Huya FY2025 Q4 Earnings Release

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HUYA Inc. Reports Fourth Quarter and Fiscal Year 2025 Unaudited Financial Results
and Announces Cash Dividend

GUANGZHOU, China, March 17 , 202 6 /PRNewswire/ — HUYA Inc. (“Huya” or the “Company”)
(NYSE: HUYA), a leading game – related entertainment and services provider, today announced its
unaudited financial results for the fourth quarter and fiscal year ended December 31, 2025 , and a
special cash dividend for the year 2026 .

Fourth Quarter 2025 Highlights

• Total net revenues increased by 16.2% to RMB1,738.5 million (US$248.6 million) for the fourth
quarter of 2025, from RMB 1,495.8 million for the same period of 2024.
• Game – related services, advertising and other revenues increased by 59.4% to RMB592.5
million (US$84.7 million) for the fourth quarter of 2025, from RMB371.6 million for the same
period of 202 4.
• Net loss attributable to HUYA Inc. was RMB 117.6 million (US$ 16.8 million) for the fourth
quarter of 2025, compared with RMB 172.2 million for the same period of 2024.
• Non – GAAP net loss attributable to HUYA Inc.
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was RMB 8.4 million (US$ 1.2 million) for the
fourth quarter of 2025, compared with a non – GAAP net income attributable to HUYA Inc . of
RMB1.2 million for the same period of 2024 .
• Average MAUs
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for the fourth quarter of 2025 was 16 0 . 0 million.

Fiscal Year 2025 Highlights

• Total net revenues increased by 7.0% to RMB6,502.4 million (US$929.8 million) for fiscal year
2025, from RMB 6,079.1 million for 2024.
• Game – related services, advertising and other revenues increased by 43.1% to RMB1,908.4
million (US$272.9 million) for fiscal year 2025, from RMB1,333.9 million for 202 4.
• Net loss attributable to HUYA Inc. was RMB 112.6 million (US$ 16.1 million) for fiscal year
2025, compared with RMB 48.0 million for 2024.
• Non – GAAP net income attributable to HUYA Inc.
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was RMB 99.5 million (US$ 14.2 million)
for fiscal year 2025, compared with RMB268.8 million for 2024 .

Mr. Junhong Huang, Acting Co – Chief Executive Officer and Senior Vice President of Huya,
commented, “In 2025, we made meaningful progress in our evolution into a comprehensive game –
related services provider. Our total net revenues for 2025 rebounded to RMB6 .5 billion, up 7.0% year –
over – year. Notably, our fourth quarter total net revenues reached RMB1.74 billion, with year – over –
year growth accelerating to 16.2%. This performance was primarily driven by our business
diversification efforts, as game – related ser vices, advertising, and other revenues surged 59.4% year –
over – year and accounted for over 30% of total net revenues , which is now the second quarter since we
first hit this milestone. ”

“ Building on this momentum, our expansion into game publishing achieved a key breakthrough with
the launch of Goose Goose Duck mobile in the Chinese mainland in January 2026. Since its debut, the

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title has demonstrated exceptional market appeal, ranking No. 1 on the local Apple App Store free
games chart for most of the past two months. More importantly, this success powerfully validates our
content – driven publishing strategy and lays the groundwor k for us to further deepen our presence
across the gaming ecosystem,” Mr. Huang concluded.

Mr. Raymond Peng Lei, Acting Co – Chief Executive Officer and Chief Financial Officer of Huya,
added, “ Our fourth quarter results included a one – off accounting provision, which had a significant
impact on our reported operating results and led to an operating loss for the quarter. Excluding the
impact of this item, this quarter ’ s results reflected continued improvement in our core operating
performance .”

Fourth Quarter 2025 Financial Results

Total net revenues increased by 16.2% to RMB 1,738.5 million (US$ 248.6 million) for the fourth
quarter of 2025, from RMB 1,495.8 million for the same period of 2024.

Live streaming revenues increased by 1.9 % to RMB 1,146.0 million (US$ 163.9 million) for the fourth
quarter of 2025, from RMB 1,124.2 million for the same period of 2024, primarily due to higher
average spending per paying user for live streaming services .

