This article first appeared on GuruFocus .
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Total Net Revenues (Q4):RMB1.74 billion, up 16% year-over-year.
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Live Streaming Revenues (Q4):RMB1.15 billion, up 2% year-over-year.
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Game-related Services, Advertising, and Other Revenues (Q4):RMB593 million, up 59% year-over-year.
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Gross Profit (Q4):RMB245 million, up 44% year-over-year.
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Gross Margin (Q4):14.1%, improved from 11.4% year-over-year.
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Operating Loss (Q4):RMB65 million, narrowed from RMB93 million year-over-year.
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Non-GAAP Operating Loss (Q4):RMB36 million, narrowed from RMB69 million year-over-year.
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Net Loss Attributable to Huya Inc (Q4):RMB118 million, narrowed from RMB172 million year-over-year.
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Non-GAAP Net Loss Attributable to Huya Inc (Q4):RMB8 million, compared with non-GAAP net income of RMB1 million year-over-year.
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Cash and Cash Equivalents (End of 2025):RMB3.82 billion, largely flat compared to September 30, 2025.
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Total Net Revenues (Full Year 2025):RMB6.5 billion, up 7% year-over-year.
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Live Streaming Revenues (Full Year 2025):RMB4.59 billion, compared with RMB4.75 billion prior year.
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Game-related Services, Advertising, and Other Revenues (Full Year 2025):RMB1.91 billion, compared with RMB1.33 billion prior year.
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Non-GAAP Gross Profit (Full Year 2025):RMB884 million, up 7% year-over-year.
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Non-GAAP Net Income Attributable to Huya Inc (Full Year 2025):RMB99 million, compared with RMB269 million prior year.
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Special Cash Dividend (2026):USD0.135 per ordinary share or ADS, totaling approximately USD31 million.
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Share Repurchase Program:22.9 million shares repurchased, totaling USD75.5 million as of December 2025.
Release Date: March 17, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Total net revenues grew by 16% in Q4 2025, reaching RMB1.74 billion, marking the highest in the last 10 quarters.
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Revenues from game-related services, advertising, and other businesses increased by 59% year-over-year.
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The successful launch of Goose Goose Duck Mobile attracted over 10 million users within six days and topped the iOS free game chart.
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In-game item sales revenue grew by more than 200% year-over-year, driven by new titles such as Peacekeeper Elite and Crossfire Mobile.
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AI-powered live streaming channels now contribute nearly 10% of overall DAU, outperforming real-life peers by 40% in key metrics.
Negative Points
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A one-time RMB66 million provision led to a non-GAAP operating loss of RMB36 million for Q4 2025.
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Net loss attributable to HUYA Inc was RMB118 million for Q4, compared to a loss of RMB172 million in the same period last year.
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Interest income decreased to RMB32 million for Q4, down from RMB75 million in the same period last year.
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Operating loss for Q4 was RMB65 million, although it narrowed compared to the same period last year.
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Non-GAAP net income for the full year 2025 decreased to RMB99 million, down from RMB269 million in the prior year.
Q & A Highlights
Q: We see profit fluctuations mainly driven by provisioning and investment impairments. Could management share the composition and underlying reasons for this item? And how should we think of the future trend on OP and net profit? A: The fluctuation in our profit this quarter was mainly driven by a RMB66 million one-off provision related to a receivable from a 2021 arrangement with a broadcaster and an RMB81 million impairment loss of investments. These are noncash accounting adjustments and are considered one-off impacts that do not reflect our core operating trends. We do not foresee additional impairments at the moment.
Q: Could you share some metrics like DAU retention, ARPU, and revenue for Goose Goose Duck? Also, what are the KPIs for 2026, and how does management plan to extend the game's life cycle? A: Goose Goose Duck's DAU has remained high and steady, with user retention exceeding expectations. Monetization has been conservative, focusing on user growth, but ARPU spikes with new events. We plan to extend the game's life cycle by maintaining rapid content updates, expanding user growth across platforms, and building a UGC ecosystem.
Q: What progress has been made in AI, especially in AI live streaming, AI game tools, and internal organizational efficiency? A: AI-powered live streaming channels now contribute nearly 10% of our DAU, outperforming real-life peers by 40% in key metrics. AI game tools like the Delta Force Map Tool have been well received, and we are developing AI hardware and interactive products. We plan to create more AI-driven companion tools for popular titles.
Q: Can management share your future strategy on your game publishing business, latest publishing pipeline, and release schedule? A: We are committed to a content-driven strategy in game publishing, leveraging our strengths in live streaming and community engagement. Our pipeline includes mini games and mobile games with strong content appeal. Game publishing is expected to be a significant growth driver, diversifying beyond traditional live streaming.
Q: Despite some net impact from provision impairment in Q4, there was no improvement in gross profit margin. What is management's view on future gross profit margin trends? A: Our gross margin improved by 2.7 percentage points year-over-year in Q4, driven by high-margin advertising and strong growth in in-game item sales. We expect continued gross margin improvement as higher-margin businesses grow and operating leverage improves.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
