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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.
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Q3 2025 earnings summary12 Nov, 2025

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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Frequently asked questions

HUYA Inc is a China-based live streaming platform focused on gaming and esports content. The company operates through its mobile and desktop platforms, enabling users to broadcast, watch, and interact with live gaming and entertainment content. It also partners with game developers and esports organizers. HUYA Inc is headquartered in Guangzhou, China, and its shares are listed on the NYSE.

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