HUYA Inc. Reports Second Quarter 2025 Unaudited Financial Results
Second Quarter 2025 Highlights
-
Total net revenues were
RMB1,567 .1 million (US$218 .8 million) for the second quarter of 2025, compared withRMB1,541.6 million for the same period of 2024. -
Game-related services, advertising and other revenues were
RMB413 .9 million (US$57 .8 million) for the second quarter of 2025, compared withRMB308.5 million for the same period of 2024. -
Net loss attributable to HUYA Inc. was
RMB5.5 million (US$0.8 million ) for the second quarter of 2025, compared with net income attributable toHUYA Inc. ofRMB29.6 million for the same period of 2024. -
Non-GAAP net income attributable to HUYA Inc.[1] was
RMB47.5 million (US$6.6 million ) for the second quarter of 2025, compared withRMB97.0 million for the same period of 2024. - Average MAUs[2] for the second quarter of 2025 was 161.6 million.
Mr.
"By leveraging our cross-platform strategy, we have achieved an average of 162 million monthly active users across Huya's platforms, and extended our reach even further through the distribution of our content and services on third-party channels. This figure underscores the ecosystem we have cultivated through this strategic transformation in
Mr.
Second Quarter 2025 Financial Results
Total net revenues for the second quarter of 2025 were
Live streaming revenues were
Game-related services, advertising and other revenues were
Cost of revenues increased by 2.1% to
Gross profit was
Research and development expenses decreased by 5.1% to
Sales and marketing expenses decreased by 6.5% to
General and administrative expenses remained flat year-over-year at
Other income was
Operating loss was RMB23.7 million (
Non-GAAP operating income was
Interest income was
Net loss attributable to
Non-GAAP net income attributable to
Basic and diluted net loss per American depositary share ("ADS") were each
Non-GAAP basic and diluted net income per ADS were each
As of
Share Repurchase Program
Pursuant to the Company's up-to-
Earnings Webinar
The Company's management will host a
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:
Chinese Mainland[3]: https://meeting.tencent.com/dw/bqbrXw5NuYDH
International: https://voovmeeting.com/dw/bqbrXw5NuYDH
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 income attributable to |
[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 |
About
Use of Non-GAAP Financial Measures
The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in
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
Exchange Rate Information
This announcement contains translations of certain RMB amounts into
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the
For investor and media inquiries, please contact:
In
Investor Relations
Tel: +86-20-2290-7829
E-mail: ir@huya.com
Tel: +86-10-6508-0677
E-mail: huya@tpg-ir.com
In
Tel: +1-212-481-2050
E-mail: huya@tpg-ir.com
|
||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||
(All amounts in thousands, except share, ADS, per share data and per ADS data) |
||||||
|
||||||
|
|
As of |
|
As of June 3 0 , |
||
|
|
2024 |
|
2025 |
|
2025 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
1,188,911 |
|
499,305 |
|
69,700 |
Restricted cash |
|
17,031 |
|
9,201 |
|
1,284 |
Short-term deposits |
|
4,075,048 |
|
3,007,072 |
|
419,771 |
Accounts receivable, net |
|
76,044 |
|
128,448 |
|
17,931 |
Prepaid assets and amounts due from related |
|
207,565 |
|
324,577 |
|
45,309 |
Prepayments and other current assets, net |
|
523,674 |
|
546,239 |
|
76,252 |
|
|
|
|
|
|
|
Total current assets |
|
6,088,273 |
|
4,514,842 |
|
