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HUYA delivered Q2 2026 earnings beat on margin expansion, with game-related services and advertising revenue up 54% y/y, now 37% of total revenue. HUYA's valuation remains attractive at 16x forward earnings, well below the 20x peer average, supported by $465mn net cash and a 14% implied shareholder yield. Management's content-driven game publishing strategy is driving robust user engagement and monetization, with new IP launches and successful collaborations fueling growth.

HUYA Inc. Reports Second Quarter 2026 Unaudited Financial Results PR Newswire GUANGZHOU, China, Aug. 11, 2026

, /PRNewswire/ -- HUYA Inc. ("Huya" or the "Company") (NYSE: HUYA), a leading game-related entertainment and services provider, today announced its unaudited financial results for the second quarter ended June 30, 2026.

Second Quarter 2026 Highlights

Total net revenues increased by 11.0% to RMB1,739.3 million (US$256.3 million) for the second quarter of 2026, from RMB1,567.1 million for the same period of 2025. Game-related services, advertising and other revenues increased by 54.1% to RMB637.9 million (US$94.0 million) for the second quarter of 2026, from RMB413.9 million for the same period of 2025. Operating loss narrowed to RMB7.0 million (US$1.0 million) for the second quarter of 2026, compared with RMB23.7 million for the same period of 2025. Non-GAAP1 operating income was RMB16.2 million (US$2.4 million) for the second quarter of 2026, compared with RMB0.4 million for the same period of 2025. Net income attributable to HUYA Inc. was RMB1.6 million (US$0.2 million) for the second quarter of 2026, compared with a net loss attributable to HUYA Inc. of RMB5.5 million for the same period of 2025. Non-GAAP net income attributable to HUYA Inc. was RMB36.4 million (US$5.4 million) for the second quarter of 2026, compared with RMB47.5 million for the same period of 2025. Mr. Junhong Huang, Acting Chief Executive Officer of Huya, commented, "Huya's strategic transformation gained further traction in the second quarter of 2026. Total net revenues reached RMB1.74 billion, up 11.0% year-over-year, while game-related services, advertising, and other revenues increased 54.1% year-over-year to RMB637.9 million and represented 36.7% of total net revenues."

"Goose Goose Duck mobile re-entered the Top 5 on the Apple App Store free games chart in the Chinese mainland at the end of July, further validating Huya's content-led game publishing model. Game publishing remains a strategic priority for Huya and our pipeline is robust, with The Legend of Swordman: Reunion and Xiao Xiao Qi Yu both progressing toward launch. Goose Goose Duck mobile's strong performance demonstrates how Huya's content ecosystem and integrated marketing capabilities can drive user acquisition, engagement and monetization, reinforcing our confidence in the long-term potential of this business," Mr. Huang concluded.

Mr. Raymond Peng Lei, Chief Financial Officer of Huya, added, "We continue to see financial improvement at the operating level, supported by ongoing growth in game-related services, advertising and other revenues. We are pleased to announce that our board of directors has approved an increase in the total authorized amount of our 2026 Share Repurchase Program from US$50 million to US$100 million, reflecting our confidence in Huya's business outlook and our commitment to enhancing long-term shareholder value."

Second Quarter 2026 Financial Results

Total net revenues increased by 11.0% to RMB1,739.3 million (US$256.3 million) for the second quarter of 2026, from RMB1,567.1 million for the same period of 2025.

Live streaming revenues were RMB1,101.5 million (US$162.3 million) for the second quarter of 2026, compared with RMB1,153.2 million for the same period of 2025, primarily reflecting the live streaming industry's current environment.

Game-related services, advertising and other revenues increased by 54.1% to RMB637.9 million (US$94.0 million) for the second quarter of 2026, from RMB413.9 million for the same period of 2025. The increase was primarily driven by higher revenues from in-game item sales and advertising, as well as the contribution from the commercialization of Goose Goose Duck mobile.

Cost of revenues increased by 9.6% to RMB1,484.3 million (US$218.8 million) for the second quarter of 2026, from RMB1,354.8 million for the same period of 2025, generally in line with the increase in revenues, primarily due to increased revenue sharing fees and costs of in-game virtual items. Revenue sharing fees and content costs, a key component of cost of revenues, increased by 3.2% year-over-year to RMB1,214.7 million (US$179.0 million) for the second quarter of 2026.

Gross profit increased by 20.1% to RMB255.0 million (US$37.6 million) for the second quarter of 2026, from RMB212.3 million for the same period of 2025. Gross margin was 14.7% for the second quarter of 2026, compared with 13.5% for the same period of 2025.

Research and development expenses decreased by 1.4% to RMB120.4 million (US$17.8 million) for the second quarter of 2026, from RMB122.2 million for the same period of 2025.

Sales and marketing expenses increased by 57.7% to RMB91.0 million (US$13.4 million) for the second quarter of 2026, from RMB57.7 million for the same period of 2025, primarily due to continued marketing and promotional efforts related to Goose Goose Duck mobile.

General and administrative expenses decreased by 8.4% to RMB58.4 million (US$8.6 million) for the second quarter of 2026, from RMB63.7 million for the same period of 2025, primarily due to decreased professional service fees.

Other income was RMB7.8 million (US$1.2 million) for the second quarter of 2026, compared with RMB7.6 million for the same period of 2025.

Operating loss narrowed to RMB7.0 million (US$1.0 million) for the second quarter of 2026, compared with RMB23.7 million for the same period of 2025.

Non-GAAP operating income was RMB16.2 million (US$2.4 million) for the second quarter of 2026, compared with RMB0.4 million for the same period of 2025.

Interest income decreased by 56.6% to RMB25.7 million (US$3.8 million) for the second quarter of 2026, from RMB59.1 million for the same period of 2025, primarily due to a decrease in the average deposit balance as a result of special cash dividends and lower interest rates.

Net income attributable to HUYA Inc. was RMB1.6 million (US$0.2 million) for the second quarter of 2026, compared with a net loss attributable to HUYA Inc. of RMB5.5 million for the same period of 2025.

Non-GAAP net income attributable to HUYA Inc. was RMB36.4 million (US$5.4 million) for the second quarter of 2026, compared with RMB47.5 million for the same period of 2025.

Basic and diluted net income per American depositary share ("ADS") were each RMB0.01 (US$0.00) for the second quarter of 2026. Basic and diluted net loss per ADS were each RMB0.02 for the second quarter of 2025. Each ADS represents one Class A ordinary share of the Company.

Non-GAAP basic and diluted net income per ADS were each RMB0.16 (US$0.02) for the second quarter of 2026. Non-GAAP basic and diluted net income per ADS were each RMB0.21 for the second quarter of 2025.

As of June 30, 2026, the Company had cash and cash equivalents, short-term deposits and long-term deposits of RMB3,213.1 million (US$473.5 million), compared with RMB3,455.1 million as of March 31, 2026.

Share Repurchase Program

On August 7, 2026, the Company's board of directors authorized an increase of US$50 million to the authorized repurchase amount under the Company's existing share repurchase program originally adopted on March 18, 2026 (the "2026 Share Repurchase Program"). Following such increase, the total authorized repurchase amount under the 2026 Share Repurchase Program is US$100 million. As of June 30, 2026, the Company had repurchased 3.2 million ADSs under the 2026 Share Repurchase Program for an aggregate consideration of US$7.6 million.

Earnings Webinar

The Company's management will host a Tencent Meeting Webinar at 6:00 a.m. U.S. Eastern Time on August 11, 2026 (6:00 p.m. Beijing/Hong Kong time on August 11, 2026), to review and discuss the Company's business and financial performance.

For participants who wish to join the webinar, please complete the online registration in advance using the links provided below. Upon registration, participants will receive an email with webinar access information, including meeting ID, meeting link, dial-in numbers, and a unique attendee ID to join the webinar.

Participant Online Registration:

A live webcast of the webinar will be accessible at https://ir.huya.com, and a replay of the webcast will be available following the session.

1 The Company's non-GAAP financial measures exclude share-based compensation expenses, amortization of intangible assets from business acquisitions, and impairment loss of investments, to the extent applicable. For more information, please refer to the section titled "Use of Non-GAAP Financial Measures" and the table captioned "HUYA Inc. Unaudited Reconciliations of GAAP and Non-GAAP Results" at the end of this press release.

2 For the purpose of this announcement only, Chinese Mainland excludes the Hong Kong Special Administrative Region, the Macao Special Administrative Region of the People's Republic of China, and Taiwan.

About HUYA Inc.

HUYA Inc. is a leading game-related entertainment and services provider. Huya delivers dynamic live streaming and video content and a rich array of services spanning games, e-sports, and other interactive entertainment genres to a large, highly engaged community of game enthusiasts. Huya has cultivated a robust entertainment ecosystem powered by AI and other advanced technologies, serving users and partners across the gaming universe, including game companies, e-sports tournament organizers, broadcasters and talent agencies. Leveraging this strong foundation, Huya has also expanded into innovative game-related services, such as game distribution, in-game item sales, advertising and more. Huya continues to extend its footprint in China and abroad, meeting the evolving needs of gamers, content creators, and industry partners worldwide.

For more information, please visit: https://ir.huya.com.

