HUYA Inc. Reports Third Quarter 2025 Unaudited Financial Results

Rhea-AI Summary

HUYA (NYSE: HUYA) reported third quarter 2025 unaudited results for the period ended September 30, 2025. Total net revenues rose 9.8% year‑over‑year to RMB1,688.3 million (US$237.1 million), driven by a 29.6% increase in game‑related services, advertising and other to RMB531.6 million (US$74.7 million), which represented over 30% of total net revenues for the first time. Average MAUs were 162.3 million. GAAP net income attributable to HUYA was RMB9.6 million (US$1.3 million); non‑GAAP net income was RMB36.3 million (US$5.1 million). Gross profit rose 11.3% to RMB226.6 million and gross margin was 13.4%. Operating loss narrowed to RMB14.3 million; non‑GAAP operating income was RMB6.3 million. Cash and deposits totaled RMB3,828.2 million as of September 30, 2025.

Positive

• Total net revenues +9.8% YoY to RMB1,688.3 million
• Game‑related services, advertising +29.6% YoY to RMB531.6 million
• Game‑related segment >30% of total net revenues (first time)
• Average MAUs 162.3 million for Q3 2025
• Non‑GAAP operating income turned positive at RMB6.3 million

Negative

• GAAP net income fell to RMB9.6 million from RMB23.6 million YoY
• Non‑GAAP net income declined to RMB36.3 million from RMB78.0 million
• Operating loss remained at RMB14.3 million in Q3 2025
• Interest income dropped to RMB34.7 million from RMB96.6 million YoY

Insights

Corporate Financial Analyst

Revenue growth and diversification offset by weaker profits; operating metrics improved but earnings fell year‑over‑year.

HUYA Inc. reported total net revenues up 9.8% to RMB1,688.3 million for the third quarter ended September 30, 2025, driven by a 29.6% rise in game‑related services, advertising and other to RMB531.6 million, and a modest 2.6% lift in live streaming revenues. Average MAUs were reported at 162.3 million, and cash and equivalents stood at RMB3,828.2 million as of September 30, 2025.

The company narrowed its operating loss to RMB14.3 million and reported a small positive GAAP net income attributable to the company of RMB9.6 million, while non‑GAAP net income declined to RMB36.3 million. Gross margin ticked up to 13.4%. Cost of revenues rose with revenue‑linked items such as revenue sharing and in‑game item costs, while R&D and sales and marketing expenses fell modestly and G&A rose.

Key dependencies and risks include sustained growth in game‑related services and continued control of revenue‑linked costs; interest income fell notably due to a lower time deposit balance. Watch near‑term items: quarterly MAU trends and per‑user spend, the mix between live streaming and game‑related revenues, and updates on revenue sharing or partnership terms with game partners over the next one-to-two quarters (e.g., results in Q4 2025 and early 2026). The facts indicate revenue diversification progress, but smaller year‑over‑year reported earnings and lower interest income make the overall impact neutral in this quarter.

GUANGZHOU, China, Nov. 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 third quarter ended September 30, 2025.

Third Quarter 2025 Highlights

• Total net revenues increased by 9.8% to RMB1,688.3 million (US$237.1 million) for the third quarter of 2025, from RMB1,537.7 million for the same period of 2024.
• Game-related services, advertising and other revenues increased by 29.6% to RMB531.6 million (US$74.7 million) for the third quarter of 2025, from RMB410.2 million for the same period of 2024.
• Net income attributable to HUYA Inc. was RMB9.6 million (US$1.3 million) for the third quarter of 2025, compared with RMB23.6 million for the same period of 2024.
• Non-GAAP net income attributable to HUYA Inc.^[1] was RMB36.3 million (US$5.1 million) for the third quarter of 2025, compared with RMB78.0 million for the same period of 2024.
• Average MAUs^[2] for the third quarter of 2025 was 162.3 million.

Mr. Junhong Huang, Acting Co-Chief Executive Officer and Senior Vice President of Huya, commented, "As we close the third quarter of 2025, we are encouraged to report that Huya has returned to a promising growth trajectory, with total net revenues up approximately 10% year-over-year. This progress reflects both stabilization in our live streaming revenues and accelerating contributions from game-related services, advertising and other initiatives.