Game – related services, advertising and other revenues increased by 59.4 % to RMB 592.5 million
(US$ 84.7 million) for the fourth quarter of 2025, from RMB 371.6 million for the same period of 2024.
The increase was primarily driven by higher revenues from game – related services and advertising ,
which were mainly attributable to the Company’s deepened cooperation with game companies .

Cost of revenues increased by 12.7 % to RMB 1,493. 8 million (US$ 213.6 million) for the fourth
quarter of 2025, from RMB 1,325.4 million for the same period of 2024, primarily due to increased
revenue sharing fees and content costs, as well as increased costs of in – game items, partially offset by
decreased bandwidth and server custody fees. Revenue sharing fees and content costs, a key
component of cost of revenues, increased by 10.4 % year – over – year to RMB 1,277.2 million (US$ 182.6
million) for the fourth quarte r of 2025, primarily due to increased revenues.

Gross profit increased by 43. 6 % to RMB 244. 7 million (US$ 35.0 million) for the fourth quarter of
2025, from RMB 170.5 million for the same period of 2024. Gross margin was 14.1 % for the fourth
quarter of 2025, compared with 11.4% for the same period of 2024.

Research and development expenses decreased by 0. 2 % to RMB 12 3 . 1 million (US$ 17.6 million)
for the fourth quarter of 2025, from RMB 123.3 million for the same period of 2024.

Sales and marketing expenses increased by 24.3 % to RMB 78.1 million (US$ 11.2 million) for the
fourth quarter of 2025, from RMB62.8 million for the same period of 2024, primarily due to increased
marketing and promotional efforts, including pre – launch preparations for Goose Goose Duck mobile,
a co – published title that was subsequently launched in January 2026 .

General and administrative expenses in creased by 55.4 % to RMB 126.0 million (US$ 18.0 million)
for the fourth quarter of 2025, from RMB 8 1.1 million for the same period of 2024, primarily due to a

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RMB66.0 million (US$ 9 . 4 million) provision related to a receivable arising from a 2021 arrangement
with a broadcaster , which was deemed to have a heightened risk of non – recoverability.

Other income was RMB 17.5 million (US$ 2.5 million) for the fourth quarter of 2025, compared with
RMB 4.0 million for the same period of 2024, primarily due to increased government subsidies .

Operating loss was RMB 64.9 million (US$ 9.3 million) for the fourth quarter of 2025, compared with
RMB 92.7 million for the same period of 2024.

Non – GAAP operating loss was RMB 3 6.1 million (US$ 5.2 million) for the fourth quarter of 2025,
compared with RMB69.3 million for the same period of 2024.

Interest income was RMB 32.1 million (US$ 4.6 million) for the fourth quarter of 2025 , compared
with RMB75.2 million for the same period of 2024, primarily due to a lower time deposit balance ,
which was mainly attributable to the special cash dividends paid.

Impairment loss of investments was RMB 81 . 5 million (US$1 1 . 6 million) for the fourth quarter of
2025, compared with RMB151.1 million for the same period of 2024, primarily due to the recognition
of impairment charges on the Company’s investments, attributable to the weak financial performance
of certain investees .

Net loss attributable to HUYA Inc. was RMB 117.6 million (US$ 16.8 million) for the fourth quarter
of 2025, compared with R MB 172.2 million for the same period of 2024.

Non – GAAP net loss attributable to HUYA Inc. was RMB 8.4 million (US$ 1.2 million) for the fourth
quarter of 2025, compared with a non – GAAP net income attributable to HUYA Inc . of RMB1.2 million
for the same period of 2024.

Basic and diluted net loss per American depositary share (“ADS”) were each RMB 0. 51 (US$ 0.0 7 )
for the fourth quarter of 2025 . Basic and diluted net loss per ADS were each RMB 0.75 for the fourth
quarter of 2024. Each ADS represents one Class A ordinary share of the Company.

Non – GAAP basic and diluted net loss per ADS were each RMB 0. 04 (US$ 0.0 1 ) for the fourth quarter
of 2025. Non – GAAP basic and diluted net income per ADS were each RMB 0.01 for the fourth quarter
of 2024.

