HUYA Inc. Reports Second Quarter 2025 Unaudited Financial Results

Rhea-AI Summary

HUYA Inc. (NYSE: HUYA) reported Q2 2025 financial results showing signs of strategic transformation success. Total net revenues reached RMB1,567.1 million (US$218.8 million), up from RMB1,541.6 million in Q2 2024. The company reported a net loss of RMB5.5 million (US$0.8 million), compared to net income of RMB29.6 million in the same period last year.

Game-related services, advertising, and other revenues increased significantly to RMB413.9 million, representing 26% of total revenues. The company maintained a strong user base with 161.6 million average monthly active users. As of June 2025, HUYA had repurchased US$75.4 million of ADSs and distributed a special dividend of approximately US$340 million.

Positive

• Game-related services and advertising revenues increased 34% YoY to RMB413.9 million
• Total net revenues grew for second consecutive quarter to RMB1,567.1 million
• Strong user base with 161.6 million monthly active users across platforms
• Operating performance improved through cost structure optimizations
• Substantial shareholder returns with US$75.4 million in share buybacks and US$340 million special dividend

Negative

• Net loss of RMB5.5 million compared to net income of RMB29.6 million in Q2 2024
• Live streaming revenues declined to RMB1,153.2 million from RMB1,233.1 million YoY
• Gross margin decreased to 13.5% from 13.9% YoY
• Interest income dropped to RMB59.1 million from RMB102.5 million YoY due to lower deposits

Insights

Financial Analyst

Huya shows revenue growth but swings to a loss with declining profit margins despite its strategic transformation efforts.

Huya's Q2 2025 results reveal a mixed financial picture as the company continues its strategic transformation from a pure live streaming platform to a broader game-related entertainment and services provider. Total revenues increased by 1.7% year-over-year to RMB1,567.1 million, marking the second consecutive quarter of growth. However, this modest topline improvement masks significant underlying shifts in revenue composition.

The company's traditional live streaming revenue declined by 6.5% to RMB1,153.2 million, reflecting ongoing challenges in the macroeconomic and industry environment. This was offset by an impressive 34.2% growth in game-related services, advertising and other revenues, which reached RMB413.9 million and now constitute 26% of total revenue. This diversification aligns with management's strategic pivot but hasn't yet translated to bottom-line improvements.

Profitability metrics deteriorated notably. The company swung from a net income of RMB29.6 million in Q2 2024 to a net loss of RMB5.5 million in Q2 2025. Non-GAAP net income also declined sharply by 51% to RMB47.5 million. Gross margin contracted slightly to 13.5% from 13.9%, primarily due to increased revenue sharing fees and content costs as a percentage of revenue.

The balance sheet shows significant capital deployment, with cash and equivalents decreasing to RMB3,766.4 million from RMB6,254.6 million in the previous quarter. This 39.8% reduction reflects substantial shareholder returns through a special dividend of approximately US$340 million and continued share repurchases totaling US$75.4 million to date.

User engagement metrics appear stable with 161.6 million average monthly active users across Huya's platforms. The company has made operational efficiency improvements, with decreases in research and development expenses (-5.1%) and sales and marketing expenses (-6.5%). However, interest income dropped by 42.3% to RMB59.1 million, primarily due to the lower cash balance following dividend payments.

While management highlights the strategic transformation progress, the financial results suggest Huya faces challenges in monetizing its evolving business model effectively enough to maintain previous profitability levels. The transition appears to be gaining traction in diversifying revenue streams, but hasn't yet delivered improved earnings performance.

GUANGZHOU, China, Aug. 12, 2025 /PRNewswire/ -- HUYA Inc. ("Huya" or the "Company") (NYSE: HUYA), a leading game-related entertainment and services provider, today announced its unaudited financial results for the second quarter ended June 30, 2025.

