Core Insights - Huya (HUYA.US) reported a pre-market increase of 1.79%, reaching $2.85, following the announcement of its third-quarter financial results [1] Financial Performance - The total revenue for Huya in Q3 reached 1.69 billion yuan, marking a new high in nearly nine quarters, with a year-on-year growth rate of approximately 10% [1] - Live streaming revenue stabilized and increased to 1.16 billion yuan [1] - Revenue from game-related services, advertising, and other businesses grew rapidly, with this segment's revenue increasing by about 30% to 530 million yuan, accounting for 31.5% of total revenue [1] - Under Non-GAAP, the company achieved an operating profit of 6.3 million yuan and a net profit attributable to Huya of 36.3 million yuan [1] User Metrics - As of Q3 2025, Huya's total Monthly Active Users (MAU) reached 162 million [1]

Core Insights - In Q3 2025, Huya's total revenue reached 1.69 billion yuan, marking a nearly nine-quarter high with a year-on-year growth rate of approximately 10% [1] - Live streaming revenue stabilized and rebounded to 1.16 billion yuan, while game-related services, advertising, and other businesses grew rapidly, with this segment's revenue increasing by about 30% to 530 million yuan, accounting for 31.5% of total revenue [1] - The company achieved an operating profit of 6.3 million yuan and a net profit attributable to Huya of 36.3 million yuan under Non-GAAP standards [1] - The total Monthly Active Users (MAU) reached 162 million in Q3 2025 [1] Revenue Breakdown - Live streaming revenue was 1.16 billion yuan, showing signs of recovery [1] - Game-related services, advertising, and other businesses contributed significantly, with revenue from this segment surpassing 30% for the first time since the strategic transformation began two years ago [1] - The sales performance of in-game items for popular games like "Honor of Kings," "Peacekeeper Elite," and "League of Legends" was notably strong, indicating a new growth point for the company [1] User Engagement and Ecosystem - Huya's platform ecosystem and user scale demonstrated resilience, with a steady increase in total MAU [2] - The number of returning top streamers has significantly increased, and Huya is actively expanding its multi-platform ecosystem to enhance its influence across various platforms [2] - The estimated user reach outside the platform has surpassed 100 million, providing substantial growth momentum for item sales and distribution [2] Innovation and Market Strategy - Huya has introduced several innovations in product offerings, including short video sections and gaming assistance tools, to optimize user experience and build an ecosystem [2] - The company successfully hosted nearly 100 licensed events and about 40 self-produced events in Q3 2025, enhancing its event ecosystem [2] - In overseas markets, Huya is deepening its focus on key regions, optimizing product experience and content ecology to improve user engagement and retention [2]

Core Viewpoint - Huya Inc. reported its Q3 2025 financial results, achieving total revenue of 1.69 billion RMB, marking a nearly nine-quarter high with a year-on-year growth rate of approximately 10% [1][6] Financial Performance - Total revenue reached 1.69 billion RMB, a year-on-year increase of about 9.8% [3] - Live streaming revenue stabilized at 1.16 billion RMB, showing a year-on-year growth of approximately 2.6% [3][9] - Game-related services, advertising, and other revenues grew by about 30% to 530 million RMB, accounting for 31.5% of total revenue [3][8] - Non-GAAP operating profit was 6.3 million RMB, with a net profit attributable to Huya of 36.3 million RMB [1][6] User Metrics - Total Monthly Active Users (MAU) reached 162 million, maintaining stability [7] Business Segments - Game-related services, advertising, and other revenues surpassed 30% of total revenue for the first time [6][8] - The sales of in-game items became a new growth point, with revenue from this segment increasing by over 200% [8] - The company plans to launch its first game, "Goose Goose Duck," which has already surpassed 10 million pre-registrations [8] Live Streaming and Content - Live streaming revenue saw a year-on-year increase of approximately 3%, marking the first positive growth since Q3 2021 [9] - The platform's content diversity and ecosystem vitality improved, evidenced by growth in outdoor live streaming duration and revenue [9] - Recent product updates included a short video section and game assistance tools, enhancing user experience [9] Event Ecosystem - The company provided nearly 100 licensed events and about 40 self-produced events in Q3 2025, maintaining a leading market share in top esports event streaming [10] - Upcoming events include the "Demacia Cup" and "DDC Diamond Championship Autumn Tournament," aimed at expanding the event ecosystem's influence [10] International Expansion - The overseas user base showed steady growth, with a focus on enhancing product experience and content ecosystem optimization [10]

