HUYA Inc. Fourth Quarter and Fiscal Year 2025 Financial Results

HUYA Inc. achieved a total net revenue of RMB 6.5 billion for the 2025 fiscal year, representing a 7.0% increase compared to the previous period. This growth was primarily fueled by a robust 43.1% expansion in game-related services and advertising revenue, which helped offset a decline in traditional live streaming income. The company’s strategic pivot toward content-driven publishing and business diversification remains the central driver of its current operational model, supported by a commitment to return value to shareholders through a 2026 special cash dividend of approximately US$31 million.

Despite the top-line growth, the company recorded a GAAP net loss of RMB 112.6 million for the full fiscal year and a net loss of RMB 117.6 million in the fourth quarter. These figures were heavily influenced by one-off accounting provisions and significant investment impairment charges. When adjusting for non-GAAP measures—which exclude share-based compensation and investment-related losses—the company demonstrated a more stable financial position, reporting a non-GAAP net income of RMB 99.5 million for the full year and a narrowed non-GAAP net loss of RMB 8.4 million for the final quarter.

These results reflect a transitional period for the China-based platform as it shifts its revenue mix away from legacy streaming models toward more diversified gaming services. While GAAP losses highlight the impact of non-recurring financial adjustments, the underlying non-GAAP performance suggests that the company’s core operational strategy is maintaining resilience. The financial data underscores a deliberate effort to stabilize profitability while aggressively pursuing growth in the competitive gaming and advertising sectors throughout the 2025 fiscal cycle.