Use of Non-GAAP Financial Measures

The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), except that the consolidated statement of changes in shareholders' equity, consolidated statements of cash flows, and the detailed notes have not been presented. Huya uses non-GAAP gross profit, non-GAAP operating loss, non-GAAP net income (loss) attributable to HUYA Inc., non-GAAP net income (loss) attributable to ordinary shareholders, non-GAAP basic and diluted net income (loss) per ordinary share, and non-GAAP basic and diluted net income (loss) per ADS, which are non-GAAP financial measures. Non-GAAP gross profit is gross profit excluding share-based compensation expenses allocated in cost of revenues. Non-GAAP operating loss is operating loss excluding share-based compensation expenses and amortization of intangible assets from business acquisitions. Non-GAAP net income (loss) attributable to HUYA Inc. is net income (loss) attributable to HUYA Inc. excluding share-based compensation expenses, impairment loss of investments, and amortization of intangible assets from business acquisitions, net of income taxes, to the extent applicable. Non-GAAP net income (loss) attributable to ordinary shareholders is net income (loss) attributable to ordinary shareholders excluding share-based compensation expenses, impairment loss of investments, and amortization of intangible assets from business acquisitions, net of income taxes, to the extent applicable. Non-GAAP basic and diluted net income (loss) per ordinary share and per ADS is non-GAAP net income (loss) attributable to ordinary shareholders divided by the weighted average number of ordinary shares and ADS used in the calculation of non-GAAP basic and diluted net income (loss) per ordinary share and per ADS. The Company believes that separate analysis and exclusion of the impact of (i) share-based compensation expenses, (ii) impairment loss of investments, and (iii) amortization of intangible assets from business acquisitions (net of income taxes), add clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measures for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measures represent useful supplemental information for investors and analysts to assess its operating performance without the effect of (i) share-based compensation expenses, and (ii) amortization of intangible assets from business acquisitions, which have been and will continue to be significant recurring expenses in its business, and (iii) impairment loss of investments. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company's net income (loss) for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider a non-GAAP financial measure in isolation from or as an alternative to the financial measures prepared in accordance with U.S. GAAP.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "HUYA Inc. Unaudited Reconciliations of GAAP and Non-GAAP Results" at the end of this announcement.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.7851 to US$1.00, the noon buying rate in effect on June 30, 2026, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollar amounts referred to in this announcement could have been or could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this announcement, as well as Huya's strategic and operational plans, contain forward-looking statements. Huya may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Huya's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Huya's goals and strategies; Huya's future business development, results of operations and financial condition; the expected growth of the live streaming industry and the game industry in Chinese mainland and internationally; Huya's expectation regarding demand for and market acceptance of its products and services; Huya's ability to retain and grow its user reach, broadcasters, talent agencies, business partners for game-related services and advertisers; Huya's ability to expand its product and service offerings; competition in the live streaming industry and game industry; Huya's efforts in complying with applicable data privacy and security regulations; fluctuations in general economic and business conditions in China; the economy in China and elsewhere generally; any regulatory developments in laws, regulations, rules, policies or guidelines applicable to Huya; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Huya's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Huya does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

HUYA Inc.
Investor Relations
Tel: +86-20-2290-7829
E-mail: [email protected]

Piacente Financial Communications
Jenny Cai
Tel: +86-10-6508-0677
E-mail: [email protected]

In the United States:

Piacente Financial Communications 
Brandi Piacente
Tel: +1-212-481-2050
E-mail: [email protected]

HUYA INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except share, ADS, per share data and per ADS data)

As of December 31,

As of June 30,

2025

2026

2026

RMB

RMB

US$

Assets

Current assets

Cash and cash equivalents

692,663

322,165

47,481

Restricted cash

12,031

29,671

4,373

Short-term deposits

3,125,760

2,130,908

314,057

Accounts receivable, net

238,569

407,019

59,987

Prepaid assets and amounts due from related

   parties, net

290,747

280,388

41,324

Prepayments and other current assets, net

547,078

434,027

63,967

Total current assets

4,906,848

3,604,178

531,189

Non-current assets

Long-term deposits

-

760,000

112,010

Investments

296,165

344,617

50,790

Goodwill

453,498

439,439

64,765

Property and equipment, net

604,368

682,612

100,605

Intangible assets, net

127,633

106,309

15,668

Right-of-use assets, net

304,017

302,376

44,565

Prepayments and other non-current assets

8,843

19,045

2,807

Total non-current assets

1,794,524

2,654,398

391,210

Total assets

6,701,372

6,258,576

922,399

Liabilities and shareholders' equity

Current liabilities

Accounts payable

237,903

355,796

52,438

Advances from customers and deferred revenue

228,167

199,916

29,464

Income taxes payable

61,479

46,604

6,869

Accrued liabilities and other current liabilities

1,032,437

832,984

122,764

Amounts due to related parties

150,166

123,954

18,269

Lease liabilities due within one year

18,982

11,651

1,717

Total current liabilities

1,729,134

1,570,905

231,521

Non-current liabilities

Lease liabilities

1,766

11,263

1,660

Deferred tax liabilities

18,932

16,766

2,471

Deferred revenue

31,824

37,480

5,524

Total non-current liabilities

52,522

65,509

9,655

Total liabilities

1,781,656

1,636,414

241,176

HUYA INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(All amounts in thousands, except share, ADS, per share data and per ADS data)

As of December 31,

As of June 30,

2025

2026

2026

RMB

RMB

US$

Shareholders' equity

Class A ordinary shares (US$0.0001 par value;

   750,000,000 shares authorized as of December 
   31, 2025 and June 30, 2026, respectively;
   73,146,779 and 77,979,576 shares issued and
   outstanding as of December 31, 2025 and June
   30, 2026, respectively)

54

58

9

Class B ordinary shares (US$0.0001 par value;

   200,000,000 shares authorized as of December 
   31, 2025 and June 30, 2026, respectively;
   150,386,517 and 150,386,517 shares issued and
   outstanding as of December 31, 2025 and June
   30, 2026, respectively)

98

98

14

Treasury shares

(128,056)

(108,917)

(16,052)

Additional paid-in capital

6,466,101

6,230,982

918,333

Statutory reserves

122,429

122,429

18,044

Accumulated deficit

(2,219,365)

(2,233,576)

(329,188)

Accumulated other comprehensive income

678,455

611,088

90,063

Total shareholders' equity

4,919,716

4,622,162

681,223

Total liabilities and shareholders' equity

6,701,372

6,258,576

922,399

*

For the avoidance of doubt, the total outstanding ordinary shares include 5,655,480 Class A ordinary shares beneficially owned by participants of HUYA Inc.'s share incentive plans.

HUYA INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(All amounts in thousands, except share, ADS, per share data and per ADS data)

Three Months Ended

Six Months Ended

June 30,

2025

March 31,

2026

June 30,

2026

June 30,

2026

June 30,

2025

June 30,

2026

June 30,

2026

RMB

RMB

RMB

US$

RMB

RMB

US$

Net revenues

Live streaming

1,153,232

1,100,993

1,101,472

162,337

2,291,383

2,202,465

324,603

Game-related services, advertising and others

413,857

627,393

637,863

94,009

784,291

1,265,256

186,476

Total net revenues

1,567,089

1,728,386

1,739,335

256,346

3,075,674

3,467,721

511,079

Cost of revenues(1)

(1,354,771)

(1,475,234)

(1,484,342)

(218,765)

(2,674,873)

(2,959,576)

(436,188)

Gross profit

212,318

253,152

254,993

37,581

400,801

508,145

74,891

Operating expenses(1)

Research and development expenses

(122,156)

(131,709)

(120,447)

(17,752)

(251,681)

(252,156)

(37,163)

Sales and marketing expenses

(57,699)

(88,067)

(90,988)

(13,410)

(118,394)

(179,055)

(26,389)

General and administrative expenses

(63,743)

(65,092)

(58,420)

(8,610)

(125,188)

(123,512)

(18,203)

Total operating expenses

(243,598)

(284,868)

(269,855)

(39,772)

(495,263)

(554,723)

(81,755)

Other income, net

7,577

2,927

7,847

1,157

11,111

10,774

1,588

Operating loss

(23,703)

(28,789)

(7,015)

(1,034)

(83,351)

(35,804)

(5,276)

Interest income

59,074

30,327

25,664

3,782

123,990

55,991

8,252

Impairment loss of investments

(30,000)

-

(12,475)

(1,839)

(30,000)

(12,475)

(1,839)

Foreign currency exchange losses, net

(2,112)

(1,703)

(2,782)

(410)

(2,528)

(4,485)

(661)

Income (loss) before income tax expenses

3,259

(165)

3,392

499

8,111

3,227

476

Income tax expenses

(7,388)

(2,631)

(1,817)

(268)

(10,636)

(4,448)

(656)

(Loss) income before (loss) income in equity

   method investments, net of income taxes

(4,129)

(2,796)

1,575

231

(2,525)

(1,221)

(180)

(Loss) income in equity method investments,

   net of income taxes

(1,362)

(1,271)

49

7

(2,039)

(1,222)

(180)

Net (loss) income attributable to HUYA Inc.

