HUYA Inc (HUYA) 2024 Q4 法說會逐字稿

(audio in progress) '24 earnings webinar. I'm Hanyu Liu from the HUYA Investor Relations. (Operator Instructions) Please be advised that today's webinar is being recorded.

（音訊正在播放）'24 收益網路研討會。我是虎牙投資者關係部的劉涵宇。（操作員指示）請注意，今天的網路研討會正在錄製。

The company's financial and operational results were issued earlier today and are posted online. You can also view the earnings press release by visiting the IR website at ir.huya.com. A replay of the call will be available on the IR website soon.

該公司的財務和營運結果已於今天稍早發布並在網路上公佈。您也可以造訪 IR 網站 ir.huya.com 查看收益新聞稿。此通話的重播將很快在 IR 網站上提供。

Participants of management on today's call will be Mr. Junhong Huang, our Acting Co-CEO and the Senior Vice President; and Mr. Raymond Peng Lei, our Acting Co-CEO, and CFO. Management will begin with the prepared remarks, and the call will conclude with a Q&A session.

參加今天電話會議的管理層人員包括我們的代理聯席首席執行官兼高級副總裁黃俊宏先生；以及我們的代理聯席首席執行官兼首席財務官彭蕾先生。管理階層將從準備好的發言開始，電話會議將以問答環節結束。

Before we continue, please note that today's discussion will contain forward-looking statements made on the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's results may be materially different from the views. Expressed today.

在我們繼續之前，請注意，今天的討論將包含對 1995 年美國私人證券訴訟改革法案的安全港條款做出的前瞻性陳述。前瞻性陳述涉及固有風險和不確定性。因此，該公司的業績可能與觀點有重大差異。今天表達。

Further information regarding this and other risks and uncertainties is included in the company's prospectors and other public filings as filed with the US Securities and Exchange Commission. The company does not assume any obligation to update any forward-looking statements except as required on the applicable law.

有關此風險和其他風險及不確定性的更多資訊包含在該公司向美國證券交易委員會提交的勘探者和其他公開文件中。除適用法律要求外，本公司不承擔更新任何前瞻性聲明的義務。

Please also note that HUYA's earnings press release and this conference call include discussion of unaudited GAAP financial information as well as unaudited non-gap financial measures. HUYA's press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited most directly comparable GAAP measures. With that, I'm pleased to turn the call over to our Co-CEO and SVP, Mr. Huang. Please go ahead.

另請注意，HUYA 的收益新聞稿和本次電話會議包括未經審計的 GAAP 財務資訊以及未經審計的非差距財務指標的討論。HUYA 的新聞稿包含未經審計的非 GAAP 指標與未經審計的最直接可比較 GAAP 指標的對帳。說到這裡，我很高興將電話轉給我們的聯合執行長兼高級副總裁黃先生。請繼續。

Okay. Hello, everyone. Thank you for joining our earning conference today. Despite 2024's external challenges, we delivered a solid year by seeing opportunities arising from our strategic transformation and new game launches. Notably, revenues from the game related services, advertising, and other segments increased by 145.4% year over year to RMB1.33 billion for the full year.

好的。大家好。感謝您參加我們今天的收益會議。儘管 2024 年面臨外部挑戰，但我們透過策略轉型和新遊戲發布帶來的機遇，取得了穩健的一年。值得一提的是，全年遊戲相關服務、廣告及其他板塊收入年增145.4%至13.3億元。

This segment accounted for 21.9% of our total net revenues for the year. As a substantial rise from 7.8% in the previous year. We recorded total net revenues of RMB6.08 billion for the full year with improving profitability. Non-GAAP net income reached RMB269 million, up by 125.6% year over year, with net cash provided by operating activities turning positive RMB94 million.

該部分占我們全年總淨收入的21.9%。與上年的7.8%相比有大幅成長。全年實現營業淨收入60.8億元，獲利能力持續提升。Non-GAAP淨利2.69億元，年增125.6%，經營活動產生的現金流量淨額為正0.94億元。

These advancements are thanks largely to our strategic commercialization model update, as well as our enhanced live streaming content ecology and technology and product upgrades. Now let me share the detail of our recent business progress.

這些進步很大程度上得益於我們策略商業化模式的更新，以及我們直播內容生態的增強和技術與產品的升級。現在讓我分享一下我們最近的業務進展的細節。

First, we made encouraging strides in our business transformation for the fourth quarter, revenues from game related services, advertising, and others increased by 99.4% year over year to RMB372 million. Despite a sequential revenue decline from the third quarter peak due to the game industry seasonality, these sectors overall performance remained solid.

首先，第四季我們的業務轉型取得了令人鼓舞的進展，遊戲相關服務、廣告及其他收入年增99.4%至人民幣3.72億元。儘管受遊戲產業季節性影響，營收較第三季高峰有所下降，但這些產業的整體表現依然穩健。

Regarding game distribution, we continue to increase operational excellence for both new and existing titles and are pleased to see that we are platform imaging as one of the primary distribution channels for several games.

關於遊戲發行，我們繼續提高新遊戲和現有遊戲的營運卓越性，並很高興看到我們的平台形象成為多款遊戲的主要發行管道之一。

Following the recent launch of Delta Force, we actively encourage our broadcasters participation in the titles live streaming and game promotion. This led to rapid growth in growth receipts for the game generated through the we are distribution channel while also boosting its live streaming contents performance.

繼《三角洲特種部隊》近期推出後，我們積極鼓勵我們的廣播員參與遊戲的直播和推廣。這導致該遊戲透過「我們」分銷管道產生的成長收入快速成長，同時也提升了其直播內容的表現。

In addition, We plan to collaborate with more game developers and publishers on distribution and joint operations, and we conducted some meaningful trials with third party game studios in the fourth quarter. We look forward to this initiatives contributing to the future development of our game distribution business.

此外，我們計劃與更多遊戲開發商和發行商在發行和聯合運營方面展開合作，並在第四季度與第三方遊戲工作室進行了一些有意義的嘗試。我們期待這些舉措能夠為我們遊戲發行業務的未來發展做出貢獻。

For in-game item sales, we deepen our focus on diversifying in-game item categories and improving traffic efficiency of on-live channels. We also upgraded the more section on our app, integrating popular game schemes, tools, and user incentive activities.