As of December 31, 2025, the Company had cash and cash equivalents, short – term deposits and
long – term deposits of RMB 3,818.4 million (US$ 546.0 million), compared with RMB 3,828.2 million
as of September 30, 2025.

Fiscal Year 2025 Financial Results

Total net revenues increased by 7.0% to RMB6,502.4 million (US$ 929.8 million) for fiscal year
2025, from RMB 6,079.1 million for 2024.

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Live streaming revenues decreased by 3.2 % to RMB 4,594.0 million (US$ 656.9 million) for fiscal year
2025, from RMB 4,745.2 million for 2024, primarily due to the continued impact of the
macroeconomic and industry environment, partially offset by improved monetization efficiency, as
reflected in higher average spending per paying user for live streaming services in the second half of
2025.

Game – related services, advertising and other revenues increased by 43.1 % to RMB 1,908.4 million
(US$ 272.9 million) for fiscal year 2025, from RMB 1,333.9 million for 2024. The increase was
primarily driven by higher revenues from game – related services and advertising , which were mainly
attributable to the Company’s deepened cooperation with game companies .

Cost of revenues increased by 6.8 % to RMB 5,630. 3 million (US$ 805.1 million) for fiscal year 2025,
from RMB 5,269.7 million for 2024, primarily due to increased revenue sharing fees and content costs,
as well as increased costs of in – game items, partially offset by decreased bandwidth and server custody
fees. Revenue sharing fees and content costs, a key component of co st of revenues, increased by 5.5 %
year – over – year to RMB 4,872.3 million (US$ 696.7 million) for fiscal year 2025, primarily due to
increased rev enues.

Gross profit increased by 7.7 % to RMB 872. 1 million (US$ 124.7 million) for fiscal year 2025, from
RMB 809.5 million for 2024. Gross margin was 13.4 % for fiscal year 2025, compared with 13.3% for
2024.

Research and development expenses decreased by 3. 1 % to RMB 496. 7 million (US$ 71.0 million)
for fiscal year 2025, from RMB 512.6 million for 2024, primarily due to decreased staff costs as a result
of enhanced efficiency.

Sales and marketing expenses decreased by 2.7 % to RMB 266.6 million (US$ 38.1 million) for fiscal
year 2025, from RMB274.0 million for 2024, primarily due to decreased channel promotion fees.

General and administrative expenses in creased by 21.2 % to RMB 308.9 million (US$ 44.2 million)
for fiscal year 2025, from RMB254.8 million for 2024, primarily due to a RMB66.0 million (US$9.4
million) provision related to a receivable arising from a 2021 arrangement with a broadcaster, which
was deemed to have a heightened risk of non – recoverability.

Other income was RMB 37.5 million (US$ 5.4 million) for fiscal year 2025, compared with RMB 42.5
million for 2024, primarily due to lower government subsidies .

Operating loss was RMB 162.5 million (US$ 23.2 million) for fiscal year 2025, compared with
RMB 189.6 million for 2024.

Non – GAAP operating loss was RMB 65.0 million (US$ 9.3 million) for fiscal year 2025, compared
with RMB 101.3 million for 2024.

Interest income was RMB 190.8 million (US$ 27.3 million) for fiscal year 2025 , compared with
RMB391.4 million for 2024, primarily due to a lower time deposit balance , which was mainly
attributable to the special cash dividends paid.

Impairment loss of investments was RMB1 20 . 2 million (US$1 7 . 2 million) for fiscal year 2025,
compared with RMB232.5 million for 2024, primarily due to the recognition of impairment charges
on the Company’s investments, attributable to the weak financial performance of certain investees.

Net loss attributable to HUYA Inc. was RMB 112.6 million (US$ 16.1 million) for fiscal year 2025,
compared with RMB 48.0 million for 2024.

Non – GAAP net income attributable to HUYA Inc. was RMB 99.5 million (US$ 14.2 million) for
fiscal year 2025, compared with RMB268.8 million for 2024.

Basic and diluted net loss per ADS were each RMB 0. 49 (US$ 0.0 7 ) for fiscal year 2025 . Basic and
diluted net loss per ADS were each RMB 0.21 for 2024.

Non – GAAP basic and diluted net income per ADS were each RMB 0. 43 (US$ 0. 06 ) for fiscal year
2025. Non – GAAP basic and diluted net income per ADS were RMB 1.16 and RMB1.15, respectively,
for 2024.