(5,491)

(4,067)

1,624

238

(4,564)

(2,443)

(360)

Net (loss) income attributable to ordinary

   shareholders

(5,491)

(4,067)

1,624

238

(4,564)

(2,443)

(360)

HUYA INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)
(All amounts in thousands, except share, ADS, per share data and per ADS data)

Three Months Ended

Six Months Ended

June 30,

2025

March 31,

2026

June 30,

2026

June 30,

2026

June 30,

2025

June 30,

2026

June 30,

2026

RMB

RMB

RMB

US$

RMB

RMB

US$

Net (loss) income per ordinary share

—Basic

(0.02)

(0.02)

0.01

0.00

(0.02)

(0.01)

(0.00)

—Diluted

(0.02)

(0.02)

0.01

0.00

(0.02)

(0.01)

(0.00)

Net (loss) income per ADS*

—Basic

(0.02)

(0.02)

0.01

0.00

(0.02)

(0.01)

(0.00)

—Diluted

(0.02)

(0.02)

0.01

0.00

(0.02)

(0.01)

(0.00)

Weighted average number of ADS used in

     calculating net (loss) income per ADS

—Basic

227,675,862

229,705,246

229,420,912

229,420,912

228,554,238

229,562,293

229,562,293

—Diluted

227,675,862

229,705,246

232,687,370

232,687,370

228,554,238

229,562,293

229,562,293

**

Each ADS represents one Class A ordinary share.

(1)

Share-based compensation was allocated in cost of revenues and operating expenses as follows:

Three Months Ended

Six Months Ended

June 30,

2025

March 31,

2026

June 30,

2026

June 30,

2026

June 30,

2025

June 30,

2026

June 30,

2026

RMB

RMB

RMB

US$

RMB

RMB

US$

Cost of revenues

3,707

2,435

1,563

230

7,090

3,998

589

Research and development expenses

6,563

4,437

4,025

593

12,876

8,462

1,247

Sales and marketing expenses

394

211

180

27

714

391

58

General and administrative expenses

7,385

13,512

12,191

1,797

15,433

25,703

3,788

HUYA INC.
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except share, ADS, per share data and per ADS data)

Three Months Ended

Six Months Ended

June 30,

2025

March 31,

2026

June 30,

2026

June 30,

2026

June 30,

2025

June 30,

2026

June 30,

2026

RMB

RMB

RMB

US$

RMB

RMB

US$

Gross profit

212,318

253,152

254,993

37,581

400,801

508,145

74,891

Share-based compensation expenses allocated

     in cost of revenues

3,707

2,435

1,563

230

7,090

3,998

589

Non-GAAP gross profit

216,025

255,587

256,556

37,811

407,891

512,143

75,480

Operating loss

(23,703)

(28,789)

(7,015)

(1,034)

(83,351)

(35,804)

(5,276)

Share-based compensation expenses

18,049

20,595

17,959

2,647

36,113

38,554

5,682

Amortization of intangible assets from

     business acquisitions

6,005

5,466

5,208

768

12,001

10,674

1,573

Non-GAAP operating income (loss)

351

(2,728)

16,152

2,381

(35,237)

13,424

1,979

Net (loss) income attributable to HUYA Inc.

(5,491)

(4,067)

1,624

238

(4,564)

(2,443)

(360)

Impairment loss of investments

30,000

-

12,475

1,839

30,000

12,475

1,839

Share-based compensation expenses

18,049

20,595

17,959

2,647

36,113

38,554

5,682

Amortization of intangible assets from

     business acquisitions, net of income taxes

4,984

4,537

4,323

637

9,961

8,860

1,306

Non-GAAP net income attributable to HUYA Inc.

47,542

21,065

36,381

5,361

71,510

57,446

8,467

Net (loss) income attributable to ordinary

     shareholders

(5,491)

(4,067)

1,624

238

(4,564)

(2,443)

(360)

Impairment loss of investments

30,000

-

12,475

1,839

30,000

12,475

1,839

Share-based compensation expenses

18,049

20,595

17,959

2,647

36,113

38,554

5,682

Amortization of intangible assets from

     business acquisitions, net of income taxes

4,984

4,537

4,323

637

9,961

8,860

1,306

Non-GAAP net income attributable to

     ordinary shareholders

47,542

21,065

36,381

5,361

71,510

57,446

8,467

Non-GAAP net income per ordinary share

—Basic

0.21

0.09

0.16

0.02

0.31

0.25

0.04

—Diluted

0.21

0.09

0.16

0.02

0.31

0.25

0.04

Non-GAAP net income per ADS

—Basic

0.21

0.09

0.16

0.02

0.31

0.25

0.04

—Diluted

0.21

0.09

0.16

0.02

0.31

0.25

0.04

Weighted average number of ADS used in

     calculating Non-GAAP net income per

     ADS

—Basic

227,675,862

229,705,246

229,420,912

229,420,912

228,554,238

229,562,293

229,562,293

—Diluted

230,562,291

233,646,621

232,687,370

232,687,370

231,018,054

233,086,222

233,086,222

SOURCE HUYA Inc.

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SummaryHUYA launches VAM 1.0, an AI-powered digital human model, signaling a strategic pivot into China's fast-growing virtual persona market.We reiterate a bullish BUY rating on HUYA, citing a compelling 12.3x forward P/E, a net cash valuation cushion, and a 50% upside to a 20x multiple.VAM 1.0 enables scalable, high-margin, proprietary content, reducing dependence on costly top-tier streamers and capital-intensive production.Risks include macro-driven consumption weakness and intense competition from ByteDance, Kuaishou, and Redbook, which could pressure HUYA's core business and valuation. Maskot/DigitalVision via Getty Images

According to Sina Finance, HUYA (HUYA) recently launched VAM 1.0, an AI-based digital human model built on Diffusion Transformer architecture, which allows the user to upload a single picture to create an interactive live

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, /PRNewswire/ -- HUYA Inc. ("Huya" or the "Company") (NYSE: HUYA), a leading game-related entertainment and services provider, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2025, and a special cash dividend for the year 2026.

Fourth Quarter 2025 Highlights

Total net revenues increased by 16.2% to RMB1,738.5 million (US$248.6 million) for the fourth quarter of 2025, from RMB1,495.8 million for the same period of 2024. Game-related services, advertising and other revenues increased by 59.4% to RMB592.5 million (US$84.7 million) for the fourth quarter of 2025, from RMB371.6 million for the same period of 2024. Net loss attributable to HUYA Inc. was RMB117.6 million (US$16.8 million) for the fourth quarter of 2025, compared with RMB172.2 million for the same period of 2024. Non-GAAP net loss attributable to HUYA Inc.[1] was RMB8.4 million (US$1.2 million) for the fourth quarter of 2025, compared with a non-GAAP net income attributable to HUYA Inc. of RMB1.2 million for the same period of 2024. Average MAUs[2] for the fourth quarter of 2025 was 160.0 million. Fiscal Year 2025 Highlights

Total net revenues increased by 7.0% to RMB6,502.4 million (US$929.8 million) for fiscal year 2025, from RMB6,079.1 million for 2024. Game-related services, advertising and other revenues increased by 43.1% to RMB1,908.4 million (US$272.9 million) for fiscal year 2025, from RMB1,333.9 million for 2024. Net loss attributable to HUYA Inc. was RMB112.6 million (US$16.1 million) for fiscal year 2025, compared with RMB48.0 million for 2024. Non-GAAP net income attributable to HUYA Inc.[1] was RMB99.5 million (US$14.2 million) for fiscal year 2025, compared with RMB268.8 million for 2024. Mr. Junhong Huang, Acting Co-Chief Executive Officer and Senior Vice President of Huya, commented, "In 2025, we made meaningful progress in our evolution into a comprehensive game-related services provider. Our total net revenues for 2025 rebounded to RMB6.5 billion, up 7.0% year-over-year. Notably, our fourth quarter total net revenues reached RMB1.74 billion, with year-over-year growth accelerating to 16.2%. This performance was primarily driven by our business diversification efforts, as game-related services, advertising, and other revenues surged 59.4% year-over-year and accounted for over 30% of total net revenues, which is now the second quarter since we first hit this milestone."

"Building on this momentum, our expansion into game publishing achieved a key breakthrough with the launch of Goose Goose Duck mobile in the Chinese mainland in January 2026. Since its debut, the title has demonstrated exceptional market appeal, ranking No. 1 on the local Apple App Store free games chart for most of the past two months. More importantly, this success powerfully validates our content-driven publishing strategy and lays the groundwork for us to further deepen our presence across the gaming ecosystem," Mr. Huang concluded.

Mr. Raymond Peng Lei, Acting Co-Chief Executive Officer and Chief Financial Officer of Huya, added, "Our fourth quarter results included a one-off accounting provision, which had a significant impact on our reported operating results and led to an operating loss for the quarter. Excluding the impact of this item, this quarter's results reflected continued improvement in our core operating performance."

Fourth Quarter 2025 Financial Results

Total net revenues increased by 16.2% to RMB1,738.5 million (US$248.6 million) for the fourth quarter of 2025, from RMB1,495.8 million for the same period of 2024.

Live streaming revenues increased by 1.9% to RMB1,146.0 million (US$163.9 million) for the fourth quarter of 2025, from RMB1,124.2 million for the same period of 2024, primarily due to higher average spending per paying user for live streaming services.

Game-related services, advertising and other revenues increased by 59.4% to RMB592.5 million (US$84.7 million) for the fourth quarter of 2025, from RMB371.6 million for the same period of 2024. The increase was primarily driven by higher revenues from game-related services and advertising, which were mainly attributable to the Company's deepened cooperation with game companies.

Cost of revenues increased by 12.7% to RMB1,493.8 million (US$213.6 million) for the fourth quarter of 2025, from RMB1,325.4 million for the same period of 2024, primarily due to increased revenue sharing fees and content costs, as well as increased costs of in-game items, partially offset by decreased bandwidth and server custody fees. Revenue sharing fees and content costs, a key component of cost of revenues, increased by 10.4% year-over-year to RMB1,277.2 million (US$182.6 million) for the fourth quarter of 2025, primarily due to increased revenues.