對於遊戲內物品銷售，我們更重視多樣化遊戲內物品類別和提高直播管道的流量效率。我們也升級了應用程式的更多部分，整合了流行的遊戲方案、工具和用戶激勵活動。

In January, we launched our first League of Legends Steam game item shop, accompanied by a special spring festival promotion featuring HUYA exclusive benefits.

1月份，我們上線了第一個英雄聯盟Steam遊戲道具商店，並推出虎牙專屬福利春節特惠活動。

Excitingly, our efforts drove a record high in our monthly total in-game item sales GMV for January. On the advertising front, it was noting that our in house LoL, Legend Cup Season 2 doubled its sponsorship revenue compared to its inaugural event, leveraging Legend Cup's increased influence and IP value. The event attracted a wider range of well-known sponsor from the beverage, automotive, and local service sectors.

令人興奮的是，我們的努力推動了 1 月份遊戲內物品月度總銷售額創下新高。在廣告方面，值得注意的是，我們內部舉辦的英雄聯盟傳奇杯第二季借助傳奇杯日益增長的影響力和 IP 價值，其贊助收入較首屆賽事翻了一番。本次活動吸引了來自飲料、汽車、地方服務等行業的更廣泛的知名贊助商。

Furthermore, we began leveraging our international business presence to explore diverse revenue streams in overseas market in 2024 by providing game distribution in game item sales and game marketing services. These initiatives have already achieved promising early results.

此外，我們於2024年開始利用我們的國際業務影響力，透過提供遊戲道具銷售和遊戲行銷服務中的遊戲發行，探索海外市場的多元化收入來源。這些措施已取得可喜的早期成果。

Moving on live streaming content ecology, we continue to strengthen our content ecology through collaborations with various content platforms during the quarter. This has brought our broadcasters quality content and services to broader game audience, expanding our market presence, and setting the stage for the future commercialization initiatives.

在直播內容生態方面，我們本季持續透過與各內容平台的合作，加強我們的內容生態。這為我們的廣播公司帶來了優質的內容和服務，涵蓋了更廣泛的遊戲觀眾，擴大了我們的市場影響力，並為未來的商業化計劃奠定了基礎。

In December 2024, we as content reach a record high number of viewers, which we estimated to be more than double the number of our mobile active users. On our professional content enrichment efforts, Our comprehensive coverage generation users inclination to watch e-sport on HUYA platform, enhancing our market share of several major events. Our licensed tournaments covered approximately 40 game titles in 2024.

2024 年 12 月，我們的內容觀看人數將創歷史新高，我們估計這將是我們行動活躍用戶數量的兩倍以上。在我們的專業內容豐富工作上，我們的全面覆蓋產生了用戶在虎牙平台觀看電子競技的傾向，提升了我們在幾項重大賽事的市場份額。2024 年，我們授權的錦標賽涵蓋了約 40 款遊戲。

In the fourth quarter alone, we broadcast over 100 licensed Esports tournaments, Featuring major events such as League of Legends Worlds 2024 and the Marcia Cup Honor of Kings KPL Grand Finals and Counter Strike 2's Shanghai Major and Blast Premier World Final, solidifying our content advantage. We also broadcast over 35 sales organized Esports tournament and entertainment PGCE shows during the fourth quarter.

光是在第四季度，我們就播出了100多場授權電競錦標賽，其中包括2024年英雄聯盟全球總決賽、瑪西亞盃王者榮耀KPL總決賽以及《反恐精英2》上海特錦賽和Blast Premier世界總決賽等重大賽事，鞏固了我們的內容優勢。我們還在第四季度播出了 35 多場由銷售組織的電競錦標賽和娛樂 PGCE 節目。

Among these events, LoL's Legend Cup S2, HOK's Super Platform Cup, and VALORANT's Valley Cup were quite popular. In addition, we hosted [Xiamwang Cup and HUYA Jangsu Village Games for HOK and Crossfire competitions] in the fourth quarter, attracting widespread participation from local communities.

其中，英雄聯盟傳奇盃S2、HOK超級平台盃、VALORANT山谷盃等賽事頗受歡迎。此外，我們在第四季舉辦了【夏望盃暨虎牙長水村運動會HOK及交叉火力比賽】，吸引了當地社區的廣泛參與。

Furthermore, this year we continue to develop our self-organized tournaments to complement the licensed tournaments on our platform and provide our users with steady stream of fresh content.

此外，今年我們將繼續發展自組織的錦標賽，以補充我們平台上的授權錦標賽，並為我們的用戶提供源源不絕的新鮮內容。

In doing so, we reduced the gap between our major licensed tournaments and in house produced content for both League of Legends and Honor of Kings significantly from over one a month in 2023 to no longer than two weeks in 2024. We also enhanced the influence of our in-house produce content by engaging more popular broadcasters and fostering greater interactions in our game community.

透過這樣做，我們大幅縮短了《英雄聯盟》和《王者榮耀》主要授權錦標賽與內部製作內容之間的差距，從 2023 年的每月超過一場縮短至 2024 年的不超過兩週。我們還透過吸引更多受歡迎的廣播員並促進遊戲社群的更多互動來增強內部製作內容的影響力。

We are currently listed the industry in the number of top tier in house produced Esports, events and audience scale. According to our internal statistics and estimates, HUYA captured over half of the market share for the industry's top tier in-house produced Esports events in 2024. In particular, our flagship Legend Cup H2 has set a new standard for premier self-organized tournaments across various platforms.

目前，我們在自主製作的電子競技賽事數量、賽事規模和觀眾規模方面均位居行業前列。根據我們的內部統計和估計，到2024年，虎牙將佔據業界頂級自製電競賽事一半以上的市場份額。特別是我們的旗艦賽事傳奇盃 H2 為各個平台上頂級的自組織錦標賽樹立了新的標準。

Building on the success of its inaugural season, we boosted the events, viewing and entertainment value this year with upgraded team formation rules, match schedule during and gameplay design, as well as international players' participation. Increase in the events derivative content and sponsorship revenue clearly reflect Legend Cup's rising IP value.