Second Quarter 2025 Highlights

• Total net revenues were RMB1,567.1 million (US$218.8 million) for the second quarter of 2025, compared with RMB1,541.6 million for the same period of 2024.
• Game-related services, advertising and other revenues were RMB413.9 million (US$57.8 million) for the second quarter of 2025, compared with RMB308.5 million for the same period of 2024.
• Net loss attributable to HUYA Inc. was RMB5.5 million (US$0.8 million) for the second quarter of 2025, compared with net income attributable to HUYA Inc. of RMB29.6 million for the same period of 2024.
• Non-GAAP net income attributable to HUYA Inc.^[1] was RMB47.5 million (US$6.6 million) for the second quarter of 2025, compared with RMB97.0 million for the same period of 2024.
• Average MAUs^[2] for the second quarter of 2025 was 161.6 million.

Mr. Junhong Huang, Acting Co-Chief Executive Officer and Senior Vice President of Huya, commented, "As we mark the two-year anniversary of Huya's strategic transformation, we are pleased to report that we are back on a growth trajectory, with topline performance showing continued progress for the second consecutive quarter. Our efforts to expand our business from a pure-play live streaming platform to an all-rounded game-related entertainment and services provider have paid off. Our game-related services, advertising, and other revenues now stand at RMB414 million, representing 26% of total net revenues this quarter.

"By leveraging our cross-platform strategy, we have achieved an average of 162 million monthly active users across Huya's platforms, and extended our reach even further through the distribution of our content and services on third-party channels. This figure underscores the ecosystem we have cultivated through this strategic transformation in China and overseas. Backed by our streamer network, e-sports infrastructure, AI capabilities, and operational strength, we are unlocking monetization in games—via in-game items and distribution—and growing our global user base as a key driver of future opportunities," Mr. Huang concluded.

Mr. Raymond Peng Lei, Acting Co-Chief Executive Officer and Chief Financial Officer of Huya, added, "We are pleased to see live streaming revenues beginning to stabilize, with total net revenues returning to a growth trajectory for the second consecutive quarter. Our operating performance also continued to improve, driven by cost structure optimizations and enhanced operational efficiency. As of the end of June 2025, we had repurchased approximately US$75.4 million of Huya ADSs and distributed a special dividend totaling around US$340 million during the quarter. Looking ahead, we remain focused on advancing our strategic expansion initiatives, strengthening industry partnerships, and delivering sustainable long-term value to our shareholders."

Second Quarter 2025 Financial Results

Total net revenues for the second quarter of 2025 were RMB1,567.1 million (US$218.8 million), compared with RMB1,541.6 million for the same period of 2024.

Live streaming revenues were RMB1,153.2 million (US$161.0 million) for the second quarter of 2025, compared with RMB1,233.1 million for the same period of 2024, primarily due to the continued impact of the macroeconomic and industry environment.

Game-related services, advertising and other revenues were RMB413.9 million (US$57.8 million) for the second quarter of 2025, compared with RMB308.5 million for the same period of 2024. The increase was primarily due to higher revenues from game-related services and advertising, which were mainly attributable to the Company's deepened cooperation with Tencent and other game companies.

Cost of revenues increased by 2.1% to RMB1,354.8 million (US$189.1 million) for the second quarter of 2025 from RMB1,326.7 million for the same period of 2024, primarily due to increased revenue sharing fees and content costs, partially offset by decreased bandwidth and server custody fees. Revenue sharing fees and content costs, a key component of cost of revenues, increased by 2.6% to RMB1,201.0 million (US$167.7 million) for the second quarter of 2025 from RMB1,170.2 million for the same period of 2024, primarily due to increased broadcaster-related costs, partially offset by lower costs related to licensed e-sports content.

Gross profit was RMB212.3 million (US$29.6 million) for the second quarter of 2025, compared with RMB214.9 million for the same period of 2024. Gross margin was 13.5% for the second quarter of 2025, compared with 13.9% for the same period of 2024, primarily attributable to increased revenue sharing fees and content costs as a percentage of total net revenues.

Research and development expenses decreased by 5.1% to RMB122.2 million (US$17.1 million) for the second quarter of 2025 from RMB128.7 million for the same period of 2024, primarily due to decreased personnel-related expenses and share-based compensation expenses.

