HUYA (HUYA) Q3 2025 earnings summary

Executive summary

• Q3 net revenues reached RMB 1.7 billion, the highest in nine quarters, with 9.8% year-over-year growth driven by game-related services, advertising, and stable live streaming revenues.

• Game-related services, advertising, and other revenues surged 29.6% year-over-year, now accounting for over 30% of total net revenues for the first time.

• Non-GAAP operating profit was RMB 6.3 million, a significant improvement over last year.

• Total MAUs remained stable at 162.3 million, reflecting cross-platform and overseas expansion.

Financial highlights

• Live streaming revenues grew 2.6% year-over-year to RMB 1.16 billion, marking the first positive growth since Q3 2021.

• Game-related services, advertising, and other revenues rose 29.6% year-over-year to RMB 532 million, now 31.5% of total net revenues.

• In-game item sales revenue surged over 200% year-over-year.

• Gross profit was RMB 227 million, up 11.3% year-over-year, with a gross margin of 13.4%.

• Non-GAAP diluted net income per ADS was RMB 0.16 for Q3.

Outlook and guidance

• Live streaming revenues expected to remain stable in Q4 2025.

• Non-live streaming businesses, especially in-game item sales, anticipated to continue strong growth and potentially accelerate.

• Overall revenue growth projected to accelerate in 2026, with game-related services, advertising, and others as main drivers.

• Management emphasized continued focus on revenue diversification, prudent cost management, and measured pursuit of growth opportunities.