在首個賽季取得成功的基礎上，我們今年透過升級隊伍組建規則、比賽日程和遊戲設計以及國際玩家的參與，提升了賽事、觀看和娛樂價值。賽事衍生內容和贊助收入的增加，清楚體現了傳奇盃IP價值的提升。

We are also delighted to see that the viewership metrics of the Legend Cup series on our platform nearly equal or even surpassed those of some top tier licensed Esports events. In 2025, we intend to replicate our successful self-organized tournament model to encompass a wider array of popular Esports titles on our platform. Alongside the upcoming Legend Cup Season 3, which will begin at the March, We will also launch premier via branded tournaments for Dota 2 and VALORANT creating more high quality IPs.

我們也很高興看到，我們平台上傳奇杯系列賽的收視率幾乎等於甚至超過了一些頂級授權電競賽事的收視率。2025 年，我們打算複製我們成功的自組織錦標賽模式，以在我們的平台上涵蓋更多流行的電競項目。除了即將於 3 月開始的傳奇杯第 3 季之外，我們還將透過品牌錦標賽推出 Dota 2 和 VALORANT，創造更多高品質 IP。

We invited everyone to stay tuned for these exciting events. Turning now to our technology and product upgrades, which drove business improvement throughout the year.

我們邀請大家繼續關注這些令人興奮的活動。現在談談我們的技術和產品升級，這推動了全年業務的改善。

To further enhance HUYA's Esports community vibe, We launched a series of product features on our app around tournaments to increase viewers' engagement and facilitate access to professional Esports analysis. During the Mercia Cup, we introduced customizable team live channel skins and bullet chat effects as well as pre-match analysis and real time data based on event statistics.

為了進一步增強虎牙電競社群氛圍，我們在應用程式上圍繞錦標賽推出了一系列產品功能，以增加觀眾的參與度並方便獲取專業的電競分析。在Mercia Cup期間，我們推出了可自訂的團隊直播頻道皮膚和彈幕效果，以及基於賽事統計的賽前分析和即時數據。

Additionally, we developed features that allow viewers to access in team chats during matches and flex severally switch between the first person perspective of different players, which will gradually be integrated with our content release to provide inclusive content for team fans.

此外，我們還開發了一些功能，允許觀眾在比賽期間訪問球隊聊天，並在不同球員的第一人稱視角之間靈活切換，這些功能將逐步與我們的內容發布相結合，為球隊球迷提供包容性的內容。

We also launched a HUYA rating section on our platform, providing users with a professional forum for Esports rating and reviews of Esports players, tournaments, broadcasters and more. This section has quickly gained recognition and active participation from users.

我們也在平台上推出了虎牙評分專區，為用戶提供專業的電競評分論壇，以及對電競選手、賽事、主播等進行評論。該專欄很快就得到了用戶的認可和積極參與。

For instance, by the end of the event in early March, this year's LPL Split 1, has received 6.8 million total of user ratings, representing an increase of approximately 80% compared to the cumulative rating of last year's LPL summer split and more than double that of the event on another well-known rating platform during the same period.

例如，截至3月初賽事結束，今年LPL夏季賽1期累計用戶評分已達680萬，較去年LPL夏季賽累計評分成長約80%，是同期其他知名評分平台賽事評分的兩倍以上。

This not only reflects high user engagement with HUYA ratings, but also demonstrate its significant impact on our promoting interaction with the Esports community. Furthermore, we are actively embracing cutting edge technologies such as AI.

這不僅體現了用戶對虎牙收視率的高度參與，也反映了其對我們促進與電競社群互動的重大影響。此外，我們正在積極擁抱人工智慧等尖端技術。

In February, we became the first game live streaming platform to fully deploy the DeepSeek R1 model. As deployed an AI assistant feature to help users efficiently search for game strategies and live channels of interest, we will further advance our AI plus live streaming strategy by applying AI large models to improve broadcasters content creation efficiency through smart interaction upgrades for process automation and data driven operational support.

今年2月，我們成為第一個全面部署DeepSeek R1模型的遊戲直播平台。隨著部署AI助理功能，幫助用戶高效搜尋遊戲攻略和感興趣的直播頻道，我們將進一步推進AI+直播戰略，應用AI大模型，透過智能交互升級，實現流程自動化和數據驅動的運營支持，提升主播內容創作效率。

This will also foster AI powered digital IP innovation and facilitate the design of more distinctive visual streamers and delivering a novel experience for both users and content creators. By leveraging AI technologies throughout the entire cycle of live streaming content production, distribution, and consumption, we expect to energize the live streaming creators ecosystem with intelligent tools, preparing the human driven live streaming industry towards technology driven future.

這也將促進人工智慧驅動的數位 IP 創新，促進設計更具特色的視覺串流媒體，並為用戶和內容創作者帶來新穎的體驗。透過在直播內容製作、分發和消費的整個週期中利用人工智慧技術，我們希望透過智慧工具為直播創作者生態系統注入活力，為以人為本的直播產業走向技術驅動的未來做好準備。

We believe this innovative AI driven endeavors will create more immersive, interactive experience for users and generate long term value for HUYA in live streaming, Esports, and more areas. Building on the meaningful achievement we have made so far, we will continue to progress our strategic transformation, although challenges and uncertainties exist, we remain committed to building a more comprehensive game content and service this platform, exploring new technologies and deepening their applications to holistically improve our content creators and user experience.

我們相信，這種創新的人工智慧驅動的努力將為用戶創造更身臨其境的互動體驗，並為虎牙在直播、電子競技等更多領域創造長期價值。基於我們迄今所取得的有意義的成就，我們將繼續推進戰略轉型，儘管存在挑戰和不確定性，但我們仍然致力於建立更全面的遊戲內容和服務平台，探索新技術並深化其應用，以全面提升我們的內容創作者和用戶體驗。

Moving into 2025, we will continue to respond pragmatically to changes in the market environment and capitalized on market opportunities, driving our long-term sustainable business development. With that, I will now turn the call over to our Acting Co-CEO and CFO, Raymond Lei. He will share more detail on our results. Raymond, please go ahead.

