净利润腰斩 虎牙转型路漫漫

Core Insights - From Q4 2023, Huya's quarterly revenue has remained below 1.6 billion yuan, with significant declines in net profit under non-GAAP standards in Q1 and Q2 2025, dropping by 74.2% and 51% respectively [1] - Huya's Q2 2025 revenue increased by 1.7% year-on-year, but net profit under non-GAAP standards fell by 51% [1] - The company has implemented a three-year plan since August 2023 to shift its commercialization strategy by providing more game-related services [1] Revenue Breakdown - In Q2 2025, Huya's revenue was derived from two segments: live streaming and game-related services, advertising, and other businesses, with live streaming revenue at 1.153 billion yuan, a decrease of 6.6%, accounting for 73.6% of total revenue; game-related services, advertising, and other revenue reached 414 million yuan, an increase of 34.1%, making up 26.4% of total revenue [2] - Compared to the initial three-year plan, the proportion of live streaming revenue has decreased from over 90% to 74%, while game-related services and other revenues still contribute less than 30% [2] Financial Performance - In H1 2025, Huya's revenue was 3.076 billion yuan, a slight increase of 30 million yuan compared to H1 2024; however, net profit under non-GAAP standards fell to 71.5 million yuan, down 119 million yuan year-on-year [1] - Operating loss for H1 2025 was 83.35 million yuan, compared to a loss of 64.55 million yuan in the same period last year [1] Cost and Expense Management - In Q2 2025, Huya's cost of revenue was 1.354 billion yuan, a year-on-year increase of 2.1%, primarily due to higher revenue sharing and content costs, partially offset by reduced bandwidth and server hosting fees [3] - R&D expenses in Q2 2025 were 122 million yuan, down 5.1% year-on-year, mainly due to reduced personnel-related costs; sales and marketing expenses were 57.7 million yuan, down 6.5% due to decreased channel promotion costs; general and administrative expenses remained flat at 63.7 million yuan [3]