Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934: Form 20-F

HUYA Inc.’s 2025 Annual Report provides a comprehensive overview of the company’s strategic transition, financial health, and the complex regulatory environment governing its operations in mainland China. As a Cayman Islands holding company, HUYA utilizes a variable interest entity (VIE) structure to navigate strict foreign investment restrictions, a model that accounts for over 91% of its net revenues. While this structure facilitates operations, it introduces significant risks, including regulatory uncertainty, potential government intervention, and limitations on the repatriation of capital.

Financially, the company is undergoing a pivot from its traditional live-streaming model—which saw revenue decline to 70.7% of the total in 2025—toward diversified game-related services and advertising. Although this shift drove a 7% increase in total net revenue to RMB 6.5 billion in 2025, the company reported a net loss of RMB 112.6 million, pressured by high content procurement costs and revenue-sharing agreements. Despite these losses, HUYA maintains a commitment to shareholder returns through a 2025–2027 dividend plan and active share repurchase programs, supported by a strong liquidity position.

Operational risks remain elevated due to the company’s status as a "controlled company," with Tencent holding 95% of the voting power, and its reliance on third-party infrastructure and state-controlled telecommunications. Furthermore, the company faces ongoing challenges regarding data security, intellectual property litigation, and the potential for U.S. delisting if audit inspection access is restricted. As the firm navigates these macroeconomic and regulatory headwinds, it has opted to cease disclosure of traditional user metrics like monthly active users, signaling a strategic shift toward prioritizing overall financial stability and long-term monetization efficiency over raw user growth.