面向2025年，我們將持續務實因應市場環境變化，掌握市場機遇，推動公司業務長期永續發展。現在，我將把電話轉給我們的代理聯席執行長兼財務長 Raymond Lei。他將分享更多有關我們研究結果的細節。雷蒙德，請繼續。

Thank you, Vincent, and hello everyone. I'll start with our fourth quarter results followed by our full year financial highlights and an update on our shareholder returns. Our total net revenues in the fourth quarter of 2024 were approximately RMB1.5 billion with gaming related services, advertising, and other businesses nearly doubling their revenues year over year, not really offsetting the macroeconomic and the industry environment's continued impact on live streaming revenues.

謝謝你，文森特，大家好。我將首先介紹我們的第四季度業績，然後介紹我們的全年財務亮點以及股東回報的最新情況。我們2024年第四季的總淨收入約為人民幣15億元，其中游戲相關服務、廣告和其他業務的收入同比幾乎翻了一番，但這並未真正抵消宏觀經濟和行業環境對直播收入的持續影響。

The number of paying users in the fourth quarter rose year over year to 4.5 million, excluding those who made in-game purchase through our game distribution business but didn't pay via our platform or related services, demonstrating engagement across our core user base. Due to the seasonal nature of major Esports events scheduling and the related cost allocation, we have faced the gross margin pressure in the fourth quarter in recent years.

第四季付費用戶數量年增至 450 萬（不包括透過我們的遊戲發行業務進行遊戲內購買但未透過我們的平台或相關服務付費的用戶），這表明我們核心用戶群的參與度很高。由於大型電競賽事安排及相關成本分配的季節性，近年來我們在第四季面臨毛利率壓力。

Nevertheless, in 2024, we faced a rationalized broadcaster related and Esports content costs, including costs related to (inaudible), resulting in an increase in our fourth quarter gross margin to 11.4% from 1% in the same period last year. Moreover, enhanced operational efficiencies resulted in a 23.8% year over year reduction in total operating expenses, further contributing to the improvement in our broad profit metrics.

儘管如此，在 2024 年，我們面臨著與廣播公司相關和電競內容成本的合理化，包括與（聽不清楚）相關的成本，導致我們第四季的毛利率從去年同期的 1% 上升至 11.4%。此外，營運效率的提高使總營運費用年減了 23.8%，進一步促進了我們整體利潤指標的改善。

We achieved a non GAAP net income of RMB1.2 million in the quarter, marking a turnaround from the same period last year. We recorded non-GAAP net profit in all fourth quarters of 2024, highlighting significant progress in our business optimization efforts. Let's move on to more details of our Q4 financial results.

本季我們實現非美國通用會計準則淨利120萬元人民幣，較去年同期扭虧。我們在 2024 年所有第四季度均實現了非公認會計準則淨利潤，突顯了我們的業務優化工作取得了重大進展。讓我們繼續了解第四季度財務業績的更多細節。

Our total net revenues were RMB1.5 billion for Q4, of which live streaming revenues were RMB1.12 billion and the gaming related services, advertising and other revenues were RMB372 million compared with total net revenues of RMB1.53 billion for the same period last year. Cost of revenues decreased by 12% year over year to RMB1.33 billion for Q4, primarily due to decreased revenue sharing fees and the content costs, as well as bandwidth and the cyber custody fees.

第四季度，我們的總淨收入為人民幣15億元，其中直播收入為人民幣11.2億元，遊戲相關服務、廣告及其他收入為人民幣3.72億元，而去年同期的總淨收入為人民幣15.3億元。第四季營收成本年減12%至人民幣13.3億元，主要由於收入分成費用和內容成本以及頻寬和網路託管費用的下降。

Revenue sharing fees and the content costs decreased by 12% year over year to RMB1.16 billion for Q4, primarily due to decreased live streaming revenue sharing fees associated with the decline in live streaming revenues, as well as lower costs related to licensed Esports content and the in-house produced content, partially offset by the increased cable related services, advertising, and the other revenue sharing fees.

第四季收入分成費用及內容成本年減12%至人民幣11.6億元，主要由於直播收入下降導致的直播收入分成費用減少，以及授權電競內容和內部製作內容相關成本降低，但有線相關服務、廣告和其他收入分成費用的增加部分抵消了這一下降。

Banners and the server custody fees decreased by 33% year over year to RMB55 million for Q4, primarily due to continued technology and management enhancement efforts as well as favorable pricing terms. Gross profit was RMB170 million for Q4 compared with RMB15 million for the same period last year.

第四季橫幅廣告及伺服器代管費用年減 33% 至人民幣 5,500 萬元，主要由於持續的技術和管理改進工作以及優惠的定價條件。第四季毛利為人民幣1.7億元，去年同期為人民幣1500萬元。

Gross margin was 11.4% for Q4 compared with 1% for the same period last year, primarily attributable to decreased revenue sharing fees and the content cost as a percentage of total net revenues. Excluding share based compensation expenses, non-GAAP gross profit was RMB174 million and the non-GAAP gross margin was 11.6% for Q4.

第四季毛利率為 11.4%，而去年同期為 1%，主要原因是收入分成費用和內容成本佔總淨收入的百分比下降。不計股權報酬費用，第四季非美國通用會計準則毛利為1.74億元人民幣，非美國通用會計準則毛利率為11.6%。

Research and development expenses decreased by 10% year over year to RMB123 million for Q4, primarily due to decreased personnel related expenses, partially offset by higher share based compensation expenses.

第四季研發費用年減 10% 至人民幣 1.23 億元，主要因人員相關費用減少，但被股權激勵費用增加部分抵銷。

Sales and marketing expenses decreased by 45% year over year to RMB63 million for Q4, primarily due to decreased marketing and promotion fees as well as personnel related expenses. General and administrative expenses decreased by 19% year over year to RMB81 million for Q4, primarily due to decreased provision and office expenses, partially offset by higher share based compensation expenses.