Gross profit increased by 43.6% to RMB244.7 million (US$35.0 million) for the fourth quarter of 2025, from RMB170.5 million for the same period of 2024. Gross margin was 14.1% for the fourth quarter of 2025, compared with 11.4% for the same period of 2024.

Research and development expenses decreased by 0.2% to RMB123.1 million (US$17.6 million) for the fourth quarter of 2025, from RMB123.3 million for the same period of 2024.

Sales and marketing expenses increased by 24.3% to RMB78.1 million (US$11.2 million) for the fourth quarter of 2025, from RMB62.8 million for the same period of 2024, primarily due to increased marketing and promotional efforts, including pre-launch preparations for Goose Goose Duck mobile, a co-published title that was subsequently launched in January 2026.

General and administrative expenses increased by 55.4% to RMB126.0 million (US$18.0 million) for the fourth quarter of 2025, from RMB81.1 million for the same period of 2024, primarily due to a RMB66.0 million (US$9.4 million) provision related to a receivable arising from a 2021 arrangement with a broadcaster, which was deemed to have a heightened risk of non-recoverability.

Other income was RMB17.5 million (US$2.5 million) for the fourth quarter of 2025, compared with RMB4.0 million for the same period of 2024, primarily due to increased government subsidies.

Operating loss was RMB64.9 million (US$9.3 million) for the fourth quarter of 2025, compared with RMB92.7 million for the same period of 2024.

Non-GAAP operating loss was RMB36.1 million (US$5.2 million) for the fourth quarter of 2025, compared with RMB69.3 million for the same period of 2024.

Interest income was RMB32.1 million (US$4.6 million) for the fourth quarter of 2025, compared with RMB75.2 million for the same period of 2024, primarily due to a lower time deposit balance, which was mainly attributable to the special cash dividends paid.

Impairment loss of investments was RMB81.5 million (US$11.6 million) for the fourth quarter of 2025, compared with RMB151.1 million for the same period of 2024, primarily due to the recognition of impairment charges on the Company's investments, attributable to the weak financial performance of certain investees.

Net loss attributable to HUYA Inc. was RMB117.6 million (US$16.8 million) for the fourth quarter of 2025, compared with RMB172.2 million for the same period of 2024.

Non-GAAP net loss attributable to HUYA Inc. was RMB8.4 million (US$1.2 million) for the fourth quarter of 2025, compared with a non-GAAP net income attributable to HUYA Inc. of RMB1.2 million for the same period of 2024.

Basic and diluted net loss per American depositary share ("ADS") were each RMB0.51 (US$0.07) for the fourth quarter of 2025. Basic and diluted net loss per ADS were each RMB0.75 for the fourth quarter of 2024. Each ADS represents one Class A ordinary share of the Company.

Non-GAAP basic and diluted net loss per ADS were each RMB0.04 (US$0.01) for the fourth quarter of 2025. Non-GAAP basic and diluted net income per ADS were each RMB0.01 for the fourth quarter of 2024.

As of December 31, 2025, the Company had cash and cash equivalents, short-term deposits and long-term deposits of RMB3,818.4 million (US$546.0 million), compared with RMB3,828.2 million as of September 30, 2025.

Fiscal Year 2025 Financial Results

Total net revenues increased by 7.0% to RMB6,502.4 million (US$929.8 million) for fiscal year 2025, from RMB6,079.1 million for 2024.

Live streaming revenues decreased by 3.2% to RMB4,594.0 million (US$656.9 million) for fiscal year 2025, from RMB4,745.2 million for 2024, primarily due to the continued impact of the macroeconomic and industry environment, partially offset by improved monetization efficiency, as reflected in higher average spending per paying user for live streaming services in the second half of 2025.

Game-related services, advertising and other revenues increased by 43.1% to RMB1,908.4 million (US$272.9 million) for fiscal year 2025, from RMB1,333.9 million for 2024. The increase was primarily driven by higher revenues from game-related services and advertising, which were mainly attributable to the Company's deepened cooperation with game companies.

Cost of revenues increased by 6.8% to RMB5,630.3 million (US$805.1 million) for fiscal year 2025, from RMB5,269.7 million for 2024, primarily due to increased revenue sharing fees and content costs, as well as increased costs of in-game items, partially offset by decreased bandwidth and server custody fees. Revenue sharing fees and content costs, a key component of cost of revenues, increased by 5.5% year-over-year to RMB4,872.3 million (US$696.7 million) for fiscal year 2025, primarily due to increased revenues.

Gross profit increased by 7.7% to RMB872.1 million (US$124.7 million) for fiscal year 2025, from RMB809.5 million for 2024. Gross margin was 13.4% for fiscal year 2025, compared with 13.3% for 2024.

Research and development expenses decreased by 3.1% to RMB496.7 million (US$71.0 million) for fiscal year 2025, from RMB512.6 million for 2024, primarily due to decreased staff costs as a result of enhanced efficiency.

Sales and marketing expenses decreased by 2.7% to RMB266.6 million (US$38.1 million) for fiscal year 2025, from RMB274.0 million for 2024, primarily due to decreased channel promotion fees.

General and administrative expenses increased by 21.2% to RMB308.9 million (US$44.2 million) for fiscal year 2025, from RMB254.8 million for 2024, primarily due to a RMB66.0 million (US$9.4 million) provision related to a receivable arising from a 2021 arrangement with a broadcaster, which was deemed to have a heightened risk of non-recoverability.

Other income was RMB37.5 million (US$5.4 million) for fiscal year 2025, compared with RMB42.5 million for 2024, primarily due to lower government subsidies.

Operating loss was RMB162.5 million (US$23.2 million) for fiscal year 2025, compared with RMB189.6 million for 2024.

Non-GAAP operating loss was RMB65.0 million (US$9.3 million) for fiscal year 2025, compared with RMB101.3 million for 2024.

Interest income was RMB190.8 million (US$27.3 million) for fiscal year 2025, compared with RMB391.4 million for 2024, primarily due to a lower time deposit balance, which was mainly attributable to the special cash dividends paid.

Impairment loss of investments was RMB120.2 million (US$17.2 million) for fiscal year 2025, compared with RMB232.5 million for 2024, primarily due to the recognition of impairment charges on the Company's investments, attributable to the weak financial performance of certain investees.

Net loss attributable to HUYA Inc. was RMB112.6 million (US$16.1 million) for fiscal year 2025, compared with RMB48.0 million for 2024.

Non-GAAP net income attributable to HUYA Inc. was RMB99.5 million (US$14.2 million) for fiscal year 2025, compared with RMB268.8 million for 2024.

Basic and diluted net loss per ADS were each RMB0.49 (US$0.07) for fiscal year 2025. Basic and diluted net loss per ADS were each RMB0.21 for 2024.

Non-GAAP basic and diluted net income per ADS were each RMB0.43 (US$0.06) for fiscal year 2025. Non-GAAP basic and diluted net income per ADS were RMB1.16 and RMB1.15, respectively, for 2024.

Net cash used in operating activities was RMB176.2 million (US$25.2 million) for fiscal year 2025, compared with net cash provided by operating activities of RMB94.3 million for 2024, primarily due to decreased interest income and increased amounts due from related parties.

Share Repurchase Program

Pursuant to the Company's up-to-US$100 million share repurchase program authorized in August 2023, which has an extended expiration date of March 31, 2026, the Company had repurchased 22.9 million ADSs as of December 31, 2025, with an aggregate consideration of US$75.5 million.

2026 Cash Dividend

To implement its 2025-2027 dividend plan adopted in March 2025, the board of directors of the Company has approved a special cash dividend for the year 2026 (the "2026 Cash Dividend"). The 2026 Cash Dividend will be paid to holders of ordinary shares and holders of ADSs of record as of the close of business on June 17, 2026, in U.S. dollars, in an amount of US$0.135 per ordinary share or US$0.135 per ADS. The total amount of cash to be distributed for the 2026 Cash Dividend is expected to be approximately US$31 million, which will be funded by surplus cash on the Company's balance sheet. The payment date for holders of ordinary shares and holders of ADSs is expected to be on or around June 30, 2026. The dividend to be paid to the Company's ADS holders through the depositary bank will be subject to the terms of the deposit agreement.

Earnings Webinar

The Company's management will host a Tencent Meeting Webinar at 6:00 a.m. U.S. Eastern Time on March 17, 2026 (6:00 p.m. Beijing/Hong Kong time on March 17, 2026), to review and discuss the Company's business and financial performance.

For participants who wish to join the webinar, please complete the online registration in advance using the links provided below. Upon registration, participants will receive an email with webinar access information, including meeting ID, meeting link, dial-in numbers, and a unique attendee ID to join the webinar.

Participant Online Registration:

A live webcast of the webinar will be accessible at https://ir.huya.com, and a replay of the webcast will be available following the session.

[1] "Non-GAAP net (loss) income attributable to HUYA Inc." is defined as net (loss) income attributable to HUYA Inc. excluding share-based compensation expenses, gain arising from disposal of an equity investment, net of income taxes, impairment loss of investments, and amortization of intangible assets from business acquisitions, net of income taxes, to the extent applicable. For more information, please refer to the section titled "Use of Non-GAAP Financial Measures" and the table captioned "HUYA Inc. Unaudited Reconciliations of GAAP and Non-GAAP Results" at the end of this press release.

