HUYA · HUYA Inc.

HUYA Inc. delivered solid Q1 2026 results, with total net revenues rising 14.6% year-over-year to RMB1,728.4 million, driven primarily by explosive 69.4% growth in game-related services, advertising, and other revenues to RMB627.4 million, now comprising a record 36.3% of total revenues. This shift toward higher-margin businesses expanded gross margin to 14.6% from 12.5% a year ago, as gross profit grew 34.3% to RMB253.2 million despite cost of revenues increasing 11.8% on higher in-game virtual items and revenue sharing. Live streaming revenues dipped slightly to RMB1,101.0 million amid industry headwinds, but overall operating loss narrowed significantly to RMB28.8 million (Non-GAAP RMB2.7 million) from RMB59.6 million, reflecting improved revenue mix and cost discipline. Net loss attributable to ordinary shareholders was RMB4.1 million, versus a slim profit last year, with Non-GAAP net income at RMB21.1 million. Acting CEO Junhong Huang highlighted Goose Goose Duck mobile's strong monetization, reaching Top 5 on China's Apple App Store grossing chart in April, alongside in-game item sales growth from deeper game collaborations and content-driven advertising. CFO Raymond Peng Lei noted steady top-line growth, margin expansion, and focus on earnings quality. Cash position stood at RMB3,455.1 million as of March 31, down from year-end due to special cash dividends, supporting ongoing diversification into game publishing and services.