第四季銷售和行銷費用年減45%至人民幣6,300萬元，主要由於行銷和推廣費用以及人員相關費用的減少。第四季，一般及行政開支年減 19% 至人民幣 8,100 萬元，主要由於撥備及辦公費用減少，但被股權激勵費用增加部分抵銷。

Other income was RMB4 million for Q4 compared with RMB13 million for the same period last year, primarily due to lower government subsidies. As a result, operating loss was RMB93 million for Q4 compared with a loss of RMB322 million for the same period last year.

第四季其他收入為人民幣 400 萬元，去年同期為人民幣 1,300 萬元，主要原因是政府補貼減少。因此，第四季營業虧損為人民幣 9,300 萬元，而去年同期營業虧損為 3.22 億元。

Excluding share based compensation expenses and the amortization of the intangible assets for business acquisition, non-GAAP operating loss was RMB69 million for Q4 compared with a loss of RMB360 million for the same period last year. Non-GAAP operating margin was slightly 4.6% for Q4.

不計股權報酬費用及業務收購無形資產攤銷，第四季非美國通用會計準則營業虧損為6,900萬元人民幣，去年同期營業虧損為3.6億元。第四季非公認會計準則營業利益率略為 4.6%。

Interest income was RMB75 million for Q4 compared with RMB129 million for the same period last year, primarily due to lower type deposit balance, which was primarily attributable to the special cash dividend paid in May and October 2024.

第四季利息收入為人民幣 7,500 萬元，而去年同期為人民幣 1.29 億元，主要由於類存款餘額減少，這主要歸因於 2024 年 5 月和 10 月支付的特別現金股息。

Impairment loss of investments was RMB151 million for Q4 compared with RMB8 million for the same period last year as we recognized impairment charges on our investment attributable to the weak financial performance of certain USPs.

第四季投資減損損失為人民幣 1.51 億元，而去年同期為人民幣 800 萬元，因為我們確認了因某些 USP 財務表現不佳而產生的投資減損費用。

Net loss attributable to HUYA Inc. was RMB172 million for Q4 compared with a loss of RMB275 million for the same period last year, excluding share based compensation expenses, impairment loss of investment and the arbitration of (inaudible) from business acquisition.

第四季歸屬於虎牙的淨虧損為 1.72 億元人民幣，而去年同期的虧損為 2.75 億元人民幣，不包括股權激勵費用、投資減損損失和業務收購產生的（聽不清楚）仲裁。

Net of income taxes non-GAAP net income attributable to HUYA Inc. was RMB1 billion for Q4 compared with non-GAAP net loss attributable to HUYA Inc. of RMB190 million for the same period last year. Non-GAAP net margin was 0.1% for Q4. Diluted net loss per ADS was RMB0.75 for Q4. Non-GAAP diluted net income per ADS was RMB0.01 for Q4. As of December 31, 2024, the company has cash and cash equivalents, short term deposit and long term deposit of RMB6.73 billion compared with RMB8.08 billion as of September 30, 2024.

扣除所得稅後，第四季非美國通用會計準則下歸屬於虎牙的淨利潤為10億元人民幣，去年同期非美國通用會計準則下歸屬於虎牙的淨虧損為1.9億元人民幣。第四季非公認會計準則淨利率為 0.1%。第四季每股美國存託憑證攤薄淨虧損為0.75元。第四季非美國通用會計準則每股美國存託憑證攤薄淨利0.01元人民幣。截至 2024 年 12 月 31 日，公司現金及現金等價物、短期存款及長期存款為人民幣 67.3 億元，而截至 2024 年 9 月 30 日為人民幣 80.8 億元。

Moving on to our full year 2024 results. Total net revenues were RMB6.08 billion for 2024 compared with RMB6.99 billion for the prior year. Live streaming revenues were RMB4.75 billion for 2024 compared with RMB6.45 billion for the prior year.

接下來是我們的 2024 年全年業績。2024年總淨收入為人民幣60.8億元，上年度為人民幣69.9億元。2024年直播收入為47.5億元人民幣，而前一年為64.5億元。

Game related services, advertising and other revenues were RMB1.33 billion for 2024 compared with RMB544 million for the prior year. Non-GAAP gross profit was RMB825 million for 2024 compared with RMB831 million for the prior year.

2024年遊戲相關服務、廣告及其他收入為人民幣13.3億元，而前一年為人民幣5.44億元。2024年非公認會計準則毛利為人民幣8.25億元，上年度為人民幣8.31億元。

Non-GAAP gross margin was [13.66%] for 2024, up from 11.9% for the prior year. Non-GAAP net income attributable to HUYA Inc. was RMB269 million for 2024, up from RMB119 million for the prior year. And non-GAAP net margin was 4.4% for 2024, up from 1.7% for the prior year.

2024 年非公認會計準則毛利率為 [13.66%]，高於前一年的 11.9%。2024年非公認會計準則歸屬於虎牙的淨收入為人民幣2.69億元，高於上年的人民幣1.19億元。2024 年非公認會計準則淨利率為 4.4%，高於前一年的 1.7%。

Non-GAAP diluted net income per ADS was RMB1.15 for 2024, up from RMB0.48 for the prior year. Net cash provided by operating activities was RMB94 million for 2024 compared with net cash used in operating activities of RMB32 million for the prior year.

2024年非美國通用會計準則每股美國存託憑證攤薄淨利1.15元人民幣，高於上年度的0.48元人民幣。2024年經營活動產生的淨現金為人民幣9,400萬元，而上一年經營活動所用的淨現金為3,200萬元。

For additional details of our full year 2024 financial results, I encourage you to listen to us to refer to our earnings press release issued earlier today. Finally, let me provide an update on our shareholder returns.

有關我們 2024 年全年財務業績的更多詳細信息，我建議您聽取我們今天早些時候發布的收益新聞稿。最後，讓我提供有關我們股東回報的最新情況。

To enhance our shareholder returns and optimize our capital structure, we are pleased to introduce our 2025 to 2027 dividend plan, which is expected to distribute a total of no less than USD400 million to our shareholders over the next three years.