Net cash used in operating activities was RMB176 . 2 million (US$25.2 million) for fiscal year 2025,
compared with net cash provided by operating activities of RMB94.3 million for 2024 , primarily due
to decreased interest income and increased amounts due from related parties.

Share Repurchase Program

Pursuant to the Company’s up – to – US$100 million share repurchase program authorized in August
2023, which has an extended expiration date of March 31, 2026, the Company had repurchased 22.9
million ADSs as of December 31, 2025, with an aggregate considerati on of US$75.5 million.

2 026 Cash Dividend

To implement its 2025 – 2027 dividend plan adopted in March 2025, the board of directors of the
Company has approved a special cash dividend for the year 2026 (the “2026 Cash Dividend”). The
2026 Cash Dividend will be paid to holders of ordinary shares and h olders of ADSs of record as of the
close of business on June 17, 2026, in U.S. dollars, in an amount of US$0.135 per ordinary share or
US$0.135 per ADS. The total amount of cash to be distributed for the 2026 Cash Dividend is expected
to be approximately U S$31 million, which will be funded by surplus cash on the Company’s balance
sheet. The payment date for holders of ordinary shares and holders of ADSs is expected to be on or
around June 30, 2026. The dividend to be paid to the Company’s ADS holders throug h the depositary
bank will be subject to the terms of the deposit agreement.

Earnings Webinar

The Company’s management will host a Tencent Meeting Webinar at 6:00 a.m. U.S. Eastern Time on
March 17, 2026 (6:00 p.m. Beijing/Hong Kong time on March 17, 2026), to review and discuss the
Company’s business and financial performance.

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

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information, including meeting ID, meeting link, dial – in numbers, and a unique attendee ID to join the
webinar.

Participant Online Registration :

Chinese Mainland
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: https://meeting.tencent.com/dw/w1fyNiKOMVT7
International: https://voovmeeting.com/dw/w1fyNiKOMVT7

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.

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“Non – GAAP net (loss) income attributable to HUYA Inc.” is defined as net (loss) income attributable to HUYA Inc. excluding share –
based compensation expenses, gain arising from disposal of an equity investment, net of income taxes, impairment loss of inve s tments,
and amortization of intangible assets from business acquisitions, net of income taxes, to the extent applicable. For more inf ormation,
please refer to the section titled “Use of Non – GAAP Financial Measures” and the table captioned “HUYA Inc. Unaud ited Reconciliations
of GAAP and Non – GAAP Results” at the end of this press release.
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Refers to the average total monthly active users who accessed the Company’s domestic and overseas platforms and services (pri marily
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 suc h 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.
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For the purpose of this announcement only, Chinese Mainland excludes the Hong Kong Special Administrative Region, the Macao
Special Administrative Region of the People’s Republic of China, and Taiwan .

About HUYA Inc.

HUYA Inc. is a leading game – related entertainment and services provider. Huya delivers dynamic live
streaming and video content and a rich array of services spanning games, e – sports, and other interactive
entertainment genres to a large, highly engaged com munity of game enthusiasts. Huya has cultivated
a robust entertainment ecosystem powered by AI and other advanced technologies, serving users and
partners across the gaming universe, including game companies, e – sports tournament organizers,
broadcasters an d talent agencies. Leveraging this strong foundation, Huya has also expanded into
innovative game – related services, such as game distribution, in – game item sales, advertising and more.
Huya continues to extend its footprint in China and abroad, meeting the evolving needs of gamers,
content creators, and industry partners worldwide.

For more information, please visit: https://ir.huya.com.