Sales and marketing expenses decreased by 6.5% to RMB57.7 million (US$8.1 million) for the second quarter of 2025 from RMB61.7 million for the same period of 2024, primarily due to decreased channel promotion fees. 

General and administrative expenses remained flat year-over-year at RMB63.7 million (US$8.9 million) for the second quarter of 2025.

Other income was RMB7.6 million (US$1.1 million) for the second quarter of 2025, compared with RMB13.2 million for the same period of 2024, primarily attributable to a notable settlement income from disputes in the second quarter of 2024 and lower government subsidies.

Operating loss was RMB23.7 million (US$3.3 million) for the second quarter of 2025, compared with RMB26.0 million for the same period of 2024.

Non-GAAP operating income was RMB0.4 million (US$0.1 million) for the second quarter of 2025, compared with non-GAAP operating loss of RMB2.7 million for the same period of 2024.

Interest income was RMB59.1 million (US$8.2 million) for the second quarter of 2025, compared with RMB102.5 million for the same period of 2024, primarily due to a lower time deposit balance, which was mainly attributable to the special cash dividends paid.

Net loss attributable to HUYA Inc. was RMB5.5 million (US$0.8 million) for the second quarter of 2025, compared with net income attributable to HUYA Inc. of RMB29.6 million for the same period of 2024.

Non-GAAP net income attributable to HUYA Inc. was RMB47.5million (US$6.6 million) for the second quarter of 2025, compared with RMB97.0 million for the same period of 2024.

Basic and diluted net loss per American depositary share ("ADS") were each RMB0.02 (US$0.00) for the second quarter of 2025. Basic and diluted net income per ADS were each RMB0.13 for the second quarter of 2024. Each ADS represents one Class A ordinary share of the Company.

Non-GAAP basic and diluted net income per ADS were each RMB0.21 (US$0.03) for the second quarter of 2025. Non-GAAP basic and diluted net income per ADS were RMB0.42 and RMB0.41, respectively, for the second quarter of 2024.

As of June 30, 2025, the Company had cash and cash equivalents, short-term deposits and long-term deposits of RMB3,766.4 million (US$525.8 million), compared with RMB6,254.6 million as of March 31, 2025.

Share Repurchase Program

Pursuant to the Company's up-to-US$100 million share repurchase program authorized in August 2023, which has an extended expiration date of March 31, 2026, the Company had repurchased 22.8 million ADSs as of June 30, 2025, with a total aggregate consideration of US$75.4 million.

Earnings Webinar

The Company's management will host a Tencent Meeting Webinar at 6:00 a.m. U.S. Eastern Time on August 12, 2025 (6:00 p.m. Beijing/Hong Kong time on August 12, 2025), to review and discuss the Company's business and financial performance.

For participants who wish to join the webinar, please complete the online registration in advance using the links provided below. Upon registration, participants will receive an email with webinar access information, including meeting ID, meeting link, dial-in numbers, and a unique attendee ID to join the webinar.

Participant Online Registration:

Chinese Mainland^[3]: https://meeting.tencent.com/dw/bqbrXw5NuYDH
International:             https://voovmeeting.com/dw/bqbrXw5NuYDH

A live webcast of the webinar will be accessible at https://ir.huya.com, and a replay of the webcast will be available following the session.

[1] "Non-GAAP net income attributable to HUYA Inc." is defined as net (loss) income attributable to HUYA Inc. excluding share-based compensation expenses, impairment loss of investments, and amortization of intangible assets from business acquisitions, net of income taxes, to the extent applicable. For more information, please refer to the section titled "Use of Non-GAAP Financial Measures" and the table captioned "HUYA Inc. Unaudited Reconciliations of GAAP and Non-GAAP Results" at the end of this press release.