[2] Refers to the average total monthly active users who accessed the Company's domestic and overseas platforms and services (primarily the domestic Huya Live platform, its global mobile application service platform, its overseas game live streaming platform, and related services), inclusive of users across all devices (mobile, PC and web). Average MAUs for any period is calculated by dividing (i) the sum of total active users for each month during such relevant period, by (ii) the number of months during such relevant period. The Company shifted to total MAU reporting starting from the second quarter of 2025 to provide a more comprehensive view of user activity, in line with its business expansion, cross-platform strategy, and overseas initiatives.

[3] For the purpose of this announcement only, Chinese Mainland excludes the Hong Kong Special Administrative Region, the Macao Special Administrative Region of the People's Republic of China, and Taiwan.

About HUYA Inc.

HUYA Inc. is a leading game-related entertainment and services provider. Huya delivers dynamic live streaming and video content and a rich array of services spanning games, e-sports, and other interactive entertainment genres to a large, highly engaged community of game enthusiasts. Huya has cultivated a robust entertainment ecosystem powered by AI and other advanced technologies, serving users and partners across the gaming universe, including game companies, e-sports tournament organizers, broadcasters and talent agencies. Leveraging this strong foundation, Huya has also expanded into innovative game-related services, such as game distribution, in-game item sales, advertising and more. Huya continues to extend its footprint in China and abroad, meeting the evolving needs of gamers, content creators, and industry partners worldwide.

For more information, please visit: https://ir.huya.com.

Use of Non-GAAP Financial Measures

The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), except that the consolidated statement of changes in shareholders' equity, consolidated statements of cash flows, and the detailed notes have not been presented. Huya uses non-GAAP gross profit, non-GAAP operating (loss) income, non-GAAP net (loss) income attributable to HUYA Inc., non-GAAP net (loss) income attributable to ordinary shareholders, non-GAAP basic and diluted net (loss) income per ordinary share, and non-GAAP basic and diluted net (loss) income per ADS, which are non-GAAP financial measures. Non-GAAP gross profit is gross profit excluding share-based compensation expenses allocated in cost of revenues. Non-GAAP operating (loss) income is operating loss excluding share-based compensation expenses and amortization of intangible assets from business acquisitions. Non-GAAP net (loss) income attributable to HUYA Inc. is net (loss) income attributable to HUYA Inc. excluding share-based compensation expenses, gain arising from disposal of an equity investment, net of income taxes, impairment loss of investments, and amortization of intangible assets from business acquisitions, net of income taxes, to the extent applicable. Non-GAAP net (loss) income attributable to ordinary shareholders is net (loss) income attributable to ordinary shareholders excluding share-based compensation expenses, gain arising from disposal of an equity investment, net of income taxes, impairment loss of investments, and amortization of intangible assets from business acquisitions, net of income taxes, to the extent applicable. Non-GAAP basic and diluted net (loss) income per ordinary share and per ADS is non-GAAP net (loss) income attributable to ordinary shareholders divided by the weighted average number of ordinary shares and ADS used in the calculation of non-GAAP basic and diluted net (loss) income per ordinary share and per ADS. The Company believes that separate analysis and exclusion of the impact of (i) share-based compensation expenses, (ii) gain arising from disposal of an equity investment, net of income taxes, (iii) impairment loss of investments, and (iv) amortization of intangible assets from business acquisitions (net of income taxes), add clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measures for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measures represent useful supplemental information for investors and analysts to assess its operating performance without the effect of (i) share-based compensation expenses, and (ii) amortization of intangible assets from business acquisitions (net of income taxes), which have been and will continue to be significant recurring expenses in its business, and (iii) gain arising from disposal of an equity investment, net of income taxes, and (iv) impairment loss of investments. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company's net (loss) income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider a non-GAAP financial measure in isolation from or as an alternative to the financial measures prepared in accordance with U.S. GAAP.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "HUYA Inc. Unaudited Reconciliations of GAAP and Non-GAAP Results" at the end of this announcement.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.9931 to US$1.00, the noon buying rate in effect on December 31, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollar amounts referred to in this announcement could have been or could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this announcement, as well as Huya's strategic and operational plans, contain forward-looking statements. Huya may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Huya's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Huya's goals and strategies; Huya's future business development, results of operations and financial condition; the expected growth of the live streaming market and game market; the expectation regarding the rate at which to gain active users, especially paying users; Huya's ability to monetize the user base; Huya's efforts in complying with applicable data privacy and security regulations; fluctuations in general economic and business conditions in China; the economy in China and elsewhere generally; any regulatory developments in laws, regulations, rules, policies or guidelines applicable to Huya; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Huya's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Huya does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

HUYA Inc.
Investor Relations
Tel: +86-20-2290-7829
E-mail: [email protected]

Piacente Financial Communications
Jenny Cai
Tel: +86-10-6508-0677
E-mail: [email protected]

In the United States:

Piacente Financial Communications 
Brandi Piacente
Tel: +1-212-481-2050
E-mail: [email protected]

HUYA INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except share, ADS, per share data and per ADS data)

As of December 31,

As of December 31,

2024

2025

2025

RMB

RMB

US$

Assets

Current assets

Cash and cash equivalents

1,188,911

692,663

99,049

Restricted cash

17,031

12,031

1,720

Short-term deposits

4,075,048

3,125,760

446,978

Accounts receivable, net

76,044

238,569

34,115

Prepaid assets and amounts due from related
     parties, net

207,565

290,747

41,576

Prepayments and other current assets, net

523,674

547,078

78,232

Total current assets

6,088,273

4,906,848

701,670

Non-current assets

Long-term deposits

1,470,000

-

-

Investments

440,790

296,165

42,351

Goodwill

463,796

453,498

64,849

Property and equipment, net

484,008

604,368

86,423

Intangible assets, net

153,190

127,633

18,251

Right-of-use assets, net

339,492

304,017

43,474

Prepayments and other non-current assets

128,262

8,843

1,265

Total non-current assets

3,479,538

1,794,524

256,613

Total assets

9,567,811

6,701,372

958,283

Liabilities and shareholders' equity

Current liabilities

Accounts payable

66,613

237,903

34,020

Advances from customers and deferred revenue

265,628

228,167

32,627

Income taxes payable

54,594

61,479

8,791

Accrued liabilities and other current liabilities

1,360,949

1,032,437

147,637

Amounts due to related parties

161,529

150,166

21,473

Lease liabilities due within one year

28,581

18,982

2,714

Total current liabilities

1,937,894

1,729,134

247,262

Non-current liabilities

Lease liabilities

20,047

1,766

253

Deferred tax liabilities

23,405

18,932

2,707

Deferred revenue

35,786

31,824

4,551

Total non-current liabilities

79,238

52,522

7,511

Total liabilities

2,017,132

1,781,656

254,773

HUYA INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

(All amounts in thousands, except share, ADS, per share data and per ADS data)

As of December 31,

As of December 31,

2024

2025

2025

RMB

RMB

US$

Shareholders' equity

Class A ordinary shares (US$0.0001 par value;
     750,000,000 shares authorized as of December
     31, 2024 and December 31, 2025, respectively;
     74,845,398 and 73,146,779 shares issued and
     outstanding as of December 31, 2024 and 
     December 31, 2025, respectively)

52

54

8

Class B ordinary shares (US$0.0001 par value;
     200,000,000 shares authorized as of December
     31, 2024 and December 31, 2025, respectively;
     150,386,517 and 150,386,517 shares issued and
     outstanding as of December 31, 2024 and
     December 31, 2025, respectively)

98

98

14

Treasury shares

(108,101)

(128,056)

(18,312)

Additional paid-in capital

8,866,492

6,466,101

924,640

Statutory reserves

122,429

122,429

17,507

Accumulated deficit

(2,100,291)

(2,219,365)

(317,365)

Accumulated other comprehensive income

770,000

678,455

97,018

Total shareholders' equity

7,550,679

4,919,716

703,510

Total liabilities and shareholders' equity

9,567,811

6,701,372

958,283

HUYA INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(All amounts in thousands, except share, ADS, per share data and per ADS data)

Three Months Ended

Twelve Months Ended

December 31,

2024

September 30,

2025

December 31,

2025

December 31,

2025

December 31,

2024

December 31,

2025

December 31,

2025

RMB

RMB

RMB

US$

RMB

RMB

US$

Net revenues

Live streaming

1,124,188

1,156,681

1,145,950

163,869

4,745,195

4,594,014

656,935

Game-related services, advertising and others

371,639

531,570

592,525

84,730

1,333,920

1,908,386

272,896

Total net revenues

1,495,827

1,688,251

1,738,475

248,599

6,079,115

6,502,400

929,831

Cost of revenues(1)

(1,325,364)

(1,461,627)

(1,493,767)

(213,606)

(5,269,661)

(5,630,267)

(805,117)

Gross profit

170,463

226,624

244,708

34,993

809,454

872,133

124,714

Operating expenses(1)

Research and development expenses

(123,313)

(121,942)

(123,054)

(17,596)

(512,637)

(496,677)

(71,024)

Sales and marketing expenses

(62,798)

(70,107)

(78,066)

(11,163)

(274,049)

(266,567)

(38,119)

General and administrative expenses

(81,054)

(57,729)

(125,958)

(18,012)

(254,840)

(308,875)

(44,169)

Total operating expenses

(267,165)

(249,778)

(327,078)

(46,771)

(1,041,526)

(1,072,119)

(153,312)

Other income, net

4,010

8,854

17,516

2,505

42,496

37,481

5,360

Operating loss

(92,692)

(14,300)

(64,854)

(9,273)

(189,576)

(162,505)

(23,238)

Interest income

75,234

34,655

32,144

4,597

391,389

190,789

27,282

Impairment loss of investments

(151,089)

(8,698)

(81,458)

(11,648)

(232,466)

(120,156)

(17,182)

Disposal gain of investments

-

1,500

-

-

-

1,500

214

Foreign currency exchange losses, net

(522)

(2,008)

(2,182)

(312)

(3,802)

(6,718)

(961)

(Loss) income before income tax expenses

(169,069)

11,149

(116,350)

(16,636)

(34,455)

(97,090)

(13,885)

Income tax expenses

(3,134)

(508)

(1,662)

(238)

(13,500)

(12,806)

(1,831)

(Loss) income before (loss) income in equity 
     method investments, net of income taxes

(172,203)

10,641

(118,012)

(16,874)

(47,955)

(109,896)

(15,716)

(Loss) income in equity method investments,
     net of income taxes

-

(1,085)

429

61

-

(2,695)

(385)

Net (loss) income attributable to HUYA Inc.