"Game-related services, advertising and other revenues grew approximately 30% year-over-year, accounting for over 30% of our total net revenues for the first time, marking a key milestone since our strategic transformation two years ago. In-game item sales have been a main driver of this segment as we deepened and expanded collaborations with game partners both in China and abroad," Mr. Huang concluded.

Mr. Raymond Peng Lei, Acting Co-Chief Executive Officer and Chief Financial Officer of Huya, added, "We are pleased to see total net revenues re-accelerate and operating performance continue to improve in the third quarter. These results reflect our steady execution on revenue diversification and prudent cost management. Looking ahead, we will continue to explore opportunities in a measured way, pursuing growth thoughtfully while preserving earnings quality and building long-term shareholder value."

Third Quarter 2025 Financial Results

Total net revenues increased by 9.8% to RMB1,688.3 million (US$237.1 million) for the third quarter of 2025, from RMB1,537.7 million for the same period of 2024.

Live streaming revenues increased by 2.6% to RMB1,156.7 million (US$162.5 million) for the third quarter of 2025, from RMB1,127.5 million for the same period of 2024, primarily due to the improvement of average spending per paying user for live streaming services.

Game-related services, advertising and other revenues increased by 29.6% to RMB531.6 million (US$74.7 million) for the third quarter of 2025, from RMB410.2 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 9.6% to RMB1,461.6 million (US$205.3 million) for the third quarter of 2025 from RMB1,334.1 million for the same period of 2024, primarily due to increased revenue sharing fees and content costs as well as costs of in-game items, partially offset by decreased bandwidth and server custody fees. Revenue sharing fees and content costs, a key component of cost of revenues, increased by 7.8% year-over-year to RMB1,262.9 million (US$177.4 million) for the third quarter of 2025, primarily due to increased revenues.

Gross profit increased by 11.3% to RMB226.6 million (US$31.8 million) for the third quarter of 2025, from RMB203.6 million for the same period of 2024. Gross margin was 13.4% for the third quarter of 2025, compared with 13.2% for the same period of 2024.

Research and development expenses decreased by 2.8% to RMB121.9 million (US$17.1 million) for the third quarter of 2025 from RMB125.5 million for the same period of 2024, primarily due to decreased staff costs as a result of enhanced efficiency.

Sales and marketing expenses decreased by 4.4% to RMB70.1 million (US$9.8 million) for the third quarter of 2025 from RMB73.3 million for the same period of 2024, primarily due to decreased channel promotion fees. 

General and administrative expenses increased by 15.4% to RMB57.7 million (US$8.1 million) for the third quarter of 2025 from RMB50.0 million for the same period of 2024, primarily due to increased professional service fees and staff costs.

Other income was RMB8.9 million (US$1.2 million) for the third quarter of 2025, compared with RMB13.0 million for the same period of 2024, primarily due to lower government subsidies.

Operating loss was RMB14.3 million (US$2.0 million) for the third quarter of 2025, compared with RMB32.3 million for the same period of 2024.

Non-GAAP operating income was RMB6.3 million (US$0.9 million) for the third quarter of 2025, compared with non-GAAP operating loss of RMB13.2 million for the same period of 2024.

Interest income was RMB34.7 million (US$4.9 million) for the third quarter of 2025, compared with RMB96.6 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 income attributable to HUYA Inc. was RMB9.6 million (US$1.3 million) for the third quarter of 2025, compared with RMB23.6 million for the same period of 2024.

Non-GAAP net income attributable to HUYA Inc. was RMB36.3 million (US$5.1 million) for the third quarter of 2025, compared with RMB78.0 million for the same period of 2024.

Basic and diluted net income per American depositary share ("ADS") were each RMB0.04 (US$0.01) for the third quarter of 2025. Basic and diluted net income per ADS were each RMB0.10 for the third 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 RMB0.16 (US$0.02) for the third quarter of 2025. Non-GAAP basic and diluted net income per ADS were each RMB0.34 for the third quarter of 2024.

As of September 30, 2025, the Company had cash and cash equivalents, short-term deposits and long-term deposits of RMB3,828.2 million (US$537.7 million), compared with RMB3,766.4 million as of June 30, 2025.