Use of Non – GAAP Financial Measures

The unaudited condensed consolidated financial information is prepared in conformity with accounting
principles generally accepted in the United States of America (“U.S. GAAP”), except that the
consolidated statement of changes in shareholders’ equity, con solidated statements of cash flows, and
the detailed notes have not been presented. Huya uses non – GAAP gross profit, non – GAAP operating
(loss) income, non – GAAP net (loss) income attributable to HUYA Inc., non – GAAP net (loss) income
attributable to ordinary shareholders, non – GAAP basic and diluted net (loss) income per ordinary
share, and non – GAAP basic and diluted net (loss) income per ADS, which are non – GAAP financial
measures. Non – GAAP gross profit is gross profit excluding share – based compensation expens es
allocated in cost of revenues. Non – GAAP operating (loss) income is operating loss excluding share –
based compensation expenses and amortization of intangible assets from business acquisitions. Non –

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GAAP net (loss) income attributable to HUYA Inc. is net (loss) income attributable to HUYA Inc.
excluding share – based compensation expenses, gain arising from disposal of an equity investment, net
of income taxes, impairment loss of investments, and amortization of intangible assets from business
acquisitions, net of income taxes, to the extent applicable. Non – GAAP net (loss) income attributable
to ordinary shareholders is net (loss) income attributable to ordinary shareholders excluding share –
based compens ation expenses, gain arising from disposal of an equity investment, net of income taxes,
impairment loss of investments, and amortization of intangible assets from business acquisitions, net
of income taxes, to the extent applicable. Non – GAAP basic and dil uted net (loss) income per ordinary
share and per ADS is non – GAAP net (loss) income attributable to ordinary shareholders divided by
the weighted average number of ordinary shares and ADS used in the calculation of non – GAAP basic
and diluted net (loss) inc ome per ordinary share and per ADS. The Company believes that separate
analysis and exclusion of the impact of (i) share – based compensation expenses, (ii) gain arising from
disposal of an equity investment, net of income taxes, (iii) impairment loss of investments, and (iv)
amortization of intangible assets from business acquisitions (net of income taxes), add clarity to the
constituent parts of its performa nce. The Company reviews these non – GAAP financial measures
together with GAAP financial measures to o btain a better understanding of its operating performance.
It uses the non – GAAP financial measures for planning, forecasting and measuring results against the
forecast. The Company believes that non – GAAP financial measures represent useful supplemental
inf ormation for investors and analysts to assess its operating performance without the effect of (i)
share – based compensation expenses, and (ii) amortization of intangible assets from business
acquisitions (net of income taxes), which have been and will conti nue to be significant recurring
expenses in its business, and (iii) gain arising from disposal of an equity investment, net of income
taxes, and (iv) impairment loss of investments. However, the use of non – GAAP financial measures has
material limitations a s an analytical tool. One of the limitations of using non – GAAP financial measures
is that they do not include all items that impact the Company’s net (loss) income for the period. In
addition, because non – GAAP financial measures are not measured in the sam e manner by all
companies, they may not be comparable to other similarly titled measures used by other companies.
In light of the foregoing limitations, you should not consider a non – GAAP financial measure in
isolation from or as an alternative to the fina ncial measures prepared in accordance with U.S. GAAP.

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 U.S.
GAAP. For more information on these non – GAAP financia l measures, please see the table captioned
“HUYA Inc. Unaudited Reconciliations of GAAP and Non – GAAP Results” at the end of this
announcement.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate
solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S.
dollars are made at a rate of RMB6.9931 to US$1.00, the noon buying rate in effect on December 31,
2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no
representa tion that the Renminbi or U.S. dollar amounts referred to in this announcement could have
been or could be conver ted into U.S. dollars or Renminbi, as the case may be, at any particular rate or
at all.

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Safe Harbor Statement

This announcement contains forward – looking statements. These statements are made under the “safe
harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward –
looking statements can be identified by terminology such as “wil l,” “expects,” “anticipates,” “future,”
“intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations
from management in this announcement, as well as Huya’s strategic and operational plans, contain
forward – looking statements. Huya may also make written or oral forward – looking statements in its
periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in its annual report to
shareholders, in press releases and other written materials and in oral statem ents made by its officers,
directors or employees to third parties. Statements that are not historical facts, including statements
about Huya’s beliefs and expectations, are forward – looking statements. Forward – looking statements
involve inherent risks and uncertainties. A number of factors could cause actual results to differ
materially from those contained in any forward – looking statement, including but not limited to the
following: Huya’s goals and strategies; Huya’s future business development, results o f operations and
financial condition; the expected growth of the live streaming market and game market; the expectation
regarding the rate at which to gain active users, especially paying users; Huya’s ability to monetize the
user base; Huya’s efforts in c omplying with applicable data privacy and security regulations;
fluctuations in general economic and business conditions in China; the economy in China and
elsewhere generally; any regulatory developments in laws, regulations, rules, policies or guidelines
applicable to Huya; and assumptions underlying or related to any of the foregoing. Further information
regarding these and other risks is included in Huya’s filings with the SEC. All information provided
in this press release and in the attachments is as of the date of this press release, and Huya does not
undertake any obligation to update any forward – looking statement, except as required under applicable
law.