[2] Refers to the average total monthly active users who accessed the Company's domestic and overseas platforms and services (primarily the domestic Huya Live platform, its global mobile application service platform, its overseas game live streaming platform, and related services), inclusive of users across all devices (mobile, PC and web). Average MAUs for any period is calculated by dividing (i) the sum of total active users for each month during such relevant period, by (ii) the number of months during such relevant period. The Company shifted to total MAU reporting starting from the second quarter of 2025 to provide a more comprehensive view of user activity, in line with its business expansion, cross-platform strategy, and overseas initiatives.

[3] For the purpose of this announcement only, Chinese Mainland excludes the Hong Kong Special Administrative Region, the Macao Special Administrative Region of the People's Republic of China, and Taiwan.

About HUYA Inc.

HUYA Inc. is a leading game-related entertainment and services provider. Huya delivers dynamic live streaming and video content and a rich array of services spanning games, e-sports, and other interactive entertainment genres to a large, highly engaged community of game enthusiasts. Huya has cultivated a robust entertainment ecosystem powered by AI and other advanced technologies, serving users and partners across the gaming universe, including game companies, e-sports tournament organizers, broadcasters and talent agencies. Leveraging this strong foundation, Huya has also expanded into innovative game-related services, such as game distribution, in-game item sales, advertising and more. Huya continues to extend its footprint in China and abroad, meeting the evolving needs of gamers, content creators, and industry partners worldwide.

Use of Non-GAAP Financial Measures

The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), except that the consolidated statement of changes in shareholders' equity, consolidated statements of cash flows, and the detailed notes have not been presented. Huya uses non-GAAP gross profit, non-GAAP operating income (loss), non-GAAP net income attributable to HUYA Inc., non-GAAP net income attributable to ordinary shareholders, non-GAAP basic and diluted net income per ordinary share, and non-GAAP basic and diluted net income per ADS, which are non-GAAP financial measures. Non-GAAP gross profit is gross profit excluding share-based compensation expenses allocated in cost of revenues. Non-GAAP operating income (loss) is operating loss excluding share-based compensation expenses and amortization of intangible assets from business acquisitions. Non-GAAP net income attributable to HUYA Inc. is net income (loss) attributable to HUYA Inc. excluding share-based compensation expenses, impairment loss of investments, and amortization of intangible assets from business acquisitions, net of income taxes, to the extent applicable. Non-GAAP net income attributable to ordinary shareholders is net income (loss) attributable to ordinary shareholders excluding share-based compensation expenses, impairment loss of investments, and amortization of intangible assets from business acquisitions, net of income taxes, to the extent applicable. Non-GAAP basic and diluted net income per ordinary share and per ADS is non-GAAP net income attributable to ordinary shareholders divided by the weighted average number of ordinary shares and ADS used in the calculation of non-GAAP basic and diluted net income per ordinary share and per ADS. The Company believes that separate analysis and exclusion of the impact of (i) share-based compensation expenses, (ii) impairment loss of investments, and (iii) amortization of intangible assets from business acquisitions (net of income taxes), add clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measures for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measures represent useful supplemental information for investors and analysts to assess its operating performance without the effect of (i) share-based compensation expenses, and (ii) amortization of intangible assets from business acquisitions (net of income taxes), which have been and will continue to be significant recurring expenses in its business, and (iii) impairment loss of investments, which may recur when there is observable price change in the future. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company's net income (loss) for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider a non-GAAP financial measure in isolation from or as an alternative to the financial measures prepared in accordance with U.S. GAAP.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "HUYA Inc. Unaudited Reconciliations of GAAP and Non-GAAP Results" at the end of this announcement.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.1636 to US$1.00, the noon buying rate in effect on June 30, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollar amounts referred to in this announcement could have been or could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this announcement, as well as Huya's strategic and operational plans, contain forward-looking statements. Huya may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Huya's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Huya's goals and strategies; Huya's future business development, results of operations and financial condition; the expected growth of the live streaming market and game market; the expectation regarding the rate at which to gain active users, especially paying users; Huya's ability to monetize the user base; Huya's efforts in complying with applicable data privacy and security regulations; fluctuations in general economic and business conditions in China; the economy in China and elsewhere generally; any regulatory developments in laws, regulations, rules, policies or guidelines applicable to Huya; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Huya's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Huya does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

