Huya Inc. (NYSE: HUYA) announced its financial results for the third quarter of 2025 on the afternoon of November 12, 2025, Beijing Time (morning of November 12, 2025, Eastern Time).The financial report shows that during the quarter, Huya’s total revenue reached RMB 1.69 billion, marking a nine-quarter high, with year-over-year growth accelerating to approximately 10%. Specifically, live streaming revenue stabilized and rebounded to RMB 1.16 billion; game-related services, advertising, and other businesses maintained rapid growth, with revenue in this segment rising by approximately 30% year-over-year to RMB 530 million, accounting for 31.5% of total revenue.Under non-GAAP (Non-Generally Accepted Accounting Principles), the company reported an operating profit of 6.3 million yuan for the quarter, with net income attributable to Huya reaching 36.3 million yuan. In terms of user metrics, Huya’s total MAU reached 162 million in the third quarter of 2025.
Total revenue growth accelerates; in-game item sales perform exceptionally well
Huang Junhong, Co-CEO and Senior Vice President of Huya, stated: “In the third quarter of 2025, Huya returned to a healthy growth trajectory, with total revenue increasing by approximately 10% year-over-year. This positive outcome is attributable, on the one hand, to the steady recovery of our core live streaming business, and on the other hand, to the accelerating contribution from our gaming-related services, advertising, and other business segments.”
Regarding game-related services, advertising, and other businesses, Huang Junhong elaborated: “This quarter, revenue from this segment grew by approximately 30% year-over-year, and its share of total revenue exceeded 30% for the first time. This marks a key breakthrough for Huya since it launched its strategic transformation two years ago."Notably, this quarter, Huya achieved impressive performance in in-game item sales for titles such as *Honor of Kings*, *Peacekeeper Elite*, *League of Legends*, *Dark Zone Breakthrough*, and *PUBG Mobile*. As Huya continues to deepen its live-streaming ecosystem, expand its collaboration with domestic and international game developers, and offer an ever-growing variety of in-game item SKUs, the in-game item sales business has emerged as a new growth driver.
Lei Peng, Co-CEO and CFO of Huya, stated: “In the third quarter, the company’s total revenue grew at an accelerated pace, and our operational performance continued to improve. These results fully demonstrate our robust execution in diversifying our revenue structure and managing costs prudently.” During the quarter, Huya’s non-GAAP operating profit increased year-over-year and quarter-over-quarter, and the company has reported non-GAAP net profit for seven consecutive quarters.“Moving forward, we will continue to pursue opportunities in a prudent manner, balancing growth with profit quality to create long-term value for our shareholders,” Lei Peng said.
Synergies Across the Ecosystem Are Becoming Apparent, with Game-Related Businesses Thriving in Multiple Areas
Huya’s platform ecosystem and user base have demonstrated strong resilience.In the third quarter, Huya’s total MAU saw steady growth. At the same time, the platform’s influence has further strengthened. On one hand, there has been a significant increase in the number of top streamers returning to the platform; on the other hand, Huya has resolutely advanced its multi-platform ecosystem strategy, continuously expanding the influence of its streamer ecosystem across the entire internet and further broadening its reach to gaming users on platforms such as Video Account and Douyin. Currently, the estimated number of users Huya can reach outside its own platform has surpassed the 100 million mark.
The traffic momentum accumulated through the content ecosystem and streamer ecosystem is also providing robust growth momentum for businesses such as virtual item sales and game publishing. This quarter, Huya’s gaming-related services, advertising, and other revenue reached 530 million yuan, representing a year-over-year increase of approximately 30% and accounting for over 30% of total revenue.In addition, Huya is set to launch its first major game—the mobile version of *Kill or Be Killed*—which has already rapidly surpassed 10 million pre-registrations during the testing phase. This launch not only marks the first systematic validation of Huya’s gaming business but also lays the foundation for building a more comprehensive publishing business in the future.
Focusing on optimizing the user experience and building a closed-loop ecosystem, Huya has also introduced several product innovations, including a short video section and new game-assistance tools.The launch of the short video section has further enriched the content ecosystem, allowing users to conveniently browse highlights from live streams directly within the platform. Meanwhile, the map-running tool launched for the top-tier first-person shooter *Operation Delta* helps users immerse themselves in the game and familiarize themselves with its mechanics. This is expected to attract more hardcore *Operation Delta* players, laying the groundwork for further monetization.
In terms of its esports ecosystem, Huya has achieved significant success in both licensed and self-produced tournaments.In the third quarter of 2025, Huya delivered nearly 100 licensed tournaments and approximately 40 self-produced tournaments and PGC programs to its users. Recently, Huya Live maintained the top market share for the League of Legends World Championship (S15), further solidifying the company’s leading position in the live streaming of top-tier esports events. At the same time, Huya actively produces and develops esports IPs to build a nationwide esports event ecosystem.Notably, Huya’s first self-produced international League of Legends professional tournament—the “League of Legends Asian Invitational (ASI)”—delivered outstanding viewership performance, significantly boosting the brand’s global influence. Targeting lower-tier markets, Huya also launched the “Esports Lu Super”—the “Langya Cup” Huya Village Games—using a dual-core “government-led + platform-empowered” model to promote esports culture and drive the development of cultural and tourism consumption.
In overseas markets, Huya continues to expand its presence in key regions, focusing on optimizing the user experience and content ecosystem to boost user engagement and retention. At the same time, Huya has established in-depth partnerships with several popular games to explore diverse monetization opportunities, thereby driving the sustainable growth and profitability of its overseas operations.
Looking ahead, Huya stated that the company will continue to advance the development of its content ecosystem, unlock its commercial potential, and explore new business opportunities with a steady and far-sighted approach. It will deepen collaboration with partners, cultivate its rich content ecosystem, and simultaneously enhance commercial efficiency and product experience.
原创文章，作者：wisegames，禁止转载：https://youxichaguan.com/en/archives/194637