為提升股東回報及優化資本結構，我們欣然推出2025年至2027年股利計劃，預計未來三年向股東發放總額不少於4億美元。

Specifically, for 2025, we have declared a cash dividend of USD1.47 per ordinary shares or per ADS, totally approximately USD340 million. For 2026 and 2027, we expect to distribute no less than USD30 million in cash dividend annually. The addition through our up to USD100 million share repurchase program, we had repurchased 90.1 million HUYA shares with a total aggregate consideration of USD63.6 million as of the end of December 2024.

具體而言，2025年，我們宣布派發每股普通股或每股美國存託憑證1.47美元的現金股息，總計約3.4億美元。對於 2026 年和 2027 年，我們預計每年派發不少於 3,000 萬美元的現金股利。此外，透過高達 1 億美元的股票回購計劃，截至 2024 年 12 月底，我們已回購了 9,010 萬股虎牙股票，總對價為 6,360 萬美元。

HUYA's Board of Directors has also authorized the renewal and the continued usage of [the unutilized] quota under the [existing] share repurchase program until March 31, 2026. With that, I'd like to open the call to your questions.

虎牙董事會也授權續約並繼續使用現有股票回購計畫下的未使用配額，直至 2026 年 3 月 31 日。現在，我想開始回答你們的問題。

Thank you, Raymond, and hello everyone. (Event Instructions)

謝謝你，雷蒙德，大家好。（活動須知）

Thomas Chong, Jefferies.

湯瑪斯‧張 (Thomas Chong)，傑富瑞 (Jefferies)。

(spoken in foreign language) So I translate myself and thanks management for taking my question. My question is about our shareholder return strategy. So what factors do we consider when we make shareholder return strategies? Thanks.

（用外語說）所以我翻譯一下，並感謝管理層回答我的問題。我的問題是關於我們的股東回報策略。那麼我們在製定股東回報策略時要考慮哪些因素呢？謝謝。

(interpreted) We place great emphasis on enhancing shareholder returns and have thus established a 2025 to 2027 dividend plan which aims to distribute a total of no less than USD400 million in cash dividends to HUYA's shareholders over the next three years. Especially for 2025, we have declared a cash dividend of USD1.47 per ADS, totaling approximately $340 million.

(翻譯) 我們非常重視提高股東回報，因此制定了 2025 年至 2027 年的股息計劃，旨在未來三年向虎亞股東派發總計不少於 4 億美元的現金股息。特別是針對2025年，我們宣布派發每股美國存託憑證1.47美元的現金股息，總額約3.4億美元。

For 2026 and 2027, we expect to distribute no less than USD30 million in cash dividends annually. This dividend plan is designed to further reward HUYA shareholders and optimize the company's capital structure and improve the efficiency of our cash utilization. HUYA currently has sufficient internal funds. As of the end of December 2024, the company held cash, cash equivalents, and deposit totaling over USD900 million with no debt.

對於 2026 年和 2027 年，我們預計每年派發不少於 3,000 萬美元的現金股利。此股股利計畫旨在進一步回報虎亞股東，優化公司資本結構，提高公司現金使用效率。虎牙目前內部資金充足。截至2024年12月底，本公司持有現金、現金等價物及存款總額超過9億美元，且無任何負債。

For the full year of 2024, our non-GAAP net profit increased significantly compared to 2023, reaching RMB270 million, and we achieved positive operating cash flow for the year. Even without considering future business cash flows, after completing the full dividend payment under this three year dividend plan, HUYA will still retain approximately USD500 million in funds, ensuring sufficient financial support for future business development.

2024年全年，我們的非公認會計準則淨利較2023年大幅成長，達2.7億元，全年實現正經營現金流。即使不考慮未來業務現金流，在完成本次三年分紅計畫的全部分紅後，虎牙仍將保留約5億美元的資金，確保未來業務發展獲得充足的資金支持。

Given that HUYA is currently in a special phase of strategic transformation, we will consider, after this dividend plan, steady long-term return mechanism such as a regular dividend policy based on the company's operating condition and visibility so as to achieve sustainable development and shared value with our shareholders.

鑑於虎亞目前正處於策略轉型的特殊時期，我們將在本次分紅計畫實施後，考慮根據公司經營狀況和發展前景，制定定期分紅政策等穩健的長期回報機制，實現公司可持續發展，與股東共享價值。

In terms of share repurchases, under the existing share repurchase program of up to USD100 million, we had repurchased HUYA shares with a total aggregate consideration of USD63.6 million as of the December. The repurchase program had been extended until March 31, 2026.

在股票回購方面，根據現有的最高1億美元的股票回購計劃，截至12月，我們已回購了虎牙股票，總對價為6,360萬美元。回購計畫已延長至2026年3月31日。

We will comprehensively consider various factors including market conditions, stock liquidity, and overall shareholder returns to prudently advance the repurchase program.

我們將綜合考慮市場狀況、股票流動性、股東整體報酬等多種因素，審慎推動回購計畫。

Thank you. Nelson Cheung, Citi.

謝謝。花旗銀行的 Nelson Cheung。

(spoken in foreign language) So let me translate the question in English myself. Thanks for taking my question. My question is related to the other revenue, business growth, under the fast robust growth in 2024, can management share your expectation into the other revenue, especially the game-related services, the business development, and also the growth driver going forward? Thank you.

（用外語說）那麼讓我自己用英語翻譯這個問題。感謝您回答我的問題。我的問題是與其他收入、業務成長有關，在 2024 年快速強勁成長的情況下，管理階層能否分享您對其他收入，特別是遊戲相關服務、業務發展以及未來成長動力的預期？謝謝。

(interpreted) In the fourth quarter, although our revenues from game-related services, advertising, and others declined sequentially compared to the peak summer season, they still nearly doubled year over year reaching an RMB372 million, demonstrating a very solid overall performance. Especially in game distribution, we continue to enhance the operational excellence for both new and existing game titles on HUYA platform, and we have become one of the primary distribution channels for several games.