Financial Data and Key Metrics Changes - Total net revenues for Q3 reached approximately RMB 1.7 billion, marking a year-over-year growth of about 10%, the highest level in the past nine quarters [3][12] - Non-GAAP operating profit was approximately RMB 6.3 million, reflecting a meaningful improvement over the same period last year [3][12] - Live streaming revenues increased by about 3% year-over-year to RMB 1.16 billion, while game-related services, advertising, and other revenues grew around 30% year-over-year to RMB 532 million, accounting for 31.5% of total net revenues [12][13] Business Line Data and Key Metrics Changes - Revenues from game-related services, advertising, and other segments grew 30% year-over-year, reaching RMB 532 million, driven by strong in-game item sales and advertising [4][12] - In-game item sales revenue grew by more than 200% year-over-year in Q3, supported by collaborations with flagship titles [5][21] - Live streaming revenues resumed growth for the first time since Q3 2021, with a more balanced content mix and solid gains in outdoor live streaming [7][12] Market Data and Key Metrics Changes - The platform ecosystem and user base remained resilient, with total monthly active users (MAUs) stable at around 162 million [3][29] - The company estimates that through top creators, it can reach over 100 million users across other platforms, expanding audience influence [4][29] Company Strategy and Development Direction - The company aims to deepen collaboration with game developers, expand SKU offerings, and enhance operations in game item sales [5][22] - A focus on diversifying into game publishing is evident, with the upcoming launch of "Goose Goose Duck Mobile" seen as a key step [6][30] - The strategy includes improving monetization efficiency, enhancing product experience, and expanding internationally for sustainable growth [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining robust growth momentum in game item sales and expects live streaming revenues to remain stable [5][26] - The company anticipates overall revenue growth to accelerate in 2026, driven primarily by game-related services, advertising, and other revenues [26] Other Important Information - Cost of revenues increased by 10% to RMB 1.46 billion, primarily due to increased revenue sharing fees and content costs [14] - Gross profit was RMB 227 million for Q3, with a gross margin of 13.4%, an improvement from the previous year [14][16] Q&A Session Summary Question: Updates on in-game item sales business - In-game item sales revenue grew over 200% year-over-year, supported by strong live streaming ecosystem and deeper partnerships with flagship titles [21][22] Question: Future growth of live streaming and non-live stream business - Live streaming revenue has returned to growth, while non-live streaming businesses are expected to continue growing strongly, driven by in-game item sales and deeper collaborations [26] Question: Strategy and outlook for Goose Goose Duck Mobile and game publishing - The mobile version of Goose Goose Duck is the first full-fledged publishing effort, with pre-registrations surpassing 10 million [30] - The strategy focuses on a content-driven approach, leveraging the streamer network and e-sports presence [31] Question: Ongoing partnership with Delta Force - The company is building a vibrant community engagement and e-sports tournament ecosystem for Delta Force, with successful events planned [34] Question: Financial impact of new business on profitability - Gross profit grew over RMB 23 million, leading to further improvement at the operating level, with expectations for gradual margin improvement over time [37]