Earnings Webinar

The Company's management will host a Tencent Meeting Webinar at 5:00 a.m. U.S. Eastern Time on November 12, 2025 (6:00 p.m. Beijing/Hong Kong time on November 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/aMWqwn0OAFE7
International:	https://voovmeeting.com/dw/aMWqwn0OAFE7

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 income (loss) attributable to HUYA Inc. excluding share-based compensation expenses, gain arising from disposal of an equity investment, net of income taxes, 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.

For more information, please visit: https://ir.huya.com.

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, gain arising from disposal of an equity investment, net of income taxes, 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, gain arising from disposal of an equity investment, net of income taxes, 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) gain arising from disposal of an equity investment, net of income taxes, (iii) impairment loss of investments, and (iv) 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) gain arising from disposal of an equity investment, net of income taxes, and (iv) 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 RMB7.1190 to US$1.00, the noon buying rate in effect on September 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 September 30,
		2024		2025		2025
		RMB		RMB		US$
Assets
Current assets
Cash and cash equivalents		1,188,911		725,818		101,955
Restricted cash		17,031		9,107		1,279
Short-term deposits		4,075,048		3,042,408		427,365
Accounts receivable, net		76,044		164,647		23,128
Prepaid assets and amounts due from related     parties, net		207,565		391,211		54,953
Prepayments and other current assets, net		523,674		579,821		81,447
Total current assets		6,088,273		4,913,012		690,127
Non-current assets
Long-term deposits		1,470,000		60,000		8,428
Investments		440,790		393,639		55,294
Goodwill		463,796		458,447		64,398
Property and equipment, net		484,008		550,873		77,381
Intangible assets, net		153,190		133,263		18,719
Right-of-use assets, net		339,492		311,464		43,751
Prepayments and other non-current assets		128,262		15,749		2,212
Total non-current assets		3,479,538		1,923,435		270,183
Total assets		9,567,811		6,836,447		960,310
Liabilities and shareholders' equity
Current liabilities
Accounts payable		66,613		235,391		33,065
Advances from customers and deferred revenue		265,628		226,512		31,818
Income taxes payable		54,594		59,193		8,315
Accrued liabilities and other current liabilities		1,360,949		1,006,309		141,356
Amounts due to related parties		161,529		177,154		24,885
Lease liabilities due within one year		28,581		22,015		3,092
Total current liabilities		1,937,894		1,726,574		242,531
Non-current liabilities
Lease liabilities		20,047		2,946		414
Deferred tax liabilities		23,405		20,148		2,830
Deferred revenue		35,786		32,647		4,586
Total non-current liabilities		79,238		55,741		7,830
Total liabilities		2,017,132		1,782,315		250,361

 

 

 

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 September 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 September 30, 2025, respectively;     74,845,398 and 73,019,089 shares issued and     outstanding as of December 31, 2024 and     September 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 September 30, 2025, respectively;     150,386,517 and 150,386,517 shares issued and     outstanding as of December 31, 2024 and     September 30, 2025, respectively)		98		98		14
Treasury shares		(108,101)		(142,299)		(19,989)
Additional paid-in capital		8,866,492		6,452,211		906,337
Statutory reserves		122,429		122,429		17,197
Accumulated deficit		(2,100,291)		(2,095,349)		(294,332)
Accumulated other comprehensive income		770,000		716,989		100,715
Total shareholders' equity		7,550,679		5,054,132		709,949
Total liabilities and shareholders' equity		9,567,811		6,836,447		960,310

 

 

 