(172,203)

9,556

(117,583)

(16,813)

(47,955)

(112,591)

(16,101)

Net (loss) income attributable to ordinary
     shareholders

(172,203)

9,556

(117,583)

(16,813)

(47,955)

(112,591)

(16,101)

HUYA INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)

(All amounts in thousands, except share, ADS, per share data and per ADS data)

Three Months Ended

Twelve Months Ended

December 31,

2024

September 30,

2025

December 31,

2025

December 31,

2025

December 31,

2024

December 31,

2025

December 31,

2025

RMB

RMB

RMB

US$

RMB

RMB

US$

Net (loss) income per ordinary share

  —Basic

(0.75)

0.04

(0.51)

(0.07)

(0.21)

(0.49)

(0.07)

  —Diluted

(0.75)

0.04

(0.51)

(0.07)

(0.21)

(0.49)

(0.07)

Net (loss) income per ADS*

  —Basic

(0.75)

0.04

(0.51)

(0.07)

(0.21)

(0.49)

(0.07)

  —Diluted

(0.75)

0.04

(0.51)

(0.07)

(0.21)

(0.49)

(0.07)

Weighted average number of ADS used in
     calculating net (loss) income per ADS

  —Basic

230,581,559

229,032,506

229,212,223

229,212,223

231,533,388

228,840,636

228,840,636

  —Diluted

230,581,559

231,210,726

229,212,223

229,212,223

231,533,388

228,840,636

228,840,636

*

Each ADS represents one Class A ordinary share.

(1)

Share-based compensation was allocated in cost of revenues and operating expenses as follows:

Three Months Ended

Twelve Months Ended

December 31,

2024

September 30,

2025

December 31,

2025

December 31,

2025

December 31,

2024

December 31,

2025

December 31,

2025

RMB

RMB

RMB

US$

RMB

RMB

US$

Cost of revenues

3,268

1,666

3,335

477

15,566

12,091

1,729

Research and development expenses

6,283

4,335

5,561

795

27,269

22,772

3,256

Sales and marketing expenses

164

213

214

31

1,147

1,141

163

General and administrative expenses

7,683

8,435

13,720

1,962

20,538

37,588

5,375

HUYA INC.

UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except share, ADS, per share data and per ADS data)

Three Months Ended

Twelve Months Ended

December 31,

2024

September 30,

2025

December 31,

2025

December 31,

2025

December 31,

2024

December 31,

2025

December 31,

2025

RMB

RMB

RMB

US$

RMB

RMB

US$

Gross profit

170,463

226,624

244,708

34,993

809,454

872,133

124,714

Share-based compensation expenses allocated
     in cost of revenues

3,268

1,666

3,335

477

15,566

12,091

1,729

Non-GAAP gross profit

173,731

228,290

248,043

35,470

825,020

884,224

126,443

Operating loss

(92,692)

(14,300)

(64,854)

(9,273)

(189,576)

(162,505)

(23,238)

Share-based compensation expenses

17,398

14,649

22,830

3,265

64,520

73,592

10,523

Amortization of intangible assets from
     business acquisitions

5,964

5,958

5,915

846

23,772

23,874

3,414

Non-GAAP operating (loss) income

(69,330)

6,307

(36,109)

(5,162)

(101,284)

(65,039)

(9,301)

Net (loss) income attributable to HUYA Inc.

(172,203)

9,556

(117,583)

(16,813)

(47,955)

(112,591)

(16,101)

Gain arising from disposal of an equity
     investment, net of income taxes

-

(1,500)

-

-

-

(1,500)

(214)

Impairment loss of investments

151,089

8,698

81,458

11,648

232,466

120,156

17,182

Share-based compensation expenses

17,398

14,649

22,830

3,265

64,520

73,592

10,523

Amortization of intangible assets from
     business acquisitions, net of income taxes

4,950

4,945

4,910

702

19,731

19,816

2,834

Non-GAAP net income (loss) attributable to
     HUYA Inc.

1,234

36,348

(8,385)

(1,198)

268,762

99,473

14,224

Net (loss) income attributable to ordinary
     shareholders

(172,203)

9,556

(117,583)

(16,813)

(47,955)

(112,591)

(16,101)

Gain arising from disposal of an equity
     investment, net of income taxes

-

(1,500)

-

-

-

(1,500)

(214)

Impairment loss of investments

151,089

8,698

81,458

11,648

232,466

120,156

17,182

Share-based compensation expenses

17,398

14,649

22,830

3,265

64,520

73,592

10,523

Amortization of intangible assets from
      business acquisitions, net of income taxes

4,950

4,945

4,910

702

19,731

19,816

2,834

Non-GAAP net income (loss) attributable to
     ordinary shareholders

1,234

36,348

(8,385)

(1,198)

268,762

99,473

14,224

Non-GAAP net income (loss) per ordinary
     share

  —Basic

0.01

0.16

(0.04)

(0.01)

1.16

0.43

0.06

  —Diluted

0.01

0.16

(0.04)

(0.01)

1.15

0.43

0.06

Non-GAAP net income (loss) per ADS

  —Basic

0.01

0.16

(0.04)

(0.01)

1.16

0.43

0.06

  —Diluted

0.01

0.16

(0.04)

(0.01)

1.15

0.43

0.06

Weighted average number of ADS used in
     calculating Non-GAAP net income
      (loss) per ADS

  —Basic

230,581,559

229,032,506

229,212,223

229,212,223

231,533,388

228,840,636

228,840,636

  —Diluted

232,217,347

231,210,726

229,212,223

229,212,223

233,875,454

231,442,937

231,442,937

SOURCE HUYA Inc.

GUANGZHOU, China, March 18, 2026 /PRNewswire/ -- HUYA Inc. ("Huya" or the "Company") (NYSE: HUYA), a leading game-related entertainment and services provider, today announced that its board of directors has authorized a new share repurchase program (the "2026 Share Repurchase Program"), effective immediately on March 18, 2026. Under the 2026 Share Repurchase Program, the Company may repurchase up to US$50 million of its American depositary shares ("ADSs") and/or ordinary shares over a 24-month period ending on March 18, 2028.

-Earnings Webinar Scheduled for 6:00 a.m. ET on May 12, 2026- GUANGZHOU, China, April 21, 2026 /PRNewswire/ -- HUYA Inc. ("Huya" or the "Company") (NYSE: HUYA), a leading game-related entertainment and services provider, today announced that it will report its first quarter 2026 unaudited financial results on Tuesday, May 12, 2026, before the open of U.S. markets.

, /PRNewswire/ -- HUYA Inc. ("Huya" or the "Company") (NYSE: HUYA), a leading game-related entertainment and services provider, today announced its unaudited financial results for the first quarter ended March 31, 2026.

First Quarter 2026 Highlights

Total net revenues increased by 14.6% to RMB1,728.4 million (US$250.6 million) for the first quarter of 2026, from RMB1,508.6 million for the same period of 2025. Game-related services, advertising and other revenues increased by 69.4% to RMB627.4 million (US$91.0 million) for the first quarter of 2026, from RMB370.4 million for the same period of 2025. Operating loss narrowed to RMB28.8 million (US$4.2 million) for the first quarter of 2026, compared with RMB59.6 million for the same period of 2025. Non-GAAP[1] operating loss narrowed to RMB2.7 million (US$0.4 million) for the first quarter of 2026, compared with RMB35.6 million for the same period of 2025. Net loss attributable to HUYA Inc. was RMB4.1 million (US$0.6 million) for the first quarter of 2026, compared with a net income attributable to HUYA Inc. of RMB0.9 million for the same period of 2025. Non-GAAP net income attributable to HUYA Inc. was RMB21.1 million (US$3.1 million) for the first quarter of 2026, compared with RMB24.0 million for the same period of 2025. Mr. Junhong Huang, Acting Chief Executive Officer of Huya, commented, "Huya continued to deliver solid results in the first quarter of 2026, underpinned by our ongoing transformation into a comprehensive game-related services provider. Total net revenues reached RMB1.73 billion, up 14.6% year-over-year, while game-related services, advertising, and other revenues grew 69.4% year-over-year to RMB627.4 million, representing a record 36.3% of total net revenues."