Financial Data and Key Metrics Changes - Total net revenues for the third quarter reached approximately RMB 1.7 billion, marking a year-over-year growth of around 10% [3][12] - Non-GAAP operating profit was approximately RMB 6.3 million, showing a significant improvement compared to the same period last year [3][12] - Live streaming revenues increased by 3% year-over-year to RMB 1.16 billion, while game-related services, advertising, and other revenues grew around 30% year-over-year to RMB 532 million, accounting for 31.5% of total net revenues [12][13] Business Line Data and Key Metrics Changes - Game-related services, advertising, and other revenues reached RMB 532 million, driven by strong growth in in-game item sales, which grew over 200% year-over-year [5][12] - Live streaming revenues resumed growth for the first time since Q3 2021, with a more balanced content mix and solid gains in outdoor live streaming [7][12] Market Data and Key Metrics Changes - The platform maintained a stable user base with total MAUs around 162 million, and the streamer ecosystem expanded its influence, reaching over 100 million users across other platforms [4][29] - The company is deepening its presence in key geographic markets, focusing on user experience and content ecosystem to enhance engagement and retention [9] Company Strategy and Development Direction - The company aims to diversify into game publishing, with the upcoming launch of "Goose Goose Duck Mobile" as a key step in this strategy [6][30] - Future focus includes enriching item categories, expanding game partnerships, and improving the overall purchase experience for users [22][30] - The company plans to enhance monetization efficiency and product experience while steadily expanding internationally [10] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining robust growth momentum in in-game item sales and expects overall revenue growth to accelerate in 2026 [5][26] - Live streaming revenues are expected to remain stable, while non-live streaming businesses should continue to grow strongly due to deeper game collaborations [26] Other Important Information - Cost of revenues increased by 10% to RMB 1.46 billion, primarily due to increased revenue sharing fees and content costs [14] - The company achieved a positive net income for the quarter with non-GAAP net income of RMB 36 million, despite a decrease in interest income [16] Q&A Session Summary Question: Updates on in-game item sales business and future outlook - In-game item sales revenue grew over 200% year-over-year, supported by strong live streaming ecosystem and deeper partnerships with flagship titles [21][22] Question: Overall revenue growth and future expectations - Live streaming revenue has returned to growth, while non-live streaming businesses are expected to continue growing at a strong pace, driven by in-game item sales [26] Question: Strategy and outlook for Goose Goose Duck Mobile and game publishing - The mobile version of Goose Goose Duck is the first full-fledged publishing effort, with pre-registrations surpassing 10 million [30] Question: Collaboration with Delta Force and ongoing partnerships - The company is building a vibrant community engagement and e-sports tournament ecosystem around Delta Force, with successful events planned [34] Question: Financial impact of new business and profitability trends - Gross profit grew over RMB 23 million, leading to further improvement at the operating level, with expectations for gradual margin improvement over time [37]

Core Viewpoint - Huya Inc. reported a total revenue of 1.69 billion yuan for Q3 2025, marking a nearly nine-quarter high with a year-on-year growth rate of approximately 10% [1][2] Financial Performance - Total revenue reached 1.69 billion yuan, with live streaming revenue stabilizing at 1.16 billion yuan [1][2] - Game-related services, advertising, and other businesses saw a rapid growth of about 30%, contributing 530 million yuan and accounting for 31.5% of total revenue [1][3] - Non-GAAP operating profit was 6.3 million yuan, and net profit attributable to Huya was 36.3 million yuan [1][2] User Metrics - Total Monthly Active Users (MAU) reached 162 million, maintaining stability [3] Business Strategy and Growth Areas - The company is focusing on enhancing its platform ecosystem and user scale, with a notable increase in the number of returning top streamers [3] - The game-related services and advertising segment is expected to continue its rapid growth, with in-game item sales becoming a new growth point, showing over 200% year-on-year growth [4] - The company plans to launch its first game, "Goose Goose Duck," which has already surpassed 10 million pre-registrations during testing [4] Live Streaming and Content Development - Live streaming revenue grew by approximately 3%, marking the first positive year-on-year growth since Q3 2021 [5] - The company has introduced new features such as a short video section and game assistance tools to enhance user experience [5] Event Ecosystem - In Q3 2025, the company hosted nearly 100 licensed events and about 40 self-produced events, maintaining a leading market share in top esports event streaming [6] - The company is expanding its international brand influence through events like the League of Legends Asian Invitational [6] International Expansion - The user base in overseas markets is steadily growing, with a focus on enhancing product experience and content ecosystem optimization [6] - The company aims to deepen cooperation with popular games to drive sustainable development and profitability in international markets [6]