For investor and media inquiries, please contact:

In China:

HUYA Inc.
Investor Relations
Tel: +86 – 20 – 2290 – 7829
E – mail: ir@huya.com

Piacente Financial Communications
Jenny Cai
Tel: +86 – 10 – 6508 – 0677
E – mail: huya@tpg – ir.com

In the United States:

Piacente Financial Communications
Brandi Piacente
Tel: +1 – 212 – 481 – 2050
E – mail: huya@tpg – ir.com

HUYA INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except share, ADS, per share data and per ADS data)

As of December 31, As of December 31,
202 4 202 5 202 5
RMB RMB US$

Assets
Current assets
Cash and cash equivalents 1,188,911 692,663 99 , 049
Restricted cash 17,031 1 2 ,031 1 , 720
Short – term deposits 4,075,048 3 , 125 , 760 446 , 978
Accounts receivable, net 76,044 238 , 569 34 , 115
Prepaid assets and amounts due from related
parties, net 207,565 290,747

41,576
Prepayments and other current assets, net 523,674 5 47 , 078 7 8 , 232

Total current assets 6,088,273 4,9 06 , 848 70 1 , 670

Non – current assets
Long – term deposits 1,470,000 – –
Investments 440,790 296,165 42 , 351
Goodwill 463,796 4 5 3, 498 6 4 , 849
Property and equipment, net 484,008 604 , 368 8 6, 423
Intangible assets, net 153,190 1 27 , 633 18 , 251
Right – of – use assets, net 339,492 3 04 , 017 4 3 , 474
Prepayments and other non – current assets 128,262 8,843 1, 265

Total non – current assets 3,479,538 1, 794 , 524 2 56 , 613

Total assets 9,567,811 6,70 1 , 372 95 8 , 283

Liabilities and shareholders’ equity
Current liabilities
Accounts payable 66,613 237 , 903 34 , 020
Advances from customers and deferred revenue 265,628 2 28 , 167 3 2 , 627
Income taxes payable 54,594 61,479 8,791
Accrued liabilities and other current liabilities 1,360,949 1,03 2 , 437 14 7 , 637
Amounts due to related parties 161,529 150,166 21,473
Lease liabilities due within one year 28,581 1 8, 982 2 , 714

Total current liabilities 1,937,894 1,7 29 , 134 24 7 , 262

Non – current liabilities
Lease liabilities 20,047 1 , 766 253
Deferred tax liabilities 23,405 18 , 932 2 , 7 07
Deferred revenue 35,786 3 1 , 824 4, 551

Total non – current liabilities 79,238 52,522 7,511

Total liabilities 2,017,132 1,78 1 , 656 25 4 , 773

HUYA INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
( All amounts in thousands, except share, ADS, per share data and per ADS data )

As of December 31, As of December 31,
202 4 202 5 202 5
RMB RMB US$

Shareholders’ equity
Class A ordinary shares (US$0.0001 par value;
750,000,000 shares authorized as of December
31, 2024 and December 31, 2025, respectively;
74,845,398 and 73,146,779 shares issued and
outstanding as of December 31, 2024 and
December 31, 2025, respectively) 52 54 8
Class B ordinary shares (US$0.0001 par value;
200,000,000 shares authorized as of December
31, 2024 and December 31, 2025, respectively;
150,386,517 and 150,386,517 shares issued and
outstanding as of December 31, 2024 and
December 31, 2025, respectively) 98 98 14
Treasury shares (108,101) (128,056) (18,312)
Additional paid – in capital 8,866,492 6,466,101 924,640
Statutory reserves 122,429 122,429 17,507
Accumulated deficit (2,100,291) (2,219,365) (317,365)
Accumulated other comprehensive income 770,000 678,455 97,018

