HUYA(HUYA)2025-03-18 12:11Financial Performance - Total net revenues for Q4 2024 were RMB1,495.8 million (US$204.9 million), a decrease of 2.2% from RMB1,529.8 million in Q4 2023[6]. - Game-related services, advertising, and other revenues increased by 145.4% year-over-year to RMB1.33 billion (US$182.7 million) for fiscal year 2024, up from RMB543.5 million in 2023[4][27]. - Net loss attributable to HUYA Inc. for Q4 2024 was RMB172.2 million (US$23.6 million), an improvement from RMB275.0 million in Q4 2023[23]. - Non-GAAP net income for Q4 2024 was RMB1.2 million (US$0.2 million), a turnaround from a non-GAAP net loss of RMB189.7 million in Q4 2023[24]. - Live streaming revenues for fiscal year 2024 were RMB4,745.2 million (US$650.1 million), down from RMB6,450.8 million in the prior year[26]. - Total net revenues for the twelve months ended December 31, 2024, were RMB 6,079,115, a decrease of 13.1% compared to RMB 6,994,328 for the same period in 2023[67]. - Live streaming revenues for the three months ended December 31, 2024, were RMB 1,124,188, down 16.3% from RMB 1,343,463 in the previous quarter[67]. - Gross profit for the twelve months ended December 31, 2024, was RMB 809,454, representing a slight decrease from RMB 815,203 in 2023[67]. - Operating loss for the twelve months ended December 31, 2024, was RMB 189,576, compared to an operating loss of RMB 443,592 for the same period in 2023[67]. - The company reported a net loss attributable to HUYA Inc. of RMB 47,955 for the twelve months ended December 31, 2024, compared to a net loss of RMB 204,519 in 2023[67]. Profitability and Expenses - Gross margin improved to 11.4% in Q4 2024, compared to 1.0% in Q4 2023, due to decreased revenue sharing fees and content costs[16]. - Total operating expenses decreased by 23.8% year-over-year in Q4 2024, contributing to improved profitability[8]. - Non-GAAP net income attributable to HUYA Inc. was RMB268.8 million (US$36.8 million) for fiscal year 2024, up from RMB119.1 million for the prior year[39]. - Non-GAAP basic and diluted net income per ADS were RMB1.16 (US$0.16) and RMB1.15 (US$0.16) for fiscal year 2024, compared to RMB0.49 and RMB0.48 for fiscal year 2023[40]. Cash Flow and Dividends - Net cash provided by operating activities was RMB94.3 million (US$12.9 million) for fiscal year 2024, compared to net cash used in operating activities of RMB32.1 million for fiscal year 2023[40]. - The company plans to distribute a total of no less than US$400 million to shareholders through its 2025-2027 Dividend Plan[8]. - The 2025 Cash Dividend is expected to be approximately US$340 million, with a payment of US$1.47 per ordinary share or ADS, to be distributed on or around June 30, 2025[42]. - The Expected 2026 and 2027 Dividends are anticipated to be no less than US$30 million each year[43]. - As of December 31, 2024, the Company had repurchased 19.1 million ADSs for a total of US$63.6 million under the share repurchase program[45]. User Metrics - Average mobile MAUs for Q4 2024 were 82.6 million, down from 85.5 million in Q4 2023[6]. - The average mobile monthly active users (MAUs) for the Company's domestic Huya Live platform are calculated by dividing the sum of mobile active users for each month during the relevant period by the number of months in that period[52]. Strategic Initiatives - The company aims to advance its "AI + Live Streaming" strategy to enhance content creation efficiency and user experience[7]. - In December 2023, the Company acquired a global mobile application service provider from Tencent Holdings Limited for US$81 million, consolidating its financial results retrospectively since Q1 2022[50]. Asset and Liability Management - Total current assets decreased to RMB 6,088,273 as of December 31, 2024, down from RMB 8,150,611 as of December 31, 2023[63]. - Total assets decreased to RMB 9,567,811 as of December 31, 2024, compared to RMB 12,924,354 as of December 31, 2023[65]. - Total liabilities decreased to RMB 2,017,132 as of December 31, 2024, from RMB 2,299,755 as of December 31, 2023[65]. - Shareholders' equity decreased to RMB 7,550,679 as of December 31, 2024, down from RMB 10,624,599 as of December 31, 2023[65]. Impairment and Losses - Impairment loss of investments was RMB232.5 million (US$31.8 million) for fiscal year 2024, compared to RMB225.8 million for the prior year[37]. - The impairment loss of investments for the three months ended December 31, 2023, was RMB 79,911 million, compared to RMB 36,298 million in the previous quarter[73]. - Share-based compensation expenses for the three months ended December 31, 2023, were RMB 384 million, a significant increase from RMB 13,203 million in the previous quarter[73].