630,247 |
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
Long-term deposits |
|
1,470,000 |
|
260,000 |
|
36,295 |
Investments |
|
440,790 |
|
405,157 |
|
56,558 |
|
|
463,796 |
|
461,873 |
|
64,475 |
Property and equipment, net |
|
484,008 |
|
517,539 |
|
72,246 |
Intangible assets, net |
|
153,190 |
|
142,843 |
|
19,940 |
Right-of-use assets, net |
|
339,492 |
|
318,876 |
|
44,513 |
Prepayments and other non-current assets |
|
128,262 |
|
26,411 |
|
3,687 |
|
|
|
|
|
|
|
Total non-current assets |
|
3,479,538 |
|
2,132,699 |
|
297,714 |
|
|
|
|
|
|
|
Total assets |
|
9,567,811 |
|
6,647,541 |
|
927,961 |
|
|
|
|
|
|
|
Liabilities and shareholders' equity |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Accounts payable |
|
66,613 |
|
47,121 |
|
6,578 |
Advances from customers and deferred revenue |
|
265,628 |
|
242,925 |
|
33,911 |
Income taxes payable |
|
54,594 |
|
58,104 |
|
8,111 |
Accrued liabilities and other current liabilities |
|
1,360,949 |
|
1,018,664 |
|
142,200 |
Amounts due to related parties |
|
161,529 |
|
149,151 |
|
20,821 |
Lease liabilities due within one year |
|
28,581 |
|
21,800 |
|
3,043 |
|
|
|
|
|
|
|
Total current liabilities |
|
1,937,894 |
|
1,537,765 |
|
214,664 |
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
Lease liabilities |
|
20,047 |
|
8,939 |
|
1,248 |
Deferred tax liabilities |
|
23,405 |
|
21,248 |
|
2,966 |
Deferred revenue |
|
35,786 |
|
34,278 |
|
4,785 |
|
|
|
|
|
|
|
Total non-current liabilities |
|
79,238 |
|
64,465 |
|
8,999 |
|
|
|
|
|
|
|
Total liabilities |
|
2,017,132 |
|
1,602,230 |
|
223,663 |
|
||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) |
||||||
(All amounts in thousands, except share, ADS, per share data and per ADS data) |
||||||
|
||||||
|
|
As of |
|
As of June 3 0 , |
||
|
|
2024 |
|
2025 |
|
2025 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
Shareholders' equity |
|
|
|
|
|
|
Class A ordinary shares ( |
|
52 |
|
53 |
|
7 |
Class B ordinary shares ( |
|
98 |
|
98 |
|
14 |
|
|
(108,101) |
|
(145,158) |
|
(20,263) |
Additional paid-in capital |
|
8,866,492 |
|
6,440,422 |
|
899,048 |
Statutory reserves |
|
122,429 |
|
122,429 |
|
17,090 |
Accumulated deficit |
|
(2,100,291) |
|
(2,104,905) |
|
(293,833) |
Accumulated other comprehensive income |
|
770,000 |
|
732,372 |
|
102,235 |
|
|
|
|
|
|
|
Total shareholders' equity |
|
7,550,679 |
|
5,045,311 |
|
704,298 |
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
9,567,811 |
|
6,647,541 |
|
927,961 |
|
||||||||||||||
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 3 0 , 202 4 |
|
March 31 , 2025 |
|
June 3 0 , 202 5 |
|
June 3 0 , 202 5 |
|
June 3 0 , 202 4 |
|
June 3 0 , 202 5 |
|
June 3 0 , 202 5 |
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Live streaming |
|
1,233,064 |
|
1,138,151 |
|
1,153,232 |
|
160,985 |
|
2,493,508 |
|
2,291,383 |
|
319,865 |
Game-related services, advertising and others |
|
308,518 |
|
370,434 |
|
413,857 |
|
57,772 |
|
552,121 |
|
784,291 |
|
109,483 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net revenues |
|
1,541,582 |
|
1,508,585 |
|
1,567,089 |
|
218,757 |
|
3,045,629 |
|
3,075,674 |
|
429,348 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues(1) |
|
(1,326,710) |
|
(1,320,102) |
|
(1,354,771) |
|
(189,119) |
|
(2,610,212) |
|
(2,674,873) |
|
(373,398) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
214,872 |
|
188,483 |
|
212,318 |
|
29,638 |
|
435,417 |
|
400,801 |
|
55,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development expenses |
|
(128,710) |
|
(129,525) |
|
(122,156) |
|
(17,052) |
|
(263,816) |
|
(251,681) |