"Goose Goose Duck mobile continued to gain traction in the Chinese mainland, reaching as high as Top 5 on the local Apple App Store top-grossing games chart in April, demonstrating the game's promising monetization potential. Beyond game publishing, our broader game-related services also made meaningful progress. In-game item sales maintained rapid year-over-year growth, fueled by deeper collaborations with top-tier game titles, while our content-driven advertising services continued to attract leading game companies seeking integrated marketing solutions. With multiple new publishing titles in our pipeline, we are well-positioned to build on this momentum through disciplined execution," Mr. Huang concluded.

Mr. Raymond Peng Lei, Chief Financial Officer of Huya, added, "This quarter's steady top line growth and the continued improvement in both our revenue mix and operating performance underscore the earnings potential of our diversification efforts. The increased revenue contribution from businesses with higher gross margins led to a year-over-year and sequential gross margin expansion to 14.6% this quarter. Looking ahead, we remain focused on prudently pursuing growth opportunities while preserving earnings quality and delivering long-term value to our shareholders."

First Quarter 2026 Financial Results

Total net revenues increased by 14.6% to RMB1,728.4 million (US$250.6 million) for the first quarter of 2026, from RMB1,508.6 million for the same period of 2025.

Live streaming revenues were RMB1,101.0 million (US$159.6 million) for the first quarter of 2026, compared with RMB1,138.2 million for the same period of 2025, primarily reflecting the live streaming industry's current environment.

Game-related services, advertising and other revenues increased by 69.4% to RMB627.4 million (US$91.0 million) for the first quarter of 2026, from RMB370.4 million for the same period of 2025. The increase was primarily driven by higher revenues from in-game item sales and advertising, mainly attributable to the Company's deepened and broadened collaboration with game companies.

Cost of revenues increased by 11.8% to RMB1,475.2 million (US$213.9 million) for the first quarter of 2026, from RMB1,320.1 million for the same period of 2025, primarily due to increased costs of in-game virtual items, as well as increased revenue sharing fees and content costs. Revenue sharing fees and content costs, a key component of cost of revenues, increased by 6.9% year-over-year to RMB1,234.7 million (US$179.0 million) for the first quarter of 2026, mainly reflecting higher revenues.

Gross profit increased by 34.3% to RMB253.2 million (US$36.7 million) for the first quarter of 2026, from RMB188.5 million for the same period of 2025. Gross margin was 14.6% for the first quarter of 2026, compared with 12.5% for the same period of 2025.

Research and development expenses increased by 1.7% to RMB131.7 million (US$19.1 million) for the first quarter of 2026, from RMB129.5 million for the same period of 2025.

Sales and marketing expenses increased by 45.1% to RMB88.1 million (US$12.8 million) for the first quarter of 2026, from RMB60.7 million for the same period of 2025, primarily due to marketing and promotional efforts related to the launch of Goose Goose Duck mobile.

General and administrative expenses increased by 5.9% to RMB65.1 million (US$9.4 million) for the first quarter of 2026, from RMB61.4 million for the same period of 2025, primarily due to increased share-based compensation expenses.

Other income was RMB2.9 million (US$0.4 million) for the first quarter of 2026, compared with RMB3.5 million for the same period of 2025, primarily due to lower government subsidies.

Operating loss narrowed to RMB28.8 million (US$4.2 million) for the first quarter of 2026, compared with RMB59.6 million for the same period of 2025.

Non-GAAP operating loss narrowed to RMB2.7 million (US$0.4 million) for the first quarter of 2026, compared with RMB35.6 million for the same period of 2025.

Interest income was RMB30.3 million (US$4.4 million) for the first quarter of 2026, compared with RMB64.9 million for the same period of 2025, primarily due to a lower time deposit balance, mainly reflecting the payment of special cash dividends.

Net loss attributable to HUYA Inc. was RMB4.1 million (US$0.6 million) for the first quarter of 2026, compared with a net income attributable to HUYA Inc. of RMB0.9 million for the same period of 2025.

Non-GAAP net income attributable to HUYA Inc. was RMB21.1 million (US$3.1 million) for the first quarter of 2026, compared with RMB24.0 million for the same period of 2025.

Basic and diluted net loss per American depositary share ("ADS") were each RMB0.02 (US$0.00) for the first quarter of 2026. Basic and diluted net income per ADS were each RMB0.00 for the first quarter of 2025. Each ADS represents one Class A ordinary share of the Company.

Non-GAAP basic and diluted net income per ADS were each RMB0.09 (US$0.01) for the first quarter of 2026. Non-GAAP basic and diluted net income per ADS were each RMB0.10 for the first quarter of 2025.

As of March 31, 2026, the Company had cash and cash equivalents, short-term deposits and long-term deposits of RMB3,455.1 million (US$500.9 million), compared with RMB3,818.4 million as of December 31, 2025.

Earnings Webinar

The Company's management will host a Tencent Meeting Webinar at 6:00 a.m. U.S. Eastern Time on May 12, 2026 (6:00 p.m. Beijing/Hong Kong time on May 12, 2026), to review and discuss the Company's business and financial performance.

For participants who wish to join the webinar, please complete the online registration in advance using the links provided below. Upon registration, participants will receive an email with webinar access information, including meeting ID, meeting link, dial-in numbers, and a unique attendee ID to join the webinar.

Participant Online Registration:

A live webcast of the webinar will be accessible at https://ir.huya.com, and a replay of the webcast will be available following the session.

[1] The Company's non-GAAP financial measures exclude share-based compensation expenses, amortization of intangible assets from business acquisitions, and impairment loss of investments, to the extent applicable. For more information, please refer to the section titled "Use of Non-GAAP Financial Measures" and the table captioned "HUYA Inc. Unaudited Reconciliations of GAAP and Non-GAAP Results" at the end of this press release.

[2] For the purpose of this announcement only, Chinese Mainland excludes the Hong Kong Special Administrative Region, the Macao Special Administrative Region of the People's Republic of China, and Taiwan.

About HUYA Inc.

HUYA Inc. is a leading game-related entertainment and services provider. Huya delivers dynamic live streaming and video content and a rich array of services spanning games, e-sports, and other interactive entertainment genres to a large, highly engaged community of game enthusiasts. Huya has cultivated a robust entertainment ecosystem powered by AI and other advanced technologies, serving users and partners across the gaming universe, including game companies, e-sports tournament organizers, broadcasters and talent agencies. Leveraging this strong foundation, Huya has also expanded into innovative game-related services, such as game distribution, in-game item sales, advertising and more. Huya continues to extend its footprint in China and abroad, meeting the evolving needs of gamers, content creators, and industry partners worldwide.

For more information, please visit: https://ir.huya.com.

Use of Non-GAAP Financial Measures

The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), except that the consolidated statement of changes in shareholders' equity, consolidated statements of cash flows, and the detailed notes have not been presented. Huya uses non-GAAP gross profit, non-GAAP operating loss, non-GAAP net income (loss) attributable to HUYA Inc., non-GAAP net income (loss) attributable to ordinary shareholders, non-GAAP basic and diluted net income (loss) per ordinary share, and non-GAAP basic and diluted net income (loss) per ADS, which are non-GAAP financial measures. Non-GAAP gross profit is gross profit excluding share-based compensation expenses allocated in cost of revenues. Non-GAAP operating loss is operating loss excluding share-based compensation expenses and amortization of intangible assets from business acquisitions. Non-GAAP net income (loss) attributable to HUYA Inc. is net income (loss) attributable to HUYA Inc. excluding share-based compensation expenses, impairment loss of investments, and amortization of intangible assets from business acquisitions, net of income taxes, to the extent applicable. Non-GAAP net income (loss) attributable to ordinary shareholders is net income (loss) attributable to ordinary shareholders excluding share-based compensation expenses, impairment loss of investments, and amortization of intangible assets from business acquisitions, net of income taxes, to the extent applicable. Non-GAAP basic and diluted net income (loss) per ordinary share and per ADS is non-GAAP net income (loss) attributable to ordinary shareholders divided by the weighted average number of ordinary shares and ADS used in the calculation of non-GAAP basic and diluted net income (loss) per ordinary share and per ADS. The Company believes that separate analysis and exclusion of the impact of (i) share-based compensation expenses, (ii) impairment loss of investments, and (iii) amortization of intangible assets from business acquisitions (net of income taxes), add clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measures for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measures represent useful supplemental information for investors and analysts to assess its operating performance without the effect of (i) share-based compensation expenses, and (ii) amortization of intangible assets from business acquisitions, which have been and will continue to be significant recurring expenses in its business, and (iii) impairment loss of investments. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company's net income (loss) for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider a non-GAAP financial measure in isolation from or as an alternative to the financial measures prepared in accordance with U.S. GAAP.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "HUYA Inc. Unaudited Reconciliations of GAAP and Non-GAAP Results" at the end of this announcement.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.8980 to US$1.00, the noon buying rate in effect on March 31, 2026, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollar amounts referred to in this announcement could have been or could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this announcement, as well as Huya's strategic and operational plans, contain forward-looking statements. Huya may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Huya's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Huya's goals and strategies; Huya's future business development, results of operations and financial condition; the expected growth of the live streaming industry and the game industry in mainland China and internationally; Huya's expectation regarding demand for and market acceptance of its products and services; Huya's ability retain and grow its user reach, broadcasters, talent agencies, business partners for game-related services and advertisers; Huya's ability to expand its product and service offerings; competition in the live streaming industry and game industry; Huya's efforts in complying with applicable data privacy and security regulations; fluctuations in general economic and business conditions in China; the economy in China and elsewhere generally; any regulatory developments in laws, regulations, rules, policies or guidelines applicable to Huya; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Huya's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Huya does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

