浦银国际研究 财务模型更新 | 互联网行业 虎牙（HUYA.US）：全年扭亏为盈， 杨子超，CFA 浦 加大股东回报 互联网分析师 银 charles_yang@spdbi.com 国 (852) 2808 6409 考虑到当前监管环境及行业竞争，预计公司 2024 年直播业务收入仍 际 赵丹 将持续下滑。与此同时，公司加大股东回报，宣布派发特别股息 0.66 首席互联网分析师 美元/ADS，或有助于释放公司账面约 14亿美元的现金价值。上调目 dan_zhao@spdbi.com 标价至 4.4 美元，维持“持有”评级。 (852) 2808 6436 财 务 2024年4月2日 业绩略优于预期，全年实现扭亏为盈。公司4Q23收入人民币15.3亿 模 型 元，同比下降27%，略优于市场预期1.6%。其中，直播收入为13.4亿 评级 更 元，同比下降 32%，主要是宏观环境和行业疲软以及公司战略转型所 新 致；平台移动MAU为8,550万，同比持平，季度付费用户同比下降22% 目标价（美元） 4.4 至 430 万；广告和其他收入为 1.9 亿元，同比增长 47%，主要受益于 潜在升幅/降幅 -3% 游戏广告 ...

M N 21 Mar 2024 CMB International Global Markets | Equity Research | Company Update Huya (HUYA US) Margin improvement to continue Target Price US$6.80 Huya delivered upbeat 4Q23 results, with revenue 2% above consensus and adj. (Previous TP US$6.80) NPM at -12.4% (vs. consensus of -13.9%). Looking into FY24E, we suggest to focus Up/Downside +54.5% on its margin improvement and game monetization from more titles cooperation. We Current Price US$4.40 forecast stable topline YoY in FY24E, with advertising & ot ...

HUYA Inc. (NYSE:HUYA) Q4 2023 Earnings Conference Call March 19, 2024 8:00 AM ET Company Participants Hanyu Liu - Investor Relations Ashley Wu - Acting Co-Chief Executive Officer and Vice President of Finance Junhong Huang - Director, Acting Co-Chief Executive Officer and Senior Vice President Conference Call Participants Lei Zhang - Bank of America Securities Yiwen Zhang - China Renaissance Ritchie Sun - HSBC Thomas Chong - Jefferies Hanyu Liu Good day and good evening and thank you for standing by. Welcom ...

Exhibit 99.1 HUYA Inc. Reports Fourth Quarter and Fiscal Year 2023 Unaudited Financial Results and Announces Special Cash Dividend GUANGZHOU, China, March 19, 2024 /PRNewswire/ -- HUYA Inc. ("Huya" or the "Company") (NYSE: HUYA), a leading game live streaming platform in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023. Fourth Quarter 2023 Highlights • Total net revenues for the fourth quarter of 2023 were RMB1,529.8 million (US$215.5 mill ...

Financial Performance - Total net revenues for Q4 2023 were RMB1,529.8 million (US$215.5 million), a decrease of 28.0% from RMB2,119.4 million in Q4 2022[4] - Net loss attributable to HUYA Inc. for Q4 2023 was RMB275.0 million (US$38.7 million), improved from a net loss of RMB562.7 million in Q4 2022[4] - Total net revenues for fiscal year 2023 were RMB6,994.3 million (US$985.1 million), a decline of 24.5% from RMB9,264.4 million in 2022[5] - Net loss attributable to HUYA Inc. for fiscal year 2023 was RMB204.5 million (US$28.8 million), compared to RMB547.7 million in the prior year[8] - Live streaming revenues for Q4 2023 were RMB1,343.5 million (US$189.2 million), down 32.1% from RMB1,975.2 million in Q4 2022[6] - Live streaming revenues for fiscal year 2023 were RMB6,450.8 million (US$908.6 million), down 21.3% from RMB8,195.9 million in the prior year, attributed to a soft macro environment and strategic business adjustments[8] Profitability and Loss - Non-GAAP net income for fiscal year 2023 was RMB119.1 million (US$16.8 million), a significant improvement from a non-GAAP net loss of RMB290.7 million in 2022[5] - Operating loss for fiscal year 2023 was RMB443.6 million (US$62.5 million), an improvement from RMB736.2 million in the prior year[8] - Gross profit increased by 24.7% to RMB815.2 million (US$114.8 million) for fiscal year 2023, with a gross margin of 11.7%, compared to 7.1% in fiscal year 2022[8] - Gross profit for the fourth quarter of 2023 was RMB15,210, compared to a gross loss of RMB267,737 in the fourth quarter of 2022[22] Cash and Assets - The company had cash and cash equivalents totaling RMB9,916.4 million (US$1,396.7 million) as of December 31, 2023, down from RMB10,676.8 million as of September 30, 2023[8] - Cash and cash equivalents decreased from RMB694,091 as of December 31, 2022, to RMB511,973 as of December 31, 2023, a decline of 26.2%[18] - Total current assets decreased by 22.4% from RMB10,500,876 as of December 31, 2022, to RMB8,150,611 as of December 31, 2023[18] - Total liabilities decreased from RMB2,383,609 as of December 31, 2022, to RMB2,299,755 as of December 31, 2023, a reduction of 3.5%[20] - The company’s total shareholders' equity decreased from RMB11,409,391 as of December 31, 2022, to RMB10,624,599 as of December 31, 2023, a decline of 6.9%[20] Shareholder Returns - A special cash dividend of approximately US$150 million was declared for shareholders[5] - A special cash dividend of US$0.66 per ordinary share or ADS has been declared, totaling approximately US$150 million, payable on or around May 24, 2024[9] - The company repurchased US$28.8 million of its shares by the end of 2023[5] - The company authorized a share repurchase program of up to US$100 million, with 9.2 million ADSs repurchased for US$28.8 million as of December 31, 2023[8] Research and Development - Research and development expenses decreased by 15.5% to RMB578.6 million (US$81.5 million) for fiscal year 2023, primarily due to reduced personnel-related expenses[8] - Research and development expenses for the fourth quarter of 2023 were RMB137,001, down from RMB145,149 in the fourth quarter of 2022[22] - Research and development expenses for the twelve months ended December 31, 2023, totaled RMB67,242 million, compared to RMB40,679 million in the previous year, reflecting a growth of 65%[27] Future Outlook - Future outlook indicates a focus on expanding market presence and enhancing product offerings, with continued investment in research and development[30]