Total shareholders’ equity 7,550,679 4,919,716 703,510

Total liabilities and shareholders’ equity 9,567,811 6,70 1 , 372 95 8 , 283

HUYA INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(All amounts in thousands, except share, ADS, per share data and per ADS data)

Three Months Ended Twelve Months Ended

Decembe r 31,
202 4
S eptember 30,
202 5
December 31,
202 5
December 31,
202 5
December 31,
202 4
December 31,
202 5
December 31,
202 5
RMB RMB RMB US$ RMB RMB US$

Net revenues
Live streaming 1,124,188 1,156,681 1,145,950 163,869 4,745,195 4,594,014 656,935
Game – related services, a dvertising and others 371,639 531,570 592,525 84,730 1,333,920 1,908,386 272,896

Total net revenues 1,495,827 1,688,251 1,738,475 248,599 6,079,115 6,502,400 929,831

Cost of revenues
(1)
(1,325,364) (1,461,627) (1,493,767) (213,606) (5,269,661) (5,630,267) (805,117)

Gross profit 170,463 226,624 244,708 34,993 809,454 872,133 124,714

Operating expenses
(1)

Research and development expenses (123,313) (121,942) (123,054) (17,596) (512,637) (496,677) (71,024)
Sales and marketing expenses (62,798) (70,107) (78,066) (11,163) (274,049) (266,567) (38,119)
General and administrative expenses (81,054) (57,729) (125,958) (18,012) (254,840) (308,875) (44,169)

Total operating expenses (267,165) (249,778) (327,078) (46,771) (1,041,526) (1,072,119) (153,312)

Other income, net 4,010 8,854 17,516 2,505 42,496 37,481 5,360

Operating loss (92,692) (14,300) (64,854) (9,273) (189,576) (162,505) (23,238)

Interest income 75,234 34,655 32,144 4,597 391,389 190,789 27,282
Impairment loss of investments (151,089) (8,698) ( 81 ,458 ) (1 1 ,648 ) (232,466) (1 20 ,156 ) (1 7 ,182 )
Disposal gain of investments – 1,500 – – – 1,500 214
Foreign currency exchange losses, net (522) (2,008) (2,182) (312) (3,802) (6,718) (961)

( L oss ) i ncome before income tax expenses (169,069) 11,149 (116,350) (16,636) (34,455) (97,090) (13,885)

Income tax expenses (3,134) (508) (1,662) (238) (13,500) (12,806) (1,831)

( L oss ) i ncome before (loss) income in equity
method investments, net of income taxes (172,203) 10,641 (118,012) (16,874) (47,955) (109,896) (15,716)

( L oss ) i ncome in equity method investments,
net of income taxes – (1,085) 429 61 – (2,695) (385)

Net (loss) income attributable to HUYA Inc. (172,203) 9,556 (117,583) (16,813) (47,955) (112,591) (16,101)

Net (loss) income attributable to ordinary
shareholders (172,203) 9,556 (117,583) (16,813) (47,955) (112,591) (16,101)

HUYA INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)
( All amounts in thousands, except share, ADS, per share data and per ADS data )

Three Months Ended Twelve Months Ended

Decembe r 31,
202 4
S eptember 30,
202 5
December 31,
202 5
December 31,
202 5
December 31,
202 4
December 31,
202 5
December 31,
202 5
RMB RMB RMB US$ RMB RMB US$

Net (loss) income per ordinary share
— Basic (0.75) 0.0 4 (0. 51 ) (0.07) (0.21) (0.4 9 ) (0.07)
— Diluted (0.75) 0.0 4 (0. 51 ) (0.07) (0.21) (0.4 9 ) (0.07)
Net (loss) income per ADS*
— Basic (0.75) 0.0 4 (0. 51 ) (0.07) (0.21) (0.4 9 ) (0.07)
— Diluted (0.75) 0.0 4 (0. 51 ) (0.07) (0.21) (0.4 9 ) (0.07)

Weighted average number of ADS used in
calculating n et (loss) income per ADS
— Basic 230,581,559 229 ,032 ,506 229,212,223 229,212,223 231,533,388 228,840,636 228,840,636
— Diluted 230,581,559 2 31 ,210 ,726 229,212,223 229,212,223 231,533,388 228,840,636 228,840,636

