Original source text
, /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.
|
Original source text
, /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.
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