HUYA Inc.
Investor Relations
Tel: +86-20-2290-7829
E-mail: [email protected]

Piacente Financial Communications
Jenny Cai
Tel: +86-10-6508-0677
E-mail: [email protected]

In the United States:

Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: [email protected]

HUYA INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except share, ADS, per share data and per ADS data)

As of December 31,

As of March 31,

2025

2026

2026

RMB

RMB

US$

Assets

Current assets

Cash and cash equivalents

692,663

360,398

52,247

Restricted cash and short-term deposits

12,031

31,537

4,572

Short-term deposits

3,125,760

2,874,686

416,742

Accounts receivable, net

238,569

339,951

49,283

Prepaid assets and amounts due from related
   parties, net

290,747

371,368

53,837

Prepayments and other current assets, net

547,078

524,849

76,086

Total current assets

4,906,848

4,502,789

652,767

Non-current assets

Long-term deposits

-

220,000

31,893

Investments

296,165

329,409

47,754

Goodwill

453,498

446,440

64,720

Property and equipment, net

604,368

653,732

94,771

Intangible assets, net

127,633

116,683

16,915

Right-of-use assets, net

304,017

310,640

45,033

Prepayments and other non-current assets

8,843

9,503

1,378

Total non-current assets

1,794,524

2,086,407

302,464

Total assets

6,701,372

6,589,196

955,231

Liabilities and shareholders' equity

Current liabilities

Accounts payable

237,903

384,594

55,754

Advances from customers and deferred revenue

228,167

208,398

30,211

Income taxes payable

61,479

55,101

7,988

Accrued liabilities and other current liabilities

1,032,437

852,899

123,644

Amounts due to related parties

150,166

104,470

15,145

Lease liabilities due within one year

18,982

16,470

2,388

Dividends payable

-

214,655

31,118

Total current liabilities

1,729,134

1,836,587

266,248

Non-current liabilities

Lease liabilities

1,766

12,808

1,857

Deferred tax liabilities

18,932

18,059

2,618

Deferred revenue

31,824

32,780

4,752

Total non-current liabilities

52,522

63,647

9,227

Total liabilities

1,781,656

1,900,234

275,475

HUYA INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

(All amounts in thousands, except share, ADS, per share data and per ADS data)

As of December 31,

As of March 31,

2025

2026

2026

RMB

RMB

US$

Shareholders' equity

Class A ordinary shares (US$0.0001 par value;
   750,000,000 shares authorized as of December
   31, 2025 and March 31, 2026, respectively;
   73,146,779 and 79,404,675* shares issued and
   outstanding as of December 31, 2025 and March
   31, 2026, respectively)

54

58

8

Class B ordinary shares (US$0.0001 par value;
   200,000,000 shares authorized as of December
   31, 2025 and March 31, 2026, respectively;
   150,386,517 and 150,386,517 shares issued and
   outstanding as of December 31, 2025 and
   March 31, 2026, respectively)

98

98

14

Treasury shares

(128,056)

(125,183)

(18,148)

Additional paid-in capital

6,466,101

6,270,666

909,056

Statutory reserves

122,429

122,429

17,748

Accumulated deficit

(2,219,365)

(2,224,839)

(322,534)

Accumulated other comprehensive income

678,455

645,733

93,612

Total shareholders' equity

4,919,716

4,688,962

679,756

Total liabilities and shareholders' equity

6,701,372

6,589,196

955,231

* For the avoidance of doubt, the total outstanding ordinary shares include 5,655,480 Class A ordinary shares beneficially owned by participants
  of HUYA Inc.'s share incentive plans.

HUYA INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(All amounts in thousands, except share, ADS, per share data and per ADS data)

Three Months Ended

March 31,

2025

December 31,

2025

March 31,

2026

March 31,

2026

RMB

RMB

RMB

US$

Net revenues

Live streaming

1,138,151

1,145,950

1,100,993

159,610

Game-related services, advertising and other
   revenues

370,434

592,525

627,393

90,953

Total net revenues

1,508,585

1,738,475

1,728,386

250,563

Cost of revenues(1)

(1,320,102)

(1,493,767)

(1,475,234)

(213,864)

Gross profit

188,483

244,708

253,152

36,699

Operating expenses(1)

Research and development expenses

(129,525)

(123,054)

(131,709)

(19,094)

Sales and marketing expenses

(60,695)

(78,066)

(88,067)

(12,767)

General and administrative expenses

(61,445)

(125,958)

(65,092)

(9,436)

Total operating expenses

(251,665)

(327,078)

(284,868)

(41,297)

Other income, net

3,534

17,516

2,927

424

Operating loss

(59,648)

(64,854)

(28,789)

(4,174)

Interest income

64,916

32,144

30,327

4,396

Impairment loss of investments

-

(81,458)

-

-

Foreign currency exchange losses, net

(416)

(2,182)

(1,703)

(247)

Income (loss) before income tax expenses

4,852

(116,350)

(165)

(25)

Income tax expenses

(3,248)

(1,662)

(2,631)

(381)

Income (loss) before (loss) gain in equity method
   investments, net of income taxes

1,604

(118,012)

(2,796)

(406)

(Loss) gain in equity method investments, net of
   income taxes

(677)

429

(1,271)

(184)

Net income (loss) attributable to HUYA Inc.

927

(117,583)

(4,067)

(590)

Net income (loss) attributable to ordinary
   shareholders

927

(117,583)

(4,067)

(590)

HUYA INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)

(All amounts in thousands, except share, ADS, per share data and per ADS data)

Three Months Ended

March 31,

2025

December 31,

2025

March 31,

2026

March 31,

2026

RMB

RMB

RMB

US$

Net income (loss) per ADS*

—Basic

0.00

(0.51)

(0.02)

0.00

—Diluted

0.00

(0.51)

(0.02)

0.00

Net income (loss) per ordinary share

—Basic

0.00

(0.51)

(0.02)

0.00

—Diluted

0.00

(0.51)

(0.02)

0.00

Weighted average number of ADS used in
   calculating net income (loss) per ADS

—Basic

229,451,944

229,212,223

229,705,246

229,705,246

—Diluted

231,527,507

229,212,223

229,705,246

229,705,246

*  Each ADS represents one Class A ordinary share.

(1) Share-based compensation was allocated in cost of revenues and operating expenses as follows:

Three Months Ended

March 31,

2025

December 31,

2025

March 31,

2026

March 31,

2026

RMB

RMB

RMB

US$

Cost of revenues

3,383

3,335

2,435

353

Research and development expenses

6,313

5,561

4,437

643

Sales and marketing expenses

320

214

211

31

General and administrative expenses

8,048

13,720

13,512

1,959

HUYA INC.

UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except share, ADS, per share data and per ADS data)

Three Months Ended

March 31,

2025

December 31,

2025

March 31,

2026

March 31,

2026

RMB

RMB

RMB

US$

Gross profit

188,483

244,708

253,152

36,699

Share-based compensation expenses allocated
   in cost of revenues

3,383

3,335

2,435

353

Non-GAAP gross profit

191,866

248,043

255,587

37,052

Operating loss

(59,648)

(64,854)

(28,789)

(4,174)

Share-based compensation expenses

18,064

22,830

20,595

2,986

Amortization of intangible assets from
   business acquisitions

5,996

5,915

5,466

792

Non-GAAP operating loss

(35,588)

(36,109)

(2,728)

(396)

Net income (loss) attributable to HUYA Inc.

927

(117,583)

(4,067)

(590)

Impairment loss of investments

-

81,458

-

-

Share-based compensation expenses

18,064

22,830

20,595

2,986

Amortization of intangible assets from
   business acquisitions, net of income taxes

4,977

4,910

4,537

658

Non-GAAP net income (loss) attributable
   to HUYA Inc.

23,968

(8,385)

21,065

3,054

Net income (loss) attributable to ordinary
   shareholders

927

(117,583)

(4,067)

(590)

Impairment loss of investments

-

81,458

-

-

Share-based compensation expenses

18,064

22,830

20,595

2,986

Amortization of intangible assets from
   business acquisitions, net of income taxes

4,977

4,910

4,537

658

Non-GAAP net income (loss) attributable
   to ordinary shareholders

23,968

(8,385)

21,065

3,054

Non-GAAP net income (loss) per ordinary
   share

—Basic

0.10

(0.04)

0.09

0.01

—Diluted

0.10

(0.04)

0.09

0.01

Non-GAAP net income (loss) per ADS

—Basic

0.10

(0.04)

0.09

0.01

—Diluted

0.10

(0.04)

0.09

0.01

Weighted average number of ADS used in
   calculating Non-GAAP net income (loss)
   per ADS

—Basic

229,451,944

229,212,223

229,705,246

229,705,246

—Diluted

231,527,507

229,212,223

233,646,621

233,646,621

SOURCE HUYA Inc.

HUYA Inc. (HUYA) Q1 2026 Earnings Call Transcript

GUANGZHOU, China, May 19, 2026 /PRNewswire/ -- HUYA Inc. ("Huya" or the "Company") (NYSE: HUYA), a leading game-related entertainment and services provider, today provided an update on its ongoing share repurchase program. Reflecting the Company's confidence in its long-term prospects and continued commitment to enhancing shareholder value, Huya has been actively executing the 2026 Share Repurchase Program authorized by its board of directors on March 18, 2026.