** 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 Twelve Months Ended

Decembe r 31,
202 4
S eptember 30,
202 5
December 31,
202 5
December 31,
202 5
December 31,
202 4
December 31,
202 5
December 31,
202 5
RMB RMB RMB US$ RMB RMB US$

Cost of revenues 3,268 1,666 3,335 477 15,566 12,091 1,729
Research and development expenses 6,283 4,335 5,561 795 27,269 22,772 3,256
Sales and marketing expenses 164 213 214 31 1,147 1,141 163
General and administrative expenses 7,683 8,435 13,720 1,962 20,538 37,588 5,375

HUYA INC.
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 Twelve Months Ended

Decembe r 31,
202 4
S eptember 30,
202 5
December 31,
202 5
December 31,
202 5
December 31,
202 4
December 31,
202 5
December 31,
202 5
RMB RMB RMB US$ RMB RMB US$

Gross profit 170,463 226,624 244,708 34,993 809,454 872,133 124,714
Share – based compensation expenses allocated
in cost of revenues 3,268 1,666 3,335 477 15,566 12,091 1,729

Non – GAAP gross profit 173,731 228,290 248,043 35,470 825,020 884,224 126,443

Operating loss (92,692) (14, 300 ) (64,854) (9,273) (189,576) (162,505) (23,238)
Share – based compensation expenses 17,398 14, 649 22,830 3,265 64,520 73,592 10,523
Amortization of intangible assets from
business acquisitions

5,964 5,958

5,915 846 23,772 23,874 3,414

Non – GAAP operating ( loss ) income (69,330) 6, 307 (36,109) (5,162) (101,284) (65,039) (9,301)

Net (loss ) income attributable to HUYA Inc. (172,203) 9,556 (117,583) (16,813) (47,955) (112,591) (16,101)
Gain arising f r om disposal of an equity
investment , net of income taxes – (1,500) – – – (1,500) (214)
Impairment loss of investments 151,089 8,698 81 ,458 1 1 ,648 232,466 1 20 ,156 1 7 ,182
Share – based compensation expenses 17,398 14, 649 22,830 3,265 64,520 73,592 10,523
Amortization of intangible assets from
business acquisitions, net of income taxes

4,950 4,945

4,910 702 19,731 19,816 2,834

Non – GAAP net income (loss) attributable to
HUYA Inc. 1,234 36, 348 (8,385) (1,198) 268,762 99,473 14,224

Net (loss) income attributable to ordinary
shareholders (172,203) 9 ,556 (117,583) (16,813) (47,955) (112,591) (16,101)
Gain arising f r om disposal of an equity
investment , net of income taxes – (1,500) – – – (1,500) (214)
Impairment loss of investments 151,089 8,698 81 ,458 1 1 ,648 232,466 1 20 ,156 1 7 ,182
Share – based compensation expenses 17,398 14, 649 22,830 3,265 64,520 73,592 10,523
Amortization of intangible assets from
business acquisitions, net of income taxes 4,950 4,945 4,910 702 19,731 19,816 2,834

Non – GAAP net income (loss) attributable to
ordinary shareholders 1,234 36, 348 (8,385) (1,198) 268,762 99,473 14,224

Non – GAAP net income (loss) per ordinary
share
— Basic 0.01 0.1 6 (0.04) (0.01) 1.16 0.4 3 0.06
— Diluted 0.01 0.1 6 (0.04) (0.01) 1.15 0.43 0.06

Non – GAAP net income (loss) per ADS
— Basic 0.01 0.1 6 (0.04) (0.01) 1.16 0.4 3 0.06
— Diluted 0.01 0.1 6 (0.04) (0.01) 1.15 0.43 0.06

Weighted average number of ADS used in
calculating Non – GAAP net income
(loss) per ADS
— Basic 230,581,559 2 29 ,032 ,506 229,212,223 229,212,223 231,533,388 228,840,636 228,840,636
— Diluted 232,217,347 2 31 ,2 10 ,726 229,212,223 229,212,223 233,875,454 231,442,937 231,442,937