"Goose Goose Duck" Breakthrough Release, Huya's Last Year Revenue Reached 6.5 Billion Yuan, Dividend Distribution Exceeds 200 Million This Year

Ask AI · How does Huya’s strategic transformation drive revenue growth?

On March 17, Huya Inc. (NYSE: HUYA) announced its Q4 and full-year 2025 financial results. The report shows that in Q4 2025, Huya’s total revenue was 1.74 billion yuan, reaching a nearly 10-quarter high, with a year-over-year growth rate of 16.2%. For the full year, Huya’s total revenue increased to 6.50 billion yuan; under non-GAAP measures, net profit attributable to Huya was 99.5 million yuan.

Co-CEO Huang Junhong stated during the earnings call, “Overall, 2025 is a pivotal year for Huya. We executed our strategy steadily and achieved several major milestones. From an operational perspective, we restored growth and improved profitability. Leveraging our ecosystem advantages, we will further expand our influence in the gaming industry chain to sustain more resilient growth and open a new chapter of high-quality development for Huya.”

Achieving full-year Non-GAAP profitability, paying dividends of 213 million yuan this year

The financial report shows that Huya’s total revenue for the full year was 6.5 billion yuan, a 7% increase year-over-year. Under non-GAAP measures, net profit attributable to Huya was 99.5 million yuan.

Additionally, Huya announced a cash dividend and provided an update on share repurchases. Based on Huya’s “2025-2027 Dividend Plan,” the company will distribute approximately $31 million (about 213 million yuan) as the “2026 cash dividend,” with a dividend of $0.135 per ordinary share or ADS. Regarding share repurchases, under the plan launched in August 2023 to buy back up to $100 million worth of stock, by the end of December 2025, Huya had repurchased $75.5 million worth of its shares.

In Q4 2025, Huya’s total revenue was 1.74 billion yuan, up 16.2% year-over-year, reaching a nearly 10-quarter high. Revenue from gaming-related services, advertising, and other sources was 590 million yuan, a 59.4% increase, mainly driven by growth in gaming services and advertising revenue, as well as deeper collaborations with game companies. Live streaming revenue reached 1.15 billion yuan, up 1.9%, primarily due to increased average spending per paying user. User data shows that Huya’s total MAU remained stable at 160 million.

Huang Junhong said, “In 2025, Huya made positive progress in transforming into a comprehensive gaming ecosystem service provider. Full-year revenue reached 6.5 billion yuan, up 7%, with faster growth in Q4. This performance was mainly due to continuous diversification of our business, with gaming-related services, advertising, and other revenue increasing by 59.4% year-over-year, accounting for over 30% of total revenue for two consecutive quarters.”

“Relying on Huya’s ecosystem influence, other gaming-related businesses such as item sales and advertising also developed well,” Huang added during the earnings call. He noted that in Q4, revenue from item sales continued to grow at over 200% YoY, with games like “Peacekeeper Elite” and “CrossFire Mobile” becoming new growth drivers. Huya’s collaborations with various game project teams have also deepened. In advertising, Huya’s content marketing capabilities have gained recognition from top advertisers including Tencent and NetEase.

Huya’s ecosystem empowerment, “Goose Goose Duck” becomes a phenomenon breakout

As early as August 2023, Huya announced a strategic transformation. The “Three-Year Plan” outlined efforts to shift towards a monetization roadmap by offering more game-related services such as game distribution, in-game item sales, and game advertising, while optimizing content creation. Since the announcement, Huya has increased cooperation with game companies. In game distribution, Huya has become a major distribution channel for some titles as it improves operations for both new and old games.

In early 2026, Huya achieved a key breakthrough in game publishing. In January, the “Goose Goose Duck” mobile game, jointly published by Huya and Kingsoft Seoyoo, officially launched on all platforms, with over 20 million pre-registrations during the beta. After the official launch, “Goose Goose Duck” demonstrated strong appeal: 5 million new users within 24 hours, over 10 million in 6 days, with user retention exceeding expectations. Notably, the publishing strategy has also created a lasting tail effect. Since launch, “Goose Goose Duck” has consistently ranked first in the free games category on the App Store, becoming a phenomenon-level case in industry discussions.

Regarding Huya’s strategic transformation and “Goose Goose Duck,” Huang Junhong stated during the earnings call that since the start of the transformation in 2023, Huya has continuously upgraded its overall business model. By deepening integration with the gaming industry chain, the company has expanded into game co-operation, item sales, and game advertising, transforming from a single live streaming platform into a comprehensive gaming ecosystem service provider.

This move into game publishing marks another milestone in Huya’s strategic shift, with “Goose Goose Duck” serving as a clear validation. Huang said, “Unlike traditional user acquisition and distribution, we focus on our content ecosystem advantages, using content marketing as the core driver. Our first published title, ‘Goose Goose Duck’ mobile, has achieved remarkable results.”

Looking ahead, Huya plans to expand its game publishing portfolio, with multiple titles expected to launch within the year. In addition, Huya became the first platform globally to secure exclusive pre-sale rights for the “King of Glory” FMVP skin in January 2026.

Upgrading esports event hosting, integrating AI and esports deeply

In terms of event ecosystem, Huya streamed nearly 100 licensed esports events in Q4 last year, producing about 40 self-produced events and PGC programs. In December, Huya became the organizer of the “Demacia Cup,” a core professional League of Legends tournament. This was the first time the official League of Legends granted event hosting rights to a third-party streaming platform, marking Huya’s upgrade from an “exclusive rights broadcaster” to a “full-process event organizer.”

On the product side, Huya has integrated AI technology with esports content to develop AI hosts capable of professional commentary and realistic human avatars, used in core titles like “League of Legends” and “CS:GO.” These AI hosts can respond to user comments in real-time in various formats, greatly enriching live content and boosting user engagement and community activity. Huya also continues exploring cutting-edge tech to create richer interactive experiences—for example, in March, the “Delta Operation” map tool will debut with multimodal AI-based real-time navigation, significantly enhancing gameplay.

In overseas markets, Huya adopts flexible strategies to incubate new products, continuously building and strengthening its international distribution capabilities, preparing for diverse monetization models.

Additionally, the company actively fulfills social responsibilities, promoting a healthy content ecosystem through online and offline efforts. In 2025, Huya hosted over 4,460 positive energy live streams totaling more than 36,800 hours, with participation from over 4,460 streamers.

Looking forward, Huya will continue to enhance its distribution capabilities, promote new business growth in item sales and advertising, and leverage its ecosystem to expand influence across the gaming industry chain, aiming for steady and resilient growth to open a new chapter of high-quality development.

Reporting by Nandu N Video Reporter Lin Wenqi