（解讀）第四季，雖然遊戲相關服務、廣告等收入較暑期旺季較上季下降，但年比仍成長近一倍，達到3.72億元，整體表現十分穩健。特別是在遊戲發行方面，我們不斷提升虎牙平台上新遊戲和現有遊戲的營運水平，並已成為多款遊戲的主要發行管道之一。

Following the launch of the new game Delta Force, we actively encouraged platform broadcasters to participate in live streaming and related promotional activities, leading to a rapid growth in the game's growth receipts through the HUYA distribution channel and fostering a positive life cycle with live streaming content.

新遊戲《三角洲特種部隊》上線後，我們積極鼓勵平台主播參與直播及相關推廣活動，帶動遊戲透過虎牙分發管道的收入增長迅速，並與直播內容形成良性循環。

At the same time, we are expanding distribution and joint operations with more game developers and conducted meaningful trial collaborations with third party game studios in the fourth quarter of 2024. In terms of in-game item sales, we continue to diversify the categories of in game items, improving traffic efficiency.

同時，我們正在擴大與更多遊戲開發商的發行和聯合運營，並於2024年第四季度與第三方遊戲工作室進行了有意義的試驗性合作。在遊戲內道具銷售方面，我們不斷豐富遊戲內道具的種類，提升流量效率。

And we further optimized the more section on our app, integrating popular items and user incentive activities. In advertising, we actively enhanced the sponsorship capabilities of our self-organized Esports tournaments, particularly the IP value of LoL Legend Cup S2, which doubled its sponsorship revenue compared with the first season of this game and attracted a broader range of well-known sponsors.

我們也進一步優化了應用程式的更多部分，整合了熱門商品和用戶激勵活動。廣告方面，我們積極提升自辦電競賽事的贊助能力，尤其是英雄聯盟傳奇杯S2的IP價值，使其贊助收入較第一賽季翻了一番，並吸引了更廣泛的知名贊助商。

They are from beverage, automotive, and local live platform sectors. It is worth noting that the performance of our game-related services business is not only constrained by the seasonality of the game industry, but also closely related to the participation of the streamers. Therefore, even though the spring festival period is typically a peak season for game industry, the decline in the streamer live streaming rates during the same period may have a certain impact on our business.

他們分別來自飲料、汽車、本地直播平台等產業。值得注意的是，我們的遊戲相關服務業務的表現不僅受到遊戲產業季節性的限制，也與主播的參與度密切相關。因此，雖然春節期間是遊戲產業的旺季，但春節期間主播直播費率的下降可能會對我們的業務造成一定的影響。

Additionally, in 2024, we successfully participated in the distribution and promotion of several major new game launches, and the release schedule and market performance of future game products are expected to influence the growth of companies related business revenue.

此外，我們於2024年成功參與多款重大新遊戲的發行及推廣，未來遊戲產品的發行時間表及市場表現預計將影響公司相關業務收入的成長。

Looking back over the past year, HUYA has made a significant progress in its commercialization transformation with non-live streaming business revenue accounted for over 20% of the total revenue for the full year. In 2025, we will continue to advance our commercialization transformation focusing on further increasing the game-related services and advertising revenues.

回顧過去的一年，虎牙商業化轉型取得顯著進展，非直播業務收入佔全年總收入的20%以上。2025年，我們將持續推動商業化轉型，專注於進一步提升遊戲相關服務與廣告收入。

In addition to refining our existing business, we also plan to strengthen the cooperation with various game developers and platforms and explore the exclusive distribution model to bring more possibilities for the sustainable development of our business.

除了完善現有業務外，我們還計劃加強與各遊戲開發商及平台的合作，探索獨家發行模式，為業務的永續發展帶來更多可能性。

Thank you. Ritchie Sun, HSBC.

謝謝。孫紅雷，匯豐銀行。

(spoken in foreign language) Thank you management for taking more questions. We noticed the rise of DeepSeek and also AI in general, recently and how does this impact our products, monetization strategy, cost structure, all these aspects? Thank you.

（以外語說）感謝管理階層回答更多問題。我們最近注意到 DeepSeek 和 AI 的興起，這對我們的產品、貨幣化策略、成本結構等各個方面有何影響？謝謝。

(interpreted) HUYA is a technology-driven entertainment platform, and we are actively integrating and applying various AI large model solutions, leveraging the platform's technical resources, reach game live streaming content, and data with the aim of creating a long-term value for HUYA in live streaming, Esports, and other areas and bring opportunities for future revenue and profit growth.

（解讀）虎牙是一個科技驅動的娛樂平台，我們積極整合和應用各種AI大模型解決方案，利用平台的技術資源、豐富的遊戲直播內容和數據，旨在為虎牙在直播、電競等領域創造長期價值，並為未來收入和利潤增長帶來機會。

In February, HUYA Live app integrated the DeepSeek R1 large model for version and launched the AI assistant to help the users efficiently search for popular events, topics, and found live streaming rooms on the platform. Moving forward, this assistant will also support features, such as game guides and real time interaction during live game streaming.

2月，虎牙直播App整合DeepSeek R1大型模型，並推出AI助手，幫助用戶有效搜尋熱門活動、話題，找到平台上的直播間。未來該助理也將支援遊戲指南、遊戲直播即時互動等功能。

At the same time, we continue to explore the potential of AIGC in enhancing live streaming content and user services. Currently, we are developing an AI powered streamer assistant to help the broadcasters more effectively, to help them plan live streaming scripts, achieve data driven operational support, and respond to viewer interaction needs in real time, and also create a more interactive user experience.

同時，我們不斷探索AIGC在提升直播內容和用戶服務的潛力。目前，我們正在開發AI主播助手，以更有效地幫助主播，幫助他們規劃直播腳本，實現數據驅動的運營支持，並實時響應觀眾的互動需求，並創造更具互動性的用戶體驗。

On the other hand, leveraging the reasoning and multimodal capabilities of AI large models and through deep integration with the unique commentary styles of our platform's streamers, We will build a series of, more stylized AI powered virtual streamers in the construction of live streaming event content and provide the users with more differentiated gaming experiences in areas such as event commentary, event replace, and band peak phase match analysis.