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								N ine Months Ended
		S eptember 30, 2024		June 30, 2025		S eptember 30, 2025		S eptember 30, 2025		S eptember 30, 2024		S eptember 30, 2025		S eptember 30, 2025
		RMB		RMB		RMB		US$		RMB		RMB		US$
Net revenues
Live streaming		1,127,499		1,153,232		1,156,681		162,478		3,621,007		3,448,064		484,347
Game-related services, advertising and others		410,160		413,857		531,570		74,669		962,281		1,315,861		184,838
Total net revenues		1,537,659		1,567,089		1,688,251		237,147		4,583,288		4,763,925		669,185
Cost of revenues(1)		(1,334,085)		(1,354,771)		(1,461,627)		(205,314)		(3,944,297)		(4,136,500)		(581,051)
Gross profit		203,574		212,318		226,624		31,833		638,991		627,425		88,134
Operating expenses(1)
Research and development expenses		(125,508)		(122,156)		(121,942)		(17,129)		(389,324)		(373,623)		(52,483)
Sales and marketing expenses		(73,330)		(57,699)		(70,107)		(9,848)		(211,251)		(188,501)		(26,479)
General and administrative expenses		(50,025)		(63,743)		(57,729)		(8,109)		(173,786)		(182,917)		(25,694)
Total operating expenses		(248,863)		(243,598)		(249,778)		(35,086)		(774,361)		(745,041)		(104,656)
Other income, net		12,958		7,577		8,854		1,244		38,486		19,965		2,804
Operating loss		(32,331)		(23,703)		(14,300)		(2,009)		(96,884)		(97,651)		(13,718)
Interest income		96,580		59,074		34,655		4,868		316,155		158,645		22,285
Impairment loss of investments		(36,298)		(30,000)		(8,698)		(1,222)		(81,377)		(38,698)		(5,436)
Disposal gain of investments		-		-		1,500		211		-		1,500		211
Foreign currency exchange losses, net		(1,225)		(2,112)		(2,008)		(282)		(3,280)		(4,536)		(637)
I ncome before income tax expenses		26,726		3,259		11,149		1,566		134,614		19,260		2,705
Income tax expenses		(3,113)		(7,388)		(508)		(71)		(10,366)		(11,144)		(1,565)
Income (loss) before loss in equity method     investments, net of income taxes		23,613		(4,129)		10,641		1,495		124,248		8,116		1,140
Loss in equity method investments, net of     income taxes		-		(1,362)		(1,085)		(152)		-		(3,124)		(439)
Net income (loss) attributable to HUYA Inc.		23,613		(5,491)		9,556		1,343		124,248		4,992		701
Net  income (loss) attributable to ordinary     shareholders		23,613		(5,491)		9,556		1,343		124,248		4,992		701

 

 

 

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												Nine Months Ended
		S eptember 30, 2024			June 30, 2025				S eptember 30, 2025				S eptember 30, 2025				S eptember 30, 2024				S eptember 30, 2025				S eptember 30, 2025
		RMB			RMB				RMB				US$				RMB				RMB				US$
Net income (loss) per ordinary share
—Basic		0.10			(0.02)				0.04				0.01				0.54				0.02				0.00
—Diluted		0.10			(0.02)				0.04				0.01				0.53				0.02				0.00
Net income (loss) per ADS*
—Basic		0.10			(0.02)				0.04				0.01				0.54				0.02				0.00
—Diluted		0.10			(0.02)				0.04				0.01				0.53				0.02				0.00
Weighted average number of ADS used in     calculating net income (loss) per ADS
—Basic		231,366,502			227,675,862				229,032,506				229,032,506				231,852,981				228,715,412				228,715,412
—Diluted		232,948,154			227,675,862				231,210,726				231,210,726				234,514,598				231,084,419				231,084,419
* 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								N ine Months Ended
		S eptember 30, 2024		June 30, 2025		S eptember 30, 2025		S eptember 30, 2025		S eptember 30, 2024		S eptember 30, 2025		S eptember 30, 2025
		RMB		RMB		RMB		US$		RMB		RMB		US$
Cost of revenues		3,521		3,707		1,666		234		12,298		8,756		1,230
Research and development expenses		5,497		6,563		4,335		609		20,986		17,211		2,418
Sales and marketing expenses		171		394		213		30		983		927		130
General and administrative expenses		4,014		7,385		8,435		1,185		12,855		23,868		3,353

 

 

 