GUANGZHOU, China, March 19, 2024 /PRNewswire/ -- HUYA Inc. ("Huya" or the "Company") (NYSE: HUYA), a leading game live streaming platform in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023. Fourth Quarter 2023 Highlights[1] Total net revenues for the fourth quarter of 2023 were RMB1,529.8 million (US$215.5 million), compared with RMB2,119.4 million for the same period of 2022. Net loss attributable to HUYA Inc. was RMB275.0 million (US$3 ...

-Earnings Webinar Scheduled for 8:00 a.m. ET on March 19, 2024- GUANGZHOU, China, Feb. 27, 2024 /PRNewswire/ -- HUYA Inc. ("Huya" or the "Company") (NYSE: HUYA), a leading game live streaming platform in China, today announced that it will report its fourth quarter and fiscal year 2023 unaudited financial results on Tuesday, March 19, 2024, before the open of U.S. markets. The Company's management will host a Tencent Meeting Webinar at 8:00 a.m. U.S. Eastern Time on March 19, 2024 (8:00 p.m. Beijing/Hong Ko ...

在中国，短视频领域最能赚钱的播主，是做直播带货的，动辄上亿的交易量令人心惊。 在欧美，赚钱能力最高的，带的「货」是游戏——YouTube 吸金能力排行榜，前几名常年被游戏播主占领。或者，可以说，游戏直播在欧美，热度和中国的主播带货可以相提并论。 在美国，一家名为 Twitch 的游戏直播平台，最高时候曾经拿下游戏直播市场 70% 的份额，让 YouTube 和 Meta 相形见绌，徒呼奈何。 三年疫情期间，Twitch 用户使用量暴增 45%，年度营收增长至 28 亿美元峰值——在成军十周年之后，Twitch 终于迎来了自己的巅峰。 而在 2023 年，Twitch 无论在用户时长还是用户数上，都开始下降。 Twitch 2023 年两项关键数据均下降 6.8%｜图源：streamscharts 数据之外，Twitch 的衰落也显而易见，在去年的冬天，Twitch 的首席产品官、首席客户官、首席内容官、首席营收官接连离职；联合创始人 Emmett Shear 在 6 月宣布辞去 CEO 的职位；去年 12 月，在电竞行业最发达的国家之一——韩国，Twitch 驻韩部门直接宣布将在今年 2 月 27 日关闭； ...

财联社2月5日讯（记者 徐赐豪），斗鱼与虎牙3年前“夭折的合并”，有了新动态。 日前，有传言称，直播平台斗鱼、虎牙即将合并。针对这一传言，斗鱼方面对新消费日报方面回应称斗鱼、虎牙存在业务合作，但目前没有合并计划，外界传闻不属实，而虎牙方面截至发稿暂无回应。 虽然两家都没有承认，不过斗鱼官方微信公众号却在今晚18点左右官宣，将和虎牙在2月6日至7日跨平台共创“龙争虎斗超级晚”，共有40多名主播参与。 值得注意的是，前不久《王者荣耀》和《和平精英》官方赛事先后宣布在抖音开播后，腾讯子公司“拳头游戏”的大流量端游《英雄联盟》和衍生IP《云顶之弈》也已基本确定将向抖音开放。而在腾讯旗下热门游戏IP对抖音集体解禁后，旭旭宝宝、张大仙外会有更多头部游戏主播流向抖音已成定局。 业内普遍认为，这是双方合作的一大诱因。 互联网传媒分析师李星向新消费日报记者表示，虎牙、斗鱼还能在游戏直播领域保有一席之地，重要原因之一就是握有《王者荣耀》的直播权。 但日前作为大股东的腾讯将《王者荣耀》直播开放给抖音，这意味着《王者荣耀》的流量红利外溢到腾讯系之外，面对新的挑战，虎牙、斗鱼需要“抱团取暖”。 此前，为了打造游戏产业链闭环，腾讯看上了 ...

Core Insights - The launch of Huya's new V12.0 version represents a significant overhaul in user interface, app architecture, and content offerings, aimed at enhancing user experience and engagement in live streaming and esports [1][2] Group 1: User Experience Enhancements - The new version emphasizes improved navigation, allowing users to easily access game-related content through a revamped bottom navigation bar [1] - The independent "Events" navigation page has been expanded to include a variety of professional gaming events, making it easier for users to find and watch their preferred esports and sports content [1] Group 2: Community and Content Features - The introduction of "Esports Encyclopedia" provides comprehensive data on events, teams, and players, fulfilling user needs for detailed statistics and rankings [2] - New community features include hot topics, guides, and player ratings, enhancing user interaction and content generation [2] Group 3: Interactive Live Streaming - The V12.0 version introduces AI-driven features for a more engaging viewing experience, including real-time commentary and highlight reels based on in-game events [2] - Users can participate in entertainment challenge events, with opportunities to win rewards and cash prizes, further increasing user engagement [2] Group 4: Commercialization and Future Outlook - The update marks a strategic shift towards professional and entertaining content consumption, aligning with Huya's goals for growth in 2024 [5]