|
(35,133) |
Sales and marketing expenses |
|
(61,689) |
|
(60,695) |
|
(57,699) |
|
(8,054) |
|
(137,921) |
|
(118,394) |
|
(16,527) |
General and administrative expenses |
|
(63,729) |
|
(61,445) |
|
(63,743) |
|
(8,898) |
|
(123,761) |
|
(125,188) |
|
(17,476) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
(254,128) |
|
(251,665) |
|
(243,598) |
|
(34,004) |
|
(525,498) |
|
(495,263) |
|
(69,136) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income, net |
|
13,219 |
|
3,534 |
|
7,577 |
|
1,058 |
|
25,528 |
|
11,111 |
|
1,551 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
(26,037) |
|
(59,648) |
|
(23,703) |
|
(3,308) |
|
(64,553) |
|
(83,351) |
|
(11,635) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
102,523 |
|
64,916 |
|
59,074 |
|
8,246 |
|
219,575 |
|
123,990 |
|
17,308 |
Impairment loss of investments |
|
(45,079) |
|
- |
|
(30,000) |
|
(4,188) |
|
(45,079) |
|
(30,000) |
|
(4,188) |
Foreign currency exchange gains (losses), net |
|
364 |
|
(416) |
|
(2,112) |
|
(295) |
|
(2,055) |
|
(2,528) |
|
(353) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
I ncome before income tax expenses |
|
31,771 |
|
4,852 |
|
3,259 |
|
455 |
|
107,888 |
|
8,111 |
|
1,132 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expenses |
|
(2,169) |
|
(3,248) |
|
(7,388) |
|
(1,031) |
|
(7,253) |
|
(10,636) |
|
(1,485) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before loss in equity method |
|
29,602 |
|
1,604 |
|
(4,129) |
|
(576) |
|
100,635 |
|
(2,525) |
|
(353) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss in equity method investments, net of |
|
- |
|
(677) |
|
(1,362) |
|
(190) |
|
- |
|
(2,039) |
|
(285) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to |
|
29,602 |
|
927 |
|
(5,491) |
|
(766) |
|
100,635 |
|
(4,564) |
|
(638) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
(loss)
attributable to ordinary |
|
29,602 |
|
927 |
|
(5,491) |
|
(766) |
|
100,635 |
|
(4,564) |
|
(638) |
|
|||||||||||||||||||||||||
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 3 0 , 202 4 |
|
March 31 , 2025 |
|
June 3 0 , 202 5 |
|
June 3 0 , 202 5 |
|
June 3 0 , 202 4 |
|
June 3 0 , 202 5 |
|
June 3 0 , 202 5 |
|||||||||||
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net income (loss) per ordinary share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
—Basic |
|
0.13 |
|
0.00 |
|
(0.02) |
|
(0.00) |
|
0.43 |
|
(0.02) |
|
(0.00) |
|||||||||||
—Diluted |
|
0.13 |
|
0.00 |
|
(0.02) |
|
(0.00) |
|
0.43 |
|
(0.02) |
|
(0.00) |
|||||||||||
Net income (loss) per ADS* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
—Basic |
|
0.13 |
|
0.00 |
|
(0.02) |
|
(0.00) |
|
0.43 |
|
(0.02) |
|
(0.00) |
|||||||||||
—Diluted |
|
0.13 |
|
0.00 |
|
(0.02) |
|
(0.00) |
|
0.43 |
|
(0.02) |
|
(0.00) |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Weighted average number of ADS used in |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
—Basic |
|
231,022,644 |
|
229,451,944 |
|
227,675,862 |
|
227,675,862 |
|
232,098,893 |
|
228,554,238 |
|
228,554,238 |
|||||||||||
—Diluted |
|
234,167,978 |
|
231,527,507 |
|
227,675,862 |
|
227,675,862 |
|
235,275,697 |
|
228,554,238 |
|
228,554,238 |
|||||||||||
|
|||||||||||||||||||||||||
* 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 3 0 , 202 4 |
|
March 31 , 2025 |
|
June 3 0 , 202 5 |
|
June 3 0 , 202 5 |
|
June 3 0 , 202 4 |
|
June 3 0 , 202 5 |
|
June 3 0 , 202 5 |
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
4,492 |
|
3,383 |
|
3,707 |
|
517 |
|
8,777 |
|
7,090 |
|
990 |
Research and development expenses |
|
7,873 |
|
6,313 |
|
6,563 |
