HUYA (HUYA) Q2 2025 earnings summary

Executive summary

• Achieved 162 million average monthly active users across platforms, reflecting cross-platform and overseas expansion and strengthened collaborations with Tencent and other partners.

• Game-related services, advertising, and other revenues grew significantly, now contributing over a quarter of total net revenues and over 40% of total transaction value.

• Continued investment in e-sports content and technology, including hosting over 100 licensed tournaments and launching new events in partnership with Tencent.

• Overseas initiatives are gaining momentum, reaching tens of millions of monthly active users internationally, especially in FPS and MOBA genres.

• Special dividend of about $340 million distributed and $75.4 million in share repurchases completed in Q2 2025.

Financial highlights

• Total net revenues for Q2 2025 reached RMB 1.57 billion, up year-over-year and quarter-over-quarter for two consecutive quarters.

• Live streaming revenues stabilized at RMB 1.15 billion, while game-related services, advertising, and other revenues grew to RMB 414 million, accounting for 26.4% of total net revenues.

• Gross margin was 13.5% for Q2 2025.

• Achieved break-even non-GAAP operating profit and non-GAAP net income of RMB 48 million, marking the sixth consecutive profitable quarter.

• Non-GAAP net margin was 3% for Q2; non-GAAP diluted net income per ADS was RMB 0.21.

Outlook and guidance

• Expect live streaming revenues to remain steady as industry and user behavior stabilize.

• Game-related services, advertising, and other revenues anticipated to be the main growth driver.

• Total net revenues projected to grow in the second half and full year 2025.

• Non-GAAP operating profit for full year 2025 expected to improve meaningfully compared to 2024.

• Interest income in the second half expected to be significantly lower due to reduced cash balance and market rate fluctuations.