HUYA Inc.
Investor Relations
Tel: +86-20-2290-7829
E-mail: ir@huya.com 

Piacente Financial Communications
Jenny Cai
Tel: +86-10-6508-0677
E-mail: huya@tpg-ir.com 

In the United States:

Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: huya@tpg-ir.com 

 

HUYA INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except share, ADS, per share data and per ADS data)
		As of December 31,		As of June 30,
		2024		2025		2025
		RMB		RMB		US$
Assets
Current assets
Cash and cash equivalents		1,188,911		499,305		69,700
Restricted cash		17,031		9,201		1,284
Short-term deposits		4,075,048		3,007,072		419,771
Accounts receivable, net		76,044		128,448		17,931
Prepaid assets and amounts due from related    parties, net		207,565		324,577		45,309
Prepayments and other current assets, net		523,674		546,239		76,252
Total current assets		6,088,273		4,514,842		630,247
Non-current assets
Long-term deposits		1,470,000		260,000		36,295
Investments		440,790		405,157		56,558
Goodwill		463,796		461,873		64,475
Property and equipment, net		484,008		517,539		72,246
Intangible assets, net		153,190		142,843		19,940
Right-of-use assets, net		339,492		318,876		44,513
Prepayments and other non-current assets		128,262		26,411		3,687
Total non-current assets		3,479,538		2,132,699		297,714
Total assets		9,567,811		6,647,541		927,961
Liabilities and shareholders' equity
Current liabilities
Accounts payable		66,613		47,121		6,578
Advances from customers and deferred revenue		265,628		242,925		33,911
Income taxes payable		54,594		58,104		8,111
Accrued liabilities and other current liabilities		1,360,949		1,018,664		142,200
Amounts due to related parties		161,529		149,151		20,821
Lease liabilities due within one year		28,581		21,800		3,043
Total current liabilities		1,937,894		1,537,765		214,664
Non-current liabilities
Lease liabilities		20,047		8,939		1,248
Deferred tax liabilities		23,405		21,248		2,966
Deferred revenue		35,786		34,278		4,785
Total non-current liabilities		79,238		64,465		8,999
Total liabilities		2,017,132		1,602,230		223,663

 

HUYA INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(All amounts in thousands, except share, ADS, per share data and per ADS data)
		As of December 31,		As of June 30,
		2024		2025		2025
		RMB		RMB		US$
Shareholders' equity
Class A ordinary shares (US$0.0001 par value;   750,000,000 shares authorized as of December   31, 2024 and June 30, 2025, respectively;   74,845,398 and 71,968,306 shares issued and   outstanding as of December 31, 2024 and June   30, 2025, respectively)		52		53		7
Class B ordinary shares (US$0.0001 par value;   200,000,000 shares authorized as of December   31, 2024 and June 30, 2025, respectively;   150,386,517 and 150,386,517 shares issued and   outstanding as of December 31, 2024 and June 30, 2025, respectively)		98		98		14
Treasury shares		(108,101)		(145,158)		(20,263)
Additional paid-in capital		8,866,492		6,440,422		899,048
Statutory reserves		122,429		122,429		17,090
Accumulated deficit		(2,100,291)		(2,104,905)		(293,833)
Accumulated other comprehensive income		770,000		732,372		102,235
Total shareholders' equity		7,550,679		5,045,311		704,298
Total liabilities and shareholders' equity		9,567,811		6,647,541		927,961

 