Financial Data and Key Metrics Changes - Total net revenues for Q3 2025 reached approximately RMB 1.7 billion, marking a year-over-year growth of around 10%, the highest level in the past nine quarters [3][12] - Non-GAAP operating profit was approximately RMB 6.3 million, showing significant improvement compared to the same period last year [3][12] - Live streaming revenues increased by 3% year-over-year to RMB 1.16 billion, while game-related services, advertising, and other revenues grew around 30% year-over-year to RMB 532 million, accounting for 31.5% of total net revenues [12][14] Business Line Data and Key Metrics Changes - Game-related services, advertising, and other revenues reached RMB 532 million, driven by strong growth in in-game item sales, which grew over 200% year-over-year [5][14] - Live streaming revenues resumed growth for the first time since Q3 2021, with a stable number of domestic paying users at 4.4 million [12][13] - Research and development expenses decreased by 3% year-over-year to RMB 122 million, while sales and marketing expenses decreased by 4% to RMB 70 million [15][16] Market Data and Key Metrics Changes - The platform maintained a stable user base with total monthly active users (MAUs) around 162 million [3][30] - The company estimates that through top creators, it can reach over 100 million users across other platforms, enhancing audience influence and monetization opportunities [4][30] Company Strategy and Development Direction - The company aims to deepen collaboration with game developers, expand SKU offerings, and enhance operations in game item sales, which is seen as a significant growth driver [5][7] - The launch of Goose Goose Duck Mobile is a key step in diversifying into game publishing, with a focus on leveraging the streamer ecosystem and content-driven marketing [6][31] - The company plans to enhance monetization efficiency and product experience while expanding internationally to achieve sustainable growth [11] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining robust growth momentum in game item sales and expects live streaming revenues to remain stable while non-live streaming businesses will continue to grow strongly [5][27] - The company anticipates overall revenue growth to accelerate in 2026, driven primarily by game-related services, advertising, and other segments [27] Other Important Information - Gross profit for Q3 was RMB 227 million, with a gross margin of 13.4%, showing improvement from the previous year [15] - Interest income decreased significantly to RMB 35 million due to a lower time deposit balance following special dividends [17] Q&A Session Summary Question: Updates on in-game item sales business - In-game item sales revenue grew over 200% year-over-year, supported by strong live streaming and partnerships with flagship titles [20][21] - Future focus includes enriching item categories, expanding game partnerships, and improving the purchase experience [23] Question: Overall revenue growth outlook - Live streaming revenue has returned to growth, while non-live streaming businesses are expected to continue strong growth driven by in-game item sales [26][27] Question: Publishing strategy for Goose Goose Duck Mobile - The game has surpassed 10 million pre-registrations and is seen as a milestone in the company's publishing strategy [31] - The strategy will focus on content-driven publishing leveraging the streamer network and e-sports presence [32] Question: Financial impact of new business segments - Gross margin remains stable, with expectations for gradual improvement as game-related services scale [38]

