HUYA (HUYA) Q4 2025 earnings summary

Executive summary

• Achieved record annual revenue in 2025, with Q4 net revenues up 16.2% year-over-year to RMB 1.74 billion, the highest in 10 quarters, driven by strong growth in game-related services and advertising.

• Full-year net revenues reached RMB 6.5 billion, up 7% year-over-year, with game-related services, advertising, and other revenues up 43.1%.

• Net loss attributable to shareholders narrowed to RMB 117.6 million in Q4 and RMB 112.6 million for the year, while non-GAAP net income for the year was RMB 99.5 million.

• Business diversification and expansion into game publishing, including the successful launch of Goose Goose Duck Mobile, contributed to revenue growth.

• Excluding a one-off accounting provision, saw three consecutive quarters of positive operating profit.

Financial highlights

• Q4 total net revenues: RMB 1.74 billion, up 16% year-over-year; Q4 gross profit: RMB 245 million, up 44% year-over-year.

• Q4 gross margin improved to 40.1% from 11.4% year-over-year.

• Q4 non-GAAP operating loss: RMB 36 million, impacted by a RMB 66 million one-off provision; Q4 net loss attributable: RMB 180 million; non-GAAP net loss: RMB 8 million.

• Full-year 2025 net revenues: RMB 6.5 billion, up 7%; non-GAAP gross profit: RMB 884 million, up 7%.

• Cash and equivalents at year-end: RMB 3.82 billion.

Outlook and guidance

• Expect continued growth in high-margin businesses such as game publishing and in-game item sales.

• Monetization for new games like Goose Goose Duck Mobile is expected to increase with upcoming content updates.

• Gross margin anticipated to improve moderately as high-margin segments expand.

• Management highlighted momentum in business diversification and expects further growth from game publishing and ecosystem expansion.

• The launch of Goose Goose Duck Mobile in January 2026 is expected to deepen presence in the gaming ecosystem.