is a below‑the‑line financing cost, so it is not included in operating margin.) - Net margin = Net income ÷ Revenue (using the net income figure you supplied)
| Q2 2026 | Q3 2026 | |
|---|---|---|
| Revenue | $48.0M | $53.8M |
| Gross profit | 48.0 – 19.2 = $28.8M | 53.8 – 23.1 = $30.7M |
| Gross margin | 28.8 / 48.0 = 60.0% | 30.7 / 53.8 = 57.1% |
| Operating income | 28.8 – 18.5 = $10.3M | 30.7 – 21.4 = $9.3M |
| Operating margin | 10.3 / 48.0 = 21.5% | 9.3 / 53.8 = 17.3% |
| Net income | $7.4M | $5.6M |
| Net margin | 7.4 / 48.0 = 15.4% | 5.6 / 53.8 = 10.4% |
Small reconciliation note: Operating income minus interest is $9.7M in Q2 and $6.4M in Q3, but reported net income is $7.4M and $5.6M. That implies roughly $2.3M of tax/other items in Q2 and $0.8M in Q3. I used the given net income directly for the net margin.
All three margins got squeezed: gross 60.0% → 57.1%, operating 21.5% → 17.3%, net 15.4% → 10.4%.
2. Why net income fell while revenue grew (plain words)
Revenue went up $5.8M (+12%), but net income went down $1.8M (‑24%). Here is the bridge:
| Line | Q2 | Q3 | Change | Hit / help to profit |
|---|---|---|---|---|
| Revenue | 48.0 | 53.8 | +5.8 | +5.8 |
| Cost of revenue | 19.2 | 23.1 | +3.9 | –3.9 |
| → Gross profit | 28.8 | 30.7 | +1.9 | +1.9 |
| Operating expenses | 18.5 | 21.4 | +2.9 | –2.9 |
| → Operating income | 10.3 | 9.3 | –1.0 | –1.0 |
| Interest expense | 0.6 | 2.9 | +2.3 | –2.3 |
| → Pre‑tax / pre‑other | 9.7 | 6.4 | –3.3 | –3.3 |
| Tax / other (implied) | 2.3 | 0.8 | –1.5 | +1.5 |
| Net income | 7.4 | 5.6 | –1.8 | –1.8 |
In everyday terms:
- The extra sales were low‑quality. Sales rose 12%, but the cost of producing them rose about 20%. So instead of keeping 60¢ of every new sales dollar as gross profit (the Q2 rate), the company kept only about 33¢ on the incremental $5.8M. Gross profit only grew $1.9M.
- Overhead grew faster than sales. Operating expenses jumped $2.9M (+16%), which more than swallowed the extra gross profit. Operating profit actually fell by $1.0M.
- Interest expense exploded. It went from $0.6M to $2.9M — almost 5× higher. That is almost certainly new debt, a refinancing, or acquisition borrowing. This alone knocked another $2.3M off profit after operations.
- Taxes gave a little back. The implied tax/other charge dropped by about $1.5M, which softened the blow, but it wasn’t nearly enough to offset the thinner margins and the interest spike.
Bottom line: The company sold more, but it kept less of each dollar at every step, and it paid a lot more to lenders. In fact, the incremental $5.8M of revenue carried a negative net margin of roughly –31% — the growth effectively destroyed $1.8M of net income.
3. What to check next
Prioritised, practical follow‑ups:
The interest spike (highest priority).
Pull the debt footnote / cash‑flow statement. Did they take out a new loan, issue notes, refinance at a higher rate, or borrow to fund an acquisition? Is $2.9M the new quarterly run‑rate or does it include a one‑off fee? Check leverage ratios, covenants, and maturities.Why gross margin slipped (60% → 57%).
Break COGS down by product, segment, or geography. Look for: higher input/freight costs, a shift toward lower‑margin products or services, heavier discounting to drive the volume growth, or one‑time write‑offs. Confirm whether the 40% → 43% COGS‑to‑revenue ratio is temporary.What drove the $2.9M opex increase.
Split into R&D, sales & marketing, G&A, stock comp, restructuring, etc. Is it investment that should generate future revenue, or just cost bloat / one‑time charges? Compare opex growth to headcount and pipeline.Quality of the revenue growth.
Was growth from price cuts (which would explain the margin hit), a single large customer, a new low‑margin channel, or an acquisition? Check accounts receivable, returns, and backlog.The tax / “other” line.
Implied tax/other fell from $2.3M to $0.8M. Find out why the effective rate dropped (tax credits, NOLs, jurisdiction mix, one‑time items). Also make sure there are no asset sales, FX moves, impairments, or legal settlements hidden in net income that aren’t shown in the table.Cash flow and coverage.
