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]

Core Insights - Huya Inc. has reported a return to growth with total net revenues increasing by approximately 10% year-over-year for Q3 2025, driven by stabilization in live streaming revenues and growth in game-related services, advertising, and other initiatives [3][6]. Financial Performance - Total net revenues for Q3 2025 reached RMB 1,688.3 million (US$ 237.1 million), up 9.8% from RMB 1,537.7 million in Q3 2024 [6][10]. - Live streaming revenues increased by 2.6% to RMB 1,156.7 million (US$ 162.5 million) compared to RMB 1,127.5 million in Q3 2024, attributed to higher average spending per paying user [6][10]. - Game-related services, advertising, and other revenues surged by 29.6% to RMB 531.6 million (US$ 74.7 million) from RMB 410.2 million in the same period last year, marking a significant milestone as this segment accounted for over 30% of total net revenues for the first time [4][7][10]. Cost and Profitability - Cost of revenues rose by 9.6% to RMB 1,461.6 million (US$ 205.3 million) due to increased revenue sharing fees and content costs, partially offset by lower bandwidth and server custody fees [8][10]. - Gross profit increased by 11.3% to RMB 226.6 million (US$ 31.8 million), with a gross margin of 13.4%, slightly up from 13.2% in Q3 2024 [9][10]. - Operating loss narrowed to RMB 14.3 million (US$ 2.0 million) from RMB 32.3 million in Q3 2024, indicating improved operational efficiency [12][10]. Income Metrics - Net income attributable to Huya Inc. was RMB 9.6 million (US$ 1.3 million) for Q3 2025, down from RMB 23.6 million in the same period last year [10][14]. - Non-GAAP net income attributable to Huya Inc. was RMB 36.3 million (US$ 5.1 million), compared to RMB 78.0 million in Q3 2024 [10][14]. - Average monthly active users (MAUs) for Q3 2025 stood at 162.3 million, reflecting the company's user engagement [10][22]. Strategic Outlook - The company aims to continue exploring growth opportunities while maintaining prudent cost management and preserving earnings quality [5]. - Huya's strategic transformation over the past two years has led to significant contributions from game-related services and advertising, indicating a successful shift in business focus [4][5].

Core Insights - The 2025 League of Legends World Championship, hosted by Huya HYPER X, has generated significant excitement in Chengdu and Guangzhou, with over 16,000 attendees witnessing T1's unprecedented third consecutive championship victory [1][4][13] Event Overview - The event marks the 15th anniversary of League of Legends, featuring intense competition culminating in a championship match between KT and T1 in Chengdu [4] - Huya's collaboration with League of Legends has led to the organization of three viewing parties in Chengdu and Guangzhou, leveraging the global finals' return to China [4][12] Celebrity Engagement - The event featured popular esports team iG, well-known streamers, and musicians, attracting attention from both the esports and music communities, thus promoting cross-industry interaction [5][8] - Interactive activities included fan engagement with iG players and performances by artists, enhancing the overall atmosphere [5][7] Local Cultural Integration - The Chengdu viewing party incorporated local elements such as themed parties and creative activities, providing a unique experience that blends esports with local culture [8] - In the Greater Bay Area, the event showcased local traditions and cultural interactions, merging esports with regional heritage [10] Innovative Event Structure - The event transformed traditional viewing into a multi-dimensional celebration, combining esports, cultural activities, and entertainment, thus setting a new standard for urban esports events [12] - Huya's approach emphasizes the integration of esports with local lifestyle, aiming to boost the local economy and cultural tourism [13]

Market Overview - On November 5, the three major U.S. stock indices opened mixed, with the Dow Jones Industrial Average down 0.01%, the S&P 500 down 0.02%, and the Nasdaq Composite up 0.06% [1] - Year-to-date performance shows the Dow Jones up 10.66%, Nasdaq up 20.99%, and S&P 500 up 15.10% [2] Sector Performance - Technology stocks exhibited mixed results, with Micron Technology rising over 2% and Tesla increasing more than 1%, while Advanced Micro Devices (AMD) fell over 2% and Super Micro Computer dropped more than 6% [1] - Chinese concept stocks mostly saw gains, with Canadian Solar (阿特斯太阳能) up over 12% and Huya (虎牙) rising more than 3% [1]

Core Insights - The event focused on the integration of sports consumption and industry development, highlighting trends and innovations in the sports sector [1] - Huya proposed a dual-track esports system combining "School Sports Meets" and "Provincial Sports Meets" to create a comprehensive esports event ecosystem [2] Group 1: Esports Ecosystem Development - Huya aims to leverage traditional sports experiences to enhance the esports industry, suggesting that grassroots events could be the next growth point for esports [2] - The company has established a complete talent pipeline from schools to professional levels through the "Campus Co-Creation Officer Program," which has been implemented in over 800 universities nationwide [2] - Huya's esports strategy includes a youth-oriented team for event execution and campus promotion, ensuring a continuous influx of fresh talent into the esports ecosystem [2] Group 2: Provincial Sports Meets and Community Engagement - The "Provincial Sports Meets" track draws inspiration from traditional sports leagues, creating a city-based esports league system that emphasizes local culture and community involvement [3] - The "Esports Lu Super" event in Shandong, which involved 16 cities, achieved over 1 billion views during its discussions, setting a record for grassroots esports events in China [3] - Huya is committed to evolving esports from mere competitions to integrated cultural products that combine elements of tourism, heritage, consumption, and education [3] Group 3: Regional Development and Cultural Integration - Huya is actively promoting the esports industry in the Guangdong-Hong Kong-Macao Greater Bay Area through various initiatives, including hosting major esports events and integrating local cultural elements [4] - The company plans to collaborate with major global esports events, such as League of Legends S15, to enhance local engagement and explore the "esports + sports + culture" model [4] - Huya's dual-track system aims to foster a sustainable esports ecosystem supported by government, corporate sponsorship, academic participation, and user co-creation [4]