HUYA INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(All amounts in thousands, except share, ADS, per share data and per ADS data)
		Three Months Ended								Six Months Ended
		June 30, 2024		March 31, 2025		June 30, 2025		June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2025
		RMB		RMB		RMB		US$		RMB		RMB		US$
Net revenues
Live streaming		1,233,064		1,138,151		1,153,232		160,985		2,493,508		2,291,383		319,865
Game-related services, advertising and others		308,518		370,434		413,857		57,772		552,121		784,291		109,483
Total net revenues		1,541,582		1,508,585		1,567,089		218,757		3,045,629		3,075,674		429,348
Cost of revenues(1)		(1,326,710)		(1,320,102)		(1,354,771)		(189,119)		(2,610,212)		(2,674,873)		(373,398)
Gross profit		214,872		188,483		212,318		29,638		435,417		400,801		55,950
Operating expenses(1)
Research and development expenses		(128,710)		(129,525)		(122,156)		(17,052)		(263,816)		(251,681)		(35,133)
Sales and marketing expenses		(61,689)		(60,695)		(57,699)		(8,054)		(137,921)		(118,394)		(16,527)
General and administrative expenses		(63,729)		(61,445)		(63,743)		(8,898)		(123,761)		(125,188)		(17,476)
Total operating expenses		(254,128)		(251,665)		(243,598)		(34,004)		(525,498)		(495,263)		(69,136)
Other income, net		13,219		3,534		7,577		1,058		25,528		11,111		1,551
Operating loss		(26,037)		(59,648)		(23,703)		(3,308)		(64,553)		(83,351)		(11,635)
Interest income		102,523		64,916		59,074		8,246		219,575		123,990		17,308
Impairment loss of investments		(45,079)		-		(30,000)		(4,188)		(45,079)		(30,000)		(4,188)
Foreign currency exchange gains (losses), net		364		(416)		(2,112)		(295)		(2,055)		(2,528)		(353)
Income before income tax expenses		31,771		4,852		3,259		455		107,888		8,111		1,132
Income tax expenses		(2,169)		(3,248)		(7,388)		(1,031)		(7,253)		(10,636)		(1,485)
Income (loss) before loss in equity method    investments, net of income taxes		29,602		1,604		(4,129)		(576)		100,635		(2,525)		(353)
Loss in equity method investments, net of    income taxes		-		(677)		(1,362)		(190)		-		(2,039)		(285)
Net income (loss) attributable to HUYA Inc.		29,602		927		(5,491)		(766)		100,635		(4,564)		(638)
Net income (loss) attributable to ordinary    shareholders		29,602		927		(5,491)		(766)		100,635		(4,564)		(638)

 

HUYA INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)
(All amounts in thousands, except share, ADS, per share data and per ADS data)
		Three Months Ended														Six Months Ended
		June 30, 2024		March 31, 2025				June 30, 2025				June 30, 2025				June 30, 2024				June 30, 2025				June 30, 2025
		RMB		RMB				RMB				US$				RMB				RMB				US$
Net income (loss) per ordinary share
—Basic		0.13		0.00				(0.02)				(0.00)				0.43				(0.02)				(0.00)
—Diluted		0.13		0.00				(0.02)				(0.00)				0.43				(0.02)				(0.00)
Net income (loss) per ADS*
—Basic		0.13		0.00				(0.02)				(0.00)				0.43				(0.02)				(0.00)
—Diluted		0.13		0.00				(0.02)				(0.00)				0.43				(0.02)				(0.00)
Weighted average number of ADS used in    calculating net income (loss) per ADS
—Basic		231,022,644		229,451,944				227,675,862				227,675,862				232,098,893				228,554,238				228,554,238
—Diluted		234,167,978		231,527,507				227,675,862				227,675,862				235,275,697				228,554,238				228,554,238
*    Each ADS represents one Class A ordinary share.
(1) Share-based compensation was allocated in cost of revenues and operating expenses as follows:

 

   

		Three Months Ended								Six Months Ended
		June 30, 2024		March 31, 2025		June 30, 2025		June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2025
		RMB		RMB		RMB		US$		RMB		RMB		US$
Cost of revenues		4,492		3,383		3,707		517		8,777		7,090		990
Research and development expenses		7,873		6,313		6,563		916		15,489		12,876		1,797
Sales and marketing expenses		446		320		394		55		812		714		100
General and administrative expenses		4,573		8,048		7,385		1,031		8,841		15,433		2,154

