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HUYA (HUYA) investor relations material
HUYA Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 net revenues reached RMB 1.7 billion, the highest in nine quarters, with 9.8% year-over-year growth driven by game-related services, advertising, and stable live streaming revenues.
Game-related services, advertising, and other revenues surged 29.6% year-over-year, now accounting for over 30% of total net revenues for the first time.
Non-GAAP operating profit was RMB 6.3 million, a significant improvement over last year.
Total MAUs remained stable at 162.3 million, reflecting cross-platform and overseas expansion.
Financial highlights
Live streaming revenues grew 2.6% year-over-year to RMB 1.16 billion, marking the first positive growth since Q3 2021.
Game-related services, advertising, and other revenues rose 29.6% year-over-year to RMB 532 million, now 31.5% of total net revenues.
In-game item sales revenue surged over 200% year-over-year.
Gross profit was RMB 227 million, up 11.3% year-over-year, with a gross margin of 13.4%.
Non-GAAP diluted net income per ADS was RMB 0.16 for Q3.
Outlook and guidance
Live streaming revenues expected to remain stable in Q4 2025.
Non-live streaming businesses, especially in-game item sales, anticipated to continue strong growth and potentially accelerate.
Overall revenue growth projected to accelerate in 2026, with game-related services, advertising, and others as main drivers.
Management emphasized continued focus on revenue diversification, prudent cost management, and measured pursuit of growth opportunities.
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