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								N ine Months Ended
		S eptember 30, 2024		June 30, 2025		S eptember 30, 2025		S eptember 30, 2025		S eptember 30, 2024		S eptember 30, 2025		S eptember 30, 2025
		RMB		RMB		RMB		US$		RMB		RMB		US$
Gross profit		203,574		212,318		226,624		31,833		638,991		627,425		88,134
Share-based compensation expenses allocated     in cost of revenues		3,521		3,707		1,666		234		12,298		8,756		1,230
Non-GAAP gross profit		207,095		216,025		228,290		32,067		651,289		636,181		89,364
Operating loss		(32,331)		(23,703)		(14,300)		(2,009)		(96,884)		(97,651)		(13,718)
Share-based compensation expenses		13,203		18,049		14,649		2,058		47,122		50,762		7,131
Amortization of intangible assets from     business acquisitions		5,937		6,005		5,958		837		17,808		17,959		2,523
Non-GAAP operating ( loss ) income		(13,191)		351		6,307		886		(31,954)		(28,930)		(4,064)
Net income (loss) attributable to HUYA Inc.		23,613		(5,491)		9,556		1,343		124,248		4,992		701
Gain arising from disposal of an equity     investment, net of income taxes		-		-		(1,500)		(211)		-		(1,500)		(211)
Impairment loss of investments		36,298		30,000		8,698		1,222		81,377		38,698		5,436
Share-based compensation expenses		13,203		18,049		14,649		2,058		47,122		50,762		7,131
Amortization of intangible assets from     business acquisitions, net of income taxes		4,928		4,984		4,945		695		14,781		14,906		2,094
Non-GAAP net income attributable to     HUYA Inc.		78,042		47,542		36,348		5,107		267,528		107,858		15,151
Net income (loss) attributable to ordinary     shareholders		23,613		(5,491)		9,556		1,343		124,248		4,992		701
Gain arising from disposal of an equity     investment, net of income taxes		-		-		(1,500)		(211)		-		(1,500)		(211)
Impairment loss of investments		36,298		30,000		8,698		1,222		81,377		38,698		5,436
Share-based compensation expenses		13,203		18,049		14,649		2,058		47,122		50,762		7,131
Amortization of intangible assets from     business acquisitions, net of income taxes		4,928		4,984		4,945		695		14,781		14,906		2,094
Non-GAAP net income attributable to     ordinary shareholders		78,042		47,542		36,348		5,107		267,528		107,858		15,151
Non-GAAP net income per ordinary share
—Basic		0.34		0.21		0.16		0.02		1.15		0.47		0.07
—Diluted		0.34		0.21		0.16		0.02		1.14		0.47		0.07
Non-GAAP net income per ADS
—Basic		0.34		0.21		0.16		0.02		1.15		0.47		0.07
—Diluted		0.34		0.21		0.16		0.02		1.14		0.47		0.07
Weighted average number of ADS used in     calculating Non-GAAP net income per     ADS
—Basic		231,366,502		227,675,862		229,032,506		229,032,506		231,852,981		228,715,412		228,715,412
—Diluted		232,948,154		230,562,291		231,210,726		231,210,726		234,514,598		231,084,419		231,084,419

 

 

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SOURCE HUYA Inc.

FAQ

What were HUYA's total net revenues for Q3 2025 (HUYA)?

HUYA reported total net revenues of RMB1,688.3 million (US$237.1 million) for Q3 2025, up 9.8% year‑over‑year.

How much did HUYA's game‑related services and advertising revenue grow in Q3 2025?

Game‑related services, advertising and other revenues increased 29.6% year‑over‑year to RMB531.6 million (US$74.7 million) in Q3 2025.

What was HUYA's average monthly active users (MAUs) in Q3 2025?

HUYA reported average MAUs of 162.3 million for the third quarter of 2025.

Did HUYA report a profit or loss in Q3 2025 and what were non‑GAAP results?

GAAP net income attributable to HUYA was RMB9.6 million in Q3 2025; non‑GAAP net income was RMB36.3 million and non‑GAAP operating income was RMB6.3 million.

How did HUYA's cash and deposits position look as of September 30, 2025?

As of September 30, 2025, HUYA had cash and cash equivalents, short‑term and long‑term deposits totaling RMB3,828.2 million (US$537.7 million).

When will HUYA hold its Q3 2025 earnings webinar and where can investors watch?

HUYA's management will host a Tencent Meeting webinar on November 12, 2025 at 5:00 a.m. ET (6:00 p.m. Beijing/HK), with a live webcast available at https://ir.huya.com.