Compare net income to operating cash flow and free cash flow. Falling profit plus rising interest can quietly stress interest‑coverage and liquidity even if the P&L still looks “profitable.”Management commentary / guidance.
Did they flag the debt raise, margin pressure, or cost actions? Are margins expected to recover, or is this the “new normal”?
A quick diagnostic to keep handy: incremental margins. On the $5.8M of new revenue, incremental gross margin was ~33%, incremental operating margin was –17%, and incremental net margin was –31%. If the next quarter shows the same pattern, the growth is currently value‑destructive and the debt load needs attention before celebrating the top line.
Turn these meeting notes into a task list with an owner and a deadline for each task, then write a short follow-up email to the team. Product sync, Nov 3. Anna: the landing page copy needs a final pass before Friday. Mark will ask legal about the new pricing terms, no date yet. The launch moves from Nov 10 to Nov 17 because the payment provider's review is late. Li updates the press kit with the new screenshots. Next sync on Thursday at 11:00
Note: Where the notes didn’t include a named owner or date, I marked the owner as TBD and set a proposed check-in deadline tied to Thursday’s sync or the new launch date.
Task list
| Task | Owner | Deadline |
|---|---|---|
| Final pass on landing page copy | Anna | Before Friday |
| Ask Legal about new pricing terms and confirm a target response date | Mark | Thursday 11:00 sync — proposed check-in; notes said no date yet |
| Update launch plan, calendar, and materials from Nov 10 to Nov 17 | Launch lead — name TBD | Status by Thursday 11:00; complete before Nov 17 launch — proposed |
| Confirm payment-provider review timeline/blocker plan | Launch lead — name TBD | Status by Thursday 11:00; approval needed before Nov 17 — proposed |
| Update press kit with new screenshots | Li | Before Nov 17 launch — proposed; no date in notes |
| Attend next product sync | Team | Thursday at 11:00 |
Follow-up email
Subject: Product sync follow-up: action items
Hi team,
Thanks for the sync. Quick recap of actions:
- Anna: Final pass on landing page copy before Friday.
- Mark: Check the new pricing terms with Legal and bring a status/target date to Thursday’s 11:00 sync.
- Launch update: Launch has moved from Nov 10 to Nov 17 because the payment provider review is late. We still need a named owner to update launch materials and track provider review status; please confirm by Thursday.
- Li: Update the press kit with the new screenshots before the Nov 17 launch.
- Next sync: Thursday at 11:00.
Please flag any owner or deadline gaps/changes.
Thanks,
[Your name]
More prompts to try with Hy4
Hy4 vs other models
Compare Hy4 with five top models on the same agent and coding tests
| Spec | Hy4 | DeepSeek V4.1 Flash |
|---|---|---|
| Developer | Tencent | DeepSeek |
| Released | Nov 4, 2026 | Oct 17, 2026 |
| Context window? | 1M tokens | 1M tokens |
| Input | Text, images | Text, images |
| Open weights? | Not yet | Yes |
| Spec | Hy4 | Kimi K3.1 Pro |
|---|---|---|
| Developer | Tencent | Moonshot AI |
| Released | Nov 4, 2026 | Oct 23, 2026 |
| Context window? | 1M tokens | 1M tokens |
| Input | Text, images | Text, images, video |
| Open weights? | Not yet | Not yet |
| Spec | Hy4 | GLM-5.3 |
|---|---|---|
| Developer | Tencent | Z.ai |
| Released | Nov 4, 2026 | Aug 18, 2026 |
| Context window? | 1M tokens | 1M tokens |
| Input | Text, images | Text |
| Open weights? | Not yet | Yes |
| Spec | Hy4 | Claude Opus 5.5 |
|---|---|---|
| Developer | Tencent | Anthropic |
| Released | Nov 4, 2026 | Sep 22, 2026 |
| Context window? | 1M tokens | 1M tokens |
| Input | Text, images | Text, images, files |
| Open weights? | Not yet | No |
| Spec | Hy4 | GPT-6.1 Sol |
|---|---|---|
| Developer | Tencent | OpenAI |
| Released | Nov 4, 2026 | Sep 29, 2026 |
| Context window? | 1M tokens | 1M tokens |
| Input | Text, images | Text, images, files |
| Open weights? | Not yet | No |
Sources: Tencent Hy, Introducing Hy4 (Nov 4, 2026), Tencent Hy, Introducing Hy4 preview, Tencent, Hy4 preview model card, OpenRouter, Tencent: Hy4
Hy4 main features
Hy4 handles long work tasks, reads images, writes game code and analyzes your numbers
Multi-step agent tasks
Hy4 plans a task, uses tools and checks its own results before it answers. It scores 75.2% on the APEX-Agents test of long work tasks, higher than Claude Opus 5.5 and DeepSeek V4.1 Flash. Use it for research, reports and other work that takes many steps
Images and charts
Hy4 reads screenshots, charts, scanned pages and photos and answers questions about them. It catches exact values and small details, so you can ask about a dashboard without retyping the numbers