|
916 |
|
15,489 |
|
12,876 |
|
1,797 |
Sales and marketing expenses |
|
446 |
|
320 |
|
394 |
|
55 |
|
812 |
|
714 |
|
100 |
General and administrative expenses |
|
4,573 |
|
8,048 |
|
7,385 |
|
1,031 |
|
8,841 |
|
15,433 |
|
2,154 |
|
||||||||||||||
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 3 0 , 202 4 |
|
March 31 , 2025 |
|
June 3 0 , 202 5 |
|
June 3 0 , 202 5 |
|
June 3 0 , 202 4 |
|
June 3 0 , 202 5 |
|
June 3 0 , 202 5 |
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
214,872 |
|
188,483 |
|
212,318 |
|
29,638 |
|
435,417 |
|
400,801 |
|
55,950 |
Share-based compensation expenses allocated |
|
4,492 |
|
3,383 |
|
3,707 |
|
517 |
|
8,777 |
|
7,090 |
|
990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP gross profit |
|
219,364 |
|
191,866 |
|
216,025 |
|
30,155 |
|
444,194 |
|
407,891 |
|
56,940 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
(26,037) |
|
(59,648) |
|
(23,703) |
|
(3,308) |
|
(64,553) |
|
(83,351) |
|
(11,635) |
Share-based compensation expenses |
|
17,384 |
|
18,064 |
|
18,049 |
|
2,519 |
|
33,919 |
|
36,113 |
|
5,041 |
Amortization of intangible assets from |
|
5,941 |
|
5,996 |
|
6,005 |
|
838 |
|
11,871 |
|
12,001 |
|
1,675 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating (loss) income |
|
(2,712) |
|
(35,588) |
|
351 |
|
49 |
|
(18,763) |
|
(35,237) |
|
(4,919) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to |
|
29,602 |
|
927 |
|
(5,491) |
|
(766) |
|
100,635 |
|
(4,564) |
|
(638) |
Impairment loss of investments |
|
45,079 |
|
- |
|
30,000 |
|
4,188 |
|
45,079 |
|
30,000 |
|
4,188 |
Share-based compensation expenses |
|
17,384 |
|
18,064 |
|
18,049 |
|
2,519 |
|
33,919 |
|
36,113 |
|
5,041 |
Amortization of intangible assets from |
|
4,931 |
|
4,977 |
|
4,984 |
|
696 |
|
9,853 |
|
9,961 |
|
1,391 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income attributable to |
|
96,996 |
|
23,968 |
|
47,542 |
|
6,637 |
|
189,486 |
|
71,510 |
|
9,982 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to ordinary |
|
29,602 |
|
927 |
|
(5,491) |
|
(766) |
|
100,635 |
|
(4,564) |
|
(638) |
Impairment loss of investments |
|
45,079 |
|
- |
|
30,000 |
|
4,188 |
|
45,079 |
|
30,000 |
|
4,188 |
Share-based compensation expenses |
|
17,384 |
|
18,064 |
|
18,049 |
|
2,519 |
|
33,919 |
|
36,113 |
|
5,041 |
Amortization of intangible assets from |
|
4,931 |
|
4,977 |
|
4,984 |
|
696 |
|
9,853 |
|
9,961 |
|
1,391 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income attributable to |
|
96,996 |
|
23,968 |
|
47,542 |
|
6,637 |
|
189,486 |
|
71,510 |
|
9,982 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income per ordinary share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic |
|
0.42 |
|
0.10 |
|
0.21 |
|
0.03 |
|
0.82 |
|
0.31 |
|
0.04 |
—Diluted |
|
0.41 |
|
0.10 |
|
0.21 |
|
0.03 |
|
0.81 |
|
0.31 |
|
0.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income per ADS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic |
|
0.42 |
|
0.10 |
|
0.21 |
|
0.03 |
|
0.82 |
|
0.31 |
|
0.04 |
—Diluted |
|
0.41 |
|
0.10 |
|
0.21 |
|
0.03 |
|
0.81 |
|
0.31 |
|
0.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of ADS used in |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic |
|
231,022,644 |
|
229,451,944 |
|
227,675,862 |
|
227,675,862 |
|
232,098,893 |
|
228,554,238 |
|
228,554,238 |
—Diluted |
|
234,167,978 |
|
231,527,507 |
|
230,562,291 |
|
230,562,291 |
|
235,275,697 |
|
231,018,054 |
|
231,018,054 |
View original content:https://www.prnewswire.com/news-releases/huya-inc-reports-second-quarter-2025-unaudited-financial-results-302527459.html
SOURCE