Core Insights - Huya Inc. reported a total revenue of 1.69 billion yuan for Q3 2025, marking a nearly nine-quarter high with a year-on-year growth rate of approximately 10% [1] - The live streaming revenue stabilized at 1.16 billion yuan, while the gaming-related services, advertising, and other businesses saw a rapid growth of about 30%, reaching 530 million yuan, accounting for 31.5% of total revenue [1][2] - The company achieved an operating profit of 6.3 million yuan and a net profit attributable to Huya of 36.3 million yuan under Non-GAAP standards [1] Revenue Growth and Business Performance - Huya's co-CEO Huang Junhong stated that the company returned to a healthy growth trajectory, driven by the stabilization of the live streaming business and the accelerated contribution from gaming-related services, advertising, and other sectors [2] - The gaming-related services, advertising, and other business segment's revenue growth of approximately 30% signifies a key breakthrough since the strategic transformation initiated two years ago [2][4] - The company reported a total Monthly Active Users (MAU) of 162 million in Q3 2025, indicating a stable increase in user engagement [1][4] Ecosystem and User Engagement - Huya's platform ecosystem and user scale demonstrated resilience, with a notable increase in the number of returning top streamers and an expansion of the multi-platform ecosystem strategy [4] - The company’s user reach outside its platform has surpassed 100 million, enhancing its influence in the gaming community [4] - Huya's innovative product offerings, including a short video section and game assistance tools, aim to optimize user experience and foster deeper engagement [5] Event and Content Strategy - In Q3 2025, Huya hosted nearly 100 licensed events and about 40 self-produced events, maintaining its leading position in the esports live streaming sector [5] - The company successfully launched its first self-produced game, "Goose Duck Kill," which achieved over 10 million reservations during the testing phase, laying the groundwork for future publishing efforts [4][5] International Expansion and Future Outlook - Huya is focusing on deepening its overseas market presence by enhancing product experience and optimizing content ecosystems to improve user retention and activity [6] - The company plans to continue developing its content ecosystem, releasing commercial potential, and exploring new business opportunities while enhancing collaboration with partners [7]

海外市场方面，虎牙持续深化重点海外市场布局，聚焦产品体验与内容生态优化以提升活跃与留存。同 时，虎牙与多款热门游戏达成深度合作，拓展多元变现场景，推动海外业务可持续发展与盈利能力提 升。 虎牙公司联席CEO兼CFO雷鹏表示："第三季度，公司总收入加速增长，运营表现持续改善。这一成果 充分体现了我们在推动收入结构多元化和成本审慎管理方面的稳健执行力。"该季度，虎牙公司Non- GAAP下的运营利润同比环比提升，并已连续七个季度获得Non-GAAP下净利润。"未来，我们将继续以 稳健的方式寻求机遇，在追求增长的同时兼顾盈利质量，为股东创造长期价值。"雷鹏表示。（旺旺） 虎牙公司联席CEO兼高级副总裁黄俊洪表示："2025年第三季度，虎牙重回健康的增长轨道，总收入同 比增长约10%。该积极成果一方面得益于直播业务基本盘的稳步回升，另一方面在于游戏相关服务、广 告及其他业务板块的贡献正加速提升。" 围绕游戏相关服务、广告和其他业务，黄俊洪进一步阐述："本季度，该板块业务收入同比增长约 30%，其总收入占比首次超过30%。这标志着自两年前启动战略转型以来，虎牙公司取得关键突 破。"值得注意的是，本季度，虎牙在《王者荣耀 ...

Core Insights - The core viewpoint of the article highlights that Huya Inc. has reported a significant increase in revenue for Q3 2025, marking a notable recovery in its financial performance after a challenging period [1] Financial Performance - Huya's total revenue for Q3 2025 reached 1.69 billion yuan, the highest in nearly nine quarters, with a year-on-year growth rate of approximately 10% [1] - Live streaming revenue stabilized and increased to 1.16 billion yuan, while revenue from game-related services, advertising, and other businesses grew by about 30% to 530 million yuan, accounting for 31.5% of total revenue [1] - Under Non-GAAP, the company achieved an operating profit of 6.3 million yuan and a net profit attributable to Huya of 36.3 million yuan [1] User Metrics - In Q3 2025, Huya's total Monthly Active Users (MAU) reached 162 million [1] Strategic Insights - The co-CEO and Senior Vice President of Huya, Huang Junhong, indicated that the revenue from game-related services, advertising, and other businesses exceeding 30% for the first time marks a key breakthrough since the strategic transformation began two years ago [1] - The co-CEO and CFO, Lei Peng, emphasized that the acceleration in total revenue growth and continuous improvement in operational performance reflect the company's robust execution in diversifying its revenue structure and managing costs prudently [1]