HUYA(US:HUYA) Zheng Quan Ri Bao Wang·2025-11-12 12:47Core Insights - The company reported total revenue of 1.69 billion yuan for Q3 2025, marking a new high in nearly nine quarters with a year-on-year growth rate of approximately 10% [1][2] - Live streaming revenue stabilized at 1.16 billion yuan, while game-related services, advertising, and other businesses saw rapid growth, with revenue increasing by about 30% to 530 million yuan, accounting for 31.5% of total revenue [1][2] - The company achieved a Non-GAAP operating profit of 6.3 million yuan and a net profit attributable to the company of 36.3 million yuan [1] Revenue Breakdown - Total revenue reached 1.69 billion yuan, with live streaming revenue at 1.16 billion yuan and game-related services, advertising, and other income at 530 million yuan [1][2] - Game-related services, advertising, and other income accounted for over 30% of total revenue for the first time [2][3] User Metrics - The total Monthly Active Users (MAU) reached 162 million, maintaining stability [3] - The company estimates that its reach to users outside its platform has surpassed 100 million, enhancing its potential for monetization [3] Growth Drivers - The sales of in-game items have become a new growth point, with revenue from this segment increasing by over 200% year-on-year, particularly in popular games like "Honor of Kings" and "PUBG Mobile" [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 Strategy - 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 and engagement [5] 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 [6] - The company hosted the "League of Legends Asian Invitational," significantly enhancing its brand's international influence [6] International Expansion - The user base in overseas markets has shown steady growth, with a focus on optimizing product experience and content ecosystem to improve user retention [6]