 

HUYA INC.
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except share, ADS, per share data and per ADS data)
		Three Months Ended								Six Months Ended
		June 30, 2024		March 31, 2025		June 30, 2025		June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2025
		RMB		RMB		RMB		US$		RMB		RMB		US$
Gross profit		214,872		188,483		212,318		29,638		435,417		400,801		55,950
Share-based compensation expenses allocated    in cost of revenues		4,492		3,383		3,707		517		8,777		7,090		990
Non-GAAP gross profit		219,364		191,866		216,025		30,155		444,194		407,891		56,940
Operating loss		(26,037)		(59,648)		(23,703)		(3,308)		(64,553)		(83,351)		(11,635)
Share-based compensation expenses		17,384		18,064		18,049		2,519		33,919		36,113		5,041
Amortization of intangible assets from    business acquisitions		5,941		5,996		6,005		838		11,871		12,001		1,675
Non-GAAP operating (loss) income		(2,712)		(35,588)		351		49		(18,763)		(35,237)		(4,919)
Net income (loss) attributable to HUYA Inc.		29,602		927		(5,491)		(766)		100,635		(4,564)		(638)
Impairment loss of investments		45,079		-		30,000		4,188		45,079		30,000		4,188
Share-based compensation expenses		17,384		18,064		18,049		2,519		33,919		36,113		5,041
Amortization of intangible assets from    business acquisitions, net of income taxes		4,931		4,977		4,984		696		9,853		9,961		1,391
Non-GAAP net income attributable to HUYA Inc.		96,996		23,968		47,542		6,637		189,486		71,510		9,982
Net income (loss) attributable to ordinary    shareholders		29,602		927		(5,491)		(766)		100,635		(4,564)		(638)
Impairment loss of investments		45,079		-		30,000		4,188		45,079		30,000		4,188
Share-based compensation expenses		17,384		18,064		18,049		2,519		33,919		36,113		5,041
Amortization of intangible assets from    business acquisitions, net of income taxes		4,931		4,977		4,984		696		9,853		9,961		1,391
Non-GAAP net income attributable to    ordinary shareholders		96,996		23,968		47,542		6,637		189,486		71,510		9,982
Non-GAAP net income per ordinary share
—Basic		0.42		0.10		0.21		0.03		0.82		0.31		0.04
—Diluted		0.41		0.10		0.21		0.03		0.81		0.31		0.04
Non-GAAP net income per ADS
—Basic		0.42		0.10		0.21		0.03		0.82		0.31		0.04
—Diluted		0.41		0.10		0.21		0.03		0.81		0.31		0.04
Weighted average number of ADS used in    calculating Non-GAAP net income per    ADS
—Basic		231,022,644		229,451,944		227,675,862		227,675,862		232,098,893		228,554,238		228,554,238
—Diluted		234,167,978		231,527,507		230,562,291		230,562,291		235,275,697		231,018,054		231,018,054

 

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SOURCE HUYA Inc.

FAQ

What were HUYA's Q2 2025 revenue and earnings results?

HUYA reported total net revenues of RMB1,567.1 million (US$218.8 million) and a net loss of RMB5.5 million (US$0.8 million) in Q2 2025.

How much did HUYA's game-related services and advertising revenue grow in Q2 2025?

Game-related services and advertising revenue grew to RMB413.9 million, up from RMB308.5 million in Q2 2024, now representing 26% of total revenues.

What is HUYA's current user base size?

HUYA reported 161.6 million average monthly active users across its platforms in Q2 2025.

How much cash did HUYA return to shareholders in Q2 2025?

HUYA returned capital to shareholders through US$75.4 million in share buybacks and a special dividend of approximately US$340 million.

What is HUYA's current cash position?

As of June 30, 2025, HUYA had RMB3,766.4 million (US$525.8 million) in cash, cash equivalents, and deposits, down from RMB6,254.6 million in the previous quarter.