Game and frontend code
Hy4 writes game logic and complete web pages with working buttons, forms and data. Tencent's game developers helped train it on Unreal Engine, Unity and Godot, so it finds and fixes bugs in gameplay code
Finance and office work
Hy4 works out margins, builds financial models and shows where every number comes from. Finance professionals rated it above DeepSeek V4.1 Flash, Kimi K3.1 Pro and GLM-5.3 on 579 real tasks. It also turns your notes into reports, tables and slide outlines
Why use Hy4 on Overchat AI
One account for chat, images and video, on every device
Superchat AI agent
Superchat Agent automatically routes your message to the model best suited for the task. It can generate images and videos, use the AI tools built into Overchat AI, and learn from your interactions to get better over time
Chat with images and files
Upload PDFs, spreadsheets, code and screenshots and ask Hy4 about them. You can also dictate a message instead of typing it
Go beyond text
Generate images with Nano Banana and GPT Image and videos with Seedance and Kling in the same account, with the same credits as chat
On the web, iPhone and Android
Start a chat on your laptop and finish it on your phone. The Overchat AI app has the same models, and your chats stay in one account on every device
How to use Hy4 on Overchat AI
Start in the chat at the top of this page or in the Overchat AI app on the web, iOS or Android
- 01
Pick Hy4
It is already picked in the chat on this page. In the Overchat AI app, open the model list next to the message field and choose Hy4
- 02
Attach a file or paste your data
Add a spreadsheet, a report, a screenshot or your code, and write what you need: the format, the length and what to check first
- 03
Keep going in the same chat
Ask a follow-up, ask for a chart or a shorter version, or switch to another model without losing the conversation
Explore other models
Models marked Soon are coming to Overchat AI; the rest are available now
Learn more about open models
Best Local LLM for Coding in 2026: Developer's Guide
Which local LLM writes the best code in 2026? We rank Qwen3-Coder-Next, DeepSeek V3.2, Llama 4 Scout and more by benchmarks and hardware requirements
Local LLM Hardware Requirements in 2026
What hardware do you need to run a local LLM in 2026? GPU, VRAM, RAM and CPU requirements for every model size, from 3B to 400B
10 Best All-in-One AI Platforms in 2026: Why One AI Subscription Beats Many
Compare the 10 best all-in-one AI platforms in 2026, from Overchat AI to Poe and Magai, with prices, free plans and the newest GPT and Claude models
Tencent Hy4 FAQ
If you have any questions,
reach out to us at hello@overchat.ai
Hy4 is Tencent's new flagship AI model, released on November 4, 2026. It has 770 billion parameters and a 1-million-token context window. Hy4 reads text and images, handles long agent tasks and can use a computer through the terminal and apps
Tencent's API for Hy4 is paid. Tencent gives a limited free quota in its WorkBuddy and CodeBuddy apps until November 15, 2026. You can chat with Hy4 on Overchat AI with the same plan as Claude, GPT and Gemini
Not yet. The Hy4 preview from August 2026 has open weights under the Apache 2.0 license on Hugging Face. Tencent plans to release the weights of the final Hy4 as well
Tencent released Hy4 on November 4, 2026. The Hy4 preview came out earlier, on August 27, 2026, as a text-only version with open weights
Hy4 understands images and can use a computer, which the preview couldn't do. It also handles long tasks much better and scores 44.4% on Terminal-Bench 4.0 against 26.3% for the preview. The preview has open weights, while the weights of Hy4 are not out yet
Hy4 has 770 billion parameters. It is a mixture-of-experts model, so only part of them works on each token. The preview used 49 billion active parameters, and Tencent hasn't published this number for Hy4 yet
Hy4 is one of the strongest AI models from China. It beats GLM-5.3 and DeepSeek V4.1 Flash on most coding and agent tests and scores the highest of all compared models on APEX-Agents, 75.2%. Kimi K3.1 Pro does better on Terminal-Bench 4.0, and Claude Opus 5.5 and GPT-6.1 Sol stay ahead on most tests
Hy4 reads up to about 1 million tokens (1,048,576), roughly 750,000 words. Its answers can be up to 65,536 tokens long
Not yet, because Tencent hasn't released the weights. The Hy4 preview runs locally, but even its compressed 200 GB version needs a machine with 256 GB of memory. The easiest way to use Hy4 is the chat on Overchat AI
Type your message in the chat at the top of this page and press Send. Attach a file or an image if you need to. After you sign in, Hy4 answers in the Overchat AI chat on the web, iOS or Android, and you can switch to another model at any time