另一方面，利用AI大模型的推理和多模態能力，透過與平台主播獨特的解說風格深度融合，在直播賽事內容構建中打造一系列更具風格化的AI虛擬主播，在賽事解說、賽事替換、樂隊峰相匹配分析等方面為用戶提供更具差異化的遊戲體驗。

According to current early testing data, the application of the streamer assistant has significantly increased the activity of live streaming viewers and the gift revenue from the viewer interactions. Additionally, we have made progress in the creation of virtual streamer style and real time reasoning output of large models, and we will continue to optimize on these areas.

根據目前前期測試數據，主播助理的應用顯著提升了直播觀眾的活躍度以及互動禮物收益。另外，我們在虛擬主播風格的打造、大模型即時推理輸出等方面也取得了一些進展，會持續在這些方面進行最佳化。

In summary, looking into the future, HUYA will deepen the implementation of AI plus live streaming strategy and empower our broadcasters with AI large models to upgrade their efficiency to create new AI IP models and more stylized virtual streamers, bringing a completely new experience to users and content creators.

綜上所述，展望未來，虎牙將深化「AI+直播」策略的實施，透過AI大模型賦能主播，提升主播效率，打造新的AI IP模型和更具風格的虛擬主播，為使用者和內容創作者帶來全新的體驗。

HUYA will leverage AI large models throughout the content production, distribution, and consumption loop using intelligent tools to activate the live streaming creator ecosystem and propel the live streaming industry from a human driven to a technology driven future.

虎牙將利用AI大模型貫穿內容生產、分發、消費的全流程，透過智慧工具啟動直播創作者生態，推動直播產業從人力驅動走向技術驅動。

Yiwen Zhang, China Renaissance.

張藝文，中國文藝復興。

(spoken in foreign language) So thanks for taking my questions. So can you just discuss our live streaming revenue trend and additional rate? Can you also touch upon our group overall profitability margin trend as well? Thank you.

（以外語說）非常感謝您回答我的問題。那麼能否簡單討論一下我們的直播收入趨勢和附加率？您能否也談談我們集團整體獲利利潤率趨勢？謝謝。

(interpreted) In the fourth quarter, our live streaming revenue continued to be impacted by the macroeconomic and industry environment with users' willingness to spend on gifting yet to recover. At the same time, we maintain a cautious operational strategy, resulting in overall live streaming revenue remaining weak. Typically, the first quarter of a year is low season for the live streaming industry.

(解讀) 在第四季度，我們的直播收入持續受到宏觀經濟和產業環境的影響，用戶送禮消費意願尚未恢復。同時，我們維持謹慎的營運策略，導致整體直播收入依然疲軟。通常，每年的第一季是直播行業的淡季。

During the spring festival holiday and its surrounding period, the number of broadcasters going live decreases and with fewer related activities and events in this quarter, we expect live streaming revenue in this first quarter of this year to seasonally decline compared to the fourth quarter last year. And we have noticed that some streamers' live streaming activity has gradually recovered after the spring festival period.

春節假期及前後，直播主播數量減少，本季相關活動及賽事減少，我們預計今年第一季直播營收較去年第四季將出現季節性下降。我們也注意到，春節過後，部分主播的直播活躍度已經逐漸恢復。

In terms of profitability, on the cost side, the costs increased sequentially in the fourth quarter due to the presence of more large scale licensed and self-organized Esports events. However, compared to the same period last year, content costs have significantly declined due to the effective savings in licensing fees for licensed esports events, including LoL Worlds 2024, as well as a more optimized streamer cost structure.

在獲利能力方面，在成本方面，由於更多大型授權和自組織的電子競技賽事的出現，第四季度成本環比增加。不過，與去年同期相比，由於包括2024年英雄聯盟全球總決賽在內的授權電競賽事的授權費用得到有效節省，以及主播成本結構得到進一步優化，內容成本已大幅下降。

So as a result, the gross margin in the fourth quarter reached 11.4%, slightly lower than the third quarter, but up by 10.4% compared to the fourth quarter of 2023. And in terms of operating expenses, the company continued to maintain a cautious spending strategy, effectively supporting the year-over-year improvement and overall operating performance in the fourth quarter, with a non-GAAP net income turning profitable compared to the same period of last year.

因此，第四季的毛利率達到11.4％，略低於第三季度，但與2023年第四季相比成長了10.4％。而在營運費用方面，公司持續保持審慎的支出策略，有效支撐了第四季整體營運績效的年比改善，非美國通用會計準則淨利較去年同期獲利。

Our future profitability will be influenced by the changes in overall revenue scale. While on the cost and expenses side in addition to moderately increasing investment in self-produced content, we expect there's still a room for improvement in licensed content costs and streamer cost structures in the future.

我們未來的獲利能力將受到整體收入規模變化的影響。而在成本費用方面，除了適度增加自製內容的投入外，我們預期未來授權內容成本和串流媒體成本結構仍有改進的空間。

And we will continue to strictly control operating expenses. Notably, due to our proactive shareholder return policy leading to a reduction in cash surplus on the book, coupled with factors such as declining market interest rates. We expect the interest income this year to be significantly lower than in 2024. Therefore, this year's bottom line performance will primarily depend on the improvement in the company's operating results.

我們將繼續嚴格控制營運費用。值得注意的是，由於我們積極的股東回報政策導致帳面現金盈餘減少，再加上市場利率下降等因素。我們預計今年的利息收入將大幅低於 2024 年。因此，今年的獲利表現將主要取決於公司經營業績的改善。

Okay, thank you. Thank you once again for joining us today. If you have further questions, please feel free to contact HUYA's Investor Relations through the contact information provided on our website or Piacente Financial Communications. This concludes today's call, and we look forward to speaking with you again next quarter. Thank you.

好的，謝謝。再次感謝您今天加入我們。如果您還有其他問題，請隨時透過我們網站或 Piacente Financial Communications 提供的聯絡資訊聯絡 HUYA 的投資者關係部門。今天的電話會議到此結束，我們期待下個季度再次與您交談。謝謝。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中標記（翻譯）的部分是由現場通話中的翻譯人員說的。翻譯由贊助此活動的公司提供。