营收增长9.8%，但虎牙净利润继续下滑

Core Viewpoint - Huya's Q3 2025 financial report shows a revenue growth of 9.8% year-on-year, but a significant decline of 53.5% in net profit under non-GAAP standards, indicating challenges in profitability despite revenue growth [12][15]. Revenue Performance - In Q3 2025, Huya achieved a revenue of 1.69 billion yuan, marking a 9.8% increase and ending a streak of quarterly revenues below 1.6 billion yuan since Q4 2023 [12]. - Game-related services, advertising, and other revenues reached 530 million yuan, up 29.6% year-on-year, contributing over 30% to total revenue for the first time [12][13]. Profitability Analysis - The non-GAAP net profit for Q3 2025 decreased by 53.5% year-on-year, continuing a trend of three consecutive quarters of decline [12][15]. - The company's non-GAAP operating profit was reported at 6.3 million yuan, showing significant improvement compared to the same period last year [16]. Cost Structure - Total operating expenses for Q3 2025 were 250 million yuan, remaining stable compared to the previous year [17]. - R&D expenses decreased from approximately 130 million yuan in Q4 2024 to about 120 million yuan in Q3 2025, a decline of 2.8% [17]. User Engagement - Huya reported a total monthly active user count of 162 million in Q3 2025, compared to 84 million mobile active users reported in Q3 2024 [18].